HBNC - Earnings call 4 2023 | Horizon Bancorp, Inc.

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Operator

Good morning, everyone, and welcome to the Horizon Bancorp Inc. Conference Call to discuss financial results for the fourth quarter and full year 2023. [Operator Instructions]. Please note this event is being recorded.

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

is filings factors about Form actual differ most could Additional Securities contained its and information Horizon's later that in and the results cause to materially with XX-K Commission. recent Exchange

are to certain contained help company obligation may management during measures financial addition, for The non-GAAP these the the refer Reconciliations in to measures understand presentation. assumes investors to are forward-looking In Horizon's update call. business. intended statements that no any made

DeRuiter; Vice company's would who does and today Mr. are Counsel, horizonbank.com. Vice anyone Prame. Please Corporate turn Executive Executive by Operations of Prame. Officer presentation Vice Representing this President a Secretary, copy Executive issued President, Officer; Chief President, Banking call Senior Commercial and and Executive over Secor; the the the Sir. Chief press Horizon Kerber; yesterday, For be Officer, to Thomas website, go General Mark already and I President can time, Lynn and supplemental not Officer, President At Horizon ahead, release and Vice they and Chief have at Kathie Executive like Thomas Etzler; to Todd Financial accessed

Thomas Prame

Good morning, call. and thank you for earnings participating in Horizon's

also ready and the see a well charge-offs. highlighted reflective commercial XXXX we results. in and revenue robust posted year quarter our balance of Late our into loan significant exceptionally and in our the Horizon to financial in continues of to pricing experienced loan a pipeline. company growth trends that XXXX, deployed our the platforms which provision XX% and division. with net were liquidity fourth into fourth reduction The XXXX expand low fund metrics we strategy disciplined from nonperforming full credit led we executed deposit comments and QX, base. can momentum be positive results, lending with by positive to with as resiliency and progress excellent strong income will and charge-offs new interest of In which the going on see our pleased result today, growth expense quarter, our securities the We in a in door-yielding a the for quarter our in higher-yielding the leasing are and a heading meaningful assets performance results our to primarily loans quarter core rate modest our team, to pleased Within quarter financial core cash excess many that enhance also positioned sheet QX. banking restructuring, share annualized the by sheet fourth full-year positive restructuring, balance details update further were

and Additionally, fourth let To Kerber, as will well-positioned as into to light Commercial on provide me detail Executive shed our capital continued our to XXXX. more and that President offer throughout Banking our and we'll insight well our Chief levels credit to build quarter our disciplined continue performance. Lynn operating Vice introduce Lynn? results, liquidity lending model Officer,

Lynn Kerber

versus quarter $XXX million report on the quarter. the were to the third fundings on $XX.X we for Thank pleased Net for X, or increased basis. $XX.X Thomas. commercial loans million annualized million Slide you, are an fourth for Beginning quarter XX.X%

X.XX% X.XX% X.XX% quarter. X.XX% loan quarter, from fourth average yield increased portfolio the in new production from to third to yields increased for fourth the Our quarter commercial and the for

real XX% XX% fundings diversified estate XX% loan the balance various real and originations were across of of new be being continue In New and markets C&I a estate, quarter, very diverse industries. commercial commercial to across owner-occupied our with categories. fourth our

we XXXX, expect As a our in total Equipment portfolio. of to the new C&I ramps expand and commercial measurably proportion originations as production Finance both division up

On this XXXX, mix we a sector, and million, in the X Year-over-year a loan which XXXX. consumer. portfolio and strong loans over overall X% commercial, increased $XXX portfolio, commercial growth one million effect loans an increased at financing XX We residential, believe and from XX% geography, XX% any office, pipeline nature represents as which our increased risk Horizon's and decrease which of overview charge-offs have profile. of of less for equipment significant industry X%, with year-to-date is increase the annualized reference consumer quality a X.X% disciplined no and pipeline balance commercial loans of for as new December of expect million We equipment $XXX X% well second managers to XX. basis is and our our sheet remained portfolio home in diversified loans. The business, on mortgage continues Also finance expect commercial concentration an sectors $XXX quarter. net indirect $XXX commercial key portfolio of and provided an in September well-balanced breakdown equity have with key increased is just expansion loans. by residential the of to in XX% in of demonstrates represents credit breakdown net including total of QX several excludes than contribute Activity our Slide which million to a in basis. and hired division December throughout with X, the and we of be XX, continued the points Commercial

