Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 09, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HBNC | |
Entity Registrant Name | HORIZON BANCORP /IN/ | |
Entity Central Index Key | 706,129 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,932,887 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 48,155 | $ 43,476 |
Investment securities, available for sale | 435,673 | 323,764 |
Investment securities, held to maturity (fair value of $188,574 and $169,904) | 182,187 | 165,767 |
Loans held for sale | 5,583 | 6,143 |
Loans, net of allowance for loan losses of $16,168 and $16,501 | 1,710,322 | 1,362,053 |
Premises and equipment, net | 60,700 | 52,461 |
Federal Reserve and Federal Home Loan Bank stock | 13,823 | 11,348 |
Goodwill | 49,600 | 28,176 |
Other intangible assets | 7,648 | 3,965 |
Interest receivable | 10,862 | 8,246 |
Cash value of life insurance | 54,148 | 39,382 |
Other assets | 29,213 | 32,141 |
Total assets | 2,607,914 | 2,076,922 |
Liabilities | ||
Non-interest bearing | 338,436 | 267,667 |
Interest bearing | 1,574,639 | 1,214,652 |
Total deposits | 1,913,075 | 1,482,319 |
Borrowings | 373,901 | 351,198 |
Subordinated debentures | 32,758 | 32,642 |
Interest payable | 490 | 497 |
Other liabilities | 22,952 | 15,852 |
Total liabilities | $ 2,343,176 | $ 1,882,508 |
Commitments and contingent liabilities | ||
Stockholders' Equity | ||
Common stock, no par value Authorized, 22,500,000 shares Issued, 11,987,424 and 9,278,916 shares Outstanding, 11,931,987 and 9,213,036 shares | $ 0 | $ 0 |
Additional paid-in capital | 106,083 | 45,916 |
Retained earnings | 144,344 | 134,477 |
Accumulated other comprehensive income | 1,811 | 1,521 |
Total stockholders' equity | 264,738 | 194,414 |
Total liabilities and stockholders' equity | 2,607,914 | 2,076,922 |
Series B Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred stock, Authorized, 1,000,000 shares Series B shares $.01 par value, $1,000 liquidation value Issued 12,500 shares | $ 12,500 | $ 12,500 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment securities, held to maturity fair value | $ 188,574 | $ 169,904 |
Allowances for loan losses | $ 16,168 | $ 16,501 |
Common stock, par value | ||
Common stock, shares authorized | 22,500,000 | 22,500,000 |
Common stock, shares issued | 11,987,424 | 9,278,916 |
Common stock, shares outstanding | 11,931,987 | 9,213,036 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, liquidation value | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 12,500 | 12,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Income | ||||
Loans receivable | $ 20,297 | $ 16,403 | $ 55,140 | $ 45,988 |
Investment securities | ||||
Taxable | 2,156 | 2,339 | 6,377 | 7,124 |
Tax exempt | 1,125 | 1,109 | 3,281 | 3,328 |
Total interest income | 23,578 | 19,851 | 64,798 | 56,440 |
Interest Expense | ||||
Deposits | 1,566 | 1,352 | 4,035 | 3,984 |
Borrowed funds | 1,729 | 1,593 | 4,747 | 4,493 |
Subordinated debentures | 507 | 506 | 1,504 | 1,503 |
Total interest expense | 3,802 | 3,451 | 10,286 | 9,980 |
Net Interest Income | 19,776 | 16,400 | 54,512 | 46,460 |
Provision for loan losses | 300 | 1,741 | 2,820 | 2,080 |
Net Interest Income after Provision for Loan Losses | 19,476 | 14,659 | 51,692 | 44,380 |
Non-interest Income | ||||
Service charges on deposit accounts | 1,359 | 1,076 | 3,443 | 3,037 |
Wire transfer fees | 160 | 151 | 493 | 408 |
Interchange fees | 1,625 | 1,223 | 4,093 | 3,436 |
Fiduciary activities | 1,520 | 1,131 | 4,033 | 3,378 |
Gain on sale of investment securities (includes $0 for the three months ended and $124 for the nine months ended September 30, 2015 and $988 for the three and nine months ended September 30, 2014, related to accumulated other comprehensive earnings reclassifications) | 988 | 124 | 988 | |
Gain on sale of mortgage loans | 2,794 | 2,153 | 7,815 | 6,101 |
Mortgage servicing income net of impairment | 246 | 116 | 725 | 556 |
Increase in cash value of bank owned life insurance | 374 | 296 | 889 | 781 |
Death benefit on bank owned life insurance | 145 | |||
Other income | 322 | 256 | 892 | 854 |
Total non-interest income | 8,400 | 7,390 | 22,652 | 19,539 |
Non-interest Expense | ||||
Salaries and employee benefits | 10,652 | 8,215 | 27,541 | 23,991 |
Net occupancy expenses | 1,723 | 1,404 | 4,649 | 4,188 |
Data processing | 1,281 | 907 | 3,170 | 2,714 |
Professional fees | 409 | 358 | 1,596 | 1,385 |
Outside services and consultants | 3,209 | 595 | 4,753 | 2,554 |
Loan expense | 1,351 | 1,202 | 3,975 | 3,489 |
FDIC insurance expense | 423 | 313 | 1,099 | 854 |
Other losses | 246 | (35) | 351 | 98 |
Other expense | 2,941 | 2,394 | 7,819 | 7,002 |
Total non-interest expense | 22,235 | 15,353 | 54,953 | 46,275 |
Income Before Income Tax | 5,641 | 6,696 | 19,391 | 17,644 |
Income tax expense (includes $0 for the three months ended and $43 for the nine months ended September 30, 2015 and $346 for the three and nine months ended September 30, 2014, related to income tax expense from reclassification items) | 1,353 | 1,738 | 5,017 | 4,491 |
Net Income | 4,288 | 4,958 | 14,374 | 13,153 |
Preferred stock dividend | (31) | (40) | (94) | (102) |
Net Income Available to Common Shareholders | $ 4,257 | $ 4,918 | $ 14,280 | $ 13,051 |
Basic Earnings Per Share | $ 0.37 | $ 0.53 | $ 1.42 | $ 1.45 |
Diluted Earnings Per Share | $ 0.36 | $ 0.51 | $ 1.37 | $ 1.39 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Accumulated other comprehensive earnings reclassifications | $ 0 | $ (988) | $ (124) | $ (988) |
Income tax expense from reclassification | $ 0 | $ 346 | $ 43 | $ 346 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,288 | $ 4,958 | $ 14,374 | $ 13,153 |
Change in fair value of derivative instruments: | ||||
Change in fair value of derivative instruments for the period | (516) | 373 | (334) | (169) |
Income tax effect | 181 | (131) | 117 | 59 |
Changes from derivative instruments | (335) | 242 | (217) | (110) |
Change in securities: | ||||
Unrealized appreciation (depreciation) for the period on AFS securities | 1,781 | (6,039) | 1,131 | 723 |
Unrealized depreciation for the period on held-to-maturity | (203) | 2,283 | (475) | 2,175 |
Reclassification adjustment for securities gains realized in income | 0 | 988 | 124 | 988 |
Income tax effect | (552) | 969 | (273) | (1,360) |
Unrealized gains (losses) on securities | 1,026 | (1,799) | 507 | 2,526 |
Other Comprehensive Income (Loss), Net of Tax | 691 | (1,557) | 290 | 2,416 |
Comprehensive Income | $ 4,979 | $ 3,401 | $ 14,664 | $ 15,569 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning Balance at Dec. 31, 2014 | $ 194,414 | $ 12,500 | $ 45,916 | $ 134,477 | $ 1,521 |
Net income | 14,374 | 14,374 | |||
Other comprehensive income, net of tax | 290 | 290 | |||
Amortization of unearned compensation | 267 | 267 | |||
Exercise of stock options | 319 | 319 | |||
Exercise of stock warrants | 3,751 | 3,751 | |||
Tax benefit related to stock options | 108 | 108 | |||
Stock option expense | 216 | 216 | |||
Stock issued from acquisition | 55,506 | 55,506 | |||
Cash dividends on preferred stock | (94) | (94) | |||
Cash dividends on common stock | (4,413) | (4,413) | |||
Ending Balances at Sep. 30, 2015 | $ 264,738 | $ 12,500 | $ 106,083 | $ 144,344 | $ 1,811 |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) | 9 Months Ended |
Sep. 30, 2015$ / shares | |
Cash dividends on preferred stock, rate | 1.00% |
Cash dividends on common stock, per share | $ 0.43 |
Retained Earnings [Member] | |
Cash dividends on preferred stock, rate | 1.00% |
Cash dividends on common stock, per share | $ 0.43 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||
Net income | $ 14,374 | $ 13,153 |
Items not requiring (providing) cash | ||
Provision for loan losses | 2,820 | 2,080 |
Depreciation and amortization | 3,020 | 2,806 |
Share based compensation | 216 | 145 |
Mortgage servicing rights net (recovery) impairment | 389 | (28) |
Premium amortization on securities available for sale, net | 2,192 | 1,733 |
Gain on sale of investment securities | (124) | (988) |
Gain on sale of mortgage loans | (7,815) | (6,101) |
Proceeds from sales of loans | 247,512 | 169,858 |
Loans originated for sale | (239,137) | (164,643) |
Change in cash value of life insurance | (868) | (745) |
Gain on sale of other real estate owned | (214) | (176) |
Net change in | ||
Interest receivable | (1,337) | (563) |
Interest payable | (28) | (50) |
Other assets | (61) | 2,251 |
Other liabilities | 1,020 | 327 |
Net cash provided by operating activities | 21,959 | 19,059 |
Investing Activities | ||
Purchases of securities available for sale | (170,391) | (77,164) |
Proceeds from sales, maturities, calls, and principal repayments of securities available for sale | 61,785 | 99,805 |
Purchases of securities held to maturity | (26,128) | (4,839) |
Proceeds from maturities of securities held to maturity | 7,155 | 7,900 |
Purchase of Federal Reserve Bank stock | (592) | |
Proceeds from the sale of FHLB stock | 268 | |
Net change in loans | (123,326) | (154,677) |
Proceeds on the sale of OREO and repossessed assets | 2,425 | 2,378 |
Purchases of premises and equipment | (4,757) | (4,086) |
Purchase of Mortgage Company | (735) | |
Net cash used in investing activities | (70,556) | (124,116) |
Net change in | ||
Deposits | 79,669 | 37,124 |
Borrowings | (26,064) | 76,944 |
Proceeds from issuance of stock | 4,178 | 128 |
Dividends paid on common shares | (4,413) | (3,440) |
Dividends paid on preferred shares | (94) | (102) |
Net cash provided by financing activities | 53,276 | 110,654 |
Net Change in Cash and Cash Equivalents | 4,679 | 5,597 |
Cash and Cash Equivalents, Beginning of Period | 43,476 | 31,721 |
Cash and Cash Equivalents, End of Period | 48,155 | 37,318 |
Additional Supplemental Information | ||
Interest paid | 10,292 | 10,009 |
Income taxes paid | 4,900 | 1,600 |
Transfer of loans to other real estate owned | 2,825 | 3,078 |
Transfer of available-for -sale securities to held-to-maturity | 167,047 | |
The Company purchased all of the capital stock of Peoples for $78,147 on July 1, 2015 and of Summit for $18,896 on April 3, 2014. In conjunction with the acquisition, liabilities were assumed as follows: | ||
Fair value of assets acquired | 485,077 | 158,585 |
Cash paid to retire debt | 1,029 | |
Cash paid for the capital stock | 22,641 | 6,207 |
Less: common stock issued | 55,506 | 12,689 |
Liabilities assumed | 406,930 | 138,660 |
Summit [Member] | ||
Investing Activities | ||
Acquisition of businesses | $ 7,894 | |
Peoples Bancorp Inc [Member] | ||
Investing Activities | ||
Acquisition of businesses | $ 182,413 |
Condensed Consolidated Statem10
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jul. 01, 2015 | Apr. 03, 2014 |
Summit [Member] | ||
Capital stock purchased | $ 18,896 | |
Peoples Bancorp Inc [Member] | ||
Capital stock purchased | $ 78,147 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 1 – Accounting Policies The accompanying unaudited condensed consolidated financial statements include the accounts of Horizon Bancorp (“Horizon” or the “Company”) and its wholly-owned subsidiaries, including Horizon Bank, N.A. (“Bank”). All inter-company balances and transactions have been eliminated. The results of operations for the periods ended September 30, 2015 and September 30, 2014 are not necessarily indicative of the operating results for the full year of 2015 or 2014. The accompanying unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of Horizon’s management, necessary to fairly present the financial position, results of operations and cash flows of Horizon for the periods presented. Those adjustments consist only of normal recurring adjustments. Certain information and note disclosures normally included in Horizon’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Horizon’s Annual Report on Form 10-K Basic earnings per share is computed by dividing net income available to common shareholders (net income less dividend requirements for preferred stock and accretion of preferred stock discount) by the weighted-average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following table shows computation of basic and diluted earnings per share. Three Months Ended Nine Months Ended September 30 September 30 2015 2014 2015 2014 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Basic earnings per share Net income $ 4,288 $ 4,958 $ 14,374 $ 13,153 Less: Preferred stock dividends 31 40 94 102 Net income available to common shareholders $ 4,257 $ 4,918 $ 14,280 $ 13,051 Weighted average common shares outstanding 11,605,976 9,208,707 10,029,419 9,009,663 Basic earnings per share $ 0.37 $ 0.53 $ 1.42 $ 1.45 Diluted earnings per share Net income available to common shareholders $ 4,257 $ 4,918 $ 14,280 $ 13,051 Weighted average common shares outstanding 11,605,976 9,208,707 10,029,419 9,009,663 Effect of dilutive securities: Warrants 214,592 309,790 290,669 308,647 Restricted stock 33,471 36,387 30,728 37,127 Stock options 39,215 33,448 36,297 33,922 Weighted average shares outstanding 11,893,254 9,588,332 10,387,113 9,389,359 Diluted earnings per share $ 0.36 $ 0.51 $ 1.37 $ 1.39 There were 2,500 shares for both the three and nine months ended September 30, 2015, respectively, and 46,766 shares for both the three and nine months ended September 30, 2014 which were not included in the computation of diluted earnings per share because they were non-dilutive. Horizon has share-based employee compensation plans, which are described in the notes to the financial statements included in the December 31, 2014 Annual Report on Form 10-K. Reclassifications Certain reclassifications have been made to the 2014 condensed consolidated financial statements to be comparable to 2015. These reclassifications had no effect on net income. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2 – Acquisitions On July 1, 2015, Horizon completed the acquisition of Peoples Bancorp, an Indiana corporation (“Peoples”) and Horizon Bank N.A.’s acquisition of Peoples Federal Savings Bank of DeKalb County (“Peoples FSB”), through mergers effective July 1, 2015. Under the terms of the acquisition, the exchange ratio was 0.95 shares of Horizon common stock (the “Exchange Ratio”) and $9.75 in cash for each outstanding share of Peoples common stock. Peoples shareholders owning fewer than 100 shares of common stock received $33.14 in cash for each common share. Peoples shares outstanding at the closing were 2,311,858, and the shares of Horizon common stock issued to Peoples shareholders totaled 2,192,202. Horizon’s stock price was $25.32 per share at the close of business on July 1, 2015. Based upon these numbers, the total value of the consideration for the acquisition was $78.1 million. The Company had approximately $4.4 million in costs related to the acquisition as of September 30, 2015. These expenses are classified in the other expense section of the income statement and primarily located in the salaries and employee benefits, professional services and other expense line items. As a result of the acquisition, the Company will have an opportunity to increase its deposit base and reduce transaction costs. The Company also expects to reduce cost through economies of scale. Under the purchase method of accounting, the total estimated purchase price is allocated to Peoples net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the Peoples acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 205,054 Deposits Investment securities, held to maturity 2,038 Non-interest bearing $ 28,251 NOW accounts 65,771 Commercial 67,435 Savings and money market 125,176 Residential mortgage 137,331 Certificates of deposits 131,889 Consumer 19,593 Total deposits 351,087 Total loans 224,359 Borrowings 48,884 Premises and equipment, net 5,524 Interest payable 21 FRB and FHLB stock 2,743 Other liabilities 6,938 Goodwill 21,424 Core deposit intangible 4,394 Interest receivable 1,279 Cash value of life insurance 13,898 Other assets 4,364 Total assets purchased $ 485,077 Total liabilities assumed $ 406,930 Common shares issued $ 55,506 Cash paid 22,641 Total estimated purchase price $ 78,147 Of the total purchase price of $78.1 million, $4.4 million has been allocated to core deposit intangible. Additionally, $21.0 million has been allocated to goodwill and none of the purchase price is deductible. The core deposit intangible will be amortized over seven years on a straight line basis. The Company acquired the $229.1 million loan portfolio at a fair value discount of $4.8 million. The performing portion of the portfolio, $223.4 million, had an estimated fair value of $220.0 million. The excess of expected cash flows above the fair value of the performing portion of loans will be accreted to interest income over the remaining lives of the loans in accordance with ASC 310-20. The Company acquired certain loans in the acquisition and the transferred loans had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due and non-accrual status, borrower credit scores and recent loan-to-value percentages. Purchased credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans is not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporate the estimate of current key assumptions, such as default rates, severity and prepayment speeds. Loan with specific credit-related deterioration, since origination, are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition of these loans is based on reasonable expectation about the timing and amount of cash flows to be collected. The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of July 1, 2015. Contractually required principal and interest at acquisition $ 5,730 Contractual cash flows not expected to be collected (nonaccretable differences) 715 Expected cash flows at acquisition 5,015 Interest component of expected cash flows (accretable discount) 647 Fair value of acquired loans accounted for under ASC 310-30 $ 4,368 The results of operations of Peoples and Peoples FSB have been included in the Company’s consolidated financial statements since the acquisition dates. The following schedule includes pro forma results for the periods ended September 30, 2015 and December 31, 2014 as if the Peoples and Peoples FSB acquisitions had occurred as of the beginning of the comparable prior reporting period. (in thousands except per share data) December 31, Nine Months Ended September 30, 2014 2015 2014 Summary of Operations: Net Interest Income $ 75,442 $ 60,466 $ 55,850 Provision for Loan Losses 3,443 2,880 2,420 Net Interest Income after Provision for Loan Losses 71,999 57,586 53,430 Non-interest Income 29,928 24,545 22,458 Non-Interest Expense 74,010 61,192 55,489 Income before Income Taxes 27,917 20,939 20,399 Income Tax Expense 6,561 5,164 4,846 Net Income 21,356 15,776 15,553 Net Income Available to Common Shareholders $ 21,223 $ 15,682 $ 15,562 Per Share Data Net Income $ 1.82 $ 1.33 $ 1.32 The pro forma information includes adjustments for interest income on loans, amortization of intangibles arising from the transaction, interest expense on deposits acquired, premises expense for the banking centers acquired and the related income tax effects. The pro forma information for the nine months ended 2015 includes $1.3 million, net of tax, of operating revenue from Peoples since the acquisition and approximately $3.0 million, net of tax, of non-recurring expenses directly attributable to the Peoples acquisition. The pro forma financial information is presented for information purposes only and is not indicative of the results of operations that actually would have been achieved had the acquisition consummated as of that time, nor is it intended to be a projection of future results. On April 3, 2014, Horizon closed its acquisition of SCB Bancorp, Inc. (“Summit”) and Horizon Bank N.A.’s acquisition of Summit Community Bank, through mergers effective as of that date. Under the final terms of the acquisition, the exchange ratio was 0.4904 shares of Horizon’s common stock and $5.15 in cash for each share of Summit common stock outstanding. Summit shares outstanding at the closing were 1,164,442, and the shares of Horizon common stock issued to Summit shareholders totaled 570,820. Horizon’s stock price was $22.23 per share at the close of business on April 3, 2014. Based upon these numbers, the total value of the consideration for the acquisition was $18.9 million (not including the retirement of Summit debt). The Company had approximately $1.3 million in costs related to the acquisition. These expenses are classified in the other expense section of the income statement and primarily located in the salaries and employee benefits, professional services and other expense line items. As a result of the acquisition, the Company will have an opportunity to increase its deposit base and reduce transaction costs. The Company also expects to reduce cost through economies of scale. Under the purchase method of accounting, the total estimated purchase price is allocated to Summit’s net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the Summit acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 15,161 Deposits Non-interest bearing $ 27,274 Commercial 70,441 NOW accounts 16,332 Residential mortgage 43,448 Savings and money market 35,045 Consumer 10,192 Certificates of deposits 42,368 Total loans 124,081 Total deposits 121,019 Premises and equipment, net 2,548 Borrowings 16,990 FRB and FHLB stock 2,136 Interest payable 52 Goodwill 8,428 Other liabilities 599 Core deposit intangible 822 Interest receivable 347 Cash value of life insurance 2,185 Other assets 2,877 Total assets purchased $ 158,585 Total liabilities assumed $ 138,660 Common shares issued $ 12,689 Cash paid 6,207 Retirement of Holding Company Debt 1,029 Total estimated purchase price $ 19,925 Of the total purchase price of $19.9 million, $822,000 has been allocated to core deposit intangible. Additionally, $8.4 million has been allocated to goodwill and $4.4 million of the purchase price is deductible and was assigned to the business assets. The core deposit intangible will be amortized over seven years on a straight line basis. The Company acquired the $130.5 million loan portfolio at a fair value discount of $6.4 million. The performing portion of the portfolio, $106.2 million, had an estimated fair value of $104.6 million. The excess of expected cash flows above the fair value of the performing portion of loans will be accreted to interest income over the remaining lives of the loans in accordance with ASC 310-20. The Company acquired certain loans in the acquisition and the transferred loans had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due and non-accrual status, borrower credit scores and recent loan-to-value percentages. Purchased credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans is not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporate the estimate of current key assumptions, such as default rates, severity and prepayment speeds. Loans with specific credit-related deterioration, since origination, are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition of these loans is based on reasonable expectation about the timing and amount of cash flows to be collected. The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of April 3, 2014. Contractually required principal and interest at acquisition $ 14,460 Contractual cash flows not expected to be collected (nonaccretable differences) 3,146 Expected cash flows at acquisition 11,314 Interest component of expected cash flows (accretable discount) 1,688 Fair value of acquired loans accounted for under ASC 310-30 $ 9,626 Pro-forma statements were not presented due to the materiality of the transaction. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3 – Securities The fair value of securities is as follows: Gross Gross September 30, 2015 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available for sale U.S. Treasury and federal agencies $ 24,724 $ 45 $ (14 ) $ 24,755 State and municipal 58,467 1,349 (35 ) 59,781 Federal agency collateralized mortgage obligations 134,494 1,426 (353 ) 135,567 Federal agency mortgage-backed pools 212,718 3,179 (381 ) 215,516 Corporate notes 32 22 — 54 Total available for sale investment securities $ 430,435 $ 6,021 $ (783 ) $ 435,673 Held to maturity U.S. Treasury and federal agencies $ 5,852 $ 136 $ — $ 5,988 State and municipal 142,763 5,262 (177 ) 147,848 Federal agency collateralized mortgage obligations 9,356 59 (12 ) 9,403 Federal agency mortgage-backed pools 24,216 1,208 (89 ) 25,335 Total held to maturity investment securities $ 182,187 $ 6,665 $ (278 ) $ 188,574 Gross Gross December 31, 2014 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available for sale U.S. Treasury and federal agencies $ 26,996 $ 56 $ (229 ) $ 26,823 State and municipal 46,535 1,462 (45 ) 47,952 Federal agency collateralized mortgage obligations 122,930 975 (1,045 ) 122,860 Federal agency mortgage-backed pools 122,583 3,172 (360 ) 125,395 Private labeled mortgage-backed pools 670 19 — 689 Corporate notes 32 13 — 45 Total available for sale investment securities $ 319,746 $ 5,697 $ (1,679 ) $ 323,764 Held to maturity U.S. Treasury and federal agencies $ 9,804 $ 82 $ — $ 9,886 State and municipal 129,595 3,398 (106 ) 132,887 Federal agency collateralized mortgage obligations 4,039 35 (1 ) 4,073 Federal agency mortgage-backed pools 22,329 729 — 23,058 Total held to maturity investment securities $ 165,767 $ 4,244 $ (107 ) $ 169,904 Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. While these securities are held in the available for sale portfolio and held-to-maturity, Horizon intends, and has the ability, to hold them until the earlier of a recovery in fair value or maturity. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. At September 30, 2015, no individual investment security had an unrealized loss that was determined to be other-than-temporary. The unrealized losses on the Company’s investments in securities of state and municipal governmental agencies, U.S. Treasury and federal agencies, federal agency collateralized mortgage obligations, and federal agency mortgage-backed pools were caused by interest rate volatility and not a decline in credit quality. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company expects to recover the amortized cost basis over the term of the securities. Because the Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity, the Company did not consider those investments to be other-than-temporarily impaired at September 30, 2015. The Company elected to transfer 319 available-for-sale (“AFS”) securities with an aggregate fair value of $167.1 million to a classification of held-to-maturity (“HTM”) on April 1, 2014. In accordance with FASB ASC 320-10-55-24, the transfer from AFS to HTM must be recorded at the fair value of the AFS securities at the time of transfer. The net unrealized holding gain of $1.3 million, net of tax, at the date of transfer was retained in accumulated other comprehensive income, with the associated pre-tax amount retained in the carrying value of the HTM securities. Such amounts will be amortized to comprehensive income over the remaining life of the securities. The fair value of the transferred AFS securities became the book value of the HTM securities at April 1, 2014, with no unrealized gain or loss at this date. Future reporting periods, with potential changes in market value for these securities, would likely record an unrealized gain or loss for disclosure purposes. The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2015 and December 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2015 December 31, 2014 Amortized Fair Amortized Fair Cost Value Cost Value Available for sale Within one year $ 7,335 $ 7,365 $ 6,098 $ 6,169 One to five years 51,574 52,460 44,720 45,093 Five to ten years 16,991 17,343 16,147 16,768 After ten years 7,323 7,422 6,598 6,790 83,223 84,590 73,563 74,820 Federal agency collateralized mortgage obligations 134,494 135,567 122,930 122,860 Federal agency mortgage-backed pools 212,718 215,516 122,583 125,395 Private labeled mortgage-backed pools — — 670 689 Total available for sale investment securities $ 430,435 $ 435,673 $ 319,746 $ 323,764 Held to maturity Within one year $ — $ — $ — $ — One to five years 14,682 15,285 592 593 Five to ten years 101,152 105,151 99,225 101,323 After ten years 32,781 33,400 39,582 40,857 148,615 153,836 139,399 142,773 Federal agency collateralized mortgage obligations 9,356 9,403 4,039 4,073 Federal agency mortgage-backed pools 24,216 25,335 22,329 23,058 Total held to maturity investment securities $ 182,187 $ 188,574 $ 165,767 $ 169,904 The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2015 Value Losses Value Losses Value Losses U.S. Treasury and federal agencies $ 5,995 $ (2 ) $ 7,979 $ (12 ) $ 13,973 $ (14 ) State and municipal 19,967 (207 ) 736 (4 ) 20,704 (212 ) Federal agency collateralized mortgage obligations 10,178 (54 ) 27,071 (311 ) 37,250 (365 ) Federal agency mortgage-backed pools 31,473 (328 ) 24,005 (142 ) 55,478 (470 ) Total temporarily impaired securities $ 67,613 $ (591 ) $ 59,791 $ (469 ) $ 127,405 $ (1,061 ) Less than 12 Months 12 Months or More Total December 31, 2014 Fair Unrealized Fair Unrealized Fair Value Unrealized U.S. Treasury and federal agencies $ 2,993 $ (7 ) $ 20,762 $ (222 ) $ 23,755 $ (229 ) State and municipal 10,287 (121 ) 2,050 (30 ) 12,337 (151 ) Federal agency collateralized mortgage obligations 15,013 (88 ) 39,801 (957 ) 54,814 (1,045 ) Federal agency mortgage-backed pools 5,993 (9 ) 28,044 (351 ) 34,037 (360 ) Total temporarily impaired securities $ 34,286 $ (225 ) $ 90,657 $ (1,560 ) $ 124,943 $ (1,785 ) Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Sales of securities available for sale Proceeds $ — $ 45,228 $ 13,332 $ 45,228 Gross gains — 1,001 147 1,001 Gross losses — (13 ) (23 ) (13 ) |
Loans
Loans | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans | Note 4 Loans September 30 December 31 2015 2014 Commercial Working capital and equipment $ 369,575 $ 300,940 Real estate, including agriculture 393,837 343,455 Tax exempt 8,829 8,595 Other 23,030 21,324 Total 795,271 674,314 Real estate 1–4 family 426,952 250,799 Other 3,975 3,826 Total 430,927 254,625 Consumer Auto 170,032 154,538 Recreation 5,660 5,673 Real estate/home improvement 44,608 38,288 Home equity 128,498 112,426 Unsecured 4,051 3,613 Other 8,449 5,921 Total 361,298 320,459 Mortgage warehouse 138,974 129,156 Total loans 1,726,470 1,378,554 Allowance for loan losses (16,168 ) (16,501 ) Loans, net $ 1,710,302 $ 1,362,053 Commercial Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected, and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves larger loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets, the general economy or fluctuations in interest rates. The properties securing the Company’s commercial real estate portfolio are diverse in terms of property type, and are monitored for concentrations of credit. Management monitors and evaluates commercial real estate loans based on collateral, cash flow and risk grade criteria. As a general rule, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans. Real Estate and Consumer With respect to residential loans that are secured by 1-4 family residences and are generally owner occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Mortgage Warehousing Horizon’s mortgage warehouse lending has specific mortgage companies as customers of Horizon Bank. Individual mortgage loans originated by these mortgage companies are funded as a secured borrowing with a pledge of collateral under Horizon’s agreement with the mortgage company. Each individual mortgage is assigned to Horizon until the loan is sold to the secondary market by the mortgage company. In addition, Horizon takes possession of each original note and forwards such note to the end investor once the mortgage company has sold the loan. At the time a loan is transferred to the secondary market, the mortgage company repurchases the loan under its option within the agreement. Due to the repurchase feature contained in the agreement, the transaction does not qualify as a sale and therefore is accounted for as a secured borrowing with a pledge of collateral pursuant to the agreement with the mortgage company. When the individual loan is sold to the end investor by the mortgage company, the proceeds from the sale of the loan are received by Horizon and used to pay off the loan balance with Horizon along with any accrued interest and any related fees. The remaining balance from the sale is forwarded to the mortgage company. These individual loans typically are sold by the mortgage company within 30 days and are seldom held more than 90 days. Interest income is accrued during this period and collected at the time each loan is sold. Fee income for each loan sold is collected when the loan is sold, and no costs are deferred due to the term between each loan funding and related payoff, which is typically less than 30 days. Based on the agreements with each mortgage company, at any time a mortgage company can repurchase from Horizon its outstanding loan balance on an individual mortgage and regain possession of the original note. Horizon also has the option to request that the mortgage company repurchase an individual mortgage. Should this occur, Horizon would return the original note and reassign the assignment of the mortgage to the mortgage company. Also, in the event that the end investor would not be able to honor the purchase commitment and the mortgage company would not be able to repurchase its loan on an individual mortgage, Horizon would be able to exercise its rights under the agreement. The following table shows the recorded investment of individual loan categories. September 30, 2015 Loan Interest Deferred Recorded Owner occupied real estate $ 273,820 $ 944 $ 1,385 $ 276,149 Non owner occupied real estate 314,680 278 474 315,432 Residential spec homes 3,049 7 18 3,074 Development & spec land loans 18,394 34 28 18,456 Commercial and industrial 183,060 3,288 363 186,711 Total commercial 793,003 4,551 2,268 799,822 Residential mortgage 408,360 1,318 2,499 412,177 Residential construction 20,069 37 — 20,106 Mortgage warehouse 138,974 480 — 139,454 Total real estate 567,403 1,835 2,499 571,737 Direct installment 50,410 158 (370 ) 50,198 Direct installment purchased 171 — — 171 Indirect installment 153,786 307 — 154,093 Home equity 157,705 625 (404 ) 157,926 Total consumer 362,072 1,090 (774 ) 362,388 Total loans 1,722,478 7,476 3,993 1,733,947 Allowance for loan losses (16,168 ) — — (16,168 ) Net loans $ 1,706,310 $ 7,476 $ 3,993 $ 1,717,779 December 31, 2014 Loan Interest Deferred Recorded Owner occupied real estate $ 228,380 $ 385 $ 680 $ 229,445 Non owner occupied real estate 297,299 309 506 298,114 Residential spec homes 2,027 2 — 2,029 Development & spec land loans 12,097 28 30 12,155 Commercial and industrial 133,256 859 39 134,154 Total commercial 673,059 1,583 1,255 675,897 Residential mortgage 242,521 737 599 243,857 Residential construction 11,505 21 — 11,526 Mortgage warehouse 129,156 480 — 129,636 Total real estate 383,182 1,238 599 385,019 Direct installment 40,137 129 (375 ) 39,891 Direct installment purchased 219 — — 219 Indirect installment 141,868 314 (163 ) 142,019 Home equity 139,007 568 (234 ) 139,341 Total consumer 321,231 1,011 (772 ) 321,470 Total loans 1,377,472 3,832 1,082 1,382,386 Allowance for loan losses (16,501 ) — — (16,501 ) Net loans $ 1,360,971 $ 3,832 $ 1,082 $ 1,365,885 |
Accounting for Certain Loans Ac
Accounting for Certain Loans Acquired in a Transfer | 9 Months Ended |
Sep. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Accounting for Certain Loans Acquired in a Transfer | Note 5 – Accounting for Certain Loans Acquired in a Transfer The Company acquired loans in acquisitions and the transferred loans had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due and non-accrual status, borrower credit scores and recent loan-to-value percentages. Purchased credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans is not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporate the estimate of current key assumptions, such as default rates, severity and prepayment speeds. The carrying amounts of those loans included in the balance sheet amounts of loans receivable are as follows: September 30 September 30 September 30 September 30 2015 2015 2015 2015 Heartland Summit Peoples Total Commercial $ 2,283 $ 5,742 $ 1,841 $ 9,866 Real estate 759 1,427 584 2,770 Consumer 8 37 — 45 Outstanding balance $ 3,050 $ 7,206 $ 2,425 $ 12,681 Carrying amount, net of allowance of $272 $ 12,409 December 31 December 31 December 31 December 31 2014 2014 2014 2014 Heartland Summit Peoples Total Commercial $ 5,492 $ 7,725 $ — $ 13,217 Real estate 900 1,458 — 2,358 Consumer 8 43 — 51 Outstanding balance $ 6,400 $ 9,226 $ — $ 15,626 Carrying amount, net of allowance of $359 $ 15,267 Accretable yield, or income expected to be collected for the nine months ended September 30, is as follows: Nine Months Ended September 30, 2015 Heartland Summit Peoples Total Balance at January 1 $ 2,400 $ 1,268 $ — $ 3,668 Additions — — 647 647 Accretion (272 ) (254 ) — (526 ) Reclassification from nonaccretable difference — — — — Disposals (1,210 ) (237 ) — (1,447 ) Balance at September 30 $ 918 $ 777 $ 647 $ 2,342 Nine Months Ended September 30, 2014 Heartland Summit Peoples Total Balance at January 1 $ 3,185 $ — $ — $ 3,185 Additions — 1,758 — 1,758 Accretion (288 ) — — (288 ) Reclassification from nonaccretable difference — — — — Disposals (95 ) — — (95 ) Balance at September 30 $ 2,802 $ 1,758 $ — $ 4,560 During the nine months ended September 30, 2015 and 2014, the Company decreased the allowance for loan losses on purchased loans by a recovery to the income statement of $87,000 and $0, respectively. |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 6 – Allowance for Loan Losses The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior one to five years. Management believes the five-year historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates that are comparable to the current period being analyzed. The actual allowance for loan loss activity is provided below. Three Months Ended Nine Months Ended September 30 September 30 2015 2014 2015 2014 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Balance at beginning of the period $ 16,421 $ 15,660 $ 16,501 $ 15,992 Loans charged-off: Commercial Owner occupied real estate 56 — 1,478 — Non owner occupied real estate — — 16 22 Residential development — — — — Development & Spec Land Loans — — — 173 Commercial and industrial 38 1,093 291 1,220 Total commercial 94 1,093 1,785 1,415 Real estate Residential mortgage 101 31 287 225 Residential construction — — — — Mortgage warehouse — — — — Total real estate 101 31 287 225 Consumer Direct Installment 51 74 206 151 Direct Installment Purchased — — — — Indirect Installment 218 306 783 874 Home Equity 262 37 766 468 Total consumer 531 417 1,755 1,493 Total loans charged-off 726 1,541 3,827 3,133 Recoveries of loans previously charged-off: Commercial Owner occupied real estate 8 4 94 10 Non owner occupied real estate 1 10 1 85 Residential development — — — — Development & Spec Land Loans — 55 — 55 Commercial and industrial 8 18 41 435 Total commercial 17 87 136 585 Real estate Residential mortgage 5 12 10 19 Residential construction — — — — Mortgage warehouse — — — — Total real estate 5 12 10 19 Consumer Direct Installment 15 10 91 49 Direct Installment Purchased — — — — Indirect Installment 112 165 347 431 Home Equity 24 26 90 137 Total consumer 151 201 528 617 Total loan recoveries 173 300 674 1,221 Net loans charged-off (recovered) 553 1,241 3,153 1,912 Provision charged to operating expense Commercial 532 1,563 2,580 1,682 Real estate (955 ) 697 (51 ) (290 ) Consumer 723 (519 ) 291 688 Total provision charged to operating expense 300 1,741 2,820 2,080 Balance at the end of the period $ 16,168 $ 16,160 $ 16,168 $ 16,160 Certain loans are individually evaluated for impairment, and the Company’s general practice is to proactively charge down impaired loans to the fair value, which is the appraised value less estimated selling costs, of the underlying collateral. Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. For all loan portfolio segments except 1-4 family residential properties and consumer, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. The Company charges-off 1-4 family residential and consumer loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance which provides for the charge-down or specific allocation of 1-4 family first and junior lien mortgages to the net realizable value less costs to sell when the value is known but no later than when a loan is 180 days past due. Pursuant to such guidelines, the Company also charges-off unsecured open-end loans when the loan is 90 days past due, and charges down to the net realizable value other secured loans when they are 90 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection in full will occur regardless of delinquency status, are not charged off. The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment analysis: September 30, 2015 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 1,599 $ — $ — $ — $ 1,599 Collectively evaluated for impairment 6,989 2,297 1,015 4,014 14,315 Loans acquired with deteriorated credit quality 254 — — — 254 Total ending allowance balance $ 8,842 $ 2,297 $ 1,015 $ 4,014 $ 16,168 Loans: Individually evaluated for impairment $ 10,848 $ — $ — $ — $ 10,848 Collectively evaluated for impairment 787,245 432,283 139,454 362,388 1,721,370 Loans acquired with deteriorated credit quality 1,729 — — — 1,729 Total ending loans balance $ 799,822 $ 432,283 $ 139,454 $ 362,388 $ 1,733,947 December 31, 2014 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 1,589 $ — $ — $ — $ 1,589 Collectively evaluated for impairment 5,827 2,508 1,132 4,951 14,418 Loans acquired with deteriorated credit quality 494 — — — 494 Total ending allowance balance $ 7,910 $ 2,508 $ 1,132 $ 4,951 $ 16,501 Loans: Individually evaluated for impairment $ 11,055 $ — $ — $ — $ 11,055 Collectively evaluated for impairment 664,251 255,383 129,636 321,470 1,370,740 Loans acquired with deteriorated credit quality 591 — — — 591 Total ending loans balance $ 675,897 $ 255,383 $ 129,636 $ 321,470 $ 1,382,386 |
Non-performing Loans and Impair
Non-performing Loans and Impaired Loans | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Non-performing Loans and Impaired Loans | Note 7 – Non-performing Loans and Impaired Loans The following table presents the non-accrual, loans past due over 90 days still on accrual, and troubled debt restructured (“TDRs”) by class of loans: September 30, 2015 Non-accrual Loans Past Non- Performing Total Non- Commercial Owner occupied real estate $ 4,165 $ — $ — $ 38 $ 4,203 Non owner occupied real estate 3,211 — 2,334 69 5,614 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 456 — 559 — 1,015 Total commercial 7,832 — 2,893 107 10,832 Real estate Residential mortgage 3,123 36 627 2,275 6,061 Residential construction — — 254 — 254 Mortgage warehouse — — — — — Total real estate 3,123 36 881 2,275 6,315 Consumer Direct Installment 571 37 — — 608 Direct Installment Purchased — — — — — Indirect Installment 631 27 — — 658 Home Equity 1,799 — 220 566 2,585 Total Consumer 3,001 64 220 566 3,851 Total $ 13,956 $ 100 $ 3,994 $ 2,948 $ 20,998 December 31, 2014 Non-accrual Loans Past Non- Performing Total Non- Commercial Owner occupied real estate $ 1,773 $ — $ — $ 44 $ 1,817 Non owner occupied real estate 7,439 — 217 566 8,222 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 812 — 1,004 — 1,816 Total commercial 10,024 — 1,221 610 11,855 Real estate Residential mortgage 2,297 40 765 2,526 5,628 Residential construction — — 266 — 266 Mortgage warehouse — — — — — Total real estate 2,297 40 1,031 2,526 5,894 Consumer Direct Installment 227 10 — — 237 Direct Installment Purchased — — — — — Indirect Installment 557 47 — — 604 Home Equity 2,207 18 391 1,236 3,852 Total Consumer 2,991 75 391 1,236 4,693 Total $ 15,312 $ 115 $ 2,643 $ 4,372 $ 22,442 Included in the $14.0 million of non-accrual loans and the $4.0 million of non-performing TDRs at September 30, 2015 were $1.9 million and $98,000, respectively, of loans acquired for which accretable yield was recognized. From time to time, the Bank obtains information that may lead management to believe that the collection of payments may be doubtful on a particular loan. In recognition of this, it is management’s policy to convert the loan from an “earning asset” to a non-accruing loan. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. Further, it is management’s policy to place a loan on a non-accrual status when the payment is delinquent in excess of 90 days or the loan has had the accrual of interest discontinued by management. The officer responsible for the loan and the Chief Credit Officer or the senior collection officer must review all loans placed on non-accrual status. Subsequent payments on non-accrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Non-accrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal in accordance with the loan terms. The Company requires a period of satisfactory performance of not less than six months before returning a non-accrual loan to accrual status. A loan becomes impaired when, based on current information, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is classified as impaired, the degree of impairment must be recognized by estimating future cash flows from the debtor. The present value of these cash flows is computed at a discount rate based on the interest rate contained in the loan agreement. However, if a particular loan has a determinable market value for its collateral, the creditor may use that value. Also, if the loan is secured and considered collateral dependent, the creditor may use the fair value of the collateral. Interest income on loans individually classified as impaired is recognized on a cash basis after all past due and current principal payments have been made. Smaller-balance, homogeneous loans are evaluated for impairment in total. Such loans include residential first mortgage loans secured by 1–4 family residences, residential construction loans, automobile, home equity, second mortgage loans and mortgage warehouse loans. Commercial loans and mortgage loans secured by other properties are evaluated individually for impairment. When analysis of borrower operating results and financial condition indicate that underlying cash flows of a borrower’s business are not adequate to meet its debt service requirements, the loan is evaluated for impairment. Often this is associated with a delay or shortfall in payments of 30 days or more. Loans are generally moved to non-accrual status when they are 90 days or more past due. These loans are often considered impaired. Impaired loans, or portions thereof, are charged off when deemed uncollectible. Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms, including TDRs, are measured for impairment. Allowable methods for determining the amount of impairment include estimating fair value using the fair value of the collateral for collateral-dependent loans. The Company’s TDRs are considered impaired loans and included in the allowance methodology using the guidance for impaired loans. At September 30, 2015, the type of concessions the Company has made on restructured loans has been temporary rate reductions and/or reductions in monthly payments and there have been no restructured loans with modified recorded balances. Any modification to a loan that is a concession and is not in the normal course of lending is considered a restructured loan. A restructured loan is returned to accruing status after nine consecutive payments but is still reported as TDR unless the loan bears interest at a market rate. As of September 30, 2015, the Company had $6.9 million in TDRs and $2.9 million were performing according to the restructured terms and four TDR,s were returned to accrual status during the first nine months of 2015. There was $631,000 of specific reserves allocated to TDRs at September 30, 2015 based on the discounted cash flows or when appropriate the fair value of the collateral. The following table presents commercial loans individually evaluated for impairment by class of loan: Three Months Ending Nine Months Ending September 30, 2015 Unpaid Recorded Allowance Average Cash/ Average Cash/ With no recorded allowance Commercial Owner occupied real estate $ 1,235 $ 1,238 $ — $ 1,262 $ 1 $ 1,041 $ 10 Non owner occupied real estate 2,798 2,801 — 2,815 1 2,846 4 Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial 239 239 — 583 4 415 4 Total commercial 4,272 4,278 — 4,660 6 4,302 18 With an allowance recorded Commercial Owner occupied real estate 2,967 2,966 598 2,968 — 2,191 55 Non owner occupied real estate 2,817 2,828 550 2,858 — 2,942 — Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial 776 776 451 776 — 836 — Total commercial 6,560 6,570 1,599 6,602 — 5,969 55 Total $ 10,832 $ 10,848 $ 1,599 $ 11,262 $ 6 $ 10,271 $ 73 Three Months Ending Nine Months Ending September 30, 2014 Unpaid Recorded Allowance Average Cash/ Average Cash/ With no recorded allowance Commercial Owner occupied real estate $ 2,851 $ 2,854 $ — $ 2,126 $ 85 $ 1,525 $ 129 Non owner occupied real estate 3,232 3,235 — 3,257 43 3,274 141 Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial 281 281 — 367 — 433 — Total commercial 6,364 6,370 — 5,750 128 5,232 270 With an allowance recorded Commercial Owner occupied real estate 403 403 13 406 — 274 6 Non owner occupied real estate 333 333 150 335 — 343 — Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial 1,391 1,391 1,012 1,560 — 1,567 2 Total commercial 2,127 2,127 1,175 2,301 — 2,184 8 Total $ 8,491 $ 8,497 $ 1,175 $ 8,051 $ 128 $ 7,416 $ 278 The following table presents the payment status by class of loan: September 30, 2015 30 - 59 Days 60 - 89 Days Greater than 90 Total Past Due Loans Not Total Commercial Owner occupied real estate $ 329 $ 15 $ — $ 344 $ 273,476 $ 273,820 Non owner occupied real estate — — — — 314,680 314,680 Residential development — — — — 3,049 3,049 Development & Spec Land Loans — — — — 18,394 18,394 Commercial and industrial 40 18 — 58 183,002 183,060 Total commercial 369 33 — 402 792,601 793,003 Real estate Residential mortgage 1,879 205 36 2,120 406,240 408,360 Residential construction — — — — 20,069 20,069 Mortgage warehouse — — — — 138,974 138,974 Total real estate 1,879 205 36 2,120 565,283 567,403 Consumer Direct Installment 133 31 37 201 50,209 50,410 Direct Installment Purchased — — — — 171 171 Indirect Installment 908 129 27 1,064 152,722 153,786 Home Equity 888 293 — 1,181 156,524 157,705 Total consumer 1,929 453 64 2,446 359,626 362,072 Total $ 4,177 $ 691 $ 100 $ 4,968 $ 1,717,510 $ 1,722,478 Percentage of total loans 0.24 % 0.04 % 0.01 % 0.29 % 99.71 % December 31, 2014 30 - 59 Days 60 - 89 Days Greater than 90 Total Past Due Loans Not Total Commercial Owner occupied real estate $ 103 $ 645 $ — $ 748 $ 227,632 $ 228,380 Non owner occupied real estate 413 — — 413 296,886 297,299 Residential development — — — — 2,027 2,027 Development & Spec Land Loans — — — — 12,097 12,097 Commercial and industrial 19 1 — 20 133,236 133,256 Total commercial 535 646 — 1,181 671,878 673,059 Real estate Residential mortgage 1,033 193 40 1,266 241,255 242,521 Residential construction — — — — 11,505 11,505 Mortgage warehouse — — — — 129,156 129,156 Total real estate 1,033 193 40 1,266 381,916 383,182 Consumer Direct Installment 113 4 10 127 40,010 40,137 Direct Installment Purchased — — — — 219 219 Indirect Installment 1,042 243 47 1,332 140,536 141,868 Home Equity 1,084 189 18 1,291 137,716 139,007 Total consumer 2,239 436 75 2,750 318,481 321,231 Total $ 3,807 $ 1,275 $ 115 $ 5,197 $ 1,372,275 $ 1,377,472 Percentage of total loans 0.28 % 0.09 % 0.01 % 0.38 % 99.62 % The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. Horizon Bank’s processes for determining credit quality differ slightly depending on whether a new loan or a renewed loan is being underwritten, or whether an existing loan is being re-evaluated for credit quality. The latter usually occurs upon receipt of current financial information or other pertinent data that would trigger a change in the loan grade. • For new and renewed commercial loans, the Bank’s Credit Department, which acts independently of the loan officer, assigns the credit quality grade to the loan. Loan grades for loans with an aggregate credit exposure that exceeds the authorities in the respective markets (ranging from $1,000,000 to $2,500,000) are validated by the Loan Committee, which is chaired by the Chief Credit Officer (CCO). • Commercial loan officers are responsible for reviewing their loan portfolios and report any adverse material change to the CCO or Loan Committee. When circumstances warrant a change in the credit quality grade, loan officers are required to notify the CCO and the Credit Department of the change in the loan grade. Downgrades are accepted immediately by the CCO, however, lenders must present their factual information to either the Loan Committee or the CCO when recommending an upgrade. • The CCO, or his designee, meets weekly with loan officers to discuss the status of past-due loans and classified loans. These meetings are also designed to give the loan officers an opportunity to identify an existing loan that should be downgraded to a classified grade. • Monthly, senior management meets with the Watch Committee, which reviews all of the past due, classified, and impaired loans and the relative trends of these assets. This committee also reviews the actions taken by management regarding foreclosure mitigation, loan extensions, troubled debt restructures, other real estate owned and personal property repossessions. The information reviewed in this meeting acts as a precursor for developing management’s analysis of the adequacy of the Allowance for Loan and Lease Losses. For residential real estate and consumer loans, Horizon uses a grading system based on delinquency. Loans that are 90 days or more past due, on non-accrual, or are classified as a TDR are graded “Substandard.” After being 90 days delinquent a loan is charged off unless it is well secured and in the process of collection. If the latter case exists, the loan is placed on non-accrual. Occasionally a mortgage loan may be graded as “Special Mention.” When this situation arises, it is because the characteristics of the loan and the borrower fit the definition of a Risk Grade 5 described below, which is normally used for grading commercial loans. Loans not graded Substandard are considered Pass. Horizon Bank employs a nine-grade rating system to determine the credit quality of commercial loans. The first five grades represent acceptable quality, and the last four grades mirror the criticized and classified grades used by the bank regulatory agencies (special mention, substandard, doubtful, and loss). The loan grade definitions are detailed below. Risk Grade 1: Excellent (Pass) Loans secured by liquid collateral, such as certificates of deposit, reputable bank letters of credit, or other cash equivalents; loans that are guaranteed or otherwise backed by the full faith and credit of the United States government or an agency thereof, such as the Small Business Administration; or loans to any publicly held company with a current long-term debt rating of A or better. Risk Grade 2: Good (Pass) Loans to businesses that have strong financial statements containing an unqualified opinion from a CPA firm and at least three consecutive years of profits; loans supported by unaudited financial statements containing strong balance sheets, five consecutive years of profits, a five-year satisfactory relationship with the Bank, and key balance sheet and income statement trends that are either stable or positive; loans secured by publicly traded marketable securities where there is no impediment to liquidation; loans to individuals backed by liquid personal assets and unblemished credit history; or loans to publicly held companies with current long-term debt ratings of Baa or better. Risk Grade 3: Satisfactory (Pass) Loans supported by financial statements (audited or unaudited) that indicate average or slightly below average risk and having some deficiency or vulnerability to changing economic conditions; loans with some weakness but offsetting features of other support are readily available; loans that are meeting the terms of repayment, but which may be susceptible to deterioration if adverse factors are encountered. Loans may be graded Satisfactory when there is no recent information on which to base a current risk evaluation and the following conditions apply: • At inception, the loan was properly underwritten, did not • At inception, the loan was secured with collateral possessing a loan value adequate to protect the Bank from loss. • The loan has exhibited two or more years of satisfactory repayment with a reasonable reduction of the principal balance. • During the period that the loan has been outstanding, there has been no evidence of any credit weakness. Some examples of weakness include slow payment, lack of cooperation by the borrower, breach of loan covenants, or the borrower is in an industry known to be experiencing problems. If any of these credit weaknesses is observed, a lower risk grade may be warranted. Risk Grade 4 Satisfactory/Monitored: Loans in this category are considered to be of acceptable credit quality, but contain greater credit risk than Satisfactory loans. Borrower displays acceptable liquidity, leverage, and earnings performance within the Bank’s minimum underwriting guidelines. The level of risk is acceptable but conditioned on the proper level of loan officer supervision. Loans that normally fall into this grade include acquisition, construction and development loans and income producing properties that have not reached stabilization. Risk Grade 4W Management Watch: Loans in this category are considered to be of acceptable quality, but with above normal risk. Borrower displays potential indicators of weakness in the primary source of repayment resulting in a higher reliance on secondary sources of repayment. Balance sheet may exhibit weak liquidity and/or high leverage. There is inconsistent earnings performance without the ability to sustain adverse economic conditions. Borrower may be operating in a declining industry or the property type, as for a commercial real estate loan, may be high risk or in decline. These loans require an increased level of loan officer supervision and monitoring to assure that any deterioration is addressed in a timely fashion. Risk Grade 5: Special Mention Loans which possess some credit deficiency or potential weakness which deserves close attention. Such loans pose an unwarranted financial risk that, if not corrected, could weaken the loan by adversely impacting the future repayment ability of the borrower. The key distinctions of a Special Mention classification are that (1) it is indicative of an unwarranted Risk Grade 6: Substandard One or more of the following characteristics may be exhibited in loans classified Substandard: • Loans which possess a defined credit weakness. The likelihood that a loan will be paid from the primary source of repayment is uncertain. Financial deterioration is under way and very close attention is warranted to ensure that the loan is collected without loss. • Loans are inadequately protected by the current net worth and paying capacity of the obligor. • The primary source of repayment is gone, and the Bank is forced to rely on a secondary source of repayment, such as collateral liquidation or guarantees. • Loans have a distinct possibility that the Bank will sustain some loss if deficiencies are not corrected. • Unusual courses of action are needed to maintain a high probability of repayment. • The borrower is not generating enough cash flow to repay loan principal; however, it continues to make interest payments. • The lender is forced into a subordinated or unsecured position due to flaws in documentation. • Loans have been restructured so that payment schedules, terms, and collateral represent concessions to the borrower when compared to the normal loan terms. • The lender is seriously contemplating foreclosure or legal action due to the apparent deterioration in the loan. • There is a significant deterioration in market conditions to which the borrower is highly vulnerable. Risk Grade 7: Doubtful One or more of the following characteristics may be present in loans classified Doubtful: • Loans have all of the weaknesses of those classified as Substandard. However, based on existing conditions, these weaknesses make full collection of principal highly improbable. • The primary source of repayment is gone, and there is considerable doubt as to the quality of the secondary source of repayment. • The possibility of loss is high but because of certain important pending factors which may strengthen the loan, loss classification is deferred until the exact status of repayment is known. Risk Grade 8: Loss Loans are considered uncollectible and of such little value that continuing to carry them as assets is not feasible. Loans will be classified Loss when it is neither practical nor desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future. The following table presents loans by credit grades. September 30, 2015 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 262,753 $ 4,080 $ 6,987 $ — $ 273,820 Non owner occupied real estate 306,709 1,657 6,314 — 314,680 Residential development 3,049 — — — 3,049 Development & Spec Land Loans 18,323 71 — — 18,394 Commercial and industrial 178,926 1,528 2,606 — 183,060 Total commercial 769,760 7,336 15,907 — 793,003 Real estate Residential mortgage 402,299 — 6,061 — 408,360 Residential construction 19,815 — 254 — 20,069 Mortgage warehouse 138,974 — — — 138,974 Total real estate 561,088 — 6,315 — 567,403 Consumer Direct Installment 49,802 — 608 — 50,410 Direct Installment Purchased 171 — — — 171 Indirect Installment 153,128 — 658 — 153,786 Home Equity 155,120 — 2,585 — 157,705 Total Consumer 358,221 — 3,851 — 362,072 Total $ 1,689,069 $ 7,336 $ 26,073 $ — $ 1,722,478 Percentage of total loans 98.06 % 0.43 % 1.51 % 0.00 % December 31, 2014 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 215,874 $ 7,623 $ 4,883 $ — $ 228,380 Non owner occupied real estate 283,518 4,458 9,323 — 297,299 Residential development 2,027 — — — 2,027 Development & Spec Land Loans 12,018 79 — — 12,097 Commercial and industrial 128,589 1,799 2,868 — 133,256 Total commercial 642,026 13,959 17,074 — 673,059 Real estate Residential mortgage 236,893 — 5,628 — 242,521 Residential construction 11,239 — 266 — 11,505 Mortgage warehouse 129,156 — — — 129,156 Total real estate 377,288 — 5,894 — 383,182 Consumer Direct Installment 39,900 — 237 — 40,137 Direct Installment Purchased 219 — — — 219 Indirect Installment 141,264 — 604 — 141,868 Home Equity 135,155 — 3,852 — 139,007 Total Consumer 316,538 — 4,693 — 321,231 Total $ 1,335,853 $ 13,959 $ 27,661 $ — $ 1,377,472 Percentage of total loans 96.98 % 1.01 % 2.01 % 0.00 % |
Repurchase Agreements
Repurchase Agreements | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Repurchase Agreements | Note 8 – Repurchase Agreements The Company transfers various securities to customers in exchange for cash at the end of each business day and agrees to acquire the securities at the end of the next business day for the cash exchanged plus interest. The process is repeated at the end of each business day until the agreement is terminated. The securities underlying the agreement remained under the Bank’s control. The following table shows repurchase agreements accounted for as secured borrowings (in thousands): Remaining Contractual Maturity of the Agreements September 30, 2015 Overnight Up to one One to Three to Five to Beyond Total Repurchase Agreements and repurchase-to-maturity transactions Repurchase Agreements $ 56,418 $ — $ 35,000 $ 60,000 $ — $ — $ 151,418 Securities lending transactions U.S. Treasury and federal agencies $ 6,950 $ — $ — $ — $ — $ — $ 6,950 Federal agency collateralized mortgage obligations $ 45,279 — 76 886 6,904 44,401 97,545 Federal agency mortgage-backed pools $ 14,523 — 79 401 11,396 40,744 67,144 Total 66,752 — 155 1,287 18,300 85,145 171,639 Total borrowings $ (10,334 ) $ — $ 34,845 $ 58,713 $ (18,300 ) $ (85,145 ) $ (20,221 ) Gross amount of recognized liabilities for repurchase agreements and securities lending $ 151,418 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 9 – Derivative Financial Instruments Cash Flow Hedges As a strategy to maintain acceptable levels of exposure to the risk of changes in future cash flow due to interest rate fluctuations, the Company entered into interest rate swap agreements for a portion of its floating rate debt. The agreements provide for the Company to receive interest from the counterparty at three month LIBOR and to pay interest to the counterparty at a weighted average fixed rate of 6.14% on a notional amount of $30.5 million at September 30, 2015 and December 31, 2014. Under the agreements, the Company pays or receives the net interest amount monthly, with the monthly settlements included in interest expense. Management has designated the interest rate swap agreement as a cash flow hedging instrument. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. At September 30, 2015, the Company’s cash flow hedge was effective and is not expected to have a significant impact on the Company’s net income over the next 12 months. Fair Value Hedges Fair value hedges are intended to reduce the interest rate risk associated with the underlying hedged item. The Company enters into fixed rate loan agreements as part of its lending policy. To mitigate the risk of changes in fair value based on fluctuations in interest rates, the Company has entered into interest rate swap agreements on individual loans, converting the fixed rate loans to a variable rate. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in current earnings. At September 30, 2015, the Company’s fair value hedges were effective and are not expected to have a significant impact on the Company’s net income over the next 12 months. The change in fair value of both the hedge instruments and the underlying loan agreements are recorded as gains or losses in interest income. The fair value hedges are considered to be highly effective and any hedge ineffectiveness was deemed not material. The notional amounts of the loan agreements being hedged were $113.9 million at September 30, 2015 and $102.7 million at December 31, 2014. Other Derivative Instruments The Company enters into non-hedging derivatives in the form of mortgage loan forward sale commitments with investors and commitments to originate mortgage loans as part of its mortgage banking business. At September 30, 2015, the Company’s fair value of these derivatives were recorded and over the next 12 months are not expected to have a significant impact on the Company’s net income. The change in fair value of both the forward sale commitments and commitments to originate mortgage loans were recorded and the net gains or losses included in the Company’s gain on sale of loans. The following tables summarize the fair value of derivative financial instruments utilized by Horizon: Asset Derivative Liability Derivatives September 30, 2015 September 30, 2015 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 1,787 Interest rate contracts Other Assets 1,787 Other liabilities 3,671 Total derivatives designated as hedging instruments 1,787 5,458 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 643 Other liabilities — Total derivatives not designated as hedging instruments 643 — Total derivatives $ 2,430 $ 5,458 Asset Derivative Liability Derivatives December 31, 2014 December 31, 2014 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 1,208 Interest rate contracts Other Assets 1,208 Other liabilities 3,339 Total derivatives designated as hedging instruments 1,208 4,547 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 447 Other liabilities — Total derivatives not designated as hedging instruments 447 — Total derivatives $ 1,655 $ 4,547 The effect of the derivative instruments on the condensed consolidated statement of income for the three and nine-month periods ending September 30 is as follows: Comprehensive Income on Derivative Comprehensive Income on Derivative Three Months Ended September 30 Nine Months Ended September 30 Derivative in cash flow 2015 2014 2015 2014 hedging relationship (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest rate contracts $ (335 ) $ 242 $ (217 ) $ (110 ) FASB Accounting Standards Codification (“ASC”) Topic 820-10-20 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820-10-55 establishes a fair value hierarchy that emphasizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Amount of Gain (Loss) Recognized on Derivative Amount of Gain (Loss) Recognized on Derivative Three Months Ended September 30 Nine Months Ended September 30 Derivative in fair value Location of gain (loss) 2015 2014 2015 2014 hedging relationship recognized on derivative (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest rate contracts Interest income - loans $ 765 $ (326 ) $ 579 $ 425 Interest rate contracts Interest income - loans (765 ) 326 (579 ) (425 ) Total $ — $ — $ — $ — Amount of Gain (Loss) Recognized on Derivative Amount of Gain (Loss) Three Months Ended September 30 Nine Months Ended September 30 Derivative not designated Location of gain (loss) 2015 2014 2015 2014 as hedging relationship recognized on derivative (Unaudited) (Unaudited) (Unaudited) (Unaudited) Mortgage contracts Other income -gain on sale of loans $ (77 ) $ (22 ) $ 196 $ (1 ) |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Disclosures about Fair Value of Assets and Liabilities | Note 10 – Disclosures about Fair Value of Assets and Liabilities The Fair Value Measurements topic of the FASB ASC defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. There are three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis and recognized in the accompanying condensed consolidated financial statements, as well as the general classification of such instruments pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended September 30, 2015. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Available for sale securities When quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2 securities include U.S. Treasury and federal agency securities, state and municipal securities, federal agency mortgage obligations and mortgage-backed pools, private-label mortgage-backed pools and corporate notes. Level 2 securities are valued by a first party pricing service commonly used in the banking industry utilizing observable inputs. Observable inputs include dealer quotes, market spreads, cash flow analysis, the U.S. Treasury yield curve, trade execution data, market consensus prepayment spreads and available credit information and the bond’s terms and conditions. The pricing provider utilizes evaluated pricing models that vary based on asset class. These models incorporate available market information including quoted prices of securities with similar characteristics and, because many fixed-income securities do not trade on a daily basis, apply available information through processes such as benchmark curves, benchmarking of like securities, sector grouping, and matrix pricing. In addition, model processes, such as an option adjusted spread model, is used to develop prepayment and interest rate scenarios for securities with prepayment features. Hedged loans Certain fixed rate loans have been converted to variable rate loans by entering into interest rate swap agreements. The fair value of those fixed rate loans is based on discounting the estimated cash flows using interest rates determined by the respective interest rate swap agreement. Loans are classified within Level 2 of the valuation hierarchy based on the unobservable inputs used. Interest rate swap agreements The fair value of the Company’s interest rate swap agreements is estimated by a first party using inputs that are primarily unobservable including a yield curve, adjusted for liquidity and credit risk, contracted terms and discounted cash flow analysis, and therefore, are classified within Level 2 of the valuation hierarchy. The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following: Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) September 30, 2015 Available-for-sale securities U.S. Treasury and federal agencies $ 24,755 $ — $ 24,755 $ — State and municipal 59,781 — 59,781 — Federal agency collateralized mortgage obligations 135,567 — 135,567 — Federal agency mortgage-backed pools 215,516 — 215,516 — Corporate notes 54 — 54 — Total available-for-sale securities 435,673 — 435,673 — Hedged loans 112,089 — 112,089 — Forward sale commitments 643 — 643 — Interest rate swap agreements (5,458 ) — (5,458 ) — Commitments to originate loans — — — — December 31, 2014 Available-for-sale securities U.S. Treasury and federal agencies $ 26,823 $ — $ 26,823 $ — State and municipal 47,952 — 47,952 — Federal agency collateralized mortgage obligations 122,860 — 122,860 — Federal agency mortgage-backed pools 125,395 — 125,395 — Private labeled mortgage-backed pools 689 — 689 — Corporate notes 45 — 45 — Total available-for-sale securities 323,764 — 323,764 — Hedged loans 101,445 — 101,445 — Forward sale commitments 447 — 447 — Interest rate swap agreements (4,547 ) — (4,547 ) — Realized gains and losses included in net income for the periods are reported in the condensed consolidated statements of income as follows: Three Months Ended September 30 Nine Months Ended September 30 Non Interest Income 2015 2014 2015 2014 Total gains and losses from: (Unaudited) (Unaudited) (Unaudited) (Unaudited) Hedged loans $ 765 $ (326 ) $ 579 $ 425 Fair value interest rate swap agreements (765 ) 326 (579 ) (425 ) Derivative loan commitments (77 ) (22 ) 196 (1 ) $ (77 ) $ (22 ) $ 196 $ (1 ) Certain other assets are measured at fair value on a nonrecurring basis in the ordinary course of business and are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment): Quoted Prices in Significant Other Significant Fair Value (Level 1) (Level 2) (Level 3) September 30, 2015 Impaired loans $ 9,233 $ — $ — $ 9,233 Mortgage servicing rights 9,100 — — 9,100 December 31, 2014 Impaired loans $ 9,464 $ — $ — $ 9,464 Mortgage servicing rights 7,642 — — 7,642 Impaired (collateral dependent): If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. Impaired loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method. Mortgage Servicing Rights (MSRs): The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill. Fair Value at Valuation Technique Unobservable Inputs Range (Weighted Impaired loans $ 9,233 Collateral based measurement Discount to reflect current market conditions and ultimate collectability 10% - 15% (12%) Mortgage servicing rights $ 9,100 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 15% (12%), 4% - 7% (4.6%), 1% - Fair Value at Valuation Technique Unobservable Inputs Range (Weighted Impaired loans $ 9,464 Collateral based measurement Discount to reflect current market conditions and ultimate collectability 10% - 15% (12%) Mortgage servicing rights $ 7,642 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 15% (12%), 4% - 7% (4.6%), 1% |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 11 – Fair Value of Financial Instruments The estimated fair value amounts of the Company’s financial instruments were determined using available market information, current pricing information applicable to Horizon and various valuation methodologies. Where market quotations were not available, considerable management judgment was involved in the determination of estimated fair values. Therefore, the estimated fair value of financial instruments shown below may not be representative of the amounts at which they could be exchanged in a current or future transaction. Due to the inherent uncertainties of expected cash flows of financial instruments, the use of alternate valuation assumptions and methods could have a significant effect on the estimated fair value amounts. The estimated fair values of financial instruments, as shown below, are not intended to reflect the estimated liquidation or market value of Horizon taken as a whole. The disclosed fair value estimates are limited to Horizon’s significant financial instruments at September 30, 2015 and December 31, 2014. These include financial instruments recognized as assets and liabilities on the condensed consolidated balance sheet as well as certain off-balance sheet financial instruments. The estimated fair values shown below do not include any valuation of assets and liabilities, which are not financial instruments as defined by the FASB ASC fair value hierarchy. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and Due from Banks Held-to-Maturity Securities Loans Held for Sale Net Loans FHLB and FRB Stock Interest Receivable/Payable Deposits Borrowings Subordinated Debentures Commitments to Extend Credit and Standby Letters of Credit The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall (unaudited). September 30, 2015 Carrying Quoted Prices (Level 1) Significant Significant Assets Cash and due from banks $ 48,155 $ 48,155 $ — $ — Investment securities, held to maturity 182,187 — 188,574 — Loans held for sale 5,583 — — 5,583 Loans excluding loan level hedges, net 1,598,233 — — 1,641,840 Stock in FHLB and FRB 13,823 — 13,823 — Interest receivable 10,862 — 10,862 — Liabilities Non-interest bearing deposits $ 338,436 $ 338,436 $ — $ — Interest-bearing deposits 1,574,639 — 1,494,112 — Borrowings 373,901 — 372,971 — Subordinated debentures 32,758 — 33,334 — Interest payable 490 — 490 — December 31, 2014 Carrying Quoted Prices Significant Significant Assets Cash and due from banks $ 43,476 $ 43,476 $ — $ — Investment securities, held to maturity 165,767 — 169,904 — Loans held for sale 6,143 — — 6,143 Loans excluding loan level hedges, net 1,260,608 — — 1,295,133 Stock in FHLB and FRB 11,348 — 11,348 — Interest receivable 8,246 — 8,246 — Liabilities Non-interest bearing deposits $ 267,667 $ 267,667 $ — $ — Interest-bearing deposits 1,214,652 — 1,158,912 — Borrowings 351,198 — 348,597 — Subordinated debentures 32,642 — 32,669 — Interest payable 497 — 497 — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 12 – Accumulated Other Comprehensive Income September 30 December 31 2015 2014 Unrealized gain on securities available for sale $ 5,238 $ 4,018 Unamortized gain on securities held to maturity, previously transferred from AFS 1,219 1,658 Unrealized loss on derivative instruments (3,671 ) (3,337 ) Tax effect (975 ) (818 ) Total accumulated other comprehensive income $ 1,811 $ 1,521 |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | Note 13 – Regulatory Capital Horizon and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies and are assigned to a capital category. Failure to meet the minimum regulatory capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators, which if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective actions, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined), or leverage ratio. For September 30, 2015, Interim Final Basel III rules require the Bank to maintain minimum amounts and ratios of common equity Tier I capital (as defined in the regulation) to risk-weighted assets (as defined). Additionally, under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. For December 31, 2014, regulatory capital ratios were calculated under Basel I rules. To be categorized as well capitalized, the Bank must maintain minimum Total risk-based, Tier I risk-based, common equity Tier I risk-based (September 30, 2015) and Tier I leverage ratios as set forth in the table below. As of September 30, 2015 and December 31, 2014, the Bank met all capital adequacy requirements to be considered well capitalized. There have been no conditions or events since the end of the third quarter of 2015 that management believes have changed the Bank’s classification as well capitalized. There is no threshold for well-capitalized status for bank holding companies. Horizon and the Bank’s actual and required capital ratios as of September 30, 2015 and December 31, 2014 were as follows: Required For Capital 1 Well Capitalized Under Prompt 1 Actual Adequacy Purposes Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of September 30, 2015 Total capital 1 Consolidated $ 261,858 13.83 % $ 151,472 8.00 % N/A N/A Bank 246,162 13.17 % 149,529 8.00 % $ 186,911 10.00 % Tier 1 capital 1 Consolidated 245,690 12.98 % 113,570 6.00 % N/A N/A Bank 229,994 12.30 % 112,192 6.00 % 149,590 8.00 % Common equity tier 1 capital 1 Consolidated 200,122 10.57 % 85,199 4.50 % N/A N/A Bank 229,994 12.30 % 84,144 4.50 % 121,542 6.50 % Tier 1 capital 1 Consolidated 245,690 9.98 % 98,473 4.00 % N/A N/A Bank 229,994 9.31 % 98,816 4.00 % 123,520 5.00 % As of December 31, 2014 Total capital 1 Consolidated $ 212,276 14.48 % $ 117,280 8.00 % N/A N/A Bank 192,604 13.08 % 117,801 8.00 % $ 147,251 10.00 % Tier 1 capital 1 Consolidated 195,775 13.35 % 58,659 4.00 % N/A N/A Bank 176,103 11.96 % 58,897 4.00 % 88,346 6.00 % Tier 1 capital 1 Consolidated 195,775 9.76 % 80,236 4.00 % N/A N/A Bank 176,103 8.80 % 80,047 4.00 % 100,059 5.00 % 1 As defined by regulatory agencies |
Future Accounting Matters
Future Accounting Matters | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Future Accounting Matters | Note 14 – Future Accounting Matters The FASB has issued ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. Existing GAAP does not include explicit guidance about a customer’s accounting for fees paid in a cloud computing arrangement. Examples of cloud computing arrangements include: (a) software as a service; (b) platform as a service; (c) infrastructure as a service; and (d) other similar hosting arrangements. The amendments add guidance to Subtopic 350-40, Intangibles - Goodwill and Other - Internal-Use Software, which will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The guidance already exists in the FASB Accounting Standards Codification™ in paragraphs 985-605-55-121 through 55-123, but it is included in a Subtopic applied by cloud service providers to determine whether an arrangement includes the sale or license of software. For public business entities, the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. The FASB has issued ASU No. 2015-02, Consolidation (Topic 810): The amendments to the Consolidation Analysis, are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU focuses on the consolidation evaluation for reporting organizations (public and private companies and not-for-profit organizations) that are required to evaluate whether they should consolidate certain legal entities. In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification™ (Codification) and improves current GAAP by: • Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met. • Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE). • Changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The ASU will be effective for periods beginning after December 15, 2015, for public companies. Early adoption is permitted, including adoption in an interim period. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. |
General Litigation
General Litigation | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
General Litigation | Note 15 – General Litigation The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results or operation and cash flows of the Company. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Earnings Per Share | Basic earnings per share is computed by dividing net income available to common shareholders (net income less dividend requirements for preferred stock and accretion of preferred stock discount) by the weighted-average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following table shows computation of basic and diluted earnings per share. Three Months Ended Nine Months Ended September 30 September 30 2015 2014 2015 2014 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Basic earnings per share Net income $ 4,288 $ 4,958 $ 14,374 $ 13,153 Less: Preferred stock dividends 31 40 94 102 Net income available to common shareholders $ 4,257 $ 4,918 $ 14,280 $ 13,051 Weighted average common shares outstanding 11,605,976 9,208,707 10,029,419 9,009,663 Basic earnings per share $ 0.37 $ 0.53 $ 1.42 $ 1.45 Diluted earnings per share Net income available to common shareholders $ 4,257 $ 4,918 $ 14,280 $ 13,051 Weighted average common shares outstanding 11,605,976 9,208,707 10,029,419 9,009,663 Effect of dilutive securities: Warrants 214,592 309,790 290,669 308,647 Restricted stock 33,471 36,387 30,728 37,127 Stock options 39,215 33,448 36,297 33,922 Weighted average shares outstanding 11,893,254 9,588,332 10,387,113 9,389,359 Diluted earnings per share $ 0.36 $ 0.51 $ 1.37 $ 1.39 There were 2,500 shares for both the three and nine months ended September 30, 2015, respectively, and 46,766 shares for both the three and nine months ended September 30, 2014 which were not included in the computation of diluted earnings per share because they were non-dilutive. |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2014 condensed consolidated financial statements to be comparable to 2015. These reclassifications had no effect on net income. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Computation of Basic and Diluted Earnings Per Share | The following table shows computation of basic and diluted earnings per share. Three Months Ended Nine Months Ended September 30 September 30 2015 2014 2015 2014 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Basic earnings per share Net income $ 4,288 $ 4,958 $ 14,374 $ 13,153 Less: Preferred stock dividends 31 40 94 102 Net income available to common shareholders $ 4,257 $ 4,918 $ 14,280 $ 13,051 Weighted average common shares outstanding 11,605,976 9,208,707 10,029,419 9,009,663 Basic earnings per share $ 0.37 $ 0.53 $ 1.42 $ 1.45 Diluted earnings per share Net income available to common shareholders $ 4,257 $ 4,918 $ 14,280 $ 13,051 Weighted average common shares outstanding 11,605,976 9,208,707 10,029,419 9,009,663 Effect of dilutive securities: Warrants 214,592 309,790 290,669 308,647 Restricted stock 33,471 36,387 30,728 37,127 Stock options 39,215 33,448 36,297 33,922 Weighted average shares outstanding 11,893,254 9,588,332 10,387,113 9,389,359 Diluted earnings per share $ 0.36 $ 0.51 $ 1.37 $ 1.39 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Peoples Bancorp Inc [Member] | |
Schedule of Final Purchase Price of Assets Acquired and Liabilities Assumed | Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the Peoples acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 205,054 Deposits Investment securities, held to maturity 2,038 Non-interest bearing $ 28,251 NOW accounts 65,771 Commercial 67,435 Savings and money market 125,176 Residential mortgage 137,331 Certificates of deposits 131,889 Consumer 19,593 Total deposits 351,087 Total loans 224,359 Borrowings 48,884 Premises and equipment, net 5,524 Interest payable 21 FRB and FHLB stock 2,743 Other liabilities 6,938 Goodwill 21,424 Core deposit intangible 4,394 Interest receivable 1,279 Cash value of life insurance 13,898 Other assets 4,364 Total assets purchased $ 485,077 Total liabilities assumed $ 406,930 Common shares issued $ 55,506 Cash paid 22,641 Total estimated purchase price $ 78,147 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of July 1, 2015. Contractually required principal and interest at acquisition $ 5,730 Contractual cash flows not expected to be collected (nonaccretable differences) 715 Expected cash flows at acquisition 5,015 Interest component of expected cash flows (accretable discount) 647 Fair value of acquired loans accounted for under ASC 310-30 $ 4,368 |
Pro Forma Result of Comparable Prior Reporting Period | The following schedule includes pro forma results for the periods ended September 30, 2015 and December 31, 2014 as if the Peoples and Peoples FSB acquisitions had occurred as of the beginning of the comparable prior reporting period. (in thousands except per share data) December 31, Nine Months Ended September 30, 2014 2015 2014 Summary of Operations: Net Interest Income $ 75,442 $ 60,466 $ 55,850 Provision for Loan Losses 3,443 2,880 2,420 Net Interest Income after Provision for Loan Losses 71,999 57,586 53,430 Non-interest Income 29,928 24,545 22,458 Non-Interest Expense 74,010 61,192 55,489 Income before Income Taxes 27,917 20,939 20,399 Income Tax Expense 6,561 5,164 4,846 Net Income 21,356 15,776 15,553 Net Income Available to Common Shareholders $ 21,223 $ 15,682 $ 15,562 Per Share Data Net Income $ 1.82 $ 1.33 $ 1.32 |
Summit [Member] | |
Schedule of Final Purchase Price of Assets Acquired and Liabilities Assumed | the final purchase price for the Summit acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 15,161 Deposits Non-interest bearing $ 27,274 Commercial 70,441 NOW accounts 16,332 Residential mortgage 43,448 Savings and money market 35,045 Consumer 10,192 Certificates of deposits 42,368 Total loans 124,081 Total deposits 121,019 Premises and equipment, net 2,548 Borrowings 16,990 FRB and FHLB stock 2,136 Interest payable 52 Goodwill 8,428 Other liabilities 599 Core deposit intangible 822 Interest receivable 347 Cash value of life insurance 2,185 Other assets 2,877 Total assets purchased $ 158,585 Total liabilities assumed $ 138,660 Common shares issued $ 12,689 Cash paid 6,207 Retirement of Holding Company Debt 1,029 Total estimated purchase price $ 19,925 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of April 3, 2014. Contractually required principal and interest at acquisition $ 14,460 Contractual cash flows not expected to be collected (nonaccretable differences) 3,146 Expected cash flows at acquisition 11,314 Interest component of expected cash flows (accretable discount) 1,688 Fair value of acquired loans accounted for under ASC 310-30 $ 9,626 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value of Securities | The fair value of securities is as follows: Gross Gross September 30, 2015 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available for sale U.S. Treasury and federal agencies $ 24,724 $ 45 $ (14 ) $ 24,755 State and municipal 58,467 1,349 (35 ) 59,781 Federal agency collateralized mortgage obligations 134,494 1,426 (353 ) 135,567 Federal agency mortgage-backed pools 212,718 3,179 (381 ) 215,516 Corporate notes 32 22 — 54 Total available for sale investment securities $ 430,435 $ 6,021 $ (783 ) $ 435,673 Held to maturity U.S. Treasury and federal agencies $ 5,852 $ 136 $ — $ 5,988 State and municipal 142,763 5,262 (177 ) 147,848 Federal agency collateralized mortgage obligations 9,356 59 (12 ) 9,403 Federal agency mortgage-backed pools 24,216 1,208 (89 ) 25,335 Total held to maturity investment securities $ 182,187 $ 6,665 $ (278 ) $ 188,574 Gross Gross December 31, 2014 Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available for sale U.S. Treasury and federal agencies $ 26,996 $ 56 $ (229 ) $ 26,823 State and municipal 46,535 1,462 (45 ) 47,952 Federal agency collateralized mortgage obligations 122,930 975 (1,045 ) 122,860 Federal agency mortgage-backed pools 122,583 3,172 (360 ) 125,395 Private labeled mortgage-backed pools 670 19 — 689 Corporate notes 32 13 — 45 Total available for sale investment securities $ 319,746 $ 5,697 $ (1,679 ) $ 323,764 Held to maturity U.S. Treasury and federal agencies $ 9,804 $ 82 $ — $ 9,886 State and municipal 129,595 3,398 (106 ) 132,887 Federal agency collateralized mortgage obligations 4,039 35 (1 ) 4,073 Federal agency mortgage-backed pools 22,329 729 — 23,058 Total held to maturity investment securities $ 165,767 $ 4,244 $ (107 ) $ 169,904 |
Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity | The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2015 and December 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2015 December 31, 2014 Amortized Fair Amortized Fair Cost Value Cost Value Available for sale Within one year $ 7,335 $ 7,365 $ 6,098 $ 6,169 One to five years 51,574 52,460 44,720 45,093 Five to ten years 16,991 17,343 16,147 16,768 After ten years 7,323 7,422 6,598 6,790 83,223 84,590 73,563 74,820 Federal agency collateralized mortgage obligations 134,494 135,567 122,930 122,860 Federal agency mortgage-backed pools 212,718 215,516 122,583 125,395 Private labeled mortgage-backed pools — — 670 689 Total available for sale investment securities $ 430,435 $ 435,673 $ 319,746 $ 323,764 Held to maturity Within one year $ — $ — $ — $ — One to five years 14,682 15,285 592 593 Five to ten years 101,152 105,151 99,225 101,323 After ten years 32,781 33,400 39,582 40,857 148,615 153,836 139,399 142,773 Federal agency collateralized mortgage obligations 9,356 9,403 4,039 4,073 Federal agency mortgage-backed pools 24,216 25,335 22,329 23,058 Total held to maturity investment securities $ 182,187 $ 188,574 $ 165,767 $ 169,904 |
Gross Unrealized Losses and Fair Value of Company's Investments | The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2015 Value Losses Value Losses Value Losses U.S. Treasury and federal agencies $ 5,995 $ (2 ) $ 7,979 $ (12 ) $ 13,973 $ (14 ) State and municipal 19,967 (207 ) 736 (4 ) 20,704 (212 ) Federal agency collateralized mortgage obligations 10,178 (54 ) 27,071 (311 ) 37,250 (365 ) Federal agency mortgage-backed pools 31,473 (328 ) 24,005 (142 ) 55,478 (470 ) Total temporarily impaired securities $ 67,613 $ (591 ) $ 59,791 $ (469 ) $ 127,405 $ (1,061 ) Less than 12 Months 12 Months or More Total December 31, 2014 Fair Unrealized Fair Unrealized Fair Value Unrealized U.S. Treasury and federal agencies $ 2,993 $ (7 ) $ 20,762 $ (222 ) $ 23,755 $ (229 ) State and municipal 10,287 (121 ) 2,050 (30 ) 12,337 (151 ) Federal agency collateralized mortgage obligations 15,013 (88 ) 39,801 (957 ) 54,814 (1,045 ) Federal agency mortgage-backed pools 5,993 (9 ) 28,044 (351 ) 34,037 (360 ) Total temporarily impaired securities $ 34,286 $ (225 ) $ 90,657 $ (1,560 ) $ 124,943 $ (1,785 ) |
Sales of Securities Available for Sale | Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Sales of securities available for sale Proceeds $ — $ 45,228 $ 13,332 $ 45,228 Gross gains — 1,001 147 1,001 Gross losses — (13 ) (23 ) (13 ) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Amounts of Loans | September 30 December 31 2015 2014 Commercial Working capital and equipment $ 369,575 $ 300,940 Real estate, including agriculture 393,837 343,455 Tax exempt 8,829 8,595 Other 23,030 21,324 Total 795,271 674,314 Real estate 1–4 family 426,952 250,799 Other 3,975 3,826 Total 430,927 254,625 Consumer Auto 170,032 154,538 Recreation 5,660 5,673 Real estate/home improvement 44,608 38,288 Home equity 128,498 112,426 Unsecured 4,051 3,613 Other 8,449 5,921 Total 361,298 320,459 Mortgage warehouse 138,974 129,156 Total loans 1,726,470 1,378,554 Allowance for loan losses (16,168 ) (16,501 ) Loans, net $ 1,710,302 $ 1,362,053 |
Recorded Investment of Individual Loan Categories | The following table shows the recorded investment of individual loan categories. September 30, 2015 Loan Interest Deferred Recorded Owner occupied real estate $ 273,820 $ 944 $ 1,385 $ 276,149 Non owner occupied real estate 314,680 278 474 315,432 Residential spec homes 3,049 7 18 3,074 Development & spec land loans 18,394 34 28 18,456 Commercial and industrial 183,060 3,288 363 186,711 Total commercial 793,003 4,551 2,268 799,822 Residential mortgage 408,360 1,318 2,499 412,177 Residential construction 20,069 37 — 20,106 Mortgage warehouse 138,974 480 — 139,454 Total real estate 567,403 1,835 2,499 571,737 Direct installment 50,410 158 (370 ) 50,198 Direct installment purchased 171 — — 171 Indirect installment 153,786 307 — 154,093 Home equity 157,705 625 (404 ) 157,926 Total consumer 362,072 1,090 (774 ) 362,388 Total loans 1,722,478 7,476 3,993 1,733,947 Allowance for loan losses (16,168 ) — — (16,168 ) Net loans $ 1,706,310 $ 7,476 $ 3,993 $ 1,717,779 December 31, 2014 Loan Interest Deferred Recorded Owner occupied real estate $ 228,380 $ 385 $ 680 $ 229,445 Non owner occupied real estate 297,299 309 506 298,114 Residential spec homes 2,027 2 — 2,029 Development & spec land loans 12,097 28 30 12,155 Commercial and industrial 133,256 859 39 134,154 Total commercial 673,059 1,583 1,255 675,897 Residential mortgage 242,521 737 599 243,857 Residential construction 11,505 21 — 11,526 Mortgage warehouse 129,156 480 — 129,636 Total real estate 383,182 1,238 599 385,019 Direct installment 40,137 129 (375 ) 39,891 Direct installment purchased 219 — — 219 Indirect installment 141,868 314 (163 ) 142,019 Home equity 139,007 568 (234 ) 139,341 Total consumer 321,231 1,011 (772 ) 321,470 Total loans 1,377,472 3,832 1,082 1,382,386 Allowance for loan losses (16,501 ) — — (16,501 ) Net loans $ 1,360,971 $ 3,832 $ 1,082 $ 1,365,885 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | |
Amounts of Loans | The carrying amounts of those loans included in the balance sheet amounts of loans receivable are as follows: September 30 September 30 September 30 September 30 2015 2015 2015 2015 Heartland Summit Peoples Total Commercial $ 2,283 $ 5,742 $ 1,841 $ 9,866 Real estate 759 1,427 584 2,770 Consumer 8 37 — 45 Outstanding balance $ 3,050 $ 7,206 $ 2,425 $ 12,681 Carrying amount, net of allowance of $272 $ 12,409 December 31 December 31 December 31 December 31 2014 2014 2014 2014 Heartland Summit Peoples Total Commercial $ 5,492 $ 7,725 $ — $ 13,217 Real estate 900 1,458 — 2,358 Consumer 8 43 — 51 Outstanding balance $ 6,400 $ 9,226 $ — $ 15,626 Carrying amount, net of allowance of $359 $ 15,267 |
Accounting for Certain Loans 31
Accounting for Certain Loans Acquired in a Transfer (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans Purchased With Evidence Of Credit Deterioration [Member] | |
Accretable Yield or Income Expected to be Collected | Accretable yield, or income expected to be collected for the nine months ended September 30, is as follows: Nine Months Ended September 30, 2015 Heartland Summit Peoples Total Balance at January 1 $ 2,400 $ 1,268 $ — $ 3,668 Additions — — 647 647 Accretion (272 ) (254 ) — (526 ) Reclassification from nonaccretable difference — — — — Disposals (1,210 ) (237 ) — (1,447 ) Balance at September 30 $ 918 $ 777 $ 647 $ 2,342 Nine Months Ended September 30, 2014 Heartland Summit Peoples Total Balance at January 1 $ 3,185 $ — $ — $ 3,185 Additions — 1,758 — 1,758 Accretion (288 ) — — (288 ) Reclassification from nonaccretable difference — — — — Disposals (95 ) — — (95 ) Balance at September 30 $ 2,802 $ 1,758 $ — $ 4,560 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Allowance for Loan Losses | The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior one to five years. Management believes the five-year historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates that are comparable to the current period being analyzed. The actual allowance for loan loss activity is provided below. Three Months Ended Nine Months Ended September 30 September 30 2015 2014 2015 2014 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Balance at beginning of the period $ 16,421 $ 15,660 $ 16,501 $ 15,992 Loans charged-off: Commercial Owner occupied real estate 56 — 1,478 — Non owner occupied real estate — — 16 22 Residential development — — — — Development & Spec Land Loans — — — 173 Commercial and industrial 38 1,093 291 1,220 Total commercial 94 1,093 1,785 1,415 Real estate Residential mortgage 101 31 287 225 Residential construction — — — — Mortgage warehouse — — — — Total real estate 101 31 287 225 Consumer Direct Installment 51 74 206 151 Direct Installment Purchased — — — — Indirect Installment 218 306 783 874 Home Equity 262 37 766 468 Total consumer 531 417 1,755 1,493 Total loans charged-off 726 1,541 3,827 3,133 Recoveries of loans previously charged-off: Commercial Owner occupied real estate 8 4 94 10 Non owner occupied real estate 1 10 1 85 Residential development — — — — Development & Spec Land Loans — 55 — 55 Commercial and industrial 8 18 41 435 Total commercial 17 87 136 585 Real estate Residential mortgage 5 12 10 19 Residential construction — — — — Mortgage warehouse — — — — Total real estate 5 12 10 19 Consumer Direct Installment 15 10 91 49 Direct Installment Purchased — — — — Indirect Installment 112 165 347 431 Home Equity 24 26 90 137 Total consumer 151 201 528 617 Total loan recoveries 173 300 674 1,221 Net loans charged-off (recovered) 553 1,241 3,153 1,912 Provision charged to operating expense Commercial 532 1,563 2,580 1,682 Real estate (955 ) 697 (51 ) (290 ) Consumer 723 (519 ) 291 688 Total provision charged to operating expense 300 1,741 2,820 2,080 Balance at the end of the period $ 16,168 $ 16,160 $ 16,168 $ 16,160 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment analysis: September 30, 2015 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 1,599 $ — $ — $ — $ 1,599 Collectively evaluated for impairment 6,989 2,297 1,015 4,014 14,315 Loans acquired with deteriorated credit quality 254 — — — 254 Total ending allowance balance $ 8,842 $ 2,297 $ 1,015 $ 4,014 $ 16,168 Loans: Individually evaluated for impairment $ 10,848 $ — $ — $ — $ 10,848 Collectively evaluated for impairment 787,245 432,283 139,454 362,388 1,721,370 Loans acquired with deteriorated credit quality 1,729 — — — 1,729 Total ending loans balance $ 799,822 $ 432,283 $ 139,454 $ 362,388 $ 1,733,947 December 31, 2014 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 1,589 $ — $ — $ — $ 1,589 Collectively evaluated for impairment 5,827 2,508 1,132 4,951 14,418 Loans acquired with deteriorated credit quality 494 — — — 494 Total ending allowance balance $ 7,910 $ 2,508 $ 1,132 $ 4,951 $ 16,501 Loans: Individually evaluated for impairment $ 11,055 $ — $ — $ — $ 11,055 Collectively evaluated for impairment 664,251 255,383 129,636 321,470 1,370,740 Loans acquired with deteriorated credit quality 591 — — — 591 Total ending loans balance $ 675,897 $ 255,383 $ 129,636 $ 321,470 $ 1,382,386 |
Non-performing Loans and Impa33
Non-performing Loans and Impaired Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Non-accrual, Loans Past Due Over 90 Days Still on Accrual, and Troubled Debt Restructured ("TDRs") by Class of Loans | The following table presents the non-accrual, loans past due over 90 days still on accrual, and troubled debt restructured (“TDRs”) by class of loans: September 30, 2015 Non-accrual Loans Past Non- Performing Total Non- Commercial Owner occupied real estate $ 4,165 $ — $ — $ 38 $ 4,203 Non owner occupied real estate 3,211 — 2,334 69 5,614 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 456 — 559 — 1,015 Total commercial 7,832 — 2,893 107 10,832 Real estate Residential mortgage 3,123 36 627 2,275 6,061 Residential construction — — 254 — 254 Mortgage warehouse — — — — — Total real estate 3,123 36 881 2,275 6,315 Consumer Direct Installment 571 37 — — 608 Direct Installment Purchased — — — — — Indirect Installment 631 27 — — 658 Home Equity 1,799 — 220 566 2,585 Total Consumer 3,001 64 220 566 3,851 Total $ 13,956 $ 100 $ 3,994 $ 2,948 $ 20,998 December 31, 2014 Non-accrual Loans Past Non- Performing Total Non- Commercial Owner occupied real estate $ 1,773 $ — $ — $ 44 $ 1,817 Non owner occupied real estate 7,439 — 217 566 8,222 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 812 — 1,004 — 1,816 Total commercial 10,024 — 1,221 610 11,855 Real estate Residential mortgage 2,297 40 765 2,526 5,628 Residential construction — — 266 — 266 Mortgage warehouse — — — — — Total real estate 2,297 40 1,031 2,526 5,894 Consumer Direct Installment 227 10 — — 237 Direct Installment Purchased — — — — — Indirect Installment 557 47 — — 604 Home Equity 2,207 18 391 1,236 3,852 Total Consumer 2,991 75 391 1,236 4,693 Total $ 15,312 $ 115 $ 2,643 $ 4,372 $ 22,442 |
Commercial Loans Individually Evaluated for Impairment by Class of Loans | The following table presents commercial loans individually evaluated for impairment by class of loan: Three Months Ending Nine Months Ending September 30, 2015 Unpaid Recorded Allowance Average Cash/ Average Cash/ With no recorded allowance Commercial Owner occupied real estate $ 1,235 $ 1,238 $ — $ 1,262 $ 1 $ 1,041 $ 10 Non owner occupied real estate 2,798 2,801 — 2,815 1 2,846 4 Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial 239 239 — 583 4 415 4 Total commercial 4,272 4,278 — 4,660 6 4,302 18 With an allowance recorded Commercial Owner occupied real estate 2,967 2,966 598 2,968 — 2,191 55 Non owner occupied real estate 2,817 2,828 550 2,858 — 2,942 — Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial 776 776 451 776 — 836 — Total commercial 6,560 6,570 1,599 6,602 — 5,969 55 Total $ 10,832 $ 10,848 $ 1,599 $ 11,262 $ 6 $ 10,271 $ 73 Three Months Ending Nine Months Ending September 30, 2014 Unpaid Recorded Allowance Average Cash/ Average Cash/ With no recorded allowance Commercial Owner occupied real estate $ 2,851 $ 2,854 $ — $ 2,126 $ 85 $ 1,525 $ 129 Non owner occupied real estate 3,232 3,235 — 3,257 43 3,274 141 Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial 281 281 — 367 — 433 — Total commercial 6,364 6,370 — 5,750 128 5,232 270 With an allowance recorded Commercial Owner occupied real estate 403 403 13 406 — 274 6 Non owner occupied real estate 333 333 150 335 — 343 — Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial 1,391 1,391 1,012 1,560 — 1,567 2 Total commercial 2,127 2,127 1,175 2,301 — 2,184 8 Total $ 8,491 $ 8,497 $ 1,175 $ 8,051 $ 128 $ 7,416 $ 278 |
Payment Status by Class of Loan | The following table presents the payment status by class of loan: September 30, 2015 30 - 59 Days 60 - 89 Days Greater than 90 Total Past Due Loans Not Total Commercial Owner occupied real estate $ 329 $ 15 $ — $ 344 $ 273,476 $ 273,820 Non owner occupied real estate — — — — 314,680 314,680 Residential development — — — — 3,049 3,049 Development & Spec Land Loans — — — — 18,394 18,394 Commercial and industrial 40 18 — 58 183,002 183,060 Total commercial 369 33 — 402 792,601 793,003 Real estate Residential mortgage 1,879 205 36 2,120 406,240 408,360 Residential construction — — — — 20,069 20,069 Mortgage warehouse — — — — 138,974 138,974 Total real estate 1,879 205 36 2,120 565,283 567,403 Consumer Direct Installment 133 31 37 201 50,209 50,410 Direct Installment Purchased — — — — 171 171 Indirect Installment 908 129 27 1,064 152,722 153,786 Home Equity 888 293 — 1,181 156,524 157,705 Total consumer 1,929 453 64 2,446 359,626 362,072 Total $ 4,177 $ 691 $ 100 $ 4,968 $ 1,717,510 $ 1,722,478 Percentage of total loans 0.24 % 0.04 % 0.01 % 0.29 % 99.71 % December 31, 2014 30 - 59 Days 60 - 89 Days Greater than 90 Total Past Due Loans Not Total Commercial Owner occupied real estate $ 103 $ 645 $ — $ 748 $ 227,632 $ 228,380 Non owner occupied real estate 413 — — 413 296,886 297,299 Residential development — — — — 2,027 2,027 Development & Spec Land Loans — — — — 12,097 12,097 Commercial and industrial 19 1 — 20 133,236 133,256 Total commercial 535 646 — 1,181 671,878 673,059 Real estate Residential mortgage 1,033 193 40 1,266 241,255 242,521 Residential construction — — — — 11,505 11,505 Mortgage warehouse — — — — 129,156 129,156 Total real estate 1,033 193 40 1,266 381,916 383,182 Consumer Direct Installment 113 4 10 127 40,010 40,137 Direct Installment Purchased — — — — 219 219 Indirect Installment 1,042 243 47 1,332 140,536 141,868 Home Equity 1,084 189 18 1,291 137,716 139,007 Total consumer 2,239 436 75 2,750 318,481 321,231 Total $ 3,807 $ 1,275 $ 115 $ 5,197 $ 1,372,275 $ 1,377,472 Percentage of total loans 0.28 % 0.09 % 0.01 % 0.38 % 99.62 % |
Loans by Credit Grades | The following table presents loans by credit grades. September 30, 2015 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 262,753 $ 4,080 $ 6,987 $ — $ 273,820 Non owner occupied real estate 306,709 1,657 6,314 — 314,680 Residential development 3,049 — — — 3,049 Development & Spec Land Loans 18,323 71 — — 18,394 Commercial and industrial 178,926 1,528 2,606 — 183,060 Total commercial 769,760 7,336 15,907 — 793,003 Real estate Residential mortgage 402,299 — 6,061 — 408,360 Residential construction 19,815 — 254 — 20,069 Mortgage warehouse 138,974 — — — 138,974 Total real estate 561,088 — 6,315 — 567,403 Consumer Direct Installment 49,802 — 608 — 50,410 Direct Installment Purchased 171 — — — 171 Indirect Installment 153,128 — 658 — 153,786 Home Equity 155,120 — 2,585 — 157,705 Total Consumer 358,221 — 3,851 — 362,072 Total $ 1,689,069 $ 7,336 $ 26,073 $ — $ 1,722,478 Percentage of total loans 98.06 % 0.43 % 1.51 % 0.00 % December 31, 2014 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 215,874 $ 7,623 $ 4,883 $ — $ 228,380 Non owner occupied real estate 283,518 4,458 9,323 — 297,299 Residential development 2,027 — — — 2,027 Development & Spec Land Loans 12,018 79 — — 12,097 Commercial and industrial 128,589 1,799 2,868 — 133,256 Total commercial 642,026 13,959 17,074 — 673,059 Real estate Residential mortgage 236,893 — 5,628 — 242,521 Residential construction 11,239 — 266 — 11,505 Mortgage warehouse 129,156 — — — 129,156 Total real estate 377,288 — 5,894 — 383,182 Consumer Direct Installment 39,900 — 237 — 40,137 Direct Installment Purchased 219 — — — 219 Indirect Installment 141,264 — 604 — 141,868 Home Equity 135,155 — 3,852 — 139,007 Total Consumer 316,538 — 4,693 — 321,231 Total $ 1,335,853 $ 13,959 $ 27,661 $ — $ 1,377,472 Percentage of total loans 96.98 % 1.01 % 2.01 % 0.00 % |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Summary of Repurchase Agreements Accounted as Secured Borrowings | The following table shows repurchase agreements accounted for as secured borrowings (in thousands): Remaining Contractual Maturity of the Agreements September 30, 2015 Overnight Up to one One to Three to Five to Beyond Total Repurchase Agreements and repurchase-to-maturity transactions Repurchase Agreements $ 56,418 $ — $ 35,000 $ 60,000 $ — $ — $ 151,418 Securities lending transactions U.S. Treasury and federal agencies $ 6,950 $ — $ — $ — $ — $ — $ 6,950 Federal agency collateralized mortgage obligations $ 45,279 — 76 886 6,904 44,401 97,545 Federal agency mortgage-backed pools $ 14,523 — 79 401 11,396 40,744 67,144 Total 66,752 — 155 1,287 18,300 85,145 171,639 Total borrowings $ (10,334 ) $ — $ 34,845 $ 58,713 $ (18,300 ) $ (85,145 ) $ (20,221 ) Gross amount of recognized liabilities for repurchase agreements and securities lending $ 151,418 |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Financial Instruments | The following tables summarize the fair value of derivative financial instruments utilized by Horizon: Asset Derivative Liability Derivatives September 30, 2015 September 30, 2015 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 1,787 Interest rate contracts Other Assets 1,787 Other liabilities 3,671 Total derivatives designated as hedging instruments 1,787 5,458 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 643 Other liabilities — Total derivatives not designated as hedging instruments 643 — Total derivatives $ 2,430 $ 5,458 Asset Derivative Liability Derivatives December 31, 2014 December 31, 2014 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 1,208 Interest rate contracts Other Assets 1,208 Other liabilities 3,339 Total derivatives designated as hedging instruments 1,208 4,547 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 447 Other liabilities — Total derivatives not designated as hedging instruments 447 — Total derivatives $ 1,655 $ 4,547 |
Effect of Derivative Instruments on Condensed Consolidated Statement of Income Derivative in Cash Flow Hedging Relationship | The effect of the derivative instruments on the condensed consolidated statement of income for the three and nine-month periods ending September 30 is as follows: Comprehensive Income on Derivative Comprehensive Income on Derivative Three Months Ended September 30 Nine Months Ended September 30 Derivative in cash flow 2015 2014 2015 2014 hedging relationship (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest rate contracts $ (335 ) $ 242 $ (217 ) $ (110 ) |
Effect of Derivative Instruments on Consolidated Statement of Income Derivative in Fair Value Hedging Relationship | Amount of Gain (Loss) Recognized on Derivative Amount of Gain (Loss) Recognized on Derivative Three Months Ended September 30 Nine Months Ended September 30 Derivative in fair value Location of gain (loss) 2015 2014 2015 2014 hedging relationship recognized on derivative (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest rate contracts Interest income - loans $ 765 $ (326 ) $ 579 $ 425 Interest rate contracts Interest income - loans (765 ) 326 (579 ) (425 ) Total $ — $ — $ — $ — Amount of Gain (Loss) Recognized on Derivative Amount of Gain (Loss) Three Months Ended September 30 Nine Months Ended September 30 Derivative not designated Location of gain (loss) 2015 2014 2015 2014 as hedging relationship recognized on derivative (Unaudited) (Unaudited) (Unaudited) (Unaudited) Mortgage contracts Other income -gain on sale of loans $ (77 ) $ (22 ) $ 196 $ (1 ) |
Disclosures about Fair Value 36
Disclosures about Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis | The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following: Quoted Prices in Significant Significant Fair Value (Level 1) (Level 2) (Level 3) September 30, 2015 Available-for-sale securities U.S. Treasury and federal agencies $ 24,755 $ — $ 24,755 $ — State and municipal 59,781 — 59,781 — Federal agency collateralized mortgage obligations 135,567 — 135,567 — Federal agency mortgage-backed pools 215,516 — 215,516 — Corporate notes 54 — 54 — Total available-for-sale securities 435,673 — 435,673 — Hedged loans 112,089 — 112,089 — Forward sale commitments 643 — 643 — Interest rate swap agreements (5,458 ) — (5,458 ) — Commitments to originate loans — — — — December 31, 2014 Available-for-sale securities U.S. Treasury and federal agencies $ 26,823 $ — $ 26,823 $ — State and municipal 47,952 — 47,952 — Federal agency collateralized mortgage obligations 122,860 — 122,860 — Federal agency mortgage-backed pools 125,395 — 125,395 — Private labeled mortgage-backed pools 689 — 689 — Corporate notes 45 — 45 — Total available-for-sale securities 323,764 — 323,764 — Hedged loans 101,445 — 101,445 — Forward sale commitments 447 — 447 — Interest rate swap agreements (4,547 ) — (4,547 ) — |
Realized Gains and Losses Included in Net Income for Periods in Consolidated Statements of Income | Realized gains and losses included in net income for the periods are reported in the condensed consolidated statements of income as follows: Three Months Ended September 30 Nine Months Ended September 30 Non Interest Income 2015 2014 2015 2014 Total gains and losses from: (Unaudited) (Unaudited) (Unaudited) (Unaudited) Hedged loans $ 765 $ (326 ) $ 579 $ 425 Fair value interest rate swap agreements (765 ) 326 (579 ) (425 ) Derivative loan commitments (77 ) (22 ) 196 (1 ) $ (77 ) $ (22 ) $ 196 $ (1 ) |
Other Assets Measured at Fair Value on Nonrecurring Basis | Certain other assets are measured at fair value on a nonrecurring basis in the ordinary course of business and are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment): Quoted Prices in Significant Other Significant Fair Value (Level 1) (Level 2) (Level 3) September 30, 2015 Impaired loans $ 9,233 $ — $ — $ 9,233 Mortgage servicing rights 9,100 — — 9,100 December 31, 2014 Impaired loans $ 9,464 $ — $ — $ 9,464 Mortgage servicing rights 7,642 — — 7,642 |
Qualitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill | The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill. Fair Value at Valuation Technique Unobservable Inputs Range (Weighted Impaired loans $ 9,233 Collateral based measurement Discount to reflect current market conditions and ultimate collectability 10% - 15% (12%) Mortgage servicing rights $ 9,100 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 15% (12%), 4% - 7% (4.6%), 1% - Fair Value at Valuation Technique Unobservable Inputs Range (Weighted Impaired loans $ 9,464 Collateral based measurement Discount to reflect current market conditions and ultimate collectability 10% - 15% (12%) Mortgage servicing rights $ 7,642 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 15% (12%), 4% - 7% (4.6%), 1% |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Estimated Fair Values of Financial Instruments | The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall (unaudited). September 30, 2015 Carrying Quoted Prices (Level 1) Significant Significant Assets Cash and due from banks $ 48,155 $ 48,155 $ — $ — Investment securities, held to maturity 182,187 — 188,574 — Loans held for sale 5,583 — — 5,583 Loans excluding loan level hedges, net 1,598,233 — — 1,641,840 Stock in FHLB and FRB 13,823 — 13,823 — Interest receivable 10,862 — 10,862 — Liabilities Non-interest bearing deposits $ 338,436 $ 338,436 $ — $ — Interest-bearing deposits 1,574,639 — 1,494,112 — Borrowings 373,901 — 372,971 — Subordinated debentures 32,758 — 33,334 — Interest payable 490 — 490 — December 31, 2014 Carrying Quoted Prices Significant Significant Assets Cash and due from banks $ 43,476 $ 43,476 $ — $ — Investment securities, held to maturity 165,767 — 169,904 — Loans held for sale 6,143 — — 6,143 Loans excluding loan level hedges, net 1,260,608 — — 1,295,133 Stock in FHLB and FRB 11,348 — 11,348 — Interest receivable 8,246 — 8,246 — Liabilities Non-interest bearing deposits $ 267,667 $ 267,667 $ — $ — Interest-bearing deposits 1,214,652 — 1,158,912 — Borrowings 351,198 — 348,597 — Subordinated debentures 32,642 — 32,669 — Interest payable 497 — 497 — |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | September 30 December 31 2015 2014 Unrealized gain on securities available for sale $ 5,238 $ 4,018 Unamortized gain on securities held to maturity, previously transferred from AFS 1,219 1,658 Unrealized loss on derivative instruments (3,671 ) (3,337 ) Tax effect (975 ) (818 ) Total accumulated other comprehensive income $ 1,811 $ 1,521 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Summary of Regulatory Capital Requirement | Horizon and the Bank’s actual and required capital ratios as of September 30, 2015 and December 31, 2014 were as follows: Required For Capital 1 Well Capitalized Under Prompt 1 Actual Adequacy Purposes Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of September 30, 2015 Total capital 1 Consolidated $ 261,858 13.83 % $ 151,472 8.00 % N/A N/A Bank 246,162 13.17 % 149,529 8.00 % $ 186,911 10.00 % Tier 1 capital 1 Consolidated 245,690 12.98 % 113,570 6.00 % N/A N/A Bank 229,994 12.30 % 112,192 6.00 % 149,590 8.00 % Common equity tier 1 capital 1 Consolidated 200,122 10.57 % 85,199 4.50 % N/A N/A Bank 229,994 12.30 % 84,144 4.50 % 121,542 6.50 % Tier 1 capital 1 Consolidated 245,690 9.98 % 98,473 4.00 % N/A N/A Bank 229,994 9.31 % 98,816 4.00 % 123,520 5.00 % As of December 31, 2014 Total capital 1 Consolidated $ 212,276 14.48 % $ 117,280 8.00 % N/A N/A Bank 192,604 13.08 % 117,801 8.00 % $ 147,251 10.00 % Tier 1 capital 1 Consolidated 195,775 13.35 % 58,659 4.00 % N/A N/A Bank 176,103 11.96 % 58,897 4.00 % 88,346 6.00 % Tier 1 capital 1 Consolidated 195,775 9.76 % 80,236 4.00 % N/A N/A Bank 176,103 8.80 % 80,047 4.00 % 100,059 5.00 % 1 As defined by regulatory agencies |
Accounting Policies - Summary o
Accounting Policies - Summary of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic earnings per share | ||||
Net income | $ 4,288 | $ 4,958 | $ 14,374 | $ 13,153 |
Less: Preferred stock dividends | 31 | 40 | 94 | 102 |
Net income available to common shareholders | $ 4,257 | $ 4,918 | $ 14,280 | $ 13,051 |
Weighted average common shares outstanding | 11,605,976 | 9,208,707 | 10,029,419 | 9,009,663 |
Basic Earnings Per Share | $ 0.37 | $ 0.53 | $ 1.42 | $ 1.45 |
Diluted earnings per share | ||||
Net income available to common shareholders | $ 4,257 | $ 4,918 | $ 14,280 | $ 13,051 |
Weighted average common shares outstanding | 11,605,976 | 9,208,707 | 10,029,419 | 9,009,663 |
Effect of dilutive securities: | ||||
Warrants | 214,592 | 309,790 | 290,669 | 308,647 |
Weighted average shares outstanding | 11,893,254 | 9,588,332 | 10,387,113 | 9,389,359 |
Diluted Earnings Per Share | $ 0.36 | $ 0.51 | $ 1.37 | $ 1.39 |
Restricted Stock [Member] | ||||
Effect of dilutive securities: | ||||
Effect of dilutive securities | 33,471 | 36,387 | 30,728 | 37,127 |
Stock Options [Member] | ||||
Effect of dilutive securities: | ||||
Effect of dilutive securities | 39,215 | 33,448 | 36,297 | 33,922 |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Shares, non-dilutive | 2,500 | 46,766 | 2,500 | 46,766 |
Reclassifications effect on net income | $ 0 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Jul. 01, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Apr. 03, 2014 |
Business Acquisition [Line Items] | ||||
Common stock, shares outstanding | 11,931,987 | 9,213,036 | ||
Acquisition of goodwill | $ 49,600,000 | $ 28,176,000 | ||
Peoples Bancorp Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Exchange ratio per share | 95.00% | |||
Share of common stock outstanding per share | $ 9.75 | |||
Common stock, shares outstanding | 2,311,858 | |||
Common stock issued | 2,192,202 | |||
Market closing price per share | $ 25.32 | |||
Transaction value is estimated | $ 78,100,000 | |||
Costs related to the acquisition | $ 4,400,000 | |||
Net tangible assets acquired | 78,100,000 | |||
Net intangible assets acquired | 4,394,000 | |||
Acquisition of goodwill | 21,424,000 | |||
Purchase price of the business assets, portion deductible | 0 | |||
Core deposit intangible amortization period | 7 years | |||
Loan portfolio acquired | 229,100,000 | |||
Discount on loan portfolio acquired | 4,800,000 | |||
Performing portion of the loan portfolio acquired | 223,400,000 | |||
Estimated fair value of performing portion of the loan portfolio | $ 220,000,000 | |||
Operating revenue, net of tax | $ 1,300,000 | |||
Non-recurring expense, net of tax | $ 3,000,000 | |||
Peoples Bancorp Inc [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Share of common stock outstanding per share | $ 33.14 | |||
Number of shares owned | 100 | |||
Summit [Member] | ||||
Business Acquisition [Line Items] | ||||
Exchange ratio per share | 49.04% | |||
Share of common stock outstanding per share | $ 5.15 | |||
Common stock, shares outstanding | 1,164,442 | |||
Common stock issued | 570,820 | |||
Market closing price per share | $ 22.23 | |||
Transaction value is estimated | $ 18,900,000 | |||
Costs related to the acquisition | $ 1,300,000 | |||
Net tangible assets acquired | 19,900,000 | |||
Net intangible assets acquired | 822,000 | |||
Acquisition of goodwill | 8,428,000 | |||
Purchase price of the business assets, portion deductible | 4,400,000 | |||
Core deposit intangible amortization period | 7 years | |||
Loan portfolio acquired | 130,500,000 | |||
Discount on loan portfolio acquired | 6,400,000 | |||
Performing portion of the loan portfolio acquired | 106,200,000 | |||
Estimated fair value of performing portion of the loan portfolio | $ 104,600,000 | |||
Date of acquisition agreement | Apr. 3, 2014 |
Acquisitions - Schedule of Fina
Acquisitions - Schedule of Final Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | Sep. 30, 2015 | Jul. 01, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Apr. 03, 2014 |
ASSETS | |||||
Goodwill | $ 49,600,000 | $ 28,176,000 | |||
Common shares issued | 55,506,000 | $ 12,689,000 | |||
Cash paid | $ 22,641,000 | 6,207,000 | |||
Retirement of Holding Company Debt | $ 1,029,000 | ||||
Summit [Member] | |||||
ASSETS | |||||
Cash and due from banks | $ 15,161,000 | ||||
Total loans | 124,081,000 | ||||
Premises and equipment, net | 2,548,000 | ||||
FRB and FHLB stock | 2,136,000 | ||||
Goodwill | 8,428,000 | ||||
Core deposit intangible | 822,000 | ||||
Interest receivable | 347,000 | ||||
Cash value of life insurance | 2,185,000 | ||||
Other assets | 2,877,000 | ||||
Total assets purchased | 158,585,000 | ||||
Common shares issued | 12,689,000 | ||||
Cash paid | 6,207,000 | ||||
Retirement of Holding Company Debt | 1,029,000 | ||||
Total estimated purchase price | 19,925,000 | ||||
Deposits | |||||
Non-interest bearing | 27,274,000 | ||||
NOW accounts | 16,332,000 | ||||
Savings and money market | 35,045,000 | ||||
Certificates of deposits | 42,368,000 | ||||
Total deposits | 121,019,000 | ||||
Borrowings | 16,990,000 | ||||
Interest payable | 52,000 | ||||
Other liabilities | 599,000 | ||||
Total liabilities assumed | 138,660,000 | ||||
Summit [Member] | Residential Mortgage [Member] | |||||
ASSETS | |||||
Total loans | 43,448,000 | ||||
Summit [Member] | Commercial [Member] | |||||
ASSETS | |||||
Total loans | 70,441,000 | ||||
Summit [Member] | Consumer [Member] | |||||
ASSETS | |||||
Total loans | $ 10,192,000 | ||||
Peoples Bancorp Inc [Member] | |||||
ASSETS | |||||
Cash and due from banks | $ 205,054,000 | ||||
Investment securities, held to maturity | 2,038,000 | ||||
Total loans | 224,359,000 | ||||
Premises and equipment, net | 5,524,000 | ||||
FRB and FHLB stock | 2,743,000 | ||||
Goodwill | 21,424,000 | ||||
Core deposit intangible | 4,394,000 | ||||
Interest receivable | 1,279,000 | ||||
Cash value of life insurance | 13,898,000 | ||||
Other assets | 4,364,000 | ||||
Total assets purchased | 485,077,000 | ||||
Common shares issued | 55,506,000 | ||||
Cash paid | 22,641,000 | ||||
Total estimated purchase price | 78,147,000 | ||||
Deposits | |||||
Non-interest bearing | 28,251,000 | ||||
NOW accounts | 65,771,000 | ||||
Savings and money market | 125,176,000 | ||||
Certificates of deposits | 131,889,000 | ||||
Total deposits | 351,087,000 | ||||
Borrowings | 48,884,000 | ||||
Interest payable | 21,000 | ||||
Other liabilities | 6,938,000 | ||||
Total liabilities assumed | 406,930,000 | ||||
Peoples Bancorp Inc [Member] | Residential Mortgage [Member] | |||||
ASSETS | |||||
Total loans | 137,331,000 | ||||
Peoples Bancorp Inc [Member] | Commercial [Member] | |||||
ASSETS | |||||
Total loans | 67,435,000 | ||||
Peoples Bancorp Inc [Member] | Consumer [Member] | |||||
ASSETS | |||||
Total loans | $ 19,593,000 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 (Detail) - USD ($) $ in Thousands | Jul. 01, 2015 | Apr. 03, 2014 |
Peoples Bancorp Inc [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | $ 5,730 | |
Contractual cash flows not expected to be collected (nonaccretable differences) | 715 | |
Expected cash flows at acquisition | 5,015 | |
Interest component of expected cash flows (accretable discount) | 647 | |
Fair value of acquired loans accounted for under ASC 310-30 | $ 4,368 | |
Summit [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | $ 14,460 | |
Contractual cash flows not expected to be collected (nonaccretable differences) | 3,146 | |
Expected cash flows at acquisition | 11,314 | |
Interest component of expected cash flows (accretable discount) | 1,688 | |
Fair value of acquired loans accounted for under ASC 310-30 | $ 9,626 |
Acquisitions - Pro Forma Result
Acquisitions - Pro Forma Result of Comparable Prior Reporting Period (Detail) - Peoples Bancorp Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Net Interest Income | $ 60,466 | $ 55,850 | $ 75,442 |
Provision for Loan Losses | 2,880 | 2,420 | 3,443 |
Net Interest Income after Provision for Loan Losses | 57,586 | 53,430 | 71,999 |
Non-interest Income | 24,545 | 22,458 | 29,928 |
Non-Interest Expense | 61,192 | 55,489 | 74,010 |
Income before Income Taxes | 20,939 | 20,399 | 27,917 |
Income Tax Expense | 5,164 | 4,846 | 6,561 |
Net Income | 15,776 | 15,553 | 21,356 |
Net Income Available to Common Shareholders | $ 15,682 | $ 15,562 | $ 21,223 |
Per Share Data | |||
Net Income | $ 1.33 | $ 1.32 | $ 1.82 |
Securities - Fair Value of Secu
Securities - Fair Value of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | $ 430,435 | $ 319,746 |
Held-to-maturity, Amortized Cost | 182,187 | 165,767 |
Gross Unrealized Gains | 6,021 | 5,697 |
Held-to-maturity, Gross Unrealized Gains | 6,665 | 4,244 |
Gross Unrealized Losses | (783) | (1,679) |
Held-to-maturity, Gross Unrealized Losses | (278) | (107) |
Available-for-sale Securities, Fair Value | 435,673 | 323,764 |
Held-to-maturity, Fair Value | 188,574 | 169,904 |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 24,724 | 26,996 |
Held-to-maturity, Amortized Cost | 5,852 | 9,804 |
Gross Unrealized Gains | 45 | 56 |
Held-to-maturity, Gross Unrealized Gains | 136 | 82 |
Gross Unrealized Losses | (14) | (229) |
Available-for-sale Securities, Fair Value | 24,755 | 26,823 |
Held-to-maturity, Fair Value | 5,988 | 9,886 |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 58,467 | 46,535 |
Held-to-maturity, Amortized Cost | 142,763 | 129,595 |
Gross Unrealized Gains | 1,349 | 1,462 |
Held-to-maturity, Gross Unrealized Gains | 5,262 | 3,398 |
Gross Unrealized Losses | (35) | (45) |
Held-to-maturity, Gross Unrealized Losses | (177) | (106) |
Available-for-sale Securities, Fair Value | 59,781 | 47,952 |
Held-to-maturity, Fair Value | 147,848 | 132,887 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 134,494 | 122,930 |
Held-to-maturity, Amortized Cost | 9,356 | 4,039 |
Gross Unrealized Gains | 1,426 | 975 |
Held-to-maturity, Gross Unrealized Gains | 59 | 35 |
Gross Unrealized Losses | (353) | (1,045) |
Held-to-maturity, Gross Unrealized Losses | (12) | (1) |
Available-for-sale Securities, Fair Value | 135,567 | 122,860 |
Held-to-maturity, Fair Value | 9,403 | 4,073 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 212,718 | 122,583 |
Held-to-maturity, Amortized Cost | 24,216 | 22,329 |
Gross Unrealized Gains | 3,179 | 3,172 |
Held-to-maturity, Gross Unrealized Gains | 1,208 | 729 |
Gross Unrealized Losses | (381) | (360) |
Held-to-maturity, Gross Unrealized Losses | (89) | |
Available-for-sale Securities, Fair Value | 215,516 | 125,395 |
Held-to-maturity, Fair Value | 25,335 | 23,058 |
Private Labeled Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 670 | |
Gross Unrealized Gains | 19 | |
Available-for-sale Securities, Fair Value | 689 | |
Corporate Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 32 | 32 |
Gross Unrealized Gains | 22 | 13 |
Available-for-sale Securities, Fair Value | $ 54 | $ 45 |
Securities - Additional Informa
Securities - Additional Information (Detail) | Apr. 01, 2014USD ($)Security | Sep. 30, 2015USD ($) |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Unrealized loss, other than temporary securities | $ 0 | |
Number of securities | Security | 319 | |
Aggregate fair value of securities | $ 167,100,000 | |
Gain/Loss from net unrealized holdings, Net of tax | 1,300,000 | |
Unrealized gain or loss, Held to maturity | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost within one year | $ 7,335 | $ 6,098 |
Amortized cost one to five years | 51,574 | 44,720 |
Amortized cost for five to ten years | 16,991 | 16,147 |
Amortized cost for after ten years | 7,323 | 6,598 |
Total amortized cost | 83,223 | 73,563 |
Total available for sale investment securities, Amortized Cost | 430,435 | 319,746 |
Within one year, amortized cost | 0 | 0 |
One to five years, amortized cost | 14,682 | 592 |
Five to ten years, amortized cost | 101,152 | 99,225 |
After ten years, amortized cost | 32,781 | 39,582 |
Total amortized cost | 148,615 | 139,399 |
Total held to maturity investment securities, amortized cost | 182,187 | 165,767 |
Fair value within one year | 7,365 | 6,169 |
Fair value for one to five years | 52,460 | 45,093 |
Fair value for five to ten years | 17,343 | 16,768 |
Fair value for after ten years | 7,422 | 6,790 |
Total fair value | 84,590 | 74,820 |
Investment securities, available for sale | 435,673 | 323,764 |
Within one year, fair value | 0 | 0 |
One to five years, fair value | 15,285 | 593 |
five to ten years, fair value | 105,151 | 101,323 |
After ten years, fair value | 33,400 | 40,857 |
Total fair value | 153,836 | 142,773 |
Held-to-maturity, Fair Value | 188,574 | 169,904 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 134,494 | 122,930 |
Total held to maturity investment securities, amortized cost | 9,356 | 4,039 |
Investment securities, available for sale | 135,567 | 122,860 |
Held-to-maturity, Fair Value | 9,403 | 4,073 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 212,718 | 122,583 |
Total held to maturity investment securities, amortized cost | 24,216 | 22,329 |
Investment securities, available for sale | 215,516 | 125,395 |
Held-to-maturity, Fair Value | $ 25,335 | 23,058 |
Private Labeled Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 670 | |
Investment securities, available for sale | $ 689 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value of Company's Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | $ 67,613 | $ 34,286 |
Fair value more than 12 months | 59,791 | 90,657 |
Total fair value | 127,405 | 124,943 |
Unrealized losses less than 12 months | (591) | (225) |
Unrealized losses more than 12 months | (469) | (1,560) |
Total unrealized losses | (1,061) | (1,785) |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 5,995 | 2,993 |
Fair value more than 12 months | 7,979 | 20,762 |
Total fair value | 13,973 | 23,755 |
Unrealized losses less than 12 months | (2) | (7) |
Unrealized losses more than 12 months | (12) | (222) |
Total unrealized losses | (14) | (229) |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 19,967 | 10,287 |
Fair value more than 12 months | 736 | 2,050 |
Total fair value | 20,704 | 12,337 |
Unrealized losses less than 12 months | (207) | (121) |
Unrealized losses more than 12 months | (4) | (30) |
Total unrealized losses | (212) | (151) |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 10,178 | 15,013 |
Fair value more than 12 months | 27,071 | 39,801 |
Total fair value | 37,250 | 54,814 |
Unrealized losses less than 12 months | (54) | (88) |
Unrealized losses more than 12 months | (311) | (957) |
Total unrealized losses | (365) | (1,045) |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 31,473 | 5,993 |
Fair value more than 12 months | 24,005 | 28,044 |
Total fair value | 55,478 | 34,037 |
Unrealized losses less than 12 months | (328) | (9) |
Unrealized losses more than 12 months | (142) | (351) |
Total unrealized losses | $ (470) | $ (360) |
Securities - Sales of Securitie
Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds | $ 45,228 | $ 13,332 | $ 45,228 |
Gross gains | 1,001 | 147 | 1,001 |
Gross losses | $ (13) | $ (23) | $ (13) |
Loans - Amounts of Loans (Detai
Loans - Amounts of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jul. 01, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial, Total | $ 795,271 | $ 674,314 | ||||
Real Estate, Total | 430,927 | 254,625 | ||||
Consumer, Total | 361,298 | 320,459 | ||||
Mortgage warehouse | 138,974 | 129,156 | ||||
Total loans | 1,726,470 | 1,378,554 | ||||
Allowance for loan losses | (16,168) | $ (16,421) | (16,501) | $ (16,160) | $ (15,660) | $ (15,992) |
Loans, net | 1,710,322 | 1,362,053 | ||||
Working Capital and Equipment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial, Total | 369,575 | 300,940 | ||||
Real Estate Including Agriculture [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial, Total | 393,837 | 343,455 | ||||
Tax Exempt Loans Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial, Total | 8,829 | 8,595 | ||||
Other Commercial Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial, Total | 23,030 | 21,324 | ||||
1-4 Family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Real Estate, Total | 426,952 | 250,799 | ||||
Other Real Estate Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Real Estate, Total | 3,975 | 3,826 | ||||
Recreation Consumer Loans Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Consumer, Total | 5,660 | 5,673 | ||||
Real Estate Home Improvement Loans Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Consumer, Total | 44,608 | 38,288 | ||||
Home Equity [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Consumer, Total | 128,498 | 112,426 | ||||
Other Consumer Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Consumer, Total | 8,449 | 5,921 | ||||
Auto [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Consumer, Total | 170,032 | 154,538 | ||||
Unsecured Debt [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Consumer, Total | $ 4,051 | $ 3,613 |
Loans - Additional Information
Loans - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Period of loan sold | 30 days |
Minimum period seldom held | 90 days |
Mortgage warehousing maximum pay off period | 30 days |
Loans - Recorded Investment of
Loans - Recorded Investment of Individual Loan Categories (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jul. 01, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | $ 1,722,478 | $ 1,377,472 | ||||
Net loans | 1,706,310 | 1,360,971 | ||||
Interest Due | 7,476 | 3,832 | ||||
Deferred Fees / (Costs) | 3,993 | 1,082 | ||||
Recorded Investment | 1,733,947 | 1,382,386 | ||||
Recorded Investment | 1,717,779 | 1,365,885 | ||||
Allowance for loan losses | (16,168) | $ (16,421) | (16,501) | $ (16,160) | $ (15,660) | $ (15,992) |
Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 793,003 | 673,059 | ||||
Interest Due | 4,551 | 1,583 | ||||
Deferred Fees / (Costs) | 2,268 | 1,255 | ||||
Recorded Investment | 799,822 | 675,897 | ||||
Commercial [Member] | Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 183,060 | 133,256 | ||||
Interest Due | 3,288 | 859 | ||||
Deferred Fees / (Costs) | 363 | 39 | ||||
Recorded Investment | 186,711 | 134,154 | ||||
Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 567,403 | 383,182 | ||||
