What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-08 compared with 2025-11-10 · 292 added, 446 removed, 1101 unchanged (40% of the section changed)

4 unchanged sentences

(Dollar Amounts in Thousands)

September 30,

2026 December 31,

2 unchanged sentences

Total cash and cash equivalents 259,071 139,459

Interest earning time deposits — 735

Investment securities, held for trading 3,983 3,883

Investment securities, available for sale 882,168 875,414

Investment securities, held to maturity (fair value of $ 0 and $ 1,566,268 )

Loans held for sale 9,821 9,778

13 unchanged sentences

Short and long term borrowings 225,829 248,586

Subordinated notes 154,011 55,738

Subordinated notes, net 98,262 98,215

Junior subordinated debentures issued to capital trusts 57,740 57,688

6 unchanged sentences

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

51,217,433 and 44,226,819 shares issued at September 30, 2025 and December 31, 2024, respectively

51,318,751 and 51,217,433 shares issued at March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital 459,799 459,243

Retained earnings 272,941 255,004

Accumulated other comprehensive income (loss) ( 34,275 ) ( 36,301 )

Accumulated other comprehensive loss ( 33,713 ) ( 25,996 )

Total stockholders’ equity 699,027 688,251

5 unchanged sentences

(Dollar Amounts in Thousands, Except Per Share Data)

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

Three Months Ended

March 31, 2026 March 31, 2025

Interest Income

11 unchanged sentences

Net Interest Income 62,240 52,267

Credit loss (benefit) expense ( 3,572 ) 1,044 266 4,218

Credit loss expense 391 1,376

Net Interest Income after Provision for Credit Losses 61,849 50,891

Non-interest (Loss) Income

Non-interest Income

Service charges on deposit accounts 3,524 3,208

6 unchanged sentences

Increase in cash value of bank owned life insurance 333 335

Other income (loss) ( 6,558 ) 780 1,756 1,987

Total non-interest (loss) income ( 295,334 ) 11,511 ( 267,913 ) 31,925

Other income 967 7,264

Total non-interest income 11,243 16,499

Non-interest Expense

8 unchanged sentences

Merger related expense — 305

Prepayment penalties 12,680 — 12,680 —

Other losses 192 228

2 unchanged sentences

Income Before Income Taxes 32,345 28,084

Income tax expense (benefit) ( 64,338 ) ( 75 ) ( 56,444 ) 2,972

Net Income (Loss) Available to Common Shareholders $ ( 221,990 ) $ 18,180 $ ( 177,404 ) $ 46,311

Income tax expense 6,177 4,141

Net Income Available to Common Shareholders $ 26,168 $ 23,943

Basic Earnings Per Share $ 0.51 $ 0.55

3 unchanged sentences

AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss)

Condensed Consolidated Statements of Comprehensive Income

(Dollar Amounts in Thousands)

Three Month Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Net Income (loss) $ ( 221,990 ) $ 18,180 $ ( 177,404 ) $ 46,311

Three Month Ended

Net Income $ 26,168 $ 23,943

Other Comprehensive Income (Loss)

6 unchanged sentences

Other Comprehensive Income (Loss), Net of Tax ( 7,717 ) ( 1,105 )

Comprehensive Income (Loss) $ ( 219,862 ) $ 34,484 $ ( 175,378 ) $ 55,239

Comprehensive Income $ 18,451 $ 22,838

See accompanying Notes to Condensed Consolidated Financial Statements

4 unchanged sentences

Three Months Ended

Stock Additional

3 unchanged sentences

Income (Loss) Total

Balances, July 1, 2024 $ — $ — $ 357,673 $ 442,977 $ ( 73,985 ) $ 726,665

Net income — — — 18,180 — 18,180

Other comprehensive income, net of tax — — — — 16,304 16,304

Amortization of unearned compensation — — 853 — — 853

Net settlement of share awards — — ( 73 ) — — ( 73 )

Cash dividends on common stock ($ 0.16 per share)

— — — ( 7,107 ) — ( 7,107 )

Balances, September 30, 2024 $ — $ — $ 358,453 $ 454,050 $ ( 57,681 ) $ 754,822

Balances, July 1, 2025 — — 360,759 466,496 ( 36,403 ) 790,852

Net loss — — — ( 221,990 ) — ( 221,990 )

Other comprehensive income, net of tax — — — — 2,128 2,128

Amortization of unearned compensation — — 317 — — 317

Net settlement of share awards — — ( 292 ) — — ( 292 )

Issuance of common stock ( 7,138,050 shares), net of expenses

— — 97,950 — — 97,950

Cash dividends on common stock ($ 0.16 per share)

— — — ( 8,194 ) — ( 8,194 )

Balances, September 30, 2025 $ — $ — $ 458,734 $ 236,312 $ ( 34,275 ) $ 660,771

See accompanying 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)

Nine Months Ended

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss) Total

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

Net income — — — 23,943 — 23,943

Other comprehensive income, net of tax — — — — 8,928 8,928

Other comprehensive income (loss), net of tax — — — — ( 1,105 ) ( 1,105 )

Amortization of unearned compensation — — 459 — — 459

2 unchanged sentences

— — — ( 7,120 ) — ( 7,120 )

Balances, September 30, 2024 $ — $ — $ 358,453 $ 454,050 $ ( 57,681 ) $ 754,822

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

Balances, January 1, 2026 — — 459,243 255,004 ( 25,996 ) 688,251

Net loss — — — ( 177,404 ) — ( 177,404 )

Other comprehensive income, net of tax — — — — 2,026 2,026

Net income — — — 26,168 — 26,168

Other comprehensive income (loss), net of tax — — — — ( 7,717 ) ( 7,717 )

Amortization of unearned compensation — — 556 — — 556

Net settlement of share awards — — ( 4,141 ) — — ( 4,141 )

Issuance of common stock ( 7,138,050 shares), net of expenses

— — 97,950 — — 97,950

Cash dividends on common stock ($ 0.16 per share)

— — — ( 8,231 ) — ( 8,231 )

Balances, September 30, 2025 $ — $ — $ 458,734 $ 236,312 $ ( 34,275 ) $ 660,771

Balances, March 31, 2026 $ — $ — $ 459,799 $ 272,941 $ ( 33,713 ) $ 699,027

See accompanying Notes to Condensed Consolidated Financial Statements

HORIZON BANCORP, INC.

