What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-11 compared with 2025-05-08 · 279 added, 174 removed, 1227 unchanged (27% of the section changed)

7 unchanged sentences

Interest-bearing deposits in banks 34,174 201,131

Federal funds sold 2,024 —

Total cash and cash equivalents 137,917 293,431

27 unchanged sentences

Common stock, no par value, Authorized 99,000,000 shares

44,097,291 and 44,226,819 shares issued at March 31, 2025 and December 31, 2024, respectively

44,098,521 and 44,226,819 shares issued at June 30, 2025 and December 31, 2024, respectively

Additional paid-in capital 360,758 363,761

8 unchanged sentences

(Dollar Amounts in Thousands, Except Per Share Data)

Three Months Ended

March 31, 2025 March 31, 2024

Three Months Ended Six Months Ended

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Interest Income

12 unchanged sentences

Credit loss expense 2,462 2,369 3,838 3,174

Net Interest Income after Provision for Loan Losses 50,891 42,483

Net Interest Income after Provision for Credit Losses 52,893 42,910 103,784 85,393

Non-interest Income

32 unchanged sentences

(Dollar Amounts in Thousands)

Three Month Ended

Three Month Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Net Income $ 20,644 $ 14,140 $ 44,587 $ 28,131

20 unchanged sentences

Income (Loss) Total

Balances, April 1, 2024 $ — $ — $ 356,599 $ 435,927 $ ( 71,276 ) $ 721,250

Net income — — — 14,140 — 14,140

Other comprehensive loss, net of tax — — — — ( 2,709 ) ( 2,709 )

Amortization of unearned compensation — — 1,134 — — 1,134

Net settlement of share awards — — ( 60 ) — — ( 60 )

Cash dividends on common stock ($ 0.16 per share)

— — — ( 7,090 ) — ( 7,090 )

Balances, June 30, 2024 $ — $ — $ 357,673 $ 442,977 $ ( 73,985 ) $ 726,665

Balances, April 1, 2025 — — 360,522 452,945 ( 37,406 ) 776,061

Net income — — — 20,644 — 20,644

Other comprehensive income, net of tax — — — — 1,003 1,003

Amortization of unearned compensation — — 387 — — 387

Net settlement of share awards — — ( 151 ) — — ( 151 )

Cash dividends on common stock ($ 0.16 per share)

— — — ( 7,092 ) — ( 7,092 )

Balances, June 30, 2025 $ — $ — $ 360,758 $ 466,497 $ ( 36,403 ) $ 790,852

See notes to condensed consolidated financial statements

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

(Dollar Amounts in Thousands, Except Per Share Data)

Six Months Ended

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss) Total

Balances, January 1, 2024 — — 356,400 429,021 ( 66,609 ) 718,812

5 unchanged sentences

— — — ( 14,175 ) — ( 14,175 )

Balances, March 31, 2024 $ — $ — $ 356,599 $ 435,927 $ ( 71,276 ) $ 721,250

Balances, June 30, 2024 $ — $ — $ 357,673 $ 442,977 $ ( 73,985 ) $ 726,665

Balances, January 1, 2025 — — 363,761 436,122 ( 36,301 ) 763,582

5 unchanged sentences

— — — ( 14,212 ) — ( 14,212 )

Balances, March 31, 2025 $ — $ — $ 360,522 $ 452,945 $ ( 37,406 ) $ 776,061

See notes to condensed consolidated financial statements

Balances, June 30, 2025 $ — $ — $ 360,758 $ 466,497 $ ( 36,403 ) $ 790,852

HORIZON BANCORP, INC.

2 unchanged sentences

(Dollar Amounts in Thousands)

Three Months Ended

2025 March 31,

Six Months Ended

2025 June 30,

Operating Activities

22 unchanged sentences

Proceeds from maturities, calls and principal repayments of securities available for sale 1,140 8,704

Purchases of securities held to maturity — ( 312 )

Proceeds from maturities of securities held to maturity 40,647 38,317

8 unchanged sentences

Proceeds from bank owned life insurance 376 22,917

Net cash provided by (used in) investing activities $ 38,860 $ ( 175,225 )

Net cash used in investing activities $ ( 14,476 ) $ ( 357,479 )

Financing Activities

15 unchanged sentences

Cash dividends declared, not paid 7,090 —

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Dollar Amounts in Thousands)

See notes to condensed consolidated financial statements

8 unchanged sentences

All inter–company balances and transactions have been eliminated.

The results of operations for the periods ended March 31, 2025 and March 31, 2024 are not necessarily indicative of the operating results for the full year of 2025 or 2024.

The results of operations for the periods ended June 30, 2025 and June 30, 2024 are not necessarily indicative of the operating results for the full year of 2025 or 2024.

The accompanying unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of Horizon’s management, necessary to fairly present the financial position, results of operations and cash flows of Horizon for the periods presented.

11 unchanged sentences

On July 16, 2019, the Board of Directors of the Company authorized a stock repurchase program for up to 2,250,000 shares of Horizon’s issued and outstanding common stock, no par value.

As of March 31, 2025 , Horizon had repurchased a total of 803,349 shares at an average price per share of $ 16.89 .

As of June 30, 2025 , Horizon had repurchased a total of 803,349 shares at an average price per share of $ 16.89 .

Basic earnings per share is computed by dividing net income available to common shareholders (net income less dividend requirements for preferred stock and accretion of preferred stock discount) by the weighted–average number of common shares outstanding.

5 unchanged sentences

The following table shows computation of basic and diluted earnings per share.

