Horizon Bancorp 第二季淨收入增逾兩成 淨息差擴闊至4.37%

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Horizon Bancorp, Inc. Reports Second 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:July 22, 2026

FOR IMMEDIATE RELEASE

Horizon Bancorp, Inc. Reports Strong Second Quarter 2026 Results, Highlighted by Continued Peer Leading Profitability Metrics

Michigan City, Indiana, July 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 June 30, 2026.

“Horizon’s results through the first six months of 2026 demonstrated the consistency of our profitability profile and the strength of Horizon’s high quality community banking model. Annualized returns on average assets have maintained around the 1.60% mark, and the net interest margin has been above 4.30%. Despite a notable shift in the interest rate outlook, we believe Horizon’s peer leading profitability metrics will have resiliency going forward", President and CEO, Thomas Prame stated. "We are encouraged by the positive momentum and predictability we see in our business model. Over the first half of 2026, loans and deposits have grown $83 million and $125 million, respectively, which aligns well with our mid-single digit organic growth outlook that is complimented by continued advancement in our fee income verticals and disciplined approach to expense management. We expect this low-volatility, profitability first growth model to drive significant value for our shareholders over time as the business compounds capital at peer-leading levels".

Net income for the three months ended June 30, 2026 was $24.9 million, or $0.49 per diluted share, compared to net income of $26.2 million, or $0.51, for the first quarter of 2026 and net income of $20.6 million, or $0.47 per diluted share, for the second quarter of 2025. As previously announced, results for the second quarter of 2026 were negatively impacted by the pre-tax legal charge of $3.1 million, or $0.05 per diluted share. 

Net income for the six months ended June 30, 2026 was $51.1 million, or $0.99 per diluted share, compared to net income of $44.6 million, or $1.01, for the six months ended June 30, 2025. 

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Horizon Bancorp, Inc. Reports Second Quarter 2026 Results

Second 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 of 1.54% and a return on average tangible common equity of 18.05%, despite the legal charge. 

•Net interest income of $63.5 million increased 14.7% compared with $55.4 million in the year ago period. The net interest margin, on a fully taxable equivalent ("FTE") basis1, at 4.37% showed strong quarter over quarter expansion from 4.29% as of the three months ended March 31, 2026, and was significantly higher than the 3.23% reported in the comparable year ago period. 

•Funding continues to trend favorably, with non-time deposit balances continuing to grow and total interest-bearing deposit costs remaining low, still down 33 basis points year over year. 

•Total loans held for investment ("HFI") increased 6.6% compared to the linked quarter annualized, with strong organic commercial loan growth of $63.5 million, or 7.4% annualized, led by commercial and industrial loans. Loan pipelines continue to be consistent, reflective of Horizon’s attractive markets and embedded community banking model. 

•Credit quality remained strong, with annualized net charge offs of 0.05% of average loans during the second quarter. Non-performing assets remain well within expected and historical ranges, with non-performing assets to total assets of 0.66%. 

•Expenses for the second quarter were well managed at $43.8 million, including the $3.1 million legal charge, as the Company remains committed to generating 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 Second Quarter 2026 Results

Financial Highlights
(Dollars in Thousands Except Share and Per Share Data and Ratios)
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Income statement:
Net interest income$63,490 $62,240 $63,476 $58,386 $55,355 
Provision for credit losses 916 391 1,630 (3,572)2,462 
Non-interest income (loss)12,014 11,243 11,463 (295,334)10,920 
Non-interest expense43,844 40,747 40,615 52,952 39,417 
Income tax expense (benefit)5,836 6,177 5,773 (64,338)3,752 
Net Income (Loss)$24,908 $26,168 $26,921 $(221,990)$20,644 

Per share data:
Basic earnings (loss) per share$0.49 $0.51 $0.53 $(4.69)$0.47 
Diluted earnings (loss) per share0.49 0.51 0.53 (4.69)0.47 
Cash dividends declared per common share0.16 0.16 0.16 0.16 0.16 
Book value per common share14.21 13.69 13.50 12.96 18.06 
Market value - high20.29 18.68 18.47 16.88 15.88 
Market value - low16.76 15.57 15.04 15.01 12.92 
Weighted average shares outstanding - Basic51,082,827 50,987,426 50,975,693 47,311,642 43,794,490 
Weighted average shares outstanding - Diluted51,304,962 51,243,002 51,277,134 47,311,642 44,034,663 
Common shares outstanding (end of period)51,093,048 51,056,888 50,978,030 50,970,530 43,801,507 

Key ratios:
Return on average assets1.54 %1.62 %1.63 %(12.07)%1.09 %
Return on average stockholders' equity13.97 14.99 15.71 (120.37)10.49 
Total equity to total assets11.05 10.65 10.69 9.84 10.34 
Total loans to deposit ratio91.93 90.15 92.62 87.41 87.52 
Allowance for credit losses to HFI loans1.05 1.05 1.05 1.04 1.09 
Annualized net charge-offs of average total loans (1)
0.05 0.05 0.08 0.07 0.02 
Efficiency ratio58.07 55.45 54.20 (22.35)59.47 

Key metrics (Non-GAAP) (2)

Net FTE interest margin4.37 %4.29 %4.29 %3.52 %3.23 %
Return on average tangible common equity18.05 19.02 20.66 (155.03)13.24 
Tangible common equity to tangible assets8.81 8.39 8.38 7.60 8.37 
Tangible book value per common share$11.06 $10.52 $10.32 $9.76 $14.32 

(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 Second Quarter 2026 Results

Income Statement Highlights

Net Interest Income

Net interest income was $63.5 million in the second quarter of 2026, compared to $62.2 million in the first quarter of 2026, driven by the continued strength of the Company's net FTE interest margin1, which increased to 4.37% for the second quarter of 2026, compared to 4.29% the first quarter of 2026. The margin's resilience is reflective of continued disciplined loan and deposit pricing, a favorable cash reinvestment profile and strong commercial loan growth during the quarter.

Provision for Credit Losses

During the second quarter of 2026, the Company recorded a provision for credit losses of $0.9 million. This compares to a recorded provision for credit losses of $0.4 million during the first quarter of 2026, and $2.5 million during the second quarter of 2025. The increase in the provision for credit losses during the second quarter of 2026 when compared with the first quarter of 2026 was primarily due to net loan growth and an increase in specific reserves on select commercial loans. 

For the second 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 $0.6 million, or an annualized 0.05% of average loans outstanding for the first quarter of 2026, and net charge-offs of $0.3 million, or an annualized 0.02% of average loans outstanding, in the second quarter of 2025. 

The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.05% at June 30, 2026, consistent with March 31, 2026, and down from 1.09% at June 30, 2025. 

Non-Interest Income

For the Quarter EndedJune 30,March 31,December 31,September 30,June 30,
(Dollars in Thousands)20262026202520252025
Non-interest (Loss) Income
Service charges on deposit accounts$3,376 $3,524 $3,341 $3,474 $3,208 
Wire transfer fees67 63 66 71 69 
Interchange fees3,595 3,373 3,445 3,510 3,403 
Fiduciary activities1,501 1,556 1,560 1,363 1,251 
Gain (loss) on sale of investment securities— — 1 (299,132)— 
Gain on sale of mortgage loans1,576 1,090 1,296 1,208 1,219 
Mortgage servicing income net of impairment350 337 352 351 375 
Increase in cash value of bank owned life insurance345 333 360 379 346 
Other income (loss)1,204 967 1,042 (6,558)1,049 
Total non-interest (loss) income$12,014 $11,243 $11,463 $(295,334)$10,920 

Total non-interest income was $12.0 million in the second quarter of 2026, compared to non-interest income of $11.2 million in the first quarter of 2026. The increase in non-interest income of $0.8 million is primarily attributable to an increase in gains on the sale of mortgage loans, due to increased volumes and wider margins on loan sales, and higher activity-based interchange fees. 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 Second Quarter 2026 Results

Non-Interest Expense

For the Quarter EndedJune 30,March 31,December 31,September 30,June 30,
(Dollars in Thousands)20262026202520252025
Non-interest Expense
Salaries and employee benefits$24,194 $23,187 $21,895 $22,698 $22,731 
Net occupancy expenses3,698 4,197 3,718 3,321 3,127 
Data processing3,631 3,353 3,128 2,933 2,951 
Professional fees(64)929 1,083 808 735 
Outside services and consultants2,537 2,764 3,035 3,844 3,278 
Loan expense1,417 1,219 1,183 1,237 1,231 
FDIC insurance expense1,003 1,023 1,251 1,345 1,216 
Core deposit intangible amortization675 675 706 706 816 

