Horizon Bancorp Inc: Form 10-Q for the period ended Sep 30, 2025
Filed with the SEC on Nov 10, 2025 and accepted by EDGAR at Nov 10, 2025, 16:07 ET.
Management's discussion and analysis
As filed, 47,981 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Forward–Looking Statements
This report contains certain forward–looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Horizon Bancorp, Inc. (“Horizon” or the “Company”) and Horizon Bank (the “Bank”). Horizon intends such forward–looking statements to be covered by the safe harbor provisions for forward–looking statements contained in the Private Securities Reform Act of 1995, and is including this statement for the purposes of these safe harbor provisions. Statements in this report should be considered in conjunction with the other information available about Horizon, including the information in the other filings we make with the Securities and Exchange Commission. 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,” “expect,” “estimate,” “project,” “intend,” “plan,” “believe,” “could,” “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.
Actual results may differ materially, adversely or positively, from the expectations of the Company that are expressed or implied by any forward–looking statement. Risks, uncertainties, and factors that could cause the Company’s actual results to vary materially from those expressed or implied by any forward–looking statement include but are not limited to:
- effects on Horizon’s business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade;
- uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers;
- current financial conditions within the banking industry;
- the impact of continued partial shutdown of the U.S. government;
- changes in the level and volatility of interest rates, spreads on earning assets and interest bearing liabilities, and interest rate sensitivity;
- the aggregate effects of elevated inflation levels in recent years;
- loss of key Horizon personnel;
- macroeconomic conditions and their impact on Horizon and its customers;
- the increasing use of Bitcoin and other crypto currencies and/or stable coin and the possible impact these alternative currencies may have on deposit disintermediation and income derived from payment systems;
- risks related to the development and use of artificial intelligence (AI);
- the effect of interest rates on net interest rate margin and their impact on mortgage loan volumes and the outflow of deposits;
- increases in disintermediation, as new technologies allow consumers to complete financial transactions without the assistance of banks;
- potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms (e.g., Apple Pay or Bitcoin) take a greater market share of the payment systems;
- estimates of fair value of certain of Horizon’s assets and liabilities;
For the Three and Nine months ended September 30, 2025 and 2024
- volatility and disruption in financial markets;
- changes in prepayment speeds, loan originations, credit losses and market values, collateral securing loans and other assets;
- changes in sources of liquidity;
- potential risk of environmental liability related to lending and acquisition activities;
- changes in the competitive environment in Horizon’s market areas and among other financial service providers;
- legislation and/or regulation affecting the financial services industry as a whole, and Horizon and its subsidiaries in particular;
- changes in regulatory supervision and oversight, including monetary policy and capital requirements;
- changes in accounting policies or procedures as may be adopted and required by regulatory agencies;
- litigation, regulatory enforcement, tax, and legal compliance risk and costs, as applicable generally and specifically to the financial and fiduciary (generally and as an ESOP fiduciary) environment, especially if materially different from the amount we expect to incur or have accrued for, and any disruptions caused by the same;
- the effects and costs of governmental investigations or related actions by third parties;
- rapid technological developments and changes;
- the risks presented by cyber terrorism and data security breaches;
- the rising costs of effective cybersecurity;
- containing costs and expenses;
- the ability of the U.S. federal government to manage federal debt limits;
- the risks of expansion through mergers and acquisitions, including unexpected credit quality problems with acquired loans, difficulty integrating acquired operations and material differences in the actual financial results of such transactions compared with Horizon’s initial expectations, including the full realization of anticipated cost savings; and
- acts of terrorism, war and global conflicts, such as the Russia-Ukraine conflict and continued unrest in the Middle East, and the potential impact they may have on supply chains, the availability of commodities, commodity prices, and the overall U.S. and global financial markets.
The foregoing list of important factors is not exclusive, and you are cautioned not to place undue reliance on these forward–looking statements, which speak only as of the date of this document or, in the case of documents incorporated by reference, the dates of those documents. We do not undertake to update any forward–looking statements, whether written or oral, that may be made from time to time by us or on our behalf. For a detailed discussion of the risks and uncertainties that may cause our actual results or performance to differ materially from the results or performance expressed or implied by forward–looking statements, see “Risk Factors” in Item 1A of Part I of our 2024 Annual Report on Form 10–K, in Item 1A of Part II of this Quarterly Report on Form 10–Q, and in the subsequent reports we file with the SEC.
Critical Accounting Estimates
The notes to the consolidated financial statements included in Item 8 of the Company’s 2024 Annual Report on Form 10–K contain a summary of the Company’s significant accounting policies. Certain of these policies are important to the portrayal of the Company’s financial condition, since they require management to make difficult, complex or subjective judgments, some of which may relate to matters that are inherently uncertain. The Company considers these policies to be its critical accounting estimates. Management has identified as critical accounting policies the allowance for credit losses, goodwill and intangible assets, mortgage servicing rights, hedge accounting and valuation measurements.
For additional information regarding critical accounting estimates, see Note 1 – Nature of Operations and Summary of Significant Accounting Policies included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended
For the Three and Nine months ended September 30, 2025 and 2024
December 31, 2024. There have been no material changes in the Company’s application of critical accounting estimates since December 31, 2024.
Results of Operations
Net Income
Net Income decreased $240.2 million, to a net loss of $222.0 million, or $(4.69) per diluted share, during the three months ended September 30, 2025 when compared to net income of $18.2 million, or $0.41 per diluted share, for the same period in 2024. The decrease in net income when compared with the prior year period reflects a decrease in non-interest income of $306.8 million, of which $299.1 million related to a loss on sale of investment securities, and an increase in non-interest expense of $13.7 million, primarily owed to prepayment penalties on the redemption of borrowings. The decrease was partially offset by an increase in interest income of $1.9 million, a decrease of in interest expense of $9.5 million and an decrease in tax expense of $64.3 million.
