The bank has significantly improved its capital cushion, with the equity-to-assets ratio rising to 0.29 in 2026Q1 from a low of 0.09 in 2024Q2, following a strategic reduction in total assets to $6.6 billion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 1.85B | 70.7M | 527.84M | 1.08B | 1.12B | 1.76B | 1.39B | 948.37M | 674.58M | 586.11M | 510.66M | 493.63M | 367.24M | 540.31M | 513.54M | 451.49M | 15.68M | 68.7M | 38.68M | 19.96M | 53.21M | 54.98M | 19.24M | 37.6M | 36.01M | 18.88M | 35.29M | 34.84M | 31.87M | 20.36M | 20.34M |
| Cash & Due from Banks | 68.01M | 66.81M | 294.17M | 526.51M | 126.32M | 598.29M | 258.68M | 107.29M | 74.24M | 76.44M | 70.83M | 48.65M | 43.48M | 31.72M | 30.73M | 20.45M | 15.68M | 68.7M | 38.68M | 19.96M | 53.21M | 54.98M | 19.24M | 37.6M | 36.01M | 18.88M | 35.29M | 34.84M | 31.87M | 20.36M | 20.34M |
| Short Term Investments | 581.15M | 3.88M | 233.68M | 547.25M | 997.56M | 1.16B | 1.13B | 841.08M | 600.35M | 509.67M | 439.83M | 444.98M | 323.76M | 508.59M | 482.8M | 431.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 581.15M | 5.83B | 6.96B | 6.86B | 7.13B | 6.33B | 5.13B | 4.67B | 3.81B | 3.53B | 2.76B | 2.38B | 1.86B | 1.57B | 1.67B | 1.42B | 1.27B | 1.22B | 1.18B | 1.12B | 1.09B | 1B | 841.97M | 664.72M | 651.61M | 535.54M | 464.33M | 458.96M | 353.92M | 317.62M | 341.93M |
| Investments Growth % | -132.1% | -16.22% | 1.49% | -3.81% | 12.69% | 23.48% | 9.87% | 22.56% | 7.79% | 27.87% | 16.3% | 27.85% | 17.98% | -5.65% | 17.82% | 11.14% | 4.41% | 3.48% | 5.14% | 2.83% | 8.91% | 19% | 26.67% | 2.01% | - | 15.34% | 1.17% | 29.68% | 11.43% | -7.11% | 4.89% |
| Long-Term Investments | 23.9B | 5.83B | 6.73B | 6.31B | 6.14B | 5.17B | 3.99B | 3.83B | 3.21B | 3.02B | 2.32B | 1.93B | 1.53B | 1.07B | 1.19B | 985.5M | 1.27B | 1.22B | 1.18B | 1.12B | 1.09B | 1B | 841.97M | 664.72M | 651.61M | 535.54M | 464.33M | 458.96M | 353.92M | 317.62M | 341.93M |
| Accounts Receivables | 0 | 29.73M | 39.75M | 38.71M | 35.29M | 26.14M | 21.4M | 18.83M | 14.24M | 13.06M | 12.71M | 10.54M | 8.25M | 7.5M | 7.72M | 6.67M | 6.52M | 5.99M | 5.71M | 5.9M | 6.09M | 5.81M | 4.69M | 3.77M | 3.51M | 3.21M | 3.3M | 2.78M | 2.25M | 2.26M | 2.22M |
| Goodwill & Intangibles | 161.72M | 162.39M | 165.43M | 168.84M | 172.45M | 175.51M | 174.19M | 177.92M | 130.27M | 132.28M | 86.42M | 56.97M | 32.14M | 23.04M | 23.8M | 8.2M | 8.65M | 7.23M | 7.54M | 7.86M | 8.2M | 8.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 155.21M | 155.21M | 155.21M | 155.21M | 155.21M | 154.57M | 151.24M | 151.24M | 119.88M | 119.88M | 77.05M | 49.6M | 28.18M | 19.75M | 19.75M | 5.91M | 5.91M | 5.79M | 5.79M | 5.79M | 5.79M | 5.