Close

Form 8-K HORIZON BANCORP /IN/ For: Feb 11

February 11, 2015 8:02 AM EST
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):��February 11, 2015
Horizon Bancorp
(Exact Name of Registrant as Specified in Its Charter)
Indiana
000-10792
35-1562417
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
515 Franklin Square, Michigan City, Indiana
46360
(Address of Principal Executive Offices)
(Zip Code)
(219) 879-0211
(Registrants Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 7.01���Regulation FD Disclosure.
Craig M. Dwight, the Chairman, President and Chief Executive Officer of Horizon Bancorp (Horizon), will be presenting at the Sterne Agee 2015 Financial Institutions Investor Conference on February 12, 2015. The presentation materials are attached as Exhibit 99.1 to this Current Report on Form 8-K and also are available on our website at www.horizonbank.com. Horizon undertakes no obligation to update, supplement or amend the materials attached as Exhibit 99.1.
The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
A cautionary note about forward-looking statements: This Current Report and the presentation materials may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon. For these statements, Horizon claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in the presentation materials should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on managements expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as anticipate, estimate, project, intend, plan, believe, will and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Horizons reports filed with the Securities and Exchange Commission, including those described in�Horizons Annual Report on Form 10-K. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
Use of Non-GAAP Financial Measures: Certain information set forth in the presentation materials attached as Exhibit 99.1 refers to a financial measure determined by methods other than in accordance with GAAP. Specifically, we have included a non-GAAP financial measure of the net interest margin excluding the impact of acquisitions. Horizon believes that this non-GAAP financial measure is helpful to investors and provides a greater understanding of our business without giving effect to the purchase accounting impacts of acquisitions. The measure is not necessarily comparable to similar measures that may be presented by other companies, and it should not be considered in isolation or as a substitute for the related GAAP measure. A reconciliation of the non-GAAP measure to its GAAP counterpart is included in Exhibit 99.1.
Item 9.01���Financial Statements and Exhibits.
(d)� Exhibits
Exhibit No.
Description
99.1
Slide Presentation for Investors on February 12, 2015




SIGNATURE
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 hereto duly authorized.
Date:��February 11, 2015
Horizon Bancorp
By:
/s/ Mark E. Secor
Mark E. Secor
Executive Vice President & Chief Financial Officer


EXHIBIT INDEX

Exhibit No.
Description
Location
99.1
Slide Presentation for Investors on February 12, 2015
Attached

�A NASDAQ Traded Company - Symbol HBNC�

� This presentation may contain forward-looking statements regarding the financial performance, business, and future operations of Horizon Bancorp and its affiliates (collectively, Horizon). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future results or performance. As a result, undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We have tried, wherever possible, to identify such statements by using words such as anticipate, estimate, project, intend, plan, believe, will and similar expressions, and although management believes that the expectations reflected in such forward-looking statements are accurate and reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause our actual results to differ materially include those set forth in Horizons filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K. Statements in this presentation should be considered in conjunction with such risk factors and the other information publicly available about Horizon, including the information in the filings we make with the Securities and Exchange Commission. Horizon does not undertake, and specifically disclaims any obligation, to publicly release any updates to any forward-looking statement to reflect events or circumstances occurring or arising after the date on which the forward-looking statement is made, or to reflect the occurrence of unanticipated events, except to the extent required by law. ��Forward-Looking Statements�

�Who We Are��*�

�*��Company Profile��Headquartered in Michigan City, IN31 Locations Throughout Indiana and Michigan$2.1 Billion in AssetsMarket Cap. $209 MillionOwnership9% Insiders12% Employee Benefit Plans36% Institutional��* Market data as of February 2, 2015; financial data as of December 31, 2014�

�Northwest Indiana/Southwest Michigan& The Right Side of Chicago�

�Retail BankingBusiness BankingMortgage BankingWealth Management��Complementary Revenue Streams that are Counter-Cyclical to Varying Economic Cycles��*��Four Key Revenue Streams�

�Horizons Story��Steady GrowthSuperior ReturnsFinancial StrengthConsistent Performance��*�

�2014 Highlights��*�

�2014 Highlights��*��Surpassed $2 Billion in AssetsTotal Loan Growth of 29% (17% organic)Commercial Loan Growth of 33% (20% organic)14% Growth in Wealth Management RevenueClosed SCB Bancorp, Inc. (Summit) Acquisition on April 3rd, 2014Initiated Indianapolis Mortgage Presence by Acquiring First Indiana Mortgage on February 28, 2014Two Quarterly Dividend Increases from 11 to 14 Cents per Share�

�Rebounded From Slow Start to 2014��*��2014 Cumulative Net Income by Quarter��Non-Core Items (1)��Non-Core Items (1)��2013��$4.3 million��2014��$1.6 million��(1) Non-core items include interest income from acquisition related purchase accounting adjustments, securities gains and one-time expenses related to Summit acquisition �

