• Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

    Source: Nasdaq GlobeNewswire / 26 Jul 2023 16:30:02   America/Chicago

    MICHIGAN CITY, Ind., July 26, 2023 (GLOBE NEWSWIRE) -- (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”), the parent company of Horizon Bank (the “Bank”), announced its unaudited financial results for the three and six months ended June 30, 2023.

    “Horizon’s favorable second quarter earnings reflect the strength of our diversified business model across our retail, commercial and wealth platforms,” President and Chief Executive Officer Thomas M. Prame said. “Our seasoned and granular deposit base performed well, maintaining a measured approach to funding costs while navigating a highly competitive market and shifting client demand to interest bearing products. These efforts paired well with our strategy of focusing loan production on higher yielding categories, resulting in improved yields and spread income. In the second quarter, we also posted strong non–interest income growth, with the active engagement of our clients in card spending and mortgage banking services. The positive results of our core revenue drivers were complimented by our consistent credit quality strength and our long standing expense management discipline.”

    Second Quarter 2023 Highlights

    • Increased net income to $18.8 million or $0.43 per diluted share, from $18.2 million or $0.42 in the first quarter of 2023.
    • Net interest income of $46.2 million increased from $45.2 million in the linked quarter. Second quarter 2023 net interest income benefited from average total loan and earning asset growth over the linked quarter, as well as a swap termination fee of $1.5 million that contributed approximately $0.02 to diluted earnings per share.
    • Non–interest income expanded to $11.0 million from $9.6 million in the linked quarter.
    • Continued to manage non–interest expense as a percentage of average assets to less than 1.90% on an annualized basis, totaling $36.3 million, or 1.86%, compared to $34.5 million, or 1.79% in the linked quarter.
    • Deposits remained resilient during the quarter, totaling $5.71 billion at period end, compared to $5.70 billion on March 31, 2023.
    • Loans grew to $4.27 billion at period end, increasing by 2.2% annualized during the quarter and 5.3% annualized since December 31, 2022.
    • Maintained consistent and sound asset quality with 30 to 89 days delinquent loans representing 0.26% of total loans and non–performing loans representing 0.52% of total loans at period end, as well as net charge–offs representing 0.01% of average loans during the quarter.
    • Tangible common equity continued to improve to 6.91% of tangible assets on June 30, 2023, an improvement of 4 basis points during the quarter and 35 basis points since December 31, 2022.
    • The Bank’s capital position was strong with leverage and risk based capital ratios of 8.72% and 13.03%, respectively.
    • Horizon’s annualized dividend yield was robust at 6.15% as of June 30, 2023, with cash maintained at the holding company level representing approximately eight quarters of dividend payments and fixed costs.

    Summary

      For the Three Months Ended
      June 30, March 31, June 30,
    Net Interest Income and Net Interest Margin  2023   2023   2022 
    Net interest income $46,160  $45,237  $52,044 
    Net interest margin  2.69%  2.67%  3.13%
    Adjusted net interest margin  2.57%  2.65%  3.06%
                 


      For the Three Months Ended
      June 30, March 31, June 30,
    Asset Yields and Funding Costs 2023  2023  2022 
    Interest earning assets 4.39% 4.17% 3.39%
    Interest bearing liabilities 2.10% 1.85% 0.34%
              


      For the Three Months Ended
    Non-interest Income and  June 30, March 31, June 30,
    Mortgage Banking Income  2023  2023  2022
    Total non–interest income $10,997 $9,620 $12,434
    Gain on sale of mortgage loans  1,005  785  2,501
    Mortgage servicing income net of impairment  640  713  319
              


      For the Three Months Ended
      June 30, March 31, June 30,
    Non-interest Expense  2023   2023   2022 
    Total non–interest expense $36,262  $34,524  $35,404 
    Annualized non–interest expense to average assets  1.86%  1.79%  1.90%
                 


      For the Three Months Ended
      June 30, March 31, June 30,
    Credit Quality 2023  2023  2022 
    Allowance for credit losses to total loans 1.17% 1.17% 1.32%
    Non–performing loans to total loans 0.52% 0.47% 0.51%
    Percent of net charge–offs to average loans outstanding for the period 0.01% 0.01% 0.01%
              


      June 30,Net Reserve December 31,
    Allowance for Credit Losses  2023  2Q23 1Q23  2022 
    Commercial $30,354  $(802) $(1,289) $32,445 
    Retail Mortgage  3,648   (799)  (1,130)  5,577 
    Warehouse  893   95   (222)  1,020 
    Consumer  15,081   1,956   1,703   11,422 
    Allowance for Credit Losses (“ACL”) $49,976  $450  $(938) $50,464 
    ACL / Total Loans  1.17%      1.21%
    Acquired Loan Discount (“ALD”) $5,519  $(639) $(121) $6,279 
                     

    “Horizon’s unwavering focus on lending to well qualified commercial and consumer borrowers in our dynamic local markets was reflected in our strong asset quality metrics,” Mr. Prame said. “Our consistent and conservative underwriting practices are expected to outperform relative to the industry, and we believe we are well positioned to navigate potential shifts in the economic outlook.”

    Income Statement Highlights

    Net income for the second quarter of 2023 was $18.8 million, or $0.43 diluted earnings per share, compared to $18.2 million, or $0.42, for the linked quarter and $24.9 million, or $0.57, for the prior year period. The change in net income for the second quarter of 2023 when compared to the linked quarter, reflects growth in non–interest income of $1.4 million, improved net interest income of $923,000 and lower income tax expense of $411,000, offset by an increase in non–interest expense of $1.7 million and a modest increase in credit loss expense of $438,000.

    Net interest income was $46.2 million in the second quarter of 2023, compared to $45.2 million in the linked quarter, benefiting from growth in average loans receivable and average interest earning assets, as well as a swap termination fee of $1.5 million.

    Total non–interest income was $1.4 million higher in the second quarter of 2023 when compared to the first quarter of 2023, primarily due to a $717,000 increase in interchange fees, a $520,000 increase in gain on sale of investment securities and a $220,000 increase in gain on sale of mortgage loans, offset by a decrease of $73,000 in mortgage servicing income net of impairment and a decrease of $28,000 in fiduciary activities.

