Horizon Bancorp Inc. (HBNC) Financial Statements (2024 and earlier)

Company Profile

Business Address 515 FRANKLIN STREET
MICHIGAN CITY, IN 46360
State of Incorp. IN
Fiscal Year End December 31
Industry (SIC) 6022 - State Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments528,720126,317593,508249,71198,83158,492
Cash and cash equivalents528,720126,317593,508249,71198,83158,492
Receivables  4,128,0193,582,4673,835,4313,609,0362,998,940
Financing receivable, accrued interest, after allowance for credit loss 23,700   
Financing receivable, excluding accrued interest, after allowance for credit loss4,391,853  
Total current assets:4,944,2734,254,3364,175,9754,085,1423,707,8673,057,432
Noncurrent Assets
Operating lease, right-of-use asset   3,5003,5003,500
Property, plant and equipment94,58392,67793,44192,41692,20974,331
Intangible assets, net (including goodwill)182,463189,689196,454197,148177,917130,270
Goodwill155,211155,211154,572151,238151,238119,880
Intangible assets, net (excluding goodwill)27,25234,47841,88245,91026,67910,390
Total noncurrent assets:277,046282,366293,395293,064273,626204,601
Other undisclosed assets2,719,1663,335,8162,905,5331,508,4081,265,336984,655
TOTAL ASSETS:7,940,4857,872,5187,374,9035,886,6145,246,8294,246,688
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt 136,030137,871130,798109,46290,94152,116
Total current liabilities: 136,030137,871130,798109,46290,94152,116
Noncurrent Liabilities
Other undisclosed liabilities7,085,6437,057,2726,520,8965,084,9364,499,8653,702,580
Total liabilities:7,221,6737,195,1436,651,6945,194,3984,590,8063,754,696
Equity
Equity, attributable to parent718,812677,375723,209692,216656,023491,992
Additional paid in capital356,400354,188352,122362,945379,853276,101
Accumulated other comprehensive income (loss)(66,609)(106,198)7,34527,8526,432(8,144)
Retained earnings429,021429,385363,742301,419269,738224,035
Total equity:718,812677,375723,209692,216656,023491,992
TOTAL LIABILITIES AND EQUITY:7,940,4857,872,5187,374,9035,886,6145,246,8294,246,688

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues316,628243,198219,158232,099217,540172,781
Net investment income312,305236,033199,995205,378208,332166,168
Cost of revenue(1,032)(2,345) (20,751)(1,976)(2,906)
Provision for loan, lease, and other losses    (20,751)(1,976)(2,906)
Amortization of mortgage servicing rights (msrs)(1,032)(2,345)    
Gross profit:315,596240,853219,158211,348215,564169,875
Operating expenses(31,238)(29,435)(24,719)(24,444)(22,583)(19,224)
Operating income:284,358211,418194,439186,904192,981150,651
Nonoperating income (expense)2,6581,548(189)1,0811,4501,247
Investment income, nonoperating(1,051)(1,046)(2,283)(1,162)(740)(665)
Bank owned life insurance income3,7092,5942,0942,2432,1901,912
Interest and debt expense(136,561)(36,515)(18,305)(34,438)(47,541)(31,599)
Income from continuing operations before equity method investments, income taxes:150,455176,451175,945153,547146,890120,299
Other undisclosed loss from continuing operations before income taxes(111,456)(70,867)(73,498)(75,178)(67,049)(56,739)
Income from continuing operations before income taxes:38,999105,584102,44778,36979,84163,560
Income tax expense(11,018)(12,176)(15,356)(9,870)(13,303)(10,443)
Income from continuing operations:27,98193,40887,09168,49966,53853,117
Income before gain (loss) on sale of properties:87,09168,49966,53853,117
Net income available to common stockholders, basic:27,98193,40887,09168,49966,53853,117
Other undisclosed net loss available to common stockholders, diluted     (133,076) 
Net income (loss) available to common stockholders, diluted:27,98193,40887,09168,499(66,538)53,117

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:27,98193,40887,09168,49966,53853,117
Other comprehensive income (loss)(10,524)31,3696,409(6,493)(4,438)1,012
Comprehensive income:17,457124,77793,50062,00662,10054,129
Other undisclosed comprehensive income (loss), net of tax, attributable to parent50,113(144,912)(26,916)27,91319,014(4,839)
Comprehensive income (loss), net of tax, attributable to parent:67,570(20,135)66,58489,91981,11449,290

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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