Earnings release
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Contact: John R. Stewart, CFA EVP, Chief Financial Officer Phone: (219) 814–5833 Fax: (219) 874–9280 Date: October 21, 2026 FOR IMMEDIATE RELEASE Horizon Bancorp, Inc. Reports Strong Third Quarter 2026 Results, Highlighted by Continued Peer Leading Profitability Metrics and Positive Balance Sheet Momentum Michigan City, Indiana, October 21, 2026 (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 months ended September 30, 2026. “Horizon’s high-quality community banking model continues to demonstrate consistency and durability in an ever-changing macroeconomic environment. Our results through the first nine months of 2026 reflect that strength, with annualized return on average assets remaining above 1.60%, return on tangible common equity of 20%, and the net interest margin sustained in the mid-4.30% range. Despite a meaningful shift in the interest rate outlook since the beginning of the year, our expectations for the business have changed very little, underscoring the resiliency and predictability embedded in our business model,” said President and CEO, Thomas Prame. “During the first nine months of 2026, loans held-for-investment and total deposits increased by $129 million and $206 million, respectively, consistent with our outlook for mid-single-digit organic growth. This performance was further enhanced by continued positive momentum across our fee income businesses and a disciplined approach to expense management. We believe this consistent, low-volatility financial performance will continue to compound capital at peer-leading levels, which remains the cornerstone of our long-term value proposition for shareholders”. Net income for the three months ended September 30, 2026 was $28.7 million, or $0.56 per diluted share, compared to net income of $24.9 million, or $0.49, for the second quarter of 2026 and net loss of $222.0 million, or $(4.69) per diluted share, for the third quarter of 2025. Net income for the nine months ended September 30, 2026 was $79.7 million, or $1.55 per diluted share, compared to net loss of $177.4 million, or $(3.94), for the nine months ended September 30, 2025. 1
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Third Quarter 2026 Highlights • Durability of top-tier performance metrics continues to reflect the strength of Horizon’s highly productive community banking model. During the third quarter, the Company generated an annualized return on average assets of 1.73% and a return on average tangible common equity of 20.03%. • Net interest income of $65.2 million increased 11.6% compared with $58.4 million in the year ago period. The net interest margin, on a fully taxable equivalent ("FTE") basis , was 4.37%, consistent with the 4.37% reported for the three months ended June 30, 2026, and significantly higher than the 3.52% reported in the comparable year ago period. • Total deposits continue to trend favorably, growing by $81.2 million during the quarter, or 6.0% on an annualized basis. These results were further enhanced by the 9.7% annualized growth in non-time deposits. Total deposit costs, inclusive of non-interest bearing balances, remains low, at 1.57%. • Total loans held for investment ("HFI") increased 3.7% compared to the linked quarter annualized, with balanced growth between commercial, mortgage and consumer portfolios. Loan pipelines continue to be consistent, reflective of Horizon’s attractive markets and relationship based community banking model. • Credit quality remained strong, with annualized net charge offs of 0.10% of average loans during the third quarter. Non-performing assets remain well within expected and historical ranges, with non-performing assets to total assets of 0.68%. Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. 1 1 2
