Horizon Bancorp (HBNC)
Market Price (8/24/2026): $19.555 | Market Cap: $998.9 MilSector: Financials | Industry: Regional Banks
Horizon Bancorp (HBNC)
Market Price (8/24/2026): $19.555Market Cap: $998.9 MilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -37% Attractive yieldDividend Yield is 3.2%, FCF Yield is 9.4% Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is -18 Mil Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -108%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -37% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16% Key risksHBNC key risks include [1] challenges in sustaining long-term revenue growth, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -37% |
| Attractive yieldDividend Yield is 3.2%, FCF Yield is 9.4% |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is -18 Mil |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -108%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -37% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16% |
| Key risksHBNC key risks include [1] challenges in sustaining long-term revenue growth, Show more. |
Qualitative Assessment
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Horizon Bancorp (HBNC) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance, Despite a One-Time Legal Charge.
Horizon Bancorp reported robust financial results for its fiscal second quarter 2026, which ended June 30, 2026. The company saw net interest income (NII) rise to $63.49 million, representing a 14.7% year-over-year increase. Net income also grew to $24.91 million. Although diluted earnings per share (EPS) of $0.49 missed consensus estimates of $0.51 by approximately 4%, this was largely attributable to a pre-tax legal charge of $3.1 million related to a 2018 auto repossession/credit reporting jury award, which the company plans to appeal. Excluding this one-time item, Horizon Bancorp's underlying profitability metrics remained strong and peer-leading, with management guiding for low-teens NII growth through year-end. The bank also expanded its deposit and loan books, with loans growing by $83 million and deposits by $125 million during the first half of fiscal 2026.
2. Positive Analyst Sentiment and Upgraded Price Targets.
Following the solid fiscal Q2 2026 results, analysts responded by increasing their price targets for Horizon Bancorp stock. For instance, analyst price targets were lifted to an average of $22.90 from $21.40, and in some cases, specific targets reached $23.00, reflecting expectations for continued net interest margin expansion and commercial loan growth. Wall Street Zen upgraded the stock from a "hold" to a "buy" rating, and Keefe, Bruyette & Woods raised their rating to "outperform." As of August 19, 2026, the consensus price target was $22.33, indicating a potential upside of approximately 13.7% from recent trading levels.
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Horizon Bancorp (HBNC) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance, Despite a One-Time Legal Charge.
Horizon Bancorp reported robust financial results for its fiscal second quarter 2026, which ended June 30, 2026. The company saw net interest income (NII) rise to $63.49 million, representing a 14.7% year-over-year increase. Net income also grew to $24.91 million. Although diluted earnings per share (EPS) of $0.49 missed consensus estimates of $0.51 by approximately 4%, this was largely attributable to a pre-tax legal charge of $3.1 million related to a 2018 auto repossession/credit reporting jury award, which the company plans to appeal. Excluding this one-time item, Horizon Bancorp's underlying profitability metrics remained strong and peer-leading, with management guiding for low-teens NII growth through year-end. The bank also expanded its deposit and loan books, with loans growing by $83 million and deposits by $125 million during the first half of fiscal 2026.
2. Positive Analyst Sentiment and Upgraded Price Targets.
Following the solid fiscal Q2 2026 results, analysts responded by increasing their price targets for Horizon Bancorp stock. For instance, analyst price targets were lifted to an average of $22.90 from $21.40, and in some cases, specific targets reached $23.00, reflecting expectations for continued net interest margin expansion and commercial loan growth. Wall Street Zen upgraded the stock from a "hold" to a "buy" rating, and Keefe, Bruyette & Woods raised their rating to "outperform." As of August 19, 2026, the consensus price target was $22.33, indicating a potential upside of approximately 13.7% from recent trading levels.
3. Favorable Regional Banking Sector Trends.
The broader regional banking sector experienced positive momentum during the first half of fiscal 2026, contributing to Horizon Bancorp's upward trend. Regional bank stocks generally climbed due to relatively low inflation and strong earnings across the sector. Notably, the Midwest region, where Horizon Bancorp operates, saw a significant increase in bank mergers and acquisitions (M&A) activity in fiscal Q2 2026, with 44 announced transactions compared to 30 in the prior year's second quarter, suggesting a healthy and consolidating market environment. Additionally, businesses demonstrated increased borrowing from regional banks, and smaller and regional banks showed a willingness to re-enter commercial real estate (CRE) lending, providing a tailwind for loan growth.
