Horizon Bancorp: 3Q Earnings Snapshot
MICHIGAN CITY, Ind. (AP) _ Horizon Bancorp (HBNC) on Monday reported third-quarter net income of $13.1 million.
The bank, based in Michigan City, Indiana, said it had earnings of 34 cents per share. Earnings, adjusted for gains related to mergers and acquisitions, came to 32 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The bank holding company posted revenue of $51 million in the period. Its revenue net of interest expense was $42.5 million, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $43.4 million.
Horizon Bancorp shares have fallen 7.5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $17.15, a decrease of 9 percent in the last 12 months.