HBNC - Horizon Bancorp GAAP EPS of $0.42 beats by $0.01 revenue of $54.85M misses by $3.08M

2023-04-26 17:01:45 ET

• Horizon Bancorp press release ( NASDAQ: HBNC ): Q1 GAAP EPS of $0.42 beats by $0.01 .
• Revenue of $54.85M (-12.0% Y/Y) misses by $3.08M .
• Deposits totaled $5.70 billion at period end, declining $155.8 million during the quarter,
• Consumer and commercial deposits totaled $4.28 billion at period end, declining just $33.6 million during the quarter.
• Deposit betas increased to 51% on total interest bearing deposits in the first quarter compared to a 32% deposit beta during the previous quarter.
• During the first quarter of 2023, unrealized losses on available for sale investments declined to $121.5 million compared to unrealized losses of $140.1 million at December 31, 2022. As a result our tangible capital ratio increased from 6.56% at December 31, 2022 to 6.87% at March 31, 2023.
• Horizon's book value per share and tangible book value per share increased to $16.11 and $12.17 compared to $15.55 and $11.59 in the linked quarter and $15.55 and $11.54 in the first quarter of 2022.
• The Bank’s capital position was still robust with leverage and risk based capital ratios of 8.86% and 13.15%, respectively.

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