Net Income decreased $223.7 million, to a net loss of $177.4 million, or $(3.94) per diluted share, during the nine months ended September 30, 2025, compared to net income of $46.3 million, or $1.05 per share, for the same period in 2024. The decrease from the year ago period was primarily a result of a decrease in non-interest income of $299.8 million, of which $299.5 million related to a loss on sale of investment securities, and an increase in non-interest expense of $17.8 million primarily related to the prepayment penalties, partially offset by a decrease in interest expense of $20.2 million, an increase in interest income of $10.4 million and a decrease in tax expense of $59.4 million, to a net credit of $56.4 million.
Net Interest Income
Net interest income increased $11.5 million, or 24.5% during the three months ended September 30, 2025, to $58.4 million, when compared to the same period in 2024. While average earning assets decreased, the reported net FTE interest margin1 increased by 86 basis points, to 3.52% for the three months ended September 30, 2025 compared to the prior year period, attributable to the favorable mix shift in both average interest earning assets toward higher-yielding loans, and the funding mix toward lower cost deposit liabilities. Additionally, loan and securities yields have expanded while deposit costs have declined when compared with the comparable year ago period. Interest accretion from the fair value of acquired loans did not contribute significantly to net interest income, or net FTE interest margin1, in either comparable period.
Net interest income increased $30.5 million during the nine months ended September 30, 2025, to $166.0 million when compared to the same period in 2024. While average earning asset balances declined, the reported net FTE interest margin1 increased by 66 basis points, to 3.26% for the nine months ended September 30, 2025 when compared to the prior year period. The primary driver of the increase in net interest income compared with the prior year period is attributable to the favorable mix shift in both average interest earning assets toward higher-yielding loans, and the funding mix toward lower cost deposit liabilities. Additionally, loan and securities yields have expanded while deposit costs have declined when compared with the comparable year ago period.
1Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
For the Three and Nine months ended September 30, 2025 and 2024
Following are the average balance sheets for the three months ended (dollars in thousands):
(Dollars in Thousands, Unaudited)
| Assets Interest earning assets | Average Balance Sheet Three Months Ended September 30, 2025 Average Balance (6) | Interest(5) | Average Rate | September 30, 2024 Average Balance (6) | Interest(5) | Average Rate |
|---|---|---|---|---|---|---|
| Interest earning deposits (incl. Fed Funds Sold) | $185,665 | $2,062 | 4.41% | $73,524 | $957 | 5.18% |
| Federal Home Loan Bank stock(1) | 45,549 | 862 | 7.51% | 53,826 | 1,607 | 11.88% |
| Investment securities - taxable (2) | 792,829 | 5,769 | 2.89% | 1,301,830 | 6,526 | 1.99% |
| Investment securities - non-taxable (2) | 763,488 | 5,799 | 3.01% | 1,125,295 | 7,987 | 2.82% |
| Total investment securities | 1,556,317 | 11,568 | 2.95% | 2,427,125 | 14,513 | 2.38% |
| Loans receivable (3) (4) | 4,979,211 | 79,941 | 6.37% | 4,775,788 | 75,828 | 6.32% |
| Total interest earning assets | $6,766,742 | 94,433 | 5.54% | $7,330,263 | 92,905 | 5.04% |
| Non-interest earning assets | ||||||
| Cash and due from banks | 83,616 | 108,609 | ||||
| Allowance for credit losses | (54,072) | (52,111) | ||||
| Other assets | 501,590 | 471,259 | ||||
| Total average assets | $7,297,876 | $7,858,020 | ||||
| Liabilities and Stockholders' Equity | ||||||
| Interest bearing liabilities | ||||||
| Interest bearing demand deposits | $1,708,446 | $6,687 | 1.55% | $1,656,576 | $7,370 | 1.77% |
| Saving and money market deposits | 1,636,428 | 8,204 | 1.99% | 1,729,601 | 10,986 | 2.53% |
| Time deposits | 1,198,279 | 10,835 | 3.59% | 1,189,148 | 12,431 | 4.16% |
| Total Deposits | 4,543,153 | 25,726 | 2.25% | 4,575,325 | 30,787 | 2.68% |
| Borrowings | 601,889 | 5,535 | 3.65% | 1,149,952 | 10,221 | 3.54% |
| Repurchase agreements | 88,721 | 389 | 1.74% | 123,524 | 910 | 2.93% |
| Subordinated notes | 91,032 | 1,731 | 7.54% | 55,681 | 830 | 5.93% |
| Junior subordinated debentures issued to capital trusts | 57,602 | 1,069 | 7.36% | 57,389 | 1,230 | 8.53% |
