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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, 2022
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 ☒ 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 ☒ 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 FilerAccelerated 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: 43,572,796     shares of Common Stock, no par value, at May 4, 2022.


HORIZON BANCORP, INC.
FORM 10–Q
INDEX


2

PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS




HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollar Amounts in Thousands)
March 31,
2022
December 31,
2021
(Unaudited)
Assets
Cash and due from banks$120,954 $593,508 
Interest earning time deposits4,046 4,782 
Investment securities, available for sale1,112,512 1,160,812 
Investment securities, held to maturity (fair value of $1,827,845 and $1,559,991)
2,006,129 1,552,443 
Loans held for sale3,781 12,579 
Loans, net of allowance for credit losses of $52,508 and $54,286
3,659,209 3,590,331 
Premises and equipment, net93,075 93,441 
Federal Home Loan Bank stock24,242 24,440 
Goodwill154,572 154,572 
Other intangible assets20,016 20,941 
Interest receivable27,476 26,137 
Cash value of life insurance97,660 97,150 
Other assets96,656 80,753 
Total assets$7,420,328 $7,411,889 
Liabilities
Deposits
Non–interest bearing$1,325,570 $1,360,338 
Interest bearing4,525,927 4,442,653 
Total deposits5,851,497 5,802,991 
Borrowings728,664 712,739 
Subordinated notes58,786 58,750 
Junior subordinated debentures issued to capital trusts56,850 56,785 
Interest payable1,420 2,235 
Other liabilities45,661 55,180 
Total liabilities6,742,878 6,688,680 
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 43,874,763 and 43,766,931 shares, Outstanding 43,572,796 and 43,547,942 shares
  
Additional paid-in capital351,522 352,122 
Retained earnings380,700 363,742 
Accumulated other comprehensive income (loss)(54,772)7,345 
Total stockholders’ equity677,450 723,209 
Total liabilities and stockholders’ equity$7,420,328 $7,411,889 
See notes to condensed consolidated financial statements
3

HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
(Dollar Amounts in Thousands, Except Per Share Data)
Three Months Ended
March 31,
20222021
Interest Income
Loans receivable$37,879 $40,818 
Investment securities – taxable7,506 1,548 
Investment securities – tax exempt6,697 5,223 
Total interest income52,082 47,589 
Interest Expense
Deposits1,496 2,343 
Borrowed funds1,080 1,269 
Subordinated notes880 880 
Junior subordinated debentures issued to capital trusts455 559 
Total interest expense3,911 5,051 
Net Interest Income48,171 42,538 
Credit loss expense (recovery)(1,386)367 
Net Interest Income after Credit Loss Expense (Recovery)49,557 42,171 
Non–interest Income
Service charges on deposit accounts2,795 2,234 
Wire transfer fees159 255 
Interchange fees2,780 2,340 
Fiduciary activities1,503 1,743 
Gains on sale of investment securities (includes $0 and $914 for the three months ended March 31, 2022 and 2021, respectively, related to accumulated other comprehensive earnings reclassifications)
 914 
Gain on sale of mortgage loans2,027 5,296 
Mortgage servicing income net of impairment or recovery3,489 213 
Increase in cash value of bank owned life insurance510 511 
Other income892 367 
Total non–interest income14,155 13,873 
Non–interest Expense
Salaries and employee benefits19,735 16,871 
Net occupancy expenses3,561 3,318 
Data processing2,537 2,376 
Professional fees314 544 
Outside services and consultants2,525 1,702 
Loan expense2,545 2,822 
FDIC insurance expense725 800 
Other losses168 283 
Other expense4,500 3,456 
Total non–interest expense36,610 32,172 
Income Before Income Taxes27,102 23,872 
Income tax expense (includes $0 and $192 for the three months ended March 31, 2022 and 2021, respectively, related to income tax expense from reclassification items)
3,539 3,450 
Net Income$23,563 $20,422 
Basic Earnings Per Share$0.54 $0.46 
Diluted Earnings Per Share0.54 0.46 
See notes to condensed consolidated financial statements
4

HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(Dollar Amounts in Thousands)
Three Months Ended
March 31
20222021
Net Income$23,563 $20,422 
Other Comprehensive Income (Loss)
Change in fair value of derivative instruments:
Change in fair value of derivative instruments for the period2,746 3,053 
Income tax effect(577)(641)
Changes from derivative instruments2,169 2,412 
Change in securities:
Unrealized depreciation for the period on AFS securities(80,824)(23,885)
Accretion (amortization) from transfer of securities from available for sale to held to maturity securities(551)17 
Reclassification adjustment for securities gains realized in income (914)
Income tax effect17,089 5,204 
Unrealized losses on securities(64,286)(19,578)
Other Comprehensive Loss, Net of Tax(62,117)(17,166)
Comprehensive Income (Loss)$(38,554)$3,256 
See notes to condensed consolidated financial statements
5

