• Horizon Bancorp, Inc. Reports Third Quarter 2023 Results

    Источник: Nasdaq GlobeNewswire / 25 окт 2023 15:05:02   America/Chicago

    MICHIGAN CITY, Ind., Oct. 25, 2023 (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 and nine months ended September 30, 2023.

    “Horizon's third quarter performance demonstrated our diversified lending platform's ability to produce solid growth while successfully continuing to shift our loan mix to higher yielding assets. This strategy paired with the strength of our credit culture will continue to add value over time,” President and Chief Executive Officer Thomas M. Prame said. “Horizon's core deposit funding base remained stable and our business units provided another promising quarter of non–interest income results. Recognizing the near term headwinds facing the banking industry, Horizon remains dedicated to disciplined expense management and prudently deploying resources into new revenue opportunities that can quickly realize positive momentum.”

    Third Quarter 2023 Highlights

    • Net income was $16.2 million or $0.37 per diluted share. This compared to $18.8 million or $0.43 in the second quarter of 2023, which included an after–tax benefit of approximately $1.1 million, or $0.02 per share on a non–recurring swap termination fee.

    • Loans totaled $4.36 billion at period end, increasing by 8.2% annualized during the quarter and 6.4% annualized since December 31, 2022. Commercial loan growth totaled $83.0 million, increasing by 13.1% annualized during the quarter and 6.6% annualized since December 31, 2022.

    • Deposits remained resilient, totaling $5.7 billion at period end, compared to $5.7 billion on June 30, 2023. Brokered deposits and wholesale borrowing levels were consistent with second quarter balances.

    • Net interest income was $42.1 million. This compared to $46.2 million in the linked quarter, which benefited from the aforementioned non–recurring swap termination fee by $1.5 million.

    • Non–interest income expanded to $11.8 million from $11.0 million in the linked quarter, primarily due to higher mortgage–related revenue.

    • Well–managed non–interest expense was $36.2 million, or 1.81% of average assets annualized. Results slightly improved from the second quarter, even with an additional $460,000 in FDIC insurance expense.

    • Maintained sound asset quality, with 30 to 89 days delinquent loans representing 0.30% of total loans and non–performing loans representing 0.45% of total loans at period end, as well as net charge–offs representing 0.02% of average loans during the quarter.

    • Horizon's dividend performance included a 5.99% yield as of September 30, 2023, with cash maintained at the holding company level representing approximately eight quarters of dividend payments and fixed costs.

    Summary

      For the Three Months Ended
      September 30, June 30, September 30,
    Net Interest Income and Net Interest Margin  2023   2023   2022 
    Net interest income $42,090  $46,160  $51,861 
    Net interest margin  2.41%  2.69%  3.04%
    Adjusted net interest margin  2.38%  2.57%  2.99%


      For the Three Months Ended
      September 30, June 30, September 30,
    Asset Yields and Funding Costs 2023 2023 2022
    Interest earning assets 4.48% 4.39% 3.58%
    Interest bearing liabilities 2.52% 2.10% 0.69%


      For the Three Months Ended
    Non-interest Income and  September 30, June 30, September 30,
    Mortgage Banking Income  2023  2023  2022
    Total non–interest income $11,830 $10,997 $10,188
    Gain on sale of mortgage loans  1,582  1,005  1,441
    Mortgage servicing income net of impairment  631  640  355


      For the Three Months Ended
      September 30, June 30, September 30,
    Non-interest Expense  2023   2023   2022 
    Total non–interest expense $36,168  $36,262  $36,816 
    Annualized non–interest expense to average assets  1.81%  1.86%  1.91%


      For the Three Months Ended
      September 30, June 30, September 30,
    Credit Quality 2023 2023 2022
    Allowance for credit losses to total loans 1.14% 1.17% 1.27%
    Non–performing loans to total loans 0.45% 0.52% 0.47%
    Percent of net charge–offs to average loans outstanding for the period 0.02% 0.01% 0.00%
              


      September 30, Net Reserve December 31,
    Allowance for Credit Losses  2023  3Q23 2Q23 1Q23  2022 
    Commercial $29,472  $(882) $(802) $(1,289) $32,445 
    Retail Mortgage  2,794   (854)  (799)  (1,130)  5,577 
    Warehouse  714   (179)  95   (222)  1,020 
    Consumer  16,719   1,638   1,956   1,703   11,422 
    Allowance for Credit Losses (“ACL”) $49,699  $(277) $450  $(938) $50,464 
    ACL / Total Loans  1.14%        1.21%
    Acquired Loan Discount (“ALD”) $5,148  $(371) $(639) $(121) $6,279 
                         

    “Our historical conservative credit culture remains a strength of Horizon as displayed by our third quarter asset quality metrics,” Mr. Prame added. “We believe our focus on lending to well–qualified borrowers, the teams' proactive and proven approach to loss mitigation, and our focus on building a diverse portfolio will further position us well to traverse a fluid economic outlook.”

    Income Statement Highlights

    Net income for the third quarter of 2023 was $16.2 million, or $0.37 diluted earnings per share, compared to $18.8 million, or $0.43, for the linked quarter and $23.8 million, or $0.55, for the prior year period. The change in net income for the third quarter of 2023 when compared to the linked quarter, reflects growth in non–interest income of $833,000 and decreases in credit loss expense of $417,000, income tax expense of $168,000 and non–interest expense of $94,000, offset by a decrease in net interest income of $4.1 million.

    Net interest income was $42.1 million in the third quarter of 2023, compared to $46.2 million in the linked quarter which benefited from a swap termination fee of $1.5 million.

    Total non–interest income of $11.8 million was $833,000 higher in the third quarter of 2023 when compared to the second quarter of 2023, primarily due to a $615,000 increase in other income and a $577,000 increase in gain on sale of mortgage loans, offset by a decrease of $398,000 in interchange fees.

