8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2020

HORIZON BANCORP, INC.

(Exact name of registrant as specified in its charter)

Indiana	000-10792	35-1562417
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

515 Franklin Street

Michigan City, IN 46360

(Address of principal executive offices, including zip code)

(219) 879-0211

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, no par value	HBNC	The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02 Results of Operations and Financial Condition

Earnings Release

On October 28, 2020, Horizon Bancorp, Inc. (the “Company”) issued a press release announcing earnings and other financial results for the three and six-month periods ended September 30, 2020. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated here by reference.

Item 7.01 Regulation FD Disclosure

Investor Presentation

The Company has prepared presentation materials (the “Investor Presentation”) that management intends to use during its previously announced Earnings Conference Call on Thursday, October 29, 2020 at 7:30 a.m. Central Time, and from time to time thereafter in presentations about the Company’s operations and performance. The Investor Presentation also contains information relating to the Company’s COVID–19 response and planning efforts to date. The Company may use the Investor Presentation, possibly with modifications, in presentations to current and potential investors, analysts, lenders, business partners, acquisition candidates, customers, employees and others with an interest in the Company and its business.

A copy of the Investor Presentation is furnished as Exhibit 99.2 to this report and incorporated here by reference. The Investor Presentation is also available on the Company’s investor website at www.horizonbank.com. Materials on the Company’s investor website are not part of or incorporated by reference into this report.

In accordance with General Instruction B.2 of Form 8–K, the information in this Current Report on Form 8–K, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits
EXHIBIT INDEX
	Exhibit No.	Description	Location
	99.1	Press release issued on October 28, 2020	Attached
	99.2	Horizon Bancorp, Inc. Investor Presentation dated October 28, 2020	Attached
	104	Cover Page Interactive Data File (Embedded within the Inline XBRL document)	Within the Inline XBRL document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	October 28, 2020	HORIZON BANCORP, INC.
		By:	/s/ Mark E. Secor
			Mark E. Secor,
			Executive Vice President & Chief Financial Officer

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EX-99.1

Contract:	Mark E. Secor
	Chief Financial Officer
Phone:	(219) 873-2611
Fax:	(219) 874-9280
Date:	October 28, 2020

FOR IMMEDIATE RELEASE

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Michigan City, Indiana, October 28, 2020 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) — Horizon Bancorp, Inc. (“Horizon” or the “Company”) announced its unaudited financial results for the three and nine months ending September 30, 2020.

“Horizon is successfully navigating through these challenging times, thanks to our team’s unwavering focus on our communities, customers and our culture of accountability and operating discipline,” Chairman and CEO Craig M. Dwight said. “In the third quarter, we saw a healthy recovery in earnings and meaningful growth in pre–tax, pre–provision income, as Horizon maintained sound asset quality metrics and continued to conservatively build reserves, tightly managed operating expenses, stabilized net interest income and margin, and benefited from very strong performance from our mortgage business. In addition, in future periods, we expect to benefit from efforts initiated in the early fourth quarter to deleverage and optimize returns on earning assets.”

Third Quarter 2020 Highlights

•Earned net income of $20.3 million, or $0.46 diluted earnings per share, compared to $14.6 million, or $0.33 diluted earnings per share, for the second quarter of 2020 and $20.5 million, or $0.46 diluted earnings per share, for the third quarter of 2019.

•Grew pre–tax, pre–provision net income to $26.7 million for the quarter, compared to $23.7 million for the second quarter of 2020 and $24.9 million for the third quarter of 2019. This non–GAAP financial measure is utilized by banks to provide a greater understanding of pre–tax profitability before giving effect to credit loss expense. (See the “Non–GAAP Reconciliation of Pre–Tax, Pre–Provision Net Income” table below.)

•Reported return on average assets (“ROAA”) of 1.40% and return on average common equity (“ROACE”) of 12.08% in the quarter, as well as adjusted ROAA of 1.34% and adjusted ROACE of 11.55%, excluding the impact of gains on sale of investment securities, net of tax. (See the “Non–GAAP Reconciliation of Return on Average Assets and Return on Average Common Equity” tables below.)

•Increased the allowance for credit losses (“ACL”) 2.2% during the quarter and 218.8% year–to–date to $56.3 million at period end, representing 1.39% of total loans, reflecting implementation of the Current Expected Credit Losses (“CECL”) accounting method and prudent increases in the Company’s general reserves. ACL at period end also represented 1.51% of loans excluding $310.8 million in Federal Paycheck Protection Program (“PPP”) loans, and 192.1% of non–performing loans.

•Maintained solid asset quality metrics, including non–performing and delinquent loans representing 0.72% and 0.15% of total loans, respectively, at September 30, 2020, while net charge–offs were 0.02% of average loans for the period.

•COVID–19 deferral levels improved to 4.1% of total loans at period end, from 14.3% on June 30, 2020.

1

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

•Reported non–interest expense of $33.4 million, representing 2.30% of average assets on an annualized basis compared to 2.18% for the second quarter of 2020 and 2.34% for the third quarter of 2019.

•Improved the efficiency ratio in the period to 55.59% compared to 56.23% for the second quarter of 2020. (See the “Non–GAAP Calculation and Reconciliation of Efficiency Ratio and Adjusted Efficiency Ratio” tables below.)

•Generated record gain on mortgage loan sales of $8.8 million, up 33.1% from the linked quarter and 226.2% from the prior year period, and originated $207.1 million in mortgage loans during the quarter, down 18.1% from the record second quarter of 2020 and up 71.0% from the third quarter of 2019.

•Reported net interest margin of 3.39% and adjusted net interest margin of 3.27%, with each declining by 8 basis points from the second quarter of 2020. (See the “Non–GAAP Reconciliation of Net Interest Margin” table for the definition of this non–GAAP calculation). An estimated 1 basis points of compression is attributed to PPP lending and an estimated 10 basis points of compression is attributed to subordinated notes during the quarter, for both net interest margin and adjusted net interest margin.

•Horizon’s tangible book value per share increased from $10.63 at December 31, 2019 to $11.29 at September 30, 2020, which includes the accounting adjustment for CECL as of January 1, 2020. This represents the highest tangible book value per share in the Company’s history. (See the “Non–GAAP Reconciliation of Tangible Stockholders’ Equity and Tangible Book Value per Share” tables below.)

•Maintained strong liquidity position including approximately $1.3 billion in cash and investment securities, which is approximately 22.4% of total assets, and approximately $928.0 million in unused availability on lines of credit, at September 30, 2020.

Summary

	For the Three Months Ended
	September 30,			June 30,			September 30,
Net Interest Income and Net Interest Margin	2020			2020			2019
Net interest income	$	43,397		$	42,996		$	43,463
Net interest margin	3.39		%	3.47		%	3.82		%
Adjusted net interest margin	3.27		%	3.35		%	3.67		%

Mr. Dwight commented, “Our team continues to actively manage our net interest margin by focusing on interest spreads for all loan portfolios and lowering deposit rates. As a result, Horizon’s third quarter net interest margin declined only 8 basis points from the second quarter of this year which includes an additional estimated 1 basis points of compression from PPP lending and an additional estimated 10 basis points of compression attributed to subordinated notes.”

	For the Three Months Ended
	September 30,		June 30,		September 30,
Asset Yields and Funding Costs	2020		2020		2019
Interest earning assets	3.90	%	4.05	%	4.87	%
Interest bearing liabilities	0.67	%	0.74	%	1.35	%

	For the Three Months Ended
Non–interest Income and	September 30,		June 30,		September 30,
Mortgage Banking Income	2020		2020		2019
Total non–interest income	$	16,700	$	11,125	$	11,514
Gain on sale of mortgage loans	8,813		6,620		2,702
Mortgage servicing income net of impairment	(1,308)		(2,760)		444

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Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

	For the Three Months Ended
	September 30,			June 30,			September 30,
Non–interest Expense	2020			2020			2019
Total non–interest expense	$	33,407		$	30,432		$	30,060
Annualized non–interest expense to average assets	2.30		%	2.18		%	2.34		%

	For the Three Months Ended
	September 30,		June 30,		September 30,
Credit Quality	2020		2020		2019
Allowance for credit losses to total loans	1.39	%	1.38	%	0.49	%
Non–performing loans to total loans	0.72		0.70		0.52
Percent of net charge–offs to average loans outstanding for the period	0.02		0.01		0.02

				CECL Adoption
Allowance for	December 31,					January 1,			Net Reserve Build						September 30,
Credit Losses	2019			Impact		2020			1Q20		2Q20		3Q20		2020
Commercial	$	11,996		$	13,618	$	25,614		$	6,936	$	6,597	$	648	$	39,795
Retail Mortgage	923			4,048		4,971			683		178		(368)		5,464
Warehouse	1,077			—		1,077			(22)		135		60		1,250
Consumer	3,671			4,911		8,582			599		(260)		889		9,810
Allowance for Credit Losses (“ACL”)	$	17,667		$	22,577	$	40,244		$	8,196	$	6,650	$	1,229	$	56,319
ACL / Total Loans	0.49		%			1.10		%							1.39		%
Acquired Loan Discount (“ALD”)	$	20,228		$	(2,786)	$	17,442		$	—	$	—	$	—	$	12,933

Horizon’s asset quality metrics continued to remain favorable through the third quarter, with low levels of delinquency and other real estate owned and a moderate increase in non–performing loans. Horizon’s reserve build reflects adoption of CECL on January 1, 2020 and the increase in our quarterly allocations to cover potential future loan losses related to economic factors and the nature and characteristics of our loan portfolios, primarily related to the impact on non–essential businesses caused by COVID–19 closures and the slow pace of reopening and economic recovery. Through September 30, 2020, Horizon has not recorded any material specific loan losses attributed to COVID–19 closures.

Income Statement Highlights

Net income for the third quarter of 2020 was $20.3 million, or $0.46 diluted earnings per share, compared to $14.6 million, or $0.33, for the linked quarter and $20.5 million, or $0.46, for the prior year period.

Adjusted net income for the third quarter of 2020 was $19.4 million, or $0.45 diluted earnings per share, compared to $14.4 million, or $0.32, for the linked quarter and $20.3 million, or $0.45, for the prior year period. Adjusted net income, which is not calculated according to generally accepted accounting principles (“GAAP”), is a measure that Horizon uses to provide a greater understanding of operating profitability.

The increase in net income for the third quarter of 2020 when compared to the second quarter of 2020 reflects an increase in non–interest income of $5.6 million, an increase of $401,000 in net interest income and a decrease in credit loss expense of $5.0 million, offset by an increase in non–interest expense of $3.0 million and an increase in tax expense of $2.3 million.

3

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Third quarter 2020 non–interest income was reduced by a non–cash mortgage servicing asset impairment of $1.5 million recorded to reflect the national increase in mortgage prepayment speeds and past due levels and determined based on a third–party valuation of Horizon’s mortgage servicing asset. This was more than offset by record income from the gain on sale of mortgage loans, which grew to a record $8.8 million in the third quarter of 2020, up from $6.6 million in the linked quarter and $2.7 million in the prior year period.

Non–interest expense of $33.4 million in the third quarter of 2020 reflected a $3.2 million increase in salaries and employee benefits expense from the linked quarter. The increase in salaries and employee benefits expense reflected a catch-up in bonus related expense and the deferral of approximately $1.1 million in PPP loan origination costs in the second quarter of 2020, which will be amortized over the life of the PPP loans and would be recognized when the loans are forgiven or paid off.

The decrease in net income for the third quarter of 2020 when compared to the same prior year period reflects an increase in non–interest expense of $3.3 million, an increase in credit loss expense of $1.7 million and an increase in income tax expense of $322,000, offset by an increase in non–interest income of $5.2 million.

Net income for the first nine months of 2020 was $46.6 million, or $1.06 diluted earnings per share, compared to $48.0 million, or $1.11 diluted earnings per share, for the first nine months of 2019. Adjusted net income for the first nine months of 2020 was $45.0 million, or $1.02 diluted earnings per share, compared to $52.1 million, or $1.21 diluted earnings per share for the first nine months of 2019. The decrease in net income for the first nine months of 2020 when compared to the same prior year period reflects an increase in the provision for credit loss expense of $16.1 million and an increase in non–interest expense of $3.6 million, offset by an increase in net interest income of $8.0 million, an increase in non–interest income of $8.8 million and a decrease in tax expense of $1.5 million.