4. Consistent Shareholder Returns Through Maintained Dividend.
Horizon Bancorp's board of directors maintained the quarterly dividend at $0.16 per share in June 2026. This decision, alongside the improved fiscal Q2 2026 results, suggested management's confidence in sustaining regular capital returns even amidst rising credit costs and competitive pressures. The consistent dividend signals financial stability and a commitment to shareholder value, contributing to investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The 8.9% change in HBNC stock from 4/30/2026 to 8/23/2026 was primarily driven by a 88.7% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.96 | 19.55 | 8.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -31 | -18 | -42.3% |
| P/S Multiple | -29.3 | -55.2 | 88.7% |
| Shares Outstanding (Mil) | 51 | 51 | -0.1% |
| Cumulative Contribution | 8.9% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| HBNC | 8.9% | |
| Market (SPY) | 6.5% | 9.6% |
| Sector (XLF) | 10.3% | 50.3% |
Fundamental Drivers
The 12.9% change in HBNC stock from 1/31/2026 to 8/23/2026 was primarily driven by a 454.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.32 | 19.55 | 12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -82 | -18 | -78.0% |
| P/S Multiple | -10.0 | -55.2 | 454.1% |
| Shares Outstanding (Mil) | 47 | 51 | -7.4% |
| Cumulative Contribution | 12.9% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| HBNC | 12.9% | |
| Market (SPY) | 11.0% | 30.2% |
| Sector (XLF) | 8.1% | 60.7% |
Fundamental Drivers
The 31.0% change in HBNC stock from 7/31/2025 to 8/23/2026 was primarily driven by a -14.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.93 | 19.55 | 31.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 203 | -18 | -108.9% |
| P/S Multiple | 3.2 | -55.2 | -1816.6% |
| Shares Outstanding (Mil) | 44 | 51 | -14.3% |
| Cumulative Contribution | 31.0% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| HBNC | 31.0% | |
| Market (SPY) | 22.2% | 34.8% |
| Sector (XLF) | 11.1% | 57.1% |
Fundamental Drivers
The 80.3% change in HBNC stock from 7/31/2023 to 8/23/2026 was primarily driven by a -14.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.85 | 19.55 | 80.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 236 | -18 | -107.7% |
| P/S Multiple | 2.0 | -55.2 | -2852.2% |
| Shares Outstanding (Mil) | 44 | 51 | -14.7% |
| Cumulative Contribution | 80.3% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| HBNC | 80.3% | |
| Market (SPY) | 73.2% | 43.6% |
| Sector (XLF) | 70.0% | 60.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HBNC Return | 35% | -25% | 0% | 18% | 10% | 19% | 56% |
| Peers Return | 29% | -0% | 4% | 19% | 2% | 22% | 98% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| HBNC Win Rate | 75% | 33% | 42% | 58% | 58% | 62% | |
| Peers Win Rate | 63% | 43% | 52% | 48% | 50% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HBNC Max Drawdown | -19% | -37% | -52% | -20% | -26% | -17% | |
| Peers Max Drawdown | -18% | -24% | -37% | -15% | -24% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FRME, IBCP, WSBC, QCRH, BUSE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | HBNC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.9% | -18.8% |
| % Gain to Breakeven | 31.4% | 23.1% |
| Time to Breakeven | 139 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.5% | -9.5% |
| % Gain to Breakeven | 22.7% | 10.5% |
| Time to Breakeven | 35 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -50.8% | -6.7% |
| % Gain to Breakeven | 103.1% | 7.1% |
| Time to Breakeven | 432 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.8% | -24.5% |
| % Gain to Breakeven | 31.2% | 32.4% |
| Time to Breakeven | 745 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.0% | -33.7% |
| % Gain to Breakeven | 112.7% | 50.9% |
| Time to Breakeven | 292 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.1% | -19.2% |
| % Gain to Breakeven | 28.4% | 23.8% |
| Time to Breakeven | 315 days | 105 days |
In The Past
Horizon Bancorp's stock fell -23.9% during the 2025 US Tariff Shock. Such a loss loss requires a 31.4% gain to breakeven.