    Total non–interest expense was $1.7 million higher in the second quarter of 2023 when compared to the first quarter of 2023, primarily due to a $1.4 million increase in salaries and employee benefits resulting from merit increases, commission expense and higher variable health care costs, a $300,000 increase in FDIC insurance expense and an increase in loan expenses, offset by a decrease in net occupancy expense and outside services expense from the linked quarter.

    Horizon’s effective tax rate was 7.2% for the second quarter of 2023, with income tax expense of $1.5 million decreasing $411,000 when compared to the first quarter of 2023.

    Net Interest Margin

    Horizon’s net interest margin was 2.69% for the second quarter of 2023 compared to 2.67% for the first quarter of 2023. The increase in net interest margin reflects an increase in the yield on interest earning assets of 22 basis points, offset by an increase in the cost of interest bearing liabilities of 25 basis points.

    Net interest margin, excluding the aforementioned swap termination fee and acquisition–related purchase accounting adjustments (“adjusted net interest margin”), was 2.57% for the second quarter of 2023, compared to 2.65% for the linked quarter. (See the “Non–GAAP Reconciliation of Net Interest Margin” table below).

    Lending Activity

    Total loan balances and loans held for sale increased to $4.27 billion on June 30, 2023 compared to $4.25 billion on March 31, 2023. During the three months ended June 30, 2023, mortgage warehouse loans increased $29.4 million, residential mortgage loans increased $12.3 million, loans held for sale increased $4.5 million and commercial loans increased $820,000, offset by measured payoffs and pay downs of lower yielding indirect auto loans that were the primary driver of a $23.2 million decrease in consumer loans.

    The lending activities for the quarter were well balanced, with mortgage activities increasing with client demand and consumer lending displaying the strategic shift of the organization to focus on higher yielding assets. Commercial lending activity for the quarter was strong but impacted by accelerated large pay downs during the last week of the quarter.

    Loan Growth by Type
    (Dollars in Thousands, Unaudited)
     June 30, March 31, QTD QTD Annualized
      2023  2023 $ Change % Change % Change
    Commercial$2,506,279 $2,505,459 $820  0.0% 0.1%
    Residential mortgage 674,751  662,459  12,292  1.9% 7.4%
    Consumer 1,002,885  1,026,076  (23,191) (2.3)% (9.1)%
    Subtotal 4,183,915  4,193,994  (10,079) (0.2)% (1.0)%
    Loans held for sale 6,933  2,409  4,524  187.8% 753.2%
    Mortgage warehouse 82,345  52,957  29,388  55.5% 222.6%
    Total loans and loans held for sale$4,273,193 $4,249,360 $23,833  0.6% 2.2%
                    

    Deposit Activity

    Total deposit balances of $5.71 billion on June 30, 2023 increased 0.13% compared to $5.70 billion on March 31, 2023.

    The deposit mix at the end of the second quarter of 2023 represented the demand for clients to earn more interest on their excess funds and consumers spending excess liquidity. Horizon successfully held deposits in the quarter while continuing to prudently manage funding costs as the Bank’s long–tenured and granular core deposit relationships remained with the Bank, reflecting the stability of the Bank’s in–market deposit portfolio.

    Deposit Growth by Type
    (Dollars in Thousands, Unaudited)
     June 30, March 31, QTD QTD Annualized
      2023  2023 $ Change % Change % Change
    Non–interest bearing$1,170,055 $1,231,845 $(61,790) (5.0)% (20.3)%
    Interest bearing 3,289,474  3,402,525  (113,051) (3.3)% (13.5)%
    Time deposits 1,249,803  1,067,575  182,228  17.1% 69.2%
    Total deposits$5,709,332 $5,701,945 $7,387  0.1% 0.5%
                    

    Capital

    The capital resources of the Company and the Bank continued to exceed regulatory capital ratios for “well capitalized” banks at June 30, 2023. Stockholders’ equity totaled $709.2 million at June 30, 2023 and the ratio of average stockholders’ equity to average assets was 8.97% for the six months ended June 30, 2023.

    Tangible book value, which excludes intangible assets from total equity, per common share (“TBVPS”) grew to $12.34, increasing $0.17 during the second quarter of 2023 and $0.75 during the first six months of the year.

    The following table presents the actual regulatory capital dollar amounts and ratios of the Company and the Bank as of June 30, 2023.

     Actual Required for Capital Adequacy Purposes Required for Capital Adequacy Purposes with Capital Buffer Well Capitalized
    Under Prompt Corrective Action Provisions
     $ Ratio $ Ratio $ Ratio $ Ratio
    Total capital (to risk–weighted assets)               
    Consolidated$806,546 14.35% $449,624
    		 8.00% $590,131
    		 10.50% N/A N/A
    Bank 732,236
    		 13.03%  449,727
    		 8.00%  590,267
    		 10.50% $562,159
    		 10.00%
    Tier 1 capital (to risk–weighted assets)               
    Consolidated 755,581
    		 13.44%  337,218
    		 6.00%  477,725
    		 8.50% N/A N/A
    Bank 681,271
    		 12.12%  337,295
    		 6.00%  477,835
    		 8.50%  449,727
    		 8.00%
    Common equity tier 1 capital (to risk–weighted assets)               
    Consolidated 635,090
    		 11.30%  252,913
    		 4.50%  393,421
    		 7.00% N/A N/A
    Bank 681,271 12.12%  252,971
    		 4.50%  393,511
    		 7.00%  365,403
    		 6.50%
    Tier 1 capital (to average assets)               
    Consolidated 755,581
    		 9.72%  311,026 4.00%  311,026 4.00% N/A N/A
    Bank 681,271 8.72%  312,663 4.00%  312,663 4.00%  390,829
    		 5.00%
                            

    Liquidity

    The Bank maintains a stable base of core deposits provided by long–standing and new relationships with individuals and local businesses. These deposits are the principal source of liquidity for Horizon. Other sources of liquidity for Horizon include earnings, loan repayments, investment security cash flows, proceeds from the sale of residential mortgage loans, unpledged investment securities and borrowing relationships with correspondent banks, including the Federal Home Loan Bank of Indianapolis (the “FHLB”). On June 30, 2023, in addition to liquidity available from the normal operating, funding, and investing activities of Horizon, the Bank had approximately $1.71 billion in unused credit lines with various money center banks, including the FHLB and the Federal Reserve Bank. The Bank had approximately $650.7 million of unpledged investment securities on June 30, 2023.

