Horizon Bancorp Inc. Common Stock (HBNC)

FairStock Score: 60/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at a regional bank first as a conservative lender: what it earns on equity, what book value is worth, and whether capital protects the downside. Horizon Bancorp is a small Indiana and Michigan bank holding company. The filed record is uneven: in fiscal 2024, the year ended 2024-12-31, net income was $35.4M, or $0.80 per diluted share, and in fiscal 2023, the year ended 2023-12-31, net income was $28.0M, or $0.64. Then came a fiscal Q3 2025 loss of $222.0M, or $4.69 per diluted share, in the quarter ended 2025-09-30, and a fiscal 2025 net loss of $150.5M, or $3.24 per diluted share, for the year ended 2025-12-31. That single year overwhelms the earlier profits. Recent quarters have rebounded: fiscal Q1 2026 net income $26.2M and fiscal Q2 2026 net income $24.9M. At the 2026-10-13 close of $19.13, FairStock calculates a negative P/E of -6.40 and P/B of 1.35. A bank trading above book with trailing EPS of -$2.99 and FairStock ROE of -18.98% is not an obvious Graham bargain. The 3.35% dividend yield and beta of 0.83 are appealing, and the computed Lynch category is TURNAROUND — a loss in the latest year after earlier profits. But a Piotroski F-Score of 4/9 and FairStock Score of 60/100 suggest only mediocre financial strength and fair value. The missing bank-specific measures matter: CET1, net interest margin, nonperforming assets, charge-offs, reserves, and loan concentrations are not in the data, and the combined ratio is not relevant for a bank but also absent. Without them I cannot judge credit risk or capital adequacy. My conclusion: this is a speculative turnaround; if the recent profit run rate holds, the price may be reasonable, but if credit problems persist, book value is at risk.

In plain English: Horizon Bancorp is a small bank holding company operating in Indiana and Michigan. It reported big losses in fiscal 2025 but has recently shown quarterly profits again. At the current price, the stock looks roughly fair rather than clearly cheap, because the recent loss was large and key bank safety details are not available.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer