HBNC - Earnings call transcript Q2 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, everyone, and welcome to the Horizon Bancorp Conference Call to discuss financial results for the three months ended June 30, 2021. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. is event this note being recorded. Please

and the today's slide call turning nature. to statements risks, differ call actual those could are factors over that remember These noted uncertainties to subject including please materially management, are factors may results presentation. in that cause to forward-looking Before other discussed, contain those from that statements the in

that materially XX-K factors about could filings. is and in information results differ cause Additional to current contained Horizon's later actual

to Horizon Officer, non-GAAP measures Commercial to business. President The session. presentation the turn over Chairman of Financial financial joined time, already it refer in are may during to help and Horizon's no release that update press presentation. management understand intended statements Dennis not www.horizonbank.com. this made have yesterday, are Reconciliations They the addition, will In Chief Vice and at a by Vice the for Kuhn, to Executive obligation Officer, today At I'd by and be certain to Executive forward-looking Executive Craig company the issued supplemental Horizon assumes the are Representing call. President Chief copy measures any access Horizon's does and you investors and Mark If Chairman CEO, like Dwight; Secor. and website, these for company's Banking call Officer, contained the question-and-answer Dwight. Chief Craig can anyone

Craig Dwight

call. Horizon Thank second you, Kate, and conference thank participating morning. good Bancorp's for And quarter earnings you in

for of Investor position how Horizon's XX. will yesterday extremely Our the the proud July they the follow published and we future. today comments company well Presentation team I'm

The new our over approximately two momentum. from of scale the on to pending households, we're low into a of and about acquiring work extension process very already includes result cost in XXXX that Horizon's in drive XX two includes years. track We've earning and this associates the power franchise taking that optimistic we're core branches and the logical XX,XXX new lenders value, and XXXX to As September. in mass This contributes deposits. transaction our adding us welcoming only preparation, next shareholder momentum is of close a commercial that acquisition Branch proven

In by addition, we're closing second effort quarter. end which XX our our low further August, non-interest we in strive X.XX% continue asset was expense reductions average the of for to branches consistently as to just in ratio, the

of even redeploy and We and expect positions to reductions and continue into fill technology the designed enhance the to open expense reinvest achieve the much employees as we experience. branches savings to to closing customer sales

assets upon XXXX on In seize second of quarter commercial XX% reporting addition, opportunities. at since to December added Horizon we've offers capacity is to highlights. program. to quarterly completed of and average for the medians. to average quarter compare results peer and mortgage expense control. driving strong XX.XX% X.XX%, and stable income, of robust interest return loss to nominal net million, $XX.X Slide the positioned number strong pending. well the reserve return Horizon our additional X, expense release company indirect provision and by continued lenders We've lending were quarterly be favorably auto earnings credit increased production equity with Starting on Horizon volume future the continues

growth Midwestern attractive capitalize workforce, and sheet, believe strategic we opportunities Given talented our within markets. on the efficient and organic balance is size of significant our operations to Horizon highly well-positioned

compared Year-to-date company are Horizon in growth of we've first net Slide XX% the year. XXXX, annual up see clearly a income years As to total and at XX.X% last average XX.X six at compounded earnings growth you'll with is assets past on demonstrated and over the months rates X, that XX%.

Indiana growth has market management our a towns traditionally mergers challenging and scale our new share. time Contributing is of Horizon will that acquisitions for presence county our organic the either adjacent and of we and pending new to both revenue university in remind expands counties to our acquired seats. market Indiana resulting and The in Horizon and in for in Michigan. in is quarter. our the we strategy successful and discussions. of growth seeing stable the as and in banks has strong you current footprint located, or that acquisition that M&A college governmental in branches our look created Branch a more that value number markets. occurred and to college and planning, demonstrated the Slide disciplined a our environment, succession facing XX Therefore, areas this Michigan primarily includes operating consolidator three move, period, track massive low X, expansion into eight growth other and On expense expansions has two of pickup opportunities are state XX is where continue or both we the deposit company interest through and an majority rates, During and transaction. earnings With shareholder second towns Horizon's on we're other branch Michigan record one, in a pressures related pending proven are base be which economic

living total as well migration living. improving as of exit evidenced to rates crime increase to Both Indiana Michigan and positioned from consumers remains high unemployment continue businesses taxes, high of take show by outbound Horizon advantage Illinois, cost which increase economies the and dense spaces, and to increase and rates continues in low the workforce. addition, in In an

