Horizon Bancorp to add ~$3.0M reserve after $3.0M jury verdict against Horizon Bank

Horizon Bancorp announced it will record an approximate $3.0 million pre-tax reserve after a jury awarded nearly $3.0 million in damages against Horizon Bank.Key Highlights:Original SEC Filing: HORIZON BANCORP INC /IN/ [ HBNC ] - 8-K - Jun. 30, 2026This is an AI-powered summary. It may contain inac…

Horizon Bancorp announced it will record an approximate $3.0 million pre-tax reserve after a jury awarded nearly $3.0 million in damages against Horizon Bank.

Key Highlights:

Jury returned a verdict on June 24, 2026, awarding nearly $3.0M in a 2018 indirect auto repossession/credit reporting case.
Verdict includes $2.5M in punitive damages; Horizon intends to appeal the decision.
Company will add ~ $3.0M pre-tax expense to its reserve in Q2 and will maintain it pending appeal.
Horizon discontinued new indirect auto originations in 2023 and exited most related exposure in 2024; no broader exposure expected.

Original SEC Filing:

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.