| Total interest bearing liabilities | 5,382,397 | 34,450 | 2.54% | 5,961,871 | 43,978 | 2.93% |
| Non-interest bearing liabilities | ||||||
| Demand deposits | 1,120,719 | 1,083,214 | ||||
| Accrued interest payable and other liabilities | 63,103 | 74,563 | ||||
| Stockholders' equity | 731,657 | 738,372 | ||||
| Total average liabilities and stockholders' equity | $7,297,876 | $7,858,020 | ||||
| Net FTE interest income (Non-GAAP) (5) | $59,983 | $48,927 | ||||
| Less FTE adjustments (5) | 1,597 | 2,017 | ||||
| Net Interest Income | $58,386 | $46,910 | ||||
| Net FTE interest margin (Non-GAAP) (5) | 3.52% | 2.66% | ||||
| (1) Includes dividend income on FHLB stock. | ||||||
| (2) 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. | ||||||
| (3) Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate. | ||||||
| (4) 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. | ||||||
| (5) Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate | ||||||
| (5) Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. | ||||||
| (6) Average balances are calculated on a daily average basis |
55
For the Three and Nine months ended September 30, 2025 and 2024
Following are the average balance sheets for the six months ended (dollars in thousands):
(Dollars in Thousands, Unaudited)
| Assets Interest earning assets | Average Balance Sheet Nine Months Ended September 30, 2025 Average Balance (6) | Interest(5) | Average Rate | September 30, 2024 Average Balance (6) | Interest(5) | Average Rate |
|---|---|---|---|---|---|---|
| Interest earning deposits (incl. Fed Funds Sold) | 160,465 | 5,380 | 4.48% | 153,178 | 6,192 | 10.10% |
| Federal Home Loan Bank stock(1) | 47,554 | 2,948 | 8.29% | 48,553 | 3,911 | 10.76% |
| Investment securities - taxable (2) | 908,061 | 15,663 | 2.31% | 1,312,421 | 19,570 | 1.99% |
| Investment securities - non-taxable (2) | 993,516 | 21,343 | 2.87% | 1,135,734 | 24,225 | 2.85% |
| Total investment securities | 1,901,577 | 37,006 | 2.60% | 2,448,155 | 43,795 | 2.39% |
| Loans receivable (3) (4) | 4,938,985 | 233,781 | 6.33% | 4,629,363 | 215,343 | 6.21% |
| Total interest earning assets | 7,048,581 | 279,115 | 5.29% | 7,279,249 | 269,241 | 4.94% |
| Non-interest earning assets | ||||||
| Cash and due from banks | 86,162 | 107,578 | ||||
| Allowance for credit losses | (52,840) | (50,806) | ||||
| Other assets | 486,091 | 485,693 | ||||
| Total average assets | $7,567,994 | $7,821,714 | ||||
| Liabilities and Stockholders' Equity | ||||||
| Interest bearing liabilities | ||||||
| Interest bearing demand deposits | 1,728,715 | 19,982 | 1.55% | 1,657,267 | 21,078 | 1.70% |
| Saving and money market deposits | 1,654,155 | 24,667 | 1.99% | 1,690,837 | 30,245 | 2.39% |
| Time deposits | 1,214,697 | 32,730 | 3.60% | 1,166,968 | 35,901 | 4.11% |
| Total Deposits | 4,597,567 | 77,379 | 2.25% | 4,515,072 | 87,224 | 2.58% |
| Borrowings | 813,713 | 22,085 | 3.63% | 1,178,180 | 31,403 | 3.56% |
| Repurchase agreements | 88,417 | 1,198 | 1.81% | 128,887 | 2,871 | 2.98% |
| Subordinated notes | 67,652 | 3,389 | 6.70% | 55,629 | 2,490 | 5.98% |
| Junior subordinated debentures issued to capital trusts | 57,550 | 3,429 | 7.97% | 57,334 | 3,668 | 8.55% |
| Total interest bearing liabilities | 5,624,899 | 107,480 | 2.55% | 5,935,102 | 127,656 | 2.87% |
| Non-interest bearing liabilities | ||||||
| Demand deposits | 1,107,304 | 1,080,367 | ||||
| Accrued interest payable and other liabilities | 68,813 | 79,154 | ||||
| Stockholders' equity | 766,978 | 727,091 | ||||
| Total average liabilities and stockholders' equity | $7,567,994 | $7,821,714 | ||||
| Net FTE interest income (Non-GAAP) (5) | 171,635 | 141,585 | ||||
| Less FTE adjustments (5) | 5,626 | 6,108 | ||||
| Net Interest Income | $166,009 | $135,477 | ||||
| Net FTE interest margin (Non-GAAP) (5) | 3.26% | 2.60% | ||||
| (1) Includes dividend income on FHLB stock. | ||||||
| (2) 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. | ||||||
| (3) Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate. | ||||||
| (4) 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. | ||||||
| (5) Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate | ||||||
| (5) Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. | ||||||
| (6) Average balances are calculated on a daily average basis |
56
For the Three and Nine months ended September 30, 2025 and 2024
The following table illustrates the impact of changes in the volume of interest earning assets and interest bearing liabilities and interest rates on net interest income for the periods indicated.
