XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Accounting Policies | 6 Months Ended
--- | ---
Jun. 30, 2024
Accounting Policies [Abstract] |
Accounting Policies | Accounting Policies Reclassifications Certain reclassifications have been made to the 2023 condensed consolidated financial statements to be comparable to 2024. These reclassifications were not material and had no effect on net income. Revisions to Previously Issued Financial Statements During the second quarter of 2024 management corrected a prior computation of the Company’s total capital (to risk-weighted assets), Tier 1 capital (to risk-weighted assets), and Tier 1 capital (to average assets) ratios for purposes of the Company’s consolidated financial statements for holding companies filed with the Federal Reserve (the “Regulatory Filings”), which involved an incorrect classification of the Company’s subordinated notes as Tier 1 capital. This incorrect classification affected the Company's regulatory capital disclosures in certain prior period filings with the SEC, as those disclosures were sourced from the Regulatory Filings. The Company evaluated the effects of the incorrect classification to its previously filed Regulatory Filings and previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108 and, based upon qualitative and quantitative factors, determined the errors were not material to the previously filed Regulatory Filings or the previously issued financial statements and disclosures included in our Annual Reports on Form 10-K for the years ended December 31, 2020, 2021, 2022 and 2023, or for any of the quarterly reports included therein or through our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024. The Company has amended its Regulatory Filings for the periods ended March 31, 2024 and December 31, 2023 to reclassify the subordinated notes balance from Tier 1 capital into Tier 2 capital. The correction of the classification had no effect on the Company’s consolidated balance sheets, statements of income, stockholders’ equity, or the amounts or disclosure of the regulatory capital ratios of the Bank as included in its call reports. The Company continues to exceed regulatory proxy ratios to be considered “well capitalized”, plus the capital conservation buffer, at June 30, 2024. See "Note 13 - Regulatory Capital" below for further information. Nature of Business and Basis of Reporting The accompanying unaudited condensed consolidated financial statements include the accounts of Horizon Bancorp, Inc. (“Horizon” or the “Company”) and its wholly-owned subsidiaries, including Horizon Bank (“Horizon Bank” or the “Bank”), which is an Indiana commercial bank. All inter–company balances and transactions have been eliminated. The results of operations for the periods ended June 30, 2024 and June 30, 2023 are not necessarily indicative of the operating results for the full year of 2024 or 2023. The accompanying unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of Horizon’s management, necessary to fairly present the financial position, results of operations and cash flows of Horizon for the periods presented. Those adjustments consist only of normal recurring adjustments. Certain information and note disclosures normally included in Horizon’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Horizon’s Annual Report on Form 10–K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission on March 15, 2024 (the “2023 Annual Report on Form 10–K”). The condensed consolidated balance sheet of Horizon as of December 31, 2023 has been derived from the audited balance sheet as of that date. On July 16, 2019, the Board of Directors of the Company authorized a stock repurchase program for up to 2,250,000 shares of Horizon’s issued and outstanding common stock, no par value. As of June 30, 2024, Horizon had repurchased a total of 803,349 shares at an average price per share of $16.89. Basic earnings per share is computed by dividing net income available to common shareholders (net income less dividend requirements for preferred stock and accretion of preferred stock discount) by the weighted–average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following table shows computation of basic and diluted earnings per share.
|  |  | Three Months Ended |  | Six Months Ended
|  |  | June 30, |  | June 30, |  | June 30, |  | June 30,
(dollars in thousands, except per share data) |  |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Basic earnings per share |  |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  | $ | 14,140 |  |  | $ | 18,763 |  |  | $ | 28,131 |  |  | $ | 36,991 |
Weighted average common shares outstanding |  |  |  |  | 43,712,059 |  |  | 43,639,987 |  |  | 43,686,576 |  |  | 43,611,926 |
Basic earnings per share |  |  |  |  | $ | 0.32 |  |  | $ | 0.43 |  |  | $ | 0.64 |  |  | $ | 0.85 |
Diluted earnings per share |  |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  | $ | 14,140 |  |  | $ | 18,763 |  |  | $ | 28,131 |  |  | $ | 36,991 |
Weighted average common shares outstanding |  |  |  |  | 43,712,059 |  |  | 43,639,987 |  |  | 43,686,576 |  |  | 43,611,926 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Restricted stock |  |  |  |  | 270,833 |  |  | 102,046 |  |  | 226,864 |  |  | 136,693 |
Stock options |  |  |  |  | 4,295 |  |  | 555 |  |  | 4,850 |  |  | 8,702 |
Weighted average common shares outstanding |  |  |  |  | 43,987,187 |  |  | 43,742,588 |  |  | 43,918,290 |  |  | 43,757,321 |
Diluted earnings per share |  |  |  |  | $ | 0.32 |  |  | $ | 0.43 |  |  | $ | 0.64 |  |  | $ | 0.85 |
There were 167,943 and 257,773 shares for the three and six months ended June 30, 2024 which were not included in the computation of diluted earnings per share because they were non–dilutive. There were 484,650 and 415,455 shares for the three and six months ended June 30, 2023 which were not included in the computation of diluted earnings per share because they were non–dilutive.

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483426/235-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/235/tableOfContent + Details
Name: | us-gaap_SignificantAccountingPoliciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration