Horizon Bancorp: 4Q Earnings Snapshot
MICHIGAN CITY, Ind. (AP) _ Horizon Bancorp (HBNC) on Wednesday reported fourth-quarter profit of $21.9 million.
The bank, based in Michigan City, Indiana, said it had earnings of 50 cents per share. Earnings, adjusted for non-recurring costs, were 52 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The bank holding company posted revenue of $73 million in the period. Its revenue net of interest expense was $63.4 million, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $59.1 million.
For the year, the company reported profit of $68.5 million, or $1.55 per share. Revenue was reported as $230.6 million.
Horizon Bancorp shares have climbed roughly 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16, a fall of 11% in the last 12 months.