Horizon Bancorp Management
Management criteria checks 3/4
Horizon Bancorp's CEO is Thomas Prame, appointed in Aug 2022, has a tenure of 4.08 years. total yearly compensation is $1.97M, comprised of 34.9% salary and 65.1% bonuses, including company stock and options. directly owns 0.11% of the company’s shares, worth $1.09M. The average tenure of the management team and the board of directors is 4.1 years and 3.7 years respectively.
Key information
Thomas Prame
Chief executive officer
US$2.0m
Total compensation
| CEO salary percentage | 34.86% |
| CEO tenure | 4.1yrs |
| CEO ownership | 0.1% |
| Management average tenure | 4.1yrs |
| Board average tenure | 3.7yrs |
Recent management updates
Recent updates
Narrative Update • Jul 31
HBNC: Future Upside Seen From Net Interest Margin And Commercial Loan Strength
Analysts lifted their price target on Horizon Bancorp to $23 from $21, reflecting updated fair value estimates and expectations for continued support from net interest margin expansion and commercially driven loan growth following solid second-quarter results. What’s in the News for Horizon Bancorp Horizon Bancorp reported second quarter 2026 net income of $24.9 million, with diluted earnings per share of $0.49 compared with an estimate of $0.52.Narrative Update • Jun 14
HBNC: Overweight Rating And Stable Fundamentals Suggest Balanced Risk And Opportunity
Narrative Update: Horizon Bancorp Analyst Price Target Shift Analysts have reduced their average Horizon Bancorp price target by $1, citing recent reassessments of the stock's risk and return profile, as reflected in updated coverage from multiple firms. Analyst Commentary Recent research updates present a mixed picture around Horizon Bancorp, with some analysts focusing on potential upside in the stock and others highlighting risks that they believe justify a lower price target.Narrative Update • May 31
HBNC: Overweight Rating And Earnings Execution Should Support Future Upside
Analysts have reduced their price target on Horizon Bancorp by $1, citing a slightly higher discount rate and modestly adjusted future P/E assumptions, while maintaining fair value estimates at approximately $21.20. Analyst Commentary Recent research points to a mixed setup for Horizon Bancorp, with some analysts highlighting upside potential while others are more focused on valuation sensitivity and execution risks.Narrative Update • May 02
HBNC: Overweight Rating And Lower Forward P E Will Support Future Upside
Analysts have adjusted their fair value estimate for Horizon Bancorp to $21.20 from $20.80, citing updated expectations for revenue growth, profit margins, and future P/E assumptions reflected in recent Street research. Analyst Commentary Bullish Takeaways Bullish analysts highlighting an Overweight view see room for Horizon Bancorp to execute on its revenue plans, which supports the updated fair value estimate of $21.20.Seeking Alpha • Apr 23
Horizon Bancorp Continues To Benefit From Steps Taken In 2025
Summary Horizon Bancorp has delivered an 8.7% total return since my last Buy rating, outperforming the S&P 500 and KRE. Strategic asset sales, including $1.7B in securities and $190M in auto loans, have reduced risk and are expected to improve margins and ROA. Deposit costs remain well-managed at 1.97%, 72 bps below peers, reflecting successful efforts to reduce high-cost transactional deposits. HBNC maintains a 3.78% forward yield, with consensus expecting a dividend increase later this year. Read the full article on Seeking AlphaNarrative Update • Apr 18
HBNC: Overweight Rating And Refreshed P E Assumptions Will Support Upside
Analysts have lifted their price target on Horizon Bancorp by $2, citing recent coverage assumptions and updates that reflect adjustments to the discount rate, long term growth, and projected P/E multiples. Analyst Commentary Bullish Takeaways Bullish analysts view the refreshed coverage as a chance to reset assumptions on discount rates and long term growth, which they see as better aligned with Horizon Bancorp’s current positioning.Narrative Update • Apr 02