Non–GAAP Reconciliation of Net Income
(Dollars in Thousands, Unaudited)
	Three Months Ended										Nine Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
	2020		2020		2020		2019		2019		2020		2019
Net income as reported	$	20,312	$	14,639	$	11,655	$	18,543	$	20,537	$	46,606	$	47,995
Merger expenses	—		—		—		—		—		—		5,650
Tax effect	—		—		—		—		—		—		(987)
Net income excluding merger expenses	20,312		14,639		11,655		18,543		20,537		46,606		52,658
(Gain) / loss on sale of investment securities	(1,088)		(248)		(339)		(10)		—		(1,675)		85
Tax effect	228		52		71		2		—		352		(18)
Net income excluding (gain) / loss on sale of investment securities	19,452		14,443		11,387		18,535		20,537		45,283		52,725
Death benefit on bank owned life insurance (“BOLI”)	(31)		—		(233)		—		(213)		(264)		(580)
Net income excluding death benefit on BOLI	19,421		14,443		11,154		18,535		20,324		45,019		52,145
Adjusted net income	$	19,421	$	14,443	$	11,154	$	18,535	$	20,324	$	45,019	$	52,145

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Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Non–GAAP Reconciliation of Diluted Earnings per Share
(Dollars in Thousands, Unaudited)
	Three Months Ended										Nine Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
	2020		2020		2020		2019		2019		2020		2019
Diluted earnings per share (“EPS”) as reported	$	0.46	$	0.33	$	0.26	$	0.41	$	0.46	$	1.06	$	1.11
Merger expenses	—		—		—		—		—		—		0.13
Tax effect	—		—		—		—		—		—		(0.02)
Diluted EPS excluding merger expenses	0.46		0.33		0.26		0.41		0.46		1.06		1.22
(Gain) / loss on sale of investment securities	(0.02)		(0.01)		(0.01)		—		—		(0.04)		—
Tax effect	0.01		—		—		—		—		0.01		—
Diluted EPS excluding (gain) / loss on sale of investment securities	0.45		0.32		0.25		0.41		0.46		1.03		1.22
Death benefit on bank owned life insurance (“BOLI”)	—		—		(0.01)		—		(0.01)		(0.01)		(0.01)
Diluted EPS excluding death benefit on BOLI	0.45		0.32		0.24		0.41		0.45		1.02		1.21
Adjusted diluted EPS	$	0.45	$	0.32	$	0.24	$	0.41	$	0.45	$	1.02	$	1.21

Non–GAAP Reconciliation of Pre–Tax, Pre–Provision Income
(Dollars in Thousands, Unaudited)
	Three Months Ended										Nine Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
	2020		2020		2020		2019		2019		2020		2019
Pre–tax income	$	24,638	$	16,632	$	13,239	$	22,463	$	24,541	$	54,509	$	57,378
Credit loss expense	2,052		7,057		8,600		340		376		17,709		1,636
Pre–tax, pre–provision income	$	26,690	$	23,689	$	21,839	$	22,803	$	24,917	$	72,218	$	59,014
Pre–tax, pre–provision income	$	26,690	$	23,689	$	21,839	$	22,803	$	24,917	$	72,218	$	59,014
Merger expenses	—		—		—		—		—		—		5,650
(Gain) / loss on sale of investment securities	(1,088)		(248)		(339)		(10)		—		(1,675)		85
Death benefit on BOLI	(31)		—		(233)		—		(213)		(264)		(580)
Adjusted pre–tax, pre–provision income	$	25,571	$	23,441	$	21,267	$	22,793	$	24,704	$	70,279	$	64,169

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Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Horizon’s net interest margin decreased to 3.39% for the third quarter of 2020 compared to 3.47% for the second quarter of 2020. The decrease in net interest margin reflects a decrease in the yield of interest earning assets of 15 basis points, offset by a decrease in the cost of interest bearing liabilities of 7 basis points. Interest income from acquisition–related purchase accounting adjustments was $65,000 lower during the third quarter of 2020 when compared to the second quarter of 2020.

Horizon’s net interest margin decreased to 3.39% for the third quarter of 2020 when compared to 3.82% for the third quarter of 2019. The decrease in net interest margin reflects a decrease in the yield on interest earning assets of 97 basis points offset by a decrease in the cost of interest bearing liabilities of 68 basis points.

Horizon’s net interest margin decreased to 3.48% for the first nine months of 2020 when compared to 3.72% for the same prior year period. The decrease in net interest margin reflects a decrease in the yield on interest earning assets of 68 basis points offset by a decrease in the cost of interest bearing liabilities of 55 basis points.

The net interest margin was impacted during the second and third quarters of 2020 due to the PPP loans that were originated. Horizon estimates that the PPP loans compressed the net interest margin by 3 and 4 basis points for the second and third quarters, respectively. This assumes these PPP loans were not included in average interest earning assets or interest income and were primarily funded by the growth in non–interest bearing deposits. The compression to the net interest margin for the first nine months of 2020 using the same assumptions was estimated to be 3 basis points.

The net interest margin was also impacted during the second and third quarters of 2020 due to the issuance of $60.0 million in subordinated notes in June 2020. Horizon estimates that the subordinated notes compressed the net interest margin by 1 and 10 basis points for the second and third quarters, respectively. This assumes the subordinated notes were not included in average interest bearing liabilities or interest expense and were primarily offset by a reduction in cash. The compression to the net interest margin for the first nine months of 2020 using the same assumptions was estimated to be 4 basis points.

Non–GAAP Reconciliation of Net Interest Margin
(Dollars in Thousands, Unaudited)
	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
	2020			2020			2020			2019			2019			2020			2019
Net interest income as reported	$	43,397		$	42,996		$	40,925		$	41,519		$	43,463		$	127,318		$	119,272
Average interest earning assets	5,251,611			5,112,636			4,746,202			4,748,217			4,623,985			5,037,540			4,376,841
Net interest income as a percentage of average interest earning assets (“Net Interest Margin”)	3.39		%	3.47		%	3.56		%	3.58		%	3.82		%	3.48		%	3.72		%
Net interest income as reported	$	43,397		$	42,996		$	40,925		$	41,519		$	43,463		$	127,318		$	119,272
Acquisition–related purchase accounting adjustments (“PAUs”)	(1,488)			(1,553)			(1,434)			(1,042)			(1,739)			(4,475)			(4,548)
Adjusted net interest income	$	41,909		$	41,443		$	39,491		$	40,477		$	41,724		$	122,843		$	114,724
Adjusted net interest margin	3.27		%	3.35		%	3.44		%	3.49		%	3.67		%	3.36		%	3.58		%

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Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Net interest margin, excluding acquisition–related purchase accounting adjustments (“adjusted net interest margin”), was 3.27% for the third quarter of 2020 compared to 3.35% for the prior quarter and 3.67% for the third quarter of 2019. Interest income from acquisition–related purchase accounting adjustments was $1.5 million, $1.6 million and $1.7 million for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019, respectively.

Adjusted net interest margin was 3.36% for the first nine months of 2020 compared to 3.58% for the same prior year period. Interest income from acquisition–related purchase accounting adjustments was $4.5 million for both the nine months ended September 30, 2020 and 2019.

Lending Activity

Total loans were $4.04 billion, or $3.73 billion excluding PPP loans, on September 30, 2020. Total loans were $3.99 billion on June 30, 2020, $3.64 billion on December 31, 2019 and $3.67 billion on September 30, 2019. During the nine months ended September 30, 2020, commercial loans increased $275.0 million, mortgage warehouse loans increased $224.4 million, and loans held for sale increased $9.0 million, offset by a decrease in residential mortgage loans of $95.5 million and a decrease in consumer loans of $10.3 million.

Loan Growth by Type, Excluding Acquired Loans
(Dollars in Thousands, Unaudited)
	September 30,		December 31,		Amount		Percent
	2020		2019		Change		Change
Commercial	$	2,321,608	$	2,046,651	$	274,957	13.4%
Residential mortgage	675,220		770,717		(95,497)		(12.4)%
Consumer	658,884		669,180		(10,296)		(1.5)%
Subtotal	3,655,712		3,486,548		169,164		4.9%
Loans held for sale	13,053		4,088		8,965		219.3%
Mortgage warehouse	374,653		150,293		224,360		149.3%
Total loans	$	4,043,418	$	3,640,929	$	402,489	11.1%

Residential mortgage lending activity for the three months ended September 30, 2020 generated a record $8.8 million in income from the gain on sale of mortgage loans, an increase of $2.2 million from the second quarter of 2020 and $6.1 million from the third quarter of 2019. Total origination volume for the third quarter of 2020, including loans placed into the portfolio, totaled $207.1 million, representing a decrease of 18.1% from record second quarter 2020 levels, and an increase of 71.0% from the third quarter of 2019. As a percentage of total originations, 50% of the volume was for refinances and 50% was for new purchases during the third quarter of 2020. Total origination volume of loans sold to the secondary market totaled $166.4 million, representing a decrease of 13.5% from the second quarter of 2020 and an increase of 75.1% from the third quarter of 2019.

7

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Expense Management

	Three Months Ended
	September 30,								June 30,
	2020								2020								Adjusted
Non–interest Expense	Actual			Merger Expenses		Adjusted			Actual			Merger Expenses		Adjusted			Amount Change		Percent Change
Salaries and employee benefits	$	18,832		$	—	$	18,832		$	15,629		$	—	$	15,629		$	3,203	20.5%
Net occupancy expenses	3,107			—		3,107			3,190			—		3,190			(83)		(2.6)%
Data processing	2,237			—		2,237			2,432			—		2,432			(195)		(8.0)%
Professional fees	688			—		688			518			—		518			170		32.8%
Outside services and consultants	1,561			—		1,561			1,759			—		1,759			(198)		(11.3)%
Loan expense	2,876			—		2,876			2,692			—		2,692			184		6.8%
FDIC insurance expense	570			—		570			235			—		235			335		142.6%
Other losses	114			—		114			193			—		193			(79)		(40.9)%
Other expense	3,422			—		3,422			3,784			—		3,784			(362)		(9.6)%
Total non–interest expense	$	33,407		$	—	$	33,407		$	30,432		$	—	$	30,432		$	2,975	9.8%
Annualized non–interest expense to average assets	2.30		%			2.30		%	2.18		%			2.18		%

Total non–interest expense was $3.0 million higher in the third quarter of 2020 when compared to the second quarter of 2020. Increased salaries and employee benefits reflected higher performance–based compensation accruals following improved financial performance in the second half of this year, as well as the second quarter deferral of approximately $1.1 million in PPP loan origination costs that will be amortized over the life of the PPP loans and recognized when the loans are forgiven or paid off. Higher FDIC insurance expense reflected significant growth in deposits through the end of the third quarter of 2020. Loan expense and professional fees were partially offset by decreases in other expense, outside services and consultants and data processing.

	Three Months Ended
	September 30,								September 30,
	2020								2019								Adjusted
Non–interest Expense	Actual			Merger Expenses		Adjusted			Actual			Merger Expenses		Adjusted			Amount Change		Percent Change
Salaries and employee benefits	$	18,832		$	—	$	18,832		$	16,948		$	—	$	16,948		$	1,884	11.1%
Net occupancy expenses	3,107			—		3,107			3,131			—		3,131			(24)		(0.8)%
Data processing	2,237			—		2,237			2,140			—		2,140			97		4.5%
Professional fees	688			—		688			335			—		335			353		105.4%
Outside services and consultants	1,561			—		1,561			1,552			—		1,552			9		0.6%
Loan expense	2,876			—		2,876			2,198			—		2,198			678		30.8%
FDIC insurance expense	570			—		570			(273)			—		(273)			843		(308.8)%
Other losses	114			—		114			90			—		90			24		26.7%
Other expense	3,422			—		3,422			3,939			—		3,939			(517)		(13.1)%
Total non–interest expense	$	33,407		$	—	$	33,407		$	30,060		$	—	$	30,060		$	3,347	11.1%
Annualized non–interest expense to average assets	2.30		%			2.30		%	2.34		%			2.34		%

Total non–interest expense was $3.3 million higher in the third quarter of 2020 when compared to the third quarter of 2019. Increases in salaries and employee benefits, FDIC insurance expense, loan expense and professional fees were offset in part by a decrease in other expense.

8

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

	Nine Months Ended
	September 30,								September 30,
	2020								2019								Adjusted
Non–interest Expense	Actual			Merger Expenses		Adjusted			Actual			Merger Expenses		Adjusted			Amount Change		Percent Change
Salaries and employee benefits	$	51,052		$	—	$	51,052		$	48,365		$	(484)	$	47,881		$	3,171	6.6%
Net occupancy expenses	9,549			—		9,549			9,051			(75)		8,976			573		6.4%
Data processing	7,074			—		7,074			6,245			(360)		5,885			1,189		20.2%
Professional fees	1,742			—		1,742			1,426			(392)		1,034			708		68.5%
Outside services and consultants	5,235			—		5,235			6,737			(2,466)		4,271			964		22.6%
Loan expense	7,667			—		7,667			6,195			(2)		6,193			1,474		23.8%
FDIC insurance expense	955			—		955			252			—		252			703		279.0%
Other losses	427			—		427			363			(71)		292			135		46.2%
Other expense	11,287			—		11,287			12,748			(1,800)		10,948			339		3.1%
Total non–interest expense	$	94,988		$	—	$	94,988		$	91,382		$	(5,650)	$	85,732		$	9,256	10.8%
Annualized non–interest expense to average assets	2.29		%			2.29		%	2.53		%			2.38		%

Total non–interest expense was $3.6 million higher for the first nine months of 2020 when compared to the same prior year period. Increases in salaries and employee benefits, loan expenses, data processing, FDIC insurance expense and net occupancy expenses were offset in part by decreases in outside services and consultants expense and other expense.

Annualized non–interest expense as a percent of average assets were 2.30%, 2.18% and 2.34% for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019, respectively.

Annualized non–interest expense as a percent of average assets were 2.29% and 2.53% for the nine months ended September 30, 2020 and 2019, respectively. Annualized non–interest expense, excluding merger expenses, as a percent of average assets were 2.29% and 2.38% for the nine months ended September 30, 2020 and 2019, respectively.

Income tax expense totaled $4.3 million for the third quarter of 2020, an increase of $2.3 million when compared to the second quarter of 2020 and an increase of $322,000 when compared to the third quarter of 2019. The increase in income tax expense in the third quarter of 2020 compared to the second quarter of 2020 and the third quarter of 2019 was primarily due to increases in income before taxes of $8.0 million and $97,000, respectively.

Income tax expense totaled $7.9 million for the nine months ended September 30, 2020, a decrease of $1.5 million when compared to the same prior year period. The decrease in income tax expense was primarily due to a decrease in income before taxes of $2.9 million.

Capital

The capital resources of the Company and Horizon Bank (the “Bank”) exceeded regulatory capital ratios for “well capitalized” banks at September 30, 2020. Stockholders’ equity totaled $670.3 million at September 30, 2020 and the ratio of average stockholders’ equity to average assets was 11.90% for the nine months ended September 30, 2020.

Capital levels benefited from the Company’s previously disclosed public offering of subordinated notes raising $60.0 million in June 2020. Horizon’s fortress balance sheet at September 30, 2020 maintained adequate regulatory capital ratios when stress testing for highly adverse scenarios.

The following table presents the actual regulatory capital dollar amounts and ratios of the Company and the Bank as of September 30, 2020.