| Interest Income | Three Months Ended September 30, 2025 vs. Three Months Ended September 30, 2024 Total Change | Change Due To Volume | Change Due To Rate | Nine Months Ended September 30, 2025 vs. Nine Months Ended September 30, 2024 Total Change | Change Due To Volume | Change Due To Rate |
|---|---|---|---|---|---|---|
| Interest-bearing deposits in banks | $1,105 | $1,265 | $(160) | $(812) | $528 | $(1,340) |
| Federal Home Loan Bank stock | (745) | (221) | (524) | (963) | (79) | (884) |
| Investment securities - taxable | (757) | (3,088) | 2,331 | (3,907) | (6,662) | 2,755 |
| Investment securities - non-taxable | (2,188) | (2,717) | 529 | (2,882) | (3,055) | 173 |
| Loans receivable | 4,113 | 3,262 | 851 | 18,438 | 14,614 | 3,824 |
| Total interest income | 1,528 | (1,499) | 3,027 | 9,874 | 5,346 | 4,528 |
| Interest Expense | ||||||
| Interest-bearing demand deposits | (683) | 226 | (909) | (1,096) | 885 | (1,981) |
| Savings and money market savings deposits | (2,782) | (569) | (2,213) | (5,578) | (645) | (4,933) |
| Time deposits | (1,596) | 95 | (1,691) | (3,171) | 1,427 | (4,598) |
| Borrowings | (4,686) | (5,031) | 345 | (9,318) | (9,885) | 567 |
| Repurchase agreements | (521) | (214) | (307) | (1,673) | (747) | (926) |
| Subordinated notes | 901 | 629 | 272 | 899 | 580 | 319 |
| Junior subordinated debentures issued to capital trusts | (161) | 5 | (166) | (239) | 14 | (253) |
| Total interest expense | (9,528) | (4,859) | (4,669) | (20,176) | (8,371) | (11,805) |
| Net FTE interest income (Non-GAAP) | 11,056 | 3,360 | 7,696 | 30,050 | 13,717 | 16,333 |
| Less change in FTE adjustments | (420) | (482) | ||||
| Net Interest Income | $11,476 | $30,532 |
Non-Interest Income
(Dollars in Thousands)
| Non-interest (Loss) Income | Three Months Ended September 30, 2025 | September 30, 2024 | $ Change | % Change | Nine Months Ended September 30, 2025 | September 30, 2024 | $ Change | % Change |
|---|---|---|---|---|---|---|---|---|
| Service charges on deposit accounts | $3,474 | $3,320 | $154 | 5% | $9,890 | $9,664 | $226 | 2% |
| Wire transfer fees | 71 | 123 | (52) | (42)% | 211 | 337 | (126) | (37)% |
| Interchange fees | 3,510 | 3,511 | (1) | —% | 10,154 | 10,446 | (292) | (3)% |
| Fiduciary activities | 1,363 | 1,394 | (31) | (2)% | 3,940 | 4,081 | (141) | (4)% |
| Loss on sale of investment securities | (299,132) | — | (299,132) | —% | (299,538) | — | (299,538) | —% |
| Gain on sale of mortgage loans | 1,208 | 1,622 | (414) | (26)% | 3,503 | 3,144 | 359 | 11% |
| Mortgage servicing income net of impairment | 351 | 412 | (61) | (15)% | 1,111 | 1,301 | (190) | (15)% |
| Increase in cash value of bank owned life insurance | 379 | 349 | 30 | 9% | 1,060 | 965 | 95 | 10% |
| Other income (loss) | (6,558) | 780 | (7,338) | (941)% | 1,756 | 1,987 | (231) | (12)% |
| Total non-interest (loss) income | $(295,334) | $11,511 | $(306,845) | (2666)% | $(267,913) | $31,925 | $(299,838) | (939)% |
Total non-interest income decreased $306.8 million, to a net loss of $295.3 million for the three months ended September 30, 2025 compared to the same period in 2024 and decreased $299.8 million, to a net loss of $267.9 million for the nine
For the Three and Nine months ended September 30, 2025 and 2024
months ended September 30, 2025 compared to the same period in 2024. The primary components of the change were as follows:
Loss on sale of investment securities increased by $299.1 million for the three months ended September 30, 2025 compared to zero in the comparable period in 2024, and a increased by $299.5 million for the nine months ended September 30, 2025 compared to zero in the comparable period in 2024. The increase was primarily due to the sale of investment securities during the third quarter of 2025 related to the Company's balance sheet repositioning efforts.
Other income, which includes various miscellaneous income items as well as fair market value adjustments to certain other assets, decreased by $7.3 million, to a loss of $6.6 million for the three months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily related to the pre-tax loss of $7.7 million on the sale of the Company's Indirect Auto portfolio related to the balance sheet repositioning efforts. Other income for the nine months ended September 30, 2025 included the pre-tax gain of $7.0 million on the sale of the Company's mortgage warehouse business in the first quarter of 2025.
Gain on sale of mortgage loans decreased by $0.4 million for the three months ended September 30, 2025 compared to the same period in 2024, driven lower realized gain-on-sale margins, and increased by $0.4 million for the nine months ended September 30, 2025, as compared to the same periods in 2024, driven by the increased volume of sold loans.
Non-Interest Expense
(Dollars in Thousands)
| Non-interest Expense | Three Months Ended September 30, 2025 | September 30, 2024 | $ Change | % Change | Nine Months Ended September 30, 2025 | September 30, 2024 | $ Change | % Change |
|---|---|---|---|---|---|---|---|---|
| Salaries and employee benefits | $22,698 | $21,829 | $869 | 4% | $67,843 | $62,680 | $5,163 | 8% |
| Net occupancy expenses | 3,321 | 3,207 | 114 | 4% | 10,149 | 9,945 | 204 | 2% |
| Data processing | 2,933 | 2,977 | (44) | (2)% | 8,757 | 8,020 | 737 | 9% |
| Professional fees | 808 | 676 | 132 | 20% | 2,369 | 1,997 | 372 | 19% |
| Outside services and consultants | 3,844 | 3,677 | 167 | 5% | 10,387 | 10,094 | 293 | 3% |
| Loan expense | 1,237 | 1,034 | 203 | 20% | 3,157 | 2,791 | 366 | 13% |
| FDIC insurance expense | 1,345 | 1,204 | 141 | 12% | 3,849 | 3,839 | 10 | —% |
| Core deposit intangible amortization | 706 | 844 | (138) | (16)% | 2,338 | 2,560 | (222) | (9)% |
| Merger related expense | — | — | — | —% | 305 | — | 305 | 100% |
| Prepayment penalties | 12,680 | — | 12,680 | 100% | 12,680 | — | 12,680 | 100% |
| Other losses | 131 | 297 | (166) | (56)% | 605 | 828 | (223) | (27)% |
| Other expense | 3,249 | 3,527 | (278) | (8)% | 9,239 | 11,147 | (1,908) | (17)% |
| Total non-interest expense | $52,952 | $39,272 | $13,680 | 35% | $131,678 | $113,901 | $17,777 | 16% |
Non-interest expense increased $13.7 million for the three months ended September 30, 2025 compared to the same period in 2024. Non-interest expense increased $17.8 million for the nine months ended September 30, 2025 compared to the same period in 2024, the primary components of the change were as follows:
Prepayment penalties increased $12.7 million for the three and nine months ended September 30, 2025 when compared to the same period in 2024. The increase was driven by a $12.7 million prepayment penalty related to the payoff of $700 million in FHLB advances during the quarter as part of the Company's balance sheet repositioning.