2 unchanged sentences

(Dollar Amounts in Thousands)

Nine Months Ended

September 30,

2025 September 30,

Three Months Ended

2026 March 31,

Operating Activities

Net income (loss) $ ( 177,404 ) $ 46,311

Net income $ 26,168 $ 23,943

Items not requiring (providing) cash

3 unchanged sentences

Amortization of mortgage servicing rights 579 507

Net (accretion) amortization of premiums and discounts on securities ( 1,177 ) 6,496

Net (accretion of discounts) or amortization of premiums on securities ( 1,189 ) 1,885

Purchases of securities held for trading ( 4,966 ) —

Proceeds from maturities, calls and principal repayments of securities, held for trading 4,900 —

Loss on sale of investment securities — 407

Gain on sale of mortgage loans ( 1,090 ) ( 1,076 )

Loss on sale of portfolio loans 324 —

Net loss on sale of portfolio loans — ( 7,000 )

Proceeds from sales of loans 39,090 26,073

12 unchanged sentences

Proceeds from maturities, calls and principal repayments of securities available for sale 17,857 597

Purchases of securities held to maturity — ( 312 )

Proceeds from maturities of securities held to maturity — 17,683

Net change in interest-earning time deposits — 735

Purchase of FHLB stock ( 301 ) ( 19,317 )

Redemption of FHLB stock — 8,414

Purchase of loans — ( 240,020 )

Proceeds from sale of portfolio loans — 54,990

9 unchanged sentences

Net change in repurchase agreements ( 22,464 ) ( 2,060 )

Proceeds from issuance of subordinated notes 95,784 —

Net settlement of share awards — ( 3,698 )

Proceeds from issuance of common stock 97,950 —

Dividends paid on common stock ( 8,228 ) ( 7,120 )

Net cash used in financing activities $ ( 906,588 ) $ ( 23,992 )

Net cash provided by (used in) financing activities $ 116,029 $ ( 177,870 )

Net Change in Cash and Cash Equivalents $ 119,612 $ ( 123,765 )

3 unchanged sentences

Interest paid $ 28,766 $ 36,605

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Dollar Amounts in Thousands)

Income taxes paid — 360

1 unchanged sentence

Transfer of held to maturity securities to available for sale — 4,539

Transfer of LHI to HFS 191,485 —

Cash dividends declared, not paid 8,231 7,088

9 unchanged sentences

All inter–company balances and transactions have been eliminated.

The results of operations for the periods ended September 30, 2025 and September 30, 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 March 31, 2026 and March 31, 2025 are not necessarily indicative of the operating results for the full year of 2026 or 2025.

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.

6 unchanged sentences

Horizon Bancorp’s chief operating decision maker (“CODM”) is the Chief Executive Officer.

The CODM assesses performance and allocates resources based on consolidated net income, as reported on the Consolidated Statement of Income , and the same accounting policies are applied as described in the Note 1 - Nature of Operations and Su mmary of Significant Accounting Policies included in Horizon’s 2024 Annual Report on Form 10–K.

The CODM assesses performance and allocates resources based on consolidated net income, as reported on the Consolidated Statement of Income , and the same accounting policies are applied as described in the Note 1 - Nature of Operations and Summary of Significant Accounting Policies included in Horizon’s 2025 Annual Report on Form 10–K.

The CODM uses net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the business or distribute dividends to shareholders.

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

As of March 31, 2026 , 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 Nine Months Ended

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

Three Months Ended

(dollar amounts in thousands, except per share) March 31, 2026 March 31, 2025

Basic earnings per share

Net income (loss) $ ( 221,990 ) $ 18,180 $ ( 177,404 ) $ 46,311

Net income $ 26,168 $ 23,943

Weighted average common shares outstanding

10 unchanged sentences

Diluted Earnings per Share $ 0.51 $ 0.54

Due to the net loss for the three and nine months ended September 30, 2025, all potential common shares are non-dilutive and are therefore excluded from diluted earnings per share.

There were 87,012 and 87,012 shares for the three and nine months ended September 30, 2024 which were not included in the computation of diluted earnings per share because they were non–dilutive.

There were 26,735 shares for the three months ended March 31, 2026 which were not included in the computation of diluted earnings per share because they were non–dilutive.

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.

HORIZON BANCORP, INC.

4 unchanged sentences

The fair value of available-for-sale securities is as follows.

September 30, 2025

March 31, 2026

Cost Allowance for Credit Losses Net Carrying Amount Gross

6 unchanged sentences

Total available for sale investment securities $ 926,040 $ ( 120 ) $ 925,920 $ 3,186 $ ( 46,938 ) $ 882,168

September 30, 2025

Cost Allowance for Credit Losses Net Carrying Amount Gross

Held to maturity

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

State and municipal — — — — — —

government agency mortgage-backed securities — — — — — —

Private labeled mortgage–backed pools — — — — — —

Corporate notes — — — — — —

Total held to maturity investment securities $ — $ — $ — $ — $ — $ —

In August 2025, the Company reclassified its held-to-maturity investment portfolio, with a carrying value of $ 1.8 billion and unrealized loss of $ 282.6 million, to the available-for-sale portfolio as part of the Company's balance sheet repositioning.

Following the reclassification, the Company sold securities with a fair value of $ 1.4 billion, recognizing a pre-tax loss of $ 299.5 million upon sale.

The fair value of trading securities is as follows:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Held for Trading

4 unchanged sentences

Total trading securities $ 3,983 $ 3,883

For the three and nine-months ending September 30, 2025, the net gains (losses) on trading securities were determined to be immaterial to the consolidated financial statements.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

For the three-months ending March 31, 2026, the net gains (losses) on trading securities were determined to be immaterial to the consolidated financial statements.

December 31, 2025

Losses Allowance for Credit Losses Fair

Cost Allowance for Credit Losses Net Carrying Amount Gross

Available for sale

4 unchanged sentences

Total available for sale investment securities $ 908,829 $ ( 120 ) $ 908,709 $ 6,904 $ ( 40,199 ) $ 875,414

December 31, 2024

Held to maturity

Treasury, federal agencies, and government sponsored agencies $ 278,383 $ — $ ( 39,253 ) $ 239,130

State and municipal 1,048,862 958 ( 183,114 ) 866,706

government agency mortgage-backed securities 349,726 — ( 54,904 ) 294,822

Private labeled mortgage–backed pools 29,278 — ( 3,958 ) 25,320

Corporate notes 161,599 — ( 21,309 ) 140,290

Total held to maturity investment securities $ 1,867,848 $ 958 $ ( 302,538 ) $ 1,566,268

Allowance for credit losses ( 158 )

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 at March 31, 2026 and December 31, 2025, 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.

HORIZON BANCORP, INC.

2 unchanged sentences

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

The amortized cost and fair value of securities available for sale and held to maturity at September 30, 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.

September 30, 2025 December 31, 2024

Value Amortized

March 31, 2026

Available for sale

6 unchanged sentences

Total available for sale investment securities $ 926,040 $ 882,168

Held to maturity

Within one year $ — $ — $ 59,129 $ 58,304

One to five years — — 298,362 278,007

Five to ten years — — 366,493 312,748

After ten years — — 764,860 597,067

— — 1,488,844 1,246,126

government agency mortgage-backed securities — — 349,726 294,822

Private labeled mortgage-backed pools — — 29,278 25,320

Total held to maturity investment securities $ — $ — $ 1,867,848 $ 1,566,268

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(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 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.

September 30, 2025

March 31, 2026

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 September 30, 2025 and December 31, 2024, the Company had 801 and 2,115 securities, respectively, with market values below their cost basis.