Prepayment penalties— — — 12,680 — 
Other losses115 192 732 131 245 
Other expense6,638 3,208 3,884 3,249 3,087 
Total non-interest expense$43,844 $40,747 $40,615 $52,952 $39,417 

Total non-interest expense was $43.8 million in the second quarter of 2026, compared to $40.7 million in the first quarter of 2026. The increase was driven by the previously announced legal charge for $3.1 million in other expense. The accrual will remain in place until the Company has finalized the appeal process. Apart from this item, increases in salary expense and planned marketing spend were offset by lower benefits expense, seasonal declines in occupancy costs and lower professional fees. All other components of non-interest expense remained relatively stable quarter over quarter.

Income Taxes

Horizon recorded a net tax expense of $5.8 million for the second quarter of 2026, resulting in an effective tax rate of 19.0%, which is consistent with the Company's estimated annual effective tax rate. 

Balance Sheet Highlights

Total assets increased by $9.9 million, or 0.2%, to $6.6 billion as of June 30, 2026, compared to $6.6 billion as of March 31, 2026. Asset growth during the period was primarily driven by an increase in loans HFI and an increase in investment securities of $15.5 million, partially offset by a decrease in interest earning deposits of $45.1 million, a decrease in FHLB stock of $38.3 million and a decrease in loans held for sale of $4.7 million. Total loans were $5.0 billion at June 30, 2026, an increase of $75.9 million from March 31, 2026 balances, primarily driven by organic commercial loan growth.

Total deposits decreased by $22.1 million, or 0.4%, to $5.4 billion as of June 30, 2026 compared to March 31, 2026. The decrease was driven by a $59.5 million decrease in time deposits and a $39.1 million decrease in non-interest-bearing demand deposits. The decrease was partially offset by an increase of $52.6 million in interest-bearing deposits and a $23.9 million increase in savings and money market balances, reflecting continued success in core deposit gathering efforts. 

Overall, balance sheet growth during the quarter reflected a combination of steady asset growth, proactive liquidity management, and ongoing efforts to 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. 
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Horizon Bancorp, Inc. Reports Second 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 June 30, 2026:

For the Quarter EndedJune 30,March 31,December 31,September 30,
2026*202620252025
Consolidated Capital Ratios
Total capital (to risk-weighted assets)15.01 %14.76 %14.36 %15.00 %
Tier 1 capital (to risk-weighted assets)12.17 11.90 11.51 11.27 
Common equity tier 1 capital (to risk-weighted assets)11.09 10.81 10.42 10.17 
Tier 1 capital (to average assets)10.17 9.84 9.55 8.22 
*Preliminary estimate - may be subject to change

As of June 30, 2026, the ratio of total stockholders’ equity to total assets is 11.05%. Book value per common share was $14.21, increasing $0.52 during the second quarter of 2026, as growth in retained earnings was partially offset by modestly higher levels of other comprehensive losses.

Tangible common equity1 totaled $565.1 million at June 30, 2026, and the ratio of tangible common equity to tangible assets1 was 8.81% at June 30, 2026, up from 8.39% at March 31, 2026. Tangible book value, which excludes intangible assets from total equity, per common share was $11.06, increasing $0.54 during the second quarter of 2026. 

Credit Quality

As of June 30, 2026, total non-accrual loans decreased by $2.5 million from March 31, 2026, and represent 0.65% of total loans held for investment. Total non-performing assets decreased $0.3 million, to $43.7 million, compared with $44.0 million at March 31, 2026. Non-performing assets are 0.66% of total assets at quarter end, down slightly from 0.67% at March 31, 2026. 

For the quarter ended June 30, 2026, net charge-offs were $0.6 million, or 0.05% annualized of average loans, consistent with $0.6 million as of March 31, 2026. 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 Second Quarter 2026 Results

Earnings Conference Call

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

Participants may access the live conference call on July 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 August 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 6151989.