    Total non–interest expense was $94,000 lower in the third quarter of 2023 when compared to the second quarter of 2023, primarily due to a $277,000 decrease in loan expense, a $199,000 decrease in outside services and consultants and a $119,000 decrease in other expense, offset by an increase $460,000 increase in FDIC insurance expense from the linked quarter.

    Horizon's effective tax rate was 7.3% for the third quarter of 2023, with income tax expense of $1.3 million decreasing $168,000 when compared to the second quarter of 2023.

    Net Interest Margin

    Horizon’s net interest margin (“NIM”) was 2.41% for the third quarter of 2023. This compared to 2.69% for the second quarter of 2023, when NIM benefited by approximately 0.08% from a non–recurring swap termination fee.

    Net interest margin, excluding the aforementioned swap termination fee in the linked quarter and acquisition–related purchase accounting adjustments (“adjusted net interest margin”), was 2.38% for the third quarter of 2023, compared to 2.57% for the linked quarter. (See the “Non–GAAP Reconciliation of Net Interest Margin” table below).

    Lending Activity

    Total loan balances and loans held for sale increased to $4.36 billion on September 30, 2023 compared to $4.27 billion on June 30, 2023. During the three months ended September 30, 2023, commercial loans increased $83.0 million, consumer loans increased $25.6 million and residential mortgage loans increased $648,000, offset by a decrease in mortgage warehouse loans of $16.4 million and loans held for sale of $4.1 million.

    Lending activity in the third quarter was led by strong results of our relationship banking model in commercial lending. Mortgage banking activities aligned with client demand in a continuing rising interest rate environment, while the lift in consumer balances was primarily in home equity loans, which offset a decrease in indirect auto lending. These results reflect the continued strategic shift of the organization to focus on higher yielding assets.

    Loan Growth by Type
    (Dollars in Thousands, Unaudited)
      September 30, June 30, QTD QTD Annualized
      2023 2023 $ Change % Change % Change
    Commercial $2,589,244 $2,506,279 $82,965  3.3% 13.1%
    Residential mortgage  675,399  674,751  648  0.1% 0.4%
    Mortgage warehouse  65,923  82,345  (16,422) (19.9)% (79.1)%
    Consumer  1,028,436  1,002,885  25,551  2.5% 10.1%
    Total loans  4,359,002  4,266,260  92,742  2.6% 8.6%
    Loans held for sale  2,828  6,933  (4,105) (59.2)% (234.9)%
    Total loans and loans held for sale $4,361,830 $4,273,193 $88,637  2.5% 8.2%
                     

    Deposit Activity

    Total deposit balances of $5.70 billion on September 30, 2023 decreased 0.16% compared to $5.71 billion on June 30, 2023.

    The deposit mix at the end of the third quarter of 2023 represented the demand for clients to earn more interest on their excess funds and consumers spending excess liquidity. The Bank's tenured and granular core deposit relationships remain steadfast, reflecting the value of Horizon's relationship banking model and local community engagement.

    Deposit Growth by Type
    (Dollars in Thousands, Unaudited)
     September 30, June 30, QTD QTD Annualized
     2023 2023 $ Change % Change % Change
    Non–interest bearing$1,126,703 $1,170,055 $        (43,352) (3.7)% (15.0)%
    Interest bearing 3,322,788  3,289,474  33,314  1.0% 4.1%
    Time deposits 1,250,606  1,249,803  803  0.1% 0.3%
    Total deposits$5,700,097 $5,709,332 $(9,235) (0.2)% (0.7)%
                    

    Capital

    The capital resources of the Company and the Bank continued to exceed regulatory capital ratios for “well capitalized” banks at September 30, 2023. Stockholders’ equity totaled $693.4 million at September 30, 2023 and the ratio of average stockholders’ equity to average assets was 8.99% for the nine months ended September 30, 2023.

    Tangible book value, which excludes intangible assets from total equity, per common share (“TBVPS”) was $12.00, decreasing $0.34 during the third quarter of 2023, as meaningfully higher interest rates led to unrealized net losses on securities available for sale (“AFS”) of $2.83 per common share, reducing accumulated other comprehensive income (“AOCI”) by $25.5 million in the three months ending September 30, 2023. TBVPS increased by $0.41 during the first nine months of the year. Tangible common equity was changed modestly to 6.72% of tangible assets as of September 30, 2023, a decrease of 19 basis points during the quarter but still elevated by 16 basis points since December 31, 2022.

    The following table presents the actual regulatory capital dollar amounts and ratios of the Company and the Bank as of September 30, 2023.

      Actual Required for Capital Adequacy Purposes Required for Capital Adequacy Purposes with Capital Buffer Well Capitalized
    Under Prompt Corrective Action Provisions
      $ Ratio $ Ratio $ Ratio $ Ratio
    Total capital (to risk–weighted assets)                
    Consolidated $812,586 14.55% $446,920 8.00% $586,582 10.50% N/A N/A 
    Bank  741,748 13.28%  446,733 8.00%  586,337 10.50% $558,416 10.00%
    Tier 1 capital (to risk–weighted assets)                
    Consolidated  762,887 13.66%  335,190 6.00%  474,852 8.50% N/A N/A 
    Bank  692,049 12.39%  335,050 6.00%  474,654 8.50%  446,733 8.00%
    Common equity tier 1 capital (to risk–weighted assets)                
    Consolidated  646,716 11.58%  251,392 4.50%  391,055 7.00% N/A N/A 
    Bank  692,049 12.39%  251,287 4.50%  390,891 7.00%  362,971 6.50%
    Tier 1 capital (to average assets)                
    Consolidated  762,887 9.98%  305,700 4.00%  305,700 4.00% N/A N/A 
    Bank  692,049 8.94%  309,532 4.00%  309,532 4.00%  386,915 5.00%

    Liquidity

    The Bank maintains a stable base of core deposits provided by long–standing and new relationships with individuals and local businesses. These deposits are the principal source of liquidity for Horizon. Other sources of liquidity for Horizon include earnings, loan repayments, investment security cash flows, proceeds from the sale of residential mortgage loans, unpledged investment securities and borrowing relationships with correspondent banks, including the Federal Home Loan Bank of Indianapolis (the “FHLB”). On September 30, 2023, in addition to liquidity available from the normal operating, funding, and investing activities of Horizon, the Bank had approximately $1.64 billion in unused credit lines with various money center banks, including the FHLB and the Federal Reserve Bank. The Bank had approximately $622.9 million of unpledged investment securities on September 30, 2023.