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Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

	Actual				Required for Capital Adequacy Purposes				Required for Capital Adequacy Purposes with Capital Buffer				Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk–weighted assets)
Consolidated	$	640,728	14.38	%	$	356,455	8.00	%	$	467,847	10.50	%	N/A		N/A
Bank	514,974		11.56	%	356,383		8.00	%	467,753		10.50	%	$	445,479	10.00%
Tier 1 capital (to risk–weighted assets)
Consolidated	601,331		13.49	%	267,456		6.00	%	378,896		8.50	%	N/A		N/A
Bank	475,588		10.67	%	267,435		6.00	%	378,866		8.50	%	356,580		8.00%
Common equity tier 1 capital (to risk–weighted assets)
Consolidated	485,235		10.89	%	200,510		4.50	%	311,905		7.00	%	N/A		N/A
Bank	475,588		10.67	%	200,576		4.50	%	312,007		7.00	%	289,721		6.50%
Tier 1 capital (to average assets)
Consolidated	601,331		10.82	%	222,304		4.00	%	222,304		4.00	%	N/A		N/A
Bank	475,588		8.57	%	221,978		4.00	%	221,978		4.00	%	277,473		5.00	%

“The strength and resilience of Horizon’s business is demonstrated by the Company’s strong operating fundamentals, ability to consistently generate retained earnings and growth in tangible book value per share and the Company’s healthy capital position overall,” said Mr. Dwight. “Accordingly, we will continue to be opportunistic with share repurchases under our current buyback authorization, and we remain committed to maintaining our current quarterly cash dividend.”

Liquidity

The Bank maintains a stable base of core deposits provided by long–standing 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 repayment, investment security sales and maturities, 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”). At September 30, 2020, in addition to liquidity available from the normal operating, funding, and investing activities of Horizon, the Bank had approximately $928.0 million in unused credit lines with various money center banks, including the FHLB and the Federal Reserve Discount Window. The Bank had approximately $517.2 million of unpledged investment securities at September 30, 2020.

Branch Network and Customer Experience

Horizon continues to implement its disciplined approach to enhancing the efficiency of its branch network on an ongoing basis, while leveraging technology to enhance the customer experience. At the same time, the Bank continues to invest in growth opportunities within its Midwest footprint, converting its Troy, Michigan loan production office into a full–service branch during the third quarter of 2020.

During the third quarter, Horizon also fully implemented live online chat support. During the fourth quarter the Bank expects to implement fully online and mobile enabled deposit account opening capabilities, for the convenience of new and prospective customers.

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, net interest margin, total loans and loan growth, the allowance for credit losses, tangible stockholders’ equity, tangible book value per share, efficiency ratio, the return on average assets, the return on average equity and pre–tax, pre–

10

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

provision income. 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, 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 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 figures identified herein and their most comparable GAAP measures.

Non–GAAP Reconciliation of Tangible Stockholders’ Equity and Tangible Book Value per Share
(Dollars in Thousands, Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,
	2020		2020		2020		2019		2019
Total stockholders’ equity	$	670,293	$	652,206	$	630,842	$	656,023	$	642,711
Less: Intangible assets	175,107		176,020		176,961		177,917		178,896
Total tangible stockholders’ equity	$	495,186	$	476,186	$	453,881	$	478,106	$	463,815
Common shares outstanding	43,874,353		43,821,878		43,763,623		44,975,771		44,969,021
Book value per common share	$	15.28	$	14.88	$	14.41	$	14.59	$	14.29
Tangible book value per common share	$	11.29	$	10.87	$	10.37	$	10.63	$	10.31

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Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Non–GAAP Calculation and Reconciliation of Efficiency Ratio and Adjusted Efficiency Ratio
(Dollars in Thousands, Unaudited)
	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
	2020			2020			2020			2019			2019			2020			2019
Non–interest expense as reported	$	33,407		$	30,432		$	31,149		$	30,650		$	30,060		$	94,988		$	91,382
Net interest income as reported	43,397			42,996			40,925			41,519			43,463			127,318			119,272
Non–interest income as reported	$	16,700		$	11,125		$	12,063		$	11,934		$	11,514		$	39,888		$	31,124
Non–interest expense / (Net interest income + Non–interest income) (“Efficiency Ratio”)	55.59		%	56.23		%	58.79		%	57.34		%	54.68		%	56.81		%	60.76		%
Non–interest expense as reported	$	33,407		$	30,432		$	31,149		$	30,650		$	30,060		$	94,988		$	91,382
Merger expenses	—			—			—			—			—			—			(5,650)
Non–interest expense excluding merger expenses	33,407			30,432			31,149			30,650			30,060			94,988			85,732
Net interest income as reported	43,397			42,996			40,925			41,519			43,463			127,318			119,272
Non–interest income as reported	16,700			11,125			12,063			11,934			11,514			39,888			31,124
(Gain) / loss on sale of investment securities	(1,088)			(248)			(339)			(10)			—			(1,675)			85
Death benefit on BOLI	(31)			—			(233)			—			(213)			(264)			(580)
Non–interest income excluding (gain) / loss on sale of investment securities and death benefit on BOLI	$	15,581		$	10,877		$	11,491		$	11,924		$	11,301		$	37,949		$	30,629
Adjusted efficiency ratio	56.64		%	56.49		%	59.43		%	57.35		%	54.89		%	57.48		%	57.19		%

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Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Non–GAAP Reconciliation of Return on Average Assets
(Dollars in Thousands, Unaudited)
	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
	2020			2020			2020			2019			2019			2020			2019
Average assets	$	5,768,691		$	5,620,695		$	5,257,332		$	5,250,574		$	5,107,259		$	5,549,696		$	4,823,601
Return on average assets (“ROAA”) as reported	1.40		%	1.05		%	0.89		%	1.40		%	1.60		%	1.12		%	1.33		%
Merger expenses	—			—			—			—			—			—			0.16
Tax effect	—			—			—			—			—			—			(0.03)
ROAA excluding merger expenses	1.40			1.05			0.89			1.40			1.60			1.12			1.46
(Gain) / loss on sale of investment securities	(0.08)			(0.02)			(0.03)			—			—			(0.04)			—
Tax effect	0.02			—			0.01			—			—			0.01			—
ROAA excluding (gain) / loss on sale of investment securities	1.34			1.03			0.87			1.40			1.60			1.09			1.46
Death benefit on BOLI	—			—			(0.02)			—			(0.02)			(0.01)			(0.02)
ROAA excluding death benefit on BOLI	1.34			1.03			0.85			1.40			1.58			1.08			1.44
Adjusted ROAA	1.34		%	1.03		%	0.85		%	1.40		%	1.58		%	1.08		%	1.44		%

13

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Non–GAAP Reconciliation of Return on Average Common Equity
(Dollars in Thousands, Unaudited)
	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
	2020			2020			2020			2019			2019			2020			2019
Average common equity	$	668,797		$	649,490		$	667,588		$	653,071		$	640,770		$	660,278		$	589,766
Return on average common equity (“ROACE”) as reported	12.08		%	9.07		%	7.02		%	11.26		%	12.72		%	9.43		%	10.88		%
Merger expenses	—			—			—			—			—			—			1.28
Tax effect	—			—			—			—			—			—			(0.22)
ROACE excluding merger expenses	12.08			9.07			7.02			11.26			12.72			9.43			11.94
(Gain) / loss on sale of investment securities	(0.65)			(0.15)			(0.20)			(0.01)			—			(0.34)			0.02
Tax effect	0.14			0.03			0.04			—			—			0.07			—
ROACE excluding (gain) / loss on sale of investment securities	11.57			8.95			6.86			11.25			12.72			9.16			11.96
Death benefit on BOLI	(0.02)			—			(0.14)			—			(0.13)			(0.05)			(0.13)
ROACE excluding death benefit on BOLI	11.55			8.95			6.72			11.25			12.59			9.11			11.83
Adjusted ROACE	11.55		%	8.95		%	6.72		%	11.25		%	12.59		%	9.11		%	11.83		%

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 29, 2020 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 877–317–6789 from the United States, 866–450–4696 from Canada or 412–317–6789 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 November 5, 2020. The replay may be accessed by dialing 877–344–7529 from the United States, 855–669–9658 from Canada or 412–317–0088 from other international locations, and entering the access code 10148396.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. is an independent, commercial bank holding company serving northern and central Indiana, and southern and central Michigan through its commercial banking subsidiary, Horizon Bank. Horizon may be reached online at www.horizonbank.com. Its common stock is traded on the NASDAQ Global Select Market under the symbol HBNC.

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Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial 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. 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 risk factors relating to the banking industry and the other factors detailed from time to time in Horizon’s reports filed with the Securities and Exchange Commission, including those described in Horizon’s Annual Report on Form 10–K and its quarterly reports on Form 10–Q. Further, statements about the effects of the COVID–19 pandemic on our business, operations, financial performance, and prospects may constitute forward–looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward–looking statements due to factors and future developments that are uncertain, unpredictable, and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties, and us. Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward–looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Financial Highlights
(Dollars in Thousands, Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,
	2020		2020		2020		2019		2019
Balance sheet:
Total assets	$	5,790,143	$	5,739,262	$	5,351,325	$	5,246,829	$	5,186,714
Investment securities	1,195,613		1,126,075		1,099,943		1,042,675		977,536
Commercial loans	2,321,608		2,312,715		2,050,402		2,046,651		2,046,165
Mortgage warehouse loans	374,653		300,386		223,519		150,293		155,631
Residential mortgage loans	675,220		704,410		757,529		770,717		796,497
Consumer loans	658,884		660,871		675,849		669,180		668,332
Earning assets	5,262,054		5,143,978		4,835,934		4,706,051		4,667,668
Non–interest bearing deposit accounts	1,016,646		981,868		709,978		709,760		756,707
Interest bearing transaction accounts	2,600,691		2,510,854		2,264,576		2,245,631		2,173,100
Time deposits	718,952		814,877		907,717		975,611		986,150
Borrowings	587,473		583,073		704,613		549,741		516,591
Subordinated notes	58,566		58,824		—		—		—
Junior subordinated debentures issued to capital trusts	56,491		56,437		56,374		56,311		56,250
Total stockholders’ equity	670,293		652,206		630,842		656,023		642,711

15

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Financial Highlights
(Dollars in Thousands Except Share and Per Share Data and Ratios, Unaudited)
	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2020			2020			2020			2019			2019
Income statement:
Net interest income	$	43,397		$	42,996		$	40,925		$	41,519		$	43,463
Credit loss expense	2,052			7,057			8,600			340			376
Non–interest income	16,700			11,125			12,063			11,934			11,514
Non–interest expense	33,407			30,432			31,149			30,650			30,060
Income tax expense	4,326			1,993			1,584			3,920			4,004
Net income	$	20,312		$	14,639		$	11,655		$	18,543		$	20,537
Per share data:
Basic earnings per share	$	0.46		$	0.33		$	0.26		$	0.41		$	0.46
Diluted earnings per share	0.46			0.33			0.26			0.41			0.46
Cash dividends declared per common share	0.12			0.12			0.12			0.12			0.12
Book value per common share	15.28			14.88			14.41			14.59			14.29
Tangible book value per common share	11.29			10.87			10.37			10.63			10.31
Market value – high	11.48			12.44			18.79			19.42			17.77
Market value – low	$	9.05		$	8.40		$	7.97		$	16.60		$	15.93
Weighted average shares outstanding – Basis	43,862,435			43,781,249			44,658,512			44,971,676			45,038,021
Weighted average shares outstanding – Diluted	43,903,881			43,802,794			44,756,716			45,103,065			45,113,730
Key ratios:
Return on average assets	1.40		%	1.05		%	0.89		%	1.40		%	1.60		%
Return on average common stockholders’ equity	12.08			9.07			7.02			11.26			12.72
Net interest margin	3.39			3.47			3.56			3.58			3.82
Allowance for credit losses to total loans	1.39			1.38			1.30			0.49			0.49
Average equity to average assets	11.59			11.56			12.70			12.44			12.55
Bank only capital ratios:
Tier 1 capital to average assets	8.57			8.48			9.43			9.49			9.35
Tier 1 capital to risk weighted assets	10.67			10.49			11.83			12.20			11.62
Total capital to risk weighted assets	11.56			11.74			12.67			12.65			12.08

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Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Financial Highlights
(Dollars in Thousands Except Share and Per Share Data and Ratios, Unaudited)
	Nine Months Ended
	September 30,			September 30,
	2020			2019
Income statement:
Net interest income	$	127,318		$	119,272
Credit loss expense	17,709			1,636
Non–interest income	39,888			31,124
Non–interest expense	94,988			91,382
Income tax expense	7,903			9,383
Net income	$	46,606		$	47,995
Per share data:
Basic earnings per share	$	1.06		$	1.12
Diluted earnings per share	1.06			1.11
Cash dividends declared per common share	0.36			0.34
Book value per common share	15.28			14.29
Tangible book value per common share	11.29			10.31
Market value – high	18.79			17.82
Market value – low	$	7.97		$	15.50
Weighted average shares outstanding – Basis	44,099,862			42,995,082
Weighted average shares outstanding – Diluted	44,165,650			43,070,095
Key ratios:
Return on average assets	1.12		%	1.33		%
Return on average common stockholders’ equity	9.43			10.88
Net interest margin	3.48			3.72
Allowance for credit losses to total loans	1.39			0.49
Average equity to average assets	11.90			12.23
Bank only capital ratios:
Tier 1 capital to average assets	8.57			9.35
Tier 1 capital to risk weighted assets	10.67			11.62
Total capital to risk weighted assets	11.56			12.08