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 Second 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 Second Quarter 2026 Results

Condensed Consolidated Statements of Income
(Dollars in Thousands Except Per Share Data, Unaudited)
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Interest Income
Loans receivable$77,740 $75,104 $77,238 $79,561 $78,618 
Investment securities - taxable7,248 7,494 7,688 6,631 5,941 
Investment securities - tax-exempt2,583 2,544 2,498 4,581 6,088 
Other937 1,509 1,864 2,063 830 
Total interest income88,508 86,651 89,288 92,836 91,477 
Interest Expense
Deposits20,479 19,944 21,228 25,726 26,053 
Borrowed funds1,655 1,654 1,749 5,924 8,171 
Subordinated notes1,904 1,830 1,811 1,731 829 
Junior subordinated debentures issued to capital trusts980 983 1,024 1,069 1,070 
Total interest expense25,018 24,411 25,812 34,450 36,123 
Net Interest Income63,490 62,240 63,476 58,386 55,354 
Provision for credit losses 916 391 1,630 (3,572)2,462 
Net Interest Income after Provision for Credit Losses62,574 61,849 61,846 61,958 52,892 
Non-interest Income
Service charges on deposit accounts3,376 3,524 3,341 3,474 3,208 
Wire transfer fees67 63 66 71 69 
Interchange fees3,595 3,373 3,445 3,510 3,403 
Fiduciary activities1,501 1,556 1,560 1,363 1,251 
Gain (loss) on sale of investment securities— — 1 (299,132)— 
Gain on sale of mortgage loans1,576 1,090 1,296 1,208 1,219 
Mortgage servicing income net of impairment350 337 352 351 375 
Increase in cash value of bank owned life insurance345 333 360 379 346 
Other income (loss)1,204 967 1,042 (6,558)1,049 
Total non-interest income (loss)12,014 11,243 11,463 (295,334)10,920 
Non-interest Expense
Salaries and employee benefits24,194 23,187 21,895 22,698 22,731 
Net occupancy expenses3,698 4,197 3,718 3,321 3,127 
Data processing3,631 3,353 3,128 2,933 2,951 
Professional fees(64)929 1,083 808 735 
Outside services and consultants2,537 2,764 3,035 3,844 3,278 
Loan expense1,417 1,219 1,183 1,237 1,231 
FDIC insurance expense1,003 1,023 1,251 1,345 1,216 
Core deposit intangible amortization675 675 706 706 816 

Prepayment penalties— — — 12,680 — 
Other losses115 192 732 131 245 
Other expense6,638 3,208 3,884 3,249 3,087 
Total non-interest expense43,844 40,747 40,615 52,952 39,417 
Income (Loss) Before Income Taxes30,744 32,345 32,694 (286,328)24,395 
Income tax expense (benefit)5,836 6,177 5,773 (64,338)3,752 
Net Income (Loss)$24,908 $26,168 $26,921 $(221,990)$20,643 
Basic Earnings (Loss) Per Share$0.49 $0.51 $0.53 $(4.69)$0.47 
Diluted Earnings (Loss) Per Share0.49 0.51 0.53 (4.69)0.47 

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Horizon Bancorp, Inc. Reports Second Quarter 2026 Results

Condensed Consolidated Balance Sheet
(Dollars in Thousands, Unaudited)
Three Months Ended for the Period
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Assets
Interest earning assets
Federal funds sold$— $— $— $— $2,024 
Interest earning deposits145,571 190,717 72,646 381,860 34,174 

