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Horizon Bancorp (IN) (HBNC) Financials

Horizon Bancorp (IN) logo
$15.20 +0.19 (+1.27%)
Closing price 04:00 PM Eastern
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$15.20 0.00 (0.00%)
As of 05:16 PM Eastern
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Annual Income Statements for Horizon Bancorp (IN)

Annual Income Statements for Horizon Bancorp (IN)

This table shows Horizon Bancorp (IN)'s income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 93 28 35
Consolidated Net Income / (Loss)		 93 28 35
Net Income / (Loss) Continuing Operations		 93 28 35
Total Pre-Tax Income 		106 39 27
Total Revenue		 247 188 192
Net Interest Income / (Expense)		 200 176 189
Total Interest Income		 236 312 356
Loans and Leases Interest Income		 174 245 291
Investment Securities Interest Income		 62 63 56
Other Interest Income		 0.31 4.97 9.68
Total Interest Expense		 37 137 168
Deposits Interest Expense		 18 86 115
Long-Term Debt Interest Expense		 19 51 53
Total Non-Interest Income		 47 12 2.97
Service Charges on Deposit Accounts		 12 12 13
Other Service Charges		 15 16 17
Net Realized & Unrealized Capital Gains on Investments		 12 -25 -33
Other Non-Interest Income		 8.62 8.79 6.69
Provision for Credit Losses		 -1.82 2.46 5.39
Total Non-Interest Expense		 143 146 159
Salaries and Employee Benefits		 80 81 88
Net Occupancy & Equipment Expense		 24 25 24
Property & Liability Insurance Claims		 2.56 3.88 5.03
Other Operating Expenses		 32 32 37
Amortization Expense		 3.70 3.61 3.40
Other Special Charges		 1.05 1.05 1.20
Income Tax Expense		 12 11 -8.08
Basic Earnings per Share		 $2.14 $0.64 $0.81
Weighted Average Basic Shares Outstanding		 43.58M 44.11M 44.01M
Diluted Earnings per Share		 $2.14 $0.64 $0.80
Weighted Average Diluted Shares Outstanding		 43.58M 44.11M 44.01M
Weighted Average Basic & Diluted Shares Outstanding		 43.58M 44.11M 44.01M
Cash Dividends to Common per Share		 $0.63 $0.64 $0.64

Quarterly Income Statements for Horizon Bancorp (IN)

This table shows Horizon Bancorp (IN)'s income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 24 21 18 19 16 -25 14 14 18 -11
Consolidated Net Income / (Loss)		 24 21 18 19 16 -25 14 14 18 -11
Net Income / (Loss) Continuing Operations		 24 21 18 19 16 -25 14 14 18 -11
Total Pre-Tax Income 		26 24 20 20 17 -19 15 16 18 -22
Total Revenue		 62 59 55 57 54 22 53 56 58 24
Net Interest Income / (Expense)		 52 49 45 46 42 42 43 45 47 53
Total Interest Income		 61 67 72 77 80 84 85 87 91 93
Loans and Leases Interest Income		 46 51 55 61 63 66 67 72 75 77
Investment Securities Interest Income		 16 16 16 16 16 15 14 14 14 13
Other Interest Income		 0.07 0.08 0.15 0.48 1.33 3.01 4.50 0.74 0.96 3.49
Total Interest Expense		 9.64 18 27 31 38 41 42 42 44 40
Deposits Interest Expense		 4.12 11 15 19 25 27 28 28 31 28
Long-Term Debt Interest Expense		 5.52 7.89 12 12 13 14 14 13 13 12
Total Non-Interest Income		 10 11 9.62 11 12 -20 9.93 10 12 -29
Service Charges on Deposit Accounts		 3.02 2.95 3.03 3.02 3.09 3.09 3.21 3.13 3.32 3.28
Other Service Charges		 3.35 3.87 3.34 4.05 4.27 4.35 4.04 4.32 4.41 3.82
Net Realized & Unrealized Capital Gains on Investments		 1.80 1.83 1.00 1.67 2.21 -30 1.07 1.35 2.03 -38
Other Non-Interest Income		 2.02 2.02 2.26 2.26 2.26 2.01 1.61 1.69 1.74 1.65
Provision for Credit Losses		 -0.60 -0.07 0.24 0.68 0.26 1.27 0.81 2.37 1.04 1.17
Total Non-Interest Expense		 37 36 35 36 36 39 37 38 39 45
Salaries and Employee Benefits		 21 20 19 20 20 22 20 21 22 26
Net Occupancy & Equipment Expense		 5.83 6.16 6.23 6.27 6.28 6.20 6.01 5.77 6.18 6.27
Property & Liability Insurance Claims		 0.67 0.39 0.54 0.84 1.30 1.20 1.32 1.32 1.20 1.19
Other Operating Expenses		 8.38 8.14 7.92 7.96 7.44 8.64 8.62 8.49 8.91 11
Amortization Expense		 0.93 0.93 0.90 0.90 0.90 0.90 0.87 0.84 0.84 0.84
Other Special Charges		 0.40 0.12 0.22 0.13 0.19 0.51 0.02 0.52 0.30 0.37
Income Tax Expense		 2.01 2.65 1.86 1.45 1.28 6.42 1.31 1.73 -0.08 -11
Basic Earnings per Share		 $0.55 $0.48 $0.42 $0.43 $0.37 ($0.58) $0.32 $0.32 $0.42 ($0.25)
Weighted Average Basic Shares Outstanding		 43.93M 43.58M 44.12M 44.11M 44.11M 44.11M 44.12M 43.71M 43.72M 44.01M
Diluted Earnings per Share		 $0.55 $0.48 $0.42 $0.43 $0.37 ($0.58) $0.32 $0.32 $0.41 ($0.25)
Weighted Average Diluted Shares Outstanding		 43.93M 43.58M 44.12M 44.11M 44.11M 44.11M 44.12M 43.71M 43.72M 44.01M
Weighted Average Basic & Diluted Shares Outstanding		 43.93M 43.58M 44.12M 44.11M 44.11M 44.11M 44.12M 43.71M 43.72M 44.01M

