Horizon Reports Q4 Tangible Book Value of $10.32
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 21 2026
0mins
Should l Buy HBNC?
Reports Q4 tangible book value per share $10.32. Reports Q4 CET1 capital ratio 10.43%. "Horizon's fourth quarter results demonstrate excellent execution of the balance sheet repositioning and the core strength of our community banking model. We have delivered on our commitment to shareholders to create a top performing community bank with durable, peer-leading performance metrics and shareholder returns. The fourth quarter exceeded our prior performance estimates, with annualized return on average assets exceeding 1.60%, returns on average equity approaching 16%, and a net interest margin of 4.29%. We are pleased with the results for our shareholders and the transparency the quarter provided to highlight the strength of Horizon's community banking model, which remains the cornerstone of our value proposition", President and CEO, Thomas Prame stated. "More importantly, the Company is kicking off the new year from a position of strength, with the franchise well positioned to deliver durable earnings and continued top-tier profitability metrics in 2026. The commercial loan engine continues to produce disciplined and high-quality growth, which we expect to fund through our client-focused branch distribution network and our relationship-based community bankers. Credit quality remains excellent, and expenses continue to be well managed. As we look ahead, we will remain focused on creating sustainable long-term value for our shareholders through our disciplined operating model, consistent profitable growth and peer leading capital generation".
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Analyst Views on HBNC
Wall Street analysts forecast HBNC stock price to rise
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 16.770
Low
18.50
Averages
18.75
High
19.00
Current: 16.770
Low
18.50
Averages
18.75
High
19.00
About HBNC
Horizon Bancorp, Inc. is a commercial bank holding company for Horizon Bank (the Bank), which serves customers across Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Its retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. It also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. The Company operates in a single segment, namely, commercial banking. The Bank maintains approximately 71 full-service offices. It has wholly owned direct and indirect subsidiaries: Horizon Investments, Inc., Horizon Properties, Inc., Horizon Insurance Services, Inc., Horizon Grantor Trust and Wolverine Commercial Holdings, LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Analysis of HBNC Dividend Expectations and Stock Performance
- Dividend Yield Expectation: HBNC's current estimated annualized dividend yield stands at 3.81%, and while dividends are not always predictable, historical data suggests this yield may remain stable, reflecting investor confidence in the company's ongoing profitability.
- Stock Price Range: HBNC's 52-week low is $12.70 per share and the high is $19.07, with the last trade at $16.83, indicating that the stock price fluctuates within a reasonable range, potentially attracting investors seeking stable returns.
- ETF Holding Proportion: HBNC comprises 1.22% of the First Trust Dow Jones Select Microcap Index Fund ETF, which is trading up about 0.7% on the day, suggesting a generally positive market sentiment towards HBNC that could influence its stock performance.
- Intraday Trading Performance: On Wednesday, Horizon Bancorp Inc shares rose approximately 1.3%, indicating increased market demand for the stock, which may reflect investor optimism regarding its future growth potential.
See More
Elizabeth Park Capital Advisors Increases Stake in Origin Bancorp
- Share Acquisition: On February 17, 2026, Elizabeth Park Capital Advisors disclosed the purchase of 70,151 shares of Origin Bancorp (NYSE:OBK), representing an estimated $2.51 million trade, indicating confidence in the company's future growth prospects.
- Value Increase: As of December 31, 2025, the value of Origin Bancorp's holdings rose by $2.81 million from the previous quarter, reflecting ongoing growth in lending and deposit activities, which further solidifies its market position.
- Portfolio Diversification: This acquisition positions Origin Bancorp at 3.9% of Elizabeth Park's 13F reportable AUM, alongside other regional banks like QCR Holdings and Citizens Financial, highlighting a strategic preference for smaller lenders with strong regional footprints.
- Market Performance Analysis: Although Origin Bancorp's shares have increased by 17% over the past year, slightly trailing the S&P 500's 20% gain, its stable net income and growth in commercial lending indicate a solid momentum in its core markets.
See More
Horizon Bancorp Board Members Retire
- Board Member Retirement: Horizon Bancorp announced that James Dworkin will retire from the Board of Directors on May 7, 2026, concluding his tenure since 2003, which may impact the company's governance structure and future strategic direction.
- Independent Director Resignation: Julie Freigang resigned from the Board on January 20, 2026, affecting the company's governance in cybersecurity, potentially leading to a reassessment of related risk management practices.
- Governance Contributions Acknowledged: Board Chairman Eric Blackhurst noted that the contributions of Dworkin and Freigang have been critical to Horizon Bank's growth, highlighting the importance of independent directors in corporate governance.
