Horizon Bancorp (HBNC)
Community bank built through acquisitions, now concentrated on commercial lending across Indiana and Michigan.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 24, 2026 | Piper Sandler | Reiterate | Rating: —Target: $21 | Target: $23 |
| Apr 27, 2026 | Piper Sandler | Reiterate | Rating: —Target: $18 | Target: $21 |
| Mar 27, 2026 | Stephens | Target | Target: $22 | Target: $20 |
| Aug 26, 2025 | Keefe, Bruyette & Woods | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.12B · Total debt $379.1M · Total assets $6.57B · Shareholders' equity $726.2M
- Revenue
- $100.5M
- Operating income
- $30.7M
- Net income
- $24.9M
HistoryDividendAnnual yieldUpcoming
| Institutions | 80.60% | 41.37M shares | |
|---|---|---|---|
| 207 holders · as of Jun 30, 2026 | |||
| Insiders | 1.91% | 980.0K shares | |
| 19 holders · as of Aug 27, 2026 | |||
| Strategic holders | 4.74% | 2.43M shares | |
| 1 holder · as of Apr 15, 2025 | |||
| Other | 12.75% | 6.54M shares | |
| remainder | |||
51.33M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 14.03% | 7.20M | as of Jun 30, 2026 |
BlackRock Portfolio Management LLCStrategic | 4.74% | 2.43M | filed Apr 15, 2025 |
AllianceBernstein L.P.Institution | 4.36% | 2.24M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.29% | 2.20M | as of Jun 30, 2026 |
PL Capital Advisors, LLCInstitution | 3.53% | 1.81M | as of Jun 30, 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 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Horizon Bancorp | $19.14 | −0.23% | $984.5M | — | 8.9 | 10.3 | +16.1% |
| First Merchants | $40.53 | −0.31% | $2.55B | 13.0 | 9.6 | 2.3 | +23.2% |
| Lakeland Financial | $59.01 | −0.41% | $1.48B | 13.6 | 13.4 | 3.5 | +6.8% |
| 1st Source | $84.89 | −0.55% | $2.05B | 12.2 | 11.7 | 3.4 | +8.2% |
| German American Bancorp | $48.80 | −0.39% | $1.84B | 12.9 | 12.2 | 3.7 | +12.7% |
| Mercantile Bank | $58.85 | −0.46% | $1.02B | 10.4 | 10.7 | 2.7 | +12.9% |
| Independent Bank | $35.54 | −0.24% | $734.0M | 10.4 | 9.5 | 2.3 | +17.0% |
| Stock Yards Bancorp | $78.00 | −0.17% | $2.31B | 15.6 | 14.4 | 4.1 | +17.2% |
| Median | 12.9 | 11.7 | 3.4 | +12.9% |