Annual Cash Flow Statements for Horizon Bancorp (IN)

This table details how cash moves in and out of Horizon Bancorp (IN)'s business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -470 403 -233
Net Cash From Operating Activities		 94 89 6.37
Net Cash From Continuing Operating Activities		 94 89 6.37
Net Income / (Loss) Continuing Operations		 93 28 35
Consolidated Net Income / (Loss)		 93 28 35
Provision For Loan Losses		 -1.82 2.46 5.39
Depreciation Expense		 11 11 10
Amortization Expense		 14 11 10
Non-Cash Adjustments to Reconcile Net Income		 218 170 458
Changes in Operating Assets and Liabilities, net		 -240 -133 -513
Net Cash From Investing Activities		 -1,020 330 -53
Net Cash From Continuing Investing Activities		 -1,020 330 -53
Purchase of Property, Leasehold Improvements and Equipment		 -6.43 -7.78 -5.08
Purchase of Investment Securities		 -716 -144 -260
Divestitures		 0.00 0.00 0.00
Sale and/or Maturity of Investments		 151 622 429
Other Investing Activities, net		 -448 -141 -217
Net Cash From Financing Activities		 456 -15 -187
Net Cash From Continuing Financing Activities		 456 -15 -187
Net Change in Deposits		 55 -193 -64
Issuance of Debt		 1,179 866 513
Repayment of Debt		 -756 -657 -564
Repurchase of Common Equity		 0.00 0.00 0.00
Payment of Dividends		 -28 -28 -28
Other Financing Activities, Net		 5.39 -3.06 -43
Cash Interest Paid		 33 120 179
Cash Income Taxes Paid		 0.80 2.14 11

Quarterly Cash Flow Statements for Horizon Bancorp (IN)

This table details how cash moves in and out of Horizon Bancorp (IN)'s business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 0.81 14 11 94 -54 351 -255 -125 89 59
Net Cash From Operating Activities		 28 11 25 19 30 15 6.54 16 32 -48
Net Cash From Continuing Operating Activities		 28 11 25 19 30 15 6.54 16 32 -48
Net Income / (Loss) Continuing Operations		 24 21 18 19 16 -25 14 14 18 -11
Consolidated Net Income / (Loss)		 24 21 18 19 16 -25 14 14 18 -11
Provision For Loan Losses		 -0.60 -0.07 0.24 0.68 0.26 1.27 0.81 2.37 1.04 1.17
Depreciation Expense		 2.44 3.11 2.60 2.67 2.65 3.02 2.65 2.52 2.51 2.65
Amortization Expense		 3.78 3.19 3.00 2.81 2.76 2.53 2.66 2.64 2.63 2.45
Non-Cash Adjustments to Reconcile Net Income		 50 23 25 38 44 63 22 31 38 366
Changes in Operating Assets and Liabilities, net		 -52 -39 -24 -44 -36 -30 -35 -37 -31 -410
Net Cash From Investing Activities		 -94 -112 -19 35 -71 385 -175 -182 35 270
Net Cash From Continuing Investing Activities		 -94 -112 -19 35 -71 385 -175 -182 35 270
Purchase of Property, Leasehold Improvements and Equipment		 -1.48 -1.73 -0.57 -4.71 -1.16 -1.34 -1.18 -0.83 -1.28 -1.80
Sale and/or Maturity of Investments		 43 25 86 64 25 447 46 25 43 315
Other Investing Activities, net		 -77 -73 -28 -20 -57 -35 -47 -120 -6.38 -44
Net Cash From Financing Activities		 67 115 5.40 40 -12 -49 -87 41 21 -163
Net Cash From Continuing Financing Activities		 67 115 5.40 40 -12 -49 -87 41 21 -163
Net Change in Deposits		 -15 27 -156 7.39 -9.24 -35 -85 50 97 -126
Repayment of Debt		 -327 -68 -355 -24 -0.12 -278 -400 -100 -63 -0.40
Payment of Dividends		 -7.06 -7.06 -7.06 -7.11 -7.09 -7.06 -7.09 -7.09 -7.11 -7.05
Other Financing Activities, Net		 4.11 -10 0.37 2.70 0.36 -6.48 2.57 -11 -5.84 -29
Cash Interest Paid		 10 15 26 24 34 35 56 38 44 40
Cash Income Taxes Paid		 0.29 -0.13 0.00 1.55 - 0.58 0.00 8.00 1.51 1.21

