# EDGAR Filing Document

**Accession Number:** 0000706129
**File Stem:** 0000706129-25-000131
**Filing Date:** 2025-7
**Character Count:** 94006
**Document Hash:** a17f55a7b2340627e631ed4b6acd51f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000706129-25-000131.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0000706129-25-000131

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250723

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HORIZON BANCORP INC /IN/
- **CENTRAL INDEX KEY:** 0000706129
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 351562417
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-10792
- **FILM NUMBER:** 251143197

**BUSINESS ADDRESS:**
- **STREET 1:** 515 FRANKLIN STREET
- **CITY:** MICHIGAN CITY
- **STATE:** IN
- **ZIP:** 46360
- **BUSINESS PHONE:** 2198790211

**MAIL ADDRESS:**
- **STREET 1:** 515 FRANKLIN STREET
- **CITY:** MICHIGAN CITY
- **STATE:** IN
- **ZIP:** 46360

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HORIZON BANCORP /IN/
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CITIZENS MICHIANA FINANCIAL CORP
- **DATE OF NAME CHANGE:** 19861021

?xml version='1.0' encoding='ASCII'? hbnc-20250723

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported)**:** July 23, 2025

**HORIZON BANCORP, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Indiana** | **000-10792** | **35-1562417** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**515 Franklin Street** 

**Michigan City, IN 46360** 

(Address of principal executive offices, including zip code)

**(219) 879-0211** 

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, no par value | HBNC | The NASDAQ Stock Market, LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition**

On July 23, 2025, Horizon Bancorp, Inc. (the "Company") issued a press release announcing earnings and other financial results for the three–months ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated here by reference.

**Item 7.01 Regulation FD Disclosure**

***Investor Presentation***

The Company has prepared presentation materials (the "Investor Presentation") that management intends to use during its previously announced Earnings Conference Call on Thursday, July 24, 2025 at 7:30 a.m. Central Time, and from time to time thereafter in presentations about the Company's operations and performance. The Company may use the Investor Presentation, possibly with modifications, in presentations to current and potential investors, analysts, lenders, business partners, acquisition candidates, customers, employees and others with an interest in the Company and its business.

A copy of the Investor Presentation is furnished as Exhibit 99.2 to this report and incorporated here by reference. The Investor Presentation is also available on the Company's investor website at www.horizonbank.com. Materials on the Company's investor website are not part of or incorporated by reference into this report.

In accordance with General Instruction B.2 of Form 8–K, the information in this Current Report on Form 8–K, including Exhibits 99.1 and 99.2, shall not be deemed to be "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits**

---

| | | |
|:---|:---|:---|
| **(d) Exhibits** | | |
| **EXHIBIT INDEX** | **EXHIBIT INDEX** | **EXHIBIT INDEX** |
| **Exhibit No.** | **Description** | **Location** |
| 99.1 | <u>[Press release issued on](hbnc-2025630earningsrelease.htm)[July](hbnc-2025630earningsrelease.htm)[23, 2025](hbnc-2025630earningsrelease.htm)</u> | Attached |
| 99.2 | <u>[Horizon Bancorp, Inc. Investor Presentation dated](hbnc-2q25investorpresent.htm)[July](hbnc-2q25investorpresent.htm)[24, 2025](hbnc-2q25investorpresent.htm)</u> | Attached |
| 104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document) | Within the Inline XBRL document |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| Date: | July 23, 2025 | HORIZON BANCORP, INC. | HORIZON BANCORP, INC. |
|  |  | By: | /s/ John R. Stewart, CFA |
|  |  |  | John R. Stewart, CFA |
|  |  |  | Executive Vice President & Chief Financial Officer |

---

## Exhibit 99.1

**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

![horizonbancorpinc876_sm-10.jpg](horizonbancorpinc876_sm-10.jpg)

---

| | |
|:---|:---|
| Contact: | John R. Stewart, CFA |
|  | EVP, Chief Financial Officer |
| Phone: | (219) 814–5833 |
| Fax: | (219) 874–9280 |
| Date: | July 23, 2025 |

---

**FOR IMMEDIATE RELEASE**

**Horizon Bancorp, Inc. Reports Strong Second Quarter 2025 Results Led by Continued Net Interest Margin Expansion**

Michigan City, Indiana, July 23, 2025 (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, 2025.

"Horizon's second quarter earnings reflect the strength of the organization's exceptional core community banking franchise. Strong loan growth, stable and granular core funding, excellent credit quality and prudent management of expenses fueled the quarter's positive results and expanded on management's commitment to improve the financial performance of the Company. The quarter was highlighted by a seventh consecutive quarter of net interest margin expansion, low net charge offs of 2 bps annualized and enhanced momentum in key performance metrics of ROAA and ROATCE", President and CEO, Thomas Prame stated. "We continue to show strength across our core community banking platform that is being driven by a disciplined approach to creating a more efficient balance sheet and effective deployment of capital. We are pleased with our results through the first six months of 2025, with reported earnings per share growing by 58% versus the comparable period a year ago, and look forward to continuing to create additional shareholder value throughout the remainder of the year."

Net income for the three months ended June 30, 2025 was $20.6 million, or $0.47 per diluted share, compared to net income of $23.9 million, or $0.54, for the first quarter of 2025 and compared to net income of $14.1 million, or $0.32 per diluted share, for the second quarter of 2024. As previously disclosed, results in the first quarter of 2025 included the $7.0 million pre-tax gain on the sale of the Company's mortgage warehouse business.

Net income for the six months ended June 30, 2025 was $44.6 million, or $1.01 per diluted share, compared to net income of $28.1 million, or $0.64, for the six months ended June 30, 2024.

------

**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

**Second Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income of $55.4 million increased 5.9% compared with $52.3 million for the three months ended March 31, 2025, and 22.3% compared with $45.3 million in the year ago period. Net interest margin, on a fully taxable equivalent ("FTE") basis<sup>1</sup>, expanded for the seventh consecutive quarter, to 3.23%, compared with 3.04% for the three months ended March 31, 2025 and 2.64% for the three months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total loans held for investment ("HFI") increased 6.2% compared to the linked quarter annualized, with strong organic commercial loan growth of $117.2 million, or 14.8% annualized. This growth was partially funded by the continued strategic runoff of lower yielding indirect auto loans of approximately $34.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funding continued to trend favorably, with non-time deposit balances remaining relatively flat for the fourth consecutive quarter and interest-bearing liability cost declining by another 2 bps during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit quality remained strong, with annualized net charge offs of 0.02% of average loans during the second quarter. Non-performing assets remain well within expected ranges, decreasing 12.4% from the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expenses continued to be well managed, up less than 1% from the first quarter of 2025. These results reflect management's commitment to generate higher earnings while maintaining a more efficient expense base.

