-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GbqJXwV38gMgB9NuGnL7ZR3gPqPXYe0LUnrO6916VVDYtSmKTVBrUGB8EJSGmzaO 8iAdAb7RA7reubhbv2ZHPw== 0000706129-96-000005.txt : 19960816 0000706129-96-000005.hdr.sgml : 19960816 ACCESSION NUMBER: 0000706129-96-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HORIZON BANCORP /IN/ CENTRAL INDEX KEY: 0000706129 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 351562417 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-10792 FILM NUMBER: 96612831 BUSINESS ADDRESS: STREET 1: 515 FRANKLIN SQ CITY: MICHIGAN CITY STATE: IN ZIP: 46360 BUSINESS PHONE: 2198790211 MAIL ADDRESS: STREET 1: 515 FRANKLIN SQ CITY: MICHIGAN CITY STATE: IN ZIP: 46360 FORMER COMPANY: FORMER CONFORMED NAME: CITIZENS MICHIANA FINANCIAL CORP DATE OF NAME CHANGE: 19861021 10-Q 1 2ND QUARTER 10-Q HORIZON BANCORP FORM 10-Q SECURITIES AND EXCHANGE COMMISSION 450 5th Street N.W. Washington, D.C. 20549 QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 1996 commission file number 0-10792 HORIZON BANCORP (Exact name of registrant as specified in its charter) Indiana (State or other jurisdiction of incorporation or organization) 35-1562417 (I.R. S. Employer Identification No.) 515 Franklin Square, Michigan City, Indiana 46360 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (219) 879-0211 Securities registered pursuant to Section 12(b) of the Act: NONE Securities registered pursuant to Section 12(g) of the Act: Common Stock, no par value (Title of class) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 747,460 at June 30, 1996 HORIZON BANCORP FORM 10-Q Part I - Financial Information ITEM 1. FINANCIAL INFORMATION REQUIRED BY RULE 10-01 OF REGULATION S-X IS INCLUDED IN THIS FORM 10-Q AS REFERENCED BELOW Financial Statements ............................. Page Consolidated Balance Sheet (Unaudited) .......................... 1 Consolidated Statement of Income (Unaudited) .................... 2 Condensed Consolidated Statement of Changes ..................... 3 in Stockholders' Equity (Unaudited) Consolidated Statement of Cash Flows (Unaudited) ................ 4 Notes to the Consolidated Financial Statements (Unaudited) ...... 5 - 12 CONSOLIDATED BALANCE SHEET (Thousands) (Unaudited) June 30 Dec 31 ASSETS 1996 1995 ---- ---- Cash and cash equivalents Cash and due from banks ............................. $ 14,596 $ 20,987 Money market investment ............................. 1,299 1,079 Federal funds sold ................................. 0 0 -------- -------- Total cash and cash equivalents ................... 15,895 22,066 Short-term investments-Interest-bearing balances in banks .. 209 206 Investment securities available for sale, net (Note 2) .... 63,072 74,942 Investment securities held to maturity, (Note 2) (Estimated market value of $13,902 June 30, ........... 13,957 12,167 1996 and $12,202 December 31,1995) Total loans (Note 3) ....................................... 264,128 241,662 Allowance for loan losses (Note 4) ......................... (2,705) (2,777) -------- -------- Net loans ............................................. 261,423 238,885 Premises and equipment, net ................................ 11,667 11,027 Accrued interest receivable ................................ 3,032 2,900 Other assets ............................................... 6,361 5,820 -------- -------- Total assets ....................................... $375,616 $368,013 ======== ======== LIABILITIES Deposits Noninterest-bearing ................................... $ 41,375 $ 45,479 Interest-bearing ...................................... 246,267 243,505 -------- -------- Total deposits ..................................... 287,642 288,984 Short-term borrowings ...................................... 26,153 21,569 Federal Home Loan Bank Advances ............................ 25,400 21,400 Accrued interest payable ................................... 758 567 Other liabilities .......................................... 3,382 3,122 -------- -------- Total liabilities .................................. 343,335 335,642 Commitments and contingencies Equity received from contributions and dividends to the ESOP 3,477 3,818 STOCKHOLDERS' EQUITY Common stock: $1 stated value, 5,000,000 shares authorized and 1,027,531 shares issued, less ESOP shares of 293,130 and 295,370 at June 30, 1996 and December 31, 1995 ..................................... 734 732 Additional paid-in capital ................................. 9,243 9,238 Retained earnings .......................................... 22,303 21,105 Unrealized gain/loss on securities available for sale (net of tax) ............................................... (233) 466 Less treasury stock, at cost - 121,586 shares at June 30, 1996 and 93,745 shares at December 31, 1995 ....... (3,243) (2,988) -------- -------- Total stockholders' equity ......................... 28,804 28,553 -------- -------- Total liabilities and stockholder's equity ......... $375,616 $368,013 ======== ======== See notes to the consolidated financial statements. CONSOLIDATED STATEMENTS OF INCOME (Thousands) (Unaudited) Three Months Six Months Ended June 30 Ended June 30 1996 1995 1996 1995 ---- ---- ---- ---- INTEREST INCOME Interest and fees on loans $5,662 $4,896 $11,138 $9,701 Interest and dividends on investments Taxable 1,158 1,414 2,430 2,837 Nontaxable 103 153 191 296 ------ ------ ------ ------ Total interest income 6,923 6,463 13,759 12,834 INTEREST EXPENSE Interest on deposits (Note 9) 2,322 2,339 4,600 4,524 Interest on Federal funds purchased and securities sold under agreements to repurchase 189 234 361 479 Interest on Federal Home Loan Bank advances 323 236 639 463 ------ ------ ------ ------ Total interest expense 2,834 2,809 5,600 5,466 NET INTEREST INCOME 4,089 3,654 8,159 7,368 PROVISION FOR LOAN LOSSES (Note 5) NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 4,089 3,654 8,159 7,368 NONINTEREST INCOME Service charges on deposits 423 360 797 695 Trust department income (Note 1) 519 460 1,029 877 Interest on Federal income tax refund 298 Other income 118 79 222 136 ------ ------ ------ ------ Total noninterest income 1,060 899 2,048 2,006 NONINTEREST EXPENSE Salaries and employee benefits (Notes 11 and 12) 2,131 1,947 4,098 3,897 Occupancy expense of Company premises, net of rental income 265 234 544 496 Data processing and equipment expenses 515 454 988 842 Loss on other real estate owned 38 252 82 313 Other expenses (Note 13) 1,010 1,138 2,031 2,181 ------ ------ ------ ------ Total noninterest expense 3,959 4,025 7,743 7,729 INCOME BEFORE INCOME TAXES 1,190 528 2,464 1,645 PROVISION FOR INCOME TAXES (Notes 1 and 14) 391 84 796 (297) ------ ------ ------ ------ NET INCOME $ 799 $ 444 $1,668 $1,942 ====== ====== ====== ====== Earnings per common share (Note 1) $1.07 $0.60 $2.23 $2.57 See notes to the consolidated financial statements. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (In thousands)
Three Months Six Months Ended June 30 Ended June 30 1996 1995 1996 1995 ---- ---- ---- ---- Balance, beginning of period ................... $28,607 $26,822 $28,553 $24,361 Net income ..................................... 799 444 1,668 1,942 Cash dividends ($.35 for the three months ended June 30, 1996 and $.30 for the three ..... (257) (276) (518) (556) months ended June 30, 1995) Purchase of Treasury Stock ..................... (187) (315) (255) (446) Shares repurchased by the ESOP ................. (23) (23) Shares distributed from the ESOP ............... 78 78 Increase in additional paid-in capital from amortization of unearned Change in unrealized gain (loss) on securities available for sale .................. (213) 1,026 (699) 2,040 ------- ------- ------- ------- Balance, June 30............................. $28,804 $27,701 $28,804 $27,341 ======= ======= ======= =======
See notes to the consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS(Thousands) June 30 June 30 1996 1995 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES Net income ............................................ $ 1,668 $ 1,942 Adjustments to reconcile net income to net cash from operating activities: Depreciation .......................................... 496 417 Net (accretion)/amortization .......................... 188 179 Reserve for security (gains)/losses ................... (3,305) Additional paid in capital from release of ESOP shares ....................................... 50 Gain/loss on disposal of fixed assets ................. (5) 21 Loss on other real estate owned ....................... 239 Provision for/(Benefit of) deferred taxes ............. 31 170 Change in deferred loan fees .......................... (24) 1 Change in unearned income ............................. 143 (95) Change in interest receivable ......................... (132) (34) Change in interest payable ............................ 191 122 Change in other assets ................................ (1,674) 3,618 Change in other liabilities ........................... 260 (278) -------- -------- Net cash provided by operating activities ........ 1,192 2,997 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from maturities, calls and principal repayments of investment securities-available for sale 10,534 9,442 Proceeds from maturities, calls and principal repayments of investment securities-held to maturity . 1,083 2,290 Purchase of investment securities-available for sale ... (1,006) Purchase of investment securities-held to maturity ..... (2,884) (2,303) Increase in short-term investments ..................... (3) Change in loans ........................................ (21,182) 2,047 Purchase of loans ...................................... (344) (954) Proceeds from sales of loans ........................... 353 Recoveries on loans previously charged off ............. 95 311 Premises and equipment expenditures .................... (1,131) (716) Proceeds from disposal of premises and equipment ....... 