HORIZON BANCORP INC /IN/, DEF 14A filed on 3/20/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name HORIZON BANCORP, INC.
Entity Central Index Key 0000706129
v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
(a)
(b)
(b)
(c)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
Value of Initial Fixed $100 Investment Based On
Company Selected Measure (CSM):
Year
Summary Compensation Table Total for First CEO (PEO) (1)
Summary Compensation Table Total for Second CEO (PEO) (2)
Compensation Actually Paid to First CEO (CAP) (3)
Compensation Actually Paid to Second CEO (CAP) (3)
Average Summary Compensation Table Total for Non-PEO NEOs (4)
Average Compensation Actually Paid to Non-PEO NEOs (5)
Company Total Shareholder Return (TSR) (6)
Peer Group TSR (7)
Net Income (in Millions) (8)
Return on Average Assets (9)
($)($)($)($)($)($)($)($)($)(%)
202501,965,115 02,070,937 817,072 850,229 131.87160.37(150.48)(2.06)
2024
01,640,847 01,901,962 839,172 951,386 
104.69
132.44
35.43 0.45 
2023
1,993,309 1,110,057 2,159,459 1,178,271 560,562 
564,155
100.47
100.7027.98 0.36 
2022
1,328,910 
N/A
991,735 
N/A
648,922 
550,248
63.12
81.23
93.41 1.24 
2021
1,402,359 
N/A
1,697,391 
N/A
660,875 
787,483
138.19
144.69
87.09 1.34 
        
Company Selected Measure Name Return on Average Assets        
Peer Group Issuers, Footnote
Peer Group TSR the SNL Micro Cap Bank Index is illustrated.
        
Adjustment To PEO Compensation, Footnote
Compensation Actually Paid to First CEO
PEO
Year
Salary
(A)
Stock Awards
(B)
Non–Equity Incentive Plan Compensation
(C)
All Other Compensation
(D)
SCT Total
(E)
Deductions from SCT Total
(F)
Additions to SCT Total
(G)
CAP
($)($)($)($)($)($)($)($)($)
2025— — — — — — — — 
2024
— — — — — — — — 
2023342,118 844,977 — 806,214 1,993,309 (844,977)1,011,127 2,159,459 
2022
635,000 419,969 190,500 83,441 1,328,910 (419,969)82,794 991,735 
2021
605,000 284,980 438,625 73,754 1,402,359 (284,980)580,012 1,697,391 

Compensation Actually Paid to Second CEO
PEO
Year
Salary
(A)
Stock Awards
(B)
Non–Equity Incentive Plan Compensation
(C)
All Other Compensation
(D)
SCT Total
(E)
Deductions from SCT Total
(F)
Additions to SCT Total
(G)
CAP
($)($)($)($)($)($)($)($)($)
2025685,000 569,973 601,088 109,054 1,965,115 (569,973)675,795 2,070,937 
2024
600,000 549,996 405,000 85,851 1,640,847 (549,996)811,111 1,901,962 
2023
580,769 299,981 176,771 52,536 1,110,057 (299,981)368,195 1,178,271 
(A)
The dollar amounts in the “Salary” columns are the amounts reported for Mr. Dwight and Mr. Prame for each corresponding year in the “Salary” column of the CTSCT, as set forth in the proxy statement covering the corresponding year, as filed with the SEC.
(B)
The dollar amounts in the “Stock Awards” columns are the amounts reported for Mr. Dwight and Mr. Prame for each corresponding year in the “Stock Awards” column of the SCT, as set forth in the proxy statement covering the corresponding year, as filed with the SEC.
(C)
The dollar amounts in the “Non-Equity Incentive Plan Compensation” columns are the amounts reported for Mr. Dwight and Mr. Prame for each corresponding year in the “Non-Equity Incentive Plan Compensation” column of the SCT, as set forth in the proxy statement covering the corresponding year, as filed with the SEC.
(D)
The dollar amounts in the “All Other Compensation” columns are the amounts reported for Mr. Dwight and Mr. Prame for each corresponding year in the “All Other Compensation” column of the SCT, as set forth in the proxy statement covering the corresponding year, as filed with the SEC.
(E)
The dollar amounts in the “SCT Total” columns are the amounts reported for Mr. Dwight and Mr. Prame for each corresponding year in the “Total” column of the SCT, as set forth in the proxy statement covering the corresponding year, as filed with the SEC.
(F)
The dollar amounts in the “Deductions from SCT Total” columns are the total of the amounts reported for Mr. Dwight and Mr. Prame in the “Stock Awards” and “Option Awards” columns, as applicable, in the SCT for the applicable year.
(G)
The dollar amounts in the “Additions to SCT Total” column reflect the addition (or subtraction, as applicable) of the following equity award adjustments for Mr. Dwight and Mr. Prame for the applicable year: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in the same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year.
        
