KBW Comments On HBNC's 1Q11 Operating EPS

Horizon Bancorp. (NASDAQ: HBNC) reported 1Q11 operating EPS of $0.69, excluding $0.3mm in securities gains ($0.05/share), KBW reports.

“An industry-wide decline in mortgage originations negatively impacted HBNC's mortgage warehouse business, which drove a decline in revenues,” KBW writes. “That said, credit remains stable and capital ratios continue to improve.”

Horizon closed Thursday at $27.00.