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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from________to
Commission file number 0-10792
HORIZON BANCORP, INC.
(Exact name of registrant as specified in its charter)
Indiana35-1562417
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
515 Franklin Street, Michigan City, Indiana 46360
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (219) 879-0211
Former name, former address and former fiscal year, if changed since last report: N/A
____________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Common stock, no par valueHBNCThe NASDAQ Stock Market, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☐Accelerated Filer☒
Non-accelerated Filer☐Smaller Reporting Company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 43,712,059 shares of Common Stock, no par value, at August 8, 2024.

HORIZON BANCORP, INC.
FORM 10–Q
INDEX


2
PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS




HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollar Amounts in Thousands)
June 30,
2024		December 31,
2023
(Unaudited)
Assets
Cash and due from banks$106,691 $112,772 
Interest earning deposits4,957 12,071 
Federal funds sold34,453 401,672 
Total cash and cash equivalents146,101 526,515 
Interest earning time deposits1,715 2,205 
Investment securities, available for sale 527,054 547,251 
Investment securities, held to maturity (fair value of $1,596,987 and $1,668,758)
1,904,281 1,945,638 
Loans held for sale2,440 1,418 
Loans, net of allowance for credit losses of $52,215 and $50,029
4,770,625 4,367,601 
Premises and equipment, net93,695 94,583 
Federal Home Loan Bank stock53,826 34,509 
Goodwill155,211 155,211 
Other intangible assets11,910 13,626 
Interest receivable43,240 38,710 
Cash value of life insurance36,773 36,157 
Other assets165,656 177,061 
Total assets$7,912,527 $7,940,485 
Liabilities
Deposits
Non–interest bearing$1,087,040 $1,116,005 
Interest bearing4,543,114 4,548,888 
Total deposits5,630,154 5,664,893 
Borrowings1,357,335 1,353,050 
Subordinated notes55,668 55,543 
Junior subordinated debentures issued to capital trusts57,369 57,258 
Interest payable11,240 22,249 
Other liabilities74,096 68,680 
Total liabilities7,185,862 7,221,673 
Commitments and contingent liabilities
Stockholders’ Equity
Preferred stock, Authorized, 1,000,000 shares, Issued 0 shares
— — 
Common stock, no par value, Authorized 99,000,000 shares
43,712,059 shares issued and outstanding at June 30, 2024 and 43,652,063 shares issued and outstanding at December 31, 2023
— — 
Additional paid-in capital357,673 356,400 
Retained earnings442,977 429,021 
Accumulated other comprehensive loss(73,985)(66,609)
Total stockholders’ equity726,665 718,812 
Total liabilities and stockholders’ equity$7,912,527 $7,940,485 
See notes to condensed consolidated financial statements
3
HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
(Dollar Amounts in Thousands, Except Per Share Data)
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Interest Income
Loans receivable$71,880 $60,594 $138,834 $115,958 
Investment securities – taxable7,986 8,740 15,348 17,465 
Investment securities – tax exempt6,377 7,059 12,828 14,615 
Other738 475 5,235 628 
Total interest income86,981 76,868 172,245 148,666 
Interest Expense
Deposits28,447 18,958 56,437 33,777 
Borrowed funds11,213 9,718 23,143 19,489 
Subordinated notes829 881 1,660 1,761 
Junior subordinated debentures issued to capital trusts1,213 1,151 2,438 2,242 
Total interest expense41,702 30,708 83,678 57,269 
Net Interest Income45,279 46,160 88,567 91,397 
Credit loss expense2,369 680 3,174 922 
Net Interest Income after Credit Loss Expense42,910 45,480 85,393 90,475 
Non–interest Income
Service charges on deposit accounts3,130 3,021 6,344 6,049 
Wire transfer fees113 116 214 225 
Interchange fees3,826 3,584 6,935 6,451 
Fiduciary activities1,372 1,247 2,687 2,522 
Gain (loss) on sale of investment securities — 20 — (480)
Gain on sale of mortgage loans896 1,005 1,522 1,790 
Mortgage servicing income, net450 640 889 1,353 
Increase in cash value of bank owned life insurance318 1,015 616 1,996 
Other income380 349 1,207 711 
Total non–interest income10,485 10,997 20,414 20,617 
Non–interest Expense
Salaries and employee benefits20,583 20,162 40,851 38,874 
Net occupancy expenses3,192 3,249 6,738 6,812 
Data processing2,579 3,016 5,043 5,685 
Professional fees714 633 1,321 1,166 
Outside services and consultants3,058 2,515 6,417 5,232 
Loan expense1,038 1,397 1,757 2,515 
FDIC insurance expense1,315 840 2,635 1,380 
Core deposit intangible amortization844 903 1,716 1,806 
Other losses515 134 531 355 
Other expense3,684 3,413 7,620 6,961 
Total non–interest expense37,522 36,262 74,629 70,786 
Income Before Income Taxes15,873 20,215 31,178 40,306 
Income tax expense1,733 1,452 3,047 3,315 
Net Income$14,140 $18,763 $28,131 $36,991 
Basic Earnings Per Share$0.32 $0.43 $0.64 $0.85 
Diluted Earnings Per Share0.32 0.43 0.64 0.85 
See notes to condensed consolidated financial statements
4
HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(Dollar Amounts in Thousands)
Three Months EndedSix Months Ended
June 30June 30
2024202320242023
Net Income$14,140 $18,763 $28,131 $36,991 
Other Comprehensive Income (Loss)
Change in fair value of derivative instruments:
Change in fair value of derivative instruments for the period— 35 — (523)
Reclassification adjustment for swap termination gain realized in income— (1,453)— (1,453)
Income tax effect— 299 — 415 
Changes from derivative instruments— (1,119)— (1,561)
Change in securities:
Unrealized gain (loss) for the period on available for sale securities(3,262)(5,795)(9,010)12,349 
Accretion from transfer of securities from available for sale to held to maturity securities(167)(219)(327)(373)
Reclassification adjustment for securities losses realized in income— (20)— 480 
Income tax effect720 1,266 1,961 (2,616)
Unrealized gains (losses) on securities(2,709)(4,768)(7,376)9,840 
Other Comprehensive Income (Loss), Net of Tax(2,709)(5,887)(7,376)8,279 
Comprehensive Income$11,431 $12,876 $20,755 $45,270 
See notes to condensed consolidated financial statements
5
HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(Dollar Amounts in Thousands, Except Per Share Data)

