| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 48 | — | 17.3x | Around median | |
Growth | 47 | — | 7.1% | Around median | |
Quality | 15 | — | — | Bottom tier | |
Safety | 17 | — | — | Bottom tier | |
Capital Return | 87 | 3.08% | 0.06% | Top tier | |
Momentum | 89 | 22.3% | -1.6% | Top tier | |
Sentiment | 45 | 4 | 3 | Around median |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Horizon Bancorp, Inc., listed under the ticker HBNC on NASDAQ, operates a community banking model, with operations in Michigan, Indianapolis, and northwestern Indiana. Income generation depends on deploying deposits into loans and investments, alongside fees from trust, mortgage, and card services. Its business model combines lending with broader banking relationships, as customer relationships also aim to attract deposits and treasury management and payment services.
In quarter 2 of fiscal year 2026, ended 2026-06-30, net revenue reached 75.5 million dollars, up 13.9% compared with the same quarter of the previous fiscal year, and net income reached 24.9 million dollars versus 20.6 million dollars in quarter 2 of fiscal year 2025. Diluted earnings per share were 0.49 dollars in quarter 2 of fiscal year 2026 versus 0.47 dollars in the same quarter of the previous fiscal year, with diluted shares increasing to 51.3 million from 44.0 million. The operating margin, as calculated by EL7, was 40.7% in quarter 2 of fiscal year 2026, while the net interest margin was 4.37%; these are two different profitability measures.
Commercial lending was the main driver of portfolio composition in quarter 2 of fiscal year 2026, ended 2026-06-30; its balances increased by approximately 64 million dollars, and commercial and industrial loans increased by approximately 63 million dollars to represent 31% of the commercial portfolio. Commercial real estate balances remained approximately stable due to loan repayments, while noninterest income grew 10% compared with the same quarter of the previous fiscal year, with trust and mortgage services leading this improvement through growth of approximately 20% each. Meanwhile, the quarter included a legal expense of 3.1 million dollars related to an unfavorable court ruling, making continued operating improvement and resolution of the legal exposure separate tracks in evaluating the bank's performance.
Q2 FY2026
When: 2026-10-21
Net revenue in quarter 3 of fiscal year 2026 relative to 75.5 million dollars
Net interest margin in quarter 3 of fiscal year 2026 at the 4.30% threshold
The median analyst target was 24 dollars in the 2026-10-19 snapshot, but it is a low-confidence indicative estimate because it relies on a single analyst, and it reflects expectations for growth and future performance. The industry-multiple valuation is 16 dollars, within a range of 14 dollars to 20 dollars, based on book value and a median multiple of 1.2 across 335 companies, meaning that it measures the bank based on how its peers' equity is priced. The two methods place values in different ranges, as the analyst target exceeds the upper end of the industry-multiple range; the target incorporates expectations of improvement, while the industry method links value to the book equity base and the pricing of peer banks, with analyst targets inherently tending toward optimism. Piper Sandler raised its target to 23 dollars from 21 dollars on 2026-07-24, an adjustment that supports an improvement in expectations without eliminating the gap between the two valuation methods.
Figures in the text are as of 2026-10-20; the live price is shown at the top of the page.
Horizon combines net interest income from loans and investments with fees from trust, mortgage, and card services. In quarter 2 of fiscal year 2026, ended 2026-06-30, net revenue reached 75.5 million dollars, up 13.9% compared with the same quarter of the previous fiscal year. Commercial and industrial loans led lending expansion with an increase of approximately 63 million dollars during the quarter, while noninterest income grew 10% compared with the same quarter of the previous fiscal year.
Net income reached 24.9 million dollars in quarter 2 of fiscal year 2026, ended 2026-06-30, versus 20.6 million dollars in quarter 2 of fiscal year 2025. However, diluted shares increased 16.5% over the same comparison, from 44.0 million to 51.3 million. Profits were therefore spread across a larger share base, and diluted earnings per share were 0.49 dollars versus 0.47 dollars.
Automated analysis for informational purposes only — not investment advice.
Nonperforming loan ratio in quarter 3 of fiscal year 2026 relative to 0.70%
The net interest margin was 4.37% in quarter 2 of fiscal year 2026, ended 2026-06-30, while management expects a range between 4.30% and 4.35% in the second half of fiscal year 2026. On the 2026-07-23 call, management attributed this difference primarily to higher average cash balances, which reduce the margin percentage even though they may support interest income in dollar terms. The average yield on new loans was approximately 6.75% in quarter 2 of fiscal year 2026, while the cost of interest-bearing deposits was 1.94% in the same period, illustrating the need to monitor loan and deposit pricing alongside the asset mix.
Nonperforming loans declined to 34.9 million dollars, or 0.70% of loans, at the end of quarter 2 of fiscal year 2026, as of 2026-06-30, and the allowance for credit losses reached 51.9 million dollars or 1.05% of loans held for investment. However, management mentioned on the 2026-07-23 call two commercial collection cases taking longer than expected, alongside the beginning of seasoning in the equipment finance portfolio. Separately from loan risks, the bank recorded a legal expense of 3.1 million dollars in quarter 2 of fiscal year 2026, and management said the provision would remain until the appeal is completed.