Horizon Bancorp, Inc. (HBNC) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Stockholders of Horizon Bancorp, Inc. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Craig Dwight, Chief Executive Officer of the Horizon Bancorp, Inc. Mr. Dwight, the floor is yours.

Thank you, Wanda. Good morning, and welcome to Horizon Bancorp, Inc.'s 149th Annual Shareholders Meeting. The holding company was incorporated in 1983, and its primary subsidiary, Horizon Bank, an Indiana state-chartered bank, has continuously operated as a bank since 1873. Officers for this meeting are Chairman, Craig Dwight, myself; election judge, Mckenzie Plummer; Secretary, Todd Etzler; proxies, Mark Secor, Kathie DeRuiter and Todd Etzler. Shareholders who have not voted their shares may do so now by clicking on the link on the left side of the meeting web page and following the instructions. The polls will close after the introductions and review of the matters being voted upon at today's meeting. I declare a quorum to be present online or by proxy, there being 36,722,909 shares accounted for out of a total eligible shares of 43,768,421 for shareholders of record as of February 28, 2022. The -- the percent of shares represented is 83.9%. the meeting shall proceed. The minutes of the 2021 Annual Shareholders Meeting are available for download on the meeting website and stand as approved. It is my pleasure to identify the 3 directors up for election and whose terms will expire in the year 2025. First, Susan Aaron, who is the Chairperson for Vision Financial Services and has served 29 years on our Board; Eric Blackhurst, Associate General Counsel, Corporate Transactions in Latin America of Dow Chemical, 3 years on our Board; and then myself, Craig Dwight, Chair, Chief Executive Officer of Horizon Bancorp and Horizon Bank for 24 years. Executive officers in attendance are Executive Vice President and Senior Operations Officer, Kathie DeRuiter; Executive Vice President and Corporate Secretary and General Counsel, Todd Etzler; Executive Vice President and Chief Financial Officer, Mark Secor; Executive Vice President and Senior Commercial Credit Officer, Lynn Kerber. That concludes the introductions. Now for a summary of the matters submitted for shareholder vote at this year's annual meeting. There are 3 matters being voted upon today, which include election of directors; advisory vote to approve executive compensation and ratification of the appointment of BKD, LLP as independent auditors as well as the proposal to adjourn if necessary. If shareholders have any questions on the matters to be voted upon today, you may now submit those questions by clicking on the comment icon on the meeting website, typing your comment and clicking enter to submit your questions...

Mr. Chairman, we received no shareholder questions on the matters to be voted upon today.

Thank you, Mark. Having received no questions on the matters to be voted upon today, the voting is now closed. I will pause for a brief moment to allow the election judge to tabulate the voting results of today's meeting. The voting is now closed. While we wait for the votes to be tabulated, I'll turn over the meeting to Mark Secor to give you some information on our quarterly earnings call. Mark?

Thank you, Craig. We wanted to remind you that the company holds publicly accessible investor conference calls to review each quarter's financial results with our shareholders and our other stakeholders. We believe that these calls provide a better understanding of Horizon's quarterly results while also providing our current and prospective shareholders with additional insight into Horizon's long-term strategy and the strength of our franchise and the Midwest markets that we serve. If you wish to attend our quarterly investor calls, you may access them live by telephone or through a replay that is made available approximately 1 hour after the end of each conference call. You may find the directions for accessing both the live call and the replay in the call announcement release that is issued approximately 1 month prior to each call. And of course, our press release and quarterly investor presentations are available at our Investor Relations website, investor.horizonbank.com.

Thank you, Mark. Will the election judge, Mckenzie Plummer, please provide me with the voting results? Thank you, Mckenzie. The first matter presented to shareholders for a vote is the election of 3 directors. All directors received the plurality of the votes cast and, therefore, all directors nominated have been elected. Congratulations to the new elected directors. The second matter voted upon today is the advisory vote to approve executive compensation. Since more shares voted in favor of the advisory vote to approve executive compensation for 1 year than voted against it, the advisory vote to approve executive compensation passed. The third and final matter presented to shareholders for a vote is the ratification of Horizon's independent auditors. Since more shares were voted in favor of this proposal than against it, the ratification of auditors has been approved. As a matter of record, Horizon Bancorp will publish the detailed voting results tomorrow. I'm pleased to announce that all matters presented to the shareholders for their approval today have been approved. As is our custom, the meeting is now open to shareholder questions and discussion. If you have a question, please submit it by clicking on the comment icon on the meeting website, typing your comment and clicking enter to submit your question.

Mr. Chairman, we received no questions at this time.

Okay, shareholders, if you have a question, please submit them now. Mark, let's allow some additional time to receive questions. I will pause for now and while we wait to see if any questions are asked.

Mr. Chairman, we still have not received any questions at this time.

Thank you, Mark. Seeing no questions in the queue. Horizon's 2022 Annual Meeting is now adjourned. As always, we enjoy meeting and speaking with our shareholders. So if you have any questions or comments that you would like to share about the company, please feel free to call myself or Mark Secor, our Chief Financial Officer. From all of us at Horizon Bancorp. Thank you, and we appreciate your continued support. I'll now turn the call back over to the moderator.

Thank you. This concludes the meeting. You may now disconnect.