<sup>1</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

------

**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
| | (Dollars in Thousands Except Share and Per Share Data and Ratios) | (Dollars in Thousands Except Share and Per Share Data and Ratios) | (Dollars in Thousands Except Share and Per Share Data and Ratios) | (Dollars in Thousands Except Share and Per Share Data and Ratios) | (Dollars in Thousands Except Share and Per Share Data and Ratios) |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** |
| **Income statement:** |  |  |  |  |  |
| Net interest income | $55354 | $52267 | $53127 | $46910 | $45279 |
| Provision for credit loss expense | 2462 | 1376 | 1171 | 1044 | 2369 |
| Non-interest income (loss) | 10920 | 16499 | (28954) | 11511 | 10485 |
| Non-interest expense | 39417 | 39306 | 44935 | 39272 | 37522 |
| Income tax expense (benefit) | 3752 | 4141 | (11051) | (75) | 1733 |
| Net Income (Loss) | $20643 | $23943 | $(10882) | $18180 | $14140 |
| **Per share data:** |  |  |  |  |  |
| Basic earnings (loss) per share | $0.47 | $0.55 | $(0.25) | $0.42 | $0.32 |
| Diluted earnings (loss) per share | 0.47 | 0.54 | (0.25) | 0.41 | 0.32 |
| Cash dividends declared per common share | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 |
| Book value per common share | 18.06 | 17.72 | 17.46 | 17.27 | 16.62 |
| Market value - high | 15.88 | 17.76 | 18.76 | 16.57 | 12.74 |
| Market value - low | 12.92 | 15.00 | 14.57 | 11.89 | 11.29 |
| Weighted average shares outstanding - Basic | 43794490 | 43777109 | 43721211 | 43712059 | 43712059 |
| Weighted average shares outstanding - Diluted | 44034663 | 43954164 | 43721211 | 44112321 | 43987187 |
| Common shares outstanding (end of period) | 43801507 | 43785932 | 43722086 | 43712059 | 43712059 |
| **Key ratios:** |  |  |  |  |  |
| Return on average assets | 1.08% | 1.25% | (0.56)% | 0.92% | 0.73% |
| Return on average stockholders' equity | 13.24 | 12.44 | (5.73) | 9.80 | 7.83 |
| Total equity to total assets | 10.34 | 10.18 | 9.79 | 9.52 | 9.18 |
| Total loans to deposit ratio | 87.52 | 85.21 | 87.75 | 83.92 | 85.70 |
| Allowance for credit losses to HFI loans | 1.09 | 1.07 | 1.07 | 1.10 | 1.08 |
| Annualized net charge-offs of average total loans <sup>(1)</sup> | 0.02 | 0.07 | 0.05 | 0.03 | 0.05 |
| Efficiency ratio | 59.48 | 57.16 | 185.89 | 67.22 | 67.29 |
| **Key metrics (Non-GAAP)** <sup>(2)</sup> |  |  |  |  |  |
| Net FTE interest margin | 3.23% | 3.04% | 2.97% | 2.66% | 2.64% |
| Return on average tangible common equity | 13.24 | 15.79 | (7.35) | 12.65 | 10.18 |
| Tangible common equity to tangible assets | 8.37 | 8.19 | 7.83 | 7.58 | 7.22 |
| Tangible book value per common share | $14.32 | $13.96 | $13.68 | $13.46 | $12.80 |
| <sup>(1)</sup> Average total loans includes loans held for investment and held for sale. | <sup>(1)</sup> Average total loans includes loans held for investment and held for sale. | <sup>(1)</sup> Average total loans includes loans held for investment and held for sale. | <sup>(1)</sup> Average total loans includes loans held for investment and held for sale. | <sup>(1)</sup> Average total loans includes loans held for investment and held for sale. | <sup>(1)</sup> Average total loans includes loans held for investment and held for sale. |
| <sup>(2)</sup> Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures. | <sup>(2)</sup> Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures. | <sup>(2)</sup> Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures. | <sup>(2)</sup> Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures. | <sup>(2)</sup> Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures. | <sup>(2)</sup> Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures. |

---

------

**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

**Income Statement Highlights**

**Net Interest Income**

Net interest income was $55.4 million in the second quarter of 2025, compared to $52.3 million in the first quarter of 2025, driven by the continued expansion of the Company's net FTE interest margin<sup>1</sup>, which increased to 3.23% for the second quarter of 2025, compared to 3.04% for the first quarter of 2025. Expansion was attributable to the favorable mix shift in average interest earning assets toward higher-yielding loans and in the average funding mix toward deposit balances, in addition to continued disciplined pricing strategies on both sides of the balance sheet. The second quarter net FTE interest margin did benefit by approximately seven basis points related to interest recoveries on certain commercial and residential loans.

**Provision for Credit Losses**

During the second quarter of 2025, the Company recorded a provision for credit losses of $2.5 million. This compares to a provision for credit losses of $1.4 million during the first quarter of 2025, and $2.4 million during the second quarter of 2024. The increase in the provision for credit losses during the second quarter of 2025 when compared with the first quarter of 2025 was primarily attributable to net growth in commercial loans HFI and changes in economic factors, partially offset by the reduction of specific reserves and the reserves for unfunded commitments in the current quarter.

For the second quarter of 2025, the allowance for credit losses included net charge-offs of $0.3 million, or an annualized 0.02% of average loans outstanding, compared to net charge-offs of $0.9 million, or an annualized 0.07% of average loans outstanding for the first quarter of 2025, and net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding, in the second quarter of 2024.

The Company's allowance for credit losses as a percentage of period-end loans HFI was 1.09% at June 30, 2025, compared to 1.07% at March 31, 2025 and 1.08% at June 30, 2024.

**Non-Interest Income**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | **June 30,** | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
| *(Dollars in Thousands)* | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Non-interest Income** |  |  |  |  |  |
| Service charges on deposit accounts | $3208 | $3208 | $3276 | $3320 | $3130 |
| Wire transfer fees | 69 | 71 | 124 | 123 | 113 |
| Interchange fees | 3403 | 3241 | 3353 | 3511 | 3826 |
| Fiduciary activities | 1251 | 1326 | 1313 | 1394 | 1372 |
| Loss on sale of investment securities |  | (407) | (39140) |  |  |
| Gain on sale of mortgage loans | 1219 | 1076 | 1071 | 1622 | 896 |
| Mortgage servicing income net of impairment | 375 | 385 | 376 | 412 | 450 |
| Increase in cash value of bank owned life insurance | 346 | 335 | 335 | 349 | 318 |
| Other income | 1049 | 7264 | 338 | 780 | 380 |
| Total non-interest income (loss) | $10920 | $16499 | $(28954) | $11511 | $10485 |

---

Total non-interest income was $10.9 million in the second quarter of 2025, compared to non-interest income of $16.5 million in the first quarter of 2025. The decrease in non-interest income of $5.6 million is due to the sale of the Company's mortgage warehouse business to an unrelated third party in the first quarter of 2025, resulting in a pre-tax gain of $7.0 million that did not recur in the current period. Interchange fees and gain on sale of mortgage loans benefited from normal seasonality, while other categories remained relatively unchanged when compared with the prior period.

<sup>1</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

------

**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

**Non-Interest Expense**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | **June 30,** | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
| *(Dollars in Thousands)* | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Non-interest Expense** |  |  |  |  |  |
| Salaries and employee benefits | $22731 | $22414 | $25564 | $21829 | $20583 |
| Net occupancy expenses | 3127 | 3702 | 3431 | 3207 | 3192 |
| Data processing | 2951 | 2872 | 2841 | 2977 | 2579 |
| Professional fees | 735 | 826 | 736 | 676 | 714 |
| Outside services and consultants | 3278 | 3265 | 4470 | 3677 | 3058 |
| Loan expense | 1231 | 689 | 1285 | 1034 | 1038 |
| FDIC insurance expense | 1216 | 1288 | 1193 | 1204 | 1315 |
| Core deposit intangible amortization | 816 | 816 | 843 | 844 | 844 |
| Merger related expenses |  | 305 |  |  |  |
| Other losses | 245 | 228 | 371 | 297 | 515 |
| Other expense | 3087 | 2901 | 4201 | 3527 | 3684 |
| Total non-interest expense | $39417 | $39306 | $44935 | $39272 | $37522 |

---

Total non-interest expense was $39.4 million in the second quarter of 2025, compared with $39.3 million in the first quarter of 2025. The increase in non-interest expense during the second quarter of 2025 when compared with the prior period was primarily driven by a $0.5 million increase in loan expense. The increase was partially offset by a $0.6 million decrease in net occupancy expenses. Additionally, the Company incurred $0.3 million of direct expenses related to the sale of the mortgage warehouse business in the prior period that did not recur in the current period.

**Income Taxes**

Horizon recorded a net tax expense of $3.8 million for the second quarter of 2025, representing an effective tax rate of 15.4%, which is consistent with the Company's estimated annual effective tax rate.

**Balance Sheet Highlights**

Total assets increased by $23.4 million, or 0.3%, to $7.7 billion as of June 30, 2025, from $7.6 billion as of March 31, 2025. The increase in total assets is primarily due to increases in loans HFI and non-interest earning cash, partially offset by a decrease in interest earning cash and investment securities. Total investment securities decreased by $24.2 million, or 1.2%, to $2.1 billion as of June 30, 2025. Total loans were $5.0 billion at June 30, 2025, an increase of $75.5 million from March 31, 2025 balances, due to organic commercial loan growth net of continued runoff in the indirect consumer portfolio.

