(HBNC) Horizon Bancorp - Overview

Sector: Financial Services | Industry: Banks - Regional | Exchange: NASDAQ (USA) | Market Cap: 941m USD | Total Return: 28.9% in 12m

Commercial Loans, Mortgages, Checking Accounts, Trust Services
Total Rating 34
Safety 47
Buy Signal -0.31
Banks - Regional
Industry Rotation: +1.2
Market Cap: 941M
Avg Turnover: 4.86M
Risk 3d forecast
Volatility27.8%
VaR 5th Pctl4.33%
VaR vs Median-5.54%
Reward TTM
Sharpe Ratio0.85
Rel. Str. IBD64.7
Rel. Str. Peer Group66.9
Character TTM
Beta1.004
Beta Downside1.195
Hurst Exponent0.500
Drawdowns 3y
Max DD29.61%
CAGR/Max DD1.08
CAGR/Mean DD3.06
EPS (Earnings per Share) EPS (Earnings per Share) of HBNC over the last years for every Quarter: "2021-03": 0.46, "2021-06": 0.5, "2021-09": 0.52, "2021-12": 0.53, "2022-03": 0.54, "2022-06": 0.57, "2022-09": 0.55, "2022-12": 0.48, "2023-03": 0.42, "2023-06": 0.43, "2023-09": 0.37, "2023-12": 0.33, "2024-03": 0.32, "2024-06": 0.32, "2024-09": 0.41, "2024-12": 0.65, "2025-03": 0.54, "2025-06": 0.47, "2025-09": 1.6305, "2025-12": 0.525, "2026-03": 0.51,
EPS CAGR: 31.46%
EPS Trend: 75.4%
Last SUE: 0.08
Qual. Beats: 0
Revenue Revenue of HBNC over the last years for every Quarter: 2021-03: 58.64, 2021-06: 59.52, 2021-09: 64.267, 2021-12: 64.143, 2022-03: 63.692, 2022-06: 67.509, 2022-09: 70.292, 2022-12: 76.58, 2023-03: 80.3, 2023-06: 86.468, 2023-09: 90.835, 2023-12: 61.72, 2024-03: 94.474, 2024-06: 96.428, 2024-09: 101.365, 2024-12: 63.111, 2025-03: 104.985, 2025-06: 101.166, 2025-09: -203.735, 2025-12: 100.751, 2026-03: 97.894,
Rev. CAGR: -37.81%
Rev. Trend: -67.6%
Last SUE: 0.18
Qual. Beats: 0

Warnings

Share dilution 16.6% YoY

Tailwinds

No distinct edge detected

Description: HBNC Horizon Bancorp

Horizon Bancorp, Inc. (HBNC) is a bank holding company headquartered in Michigan City, Indiana. Established in 1873, the firm operates Horizon Bank, providing comprehensive commercial and retail banking services across Indiana and Michigan. Its portfolio includes traditional deposit products, residential and commercial real estate lending, mortgage warehousing, and equipment finance solutions.

The company operates within the Regional Banks sub-industry, a sector characterized by a focus on localized economic conditions and relationship-based lending. Regional banks typically generate a significant portion of their revenue from the net interest margin, which is the spread between interest earned on loans and interest paid on deposits. In addition to core banking, Horizon Bancorp maintains diversified revenue streams through wealth management, trust services, and insurance product sales.

Investors can find deeper insights into these financial metrics and valuation trends at ValueRay. Horizon Bancorp further supports its corporate and individual clients through treasury management, electronic payment processing, and retirement planning services.

Headlines to Watch Out For
  • Net interest margin performance hinges on Federal Reserve monetary policy shifts
  • Commercial and industrial loan growth across Indiana and Michigan markets
  • Mortgage warehouse lending volume fluctuates with national residential housing demand
  • Expense management initiatives target improved efficiency ratios and operating leverage
  • Asset quality stability remains critical amid regional economic and credit cycles
Piotroski VR-10 (Strict) 0.5
Net Income: -148.3m TTM > 0 and > 6% of Revenue
FCF/TA: 0.01 > 0.02 and ΔFCF/TA 1.10 > 1.0
NWC/Revenue: 32.65% < 20% (prev -1.52k%; Δ 1.55k% < -1%)
CFO/TA 0.01 > 3% & CFO 84.7m > Net Income -148.3m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 1.48 > 1.5 & < 3
Outstanding Shares: last quarter (51.2m) vs 12m ago 16.58% < -2%
Gross Margin: -24.98% > 18% (prev 0.54%; Δ -2.55k% > 0.5%)
Asset Turnover: 1.35% > 50% (prev 4.80%; Δ -3.44% > 0%)
Interest Coverage Ratio: -1.62 > 6 (EBITDA TTM -182.4m / Interest Expense TTM 120.8m)
Altman Z'' 0.02
A: 0.00 (Total Current Assets 97.4m - Total Current Liabilities 66.0m) / Total Assets 6.56b
B: 0.04 (Retained Earnings 272.9m / Total Assets 6.56b)
C: -0.03 (EBIT TTM -195.3m / Avg Total Assets 7.09b)
D: 0.04 (Book Value of Equity 239.2m / Total Liabilities 5.87b)
Altman-Z'' = 0.02 = B
Beneish M -2.05
DSRI: 2.86 (Receivables 29.0m/38.7m, Revenue 96.1m/365.9m)
GMI: 1.00 (fallback, negative margins)
AQI: 1.01 (AQ_t 0.97 / AQ_t-1 0.96)
SGI: 0.26 (Revenue 96.1m / 365.9m)
TATA: -0.04 (NI -148.3m - CFO 84.7m) / TA 6.56b)
Beneish M = -2.05 (Cap -4..+1) = BB
What is the price of HBNC shares?

As of May 24, 2026, the stock is trading at USD 18.42 with a total of 272,425 shares traded.
Over the past week, the price has changed by +4.20%, over one month by +4.50%, over three months by +9.63% and over the past year by +28.94%.

Is HBNC a buy, sell or hold?

Horizon Bancorp has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy HBNC.

  • StrongBuy: 3
  • Buy: 0
  • Hold: 3
  • Sell: 0
  • StrongSell: 0

What are the forecasts/targets for the HBNC price?
Analysts Target Price 21.2 15.1%
Horizon Bancorp (HBNC) - Fundamental Data Overview as of 22 May 2026
P/E Forward = 11.0497
P/S = 3.7581
P/B = 1.3159
P/EG = 0.804
Revenue TTM = 96.1m USD
EBIT TTM = -195.3m USD
EBITDA TTM = -182.4m USD
Long Term Debt = 315.8m USD (from longTermDebt, last quarter)
Short Term Debt = 66.0m USD (from shortTermDebt, last quarter)
Debt = 381.8m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 313.5m USD (calculated: Debt 381.8m - CCE 68.4m)
Enterprise Value = 1.25b USD (940.9m + Debt 381.8m - CCE 68.4m)
Interest Coverage Ratio = -1.62 (Ebit TTM -195.3m / Interest Expense TTM 120.8m)
EV/FCF = 15.50x (Enterprise Value 1.25b / FCF TTM 80.9m)
FCF Yield = 6.45% (FCF TTM 80.9m / Enterprise Value 1.25b)
FCF Margin = 84.23% (FCF TTM 80.9m / Revenue TTM 96.1m)
Net Margin = -154.3% (Net Income TTM -148.3m / Revenue TTM 96.1m)
Gross Margin = -24.98% ((Revenue TTM 96.1m - Cost of Revenue TTM 120.1m) / Revenue TTM)
Gross Margin QoQ = 74.66% (prev 74.38%)
Tobins Q-Ratio = 0.19 (Enterprise Value 1.25b / Total Assets 6.56b)
Interest Expense / Debt = 31.64% (Interest Expense 120.8m / Debt 381.8m)
Taxrate = 19.10% (6.18m / 32.3m)
NOPAT = -158.0m (EBIT -195.3m * (1 - 19.10%)) [loss with tax shield]
Current Ratio = 1.48 (Total Current Assets 97.4m / Total Current Liabilities 66.0m)
Debt / Equity = 0.55 (Debt 381.8m / totalStockholderEquity, last quarter 699.0m)
 Debt / EBITDA = -1.72 (negative EBITDA) (Net Debt 313.5m / EBITDA -182.4m)
 Debt / FCF = 3.87 (Net Debt 313.5m / FCF TTM 80.9m)
Total Stockholder Equity = 709.7m (last 4 quarters mean from totalStockholderEquity)
RoA = -2.09% (Net Income -148.3m / Total Assets 6.56b)
RoE = -20.89% (Net Income TTM -148.3m / Total Stockholder Equity 709.7m)
RoCE = -19.04% (EBIT -195.3m / Capital Employed (Equity 709.7m + L.T.Debt 315.8m))
 RoIC = -2.43% (negative operating profit) (NOPAT -158.0m / Invested Capital 6.50b)
 WACC = 14.15% (E(940.9m)/V(1.32b) * Re(9.51%) + D(381.8m)/V(1.32b) * Rd(31.64%) * (1-Tc(0.19)))
Discount Rate = 9.51% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 68.89 | Cagr: 7.39%
[DCF] Terminal Value 61.53% ; FCFF base≈52.6m ; Y1≈60.3m ; Y5≈88.7m
[DCF] Fair Price = 6.64 (EV 654.1m - Net Debt 313.5m = Equity 340.6m / Shares 51.3m; r=14.15% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 75.36 | EPS CAGR: 31.46% | SUE: 0.08 | # QB: 0
Revenue Correlation: -67.64 | Revenue CAGR: -37.81% | SUE: 0.18 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.51 | Chg30d=+1.65% | Revisions=+33% | Analysts=5
EPS next Quarter (2026-09-30): EPS=0.53 | Chg30d=+0.75% | Revisions=+0% | Analysts=5
EPS current Year (2026-12-31): EPS=2.10 | Chg30d=+2.44% | Revisions=+56% | GrowthEPS=-33.6% | GrowthRev=+8.7%
EPS next Year (2027-12-31): EPS=2.22 | Chg30d=+1.37% | Revisions=+20% | GrowthEPS=+5.7% | GrowthRev=+5.4%
[Analyst] Revisions Ratio: +56%