Recent Insider Transactions Derivative • 2h
CFO & Executive VP notifies of intention to sell stock John Stewart intends to sell 9k shares in the next 90 days after lodging an Intent To Sell Form on the 26th of May. If the sale is conducted around the recent share price of US$18.50, it would amount to US$172k. Since September 2025, John's direct individual holding has increased from 79.75k shares to 85.82k. Company insiders have collectively bought US$90k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Apr 02
Horizon Bancorp, Inc. to Report Q1, 2026 Results on Apr 22, 2026 Horizon Bancorp, Inc. announced that they will report Q1, 2026 results After-Market on Apr 22, 2026 Recent Insider Transactions Derivative • Mar 29
CEO, President & Director notifies of intention to sell stock Thomas Prame intends to sell 7k shares in the next 90 days after lodging an Intent To Sell Form on the 23rd of March. If the sale is conducted around the recent share price of US$16.08, it would amount to US$108k. For the year to December 2022, Thomas' total compensation was 35% salary and 65% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2025, Thomas' direct individual holding has increased from 47.52k shares to 54.98k. There has only been one transaction (US$66k purchase) from insiders over the last 12 months. Declared Dividend • Mar 26
Fourth quarter dividend of US$0.16 announced Dividend of US$0.16 is the same as last year. Ex-date: 2nd April 2026 Payment date: 17th April 2026 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is expected to be well covered in 3 years' time (32% forecast payout ratio). The dividend has increased by an average of 9.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Recent Insider Transactions Derivative • Mar 24
CEO, President & Director notifies of intention to sell stock Thomas Prame intends to sell 7k shares in the next 90 days after lodging an Intent To Sell Form on the 23rd of March. If the sale is conducted around the recent share price of US$16.08, it would amount to US$108k. For the year to December 2022, Thomas' total compensation was 35% salary and 65% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2025, Thomas' direct individual holding has increased from 47.52k shares to 59.33k. There has only been one transaction (US$66k purchase) from insiders over the last 12 months. Announcement • Mar 23
Horizon Bancorp, Inc., Annual General Meeting, May 07, 2026 Horizon Bancorp, Inc., Annual General Meeting, May 07, 2026. Announcement • Jan 27
Horizon Bancorp, Inc. Announces Changes in Board of Directors Horizon Bancorp, Inc. announced that James B. Dworkin will retire from the Board of Directors effective at the expiration of his current term on May 7, 2026. James B. Dworkin, Chancellor Emeritus & Professor of Management Mitchell E. Daniels School of Business Purdue University North Central, has served on Horizon’s Board of Directors since 2003, and on the Board of Directors of Horizon Bank since 2002. In this role, he served as a member of Horizon’s Audit Committee and the Chair of the Wealth Committee. Also, in an unrelated action, on January 20, 2026, Julie S. Freigang submitted notice of her resignation from the Board of Directors, effective January 20, 2026. Julie S. Freigang, Vice President & Chief Information Officer of CF Industries Holdings, Inc. has served on the Board of Directors of Horizon Bank since 2019 and was appointed to the Horizon Board of Directors in January 2020. In this role, she served as a member of the Audit Committee and was the Chair of the Cyber Security Committee. Announcement • Jan 22
Horizon Bancorp, Inc. Reports Total Net Charge-Offs for the Fourth Quarter Ended December 31, 2025 Horizon Bancorp, Inc. reported Total net charge-offs for the fourth quarter Ended December 31, 2025. For the quarter, the company reported Total net charge-offs of $970,000 against $626,000 a year ago. Announcement • Jan 03
Horizon Bancorp, Inc. to Report Q4, 2025 Results on Jan 21, 2026 Horizon Bancorp, Inc. announced that they will report Q4, 2025 results After-Market on Jan 21, 2026 Declared Dividend • Dec 21
Third quarter dividend of US$0.16 announced Dividend of US$0.16 is the same as last year. Ex-date: 2nd January 2026 Payment date: 16th January 2026 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is expected to be well covered in 3 years' time (33% forecast payout ratio). The dividend has increased by an average of 9.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Announcement • Oct 24
