Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 09, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
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 | 22,172,103 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 83,721 | $ 48,650 |
Investment securities, available for sale | 557,213 | 444,982 |
Investment securities, held to maturity (fair value of $194,294 and $193,703) | 187,027 | 187,629 |
Loans held for sale | 7,369 | 7,917 |
Loans, net of allowance for loan losses of $14,524 and $14,534 | 2,175,995 | 1,734,597 |
Premises and equipment, net | 67,265 | 60,798 |
Federal Reserve and Federal Home Loan Bank stock | 20,877 | 13,823 |
Goodwill | 74,308 | 49,600 |
Other intangible assets | 9,583 | 7,371 |
Interest receivable | 12,702 | 10,535 |
Cash value of life insurance | 73,661 | 54,504 |
Other assets | 55,929 | 31,995 |
Total assets | 3,325,650 | 2,652,401 |
Liabilities | ||
Non-interest bearing | 479,771 | 335,955 |
Interest bearing | 1,856,391 | 1,544,198 |
Total deposits | 2,336,162 | 1,880,153 |
Borrowings | 569,908 | 449,347 |
Subordinated debentures | 37,418 | 32,797 |
Interest payable | 1,015 | 507 |
Other liabilities | 35,411 | 22,765 |
Total liabilities | 2,979,914 | 2,385,569 |
Commitments and contingent liabilities | ||
Stockholders' Equity | ||
Preferred stock, Authorized, 1,000,000 shares Series B shares $.01 par value, $1,000 liquidation value Issued 0 and 12,500 shares | 12,500 | |
Common stock, no par value Authorized, 66,000,000 shares (Restated - See Note 1) Issued, 22,172,103 and 17,992,986 shares (Restated - See Note 1) Outstanding, 22,143,228 and 17,909,831 shares (Restated - See Note 1) | 0 | 0 |
Additional paid-in capital | 181,901 | 106,370 |
Retained earnings | 161,026 | 148,685 |
Accumulated other comprehensive income (loss) | 2,809 | (723) |
Total stockholders' equity | 345,736 | 266,832 |
Total liabilities and stockholders' equity | $ 3,325,650 | $ 2,652,401 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Investment securities, held to maturity fair value | $ 194,294 | $ 193,703 |
Allowance for loan losses | $ 14,524 | $ 14,534 |
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 | 0 | 12,500 |
Common stock, par value | ||
Common stock, shares authorized | 66,000,000 | 66,000,000 |
Common stock, shares issued | 22,172,103 | 17,992,986 |
Common stock, shares outstanding | 22,143,228 | 17,992,986 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest Income | ||||
Loans receivable | $ 25,313 | $ 20,297 | $ 65,854 | $ 55,140 |
Investment securities | ||||
Taxable | 2,498 | 2,156 | 7,703 | 6,377 |
Tax exempt | 1,151 | 1,125 | 3,583 | 3,281 |
Total interest income | 28,962 | 23,578 | 77,140 | 64,798 |
Interest Expense | ||||
Deposits | 1,875 | 1,566 | 4,923 | 4,035 |
Borrowed funds | 2,128 | 1,729 | 5,608 | 4,747 |
Subordinated debentures | 549 | 507 | 1,556 | 1,504 |
Total interest expense | 4,552 | 3,802 | 12,087 | 10,286 |
Net Interest Income | 24,410 | 19,776 | 65,053 | 54,512 |
Provision for loan losses | 455 | 300 | 1,219 | 2,820 |
Net Interest Income after Provision for Loan Losses | 23,955 | 19,476 | 63,834 | 51,692 |
Non-interest Income | ||||
Service charges on deposit accounts | 1,483 | 1,359 | 4,056 | 3,443 |
Wire transfer fees | 292 | 160 | 588 | 493 |
Interchange fees | 2,016 | 1,625 | 5,137 | 4,093 |
Fiduciary activities | 1,653 | 1,520 | 4,753 | 4,033 |
Gain on sale of investment securities (includes $0 for the three months ended and $875 for the nine months ended September 30, 2016 and $0 for the three months ended and $124 for the nine months ended September 30, 2015, related to accumulated other comprehensive earnings reclassifications) | 875 | 124 | ||
Gain on sale of mortgage loans | 3,528 | 2,794 | 9,171 | 7,815 |
Mortgage servicing income net of impairment | 409 | 246 | 1,356 | 725 |
Increase in cash value of bank owned life insurance | 449 | 374 | 1,145 | 889 |
Death benefit on bank owned life insurance | 145 | |||
Other income | 226 | 322 | 708 | 892 |
Total non-interest income | 10,056 | 8,400 | 27,789 | 22,652 |
Non-interest Expense | ||||
Salaries and employee benefits | 12,210 | 10,652 | 32,592 | 27,541 |
Net occupancy expenses | 2,174 | 1,723 | 6,011 | 4,649 |
Data processing | 1,616 | 1,281 | 3,855 | 3,170 |
Professional fees | 612 | 409 | 2,190 | 1,596 |
Outside services and consultants | 2,686 | 3,209 | 5,983 | 4,753 |
Loan expense | 1,482 | 1,351 | 4,086 | 3,975 |
FDIC insurance expense | 465 | 423 | 1,279 | 1,099 |
Other losses | 107 | 246 | 510 | 351 |
Other expense | 3,468 | 2,941 | 9,616 | 7,819 |
Total non-interest expense | 24,820 | 22,235 | 66,122 | 54,953 |
Income Before Income Tax | 9,191 | 5,641 | 25,501 | 19,391 |
Income tax expense (includes $0 for the three months ended and $306 for the nine months ended September 30, 2016 and $0 for the three months ended and $43 for the nine months ended September 30, 2015, related to income tax expense from reclassification items) | 2,589 | 1,353 | 7,192 | 5,017 |
Net Income | 6,602 | 4,288 | 18,309 | 14,374 |
Preferred stock dividend | (31) | (42) | (94) | |
Net Income Available to Common Shareholders | $ 6,602 | $ 4,257 | $ 18,267 | $ 14,280 |
Basic Earnings Per Share | $ 0.31 | $ 0.24 | $ 0.95 | $ 0.95 |
Diluted Earnings Per Share | $ 0.30 | $ 0.24 | $ 0.94 | $ 0.92 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Accumulated other comprehensive earnings reclassifications | $ 0 | $ 0 | $ 875 | $ 124 |
Income tax expense from reclassification | $ 0 | $ 0 | $ 306 | $ 43 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 6,602 | $ 4,288 | $ 18,309 | $ 14,374 |
Change in fair value of derivative instruments: | ||||
Change in fair value of derivative instruments for the period | 803 | (516) | 158 | (334) |
Income tax effect | (281) | 181 | (55) | 117 |
Changes from derivative instruments | 522 | (335) | 103 | (217) |
Change in securities: | ||||
Unrealized appreciation (depreciation) for the period on AFS securities | (1,927) | 1,781 | 6,712 | 1,379 |
Amortization from transfer of securities from available-for-sale to held-to-maturity securities | (83) | (203) | (560) | (475) |
Reclassification adjustment for securities gains realized in income | 0 | 0 | (875) | (124) |
