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Horizon Bancorp, Inc. Reports Fourth Quarter 2025 Results
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Contact:John R. Stewart, CFA
EVP, Chief Financial Officer
Phone:(219) 814–5833
Fax:
(219) 874–9280
Date:January 21, 2026

FOR IMMEDIATE RELEASE

Horizon Bancorp, Inc. Reports Positive Fourth Quarter 2025 Results, Entering 2026 with Peer Leading Performance Metrics

Michigan City, Indiana, January 21, 2026 (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 December 31, 2025.

“Horizon’s fourth quarter results demonstrate excellent execution of the balance sheet repositioning and the core strength of our community banking model. We have delivered on our commitment to shareholders to create a top performing community bank with durable, peer-leading performance metrics and shareholder returns. The fourth quarter exceeded our prior performance estimates, with annualized return on average assets exceeding 1.60%, returns on average equity approaching 16%, and a net interest margin of 4.29%. We are pleased with the results for our shareholders and the transparency the quarter provided to highlight the strength of Horizon’s community banking model, which remains the cornerstone of our value proposition", President and CEO, Thomas Prame stated. "More importantly, the Company is kicking off the new year from a position of strength, with the franchise well positioned to deliver durable earnings and continued top-tier profitability metrics in 2026. The commercial loan engine continues to produce disciplined and high-quality growth, which we expect to fund through our client-focused branch distribution network and our relationship-based community bankers. Credit quality remains excellent, and expenses continue to be well managed. As we look ahead, we will remain focused on creating sustainable long-term value for our shareholders through our disciplined operating model, consistent profitable growth and peer leading capital generation".

Net income for the three months ended December 31, 2025 was $26.9 million, or $0.53 per diluted share, compared to a net loss of $222.0 million, or $(4.69), for the third quarter of 2025 and a net loss of $10.9 million, or $(0.25) per diluted share, for the fourth quarter of 2024.

Net loss for the twelve months ended December 31, 2025 was $150.5 million, or $(3.24) per diluted share, compared to net income of $35.4 million, or $0.80, for the twelve months ended December 31, 2024.














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Horizon Bancorp, Inc. Reports Fourth Quarter 2025 Results




Fourth Quarter 2025 Highlights


•Strong performance of the core community banking model, combined with the successful completion of the balance sheet repositioning efforts, resulted in significant performance improvement for the quarter. The Company's return on average assets and return on average equity improved to 1.63% and 15.71%, respectively. The franchise is well positioned to continue to achieve top performance metrics moving forward.

•Net interest income of $63.5 million increased 8.7% compared with $58.4 million for the three months ended September 30, 2025, and 19.5% compared with $53.1 million in the year ago period. The net interest margin, on a fully taxable equivalent ("FTE") basis1, expanded for the ninth consecutive quarter, to 4.29%, compared with 3.52% for the three months ended September 30, 2025 and 2.97% for the three months ended December 31, 2024.

•Total loans held for investment ("HFI") increased 4.4% compared to the linked quarter annualized, with strong organic commercial loan growth of $75.8 million, or 9.1% annualized. Loan pipelines continue to be consistent, reflective of Horizon’s attractive markets and embedded community banking model.

•Funding remains durable with costs trending favorably. Non-interest bearing deposits remained relatively flat, while declines in interest-bearing balances largely reflected the communicated planned exit of high-cost, transactional deposits. Total interest-bearing liability cost performed well, decreasing by another 34 bps during the quarter.

•Credit quality remained strong, with annualized net charge offs of 0.08% of average loans during the fourth quarter. Non-performing assets remain well within expected ranges, with non-performing assets to total assets of 63 bps for the fourth quarter.

•Expenses continued to be well managed, and were comparable to the third quarter when considering a select few items related to the balance sheet activities, displaying management's continued commitment to generate positive operating leverage through a more efficient expense base.


