Horizon Bancorp reported a third quarter net loss of $222 million, a sharp reversal from net income of $18.2 million during the same period last year.

News Release

MICHIGAN CITY — Horizon Bancorp reported a third quarter net loss of $222 million, a sharp reversal from net income of $18.2 million during the same period last year. The Michigan City based bank attributed the results in part to a strategic balance sheet repositioning effort that executives said is progressing ahead of internal expectations.

In a news release, the company focused on what it described as ‘continued strength’ in its core community banking operations despite the impact of restructuring.

Total loans for investment declined 13% during the quarter, while organic commercial lending grew 7% to $57.9 million.

Leadership said the bank intends to maintain a disciplined approach through late 2025 and into 2026. Priorities include profitable growth and capital deployment intended to support durable returns and long term shareholder value.

“Horizon’s third quarter results were highlighted by the successful execution of our previously announced strategic balance sheet repositioning, which has exceeded our initial expectations and is on pace to achieve the top tier financial outcomes outlined in our plan. At this point, there is little work left to be done,” said Thomas Prame, president and CEO in the release.

Horizon Bancorp’s full earnings report is available online.