Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2024

Presented below is condensed financial information as to financial position, results of operations and cash flows of Horizon Bancorp, Inc.:

Condensed Balance Sheets


	December 31 2024		December 31 2023
Assets
Total cash and cash equivalents	$	86,938	$	79,749
Investment in subsidiaries	803,799		765,299
Other assets	9,806		7,008
Total assets	$	900,543	$	852,056
Liabilities
Subordinated notes	$	55,738	$	55,543
Junior subordinated debentures issued to capital trusts	57,477		57,258
Other liabilities	23,748		20,443
Stockholders’ Equity	763,580		718,812
Total liabilities and stockholders’ equity	$	900,543	$	852,056

Condensed Statements of Income


	Years Ended December 31
	2024		2023		2022
Operating Income (Expense)
Dividend income from subsidiaries	$	38,000	$	55,500	$	34,750
Interest expense	(7,906)		(8,226)		(6,258)
Other income	117		431		45
Salaries and employee benefits	(5,351)		(3,502)		(2,551)
Other expense	(434)		(370)		(411)
Income Before Undistributed Income (Dividends in Excess) of Subsidiaries	24,426		43,833		25,575
Undistributed income (dividends in excess) of subsidiaries	8,198		(17,838)		66,473
Income Before Tax	32,624		25,995		92,048
Income tax benefit	2,805		1,986		1,360
Net Income Available to Common Shareholders	$	35,429	$	27,981	$	93,408

Condensed Statements of Comprehensive Income (Loss)


	Years Ended December 31
	2024		2023		2022
Net Income	$	35,429	$	27,981	$	93,408
Other Comprehensive Income (Loss)
Change in fair value of derivative instruments:
Change in fair value of derivative instruments for the period	—		(523)		5,649
Reclassification adjustment for swap termination gain realized in income	—		(1,453)		—
Income tax effect	—		415		(1,186)
Changes from derivative instruments	—		(1,561)		4,463
Change in securities:
Unrealized gain (loss) for the period on available for sale securities	(120)		20,728		(147,345)
Reclassification of gain (loss) from available for sale securities to held to maturity securities	—		—		(794)
Amortization (accretion) from transfer of securities from available for sale to held to maturity securities	(657)		(691)		(1,236)
Reclassification adjustment for securities (gains) losses realized in income	39,140		32,052		—
Income tax effect	(8,055)		(10,939)		31,369
Unrealized gains (losses) on securities	30,308		41,150		(118,006)
Other Comprehensive Income (Loss), Net of Tax	30,308		39,589		(113,543)
Comprehensive Income (Loss)	$	65,737	$	67,570	$	(20,135)

Condensed Statements of Cash Flows


	Years Ended December 31
	2024		2023		2022
Operating Activities
Net income	$	35,429	$	27,981	$	93,408
Items not requiring (providing) cash
Dividends in excess (equity in undistributed net income) of subsidiaries	(8,198)		17,838		(66,473)
Change in:
Share based compensation	4,586		3,586		2,475

Other assets	(4,621)		7,184		(284)
Other liabilities	3,717		(413)		120
Net cash provided by operating activities	30,913		56,176		29,246
Investing Activities


Capital contribution to subsidiary	—		—		—

Other investing activities	1,829		1,762		—
Net cash provided by investing activities	1,829		1,762		—
Financing Activities
Other change in borrowings	—		378		388
Repurchase of outstanding stock	—		—		—
Dividends paid on common shares	(28,328)		(28,311)		(27,765)

Net settlement of share awards	(1,371)		(1,221)		(1,824)
Other	4,146		—		—
Stock option exercises	—		—		145

Repayment of subordinated notes	—		(3,132)		—
Net cash used in financing activities	(25,553)		(32,286)		(29,056)
Net Change in Cash and Cash Equivalents	7,189		25,652		190
Cash and Cash Equivalents at Beginning of Year	79,749		54,097		53,907
Cash and Cash Equivalents at End of Year	$	86,938	$	79,749	$	54,097