Please wait
Horizon Bancorp, Inc. Reports First Quarter 2026 Results
+
horizonbancorpinc876_sm-10.jpg
Contact:John R. Stewart, CFA
EVP, Chief Financial Officer
Phone:(219) 814–5833
Fax:
(219) 874–9280
Date:April 22, 2026

FOR IMMEDIATE RELEASE

Horizon Bancorp, Inc. Reports First Quarter 2026 Results, Highlighted by Continued Peer Leading Profitability Metrics and Solid Capital Growth

Michigan City, Indiana, April 22, 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 March 31, 2026.

“Horizon’s first quarter results demonstrate the consistency of our profitability profile and the strength of Horizon’s high quality community banking model. Annualized returns on average assets again exceeded 1.60% and the net interest margin continued to be durable at 4.29%. Notably, our strategic focus on core deposit gathering yielded significant results during the quarter, delivering 11% annualized growth, led by 23% annualized growth in non-interest-bearing balances", President and CEO, Thomas Prame stated. "We are encouraged by the stability and predictability we see in our financial performance, driving significant value for our shareholders, despite what has become a volatile macro-economic environment. Our 2026 outlook is unchanged, which should yield solid balance sheet growth coupled with consistent, top-tier profitability metrics. The commercial loan engine continues to produce disciplined, high-quality growth, funded by relationship-based deposits across our attractive footprint. Within the quarter, credit quality remained excellent, expenses were well managed and capital generation continues to be a strength. Most importantly, our long-term shareholder value proposition remained steadfast, aimed at delivering a durable profitability profile, disciplined organic growth and peer leading capital generation".

Net income for the three months ended March 31, 2026 was $26.2 million, or $0.51 per diluted share, compared to net income of $26.9 million, or $0.53, for the fourth quarter of 2025 and net income of $23.9 million, or $0.54 per diluted share, for the first quarter of 2025, which included the $7.0 million pre-tax gain on the sale of the mortgage warehouse business.


















1
Horizon Bancorp, Inc. Reports First Quarter 2026 Results


First Quarter 2026 Highlights


•Durability of top-tier performance metrics are reflective of the strong performance of Horizon’s community banking model. The Company generated a return on average assets was 1.62%, consistent with the fourth quarter of 2025, and a return on average tangible common equity of 19.02%.

•Net interest income of $62.2 million was up 19.1% compared with $52.3 million in the year ago period. The net interest margin, on a fully taxable equivalent ("FTE") basis1, remained strong at 4.29%. These results were consistent with the three months ended December 31, 2025, and significantly higher than the 3.04% reported in the comparable year ago period.

•Excellent growth in total deposits, up $146.9 million, or 11.3% annualized, highlighted by an increase of $60.8 million in non-interest-bearing deposits, or 22.8% annualized. Additionally, total interest-bearing deposit costs declined by another 7 basis points from the prior quarter. The strong quarter in deposits provides ample funding for loan growth in subsequent quarters, but did result in elevated interest-earning cash balances during the first quarter. The elevated cash balance dampened the Q1 2026 net interest margin by about 4 basis points.

•Commercial loans increased $34.2 million, or 4.0% annualized, while total loans were stable from year end 2025. Management maintained disciplined pricing on new mortgage originations, electing to not leverage the balance sheet into lower yielding residential mortgages in Q1. Lending activity exiting the quarter provides confidence in future loan growth expectations and new production spreads.

•Credit quality remained strong, with annualized net charge offs of 0.05% of average loans during the first quarter. Non-performing assets remain well within expected and historical ranges, with non-performing assets to total assets of 0.67%.

•Expenses for the first quarter were well managed at $40.7 million, reflecting a disciplined approach to the continuous review of staffing models and variable expenses.



