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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: Commission File Number:
NOVEMBER 4, 1996 0-11672
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HORIZON BANCORP, INC.
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(Exact name of registrant as specified in its charter)
WEST VIRGINIA 55-0631939
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
ONE PARK AVENUE, BECKLEY, WV 25801
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(Address of principal executive offices) (Zip Code)
(304) 255-7000
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(Registrant's telephone number, including area code)
(This report contains (1) page)
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ITEM 5. OTHER EVENTS
Attached to this report on Form 8-K as Exhibit 20, and incorporated herein by
reference, is a press release of Horizon Bancorp, Inc. issued on October 25,
1996, announcing a two-for-one stock split effected in the form of a 100% stock
dividend and fourth quarter cash dividend payable on December 15, 1996. This
release also presented earnings for the three and nine month periods ended
September 30, 1996 and 1995, adjusted for the effect of the split.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a). Financial statements of businesses acquired.
Audited financial statements of Twentieth as of December 31, 1995 and 1994 and
for the three years in the period ended December 31, 1995, have been previously
filed with the Commission with Twentieth's Form 10-K for the year ended
December 31, 1995, which was incorporated by reference into Horizon's Form S-4,
Registration No. 333-02365.
(b). Pro forma financial information.
Pro forma condensed consolidated financial statements at March 31, 1996 and
1995 and for the three month periods then ended and at December 31, 1995 and
1994 and for the three years in the period ended December 31, 1995 are included
in Horizon's Form S-4, Registration No. 333-02365.
Pro forma financial information and financial statements at June 30, 1996 and
for the six month periods ended June 30, 1996 and 1995 are attached to this
filing as Exhibit 99.
(c). Exhibits.
20. Press release dated October 25, 1996
99. Pro forma financial statements at June 30, 1996 and for the six month
periods ended June 30, 1996 and 1995
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 hereunto duly authorized.
HORIZON BANCORP, INC.
By: /s/ FRANK S. HARKINS, JR.
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Frank S. Harkins, Jr.
Chairman of the Board and CEO
Date: November 4, 1996
<PAGE> 1
Exhibit 20
NEWS RELEASE
FOR RELEASE: OCTOBER 25, 1996
Contact: C. Duane Blankenship, CFO
(304) 255-7310
HORIZON BANCORP, INC.
HORIZON BANCORP ANNOUNCES STOCK SPLIT AND INCREASE IN DIVIDEND
Frank S. Harkins, Jr., Chairman and CEO of Horizon Bancorp, Inc.
(NASDAQ:HZWV), announced that the board of directors has approved a two-for-one
stock split effected in the form of a dividend and declared a fourth quarter
cash dividend of $0.17 per share, both of which are payable December 15, 1996,
to shareholders of record on December 1, 1996. The cash dividend will be paid
on all outstanding shares including those issued as a result of the split.
The dividend rate for the year ending December 31, 1996, represents an
increase of 18.1% over the dividend rate for 1995.
Below is summarized financial information for the nine and three months
ended September 30, 1996 and 1995. All information has been restated to reflect
the increased number of common shares outstanding as a result of the split, and
to reflect the acquisition of Twentieth Bancorp on August 30, 1996. The
acquisition was accounted for under the pooling of interests method of
accounting and accordingly financial information of Horizon and Twentieth has
been presented as if the companies had always been combined.
<TABLE>
<CAPTION>
FOR THE THREE FOR THE NINE
MONTHS ENDED MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
1996 1995 1996 1995
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<S> <C> <C> <C> <C>
OPERATING RESULTS:
Interest income $18,520 $18,124 $54,695 $51,898
Interest expense 7,261 7,320 21,554 19,910
Net interest income 11,259 10,804 33,141 31,988
Provision for loan losses 727 564 2,228 1,537
Noninterest income 1,143 1,310 3,585 3,397
Noninterest expense 7,390 6,936 21,716 20,260
Provision for income taxes 1,534 1,588 4,600 4,695
Net income 2,751 3,026 8,182 8,893
PER SHARE OF COMMON STOCK:
Net income $ 0.30 $ 0.33 $ 0.88 $ 0.95
Dividends declared 0.15 0.13 0.45 0.38
</TABLE>
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<TABLE>
<CAPTION>
FOR THE NINE
MONTHS ENDED
SEPTEMBER 30
1996 1995
---------------------
<S> <C> <C>
AVERAGE BALANCE SHEET SUMMARY:
Total loans $617,932 $593,415
Investment securities 243,683 231,779
Total assets 934,690 898,843
Deposits 794,263 768,411
Short-term borrowings 22,236 22,150
Equity 105,903 99,285
BALANCES AT END OF PERIOD:
Total assets $944,258 $919,500
Total loans 629,234 610,759
Investment securities 244,715 242,344
Earning assets 880,129 864,578
Deposits 797,463 785,928
Shareholders' equity 107,219 102,108
KEY FINANCIAL RATIOS:
Average equity to average assets 11.33% 11.05%
Return on average assets 1.17% 1.32%
Return on average equity 10.30% 11.94%
Efficiency ratio 59.13% 57.26%
Average total loans to average deposits 77.80% 77.23%
ASSET QUALITY:
Nonperforming loans to total loans 1.18% 1.22%
Nonperforming assets to total assets 0.84% 0.87%
Allowance for loan losses to nonperforming loans 126.90% 115.32%
Allowance for loan losses as a percent of total loans 1.49% 1.41%
</TABLE>
Horizon Bancorp, Inc. is a $944 million bank holding company
headquartered in Beckley, West Virginia.