Salaries and employee benefits expense increased by $0.9 million for the three months ended September 30, 2025 when compared to the same period a year ago. Salaries and employee benefits expense increased by $5.2 million for the nine
For the Three and Nine months ended September 30, 2025 and 2024
months ended September 30, 2025 compared to the same period in 2024. The increase is partially attributable to growth in salary expense related to ongoing hiring efforts in revenue generating roles in commercial lending, equipment finance and treasury management, and higher incentive compensation accruals. Additionally, the prior comparable period benefited from a favorable expense adjustment on a legacy compensation program that was terminated in the fourth quarter of 2024.
Other expenses, which includes corporate and other service expenses, decreased by $0.3 million for the three months ended September 30, 2025 when compared to the same period a year ago and $1.9 million for the nine months ended September 30, 2025 compared to the same period in 2024. This decrease was partially due to decreases in marketing and advertising expenses.
Provision and Allowance for Credit Losses
| Allowance for Credit Losses on Loans | Three Months Ended September 30, 2025 | September 30, 2024 | Nine Months Ended September 30, 2025 | September 30, 2024 |
|---|---|---|---|---|
| Balance at beginning of period | $54,399 | $52,215 | $51,980 | $50,029 |
| Provision for credit losses on loans | (3,390) | 1,044 | 152 | 4,128 |
| Net loan (charge-offs) recoveries: | ||||
| Commercial | $(294) | $52 | $(331) | $167 |
| Residential Real estate | (20) | 9 | (26) | 18 |
| Mortgage warehouse | — | — | — | — |
| Consumer | (517) | (439) | (1,597) | (1,461) |
| Total net loan (charge-offs) recoveries | $(831) | $(378) | $(1,954) | $(1,276) |
| Balance at end of period | $50,178 | $52,881 | $50,178 | $52,881 |
| Liability for Unfunded Lending Commitments | ||||
| Balance at beginning of period | $2,312 | $705 | $2,149 | $615 |
| Provision (reversal) for credit losses on unfunded lending commitments | (41) | — | 705 | 90 |
| Balance at end of period | $2,271 | $705 | $2,854 | $705 |
| Allowance for Credit Losses on Loans and Liability for Unfunded Lending Commitments | $52,449 | $53,586 | $53,032 | $53,586 |
Horizon assesses the adequacy of its Allowance for Credit Losses (“ACL”) by regularly reviewing the performance of its loan portfolio against various economic backdrops, which periodically change. During the three months ended September 30, 2025, the Company recorded a benefit for credit losses on loans of $3.4 million. This compares to a provision for credit losses on loans of $1.0 million compared to the same period in 2024. The decrease in the provision for credit losses on loans when compared to the year ago period was primarily attributable to the release of approximately $3.1 million in total Allowance against the sold portion of the indirect auto portfolio, and well as the continued improvement in the Company's historical loss metrics. The benefit for credit losses in total was $3.6 million for three months ended September 30, 2025 compared to a provision for credit losses of $1.0 million for the same period in 2024. The total provision, other than loans, benefitted from the release of the $0.2 million reserve against the previous Held-To-Maturity investment portfolio for three months ended September 30, 2025.
For the three months ended September 30, 2025, net loan charge-offs increased by $0.5 million to $0.8 million, compared to $0.4 million during the same period in 2024. The increase in charge-offs was primarily due to increases in charge-offs in the commercial portfolio.
The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.04% at September 30, 2025, compared to 1.10% at September 30, 2024.
As of September 30, 2025, the liability for unfunded lending commitments was $2.3 million compared to $0.7 million as of September 30, 2024.
For the Three and Nine months ended September 30, 2025 and 2024
Income Taxes
The Company’s income tax benefit for the three months ended September 30, 2025 was $64.3 million compared to $0.1 million for the same period in 2024. The Company’s income tax benefit for the nine months ended September 30, 2025 was $56.4 million compared to a tax expense of $3.0 million for the same period in 2024. The net credit position for the three and nine months ended September 30, 2025 is attributable to the pre-tax loss generated from the Company's balance sheet repositioning efforts in the third quarter of 2025.
The effective income tax rates differed from the U.S. statutory federal income tax rates of 21% during the comparable periods primarily due to the effect of tax exempt income from securities, loans, and life insurance policies, and net tax benefits from tax credit investments.
Financial Condition
Total assets decreased by $1.1 billion, or 14.0%, as of September 30, 2025, from $7.8 billion as of December 31, 2024. The decrease in total assets is primarily due to the Company's balance sheet repositioning efforts, which resulted in a decrease in total investment securities of $1.2 billion and a decrease in loans held for investment of $21.6 million. Additionally, the decrease is related to a decrease in loans held for sale of $65.7 million, to $1.9 million as a result of the Company's sale of its mortgage warehouse business in the first quarter of 2025. The decrease was partially offset by an increase in cash and cash equivalents of $164.8 million, or 56.2%, to $458.3 million as of September 30, 2025.
Total investment securities decreased $1.2 billion, or 58.0%, to $0.9 billion as of September 30, 2025 when compared to balances as of December 31, 2024. During the quarter, the Company moved its entire held to maturity securities portfolio to available for sale, sold approximately $1.7 billion in book value and reinvested approximately $580 million of the proceeds in the available for sale portfolio, resulting in a net increase in available for sale securities of $649.6 million as of September 30, 2025.
