HORIZON BANCORP INC /IN/ HBNC
The disclosures in this Item 1 are qualified by the disclosures below in Item 1A, "Risk Factors," and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and in other cautionary statements set forth elsewhere in this Annual Report on Form 10–K.
Horizon Bancorp, Inc. ("Horizon" or the "Company") is a registered bank holding company incorporated in Indiana and headquartered in Michigan City, Indiana. Horizon provides a broad range of banking services in northern and central Indiana and southern and central Michigan through its bank subsidiary, Horizon Bank ("Horizon Bank" or the "Bank") and other affiliated entities. Horizon operates as a single segment, which is commercial banking. Horizon's common stock is traded on the NASDAQ Global Select Market under the symbol HBNC. Horizon Bank (formerly known as "Horizon Bank, N.A.") was founded in 1873 as a national association, and it remained a national association until its conversion to an Indiana commercial bank effective June 23, 2017. The Bank is a full–service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $362.8M | $356.5M | $312.3M | $236.0M | $194.1M | $200.0M | $208.3M | $166.2M | $128.5M | $106.5M |
| Interest expense | $229.5M | $188.6M | $175.7M | $199.5M | $18.3M | $34.4M | $47.5M | $31.6M | $16.4M | $20.5M |
| Pre-tax income | -$201.2M | $27.4M | $39.0M | $105.6M | $102.4M | $78.4M | $79.8M | $63.6M | $48.0M | $32.7M |
| Income tax | $50.7M | $8.1M | $11.0M | $12.2M | $15.4M | $9.9M | $13.3M | $10.4M | $14.8M | $8.8M |
| Net income | -$150.5M | $35.4M | $28.0M | $93.4M | $87.1M | $68.5M | $66.5M | $53.1M | $33.1M | $23.9M |
| EPS, basic | -3.24 | 0.81 | 0.64 | 2.14 | 1.99 | 1.56 | 1.53 | 1.39 | 0.96 | 0.80 |
| EPS, diluted | -3.24 | 0.80 | 0.64 | 2.14 | 1.98 | 1.55 | 1.53 | 1.38 | 0.95 | 0.79 |
| Shares, diluted (wtd. avg.) | $46.5M | $44.1M | $43.8M | $43.7M | $44.0M | $44.1M | $43.6M | $38.5M | $34.8M | $30.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $139.5M | $293.4M | $526.5M | $123.5M | $593.5M | $249.7M | $98.8M | $58.5M | $60.0M | $53.4M |
| Property, plant and equipment | $92.8M | $93.9M | $94.6M | $92.7M | $93.4M | $92.4M | $92.2M | $74.3M | $75.5M | $66.4M |
| Goodwill | $155.2M | $155.2M | $155.2M | $155.2M | $154.6M | $151.2M | $151.2M | $119.9M | $119.9M | $76.9M |
| Other intangibles | $7.2M | $10.2M | $13.6M | $17.2M | $20.9M | $23.0M | $26.7M | $10.4M | $12.4M | $9.4M |
| Total assets | $6.44B | $7.80B | $7.94B | $7.87B | $7.41B | $5.89B | $5.25B | $4.25B | $3.96B | $3.14B |
| Long-term debt | $248.6M | $1.23B | $1.35B | $1.14B | $712.7M | $475.0M | — | — | — | — |
| Total liabilities | $5.75B | $7.04B | $7.22B | $7.20B | $6.69B | $5.19B | $4.59B | $3.75B | $3.51B | $2.80B |
| Retained earnings | $255.0M | $436.1M | $429.0M | $429.4M | $363.7M | $301.4M | $269.7M | $224.0M | $185.6M | $164.2M |
| Total equity | $688.3M | $763.6M | $718.8M | $677.4M | $723.2M | $692.2M | $656.0M | $492.0M | $457.1M | $340.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $79.2M | $6.4M | $88.9M | $94.4M | $106.3M | $78.9M | $174.4M | $72.3M | $49.1M | $25.5M |
| Depreciation and amortisation | $10.3M | $10.3M | $10.9M | $10.8M | $9.8M | $9.4M | $9.7M | $6.8M | $5.9M | $5.3M |
| Stock-based compensation | $1.6M | $4.6M | $3.6M | $2.5M | $1.8M | $1.3M | $215.0K | $251.0K | $325.0K | $324.0K |
| Capital expenditure | $5.0M | $5.1M | $7.8M | $6.4M | $1.4M | $5.9M | $4.6M | $3.4M | $2.7M | $1.4M |
| Investing cash flow | $979.5M | -$52.8M | $329.5M | -$1.02B | -$344.9M | -$478.5M | -$94.1M | -$303.8M | -$278.9M | $222.3M |
| Financing cash flow | -$1.21B | -$186.7M | -$15.4M | $455.5M | $582.3M | $550.5M | -$39.9M | $230.0M | $236.4M | -$229.8M |
| Dividends paid | $29.5M | $28.3M | $28.3M | $27.8M | $24.8M | $21.2M | $20.8M | $15.4M | $11.7M | $8.4M |
| Buybacks | — | $0 | $0 | $0 | $7.6M | $19.6M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000706129-26-000024.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |