Horizon Bancorp: 4Q Earnings Snapshot
MICHIGAN CITY, Ind. (AP) _ Horizon Bancorp (HBNC) on Tuesday reported fourth-quarter earnings of $13.1 million.
The bank, based in Michigan City, Indiana, said it had earnings of 34 cents per share. Earnings, adjusted for one-time gains and costs, were 33 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The bank holding company posted revenue of $52.2 million in the period. Its revenue net of interest expense was $42.3 million, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $43.5 million.
For the year, the company reported profit of $53.1 million, or $1.38 per share. Revenue was reported as $169 million.
Horizon Bancorp shares have risen almost 7 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $16.82, a drop of 16 percent in the last 12 months.