Total loans HFI decreased $23.4 million to $4.8 billion as of September 30, 2025 compared to balances as of December 31, 2024, due to the continued run-off of consumer balances and the sale of approximately $176 million of the Company's indirect auto portfolio during the third quarter of 2025. The decrease was partially offset by organic commercial loan growth of $278.4 million. The company continues to maintain a balanced growth profile across various geographies, products and industries, and holds a diverse lending portfolio consisting primarily of commercial real estate, consumer, residential and commercial and industrial portfolios.
Total deposit balances decreased by $79.8 million, or 1.4%, to $5.5 billion as of September 30, 2025 when compared to balances as of December 31, 2024. The decrease was driven by the ongoing balance sheet repositioning efforts, which led to a decline of approximately $275 million in high-cost transactional deposit balances during the third quarter of 2025, which were partially offset by growth non-interest bearing balances, commercial interest-bearing balances and time deposit balances. The Company maintains a granular and tenured deposit base, with a continued focus on core commercial and consumer deposit gathering.
Total borrowings decreased by $985.1 million, or 79.9%, to $247.2 million as of September 30, 2025 when compared to balances as of December 31, 2024. The decrease is due to the payoff of $700 million in FHLB advances related to the balance sheet repositioning and additional de-leveraging activities during the first quarter of 2025.
Subordinated notes balances increased by $98.3 million to $154.0 million as of September 30, 2025 when compared to balances as of December 31, 2024. The increase is due to the Company's $100.0 million offering, which closed on August 29, 2025. Subsequent to quarter end, on October 1, 2025, the Company redeemed the remaining $56.5 million subordinated note issuance previously outstanding (See Note 15 - Subsequent events).
Other assets balances increased by $73.6 million to $226.2 million as of September 30, 2025, when compared to balances as of December 31, 2024. The increase is due to a $66.4 million increase in taxes receivable, due to the net loss generated
For the Three and Nine months ended September 30, 2025 and 2024
by the balance sheet repositioning activities in the third quarter, and an increase of $9.8 million in security receivables, related to the timing of the settlements of the security sales during the third quarter. The increase was partially offset by fluctuations in the remaining other assets balances.
For the Three and Nine months ended September 30, 2025 and 2024
Investment securities are comprised of the following as of (dollars in thousands):
| Available for sale | September 30, 2025 Amortized Cost | Fair Value | December 31, 2024 Amortized Cost | Fair Value |
|---|---|---|---|---|
| U.S. Treasury, federal agencies, and government sponsored agencies | $31,836 | $31,836 | $2,258 | $1,801 |
| State and municipal | 354,290 | 315,328 | 243,521 | 201,834 |
| U.S. government agency mortgage-backed securities | 491,207 | 493,902 | 17,984 | 14,543 |
| Private labeled mortgage-backed pools | — | — | — | — |
| Corporate notes | 48,750 | 42,176 | 18,259 | 15,499 |
| Total available for sale investment securities | $926,083 | $883,242 | $282,022 | $233,677 |
| Held to maturity | ||||
| U.S. Treasury, federal agencies, and government sponsored agencies | $— | $— | $278,383 | $239,130 |
| State and municipal | — | — | 1,048,862 | 866,706 |
| U.S. government agency mortgage-backed securities | — | — | 349,726 | 294,822 |
| Private labeled mortgage–backed pools | — | — | 29,278 | 25,320 |
| Corporate notes | — | — | 161,599 | 140,290 |
| Total held to maturity investment securities | $— | $— | $1,867,848 | $1,566,268 |
Investment securities available for sale increased $649.6 million since December 31, 2024 to $883.2 million and securities held to maturity, net of the allowance for credit losses, decreased $1.9 billion when compared to balances as of December 31, 2024 to zero as of September 30, 2025. During the quarter, the Company moved its entire held to maturity securities portfolio to available for sale, sold approximately $1.7 billion in book value and reinvested approximately $580 million of the proceeds in the available for sale portfolio as of September 30, 2025.
Credit Quality
The ACL balance at September 30, 2025 was $50.2 million, or 1.04% of period-end loans HFI compared to an ACL balance of $52.0 million at December 31, 2024 or 1.07% of loans HFI. The decrease in the ACL was primarily attributable to the release of approximately $3.1 million in total Allowance against the sold portion of the Indirect Auto portfolio. Additionally, the Provision benefitted from continued improvement in the Company's historical loss metrics. These favorable items were partially offset by net growth in Commercial Loans HFI and a modest increase in specific reserves.
As of September 30, 2025, total non-accrual loans increased by $3.6 million, or 13.8%, from December 31, 2024, to 0.61% of total loans HFI. Total non-performing assets increased $8.3 million, or 30%, from December 31, 2024, to 0.53% of total assets.
During the nine months ended September 30, 2025, net charge-offs were $2.0 million, or 5 basis points annualized of average loans in the period, a change from $0.9 million, or 4 basis point annualized of average loans in the year ago comparable period.
