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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results

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Contact:John R. Stewart, CFA
EVP, Chief Financial Officer
Phone:(219) 814–5833
Fax:
(219) 874–9280
Date:October 21, 2026

FOR IMMEDIATE RELEASE

Horizon Bancorp, Inc. Reports Strong Third Quarter 2026 Results, Highlighted by Continued Peer Leading Profitability Metrics and Positive Balance Sheet Momentum

Michigan City, Indiana, October 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 September 30, 2026.

“Horizon’s high-quality community banking model continues to demonstrate consistency and durability in an ever-changing macroeconomic environment. Our results through the first nine months of 2026 reflect that strength, with annualized return on average assets remaining above 1.60%, return on tangible common equity of 20%, and the net interest margin sustained in the mid-4.30% range. Despite a meaningful shift in the interest rate outlook since the beginning of the year, our expectations for the business have changed very little, underscoring the resiliency and predictability embedded in our business model,” said President and CEO, Thomas Prame. “During the first nine months of 2026, loans held-for-investment and total deposits increased by $129 million and $206 million, respectively, consistent with our outlook for mid-single-digit organic growth. This performance was further enhanced by continued positive momentum across our fee income businesses and a disciplined approach to expense management. We believe this consistent, low-volatility financial performance will continue to compound capital at peer-leading levels, which remains the cornerstone of our long-term value proposition for shareholders”.

Net income for the three months ended September 30, 2026 was $28.7 million, or $0.56 per diluted share, compared to net income of $24.9 million, or $0.49, for the second quarter of 2026 and net loss of $222.0 million, or $(4.69) per diluted share, for the third quarter of 2025.

Net income for the nine months ended September 30, 2026 was $79.7 million, or $1.55 per diluted share, compared to net loss of $177.4 million, or $(3.94), for the nine months ended September 30, 2025.
















1
Horizon Bancorp, Inc. Reports Third Quarter 2026 Results



Third Quarter 2026 Highlights


•Durability of top-tier performance metrics continues to reflect the strength of Horizon’s highly productive community banking model. During the third quarter, the Company generated an annualized return on average assets of 1.73% and a return on average tangible common equity of 20.03%.

•Net interest income of $65.2 million increased 11.6% compared with $58.4 million in the year ago period. The net interest margin, on a fully taxable equivalent ("FTE") basis1, was 4.37%, consistent with the 4.37% reported for the three months ended June 30, 2026, and significantly higher than the 3.52% reported in the comparable year ago period.

•Total deposits continue to trend favorably, growing by $81.2 million during the quarter, or 6.0% on an annualized basis. These results were further enhanced by the 9.7% annualized growth in non-time deposits. Total deposit costs, inclusive of non-interest bearing balances, remains low, at 1.57%.

•Total loans held for investment ("HFI") increased 3.7% compared to the linked quarter annualized, with balanced growth between commercial, mortgage and consumer portfolios. Loan pipelines continue to be consistent, reflective of Horizon’s attractive markets and relationship based community banking model.

•Credit quality remained strong, with annualized net charge offs of 0.10% of average loans during the third quarter. Non-performing assets remain well within expected and historical ranges, with non-performing assets to total assets of 0.68%.
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 2026 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,
20262026202620252025
Income statement:
Net interest income$65,159 $63,490 $62,240 $63,476 $58,386 
Provision (benefit) for credit losses 1,300 916 391 1,630 (3,572)
Non-interest income (loss)11,930 12,014 11,243 11,463 (295,334)
Non-interest expense41,512 43,844 40,747 40,615 52,952 
Income tax expense (benefit)5,610 5,836 6,177 5,773 (64,338)
Net Income (Loss)$28,667 $24,908 $26,168 $26,921 $(221,990)
Per share data:
Basic earnings (loss) per share$0.56 $0.49 $0.51 $0.53 $(4.69)
Diluted earnings (loss) per share0.56 0.49 0.51 0.53 (4.69)
Cash dividends declared per common share0.16 0.16 0.16 0.16 0.16 
Book value per common share13.68 14.21 13.69 13.50 12.96 
Market value - high20.80 20.29 18.68 18.47 16.88 
Market value - low18.83 16.76 15.57 15.04 15.01 
Weighted average shares outstanding - Basic51,107,844 51,082,827 50,987,426 50,975,693 47,311,642 
Weighted average shares outstanding - Diluted51,358,616 51,304,962 51,243,002 51,277,134 47,311,642 
Common shares outstanding (end of period)51,110,798 51,093,048 51,056,888 50,978,030 50,970,530 
Key ratios:
Return on average assets1.73 %1.54 %1.62 %1.63 %(12.07)%
Return on average stockholders' equity15.61 13.97 14.99 15.71 (120.37)
Total equity to total assets10.61 11.05 10.65 10.69 9.84 
Total loans to deposit ratio91.39 91.93 90.15 92.62 87.41 
Allowance for credit losses to HFI loans1.04 1.05 1.05 1.05 1.04 
Annualized net charge-offs of average total loans (1)
0.10 0.05 0.05 0.08 0.07 
Efficiency ratio53.85 58.07 55.45 54.20 (22.35)
Key metrics (Non-GAAP) (2)
Net FTE interest margin4.37 %4.37 %4.29 %4.29 %3.52 %
Return on average tangible common equity20.03 18.05 19.02 20.66 (155.03)
Tangible common equity to tangible assets8.38 8.81 8.39 8.38 7.60 
Tangible book value per common share$10.54 $11.06 $10.52 $10.32 $9.76 
(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 2026 Results
Income Statement Highlights

Net Interest Income

Net interest income was $65.2 million in the third quarter of 2026, compared to $63.5 million in the second quarter of 2026, driven by the continued strength of the Company's net FTE interest margin1, which remained consistent at 4.37% when compared to the second quarter of 2026. The resiliency in the margin is reflective of continued disciplined loan and deposit pricing and a favorable cashflow redeployment profile during the quarter.

Provision for Credit Losses

During the third quarter of 2026, the Company recorded a provision for credit losses of $1.3 million. This compares to a recorded provision for credit losses of $0.9 million during the second quarter of 2026, and a benefit for credit losses of $3.6 million during the third quarter of 2025. The increase in the provision for credit losses during the third quarter of 2026 when compared with the second quarter of 2026 was primarily due to changes in the economic forecast, net loan growth and an increase in specific reserves on commercial loans.

For the third quarter of 2026, net charge-offs were $1.2 million, or an annualized 0.10% of average loans outstanding, compared to net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding for the second quarter of 2026, and net charge-offs of $0.8 million, or an annualized 0.07% of average loans outstanding, in the third quarter of 2025.

The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.04% at September 30, 2026, down from 1.05% at June 30, 2026, and consistent with 1.04% at September 30, 2025.

Non-Interest Income

For the Quarter EndedSeptember 30,June 30,March 31,December 31,September 30,
(Dollars in Thousands)20262026202620252025
Non-interest Income (Loss)
Service charges on deposit accounts$3,518 $3,376 $3,524 $3,341 $3,474 
Wire transfer fees65 67 63 66 71 
Interchange fees3,537 3,595 3,373 3,445 3,510 
Fiduciary activities1,465 1,501 1,556 1,560 1,363 
Gain (loss) on sale of investment securities(8)— — 1 (299,132)
Gain on sale of mortgage loans2,125 1,576 1,090 1,296 1,208 
Mortgage servicing income net of impairment246 350 337 352 351 
Increase in cash value of bank owned life insurance385 345 333 360 379 
Other income (loss)597 1,204 967 1,042 (6,558)
Total non-interest income (loss)$11,930 $12,014 $11,243 $11,463 $(295,334)

Total non-interest income was $11.9 million in the third quarter of 2026, compared to non-interest income of $12.0 million in the second quarter of 2026. The third quarter performance reflects an increase in the gain on sale of mortgage loans due to increased volumes and wider margins on loan sales, offset by a decrease in other income and lower net mortgage servicing revenue owed to increased amortization of mortgage servicing rights. 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.
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results