1 Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
2
Horizon Bancorp, Inc. Reports First Quarter 2026 Results

Financial Highlights
(Dollars in Thousands Except Share and Per Share Data and Ratios)
Three Months Ended
March 31,December 31,September 30,June 30,March 31,
20262025202520252025
Income statement:
Net interest income$62,240 $63,476 $58,386 $55,355 $52,267 
Provision for credit losses 391 1,630 (3,572)2,462 1,376 
Non-interest income (loss)11,243 11,463 (295,334)10,920 16,499 
Non-interest expense40,747 40,615 52,952 39,417 39,306 
Income tax expense (benefit)6,177 5,773 (64,338)3,752 4,141 
Net Income (Loss)$26,168 $26,921 $(221,990)$20,644 $23,943 
Per share data:
Basic earnings (loss) per share$0.51 $0.53 $(4.69)$0.47 $0.55 
Diluted earnings (loss) per share0.51 0.53 (4.69)0.47 0.54 
Cash dividends declared per common share0.16 0.16 0.16 0.16 0.16 
Book value per common share13.69 13.50 12.96 18.06 17.72 
Market value - high18.68 18.47 16.88 15.88 17.76 
Market value - low15.57 15.04 15.01 12.92 15.00 
Weighted average shares outstanding - Basic50,987,426 50,975,693 47,311,642 43,794,490 43,777,109 
Weighted average shares outstanding - Diluted51,243,002 51,277,134 47,311,642 44,034,663 43,954,164 
Common shares outstanding (end of period)51,056,888 50,978,030 50,970,530 43,801,507 43,785,932 
Key ratios:
Return on average assets1.62 %1.63 %(12.07)%1.09 %1.25 %
Return on average stockholders' equity14.99 15.71 (120.37)10.49 12.44 
Total equity to total assets10.65 10.69 9.84 10.34 10.18 
Total loans to deposit ratio90.15 92.62 87.41 87.52 85.21 
Allowance for credit losses to HFI loans1.05 1.05 1.04 1.09 1.07 
Annualized net charge-offs of average total loans (1)
0.05 0.08 0.07 0.02 0.07 
Efficiency ratio55.45 54.20 (22.35)59.47 57.16 
Key metrics (Non-GAAP) (2)
Net FTE interest margin4.29 %4.29 %3.52 %3.23 %3.04 %
Return on average tangible common equity19.02 20.66 (155.03)13.24 15.79 
Tangible common equity to tangible assets8.39 8.38 7.60 8.37 8.19 
Tangible book value per common share$10.52 $10.32 $9.76 $14.32 $13.96 
(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.
3
Horizon Bancorp, Inc. Reports First Quarter 2026 Results
Income Statement Highlights

Net Interest Income

Net interest income was $62.2 million in the first quarter of 2026, compared to $63.5 million in the fourth quarter of 2025, driven by the continued strength of the Company's net FTE interest margin1, which remained consistent at 4.29% for the first quarter of 2026 and the fourth quarter of 2025. The margin's resilience is reflective of continued disciplined loan and deposit pricing, a favorable cash reinvestment profile and strong core deposit growth during the quarter.

Provision for Credit Losses

During the first quarter of 2026, the Company recorded a provision for credit losses of $0.4 million. This compares to a recorded provision for credit losses of $1.6 million during the fourth quarter of 2025, and $1.4 million during the first quarter of 2025. The decrease in the provision for credit losses during the first quarter of 2026 when compared with the fourth quarter of 2025 was primarily due to modest net loan growth and slight changes in the baseline economic outlook.

For the first quarter of 2026, net charge-offs were $0.6 million, or an annualized 0.05% of average loans outstanding, compared to net charge-offs of $1.0 million, or an annualized 0.08% of average loans outstanding for the fourth quarter of 2025, and net charge-offs of $0.9 million, or an annualized 0.07% of average loans outstanding, in the first quarter of 2025.

The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.05% at March 31, 2026, consistent with December 31, 2025, and down from 1.07% at March 31, 2025.