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Financial Highlights (Dollars in Thousands Except Share and Per Share Data and Ratios) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Income statement: Net interest income $ 65,159 $ 63,490 $ 62,240 $ 63,476 $ 58,386 Provision (benefit) for credit losses 1,300 916 391 1,630 (3,572) Non-interest income (loss) 11,930 12,014 11,243 11,463 (295,334) Non-interest expense 41,512 43,844 40,747 40,615 52,952 Income tax expense (benefit) 5,610 5,836 6,177 5,773 (64,338) Net Income (Loss) $ 28,667 $ 24,908 $ 26,168 $ 26,921 $ (221,990) Per share data: Basic earnings (loss) per share $ 0.56 $ 0.49 $ 0.51 $ 0.53 $ (4.69) Diluted earnings (loss) per share 0.56 0.49 0.51 0.53 (4.69) Cash dividends declared per common share 0.16 0.16 0.16 0.16 0.16 Book value per common share 13.68 14.21 13.69 13.50 12.96 Market value - high 20.80 20.29 18.68 18.47 16.88 Market value - low 18.83 16.76 15.57 15.04 15.01 Weighted average shares outstanding - Basic 51,107,844 51,082,827 50,987,426 50,975,693 47,311,642 Weighted average shares outstanding - Diluted 51,358,616 51,304,962 51,243,002 51,277,134 47,311,642 Common shares outstanding (end of period) 51,110,798 51,093,048 51,056,888 50,978,030 50,970,530 Key ratios: Return on average assets 1.73 % 1.54 % 1.62 % 1.63 % (12.07)% Return on average stockholders' equity 15.61 13.97 14.99 15.71 (120.37) Total equity to total assets 10.61 11.05 10.65 10.69 9.84 Total loans to deposit ratio 91.39 91.93 90.15 92.62 87.41 Allowance for credit losses to HFI loans 1.04 1.05 1.05 1.05 1.04 Annualized net charge-offs of average total loans 0.10 0.05 0.05 0.08 0.07 Efficiency ratio 53.85 58.07 55.45 54.20 (22.35) Key metrics (Non-GAAP) Net FTE interest margin 4.37 % 4.37 % 4.29 % 4.29 % 3.52 % Return on average tangible common equity 20.03 18.05 19.02 20.66 (155.03) Tangible common equity to tangible assets 8.38 8.81 8.39 8.38 7.60 Tangible book value per common share $ 10.54 $ 11.06 $ 10.52 $ 10.32 $ 9.76 Average total loans includes loans held for investment and held for sale. Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures. (1) (2) (1) (2) 3
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Income Statement Highlights Net Interest Income Net interest income was $65.2 million in the third quarter of 2026, compared to $63.5 million in the second quarter of 2026, driven by the continued strength of the Company's net FTE interest margin, which remained consistent at 4.37% when compared to the second quarter of 2026. The resiliency in the margin is reflective of continued disciplined loan and deposit pricing and a favorable cashflow redeployment profile during the quarter. Provision for Credit Losses During the third quarter of 2026, the Company recorded a provision for credit losses of $1.3 million. This compares to a recorded provision for credit losses of $0.9 million during the second quarter of 2026, and a benefit for credit losses of $3.6 million during the third quarter of 2025. The increase in the provision for credit losses during the third quarter of 2026 when compared with the second quarter of 2026 was primarily due to changes in the economic forecast, net loan growth and an increase in specific reserves on commercial loans. For the third quarter of 2026, net charge-offs were $1.2 million, or an annualized 0.10% of average loans outstanding, compared to net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding for the second quarter of 2026, and net charge-offs of $0.8 million, or an annualized 0.07% of average loans outstanding, in the third quarter of 2025. The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.04% at September 30, 2026, down from 1.05% at June 30, 2026, and consistent with 1.04% at September 30, 2025. Non-Interest Income For the Quarter Ended September 30, June 30, March 31, December 31, September 30, (Dollars in Thousands) 2026 2026 2026 2025 2025 Non-interest Income (Loss) Service