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Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that provides commercial and retail banking services to individuals and corporate clients in Indiana and Michigan in the United States. The company offers checking, savings, money market, certificates of deposit, and time deposit accounts, as well as non-interest and interest-bearing demand deposits. It also provides commercial loans, residential real estate loans, mortgage warehouse loans, and consumer loans; home equity loans and lines; auto loans; personal loans and lines; business loans and lines; SBA loans; public fund, medical practice, and franchise financing; and equipment finance solutions. In addition, the company offers corporate and individual trust and agency, investment management, and real estate investment trust services; debit and credit cards; treasury management; and remote deposit, merchant processing, online payment portal, lockbox, smart safe, ACH origination, online bill pay, wire transfer, and positive and reverse positive pay services, as well as sells various life insurance products. Further, it provides online and mobile banking; health savings accounts; wealth management, financial planning, investment management, and insurance services; retirement services, including individual retirement accounts (IRAs), business IRAs, and employee benefit plans; and estate planning and settlement services. Horizon Bancorp, Inc. was founded in 1873 and is headquartered in Michigan City, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $-31M | - | $-150M | $74M | -21.9% | -116.7% | -524.7% |
| 2024 | $187M | - | $35M | $1M | 4.6% | 2.6% | 26.6% |
| 2023 | $183M | - | $28M | $81M | 3.9% | -24.3% | -70.0% |
| 2022 | $242M | - | $93M | $88M | 13.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 241.56 | 182.76 | 187.50 | -31.31 |
| Pretax Income | 105.58 | 39 | 27.35 | -201.15 |
| Tax Provision | 12.18 | 11.02 | -8.08 | -50.67 |
| Net Income | 93.41 | 27.98 | 35.43 | -150.48 |
| Net Income Common Stockholders | 93.41 | 27.98 | 35.43 | -150.48 |
| Interest Expense | 36.52 | 136.56 | 167.88 | 133.29 |
| Interest Income | 236.03 | 312.31 | 356.48 | 362.78 |
| Selling General And Administration | 82.84 | 84.69 | 93.28 | 94.84 |
| Normalized Income | 93.41 | 27.98 | 35.43 | -150.25 |
| Basic EPS | 2.14 | 0.64 | 0.81 | 0 |
| Diluted EPS | 2.14 | 0.64 | 0.80 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | -0.08 |
| Tax Rate For Calcs | 0.12 | 0.28 | 0.21 | 0.25 |
| Total Unusual Items | 0 | 0 | 0 | -0.30 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | -0.30 |
| Net Income From Continuing Operation Net Minority Interest | 93.41 | 27.98 | 35.43 | -150.48 |
| Reconciled Depreciation | 13.10 | 11.97 | 12.30 | 12.40 |
| Net Interest Income | 199.52 | 175.74 | 188.60 | 229.48 |
| Net Income From Continuing And Discontinued Operation | 93.41 | 27.98 | 35.43 | -150.48 |
| Diluted Average Shares | 43.70 | 43.84 | 44.29 | 0 |
| Basic Average Shares | 43.57 | 43.62 | 43.74 | 0 |
| Diluted NI Availto Com Stockholders | 93.41 | 27.98 | 35.43 | -150.48 |
| Net Income Including Noncontrolling Interests | 93.41 | 27.98 | 35.43 | -150.48 |
| Net Income Continuous Operations | 93.41 | 27.98 | 35.43 | -150.48 |
| Special Income Charges | 0 | 0 | 0 | -0.30 |
| Restructuring And Mergern Acquisition | 0 | 0 | 0 | 0.30 |
| Gain On Sale Of Security | 0 | -32.05 | -39.14 | -299.54 |
| Depreciation Amortization Depletion Income Statement | 3.70 | 3.61 | 3.40 | 3.04 |
| Depreciation And Amortization In Income Statement | 3.70 | 3.61 | 3.40 | 3.04 |
| Amortization | 3.70 | 3.61 | 3.40 | 3.04 |
| Amortization Of Intangibles Income Statement | 3.70 | 3.61 | 3.40 | 3.04 |
| General And Administrative Expense | 82.84 | 84.69 | 93.28 | 94.84 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 2.56 | 3.88 | 5.03 | 5.10 |
| Salaries And Wages | 80.28 | 80.81 | 88.24 | 89.74 |
| Operating Revenue | 241.56 | 182.76 | 187.50 | -31.31 |
| Occupancy And Equipment | 13.32 | 13.36 | 13.38 | 13.87 |
| Professional Expense And Contract Services Expense | 12.69 | 12.59 | 17.30 | 16.87 |
| Other Non Interest Expense | 25.23 | 27.06 | 27.41 | 39.02 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Horizon Bancorp, Inc.this co. | HBNC | $914M | - | 1.31 | -21.9% | - |
| Equity Bancshares, Inc. | EQBK | $941M | 38.39 | 1.15 | 3.1% | - |
| MetroCity Bankshares, Inc. | MCBS | $916M | 11.50 | 1.69 | 12.6% | - |
| Esquire Financial Holdings, Inc. | ESQ | $910M | 17.75 | 2.87 | 17.5% | - |
| Abacus Global Management, Inc. | ABX | $902M |
| 26.06 |
| 2.18 |
| 8.7% |
| 11.09 |
| CNB Financial Corporation | CCNE | $899M | 10.57 | 1.09 | 7.6% | - |
| Business First Bancshares, Inc. | BFST | $879M | 9.55 | 0.96 | 9.8% | - |
| Mercantile Bank Corporation | MBWM | $876M | 9.08 | 1.19 | 12.2% | - |
| NB Bancorp, Inc. | NBBK | $876M | 14.28 | 0.95 | 5.9% | - |
| Peer Median | - | 12.89 | 1.17 | 9.3% | 11.09 | |