Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information (Parent Company Only)

Note 25 – Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information as to financial position, results of operations and cash flows of Horizon Bancorp:

Condensed Balance Sheets


	December 31 2013		December 31 2012
Assets
Total cash and cash equivalents	$	16,807	$	13,639
Investment in Bank		181,808		180,880
Other assets		3,664		3,497

Total assets	$	202,279	$	198,016

Liabilities
Subordinated debentures	$	32,486	$	32,331
Other liabilities		5,273		6,717
Stockholders’ Equity		164,520		158,968

Total liabilities and stockholders’ equity	$	202,279	$	198,016

Condensed Statements of Income


	Years Ended December 31
	2013			2012			2011
Operating Income (Expense)
Dividend income from Bank	$	7,500		$	16,500		$	10,000
Investment income		4			—			4
Other income		175			—			17
Interest expense		(2,010	)		(1,950	)		(1,821	)
Employee benefit expense		(811	)		(695	)		(535	)
Other expense		646			(200	)		(134	)

Income Before Undistributed Income of Subsidiaries		5,504			13,655			7,531
Undistributed Income of Subsidiaries		13,144			4,766			4,288

Income Before Tax		18,648			18,421			11,819
Income Tax Benefit		1,228			1,122			978

Net Income		19,876			19,543			12,797
Preferred stock dividend and discount accretion		(370	)		(481	)		(1,325	)

Net Income Available to Common Shareholders	$	19,506		$	19,062		$	11,472

Condensed Statements of Comprehensive Income


	Years Ended December 31
	2013			2012			2011
Net Income	$	19,876		$	19,543		$	12,797

Other Comprehensive Income (Loss)
Change in fair value of derivative instruments, net of taxes		1,734			(376	)		(2,300	)
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes		(12,320	)		1,636			8,949
Less: reclassification adjustment for realized gains included in net income, net of taxes		(244	)		1			1,155

		(10,830	)		1,259			5,494

Comprehensive Income	$	9,046		$	20,802		$	18,291

Condensed Statements of Cash Flows


	Years Ended December 31
	2013			2012			2011
Operating Activities
Net income	$	19,876		$	19,543		$	12,797
Items not requiring (providing) cash
Equity in undistributed net income of Bank		(13,144	)		(4,766	)		(4,288	)
Change in
Income taxes receivable		(793	)		(137	)		(236	)
Share based compensation		48			33			35
Amortization of unearned compensation		288			187			100
Issuance of restricted shares		—			115			60
Other assets		626			(176	)		473
Other liabilities		97			1,128			129

Net cash provided by operating activities		6,998			15,927			9,070

Investing Activities
Investment in Bank		—			—			—
Acquistion of Heartland		—			(7,248	)		—

Net cash used in investing activities		—			(7,248	)		—

Financing Activities
Redemption of preferred stock		—			—			(18,750	)
Issuance of preferred stock		—			—			12,500
Dividends paid on preferred shares		(370	)		(481	)		(792	)
Dividends paid on common shares		(3,655	)		(3,047	)		(2,325	)
Exercise of stock options		195			226			63

Net cash used in financing activities		(3,830	)		(3,302	)		(9,304	)

Net Change in Cash and Cash Equivalents		3,168			5,377			(234	)
Cash and Cash Equivalents at Beginning of Year		13,639			8,262			8,496

Cash and Cash Equivalents at End of Year	$	16,807		$	13,639		$	8,262

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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