hbnc-20251022
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 22, 2025

HORIZON BANCORP, INC.
(Exact name of registrant as specified in its charter)
Indiana000-1079235-1562417
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
515 Franklin Street
Michigan City, IN 46360
(Address of principal executive offices, including zip code)

(219) 879-0211
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Common stock, no par valueHBNCThe NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


1


Item 2.02 Results of Operations and Financial Condition

On October 22, 2025, Horizon Bancorp, Inc. (the “Company”) issued a press release announcing earnings and other financial results for the three–months ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated here by reference.

Item 7.01 Regulation FD Disclosure

Investor Presentation

The Company has prepared presentation materials (the “Investor Presentation”) that management intends to use during its previously announced Earnings Conference Call on Thursday, October 23, 2025 at 7:30 a.m. Central Time, and from time to time thereafter in presentations about the Company’s operations and performance. The Company may use the Investor Presentation, possibly with modifications, in presentations to current and potential investors, analysts, lenders, business partners, acquisition candidates, customers, employees and others with an interest in the Company and its business.

A copy of the Investor Presentation is furnished as Exhibit 99.2 to this report and incorporated here by reference. The Investor Presentation is also available on the Company’s investor website at www.horizonbank.com. Materials on the Company’s investor website are not part of or incorporated by reference into this report.

In accordance with General Instruction B.2 of Form 8–K, the information in this Current Report on Form 8–K, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Item 9.01 Financial Statements and Exhibits
(d) Exhibits
EXHIBIT INDEX
Exhibit No.DescriptionLocation
99.1Attached
99.2Attached
104Cover Page Interactive Data File (Embedded within the Inline XBRL document)Within the Inline XBRL document



2


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:October 22, 2025HORIZON BANCORP, INC.
By:/s/ John R. Stewart, CFA
John R. Stewart, CFA
Executive Vice President & Chief Financial Officer



3

Horizon Bancorp, Inc. Reports Third Quarter 2025 Results
horizonbancorpinc876_sm-10.jpg
Contact:John R. Stewart, CFA
EVP, Chief Financial Officer
Phone:(219) 814–5833
Fax:
(219) 874–9280
Date:October 22, 2025

FOR IMMEDIATE RELEASE

Horizon Bancorp, Inc. Reports Strong Third Quarter 2025 Results and Successful Execution of the Balance Sheet Repositioning

Michigan City, Indiana, October 22, 2025 (GLOBE NEWSWIRE) – (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”), the parent company of Horizon Bank (the “Bank”), announced its unaudited financial results for the three months ended September 30, 2025.

“Horizon’s third quarter results were highlighted by the successful execution of our previously announced strategic balance sheet repositioning, which has exceeded our initial expectations and is on pace to achieve the top tier financial outcomes outlined in our plan. At this point, there is little work left to be done, and the Company will continue its focus on improving shareholder value from a position of strength", President and CEO, Thomas Prame stated. "More importantly, underneath the specific impacts related to the balance sheet activities, our third quarter results further evidence the continued strength of the organization’s exceptional core community banking franchise. Our net interest margin continues to expand, the commercial loan engine is producing solid results, the core client-driven deposit franchise is growing, credit quality is excellent and expenses are well managed. As we look ahead to the end of 2025 and into 2026, we will remain disciplined in our execution, focusing on profitable growth and smart redeployment of our peer-leading capital generation, all focused on creating durable returns and sustainable long-term value for our shareholders."

Net loss for the three months ended September 30, 2025 was $222.0 million, or $(4.69) per diluted share, compared to net income of $20.6 million, or $0.47, for the second quarter of 2025 and $18.2 million, or $0.41 per diluted share, for the third quarter of 2024. As previously disclosed, results for the third quarter of 2025 included several items impacting non-interest income, non-interest expense and the provision for credit loss directly related to the Company's successful efforts during the quarter to repositioning the balance sheet.

Net loss for the nine months ended September 30, 2025 was $177.4 million, or $(3.94) per diluted share, compared to net income of $46.3 million, or $1.05, for the nine months ended September 30, 2024.















1
Horizon Bancorp, Inc. Reports Third Quarter 2025 Results


Third Quarter 2025 Highlights

•Successful execution of strategic Balance Sheet transformation, positioning the bank for top quartile performance.

•Net interest income of $58.4 million increased 5.5% compared with $55.4 million for the three months ended June 30, 2025, and 24.5% compared with $46.9 million in the year ago period. Net interest margin, on a fully taxable equivalent ("FTE") basis1, expanded for the eighth consecutive quarter, to 3.52%, compared with 3.23% for the three months ended June 30, 2025 and 2.66% for the three months ended September 30, 2024.

•Total loans held for investment ("HFI") decreased (13.0)% compared to the linked quarter annualized, with strong organic commercial loan growth of $57.9 million, or 7.0% annualized. The decrease in loans HFI is directly related to the continued planned runoff and the eventual sale of the Company's indirect auto portfolio of $176 million in the third quarter.

•Funding continued to trend favorably, with non-interest bearing deposits remaining flat. Savings and money market balances were specifically impacted by the planned high-cost deposit runoff related to the balance sheet repositioning. Overall interest-bearing liability cost decreased by 2 bps during the quarter.

•Credit quality remained strong, with annualized net charge offs of 0.07% of average loans during the third quarter. Non-performing assets remain well within expected ranges, with non-performing assets to total asset of 53 bps for the third quarter.

•While reported expenses were impacted by a couple of items related to the balance sheet activities in the quarter, when considering these items, expenses continued to be well managed compared with the second quarter of 2025. These results reflect management's continued commitment to generate positive operating leverage with a more efficient expense base.


1 Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
2
Horizon Bancorp, Inc. Reports Third Quarter 2025 Results

Financial Highlights
(Dollars in Thousands Except Share and Per Share Data and Ratios)
Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Income statement:
Net interest income$58,386 $55,355 $52,267 $53,127 $46,910 
Provision for credit losses (3,572)2,462 1,376 1,171 1,044 
Non-interest income (loss)(295,334)10,920 16,499 (28,954)11,511 
Non-interest expense52,952 39,417 39,306 44,935 39,272 
Income tax expense (benefit)(64,338)3,752 4,141 (11,051)(75)
Net Income (Loss)$(221,990)$20,644 $23,943 $(10,882)$18,180 
Per share data:
Basic earnings (loss) per share$(4.69)$0.47 $0.55 $(0.25)$0.42 
Diluted earnings (loss) per share(4.69)0.47 0.54 (0.25)0.41 
Cash dividends declared per common share0.16 0.16 0.16 0.16 0.16 
Book value per common share12.96 18.06 17.72 17.46 17.27 
Market value - high16.88 15.88 17.76 18.76 16.57 
Market value - low15.01 12.92 15.00 14.57 11.89 
Weighted average shares outstanding - Basic47,311,642 43,794,490 43,777,109 43,721,211 43,712,059 
Weighted average shares outstanding - Diluted47,311,642 44,034,663 43,954,164 43,721,211 44,112,321 
Common shares outstanding (end of period)50,970,530 43,801,507 43,785,932 43,722,086 43,712,059 
Key ratios:
Return on average assets(12.07)%1.09 %1.25 %(0.56)%0.92 %
Return on average stockholders' equity(120.37)10.49 12.44 (5.73)9.80 
Total equity to total assets9.84 10.34 10.18 9.79 9.52 
Total loans to deposit ratio87.41 87.52 85.21 87.75 83.92 
Allowance for credit losses to HFI loans1.04 1.09 1.07 1.07 1.10 
Annualized net charge-offs of average total loans (1)
0.07 0.02 0.07 0.05 0.03 
Efficiency ratio(22.35)59.47 57.16 185.89 67.22 
Key metrics (Non-GAAP) (2)
Net FTE interest margin3.52 %3.23 %3.04 %2.97 %2.66 %
Return on average tangible common equity(155.03)13.24 15.79 (7.35)12.65 
Tangible common equity to tangible assets7.60 8.37 8.19 7.83 7.58 
Tangible book value per common share$9.76 $14.32 $13.96 $13.68 $13.46 
(1) Average total loans includes loans held for investment and held for sale.
(2) Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.
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Horizon Bancorp, Inc. Reports Third Quarter 2025 Results
Income Statement Highlights