charges on deposit accounts $ 3,518 $ 3,376 $ 3,524 $ 3,341 $ 3,474 Wire transfer fees 65 67 63 66 71 Interchange fees 3,537 3,595 3,373 3,445 3,510 Fiduciary activities 1,465 1,501 1,556 1,560 1,363 Gain (loss) on sale of investment securities (8) — — 1 (299,132) Gain on sale of mortgage loans 2,125 1,576 1,090 1,296 1,208 Mortgage servicing income net of impairment 246 350 337 352 351 Increase in cash value of bank owned life insurance 385 345 333 360 379 Other income (loss) 597 1,204 967 1,042 (6,558) Total non-interest income (loss) $ 11,930 $ 12,014 $ 11,243 $ 11,463 $ (295,334) Total non-interest income was $11.9 million in the third quarter of 2026, compared to non-interest income of $12.0 million in the second quarter of 2026. The third quarter performance reflects an increase in the gain on sale of mortgage loans due to increased volumes and wider margins on loan sales, offset by a decrease in other income and lower net mortgage servicing revenue owed to increased amortization of mortgage servicing rights. All other components of non-interest income remained relatively stable quarter over quarter. Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. 1 1 4
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Non-Interest Expense For the Quarter Ended September 30, June 30, March 31, December 31, September 30, (Dollars in Thousands) 2026 2026 2026 2025 2025 Non-interest Expense Salaries and employee benefits $ 24,233 $ 24,194 $ 23,187 $ 21,895 $ 22,698 Net occupancy expenses 3,701 3,698 4,197 3,718 3,321 Data processing 3,377 3,631 3,353 3,128 2,933 Professional fees 631 (64) 929 1,083 808 Outside services and consultants 2,619 2,537 2,764 3,035 3,844 Loan expense 1,505 1,417 1,219 1,183 1,237 FDIC insurance expense 680 1,003 1,023 1,251 1,345 Core deposit intangible amortization 620 675 675 706 706 Prepayment penalties — — — — 12,680 Other losses 308 115 192 732 131 Other expense 3,838 6,638 3,208 3,884 3,249 Total non-interest expense $ 41,512 $ 43,844 $ 40,747 $ 40,615 $ 52,952 Total non-interest expense was $41.5 million in the third quarter of 2026, compared to $43.8 million in the second quarter of 2026. The decrease was driven by the previously announced second quarter legal charge for $3.1 million in other expense, which did not recur. Apart from this item, the decrease was driven by a reduction in FDIC insurance expense of $0.3 million and a decline in data processing expenses of $0.3 million. These variances were partially offset by a more normalized run rate in professional fees of $0.7 million. All other components of non-interest expense remained relatively stable quarter over quarter. Income Taxes Horizon recorded a net tax expense of $5.6 million for the third quarter of 2026, resulting in an effective tax rate of 16.4%, compared to 19.0% for the second quarter of 2026. Income tax expense was favorably impacted by a discrete benefit of $0.9 million in the third quarter of 2026. Balance Sheet Highlights Total assets increased by $17.0 million, or 0.3%, to $6.6 billion as of September 30, 2026 when compared to the prior period. Asset growth during the period was primarily driven by an increase in gross loans HFI of $46.9 million, an increase in other assets of $22.1 million and an increase in non-interest earning cash of $11.8 million. The increase was partially offset by a decrease in investment securities of $40.2 million and a decrease in interest earning deposits of $24.6 million. Total deposits increased by $81.1 million, or 1.5%, to $5.5 billion as of September 30, 2026 compared with June 30, 2026. The increase was driven by a $84.0 million increase in interest bearing deposits, a $12.2 million increase in savings and money market deposits and a $8.8 million increase in non-interest-bearing demand deposits. The increase was partially offset by a decrease of $23.9 million in time deposits. The overall increase in deposits reflects continued success in core deposit gathering efforts. Overall, balance sheet growth during the quarter reflected a combination of steady loan and deposit growth, and proactive liquidity management. Management continues to focus on maintaining a strong funding position while supporting measured, relationship-driven loan growth aligned with creating long-term shareholder value. 5