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
Total
Balances, January 1, 2021$ $ $362,945 $301,419 $27,852 $692,216 
Net income— — — 20,422 — 20,422 
Other comprehensive loss, net of tax— — — — (17,166)(17,166)
Amortization of unearned compensation— — 335 — — 335 
Exercise of stock options— — 653 — — 653 
Stock option expense— — 27 — — 27 
Net settlement of share awards— — (1,347)— — (1,347)
Cash dividends on common stock ($0.13 per share)
— — — (5,761)— (5,761)
Balances, March 31, 2021$ $ $362,613 $316,080 $10,686 $689,379 
Balances, January 1, 2022$ $ $352,122 $363,742 $7,345 $723,209 
Net income— — — 23,563 — 23,563 
Other comprehensive loss, net of tax— — — — (62,117)(62,117)
Amortization of unearned compensation— — 516 — — 516 
Exercise of stock options— — 94 — — 94 
Stock option expense— — 13 — — 13 
Net settlement of share awards— — (1,671)— — (1,671)
Stock retirement plans— — 448 — — 448 
Cash dividends on common stock ($0.15 per share)
— — — (6,605)— (6,605)
Balances, March 31, 2022$ $ $351,522 $380,700 $(54,772)$677,450 
See notes to condensed consolidated financial statements

6

HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar Amounts in Thousands)
Three Months Ended
March 31
20222021
Operating Activities
Net income$23,563 $20,422 
Items not requiring (providing) cash
Provision for (recovery of) credit losses(1,386)367 
Depreciation and amortization2,641 2,322 
Share based compensation529 362 
Amortization of mortgage servicing rights750 962 
Mortgage servicing rights net impairment(2,594)(236)
Premium amortization on securities, net3,068 2,224 
Gain on sale of investment securities (914)
Gain on sale of mortgage loans(2,027)(5,296)
Proceeds from sales of loans92,161 137,060 
Loans originated for sale(81,336)(126,024)
Change in cash value life insurance(510)(511)
Gain on sale of other real estate owned(411) 
Net change in:
Interest receivable(1,339)445 
Interest payable(815)(940)
Other assets4,730 8,284 
Other liabilities(9,969)(5,156)
Net cash provided by operating activities27,055 33,371 
Investing Activities
Purchases of securities available for sale(180,260)(230,708)
Proceeds from sales, maturities, calls and principal repayments of securities available for sale23,089 76,869 
Purchases of securities held to maturity(345,794) 
Proceeds from maturities of securities held to maturity13,136 6,623 
Net change in interest earning time deposits736 982 
Change in FHLB stock198  
Net change in loans(67,592)199,428 
Proceeds on the sale of OREO and repossessed assets1,606 507 
Premises and equipment expenditures(1,078)(1,118)
Net cash used in investing activities(555,959)52,583 
Financing Activities
Net change in deposits48,506 190,683 
Proceeds from borrowings228,597 2,909 
Repayment of borrowings(225,000)(107)
Net change in repurchase agreements12,429 6,641 
Net settlement of share awards(1,671)(1,347)
Exercise of stock options94 653 
Dividends paid on common stock(6,605)(5,761)
Net cash provided by financing activities56,350 193,671 
Net Change in Cash and Cash Equivalents(472,554)279,625 
Cash and Cash Equivalents, Beginning of Period593,508 249,711 
Cash and Cash Equivalents, End of Period$120,954 $529,336 
7

HORIZON BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar Amounts in Thousands)
Additional Supplemental Information
Interest paid$4,726 $5,991 
Income taxes paid  
Transfer of loans to other real estate and repossessed assets100 449 
See notes to condensed consolidated financial statements

8

HORIZON BANCORP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Table Dollar Amounts in Thousands, Except Per Share Data)