Non-Interest Income

For the Quarter EndedMarch 31,December 31,September 30,June 30,March 31,
(Dollars in Thousands)20262025202520252025
Non-interest (Loss) Income
Service charges on deposit accounts$3,524 $3,341 $3,474 $3,208 $3,208 
Wire transfer fees63 66 71 69 71 
Interchange fees3,373 3,445 3,510 3,403 3,241 
Fiduciary activities1,556 1,560 1,363 1,251 1,326 
Gain (loss) on sale of investment securities— 1 (299,132)— (407)
Gain on sale of mortgage loans1,090 1,296 1,208 1,219 1,076 
Mortgage servicing income net of impairment337 352 351 375 385 
Increase in cash value of bank owned life insurance333 360 379 346 335 
Other income (loss)967 1,042 (6,558)1,049 7,264 
Total non-interest (loss) income$11,243 $11,463 $(295,334)$10,920 $16,499 

Total non-interest income was $11.2 million in the first quarter of 2026, compared to non-interest income of $11.5 million in the fourth quarter of 2025. The decrease in non-interest income of $0.2 million is primarily attributable to a decrease in gains on the sale of mortgage loans, due to reduced loan origination and sales volumes. The decrease was partially offset by an increase in seasonal service charges on deposit accounts of $0.2 million. All other components of non-interest income remained relatively stable quarter over quarter.









1 Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
4
Horizon Bancorp, Inc. Reports First Quarter 2026 Results

Non-Interest Expense

For the Quarter EndedMarch 31,December 31,September 30,June 30,March 31,
(Dollars in Thousands)20262025202520252025
Non-interest Expense
Salaries and employee benefits$23,187 $21,895 $22,698 $22,731 $22,414 
Net occupancy expenses4,197 3,718 3,321 3,127 3,702 
Data processing3,353 3,128 2,933 2,951 2,872 
Professional fees929 1,083 808 735 826 
Outside services and consultants2,764 3,035 3,844 3,278 3,265 
Loan expense1,219 1,183 1,237 1,231 689 
FDIC insurance expense1,023 1,251 1,345 1,216 1,288 
Core deposit intangible amortization675 706 706 816 816 
Merger related expenses— — — — 305 
Prepayment penalties— — 12,680 — — 
Other losses192 732 131 245 228 
Other expense3,208 3,884 3,249 3,087 2,901 
Total non-interest expense$40,747 $40,615 $52,952 $39,417 $39,306 

Total non-interest expense was $40.7 million in the first quarter of 2026, compared to $40.6 million in the fourth quarter of 2025. The slight increase was primarily driven by higher salaries and employee benefits of $1.3 million, largely reflecting increased benefit-related costs at the beginning of the year, and a $0.5 million seasonal increase in occupancy expense. These increases were partially offset by a $0.7 million reduction in other expenses, primarily due to lower marketing cost and decreased outside services and consulting expense. In addition, other losses declined by $0.5 million, as the prior quarter included the write-off of unamortized issuance costs related to the early redemption of the Company's subordinated notes due 2030. All other components of non-interest expense remained relatively stable quarter over quarter.

Income Taxes

Horizon recorded a net tax expense of $6.2 million for the first quarter of 2026, resulting in an effective tax rate of 19.1%, which is consistent with the Company's estimated annual effective tax rate.

Balance Sheet Highlights

Total assets increased by $127.6 million, or 2.0%, to $6.6 billion as of March 31, 2026, compared to $6.4 billion as of December 31, 2025. Asset growth during the period was primarily driven by an increase in interest earning deposits of $118.1 million, reflecting strong liquidity positioning, and a $6.9 million increase in investment securities. Total loans were $4.9 billion at March 31, 2026, an increase of $2.0 million from December 31, 2025. Net loan growth in the quarter was modest, but expressed solid origination volumes and disciplined pricing in commercial loans that was largely offset by runoff within the consumer and residential loan portfolios.

Total deposits increased by $146.9 million, or 2.8%, to $5.4 billion as of March 31, 2026 compared to December 31, 2025. Deposit growth was driven by a $61.3 million increase in time deposits, a $60.8 million increase in non-interest-bearing demand deposits, and a $52.9 million increase in savings and money market balances, reflecting continued success in core deposit gathering efforts. These increases were partially offset by a $28.1 million decrease in interest-bearing deposits, consistent with management's previously communicated strategy to de-emphasize higher-cost, transactional deposit relationships.

