Horizon Bancorp, Inc. (NASDAQ:HBNC) Q3 2023 Earnings Call Transcript

Mark Secor: Yes. Our pricing and pickup that you saw in the deck should be consistent as we go in the fourth quarter.

Brian Martin: Okay. All right. And Thomas, I don’t know if you can give any update on just I think we talked last quarter about potentially looking at restructuring the bond book. Just kind of know where you’re at there. What kind of you guys are still looking at that?

Thomas Prame: Thank you for the question. I think, as Mark alluded, we’re always looking for the best use of capital from where we could put that, whether that’s share buybacks, security repositioning, or leveraging the balance sheet. Right now, we’re still evaluating that. For us, it’s really our view of where the forward curve is going to be. We saw what happened with the curve here this quarter expectations, where the terminal rate changed and what next year will look like. So as we get some more stability in view of what 2024 will look like, we’ll probably sit down with our Board and our leadership team around the capital deployment there. Understanding, of course, we still have margin pressures here, but we’re still very optimistic about the strength of our deposit portfolio. And as Mark talked about earlier, we believe that our margin is probably at the bottom of the trough now as we move into 2024.

Brian Martin: Perfect. That’s helpful. And just maybe one last one for Mark just on the margin, Mark, do you have the spot margin for the month of September? I know it sounds like it was bottoming.

Mark Secor: Yes. Unadjusted, we were at 2.39%.

Brian Martin: 2.39%. Okay. Perfect. That’s all I had, guys. Thank you for taking the questions. All right.

Thomas Prame: Thank you.

Mark Secor: Thank you, Brian.

Operator: And this concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

Thomas Prame: Thank you, Maurice, and appreciate your help today. I also want to thank everyone for participating in our earnings call today. We believe our end market revenue opportunities, the valuable deposit franchise, credit culture, expense management discipline have positioned Horizon well for the final month of 2024. We appreciate your interest in investment Horizon and we look forward to speaking to you in the next quarterly call that will happen in January. In the meantime, don’t hesitate to reach out any questions and have a wonderful holiday season. Thank you.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect. Have a good day.