Income tax effect | 704 | (552) | (1,848) | (273) |
Unrealized gains (losses) on securities | (1,306) | 1,026 | 3,429 | 507 |
Other Comprehensive Income (Loss), Net of Tax | (784) | 691 | 3,532 | 290 |
Comprehensive Income | $ 5,818 | $ 4,979 | $ 21,841 | $ 14,664 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Total | Kosciusko Financial Inc [Member] | LaPorte Bancorp Inc [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Kosciusko Financial Inc [Member] | Additional Paid-in Capital [Member]LaPorte Bancorp Inc [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning Balances at Dec. 31, 2015 | $ 266,832 | $ 12,500 | $ 106,370 | $ 148,685 | $ (723) | ||||
Net income | 18,309 | 18,309 | |||||||
Other comprehensive income, net of tax | 3,532 | 3,532 | |||||||
Redemption of preferred stock | (12,500) | $ (12,500) | |||||||
Amortization of unearned compensation | 222 | 222 | |||||||
Stock option expense | 247 | 247 | |||||||
Stock issued stock plans | 286 | 286 | |||||||
Stock issued in acquisition | $ 14,470 | $ 60,306 | $ 14,470 | $ 60,306 | |||||
Cash dividends on preferred stock | (42) | (42) | |||||||
Cash dividends on common stock | (5,926) | (5,926) | |||||||
Ending Balances at Sep. 30, 2016 | $ 345,736 | $ 181,901 | $ 161,026 | $ 2,809 |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) | 9 Months Ended |
Sep. 30, 2016$ / shares | |
Cash dividends on preferred stock, rate | 1.00% |
Cash dividends on common stock, per share | $ 0.30 |
Retained Earnings [Member] | |
Cash dividends on preferred stock, rate | 1.00% |
Cash dividends on common stock, per share | $ 0.30 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities | ||
Net income | $ 18,309 | $ 14,374 |
Items not requiring (providing) cash | ||
Provision for loan losses | 1,219 | 2,820 |
Depreciation and amortization | 3,790 | 3,020 |
Share based compensation | 247 | 216 |
Mortgage servicing rights net impairment | 840 | 389 |
Premium amortization on securities available for sale, net | 4,389 | 2,192 |
Gain on sale of investment securities | (875) | (124) |
Gain on sale of mortgage loans | (9,171) | (7,815) |
Proceeds from sales of loans | 246,435 | 247,512 |
Loans originated for sale | (236,719) | (239,137) |
Change in cash value of life insurance | (1,145) | (868) |
Gain (Loss) on sale of other real estate owned | 118 | (214) |
Net change in | ||
Interest receivable | (687) | (1,337) |
Interest payable | 275 | (28) |
Other assets | (16,641) | (61) |
Other liabilities | 1,015 | 1,020 |
Net cash provided by operating activities | 11,399 | 21,959 |
Investing Activities | ||
Purchases of securities available for sale | (152,283) | (170,391) |
Proceeds from sales, maturities, calls, and principal repayments of securities available for sale | 88,330 | 61,785 |
Purchases of securities held to maturity | (35,598) | (26,128) |
Proceeds from maturities of securities held to maturity | 14,654 | 7,155 |
Change in FHLB stock | (2,443) | 268 |
Net change in loans | (26,920) | (123,326) |
Proceeds on the sale of OREO and repossessed assets | 1,524 | 2,425 |
Change in premises and equipment, net | (1,719) | (4,757) |
Net cash provided by (used in) investing activities | 32,503 | (70,556) |
Net change in | ||
Deposits | (37,495) | 79,669 |
Borrowings | 46,846 | (26,064) |
Redemption of preferred stock | (12,500) | |
Proceeds from issuance of stock | 286 | 4,178 |
Dividends paid on common shares | (5,926) | (4,413) |
Dividends paid on preferred shares | (42) | (94) |
Net cash provided by (used in) financing activities | (8,831) | 53,276 |
Net Change in Cash and Cash Equivalents | 35,071 | 4,679 |
Cash and Cash Equivalents, Beginning of Period | 48,650 | 43,476 |
Cash and Cash Equivalents, End of Period | 83,721 | 48,155 |
Additional Supplemental Information | ||
Interest paid | 11,579 | 10,292 |
Income taxes paid | 7,310 | 4,900 |
Transfer of loans to other real estate owned | 3,035 | 2,825 |
The Company purchased all of the capital stock of Kosciusko for $22,983 on June 1, 2016, Peoples for $78,147 on July 1, 2015, and LaPorte Bancorp for $98,634 on July 18, 2016. In conjunction with the acquisition, liabilities were assumed as follows: | ||
Fair value of assets acquired | 155,873 | 485,077 |
Less: common stock issued | 14,470 | 22,641 |
Cash paid for the capital stock | 8,513 | 55,506 |
Liabilities assumed | 132,890 | 406,930 |
Kosciusko Financial Inc [Member] | ||
Investing Activities | ||
Acquisition of businesses, net of cash received | 30,437 | |
LaPorte Bancorp Inc [Member] | ||
Investing Activities | ||
Acquisition of businesses, net of cash received | 116,521 | |
The Company purchased all of the capital stock of Kosciusko for $22,983 on June 1, 2016, Peoples for $78,147 on July 1, 2015, and LaPorte Bancorp for $98,634 on July 18, 2016. In conjunction with the acquisition, liabilities were assumed as follows: | ||
Fair value of assets acquired | 546,770 | |
Less: common stock issued | 60,306 | |
Cash paid for the capital stock | 38,328 | |
Liabilities assumed | $ 448,136 | |
Peoples Bancorp Inc [Member] | ||
Investing Activities | ||
Acquisition of businesses, net of cash received | $ 182,413 |
Condensed Consolidated Statem10
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jul. 18, 2016 | Jun. 01, 2016 | Jul. 01, 2015 |
Kosciusko Financial Inc [Member] | |||
Capital stock purchased | $ 22,983 | ||
LaPorte Bancorp Inc [Member] | |||
Capital stock purchased | $ 98,634 | ||
Peoples Bancorp Inc [Member] | |||
