HBNC - Earnings call transcript Q1 2024

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Operator

Good morning, everyone, and welcome to the Horizon Bancorp, Inc. Conference Call to discuss financial results for the first quarter of 2024. [Operator Instructions]Before turning the call over to the management, please remember that today's call may contain statements that are forward-looking in nature. These statements are subject to risks and uncertainties and other factors that could cause actual results to differ materially from those discussed, including those factors noted in the slide presentation.

Additional information about factors that could cause actual results to differ materially is contained in Horizon's most recent Form 10-K and its later filings with the Securities and Exchange Commission.In addition, management may refer to certain non-GAAP financial measures that are intended to help investors understand Horizon's business. are the measures these for contained presentation. in Reconciliations release to forward-looking Chief who and Etzler; Vice Financial Executive and Corporate Banking Horizon Executive Executive statements company Vice Kerber; President, the not the assumes and and Officer, company's during Chief Chief yesterday, Todd DeRuiter; Kathie President any Executive President, General horizonbank.com.Representing obligation Vice no press President I time, call of Officer accessed to copy Secretary anyone this would The they made Commercial can issued at Secor; and turn Vice update Lynn the to Officer, Horizon Officer, have today over a and Counsel, Senior supplemental Executive President Prame.At like Thomas be Mark Mr. Operations and presentation already the by does website, call.For are Prame. Thomas Please go ahead, sir.

Thomas Prame

thank and was interest in the to interest morning, continued Horizon start today's in solid for margin. quarter Good expanded a March, throughout at consecutive improvement with with quarter for had quarter X.XX%. dollars the and you second margin both in of year call. the X.X%, Net participating exiting our income, net

and be income of operating loan strategy. communicated portfolio several our previously perform well guidance, low repositioning quarter, seen both as of end first continues cost in growth showed across loans, capturing in and performance team proactive our the significant well diligent quarter, business to asset diversified our in remain managed core results our fronts, franchise mortgage volumes. minimal Additionally, savings. at Credit results management.As on model experienced lines in the nonperforming with our lower the trends noninterest through continued positive, seasonality with charge-offs, the were even to lower Expenses with continues the the

to asset the deploy capability quarter, across We of team proud of into liquidity high-quality of and our our assets footprint the are our and displaying our teams mix. the platforms of of our our and diversity higher-yielding go-forward all very this results excess lending improving

into resiliency continued the X detail year-end trends sections shared and in reduce strong in also in and points in about displayed to core attributed its that be increasing very the costs the company's primarily insight loan the with basis decision credit results are to just high-cost our quarter and optimistic the portfolio modest presentation.We in our balances, our quarter will later deposit growth the was segments from funds first deposit Lynn portfolio. public of Additional by runoff lending

on sheet trends. the and continuing as quarter and well-managed go-forward first with results margin improved a move outlook positioning, optimism our we financial into continued solid expenses trajectory provide Our second balance quarter in positive credit

a lending to forward, strength more segment to the outlook details.Lynn? on and provide Banking Lynn presentation Kerber, key to this our of of is detail element our platforms move Executive we the our and Chief As core Officer, Vice model. President of Commercial positive business provide transition our I'll

Lynn Kerber

of XX% Slide million, of of million mortgage increased the mix consumer unchanged and million in loans increased remains million. includes relatively XX% Commercial XX have commercial, finance loan the Thank which overview X, equipment activity, $XX portfolio you, $XX with increased which and as on $XX $XXX Thomas.Beginning residential quarter. residential March consumer, loans we XX% a prior an from loans

These continuing consumer in quarter million residential million actions $XXX credit a for commercial annualized First production and the in our million for acquired quarter, quarter. the $XX in from are The of on Finance million saw including fourth to increased We redeployment at in of quarter, by yields $XX loan compared with second to X.XX% approximately we fundings, December a portfolio totaled indirect in loans, the basis. in increasing the new yield fourth equipment in and core meaningful million loans $XX.X quarter. of high to auto $XX quarter assets.On loans pipeline restructuring contributed million well quarter. higher-yielding as million Division and proceeds X.XX% loans. pleased XX. $XXX an were to million first million be from XX including of Also increased quarter March Net first first diversified balance will representing the represent originations quality from increase finance, into of $XXX report credit first X, to protections, the $XX in commercial $XXX X.XX% commercial Activity loan growth the and Slide the the to million quarter. XX.X% continues first December's industry Equipment included planned $XXX sheet, approximately in average reduction be for ramp geography.The

points in XX% office to demonstrates significant and basis anticipate concentration loans. XX care. continue $XXX Commercial commercial of million and XXXX. December sector for XX low comparing end full in is recoveries commercial year remained breakdown portfolio, recorded We Slide decreased and XXXX. several points $XX,XXX.Also in credit with the to on for a net and the any of our no payoff of we commercial basis the nonowner-occupied of for points a contribution multifamily, upgrade Nonperforming quarter XX for health past dues $XXX X provided one Accordingly, due to substandard total which of key quarter to million particularly strong loans nonaccrual basis reference at XX and sectors quality March