some some markets events primary we creating where opportunities the labor tight and markets the inflation. business exciting highlights wage for Horizon. new engaged were result, economic we're X Slide seeing a As

transactions and Moving onto continue average to towards Horizon's monthly away from transformation, digital digital channels. shift branches virtual

trend consideration in which key XX% pandemic, before last has network shift our of This stayed our is course compared solely the the digital performance branch that a through January the since The of XX annual including XXXX. scheduled for in is channels and consolidations August. Horizon XXXX; constant. the activity online in good embrace review second is closures As end XX% month, of our relatively branch place all to took which transactions of news Branch reopening

In XX% of compared active addition, all end June online is XXXX. increase were which active to XX% checking a accounts XX% banking online the banking at XXXX, of users, users in

As a result prior future made for over technology activity. digital banking in the years, of our is investments prepared well increase Horizon in

Vice updates, to President our Mark? to for Now privilege our Chief Officer, you, and Mark Bank’s Financial Horizon financial Executive Secor. introduce

Mark Secor

core very record results trends and company's in non-interest quarter. Slide and the quarter XX, reduction the loans Craig. a demonstrated. with stable the the we to loan PPP you, to forgiveness, in increases net Thank of Starting income were record trends. average supported mortgage purchase Compared net Horizon loan continued first accounting income pleased lower interest second PPP the these lower the income quarter core income by results lower XXXX, both balances. income forgiven, the quarter and first quarter We're attributed with saw second second loans and for warehouse from with over strong and fewer and to mortgage

interest and mortgage key earning the higher increase capital. due dollars gain from portfolio. However, move is net of investment last quarter net to objectives level with on income. Horizon's focus and to to of sale cash to increasing assets of the over income with Non-interest leverage interchange income This on primarily income the interest reflected assets one interest increased a an

the of right to addition, In contributed impairment $X.X the of recovery million servicing increase. mortgage

and the a net four quarter decrease of strong charge-offs forgiveness. to was by positively modeling. Due of from basis from the the credit second in our point points continue release income believe margin. recovering the accounting basis recognized quarter also low points CECL and the continued from points for of state The the for in small current for XX first during compares impacted net basis performance, seven for benefited This as positive given a three PPP loan margin of portfolio to we're adjusted in the we basis improving impact the economy of four reserved quarter, allowance XX, million and $X.X deferred fee credit PPP appropriately Slide to our the reduction losses. econometrics,

addition, quarter. in points basis XX investment In cash million the into held additional balances XX basis margin first quarter. $XXX during to points it the to PPP high moved quarter the the compressed basis absorbed points We yield portfolio from the in loan during compared liquidity Even the of mortgage Slide yielding net lower in helping the quarter loan XX, increased due increase warehouse PPP although the reduction yield increase in growth, quarter and mix margin. to utilizing and the on six puts higher the second with to to basis cash deposit pressure of balances positive this investments the from the net and only loan the impact yield, interest fees the second in compared in loans. lower reduction the the three yielding the recognized points loan adding from income, balances

reprice, originated valuable was reduced $XXX continue Slide earning million to costs, cost tempered As funds. which funding and to of The costs decrease mature the of our our new continue basis during in is as term higher portfolios margin cost on total rates, and is XXXX. asset XX compression quarter. exit by cost core improvement deposit Horizon's an during points XX, asset funding pressure additional in investments loans yields downward and points continued the with in CD matured reflect at and XX high product expected lower pricing will basis deposits franchise. during average CDs XXXX growing reduce

the high in costs manage to continue balanced Michigan. our transient deposits and pricing in sources. from relationships also growth transactional The new course by markets commitment grow, This quarter. to customer deposits in stand liquidity, Indiana our strategically contributed longstanding bearing of funding also second lower to we're deposits X% in is or potential inflows opportunities and non-interest growth against our total As instant