Three Months Ended

(dollar amounts in thousands, except per share) March 31, 2025 March 31, 2024

Three Months Ended Six Months Ended

(dollar amounts in thousands, except per share) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Basic earnings per share

12 unchanged sentences

Diluted Earnings per Share $ 0.47 $ 0.32 $ 1.01 $ 0.64

There were 202,139 shares for the three months ended March 31, 2025 which were not included in the computation of diluted earnings per share because they were non–dilutive.

There were 86,353 shares for the three months ended March 31, 2024 which were not included in the computation of diluted earnings per share because they were non–dilutive.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

There were 190,772 and 89,728 shares for the three and six months ended June 30, 2025 which were not included in the computation of diluted earnings per share because they were non–dilutive.

There were 167,943 and 257,773 shares for the three and six months ended June 30, 2024 which were not included in the computation of diluted earnings per share because they were non–dilutive.

Note 2 – Securities

The fair value of securities is as follows:

March 31, 2025

June 30, 2025

Cost Allowance for Credit Losses Net Carrying Amount Gross

Losses Fair Value

Available for sale

4 unchanged sentences

Total available for sale investment securities $ 280,049 $ ( 150 ) $ 279,899 $ — $ ( 47,900 ) $ 231,999

March 31, 2025

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

June 30, 2025

Cost Allowance for Credit Losses Net Carrying Amount Gross

Held to maturity

5 unchanged sentences

Total held to maturity investment securities $ 1,819,229 $ ( 142 ) $ 1,819,087 $ 948 $ ( 283,197 ) $ 1,536,980

Allowance for credit losses ( 140 )

Held to maturity securities, net of allowance for credit losses $ 1,843,851

December 31, 2024

Losses Allowance for Credit Losses Fair

Available for sale

4 unchanged sentences

Total available for sale investment securities $ 282,022 $ — $ ( 48,345 ) $ — $ 233,677

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

December 31, 2024

8 unchanged sentences

Held to maturity securities, net of allowance for credit losses $ 1,867,690

The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2025 and December 31, 2024, by contractual maturity, are shown below.

Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

March 31, 2025 December 31, 2024

The amortized cost and fair value of securities available for sale and held to maturity at June 30, 2025 and December 31, 2024, by contractual maturity, are shown below.

Expected maturities will differ from contractual maturities because issuers

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

may have the right to call or prepay obligations with or without call or prepayment penalties.

June 30, 2025 December 31, 2024

Value Amortized

20 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

The following tables show the gross unrealized losses and the fair value of the Company’s available for sale investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

March 31, 2025

The following tables show the gross unrealized losses and the fair value of the Company’s available for sale investments in which an allowance for credit losses were not recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

June 30, 2025

Less than 12 Months 12 Months or More Total

20 unchanged sentences

Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost.

As of March 31, 2025 and December 31, 2024, the Company had 2,082 and 2,115 securities, respectively, with market values below their cost basis.

The total fair value of these investments at March 31, 2025 and December 31, 2024 remained consistent at $ 1.8 billion, which is approximately 86.0 % of the Company's available for sale and held to maturity securities portfolio.

No allowance for credit losses for available for sale debt securities was recorded at March 31, 2025 or December 31, 2024.

As of June 30, 2025 and December 31, 2024, the Company had 2,025 and 2,115 securities, respectively, with market values below their cost basis.

The total fair value of these investments at June 30, 2025 and December 31, 2024 remained consistent at $ 1.8 billion, which is approximately 86.0 % of the Company's available for sale and held to maturity securities portfolio.

The Company determines credit losses on available-for-sale investment securities by a discounted cash flow approach using the security’s prepayment-adjusted effective interest rate.

The allowance for credit losses is measured as the amount by which an investment security’s amortized cost exceeds the net present value of expected future cash flows.

However, the amount of credit losses for available-for-sale investment securities is limited to the amount of a security’s unrealized loss.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

The following table details activity in the allowance for credit losses on available for sale debt securities during the three and six months ended June 30, 2025 and 2024.

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

2025 2024 2025 2024

Beginning balance $ — $ — $ — $ —

Credit loss expense (benefit) 150 — 150 —

Ending balance $ 150 $ — $ 150 $ —

Due to a specific issuer's deferral of principal and interest payments, the Company placed the security with a fair value of $ 2.9 million on non-accrual status and recorded a $ 150 thousand allowance for credit losses on certain corporate debt securities.

The Company did no t record an allowance as of the three and six months ended June 30, 2024, respectively.

Based on an evaluation of available evidence, management believes the unrealized losses on available for sale state and municipal securities, private labeled mortgage–backed pools and corporate notes, excluding certain securities disclosed above, were due to changes in interest rates.

Due to the contractual terms, the issuers of state and municipal securities are not allowed to settle for less than the amortized cost of the security.

The allowance for credit losses for held to maturity securities is a contra asset valuation account that is deducted from the carrying amount of held to maturity securities to present the net amount expected to be collected.

1 unchanged sentence

Adjustments to the allowance for credit loss are reported in our Condensed Consolidated Statements of Income in credit loss expense.

We measure expected credit losses on held to maturity securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

With regard to U.S.

The Company measures expected credit losses on held to maturity securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

With regards to U.S.

Government-sponsored treasuries, agency and mortgage-backed securities, all these securities are issued by a U.S.

1 unchanged sentence

therefore, no allowance for credit losses has been recorded for these securities.

With regard to obligations of states and municipal, private label mortgage-backed and corporate note held to maturity securities, we consider (1) issuer bond ratings, (2) historical loss rates for given bond ratings, (3) the financial condition of the issuer, and (4) whether issuers

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

continue to make timely principal and interest payments under the contractual terms of the securities.