Horizon Bancorp, Inc. Reports Total Net Charge-Offs for the Third Quarter Ended September 30, 2025 Horizon Bancorp, Inc. reported Total net charge-offs for the third quarter ended September 30, 2025. For the quarter, the company reported Total net charge-offs of $831,000 against $378,000 a year ago. Announcement • Oct 15
Horizon Bancorp, Inc. Announces the Appointment of Larry S. Magnesen as Independent Director, Effective October 10, 2025 Horizon Bancorp, Inc. announced the appointment of Larry S. Magnesen to serve as independent director on the Company’s Board of Directors, effective on October 10, 2025. Currently serving on Horizon Bank’s Board of Directors, Magnesen is the retired Senior Vice President, Corporate Communications Director at Fifth Third Bank (Chicago) with over forty years of experience in the banking industry. During his time with Fifth Third Bank, he also served as Chief Reputation Officer and Chief Marketing Officer based in Cincinnati, Ohio, and Senior Vice President, Regional Marketing based in Grand Rapids, Michigan. Previously, Magnesen served various roles in Retail Banking, Business Banking, and Marketing at other banks including Old Kent Bank, Banc One Ohio Corporation, now part of Chase Bank, and Citibank. Additionally, he served in leadership roles on non-profit boards in communities throughout the Midwest including, LISC Grand Rapids, Meijer Gardens and Sculpture Park, and Public Media Connect. Magnesen earned his bachelor’s degree in Psychology and International Business from Carthage College in Kenosha, Wisconsin, and has a Master of Management from Northwestern University, J.L. Kellogg Graduate School of Management with dual concentrations in Marketing and Finance. With his addition to the Horizon Bancorp Board, Magnesen joins the Enterprise Risk Management, Credit Policy, and Fair Lending Committee and the Wealth Committee. Announcement • Oct 02
Horizon Bancorp, Inc. to Report Q3, 2025 Results on Oct 22, 2025 Horizon Bancorp, Inc. announced that they will report Q3, 2025 results After-Market on Oct 22, 2025 Major Estimate Revision • Oct 01
Consensus EPS estimates fall by 90% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$1.30 to -US$2.47 per share. Revenue forecast unchanged at US$273.7m. Banks industry in the US expected to see average net income growth of 16% next year. Consensus price target broadly unchanged at US$19.30. Share price was steady at US$16.10 over the past week. Declared Dividend • Sep 21
Second quarter dividend of US$0.16 announced Dividend of US$0.16 is the same as last year. Ex-date: 3rd October 2025 Payment date: 17th October 2025 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 59% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Sep 18
Horizon Bancorp, Inc. Approves Dividend, Payable on October 17, 2025 On September 16, 2025, the Board of Directors of Horizon Bancorp, Inc. approved a dividend of $0.16 per share, payable on October 17, 2025 to stockholders of record on October 3, 2025. Major Estimate Revision • Aug 26
Consensus EPS estimates fall from profit to US$0.77 loss, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$269.5m to US$273.0m. Now expected to report loss of -US$0.765 instead of US$1.93 per share profit. Banks industry in the US expected to see average net income growth of 16% next year. Consensus price target broadly unchanged at US$18.50. Share price was steady at US$16.35 over the past week. Reported Earnings • Jul 24
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: US$0.47 (up from US$0.32 in 2Q 2024). Revenue: US$63.8m (up 20% from 2Q 2024). Net income: US$20.6m (up 46% from 2Q 2024). Profit margin: 32% (up from 27% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.2%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Jul 02
Horizon Bancorp, Inc. to Report Q2, 2025 Results on Jul 23, 2025 Horizon Bancorp, Inc. announced that they will report Q2, 2025 results After-Market on Jul 23, 2025 Declared Dividend • Jun 25
First quarter dividend of US$0.16 announced Dividend of US$0.16 is the same as last year. Ex-date: 3rd July 2025 Payment date: 18th July 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 29% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 19
Horizon Bancorp, Inc. Approves Dividend, Payable on July 18, 2025 Horizon Bancorp, Inc. approved a dividend of $0.16 per share, payable on July 18, 2025 to stockholders of record on July 3, 2025. Board Change • Jun 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Brian Walker was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 24