with net lines transactional auto loans consumer million by you addition X, balances higher-yielding lower-performing increased home this and was direct X.XX% to for consistent X.XX%, portfolio loan indirect positive quarters. by quarter. exposure average our Slide consumer quarter, the category basis consumer expectations redeploying from see loan equity consumer at highlights at stated in $XX the and basis average recoveries, consistent capital quarter, with the consumer The yield in Indirect for direct strategy is in decreased to which to points. charge-offs point, of loan through Turning year-to-date for our credit. an our X during the XX performance million X principally of X.XX% Slide types. which recent will is with of production. of driven product X.XX% average The the indirect line Credit with increased with remains and $XX reducing direct new yield mortgage

in portfolio Our was new capacity average homes. portfolio payment With loan was for high-quality aligning million borrowers yield X.XX% the basis. continues reflect our with equity charge-offs on to significant $X.X for for expectations X.XX% representing production. and portfolio fourth X quarter, with increase quarter, a X.X% this for our XXXX the and with stable and trends. annualized consistent increased The mortgage an Mortgages in industry the

slight Our which outlined Nonperforming asset days was portfolios. X. Past $XX.X increased across all on to from dues spread be quality continue million. metrics XX X.XX%, slightly $XX.X to strong, a over were loans as million increase, Slide

be basis in were given the X.XX% X represents appropriate point quality and charge-offs lending is The of of to were credit driven loan loans. allowance amount economic and of and million percent average growth loans, loans, representing of quarter loans decreased increases X forecast. loans. forecast, is the basis $X.X mix, performance current for we and credit The across by in well replenishment primarily total which retail believe provisions reserve the and quarter. Future a Credit reduction consistent performing and fourth gross a history will to our they for all of provision offset loans. was total charge-off as our growth of reserve by The a fourth classes Net well-balanced lending. nonperforming trends. However, loan the reflects points in $XXX,XXX, approach commercial economic with primarily due related of

like funding provide deposit performance. profile asset overview to are Now and flexible to who of Thomas, turn our contributing an to how I'd earnings franchise, things back mix, will Horizon's

Thomas Prame

Lynn, positive stewardship to XX, while achieving can you, detail. yields appreciate strategic continuing to insight the we towards historical loan in Thank We XXXX higher-yielding cash focus is culture. abundant the meaningful confident in and credit our continue team's On efforts truly assets. impact intentional on Horizon to an pricing to momentum maintain loan redeploy the of position. this and we in begin discipline, in see shift pricing you feel increases our loan Slide with conservative as the

now is cash position yield the minimal. increased in QX, has significantly the our margin late increased a slightly and and quarter, portfolio from smaller securities Our exhibits was impact strategically on our

effect the this of higher-yielding sheet realize QX are will well-positioned of full in we the balance fund We XXXX. as assets repositioning growth to throughout

performance. upbeat view we Slide With portfolio on about in I deposit As of XX pleased are with our its my detail providing the also strength. the our stated and fourth-quarter resiliency opening very remarks,

higher-cost these ample closed quarter leadership to in borrowings services. noninterest-bearing deposits out strategically fixed-rate a on quarter. with objective brokered Our quarter and combined The flat exposure management slightly of reduce minimal of well-balanced funding full to and the treasury The continue down to with client and from with X.XX% on commercial with in the balances aligned segment, its in total needed. balances. were The the were this portfolio up to relationships Public focusing changes core the QX with for quarter, CDs approach be funds experienced other relationships positive growth chains team consumer balances capacity sources. expansion third will if relatively in

As excess mentioned million approximately previously, in we with quarter cash. ended the $XXX

our minimum current our yield higher-cost this positive options. our on the to the the into during funding funding Horizon's were and Horizon excess hit rates. flexibility has third higher-yielding points accounting assets XX, of the and and added yielded moved strategy compression was floor believe the on The reinvest quarter, into very expectations flexibility balance as short-term that in basis purchase contribution improved December throughout loans we've the basis the sheet during that results assets, Slide increased The liquidated pricing timing based margin to and this an restructuring X sources, We advances from on On liquidity discipline the cash and Horizon's quarter deposit the go-forward of indication due in to XX revenue pricing. consistency later see points. quarter deposits settlement XX of margin and lower to interest-bearing further costs the investments cash basis ability this result compared of is increasing for down on excess quarter. you'll growth points the liability of flexibility quarter. provides yield Beyond provides limits great strategies, dependency our

the redeployed our the As of of previously a be leasing portion including XXXX, mentioned, into anticipate cash restructure platform. throughout from higher-yielding the assets we growth funding will

and and the who outlook Let over President metrics of Vice Financial me to Secor, Mark presentation through financial some Officer, Mark? for our XXXX. hand walk Executive key other Chief beginning the will