Historical loss rates associated with securities having similar grades as those in our portfolio have been insignificant.

As of March 31, 2025 and December 31, 2024, there were no past due principal and interest payments associated with these securities.

An allowance for credit loss of $ 140 thousand and $ 158 thousand was recorded on these securities based on applying the long-term historical rating agency credit loss rate for similarly rated securities at March 31, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, there were no past due principal and interest payments associated with these securities.

An allowance for credit loss of $ 142 thousand and $ 158 thousand was recorded on these securities based on applying the long-term historical rating agency credit loss rate for similarly rated securities at June 30, 2025 and December 31, 2024, respectively.

On a quarterly basis, the Company refreshes the credit quality indicator of each held-to-maturity security.

1 unchanged sentence

For state and municipal securities where no rating is available from the NRSROs, a consistent internally-assigned rating methodology is applied.

The amortized cost of these securities in the following tables subject to this methodology totaled $ 119.1 million as of March 31, 2025, and $ 125.0 million as of December 31, 2024.

The amortized cost of the state and municipal securities in the following tables subject to this methodology totaled $ 109.9 million as of June 30, 2025, and $ 125.0 million as of December 31, 2024.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

The following table summarizes credit ratings of our held-to-maturity securities at amortized cost for the periods indicated:

March 31, 2025 AAA AA A BBB BB Not Rated Total

June 30, 2025 AAA AA A BBB BB Not Rated Total

Treasury, federal agencies, and government sponsored agencies $ — $ 275,720 $ — $ — $ — $ — $ 275,720

11 unchanged sentences

Total $ 652,633 $ 982,987 $ 77,628 $ 86,329 $ 4,543 $ 63,728 $ 1,867,848

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

The following table details activity in the allowance for credit losses on held-to-maturity securities during the three months ended March 31, 2025 and 2024.

March 31, 2025 March 31,

The following table details activity in the allowance for credit losses on held-to-maturity securities during the three and six months ended June 30, 2025 and 2024.

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

2025 2024 2025 2024

Beginning balance $ 140 $ 158 $ 158 $ 157

1 unchanged sentence

Ending balance $ 142 $ 158 $ 142 $ 158

Accrued interest receivable on available for sale debt securities and held to maturity secur ities totaled $ 12.4 million at March 31, 2025 and $ 12.7 million at December 31, 2024 and is excluded from the estimate of credit losses.

Accrued interest receivable on available for sale debt securities and held to maturity secur ities totaled $ 12.5 million at June 30, 2025 and $ 12.7 million at December 31, 2024 and is excluded from the estimate of credit losses.

government sponsored entities and agencies and mortgage–backed securities are either explicitly or implicitly guaranteed by the U.S.

1 unchanged sentence

Therefore, for those securities, we do not record expected credit losses.

Due to the contractual terms, the issuers of state and municipal securities are not allowed to settle for less than the amortized cost of the security.

In addition, the Company does not intend to sell these securities prior to the recovery of the amortized cost, which may not occur until maturity.

No allowance for credit losses was recognized for available for sale debt securities at March 31, 2025 and December 31, 2024.

During the three months ended March 31, 2025, the Company transferred and sold one corporate debt security classified as held-to-maturity as a result of a significant downgrade in the published credit rating in February 2025.

The net carrying amount and fair value of the transferred and sold security at the time of transfer was $ 4.6 million and $ 4.1 million, respectively, and resulted in a realized loss of $ 0.4 million upon sale that was recorded in losses on sale of investment securities within the condensed consolidated statement of income for the three months ended March 31, 2025.

Information regarding security proceeds, gross gains and gross losses are presented below.

March 31, 2025 March 31, 2024

Information regarding securities proceeds, gross gains, and gross losses are presented below:

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

2025 2024 2025 2024

Sales of securities available for sale

2 unchanged sentences

Gross losses — — ( 407 ) —

The tax benefit of the proceeds from the sale of securities available for sale was $ 0.1 million and zero for the three months ended March 31, 2025 and 2024.

The tax benefit of the proceeds from the sale of securities available for sale was $ 0.1 million for the six months ended June 30, 2025 .

The Company pledges securities related to borrowings capacity at the Federal Reserve and Federal Home Loan Bank.

The following table represents the fair value and amortized costs of these pledged securities.

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Fair Value Amortized Cost Fair Value Amortized Cost

1 unchanged sentence

Pledge securities for FHLB borrowings $ 297,446 $ 345,111 $ 279,136 $ 333,613

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

Note 3 – Loans

8 unchanged sentences

Residential construction

Consumer Installment

Indirect auto

Consumer Direct installment

Indirect installment

Portfolio segment is defined as a level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses.

2 unchanged sentences

Construction loans are reviewed and rewritten prior to being originated as a term loan.

The following table presents outstanding loans held for investment by portfolio class, as of March 31, 2025 and December 31, 2024:

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

The following table presents outstanding loans held for investment by portfolio class, as of June 30, 2025 and December 31, 2024:

2025 December 31,

15 unchanged sentences

Net loans $ 4,931,183 $ 4,795,060

Total loans include net unearned discounts and deferred loan costs of $ 13.5 million at March 31, 2025 and $ 14.9 million at December 31, 2024, respectively.

Total loans include net unearned discounts and deferred loan costs of $ 11.9 million at June 30, 2025 and $ 14.9 million at December 31, 2024, respectively.

HORIZON BANCORP, INC.