of the our been to leading the Craig our rationalization percentage in operating assets as when of revenue expense well non-cash Moving continued in is to quarter. mortgage to coming our or investing banking, from first million and of X.XX% loans an Based XX% non-interest top-line digital, operating gains XX, regular XX strong key branches disciplined to income non-interest running the property. and sales high-level and stable our the improvement income on We primary release national in $X.X saw mortgage first the as the This reserve next of PPP XX, an record expenses quarter Core credit of efficient insurance to continue in long quarter. branch of activity, average discussed adjusted $X.X process increased our contributors saw continue and The some contributions income, is within to X.XX%. the legacy of purchase and metric, saw recovery annual second on servicing centers. to already charges mobile from the the local as credit quarter. asset from are result month. we in the of losses mortgage costs the from expenses of recorded we normal increase Slide for that strong retail total continued XXXX. saw for transaction for Horizon's mortgage franchise, we course non-interest we to the loss overall Slide remote the be XX, stable while bank-owned continued of and costs quarter, during process expect activity, of has support a and econometrics production million to also was health mortgage-related impairment costs recorded from sale than the the refinancing gain to business close CECL a us as in part operation the and declined of model. we origination as communication deferred from less Slide and

sectors consistent due a to monitored maintain of these of basis. are potentially portfolios, of allocations nature continue risk with as and higher We to the for they loans characteristics loss on

from on $XX.X With the loans of remains due a the the discounts allowance Overall, decrease well-positioned our reserve, with the operating balance pleased XX, for to further quarter. at percentage capital increased loans. to in acquired for we're refining quarters improve of million in total of to X.XX% we're performance June loans, second model to release the and very credit, total ahead. the forward We perspective liquidity a to and our look results financial our believe

back additional Craig. our turn to For it some I'll loan comments on portfolio, over

Craig Dwight

Thank you, Mark.

table XX, Slide on billion XX% well mortgage total XX% right and chart provides residential are our diversified. consumer loan is on diversified with within granularity the $X.X and commercial, at commercial in The in loans. the Horizon's Looking portfolio, itself which loans in well the

portfolio restaurant, occupied To Horizon's All and and improvements cash strong continues standards to loans Our of declining leisure of underwriting results, indirect non-performing evidenced X.XX as sector estate industries. quarter-end. at and X% We're hotel, distress over pandemic-related continues by to X% loans single total in residential from delinquency non-owner reflect and flow low experiencing rates. also this strong segment X% growth delinquency end-market at plus relationships in new applications operating perform we've borrowers loans at hospitality automotive dealer loan X.XX exhibit our of further multifamily seen the low well. support real considerable in another our portfolio, portfolio added which largest Horizon's all loan business XX is the year's prior the XX volume, housing lending. pending new Michigan consumer markets. is with in including have increase at sectors

RV we're expanding boat small our addition, lending In programs. and

consumer diversified We secured and maintain prime as declining to footprint. loans Horizon the focus delinquency loan recourse and reflect underwriting even low business sector portfolio into at loans consumer credits. portfolio Michigan. continues standards. to throughout underwriting As continues more X.XX from commercial and Indiana intend as a are prudent loans quarter-end. and of we our is about business expanding follow lender reminder, geographic to commercial by X% our commercial of Horizon's well total predominantly standards XX% evidenced secured at secured Horizon's the XX% prime at of lending the than is a and with X% grow strong are states loan of non-performing locations owners X.XX by of

with December, an Michigan South markets offers growth Lafayette job additions lenders approximately of and and since to we've accepted. waiting Kalamazoo, in be additional commercial The As by staff our mentioned XX% Indiana. of number earlier, Indianapolis, are Shoring increased Bend,

to the We're to In also addition, acquired. we pre-pandemic that the to commercial on branches lenders are pleased will pick up levels. close two commercial pipelines be report

of of segment in first Moving compared Hotels average X% pickup seen total represent a room the quarter occupancy XXXX this has to and rates with our through the daily and sector. loans significant hotel second quarter.