Net Interest Income

Net interest income was $58.4 million in the third quarter of 2025, compared to $55.4 million in the second quarter of 2025, driven by the continued expansion of the Company's net FTE interest margin1, which increased to 3.52% for the third quarter of 2025, compared to 3.23% for the second quarter of 2025. While the margin saw expansion throughout the quarter, most of the increase came later in the quarter as a byproduct of the balance sheet repositioning, all of which transpired following the close of the Company's equity capital raise on August 22nd, 2025.

Provision for Credit Losses

During the third quarter of 2025, the Company recorded a benefit for credit losses of $(3.6) million. This compares to a provision for credit losses expense of $2.5 million during the second quarter of 2025, and a provision for credit losses expense of $1.0 million during the third quarter of 2024. The decrease in the provision for credit losses during the third quarter of 2025 when compared with the second quarter of 2025 was primarily attributable to the release of approximately $3.1 million in total Allowance against the sold portion of the Indirect Auto portfolio. Additionally, the Provision benefitted from continued improvement in the Company's historical loss metrics and the release of the $0.2 million reserve against the previous Held-To-Maturity investment portfolio. These favorable items were partially offset by net growth in Commercial Loans HFI and a modest increase in specific reserves.

For the third quarter of 2025, Net Charge-Offs were $0.8 million, or an annualized 0.07% of Average Loans Outstanding, compared to Net Charge-Offs of $0.3 million, or an annualized 0.02% of average loans outstanding for the second quarter of 2025, and Net Charge-Offs of $0.4 million, or an annualized 0.03% of Average Loans Outstanding, in the third quarter of 2024.

The Company’s Allowance for Credit Losses as a percentage of period-end loans HFI was 1.04% at September 30, 2025, compared to 1.09% at June 30, 2025 and 1.10% at September 30, 2024.

Non-Interest Income

For the Quarter EndedSeptember 30,June 30,March 31,December 31,September 30,
(Dollars in Thousands)20252025202520242024
Non-interest (Loss) Income
Service charges on deposit accounts$3,474 $3,208 $3,208 $3,276 $3,320 
Wire transfer fees71 69 71 124 123 
Interchange fees3,510 3,403 3,241 3,353 3,511 
Fiduciary activities1,363 1,251 1,326 1,313 1,394 
Loss on sale of investment securities(299,132)— (407)(39,140)— 
Gain on sale of mortgage loans1,208 1,219 1,076 1,071 1,622 
Mortgage servicing income net of impairment351 375 385 376 412 
Increase in cash value of bank owned life insurance379 346 335 335 349 
Other income(6,558)1,049 7,264 338 780 
Total non-interest (loss) income$(295,334)$10,920 $16,499 $(28,954)$11,511 

Total Non-Interest (Loss) was $295.3 million in the third quarter of 2025, compared to Non-Interest Income of $10.9 million in the second quarter of 2025. The decrease in Non-Interest Income of $306.3 million is due to the loss on the sale investment securities and the pre-tax loss of $7.7 million on the sale of the Company's Indirect Auto portfolio, both of which were related to the balance sheet repositioning efforts. Service Charges, Interchange Fees and Gain on Sale of Mortgage Loans benefited from normal seasonality. Other categories remained relatively unchanged when compared with the prior period.





1 Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
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Horizon Bancorp, Inc. Reports Third Quarter 2025 Results



Non-Interest Expense

For the Quarter EndedSeptember 30,June 30,March 31,December 31,September 30,
(Dollars in Thousands)20252025202520242024
Non-interest Expense
Salaries and employee benefits$22,698 $22,731 $22,414 $25,564 $21,829 
Net occupancy expenses3,321 3,127 3,702 3,431 3,207 
Data processing2,933 2,951 2,872 2,841 2,977 
Professional fees808 735 826 736 676 
Outside services and consultants3,844 3,278 3,265 4,470 3,677 
Loan expense1,237 1,231 689 1,285 1,034 
FDIC insurance expense1,345 1,216 1,288 1,193 1,204 
Core deposit intangible amortization706 816 816 843 844 
Merger related expenses— — 305 — — 
Prepayment penalties12,680 — — — — 
Other losses131 245 228 371 297 
Other expense3,249 3,087 2,901 4,201 3,527 
Total non-interest expense$52,952 $39,417 $39,306 $44,935 $39,272 

Total Non-Interest Expense was $53.0 million in the third quarter of 2025, compared with $39.4 million in the second quarter of 2025. The increase in Non-Interest Expense during the third quarter of 2025 when compared with the prior period was primarily driven by a $12.7 million prepayment penalty related to the payoff of $700 million in FHLB advances during the quarter. Additionally, the quarter included approximately $0.9 million of expenses related to the balance sheet initiatives and other efforts, which are not expected to recur in future periods. Apart from these specific items, total Non-Interest Expense was relatively unchanged when compared with the prior quarter.

Income Taxes

Resulting from the reported losses incurred during balance sheet repositioning efforts, Horizon recorded a net tax credit of $64.3 million for the third quarter of 2025, resulting in an effective tax rate of 22.5%.

Balance Sheet Highlights

Total assets decreased by $939.6 million, or 12.3%, to $6.7 billion as of September 30, 2025, from $7.7 billion as of June 30, 2025. The decrease in total assets is primarily due to the Company's balance sheet repositioning efforts, which resulted in a decrease in total investment securities of $1.2 billion and a decrease in loans held for investment of $161.9 million, partially offset by an increase in interest earning deposits. During the quarter, the Company moved its entire held to maturity securities portfolio to available for sale, sold approximately $1.7 billion in book value and reinvested approximately $580 million of the proceeds in the available for sale portfolio, resulting in a net increase in available for sale securities of $651.2 million. Total loans were $4.8 billion at September 30, 2025, a decrease of $163.0 million from June 30, 2025 balances, as organic commercial loan growth was offset by the continued run-off of consumer balances and the sale of approximately $176 million of the Company's indirect auto portfolio on September 26, 2025.

