Horizon earnings returned to profit in the third quarter of 2026, with net income of $28.7 million and diluted earnings per share of $0.56, above analysts’ $0.54 estimate. The results, disclosed in an October 21 filing, compared with a $222 million loss, or $4.69 per diluted share, a year earlier.
Key Takeaways
- Net interest income rose 11.6% year over year to $65.2 million, with a net interest margin of 4.37%.
- Loans held for investment increased by $129 million and deposits by $206 million during the first nine months of 2026.
Table of Contents
Horizon earnings recover as interest income rises
The quarter ended September 30 marked a substantial bottom-line reversal for Horizon Bancorp, the Michigan City, Indiana-based holding company for Horizon Bank.
Alongside higher net interest income, Horizon reported $11.9 million in non-interest income and a $1.3 million provision for credit losses. Its efficiency ratio improved to 53.85%, while the reported tax rate was 16.4%.
CEO Thomas Prame highlighted an annualized return on average assets above 1.60% and a return on tangible common equity of 20%.
Deposit growth accompanies stable credit measures
Total deposits increased 1.5% from the preceding quarter. Management cited core deposit gathering and expense discipline as priorities while navigating changes in interest rates.
Non-performing assets remained stable at 0.68% of total assets, and the annualized net charge-off rate was 0.10%.
Horizon provides commercial and retail banking services across Indiana, Michigan, Ohio and Illinois, serving small and mid-sized businesses, individuals and municipalities.
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