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 September 30, 1995 - commission file number 0-10792
HORIZON BANCORP
(Exact name of registrant as specified in its charter)
Indiana 35-1562417
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
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:
741,010 at November 6, 1995
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
[CAPTION]
Financial Statements Page
[S] [C] [C]
Consolidated Balance Sheet (Unaudited) 3 - 4
Consolidated Statement of Income (Unaudited) 5 - 6
Condensed Consolidated Statement of Changes
in Stockholders' Equity (Unaudited) 7
Consolidated Statement of Cash Flows
(Unaudited) 8 - 9
Notes to the Consolidated Financial Statements
(Unaudited) 10 - 15
CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Thousands, except per share data)
[CAPTION]
September 30 December 31
1995 1994
ASSETS
Cash and cash equivalents
Cash and due from banks $ 16,218 $ 23,821
Money market investment 736 1,063
Federal funds sold 3,250
Total cash and cash equivalents 16,954 28,134
Short-term investments-interest-bearing
balances in banks 100 100
Investment securities available for sale,
net (Note 2) 77,550 83,142
Investment securities held to maturity,
net (Note 2) (Estimated market value
of $14,543 at September 30, 1995 and
$15,225 at December 31, 1994) 14,537 15,475
Loans
Total loans (Note 3) 231,937 225,016
Deferred loan fees (430) (462)
Unearned income (804) (932)
Allowance for loan losses (Note 4) (2,781) (2,555)
Net loans 227,922 221,067
Premises and equipment, net 10,874 10,445
Accrued interest receivable 2,665 2,807
Other assets 6,027 8,300
Total assets $ 356,629 $ 369,470
======= =======
- Continued -
CONSOLIDATED BALANCE SHEET (UNAUDITED (CONTINUED)
(Thousands, except per share data)
[CAPTION]
September 30 December 31
1995 1994
LIABILITIES
Deposits
Noninterest-bearing $ 35,273 40,686
Interest-bearing 248,906 255,098
Total deposits 284,179 295,784
Short-term borrowings 8,279 6,693
Federal Home Loan Bank Advances 15,400 18,400
Federal Funds purchased 13,900 18,000
Obligation to employee stock
ownership plan 298
Accrued interest payable 640 466
Other liabilities 2,526 2,416
Total liabilities 324,924 342,057
Commitments, off-balance sheet risk and
contingencies
STOCKHOLDERS' EQUITY
Common stock: $1 stated value, 5,000,000
shares authorized; 1,027,531 shares issued 1,027 1,027
Additional paid-in capital 17,363 17,293
Retained earnings 20,790 18,961
Valuation allowance for securities available
for sale (net of tax) (Note 2) 95 (2,327)
Total before treasury stock and obligation
to employee stock ownership plan 39,275 34,954
Less treasury stock, at cost - 114,107 shares at
September 30, 1995 and 93,745 shares at
December 31, 1994 (2,945) (2,243)
Unearned Compensation (4,625) (5,000)
Less obligation under employee
stock ownership plan (298)
Total stockholder' equity 31,705 27,413
Total liabilities and stockholders' equity $356,629 $369,470
======= =======
- Continued -
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(Thousands, except per share data)
[CAPTION]
Three Months Ended Nine Months Ended
September 30 September 30
1995 1994 1995 1994
INTEREST INCOME
Interest and fees on loans $ 5,174 $ 4,665 $14,875 $13,687
Interest on balances in banks 1 2
Interest on Federal funds sold 19 41
Interest and dividends on investment:
Taxable 1,308 1,279 4,126 3,529
Nontaxable 120 153 416 459
Total interest income 6,602 6,098 19,436 17,718
INTEREST EXPENSE
Interest on deposits 2,317 1,852 6,841 5,489
Interest on Federal funds purchased
and securities sold under agreement
to repurchase 227 221 706 396
Interest on Federal Home Loan Bank Advances 212 349 675 890
Total interest expense 2,756 2,422 8,222 6,775
NET INTEREST INCOME 3,846 3,676 11,214 10,943
PROVISION FOR LOSSES (Note 4) 165
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 3,846 3,676 11,214 10,778
NONINTEREST INCOME
Service charges on deposits 365 370 1,060 991
Trust departments income 433 422 1,310 1,266
Security gains/(losses) (16) (16) 273
Gain on sale of other real estate owned 472 45 472
Other income 32 67 421 225
Total other income 814 1,331 2,820 3,227
NONINTEREST EXPENSE
Salaries and employee benefits 2,197 1,749 6,094 5,188
Occupancy expense of Company
premises, net of rental income 262 245 758 773
Data processing and equipment expense 437 366 1,279 1,089
Loss on real estate owned 31 172 344 386
Other expenses 1,005 1,214 3,186 3,311