Federal Home Loan Bank stock7,418 45,713 45,713 45,713 45,412 
Investment securities, held for trading3,885 3,983 3,883 598 — 
Investment securities, available for sale897,764 882,168 875,414 883,242 231,999 
Investment securities, held to maturity— — — — 1,819,087 
Loans held for sale5,147 9,821 9,778 1,921 2,994 
Gross loans held for investment (HFI)4,959,120 4,878,549 4,876,542 4,823,669 4,985,582 
Total Interest earning assets6,018,905 6,010,951 5,883,976 6,137,003 7,121,272 
Non-interest earning assets
Allowance for credit losses(51,921)(51,297)(51,299)(50,178)(54,399)
Cash72,378 68,354 66,813 76,395 101,719 
Cash value of life insurance37,410 37,065 36,732 37,762 37,755 
Other assets215,032 217,649 215,460 226,247 148,773 
Goodwill155,211 155,211 155,211 155,211 155,211 
Other intangible assets5,829 6,505 7,180 7,886 8,592 
Premises and equipment, net90,939 90,763 92,805 93,413 93,398 
Interest receivable30,377 29,015 29,733 28,758 39,730 
Total non-interest earning assets555,255 553,265 552,635 575,494 530,779 
Total assets$6,574,160 $6,564,216 $6,436,611 $6,712,497 $7,652,051 
Liabilities
Savings and money market deposits$3,195,553 $3,119,034 $3,094,231 $3,198,332 $3,385,413 
Time deposits1,104,316 1,163,807 1,102,478 1,199,681 1,193,180 
Borrowings153,707 159,825 160,118 160,206 880,336 
Repurchase agreements69,278 66,004 88,468 86,966 95,089 
Subordinated notes98,318 98,262 98,215 154,011 55,807 
Junior subordinated debentures issued to capital trusts57,789 57,740 57,688 57,636 57,583 
Total interest earning liabilities4,678,961 4,664,672 4,601,198 4,856,832 5,667,408 
Non-interest bearing deposits1,100,355 1,139,466 1,078,708 1,122,888 1,121,163 
Interest payable10,862 8,537 12,892 12,395 14,007 
Other liabilities57,793 52,514 55,562 59,611 58,621 
Total liabilities5,847,971 5,865,189 5,748,360 6,051,726 6,861,199 
Stockholders’ Equity
Preferred stock— — — — — 
Common stock— — — — — 
Additional paid-in capital460,610 459,799 459,243 458,734 360,758 
Retained earnings289,594 272,941 255,004 236,312 466,497 
Accumulated other comprehensive (loss)(24,015)(33,713)(25,996)(34,275)(36,403)
Total stockholders’ equity726,189 699,027 688,251 660,771 790,852 
Total liabilities and stockholders’ equity$6,574,160 $6,564,216 $6,436,611 $6,712,497 $7,652,051 

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Horizon Bancorp, Inc. Reports Second Quarter 2026 Results

Loans and Deposits
(Dollars in Thousands, Unaudited)
June 30,March 31,December 31,September 30,June 30,% Change
20262026202520252025Q2'26 vs Q1'26Q2'26 vs Q2'25
Loans:
Commercial real estate$2,445,173 $2,443,582 $2,421,863 $2,366,956 $2,321,951 — %5 %
Commercial & Industrial1,085,008 1,023,068 1,010,545 989,609 976,740 6 %11 %
Total commercial3,530,181 3,466,650 3,432,408 3,356,565 3,298,691 2 %7 %
Residential Real estate755,707 750,108 772,427 783,850 786,026 1 %(4)%

Consumer673,232 661,791 671,707 683,254 900,865 2 %(25)%
Total loans held for investment4,959,120 4,878,549 4,876,542 4,823,669 4,985,582 2 %(1)%
Loans held for sale5,147 9,821 9,778 1,921 2,994 (48)%72 %
Total loans$4,964,267 $4,888,370 $4,886,320 $4,825,590 $4,988,576 2 %— %

Deposits:
Interest bearing deposits$1,664,367 $1,611,795 $1,639,857 $1,715,471 $1,713,058 3 %(3)%
Savings and money market deposits1,531,186 1,507,239 1,454,374 1,482,861 1,672,355 2 %(8)%
Time deposits1,104,316 1,163,807 1,102,478 1,199,681 1,193,180 (5)%(7)%
Total Interest bearing deposits4,299,869 4,282,841 4,196,709 4,398,013 4,578,593 — %(6)%
Non-interest bearing deposits
Non-interest bearing deposits1,100,355 1,139,466 1,078,708 1,122,888 1,121,164 (3)%(2)%
Total deposits$5,400,224 $5,422,307 $5,275,417 $5,520,901 $5,699,757 — %(5)%

 

11

Horizon Bancorp, Inc. Reports Second Quarter 2026 Results

Average Balance Sheet
(Dollars in Thousands, Unaudited)
Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025

AverageBalanceInterest(4)(6)
Average
Rate(4) 
AverageBalanceInterest(4)(6)
Average
Rate(4) 
AverageBalanceInterest(4)(6)
Average
Rate(4) 

