Horizon Bancorp Q3 2024 Financials Filed

TL;DR

Horizon Bancorp filed its Q3 2024 10-Q, check financials.

AI Summary

Horizon Bancorp Inc. reported its financial results for the period ending September 30, 2024. The company's filing covers its performance during the third quarter of 2024, detailing its financial position and operational activities. Specific financial figures and operational highlights for the quarter are included in the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Horizon Bancorp, crucial for evaluating the company's health and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded bank holding company, Horizon Bancorp is subject to various financial and regulatory risks inherent in the banking industry.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-12 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2023-12-31 — Previous Fiscal Year End (Provides a reference point for year-over-year comparisons.)
• 2023-09-30 — Prior Year Quarter End (Used for year-over-year quarterly performance analysis.)

Key Players & Entities

• HORIZON BANCORP INC /IN/ (company) — Filer
• 20240930 (date) — Conformed Period of Report
• 20241112 (date) — Filed as of Date
• 515 FRANKLIN STREET (address) — Business Address
• MICHIGAN CITY (city) — Business Address City
• IN (state) — Business Address State
• 46360 (zip_code) — Business Address Zip
• 2198790211 (phone_number) — Business Phone

FAQ

Filing Documents

• hbnc-20240930.htm (10-Q) — 4087KB
• hbnc-20240930exhibit311.htm (EX-31.1) — 10KB
• hbnc-20240930exhibit312.htm (EX-31.2) — 10KB
• hbnc-20240930exhibit32.htm (EX-32) — 6KB
• 0000706129-24-000104.txt ( ) — 19704KB
• hbnc-20240930.xsd (EX-101.SCH) — 66KB
• hbnc-20240930_cal.xml (EX-101.CAL) — 125KB
• hbnc-20240930_def.xml (EX-101.DEF) — 402KB
• hbnc-20240930_lab.xml (EX-101.LAB) — 743KB
• hbnc-20240930_pre.xml (EX-101.PRE) — 600KB
• hbnc-20240930_htm.xml (XML) — 5587KB

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 50 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 65 Item 4.

Controls and Procedures

Controls and Procedures 65

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 67 Item 1A.

Risk Factors

Risk Factors 67 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67 Item 3. Defaults Upon Senior Securities 67 Item 4. Mine Safety Disclosures 67 Item 5. Other Information 67 Item 6. Exhibits 67 Index to Exhibits 67

Signatures

Signatures 68 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) September 30, 2024 December 31, 2023 (Unaudited) Assets Cash and due from banks $ 108,815 $ 112,772 Interest earning deposits 12,107 12,071 Federal funds sold 113,912 401,672 Total cash and cash equivalents 234,834 526,515 Interest earning time deposits 735 2,205 Investment securities, available for sale 541,170 547,251 Investment securities, held to maturity (fair value of $ 1,640,447 and $ 1,668,758 ) 1,888,379 1,945,638 Loans held for sale 2,069 1,418 Loans, net of allowance for credit losses of $ 52,881 and $ 50,029 4,751,115 4,367,601 Premises and equipment, net 93,544 94,583 Federal Home Loan Bank stock 53,826 34,509 Goodwill 155,211 155,211 Other intangible assets 11,067 13,626 Interest receivable 39,366 38,710 Cash value of life insurance 37,115 36,157 Other assets 119,026 177,061 Total assets $ 7,927,457 $ 7,940,485 Liabilities Deposits Non–interest bearing $ 1,085,535 $ 1,116,005 Interest bearing 4,641,480 4,548,888 Total deposits 5,727,015 5,664,893 Borrowings 1,265,143 1,353,050 Subordinated notes 55,703 55,543 Junior subordinated debentures issued to capital trusts 57,423 57,258 Interest payable 11,400 22,249 Other liabilities 55,951 68,680 Total liabilities 7,172,635 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 September 30, 2024 and 43,652,063 shares issued and outstanding at December 31, 2023 — — Additional paid-in capital 358,453 356,400 Retained earnings 454,050 429,021 Accumulated other comprehensive loss ( 57,681 ) ( 66,609 ) Total stockholders' equity 754,822 718,812 Total liabilities and stockholders' equity $ 7,927,457 $ 7,940,485 See notes to condensed consolidated fi

View Full Filing

View this 10-Q filing on SEC EDGAR