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Horizon Bancorp Inc (HBNC) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Horizon Bancorp Inc

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CIK: 706129 Ticker: HBNC

horizonbancorpinc876_sm-10a.jpg
Contact:Mark E. Secor
Chief Financial Officer
Phone:(219) 873-2611
Fax:(219) 874-9280
Date:January 25, 2023

FOR IMMEDIATE RELEASE

Horizon Bancorp, Inc. Announces Record Earnings for 2022

Michigan City, Indiana, January 25, 2023 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) — Horizon Bancorp, Inc. (“Horizon” or the “Company”) announced its unaudited financial results for the three and twelve months ended December 31, 2022.

“Horizon closed 2022 with record annual earnings reflecting continued strong growth in commercial and consumer loans through the fourth quarter, solid asset quality metrics and continued disciplined expense management,” Chairman and CEO Craig M. Dwight said. “We have continued to produce consistent and strong returns with ROAA of 1.24% and ROATE of 18.33% for 2022. As we enter 2023, we believe we are well–positioned with talent, technology and solid pipelines to continue to support our loan growth goals for the year, and focus on reinvesting our cash flows into higher yielding assets. Our well diversified balance sheet and low credit risk profile has performed well through previous economic cycles and, given the strong markets we operate in, we expect similar performance throughout the current economic cycle.”

Fourth Quarter and Full Year 2022 Highlights

•Return on average assets (“ROAA”) was 1.24% for the year ended 2022.

•Return on average tangible equity was 18.33% for the year ended 2022.

•Total loans grew 13.4% year–to–date and 12.8% annualized during the fourth quarter.

•Commercial loans grew to a record $2.42 billion, up 13.4% year–to–date and 10.8% annualized during the fourth quarter.

•Consumer loans grew to a record $967.8 million, up 30.6% year–to–date and 21.0% annualized during the fourth quarter.

•Asset quality remained solid with total loan delinquency at 0.26% of total loans, net charge–offs to average loans of 0.01% and non–performing loans to total loans at 0.52%.
•Total deposits remained strong increasing $26.9 million during the quarter at an average cost of 71 basis points and $54.8 million year–to–date at an average cost of 30 basis points.

•Fourth quarter net interest income was $48.8 million compared to $51.9 million in the previous quarter. Lower loan fees, less purchase accounting accretion and higher dealer reserve amortization represented $2.2 million of this decrease.


