What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 280 added, 179 removed, 1214 unchanged (27% of the section changed)

34 unchanged sentences

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

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

51,337,019 and 51,217,433 shares issued at June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital 460,610 459,243

8 unchanged sentences

(Dollar Amounts in Thousands, Except Per Share Data)

Three Months Ended

March 31, 2026 March 31, 2025

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Interest Income

47 unchanged sentences

(Dollar Amounts in Thousands)

Three Month Ended

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net Income $ 24,908 $ 20,644 $ 51,076 $ 44,587

19 unchanged sentences

Income (Loss) Total

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

Net income — — — 20,644 — 20,644

Other comprehensive income (loss), net of tax — — — — 1,003 1,003

Amortization of unearned compensation — — 387 — — 387

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

Cash dividends on common stock ($ 0.16 per share)

— — — ( 7,092 ) — ( 7,092 )

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

Balances, April 1, 2026 $ — $ — $ 459,799 $ 272,941 $ ( 33,713 ) $ 699,027

Net income — — — 24,908 — 24,908

Other comprehensive income (loss), net of tax — — — — 9,698 9,698

Amortization of unearned compensation — — 528 — — 528

Exercise of stock options — — 283 — — 283

Net settlement of share awards — — — — — —

Cash dividends on common stock ($ 0.16 per share)

— — — ( 8,255 ) — ( 8,255 )

Balances, June 30, 2026 $ — $ — $ 460,610 $ 289,594 $ ( 24,015 ) $ 726,189

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)

Six Months Ended

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss) Total

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

5 unchanged sentences

— — — ( 14,212 ) — ( 14,212 )

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

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

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

2 unchanged sentences

Amortization of unearned compensation — — 1,084 — — 1,084

Exercise of stock options — — 283 — — 283

Cash dividends on common stock ($ 0.32 per share)

— — — ( 16,486 ) — ( 16,486 )

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

Balances, June 30, 2026 $ — $ — $ 460,610 $ 289,594 $ ( 24,015 ) $ 726,189

See accompanying Notes to Condensed Consolidated Financial Statements

3 unchanged sentences

(Dollar Amounts in Thousands)

Three Months Ended

2026 March 31,

Six Months Ended

2026 June 30,

Operating Activities

10 unchanged sentences

Gain on sale of mortgage loans ( 2,666 ) ( 2,295 )

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

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

Proceeds from sales of loans 88,122 61,462

20 unchanged sentences

Proceeds from bank owned life insurance — 376

Net cash provided by (used in) investing activities $ ( 17,179 ) $ 38,860

Net cash used in investing activities $ ( 64,713 ) $ ( 14,476 )

Financing Activities

4 unchanged sentences

Net settlement of share awards — ( 3,849 )

Exercise of stock options 283 —

Dividends paid on common stock ( 16,459 ) ( 14,212 )

19 unchanged sentences

All inter–company balances and transactions have been eliminated.

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 results of operations for the periods ended June 30, 2026 and June 30, 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.

11 unchanged sentences

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

As of March 31, 2026 , Horizon had repurchased a total of 803,349 shares at an average price per share of $ 16.89 .

As of June 30, 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

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

Three Months Ended Six Months Ended

(dollar amounts in thousands, except per share) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Basic earnings per share

12 unchanged sentences

Diluted Earnings per Share $ 0.49 $ 0.47 $ 1.00 $ 1.01

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.

There were 20,699 and 22,219 shares for the three and six months ended June 30, 2026 which were not included in the computation of diluted earnings per share because they were non–dilutive.

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

HORIZON BANCORP, INC.

4 unchanged sentences

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

March 31, 2026

June 30, 2026

Cost Allowance for Credit Losses Net Carrying Amount Gross

7 unchanged sentences

The fair value of trading securities is as follows:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Held for Trading

4 unchanged sentences

Total trading securities $ 3,885 $ 3,883

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.

For the three and six-months ending June 30, 2026, the net gains (losses) on trading securities were determined to be immaterial to the consolidated financial statements.

December 31, 2025

6 unchanged sentences

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

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)

March 31, 2026

The amortized cost and fair value of securities available for sale and at June 30, 2026, 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.

June 30, 2026

Available for sale

7 unchanged sentences

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.

March 31, 2026

June 30, 2026

Less than 12 Months 12 Months or More Total

19 unchanged sentences

Total available for sale investment securities $ 67,351 $ ( 946 ) $ 242,725 $ ( 38,244 ) $ 310,076 $ ( 39,190 )

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

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)

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

As of June 30, 2026 and December 31, 2025, the Company had 595 and 836 securities, respectively, with market values below their cost basis.

The total fair value of these investments without an allowance at June 30, 2026 and December 31, 2025 was $ 572.6 million and $ 310.1 million , which is approximately 64 % and 35 % , respectively, of the Company's available for sale 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.

1 unchanged sentence

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,

The following table details activity in the allowance for credit losses on available for sale debt securities during the three and six months ended June 30, 2026 and 2025.

Three Months Ended Six Months Ended

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

2026 2025 2026 2025

Beginning balance $ 120 $ — $ 120 $ —

1 unchanged sentence

Ending balance $ 120 $ 150 $ 120 $ 150

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.

Due to a specific issuer's deferral of principal and interest payments, the Company had placed a corporate debt security with a fair value of $ 4.1 million on non-accrual status in June 2025 and has recorded a $ 120 thousand allowance for credit loss.

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

4 unchanged sentences

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,

The following table details activity in the allowance for credit losses on held-to-maturity securities during the three and six months ended June 30, 2026 and 2025.

Three Months Ended Six Months Ended

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

2026 2025 2026 2025

Beginning balance $ — $ 140 $ — $ 158

1 unchanged sentence

Ending balance $ — $ 142 $ — $ 142

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.

Accrued interest receivable on available for sale debt securities totaled $ 5.6 million at June 30, 2026 and $ 5.3 million at December 31, 2025 and is excluded from the estimate of credit losses.

government sponsored entities and

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

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

government, are highly rated by major credit rating agencies, and have a long history of no credit losses.

5 unchanged sentences

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

Three Months Ended

March 31, March 31,

Three Months Ended Six Months Ended

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

2026 2025 2026 2025

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 zero and $ 0.1 million for the three months ended March 31, 2026, and 2025 .

The tax benefit associated with proceeds from the sale of available-for-sale securities was zero for each of the three month periods ended June 30, 2026 and 2025 .

For the six month periods ended June 30, 2026 and 2025 , the tax benefit was zero and $ 0.1 million, respectively.

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Fair Value Amortized Cost Fair Value Amortized Cost

24 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 March 31, 2026 and December 31, 2025:

The following table presents outstanding loans held for investment by portfolio class, as of June 30, 2026 and December 31, 2025:

2026 December 31,

15 unchanged sentences

Net loans $ 4,907,199 $ 4,825,243

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.

Total loans include net unearned discounts and deferred loan costs of $ 6.2 million at June 30, 2026 and $ 6.8 million at December 31, 2025, respectively.

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

23 unchanged sentences

Non–performing Loans

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

March 31, 2026

The following table presents non–accrual loans and loans past due over 90 days still on accrual by class of loans at June 30, 2026:

June 30, 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 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.

There was no interest income recognized on non-accrual loans during the three and six months periods ended June 30, 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 and six months periods ended June 30, 2026 and 2025, respectively.

HORIZON BANCORP, INC.