The total fair value of these investments at September 30, 2025 and December 31, 2024 was $ 0.3 billion and $ 1.8 billion, which is approximately 36 % and 86 %, respectively, 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.

As of March 31, 2026 and December 31, 2025, the Company had 843 and 836 securities, respectively, with market values below their cost basis.

The total fair value of these investments at March 31, 2026 and December 31, 2025 was $ 466.0 million and $ 310.1 million , which is approximately 53 % and 35 % , respectively, of the Company's available for sale securities portfolio.

HORIZON BANCORP, INC.

2 unchanged sentences

(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 nine months ended September 30, 2025 and 2024.

Three Months Ended Nine Months Ended

September 30, September 30, September 30, September 30,

2025 2024 2025 2024

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.

The following table details activity in the allowance for credit losses on available for sale debt securities during the three months ended March 31, 2026 and 2025.

Three Months Ended

March 31, March 31,

Beginning balance $ 120 $ —

2 unchanged sentences

Due to a specific issuer's deferral of principal and interest payments, the Company placed the security with a fair value of $ 3.9 million on non-accrual status and recorded a $ 120 thousand allowance for credit losses on certain corporate debt securities.

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.

Based on an evaluation of available evidence, management believes the unrealized losses on available for sale state and municipal securities, U.S.

agency mortgage–backed securities 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.

Held to maturity securities are charged off against the allowance for credit loss when deemed uncollectible.

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

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.

government-sponsored entity and have an implicit or explicit government guarantee;

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 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 insignifica nt.

As of September 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 $ 0 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 September 30, 2025 a nd December 31, 2024, respectively.

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

The Company applies ratings derived from Nationally Recognized Statistical Rating Organizations ("NRSRO"), specifically Moody's and Standard & Poor's.

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 the state and municipal securities in the following tables subject to this methodology totaled $ 0 as of September 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:

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

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

State and municipal — — — — — — —

government agency mortgage-backed securities — — — — — — —

Private labeled mortgage-backed pools — — — — — — —

Corporate notes — — — — — — —

Total $ — $ — $ — $ — $ — $ — $ —

December 31, 2024 AAA AA A BBB BB Not Rated Total

Treasury, federal agencies, and government sponsored agencies $ — $ 278,383 $ — $ — $ — $ — $ 278,383

State and municipal 273,629 698,428 66,079 10,726 — — 1,048,862

government agency mortgage-backed securities 349,726 — — — — — 349,726

Private labeled mortgage-backed pools 29,278 — — — — — 29,278

Corporate notes — 6,176 11,549 75,603 4,543 63,728 161,599

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

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

Three Months Ended Nine Months Ended

September 30, September 30, September 30, September 30,

2025 2024 2025 2024

Following the reclassification, the Company sold securities with a fair value of $ 1.4 billion, recognizing a pre-tax loss of $ 299.5 million upon sale.

Following the transfer and sale, the Company released the allowance for credit losses related to the held-to-maturity investment portfolio.

The following table details activity in the allowance for credit losses on held-to-maturity securities during the three months ended March 31, 2026 and 2025.

Three Months Ended

March 31, March 31,

Beginning balance $ — $ 158

1 unchanged sentence

Ending balance $ — $ 140

Accrued interest receivable on available for sale debt securities and held to maturity secur ities totaled $ 5.1 million at September 30, 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 totaled $ 4.8 million at March 31, 2026 and $ 5.3 million at December 31, 2025 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.

6 unchanged sentences

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

Three Months Ended Nine Months Ended

September 30, September 30, September 30, September 30,

2025 2024 2025 2024

Three Months Ended

March 31, March 31,

Sales of available for sale securities

2 unchanged sentences

Gross losses — ( 407 )

The tax benefit of the proceeds from the sale of securities available for sale was $ 62.9 million for the three and nine months ended September 30, 2025 .

The tax benefit of the proceeds from the sale of securities available for sale was zero and $ 0.1 million for the three months ended March 31, 2026, and 2025 .

The following table represents the fair value and amortized costs of pledged securities, excluding overnight repurchase agreements.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Fair Value Amortized Cost Fair Value Amortized Cost

Pledged securities for borrowing availability at the Federal Reserve $ 111,346 $ 140,363 $ 114,727 $ 140,512

Pledge securities for FHLB borrowings — — 279,136 333,613

Pledged securities for derivative instruments 27,660 27,391 0 0

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

Note 3 – Loans

18 unchanged sentences

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

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

September 30,

The following table presents outstanding loans held for investment by portfolio class, as of March 31, 2026 and December 31, 2025:

2026 December 31,

15 unchanged sentences

Net loans $ 4,827,252 $ 4,825,243

Total loans include net unearned discounts and deferred loan costs of $ 7.2 million at September 30, 2025 and $ 14.9 million at December 31, 2024, respectively.

Total loans include net unearned discounts and deferred loan costs of $ 6.5 million at March 31, 2026 and $ 6.8 million at December 31, 2025, respectively.

The risk characteristics of each loan portfolio segment are as follows:

Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower.

The cash flows of borrowers, however, may not be as expected, and the collateral securing these loans may fluctuate in value.

Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee;

however, some short-term loans may be made on an unsecured basis.

In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate.

Commercial real estate lending typically involves larger loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan.

Commercial real estate loans may be more adversely affected by conditions in the real estate markets, the general economy or fluctuations in interest rates.

The properties securing the Company’s commercial real estate portfolio are diverse in terms of property type, and are monitored for concentrations of credit.

Management monitors and evaluates commercial real estate loans based on collateral, cash flow and risk grade criteria.

As a general rule, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk.

In addition, management tracks the level of owner occupied commercial real estate loans versus non-owner occupied loans.

HORIZON BANCORP, INC.

2 unchanged sentences

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

Real Estate and Consumer

With respect to residential loans that are secured by 1-4 family residences and are generally owner occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded.

Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer loans are secured by consumer assets such as automobiles or recreational vehicles.

Some consumer loans are unsecured such as small installment loans and certain lines of credit.

Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels.

Repayment can also be impacted by changes in property values on residential properties.

Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

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 September 30, 2025:

September 30, 2025

The following table presents non–accrual loans and loans past due over 90 days still on accrual by class of loans at March 31, 2026:

March 31, 2026

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

34 unchanged sentences

Total $ 32,457 $ 2,489 $ 8,049

There was no interest income recognized on non-accrual loans during the three and nine months periods ended September 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 nine months periods ended September 30, 2025 and 2024, respectively.

There was no interest income recognized on non-accrual loans during the three months periods ended March 31, 2026 and 2025, 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 months periods ended March 31, 2026 and 2025, respectively.

HORIZON BANCORP, INC.