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Capital The following table presents the Consolidated Regulatory Capital Ratios of the Company for the previous three quarters, and the Company’s preliminary estimate of its consolidated regulatory capital ratios for the quarter ended September 30, 2026: For the Quarter Ended September 30, June 30, March 31, December 31, 2026* 2026 2026 2025 Consolidated Capital Ratios Total capital (to risk-weighted assets) 15.48 % 15.02 % 14.76 % 14.36 % Tier 1 capital (to risk-weighted assets) 12.62 12.17 11.90 11.51 Common equity tier 1 capital (to risk-weighted assets) 11.53 11.09 10.81 10.42 Tier 1 capital (to average assets) 10.37 10.17 9.84 9.55 *Preliminary estimate - may be subject to change As of September 30, 2026, the ratio of total stockholders’ equity to total assets is 10.61%. Book value per common share was $13.68, decreasing $0.53 during the third quarter of 2026, primarily due to an increase in unrealized losses recorded in accumulated other comprehensive income. Tangible common equity totaled $538.9 million at September 30, 2026, and the ratio of tangible common equity to tangible assets was 8.38% at September 30, 2026, down from 8.81% at June 30, 2026. Tangible book value which excludes intangible assets from total equity, per common share was $10.54 at September 30, 2026. Credit Quality As of September 30, 2026, total non-accrual loans increased by $1.4 million from June 30, 2026, and represent 0.67% of total loans held for investment. Total non-performing assets increased by $0.9 million, to $44.6 million, compared with $43.7 million at June 30, 2026. Non-performing assets are 0.68% of total assets at quarter end, up slightly from 0.66% at June 30, 2026. For the quarter ended September 30, 2026, net charge-offs were $1.2 million, or 0.10% annualized of average loans. Charge‐off levels during the quarter remained low, and consistent with management’s expectations, reflecting a continued focus on disciplined underwriting and proactive portfolio monitoring. Overall, credit metrics remain stable, and management continues to closely monitor portfolio performance in the current economic environment. Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. 1 1 1 1 6
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Earnings Conference Call As previously announced, Horizon will host a conference call to review its third quarter financial results and operating performance. Participants may access the live conference call on October 22, 2026 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 1-833-974- 2379 from the United States and Canada or 1-412-317-5772 from international locations and requesting the “Horizon Bancorp, Inc. 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 November 22, 2026. The replay may be accessed by dialing 1-855-669-9658 from the United States and Canada, or 1–412–317-0088 from other international locations, and entering the access code 1977515. About Horizon Bancorp, Inc. Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $6.6 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon's retail offerings include prime residential 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, as well as equipment financing solutions for customers regionally and nationally, 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. 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. 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 one-time costs 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. 7
