Horizon Bancorp, Inc. Financial Ratios — HBNC Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	13.44	19.57	17.21	14.05	14.43	15.26	18.94	25.94	26.95	23.99	26.19	23.55	6.52	8.19	-43.55
Return on Assets (%)	0.87	1.15	1.1	0.94	0.87	0.83	0.93	1.29	1.4	1.23	1.31	1.22	0.35	0.45	-2.11
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	3.91	3.54	4.06	4.47	4.25	4.55	4.23	4.19	4.96	5.61	6.08	5.42	6.55	6.56	-39.61
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	26.38	34.44	32.59	28.71	28.41	28.23	34.19	39.08	40.9	35.63	44.88	43.71	21.34	14.59	642.54
Profit Margin (%)	19.88	24.05	24.06	21.42	21.01	20.64	23.61	32.66	34.08	31.15	38.15	38.67	15.31	18.9	480.68
Net Income to Common Margin (%)	17.82	23.46	23.61	21.27	20.89	20.6	23.61	32.66	34.08	31.15	38.15	38.67	15.31	18.9	480.68
Effective Tax Rate (%)	24.65	30.18	26.18	25.38	26.03	26.9	30.94	16.43	16.66	12.59	14.99	11.53	28.25	- -	- -
Dvd Payout Ratio (%)	15.62	15.98	18.74	26.4	30.43	35.12	35.39	29.03	31.31	30.92	28.44	29.72	101.18	79.96	-19.6
Sustainable Growth Rate (%)	11.34	16.44	13.99	10.34	10.04	9.9	12.24	18.41	18.51	16.57	18.74	16.55	-0.08	1.64	-52.08

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	205	147	108	149	192	200	399	394	447	481	697	742	900	1,256	316
ST Debt	- -	- -	- -	- -	- -	20	12	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	205	147	108	149	192	181	386	394	447	481	697	742	900	1,256	316
Total Debt/EBITDA	81.32	51.11	32.04	39.46	46.18	38.01	67.21	57.89	46.15	38.98	50.27	56.67	75.17	102.06	25.47
Net Debt/EBITDA	73.21	40.42	22.59	27.95	34.46	24.58	54.33	47	35.08	18	7.15	47.02	31.02	78.15	14.23
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	5.78	5.7	6.9	6.47	5.61	5.23	4.68	5.28	5.14	5.12	4.91	5.45	5.4	5.59	3.96
Long-Term Debt/Equity (%)	168.72	92.44	65.36	76.7	71.86	53.1	84.55	80.17	68.15	69.44	96.44	109.58	125.18	164.43	45.89
Long-Term Debt/Capital (%)	66.79	55.48	44.57	50.36	54.33	49.63	66.11	63.77	62.37	61.46	65.72	63.35	67.71	74.22	55.33
Long-Term Debt/Total Assets (%)	13.25	7.95	6.12	7.18	7.23	5.76	9.75	9.29	8.52	8.17	9.41	9.43	11.33	16.09	4.91
Total Debt/Equity (%)	168.72	92.44	65.36	76.7	71.86	58.82	87.29	80.17	68.15	69.44	96.44	109.58	125.18	164.43	45.89
Total Debt/Capital (%)	66.79	55.48	44.57	50.36	54.33	54.98	68.25	63.77	62.37	61.46	65.72	63.35	67.71	74.22	55.33
Total Debt/Total Assets (%)	13.25	7.95	6.12	7.18	7.23	6.38	10.06	9.29	8.52	8.17	9.41	9.43	11.33	16.09	4.91
Net Debt to Equity	151.89	73.1	46.08	54.34	53.63	38.04	70.56	65.08	51.8	32.07	13.71	90.93	51.66	125.91	25.63
Net Debt/Capital (%)	64.42	49.64	36.18	41.82	47.03	44.13	63.48	58.83	55.75	42.41	21.43	58.92	46.39	68.79	40.89
EBITDA	3	3	3	4	4	5	6	7	10	12	14	13	12	12	12
EBITDA-CapEx	- -	-4	-3	-2	4	5	6	7	10	6	12	7	4	7	7
