Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information (Parent Company Only)

Note 27 – 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		December 31
	2016		2015
Assets
Total cash and cash equivalents	$	15,736	$	26,507
Investment in Bank		386,389		276,718
Other assets		2,504		3,392

Total assets	$	404,629	$	306,617

Liabilities
Borrowings	$	19,500	$	—
Subordinated debentures		37,456		32,797
Other liabilities		6,818		6,988
Stockholders’ Equity		340,855		266,832

Total liabilities and stockholders’ equity	$	404,629	$	306,617

Condensed Statements of Income


	Years Ended December 31
	2016			2015			2014
Operating Income (Expense)
Dividend income from Bank	$	20,000		$	30,470		$	12,500
Investment income		33			15			12
Other income		42			24			17
Interest expense		(2,376	)		(2,009	)		(2,009	)
Employee benefit expense		(1,158	)		(1,093	)		(965	)
Other expense		1,279			910			883

Income Before Undistributed Income of Subsidiaries		17,820			28,317			10,438
Undistributed Income of Subsidiaries		5,938			(8,168	)		6,814

Income Before Tax		23,758			20,149			17,252
Income Tax Benefit		154			400			849

Net Income		23,912			20,549			18,101
Preferred stock dividend		(42	)		(125	)		(133	)

Net Income Available to Common Shareholders	$	23,870		$	20,424		$	17,968

Condensed Statements of Comprehensive Income


	Years Ended December 31
	2016			2015			2014
Net Income	$	23,912		$	20,549		$	18,101

Other Comprehensive Income (Loss)
Change in fair value of derivative instruments, net of taxes		6			127			(332	)
Unrealized appreciation for the period on held-to-maturity securities, net of taxes		(424	)		(357	)		1,078
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes		(3,310	)		(1,891	)		3,146
Less: reclassification adjustment for realized gains included in net income, net of taxes		(1,193	)		(123	)		(642	)

		(4,921	)		(2,244	)		3,250

Comprehensive Income	$	18,991		$	18,305		$	21,351

Condensed Statements of Cash Flows


	Years Ended December 31
	2016			2015			2014
Operating Activities
Net income	$	23,912		$	20,549		$	18,101
Items not requiring (providing) cash
Equity in undistributed net income of subsidiaries		(5,938	)		8,168			(6,814	)
Change in
Share based compensation		284			288			203
Amortization of unearned compensation		324			355			363
Other assets		888			(634	)		906
Other liabilities		(244	)		(13	)		1,377

Net cash provided by operating activities		19,226			28,713			14,136

Investing Activities
Acquisition of Summit		—			—			(7,036	)
Acquisition of Peoples		—			(19,365	)		—
Acquisition of Kosciusko		(6,741	)		—			—
Acquisition of LaPorte		(17,108	)		—			—
Acquisition of CNB		(5,296	)		—			—

Net cash used in investing activities		(29,145	)		(19,365	)		(7,036	)

Financing Activities
Redemption of preferred stock		(12,500	)		—			—
Net change in borrowings		19,500			—			—
Dividends paid on preferred shares		(42	)		(125	)		(133	)
Dividends paid on common shares		(8,382	)		(6,216	)		(4,744	)
Exercise of stock options		572			4,305			165

Net cash used in financing activities		(852	)		(2,036	)		(4,712	)

Net Change in Cash and Cash Equivalents		(10,771	)		7,312			2,388
Cash and Cash Equivalents at Beginning of Year		26,507			19,195			16,807

Cash and Cash Equivalents at End of Year	$	15,736		$	26,507		$	19,195

- 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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