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results 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: changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, changes within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, inflation levels, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers; current financial conditions within the banking industry; 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; 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; 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; 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, and the effects of foreign and military policies of the U.S. government; 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. 8
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Condensed Consolidated Statements of Income (Dollars in Thousands Except Per Share Data, Unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Interest Income Loans receivable $ 79,580 $ 77,740 $ 75,104 $ 77,238 $ 79,561 Investment securities - taxable 7,426 7,248 7,494 7,688 6,631 Investment securities - tax-exempt 2,570 2,583 2,544 2,498 4,581 Other 1,493 937 1,509 1,864 2,063 Total interest income 91,069 88,508 86,651 89,288 92,836 Interest Expense Deposits 21,365 20,479 19,944 21,228 25,726 Borrowed funds 1,655 1,655 1,654 1,749 5,924 Subordinated notes 1,898 1,904 1,830 1,811 1,731 Junior subordinated debentures issued to capital trusts 992 980 983 1,024 1,069 Total interest expense 25,910 25,018 24,411 25,812 34,450 Net Interest Income 65,159 63,490 62,240 63,476 58,386 Provision (benefit) for credit losses 1,300 916 391 1,630 (3,572) Net Interest Income after Provision for CreditLosses 63,859 62,574 61,849 61,846 61,958 Non-interest Income (loss) Service charges on deposit accounts 3,518 3,376 3,524 3,341 3,474 Wire transfer fees 65 67 63 66 71 Interchange fees 3,537 3,595 3,373 3,445 3,510 Fiduciary activities 1,465 1,501 1,556 1,560 1,363 Gain (loss) on sale of investment securities (8) — — 1 (299,132) Gain on sale of mortgage loans 2,125 1,576 1,090 1,296 1,208 Mortgage servicing income net of impairment 246 350 337 352 351 Increase in cash value of bank owned life insurance 385 345 333 360 379 Other income (loss) 597 1,204 967 1,042 (6,558) Total non-interest income (loss) 11,930 12,014 11,243 11,463 (295,334) Non-interest Expense Salaries and employee benefits 24,233 24,194 23,187 21,895 22,698 Net occupancy expenses 3,701 3,698 4,197 3,718 3,321 Data processing 3,377 3,631 3,353 3,128 2,933 Professional fees 631 (64) 929 1,083 808 Outside services and consultants 2,619 2,537 2,764 3,035 3,844 Loan expense 1,505 1,417 1,219 1,183 1,237 FDIC insurance expense 680 1,003 1,023 1,251 1,345 Core deposit intangible amortization 620 675 675 706 706 Prepayment penalties — — — — 12,680 Other losses 308 115 192 732 131 Other expense 3,838 6,638 3,208 3,884 3,249 Total non-interest expense 41,512 43,844 40,747 40,615 52,952 Income (Loss) Before Income Taxes 34,277 30,744 32,345 32,694 (286,328) Income tax expense (benefit) 5,610 5,836 6,177 5,773 (64,338) Net Income (Loss) $ 28,667 $ 24,908 $ 26,168 $ 26,921 $ (221,990) Basic Earnings (Loss) Per Share $ 0.56 $ 0.49 $ 0.51 $ 0.53 $ (4.69) Diluted Earnings (Loss) Per Share 0.56 0.49 0.51 0.53 (4.69) 9
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Condensed Consolidated Balance Sheet (Dollars in Thousands, Unaudited) Three Months Ended for the Period September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Assets Interest earning assets Federal funds sold $ 5,113 $ — $ — $ — $ — Interest earning deposits 120,965 145,571 190,717 72,646 381,860 Federal Home Loan Bank stock 7,418 7,418 45,713 45,713 45,713 Investment securities, held for trading 3,979 3,885 3,983 3,883 598 Investment securities, available for sale 857,429 897,764 882,168 875,414 883,242 Loans held for sale 3,523 