    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: current financial conditions within the banking industry, including the effects of recent failures of other financial institutions, liquidity levels, and responses by the Federal Reserve, Department of the Treasury, and the Federal Deposit Insurance Corporation to address these issues; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the ability of Horizon to remediate its material weaknesses in its internal control over financial reporting; continuing increases in inflation; 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; economic conditions and their impact on Horizon and its customers, including local and global economic recovery from the pandemic; 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; material changes outside the U.S. or in overseas relations, including changes in U.S. trade relations related to imposition of tariffs, Brexit, and the phase out of the London Interbank Offered Rate (“LIBOR”); the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict; and 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.

    Financial Highlights
    (Dollars in Thousands, Unaudited)
       
      September 30, June 30, March 31, December 31, September 30,
      2023 2023 2023 2022 2022
    Balance sheet:          
    Total assets $7,959,434 $7,963,353 $7,897,995 $7,872,518 $7,718,695
    Interest earning deposits & federal funds sold  76,293  119,637  30,221  12,233  7,302
    Interest earning time deposits  2,207  2,452  3,098  2,812  2,814
    Investment securities  2,831,651  2,889,309  2,958,978  3,020,306  3,017,191
    Commercial loans  2,589,244  2,506,279  2,505,459  2,467,422  2,403,743
    Mortgage warehouse loans  65,923  82,345  52,957  69,529  73,690
    Residential mortgage loans  675,399  674,751  662,459  653,292  634,901
    Consumer loans  1,028,436  1,002,885  1,026,076  967,755  919,198
    Total loans  4,359,002  4,266,260  4,246,951  4,157,998  4,031,532
    Earning assets  7,306,490  7,319,100  7,273,921  7,225,833  7,087,368
    Non–interest bearing deposit accounts  1,126,703  1,170,055  1,231,845  1,277,768  1,315,155
    Interest bearing transaction accounts  3,322,788  3,289,474  3,402,525  3,582,891  3,736,798
    Time deposits  1,250,606  1,249,803  1,067,575  997,115  778,885
    Total deposits  5,700,097  5,709,332  5,701,945  5,857,774  5,830,838
    Borrowings  1,356,510  1,352,039  1,311,927  1,142,949  1,048,091
    Subordinated notes  59,007  58,970  58,933  58,896  58,860
    Junior subordinated debentures issued to capital trusts  57,201  57,143  57,087  57,027  56,966
    Total stockholders’ equity  693,369  709,243  702,559  677,375  644,993
                    


    Financial Highlights
    (Dollars in Thousands Except Share and Per Share Data and Ratios, Unaudited)
      Three Months Ended
      September 30, June 30, March 31, December 31, September 30,
       2023   2023   2023   2022   2022 
    Income statement:          
    Net interest income $42,090  $46,160  $45,237  $48,782  $51,861 
    Credit loss expense (recovery)  263   680   242   (69)  (601)
    Non–interest income  11,830   10,997   9,620   10,674   10,188 
    Non–interest expense  36,168   36,262   34,524   35,711   36,816 
    Income tax expense  1,284   1,452   1,863   2,649   2,013 
    Net income $16,205  $18,763  $18,228  $21,165  $23,821 
               
    Per share data:          
    Basic earnings per share $0.37  $0.43  $0.42  $0.49  $0.55 
    Diluted earnings per share  0.37   0.43   0.42   0.48   0.55 
    Cash dividends declared per common share  0.16   0.16   0.16   0.16   0.16 
    Book value per common share  15.89   16.25   16.11   15.55   14.80 
    Tangible book value per common share  12.00   12.34   12.17   11.59   10.82 
    Market value – high  12.68   11.10   16.32   20.00   20.59 
    Market value – low $9.90  $7.75  $10.31  $14.51  $16.74 
    Weighted average shares outstanding – Basis  43,646,609   43,639,987   43,583,554   43,574,151   43,573,370 
    Weighted average shares outstanding – Diluted  43,796,069   43,742,588   43,744,721   43,667,953   43,703,793 
               
    Key ratios:          
    Return on average assets  0.81%  0.96%  0.94%  1.09%  1.24%
    Return on average common stockholders’ equity  8.99   10.59   10.66   12.72   13.89 
    Net interest margin  2.41   2.69   2.67   2.85   3.04 
    Allowance for credit losses to total loans  1.14   1.17   1.17   1.21   1.27 
    Average equity to average assets  9.03   9.07   8.86   8.55   8.91 
    Efficiency ratio  67.08   63.44   62.93   60.06   59.33 
    Annualized non–interest expense to average assets  1.81   1.86   1.79   1.84   1.91 
    Bank only capital ratios:          
    Tier 1 capital to average assets  8.94   8.72   8.86   8.89   8.84 
    Tier 1 capital to risk weighted assets  12.39   12.12   12.65   12.72   12.74 
    Total capital to risk weighted assets  13.28   13.03   13.56   13.59   13.65 
                         


    Financial Highlights
    (Dollars in Thousands Except Share and Per Share Data and Ratios, Unaudited)
      Nine Months Ended
      September 30, September 30,
       2023   2022 
    Income statement:    
    Net interest income $133,487  $150,736 
    Credit loss expense (recovery)  1,185   (1,747)
    Non–interest income  32,447   36,777 
    Non–interest expense  106,954   107,490 
    Income tax expense  4,599   9,527 
    Net income $53,196  $72,243 
         
    Per share data:    
    Basic earnings per share $1.22  $1.66 
    Diluted earnings per share  1.21   1.65 
    Cash dividends declared per common share  0.32   0.47 
    Book value per common share  16.25   14.80 
    Tangible book value per common share  12.34   10.82 
    Market value – high  16.32   23.45 
    Market value – low $7.75  $16.72 
    Weighted average shares outstanding – Basis  43,611,926   43,567,028 
    Weighted average shares outstanding – Diluted  43,757,321   43,699,035 
         
    Key ratios:    
    Return on average assets  0.90%  1.29%
    Return on average common stockholders’ equity  10.06   13.97 
    Net interest margin  2.59   3.02 
    Allowance for credit losses to total loans  1.14   1.27 
    Average equity to average assets  8.99   9.25 
    Efficiency ratio  64.46   57.32 
    Annualized non–interest expense to average assets  1.82   1.92 
    Bank only capital ratios:    
    Tier 1 capital to average assets  8.94   8.84 
    Tier 1 capital to risk weighted assets  12.39   12.74 
    Total capital to risk weighted assets  13.28   13.65 
             


    Financial Highlights
    (Dollars in Thousands Except Ratios, Unaudited)
       
      September 30, June 30, March 31, December 31, September 30,
       2023   2023   2023   2022   2022 
    Loan data:          
    Substandard loans $47,624  $41,484  $49,804  $56,194  $57,932 
    30 to 89 days delinquent  13,089   10,913   13,971   10,709   6,970 
               
    Non–performing loans:          
    90 days and greater delinquent – accruing interest  392   1,313   137   92   193 
    Trouble debt restructures – accruing interest           2,570   2,529 
    Trouble debt restructures – non–accrual           1,548   1,665 
    Non–accrual loans  19,056   20,796   19,660   17,630   14,771 
    Total non–performing loans $19,448  $22,109  $19,797  $21,840  $19,158 
    Non–performing loans to total loans  0.45%  0.52%  0.47%  0.52%  0.47%
                         


    Allocation of the Allowance for Credit Losses
    (Dollars in Thousands, Unaudited)
       
      September 30, June 30, March 31, December 31, September 30,
      2023 2023 2023 2022 2022
    Commercial $29,472 $30,354 $31,156 $32,445 $33,806
    Residential mortgage  2,794  3,648  4,447  5,577  5,137
    Mortgage warehouse  714  893  798  1,020  1,024
    Consumer  16,719  15,081  13,125  11,422  11,402
    Total $49,699 $49,976 $49,526 $50,464 $51,369
                    


    Net Charge–offs (Recoveries)
    (Dollars in Thousands Except Ratios, Unaudited)
       
      September 30, June 30, March 31, December 31, September 30,
       2023   2023   2023   2022   2022 
    Commercial $142  $101  $104  $(94) $51 
    Residential mortgage  (39)  (10)  (6)  (8)  (75)
    Mortgage warehouse               
    Consumer  619   183   281   387   162 
    Total $722  $274  $379  $285  $138 
    Percent of net charge–offs (recoveries) to average loans outstanding for the period  0.02%  0.01%  0.01%  0.01%  0.00%
                         


    Total Non–performing Loans
    (Dollars in Thousands Except Ratios, Unaudited)
       
      September 30, June 30, March 31, December 31, September 30,
       2023   2023   2023   2022   2022 
    Commercial $6,969  $8,275  $8,523  $9,330  $7,199 
    Residential mortgage  7,777   8,168   6,926   8,123   8,047 
    Mortgage warehouse               
    Consumer  4,702   5,666   4,348   4,387   3,912 
    Total $19,448  $22,109  $19,797  $21,840  $19,158 
    Non–performing loans to total loans  0.45%  0.52%  0.47%  0.52%  0.47%
                         


    Other Real Estate Owned and Repossessed Assets
    (Dollars in Thousands, Unaudited)
       
      September 30, June 30, March 31, December 31, September 30,
      2023 2023 2023 2022 2022
    Commercial $1,287 $1,567 $1,567 $1,881 $3,206
    Residential mortgage  32  107  203  107  22
    Mortgage warehouse          
    Consumer  72  7  78  152  14
    Total $1,391 $1,681 $1,848 $2,140 $3,242
                    


    Average Balance Sheets
    (Dollars in Thousands, Unaudited)
      Three Months Ended Three Months Ended
      September 30, 2023 September 30, 2022
      Average
    Balance
     Interest Average
    Rate
     Average
    Balance
     Interest Average
    Rate
    Assets            
    Interest earning assets            
    Federal funds sold $92,305  $1,247 5.36% $4,201  $24 2.27%
    Interest earning deposits  8,018   85 4.21%  9,994   41 1.63%
    Investment securities – taxable  1,684,590   8,788 2.07%  1,728,197   8,436 1.94%
    Investment securities – non–taxable (1)  1,220,998   7,002 2.88%  1,384,249   7,478 2.71%
    Loans receivable (2) (3)  4,280,700   63,003 5.86%  3,929,567   45,517 4.61%
    Total interest earning assets  7,286,611   80,125 4.48%  7,056,208   61,496 3.58%
    Non–interest earning assets            
    Cash and due from banks  100,331       99,221     
    Allowance for credit losses  (49,705)      (52,303)    
    Other assets  587,514       531,976     
    Total average assets $7,924,751      $7,635,102     
                 
