-----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, Al6MXFoP33h9BV0qmlcNgjndXwbBjeLnrKpQS45k+1JJJQw9bVO9mfjaDXfQYdjf /q+X13lugb6cPXajxBbzcQ== 0000950152-97-005860.txt : 19970814 0000950152-97-005860.hdr.sgml : 19970814 ACCESSION NUMBER: 0000950152-97-005860 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970813 SROS: NONE 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: 97657865 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 HORIZON BANCORP FORM 10-Q 1 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, 1997 commission file number 0-10792 ------------- ------- HORIZON BANCORP --------------- (Exact name of registrant as specified in its charter) Indiana 35-1562417 ------- ---------- (State or other jurisdiction of incorporation or (I. R. S. Employer organization) 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: 713,461 at July 22, 1997 ------- ------------- 2 Page Page 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 - 11
3 CONSOLIDATED BALANCE SHEET (THOUSANDS) (UNAUDITED)
June 30 Dec 31 1997 1996 ---- ---- ASSETS Cash and cash equivalents Cash and due from banks $ 26,053 $ 19,551 Money market investment 1,270 789 Federal funds sold 0 0 --------- --------- Total cash and cash equivalents 27,323 20,340 Short-term investments-interest-bearing balances in banks 214 211 Investment securities available for sale, net 55,198 59,041 Investment securities held to maturity, (Estimated market value of $12,572 June 30, 1997 and 12,385 12,810 $12,838 December 31,1996) Loans held for sale 1,782 1,034 Total loans 271,720 271,476 Allowance for loan losses (2,108) (2,435) --------- --------- Net loans 269,612 269,041 Premises and equipment, net 15,699 14,053 Accrued interest receivable 2,522 2,216 Other assets 3,009 3,292 --------- --------- Total assets $ 387,744 $ 382,038 ========= ========= LIABILITIES Deposits Noninterest-bearing $ 42,651 $ 46,050 Interest-bearing 241,719 243,130 --------- --------- Total deposits 284,370 289,180 Short-term borrowings 12,849 Federal Home Loan Bank Advances 65,000 41,500 Accrued interest payable 584 590 Other liabilities 3,743 4,411 --------- --------- Total liabilities 353,697 348,530 --------- --------- Commitments and contingencies Equity received from contributions and dividends to the ESOP 4,036 4,211 STOCKHOLDERS' EQUITY Common stock: $1 stated value, 5,000,000 shares authorized and 1,027,531 shares issued, less ESOP shares of 307,713 at June 30, 1997 and 315,357 at December 31, 1996 710 708 Additional paid-in capital 7,984 7,962 Retained earnings 24,628 23,898 Unrealized gain/loss on securities available for sale (net of tax) 385 85 Less treasury stock, at cost - 131,170 shares at June 30, 1997 and 124,085 shares at December 31, 1996 (3,696) (3,356) --------- --------- Total stockholders' equity 30,011 29,297 --------- --------- Total liabilities and stockholder's equity $ 387,744 $ 382,038 ========= =========
See notes to the consolidated financial statements. Page 1 4 CONSOLIDATED STATEMENTS OF INCOME (THOUSANDS)(UNAUDITED)
Three Months Six Months Ended June 30 Ended June 30 --------------- ----------------- 1997 1996 1997 1996 ------ ------ ------- ------- INTEREST INCOME Interest and fees on loans $6,243 $5,662 $12,262 $11,138 Interest and dividends on investments Taxable 1,094 1,158 2,141 2,430 Nontaxable 98 103 219 191 ------ ------ ------- ------- Total interest income 7,435 6,923 14,622 13,759 ------ ------ ------- ------- INTEREST EXPENSE Interest on deposits 2,617 2,322 5,180 4,600 Interest on Federal funds purchased and securities sold under agreements to repurchase 59 189 85 361 Interest on Federal Home Loan Bank advances 599 323 1,158 639 ------ ------ ------- ------- Total interest expense 3,275 2,834 6,423 5,600 ------ ------ ------- ------- NET INTEREST INCOME 4,160 4,089 8,199 8,159 PROVISION FOR LOAN LOSSES 188 200 ------ ------ ------- ------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 3,972 4,089 7,999 8,159 ------ ------ ------- ------- NONINTEREST INCOME Service charges on deposits 402 423 818 797 Fiduciary income 555 519 1,173 1,029 Other Income 74 118 159 222 ------ ------ ------- ------- Total noninterest income 1,031 1,060 2,150 2,048 ------ ------ ------- ------- NONINTEREST EXPENSE Salaries and employee benefits 1,975 2,131 4,066 4,098 Occupancy expense of Company premises, net of rental income 297 265 605 544 Data processing and equipment expenses 564 515 1,082 988 Loss on other real estate owned 39 38 39 82 Other expenses 1,208 1,010 2,327 2,031 ------ ------ ------- ------- Total noninterest expense 4,083 3,959 8,119 7,743 ------ ------ ------- ------- INCOME BEFORE INCOME TAXES 920 1,190 2,030 2,464 PROVISION FOR INCOME TAXES 272 391 619 796 ------ ------ ------- ------- NET INCOME $ 648 $ 799 $ 1,411 $ 1,668 ====== ====== ======= ======= Earnings per common share $ 0.90 $ 1.07 $ 1.97 $ 2.23