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	5.78	5.7	6.9	6.47	5.61	5.23	4.68	5.28	5.14	5.12	4.91	5.45	5.4	5.59	3.96
Long-Term Debt/Equity (%)	168.72	92.44	65.36	76.7	71.86	53.1	84.55	80.17	68.15	69.44	96.44	109.58	125.18	164.43	45.89
Long-Term Debt/Capital (%)	66.79	55.48	44.57	50.36	54.33	49.63	66.11	63.77	62.37	61.46	65.72	63.35	67.71	74.22	55.33
Long-Term Debt/Total Assets (%)	13.25	7.95	6.12	7.18	7.23	5.76	9.75	9.29	8.52	8.17	9.41	9.43	11.33	16.09	4.91
Total Debt/Equity (%)	168.72	92.44	65.36	76.7	71.86	58.82	87.29	80.17	68.15	69.44	96.44	109.58	125.18	164.43	45.89
Total Debt/Capital (%)	66.79	55.48	44.57	50.36	54.33	54.98	68.25	63.77	62.37	61.46	65.72	63.35	67.71	74.22	55.33
Total Debt/Total Assets (%)	13.25	7.95	6.12	7.18	7.23	6.38	10.06	9.29	8.52	8.17	9.41	9.43	11.33	16.09	4.91
CFO/Total Liabilities	1.57	1.56	2.95	0.94	1.48	0.91	1.4	1.93	3.8	1.52	1.59	1.31	1.23	0.09	1.38
CFO/CapEx	9.18	3.77	7.43	2.82	- -	- -	- -	- -	- -	13.44	73.85	14.68	11.44	1.25	15.99
Altman's Z-Score	0.16	0.18	0.23	0.21	0.19	0.23	0.21	0.21	0.22	0.19	0.18	0.16	0.15	0.16	0.13

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	9.76	11.3	10.86	10.73	10.41	9.97	10.89	11.92	11.81	10.94	9.6	7.86	4.94	4.78	-0.9
Days Sales Outstanding	37.39	32.31	33.61	34.01	35.05	36.62	33.53	30.63	30.91	33.38	38	46.41	73.9	76.37	-405.04
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	85	157	218	237	294	560	640	605	826	699	913	657	624	705	788
- Cash & Cash Equivalents	20	31	32	43	49	71	76	74	107	259	598	126	529	294	139
+ Preferred Equity and Hybrid Capital	12	12	12	12	12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	205	147	108	149	192	200	399	394	447	481	697	742	900	1,256	316
Enterprise Value	-149	-197	-202	31	5	250	453	325	331	-213	-148	275	448	1,432	454
Total Capital	307	265	241	296	353	365	585	618	717	782	1,061	1,172	1,329	1,692	571
Total Debt/Capital (%)	66.79	55.48	44.57	50.36	54.33	54.98	68.25	63.77	62.37	61.46	65.72	63.35	67.71	74.22	55.33
Total Debt / EV	-1.38	-0.74	-0.53	4.77	42.05	0.8	0.88	1.21	1.35	-2.25	-4.7	2.7	2.01	0.88	0.69
EV/Sales	- -	- -	- -	0.37	0.05	2.15	3.23	2	1.7	- -	- -	1.14	2.45	7.64	- -
EV/EBITDA	- -	- -	- -	8.27	1.1	47.31	76.34	47.7	34.21	- -	- -	21.02	37.45	116.43	36.66
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	1.77	0.13	9.77	9.24	4.5	1.9	- -	- -	2.92	5.04	224.93	5.74
EV/Free Cash Flow to Firm	- -	- -	- -	1.31	0.13	9.77	9.24	4.5	1.9	- -	- -	2.73	4.64	125.07	5.4
Diluted Market Cap	88	162	228	247	302	562	644	607	828	700	916	659	627	713	791
Diluted Enterprise Value	285	291	316	365	458	692	967	928	1,168	922	1,016	1,275	999	1,675	967
EV per Share	- -	- -	- -	1.53	0.19	8.32	13.11	8.47	7.62	- -	- -	6.32	10.28	32.75	9.78
TTM Sales	64	81	83	84	98	116	140	163	195	220	228	242	183	187	-31
TTM EBITDA	3	3	3	4	4	5	6	7	10	12	14	13	12	12	12