HBNC: Overweight Rating And Higher P E Expectations Will Support Upside
Analysts have adjusted the Horizon Bancorp valuation, trimming the fair value estimate from $21.20 to $20.80. Recent research, including an Overweight initiation and a higher published price target, highlights updated assumptions around the discount rate, revenue outlook, profit margin, and future P/E expectations.Narrative Update • Mar 19
HBNC: Lower Discount Rate Will Support Stronger Forward Earnings Visibility
Analysts have increased their Horizon Bancorp price target by $2, citing updated assumptions around discount rates, revenue growth, and future P/E ratios that they believe are now better aligned with current fundamentals. Analyst Commentary Bullish Takeaways Bullish analysts view the higher price target as a reflection of updated assumptions on discount rates that they see as better matching current market conditions and Horizon Bancorp’s risk profile.Narrative Update • Mar 05
HBNC: Revised Earnings And Margin Profile Will Support Higher Fair Value
Analysts have raised their Horizon Bancorp price target by $2 to $21.20, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E as reflected in recent Street research. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher US$21.20 target as support for their updated view of Horizon Bancorp's fair value based on current Street research inputs.Analysis Article • Dec 21
Horizon Bancorp (NASDAQ:HBNC) Is Paying Out A Dividend Of $0.16
The board of Horizon Bancorp, Inc. ( NASDAQ:HBNC ) has announced that it will pay a dividend on the 16th of January...Analysis Article • Oct 02
Horizon Bancorp (NASDAQ:HBNC) Is Paying Out A Dividend Of $0.16
Horizon Bancorp, Inc. ( NASDAQ:HBNC ) will pay a dividend of $0.16 on the 17th of October. This means the annual...Analysis Article • Jul 02
Horizon Bancorp (NASDAQ:HBNC) Will Pay A Dividend Of $0.16
The board of Horizon Bancorp, Inc. ( NASDAQ:HBNC ) has announced that it will pay a dividend on the 18th of July, with...Seeking Alpha • Apr 10
Horizon Bancorp: Attractive Ahead Of Q1 Earnings
Summary Horizon Bancorp shares have declined 25% from their highs, presenting a buying opportunity ahead of their April 23rd earnings report. The bank has undergone a smooth management transition, with a new CEO and independent chairman, posing a modest but acceptable risk. Horizon's balance sheet repositioning has boosted net interest margins, and the bank is well-capitalized with an 11% CET1 ratio. Despite tariff-related uncertainties, HBNC is well-positioned for growth, with a fair value estimate of $16, offering 15% upside plus a 5% dividend yield. Read the full article on Seeking AlphaSeeking Alpha • Mar 29
Horizon Bancorp Appears Undervalued With A Positive Earnings Outlook
Summary The loan growth will likely slow down significantly this year because of a planned runoff of auto loans. Further, the outlook for commercial loans is lackluster. The recent sales of AFS Securities and the Mortgage Warehouse business will lift the net interest margin. Further, interest rate cuts will benefit the margin. I’m expecting earnings to grow to $1.75 per share in 2025 from $0.80 per share in 2024. HBNC is offering a high price upside of 19% and a good dividend yield of 4.1%. Read the full article on Seeking AlphaAnalysis Article • Mar 22
Horizon Bancorp (NASDAQ:HBNC) Is Due To Pay A Dividend Of $0.16
Horizon Bancorp, Inc. ( NASDAQ:HBNC ) has announced that it will pay a dividend of $0.16 per share on the 18th of...Analysis Article • Sep 24
Horizon Bancorp (NASDAQ:HBNC) Will Pay A Dividend Of $0.16
The board of Horizon Bancorp, Inc. ( NASDAQ:HBNC ) has announced that it will pay a dividend on the 18th of October...
