HORIZON BANCORP INC /IN/

Listed Company

HBNCCIK 0000706129NasdaqAcceleratedState Commercial BanksIndianaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

—

Total Assets

$6.44B

Equity

$688.25M

Shares Out

51.23M

Op. Cash Flow

$79.23M

+ 13F Filer

Business

Horizon Bancorp, Inc. is a bank holding company that operates principally as a commercial bank through its bank subsidiary, Horizon Bank. It offers commercial and retail banking services, mortgage and consumer lending, deposit products, corporate and individual trust and agency services, wealth management and certain insurance and investment-related products through affiliated entities. The company reports a single commercial banking segment and maintains subsidiaries focused on investments, real estate, insurance and grantor trusts. Horizon conducts its business across northern and central Indiana and southern and central Michigan through its bank subsidiary and affiliated distribution channels, including full-service branch offices.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	310	291	245	174	156
Investment securities - taxable	26	30	34	33	14
Investment securities - tax exempt	19	25	28	29	23
Other	7	10	5	306,000	695,000
Total interest income	363	356	312	236	194
Deposits	99	115	86	18	8
Short and long term borrowings	25	45	42	12	5
Subordinated notes	5	3	4	4	4
Junior subordinated debentures issued to capital trusts	4	5	5	3	2
Total interest expense	133	168	137	37	—
Net Interest Income	229	189	176	200	176
Credit loss expense	2	5	2	−2	−2
Net Interest Income after Provision for Credit Losses	228	183	173	201	178
Service charges on deposit accounts	13	13	12	12	9
Wire transfer fees	277,000	461,000	448,000	595,000	892,000
Interchange fees	14	14	13	12	11
Fiduciary activities	6	5	5	5	7
Loss on sale of investment securities	−300	−39	−32	0	914,000
Gain on sale of mortgage loans	5	4	4	7	19
Mortgage servicing income net of impairment	1	2	3	5	2
Increase in cash value of bank owned life insurance	1	1	4	3	2
Other income	3	2	3	2	4
Total non-interest (loss) income	−256	3	12	47	58
Salaries and employee benefits	90	88	81	80	74
Net occupancy expenses	14	13	13	13	13
Data processing	12	11	12	11	10
Professional fees	3	3	3	2	2
Outside services and consultants	13	15	10	11	8
Loan expense	4	4	5	5	5
FDIC insurance expense	5	5	4	3	2
Core deposit intangible amortization	3	3	4	4	4
Merger related expense	305,000	0	0	—	—
Prepayment Expense	13	0	0	—	—
Other losses	1	1	1	1	2
Other expense	13	15	14	14	12
Total non-interest expense	172	159	146	143	133
Income (Loss) Before Income Taxes	−201	27	39	106	102
Income tax expense (benefit)	−51	−8	11	12	15
Net Income (Loss) Available to Common Shareholders	−150	35	28	93	87
Basic earnings per share (in USD per share)	−3.24	0.81	0.64	2.14	1.99
Diluted earnings per share (in USD per share)	−3.24	0.8	0.64	2.14	1.98

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	67	92	113	124	594
Interest-bearing deposits in banks	73	201	414	3	5
Total cash and cash equivalents	139	293	527	—	—
Interest earning time deposits	0	735,000	2	—	—
Investment securities, held for trading	4	0	—	—	—
Investment securities, available for sale	875	234	547	998	1,161
Investment securities, held to maturity (fair value of $0 and $1,566,268)	0	1,868	1,946	2,023	—
Loans held for sale	10	68	1	6	13
Loans, net of allowance for credit losses of $51,299 and $51,980	4,825	4,795	4,368	4,108	—
Premises and equipment, net	93	94	95	93	93
Federal Home Loan Bank stock	46	54	35	27	24
Goodwill	155	155	155	155	155
Other intangible assets	7	10	14	17	21
Interest receivable	30	40	39	35	26
Cash value of life insurance	37	37	36	146	97
Other assets	215	153	177	139	67
Total assets	6,437	7,801	7,940	7,873	7,412
Non-interest bearing	1,079	1,065	1,116	1,278	1,360
Interest bearing	4,197	4,536	4,549	4,580	4,443
Total deposits	5,275	5,601	5,665	5,858	5,803
Short and long term borrowings	249	1,232	1,353	1,143	713
Subordinated notes, net	98	56	56	59	59
Junior subordinated debentures issued to capital trusts	58	57	57	57	57
Interest payable	13	11	22	5	2
Other liabilities	56	80	69	73	55
Total liabilities	5,748	7,038	7,222	7,195	6,689
Commitments and contingent liabilities	—	—	—	—	—
Preferred stock	0	0	0	0	0
Common stock	0	0	0	0	0
Additional paid-in capital	459	364	356	354	352
Retained earnings	255	436	429	429	364
Accumulated other comprehensive loss	−26	−36	−67	−106	7
Total stockholders equity	688	764	719	677	723
Total liabilities and stockholders equity	6,437	7,801	7,940	7,873	7,412

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	−150	35	28	93	87
Depreciation and amortization	10	10	11	11	10
Share based compensation	2	5	4	2	2
Amortization of mortgage servicing rights	2	2	1	2	4
Net amortization of premiums and discounts on securities	2	8	10	12	10
Purchases of securities held for trading	−6	0	0	—	—
Proceeds from maturities of securities held to maturity	2	0	0	—	—
Deferred income taxes	−85	−17	−3	2	2
Net loss on sale of portfolio loans	324,000	0	0	—	—
Proceeds from sales of loans	164	436	146	226	453
Loans originated for sale	−165	−500	−138	−215	−437
Gain on cash value life insurance	−2	−1	−4	−3	−2
Gain on other real estate owned	−69,000	−450,000	−300,000	−722,000	−85,000
Interest receivable	10	−1	−3	−9	−4
Interest payable	2	−11	17	3	−493,000
Other assets	22	−10	13	−14	10
Other liabilities	−26	10	−22	−5	−3
Net cash provided by operating activities	79	6	89	94	106
Purchases of securities available for sale	−592	0	−2	−180	−838
Proceeds from sales of securities available for sale	1,410	293	439	0	28
Proceeds from maturities, calls and principal repayments of securities available for sale	55	17	29	69	260
Purchases of securities held to maturity	0	−312,000	−10	−430	−931
Proceeds from maturities of securities held to maturity	64	72	80	73	31
Net change in interest-earning time deposits	735,000	1	607,000	2	4
Purchase of FHLB stock	−301,000	−19	−8	−2	−1
Redemption of FHLB stock	8	0	0	198,000	0
Purchase of loans	0	−240	−125	−55	0
Proceeds from sale of portfolio loans	229	0	0	—	—
Net change in loans	−194	−217	−141	−448	480
Proceeds on the sale of OREO and repossessed assets	895,000	2	3	5	1
Premises and equipment expenditures	−5	−5	−8	−6	−1
Proceeds from bank owned life insurance	3	44	70	4	783,000
Net cash provided by (used in) investing activities	979	−53	330	−1,020	−345
Net change in deposits	−325	−64	−193	55	425
Proceeds from borrowings	140	513	866	1,179	245
Repayment of borrowings	−1,132	−564	−654	−756	−76
Net change in repurchase agreements	−1	−46	−2	7	21
Proceeds from issuance of subordinated notes, net	98	0	0	0	0
Repayment of subordinated notes	−57	0	−3	0	0
Net settlement of share awards	−4	−1	−1	−2	−1
Proceeds from sale of SERP shares	0	4	0	0	—
Proceeds from issuance of common stock, net	98	0	0	0	0
Dividends paid on common stock	−29	−28	−28	−28	−25
Net cash used in financing activities	−1,213	−187	−15	456	582
Net Change in Cash and Cash Equivalents	−154	−233	403	−470	344
Interest paid	132	179	120	33	19
Income taxes paid	27	11	2	802,000	2
Transfer of loans to other real estate and repossessed assets	4	3	3	2	2
Transfer of held to maturity securities to available for sale	1,798	0	0	121	490
Transfer of LHI to HFS	184	88	0	—	—
Redemption of cash value of life insurance, not settled	0	0	44	0	0
Qualified affordable housing investments obtained in exchange for funding commitments	0	0	14	0	0

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 194 positions

Reported AUM

$205.43M

Holdings

194

Top sector

$205.43M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$205.43M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
Vanguard Bd Index Fds	—	593.4K	$43.95M	21.4%
Ishares Intermediate Government Credit ETF	—	282.6K	$30.34M	14.8%
Vanguard Index Funds Growth ETF	—	21.3K	$10.37M	5.0%
ETF Vanguard Value	—	53.0K	$10.13M	4.9%
Horizon Bancorp Inc	—	572.5K	$9.71M	4.7%
Ishares Msci Eafe Index	—	100.1K	$9.61M	4.7%
Ishares Core Msci Eafe ETF	—	95.3K	$8.53M	4.2%
Flexshares Credit Scored US Corp Bond	—	169.0K	$8.30M	4.0%
Flexshares IBOXX 3 Year Target Date	—	342.3K	$8.24M	4.0%
Ishares Msci Emerging Markets	—	142.4K	$7.79M	3.8%