Company Quick10K Filing
Horizon Bancorp
Price17.31 EPS1
Shares45 P/E13
MCap781 P/FCF5
Net Debt-91 EBIT116
TEV690 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
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10-K 2012-12-31 Filed 2013-03-12
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10-K 2011-12-31 Filed 2012-03-12
10-Q 2011-09-30 Filed 2011-11-14
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10-K 2009-12-31 Filed 2010-03-12
8-K 2020-06-24
8-K 2020-06-17
8-K 2020-06-17
8-K 2020-06-17
8-K 2020-06-10
8-K 2020-05-07
8-K 2020-05-07
8-K 2020-04-29
8-K 2020-04-17
8-K 2020-03-06
8-K 2020-02-25
8-K 2020-01-29
8-K 2020-01-21
8-K 2020-01-21
8-K 2019-12-31
8-K 2019-10-23
8-K 2019-07-30
8-K 2019-07-24
8-K 2019-07-17
8-K 2019-07-11
8-K 2019-06-18
8-K 2019-06-13
8-K 2019-05-02
8-K 2019-05-02
8-K 2019-04-24
8-K 2019-03-26
8-K 2019-01-29
8-K 2019-01-14
8-K 2019-01-09
8-K 2018-12-20
8-K 2018-12-18
8-K 2018-10-29
8-K 2018-10-29
8-K 2018-09-26
8-K 2018-09-05
8-K 2018-07-31
8-K 2018-07-25
8-K 2018-05-17
8-K 2018-05-15
8-K 2018-05-03
8-K 2018-05-03
8-K 2018-04-25
8-K 2018-03-21
8-K 2018-01-24
8-K 2018-01-01

HBNC 10Q Quarterly Report

Part 1 - Financial Information
Item 1. Financial Statements
Note 1 - Accounting Policies
Note 2 - Acquisitions
Note 3 - Securities
Note 4 - Loans
Note 5 - Accounting for Certain Loans Acquired in A Transfer
Note 6 - Allowance for Credit and Loan Losses
Note 7 - Non - Performing Loans
Note 8 - Repurchase Agreements
Note 9 - Derivative Financial Instruments
Note 10 - Disclosures About Fair Value of Assets and Liabilities
Note 11 - Fair Value of Financial Instruments
Note 12 - Accumulated Other Comprehensive Income
Note 13 - Regulatory Capital
Note 14 - Future Accounting Matters
Note 15 - General Litigation
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Part II - Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Part II - Other Information
Item 6. Exhibits
EX-31.1 hbnc-20200331exhibit311.htm
EX-31.2 hbnc-20200331exhibit312.htm
EX-32 hbnc-20200331exhibit32.htm

Horizon Bancorp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

hbnc-20200331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________
FORM 10-Q
____________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from________to
Commission file number 0-10792
____________________________
HORIZON BANCORP, INC.
(Exact name of registrant as specified in its charter)
____________________________
Indiana35-1562417
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
515 Franklin Street, Michigan City, Indiana 46360
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (219) 879-0211
Former name, former address and former fiscal year, if changed since last report: N/A
____________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange
on which registered
Common stock, no par valueHBNCThe NASDAQ Stock Market, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ¨ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 43,772,446 shares of Common Stock, no par value, at May 8, 2020.



Table of Contents
HORIZON BANCORP, INC.
FORM 10-Q
INDEX

2

Table of Contents
PART 1 — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollar Amounts in Thousands)
March 31,
2020
December 31,
2019
(Unaudited)
Assets
Cash and due from banks
$86,458  $98,831  
Interest-earning time deposits
9,239  8,455  
Investment securities, available for sale
900,476  834,776  
Investment securities, held to maturity (fair value of $207,324 and $215,147)
199,467  207,899  
Loans held for sale
6,245  4,088  
Loans, net of allowance for loan losses of $48,440 and $17,667
3,658,859  3,619,174  
Premises and equipment, net
92,785  92,209  
Federal Home Loan Bank stock
22,447  22,447  
Goodwill
151,238  151,238  
Other intangible assets
25,723  26,679  
Interest receivable
17,774  18,828  
Cash value of life insurance
95,153  95,577  
Other assets
85,461  66,628  
Total assets
$5,351,325  $5,246,829  
Liabilities
Deposits
Non-interest bearing
$709,978  $709,760  
Interest bearing
3,172,293  3,221,242  
Total deposits
3,882,271  3,931,002  
Borrowings
704,613  549,741  
Subordinated debentures
56,374  56,311  
Interest payable
2,772  3,062  
Other liabilities
74,453  50,690  
Total liabilities
4,720,483  4,590,806  
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 43,788,692 and 45,000,840 shares, Outstanding 43,763,623 and 44,975,771 shares
    