Interest Due | 1,835 | 1,238 | ||||
Deferred Fees / (Costs) | 2,499 | 599 | ||||
Recorded Investment | 571,737 | 385,019 | ||||
Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 362,072 | 321,231 | ||||
Interest Due | 1,090 | 1,011 | ||||
Deferred Fees / (Costs) | (774) | (772) | ||||
Recorded Investment | 362,388 | 321,470 | ||||
Owner Occupied Real Estate [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 273,820 | 228,380 | ||||
Interest Due | 944 | 385 | ||||
Deferred Fees / (Costs) | 1,385 | 680 | ||||
Recorded Investment | 276,149 | 229,445 | ||||
Non Owner Occupied Real Estate [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 314,680 | 297,299 | ||||
Interest Due | 278 | 309 | ||||
Deferred Fees / (Costs) | 474 | 506 | ||||
Recorded Investment | 315,432 | 298,114 | ||||
Residential Spec Homes [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 3,049 | 2,027 | ||||
Interest Due | 7 | 2 | ||||
Deferred Fees / (Costs) | 18 | |||||
Recorded Investment | 3,074 | 2,029 | ||||
Development & Spec Land Loans [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 18,394 | 12,097 | ||||
Interest Due | 34 | 28 | ||||
Deferred Fees / (Costs) | 28 | 30 | ||||
Recorded Investment | 18,456 | 12,155 | ||||
Residential Mortgage [Member] | Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 408,360 | 242,521 | ||||
Interest Due | 1,318 | 737 | ||||
Deferred Fees / (Costs) | 2,499 | 599 | ||||
Recorded Investment | 412,177 | 243,857 | ||||
Residential Construction [Member] | Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 20,069 | 11,505 | ||||
Interest Due | 37 | 21 | ||||
Recorded Investment | 20,106 | 11,526 | ||||
Mortgage Warehousing [Member] | Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 138,974 | 129,156 | ||||
Interest Due | 480 | 480 | ||||
Recorded Investment | 139,454 | 129,636 | ||||
Direct Installment [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 50,410 | 40,137 | ||||
Interest Due | 158 | 129 | ||||
Deferred Fees / (Costs) | (370) | (375) | ||||
Recorded Investment | 50,198 | 39,891 | ||||
Direct Installment Purchased [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 171 | 219 | ||||
Recorded Investment | 171 | 219 | ||||
Indirect Installment [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 153,786 | 141,868 | ||||
Interest Due | 307 | 314 | ||||
Deferred Fees / (Costs) | (163) | |||||
Recorded Investment | 154,093 | 142,019 | ||||
Home Equity [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 157,705 | 139,007 | ||||
Interest Due | 625 | 568 | ||||
Deferred Fees / (Costs) | (404) | (234) | ||||
Recorded Investment | $ 157,926 | $ 139,341 |
Accounting for Certain Loans 54
Accounting for Certain Loans Acquired in a Transfer - Amounts of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 1,726,470 | $ 1,378,554 |
Carrying amount, net of allowance | 1,706,310 | 1,360,971 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 12,681 | 15,626 |
Carrying amount, net of allowance | 12,409 | 15,267 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 9,866 | 13,217 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2,770 | 2,358 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 45 | 51 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Heartland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 3,050 | 6,400 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Heartland [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2,283 | 5,492 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Heartland [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 759 | 900 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Heartland [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 8 | 8 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Summit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 7,206 | 9,226 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Summit [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 5,742 | 7,725 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Summit [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,427 | 1,458 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Summit [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 37 | $ 43 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Peoples Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2,425 | |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Peoples Bancorp Inc [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,841 | |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Peoples Bancorp Inc [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 584 |
Accounting for Certain Loans 55
Accounting for Certain Loans Acquired in a Transfer - Amounts of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jul. 01, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 16,168 | $ 16,421 | $ 16,501 | $ 16,160 | $ 15,660 | $ 15,992 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 272 | $ 359 |
Accounting for Certain Loans 56
Accounting for Certain Loans Acquired in a Transfer - Accretable Yield or Income Expected to be Collected (Detail) - Loans Purchased With Evidence Of Credit Deterioration [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | $ 3,668 | $ 3,185 |
Additions | 647 | 1,758 |
Accretion | (526) | (288) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (1,447) | (95) |
Balance at September 30 | 2,342 | 4,560 |
Heartland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 2,400 | 3,185 |
Accretion | (272) | (288) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (1,210) | (95) |
Balance at September 30 | 918 | 2,802 |
Summit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 1,268 | |
Additions | 1,758 | |
Accretion | (254) | |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (237) | |
Balance at September 30 | 777 | 1,758 |
Peoples Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | 647 | |
Reclassification from nonaccretable difference | 0 | $ 0 |
Balance at September 30 | $ 647 |
Accounting for Certain Loans 57
Accounting for Certain Loans Acquired in a Transfer - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Loans Purchased With Evidence Of Credit Deterioration [Member] | ||
Business Acquisition [Line Items] | ||
Allowances for loan losses | $ 87,000 | $ 0 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
Scenario, Actual [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Actual loss history experienced by the Company | 5 years |
Minimum [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Actual loss history experienced by the Company | 1 year |
Maximum [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Actual loss history experienced by the Company | 5 years |
Allowance for loan losses charge down family first and junior lien mortgages past due period | 180 days |
Allowance for loan losses charge down unsecured open end loans past due period | 90 days |
Allowance for loan losses charge down other secured loans past due period | 90 days |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of the period | $ 16,421 | $ 15,660 | $ 16,501 | $ 15,992 |
Total loans charged-off | 726 | 1,541 | 3,827 | 3,133 |
Total loan recoveries | 173 | 300 | 674 | 1,221 |
Net loans charged-off (recovered) | 553 | 1,241 | 3,153 | 1,912 |
Total provision charged to operating expense | 300 | 1,741 | 2,820 | 2,080 |
Balance at the end of the period | 16,168 | 16,160 | 16,168 | 16,160 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 94 | 1,093 | 1,785 | 1,415 |
Total loan recoveries | 17 | 87 | 136 | 585 |
Total provision charged to operating expense | 532 | 1,563 | 2,580 | 1,682 |
Commercial [Member] | Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 38 | 1,093 | 291 | 1,220 |
Total loan recoveries | 8 | 18 | 41 | 435 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 56 | 1,478 | ||
Total loan recoveries | 8 | 4 | 94 | 10 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 16 | 22 | ||
Total loan recoveries | 1 | 10 | 1 | 85 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 173 | |||
Total loan recoveries | 55 | 55 | ||
Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 101 | 31 | 287 | 225 |
Total loan recoveries | 5 | 12 | 10 | 19 |
Total provision charged to operating expense | (955) | 697 | (51) | (290) |
Real Estate [Member] | Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 101 | 31 | 287 | 225 |
Total loan recoveries | 5 | 12 | 10 | 19 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 531 | 417 | 1,755 | 1,493 |
Total loan recoveries | 151 | 201 | 528 | 617 |
Total provision charged to operating expense | 723 | (519) | 291 | 688 |
Consumer [Member] | Direct Installment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 51 | 74 | 206 | 151 |
Total loan recoveries | 15 | 10 | 91 | 49 |
Consumer [Member] | Indirect Installment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 218 | 306 | 783 | 874 |
Total loan recoveries | 112 | 165 | 347 | 431 |
Consumer [Member] | Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 262 | 37 | 766 | 468 |
Total loan recoveries | $ 24 | $ 26 | $ 90 | $ 137 |
Allowance for Loan Losses - A60
Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jul. 01, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total ending allowance balance | $ 16,168 | $ 16,421 | $ 16,501 | $ 16,160 | $ 15,660 | $ 15,992 |
Total ending loans balance | 10,848 | 8,497 | ||||
Allowance for Loan Losses [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Individually evaluated for impairment | 1,599 | 1,589 | ||||
Allowance For Loan Losses, Collectively evaluated for impairment | 14,315 | 14,418 | ||||
Total ending allowance balance | 16,168 | 16,501 | ||||
Allowance for Loan Losses [Member] | Loans and Allowance Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Loans acquired with deteriorated credit quality | 254 | 494 | ||||
Commercial [Member] | Allowance for Loan Losses [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Individually evaluated for impairment | 1,599 | 1,589 | ||||
Allowance For Loan Losses, Collectively evaluated for impairment | 6,989 | 5,827 | ||||
Total ending allowance balance | 8,842 | 7,910 | ||||
Commercial [Member] | Allowance for Loan Losses [Member] | Loans and Allowance Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Loans acquired with deteriorated credit quality | 254 | 494 | ||||
Real Estate [Member] | Allowance for Loan Losses [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Collectively evaluated for impairment | 2,297 | 2,508 | ||||
Total ending allowance balance | 2,297 | 2,508 | ||||
Consumer [Member] | Allowance for Loan Losses [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Collectively evaluated for impairment | 4,014 | 4,951 | ||||
Total ending allowance balance | 4,014 | 4,951 | ||||
Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans: Individually evaluated for impairment | 10,848 | 11,055 | ||||
Loans: Collectively evaluated for impairment | 1,721,370 | 1,370,740 | ||||
Total ending loans balance | 1,733,947 | 1,382,386 | ||||
Loans [Member] | Loans and Allowance Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans acquired with deteriorated credit quality | 1,729 | 591 | ||||
Loans [Member] | Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans: Individually evaluated for impairment | 10,848 | 11,055 | ||||
Loans: Collectively evaluated for impairment | 787,245 | 664,251 | ||||
Total ending loans balance | 799,822 | 675,897 | ||||
Loans [Member] | Commercial [Member] | Loans and Allowance Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans acquired with deteriorated credit quality | 1,729 | 591 | ||||
Loans [Member] | Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans: Collectively evaluated for impairment | 432,283 | 255,383 | ||||
Total ending loans balance | 432,283 | 255,383 | ||||
Loans [Member] | Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans: Collectively evaluated for impairment | 362,388 | 321,470 | ||||
Total ending loans balance | 362,388 | 321,470 | ||||
Mortgage Warehousing [Member] | Allowance for Loan Losses [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Collectively evaluated for impairment | 1,015 | 1,132 | ||||
Total ending allowance balance | 1,015 | 1,132 | ||||
Mortgage Warehousing [Member] | Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans: Collectively evaluated for impairment | 139,454 | 129,636 | ||||
Total ending loans balance | $ 139,454 | $ 129,636 |
Non-performing Loans and Impa61
Non-performing Loans and Impaired Loans - Non-accrual, Loans Past Due Over 90 Days Still on Accrual, and Troubled Debt Restructured ("TDRs") by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 13,956 | $ 15,312 |
Loans Past Due Over 90 Days Still Accruing | 100 | 115 |
Non-Performing TDRs | 3,994 | 2,643 |
Performing TDRs | 2,948 | 4,372 |
Total Non-Performing Loans | 20,998 | 22,442 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 7,832 | 10,024 |
Non-Performing TDRs | 2,893 | 1,221 |
Performing TDRs | 107 | 610 |
Total Non-Performing Loans | 10,832 | 11,855 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 456 | 812 |
Non-Performing TDRs | 559 | 1,004 |
Total Non-Performing Loans | 1,015 | 1,816 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 4,165 | 1,773 |
Performing TDRs | 38 | 44 |
Total Non-Performing Loans | 4,203 | 1,817 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 3,211 | 7,439 |
Non-Performing TDRs | 2,334 | 217 |
Performing TDRs | 69 | 566 |
Total Non-Performing Loans | 5,614 | 8,222 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 3,123 | 2,297 |
Loans Past Due Over 90 Days Still Accruing | 36 | 40 |
Non-Performing TDRs | 881 | 1,031 |
Performing TDRs | 2,275 | 2,526 |
Total Non-Performing Loans | 6,315 | 5,894 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 3,123 | 2,297 |
Loans Past Due Over 90 Days Still Accruing | 36 | 40 |
Non-Performing TDRs | 627 | 765 |
Performing TDRs | 2,275 | 2,526 |
Total Non-Performing Loans | 6,061 | 5,628 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Performing TDRs | 254 | 266 |
Total Non-Performing Loans | 254 | 266 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 3,001 | 2,991 |
Loans Past Due Over 90 Days Still Accruing | 64 | 75 |
Non-Performing TDRs | 220 | 391 |
Performing TDRs | 566 | 1,236 |
Total Non-Performing Loans | 3,851 | 4,693 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 571 | 227 |
Loans Past Due Over 90 Days Still Accruing | 37 | 10 |
Total Non-Performing Loans | 608 | 237 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 631 | 557 |
Loans Past Due Over 90 Days Still Accruing | 27 | 47 |
Total Non-Performing Loans | 658 | 604 |
Consumer [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,799 | 2,207 |
Loans Past Due Over 90 Days Still Accruing | 18 | |
Non-Performing TDRs | 220 | 391 |
Performing TDRs | 566 | 1,236 |
Total Non-Performing Loans | $ 2,585 | $ 3,852 |
Non-performing Loans and Impa62
Non-performing Loans and Impaired Loans - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2015USD ($)ConsecutivePaymentContract | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Non-accrual loans | $ 13,956,000 | $ 15,312,000 |
Non-performing TDRs | 4,000,000 | |
Loans acquired included in non-accrual loans | 1,900,000 | |
Loans acquired included in non-performing TDRs | $ 98,000 | |
Loan delinquency period | 90 days | |
Minimum period required for satisfactory performance to return loan from non-accrual to accrual status | 6 months | |
Restructured loans with modified recorded balances | $ 0 | |
Restructured loan returned to accruing status number of Consecutive Payments of loan | ConsecutivePayment | 9 | |
Restructured loan reported in TDRs | $ 6,900,000 | |
Specific reserves allocated to troubled debt restructuring | $ 631,000 | |
Number TDRs returned to accrual status | Contract | 4 | |
Loans classified as TDR after a period | 90 days | |
Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loan | $ 2,900,000 | |
Good Pass [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of consecutive years of profit Unaudited Financial Information for Good Pass Rating | 5 years | |
Number of years of Satisfactory Relationship with bank for Good Pass Rating | 5 years | |
Minimum [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loan delinquency period | 90 days | |
Delay or shortfall in payments of loan | 30 days | |
Loans with an aggregate credit exposure | $ 1,000,000 | |
Minimum [Member] | Good Pass [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of consecutive years of profit for Good Pass Rating | 3 years | |
Minimum [Member] | Satisfactory Pass [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Minimum number of years of Satisfactory Repayment required for Satisfactory Pass Rating | 2 years | |
Maximum [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans with an aggregate credit exposure | $ 2,500,000 |
Non-performing Loans and Impa63
Non-performing Loans and Impaired Loans - Commercial Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Impaired [Line Items] | ||||
Unpaid Principal Balance total | $ 10,832 | $ 8,491 | $ 10,832 | $ 8,491 |
Total ending loans balance | 10,848 | 8,497 | 10,848 | 8,497 |
Allowance For Loan Loss Allocated | 1,599 | 1,175 | 1,599 | 1,175 |
Average Balance in Impaired Loans total | 11,262 | 8,051 | 10,271 | 7,416 |
Cash/Accrual Interest Income Recognized, Total | 6 | 128 | 73 | 278 |
Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Unpaid Principal Balance With no recorded allowance | 4,272 | 6,364 | 4,272 | 6,364 |
Recorded Investment With no recorded allowance | 4,278 | 6,370 | 4,278 | 6,370 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 4,660 | 5,750 | 4,302 | 5,232 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 6 | 128 | 18 | 270 |
Unpaid Principal Balance With an allowance recorded | 6,560 | 2,127 | 6,560 | 2,127 |
Recorded Investment With an allowance recorded | 6,570 | 2,127 | 6,570 | 2,127 |
Allowance For Loan Loss Allocated | 1,599 | 1,175 | 1,599 | 1,175 |
Average Balance in Impaired Loans With an allowance recorded | 6,602 | 2,301 | 5,969 | 2,184 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 55 | 8 | ||
Commercial [Member] | Owner Occupied Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Unpaid Principal Balance With no recorded allowance | 1,235 | 2,851 | 1,235 | 2,851 |
Recorded Investment With no recorded allowance | 1,238 | 2,854 | 1,238 | 2,854 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 1,262 | 2,126 | 1,041 | 1,525 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 1 | 85 | 10 | 129 |
Unpaid Principal Balance With an allowance recorded | 2,967 | 403 | 2,967 | 403 |
Recorded Investment With an allowance recorded | 2,966 | 403 | 2,966 | 403 |
Allowance For Loan Loss Allocated | 598 | 13 | 598 | 13 |
Average Balance in Impaired Loans With an allowance recorded | 2,968 | 406 | 2,191 | 274 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 55 | 6 | ||
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Unpaid Principal Balance With no recorded allowance | 2,798 | 3,232 | 2,798 | 3,232 |
Recorded Investment With no recorded allowance | 2,801 | 3,235 | 2,801 | 3,235 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 2,815 | 3,257 | 2,846 | 3,274 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 1 | 43 | 4 | 141 |
Unpaid Principal Balance With an allowance recorded | 2,817 | 333 | 2,817 | 333 |
Recorded Investment With an allowance recorded | 2,828 | 333 | 2,828 | 333 |
Allowance For Loan Loss Allocated | 550 | 150 | 550 | 150 |
Average Balance in Impaired Loans With an allowance recorded | 2,858 | 335 | 2,942 | 343 |
Commercial [Member] | Residential Development [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 | 0 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 | 0 |
Commercial [Member] | Commercial and Industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Unpaid Principal Balance With no recorded allowance | 239 | 281 | 239 | 281 |
Recorded Investment With no recorded allowance | 239 | 281 | 239 | 281 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 583 | 367 | 415 | 433 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 4 | 4 | ||
Unpaid Principal Balance With an allowance recorded | 776 | 1,391 | 776 | 1,391 |
Recorded Investment With an allowance recorded | 776 | 1,391 | 776 | 1,391 |
Allowance For Loan Loss Allocated | 451 | 1,012 | 451 | 1,012 |
Average Balance in Impaired Loans With an allowance recorded | $ 776 | $ 1,560 | $ 836 | 1,567 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | $ 2 |
Non-performing Loans and Impa64
Non-performing Loans and Impaired Loans - Payment Status by Class of Loan (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 4,968 | $ 5,197 |
Loans Not Past Due | 1,717,510 | 1,372,275 |
Total | $ 1,722,478 | $ 1,377,472 |
Total Past Due, Percentage of Total Loans | 0.29% | 0.38% |
Loans Not Past Due, Percentage of Total Loans | 99.71% | 99.62% |
30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 4,177 | $ 3,807 |
Total Past Due, Percentage of Total Loans | 0.24% | 0.28% |
60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 691 | $ 1,275 |
Total Past Due, Percentage of Total Loans | 0.04% | 0.09% |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 100 | $ 115 |
Total Past Due, Percentage of Total Loans | 0.01% | 0.01% |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 402 | $ 1,181 |
Loans Not Past Due | 792,601 | 671,878 |
Total | 793,003 | 673,059 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 344 | 748 |
Loans Not Past Due | 273,476 | 227,632 |
Total | 273,820 | 228,380 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 413 | |
Loans Not Past Due | 314,680 | 296,886 |
Total | 314,680 | 297,299 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 3,049 | 2,027 |
Total | 3,049 | 2,027 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 18,394 | 12,097 |
Total | 18,394 | 12,097 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 58 | 20 |
Loans Not Past Due | 183,002 | 133,236 |
Total | 183,060 | 133,256 |
Commercial [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 369 | 535 |
Commercial [Member] | 30 - 59 Days Past Due [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 329 | 103 |
Commercial [Member] | 30 - 59 Days Past Due [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 413 | |
Commercial [Member] | 30 - 59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 40 | 19 |
Commercial [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33 | 646 |
Commercial [Member] | 60 - 89 Days Past Due [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15 | 645 |
Commercial [Member] | 60 - 89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18 | 1 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,120 | 1,266 |
Loans Not Past Due | 565,283 | 381,916 |
Total | 567,403 | 383,182 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,120 | 1,266 |
Loans Not Past Due | 406,240 | 241,255 |
Total | 408,360 | 242,521 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 20,069 | 11,505 |