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The following information was filed by Horizon Bancorp Inc (HBNC) on Wednesday, January 25, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Horizon Bancorp Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Gain (Loss)
Accumulated Other Comprehensive Gain (Loss) (Tables)
Accumulated Other Comprehensive Gain (Loss) - Components Of Accumulated Other Comprehensive Gain (Loss) (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Details)
Acquisitions - Schedule Of Purchase Price Of Assets Acquired And Liabilities Assumed (Details)
Allowance For Credit And Loan Losses
Allowance For Credit And Loan Losses (Details)
Allowance For Credit And Loan Losses (Tables)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Detail)
Borrowings - Borrowings (Detail)
Borrowings - Schedule Of Contractual Maturities (Detail)
Cash Equivalents
Cash Equivalents - Additional Information (Details)
Commitments, Off-Balance Sheet Risk And Contingencies
Commitments, Off-Balance Sheet Risk And Contingencies (Details)
Condensed Financial Information (Parent Company Only)
Condensed Financial Information (Parent Company Only) (Tables)
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Details)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Cash Flows (Details)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Comprehensive Income (Loss) (Details)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Income (Details)
Deposits
Deposits (Tables)
Deposits - Certificates And Other Time Deposits For Both Retail And Brokered (Details)
Deposits - Deposits (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Effect Of Derivative Instruments On Condensed Consolidated Statements Of Income Derivative In Cash Flow Hedging Relationship (Details)
Derivative Financial Instruments - Effect Of Derivative Instruments On Consolidated Statements Of Income Derivative In Fair Value Hedging Relationship (Details)
Derivative Financial Instruments - Fair Value Of Derivative Financial Instruments (Details)
Derivative Financial Instruments - Interest Rate Swap Derivatives (Details)
Disclosures About Fair Value Of Assets And Liabilities
Disclosures About Fair Value Of Assets And Liabilities (Tables)
Disclosures About Fair Value Of Assets And Liabilities - Fair Value Measurements Of Assets And Liabilities Recognized On A Recurring Basis (Details)
Disclosures About Fair Value Of Assets And Liabilities - Level 3 Rollforward (Details)
Disclosures About Fair Value Of Assets And Liabilities - Other Assets Measured At Fair Value On Nonrecurring Basis (Details)
Disclosures About Fair Value Of Assets And Liabilities - Qualitative Information About Unobservable Inputs Used In Recurring And Nonrecurring Level 3 Fair Value Measurements, Other Than Goodwill (Details)
Employee Benefit Plans
Employee Benefit Plans (Details)
Employee Stock Ownership Plan
Employee Stock Ownership Plan (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
General Litigation
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Amortizable Intangible Assets (Details)
Goodwill And Intangible Assets - Changes In Carrying Amount Of Goodwill (Details)
Goodwill And Intangible Assets - Estimated Amortization (Details)
Income Tax
Income Tax (Tables)
Income Tax - Additional Information (Details)
Income Tax - Reconciliation Of Deferred Tax Assets &Amp; Liabilities (Details)
Income Tax - Reconciliation Of Income Taxes (Details)
Junior Subordinated Debentures Issued To Capital Trusts
Junior Subordinated Debentures Issued To Capital Trusts (Details)
Loan Servicing
Loan Servicing (Tables)
Loan Servicing - Additional Information (Details)
Loan Servicing - Originated Mortgage Servicing Rights (Details)
Loans
Loans (Tables)
Loans - Additional Information (Details)
Loans - Collateral Pledged Loans (Details)
Loans - Loans By Credit Grades (Details)
Loans - Loans Outstanding By Portfolio Class (Details)
Loans - Non-Accrual, Loans Past Due Over 90 Days Still On Accrual, And Troubled Debt Restructured ("Tdrs") By Class Of Loans (Details)
Loans - Payment Status By Class Of Loan (Details)
Loans - Schedule Of Tdrs By Loan Portfolio (Details)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies (Tables)
Nature Of Operations And Summary Of Significant Accounting Policies - Additional Information (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Error Correction (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Fair Value Of Securities Correction (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Impact Of Asc 326 (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Summary Of Computation Of Basic And Diluted Earnings Per Share (Details)
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (Tables)
Regulatory Capital
Regulatory Capital (Tables)
Regulatory Capital - Additional Information (Details)
Regulatory Capital - Summary Of Regulatory Capital Requirement (Details)
Repurchase Agreements
Repurchase Agreements (Tables)
Repurchase Agreements - Additional Information (Details)
Repurchase Agreements - Summary Of Repurchase Agreements Accounted As Secured Borrowings The Related Securities, At Fair Value, Pledged (Details)
Securities
Securities (Tables)
Securities - Additional Information (Details)
Securities - Amortized Cost And Fair Value Of Securities Available For Sale And Held To Maturity (Details)
Securities - Fair Value Of Securities (Details)
Securities - Gross Unrealized Losses And Fair Value Of Company's Investments (Details)
Securities - Sales Of Securities Available For Sale (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Details)
Share-Based Compensation - Summary Of Option Activity (Details)
Share-Based Compensation - Summary Of Option Activity Under 2013 Plan (Details)
Share-Based Compensation - Summary Of Status Of Non-Vested, Restricted And Performance Shares (Details)
Subordinated Notes
Subordinated Notes (Details)
Ticker: HBNC
CIK: 706129
Form Type: 10-K Annual Report
Accession Number: 0000706129-23-000034
Submitted to the SEC: Wed Mar 15 2023 5:29:03 PM EST
Accepted by the SEC: Wed Mar 15 2023
Period: Saturday, December 31, 2022
Industry: State Commercial Banks

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