5,147 9,821 9,778 1,921 Gross loans held for investment (HFI) 5,005,979 4,959,120 4,878,549 4,876,542 4,823,669 Total Interest earning assets 6,004,406 6,018,905 6,010,951 5,883,976 6,137,003 Non-interest earning assets Allowance for credit losses (52,310) (51,921) (51,297) (51,299) (50,178) Cash 84,222 72,378 68,354 66,813 76,395 Cash value of life insurance 37,799 37,410 37,065 36,732 37,762 Other assets 237,135 215,032 217,649 215,460 226,247 Goodwill 155,211 155,211 155,211 155,211 155,211 Other intangible assets 5,209 5,829 6,505 7,180 7,886 Premises and equipment, net 92,129 90,939 90,763 92,805 93,413 Interest receivable 27,344 30,377 29,015 29,733 28,758 Total non-interest earning assets 586,739 555,255 553,265 552,635 575,494 Total assets $ 6,591,145 $ 6,574,160 $ 6,564,216 $ 6,436,611 $ 6,712,497 Liabilities Savings and money market deposits $ 3,291,751 $ 3,195,553 $ 3,119,034 $ 3,094,231 $ 3,198,332 Time deposits 1,080,445 1,104,316 1,163,807 1,102,478 1,199,681 Borrowings 150,589 153,707 159,825 160,118 160,206 Repurchase agreements 23,986 69,278 66,004 88,468 86,966 Subordinated notes 98,366 98,318 98,262 98,215 154,011 Junior subordinated debentures issued to capital trusts 57,838 57,789 57,740 57,688 57,636 Total interest earning liabilities 4,702,975 4,678,961 4,664,672 4,601,198 4,856,832 Non-interest bearing deposits 1,109,178 1,100,355 1,139,466 1,078,708 1,122,888 Interest payable 6,487 10,862 8,537 12,892 12,395 Other liabilities 73,202 57,793 52,514 55,562 59,611 Total liabilities 5,891,842 5,847,971 5,865,189 5,748,360 6,051,726 Stockholders’ Equity Preferred stock — — — — — Common stock — — — — — Additional paid-in capital 461,298 460,610 459,799 459,243 458,734 Retained earnings 310,017 289,594 272,941 255,004 236,312 Accumulated other comprehensive (loss) (72,012) (24,015) (33,713) (25,996) (34,275) Total stockholders’ equity 699,303 726,189 699,027 688,251 660,771 Total liabilities and stockholders’ equity $ 6,591,145 $ 6,574,160 $ 6,564,216 $ 6,436,611 $ 6,712,497 10
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Loans and Deposits (Dollars in Thousands, Unaudited) September 30, June 30, March 31, December 31, September 30, % Change 2026 2026 2026 2025 2025 Q3'26 vsQ2'26 Q3'26 vsQ3'25 Loans: Commercial real estate $ 2,435,166 $ 2,445,173 $ 2,443,582 $ 2,421,863 $ 2,366,956 — % 3 % Commercial & Industrial 1,107,176 1,085,008 1,023,068 1,010,545 989,609 2 % 12 % Total commercial 3,542,342 3,530,181 3,466,650 3,432,408 3,356,565 — % 6 % Residential Real estate 772,223 755,707 750,108 772,427 783,850 2 % (1)% Consumer 691,414 673,232 661,791 671,707 683,254 3 % 1 % Total loans held for investment 5,005,979 4,959,120 4,878,549 4,876,542 4,823,669 1 % 4 % Loans held for sale 3,523 5,147 9,821 9,778 1,921 (32)% 83 % Total loans $ 5,009,502 $ 4,964,267 $ 4,888,370 $ 4,886,320 $ 4,825,590 1 % 4 % Deposits: Interest bearing deposits $ 1,748,378 $ 1,664,367 $ 1,611,795 $ 1,639,857 $ 1,715,471 5 % 2 % Savings and money marketdeposits 1,543,373 1,531,186 1,507,239 1,454,374 1,482,861 1 % 4 % Time deposits 1,080,445 1,104,316 1,163,807 1,102,478 1,199,681 (2)% (10)% Total Interest bearing deposits 4,372,196 4,299,869 4,282,841 4,196,709 4,398,013 2 % (1)% Non-interest bearingdeposits Non-interest bearing deposits 1,109,178 1,100,355 1,139,466 1,078,708 1,122,888 1 % (1)% Total deposits $ 5,481,374 $ 5,400,224 $ 5,422,307 $ 5,275,417 $ 5,520,901 2 % (1)% 11