3 unchanged sentences

Non–performing Loans

The following table presents non–accrual loans and loans past due over 90 days still on accrual by class of loans at March 31, 2025:

March 31, 2025

The following table presents non–accrual loans and loans past due over 90 days still on accrual by class of loans at June 30, 2025:

June 30, 2025

Total Non-accrual Loans Past Due Over 90 Days Still Accruing Non-accruing Loans with no Allowance for Credit Losses

34 unchanged sentences

Total $ 25,792 $ 1,166 $ 3,636

There was no interest income recognized on non-accrual loans during the three months ended March 31, 2025 and 2024, respectively, while the loans were in non-accrual status.

The amount of accrued interest receivable written off by the Company by reversing interest income was not material for the during the three months ended March 31, 2025 and 2024, respectively.

There was no interest income recognized on non-accrual loans during the three and six months periods ended June 30, 2025 and 2024, respectively, while the loans were in non-accrual status.

The amount of accrued interest receivable written off by the Company by reversing interest income was not material during the three and six months periods ended June 30, 2025 and 2024, respectively.

HORIZON BANCORP, INC.

2 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

The following table presents the payment status by class of loan at March 31, 2025:

March 31, 2025

The following table presents the payment status by class of loan at June 30, 2025:

June 30, 2025

Current 30-59 Days

42 unchanged sentences

Modified Loans

The following tables detail the amortized cost at March 31, 2025 of loans that were modified to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and the amortized cost at March 31, 2024, of loans that were modified to borrowers experiencing financial difficulty during the three ended March 31, 2024:

Three Months Ended March 31, 2025

The following tables detail the amortized cost at June 30, 2025 of loans that were modified to borrowers experiencing financial difficulty during the three months ended June 30, 2025 and the amortized cost at June 30, 2024, of loans that were modified to borrowers experiencing financial difficulty during the three and six months periods ended June 30, 2024:

Three Months Ended June 30, 2025

Term Extension Interest Rate Reduction Other-Than-Insignificant Payment Delay Term Extension and Interest Rate Reduction Total % of Loans Held for Investment

8 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

Three Months Ended March 31, 2024

Six Months Ended June 30, 2025

Term Extension Interest Rate Reduction Other-Than-Insignificant Payment Delay Term Extension and Interest Rate Reduction Total % of Loans Held for Investment

4 unchanged sentences

Total $ 2,697 $ — $ 841 $ 1,545 $ 5,083 0.10 %

The following tables summarize the financial impacts of loan modifications and payment deferrals, as applicable, during the three months ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025

Weighted Average Term Extension (In Months) Weighted average interest rate reduction (In Percentage Terms) Weighted Average Payment Delay (In Months) Term Extension (In Months) & Rate Reduction (In Percentage Terms)

Three Months Ended June 30, 2024

Term Extension Interest Rate Reduction Other-Than-Insignificant Payment Delay Term Extension and Interest Rate Reduction Total % of Loans Held for Investment

Owner occupied real estate $ — $ — $ 668 $ — $ 668 0.11 %

2 unchanged sentences

Commercial and industrial 1,097 — — 398 1,495 0.19 %

Three Months Ended March 31, 2024

Total $ 2,541 $ — $ 668 $ 398 $ 3,607 0.07 %

Six Months Ended June 30, 2024

Term Extension Interest Rate Reduction Other-Than-Insignificant Payment Delay Term Extension and Interest Rate Reduction Total % of Loans Held for Investment

Owner occupied real estate $ 1,948 $ — $ 668 $ — $ 2,616 0.41 %

Non-owner occupied real estate 696 — — — 696 0.05 %

Development spec & land 748 — — — 748 2.23 %

Commercial and industrial 1,347 — 25 437 1,809 0.23 %

Total $ 4,739 $ — $ 693 $ 437 $ 5,869 0.12 %

The following tables summarize the financial impacts of loan modifications and payment deferrals, as applicable, during the three and six months periods ended June 30, 2025 and 2024:

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

Three Months Ended June 30, 2025

3 unchanged sentences

Commercial and industrial 10 — % — Weighted average term extension of 36 months & weighted average interest rate reduction of 1.73 %

The financial impacts of the modifications did not significantly impact our determination of the allowance for credit losses during the periods presented above.

Six Months Ended June 30, 2025

Weighted Average Term Extension (In Months) Weighted average interest rate reduction (Int Percentage Terms) Weighted Average Payment Delay (In Months) Term Extension (In Months) & Rate Reduction (In Percentage Terms)

Owner occupied real estate 6 — % 6 —

Non-owner occupied real estate 14 — % — —

Development spec & land 18 — % — —

Commercial and industrial 10 — % 6 Weighted average term extension of 36 months & weighted average interest rate reduction of 1.73 %

Three Months Ended June 30, 2024

Owner occupied real estate — — % 5 —

Non-owner occupied real estate 31 — % — —

Development spec & land 3 — % — —

Commercial and industrial 5 — % — Weighted average term extension of 6 months & Weighted average interest rate reduction of 1.75 %

HORIZON BANCORP, INC.

2 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

The following table presents the amortized cost basis at March 31, 2025 of loans to borrowers experiencing financial difficulty that had been modified within the previous 12 months:

March 31, 2025

Six Months Ended June 30, 2024

Owner occupied real estate 9 — % 5 —

Non-owner occupied real estate 31 — % — —

Development spec & land 3 — % — —

Commercial and industrial 6 — % 3 Weighted average term extension of 14 months & weighted average interest rate reduction of 1.59 %

The financial impacts of the modifications did not significantly impact our determination of the allowance for credit losses during the periods presented above.