Overall, balance sheet growth during the quarter reflected a combination of steady asset growth, proactive liquidity management, and ongoing efforts to grow and optimize the deposit base. Management continues to focus on maintaining a strong funding position while supporting measured, relationship-driven loan growth aligned with long-term strategic objectives.
5
Horizon Bancorp, Inc. Reports First Quarter 2026 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 March 31, 2026:

For the Quarter EndedMarch 31,December 31,September 30,June 30,
2026*202520252025
Consolidated Capital Ratios
Total capital (to risk-weighted assets)14.77 %14.36 %15.00 %14.44 %
Tier 1 capital (to risk-weighted assets)11.91 11.51 11.27 12.48 
Common equity tier 1 capital (to risk-weighted assets)10.82 10.42 10.17 11.48 
Tier 1 capital (to average assets)9.84 9.55 8.22 9.59 
*Preliminary estimate - may be subject to change

As of March 31, 2026, the ratio of total stockholders’ equity to total assets is 10.65%. Book value per common share was $13.69, increasing $0.19 during the first quarter of 2026, as growth in retained earnings was partially offset by modestly higher levels of other comprehensive losses.

Tangible common equity1 totaled $537.3 million at March 31, 2026, and the ratio of tangible common equity to tangible assets1 was 8.39% at March 31, 2026, up from 8.38% at December 31, 2025. Tangible book value, which excludes intangible assets from total equity, per common share1 was $10.52, increasing $0.20 during the first quarter of 2026.

Credit Quality

As of March 31, 2026, total non-accrual loans increased by $2.3 million from December 31, 2025, and represent 0.71% of total loans held for investment. Total non-performing assets increased $3.4 million, to $44.0 million, compared with $40.6 million at December 31, 2025. Non-performing assets are 0.67% of total assets at quarter end, up slightly from 0.63% at December 31, 2025.

For the quarter ended March 31, 2026, net charge-offs were $0.6 million, or 0.05% annualized of average loans, compared to $1.0 million as of December 31, 2025. Charge‑off levels during the quarter remained low and consistent with management’s expectations, reflecting a continued focus on discipline underwriting and proactive portfolio monitoring. Overall, credit metrics remain stable, and management continues to closely monitor portfolio performance in the current economic environment.

1 Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
6
Horizon Bancorp, Inc. Reports First Quarter 2026 Results
Earnings Conference Call

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

Participants may access the live conference call on April 23, 2026 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 1-833-974-2379 from the United States and 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 May 23, 2026. The replay may be accessed by dialing 1-855-669-9658 from the United States and Canada, or 1–412–317-0088 from other international locations, and entering the access code 2139263.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $6.6 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 First Quarter 2026 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.
8
Horizon Bancorp, Inc. Reports First Quarter 2026 Results