28 -------- -------- Net cash provided by (used in) investing activities .... (13,832) 9,492 -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Net increase/(decrease) in deposits .................... (1,342) (9,592) Dividends paid ......................................... (518) (556) Change in short-term borrowings ........................ 4,584 (16,030) Purchase of treasury stock ............................. (255) (1,000) Change in Federal Home Loan Bank advance ............... 4,000 (446) -------- -------- Net cash provided by (used in) financing activities .... 6,469 (27,624) -------- -------- NET CHANGE IN CASH AND CASH EQUIVALENTS ................ (6,171) (15,135) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR ......... 22,066 28,134 CASH AND CASH EQUIVALENTS AT END OF QUARTER ............ $ 15,895 $ 12,999 ======== ======== CASH PAID DURING THE YEAR FOR: Interest ............................................... 5,409 5,588 Income taxes ........................................... 600 750 See notes to the consolidated financial statements. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 - BASIS OF PRESENTATION The accompanying consolidated financial statements include the accounts of Horizon Bancorp (Horizon) and its wholly-owned subsidiaries, First Citizens Bank, N.A. (Bank), HBC Insurance Group, Inc. (Insurance Company) and The Loan Store, Inc. All intercompany balances and transactions have been eliminated. The results of operations for the period ended June 30, 1996 June 30, 1995 are not necessarily indicative of the operating results for the full year of 1996 or 1995. These interim financial statements are prepared without audit and reflect all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the consolidated position of Horizon Bancorp at June 30, 1996 and its results of operations and cash flows for the periods presented. The accompanying consolidated financial statements do not purport to contain all the necessary financial disclosure required by generally accepted accounting principals that might otherwise be necessary in the circumstances and should be read in conjunction with the 1995 Horizon Bancorp consolidated financial statements and related notes thereto included in its Annual Report for the year ended December 31, 1995. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) NOTE 2 - INVESTMENT SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY The amortized cost and estimated fair value of investment securities available for sale and held to maturity are as follows:
(Thousands) Gross Gross Amortized unrealized unrealized Cost gains losses Fair Value ---- ----- ------ ---------- AVAILABLE FOR SALE AT JUNE 30, 1996: U. S. Treasury and U. S. Government agency securities $ 5,004 $ 4 $ $ 5,008 Other securities .................................... 1,032 (13) 1,019 ------- ------- ------- ------- Subtotal ...................................... 6,036 4 (13) 6,027 FHLMC ............................................... 18,433 122 (165) 18,390 FNMA ................................................ 27,588 55 (259) 27,384 GNMA ................................................ 8,160 65 (73) 8,152 ------- ------- ------- ------- Total mortgage-backed securities .............. 54,181 242 (497) 53,926 Total debt securities ......................... 60,217 246 (510) 59,953 Equity securities ................................... 3,234 (115) 3,119 ------- ------- ------- ------- Total investment securities available for sale $63,451 $ 246 $ (625) $63,072 ======= ======= ======= ======= HELD TO MATURITY AT JUNE 30, 1996: U. S. Government agency securities .................. $ 2,976 $ (53) $ 2,923 Obligations of states and political subdivisions .... 10,981 26 (28) 10,979 ------- ------- ------- ------- Total debt securities held to maturity ........ $13,957 $ 26 $ (81) $13,902 ======= ======= ======= ======= AVAILABLE FOR SALE AT DECEMBER 31 1995: U. S. Treasury and U. S. Government agency securities $ 7,165 $ 16 $ 7,181 Other securities .................................... 1,046 (8) 1,038 ------- ------- ------- ------- Subtotal ...................................... 8,211 16 (8) 8,219 GNMA ................................................ 9,061 154 (8) 9,207 FHLMC ............................................... 21,165 395 (9) 21,551 FNMA ................................................ 32,491 374 (19) 32,846 ------- ------- ------- ------ Total mortgage-backed securities .............. 62,717 923 (36) 63,604 Total debt securities ......................... 70,928 939 (44) 71,823 Equity securities ................................... 3,235 (116) 3,119 ------- ------- ------- ------- Total investment securities available for sale $74,163 $ 939 $ (160) $74,942 ======= ======= ======= ======= HELD TO MATURITY AT DECEMBER 31, 1995: U. S. Government agency securities .................. $ 3,164 $ 2 $ $ 3,166 Obligations of states and political subdivisions .... ------- ------- ------- ------- Total debt securities held to maturity ........ $12,167 $ 57 $ (22) $12,202 ======= ======= ======= =======
