Horizon Bancorp, Inc. (NASDAQ: HBNC) (“Horizon” or “the company”), headquartered in Michigan City, Indiana, is a diversified $7.6 billion-asset bank holding company with origins dating back to 1873. Through its subsidiary, Horizon Bank (“the bank”), the company operates a 70+ branch network across small to mid-markets, largely throughout northern and central Indiana and southern, central, and northern Michigan. The market footprint is anchored in economies driven by education, manufacturing, and tourism, and situated in close proximity to various urban midwestern MSAs.
The loan portfolio is balanced with consumer loans (e.g., mortgages, HELOCs, indirect auto) representing ~35% of total loans. The commercial loan mix is granular with comparatively lower CRE and C&D exposures. We note that management has made the strategic decision to wind down the indirect auto portfolio while at the same time grow the commercial book through balanced and…
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