Non-Interest Expense

For the Quarter EndedSeptember 30,June 30,March 31,December 31,September 30,
(Dollars in Thousands)20262026202620252025
Non-interest Expense
Salaries and employee benefits$24,233 $24,194 $23,187 $21,895 $22,698 
Net occupancy expenses3,701 3,698 4,197 3,718 3,321 
Data processing3,377 3,631 3,353 3,128 2,933 
Professional fees631 (64)929 1,083 808 
Outside services and consultants2,619 2,537 2,764 3,035 3,844 
Loan expense1,505 1,417 1,219 1,183 1,237 
FDIC insurance expense680 1,003 1,023 1,251 1,345 
Core deposit intangible amortization620 675 675 706 706 
Prepayment penalties— — — — 12,680 
Other losses308 115 192 732 131 
Other expense3,838 6,638 3,208 3,884 3,249 
Total non-interest expense$41,512 $43,844 $40,747 $40,615 $52,952 

Total non-interest expense was $41.5 million in the third quarter of 2026, compared to $43.8 million in the second quarter of 2026. The decrease was driven by the previously announced second quarter legal charge for $3.1 million in other expense, which did not recur. Apart from this item, the decrease was driven by a reduction in FDIC insurance expense of $0.3 million and a decline in data processing expenses of $0.3 million. These variances were partially offset by a more normalized run rate in professional fees of $0.7 million. All other components of non-interest expense remained relatively stable quarter over quarter.

Income Taxes

Horizon recorded a net tax expense of $5.6 million for the third quarter of 2026, resulting in an effective tax rate of 16.4%, compared to 19.0% for the second quarter of 2026. Income tax expense was favorably impacted by a discrete benefit of $0.9 million in the third quarter of 2026.

Balance Sheet Highlights

Total assets increased by $17.0 million, or 0.3%, to $6.6 billion as of September 30, 2026 when compared to the prior period. Asset growth during the period was primarily driven by an increase in gross loans HFI of $46.9 million, an increase in other assets of $22.1 million and an increase in non-interest earning cash of $11.8 million. The increase was partially offset by a decrease in investment securities of $40.2 million and a decrease in interest earning deposits of $24.6 million.

Total deposits increased by $81.1 million, or 1.5%, to $5.5 billion as of September 30, 2026 compared with June 30, 2026. The increase was driven by a $84.0 million increase in interest bearing deposits, a $12.2 million increase in savings and money market deposits and a $8.8 million increase in non-interest-bearing demand deposits. The increase was partially offset by a decrease of $23.9 million in time deposits. The overall increase in deposits reflects continued success in core deposit gathering efforts.

Overall, balance sheet growth during the quarter reflected a combination of steady loan and deposit growth, and proactive liquidity management. Management continues to focus on maintaining a strong funding position while supporting measured, relationship-driven loan growth aligned with creating long-term shareholder value.
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Horizon Bancorp, Inc. Reports Third 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 September 30, 2026:

For the Quarter EndedSeptember 30,June 30,March 31,December 31,
2026*202620262025
Consolidated Capital Ratios
Total capital (to risk-weighted assets)15.48 %15.02 %14.76 %14.36 %
Tier 1 capital (to risk-weighted assets)12.62 12.17 11.90 11.51 
Common equity tier 1 capital (to risk-weighted assets)11.53 11.09 10.81 10.42 
Tier 1 capital (to average assets)10.37 10.17 9.84 9.55 
*Preliminary estimate - may be subject to change

As of September 30, 2026, the ratio of total stockholders’ equity to total assets is 10.61%. Book value per common share was $13.68, decreasing $0.53 during the third quarter of 2026, primarily due to an increase in unrealized losses recorded in accumulated other comprehensive income.

Tangible common equity1 totaled $538.9 million at September 30, 2026, and the ratio of tangible common equity to tangible assets1 was 8.38% at September 30, 2026, down from 8.81% at June 30, 2026. Tangible book value1 which excludes intangible assets from total equity, per common share was $10.54 at September 30, 2026.

Credit Quality

As of September 30, 2026, total non-accrual loans increased by $1.4 million from June 30, 2026, and represent 0.67% of total loans held for investment. Total non-performing assets increased by $0.9 million, to $44.6 million, compared with $43.7 million at June 30, 2026. Non-performing assets are 0.68% of total assets at quarter end, up slightly from 0.66% at June 30, 2026.

For the quarter ended September 30, 2026, net charge-offs were $1.2 million, or 0.10% annualized of average loans. Charge‑off levels during the quarter remained low, and consistent with management’s expectations, reflecting a continued focus on disciplined 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.
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Horizon Bancorp, Inc. Reports Third Quarter 2026 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 22, 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 November 22, 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 1977515.

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.



















