Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information (Parent Company Only)

Note 26 – 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 2014		December 31 2013
Assets
Total cash and cash equivalents	$	19,195	$	16,807
Investment in Bank		211,928		181,808
Other assets		2,758		3,664

Total assets	$	233,881	$	202,279

Liabilities
Subordinated debentures	$	32,642	$	32,486
Other liabilities		6,825		5,273
Stockholders’ Equity		194,414		164,520

Total liabilities and stockholders’ equity	$	233,881	$	202,279

Condensed Statements of Income


	Years Ended December 31
	2014			2013			2012
Operating Income (Expense)
Dividend income from Bank	$	12,500		$	7,500		$	16,500
Investment income		12			4			—
Other income		17			175			—
Interest expense		(2,009	)		(2,010	)		(1,950	)
Employee benefit expense		(965	)		(811	)		(695	)
Other expense		883			646			(200	)

Income Before Undistributed Income of Subsidiaries		10,438			5,504			13,655
Undistributed Income of Subsidiaries		6,814			13,144			4,766

Income Before Tax		17,252			18,648			18,421
Income Tax Benefit		849			1,228			1,122

Net Income		18,101			19,876			19,543
Preferred stock dividend		(133	)		(370	)		(481	)

Net Income Available to Common Shareholders	$	17,968		$	19,506		$	19,062

Condensed Statements of Comprehensive Income


	Years Ended December 31
	2014			2013			2012
Net Income	$	18,101		$	19,876		$	19,543

Other Comprehensive Income (Loss)
Change in fair value of derivative instruments, net of taxes		(332	)		1,734			(376	)
Unrealized appreciation for the period on held-to-maturity securities, net of taxes		(209	)
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes		4,432			(12,320	)		1,636
Less: reclassification adjustment for realized gains included in net income, net of taxes		(642	)		(244	)		1

		3,249			(10,830	)		1,259

Comprehensive Income	$	21,350		$	9,046		$	20,802

Condensed Statements of Cash Flows


	Years Ended December 31
	2014			2013			2012
Operating Activities
Net income	$	18,101		$	19,876		$	19,543
Items not requiring (providing) cash
Equity in undistributed net income of subsidiaries		(6,814	)		(13,144	)		(4,766	)
Change in
Income taxes receivable		434			(793	)		(137	)
Share based compensation		203			48			33
Amortization of unearned compensation		363			288			187
Issuance of restricted shares		—			—			115
Other assets		472			626			(176	)
Other liabilities		1,377			97			1,128

Net cash provided by operating activities		14,136			6,998			15,927

Investing Activities
Acquisition of Summit		(7,036	)		—			—
Acquisition of Heartland		—			—			(7,248	)

Net cash used in investing activities		(7,036	)		—			(7,248	)

Financing Activities
Dividends paid on preferred shares		(133	)		(370	)		(481	)
Dividends paid on common shares		(4,744	)		(3,655	)		(3,047	)
Exercise of stock options		165			195			226

Net cash used in financing activities		(4,712	)		(3,830	)		(3,302	)

Net Change in Cash and Cash Equivalents		2,388			3,168			5,377
Cash and Cash Equivalents at Beginning of Year		16,807			13,639			8,262

Cash and Cash Equivalents at End of Year	$	19,195		$	16,807		$	13,639

- 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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