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 Fourth Quarter 2025 Results

Financial Highlights
(Dollars in Thousands Except Share and Per Share Data and Ratios)
Three Months Ended
December 31,September 30,June 30,March 31,December 31,
20252025202520252024
Income statement:
Net interest income$63,476 $58,386 $55,355 $52,267 $53,127 
Provision for credit losses 1,630 (3,572)2,462 1,376 1,171 
Non-interest income (loss)11,463 (295,334)10,920 16,499 (28,954)
Non-interest expense40,615 52,952 39,417 39,306 44,935 
Income tax expense (benefit)5,773 (64,338)3,752 4,141 (11,051)
Net Income (Loss)$26,921 $(221,990)$20,644 $23,943 $(10,882)
Per share data:
Basic earnings (loss) per share$0.53 $(4.69)$0.47 $0.55 $(0.25)
Diluted earnings (loss) per share0.53 (4.69)0.47 0.54 (0.25)
Cash dividends declared per common share0.16 0.16 0.16 0.16 0.16 
Book value per common share13.50 12.96 18.06 17.72 17.46 
Market value - high18.47 16.88 15.88 17.76 18.76 
Market value - low15.04 15.01 12.92 15.00 14.57 
Weighted average shares outstanding - Basic50,975,693 47,311,642 43,794,490 43,777,109 43,721,211 
Weighted average shares outstanding - Diluted51,277,134 47,311,642 44,034,663 43,954,164 43,721,211 
Common shares outstanding (end of period)50,978,030 50,970,530 43,801,507 43,785,932 43,722,086 
Key ratios:
Return on average assets1.63 %(12.07)%1.09 %1.25 %(0.56)%
Return on average stockholders' equity15.71 (120.37)10.49 12.44 (5.73)
Total equity to total assets10.69 9.84 10.34 10.18 9.79 
Total loans to deposit ratio92.62 87.41 87.52 85.21 87.75 
Allowance for credit losses to HFI loans1.05 1.04 1.09 1.07 1.07 
Annualized net charge-offs of average total loans (1)
0.08 0.07 0.02 0.07 0.05 
Efficiency ratio54.20 (22.35)59.47 57.16 185.89 
Key metrics (Non-GAAP) (2)
Net FTE interest margin4.29 %3.52 %3.23 %3.04 %2.97 %
Return on average tangible common equity20.66 (155.03)13.24 15.79 (7.35)
Tangible common equity to tangible assets8.38 7.60 8.37 8.19 7.83 
Tangible book value per common share$10.32 $9.76 $14.32 $13.96 $13.68 
(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 Fourth Quarter 2025 Results
Income Statement Highlights

Net Interest Income

Net interest income was $63.5 million in the fourth quarter of 2025, compared to $58.4 million in the third quarter of 2025, driven by the continued expansion of the Company's net FTE interest margin1, which increased to 4.29% for the fourth quarter of 2025, compared to 3.52% for the third quarter of 2025. The margin saw continued expansion as a by product of the balance sheet repositioning, stronger realized deposit betas relative to recent reductions in short-term interest rates and relatively stable overall earning asset yields since affecting the balance sheet actions in late August.

Provision for Credit Losses

During the fourth quarter of 2025, the Company recorded a provision for credit losses of $1.6 million. This compares to a recorded benefit for credit losses of $3.6 million during the third quarter of 2025, and a provision for credit losses expense of $1.2 million during the fourth quarter of 2024. The increase in the provision for credit losses during the fourth quarter of 2025 when compared with the third 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 and the release of the $0.2 million reserve against the previous Held-To-Maturity investment portfolio in the third quarter, which did not recur in the fourth quarter. Additionally, the Provision increased primarily due to changes in the baseline economic outlook.

For the fourth quarter of 2025, Net Charge-Offs were $1.0 million, or an annualized 0.08% of average loans outstanding, compared to Net Charge-Offs of $0.8 million, or an annualized 0.07% of average loans outstanding for the third quarter of 2025, and Net Charge-Offs of $0.6 million, or an annualized 0.05% of average loans outstanding, in the fourth quarter of 2024.

The Company’s Allowance for Credit Losses as a percentage of period-end loans HFI was 1.05% at December 31, 2025, compared to 1.04% at September 30, 2025 and 1.07% at December 31, 2024.

Non-Interest Income

For the Quarter EndedDecember 31,September 30,June 30,March 31,December 31,
(Dollars in Thousands)20252025202520252024
Non-interest (Loss) Income
Service charges on deposit accounts$3,341 $3,474 $3,208 $3,208 $3,276 
Wire transfer fees66 71 69 71 124 
Interchange fees3,445 3,510 3,403 3,241 3,353 
Fiduciary activities1,560 1,363 1,251 1,326 1,313 
Gain (loss) on sale of investment securities1 (299,132)— (407)(39,140)
Gain on sale of mortgage loans1,296 1,208 1,219 1,076 1,071 
Mortgage servicing income net of impairment352 351 375 385 376 
Increase in cash value of bank owned life insurance360 379 346 335 335 
Other income (loss)1,042 (6,558)1,049 7,264 338 
Total non-interest (loss) income$11,463 $(295,334)$10,920 $16,499 $(28,954)

Total Non-Interest Income was $11.5 million in the fourth quarter of 2025, compared to Non-Interest (Loss) of $295.3 million in the third quarter of 2025. The increase in Non-Interest Income of $306.8 million is due to the $299.1 million 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 during the third quarter, which did not recur. 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 Fourth Quarter 2025 Results


Non-Interest Expense

For the Quarter EndedDecember 31,September 30,June 30,March 31,December 31,
(Dollars in Thousands)20252025202520252024
Non-interest Expense
Salaries and employee benefits$21,895 $22,698 $22,731 $22,414 $25,564 
Net occupancy expenses3,718 3,321 3,127 3,702 3,431 
Data processing3,128 2,933 2,951 2,872 2,841 
Professional fees1,083 808 735 826 736 
Outside services and consultants3,035 3,844 3,278 3,265 4,470 
Loan expense1,183 1,237 1,231 689 1,285 
FDIC insurance expense1,251 1,345 1,216 1,288 1,193 
Core deposit intangible amortization706 706 816 816 843 
Merger related expenses— — — 305 — 
Prepayment penalties— 12,680 — — — 
Other losses732 131 245 228 371 
Other expense3,884 3,249 3,087 2,901 4,201 
Total non-interest expense$40,615 $52,952 $39,417 $39,306 $44,935 

Total Non-Interest Expense was $40.6 million in the fourth quarter of 2025, compared with $53.0 million in the third quarter of 2025. The decrease in Non-Interest Expense during the fourth 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 third quarter, which did not recur. The increase in Other Losses was the result of the write off of unamortized issuance costs of $0.7 million related to the early redemption of the Company's subordinated notes due 2030. Apart from this specific item, expenses were relatively unchanged from the prior quarter, with declines in personnel expense offset by higher seasonal occupancy expenses, marketing expense and higher professional expense from legal fees to settle certain legacy items.

Income Taxes

Horizon recorded a net tax expense of $5.8 million for the fourth quarter of 2025, resulting in an effective tax rate of 17.7%, which is consistent with the Company's estimated annual effective tax rate.

Balance Sheet Highlights

Total assets decreased by $275.9 million, or 4.1%, to $6.4 billion as of December 31, 2025, from $6.7 billion as of September 30, 2025. The decrease in total assets is primarily due to the decrease in interest earning deposits of $309.2 million, a decrease in other assets of $10.8 million, a decrease in cash of $9.6 million, and a decrease in total investment securities of $4.5 million. Total loans were $4.9 billion at December 31, 2025, an increase of $60.7 million from September 30, 2025 balances, primarily driven by organic commercial loan growth.

Total deposits decreased by $245.5 million, or 4.4%, to $5.3 billion as of December 31, 2025 when compared to balances as of September 30, 2025, which is largely attributable to the intentional runoff of another $195 million in higher-cost transactional deposit balances. The decrease also was driven by a decrease in time deposits of $97.2 million, a decrease of interest bearing deposits of $75.6 million, and a decrease in savings and money market deposits of $28.5 million. Non-interest bearing deposit balances decreased $44.2 million in the current period, which is largely attributable to seasonal trends, but increased from the year ago period. Subordinated notes balances decreased by $55.8 million during the quarter related to the early redemption of the Company's subordinated notes due 2030, as previously planned.
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Horizon Bancorp, Inc. Reports Fourth 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 December 31, 2025:

