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Horizon Bancorp, Inc. logo

Horizon Bancorp, Inc.

HBNC

NASDAQFinancial ServicesBanks - Regional

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Previous close

$19.55

−$0.04 · -0.20%

Aug 21, 4:00 PM ET

HBNC company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

34

Expensive

Momentum

54

Neutral

Sentiment

58

Mixed

Risk resilience

74

Moderate Risk

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Thesis, catalysts, evidence, and risk analysis.

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AI-generated, informational only, and not investment advice.

Company profile

Company website

Horizon Bancorp, Inc. acts as the parent organization for Horizon Bank, overseeing the delivery of a full spectrum of commercial and retail banking services. The company provides a variety of deposit options and extends diverse loan products, including commercial, residential real estate, specialized mortgage warehouse, and consumer credit facilities. Furthermore, it offers corporate and individual trust and agency services, investment management, and real estate investment trust (REIT) solutions, alongside a selection of insurance offerings. With a footprint of 78 full-service branch locations, Horizon Bancorp serves customers across northern and central Indiana, and southern and central Michigan. This organization, which was founded in 1873, maintains its principal office in Michigan City, Indiana.

Industry
Banks - Regional
Sector
Financial Services
Headquarters
US
CEO
Thomas Prame
Listed since
Jan 9, 2002
Employees
478

Market position

Day range

Current $19.55

52-week range

Current $19.55

Open
$19.815
Previous close
$19.59
Volume
647.58K
1.19× average
Average volume
543.13K
Average daily volume
Market cap
1B USD
Beta
0.81
Market reference 1
50-day average
$20.0476
-2.48% below average
200-day average
$18.0645
+8.22% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
1.2B USD
P/E (TTM)
-6.19×
P/B (TTM)
1.38×
P/S (TTM)
10.52×
EV / EBITDA
-6.41×
Earnings yield
-17.41%
Free cash flow yield
8.59%
Dividend yield
3.27%

Profitability & efficiency

Gross margin
-12.57%
Operating margin
-197.96%
Net margin
-150.89%
Return on equity
-21.86%
Return on assets
-2.34%
Return on invested capital
-41.97%

Financial health

Debt / equity
0.52×
Current ratio
1.14×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends122%7%-107%-222%Gross margin, FY2021: 93.42%Gross margin, FY2022: 87.52%Gross margin, FY2023: 56.46%Gross margin, FY2024: 51.24%Gross margin, FY2025: -29.46%Operating margin, FY2021: 41.55%Operating margin, FY2022: 37.97%Operating margin, FY2023: 12.21%Operating margin, FY2024: 7.70%Operating margin, FY2025: -193.40%Net margin, FY2021: 35.32%Net margin, FY2022: 33.59%Net margin, FY2023: 8.76%Net margin, FY2024: 9.97%Net margin, FY2025: -145.86%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 93.42%. Gross margin FY2022 87.52%. Gross margin FY2023 56.46%. Gross margin FY2024 51.24%. Gross margin FY2025 -29.46%. Operating margin FY2021 41.55%. Operating margin FY2022 37.97%. Operating margin FY2023 12.21%. Operating margin FY2024 7.70%. Operating margin FY2025 -193.40%. Net margin FY2021 35.32%. Net margin FY2022 33.59%. Net margin FY2023 8.76%. Net margin FY2024 9.97%. Net margin FY2025 -145.86%.