    Forward Looking Statements

    This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward–looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward–looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward–looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward–looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: current financial conditions within the banking industry, including the effects of recent failures of other financial institutions, liquidity levels, and responses by the Federal Reserve, Department of the Treasury, and the Federal Deposit Insurance Corporation to address these issues; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the ability of Horizon to remediate its material weaknesses in its internal control over financial reporting; continuing increases in inflation; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; economic conditions and their impact on Horizon and its customers, including local and global economic recovery from the pandemic; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; material changes outside the U.S. or in overseas relations, including changes in U.S. trade relations related to imposition of tariffs, Brexit, and the phase out of the London Interbank Offered Rate (“LIBOR”); the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward–looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10–K, Quarterly Reports on Form 10–Q, and Current Reports on Form 8–K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward–looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

    Financial Highlights
    (Dollars in Thousands, Unaudited)
      
     June 30, March 31, December 31, September 30, June 30,
      2023  2023  2022  2022  2022
    Balance sheet:         
    Total assets$7,963,353 $7,897,995 $7,872,518 $7,718,695 $7,640,936
    Interest earning deposits & federal funds sold 119,637  30,221  12,233  7,302  5,646
    Interest earning time deposits 2,452  3,098  2,812  2,814  3,799
    Investment securities 2,889,309  2,958,978  3,020,306  3,017,191  3,093,792
    Commercial loans 2,506,279  2,505,459  2,467,422  2,403,743  2,363,991
    Mortgage warehouse loans 82,345  52,957  69,529  73,690  116,488
    Residential mortgage loans 674,751  662,459  653,292  634,901  608,582
    Consumer loans 1,002,885  1,026,076  967,755  919,198  866,819
    Total loans 4,266,260  4,246,951  4,157,998  4,031,532  3,955,880
    Earning assets 7,319,100  7,273,921  7,225,833  7,087,368  7,088,737
    Non–interest bearing deposit accounts 1,170,055  1,231,845  1,277,768  1,315,155  1,328,213
    Interest bearing transaction accounts 3,289,474  3,402,525  3,582,891  3,736,798  3,760,890
    Time deposits 1,249,803  1,067,575  997,115  778,885  756,482
    Total deposits 5,709,332  5,701,945  5,857,774  5,830,838  5,845,585
    Borrowings 1,352,039  1,311,927  1,142,949  1,048,091  959,222
    Subordinated notes 58,970  58,933  58,896  58,860  58,823
    Junior subordinated debentures issued to capital trusts 57,143  57,087  57,027  56,966  56,907
    Total stockholders’ equity 709,243  702,559  677,375  644,993  657,865
                   


    Financial Highlights
    (Dollars in Thousands Except Share and Per Share Data and Ratios, Unaudited)
     Three Months Ended
     June 30, March 31, December 31, September 30, June 30,
      2023   2023   2022   2022   2022 
    Income statement:         
    Net interest income$46,160  $45,237  $48,782  $53,395  $53,008 
    Credit loss expense (recovery) 680   242   (69)  (601)  240 
    Non–interest income 10,997   9,620   10,674   10,188   12,434 
    Non–interest expense 36,262   34,524   35,711   38,350   36,368 
    Income tax expense 1,452   1,863   2,649   2,013   3,975 
    Net income$18,763  $18,228  $21,165  $23,821  $24,859 
              
    Per share data:         
    Basic earnings per share$0.43  $0.42  $0.49  $0.55  $0.57 
    Diluted earnings per share 0.43   0.42   0.48   0.55   0.57 
    Cash dividends declared per common share 0.16   0.16   0.16   0.16   0.16 
    Book value per common share 16.25   16.11   15.55   14.80   15.10 
    Tangible book value per common share 12.34   12.17   11.59   10.82   11.11 
    Market value – high 11.10   16.32   20.00   20.59   19.21 
    Market value – low$7.75  $10.31  $14.51  $16.74  $16.72 
    Weighted average shares outstanding – Basis 43,639,987   43,583,554   43,574,151   43,573,370   43,572,796 
    Weighted average shares outstanding – Diluted 43,742,588   43,744,721   43,667,953   43,703,793   43,684,691 
              
    Key ratios:         
    Return on average assets 0.96%  0.94%  1.09%  1.24%  1.33%
    Return on average common stockholders’ equity 10.59   10.66   12.72   13.89   14.72 
    Net interest margin 2.69   2.67   2.85   3.04   3.13 
    Allowance for credit losses to total loans 1.17   1.17   1.21   1.27   1.32 
    Average equity to average assets 9.07   8.86   8.55   8.91   9.06 
    Efficiency ratio 63.44   62.93   60.06   59.33   54.91 
    Annualized non–interest expense to average assets 1.86   1.79   1.84   1.91   1.90 
    Bank only capital ratios:         
    Tier 1 capital to average assets 8.72   8.86   8.89   8.84   8.85 
    Tier 1 capital to risk weighted assets 12.12   12.65   12.72   12.74   12.87 
    Total capital to risk weighted assets 13.03   13.56   13.59   13.65   13.83 
                        


    Financial Highlights
    (Dollars in Thousands Except Share and Per Share Data and Ratios, Unaudited)
     Six Months Ended
     June 30, June 30,
      2023   2022 
    Income statement:   
    Net interest income$91,397  $98,875 
    Credit loss expense (recovery) 922   (1,146)
    Non–interest income 20,617   26,589 
    Non–interest expense 70,786   70,674 
    Income tax expense 3,315   7,514 
    Net income$36,991  $48,422 
        