Total deposits decreased by $178.9 million, or 3.1%, to $5.5 billion as of September 30, 2025 when compared to balances as of June 30, 2025. The decrease was driven by the ongoing balance sheet repositioning efforts, which led to a decline of approximately $275 million in high-cost transactional deposit balances, which were partially offset by growth in commercial interest-bearing and seasonal inflows in relationship-based public funds balances. Non-interest bearing deposit balances remained relatively unchanged in the current period. Total borrowings decreased by $720.1 million during the quarter to $160.2 million as of September 30, 2025, due to the payoff of the FHLB advances related to the balance sheet repositioning. Subordinated notes balances increase by $98.3 million during the quarter from the closing of the Company's $100.0 million offering, which closed on August 29, 2025. Subsequent to quarter end, on October 1, 2025, the Company redeemed the remaining $56.5 million subordinated note issuance previously outstanding.
5
Horizon Bancorp, Inc. Reports Third Quarter 2025 Results
Capital

The following table presents the Consolidated Regulatory Capital Ratios of the Company for the previous three quarters, and the Company’s preliminary estimate of its consolidated regulatory capital ratios for the quarter ended September 30, 2025:

For the Quarter EndedSeptember 30,June 30,March 31,December 31,
2025*202520252024
Consolidated Capital Ratios
Total capital (to risk-weighted assets)15.03 %14.44 %14.26 %13.91 %
Tier 1 capital (to risk-weighted assets)11.29 12.48 12.33 12.00 
Common equity tier 1 capital (to risk-weighted assets)10.19 11.48 11.32 11.00 
Tier 1 capital (to average assets)8.22 9.59 9.25 8.88 
*Preliminary estimate - may be subject to change

As of September 30, 2025, the ratio of total stockholders’ equity to total assets is 9.84%. Book value per common share was $12.96, declining $(5.10) during the third quarter of 2025 related to the third quarter balance sheet actions.

Tangible common equity1 totaled $497.7 million at September 30, 2025, and the ratio of tangible common equity to tangible assets1 was 7.60% at September 30, 2025, down from 8.37% at June 30, 2025. Tangible book value, which excludes intangible assets from total equity, per common share1 was $9.76, decreasing $(4.56) during the third quarter of 2025.

Credit Quality

As of September 30, 2025, total non-accrual loans increased by $5.1 million, or 20.8%, from June 30, 2025, to 0.61% of total loans HFI. Total non-performing assets increased $5.3 million, or 17.2%, to $35.7 million, compared to $30.5 million as of June 30, 2025. The ratio of non-performing assets to total assets increased to 0.53% compared to 0.40% as of June 30, 2025.

As of September 30, 2025, net charge-offs increased by $0.5 million to $0.8 million, compared to $0.3 million as of June 30, 2025 and remain just 0.07% annualized of average loans.

1 Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
6
Horizon Bancorp, Inc. Reports Third Quarter 2025 Results
Earnings Conference Call

As previously announced, Horizon will host a conference call to review its third quarter financial results and operating performance.

Participants may access the live conference call on October 23, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the “Horizon Bancorp, Inc. Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available approximately one hour after the end of the conference through August 1, 2025. The replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada or 1–412–317-0088 from other international locations, and entering the access code 5878909.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $6.7 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon's retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana's Michigan City, is available at horizonbank.com and investor.horizonbank.com.

Use of Non-GAAP Financial Measures

Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre-provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to one-time costs and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.



















7
Horizon Bancorp, Inc. Reports Third Quarter 2025 Results
Forward Looking Statements

This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: effects on Horizon’s business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers; current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the aggregate effects of elevated inflation levels in recent years; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict and the Israel and Hamas conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
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Horizon Bancorp, Inc. Reports Third Quarter 2025 Results

Condensed Consolidated Statements of Income
(Dollars in Thousands Except Per Share Data, Unaudited)
Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Interest Income
Loans receivable$79,561 $78,618 $74,457 $76,747 $75,488 
Investment securities - taxable6,631 5,941 6,039 6,814 8,133 
Investment securities - tax-exempt4,581 6,088 6,192 6,301 6,310 
Other2,063 830 2,487 3,488 957 
Total interest income92,836 91,477 89,175 93,350 90,888 
Interest Expense
Deposits25,726 26,052 25,601 27,818 30,787 
Borrowed funds5,924 8,171 9,188 10,656 11,131 
Subordinated notes1,731 829 829 829 830 
Junior subordinated debentures issued to capital trusts1,069 1,070 1,290 920 1,230 
Total interest expense34,450 36,122 36,908 40,223 43,978 
Net Interest Income58,386 55,355 52,267 53,127 46,910 
Provision for credit losses (3,572)2,462 1,376 1,171 1,044 
Net Interest Income after Provision for Credit Losses61,958 52,893 50,891 51,956 45,866 
Non-interest Income
Service charges on deposit accounts3,474 3,208 3,208 3,276 3,320 
Wire transfer fees71 69 71 124 123 
Interchange fees3,510 3,403 3,241 3,353 3,511 
Fiduciary activities1,363 1,251 1,326 1,313 1,394 
Loss on sale of investment securities(299,132)— (407)(39,140)— 
Gain on sale of mortgage loans1,208 1,219 1,076 1,071 1,622 
Mortgage servicing income net of impairment351 375 385 376 412 
Increase in cash value of bank owned life insurance379 346 335 335 349 
Other income(6,558)1,049 7,264 338 780 
Total non-interest income (loss)(295,334)10,920 16,499 (28,954)11,511 
Non-interest Expense
Salaries and employee benefits22,698 22,731 22,414 25,564 21,829 
Net occupancy expenses3,321 3,127 3,702 3,431 3,207 
Data processing2,933 2,951 2,872 2,841 2,977 
Professional fees808 735 826 736 676 
Outside services and consultants3,844 3,278 3,265 4,470 3,677 
Loan expense1,237 1,231 689 1,285 1,034 
FDIC insurance expense1,345 1,216 1,288 1,193 1,204 
Core deposit intangible amortization706 816 816 843 844 
Merger related expenses— — 305 — — 
Prepayment penalties12,680 — — — — 
Other losses131 245 228 371 297 
Other expense3,249 3,087 2,901 4,201 3,527 
Total non-interest expense52,952 39,417 39,306 44,935 39,272 
Income (Loss) Before Income Taxes(286,328)24,396 28,084 (21,933)18,105 
Income tax expense (benefit)(64,338)3,752 4,141 (11,051)(75)
Net Income (Loss)$(221,990)$20,644 $23,943 $(10,882)$18,180 
Basic Earnings (Loss) Per Share$(4.69)$0.47 $0.55 $(0.25)$0.42 
Diluted Earnings (Loss) Per Share(4.69)0.47 0.54 (0.25)0.41 


