Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2011

Condensed Financial Information (Parent Company Only) [Abstract]

Condensed Financial Information (Parent Company Only)

Note 24—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:

Condensed Balance Sheets

	December 31 2011		December 31 2010
Assets
Total cash and cash equivalents	$	8,262	$	8,496
Investment in Bank		146,125		134,044
Other assets		3,343		2,341
Total assets	$	157,730	$	144,881
Liabilities
Subordinated debentures	$	30,676	$	30,584
Other liabilities		5,589		2,014
Stockholders’ Equity		121,465		112,283
Total liabilities and stockholders’ equity	$	157,730	$	144,881

Condensed Statements of Income

	Years Ended December 31
	2011			2010			2009
Operating Income (Expense)
Dividend income from Bank	$	10,000		$	5,000		$	7,750
Investment income		4			6			2
Other income		17			200			(129	)
Interest expense		(1,821	)		(1,688	)		(1,467	)
Employee benefit expense		(535	)		(498	)		(503	)
Other expense		(134	)		(179	)		(100	)
Income Before Undistributed Income of Subsidiaries		7,531			2,841			5,553
Undistributed Income of Subsidiaries		4,288			6,759			2,717
Income Before Tax		11,819			9,600			8,270
Income Tax Benefit		978			855			870
Net Income		12,797			10,455			9,140
Preferred stock dividend and discount accretion		(1,325	)		(1,406	)		(1,402	)
Net Income Available to Common Shareholders	$	11,472		$	9,049		$	7,738

Condensed Statements of Cash Flows

	Years Ended December 31
	2011			2010			2009
Operating Activities
Net income	$	12,797		$	10,455		$	9,140
Items not requiring (providing) cash
Equity in undistributed net income of Bank Change in		(4,288	)		(6,759	)		(2,717	)
Income taxes receivable		(236	)		33			7,523
Dividends receivable from Bank		—			2,500			(1,500	)
Share based compensation		35			30			39
Amortization of unearned compensation		100			68			164
Other assets		473			(308	)		(175	)
Other liabilities		129			250			(82	)
Net cash provided by operating activities		9,010			6,269			12,392
Investing Activities
Investment in Bank		—			(3,500	)		—
Purchases and assumption of ATSB		—			3,412			—
Net cash used in investing activities		—			(88	)		—
Financing Activities
Redemption of preferred stock		(18,750	)		(6,250	)		—
Issuance of preferred stock		12,500			0			—
Dividends paid on preferred shares		(792	)		(1,245	)		(1,132	)
Dividends paid on common shares		(2,325	)		(2,240	)		(2,229	)
Change in borrowings		—			—			(4,700	)
Exercise of stock options		55			120			68
Issuance of restricted shares		60			34			96
Tax benefit of stock options		8			77			18
Net cash used in financing activities		(9,244	)		(9,504	)		(7,879	)
Net Change in Cash and Cash Equivalents		(234	)		(3,323	)		4,513
Cash and Cash Equivalents at Beginning of Year		8,496			11,819			7,306
Cash and Cash Equivalents at End of Year	$	8,262		$	8,496		$	11,819