    Per share data:   
    Basic earnings per share$0.85  $1.11 
    Diluted earnings per share 0.85   1.11 
    Cash dividends declared per common share 0.32   0.31 
    Book value per common share 16.25   15.10 
    Tangible book value per common share 12.34   11.11 
    Market value – high 16.32   23.45 
    Market value – low$7.75  $16.72 
    Weighted average shares outstanding – Basis 43,611,926   43,563,804 
    Weighted average shares outstanding – Diluted 43,757,321   43,711,822 
        
    Key ratios:   
    Return on average assets 0.95%  1.32%
    Return on average common stockholders’ equity 10.62   14.01 
    Net interest margin 2.68   3.02 
    Allowance for credit losses to total loans 1.17   1.32 
    Average equity to average assets 8.97   9.43 
    Efficiency ratio 63.19   56.33 
    Annualized non–interest expense to average assets 1.82   1.93 
    Bank only capital ratios:   
    Tier 1 capital to average assets 8.72   8.85 
    Tier 1 capital to risk weighted assets 12.12   12.87 
    Total capital to risk weighted assets 13.03   13.83 
            


    Financial Highlights
    (Dollars in Thousands Except Ratios, Unaudited)
      
     June 30, March 31, December 31, September 30, June 30,
      2023   2023   2022   2022   2022 
    Loan data:         
    Substandard loans$41,484  $49,804  $56,194  $57,932  $59,377 
    30 to 89 days delinquent 10,913   13,971   10,709   6,970   6,739 
              
    Non–performing loans:         
    90 days and greater delinquent – accruing interest 1,313   137   92   193   210 
    Trouble debt restructures – accruing interest —   —   2,570   2,529   2,535 
    Trouble debt restructures – non–accrual —   —   1,548   1,665   1,345 
    Non–accrual loans 20,796   19,660   17,630   14,771   16,116 
    Total non–performing loans$22,109  $19,797  $21,840  $19,158  $20,206 
    Non–performing loans to total loans 0.52%  0.47%  0.52%  0.47%  0.51%
                        


    Allocation of the Allowance for Credit Losses
    (Dollars in Thousands, Unaudited)
      
     June 30, March 31, December 31, September 30, June 30,
      2023  2023  2022  2022  2022
    Commercial$30,354 $31,156 $32,445 $33,806 $34,802
    Residential mortgage 3,648  4,447  5,577  5,137  4,422
    Mortgage warehouse 893  798  1,020  1,024  1,067
    Consumer 15,081  13,125  11,422  11,402  12,059
    Total$49,976 $49,526 $50,464 $51,369 $52,350
                   


    Net Charge–offs (Recoveries)
    (Dollars in Thousands Except Ratios, Unaudited)
      
     June 30, March 31, December 31, September 30, June 30,
      2023   2023   2022   2022   2022 
    Commercial$101  $104  $(94) $51  $(75)
    Residential mortgage (10)  (6)  (8)  (75)  40 
    Mortgage warehouse —   —   —   —   — 
    Consumer 183   281   387   162   319 
    Total$274  $379  $285  $138  $284 
    Percent of net charge–offs (recoveries) to average loans outstanding for the period 0.01%  0.01%  0.01%  0.00%  0.01%
                        


    Total Non–performing Loans
    (Dollars in Thousands Except Ratios, Unaudited)
      
     June 30, March 31, December 31, September 30, June 30,
      2023   2023   2022   2022   2022 
    Commercial$8,275  $8,523  $9,330  $7,199  $8,008 
    Residential mortgage 8,168   6,926   8,123   8,047   8,469 
    Mortgage warehouse —   —   —   —   — 
    Consumer 5,666   4,348   4,387   3,912   3,729 
    Total$22,109  $19,797  $21,840  $19,158  $20,206 
    Non–performing loans to total loans 0.52%  0.47%  0.52%  0.47%  0.51%
                        


    Other Real Estate Owned and Repossessed Assets
    (Dollars in Thousands, Unaudited)
      
     June 30, March 31, December 31, September 30, June 30,
      2023  2023  2022  2022  2022
    Commercial$1,567 $1,567 $1,881 $3,206 $1,414
    Residential mortgage 107  203  107  22  —
    Mortgage warehouse —  —  —  —  —
    Consumer 7  78  152  14  58
    Total$1,681 $1,848 $2,140 $3,242 $1,472
                   


    Average Balance Sheets
    (Dollars in Thousands, Unaudited)
     Three Months Ended Three Months Ended
     June 30, 2023 June 30, 2022
     Average
    Balance    		 Interest Average
    Rate    		 Average
    Balance    		 Interest Average
    Rate
    Assets           
    Interest earning assets           
    Federal funds sold$30,926  $376 4.88% $7,083  $17 0.96%
    Interest earning deposits 9,002   99 4.41%  15,661   26 0.67%
    Investment securities – taxable 1,706,761   8,740 2.05%  1,770,816   8,673 1.96%
    Investment securities – non–taxable (1) 1,240,931   7,059 2.89%  1,374,032   7,307 2.70%
    Loans receivable (2) (3) 4,225,020   60,594 5.78%  3,776,041   40,585 4.33%
    Total interest earning assets 7,212,640   76,868 4.39%  6,943,633   56,608 3.39%
    Non–interest earning assets           
    Cash and due from banks 102,935       98,040     
    Allowance for credit losses (49,481)      (52,525)    
    Other assets 573,932       487,090     
    Total average assets$7,840,026      $7,476,238     
                