See notes to the consolidated financial statements. Page 2 5 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (In thousands)
Three Months Six Months Ended June 30 Ended June 30 -------------------- -------------------- 1997 1996 1997 1996 -------- -------- -------- -------- Balance, beginning of period $ 29,143 $ 28,607 $ 29,297 $ 28,553 Net income 648 799 1,411 1,668 Cash dividends ($.45 for the three months ended June 30, 1997 and $.35 for three months ended June 30, 1996) (341) (257) (682) (518) Purchase of Treasury Stock (67) (187) (340) (255) Net repurchases and distributions with ESOP 25 55 25 55 Change in unrealized gain (loss) on securities available for sale 603 (213) 300 (699) -------- -------- -------- -------- Balance, June 30 $ 30,011 $ 28,804 $ 30,011 $ 28,804 ======== ======== ======== ========
See notes to the consolidated financial statements. Page 3 6
CONSOLIDATED STATEMENTS OF CASH FLOWS (THOUSANDS) (UNAUDITED) June 30 June 30 1997 1996 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,411 $ 1,668 Adjustments to reconcile net income to net cash from operating activities: Depreciation 557 496 Net (accretion)/amortization 83 188 Additional paid in capital from release of ESOP shares 131 50 Gain/loss on disposal of fixed assets 77 (5) Provision for loan losses 200 Loss on other real estate owned 39 Change in income taxes 23 31 Change in deferred loan fees (30) (24) Change in unearned income 63 143 Change in interest receivable (306) (132) Change in interest payable (6) 191 Change in other assets 17 (1,674) Change in other liabilities (668) 260 -------- -------- Net cash provided by operating activities 1,591 1,192 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales of investment securities available for sale Proceeds from maturities, calls and principal repayments of investment securities-available for sale 5,874 10,534 Proceeds from maturities, calls and principal repayments of investment securities-held to maturity 1,421 1,083 Purchase of investment securities-available for sale (1,887) Purchase of investment securities-held to maturity (1,000) (2,884) Increase in short-term investments (3) (3) Change in loans (6,931) (21,182) Purchase of loans (344) Proceeds from sales of loans 5,285 Recoveries on loans previously charged off 94 95 Premises and equipment expenditures (2,280) (1,131) -------- -------- Net cash provided by (used in) investing activities 573 (13,832) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Net increase/(decrease) in deposits (4,810) (1,342) Dividends paid (682) (518) Change in short-term borrowings (12,849) 4,584 Purchase of treasury stock (340) (255) Change in Federal Home Loan Bank advance 23,500 4,000 -------- -------- Net cash provided by (used in) financing activities 4,819 6,469 -------- -------- NET CHANGE IN CASH AND CASH EQUIVALENTS 6,983 (6,171) -------- -------- CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 20,340 22,066 -------- -------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 27,323 $ 15,895 ======== ======== CASH PAID DURING THE YEAR FOR: Interest $ 6,417 $ 5,409 Income taxes 456 600
See notes to the consolidated financial statements. Page 4 7 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, Horizon 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, 1997 and June 30, 1996 are not necessarily indicative of the operating results for the full year of 1997 or 1996. 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, 1997 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 1996 Horizon Bancorp consolidated financial statements and related notes thereto included in its Annual Report for the year ended December 31, 1996. Page 5 8 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, 1997: U. S. Treasury and U. S. Government agency securities $ 4,954 $ 56 $ 0 $ 5,010 Other securities 1,003 1,003 ------- ---- ----- ------- Subtotal 5,957 56 0 6,013 FHLMC 14,733 181 (70) 14,844 FNMA 23,301 98 (80) 23,319 GNMA 6,916 152 (9) 7,059 ------- ---- ----- ------- Total mortgage-backed securities 44,950 431 (159) 45,222 Total debt securities 50,907 487 (159) 51,235 Equity securities 4,049 (86) 3,963 ------- ---- ----- ------- Total investment securities available for sale $54,956 $487 $(245) $55,198 ======= ==== ===== ======= HELD TO MATURITY AT JUNE 30, 1997: U. S. Government agency securities $ 2,480 $121 0 $ 2,601 Obligations of states and political subdivisions 9,905 90 (24) 9,971 ------- ---- ----- ------- Total