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Horizon Bancorp, Inc. Reports Third 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.
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Horizon Bancorp, Inc. Reports Third Quarter 2026 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,
20262026202620252025
Interest Income
Loans receivable$79,580 $77,740 $75,104 $77,238 $79,561 
Investment securities - taxable7,426 7,248 7,494 7,688 6,631 
Investment securities - tax-exempt2,570 2,583 2,544 2,498 4,581 
Other1,493 937 1,509 1,864 2,063 
Total interest income91,069 88,508 86,651 89,288 92,836 
Interest Expense
Deposits21,365 20,479 19,944 21,228 25,726 
Borrowed funds1,655 1,655 1,654 1,749 5,924 
Subordinated notes1,898 1,904 1,830 1,811 1,731 
Junior subordinated debentures issued to capital trusts992 980 983 1,024 1,069 
Total interest expense25,910 25,018 24,411 25,812 34,450 
Net Interest Income65,159 63,490 62,240 63,476 58,386 
Provision (benefit) for credit losses 1,300 916 391 1,630 (3,572)
Net Interest Income after Provision for Credit Losses63,859 62,574 61,849 61,846 61,958 
Non-interest Income (loss)
Service charges on deposit accounts3,518 3,376 3,524 3,341 3,474 
Wire transfer fees65 67 63 66 71 
Interchange fees3,537 3,595 3,373 3,445 3,510 
Fiduciary activities1,465 1,501 1,556 1,560 1,363 
Gain (loss) on sale of investment securities(8)— — 1 (299,132)
Gain on sale of mortgage loans2,125 1,576 1,090 1,296 1,208 
Mortgage servicing income net of impairment246 350 337 352 351 
Increase in cash value of bank owned life insurance385 345 333 360 379 
Other income (loss)597 1,204 967 1,042 (6,558)
Total non-interest income (loss)11,930 12,014 11,243 11,463 (295,334)
Non-interest Expense
Salaries and employee benefits24,233 24,194 23,187 21,895 22,698 
Net occupancy expenses3,701 3,698 4,197 3,718 3,321 
Data processing3,377 3,631 3,353 3,128 2,933 
Professional fees631 (64)929 1,083 808 
Outside services and consultants2,619 2,537 2,764 3,035 3,844 
Loan expense1,505 1,417 1,219 1,183 1,237 
FDIC insurance expense680 1,003 1,023 1,251 1,345 
Core deposit intangible amortization620 675 675 706 706 
Prepayment penalties— — — — 12,680 
Other losses308 115 192 732 131 
Other expense3,838 6,638 3,208 3,884 3,249 
Total non-interest expense41,512 43,844 40,747 40,615 52,952 
Income (Loss) Before Income Taxes34,277 30,744 32,345 32,694 (286,328)
Income tax expense (benefit)5,610 5,836 6,177 5,773 (64,338)
Net Income (Loss)$28,667 $24,908 $26,168 $26,921 $(221,990)
Basic Earnings (Loss) Per Share$0.56 $0.49 $0.51 $0.53 $(4.69)
Diluted Earnings (Loss) Per Share0.56 0.49 0.51 0.53 (4.69)


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Horizon Bancorp, Inc. Reports Third Quarter 2026 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,
20262026202620252025
Assets
Interest earning assets
Federal funds sold$5,113 $— $— $— $— 
Interest earning deposits120,965 145,571 190,717 72,646 381,860 
Federal Home Loan Bank stock7,418 7,418 45,713 45,713 45,713 
Investment securities, held for trading3,979 3,885 3,983 3,883 598 
Investment securities, available for sale857,429 897,764 882,168 875,414 883,242 
Loans held for sale3,523 5,147 9,821 9,778 1,921 
Gross loans held for investment (HFI)5,005,979 4,959,120 4,878,549 4,876,542 4,823,669 
Total Interest earning assets6,004,406 6,018,905 6,010,951 5,883,976 6,137,003 
Non-interest earning assets
Allowance for credit losses(52,310)(51,921)(51,297)(51,299)(50,178)
Cash84,222 72,378 68,354 66,813 76,395 
Cash value of life insurance37,799 37,410 37,065 36,732 37,762 
Other assets237,135 215,032 217,649 215,460 226,247 
Goodwill155,211 155,211 155,211 155,211 155,211 
Other intangible assets5,209 5,829 6,505 7,180 7,886 
Premises and equipment, net92,129 90,939 90,763 92,805 93,413 
Interest receivable27,344 30,377 29,015 29,733 28,758 
Total non-interest earning assets586,739 555,255 553,265 552,635 575,494 
Total assets$6,591,145 $6,574,160 $6,564,216 $6,436,611 $6,712,497 
Liabilities
Savings and money market deposits$3,291,751 $3,195,553 $3,119,034 $3,094,231 $3,198,332 
Time deposits1,080,445 1,104,316 1,163,807 1,102,478 1,199,681 
Borrowings150,589 153,707 159,825 160,118 160,206 
Repurchase agreements23,986 69,278 66,004 88,468 86,966 
Subordinated notes98,366 98,318 98,262 98,215 154,011 
Junior subordinated debentures issued to capital trusts57,838 57,789 57,740 57,688 57,636 
Total interest earning liabilities4,702,975 4,678,961 4,664,672 4,601,198 4,856,832 
Non-interest bearing deposits1,109,178 1,100,355 1,139,466 1,078,708 1,122,888 
Interest payable6,487 10,862 8,537 12,892 12,395 
Other liabilities73,202 57,793 52,514 55,562 59,611 
Total liabilities5,891,842 5,847,971 5,865,189 5,748,360 6,051,726 
Stockholders’ Equity
Preferred stock— — — — — 
Common stock— — — — — 
Additional paid-in capital461,298 460,610 459,799 459,243 458,734 
Retained earnings310,017 289,594 272,941 255,004 236,312 
Accumulated other comprehensive (loss)(72,012)(24,015)(33,713)(25,996)(34,275)
Total stockholders’ equity699,303 726,189 699,027 688,251 660,771 
Total liabilities and stockholders’ equity$6,591,145 $6,574,160 $6,564,216 $6,436,611 $6,712,497 
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results


Loans and Deposits
(Dollars in Thousands, Unaudited)
September 30,June 30,March 31,December 31,September 30,% Change
20262026202620252025Q3'26 vs Q2'26Q3'26 vs Q3'25
Loans:
Commercial real estate$2,435,166 $2,445,173 $2,443,582 $2,421,863 $2,366,956 — %3 %
Commercial & Industrial1,107,176 1,085,008 1,023,068 1,010,545 989,609 2 %12 %
Total commercial3,542,342 3,530,181 3,466,650 3,432,408 3,356,565 — %6 %
Residential Real estate772,223 755,707 750,108 772,427 783,850 2 %(1)%
Consumer691,414 673,232 661,791 671,707 683,254 3 %1 %
Total loans held for investment5,005,979 4,959,120 4,878,549 4,876,542 4,823,669 1 %4 %
Loans held for sale3,523 5,147 9,821 9,778 1,921 (32)%83 %
Total loans$5,009,502 $4,964,267 $4,888,370 $4,886,320 $4,825,590 1 %4 %
Deposits:
Interest bearing deposits$1,748,378 $1,664,367 $1,611,795 $1,639,857 $1,715,471 5 %2 %
Savings and money market deposits1,543,373 1,531,186 1,507,239 1,454,374 1,482,861 1 %4 %
Time deposits1,080,445 1,104,316 1,163,807 1,102,478 1,199,681 (2)%(10)%
Total Interest bearing deposits4,372,196 4,299,869 4,282,841 4,196,709 4,398,013 2 %(1)%
Non-interest bearing deposits
Non-interest bearing deposits1,109,178 1,100,355 1,139,466 1,078,708 1,122,888 1 %(1)%
Total deposits$5,481,374 $5,400,224 $5,422,307 $5,275,417 $5,520,901 2 %(1)%








