Horizon Bancorp, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Horizon Bancorp, Inc. has filed its Q1 2024 10-Q report detailing financial performance and corporate information.</b>

AI Summary

HORIZON BANCORP INC /IN/ (HBNC) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Horizon Bancorp, Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 515 Franklin Street, Michigan City, IN 46360. Horizon Bancorp, Inc. was formerly known as Citizens Michiana Financial Corp. The filing includes detailed financial information for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking HORIZON BANCORP INC /IN/, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, enabling them to assess the company's performance and make informed investment decisions. Understanding the details within this report is crucial for stakeholders to evaluate Horizon Bancorp's financial health, operational efficiency, and strategic direction in the current market environment.

Risk Assessment

Risk Level: low — HORIZON BANCORP INC /IN/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical disclosures for a company of this nature.

Analyst Insight

Monitor future filings for trends in net income, EPS, and debt-to-equity ratios to assess Horizon Bancorp's financial trajectory.

Key Numbers

• 20240331 — Conformed Period of Report (10-Q filing)
• 20240510 — Filed As Of Date (10-Q filing)
• 2024 Q1 — Filing Quarter (10-Q filing)
• 0000706129 — Central Index Key (Company identifier)

Key Players & Entities

• HORIZON BANCORP INC /IN/ (company) — Filer name
• HBNC (company) — Ticker symbol
• 515 FRANKLIN STREET (company) — Business address street
• MICHIGAN CITY (company) — Business address city
• IN (company) — Business address state
• 46360 (company) — Business address zip
• CITIZENS MICHIANA FINANCIAL CORP (company) — Former company name
• 20240331 (date) — Conformed period of report

FAQ

Industry Context

Horizon Bancorp, Inc. operates within the commercial banking sector, providing a range of financial services to individuals and businesses.

Regulatory Implications

As a publicly traded company, Horizon Bancorp, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 financial metrics against previous quarters and the same quarter last year.
3. Analyze any disclosed risk factors or legal proceedings that may impact the company's future performance.

Key Dates

• 2024-03-31: End of Reporting Period — Quarterly financial data for Q1 2024
• 2024-05-10: Filing Date — Date the 10-Q report was submitted to the SEC

Year-Over-Year Comparison

This filing is the 10-Q for the first quarter of 2024, providing updated financial information compared to the previous filings which would include the 2023 annual report (10-K) and prior quarterly reports.

Filing Documents

• hbnc-20240331.htm (10-Q) — 3474KB
• hbnc-20240331exhibit311.htm (EX-31.1) — 10KB
• hbnc-20240331exhibit312.htm (EX-31.2) — 10KB
• hbnc-20240331exhibit32.htm (EX-32) — 6KB
• 0000706129-24-000070.txt (&nbsp;) — 15860KB
• hbnc-20240331.xsd (EX-101.SCH) — 56KB
• hbnc-20240331_cal.xml (EX-101.CAL) — 114KB
• hbnc-20240331_def.xml (EX-101.DEF) — 323KB
• hbnc-20240331_lab.xml (EX-101.LAB) — 659KB
• hbnc-20240331_pre.xml (EX-101.PRE) — 506KB
• hbnc-20240331_htm.xml (XML) — 4273KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 62 Item 4.

Controls and Procedures

Controls and Procedures 62

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 64 Item 1A.

Risk Factors

Risk Factors 64 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64 Item 3. Defaults Upon Senior Securities 64 Item 4. Mine Safety Disclosures 64 Item 5. Other Information 64 Item 6. Exhibits 65 Index to Exhibits 65

Signatures

Signatures 66 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS HORIZON BANCORP, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Dollar Amounts in Thousands) March 31, 2024 December 31, 2023 (Unaudited) Assets Cash and due from banks $ 271,088 $ 526,515 Interest earning time deposits 1,715 2,205 Investment securities, available for sale 535,319 547,251 Investment securities, held to maturity (fair value of $ 1,627,853 and $ 1,668,758 ) 1,925,725 1,945,638 Loans held for sale 922 1,418 Loans, net of allowance for credit losses of $ 50,387 and $ 50,029 4,567,788 4,367,601 Premises and equipment, net 94,303 94,583 Federal Home Loan Bank stock 53,826 34,509 Goodwill 155,211 155,211 Other intangible assets 12,754 13,626 Interest receivable 40,008 38,710 Cash value of life insurance 36,455 36,157 Other assets 160,593 177,061 Total assets $ 7,855,707 $ 7,940,485 Liabilities Deposits Non–interest bearing $ 1,093,076 $ 1,116,005 Interest bearing 4,486,794 4,548,888 Total deposits 5,579,870 5,664,893 Borrowings 1,359,121 1,353,050 Subordinated notes 55,634 55,543 Junior subordinated debentures issued to capital trusts 57,315 57,258 Interest payable 7,853 22,249 Other liabilities 74,664 68,680 Total liabilities 7,134,457 7,221,673 Commitments and contingent liabilities Stockholders' Equity Preferred stock, Authorized, 1,000,000 shares, Issued 0 shares — — Common stock, no par value, Authorized 99,000,000 shares Issued and Outstanding 44,115,840 and 44,106,174 shares — — Additional paid-in capital 356,599 356,400 Retained earnings 435,927 429,021 Accumulated other comprehensive loss ( 71,276 ) ( 66,609 ) Total stockholders' equity 721,250 718,812 Total liabilities and stockholders' equity $ 7,855,707 $ 7,940,485 See notes to condensed consolidated financial statements 3 Table of Contents HORIZON BANCORP, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (Unaudited) (Dollar Amounts in Thousands, Except Per Share Data) Three Mo

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View this 10-Q filing on SEC EDGAR