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

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

September 30, 2025

The following table presents the payment status by class of loan at March 31, 2026:

March 31, 2026

Current 30-59 Days

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Modified Loans

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

Three Months Ended September 30, 2025

The following tables detail the amortized cost at March 31, 2026 of loans that were modified to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and the amortized cost at March 31, 2025, of loans that were modified to borrowers experiencing financial difficulty during the three months periods ended March 31, 2025:

Three Months Ended March 31, 2026

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

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

Nine Months Ended September 30, 2025

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 $ 550 $ — $ 3,412 $ — $ 3,962 0.56 %

Non-owner occupied real estate 409 — — — 409 0.03 %

Development spec & land 510 — — — 510 1.74 %

Commercial and industrial 1,929 — 650 1,525 4,104 0.42 %

Total $ 3,398 $ — $ 4,062 $ 1,525 $ 8,985 0.19 %

Three Months Ended September 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 $ 2,038 $ — $ — $ — $ 2,038 0.32 %

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

Development spec & land — — — — — — %

Commercial and industrial 1,111 — — — 1,111 0.14 %

Total $ 3,149 $ — $ — $ — $ 3,149 0.07 %

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

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

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Total $ 1,333 $ — $ 1,405 $ — $ 2,738 0.06 %

The following tables summarize the financial impacts of loan modifications and payment deferrals, as applicable, during the three and nine months periods ended September 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 September 30, 2025

The following tables summarize the financial impacts of loan modifications and payment deferrals, as applicable, during the three months periods ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026

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)

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Commercial and industrial 11 — 0 0

Nine Months Ended September 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 9 — % 6 0

Non-owner occupied real estate 12 — % 0 0

Development spec & land 12 — % 0 0

Commercial and industrial 9 — % 6 Weighted average term extension of 36 months & weighted average interest rate reduction of 1.73 %

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

2 unchanged sentences

Development spec & land 18 — 0 0

Commercial and industrial 21 — % 0 Weighted average term extension of 0 months & Weighted average interest rate reduction of — %

Commercial and industrial 11 — 6 0

HORIZON BANCORP, INC.

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Nine Months Ended September 30, 2024

Owner occupied real estate 7 — % 0 0

Non-owner occupied real estate 15 — % 5 0

Development spec & land 0 — % 0 0

Commercial and industrial 15 — % 0 Weighted average term extension of 14 months & weighted average interest rate reduction of 2.03 %

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 September 30, 2025 of loans to borrowers experiencing financial difficulty that had been modified within the previous 12 months:

September 30, 2025

The following table presents the amortized cost basis at March 31, 2026 of loans to borrowers experiencing financial difficulty that had been modified within the previous 12 months:

March 31, 2026

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

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Total $ 10,392 $ 154 $ 2,634 $ 13,180

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

September 30, 2024

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

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

4 unchanged sentences

Total $ 8,493 $ 787 $ 2,038 $ 11,318

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 nine months ended September 30, 2025, which were still in default at period end, and were within 12 months or less of being modified was $ 0.9 and $ 3.7 million respectively.

For the three and nine months ended September 30, 2024, the Company had $ — and $ 1.3 million in payment defaults, respectively.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

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

During the quarters ended March 31, 2026 and 2025, the Company had zero and $ 0.1 million, respectively of loans to borrowers experiencing financial difficulty that had a payment default and were modified within the three months prior to the payment default.

For purposes of this disclosure, the Company defines “default” as being 30 days or more past due of contractual interest or principal.

Collateral Dependent Financial Assets

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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 September 30, 2025 and December 31, 2024.

September 30, 2025

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

March 31, 2026

Real Estate Accounts

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Total commercial 10,440 4,642 679 15,761 541

Residential mortgage 679 — — 679 —

Total real estate 679 — — 679 —

Home equity 1,845 — — 1,845 89

Total consumer 1,845 — — 1,845 89

Total collateral dependent loans $ 12,964 $ 4,642 $ 679 $ 18,285 $ 630

$ 9,944 $ 2,359 $ — $ 12,303 $ 858

(1) Collateral dependent loans had a collateral fair value of $ 8.7 million at September 30, 2025

December 31, 2025

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Total commercial 10,607 3,269 673 14,549 1,016

Residential mortgage 929 — — 929 —

Total real estate 929 — — 929 —

Home equity 923 — — 923 313

Total consumer 923 — — 923 313

Total collateral dependent loans $ 12,459 $ 3,269 $ 673 $ 16,401 $ 1,329

$ 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 September 30, 2025, the Company had a carrying value of $ 1.5 million of repossessed assets.

As of September 30, 2025, the Company had a recorded net investment of $ 0.3 million o f consumer mortgage loans in which foreclosure proceedings have commenced.

As of March 31, 2026, the Company had a carrying value of $ 3.1 million of repossessed assets.

As of March 31, 2026, the Company had a recorded net investment of $ 1.0 million o f residential mortgage and home equity 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 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

HORIZON BANCORP, INC.

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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”).

Committee, which is chaired by the Chief Commercial Banking Officer (“CCBO”).

• Commercial loan officers are responsible for reviewing their loan portfolios and promptly assessing any adverse change in credit quality and revising the risk rating appropriately.

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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

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;

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

HORIZON BANCORP, INC.

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(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.

• The loan has exhibited two or more years of satisfactory repayment with a reasonable reduction of the principal balance.

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

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

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

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

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

• There is a significant deterioration in market conditions to which the borrower is highly vulnerable.

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

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

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

The Company defines term loans as those having a fixed duration, repayment schedule and defined interest rate.

Revolving loans include loans with revolving privileges and certain complex lending arrangements involving commitments made by the Company under predefined terms or loans with interchangeable interest rate and repayment options that extend beyond the time of origination.

Revolving term loans include loans with revolving privileges and certain complex lending arrangements involving commitments made by the Company under predefined terms, including loans with both revolving and non-revolving components and loans with delayed draw down features.

The following tables present loans by credit grades and origination year at March 31, 2026.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

Term Loans by Origination Year

March 31, 2026 2026 2025 2024 2023 2022 Prior Revolving Term Loans Revolving

Owner occupied real estate

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

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

Term Loans by Origination Year

March 31, 2026 2026 2025 2024 2023 2022 Prior Revolving Term Loans Revolving

Residential mortgage

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Total real estate $ 9,238 $ 57,346 $ 74,249 $ 93,588 $ 142,687 $ 344,152 $ 28,848 $ — $ 750,108

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

Term Loans by Origination Year

March 31, 2026 2026 2025 2024 2023 2022 Prior Revolving Term Loans Revolving

Direct installment

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

Term Loans by Origination Year

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

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Gross charge-offs during period $ — $ — $ — $ — $ — $ — $ — $ — $ —

Total commercial $ 518,830 $ 315,891 $ 485,380 $ 286,798 $ 145,157 $ 635,406 $ 468,801 $ 221,893 $ 3,078,156

HORIZON BANCORP, INC.