Capital stock purchased | $ 78,147 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 and September 30, 2015 are not necessarily indicative of the operating results for the full year of 2016 or 2015. 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 On October 18, 2016, the Board of Directors of the Company approved a three-for-two stock split of the Company’s authorized common stock, no par value. All share and per share amounts in the condensed consolidated financial statements and notes thereto have been retroactively adjusted, where necessary, to reflect this three-for-two stock split. The effect of the three-for-two stock split on the outstanding common shares is that shareholders of record as of the close of business on October 31, 2016, the record date, will receive an additional half share of common stock held, with shareholders receiving cash in lieu of any fractional shares. The additional shares issued in the stock split are expected to be payable and issued on November 14, 2016, and that the common shares will begin trading on a split-adjusted basis on or about November 15, 2016. 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 2016 2015 2016 2015 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Basic earnings per share Net income $ 6,602 $ 4,288 $ 18,309 $ 14,374 Less: Preferred stock dividends — 31 42 94 Net income available to common shareholders $ 6,602 $ 4,257 $ 18,267 $ 14,280 Weighted average common shares outstanding (1) 21,538,752 17,408,964 19,252,295 15,044,129 Basic earnings per share $ 0.31 $ 0.24 $ 0.95 $ 0.95 Diluted earnings per share Net income available to common shareholders $ 6,602 $ 4,257 $ 18,267 $ 14,280 Weighted average common shares outstanding (1) 21,538,752 17,408,964 19,252,295 15,044,129 Effect of dilutive securities: Warrants — 321,888 — 436,044 Restricted stock 33,650 50,207 27,590 46,092 Stock options 79,551 58,823 66,491 54,446 Weighted average shares outstanding 21,651,953 17,839,882 19,346,376 15,580,711 Diluted earnings per share $ 0.30 $ 0.24 $ 0.94 $ 0.92 (1) Adjusted for 3:2 stock split on November 14, 2016 There were no shares for both the three and nine months ended September 30, 2016, respectively, and 3,750 for both the three and nine months ended September 30, 2015 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, 2015 Annual Report on Form 10-K. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
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 1.425 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 3,288,303. Horizon’s stock price was $16.88 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 $4.9 million in costs related to the acquisition as of December 31, 2015. These expenses were classified in the non-interest 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 increased its deposit base and reduced 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 Cash and due from banks $ 205,054 Investment securities, held to maturity 2,038 Commercial 67,435 Residential mortgage 137,331 Consumer 19,593 Total loans 224,359 Premises and equipment, net 5,524 FRB and FHLB stock 2,743 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 Common shares issued $ 55,506 Cash paid 22,641 Total estimated purchase price $ 78,147 LIABILITIES Deposits Non-interest bearing $ 28,251 NOW accounts 65,771 Savings and money market 125,176 Certificates of deposits 131,889 Total deposits 351,087 Borrowings 48,884 Interest payable 21 Other liabilities 6,938 Total liabilities assumed $ 406,930 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 $228.6 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. 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 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, 2016 and 2015 as if the Peoples and Peoples FSB acquisitions had occurred as of the beginning of the comparable prior reporting period. Three Months Ended Nine Months Ended September 30 September 30 September 30 September 30 2016 2015 2016 2015 Summary of Operations: Net Interest Income $ 24,410 $ 19,776 $ 65,053 $ 60,466 Provision for Loan Losses 455 300 1,219 2,880 Net Interest Income after Provision for Loan Losses 23,955 19,476 63,834 57,586 Non-interest Income 10,056 8,400 27,789 24,545 Non-Interest Expense 24,820 22,235 66,122 61,192 Income before Income Taxes 9,191 5,641 25,501 20,939 Income Tax Expense 2,589 1,353 7,192 5,164 Net Income 6,602 4,288 18,309 15,776 Net Income Available to Common Shareholders $ 6,602 $ 4,257 $ 18,267 $ 15,682 Basic Earnings Per Share $ 0.31 $ 0.24 $ 0.95 $ 0.91 Diluted Earnings Per Share $ 0.30 $ 0.24 $ 0.94 $ 0.89 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 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 been consummated as of that time, nor is it intended to be a projection of future results. On June 1, 2016, Horizon completed the acquisition of Kosciusko Financial, Inc., an Indiana corporation (“Kosciusko”) and Horizon Bank’s acquisition of Farmers State Bank, a state-chartered bank and wholly owned subsidiary of Kosciusko, through mergers effective June 1, 2016. Under the terms of the Merger Agreement, shareholders of Kosciusko had the option to receive $81.75 per share in cash or 4.5183 shares of Horizon common stock for each share of Kosciusko’s common stock, subject to allocation provisions to assure that in aggregate, Kosciusko shareholders received total consideration that consisted of 65% stock and 35% cash. Kosciusko shareholders owning fewer than 100 shares of common stock received $81.75 in cash for each common share. As a result of Kosciusko stockholder stock and cash elections and the related proration provisions of the Merger Agreement, Horizon issued 873,430 shares of its common stock in the merger. Based upon the June 1, 2016 closing price of $16.57 per share of Horizon common stock, the transaction has an implied valuation of approximately $23.0 million. The Company has had approximately $1.6 million in costs related to the acquisition. These expenses are classified in the non-interest 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 acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Kosciusko acquisition is detailed in the following table. The final valuation numbers were received in September 2016 which changed the goodwill estimate from $6.9 million to $6.4 million. ASSETS Cash and due from banks $ 38,950 Investment securities, held to maturity 1,191 Commercial 70,006 Residential mortgage 26,244 Consumer 6,319 Total loans 102,569 Premises and equipment, net 1,466 FRB and FHLB stock 582 Goodwill 6,443 Core deposit intangible 526 Interest receivable 636 Cash value of life insurance 2,745 Other assets 765 Total assets purchased $ 155,873 Common shares issued $ 14,470 Cash paid 8,513 Total estimated purchase price $ 22,983 LIABILITIES Deposits Non-interest bearing $ 27,871 NOW accounts 35,213 Savings and money market 26,953 Certificates of deposits 32,771 Total deposits 122,808 Borrowings 9,038 Interest payable 55 Other liabilities 989 Total liabilities assumed $ 132,890 Of the total estimated purchase price of $23.0 million, $526,000 has been allocated to core deposit intangible. Additionally, $6.4 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 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. 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 June 1, 2016. Contractually required principal and interest at acquisition $ 2,682 Contractual cash flows not expected to be collected (nonaccretable differences) 25 Expected cash flows at acquisition 2,657 Interest component of expected cash flows (accretable discount) 634 Fair value of acquired loans accounted for under ASC 310-30 $ 2,023 Final estimates of certain loans, those for which 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. Pro-forma statements were not presented due to the immateriality of the transaction. On July 18, 2016, Horizon completed the acquisition of LaPorte Bancorp, Inc., a Maryland corporation (“LaPorte Bancorp”) and Horizon Bank’s acquisition of The LaPorte Savings Bank, a state-chartered savings bank and wholly owned subsidiary of LaPorte Bancorp, through mergers effective July 18, 2016. Under the terms of the Merger Agreement, shareholders of LaPorte Bancorp had the option to receive $17.50 per share in cash or 0.9435 shares of Horizon common stock for each share of LaPorte Bancorp’s common stock, subject to allocation provisions to assure that in aggregate, LaPorte Bancorp shareholders received total consideration that consisted of 65% stock and 35% cash. As a result of LaPorte Bancorp stockholder stock and cash elections and the related proration provisions of the Merger Agreement, Horizon issued 3,421,488 shares of its common stock in the merger. Based upon the July 18, 2016 closing price of $18.36 per share of Horizon common stock, less the consideration used to pay off LaPorte’s ESOP loan receivable, the transaction has an implied valuation of approximately $98.6 million. Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the LaPorte Bancorp acquisition is detailed in the following table. Final estimates of fair value on the date of acquisition have not been received yet. Prior to the end of the one year measurement period for finalizing the purchase price allocation, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation prospectively. If any adjustments are made to the preliminary assumptions (provisional amounts), disclosures will be made in the notes to the financial statements of the amounts recorded in the current period earnings by line item that have been recorded in previous reporting periods if the adjustments to the provisional amounts had been recognized as of the acquisition date. ASSETS Cash and due from banks $ 154,849 Investment securities, held to maturity 23,779 Commercial 154,223 Residential mortgage 42,603 Consumer 16,801 Mortgage Warehousing 99,752 Total loans 313,379 Premises and equipment, net 6,022 FHLB stock 4,029 Goodwill 18,265 Core deposit intangible 2,514 Interest receivable 844 Cash value of life insurance 15,267 Other assets 7,822 Total assets purchased $ 546,770 Common shares issued $ 60,306 Cash paid 38,328 Total estimated purchase price $ 98,634 LIABILITIES Deposits Non-interest bearing $ 66,733 NOW accounts 99,346 Savings and money market 117,688 Certificates of deposits 86,929 Total deposits 370,696 Borrowings 64,793 Interest payable 178 Subordinated debt 4,504 Other liabilities 7,965 Total liabilities assumed $ 448,136 Of the total estimated purchase price of $98.6 million, $2.5 million has been allocated to core deposit intangible. Additionally, $18.3 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 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. 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 an estimate of the acquired loans that are accounted for in accordance with ASC 310-30 as of July 18, 2016. Final valuation estimates have not yet been determined for acquired loans as of September 30, 2016. If information becomes available which would indicate adjustments to the purchase price allocation, such adjustments would be made prospectively. Contractually required principal and interest at acquisition $ 12,551 Contractual cash flows not expected to be collected (nonaccretable differences) 3,411 Expected cash flows at acquisition 9,140 Interest component of expected cash flows (accretable discount) 1,736 Fair value of acquired loans accounted for under ASC 310-30 $ 7,404 Estimates of certain loans, those for which 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 results of operations of LaPorte Bancorp and The LaPorte Savings Bank 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, 2016 and 2015 as if the LaPorte Bancorp and The LaPorte Savings Bank acquisitions had occurred as of the beginning of the comparable prior reporting periods. Three Months Ended Nine Months Ended September 30 September 30 September 30 September 30 2016 2015 2016 2015 Summary of Operations: Net Interest Income $ 25,044 $ 23,981 $ 74,512 $ 67,243 Provision for Loan Losses 455 400 1,219 3,075 Net Interest Income after Provision for Loan Losses 24,589 23,581 73,293 64,168 Non-interest Income 11,056 9,099 33,052 24,767 Non-Interest Expense 31,611 25,541 80,937 64,956 Income before Income Taxes 4,034 7,139 25,408 23,979 Income Tax Expense 1,855 1,670 8,070 5,932 Net Income 2,179 5,469 17,338 18,047 Net Income Available to Common Shareholders $ 2,179 $ 5,438 $ 17,296 $ 17,953 Basic Earnings Per Share $ 0.10 $ 0.31 $ 0.90 $ 1.19 Diluted Earnings Per Share $ 0.10 $ 0.30 $ 0.89 $ 1.15 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 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 been consummated as of that time, nor is it intended to be a projection of future results. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3 – Securities The fair value of securities is as follows: Gross Gross Amortized Unrealized Unrealized Fair September 30, 2016 Cost Gains Losses Value Available for sale U.S. Treasury and federal agencies $ 27,383 $ 54 $ (15 ) $ 27,422 State and municipal 62,825 1,321 (107 ) 64,039 Federal agency collateralized mortgage obligations 188,072 1,894 (282 ) 189,684 Federal agency mortgage-backed pools 272,144 4,240 (411 ) 275,973 Corporate notes 32 63 — 95 Total available for sale investment securities $ 550,456 $ 7,572 $ (815 ) $ 557,213 Held to maturity State and municipal $ 158,543 $ 6,718 $ (761 ) $ 164,500 Federal agency collateralized mortgage obligations 6,828 144 — 6,972 Federal agency mortgage-backed pools 21,656 1,166 — 22,822 Total held to maturity investment securities $ 187,027 $ 8,028 $ (761 ) $ 194,294 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Available for sale U.S. Treasury and federal agencies $ 5,940 $ 3 $ (17 ) $ 5,926 State and municipal 73,829 1,299 (33 ) 75,095 Federal agency collateralized mortgage obligations 157,291 567 (1,655 ) 156,203 Federal agency mortgage-backed pools 206,970 2,080 (1,346 ) 207,704 Corporate notes 32 22 — 54 Total available for sale investment securities $ 444,062 $ 3,971 $ (3,051 ) $ 444,982 Held to maturity U.S. Treasury and federal agencies $ 5,859 $ 93 $ — $ 5,952 State and municipal 146,331 5,375 (253 ) 151,453 Federal agency collateralized mortgage obligations 9,051 27 (124 ) 8,954 Federal agency mortgage-backed pools 26,388 1,141 (185 ) 27,344 Total held to maturity investment securities $ 187,629 $ 6,636 $ (562 ) $ 193,703 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, 2016, 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, 2016. The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2016 and December 31, 2015, 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, 2016 December 31, 2015 Amortized Fair Amortized Fair Cost Value Cost Value Available for sale Within one year $ 6,921 $ 6,953 $ 7,192 $ 7,232 One to five years 52,105 52,482 38,197 38,894 Five to ten years 12,934 13,325 16,807 17,152 After ten years 18,280 18,796 17,605 17,797 90,240 91,556 79,801 81,075 Federal agency collateralized mortgage obligations 188,072 189,684 157,291 156,203 Federal agency mortgage-backed pools 272,144 275,973 206,970 207,704 Total available for sale investment securities $ 550,456 $ 557,213 $ 444,062 $ 444,982 Held to maturity Within one year $ — $ — $ — $ — One to five years 22,801 23,965 17,815 18,403 Five to ten years 88,924 93,501 106,167 110,026 After ten years 46,818 47,034 28,208 28,976 158,543 164,500 152,190 157,405 Federal agency collateralized mortgage obligations 6,828 6,972 9,051 8,954 Federal agency mortgage-backed pools 21,656 22,822 26,388 27,344 Total held to maturity investment securities $ 187,027 $ 194,294 $ 187,629 $ 193,703 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, 2016 Value Losses Value Losses Value Losses U.S. Treasury and federal agencies $ 6,594 $ (15 ) $ — $ — $ 6,594 $ (15 ) State and municipal 26,360 (868 ) — — 26,360 (868 ) Federal agency collateralized mortgage obligations 48,837 (184 ) 12,304 (98 ) 61,141 (282 ) Federal agency mortgage-backed pools 47,054 (365 ) 6,779 (46 ) 53,833 (411 ) Total temporarily impaired securities $ 128,845 $ (1,432 ) $ 19,083 $ (144 ) $ 147,928 $ (1,576 ) Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Value Losses Value Losses Value Losses U.S. Treasury and federal agencies $ 5,468 $ (17 ) $ — $ — $ 5,468 $ (17 ) State and municipal 17,353 (280 ) 446 (6 ) 17,799 (286 ) Federal agency collateralized mortgage obligations 89,459 (1,124 ) 25,428 (655 ) 114,887 (1,779 ) Federal agency mortgage-backed pools 113,244 (1,212 ) 16,506 (319 ) 129,750 (1,531 ) Total temporarily impaired securities $ 225,524 $ (2,633 ) $ 42,380 $ (980 ) $ 267,904 $ (3,613 ) Three Months Ended September 30 Nine Months Ended September 30 2016 2015 2016 2015 Sales of securities available for sale Proceeds $ — $ — $ 25,077 $ 13,332 Gross gains — — 1,060 147 Gross losses — — (185 ) (23 ) |
Loans
Loans | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans | Note 4 Loans September 30 December 31 2016 2015 Commercial Working capital and equipment $ 440,599 $ 381,245 Real estate, including agriculture 564,602 391,668 Tax exempt 12,621 8,674 Other 29,628 23,408 Total 1,047,450 804,995 Real estate 1–4 family 523,721 433,015 Other 6,441 4,129 Total 530,162 437,144 Consumer Auto 167,541 168,397 Recreation 5,458 5,365 Real estate/home improvement 55,505 47,015 Home equity 140,156 127,113 Unsecured 4,230 4,120 Other 13,141 10,290 Total 386,031 362,300 Mortgage warehouse 226,876 144,692 Total loans 2,190,519 1,749,131 Allowance for loan losses (14,524 ) (14,534 ) Loans, net $ 2,175,995 $ 1,734,597 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 and the related mortgagee are underwritten by Horizon to the end investor guidelines and 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 reacquires the loan under its option within the agreement. Due to the reacquire 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 reacquire 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 reacquire 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 reacquire 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. Loan Deferred Recorded September 30, 2016 Balance Interest Due Fees / (Costs) Investment Owner occupied real estate $ 321,762 $ 1,151 $ 1,192 $ 324,105 Non owner occupied real estate 457,555 627 529 458,711 Residential spec homes 7,949 20 6 7,975 Development & spec land loans 39,798 79 74 39,951 Commercial and industrial 218,414 1,992 171 220,577 Total commercial 1,045,478 3,869 1,972 1,051,319 Residential mortgage 506,545 1,599 2,556 510,700 Residential construction 21,061 38 — 21,099 Mortgage warehouse 226,876 498 — 227,374 Total real estate 754,482 2,135 2,556 759,173 Direct installment 66,495 178 (439 ) 66,234 Direct installment purchased 124 — — 124 Indirect installment 147,829 296 — 148,125 Home equity 172,905 665 (883 ) 172,687 Total consumer 387,353 1,139 (1,322 ) 387,170 Total loans 2,187,313 7,143 3,206 2,197,662 Allowance for loan losses (14,524 ) — — (14,524 ) Net loans $ 2,172,789 $ 7,143 $ 3,206 $ 2,183,138 Loan Deferred Recorded December 31, 2015 Balance Interest Due Fees / (Costs) Investment Owner occupied real estate $ 268,281 $ 613 $ 1,328 $ 270,222 Non owner occupied real estate 326,399 306 497 327,202 Residential spec homes 5,018 9 17 5,044 Development & spec land loans 18,183 33 26 18,242 Commercial and industrial 184,911 1,246 335 186,492 Total commercial 802,792 2,207 2,203 807,202 Residential mortgage 414,924 1,275 2,470 418,669 Residential construction 19,751 34 — 19,785 Mortgage warehouse 144,692 480 — 145,172 Total real estate 579,367 1,789 2,470 583,626 Direct installment 54,341 168 (359 ) 54,150 Direct installment purchased 153 — — 153 Indirect installment 151,523 323 — 151,846 Home equity 157,164 628 (522 ) 157,270 Total consumer 363,181 1,119 (881 ) 363,419 Total loans 1,745,340 5,115 3,792 1,754,247 Allowance for loan losses (14,534 ) — — (14,534 ) Net loans $ 1,730,806 $ 5,115 $ 3,792 $ 1,739,713 |
