The Q3 beat was modest but the explicit Q4 NII guidance ($66-67M) and continued NIM expansion outlook are the key catalysts. Monitor the Oct 22 conference call for color on loan pipeline and deposit cost trajectory. The stock's 82% analyst buy rating and strong capital generation (CET1 11.53% vs 10.42% a year ago support the bullish read.
Price Chart
Executive Summary
Horizon Bancorp reported Q3 2026 diluted EPS of $0.56, beating consensus of $0.55 by 1.8%, and net interest income of $65.2M (+11.6% YoY). The FTE net interest margin held steady at 4.37%, and the company provided explicit Q4 guidance for NII of $66-67M with continued modest margin expansion. Credit quality remains benign with annualized net charge-offs of 0.10%.
Key Financial Metrics
Key Facts
- Q3 2026 diluted EPS $0.56 vs consensus $0.55 (beat by ~1.8%)
- Net interest income $65.2M, up 11.6% YoY from $58.4M
- FTE net interest margin stable at 4.37% QoQ, up from 3.52% YoY
- Q4 2026 guidance: non-FTE NII guided to $66-67M; FTE NIM to show continued modest expansion
- Total deposits grew $81.2M (6.0% annualized) in Q3; non-time deposits grew 9.7% annualized
- Loans held for investment grew $46.9M (3.7% annualized) with balanced commercial, mortgage, and consumer growth
- Annualized net charge-offs 0.10% of avg loans; NPA ratio 0.68% of total assets
- CET1 ratio improved 44 bps to 11.53%; total risk-based capital 15.48%
- Full-year 2026 guidance: mid-single-digit loan and deposit growth; full-year non-interest expense $160M range (excl. Q2 legal charge)
Financial Impact
EPS beat of $0.56 vs $0.55 consensus (+1.8%) with explicit Q4 NII guidance of $66-67M, implying ~$1.5-2.5M sequential NII growth; FTE NIM stable at 4.37% with guidance for continued modest expansion
Risk Factors
- Net charge-offs increased to 0.10% annualized vs 0.05% in Q2 (still low but trending up)
- Non-accrual commercial loans up 10% QoQ; total NPLs up 16% YoY
- Tangible book value per share fell $0.52 QoQ due to AOCI hit from rising rates
- Deposit costs rose 3 bps QoQ; interest-bearing deposit costs up 4 bps
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000706129-26-000082 |
| Document: hbnc-20261021.htm | 0000706129-26-000082 |
| Document: hbnc-3q26investorpresent.htm | 0000706129-26-000082 |
| Document: 0000706129-26-000082-index-headers.html | 0000706129-26-000082 |
| Document: 0000706129-26-000082-index.html | 0000706129-26-000082 |
| Document: 0000706129-26-000082.txt | 0000706129-26-000082 |
| 8-K Data (Synthetic) | 0000706129-26-000082 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $19.99 $20.37 | ▲ +1.90% | ▲ +2.42% | $20.82 (+4.15%) |
Oct 21, 2026 5d ago | Press Release | $19.99 $20.37 | ▲ +1.90% | ▲ +2.42% | $20.82 (+4.15%) |
Oct 2, 2026 24d ago | Press Release | $19.48 $19.24 | ▼ −1.23% | ▼ −1.91% | $20.82 (+6.88%) |
Sep 16, 2026 5w ago | 8-K | $19.52 $19.48 | ▼ −0.20% | ▼ −0.09% | $20.82 (+6.66%) |
Jul 22, 2026 13w ago | Press Release | $20.05 $20.06 | ▲ +0.05% | ▼ −0.05% | $20.82 (+3.84%) |
Jun 30, 2026 16w ago | 8-K | $20.48 $19.78 | ▲ +3.42% | ▲ +3.29% | $20.82 (−1.66%) |
Apr 22, 2026 26w ago | 8-K | $17.80 $17.83 | ▼ −0.17% | ▲ +0.62% | $20.82 (−16.97%) |
Apr 22, 2026 26w ago | Press Release | $17.80 $17.83 | ▼ −0.17% | ▲ +0.62% | $20.82 (−16.97%) |
Apr 1, 2026 29w ago | 8-K | $16.76 $16.88 | ▲ +0.72% | ▲ +0.24% | $20.82 (+24.22%) |
Apr 1, 2026 29w ago | Press Release | $16.76 | awaiting T+1 | — | $20.82 (+24.22%) |
US Market Status
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