HORIZON BANCORP INC /IN/
For the period ended Dec 31, 2024. Filed Mar 14, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 14, 2025
HBNC$21.30+0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31 | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating Activities | |||
| Net income | $35,429 | $27,981 | $93,408 |
| Items not requiring (providing) cash | |||
| Provision for (recovery of) credit losses | 5,389 | 2,459 | (1,816) |
| Depreciation and amortization | 10,331 | 10,938 | 10,754 |
| Share based compensation | 4,586 | 3,586 | 2,475 |
| Amortization of mortgage servicing rights | 1,971 | 1,032 | 2,345 |
| Impairment (recovery) of mortgage servicing rights | — | — | (2,594) |
| Net amortization of premiums and discounts on securities | 8,407 | 10,069 | 12,148 |
| Deferred income taxes | (17,000) | (3,322) | 2,177 |
| (Gain) loss on sale of investment securities | 39,140 | 32,052 | — |
| Gain on sale of mortgage loans | (4,215) | (4,323) | (7,165) |
| Proceeds from sales of loans | 435,522 | 145,922 | 225,928 |
| Loans originated for sale | (499,688) | (138,430) | (215,174) |
| Gain on cash value life insurance | (1,300) | (3,709) | (2,594) |
| Gain on other real estate owned | (450) | (300) | (722) |
| Net change in: | |||
| Interest receivable | (1,037) | (3,416) | (9,157) |
| Interest payable | (11,112) | 16,869 | 3,145 |
| Other assets | (9,698) | 13,199 | (13,964) |
| Other liabilities | 10,093 | (21,671) | (4,814) |
| Net cash provided by operating activities | 6,368 | 88,936 | 94,380 |
| Investing Activities | |||
| Purchases of securities available for sale | — | (1,525) | (180,198) |
| Proceeds from sales of securities available for sale | 293,138 | 439,285 | — |
| Proceeds from maturities, calls and principal repayments of securities available for sale | 16,712 | 29,408 | 69,113 |
| Purchases of securities held to maturity | (312) | (10,141) | (430,457) |
| Proceeds from maturities of securities held to maturity | 71,649 | 80,201 | 72,968 |
| Net change in interest earning time deposits | 1,470 | 607 | 1,970 |
| Purchase of FHLB stock | (19,317) | (7,832) | (2,435) |
| Redemption of FHLB stock | — | — | 198 |
| Purchase of loans | (240,020) | (124,946) | (55,195) |
| Net change in loans | (217,055) | (140,510) | (448,284) |
| Proceeds on the sale of OREO and repossessed assets | 2,000 | 2,981 | 5,263 |
| Premises and equipment expenditures | (5,084) | (7,775) | (6,429) |
| Purchases of bank owned life insurance | — | — | (50,000) |
| Proceeds from bank owned life insurance | 44,043 | 69,765 | 3,554 |
| Net cash received in branch acquisition | — | — | — |
| Net cash provided by (used in) investing activities | (52,776) | 329,518 | (1,019,932) |
| Financing Activities | |||
| Net change in deposits | (64,241) | (192,881) | 54,783 |
| Proceeds from borrowings | 512,759 | 866,099 | 1,178,746 |
| Repayment of borrowings | (563,523) | (654,157) | (755,608) |
| Net change in repurchase agreements | (46,118) | (1,841) | 7,072 |
| Net settlement of share awards | (1,371) | (1,221) | (1,824) |
|---|---|---|---|
| Proceeds from sale of SERP shares | 4,146 | — | — |
| Exercise of stock options | — | — | 145 |
| Repurchase of outstanding stock | — | — | — |
| Repayment of subordinated notes | — | (3,132) | — |
| Dividends paid on common stock | (28,328) | (28,311) | (27,765) |
| Net cash provided by (used in) financing activities | (186,676) | (15,444) | 455,549 |
| Net Change in Cash and Cash Equivalents | (233,084) | 403,010 | (470,003) |
| Cash and Cash Equivalents, Beginning of Period | 526,515 | 123,505 | 593,508 |
| Cash and Cash Equivalents, End of Period | $293,431 | $526,515 | $123,505 |
| Additional Supplemental Information | |||
| Interest paid | $178,891 | $119,692 | $33,370 |
| Income taxes paid | 10,710 | 2,137 | 802 |
| Transfer of loans to other real estate and repossessed assets | 2,690 | 3,299 | 2,009 |
| Transfer of loans held for investment to loans held for sale | 87,638 | ||
| Transfer of premises to other real estate | — | — | 1,479 |
| Transfer of available for sale securities to held to maturity securities | — | — | 120,881 |
| Redemption of cash value of life insurance, not settled | — | 43,962 | — |
| Cash dividends declared, not paid | 7,081 | 7,156 | 7,122 |
| Qualified affordable housing investments obtained in exchange for funding commitments | — | 14,491 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.