The following table presents the amortized cost basis at June 30, 2025 of loans to borrowers experiencing financial difficulty that had been modified within the previous 12 months:

June 30, 2025

Current 30-89 Days Past Due 90 Days Past Due Total

4 unchanged sentences

Total $ 11,110 $ — $ — $ 11,110

The following table presents the amortized cost basis at March 31, 2024 of loans to borrowers experiencing financial difficulty that had been modified within the previous 12 months:

March 31, 2024

The following table presents the amortized cost basis at June 30, 2024 of loans to borrowers experiencing financial difficulty that had been modified within the previous 12 months:

June 30, 2024

Current 30-89 Days Past Due 90 Days Past Due Total

4 unchanged sentences

Total $ 7,201 $ 25 $ — $ 7,226

The following table provides the $ 2.8 million amortized cost basis of financing receivables that were modified in the form of term extension and other than significant payment delay in the last twelve months and were in payment default at March 31, 2025.

March 31, 2025

Other-than-Insignificant Payment Delay Term Extension Total

Commercial and Industrial $ — $ 136 $ 136

Owner Occupied 651 2,038 2,689

Total $ 651 $ 2,174 $ 2,825

The following table provides the $ 1.3 million amortized cost basis of financing receivables that were modified in the form of term extension and term extension & rate reduction in the last twelve months and were in payment default at March 31, 2024.

March 31, 2024

Term Extension Term Extension & Rate Reduction Total

Commercial and Industrial $ 219 $ 69 $ 287

Owner Occupied 966 — 966

Total $ 1,184 $ 69 $ 1,253

For purposes of this disclosure, the Company considers “default” to mean 30 days or more past due of contractual interest or principal.

On an ongoing basis, we monitor the performance of all modified loans according to their modified terms.

The amortized cost of modified loans that had a payment default during the three and six months ended June 30, 2025, which were still in default at period end, and were within 12 months or less of being modified was not significant.

For the three and six months ended June 30, 2024, the Company had $ 0 and $ 0.3 million in payment defaults, respectively.

HORIZON BANCORP, INC.

2 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

For purposes of the six months ended June 30, 2025 and June 30, 2024, the previously repo rted $ 2.8 millions and $ 1.2 million in defaulted receivables, respectively, were made current during the second quarter.

For purposes of this disclosure, the Company considers “default” to mean 30 days or more past due of contractual interest or principal.

Collateral Dependent Financial Assets

4 unchanged sentences

However, as other sources of repayment become inadequate over time, the significance of the collateral's value increases and the loan may become collateral dependent.

The tables below present the amortized cost basis and allowance for credit losses (“ACL”) allocated for collateral dependent loans in accordance with ASC 326, which are individually evaluated to determine expected credit losses, at March 31, 2025 and December 31, 2024.

March 31, 2025

June 30, 2025

Real Estate Accounts

6 unchanged sentences

Total collateral dependent loans (1)

(1) Collateral dependent loans had a collateral fair value of $ 5.6 million at March 31, 2025

$ 6,196 $ 1,246 $ — $ 7,442 $ 918

(1) Collateral dependent loans had a collateral fair value of $ 5.4 million at June 30, 2025

December 31, 2024

7 unchanged sentences

Total collateral dependent loans (1)

$ 5,182 $ 476 $ — $ 5,658 $ 955

(1) Collateral dependent loans had a collateral fair value of $ 3.4 million at December 31, 2024

As of March 31, 2025, the Company had a carrying value of $ 1.0 million of repossessed assets.

As of March 31, 2025, the Company had a recorded net investment of $ 0.9 million o f consumer mortgage loans in which foreclosure proceedings have commenced.

As of June 30, 2025, the Company had a carrying value of $ 1.1 million of repossessed assets.

As of June 30, 2025, the Company had a recorded net investment of $ 1.5 million o f consumer mortgage loans in which foreclosure proceedings have commenced.

Repossessed assets are a component of other assets within the condensed consolidated balance sheet.

Credit Quality Indicators

Horizon Bank’s processes for determining credit quality differ slightly depending on whether a new loan or a renewed loan is being underwritten, or whether an existing loan is being re–evaluated for credit quality.

The latter usually occurs upon receipt of current financial information or other pertinent data that would trigger a change in the credit quality grade.

• For new and renewed commercial loans, the Bank’s Credit Department, which acts independently of the loan

HORIZON BANCORP, INC.

2 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

officer, assigns the credit quality grade to the loan.

The latter usually occurs upon receipt of current financial information or other pertinent data that would trigger a change in the credit quality grade.

• For new and renewed commercial loans, the Bank’s Credit Department, which acts independently of the loan officer, assigns the credit quality grade to the loan.

Loan grades for loans with an aggregate credit exposure that exceeds the authorities in the respective regions (ranging from $ 3,000,000 to $ 6,000,000 ) are validated by the Loan Committee, which is chaired by the Chief Commercial Banking Officer (“CCBO”).

29 unchanged sentences

loans with some weakness but offsetting features of other support are readily available;

loans that are meeting the terms of repayment, but which may be susceptible to deterioration if adverse factors are encountered and meeting defined key financial metric ranges.

Loans may be graded Satisfactory when there is no recent information on which to base a current risk evaluation and the following conditions apply:

• At inception, the loan was properly underwritten, did not possess an unwarranted level of credit risk, and the loan met the above criteria for a risk grade of Excellent, Good, or Satisfactory;

loans that are meeting the terms of repayment, but which may be susceptible to deterioration if adverse factors are encountered and meeting defined key financial metric

HORIZON BANCORP, INC.

2 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

Loans may be graded Satisfactory when there is no recent information on which to base a current risk evaluation and the following conditions apply:

• At inception, the loan was properly underwritten, did not possess an unwarranted level of credit risk, and the loan met the above criteria for a risk grade of Excellent, Good, or Satisfactory;

• At inception, the loan was secured with collateral possessing a loan value adequate to protect the Bank from loss.

