Horizon Bancorp
Community bank built through acquisitions, now concentrated on commercial lending across Indiana and Michigan.
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Profile
Runs a single community bank concentrated in commercial and commercial-real-estate lending across Indiana and Michigan, alongside residential mortgage, consumer, and wealth-management services funded by local deposits. Recently exited mortgage warehouse and indirect-auto lending and repositioned its balance sheet to reduce interest-rate exposure.
Operates as a single-segment commercial bank through Horizon Bank, its Indiana-chartered subsidiary, with commercial and industrial lending as the core business alongside commercial real estate, residential mortgage, consumer lending, treasury management, and wealth management, funded by retail and commercial deposits.
The franchise is concentrated in northern and central Indiana and southern and central Michigan, served through roughly seventy full-service offices built up through two decades of adjacent-market bank acquisitions following its 2001 listing.
Under a new chief executive, the bank has since shifted from acquisition-driven growth toward simplification, exiting mortgage warehouse lending and indirect auto financing and repositioning its securities portfolio and funding mix to reduce sensitivity to interest-rate swings.
Commercial and commercial-real-estate loans make up the large majority of the loan book, tying results closely to business borrowing conditions across its Midwest footprint.
Company facts
Categories
Key statistics
Year to date +18.2% · Average volume (30d) 581.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 24, 2026 | Piper Sandler | Reiterate | Neutral | $21 | $23 | |
| Apr 27, 2026 | Piper Sandler | Reiterate | Neutral | $18 | $21 | |
| Mar 27, 2026 | Stephens | Target | $22 | $20 | ||
| Sep 2, 2025 | Stephens | Target | $22 | |||
| Aug 26, 2025 | Keefe, Bruyette & Woods | Upgrade | Market Perform | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $0.51 | $0.49 | −3.9% | $76.6M | $75.5M | −1.4% | −0.79% |
| Apr 22, 2026Q1 FY26 | $0.48 | $0.51 | +6.3% | $74.0M | $73.5M | −0.7% | +1.42% |
| Jan 21, 2026Q4 FY25 | $0.50 | $0.53 | +6.0% | $74.3M | $74.9M | +0.8% | +2.14% |
| Oct 22, 2025Q3 FY25 | $0.46 | $0.30 | −34.8% | $73.0M | −$203.7M | −379.0% | −2.26% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $105.0M | $101.2M | −$203.7M | $100.8M | $97.9M | $100.5M | |
| Gross profit | $66.7M | $62.6M | −$234.6M | $74.9M | $73.1M | $74.6M | |
| Operating income | $28.1M | $24.4M | −$286.3M | $34.3M | $32.3M | $30.7M | |
| Net income | $23.9M | $20.6M | −$222.0M | $26.9M | $26.2M | $24.9M | |
| Diluted EPS | $0.54 | $0.47 | −$4.69 | $0.53 | $0.51 | $0.49 | |
| Gross margin | 63.5% | 61.9% | — | 74.4% | 74.7% | 74.2% | |
| Operating margin | 26.8% | 24.1% | — | 34.1% | 33.0% | 30.6% |
Fiscal years (4-quarter sums)FY21 $246.6M · FY22 $278.1M · FY23 $319.3M · FY24 $355.4M · FY25 $103.2M
Balance sheet, Jun 30, 2026Cash & short-term investments $1.12B · Total debt $379.1M · Total assets $6.57B · Shareholders' equity $726.2M
Dividends
Raised for 23 straight years — most recently to $0.16 from $0.15 in Jul 2022. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 2, 2026 | Jul 3 | Jul 17 | $0.16 | |
| Apr 2, 2026 | Apr 3 | Apr 17 | $0.16 | |
| Jan 2, 2026 | Jan 2 | Jan 16 | $0.16 | |
| Oct 3, 2025 | Oct 3 | Oct 17 | $0.16 | |
| Jul 3, 2025 | Jul 3 | Jul 18 | $0.16 | |
| Apr 4, 2025 | Apr 4 | Apr 18 | $0.16 | |
| Jan 3, 2025 | Jan 3 | Jan 17 | $0.16 | |
| Oct 4, 2024 | Oct 4 | Oct 18 | $0.16 |
Ownership
Shares outstanding 51.33M · Float 50.22M · 97.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 7.20M | 14.03% | 13F | Aug 7, 2026 |
| AllianceBernstein L.P. | 2.24M | 4.36% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 2.20M | 4.29% | 13F | Aug 13, 2026 |
| PL Capital Advisors, LLC | 1.81M | 3.53% | 13F | Jul 31, 2026 |
| State Street Corp | 1.81M | 3.52% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 27, 2026 | Kathie A. DeRuiter | officer: Executive Vice President | −8,000 | $20.19 |
| Apr 28, 2026 | Brian C. Walker | director | +1,306 | $18.36 |
| Nov 24, 2025 | Larry S. Magnesen | director | +4,000 | $16.41 |
Peers
- First Merchants
Larger Indiana community bank with overlapping commercial-lending footprint
- Lakeland Financial
Competes in northern/central Indiana commercial banking and lending
- 1st Source
Competes in northern Indiana / SW Michigan community banking
- German American Bancorp
Competes in Indiana community banking at similar multi-billion-dollar scale
- Mercantile Bank
Competes in Michigan commercial and CRE banking, expanding via M&A
- Independent Bank
Competes in Michigan community and commercial banking for deposits/loans
- Stock Yards Bancorp
Louisville-based Kentucky bank expanding into shared Indianapolis-metro turf
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Horizon Bancorp | $19.56 | +0.05% | $1.00B | — | 9.1 | 10.5 | +16.1% |
| First Merchants | $41.93 | −0.02% | $2.63B | 13.4 | 9.9 | 2.4 | +23.2% |
| Lakeland Financial | $59.61 | +0.08% | $1.49B | 13.7 | 13.5 | 3.5 | +6.8% |
| 1st Source | $86.41 | −0.01% | $2.08B | 12.4 | 11.9 | 3.4 | +8.2% |
| German American Bancorp | $49.92 | −0.02% | $1.88B | 13.2 | 12.4 | 3.7 | +12.7% |
| Mercantile Bank | $60.21 | −0.05% | $1.04B | 10.6 | 10.9 | 2.7 | +12.8% |
| Independent Bank | $36.86 | −0.03% | $759.5M | 10.7 | 9.8 | 2.4 | +17.0% |
| Stock Yards Bancorp | $79.84 | −0.01% | $2.36B | 15.9 | 14.8 | 4.2 | +17.2% |
| Median | 13.2 | 11.9 | 3.4 | +12.8% |