9
Horizon Bancorp, Inc. Reports Third Quarter 2025 Results
Condensed Consolidated Balance Sheet
(Dollars in Thousands, Unaudited)
Three Months Ended for the Period
September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Assets
Interest earning assets
Federal funds sold$— $2,024 $— $— $113,912 
Interest earning deposits381,860 34,175 80,023 201,131 12,107 
Interest earning time deposits— — — 735 735 
Federal Home Loan Bank stock45,713 45,412 45,412 53,826 53,826 
Investment securities, held for trading598 — — — — 
Investment securities, available for sale883,242 231,999 231,431 233,677 541,170 
Investment securities, held to maturity— 1,819,087 1,843,851 1,867,690 1,888,379 
Loans held for sale1,921 2,994 3,253 67,597 2,069 
Gross loans held for investment (HFI)4,823,669 4,985,582 4,909,815 4,847,040 4,803,996 
Total Interest earning assets6,137,003 7,121,273 7,113,784 7,271,696 7,416,194 
Non-interest earning assets
Allowance for credit losses(50,178)(54,399)(52,654)(51,980)(52,881)
Cash76,395 101,719 89,643 92,300 108,815 
Cash value of life insurance37,762 37,755 37,409 37,450 37,115 
Other assets226,247 148,775 143,675 152,635 119,026 
Goodwill155,211 155,211 155,211 155,211 155,211 
Other intangible assets7,886 8,592 9,407 10,223 11,067 
Premises and equipment, net93,413 93,398 93,499 93,864 93,544 
Interest receivable28,758 39,730 38,663 39,747 39,366 
Total non-interest earning assets575,494 530,781 514,855 529,450 511,263 
Total assets$6,712,497 $7,652,054 $7,628,639 $7,801,146 $7,927,456 
Liabilities
Savings and money market deposits$3,198,332 $3,385,413 $3,393,371 $3,446,681 $3,420,827 
Time deposits1,199,681 1,193,180 1,245,088 1,089,153 1,220,653 
Borrowings160,206 880,336 812,218 1,142,340 1,142,744 
Repurchase agreements86,966 95,089 87,851 89,912 122,399 
Subordinated notes154,011 55,807 55,772 55,738 55,703 
Junior subordinated debentures issued to capital trusts57,636 57,583 57,531 57,477 57,423 
Total interest earning liabilities4,856,832 5,667,408 5,651,832 5,881,301 6,019,749 
Non-interest bearing deposits1,122,888 1,121,163 1,127,324 1,064,818 1,085,535 
Interest payable12,395 14,007 11,441 11,137 11,400 
Other liabilities59,611 58,621 61,981 80,308 55,951 
Total liabilities6,051,726 6,861,199 6,852,578 7,037,564 7,172,635 
Stockholders’ Equity
Preferred stock— — — — — 
Common stock— — — — — 
Additional paid-in capital458,734 360,758 360,522 363,761 358,453 
Retained earnings236,312 466,498 452,945 436,122 454,050 
Accumulated other comprehensive (loss)(34,275)(36,403)(37,406)(36,301)(57,681)
Total stockholders’ equity660,771 790,853 776,061 763,582 754,822 
Total liabilities and stockholders’ equity$6,712,497 $7,652,052 $7,628,639 $7,801,146 $7,927,457 
10
Horizon Bancorp, Inc. Reports Third Quarter 2025 Results


Loans and Deposits
(Dollars in Thousands, Unaudited)
September 30,June 30,March 31,December 31,September 30,% Change
20252025202520242024Q3'25 vs Q2'25Q3'25 vs Q3'24
Loans:
Commercial real estate$2,366,956 $2,321,951 $2,262,910 $2,202,858 $2,105,459 2 %12 %
Commercial & Industrial989,609 976,740 918,541 875,297 808,600 1 %22 %
Total commercial3,356,565 3,298,691 3,181,451 3,078,155 2,914,059 2 %15 %
Residential Real estate783,850 786,026 801,726 802,909 801,356 — %(2)%
Mortgage warehouse— — — — 80,437 — %(100)%
Consumer683,254 900,865 926,638 965,976 1,008,144 (24)%(32)%
Total loans held for investment4,823,669 4,985,582 4,909,815 4,847,040 4,803,996 (3)%— %
Loans held for sale1,921 2,994 3,253 67,597 2,069 (36)%(7)%
Total loans$4,825,590 $4,988,576 $4,913,068 $4,914,637 $4,806,065 (3)%— %
Deposits:
Interest bearing deposits$1,715,471 $1,713,058 $1,713,991 $1,767,983 $1,688,998 — %2 %
Savings and money market deposits1,482,861 1,672,355 1,679,380 1,678,697 1,731,830 (11)%(14)%
Time deposits1,199,681 1,193,180 1,245,088 1,089,153 1,220,653 1 %(2)%
Total Interest bearing deposits4,398,013 4,578,593 4,638,459 4,535,833 4,641,481 (4)%(5)%
Non-interest bearing deposits
Non-interest bearing deposits1,122,888 1,121,164 1,127,324 1,064,819 1,085,534 — %3 %
Total deposits$5,520,901 $5,699,757 $5,765,784 $5,600,652 $5,727,015 (3)%(4)%








11
Horizon Bancorp, Inc. Reports Third Quarter 2025 Results
Average Balance Sheet
(Dollars in Thousands, Unaudited)
Three Months Ended
September 30, 2025
June 30, 2025
September 30, 2024
Average
Balance
Interest(4)(6)
Average
Rate(4)
Average
Balance
Interest(4)(6)
Average
Rate(4)
Average
Balance
Interest(4)(6)
Average
Rate(4)
Assets
Interest earning assets
Interest earning deposits (incl. Fed Funds Sold)$185,665 $2,062 4.41 %$72,993 $830 4.56 %$73,524 $957 5.18 %
Federal Home Loan Bank stock45,549 862 7.51 %45,412 1,075 9.49 %53,826 1,607 11.88 %
Investment securities - taxable (1)792,829 5,769 2.89 %959,238 4,866 2.03 %1,301,830 6,526 1.99 %
Investment securities - non-taxable (1)763,488 5,799 3.01 %1,100,731 7,707 2.81 %1,125,295 7,987 2.82 %
Total investment securities1,556,317 11,568 2.95 %2,059,969 12,573 2.45 %2,427,125 14,513 2.38 %
Loans receivable (2) (3)4,979,211 79,941 6.37 %4,947,093 79,000 6.41 %4,775,788 75,828 6.32 %
Total interest earning assets6,766,742 94,433 5.54 %7,125,467 93,478 5.26 %7,330,263 92,905 5.04 %
Non-interest earning assets
Cash and due from banks83,616 86,316 108,609 
Allowance for credit losses(54,072)(52,560)(52,111)
Other assets501,590 472,175 471,259 
Total average assets$7,297,876 $7,631,398 $7,858,020 
Liabilities and Stockholders' Equity
Interest bearing liabilities
Interest bearing demand deposits$1,708,446 $6,687 1.55 %$1,727,713 $6,803 1.58 %$3,386,177 $18,185 2.14 %
Saving and money market deposits1,636,428 8,204 1.99 %1,651,866 8,200 1.99 %— — — %
Time deposits1,198,279 10,835 3.59 %1,233,582 11,049 3.59 %1,189,148 12,602 4.22 %
Total Deposits4,543,153 25,726 2.25 %4,613,161 26,052 2.27 %4,575,325 30,787 2.68 %
Borrowings601,889 5,535 3.65 %847,862 7,777 3.68 %1,149,952 10,221 3.54 %
Repurchase agreements88,721 389 1.74 %88,058 394 1.79 %123,524 910 2.93 %
Subordinated notes91,032 1,731 7.54 %55,785 829 5.96 %55,681 830 5.93 %
Junior subordinated debentures issued to capital trusts57,602 1,069 7.36 %57,550 1,070 7.46 %57,389 1,230 8.53 %
Total interest bearing liabilities5,382,397 34,450 2.54 %5,662,416 36,122 2.56 %5,961,871 43,978 2.93 %
Non-interest bearing liabilities
Demand deposits1,120,719 1,114,982 1,083,214 
Accrued interest payable and other liabilities63,104 64,465 74,563 
Stockholders' equity731,657 789,535 738,372 
Total average liabilities and stockholders' equity$7,297,876 $7,631,398 $7,858,020 
Net FTE interest income (non-GAAP) (5)$59,983 $57,356 $48,927 
Less FTE adjustments (4)1,597 2,001 2,017 
Net Interest Income$58,386 $55,355 $46,910 
Net FTE interest margin (Non-GAAP) (4)(5)3.52 %3.23 %2.66 %
(1) Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities.
(2) Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate.
(3) Non-accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees.
(4) Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate.
(5) Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
(6) Includes dividend income on Federal Home Loan Bank stock
12
Horizon Bancorp, Inc. Reports Third Quarter 2025 Results