- Company Background: Horizon Bancorp is a $6.4 billion asset commercial bank holding company providing diverse personal and business banking services, and changes in the board may affect its market competitiveness and customer service strategies.
See More
Horizon Bancorp (HBNC) Reports Q4 2025 Net Interest Margin of 4.29%
- Strong Financial Performance: Horizon Bancorp reported an annualized return on average assets exceeding 1.6% and an approaching 16% return on average equity in Q4 2025, with a net interest margin of 4.29%, demonstrating the core strength of its community banking model and successful balance sheet repositioning.
- Sustained Loan Growth: Total loans reached $4.9 billion as of December 31, increasing by $60.7 million from September 30, with commercial loans growing by $76 million in Q4, representing a 9% annualized growth rate, further solidifying the company's market position.
- Improved Credit Quality: Non-performing loans represented 72 basis points in Q4, up from 64 basis points in Q3, while substandard loans decreased to $59.4 million, accounting for 1.22% of total loans, indicating overall credit quality remains robust.
- Optimistic Outlook: Management projects an increase in net interest margin for 2026 to a range of 4.25% to 4.35%, with loan and deposit balances expected to grow in the mid-single digits, reflecting confidence in organic core deposit growth and commercial loan expansion.
See More
Horizon Bancorp Q4 EPS of $0.53 Beats Estimates, Net Interest Income Up 8.7%
- Earnings Beat: Horizon Bancorp reported a Q4 GAAP EPS of $0.53, exceeding estimates by $0.03, indicating a sustained enhancement in profitability that may boost investor confidence.
- Net Interest Income Growth: The net interest income reached $63.5 million, reflecting an 8.7% increase from the previous quarter and a 19.5% rise compared to $53.1 million a year ago, showcasing effective management in a challenging interest rate environment.
- Loan Investment Increase: Total loans held for investment rose by 4.4% on an annualized basis, with strong organic commercial loan growth of $75.8 million, or 9.1% annualized, indicating robust market demand that supports sustainable future revenue growth.
- Improved Financial Position: Horizon Bancorp's transformed balance sheet has attracted investor attention, which is expected to further enhance the company's performance in a competitive financial market.
See More
Horizon Bancorp to Release Q4 2025 Financial Results on January 22, 2026
- Earnings Call Schedule: Horizon Bancorp will host a conference call on January 22, 2026, at 7:30 a.m. CT to review its Q4 2025 financial results, with the earnings release set for after market close on January 21, ensuring timely access to critical information for investors.
- Participation Instructions: Investors can join the call by dialing 833-974-2379 from the U.S., 866-450-4696 from Canada, or 412-317-5772 internationally, with a recommendation to call in 10 minutes early to enhance the investor experience and ensure smooth access.
- Call Replay Availability: A telephone replay will be available approximately one hour after the call ends until January 30, 2026, allowing investors who cannot attend live to access the content by calling 855-669-9658 from the U.S. and Canada or 412-317-0088 internationally, ensuring broader access to the information shared.
- Company Background: Horizon Bancorp is a $6.7 billion-asset commercial bank holding company that offers a diverse range of personal and business banking services across attractive Midwestern markets, highlighting its significant role and market potential in the regional economy.
See More
Analysis of HBNC Dividend Expectations and Stock Performance
- Dividend Yield Expectation: HBNC's current estimated annualized dividend yield stands at 3.81%, and while dividends are not always predictable, historical data suggests this yield may remain stable, reflecting investor confidence in the company's ongoing profitability.
- Stock Price Range: HBNC's 52-week low is $12.70 per share and the high is $19.07, with the last trade at $16.83, indicating that the stock price fluctuates within a reasonable range, potentially attracting investors seeking stable returns.
- ETF Holding Proportion: HBNC comprises 1.22% of the First Trust Dow Jones Select Microcap Index Fund ETF, which is trading up about 0.7% on the day, suggesting a generally positive market sentiment towards HBNC that could influence its stock performance.
- Intraday Trading Performance: On Wednesday, Horizon Bancorp Inc shares rose approximately 1.3%, indicating increased market demand for the stock, which may reflect investor optimism regarding its future growth potential.
See More
Elizabeth Park Capital Advisors Increases Stake in Origin Bancorp
- Share Acquisition: On February 17, 2026, Elizabeth Park Capital Advisors disclosed the purchase of 70,151 shares of Origin Bancorp (NYSE:OBK), representing an estimated $2.51 million trade, indicating confidence in the company's future growth prospects.
