Horizon Bancorp, Inc. is an independent, commercial bank holding company serving northern and central Indiana, and southern and central Michigan through its commercial banking subsidiary, Horizon Bank.

Company profile
Ticker
HBNC
Exchange
Website
CEO
Craig Dwight
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
Former names
HORIZON BANCORP /IN/
SEC CIK
Corporate docs
Subsidiaries
HORIZON BANCORP, INC. • Horizon Risk Management, Inc. • Horizon Insurance Services, Inc. • Horizon Investments, Inc. • Horizon Properties, Inc. • Wolverine Commercial Holdings, LLC ...
IRS number
351562417
HBNC stock data
News
Raymond James Maintains Outperform on Horizon Bancorp, Raises Price Target to $23
29 Jul 22
Horizon Bancorp Q2 EPS $0.57 Beats $0.52 Estimate
27 Jul 22
Earnings Scheduled For July 27, 2022
27 Jul 22
Horizon Bancorp's Earnings: A Preview
26 Jul 22
Benzinga's Top Ratings Upgrades, Downgrades For July 7, 2022
7 Jul 22
Press releases
Horizon Bancorp, Inc. Announces the Appointment of Banking Industry Leader Thomas Prame as President
2 Aug 22
Horizon Bancorp, Inc. Reports Record Second Quarter 2022 EPS of $0.57
27 Jul 22
Horizon Bancorp, Inc. Announces Earnings Conference Call to Review Second Quarter 2022 Results on July 28
30 Jun 22
Horizon Bancorp, Inc. Increases Quarterly Dividend by 6.67% to $0.16 per Share
24 Jun 22
Horizon Bancorp, Inc. Elects New Lead Director
24 Jun 22
Analyst ratings and price targets
Investment data
Securities sold
Number of investors
Calendar
8 Aug 22
12 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jun 22 | Mar 22 | Dec 21 | Sep 21 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
---|---|---|---|---|---|
Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 108.85M | 108.85M | 108.85M | 108.85M | 108.85M | 108.85M |
Cash burn (monthly) | 4.04M | 16.28M | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | 5.8M | 23.38M | n/a | n/a | n/a | n/a |
Cash remaining | 103.05M | 85.47M | n/a | n/a | n/a | n/a |
Runway (months of cash) | 25.5 | 5.3 | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
8 Aug 22 | Michele M. Magnuson | Common Stock | Gift | Dispose G | Yes | No | 0 | 6,400 | 0 | 36,461 |
31 Mar 22 | Neff James D | Common Stock | Sale back to company | Dispose D | No | No | 0 | 4,800 | 0 | 146,410 |
28 Mar 22 | Lynn Kerber | Common Stock | Payment of exercise | Dispose F | No | No | 20.45 | 561 | 11.47K | 13,689 |
28 Mar 22 | Todd A. Etzler | Common Stock | Payment of exercise | Dispose F | No | No | 20.45 | 1,329 | 27.18K | 10,197 |
21 Mar 22 | Neff James D | Common Stock | Option exercise | Acquire M | No | No | 16.74 | 2,040 | 34.15K | 151,210 |
21 Mar 22 | Neff James D | Stock Options Common Stock | Option exercise | Dispose M | No | No | 16.74 | 2,040 | 34.15K | 4,079 |
Institutional ownership, Q1 2022
13F holders | Current |
---|---|
Total holders | 0 |
Opened positions | 0 |
Closed positions | 0 |
Increased positions | 0 |
Reduced positions | 0 |
13F shares | Current |
---|---|
Total value | 0 |
Total shares | 0 |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|
Financial report summary
?Risks
- The COVID–19 pandemic has and may continue to impact our business and financial results, and the ultimate impact will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities in response to the pandemic.
- An economic slowdown in our primary market areas could affect our business.
- We face intense competition in all phases of our business from other banks, financial institutions and non–banks.
- Changes in interest rates could adversely affect our financial condition and results of operations.