Total deposits decreased by $66.0 million, or 1.1%, to $5.7 billion as of June 30, 2025 when compared to balances as of March 31, 2025. The decrease was partially related to a decline in time deposits of $51.9 million, or 4.2% and, to a lesser extent, a modest decrease in savings and money market deposits of $7.0 million, or 0.4%. Non-interest bearing deposit balances remained relatively unchanged in the current period. Total borrowings increased by $68.1 million during the quarter, to $880.3 million as of June 30, 2025. Balances subject to repurchase agreements increased by $7.2 million, to $95.1 million.

------

**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

 **Capital**

The following table presents the consolidated regulatory capital ratios of the Company for the previous three quarters, and the Company's preliminary estimate of its consolidated regulatory capital ratios for the quarter ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | **June 30,** | **March 31,** | **December 31,** | **September 30,** |
|  | **2025\*** | **2025** | **2024** | **2024** |
| **Consolidated Capital Ratios** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total capital (to risk-weighted assets) | 14.48% | 14.26% | 13.91% | 13.45% |
| &nbsp;&nbsp;&nbsp;Tier 1 capital (to risk-weighted assets) | 12.52 | 12.33 | 12.00 | 11.63 |
| &nbsp;&nbsp;&nbsp;Common equity tier 1 capital (to risk-weighted assets) | 11.52 | 11.32 | 11.00 | 10.68 |
| &nbsp;&nbsp;&nbsp;Tier 1 capital (to average assets) | 9.59 | 9.25 | 8.88 | 9.02 |
| \*Preliminary estimate - may be subject to change | \*Preliminary estimate - may be subject to change | \*Preliminary estimate - may be subject to change | \*Preliminary estimate - may be subject to change |  |

---

As of June 30, 2025, the ratio of total stockholders' equity to total assets is 10.34%. Book value per common share was $18.06, increasing $0.34 during the second quarter of 2025.

Tangible common equity<sup>1</sup> totaled $627.1 million at June 30, 2025, and the ratio of tangible common equity to tangible assets<sup>1</sup> was 8.37% at June 30, 2025, up from 8.19% at March 31, 2025. Tangible book value, which excludes intangible assets from total equity, per common share<sup>1</sup> was $14.32, increasing $0.36 during the second quarter of 2025 behind the growth in retained earnings.

**Credit Quality**

As of June 30, 2025, total non-accrual loans decreased by $4.5 million, or 15.7%, from March 31, 2025, to 0.49% of total loans HFI. Total non-performing assets decreased $3.9 million, or 12.4%, to $27.5 million, compared to $31.4 million as of March 31, 2025. The ratio of non-performing assets to total assets decreased to 0.36% compared to 0.41% as of March 31, 2025.

As of June 30, 2025, net charge-offs decreased by $0.6 million to $0.3 million, compared to $0.9 million as of March 31, 2025 and remain just 0.02% annualized of average loans.

<sup>1</sup> 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 2025 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 24, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the "Horizon Bancorp, Inc. Call." Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available approximately one hour after the end of the conference through August 1, 2025. 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 5878909.

**About Horizon Bancorp, Inc.**

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $7.7 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 2025 Results**

**Forward Looking Statements**

This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, "Horizon"). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the "SEC"). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: effects on Horizon's business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, 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; the aggregate effects of elevated inflation levels in recent years; 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, such as the Russia and Ukraine conflict and the Israel and Hamas 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.

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**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** |
| | (Dollars in Thousands Except Per Share Data, Unaudited) | (Dollars in Thousands Except Per Share Data, Unaudited) | (Dollars in Thousands Except Per Share Data, Unaudited) | (Dollars in Thousands Except Per Share Data, Unaudited) | (Dollars in Thousands Except Per Share Data, Unaudited) |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** |
| **Interest Income** |  |  |  |  |  |
| Loans receivable | $78618 | $74457 | $76747 | $75488 | $71880 |
| Investment securities - taxable | 5941 | 6039 | 6814 | 8133 | 7986 |
| Investment securities - tax-exempt | 6088 | 6192 | 6301 | 6310 | 6377 |
| Other | 830 | 2487 | 3488 | 957 | 738 |
| Total interest income | 91477 | 89175 | 93350 | 90888 | 86981 |
| **Interest Expense** |  |  |  |  |  |
| Deposits | 26053 | 25601 | 27818 | 30787 | 28447 |
| Borrowed funds | 8171 | 9188 | 10656 | 11131 | 11213 |
| Subordinated notes | 829 | 829 | 829 | 830 | 829 |
| Junior subordinated debentures issued to capital trusts | 1070 | 1290 | 920 | 1230 | 1213 |
| Total interest expense | 36123 | 36908 | 40223 | 43978 | 41702 |
| **Net Interest Income** | 55354 | 52267 | 53127 | 46910 | 45279 |
| Provision for credit loss expense | 2462 | 1376 | 1171 | 1044 | 2369 |
| **Net Interest Income after Provision for Credit Losses** | 52892 | 50891 | 51956 | 45866 | 42910 |
| **Non-interest Income** |  |  |  |  |  |
| Service charges on deposit accounts | 3208 | 3208 | 3276 | 3320 | 3130 |
| Wire transfer fees | 69 | 71 | 124 | 123 | 113 |
| Interchange fees | 3403 | 3241 | 3353 | 3511 | 3826 |
| Fiduciary activities | 1251 | 1326 | 1313 | 1394 | 1372 |
| Gains (losses) on sale of investment securities |  | (407) | (39140) |  |  |
| Gain on sale of mortgage loans | 1219 | 1076 | 1071 | 1622 | 896 |
| Mortgage servicing income net of impairment | 375 | 385 | 376 | 412 | 450 |
| Increase in cash value of bank owned life insurance | 346 | 335 | 335 | 349 | 318 |
| Other income | 1049 | 7264 | 338 | 780 | 380 |
| Total non-interest income (loss) | 10920 | 16499 | (28954) | 11511 | 10485 |
| **Non-interest Expense** |  |  |  |  |  |
| Salaries and employee benefits | 22731 | 22414 | 25564 | 21829 | 20583 |
| Net occupancy expenses | 3127 | 3702 | 3431 | 3207 | 3192 |
| Data processing | 2951 | 2872 | 2841 | 2977 | 2579 |
| Professional fees | 735 | 826 | 736 | 676 | 714 |
| Outside services and consultants | 3278 | 3265 | 4470 | 3677 | 3058 |
| Loan expense | 1231 | 689 | 1285 | 1034 | 1038 |
| FDIC insurance expense | 1216 | 1288 | 1193 | 1204 | 1315 |
| Core deposit intangible amortization | 816 | 816 | 843 | 844 | 844 |
| Merger related expenses |  | 305 |  |  |  |
| Other losses | 245 | 228 | 371 | 297 | 515 |
| Other expense | 3087 | 2901 | 4201 | 3527 | 3684 |
| Total non-interest expense | 39417 | 39306 | 44935 | 39272 | 37522 |
| **Income (Loss) Before Income Taxes** | 24395 | 28084 | (21933) | 18105 | 15873 |
| Income tax expense (benefit) | 3752 | 4141 | (11051) | (75) | 1733 |
| **Net Income (Loss)** | $20643 | $23943 | $(10882) | $18180 | $14140 |
| **Basic Earnings (Loss) Per Share** | $0.47 | $0.55 | $(0.25) | $0.42 | $0.32 |
| **Diluted Earnings (Loss) Per Share** | 0.47 | 0.54 | (0.25) | 0.41 | 0.32 |

