Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information (Parent Company Only)

Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information as to financial position, results of operations and cash flows of Horizon Bancorp, Inc.:

Condensed Balance Sheets

	December 31 2022		December 31 2021
Assets
Total cash and cash equivalents	$	54,097	$	53,907
Investment in subsidiaries	748,983		796,054
Other assets	10,519		9,510
Total assets	$	813,599	$	859,471
Liabilities
Subordinated notes	$	58,896	$	58,750
Junior subordinated debentures issued to capital trusts	57,027		56,785
Other liabilities	20,301		20,727
Stockholders’ Equity	677,375		723,209
Total liabilities and stockholders’ equity	$	813,599	$	859,471

Condensed Statements of Income

	Years Ended December 31
	2022		2021		2020
Operating Income (Expense)
Dividend income from subsidiaries	$	34,750	$	22,500	$	61,400
Other income	45		25		106
Interest expense	(6,258)		(5,767)		(4,483)
Salaries and employee benefits	(2,551)		(1,890)		(1,997)
Other expense	(411)		(591)		(517)
Income Before Undistributed Income of Subsidiaries	25,575		14,277		54,509
Undistributed Income of Subsidiaries	66,473		71,439		13,131
Income Before Tax	92,048		85,716		67,640
Income Tax Benefit	1,360		1,375		859
Net Income Available to Common Shareholders	$	93,408	$	87,091	$	68,499

Condensed Statements of Comprehensive Income (Loss)

	Years Ended December 31
	2022		2021		2020
Net Income	$	93,408	$	87,091	$	68,499
Other Comprehensive Income (Loss)
Change in fair value of derivative instruments, net of taxes	4,463		3,610		(3,004)
Unrealized gain (loss) for the period on held to maturity securities, net of taxes	(1,603)		4,687		(46)
Unrealized gain (loss) on available for sale securities, net of taxes	(116,403)		(28,082)		27,865
Less: reclassification adjustment for realized gains included in net income, net of taxes	—		(722)		(3,395)
	(113,543)		(20,507)		21,420
Comprehensive Income (Loss)	$	(20,135)	$	66,584	$	89,919

Condensed Statements of Cash Flows

	Years Ended December 31
	2022		2021		2020
Operating Activities
Net income	$	93,408	$	87,091	$	68,499
Items not requiring (providing) cash
Equity in undistributed net income of subsidiaries	(66,473)		(71,439)		(13,131)
Change in:
Share based compensation	2,475		1,819		1,338
Other assets	(284)		730		(20)
Other liabilities	120		946		(14)
Net cash provided by operating activities	29,246		19,147		56,672
Investing Activities
Capital contribution to subsidiary	—		(60,000)		—
Net cash used in investing activities	—		(60,000)		—
Financing Activities
Other change in borrowings	388		384		16
Repurchase of outstanding stock	—		(7,607)		(19,636)
Dividends paid on common shares	(27,765)		(24,768)		(21,183)
Proceeds from issuance of stock	—		—		1,233
Net settlement of share awards	(1,824)		(1,355)		—
Stock option exercises	145		1,062		157
Net proceeds from issuance of subordinated notes	—		—		58,824
Net cash (used in) provided by financing activities	(29,056)		(32,284)		19,411
Net Change in Cash and Cash Equivalents	190		(73,137)		76,083
Cash and Cash Equivalents at Beginning of Year	53,907		127,044		50,961
Cash and Cash Equivalents at End of Year	$	54,097	$	53,907	$	127,044