Horizon Bancorp, Inc. (HBNC) 10-Year Financial Performance & Capital Metrics

HBNC • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutHorizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that provides a range of commercial and retail banking services. The company offers various deposits. It also provides commercial, residential real estate, mortgage warehouse, and consumer loans. In addition, the company offers corporate and individual trust and agency, investment management, and real estate investment trust services; and sells various insurance products. It operates through a network of 78 full-service offices in northern and central Indiana and southern and central Michigan. Horizon Bancorp, Inc. was founded in 1873 and is headquartered in Michigan City, Indiana.Show more

Net Interest Income $189M +7.3%
Total Revenue $355M +11.3%
Net Income $35M +26.6%
Return on Equity 4.78% +19.3%
Net Interest Margin 2.42% +9.2%
Efficiency Ratio 43.55% -1.6%
ROA 0.45% +27.2%
Equity / Assets 9.79% +8.1%
Book Value per Share 17.33 +5.7%
Tangible BV/Share 13.57 +8.2%
Debt/Equity 1.76 +22.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 43.5% efficiency ratio
✓Healthy dividend yield of 3.6%
✓Trading at only 1.0x book value

✗Weaknesses

✗Profits declining 11.8% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.78%

5Y7.92%

3Y12.96%

TTM-

Profit (Net Income) CAGR

10Y6.95%

5Y-11.84%

3Y-25.9%

TTM-992.52%

EPS CAGR

10Y-0.49%

5Y-12.16%

3Y-26.07%

TTM-936.17%

ROCE

10Y Avg5.89%

5Y Avg4.79%

3Y Avg3.3%

Latest1.3%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	74.73M	85.99M	112.1M	134.57M	160.79M	165.53M	175.81M	199.52M	175.74M	188.6M
NII Growth %	0.19%	0.15%	0.3%	0.2%	0.19%	0.03%	0.06%	0.13%	-0.12%	0.07%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	88.59M	106.53M	128.48M	166.17M	208.33M	199.97M	194.11M	236.03M	312.31M	356.48M
Interest Expense	13.85M	20.54M	16.38M	31.6M	47.54M	34.44M	18.3M	36.52M	136.56M	167.88M
Loan Loss Provision	3.16M	1.84M	2.47M	2.91M	1.98M	20.75M	-2.08M	-1.82M	2.46M	5.39M
Non-Interest Income+	23.05M	29.87M	28.17M	28.07M	34.42M	54.4M	52.46M	42.04M	7.02M	-1.1M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	111.64M	136.4M	156.65M	194.24M	242.76M	254.37M	246.57M	278.07M	319.32M	355.38M
Revenue Growth %	0.14%	0.22%	0.15%	0.24%	0.25%	0.05%	-0.03%	0.13%	0.15%	0.11%
Non-Interest Expense	66.85M	81.31M	89.84M	96.17M	113.4M	120.81M	127.9M	137.79M	141.3M	154.76M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	27.78M	32.71M	47.95M	63.56M	79.84M	78.37M	102.45M	105.58M	39M	27.35M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.15%	0.18%	0.47%	0.33%	0.26%	-0.02%	0.31%	0.03%	-0.63%	-0.3%
Pretax Income+	27.78M	32.71M	47.95M	63.56M	79.84M	78.37M	102.45M	105.58M	39M	27.35M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	7.23M	8.8M	14.84M	10.44M	13.3M	9.87M	15.36M	12.18M	11.02M	-8.08M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	20.55M	23.91M	33.12M	53.12M	66.54M	68.5M	87.09M	93.41M	27.98M	35.43M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.14%	0.16%	0.38%	0.6%	0.25%	0.03%	0.27%	0.07%	-0.7%	0.27%
Net Income (Continuing)	20.55M	23.91M	33.12M	53.12M	66.54M	68.5M	87.09M	93.41M	27.98M	35.43M
EPS (Diluted)+	0.84	0.79	0.95	1.38	1.53	1.55	1.98	2.14	0.64	0.80
EPS Growth %	0%	-0.06%	0.2%	0.45%	0.11%	0.01%	0.28%	0.08%	-0.7%	0.25%