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**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Condensed Consolidated Balance Sheet** | **Condensed Consolidated Balance Sheet** | **Condensed Consolidated Balance Sheet** | **Condensed Consolidated Balance Sheet** | **Condensed Consolidated Balance Sheet** |
| | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) |
| | **Three Months Ended for the Period** | **Three Months Ended for the Period** | **Three Months Ended for the Period** | **Three Months Ended for the Period** | **Three Months Ended for the Period** |
| | **June 30,** | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Assets** |  |  |  |  |  |
| <u>Interest earning assets</u> |  |  |  |  |  |
| Federal funds sold | $2024 | $— | $— | $113912 | $34453 |
| Interest earning deposits | 34174 | 80023 | 201131 | 12107 | 4957 |
| Interest earning time deposits |  |  | 735 | 735 | 1715 |
| Federal Home Loan Bank stock | 45412 | 45412 | 53826 | 53826 | 53826 |
| Investment securities, available for sale | 231999 | 231431 | 233677 | 541170 | 527054 |
| Investment securities, held to maturity | 1819087 | 1843851 | 1867690 | 1888379 | 1904281 |
| Loans held for sale | 2994 | 3253 | 67597 | 2069 | 2440 |
| Gross loans held for investment (HFI) | 4985582 | 4909815 | 4847040 | 4803996 | 4822840 |
| Total Interest earning assets | 7121272 | 7113784 | 7271696 | 7416194 | 7351566 |
| <u>Non-interest earning assets</u> |  |  |  |  |  |
| Allowance for credit losses | (54399) | (52654) | (51980) | (52881) | (52215) |
| Cash | 101719 | 89643 | 92300 | 108815 | 106691 |
| Cash value of life insurance | 37755 | 37409 | 37450 | 37115 | 36773 |
| Other assets | 148773 | 143675 | 152635 | 119026 | 165656 |
| Goodwill | 155211 | 155211 | 155211 | 155211 | 155211 |
| Other intangible assets | 8592 | 9407 | 10223 | 11067 | 11910 |
| Premises and equipment, net | 93398 | 93499 | 93864 | 93544 | 93695 |
| Interest receivable | 39730 | 38663 | 39747 | 39366 | 43240 |
| Total non-interest earning assets | 530779 | 514855 | 529450 | 511263 | 560961 |
| Total assets | $7652051 | $7628639 | $7801146 | $7927457 | $7912526 |
| **Liabilities** |  |  |  |  |  |
| Savings and money market deposits | $3385413 | $3393371 | $3446681 | $3420827 | $3364726 |
| Time deposits | 1193180 | 1245088 | 1089153 | 1220653 | 1178389 |
| Borrowings | 880336 | 812218 | 1142340 | 1142744 | 1229165 |
| Repurchase agreements | 95089 | 87851 | 89912 | 122399 | 128169 |
| Subordinated notes | 55807 | 55772 | 55738 | 55703 | 55668 |
| Junior subordinated debentures issued to capital trusts | 57583 | 57531 | 57477 | 57423 | 57369 |
| Total interest earning liabilities | 5667408 | 5651832 | 5881301 | 6019749 | 6013486 |
| Non-interest bearing deposits | 1121163 | 1127324 | 1064818 | 1085535 | 1087040 |
| Interest payable | 14007 | 11441 | 11137 | 11400 | 11240 |
| Other liabilities | 58621 | 61981 | 80308 | 55951 | 74096 |
| Total liabilities | 6861199 | 6852578 | 7037564 | 7172635 | 7185862 |
| **Stockholders' Equity** |  |  |  |  |  |
| Preferred stock |  |  |  |  |  |
| Common stock |  |  |  |  |  |
| Additional paid-in capital | 360758 | 360522 | 363761 | 358453 | 357673 |
| Retained earnings | 466497 | 452945 | 436122 | 454050 | 442977 |
| Accumulated other comprehensive (loss) | (36403) | (37406) | (36301) | (57681) | (73985) |
| Total stockholders' equity | 790852 | 776061 | 763582 | 754822 | 726665 |
| Total liabilities and stockholders' equity | $7652051 | $7628639 | $7801146 | $7927457 | $7912527 |

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**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Loans and Deposits** | **Loans and Deposits** | **Loans and Deposits** | **Loans and Deposits** | **Loans and Deposits** | | |
| | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | | |
| | **June 30,** | **March 31,** | **December 31,** | **September 30,** | **June 30,** | **% Change** | **% Change** |
| | **2025** | **2025** | **2024** | **2024** | **2024** | **Q2'25 vs Q1'25** | **Q2'25 vs Q2'24** |
| **Loans:** |  |  |  |  |  |  |  |
| Commercial real estate | $2321951 | $2262910 | $2202858 | $2105459 | $2117772 | 3% | 10% |
| Commercial & Industrial | 976740 | 918541 | 875297 | 808600 | 786788 | 6% | 24% |
| Total commercial | 3298691 | 3181451 | 3078155 | 2914059 | 2904560 | 4% | 14% |
| Residential Real estate | 786026 | 801726 | 802909 | 801356 | 797956 | (2)% | (1)% |
| Mortgage warehouse |  |  |  | 80437 | 68917 | —% | (100)% |
| Consumer | 900865 | 926638 | 965976 | 1008144 | 1051407 | (3)% | (14)% |
| Total loans held for investment | 4985582 | 4909815 | 4847040 | 4803996 | 4822840 | 2% | 3% |
| Loans held for sale | 2994 | 3253 | 67597 | 2069 | 2440 | (8)% | 23% |
| Total loans | $4988576 | $4913068 | $4914637 | $4806065 | $4825280 | 2% | 3% |
| **Deposits:** |  |  |  |  |  |  |  |
| Interest bearing deposits | $1713058 | $1713991 | $1767983 | $1688998 | $1653508 | —% | 4% |
| Savings and money market deposits | 1672355 | 1679380 | 1678697 | 1731830 | 1711218 | —% | (2)% |
| Time deposits | 1193180 | 1245088 | 1089153 | 1220653 | 1178389 | (4)% | 1% |
| Total Interest bearing deposits | 4578593 | 4638459 | 4535833 | 4641481 | 4543115 | (1)% | 1% |
| **Non-interest bearing deposits** |  |  |  |  |  |  |  |
| Non-interest bearing deposits | 1121164 | 1127324 | 1064819 | 1085534 | 1087040 | (1)% | 3% |
| Total deposits | $5699757 | $5765784 | $5600652 | $5727015 | $5630155 | (1)% | 1% |