Three Months Ended
Preferred
Stock		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Balances, April 1, 2023$— $— $354,035 $440,556 $(92,032)$702,559 
Net income— — — 18,763 — 18,763 
Other comprehensive income, net of tax— — — — (5,887)(5,887)
Amortization of unearned compensation— — 944 — — 944 
Net settlement of share awards— — (26)— — (26)
Cash dividends on common stock ($0.16 per share)
— — — (7,110)— (7,110)
Balances, June 30, 2023$— $— $354,953 $452,209 $(97,919)$709,243 
Balances, April 1, 2024$— $— $356,599 $435,927 $(71,276)$721,250 
Net income— — — 14,140 — 14,140 
Other comprehensive loss, net of tax— — — — (2,709)(2,709)
Amortization of unearned compensation— — 1,134 — — 1,134 
Net settlement of share awards— — (60)— — (60)
Cash dividends on common stock ($0.16 per share)
— — — (7,090)— (7,090)
Balances, June 30, 2024$— $— $357,673 $442,977 $(73,985)$726,665 
See notes to condensed consolidated financial statements
6
HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(Dollar Amounts in Thousands, Except Per Share Data)
Six Months Ended
Preferred
Stock		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Balances, January 1, 2023$— $— $354,188 $429,385 $(106,198)$677,375 
Net income— — — 36,991 — 36,991 
Other comprehensive income, net of tax— — — — 8,279 8,279 
Amortization of unearned compensation— — 1,703 — — 1,703 
Net settlement of share awards— — (723)— — (723)
Stock retirement plans— — (215)— — (215)
Cash dividends on common stock ($0.32 per share)
— — — (14,167)— (14,167)
Balances, June 30, 2023$— $— $354,953 $452,209 $(97,919)$709,243 
Balances, January 1, 2024$— $— $356,400 $429,021 $(66,609)$718,812 
Net income— — — 28,131 — 28,131 
Other comprehensive loss, net of tax— — — — (7,376)(7,376)
Amortization of unearned compensation— — 2,041 — — 2,041 
Net settlement of share awards— — (768)— — (768)
Cash dividends on common stock ($0.32 per share)
— — — (14,175)— (14,175)
Balances, June 30, 2024$— $— $357,673 $442,977 $(73,985)$726,665 
See notes to condensed consolidated financial statements

