Horizon Bancorp subsidiary faces $3M jury verdict in auto repossession lawsuit; plans appeal

HORIZON BANCORP INC /IN/

Jury awarded ~$3.0M total damages, including $2.5M punitive, against Horizon Bank in a 2018 vehicle repossession and credit reporting case.
Company will add ~$3.0M pre-tax expense to reserve in Q2 2026 and intends to appeal the verdict.
Horizon discontinued indirect auto finance originations in 2023 and exited most remaining exposure in 2024; no broader exposure expected.
Company does not view this as a disruption to its core community bank model; Q2 earnings call scheduled for July.

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