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.5M | 7.18M | 10.22M | 13.63M | 17.24M | 20.94M | 22.95M | 26.68M | 10.39M | 12.4M | 9.37M | 7.37M | 3.96M | 3.29M | 4.05M | 2.29M | 2.74M | 1.45M | 1.75M | 2.07M | 2.41M | 2.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 92.81M | 93.86M | 94.58M | 92.68M | 93.44M | 92.42M | 92.21M | 74.33M | 75.53M | 66.36M | 60.8M | 52.46M | 46.19M | 42.18M | 34.66M | 34.19M | 30.53M | 28.28M | 24.61M | 23.39M | 21.43M | 17.56M | 16.46M | 15.79M | 16.2M | 17.28M | 18.13M | 18.39M | 16.14M | 14.05M |
| Other Assets | 342.38M | -5.83B | 243.91M | 247.94M | 312.13M | 188.43M | 213.34M | 184.65M | 146.6M | 135M | 142.69M | 100.32M | 82.87M | 75.21M | 74.8M | 60.63M | 61.29M | 53.77M | 46.87M | 78.4M | 40.26M | 35.1M | 30.38M | 34.9M | 13.2M | 14.12M | 11.58M | 11.27M | 9.73M | 3.37M | 3.5M |
| Total Current Assets | 649.15M | 100.43M | 567.59M | 1.11B | 1.16B | 1.79B | 1.41B | 967.19M | 688.82M | 599.16M | 523.38M | 504.17M | 375.49M | 547.81M | 521.25M | 458.16M | 22.2M | 74.69M | 44.39M | 25.86M | 59.3M | 60.8M | 23.93M | 41.37M | 39.52M | 22.08M | 38.59M | 37.62M | 34.12M | 22.62M | 22.56M |
| Total Non-Current Assets | 6.47B | 255.2M | 7.23B | 6.83B | 6.71B | 5.63B | 4.47B | 4.29B | 3.56B | 3.37B | 2.62B | 2.15B | 1.7B | 1.21B | 1.33B | 1.09B | 1.38B | 1.31B | 1.26B | 1.23B | 1.16B | 1.07B | 889.9M | 716.08M | 680.61M | 565.86M | 493.19M | 488.37M | 382.04M | 337.13M | 359.48M |
| Total Assets | 6.56B | 6.44B | 7.8B | 7.94B | 7.87B | 7.41B | 5.89B | 5.24B | 4.25B | 3.96B | 3.14B | 2.65B | 2.08B | 1.76B | 1.85B | 1.55B | 1.4B | 1.39B | 1.31B | 1.26B | 1.22B | 1.13B | 913.83M | 757.07M | 720.13M | 587.95M | 531.78M | 526M | 416.15M | 359.75M | 382.04M |
| Asset Growth % | -50.03% | -17.49% | -1.75% | 0.86% | 6.21% | 25.91% | 12.25% | 23.49% | 7.12% | 26.21% | 18.43% | 27.71% | 18.12% | -4.84% | 19.42% | 10.44% | 1% | 6.13% | 3.81% | 2.98% | 8.38% | 23.42% | 20.71% | 5.13% | - | 10.56% | 1.1% | 26.39% | 15.68% | -5.83% | 3.81% |
| Return on Assets (ROA) | -2.17% | -2.11% | 0.45% | 0.35% | 1.22% | 1.31% | 1.23% | 1.4% | 1.29% | 0.93% | 0.83% | 0.87% | 0.94% | 1.1% | 1.15% | 0.87% | 0.75% | 0.68% | 0.7% | 0.66% | 0.64% | 0.69% | 0.83% | 0.88% | 0.79% | 0.74% | 0.72% | -0.08% | 0.28% | 0.46% | 1.02% |
| Accounts Payable | 0 | 0 | 11.14M | 22.25M | 5.38M | 2.23M | 2.71M | 3.06M | 2.03M | 886K | 472K | 507K | 497K | 506K | 560K | 596K | 781K | 1.14M | 1.91M | 2.44M | 1.77M | 1.66M | 1.02M | 751K | 857K | 765K | 1.01M | 0 | 0 | 0 | 0 |
| Total Debt | 381.83M | 404.49M | 1.35B | 1.04B | 1.01B | 828.27M | 590.15M | 606.05M | 588.22M | 601.81M | 324.44M | 482.14M | 383.84M | 288.78M | 378.1M | 400.79M | 291.32M | 311.85M | 494.42M | 286.69M | 240M | 211.47M | 244.67M | 158.21M | 183.52M | 127.64M | 109.47M | 130.42M | 58.82M | 58M | 54.35M |
