Horizon Bancorp: 3Q Earnings Snapshot
MICHIGAN CITY, Ind. (AP) _ Horizon Bancorp (HBNC) on Wednesday reported third-quarter profit of $20.3 million.
The bank, based in Michigan City, Indiana, said it had earnings of 46 cents per share. Earnings, adjusted for non-recurring gains, were 45 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The bank holding company posted revenue of $66.8 million in the period. Its revenue net of interest expense was $60.1 million, which also topped Street forecasts. Three analysts surveyed by Zacks expected $57.5 million.
Horizon Bancorp shares have decreased 38% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.86, a fall of 35% in the last 12 months.