Total other expense 3,932 3,746 11,661 10,747
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) (CONTINUED)
(Thousands, except per share data)
[CAPTION]
Three Months Ended Nine Months Ended
September 30 September 30
1995 1994 1995 1994
INCOME BEFORE INCOME TAXES $ 728 $1,261 $2,373 $3,258
PROVISION(BENEFIT) FOR INCOME TAXES 11 403 (286) 1,117
NET INCOME $ 717 $ 858 $2,659 $2,141
Average number of shares outstanding 757,195 767,367 757,807 768,058
Earnings per common share $ .95 $1.12 $3.51 $2.79
Earnings per common share have been calculated using the average number of
shares outstanding during the periods presented.
See notes to the consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(UNAUDITED)
(In Thousands)
[CAPTION]
Three Months Ended Nine Months Ended
September 30 September 30
1995 1994 1995 1994
Balance, beginning of period $30,816 $27,991 $27,413 $27,759
Net income 717 858 2,659 2,141
Cash dividends ($.90 for the nine months
ended September 30, 1995 and 1994) (274) (230) (830) (691)
Reduction in ESOP obligation 298 297
Purchase of Treasury Stock (256) (35) (702) (47)
Amortization of unearned compensation
expense 274 375
Increase in additional paid-in capital
from amortization of unearned
compensation expense 46 70
Change in unrealized gain(loss) on
securities available for sale 382 (468) 2,422 (1,362)
Tax benefit of ESOP dividend deduction 4 23
Balance, September 30 $31,705 $28,120 $31,705 $28,120
See notes to the consolidated financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
(In Thousands)
[CAPTION]
Nine months ended
September 30
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 2,659 $ 2,141
Adjustments to reconcile net income to net cash
from operating activities:
Depreciation 638 513
Net amortization 117 204
Amortization of unearned compensation 375
Valuation allowance for security (gains)/losses (4,087) 2,336
Provision for loan losses 165
Security (gains)/loss 16 (273)
Loss on disposal of fixed assets 24
Loss on other real estate owned 239 59
Change in deferred taxes (82) 69
Change in deferred loan fees (32) (40)
Change in unearned income (128) (480)
Change in interest receivable 142 (102)
Change in interest payable 174 57
Change in other assets 4,608 (3,245)
Change in other liabilities 110 (2,710)
Net cash provided by activities 4,773 (676)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of investment securities-
available for sale 8,999 14,859
Proceeds from maturities, calls and principal
repayments of investment securities-available for sale 13,430 12,505
Proceeds from maturities, calls and principal
repayments of investment securities-held to maturity 3,033 1,554
Purchase of investment securities-available for sale (12,676) (35,583)
Purchase of investment securities-held to maturity (2,303) (2,282)
Net increase in loans (6,339) (507)
Purchase of loans (1,122) (605)
Proceeds from sales of loans 353 2,700
Recoveries on loans previously charged off 413 265
Premises and equipment expenditures (1,090) (870)
Proceeds from disposal of premises and equipment (7)
Net cash provided by (used in) investing activities 2,698 (7,971)
See notes to the consolidated financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
(UNAUDITED)
(Thousands)
[CAPTION]
Nine months ended
September 30
1995 1994
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in deposits (11,605) (17,487)
Dividends paid (830) (691)
Net increase/(decrease) in short-term borrowings (2,514) 11,619
Purchase of Treasury stock (702) (47)
Increase in Federal Home Loan Bank Advances (3,000) 6,500
Net cash provided by (used in) financing activities (18,651) 2,186
NET CHANGE IN CASH AND CASH EQUIVALENTS (11,180) (8,753)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR 28,134 25,055
CASH AND CASH EQUIVALENTS AT END OF
QUARTER $16,954 $16,302
CASH PAID DURING THE YEAR FOR:
Interest $ 8,048 $ 6,832
Income taxes 790 993
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") and HBC Insurance Group, Inc. All intercompany balances
and transactions have been eliminated. The results of operations for the
period ended September 30, 1995 and 1994 are not necessarily indicative of
the operating results for the full year of 1995 or 1994. 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 September 30, 1995 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 1994
Horizon Bancorp consolidated financial statements and related notes thereto
included in its Annual Report for the year ended December 31, 1994.
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 at September 30, 1995 are as follows:
[CAPTION]
(Thousands)
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
AVAILABLE FOR SALE:
U.S. Treasury and U.S.
Government agency securities $ 7,171 $ 5 $ (7) $ 7,169
Other Securities 1,053 (23) 1,030
Subtotal 8,224 5 (30) 8,199
FHLMC 25,440 248 (90) 25,598
FNMA 30,988 177 (73) 31,092
GNMA 9,492 120 (25) 9,587
Total mortgage-backed securities 65,920 545 (188) 66,277
Total debt securities 74,144 550 (218) 74,476
Equity securities 3,240 (166) 3,074
Total investment securities
available for sale $77,384 $ 550 $ (384) $77,550
======= ==== ===== =======
HELD TO MATURITY:
U.S. Government agency securities $ 3,235 $ 3,235
Obligations of states and
political subdivisions 11,302 43 (37) 11,308
Total debt securities 14,537 43 (37) 14,543
Total debt securities, held
to maturity $14,537 $ 43 $ (37) $14,543
======= ==== ===== =======
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
September 30, 1995, 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.
[CAPTION]
(Thousands)
Amortized Fair
Cost Value
AVAILABLE FOR SALE:
Due in one year or less $ 1,019 $ 1,017
Due after one year through five years 7,205 7,182
Subtotal 8,224 8,199
Mortgage-backed securities 65,920 66,277
Total debt securities available for sale $74,144 $74,476
====== ======
HELD TO MATURITY:
Due in one year or less $ 4,897 $ 4,898
Due after one year through five years 6,067 6,052
Due after five years through ten years 3,573 3,593
Total debt securities held to maturity $14,537 $14,543
====== ======
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 investment securities at
December 31, 1994 are as follows:
[CAPTION]
(Thousands)
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
AVAILABLE FOR SALE:
U.S. Treasury and U.S.
Government agency securities $18,034 $ $ (289) $17,745
Other Securities 2,078 (92) 1,986
Subtotal 20,112 (381) 19,731
FHLMC 28,067 (1,471) 26,596
FNMA 25,637 (1,180) 24,457
GNMA 10,000 (724) 9,276
Total mortgage-backed securities 63,704 (3,375) 60,329
Total debt securities 83,816 (3,756) 80,060
Equity securities 3,249 (167) 3,082
Total investment securities
available for sale $87,065 $ $(3,923) $83,142
======= ==== ===== =======
HELD TO MATURITY:
U.S. Government agency securities $ 3,521 $ 3,521
Obligations of states and
political subdivisions 11,954 3 (253) 11,704
Total debt securities 15,475 3 (253) 15,225
Total debt securities, held
to maturity $15,475 $ 3 $ (253) $15,225
======= ==== ===== ======
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 3 - TOTAL LOANS
Total loans are comprised of the following classifications:
[CAPTION]
(In Thousands)
September 30 December 31
1995 1994
Commercial $ 64,257 $ 67,177
Real estate mortgage 114,817 105,974
Installment 52,863 51,865
Total loans $ 231,937 $ 225,016
======= =======
NOTE 4 - ALLOWANCE FOR LOAN LOSSES
The following is an analysis of the activity in the allowance for loan losses
account:
[CAPTION]
(In Thousands)
September 30 December 31
1995 1994
Balance, beginning of period $2,555 $2,310
Provision charged to expense 165
Recoveries 413 301
Loan charge-offs (187) (221)
Balance, end of period $2,781 $2,555
===== =====
NOTE 5 - NONPERFORMING ASSETS:
The following is a summary of nonperforming loans and Other Real Estate Owned
(OREO). OREO is presented before the allowance for OREO losses:
[CAPTION]
(In Thousands)
September 30 December 31
1995 1994
Nonperforming Loans $2,966 $3,268
OREO before allowance for OREO losses 4,070 5,730
Total nonperforming assets $7,036 $8,998
===== =====
The following is an analysis of the activity in the allowance for OREO account:
[CAPTION]
(In Thousands)
September 30 December 31
1995 1994
Balance at beginning of period $ 1,801 $ 1,988
Losses on OREO charged to expense 24 59
Losses charged to the allowance (774) (246)
Balance at end of period $ 1,051 $ 1,801
===== =====
Horizon adopted Statement of Financial Accounting Standards FAS 114
"Accounting by Creditors for Impairment of a Loan" as of January 1, 1995. At
September 30, 1995 impaired loans outstanding totaled $1,257,000 and average
outstanding totaled $1,399,000, the reserves related to these loans totaled
$369,000. There was no adjustment to the provision or reserve for these
loans. Payments received on an impaired loan are applied toward principal
unless full recovery of principal and interest is not in doubt and the loan
is well secured, then payments are applied to interest.
FOR THE QUARTER ENDED SEPTEMBER 30, 1995
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
INTRODUCTION
The purpose of this discussion is to focus on the Company'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
In managing its liquidity, the Company's objective is to maintain the
ability to continuously meet its cash flow needs and those of its customers.A
major source of liquidity is the investment portfolio, as well as money market
investments and interest-bearing balances in banks. At September 30, 1995,
securities available for sale and held to maturity with a maturity of one
year or less were $5.9 million, 6.67% of the portfolio, compared to $13.6
million or 13.8% at December 31, 1994. Federal funds sold, money market
investments and interest-bearing balances with other banks added an additional
$.8 million in funds maturing within one year at September 30, 1995 compared to
$4.4 million at December 31, 1994. These investments which are short-term in
nature, are expected to provide adequate liquidity to fund loan growth and
any possible deposit fluctuations. The Company's loan-to-deposit ratio, another
indication of overall liquidity increased to 81.2% at September 30, 1995 from
75.6% at year end 1994. The Company's subsidiary bank joined The Federal Home
Loan Bank of Indianapolis in 1991 through the purchase of $2.4 million in
Federal Home Loan Bank Stock. Members are entitled to advances for the purpose
of funding mortgage lending activities. Bank considers this membership another
source of liquidity for future balance sheet growth. There were $15.4 million
in outstanding borrowings at September 30, 1995 as a result of this membership.
In addition to these borrowings at September 30, 1995, Bank has available
approximately $16.6 million in unused credit lines with various money center
banks.
There have been no other material changes in the liquidity of the Company
from December 31, 1994 to September 30, 1995.
CAPITAL RESOURCES
Stockholders' equity at September 30, 1995 totaled $31.7 million up 15.7 %
compared to $27.4 million December 31, 1994. This increase is primarily the
result of a decline in the valuation allowance for securities available for
sale as well as year to date 1995 net income retained (net of dividends paid).
As of September 30, 1995, management is not aware of any current
recommendation by banking regulatory authorities which, if there were to be
implemented, would have or are reasonably likely to have a material effect on
Horizon's liquidity, capital resources or operations.
As previously disclosed in the Company's third quarter 1993 Form 10-Q, the
Compensation Committee of the Board initially discussed the continuation of
the Company's employee retirement benefit program in early 1993, which is
maintained as an Employee Stock Ownership Plan. In August of 1993, the Board
of Directors approved the continuation of this plan and authorized the
transfer of 172,414 shares of the Company's stock into the Employee Stock
Ownership Trust for future allocation to employee retirement accounts. The
transfer wil be made upon payment to the Company by the Employee Stock Ownership
Plan Trust of $5 million which represents a price of $29 per share, the market
value of the stock at the time the transaction was approved. Under Federal
regulations, the Employee Stock Ownership Trust may pay a value equal to or
less than market value for acquired shares, but not more. Upon approval by all
the required regulatory agencies, the Company issued 172,414 shares of stock to
the Employee Stock Ownership Trust on August 26, 1994. Under Statement of
Position 93-6 "Employers Accounting for Employee Stock Ownership Plans" issued
by the Accounting Standards Division of the Anerican Institute of Certified
Public Accountants, these shares are not included in outstanding shares for the
purposes of computing earnings per share and book value per share until they are
committed-to-be-released for allocation to employee retirement accounts.
