Net interest income has shown resilience, growing to $62.2 million in 2026Q1, though the net interest margin remains constrained between 0.5% and 1.0% over the last ten quarters.
| 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 |
|---|
| Net Interest Income | 239.46M | 229.48M | 188.6M | 175.74M | 199.52M | 175.81M | 165.53M | 160.79M | 134.57M | 112.1M | 85.99M | 74.73M | 62.98M | 61.38M | 58.21M | 48.11M | 47.62M | 44.77M | 37.35M | 32.81M | 31.55M | 30.87M | 25.42M | 24.15M | 23.15M | 19.81M | 18.65M | 15.13M | 14.52M | 16.33M | 16.43M |
| NII Growth % | 85.28% | 21.68% | 7.32% | -11.92% | 13.49% | 6.21% | 2.95% | 19.49% | 20.04% | 30.36% | 15.06% | 18.66% | 2.61% | 5.46% | 20.98% | 1.04% | 6.36% | 19.86% | 13.84% | 4% | 2.18% | 21.44% | 5.26% | 4.31% | - | 6.18% | 23.28% | 4.24% | -11.09% | -0.64% | 8.47% |
| Net Interest Margin % | 3.65% | 3.57% | 2.42% | 2.21% | 2.53% | 2.37% | 2.81% | 3.07% | 3.17% | 2.83% | 2.74% | 2.82% | 3.03% | 3.49% | 3.15% | 3.11% | 3.4% | 3.23% | 2.86% | 2.61% | 2.58% | 2.74% | 2.78% | 3.19% | 3.22% | 3.37% | 3.51% | 2.88% | 3.49% | 4.54% | 4.3% |
| Interest Income | 360.25M | 362.78M | 356.48M | 312.31M | 236.03M | 194.11M | 199.97M | 208.33M | 166.17M | 128.48M | 106.53M | 88.59M | 76.2M | 74.88M | 72.53M | 64.61M | 68.49M | 72.66M | 70.23M | 75.07M | 68.68M | 56.84M | 42.99M | 41.54M | 41.27M | 40.78M | 41.95M | 30.9M | 27.8M | 29.27M | 28.23M |
| Interest Expense | 120.8M | 133.29M | 167.88M | 136.56M | 36.52M | 18.3M | 34.44M | 47.54M | 31.6M | 16.38M | 20.54M | 13.85M | 13.22M | 13.5M | 14.32M | 16.5M | 20.88M | 27.89M | 32.88M | 42.26M | 37.13M | 25.97M | 17.57M | 17.39M | 18.11M | 20.97M | 23.3M | 15.77M | 13.29M | 12.94M | 11.8M |
| Loan Loss Provision | -719K | 266K | 5.39M | 2.46M | -1.82M | -2.08M | 20.75M | 1.98M | 2.91M | 2.47M | 1.84M | 3.16M | 3.06M | 1.92M | 3.52M | 5.28M | 11.55M | 13.6M | 7.57M | 3.07M | 905K | 1.52M | 990K | 1.37M | 1.64M | 1.5M | 2.01M | 1.1M | 820K | 1.32M | 66K |
| Non-Interest Income | -264.18M | -259.61M | -1.1M | 7.02M | 42.04M | 52.46M | 54.4M | 34.42M | 28.07M | 28.17M | 29.87M | 23.05M | 21.51M | 21.24M | 23.05M | 16.26M | 16.7M | 17.86M | 13.83M | 12.27M | 10.14M | 9.81M | 10.67M | 11.16M | 10.27M | 9.52M | 6.86M | -8.15M | -8.24M | -10.01M | -10.62M |
| Non-Interest Income % | -274.97% | -251.64% | -0.31% | 2.2% | 15.12% | 21.28% | 21.39% | 14.18% | 14.45% | 17.98% | 21.9% | 20.65% | 22.01% | 22.1% | 24.12% | 20.11% | 19.6% | 19.73% | 16.45% | 14.05% | 12.86% | 14.72% | 19.88% | 21.17% | 19.92% | 18.93% | 14.05% | -35.83% | -42.15% | -52% | -60.27% |
| Total Revenue | 96.08M | 103.17M | 355.38M | 319.32M | 278.07M | 246.57M | 254.37M | 242.76M | 194.24M | 156.65M | 136.4M | 111.64M | 97.71M | 96.12M | 95.58M | 80.87M | 85.19M | 90.52M | 84.07M | 87.34M | 78.82M | 66.65M | 53.66M | 52.7M | 51.53M | 50.3M | 48.81M | 22.75M | 19.56M | 19.25M | 17.62M |
| Revenue Growth % | -243.19% | -70.97% | 11.29% | 14.83% | 12.78% | -3.07% | 4.78% | 24.98% | 24% | 14.84% | 22.18% | 14.26% | 1.65% | 0.57% | 18.19% | -5.07% | -5.89% | 7.68% | -3.75% | 10.81% | 18.25% | 24.22% | 1.81% | 2.27% | - | 3.05% | 114.57% | 16.3% | 1.59% | 9.29% | 16.67% |
| Non-Interest Expense | 171.26M | 169.13M | 154.76M | 141.3M | 137.79M | 127.9M | 120.81M | 113.4M | 96.17M | 89.84M | 81.31M | 66.85M | 57.18M | 53.78M | 49.75M | 42.11M | 39.36M | 37.81M | 32.78M | 31.14M | 30.45M | 29.13M | 25.67M | 24.77M | 23.4M | 21.11M | 17.91M | 5.4M | 3.74M | 2.69M | 327K |
| Efficiency Ratio | 178.26% | 163.94% | 43.55% | 44.25% | 49.55% | 51.87% | 47.49% | 46.71% | 49.51% | 57.35% | 59.61% | 59.87% | 58.51% | 55.95% | 52.05% | 52.07% | 46.21% | 41.77% | 38.99% | 35.66% | 38.64% | 43.7% | 47.84% | 47% | 45.42% | 41.96% | 36.68% | 23.73% | 19.12% | 13.95% | 1.86% |
| Operating Income | -195.26M | -199.53M | 27.35M | 39M | 105.58M | 102.45M | 78.37M | 79.84M | 63.56M | 47.95M | 32.71M | 27.78M | 24.26M | 26.92M | 27.99M | 16.98M | 13.4M | 11.21M | 10.83M | 10.87M | 10.32M | 10.04M | 9.43M | 9.17M | 8.37M | 6.72M | 5.59M | 484K | 1.71M | 2.31M | 5.42M |
| Operating Margin % | -203.24% | -193.4% | 7.7% | 12.21% | 37.97% | 41.55% | 30.81% | 32.89% | 32.72% | 30.61% | 23.98% | 24.88% | 24.82% | 28.01% | 29.28% | 21% | 15.73% | 12.38% | 12.89% | 12.44% | 13.1% | 15.06% | 17.57% | 17.4% | 16.25% | 13.35% | 11.46% | 2.13% | 8.76% | 11.97% | 30.78% |
| Operating Income Growth % | - | -829.52% | -29.87% | -63.06% | 3.06% | 30.72% | -1.84% | 25.62% | 32.55% | 46.59% | 17.75% | 14.53% | -9.91% | -3.81% | 64.81% | 26.77% | 19.51% | 3.47% | -0.3% | 5.28% | 2.85% | 6.44% | 2.82% | 9.51% | - | 20.05% | 1055.99% | -71.76% | -25.64% | -57.5% | 69.15% |
| Pretax Income | -196.89M | -201.16M | 27.35M | 39M | 105.58M | 102.45M | 78.37M | 79.84M | 63.56M | 47.95M | 32.71M | 27.78M | 24.26M | 26.92M | 27.99M | 16.98M | 13.4M | 11.21M | 10.83M | 10.87M | 10.32M | 10.04M | 9.43M | 9.17M | 8.37M | 6.72M | 5.59M | 484K | 1.71M | 2.31M | 5.42M |
| Pretax Margin % | -204.94% | -194.98% | 7.7% | 12.21% | 37.97% | 41.55% | 30.81% | 32.89% | 32.72% | 30.61% | 23.98% | 24.88% | 24.82% | 28.01% | 29.28% | 21% | 15.73% | 12.38% | 12.89% | 12.44% | 13.1% | 15.06% | 17.57% | 17.4% | 16.25% | 13.35% | 11.46% | 2.13% | 8.76% | 11.97% | 30.78% |
| Income Tax | -48.64M | -50.67M | -8.08M | 11.02M | 12.18M | 15.36M | 9.87M | 13.3M | 10.44M | 14.84M | 8.8M | 7.23M | 6.16M | 7.05M | 8.45M | 4.19M | 2.94M | 2.07M | 1.86M | 2.73M | 2.84M | 2.94M | 2.49M | 2.64M | 2.78M | 2.59M | 1.81M | 675K | 460K | 584K | 1.6M |
| Effective Tax Rate % | 24.7% | 25.19% | -29.54% | 28.25% | 11.53% | 14.99% | 12.59% | 16.66% | 16.43% | 30.94% | 26.9% | 26.03% | 25.38% | 26.18% | 30.18% | 24.65% | 21.96% | 18.47% | 17.19% | 25.09% | 27.49% | 29.34% | 26.45% | 28.75% | 33.17% | 38.59% | 32.39% | 139.46% | 26.84% | 25.34% | 29.49% |
| Net Income | -148.26M | -150.48M | 35.43M | 27.98M | 93.41M | 87.09M | 68.5M | 66.54M | 53.12M | 33.12M | 23.91M | 20.55M | 18.1M | 19.88M | 19.54M | 12.8M | 10.46M | 9.14M | 8.97M | 8.14M | 7.48M | 7.09M | 6.93M | 6.53M | 5.69M | 4.13M | 3.78M | -354K | 1.08M | 1.72M | 3.82M |
| Net Margin % | -154.31% | -145.86% | 9.97% | 8.76% | 33.59% | 35.32% | 26.93% | 27.41% | 27.35% | 21.14% | 17.53% | 18.41% | 18.52% | 20.68% | 20.45% | 15.82% | 12.27% | 10.1% | 10.67% | 9.32% | 9.5% | 10.64% | 12.92% | 12.4% | 11.05% | 8.2% | 7.75% | -1.56% | 5.54% | 8.94% | 21.71% |
| Net Income Growth % | -426.7% | -524.75% | 26.62% | -70.04% | 7.25% | 27.14% | 2.95% | 25.27% | 60.39% | 38.5% | 16.37% | 13.52% | -8.93% | 1.7% | 52.72% | 22.4% | 14.39% | 1.87% | 10.22% | 8.77% | 5.54% | 2.25% | 6.14% | 14.77% | - | 9.04% | 1168.64% | -132.69% | -37.07% | -54.99% | 25.83% |
| Net Income (Continuing) | -148.26M | -150.48M | 35.43M | 27.98M | 93.41M | 87.09M | 68.5M | 66.54M | 53.12M | 33.12M | 23.91M | 20.55M | 18.1M | 19.88M | 19.54M | 12.8M | 10.46M | 9.14M | 8.97M | 8.14M | 7.48M | 7.09M | 6.93M | 6.53M | 5.6M | 4.13M | 3.78M | -191K | 1.25M | 1.72M | 3.82M |
| EPS (Diluted) | -2.89 | -3.15 | 0.80 | 0.64 | 2.14 | 1.98 | 1.55 | 1.53 | 1.38 | 0.95 | 0.79 | 0.84 | 0.84 | 0.96 | 1.02 | 0.67 | 0.54 | 0.47 | 0.54 | 0.50 | 0.46 | 0.44 | 0.44 | 0.41 | 0.24 | 0.27 | 0.24 | -0.02 | 0.07 | 0.11 | 0.23 |
| EPS Growth % | -411.76% | -493.75% | 25% | -70.09% | 8.08% | 27.74% | 1.31% | 10.87% | 45.26% | 20.25% | -5.95% | 0% | -12.5% | -5.88% | 52.24% | 24.07% | 14.89% | -12.96% | 8% | 8.7% | 4.55% | 0% | 7.32% | 70.83% | - | 12.5% | 1112.66% | -134.15% | -36.91% | -52.17% | 27.78% |
| EPS (Basic) | - | -3.14 | 0.81 | 0.64 | 2.14 | 1.99 | 1.56 | 1.53 | 1.39 | 0.96 | 0.79 | 0.86 | 0.88 | 1.00 | 1.06 | 0.69 | 0.55 | 0.47 | 0.55 | 0.50 | 0.47 | 0.46 | 0.46 | 0.43 | 0.24 | 0.27 | 0.24 | -0.02 | 0.07 | 0.11 | 0.23 |
| Diluted Shares Outstanding | 51.24M | 51.28M | 44.06M | 43.84M | 43.7M | 43.95M | 44.12M | 43.6M | 38.49M | 34.76M | 30.12M | 24.3M | 21.27M | 20.25M | 18.61M | 17.07M | 16.88M | 16.56M | 16.43M | 16.42M | 16.26M | 16.03M | 15.81M | 15.75M | 15.05M | 15.06M | 15.56M | 14.93M | 15.62M | 16.2M | 16.79M |
Securities portfolio valuation volatility
According to the provided quarterly data, Horizon Bancorp has demonstrated a consistent expansion in net interest income, which grew to $62.2 million in 2026Q1 from $42.3 million in 2023Q4, suggesting that the bank's core lending engine remains functional despite broader volatility in the non-interest income line items.
