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Horizon Bancorp is a bank holding company whose subsidiary, Horizon Bank, serves businesses and individuals in northern and central Indiana and southern and central Michigan. It takes deposits from customers and uses that funding to make loans and hold investment securities. Borrowers supply most of its interest income, with securities providing a smaller contribution. Commercial loans make up most of its lending.
The business depends on retaining customer deposits, collecting loan payments and keeping the interest it earns above its funding costs. Longstanding relationships with consumers and local businesses provide its principal source of liquidity. Changes in interest rates can narrow that spread if funding costs rise faster than loan and securities yields. Business borrowers’ ability to repay depends on their operations, while commercial property loans depend on property income. Horizon does not materially depend on any single customer or small group of customers.
Federal and state banking rules constrain its lending, investments, capital structure and dividends. Both the holding company and the bank must meet regulatory capital requirements.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
1st Source Corp competes with Horizon Bancorp, Inc. for business and household banking customers in Indiana and Michigan, offering loans and deposit accounts to both groups. Watch its commercial and consumer banking business in those states, rather than its nationwide equipment financing, for signs of pressure on Horizon's customer base.
Mercantile Bank Corp competes with Horizon Bancorp, Inc. for Michigan business loans, household banking customers and deposits. Its lending to small and medium-sized businesses is worth watching as Horizon shifts more earning assets into commercial loans.
Independent Bank Corp. competes with Horizon Bancorp, Inc. in Michigan for loans to businesses and deposits from households.
German American Bancorp, Inc. competes with Horizon Bancorp, Inc. for business and household banking customers in central Indiana, taking deposits and using those funds to make loans. Its local commercial and consumer lending is the business to watch for competition in Horizon's overlapping market.
First Financial Corporation serves Indiana households and businesses with loans, deposits and trust services, overlapping with Horizon Bancorp, Inc.'s offerings. Its west-central Indiana banking business is the relevant comparison, rather than its operations in other states.
Northwest Bancshares, Inc competes with Horizon Bancorp, Inc. in Indiana for personal and business deposits and loans to businesses and households. Watch the interest it pays on deposits: deposits are a principal funding source for Northwest, while Horizon is shifting funding toward deposits from established customer relationships.
Civista Bancshares, Inc. and Horizon Bancorp, Inc. both take deposits and make business and personal loans in Indiana. Commercial real estate accounted for 50% of Civista's total loan portfolio in 2025, so distinguish that concentration when comparing its lending results with Horizon's commercial-loan expansion.
Old Second Bancorp Inc offers a regional comparison for Horizon Bancorp, Inc.: its Chicago-area community banking serves an economy neighboring Horizon's northwest Indiana market, with similar business and household loans and deposit accounts. Its business lending and deposit funding costs are worth watching for conditions affecting both banks.
Byline Bancorp, Inc.'s Chicago business banking and Horizon Bancorp, Inc.'s northwest Indiana commercial banking share exposure to the surrounding regional economy. Watch Byline's ability to gather low-cost deposits through local customer relationships, as Horizon also shifts funding toward relationship-based deposits.
HBT Financial, Inc. is a comparison for Horizon Bancorp, Inc. on Midwestern business loan demand, deposit costs and borrower credit quality: both run similarly sized community banks serving businesses and households in neighboring states. HBT's relationship-based banking in Illinois and eastern Iowa provides a useful contrast to Horizon's Indiana and Michigan business.
Midland States Bancorp, Inc. offers a comparison for Horizon Bancorp, Inc. on Midwestern business credit demand, deposit costs and loan losses, with a comparably sized bank serving businesses and households in neighboring markets. Its banking results in Illinois and the St. Louis area are the relevant comparison, rather than its wealth-management assets.
Mercantile Bank Corp earningsMBWM
Mercantile Bank Corp's report will show how Michigan business-loan demand and deposit competition are shifting, offering a read on the market where Horizon Bancorp seeks business borrowers and deposit funding.
Compare Mercantile's business-loan trend with its deposit costs. Growing business loans and contained funding costs would suggest Michigan demand and deposit competition are favorable as Horizon expands commercial lending; weaker loans or rising costs would point to softer demand or fiercer competition for funds, making growth without margin pressure harder for Horizon.
Housing Starts (Sep)
New-home construction and sales readings show whether homes are being built and sold, which affects whether developers can repay Horizon’s construction loans and whether its mortgage business has homes to finance and loans to sell.
Expected1.31MLast release1.275M
If it comes in above expectations
If the reading is above the 1.31M estimate, it is above the previous 1.275M. More building or sales can support developers’ ability to repay Horizon’s construction loans and provide more activity for its mortgage originations and loan sales.
If it comes in below expectations
Less building or sales can make it harder for developers to repay Horizon’s construction loans and reduce activity for its mortgage originations and loan sales.
Horizon Bancorp, Inc. earningsThis company
Horizon Bancorp earns mainly from loan and securities interest after deposit and borrowing costs, and this report will show whether commercial lending can keep lifting that income without funding costs or loan losses erasing the gain.
Read commercial-loan growth alongside net interest margin—the yield on earning assets minus the cost of interest-bearing funding—and check deposit costs and credit measures such as past-due and nonaccrual loans. Growing loans with a steady margin and no credit deterioration would show local business demand and deposit funding are supporting earnings; a narrowing margin, weak lending or rising delinquencies would point to funding competition or borrower strain offsetting growth.
Initial Jobless Claims (Oct/17)
Weekly jobless claims count new applications for unemployment benefits and can signal repayment pressure among Horizon’s mortgage, construction and commercial real-estate borrowers, affecting delinquencies and credit-loss costs.
Expected200.0KLast release199.0K
If it comes in above expectations
If the reading is above the 200.0K estimate, it is above the previous 199.0K. More claims suggest layoffs are increasing, which can weaken Horizon borrowers’ ability to repay and contribute to more delinquencies and credit-loss costs.
If it comes in below expectations
Fewer claims suggest the labour market is holding up, which can ease repayment pressure on Horizon borrowers and limit delinquencies and credit-loss costs.
Fed Interest Rate Decision
Fed rate decisions show how the cost of borrowing across the economy is changing, which can shift what Horizon earns on loans and securities against what it pays depositors and other lenders.
Expected4.0%Last release4.0%
If it comes in above expectations
For Horizon, higher rates can make deposit and borrowing costs rise faster than income on loans and securities, squeezing the amount it earns from lending and investing; they can also reduce mortgage originations and related sale income.
If it comes in below expectations
For Horizon, lower rates can reduce income on loans and securities and prompt borrowers to refinance, while competitive pressure may limit how far it can cut deposit rates; mortgage refinancing may also lift originations even as income per loan changes.
Non Farm Payrolls (Oct)
The monthly payrolls report counts jobs added or lost and indicates employment strength, which affects whether Horizon’s mortgage, construction, commercial real-estate and home-equity borrowers can keep up with loan payments.
Stronger job growth suggests borrowers may be better placed to repay Horizon’s mortgage, construction, commercial real-estate and home-equity loans; weaker job growth points to more repayment pressure and potential credit losses.
