Horizon Bancorp, operating primarily in northern and central Indiana and southern and central Michigan, experienced a significant net income loss of $150 million in FY2025 following consistent profitability in prior years. Operating cash flow surged amid this earnings reversal, reflecting adjustments linked to the loan portfolio. The bank’s commercial lending concentration exposes it to elevated credit risks, while robust capital ratios affirm regulatory compliance. Dividends remained steady though share repurchases were absent, signaling conservative capital management. Recent executive changes align with strategic recalibration efforts as Horizon navigates competitive pressures and evolving regulatory landscapes.