Horizon Bancorp (HBNC) Financials

$796.3 M

Mkt cap, 25-May-2018

$47.7 M

Revenue Q1, 2018
Gross profit (Q1, 2018)41.7 M
Gross profit margin (Q1, 2018), %87.4%
Net income (Q1, 2018)12.8 M
EBIT (Q1, 2018)32.8 M
Cash, 31-Mar-201863.6 M
EV770.4 M

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

74.9 m76.2 m88.6 m106.5 m

Revenue growth, %

2%16%20%

Cost of goods sold

13.9 m20.5 m16.4 m

Gross profit

74.7 m86 m

Gross profit Margin, %

84%81%

Sales and marketing expense

44 m

R&D expense

5.4 m5.9 m

Operating expense total

49.4 m94.8 m

EBIT

71.6 m84.2 m109.6 m

EBIT margin, %

81%79%

Pre tax profit

27.8 m32.7 m48 m

Income tax expense

7.2 m8.8 m14.8 m

Net Income

19.9 m18.1 m20.5 m23.9 m33.1 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Revenue

24 m22 m26.7 m27.2 m27.2 m28.3 m32 m31.4 m34.5 m39 m36.4 m39 m47.7 m

Cost of goods sold

3.4 m3.2 m3.3 m3.5 m3.2 m3.3 m3.8 m3.8 m3.8 m4.6 m3.3 m3.6 m6 m

Gross profit

20.6 m18.8 m23.4 m23.8 m24 m25 m28.2 m27.6 m30.7 m34.5 m33.1 m35.4 m41.7 m

Gross profit Margin, %

86%85%88%87%88%88%88%88%89%88%91%91%87%

Sales and marketing expense

7.7 m7.5 m8.3 m8.2 m8.5 m8.4 m10.7 m10.1 m10.3 m12.2 m11.7 m12.5 m

R&D expense

766 k870 k937 k907 k923 k966 k1.3 m1.1 m1.1 m1.6 m1.3 m1.5 m1.7 m

Operating expense total

14.1 m14.5 m16.4 m15.4 m16.1 m16.7 m22.2 m19.7 m21.6 m24.8 m21.5 m22.5 m25.8 m

EBIT

14.6 m13.3 m16.4 m14.7 m16.3 m15.9 m19.5 m19.2 m20.6 m24 m25.2 m26.9 m27.2 m32.8 m

EBIT margin, %

61%60%61%54%60%56%61%61%60%61%69%69%69%

Pre tax profit

6.4 m4.3 m6.7 m6.7 m7.3 m6.5 m5.6 m7.4 m9 m9.2 m11.3 m12.6 m10.7 m15.3 m

Income tax expense

1.6 m863 k1.9 m1.7 m1.9 m1.8 m1.4 m2 m2.6 m2.6 m3.1 m2.5 m2.5 m

Net Income

4.8 m3.4 m4.8 m5 m5.4 m4.7 m4.3 m5.4 m6.3 m6.6 m8.2 m9.1 m8.2 m12.8 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

31.7 m43.5 m48.7 m70.8 m76.4 m

Accounts Receivable

7.5 m8.2 m10.5 m12.7 m16.2 m

Inventories

PP&E

46.2 m52.5 m60.8 m66.4 m75.5 m

Goodwill

19.7 m28.2 m49.6 m76.9 m119.9 m

Total Assets

1.8 b2.1 b2.7 b3.1 b4 b

Accounts Payable

506 k497 k507 k2.5 b2.9 b

Short-term debt

32.5 m32.6 m32.8 m37.5 m37.7 m

Long-term debt

Total Debt

37.5 m37.7 m

Total Liabilities

2.8 b3.5 b

Additional Paid-in Capital

32.5 m45.9 m106.4 m182.3 m275.1 m

Retained Earnings

121.3 m134.5 m148.7 m164.2 m185.6 m

Total Equity

164.5 m194.4 m266.8 m340.9 m457.1 m

Debt to Equity Ratio

0.1 x

Debt to Assets Ratio

0 x

Financial Leverage

10.7 x10.7 x9.9 x9.2 x8.7 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Cash