2 unchanged sentences

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

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

March 31, 2026

The following table presents the payment status by class of loan at June 30, 2026:

June 30, 2026

Current 30-59 Days

42 unchanged sentences

Modified Loans

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

The following tables detail the amortized cost at June 30, 2026 of loans that were modified to borrowers experiencing financial difficulty during the three and six months ended June 30, 2026 and the amortized cost at June 30, 2025, of loans that were modified to borrowers experiencing financial difficulty during the three and six months periods ended June 30, 2025:

Three Months Ended June 30, 2026

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

8 unchanged sentences

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

Three Months Ended March 31, 2025

Six Months Ended June 30, 2026

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

4 unchanged sentences

Total $ 2,056 $ — $ 4,596 $ — $ 6,652 0.13 %

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)

Three Months Ended June 30, 2025

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

Owner occupied real estate $ 500 $ — $ — $ — $ 500 0.07 %

2 unchanged sentences

Commercial and industrial 877 — — 1,545 2,422 0.25 %

Three Months Ended March 31, 2025

Total $ 1,377 $ — $ — $ 1,545 $ 2,922 0.06 %

Six Months Ended June 30, 2025

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

Owner occupied real estate $ 500 $ — $ 425 $ — $ 925 0.13 %

Non-owner occupied real estate 421 — — — 421 0.03 %

Development spec & land 523 — — — 523 2.41 %

Commercial and industrial 1,253 — 416 1,545 3,214 0.33 %

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

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

The following tables summarize the financial impacts of loan modifications and payment deferrals, as applicable, during the three and six months periods ended June 30, 2026 and 2025:

Three Months Ended June 30, 2026

3 unchanged sentences

Commercial and industrial 14 — % 0 — %

Six Months Ended June 30, 2026

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 12 — % 20 — %

Non-owner occupied real estate 6 — % 0 — %

Development spec & land 6 — % 0 — %

Commercial and industrial 12 — % 0 — %

Three Months Ended June 30, 2025

Owner occupied real estate 6 — % 0 — %

Non-owner occupied real estate 0 — % 0 — %

Development spec & land 0 — % 0 — %

Commercial and industrial 10 — % 0 Weighted average term extension of 36 months & weighted average interest rate reduction of 1.73 %

HORIZON BANCORP, INC.

2 unchanged sentences

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

Six Months Ended June 30, 2025

Owner occupied real estate 6 — % 6 — %

Non-owner occupied real estate 14 — % 0 — %

Development spec & land 18 — % 0 — %

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

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

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

The following table presents the amortized cost basis at June 30, 2026 of loans to borrowers experiencing financial difficulty that had been modified within the previous 12 months:

June 30, 2026

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

4 unchanged sentences

Total $ 7,082 $ — $ 1,825 $ 8,907

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

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

June 30, 2025

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

4 unchanged sentences

Total $ 11,110 $ — $ — $ 11,110

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.

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 months ended June 30, 2026 and June 30, 2025 and that were modified within the previous 12 months was zero .

For the six months ended June 30, 2026 and June 30, 2025, the previously reported $ 1.8 million and $ 2.8 million in defaulted receivables, respectively, were made current during the

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

second quarter.

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

5 unchanged sentences

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

The tables below present the amortized cost basis and allowance for credit losses (“ACL”) allocated for collateral dependent loans in accordance with ASC 326, which are individually evaluated to determine expected credit losses, at March 31, 2026 and December 31, 2025.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

March 31, 2026

June 30, 2026

Real Estate Accounts

10 unchanged sentences

Total collateral dependent loans $ 11,983 $ 8,331 $ 458 $ 20,772 $ 1,321

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

December 31, 2025

11 unchanged sentences

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

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.

As of June 30, 2026, the Company had a carrying value of $ 4.7 million of repossessed assets.

As of June 30, 2026, the Company had a recorded net investment of $ 2.0 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.

3 unchanged sentences

• 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.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

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

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”).

• 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.

9 unchanged sentences

Loans that are 90 days or more past due, on non–accrual, or are classified as modified loans are graded “Substandard.” After being 90 to 120 days delinquent a loan is charged off unless it is well secured and in the process of collection.

If the latter case exists, the loan is placed on non–accrual.

If the latter case exists, the

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

loan is placed on non–accrual.

Occasionally a mortgage loan may be graded as “Special Mention.” When this situation arises, it is because the characteristics of the loan and the borrower fit the definition of a Risk Grade 5 described below, which is normally used for grading commercial loans.

