Profile: Horizon Bancorp (HBNC.O)
30 Jan 2015
Horizon Bancorp, incorporated on April 26, 1983, is a bank holding company. The Company provides a range of banking services in Northwestern and Central Indiana and Southwestern Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank) and other affiliated entities and Horizon Risk Management, Inc. The Company operates as a single segment, which is commercial banking. The Bank is a full-service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking. Horizon Risk Management is a captive insurance company incorporated on Nevada. As of December 31, 2013, the Bank had total assets of $1.76 billion and total deposits of $1.29 billion.
As of December 31, 2013, the Bank’s total loans were $1.1 billion which consisted of commercial loans of $505.2 million, residential real estate loans of $186 million, mortgage warehouse loans of $98.2 million, and consumer loans of $279.5 million.
The Company’s investment securities totaled $518.5 million as of December 31, 2013, and consisted of treasury and federal agency securities of $43.1 million; state and municipal securities of $177.9 million; federal agency mortgage-backed pools of $170.9 million, federal agency collateralized mortgage obligations of $114.7 million, private labeled mortgage-backed pools of $1.2 million, and corporate securities of $733,000. Investment securities increased $35.7 million during 2013 primarily as a result of the decrease in mortgage warehouse balance being redeployed into investment securities.
Source of Funds
As of December 31, 2013, the Company’s total deposits were $1.3 billion. The deposits include noninterest-bearing demand deposits of $219.3 million, interest-bearing demand deposits of $528.7 million, savings deposits of $134.2 million, money market deposits of $123.2 million, and time deposits of $306.5 million. As of December 31, 2013, the Company’s total borrowings were $256.2 million which includes Federal Home Loan Bank advances of $75 million, securities sold under agreements to repurchase of $140.2 million and federal funds purchased of $41 million.
The Bank has wholly owned subsidiaries: Horizon Investments, Inc., which manages the investment portfolio of the Bank, and Horizon Properties, Inc., which manages the real estate investment trust.
515 Franklin Square
MICHIGAN CITY IN 46360