Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Common Stock and Related Stockholder Matters
Horizon common stock is traded on the NASDAQ Global Select Market under the symbol “HBNC.”
The approximate number of holders of record of Horizon’s outstanding common stock as of February 25, 2021 was 1,457.
The Equity Compensation Plan Information table appears under the caption “Equity Compensation Plan Information” in Item 12 below and is incorporated herein by reference.
Repurchases of Securities
There were no purchases by the Company of its common stock during the fourth quarter of 2020.
Performance Graph
The SEC requires Horizon to include a line graph comparing Horizon’s cumulative five–year total shareholder returns on the common shares with market and industry returns over the past five years. S&P Global Market Intelligence prepared the following graph. The return represented in the graph assumes the investment of $100 on December 31, 2015, and further assumes reinvestment of all dividends. The Company’s common stock began trading on the NASDAQ Global Market on February 1, 2007, and on the NASDAQ Global Select Market on January 2, 2014. Prior to that date, the common stock was traded on the NASDAQ Capital Market.
36
Table of Contents
HORIZON BANCORP, INC.
December 31 December 31 December 31 December 31 December 31 December 31
Index 2015 2016 2017 2018 2019 2020
Horizon Bancorp, Inc. 100.00 153.66 155.28 134.85 166.79 145.33
Russell 2000 Index 100.00 121.31 139.08 123.76 155.35 186.36
SNL Bank $1B–$5B Index 100.00 143.87 153.37 134.37 163.35 138.81
SNL Micro Cap Bank Index 100.00 122.94 150.40 142.71 159.37 119.72
Source: S&P Global Market Intelligence
© 2020
The following chart compares the change in market price of Horizon’s common stock since December 31, 2015 to that of publicly traded banks in Indiana and Michigan with assets greater than $500 million, excluding the reinvestment of dividends.
December 31 December 31 December 31 December 31 December 31 December 31
Index 2015 2016 2017 2018 2019 2020
Horizon Bancorp, Inc. 100.00 150.21 149.14 126.98 152.90 127.63
Indiana Banks (1)
100.00 129.57 161.97 164.82 175.93 170.64
Michigan Banks (1)
100.00 117.45 128.89 136.24 155.93 146.44
(1) Excludes merger targets
Source: S&P Global Market Intelligence
© 2020
37
Table of Contents
HORIZON BANCORP, INC.
ITEM 6. SELECTED FINANCIAL DATA
Years Ended December 31
2020 2019 2018 2017 2016
Earnings
Net interest income $ 170,940 $ 160,791 $ 134,569 $ 112,100 $ 85,992
Provision for credit losses 20,751 1,976 2,906 2,470 1,842
Non-interest income 59,621 43,058 34,413 33,136 35,455
Non-interest expense 131,441 122,032 102,516 94,813 86,892
Income tax expense 9,870 13,303 10,443 14,836 8,801
Net income 68,499 66,538 53,117 33,117 23,912
Preferred stock dividend — — — — (42)
Net income available to common shareholders 68,499 66,538 53,117 33,117 23,870
Cash dividends declared $ 21,183 $ 20,835 $ 15,418 $ 11,720 $ 8,382
Per Share Data
Basic earnings per share (1)
$ 1.56 $ 1.53 $ 1.39 $ 0.96 $ 0.79
Diluted earnings per share (1)
1.55 1.53 1.38 0.95 0.79
Cash dividends declared per common share (1)
0.48 0.46 0.40 0.33 0.27
Book value per common share (1)
$ 15.78 $ 14.59 $ 12.82 $ 11.93 $ 10.25
Weighted-average shares outstanding:
Basic (1)
44,044,737 43,493,316 38,347,059 34,553,736 29,981,592
Diluted (1)
44,123,076 43,597,595 38,495,231 34,760,439 30,123,615
Period End Totals
Loans, net of deferred loan fees and unearned income $ 3,867,383 $ 3,636,841 $ 3,013,332 $ 2,831,995 $ 2,135,986
Allowance for credit losses 57,027 17,667 17,820 16,394 14,837
Total assets 5,886,614 5,246,829 4,246,688 3,964,303 3,141,156
Total deposits 4,531,133 3,931,002 3,139,376 2,881,003 2,471,210
Total borrowings $ 590,151 $ 606,052 $ 588,221 $ 601,810 $ 304,945
Ratios
Loan to deposit 85.65 % 92.62 % 96.02 % 98.41 % 86.76 %
Loan to total funding 75.78 % 80.25 % 80.87 % 81.40 % 77.23 %
Return on average assets 1.22 % 1.35 % 1.31 % 0.97 % 0.81 %
Average stockholders’ equity to average total assets 11.82 % 12.28 % 11.65 % 11.15 % 10.22 %
Return on average stockholders’ equity 10.29 % 10.98 % 11.22 % 8.74 % 7.92 %
Dividend payout ratio (dividends divided by basic earnings per share) 30.77 % 30.07 % 28.78 % 34.38 % 34.18 %
Price to book value ratio 100.51 % 130.27 % 123.09 % 155.28 % 182.13 %
Price to earnings ratio 10.23x 12.42x 11.35x 19.31x 23.63x
(1) Adjusted for 3:2 stock splits on June 15, 2018 and November 14, 2016
38
Table of Contents
HORIZON BANCORP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
(Table dollars in thousands except per share data)