For the Quarter EndedDecember 31,September 30,June 30,March 31,
2025*202520252025
Consolidated Capital Ratios
Total capital (to risk-weighted assets)14.37 %15.00 %14.44 %14.26 %
Tier 1 capital (to risk-weighted assets)11.52 11.27 12.48 12.33 
Common equity tier 1 capital (to risk-weighted assets)10.43 10.17 11.48 11.32 
Tier 1 capital (to average assets)9.57 8.22 9.59 9.25 
*Preliminary estimate - may be subject to change

As of December 31, 2025, the ratio of total stockholders’ equity to total assets is 10.69%. Book value per common share was $13.50, increasing $0.54 during the fourth quarter of 2025.

Tangible common equity1 totaled $525.9 million at December 31, 2025, and the ratio of tangible common equity to tangible assets1 was 8.38% at December 31, 2025, up from 7.60% at September 30, 2025. Tangible book value, which excludes intangible assets from total equity, per common share1 was $10.32, increasing $0.56 during the fourth quarter of 2025.

Credit Quality

As of December 31, 2025, total non-accrual loans increased by $3.1 million from September 30, 2025, to 0.67% of total loans HFI. Total non-performing assets increased $4.9 million, to $40.6 million, compared to $35.7 million as of September 30, 2025. The ratio of non-performing assets to total assets was 0.63%, compared to 0.53% as of September 30, 2025.

For the quarter ended December 31, 2025, net charge-offs were $1.0 million, compared to $0.8 million as of September 30, 2025, or 0.08% annualized of average loans.

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 Fourth Quarter 2025 Results
Earnings Conference Call

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

Participants may access the live conference call on January 22, 2026 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 January 30, 2026. The replay may be accessed by dialing 855-669-9658 from the United States and Canada, or 1–412–317-0088 from other international locations, and entering the access code 1841881.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $6.4 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.



















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Horizon Bancorp, Inc. Reports Fourth 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: changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, changes within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, inflation levels, 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; 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, and the effects of foreign and military policies of the U.S. government; 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 Fourth Quarter 2025 Results

Condensed Consolidated Statements of Income
(Dollars in Thousands Except Per Share Data, Unaudited)
Three Months Ended
December 31,September 30,June 30,March 31,December 31,
20252025202520252024
Interest Income
Loans receivable$77,238 $79,561 $78,618 $74,457 $76,747 
Investment securities - taxable7,688 6,631 5,941 6,039 6,814 
Investment securities - tax-exempt2,498 4,581 6,088 6,192 6,301 
Other1,864 2,063 830 2,487 3,488 
Total interest income89,288 92,836 91,477 89,175 93,350 
Interest Expense
Deposits21,228 25,726 26,052 25,601 27,818 
Borrowed funds1,749 5,924 8,171 9,188 10,656 
Subordinated notes1,811 1,731 829 829 829 
Junior subordinated debentures issued to capital trusts1,024 1,069 1,070 1,290 920 
Total interest expense25,812 34,450 36,122 36,908 40,223 
Net Interest Income63,476 58,386 55,355 52,267 53,127 
Provision for credit losses 1,630 (3,572)2,462 1,376 1,171 
Net Interest Income after Provision for Credit Losses61,846 61,958 52,893 50,891 51,956 
Non-interest Income
Service charges on deposit accounts3,341 3,474 3,208 3,208 3,276 
Wire transfer fees66 71 69 71 124 
Interchange fees3,445 3,510 3,403 3,241 3,353 
Fiduciary activities1,560 1,363 1,251 1,326 1,313 
Gain (loss) on sale of investment securities1 (299,132)— (407)(39,140)
Gain on sale of mortgage loans1,296 1,208 1,219 1,076 1,071 
Mortgage servicing income net of impairment352 351 375 385 376 
Increase in cash value of bank owned life insurance360 379 346 335 335 
Other income (loss)1,042 (6,558)1,049 7,264 338 
Total non-interest income (loss)11,463 (295,334)10,920 16,499 (28,954)
Non-interest Expense
Salaries and employee benefits21,895 22,698 22,731 22,414 25,564 
Net occupancy expenses3,718 3,321 3,127 3,702 3,431 
Data processing3,128 2,933 2,951 2,872 2,841 
Professional fees1,083 808 735 826 736 
Outside services and consultants3,035 3,844 3,278 3,265 4,470 
Loan expense1,183 1,237 1,231 689 1,285 
FDIC insurance expense1,251 1,345 1,216 1,288 1,193 
Core deposit intangible amortization706 706 816 816 843 
Merger related expenses— — — 305 — 
Prepayment penalties— 12,680 — — — 
Other losses732 131 245 228 371 
Other expense3,884 3,249 3,087 2,901 4,201 
Total non-interest expense40,615 52,953 39,417 39,306 44,935 
Income (Loss) Before Income Taxes32,694 (286,328)24,396 28,084 (21,933)
Income tax expense (benefit)5,773 (64,338)3,752 4,141 (11,051)
Net Income (Loss)$26,921 $(221,990)$20,644 $23,943 $(10,882)
Basic Earnings (Loss) Per Share$0.53 $(4.69)$0.47 $0.55 $(0.25)
Diluted Earnings (Loss) Per Share0.53 (4.69)0.47 0.54 (0.25)


