Profile: Horizon Bancorp (HBNC.O)
28 Aug 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 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, Inc. is a captive insurance company. As of December 31, 2014, the Bank had total assets of $2.08 billion and total deposits of $1.48 billion.
The Bank's loan portfolio consists of commercial, real estate, mortgage warehouse and consumer loans. As of December 31, 2014, the Bank's total loans were $1.4 billion which consisted of commercial loans of $674.3 million, residential real estate loans of $254.6 million, mortgage warehouse loans of $129.1 million, and consumer loans of $320.5 million.
The Bank's investment securities include both securities available for sale and held to maturity. The Bank's investment securities totaled $489.5 million as of December 31, 2014, and consisted of Treasury and federal agency securities of $26.8 million, state and municipal securities of $177.5 million, federal agency mortgage-backed pools of $147.7 million, federal agency collateralized mortgage obligations of $126.9 million, private label mortgage-backed pools of $689,000, and corporate securities of $45,000.
Source of Funds
As of December 31, 2014, the Bank's total deposits were $1.48 billion. The deposits include noninterest-bearing demand deposits of $258.5 million, interest-bearing demand deposits of $582.9 million, savings deposits of $142.4 million, money market deposits of $161.1 million, and time deposits of $296.4 million. As of December 31, 2014, the Bank's total borrowings were $351.2 million which includes Federal Home Loan Bank advances of $116.4 million, securities sold under agreements to repurchase of $139.7 million and federal funds purchased of $95 million.
The Bank's wholly owned direct and indirect subsidiaries include Horizon Investments, Inc. (Horizon Investments), Horizon Properties, Inc. (Horizon Properties), Horizon Insurance Services, Inc. (Horizon Insurance) and Horizon Grantor Trust. Horizon Investments manages the investment portfolio of the Bank. Horizon Properties manages the real estate investment trust. Horizon Insurance is used by the Company's Wealth Management to sell certain insurance products. Horizon Grantor Trust holds title to certain company owned life insurance policies. The Bank also offers pooled trust preferred securities offerings through Horizon Bancorp Capital Trust II and Horizon Bancorp Capital Trust III.
515 Franklin St
MICHIGAN CITY IN 46360-3328