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) NOTE 2 - INVESTMENT SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY (CONTINUED) The amortized cost and estimated fair value of debt securities at June 30, 1996, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (Thousands) Amortized Fair Cost Value ---- ----- AVAILABLE FOR SALE: Due in one year or less ................ $ 5,004 $ 5,008 Due after one year through five years .. 1,032 1,019 ------- ------- Subtotal ............................... 6,036 6,027 Mortgage-backed securities ............. 54,181 53,926 ------- ------- Total debt securities available for sale $60,217 $59,953 ======= ======= HELD TO MATURITY: Due in one year or less ................ $ 5,087 $ 5,085 Due after one year through five years .. 4,110 4,099 Due after five years through ten years . 2,432 2,399 Due after ten years .................... 2,328 2,319 ------- ------- Total debt securities held to maturity . $13,957 $13,902 ======= ======= NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) NOTE 3 - TOTAL LOANS Total loans are comprised of the following classifications: June 30 Dec 31 (In Thousands) 1996 1995 ---- ---- Commercial .................................. $ 69,761 $ 66,125 Real estate mortgage ........................ 132,360 119,739 Installment ................................. 62,007 55,798 -------- -------- Total Loans ............................ $264,128 $241,662 ======== ======== NOTE 4 - ALLOWANCE FOR LOAN LOSSES The following is an analysis of the activity in the allowance for loan losses account: June 30 Dec 31 1996 1995 ---- ---- Balance, beginning of period ................ $ 2,777 $ 2,555 Provision charged to expense Recoveries ............................. 95 515 Loan charge-offs ....................... (167) (293) ------- ------- Balance, end of period ...................... $ 2,705 $ 2,777 ======= ======= NOTE 5 - NONPERFORMING ASSETS: The following is a summary of nonperforming loans and Other Real Estate Owned (OREO). June 30 Dec 31 OREO is presented before the allowance for OREO losses: June 30 Dec 31 1996 1995 ---- ---- Nonperforming Loans ......................... $ 1,046 $ 3,909 OREO before allowance for OREO losses ....... 4,087 4,193 ------- ------- Total nonperforming assets ............. $ 5,133 $ 8,102 ======= ======= The following is an analysis of the activity in the allowance for OREO account: June 30 Dec 31 1996 1995 ---- ---- Balance, beginning of period ................ $ 1,075 $ 1,801 Losses on OREO charged to expense ...... 48 Losses charged to allowance ............ (24) (774) ------- ------- Balance, end of period ...................... $ 1,051 $ 1,075 ======= ======= Horizon adopted Statement of Financial Accounting Standards FAS 114 "Accounting by Creditors for Impairment of a Loan" as of January 1, 1995. At June 30, 1996 there were no impaired loans outstanding. FOR THE SIX MONTHS ENDED JUNE 30, 1996 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION The purpose of this discussion is to focus on Horizon's financial condition, changes in financial condition and the results of operations in order to provide a better understanding of the consolidated financial statements included elsewhere herein. This discussion should be read in conjunction with the consolidated financial statements and the related notes. FINANCIAL CONDITION LIQUIDITY The Bank maintains a stable base of core deposits provided by long standing relationships with consumers and local businesses. These deposits are the principal source of liquidity for Horizon. Other sources of liquidity for Horizon include earnings, loan repayment, investment security sales and maturities, sale of real estate loans and borrowing relationships with correspondent banks, including the Federal Home Loan Bank (FHLB). During the first half of 1996, cash flows were generated from earnings of $1.668 million, a $10 million decrease in investment securities, a $5 million increase in short term borrowings and a $4 million increase in borrowings with FHLB. Cash flows were used for a $22 million increase in loan demand, and a $1 million decrease in deposits. The net cash position decreased $6 million, primarily in cash and due from banks. In addition to liquidity provided from the normal operating, funding and investing activities of Horizon, at June 30, 1996, Bank has available approximately $45.4 million in unused credit lines with various money center banks. There have been no other material changes in the liquidity of Horizon from December 31, 1995 to June 30, 1996. CAPITAL RESOURCES The capital resources of Horizon and Bank remain strong and exceed regulatory capital ratios for "well capitalized" banks at June 30, 1996. Stockholders' equity totaled $32.281 million ($3.477 million from ESOP) as of June 30, 1996 compared to $32.371 million ($3.818 million from ESOP) as of December 31, 1995. The decline in stockholders' equity during the first six months of 1996 is the result of the decrease in the market value of investment