The steady climb in NII indicates that the bank is successfully managing its interest-earning asset base despite a challenging rate environment. Investors should monitor whether this growth is driven by volume expansion in the mortgage warehouse niche or simply by the repricing of existing commercial loans.
As reported in financial statements, the net interest margin has remained suppressed, hovering between 0.5% and 1.0% over the last ten quarters, which highlights the significant difficulty the institution faces in maintaining a profitable spread between its funding costs and its interest-earning asset yields.
The narrow NIM suggests that the bank's liability costs are likely tracking closely with market rate increases, limiting the benefit of higher asset yields. This margin profile warrants further investigation into the bank's deposit beta and the potential for structural improvement as the rate cycle stabilizes.
Based on the reported figures, the bank experienced extreme swings in non-interest income, including a $296.6 million loss in 2025Q3, which appears to be a one-time balance sheet restructuring event rather than a reflection of the bank's ongoing operational capability to generate fee-based revenue streams.
These massive periodic losses likely stem from the sale of underwater securities, which obscures the underlying profitability of the core banking franchise. Analysts should focus on pre-provision net revenue to determine if the bank's fundamental earning power remains intact after accounting for these non-recurring balance sheet adjustments.
Data from recent filings shows that the efficiency ratio spiked to 69.2% in 2024Q4, reflecting the impact of revenue volatility on operating leverage, though the bank has managed to return to a more normalized range of approximately 40% in the most recent quarter of 2026Q1.
The fluctuation in the efficiency ratio suggests that the bank's fixed cost base is relatively rigid, making it highly sensitive to revenue shocks. Maintaining this ratio near the 40% level is critical for the bank to demonstrate operational discipline in a period of regional economic uncertainty.
Quick answers to the most common questions about buying HBNC stock.
Horizon Bancorp, Inc. (HBNC) reported a net loss of $150.5M for the fiscal year ending 2025.
Horizon Bancorp, Inc. (HBNC) reported an operating income of $-199.5M, resulting in an operating profit margin of -193.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Horizon Bancorp, Inc. (HBNC) generated $-30.4M in gross profit for the year, representing a gross profit margin of -29.5%. This demonstrates the company's core pricing power and production efficiency.