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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 (NASDAQ: HBNC) has shown mixed financial performance over the last several quarters. While the company generated positive net income in most quarters of 2023 and the first three quarters of 2024, the latest quarter, Q4 2024, reported a net loss.
Key positive trends and strengths observed include:
- Steady growth in loans and leases interest income from around $45.5 million in Q3 2022 to $76.7 million in Q4 2024, indicating expanding lending operations.
- Consistent net interest income contributed positively each quarter, rising from about $42 million in Q4 2023 to $53 million in Q4 2024.
- Overall total revenue increased notably in Q3 2024 ($58.4 million) compared to prior quarters, suggesting improved core banking revenue.
- The company maintained a relatively stable shareholder equity base, hovering between $645 million in Q3 2022 and $755 million in Q3 2024, supporting its capital adequacy.
- Operating expenses and employee salaries showed moderate growth aligned with business expansion, reflecting controlled expense management.
Neutral factors to consider:
- Provision for credit losses fluctuated across quarters but stayed within a moderate range, indicating cautious credit risk management in a potentially uncertain economic environment.
- Cash and due from banks along with federal funds sold showed variability but generally remained strong, ensuring adequate liquidity.
- Dividends per share remained stable at $0.16 across the quarters, suggesting a consistent shareholder return policy.
Areas of concern or risks identified:
- Q4 2024 posted a net loss of approximately $10.9 million, a marked decline from a net income of $18.18 million in Q3 2024, primarily due to a substantial net realized and unrealized capital loss on investments (~$37.7 million).
- Unrealized losses on investments caused significant negative non-interest income in Q4 2024, which could point to market valuation risks or investment strategy challenges.
- Net cash from continuing operating activities was negative in Q4 2024 (-$48.4 million), contrasting with positive operating cash flow in previous quarters, which may affect operational liquidity if trends continue.
- Total non-interest expenses increased in Q4 2024 to $44.9 million, reducing operating leverage and profitability.
Summary:
Horizon Bancorp has demonstrated solid growth in lending income and managed stable equity and deposits over the past several quarters. The steady dividend reflects a commitment to returning value to shareholders. However, the recent quarter’s losses driven by investment valuation declines and negative operating cash flow highlight possible short-term pressures from market conditions and increased expenses. Retail investors should watch the company's management of investment portfolio risks and operating efficiencies, which appear to be the key factors impacting near-term profitability.
08/25/25 04:02 AMAI Generated. May Contain Errors.