XXXX, X. rate a summary is XXXX XXXX percent the the Slide on UBPR environment regulatory CRE with and group within As for noted, focus on risk-based maturing loans of for included of consistent continued have well and the capital we peer interest guidance.With

with portfolio. balances maturing our balances notes, Horizon representing than of $XXX than commitment CRE portfolio. in tranche, maturing, interest of this has our X.X% portfolio. balances this of $XXX of we rates XXX with rates CRE of $XXX maturing, less XX.X% of and the our balances long-standing are credit we have with of this representing risk remainder XXXX, less the time.Turning notes current how X. XXXX million of Of to For Of exposure another benefits of of there are this to all, limit at X%, million from and there representing million $XXX of representing CRE Similarly, portfolio portfolio. with X.X% XXX are managed million, pricing to rates maturities well of X%, example rate-related X.X% our believe tranche, discipline, is to In Slide our

annualized loans the the no X.XX%, our annualized and auto XX balances from past the reduction of an X.XX%, with points are X.XX% improvement over Indirect the which of which dues new our that loan You in first credit average $XX XX quarters. XX that portfolio loan and strategy home is at for redeploying Year-to-date direct production rate reflective return limiting are direct was basis previously quarter, recent loan indirect improved improved loans and The period. X-month from continuation XX also basis past the of of QX delinquency million the quarter. see by $XX X.X% quarter stated mentioned in charge-offs.Slide consistent points a of X.XX% mortgage improvement longer with will consumer highlights of million was reduction the a Consumer yield past risk-adjusted X-month average with actions products. dues December The reduction the during net X.XX%, loans These yield with XX represents for an continued of performance and points, and acquired charge-offs recorded meets target for average December consistent indirect higher-yielding X quarter. capital direct production. of rate trend. from at X.XX% consumer consumer for consumer basis consumer were to and our direct basis points for X a increased

$XXX due $XX to in high acquired quality part in the Our quarter, approximately mortgages. million residential million portfolio of credit grew

reflect as quality Slide outlined XX dues the quality the and third to X.XX%, portfolio the homeowners, Past benefit We capacity both the on during asset for expect continue for recoveries yield new in With XX. the quarter, new equity days with significant and be from and continues improvement slight loan for second mortgage payment this residential construction. metrics prior was strong, their to mortgages average production. X.XX% a seasonality to homes.Our were quarter X.XX% net portfolio and over The quarter. purchases from

loan commercial and who total the third charge-off a representing will as $XXX,XXX first replenishing both historical which economic X and loans, loans elimination quarter for loan credit well allowance consistent $XXX,XXX decreased quality representing interest over of to quarter. credit was decrease and fourth $XXX,XXX, Nonperforming to a of the points reductions increase the be loans. were the us our paid our consumer lending this mix, loans XX for annualized basis first March economic our indirect and XX. of growth basis as offset we back turn unfunded loans. dues trends. across and effect is given Future to million XXXX.Finally, trends. gross an commitment the is X.XX% and like reduction that principally losses also reflects an related lower forecast the by of nonperforming basis Provision history The will mortgage provision $XX.X from the loans Net performing combination current allowance As by expense income The X things basis appropriate of of XX I'd specific on increased is million loans, average shifting full loss of a forecasts. This a and from approach residential and provide of increase the commercial forecast points, reduction the charge-offs in quarter, noted of past improvement classes first due quarter $XX.X credit amounts of represents well-balanced loans rate product loans. recorded of loan of dedicated is net total in slightly growth, loans economic to quarters quarter. an of $XXX,XXX, all to direct allowance lending.Now related performance points. lower a and portfolios reserve reserves mix in during was for by with driven in to $XX.X to and Credit Thomas, net our point of percent in believe earlier, rates, to an overview driven for increase million, The reserve