Horizon has selectively purchased shares that became available in the
market from time to time. During the first nine months of 1995, management
purchased 22,362 shares at a cost of $702 thousand.
There have been no other material changes in the Company's capital resources
from December 31, 1994 to September 30, 1995.
MATERIAL CHANGES IN FINANCIAL CONDITION - SEPTEMBER 30, 1995 COMPARED TO
DECEMBER 31, 1994
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 the
Corporation.
Horizon's deposits declined to $284.2 million at September 30, 1995
compared to $295.8 million at December 31, 1994. This decline is primarily
the result of increases in demand deposits of public fund accounts at
December 31, 1994 that subsequently declined.
There have been no other material changes in the financial condition of the
Company from December 31, 1994 to September 30, 1995.
RESULTS OF OPERATIONS
MATERIAL CHANGES IN RESULTS OF OPERATIONS - SEPTEMBER 30, 1995 COMPARED TO
SEPTEMBER 30, 1994.
Net interest income was $11.214 million for the first nine months of 1995
compared to $10.943 million for the same period 1994. This increase is
primarily the result of higher average earning assets offset by lower year to
date net interest margin of 4.37% compared to 4.43% for the same period 1994.
Provision for loan losses was zero for the first nine months of 1995
compared to $165 thousand for the same period 1994. Horizon has year to date
net loan recoveries at September 30, 1995 of $226 thousand compared to $98
thousand for the same period last year. These recoveries increased Horizon's
allowance for loan losses to $2.781 million at September 30, 1995 from $2.555
million at December 31, 1994.
Other noninterest income net of nonrecurring portfolio gains, nonrecurring
gain on sale of other real estate owned, and nonrecurring interest received
on Federal Income Tax refunds was $2.493 million for the first nine months of
1995 compared to $2.482 million for the same period last year. This increase
is primarily the result of an increase in service charges on deposit accounts
and trust department income.
Horizon's operating expenses year to date 1995, net of nonrecurring Loss on
Other Real Estate Owned expenses, increased to $11.3 million from $10.4
million for the same period 1994. This increase is the result of increased
salaries, employee group health care expenses, investments in technology and
owner employee training offset by a $176 thousand FDIC insurance refund
resulting from the lowering of the premium per $100 of insured deposits from
$.23 to $.04.
Included in salaries and employee benefit expense is $358 thousand related
to the Employee Stock Ownership Plan discussed under CAPITAL RESOURCES above.
Tax benefits resulting from this expense totaled $120 for the nine months
ended September 30, 1995. Therefore, 1995 year-to-date net costs associated
with this plan total $238 thousand.
Horizon received a federal income tax refund during the first quarter
totaling $1.190 million including interest of $298 thousand and in the third
quarter, received a state tax refund of $62 thousand and a state tax credit
that resulted in reducing tax expense by $150 thousand. In 1993, Horizon filed
several amended tax returns to obtain refunds of federal and state taxes paid
in prior periods. The receipt of these refunds and credits increased earnings
per share $1.25 for the first quarter and $.28 for the third quarter.
Horizon Bancorp has experienced a decline in quarterly net income during
1995 due to higher non-interest expenses associated with investments in
technology, the expansion of it's branch delivery system to new markets, and
the training of it's owner employees in intensive internal and external
management training courses. Horizon expects an improvement in it's product
market share, competitive position and customer service quality in existing
and new markets as a result of these investments. These investments will also
create re-engineering opportunities that are anticipated to ultimately increase
Horizon's efficiency.
There have been no other material changes in the results of operations of the
Company from December 31, 1994 to September 30, 1995.
PART II - OTHER INFORMATION
For the quarter ended September 30, 1995
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. 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: November 13, 1995
BY: Diana E. Taylor
Vice President and Chief Financial Officer
DATE: November 13, 1995