Horizon Bancorp, Inc. (NASDAQ:HBNC) Q3 2022 Earnings Conference Call October 27, 2022 8:30 AM ET
Company Participants
Craig Dwight - Chairman and Chief Executive Officer
Mark Secor - Executive Vice President and Chief Executive Financial Officer
Thomas Prame - President
Lynn Kerber - Executive Vice President and Chief Commercial Banking Officer
Noe Najera - Executive Vice President and Senior Retail and Mortgage Lending Officer
Conference Call Participants
Terry McEvoy - Stephens
Nathan Race - Piper Sandler
Damon DelMonte - KBW
David Long - Raymond James
Brian Martin - Janney Montgomery
Operator
Good morning, everyone and welcome to the Horizon Bancorp Conference Call to discuss Financial Results for the Third Quarter of 2022. [Operator Instructions] Please note this event is being recorded.
Before turning the call over to management, please remember that today’s call may contain statements that are forward-looking in nature. These statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those discussed, including factors noted in the slide presentation. Additional information about the factors that could cause actual results to differ materially is contained in the Horizon’s current 10-K and later filings.
In addition, management may refer to certain non-GAAP financial measures that are intended to help investors understand the Horizon business. Reconciliations for these measures are contained in the presentation. The company assumes no obligation to update any forward-looking statements made during the call. If anyone does not already have a copy of the press release and supplemental presentation issued by Horizon yesterday, you can access it at the company’s website, www.horizonbank.com.
Representing Horizon today are the Chairman and Chief Executive Officer, Craig Dwight; EVP and Chief Executive Financial Officer, Mark Secor; President, Thomas Prame; EVP and Chief Commercial Banking Officer, Lynn Kerber; and EVP and Senior Retail and Mortgage Lending Officer, Noe Najera.
At this time, I’d like to turn the call over to Mr. Craig Dwight, Chairman and Chief Executive Officer. Thank you. And over to you, sir.
Craig Dwight
Thank you, Matt and good morning and thank you for participating in Horizon Bancorp’s third quarter earnings conference call. Our comments today will follow the investor presentation and press release that we published yesterday, October 26. Horizon is pleased to report solid earnings for the third quarter, driven by a continuation of strong commercial and consumer loan growth, an increase in net interest income, excellent asset quality, and robust capital ratios that exceed the regulatory definition for well-capitalized banks. In addition, during the third quarter, we closed five branches with two more offices to close in the fourth quarter. The offices closings will contribute to our objective towards achieving our target of non-interest expense to average assets of less than 2% for the full year of 2022.