Profile: Horizon Bancorp (HBNC.O)
17 Apr 2014
Horizon Bancorp (Horizon) is a bank holding company. Horizon provides a range of banking services in Northwestern Indiana and Southwestern Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank) and other affiliated entities. 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. As of December 31, 2011, the Bank had total assets of $ $1.55 billion and total deposits of $1.00 billion. As of December 31, 2011, the Bank maintained 22 full service offices. It has three wholly owned subsidiaries: Horizon Investments, Inc. (Horizon Investments), Horizon Insurance Services, Inc. (Horizon Insurance) and Horizon Grantor Trust. Horizon Investments manages the investment portfolio of the Bank. Horizon Insurance offered a line of personal and corporate insurance products Horizon Grantor Trust holds title to certain company owned life insurance policies. In April 2014, the Company acquired SCB Bancorp Inc and wholly owned subsidiary Summit Community Bank, and as a result of the acquisition SCB Bancorp Inc was merged into Horizon and simultaneously Summit Community Bank was merged into Horizon Bank, N.A.
The Bank’s total loans, including loans held for sale, the principal earning asset of the Bank, were $983.2 million at December 31, 2011. Real estate loans totaled $157.1 million of total loans as of December 31, 2011. In addition to the customary real estate loans described above, the Bank also has outstanding on December 31, 2011, $92.2 million in home equity lines of credit. Commercial loans totaled $352.2 million of total loans as of December 31, 2011. Consumer loans totaled $265.4 million of total loans as of December 31, 2011.
Horizon’s investment securities totaled $ 438,179 million at December 31, 2011. Its investment portfolio consisted of United States Treasury and federal agencies of $ 13 million; state and municipal securities of $143.8 million; federal agency collateralized mtg. obligations of 91.1 million; federal agency mortgage-backed pools of $179.3 million; private labeled mortgage-backed pools of $3.6 million, and corporate notes of $24 million.
Sources of Funds
The primary source of funds for the Bank comes from the acceptance of demand and time deposits. The Bank also borrows funds from the Federal Home Loan Bank and other sources. Total deposits were $1 million as of December 31, 2011.
515 Franklin Square
MICHIGAN CITY IN 46360