debt securities held to maturity $12,385 $211 $ (24) $12,572 ======= ==== ===== ======= AVAILABLE FOR SALE AT DECEMBER 31 1996: U. S. Treasury and U. S. Government agency securities $ 4,965 $103 $ 5,068 Other securities 1,018 (4) 1,014 ------- ---- ----- ------- Subtotal 5,983 103 (4) 6,082 GNMA 7,620 148 (18) 7,750 FHLMC 16,719 154 (81) 16,792 FNMA 25,344 56 (115) 25,285 ------- ---- ----- ------- Total mortgage-backed securities 49,683 358 (214) 49,827 Total debt securities 55,666 461 (218) 55,909 Equity securities 3,230 (98) 3,132 ------- ---- ----- ------- Total investment securities available for sale $58,896 $461 $(316) $59,041 ======= ==== ===== ======= HELD TO MATURITY AT DECEMBER 31, 1996: U. S. Government agency securities $ 2,793 $ 2,793 Obligations of states and political subdivisions 10,017 75 (47) 10,045 ------- ---- ----- ------- Total debt securities held to maturity $12,810 $ 75 $ (47) $12,838 ======= ==== ===== =======
Page 6 9 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, 1997, 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 $ 1,003 1,003 Due after one year through five years 4,954 5,010 ------- ------- Subtotal 5,957 6,013 Mortgage-backed securities 44,950 45,222 ------- ------- Total debt securities available for sale $50,907 $51,235 ======= ======= HELD TO MATURITY: Due in one year or less $ 2,179 $2,179 Due after one year through five years 3,233 3,265 Due after five years through ten years 5,486 5,600 Due after ten years 1,487 1,528 ------- ------- Total debt securities held to maturity $12,385 $12,572 ======= =======
Page 7 10 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) - ---------------------------------------------------------------------- (In Thousands) NOTE 3 - LOANS AVAILABLE FOR SALE AND HELD TO MATURITY - ------------------------------------------------------
Loans held to maturity are comprised of the following classifications: June 30 Dec 31 1997 1996 ---- ---- Commercial $ 75,505 $ 75,460 Real estate mortgage 129,071 133,739 Installment 67,144 62,277 -------- -------- Total loans held to maturity $271,720 $271,476 ======== ========
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 1997 1996 ---- ---- Balance, beginning of period $2,435 $2,777 Provision charged to expense 200 66 Recoveries 94 149 Loan charge-offs (621) (557) ----- ------ Balance, end of period $2,108 $2,435 ====== ======
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: 1997 1996 ---- ---- Nonperforming Loans $349 $998 OREO before allowance for OREO losses 125 500 ---- ------ Total nonperforming assets $474 $1,498 ==== ====== The following is an analysis of the activity in the allowance for OREO account: June 30 Dec 31 1997 1996 ---- ---- Balance, beginning of period $ 151 $1,075 Losses on OREO charged to expense Losses charged to allowance Reversal of allowance on sale (151) (924) ---- ---- Balance, end of period $ 0 $151 ===== ====
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, 1997 there were no impaired loans outstanding. Page 8 11 FOR THE SIX MONTHS ENDED JUNE 30, 1997 ----------------------------------------- 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 six months ended June 30, 1997 cash flows were generated from earnings of $1.411 million, a $4.3 million decrease in investment securities and a $23.5 million increase in borrowing with the FHLB. Cash flows were used for a $12.8 million decrease in short term borrowings, a $1.6 million increase in fixed assets and a $4.8 million decrease in deposits. The net cash position increased $7.1 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, 1997, Bank has available approximately $62.5 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, 1996 to June 30, 1997. Page 9 12 FOR THE SIX MONTHS ENDED JUNE 30, 1997 ---------------------------------------- CAPITAL RESOURCES - ----------------- The capital resources of Horizon and Bank remain strong and exceed regulatory capital ratios for "well capitalized" banks at June 30, 1997. Stockholders' equity totaled $34.047 million ($4.036 million from ESOP) as of June 30, 1997 compared to $33.508 million ($4.211 million from ESOP) as of December 31, 1996. The change in stockholders' equity during the six months ended June 30,1997 is the result of the increase 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, 1997, the ratio of stockholders' equity to assets was 8.78% compared to 8.77% at December 31, 1996. Horizon increased its quarterly dividend from $.35 to $.45 per share in March 1997. Horizon has selectively purchased shares that became available in the market from time to time. During the six months ended June 30,1997, management purchased 7,085 