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Here are 1-3 brief analogies for Horizon Bancorp (HBNC):

• PNC Financial Services, but exclusively for Indiana and Michigan.
• A regional version of Bank of America, serving communities primarily in Indiana and Michigan.

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• Deposit Accounts (Retail & Commercial Banking Services): Horizon Bancorp offers a variety of checking, savings, money market, and certificate of deposit accounts for both individual and business customers.
• Commercial Loans (Commercial Banking Services): The company provides business loans and lines of credit for working capital, equipment financing, and commercial real estate.
• Mortgage Loans (Retail & Commercial Banking Services): It offers residential mortgage loans for home purchases and refinancing, alongside commercial real estate financing.
• Consumer Loans (Retail Banking Services): Horizon provides personal loans, auto loans, and home equity loans to meet the financing needs of individual consumers.
• Wealth Management (Financial Advisory Services): The bank offers trust services, investment management, and financial planning to individuals and businesses.

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Horizon Bancorp (HBNC) is a bank holding company. As such, its business model involves providing a diversified range of financial services primarily to individuals and businesses rather than selling products to a few major corporate customers.

Therefore, Horizon Bancorp serves the following categories of customers:

• Retail Customers (Individuals and Families): This segment includes individuals and families seeking traditional banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), residential mortgages, home equity loans, personal loans, and other consumer lending products.
• Commercial Customers (Businesses): This category comprises small to medium-sized businesses, and corporations operating within Horizon Bancorp's service areas. They utilize services like commercial loans (including commercial real estate and commercial and industrial loans), lines of credit, treasury management services, business deposit accounts, and other business banking solutions.
• Governmental and Not-for-Profit Entities: This includes local government agencies, school systems, and various non-profit organizations that utilize the bank's deposit services, financing options, and cash management solutions tailored to their specific needs.

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Major Suppliers of Horizon Bancorp (HBNC):

• Fiserv (Symbol: FISV)

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Thomas M. Prame, Chief Executive Officer & President

Thomas M. Prame was appointed Chief Executive Officer of Horizon Bancorp in June 2023, having joined the company as President in August 2022. Prior to his roles at Horizon, he held executive positions at First Midwest Bank (Illinois) from 2012 to 2022 and Citizens Bank (Rhode Island) from 2010 to 2012. Mr. Prame completed his undergraduate degree at the University of Rochester and holds an MBA from the University of Notre Dame.

John R. Stewart, Executive Vice President & Chief Financial Officer

John R. Stewart assumed the role of Executive Vice President and Chief Financial Officer of Horizon Bancorp on May 20, 2024. He brings 22 years of financial services experience, encompassing banking, investment management, and corporate finance at regional banks, global investment banks, and institutional asset management firms. Most recently, he served as the Deputy Chief Financial Officer of a $30 billion publicly traded bank. Mr. Stewart has held leadership roles in both public and private financial institutions.

Kathie A. DeRuiter, Executive Vice President & Senior Operations Officer

Kathie A. DeRuiter has been Executive Vice President and Senior Bank Operations Officer of Horizon since January 2014. Her tenure at Horizon includes previous roles as Senior Vice President, Senior Bank Operations Officer from January 2003 to 2014, and Vice President, Senior Bank Operations Officer from January 2000 to January 2003.

Mark E. Secor, Executive Vice President & Chief Administration Officer

Mark E. Secor has served as Executive Vice President of Horizon since January 2014 and Chief Administration Officer since May 2024. He previously held the position of Chief Financial Officer for Horizon from 2009 to May 2024. During his 16-year tenure as CFO, Horizon grew significantly, with assets expanding from $893 million to $7.8 billion, and successfully integrated 12 mergers. Prior to joining Horizon, he was Chief Financial Officer of St. Joseph Capital Corp. from 2004 to 2007.

Todd A. Etzler, Executive Vice President, Chief Legal and Risk Officer & Corporate Secretary

Todd A. Etzler has been Executive Vice President, Chief Legal and Risk Officer, and Corporate Secretary since 2023.