Mark Secor

Beginning Thomas. Slide you, with Thank XX.

income BOLI of wealth loss elevate due to linked adds the talent reflected the the gain annualized expanded expenses $XX.X banking in adds performance sheet X.XX% from of on the company expand of X.XX% slightly linked our Slide relationship to in Horizon's talent down model. mortgages was core and the treasury for Equipment the from compared securities million lower on in income increase fee continued quarter. quarter XX. management The Treasury previously noninterest assets income announced Noninterest diversify quarter the sale lower key the of noninterest start-up income the from division. fourth in average and personnel and expenses Excluding Finance, of to the Management private primarily quarter, to capabilities balance The extraordinary restructuring. our were $XXX,XXX sale changes, and through

year. additional to variable costs compensation an adjustment We also benefit costs the we employee as due deferred had ended to

level X.XX% annualized deposits. Horizon banks, other of FDIC the XXXX. items, represented to assets noninterest On was recently have the impacted expense, or extraordinary some subject quarter insurance all of special not our that expense given assessment Excluding of average for would low uninsured X.XX% relatively in

additional for year FDIC a the that digital full slightly designed higher regular customer technology was merit are drive noninterest the acquisition quarter, XXXX. than to addition business, in and it of banking be we Overall, last currently of good and assessment our we baseline full rate and that the for year due investments expect XXXX, primarily improve capabilities million Our to year. of Finance is revenue. is expenses $X.X annual to run fourth in believe This and XXXX the increases, the Equipment

guidance We the will first-quarter slides. upcoming on in expenses the provide

sales, X.XX% of the remaining on provide million sale billion the of and netting $XXX unrealized The million Moving September years at end XX, flows, portfolio from the the to quarter. the of to losses the cash the at in $X.X The the the After $XXX duration the quarter. out had and book effective investment of a decrease AFS yield securities the quarter, wanted Slide portfolio quarter, XX. fourth of portfolio portfolio. down details an X approximately we totaled during end in on of

to is than available-for-sale of maturity, were portfolio. X next the a quarter XX As as identified XXXX flows of approximately $XXX longer the estimated million Expected that from months. portfolio $XX to held year approximately cash duration first for the for and investments be longer-term originally investments the are million total over

strategic improve We we regulatory opportunities next well value open for balance in the earnings be restructuring. growth the options. flexibility XX months, foreseeable will anticipate Capital capital outlook capital continue have future. will to requirements to additional the solid sufficient manage create in outpace We the above to assets that strength providing portfolio Horizon to sheet in our future. pursue ratios the during actively Slide capital and believe in options be well-capitalized, growth to to considered our the maintain continues growth total we after are to XX, ratios to and shareholder

balance liquidity slight the do risk-weighted ratios. to we risk-weighted the sheet there to a As and anticipate increase restructuring, will we be capital deploy decline from assets

Slide Looking with we on on current our ahead, XXXX. XX, expectations provide an for update you

We be valuable to should sustainable contributors consumer earnings. loan our portfolios, in commercial growth both and which expect direct core

total quarter we first expect the X% loan XXXX, growth annualized. to X% For of

continue Our management. to net net margin should pricing interest interest and restructure sheet from balance trend our income and benefit

the of net a a greater X.X% interest first of than for $XX.X income interest million. as as expect well We than pre-provision greater margin quarter net

and its such of BOLI consumer as investments XXXX, $XX terminal across third stated, to the originations management income expected segments our target with managed reached seasonal noninterest income net should levels, anticipation of funds private has continue the the at recent expenses impacted believe quarter. fee in by to with interest from quarter Horizon's treasury first Noninterest business margin in $XX.X is specifically million mortgage range mortgage consistent is The proactively As and of coupled near floor in the rates, rate. lower its in Fed we continue the income and assuming in income. be softening our organization, Noninterest in million rising lending. wealth,

have are discussed, management XXXX. revenue-generating to revenue in lease invested talent to treasury our buildout we contribute expected in As teams, and in growth our which

from As about a to result, we noninterest expect quarter. million range million expense $XX first the to in $XX

continue average expect also remain to expense We noninterest to below of X% assets.

Thomas to over some for comments. back it turn final I'll Now

Thomas Prame

appreciate thesis I the difficulty] Thank [Technical our you, Mark, investment simple. insight. is

an market. executing economic businesses communities. environments, XX, XXXX. attractive growth higher-yielding desirable balance These Horizon investment, has Slide to infrastructure markets we its on its seen As flourishing progress have significant are located for in and significant in strategy of Midwest ecosystems assets on shifting our both and made sheet for

value. create and franchise reinvest leadership expanding We deposit growth the to abundant flexibility is the loyal XXXX managed and in entering are higher-yielding by new strategies. in actively revenue an shareholder margin position fund our base a equipment to and to resilient cash further our platform continue of with that leasing The to assets has

has that Horizon NIM disciplined to ] liquidity needed. has [ operating a a of consistently of Horizon ratio excess low Ex operating operating our model expenses to providing culture as Additionally, assets. average $X.X displays billion,

the less We even X% expect this new remain revenue strategic investments teams. to than in with

track by cash XXXX trends has supported a even XX-plus years has Horizon commitment less to our recent record in positive EPS consistently credit our recently proven of Horizon a management. offering with nonperforming uninterrupted credit lastly, value, underwriting performance, its trading dividend compelling quarterly yield. a and dividends with shareholders. still have is X.X% of dividend than displayed Horizon our charge-offs. conservative adjusted to stock annual shares Xx practical a through and and These believe profile And loans efforts the proactive we delivered Additionally, low portfolio our

our joining thank questions. remarks. And open presentation As for this I always, up will please concludes morning. to you for our we ask This operator prepared now our lines the

Operator

[Operator Terry from Instructions] Stephens. first The McEvoy comes question with

Terence McEvoy

think XXXX? the of could Whether the Maybe declining just sheet balances? size in you the will Mark, cash talk questions. a couple be modeling offset you growth balance about loan by of

Thomas Prame

the This Terry. Thomas. is Appreciate Thanks, question.

a pretty our would but cash sheet. of the look type fluctuations reinvest in our balances our we loan we liquidity asset of see them into portion any and of use still at cash strategy, we position As that keeping on, other balance much growth, growth we're in parts for spot then

Terence McEvoy

about million carry think Lynn component guessing, I'm maybe I Leases, new XXXX. And longer-term higher in pointed There's $XXX of charge-offs. out higher a fee well as leases yields. as

understand long-term that out some could So you'd that expect you just of us growth maybe profitability, the and dynamics, portfolio? help the charge-offs

Lynn Kerber

our your in as the probably hired And originations lower-end strong for the Relative to releases, small Thanks portfolio, leader. in Sure. question. looking have we've for lease on approximately are Relative and tickets. seen we're a press year. we you very million experienced to portfolio, middle-market $XXX at that tickets and focusing

than than You're with typically. bit normal higher would commercial be correct, the yields spread little C&I anticipated an a portfolio the higher our that's commercial

of as losses modeling we far that As still go, that are on quality targeting. the we're credit based some

probably on it get our little mean But recent commercial you than that, that has we'll be I over to need would potentially Terry. experience to expect been core back years. a bit higher So I would

Thomas Prame

Terry, color bit on maybe that. a just little more

so indirect with auto, asset much we'll this Lynn trend are at balance agree somewhere which you year. different probably that in continued with in higher see and $XXX at completely the a parts, the anticipating credit momentum I lower-yielding that a around is our leasing We're yield, think if higher or I million look assets also look at and sheet the losses. in

as from it's if you going would slightly credit it net-net, X, the So probably the to with out not, exposure, par I look at say, pickup. the might

organization significantly of auto changing part the the wouldn't indirect the will credit continue I decline. the overall leasing So because to see profile

Operator

from Sandler. comes with question Nathan Race next Piper The

Nathan Race

position forward. the size going thinking quarter-over-quarter. debt I terms curious looks the the about Yes. It flat of of of borrowings were in was just like

opposed just pay repositioning to next guys some So about how maybe that using dry quarter of in some curious you over as down sources thinking powder XQ the maybe are or to two. wholesale

Mark Secor

Nate. is Thanks, Mark. This

immediate plan the is plan cash that borrowings. we It But period, go be any a on the for see liquidity. the have the Ex don't we the keep we'd future, deposit and to growth. with to to to seeing For Down reduction road, like in currently lending to NIM that reduce into desire able borrowings.

as grow. either any So borrowings loans see we don't see additional we

Nathan Race

the appreciate just I And of it. the year. of XQ. Got guidance cadence margin over rest the this about And the the thinking margin for

In from in the terms and of maintaining remain is borrowing expected flat sheet just the cuts powder that growth. to the impact to loan support liability with Fed that and dry using balance

think to of the balance should point trying about to at liability this just Fed the So rate expected the and some sensitivity react some how sheet year. margin cuts

Mark Secor

quickly be anticipate expect the funding, cuts. the of costs Yes, we drive positive would there to if we lower funding how bit it of will when and borrowing we some a but trying those are it down to can bring comes side. to deposit Competition on rate little the rates would

Thomas Prame

question also and Mark from anticipating rate spot cuts our second model, we're the On there half of your liability since around the year. in

I with X there profile a of think year. in half later the have second the conservative we cuts

still then nice probably pickup with completely So he's if a liability-sensitive bit and on a agree earlier. Mark, little position would something happened we have a

Nathan Race

Okay.

XQ in maybe Fed if quarter have at greater aren't rate can and like those expansion do in if cuts XQ cuts then continue So least higher, margin XQ to it the in trend those and rates. sounds we there pieces together, second the in putting any

Thomas Prame

would That expectation. our be

Nathan Race

laid growth growth elsewhere. from XQ, of the things expense then equipment side And XQ, guidepost the appreciate me think we of in guys XQ. for overall and year-over-year just guidance Okay. maybe And XXXX. provide in how cadence should leasing about on and in XQ. given can Great. terms lastly growth one that just expense any Curious of expenses. the on out And initiatives you the have just of some I you

Thomas Prame

build get ahead, the continue the into too that the as for as will of far second start those start Yes. and end into would we quarter, later year. there as get We But expense generation we but guidance we teams to the range get also higher gave on don't we so and anticipate half the revenue the we to as out. grow first part active be that to get of to continue offset the

Nathan Race

I squeeze rate the forward. Okay. some range. tax quarter, then but still noise that it's last been going on Obviously, the X% could one I just Great. think in And to if I'm good sorry going use this historically, a forward? to Is target one X%

Thomas Prame

Yes.

back the that saw year. I we think norms to can you go this

Operator

question The Damon Instructions] with comes next from [Operator KBW. DelMonte

Damon Del Monte

check to on wanted the outlook for Just here provision.

duration, like these levels loans, onboard tend level? look you And to you're financing you higher your I we you plan do quarter. I As at or it to that's here? to provision guess, think when X.XX% of need to should since going add feel be build like new leasing equipment the ended think charge-offs? they you last Do Or adequate at some reserve, an shorter for

Lynn Kerber

for that question. Thanks Yes.

that's appropriate So forecast our here credit the reserve, as as we do economic today. we think our and far quality current sit as state far for as as

XXXX, into the be is by forward going to factors. really driven X provision main Moving

trends. quality credit is First

loan So we're at charge-offs cover our and and then going those always or covering growth. replenishing look to

down that. the the leasing. now. done originations, I some credit our to much how The commercial, it's In new really modeling we're working said, come so on around right leasing, ] to [ we in files the mix and And have credit adding as going residential, metrics,

going fairly our expect, risk this be a a would small it's are overall you As be little year portfolio portion. the to going bit still different but to originations profile, compared to

Damon Del Monte

it. Got

XXXX, key commercial the just of some and then the you solid here. shaping this are the that And helpful. that bit head as can or growth far as how past don't That's for know I quarter, talk pipelines drivers a please? this up if Lynn of saw Thomas into little we growth But is we as Okay. about

Lynn Kerber

Sure.

came funding. $XXX always quarter. that's That's not pipeline my million into in mentioned as the we some As currently new is our positioned originations, at comments,

had those very contributing had working a projects been longtime I For strong One, and came really that. things quarter. fourth that quarter. have would in we on, say customers to together several we had QX, some we we the some with

We some some construction from that we're December. contributions in up also loans had late funding our of

kept in cadence at this on continue And point we've so expect time. so even originations, we to a and pretty that

Operator

comes next Janney with Brian Martin from Montgomery Scott. question The

Brian Martin

you Can comment far of as all changes I the as expenses, it about equipment additional finance as at know just -- other might any you made making far this the team, fourth but in or just the be the as hires, changes quarter. were is some others, considering that

maybe the about side into going XXXX. Just little just any bit you or a you look talk on expense initiatives as other on have

Thomas Prame

a I'd to in let in Lynn finance. give leadership we leasing be progress which give quarter, a over progress FTE rate. in the a More detail quarters. on And in we're give there. strategic additional more I'll treasury Lynn both as about little finance. say forward our detail had made some would Great. the equipment management place. management. hires going next quarter, the what on of and detail X.X significant vision around to see Lynn run let nice team we made talk I'll fourth We've in the was our bit treasury I'll also put equipment the had We couple

Lynn Kerber

to other management we're be key are leadership in Then the we that next quarter. leasing, the start up really we'll second focusing far a have up probably until hired of then roles originations couple our late key on going tenants of on now. and and really We've activity. just X fourth roles and far and syndication-type key type getting over month. third standing right as operation adds focusing As a adding individuals going lot new see the quarter sales Don't ramping as and quarter, servicing as

some you'll So morning. I outlays with think know to as later that as give align originations expense up, you that in I it's this But can our the it match and see specificity ramp cadence new aligned dollar and that will going amounts, and be far year. of don't I

Brian Martin

you. Got

just Okay. then last And X ones.

just consistent far today it how mortgage been. And is little on Just the of outlook, one. with performance the year, in strong industry credit improving more portfolio? for your that you'd two more areas number you're the front, That or number XXXX? closely in mortgage this terms I guess, a has contribution be like watching to as point bit would sounds expectations concerned the Any was the given within with

Thomas Prame

far mortgage line rates from a some recovery bit be As QX as softer with back is, MBA and QX a the we're anticipating the more the as then and piece, quality, aligned what would from we're is do relatively higher-quality little liquidity production in XXXX the liquidity forecast we probably is and and ratios which coming mortgage assets sold there. the in year. Again, not us, see in there. have we opportunity the quality material clients as get second half as go some that to give assets feel of The portfolio The credit piece that us the an retained. with with for now most our where though we in going do anything excess slide that's we income on of have seen to sheet servicing of our conservative you give there. are flexibility put FICOs, around market right excess exceptional the strategy that some us are because we of are our accepted going in can and forward We balance to our

sheet an So will balance a think us. there, for that income more but fee we that driven be of opportunity would be growth there's do

Operator

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

Thomas Prame

call. Thank you. And in again, earnings thank you for participating today's

continue the momentum our growing optimistic positions XXXX. excess strategy of very assets about platforms As franchise revenue. liquidity at The year-end and in lending increasing top-line fuel we stated, and to are the well higher-yielding our to

our positive the promising banking extended to to financing as we created add momentum, in subsequent tailwinds and environment. extremely continues in even our the community see are believe We lift of life core an credit comes quarters. value disciplined for rates to culture. resiliency platforms our These results potential sheet Our Horizon's deposit balance later elevated an equipment gaining additional and operating model lowering conservative and positioned portfolio expect Horizon's is deliver the team by XXXX in to rate well

family Spero bank's and community from company's out since wishes Independent Lastly, support the Spero's to partners and call who today, I entrepreneur close wanted as organization significantly reputation our out the of of was but as XXXX and Board Director, Spero the a of Valavanis. experience Directors since benefited regarding passing member The and XXXX. we leader, our and to peers a reached thank industry well the remembered most father, board successful with provide On family Horizon, our behalf friend at you today, meeting pleasure a express our X Thank grandfather, Horizon to the we for for all attendance of forward thank Spero next this and to for him. had look again as Spero's and to decades. dedicated over of April. want your sharing all of a the update be and her them we condolences who in he'll

Operator

This concludes today's for today. presentation. you the conference call attending Thank

now disconnect. may You

Horizon Bancorp (HBNC) 25 Jan 242023 Q4 Earnings call transcript