Horizon Bancorp (OTCMKTS:HRRB) Stock In Focus After Q1 Earnings

Last Friday Horizon Bancorp (OTCMKTS:HRRB) was in the news cycle after it announced its operational results for the fiscal quarter that had ended on March 31, 2022. However, there was not much of a move in the company’s stock and it remained in a range.

Market Reaction

On Friday, NRPI stock ended flat at $0.1647 with more than 11K share, compared to its average volume of 92K shares. The stock moved within a range of $0.1647 – 0.1647 after opening trade at $0.1647.

Earnings Recap

In this situation, it may be a good time for investors to consider taking a closer look at some of the key numbers from the operational results. The company announced that total deposits grew by 3.94% during the quarter and the other hand, total loans, without PPP influence, went up by 1.65%.

On the other hand, the total assets grew by 2.25% for the quarter. Horizon Bancorp brought in net income to the tune of $1,054,483 for the quarter. In addition to that, the net income for the 12 month period that ended on March 31, 2022 stood at $5,370,000.

The non-interest demand deposits made up as much as 37% of total deposits during the quarter. There was plenty to look into but investors did not seem particularly enthused one way or another and that was possibly the reason why the stock remained within a range last Friday.

Key Quote

Ralph Tapscott, President and CEO stated, “This quarter the format will be changed from primarily communicating operating fundamentals, to addressing events that have transpired from the beginning of the year to present. From an operating fundamentals perspective, loan growth materialized for the quarter and has further escalated into the second quarter. Our lending team is working diligently, and we expect a continued increase in loan production for the remainder of 2022. Our Government Guaranteed Lending Division has also done an exceptional job. Approximately 95% of our PPP portfolio has been forgiven or repaid, with a resulting balance of $4.7 million outstanding as of quarter-end. As rates rise, we would expect mortgage volume to slow and it has; although our reverse mortgage activity remains strong. We further expect modest increases in our net interest margin as rates rise. The Bank’s cost of funds and operating expenses have been appropriately managed.”

Traders Review 

HRRB stock is trading below the 10-Day and 20-Day Moving averages of $17.10 and $17.24 respectively. However, the stock is trading above the 200-Day moving average of $10.22.


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