Yahoo Finance Horizon Bancorp Full Year 2023 Earnings: Misses Expectations
Horizon Bancorp (NASDAQ:HBNC) Full Year 2023 Results
Key Financial Results
Revenue: US$185.3m (down 25% from FY 2022).
Net income: US$28.0m (down 70% from FY 2022).
Profit margin: 15% (down from 38% in FY 2022). The decrease in margin was primarily driven by lower revenue.
EPS: US$0.64 (down from US$2.14 in FY 2022).
HBNC Banking Performance Indicators
Net interest margin (NIM): 2.55% (down from 2.98% in FY 2022).
Cost-to-income ratio: 66.7% (up from 58.1% in FY 2022).
Non-performing loans: 0.46% (down from 0.53% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Horizon Bancorp Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 16%.
In the last 12 months, the only revenue segment was Commercial Banking contributing US$185.3m. The largest operating expense was General & Administrative costs, amounting to US$118.4m (75% of total expenses). Explore how HBNC's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are down 6.2% from a week ago.
Risk Analysis
It is worth noting though that we have found 2 warning signs for Horizon Bancorp that you need to take into consideration.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