| Net Debt | 313.82M | 337.68M | 1.05B | 507.35M | 888.55M | 229.98M | 331.48M | 498.77M | 513.99M | 525.37M | 253.61M | 433.49M | 340.36M | 257.06M | 347.36M | 380.34M | 275.64M | 243.15M | 455.74M | 266.73M | 186.79M | 156.49M | 225.43M | 120.61M | 147.51M | 108.76M | 74.18M | 95.58M | 26.95M | 37.64M | 34.01M |
| Long-Term Debt | 315.83M | 316.02M | 1.26B | 899.82M | 742.25M | 697.48M | 480.69M | 447.11M | 394.42M | 386.46M | 180.99M | 191.75M | 149.12M | 107.54M | 146.95M | 204.94M | 291.32M | 311.85M | 352.22M | 27.84M | 156.16M | 161.45M | 162.39M | 138.34M | 159.11M | 0 | 0 | 105.92M | 54.82M | 42M | 41.5M |
| Short-Term Debt | 66M | 88.47M | 89.91M | 136.03M | 272.62M | 130.8M | 109.46M | 158.94M | 193.81M | 216.85M | 143.46M | 290.4M | 234.72M | 181.25M | 231.15M | 195.85M | 0 | 0 | 142.19M | 258.85M | 83.84M | 50.02M | 82.28M | 20.24M | 24.41M | 127.64M | 109.47M | 24.5M | 4M | 16M | 12.85M |
| Other Liabilities | 4.65B | 5.34B | 80.31M | 498.68M | 317.12M | 55.18M | 70.4M | 50.69M | 25.07M | 22.03M | 4.17M | 22.77M | 15.85M | 12.95M | 16.45M | 14.45M | 11.03M | 7.72M | -133.99M | 5.44M | 4.81M | 5.65M | 5.49M | 5.72M | 5.08M | 5M | 3.32M | 10.72M | 7.47M | 8.63M | 9.21M |
| Total Current Liabilities | 66M | 88.47M | 5.7B | 5.82B | 6.14B | 5.94B | 4.64B | 4.09B | 3.34B | 3.1B | 2.62B | 2.17B | 1.72B | 1.47B | 1.53B | 1.21B | 986.28M | 952.84M | 985.27M | 1.15B | 999.59M | 907.25M | 695.52M | 567.16M | 514.52M | 548M | 496.83M | 388.17M | 326.4M | 280.41M | 302.03M |
| Total Non-Current Liabilities | 4.65B | 5.66B | 1.34B | 1.4B | 1.06B | 752.66M | 551.09M | 497.8M | 419.48M | 408.49M | 185.16M | 214.51M | 164.97M | 120.48M | 163.4M | 219.39M | 302.36M | 319.57M | 218.23M | 33.27M | 160.97M | 167.09M | 167.88M | 144.06M | 164.19M | 5M | 3.32M | 116.64M | 62.28M | 50.63M | 50.71M |
| Total Liabilities | 5.87B | 5.75B | 7.04B | 7.22B | 7.2B | 6.69B | 5.19B | 4.59B | 3.75B | 3.51B | 2.8B | 2.39B | 1.88B | 1.59B | 1.69B | 1.43B | 1.29B | 1.27B | 1.2B | 1.19B | 1.16B | 1.07B | 863.4M | 710.85M | 678.72M | 553M | 500.15M | 504.81M | 388.69M | 331.04M | 352.74M |
| Total Equity | 1.89B | 688.25M | 763.58M | 718.81M | 677.38M | 723.21M | 692.22M | 656.02M | 491.99M | 457.08M | 340.86M | 266.83M | 194.41M | 164.62M | 158.97M | 121.47M | 112.28M | 114.61M | 103.35M | 70.64M | 61.88M | 53.53M | 50.43M | 46.22M | 41.41M | 34.94M | 31.62M | 21.19M | 27.47M | 28.71M | 29.3M |
| Equity Growth % | 129.41% | -9.87% | 6.23% | 6.12% | -6.34% | 4.48% | 5.52% | 33.34% | 7.64% | 34.1% | 27.74% | 37.25% | 18.1% | 3.55% | 30.88% | 8.18% | -2.03% | 10.89% | 46.29% | 14.17% | 15.59% | 6.14% | 9.11% | 11.62% | - | 10.5% | 49.23% | -22.85% | -4.32% | -2.01% | 2.61% |
| Equity / Assets (Capital Ratio) | 28.72% | 10.69% | 9.79% | 9.05% | 8.6% | 9.76% | 11.76% | 12.51% | 11.59% | 11.53% | 10.85% | 10.06% | 9.36% | 9.36% | 8.6% | 7.85% | 8.01% | 8.26% | 7.91% | 5.61% | 5.06% | 4.75% | 5.52% | 6.11% | 5.75% | 5.94% | 5.95% | 4.03% | 6.6% | 7.98% | 7.67% |
| Return on Equity (ROE) | -14.73% | -20.73% | 4.78% | 4.01% | 13.34% | 12.31% | 10.16% | 11.59% | 11.19% | 8.3% | 7.87% | 8.91% | 10.08% | 12.28% | 13.94% | 10.95% | 9.22% | 8.39% | 10.31% | 12.28% | 12.97% | 13.64% | 14.35% | 14.91% | 13.75% | 12.39% | 14.33% | -1.46% | 3.86% | 5.93% | 13.22% |
| Book Value per Share | 36.79 | 13.42 | 17.33 | 16.39 | 15.50 | 16.45 | 15.69 | 15.05 | 12.78 | 13.15 | 11.32 | 10.98 | 9.14 | 8.13 | 8.54 | 7.11 | 6.65 | 6.92 | 6.29 | 4.30 | 3.81 | 3.34 | 3.19 | 2.93 | 2.75 | 2.32 | 2.03 | 1.42 | 1.76 | 1.77 | 1.75 |
| Tangible BV per Share | 33.63 | 10.26 | 13.57 | 12.54 | 11.55 | 12.46 | 11.74 | 10.97 | 9.40 | 9.34 | 8.45 | 8.64 | 7.63 | 6.99 | 7.26 | 6.63 | 6.14 | 6.48 | 5.83 | 3.82 | 3.30 | 2.81 | 3.19 | 2.93 | 2.75 | 2.32 | 2.03 | 1.42 | 1.76 | 1.77 | 1.75 |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.12M | 1.12M | 1.11M | 1.11M | 1.11M | 1.09M | 1.06M | 1.04M | 1.04M | 1.04M | 907K | 873K | 741K | 720K | 708K |
| Additional Paid-in Capital | 459.8M | 459.24M | 363.76M | 356.4M | 354.19M | 352.12M | 362.94M | 379.85M | 276.1M | 275.06M | 182.33M | 106.37M | 45.92M | 32.5M | 31.96M | 11.74M | 11.48M | 10.03M | 9.65M | 25.64M | 25.23M | 24.55M | 22.73M | 20.99M | 20.81M | 20.81M | 14.26M | 13.15M | 8.83M | 7.76M | 7.96M |
| Retained Earnings | 272.94M | 255M | 436.12M | 429.02M | 429.38M | 363.74M | 301.42M | 269.74M | 224.03M | 185.57M | 164.17M | 148.69M | 134.48M | 121.25M | 105.4M | 89.39M | 80.24M | 73.43M | 67.8M | 60.98M | 54.2M | 48.52M | 43.09M | 37.64M | 32.42M | 28.13M | 25.18M | 22.63M | 24.2M | 24.36M | 23.9M |
| Accumulated OCI | -33.71M | -26M | -36.3M | -66.61M | -106.2M | 7.34M | 27.85M | 6.43M | -8.14M | -3.55M | -5.64M | -723K | 1.52M | -1.73M | 9.1M | 7.84M | 2.35M | 5.72M | 628K | 63K | -1.51M | -3.61M | -78K | 2.08M | 2.67M | 430K | 9K | -1.2M | 336K | 400K | 85K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.15M | -17.15M | -17.15M | -17.02M | -16.37M | -15.53M | -15.53M | -15.46M | -15.41M | -14.26M | -6.64M | -4.53M | -3.36M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.5M | 12.5M | 12.5M | 12.5M | 12.5M | 18.22M | 24.31M | 24.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.68M | 1.2M | 0 | 0 | 0 |
Securities portfolio duration mismatch
According to recent financial statements, Horizon Bancorp's total assets have declined from $7.9 billion in 2024Q3 to $6.6 billion in 2026Q1, reflecting a deliberate strategic contraction as the institution pivots away from its previous reliance on a large, potentially underperforming investment securities portfolio.