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.55 (up from US$0.32 in 1Q 2024). Revenue: US$67.4m (up 29% from 1Q 2024). Net income: US$23.9m (up 71% from 1Q 2024). Profit margin: 36% (up from 27% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Apr 02
Horizon Bancorp, Inc. to Report Q1, 2025 Results on Apr 23, 2025 Horizon Bancorp, Inc. announced that they will report Q1, 2025 results After-Market on Apr 23, 2025 Declared Dividend • Mar 21
Fourth quarter dividend of US$0.16 announced Dividend of US$0.16 is the same as last year. Ex-date: 4th April 2025 Payment date: 18th April 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (79% payout ratio) and is expected to be covered in 3 years' time (36% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 85% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 20
Horizon Bancorp, Inc. announces Quarterly dividend, payable on April 18, 2025 Horizon Bancorp, Inc. announced Quarterly dividend of USD 0.1600 per share payable on April 18, 2025, ex-date on April 04, 2025 and record date on April 04, 2025. Announcement • Mar 18
Horizon Bancorp, Inc., Annual General Meeting, May 01, 2025 Horizon Bancorp, Inc., Annual General Meeting, May 01, 2025. Reported Earnings • Mar 16
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$0.81 (up from US$0.64 in FY 2023). Revenue: US$186.2m (up 1.9% from FY 2023). Net income: US$35.4m (up 27% from FY 2023). Profit margin: 19% (up from 15% in FY 2023). The increase in margin was primarily driven by lower expenses. Net interest margin (NIM): 2.68% (up from 2.54% in FY 2023). Non-performing loans: 0.56% (up from 0.46% in FY 2023). Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 4.1%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Feb 27
Horizon Bancorp, Inc. Announces Board Changes, Effective May 1, 2025 Horizon Bancorp, Inc. announced that Craig Dwight, Chairman of Board, will retire from the Board of Directors effective at the expiration of his current term on May 1, 2025. Mr. Dwight provided written notice of his decision on February 24, 2025, which was accepted by the Board on February 25, 2025. Concurrently, the Board of Directors elected Eric Blackhurst to serve as an Independent Chairperson, effective upon Mr. Dwight’s retirement. Mr. Blackhurst has served as a Company Director for over seven years during which time his leadership has been instrumental, notably as Chairperson of Corporate Governance and as a member of the Compensation Committee. Mr. Blackhurst recently retired from an esteemed 35-year career at The Dow Chemical Company where he served as Associate General Counsel, Corporate Transactions and Latin America. His is currently interim president of Alma College. Additionally, with Horizon’s transition to an Independent Chairperson, the role of Independent Lead Director, currently held by Michele Magnuson, will be retired. Ms. Magnuson will remain on the Board and continue to serve on the Compensation and Governance Committees. Recent Insider Transactions • Feb 21
Chairman recently sold US$171k worth of stock On the 19th of February, Craig Dwight sold around 10k shares on-market at roughly US$17.14 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$350k. This was Craig's only on-market trade for the last 12 months. Announcement • Jan 04
Horizon Bancorp, Inc. to Report Q4, 2024 Results on Jan 22, 2025 Horizon Bancorp, Inc. announced that they will report Q4, 2024 results After-Market on Jan 22, 2025 Declared Dividend • Dec 20
Third quarter dividend of US$0.16 announced Dividend of US$0.16 is the same as last year. Ex-date: 3rd January 2025 Payment date: 17th January 2025 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (133% earnings payout ratio). However, the dividend is expected to be well covered in 3 years' time (39% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 47% to bring the payout ratio under control. EPS is expected to grow by 118% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Recent Insider Transactions • Dec 08
Insider recently sold US$350k worth of stock On the 4th of December, Mark Secor sold around 19k shares on-market at roughly US$17.99 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$660k more than they bought in the last 12 months. Price Target Changed • Nov 17
Price target increased by 9.9% to US$18.90 Up from US$17.20, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of US$18.27. Stock is up 63% over the past year. The company is forecast to post earnings per share of US$0.94 for next year compared to US$0.64 last year. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$18.76, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Banks industry in the US. Total returns to shareholders of 8.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$25.46 per share. Major Estimate Revision • Oct 30