20 unchanged sentences

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

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

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

11 unchanged sentences

Loans in this category are considered to be of acceptable quality and meet defined key financial metric ranges, but with above normal risk.

Borrower displays potential indicators of weakness in the primary source of repayment resulting in a higher reliance on secondary sources of repayment.

Borrower displays potential indicators of weakness in the primary source of repayment

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

resulting in a higher reliance on secondary sources of repayment.

Balance sheet may exhibit weak liquidity and/or high leverage.

23 unchanged sentences

• 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.

17 unchanged sentences

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.

2 unchanged sentences

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

The following tables present loans by credit grades and origination year at June 30, 2026.

Term Loans by Origination Year

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

June 30, 2026 2026 2025 2024 2023 2022 Prior Revolving Term Loans Revolving

Owner occupied real estate

39 unchanged sentences

Term Loans by Origination Year

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

June 30, 2026 2026 2025 2024 2023 2022 Prior Revolving Term Loans Revolving

Residential mortgage

10 unchanged sentences

Term Loans by Origination Year

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

June 30, 2026 2026 2025 2024 2023 2022 Prior Revolving Term Loans Revolving

Direct installment

55 unchanged sentences

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

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

HORIZON BANCORP, INC.

2 unchanged sentences

(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

29 unchanged sentences

Note 4 – Allowance for Credit and Loan Losses

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

The following tables represent, by loan portfolio segment, a summary of changes in the ACL on loans for the three and six months ended June 30, 2026 and 2025:

HORIZON BANCORP, INC.

2 unchanged sentences

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

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Commercial Real Estate Consumer Total

4 unchanged sentences

Balance, end of period $ 36,122 $ 2,958 $ 12,841 $ 51,921

Three Months Ended March 31, 2025

Six Months Ended June 30, 2026

Commercial Real Estate Consumer Total

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

Credit loss expense (reversal) 1,283 ( 178 ) 748 1,853

Charge–offs ( 1,359 ) ( 1,121 ) ( 1,608 ) ( 4,088 )

Recoveries 725 1,074 1,058 2,857

Balance, end of period $ 36,122 $ 2,958 $ 12,841 $ 51,921

Three Months Ended June 30, 2025

Commercial Real Estate Consumer Total

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

Credit loss expense (recovery) 1,857 114 28 1,999

2 unchanged sentences

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

Six Months Ended June 30, 2025

Commercial Real Estate Consumer Total

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

Credit loss expense (reversal) 3,497 519 ( 474 ) 3,542

Charge–offs ( 152 ) ( 427 ) ( 2,332 ) ( 2,911 )

Recoveries 115 422 1,251 1,788

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

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

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

As of June 30, 2026 and December 31, 2025, the accrued interest on our loan portfolio was $ 24.4 million and $ 23.7 million, respectively.

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

2 unchanged sentences

The loss rate method then divides the loan losses recognized on loans outstanding as of the pool date by the outstanding loan balance as of the pool date.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

The Company’s expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data.

11 unchanged sentences

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

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):

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

Three Months Ended

March 31, 2026 March 31, 2025

June 30, 2026 June 30, 2025

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

3 unchanged sentences

Total $ 1,607 $ ( 313 ) $ 1,294 $ 2,000 $ 311 $ 2,311

Six Months Ended

June 30, 2026 June 30, 2025

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

Commercial $ 1,068 $ ( 328 ) $ 740 $ 1,385 $ 158 $ 1,543

Real Estate 92 ( 22 ) 70 61 38 99

Consumer 680 ( 196 ) 484 703 ( 34 ) 669

Total $ 1,840 $ ( 546 ) $ 1,294 $ 2,149 $ 162 $ 2,311

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 $ 1.40 billion and $ 1.41 billion at March 31, 2026 and December 31, 2025.

The unpaid principal balances of loans serviced for others totaled approximately $ 1.39 billion and $ 1.41 billion at June 30, 2026 and December 31, 2025.