EPS (Basic)	0.86	0.79	0.96	1.39	1.53	1.56	1.99	2.14	0.64	0.81
Diluted Shares Outstanding	24.3M	30.12M	34.76M	38.49M	43.6M	44.12M	43.95M	43.7M	43.84M	44.06M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	48.65M	70.83M	76.44M	74.24M	107.29M	258.68M	598.29M	126.32M	526.51M	294.17M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	2.38B	2.76B	3.53B	3.81B	4.67B	5.13B	6.33B	7.13B	6.86B	6.96B
Investments Growth %	0.28%	0.16%	0.28%	0.08%	0.23%	0.1%	0.23%	0.13%	-0.04%	0.01%
Long-Term Investments	1.93B	2.32B	3.02B	3.21B	3.83B	3.99B	5.17B	6.14B	6.31B	6.73B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	49.6M	77.05M	119.88M	119.88M	151.24M	151.24M	154.57M	155.21M	155.21M	155.21M
Intangible Assets	7.37M	9.37M	12.4M	10.39M	26.68M	22.95M	20.94M	17.24M	13.63M	10.22M
PP&E (Net)	60.8M	66.36M	75.53M	74.33M	92.21M	92.42M	93.44M	92.68M	94.58M	93.86M
Other Assets	100.32M	142.69M	135M	146.6M	184.65M	213.34M	188.43M	312.13M	247.94M	243.91M
Total Current Assets	504.17M	523.38M	599.16M	688.82M	967.19M	1.41B	1.79B	1.16B	1.11B	567.59M
Total Non-Current Assets	2.15B	2.62B	3.37B	3.56B	4.29B	4.47B	5.63B	6.71B	6.83B	7.23B
Total Assets+	2.65B	3.14B	3.96B	4.25B	5.24B	5.89B	7.41B	7.87B	7.94B	7.8B
Asset Growth %	0.28%	0.18%	0.26%	0.07%	0.23%	0.12%	0.26%	0.06%	0.01%	-0.02%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0%
Accounts Payable	507K	472K	886K	2.03M	3.06M	2.71M	2.23M	5.38M	22.25M	11.14M
Total Debt+	482.14M	324.44M	601.81M	588.22M	606.05M	590.15M	828.27M	1.01B	1.04B	1.35B
Net Debt	433.49M	253.61M	525.37M	513.99M	498.77M	331.48M	229.98M	888.55M	507.35M	1.05B
Long-Term Debt	191.75M	180.99M	386.46M	394.42M	447.11M	480.69M	697.48M	742.25M	899.82M	1.26B
Short-Term Debt	290.4M	143.46M	216.85M	193.81M	158.94M	109.46M	130.8M	272.62M	136.03M	89.91M
Other Liabilities	22.77M	4.17M	22.03M	25.07M	50.69M	70.4M	55.18M	317.12M	498.68M	80.31M
Total Current Liabilities	2.17B	2.62B	3.1B	3.34B	4.09B	4.64B	5.94B	6.14B	5.82B	5.7B
Total Non-Current Liabilities	214.51M	185.16M	408.49M	419.48M	497.8M	551.09M	752.66M	1.06B	1.4B	1.34B
Total Liabilities	2.39B	2.8B	3.51B	3.75B	4.59B	5.19B	6.69B	7.2B	7.22B	7.04B
Total Equity+	266.83M	340.86M	457.08M	491.99M	656.02M	692.22M	723.21M	677.38M	718.81M	763.58M
Equity Growth %	0.37%	0.28%	0.34%	0.08%	0.33%	0.06%	0.04%	-0.06%	0.06%	0.06%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.08%	0.08%	0.11%	0.12%	0.1%	0.12%	0.13%	0.04%	0.05%
Book Value per Share	10.98	11.32	13.15	12.78	15.05	15.69	16.45	15.50	16.39	17.33
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	0	0	0	0	0	0	0	0	0	0
Additional Paid-in Capital	106.37M	182.33M	275.06M	276.1M	379.85M	362.94M	352.12M	354.19M	356.4M	363.76M
Retained Earnings	148.69M	164.17M	185.57M	224.03M	269.74M	301.42M	363.74M	429.38M	429.02M	436.12M
Accumulated OCI	-723K	-5.64M	-3.55M	-8.14M	6.43M	27.85M	7.34M	-106.2M	-66.61M	-36.3M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	12.5M	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	35.23M	25.55M	49.06M	72.29M	174.37M	78.77M	106.35M	94.38M	88.94M	6.37M
Operating CF Growth %	0.99%	-0.27%	0.92%	0.47%	1.41%	-0.55%	0.35%	-0.11%	-0.06%	-0.93%
Net Income	20.55M	23.91M	33.12M	53.12M	66.54M	68.5M	87.09M	93.41M	27.98M	35.43M
Depreciation & Amortization	4.15M	5.28M	5.94M	6.81M	9.69M	12.33M	13.88M	13.1M	11.97M	12.3M
Deferred Taxes	0	0	0	0	0	-9.42M	2.31M	2.18M	-3.32M	-17M