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	22	26	47	18	35	26	49	72	174	79	106	94	89	6	79
TTM Free Cash Flow to Firm	25	33	53	24	35	26	49	72	174	85	108	101	97	11	84

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	3.52	4.87	4.28	10.33	8.57	22.01	13.13	8.4	4.75	8.26	8.5	6.54	6.49	62.3	9.4
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-149	-197	-202	31	5	250	453	325	331	-213	-148	275	448	1,432	454
Low Price	4.79	5.06	8.27	8.61	9.11	9.74	16.13	14.79	15.21	7.42	15.22	14.5	7.69	11.18	12.7
EV/Sales	- -	- -	- -	0.37	0.05	2.15	3.23	2	1.7	- -	- -	1.14	2.45	7.64	- -
EV/EBITDA	- -	- -	- -	8.27	1.1	47.31	76.34	47.7	34.21	- -	- -	21.02	37.45	116.43	36.66
Price/Earnings	7.45	8.22	11.19	13.18	14.39	23.45	19.33	11.39	12.42	10.2	10.49	7.03	22.31	19.89	- -
Price/Earnings Average	7.68	6.74	9.45	11.39	12.69	15.46	18.48	14.01	11.1	7.96	9.18	8.61	18.23	17.46	-4.9
Price/Earnings High	8.38	8.37	11.8	13.49	15.02	23.9	20.35	15.98	12.73	12.2	10.83	11.1	25.62	23.68	-5.77
Price/Earnings Low	6.96	4.76	8.22	9.77	10.55	12.23	16.83	10.68	9.94	4.77	7.65	6.76	11.99	13.8	-3.92
Price/Book Value	0.96	1.49	1.8	1.76	1.98	3.41	3.45	2.7	3.06	2.32	2.51	1.53	1.46	1.62	3.09
Price/Book Value Average	0.99	1.22	1.52	1.52	1.74	2.25	3.3	3.32	2.74	1.81	2.2	1.87	1.19	1.42	2.89
Price/Book Value High	1.08	1.51	1.9	1.8	2.06	3.48	3.63	3.79	3.14	2.77	2.59	2.41	1.67	1.92	3.41
Price/Book Value Low	0.89	0.86	1.32	1.31	1.45	1.78	3	2.53	2.45	1.08	1.83	1.47	0.78	1.12	2.31
Price/Tangible Book Value	0.85	1.28	1.69	1.58	1.49	2.2	1.97	1.67	1.73	1.35	1.67	1.3	1.14	1.18	1.5
Price/Tangible Book Value Average	0.87	1.05	1.43	1.37	1.31	1.45	1.88	2.06	1.54	1.05	1.46	1.59	0.93	1.03	1.4
Price/Tangible Book Value High	0.95	1.3	1.78	1.62	1.55	2.24	2.07	2.35	1.77	1.61	1.72	2.05	1.3	1.4	1.65
Price/Tangible Book Value Low	0.79	0.74	1.24	1.17	1.09	1.15	1.72	1.57	1.38	0.63	1.22	1.25	0.61	0.82	1.12
Price/Sales	1.33	1.93	2.64	2.8	3.01	4.83	4.56	3.72	4.23	3.18	4	2.72	3.42	3.76	-25.17
Price/Sales Average	1.37	1.58	2.23	2.42	2.65	3.19	4.36	4.57	3.78	2.48	3.5	3.33	2.79	3.3	-23.57
Price/Sales High	1.49	1.96	2.79	2.87	3.14	4.92	4.8	5.22	4.34	3.8	4.13	4.29	3.92	4.47	-27.75
Price/Sales Low	1.24	1.12	1.94	2.08	2.2	2.52	3.97	3.49	3.39	1.49	2.92	2.62	1.84	2.61	-18.85
Price/Cash Flow	3.81	5.95	4.65	13.41	8.34	21.91	13.05	8.37	4.74	8.86	8.59	6.96	7.02	110.65	9.95
Price/Cash Flow Average	3.93	4.88	3.93	11.59	7.36	14.45	12.47	10.29	4.24	6.92	7.51	8.52	5.74	97.12	9.31
Price/Cash Flow High	4.29	6.05	4.9	13.72	8.71	22.33	13.73	11.74	4.86	10.6	8.87	10.99	8.06	131.74	10.97
Price/Cash Flow Low	3.56	3.45	3.41	9.94	6.12	11.43	11.36	7.85	3.79	4.14	6.27	6.69	3.77	76.79	7.45
Price/Free Cash Flow Average	3.63	4	3.61	8.93	7.56	14.52	12.55	10.33	4.25	6.45	7.44	8	5.3	54.68	8.8