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**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Average Balance Sheet** | **Average Balance Sheet** | **Average Balance Sheet** | **Average Balance Sheet** | **Average Balance Sheet** | **Average Balance Sheet** | **Average Balance Sheet** | **Average Balance Sheet** | **Average Balance Sheet** |
| | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | **Average<br>Balance** | **Interest**<sup>(4)(6)</sup> | **Average**<br>**Rate**<sup>(4)</sup>  | **Average<br>Balance** | **Interest**<sup>(4)(6)</sup> | **Average**<br>**Rate**<sup>(4)</sup>  | **Average<br>Balance** | **Interest**<sup>(4)(6)</sup> | **Average**<br>**Rate**<sup>(4)</sup>  |
| **Assets** |  |  |  |  |  |  |  |  |  |
| **Interest earning assets** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest earning deposits (incl. Fed Funds Sold) | 72993 | 830 | 4.56% | 223148 | 2487 | 4.52% | 55467 | 738 | 5.35% |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank stock | 45412 | 1075 | 9.49% | 51769 | 1012 | 7.93% | 53827 | 1521 | 11.36% |
| &nbsp;&nbsp;&nbsp;Investment securities - taxable (1) | 959238 | 4867 | 2.03% | 974109 | 5027 | 2.09% | 1309305 | 6465 | 1.99% |
| &nbsp;&nbsp;&nbsp;Investment securities - non-taxable (1) | 1100731 | 7706 | 2.81% | 1120249 | 7838 | 2.84% | 1132065 | 8072 | 2.87% |
| &nbsp;&nbsp;&nbsp;Total investment securities | 2059969 | 12573 | 2.45% | 2094358 | 12865 | 2.49% | 2441370 | 14537 | 2.39% |
| &nbsp;&nbsp;&nbsp;Loans receivable (2) (3) | 4947093 | 79000 | 6.41% | 4865449 | 74840 | 6.24% | 4662124 | 72208 | 6.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest earning assets** | 7125467 | 93478 | 5.26% | 7234724 | 91204 | 5.11% | 7212788 | 89004 | 4.96% |
| **Non-interest earning assets** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | 86316 |  |  | 88624 |  |  | 108319 |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (52560) |  |  | (51863) |  |  | (50334) |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 472175 |  |  | 483765 |  |  | 508555 |  |  |
| **Total average assets** | 7631398 |  |  | 7755250 |  |  | 7779328 |  |  |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |  |  |  |  |
| **Interest bearing liabilities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest bearing demand deposits | 1727713 | 6803 | 1.58% | 1750446 | 6491 | 1.50% | 1656523 | 7081 | 1.72% |
| &nbsp;&nbsp;&nbsp;Saving and money market deposits | 1651866 | 8200 | 1.99% | 1674590 | 8263 | 2.00% | 1677967 | 9733 | 2.33% |
| &nbsp;&nbsp;&nbsp;Time deposits | 1233582 | 11050 | 3.59% | 1212386 | 10847 | 3.63% | 1134590 | 11633 | 4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Deposits | 4613161 | 26053 | 2.27% | 4637422 | 25601 | 2.24% | 4469080 | 28447 | 2.56% |
| &nbsp;&nbsp;&nbsp;Borrowings | 847862 | 7777 | 3.68% | 971496 | 8772 | 3.66% | 1184172 | 10278 | 3.49% |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 88058 | 394 | 1.79% | 88469 | 416 | 1.91% | 125144 | 935 | 3.00% |
| &nbsp;&nbsp;&nbsp;Subordinated notes | 55785 | 829 | 5.96% | 55750 | 829 | 6.03% | 55647 | 829 | 5.99% |
| &nbsp;&nbsp;&nbsp;Junior subordinated debentures issued to capital trusts | 57550 | 1070 | 7.46% | 57497 | 1290 | 9.10% | 57335 | 1213 | 8.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest bearing liabilities** | 5662416 | 36123 | 2.56% | 5810634 | 36908 | 2.58% | 5891378 | 41702 | 2.85% |
| **Non-interest bearing liabilities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | 1114982 |  |  | 1085826 |  |  | 1080676 |  |  |
| &nbsp;&nbsp;&nbsp;Accrued interest payable and other liabilities | 64465 |  |  | 78521 |  |  | 80942 |  |  |
| Stockholders' equity | 789535 |  |  | 780269 |  |  | 726332 |  |  |
| Total average liabilities and stockholders' equity | 7631398 |  |  | 7755250 |  |  | 7779328 |  |  |
| Net FTE interest income (non-GAAP) (5) |  | 57355 |  |  | 54296 |  |  | 47302 |  |
| Less FTE adjustments (4) |  | 2001 |  |  | 2029 |  |  | 2023 |  |
| Net Interest Income |  | 55354 |  |  | 52267 |  |  | 45279 |  |
| Net FTE interest margin (Non-GAAP) (4)(5) |  |  | 3.23% |  |  | 3.04% |  |  | 2.64% |
| <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. | <sup>(1)</sup> 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. |
| <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. | <sup>(2)</sup> 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. |
| <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  | <sup>(3)</sup> 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.  |
| <sup>(4)</sup> 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.  | <sup>(4)</sup> 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.  | <sup>(4)</sup> 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.  | <sup>(4)</sup> 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.  | <sup>(4)</sup> 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.  | <sup>(4)</sup> 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.  | <sup>(4)</sup> 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.  | <sup>(4)</sup> 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.  | <sup>(4)</sup> 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.  | <sup>(4)</sup> 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.  |
| <sup>(5)</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. | <sup>(5)</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. | <sup>(5)</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. | <sup>(5)</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. | <sup>(5)</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. | <sup>(5)</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. | <sup>(5)</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. | <sup>(5)</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. | <sup>(5)</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. | <sup>(5)</sup> Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. |
| <sup>(6)</sup> Includes dividend income on Federal Home Loan Bank stock | <sup>(6)</sup> Includes dividend income on Federal Home Loan Bank stock | <sup>(6)</sup> Includes dividend income on Federal Home Loan Bank stock | <sup>(6)</sup> Includes dividend income on Federal Home Loan Bank stock | <sup>(6)</sup> Includes dividend income on Federal Home Loan Bank stock | <sup>(6)</sup> Includes dividend income on Federal Home Loan Bank stock | <sup>(6)</sup> Includes dividend income on Federal Home Loan Bank stock | <sup>(6)</sup> Includes dividend income on Federal Home Loan Bank stock | <sup>(6)</sup> Includes dividend income on Federal Home Loan Bank stock | <sup>(6)</sup> Includes dividend income on Federal Home Loan Bank stock |

---

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**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Credit Quality** | **Credit Quality** | **Credit Quality** | **Credit Quality** | **Credit Quality** | | |
| | (Dollars in Thousands Except Ratios, Unaudited) | (Dollars in Thousands Except Ratios, Unaudited) | (Dollars in Thousands Except Ratios, Unaudited) | (Dollars in Thousands Except Ratios, Unaudited) | (Dollars in Thousands Except Ratios, Unaudited) | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | | |
| | | | | | | **% Change** | **% Change** |
| | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** | **Q2'25 vs Q1'25** | **Q2'25 vs Q2'24** |
| **Non-accrual loans** |  |  |  |  |  |  |  |
| Commercial | $7547 | $8172 | $5658 | $6830 | $4321 | (8)% | 75% |
| Residential Real estate | 9525 | 12763 | 11215 | 9529 | 8489 | (25)% | 12% |
| Mortgage warehouse |  |  |  |  |  | —% | —% |
| Consumer | 7222 | 7875 | 8919 | 7208 | 5453 | (8)% | 32% |
| **Total non-accrual loans** | 24294 | 28810 | 25792 | 23567 | 18263 | (16)% | 33% |
| 90 days and greater delinquent - accruing interest | 2113 | 1582 | 1166 | 819 | 1039 | 34% | 103% |
| **Total non-performing loans** | $26407 | $30392 | $26958 | $24386 | $19302 | (13)% | 37% |
| **Other real estate owned** |  |  |  |  |  |  |  |
| Commercial | $176 | $360 | $407 | $1158 | $1111 | (51)% | (84)% |
| Residential Real estate | 463 | 641 |  |  |  | —% | —% |
| Mortgage warehouse |  |  |  |  |  | —% | —% |
| Consumer | 480 | 34 | 17 | 36 | 57 | 1311% | 742% |
| **Total other real estate owned** | 1119 | 1035 | 424 | 1194 | 1168 | 8% | (4)% |
| **Total non-performing assets** | $27526 | $31427 | $27382 | $25580 | $20470 | (12)% | 34% |
| **Loan data:** |  |  |  |  |  |  |  |
| Accruing 30 to 89 days past due loans | $31401 | $19034 | $23075 | $18087 | $19785 | 65% | 59% |
| Substandard loans | 64100 | 66714 | 64535 | 59775 | 51221 | (4)% | 25% |
| **Net charge-offs (recoveries)** |  |  |  |  |  |  |  |
| Commercial | $84 | $(47) | $(32) | $(52) | $57 | (279)% | 47% |
| Residential Real estate | 52 | (47) | (10) | (9) | (4) | (211)% | (1400)% |
| Mortgage warehouse |  |  |  |  |  | —% | —% |
| Consumer | 118 | 963 | 668 | 439 | 534 | (88)% | (78)% |
| **Total net charge-offs** | $254 | $869 | $626 | $378 | $587 | (71)% | (57)% |
| **Allowance for credit losses** |  |  |  |  |  |  |  |
| Commercial | $34413 | $32640 | $30953 | $32854 | $31941 | 5% | 8% |
| Residential Real estate | 3229 | 3167 | 2715 | 2675 | 2588 | 2% | 25% |
| Mortgage warehouse |  |  |  | 862 | 736 | —% | (100)% |
| Consumer | 16757 | 16847 | 18312 | 16490 | 16950 | (1)% | (1)% |
| **Total allowance for credit losses** | $54399 | $52654 | $51980 | $52881 | $52215 | 3% | 4% |
| **Credit quality ratios** |  |  |  |  |  |  |  |
| Non-accrual loans to HFI loans | 0.49% | 0.59% | 0.53% | 0.49% | 0.38% |  |  |
| Non-performing assets to total assets | 0.36% | 0.41% | 0.35% | 0.32% | 0.26% |  |  |
| Annualized net charge-offs of average total loans | 0.02% | 0.07% | 0.05% | 0.03% | 0.05% |  |  |
| Allowance for credit losses to HFI loans | 1.09% | 1.07% | 1.07% | 1.10% | 1.08% |  |  |