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

Three Months Ended

2026 March 31,

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

Three Months Ended Six Months Ended

2026 June 30,

2025 June 30,

2026 June 30,

Mortgage servicing rights

Balances, January 1 $ 17,534 $ 18,195

Balances, beginning of period $ 17,271 $ 17,933 $ 17,534 $ 18,195

Servicing rights capitalized 469 337 785 582

9 unchanged sentences

Fair value, end of period 18,206 18,251 18,206 18,251

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.

Fair value at June 30, 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 13.2 %, depending on the stratification of the specific type.

Fair value at June 30, 2025 was determined using a discounted cash flow analysis with discount rates ranging from 9.0 % to 11.5 % and prepayment speeds ranging from 5.8 % to 12.5 %, depending on the stratification of the specific type.

Note 6 – Goodwill

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.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

The carrying amount of goodwill was $ 155.2 million as of June 30, 2026 and December 31, 2025, respectively.

There were no changes in the carrying amount of goodwill for the six months ended June 30, 2026 and 2025.

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.

1 unchanged sentence

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.

No goodwill impairment charges were recorded for the six months ended June 30, 2026 and 2025.

Note 7 – Repurchase Agreements

3 unchanged sentences

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

March 31, 2026

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

June 30, 2026

Remaining Contractual Maturity of the Agreements

11 unchanged sentences

Repurchase Agreements subject to offsetting arrangements —

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.

Securities sold under agreements to repurchase are secured by securities with a carrying amount of $ 75.8 million and $ 90.7 million at June 30, 2026 and December 31, 2025, respectively.

Note 8 – Subordinated Notes

2 unchanged sentences

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, 2025.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

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.

1 unchanged sentence

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

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.

The total balance, net of unamortized issuance costs, of the 2035 Notes was $ 98.3 million and $ 98.2 million at June 30, 2026 and December 31, 2025, respectively.

Total unamortized debt issuance costs were $ 1.7 million and $ 1.8 million at June 30, 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 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.

All derivative instruments are carried on the balance sheet at their estimated fair value

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

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

5 unchanged sentences

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 remaining accretion on the loans was $ 1.4 million at June 30, 2026.

During the year ended December 31, 2025, the Company entered into interest rate swap agreements designated as fair value hedges of interest 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.

8 unchanged sentences

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

At the same time, we agree to pay a third-party financial institution the same fixed interest rate on the 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 June 30, 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.

The following tables summarize the fair value of our derivative financial instruments utilized by the Company on a gross basis for the periods indicated.

HORIZON BANCORP, INC.

2 unchanged sentences

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

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.

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.

The following tables summarize the fair value of our derivative financial instruments utilized by Horizon on a gross basis for the periods indicated.

Asset Derivatives Liability Derivatives

March 31, 2026 March 31, 2026

June 30, 2026 June 30, 2026

Value Notional

10 unchanged sentences

Total derivatives subject to enforceable master netting arrangements, net $ 558,958 $ 16,059 $ 459,561 $ 13,949

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

Asset Derivatives Liability Derivatives

14 unchanged sentences

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

At March 31, 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:

At June 30, 2026, the Company did not pledge any marketable securities as collateral.

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

The effect of the derivative and the hedged item in fair value hedging relationships on the condensed consolidated statements of income for three and six month periods ended June 30, 2026 and June 30, 2025 is as follows:

Location of gain

2 unchanged sentences

Three Months Ended

March 31, 2026 March 31, 2025

Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Derivatives designated as hedging instruments

2 unchanged sentences

Total $ — $ — $ 2 $ —

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)

The effect of derivatives not designated as hedging instruments on the condensed consolidated statements of income for the three and six month periods ended June 30, 2026 and June 30, 2025 is as follows:

Location of gain

2 unchanged sentences

Three Months Ended

March 31, 2026 March 31, 2025

Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Derivative not designated as hedging relationship

4 unchanged sentences

Amortized Cost of Hedged Items Cumulative Hedge Accounting Basis Adjustments

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

June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025

Available-for-Sale Debt Securities $ 118,434 $ 122,442 $ ( 2,087 ) $ ( 307 )

12 unchanged sentences

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

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

There have been no significant changes in the valuation techniques during the period ended June 30, 2026.

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

28 unchanged sentences

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

March 31, 2026

June 30, 2026

Fair Value Quoted Prices in Active Markets

12 unchanged sentences

Commitments to originate mortgage loans 77 — 77 —

Mortgage loans contracts 5 — 5 —

Interest rate swap agreements liability ( 13,895 ) — ( 13,895 ) —

21 unchanged sentences

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.

As of June 30, 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.

1 unchanged sentence

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

The following table presents the changes in fair value for assets classified within Level 3 of the fair value hierarchy as of June 30, 2026 and December 31, 2025:

Level 3 instruments at fair value June 30, 2026 December 31, 2025

Fair value beginning of year $ 3,871 $ —

2 unchanged sentences

Total gains/(losses) included in OCI 103 1,054

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

Ending balance – June 30, 2026 $ 3,974 $ 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):

3 unchanged sentences

(Level 2) Significant

March 31, 2026

June 30, 2026

Collateral dependent loans $ 464 $ — $ — $ 464

5 unchanged sentences

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

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

March 31, 2026

June 30, 2026

Value Valuation

2 unchanged sentences

Collateral dependent loans $ 464 Collateral based measurement Discount to reflect current market conditions and ultimate collectability 20.5 %- 42.9 % ( 39.4 %)

HORIZON BANCORP, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

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

December 31, 2025

11 unchanged sentences

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

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

The disclosed fair value estimates are limited to Horizon’s significant financial instruments at June 30, 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.

4 unchanged sentences

The carrying amounts approximate fair value.

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

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

4 unchanged sentences

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

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.

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.

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

Subordinated Notes – The fair value of subordinated notes is based on discounted cash flows based on current borrowing rates for similar types of instruments.

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)

March 31, 2026

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.

June 30, 2026

Amount Quoted Prices in

26 unchanged sentences

Loans held for sale 9,778 — 9,778 —

Loans (excluding loan level hedges), net 4,825,243 — — 4,695,231

Loans, net 4,825,243 — — 4,695,231

Stock in FHLB 45,713 — 45,713 —

27 unchanged sentences

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

As of March 31, 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.

As of June 30, 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 second 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.

2 unchanged sentences

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

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

Comments on the proposals were 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.

3 unchanged sentences

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

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

The following table presents Horizon and the Bank’s actual and required capital ratios as of June 30, 2026 and December 31, 2025:

Actual Required for Capital

7 unchanged sentences

Amount Ratio Amount Ratio Amount Ratio Amount Ratio

March 31, 2026

June 30, 2026

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

48 unchanged sentences

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

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

March 31, 2026 December 31, 2025

The following table represents the commitments to extend credit and standby letters of credit as of June 30, 2026 and December 31, 2025 , respectively:

June 30, 2026 December 31, 2025

Commitments to extend credit $ 1,058,286 $ 1,124,850

1 unchanged sentence

Total $ 1,077,048 $ 1,147,124

Litigation Accrual Contingent Liability

On June 24, 2026, a jury returned a civil verdict against the Company's subsidiary, Horizon Bank (the "Bank"), in a lawsuit stemming related to the repossession and credit reporting of a single vehicle financed through the Company's former indirect automobile lending business.

The jury awarded total damages approaching $ 3.0 million, including punitive damages.

During the second quarter of 2026, the Company recorded a pre-tax litigation expense and corresponding litigation accrual of $ 3.1 million related to this matter.

The Company strongly disagrees with the verdict and intends to challenge the decision via an appeal process.

The accrual will be maintained pending the resolution of the appeal process.

The Company does not anticipate any broader exposure related to this matter.

The Company discontinued originating indirect auto finance loans in 2023 and exited a significant majority of its remaining credit exposure in 2024.

The Company does not view this event as a disruption to its core community bank model.

HORIZON BANCORP, INC.

2 unchanged sentences

And Results of Operations

For the Three months ended March 31, 2026 and 2025

For the Three and Six months ended June 30, 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