Price/Free Cash Flow High	3.96	4.96	4.51	10.57	8.94	22.44	13.82	11.79	4.87	9.88	8.78	10.32	7.45	74.17	10.36
Price/Free Cash Flow Low	3.29	2.83	3.14	7.66	6.28	11.48	11.43	7.88	3.8	3.86	6.21	6.29	3.49	43.23	7.04
EV/Sales Average	4.43	3.17	3.3	3.82	4.24	4.3	6.66	6.54	5.52	3.49	3.94	5.88	4.82	8.43	- -
EV/Sales High	4.55	3.55	3.85	4.27	4.73	6.04	7.1	7.19	6.08	4.81	4.57	6.84	5.95	9.6	- -
EV/Sales Low	4.3	2.7	3.01	3.48	3.79	3.64	6.27	5.46	5.13	2.5	3.36	5.17	3.87	7.74	- -
EV/EBITDA Average	113.14	89.47	81.26	85.42	99.91	94.55	157.44	156.2	111.31	62.23	64.75	108.39	73.64	128.42	73.73
EV/EBITDA High	116.33	100.25	94.9	95.4	111.35	132.74	167.84	171.55	122.53	85.8	75.12	126.18	90.9	146.34	84.3
EV/EBITDA Low	109.85	76.35	74.1	77.71	89.36	79.94	148.23	130.24	103.36	44.51	55.2	95.25	59.05	117.9	61.82
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	5.13	8.73	11.26	11.62	12.43	18.67	18.53	15.78	19	15.86	20.85	15.08	14.31	16.11	16.96
High Price	5.77	8.89	11.87	11.89	12.97	19.03	19.5	22.13	19.48	18.98	21.53	23.8	16.43	19.18	18.7
Enterprise Value Average	285	257	273	323	415	499	935	1,064	1,078	767	898	1,420	882	1,580	914
Enterprise Value High	293	288	318	361	462	700	996	1,169	1,187	1,058	1,042	1,653	1,088	1,800	1,045
Enterprise Value Low	277	219	249	294	371	422	880	887	1,001	549	766	1,248	707	1,450	766

Shares Outstanding	17	19	19	21	27	33	38	38	45	44	44	44	44	44	51
Diluted Weighted Avg Shares	17	19	20	21	24	30	35	38	44	44	44	44	44	44	47
Basic Weighted Avg Shares	17	18	19	20	24	30	35	38	43	44	44	44	44	44	46
Revenue per Share	3.86	4.53	4.26	4.14	4.14	3.86	4.06	4.24	4.49	4.99	5.21	5.54	4.19	4.29	-0.67
EBITDA per Share	0.15	0.16	0.17	0.19	0.18	0.18	0.17	0.18	0.22	0.28	0.32	0.3	0.27	0.28	0.27
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.69	1.06	1.01	0.88	0.86	0.8	0.96	1.39	1.53	1.56	1.99	2.14	0.64	0.81	-3.24
Basic EPS from Cont Ops	0.77	1.09	1.03	0.89	0.87	0.8	0.96	1.39	1.53	1.56	1.99	2.14	0.64	0.81	-3.24
Diluted EPS, GAAP	0.67	1.02	0.96	0.84	0.84	0.79	0.95	1.38	1.53	1.55	1.98	2.14	0.64	0.8	-3.23
Diluted EPS from Cont Ops	0.75	1.05	0.98	0.85	0.85	0.79	0.95	1.38	1.53	1.55	1.98	2.14	0.64	0.8	-3.23
Dividend per Share	0.19	0.2	0.21	0.24	0.27	0.28	0.34	0.4	0.48	0.48	0.57	0.64	0.65	0.65	0.63
Cash Flow per Share	1.34	1.47	2.42	0.87	1.49	0.85	1.42	1.89	4.01	1.79	2.43	2.17	2.04	0.15	1.71
Free Cash Flow per Basic Share	1.2	1.08	2.1	0.56	1.49	0.85	1.42	1.89	4.01	1.66	2.4	2.02	1.86	0.03	1.6
Cash & Equivalents per Share	27.09	28.62	27.86	18.01	20.87	17.03	16.96	17.59	21.66	31.62	40.16	25.8	24.66	12.07	13.98
Book Value per Share	5.36	5.87	6.25	6.6	6.29	5.48	5.37	5.84	6.2	6.84	8.3	9.86	9.83	9.97	5.49
Tangible Book Value per Share	6.05	6.84	6.65	7.35	8.35	8.49	9.4	9.43	10.99	11.76	12.5	11.59	12.61	13.68	11.32

Horizon Bancorp, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)