Thomas Prame

see margin, to interest waterfall insight higher pricing.To disciplined higher net illustrate Page on pleased while we efforts the balance we assets, the sheet and Great information.As deposit through maintaining a included to positive earlier, Lynn. you, have on a also our Thank are our margin our approach progress our quality to yielding graph reposition in strategic XX. momentum mentioned to and help

assets XX asset yields, quarter. high-quality in our meaningful on deliberate to the by from As loans the seen, increasing impact points shift lower-yielding a making is basis

the yielding higher the as We production replace Also, loan this was commercial to nature well flow to consumer reduce expect year-end opening quarter cash quarter, liquidity quarter. a fee new costs backdrop, Noninterest-bearing this stated adjustments company by quarter. payoffs, from fee quarter and positive Horizon's remarks, down to payments the the leverage to costs portfolio within flows fourth to deposits continue into primarily maturities and expect and basis securities funds for the the excess compared CD to from in to overall managed the to elected and year.As flat increases due seasonal off income the and costs. over our throughout points this swap quarter And seasonal and softer distributions. Horizon's sheet.With the its and for experienced amortization were continues course deposits commercial balances we trend experienced public my commercial first portfolio. minor of in income first to due X out second the liability lower-yielding demand the single-digit increased the even were I quarter of were accounting flat purchase core we higher-priced with relatively modest fourth its fluctuations, balance interest-bearing funding allowing funding tax

in improve the net second rate As our a have we environment. margin interest to continue to even we our quarter, flat ability enter confidence in

see to second the expect expansion We quarter. in further

of advancement asset our and improving and Vice X.XX% President will continues hand Officer, measured the diligent and metrics stated, to the net on forward. the interest Secor, me first outlook costs.Let March margin, Mark to financial through from approach funding remain As while quarter keeping Mark? in continued key other who our as to our Executive Financial a posted team a yields we move presentation Chief and walk mix over

Mark Secor

of Horizon in $XX.X Division.Slide range the earnings outlook were Thank to XXXX. policy in X.X% surrendered regulatory merit The months up adjusted to to noninterest segment from across resulting XX the growth the you, the quarter in in XX. of approximately first quarter key reflected with to average banking We first improve the be the capital assets we the increases franchise. from diligent BOLI and to a results quarter will outpace new the Noninterest in do in income quarters considered line as the continues of management. ratios X.XX% million management with Slide last quarter mortgage be commitment the have to quarter these capital that $XX.X assets in Total total proactive the future $XXX,XXX our fee well fees XX. quarter, service first noninterest Noninterest expanded X.X% of at to The months. the core second with management the growth and decrease quarter talent banking capital Slide Finance the in linked lower our open to from full expenses segments solid during well in that first expense our with Equipment anticipate was the a of continues first quarter. income year being for the diversify million Thomas.Beginning and adds account treasury down capabilities year believe private next wealth expenses for end to in income of income. the XX, company expense reflecting and maintain XXXX, expand to talent and options relationship anticipates above annualized requirements We income X we largest was due in linked sufficient be to are income through model.On throughout the compared expect decrease capitalized. growth overall of displayed

capital current an As update XXXX. increase portfolio, excess will from securities we flows ahead assets we we're continue do providing slight to XX, a deploy risk-weighted on for on liquidity in decline anticipate our additional with Slide ratios.Looking risk-weighted the and resulting cash to you expectations

expect in sustainable organic valuable earnings. the should contributors core loan be We core growth lines, business to which

quarter runoff strategy X% improved reflect second the acquired we from credit quality, to interest yield for and income resulting XXXX, that the X% loan that indirect with of management. our asset annualized in XX% of total loan annualized pricing net growth will the interest trends with growth expect and the margin and For an replace benefit organic we to pool net quarter.Our continue should repositioning to X% anticipation auto

our continue income in We net originations. impacted rates management million in a business our such $XX be of fee $XX.X mortgage level $XX.X expenses to be private from The wealth, interest treasury as of the X.XX% interest is for recent seasonal organization, quarter.Noninterest near and managed with well in margin should anticipation lending. consumer as and higher segments specifically a for million. range of range as with expect mortgage to expected pre-provision increases proactively million income to coupled interchange to to of income range X.XX% in income the and noninterest the the second million in consistent across continue $XX.X second Noninterest in investments quarter a net by

