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Horizon Bancorp , Inc. (NASDAQ:HBNC), a state commercial bank headquartered in Michigan City, Indiana, with a market capitalization of $647 million, has expanded its Board of Directors from 11 to 13 members and appointed two new directors, according to a recent SEC filing. According to InvestingPro data, the bank currently trades at a P/E ratio of 14.18 and offers a substantial dividend yield of 4.33%. On Monday, the Board elected Michele A. Samuels to the Class of 2027 and Brian Walker to the Class of 2028. These appointments are effective until their respective annual shareholder meetings.
Michele A. Samuels, 62, brings extensive experience in audit and compliance, serving as Senior Vice President, General Auditor & Compliance Officer at Blue Cross Blue Shield of Michigan. Her career includes a tenure with KPMG and active involvement on several boards and councils. Recognized for her independence under Nasdaq and SEC guidelines, Samuels will join the Audit Committee and the Operations & Security Committee of Horizon Bancorp.
Brian C. Walker, 63, is the retired President, CEO, and Director of Herman Miller (NASDAQ:MLKN), now MillerKnoll. His background includes leadership roles in operations and finance, as well as board positions with Gentex (NASDAQ:GNTX) Corporation and UFP Industries, Inc. Walker, also acknowledged as an independent director, will serve on the Compensation Committee and the ERM, Credit Policy, & CRA/Fair Lending Committee.
Both Samuels and Walker will receive the standard compensation for non-employee directors as outlined in Horizon Bancorp’s Proxy Statement filed on March 17, 2025. There are no reported arrangements or transactions involving the new directors that could present a conflict of interest. InvestingPro analysis indicates that Horizon Bancorp has maintained dividend payments for 39 consecutive years, demonstrating strong corporate governance and financial stability. The company’s overall financial health is rated as FAIR by InvestingPro’s comprehensive scoring system, which evaluates multiple financial metrics and performance indicators.
In addition to these appointments, the Board announced the resignation of Eric P. Blackhurst as Chair of the Corporate Governance and Nominating Committee, effective upon the appointment of his successor. Michele M. Magnuson was appointed as the new Chair of the Committee on Tuesday. This change comes after Blackhurst assumed the office of Chairman of the Board on May 1, 2025.
The company’s SEC filing confirms that these corporate governance changes were not due to any internal disagreements. Looking ahead, InvestingPro data shows that analysts expect net income growth this year, with the company maintaining profitability over the last twelve months. For deeper insights into Horizon Bancorp’s financial health and detailed analysis, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Horizon Bancorp reported strong financial results for the first quarter of 2025, surpassing analyst expectations. The company achieved an earnings per share (EPS) of $0.54, exceeding the anticipated $0.41, and generated $69.17 million in revenue, outpacing the expected $64.52 million. Additionally, Horizon Bancorp’s net interest margin expanded for the sixth consecutive quarter, reaching 3.04%. The company also completed the sale of its mortgage warehouse business, resulting in a $7 million gain in non-interest income. Horizon Bancorp launched a new equipment finance division and expanded its mortgage lending team, signaling strategic growth initiatives. Furthermore, the firm recorded a 14% annualized growth in commercial loans, driven by a strong performance in Michigan and Northwest Indiana. Analysts from firms such as KBW and Piper Sandler noted the company’s positive momentum and strategic balance sheet management. These developments reflect Horizon Bancorp’s commitment to enhancing its financial health and shareholder value.
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