Horizon Bancorp Q2 2024 10-Q Filing Released

TL;DR

Horizon Bancorp filed its Q2 2024 10-Q. Check financials.

AI Summary

Horizon Bancorp Inc. reported its financial results for the second quarter ended June 30, 2024. The company's filing details its financial position and performance during this period, including balance sheet items and income statement figures. Specific dollar amounts and dates are detailed within the full 10-Q filing.

Why It Matters

This filing provides investors with a detailed look at Horizon Bancorp's financial health and operational performance for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details within can reveal risks or opportunities.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240809 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• Q2 2024 — Fiscal Quarter (Specifies the period covered by the financial report.)

Key Players & Entities

• HORIZON BANCORP INC /IN/ (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date
• 515 FRANKLIN STREET (location) — Business and mailing address
• MICHIGAN CITY (location) — City of business and mailing address
• IN (location) — State of incorporation and business/mailing address
• 2198790211 (phone_number) — Business phone number

FAQ

Filing Documents

• hbnc-20240630.htm (10-Q) — 3852KB
• hbnc-20240630exhibit311.htm (EX-31.1) — 10KB
• hbnc-20240630exhibit312.htm (EX-31.2) — 10KB
• hbnc-20240630exhibit32.htm (EX-32) — 6KB
• 0000706129-24-000092.txt ( ) — 18425KB
• hbnc-20240630.xsd (EX-101.SCH) — 63KB
• hbnc-20240630_cal.xml (EX-101.CAL) — 125KB
• hbnc-20240630_def.xml (EX-101.DEF) — 368KB
• hbnc-20240630_lab.xml (EX-101.LAB) — 707KB
• hbnc-20240630_pre.xml (EX-101.PRE) — 562KB
• hbnc-20240630_htm.xml (XML) — 5144KB

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 8 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 48 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 63 Item 4.

Controls and Procedures

Controls and Procedures 63

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 65 Item 1A.

Risk Factors

Risk Factors 65 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65 Item 3. Defaults Upon Senior Securities 65 Item 4. Mine Safety Disclosures 65 Item 5. Other Information 65 Item 6. Exhibits 66 Index to Exhibits 66

Signatures

Signatures 67 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) June 30, 2024 December 31, 2023 (Unaudited) Assets Cash and due from banks $ 106,691 $ 112,772 Interest earning deposits 4,957 12,071 Federal funds sold 34,453 401,672 Total cash and cash equivalents 146,101 526,515 Interest earning time deposits 1,715 2,205 Investment securities, available for sale 527,054 547,251 Investment securities, held to maturity (fair value of $ 1,596,987 and $ 1,668,758 ) 1,904,281 1,945,638 Loans held for sale 2,440 1,418 Loans, net of allowance for credit losses of $ 52,215 and $ 50,029 4,770,625 4,367,601 Premises and equipment, net 93,695 94,583 Federal Home Loan Bank stock 53,826 34,509 Goodwill 155,211 155,211 Other intangible assets 11,910 13,626 Interest receivable 43,240 38,710 Cash value of life insurance 36,773 36,157 Other assets 165,656 177,061 Total assets $ 7,912,527 $ 7,940,485 Liabilities Deposits Non–interest bearing $ 1,087,040 $ 1,116,005 Interest bearing 4,543,114 4,548,888 Total deposits 5,630,154 5,664,893 Borrowings 1,357,335 1,353,050 Subordinated notes 55,668 55,543 Junior subordinated debentures issued to capital trusts 57,369 57,258 Interest payable 11,240 22,249 Other liabilities 74,096 68,680 Total liabilities 7,185,862 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 43,712,059 shares issued and outstanding at June 30, 2024 and 43,652,063 shares issued and outstanding at December 31, 2023 — — Additional paid-in capital 357,673 356,400 Retained earnings 442,977 429,021 Accumulated other comprehensive loss ( 73,985 ) ( 66,609 ) Total stockholders' equity 726,665 718,812 Total liabilities and stockholders' equity $ 7,912,527 $ 7,940,485 See notes to condensed consolidated financial sta

View Full Filing

View this 10-Q filing on SEC EDGAR