Consensus EPS estimates fall by 31%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$229.8m to US$233.0m. EPS estimate fell from US$1.38 to US$0.943 per share. Net income forecast to grow 208% next year vs 12% growth forecast for Banks industry in the US. Consensus price target up from US$17.20 to US$18.30. Share price rose 7.1% to US$16.19 over the past week. Reported Earnings • Oct 24
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: US$0.42 (up from US$0.37 in 3Q 2023). Revenue: US$57.4m (up 6.9% from 3Q 2023). Net income: US$18.2m (up 12% from 3Q 2023). Profit margin: 32% (up from 30% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Sep 27
Horizon Bancorp, Inc. to Report Q3, 2024 Results on Oct 23, 2024 Horizon Bancorp, Inc. announced that they will report Q3, 2024 results After-Market on Oct 23, 2024 Declared Dividend • Sep 23
Second quarter dividend of US$0.16 announced Dividend of US$0.16 is the same as last year. Ex-date: 4th October 2024 Payment date: 18th October 2024 Dividend yield will be 4.1%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 62% to bring the payout ratio under control. EPS is expected to grow by 58% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Buy Or Sell Opportunity • Sep 17
Now 20% undervalued Over the last 90 days, the stock has risen 37% to US$16.05. The fair value is estimated to be US$20.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.0% over the last 3 years. Earnings per share has declined by 31%. Revenue is forecast to grow by 32% in a year. Earnings are forecast to grow by 234% in the next year. Buy Or Sell Opportunity • Aug 27
Now 20% undervalued Over the last 90 days, the stock has risen 33% to US$15.67. The fair value is estimated to be US$19.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.0% over the last 3 years. Earnings per share has declined by 31%. Revenue is forecast to grow by 32% in a year. Earnings are forecast to grow by 234% in the next year. Price Target Changed • Jul 26
Price target increased by 7.0% to US$15.25 Up from US$14.25, the current price target is an average from 4 analysts. New target price is 6.8% below last closing price of US$16.37. Stock is up 30% over the past year. The company is forecast to post earnings per share of US$1.37 for next year compared to US$0.64 last year. Reported Earnings • Jul 25
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: US$0.32 (down from US$0.43 in 2Q 2023). Revenue: US$53.4m (down 5.5% from 2Q 2023). Net income: US$14.1m (down 25% from 2Q 2023). Profit margin: 27% (down from 33% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.6%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$14.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Banks industry in the US. Total returns to shareholders of 1.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$16.14 per share. Buy Or Sell Opportunity • Jul 04
Now 21% undervalued Over the last 90 days, the stock has risen 3.5% to US$12.32. The fair value is estimated to be US$15.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.8% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 24% in a year. Earnings are forecast to grow by 152% in the next year. Declared Dividend • Jul 01
First quarter dividend of US$0.16 announced Shareholders will receive a dividend of US$0.16. Ex-date: 5th July 2024 Payment date: 19th July 2024 Dividend yield will be 5.1%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 31% to bring the payout ratio under control. EPS is expected to grow by 47% over the next year, which is sufficient to bring the dividend into a sustainable range. Announcement • Jun 28
Horizon Bancorp, Inc. to Report Q2, 2024 Results on Jul 24, 2024 Horizon Bancorp, Inc. announced that they will report Q2, 2024 results After-Market on Jul 24, 2024 Buy Or Sell Opportunity • May 14
Now 20% undervalued Over the last 90 days, the stock has risen 2.1% to US$12.43. The fair value is estimated to be US$15.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.8% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 24% in a year. Earnings are forecast to grow by 152% in the next year. Reported Earnings • Apr 25