Total | 20,069 | 11,505 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 138,974 | 129,156 |
Total | 138,974 | 129,156 |
Real Estate [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,879 | 1,033 |
Real Estate [Member] | 30 - 59 Days Past Due [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,879 | 1,033 |
Real Estate [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 205 | 193 |
Real Estate [Member] | 60 - 89 Days Past Due [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 205 | 193 |
Real Estate [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 36 | 40 |
Real Estate [Member] | Greater than 90 Days Past Due [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 36 | 40 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,446 | 2,750 |
Loans Not Past Due | 359,626 | 318,481 |
Total | 362,072 | 321,231 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 201 | 127 |
Loans Not Past Due | 50,209 | 40,010 |
Total | 50,410 | 40,137 |
Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 171 | 219 |
Total | 171 | 219 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,064 | 1,332 |
Loans Not Past Due | 152,722 | 140,536 |
Total | 153,786 | 141,868 |
Consumer [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,181 | 1,291 |
Loans Not Past Due | 156,524 | 137,716 |
Total | 157,705 | 139,007 |
Consumer [Member] | 30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,929 | 2,239 |
Consumer [Member] | 30 - 59 Days Past Due [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 133 | 113 |
Consumer [Member] | 30 - 59 Days Past Due [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 908 | 1,042 |
Consumer [Member] | 30 - 59 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 888 | 1,084 |
Consumer [Member] | 60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 453 | 436 |
Consumer [Member] | 60 - 89 Days Past Due [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 31 | 4 |
Consumer [Member] | 60 - 89 Days Past Due [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 129 | 243 |
Consumer [Member] | 60 - 89 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 293 | 189 |
Consumer [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 64 | 75 |
Consumer [Member] | Greater than 90 Days Past Due [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 37 | 10 |
Consumer [Member] | Greater than 90 Days Past Due [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 27 | 47 |
Consumer [Member] | Greater than 90 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 18 |
Non-performing Loans and Impa65
Non-performing Loans and Impaired Loans - Loans by Credit Grades (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,722,478 | $ 1,377,472 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 793,003 | 673,059 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 273,820 | 228,380 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 314,680 | 297,299 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,049 | 2,027 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 18,394 | 12,097 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 183,060 | 133,256 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 567,403 | 383,182 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 408,360 | 242,521 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 20,069 | 11,505 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 138,974 | 129,156 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 362,072 | 321,231 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 50,410 | 40,137 |
Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 171 | 219 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 153,786 | 141,868 |
Consumer [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 157,705 | 139,007 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,689,069 | $ 1,335,853 |
Percentage of total loans | 98.06% | 96.98% |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 769,760 | $ 642,026 |
Pass [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 262,753 | 215,874 |
Pass [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 306,709 | 283,518 |
Pass [Member] | Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,049 | 2,027 |
Pass [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 18,323 | 12,018 |
Pass [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 178,926 | 128,589 |
Pass [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 561,088 | 377,288 |
Pass [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 402,299 | 236,893 |
Pass [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 19,815 | 11,239 |
Pass [Member] | Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 138,974 | 129,156 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 358,221 | 316,538 |
Pass [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 49,802 | 39,900 |
Pass [Member] | Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 171 | 219 |
Pass [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 153,128 | 141,264 |
Pass [Member] | Consumer [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 155,120 | 135,155 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 7,336 | $ 13,959 |
Percentage of total loans | 0.43% | 1.01% |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 7,336 | $ 13,959 |
Special Mention [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 4,080 | 7,623 |
Special Mention [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,657 | 4,458 |
Special Mention [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 71 | 79 |
Special Mention [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,528 | 1,799 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 26,073 | $ 27,661 |
Percentage of total loans | 1.51% | 2.01% |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 15,907 | $ 17,074 |
Substandard [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,987 | 4,883 |
Substandard [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,314 | 9,323 |
Substandard [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,606 | 2,868 |
Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,315 | 5,894 |
Substandard [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,061 | 5,628 |
Substandard [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 254 | 266 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,851 | 4,693 |
Substandard [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 608 | 237 |
Substandard [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 658 | 604 |
Substandard [Member] | Consumer [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,585 | $ 3,852 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total loans | 0.00% | 0.00% |
Repurchase Agreements - Summary
Repurchase Agreements - Summary of Repurchase Agreements Accounted as Secured Borrowings (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | $ 151,418 |
Securities lending transactions, Total | 171,639 |
Total borrowings | (20,221) |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 151,418 |
U.S. Treasury and Federal Agencies [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 6,950 |
Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 97,545 |
Federal Agency Mortgage Backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 67,144 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 56,418 |
Securities lending transactions, Total | 66,752 |
Total borrowings | (10,334) |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | U.S. Treasury and Federal Agencies [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 6,950 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 45,279 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | Federal Agency Mortgage Backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 14,523 |
Remaining Contractual Maturity of the Agreements, One to Three Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 35,000 |
Securities lending transactions, Total | 155 |
Total borrowings | 34,845 |
Remaining Contractual Maturity of the Agreements, One to Three Years [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 76 |
Remaining Contractual Maturity of the Agreements, One to Three Years [Member] | Federal Agency Mortgage Backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 79 |
Remaining Contractual Maturity of the Agreements, Three to Five Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 60,000 |
Securities lending transactions, Total | 1,287 |
Total borrowings | 58,713 |
Remaining Contractual Maturity of the Agreements, Three to Five Years [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 886 |
Remaining Contractual Maturity of the Agreements, Three to Five Years [Member] | Federal Agency Mortgage Backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 401 |
Remaining Contractual Maturity of the Agreements, Five to Ten Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 18,300 |
Total borrowings | (18,300) |
Remaining Contractual Maturity of the Agreements, Five to Ten Years [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 6,904 |
Remaining Contractual Maturity of the Agreements, Five to Ten Years [Member] | Federal Agency Mortgage Backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 11,396 |
Remaining Contractual Maturity of the Agreements, Beyond Ten Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 85,145 |
Total borrowings | (85,145) |
Remaining Contractual Maturity of the Agreements, Beyond Ten Years [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 44,401 |
Remaining Contractual Maturity of the Agreements, Beyond Ten Years [Member] | Federal Agency Mortgage Backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | $ 40,744 |
Derivative Financial Instrume67
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
LIBOR period | 3 months | |
Weighted average fixed rate | 6.14% | |
Recorded period of effectiveness of cash flow hedges on net income | 12 months | |
Recorded period of effectiveness of fair value hedges on net income | 12 months | |
Recorded period of effectiveness of fair value of derivatives on net income | 12 months | |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest | $ 30.5 | $ 30.5 |
Derivative in Fair Value Hedging Relationship [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest | $ 113.9 | $ 102.7 |
Derivative Financial Instrume68
Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | $ 2,430 | $ 1,655 |
Total Liability Derivatives | 5,458 | 4,547 |
Derivatives Designated as Hedging Instruments [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | 1,787 | 1,208 |
Total Liability Derivatives | 5,458 | 4,547 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Contracts One [Member] | Other Liabilities [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Liability Derivatives | 1,787 | 1,208 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Contracts Two [Member] | Other Liabilities [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Liability Derivatives | 3,671 | 3,339 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Contracts Two [Member] | Other Assets [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | 1,787 | 1,208 |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | 643 | 447 |
Derivatives Not Designated as Hedging Instruments [Member] | Mortgage Loan Contracts [Member] | Other Assets [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | $ 643 | $ 447 |
Derivative Financial Instrume69
Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statement of Income Derivative in Cash Flow Hedging Relationship (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flow Hedging [Member] | Interest Rate Contracts One [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Comprehensive Income on Derivative (Effective Portion) | $ (335) | $ 242 | $ (217) | $ (110) |
Derivative Financial Instrume70
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Income Derivative in Fair Value Hedging Relationship (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Income - Loans [Member] | Derivative in Fair Value Hedging Relationship [Member] | Interest Rate Contracts One [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized on Derivative | $ 765 | $ (326) | $ 579 | $ 425 |
Interest Income - Loans [Member] | Derivative in Fair Value Hedging Relationship [Member] | Interest Rate Contracts Two [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized on Derivative | (765) | 326 | (579) | (425) |
Derivatives Not Designated as Hedging Instruments [Member] | Other income - Gain on Sale of Loans [Member] | Mortgage Loan Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized on Derivative | $ (77) | $ (22) | $ 196 | $ (1) |
Disclosures about Fair Value 71
Disclosures about Fair Value of Assets and Liabilities - Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | $ 435,673 | $ 323,764 |
U.S. Treasury and Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 24,755 | 26,823 |
State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 59,781 | 47,952 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 135,567 | 122,860 |
Federal Agency Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 215,516 | 125,395 |
Private Labeled Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 689 | |
Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 54 | 45 |
Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 435,673 | 323,764 |
Recurring Basis [Member] | U.S. Treasury and Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 24,755 | 26,823 |
Recurring Basis [Member] | State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 59,781 | 47,952 |
Recurring Basis [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 135,567 | 122,860 |
Recurring Basis [Member] | Federal Agency Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 215,516 | 125,395 |
Recurring Basis [Member] | Private Labeled Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 689 | |
Recurring Basis [Member] | Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 54 | 45 |
Recurring Basis [Member] | Hedged Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 112,089 | 101,445 |
Recurring Basis [Member] | Forward Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 643 | 447 |
Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | (5,458) | (4,547) |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 435,673 | 323,764 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury and Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 24,755 | 26,823 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 59,781 | 47,952 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 135,567 | 122,860 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Federal Agency Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 215,516 | 125,395 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Private Labeled Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 689 | |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 54 | 45 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Hedged Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 112,089 | 101,445 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Forward Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 643 | 447 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | $ (5,458) | $ (4,547) |
Disclosures about Fair Value 72
Disclosures about Fair Value of Assets and Liabilities - Realized Gains and Losses included in Net Income for Periods in Consolidated Statements of Income (Detail) - Non Interest Income Total Gains and Losses [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Included in net income | $ (77) | $ (22) | $ 196 | $ (1) |
Hedged Loans [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Included in net income | 765 | (326) | 579 | 425 |
Interest Rate Swap [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Included in net income | (765) | 326 | (579) | (425) |
Derivative Loan Commitments [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Included in net income | $ (77) | $ (22) | $ 196 | $ (1) |
Disclosures about Fair Value 73
Disclosures about Fair Value of Assets and Liabilities - Other Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | $ 9,233 | $ 9,464 |
Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 9,100 | 7,642 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 9,233 | 9,464 |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 9,100 | 7,642 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 9,233 | 9,464 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | $ 9,100 | $ 7,642 |
Disclosures about Fair Value 74
Disclosures about Fair Value of Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||
Increase (Decrease) in carrying amount of mortgage servicing rights | $ (51,000) | $ 28,000 |
Disclosures about Fair Value 75
Disclosures about Fair Value of Assets and Liabilities - Qualitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 9,233 | $ 9,464 |
Valuation Technique | Collateral based measurement | |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | |
Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 9,100 | $ 7,642 |
Valuation Technique | Discounted cashflows | |
Unobservable Inputs | Discount rate, Constant prepayment rate, Probability of default | |
Minimum [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 10.00% | 10.00% |
Minimum [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 10.00% | 10.00% |
Constant prepayment rate | 4.00% | 4.00% |
Probably of default | 1.00% | 1.00% |
Maximum [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 15.00% | 15.00% |
Maximum [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 15.00% | 15.00% |
Constant prepayment rate | 7.00% | 7.00% |
Probably of default | 10.00% | 10.00% |
Weighted Average [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 12.00% | 12.00% |
Weighted Average [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 12.00% | 12.00% |
Constant prepayment rate | 4.60% | 4.60% |
Probably of default | 4.50% | 4.50% |
Fair Value of Financial Instr76
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 48,155 | $ 43,476 |
Investment securities, held to maturity | 182,187 | 165,767 |
Loans held for sale | 5,583 | 6,143 |
Loans excluding loan level hedges, net | 1,717,779 | 1,365,885 |
Stock in FHLB and FRB | 13,823 | 11,348 |
Interest receivable | 10,862 | 8,246 |
Liabilities | ||
Non-interest bearing deposits | 338,436 | 267,667 |
Subordinated debentures | 32,758 | 32,642 |
Interest payable | 490 | 497 |
Carrying Amount [Member] | ||
Assets | ||
Cash and due from banks | 48,155 | 43,476 |
Investment securities, held to maturity | 182,187 | 165,767 |
Loans held for sale | 5,583 | 6,143 |
Loans excluding loan level hedges, net | 1,598,233 | 1,260,608 |
Stock in FHLB and FRB | 13,823 | 11,348 |
Interest receivable | 10,862 | 8,246 |
Liabilities | ||
Non-interest bearing deposits | 338,436 | 267,667 |
Interest-bearing deposits | 1,574,639 | 1,214,652 |
Borrowings | 373,901 | 351,198 |
Subordinated debentures | 32,758 | 32,642 |
Interest payable | 490 | 497 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Cash and due from banks | 48,155 | 43,476 |
Liabilities | ||
Non-interest bearing deposits | 338,436 | 267,667 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Investment securities, held to maturity | 188,574 | 169,904 |
Stock in FHLB and FRB | 13,823 | 11,348 |
Interest receivable | 10,862 | 8,246 |
Liabilities | ||
Interest-bearing deposits | 1,494,112 | 1,158,912 |
Borrowings | 372,971 | 348,597 |
Subordinated debentures | 33,334 | 32,669 |
Interest payable | 490 | 497 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Loans held for sale | 5,583 | 6,143 |
Loans excluding loan level hedges, net | $ 1,641,840 | $ 1,295,133 |
Accumulated Other Comprehensi77
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized gain on securities available for sale | $ 5,238 | $ 4,018 |
Unamortized gain on securities held to maturity, previously transferred from AFS | 1,219 | 1,658 |
Unrealized loss on derivative instruments | (3,671) | (3,337) |
Tax effect | (975) | (818) |
Total accumulated other comprehensive income | $ 1,811 | $ 1,521 |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Regulatory Capital Requirement (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 246,162 | $ 192,604 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.17% | 13.08% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 149,529 | $ 117,801 |
Total capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), For well capitalized purpose, Amount | $ 186,911 | $ 147,251 |
Total capital (to risk-weighted assets), For well capitalized purpose, Ratio | 10.00% | 10.00% |
Tier 1 capital (to average assets), Actual, Amount | $ 229,994 | $ 176,103 |
Tier 1 capital (to average assets), Actual, Ratio | 12.30% | 11.96% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 112,192 | $ 58,897 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 6.00% | 4.00% |
Tier 1 capital (to average assets), For well capitalized purpose, Amount | $ 149,590 | $ 88,346 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 8.00% | 6.00% |
Common equity tier 1 capital, Actual Amount | $ 229,994 | |
Common equity tier 1 capital, Actual Ratio | 12.30% | |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 84,144 | |
Common equity tier 1 capital, For capital adequacy purpose, Ratio | 4.50% | |
Common equity tier 1 capital, For well capitalized purpose, Amount | $ 121,542 | |
Common equity tier 1 capital, For well capitalized purposes, Ratio | 6.50% | |
Tier 1 capital (to average assets), Actual, Amount | $ 229,994 | $ 176,103 |
Tier 1 capital (to average assets), Actual, Ratio | 9.31% | 8.80% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 98,816 | $ 80,047 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), For well capitalized purpose, Amount | $ 123,520 | $ 100,059 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 5.00% | 5.00% |
Consolidated [Member] | ||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 261,858 | $ 212,276 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.83% | 14.48% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 151,472 | $ 117,280 |
Total capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to average assets), Actual, Amount | $ 245,690 | $ 195,775 |
Tier 1 capital (to average assets), Actual, Ratio | 12.98% | 13.35% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 113,570 | $ 58,659 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 6.00% | 4.00% |
Common equity tier 1 capital, Actual Amount | $ 200,122 | |
Common equity tier 1 capital, Actual Ratio | 10.57% | |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 85,199 | |
Common equity tier 1 capital, For capital adequacy purpose, Ratio | 4.50% | |
Tier 1 capital (to average assets), Actual, Amount | $ 245,690 | $ 195,775 |
Tier 1 capital (to average assets), Actual, Ratio | 9.98% | 9.76% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 98,473 | $ 80,236 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 4.00% | 4.00% |