- We may need to raise additional capital in the future, and such capital may not be available when needed or at all.
- Our commercial, residential mortgage and consumer loans expose us to increased credit risks.
- Our holdings of construction, land and home equity loans may pose more credit risk than other types of mortgage loans.
- The allowance for credit losses on loans may prove inadequate or be negatively affected by credit risk exposures.
- Our mortgage warehouse and indirect lending operations are subject to a higher fraud risk than our other lending operations.
- Our mortgage lending profitability could be significantly reduced if we are not able to resell mortgages at a reasonable gain on sale or experience other problems with the secondary market process.
- Our mortgage lending profitability could be significantly reduced as changes in interest rates could affect mortgage origination volume and pricing for selling mortgages on the secondary market.
- We may be exposed to risk of environmental liabilities with respect to real property to which we take title.
- We are exposed to intangible asset risk in that our goodwill may become impaired.
- Our prior role as a trustee for employee stock ownership plans (“ESOPs”) may expose us to increased risk of litigation due to heightened scrutiny of this role by the U.S. Department of Labor and the plaintiffs’ bar.
- We may be adversely impacted by the discontinuance of LIBOR as a short–term interest rate utilized for loans and other financing agreements.
- The preparation of our financial statements requires the use of estimates that may vary from actual results.
- Our information systems may experience cyber–attacks or an interruption or breach in security. Our cybersecurity systems could be inadequate or fail.
- We continually encounter technological changes.
- We rely on other companies to provide key components of our business infrastructure.
- The loss of key members of our senior management team and our lending teams could affect our ability to operate effectively.
- Potential acquisitions may disrupt our business and dilute stockholder value.
- The soundness of other financial institutions could adversely affect us.
- Our inability to continue to process large volumes of transactions accurately could adversely impact our business and financial results.
- Acts of terrorism or war, as well as the threat of terrorism or war, may adversely affect our results of operations, financial condition, and liquidity.
- Because our stock is moderately traded, it may be more difficult for you to sell your shares or buy additional shares when you desire to do so and the price may be volatile.
- Provisions in our articles of incorporation, our by–laws, and Indiana law may delay or prevent an acquisition of us by a third party.
Management Discussion
- •Net income grew to a record $24.9 million, up 5.5% from the linked quarter and 12.1% from the prior year period. Diluted earnings per share (“EPS”) of $0.57 was up from $0.54 for the first quarter of 2022 and $0.50 for the second quarter of 2021.
- •Pre–tax, pre–provision net income grew to $29.1 million, up 13.1% from the linked quarter and 18.9% from the prior year period. This non–GAAP financial measure is utilized by banks to provide a greater understanding of pre–tax profitability before giving effect to credit loss expense. (See the “Non–GAAP Reconciliation of Pre–Tax, Pre–Provision Net Income” table below.) Horizon recorded a provision expense of $240,000 in the quarter compared to a provision release of $1.4 million in the linked quarter, and a provision release of $1.5 million in the prior year period.
- •Reported net interest margin (“NIM”) was 3.19% and adjusted NIM was 3.12%, with reported NIM increasing by 20 basis points and adjusted NIM increasing by 19 basis points from the first quarter of 2022. (See the “Non-GAAP Reconciliation of Net Interest Margin” table below for the definition of this non–GAAP calculation of adjusted NIM.)
Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
8th grade Bad
|
New words:
AFS, beta, deflation, HTM, labeled, lagged
Removed:
combined, community, compressed, declined, depository, finalized, improvement, institution, occupancy, opt, qualified, qualifying, runoff, simplify, strategic
Financial reports
Current reports
8-K
Horizon Bancorp, Inc. Announces the Appointment of Banking Industry Leader Thomas Prame as President
2 Aug 22
8-K
Horizon Bancorp, Inc. Reports Record Second Quarter 2022 EPS of $0.57
27 Jul 22
8-K
Horizon Bancorp, Inc. Announces Earnings Conference Call
30 Jun 22
8-K
Horizon Bancorp, Inc. Increases Quarterly Dividend by 6.67% to $0.16 per Share
24 Jun 22
8-K
Departure of Directors or Certain Officers
24 Jun 22
8-K
Submission of Matters to a Vote of Security Holders
6 May 22
8-K
Results of Operations and Financial Condition
27 Apr 22
8-K
Horizon Bancorp, Inc. Announces Earnings Conference Call
31 Mar 22
8-K
Departure of Directors or Certain Officers
16 Mar 22
8-K
Departure of Directors or Certain Officers
26 Jan 22
Registration and prospectus
S-8 POS
Registration of securities for employees (post-effective amendment)
11 May 21
S-8
Registration of securities for employees
11 May 21
424B3
Prospectus supplement
23 Feb 21
424B5
Prospectus supplement for primary offering
19 Jun 20
FWP
Free writing prospectus
17 Jun 20
424B5
Prospectus supplement for primary offering
17 Jun 20
D
$102.72M in equity, sold $102.72M, 10 investors
5 Apr 19
424B3
Prospectus supplement
4 Apr 19
S-3
Shelf registration
26 Mar 19
Proxies
DEFA14A
Additional proxy soliciting materials
19 Mar 21
DEFA14A
Additional proxy soliciting materials
16 Apr 20
DEFA14A
Additional proxy soliciting materials
10 Apr 20
DEFA14A
Additional proxy soliciting materials
20 Mar 20
DEF 14A
Definitive proxy
15 Mar 19
DEFA14A
Additional proxy soliciting materials
15 Mar 19
DEFA14A
Additional proxy soliciting materials
26 Apr 18
Other
EFFECT
Notice of effectiveness
19 Jan 21
CORRESP
Correspondence with SEC
12 Jan 21
UPLOAD
Letter from SEC
11 Jan 21
EFFECT
Notice of effectiveness
5 Apr 19
UPLOAD
Letter from SEC
3 Apr 19
CORRESP
Correspondence with SEC
2 Apr 19
EFFECT
Notice of effectiveness
31 Jan 18
CORRESP
Correspondence with SEC
29 Jan 18
UPLOAD
Letter from SEC
24 Jan 18
EFFECT
Notice of effectiveness
28 Aug 17
Ownership
4
HORIZON BANCORP / Michele M. Magnuson ownership change
9 Aug 22
4
HORIZON BANCORP / JAMES D NEFF ownership change
4 Apr 22
4
HORIZON BANCORP / Todd A. Etzler ownership change
29 Mar 22
4
HORIZON BANCORP / Lynn Kerber ownership change
29 Mar 22
4
HORIZON BANCORP / JAMES D NEFF ownership change
23 Mar 22
4
HORIZON BANCORP / Dennis Kuhn ownership change
17 Mar 22
4
HORIZON BANCORP / CRAIG M DWIGHT ownership change
17 Mar 22
4
HORIZON BANCORP / MARK E SECOR ownership change
17 Mar 22
4
HORIZON BANCORP / Todd A. Etzler ownership change
17 Mar 22
4
HORIZON BANCORP / Kathie A DeRuiter ownership change
17 Mar 22
Transcripts
2022 Q2
Earnings call transcript
31 Jul 22
2022 Q1
Earnings call transcript
28 Apr 22
2021 Q4
Earnings call transcript
27 Jan 22
2021 Q3
Earnings call transcript
1 Nov 21
2021 Q2
Earnings call transcript
1 Aug 21
2021 Q1
Earnings call transcript
3 May 21
2020 Q4
Earnings call transcript
28 Jan 21
2020 Q2
Earnings call transcript
2 Aug 20
2020 Q1
Earnings call transcript
2 May 20
Reddit threads
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26 Jul 22
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Daily Discussion Thread - July 7th, 2022
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27 May 22
Daily Discussion Thread - April 27th, 2022
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26 Apr 22