![]() The overall commercial pipeline increased from $118 million at June 30 to $145 million as of September 30. In the third quarter, one-third of our originations were commercial and industrial, which is a continuation of some expansion in this category. New loan originations continue to be very diverse across our markets and industries. Our average commercial loan yield was 5.80% for the portfolio and 7.5% for new production. Net fundings were $96.8 million for the third quarter versus $128 million for the second quarter. Beginning on Slide 6, we show that commercial loans increased $83 million for the quarter, or 13.1% on an annualized basis. To offer more detail into our third quarter results, let me introduce Lynn Kerber, our Executive Vice President and Chief Commercial Banking Officer to provide insight into our lending and credit performance. Within our comments today, we will update you on our fourth quarter and full-year outlook as we continue to strategically manage our balance sheet, portfolios, and pricing, and expand revenue sources, conservatively manage risk, and maintain ample capital and liquidity that we believe will position us well as we move into 2024. Not unlike the first half of 2023, the team continues to manage expenses very well, and you'll see in our presentation, our credit quality performance remains a positive foundation for the franchise. We're pleased to share our third quarter results that were highlighted by strong loan growth led by our commercial banking team, resilient and stable core deposit portfolio, and an increase in our non-interest income performance. Thomas Prame: Good morning and thank you for participating. At this time, I would like to turn the call over to Mr. ![]() Representing Horizon today are 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. For anyone who does not already have a copy of the press release and supplemental presentation issued by Horizon yesterday, they can access at the company's website,. The company assumes no obligation to update any forward-looking statements made during the call. Reconciliations for these measures are contained in the presentation. In addition, management may refer to certain non-GAAP financial measures that are intended to help investors understand Horizon's business. ![]() 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. These statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those discussed, including those factors noted in slide presentation. Before turning the call over to management, please remember that today's call may contain statements that are forward-looking in nature. Please note this event is being recorded. After today's presentation, there will be an opportunity to ask questions. ![]() All participants will be in listen-only mode. Conference Call to discuss Financial Results for the Third Quarter of 2023. Operator: Good morning, everyone, and welcome to the Horizon Bancorp, Inc. (NASDAQ: HBNC) Q3 2023 Earnings Call Transcript October 26, 2023 ![]()
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