Credit Quality
(Dollars in Thousands Except Ratios, Unaudited)
Quarter Ended
September 30,June 30,March 31,December 31,September 30,% Change
20252025202520242024Q3'25 vs Q2'25Q3'25 vs Q3'24
Non-accrual loans
Commercial$12,303 $7,547 $8,172 $5,658 $6,830 63 %80 %
Residential Real estate9,256 9,525 12,763 11,215 9,529 (3)%(3)%
Mortgage warehouse— — — — — — %— %
Consumer7,799 7,222 7,875 8,919 7,208 8 %8 %
Total non-accrual loans29,358 24,294 28,810 25,792 23,567 21 %25 %
90 days and greater delinquent - accruing interest1,608 2,113 1,582 1,166 819 (24)%96 %
Total non-performing loans$30,966 $26,407 $30,392 $26,958 $24,386 17 %27 %
Other real estate owned
Commercial$272 $176 $360 $407 $1,158 55 %(76)%
Residential Real estate769 463 641 — — — %— %
Mortgage warehouse— — — — — — %— %
Consumer480 480 34 17 36 — %1233 %
Total other real estate owned1,521 1,119 1,035 424 1,194 36 %27 %
Other non-performing assets (1)
$3,228 $2,937 $— $— $— 10 %— %
Total non-performing assets$35,715 $30,463 $31,427 $27,382 $25,580 17 %40 %
Loan data:
Accruing 30 to 89 days past due loans$24,784 $31,401 $19,034 $23,075 $18,087 (21)%37 %
Substandard loans63,236 64,100 66,714 64,535 59,775 (1)%6 %
Net charge-offs (recoveries)
Commercial$294 $84 $(47)$(32)$(52)250 %(665)%
Residential Real estate19 52 (47)(10)(9)(64)%(307)%
Mortgage warehouse— — — — — — %— %
Consumer518 118 963 668 439 339 %18 %
Total net charge-offs$831 $254 $869 $626 $378 227 %120 %
Allowance for credit losses
Commercial$34,390 $34,413 $32,640 $30,953 $32,854 — %5 %
Residential Real estate3,083 3,229 3,167 2,715 2,675 (5)%15 %
Mortgage warehouse— — — — 862 — %(100)%
Consumer12,706 16,757 16,847 18,312 16,490 (24)%(23)%
Total allowance for credit losses$50,178 $54,399 $52,654 $51,980 $52,881 (8)%(5)%
Credit quality ratios
Non-accrual loans to HFI loans0.61 %0.49 %0.59 %0.53 %0.49 %
Non-performing assets to total assets0.53 %0.40 %0.41 %0.35 %0.32 %
Annualized net charge-offs of average total loans0.07 %0.02 %0.07 %0.05 %0.03 %
Allowance for credit losses to HFI loans1.04 %1.09 %1.07 %1.07 %1.10 %
(1) Other non-performing assets consist of a single available for sale debt security placed on non-accrual status.
13
Horizon Bancorp, Inc. Reports Third Quarter 2025 Results
Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin
(Dollars in Thousands, Unaudited)
Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Interest income (GAAP)(A)$92,836 $91,477 $89,175 $93,350 $90,888 
Taxable-equivalent adjustment:
   Investment securities - tax exempt (1)1,218 1,619 1,646 1,675 1,677 
   Loan receivable (2)379 382 383 395 340 
Interest income (non-GAAP)(B)94,433 93,478 91,204 95,420 92,905 
Interest expense (GAAP)(C)34,450 36,122 36,908 40,223 43,978 
Net interest income (GAAP)(D) =(A) - (C)$58,386 $55,355 $52,267 $53,127 $46,910 
Net FTE interest income (non-GAAP)(E) = (B) - (C)$59,983 $57,356 $54,296 $55,197 $48,927 
Average interest earning assets(F)6,766,742 7,125,467 7,234,724 7,396,178 7,330,263 
Net FTE interest margin (non-GAAP)(G) = (E*) / (F)3.52 %3.23 %3.04 %2.97 %2.66 %
(1) The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity
(2) The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment
*Annualized
Non–GAAP Reconciliation of Return on Average Tangible Common Equity
(Dollars in Thousands, Unaudited)
Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Net income (loss) (GAAP)(A)$(221,990)$20,644 $23,941 $(10,882)$18,180 
Average stockholders' equity(B)$731,657 $789,535 $780,269 $755,340 $738,372 
Average intangible assets(C)163,552 164,320 165,138 165,973 166,819 
Average tangible equity (Non-GAAP)(D) = (B) - (C)$568,105 $625,215 $615,131 $589,367 $571,553 
Return on average tangible common equity ("ROACE") (non-GAAP)(E) = (A*) / (D)(155.03)%13.24 %15.48 %(7.35)%12.65 %
*Annualized
Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Total stockholders' equity (GAAP)(A)$660,771 $790,852 $776,061 $763,582 $754,822 
Intangible assets (end of period)(B)163,097 163,803 164,618 165,434 166,278 
Total tangible common equity (non-GAAP)(C) = (A) - (B)$497,674 $627,049 $611,443 $598,148 $588,544 
Total assets (GAAP)(D)$6,712,496 $7,652,051 $7,628,636 $7,801,146 $7,927,457 
Intangible assets (end of period)(B)163,097 163,803 164,618 165,434 166,278 
Total tangible assets (non-GAAP)(E) = (D) - (B)$6,549,399 $7,488,248 $7,464,018 $7,635,712 $7,761,179 
Tangible common equity to tangible assets (Non-GAAP)(G) = (C) / (E)7.60 %8.37 %8.19 %7.83 %7.58 %
14
Horizon Bancorp, Inc. Reports Third Quarter 2025 Results
Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Total stockholders' equity (GAAP)(A)$660,771 $790,852 $776,061 $763,582 $754,822 
Intangible assets (end of period)(B)163,097 163,803 164,618 165,434 166,278 
Total tangible common equity (non-GAAP)(C) = (A) - (B)$497,674 $627,049 $611,443 $598,148 $588,544 
Common shares outstanding(D)50,970,530 43,801,507 43,786,000 43,722,086 43,712,059 
Tangible book value per common share (non-GAAP)(E) = (C) / (D)$9.76 $14.32 $13.96 $13.68 $13.46 
15
Beyond ordinary banking Investor Presentation H o r i z o n B a n c o r p , I n c . ( N A S D A Q : H B N C ) T h i r d Q u a r t e r E n d e d S e p t e m b e r 3 0 , 2 0 2 5 O c t o b e r 2 3 , 2 0 2 5