Annual Balance Sheets for Horizon Bancorp (IN)

This table presents Horizon Bancorp (IN)'s assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 7,873 7,940 7,801
Cash and Due from Banks		 124 113 92
Federal Funds Sold		 - 0.22 0.00
Interest Bearing Deposits at Other Banks		 2.81 416 202
Trading Account Securities		 3,026 2,494 2,169
Loans and Leases, Net of Allowance		 4,108 4,368 4,795
Premises and Equipment, Net		 93 95 94
Goodwill		 155 155 155
Intangible Assets		 17 14 10
Other Assets		 347 286 284
Total Liabilities & Shareholders' Equity		 7,873 7,940 7,801
Total Liabilities		 7,195 7,222 7,038
Non-Interest Bearing Deposits		 1,278 1,116 1,065
Interest Bearing Deposits		 4,580 4,549 4,536
Accrued Interest Payable		 5.38 22 11
Long-Term Debt		 1,259 1,466 1,345
Other Long-Term Liabilities		 73 69 80
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 677 719 764
Total Preferred & Common Equity		 677 719 764
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 677 719 764
Common Stock		 354 356 364
Retained Earnings		 429 429 436
Accumulated Other Comprehensive Income / (Loss)		 -106 -67 -36

Quarterly Balance Sheets for Horizon Bancorp (IN)

This table presents Horizon Bancorp (IN)'s assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 7,719 7,898 7,963 7,959 7,856 7,913 7,927
Cash and Due from Banks		 110 135 229 175 271 107 109
Federal Funds Sold		 - - - - - 34 114
Interest Bearing Deposits at Other Banks		 2.81 3.10 2.45 2.21 1.72 6.67 13
Trading Account Securities		 3,019 2,961 2,896 2,834 2,462 2,434 2,432
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 4,568 4,771 4,751
Premises and Equipment, Net		 92 92 95 95 94 94 94
Goodwill		 155 155 155 155 155 155 155
Intangible Assets		 18 16 15 15 13 12 11
Other Assets		 4,321 4,535 4,570 4,683 291 299 249
Total Liabilities & Shareholders' Equity		 7,719 7,898 7,963 7,959 7,856 7,913 7,927
Total Liabilities		 7,074 7,195 7,254 7,266 7,134 7,186 7,173
Non-Interest Bearing Deposits		 1,315 1,232 1,170 1,127 1,093 1,087 1,086
Interest Bearing Deposits		 4,516 4,470 4,539 4,573 4,487 4,543 4,641
Accrued Interest Payable		 1.96 5.92 13 16 7.85 11 11
Long-Term Debt		 1,164 1,428 1,468 1,473 1,472 1,470 1,378
Other Long-Term Liabilities		 77 60 64 77 75 74 56
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 645 703 709 693 721 727 755
Total Preferred & Common Equity		 645 703 709 693 721 727 755
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 645 703 709 693 721 727 755
Common Stock		 353 354 355 355 357 358 358
Retained Earnings		 415 441 452 461 436 443 454
Accumulated Other Comprehensive Income / (Loss)		 -123 -92 -98 -123 -71 -74 -58

Annual Metrics And Ratios for Horizon Bancorp (IN)

This table displays calculated financial ratios and metrics derived from Horizon Bancorp (IN)'s official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 5.65% -23.98% 2.04%
EBITDA Growth		 3.33% -53.35% -21.26%
EBIT Growth		 3.06% -63.06% -29.87%
NOPAT Growth		 7.25% -70.04% 26.62%
Net Income Growth		 7.25% -70.04% 26.62%
EPS Growth		 8.08% -70.09% 25.00%
Operating Cash Flow Growth		 -11.26% -5.77% -92.84%
Free Cash Flow Firm Growth		 -60.06% 24.34% 150.37%
Invested Capital Growth		 24.80% 12.83% -3.46%
Revenue Q/Q Growth		 1.04% -16.70% 1.25%
EBITDA Q/Q Growth		 -1.85% -41.53% -6.95%
EBIT Q/Q Growth		 -1.58% -52.21% -10.29%
NOPAT Q/Q Growth		 -0.28% -62.37% 67.94%
Net Income Q/Q Growth		 -0.28% -62.37% 67.94%
EPS Q/Q Growth		 -0.93% -62.35% 70.21%
Operating Cash Flow Q/Q Growth		 -6.08% 4.17% -90.87%
Free Cash Flow Firm Q/Q Growth		 -32.13% 22.06% 105.29%
Invested Capital Q/Q Growth		 7.04% 0.86% -1.13%
Profitability Metrics		 - - -
EBITDA Margin		 52.97% 32.51% 25.09%
EBIT Margin		 42.75% 20.77% 14.28%
Profit (Net Income) Margin		 37.82% 14.90% 18.49%
Tax Burden Percent		 88.47% 71.75% 129.54%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 11.53% 28.25% -29.54%
Return on Invested Capital (ROIC)		 5.36% 1.36% 1.65%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.36% 1.36% 1.65%
Return on Net Nonoperating Assets (RNNOA)		 7.98% 2.65% 3.13%
Return on Equity (ROE)		 13.34% 4.01% 4.78%
Cash Return on Invested Capital (CROIC)		 -16.71% -10.70% 5.17%
Operating Return on Assets (OROA)		 1.38% 0.49% 0.35%
Return on Assets (ROA)		 1.22% 0.35% 0.45%
Return on Common Equity (ROCE)		 13.34% 4.01% 4.78%
Return on Equity Simple (ROE_SIMPLE)		 13.79% 3.89% 4.64%
Net Operating Profit after Tax (NOPAT)		 93 28 35
NOPAT Margin		 37.82% 14.90% 18.49%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 42.18% 56.35% 58.71%
Operating Expenses to Revenue		 57.98% 77.92% 82.91%
Earnings before Interest and Taxes (EBIT)		 106 39 27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 131 61 48
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.87 0.83 0.91
Price to Tangible Book Value (P/TBV)		 1.17 1.08 1.17
Price to Revenue (P/Rev)		 2.39 3.17 3.64
Price to Earnings (P/E)		 6.32 21.27 19.68
Dividend Yield		 4.61% 4.74% 4.01%
Earnings Yield		 15.82% 4.70% 5.08%
Enterprise Value to Invested Capital (EV/IC)		 0.89 0.70 0.83
Enterprise Value to Revenue (EV/Rev)		 6.98 8.16 9.13
Enterprise Value to EBITDA (EV/EBITDA)		 13.17 25.10 36.38
Enterprise Value to EBIT (EV/EBIT)		 16.32 39.29 63.93
Enterprise Value to NOPAT (EV/NOPAT)		 18.44 54.76 49.35
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.25 17.23 274.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 15.75
Leverage & Solvency		 - - -
Debt to Equity		 1.86 2.04 1.76
Long-Term Debt to Equity		 1.86 2.04 1.76
Financial Leverage		 1.49 1.95 1.90
Leverage Ratio		 10.91 11.33 10.62
Compound Leverage Factor		 10.91 11.33 10.62
Debt to Total Capital		 65.02% 67.10% 63.80%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 65.02% 67.10% 63.80%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 34.98% 32.90% 36.21%
Debt to EBITDA		 9.62 24.02 28.00
Net Debt to EBITDA		 8.66 15.35 21.88
Long-Term Debt to EBITDA		 9.62 24.02 28.00
Debt to NOPAT		 13.48 52.39 37.98
Net Debt to NOPAT		 12.12 33.49 29.67
Long-Term Debt to NOPAT		 13.48 52.39 37.98
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -291 -220 111
Operating Cash Flow to CapEx		 1,468.04% 1,143.87% 125.26%
Free Cash Flow to Firm to Interest Expense		 -7.98 -1.61 0.66
Operating Cash Flow to Interest Expense		 2.58 0.65 0.04
Operating Cash Flow Less CapEx to Interest Expense		 2.41 0.59 0.01
Efficiency Ratios		 - - -
Asset Turnover		 0.03 0.02 0.02
Fixed Asset Turnover		 2.65 2.01 2.03
Capital & Investment Metrics		 - - -
Invested Capital		 1,936 2,185 2,109
Invested Capital Turnover		 0.14 0.09 0.09
Increase / (Decrease) in Invested Capital		 385 248 -76
Enterprise Value (EV)		 1,723 1,532 1,748
Market Capitalization		 590 595 697
Book Value per Share		 $15.42 $16.29 $17.47
Tangible Book Value per Share		 $11.49 $12.47 $13.68
Total Capital		 1,936 2,185 2,109
Total Debt		 1,259 1,466 1,345
Total Long-Term Debt		 1,259 1,466 1,345
Net Debt		 1,133 937 1,051
Capital Expenditures (CapEx)		 6.43 7.78 5.08
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 1,259 1,466 1,345
Total Depreciation and Amortization (D&A)		 25 22 21
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $2.14 $0.64 $0.81
Adjusted Weighted Average Basic Shares Outstanding		 43.58M 44.11M 44.01M
Adjusted Diluted Earnings per Share		 $2.14 $0.64 $0.80
Adjusted Weighted Average Diluted Shares Outstanding		 43.58M 44.11M 44.01M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 43.58M 44.11M 44.01M
Normalized Net Operating Profit after Tax (NOPAT)		 94 29 20
Normalized NOPAT Margin		 38.20% 15.31% 10.43%
Pre Tax Income Margin		 42.75% 20.77% 14.28%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 2.89 0.29 0.16
NOPAT to Interest Expense		 2.56 0.20 0.21
EBIT Less CapEx to Interest Expense		 2.72 0.23 0.13
NOPAT Less CapEx to Interest Expense		 2.38 0.15 0.18
Payout Ratios		 - - -
Dividend Payout Ratio		 29.72% 101.18% 79.96%
Augmented Payout Ratio		 29.72% 101.18% 79.96%

Quarterly Metrics And Ratios for Horizon Bancorp (IN)

This table displays calculated financial ratios and metrics derived from Horizon Bancorp (IN)'s official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -0.86% 4.46% -10.05% -11.35% -13.10% -63.32% -2.99% -2.44% 8.35% 10.84%
EBITDA Growth		 -8.49% -7.58% -23.68% -26.58% -28.56% -144.01% -19.77% -18.15% 1.53% -27.08%
EBIT Growth		 -4.77% -6.63% -25.87% -29.89% -32.30% -178.93% -23.82% -21.48% 3.52% -16.69%
NOPAT Growth		 3.25% -1.21% -22.64% -24.52% -31.97% -162.16% -23.24% -24.64% 12.19% -16.69%
Net Income Growth		 3.25% -1.21% -22.64% -24.52% -31.97% -219.14% -23.24% -24.64% 12.19% 56.84%
EPS Growth		 5.77% -4.00% -22.22% -24.56% -32.73% -220.83% -23.81% -25.58% 10.81% 56.90%
Operating Cash Flow Growth		 -1.89% -34.85% -10.22% -31.01% 8.48% 31.16% -74.15% -15.34% 8.16% -422.92%
Free Cash Flow Firm Growth		 80.27% -46.80% -178.45% 3.91% -17.43% 28.06% 91.73% 98.71% 115.01% 123.04%
Invested Capital Growth		 21.02% 24.80% 40.00% 25.66% 19.75% 12.83% 2.95% 0.90% -1.52% -3.46%
Revenue Q/Q Growth		 -3.77% -4.18% -7.74% 4.19% -5.66% -59.55% 144.03% 4.79% 4.76% -58.62%
EBITDA Q/Q Growth		 -8.40% -6.08% -14.68% 0.02% -10.87% -157.86% 255.55% 2.04% 10.55% -172.42%
EBIT Q/Q Growth		 -10.40% -7.82% -15.63% 0.62% -13.49% -207.47% 181.43% 3.71% 14.06% -221.14%
NOPAT Q/Q Growth		 -4.18% -11.15% -13.88% 2.94% -13.63% -181.19% 206.34% 1.07% 28.57% -184.45%
Net Income Q/Q Growth		 -4.18% -11.15% -13.88% 2.94% -13.63% -255.60% 155.49% 1.07% 28.57% -159.86%
EPS Q/Q Growth		 -3.51% -12.73% -12.50% 2.38% -13.95% -256.76% 155.17% 0.00% 28.13% -160.98%
Operating Cash Flow Q/Q Growth		 0.93% -58.48% 121.62% -25.71% 58.71% -49.80% -56.32% 143.26% 102.76% -249.86%
Free Cash Flow Firm Q/Q Growth		 34.48% -25.22% -62.41% 27.89% 19.92% 23.29% 81.33% 88.73% 1,030.13% 17.75%
Invested Capital Q/Q Growth		 4.39% 7.04% 10.03% 2.20% -0.52% 0.86% 0.40% 0.17% -2.91% -1.13%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 51.67% 50.64% 46.83% 44.96% 42.48% -60.76% 38.73% 37.72% 39.80% -69.66%
EBIT Margin		 41.63% 40.05% 36.62% 35.37% 32.44% -86.19% 28.76% 28.46% 30.99% -90.73%
Profit (Net Income) Margin		 38.39% 35.60% 33.23% 32.83% 30.05% -115.62% 26.29% 25.36% 31.12% -45.02%
Tax Burden Percent		 92.21% 88.88% 90.73% 92.82% 92.66% 134.15% 91.41% 89.08% 100.41% 49.61%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 7.79% 11.12% 9.27% 7.18% 7.34% 0.00% 8.59% 10.92% -0.41% 0.00%
Return on Invested Capital (ROIC)		 5.68% 5.04% 4.38% 3.92% 3.41% -5.50% 2.26% 2.14% 2.74% -5.67%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.68% 5.04% 4.38% 3.92% 3.41% -6.38% 2.26% 2.14% 2.74% -5.35%
Return on Net Nonoperating Assets (RNNOA)		 8.18% 7.51% 7.22% 7.29% 6.71% -12.46% 4.61% 4.38% 5.39% -10.15%
Return on Equity (ROE)		 13.87% 12.55% 11.60% 11.21% 10.12% -17.95% 6.87% 6.52% 8.13% -15.81%
Cash Return on Invested Capital (CROIC)		 -13.35% -16.71% -28.51% -18.55% -14.23% -10.70% -1.81% -0.02% 2.52% 5.17%
Operating Return on Assets (OROA)		 1.33% 1.29% 1.15% 1.06% 0.93% -2.05% 0.68% 0.66% 0.74% -2.21%
Return on Assets (ROA)		 1.23% 1.15% 1.04% 0.98% 0.86% -2.75% 0.62% 0.59% 0.74% -1.10%
Return on Common Equity (ROCE)		 13.87% 12.55% 11.60% 11.21% 10.12% -17.95% 6.87% 6.52% 8.13% -15.81%