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: US$0.32 (down from US$0.42 in 1Q 2023). Revenue: US$52.4m (down 4.0% from 1Q 2023). Net income: US$14.0m (down 23% from 1Q 2023). Profit margin: 27% (down from 33% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 2.6%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 14% per year. Announcement • Apr 02
Horizon Bancorp, Inc. to Report Q1, 2024 Results on Apr 24, 2024 Horizon Bancorp, Inc. announced that they will report Q1, 2024 results After-Market on Apr 24, 2024 Declared Dividend • Mar 25
Fourth quarter dividend of US$0.16 announced Shareholders will receive a dividend of US$0.16. Ex-date: 4th April 2024 Payment date: 19th April 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio). However, the dividend is expected to be well covered in 3 years' time (44% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. EPS is expected to grow by 90% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 19
Horizon Bancorp, Inc., Annual General Meeting, May 02, 2024 Horizon Bancorp, Inc., Annual General Meeting, May 02, 2024, at 10:00 Central Standard Time. Agenda: To elect three directors to serve three year terms expiring in 2027; to vote on a non binding, advisory proposal to approve the compensation of Horizon's executive officers described in this Proxy Statement; to hold non binding, advisory vote on the frequency of the advisory vote to approve Horizon's executive compensation; to ratify the appointment of FORVIS, LLP, as independent registered public accounting firm for 2024; and to transact such other business as may properly come before the meeting or any adjournment of the meeting. Reported Earnings • Mar 17
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$0.64 (down from US$2.14 in FY 2022). Revenue: US$185.3m (down 25% from FY 2022). Net income: US$28.0m (down 70% from FY 2022). Profit margin: 15% (down from 38% in FY 2022). The decrease in margin was primarily driven by lower revenue. Net interest margin (NIM): 2.55% (down from 2.98% in FY 2022). Cost-to-income ratio: 66.7% (up from 58.1% in FY 2022). Non-performing loans: 0.44% (down from 0.53% in FY 2022). Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jan 26
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$0.64 (down from US$2.14 in FY 2022). Revenue: US$185.3m (down 25% from FY 2022). Net income: US$28.0m (down 70% from FY 2022). Profit margin: 15% (down from 38% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 6% per year. Announcement • Jan 25
Horizon Bancorp, Inc. Announces Executive Appointments On January 23, 2024, the Board of Directors of Horizon Bancorp, Inc. increased the size of the Board from 12 to 13 members by increasing the Board Class of 2025 from 3 to 4 members. In addition, on January 23, 2024, the Board elected Kevin W. Ahern and Brian W. Maass to serve as directors of the Company to fill the vacancies in the Board Class of 2025, effective immediately. Each of these two new directors will serve for an initial term expiring at the 2025 annual meeting of shareholders and until his successor is elected and qualified, or until his earlier death, resignation or removal. On January 23, 2024, the Board also appointed Kevin W. Ahern to serve on the Asset Liability Committee of the Board and the Wealth Management Committee of the Board, effective immediately. Mr. Ahern, 60, is a co-founder and Managing Partner of Brush Creek Partners, a private investment vehicle focused on making investments in operating companies in the specialty finance, banking and financial services, manufacturing, distribution, media, and business and consumer services sectors. He also actively provides consulting and advisory services to a number of banking and wealth management organizations by way of Colorow Capital Partners, a strategic advisory and consulting company. The Board has determined that Mr. Ahern is an “independent” director under the Company’s Board Responsibilities and Guidelines and the listing standards of the Nasdaq Stock Market LLC (“Nasdaq”), as well as the applicable rules promulgated by the Securities and Exchange Commission (the “SEC”). On January 23, 2024, the Board also appointed Brian W. Maass to serve on the Audit Committee of the Board and the Asset Liability Committee of the Board, effective immediately. Mr. Maass, 50, has held executive roles with TCF Financial, (2012-2021) in Minneapolis, MN (now Huntington Bank), including serving as Executive Vice President, Chief Financial Officer for over five years. The Board has determined that Mr. Maass is an “independent” director under the Company’s Board Responsibilities and Guidelines and the listing standards of Nasdaq, as well as the applicable rules promulgated by the SEC, and that he meets the additional independence requirements of Nasdaq with respect to members of the Audit Committee. Announcement • Jan 24