the travel. at June an is occupancy primarily reflects and rates travel, occupancy of XX%. favorably compares loan to XX, of reporting increase XX% as the along As XX%, from as June which a March This was are Horizon's Occupancy in hotel of smaller attributed total rate XX, to increasing occupancy of average consumer XX% in with XX. nationwide dollars business gains increase

to by and quarters points, low recovery. of slight million Interstate asset metropolitan expense traveler hotel resorts, a the Horizon's loans larger five net quarter. the Horizon's locations venues quarter, loss portfolio report continues highways convention total we second about credit found reported is along to entertainment or consecutive primarily Fortunately, areas. Horizon basis in for over charge-offs non-performing $X.X and consumer quality the located to frequented improved talked the not tied loans strong less metrics than our last total had ratio provision three in third in Mark

commercial for XXXX branch our in earnings and XXXX leveraging acquisitions, level remains well loan managed average a consumer capital. our demand, economic rates. through has exceeding cycles delivering an far lenders, increase team expansion loan who excess positioned XX a franchise for of closures, key we're at Horizon going pending credit and X.XX% growth and in result branch loss pickup has loans. industries We're as allowance banking a total dealer XX Bancorp's a Our seasoned To highlights growth summarize, growth of history of management into of network, multiple

holding cash annual This second years. XX% Horizon a capital raised acquisition to in million company improving over stock our and with concludes turn growth dividends rate We in cash shares, solid through the merger to And excess you. deploy on I'll Thank said the and remarks. prepared XX years dividend questions. XXXX. or And the has have cash of for back paid of again the common robust historical a and has earnings of outlook as an $XXX position maintained excess capital quarter once past buybacks. operator the uninterrupted company XX our compounded the of it or now

Operator

begin Instructions]. [Operator We session. will now question-and-answer the

is first Piper of from Nathan ahead. Please go question The Sandler. Race

Nathan Race

like warehouse; to is looks and held the a it I I see. stick quarter, growth which ex-PPP flat encouraging to bit outlook was the to hoping loans tend think loan into in

XX%, the with M&A look lender just of on thinking related all and opportunities the team you some basis forward your XXXX? about and you in details some of As kind ex-PPP appreciate since warehouse, commercial the half given guys year-end growth loan the of markets. with disruption a percentage back How and in

Dennis Kuhn

Again, pipelines a see from for question, obviously. Dennis that the think we towards shift of you is This standpoint some morning. Nathan. -- Good grow, -- thank we continuing the And did growth, Kuhn. during And second a second quarter, the point particular somewhat. we funded increase category. to XXXX commercial million to $XX substantial both at production level and pre-pandemic this returned Craig and as And actually said, loans each in have over in saw that we of we in additional eclipsed quarter

is So but about time, third million. our up the just And this we it's ended at by pipeline $XXX over quarter, million, significantly going we over last that million. eclipsing $XXX into reported $XX solid, quarter

So in lenders, new to -- the the business. ground new the the our and weekly, growing investments pipelines they're generate are hit starting

see loan outlook positive our usage again, We continuing though. reduction revolving for did during would quarter the say some our in line second commercial is So, I growth.

rebound. are we in But so. revolving, quarter the some utilization heard if to we some and mergers markets rebounds, through they some pending where we saw investments disrupted acquisitions it balances in growth started others, lenders have which showing momentum. in again, So second that -- from has But to the other is and due lower the again,

Nathan Race

going expenses. branches Obviously coming about about with And a changing well the a Got be you basis. the and also have for And third Appreciate color. XX quarter. you'll it. the out that. locations as then great maybe TCF that noisy half be consulting is quarter somewhat legacy on thinking to gears That's the then

next the any shake as you thoughts you expect So the first of or out? quarter Mark on look to year, the just run quarter maybe where expense of to rate fourth kind

Mark Secor

while get through branches. go, their There the quarter. employment going be going probably all in next Nate. months. it them we're to staff on a noisy XX to to not offering we're and them cost the is absorb takes over the next Yes, letting We're to attrition And locations, the savings nine from

initial that save. won't cost So be an

them target fixed getting on into But write-down. move the today. and closures, even write-down some adjusted year. year into and we our on And before, of goal after that and get with see is to also on to we we're as branch expect of will property, get branches. to a stuck assets range some And average is into the next do as expenses around our to X% that we goal our You to X.XX% stated the X% at asset next as see bank we transaction get

Nathan Race

That's Okay. helpful.

the of you you think from I terms can next year. rate math expense start operating that do of guys X% for run the have the in that target

color. Thank all will So guys. the I back. appreciate you, I step

Mark Secor

Thanks, Nate.