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Asset Allocation
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| Event | HBNC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.9% | -18.8% |
| % Gain to Breakeven | 31.4% | 23.1% |
| Time to Breakeven | 139 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -50.8% | -6.7% |
| % Gain to Breakeven | 103.1% | 7.1% |
| Time to Breakeven | 432 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.8% | -24.5% |
| % Gain to Breakeven | 31.2% | 32.4% |
| Time to Breakeven | 745 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.0% | -33.7% |
| % Gain to Breakeven | 112.7% | 50.9% |
| Time to Breakeven | 292 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.1% | -19.2% |
| % Gain to Breakeven | 28.4% | 23.8% |
| Time to Breakeven | 315 days | 105 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -55.5% | -53.4% |
| % Gain to Breakeven | 124.6% | 114.4% |
| Time to Breakeven | 405 days | 1085 days |
In The Past
Horizon Bancorp's stock fell -23.9% during the 2025 US Tariff Shock. Such a loss loss requires a 31.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Horizon Bancorp (HBNC)
Horizon Bancorp, Inc. (HBNC) is a bank holding company operating Horizon Bank, which provides a comprehensive suite of commercial and retail banking services. The company's core business involves offering various deposit accounts to its customers and engaging in diverse lending activities. Its loan portfolio includes commercial, residential real estate, mortgage warehouse, and consumer loans.
In addition to traditional banking, Horizon Bancorp extends its financial offerings to include specialized services such as corporate and individual trust and agency, investment management, and real estate investment trust services. The company also sells various insurance products. Horizon Bancorp serves both individual consumers and businesses through a network of 78 full-service offices located across northern and central Indiana, and southern and central Michigan.
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Here are a few analogies to describe Horizon Bancorp (HBNC):
A regional version of U.S. Bank, specifically serving Indiana and Michigan.
Like PNC Financial Services, but scaled for the Indiana and Michigan markets.
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- Deposits: Financial accounts where customers can store their money, often earning interest.
- Loans: Funds provided to individuals and businesses, which must be repaid with interest, including commercial, residential real estate, mortgage warehouse, and consumer loans.
- Trust & Investment Management Services: Services related to managing assets for individuals and corporations, encompassing trust administration, agency services, and investment advice.
- Insurance Products: Various types of insurance coverage sold to protect clients against financial loss.
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Major Customers of Horizon Bancorp (HBNC)
Horizon Bancorp (HBNC) operates as a regional bank holding company offering a diversified range of commercial and retail banking services. Given the nature of its business, which involves providing financial services through a network of local branches, it does not have a few "major customers" in the traditional sense (e.g., specific named corporate entities representing a significant portion of its revenue). Instead, its customer base is broadly diversified across many individuals and businesses within its service areas in northern and central Indiana and southern and central Michigan.
Horizon Bancorp primarily serves the following categories of customers:
- Individual Consumers: This category includes individuals and households who utilize Horizon Bank's personal banking services, such as checking and savings accounts, consumer loans (e.g., auto loans, personal loans), residential mortgages, and individual trust and investment management services.
- Small to Medium-sized Businesses (SMBs): Local and regional businesses constitute a key customer segment, relying on Horizon Bank for commercial loans, business deposit accounts, treasury management solutions, and corporate trust and investment services.
- Commercial Real Estate Developers and Investors: This category comprises businesses and entities involved in commercial real estate. They utilize the bank's commercial real estate loans for development, acquisition, and investment purposes, including specialized offerings like mortgage warehouse loans.
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Thomas M. Prame Chief Executive Officer & President - Horizon Bancorp, Inc. & Horizon Bank
Appointed Chief Executive Officer effective June 1, 2023, having joined Horizon in August 2022 as President. Prior to Horizon, he held executive roles at First Midwest Bank (Illinois) from 2012 to 2022 and Citizens Bank (Rhode Island) from 2010 to 2012. His background includes leadership experience at larger metropolitan banks, where he focused on implementing strategic plans and significantly increasing operational efficiency and sales productivity. He holds an MBA from the University of Notre Dame.
John R. Stewart, CFA Executive Vice President, Chief Financial Officer - Horizon Bancorp, Inc. & Horizon Bank
Assumed responsibilities as Chief Financial Officer on May 20, 2024. He brings 22 years of financial services experience, spanning banking, investment management, and corporate finance at regional banks, global investment banks, and institutional asset management firms. Most recently, he served as Deputy Chief Financial Officer of a $30 billion publicly traded bank. His expertise includes corporate treasury, accounting, financial planning and analysis, capital planning, strategic planning, corporate development, and investor relations.
Mark E. Secor Executive Vice President & Chief Administration Officer - Horizon Bancorp, Inc. & Horizon Bank
Served as Horizon's Chief Financial Officer for 16 years, from 2009 to May 2024. During his tenure as CFO, Horizon grew from $893 million to $7.8 billion in assets and successfully integrated 12 mergers. He transitioned to the role of Chief Administration Officer in May 2024, where his responsibilities include investor relations, legal matters, benefits administration, and corporate facilities.
Kathie A. DeRuiter Executive Vice President & Senior Operations Officer - Horizon Bancorp, Inc.
Has served as Executive Vice President of Horizon and Senior Bank Operations Officer since January 2014.
Todd A. Etzler Executive Vice President, Chief Legal And Risk Officer & Corporate Secretary - Horizon Bancorp, Inc.
Has been Executive Vice President and Chief Legal and Risk Officer since 2023. He previously held roles as Senior Vice President and General Counsel from July 2018 to December 2020, and Vice President and General Counsel from March 2017 to July 2018. He has been Corporate Secretary since January 2018, and prior to that, he was General Counsel of Family Express Corporation from July 2011 to March 2017.
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1. Credit Quality in a Commercial-Heavy Portfolio
Horizon Bancorp faces significant risks related to the credit quality within its loan portfolio, which is heavily concentrated in commercial lending. Commercial loans constitute a substantial portion of its portfolio, making the bank particularly susceptible to fluctuations in the commercial sector. Analysts have indicated that potential increases in non-performing loans could necessitate higher provisioning, thereby exacerbating the bank's financial challenges. While the bank's nonperforming loans were reported at 72 basis points, an 8 basis point sequential increase, the bank generally maintains sound reserves given its loan portfolio is largely secured by real assets.
2. Sensitivity to Interest Rates
The company is highly sensitive to changes in interest rates, a key risk factor for its financial performance. A sustained period of higher interest rates can negatively impact Horizon Bancorp's net interest margin (NIM) due to liquidity being tied up in its investment portfolio and increased reliance on borrowings to fund loan growth and cover deposit outflows. Increased pricing pressure on deposits and greater reliance on borrowings are anticipated to weaken the bank's margins and net interest income, especially in an environment of slower loan growth.
3. Regulatory and Legal Pressures
Horizon Bancorp operates in a highly regulated environment, exposing it to ongoing regulatory and legal pressures. The evolving regulatory landscape is a key risk highlighted for the company. The bank is routinely subject to litigation, regulatory examinations, and supervisory actions across its various banking activities, including lending, deposits, and wealth management. Such proceedings could result in substantial defense costs, fines, penalties, operational restrictions, and reputational damage, all of which could materially impair its financial condition and strategic flexibility.
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The primary emerging threats to Horizon Bancorp, as a traditional regional bank, stem from the accelerating digital transformation of financial services. These include:
- Digital-only banks (neobanks) and challenger banks: These agile, technology-first institutions operate with significantly lower overheads, offering competitive deposit rates, lower fees, and highly convenient mobile-first banking experiences. They directly threaten Horizon Bancorp's ability to attract and retain customers, particularly younger demographics and those prioritizing digital convenience over physical branches, thereby eroding its deposit base and consumer loan origination capabilities.
- Specialized fintech lenders: Companies leveraging technology to offer specific loan products (e.g., mortgages, personal loans, small business loans) with streamlined online application processes, faster approvals, and often more competitive rates. These directly compete with and can capture market share from Horizon Bancorp's commercial, residential real estate, and consumer loan portfolios.
- Big Tech companies entering financial services: Giants like Apple, Google, and Amazon are increasingly offering financial products such as payment processing, lending, and credit solutions, leveraging their vast user bases and data. This poses a threat to Horizon Bancorp's traditional payment services and various lending segments by introducing highly capitalized and tech-savvy competitors.
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Horizon Bancorp (HBNC) operates in northern and central Indiana and southern and central Michigan, offering a range of commercial and retail banking services, trust and investment management, and insurance products. The addressable markets for its main products and services in these regions are substantial.
Indiana
- Deposits: The total deposits in Indiana banks were $209 billion in 2024.
- Residential Real Estate Loans: New home loans booked in Indiana amounted to $17.2 billion in 2024.
- Commercial Loans: Small business loans in Indiana totaled $12.3 billion in 2024. Small farm loans were $847.8 million in 2024. The commercial banking industry in Indiana has been growing at an average annual rate of 6.1% from 2020 to 2025. Demand for commercial property loans is rising in Indiana.