The reduction in total assets suggests management is actively shrinking the balance sheet to improve capital ratios following the volatility observed in 2025. This trajectory indicates a shift toward a more conservative asset mix, though the long-term impact on revenue-generating capacity remains uncertain.
Based on reported figures, the bank's equity-to-assets ratio experienced significant fluctuation, dropping to 0.09 in 2024Q4 before recovering to 0.29 by 2026Q1, which suggests that recent capital management actions have successfully bolstered the bank's regulatory cushion against potential future credit or market shocks.
The sharp increase in the equity-to-assets ratio in early 2026 appears to be a direct result of the balance sheet restructuring and potential capital preservation efforts. Investors should monitor whether this improved capital position is maintained or if it is merely a temporary artifact of the recent asset liquidation.
As reported in quarterly filings, Horizon Bancorp's cash and cash equivalents reached $68.0 million in 2026Q1, a notable decrease from the $528.5 million peak in 2023Q4, indicating that the bank has utilized its liquid reserves to facilitate the recent repositioning of its investment securities portfolio.
The reduction in cash reserves warrants close observation, as it limits the bank's immediate flexibility to respond to unexpected deposit outflows or sudden market volatility. The reliance on the remaining securities portfolio for liquidity may expose the bank to further valuation risks if interest rates remain elevated.
Data from recent SEC filings suggests that the bank's heavy concentration in investment securities, which peaked at $7.2 billion in 2024Q3, created a significant duration mismatch that likely necessitated the subsequent asset liquidation and balance sheet restructuring observed throughout the 2025 fiscal year.
The bank's historical reliance on a large securities portfolio appears to have been a primary driver of its recent earnings volatility and margin compression. This structural vulnerability implies that the bank's future profitability is highly sensitive to the interest rate environment and the duration profile of its remaining assets.
Quick answers to the most common questions about buying HBNC stock.
As of 2025, Horizon Bancorp, Inc. (HBNC) had total assets of $6.44B including $100.4M in current assets.
Horizon Bancorp, Inc. (HBNC) carries total debt of $404.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Horizon Bancorp, Inc. (HBNC) has total shareholders' equity (book value) of $688.3M ($13.42 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Horizon Bancorp, Inc. (HBNC) reported a current ratio of 1.14x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.