Note 1 - Accounting Policies
The accompanying unaudited condensed consolidated financial statements include the accounts of Horizon Bancorp, Inc. (“Horizon” or the “Company”) and its wholly-owned subsidiaries, including Horizon Bank (“Horizon Bank” or the “Bank”), which is an Indiana commercial bank. All inter–company balances and transactions have been eliminated. The results of operations for the periods ended March 31, 2022 and March 31, 2021 are not necessarily indicative of the operating results for the full year of 2022 or 2021. The accompanying unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of Horizon’s management, necessary to fairly present the financial position, results of operations and cash flows of Horizon for the periods presented. Those adjustments consist only of normal recurring adjustments.
Certain information and note disclosures normally included in Horizon’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Horizon’s Annual Report on Form 10–K for 2021 filed with the Securities and Exchange Commission on March 9, 2022. The condensed consolidated balance sheet of Horizon as of December 31, 2021 has been derived from the audited balance sheet as of that date.
On July 16, 2019, the Board of Directors of the Company authorized a stock repurchase program for up to 2,250,000 shares of Horizon’s issued and outstanding common stock, no par value. As of March 31, 2022, Horizon had repurchased a total of 803,349 shares at an average price per share of $16.89.
Basic earnings per share is computed by dividing net income available to common shareholders (net income less dividend requirements for preferred stock and accretion of preferred stock discount) by the weighted–average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
The following table shows computation of basic and diluted earnings per share.
Three Months Ended
March 31
20222021
Basic earnings per share
Net income$23,563 $20,422 
Weighted average common shares outstanding43,554,713 43,919,549 
Basic earnings per share$0.54 $0.46 
Diluted earnings per share
Net income $23,563 $20,422 
Weighted average common shares outstanding43,554,713 43,919,549 
Effect of dilutive securities:
Restricted stock129,793 102,048 
Stock options50,050 50,984 
Weighted average common shares outstanding43,734,556 44,072,581 
Diluted earnings per share$0.54 $0.46 

9

HORIZON BANCORP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Table Dollar Amounts in Thousands, Except Per Share Data)
There were 1,000 shares for the three months ended March 31, 2022, which were not included in the computation of diluted earnings per share because they were non–dilutive. There were 138,010 shares for the three months ended March 31, 2021, which were not included in the computation of diluted earnings per share because they were non–dilutive.
Horizon has share–based employee compensation plans, which are described in the notes to the financial statements included in the December 31, 2021 Annual Report on Form 10–K. Also, the Company's shareholders approved the 2021 Omnibus Equity Incentive Plan at its Annual Meeting on May 6, 2021, adding 1.4 million additional shares to the plan and with no other significant changes from the Company's previous plan.
Revision of Previously Issued Financial Statements
We have revised amounts reported in previously issued financial statements for the periods presented in this Quarterly Report on Form 10–Q related to immaterial errors. The errors relate to sold commercial loan participation balances which do not qualify under accounting guidance as sales transaction under Accounting Standards Codification Topic 860 – Transfers and Servicing. The correction of this error resulted in an increase in loans, net of allowance for credit losses and borrowings on the Company's consolidated condensed balance sheet.
We evaluated the aggregate effects of the errors to our previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108 and, based upon quantitative and qualitative factors, determined that the errors were not material to the previously issued financial statements and disclosures included in our Annual Reports on Form 10–K for the year ended December 31, 2021, or for any quarterly periods included therein.
The following tables present the revisions to the line items of our previously issued financial statements to reflect the correction of the errors:
Consolidated Balance Sheet
As of December 31, 2021As ReportedAdjustmentAs Revised
Loans, net of allowance for credit losses$3,553,345 $36,986 $3,590,331 
Total assets7,374,903 36,986 7,411,889 
Borrowings675,753 36,986 712,739 
Total liabilities6,651,694 36,986 6,688,680 
Total liabilities and stockholders' equity7,374,903 36,986 7,411,889 
Consolidated Statements of Cash Flows
Three Months Ended March 31, 2021As ReportedAdjustmentAs Revised
Net change in loans$202,290 $(2,862)$199,428 
Net cash provided by investing activities55,445 (2,862)52,583 
Proceeds from borrowings47 2,862 2,909 
Net cash provided by financing activities190,809 2,862 193,671 
Net Change in Cash and Cash Equivalents279,625 — 279,625 