Assets
Interest earning assets
Interest earning deposits (incl. Fed Funds Sold)$101,650 $936 3.69 %$165,084 $1,509 3.71 %$72,993 $830 4.56 %
Federal Home Loan Bank stock15,834 259 6.56 %45,713 551 4.89 %45,412 1,075 9.49 %
Investment securities - taxable (1)584,471 6,990 4.80 %581,146 6,944 4.85 %959,238 4,867 2.03 %
Investment securities - non-taxable (1)314,064 3,270 4.18 %319,276 3,220 4.09 %1,100,731 7,706 2.81 %
Total investment securities898,535 10,260 4.58 %900,422 10,164 4.58 %2,059,969 12,573 2.45 %
Loans receivable (2) (3)4,916,799 78,140 6.37 %4,873,753 75,485 6.28 %4,947,093 79,000 6.41 %
Total interest earning assets5,932,818 89,595 6.06 %5,984,972 87,709 5.94 %7,125,467 93,478 5.26 %
Non-interest earning assets
Cash and due from banks71,692 68,007 86,316 
Allowance for credit losses(51,106)(51,217)(52,560)
Other assets535,339 533,989 472,175 
Total average assets$6,488,743 $6,535,751 $7,631,398 

Liabilities and Stockholders' Equity
Interest bearing liabilities
Interest bearing demand deposits$1,627,013 $5,011 1.24 %$1,638,208 $4,586 1.14 %$1,727,713 $6,803 1.58 %
Saving and money market deposits1,484,771 5,981 1.62 %1,475,444 5,619 1.54 %1,651,866 8,200 1.99 %
Time deposits1,116,139 9,488 3.41 %1,153,484 9,739 3.42 %1,233,582 11,050 3.59 %
Total Deposits4,227,923 20,480 1.94 %4,267,136 19,944 1.90 %4,613,161 26,053 2.27 %
Borrowings150,118 1,435 3.83 %150,229 1,421 3.84 %847,862 7,777 3.68 %
Repurchase agreements67,494 219 1.30 %77,376 233 1.22 %88,058 394 1.79 %
Subordinated notes98,279 1,904 7.77 %98,231 1,830 7.56 %55,785 829 5.96 %
Junior subordinated debentures issued to capital trusts57,758 980 6.81 %57,706 983 6.91 %57,550 1,070 7.46 %
Total interest bearing liabilities4,601,572 25,018 2.18 %4,650,678 24,411 2.13 %5,662,416 36,123 2.56 %
Non-interest bearing liabilities
Demand deposits1,117,113 1,117,930 1,114,982 
Accrued interest payable and other liabilities55,032 59,227 64,465 
Stockholders' equity715,026 707,916 789,535 
Total average liabilities and stockholders' equity$6,488,743 $6,535,751 $7,631,398 
Net FTE interest income (non-GAAP) (5)$64,577 $63,298 $57,355 
Less FTE adjustments (4)1,087 1,058 2,001 
Net Interest Income$63,490 $62,240 $55,354 
Net FTE interest margin (Non-GAAP) (4)(5)4.37 %4.29 %3.23 %
(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 Second Quarter 2026 Results

Credit Quality
(Dollars in Thousands Except Ratios, Unaudited)
Quarter Ended
June 30,March 31,December 31,September 30,June 30,% Change
20262026202520252025Q2'26 vs Q1'26Q2'26 vs Q2'25
Non-accrual loans
Commercial$17,843 $15,761 $14,549 $12,303 $7,547 13 %136 %
Residential Real estate8,454 10,607 10,087 9,256 9,525 (20)%(11)%

Consumer6,004 8,416 7,821 7,799 7,222 (29)%(17)%
Total non-accrual loans32,301 34,784 32,457 29,358 24,294 (7)%33 %
90 days and greater delinquent - accruing interest2,632 2,211 2,489 1,608 2,113 19 %25 %
Total non-performing loans$34,933 $36,995 $34,946 $30,966 $26,407 (6)%32 %

Other real estate owned
Commercial$463 $594 $539 $272 $176 (22)%163 %
Residential Real estate570 631 672 769 463 (10)%23 %

Consumer3,633 1,875 480 480 480 94 %657 %
Total other real estate owned4,666 3,100 1,691 1,521 1,119 51 %317 %

Other non-performing assets (1)
$4,094 $3,935 $3,991 $3,228 $2,937 4 %39 %

Total non-performing assets$43,693 $44,030 $40,628 $35,715 $30,463 (1)%43 %

Loan data:
Accruing 30 to 89 days past due loans$21,296 $19,379 $24,580 $24,784 $31,401 10 %(32)%
Substandard loans64,564 63,419 59,365 63,236 64,100 2 %1 %
Net charge-offs (recoveries)
Commercial$295 $339 $436 $294 $84 (13)%251 %
Residential Real estate46 1 (25)19 52 4500 %(12)%

Consumer264 285 559 518 118 (7)%124 %
Total net charge-offs$605 $625 $970 $831 $254 (3)%138 %

Allowance for credit losses
Commercial$36,122 $34,997 $35,473 $34,390 $34,413 3 %5 %
Residential Real estate2,958 3,183 3,183 3,082 3,229 (7)%(8)%

Consumer12,841 13,117 12,643 12,706 16,757 (2)%(23)%
Total allowance for credit losses$51,921 $51,297 $51,299 $50,178 $54,399 1 %(5)%

Credit quality ratios
Non-accrual loans to HFI loans0.65 %0.71 %0.67 %0.61 %0.49 %
Non-performing assets to total assets0.66 %0.67 %0.63 %0.53 %0.40 %
Annualized net charge-offs of average total loans0.05 %0.05 %0.08 %0.07 %0.02 %
Allowance for credit losses to HFI loans1.05 %1.05 %1.05 %1.04 %1.09 %
(1) Other non-performing assets consist of a single available for sale debt security placed on non-accrual status.

13

Horizon Bancorp, Inc. Reports Second Quarter 2026 Results

Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin
(Dollars in Thousands, Unaudited)
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Interest income (GAAP)(A)$88,508 $86,651 $89,288 $92,836 $91,477 
Taxable-equivalent adjustment:
   Investment securities - tax exempt (1)686 676 665 1,218 1,619 
   Loan receivable (2)402 381 390 379 382 
Interest income (non-GAAP)(B)89,596 87,708 90,343 94,433 93,478 
Interest expense (GAAP)(C)25,018 24,411 25,812 34,450 36,123 
Net interest income (GAAP)(D) =(A) - (C)$63,490 $62,240 $63,476 $58,386 $55,354 
Net FTE interest income (non-GAAP)(E) = (B) - (C)$64,578 $63,297 $64,531 $59,983 $57,355 
Average interest earning assets(F)5,932,818 5,984,972 5,967,328 6,766,742 7,125,467 
Net FTE interest margin (non-GAAP)(G) = (E*) / (F)4.37 %4.29 %4.29 %3.52 %3.23 %

(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
June 30,March 31,December 31,September 30,June 30,
20262026202520252025

Net income (loss) (GAAP)(A)$24,908 $26,168 $26,921 $(221,990)$20,644 
​
Average stockholders' equity(B)$715,026 $707,916 $679,821 $731,657 $789,535 
Average intangible assets(C)161,471 162,148 162,838 163,552 164,320 
Average tangible equity (Non-GAAP)(D) = (B) - (C)$553,555 $545,768 $516,983 $568,105 $625,215 
Return on average tangible common equity ("ROACE") (non-GAAP)(E) = (A*) / (D)18.05 %19.02 %20.66 %(155.03)%13.24 %
*Annualized

Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Total stockholders' equity (GAAP)(A)$726,189 $699,027 $688,251 $660,771 $790,852 
Intangible assets (end of period)(B)161,041 161,716 162,391 163,097 163,803 
Total tangible common equity (non-GAAP)(C) = (A) - (B)$565,148 $537,311 $525,860 $497,674 $627,049 

Total assets (GAAP)(D)$6,574,160 $6,564,216 $6,436,612 $6,712,497 $7,652,051 
Intangible assets (end of period)(B)161,041 161,716 162,391 163,097 163,803 
Total tangible assets (non-GAAP)(E) = (D) - (B)$6,413,119 $6,402,500 $6,274,221 $6,549,400 $7,488,248 

Tangible common equity to tangible assets (Non-GAAP)(G) = (C) / (E)8.81 %8.39 %8.38 %7.60 %8.37 %

14

Horizon Bancorp, Inc. Reports Second Quarter 2026 Results

Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Total stockholders' equity (GAAP)(A)$726,189 $699,027 $688,251 $660,771 $790,852 
Intangible assets (end of period)(B)161,041 161,716 162,391 163,097 163,803 
Total tangible common equity (non-GAAP)(C) = (A) - (B)$565,148 $537,311 $525,860 $497,674 $627,049 
Common shares outstanding(D)51,093,048 51,056,888 50,978,030 50,970,530 43,801,507 

Tangible book value per common share (non-GAAP)(E) = (C) / (D)$11.06 $10.52 $10.32 $9.76 $14.32 

15