Additional paid-in capital
361,019  379,853  
Retained earnings
260,501  269,738  
Accumulated other comprehensive income9,322  6,432  
Total stockholders’ equity
630,842  656,023  
Total liabilities and stockholders’ equity
$5,351,325  $5,246,829  
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 Months Ended March 31
20202019
Interest Income
Loans receivable$44,958  $39,623  
Investment securities - taxable2,898  3,122  
Investment securities - tax exempt3,798  2,628  
Total interest income51,654  45,373  
Interest Expense
Deposits7,716  6,876  
Borrowed funds2,238  3,621  
Subordinated debentures775  596  
Total interest expense10,729  11,093  
Net Interest Income40,925  34,280  
Credit loss expense8,600  364  
Net Interest Income after Credit Loss Expense32,325  33,916  
Non-interest Income
Service charges on deposit accounts2,446  1,877  
Wire transfer fees171  118  
Interchange fees1,896  1,361  
Fiduciary activities2,528  2,089  
Gains on sale of investment securities (includes $339 and $15 for the three months ended March 31, 2020 and 2019, respectively, related to accumulated other comprehensive earnings reclassifications)
339  15  
Gain on sale of mortgage loans3,473  1,309  
Mortgage servicing income net of impairment25  606  
Increase in cash value of bank owned life insurance554  513  
Death benefit on bank owned life insurance233    
Other income398  824  
Total non-interest income12,063  8,712  
Non-interest Expense
Salaries and employee benefits16,591  14,466  
Net occupancy expenses3,252  2,772  
Data processing2,405  1,966  
Professional fees536  493  
Outside services and consultants1,915  3,530  
Loan expense2,099  1,949  
FDIC insurance expense150  160  
Other losses120  104  
Other expense4,081  4,298  
Total non-interest expense31,149  29,738  
Income Before Income Taxes13,239  12,890  
Income tax expense (includes $71 and $3 for the three months ended March 31, 2020 and 2019, respectively, related to income tax expense from reclassification items)
1,584  2,074  
Net Income$11,655  $10,816  
Basic Earnings Per Share$0.26  $0.28  
Diluted Earnings Per Share0.26  0.28  
See notes to condensed consolidated financial statements
4

Table of Contents
HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(Dollar Amounts in Thousands)
Three Months Ended March 31
20202019
Net Income$11,655  $10,816  
Other Comprehensive Income
Change in fair value of derivative instruments:
Change in fair value of derivative instruments for the period
(3,965) (1,106) 
Income tax effect833  232  
Changes from derivative instruments(3,132) (874) 
Change in securities:
Unrealized appreciation for the period on AFS securities
7,992  11,694  
Amortization from transfer of securities from available for sale to held to maturity securities
(30) (38) 
Reclassification adjustment for securities gains realized in income
(339) (15) 
Income tax effect(1,601) (2,445) 
Unrealized gains on securities6,022  9,196  
Other Comprehensive Income, Net of Tax2,890  8,322  
Comprehensive Income$14,545  $19,138  
See notes to condensed consolidated financial statements
5

Table of Contents
HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Stockholders’ Equity
(Unaudited)
(Dollar Amounts in Thousands, Except Per Share Data)

Three Months Ended
Preferred
Stock
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances, January 1, 2019$—  $—  $276,101  $224,035  $(8,144) $491,992  
Net income—  —  —  10,816  —  10,816  
Other comprehensive income, net of tax—  —  —  —  8,322  8,322  
Amortization of unearned compensation—  —  91  —  —  91  
Exercise of stock options—  —  117  —  —  117  
Stock option expense—  —  57  —  —  57  
Stock issued stock plans—  —  (125) —  —  (125) 
Stock issued in Salin acquisition—  —  102,722  —  —  102,722  
Cash dividends on common stock ($0.10 per share)
—  —  —  (4,524) —  (4,524) 
Balances, March 31, 2019$—  $—  $378,963  $230,327  $178  $609,468  
Balances, January 1, 2020$—  $—  $379,853  $269,738  $6,432  $656,023  
Net income—  —  —  11,655  —  11,655  
Other comprehensive income, net of tax—  —  —  —  2,890  2,890  
Impact of adoption of ASU No. 2016-13—  —  —  (15,635) —  (15,635) 
Amortization of unearned compensation—  —  200  —  —  200  
Exercise of stock options—  —  255  —  —  255  
Stock option expense—  —  50  —  —  50  
Stock issued stock plans—  —  297  —  —  297  
Repurchase of outstanding stock—  —  (19,636) —