Other Non-Cash Items	3.17M	4.75M	11.73M	6.96M	700K	12.55M	-716K	8.01M	43.74M	-17.2M
Working Capital Changes	7.08M	-8.71M	-2.04M	5.14M	97.23M	-6.44M	1.97M	-24.79M	4.98M	-11.75M
Cash from Investing+	-124.19M	222.31M	-278.92M	-303.76M	-94.14M	-478.46M	-344.85M	-1.02B	329.52M	-52.78M
Purchase of Investments	-276.8M	-271.39M	-181.17M	-243.08M	-425.88M	-590.3M	-1.77B	-610.65M	-11.67M	-312K
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	182.41M	169.51M	44.21M	0	128.75M	0	622.18M	0	0	0
Other Investing	-153.06M	25.14M	-238.18M	-188.93M	-49.2M	-238.71M	484.86M	-544.93M	-199.94M	-428.88M
Cash from Financing+	94.13M	-229.76M	236.42M	229.99M	-39.89M	550.48M	582.3M	455.55M	-15.44M	-186.68M
Dividends Paid	-6.34M	-8.42M	-11.72M	-15.42M	-20.84M	-21.18M	-24.77M	-27.77M	-28.31M	-28.33M
Share Repurchases	0	0	0	0	0	-19.64M	-7.61M	0	0	0
Stock Issued	4.3M	572K	1.6M	622K	1.71M	1.23M	0	0	0	-1.37M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K	-1000K
Other Financing	46.75M	46.59M	-13.36M	258.37M	50.28M	619.92M	446.49M	60.18M	-195.94M	-106.21M
Net Change in Cash+	5.17M	18.1M	6.56M	-1.49M	40.34M	150.88M	343.8M	-470M	403.01M	-233.08M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	43.48M	35.32M	53.42M	59.98M	58.49M	98.83M	249.71M	593.51M	123.5M	526.51M
Cash at End	48.65M	53.42M	59.98M	58.49M	98.83M	249.71M	593.51M	123.5M	526.51M	293.43M
Interest Paid	13.84M	20.57M	15.97M	30.45M	46.51M	34.79M	18.78M	33.37M	119.69M	178.89M
Income Taxes Paid	4.12M	6.92M	10.35M	6.82M	13.22M	10.59M	1.65M	802K	2.14M	10.71M
Free Cash Flow+	29.61M	24.16M	46.38M	68.85M	169.76M	72.9M	104.91M	87.95M	81.16M	1.28M
FCF Growth %	1.59%	-0.18%	0.92%	0.48%	1.47%	-0.57%	0.44%	-0.16%	-0.08%	-0.98%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.91%	7.87%	8.3%	11.19%	11.59%	10.16%	12.31%	13.34%	4.01%	4.78%
Return on Assets (ROA)	0.87%	0.83%	0.93%	1.29%	1.4%	1.23%	1.31%	1.22%	0.35%	0.45%
Net Interest Margin	2.82%	2.74%	2.83%	3.17%	3.07%	2.81%	2.37%	2.53%	2.21%	2.42%
Efficiency Ratio	59.87%	59.61%	57.35%	49.51%	46.71%	47.49%	51.87%	49.55%	44.25%	43.55%
Equity / Assets	10.06%	10.85%	11.53%	11.59%	12.51%	11.76%	9.76%	8.6%	9.05%	9.79%
Book Value / Share	10.98	11.32	13.15	12.78	15.05	15.69	16.45	15.5	16.39	17.33
NII Growth	18.66%	15.06%	30.36%	20.04%	19.49%	2.95%	6.21%	13.49%	-11.92%	7.32%
Dividend Payout	30.25%	35.05%	35.39%	29.03%	31.31%	30.92%	28.44%	29.72%	101.18%	79.96%

Frequently Asked Questions

Valuation & Price

Horizon Bancorp, Inc. (HBNC) has a price-to-earnings (P/E) ratio of 22.1x. This is roughly in line with market averages.

Growth & Financials

Horizon Bancorp, Inc. (HBNC) grew revenue by 11.3% over the past year. This is steady growth.

Horizon Bancorp, Inc. (HBNC) reported a net loss of $188.3M for fiscal year 2024.

Dividend & Returns

Yes, Horizon Bancorp, Inc. (HBNC) pays a dividend with a yield of 3.64%. This makes it attractive for income-focused investors.

Horizon Bancorp, Inc. (HBNC) has a return on equity (ROE) of 4.8%. This is below average, suggesting room for improvement.

Industry Metrics

Horizon Bancorp, Inc. (HBNC) has a net interest margin (NIM) of 2.4%. NIM has been under pressure due to interest rate environment.

Horizon Bancorp, Inc. (HBNC) has an efficiency ratio of 43.5%. This is excellent, indicating strong cost control.

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