11
Horizon Bancorp, Inc. Reports Third Quarter 2026 Results
Average Balance Sheet
(Dollars in Thousands, Unaudited)
Three Months Ended
September 30, 2026
June 30, 2026
September 30, 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)$158,544 $1,493 3.74 %$101,650 $936 3.69 %$185,665 $2,062 4.41 %
Federal Home Loan Bank stock7,418 188 10.05 %15,834 259 6.56 %45,549 862 7.51 %
Investment securities - taxable (1)583,994 7,238 4.92 %584,471 6,990 4.80 %792,829 5,769 2.89 %
Investment securities - non-taxable (1)314,702 3,253 4.10 %314,064 3,270 4.18 %763,488 5,799 3.01 %
Total investment securities898,696 10,491 4.63 %898,535 10,260 4.58 %1,556,317 11,568 2.95 %
Loans receivable (2) (3)4,949,830 79,959 6.41 %4,916,799 78,140 6.37 %4,979,211 79,941 6.37 %
Total interest earning assets6,014,488 92,131 6.08 %5,932,818 89,595 6.06 %6,766,742 94,433 5.54 %
Non-interest earning assets
Cash and due from banks71,519 71,692 83,616 
Allowance for credit losses(51,675)(51,106)(54,072)
Other assets539,582 535,339 501,590 
Total average assets$6,573,914 $6,488,743 $7,297,876 
Liabilities and Stockholders' Equity
Interest bearing liabilities
Interest bearing demand deposits$1,679,248 $5,392 1.27 %$1,627,013 $5,011 1.24 %$1,708,446 $6,687 1.55 %
Saving and money market deposits1,517,894 6,717 1.76 %1,484,771 5,981 1.62 %1,636,428 8,204 1.99 %
Time deposits1,086,343 9,256 3.38 %1,116,139 9,488 3.41 %1,198,279 10,835 3.59 %
Total Deposits4,283,485 21,365 1.98 %4,227,923 20,480 1.94 %4,543,153 25,726 2.25 %
Borrowings150,083 1,464 3.87 %150,118 1,435 3.83 %601,889 5,535 3.65 %
Repurchase agreements59,040 191 1.28 %67,494 219 1.30 %88,721 389 1.74 %
Subordinated notes98,335 1,898 7.66 %98,279 1,904 7.77 %91,032 1,731 7.54 %
Junior subordinated debentures issued to capital trusts57,807 992 6.81 %57,758 980 6.81 %57,602 1,069 7.36 %
Total interest bearing liabilities4,648,750 25,910 2.21 %4,601,572 25,018 2.18 %5,382,397 34,450 2.54 %
Non-interest bearing liabilities
Demand deposits1,131,714 1,117,113 1,120,719 
Accrued interest payable and other liabilities64,887 55,032 63,104 
Stockholders' equity728,563 715,026 731,657 
Total average liabilities and stockholders' equity$6,573,914 $6,488,743 $7,297,876 
Net FTE interest income (non-GAAP) (5)$66,221 $64,577 $59,983 
Less FTE adjustments (4)1,062 1,087 1,597 
Net Interest Income$65,159 $63,490 $58,386 
Net FTE interest margin (Non-GAAP) (4)(5)4.37 %4.37 %3.52 %
(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 2026 Results

