$694 M

HBNC Mkt cap, 18-Oct-2018

$97.4 M

Horizon Bancorp Revenue Q2, 2018
Horizon Bancorp Gross profit (Q2, 2018)84.2 M
Horizon Bancorp Gross profit margin (Q2, 2018), %86.4%
Horizon Bancorp Net income (Q2, 2018)26.9 M
Horizon Bancorp EBIT (Q2, 2018)65.8 M
Horizon Bancorp Cash, 30-Jun-201869 M
Horizon Bancorp EV662.7 M

Horizon Bancorp Income Statement

Annual

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

Revenue

74.9m76.2m88.6m106.5m

Revenue growth, %

2%16%20%

Cost of goods sold

13.9m20.5m16.4m

Gross profit

74.7m86.0m

Gross profit Margin, %

84%81%

Sales and marketing expense

44.0m

R&D expense

5.4m5.9m

Operating expense total

49.4m94.8m

EBIT

71.6m84.2m109.6m

EBIT margin, %

81%79%

Pre tax profit

27.8m32.7m48.0m

Income tax expense

7.2m8.8m14.8m

Net Income

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

Quarterly

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

Revenue

24.0m22.0m26.7m27.2m27.2m28.3m32.0m31.4m34.5m39.0m36.4m39.0m47.7m97.4m

Cost of goods sold

3.4m3.2m3.3m3.5m3.2m3.3m3.8m3.8m3.8m4.6m3.3m3.6m6.0m13.2m

Gross profit

20.6m18.8m23.4m23.8m24.0m25.0m28.2m27.6m30.7m34.5m33.1m35.4m41.7m84.2m

Gross profit Margin, %

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

Sales and marketing expense

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

R&D expense

766.0k870.0k937.0k907.0k923.0k966.0k1.3m1.1m1.1m1.6m1.3m1.5m1.7m3.3m

Operating expense total

14.1m14.5m16.4m15.4m16.1m16.7m22.2m19.7m21.6m24.8m21.5m22.5m25.8m50.8m

EBIT

14.6m13.3m16.4m14.7m16.3m15.9m19.5m19.2m20.6m24.0m25.2m26.9m27.2m32.8m65.8m

EBIT margin, %

61%60%61%54%60%56%61%61%60%61%69%69%69%68%

Pre tax profit

6.4m4.3m6.7m6.7m7.3m6.5m5.6m7.4m9.0m9.2m11.3m12.6m10.7m15.3m32.2m

Income tax expense

1.6m863.0k1.9m1.7m1.9m1.8m1.4m2.0m2.6m2.6m3.1m2.5m2.5m

Net Income

4.8m3.4m4.8m5.0m5.4m4.7m4.3m5.4m6.3m6.6m8.2m9.1m8.2m12.8m26.9m

Horizon Bancorp Balance Sheet

Annual

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

Cash

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

Accounts Receivable

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

Inventories

PP&E

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

Goodwill

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

Total Assets

1.8b2.1b2.7b3.1b4.0b

Accounts Payable

506.0k497.0k507.0k2.5b2.9b

Short-term debt

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

Long-term debt

Total Debt

37.5m37.7m

Total Liabilities

2.8b3.5b

Additional Paid-in Capital

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

Retained Earnings

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

Total Equity

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

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, 2018Q2, 2018

Cash

40.5m35.8m50.8m37.3m38.7m43.9m48.2m47.6m109.2m83.7m60.3m66.0m63.6m69.0m

Accounts Receivable

7.5m7.5m8.3m8.4m8.4m8.8m10.9m10.5m11.5m12.7m12.6m13.3m12.0m13.0m

PP&E

43.5m47.0m50.9m50.9m54.0m54.8m60.7m60.2m61.2m67.3m66.3m65.4m75.4m75.1m

Goodwill

19.7m20.5m28.0m28.0m28.2m28.2m49.6m49.6m56.5m74.3m77.6m77.6m93.8m119.9m119.9m

Total Assets

1.8b1.8b2.1b2.0b2.2b2.2b2.6b2.6b2.9b3.3b3.2b3.3b3.5b4.0b4.1b

Accounts Payable

1.3b1.4b1.5b1.4b1.5b1.6b1.9b1.9b2.1b2.3b2.4b2.4b2.9b3.0b

Short-term debt

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

Total Debt

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

Total Liabilities

1.6b1.6b1.9b1.8b2.0b2.0b2.3b2.4b2.6b3.0b2.8b3.0b3.1b3.5b3.6b

Additional Paid-in Capital

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

Retained Earnings

118.2m123.7m127.2m130.9m138.5m141.9m144.3m152.2m156.7m161.0m170.0m176.1m181.4m195.3m205.5m

Total Equity

163.5m169.8m187.3m189.8m199.5m202.1m264.7m261.4m281.0m345.7m348.6m357.3m392.1m460.4m470.5m

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 x8.7 x

Horizon Bancorp Cash Flow

Annual

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

Net Income

19.9m18.1m20.5m23.9m

Depreciation and Amortization

3.4m3.8m4.2m5.3m

Accounts Receivable

215.0k(398.0k)(1.0m)(544.0k)

Accounts Payable

(54.0k)(50.0k)(11.0k)(275.0k)

Cash From Operating Activities

47.0m17.7m35.2m25.5m

Purchases of PP&E

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

Cash From Investing Activities

(124.2m)226.4m

Cash From Financing Activities

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

Interest Paid

13.6m13.2m13.8m20.6m

Income Taxes Paid

3.1m2.8m4.1m6.9m

Quarterly

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

Net Income

4.8m3.4m4.8m5.0m5.4m10.1m14.4m5.4m11.7m18.3m8.2m17.3m8.2m12.8m26.9m

Depreciation and Amortization

1.8m3.3m

Accounts Receivable

8.3m8.4m8.4m8.8m10.9m10.5m11.5m12.7m12.6m4.2m3.3m

Accounts Payable

508.0k477.0k504.0k461.0k490.0k580.0k961.0k1.0m523.0k330.0k555.0k

Cash From Operating Activities

30.0m45.4m

Purchases of PP&E

(36.4m)(84.9m)

Cash From Investing Activities

(47.9m)(141.5m)

Cash From Financing Activities

5.1m88.7m

Interest Paid

5.7m12.7m

Income Taxes Paid

4.0m

Horizon Bancorp Ratios

USDY, 2018

EV/EBIT

10.1 x

EV/CFO

14.6 x

Financial Leverage

8.7 x
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Horizon Bancorp 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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