A Business at a Glance
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HORIZON BANCORP INC /IN/
HBNC
$946M
Mkt Cap
$20.36
+1.55%
HORIZON BANCORP INC /IN/ (HBNC) has a 5-year average return on invested capital (ROIC) of 1.1%. This is below average and may indicate limited pricing power.
HORIZON BANCORP INC /IN/ (HBNC) has a market capitalization of $946M. It is classified as a small-cap stock.
Yes, HORIZON BANCORP INC /IN/ (HBNC) pays a dividend with a trailing twelve-month yield of 3.12%.
HORIZON BANCORP INC /IN/ (HBNC) operates in the State Commercial Banks industry, within the Financials sector.
HORIZON BANCORP INC /IN/ (HBNC) reported annual revenue of $106 million in its most recent fiscal year, based on SEC EDGAR filings.
HORIZON BANCORP INC /IN/ (HBNC) has a net profit margin of -141.5%. The company is currently unprofitable.
HORIZON BANCORP INC /IN/ (HBNC) generated $74 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ITEM1. BUSINESS The disclosures in this Item 1 are qualified by the disclosures below in Item 1A, “Risk Factors,” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and in other cautionary statements set forth elsewhere in this Annual Report on Form 10–K. Horizon Bancorp, Inc. (“Horizon” or the “Company”) is a registered bank holding company incorporated in Indiana and headquartered in Michigan City, Indiana. Horizon provides a broad range of banking services in northern and central Indiana and southern and central Michigan through its bank subsidiary, Horizon Bank (“Horizon Bank” or the “Bank”) and other affiliated entities. Horizon operates as a single segment, which is commercial banking. Horizon’s common stock is traded on the NASDAQ Global Select Market under the symbol HBNC. Horizon Bank (formerly known as “Horizon Bank, N.A.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 106M | 106M | 359M | 324M | 283M | 252M |
| Net Income | -150M | -150M | 35M | 28M | 93M | 87M |
| EPS | $-3.24 | $-3.24 | $0.80 | $0.64 | $2.14 | $1.98 |
| Free Cash Flow | 74M | 74M | 1.3M | 81M | 88M | 105M |
| ROIC | -19.9% | -10.3% | 1.7% | 1.4% | 5.7% | 6.7% |
| Gross Margin | 5.5% | 5.5% | 66.5% | 72.8% | 86.5% | 91.9% |
| Debt/Equity | 0.36 | 0.36 | 1.61 | 1.88 | 2.43 | 0.99 |
| Dividends/Share | $0.63 | $0.64 | $0.64 | $0.64 | $0.63 | $0.56 |
| Operating Income | -201M | -201M | 27M | 39M | 106M | 102M |
| Operating Margin | -189.2% | -189.2% | 7.6% | 12.0% | 37.2% | 40.6% |
| ROE | -21.9% | -20.7% | 4.8% | 4.0% | 13.3% | 12.3% |
| Shares Outstanding | 46M | 46M | 44M | 44M | 44M | 44M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 102M | 117M | 142M | 162M | 201M | 251M | 260M | 252M | 283M | 324M | 359M | 106M | 106M |
| Gross Margin | 84.1% | 85.7% | 84.2% | 88.3% | 82.8% | 80.3% | 79.2% | 91.9% | 86.5% | 72.8% | 66.5% | 5.5% | 5.5% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 33M | 38M | 44M | 51M | 57M | 65M | 71M | 74M | 80M | 81M | 88M | 90M | 90M |