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Horizon Bancorp, Inc. Reports Fourth Quarter 2025 Results
Condensed Consolidated Balance Sheet
(Dollars in Thousands, Unaudited)
Three Months Ended for the Period
December 31,September 30,June 30,March 31,December 31,
20252025202520252024
Assets
Interest earning assets
Federal funds sold$— $— $2,024 $— $— 
Interest earning deposits72,646 381,860 34,174 80,023 201,131 
Interest earning time deposits— — — — 735 
Federal Home Loan Bank stock45,713 45,713 45,412 45,412 53,826 
Investment securities, held for trading3,883 598 — — — 
Investment securities, available for sale875,414 883,242 231,999 231,431 233,677 
Investment securities, held to maturity— — 1,819,087 1,843,851 1,867,690 
Loans held for sale9,778 1,921 2,994 3,253 67,597 
Gross loans held for investment (HFI)4,876,542 4,823,669 4,985,582 4,909,815 4,847,040 
Total Interest earning assets5,883,976 6,137,003 7,121,272 7,113,784 7,271,696 
Non-interest earning assets
Allowance for credit losses(51,299)(50,178)(54,399)(52,654)(51,980)
Cash66,813 76,395 101,719 89,643 92,300 
Cash value of life insurance36,732 37,762 37,755 37,409 37,450 
Other assets215,460 226,247 148,773 143,675 152,635 
Goodwill155,211 155,211 155,211 155,211 155,211 
Other intangible assets7,180 7,886 8,592 9,407 10,223 
Premises and equipment, net92,805 93,413 93,398 93,499 93,864 
Interest receivable29,733 28,758 39,730 38,663 39,747 
Total non-interest earning assets552,635 575,494 530,779 514,855 529,450 
Total assets$6,436,611 $6,712,497 $7,652,051 $7,628,639 $7,801,146 
Liabilities
Savings and money market deposits$3,094,231 $3,198,332 $3,385,413 $3,393,371 $3,446,681 
Time deposits1,102,478 1,199,681 1,193,180 1,245,088 1,089,153 
Borrowings160,118 160,206 880,336 812,218 1,142,340 
Repurchase agreements88,468 86,966 95,089 87,851 89,912 
Subordinated notes98,215 154,011 55,807 55,772 55,738 
Junior subordinated debentures issued to capital trusts57,688 57,636 57,583 57,531 57,477 
Total interest earning liabilities4,601,198 4,856,832 5,667,408 5,651,832 5,881,301 
Non-interest bearing deposits1,078,708 1,122,888 1,121,163 1,127,324 1,064,818 
Interest payable12,892 12,395 14,007 11,441 11,137 
Other liabilities55,562 59,611 58,621 61,981 80,308 
Total liabilities5,748,360 6,051,726 6,861,199 6,852,578 7,037,564 
Stockholders’ Equity
Preferred stock— — — — — 
Common stock— — — — — 
Additional paid-in capital459,243 458,734 360,758 360,522 363,761 
Retained earnings255,004 236,312 466,497 452,945 436,122 
Accumulated other comprehensive (loss)(25,996)(34,275)(36,403)(37,406)(36,301)
Total stockholders’ equity688,251 660,771 790,852 776,061 763,582 
Total liabilities and stockholders’ equity$6,436,611 $6,712,497 $7,652,051 $7,628,639 $7,801,146 
10
Horizon Bancorp, Inc. Reports Fourth Quarter 2025 Results


