HORIZON BANCORP INC IN
For the period ended Mar 31, 2024. Filed May 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
HBNC$21.30+0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Three Months Ended | ||
|---|---|---|
| March 31 | ||
| 2024 | 2023 | |
| Operating Activities | ||
| Net income | $13,991 | $18,228 |
| Items not requiring (providing) cash | ||
| Credit loss expense (recovery) | 805 | 242 |
| Depreciation and amortization | 2,649 | 2,601 |
| Share based compensation | 907 | 758 |
| Amortization of mortgage servicing rights | 476 | 247 |
| Premium amortization on securities, net | 2,182 | 2,751 |
| Loss on sale of investment securities | — | 500 |
| Gain on sale of mortgage loans | (626) | (785) |
| Proceeds from sales of loans | 21,432 | 24,444 |
| Loans originated for sale | (20,517) | (20,489) |
| Gain on cash value life insurance | (298) | (981) |
| Gain on sale of other real estate owned | (64) | (103) |
| Net change in: | ||
| Interest receivable | (1,298) | (1,134) |
| Interest payable | (14,396) | 542 |
| Other assets | (4,548) | 3,900 |
| Other liabilities | 5,849 | (5,410) |
| Net cash provided by operating activities | 6,544 | 25,311 |
| Investing Activities | ||
| Purchases of securities available for sale | — | (817) |
| Proceeds from sales of securities available for sale | — | 63,527 |
| Proceeds from maturities, calls and principal repayments of securities available for sale | 4,369 | 8,386 |
| Purchases of securities held to maturity | — | (7,935) |
| Proceeds from maturities, calls and principal repayments of securities held to maturity | 18,233 | 13,406 |
| Net change in interest earning time deposits | 490 | (286) |
| Purchase of FHLB stock | (19,317) | (5,587) |
| Purchase of loans | (153,743) | (62,489) |
| Net change in loans | (47,365) | (27,865) |
| Proceeds on the sale of OREO and repossessed assets | 369 | 737 |
| Premises and equipment expenditures | (1,178) | (567) |
| Proceeds from bank owned life insurance | 22,917 | — |
| Net cash used in investing activities | (175,225) | (19,490) |
| Financing Activities | ||
| Net change in deposits | (85,023) | (155,829) |
| Proceeds from borrowings | 403,026 | 522,548 |
| Repayment of borrowings | (400,235) | (354,634) |
| Net change in repurchase agreements | 3,280 | 1,064 |
| Net settlement of share awards | (708) | (696) |
| Dividends paid on common stock | (7,086) | (7,057) |
| Net cash provided by financing activities | (86,746) | 5,396 |
| Net Change in Cash and Cash Equivalents | (255,427) | 11,217 |
| Cash and Cash Equivalents, Beginning of Period | 526,515 | 123,505 |
| Cash and Cash Equivalents, End of Period | $271,088 | $134,722 |
| Additional Supplemental Information | ||
| Interest paid | $56,372 | $26,019 |
| Income taxes paid | — | — |
Condensed Consolidated Statements of Cash Flows
| Transfer of loans to other real estate and repossessed assets | 253 | 868 |
|---|---|---|
| Cash dividends declared, not paid | 7,156 | 7,122 |
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