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The key risks to Horizon Bancorp (HBNC) include:

1. Exposure to Economic Cycles, Regulatory Changes, and Interest Rate Fluctuations: As a financial services company, Horizon Bancorp is significantly affected by broader economic conditions, changes in banking regulations, and shifts in interest rates. Economic downturns can lead to reduced loan demand and increased credit losses, while adverse regulatory changes can increase compliance costs and limit business activities. Fluctuations in interest rates directly impact the bank's net interest margin, affecting profitability.
2. Credit Risk: A fundamental risk for Horizon Bancorp, as a lending institution, is the potential for loan customers or other parties to default on their contractual obligations. This risk is inherent in its commercial and retail banking services and can lead to significant financial losses.
3. Challenges in Sustaining Long-term Revenue Growth Amidst Competition and Technological Changes: Horizon Bancorp has experienced a decline in long-term revenue growth over three and five years, indicating potential difficulties in sustaining expansion. This is exacerbated by rapid technological advancements and increasing competition from new financial service providers and alternative payment platforms, which can lead to disintermediation and a potential loss of fee income.

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The rapid expansion and increasing sophistication of digital-first financial technology (fintech) companies and neobanks pose a clear emerging threat. These entities leverage advanced technology, seamless user experiences, and often lower operating costs to offer highly competitive deposit, lending, and payment solutions. This disrupts the traditional community banking model by attracting customers, particularly younger demographics and small businesses, who prioritize convenience, competitive rates, and digital accessibility over physical branch presence and conventional relationship banking. This shift can erode Horizon Bancorp's deposit base, loan origination opportunities, and overall market share.

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Horizon Bancorp (HBNC) primarily serves customers in Northwestern and Central Indiana, and Southwestern and Central Michigan. Based on available data for these regions, the addressable markets for some of its main products and services are:

• Commercial Banking: The market size for commercial banking in Indiana is projected to be $14.4 billion in 2025. For Michigan, the commercial banking market size is estimated at $23.6 billion in 2025.
• Mortgage Solutions (New Home Loans): In Indiana, new home loans totaled $15.9 billion in 2023. For Michigan, new home loans amounted to $20.3 billion in 2024.

For other main products and services offered by Horizon Bancorp, such as personal banking (excluding mortgages like checking and savings accounts, personal loans, home equity loans) and wealth management (investment services, retirement planning, portfolio management), specific addressable market sizes limited to their operational regions of Indiana and Michigan are not readily available in the provided information.

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Horizon Bancorp (HBNC) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Net Interest Margin (NIM) Expansion: The company has consistently achieved consecutive quarters of net interest margin expansion and anticipates this trend will continue. Projections indicate NIM reaching between 4.15% and 4.25% in Q4 2025, and remaining in the 4.2% to 4.3% range throughout 2026. This expansion is attributed to a more favorable earning asset mix, increased loan yields, and a reduction in the total cost of liabilities through disciplined pricing strategies.
2. Commercial Loan Growth: Horizon Bancorp is prioritizing strong organic commercial loan growth, positioning it as a primary focus for its lending activities. The company is actively repositioning its balance sheet by exiting lower-yielding indirect auto loans to concentrate on traditional commercial lending products, which is expected to be a significant contributor to its growth rate in 2026.
3. Incrementally Growing Non-Interest Income: Horizon Bancorp aims to incrementally grow its non-interest income revenue. Initiatives contributing to this include the recent launch of a new equipment finance division and the expansion of its mortgage lending team. The syndication of equipment finance instruments has already shown to generate gains on sale.
4. Strategic Balance Sheet Repositioning: The company is undertaking a strategic balance sheet repositioning, which involves divesting lower-yielding assets and optimizing its securities and loan portfolios. This strategy is designed to create a more efficient balance sheet and enhance profitability, thereby indirectly driving revenue growth through improved asset quality and yields, and accelerating capital generation.
5. Disciplined Pricing and Credit Management: Management's emphasis on disciplined pricing for both loans and deposits, coupled with maintaining excellent credit quality, is a core driver. This approach supports sustained NIM expansion and ensures that loan growth is profitable while mitigating credit risks.

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Share Repurchases

• A stock repurchase program for up to 2,250,000 shares was authorized on July 16, 2019, and remains in effect.
• As of June 30, 2025, Horizon Bancorp had repurchased a total of 803,349 shares under this program at an average price of $16.89 per share.
• An additional 1,000,000 shares were repurchased from an individual shareholder on March 6, 2020, at a price of $15.19 per share.

Share Issuance

• In August 2025, Horizon Bancorp completed a public offering, issuing 7,138,050 shares of common stock at $14.50 per share, resulting in approximately $98.6 million in net proceeds.
• The proceeds from this offering are intended for general corporate purposes, including supporting the potential repositioning of its balance sheet.
• This issuance led to an approximate 15% dilution for existing shareholders relative to the pre-offering share count.

Outbound Investments

• Management stated in Q3 2025 that the company is strategically positioned for logical and accretive mergers and acquisitions, primarily targeting opportunities in Michigan and Indiana.