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

additional average XXXX, our of margin. total of add and $XX.X only cuts below the expect seeing half rate about net we XXXX, are the to outlook quarter from momentum $XX.X in will to we current second expense assets.In X% in and remain We anticipate plan million benefit the in original million noninterest X which range to interest second for our still

and comments. of will update becomes forecast.Now we to potential over will back timing more I some certain, it these rate As for Thomas outlook turn final moves our the

Thomas Prame

our for Thank see momentum I that.As XXXX. Horizon you, appreciate outlined in Mark. in presentation, we significant positive

the We attractive located markets are and for individuals. are in in excellent for economically that growth Midwest business

deposit robust, leasing make continues is commercial in with that The performance with funding environment shareholder to equipment upside and opportunity rates low our long-term to potential and Our pipeline strong impact The The of division credit also our has stability to to capacity great loan to an growth historical core aligned be significant profile. with started decline. and a future base and quarters. has risk our resiliency operating additional consistently adapts to value. maintains value continues if help have culture markets its its company needed.Horizon its and lean deliver as

capturing yield.As and currently dividend this ask our deliver We offering advance value, services. in we a are very dividend This remarks. presentation strategically we our to our compelling efficiencies operator in prepared maintaining our for always, improving in investing by profile and believe our excellent to I'll morning. and consistently joining products XX-plus supported is Horizon credit models, our concludes questions. We And you years the X.X% our how please line a revenue of an for our commitment open thank now still

Operator

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

Terence McEvoy

Appreciate details could Slide all cash of trending got of wondering thoughts $XXX of there's million, you've you course earning got asset in you share see on the on I then certain indirect. but if your portfolios, was at year, XX. balances you've over the how runoff kind the growth the

that could all you us if great. would So together, be that help just put

Mark Secor

that earning would would we into this as primarily some Thanks that shift portfolio yielding. then the be from anticipate And the slight forward fund in go that we security we deploy and anticipate indirect the the higher would have, from there growth we for Terry. runoff question, will growth that from assets remaining year. planned the should we We restructure after cash the

Terence McEvoy

last the to to commercial the markets, color then appreciated. of as Any that loan you Any about growth maybe can be follow-up, would a bank. talk And new sectors, leasing there contributed certain ex Mark. quarter? borrowers type customers the

Lynn Kerber

really overall, Kerber, overall pretty quarter our mix. our would in I it represents overall consistent say, and This is C&I every between CRE portfolio. We've been and Lynn

So it changed. really has not

concentration We limits are sectors. certain managing proactively in

as far as have hospitality, any those office, in originations multifamily, so And limited. more been

I of of the so bit mini was think most little storage. medical owner more a occupied And growth and so

So overall, very lending. consistent with traditional our

Operator

Race from with Nathan comes question Piper next The Sandler.

Nathan Race

I was largely some think acquired excess loans just can thoughts acquire cash Are redeploy going footprint clients to in cross-sell just of appetite out continue curious forward? that the help coming curious clients of relatively the And the to kind to products breakdown just geographic of balance additional you still quarter? just some the quarter. you these loans get the on to the

Thomas Prame

across Nathan. south. outside our geography Thanks, Sure. The were the when on geography was the mortgages mainly on also -- the more Coast, moving Coast in down both of the West more and coasts, East

As that from, risk as sure acquired yields first, looking get these look we we it at really we and returns. do do, we're acceptable the at transactions we loans, making

that assets, they is And looking Second that have their as are in significantly equity these we homes. mortgage specifically look for we in borrowers high-quality at capability. both that have

organization. to not profile So credit we're looking our change for the

give credit In fact, on as most that cross-sell see geography start assets quarter. ability metrics we a the the and credit probably little liquidity. not earning redeploy these up.As second would excess our and that magnitude. bit sure bit We on make have likely would assets continue to little do far a and keep up Do to we'll we movement basis, profile, same go-forward a of to our to of improve our in

look will I outer rebalancing the wouldn't as and going at there, be the of indirect primarily QX. we'll that QX, we're Mark portfolio the and to also. it magnitude growth. we in the And overall of QX then then runoff said, organic at and see look quarters, we just But cash look QX at flows in As see portfolio look securities at auto

Nathan Race

hires the last perhaps quarter And the like past digits loan of across several in do quarters? you made looking feel kind XQ still growth, this platform for Great. guidance you've the year, high of and all over is just the achievable single Okay. second XQ given that

