Horizon Bancorp, Inc., a regional bank holding company with assets totaling $7.8 billion, has appointed John R. Stewart as Executive Vice President and Chief Financial Officer. Stewart will commence his duties effective May 20, 2024. With 22 years of experience in financial services and a Chartered Financial Analyst designation, Stewart will succeed Mark Secor, who has been the CFO for 16 years.
Stewart brings a wealth of experience to Horizon, having held various roles at regional and global investment banks, as well as institutional asset management firms. Most recently, he was Deputy Chief Financial Officer at a $30 billion publicly traded bank. His diverse expertise spans corporate treasury, accounting, financial planning and analysis, and capital planning. Additionally, his roles in strategic planning, corporate development, and investor relations equip him to significantly contribute to Horizon's goal of enhancing long-term shareholder value and improving client service.
Thomas Prame, CEO and President of Horizon Bancorp, expressed confidence in Stewart's ability to drive the company's financial performance and strategic growth. Prame praised Stewart's track record and strategic financial expertise, highlighting the positive impact he is expected to have on Horizon's future.
Horizon Bancorp is the parent company of Horizon Bank, which operates across the Midwest with a focus on personal banking, wealth management, business banking, treasury management, and equipment financing solutions. The bank has expanded from 11 locations to over 70, serving customers through both digital tools and physical branches in Indiana and Michigan.
This leadership change occurs as Horizon continues to prioritize delivering comprehensive banking and financial services to its regional customer base. Commercial lending accounts for over half of Horizon's total loans, underscoring its strong presence in the business banking sector.
The financial community is closely monitoring Horizon's performance metrics following Stewart's appointment. With a market capitalization of $553.65 million and a price-to-earnings ratio of 23.38, Horizon is recognized as a mature company with stable earnings. The company's dedication to shareholder returns is evident in its remarkable track record of increasing dividends for eight years in a row and sustaining dividend payments for 38 straight years. This consistent performance aligns with Horizon's strategy for ensuring long-term shareholder value.
Recent market performance has been robust, with Horizon achieving a six-month total return of 30.57% and a one-year total return of 68.44%. This notable price uptick suggests strong investor confidence in the company's profitability and growth prospects. Analysts predict that Horizon will be profitable this year, further bolstering investor interest.
As Horizon Bancorp focuses on strategic growth and client service enhancement, these financial metrics and insights will be crucial for stakeholders making informed decisions. Stewart's appointment marks a significant step in Horizon's ongoing commitment to excellence in financial management and operational performance.