| EBIT | 24M | 28M | 33M | 48M | 64M | 80M | 78M | 102M | 106M | 39M | 27M | -201M | -201M |
| Op. Margin | 23.7% | 23.7% | 23.0% | 29.7% | 31.7% | 31.8% | 30.2% | 40.6% | 37.2% | 12.0% | 7.6% | -189.2% | -189.2% |
| Net Income | 18M | 20M | 24M | 33M | 53M | 67M | 68M | 87M | 93M | 28M | 35M | -150M | -150M |
| Net Margin | 17.5% | 17.5% | 16.8% | 20.5% | 26.5% | 26.5% | 26.4% | 34.6% | 33.0% | 8.6% | 9.9% | -141.5% | -141.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 3.7% | 3.2% | 4.4% | 8.2% | 11.1% | 11.6% | 7.5% | 6.7% | 5.7% | 1.4% | 1.7% | -10.3% | -19.9% |
| ROE | 10.0% | 8.9% | 7.9% | 8.3% | 11.2% | 11.6% | 10.2% | 12.3% | 13.3% | 4.0% | 4.8% | -20.7% | -21.9% |
| ROA | 0.9% | 0.9% | 0.8% | 0.9% | 1.3% | 1.4% | 1.2% | 1.3% | 1.2% | 0.4% | 0.5% | -2.1% | -2.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 18M | 35M | 26M | 49M | 72M | 174M | 79M | 106M | 94M | 89M | 6.4M | 79M | 79M |
| Free Cash Flow | 11M | 30M | 24M | 46M | 69M | 170M | 73M | 105M | 88M | 81M | 1.3M | 74M | 74M |
| Owner Earnings | 14M | 31M | 20M | 43M | 65M | 164M | 68M | 95M | 81M | 74M | -8.5M | 67M | 67M |
| CapEx | 6.3M | 5.6M | 1.4M | 2.7M | 3.4M | 4.6M | 5.9M | 1.4M | 6.4M | 7.8M | 5.1M | 5.0M | 5.0M |
| Maint. CapEx | 3.8M | 4.2M | 5.3M | 5.9M | 6.8M | 9.7M | 9.4M | 9.8M | 11M | 11M | 10M | 10M | 10M |
| Growth CapEx | 2.5M | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.8M | 4.2M | 5.3M | 5.9M | 6.8M | 9.7M | 9.4M | 9.8M | 11M | 11M | 10M | 10M | 10M |
| CapEx/OCF | 35.4% | 16.0% | 5.4% | 5.5% | 4.7% | 2.6% | 7.4% | 1.4% | 6.8% | 8.7% | 79.8% | N/A | 6.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 4.7M | 6.2M | 8.4M | 12M | 15M | 21M | 21M | 25M | 28M | 28M | 28M | 29M | 29M |
| Dividend Yield | 4.9% | 5.0% | 3.2% | 2.6% | 2.8% | 3.7% | 4.9% | 3.8% | 4.1% | 6.3% | 4.8% | N/A | 3.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 1.6M | 20M | 7.6M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.0% | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 203K | 288K | 324K | 325K | 251K | 215K | 1.3M | 1.8M | 2.5M | 3.6M | 4.6M | 1.6M | 1.6M |
| Debt Repayment | 191M | 156M | 32M | 252M | 183M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 659M | 414M | 3.7M | 1.1M | -58M | -843M | -811M | -1.0B | 526M | 279M | 705M | -766M | 109M |
| Cash & Equiv. | 43M | 35M | 53M | 60M | 58M | 99M | 250M | 594M | 124M | 527M | 293M | 139M | 139M |
| Long-Term Debt | 351M | 449M | 20M | 10M | 0 | 0 | 475M | 713M | 1.1B | 1.4B | 1.2B | 249M | 249M |
| Debt/Equity | 3.61 | 1.68 | 0.17 | 0.13 | 0.00 | 0.14 | 0.83 | 0.99 | 2.43 | 1.88 | 1.61 | 0.36 | 0.36 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 194M | 267M | 341M | 457M | 492M | 656M | 692M | 723M | 677M | 719M | 764M | 688M | 688M |
| Total Assets | 2.1B | 2.7B | 3.1B | 4.0B | 4.2B | 5.2B | 5.9B | 7.4B | 7.9B | 7.9B | 7.8B | 6.4B | 6.4B |