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Average Balance Sheet (Dollars in Thousands, Unaudited) Three Months Ended September 30, 2026 June 30, 2026 September 30, 2025 AverageBalance Interest AverageRate AverageBalance Interest AverageRate AverageBalance Interest AverageRate Assets Interest earning assets Interest earning deposits (incl. Fed Funds Sold) $ 158,544 $ 1,493 3.74 %$ 101,650 $ 936 3.69 %$ 185,665 $ 2,062 4.41 % Federal Home Loan Bank stock 7,418 188 10.05 % 15,834 259 6.56 % 45,549 862 7.51 % Investment securities - taxable (1) 583,994 7,238 4.92 % 584,471 6,990 4.80 % 792,829 5,769 2.89 % Investment securities - non-taxable (1) 314,702 3,253 4.10 % 314,064 3,270 4.18 % 763,488 5,799 3.01 % Total investment securities 898,696 10,491 4.63 % 898,535 10,260 4.58 % 1,556,317 11,568 2.95 % Loans receivable (2) (3) 4,949,830 79,959 6.41 % 4,916,799 78,140 6.37 % 4,979,211 79,941 6.37 % Total interest earning assets 6,014,488 92,131 6.08 % 5,932,818 89,595 6.06 % 6,766,742 94,433 5.54 % Non-interest earning assets Cash and due from banks 71,519 71,692 83,616 Allowance for credit losses (51,675) (51,106) (54,072) Other assets 539,582 535,339 501,590 Total average assets $ 6,573,914 $ 6,488,743 $ 7,297,876 Liabilities and Stockholders' Equity Interest bearing liabilities Interest bearing demand deposits $ 1,679,248 $ 5,392 1.27 %$ 1,627,013 $ 5,011 1.24 %$ 1,708,446 $ 6,687 1.55 % Saving and money market deposits 1,517,894 6,717 1.76 % 1,484,771 5,981 1.62 % 1,636,428 8,204 1.99 % Time deposits 1,086,343 9,256 3.38 % 1,116,139 9,488 3.41 % 1,198,279 10,835 3.59 % Total Deposits 4,283,485 21,365 1.98 % 4,227,923 20,480 1.94 % 4,543,153 25,726 2.25 % Borrowings 150,083 1,464 3.87 % 150,118 1,435 3.83 % 601,889 5,535 3.65 % Repurchase agreements 59,040 191 1.28 % 67,494 219 1.30 % 88,721 389 1.74 % Subordinated notes 98,335 1,898 7.66 % 98,279 1,904 7.77 % 91,032 1,731 7.54 % Junior subordinated debentures issued to capitaltrusts 57,807 992 6.81 % 57,758 980 6.81 % 57,602 1,069 7.36 % Total interest bearing liabilities 4,648,750 25,910 2.21 % 4,601,572 25,018 2.18 % 5,382,397 34,450 2.54 % Non-interest bearing liabilities Demand deposits 1,131,714 1,117,113 1,120,719 Accrued interest payable and other liabilities 64,887 55,032 63,104 Stockholders' equity 728,563 715,026 731,657 Total average liabilities and stockholders' equity $ 6,573,914 $ 6,488,743 $ 7,297,876 Net FTE interest income (non-GAAP) (5) $ 66,221 $ 64,577 $ 59,983 Less FTE adjustments (4) 1,062 1,087 1,597 Net Interest Income $ 65,159 $ 63,490 $ 58,386 Net FTE interest margin (Non-GAAP) (4)(5) 4.37 % 4.37 % 3.52 % 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. Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate. 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. Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate. Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. Includes dividend income on Federal Home Loan Bank stock (4)(6) (4) (4)(6) (4) (4)(6) (4) (1) (2) (3) (4) (5) (6) 12
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Credit Quality (Dollars in Thousands Except Ratios, Unaudited) Quarter Ended September 30, June 30, March 31, December 31, September 30, % Change 2026 2026 2026 2025 2025 Q3'26 vsQ2'26 Q3'26 vsQ3'25 Non-accrual loans Commercial $ 19,557 $ 17,843 $ 15,761 $ 14,549 $ 12,303 10 % 59 % Residential Real estate 8,737 8,454 10,607 10,087 9,256 3 % (6)% Consumer 5,377 6,004 8,416 7,821 7,799 (10)% (31)% Total non-accrual loans 33,671 32,301 34,784 32,457 29,358 4 % 15 % 90 days and greater delinquent - accruing interest 2,256 2,632 2,211 2,489 1,608 (14)% 40 % Total non-performing loans $ 35,927 $ 34,933 $ 36,995 $ 34,946 $ 30,966 3 % 16 % Other real estate owned Commercial $ 846 $ 463 $ 594 $ 539 $ 272 83 % 211 % Residential Real estate 957 570 631 672 769 68 % 24 % Consumer 2,647 3,633 1,875 480 480 (27)% 451 % Total other real estate owned 4,450 4,666 3,100 1,691 1,521 (5)% 193 % Other non-performing assets $ 4,262 $ 4,094 $ 3,935 $ 3,991 $ 3,228 4 % 32 % Total non-performing assets $ 44,639 $ 43,693 $ 44,030 $ 40,628 $ 35,715 2 % 25 % Loan data: Accruing 30 to 89 days past due loans $ 21,108 $ 21,296 $ 19,379 $ 24,580 $ 24,784 (1)% (15)% Substandard loans 60,271 64,564 63,419 59,365 63,236 (7)% (5)% Net charge-offs (recoveries) Commercial $ 733 $ 295 $ 339 $ 436 $ 294 148 % 149 % Residential Real estate 3 46 1 (25) 19 (93)% (84)% Consumer 457 264 285 559 518 73 % (12)% Total net charge-offs $ 1,193 $ 605 $ 625 $ 970 $ 831 97 % 44 % Allowance for credit losses Commercial $ 35,431 $ 36,122 $ 34,997 $ 35,473 $ 34,390 (2)% 3 % Residential Real estate 2,844 2,958 3,183 3,183 3,082 (4)% (8)% Consumer 14,035 12,841 13,117 12,643 12,706 9 % 10 % Total allowance for creditlosses $ 52,310 $ 51,921 $ 51,297 $ 51,299 $ 50,178 1 % 4 % Credit quality ratios Non-accrual loans to HFI loans 0.67 % 0.65 % 0.71 % 0.67 % 0.61 % Non-performing assets to totalassets 0.68 % 0.66 % 0.67 % 0.63 % 0.53 % Annualized net charge-offs ofaverage total loans 0.10 % 0.05 % 0.05 % 0.08 % 0.07 % Allowance for credit losses to HFI loans 1.04 % 1.05 % 1.05 % 1.05 % 1.04 % Other non-performing assets consist of a single available for sale debt security placed on non-accrual status. (1) (1) 13
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin (Dollars in Thousands, Unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Interest income (GAAP) (A) $ 91,069 $ 88,508 $ 86,651 $ 89,288 $ 92,836 Taxable-equivalent adjustment: Investment securities - tax exempt (1) 683 686 676 665 1,218 Loan receivable (2) 379 402 381 390 379 Interest income (non-GAAP) (B) 92,131 89,596 87,708 90,343 94,433 Interest expense (GAAP) (C) 25,910 25,018 24,411 25,812 34,450 Net interest income (GAAP) (D) =(A) - (C) $ 65,159 $ 63,490 $ 62,240 $ 63,476 $ 58,386 Net FTE interest income (non-GAAP) (E) = (B) - (C) $ 66,221 $ 64,578 $ 63,297 $ 64,531 $ 59,983 Average interest earning assets (F) 6,014,488 5,932,818 5,984,972 5,967,328 6,766,742 Net FTE interest margin (non-GAAP) (G) = (E*) / (F) 4.37 % 4.37 % 4.29 % 4.29 % 3.52 % The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment *Annualized Non–GAAP Reconciliation of Return on Average Tangible Common Equity (Dollars in Thousands, Unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Net income (loss) (GAAP) (A) $ 28,667 $ 24,908 $ 26,168 $ 26,921 $ (221,990) Average stockholders' equity (B) $ 728,563 $ 715,026 $ 707,916 $ 679,821 $ 731,657 Average intangible assets (C) 160,809 161,471 162,148 162,838 163,552 Average tangible equity (Non-GAAP) (D) = (B) - (C) $ 567,754 $ 553,555 $ 545,768 $ 516,983 $ 568,105 Return on average tangible common equity ("ROACE") (non-GAAP) (E) = (A*) / (D) 20.03 % 18.05 % 19.02 % 20.66 % (155.03)% *Annualized Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets (Dollars in Thousands, Unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Total stockholders' equity (GAAP) (A) $ 699,303 $ 726,189 $ 699,027 $ 688,251 $ 660,771 Intangible assets (end of period) (B) 160,421 161,041 161,716 162,391 163,097 Total tangible common equity (non-GAAP) (C) = (A) - (B) $ 538,882 $ 565,148 $ 537,311 $ 525,860 $ 497,674 Total assets (GAAP) (D) $ 6,591,145 $ 6,574,160 $ 6,564,216 $ 6,436,612 $ 6,712,497 Intangible assets (end of period) (B) 160,421 161,041 161,716 162,391 163,097 Total tangible assets (non-GAAP) (E) = (D) - (B) $ 6,430,724 $ 6,413,119 $ 6,402,500 $ 6,274,221 $ 6,549,400 Tangible common equity to tangible assets (Non-GAAP) (G) = (C) / (E) 8.38 % 8.81 % 8.39 % 8.38 % 7.60 % (1) (2) 14
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Horizon Bancorp, Inc. Reports Third Quarter 2026 Results Non–GAAP Reconciliation of Tangible Book Value Per Share (Dollars in Thousands, Unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Total stockholders' equity (GAAP) (A) $ 699,303 $ 726,189 $ 699,027 $ 688,251 $ 660,771 Intangible assets (end of period) (B) 160,421 161,041 161,716 162,391 163,097 Total tangible common equity (non-GAAP) (C) = (A) - (B) $ 538,882 $ 565,148 $ 537,311 $ 525,860 $ 497,674 Common shares outstanding (D) 51,110,798 51,093,048 51,056,888 50,978,030 50,970,530 Tangible book value per common share (non-GAAP) (E) = (C) / (D) $ 10.54 $ 11.06 $ 10.52 $ 10.32 $ 9.76 15