Horizon Bancorp closes $103.5 million common stock offering

MICHIGAN CITY - Horizon Bancorp, Inc. (NASDAQ:HBNC), a $690 million market cap regional bank with a solid 4.23% dividend yield, announced Friday it has completed its previously announced underwritten public offering of common stock, raising approximately $103.5 million in gross proceeds. According to InvestingPro data, the bank has maintained dividend payments for 39 consecutive years.

The $7.7 billion-asset parent company of Horizon Bank sold 7,138,050 shares at $14.50 per share, which included 931,050 additional shares sold through the underwriters’ fully exercised option.

Horizon intends to use the net proceeds for general corporate purposes, including potential balance sheet repositioning, according to the company’s statement.

Keefe, Bruyette & Woods, A Stifel Company and Performance Trust Capital Partners, LLC served as joint book-running managers for the offering, which was conducted under a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission.

The offering comes as Horizon continues to serve customers across Midwestern markets through digital tools and branch locations in Indiana and Michigan. The bank provides retail offerings including residential and consumer lending, personal banking and wealth management solutions, along with business banking and treasury management services.

Commercial lending represents over half of Horizon’s total loans, according to the press release statement.

Horizon Bancorp is headquartered in Michigan City, Indiana, with total assets of $7.7 billion as of June 30, 2025. With analysts revising earnings estimates upward and expectations of net income growth this year, investors can access detailed analysis and additional insights through InvestingPro’s comprehensive research report, available alongside 1,400+ other US equities.

In other recent news, Horizon Bancorp reported its second-quarter 2025 earnings, with an earnings per share (EPS) of $0.47, surpassing the forecasted $0.44. Despite this positive earnings surprise, the company experienced a slight revenue shortfall, with actual revenue at $66.27 million compared to the expected $66.41 million. Additionally, Horizon Bancorp has priced its underwritten public offering of 6,207,000 shares of common stock at $14.50 per share, raising approximately $90 million in gross proceeds. The offering includes a 30-day option for underwriters to purchase an additional 931,050 shares at the same price.

Keefe, Bruyette & Woods raised its price target for Horizon Bancorp to $18 from $17, maintaining a Market Perform rating, citing stronger-than-expected earnings. Horizon Bancorp also recently announced the appointment of John Hatfield as Senior Vice President, Director of Marketing, who will lead the strategic direction of the bank’s marketing efforts. The bank intends to use the net proceeds from its stock offering for general corporate purposes, including potential balance sheet repositioning. These developments reflect Horizon Bancorp’s ongoing strategic initiatives and financial performance.

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