10

HORIZON BANCORP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Table Dollar Amounts in Thousands, Except Per Share Data)
Accounting Guidance Issued But Not Yet Adopted
Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2022–02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures
The FASB has issued ASU 2022–02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, in March 2022. These amendments eliminate the TDR recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. Additionally, these amendments require that an entity disclose current–period gross write–offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326–20. The guidance is effective for entities that have adopted ASU 2016–13 for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. These amendments should be applied prospectively. If an entity elects to early adopt ASU 2022–02 in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company is assessing ASU 2022–02 and its impact on its accounting and disclosures.
FASB ASU No. 2020–04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
The FASB has issued ASU 2020–04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the LIBOR or other interbank offered rates on financial reporting. To help with the transition to new reference rates, the ASU provides optional expedients and exceptions for applying GAAP to affected contract modifications and hedge accounting relationships. The main provisions include:
A change in a contract's reference interest rate would be accounted for as a continuation of that contract rather than as the creation of a new one for contracts, including loans, debt, leases, and other arrangements, that meet specific criteria.
When updating its hedging strategies in response to reference rate reform, an entity would be allowed to preserve its hedge accounting.
The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. Because the guidance is meant to help entities through the transition period, it will be in effect for a limited time and will not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients that are retained through the end of the hedging relationship. The amendments in this ASU are effective March 12, 2020 through December 31, 2022.
ASU 2020–04 permits relief solely for reference rate reform actions and permits different elections over the effective date for legacy and new activity. Accordingly, the Company is evaluating and reassessing the elections on a quarterly basis. For current elections in effect regarding the assertion of the probability of forecasted transactions, the Company elects the expedient to assert the probability of the hedged interest payments and receipts regardless of any expected modification in terms related to reference rate reform.
The Company conducted monthly meetings to address contracts and hedge accounting relationships that reference LIBOR. All contracts referencing LIBOR as an interest rate have been identified and have been rewritten or refinanced as of March 31, 2022, except for commercial loan interest rate swaps. Hedge accounting relationships referencing LIBOR will be modified by the counter parties. The Company believes the adoption of this guidance on activities subsequent to December 31, 2020 through December 31, 2022 will not have a material impact on the consolidated financial statements.
11

HORIZON BANCORP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Table Dollar Amounts in Thousands, Except Per Share Data)
Note 2 – Acquisitions
On September 17, 2021, Horizon Bank completed the purchase and assumption of certain assets and liabilities of 14 former TCF National Bank (“TCF”) branches in 11 Michigan counties. Net cash of $618.2 million was received in the transaction, representing the deposit balances assumed at closing, net of amounts paid for loans of $212.0 million, fixed assets of $6.9 million, cash of $4.0 million and a 1.75% premium on deposits. Customer deposit balances were recorded at $846.4 million and a core deposit intangible of $1.6 million was recorded in the transaction, which will be amortized over 10 years on a straight line basis. Goodwill of $3.3 million was generated in the transaction.
Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the purchase price for the TCF branches is detailed in the following table. Prior to the end of the one year measurement period for finalizing the purchase price allocation, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation prospectively.

AssetsLiabilities
Cash and due from banks$4,012 Deposits
LoansNon-interest bearing$181,403 
Commercial101,327 NOW accounts303,050 
Residential mortgage56,499 Savings and money market262,488 
Consumer54,212 Certificates of deposit99,468 
Total loans212,038 Total deposits846,409 
Premises and equipment, net6,901 Interest payable16 
Goodwill3,334 Other liabilities1,278 
Core deposit intangible1,630 
Interest receivable519 
Other assets1,102 
Total assets purchased$229,536 Total liabilities assumed$847,703 
Net cash received$(618,167)
Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past due and non–accrual status, borrower credit scores and recent loan–to–value percentages. Management continues to complete its evaluation to determine if any loans were purchased with credit deterioration.
12

HORIZON BANCORP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Table Dollar Amounts in Thousands, Except Per Share Data)
Note 3 – Securities
The fair value of securities is as follows:
March 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$293,914 $ $(11,394)$282,520 
State and municipal510,936 1,687 (43,571)469,052 
Federal agency collateralized mortgage obligations50,201 20 (629)49,592 
Federal agency mortgage-backed pools216,411 138 (14,114)202,435 
Private labeled mortgage-backed pools30,239 84 (1,690)28,633 
Corporate notes84,434 444 (4,598)80,280 
Total available for sale investment securities$1,186,135 $2,373 $(75,996)$1,112,512 
Held to maturity
U.S. Treasury and federal agencies$292,459 $ $(19,962)$272,497 
State and municipal1,091,037 2,610 (113,204)980,443 
Federal agency collateralized mortgage obligations56,841  (4,236)52,605 
Federal agency mortgage-backed pools302,407  (23,357)279,050 
Private labeled mortgage-backed pools98,719  (7,959)90,760 
Corporate notes164,666  (12,176)152,490 
Total held to maturity investment securities$2,006,129 $2,610 $(180,894)$1,827,845 
December 31, 2021