Loans and Deposits
(Dollars in Thousands, Unaudited)
December 31,September 30,June 30,March 31,December 31,% Change
20252025202520252024Q4'25 vs Q3'25Q4'25 vs Q4'24
Loans:
Commercial real estate$2,421,863 $2,366,956 $2,321,951 $2,262,910 $2,202,858 2 %10 %
Commercial & Industrial1,010,545 989,609 976,740 918,541 875,297 2 %15 %
Total commercial3,432,408 3,356,565 3,298,691 3,181,451 3,078,155 2 %12 %
Residential Real estate772,427 783,850 786,026 801,726 802,909 (1)%(4)%
Mortgage warehouse— — — — — — %— %
Consumer671,707 683,254 900,865 926,638 965,976 (2)%(30)%
Total loans held for investment4,876,542 4,823,669 4,985,582 4,909,815 4,847,040 1 %1 %
Loans held for sale9,778 1,921 2,994 3,253 67,597 409 %(86)%
Total loans$4,886,320 $4,825,590 $4,988,576 $4,913,068 $4,914,637 1 %(1)%
Deposits:
Interest bearing deposits$1,639,857 $1,715,471 $1,713,058 $1,713,991 $1,767,983 (4)%(7)%
Savings and money market deposits1,454,374 1,482,861 1,672,355 1,679,380 1,678,697 (2)%(13)%
Time deposits1,102,478 1,199,681 1,193,180 1,245,088 1,089,153 (8)%1 %
Total Interest bearing deposits4,196,709 4,398,013 4,578,593 4,638,459 4,535,833 (5)%(7)%
Non-interest bearing deposits
Non-interest bearing deposits1,078,708 1,122,888 1,121,164 1,127,324 1,064,819 (4)%1 %
Total deposits$5,275,417 $5,520,901 $5,699,757 $5,765,784 $5,600,652 (4)%(6)%








11
Horizon Bancorp, Inc. Reports Fourth Quarter 2025 Results
Average Balance Sheet
(Dollars in Thousands, Unaudited)
Three Months Ended
December 31, 2025
September 30, 2025
December 31, 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)$182,017 $1,866 4.07 %$185,665 $2,062 4.41 %$290,693 $3,488 4.77 %
Federal Home Loan Bank stock45,713 616 5.35 %45,549 862 7.51 %53,826 1,516 11.20 %
Investment securities - taxable (1)570,786 7,687 5.34 %792,829 5,769 2.89 %1,079,377 5,298 1.95 %
Investment securities - non-taxable (1)312,988 2,546 3.23 %763,488 5,799 3.01 %1,129,622 7,976 2.81 %
Total investment securities883,774 10,233 4.59 %1,556,317 11,568 2.95 %2,208,999 13,274 2.39 %
Loans receivable (2) (3)4,855,824 77,628 6.34 %4,979,211 79,941 6.37 %4,842,660 77,142 6.34 %
Total interest earning assets5,967,328 90,343 6.01 %6,766,742 94,433 5.54 %7,396,178 95,420 5.13 %
Non-interest earning assets
Cash and due from banks74,102 83,616 85,776 
Allowance for credit losses(49,815)(54,072)(52,697)
Other assets545,520 501,590 409,332 
Total average assets$6,537,135 $7,297,876 $7,838,589 
Liabilities and Stockholders' Equity
Interest bearing liabilities
Interest bearing demand deposits$1,686,435 $5,572 1.31 %$1,708,446 $6,687 1.55 %$1,716,598 $6,861 1.59 %
Saving and money market deposits1,445,144 5,587 1.53 %1,636,428 8,204 1.99 %1,701,012 9,336 2.18 %
Time deposits1,134,417 10,071 3.52 %1,198,279 10,835 3.59 %1,160,527 11,621 3.98 %
Total Deposits4,265,996 21,230 1.97 %4,543,153 25,726 2.25 %4,578,137 27,818 2.42 %
Borrowings150,304 1,452 3.83 %601,889 5,535 3.65 %1,130,301 10,138 3.57 %
Repurchase agreements87,160 295 1.34 %88,721 389 1.74 %91,960 518 2.24 %
Subordinated notes98,185 1,812 7.32 %91,032 1,731 7.54 %55,717 829 5.92 %
Junior subordinated debentures issued to capital trusts57,655 1,023 7.04 %57,602 1,069 7.36 %57,443 920 6.37 %
Total interest bearing liabilities4,659,300 25,812 2.20 %5,382,397 34,450 2.54 %5,913,558 40,223 2.71 %
Non-interest bearing liabilities
Demand deposits1,137,639 1,120,719 1,099,574 
Accrued interest payable and other liabilities60,375 63,103 70,117 
Stockholders' equity679,821 731,657 755,340 
Total average liabilities and stockholders' equity$6,537,135 $7,297,876 $7,838,589 
Net FTE interest income (non-GAAP) (5)$64,531 $59,983 $55,197 
Less FTE adjustments (4)1,055 1,597 2,070 
Net Interest Income$63,476 $58,386 $53,127 
Net FTE interest margin (Non-GAAP) (4)(5)4.29 %3.52 %2.97 %
(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 Fourth Quarter 2025 Results

