Horizon Bancorp completes balance sheet repositioning; securities sale loss $299.1M vs expected $309.1M

HORIZON BANCORP INC /IN/

Closed public offering of 7.14M shares for net proceeds $98.6M; issued $100M subordinated notes at 7.00% fixed rate through 2030.
Sold ~$1.7B securities with realized pre-tax loss $299.1M (vs $309.1M expected); prepaid $700M FHLB advances with penalty $12.7M (vs $15.6M).
Redeployed ~$600M into investment securities yielding 5.27% tax-equivalent; reducing non-core deposits >$125M in Q3.
Signed LOI to sell ~$190M indirect auto loans by end of Sep; redeeming $56.5M higher-cost sub notes on Oct 1.

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