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HBNC

Horizon Bancorp, Inc.

HBNC

Horizon Bancorp, Inc. • NASDAQ
$17.14 ▼ -0.52% (-0.09)
Market Cap $877.87 M
52w High $18.54
52w Low $12.70
Dividend Yield 0.64%
P/E -4.09
Volume 136.44K
Outstanding Shares 51.22M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $-203.735M ▼ $51.715M ▲ $-221.99M ▼ 108.96% ▲ $-4.69 ▼ $-281.047M ▼
Q2-2025 $101.166M ▼ $38.186M ▼ $20.643M ▼ 20.405% ▼ $0.47 ▼ $27.333M ▼
Q1-2025 $104.985M ▲ $38.617M ▼ $23.943M ▲ 22.806% ▲ $0.55 ▲ $31.066M ▲
Q4-2024 $63.111M ▼ $43.65M ▲ $-10.882M ▼ -17.243% ▼ $-0.25 ▼ $-18.75M ▼
Q3-2024 $101.365M $38.238M $18.18M 17.935% $0.42 $21.112M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $983.954M ▲ $6.712B ▼ $6.052B ▼ $660.771M ▼
Q2-2025 $149.988M ▼ $7.652B ▲ $6.861B ▲ $790.852M ▲
Q1-2025 $184.128M ▼ $7.626B ▼ $6.85B ▼ $776.061M ▲
Q4-2024 $527.843M ▼ $7.801B ▼ $7.038B ▼ $763.582M ▲
Q3-2024 $776.739M $7.927B $7.173B $754.822M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-221.991M ▼ $10.913M ▼ $1.04B ▲ $-730.805M ▼ $320.338M ▲ $9.404M ▼
Q2-2025 $20.644M ▼ $19.501M ▲ $-53.336M ▼ $2.087M ▲ $-31.749M ▲ $18.126M ▲
Q1-2025 $23.943M ▲ $15.244M ▲ $38.86M ▼ $-177.87M ▼ $-123.765M ▼ $14.115M ▲
Q4-2024 $-10.882M ▼ $-48.373M ▼ $269.654M ▲ $-162.684M ▼ $58.597M ▼ $-50.171M ▼
Q3-2024 $18.18M $32.278M $35.049M $21.406M $88.733M $30.999M

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended upward over the past five years, showing a slow but steady build in the core banking business. Profitability, however, has been more of a “rise then reset” story: earnings were strongest a few years ago, then were squeezed, and now appear to be recovering. Margins tightened in the middle of the period, suggesting pressure from funding costs, credit provisions, or other operating expenses, but recent results indicate some rebuilding of profitability. Overall, the business is still clearly profitable, but not on a straight-line growth path, and earnings quality depends heavily on how well management navigates interest-rate and credit cycles.

Balance Sheet

Balance Sheet The balance sheet shows a bank that has grown meaningfully over the last several years, but has done so while leaning more on borrowings. Total assets have increased, equity has crept up gradually, and debt has climbed faster than equity, implying a greater use of leverage. Cash levels have swung around from year to year, which is not unusual for a regional bank but does underscore the importance of funding discipline. In simple terms, the bank is larger, somewhat more levered, and still has a solid equity base, so balance-sheet strength looks adequate but more sensitive to how well risks are managed.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive, which is a key strength for a bank. Operating cash flow and free cash flow have both been in the black for several years, although the most recent year looks weaker than prior periods, hinting at some near-term pressure. Investment spending has been modest and steady, suggesting tight control over capital outlays rather than aggressive expansion. Overall, the cash-flow profile looks stable and conservative, but investors would want to see whether the recent dip in operating cash flow is temporary or part of a trend.

Competitive Edge

Competitive Edge Horizon Bancorp operates as a traditional community and regional bank with a strong local presence in Midwestern markets. Its edge comes less from flashy technology and more from a disciplined, low-cost operating model, conservative lending standards, and a long-built base of stable customer deposits. The bank focuses heavily on relationship-based commercial and small-business banking, including equipment finance and SBA lending, which can command better economics than plain-vanilla consumer lending. By actively reshaping its loan book toward higher-margin commercial loans and maintaining tight credit quality, Horizon aims to defend its niche against both larger regional players and digital-first challengers. The moat is grounded in local relationships and funding strength rather than in unique products or brand power.

Innovation and R&D

Innovation and R&D Horizon is a “fast follower” rather than a pioneer in banking technology. It offers the standard digital services customers expect—mobile banking, online payments, remote check deposit, accounting software integration, and digital wallets—focused on convenience and efficiency rather than breakthrough innovation. The bank emphasizes internal discipline and technology integration to keep costs low rather than spending heavily on new platforms. Emerging efforts like its “Advisor Intelligence” concept suggest an interest in using data and tools to enhance advisory services for business clients, but details are still limited. In short, innovation here is incremental and practical, supporting the core relationship-banking model rather than trying to reinvent it.

Summary

Horizon Bancorp looks like a steadily growing, relationship-focused regional bank that has gone through a period of earnings compression and is now stabilizing. Revenue has climbed over time, profits have been choppy but remain positive, and margins show some recent recovery after a squeeze. The balance sheet has expanded with greater use of leverage, yet equity has also grown, indicating a larger but more balance-sheet-sensitive institution. Cash flows are consistently positive and conservative, with modest investment spending. Competitively, Horizon leans on its strong local deposit base, commercial and small-business focus, and conservative underwriting in attractive Midwestern markets. On the innovation front it prioritizes reliable, mainstream digital tools and operational efficiency rather than bold R&D. The overall story is one of measured growth, tight expense control, and traditional banking discipline, with performance closely tied to how well management handles credit risk and interest-rate swings.

NEWS

October 27, 2025 · 5:38 PM UTC

PL Capital Advisors, LLC Sends Presentation to the Horizon Bancorp, Inc. Board of Directors and Management Team

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October 14, 2025 · 4:05 PM UTC

Horizon Bank Appoints Larry S. Magnesen to Serve as Independent Director

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October 1, 2025 · 4:05 PM UTC

Horizon Bancorp, Inc. Announces Conference Call to Review Third Quarter Results on October 23

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September 15, 2025 · 4:05 PM UTC

Horizon Bancorp, Inc. Announces Successful Execution of Balance Sheet Repositioning

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