17

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Financial Highlights
(Dollars in Thousands Except Ratios, Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2020			2020			2020			2019			2019
Loan data:
Substandard loans	$	88,286		$	61,385		$	61,322		$	58,670		$	62,130
30 to 89 days delinquent	5,513			4,029			12,017			7,729			10,204
Non–performing loans:
90 days and greater delinquent – accruing interest	331			123			246			146			34
Trouble debt restructures – accruing interest	1,825			2,039			2,115			3,354			3,491
Trouble debt restructures – non–accrual	2,704			3,443			3,360			2,006			1,807
Non–accrual loans	24,454			22,451			18,281			15,679			13,823
Total non–performing loans	$	29,314		$	28,056		$	24,002		$	21,185		$	19,155
Non–performing loans to total loans	0.72		%	0.70		%	0.65		%	0.58		%	0.52		%

Allocation of the Allowance for Credit Losses
(Dollars in Thousands, Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,
	2020		2020		2020		2019		2019
Commercial	$	39,795	$	39,147	$	32,550	$	11,996	$	12,082
Residential mortgage	5,464		5,832		5,654		923		1,449
Mortgage warehouse	1,250		1,190		1,055		1,077		1,041
Consumer	9,810		8,921		9,181		3,671		3,384
Total	$	56,319	$	55,090	$	48,440	$	17,667	$	17,956

Net Charge–offs (Recoveries)
(Dollars in Thousands Except Ratios, Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2020			2020			2020			2019			2019
Commercial	$	488		$	6		$	(20)		$	146		$	192
Residential mortgage	136			24			17			40			(7)
Mortgage warehouse	—			—			—			—			—
Consumer	199			377			407			443			540
Total	$	823		$	407		$	404		$	629		$	725
Percent of net charge–offs (recoveries) to average loans outstanding for the period	0.02		%	0.01		%	0.01		%	0.02		%	0.02		%

18

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Total Non–performing Loans
(Dollars in Thousands Except Ratios, Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2020			2020			2020			2019			2019
Commercial	$	16,169		$	14,238		$	9,579		$	7,347		$	8,193
Residential mortgage	9,209			9,945			10,411			9,884			7,212
Mortgage warehouse	—			—			—			—			—
Consumer	3,936			3,873			4,012			3,954			3,750
Total	$	29,314		$	28,056		$	24,002		$	21,185		$	19,155
Non–performing loans to total loans	0.72		%	0.70		%	0.65		%	0.58		%	0.52		%

Other Real Estate Owned and Repossessed Assets
(Dollars in Thousands, Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,
	2020		2020		2020		2019		2019
Commercial	$	2,191	$	2,374	$	2,464	$	3,698	$	3,972
Residential mortgage	70		249		336		28		48
Mortgage warehouse	—		—		—		—		—
Consumer	80		20		13		—		24
Total	$	2,341	$	2,643	$	2,813	$	3,726	$	4,044

19

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Average Balance Sheets
(Dollars in Thousands, Unaudited)
	Three Months Ended						Three Months Ended
	September 30, 2020						September 30, 2019
	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Assets
Interest earning assets
Federal funds sold	$	45,307	$	12	0.11	%	$	18,133	$	115	2.52	%
Interest earning deposits	28,428		53		0.74	%	17,823		93		2.07	%
Investment securities – taxable	447,762		1,639		1.46	%	478,764		2,949		2.44	%
Investment securities – non–taxable (1)	720,111		4,391		3.07	%	462,997		3,099		3.36	%
Loans receivable (2) (3)	4,010,003		44,051		4.39	%	3,646,268		49,455		5.41	%
Total interest earning assets	5,251,611		50,146		3.90	%	4,623,985		55,711		4.87	%
Non–interest earning assets
Cash and due from banks	94,039						66,970
Allowance for credit losses	(55,271)						(18,277)
Other assets	478,312						434,581
Total average assets	$	5,768,691					$	5,107,259
Liabilities and Stockholders’ Equity
Interest bearing liabilities
Interest bearing deposits	$	3,334,436	$	3,616	0.43	%	$	3,132,852	$	9,109	1.15	%
Borrowings	577,447		1,662		1.15	%	413,859		2,275		2.18	%
Subordinated notes	58,716		895		6.06	%	—		—		—	%
Junior subordinated debentures issued to capital trusts	56,458		576		4.06	%	54,433		864		6.30	%
Total interest bearing liabilities	4,027,057		6,749		0.67	%	3,601,144		12,248		1.35	%
Non–interest bearing liabilities
Demand deposits	996,427						818,164
Accrued interest payable and other liabilities	76,410						47,181
Stockholders’ equity	668,797						640,770
Total average liabilities and stockholders’ equity	$	5,768,691					$	5,107,259
Net interest income / spread			$	43,397	3.23	%			$	43,463	3.52	%
Net interest income as a percent of average interest earning assets (1)					3.39	%					3.82	%
(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.

20

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Average Balance Sheets
(Dollars in Thousands, Unaudited)
	Nine Months Ended						Nine Months Ended
	September 30, 2020						September 30, 2019
	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Assets
Interest earning assets
Federal funds sold	$	44,375	$	125	0.38	%	$	14,778	$	339	3.07	%
Interest earning deposits	25,083		216		1.15	%	21,938		284		1.73	%
Investment securities – taxable	476,735		6,582		1.84	%	469,330		8,929		2.54	%
Investment securities – non–taxable (1)	652,339		12,294		3.19	%	423,141		8,520		3.37	%
Loans receivable (2) (3)	3,839,008		132,927		4.64	%	3,447,654		136,862		5.32	%
Total interest earning assets	5,037,540		152,144		4.13	%	4,376,841		154,934		4.81	%
Non–interest earning assets
Cash and due from banks	85,511						58,890
Allowance for credit losses	(42,864)						(18,053)
Other assets	469,509						405,923
Total average assets	$	5,549,696					$	4,823,601
Liabilities and Stockholders’ Equity
Interest bearing liabilities
Interest bearing deposits	$	3,286,648	$	15,838	0.64	%	$	2,924,433	$	24,923	1.14	%
Borrowings	576,288		5,974		1.38	%	462,575		8,391		2.43	%
Subordinated notes	21,218		953		6.00	%	—		—		—	%
Junior subordinated debentures issued to capital trusts	56,398		2,061		4.88	%	48,666		2,348		6.45	%
Total interest bearing liabilities	3,940,552		24,826		0.84	%	3,435,674		35,662		1.39	%
Non–interest bearing liabilities
Demand deposits	879,840						760,717
Accrued interest payable and other liabilities	69,026						37,444
Stockholders’ equity	660,278						589,766
Total average liabilities and stockholders’ equity	$	5,549,696					$	4,823,601
Net interest income / spread			$	127,318	3.29	%			$	119,272	3.42	%
Net interest income as a percent of average interest earning assets (1)					3.48	%					3.72	%
(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.

21

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Condensed Consolidated Balance Sheets
(Dollars in Thousands)
	September 30, 2020		December 31, 2019
	(Unaudited)
Assets
Cash and due from banks	$	99,126	$	98,831
Interest earning time deposits	9,213		8,455
Investment securities, available for sale	1,015,343		834,776
Investment securities, held to maturity (fair value $191,612 and $215,147)	180,270		207,899
Loans held for sale	13,053		4,088
Loans, net of allowance for credit losses of $56,319 and $17,667	3,974,046		3,619,174
Premises and equipment, net	92,189		92,209
Federal Home Loan Bank stock	23,023		22,447
Goodwill	151,238		151,238
Other intangible assets	23,869		26,679
Interest receivable	20,456		18,828
Cash value of life insurance	96,198		95,577
Other assets	92,119		66,628
Total assets	$	5,790,143	$	5,246,829
Liabilities
Deposits
Non–interest bearing	$	1,016,646	$	709,760
Interest bearing	3,319,643		3,221,242
Total deposits	4,336,289		3,931,002
Borrowings	587,473		549,741
Subordinated notes	58,566		—
Junior subordinated debentures issued to capital trusts	56,491		56,311
Interest payable	2,481		3,062
Other liabilities	78,550		50,690
Total liabilities	5,119,850		4,590,806
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 43,899,422 and 45,000,840 shares,    Outstanding 43,874,353 and 44,975,771 shares	—		—
Additional paid–in capital	362,180		379,853
Retained earnings	284,835		269,738
Accumulated other comprehensive income	23,278		6,432
Total stockholders’ equity	670,293		656,023
Total liabilities and stockholders’ equity	$	5,790,143	$	5,246,829

22

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial 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,
	2020		2020		2020		2019		2019
Interest income
Loans receivable	$	44,051	$	43,918	$	44,958	$	46,769	$	49,455
Investment securities – taxable	1,704		2,321		2,898		3,054		3,157
Investment securities – non–taxable	4,391		4,105		3,798		3,575		3,099
Total interest income	50,146		50,344		51,654		53,398		55,711
Interest expense
Deposits	3,616		4,506		7,716		8,767		9,109
Borrowed funds	1,662		2,074		2,238		2,281		2,275
Subordinated notes	895		58		—		—		—
Junior subordinated debentures issued to capital trusts	576		710		775		831		864
Total interest expense	6,749		7,348		10,729		11,879		12,248
Net interest income	43,397		42,996		40,925		41,519		43,463
Credit loss expense	2,052		7,057		8,600		340		376
Net interest income after credit loss expense	41,345		35,939		32,325		41,179		43,087
Non–interest Income
Service charges on deposit accounts	2,154		1,888		2,446		2,766		2,836
Wire transfer fees	298		230		171		179		189
Interchange fees	2,438		2,327		1,896		1,996		2,138
Fiduciary activities	2,105		1,765		2,528		2,594		1,834
Gains / (losses) on sale of investment securities	1,088		248		339		10		—
Gain on sale of mortgage loans	8,813		6,620		3,473		3,119		2,702
Mortgage servicing income net of impairment	(1,308)		(2,760)		25		294		444
Increase in cash value of bank owned life insurance	566		557		554		566		556
Death benefit on bank owned life insurance	31		—		233		—		213
Other income	515		250		398		410		602
Total non–interest income	16,700		11,125		12,063		11,934		11,514
Non–interest expense
Salaries and employee benefits	18,832		15,629		16,591		16,841		16,948
Net occupancy expenses	3,107		3,190		3,252		3,106		3,131
Data processing	2,237		2,432		2,405		2,235		2,140
Professional fees	688		518		536		520		335
Outside services and consultants	1,561		1,759		1,915		1,415		1,552
Loan expense	2,876		2,692		2,099		2,438		2,198
FDIC insurance expense	570		235		150		—		(273)
Other losses	114		193		120		377		90
Other expenses	3,422		3,784		4,081		3,718		3,939
Total non–interest expense	33,407		30,432		31,149		30,650		30,060
Income before income taxes	24,638		16,632		13,239		22,463		24,541
Income tax expense	4,326		1,993		1,584		3,920		4,004
Net income	$	20,312	$	14,639	$	11,655	$	18,543	$	20,537
Basic earnings per share	$	0.46	$	0.33	$	0.26	$	0.41	$	0.46
Diluted earnings per share	0.46		0.33		0.26		0.41		0.46

23

Horizon Bancorp, Inc. Announces Third Quarter 2020 Financial Results

Condensed Consolidated Statements of Income
(Dollars in Thousands, Expect Per Share Data, Unaudited)
	Nine Months Ended
	September 30,
	2020		2019
Interest income
Loans receivable	$	132,927	$	136,862
Investment securities – taxable	6,923		9,552
Investment securities – non–taxable	12,294		8,520
Total interest income	152,144		154,934
Interest expense
Deposits	15,838		24,923
Borrowed funds	5,974		8,391
Subordinated notes	953		—
Junior subordinated debentures issued to capital trusts	2,061		2,348
Total interest expense	24,826		35,662
Net interest income	127,318		119,272
Credit loss expense	17,709		1,636
Net interest income after credit loss expense	109,609		117,636
Non–interest income
Service charges on deposit accounts	6,488		7,193
Wire transfer fees	699		474
Interchange fees	6,661		5,659
Fiduciary activities	6,398		5,986
Gains / (losses) on sale of investment securities	1,675		(85)
Gain on sale of mortgage loans	18,906		6,089
Mortgage servicing income net of impairment	(4,043)		1,620
Increase in cash value of bank owned life insurance	1,677		1,624
Death benefit on bank owned life insurance	264		580
Other income	1,163		1,984
Total non–interest income	39,888		31,124
Non-interest expense
Salaries and employee benefits	51,052		48,365
Net occupancy expenses	9,549		9,051
Data processing	7,074		6,245
Professional fees	1,742		1,426
Outside services and consultants	5,235		6,737
Loan expense	7,667		6,195
FDIC insurance expense	955		252
Other losses	427		363
Other expense	11,287		12,748
Total non–interest expense	94,988		91,382
Income before income taxes	54,509		57,378
Income tax expense	7,903		9,383
Net income	$	46,606	$	47,995
Basic earnings per share	$	1.06	$	1.12
Diluted earnings per share	$	1.06	$	1.11

24

EX-99.2

A NASDAQ Traded Company - Symbol HBNC INVESTOR PRESENTATION | OCTOBER 28, 2020 EXCEPTIONALSERVICE•SENSIBLEADVICE ®

Important Information Forward-Looking Statements This presentation 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 the presentation materials 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. 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 risk factors relating to the banking industry and the other factors detailed from time to time in Horizon’s reports filed with the Securities and Exchange Commission (the “SEC”), including those described in Horizon’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 and other subsequent filings with the SEC. Further, statements about the effects of the COVID-19 pandemic on our business, operations, financial performance, and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable, and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties, and us. 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. Non-GAAP Measures Certain non-GAAP financial measures are presented herein. Horizon believes they are useful to investors and provide a greater understanding of Horizon’s business without giving effect to non-recurring costs and non-core items. For each non-GAAP financial measure, we have presented comparable GAAP measures and reconciliations of the non-GAAP measures to those GAAP measures in the Appendix to this presentation. Please see slides 38-50. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 2