| Total Liabilities | 1.9B | 2.4B | 2.8B | 3.5B | 3.8B | 4.6B | 5.2B | 6.7B | 7.2B | 7.2B | 7.0B | 5.7B | 5.7B |
| Intangibles | 4.0M | 7.4M | 9.4M | 12M | 10M | 27M | 23M | 21M | 17M | 14M | 10M | 7.2M | 7.2M |
| Retained Earnings | 134M | 149M | 164M | 186M | 224M | 270M | 301M | 364M | 429M | 429M | 436M | 255M | 255M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.27 | 1.26 | 0.79 | 0.95 | 1.38 | 1.53 | 1.55 | 1.98 | 2.14 | 0.64 | 0.80 | -3.24 | -3.24 |
| Owner EPS | 0.97 | 1.90 | 0.66 | 1.23 | 1.69 | 3.78 | 1.54 | 2.15 | 1.86 | 1.70 | -0.19 | 1.45 | 1.45 |
| Book Value | 13.74 | 16.46 | 11.28 | 13.11 | 12.78 | 15.08 | 15.66 | 16.44 | 15.52 | 16.44 | 17.24 | 14.82 | 14.82 |
| Cash Flow/Share | 1.25 | 2.17 | 0.85 | 1.41 | 1.88 | 4.01 | 1.78 | 2.42 | 2.16 | 2.03 | 0.14 | 1.71 | -3.02 |
| Dividends/Share | 0.34 | 0.39 | 0.27 | 0.33 | 0.40 | 0.46 | 0.48 | 0.56 | 0.63 | 0.64 | 0.64 | 0.64 | 0.63 |
| Shares Out. | 14.1M | 16.2M | 30.2M | 34.9M | 38.5M | 43.5M | 44.2M | 44.0M | 43.6M | 43.7M | 44.3M | 46.4M | 46.4M |
| Valuation | |||||||||||||
| P/E Ratio | 9.6 | 10.3 | 17.2 | 14.4 | 8.5 | 9.5 | 8.1 | 8.7 | 6.0 | 20.6 | 19.1 | N/A | -6.3 |
| P/FCF | 10.0 | 4.7 | 17.1 | 10.3 | 6.5 | 3.7 | 7.6 | 7.3 | 6.4 | 7.1 | 527.3 | N/A | 12.7 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.9 | 0.8 | 1.2 | 1.0 | 0.9 | 1.0 | 0.8 | 1.1 | 0.8 | 0.8 | 0.9 | N/A | 1.4 |
| Price/Sales | 1.6 | 1.8 | 2.2 | 3.1 | 3.3 | 2.8 | 1.9 | 2.8 | 2.8 | 2.4 | 3.1 | N/A | 8.9 |
| FCF Yield | 6.6% | 14.1% | 5.9% | 9.7% | 15.3% | 26.8% | 13.1% | 13.8% | 15.6% | 14.1% | 0.2% | N/A | 7.9% |
| Market Cap | 172M | 210M | 411M | 477M | 450M | 634M | 558M | 762M | 562M | 577M | 677M | 0 | 946M |
| Avg. Price | 6.85 | 7.66 | 8.77 | 12.92 | 14.42 | 12.91 | 9.77 | 14.86 | 15.61 | 10.35 | 13.20 | 0.00 | 20.36 |
| Year-End Price | 8.09 | 8.66 | 13.66 | 13.69 | 11.68 | 14.58 | 12.62 | 17.32 | 12.89 | 13.19 | 15.29 | 0.00 | 20.36 |
HORIZON BANCORP INC /IN/ passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 1.1% with a gross margin of 64.6%. Total shareholder yield (dividends) is 3.1%. At current prices, the estimated annualized return to fair value is -20.3%.
HORIZON BANCORP INC /IN/ (HBNC) has a debt-to-equity ratio of 0.36. This indicates a conservatively financed balance sheet.
HORIZON BANCORP INC /IN/ (HBNC) reported earnings per share (EPS) of $-3.24 in its most recent fiscal year.
HORIZON BANCORP INC /IN/ (HBNC) has a return on equity (ROE) of -20.7%. A negative ROE may indicate losses or negative equity.
HORIZON BANCORP INC /IN/ (HBNC) has a 5-year average gross margin of 64.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for HORIZON BANCORP INC /IN/ (HBNC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HORIZON BANCORP INC /IN/ (HBNC) has a book value per share of $14.82, based on its most recent annual SEC filing.
No recent press releases.