Horizon Bancorp, Inc. (HBNC) Balance Sheet
HBNC balance sheet, 2025
December 31, 2025 · U.S. dollars$6.44B assets = $5.75B liabilities + $688.3M equity
Both columns are drawn to the same scale: what HBNC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HBNC financial health
Descriptive bands, not a rating. Fiscal 2025.
HBNC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.14B2016 | $6.44B2025 | +8.3%/yr | |
| Total liabilities | $2.80B2016 | $5.75B2025 | +8.3%/yr | |
| Shareholders’ equity | $340.9M2016 | $688.3M2025 | +8.1%/yr | |
| Cash & short-term investments | $510.7M2016 | $70.7M2025 | −19.7%/yr | |
| Total debt | $324.4M2016 | $404.5M2025 | +2.5%/yr | |
| Net cash (debt) | $186.2M2016 | −$333.8M2025 | −$520.0M | |
| Working capital | $2.34B2016 | $12.0M2025 | −$2.3B | |
| Book value per share | $11.322016 | $13.422025 | +1.9%/yr | |
| Debt / equity | 0.952016 | 0.592025 | −0.36 | |
| Shares outstanding | 30.1M2016 | 51.3M2025 | +6.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HBNC assets
HBNC liabilities and equity
HBNC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HBNC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $70.7M | $527.8M | −$519.4M | $1.12B | $1.76B | $1.39B | $948.4M | $674.6M | $586.1M | $510.7M |
| Cash & equivalents | $66.8M | $294.2M | −$519.4M | $126.3M | $598.3M | $258.7M | $107.3M | $74.2M | $76.4M | $70.8M |
| Short-term investments | $3.9M | $233.7M | $547.3M | $997.6M | $1.16B | $1.13B | $841.1M | $600.3M | $509.7M | $439.8M |
| Receivables | $29.7M | $39.7M | $38.7M | $35.3M | $26.1M | $21.4M | $18.8M | $14.2M | $16.2M | $12.7M |
| Inventory | $0 | $0 | $480.6M | −$163.8M | −$628.0M | −$280.1M | −$126.1M | $2.1M | $838,000 | $3.2M |
| Other current assets | $0 | $0 | $561.8M | $163.8M | $628.0M | $280.1M | $126.1M | $2.54B | $2.44B | $1.83B |
| Total current assets | $100.4M | $567.6M | $561.8M | $1.16B | $1.79B | $1.41B | $967.2M | $3.23B | $3.05B | $2.36B |
| Property, plant & equipment (net) | $92.8M | $93.9M | $94.6M | $92.7M | $93.4M | $92.4M | $92.2M | $74.3M | $75.5M | $66.4M |
| Goodwill & intangible assets | $162.4M | $165.4M | $168.8M | $172.4M | $175.5M | $175.1M | $177.9M | $130.3M | $132.3M | $86.2M |
| Long-term investments | $879.3M | $2.10B | $2.49B | $3.02B | $2.71B | $1.32B | $212.0M | $211.2M | $203.5M | $201.3M |
| Other non-current assets | $5.20B | $4.87B | $4.61B | $3.43B | $2.64B | $2.89B | $3.80B | $599.3M | $506.6M | $431.8M |
| Total assets | $6.44B | $7.80B | $7.93B | $7.87B | $7.41B | $5.89B | $5.24B | $4.25B | $3.96B | $3.14B |
| Liabilities | ||||||||||
| Accounts payable | $12.9M | $11.1M | $22.2M | $5.4M | $2.2M | $2.7M | $3.1M | $2.0M | $886,000 | $472,000 |
| Short-term debt | $88.5M | $89.9M | $652.9M | $742.7M | $130.8M | $175.0M | $277.4M | $485.6M | $12.5M | $19.5M |
| Deferred revenue | — | — | −$22.2M | −$737.3M | — | −$172.3M | −$274.4M | −$483.5M | −$1.26B | −$787.6M |
| Total current liabilities | $88.5M | $5.70B | $1.14B | $5.4M | $5.94B | $2.7M | $3.1M | $2.0M | $13.4M | $20.0M |
| Long-term debt | $315.9M | $1.26B | $899.8M | $1.14B | $675.8M | $475.0M | $549.7M | $588.2M | $601.8M | $304.9M |
| Other long-term liabilities | $5.34B | $80.3M | $5.17B | $0 | $76.9M | $115.2M | $56.3M | $0 | $0 | $0 |
| Total liabilities | $5.75B | $7.04B | $7.21B | $7.20B | $6.69B | $5.19B | $4.59B | $3.75B | $3.51B | $2.80B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | — | — | — | — | — | — | — | — | $0 | $0 |