Condensed Consolidated Statements of Income
(Dollars in Thousands Except Per Share Data, Unaudited)
Three Months Ended
March 31,December 31,September 30,June 30,March 31,
20262025202520252025
Interest Income
Loans receivable$75,104 $77,238 $79,561 $78,618 $74,457 
Investment securities - taxable7,494 7,688 6,631 5,941 6,039 
Investment securities - tax-exempt2,544 2,498 4,581 6,088 6,192 
Other1,509 1,864 2,063 830 2,487 
Total interest income86,651 89,288 92,836 91,477 89,175 
Interest Expense
Deposits19,944 21,228 25,726 26,052 25,601 
Borrowed funds1,654 1,749 5,924 8,171 9,188 
Subordinated notes1,830 1,811 1,731 829 829 
Junior subordinated debentures issued to capital trusts983 1,024 1,069 1,070 1,290 
Total interest expense24,411 25,812 34,450 36,122 36,908 
Net Interest Income62,240 63,476 58,386 55,355 52,267 
Provision for credit losses 391 1,630 (3,572)2,462 1,376 
Net Interest Income after Provision for Credit Losses61,849 61,846 61,958 52,893 50,891 
Non-interest Income
Service charges on deposit accounts3,524 3,341 3,474 3,208 3,208 
Wire transfer fees63 66 71 69 71 
Interchange fees3,373 3,445 3,510 3,403 3,241 
Fiduciary activities1,556 1,560 1,363 1,251 1,326 
Gain (loss) on sale of investment securities— 1 (299,132)— (407)
Gain on sale of mortgage loans1,090 1,296 1,208 1,219 1,076 
Mortgage servicing income net of impairment337 352 351 375 385 
Increase in cash value of bank owned life insurance333 360 379 346 335 
Other income (loss)967 1,042 (6,558)1,049 7,264 
Total non-interest income (loss)11,243 11,463 (295,334)10,920 16,499 
Non-interest Expense
Salaries and employee benefits23,187 21,895 22,698 22,731 22,414 
Net occupancy expenses4,197 3,718 3,321 3,127 3,702 
Data processing3,353 3,128 2,933 2,951 2,872 
Professional fees929 1,083 808 735 826 
Outside services and consultants2,764 3,035 3,844 3,278 3,265 
Loan expense1,219 1,183 1,237 1,231 689 
FDIC insurance expense1,023 1,251 1,345 1,216 1,288 
Core deposit intangible amortization675 706 706 816 816 
Merger related expenses— — — — 305 
Prepayment penalties— — 12,680 — — 
Other losses192 732 131 245 228 
Other expense3,208 3,884 3,249 3,087 2,901 
Total non-interest expense40,747 40,615 52,952 39,417 39,306 
Income (Loss) Before Income Taxes32,345 32,694 (286,328)24,396 28,084 
Income tax expense (benefit)6,177 5,773 (64,338)3,752 4,141 
Net Income (Loss)$26,168 $26,921 $(221,990)$20,644 $23,943 
Basic Earnings (Loss) Per Share$0.51 $0.53 $(4.69)$0.47 $0.55 
Diluted Earnings (Loss) Per Share0.51 0.53 (4.69)0.47 0.54 


9
Horizon Bancorp, Inc. Reports First Quarter 2026 Results
Condensed Consolidated Balance Sheet
(Dollars in Thousands, Unaudited)
Three Months Ended for the Period
March 31,December 31,September 30,June 30,March 31,
20262025202520252025
Assets
Interest earning assets
Federal funds sold$— $— $— $2,024 $— 
Interest earning deposits190,717 72,646 381,860 34,174 80,023 
Federal Home Loan Bank stock45,713 45,713 45,713 45,412 45,412 
Investment securities, held for trading3,983 3,883 598 — — 
Investment securities, available for sale882,168 875,414 883,242 231,999 231,431 
Investment securities, held to maturity— — — 1,819,087 1,843,851 
Loans held for sale9,821 9,778 1,921 2,994 3,253 
Gross loans held for investment (HFI)4,878,549 4,876,542 4,823,669 4,985,582 4,909,815 
Total Interest earning assets6,010,951 5,883,976 6,137,003 7,121,272 7,113,785 
Non-interest earning assets
Allowance for credit losses(51,297)(51,299)(50,178)(54,399)(52,654)
Cash68,354 66,813 76,395 101,719 89,643 
Cash value of life insurance37,065 36,732 37,762 37,755 37,409 
Other assets217,649 215,460 226,247 148,773 143,675 
Goodwill155,211 155,211 155,211 155,211 155,211 
Other intangible assets6,505 7,180 7,886 8,592 9,407 
Premises and equipment, net90,763 92,805 93,413 93,398 93,499 
Interest receivable29,015 29,733 28,758 39,730 38,663 
Total non-interest earning assets553,265 552,635 575,494 530,779 514,853 
Total assets$6,564,216 $6,436,611 $6,712,497 $7,652,051 $7,628,638 
Liabilities
Savings and money market deposits$3,119,034 $3,094,231 $3,198,332 $3,385,413 $3,393,371 
Time deposits1,163,807 1,102,478 1,199,681 1,193,180 1,245,088 
Borrowings159,825 160,118 160,206 880,336 812,218 
Repurchase agreements66,004 88,468 86,966 95,089 87,851 
Subordinated notes98,262 98,215 154,011 55,807 55,772 
Junior subordinated debentures issued to capital trusts57,740 57,688 57,636 57,583 57,531 
Total interest earning liabilities4,664,672 4,601,198 4,856,832 5,667,408 5,651,831 
Non-interest bearing deposits1,139,466 1,078,708 1,122,888 1,121,163 1,127,324 
Interest payable8,537 12,892 12,395 14,007 11,441 
Other liabilities52,514 55,562 59,611 58,621 61,981 
Total liabilities5,865,189 5,748,360 6,051,726 6,861,199 6,852,577 
Stockholders’ Equity
Preferred stock— — — — — 
Common stock— — — — — 
Additional paid-in capital459,799 459,243 458,734 360,758 360,522 
Retained earnings272,941 255,004 236,312 466,497 452,945 
Accumulated other comprehensive (loss)(33,713)(25,996)(34,275)(36,403)(37,406)
Total stockholders’ equity699,027 688,251 660,771 790,852 776,061 
Total liabilities and stockholders’ equity$6,564,216 $6,436,611 $6,712,497 $7,652,051 $7,628,638 
10
Horizon Bancorp, Inc. Reports First Quarter 2026 Results


