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Terry McEvoy

Managing Director and Research Analyst at Stephens Inc. /ar/

Terry McEvoy is a Managing Director and Research Analyst at Stephens, specializing in U.S. banking sector equities with a focus on commercial and regional banks. He covers a wide range of publicly traded banks, including major names such as Western Alliance and Zions Bancorporation, and has led successful equity research teams with a track record of top industry recognition including being named the #2 Stock Picker and #3 Earnings Estimator in Commercial Banking by Financial Times/Starmine. McEvoy began his career in 1996 at Tucker Anthony Capital Markets, spent over a decade at Oppenheimer & Co., then served as Head of Bank Research at Sterne Agee before joining Stephens in May 2015 as Managing Director. He holds the CFA designation, is a founding member of the CFA Society of Maine, and brings substantial regulatory credentials and experience to his research leadership.

Terry McEvoy's questions to HORIZON BANCORP INC /IN/ (HBNC) leadership

Question · Q3 2025

Terry McEvoy asked about Horizon Bancorp Inc.'s balance sheet rate neutrality, questioning if the current mix (commercial-heavy, fewer high-beta deposits, less fixed-rate assets) suggests more asset sensitivity, and how the company plans to play offense in Michigan while balancing expense outlook.

Answer

EVP and CFO John Stewart clarified that the balance sheet is very modestly asset-sensitive, with approximately 25% floating loans and minimal floating securities, supported by strategic deposit positioning to mitigate significant impact from rate changes. CEO and President Thomas Prame addressed the Michigan market, noting optimistic growth opportunities due to market transactions and prior human capital investments in commercial and treasury teams. He emphasized leveraging existing expenses rather than adding significantly to the expense base for growth.

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Question · Q3 2025

Terry McEvoy questioned the CFO on how Horizon Bancorp Inc. maintains a rate-neutral balance sheet despite a shift towards more commercial loans, fewer high-beta deposits, and less fixed-rate assets. He also asked the CEO about strategies to enhance offensive growth in the Michigan market while managing expenses.

Answer

EVP and CFO John Stewart explained that while the balance sheet is modestly asset-sensitive, shock analyses show minimal impact from curve changes, citing 25% floating loans and stable deposit positioning. CEO and President Thomas Prame noted optimistic growth opportunities in Michigan, leveraging existing human capital investments in commercial and treasury management teams in key growth markets, without needing significant additional expense.

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