Credit Quality
(Dollars in Thousands Except Ratios, Unaudited)
Quarter Ended
December 31,September 30,June 30,March 31,December 31,% Change
20252025202520252024Q4'25 vs Q3'25Q4'25 vs Q4'24
Non-accrual loans
Commercial$14,549 $12,303 $7,547 $8,172 $5,658 18 %157 %
Residential Real estate10,087 9,256 9,525 12,763 11,215 9 %(10)%
Mortgage warehouse— — — — — — %— %
Consumer7,821 7,799 7,222 7,875 8,919 — %(12)%
Total non-accrual loans32,457 29,358 24,294 28,810 25,792 11 %26 %
90 days and greater delinquent - accruing interest2,489 1,608 2,113 1,582 1,166 55 %113 %
Total non-performing loans$34,946 $30,966 $26,407 $30,392 $26,958 13 %30 %
Other real estate owned
Commercial$539 $272 $176 $360 $407 98 %32 %
Residential Real estate672 769 463 641 — (13)%— %
Mortgage warehouse— — — — — — %— %
Consumer480 480 480 34 17 — %2701 %
Total other real estate owned1,691 1,521 1,119 1,035 424 11 %299 %
Other non-performing assets (1)
$3,991 $3,228 $2,937 $— $— 24 %— %
Total non-performing assets$40,628 $35,715 $30,463 $31,427 $27,382 14 %48 %
Loan data:
Accruing 30 to 89 days past due loans$24,580 $24,784 $31,401 $19,034 $23,075 (1)%7 %
Substandard loans59,365 63,236 64,100 66,714 64,535 (6)%(8)%
Net charge-offs (recoveries)
Commercial$436 $294 $84 $(47)$(32)48 %(1462)%
Residential Real estate(25)19 52 (47)(10)(231)%149 %
Mortgage warehouse— — — — — — %— %
Consumer559 518 118 963 668 8 %(16)%
Total net charge-offs$970 $831 $254 $869 $626 17 %55 %
Allowance for credit losses
Commercial$35,473 $34,390 $34,413 $32,640 $30,953 3 %15 %
Residential Real estate3,183 3,082 3,229 3,167 2,715 3 %17 %
Mortgage warehouse— — — — — — %— %
Consumer12,643 12,706 16,757 16,847 18,312 — %(31)%
Total allowance for credit losses$51,299 $50,178 $54,399 $52,654 $51,980 2 %(1)%
Credit quality ratios
Non-accrual loans to HFI loans0.67 %0.61 %0.49 %0.59 %0.53 %
Non-performing assets to total assets0.63 %0.53 %0.40 %0.41 %0.35 %
Annualized net charge-offs of average total loans0.08 %0.07 %0.02 %0.07 %0.05 %
Allowance for credit losses to HFI loans1.05 %1.04 %1.09 %1.07 %1.07 %
(1) Other non-performing assets consist of a single available for sale debt security placed on non-accrual status.
13
Horizon Bancorp, Inc. Reports Fourth Quarter 2025 Results
Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin
(Dollars in Thousands, Unaudited)
Three Months Ended
December 31,September 30,June 30,March 31,December 31,
20252025202520252024
Interest income (GAAP)(A)$89,288 $92,836 $91,477 $89,175 $93,350 
Taxable-equivalent adjustment:
   Investment securities - tax exempt (1)665 1,218 1,619 1,646 1,675 
   Loan receivable (2)390 379 382 383 395 
Interest income (non-GAAP)(B)90,343 94,433 93,478 91,204 95,420 
Interest expense (GAAP)(C)25,812 34,450 36,122 36,908 40,223 
Net interest income (GAAP)(D) =(A) - (C)$63,476 $58,386 $55,355 $52,267 $53,127 
Net FTE interest income (non-GAAP)(E) = (B) - (C)$64,531 $59,983 $57,356 $54,296 $55,197 
Average interest earning assets(F)5,967,328 6,766,742 7,125,467 7,234,724 7,396,178 
Net FTE interest margin (non-GAAP)(G) = (E*) / (F)4.29 %3.52 %3.23 %3.04 %2.97 %
(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
December 31,September 30,June 30,March 31,December 31,
20252025202520252024
Net income (loss) (GAAP)(A)$26,921 $(221,990)$20,644 $23,941 $(10,882)
Average stockholders' equity(B)$679,821 $731,657 $789,535 $780,269 $755,340 
Average intangible assets(C)162,838 163,552 164,320 165,138 165,973 
Average tangible equity (Non-GAAP)(D) = (B) - (C)$516,983 $568,105 $625,215 $615,131 $589,367 
Return on average tangible common equity ("ROACE") (non-GAAP)(E) = (A*) / (D)20.66 %(155.03)%13.24 %15.48 %(7.35)%
*Annualized
Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
Three Months Ended
December 31,September 30,June 30,March 31,December 31,
20252025202520252024
Total stockholders' equity (GAAP)(A)$688,251 $660,771 $790,852 $776,061 $763,582 
Intangible assets (end of period)(B)162,391 163,097 163,803 164,618 165,434 
Total tangible common equity (non-GAAP)(C) = (A) - (B)$525,860 $497,674 $627,049 $611,443 $598,148 
Total assets (GAAP)(D)$6,436,611 $6,712,497 $7,652,051 $7,628,636 $7,801,146 
Intangible assets (end of period)(B)162,391 163,097 163,803 164,618 165,434 
Total tangible assets (non-GAAP)(E) = (D) - (B)$6,274,220 $6,549,400 $7,488,248 $7,464,018 $7,635,712 
Tangible common equity to tangible assets (Non-GAAP)(G) = (C) / (E)8.38 %7.60 %8.37 %8.19 %7.83 %
14
Horizon Bancorp, Inc. Reports Fourth Quarter 2025 Results
Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
Three Months Ended
December 31,September 30,June 30,March 31,December 31,
20252025202520252024
Total stockholders' equity (GAAP)(A)$688,251 $660,771 $790,852 $776,061 $763,582 
Intangible assets (end of period)(B)162,391 163,097 163,803 164,618 165,434 
Total tangible common equity (non-GAAP)(C) = (A) - (B)$525,860 $497,674 $627,049 $611,443 $598,148 
Common shares outstanding(D)50,978,030 50,971,000 43,801,507 43,786,000 43,722,086 
Tangible book value per common share (non-GAAP)(E) = (C) / (D)$10.32 $9.76 $14.32 $13.96 $13.68 
15