Horizon Bancorp, Inc. HBNC R2K

Financial Services · Banks - Regional · United States

https://www.horizonbank.com

Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that provides commercial and retail banking services to individuals and corporate clients in Indiana and Michigan in the United States. The company offers checking, savings, money market, certificates of deposit, and time deposit accounts, as well as non-interest and interest-bearing demand deposits. It also provides commercial loans, residential real estate loans, mortgage warehouse loans, and consumer loans; home equity loans and lines; auto loans; personal loans and lines; business loans and lines; SBA loans; public fund, medical practice, and franchise financing; and equipment finance solutions. In addition, the company offers corporate and individual trust and agency, investment management, and real estate investment trust services; debit and credit cards; treasury management; and remote deposit, merchant processing, online payment portal, lockbox, smart safe, ACH origination, online bill pay, wire transfer, and positive and reverse positive pay services, as well as sells various life insurance products. Further, it provides online and mobile banking; health savings accounts; wealth management, financial planning, investment management, and insurance services; retirement services, including individual retirement accounts (IRAs), business IRAs, and employee benefit plans; and estate planning and settlement services. Horizon Bancorp, Inc. was founded in 1873 and is headquartered in Michigan City, Indiana.

Market & Price

Market Cap

$952.17M

Current Price

$18.55

High / Low (52W)

$18.75 / $13.91

Beta

0.82

Valuation

Stock P/E

Industry PE

12.01

Forward P/E

8.36

PEG Ratio

0.80

Book Value

$13.62

Price to Book

1.36

P/S

-41.11

EV/EBITDA

Dividend Yield

3.45%

Profitability & Returns

ROCE

ROE

-20.10%

ROA

-2.09%

Profit Margin

0.00%

Op Margin

46.58%

EPS (Latest Qtr)

$0.51

EPS (TTM)

$-3.28

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

Current Ratio

Debt

$397.22M

Total Assets

$6.44B

Current Assets

Working Capital

Ownership

Promoter Holding

2.23%

Chg in Prom Hold

FII / Inst Holding

80.68%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$1.07B

Total Revenue (TTM)

$-23.16M

EBITDA

Free Cash Flow

Operating Cash Flow

$84.75M

Shares Outstanding

51.33M

Gross Margin

0.00%

Payout Ratio

54.70%

Growth (CAGR)

Revenue 5Y

-37.65%

Profit 5Y

-87.03%

Revenue (YoY)

8.50%

Earnings (YoY)

-5.60%

PROS

Attractive dividend yield of 3.45%.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Revenue declined at -37.7% CAGR over 5 years.
Earnings shrank at -87.0% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	HBNC Horizon Bancorp, Inc. R2K	18.55	-	$952.17M	3.45%	-	-20.10%	-37.65%	-87.03%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	68.08M	65.04M	-238.19M	73.75M	72.26M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	36.91M	36.12M	34.45M	25.81M	24.41M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	28.08M	24.40M	-286.33M	32.70M	32.34M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4.14M	3.75M	-64.34M	5.77M	6.18M
Net Income	4.29M	6.17M	5.38M	6.33M	6.60M	5.60M	8.22M	9.07M	8.17M	7.65M	12.80M	14.12M	13.06M	13.13M	10.82M	16.64M	20.54M	18.54M	11.65M	14.64M	20.31M	21.89M	20.42M	22.17M	23.07M	21.43M	23.56M	24.86M	23.82M	18.23M	18.76M	16.20M	13.99M	14.14M	18.18M	23.94M	20.64M	-221.99M	26.92M	26.17M
Diluted EPS	0.24	0.34	0.30	0.34	0.30	0.25	0.25	0.27	0.24	0.20	0.33	0.37	0.34	0.34	0.28	0.37	0.46	0.41	0.26	0.33	0.46	0.50	0.46	0.50	0.52	0.49	0.54	0.57	0.55	0.42	0.43	0.37	0.32	0.32	0.41	0.54	0.47	-4.69	0.53	0.51

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	241.56M	182.76M	187.50M	-31.31M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	36.52M	136.56M	167.88M	133.29M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	105.58M	39.00M	27.35M	-201.15M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	12.18M	11.02M	-8.08M	-50.67M
Net Income	9.14M	10.46M	12.80M	19.54M	19.88M	18.10M	20.55M	23.91M	33.12M	53.12M	66.54M	68.50M	-	93.41M	27.98M	35.43M	-150.48M
Diluted EPS	1.58	1.21	1.51	2.30	2.17	1.27	1.26	0.79	0.95	1.38	1.53	1.55	-	2.14	0.64	0.80	-3.24

Compounded Sales Growth

5 Years:	-37.65%
1 Year:	8.50%

Compounded Profit Growth

5 Years:	-87.03%
1 Year:	-5.60%

Stock Price Performance

1 Year:	+29.97%
6 Months:	+10.83%
3 Months:	+11.22%
1 Month:	+3.57%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	1.40B	1.55B	1.85B	1.76B	2.08B	2.65B	3.14B	3.96B	4.25B	5.25B	5.89B	-	7.87B	7.94B	7.80B	6.44B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	38.68M	68.70M	15.68M	20.45M	30.73M	31.72M	43.48M	35.32M	53.42M	59.98M	58.49M	98.83M	249.71M	-	126.32M	528.50M	294.17M	139.46M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	35.29M	38.71M	39.75M	29.73M
Total Liabilities	-	-	1.29B	1.43B	1.69B	1.59B	1.88B	2.39B	2.80B	3.51B	3.75B	4.59B	5.19B	-	7.20B	7.22B	7.04B	5.75B
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	370.11M	345.76M	256.30M	351.20M	449.35M	-	-	-	-	475.00M	-	742.25M	899.82M	1.26B	315.85M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	742.25M	899.82M	1.26B	315.85M
Total Equity	103.35M	114.61M	112.28M	121.47M	158.97M	164.52M	194.41M	266.83M	340.86M	457.08M	491.99M	656.02M	692.22M	-	677.38M	718.81M	763.58M	688.25M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	43.94M	44.11M	43.72M	50.98M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	14.71M	24.91M	22.41M	26.35M	46.97M	-	-	25.55M	49.06M	72.29M	174.37M	78.86M	-	94.38M	88.94M	6.37M	79.23M
Investing Cash Flow	-51.68M	27.82M	-142.17M	-60.38M	49.80M	-	-	222.31M	-278.92M	-303.76M	-94.14M	-478.46M	-	-1.02B	329.52M	-52.78M	979.48M
Financing Cash Flow	66.99M	-105.74M	124.53M	44.33M	-95.78M	-	-	-229.76M	236.42M	229.99M	-39.89M	550.48M	-	455.55M	-15.44M	-186.68M	-1.21B
Capital Expenditure	-4.07M	-2.41M	-2.44M	-6.98M	-6.32M	-6.25M	-5.62M	-1.38M	-2.69M	-3.43M	-4.61M	-5.87M	-	-6.43M	-7.78M	-5.08M	-4.96M
Free Cash Flow	10.65M	22.50M	19.97M	19.36M	40.65M	-	-	24.16M	46.38M	68.85M	169.76M	72.99M	-	87.95M	81.16M	1.28M	74.28M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-470.00M	403.01M	-233.08M	-153.97M
Share Buybacks	-	-	-	-	-	-	-	-	-	-	-	19.64M	7.61M	0	0	0	-

Ratios (Annual)

Figures in %.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	38.7%	15.3%	18.9%	480.7%
ROE %	8.0%	9.3%	10.5%	12.3%	12.1%	9.3%	7.7%	7.0%	7.2%	10.8%	10.1%	9.9%	-	13.8%	3.9%	4.6%	-21.9%
ROCE %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

2.23%

Institutions

80.68%

Public Float

82.52%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	12.80%	6.57M	$121.92M
2	Vanguard Capital Management LLC	4.34%	2.23M	$41.32M
3	Sapient Capital LLC	4.05%	2.08M	$38.58M
4	Dimensional Fund Advisors LP	3.83%	1.97M	$36.47M
5	PL Capital Advisors, LLC	3.53%	1.81M	$33.63M
6	State Street Corporation	3.23%	1.66M	$30.78M
7	Jennison Associates LLC	3.13%	1.61M	$29.79M
8	Adage Capital Partners GP L.L.C.	2.87%	1.47M	$27.29M
9	FJ Capital Management LLC	2.52%	1.29M	$23.95M
10	Geode Capital Management, LLC	2.51%	1.29M	$23.91M

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