Horizon Bancorp, Inc. (NASDAQ:HBNC) Q1 2024 Earnings Conference Call April 25, 2024 8:30 AM ET
Company Participants
Thomas Prame - President & CEO
Lynn Kerber - EVP & Chief Commercial Banking Officer
Mark Secor - EVP & CFO
Conference Call Participants
Terry McEvoy - Stephens
Nathan Race - Piper Sandler
Damon DelMonte - KBW
Brian Martin - Janney Montgomery Scott
Operator
Good morning everyone, and welcome to the Horizon Bancorp Inc. Conference Call to discuss financial results for the first quarter of 2024. All participants will be in the listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]
Before turning the call over to the management, please remember that today's call may contain statements that are forward-looking in nature. These statements are subject to risks and uncertainties and other factors that could cause actual results to differ materially from those discussed, including those factors noted in the slide presentation.
Additional information about factors that could cause actual results to differ materially is contained in Horizon's most recent Form 10-K and its later filings with the Securities and Exchange Commission. In addition, management may refer to certain non-GAAP financial measures that are intended to help investors understand Horizon's 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. For anyone who does not already have a copy of the press release and supplemental presentation issued by Horizon yesterday, they can be accessed at the company's website, horizonbank.com.
Representing Horizon today are Executive Vice President and Senior Operations Officer, Kathie DeRuiter; Executive Vice President, Corporate Secretary, and General Counsel, Todd Etzler; Executive Vice President and Chief Commercial Banking Officer, Lynn Kerber; Executive Vice President and Chief Financial Officer, Mark Secor; and Chief Executive Officer and President, Thomas Prame.
At this time, I would like to turn the call over to Mr. Thomas Prame. Please go ahead, sir.
Thomas Prame
Good morning and thank you for participating in today's call. Horizon had a solid start to the year with our second consecutive quarter of expanded net interest income both in dollars and in the margin. Net interest margin for the quarter was 2.5% with continued improvement throughout March, exiting the quarter at 2.53%.
Additionally, our results showed non-interest income continues to perform well across our diversified operating model even with the seasonality of lower mortgage volumes. Expenses were well managed in the quarter with the results at the lower end of our guidance as the team continues to be diligent in capturing cost savings. Credit performance and trends remain positive with minimal charge-offs, and low nonperforming loans through continued proactive portfolio management.