 
Important Information Forward-Looking Statements This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: effects on Horizon’s business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers; current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the aggregate effects of elevated inflation levels in recent years; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict and the Israel and Hamas conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law. 2

 
Third Quarter 2025 * Net Fully-Taxable Equivalent Interest Margin is a Non-GAAP measure. Please see appendix for reconciliations of non-GAAP information to its most comparable GAAP measures 3 H I G H L I G H T S & P O S I T I V E M O M E N T U M • Exceeded financial and timing expectations of strategic Balance Sheet transformation ◦ Well positioned to achieved top quartile performance in Q4 and full year 2026 ◦ Achieved lower-than-expected transactional costs related to the restructuring, resulting in stronger capital ratios ◦ Positive impact of Indirect Auto disposition, and reduction of high-cost funding running ahead of projections ◦ Timing of realization of financial benefits ahead of plan • Additionally, Q3 continued the positive momentum of Horizon’s premier community banking model ◦ Eighth consecutive quarter of net interest margin expansion ◦ September FTE NIM exceeding 4.00% ◦ Quality Commercial loan growth of 7.0% LQA ◦ Low NPA’s with annualized net Charge-Offs of 0.07% ◦ Tenured, granular deposit base across relationship- based Consumer and Commercial clients ◦ Growing fee income platforms with upside potential ◦ Track record of disciplined expense management expected to generate recurring positive operating leverage ($000S EXCEPT PER SHARE DATA) 3Q25 2Q25 INCOME STATEMENT Net Interest Income $58,386 $55,355 NIM (FTE)* 3.52% 3.23% Provision for Credit Losses $(3,572) $2,462 Non-Interest Income (Loss) $(295,334) $10,920 Non-Interest Expense $52,952 $39,417 Net Income (Loss) $(221,990) $20,644 Diluted EPS $(4.69) $0.47 BALANCE SHEET (period end) Total Loans Held For Investment $4,823,669 $4,985,582 Total Deposits $5,520,901 $5,699,757 CREDIT QUALITY NPA/Total Assets Ratio 0.53% 0.40% Annualized Net Charge-Offs to Avg. Loans 0.07% 0.02%

 
4 C o m p l e t e d a s o f S e p t e m b e r 3 0 t h • Closed previously announced public offering of 7.1 million shares of Common Stock raising $98.6 million • Closed previously announced $100 million in Subordinated Notes at 7.00% fixed until 2030 • Completed the sale of $1.7 billion of Investment Securities risk-weighted over 30%, and successfully redeployed $580 million yielding 5.27% on tax-equivalent basis with a near zero risk weighting • Pre-paid $700 million in FHLB puttable advances, eliminating all sold optionality in borrowings • Closed on the sale of $176 million of Indirect Auto Loans near the end of September, with an effective yield less than 4% • Reduced non-core, higher-cost transactional deposits by ~$275 million 4 Q A c t i v i t i e s • Redeemed $56.5 million of previously outstanding Subordinated Notes on October 1, which carried an effective cost of three-month SOFR + 549 basis points in the third quarter, or about 9.80% • Planned outflow of the remaining ~$125 million in non- core, higher-cost transactional deposits Balance Sheet Transformation Update

 
Strategically Focused Loan Growth Data as of most-recent quarter (MRQ) end unless stated otherwise. *Total Gross Loans Held for Investment (HFI), excludes Loans Held for Sale (HFS) 5 14% 16% 70% Consumer Residential Commercial H I G H L I G H T S & D E V E L O P M E N T S • Commercial Real Estate & C&I loans continue to deliver strong growth, which was offset during the quarter by the intentional run-off and ultimate sale of the lower-yielding Indirect Auto portfolio • Total loans declined $162 million or (3.25)% linked quarter* ◦ Excluding the Indirect Auto planned run-off and sale, total loans would have grown $48 million in the third quarter ◦ Continuing to maintain high credit quality and diverse Commercial and Consumer portfolios Total Loans* $4.8B MRQ end

 
Diversified Commercial Portfolio * The sum of Construction & Land Development Loans, Multifamily Property Loans, Non-Owner- Occupied Non-Farm Non-Residential Property Loans and loans to finance CRE not secured by Real Estate divided by Tier 1 Capital plus Allowance, as of June 30, 2025 ** UBPR Peer Group 3, as of June 30, 2025. *** Land Development and Spec Home Loans H I G H L I G H T S & D E V E L O P M E N T S • Commercial loan balances grew 7.0% LQA ◦ Quarter end balances up $58 million • Well balanced geographies, product mix and industry ◦ No segment exceeds 6.3% of total loans ◦ CRE represents 214%* of RBC versus 234% for peers** Data represents total loans HFI as of MRQ unless stated otherwise 6 27% 19% 14% 14% 8% 9% 9% Central Indiana West Michigan Southwest Michigan Northern Indiana Northern Michigan Eastern Michigan Other $m ill io ns Commercial Loans (period end) $2,914 $3,078 $3,182 $3,299 $3,357 $47 $34 $36 $39 $47 $809 $875 $919 $977 $990 $634 $667 $686 $705 $709 $1,424 $1,502 $1,541 $1,578 $1,611 Other*** C&I CRE (owner occ.) CRE (non-owner occ.) 3Q24 4Q24 1Q25 2Q25 3Q25 Geography $3.4B MRQ end 48% 21% 30% 1% CRE (non-owner occ.) CRE(Owner occ.) C&I Other*** MIX $3.4B MRQ end