For the Three and Nine months ended September 30, 2025 and 2024
(Dollars in Thousands Except Ratios, Unaudited)
| Non-accrual loans | Credit Quality Quarter Ended September 30, 2025 | December 31, 2024 |
|---|---|---|
| Commercial | $12,303 | $5,658 |
| Residential Real estate | 9,256 | 11,215 |
| Consumer | 7,799 | 8,919 |
| Total non-accrual loans | $29,358 | $25,792 |
| 90 days and greater delinquent - accruing interest | $1,608 | $1,166 |
| Total non-performing loans | $30,966 | $26,958 |
| Other real estate owned | ||
| Commercial | $272 | $407 |
| Residential Real estate | 769 | — |
| Consumer | 480 | 17 |
| Total other real estate owned | $1,521 | $424 |
| Other non-performing assets (1) | $3,228 | $— |
| Total non-performing assets | $35,715 | $27,382 |
| Net charge-offs (recoveries) | ||
| Commercial | $294 | $(32) |
| Residential Real estate | 19 | (10) |
| Consumer | 518 | 668 |
| Total net charge-offs | $831 | $626 |
| Allowance for credit losses | ||
| Commercial | $34,390 | $30,953 |
| Residential Real estate | 3,082 | 2,715 |
| Consumer | 12,706 | 18,312 |
| Total allowance for credit losses | $50,178 | $51,980 |
| Credit quality ratios | ||
| Non-accrual loans to HFI loans | 0.61% | 0.53% |
| Non-performing assets to total assets | 0.53% | 0.35% |
| Annualized net charge-offs of average total loans | 0.07% | 0.05% |
| Allowance for credit losses to HFI loans | 1.04% | 1.07% |
| Allowance for credit losses to non-performing loans | 162.04% | 192.82% |
| (1) Other non-performing assets consist of a single available for sale security placed on non-accrual status in the third quarter of 2025. |
Liquidity
For the Three and Nine months ended September 30, 2025 and 2024
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 FHLB. At September 30, 2025, in addition to liquidity available from the normal operating, funding, and investing activities of Horizon, the Bank had approximately $1.52 billion in unused credit lines with various money center banks, including the FHLB and the FRB Discount Window compared to $1.70 billion at December 31, 2024.
The cash flows from the operating, investing and financing activities of the Company resulted in a net increase in cash, cash equivalents and restricted cash of $164.8 million during the nine months ended September 30, 2025, as reported in the consolidated statements of cash flows in this report. Operating activities, consisting mainly of net loss adjusted for certain non-cash items, provided cash flow of $45.7 million and have historically been a stable source of funds. Investing activities, which occur mainly in the loan and investment securities portfolios, provided cash of $1.0 billion mainly due to the balance sheet repositioning of the securities portfolio, which provided proceeds from sales of AFS securities of $1.4 billion, partially offset by purchases of AFS securities of $583.5 million. Financing activities used cash of $906.6 million, largely resulting from the repayment of long-term borrowings of $1.1 billion and $21.3 million in dividends paid on common stock, partially offset by proceeds from issuance of common stock of $98.0 million and proceeds from issuance of subordinated debt of $95.8 million during the nine months ended September 30, 2025.
Capital Resources
The capital resources of Horizon and the Bank exceeded regulatory capital ratios for “well capitalized” banks at September 30, 2025. Stockholders’ equity totaled $660.8 million as of September 30, 2025, compared to $763.6 million as of December 31, 2024. The decrease in stockholders’ equity during the period was due to a decrease in retained earnings related to the third quarter balance sheet repositioning activities and cash dividend payments on outstanding common stock, partially offset by an increase in additional paid-in-capital from the proceeds of the Company's third quarter common stock offering.
As of September 30, 2025, the ratio of total stockholders’ equity to total assets is 9.84%. Book value per common share was $12.96, decreasing $4.50 compared to December 31, 2024.
Tangible common equity1 totaled $497.7 million at September 30, 2025, and the ratio of tangible common equity to tangible assets1 was 7.60% at September 30, 2025. Tangible book value, which excludes intangible assets from total equity, per common share1 was $9.76, decreasing $3.92 compared to December 31, 2024.
Horizon declared common stock dividends in the amount of $0.16 per share during the three months ended September 30, 2025 and $0.16 per share for the same period in 2024. The dividend payout ratio (dividends as a percent of basic earnings per share) was (12.18)% and 38.47% for the nine months ended September 30, 2025 and 2024, respectively. For additional information regarding dividends, see Horizon’s 2024 Annual Report on Form 10–K.
1 Non-GAAP financial metric. See Non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
For the nine months ended September 30, 2025 and 2024
Use of Non-GAAP Financial Measures
In addition to financial measures presented in accordance with GAAP, this document refers to non-GAAP financial measures, which Horizon believes are helpful to investors and provide a greater understanding of our business and financial results without the impact of items or events that may obscure trends in the Company’s underlying performance. 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 document for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.
