Horizon Bancorp Full Year 2022 Earnings: Revenues Disappoint
Horizon Bancorp (NASDAQ:HBNC) Full Year 2022 Results
Key Financial Results
Revenue: US$245.5m (up 5.6% from FY 2021).
Net income: US$93.4m (up 7.3% from FY 2021).
Profit margin: 38% (in line with FY 2021).
EPS: US$2.14 (up from US$1.99 in FY 2021).
HBNC Banking Performance Indicators
Net interest margin (NIM): 2.98% (down from 3.03% in FY 2021).
Cost-to-income ratio: 58.1% (up from 56.4% in FY 2021).
Non-performing loans: 0.53% (up from 0.52% in FY 2021).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Horizon Bancorp Revenues Disappoint
Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) was mostly in line with analyst estimates.
Looking ahead, revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are down 15% from a week ago.
Risk Analysis
Be aware that Horizon Bancorp is showing 1 warning sign in our investment analysis that you should know about...
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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