- Insurance Products: The health and medical insurance market size in Indiana is projected to be $27.1 billion in 2026. In 2021, the top 125 insurance companies reported $23.0 billion in premiums written in Indiana.
Michigan
- Deposits: The total deposits in Michigan banks were $311 billion in 2024. As of June 30, 2025, JPMorgan Chase alone held $62.95 billion in deposits in Michigan.
- Residential Real Estate Loans: New home loans booked in Michigan amounted to $20.3 billion in 2024. Mortgage lenders in Michigan originated $54.5 billion in volume in 2022.
- Commercial Loans: The commercial banking industry market size in Michigan is $23.6 billion in 2026. Small business loans in Michigan totaled $16.7 billion in 2024. Michigan-based banks had approximately $7.9 billion in commercial real estate loans out of $14.8 billion in total loans for the top 20 banks with the highest commercial real estate exposure. Demand for commercial property loans is rising.
- Insurance Products: Insurance industry spending in Michigan equates to $37.1 billion, which includes direct and indirect economic output, jobs, and earnings. The market size for insurance brokers and agencies in Michigan is $7.0 billion in 2026. Over 9.5 million people in Michigan had medical coverage as of June 30, 2025.
Wealth Management and Trust Services
While specific market sizes for wealth management and trust services at the state level (Indiana and Michigan) are not readily available, broader market data indicates significant opportunities. The global wealth management market was valued at $1.25 trillion in 2020 and is projected to reach $3.43 trillion by 2030. North America held the largest share of the global wealth management market in 2020 and 2025, with a valuation of $1.26 billion in 2025, and is expected to maintain its dominance. The U.S. wealth management market is projected to grow by 10% by 2034. The wealth management market size is expected to increase by $469.1 billion globally at a CAGR of 8.1% from 2025 to 2030. For Michigan, the estimated total wealth transfer over a 50-year period is $972.24 billion.
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- Continued Commercial Loan Growth: Horizon Bancorp anticipates mid-single-digit loan growth on an annualized basis, with a primary focus on its organic commercial growth engine. The company's commercial loans increased by 9% on an annualized basis in Q4 2025, reaching $76 million, and robust commercial loan growth of 7.0% annualized was observed in Q3 2025. This growth is driven by its commercial relationship lending strategy.
- Net Interest Margin (NIM) Expansion: The company has demonstrated a consistent trend of net interest margin expansion, with Q4 2025 seeing a NIM of 4.29%. Horizon Bancorp projects a net interest margin between 4.25% and 4.35% for 2026. This expansion is attributed to a more favorable earning asset mix, increased loan yields, and a reduction in the total cost of liabilities through disciplined pricing and the strategic reduction of higher-cost borrowings.
- Growth in Relationship-Based Core Deposits: Horizon Bancorp expects balance sheet growth to be fueled by organic deposit funding, leveraging its community banking model and extensive branch network across Indiana and Michigan. A key focus for 2026 is to grow well-rounded customer relationships, driving cross-sell activity in deposit gathering and treasury management services, while continuing to strategically reduce higher-cost, non-core transactional accounts.
- Increased Fee Income from Diverse Businesses: While recent noninterest income was impacted by one-time events, the underlying fee-based businesses have performed in line with management's expectations. The company projects fee income in the mid-$40 million range for 2026. Residential mortgage lending, with volumes largely sold in the secondary market, is expected to continue contributing to gain on sale fee income.
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Horizon Bancorp Capital Allocation Decisions
Share Issuance
- Horizon Bancorp completed an underwritten public offering of 7,138,050 shares of its common stock on August 22, 2025, resulting in net proceeds of $98.6 million.
- In Q3 2025, Horizon Bancorp's outstanding shares increased to 51 million, representing a 16.1% rise from the previous quarter.
- A director received a grant of 2,662 shares of common stock on February 27, 2026, at a price of $16.90 per share.
Outbound Investments
- As part of a balance sheet repositioning strategy, Horizon sold approximately $1.7 billion of securities, incurring a pre-tax loss of $299.1 million.
- Approximately $600 million of proceeds from asset sales were redeployed into new investment securities with a tax-equivalent yield of 5.27%.
- The company entered into non-binding letters of intent to sell approximately $190 million of indirect auto loans.
Capital Expenditures
- In Q3 2025, Horizon Bancorp invested $1.5 million in capital expenditures.
- Annualized capital expenditures were $5.1 million, which utilized a significant portion of the $6.4 million in operating cash flow, leaving $1.3 million in free cash flow around Q3 2025.
Peer Outperformance in Regional Banks
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 5.7% | 134.1% | 133.9% | IBKR 512% · SNEX 252% · GS 187% |
| Reinsurance | 6 | 19.3% | 80.7% | 117.8% | SPNT 140% · MTG 130% · RGA 128% |
| Diversified Banks | 12 | 37.4% | 131.6% | 101.7% | JPM 153% · CM 148% · RY 135% |
| Life & Health Insurance | 19 | 11.2% | 56.2% | 84.8% | UNM 285% · FG 197% · MFC 172% |
| Regional Banks ← | 263 | 25.9% | 86.0% | 64.5% | GCBC 395% · ESQ 364% · NBN 297% |
| Property & Casualty Insurance | 42 | 11.1% | 74.2% | 63.8% | ASIC 2583900% · HRTG 433% · UVE 278% |
| Multi-line Insurance | 9 | 13.5% | 78.4% | 57.8% | GNW 176% · L 101% · SLF 86% |
| Consumer Finance | 30 | 10.1% | 87.8% | 34.4% | ENVA 660% · EZPW 391% · FCFS 185% |
| Multi-Sector Holdings | 6 | 1.4% | 16.7% | 33.9% | JEF 78% · BRK-B 73% · VOYA 66% |
| Insurance Brokers | 15 | -9.5% | 11.4% | 33.7% | LIFE 571% · AJG 94% · ARX 87% |
| Asset Management & Custody Banks | 83 | -8.7% | 23.5% | 25.5% | SII 341% · WT 303% · VCTR 289% |
| Financial Exchanges & Data | 15 | -1.6% | 14.2% | 13.9% | VIRT 216% · CBOE 156% · CME 69% |
| Commercial & Residential Mortgage Finance | 12 | -31.1% | 19.6% | 4.5% | FNMA 474% · FMCC 460% · ESNT 60% |
| Specialized Finance | 3 | 18.7% | 53.6% | 3.7% | EFC 36% · CACC 4% · HASI -14% |
| Mortgage REITs | 34 | -7.2% | 13.6% | -11.5% | RITM 61% · NREF 53% · DX 41% |
| Transaction & Payment Processing Services | 15 | 1.4% | 8.4% | -41.3% | MA 65% · V 65% · CPAY 58% |
| Diversified Capital Markets | 21 | -29.3% | -4.7% | -45.9% | BTCS 584% · OPY 176% · LPLA 153% |
| Diversified Financial Services | 5 | -6.3% | 63.2% | -58.0% | FRHC 166% · EQH 80% · TMS -58% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 39.00 |
| Mkt Cap | 2.1 |
| Rev LTM | 539 |
| Op Inc LTM | - |
| FCF LTM | 262 |
| FCF 3Y Avg | 214 |
| CFO LTM | 271 |
| CFO 3Y Avg | 225 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.9% |
| Rev Chg 3Y Avg | 5.0% |
| Rev Chg Q | 13.3% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 37.7% |
| CFO/Rev 3Y Avg | 32.7% |
| FCF/Rev LTM | 37.5% |
| FCF/Rev 3Y Avg | 31.3% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA213491 | PROCYSBI | cysteamine bitartrate | granule, delayed release | 2142020 | -48.4% | -32.1% | 5.9% | 29.9% | 50.5% |
| BLA761143 | TEPEZZA | teprotumumab-trbw | injectable | 1212020 | -46.7% | -43.8% | -2.0% | 30.4% | 41.2% |
| NDA204623 | PENNSAID | diclofenac sodium | solution | 1162014 | -5.2% | -11.1% | 6.3% | 16.8% | 181.0% |
| NDA203389 | PROCYSBI | cysteamine bitartrate | capsule, delayed release | 4302013 | 22.8% | 19.5% | 6.1% | 26.7% | 248.7% |
| NDA203284 | RAVICTI | glycerol phenylbutyrate | liquid | 2012013 | -3.5% | 19.6% | 14.1% | 17.2% | 238.5% |
| NDA202020 | RAYOS | prednisone | tablet, delayed release | 7262012 | 11.8% | 10.8% | 40.8% | 26.6% | 292.2% |
| NDA022519 | DUEXIS | famotidine | tablet | 4232011 | 2.6% | -6.2% | 21.7% | 67.7% | 488.5% |
| BLA125293 | KRYSTEXXA | pegloticase | injectable | 9142010 | 17.4% | 31.8% | 21.8% | 94.3% | 627.0% |
| NDA022511 | VIMOVO | esomeprazole magnesium | tablet, delayed release | 4302010 | 1.9% | 16.6% | 26.2% | 67.1% | 642.7% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA213491 | PROCYSBI | cysteamine bitartrate | granule, delayed release | 2142020 | -48.4% | -32.1% | 5.9% | 29.9% | 50.5% |
| BLA761143 | TEPEZZA | teprotumumab-trbw | injectable | 1212020 | -46.7% | -43.8% | -2.0% | 30.4% | 41.2% |
| NDA204623 | PENNSAID | diclofenac sodium | solution | 1162014 | -5.2% | -11.1% | 6.3% | 16.8% | 181.0% |
| NDA203389 | PROCYSBI | cysteamine bitartrate | capsule, delayed release | 4302013 | 22.8% | 19.5% | 6.1% | 26.7% | 248.7% |
| NDA203284 | RAVICTI | glycerol phenylbutyrate | liquid | 2012013 | -3.5% | 19.6% | 14.1% | 17.2% | 238.5% |
| NDA202020 | RAYOS | prednisone | tablet, delayed release | 7262012 | 11.8% | 10.8% | 40.8% | 26.6% | 292.2% |
| NDA022519 | DUEXIS | famotidine | tablet | 4232011 | 2.6% | -6.2% | 21.7% | 67.7% | 488.5% |
| BLA125293 | KRYSTEXXA | pegloticase | injectable | 9142010 | 17.4% | 31.8% | 21.8% | 94.3% | 627.0% |
| NDA022511 | VIMOVO | esomeprazole magnesium | tablet, delayed release | 4302010 | 1.9% | 16.6% | 26.2% | 67.1% | 642.7% |
Price Behavior
| Market Price | $19.55 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 01/09/2002 | |
| Distance from 52W High | -6.0% | |
| 50 Days | 200 Days | |
| DMA Price | $20.00 | $17.84 |
| DMA Trend | up | up |
| Distance from DMA | -2.3% | 9.6% |
| 3M | 1YR | |
| Volatility | 21.5% | 26.1% |
| Downside Capture | 18.29 | 64.74 |
| Upside Capture | 49.10 | 81.32 |
| Correlation (SPY) | 2.9% | 33.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.28 | -0.05 | 0.12 | 0.51 | 0.75 | 0.97 |
| Up Beta | -0.68 | -0.97 | -0.50 | 0.16 | 0.70 | 0.90 |
| Down Beta | -0.06 | -0.08 | -0.08 | 0.22 | 0.55 | 0.90 |
| Up Capture | 92% | 59% | 64% | 84% | 91% | 122% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 25 | 36 | 73 | 131 | 371 |
| Down Capture | 45% | -10% | 12% | 65% | 81% | 101% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 18 | 27 | 52 | 117 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HBNC | |
|---|---|---|---|---|
| HBNC | 26.4% | 26.8% | 0.85 | - |
| Sector ETF (XLF) | 10.1% | 14.6% | 0.44 | 56.1% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 33.2% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | -1.7% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -24.5% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 39.0% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 16.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HBNC | |
|---|---|---|---|---|
| HBNC | 5.9% | 35.4% | 0.23 | - |
| Sector ETF (XLF) | 10.1% | 18.4% | 0.41 | 57.5% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 42.9% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | -2.4% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 4.6% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 44.3% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HBNC | |
|---|---|---|---|---|
| HBNC | 8.4% | 36.8% | 0.33 | - |
| Sector ETF (XLF) | 13.5% | 22.0% | 0.56 | 68.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 52.0% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | -3.8% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 16.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 51.0% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | -0.8% | 2.3% | -3.1% |
| 4/22/2026 | 1.4% | 2.1% | 5.0% |
| 1/21/2026 | 2.1% | -5.4% | -0.9% |
| 10/22/2025 | -2.3% | -0.7% | -1.5% |
| 7/23/2025 | -3.0% | -1.2% | -5.0% |
| 4/23/2025 | 4.6% | 3.5% | 4.3% |
| 1/22/2025 | 4.7% | 8.0% | 6.8% |