Corporate Overview EXCEPTIONALSERVICE•SENSIBLEADVICE ® 3

3Q20 Highlights • Profitably grew and strengthened balance Change % vs. sheet ($000s except per share data) 3Q20 2Q20 3Q19 • Net income increased >38% during the quarter Income Statement • Pre-tax pre-provision income increased >12% Net interest income $43,397 0.9% (0.2)% Non-interestincome $16,700 50.1% 45.0% • Average earning assets up >2% compared to linked quarter Reported net income $20,312 38.8% (1.1)% Diluted EPS $0.46 39.4% 0.0% • Record mortgage volume and record gain on Diluted EPS 55.6% (0.6)% (0.9)% mortgage loan sales of $8.8 million for the Efficiency ratio period Balance Sheet Average earning assets $5,251,611 2.7% 13.6% • Continued solid asset quality metrics, with Averagetotalloans $4,010,003 2.8% 10.0% NPAs/total assets of 0.55% at September 30, Averagetotaldeposits $4,330,863 2.5% 9.6% 2020 Credit Quality • Disciplined expense management, with Non-performing assets $31,655 3.1% 36.4% annualized non-interest expense to average NPA ratio 0.55% 2 bps 10 bps assets ratio of 2.30% and efficiency ratio of Netcharge-offstoavg.loansfortheperiod 0.02% 1bps 0bps 55.6% Capital Tangiblebookvaluepershare $11.29 3.9% 9.5% Bookvaluepershare $15.28 2.7% 6.9% Dividendspayoutratio 26.1% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 4

Seasoned Management Team Craig M. Dwight James D. "Jim" Neff Chairman & CEO President • 41 Years of Banking • 42 Years of Banking Experience SEASONED LEADERSHIP Experience • 2 Years as President • 21 Years as President or • 19 Years as Senior Mortgage and • Executive team has CEO of Bank Retail Credit Officer collectively >200 total years’ banking experience Mark E. Secor Kathie A. DeRuiter • Horizon’s middle management Executive VP & CFO EVP & Senior team on average has >25 • 31 Years of Banking & Public Operations Officer years of banking experience Accounting Experience • 30 Years of Banking and • 11 Years with Horizon as CFO Operational Experience Executive Vice President of • 19 Years as Senior Bank • Horizon’s employees Horizon Operations Officer understand the value of work Dennis J. Kuhn Todd A. Etzler • 14 mergers and 11 organic expansions completed in last EVP & Chief Commercial SVP , Corporate Secretary Banking Officer & General Counsel 16 years • 35 Years of Banking Experience • 28 Years of Corporate Legal • 10 Years with Horizon, 2 years Experience and 9 years of as Chief Commercial Banking General Counsel Experience Officer • 3 Years as SVP and General Counsel EXCEPTIONALSERVICE•SENSIBLEADVICE ® 5

A History of Profitable Growth Extensive and Diligent M&A Expertise Supplements Organic Growth 2014 - 2019 Organic Expansions 11 Organic M&A • Carmel, IN • 1st Mtg. • Bargersville 14 M&A • Ft. Wayne, IN • Summit • Lafayette • Grand Rapids, • Peoples • Wolverine 2008 - 2013 MI • Farmers • Salin Organic M&A • Columbus, • Kalamazoo, MI • American Trust OH(1) • LaPorte • Indianapolis, IN • Heartland • Noblesville, IN • CNB $6,000,000 Bancshares 0.07 2002 - 2007 • Holland, MI $5.2 0.06 $5,000,000 Organic M&A $67 $4.2 • St. Joseph, MI • Anchor Mortgage $4.0 0.05 $4,000,000 • South Bend, IN • Alliance Financial $53 $3.1 0.04 • Elkhart, IN $3,000,000 $2.7 0.03 • Merrillville, IN $2.1 $33 $1.8 $2,000,000 $1.8 $1.5 $1.3 $1.4 $1.4 $24 0.02 $1.1 $1.2 $1.3 $0.9 $20 $20 $21 $0.7 $0.8 $18 $1,000,000 0.01 $13 $9 $10 $13 $7 $7 $8 $9 $- $5 $7 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total Assets ($B) Net Income ($M) (1) Columbus location closed February 2018. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 6

Built to Outpace GDP & Industry Over Long-Term Assets expected to grow 3%-4% during 2020 and remain stable in 2021, ex. PPP Well-Established Long-Term Goals 2009 - 2019 2014 - 2019 Meaningfully outpace GDP and 14% average asset growth 20% average asset growth industry 4.7x GDP 5.2x GDP ~50/50 growth organic/acquired 3.3x banks 5.2x banks Organic growth of ≥3x GDP growth 28% 26% 23% 24% 23% 21% 20% 18% 18% 10% 8% 7% 6% 5% 3% 4% 1% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -5% HBNC Annual Asset Growth GDP Annual Growth All Commercial Bank Annual Asset Growth Source: Federal Reserve Bank of St. Louis and company data. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 7

Diversified & Attractive Footprint Serving the Right Side of Chicago Headquartered in Michigan City, IN, with 73 locations MICHIGAN in attractive markets in Indiana and Michigan $1.4B IN LOANS WISCONSIN Double commuter track addition to the South Shore train lines supports growth in Northwest Indiana, which offers proximity to Chicago, with lower taxes and cost of living Major colleges and universities throughout footprint, including Notre Dame University, Purdue University, University of Michigan and Michigan State University INDIANA MICHIGAN 9/30/20 Loans: $2.2B 9/30/20 Loans: $1.4B 61% of Loans 39% of Loans ILLINOIS Multiple Revenue Streams OHIO Diversifies Risk Retail Banking Mortgage Banking INDIANA Business Banking Wealth Management $2.2B IN LOANS Complementary Revenue Streams that are Counter-Cyclical to Varying Economic Cycles Note: Total loan figures for Indiana and Michigan are as of 9/30/20 and do not include KENTUCKY Mortgage Warehouse. EXCEPTIONALSERVICE•SENSIBLEADVICEEXCEPTIONALSERVICE•QUALITYADVICE ® ® 8 8

Attractive & Stable Midwest Markets Top 5 Markets by Deposits Michigan City, IN / Southwest Indianapolis, IN Northwest Indiana Lafayette, IN La Porte, IN Michigan* (Growth) (Growth) (Growth) (Legacy) (Growth) $1.1B Deposits $680M Deposits $548M Deposits $413M Deposits $322M Deposits 8 Branches 9 Branches 10 Branches 8 Branches 7 Branches • Significant • Greater Indianapolis • Double commuter • Similar culture and • Purdue University manufacturing, area exhibits strong track addition to the economic base to collaborates with healthcare, and growth South Shore train legacy markets in contiguous cities of education industries lines Northern Indiana Lafayette and West • Over $500M in new Lafayette • Over $1.5B in public investment and • High cost of living in • Grand Rapids one of and private 4,000 new jobs Chicago the most attractive • Subaru expanding investments since created in 2019 markets in the facilities 2012 • Population density of Midwest Chicago Michigan City, IN Northwest Southwest Indianapolis, IN Lafayette, IN La Porte, IN Indiana Michigan* MedianHHI $53,255 $65,306 $74,285 $58,856 $59,404 ’20–’25HHIGrowth 6.8% 11.2% 11.5% 11.8% 10.9% ’20–’25Pop.Growth 0.12% 3.81% 0.08% 1.02% 3.86% Source: S&P Global Market Intelligence. Note: Core market demographics reflect MSA data. *Southwest Michigan defined as the MSAs of Niles, Grand Rapids-Kentwood and Kalamazoo-Portage. Demographic data weighted by HBNC deposits. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 9

COVID-19 Response Supporting Employees, Customers & Communities EMPLOYEESCONSUMERSBUSINESSESCOMMUNITIES Safety and well being of 100% of our branch locations Preferred SBA Lender: Increased volunteerism in employees & families is our first are now open for walk-in traffic • Active Participant in all SBA support of local not-for-profit priority loan programs (PPP, 7a, entities Installed nine additional Express & 504) Implemented pandemic plan in Interactive Teller Machines Contributed over $300,000 to March after completing test run (ITMs) staffed by Remote Video Payment Relief Programs: COVID-19 related not-for-profit in February 2020 Tellers • Approximately $152 million efforts (local food banks, United in commercial loans with Way, housing) Installed sneeze guards, Opened fourth call center payment extensions, down customer directional signage, location from $470 million at June 30, Participating in community implemented mask 2020 conference calls related to requirements, and continuing Payment Relief: • Processed and received COVID-19 with sanitizing and social • Approximately $8 million in approval for 2,438 PPP distancing protocols. consumer & mortgage loans loans (Rounds One and Partnered with local with payment extensions, Two), funding approximately neighborhood housing Steadily reducing percentage of down from $63 million at $310.9 million partnerships to provide funding employees working remotely June 30, 2020 • Continue to provide new for low to moderate income from early second quarter peak • Continue to provide new loans to qualified applicants families loans to qualified applicants • Began accepting PPP Increased PTO / sick time • Providing mortgage loan forgiveness applications on Partnered with local Certified benefits education programs September 1, 2020 Development Corporations to • Providing additional financial provide capital to small assistance in the form of fee businesses waivers, freeze on all debt collection activities Supported flood victims in Midland, Michigan Note: Modification and PPP data as of September 30, 2020 EXCEPTIONALSERVICE•SENSIBLEADVICE ® 10

Digital Transformation • Approximately 73% of demand deposit account holders were active online banking users at September 30, 2020 • Third quarter upgrade - live online chat support, with 85% of the responses from bots • Fourth quarter upgrade - online and mobile deposit account opening Active Online Monthly Average Banking Users Transaction Volume 110,000 80% 330,000 102,828 100,000 305,000 76% 90,923 280,000 90,000 255,000 80,000 78,426 73% 72% 230,000 70,000 70% 68% 205,000 60,000 180,000 64% 50,000 64% 155,000 40,000 60% 130,000 September September September 2016 2017 2018 2019 3Q20 2018 2019 2020 Branch Transactions Active Online Banking Users Digital & Virtual Transactions As a Percentage to Checking Accounts EXCEPTIONALSERVICE•SENSIBLEADVICE ® 11

Financial Highlights EXCEPTIONALSERVICE•SENSIBLEADVICE ® 12

Strong Core Earnings (1) Adj. Net Income (1) $26,690 Adj. Net Interest Income $24,917 $41,724 $41,443 $41,909 $22,803 $23,688 $40,477 $39,491 $21,839 $20,324 $18,535 $19,421 $14,443 s s 0 0 0 $0.45 $11,154 $0.45 0 0 $0.41 0 $ $ 3.67% 3.49% 3.44% 3.35% $0.32 3.27% $0.24 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Adj. Net Interest Income Adj. NIM Pre-tax, Pre-provision Income Adj. Net Income Adj. EPS Adj. ROAA(1) Adj. PTPP ROAA(1) 1.58% 1.40% 1.92% 1.34% 1.74% 1.76% 1.63% 1.68% 1.03% 0.85% 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Adj. ROAA Adj. PTPP ROAA (1) Footnote Index included in Appendix (see slides 39-50 for non-GAAP reconciliation) EXCEPTIONALSERVICE•SENSIBLEADVICE ® 13

Stable Net Interest Margin • Lower yielding PPP loans impacted the third quarter margin by an additional ~ 1bps • The cost of the subordinated debt in the third quarter lowered the margin ~ 10bps Stable Net Interest Margin 3.71% 3.67% 3.66% 3.63% 3.61% 3.58% 3.60% 3.59% 3.61% 3.45% 3.46% 3.49% 3.36% 3.42% 3.43% 3.44% 3.31% 3.35% 3.27% 2.50% 2.50% 2.28% 2.30% 2.01% 1.80% 1.83% 1.53% 1.40% 1.25% 1.29% 1.05% 0.80% 1.19% 1.13% 0.66% 0.63% 1.07% 1.10% 1.04% 0.60% 0.62% 0.55% 0.93% 0.95% 0.82% 0.53% 0.63% 0.70% 0.50% 0.50% 0.50% 0.50% 0.48% 0.50% 0.55% 0.25% 0.25% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 Adj. NIM (1) Adj. Cost of Core Funds (1) Avg. Fed Funds Rate (2) (1) Footnote Index included in Appendix (see slides 43-48 for non-GAAP reconciliation) (2) Source: S&P Global Market Intelligence. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 14

Change in Loan Yields Directionally Consistent with Funding Costs Commercial loans: • 64% fixed / 36% variable • 26% of variable rate commercial Yield on Loans (%) / Total Loans ($B) loans have floors, 80% of which are 5.41% 5.27% 5.29% 5.14% 5.10% at their floor 5.07% 5.03% $4.0 Retained Mortgage loans: $4.0 $3.6 $3.7 $3.7 $3.6 $3.7 • 29% fixed / 71% variable 4.54% 4.39% • 98% of variable rate mortgage loans $3.0 $3.0 have floors, 6% of which are at their floor Consumer loans: • 65% fixed / 35% variable • 38% of variable rate consumer loans have floors, 71% of which are at their floor 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 PPP loans impacted the third quarter loan Total Loans Yield on Loans (%) yield an additional ~ 3bps EXCEPTIONALSERVICE•SENSIBLEADVICE ® 15

Strong Core Funding Deposit Re-Pricing Opportunities • Non-interest bearing balances increased 8% • Quick and decisive action to reprice deposits began immediately after the Fed’s interest rate cuts in March resulting in interest bearing deposit account costs of 0.13% • CD’s maturing in 2020 total $176 million with a weighted average rate of 1.44% • CD’s maturing in 2021 total $372 million with a weighted average rate of 1.09% • Account and deposit retention data very strong to date Average Cost(1) CDs Non-interest 17% bearing 3Q 2Q 3Q 2Q 23% Average Deposits 2020 2020 2020 2020 ($000s) Average Average (QTD) (QTD) Balances Balances Total Deposits Non-interestbearing $996,427 $924,890 0.00% 0.00% at 9/30/20 $4.3B Interestbearing $2,546,823 $2,461,108 0.13% 0.15% TimeDeposits(CDs) $787,613 $838,553 1.42% 1.73% Interest bearing(1) 60% TotalDeposits $4,330,863 $4,224,551 0.33% 0.43% (1) Footnote Index included in Appendix (see slide 49 for non-GAAP reconciliation) EXCEPTIONALSERVICE•SENSIBLEADVICE ® 16