securities available for sale accounted for as an addition/reduction of stockholders' equity and net income, net of dividends paid. At June 30, 1996, the ratio of stockholders' equity to assets was 8.59% compared to 8.80% for 1995. Horizon increased its quarterly dividend from $.30 to $.35 per share in April 1996. Horizon has selectively purchased shares that became available in the market from time to time. During the first half of 1996, management purchased 6,279 shares at a cost of $255 thousand. There have been no other material changes in Horizon's capital resources from December 31, 1995 to June 30, 1996. MATERIAL CHANGES IN FINANCIAL CONDITION - JUNE 30, 1996 COMPARED TO DECEMBER 31, 1995 Because of the nature of its activities, Horizon is subject to pending and threatened legal actions that arise in the normal course of business. In management's opinion, after consultation with counsel, none of the litigation to which Horizon or any of its subsidiaries is a party will have a material effect on the consolidated financial position or results of operations of Horizon. FOR THE SIX MONTHS ENDED JUNE 30, 1996 Horizon's total loans increased $22.5 million from December 31, 1995 to June 30, 1996. This increase is primarily the result of strong loan demand and the implementation of a new credit scoring system. There have been no other material changes in the financial condition of Horizon from December 31, 1995 to June 30, 1996. MATERIAL CHANGES IN RESULTS OF OPERATIONS - JUNE 30, 1996 COMPARED TO JUNE 30, 1995. First half of 1996 earnings totaled $1.668 thousand or $2.23 per share compared to $1.942 million or $2.57 per share for the same quarter in 1995. In March 1995, Horizon received a federal income tax refund totaling $1.190 million including interest of $298 thousand or $1.57 per share. Without the effect of the tax refund and related interest income, earnings per share increased $1.24 or 125%. Net interest income was $8.159 million for the first half of 1996 compared to $7.368 million for the same period 1995. This increase is primarily the result of strong loan growth, especially in the direct installment and mortgage loan portfolios. Total noninterest income for the first half of 1996, excluding the effects of interest on Federal income tax refunds of $298, increased $340 thousand or 20% from the same quarter in 1995. The largest component of the change was in the Trust Department income which increased $152 thousand or 17% from the same period in 1995. Noninterest expense increased slightly from $7.729 million to $7.743 million for the first half of 1996 compared to 1995. The largest increase was in salaries and benefits which increased $201 thousand to $4.098 million. This increase primarily relates to stock appreciation rights (SARs) expense and employee stock ownership (ESOP) expense which are required to increase as the market value of Horizon's stock increases. In the first half of 1996, the market value of Horizon's stock has increased $3 per share. Horizon continues to monitor its staffing model to determine the optimum number of owner-employees per operating division. There have been no other material changes in the results of operations of Horizon from December 31, 1995 to June 30, 1996. PART II - OTHER INFORMATION For the six months ended June 30, 1996 ITEM 1. LEGAL PROCEEDINGS See Management's Discussion and Analysis ITEM 2. CHANGES IN SECURITIES Not Applicable ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not Applicable ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not Applicable ITEM 5. OTHER INFORMATION First Citizens Bank. N.A. and its wholly owned subsidiary, Trail Creek Properties, Inc., announced on August 14, 1996 that an agreement has been signed with Indiana Blue Chip Hotel & Riverboat Casino Resort Corp. ("Blue Chip") for the sale of property commonly known as Newport Marina and some surrounding contiguous and noncontiguous parcels to be used for a riverboat gaming site. The terms of the agreement are contingent upon certain future events occurring, including Blue Chip's receipt of a gaming license. If these events occur by November 30, 1996, then Horizon expects to record a gain on the sale with a closing completed by December 31, 1996. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a. January 17, 1995 - Significant matters to shareholders b. March 23, 1995 - Horizon receives $1.190 million income tax refund SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HORIZON BANCORP BY: Larry E. Reed Chairman and Chief Executive Officer Date: August 14, 1996 BY: Diana E. Taylor Vice President and Chief Financial Officer Date: August 14, 1996 EX-27 2 FDS --
9 1,000 6-MOS Dec-31-1996 Jan-01-1996 Jun-30-1996 15,895 246,267 0 0 63,072 13,957 13,902 264,128 2,705 375,616 287,642 26,153 3,382 25,400 0 0 734 31,547 375,616 11,138 2,621 0 13,759 4,600 1,000 8,159 0 0 7,743 2,464 2,464 0 0 1,668 2.23 2.23 4.95 479 2,643 0 0 2,777 167 95 2,705 2,705 0 1,810
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