- Value Increase: As of December 31, 2025, the value of Origin Bancorp's holdings rose by $2.81 million from the previous quarter, reflecting ongoing growth in lending and deposit activities, which further solidifies its market position.
- Portfolio Diversification: This acquisition positions Origin Bancorp at 3.9% of Elizabeth Park's 13F reportable AUM, alongside other regional banks like QCR Holdings and Citizens Financial, highlighting a strategic preference for smaller lenders with strong regional footprints.
- Market Performance Analysis: Although Origin Bancorp's shares have increased by 17% over the past year, slightly trailing the S&P 500's 20% gain, its stable net income and growth in commercial lending indicate a solid momentum in its core markets.
See More
Horizon Bancorp Board Members Retire
- Board Member Retirement: Horizon Bancorp announced that James Dworkin will retire from the Board of Directors on May 7, 2026, concluding his tenure since 2003, which may impact the company's governance structure and future strategic direction.
- Independent Director Resignation: Julie Freigang resigned from the Board on January 20, 2026, affecting the company's governance in cybersecurity, potentially leading to a reassessment of related risk management practices.
- Governance Contributions Acknowledged: Board Chairman Eric Blackhurst noted that the contributions of Dworkin and Freigang have been critical to Horizon Bank's growth, highlighting the importance of independent directors in corporate governance.
- Company Background: Horizon Bancorp is a $6.4 billion asset commercial bank holding company providing diverse personal and business banking services, and changes in the board may affect its market competitiveness and customer service strategies.
See More
Horizon Bancorp (HBNC) Reports Q4 2025 Net Interest Margin of 4.29%
- Strong Financial Performance: Horizon Bancorp reported an annualized return on average assets exceeding 1.6% and an approaching 16% return on average equity in Q4 2025, with a net interest margin of 4.29%, demonstrating the core strength of its community banking model and successful balance sheet repositioning.
- Sustained Loan Growth: Total loans reached $4.9 billion as of December 31, increasing by $60.7 million from September 30, with commercial loans growing by $76 million in Q4, representing a 9% annualized growth rate, further solidifying the company's market position.
- Improved Credit Quality: Non-performing loans represented 72 basis points in Q4, up from 64 basis points in Q3, while substandard loans decreased to $59.4 million, accounting for 1.22% of total loans, indicating overall credit quality remains robust.
- Optimistic Outlook: Management projects an increase in net interest margin for 2026 to a range of 4.25% to 4.35%, with loan and deposit balances expected to grow in the mid-single digits, reflecting confidence in organic core deposit growth and commercial loan expansion.
See More
Horizon Bancorp Q4 EPS of $0.53 Beats Estimates, Net Interest Income Up 8.7%
- Earnings Beat: Horizon Bancorp reported a Q4 GAAP EPS of $0.53, exceeding estimates by $0.03, indicating a sustained enhancement in profitability that may boost investor confidence.
- Net Interest Income Growth: The net interest income reached $63.5 million, reflecting an 8.7% increase from the previous quarter and a 19.5% rise compared to $53.1 million a year ago, showcasing effective management in a challenging interest rate environment.
- Loan Investment Increase: Total loans held for investment rose by 4.4% on an annualized basis, with strong organic commercial loan growth of $75.8 million, or 9.1% annualized, indicating robust market demand that supports sustainable future revenue growth.
- Improved Financial Position: Horizon Bancorp's transformed balance sheet has attracted investor attention, which is expected to further enhance the company's performance in a competitive financial market.
See More
Horizon Bancorp to Release Q4 2025 Financial Results on January 22, 2026
- Earnings Call Schedule: Horizon Bancorp will host a conference call on January 22, 2026, at 7:30 a.m. CT to review its Q4 2025 financial results, with the earnings release set for after market close on January 21, ensuring timely access to critical information for investors.
- Participation Instructions: Investors can join the call by dialing 833-974-2379 from the U.S., 866-450-4696 from Canada, or 412-317-5772 internationally, with a recommendation to call in 10 minutes early to enhance the investor experience and ensure smooth access.
- Call Replay Availability: A telephone replay will be available approximately one hour after the call ends until January 30, 2026, allowing investors who cannot attend live to access the content by calling 855-669-9658 from the U.S. and Canada or 412-317-0088 internationally, ensuring broader access to the information shared.
- Company Background: Horizon Bancorp is a $6.7 billion-asset commercial bank holding company that offers a diverse range of personal and business banking services across attractive Midwestern markets, highlighting its significant role and market potential in the regional economy.
See More