shares at a cost of $340 thousand. There have been no other material changes in Horizon's capital resources from December 31, 1996 to June 30, 1997. MATERIAL CHANGES IN FINANCIAL CONDITION - JUNE 30, 1997 COMPARED TO ------------------------------------------------------------------- DECEMBER 31, 1996 ----------------- 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, 1997 -------------------------------------- As of January 1, 1997, the Bank discontinued the repurchase agreement deposit product. This product was classified as a short-term borrowing on the consolidated balance sheet and accounts for the $9 million decrease in that category. The majority of these accounts were transferred to money market accounts with an unrelated brokerage firm and are no longer shown on the consolidated balance sheet. On June 30, 1997, a short-term $20 million advance was obtained from the FHLB in order to meet funding needs due to the decline of balance in municipal deposit accounts at mid year. This advance was repaid in full on July 11, 1997. Page 10 13 As of December 31, 1996, the Employee Stock Ownership Plan (ESOP) owned 34.38% of the outstanding shares of Horizon and is subject to regulation and review by the Federal Reserve Bank as a bank holding company. Also, shares owned in the ESOP are subject to the voting decisions of the individual employees and are not otherwise voted by management. Through their Visions and Values document, the employees have indicated that it is their intent to maintain their ownership in Horizon as an independent community bank. They are committed to doing those things necessary to make it a strong financial institution which brings high value to its stakeholders - its customers, shareholders, employees and communities. Horizon Bancorp articles of incorporation require the affirmative vote of the holders of not less the 70% of the outstanding common stock of the Corporation to approve any merger or consolidation of the Corporation with or into any other corporation. There have been no other material changes in the financial condition of Horizon from December 31, 1996 to June 30, 1997. RESULTS OF OPERATIONS --------------------- MATERIAL CHANGES IN RESULTS OF OPERATIONS - JUNE 30, 1997 COMPARED TO --------------------------------------------------------------------- JUNE 30, 1996. -------------- During the six months ended June 30, 1997 earnings totaled $1.411 million or $1.97 per share compared to $1.668 million or $2.23 per share for the same period in 1996. Net interest income was $7.999 million for the six months ended June 30, 1997 compared to $8.159 million for the same period 1996. In the second quarter of 1997, the Bank increased the provision for loan losses. This increase, totaling $200 thousand year-to-date, compares to no provision for loan losses for similar periods in 1996. The reinstatement of a provision for loan losses was due to loan growth and an expected increase in net charge-offs as loan portfolio concentrations shift from predominately mortgage loans to consumer loans. Total noninterest income for the six months ended June 30, 1997 increased $102 thousand or 5% from the same period in 1996. The largest component of the change was in the fiduciary income which increased $144 thousand or 14% from the same period in 1996. Noninterest expense increased $376 thousand or 4.9% to $8.119 million for the six months ended June 30, 1997, compared to the same period in 1996. There have been no other material changes in the results of operations of Horizon from December 31, 1996 to June 30, 1997. Page 11 14 PART II - OTHER INFORMATION --------------------------- For the six months ended June 30, 1997 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 - ------- ----------------- Not Applicable ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ------- -------------------------------- a. Financial Data Schedule Page 12 15 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 8/11/97 /s/ Larry E. Reed - -------------------------- --------------------------------------- Date: BY: Larry E. Reed Chairman and Chief Executive Officer 8/11/97 /s/ Diana E. Taylor - -------------------------- --------------------------------------- Date: BY: Diana E. Taylor Vice President and Chief Financial Officer Page 13 EX-27 2 EXHIBIT 27
9 1,000 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 26,053 214 0 0 55,198 12,385 12,572 271,720 2,108 387,744 284,370 0 3,743 65,000 710 0 0 29,310 387,744 12,262 2,360 0 14,622 5,180 6,423 8,199 200 0 8,119 2,030 1,411 0 0 1,411 1.97 1.97 8.77 327 4,521 0 0 2,435 621 94 2,108 1,714 0 394
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