This sale was conducted as a result of Horizon Bancorp (NASDAQ:HBNC) eliminating its common stock as an investment option under its 2005 Supplemental Executive Retirement Plan (SERP). Consequently, the shares previously held by Secor through the SERP were liquidated, and the cash value was credited to his plan account. Following the transaction, Secor no longer holds shares under this plan. With a market capitalization of $794 million, Horizon Bancorp has demonstrated strong financial performance, though InvestingPro data indicates the stock may be slightly overvalued at current levels. For deeper insights into HBNC's valuation and performance metrics, including additional ProTips and comprehensive analysis, investors can access the full Pro Research Report on InvestingPro. With a market capitalization of $794 million, Horizon Bancorp has demonstrated strong financial performance, though InvestingPro data indicates the stock may be slightly overvalued at current levels. For deeper insights into HBNC's valuation and performance metrics, including additional ProTips and comprehensive analysis, investors can access the full Pro Research Report on InvestingPro. This sale was conducted as a result of Horizon Bancorp eliminating its common stock as an investment option under its 2005 Supplemental Executive Retirement Plan (SERP). Consequently, the shares previously held by Secor through the SERP were liquidated, and the cash value was credited to his plan account. Following the transaction, Secor no longer holds shares under this plan.
In other recent news, Horizon Bancorp, Inc. reported a positive trajectory in its Q3 2024 earnings call. The company's net income growth was attributed to a 10% annual increase in average loans, expansions in net interest income and fee income, and a notable increase in the commercial loan portfolio. Despite a strategic reduction in consumer loans, particularly in indirect auto lending, deposit growth remained strong. The company also disclosed strategic actions, including the sale of $325 million in securities and the planned divestiture of the mortgage warehouse business, which are expected to contribute to profitability and simplify operations.
Horizon Bancorp's management expects stable loan balances and growth in net interest income moving into 2025. The company anticipates a stable total loan balance for 2025, with commercial growth offsetting declines in indirect auto loans. Furthermore, investments in core community banking areas are expected to yield benefits in 2025.
Bearish highlights include a reduction in consumer loans due to a strategic decrease in indirect auto lending and a seasonal decrease in mortgage activity expected for Q4. On the bullish side, the company reported strong deposit growth, particularly in noninterest-bearing accounts, and anticipated benefits from a favorable interest rate environment. Finally, the company's leadership team provided insights into the company's steady commercial pipeline and the performance of various divisions, forecasting a decrease in the indirect auto portfolio run rate.
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