Use of Expected Additional Liquidity • Improved and strong liquidity position and Securities Portfolio at borrowing capacity as of 9/30/20 September 30, 2020: $1.2B • $1.2B securities portfolio consistently U.S. Treasury, Corporate, 1% managed for liquidity rather than return Federal 1% agency MBS, 12% Federal agency CMO, • Ample sources of liquidity at the holding 15% company including ~$126.6M of unencumbered cash (as of 9/30/20) • Expected additional liquidity from forgiveness of PPP loans, warehouse loan balances returning to normal levels when refinance activity decreases and continued deposit growth State and municipal, 71% • Utilized expected additional liquidity by prepaying $83.0M in FHLB advances with a Bank Level Liquidity ($M) (9/30/20) weighted average cost of 2.61% via $62.0M in cash and $21.0M in security Available Unused Line Liquidity sales resulting in ~ $1.2M in prepayment FHLB Advances $273 penalties, net of gain on sale of securities. FederalReserveDiscountWindow 490 Increasing the security portfolio ~ $100.0M Unsecured Fed Funds 165 beginning in the 3rd quarter. TOTAL $928 EXCEPTIONALSERVICE•SENSIBLEADVICE ® 17

Diverse Sources of Revenue Q3 ‘20 Non-interest Income Breakout Q3 ‘20 Highlights • Diverse sources of non-interest income, $8,813 representing 27.8% of total revenue s 0 0 0 • Record mortgage gain on sale $ $2,105 $2,154 $2,438 $2,498 • Realized $1.5 million of mortgage -$1,308 servicing rights impairment Mtg. Loan Fiduciary Service Interchange Mtg. Other • Shift with lower non-sufficient funds fees Sales Activities Charges - Fees Servicing Deposits and growth in interchange income Mortgage Contribution Mortgage Volume Servicing, net Gain on Sale $18,906 s s 0 0 0 0 $9,208 0 0 $7,906 $6,613 $570,712 $ $ $6,089 $1,583 $2,120 $1,914 $1,620 $408,972 $361,463 $365,865 -$4,043 $294,991 2017 2018 2019 3Q19 (YTD) 3Q20 (YTD) 2017 2018 2019 3Q19 (YTD) 3Q20 (YTD) EXCEPTIONALSERVICE•SENSIBLEADVICE ® 18

Focus on Expense Control Highlights Non-interest Expense Breakout ($M) • Efficiency ratio improved to 55.6% as focus $40,000 on expense control drives positive operating leverage $35,000 • Engaged an independent consultant to $30,000 review all branch locations to identify opportunities for growth, scale advantages and areas to lower investment $25,000 • Third quarter salaries & employee benefit $20,000 increase due to higher performance-based compensation accruals following improved $15,000 financial performance $10,000 Efficiency Ratio(1) 59.4% 54.9% 57.4% 56.5% 56.6% $5,000 58.8% 54.7% 57.3% 56.2% 55.6% $0 3Q19 4Q19 1Q20 2Q20 3Q20 Salaries & Employee Benefits Net Occupancy Expenses Data Processing Professional Fees Outside Services & Consultants Loan Expense Other 3Q19 4Q19 1Q20 2Q20 3Q20 Efficiency Ratio Adj. Efficiency Ratio (1) Footnote Index included in Appendix (see slide 50 for non-GAAP reconciliation) EXCEPTIONALSERVICE•SENSIBLEADVICE ® 19

CECL Implementation Driving Reserve Build CECL Adoption Net Net Net Day Reserve Reserve Reserve ($000s, unaudited) 12/31/19 Impact One 9/30/20 Build(1) Build(1) Build(1) 1/1/20 1Q20 2Q20 3Q20 Commercial $ 11,996 $ 13,618 $ 25,614 $ 6,936 $ 6,597 $ 648 $ 39,795 Retail Mortgage 923 4,048 4,971 683 178 (368) 5,464 Warehousing 1,077 - 1,077 (22) 135 60 1,250 Consumer 3,671 4,911 8,582 599 (260) 1,088 9,810 Allowance for Credit Losses $ 17,667 $ 22,577 $ 40,244 $ 8,196 $ 6,650 $ 1,229 $ 56,319 ACL/Total Loans 0.49% 1.10% 1.39% Acquired Loan Discount $ 20,228 $ (2,786) $ 17,442 $ - $ - $ - $ 12,933 (1) Net Reserve Build is equal to the provision for credit losses net of net charge-offs/recoveries. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 20

Robust Capital Foundation TCE / TA (%) Leverage Ratio (%) 9.1% 9.2% 9.3% 8.7% 8.7% 8.5% 10.8% 9.3% 10.5% 8.8% 8.8% 10.4% 8.3% 8.5% 7.6% 10.1% 9.9% 9.8% 9.9% 9.7% 9.7% 9.4% 9.3% 9.0% 4.0% 2015 2016 2017 2018 2019 3Q20 2015 2016 2017 2018 2019 3Q20 CET1 Ratio (%) Total RBC Ratio (%) 11.9% 12.0% 14.4% 11.5% 11.5% 11.3% 11.7% 11.6% 14.0% 13.9% 14.0% 11.5% 11.5% 13.7% 13.8% 13.5% 13.4% 13.4% 11.1% 13.2% 13.1% 10.9% 12.9% 10.8% 10.5% 7.0% 2015 2016 2017 2018 2019 3Q20 2015 2016 2017 2018 2019 3Q20 HBNC Ratio KBW Regional Bank Index Median - MRQ Adequate + Buffer Source: S&P Global Market Intelligence. Note: Company closed the acquisition of Salin Bancshares, Inc. in March 2019. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 21

Ability to Sustain Capital Levels Under Stress Test Less Excess Allowance for Credit Losses HBNC Industry $325.482 (Similar Size) $ for Industry Have Been Calibrated to Horizon Levels Adequate Capital, $280.895 $83.414 Adequate Capital, 2.9x $56.061 2.6x Capital & Earnings Capital & Earnings Well Capital, Cushion to Cover 3 Well Cushion to Cover 3 $117.783 Capital, Standard Deviation $92.813 Standard Deviation Credit & Interest Credit & Interest Excess Capital, $20.483 Rate Risk Event Rate Risk Event Credit, Excess Credit, Earnings, $63.173 Capital, $114.375 $76.508 $103.802 $84.357 $86.474 Interest Rate, Earnings, Interest Rate, $21.184 $17.645 $9.966 Cushion Historical Risk Historical Risk Cushion Historical Risk Historical Risk ($ in Millions) Event Represents Composition ($ in Millions) Event Represents Composition 3 Standard 3 Standard Deviations of Deviations of Credit & Interest Credit & Interest Rate Risk Rate Risk Reproduced with permission from Vining Sparks, which conducted enterprise-wide risk analysis based on 2Q20 data EXCEPTIONALSERVICE•SENSIBLEADVICE ® 22

Loan Portfolio Review EXCEPTIONALSERVICE•SENSIBLEADVICE ® 23

Diversified & Granular Loan Portfolio % of % of Total Commercial Loans by 9/30/20 Commercial Loan Industry ($M) Balance Portfolio Portfolio Lessors–ResidentialMultiFamily $230 9.9% 5.7% Health Care, Educational & Social 169 7.3% 4.2% Office(exceptmedical) 167 7.2% 4.1% Individuals&OtherServices 162 7.0% 4.0% RealEstateRental&Leasing 147 6.3% 3.6% Mortgage Held For Sale, Retail 142 6.1% 3.5% Warehouse, $13M, 0% $375M, 9% Hotel 142 6.1% 3.5% Construction 137 5.9% 3.4% Manufacturing 118 5.1% 2.9% Consumer, Restaurants 101 4.3% 2.5% $659M, 16% Professional & Technical Services 85 3.7% 2.1% Gross Warehouse / Industrial 83 3.6% 2.1% Loans at Lessors–StudentHousing 79 3.4% 2.0% 9/30/20 RetailTrade 71 3.1% 1.8% $4.0B Commercial, MedicalOffice 64 2.8% 1.6% $2,322M, 58% Mini Storage 61 2.6% 1.5% Residential Farm Land 55 2.4% 1.4% Mortgage, $675M, 17% WholesaleTrade 46 2.0% 1.1% Transportation & Warehousing 39 1.7% 1.0% Lessors–Residential1-4Family 35 1.5% 0.9% Agriculture 35 1.5% 0.9% Leisure&Hospitality 35 1.5% 0.9% Government 21 0.9% 0.5% Other 98 4.1% 2.4% Total $2,322 100.0% 58% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 24

Payment Deferrals as of September 30, 2020 Payment Extensions / Modifications By Loan Type ($ in millions) June 30, 2020 September 30, 2020 Net Net % of % of Net % of % of Balance Type of Loan # Balance Total Portfolio # Balance Total Portfolio % Decrease Commercial 670 $470.8 88.2% 20.1% 61 $152.0 94.9% 6.5% -67.7% Mortgage (Retained Only) 137 39.1 7.3% 5.3% 24 6.6 4.1% 1.0% -83.1% Indirect Auto 819 17.4 3.3% 4.9% 16 0.4 0.3% 0.1% -97.7% Direct 133 3.6 0.7% 5.1% 14 0.5 0.3% 0.7% -86.1% Consumer Revolving 48 3.0 0.5% 1.3% 10 0.6 0.4% 0.3% -80.0% Total 1,807 $533.9 100.0% 14.3% 125 $160.1 100.0% 4.1% -70.0% Mortgage (Serviced Only) 268 162 Payment Extensions / Modifications By Type ($ in millions) June 30, 2020 September 30, 2020 Type Type Principal & Interest Principal & Interest Interest Only Interest Only Net Net Net Net Type of Loan # Balance # Balance # Balance # Balance Commercial 312 $192.0 358 $278.8 28 $82.2 33 $69.8 Mortgage (Retained Only) 137 39.1 0 0.0 24 6.6 0 0.0 Indirect Auto 819 17.4 0 0.0 16 0.4 0 0.0 Direct 133 3.6 0 0.0 14 0.5 0 0.0 Consumer Revolving 13 0.5 35 2.5 6 0.3 4 0.3 Total 1,414 $252.6 393 $281.3 88 $90.0 37 $70.1 Payment Extensions / Modifications By Term ($ in millions) June 30, 2020 September 30, 2020 Type Type 90 Days Over 90 Days Over or Less 90 Days or Less 90 Days Net Net Net Net Type of Loan # Balance # Balance # Balance # Balance Commercial 617 $350.7 53 $120.1 35 $37.9 26 $114.1 Mortgage (Retained Only) 137 39.1 0 0.0 24 6.6 0 0.0 Indirect Auto 819 17.4 0 0.0 16 0.4 0 0.0 Direct 133 3.6 0 0.0 14 0.5 0 0.0 Consumer Revolving 48 3.0 0 0.0 10 0.6 0 0.0 Total 1,754 $413.8 53 $120.1 99 $46.0 26 $114.1 EXCEPTIONALSERVICE•SENSIBLEADVICE ® 25

Quality Consumer Loan Portfolio as of September 30, 2020 • 99.3% secured consumer loans • 93.9% prime, with credit scores ≥700 for 81.3% of portfolio and <640 for 6.2% Unsecured, 0.7% Other, 0.3% RV & Boat, 2.6% • Rescored annually HELOCs, • HELOC combined LTV limited to 34.5% 89.9% Total • Strong asset quality through end of Outstanding 3Q20 at 9/30/20 • 30-89 days past due $659M • 3Q20–0.39% • 2Q20–0.33% Indirect Auto, • NPLs 53.9% • 3Q20–0.60% Home Equity Term, 5.3% • 2Q20–0.59% Direct Auto, 2.7% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 26

Prime Mortgage Loan Portfolio as of September 30, 2020 • 75% of production sold YTD • Predominantly in-market lender • Portfolio mortgages • Underwriting to Fannie Mae guidelines Construction, 3.4% • Full documentation and employment, income and asset verification • 96.8% prime with credit score ≥670 • Strong asset quality through end of 3Q20 Total Outstanding • 30-89 days past due at 9/30/20 • 3Q20–0.32% $675M • 2Q20–0.22% Jumbo, • NPLs 40.6% • 3Q20–1.34% Conforming, Rental, • 2Q20–1.38% 55.2% 0.8% • Mortgage OREO consists of 2 properties totaling $70,000 EXCEPTIONALSERVICE•SENSIBLEADVICE ® 27

Diversified Commercial Lending • Experienced commercial lenders (20+ years on average) • 30-89 days past due • 3Q20–0.05% • Focus on in-market sponsors in resilient markets • 2Q20–0.02% • Predominantly a secured lender with recourse to owners • NPLs • 3Q20–0.69% • Prudent underwriting standards • 2Q20–0.61% $2.3 billion in Total Commercial LoansGeography at June 30, 2020 Agriculture, Develop./Land, 3.9% 1.1% Res. Spec. Northern Homes, 0.5% Michigan, Indiana, Owner Occ. 40% 25% Real Estate, 19.1% Category Geography at at 9/30/20 9/30/20 Non-Owner Occupied Real Estate, 43.9% C&I, 31.6% Other, 1% Central Indiana, 34% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 28

