Horizon Bancorp Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Horizon Bancorp Inc. (HBNC) has filed its 2023 10-K report detailing financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

HORIZON BANCORP INC /IN/ (HBNC) filed a Annual Report (10-K) with the SEC on March 15, 2024. Horizon Bancorp Inc. (HBNC) filed its 2023 Form 10-K on March 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Indiana and operates under SIC code 6022 (State Commercial Banks). The principal business address is 515 Franklin Street, Michigan City, Indiana. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking HORIZON BANCORP INC /IN/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Horizon Bancorp's financial health, operational performance, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess the company's stability and growth prospects. As a publicly traded entity, the timely filing of a 10-K is a regulatory requirement that ensures transparency and allows the market to evaluate the company's financial standing, risks, and future outlook.

Risk Assessment

Risk Level: medium — HORIZON BANCORP INC /IN/ shows moderate risk based on this filing. The filing is a standard 10-K for a publicly traded bank, indicating a medium level of risk associated with typical financial industry operations and regulatory oversight.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Horizon Bancorp's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-15 — Filing Date (Filed as of date)
• 6022 — SIC Code (Standard Industrial Classification)
• IN — State of Incorporation (State of incorporation)

Key Players & Entities

• HORIZON BANCORP INC /IN/ (company) — Filer name
• HBNC (company) — Ticker symbol
• 2024-03-15 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 515 FRANKLIN STREET (address) — Business address
• MICHIGAN CITY (location) — Business address city
• IN (location) — Business address state
• 2198790211 (phone) — Business phone

FAQ

Industry Context

Horizon Bancorp Inc. operates within the commercial banking sector, a highly regulated industry characterized by interest rate sensitivity and economic cycles.

Regulatory Implications

As a commercial bank, Horizon Bancorp is subject to oversight from various federal and state regulatory bodies, including the Federal Reserve and state banking departments, ensuring compliance with financial regulations.

What Investors Should Do

1. Analyze the financial statements for revenue trends, net income, and asset growth.
2. Review any disclosed risk factors related to interest rate changes, credit quality, or economic conditions.
3. Compare key financial metrics to previous years to identify performance changes.

Key Dates

• 2024-03-15: 10-K Filing — Filing of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), following previous filings which would include quarterly reports (10-Q) and potentially prior annual reports.

Key Financial Figures

• $618.2 million — es in 11 Michigan counties. Net cash of $618.2 million was received in the transaction, repres
• $212.0 m — osing, net of amounts paid for loans of $212.0 million, fixed assets of $6.9 million, ca
• $6.9 m — oans of $212.0 million, fixed assets of $6.9 million, cash of $4.0 million and a 1.75%
• $4.0 million — , fixed assets of $6.9 million, cash of $4.0 million and a 1.75% premium on deposits. Custom
• $846.4 million — tomer deposit balances were recorded at $846.4 million and a core deposit intangible of $1.6 m
• $1.6 million — illion and a core deposit intangible of $1.6 million was recorded in the transaction, which
• $7.9 billion — 31, 2023, the Bank had total assets of $7.9 billion and total deposits of $5.7 billion. The
• $5.7 billion — s of $7.9 billion and total deposits of $5.7 billion. The Bank has wholly–owned direct and i

Filing Documents

• hbnc-20231231.htm (10-K) — 5373KB
• hbnc-20231231xexx21xsubsid.htm (EX-21) — 17KB
• hbnc-20231231xexx23xaudito.htm (EX-23) — 3KB
• hbnc-20231231xexx311.htm (EX-31.1) — 10KB
• hbnc-20231231xexx312.htm (EX-31.2) — 10KB
• hbnc-20231231xexx321.htm (EX-32.1) — 4KB
• hbnc-20231231xexx322.htm (EX-32.2) — 4KB
• hbnc-20231231xexx97.htm (EX-97) — 49KB
• hbnc-20231231_g1.jpg (GRAPHIC) — 95KB
• hbnc-20231231_g2.jpg (GRAPHIC) — 89KB
• 0000706129-24-000015.txt (&nbsp;) — 24245KB
• hbnc-20231231.xsd (EX-101.SCH) — 106KB
• hbnc-20231231_cal.xml (EX-101.CAL) — 173KB
• hbnc-20231231_def.xml (EX-101.DEF) — 587KB
• hbnc-20231231_lab.xml (EX-101.LAB) — 1142KB
• hbnc-20231231_pre.xml (EX-101.PRE) — 904KB
• hbnc-20231231_htm.xml (XML) — 5591KB

Business

Business 5 Item 1A

Risk Factors

Risk Factors 17 Item 1B Unresolved Staff Comments 31

Cybersecurity

Item 1C Cybersecurity 31 Item 2

Properties

Properties 32 Item 3

Legal Proceedings

Legal Proceedings 33 Item 4 Mine Safety Disclosures 33 Special Item: Information about our Executive Officers 34 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6 Reserved 36 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 69 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 71 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 142 Item 9A

Controls and Procedures

Controls and Procedures 142 Item 9B Other Information 143

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 143 PART III Item 10 Directors, Executive Officers and Corporate Governance 144 Item 11

Executive Compensation

Executive Compensation 144 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 144 Item 13 Certain Relationships and Related Transactions, and Director Independence 145 Item 14 Principal Accountant Fees and Services 145 PART IV Item 15 Exhibits and Financial Statement Schedules 146 Item 16 Form 10–K Summary 149

SIGNATURES

SIGNATURES 150 2 Table of Contents HORIZON BANCORP, INC. 2023 Annual Report on Form 10–K FORWARD–LOOKING STATEMENTS A cautionary note about forward-looking statements: In addition to historical information, information included and incorporated by reference in this Annual Report on Form 10–K contains certain "forward–looking statements" within the meaning of the federal securities laws. Horizon Bancorp, Inc. ("Horizon") intends such forward–looking statements to be covered by the safe harbor provisions for forward–looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of invoking those safe–harbor provisions. Forward–looking statements can include statements about estimated cost savings, plans and objectives for future operations and expectations about Horizon's financial and business performance as well as economic and market conditions. They often can be identified by the use of words such as "expect," "may," "likely," "could," "should," "will," "intend," "project," "estimate," "believe," "anticipate," "seek," "plan," "goals," "strategy," "future" and variations of such words and similar expressions. Horizon may include forward-looking statements in filings it makes with the Securities and Exchange Commission ("SEC"), such as this Form 10–K, in other written materials, and in oral statements made by senior management to analysts, investors, representatives of the media and others. Horizon intends that these forward–looking statements speak only as of the date they are made, and Horizon undertakes no obligation to update any forward–looking statement to reflect events or circumstances after the date on which the forward–looking statement is made or to reflect the occurrence of unanticipated events. Although management believes that the expectations reflected in forward–looking statements are reasonable, actual results may differ materially, whether adversely or positively, from t

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