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

Total commercial $ 586,571 $ 491,121 $ 335,308 $ 440,279 $ 251,057 $ 638,852 $ 467,026 $ 222,194 $ 3,432,408

Term Loans by Origination Year

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

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Gross charge-offs during period $ — $ — $ — $ — $ — $ — $ — $ — $ —

Mortgage warehouse

Performing $ — $ — $ — $ — $ — $ — $ — $ — $ —

Non–performing — — — — — — — — —

Total mortgage warehouse $ — $ — $ — $ — $ — $ — $ — $ — $ —

Gross charge-offs during period $ — $ — $ — $ — $ — $ — $ — $ — $ —

Total real estate $ 58,110 $ 78,984 $ 107,211 $ 145,852 $ 127,089 $ 226,265 $ 28,916 $ — $ 772,427

Term Loans by Origination Year

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

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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 and nine months ended September 30, 2025 and 2024:

The following tables represent, by loan portfolio segment, a summary of changes in the ACL on loans for the three months ended March 31, 2026 and 2025:

HORIZON BANCORP, INC.

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

Three Months Ended September 30, 2025

Commercial Real Estate Mortgage Warehouse Consumer Total

Three Months Ended March 31, 2026

Commercial Real Estate Consumer Total

Balance, beginning of period $ 35,473 $ 3,183 $ 12,643 $ 51,299

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Balance, end of period $ 34,997 $ 3,183 $ 13,117 $ 51,297

Three Months Ended September 30, 2024

Commercial Real Estate Mortgage Warehouse Consumer Total

Three Months Ended March 31, 2025

Commercial Real Estate Consumer Total

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

3 unchanged sentences

Balance, end of period $ 32,640 $ 3,167 $ 16,847 $ 52,654

Nine Months Ended September 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 3,768 393 — ( 4,009 ) 152

Charge-offs ( 471 ) ( 843 ) — ( 3,341 ) ( 4,655 )

Recoveries 140 817 — 1,744 2,701

Balance, end of period $ 34,390 $ 3,082 $ — $ 12,706 $ 50,178

Nine Months Ended September 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 2,951 154 381 642 4,128

Charge-offs ( 149 ) ( 5 ) — ( 2,295 ) ( 2,449 )

Recoveries 316 23 — 834 1,173

Balance, end of period $ 32,854 $ 2,675 $ 862 $ 16,490 $ 52,881

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 September 30, 2025 and December 31, 2024, the accrued interest on our loan portfolio was $ 22.9 million and $ 25.6 million, respectively.

As of March 31, 2026 and December 31, 2025, the accrued interest on our loan portfolio was $ 23.4 million and $ 23.7 million, respectively.

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

The loss rate method measures the amount of loan charge–offs, net of recoveries, (“loan losses”) recognized over the life of a closed pool and

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

compares those loan losses to the outstanding loan balance of that pool as of a specific point in time (“pool date”).

The loss rate method measures the amount of loan charge–offs, net of recoveries, (“loan losses”) recognized over the life of a closed pool and compares those loan losses to the outstanding loan balance of that pool as of a specific point in time (“pool date”).

To estimate a CECL loss rate for the pool, management first identifies the loan losses recognized between the pool date and the reporting date for the pool and determines which loan losses were related to loans outstanding at the pool date.

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Liability for Commitments to Extend Credit and Standby Letters of Credit

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):

The following tables represent, by loan portfolio segment, a summary of changes in the activity in the liability for

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

commitments to extend credit and standby letters of credit (please see note 14):

Three Months Ended

September 30, 2025 September 30, 2024

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

Commercial $ 1,545 $ ( 5 ) $ 1,540 $ — $ — $ —

Real Estate 98 ( 2 ) 96 41 — 41

Mortgage Warehouse — — — — — —

Consumer 669 ( 34 ) 635 664 — 664

Total $ 2,312 $ ( 41 ) $ 2,271 $ 705 $ — $ 705

Nine Months Ended

September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

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

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Real Estate 92 ( 14 ) 78 61 11 72

Mortgage Warehouse — — — — — —

Consumer 680 ( 66 ) 614 703 93 796

Total $ 1,840 $ ( 233 ) $ 1,607 $ 2,149 $ ( 149 ) $ 2,000

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

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 $ 1.41 billion and $ 1.44 billion at September 30, 2025 and December 31, 2024.

The unpaid principal balances of loans serviced for others totaled approximately $ 1.40 billion and $ 1.41 billion at March 31, 2026 and December 31, 2025.

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

Three Months Ended Nine Months Ended

September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Three Months Ended

2026 March 31,

Mortgage servicing rights

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Fair value, end of period 18,025 18,811

Fair value at September 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 5.9 % to 12.1 %, depending on the stratification of the specific type.

Fair value at September 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.

Fair value at March 31, 2026 was determined using a discounted cash flow analysis with the discount rates ranging from 8.5 % to 11.0 % and prepayment speeds ranging from 6.0 % to 11.9 %, depending on the stratification of the specific type.

Fair value at March 31, 2025 was determined using a discounted cash flow analysis with 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.

Note 6 – Goodwill

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

There were no changes in the carrying amount of goodwill for the three months ended September 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.

When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its estimated carrying value.

If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed.

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

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

Note 7 – Repurchase Agreements

The carrying amount of goodwill was $ 155.2 million as of March 31, 2026 and December 31, 2025, respectively.

There were no changes in the carrying amount of goodwill for the three months ended March 31, 2026 and 2025.

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

HORIZON BANCORP, INC.

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

If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed.

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, 2026 and 2025.

Note 7 – Repurchase Agreements

The Company transfers various securities to customers in exchange for cash at the end of each business day and agrees to acquire the securities at the end of the next business day for the cash exchanged plus interest.

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

September 30, 2025

March 31, 2026

Remaining Contractual Maturity of the Agreements

1 unchanged sentence

Repurchase Agreements and repurchase-to-maturity transactions

Treasury federal agencies $ — $ — $ — $ — $ —

government agency mortgage-backed securities 66,004 — — — 66,004

Private labeled mortgage-backed pools — — — — —

Total Repurchase Agreements $ 66,004 $ — $ — $ — $ 66,004

4 unchanged sentences

Repurchase Agreements and repurchase-to-maturity transactions

Treasury federal agencies $ 34,191 $ — $ — $ — $ 34,191

government agency mortgage-backed securities 88,468 — — — 88,468

Private labeled mortgage-backed pools $ — $ — $ — $ — $ —

Total Repurchase Agreements $ 88,468 $ — $ — $ — $ 88,468

Repurchase Agreements subject to offsetting arrangements —

Securities sold under agreements to repurchase are secured by securities with a carrying amount of $ 90.1 million and $ 96.8 million at September 30, 2025 and December 31, 2024, respectively.

Securities sold under agreements to repurchase are secured by securities with a carrying amount of $ 68.4 million and $ 90.7 million at March 31, 2026 and December 31, 2025, respectively.

Note 8 – Subordinated Notes

On June 24, 2020, Horizon issued $ 60.0 million in aggregate principal amount of 5.625 % fixed–to–floating rate subordinated notes (the “ 2030 Notes”).

The Notes mature on July 01, 2030 (the “Maturity Date”).

The 2030 Notes had a fixed interest rate of 5.625 % per annum until July 1, 2025 and a floating rate per annum equal to the Three–Month Term SOFR, plus 549 basis points, thereafter until the Maturity Date, with the floating rate interest payment period commencing on October 1, 2025.

As of July 1, 2025, the floating rate was 9.781 %.

During the third quarter of 2025, Horizon provided a notice of redemption to the holders of the 2030 Notes that Horizon would be redeeming the 2030 Notes, in full, on October 1, 2025.

Horizon redeemed the 2030 Notes, in full, on October 1, 2025 by using the net proceeds from the sale of the 2035 Notes, as described below and in Note 15 – Subsequent Events.

On August 29, 2025, Horizon completed the offering and sale of $ 100.0 million in aggregate principal amount of its 7.000 %

On August 29, 2025, Horizon completed the offering and sale of $ 100.0 million in aggregate principal amount of its 7.000 % Fixed-to-Floating Rate Subordinated Notes due 2035 (the “2035 Notes”).

The 2035 Notes were issued by Horizon at a price equal to 100 % of their face amount.

Horizon used the net proceeds from the offering for general corporate purposes, including in support of the repositioning of its balance sheet, and to redeem approximately $ 56.5 million in aggregate principal amount of its 5.625 % fixed-to-floating rate subordinated notes due 2030, which was completed on October 1,

HORIZON BANCORP, INC.

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

Fixed-to-Floating Rate Subordinated Notes due 2035 (the “2035 Notes,” and collectively with the 2030 Notes, the “Notes”).

The 2035 Notes were issued by Horizon at a price equal to 100 % of their face amount.

Horizon used the net proceeds from the offering for general corporate purposes, including in support of the potential repositioning of its balance sheet, and to redeem approximately $ 56.5 million in aggregate principal amount of the 2030 Notes, which was completed on October 1, 2025 (See Note 15 - Subsequent Events).

The 2035 Notes will initially bear interest at a fixed interest rate of 7.000 % per annum until September 15, 2030, after which time the interest rate will reset quarterly to a floating rate equal to a benchmark rate, which is expected to be the then current three-month term Secured Overnight Financing Rate (SOFR) plus 360 basis points until the 2035 Notes' maturity on September 15, 2035.

The 2035 Notes will bear interest at a fixed interest rate of 7.000 % per annum until September 15, 2030, after which time the interest rate will reset quarterly to a floating rate equal to a benchmark rate, which is expected to be the then current three-month term Secured Overnight Financing Rate (SOFR) plus 360 basis points until the 2035 Notes' maturity on September 15, 2035.

The 2035 Notes are redeemable by Horizon, in whole or in part, on any interest payment date on or after September 15, 2030, and at any time upon the occurrence of certain events, subject to the receipt of the approval of the Board of Governors of the Federal Reserve System to the extent then required under applicable laws or regulations, including capital regulations.

The 2035 Notes are intended to qualify as Tier 2 capital of the Company for regulatory capital purposes.

On December 8, 2023, Horizon cancelled $ 3.5 million of the $ 60.0 million in 2030 Notes at a price of 89.5 recording a gain of $ 368,000 .

The total balance, net of unamortized issuance costs, of the Notes was $ 154.0 million and $ 55.7 million at September 30, 2025 and December 31, 2024, respectively.

Total unamortized debt issuance costs were $ 2.5 million and $ 0.8 million at September 30, 2025 and December 31, 2024, respectively.

The total balance, net of unamortized issuance costs, of the 2035 Notes was $ 98.3 million and $ 98.2 million at March 31, 2026 and December 31, 2025, respectively.

Total unamortized debt issuance costs were $ 1.7 million and $ 1.8 million at March 31, 2026 and December 31, 2025, respectively.

Note 9 – Derivative Financial Instruments

Our hedging policy allows the use of interest rate derivative instruments to manage our exposure to interest rate risk of specified assets and liabilities.

Our hedging policy allows the use of interest rate derivative instruments to manage our exposure to interest rate risk or hedge specified assets and liabilities.

All derivative instruments are carried on the balance sheet at their estimated fair value and are recorded in other assets or other liabilities, as appropriate, and in the net change in each of these financial statement line items in the accompanying consolidated statement of cash flows.

Fair Value Hedges

Fair value hedges are used to manage interest rate risk related to the underlying hedged items.

Fair value hedges are intended to manage interest rate risk associated with the underlying hedged items.

The Company utilizes fair value hedges and applies the portfolio layer method to hedge stated amounts within a closed portfolio of certain available-for-sale mortgage-backed debt securities.

As of September 30, 2025, and December 31, 2024, the amortized cost of closed portfolios of AFS debt securities using the portfolio layer method was $ 124.1 million and $ 0 million , respectively.

To mitigate the impact of interest rate fluctuations on fair value, the Company previously entered into interest rate swap agreements on individual loans, converting the fixed rate loans to a variable rate.

The Company also previously utilized fair value hedges to hedge investment securities, converting the fixed rate security to a variable rate.

During the year ended December 31, 2024, the Company terminated the fair value hedges on loans and securities, recording a deferred gain of $ 2.3 million on the loan termination that will be accreted into interest income over the remaining life of the underlying loans, and a mark-to-market adjustment of $ 0.3 million that was recorded in non-interest income upon termination of the fair value hedges on investment securities.

Changes to fair-value hedges on loans and the related loans are recorded as gains or losses in non–interest income.

Changes to fair value hedges on mortgage-backed securities are recorded in interest income.

The fair value hedges are considered highly effective.

Changes in fair value of both the hedge instruments and the underlying loan and security agreements are recorded as gains or losses in interest income.

During the year ended December 31, 2024, the Company terminated the fair value hedges on loans and securities, recording a deferred gain of $ 2.3 million on the loan termination that will be accreted into interest income over the remaining life of the underlying loans, and a mark-to-market adjustment of $ 0.3 million that was recorded in non-interest income on the termination of the fair value hedges against investment securities.

The remaining accretion on the loans was $ 1.6 million at March 31, 2026.

During the year ended December 31, 2025, the Company entered into interest rate swap agreements designated as fair value hedges of interest rate rate risk associated with certain fixed-rate investment securities.

The swaps are intended to hedge changes in fair value attributable to fluctuations in that benchmark rate.

Changes to fair value hedges on mortgage-backed securities are recorded as gains or losses in interest income.

The hedged items consist of mortgage-backed securities which are located in the 'Investment securities, available for sale' line item on the consolidated balance sheet.

The hedge relationship fair value is recorded in the "other assets" line item on the condensed consolidated balance sheet.

The hedge relationships had stated maturities ranging from March 27, 2040 to March 27, 2042.

The company assesses hedge effectiveness on a monthly basis using regression analysis, the fair value hedges are considered highly effective.

Other Derivative Instruments

From time to time, the Company may enter into interest rate swaps that are not designated as hedging instruments.

These derivative contracts typically involve transactions in which the Company enters into an interest rate swap with a customer while simultaneously executing an offsetting interest rate swap with a third-party financial institution.