33 unchanged sentences

• Unusual courses of action are needed to maintain a high probability of repayment.

• The borrower is not generating enough cash flow to repay loan principal;

however, it continues to make interest payments.

• The lender is forced into a subordinated or unsecured position due to flaws in documentation.

• Loans have been restructured so that payment schedules, terms, and collateral represent concessions to the borrower when compared to the normal loan terms.

HORIZON BANCORP, INC.

2 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

• The borrower is not generating enough cash flow to repay loan principal;

however, it continues to make interest payments.

• The lender is forced into a subordinated or unsecured position due to flaws in documentation.

• Loans have been restructured so that payment schedules, terms, and collateral represent concessions to the borrower when compared to the normal loan terms.

• The lender is seriously contemplating foreclosure or legal action due to the apparent deterioration in the loan.

15 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

The following tables present loans by credit grades and origination year at March 31, 2025.

March 31, 2025 2025 2024 2023 2022 2021 Prior Revolving Term Loans Revolving

The following tables present loans by credit grades and origination year at June 30, 2025.

June 30, 2025 2025 2024 2023 2022 2021 Prior Revolving Term Loans Revolving

Owner occupied real estate

38 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

March 31, 2025 2025 2024 2023 2022 2021 Prior Revolving Term Loans Revolving

June 30, 2025 2025 2024 2023 2022 2021 Prior Revolving Term Loans Revolving

Residential mortgage

9 unchanged sentences

Total real estate $ 28,606 $ 70,407 $ 125,396 $ 156,903 $ 136,217 $ 246,085 $ 22,412 $ — $ 786,026

March 31, 2025 2025 2024 2023 2022 2021 Prior Revolving Term Loans Revolving

June 30, 2025 2025 2024 2023 2022 2021 Prior Revolving Term Loans Revolving

Direct installment

97 unchanged sentences

Note 4 – Allowance for Credit and Loan Losses

The following tables represent, by loan portfolio segment, a summary of changes in the ACL on loans for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025

The following tables represent, by loan portfolio segment, a summary of changes in the ACL on loans for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, 2025

Commercial Real Estate Mortgage Warehouse Consumer Total

4 unchanged sentences

Balance, end of period $ 34,413 $ 3,229 $ — $ 16,757 $ 54,399

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Commercial Real Estate Mortgage Warehouse Consumer Total

4 unchanged sentences

Balance, end of period $ 31,941 $ 2,588 $ 736 $ 16,950 $ 52,215

Six Months Ended June 30, 2025

Commercial Real Estate Mortgage Warehouse Consumer Total

Balance, beginning of period $ 30,953 $ 2,715 $ — $ 18,312 $ 51,980

Provision for credit losses on loans 3,497 519 — ( 474 ) 3,542

Charge-offs ( 152 ) ( 427 ) — ( 2,332 ) ( 2,911 )

Recoveries 115 422 — 1,251 1,788

Balance, end of period $ 34,413 $ 3,229 $ — $ 16,757 $ 54,399

Six Months Ended June 30, 2024

Commercial Real Estate Mortgage Warehouse Consumer Total

Balance, beginning of period $ 29,736 $ 2,503 $ 481 $ 17,309 $ 50,029

Provision for credit losses on loans 2,090 76 255 663 3,084

Charge-offs 3 ( 2 ) — ( 1,564 ) ( 1,563 )

Recoveries 112 11 — 542 665

Balance, end of period $ 31,941 $ 2,588 $ 736 $ 16,950 $ 52,215

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

The accrued interest receivable on our loan receivables is excluded from the allowance for credit loss estimate and is included in interest receivable on our consolidated balance sheets.

As of March 31, 2025 and December 31, 2024, the accrued interest on our loan portfolio was $ 25.1 million and 25.6 million, respectively.

As of June 30, 2025 and December 31, 2024, the accrued interest on our loan portfolio was $ 26.3 million and $ 25.6 million, respectively.

The Company utilized the Cumulative Loss Rate method in determining expected future credit losses.

11 unchanged sentences

Management utilized Moody's economic forecast scenarios including both National and Regional econometrics, as well as management judgment, as the basis for the forecast period.

The historical loss rate was utilized as the base rate,

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

and qualitative adjustments were utilized to reflect the forecast and other relevant factors.

The historical loss rate was utilized as the base rate, and qualitative adjustments were utilized to reflect the forecast and other relevant factors.

The Company segments the loan portfolio into pools based on the following risk characteristics:

2 unchanged sentences

The following tables represent, by loan portfolio segment, a summary of changes in the activity in the liability for commitments to extend credit and standby letters of credit (please see note 14):

Three Month Ended

March 31, 2025 45382 March 31, 2024

Three Months Ended

June 30, 2025 45382 June 30, 2024

Balance, beginning of period Credit loss expense (reversal) Ending balance Balance, beginning of period Credit loss expense (reversal) Ending balance

4 unchanged sentences

Total $ 2,000 $ 311 $ 2,311 $ 750 $ ( 45 ) $ 705

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Table Dollar Amounts in Thousands, Except Per Share Data)

Six Months Ended

June 30, 2025 June 30, 2024

Balance, beginning of period Credit loss expense (reversal) Ending balance Balance, beginning of period Credit loss expense (reversal) Ending balance

Commercial $ 1,385 158 1,543 $ — — —

Real Estate 61 38 99 64 ( 23 ) 41

Mortgage Warehouse — — — — — —

Consumer 703 ( 34 ) 669 551 113 664

Total $ 2,149 $ 162 $ 2,311 $ 615 $ 90 $ 705

Note 5 – Loan Servicing

Loans serviced for others are not included in the accompanying condensed consolidated balance sheets.