Horizon Bancorp, Inc. and Horizon Bank Announces Retirement of Peter L. Pairitz from the Board of Directors Peter L. Pairitz, a member of the Board of Directors (the “Board”) of Horizon Bancorp, Inc. (the “Company”), submitted notice on January 19, 2024 that he will retire from the Board at the end of his current term and will not stand for re-election at the Company's 2024 annual meeting of shareholders. He will also retire from the Board of Directors of the Company's wholly owned subsidiary, Horizon Bank, effective at the expiration of his current term as a director of the Company. The decision by Mr. Pairitz to retire as a director was not a result of any disagreement with the Board or management of the Company or Horizon Bank. Mr. Pairitz serves as a member and Chair of the Compensation Committee. The Board thanks Mr. Pairitz for his years of service and contributions to the Company. Announcement • Jan 17
Horizon Bancorp, Inc. Announces Passing of Director Spero W. Valavanis Horizon Bancorp, Inc. was informed of the passing of Director Spero W. Valavanis. Mr. Valavanis served on Horizon Bancorp, Inc.'s Board of Directors since 2000 and on the Board of Directors of Horizon Bank, its wholly-owned subsidiary, since 1998. During his tenure as a Director, Spero helped guide the organization from approximately $300 million in assets with nine branches to nearly $8 billion in assets with over 70 locations in Indiana and Michigan. He most recently served on the Company's Asset-Liability Committee and Wealth Management Committee. Upcoming Dividend • Dec 28
Upcoming dividend of US$0.16 per share at 4.4% yield Eligible shareholders must have bought the stock before 04 January 2024. Payment date: 19 January 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of American dividend payers (4.5%). Higher than average of industry peers (3.2%). Announcement • Dec 19
Horizon Bancorp, Inc. to Report Q4, 2023 Results on Jan 24, 2024 Horizon Bancorp, Inc. announced that they will report Q4, 2023 results at 4:00 PM, US Eastern Standard Time on Jan 24, 2024 Price Target Changed • Dec 14
Price target increased by 8.7% to US$12.50 Up from US$11.50, the current price target is an average from 4 analysts. New target price is 12% below last closing price of US$14.16. Stock is down 3.7% over the past year. The company is forecast to post earnings per share of US$0.77 for next year compared to US$2.14 last year. Major Estimate Revision • Dec 14
Consensus EPS estimates fall by 50% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$1.53 to US$0.77. Revenue forecast unchanged from US$217.8m at last update. Net income forecast to shrink 33% next year vs 10% decline forecast for Banks industry in the US. Consensus price target up from US$11.50 to US$12.50. Share price rose 17% to US$14.16 over the past week. Price Target Changed • Oct 31
Price target decreased by 11% to US$11.50 Down from US$12.88, the current price target is an average from 4 analysts. New target price is 21% above last closing price of US$9.49. Stock is down 36% over the past year. The company is forecast to post earnings per share of US$1.53 for next year compared to US$2.14 last year. Reported Earnings • Oct 26
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: US$0.37 (down from US$0.55 in 3Q 2022). Revenue: US$53.7m (down 16% from 3Q 2022). Net income: US$16.2m (down 32% from 3Q 2022). Profit margin: 30% (down from 37% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates significantly. Revenue is forecast to grow 2.0% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 13
Price target decreased by 7.2% to US$12.88 Down from US$13.88, the current price target is an average from 4 analysts. New target price is 28% above last closing price of US$10.08. Stock is down 47% over the past year. The company is forecast to post earnings per share of US$1.54 for next year compared to US$2.14 last year. Upcoming Dividend • Sep 28
Upcoming dividend of US$0.16 per share at 6.1% yield Eligible shareholders must have bought the stock before 05 October 2023. Payment date: 20 October 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 6.1%. Within top quartile of American dividend payers (5.1%). Higher than average of industry peers (3.9%). Announcement • Sep 22