Non–GAAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin
(Dollars in Thousands, Unaudited)
| Three Months Ended September 30, 2025 | September 30, 2024 | Nine Months Ended September 30, 2025 | September 30, 2024 | ||
|---|---|---|---|---|---|
| Interest income (GAAP) | (A) | $92,836 | $90,888 | $273,489 | $172,246 |
| Taxable-equivalent adjustment: | |||||
| Investment securities - tax exempt (1) | $1,218 | $1,677 | $4,482 | $3,410 | |
| Loan receivable (2) | 379 | 340 | 1,144 | 681 | |
| Total taxable-equivalent adjustment (3) | $1,597 | $2,017 | $5,626 | $4,091 | |
| Interest income (non-GAAP) | (B) | $94,433 | $92,905 | $279,115 | $176,337 |
| Interest expense (GAAP) | (C) | $34,450 | $43,978 | $107,480 | $83,678 |
| Net interest income (GAAP) | (D) =(A) - (C) | $58,386 | $46,910 | $166,009 | $88,568 |
| Net FTE interest income (non-GAAP) | (E) = (B) - (C) | $59,983 | $48,927 | $171,635 | $92,659 |
| Average interest earning assets | (F) | $6,766,742 | $7,330,263 | $7,048,581 | $7,253,342 |
| Net FTE interest margin (non-GAAP) | (G) = (E*) / (F) | 3.52% | 2.66% | 3.26% | 2.57% |
| (1) The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity | |||||
| (2) The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment | |||||
| (3) Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate | |||||
| *Annualized |
65
For the nine months ended September 30, 2025 and 2024
Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
| Three Months Ended September 30, 2025 | September 30, 2024 | ||
|---|---|---|---|
| Total stockholders' equity (GAAP) | (A) | $660,771 | $754,822 |
| Intangible assets (end of period) | (B) | 163,097 | 166,278 |
| Total tangible common equity (non-GAAP) | (C) = (A) - (B) | $497,674 | $588,544 |
| Total assets (GAAP) | (D) | 6,712,497 | 7,927,457 |
| Intangible assets (end of period) | (B) | 163,097 | 166,278 |
| Total tangible assets (non-GAAP) | (E) = (D) - (B) | $6,549,400 | $7,761,179 |
| Tangible common equity to tangible assets (Non-GAAP) | (G) = (C) / (E) | 7.60% | 7.58% |
Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
| Three Months Ended September 30, 2025 | September 30, 2024 | ||
|---|---|---|---|
| Total stockholders' equity (GAAP) | (A) | $660,771 | $754,822 |
| Intangible assets (end of period) | (B) | 163,097 | 166,278 |
| Total tangible common equity (non-GAAP) | (C) = (A) - (B) | $497,674 | $588,544 |
| Common shares outstanding | (D) | 50,970,530 | 43,712,059 |
| Tangible book value per common share (non-GAAP) | (E) = (C) / (D) | $9.76 | $13.46 |
66
Market risk
As filed, 2,378 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Interest rate risk management focuses on monitoring and maintaining variances in the Company's net interest income profile due to changes in interests rates to within Board-approved policy limits. The Company primarily uses earnings simulation models to expose net interest income to 12- and 24- month sensitivities to various movements in rates. Simulations are modeled quarterly to include scenarios where market rates change instantaneously up or down in a parallel or non-parallel manner, which account for the periodic changes in the balance sheet composition. For further discussion of the Company’s market risk, see the Interest Rate Sensitivity section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s 2025 Annual Report on Form 10-K.
The table below shows the modelled effects of an immediate and parallel shift in interest rates on the Company's net interest income profile over a one-year horizon versus the base case net interest income in a flat rate scenario. The simulation model assumes a static balance sheet over that twelve month period, and utilizes various non-maturity interest bearing deposit beta assumptions, based on the underlying products, ranging from 12% to 80% in the disclosed model outputs below. Deposit beta is an estimate for how quickly interest-bearing deposit pricing will change for a given change in interest rates. Because of limitations inherent in any approach used to measure interest rate risk, simulation results are not intended as a forecast of the actual effect of a change in market interest rates on our results, but rather to provide insight into our current interest rate exposure and to assist in the execution of appropriate asset/liability management strategies. As shown below, the model output would indicate that as of September 30, 2025, the Company's interest-bearing liabilities are projected to reprice at a slightly faster pace than interest-earning assets for the next 100 basis points of declining interest rates.
(Dollars in thousands)
| September 30, 2025 $ Change in Net Interest Income | % Change in Net Interest Income | |
|---|---|---|
| 200 basis points rising | $3,208.0 | 1.2% |
| 100 basis points rising | 1,695.0 | 0.7% |
| 100 basis points falling | $686.0 | 0.3% |
| 200 basis points falling | (6,013.0) | (2.3)% |
67
Controls and procedures
As filed, 1,396 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Evaluation of Disclosure Controls and Procedures
Based on an evaluation of disclosure controls and procedures as of September 30, 2025, Horizon’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of Horizon’s disclosure controls (as defined in Exchange Act Rule 13a–15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)). Based on such evaluation, such officers have concluded that, as of the evaluation date, Horizon's disclosure controls and procedures are effective to ensure that the information required to be disclosed by Horizon in the reports it files under the Exchange Act is recorded, processed, summarized and reported within the time specified in Securities and Exchange Commission's rules and forms and are designed to ensure that information required to be disclosed in those reports is accumulated and communicated to management as appropriate to allow timely decisions regarding disclosures.
Changes in Internal Control Over Financial Reporting
Horizon’s management, including its Chief Executive Officer and Chief Financial Officer, also have concluded that during the fiscal quarter ended September 30, 2025, there have been no changes in Horizon’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, Horizon’s internal control over financial reporting.
Risk factors
As filed, 172 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
There have been no material changes from the factors previously disclosed under Item 1A of Horizon's Annual Report on Form 10–K for the fiscal year ended December 31, 2024.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2025-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Income tax | 3 months2025-07-01 to 2025-09-30 | −$64.3m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2025-01-01 to 2025-09-30 | −$56.4m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2025-07-01 to 2025-09-30 | −$222.0m | us-gaap:NetIncomeLoss |
| Net income | 9 months2025-01-01 to 2025-09-30 | −$177.4m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2025-07-01 to 2025-09-30 | −$4.69 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months2025-01-01 to 2025-09-30 | −$3.94 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2025-07-01 to 2025-09-30 | −$4.69 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months2025-01-01 to 2025-09-30 | −$3.94 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2025-07-01 to 2025-09-30 | 47,311,642 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months2025-01-01 to 2025-09-30 | 44,974,027 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months2025-01-01 to 2025-09-30 | $45.7m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months2025-01-01 to 2025-09-30 | $4.0m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 9 months2025-01-01 to 2025-09-30 | $21.3m | us-gaap:PaymentsOfDividendsCommonStock |
| Cash and equivalents | At period end2025-09-30 | $458.3m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Total assets | At period end2025-09-30 | $6.71bn | us-gaap:Assets |
| Total liabilities | At period end2025-09-30 | $6.05bn | us-gaap:Liabilities |
| Shareholders' equity | At period end2025-09-30 | $660.8m | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000706129-25-000176. Last ingested by Listed: Nov 6, 2026, 17:07 ET. Listed shows no prices and gives no investment advice.