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**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin** | **Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin** | **Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin** | **Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin** | **Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin** |
| | | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) |
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** |
| Interest income (GAAP) | (A) | $91477 | $89175 | $93350 | $90888 | $86981 |
| Taxable-equivalent adjustment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities - tax exempt (1) |  | 1619 | 1646 | 1675 | 1677 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivable (2) |  | 382 | 383 | 395 | 340 | 328 |
| Interest income (non-GAAP) | (B) | 93478 | 91204 | 95420 | 92905 | 89004 |
| Interest expense (GAAP) | (C) | 36123 | 36908 | 40223 | 43978 | 41702 |
| Net interest income (GAAP) | (D) =(A) - (C) | $55354 | $52267 | $53127 | $46910 | $45279 |
| Net FTE interest income (non-GAAP) | (E) = (B) - (C) | $57355 | $54296 | $55197 | $48927 | $47302 |
| Average interest earning assets | (F) | 7125467 | 7234724 | 7396178 | 7330263 | 7212788 |
| Net FTE interest margin (non-GAAP) | (G) = (E\*) / (F) | 3.23% | 3.04% | 2.97% | 2.66% | 2.64% |
| <sup>(1)</sup> The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity | <sup>(1)</sup> The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity | <sup>(1)</sup> The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity | <sup>(1)</sup> The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity | <sup>(1)</sup> The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity | <sup>(1)</sup> The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity | <sup>(1)</sup> The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity |
| <sup>(2)</sup> The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment | <sup>(2)</sup> The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment | <sup>(2)</sup> The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment | <sup>(2)</sup> The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment | <sup>(2)</sup> The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment | <sup>(2)</sup> The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment | <sup>(2)</sup> The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment |
| \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Non–GAAP Reconciliation of Return on Average Tangible Common Equity** | **Non–GAAP Reconciliation of Return on Average Tangible Common Equity** | **Non–GAAP Reconciliation of Return on Average Tangible Common Equity** | **Non–GAAP Reconciliation of Return on Average Tangible Common Equity** | **Non–GAAP Reconciliation of Return on Average Tangible Common Equity** |
| | | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) |
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** |
| Net income (loss) (GAAP) | (A) | $20643 | $23941 | $(10882) | $18180 | $14140 |
| Average stockholders' equity | (B) | $789535 | $780269 | $755340 | $738372 | $726332 |
| Average intangible assets | (C) | 164320 | 165138 | 165973 | 166819 | 167659 |
| Average tangible equity (Non-GAAP) | (D) = (B) - (C) | $625215 | $615131 | $589367 | $571553 | $558673 |
| Return on average tangible common equity ("ROACE") (non-GAAP) | (E) = (A\*) / (D) | 13.24% | 15.48% | (7.35)% | 12.65% | 10.18% |
| \*Annualized |  |  |  |  |  |  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets** | **Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets** | **Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets** | **Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets** | **Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets** |
| | | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) |
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** |
| Total stockholders' equity (GAAP) | (A) | $790852 | $776061 | $763582 | $754822 | $726665 |
| Intangible assets (end of period) | (B) | 163802 | 164618 | 165434 | 166278 | 167121 |
| Total tangible common equity (non-GAAP) | (C) = (A) - (B) | $627050 | $611443 | $598148 | $588544 | $559544 |
| Total assets (GAAP) | (D) | $7652051 | $7628636 | $7801146 | $7927457 | $7912527 |
| Intangible assets (end of period) | (B) | 163802 | 164618 | 165434 | 166278 | 167121 |
| Total tangible assets (non-GAAP) | (E) = (D) - (B) | $7488249 | $7464018 | $7635712 | $7761179 | $7745406 |
| Tangible common equity to tangible assets (Non-GAAP) | (G) = (C) / (E) | 8.37% | 8.19% | 7.83% | 7.58% | 7.22% |

---

------

**Horizon Bancorp, Inc. Reports Second Quarter 2025 Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Non–GAAP Reconciliation of Tangible Book Value Per Share** | **Non–GAAP Reconciliation of Tangible Book Value Per Share** | **Non–GAAP Reconciliation of Tangible Book Value Per Share** | **Non–GAAP Reconciliation of Tangible Book Value Per Share** | **Non–GAAP Reconciliation of Tangible Book Value Per Share** |
| | | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) | (Dollars in Thousands, Unaudited) |
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** |
| Total stockholders' equity (GAAP) | (A) | $790852 | $776061 | $763582 | $754822 | $726665 |
| Intangible assets (end of period) | (B) | 163802 | 164618 | 165434 | 166278 | 167121 |
| Total tangible common equity (non-GAAP) | (C) = (A) - (B) | $627050 | $611443 | $598148 | $588544 | $559544 |
| Common shares outstanding | (D) | 43801507 | 43786000 | 43722086 | 43712059 | 43712059 |
| Tangible book value per common share (non-GAAP) | (E) = (C) / (D) | $14.32 | $13.96 | $13.68 | $13.46 | $12.80 |

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## Exhibit 99.2

![](hbnc-2q25investorpresent001.jpg)

Beyond ordinary banking Investor Presentation H o r i z o n B a n c o r p , I n c . (N A S D A Q : H B N C) S e c o n d Q u a r t e r E n d e d J u n e 3 0 , 2 0 2 5 J u l y 2 4 , 2 0 2 5

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![](hbnc-2q25investorpresent002.jpg)

Important Information 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: effects on Horizon's business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, 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; the aggregate effects of elevated inflation levels in recent years; 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, such as the Russia and Ukraine conflict and the Israel and Hamas 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. 2

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![](hbnc-2q25investorpresent003.jpg)

Second Quarter 2025 \* Net Fully-Taxable Equivalent Interest Margin is a Non-GAAP measure. Please see appendix for reconciliations of non-GAAP information to its most comparable GAAP measures 3 H I G H L I G H T S & D E V E L O P M E N T S • Key profitability metrics continue positive momentum with net interest income benefiting from both loan growth and disciplined pricing on loans and deposits. • Seventh consecutive quarter of net interest margin expansion. • Strong loan growth with positive credit trends: o Linked quarter annualized (LQA) loan growth of 6.3%, net of continued runoff of auto portfolio o Commercial loan growth of 14.8% LQA o Credit quality remains strong with low NPAs and annualized net charge offs of only 0.02% • Significant strength in funding base that is centered on relationship based, low-cost deposits. • Incrementally growing non-interest income revenue. Prior quarter includes a $7.0 million gain from sale of Mortgage Warehouse business. • Excellent expense control. Realizing growth in revenue models on a relatively consistent expense base. ($000S EXCEPT PER SHARE DATA) 2Q25 1Q25 INCOME STATEMENT Net interest income $55,354 $52,267 NIM (FTE)\* 3.23% 3.04% Provision for credit loss expense $2,462 $1,376 Non-interest income $10,920 $16,499 Non-interest expense $39,417 $39,306 Net income $20,643 $23,943 Diluted EPS $0.47 $0.54 BALANCE SHEET (period end) Total loans held for investment $4,985,582 $4,909,815 Total deposits $5,699,757 $5,765,784 CREDIT QUALITY NPA/total assets ratio 0.36% 0.41% Annualized net charge-offs to avg. loans 0.02% 0.07%

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![](hbnc-2q25investorpresent004.jpg)

Strategically Focused Loan Growth Data as of most-recent quarter (MRQ) end unless stated otherwise. \*Total Gross Loans Held for Investment (HFI), excludes Loans Held for Sale (HFS) 4 18% 16% 66% Consumer Residential Commercial H I G H L I G H T S & D E V E L O P M E N T S • Commercial Real Estate & C&I loans continue to deliver strong growth in conjunction with intentional run-off in the lower-yielding Indirect Auto portfolio • Total loan growth\* of $75.8MM or 1.5% linked quarter o Continuing to maintain highly diverse, Consumer, C&I and CRE portfolios Total Loans\* $5.0B MRQ end

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Diversified Commercial Portfolio \* The sum of Construction & Land Development Loans, Multifamily Property Loans, Non-Owner- Occupied Non-Farm Non-Residential Property Loans and loans to finance CRE not secured by Real Estate divided by Tier 1 Capital plus Allowance, as of March 31, 2025 \*\* UBPR Peer Group 3, as of March 31, 2025. \*\*\* Land Development and Spec Home Loans H I G H L I G H T S & D E V E L O P M E N T S • Commercial loan balances grew 14.8% LQA o Quarter end balances up $117MM • Well balanced geographies, product mix and industry o No segment exceeds 6.0% of total loans o CRE represents 214%\* of RBC versus 239% for peers\*\* Data represents total loans HFI as of MRQ unless stated otherwise 5 27% 19% 14% 13% 8% 9% 9% Central Indiana West Michigan Southwest Michigan Northern Indiana Northern Michigan Eastern Michigan Other $m ill io ns Commercial Loans (period end) $2,905 $2,914 $3,078 $3,181 $3,299 $46 $47 $35 $35 $39 $787 $809 $875 $919 $977 $632 $634 $667 $686 $705 $1,440 $1,424 $1,501 $1,541 $1,578 Others\*\* C&I CRE (owner occ.) CRE (non-owner occ.) 2Q24 3Q24 4Q24 1Q25 2Q25 Geography $3.3B MRQ end 48% 22% 29% 1% CRE (non-owner occ.) CRE(Owner occ.) C&I Other\*\*\* MIX $3.3B MRQ end

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Prime Consumer & Residential Lending H I G H L I G H T S & D E V E L O P M E N T S • Direct Consumer and Mortgage portfolios relatively flat • Indirect Auto declined $34MM from planned run-off • Home Lending portfolios composed of higher quality borrowers, significant capacity to pay and low LTV 6Data represents total loans HFI as of MRQ unless stated otherwise HOME EQUITY MORTGAGE CREDIT SCORE 773 759 DEBT-TO-INCOME 32% 34% LOAN-TO-VALUE 67% 69% 47% 34% 14% 5% Mortgage Home Equity Indirect Auto Direct Installment Mix $1.7B MRQ end $m ill io ns Consumer and Residential Loans (period end) $1,849 $1,810 $1,769 $1,728 $1,687 $798 $802 $803 $801 $786 $1,051 $1,008 $966 $927 $901 Residential Consumer 2Q24 3Q24 4Q24 1Q25 2Q25

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Strong Asset Quality Metrics 7 \*Includes all substandard loans and commercial and consumer non performing loans $m ill io ns Substandard Loans\* (period end) $51.2 $59.8 $64.5 $66.7 $64.1 1.06% 1.24% 1.33% 1.36% 1.29% Substandard Loans Substandard Loans / Loans HFI 2Q24 3Q24 4Q24 1Q25 2Q25 $m illi on s Non-Performing Loans (period end) $19.3 $24.4 $27.0 $30.4 $26.4 0.40% 0.51% 0.56% 0.62% 0.53% Commercial Resi Real Estate Consumer NPLs / Loans HFI $m ill io ns Net Charge Offs $0.6 $0.4 $0.6 $0.9 $0.3 0.05% 0.03% 0.05% 0.07% 0.02% Commercial Resi Real Estate Consumer Annualized NCOs/ Av. Loans 2Q24 3Q24 4Q24 1Q25 2Q25 Allowance for credit Losses (period end) $52.2 $52.9 $52.0 $52.7 $54.4 1.08% 1.10% 1.07% 1.07% 1.09% ACL ACL / Loans HFI 2Q24 3Q24 4Q24 1Q25 2Q25

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Data as of period end unless stated otherwise Relationship Based Core Deposits 8 H I G H L I G H T S & D E V E L O P M E N T S • Consumer and Commercial Deposits o Positive momentum in core relationships and balances o Treasury management team investments making a positive impact • Public Deposits o Focusing on primary bank relationships o Planned runoff of non-relationship, higher-cost funding $m ill io ns Stable Consumer and Commercial Deposits 19.3% 19.0% 19.0% 19.6% 19.7% 59.8% 59.7% 61.6% 58.8% 59.4% 20.9% 21.3% 19.4% 21.6% 20.9% Non-Int Bearing% Interest Bearing% Time% 2Q24 3Q24 4Q24 1Q25 2Q25 $m ill io ns Deposits $5,630 $5,727 $5,601 $5,766 $5,700 85.7% 83.9% 87.8% 85.2% 87.5% Total Deposits Loans/Deposits 2Q24 3Q24 4Q24 1Q25 2Q25 $1,087 $3,365 $1,178 $1,086 $3,421 $1,221 $1,089 $3,447 $1,065 $1,245 $3,393 $1,127 $1,193 $3,385 $1,121

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Net Interest Margin Expansion \* Net Fully-Taxable Equivalent Interest Margin is a Non-GAAP measure. \*\* Commercial lending fees recognized in interest income. H I G H L I G H T S & D E V E L O P M E N T S • 2Q25 NIM\* expansion driven by a combination of a more favorable earning asset mix, an increase in loan yields and a reduction in the total cost of liabilities. o The current quarter was positively impacted by outsized interest recoveries, which contributed 7 bps to the margin. o Declining total liability costs continue to favorably impact the NIM, driven by disciplined pricing and the de-emphasis of higher-cost borrowings. 9 3.04% 0.14% 0.01% 0.04% 3.23% 1Q25 NIM (FTE)\* Interest Earning Assets Yield Loan Fees \*\* Total Liability Cost 2Q25 NIM (FTE)\*

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H I G H L I G H T S & D E V E L O P M E N T S • No new investments in the quarter • High credit quality Treasuries, Agencies, Municipals and Mortgage-Backed Securities \* The Company adjusts average rates for tax-exempt securities to an FTE basis utilizing a 21% tax rate. 10 Investment Securities Detail All dollar amounts in millions $m ill io ns Projected Cash Flow and Roll-Off Yield $46.0 $27.0 $22.0 $18.0 2.70% 1.89% 2.60% 2.36% Cash Flows Yield Roll-Off (FTE)\* 3Q25 4Q25 1Q26 2Q26 2Q24 3Q24 4Q24 1Q25 2Q25 ROLL-OFF/CASH FLOW $26 $23 $23 $20 $26 SALES — — 332 5 — DURATION (YEARS) 6.8 6.8 7.1 7.0 6.9 AVERAGE RATE ON INVESTMENT SECURITIES (FTE)\* 2.39 % 2.38 % 2.39 % 2.49 % 2.45 %

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H I G H L I G H T S & D E V E L O P M E N T S • 1Q25 results include a $7.0MM gain from the sale of the mortgage warehouse business and a $0.4MM loss on the sale of a single investment security. • Well diversified income stream aligned with core community banking model • Mortgage revenue benefiting from the efforts of new leadership implementing a more effective production and sales program • Interchange fees reflective of seasonal volume 11 Data as of MRQ unless stated otherwise. \* 4Q24 includes the pre-tax loss of $39.1MM on the sale of $332.2MM in Available-For-Sale ("AFS") securities as part of a balance sheet repositioning in October 2024. \*\* 1Q25 includes the pre-tax gain of $7.0MM from the sale of its mortgage warehouse business and a $0.4MM loss from the sale of a single investment security. Non-Interest Income

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Non-Interest Expense 12 Data as of MRQ unless stated otherwise. H I G H L I G H T S & D E V E L O P M E N T S • Non-interest expense was nearly flat linked quarter and remains a top priority for management. o Increases in salaries and benefits and loan expenses of $0.3MM and $0.5MM, respectively, offset by a decline in net occupancy ($0.6MM). Non-interest Expense $37.5 $39.3 $44.9 $39.3 $39.4 $20.6 $21.8 $25.6 $22.4 $22.7 $16.9 $17.5 $19.3 $16.6 $16.7 $0.3 Salaries & Employee Benefits All other Non-interest Expense Merger Related Expenses 2Q24 3Q24 4Q24 1Q25 2Q25

