HBNC
Financial ServicesHorizon Bancorp, Inc. · Banks - Regional · $940M
What is Horizon Bancorp, Inc.?
Horizon Bancorp is the holding company for Horizon Bank, a community-focused institution serving northern and central Indiana and southern and central Michigan through a network of 78 full-service offices.
Horizon Bank generates revenue primarily through interest income on loans and deposits. It serves both commercial and retail customers, offering lending across commercial real estate, residential mortgages, mortgage warehouse lines, and consumer products. Beyond traditional banking, the company provides trust and agency services, investment management, and insurance products, broadening its revenue base beyond pure lending.
Founded in 1873 and headquartered in Michigan City, Indiana, Horizon Bancorp has deep roots in Midwest community banking.
- Commercial and retail banking services
- Residential and commercial real estate lending
- Trust, agency, and investment management services
- Insurance product distribution
Is HBNC a Good Stock to Buy?
UQS Score rates HBNC as Below Average overall.
Among the five pillars, Valuation stands out as Attractive, suggesting the stock may be priced modestly relative to its fundamentals. Growth registers as Neutral, indicating the business is neither contracting sharply nor expanding at a standout pace.
Quality, Moat, and Risk all score Weak — pointing to limited competitive differentiation, below-average business quality, and meaningful risk factors that investors should weigh carefully.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does HBNC pay dividends?
Yes — Horizon Bancorp, Inc. pays a dividend.
Horizon Bancorp pays a regular dividend, consistent with the income-oriented tradition of community bank holding companies. For investors seeking current income, this cadence can be appealing. However, dividend sustainability depends on ongoing earnings stability, which the Weak Risk and Quality pillar ratings suggest warrants close monitoring.
When does HBNC report earnings?
Horizon Bancorp reports earnings on a quarterly cadence, typical for US-listed bank holding companies.
Results have reflected the pressures common to regional community banks, including net interest margin sensitivity and credit quality dynamics. Growth has been Neutral in UQS terms, suggesting neither meaningful acceleration nor sharp deterioration in recent periods.
For the most recent quarter's results, visit Horizon Bancorp's investor relations page directly.
HBNC Price History
+18.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Horizon Bancorp, Inc.?
Based on Horizon Bancorp, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
HBNC Long-term Outlook
The fundamental outlook for HBNC is shaped by a Neutral Growth profile against a backdrop of Weak Quality and Risk ratings. Community banks in this size range face ongoing pressure from larger regional competitors and interest rate sensitivity. The Attractive Valuation label suggests limited downside may already be priced in, but weak moat characteristics make durable earnings growth harder to sustain.
Growth drivers
- Potential loan growth in underserved Midwest markets
- Fee income diversification through trust and insurance services
- Stabilization of net interest margins as rate environment evolves
Key risks
- Elevated credit risk exposure in a slowing regional economy
- Weak competitive moat relative to larger regional banks
- Interest rate sensitivity weighing on net interest income
HBNC vs Peers
Horizon Bancorp competes with other community and regional bank holding companies across the Midwest and beyond.
CNB Financial operates primarily in Pennsylvania and focuses on relationship-driven community banking with a somewhat different geographic footprint than Horizon.
Mercantile Bank is a Michigan-based commercial lender with a strong focus on business banking, making it a direct geographic competitor in some of Horizon's Michigan markets.
Central Pacific Financial serves Hawaii's community banking market, offering a contrast in regional concentration and economic exposure compared to Horizon's Midwest base.
Frequently Asked Questions
What does Horizon Bancorp do?
Horizon Bancorp is the holding company for Horizon Bank, which provides commercial and retail banking, real estate and consumer lending, trust and investment management services, and insurance products across northern and central Indiana and parts of Michigan.
Does HBNC pay dividends?
Yes, Horizon Bancorp pays a regular dividend. This is consistent with the income-oriented profile of many community bank holding companies. Investors should review the company's investor relations page for the current dividend rate and payment schedule.
When does HBNC report earnings?
Horizon Bancorp reports on a quarterly cadence, as is standard for US-listed bank holding companies. For specific upcoming report dates, check the company's investor relations page or a financial calendar service.
Is HBNC a good stock to buy?
UQS Score rates HBNC as Below Average overall. While Valuation is Attractive and Growth is Neutral, the Weak ratings across Quality, Moat, and Risk indicate meaningful concerns. The full pillar breakdown is available to UQS Pro members.
Is HBNC overvalued?
Based on the UQS Valuation pillar, HBNC is rated Attractive, suggesting the stock is not considered overvalued relative to its fundamentals at current levels. However, valuation alone does not determine investment quality — see the full analysis for context.
How does HBNC compare to its competitors?
Horizon Bancorp competes with community and regional banks like CNB Financial, Mercantile Bank, and Central Pacific Financial. Each operates in different geographies with varying business mixes. UQS Pro members can view side-by-side pillar comparisons for these peers.
What is HBNC's market cap bracket?
Horizon Bancorp is classified as a small-cap company. This places it in the tier of community and regional banks that typically have more concentrated geographic exposure and less liquidity than large-cap financial institutions.
Who founded Horizon Bancorp?
Horizon Bank traces its origins to 1873, making it one of the longer-standing community banking institutions in Indiana. Detailed founding history is publicly available through the company's official website and investor relations materials.
Is HBNC a long-term quality investment?
As a long-term quality indicator, UQS rates HBNC as Below Average. Weak scores in Quality, Moat, and Risk suggest the business lacks the durable competitive advantages typically associated with strong long-term compounders. The Attractive Valuation may partially offset this, but durability remains a concern.
What is the main competitive advantage of Horizon Bancorp?
Horizon's primary advantage is its established community presence across 78 offices in Indiana and Michigan, built over more than a century. However, the UQS Moat pillar rates this as Weak, indicating limited structural differentiation versus regional banking peers.
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Pro Analysis
HBNC — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 20, 2026 | 41.2 | 25.0 | 14.0 | 50.0 | 45.3 | 97.9 | +1.8 |
| May 7, 2026 | 39.4 | 25.0 | 14.0 | 50.0 | 39.5 | 91.4 | 0.0 |
| May 3, 2026 | 39.4 | 25.0 | 14.0 | 50.0 | 39.5 | 91.6 | -0.1 |
| Apr 12, 2026 | 39.5 | 25.0 | 14.0 | 50.0 | 39.5 | 92.0 | -0.1 |
| Apr 2, 2026 | 39.6 | 25.0 | 14.0 | 50.0 | 39.5 | 92.8 | — |
HBNC — Pillar Breakdown
Quality
— 25.0/100 (25%)Horizon Bancorp, Inc. currently shows below-average quality metrics, suggesting challenges with profitability.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 50.0/100 (20%)Horizon Bancorp, Inc. shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 45.3/100 (15%)Horizon Bancorp, Inc. has some risk factors including moderate leverage or solvency concerns.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 97.9/100 (15%)Horizon Bancorp, Inc. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Moat
— 14/100 (25%)Horizon Bancorp, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for HBNC.
Score Composition
Financial Data
More Stock Analysis
How is the HBNC UQS Score Calculated?
The UQS (Unified Quality Score) for Horizon Bancorp, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Horizon Bancorp, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Horizon Bancorp, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.