7
HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar Amounts in Thousands)
Six Months Ended
June 30
20242023
Operating Activities
Net income$28,131 $36,991 
Items not requiring (providing) cash
Credit loss expense3,174 922 
Depreciation and amortization5,170 5,268 
Share based compensation2,041 1,703 
Amortization of mortgage servicing rights942 547 
Premium amortization on securities, net4,355 5,265 
Loss on sale of investment securities— 480 
Gain on sale of mortgage loans(1,522)(1,790)
Proceeds from sales of loans52,329 62,541 
Loans originated for sale(52,396)(62,312)
Gain on cash value life insurance(616)(1,996)
Gain on sale of other real estate owned(74)(121)
Net change in:
Interest receivable(4,530)(2,242)
Interest payable(11,009)7,359 
Other assets(8,855)(299)
Other liabilities5,323 (8,202)
Net cash provided by operating activities$22,463 $44,114 
Investing Activities
Purchases of securities available for sale$— $(1,385)
Proceeds from sales of securities available for sale— 88,194 
Proceeds from maturities, calls and principal repayments of securities available for sale8,704 15,170 
Purchases of securities held to maturity(312)(9,605)
Proceeds from maturities, calls and principal repayments of securities held to maturity38,317 45,334 
Net change in interest earning time deposits490 360 
Purchase of FHLB stock(19,317)(7,832)
Purchase of loans(240,020)(62,489)
Net change in loans(166,999)(48,049)
Proceeds on the sale of OREO and repossessed assets748 1,188 
Premises and equipment expenditures(2,007)(5,277)
Proceeds from bank owned life insurance22,917 — 
Net cash used in investing activities$(357,479)$15,609 
Financing Activities
Net change in deposits(34,738)(148,442)
Proceeds from borrowings512,759 584,094 
Repayment of borrowings(500,615)(378,790)
Net change in repurchase agreements(7,860)3,786 
Net settlement of share awards(768)(723)
Dividends paid on common stock(14,176)(14,167)
Net cash provided by financing activities$(45,398)$45,758 
Net Change in Cash and Cash Equivalents(380,414)105,481 
Cash and Cash Equivalents, Beginning of Period526,515 123,505 
Cash and Cash Equivalents, End of Period$146,101 $228,986 
Additional Supplemental Information
Interest paid$94,687 $49,910 
Income taxes paid8,000 1,554 
Transfer of loans to other real estate and repossessed assets915 1,452 
See notes to condensed consolidated financial statements
8
HORIZON BANCORP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Table Dollar Amounts in Thousands, Except Per Share Data)

Note 1 - Accounting Policies

Reclassifications

Certain reclassifications have been made to the 2023 condensed consolidated financial statements to be comparable to 2024. These reclassifications were not material and had no effect on net income.

Revisions to Previously Issued Financial Statements
During the second quarter of 2024 management corrected a prior computation of the Company’s total capital (to risk-weighted assets), Tier 1 capital (to risk-weighted assets), and Tier 1 capital (to average assets) ratios for purposes of the Company’s consolidated financial statements for holding companies filed with the Federal Reserve (the “Regulatory Filings”), which involved an incorrect classification of the Company’s subordinated notes as Tier 1 capital. This incorrect classification affected the Company's regulatory capital disclosures in certain prior period filings with the SEC, as those disclosures were sourced from the Regulatory Filings. The Company evaluated the effects of the incorrect classification to its previously filed Regulatory Filings and previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108 and, based upon qualitative and quantitative factors, determined the errors were not material to the previously filed Regulatory Filings or the previously issued financial statements and disclosures included in our Annual Reports on Form 10-K for the years ended December 31, 2020, 2021, 2022 and 2023, or for any of the quarterly reports included therein or through our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024. The Company has amended its Regulatory Filings for the periods ended March 31, 2024 and December 31, 2023 to reclassify the subordinated notes balance from Tier 1 capital into Tier 2 capital. The correction of the classification had no effect on the Company’s consolidated balance sheets, statements of income, stockholders’ equity, or the amounts or disclosure of the regulatory capital ratios of the Bank as included in its call reports. The Company continues to exceed regulatory proxy ratios to be considered “well capitalized”, plus the capital conservation buffer, at June 30, 2024. See "Note 13 - Regulatory Capital" below for further information.
Nature of Business and Basis of Reporting