Sectors with Escalated Monitoring Hotel, Restaurant, Retail and Leisure & Hospitality Hotels • 16 relationships with $142.5M outstanding across 28 projects • Average LTV of 57% and average loan size of ~ $3.9M • 78% select service / 10% full service / 7% independent / 5% Restaurant, 1.6% economy properties • Modifications of $82.9M; (58%) Hotel, • Located primarily along major interstates 3.5% Leisure & Hospitality, 0.7% NOO - Retail, Restaurants 3.5% • Over 150 borrowers with $62.1M outstanding (excluding PPP loans) • Average loan size of ~ $365,000 • 37% full-service / 47% limited-service • Modifications of $2.1M; (3%) $4.04B in Total Loans Non-Owner Occupied Retail Outstanding • Over 200 borrowers with $142.4M outstanding at 9/30/20 • Average LTV 53% and average loan size of ~ $653,000 • 58% Retail Strip / 19% Single Retail / 11% Restaurant • Modifications of $15.3M; (11%) Leisure & Hospitality • 59 borrowers with $33.4M outstanding (excluding PPP loans) • Average loan size of ~ $548,000 • Diverse borrowers, i.e. golf courses, entertainment facilities, fitness establishments, zoo • Modifications of $3.4M; (10%) Note: Modification data as of 9/30/20. Outstandings data as of 9/30/20. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 29

HOTEL SECTOR ALL HOTELS OPEN All hotel loans in Horizon’s portfolio are open for business, with occupancy rates ranging 20% - 70% Strong brands including Marriott, Hilton, IHG, WISCONSIN MICHIGAN Wyndham, Choice Hotels and independent brands Borrowers are long-time operators that have managed through multiple economic cycles and most have liquid resources available to them 16 Relationships $142M Outstanding 28 Projects 3.5% of Total Loans OHIO ILLINOIS INDIANA FAVORABLE LOCATIONS Majority are located near major interstate highways or resort communities, which have rebounded faster than hotels located in metropolitan areas 74% of Hotel Loans making principal and interest payments KENTUCKY . EXCEPTIONALSERVICE•SENSIBLEADVICEEXCEPTIONALSERVICE•QUALITYADVICE ® ® 3030

Strong Asset Quality Metrics Through the Third Quarter Credit Loss Expense Net Charge Offs $823 (CECL Implementation 1Q20) $725 $8,600 $629 $7,057 $404 $407 s 0.02% 0.02% 0.02% s 0 CECL 0 0 0 CECL 0 0 $ $ 0.01% 0.01% $2,052 $376 $340 CECL 3Q19 4Q19 1Q20 2Q20 3Q20 NCOs NCOs/Average Loans 3Q19 4Q19 1Q20 2Q20 3Q20 Non-Performing Loans Allowance for Credit Losses (“ACL”) $29,314 $28,056 (CECL Implementation 1Q20) $55,090 $56,319 $24,002 0.72% 0.70% $48,440 $21,185 $19,155 0.65% s s 0 0 0 0 CECL 0 0.58% 0 1.38% 1.39% $ $ $17,956 $17,667 1.30% 0.52% 0.49% 0.49% 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 NPLs (period end) NPLs/Loans (period end) ACL ACL/Loans 3Q20 ACL/Loans excluding PPP Loans = 1.51% 3Q20 ACL/Loans excluding PPP & Warehouse Loans = 1.68% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 31

Key Franchise Highlights Seasoned management Geographic Stable Midwest markets High quality balance team – over 200 years diversification & with balanced industrial sheet with strong combined banking exposure – strong bases and growth liquidity – over $1.2 experience market share in core opportunities billion of cash and footprint securities as of 9/30/20 Robust capital position [ Diversified loan portfolio Historical run rate Strong cash position at ]% Tier 1 and [ ]% Total and complementary demonstrates strong the holding company RBC as of 9/30/20 counter-cyclical core operating earnings revenue streams EXCEPTIONALSERVICE•SENSIBLEADVICE ® 32

Appendix EXCEPTIONALSERVICE•SENSIBLEADVICE ® 33

Payroll Protection Program Through September 30, 2020 Leveraging the CARES Act to provide additional support to small businesses and their employees • PPP loans totaled ~ $310.8 million > $350K - $1M, > $1M, 2% through September 30, 2020 5% > $150K - $350K, 12% • Average loan size less than $135,000 • Began accepting PPP forgiveness applications on September 1, 2020 2,438 PPP Loans Booked ~80% of PPP loans in amounts ≤ $50K and under, $150,000 > $50K - $150K, 54% 27% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 34

Low Levels of Concentrated Exposure Commercial Portfolio By Industry Type Non-Owner Occupied CRE – % of Owner Occupied CRE – C&I Loans – Total Commercial Loans % of Total Commercial Loans % of Total Commercial Loans 48% of Total Commercial Loans 19% of Total Commercial Loans 33% of Total Commercial Loans $1.1 billion $0.4 billion $0.8 billion Lessors - Real Estate Rental & 10% 4% Residential Multi Leasing Construction 5% Office (except Individuals and Other 7% 3% Health Care, Educational medical) Services Social Assist. 5% Health Care, Edu. Social Individuals and Other Retail 4% 6% Assist. 2% Services Manufacturing Motel 6% Retail Trade 2% 3% Professional & Technical Warehouse/ 3% Restaurants Services Industrial 4% 2% Restaurants 3% All Others 3% Manufacturing 1% Real Estate Rental & Leasing 3% Medical Office 3% Construction 1% All Others 2% Lessors Student All Others Housing 3% 1% Agriculture 1% Mini Storage 3% Leisure and Hospitality 1% Administrative Services 1% Professional & Technical Farm Land Wholesale Trade 1% 2% Services 1% Transportation & Lessors - 1% Wholesale Trade Warehousing Residential 1-4 1% 1% Retail Trade 1% Note: Data as of 9/30/20. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 35

Historical Financials Year Ended December 31, Quarter Ended, ($M except per share data) 2015 2016 2017 2018 2019 9/30/19 12/31/19 3/31/20 6/30/20 9/30/20 Balance Sheet: Total Assets $2,652 $3,141 $3,964 $4,247 $5,247 $5,187 $5,247 $5,351 $5,739 $5,790 Gross Loans $1,757 $2,144 $2,838 $3,014 $3,641 $3,668 $3,641 $3,714 $3,994 $4,043 Deposits $1,880 $2,471 $2,881 $3,139 $3,931 $3,916 $3,931 $3,882 $4,308 $4,336 Tangible Common Equity $197 $255 $325 $362 $478 $464 $478 $454 $476 $495 Profitability: Net Income $20.5 $23.9 $33.1 $53.1 $66.5 $20.5 $18.5 $11.7 $14.6 $20.3 Return on Average Assets 0.87% 0.81% 0.97% 1.31% 1.35% 1.60% 1.40% 0.89% 1.05% 1.40% Return on Average Equity 9.9% 7.9% 8.7% 11.2% 11.0% 12.7% 11.3% 7.0% 9.1% 12.1% Net Interest Margin 3.56% 3.29% 3.75% 3.71% 3.69% 3.82% 3.58% 3.56% 3.47% 3.29% Efficiency Ratio(1) 70.0% 71.5% 65.3% 60.7% 59.9% 54.7% 57.3% 58.8% 56.2% 55.6% Asset Quality(2): NPAs & 90+ PD / Assets 0.75% 0.44% 0.44% 0.41% 0.47% 0.45% 0.47% 0.50% 0.53% 0.55% NPAs & 90+ PD / Loans + OREO 1.13% 0.65% 0.61% 0.57% 0.68% 0.63% 0.68% 0.72% 0.77% 0.78% Reserves / Total Loans 0.83% 0.69% 0.58% 0.59% 0.49% 0.49% 0.49% 1.30% 1.38% 1.39% NCOs / Avg. Loans 0.32% 0.08% 0.04% 0.05% 0.06% 0.08% 0.07% 0.04% 0.04% 0.08% Bancorp Capital Ratios: TCE Ratio 7.6% 8.3% 8.5% 8.8% 9.4% 9.3% 9.4% 8.8% 8.6% 8.8% Leverage Ratio 9.8% 10.4% 9.9% 10.1% 10.5% 10.5% 10.5% 10.1% 10.8% 10.8% Tier 1 Capital Ratio 13.2% 13.2% 12.4% 12.8% 13.5% 13.1% 13.5% 12.8% 13.4% 13.5% Total Capital Ratio 14.0% 13.9% 12.9% 13.4% 14.0% 13.5% 14.0% 13.7% 14.4% 14.4% (1) Footnote Index included in Appendix (see slide 49 for non-GAAP reconciliation) (2) As calculated by S&P Global Market Intelligence. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 36

Leader In Our Core Markets HBNC Deposits 2020 '20-'25 '20-'25 HBNC HBNC Market in Market Median Est. Pop. Est. HHI MSA Rank Branches Share ($M) HHI Change Change Michigan City-La Porte, IN 1 8 57.7% $1,150 $53,255 0.1% 6.8% Indianapolis-Carmel-Anderson, IN 16 9 1.0% 680 65,306 3.8% 11.2% Chicago-Naperville-Elgin, IL-IN-WI 67 10 0.1% 548 74,285 0.1% 11.5% Lafayette-West Lafayette, IN 4 7 8.4% 322 59,404 3.9% 10.9% Midland, MI 2 1 12.6% 255 69,009 0.0% 16.9% Niles, MI 4 5 9.9% 232 53,488 -0.5% 10.8% Lansing-East Lansing, MI 14 2 1.7% 150 61,675 1.6% 11.5% Logansport, IN 3 2 18.5% 148 50,939 -0.2% 9.9% Auburn, IN 3 3 16.1% 129 58,507 2.3% 9.4% Warsaw, IN 5 4 5.7% 101 65,982 2.0% 11.4% Grand Rapids-Kentwood, MI 21 2 0.4% 99 67,365 3.2% 11.9% Columbus, IN 6 2 6.1% 96 67,372 3.3% 12.8% Kalamazoo-Portage, MI 10 1 2.0% 82 63,546 2.6% 15.4% Fort Wayne, IN 14 4 1.0% 79 58,865 3.0% 10.6% Sturgis, MI 5 1 7.8% 68 55,036 0.4% 11.5% Marion, IN 6 1 7.4% 61 47,353 -1.9% 11.1% Kokomo, IN 7 2 3.4% 46 52,734 0.6% 7.5% Kendallville, IN 5 2 6.6% 44 59,362 1.0% 9.6% South Bend-Mishawaka, IN-MI 13 2 0.7% 35 58,213 1.4% 15.4% Saginaw, MI 13 1 0.7% 18 48,941 -1.8% 9.2% Elkhart-Goshen, IN 14 1 0.3% 12 65,928 2.5% 16.4% Total Franchise 73 $4,433 $60,882 1.3% 10.4% Source: S&P Global Market Intelligence. Deposit data as of 6/30/20, estimated pro forma for recent or pending transactions per S&P Global Market Intelligence. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 37

Footnote Index Slide 13 • Adjusted net income and adjusted diluted EPS excludes one-time merger expenses, (gain)/loss on sale of securities and death benefit on bank owned life insurance, net of tax. (See further in the Appendix for a reconciliation of these non-GAAP amounts to their GAAP counterparts.) • Pre-tax, pre-provision income excludes income tax expense and credit loss expense. (See further in the Appendix for a reconciliation of these non-GAAP amounts to their GAAP counterparts.) • Adjusted net interest income and adjusted net margin exclude acquisition-related purchase accounting adjustments. (See further in the Appendix for a reconciliation of these non-GAAP amounts to their GAAP counterparts.) • Adjusted ROAA and Adjusted pre-tax, pre-provision ROAA excludes one-time merger expenses, (gain)/loss on sale of securities and death benefit on bank owned life insurance, net of tax. (See further in the Appendix for a reconciliation of these non-GAAP amounts to their GAAP counterparts.) Slide 14 • Adjusted net interest income and adjusted net interest margin excludes prepayment penalties on borrowings and acquisition-related purchase accounting adjustments. Adjusted cost of core funds includes average balances of non- interest bearing deposits and excludes prepayment penalties on borrowings. (See further in the Appendix for a reconciliation of these non-GAAP amounts to their GAAP counterparts.) Slide 16 • Average cost of average total deposits includes average balances of non-interest bearing deposits. (See further in the Appendix for a reconciliation of these non-GAAP amounts to their GAAP counterparts.) Slide 19 • Adjusted efficiency ratio excludes one-time merger expenses, (gain)/loss on sale of securities and death benefit on bank owned life insurance. (See further in the Appendix for a reconciliation of these non-GAAP amounts to their GAAP counterparts.) Slides 39-50 Use of Non-GAAP Financial Measures • Certain information set forth in the presentation materials refers to financial measures determined by methods other than in accordance with GAAP. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business without giving effect to purchase accounting impacts, one-time acquisition and other non-recurring costs and non-core 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. EXCEPTIONALSERVICE•SENSIBLEADVICE ® 38

Footnote Index Non-GAAP Reconciliation of Pre-Tax, Pre-Provision Net Income (Dollars in Thousands, Unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2020 2020 2020 2019 2019 Pre-tax income $ 24,638 $ 16,632 $ 13,239 $ 22,463 $ 24,541 Provision for credit losses 2,052 7,056 8,600 340 376 Pre-tax, pre-provision net income $ 26,690 $ 23,688 $ 21,839 $ 22,803 $ 24,917 Pre-tax, pre-provision net income $ 26,690 $ 23,688 $ 21,839 $ 22,803 $ 24,917 Merger expenses - - - - - (Gain)/loss on sale of investment securities (1,088) (248) (339) (10) - Death benefit on bank owned life insurance (31) - (233) - (213) Adjusted pre-tax, pre-provision net income $ 25,571 $ 23,440 $ 21,267 $ 22,793 $ 24,704 Average Assets $ 5,768,691 $ 5,620,695 $ 5,257,332 $ 5,250,574 $ 5,107,259 Unadjusted pre-tax, pre-provision ROAA 1.84% 1.70% 1.67% 1.74% 1.94% Adjusted pre-tax, pre-provision ROAA 1.76% 1.68% 1.63% 1.74% 1.92% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 39