Operator

of The McEvoy Please next ahead. Terry Stephens. is go from question

Terry McEvoy

on commercial the be XX to savings expense The the the Just coming is sure be cost well; follow-up hires question. correctly. reinvested as and the the platform here? maybe in may that I branches I the message will message understand digital just want make from

Mark Secor

I that think our Yes, is messaging.

our and branches the the on, continue continue operating to would to expense. to Although, -- with us leverage. cost also But savings coming anticipate some with help leverage we we'll

Terry McEvoy

those do of of a outlook. type warehouse? that, seen kind mortgage right then you we’ve year, incremental portfolio half the on industry. on do Nathan's loan or really in world? off for the maybe Where one of pressure across leveling kind second to of runoff portfolio, kind just of Thanks what And great. I'll just of warehouse, of And which -- questions normal in two that see on portfolios? mortgage another as sort see you well, in see said a you Mark. What's the because Okay, do the the level the way Where of the of then follow-up the this

Craig Dwight

Yes.

for been always Mortgage we Our directionally, that question has response the refinance, payoff. et Association’s follow in outlook that cetera on Bankers

they're this in well. predicting a be going probably to at that's wherever predict and they if drop XX% our So as like production year, where volumes

for follow that, if can the you get it's feel good as well as published, So you where we're a index, heading. refinance

Mark Secor

with some speeds activity. which being And purchase Terry, shift seeing And of you quarter to this prepayment we XX% I recovering asset. think would this are contributed saw slowing, the servicing to

the So, yes, tapering is there refi. some to

dip, Although that's I or with rates if a don't good and trading rates not. XX-year predictor to know continuing

Terry McEvoy

Thank I appreciate Will talk you later. it. Okay. you to both.

Craig Dwight

you. Thank

Mark Secor

Well, about of we're as but targeted $XXX on We've a normal that those we’ve mortgage this warehousing see though, about always side $XXX million of in we should you higher $XXX as a in Terry. level kind And basis, asked million still long the -- higher to million. averages. of volume, a

Operator

next question of is KBW. DelMonte go from Damon Please ahead. The

Damon DelMonte

today. Hey, good well, guys. morning, Hope everybody's doing

Mark Secor

Good morning.

Craig Dwight

Yes, Damon. perfect,

Damon DelMonte

question So, Mark. trying perspective to is first margin, get bit a on more little the

You just on in that from board the give that range and puts third pressure, about margin you have half of you already year? be a think you core of just would the some the Can discussed different of margin back takes in kind before? the you quarter core some TCF where coming given deposits talked and

Mark Secor

able going to a what at. on lot to we're Yes, depend investments Damon buy it’s

in quarter. we're already process the transaction, the investments into Going of this buying

the to we a little yield. as going targeted we're -- in assets a think have and investment getting from Again, presentation not the will cash from better. able mix it's predictor, -- And on. yields be earning knowing hard on exactly the the the we're that's the transaction. those I do put So have in with to what we X.X% portfolio We a that because

transaction as that But on I have loan that closes we get more the this facts. quarter. the encouraging we'll it's So think stabilized hard and detail more yield

sign. an that's I think encouraging though

cash also a So know how because margin, going to coming in take out. to don't much it's hard be able we is and

to it's will the answer, in And it's forward to interest putting portfolio. not we're income. with deposits the cash we have see margin But We putting cash move but additional grow continue investment -- investments and little that continue a no, we're maybe in grow. the to net focus

Craig Dwight

the Damon, per operational to And accretion this play earnings were leverage is this transaction next year. to that the that. -- we with well. used a recall share We announced as had The that is a investment We're out Craig really XX an to to model looking XX% branches. yield. we at add and X.X%

far bidding So yield investment last months. through are couple substantially in portfolio we that the of

Damon DelMonte

it. Got Fantabulous.

Craig Dwight

quarter. on I will yield update investment the in the later fourth

is So you’ll it actual what see the once performance settles down.

So there will be more color in that later on.

Damon DelMonte

Great.