| Retained earnings (deficit) | $255.0M | $436.1M | $429.0M | $429.4M | $363.7M | $301.4M | $269.7M | $224.0M | $185.6M | $164.2M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$26.0M | −$36.3M | −$66.6M | −$106.2M | $7.3M | $27.9M | $6.4M | −$8.1M | −$3.6M | −$5.6M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $688.3M | $763.6M | $718.8M | $677.4M | $723.2M | $692.2M | $656.0M | $492.0M | $457.1M | $340.9M |
| Key figures | ||||||||||
| Total debt | $404.5M | $1.35B | $1.47B | $1.89B | $828.3M | $650.0M | $827.2M | $1.07B | $614.3M | $324.4M |
| Net cash (debt) | −$333.8M | −$817.6M | −$1.99B | −$761.8M | $930.8M | $742.7M | $121.2M | −$399.2M | −$28.2M | $186.2M |
| Working capital | $12.0M | −$5.13B | −$576.5M | $1.15B | −$4.15B | $1.41B | $964.1M | $3.23B | $3.03B | $2.34B |
| Tangible book value | $525.9M | $598.1M | $550.0M | $504.9M | $547.7M | $517.1M | $478.1M | $361.7M | $324.8M | $254.6M |
| Book value per share | $13.42 | $17.33 | $16.40 | $15.50 | $16.45 | $15.69 | $15.05 | $12.78 | $13.15 | $11.32 |
| Shares outstanding | 51.3M | 44.1M | 43.8M | 43.7M | 44.0M | 44.1M | 43.6M | 38.5M | 34.8M | 30.1M |
| Current ratio | 1.14 | 0.10 | 0.49 | 215.46 | 0.30 | 521.42 | 315.87 | 1,591.15 | 227.58 | 117.94 |
| Quick ratio | 1.14 | 0.10 | −0.42 | 215.46 | 0.30 | 521.42 | 315.87 | 339.15 | 45.00 | 26.21 |
| Debt / equity | 0.59 | 1.76 | 2.04 | 2.78 | 1.15 | 0.94 | 1.26 | 2.18 | 1.34 | 0.95 |
| Equity / assets | 10.7% | 9.8% | 9.1% | 8.6% | 9.8% | 11.8% | 12.5% | 11.6% | 11.5% | 10.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.12B | $68.4M | $70.7M | $984.0M | $150.0M | $184.1M | $527.8M | $776.7M | $674.9M | $808.1M | $1.07B | $1.04B |
| Cash & equivalents | $217.9M | $68.4M | $66.8M | $458.3M | $135.9M | $169.7M | $294.2M | $235.6M | $147.8M | $272.8M | $519.4M | $177.3M |
| Short-term investments | $901.6M | $581.1M | $3.9M | $525.7M | $14.1M | $14.5M | $233.7M | $541.2M | $527.1M | $535.3M | $547.3M | $865.2M |
| Receivables | $30.4M | $29.0M | $29.7M | $28.8M | $39.7M | $38.7M | $39.7M | $39.4M | $43.2M | $40.0M | $38.7M | $37.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$276.1M | −$184.4M | −$846.4M | −$1.11B | −$215.2M |
| Other current assets | $5.1M | $0 | $0 | $0 | $0 | $0 | $0 | $276.1M | $184.4M | $846.4M | $1.11B | $215.2M |
| Total current assets | $1.16B | $97.4M | $100.4M | $1.01B | $189.7M | $222.8M | $567.6M | $816.1M | $718.1M | $848.1M | $1.11B | $1.08B |
| Property, plant & equipment (net) | $90.9M | $90.8M | $92.8M | $93.4M | $93.4M | $93.5M | $93.9M | $93.5M | $93.7M | $94.3M | $94.6M | $94.7M |
| Goodwill & intangible assets | $161.0M | $161.7M | $162.4M | $163.1M | $163.8M | $164.6M | $165.4M | $166.3M | $167.1M | $168.0M | $168.8M | $169.7M |
| Long-term investments | $901.6M | $886.2M | $879.3M | $883.8M | $2.05B | $2.08B | $2.10B | $2.43B | $2.43B | $2.46B | $2.49B | $2.83B |
| Other non-current assets | $4.27B | $5.33B | $5.20B | $4.56B | $5.15B | $5.07B | $4.87B | $4.42B | $4.50B | $4.28B | $4.07B | $3.79B |
| Total assets | $6.57B | $6.56B | $6.44B | $6.71B | $7.65B | $7.63B | $7.80B | $7.93B | $7.91B | $7.86B | $7.93B | $7.96B |
| Liabilities | ||||||||||||
| Accounts payable | $10.9M | $8.5M | $12.9M | $12.4M | $14.0M | $11.4M | $11.1M | $11.4M | $11.2M | $7.9M | $22.2M | $16.3M |
| Short-term debt | $223.0M | $66.0M | $88.5M | $247.2M | $95.1M | $87.9M | $89.9M | $122.4M | $128.2M | — | $652.9M | — |
| Deferred revenue | — | — | — | — | — | — | — | — | −$139.4M | — | −$22.2M | — |
| Total current liabilities | $5.63B | $66.0M | $88.5M | $5.53B | $5.71B | $5.78B | $5.70B | $5.74B | $5.64B | $5.59B | $1.14B | $5.72B |
| Long-term debt | $379.1M | $315.8M | $315.9M | $458.8M | $1.09B | $1.01B | $1.26B | $1.38B | $1.47B | $1.47B | $899.8M | $1.47B |
| Other long-term liabilities | $0 | $5.48B | $5.34B | $59.6M | $58.6M | $62.0M | $80.3M | $56.0M | $74.1M | $74.7M | $5.17B | $77.0M |