 
Prime Consumer Portfolio H I G H L I G H T S & D E V E L O P M E N T S • Indirect Auto declined $210 million, reflecting the intentional run-off and eventual sale of $176 million in the quarter • Direct Consumer and Mortgage portfolios relatively flat • Remaining Consumer portfolio is primarily Home Equity, composed of higher credit quality borrowers with significant capacity to pay and well- collateralized loans 7Data represents total loans HFI as of MRQ unless stated otherwise HOME EQUITY MORTGAGE CREDIT SCORE 760 758 DEBT-TO-INCOME 32% 35% LOAN-TO-VALUE 67% 69% 53%39% 2% 6% Mortgage Home Equity Indirect Auto Direct Installment Mix $1.5B MRQ end $m ill io ns Consumer and Residential Loans (period end) $1,810 $1,769 $1,728 $1,686 $1,467 $801 $803 $802 $786 $784 $1,008 $966 $927 $901 $683 Residential Consumer 3Q24 4Q24 1Q25 2Q25 3Q25

 
Strong Asset Quality Metrics 8 *Includes all substandard loans and commercial and consumer non-performing loans $m ill io ns Substandard Loans* (period end) $59.8 $64.5 $66.7 $64.1 $63.2 1.24% 1.33% 1.36% 1.29% 1.31% Substandard Loans Substandard Loans / Loans HFI 3Q24 4Q24 1Q25 2Q25 3Q25 $m ill io ns Non-Performing Loans (period end) $24.4 $27.0 $30.4 $26.4 $31.0 0.51% 0.56% 0.62% 0.53% 0.64% Commercial Resi Real Estate Consumer NPLs / Loans HFI 3Q24 4Q24 1Q25 2Q25 3Q25 $m ill io ns Net Charge Offs $0.4 $0.6 $0.9 $0.3 $0.8 0.03% 0.05% 0.07% 0.02% 0.07% Commercial Resi Real Estate Consumer Annualized NCOs/ Av. Loans 3Q24 4Q24 1Q25 2Q25 3Q25 Allowance for credit Losses (period end) $52.9 $52.0 $52.7 $54.4 $50.2 1.10% 1.07% 1.07% 1.09% 1.04% ACL ACL / Loans HFI 3Q24 4Q24 1Q25 2Q25 3Q25

 
Data as of period end unless stated otherwise Relationship Based Core Deposits 9 H I G H L I G H T S & D E V E L O P M E N T S • Consumer and Commercial Deposits ◦ Positive momentum in core relationships and balances ◦ Treasury management team investments making a positive impact • Public Deposits ◦ Reduced high-cost, transactional balances by ~$275 million during the third quarter, as part of the balance sheet repositioning ◦ Focus will remain on primary bank relationships that find value in Horizon’s full suite of banking services $m ill io ns Stable Consumer and Commercial Deposits 19.0% 19.0% 19.6% 19.7% 20.3% 59.7% 61.6% 58.8% 59.4% 58.0% 21.3% 19.4% 21.6% 20.9% 21.7% Non-Int Bearing% Interest Bearing% Time% 3Q24 4Q24 1Q25 2Q25 3Q25 $m ill io ns Deposits $5,727 $5,601 $5,766 $5,700 $5,521 83.9% 87.8% 85.2% 87.5% 87.4% Total Deposits Loans/Deposits 3Q24 4Q24 1Q25 2Q25 3Q25 $1,086 $3,421 $1,221 $1,065 $3,447 $1,089 $1,245 $3,393 $1,127 $1,193 $3,385 $1,121 $1,200 $3,198 $1,123

 
Net Interest Margin Expansion * Net Fully-Taxable Equivalent Interest Margin is a Non-GAAP measure. 10 Net Interest Margin 2.42% 2.50% 2.64% 2.66% 2.97% 3.04% 3.23% 3.52% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2.00% 2.50% 3.00% 3.50% 4.00% H I G H L I G H T S & D E V E L O P M E N T S • 8 consecutive quarters of FTE NIM* expansion driven by strategic efforts to reposition the Balance Sheet in accretive, higher yielding earning assets and lower cost core funding through several specific initiatives: ◦ Three separate investment portfolio sales, all aimed at repositioning the asset base and deleveraging the Balance Sheet ◦ Disposition of Non-Core Assets with the sale of the Mortgage Warehouse business and the Indirect Auto portfolio ◦ Refocused the funding base on relationship-based Deposits, reduced borrowings by over $1 billion and de-emphasizing non-relationship public deposit balances • September FTE NIM exceeded 4.00%

 
11 Securities Portfolio Transformation Improved Earning Assets Mix 27% 13% 73% 87% Inv Sec All Other Earning Assets 2Q25 3Q25 Improved Liquidity - 100% of Securities Now In AFS 11% 100%89% AFS HTM 2Q 25 3Q25 Lower Capital Utilization - Portfolio RWA Significantly Lower 33% 17% 2Q 25 3Q 25 RWA Risk weight of Q3 purchases was < 4%

 
H I G H L I G H T S & D E V E L O P M E N T S • Well diversified income stream continued to perform well in Q3, led by: ◦ Strength in service charges and interchange fees reflective of growth in core client base and seasonal market activity ◦ Mortgage revenue benefiting from a more effective sales program and talent upgrades • 3Q25 results were impacted by specific items related to the Balance Sheet repositioning: ◦ $299.1 million loss on the sale of Investment Securities ◦ $7.7 million loss on the sale of the Indirect Auto portfolio in "Other Income". Auto sale also reflected a $3.1 million release of the associated allowance through the Provision for Credit Losses 12 Data as of MRQ unless stated otherwise. * 4Q24 includes the pre-tax loss of $39.1MM on the sale of $332.2MM in Available-For-Sale (“AFS”) securities as part of a balance sheet repositioning in October 2024. ** 1Q25 includes the pre-tax gain of $7.0MM from the sale of its Mortgage Warehouse business and a $0.4MM loss from the sale of a single investment security. Non-Interest Income

 
Non-Interest Expense 13 Data as of MRQ unless stated otherwise. H I G H L I G H T S & D E V E L O P M E N T S • Excluding the items noted below, non-interest expense was roughly flat linked quarter and remains a top strategic priority for management • Non-Interest expense in the third quarter was impacted by the following expenses directly related to the balance sheet repositioning efforts: ◦ $12.7 million of FHLB prepayment penalties ◦ $0.9 million of various other expenses that will not carry forward, primarily in "outside services and consultants" Non-Interest Expense $39.3 $44.8 $39.3 $39.4 $53.0 $21.8 $25.6 $22.4 $22.7 $22.7 $17.5 $19.3 $16.6 $16.7 $17.6 $0.3 $12.7 Salaries & Employee Benefits All Other Non-Interest Expense Merger Related Expenses FHLB Prepayment Penalty 3Q24 4Q24 1Q25 2Q25 3Q25

 
Strong Capital Position * The tangible common equity to tangible common assets (TCE/TA) ratio and tangible book value per share (TBVPS) are non-GAAP measures. Please see appendix for reconciliations of non-GAAP information to its most comparable GAAP measures. ** Preliminary estimate – may be subject to change 14 TCE/TA* 7.83% 8.19% 8.37% 7.60% $13.68 $13.96 $14.32 $9.76 4Q24 1Q25 2Q25 3Q25 Leverage Ratio 8.88% 9.25% 9.59% 8.22% 4Q24 1Q25 2Q25 3Q25** CET 1 Ratio 11.00% 11.32% 11.48% 10.19% 4Q24 1Q25 2Q25 3Q25** Total RBC Ratio 13.91% 14.26% 14.44% 15.03% 4Q24 1Q25 2Q25 3Q25**

