Horizon Bancorp (HBNC) Reports Q4 2025 Net Interest Margin of 4.29%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 22 2026
0mins
Should l Buy HBNC?
Source: seekingalpha
- 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.
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Analyst Views on HBNC
Wall Street analysts forecast HBNC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for HBNC is 18.75 USD with a low forecast of 18.50 USD and a high forecast of 19.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 18.580
Low
18.50
Averages
18.75
High
19.00
Current: 18.580
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.
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
Eagle Bancorp Projects 42.3% Annual Growth Over Next Three Years
- Valuation Potential: Eagle Bancorp is currently trading at $21.42, significantly below its fair value of $31.99, indicating a potential upside of 33%, and despite a net loss of $67.51 million in Q3 2025, its strong fundamentals continue to attract investor interest.
- Revenue Growth Outlook: The company is projected to achieve an annual revenue growth rate of 42.3% over the next three years, significantly outpacing the broader U.S. market's growth rate of 10.5%, which will aid in restoring profitability in a competitive banking landscape.
- Bad Debt Risk: Although facing a high bad loans ratio of 8.8% that could impact future profitability, the robust revenue growth and earnings outlook still provide confidence to investors, indicating the company is actively addressing challenges.
- Market Positioning: As a bank holding company with a market cap of $640.83 million, Eagle Bancorp focuses on commercial and consumer banking services in the U.S., and it is expected to enhance its competitive edge through operational optimization and improved service quality.
See More
Horizon Bank Appoints Pam Zarazee as Senior VP of Human Resources
- Leadership Appointment: Horizon Bank has appointed Pam Zarazee as Senior Vice President of Human Resources, where she will lead HR functions aimed at enhancing employee engagement and talent management, which is expected to strengthen company culture and employee satisfaction.
- Strategic Team Involvement: Zarazee will join the executive team to promote an advisor-driven culture, leveraging her extensive experience in employee development and engagement to accelerate the achievement of HR department's strategic goals.
- Diverse Industry Experience: With leadership experience across various industries, Zarazee is poised to effectively implement talent plans and feedback mechanisms, thereby improving employee satisfaction and overall company performance.
- Educational Background: Zarazee holds a Bachelor’s degree in Human Resources and Business from Indiana University and a Master’s degree from the University of Notre Dame, which is expected to elevate the company's HR management standards.
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
Eagle Bancorp Projects 42.3% Annual Growth Over Next Three Years
- Valuation Potential: Eagle Bancorp is currently trading at $21.42, significantly below its fair value of $31.99, indicating a potential upside of 33%, and despite a net loss of $67.51 million in Q3 2025, its strong fundamentals continue to attract investor interest.
- Revenue Growth Outlook: The company is projected to achieve an annual revenue growth rate of 42.3% over the next three years, significantly outpacing the broader U.S. market's growth rate of 10.5%, which will aid in restoring profitability in a competitive banking landscape.
- Bad Debt Risk: Although facing a high bad loans ratio of 8.8% that could impact future profitability, the robust revenue growth and earnings outlook still provide confidence to investors, indicating the company is actively addressing challenges.
- Market Positioning: As a bank holding company with a market cap of $640.83 million, Eagle Bancorp focuses on commercial and consumer banking services in the U.S., and it is expected to enhance its competitive edge through operational optimization and improved service quality.
See More
Horizon Bank Appoints Pam Zarazee as Senior VP of Human Resources
- Leadership Appointment: Horizon Bank has appointed Pam Zarazee as Senior Vice President of Human Resources, where she will lead HR functions aimed at enhancing employee engagement and talent management, which is expected to strengthen company culture and employee satisfaction.
- Strategic Team Involvement: Zarazee will join the executive team to promote an advisor-driven culture, leveraging her extensive experience in employee development and engagement to accelerate the achievement of HR department's strategic goals.
- Diverse Industry Experience: With leadership experience across various industries, Zarazee is poised to effectively implement talent plans and feedback mechanisms, thereby improving employee satisfaction and overall company performance.
- Educational Background: Zarazee holds a Bachelor’s degree in Human Resources and Business from Indiana University and a Master’s degree from the University of Notre Dame, which is expected to elevate the company's HR management standards.
See More