40.5 m35.8 m50.8 m37.3 m38.7 m43.9 m48.2 m47.6 m109.2 m83.7 m60.3 m66 m63.6 m

Accounts Receivable

7.5 m7.5 m8.3 m8.4 m8.4 m8.8 m10.9 m10.5 m11.5 m12.7 m12.6 m13.3 m12 m

PP&E

43.5 m47 m50.9 m50.9 m54 m54.8 m60.7 m60.2 m61.2 m67.3 m66.3 m65.4 m75.4 m

Goodwill

19.7 m20.5 m28 m28 m28.2 m28.2 m49.6 m49.6 m56.5 m74.3 m77.6 m77.6 m93.8 m119.9 m

Total Assets

1.8 b1.8 b2.1 b2 b2.2 b2.2 b2.6 b2.6 b2.9 b3.3 b3.2 b3.3 b3.5 b4 b

Accounts Payable

1.3 b1.4 b1.5 b1.4 b1.5 b1.6 b1.9 b1.9 b2.1 b2.3 b2.4 b2.4 b2.9 b

Short-term debt

32.4 m32.5 m32.6 m32.6 m32.7 m32.7 m32.8 m32.8 m32.9 m37.4 m37.5 m37.6 m37.7 m

Total Debt

32.4 m32.5 m32.6 m32.6 m32.7 m32.7 m32.8 m32.8 m32.9 m37.4 m37.5 m37.6 m37.7 m

Total Liabilities

1.6 b1.6 b1.9 b1.8 b2 b2 b2.3 b2.4 b2.6 b3 b2.8 b3 b3.1 b3.5 b

Additional Paid-in Capital

32.2 m32.6 m45.4 m45.7 m46.1 m46.6 m106.1 m106.5 m120.8 m181.9 m182.4 m182.6 m212.4 m275.3 m

Retained Earnings

118.2 m123.7 m127.2 m130.9 m138.5 m141.9 m144.3 m152.2 m156.7 m161 m170 m176.1 m181.4 m195.3 m

Total Equity

163.5 m169.8 m187.3 m189.8 m199.5 m202.1 m264.7 m261.4 m281 m345.7 m348.6 m357.3 m392.1 m460.4 m

Financial Leverage

10.9 x10.6 x11.1 x10.7 x10.8 x11 x9.9 x10.1 x10.4 x9.6 x9.1 x9.3 x9 x8.6 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

19.9 m18.1 m20.5 m23.9 m

Depreciation and Amortization

3.4 m3.8 m4.2 m5.3 m

Accounts Receivable

215 k(398 k)(1 m)(544 k)

Accounts Payable

(54 k)(50 k)(11 k)(275 k)

Cash From Operating Activities

47 m17.7 m35.2 m25.5 m

Purchases of PP&E

(168.9 m)(93.4 m)(244.2 m)(225.6 m)

Cash From Investing Activities

(124.2 m)226.4 m

Cash From Financing Activities

(95.8 m)143.1 m94.1 m(229.8 m)

Interest Paid

13.6 m13.2 m13.8 m20.6 m

Income Taxes Paid

3.1 m2.8 m4.1 m6.9 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Net Income

4.8 m3.4 m4.8 m5 m5.4 m10.1 m14.4 m5.4 m11.7 m18.3 m8.2 m17.3 m8.2 m12.8 m

Depreciation and Amortization

1.8 m

Accounts Receivable

8.3 m8.4 m8.4 m8.8 m10.9 m10.5 m11.5 m12.7 m12.6 m4.2 m

Accounts Payable

508 k477 k504 k461 k490 k580 k961 k1 m523 k330 k

Cash From Operating Activities

30 m

Purchases of PP&E

(36.4 m)

Cash From Investing Activities

(48 m)

Cash From Financing Activities

5.1 m

Interest Paid

5.7 m

Ratios

USDY, 2018

EV/EBIT

23.5 x

EV/CFO

25.7 x

Financial Leverage

8.6 x
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Operating Metrics

Horizon Bancorp's Total Loans was reported to be $2.3b in Q2, 2017.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

Bank Branches

31 46 56

Non-performing Loans

$22.44 m$22.38 m$23.05 m$21 m$10.68 m$14.98 m$13.17 m$12.84 m$10.68 m$9.83 m$11.56 m

Total Loans

$1.38 b$1.46 b$1.52 b$1.72 b$1.75 b$1.72 b$1.93 b$2.19 b$2.14 b$2.14 b$2.26 b
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