Under these arrangements, the Company agrees to pay interest to the customer on a notional amount at a variable rate and receives interest from the customer at a fixed rate.

Concurrently, the Company pays the same fixed rate to the third-party financial institution and receives the same variable rate on the same notional amount.

These interest rate derivative contracts allow our customers to effectively convert variable rate loans to fixed rate loans.

From time to time, we may enter into certain interest rate swaps that are not designated as hedging instruments.

These interest rate derivative contracts relate to transactions in which we enter into an interest rate swap with a customer while concurrently entering into an offsetting interest rate swap with a third-party financial institution.

We agree to pay interest to the customer on a notional amount at a variable rate and receive interest from the customer on a similar notional amount at a fixed interest rate.

At the same time, we agree to pay a third-party financial institution the same fixed interest rate on the

HORIZON BANCORP, INC.

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

The Company also 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 operations.

As of September 30, 2025, these derivatives are recorded at fair value and are not expected to have a significant impact on the Company's net income over the next 12 months.

same notional amount and receive the same variable interest rate on the same notional amount.

These interest rate derivative contracts allow our customers to effectively convert a variable rate loan to a fixed rate loan.

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, 2026, 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.

Changes 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.

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Asset Derivatives Liability Derivatives

September 30, 2025 September 30, 2025

March 31, 2026 March 31, 2026

Value Notional

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Total derivatives subject to enforceable master netting arrangements, net $ 575,434 $ 16,278 $ 437,378 $ 15,394

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

Asset Derivatives Liability Derivatives

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Value Notional

Derivatives designated as hedging instruments

Interest rate contracts - fair value hedges $ 121,542 $ 307 $ — $ —

Total derivatives designated as hedging instruments 121,542 307 — —

Derivatives not designated as hedging instruments

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While the Company is party to master netting arrangements with most of its swap derivative counterparties, the Company has elected to not offset derivative assets and liabilities under these agreements on its consolidated balance sheets.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

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

At September 30, 2025, the Company pledged marketable securities as collateral with a carrying value of $ 27.7 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 nine month periods ended September 30, 2025 and September 30, 2024 is as follows:

At March 31, 2026, the Company did not pledge any marketable securities as collateral.

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, 2026 and March 31, 2025 is as follows:

Location of gain

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Three Months Ended

Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

Derivatives designated as hedging instruments

Interest rate contracts - fair value hedge Interest income - loans receivable $ — $ 317 $ — $ 982

Hedged item — ( 317 ) — ( 982 )

Interest rate contracts - fair value hedge Interest income - investment securities 853 —

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Total $ 2 $ —

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

The effect of derivatives not designated as hedging instruments on the condensed consolidated statements of income for the three month periods ended March 31, 2026 and March 31, 2025 is as follows:

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

Location of gain

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Three Months Ended

Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

Derivative not designated as hedging relationship

Mortgage loan contracts Non-interest income-Gain on sale of loans $ ( 331 ) $ ( 24 ) $ 112 $ 34

Commitments to originate mortgage loans Non-interest income-Gain on sale of loans 101 378 ( 45 ) 181

Mortgage loan contracts Non-interest income-gain (loss) on sale of loans $ 19 $ 509

Commitments to originate mortgage loans Non-interest income-gain (loss) on sale of loans ( 66 ) ( 46 )

Total $ ( 47 ) $ 463

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Amortized Cost of Hedged Items Cumulative Hedge Accounting Basis Adjustments

September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

Available-for-Sale Debt Securities $ 120,675 $ 122,442 $ ( 851 ) $ ( 307 )

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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 September 30, 2025.

There have been no significant changes in the valuation techniques during the period ended March 31, 2026.

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

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

Equity securities

The fair value of the Company's equity investments is estimated by a third party utilizing readily determinable fair values quoted on an active market.

Equity investments in other assets

The fair value of the Company's equity investments in other assets is estimated by a third party utilizing readily determinable fair values quoted on an active market.

These investments include the Company's non-qualified deferred compensation plan (see Note 14 - Non-Qualified Deferred Compensation Plan in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025).

The Company informally funded its obligation to plan participants in a rabbi trust, which is consolidated by the Company, and is comprised of investment options similar to those selected by the Participants.

The assets held in the rabbi trust were reported at their estimated fair value and were included in cash and other assets in the Company's consolidated balance sheets.

The related accrued benefit cost (representing the Company's benefit obligation to participants) is recorded as an offsetting liability in other liabilities in the Company's consolidated balance sheets.

These assets are classified within Level 1 of the valuation hierarchy.

Interest rate swap agreements

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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:

September 30, 2025

March 31, 2026

Fair Value Quoted Prices in Active Markets

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Total available for sale securities 882,168 — 878,353 3,815

Equity securities 496 496 — —

Equity securities in other assets 7,816 7,816 — —

Held for trading securities 3,983 — 3,983 —

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Total available for sale securities 875,414 — 871,543 3,871

Equity securities 595 595 — —

Equity securities in other assets 7,871 7,871 — —

Held for trading securities 3,883 — 3,883 —

Interest rate swap agreements asset 13,965 — 13,965 —

6 unchanged sentences

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

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

Level 3 recurring fair value measurements:

As of March 31, 2026, the Company has one Level 3 fair value measurement, an available‑for‑sale corporate debt security, which was transferred from Level 2 to Level 3 in 2025 due to increased reliance on significant unobservable inputs used in the discounted cash flow model.

These valuation inputs primarily relate to expected cash flow timing, credit assumptions, and the discount rate applied to those cash flows.

At the time of transfer, the security had an amortized cost of $ 5 million and the Company recognized an initial allowance for credit losses $ 150 thousand and an initial write down of $ 2.1 million;

the fair value at the transfer date is reflected within "Transfers into Level 3".

The following table presents the changes in fair value for assets classified within Level 3 of the fair value hierarchy as of March 31, 2026 and December 31, 2025:

Level 3 instruments at fair value March 31, 2026 December 31, 2025

Fair value beginning of year $ 3,871 $ —

Transfers into Level 3 (at fair value on transfer date) — 2,787

Total gains/(losses) included in earnings (subsequent ACL change - AFS securities) — 30

Total gains/(losses) included in OCI ( 56 ) 1,054

Ending balance – March 31, 2026 $ 3,815 $ 3,871

Certain other assets are measured at fair value on a non-recurring basis in the ordinary course of business and are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment):

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(Level 2) Significant

September 30, 2025

March 31, 2026

Collateral dependent loans $ 140 $ — $ — $ 140

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This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value.

Loans Transferred to Held for Sale:

Once a decision has been made to sell loans not previously classified as held for sale, these loans are transferred into the held for sale category and carried at the lower of cost or fair value, less estimated costs to sell.

At the time of transfer into held for sale classification, any amount by which cost exceeds fair value is accounted for as a valuation allowance.

This activity generally pertains to loans with observable inputs, and

therefore, are classified within Level 2 of the fair value hierarchy.

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 September 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.

