Profile: Horizon Bancorp (HBNC.OQ)
Horizon Bancorp, incorporated on April 26, 1983, is a bank holding company. The Company provides a range of banking services in Northern and Central Indiana and Southwestern and Central Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank) and other affiliated entities and Horizon Risk Management, Inc. The Company operates through commercial banking segment. The Bank is a full-service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking. Horizon Risk Management, Inc. is a captive insurance company. LSB Risk Management, Inc. is a captive insurance company. As of December 31, 2016, the Bank had maintained 56 full service offices, and three loan and deposit production offices.
The Bank has direct and indirect subsidiaries: Horizon Investments, Inc. (Horizon Investments), Horizon Properties, Inc. (Horizon Properties), Horizon Insurance Services, Inc. (Horizon Insurance) and Horizon Grantor Trust. Horizon Investments manages the investment portfolio of the Bank. Horizon Properties manages the real estate investment trust. Horizon Insurance is used by the Company's Wealth Management to sell certain insurance products. Horizon Grantor Trust holds title to certain company owned life insurance policies. The Company formed Horizon Bancorp Capital Trust II and Horizon Bancorp Capital Trust III for the purpose of participating in pooled trust preferred securities offerings.
The Bank's loan portfolio consists of commercial loans, real estate loans, mortgage warehouse loans and consumer loans. As of December 31, 2016, the Company's net loans amounted to $2.1 billion.
The Bank's investment securities include both securities available for sale and held to maturity. The Bank's investment securities consist of the United States treasury and federal agencies, state and municipal, federal agency collateralized mortgage obligations, federal agency mortgage-backed pools, private labeled mortgage-backed pools and corporate notes. As of December 31, 2016, the Company's total securities available for sale amounted to $439.8 million and total securities held to maturity amounted to $194 million.
Source of Funds
The deposits include noninterest-bearing demand deposits, interest-bearing demand deposits, savings deposits, money market deposits and time deposits. As of December 31, 2016, the Company's total deposits amounted to $2.4 billion.
515 Franklin St
MICHIGAN CITY IN 46360-3328