New Narrative • Sep 24
John Stewart's Arrival And Calculated Finance Overhaul To Spearhead Revenue Surge And Margin Expansion
Strengthening financial strategy with a new CFO and expanding loan portfolio could notably enhance Horizon Bancorp's revenue growth and profitability.Seeking Alpha • May 03
Horizon Bancorp: Attractive Dividend Yield And A Positive Earnings Outlook
Summary I’ve increased my loan growth and margin estimates after the stronger-than-expected performance in the first quarter. Planned asset re-mixes and the upcoming interest rate cuts will likely drive the net interest margin. The December 2024 target price suggests a price upside of ~ 20% as of the writing of this report. HBNC is offering quite a high dividend yield of 5.2%. Read the full article on Seeking AlphaSeeking Alpha • Jan 31
Horizon Bancorp: All In All, A Positive Q4 2023
Summary Horizon Bancorp's Q4 earnings report showed a miss in EPS and revenue, but a closer analysis reveals positive aspects. The company faced extraordinary expenses, but is entering 2024 with expanding margins and financial flexibility. The bank's low LTD ratio and ample cash on hand position it well for growth and reduced competition in 2024. Read the full article on Seeking AlphaCEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Jun 30 2026 | n/a | n/a | -US$144m |
| Mar 31 2026 | n/a | n/a | -US$148m |
| Dec 31 2025 | US$2m | US$685k | -US$150m |
| Sep 30 2025 | n/a | n/a | -US$188m |
| Jun 30 2025 | n/a | n/a | US$52m |
| Mar 31 2025 | n/a | n/a | US$45m |
| Dec 31 2024 | US$2m | US$600k | US$35m |
| Sep 30 2024 | n/a | n/a | US$21m |
| Jun 30 2024 | n/a | n/a | US$19m |
| Mar 31 2024 | n/a | n/a | US$24m |
| Dec 31 2023 | US$1m | US$581k | US$28m |
| Sep 30 2023 | n/a | n/a | US$74m |
| Jun 30 2023 | n/a | n/a | US$82m |
| Mar 31 2023 | n/a | n/a | US$88m |
| Dec 31 2022 | US$456k | US$201k | US$93m |
Compensation vs Market: Thomas's total compensation ($USD1.97M) is below average for companies of similar size in the US market ($USD3.52M).
Compensation vs Earnings: Thomas's compensation has increased whilst the company is unprofitable.
CEO
Thomas Prame (56 yo)
4.1yrs
Tenure
US$1,965,115
Compensation
Mr. Thomas M. Prame served as a Director of Horizon Bancorp, Inc. since November 2022 and serves as its President since August 15, 2022 and also serves as its Chief Executive Officer since June 01, 2023 an...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | 4.1yrs | US$1.97m | 0.11% $ 1.1m | |
| CFO & Executive VP | 2.3yrs | US$1.12m | 0.19% $ 1.9m | |
| Executive VP & Senior Operations Officer | no data | US$715.48k | 0.15% $ 1.6m | |
| Executive VP & Chief Commercial Banking Officer | 5.7yrs | US$791.35k | 0.056% $ 569.2k | |
| Executive VP | 9.5yrs | US$524.59k | 0.060% $ 612.7k | |
| Assistant VP of Public Relations & Social Media Manager | no data | no data | no data | |
| SVP & Director of Marketing | 1.1yrs | no data | no data | |
| Senior Vice President & Director of Human Resources | no data | no data | no data | |
| Regional President for Southwest Michigan | 8.9yrs | US$528.43k | no data | |
| Senior Vice President & Director of Digital Banking | no data | no data | no data | |
| President of Grand Rapids Market | less than a year | no data | no data | |
| Senior VP and Director of SOX & Accounting Governance | no data | no data | no data |
4.1yrs
Average Tenure
58yo
Average Age
Experienced Management: HBNC's management team is considered experienced (4.1 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | 3.7yrs | US$1.97m | 0.11% $ 1.1m | |
| Independent Director | 1.3yrs | US$90.00k | 0.014% $ 141.2k | |
| Lead Independent Director | less than a year | US$90.00k | 0.020% $ 202.3k | |
| Independent Director | 2.7yrs | US$90.00k | 0.033% $ 334.2k | |
| Independent Director | 17.3yrs | US$97.50k | 0.075% $ 758.2k | |
| Independent Director | 12.3yrs | US$100.00k | 0.059% $ 595.2k | |
| Independent Director | 10.2yrs | US$100.00k | 0.094% $ 952.8k | |
| Independent Chairperson | 8.9yrs | US$115.83k | 0.058% $ 585.3k | |
| Independent Director | 2.7yrs | US$97.50k | 0.020% $ 201.4k | |
| Independent Director | 1.3yrs | US$90.00k | 0.016% $ 163.9k | |
| Independent Director | 3.7yrs | US$97.50k | 0.024% $ 246.2k |
3.7yrs
Average Tenure
63yo
Average Age
Experienced Board: HBNC's board of directors are considered experienced (3.7 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/14 21:48 |
| End of Day Share Price | 2026/09/14 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Horizon Bancorp, Inc. is covered by 7 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Brendan Nosal | Hovde Group, LLC |
| Damon DelMonte | Keefe, Bruyette, & Woods |
| Nathan Race | Piper Sandler Companies |