Return on Equity Simple (ROE_SIMPLE)		 14.52% 0.00% 12.54% 11.56% 10.72% 0.00% 3.29% 2.63% 2.79% 0.00%
Net Operating Profit after Tax (NOPAT)		 24 21 18 19 16 -13 14 14 18 -15
NOPAT Margin		 38.39% 35.60% 33.23% 32.83% 30.05% -60.33% 26.29% 25.36% 31.12% -63.51%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.89% 0.00% 0.00% 0.00% -0.32%
SG&A Expenses to Revenue		 42.62% 43.97% 45.47% 46.24% 48.85% 128.76% 49.38% 47.26% 47.95% 131.70%
Operating Expenses to Revenue		 59.33% 60.06% 62.93% 63.44% 67.08% 180.35% 69.73% 67.29% 67.22% 185.89%
Earnings before Interest and Taxes (EBIT)		 26 24 20 20 17 -19 15 16 18 -22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 32 30 26 26 23 -13 21 21 23 -17
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.09 0.87 0.63 0.60 0.64 0.83 0.76 0.74 0.89 0.91
Price to Tangible Book Value (P/TBV)		 1.50 1.17 0.83 0.80 0.84 1.08 1.00 0.96 1.14 1.17
Price to Revenue (P/Rev)		 2.89 2.39 1.84 1.84 1.96 3.17 2.96 2.92 3.55 3.64
Price to Earnings (P/E)		 7.54 6.32 5.03 5.23 5.94 21.27 23.22 28.17 31.87 19.68
Dividend Yield		 3.76% 4.61% 6.19% 6.59% 6.39% 4.74% 5.12% 5.24% 4.16% 4.01%
Earnings Yield		 13.27% 15.82% 19.87% 19.12% 16.84% 4.70% 4.31% 3.55% 3.14% 5.08%
Enterprise Value to Invested Capital (EV/IC)		 0.97 0.89 0.81 0.76 0.80 0.70 0.80 0.85 0.85 0.83
Enterprise Value to Revenue (EV/Rev)		 7.19 6.98 7.20 7.13 7.71 8.16 9.41 10.08 9.59 9.13
Enterprise Value to EBITDA (EV/EBITDA)		 13.18 13.17 14.11 14.67 16.64 25.10 31.28 36.28 35.14 36.38
Enterprise Value to EBIT (EV/EBIT)		 16.38 16.32 17.58 18.51 21.29 39.29 51.17 62.31 59.53 63.93
Enterprise Value to NOPAT (EV/NOPAT)		 18.76 18.44 19.68 20.32 23.36 54.76 73.73 97.34 86.04 49.35
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.49 18.25 18.94 20.05 20.35 17.23 24.95 27.66 26.03 274.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 33.55 15.75
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 1.80 1.86 2.03 2.07 2.12 2.04 2.04 2.02 1.83 1.76
Long-Term Debt to Equity		 1.80 1.86 2.03 2.07 2.12 2.04 2.04 2.02 1.83 1.76
Financial Leverage		 1.44 1.49 1.65 1.86 1.97 1.95 2.04 2.05 1.97 1.90
Leverage Ratio		 11.27 10.91 11.10 11.41 11.71 11.33 11.06 11.06 10.97 10.62
Compound Leverage Factor		 11.27 10.91 11.10 11.41 11.71 11.33 11.06 11.06 10.97 10.62
Debt to Total Capital		 64.34% 65.02% 67.02% 67.43% 67.99% 67.10% 67.12% 66.93% 64.61% 63.80%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 64.34% 65.02% 67.02% 67.43% 67.99% 67.10% 67.12% 66.93% 64.61% 63.80%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 35.66% 34.98% 32.98% 32.57% 32.01% 32.90% 32.88% 33.07% 35.39% 36.21%
Debt to EBITDA		 8.73 9.62 11.62 12.93 14.11 24.02 26.31 28.66 26.69 28.00
Net Debt to EBITDA		 7.89 8.66 10.50 10.89 12.41 15.35 21.43 25.78 22.13 21.88
Long-Term Debt to EBITDA		 8.73 9.62 11.62 12.93 14.11 24.02 26.31 28.66 26.69 28.00
Debt to NOPAT		 12.43 13.48 16.21 17.91 19.81 52.39 62.00 76.90 65.33 37.98
Net Debt to NOPAT		 11.23 12.12 14.65 15.09 17.42 33.49 50.51 69.17 54.17 29.67
Long-Term Debt to NOPAT		 12.43 13.48 16.21 17.91 19.81 52.39 62.00 76.90 65.33 37.98
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -290 -364 -591 -426 -341 -262 -49 -5.50 51 60
Operating Cash Flow to CapEx		 1,862.56% 660.94% 4,464.02% 399.21% 2,565.95% 1,122.10% 555.52% 1,920.27% 2,523.69% -2,690.38%
Free Cash Flow to Firm to Interest Expense		 -30.14 -19.76 -22.23 -13.87 -8.96 -6.34 -1.16 -0.13 1.16 1.50
Operating Cash Flow to Interest Expense		 2.86 0.62 0.95 0.61 0.78 0.36 0.16 0.38 0.73 -1.20
Operating Cash Flow Less CapEx to Interest Expense		 2.70 0.53 0.93 0.46 0.75 0.33 0.13 0.36 0.70 -1.25
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02
Fixed Asset Turnover		 2.63 2.65 2.61 2.47 2.41 2.01 2.00 1.96 2.01 2.03
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 1,809 1,936 2,131 2,177 2,166 2,185 2,193 2,197 2,133 2,109
Invested Capital Turnover		 0.15 0.14 0.13 0.12 0.11 0.09 0.09 0.08 0.09 0.09
Increase / (Decrease) in Invested Capital		 314 385 609 445 357 248 63 20 -33 -76
Enterprise Value (EV)		 1,758 1,723 1,733 1,665 1,737 1,532 1,751 1,861 1,815 1,748
Market Capitalization		 706 590 443 429 442 595 551 539 672 697
Book Value per Share		 $14.80 $15.42 $16.12 $16.08 $15.72 $16.29 $16.35 $16.47 $17.27 $17.47
Tangible Book Value per Share		 $10.82 $11.49 $12.19 $12.21 $11.87 $12.47 $12.54 $12.68 $13.46 $13.68
Total Capital		 1,809 1,936 2,131 2,177 2,166 2,185 2,193 2,197 2,133 2,109
Total Debt		 1,164 1,259 1,428 1,468 1,473 1,466 1,472 1,470 1,378 1,345
Total Long-Term Debt		 1,164 1,259 1,428 1,468 1,473 1,466 1,472 1,470 1,378 1,345
Net Debt		 1,051 1,133 1,290 1,237 1,295 937 1,199 1,323 1,143 1,051
Capital Expenditures (CapEx)		 1.48 1.73 0.57 4.71 1.16 1.34 1.18 0.83 1.28 1.80
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 12 0.00 0.00 0.00 -4.47
Net Nonoperating Obligations (NNO)		 1,164 1,259 1,428 1,468 1,473 1,466 1,472 1,470 1,378 1,345
Total Depreciation and Amortization (D&A)		 6.23 6.30 5.60 5.48 5.41 5.55 5.31 5.16 5.15 5.09
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.55 $0.48 $0.42 $0.43 $0.37 ($0.58) $0.32 $0.32 $0.42 ($0.25)
Adjusted Weighted Average Basic Shares Outstanding		 43.93M 43.58M 44.12M 44.11M 44.11M 44.11M 44.12M 43.71M 43.72M 44.01M
Adjusted Diluted Earnings per Share		 $0.55 $0.48 $0.42 $0.43 $0.37 ($0.58) $0.32 $0.32 $0.41 ($0.25)
Adjusted Weighted Average Diluted Shares Outstanding		 43.93M 43.58M 44.12M 44.11M 44.11M 44.11M 44.12M 43.71M 43.72M 44.01M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 43.93M 43.58M 44.12M 44.11M 44.11M 44.11M 44.12M 43.71M 43.72M 44.01M
Normalized Net Operating Profit after Tax (NOPAT)		 24 21 18 19 16 -13 14 15 13 -15
Normalized NOPAT Margin		 38.98% 35.77% 33.59% 33.04% 30.38% -58.70% 26.32% 26.18% 22.05% -62.44%
Pre Tax Income Margin		 41.63% 40.05% 36.62% 35.37% 32.44% -86.19% 28.76% 28.46% 30.99% -90.73%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 2.68 1.29 0.76 0.66 0.46 -0.46 0.36 0.38 0.41 -0.55
NOPAT to Interest Expense		 2.47 1.15 0.69 0.61 0.43 -0.32 0.33 0.34 0.41 -0.38
EBIT Less CapEx to Interest Expense		 2.53 1.20 0.74 0.50 0.43 -0.49 0.34 0.36 0.38 -0.59
NOPAT Less CapEx to Interest Expense		 2.32 1.06 0.66 0.46 0.40 -0.35 0.31 0.32 0.38 -0.43
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 29.18% 29.72% 32.04% 34.50% 38.08% 101.18% 119.36% 148.11% 134.32% 79.96%
Augmented Payout Ratio		 29.18% 29.72% 32.04% 34.50% 38.08% 101.18% 119.36% 148.11% 134.32% 79.96%