September 30, 2025

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

March 31, 2026

Value Valuation

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Due to the inherent uncertainties of expected cash flows of financial instruments, the use of alternate valuation assumptions and methods could have a significant effect on the estimated fair value amounts.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

The following table does not include certain financial instruments that are recorded at fair value on a recurring basis, including some non-recurring financial instruments.

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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 September 30, 2025 and December 31, 2024.

The disclosed fair value estimates are limited to Horizon’s significant financial instruments at March 31, 2026 and December 31, 2025.

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

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Interest-Earning Time Deposits – The carrying amounts approximate fair value.

Held–to–Maturity Securities – For debt securities held to maturity, fair values are based on quoted market prices or dealer quotes.

For those securities where a quoted market price is not available, carrying amount is a reasonable estimate of fair value based upon comparison with similar securities.

Loans Held for Sale – For mortgage loans, the fair value is derived from third party pricing models, based on active quotes.

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FHLB Stock – Fair value of FHLB stock is based on the price at which it may be resold to the FHLB.

Interest Payable – The carrying amounts approximate fair value.

Interest Receivable/Payable – The carrying amounts approximate fair value.

Deposits – The fair value of demand deposits, savings accounts, interest bearing checking accounts and money market deposits is the amount payable on demand at the reporting date and are classified within Level 1.

The fair value of fixed maturity certificates of deposit is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturity and are classified within Level 2.

The fair value of fixed maturity certificates of deposit is estimated by discounting the future cash flows using rates currently offered for deposits of

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

similar remaining maturity and are classified within Level 2.

Borrowings – Rates currently available to Horizon for debt with similar terms and remaining maturities are used to estimate fair values of existing borrowings.

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Junior Subordinated Debentures to Capital Trusts – Rates currently available for debentures with similar terms and remaining maturities are used to estimate fair values of existing debentures.

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.

HORIZON BANCORP, INC.

2 unchanged sentences

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

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.

September 30, 2025

March 31, 2026

Amount Quoted Prices in

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Interest- bearing deposits in banks 190,717 190,717 — —

Federal funds sold — — — —

Cash and cash equivalents 259,071 259,071 — —

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Stock in FHLB 45,713 — 45,713 —

Interest receivable 29,015 — 29,015 —

Non-interest bearing deposits $ 1,139,466 $ 1,139,466 $ — $ —

4 unchanged sentences

Interest payable 8,537 — 8,537 —

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

December 31, 2025

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Cash and due from banks $ 66,813 $ 66,813 $ — $ —

Interest-earning deposits 201,131 201,131 — —

Federal funds sold — — — —

Interest- bearing deposits in banks 72,646 72,646 — —

Cash and cash equivalents 139,459 139,459 — —

Interest earnings time deposits 735 — 735 —

Investment securities, held to maturity 1,867,690 — 1,566,268 —

Loans held for sale 9,778 — 9,778 —

1 unchanged sentence

Stock in FHLB 45,713 — 45,713 —

Interest receivable 29,733 — 29,733 —

Non-interest bearing deposits $ 1,078,708 $ 1,078,708 $ — $ —

4 unchanged sentences

Interest payable 12,892 — 12,892 —

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

Note 12 – Stockholders' Equity

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Accumulated Other Comprehensive Income (Loss)

September 30,

2026 December 31,

Unrealized gain (loss) on securities available for sale $ ( 33,713 ) $ ( 25,996 )

Unamortized gain (loss) on securities held to maturity, previously transferred from AFS — 1,892

Unrealized loss on derivative instruments ( 549 ) —

Total accumulated other comprehensive income (loss) $ ( 33,713 ) $ ( 25,996 )

On August 22, 2025, the Company closed a public offering of 7,138,050 shares of its common stock, at a price to the public of $ 14.50 per share, which included 931,050 shares of the Company’s common stock granted pursuant to the underwriters’ option to purchase additional shares at the public offering price, less underwriting discounts.

This offering generated net proceeds of approximately $ 98.0 million after deducting the underwriting discounts and commissions and offering expenses payable by the Company.

Note 13 – Regulatory Capital

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Basel Committee on Banking Supervision’s capital framework (known as “Basel III”).

Failure to meet the

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

minimum regulatory capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators, which if undertaken, could have a direct material effect on the Company’s financial statements.

Failure to meet the minimum regulatory capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators, which if undertaken, could have a direct material effect on the Company’s financial statements.

Under capital adequacy guidelines and the regulatory framework for prompt corrective actions, the Company and Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off–balance–sheet items as calculated under regulatory accounting practices.

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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 September 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 third quarter of 2025 that management believes have changed the Bank’s classification as well capitalized.

As of March 31, 2026 and December 31, 2025, 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 2026 that management believes have changed the Bank’s classification as well capitalized.

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

On March 19, 2026, the federal banking regulators issued three proposals to modernize the regulatory capital framework for banks of all sizes.

The federal banking agencies stated the proposals would streamline capital requirements and better align regulatory capital with risk while maintaining the safety and soundness of the banking system.

The proposals are intended to be the final phase of the Basel capital reforms.

Comments on the proposals are due by June 18, 2026.

The Company's management continues to evaluate the impact of these proposals on the Company, the Bank, and its business, financial condition, and results of operations.

HORIZON BANCORP, INC.

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(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 September 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:

The following table presents Horizon and the Bank’s actual and required capital ratios as of March 31, 2026 and December 31, 2025:

Actual Required for Capital

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Amount Ratio Amount Ratio Amount Ratio Amount Ratio

September 30, 2025

March 31, 2026

Total capital (to risk-weighted assets) (1)

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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 September 30, 2025 and December 31, 2024 , respectively:

September 30, 2025 December 31, 2024

The following table represents the commitments to extend credit and standby letters of credit as of March 31, 2026 and December 31, 2025 , respectively:

March 31, 2026 December 31, 2025

Commitments to extend credit $ 1,098,311 $ 1,124,850

1 unchanged sentence

Total $ 1,121,168 $ 1,147,124

Note 15 - Subsequent Events

On October 01, 2025 (the “Redemption Date”), Horizon redeemed the entire $ 56.5 million aggregate outstanding principal amount of the 2030 Notes.

The 2030 Notes were redeemed pursuant to the terms of that certain Indenture, dated as of June 24, 2020, between Horizon and Wilmington Trust, National Association, as trustee, and the First Supplemental Indenture thereto dated as of June 24, 2020, at a redemption price equal to 100 % of the aggregate principal amount of the 2030 Notes, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date (the “Redemption Price”).

As provided in the notice of redemption, dated August 29, 2025, previously provided to the holders of the 2030 Notes, each such holder is entitled to receive the Redemption Price upon surrender of the 2030 Notes to the Trustee.

To complete the redemption, Horizon used the net proceeds from the issuance of the 2035 Notes that closed on August 29, 2025.

HORIZON BANCORP, INC.

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And Results of Operations

For the Three and Nine months ended September 30, 2025 and 2024

For the Three months ended March 31, 2026 and 2025

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