    Liabilities and Stockholders’ Equity            
    Interest bearing liabilities            
    Interest bearing deposits $4,538,698  $24,704 2.16% $4,478,741  $4,116 0.36%
    Borrowings  1,180,452   10,399 3.50%  813,873   3,756 1.83%
    Repurchase agreements  136,784   825 2.39%  141,283   139 0.39%
    Subordinated notes  58,983   880 5.92%  58,836   880 5.93%
    Junior subordinated debentures issued to capital trusts  57,166   1,227 8.52%  56,928   744 5.19%
    Total interest bearing liabilities  5,972,083   38,035 2.52%  5,549,661   9,635 0.69%
    Non–interest bearing liabilities            
    Demand deposits  1,159,241       1,351,857     
    Accrued interest payable and other liabilities  77,942       53,208     
    Stockholders’ equity  715,485       680,376     
    Total average liabilities and stockholders’ equity $7,924,751      $7,635,102     
                 
    Net interest income / spread   $42,090 1.96%   $51,861 2.89%
    Net interest income as a percent of average interest earning assets (1)     2.41%     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. The average rate is presented on a tax equivalent basis.
    (2) Includes fees on loans. 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. The average rate is presented on a tax equivalent basis.
     


    Average Balance Sheets
    (Dollars in Thousands, Unaudited)
      Nine Months Ended Nine Months Ended
      September 30, 2023 September 30, 2022
      Average
    Balance
     Interest Average
    Rate
     Average
    Balance
     Interest Average
    Rate
    Assets            
    Interest earning assets            
    Federal funds sold $43,976  $1,706 5.19% $82,667  $131 0.21%
    Interest earning deposits  8,597   254 3.95%  15,404   93 0.81%
    Investment securities – taxable  1,706,083   26,253 2.06%  1,715,478   24,499 1.91%
    Investment securities – non–taxable (1)  1,258,345   21,617 2.91%  1,346,173   21,482 2.70%
    Loans receivable (2) (3)  4,216,817   178,961 5.70%  3,779,921   122,641 4.36%
    Total interest earning assets  7,233,818   228,791 4.35%  6,939,643   168,846 3.37%
    Non–interest earning assets            
    Cash and due from banks  102,264       100,067     
    Allowance for credit losses  (49,839)      (53,038)    
    Other assets  579,203       486,862     
    Total average assets $7,865,446      $7,473,534     
                 
    Liabilities and Stockholders’ Equity            
    Interest bearing liabilities            
    Interest bearing deposits $4,494,821  $58,481 1.74% $4,499,441  $7,289 0.22%
    Borrowings  1,137,289   28,702 3.37%  644,803   6,209 1.29%
    Repurchase agreements  138,706   2,011 1.94%  140,837   216 0.21%
    Subordinated notes  58,947   2,641 5.99%  58,800   2,641 6.01%
    Junior subordinated debentures issued to capital trusts  57,108   3,469 8.12%  56,869   1,755 4.13%
    Total interest bearing liabilities  5,886,871   95,304 2.16%  5,400,750   18,110 0.45%
    Non–interest bearing liabilities            
    Demand deposits  1,200,133       1,336,912     
    Accrued interest payable and other liabilities  71,280       44,343     
    Stockholders’ equity  707,162       691,529     
    Total average liabilities and stockholders’ equity $7,865,446      $7,473,534     
                 
    Net interest income / spread   $133,487 2.19%   $150,736 2.92%
    Net interest income as a percent of average interest earning assets (1)     2.59%     3.02%
                 
    (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. The average rate is presented on a tax equivalent basis.
    (2) Includes fees on loans. 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. The average rate is presented on a tax equivalent basis.
     


    Condensed Consolidated Balance Sheets
    (Dollars in Thousands)
         
      September 30,
    2023
     December 31,
    2022
      (Unaudited)  
    Assets    
    Cash and due from banks $175,137  $123,505 
    Interest earning time deposits  2,207   2,812 
    Investment securities, available for sale  865,168   997,558 
    Investment securities, held to maturity (fair value $1,556,845 and $1,681,309)  1,966,483   2,022,748 
    Loans held for sale  2,828   5,807 
    Loans, net of allowance for credit losses of $49,699 and $50,464  4,309,303   4,107,534 
    Premises and equipment, net  94,716   92,677 
    Federal Home Loan Bank stock  34,509   26,677 
    Goodwill  155,211   155,211 
    Other intangible assets  14,530   17,239 
    Interest receivable  37,850   35,294 
    Cash value of life insurance  149,212   146,175 
    Other assets  152,280   139,281 
    Total assets $7,959,434  $7,872,518 
         
    Liabilities    
    Deposits    
    Non–interest bearing $1,126,703  $1,277,768 
    Interest bearing  4,573,394   4,580,006 
    Total deposits  5,700,097   5,857,774 
    Borrowings  1,356,510   1,142,949 
    Subordinated notes  59,007   58,896 
    Junior subordinated debentures issued to capital trusts  57,201   57,027 
    Interest payable  16,281   5,380 
    Other liabilities  76,969   73,117 
    Total liabilities  7,266,065   7,195,143 
    Commitments and contingent liabilities    
    Stockholders’ equity    
    Preferred stock, Authorized, 1,000,000 shares, Issued 0 shares      
    Common stock, no par value, Authorized 99,000,000 shares
    Issued and outstanding 44,116,739 and 43,937,889 shares
          
    Additional paid–in capital  355,478   354,188 
    Retained earnings  461,325   429,385 
    Accumulated other comprehensive income (loss)  (123,434)  (106,198)
    Total stockholders’ equity  693,369   677,375 
    Total liabilities and stockholders’ equity $7,959,434  $7,872,518 
             