    Liabilities and Stockholders’ Equity           
    Interest bearing liabilities           
    Interest bearing deposits$4,445,074  $18,958 1.71% $4,540,959  $1,677 0.15%
    Borrowings 1,176,702   9,035 3.08%  613,282   1,409 0.92%
    Repurchase agreements 140,606   683 1.95%  141,470   41 0.12%
    Subordinated notes 58,946   881 5.99%  58,800   881 6.01%
    Junior subordinated debentures issued to capital trusts 57,110   1,151 8.08%  56,870   556 3.92%
    Total interest bearing liabilities 5,878,438   30,708 2.10%  5,411,381   4,564 0.34%
    Non–interest bearing liabilities           
    Demand deposits 1,186,520       1,335,779     
    Accrued interest payable and other liabilities 64,115       51,779     
    Stockholders’ equity 710,953       677,299     
    Total average liabilities and stockholders’ equity$7,840,026      $7,476,238     
                
    Net interest income / spread  $46,160 2.29%   $52,044 3.05%
    Net interest income as a percent of average interest earning assets (1)    2.69%     3.13%
                
    (1) Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities. The average rate is presented on a tax equivalent basis.
    (2) Includes fees on loans. The inclusion of loan fees does not have a material effect on the average interest rate.
    (3) Non–accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees. The average rate is presented on a tax equivalent basis.
     


    Average Balance Sheets
    (Dollars in Thousands, Unaudited)
     Six Months Ended Six Months Ended
     June 30, 2023 June 30, 2022
     Average
    Balance    		 Interest Average
    Rate    		 Average
    Balance    		 Interest Average
    Rate
    Assets           
    Interest earning assets           
    Federal funds sold$19,411  $459 4.77% $121,707  $108 0.18%
    Interest earning deposits 8,891   169 3.83%  18,154   50 0.56%
    Investment securities – taxable 1,717,008   17,465 2.05%  1,709,014   16,064 1.90%
    Investment securities – non–taxable (1) 1,277,328   14,615 2.92%  1,326,819   14,004 2.69%
    Loans receivable (2) (3) 4,184,347   115,958 5.61%  3,703,857   77,124 4.22%
    Total interest earning assets 7,206,985   148,666 4.28%  6,879,551   107,350 3.27%
    Non–interest earning assets           
    Cash and due from banks 103,247       101,340     
    Allowance for credit losses (49,907)      (53,411)    
    Other assets 574,707       463,868     
    Total average assets$7,835,032      $7,391,348     
                
    Liabilities and Stockholders’ Equity           
    Interest bearing liabilities           
    Interest bearing deposits$4,472,519  $33,777 1.52% $4,509,962  $3,173 0.14%
    Borrowings 1,115,350   18,303 3.31%  558,867   2,453 0.89%
    Repurchase agreements 139,683   1,186 1.71%  140,610   77 0.11%
    Subordinated notes 58,928   1,761 6.03%  58,782   1,761 6.04%
    Junior subordinated debentures issued to capital trusts 57,079   2,242 7.92%  56,839   1,011 3.59%
    Total interest bearing liabilities 5,843,559   57,269 1.98%  5,325,060   8,475 0.32%
    Non–interest bearing liabilities           
    Demand deposits 1,220,917       1,329,316     
    Accrued interest payable and other liabilities 67,893       39,968     
    Stockholders’ equity 702,663       697,004     
    Total average liabilities and stockholders’ equity$7,835,032      $7,391,348     
                
    Net interest income / spread  $91,397 2.30%   $98,875 2.95%
    Net interest income as a percent of average interest earning assets (1)    2.68%     3.02%
                
    (1) Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities. The average rate is presented on a tax equivalent basis.
    (2) Includes fees on loans. The inclusion of loan fees does not have a material effect on the average interest rate.
    (3) Non–accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees. The average rate is presented on a tax equivalent basis.
     


    Condensed Consolidated Balance Sheets
    (Dollars in Thousands)
        
     June 30,
    2023    		 December 31,
    2022
     (Unaudited)  
    Assets   
    Cash and due from banks$228,986  $123,505 
    Interest earning time deposits 2,452   2,812 
    Investment securities, available for sale 905,813   997,558 
    Investment securities, held to maturity (fair value $1,668,229 and $1,681,309) 1,983,496   2,022,748 
    Loans held for sale 6,933   5,807 
    Loans, net of allowance for credit losses of $49,976 and $50,464 4,216,284   4,107,534 
    Premises and equipment, net 95,053   92,677 
    Federal Home Loan Bank stock 34,509   26,677 
    Goodwill 155,211   155,211 
    Other intangible assets 15,433   17,239 
    Interest receivable 37,536   35,294 
    Cash value of life insurance 148,171   146,175 
    Other assets 133,476   139,281 
    Total assets$7,963,353  $7,872,518 
        
    Liabilities   
    Deposits   
    Non–interest bearing$1,170,055  $1,277,768 
    Interest bearing 4,539,277   4,580,006 
    Total deposits 5,709,332   5,857,774 
    Borrowings 1,352,039   1,142,949 
    Subordinated notes 58,970   58,896 
    Junior subordinated debentures issued to capital trusts 57,143   57,027 
    Interest payable 12,739   5,380 
    Other liabilities 63,887   73,117 
    Total liabilities 7,254,110   7,195,143 
    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
    Issued and outstanding 44,112,816 and 43,937,889 shares    		 —   — 
    Additional paid–in capital 354,953   354,188 
    Retained earnings 452,209   429,385 
    Accumulated other comprehensive income (loss) (97,919)  (106,198)
    Total stockholders’ equity 709,243   677,375 
    Total liabilities and stockholders’ equity$7,963,353  $7,872,518 
            