Horizon Bancorp, Inc. to Report Q3, 2023 Results on Oct 25, 2023 Horizon Bancorp, Inc. announced that they will report Q3, 2023 results After-Market on Oct 25, 2023 Price Target Changed • Jul 31
Price target increased by 9.9% to US$13.88 Up from US$12.63, the current price target is an average from 4 analysts. New target price is 10% above last closing price of US$12.60. Stock is down 34% over the past year. The company is forecast to post earnings per share of US$1.56 for next year compared to US$2.14 last year. Reported Earnings • Jul 28
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: US$0.43 (down from US$0.57 in 2Q 2022). Revenue: US$56.5m (down 13% from 2Q 2022). Net income: US$18.8m (down 25% from 2Q 2022). Profit margin: 33% (down from 39% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to stay flat during the next 2 years compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Announcement • Jun 29
Horizon Bancorp, Inc. to Report Q2, 2023 Results on Jul 26, 2023 Horizon Bancorp, Inc. announced that they will report Q2, 2023 results After-Market on Jul 26, 2023 Upcoming Dividend • Jun 29
Upcoming dividend of US$0.16 per share at 6.1% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 6.1%. Within top quartile of American dividend payers (5.0%). Higher than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$10.76, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 6.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$16.69 per share. Announcement • May 26
Horizon Bancorp, Inc. and Horizon Bank Announce Retirement of Susan D. Aaron from the Board of Directors, Effective on December 31, 2023 Susan D. Aaron, a member of the Board of Directors of Horizon Bancorp, Inc., submitted notice on May 22, 2023 that she will retire from the Board, effective as of December 31, 2023. She will also retire from the Board of Directors of the Company's wholly owned subsidiary, Horizon Bank, effective December 31, 2023. The decision by Ms. Aaron to retire as a director was not a result of any disagreement with the Board or management of the Company or Horizon Bank. Ms. Aaron serves as a member of the Wealth Management Committee, the Enterprise Risk Management & Credit Policy/CRA & Fair Lending Committee, and as an alternate member of the Compensation Committee. Announcement • May 25
the Gross Law Firm Notifies Shareholders of Horizon Bancorp, Inc. of A Class Action Lawsuit and Lead Plaintiff Deadline of June 20, 2023 The Gross Law Firm issues the following notice to shareholders of Horizon Bancorp, Inc. Shareholders who purchased shares of HBNC during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CLASS PERIOD: March 9, 2022 to March 10, 2023. ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) the Company maintained deficient internal accounting controls relating to its classification of certain loan balances and securities; (ii) as a result of the foregoing deficiencies, throughout 2022 the Company issued quarterly financial statements containing errors that would require subsequent revision; (iii) restatement of the foregoing financial statements would hinder the Company's ability to timely file its annual report for 2022; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$9.52, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 1.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$16.22 per share. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to US$8.23, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Banks industry in the US. Total loss to shareholders of 8.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$16.44 per share. Price Target Changed • Apr 06
Price target decreased by 11% to US$15.40 Down from US$17.40, the current price target is an average from 5 analysts. New target price is 42% above last closing price of US$10.82. Stock is down 41% over the past year. The company is forecast to post earnings per share of US$1.68 for next year compared to US$2.14 last year. Upcoming Dividend • Mar 29
Upcoming dividend of US$0.16 per share at 5.9% yield Eligible shareholders must have bought the stock before 05 April 2023. Payment date: 21 April 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of American dividend payers (4.9%). Higher than average of industry peers (3.7%). Price Target Changed • Mar 28
Price target decreased by 8.9% to US$16.40 Down from US$18.00, the current price target is an average from 5 analysts. New target price is 51% above last closing price of US$10.87. Stock is down 45% over the past year. The company is forecast to post earnings per share of US$1.72 for next year compared to US$2.14 last year. 