Okay, second you. remain strong. just the And that’s as trends relates credit Thank credit helpful. legacy then obviously, my provision, question to extremely just -- trends

it's have We likely level? reasonable quarter? the outlook. continue to we an to reversal Is of provision do think another that improving minimal just very expect have that next $X economic Or you it to more

Craig Dwight

be summer. the be through going money for the possible And another will it's to PPP And of is, minimal. the lot you reason the new a have spent variant. thought variant the wave the Our of COVID-XX, that of Delta

their So into how balance our our cash going sheet what's the -- on balances of customers months. winter slow

at quality reassess in cash and Our to into look third is plan quarter. their to be balances quarter our borrowers on to calling fourth going our the credit

little still we're going a cautious. to So be

Operator

from Martin of The go Brian Janney. Okay, Instructions]. next Please [Operator ahead. question is

Brian Martin

doing additional some, give you Hey, the most, was activity, more doing? you about a guess greatest I past, Can big just you -- sounds you know transaction and that the I branch like just Indiana sounds about on interested it just guess just in deal opportunities in what that put get it's you about would guys Ohio I Craig, it active talked I discussions. at but can now us as and you -- you though you’re guess. opportunities Michigan some kind closings of talk the the ideas talked certainly M&A size. look how And as in

Craig Dwight

Brian. Yes,

have And meaningful earnings, make at see least internal and one our time, X% of we'd hurdle to a that's of accretion. worth like to some rates. We acquisition

could putting mean players The than them. hit a it is to coming have ours. challenge their deal The that number. $XXX that's though million is size, to than the or about at be has in richer larger above I currency be you anything deals, little other look larger maximum So that. to

So out the doesn't work math typically. our in favor,

So -- most $XXX in hearing very million be successful of on. we now more state $X probably something discussion to is ranges billion little right activity we've is The with could Indiana. the the Michigan,

fairly with general, the is banks Bolden think good of our performance so. in I Indiana

Brian Martin

Got you.

Perfect. just just quarter. And maybe just these that me a off on one recognition of other addition in like Mark Okay. number that most or the year. then, bit timing, was the the be two that quite accretion the that for recognized for And was the one half maybe back PPP would of just sounds this in to the

sets Just if new -- of if there's kind that's kind trend that of curious of a or just kind bouncing around?

Mark Secor

Brian, be think be recovery those getting recoveries it beginning that smaller, base marks. probably is of through We're impact into there continuing But the still through is and it'll to less and half just of there's some the of the the out bouncing forgiveness The purchase some there, accounting, Yes, around, going potentially. is less the I right XXXX. back to PPP, I and on. work you're think dragging

Operator

And Please a go Sandler. of question ahead. Nathan Race the is next Piper follow-up from

Nathan Race

Thanks for Yes. the taking follow-up.

fee Looks Just from a second the on question on back trends. bounced sales the in gain XQ. like noticeably pretty mortgage quarter margin

the in quarter along write-up as those wondering well? can the occurred second any the helpful. you value fair half just margin the if quantify Just And I'd also that year back MSR in will that also lines of heading on thoughts be

Mark Secor

sale percentage come Yes. Again did back.

from off. coming basis there's GSEs support point continue be the have was be at charge think to XX the to I better that that going of level because or to

help there rates to that's always that start there's to as makers to state We're support volume. think bring would drive The continued decrease those down I market long if room is going start to volume volume. does here So more that as down. to bring

know about they took $X.X they're year, impairment start still servicing, could So due from of quarter that, of but all of that. that have this value The -- to to it'll write-down get we portfolio And the don't that that recovery we we the The million we seeing right, in recovered. of have prepayment yet. the last see speeds, that was still recover can't recovery we're increased. the when mortgage in we not change

amortization What So of also overall the what a happen mortgage back we're to that refinancing see would to flow see not bring as income similar of saw swing to or we able the probably prior see last the prepayment slowed, actual to start is the to able more through we this saw what were to servicing speed income hopefully asset boom. the to impairment. statement, I prior we similar month is to come to [ph] some

Nathan Race

Okay, great. one I -- All just sorry. could If right. ask

Mark Secor

Our at $X.X is servicing portfolio billion.

Nathan Race

Got you.

Okay. guys had, I the I you That all follow-up. Thanks is again taking quarter. appreciate nice and

Craig Dwight

Thanks, Nathan.

Mark Secor

Thanks, Nate.

Operator

our I the question-and-answer remarks. session. over conference back like for to concludes Craig to Dwight turn would closing This

Craig Dwight

Thank you, to Kate. again Thank in forward in your talking appreciate earnings with we and we call day. today's good investment Horizon you look and Bancorp for participating Have you a soon.

Operator

for concluded. conference now attending presentation. you The has today's Thank

disconnect. now may You

Horizon Bancorp (HBNC) 1 Aug 212021 Q2 Earnings call transcript