    Condensed Consolidated Statements of Income
    (Dollars in Thousands Except Per Share Data, Unaudited)
     Three Months Ended
     June 30, March 31, December 31, September 30, June 30,
      2023  2023   2022   2022   2022
    Interest income         
    Loans receivable$60,594 $55,364  $50,859  $45,517  $40,585
    Investment securities – taxable 8,740  8,725   8,702   8,436   8,673
    Investment securities – non–taxable 7,059  7,556   7,543   7,478   7,307
    Other 475  153   83   65   43
    Total interest income 76,868  71,798   67,187   61,496   56,608
    Interest expense         
    Deposits 18,958  14,819   10,520   4,116   1,677
    Borrowed funds 9,718  9,771   6,040   3,895   1,450
    Subordinated notes 881  880   881   880   881
    Junior subordinated debentures issued capital trusts 1,151  1,091   964   744   556
    Total interest expense 30,708  26,561   18,405   9,635   4,564
    Net interest income 46,160  45,237   48,782   51,861   52,044
    Credit loss expense (recovery) 680  242   (69)  (601)  240
    Net interest income after credit loss expense 45,480  44,995   48,851   52,462   51,804
    Non–interest Income         
    Service charges on deposit accounts 3,021  3,028   2,947   3,023   2,833
    Wire transfer fees 116  109   118   148   170
    Interchange fees 3,584  2,867   2,951   3,089   3,582
    Fiduciary activities 1,247  1,275   1,270   1,203   1,405
    Gain (loss) on sale of investment securities 20  (500)  —   —   —
    Gain on sale of mortgage loans 1,005  785   1,196   1,441   2,501
    Mortgage servicing income net of impairment 640  713   637   355   319
    Increase in cash value of bank owned life insurance 1,015  981   751   814   519
    Death benefit on bank owned life insurance —  —   —   —   644
    Other income 349  362   804   115   461
    Total non–interest income 10,997  9,620   10,674   10,188   12,434
    Non–interest expense         
    Salaries and employee benefits 20,162  18,712   19,978   20,613   19,957
    Net occupancy expenses 3,249  3,563   3,279   3,293   3,190
    Data processing 3,016  2,669   2,884   2,539   2,607
    Professional fees 633  533   694   552   283
    Outside services and consultants 2,515  2,717   2,985   2,855   2,485
    Loan expense 1,397  1,118   1,281   1,392   1,533
    FDIC insurance expense 840  540   388   670   775
    Core deposit intangible amortization 903  903   925   926   925
    Other losses 134  221   118   398   362
    Other expenses 3,413  3,548   3,179   3,578   3,287
    Total non–interest expense 36,262  34,524   35,711   36,816   35,404
    Income before income taxes 20,215  20,091   23,814   25,834   28,834
    Income tax expense 1,452  1,863   2,649   2,013   3,975
    Net income$18,763 $18,228  $21,165  $23,821  $24,859
    Basic earnings per share$0.43 $0.42  $0.49  $0.55  $0.57
    Diluted earnings per share 0.43  0.42   0.48   0.55   0.57
     


    Condensed Consolidated Statements of Income
    (Dollars in Thousands Except Per Share Data, Unaudited)
     Six Months Ended
     June 30, June 30,
      2023   2022 
    Interest income   
    Loans receivable$115,958  $77,124 
    Investment securities – taxable 17,465   16,064 
    Investment securities – non–taxable 14,615   14,004 
    Other 628   158 
    Total interest income 148,666   107,350 
    Interest expense   
    Deposits 33,777   3,173 
    Borrowed funds 19,489   2,530 
    Subordinated notes 1,761   1,761 
    Junior subordinated debentures issued capital trusts 2,242   1,011 
    Total interest expense 57,269   8,475 
    Net interest income 91,397   98,875 
    Credit loss expense (recovery) 922   (1,146)
    Net interest income after credit loss expense 90,475   100,021 
    Non–interest Income   
    Service charges on deposit accounts 6,049   5,628 
    Wire transfer fees 225   329 
    Interchange fees 6,451   6,362 
    Fiduciary activities 2,522   2,908 
    Gain (loss) on sale of investment securities (480)  — 
    Gain on sale of mortgage loans 1,790   4,528 
    Mortgage servicing income net of impairment 1,353   3,808 
    Increase in cash value of bank owned life insurance 1,996   1,029 
    Death benefit on bank owned life insurance —   644 
    Other income 711   1,353 
    Total non–interest income 20,617   26,589 
    Non–interest expense   
    Salaries and employee benefits 38,874   39,692 
    Net occupancy expenses 6,812   6,751 
    Data processing 5,685   5,144 
    Professional fees 1,166   597 
    Outside services and consultants 5,232   5,010 
    Loan expense 2,515   2,738 
    FDIC insurance expense 1,380   1,500 
    Core deposit intangible amortization 1,806   1,851 
    Other losses 355   530 
    Other expenses 6,961   6,861 
    Total non–interest expense 70,786   70,674 
    Income before income taxes 40,306   55,936 
    Income tax expense 3,315   7,514 
    Net income$36,991  $48,422 
    Basic earnings per share$0.85  $1.11 
    Diluted earnings per share 0.85   1.11 
            

    Use of Non–GAAP Financial Measures

    Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non–GAAP financial measures relating to net income, diluted earnings per share, pre–tax, pre–provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non–recurring and have excluded them. We believe that this shows the impact of such events as acquisition–related purchase accounting adjustments and swap termination fees, among others we have identified in our reconciliations. Horizon believes these non–GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to the purchase accounting impacts and one–time costs of acquisitions and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non–GAAP information identified herein and its most comparable GAAP measures.

    Non–GAAP Reconciliation of Net Income
    (Dollars in Thousands, Unaudited)
     Three Months Ended Six Months Ended
     June 30, March 31, December 31, September 30, June 30, June 30, June 30,
      2023   2023   2022  2022  2022   2023   2022 
    Net income as reported$18,763  $18,228  $21,165 $23,821 $24,859  $36,991  $48,422 
    Swap termination fee (1,453)  —   —  —  —   (1,453)  — 
    Tax effect 305   —   —  —  —   305   — 
    Net income excluding swap termination fee 17,615   18,228   21,165  23,821  24,859   35,843   48,422 
    (Gain) / loss on sale of investment securities (20)  500   —  —  —   480   — 
    Tax effect 4   (105)  —  —  —   (101)  — 
    Net income excluding (gain) / loss on sale of investment securities 17,599   18,623   21,165  23,821  24,859   36,222   48,422 
    Death benefit on bank owned life insurance (“BOLI”) —   —   —  —  (644)  —   (644)
    Net income excluding death benefit on BOLI 17,599   18,623   21,165  23,821  24,215   36,222   47,778 
    Adjusted net income$17,599  $18,623  $21,165 $23,821 $24,215  $36,222  $47,778 
                              