| 10/23/2024 | 6.0% | 8.3% | 21.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 12 |
| # Negative | 9 | 10 | 12 |
| Median Positive | 2.3% | 3.9% | 7.5% |
| Median Negative | -3.0% | -3.9% | -4.0% |
| Max Positive | 8.0% | 8.3% | 21.0% |
| Max Negative | -19.6% | -24.9% | -18.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | -0.8% | 2.3% | -3.1% |
| 4/22/2026 | 1.4% | 2.1% | 5.0% |
| 1/21/2026 | 2.1% | -5.4% | -0.9% |
| 10/22/2025 | -2.3% | -0.7% | -1.5% |
| 7/23/2025 | -3.0% | -1.2% | -5.0% |
| 4/23/2025 | 4.6% | 3.5% | 4.3% |
| 1/22/2025 | 4.7% | 8.0% | 6.8% |
| 10/23/2024 | 6.0% | 8.3% | 21.0% |
| 7/24/2024 | 8.0% | 5.8% | -1.2% |
| 4/24/2024 | -2.7% | -0.1% | 0.5% |
| 1/24/2024 | -3.3% | -7.4% | -14.5% |
| 10/25/2023 | -0.2% | -2.4% | 14.9% |
| 7/26/2023 | 2.3% | 0.7% | -9.4% |
| 4/26/2023 | 3.6% | -10.9% | -9.3% |
| 1/25/2023 | -4.7% | 3.5% | -0.7% |
| 10/26/2022 | -19.6% | -24.9% | -18.5% |
| 7/27/2022 | 0.0% | 1.8% | 5.5% |
| 4/27/2022 | 1.3% | 1.1% | -2.3% |
| 1/26/2022 | -4.5% | -5.9% | -7.5% |
| 10/27/2021 | 0.7% | 7.8% | 8.2% |
| 7/27/2021 | 4.1% | 4.7% | 11.4% |
| 4/28/2021 | 0.8% | -1.0% | 0.7% |
| 1/27/2021 | 2.3% | 4.2% | 11.6% |
| 10/29/2020 | 1.7% | 4.2% | 17.3% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 12 |
| # Negative | 9 | 10 | 12 |
| Median Positive | 2.3% | 3.9% | 7.5% |
| Median Negative | -3.0% | -3.9% | -4.0% |
| Max Positive | 8.0% | 8.3% | 21.0% |
| Max Negative | -19.6% | -24.9% | -18.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/15/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/15/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/09/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 7/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Deruiter, Kathie A | Executive Vice President | Direct | Sell | 7292026 | 20.19 | 8,000 | 161,520 | 1,016,486 | Form |
| 2 | Walker, Brian C | Direct | Buy | 4292026 | 18.36 | 1,306 | 23,978 | 125,399 | Form | |
| 3 | Magnesen, Larry S | Direct | Buy | 11252025 | 16.41 | 4,000 | 65,640 | 119,169 | Form | |
| 4 | Samuels, Michele Annette | Direct | Buy | 8252025 | 14.50 | 1,724 | 24,998 | 72,297 | Form | |
| 5 | Blackhurst, Eric P | Direct | Buy | 8252025 | 14.50 | 1,724 | 24,998 | 381,321 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Deruiter, Kathie A | Executive Vice President | Direct | Sell | 7292026 | 20.19 | 8,000 | 161,520 | 1,016,486 | Form |
| 2 | Walker, Brian C | Direct | Buy | 4292026 | 18.36 | 1,306 | 23,978 | 125,399 | Form | |
| 3 | Magnesen, Larry S | Direct | Buy | 11252025 | 16.41 | 4,000 | 65,640 | 119,169 | Form | |
| 4 | Samuels, Michele Annette | Direct | Buy | 8252025 | 14.50 | 1,724 | 24,998 | 72,297 | Form | |
| 5 | Blackhurst, Eric P | Direct | Buy | 8252025 | 14.50 | 1,724 | 24,998 | 381,321 | Form | |
| 6 | Prame, Thomas M | Chief Executive Officer | Direct | Buy | 8252025 | 14.50 | 1,034 | 14,993 | 689,054 | Form |
| 7 | Ahern, Kevin | Direct | Buy | 8252025 | 14.50 | 6,896 | 99,992 | 244,992 | Form | |
| 8 | Stewart, John R | EVP - Chief Financial Officer | Direct | Buy | 8252025 | 14.50 | 1,724 | 24,998 | 1,156,302 | Form |
Investor Activity (13F)
Updated Aug 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
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| The Banker |
| Banking Technology |
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| S&P Global Market Intelligence |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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