$HBNC

HORIZON BANCORP /IN/

CIK:0000706129|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Income
Interest and fees on loans	$ 77,740	$ 78,618	$ 152,844	$ 153,075
Investment securities - taxable	7,248	5,941	14,742	11,980
Investment securities - tax exempt	2,583	6,088	5,127	12,280
Other	937	830	2,445	3,317
Total interest income	88,508	91,477	175,158	180,652
Interest Expense
Deposits	20,479	26,052	40,424	51,653
Short and long term borrowings	1,655	8,171	3,308	17,359
Subordinated notes	1,904	829	3,734	1,658
Junior subordinated debentures issued to capital trusts	980	1,070	1,962	2,360
Total interest expense	25,018	36,122	49,428	73,030
Net Interest Income	63,490	55,355	125,730	107,622
Credit loss expense	916	2,462	1,307	3,838
Net Interest Income after Provision for Credit Losses	62,574	52,893	124,423	103,784
Non-interest Income
Service charges on deposit accounts	3,376	3,208	6,901	6,416
Wire transfer fees	67	69	130	140
Interchange fees	3,595	3,403	6,968	6,644
Fiduciary activities	1,501	1,251	3,057	2,577
Loss on sale of investment securities	0	0	0	(407)
Gain on sale of mortgage loans	1,576	1,219	2,666	2,295
Mortgage servicing income net of impairment	350	375	687	760
Increase in cash value of bank owned life insurance	345	346	678	681
Other income	1,204	1,049	2,171	8,313
Total non-interest income	12,014	10,920	23,258	27,419
Non-interest Expense
Salaries and employee benefits	24,194	22,731	47,381	45,145
Net occupancy expenses	3,698	3,127	7,895	6,829
Data processing	3,631	2,951	6,984	5,823
Professional fees	(64)
Professional fees		735	866	1,561
Outside services and consultants	2,537	3,278	5,301	6,543
Loan expense	1,417	1,231	2,636	1,920
FDIC insurance expense	1,003	1,216	2,026	2,504
Core deposit intangible amortization	675	816	1,350	1,632
Merger related expense	0	0	0	305
Other losses	114	245	306	473
Other expense	6,639	3,087	9,847	5,988
Total non-interest expense	43,844	39,417	84,592	78,723
Income Before Income Taxes	30,744	24,396	63,089	52,480
Income tax expense	5,836	3,752	12,013	7,893
Net Income Available to Common Shareholders	$ 24,908	$ 20,644	$ 51,076	$ 44,587
Basic earnings per share (in USD per share)	$ 0.49	$ 0.47	$ 1.00	$ 1.02
Diluted earnings per share (in USD per share)	$ 0.49	$ 0.47	$ 1.00	$ 1.01

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 51,076,000	$ 44,587,000
Items not requiring (providing) cash
Provision for credit losses	1,307,000	3,838,000
Depreciation and amortization	5,376,000	4,894,000
Share based compensation	1,084,000	846,000
Amortization of mortgage servicing rights	1,104,000	1,025,000
Net (accretion of discounts) or amortization of premiums on securities	(1,568,000)	3,691,000
Purchases of securities held for trading	(9,633,000)	0
Proceeds from maturities, calls and principal repayments of securities, held for trading	9,702,000	0
Loss on sale of investment securities	0	407,000
Gain on sale of mortgage loans	(2,666,000)	(2,295,000)
Net gain on sale of portfolio loans	0	(7,000,000)
Proceeds from sales of loans	88,122,000	61,462,000
Loans originated for sale	(92,508,000)	(61,796,000)
Gain on cash value life insurance	(678,000)	(681,000)
Gain on other real estate owned	(95,000)	(69,000)
Net change in:
Interest receivable	(644,000)	17,000
Interest payable	(2,030,000)	2,870,000
Other assets	3,230,000	4,799,000
Other liabilities	2,751,000	(21,850,000)
Net cash provided by operating activities	53,930,000	34,745,000
Investing Activities
Purchases of securities available for sale	(60,937,000)	0
Proceeds from sales of securities available for sale	0	4,132,000
Proceeds from maturities, calls and principal repayments of securities available for sale	42,119,000	1,140,000
Proceeds from maturities of securities held to maturity	0	40,647,000
Net change in interest-earning time deposits	0	735,000
Redemption of FHLB stock	38,295,000	8,414,000
Proceeds from sale of portfolio loans	0	54,990,000
Net change in loans	(84,072,000)	(122,916,000)
Proceeds on the sale of OREO and repossessed assets	1,771,000	510,000
Premises and equipment expenditures	(1,889,000)	(2,504,000)
Proceeds from bank owned life insurance	0	376,000
Net cash used in investing activities	(64,713,000)	(14,476,000)
Financing Activities
Net change in deposits	124,807,000	99,105,000
Proceeds from borrowings	156,242,000	370,000,000
Repayment of borrowings	(156,411,000)	(632,005,000)
Net change in repurchase agreements	(19,189,000)	5,178,000
Net settlement of share awards	0	(3,849,000)
Exercise of stock options	283,000	0
Dividends paid on common stock	(16,459,000)	(14,212,000)
Net cash provided by (used in) financing activities	89,273,000	(175,783,000)
Net Change in Cash and Cash Equivalents	78,490,000	(155,514,000)
Cash and Cash Equivalents, Beginning of Period	139,459,000	293,431,000
Cash and Cash Equivalents, End of Period	217,949,000	137,917,000
Additional Supplemental Information
Interest paid	51,458,000	70,160,000
Income taxes paid	254,000	12,300,000
Transfer of loans to other real estate and repossessed assets	4,918,000	1,912,000
Transfer of held to maturity securities to available for sale	0	4,539,000
Cash dividends declared, not paid	$ 8,255,000	$ 7,090,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 72,378	$ 66,813
Interest-bearing deposits in banks	145,571	72,646
Total cash and cash equivalents	217,949	139,459
Investment securities, held for trading	3,885	3,883
Investment securities, available for sale	897,764	875,414
Loans held for sale	5,147	9,778
Loans, net of allowance for credit losses	4,907,199	4,825,243
Premises and equipment, net	90,939	92,805
Federal Home Loan Bank stock	7,418	45,713
Goodwill	155,211	155,211
Other intangible assets	5,829	7,180
Interest receivable	30,377	29,733
Cash value of life insurance	37,410	36,732
Other assets	215,032	215,460
Total assets	6,574,160	6,436,611
Deposits
Non-interest bearing	1,100,355	1,078,708
Interest bearing	4,299,869	4,196,709
Total deposits	5,400,224	5,275,417
Short and long term borrowings	222,985	248,586
Subordinated notes, net	98,318	98,215
Junior subordinated debentures issued to capital trusts	57,789	57,688
Interest payable	10,862	12,892
Other liabilities	57,793	55,562
Total liabilities	5,847,971	5,748,360
Commitments and contingent liabilities
Stockholders’ Equity
Preferred stock	0	0
Common stock	0	0
Additional paid-in capital	460,610	459,243
Retained earnings	289,594	255,004
Accumulated other comprehensive loss	(24,015)	(25,996)
Total stockholders’ equity	726,189	688,251
Total liabilities and stockholders’ equity	6,574,160	6,436,611
Allowance for credit losses	$ (51,921)	$ (51,299)