The unpaid principal balances of loans serviced for others totaled approximately $ 1.42 billion and $ 1.44 billion at March 31, 2025 and December 31, 2024.

The unpaid principal balances of loans serviced for others totaled approximately $ 1.41 billion and $ 1.44 billion at June 30, 2025 and December 31, 2024.

Activity for mortgage servicing rights and the related impairment allowance were as follows:

Three Month Ended

March 31, 2025 March 31, 2024

Three Months Ended Six Months Ended

2025 June 30,

2024 June 30,

2025 June 30,

Mortgage servicing rights

11 unchanged sentences

Fair value, end of period 18,251 19,091 18,251 19,091

Fair value at March 31, 2025 was determined using a discounted cash flow analysis with the discount rates ranging from 9.0 % to 11.5 % and prepayment speeds ranging from 5.9 % to 13.5 %, depending on the stratification of the specific type.

Fair value at March 31, 2024 was determined using a discounted cash flow analysis with a discount rate of 11.0 % and prepayment speeds ranging from 6.0 % to 12.0 %, depending on the stratification of the specific type.

Fair value at June 30, 2025 was determined using a discounted cash flow analysis with the discount rates ranging from 8.5 % to 11.0 % and prepayment speeds ranging from 5.8 % to 12.5 %, depending on the stratification of the specific type.

Fair value at June 30, 2024 was determined using a discounted cash flow analysis with a discount rate of 11.0 % and prepayment speeds ranging from 6.0 % to 12.0 %, depending on the stratification of the specific type.

Note 6 – Goodwill

HORIZON BANCORP, INC.

2 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

Note 6 – Goodwill

The carrying amount of goodwill was $ 155.2 million as of March 31, 2025 and December 31, 2024, respectively.

There were no changes in the carrying amount of goodwill for the three months ended March 31, 2025 and 2024.

The carrying amount of goodwill was $ 155.2 million as of June 30, 2025 and December 31, 2024, respectively.

There were no changes in the carrying amount of goodwill for the three months ended June 30, 2025 and 2024.

Goodwill is assessed for impairment annually, or more frequently if events occur or circumstances change that indicate an impairment may exist.

2 unchanged sentences

Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment.

No goodwill impairment charges were recorded for the three months ended March 31, 2025 and 2024.

No goodwill impairment charges were recorded for the six months ended June 30, 2025 and 2024.

Note 7 – Repurchase Agreements

3 unchanged sentences

The following tables show repurchase agreements accounted for as secured borrowings and the related securities, at fair value, pledged for repurchase agreements:

March 31, 2025

June 30, 2025

Remaining Contractual Maturity of the Agreements

15 unchanged sentences

Repurchase Agreements subject to offsetting arrangements —

Securities sold under agreements to repurchase are secured by securities with a carrying amount of $ 101.6 million and $ 96.8 million at June 30, 2025 and December 31, 2024, respectively.

HORIZON BANCORP, INC.

2 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

Securities sold under agreements to repurchase are secured by securities with a carrying amount of $ 97.9 million and $ 96.8 million at March 31, 2025 and December 31, 2024, respectively.

Note 8 – Subordinated Notes

15 unchanged sentences

On December 8, 2023, Horizon cancelled $ 3.5 million of the $ 60.0 million in Notes at a price of 89.5 recording a gain of $ 368,000 .

The balance net of unamortized issuance costs of the Notes was $ 55.8 million and $ 55.7 million at March 31, 2025 and December 31, 2024, respectively.

Unamortized debt issuance costs were $ 0.7 million and $ 0.8 million million at March 31, 2025 and December 31, 2024, respectively.

The balance net of unamortized issuance costs of the Notes was $ 55.8 million and $ 55.7 million at June 30, 2025 and December 31, 2024, respectively.

Unamortized debt issuance costs were $ 0.7 million and $ 0.8 million at June 30, 2025 and December 31, 2024, respectively.

Note 9 – Derivative Financial Instruments

20 unchanged sentences

The Company enters into non–hedging derivatives in the form of mortgage loan forward sale commitments with investors and commitments to originate mortgage loans as part of its mortgage banking business.

At March 31, 2025, the Company’s fair value of these derivatives were recorded and over the next 12 months are not expected to have a significant impact on the Company’s net income.

At June 30, 2025, the Company’s fair value of these derivatives were recorded and over the next 12 months are not expected to have a significant impact on the Company’s net income.

The change in fair value of both the forward sale commitments and commitments to originate mortgage loans were recorded and the net gains or losses included in the Company’s gain on sale of loans.

1 unchanged sentence

Asset Derivatives Liability Derivatives

March 31, 2025 March 31, 2025

June 30, 2025 June 30, 2025

Value Notional

24 unchanged sentences

Collateral exchanged between the Company and dealer bank counterparties is generally subject to thresholds and transfer minimums, and usually consists of marketable securities.

At March 31, 2025, the Company pledged marketable securities as collateral with a carrying value of $ 5.8 million.

The effect of the derivative and the hedged item in fair value hedging relationships on the condensed consolidated statements of income for three month periods ended March 31, 2025 and March 31, 2024 is as follows:

At June 30, 2025, the Company pledged marketable securities as collateral with a carrying value of $ 5.5 million.