Accounting for Certain Loans Ac
Accounting for Certain Loans Acquired in a Transfer | 9 Months Ended |
Sep. 30, 2016 | |
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. Amounts for LaPorte were estimated as of September 30, 2016 as the final analysis of loans with deterioration was not completed. 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 September 30 September 30 2016 2016 2016 2016 2016 2016 Heartland Summit Peoples Kosciusko LaPorte Total Commercial $ 867 $ 5,323 $ 724 $ 1,667 $ 5,731 $ 14,312 Real estate 605 989 204 492 1,673 3,963 Consumer 2 9 — — — 11 Outstanding balance $ 1,474 $ 6,321 $ 928 $ 2,159 $ 7,404 $ 18,286 Carrying amount, net of allowance of $0 $ 18,286 December 31 December 31 December 31 December 31 December 31 December 31 2015 2015 2015 2015 2015 2015 Heartland Summit Peoples Kosciusko LaPorte Total Commercial $ 1,633 $ 5,567 $ 1,061 $ — $ — $ 8,261 Real estate 693 1,216 179 — — 2,088 Consumer 6 35 — — — 41 Outstanding balance $ 2,332 $ 6,818 $ 1,240 $ — $ — $ 10,390 Carrying amount, net of allowance of $63 $ 10,327 Accretable yield, or income expected to be collected for the nine months ended September 30, is as follows: Nine Months Ended September 30, 2016 Heartland Summit Peoples Kosciusko LaPorte Total Balance at January 1 $ 795 $ 708 $ 555 $ — $ — $ 2,058 Additions — — — 634 1,736 2,370 Accretion (127 ) (139 ) (92 ) (38 ) — (396 ) Reclassification from nonaccretable difference — — — — — — Disposals (74 ) (35 ) (59 ) (23 ) — (191 ) Balance at September 30 $ 594 $ 534 $ 404 $ 573 $ 1,736 $ 3,841 Nine Months Ended September 30, 2015 Heartland Summit Peoples Kosciusko LaPorte 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 During the nine months ended September 30, 2016 and 2015, the Company decreased the allowance for loan losses on purchased loans by a recovery to the income statement of $0 and $87,000, respectively. |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2016 | |
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 2016 2015 2016 2015 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Balance at beginning of the period $ 14,226 $ 16,421 $ 14,534 $ 16,501 Loans charged-off: Commercial Owner occupied real estate 4 56 182 1,478 Non owner occupied real estate (1 ) — 471 16 Residential development — — — — Development & Spec Land Loans — — — — Commercial and industrial 8 38 47 291 Total commercial 11 94 700 1,785 Real estate Residential mortgage 12 101 127 287 Residential construction — — — — Mortgage warehouse — — — — Total real estate 12 101 127 287 Consumer Direct Installment 55 51 159 206 Direct Installment Purchased — — — — Indirect Installment 296 218 851 783 Home Equity 32 262 271 766 Total consumer 383 531 1,281 1,755 Total loans charged-off 406 726 2,108 3,827 Recoveries of loans previously charged-off: Commercial Owner occupied real estate 2 8 31 94 Non owner occupied real estate 1 1 55 1 Residential development 2 — 6 — Development & Spec Land Loans — — — — Commercial and industrial 12 8 107 41 Total commercial 17 17 199 136 Real estate Residential mortgage 12 5 75 10 Residential construction — — — — Mortgage warehouse — — — — Total real estate 12 5 75 10 Consumer Direct Installment 26 15 70 91 Direct Installment Purchased — — — — Indirect Installment 160 112 400 347 Home Equity 34 24 135 90 Total consumer 220 151 605 528 Total loan recoveries 249 173 879 674 Net loans charged-off (recovered) 157 553 1,229 3,153 Provision charged to operating expense Commercial 165 532 (471 ) 2,580 Real estate 102 (955 ) (147 ) (51 ) Consumer 188 723 1,837 291 Total provision charged to operating expense 455 300 1,219 2,820 Balance at the end of the period $ 14,524 $ 16,168 $ 14,524 $ 16,168 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, 2016 Commercial Real Estate Mortgage Warehousing Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 6,222 1,947 1,337 5,018 14,524 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 6,222 $ 1,947 $ 1,337 $ 5,018 $ 14,524 Loans: Individually evaluated for impairment $ 5,855 $ — $ — $ — $ 5,855 Collectively evaluated for impairment 1,045,464 531,799 227,374 387,170 2,191,807 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 1,051,319 $ 531,799 $ 227,374 $ 387,170 $ 2,197,662 December 31, 2015 Commercial Real Estate Mortgage Warehousing Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 202 $ — $ — $ — $ 202 Collectively evaluated for impairment 6,739 2,476 1,007 3,856 14,078 Loans acquired with deteriorated credit quality 254 — — — 254 Total ending allowance balance $ 7,195 $ 2,476 $ 1,007 $ 3,856 $ 14,534 Loans: Individually evaluated for impairment $ 7,019 $ — $ — $ — $ 7,019 Collectively evaluated for impairment 798,454 438,454 145,172 363,419 1,745,499 Loans acquired with deteriorated credit quality 1,729 — — — 1,729 Total ending loans balance $ 807,202 $ 438,454 $ 145,172 $ 363,419 $ 1,754,247 |
Non-performing Loans and Impair