Loans and Deposits
(Dollars in Thousands, Unaudited)
March 31,December 31,September 30,June 30,March 31,% Change
20262025202520252025Q1'26 vs Q4'25Q1'26 vs Q1'25
Loans:
Commercial real estate$2,443,582 $2,421,863 $2,366,956 $2,321,951 $2,262,910 1 %8 %
Commercial & Industrial1,023,068 1,010,545 989,609 976,740 918,541 1 %11 %
Total commercial3,466,650 3,432,408 3,356,565 3,298,691 3,181,451 1 %9 %
Residential Real estate750,108 772,427 783,850 786,026 801,726 (3)%(6)%
Consumer661,791 671,707 683,254 900,865 926,638 (1)%(29)%
Total loans held for investment4,878,549 4,876,542 4,823,669 4,985,582 4,909,815 — %(1)%
Loans held for sale9,821 9,778 1,921 2,994 3,253 — %202 %
Total loans$4,888,370 $4,886,320 $4,825,590 $4,988,576 $4,913,068 — %(1)%
Deposits:
Interest bearing deposits$1,611,795 $1,639,857 $1,715,471 $1,713,058 $1,713,991 (2)%(6)%
Savings and money market deposits1,507,239 1,454,374 1,482,861 1,672,355 1,679,380 4 %(10)%
Time deposits1,163,807 1,102,478 1,199,681 1,193,180 1,245,088 6 %(7)%
Total Interest bearing deposits4,282,841 4,196,709 4,398,013 4,578,593 4,638,459 2 %(8)%
Non-interest bearing deposits
Non-interest bearing deposits1,139,466 1,078,708 1,122,888 1,121,164 1,127,324 6 %1 %
Total deposits$5,422,307 $5,275,417 $5,520,901 $5,699,757 $5,765,784 3 %(6)%