Key Financial Trends

Horizon Bancorp (HBNC) has displayed several notable financial trends over the past four years, based on quarterly reports from Q3 2022 through Q4 2024. Here’s a summary of key highlights and concerns for retail investors to consider:

  • Consistent growth in Loans and Leases Interest Income, rising from approximately $45.5 million in Q3 2022 to $76.7 million in Q4 2024, indicating expanding lending activities.
  • Steady increase in Net Interest Income, from around $51.9 million in Q3 2022 to $53.1 million in Q4 2024, driven by growing interest income, despite some volatility in interest expenses.
  • Maintained steady Salaries and Employee Benefits Expenses reflecting stable workforce investment, but not significantly expanded, indicating operational control.
  • Improved Net Cash From Operating Activities in most quarters, notably positive in Q3 2024 at $32.3 million, showing solid cash generation from core business.
  • Consistent payment of dividends at around $0.16 per common share every quarter, showing commitment to shareholder returns.
  • Variable but significant Net Realized & Unrealized Capital Gains/Losses on Investments dramatically affected earnings in some quarters, for example, a -$37.7 million loss in Q4 2024 and -$29.9 million in Q4 2023, impacting net income volatility.
  • Fluctuating Provision for Credit Losses with an increase to $1.17 million in Q4 2024 from lower levels in earlier quarters, indicating a cautious approach to credit risk but rising charge-offs or reserves.
  • Large swings in Net Cash From Investing Activities, with major sales and purchases of investments causing volatility in cash flow, such as a $269.7 million cash inflow in Q4 2024 but -$182 million in Q2 2024.
  • Significant net losses in recent quarters, with a consolidated net loss of -$10.9 million in Q4 2024 and -$25.2 million in Q4 2023, reversing prior profitability, which may concern investors about ongoing challenges.
  • Rising Total Non-Interest Expense reaching $44.9 million in Q4 2024 compared to lower levels in prior years, driven by growing operating and other expenses that pressure profit margins.

Overall Assessment: Horizon Bancorp shows solid core banking strength with rising loan income and generally stable interest margins. However, recent strong negative investment gains and rising credit provisions have pressured earnings, leading to losses in late 2023 and 2024. Investors should watch for recovery in non-interest income volatility, disciplined expense management, and continued credit quality to support a return to profitability.

08/04/25 05:59 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Horizon Bancorp (IN)'s Financials

When does Horizon Bancorp (IN)'s financial year end?

According to the most recent income statement we have on file, Horizon Bancorp (IN)'s fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Horizon Bancorp (IN)'s net income changed over the last 2 years?

Horizon Bancorp (IN)'s net income appears to be on a downward trend, with a most recent value of $35.43 million in 2024, falling from $93.41 million in 2022. The previous period was $27.98 million in 2023. Check out Horizon Bancorp (IN)'s forecast to explore projected trends and price targets.

How has Horizon Bancorp (IN)'s revenue changed over the last 2 years?

Over the last 2 years, Horizon Bancorp (IN)'s total revenue changed from $246.97 million in 2022 to $191.58 million in 2024, a change of -22.4%.

How much debt does Horizon Bancorp (IN) have?

Horizon Bancorp (IN)'s total liabilities were at $7.04 billion at the end of 2024, a 2.5% decrease from 2023, and a 2.2% decrease since 2022.

How much cash does Horizon Bancorp (IN) have?

In the past 2 years, Horizon Bancorp (IN)'s cash and equivalents has ranged from $92.30 million in 2024 to $123.51 million in 2022, and is currently $92.30 million as of their latest financial filing in 2024.

How has Horizon Bancorp (IN)'s book value per share changed over the last 2 years?

Over the last 2 years, Horizon Bancorp (IN)'s book value per share changed from 15.42 in 2022 to 17.47 in 2024, a change of 13.3%.


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This page (NASDAQ:HBNC) was last updated on 8/4/2025 by MarketBeat.com Staff
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