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EXHIBIT 99
(in thousands)
PRO FORMA CONDENSED CONSOLIDATED
BALANCE SHEET (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
As Reported
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Horizon Twentieth
Bancorp, Bancorp, Pro Forma Pro Forma
Inc. Inc. Adjustments Consolidated
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<S> <C> <C> <C> <C>
ASSETS
Cash and cash equivalents $ 22,566 $ 16,908 $ 39,474
Held to maturity securities 33,717 24,159 57,876
Available for sale securities 111,371 78,639 190,010
Loans, net 425,984 182,595 608,579
Premises and equipment 9,994 6,934 16,928
Accrued interest receivable and other assets 14,337 4,800 19,137
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Total assets $617,969 $314,035 -- $932,004
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest bearing $ 72,860 $ 41,087 $113,947
Interest bearing 446,305 234,362 680,667
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Total deposits 519,165 275,449 794,614
Short-term borrowings 19,010 3,035 22,045
Accrued interest payable and other liabilities 7,620 2,500 10,120
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Total Liabilities 545,795 280,984 826,779
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Common stock 2,835 1,800 4,671 [1,2] 9,306
Surplus 12,262 7,500 (18)[1] 19,744
Treasury stock (175) -- (175)
Retained earnings 57,549 24,236 (4,653)[2] 77,132
Net unrealized gain/(loss) on AFS securities (297) (485) (782)
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Total Shareholders' Equity 72,174 33,051 -- 105,225
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Total Liabilities and Shareholders' Equity $617,969 $314,035 -- $932,004
=========================================================
</TABLE>
[1] The shareholders' equity accounts have been adjusted to reflect the
issuance of 1,818,000 shares of Horizon common stock at $1 par value.
[2] The shareholders' equity accounts have been adjusted for the two-for-one
stock split effected in the form of a 100% stock dividend, which is payable
December 15, 1996.
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PRO FORMA CONDENSED CONSOLIDATED
STATEMENT OF INCOME (UNAUDITED)
For the Six Months Ended June 30, 1996
<TABLE>
<CAPTION>
(in thousands, except per share data) As Reported
-------------------------
Pro Forma
Horizon Twentieth Consolidated
Bancorp, Bancorp, Pro Forma (adjusted for
Inc. Inc. Consolidated stock split)
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<S> <C> <C> <C> <C>
Interest income $24,550 $11,625 $36,175 $36,175
Interest expense 9,743 4,550 14,293 14,293
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Net interest income before provision for loan losses 14,807 7,075 21,882 21,882
Provision for loan losses 649 852 1,501 1,501
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Net interest income 14,158 6,223 20,381 20,381
Other income 1,609 833 2,442 2,442
Other expenses 9,201 5,125 14,326 14,326
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Income before income taxes 6,566 1,931 8,497 8,497
Income tax expense 2,320 746 3,066 3,066
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Net income $ 4,246 $ 1,185 $ 5,431 $ 5,431
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Average share outstanding (thousands) 2,830 1,800 4,648 9,296 [3,4]
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Earnings per share $ 1.50 $ 0.66 $ 1.17 $ 0.58
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</TABLE>
[3] Average shares outstanding have been adjusted for the exchange ratio (1.01
shares of Horizon for each share of Twentieth).
[4] Average shares outstanding have been adjusted for the recently announced
Horizon two-for-one stock split effected in the form of a 100% stock dividend,
which is payable December 15, 1996.
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PRO FORMA CONDENSED CONSOLIDATED
STATEMENT OF INCOME (UNAUDITED)
For the Six Months Ended June 30, 1995
<TABLE>
<CAPTION>
(in thousands, except per share data) As Reported
-------------------------
Pro Forma
Horizon Twentieth Consolidated
Bancorp, Bancorp, Pro Forma (adjusted for
Inc. Inc. Consolidated stock split)
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<S> <C> <C> <C> <C>
Interest income $22,128 $11,646 $33,774 $33,774
Interest expense 8,275 4,315 12,590 12,590
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Net interest income before provision for loan losses 13,853 7,331 21,184 21,184
Provision for loan losses 485 488 973 973
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Net interest income 13,368 6,843 20,211 20,211
Other income 1,266 821 2,087 2,087
Other expenses 8,553 4,771 13,324 13,324
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Income before income taxes 6,081 2,893 8,974 8,974
Income tax expense 1,934 1,173 3,107 3,107
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Net income $ 4,147 $ 1,720 $ 5,867 $ 5,867
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Average share outstanding (thousands) 2,835 1,797 4,668 9,300 [3,4]
========================================================
Earnings per share $ 1.46 $ 0.96 $ 1.26 $ 0.63
========================================================
</TABLE>
[3] Average shares outstanding have been adjusted for the exchange ratio (1.01
shares of Horizon for each share of Twentieth).
[4] Average shares outstanding have been adjusted for the recently announced
Horizon two-for-one stock split effected in the form of a 100% stock dividend,
which is payable December 15, 1996.
