Lynn Kerber, Executive Vice President and SCCO of Horizon Bancorp Inc. (NASDAQ:HBNC), has recently sold 1,748 shares of the company's common stock. The shares were sold at a price of $17.99 each, amounting to a total value of $31,446. The transaction comes as HBNC stock has shown remarkable strength, delivering a 65.5% return over the past year and trading near its 52-week high of $19.18. This transaction was linked to the removal of Horizon's common stock as an investment option under the company's 2005 Supplemental Executive Retirement Plan. Following this sale, Kerber no longer holds shares under this plan. The $794 million market cap company currently trades at a premium to its InvestingPro Fair Value, while maintaining a solid 3.5% dividend yield with a 38-year history of consistent payments. For deeper insights into HBNC's valuation and growth prospects, including additional ProTips and comprehensive analysis, explore the full research report on InvestingPro.
In other recent news, Horizon Bancorp, Inc. disclosed a positive trajectory in its Q3 2024 earnings call, attributing net income growth to a 10% annual increase in average loans and expansions in net interest income and fee income. Despite a strategic reduction in consumer loans, the company's deposit growth remained robust. Notably, Horizon Bancorp's commercial loan portfolio saw an increase, and the company is planning strategic actions such as the sale of $325 million in securities and the divestiture of the mortgage warehouse business.
These developments are expected to contribute to profitability and simplify operations. The company's net interest margin improved to 2.66%, with expectations of a 15 to 20 basis points increase in the next quarter. The company's management also expects stable loan balances and growth in net interest income moving into 2025.
However, the company also reported a decrease in consumer loans due to a strategic shift in indirect auto lending. Despite this, strong deposit growth, particularly in noninterest-bearing accounts, is expected. The company's leadership team, including Lynn Kerber and Thomas Prame, provided insights into the company's steady commercial pipeline and the performance of various divisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.