    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,
      2023 2023  2023   2022   2022 
    Interest income          
    Loans receivable $        63,003         $        60,594         $        55,364          $        50,859          $        45,517         
    Investment securities – taxable  8,788  8,740  8,725   8,702   8,436 
    Investment securities – non–taxable  7,002  7,059  7,556   7,543   7,478 
    Other  1,332  475  153   83   65 
    Total interest income  80,125  76,868  71,798   67,187   61,496 
    Interest expense          
    Deposits  24,704  18,958  14,819   10,520   4,116 
    Borrowed funds  11,224  9,718  9,771   6,040   3,895 
    Subordinated notes  880  881  880   881   880 
    Junior subordinated debentures issued capital trusts  1,227  1,151  1,091   964   744 
    Total interest expense  38,035  30,708  26,561   18,405   9,635 
    Net interest income  42,090  46,160  45,237   48,782   51,861 
    Credit loss expense (recovery)  263  680  242   (69)  (601)
    Net interest income after credit loss expense  41,827  45,480  44,995   48,851   52,462 
    Non–interest Income          
    Service charges on deposit accounts  3,086  3,021  3,028   2,947   3,023 
    Wire transfer fees  120  116  109   118   148 
    Interchange fees  3,186  3,584  2,867   2,951   3,089 
    Fiduciary activities  1,206  1,247  1,275   1,270   1,203 
    Gain (loss) on sale of investment securities    20  (500)      
    Gain on sale of mortgage loans  1,582  1,005  785   1,196   1,441 
    Mortgage servicing income net of impairment  631  640  713   637   355 
    Increase in cash value of bank owned life insurance  1,055  1,015  981   751   814 
    Other income  964  349  362   804   115 
    Total non–interest income  11,830  10,997  9,620   10,674   10,188 
    Non–interest expense          
    Salaries and employee benefits  20,058  20,162  18,712   19,978   20,613 
    Net occupancy expenses  3,283  3,249  3,563   3,279   3,293 
    Data processing  2,999  3,016  2,669   2,884   2,539 
    Professional fees  707  633  533   694   552 
    Outside services and consultants  2,316  2,515  2,717   2,985   2,855 
    Loan expense  1,120  1,397  1,118   1,281   1,392 
    FDIC insurance expense  1,300  840  540   388   670 
    Core deposit intangible amortization  903  903  903   925   926 
    Other losses  188  134  221   118   398 
    Other expenses  3,294  3,413  3,548   3,179   3,578 
    Total non–interest expense  36,168  36,262  34,524   35,711   36,816 
    Income before income taxes  17,489  20,215  20,091   23,814   25,834 
    Income tax expense  1,284  1,452  1,863   2,649   2,013 
    Net income $16,205 $18,763 $18,228  $21,165  $23,821 
    Basic earnings per share $0.37 $0.43 $0.42  $0.49  $0.55 
    Diluted earnings per share  0.37  0.43  0.42   0.48   0.55 
                       


    Condensed Consolidated Statements of Income
    (Dollars in Thousands Except Per Share Data, Unaudited)
      Nine Months Ended
      September 30, September 30,
       2023   2022 
    Interest income    
    Loans receivable $178,961  $122,641 
    Investment securities – taxable  26,253   24,500 
    Investment securities – non–taxable  21,617   21,482 
    Other  1,960   223 
    Total interest income  228,791   168,846 
    Interest expense    
    Deposits  58,481   7,289 
    Borrowed funds  30,713   6,425 
    Subordinated notes  2,641   2,641 
    Junior subordinated debentures issued capital trusts  3,469   1,755 
    Total interest expense  95,304   18,110 
    Net interest income  133,487   150,736 
    Credit loss expense (recovery)  1,185   (1,747)
    Net interest income after credit loss expense  132,302   152,483 
    Non–interest Income    
    Service charges on deposit accounts  9,135   8,651 
    Wire transfer fees  345   477 
    Interchange fees  9,637   9,451 
    Fiduciary activities  3,728   4,111 
    Gain (loss) on sale of investment securities  (480)   
    Gain on sale of mortgage loans  3,372   5,969 
    Mortgage servicing income net of impairment  1,984   4,163 
    Increase in cash value of bank owned life insurance  3,051   1,843 
    Death benefit on bank owned life insurance     644 
    Other income  1,675   1,468 
    Total non–interest income  32,447   36,777 
    Non–interest expense    
    Salaries and employee benefits  58,932   60,305 
    Net occupancy expenses  10,095   10,044 
    Data processing  8,684   7,683 
    Professional fees  1,873   1,149 
    Outside services and consultants  7,548   7,865 
    Loan expense  3,635   4,130 
    FDIC insurance expense  2,680   2,170 
    Core deposit intangible amortization  2,709   2,777 
    Other losses  543   928 
    Other expenses  10,255   10,439 
    Total non–interest expense  106,954   107,490 
    Income before income taxes  57,795   81,770 
    Income tax expense  4,599   9,527 
    Net income $53,196  $72,243 
    Basic earnings per share $1.22  $1.66 
    Diluted earnings per share  1.21   1.65 
             

    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. We believe that this shows the impact of such events as acquisition–related purchase accounting adjustments and swap termination fees, among others we have identified in our reconciliations. 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 the purchase accounting impacts and one–time costs of acquisitions 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.