The effect of the derivative and the hedged item in fair value hedging relationships on the condensed consolidated statements of income for three and six month periods ended June 30, 2025 and June 30, 2024 is as follows:

Location of gain

1 unchanged sentence

Amount of Gain (Loss) Recognized on Derivative and Hedged Item

Three Month Ended

March 31, 2025 March 31, 2024

Three Months Ended

Six Months Ended

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Derivatives designated as hedging instruments

4 unchanged sentences

Total $ — $ — $ — $ —

The effect of derivatives not designated as hedging instruments on the condensed consolidated statements of income for the three month periods ended March 31, 2025 and March 31, 2024 is as follows:

The effect of derivatives not designated as hedging instruments on the condensed consolidated statements of income for the three and six month periods ended June 30, 2025 and June 30, 2024 is as follows:

HORIZON BANCORP, INC.

5 unchanged sentences

Amount of Gain (Loss) Recognized on Derivative

Three Month Ended

March 31, 2025 March 31, 2024

Three Months Ended

Six Months Ended

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Derivative not designated as hedging relationship

15 unchanged sentences

Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis and recognized in the accompanying condensed consolidated financial statements, as well as the general classification of such instruments pursuant to the valuation hierarchy.

There have been no significant changes in the valuation techniques during the period ended March 31, 2025.

There have been no significant changes in the valuation techniques during the period ended June 30, 2025.

For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

11 unchanged sentences

In addition, model processes, such as an option adjusted spread model, is used to develop prepayment and interest rate scenarios for securities with prepayment features.

Level 3 securities use the discounted cash flow model or other market indicators to calculate the fair values.

Equity securities

9 unchanged sentences

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following:

March 31, 2025

June 30, 2025

Fair Value Quoted Prices in Active Markets

38 unchanged sentences

(Level 2) Significant

March 31, 2025

June 30, 2025

Collateral dependent loans $ 6,322 $ — $ — $ 6,322

10 unchanged sentences

However, should these loans include adjustments for changes in loan characteristics based on unobservable inputs, the loans would then be classified within Level 3 of the fair value hierarchy.

As of March 31, 2025 and December 31, 2024, there were zero and $ 64.8 million loans transferred to held for sale on the accompanying Consolidated Balance Sheets, respectively.

As of June 30, 2025 and December 31, 2024, there were zero and $ 64.8 million loans transferred to held for sale on the accompanying Condensed Consolidated Balance Sheets, respectively.

The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.

March 31, 2025

June 30, 2025

Value Valuation

19 unchanged sentences

The estimated fair values of financial instruments, as shown below, are not intended to reflect the estimated liquidation or market value of Horizon taken as a whole.

The disclosed fair value estimates are limited to Horizon’s significant financial instruments at March 31, 2025 and December 31, 2024.

The disclosed fair value estimates are limited to Horizon’s significant financial instruments at June 30, 2025 and December 31, 2024.

These include financial instruments recognized as assets and liabilities on the condensed consolidated balance sheets as well as certain off–balance sheet financial instruments.

22 unchanged sentences

The following tables present estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall.

March 31, 2025

June 30, 2025

Amount Quoted Prices in

5 unchanged sentences

Interest- bearing deposits in banks 34,174 34,174 — —

Federal funds sold 2,024 2,024 — —

Cash and cash equivalents 137,917 137,917 — —

57 unchanged sentences

In addition, to be categorized as well capitalized, the Company and Bank must maintain Total risk–based, Tier I risk–based, common equity Tier I risk–based and Tier I leverage ratios as set forth in the table below.

As of March 31, 2025 and December 31, 2024, the Company and Bank met all capital adequacy requirements to be considered well capitalized.

There have been no conditions or events since the end of the first quarter of 2025 that management believes have changed the Bank’s classification as well capitalized.

As of June 30, 2025 and December 31, 2024, the Company and Bank met all capital adequacy requirements to be considered well capitalized.

There have been no conditions or events since the end of the second quarter of 2025 that management believes have changed the Bank’s classification as well capitalized.

There is no threshold for well capitalized status for bank holding companies.

3 unchanged sentences

(Table Dollar Amounts in Thousands, Except Per Share Data)

The following table presents Horizon and the Bank’s actual and required capital ratios as of March 31, 2025 and December 31, 2024, as well as the revisions to Horizon's regulatory capital ratios to reflect the correction of the capital computations for the foregoing periods:

The following table presents Horizon and the Bank’s actual and required capital ratios as of June 30, 2025 and December 31, 2024, as well as the revisions to Horizon's regulatory capital ratios to reflect the correction of the capital computations for the foregoing periods:

Actual Required for Capital

7 unchanged sentences

Amount Ratio Amount Ratio Amount Ratio Amount Ratio

March 31, 2025

June 30, 2025

Total capital (to risk-weighted assets) 1

47 unchanged sentences

The methodology for estimating the liability for unfunded loan commitments is consistent with the allowance for credit losses on loans.

The following table represents the commitments to extend credit and standby letters of credit as of March 31, 2025 and December 31, 2024 , respectively:

March 31, 2025 December 31, 2024

The following table represents the commitments to extend credit and standby letters of credit as of June 30, 2025 and December 31, 2024 , respectively:

June 30, 2025 December 31, 2024

Commitments to extend credit $ 1,069,729 $ 1,018,302

2 unchanged sentences

Note 15 - Subsequent Events

The Company does not have any reportable subsequent events from March 31, 2025 to the reporting date.

The Company does not have any reportable subsequent events from June 30, 2025 to the reporting date.

HORIZON BANCORP, INC.

2 unchanged sentences

And Results of Operations

For the three months ended March 31, 2025 and 2024

For the Three and Six months ended June 30, 2025 and 2024

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements