Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information (Parent Company Only)

Note 28 – 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 2015		December 31 2014
Assets
Total cash and cash equivalents	$	26,507	$	19,195
Investment in Bank		276,718		211,928
Other assets		3,392		2,758
Total assets	$	306,617	$	233,881
Liabilities
Subordinated debentures	$	32,797	$	32,642
Other liabilities		6,988		6,825
Stockholders’ Equity		266,832		194,414
Total liabilities and stockholders’ equity	$	306,617	$	233,881

Condensed Statements of Income

	Years Ended December 31
	2015			2014			2013
Operating Income (Expense)
Dividend income from Bank	$	30,470		$	12,500		$	7,500
Investment income		15			12			4
Other income		24			17			175
Interest expense		(2,009	)		(2,009	)		(2,010	)
Employee benefit expense		(1,093	)		(965	)		(811	)
Other expense		910			883			646
Income Before Undistributed Income of Subsidiaries		28,317			10,438			5,504
Undistributed Income of Subsidiaries		(8,168	)		6,814			13,144
Income Before Tax		20,149			17,252			18,648
Income Tax Benefit		400			849			1,228
Net Income		20,549			18,101			19,876
Preferred stock dividend		(125	)		(133	)		(370	)
Net Income Available to Common Shareholders	$	20,424		$	17,968		$	19,506
Net Income	$	20,549		$	18,101		$	19,876
Other Comprehensive Income (Loss)
Change in fair value of derivative instruments, net of taxes		127			(332	)		1,734
Unrealized appreciation for the period on held-to-maturity securities, net of taxes		(357	)		1,078			—
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes		(1,891	)		3,146			(12,320	)
Less: reclassification adjustment for realized gains included in net income, net of taxes		(123	)		(642	)		(244	)
		(2,244	)		3,250			(10,830	)
Comprehensive Income	$	18,305		$	21,351		$	9,046

Condensed Statements of Cash Flows

	Years Ended December 31
	2015			2014			2013
Operating Activities
Net income	$	20,549		$	18,101		$	19,876
Items not requiring (providing) cash
Equity in undistributed net income of subsidiaries		8,168			(6,814	)		(13,144	)
Change in
Share based compensation		288			203			48
Amortization of unearned compensation		355			363			288
Other assets		(634	)		906			(167	)
Other liabilities		(13	)		1,377			97
Net cash provided by operating activities		28,713			14,136			6,998
Investing Activities
Acquisition of Summit		—			(7,036	)		—
Acquisition of Peoples		(19,365	)		—			—
Net cash used in investing activities		(19,365	)		(7,036	)		—
Financing Activities
Dividends paid on preferred shares		(125	)		(133	)		(370	)
Dividends paid on common shares		(6,216	)		(4,744	)		(3,655	)
Exercise of stock options		4,305			165			195
Net cash used in financing activities		(2,036	)		(4,712	)		(3,830	)
Net Change in Cash and Cash Equivalents		7,312			2,388			3,168
Cash and Cash Equivalents at Beginning of Year		19,195			16,807			13,639
Cash and Cash Equivalents at End of Year	$	26,507		$	19,195		$	16,807