Income trends

Revenue

103.17M USD-70.97%

Operating income

−199.53M USD−226.88M USD

Net income

−150.48M USD−185.91M USD
Income trends across reported periods410.87M USD188.91M USD−33.05M USD−255.02M USDRevenue, FY2021: 246.57M USDRevenue, FY2022: 278.07M USDRevenue, FY2023: 319.32M USDRevenue, FY2024: 355.38M USDRevenue, FY2025: 103.17M USDOperating income, FY2021: 102.45M USDOperating income, FY2022: 105.58M USDOperating income, FY2023: 39M USDOperating income, FY2024: 27.35M USDOperating income, FY2025: −199.53M USDNet income, FY2021: 87.09M USDNet income, FY2022: 93.41M USDNet income, FY2023: 27.98M USDNet income, FY2024: 35.43M USDNet income, FY2025: −150.48M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 246.57M USD. Revenue FY2022 278.07M USD. Revenue FY2023 319.32M USD. Revenue FY2024 355.38M USD. Revenue FY2025 103.17M USD. Operating income FY2021 102.45M USD. Operating income FY2022 105.58M USD. Operating income FY2023 39M USD. Operating income FY2024 27.35M USD. Operating income FY2025 −199.53M USD. Net income FY2021 87.09M USD. Net income FY2022 93.41M USD. Net income FY2023 27.98M USD. Net income FY2024 35.43M USD. Net income FY2025 −150.48M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue103.17M USD355.38M USD319.32M USD278.07M USD246.57M USD
Cost of goods sold133.56M USD173.27M USD139.02M USD34.7M USD16.22M USD
Gross profit−30.39M USD182.11M USD180.3M USD243.37M USD230.35M USD
Selling, general, and administrative108.42M USD93.28M USD84.69M USD82.84M USD76.43M USD
Operating expenses169.13M USD154.76M USD141.3M USD137.79M USD127.9M USD
Interest income362.78M USD356.48M USD312.31M USD236.03M USD194.11M USD
Interest expense133.29M USD167.88M USD136.56M USD36.52M USD18.31M USD
Depreciation and amortization11.91M USD12.3M USD11.97M USD13.1M USD13.88M USD
Operating income−199.53M USD27.35M USD39M USD105.58M USD102.45M USD
Net income−150.48M USD35.43M USD27.98M USD93.41M USD87.09M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
73%
8 beats, 3 misses, 0 met estimates
Average EPS surprise
+3.52%
11 comparable reports
Latest EPS result
0.49
Estimate 0.51 · Miss by 3.92%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.580.470.370.26Q1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Jan 22, 2025: actual 0.36, estimate 0.39, surprise -7.69%, Miss. Q2 2025, reported Apr 23, 2025: actual 0.54, estimate 0.4, surprise +35.00%, Beat. Q3 2025, reported Jul 23, 2025: actual 0.47, estimate 0.44, surprise +6.82%, Beat. Q4 2025, reported Oct 22, 2025: actual 0.3, estimate 0.46, surprise -34.78%, Miss. Q1 2026, reported Jan 21, 2026: actual 0.53, estimate 0.5, surprise +6.00%, Beat. Q2 2026, reported Apr 22, 2026: actual 0.51, estimate 0.48, surprise +6.25%, Beat. Q3 2026, reported Jul 22, 2026: actual 0.49, estimate 0.51, surprise -3.92%, Miss. Q4 2026, reported Oct 28, 2026: actual —, estimate 0.53, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates81.11M73.97M66.83M59.69MQ1 '25BeatQ2 '25BeatQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26MissQ3 '26MissQ4 '26Estimate
Q1 2025, reported Jan 22, 2025: actual 63.31M USD, estimate 62.81M USD, surprise +0.80%, Beat. Q2 2025, reported Apr 23, 2025: actual 68.08M USD, estimate 64.5M USD, surprise +5.55%, Beat. Q3 2025, reported Jul 23, 2025: actual 65.04M USD, estimate 67.7M USD, surprise -3.92%, Miss. Q4 2025, reported Oct 22, 2025: actual 68.74M USD, estimate 69.51M USD, surprise -1.11%, Miss. Q1 2026, reported Jan 21, 2026: actual 74.94M USD, estimate 74.35M USD, surprise +0.79%, Beat. Q2 2026, reported Apr 22, 2026: actual 73.48M USD, estimate 73.97M USD, surprise -0.66%, Miss. Q3 2026, reported Jul 22, 2026: actual 75.5M USD, estimate 76.56M USD, surprise -1.37%, Miss. Q4 2026, reported Oct 28, 2026: actual —, estimate 77.99M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$21.50

9.97% upside
Past 12 months12-month forecastHigh $23.00Average $21.50Low $20.00

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ETFs holding HBNC

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
32.5M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
26.15M
Weight
0.03%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
12.22M
Weight
0.01%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
iShares Russell 2000 Value ETF logoiShares Russell 2000 Value ETFIWN
Market value
9.56M
Weight
0.07%
AUM
14.66B USD
Expense ratio
0.24%
Price / 1D
$224.81+0.45%
State Street SPDR S&P Regional Banking ETF logoState Street SPDR S&P Regional Banking ETFKRE
Market value
8.22M
Weight
0.20%
AUM
4.06B USD
Expense ratio
0.35%
Price / 1D
$74.86+0.20%
Vanguard Russell 2000 ETF logoVanguard Russell 2000 ETFVTWO
Market value
5.88M
Weight
0.03%
AUM
17.4B USD
Expense ratio
0.06%
Price / 1D
$121.25+0.74%
First Trust Dow Jones Select MicroCap Index Fund logoFirst Trust Dow Jones Select MicroCap Index FundFDM
Market value
5.42M
Weight
1.29%
AUM
423.22M USD
Expense ratio
0.65%
Price / 1D
$92.96+0.50%
Schwab U.S. Small-Cap ETF logoSchwab U.S. Small-Cap ETFSCHA
Market value
4.85M
Weight
0.02%
AUM
23.1B USD
Expense ratio
0.03%
Price / 1D
$34.83+0.52%

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