The accompanying unaudited condensed consolidated financial statements include the accounts of Horizon Bancorp, Inc. (“Horizon” or the “Company”) and its wholly-owned subsidiaries, including Horizon Bank (“Horizon Bank” or the “Bank”), which is an Indiana commercial bank. All inter–company balances and transactions have been eliminated. The results of operations for the periods ended June 30, 2024 and June 30, 2023 are not necessarily indicative of the operating results for the full year of 2024 or 2023. 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. Those adjustments consist only of normal recurring adjustments.
Certain information and note disclosures normally included in Horizon’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Horizon’s Annual Report on Form 10–K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission on March 15, 2024 (the “2023 Annual Report on Form 10–K”). The condensed consolidated balance sheet of Horizon as of December 31, 2023 has been derived from the audited balance sheet as of that date.
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 June 30, 2024, 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. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
9
HORIZON BANCORP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Table Dollar Amounts in Thousands, Except Per Share Data)
The following table shows computation of basic and diluted earnings per share.
Three Months EndedSix Months Ended
June 30,June 30,June 30,June 30,
(dollars in thousands, except per share data)2024202320242023
Basic earnings per share
Net income$14,140 $18,763 $28,131 $36,991 
Weighted average common shares outstanding43,712,059 43,639,987 43,686,576 43,611,926 
Basic earnings per share$0.32 $0.43 $0.64 $0.85 
Diluted earnings per share
Net income$14,140 $18,763 $28,131 $36,991 
Weighted average common shares outstanding43,712,059 43,639,987 43,686,576 43,611,926 
Effect of dilutive securities:
Restricted stock270,833 102,046 226,864 136,693 
Stock options4,295 555 4,850 8,702 
Weighted average common shares outstanding43,987,187 43,742,588 43,918,290 43,757,321 
Diluted earnings per share$0.32 $0.43 $0.64 $0.85 
There were 167,943 and 257,773 shares for the three and six months ended June 30, 2024 which were not included in the computation of diluted earnings per share because they were non–dilutive. There were 484,650 and 415,455 shares for the three and six months ended June 30, 2023 which were not included in the computation of diluted earnings per share because they were non–dilutive.
10
HORIZON BANCORP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Table Dollar Amounts in Thousands, Except Per Share Data)
Note 2 – Securities
The fair value of securities is as follows:
June 30, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale
U.S. Treasury and federal agencies$71,419 $— $(8,754)$62,665 
State and municipal352,223 2 (57,389)294,836 
Federal agency collateralized mortgage obligations3,702 — (368)3,334 
Federal agency mortgage-backed pools154,479 — (24,161)130,318 
Corporate notes41,605 — (5,704)35,901 
Total available for sale investment securities$623,428 $2 $(96,376)$527,054 

June 30, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Allowance for Credit LossesNet
Carrying Amount
Held to maturity
U.S. Treasury and federal agencies$284,114 $— $(41,917)$242,197 $— $284,114 
State and municipal1,064,638 160 (178,390)886,408 (21)1,064,617 
Federal agency collateralized mortgage obligations48,668 — (8,128)40,540 — 48,668 
Federal agency mortgage-backed pools314,069 — (49,255)264,814 — 314,069 
Private labeled mortgage-backed pools30,780 — (4,534)26,246 (7)30,773 
Corporate notes162,170 — (25,388)136,782 (130)162,040 
Total held to maturity investment securities$1,904,439 $160 $(307,612)$1,596,987 $(158)$1,904,281 

December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale
U.S. Treasury and federal agencies$72,938 $— $(8,561)$64,377 
State and municipal353,299 — (49,269)304,030 
Federal agency collateralized mortgage obligations3,931 — (351)3,580 
Federal agency mortgage-backed pools161,130 — (23,833)137,297 
Corporate notes43,317 455 (5,805)37,967 
Total available for sale investment securities$634,615 $455 $(87,819)$547,251 

11
HORIZON BANCORP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Table Dollar Amounts in Thousands, Except Per Share Data)
December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Allowance for Credit LossesNet
Carrying
Amount
Held to maturity
U.S. Treasury and federal agencies$287,259 $— $(41,299)$245,960 $— $287,259 
State and municipal1,088,499 1,185 (150,323)939,361 (20)1,088,479 
Federal agency collateralized mortgage obligations51,325 — (7,846)43,479 — 51,325 
Federal agency mortgage-backed pools323,649 — (48,621)275,028 — 323,649 
Private labeled mortgage-backed pools32,329 — (4,595)27,734 (7)32,322 
Corporate notes162,734 — (25,538)137,196 (130)162,604 
Total held to maturity investment securities$1,945,795