�Balanced Growth in 2014��*��Assets ($ Mil.)��Loans ($ Mil.)��Deposits ($ Mil.)�

�Robust Organic Loan Growth in 2014��*��Loan Type(In Millions)��12/31/14��AcquiredLoans 4/3/14��12/31/13��2014 Organic Growth��2014 Organic Growth��Commercial��$674��($70)��$505��$99��20%��Residential Mtg.��$255��($44)��$186��$25��14%��Consumer��$320��($10)��$280��$31��11%��Mtg. Warehouse��$129��-��$98��$31��32%��Total Loans��$1,379��($124)��$1,069��$186��17%��* Table excludes loans held for sale�

�*��Summit Community Bank Acquisition Adds Value��Acquisition Metrics(1)(2)��Acquisition Metrics(1)(2)��Deal Value (DV)��$18.9 mil.��DV/ Tg. Book Value��120.5%��DV/ LTM Earnings��11.1x��Core Deposit Prem.��2.8%��Closed on April 3, 2014Illustrates Focus on Larger Markets with Growth PotentialFour Experienced Lenders to Drive Loan GrowthAccretive to EPS, Reasonable TBV Dilution Earnback Period��Deal value as of April 3, 2014 Financial data for SCB Bancorp at or for the year ended December 31, 2013�

�Horizons Growth Story��*�

�A Company on the Move��OrganicExpans.(7)��St. JosephSouth BendElkhart��Lake County��Kalamazoo��IndianapolisCarmel��M&A(6)��Anchor Mortgage��Alliance Bank��American Trust��Heartland 1st MortgageSummit��*��Assets ($ Mil.)��$721������$2,077��Loans($ Mil.)��$548������$1,379��Deposits($ Mil.)��$489������$1,482��Branches��7������31��9.2% CAGR��8.0% CAGR��9.7% CAGR�

�Growth Opportunities in All Directions��*��Kalamazoo, Lansing & St. JosephPopulation: 879,000Deposits: $10 billion ��South Bend, Elkhart & GoshenPopulation: 467,000Deposits: $7 billion��Indianapolis & Johnson CountyPopulation: 1.4 millionDeposits: $30 billion��Lake & Porter CountiesPopulation: 658,000Deposits: $10 billion��LEGACYLa Porte CountyPopulation: 112,352Deposits: $2 billion��N��E��S��W��Note: Data by primary counties for each market�

�2000  2014 CAGR: 11.8%��In Millions��Net Income History��*��Solid Historical Earnings�

�*��Investing in Commercial LendersCreates Growth��Commercial Loan Balances�

�*��Balanced Risk In Commercial Portfolio��Commercial Loan Composition as of December 31, 2014�

�Kalamazoo and Indianapolis Loan Balances��*��Growth Markets Thriving��2014 Growth: 43.1%�

�December 31, 2014��December 31, 2008��In Millions��2008��2014��CAGR��Commercial��$311��$674��15.1%��Real Estate��$291��$384��5.2%��Consumer��$280��$321��2.5%��Total��$882��$1,379��7.7%��*��Shift to Commercial�

�December 31, 2008��December 31, 2014��Strong Low Cost Deposit Growth��*��In Millions��2008��2014��CAGR��NIB��$84��$268��23.6%��Other Trans.��$429��$931��13.8%��CDs��$329��$284��-2.6%��Total��$842��$1,483��9.9%�

�*��NPLs/ Loans��Disciplined Credit Culture�

�*��Why Invest In Horizon�

�Shareholder Value Plan - Since 2001��Steady Growth in Net Book Value & EPS DividendsUninterrupted Dividends for more than 25 YearsDividend Increases Aligned with Earnings GrowthImproving LiquidityStock Splits in 2001, 2003, 2011 and 2012Common Stock Issued in Heartland and Summit AcquisitionsRussell 2000 Index Since 2012Added to Nasdaq Community Bank Index in 2014��*�

�Highly Regarded For Financial Performance��Top 200 Community Banks for Financial Performance Six Consecutive Years, 2008 - 2013US Banker & ABA MagazinesTop 10% of Community BanksAnnual Community Bankers Cup, 2012 & 2013Raymond JamesKBW Bank Honor Roll2011 & 2012 ��*�

�Highly Regarded In Our Communities��*��Community Relations Award Urban League of Northwest Indiana, Inc.Nine out of Ten Customers Would Refer a FriendIndependent SurveyBest Bank - Twelve out of Last Thirteen YearsThe News Dispatch Readers PollBest Bank for Obtaining a Business LoanNorthwest Indiana Business Quarterly Family Friendly Work PoliciesIU Health / Clarian Award�

�Horizon Outperforms the MarketFor Total Shareholder Return��As of February 2, 2015; 2015 estimated EPS of $2.16 is the mean estimate from 3rd party research analystsSNL U.S. Bank: Includes all Major Exchange Banks in SNL's coverage universe.��*��Horizon Bancorp: 5-Year Total Return Comparison��P/2015 Est. EPS��10.4x��P/TBV��138%��Div. Yield��2.4%�

�Thank Youfor Your Investment inHorizon Bancorp�

�A NASDAQ Traded Company - Symbol HBNC�

�Appendix�

�*��Non-GAAP Reconciliations�



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings