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

FOR IMMEDIATE RELEASE

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

Michigan City, Indiana, 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.

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Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

•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		%

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Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

						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).

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Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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%

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Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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.

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Horizon Bancorp, Inc. Reports Second Quarter 2023 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: 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.

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Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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

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Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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

8

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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

9

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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		%

10

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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

11

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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.

12

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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.

13

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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

14

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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

15

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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

16

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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

17

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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

18

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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

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Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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		%

20

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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		%

21

Horizon Bancorp, Inc. Reports Second Quarter 2023 Results

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.

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