Non-performing Loans and Impaired Loans | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 Non-accrual Loans Past Due Over 90 Days Still Accruing Non- Performing TDRs Performing TDRs Total Non- Performing Loans Commercial Owner occupied real estate $ 566 $ — $ — $ — $ 566 Non owner occupied real estate 2,734 — 240 60 3,034 Residential development — — — — — Development & Spec Land Loans 137 — — — 137 Commercial and industrial 1,740 — — — 1,740 Total commercial 5,177 — 240 60 5,477 Real estate Residential mortgage 1,094 44 870 863 2,871 Residential construction — — 238 — 238 Mortgage warehouse — — — — — Total real estate 1,094 44 1,108 863 3,109 Consumer Direct Installment 1,505 — — — 1,505 Direct Installment Purchased — — — — — Indirect Installment 970 15 — — 985 Home Equity 1,345 — 175 241 1,761 Total Consumer 3,820 15 175 241 4,251 Total $ 10,091 $ 59 $ 1,523 $ 1,164 $ 12,837 December 31, 2015 Non-accrual Loans Past Due Over 90 Days Still Accruing Non- Performing TDRs Performing TDRs Total Non- Performing Loans Commercial Owner occupied real estate $ 1,749 $ — $ — $ — $ 1,749 Non owner occupied real estate 3,034 — 1,915 60 5,009 Residential development — — — — — Development & Spec Land Loans 71 — — — 71 Commercial and industrial 176 — — — 176 Total commercial 5,030 — 1,915 60 7,005 Real estate Residential mortgage 4,354 1 824 808 5,987 Residential construction — — 250 — 250 Mortgage warehouse — — — — — Total real estate 4,354 1 1,074 808 6,237 Consumer Direct Installment 541 — — — 541 Direct Installment Purchased — — — — — Indirect Installment 601 27 — — 628 Home Equity 1,736 — 183 350 2,269 Total Consumer 2,878 27 183 350 3,438 Total $ 12,262 $ 28 $ 3,172 $ 1,218 $ 16,680 Included in the $10.1 million of non-accrual loans and the $1.5 million of non-performing TDRs at September 30, 2016 were $1.2 million and $238,000, 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 generally 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 Operations 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, 2016, 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 six consecutive payments but is still reported as TDR unless the loan bears interest at a market rate. As of September 30, 2016, the Company had $2.7 million in TDRs and $1.5 million were performing according to the restructured terms and zero TDRs were returned to accrual status during the first nine months of 2016. There was $84,000 of specific reserves allocated to TDRs at September 30, 2016 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, 2016 Unpaid Principal Balance Recorded Investment Allowance For Loan Loss Allocated Average Balance in Impaired Loans Cash/Accrual Interest Income Recognized Average Balance in Impaired Loans Cash/Accrual Interest Income Recognized With no recorded allowance Commercial Owner occupied real estate $ 994 $ 995 $ — $ 1,029 $ — $ 1,062 $ — Non owner occupied real estate 3,106 3,120 — 3,150 1 3,776 3 Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial 1,740 1,740 — 1,984 — 878 — Total commercial 5,840 5,855 — 6,163 1 5,716 3 With an allowance recorded Commercial Owner occupied real estate — — — — — — — Non owner occupied real estate — — — — — — — Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial — — — — — — — Total commercial — — — — — — — Total $ 5,840 $ 5,855 $ — $ 6,163 $ 1 $ 5,716 $ 3 Three Months Ending Nine Months Ending September 30, 2015 Unpaid Principal Recorded Investment Allowance For Loan Loss Allocated Average Balance in Impaired Loans Cash/Accrual Interest Income Recognized Average Balance in Impaired Loans Cash/Accrual Interest Income Recognized 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 The following table presents the payment status by class of loan: September 30, 2016 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 282 $ 17 $ — $ 299 $ 321,463 $ 321,762 Non owner occupied real estate 180 103 — 283 457,272 457,555 Residential development — — — — 7,949 7,949 Development & Spec Land Loans 32 — — 32 39,766 39,798 Commercial and industrial 361 267 — 628 217,786 218,414 Total commercial 855 387 — 1,242 1,044,236 1,045,478 Real estate Residential mortgage 982 210 43 1,235 505,310 506,545 Residential construction — — — — 21,061 21,061 Mortgage warehouse — — — — 226,876 226,876 Total real estate 982 210 43 1,235 753,247 754,482 Consumer Direct Installment 42 30 — 72 66,423 66,495 Direct Installment Purchased — — — — 124 124 Indirect Installment 805 49 15 869 146,960 147,829 Home Equity 436 26 — 462 172,443 172,905 Total consumer 1,283 105 15 1,403 385,950 387,353 Total $ 3,120 $ 702 $ 58 $ 3,880 $ 2,183,433 $ 2,187,313 Percentage of total loans 0.14 % 0.03 % 0.00 % 0.18 % 99.82 % December 31, 2015 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 481 $ 18 $ — $ 499 $ 267,782 $ 268,281 Non owner occupied real estate 49 — — 49 326,350 326,399 Residential development — — — — 5,018 5,018 Development & Spec Land Loans — — — — 18,183 18,183 Commercial and industrial 32 — — 32 184,879 184,911 Total commercial 562 18 — 580 802,212 802,792 Real estate Residential mortgage 1,121 344 1 1,466 413,458 414,924 Residential construction — — — — 19,751 19,751 Mortgage warehouse — — — — 144,692 144,692 Total real estate 1,121 344 1 1,466 577,901 579,367 Consumer Direct Installment 106 10 — 116 54,225 54,341 Direct Installment Purchased — — — — 153 153 Indirect Installment 1,186 268 27 1,481 150,042 151,523 Home Equity 1,193 203 — 1,396 155,768 157,164 Total consumer 2,485 481 27 2,993 360,188 363,181 Total $ 4,168 $ 843 $ 28 $ 5,039 $ 1,740,301 $ 1,745,340 Percentage of total loans 0.24 % 0.05 % 0.00 % 0.29 % 99.71 % 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 to 120 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 level of risk and (2) weaknesses are considered “potential,” not “defined,” impairments to the primary source of repayment. These loans may be to borrowers with adverse trends in financial performance, collateral value and/or marketability, or balance sheet strength. 