Horizon Bancorp Q3 net income beats, partly due to higher gain on mortgage loan sales
HBNC•Horizon Bancorp reported Q3 net income of $28.67 million and adjusted EPS of $0.56, beating analyst estimates of $27.33 million and $0.54. Net interest income rose 11.6% year over year to $65.16 million.
1. Q3 results
Horizon Bancorp’s third-quarter net income and adjusted earnings per share beat analyst estimates. Net income was $28.67 million, compared with the $27.33 million consensus estimate, while adjusted EPS was $0.56 versus $0.54 expected.
2. Income drivers and outlook
Net interest income rose 11.6% year over year to $65.16 million, driven by a stable net interest margin. The company attributed the margin to disciplined loan and deposit pricing and favorable cashflow redeployment; higher mortgage loan sale gains reflected increased volumes and wider margins. Horizon said business expectations remain largely unchanged despite a shift in the interest rate outlook, and loan pipelines remain consistent.
