Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2019

Note 28 – 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, Inc.:

Condensed Balance Sheets


	December 31		December 31
	2019		2018
Assets
Total cash and cash equivalents	$	50,961	$	30,653
Investment in subsidiaries		666,639		502,844
Other assets		3,882		1,186

Total assets	$	721,482	$	534,683

Liabilities
Subordinated debentures	$	56,311	$	37,837
Other liabilities		9,148		4,854
Stockholders’ Equity		656,023		491,992

Total liabilities and stockholders’ equity	$	721,482	$	534,683

Condensed Statements of Income


	Years Ended December 31
	2019			2018			2017
Operating Income (Expense)
Dividend income from subsidiaries	$	46,150		$	46,950		$	27,000
Other income		—			—			540
Interest expense		(3,209	)		(2,475	)		(2,791	)
Employee benefit expense		(1,687	)		(1,423	)		(1,094	)
Other expense		(416	)		(357	)		(326	)

Income Before Undistributed Income of Subsidiaries		40,838			42,695			23,329
Undistributed Income of Subsidiaries		25,053			9,643			8,804

Income Before Tax		65,891			52,338			32,133
Income Tax Benefit		647			779			984

Net Income Available to Common Shareholders	$	66,538		$	53,117		$	33,117

Condensed Statements of Comprehensive Income


	Years Ended December 31
	2019			2018			2017
Net Income	$	66,538		$	53,117		$	33,117
Other Comprehensive Income (Loss)
Change in fair value of derivative instruments, net of taxes		(2,117	)		(25	)		913
Unrealized appreciation for the period on held to maturity securities, net of taxes		(92	)		(150	)		(166	)
Unrealized appreciation (depreciation) on available for sale securities, net of taxes		16,727			(4,003	)		1,371
Less: reclassification adjustment for realized (gains) losses included in net income, net of taxes		59			351			(25	)

		14,576			(3,827	)		2,093

Comprehensive Income	$	81,114		$	49,290		$	35,210

Condensed Statements of Cash Flows


	Years Ended December 31
	2019			2018			2017
Operating Activities
Net income	$	66,538		$	53,117		$	33,117
Items not requiring (providing) cash
Equity in undistributed net income of subsidiaries		(25,053	)		(9,643	)		(8,804	)
Change in:
Share based compensation		215			251			325
Amortization of unearned compensation		705			169			135
Other assets		(5,449	)		132			388
Other liabilities		1,629			378			(1,675	)

Net cash provided by operating activities		38,585			44,404			23,486

Investing Activities
Repurchase of outstanding stock		(1,595	)		—			—
Acquisition of Lafayette		—			—			(1,254	)
Acquisition of Wolverine		—			—			(7,688	)
Acquisition of Salin		2,350			—			—

Net cash used in investing activities		755			—			(8,942	)

Financing Activities
Net change in borrowings		98			(12,316	)		(6,803	)
Dividends paid on common shares		(20,835	)		(15,418	)		(11,720	)
Proceeds from issuance of stock		1,705			622			1,604

Net cash used in financing activities		(19,032	)		(27,112	)		(16,919	)

Net Change in Cash and Cash Equivalents		20,308			17,292			(2,375	)
Cash and Cash Equivalents at Beginning of Year		30,653			13,361			15,736

Cash and Cash Equivalents at End of Year	$	50,961		$	30,653		$	13,361