    Non–GAAP Reconciliation of Net Income
    (Dollars in Thousands, Unaudited)
      Three Months Ended Nine Months Ended
      September 30, June 30, March 31, December 31, September 30, September 30, September 30,
      2023  2023   2023  2022 2022  2023   2022 
    Net income as reported $16,205 $18,763  $18,228  $21,165 $23,821 $53,196  $72,243 
    Swap termination fee    (1,453)         (1,453)   
    Tax effect    305          305    
    Net income excluding swap termination fee  16,205  17,615   18,228   21,165  23,821  52,048   72,243 
    (Gain) / loss on sale of investment securities    (20)  500       480    
    Tax effect    4   (105)      (101)   
    Net income excluding (gain) / loss on sale of investment securities  16,205  17,599   18,623   21,165  23,821  52,427   72,243 
    Death benefit on bank owned life insurance (“BOLI”)                 (644)
    Net income excluding death benefit on BOLI  16,205  17,599   18,623   21,165  23,821  52,427   71,599 
    Adjusted net income $16,205 $17,599  $18,623  $21,165 $23,821 $52,427  $71,599 
                              


    Non–GAAP Reconciliation of Diluted Earnings per Share
    (Dollars in Thousands, Unaudited)
      Three Months Ended Nine Months Ended
      September 30, June 30, March 31, December 31, September 30, September 30, September 30,
      2023  2023  2023 2022 2022  2023   2022 
    Diluted earnings per share (“EPS”) as reported $0.37 $0.43  $0.42 $0.48 $0.55 $1.21  $1.65 
    Swap termination fee    (0.03)        (0.03)   
    Tax effect    0.01         0.01    
    Diluted EPS excluding swap termination fee  0.37  0.41   0.42  0.48  0.55  1.19   1.65 
    (Gain) / loss on sale of investment securities       0.01      0.01    
    Tax effect                 
    Diluted EPS excluding (gain) / loss on sale of investment securities  0.37  0.41   0.43  0.48  0.55  1.20   1.65 
    Death benefit on bank owned life insurance (“BOLI”)                (0.01)
    Diluted EPS excluding death benefit on BOLI  0.37  0.41   0.43  0.48  0.55  1.20   1.64 
    Adjusted diluted EPS $0.37 $0.41  $0.43 $0.48 $0.55 $1.20  $1.64 
                             


    Non–GAAP Reconciliation of Pre–Tax, Pre–Provision Net Income
    (Dollars in Thousands, Unaudited)
      Three Months Ended Nine Months Ended
      September 30, June 30, March 31, December 31, September 30, September 30, September 30,
      2023  2023  2023  2022   2022   2023   2022 
    Pre–tax income $17,489 $20,215  $20,091 $23,814  $25,834  $57,795  $81,770 
    Credit loss expense (recovery)  263  680   242  (69)  (601)  1,185   (1,747)
    Pre–tax, pre–provision net income $17,752 $20,895  $20,333 $23,745  $25,233  $58,980  $80,023 
                   
    Pre–tax, pre–provision net income $17,752 $20,895  $20,333 $23,745  $25,233  $58,980  $80,023 
    Swap termination fee    (1,453)          (1,453)   
    (Gain) / loss on sale of investment securities    (20)  500        480    
    Death benefit on BOLI                  (644)
    Adjusted pre–tax, pre–provision net income $17,752 $19,422  $20,833 $23,745  $25,233  $58,007  $79,379 
                               


    Non–GAAP Reconciliation of Net Interest Margin
    (Dollars in Thousands, Unaudited)
      Three Months Ended Nine Months Ended
      September 30, June 30, March 31, December 31, September 30, September 30, September 30,
       2023   2023   2023   2022   2022   2023   2022 
    Net interest income as reported $42,090  $46,160  $45,237  $48,782  $51,861  $133,487  $150,736 
    Average interest earning assets  7,286,611   7,212,640   7,201,266   7,091,980   7,056,208   7,233,818   6,939,643 
    Net interest income as a percentage of average interest earning assets (“Net Interest Margin”)  2.41%  2.69%  2.67%  2.85%  3.04%  2.59%  3.02%
                   
    Net interest income as reported $42,090  $46,160  $45,237  $48,782  $51,861  $133,487  $150,736 
    Acquisition–related purchase accounting adjustments (“PAUs”)  (435)  (651)  (367)  (431)  (906)  (1,453)  (3,045)
    Swap termination fee     (1,453)           (1,453)   
    Adjusted net interest income $41,655  $44,056  $44,870  $48,351  $50,955  $130,581  $147,691 
    Adjusted net interest margin  2.38%  2.57%  2.65%  2.83%  2.99%  2.53%  2.96%
                                 


    Non–GAAP Reconciliation of Tangible Stockholders’ Equity and Tangible Book Value per Share
    (Dollars in Thousands, Unaudited)
       
      September 30, June 30, March 31, December 31, September 30,
       2023  2023  2023  2022  2022
    Total stockholders’ equity $693,369 $709,243 $702,559 $677,375 $644,993
    Less: Intangible assets  169,741  170,644  171,547  172,450  173,375
    Total tangible stockholders’ equity $523,628 $538,599 $531,012 $504,925 $471,618
    Common shares outstanding  43,648,501  43,645,216  43,621,422  43,574,151  43,574,151
    Book value per common share $15.89 $16.25 $16.11 $15.55 $14.80
    Tangible book value per common share $12.00 $12.34 $12.17 $11.59 $10.82
                    


    Non–GAAP Calculation and Reconciliation of Efficiency Ratio and Adjusted Efficiency Ratio
    (Dollars in Thousands, Unaudited)
      Three Months Ended Nine Months Ended
      September 30, June 30, March 31, December 31, September 30, September 30, September 30,
       2023   2023   2023   2022   2022   2023   2022 
    Non–interest expense as reported $36,168  $36,262  $34,524  $35,711  $36,816  $106,954  $107,490 
    Net interest income as reported  42,090   46,160   45,237   48,782   51,861   133,487   150,736 
    Non–interest income as reported $11,830  $10,997  $9,620  $10,674  $10,188  $32,447  $36,777 
    Non–interest expense / (Net interest income + Non–interest income)
    (“Efficiency Ratio”)
      67.08%  63.44%  62.93%  60.06%  59.33%  64.46%  57.32%
                   
    Non–interest expense as reported $36,168  $36,262  $34,524  $35,711  $36,816  $106,954  $107,490 
                   
    Net interest income as reported  42,090   46,160   45,237   48,782   51,861   133,487   150,736 
    Swap termination fee     (1,453)           (1,453)   
    Net interest income excluding swap termination fee  42,090   44,707   45,237   48,782   51,861   132,034   150,736 
                   
    Non–interest income as reported  11,830   10,997   9,620   10,674   10,188   32,447   36,777 
    (Gain) / loss on sale of investment securities     (20)  500         480    
    Death benefit on BOLI                    (644)
    Non–interest income excluding (gain) / loss on sale of investment securities and death benefit on BOLI $11,830  $10,977  $10,120  $10,674  $10,188  $32,927  $36,133 
    Adjusted efficiency ratio  67.08%  65.12%  62.37%  60.06%  59.33%  64.84%  57.52%
                                 


    Non–GAAP Reconciliation of Return on Average Assets
    (Dollars in Thousands, Unaudited)
      Three Months Ended Nine Months Ended
      September 30, June 30, March 31, December 31, September 30, September 30, September 30,
       2023   2023   2023   2022   2022   2023   2022 
    Average assets $7,924,751  $7,840,026  $7,831,106  $7,718,366  $7,635,102  $7,865,446  $7,473,534 
    Return on average assets (“ROAA”) as reported  0.81%  0.96%  0.94%  1.09%  1.24%  0.90%  1.29%
    Swap termination fee     (0.07)           (0.02)   
    Tax effect     0.02            0.01    
    ROAA excluding swap termination fee  0.81   0.91   0.94   1.09   1.24   0.89   1.29 
    (Gain) / loss on sale of investment securities        0.03         0.01    
    Tax effect        (0.01)            
    ROAA excluding (gain) / loss on sale of investment securities  0.81   0.91   0.96   1.09   1.24   0.90   1.29 
    Death benefit on BOLI                    (0.01)
    ROAA excluding death benefit on BOLI  0.81   0.91   0.96   1.09   1.24   0.90   1.28 
    Adjusted ROAA  0.81%  0.91%  0.96%  1.09%  1.24%  0.90%  1.28%
                                 


    Non–GAAP Reconciliation of Return on Average Common Equity
    (Dollars in Thousands, Unaudited)
      Three Months Ended Nine Months Ended
      September 30, June 30, March 31, December 31, September 30, September 30, September 30,
       2023   2023   2023   2022   2022   2023   2022 
    Average common equity $715,485  $710,953  $693,472  $660,188  $680,376  $707,162  $691,529 
    Return on average common equity (“ROACE”) as reported  8.99%  10.59%  10.66%  12.72%  13.89%  10.06%  13.97%
    Swap termination fee     (0.82)           (0.27)   
    Tax effect     0.17            0.06    
    ROACE excluding swap termination fee  8.99   9.94   10.66   12.72   13.89   9.85   13.97 
    (Gain) / loss on sale of investment securities     (0.01)  0.29         0.09    
    Tax effect        (0.06)        (0.02)   
    ROACE excluding (gain) / loss on sale of investment securities  8.99   9.93   10.89   12.72   13.89   9.92   13.97 
    Death benefit on BOLI                    (0.12)
    ROACE excluding death benefit on BOLI  8.99   9.93   10.89   12.72   13.89   9.92   13.85 
    Adjusted ROACE  8.99%  9.93%  10.89%  12.72%  13.89%  9.92%  13.85%
                                 


    Non–GAAP Reconciliation of Return on Average Tangible Equity
    (Dollars in Thousands, Unaudited)
      Three Months Ended Nine Months Ended
      September 30, June 30, March 31, December 31, September 30, September 30, September 30,
       2023   2023   2023   2022   2022   2023   2022 
    Average common equity $715,485  $710,953  $693,472  $660,188  $680,376  $707,162  $691,529 
    Less: Average intangible assets  170,301   171,177   172,139   173,050   173,546   171,199   174,323 
    Average tangible equity $545,184  $539,776  $521,333  $487,138  $506,830  $535,963  $517,206 
    Return on average tangible equity (“ROATE”) as reported  11.79%  13.94%  14.18%  17.24%  18.65%  13.27%  18.68%
    Swap termination fee     (1.08)           (0.36)   
    Tax effect     0.23            0.08    
    ROATE excluding swap termination fee  11.79   13.09   14.18   17.24   18.65   12.99   18.68 
    (Gain) / loss on sale of investment securities     (0.01)  0.39         0.12    
    Tax effect        (0.08)        (0.03)   
    ROATE excluding (gain) / loss on sale of investment securities  11.79   13.08   14.49   17.24   18.65   13.08   18.68 
    Death benefit on BOLI                    (0.17)
    ROATE excluding death benefit on BOLI  11.79   13.08   14.49   17.24   18.65   13.08   18.51 
    Adjusted ROATE  11.79%  13.08%  14.49%  17.24%  18.65%  13.08%  18.51%

    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 26, 2023 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833–974–2379 from the United States, 866–450–4696 from Canada or 1–412–317–5772 from international locations and requesting the “Horizon Bancorp 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 2, 2023. The replay may be accessed by dialing 877–344–7529 from the United States, 855–669–9658 from Canada or 1–412–317–0088 from other international locations, and entering the access code 7722200.

    About Horizon Bancorp, Inc.

    Celebrating 150 years, Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $8.0 billion–asset commercial bank holding company for Horizon Bank, which serve customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon Bank’s retail offerings include prime residential, indirect auto, and other 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, 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.

    Contact:Mark E. Secor
     Chief Financial Officer
    Phone:(219) 873–2611
    Fax:(219) 874–9280
    Date:October 25, 2023


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