Credit Quality
(Dollars in Thousands Except Ratios, Unaudited)
Quarter Ended
September 30,June 30,March 31,December 31,September 30,% Change
20262026202620252025Q3'26 vs Q2'26Q3'26 vs Q3'25
Non-accrual loans
Commercial$19,557 $17,843 $15,761 $14,549 $12,303 10 %59 %
Residential Real estate8,737 8,454 10,607 10,087 9,256 3 %(6)%
Consumer5,377 6,004 8,416 7,821 7,799 (10)%(31)%
Total non-accrual loans33,671 32,301 34,784 32,457 29,358 4 %15 %
90 days and greater delinquent - accruing interest2,256 2,632 2,211 2,489 1,608 (14)%40 %
Total non-performing loans$35,927 $34,933 $36,995 $34,946 $30,966 3 %16 %
Other real estate owned
Commercial$846 $463 $594 $539 $272 83 %211 %
Residential Real estate957 570 631 672 769 68 %24 %
Consumer2,647 3,633 1,875 480 480 (27)%451 %
Total other real estate owned4,450 4,666 3,100 1,691 1,521 (5)%193 %
Other non-performing assets (1)
$4,262 $4,094 $3,935 $3,991 $3,228 4 %32 %
Total non-performing assets$44,639 $43,693 $44,030 $40,628 $35,715 2 %25 %
Loan data:
Accruing 30 to 89 days past due loans$21,108 $21,296 $19,379 $24,580 $24,784 (1)%(15)%
Substandard loans60,271 64,564 63,419 59,365 63,236 (7)%(5)%
Net charge-offs (recoveries)
Commercial$733 $295 $339 $436 $294 148 %149 %
Residential Real estate3 46 1 (25)19 (93)%(84)%
Consumer457 264 285 559 518 73 %(12)%
Total net charge-offs$1,193 $605 $625 $970 $831 97 %44 %
Allowance for credit losses
Commercial$35,431 $36,122 $34,997 $35,473 $34,390 (2)%3 %
Residential Real estate2,844 2,958 3,183 3,183 3,082 (4)%(8)%
Consumer14,035 12,841 13,117 12,643 12,706 9 %10 %
Total allowance for credit losses$52,310 $51,921 $51,297 $51,299 $50,178 1 %4 %
Credit quality ratios
Non-accrual loans to HFI loans0.67 %0.65 %0.71 %0.67 %0.61 %
Non-performing assets to total assets0.68 %0.66 %0.67 %0.63 %0.53 %
Annualized net charge-offs of average total loans0.10 %0.05 %0.05 %0.08 %0.07 %
Allowance for credit losses to HFI loans1.04 %1.05 %1.05 %1.05 %1.04 %
(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 2026 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,
20262026202620252025
Interest income (GAAP)(A)$91,069 $88,508 $86,651 $89,288 $92,836 
Taxable-equivalent adjustment:
   Investment securities - tax exempt (1)683 686 676 665 1,218 
   Loan receivable (2)379 402 381 390 379 
Interest income (non-GAAP)(B)92,131 89,596 87,708 90,343 94,433 
Interest expense (GAAP)(C)25,910 25,018 24,411 25,812 34,450 
Net interest income (GAAP)(D) =(A) - (C)$65,159 $63,490 $62,240 $63,476 $58,386 
Net FTE interest income (non-GAAP)(E) = (B) - (C)$66,221 $64,578 $63,297 $64,531 $59,983 
Average interest earning assets(F)6,014,488 5,932,818 5,984,972 5,967,328 6,766,742 
Net FTE interest margin (non-GAAP)(G) = (E*) / (F)4.37 %4.37 %4.29 %4.29 %3.52 %
(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,
20262026202620252025
Net income (loss) (GAAP)(A)$28,667 $24,908 $26,168 $26,921 $(221,990)
Average stockholders' equity(B)$728,563 $715,026 $707,916 $679,821 $731,657 
Average intangible assets(C)160,809 161,471 162,148 162,838 163,552 
Average tangible equity (Non-GAAP)(D) = (B) - (C)$567,754 $553,555 $545,768 $516,983 $568,105 
Return on average tangible common equity ("ROACE") (non-GAAP)(E) = (A*) / (D)20.03 %18.05 %19.02 %20.66 %(155.03)%
*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,
20262026202620252025
Total stockholders' equity (GAAP)(A)$699,303 $726,189 $699,027 $688,251 $660,771 
Intangible assets (end of period)(B)160,421 161,041 161,716 162,391 163,097 
Total tangible common equity (non-GAAP)(C) = (A) - (B)$538,882 $565,148 $537,311 $525,860 $497,674 
Total assets (GAAP)(D)$6,591,145 $6,574,160 $6,564,216 $6,436,612 $6,712,497 
Intangible assets (end of period)(B)160,421 161,041 161,716 162,391 163,097 
Total tangible assets (non-GAAP)(E) = (D) - (B)$6,430,724 $6,413,119 $6,402,500 $6,274,221 $6,549,400 
Tangible common equity to tangible assets (Non-GAAP)(G) = (C) / (E)8.38 %8.81 %8.39 %8.38 %7.60 %
14
Horizon Bancorp, Inc. Reports Third Quarter 2026 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,
20262026202620252025
Total stockholders' equity (GAAP)(A)$699,303 $726,189 $699,027 $688,251 $660,771 
Intangible assets (end of period)(B)160,421 161,041 161,716 162,391 163,097 
Total tangible common equity (non-GAAP)(C) = (A) - (B)$538,882 $565,148 $537,311 $525,860 $497,674 
Common shares outstanding(D)51,110,798 51,093,048 51,056,888 50,978,030 50,970,530 
Tangible book value per common share (non-GAAP)(E) = (C) / (D)$10.54 $11.06 $10.52 $10.32 $9.76 
15