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Strong Capital Position \* The tangible common equity to tangible common assets (TCE/TA) ratio and tangible book value per share (TBVPS) are non-GAAP measures. Please see appendix for reconciliations of non-GAAP information to its most comparable GAAP measures. \*\* Preliminary estimate – may be subject to change 13 TCE/TA\* 7.58% 7.83% 8.19% 8.37% $13.46 $13.68 $13.96 $14.32 3Q24 4Q24 1Q25 2Q25 Leverage Ratio 9.02% 8.88% 9.25% 9.59% 3Q24 4Q24 1Q25 2Q25\*\* CET 1 Ratio 10.68% 11.00% 11.32% 11.52% 3Q24 4Q24 1Q25 2Q25\*\* Total RBC Ratio 13.45% 13.91% 14.26% 14.48% 3Q24 4Q24 1Q25 2Q25\*\*

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Full-Year 2025 Guidance Summary Loans (HFI) • Period-end total loans HFI to grow mid-single-digits • Growth primarily in higher-yielding commercial loans; partially funded by continued planned runoff in indirect auto loans of ~$125MM for the year Deposits & Funding • Period-end total deposit balances to grow low-single-digits • Total funding mix to improve with reduction in borrowings NII & NIM • Mid-teens full-year net interest income growth • Assumes two 25 basis point cuts, in September and December Non-Interest Income • Full-year 2025 to grow low-single-digits over full-year 2024, excluding securities losses in both periods and the mortgage warehouse gain in Q1 2025 Non-Interest Expense • Full-year total reported 2025 to be approximately flat with full-year reported 2024 Effective Tax Rate • Full-year 2025 effective tax rate in the mid-teens 14

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On The Horizon P o s i t i v e M o m e n t u m A c r o s s t h e F r a n c h i s e Constant, High Quality Loan Growth Positive loan momentum driven by a well- diversified Commercial portfolio Reinvesting lower yielding Consumer Loans into more profitable core relationships A proven history of excellent credit quality with low charge-offs and well managed non- performing metrics Tenured Deposit Base With Significant Liquidity Tenured, granular deposits across relationship-based Consumer and Commercial clients Deposit gathering efforts provide ample funding for loan growth Investments to expand Commercial wallet share and new client acquisitions are yielding positive results Lean In Operating Culture Proactively managing balance sheet to create greater operating leverage and elevate key performance metrics Simplifying business model and aligning resources to core banking verticals that create long-term shareholder value Maintaining a disciplined operating culture focused on improving shareholder returns 15 Highly Attractive Midwestern Markets 70+ branches strategically located in attractive communities with strong business profiles, favorable housing and affordability metrics. Core markets include major brands representing multi- national companies, flourishing ecosystem of suppliers and thriving college towns Significant infrastructure investments supporting continued growth and positive economic impact

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Appendix

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Diverse Commercial Lending Portfolio S T R O N G A N D T R A D I T I O N A L C O M M E R C I A L L E N D I N G • Multi-family represents 5.9% of loans o No major metros outside Indiana and Michigan, other than Columbus, OH o Zero rent regulated/stabilized originated or in portfolio o $1.9MM average loan size • Non-owner-occupied office represents 3.8% of total loans o All in Indiana and Michigan o $1.4MM average loan size • Nursing Home and Assisted Living Facilities represents 1.5% of loans Data as of most-recent quarter (MRQ) unless stated otherwise. 17 COMMERCIAL LOANS BY INDUSTRY 06/30/2025 Balance % of Commercial Portfolio % of Total Loan Portfolio Lessors - Residential Multi 300 9.6 % 5.9 % Health Care, Educational Social Assist. 253 8.1 % 5.0 % NOO- Warehouse/Industrial 241 7.7 % 4.8 % NOO- Office (except medical) 194 6.2 % 3.8 % Manufacturing 170 5.4 % 3.4 % NOO- Retail 164 5.2 % 3.2 % Lessors Student Housing 149 4.8 % 2.9 % Individuals and Other Services 147 4.7 % 2.9 % NOO- Motel 134 4.3 % 2.7 % Real Estate Rental & Leasing 139 4.4 % 2.8 % Finance & Insurance 120 3.8 % 2.4 % Construction 111 3.5 % 2.2 % NOO- Medical Office 102 3.3 % 2.0 % Retail Trade 99 3.2 % 2.0 % NOO- Mini Storage 95 3.0 % 1.9 % Restaurants 95 3.0 % 1.9 % Lessors - Residential 1-4 93 3.0 % 1.8 % Nursing Home and Assisted Living Facilities 74 2.4 % 1.5 % Transportation & Warehousing 73 2.3 % 1.4 % Wholesale Trade 70 2.2 % 1.4 % Government 60 1.9 % 1.2 % Professional & Technical Services 58 1.9 % 1.1 % Leisure and Hospitality 51 1.6 % 1.0 % Farm Land 29 0.9 % 0.6 % Agriculture 22 0.7 % 0.4 % Administrative Services 19 0.6 % 0.4 % Residential Spec Homes 18 0.6 % 0.4 % NOO- Uncategorized NOO 17 0.5 % 0.3 % Development Loans 13 0.4 % 0.3 % Other 40 1.3 % 0.8 % Total $3,137 100.0 % 63.0 %

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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. 18

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Non-GAAP Reconciliation 19 Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Interest income (GAAP) (A) $91,477 $89,175 $93,350 $90,888 $86,981 Taxable-equivalent adjustment: Investment securities - tax exempt (1) 1,619 1,646 1,675 1,677 1,695 Loan receivable (2) 382 383 395 340 328 Interest income (non-GAAP) (B) $93,478 $91,204 $95,420 $92,905 $89,004 Interest expense (GAAP) (C) 36,123 36,908 40,223 43,978 41,702 Net interest income (GAAP) (D) =(A) - (C) $55,354 $52,267 $53,127 $46,910 $45,279 Net FTE interest income (non-GAAP) (E) = (B) - (C) $57,355 $54,296 $55,197 $48,927 $47,302 Average interest earning assets (F) $7,125,467 $7,234,724 $7,396,178 $7,330,263 $7,212,788 Net FTE interest margin (non-GAAP) (G) = (E\*) / (F) 3.23 % 3.04 % 2.97 % 2.66 % 2.64 % (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 Net Fully-Taxable Equivalent ("FTE") Interest Margin (Dollars in Thousands, Unaudited)

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Non-GAAP Reconciliation 20 Three Months Ended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Total stockholders' equity (GAAP) (A) $790,852 $776,061 $763,582 $754,822 $726,665 Intangible assets (end of period) (B) 163,802 164,618 165,434 166,278 167,121 Total tangible common equity (non-GAAP) (C) = (A) - (B) $627,050 $611,443 $598,148 $588,544 $559,544 Total assets (GAAP) (D) 7,652,051 7,628,636 7,801,146 7,927,457 7,912,527 Intangible assets (end of period) (B) 163,802 164,618 165,434 166,278 167,121 Total tangible assets (non-GAAP) (E) = (D) - (B) $7,488,249 $7,464,018 $7,635,712 $7,761,179 $7,745,406 Tangible common equity to tangible assets (Non-GAAP) (G) = (C) / (E) 8.37 % 8.19 % 7.83 % 7.58 % 7.22 % Non-GAAP Reconciliation of Tangible Common Equity to Tangible Assets (Dollars in Thousands. Unaudited)

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Non-GAAP Reconciliation 21 Three Months Ended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Total stockholders' equity (GAAP) (A) $790,852 $776,061 $763,582 $754,822 $726,665 Intangible assets (end of period) (B) 163,802 164,618 165,434 166,278 167,121 Total tangible common equity (non-GAAP) (C) = (A) - (B) $627,050 $611,443 $598,148 $588,544 $559,544 Common shares outstanding (D) 43,802 43,786 43,722 43,712 43,712 Tangible book value per common share (non-GAAP) (E) = (C) / (D) $14.32 $13.96 $13.68 $13.46 $12.80 Non-GAAP Reconciliation of Tangible Book Value Per Share (Dollars in Thousands. Unaudited)

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Thank you John R. Stewart, CFA® Executive Vice President & Chief Financial Officer 515 Franklin Street, Michigan City, IN 46360 219-814-5833 Investor.HorizonBank.com

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