 
Q4 2025 Guidance Summary Loans (HFI) • Period-end total loans HFI to grow mid-single-digits on an annualized basis, from Q3 balances • Growth primarily in higher-yielding commercial loans Deposits & Funding • Period-end total deposit balances to decline low-single-digits, primarily related to remaining transition of higher-cost deposit balances Non-FTE NII & FTE NIM • Q4 non-FTE net interest income growth in the high-single-digits when compared with Q3 actual • Average earning assets slightly below $6 billion, post remaining balance sheet activities • FTE NIM in the range of 4.15%-4.25%, which includes two 25 basis point cuts, in October and December Non-Interest Income • Q4 non-interest income to approximate $11 million Non-Interest Expense • Q4 non-interest expense to approximate $40 million, which includes about $0.7 million related to the write-off of the unamortized issuance costs on the 2020 subordinated debt issuance that was repaid in October Effective Tax Rate • Q4 effective tax rate in the range of 18.0% - 20.0% 15

 
Appendix

 
Diverse Commercial Lending Portfolio S T R O N G A N D T R A D I T I O N A L C O M M E R C I A L L E N D I N G • Multi-family represents 6.3% of loans ◦ No major metros outside Indiana and Michigan, other than Columbus, OH ◦ Zero rent regulated/stabilized originated or in portfolio ◦ $2.0 million average loan size • Non-owner-occupied office represents 4.0% of total loans ◦ All in Indiana and Michigan ◦ $1.4 million average loan size • Nursing Home and Assisted Living Facilities represents 2.0% of loans Data as of most-recent quarter (MRQ) unless stated otherwise. 17 COMMERCIAL LOANS BY INDUSTRY 09/30/2025 Balance % of Commercial Portfolio % of Total Loan Portfolio Lessors - Residential Multi 304 9.6 % 6.3 % NOO- Warehouse/Industrial 250 7.9 % 5.2 % Health Care, Educational Social Assist. 251 7.9 % 5.2 % NOO- Office (except medical) 195 6.2 % 4.0 % NOO- Retail 171 5.4 % 3.5 % Manufacturing 162 5.1 % 3.4 % Individuals and Other Services 151 4.8 % 3.1 % Lessors Student Housing 148 4.7 % 3.1 % NOO- Motel 144 4.5 % 3.0 % Restaurants 125 3.9 % 2.6 % Real Estate Rental & Leasing 118 3.7 % 2.4 % Construction 116 3.7 % 2.4 % Finance & Insurance 107 3.4 % 2.2 % NOO- Mini Storage 104 3.3 % 2.2 % NOO- Medical Office 97 3.1 % 2.0 % Nursing Home and Assisted Living Facilities 96 3.0 % 2.0 % Retail Trade 93 2.9 % 1.9 % Wholesale Trade 76 2.4 % 1.6 % Lessors - Residential 1-4 72 2.3 % 1.5 % Professional & Technical Services 65 2.1 % 1.3 % Transportation & Warehousing 63 2.0 % 1.3 % Government 56 1.8 % 1.2 % Leisure and Hospitality 49 1.5 % 1.0 % Farm Land 29 0.9 % 0.6 % Agriculture 22 0.7 % 0.5 % NOO- Uncategorized NOO 22 0.7 % 0.5 % Administrative Services 20 0.6 % 0.4 % Development Loans 19 0.6 % 0.4 % Other 47 1.5 % 1.0 % Total $ 3,172 100.0 % 66.8 %

 
Use of Non-GAAP Financial Measures Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre- provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to one-time costs and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures. 18

 
Non-GAAP Reconciliation 19 Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Interest income (GAAP) (A) $ 92,836 $ 91,477 $ 89,175 $ 93,350 $ 90,888 Taxable-equivalent adjustment: Investment securities - tax exempt (1) 1,218 1,619 1,646 1,675 1,677 Loan receivable (2) 379 382 383 395 340 Interest income (non-GAAP) (B) $ 94,433 $ 93,478 $ 91,204 $ 95,420 $ 92,905 Interest expense (GAAP) (C) 34,450 36,122 36,908 40,223 43,978 Net interest income (GAAP) (D) =(A) - (C) $ 58,386 $ 55,355 $ 52,267 $ 53,127 $ 46,910 Net FTE interest income (non-GAAP) (E) = (B) - (C) $ 59,983 $ 57,356 $ 54,296 $ 55,197 $ 48,927 Average interest earning assets (F) $ 6,766,742 $ 7,125,467 $ 7,234,724 $ 7,396,178 $ 7,330,263 Net FTE interest margin (non-GAAP) (G) = (E*) / (F) 3.52 % 3.23 % 3.04 % 2.97 % 2.66 % (1) The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity (2) The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment *Annualized Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin (Dollars in Thousands, Unaudited)

 
Non-GAAP Reconciliation 20 Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Total stockholders' equity (GAAP) (A) $ 660,771 $ 790,852 $ 776,061 $ 763,582 $ 754,822 Intangible assets (end of period) (B) 163,097 163,803 164,618 165,434 166,278 Total tangible common equity (non-GAAP) (C) = (A) - (B) $ 497,674 $ 627,049 $ 611,443 $ 598,148 $ 588,544 Total assets (GAAP) (D) 6,712,496 7,652,051 7,628,636 7,801,146 7,927,457 Intangible assets (end of period) (B) 163,097 163,803 164,618 165,434 166,278 Total tangible assets (non-GAAP) (E) = (D) - (B) $ 6,549,399 $ 7,488,248 $ 7,464,018 $ 7,635,712 $ 7,761,179 Tangible common equity to tangible assets (Non-GAAP) (G) = (C) / (E) 7.60 % 8.37 % 8.19 % 7.83 % 7.58 % Non-GAAP Reconciliation of Tangible Common Equity to Tangible Assets (Dollars in Thousands. Unaudited)

 
Non-GAAP Reconciliation 21 Three Months Ended September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Total stockholders' equity (GAAP) (A) $ 660,771 $ 790,852 $ 776,061 $ 763,582 $ 754,822 Intangible assets (end of period) (B) 163,097 163,803 164,618 165,434 166,278 Total tangible common equity (non-GAAP) (C) = (A) - (B) $ 497,674 $ 627,049 $ 611,443 $ 598,148 $ 588,544 Common shares outstanding (D) 50,971 43,802 43,786 43,722 43,712 Tangible book value per common share (non-GAAP) (E) = (C) / (D) $ 9.76 $ 14.32 $ 13.96 $ 13.68 $ 13.46 Non-GAAP Reconciliation of Tangible Book Value Per Share (Dollars in Thousands. Unaudited)

 
Thank you John R. Stewart, CFA® Executive Vice President & Chief Financial Officer 515 Franklin Street, Michigan City, IN 46360 219-814-5833 Investor.HorizonBank.com