Non-PEO NEO Average Total Compensation Amount $ 817,072 $ 839,172 $ 560,562 $ 648,922 $ 660,875
Non-PEO NEO Average Compensation Actually Paid Amount $ 850,229 951,386 564,155 550,248 787,483
Adjustment to Non-PEO NEO Compensation Footnote
Compensation Actually Paid to Non–PEO
Average Non-PEO
Year
Salary
Stock Awards
Non-Equity Incentive Plan CompensationAll Other CompensationSCT TotalDeductions from SCT TotalAdditions to SCT TotalCAP
($)($)($)($)($)($)($)($)($)
2025370,295 165,093 211,302 70,381 817,072 (165,093)198,251 850,229 
2024
308,903 279,600 109,489 141,180 839,172 (279,600)391,814 951,386 
2023
312,682
133,020 55,450 59,410 560,562 (133,020)136,613 564,155 
2022
283,549
253,466 69,707 42,200 648,922 (253,466)154,792 550,248 
2021
322,072
128,829 154,413 55,561 660,875 (128,829)255,437 787,483 
        
Total Shareholder Return Amount $ 131.87 104.69 100.47 63.12 138.19
Peer Group Total Shareholder Return Amount 160.37 132.44 100.70 81.23 144.69
Net Income (Loss) Available to Common Stockholders, Basic $ (150,480,000) $ 35,430,000 $ 27,980,000 $ 93,410,000 $ 87,090,000.00
Company Selected Measure Amount (0.0206) 0.0045 0.0036 0.0124 0.0134
Additional 402(v) Disclosure
Amounts reported in this column and others related to the "First CEO" are for Craig M. Dwight, who served as Chief Executive Officer of Horizon until his retirement from the Company on June 1, 2023. The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Dwight for each corresponding year in the “Total” column of the Summary Compensation Table (“SCT”) as set forth in the definitive proxy statement of Horizon covering the fiscal year indicated, as filed with the SEC.
Amounts reported in this column and others related to the "Second CEO" are for Thomas M. Prame, who succeeded Mr. Dwight as Chief Executive Officer of the Company upon Mr. Dwight's retirement. The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Prame for 2025 and 2024 in the “Total” column of the Summary Compensation Table (“SCT”) as set forth in this proxy statement. See “Executive Compensation – Executive Compensation Tables – Summary Compensation Table for 2025.”
The dollar amounts reported in columns (c) represent the amount of “compensation actually paid” to Mr. Dwight and Mr. Prame, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Dwight and Mr. Prame during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Dwight’s and Mr. Prame's total compensation for each year to determine the compensation actually paid:
The dollar amounts reported in column (d) represent the average of the amounts reported for Horizon’s named executive officers (NEOs) as a group (excluding Mr. Dwight and Mr. Prame) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Dwight and Mr. Prame) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, John R. Stewart, Mark E. Secor, Kathie E. DeRuiter, and Lynn M. Kerber; (ii) for 2024, John R. Stewart, Mark E. Secor, Kathie E. DeRuiter, Lynn M. Kerber, and Todd A. Etzler; (iii) for 2023, Mark E. Secor, Kathie A. DeRuiter, Lynn M. Kerber, and Todd A. Etzler; (iv) for 2022, Mark E. Secor, Thomas M. Prame, Kathie A. DeRuiter, and Lynn M. Kerber; and (v) for 2021, James D. Neff, Mark E. Secor, Dennis J. Kuhn, and Kathie A. DeRuiter.
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Dwight and Mr. Prame), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. Dwight and Mr. Prame) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Mr. Dwight and Mr. Prame) for each year to determine the compensation actually paid, using the same methodology described above in footnote (2) above:
TSR for Horizon Bancorp, Inc. is cumulative total TSR returns on common share from S&P Global Market Intelligence, respectively for each period.
The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.
The percentages reported represent the amount of net income reflected in the Company’s audited financial statements divided by the reported average assets for the applicable year.
        
Non-PEO NEO Salary $ 370,295 $ 308,903 $ 312,682 $ 283,549 $ 322,072
Non-PEO NEO Equity Incentive Plan Compensation 165,093 279,600 133,020 253,466 128,829
Non-PEO NEO Non-Equity Incentive Compensation 211,302 109,489 55,450 69,707 154,413
Non-PEO NEO Other Compensation $ 70,381 141,180 59,410 42,200 55,561
Measure:: 1          
Pay vs Performance Disclosure          
Name Revenue        
Measure:: 2          
Pay vs Performance Disclosure          
Name Return on Average Assets        
Measure:: 3          
Pay vs Performance Disclosure          
Name Relative TSR (the Company’s TSR as compared to a peer group established by the Compensation Committee)        
Thomas M. Prame [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 1,965,115 1,640,847 1,110,057    
PEO Actually Paid Compensation Amount $ 2,070,937 1,901,962 1,178,271    
PEO Name Thomas M. Prame        
PEO Salary $ 685,000 600,000 580,769    
PEO Equity Incentive Plan Compensation 569,973 549,996 299,981    
PEO Non-Equity Incentive Compensation 601,088 405,000 176,771    
PEO Other Compensation 109,054 85,851 52,536    
Craig M. Dwight [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount     1,993,309 1,328,910 1,402,359
PEO Actually Paid Compensation Amount     2,159,459 991,735 1,697,391
PEO Salary     342,118 635,000 605,000
PEO Equity Incentive Plan Compensation     844,977 419,969 284,980
PEO Non-Equity Incentive Compensation     0 190,500 438,625
PEO Other Compensation     806,214 83,441 73,754
PEO | Thomas M. Prame [Member] | Deductions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (569,973) (549,996) (299,981)    
PEO | Thomas M. Prame [Member] | Additions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 675,795 811,111 368,195    
PEO | Craig M. Dwight [Member] | Deductions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount     (844,977) (419,969) (284,980)
PEO | Craig M. Dwight [Member] | Additions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount     1,011,127 82,794 580,012
Non-PEO NEO | Deductions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (165,093) (279,600) (133,020) (253,466) (128,829)
Non-PEO NEO | Additions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 198,251 $ 391,814 $ 136,613 $ 154,792 $ 255,437