Horizon Bancorp: 1Q Earnings Snapshot
MICHIGAN CITY, Ind. (AP) _ Horizon Bancorp (HBNC) on Wednesday reported first-quarter net income of $11.7 million.
The bank, based in Michigan City, Indiana, said it had earnings of 26 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The bank holding company posted revenue of $63.7 million in the period. Its revenue net of interest expense was $53 million, which topped Street forecasts. Four analysts surveyed by Zacks expected $52.2 million.
Horizon Bancorp shares have declined 36% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.10, a decrease of 27% in the last 12 months.