Footnote Index Non-GAAP Reconciliation of Net Income (Dollars in Thousands, Unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2020 2020 2020 2019 2019 Net income as reported $ 20,312 $ 14,639 $ 11,655 $ 18,543 $ 20,537 Merger expenses - - - - - Tax effect - - - - - Net income excluding merger expenses 20,312 14,639 11,655 18,543 20,537 (Gain)/loss on sale of investment securities (1,088) (248) (339) (10) - Tax effect 228 52 71 2 - Net income excluding (gain)/loss on sale of investment securities 19,452 14,443 11,387 18,535 20,537 Death benefit on bank owned life insurance ("BOLI") (31) - (233) - (213) Net income excluding death benefit on BOLI 19,421 14,443 11,154 18,535 20,324 Adjusted net income $ 19,421 $ 14,443 $ 11,154 $ 18,535 $ 20,324 EXCEPTIONALSERVICE•SENSIBLEADVICE ® 40

Footnote Index Non-GAAP Reconciliation of Diluted Earnings per Share (Dollars in Thousands, Unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2020 2020 2020 2019 2019 Diluted earnings per share ("EPS") as reported $ 0.46 $ 0.33 $ 0.26 $ 0.41 $ 0.46 Merger expenses - - - - - Tax effect - - - - - Diluted EPS excluding merger expenses 0.46 0.33 0.26 0.41 0.46 (Gain)/loss on sale of investment securities (0.02) (0.01) (0.01) - - Tax effect 0.01 - - - - Diluted EPS excluding (gain)/loss on investment securities 0.45 0.32 0.25 0.41 0.46 Death benefit on BOLI - - (0.01) - (0.01) Diluted EPS excluding death benefit on BOLI 0.45 0.32 0.24 0.41 0.45 Adjusted Diluted EPS $ 0.45 $ 0.32 $ 0.24 $ 0.41 $ 0.45 EXCEPTIONALSERVICE•SENSIBLEADVICE ® 41

Footnote Index Non-GAAP Reconciliation of Return on Average Assets (Dollars in Thousands, Unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2020 2020 2020 2019 2019 Average assets $ 5,768,691 $ 5,620,695 $ 5,257,332 $ 5,250,574 $ 5,107,259 Return on average assets ("ROAA") as reported 1.40% 1.05% 0.89% 1.40% 1.60% Merger expenses - - - - - Tax effect - - - - - ROAA excluding merger expenses 1.40 1.05 0.89 1.40 1.60 (Gain)/loss on sale of investment securities (0.08) (0.02) (0.03) - - Tax effect 0.02 - 0.01 - - ROAA excluding (gain)/loss on sale of investment 1.34 1.03 0.87 1.40 1.60 securities Death benefit on bank owned life insurance - - (0.02) - (0.02) ("BOLI") ROAA excluding death benefit on BOLI 1.34 1.03 0.85 1.40 1.58 Adjusted ROAA 1.34% 1.03% 0.85% 1.40% 1.58% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 42

Footnote Index Non-GAAP Reconciliation of Net Interest Margin (Dollars in Thousands, Unaudited) Three Months Ended Three Months Ended September 30, June 30, March 31, December 31, September 30, June 30, March 31, 2020 2020 2020 2019 2019 2019 2019 Net interest income as reported $ 43,397 $ 42,996 $ 40,925 $ 41,519 $ 43,463 $ 41,529 $ 34,280 Average interest earning assets 5,251,611 5,112,636 4,746,202 4,748,217 4,623,985 4,566,674 3,929,296 Net interest income as a percentage of average interest earning assets ("Net 3.39% 3.47% 3.56% 3.58% 3.82% 3.73% 3.62% Interest Margin") Net interest income as reported $ 43,397 $ 42,996 $ 40,925 $ 41,519 $ 43,463 $ 41,529 $ 34,280 Acquisition-related purchase (1,488) (1,553) (1,434) (1,042) (1,739) (1,299) (1,510) accounting adjustments ("PAU") Adjusted net interest income $ 41,909 $ 41,443 $ 39,491 $ 40,477 $ 41,724 $ 40,230 $ 32,770 Adjusted net interest margin 3.27% 3.35% 3.44% 3.49% 3.67% 3.61% 3.46% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 43

Footnote Index Non-GAAP Reconciliation of Net Interest Margin (Dollars in Thousands, Unaudited) Three Months Ended Three Months Ended December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, 2018 2018 2018 2018 2017 2017 2017 2017 Net interest income as reported $ 33,836 $ 33,772 $ 33,550 $ 33,411 $ 31,455 $ 27,879 $ 27,198 $ 25,568 Average interest earning assets 3,808,822 3,717,139 3,638,801 3,580,143 3,471,169 3,078,611 2,943,627 2,797,429 Net interest income as a percentage of average interest earning assets ("Net 3.60% 3.67% 3.78% 3.81% 3.71% 3.71% 3.84% 3.80% Interest Margin") Net interest income as reported $ 33,836 $ 33,772 $ 33,550 $ 33,411 $ 31,455 $ 27,879 $ 27,198 $ 25,568 Acquisition-related purchase (1,629) (789) (1,634) (2,037) (868) (661) (939) (1,016) accounting adjustments ("PAU") Adjusted net interest income $ 32,207 $ 32,983 $ 31,916 $ 31,374 $ 30,587 $ 27,218 $ 26,259 $ 24,552 Adjusted net interest margin 3.43% 3.59% 3.60% 3.58% 3.61% 3.63% 3.71% 3.66% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 44

Footnote Index Non-GAAP Reconciliation of Net Interest Margin (Dollars in Thousands, Unaudited) Three Months Ended December 31, September 30, June 30, March 31, 2016 2016 2016 2016 Net interest income as reported $ 20,939 $ 24,410 $ 20,869 $ 19,774 Average interest earning assets 2,932,145 2,957,944 2,471,354 2,367,250 Net interest income as a percentage of average interest earning assets ("Net 2.92% 3.37% 3.48% 3.45% Interest Margin") Net interest income as reported $ 20,939 $ 24,410 $ 20,869 $ 19,774 Interest expense from prepayment 4,839 - - - penalties on borrowings Acquisition-related purchase (900) (459) (397) (547) accounting adjustments ("PAU") Adjusted net interest income $ 24,878 $ 23,951 $ 20,472 $ 19,227 Adjusted net interest margin 3.45% 3.31% 3.42% 3.36% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 45

Footnote Index Non-GAAP Reconciliation of Cost of Interest Bearing Liabilities (Dollars in Thousands, Unaudited) Three Months Ended Three Months Ended September 30, June 30, March 31, December 31, September 30, June 30, March 31, 2020 2020 2020 2019 2019 2019 2019 Total interest expense as reported $ 6,749 $ 7,348 $ 10,729 $ 11,879 $ 12,248 $ 12,321 $ 11,093 Average interest bearing liabilities 4,027,057 3,975,297 3,814,785 3,794,943 3,601,144 3,570,713 3,131,276 Annualized total interest expense as a percentage of average interest bearing 0.67% 0.74% 1.13% 1.24% 1.35% 1.38% 1.44% liabilities ("Cost of Interest Bearing Liabilities") Total interest expense as reported $ 6,749 $ 7,348 $ 10,729 $ 11,879 $ 12,248 $ 12,321 $ 11,093 Interest expense from prepayment ------- penalties on borrowings Adjusted interest expense $ 6,749 $ 7,348 $ 10,729 $ 11,879 $ 12,248 $ 12,321 $ 11,093 Average interest bearing liablities 4,027,057 3,975,297 3,814,785 3,794,943 3,601,144 3,570,713 3,131,276 Average non-interest bearing deposits 996,427 924,890 717,257 747,513 818,164 818,872 643,601 Average core funding $ 5,023,484 $ 4,900,187 $ 4,532,042 $ 4,542,456 $ 4,419,308 $ 4,389,585 $ 3,774,877 Annualzied adjusted interest expense as a percentage of average core 0.53% 0.60% 0.95% 1.04% 1.10% 1.13% 1.19% funding ("Adjusted Cost of Core Funds") EXCEPTIONALSERVICE•SENSIBLEADVICE ® 46

Footnote Index Non-GAAP Reconciliation of Cost of Interest Bearing Liabilities (Dollars in Thousands, Unaudited) Three Months Ended Three Months Ended December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, 2018 2018 2018 2018 2017 2017 2017 2017 Total interest expense as reported $ 9,894 $ 8,499 $ 7,191 $ 6,015 $ 5,319 $ 4,191 $ 3,607 $ 3,266 Average interest bearing liabilities 3,021,310 2,971,074 2,929,913 2,869,372 2,766,948 2,459,262 2,375,827 2,246,550 Annualized total interest expense as a percentage of average interest bearing 1.30% 1.13% 0.98% 0.85% 0.76% 0.68% 0.61% 0.59% liabilities ("Cost of Interest Bearing Liabilities") Total interest expense as reported $ 9,894 $ 8,499 $ 7,191 $ 6,015 $ 5,319 $ 4,191 $ 3,607 $ 3,266 Interest expense from prepayment -------- penalties on borrowings Adjusted interest expense $ 9,894 $ 8,499 $ 7,191 $ 6,015 $ 5,319 $ 4,191 $ 3,607 $ 3,266 Average interest bearing liablities 3,021,310 2,971,074 2,929,913 2,869,372 2,766,948 2,459,262 2,375,827 2,246,550 Average non-interest bearing deposits 656,114 640,983 605,188 595,644 603,733 540,109 499,446 491,154 Average core funding $ 3,677,424 $ 3,612,057 $ 3,535,101 $ 3,465,016 $ 3,370,681 $ 2,999,371 $ 2,875,273 $ 2,737,704 Annualzied adjusted interest expense as a percentage of average core 1.07% 0.93% 0.82% 0.70% 0.63% 0.55% 0.50% 0.48% funding ("Adjusted Cost of Core Funds") EXCEPTIONALSERVICE•SENSIBLEADVICE ® 47

Footnote Index Non-GAAP Reconciliation of Cost of Interest Bearing Liabilities (Dollars in Thousands, Unaudited) Three Months Ended December 31, September 30, June 30, March 31, 2016 2016 2016 2016 Total interest expense as reported $ 8,450 $ 4,552 $ 3,781 $ 3,754 Average interest bearing liabilities 2,369,810 2,443,986 2,058,463 1,974,325 Annualized total interest expense as a percentage of average interest bearing 1.42% 0.74% 0.74% 0.76% liabilities ("Cost of Interest Bearing Liabilities") Total interest expense as reported $ 8,450 $ 4,552 $ 3,781 $ 3,754 Interest expense from prepayment (4,839) - - - penalties on borrowings Adjusted interest expense $ 3,611 $ 4,552 $ 3,781 $ 3,754 Average interest bearing liablities 2,369,810 2,443,986 2,058,463 1,974,325 Average non-interest bearing deposits 504,274 462,253 364,822 339,141 Average core funding $ 2,874,084 $ 2,906,239 $ 2,423,285 $ 2,313,466 Annualzied adjusted interest expense as a percentage of average core 0.50% 0.62% 0.63% 0.66% funding ("Adjusted Cost of Core Funds") EXCEPTIONALSERVICE•SENSIBLEADVICE ® 48

Footnote Index Non-GAAP Reconciliation of Cost of Deposits (Dollars in Thousands, Unaudited) Three Months Ended September 30, June 30, 2020 2020 Total deposit interest expense as reported $ 3,616 $ 4,506 Average interest bearing deposits 3,334,436 3,299,661 Annualized total deposit interest expense as a percentage of average interest bearing deposits ("Cost of Interest Bearing 0.43% 0.55% Deposits") Average interest bearing deposits 3,334,436 3,299,661 Average non-interest bearing deposits 996,427 924,890 Average total deposits $ 4,330,863 $ 4,224,551 Annualzied deposit interest expense as a percentage of average 0.33% 0.43% total deposits ("Cost of Total Deposits") EXCEPTIONALSERVICE•SENSIBLEADVICE ® 49

Footnote Index Non-GAAP Calculation and Reconciliation of Efficiency Ratio and Adjusted Efficiency Ratio (Dollars in Thousands, Unaudited) Three Months Ended September 30, June 30, March 31, December 31, September 30, 2020 2020 2020 2019 2019 Non-GAAP Calculation of Efficiency Ratio Non-interest expense as reported $ 33,407 $ 30,432 $ 31,149 $ 30,650 $ 30,060 Net interest income as reported 43,397 42,996 40,925 41,519 43,463 Non-interest income as reported 16,700 11,124 12,063 11,934 11,514 Non-interest expense/ (Net interest income + Non-interest income) ("Efficiency Ratio") 55.59% 56.23% 58.79% 57.34% 54.68% Non-GAAP Reconciliation of Adjusted Efficiency Ratio Non-interest expense as reported $ 33,407 $ 30,432 $ 31,149 $ 30,650 $ 30,060 Merger expenses ----- Non-interest expense excluding merger expenses 33,407 30,432 31,149 30,650 30,060 Net interest income as reported 43,397 42,996 40,925 41,519 43,463 Non-interest income as reported 16,700 11,124 12,063 11,934 11,514 (Gain)/loss on sale of investment securities (1,088) (248) (339) (10) - Death benefit on bank owned life insurance ("BOLI") (31) - (233) - (213) Non-interest income excluding (gain)/loss on sale of investment securities and death benefit on BOLI $ 15,581 $ 10,876 $ 11,491 $ 11,924 $ 11,301 Adjusted efficiency ratio 56.64% 56.49% 59.43% 57.35% 54.89% EXCEPTIONALSERVICE•SENSIBLEADVICE ® 50

XML

Cover Page Cover Page	Oct. 28, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 28, 2020
Entity File Number	000-10792
Entity Registrant Name	HORIZON BANCORP, INC.
Entity Central Index Key	0000706129
Amendment Flag	false
Title of 12(b) Security	Common stock, no par value
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-1562417
Trading Symbol	HBNC
Security Exchange Name	NASDAQ
Entity Address, Address Line One	515 Franklin Street
Entity Address, City or Town	Michigan City
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46360
City Area Code	219
Local Phone Number	879-0211
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false