    Non–GAAP Reconciliation of Diluted Earnings per Share
    (Dollars in Thousands, Unaudited)
     Three Months Ended Six Months Ended
     June 30, March 31, December 31, September 30, June 30, June 30, June 30,
      2023   2023  2022  2022  2022   2023   2022 
    Diluted earnings per share (“EPS”) as reported$0.43  $0.42 $0.48 $0.55 $0.57  $0.85  $1.11 
    Swap termination fee (0.03)  —  —  —  —   (0.03)  — 
    Tax effect 0.01   —  —  —  —   0.01   — 
    Diluted EPS excluding swap termination fee 0.41   0.42  0.48  0.55  0.57   0.83   1.11 
    (Gain) / loss on sale of investment securities —   0.01  —  —  —   0.01   — 
    Tax effect —   —  —  —  —   —   — 
    Diluted EPS excluding (gain) / loss on sale of investment securities 0.41   0.43  0.48  0.55  0.57   0.84   1.11 
    Death benefit on bank owned life insurance (“BOLI”) —   —  —  —  (0.01)  —   (0.01)
    Diluted EPS excluding death benefit on BOLI 0.41   0.43  0.48  0.55  0.56   0.84   1.10 
    Adjusted diluted EPS$0.41  $0.43 $0.48 $0.55 $0.56  $0.84  $1.10 
                             


    Non–GAAP Reconciliation of Pre–Tax, Pre–Provision Net Income
    (Dollars in Thousands, Unaudited)
     Three Months Ended Six Months Ended
     June 30, March 31, December 31, September 30, June 30, June 30, June 30,
      2023   2023  2022   2022   2022   2023   2022 
    Pre–tax income$20,215  $20,091 $23,814  $25,834  $28,834  $40,306  $55,936 
    Credit loss expense (recovery) 680   242  (69)  (601)  240   922   (1,146)
    Pre–tax, pre–provision net income$20,895  $20,333 $23,745  $25,233  $29,074  $41,228  $54,790 
                  
    Pre–tax, pre–provision net income$20,895  $20,333 $23,745  $25,233  $29,074  $41,228  $54,790 
    Swap termination fee (1,453)  —  —   —   —   (1,453)  — 
    (Gain) / loss on sale of investment securities (20)  500  —   —   —   480   — 
    Death benefit on BOLI —   —  —   —   (644)  —   (644)
    Adjusted pre–tax, pre–provision net income$19,422  $20,833 $23,745  $25,233  $28,430  $40,255  $54,146 
                               


    Non–GAAP Reconciliation of Net Interest Margin
    (Dollars in Thousands, Unaudited)
     Three Months Ended Six Months Ended
     June 30, March 31, December 31, September 30, June 30, June 30, June 30,
      2023   2023   2022   2022   2022   2023   2022 
    Net interest income as reported$46,160  $45,237  $48,782  $51,861  $52,044  $91,397  $98,875 
    Average interest earning assets 7,212,640   7,201,266   7,091,980   7,056,208   6,943,633   7,206,985   6,879,551 
    Net interest income as a percentage of average interest earning assets (“Net Interest Margin”) 2.69%  2.67%  2.85%  3.04%  3.13%  2.68%  3.02%
                  
    Net interest income as reported$46,160  $45,237  $48,782  $51,861  $52,044  $91,397  $98,875 
    Acquisition–related purchase accounting adjustments (“PAUs”) (651)  (367)  (431)  (906)  (1,223)  (1,018)  (2,139)
    Swap termination fee (1,453)  —   —   —   —   (1,453)  — 
    Adjusted net interest income$44,056  $44,870  $48,351  $50,955  $50,821  $88,926  $96,736 
    Adjusted net interest margin 2.57%  2.65%  2.83%  2.99%  3.06%  2.61%  2.96%
                                


    Non–GAAP Reconciliation of Tangible Stockholders’ Equity and Tangible Book Value per Share
    (Dollars in Thousands, Unaudited)
      
     June 30, March 31, December 31, September 30, June 30,
      2023  2023  2022  2022  2022
    Total stockholders’ equity$709,243 $702,559 $677,375 $644,993 $657,865
    Less: Intangible assets 170,644  171,547  172,450  173,375  173,662
    Total tangible stockholders’ equity$538,599 $531,012 $504,925 $471,618 $484,203
    Common shares outstanding 43,645,216  43,621,422  43,574,151  43,574,151  43,572,796
    Book value per common share$16.25 $16.11 $15.55 $14.80 $15.10
    Tangible book value per common share$12.34 $12.17 $11.59 $10.82 $11.11
                   


    Non–GAAP Calculation and Reconciliation of Efficiency Ratio and Adjusted Efficiency Ratio
    (Dollars in Thousands, Unaudited)
     Three Months Ended Six Months Ended
     June 30, March 31, December 31, September 30, June 30, June 30, June 30,
      2023   2023   2022   2022   2022   2023   2022 
    Non–interest expense as reported$36,262  $34,524  $35,711  $36,816  $35,404  $70,786  $70,674 
    Net interest income as reported 46,160   45,237   48,782   51,861   52,044   91,397   98,875 
    Non–interest income as reported$10,997  $9,620  $10,674  $10,188  $12,434  $20,617  $26,589 
    Non–interest expense / (Net interest income + Non–interest income)
    (“Efficiency Ratio”)    		 63.44%  62.93%  60.06%  59.33%  54.91%  63.19%  56.33%
                  
    Non–interest expense as reported$36,262  $34,524  $35,711  $36,816  $35,404  $70,786  $70,674 
                  
    Net interest income as reported 46,160   45,237   48,782   51,861   52,044   91,397   98,875 
    Swap termination fee (1,453)  —   —   —   —   (1,453)  — 
    Net interest income excluding swap termination fee 44,707   45,237   48,782   51,861   52,044   89,944   98,875 
                  