11
Horizon Bancorp, Inc. Reports First Quarter 2026 Results
Average Balance Sheet
(Dollars in Thousands, Unaudited)
Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
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)$165,084 $1,509 3.71 %$182,017 $1,866 4.07 %$223,148 $2,487 4.52 %
Federal Home Loan Bank stock45,713 551 4.89 %45,713 616 5.35 %51,769 1,012 7.93 %
Investment securities - taxable (1)581,146 6,944 4.85 %570,786 7,071 4.91 %974,109 5,027 2.09 %
Investment securities - non-taxable (1)319,276 3,220 4.09 %312,988 3,162 4.01 %1,120,249 7,838 2.84 %
Total investment securities900,422 10,164 4.58 %883,774 10,233 4.59 %2,094,358 12,865 2.49 %
Loans receivable (2) (3)4,873,753 75,485 6.28 %4,855,824 77,628 6.34 %4,865,449 74,840 6.24 %
Total interest earning assets5,984,972 87,709 5.94 %5,967,328 90,343 6.01 %7,234,724 91,204 5.11 %
Non-interest earning assets
Cash and due from banks68,007 74,102 88,624 
Allowance for credit losses(51,217)(49,815)(51,863)
Other assets533,989 545,520 483,765 
Total average assets$6,535,751 $6,537,135 $7,755,250 
Liabilities and Stockholders' Equity
Interest bearing liabilities
Interest bearing demand deposits$1,638,208 $4,587 1.14 %$1,686,435 $5,572 1.31 %$1,750,446 $6,491 1.50 %
Saving and money market deposits1,475,444 5,619 1.54 %1,445,144 5,587 1.53 %1,674,590 8,263 2.00 %
Time deposits1,153,484 9,739 3.42 %1,134,417 10,071 3.52 %1,212,386 10,847 3.63 %
Total Deposits4,267,136 19,945 1.90 %4,265,996 21,230 1.97 %4,637,422 25,601 2.24 %
Borrowings150,229 1,421 3.84 %150,304 1,452 3.83 %971,496 8,772 3.66 %
Repurchase agreements77,376 233 1.22 %87,160 295 1.34 %88,469 416 1.91 %
Subordinated notes98,231 1,830 7.56 %98,185 1,812 7.32 %55,750 829 6.03 %
Junior subordinated debentures issued to capital trusts57,706 983 6.91 %57,655 1,023 7.04 %57,497 1,290 9.10 %
Total interest bearing liabilities4,650,678 24,412 2.13 %4,659,300 25,812 2.20 %5,810,634 36,908 2.58 %
Non-interest bearing liabilities
Demand deposits1,117,930 1,137,639 1,085,826 
Accrued interest payable and other liabilities59,227 60,375 78,521 
Stockholders' equity707,916 679,821 780,269 
Total average liabilities and stockholders' equity$6,535,751 $6,537,135 $7,755,250 
Net FTE interest income (non-GAAP) (5)$63,297 $64,531 $54,296 
Less FTE adjustments (4)1,057 1,055 2,029 
Net Interest Income$62,240 $63,476 $52,267 
Net FTE interest margin (Non-GAAP) (4)(5)4.29 %4.29 %3.04 %
(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 First Quarter 2026 Results

Credit Quality
(Dollars in Thousands Except Ratios, Unaudited)
Quarter Ended
March 31,December 31,September 30,June 30,March 31,% Change
20262025202520252025Q1'26 vs Q4'25Q1'26 vs Q1'25
Non-accrual loans
Commercial$15,761 $14,549 $12,303 $7,547 $8,172 8 %93 %
Residential Real estate10,607 10,087 9,256 9,525 12,763 5 %(17)%
Consumer8,416 7,821 7,799 7,222 7,875 8 %7 %
Total non-accrual loans34,784 32,457 29,358 24,294 28,810 7 %21 %
90 days and greater delinquent - accruing interest2,211 2,489 1,608 2,113 1,582 (11)%40 %
Total non-performing loans$36,995 $34,946 $30,966 $26,407 $30,392 6 %22 %
Other real estate owned
Commercial$594 $539 $272 $176 $360 10 %65 %
Residential Real estate631 672 769 463 641 (6)%(1)%
Consumer1,875 480 480 480 34 291 %5415 %
Total other real estate owned3,100 1,691 1,521 1,119 1,035 83 %200 %
Other non-performing assets (1)
$3,935 $3,991 $3,228 $2,937 $— (1)%— %
Total non-performing assets$44,030 $40,628 $35,715 $30,463 $31,427 8 %40 %
Loan data:
Accruing 30 to 89 days past due loans$19,379 $24,580 $24,784 $31,401 $19,034 (21)%2 %
Substandard loans63,419 59,365 63,236 64,100 66,714 7 %(5)%
Net charge-offs (recoveries)
Commercial$339 $436 $294 $84 $(47)(22)%(821)%
Residential Real estate1 (25)19 52 (47)(104)%(102)%
Consumer285 559 518 118 963 (49)%(70)%
Total net charge-offs$625 $970 $831 $254 $869 (36)%(28)%
Allowance for credit losses
Commercial$34,997 $35,473 $34,390 $34,413 $32,640 (1)%7 %
Residential Real estate3,183 3,183 3,082 3,229 3,167 — %— %
Consumer13,117 12,643 12,706 16,757 16,847 4 %(22)%
Total allowance for credit losses$51,297 $51,299 $50,178 $54,399 $52,654 — %(3)%
Credit quality ratios
Non-accrual loans to HFI loans0.71 %0.67 %0.61 %0.49 %0.59 %
Non-performing assets to total assets0.67 %0.63 %0.53 %0.40 %0.41 %
Annualized net charge-offs of average total loans0.05 %0.08 %0.07 %0.02 %0.07 %
Allowance for credit losses to HFI loans1.05 %1.05 %1.04 %1.09 %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 First Quarter 2026 Results
Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin
(Dollars in Thousands, Unaudited)
Three Months Ended
March 31,December 31,September 30,June 30,March 31,
20262025202520252025
Interest income (GAAP)(A)$86,651 $89,288 $92,836 $91,477 $89,175 
Taxable-equivalent adjustment:
   Investment securities - tax exempt (1)676 665 1,218 1,619 1,646 
   Loan receivable (2)381 390 379 382 383 
Interest income (non-GAAP)(B)87,708 90,343 94,433 93,478 91,204 
Interest expense (GAAP)(C)24,411 25,812 34,450 36,122 36,908 
Net interest income (GAAP)(D) =(A) - (C)$62,240 $63,476 $58,386 $55,355 $52,267 
Net FTE interest income (non-GAAP)(E) = (B) - (C)$63,297 $64,531 $59,983 $57,356 $54,296 
Average interest earning assets(F)5,984,972 5,967,328 6,766,742 7,125,467 7,234,724 
Net FTE interest margin (non-GAAP)(G) = (E*) / (F)4.29 %4.29 %3.52 %3.23 %3.04 %
(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
March 31,December 31,September 30,June 30,March 31,
20262025202520252025
Net income (loss) (GAAP)(A)$26,168 $26,921 $(221,990)$20,644 $23,943 
​
Average stockholders' equity(B)$707,916 $679,821 $731,657 $789,535 $780,269 
Average intangible assets(C)162,148 162,838 163,552 164,320 165,138 
Average tangible equity (Non-GAAP)(D) = (B) - (C)$545,768 $516,983 $568,105 $625,215 $615,131 
Return on average tangible common equity ("ROACE") (non-GAAP)(E) = (A*) / (D)19.02 %20.66 %(155.03)%13.24 %15.79 %
*Annualized
Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
Three Months Ended
March 31,December 31,September 30,June 30,March 31,
20262025202520252025
Total stockholders' equity (GAAP)(A)$699,027 $688,251 $660,771 $790,852 $776,061 
Intangible assets (end of period)(B)161,716 162,391 163,097 163,803 164,618 
Total tangible common equity (non-GAAP)(C) = (A) - (B)$537,311 $525,860 $497,674 $627,049 $611,443 
Total assets (GAAP)(D)$6,564,216 $6,436,612 $6,712,497 $7,652,051 $7,628,636 
Intangible assets (end of period)(B)161,716 162,391 163,097 163,803 164,618 
Total tangible assets (non-GAAP)(E) = (D) - (B)$6,402,500 $6,274,221 $6,549,400 $7,488,248 $7,464,018 
Tangible common equity to tangible assets (Non-GAAP)(G) = (C) / (E)8.39 %8.38 %7.60 %8.37 %8.19 %
14
Horizon Bancorp, Inc. Reports First Quarter 2026 Results
Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
Three Months Ended
March 31,December 31,September 30,June 30,March 31,
20262025202520252025
Total stockholders' equity (GAAP)(A)$699,027 $688,251 $660,771 $790,852 $776,061 
Intangible assets (end of period)(B)161,716 162,391 163,097 163,803 164,618 
Total tangible common equity (non-GAAP)(C) = (A) - (B)$537,311 $525,860 $497,674 $627,049 $611,443 
Common shares outstanding(D)51,056,888 50,978,030 50,970,530 43,801,507 43,785,932 
Tangible book value per common share (non-GAAP)(E) = (C) / (D)$10.52 $10.32 $9.76 $14.32 $13.96 
15