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Horizon Bancorp Inc (HBNC)

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
CEO
Craig Dwight
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
HORIZON BANCORP /IN/
SEC CIK
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

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

8 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
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

Beta Read what these cash burn values mean

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
13F holders Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Largest transactions Shares Bought/sold Change

Financial report summary

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Competition
NobleNoble
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

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
8th grade Bad
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