| Total liabilities | $5.85B | $5.87B | $5.75B | $6.05B | $6.86B | $6.85B | $7.04B | $7.17B | $7.19B | $7.13B | $7.21B | $7.27B |
| Shareholders' equity | ||||||||||||
| Retained earnings (deficit) | $289.6M | $272.9M | $255.0M | $236.3M | $466.5M | $452.9M | $436.1M | $454.1M | $443.0M | $435.9M | $429.0M | $461.3M |
| Accumulated other comprehensive income | −$24.0M | −$33.7M | −$26.0M | −$34.3M | −$36.4M | −$37.4M | −$36.3M | −$57.7M | −$74.0M | −$71.3M | −$66.6M | −$123.4M |
| Total shareholders' equity | $726.2M | $699.0M | $688.3M | $660.8M | $790.9M | $776.1M | $763.6M | $754.8M | $726.7M | $721.2M | $718.8M | $693.4M |
| Key figures | ||||||||||||
| Total debt | $379.1M | $381.8M | $404.5M | $458.8M | $1.09B | $1.01B | $1.35B | $1.38B | $1.47B | $1.47B | $1.47B | $1.47B |
| Net cash (debt) | $740.5M | −$313.5M | −$333.8M | $525.1M | −$938.8M | −$829.2M | −$817.6M | −$601.5M | −$795.5M | −$663.9M | −$399.2M | −$432.4M |
| Working capital | −$4.48B | $31.4M | $12.0M | −$4.52B | −$5.52B | −$5.55B | −$5.13B | −$4.92B | −$4.92B | −$4.74B | −$32.9M | −$4.64B |
| Tangible book value | $565.1M | $537.3M | $525.9M | $497.7M | $627.0M | $611.4M | $598.1M | $588.5M | $559.5M | $553.3M | $550.0M | $523.6M |
| Book value per share | $14.15 | $13.64 | $13.42 | $13.97 | $17.96 | $17.66 | $17.46 | $17.11 | $16.52 | $16.44 | $16.47 | $15.83 |
| Shares outstanding | 51.3M | 51.2M | 51.3M | 47.3M | 44.0M | 44.0M | 43.7M | 44.1M | 44.0M | 43.9M | 43.6M | 43.8M |
| Current ratio | 0.21 | 1.48 | 1.14 | 0.18 | 0.03 | 0.04 | 0.10 | 0.14 | 0.13 | 0.15 | 0.97 | 0.19 |
| Quick ratio | 0.20 | 1.48 | 1.14 | 0.18 | 0.03 | 0.04 | 0.10 | 0.14 | 0.13 | 0.15 | 0.97 | 0.19 |
| Debt / equity | 0.52 | 0.55 | 0.59 | 0.69 | 1.38 | 1.31 | 1.76 | 1.83 | 2.02 | 2.04 | 2.04 | 2.12 |
| Equity / assets | 11.0% | 10.6% | 10.7% | 9.8% | 10.3% | 10.2% | 9.8% | 9.5% | 9.2% | 9.2% | 9.1% | 8.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 13, 2026); data from EODHD.
HBNC financial position
At the end of fiscal 2025 (December 31, 2025), Horizon Bancorp had total assets of $6.4 billion (down 17.5% from a year earlier), total liabilities of $5.7 billion and shareholders' equity of $688.3 million. It held $70.7 million in cash and short-term investments against $404.5 million of debt, net debt of $333.8 million. Its current ratio was 1.14. In the latest quarter (ended June 30, 2026) total assets were $6.6 billion and equity $726.2 million.
Related: HBNC income statement, HBNC cash flow statement, HBNC key metrics. See the HBNC stock overview for the latest quote and news.
HBNC balance sheet FAQ
What are Horizon Bancorp's total assets?
Horizon Bancorp reported total assets of $6.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $7.8 billion a year earlier.
How much debt does Horizon Bancorp have?
Horizon Bancorp had $404.5 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.59.
How much cash does Horizon Bancorp have?
Horizon Bancorp held $70.7 million in cash and short-term investments at the end of fiscal 2025; with $404.5 million of debt that is net debt of $333.8 million.
What is Horizon Bancorp's book value?
Horizon Bancorp's shareholders' equity (book value) was $688.3 million at the end of fiscal 2025, or $13.42 per share.
What is Horizon Bancorp's current ratio?
Horizon Bancorp had current assets of $100.4 million and current liabilities of $88.5 million, a current ratio of 1.14 (it can cover its short-term obligations).
How much goodwill does Horizon Bancorp have?
Horizon Bancorp carried $162.4 million of goodwill and intangible assets, 2.5% of total assets, at the end of fiscal 2025.