Horizon Bancorp prices $90 million common stock offering at $14.50 per share

MICHIGAN CITY, Ind. - Horizon Bancorp, Inc. (NASDAQ:HBNC), a $709 million market cap regional bank currently trading near InvestingPro’s Fair Value estimate, announced Thursday it has priced its previously announced underwritten public offering of 6,207,000 shares of common stock at $14.50 per share, raising approximately $90 million in gross proceeds.

The parent company of Horizon Bank, which has maintained dividend payments for 39 consecutive years and currently offers a 4% yield, has also granted underwriters a 30-day option to purchase up to an additional 931,050 shares at the same price. The offering is expected to close on or about August 22, 2025, subject to customary conditions.

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

Keefe, Bruyette & Woods, A Stifel Company and Performance Trust Capital Partners, LLC are serving as joint book-running managers for the offering.

The $7.7 billion-asset commercial bank holding company operates in Indiana and Michigan markets, offering retail banking services, wealth management solutions, business banking and treasury management services. Commercial lending represents over half of Horizon’s total loan portfolio.

The stock offering is being made pursuant to a shelf registration statement on Form S-3 that was previously filed with and declared effective by the Securities and Exchange Commission.

In other recent news, Horizon Bancorp reported its second-quarter 2025 earnings, with earnings per share (EPS) of $0.47, exceeding the forecasted $0.44. Despite this earnings surprise, the company experienced a slight revenue shortfall, posting $66.27 million against the expected $66.41 million. Keefe, Bruyette & Woods responded by raising Horizon Bancorp’s stock price target to $18.00 from $17.00, maintaining a Market Perform rating due to the stronger-than-expected earnings. Additionally, Horizon Bancorp announced the launch of an underwritten public offering of its common stock, intending to use the proceeds for general corporate purposes, including potential balance sheet repositioning.

In personnel news, Horizon Bank appointed John Hatfield as Senior Vice President, Director of Marketing. Hatfield, with over 20 years of experience, will lead the strategic direction of the bank’s marketing efforts. These developments reflect ongoing strategic initiatives at Horizon Bancorp.

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