HORIZON BANCORP INC IN
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31 | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating Activities | |||
| Net income | $27,981 | $93,408 | $87,091 |
| Items not requiring (providing) cash | |||
| Provision for (recovery of) credit losses | 2,459 | (1,816) | (2,084) |
| Depreciation and amortization | 10,938 | 10,754 | 9,802 |
| Share based compensation | 3,586 | 2,475 | 1,819 |
| Amortization of mortgage servicing rights | 1,032 | 2,345 | 4,073 |
| Impairment (recovery) of mortgage servicing rights | — | (2,594) | (2,578) |
| Premium amortization on securities, net | 10,069 | 12,148 | 10,289 |
| Deferred income taxes | (3,322) | 2,177 | 2,311 |
| (Gain) loss on sale of investment securities | 32,052 | — | (914) |
| Gain on sale of mortgage loans | (4,323) | (7,165) | (19,163) |
| Proceeds from sales of loans | 145,922 | 225,928 | 453,087 |
| Loans originated for sale | (138,430) | (215,174) | (437,174) |
| Gain on cash value life insurance | (3,709) | (2,594) | (2,094) |
| Gain on other real estate owned | (300) | (722) | (85) |
| Net change in: | |||
| Interest receivable | (3,416) | (9,157) | (4,222) |
| Interest payable | 16,869 | 3,145 | (493) |
| Other assets | 13,199 | (13,964) | 9,633 |
| Other liabilities | (21,671) | (4,814) | (2,948) |
| Net cash provided by operating activities | 88,936 | 94,380 | 106,350 |
| Investing Activities | |||
| Purchases of securities available for sale | (1,525) | (180,198) | (837,684) |
| Proceeds from sales of securities available for sale | 439,285 | — | 27,514 |
| Proceeds from maturities, calls and principal repayments of securities available for sale | 29,408 | 69,113 | 260,200 |
| Purchases of securities held to maturity | (10,141) | (430,457) | (931,029) |
| Proceeds from maturities of securities held to maturity | 80,201 | 72,968 | 30,544 |
| Net change in interest earning time deposits | 607 | 1,970 | 4,183 |
| Purchase of FHLB stock | (7,832) | (2,435) | (1,417) |
| Redemption of FHLB stock | — | 198 | — |
| Purchase of loans | (124,946) | (55,195) | — |
| Net change in loans | (140,510) | (448,284) | 480,028 |
| Proceeds on the sale of OREO and repossessed assets | 2,981 | 5,263 | 1,286 |
| Premises and equipment expenditures | (7,775) | (6,429) | (1,440) |
| Purchases of bank owned life insurance | — | (50,000) | — |
| Proceeds from bank owned life insurance | 69,765 | 3,554 | 783 |
| Net cash received in branch acquisition | — | — | 622,179 |
| Net cash provided by (used in) investing activities | 329,518 | (1,019,932) | (344,853) |
| Financing Activities | |||
| Net change in: | |||
| Net change in deposits | (192,881) | 54,783 | 425,449 |
| Proceeds from borrowings | 866,099 | 1,178,746 | 244,554 |
| Repayment of borrowings | (654,157) | (755,608) | (76,371) |
| Net change in repurchase agreements | (1,841) | 7,072 | 21,336 |
|---|---|---|---|
| Net settlement of share awards | (1,221) | (1,824) | (1,355) |
| Exercise of stock options | — | 145 | 1,062 |
| Repurchase of outstanding stock | — | — | (7,607) |
| Repayment of subordinated notes | (3,132) | — | — |
| Dividends paid on common stock | (28,311) | (27,765) | (24,768) |
| Net cash provided by (used in) financing activities | (15,444) | 455,549 | 582,300 |
| Net Change in Cash and Cash Equivalents | 403,010 | (470,003) | 343,797 |
| Cash and Cash Equivalents, Beginning of Period | 123,505 | 593,508 | 249,711 |
| Cash and Cash Equivalents, End of Period | $526,515 | $123,505 | $593,508 |
| Additional Supplemental Information | |||
| Interest paid | $119,692 | $33,370 | $18,782 |
| Income taxes paid | 2,137 | 802 | 1,650 |
| Transfer of loans to other real estate and repossessed assets | 3,299 | 2,009 | 1,721 |
| Transfer of premises to other real estate | — | 1,479 | 1,753 |
| Transfer of available for sale securities to held to maturity securities | — | 120,881 | 490,200 |
| Redemption of cash value of life insurance, not settled | 43,962 | — | — |
| Cash dividends declared, not paid | 7,156 | 7,122 | 6,666 |
| Qualified affordable housing investments obtained in exchange for funding commitments | 14,491 | — | — |
The cash flow statement presented above was revised to conform with the presentation of current year financial statements. As a result, the following changes were made to the 2022 and 2021 statements:
Proceeds from the sale of securities available for sale are being reported separately from Proceeds from maturities, calls and principal repayments of securities available for sale.
Proceeds from long–term borrowings, Repayment of long–term borrowings and Net change in short–term borrowings are being reported as Proceeds from borrowings and Repayment of borrowings.
Cash dividends declared, not paid are reported as Additional Supplemental Information.
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