    Non–interest income as reported 10,997   9,620   10,674   10,188   12,434   20,617   26,589 
    (Gain) / loss on sale of investment securities (20)  500   —   —   —   480   — 
    Death benefit on BOLI —   —   —   —   (644)  —   (644)
    Non–interest income excluding (gain) / loss on sale of investment securities and death benefit on BOLI$10,977  $10,120  $10,674  $10,188  $11,790  $21,097  $25,945 
    Adjusted efficiency ratio 65.12%  62.37%  60.06%  59.33%  55.46%  63.75%  56.62%
                                


    Non–GAAP Reconciliation of Return on Average Assets
    (Dollars in Thousands, Unaudited)
     Three Months Ended Six Months Ended
     June 30, March 31, December 31, September 30, June 30, June 30, June 30,
      2023   2023   2022   2022   2022   2023   2022 
    Average assets$7,840,026  $7,831,106  $7,718,366  $7,635,102  $7,476,238  $7,835,032  $7,391,348 
    Return on average assets (“ROAA”) as reported 0.96%  0.94%  1.09%  1.24%  1.33%  0.95%  1.32%
    Swap termination fee (0.07)  —   —   —   —   (0.04)  — 
    Tax effect 0.02   —   —   —   —   0.01   — 
    ROAA excluding swap termination fee 0.91   0.94   1.09   1.24   1.33   0.92   1.32 
    (Gain) / loss on sale of investment securities —   0.03   —   —   —   0.01   — 
    Tax effect —   (0.01)  —   —   —   —   — 
    ROAA excluding (gain) / loss on sale of investment securities 0.91   0.96   1.09   1.24   1.33   0.93   1.32 
    Death benefit on BOLI —   —   —   —   (0.03)  —   (0.02)
    ROAA excluding death benefit on BOLI 0.91   0.96   1.09   1.24   1.30   0.93   1.30 
    Adjusted ROAA 0.91%  0.96%  1.09%  1.24%  1.30%  0.93%  1.30%
                                


    Non–GAAP Reconciliation of Return on Average Common Equity
    (Dollars in Thousands, Unaudited)
     Three Months Ended Six Months Ended
     June 30, March 31, December 31, September 30, June 30, June 30, June 30,
      2023   2023   2022   2022   2022   2023   2022 
    Average common equity$710,953  $693,472  $660,188  $680,376  $677,299  $702,663  $697,004 
    Return on average common equity (“ROACE”) as reported 10.59%  10.66%  12.72%  13.89%  14.72%  10.62%  14.01%
    Swap termination fee (0.82)  —   —   —   —   (0.41)  — 
    Tax effect 0.17   —   —   —   —   0.09   — 
    ROACE excluding swap termination fee 9.94   10.66   12.72   13.89   14.72   10.30   14.01 
    (Gain) / loss on sale of investment securities (0.01)  0.29   —   —   —   0.14   — 
    Tax effect —   (0.06)  —   —   —   (0.03)  — 
    ROACE excluding (gain) / loss on sale of investment securities 9.93   10.89   12.72   13.89   14.72   10.41   14.01 
    Death benefit on BOLI —   —   —   —   (0.38)  —   (0.19)
    ROACE excluding death benefit on BOLI 9.93   10.89   12.72   13.89   14.34   10.41   13.82 
    Adjusted ROACE 9.93%  10.89%  12.72%  13.89%  14.34%  10.41%  13.82%
                                


    Non–GAAP Reconciliation of Return on Average Tangible Equity
    (Dollars in Thousands, Unaudited)
     Three Months Ended Six Months Ended
     June 30, March 31, December 31, September 30, June 30, June 30, June 30,
      2023   2023   2022   2022   2022   2023   2022 
    Average common equity$710,953  $693,472  $660,188  $680,376  $677,299  $702,663  $697,004 
    Less: Average intangible assets 171,177   172,139   173,050   173,546   175,321   171,655   175,836 
    Average tangible equity$539,776  $521,333  $487,138  $506,830  $501,978  $531,008  $521,168 
    Return on average tangible equity (“ROATE”) as reported 13.94%  14.18%  17.24%  18.65%  19.86%  14.05%  18.74%
    Swap termination fee (1.08)  —   —   —   —   (0.55)  — 
    Tax effect 0.23   —   —   —   —   0.12   — 
    ROATE excluding swap termination fee 13.09   14.18   17.24   18.65   19.86   13.62   18.74 
    (Gain) / loss on sale of investment securities (0.01)  0.39   —   —   —   0.18   — 
    Tax effect —   (0.08)  —   —   —   (0.04)  — 
    ROATE excluding (gain) / loss on sale of investment securities 13.08   14.49   17.24   18.65   19.86   13.76   18.74 
    Death benefit on BOLI —   —   —   —   (0.51)  —   (0.25)
    ROATE excluding death benefit on BOLI 13.08   14.49   17.24   18.65   19.35   13.76   18.49 
    Adjusted ROATE 13.08%  14.49%  17.24%  18.65%  19.35%  13.76%  18.49%
                                

    Earnings Conference Call

    As previously announced, Horizon will host a conference call to review its second quarter financial results and operating performance.

    Participants may access the live conference call on July 27, 2023 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833–974–2379 from the United States, 866–450–4696 from Canada or 1–412–317–5772 from international locations and requesting the “Horizon Bancorp Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

    A telephone replay of the call will be available approximately one hour after the end of the conference through August 3, 2023. The replay may be accessed by dialing 877–344–7529 from the United States, 855–669–9658 from Canada or 1–412–317–0088 from other international locations, and entering the access code 8537822.

    About Horizon Bancorp, Inc.

    Celebrating 150 years, Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $8.0 billion–asset commercial bank holding company for Horizon Bank, which serve customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon Bank’s retail offerings include prime residential, indirect auto, and other secured consumer lending to in–market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in–market business banking and treasury management services, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

    Contact:Mark E. Secor
     Chief Financial Officer
    Phone:(219) 873–2611
    Fax:(219) 874–9280
    Date:July 26, 2023

    Primary Logo

Share on,