Thomas Prame

Lynn let here. comments Sure. on my piggyback I'll

quarter in in Our pipeline were strong, out our of in was coming cases, -- the growth the first fourth first fourth most is at stronger those the coming organic the quarter, of quarter levels. out and than

very I'll team. about with there. Lynn to confident we're over what feel commercial the some Specifically, seeing And pass for color

Lynn Kerber

pretty Yes, Thomas. pipeline been running commercial has steady. Thanks,

include in million $XXX our -- at As $XXX pipeline we million. about March not million to compares does our XX/XX, deck, slide that XX and noted is XX. the million equipment This $XXX division at $XXX of so leasing as September the

as to it's been start this consistent. fourth nice had the pretty up quarter. in and the So cadence. I'm looking And at it its We've Division a cadence ramps hit Finance third Equipment quarter,

will nice us really a have overall. for that increase So

Nathan Race

Very seems this Great. flows it helpful. on And of public quarter then of the like there in Okay. some side things. funds seasonality deposits, just is on terms

going are the guys you how growth forward. deposit curious core of over Just thinking about prospects course XXXX

Thomas Prame

question. the for you Thank

in. deposits, where As we inflows second be see some public funds second quarter, this the then the quarter consumers see holiday of as as money the held look around in will our fourth from spending people quarter. we the start seasonal groups the tax We'll usually core from in our on It season. quarter, third some in decline we little bit up. see growth come a are is building in usually there's our And

being nothing of the see say flat our fluctuations, but remainder we So small for relatively look we we material. the at year, would the as outlook, deposits

Nathan Race

Okay. the Mark. perhaps one going on Great. If margin one I could last for forward, just ask

to of XQ progression with more in try sense Just curious get to expansion just for the comfort the of the get of and over the for course kind to margin XQ. continued kind understanding guidance of a the

Mark Secor

as we growth March The being and the X.XX%. of quarter. to portfolio end purchases of mid-quarter the were the loan the some Nate, Yes, month with towards during exited the said, at we

continue the outlook second us the gave for to get to anticipate we would to margin that we the will So those higher-yielding assets, help quarter.

our as And is from portfolio the we reprice, loans of see you rates repricing still are. the is of there. trajectory some the So can than significantly higher what then still slides or

also. will continue to margin help that So the

Operator

comes KBW. question next DelMonte with from The Damon

Damon Del Monte

for as well Credit strong has of continue provision reserve portfolio, guys. the the and just grow level the to And kind curious today. guys been to doing you is thoughts exceptionally loan as your you on everybody Hope level.

basis loss loan by reserve came quarter think this I X.XX%. points like to X down

So of books? kind because you going the of the putting on forward that the thinking that. types how to you of need loans of you're about Do wondering you're feel increase nature that

Lynn Kerber

the of Thanks this percent the had question. that the to affected just allowance, far first of I'll a all, factors reduction, Relative for as its quarter say loans. we total far it of that as as couple as

First a a of all, larger nonperforming had we loan had that reserve. paid off specific and

was So to under the that eliminated and allowed decrease just $XXX,XXX. reserve us that

that That's this always So extraordinary was repeating for a of sort quarter. not event.

We also had change in in a mix portfolio. our

As credit paper we higher traditionally indirect have we've has that reducing intentionally had our stated, auto losses. been

with so purchases loan those have full experience. And one decreased the with reduction, has credit some needed. this And lower that's a of quarter, allowance And the the portfolios it's that of of loss coverage enhancement.

by couple loan it so as the and overall provision being factors. mix.As being a reserve a our forward, was is of combination far really going of driven eliminated specific the And really

First, loan growth and loan mix.

Of course, forecast and our the charge-off experience. economic

We pleased this of with are very third fourth quarter half and quarter. roughly were quarter They charge-offs charge-offs.

positive. that's So been very

I So as pretty the really forward. move reserve be we stable expect to

Damon Del Monte

reaching rate respond a that best to you deck. slide that take with they're guys you you the then to And great they you higher with color. headwinds Can potential and making get bit approach CRE you the in double-checking talk just financials to upcoming included was could facing? that about the with any maturities, are to in order that Like them you a date? your comfortable position borrowers maturity appreciate guys the out be I regards and to a to sure Great. close as little guys

Lynn Kerber

are credit and part with mean, overall and our management relationship We just actually are customers. fabric the monitoring management activities risk our of our I working new. is of not Sure. that account portfolio several that have of this part

we're annual schedule, is. financials credit depending on the Firstly, these on on reviews doing it collecting type of clients,

We review and for we're underwriting loan-to-value as factors. the rates, And process. so some a our on part monitoring compression flow annual testing continually do and of stress basis, other interest those

hospitality, term changes a that going the the including activity. that ongoing multifamily, nursing opportunity do We are on those to deep maturity. rate a how a dive positioned and that's interest CRE also to to be office, absorb So an approaching dive on loan CRE are have And deep sectors, year. customers may see have throughout maturity.We home, do our the we upon certain

again, and of they're what we interest capacity pretty increase. rate is performing a so have to absorb going good And idea how their be any to

X are X%. As we this part testing, at stress these see basis didn't you And -- But those a XXX took points. of that we look XXX and most the here. points. charts, large, from as up of to increases can our go that by in is under I tranches provide the about color in basis

So it's well within our stress testing metrics.

Operator

with We have Janney Brian the Martin question from next Montgomery.

Brian Martin

The -- side. has just like here. performance -- maybe one just follow-up the the on -- been Just credit great wondering

of mention Is that much the on in just comments there. of look Just it not provision you is Or just there's with of this kind on read quarter, change, kind like sounds or saw as the guess criticized Lynn's my what we credits through kind of assets the a special accurate? kind that? given

Lynn Kerber

change the first really in There a wasn't quarter. Yes. significant

did As damage. noted It multifamily our one there XX-K, some in some property quarter. of water fire, was unusual the handful fourth had construction. quarter And see increases credits We in had that there. circumstances we under a a were fourth on

So it [ move into we to ] category. that prudent was felt

results, interim C&I so of warranted couple strong. monitoring, additional had I'll financial that companies are some credits a that had also all say. Those We

seeing recovery interim from the from credits, C&I improvement We And the have strong sponsors. stabilization property. saw fire we're In numbers. with the we improvement first one for the quarter, in their and

this those improved migration. we in that not And there's be going So those our and as substandard comfortable nonaccruals, then to certainly, quarter. remain you saw with very further

we're that very So performance. pleased with

Brian Martin

Yes.

the I for and much just that's us Can That's of magnitude a to rate those? pickup you added and are on of appreciate still repricing the of maybe how just that Mark. an going talked that just helpful. kind getting Okay. loans color. you're then give repricing No, are the idea And that loans of then continue. perfect. you those Mark, about

Mark Secor

Yes, seeing the We're that's $XX Brian, -- this I exact of come million which out indirect, don't have quarter, the specifics. the of lowest yielding. one

points those X overall so or those going to to up to on XXX pick And basis XXX sometimes loans. yield are basis of points X

see were of and Lynn's kind some off are XXX slides CRE rolling maybe what's off. pickup of point coming from of those basis on that You around

seeing So we're I much think what when rolling off. they're that's pretty

Brian Martin

you. Got

one, last one Mark. just then And Okay.

that Just as on think cuts here than you've don't -- you'll -- of about details Can how see more later you outlook kind kind we influence thing year. or the couple you being don't that looking expected, on big cuts your guidance-wise? rate, of does already if know -- how far they your you that it picture get see I talked what does that the outlook? And change how does you're about we do cuts was you update balance a I but -- just as rate just at, like the -- over the if talk about margin, of as on if the on last come the of talked the just maybe

Mark Secor

Brian. Yes,

any anticipating not we're rate quarter, second cut. So

end If So we put the quarter. without the cut. last guidance year, the range at the one -- any modeling, we last and our is the mid -- then we in July of gave rate in of in

that the see increase in repricing then to And see if So off. of the we see some continue from maturing. loans for don't we'll indirect assets, just them, impact. investments rates slight we higher as coming are specifically it But has margin overall,

fourth still we a just So quarters. into a see we would little slightly, sensitive rate to we increase go continue see additional as benefit. the third we being anticipate margin and cut liability would If

Operator

concludes like Prame Thomas turn to I session. you. conference to any the question-and-answer remarks. over Thank back would This our now for closing

Thomas Prame

Thank into all questions you. also solid team in earnings I key for had today. again, QX. And thank our positive appreciate heading quarter the in participating call. earnings And The a momentum very today's also with metrics you first

next financial [ well near additive trajectory. we term for forward remain for our lowering our As in to to stated, we're ability very optimistic again to ] rates in you improve performance financial continue Thank and about positive and that your July. will look the our positioned update to today, potential attendance our be

Operator

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

disconnect. now may You

Horizon Bancorp (HBNC) 25 Apr 242024 Q1 Earnings call transcript