Horizon Bancorp
Market Cap
US$761.3m
Last Updated
2021/01/25 23:16 UTC
Data Sources
Company Financials +
Executive Summary
Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that provides a range of commercial and retail banking services. More Details
Rewards
Risk Analysis
Earnings are forecast to decline by an average of 3.6% per year for the next 3 years
Snowflake Analysis
Flawless balance sheet established dividend payer.
Similar Companies
Share Price & News
How has Horizon Bancorp's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: HBNC is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.
Volatility Over Time: HBNC's weekly volatility (7%) has been stable over the past year.
Market Performance
7 Day Return
1.5%
HBNC
-3.2%
US Banks
2.6%
US Market
1 Year Return
-4.5%
HBNC
-6.1%
US Banks
26.0%
US Market
Return vs Industry: HBNC exceeded the US Banks industry which returned -6.1% over the past year.
Return vs Market: HBNC underperformed the US Market which returned 26% over the past year.
Shareholder returns
| HBNC | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.5% | -3.2% | 2.6% |
| 30 Day | 10.0% | 6.4% | 5.1% |
| 90 Day | 42.1% | 35.3% | 17.1% |
| 1 Year | -0.2%-4.5% | -2.6%-6.1% | 28.9%26.0% |
| 3 Year | -6.8%-15.0% | -3.0%-11.3% | 46.3%36.6% |
| 5 Year | 75.9%54.2% | 77.3%54.9% | 126.9%101.6% |
Long-Term Price Volatility Vs. Market
How volatile is Horizon Bancorp's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 weeks ago | Simply Wall St
There's A Lot To Like About Horizon Bancorp's (NASDAQ:HBNC) Upcoming US$0.12 Dividend1 month ago | Simply Wall St
A Look At Horizon Bancorp's (NASDAQ:HBNC) CEO Remuneration1 month ago | Simply Wall St
What Type Of Shareholders Make Up Horizon Bancorp, Inc.'s (NASDAQ:HBNC) Share Registry?Valuation
Is Horizon Bancorp undervalued compared to its fair value and its price relative to the market?
6.1%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: HBNC ($17.11) is trading below our estimate of fair value ($18.23)
Significantly Below Fair Value: HBNC is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: HBNC is good value based on its PE Ratio (11.6x) compared to the US Banks industry average (12.2x).
PE vs Market: HBNC is good value based on its PE Ratio (11.6x) compared to the US market (21.3x).
Price to Earnings Growth Ratio
PEG Ratio: HBNC's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: HBNC is overvalued based on its PB Ratio (1.1x) compared to the US Banks industry average (1x).
Next Steps
Future Growth
How is Horizon Bancorp forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
-3.6%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: HBNC's earnings are forecast to decline over the next 3 years (-3.6% per year).
Earnings vs Market: HBNC's earnings are forecast to decline over the next 3 years (-3.6% per year).
High Growth Earnings: HBNC's earnings are forecast to decline over the next 3 years.
Revenue vs Market: HBNC's revenue is expected to decline over the next 3 years (-0.1% per year).
High Growth Revenue: HBNC's revenue is forecast to decline over the next 3 years (-0.1% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: HBNC's Return on Equity is forecast to be low in 3 years time (8.4%).
Next Steps
Past Performance
How has Horizon Bancorp performed over the past 5 years?
27.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: HBNC has high quality earnings.
Growing Profit Margin: HBNC's current net profit margins (31.4%) are lower than last year (32.2%).
Past Earnings Growth Analysis
Earnings Trend: HBNC's earnings have grown significantly by 27% per year over the past 5 years.
Accelerating Growth: HBNC's earnings growth over the past year (6.5%) is below its 5-year average (27% per year).
Earnings vs Industry: HBNC earnings growth over the past year (6.5%) exceeded the Banks industry -3%.
Return on Equity
High ROE: HBNC's Return on Equity (9.7%) is considered low.
Next Steps
Financial Health
How is Horizon Bancorp's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Financial Institutions Analysis
Asset Level: HBNC's Assets to Equity ratio (8.6x) is low.
Allowance for Bad Loans: HBNC has a sufficient allowance for bad loans (192%).
Low Risk Liabilities: 85% of HBNC's liabilities are made up of primarily low risk sources of funding.
Loan Level: HBNC has an appropriate level of Loans to Assets ratio (69%).
Low Risk Deposits: HBNC's Loans to Deposits ratio (92%) is appropriate.
Level of Bad Loans: HBNC has an appropriate level of bad loans (0.7%).
Next Steps
Dividend
What is Horizon Bancorp current dividend yield, its reliability and sustainability?
2.80%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: HBNC's dividend (2.81%) is higher than the bottom 25% of dividend payers in the US market (1.38%).
High Dividend: HBNC's dividend (2.81%) is low compared to the top 25% of dividend payers in the US market (3.85%).
Stability and Growth of Payments
Stable Dividend: HBNC's dividends per share have been stable in the past 10 years.
Growing Dividend: HBNC's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (32.7%), HBNC's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: HBNC's dividends in 3 years are forecast to be well covered by earnings (38.6% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
6.5yrs
Average management tenure
CEO
Craig Dwight (63 yo)
19.5yrs
Tenure
US$1,238,256
Compensation
Mr. Craig M. Dwight has been the Chief Executive Officer of Horizon Bancorp, Inc. (formerly, Horizon Bancorp). and its subsidiary, Horizon Bank, N.A. since July 01, 2001. Mr. Dwight served as the President...
CEO Compensation Analysis
Compensation vs Market: Craig's total compensation ($USD1.24M) is below average for companies of similar size in the US market ($USD2.37M).
Compensation vs Earnings: Craig's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman & CEO | 19.5yrs | US$1.24m | 0.98% $ 7.5m | |
| President | 3yrs | US$767.24k | 0.76% $ 5.8m | |
| Executive VP | 12yrs | US$573.42k | 0.12% $ 882.2k | |
| Executive Vice President | 7yrs | US$492.45k | 0.16% $ 1.2m | |
| Executive VP & Chief Commercial Banking Officer | 3.25yrs | US$471.70k | 0.041% $ 309.2k | |
| Shareholder Relations Officer & Executive Assistant | 6yrs | no data | no data | |
| Senior VP | 3.83yrs | no data | 0.022% $ 166.0k | |
| Asst. Chief Accounting Officer & Asst. Treasurer | 22yrs | no data | no data |
6.5yrs
Average Tenure
60yo
Average Age
Experienced Management: HBNC's management team is seasoned and experienced (6.5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman & CEO | 19.5yrs | US$1.24m | 0.98% $ 7.5m | |
| Lead Independent Director | 7.5yrs | US$70.00k | 0.16% $ 1.2m | |
| Independent Director | 26yrs | US$65.00k | 0.13% $ 970.8k | |
| Independent Director | 21yrs | US$62.00k | 0.16% $ 1.2m | |
| Independent Director | 20yrs | US$62.00k | 0.50% $ 3.8m | |
| Independent Director | 17.25yrs | US$62.00k | 0.083% $ 631.3k | |
| Independent Director | 11.67yrs | US$64.00k | 0.077% $ 589.7k | |
| Independent Director | 6.67yrs | US$68.00k | 0.057% $ 430.7k | |
| Independent Director | 4.5yrs | US$60.00k | 0.090% $ 689.0k | |
| Independent Director | 3.25yrs | US$60.00k | 0.028% $ 215.4k | |
| Independent Director | 1yr | no data | 0.0075% $ 57.4k |
7.5yrs
Average Tenure
64yo
Average Age
Experienced Board: HBNC's board of directors are considered experienced (7.5 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: HBNC insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Horizon Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Horizon Bancorp, Inc.
- Ticker: HBNC
- Exchange: NasdaqGS
- Founded: 1873
- Industry: Regional Banks
- Sector: Banks
- Market Cap: US$761.328m
- Shares outstanding: 43.88m
- Website: https://www.horizonbank.com
Number of Employees
Location
- Horizon Bancorp, Inc.
- 515 Franklin Street
- Michigan City
- Indiana
- 46360
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| HBNC | NasdaqGS (Nasdaq Global Select) | Yes | Common Stock | US | USD | Aug 1987 |
| 4WC | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Aug 1987 |
Biography
Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that provides a range of commercial and retail banking services. The company offers demand and time deposits. It also provides co...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/01/25 23:16 |
| End of Day Share Price | 2021/01/25 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
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 here.