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, 2016 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 305,849 $ 5,258 $ 10,655 $ — $ 321,762 Non owner occupied real estate 450,811 344 6,400 — 457,555 Residential development 7,949 — — — 7,949 Development & Spec Land Loans 39,571 — 227 — 39,798 Commercial and industrial 207,998 1,419 8,997 — 218,414 Total commercial 1,012,178 7,021 26,279 — 1,045,478 Real estate Residential mortgage 503,821 — 2,724 — 506,545 Residential construction 20,823 — 238 — 21,061 Mortgage warehouse 226,876 — — — 226,876 Total real estate 751,520 — 2,962 — 754,482 Consumer Direct Installment 64,990 — 1,505 — 66,495 Direct Installment Purchased 124 — — — 124 Indirect Installment 146,844 — 985 — 147,829 Home Equity 171,152 — 1,753 — 172,905 Total Consumer 383,110 — 4,243 — 387,353 Total $ 2,146,808 $ 7,021 $ 33,484 $ — $ 2,187,313 Percentage of total loans 98.15 % 0.32 % 1.53 % 0.00 % December 31, 2015 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 257,181 $ 4,954 $ 6,146 $ — $ 268,281 Non owner occupied real estate 320,216 585 5,598 — 326,399 Residential development 5,018 — — — 5,018 Development & Spec Land Loans 18,112 — 71 — 18,183 Commercial and industrial 180,581 693 3,637 — 184,911 Total commercial 781,108 6,232 15,452 — 802,792 Real estate Residential mortgage 408,937 — 5,987 — 414,924 Residential construction 19,501 — 250 — 19,751 Mortgage warehouse 144,692 — — — 144,692 Total real estate 573,130 — 6,237 — 579,367 Consumer Direct Installment 53,800 — 541 — 54,341 Direct Installment Purchased 153 — — — 153 Indirect Installment 150,895 — 628 — 151,523 Home Equity 154,895 — 2,269 — 157,164 Total Consumer 359,743 — 3,438 — 363,181 Total $ 1,713,981 $ 6,232 $ 25,127 $ — $ 1,745,340 Percentage of total loans 98.20 % 0.36 % 1.44 % 0.00 % |
Repurchase Agreements
Repurchase Agreements | 9 Months Ended |
Sep. 30, 2016 | |
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): September 30, 2016 Remaining Contractual Maturity of the Agreements Overnight Up to one One to three Three to five years Five to ten Beyond ten Total Repurchase Agreements and repurchase-to-maturity transactions Repurchase Agreements $ 62,703 $ 35,000 $ 50,000 $ 10,000 $ — $ — $ 157,703 Securities lending transactions U.S. Treasury and federal agencies 4,025 — — — — — 4,025 Federal agency collateralized mortgage obligations 50,255 — 316 258 21,514 30,621 102,964 Federal agency mortgage-backed pools 14,501 — 89 2,146 20,778 29,388 66,902 Total 68,781 — 405 2,404 42,292 60,009 173,891 Total borrowings $ (6,078 ) $ 35,000 $ 49,595 $ 7,596 $ (42,292 ) $ (60,009 ) $ (16,188 ) Gross amount of recognized liabilities for repurchase agreements and securities lending $ 157,703 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 and December 31, 2015. 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, 2016, 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, 2016, 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 $118.1 million at September 30, 2016 and $117.3 million at December 31, 2015. 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, 2016, 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 Derivatives Liability Derivatives September 30, 2016 September 30, 2016 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 4,563 Interest rate contracts Other Assets 4,563 Other liabilities 3,002 Total derivatives designated as hedging instruments 4,563 7,565 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 787 Other liabilities — Total derivatives not designated as hedging instruments 787 — Total derivatives $ 5,350 $ 7,565 Asset Derivatives Liability Derivatives December 31, 2015 December 31, 2015 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 1,782 Interest rate contracts Other Assets 1,782 Other liabilities 3,141 Total derivatives designated as hedging instruments 1,782 4,923 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 642 Other liabilities — Total derivatives not designated as hedging instruments 642 — Total derivatives $ 2,424 $ 4,923 The effect of the derivative instruments on the condensed consolidated statements 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 hedging relationship 2016 2015 2016 2015 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest rate contracts $ 522 $ (335 ) $ 103 $ (217 ) 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) recognized on derivative 2016 2015 2016 2015 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest rate contracts Interest income - loans $ (830 ) $ 765 $ 2,781 $ 579 Interest rate contracts Interest income - loans 830 (765 ) (2,781 ) (579 ) Total $ — $ — $ — $ — 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 not designated as hedging relationship Location of gain (loss) recognized on derivative 2016 2015 2016 2015 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Mortgage contracts Other income - gain on sale of loans $ (324 ) $ (77 ) $ 145 $ 196 |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016. 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 collateralized mortgage obligations and mortgage-backed pools and corporate notes. Level 2 securities are valued by a third 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 third 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: Fair Value Quoted Prices in (Level 1) Significant Other Significant (Level 3) September 30, 2016 Available-for-sale securities U.S. Treasury and federal agencies $ 27,422 $ — $ 27,422 $ — State and municipal 64,039 — 64,039 — Federal agency collateralized mortgage obligations 189,684 — 189,684 — Federal agency mortgage-backed pools 275,973 — 275,973 — Corporate notes 95 — 95 — Total available-for-sale securities 557,213 — 557,213 — Hedged loans 113,558 — 113,558 — Forward sale commitments 787 — 787 — Interest rate swap agreements (7,870 ) — (7,870 ) — Commitments to originate loans — — — — December 31, 2015 Available-for-sale securities U.S. Treasury and federal agencies $ 5,926 $ — $ 5,926 $ — State and municipal 75,095 — 75,095 — Federal agency collateralized mortgage obligations 156,203 — 156,203 — Federal agency mortgage-backed pools 207,704 — 207,704 — Corporate notes 54 — 54 — Total available-for-sale securities 444,982 — 444,982 — Hedged loans 115,472 — 115,472 — Forward sale commitments 642 — 642 — Interest rate swap agreements (4,923 ) — (4,923 ) — 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 Total gains and losses from: 2016 2015 2016 2015 Hedged loans $ (830 ) $ 765 $ 2,781 $ 579 Fair value interest rate swap agreements 830 (765 ) (2,781 ) (579 ) Derivative loan commitments (324 ) (77 ) 145 196 $ (324 ) $ (77 ) $ 145 $ 196 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): Fair Value Quoted Prices in (Level 1) Significant Other Significant (Level 3) September 30, 2016 Impaired loans $ 5,840 $ — $ — $ 5,840 Mortgage servicing rights 10,269 — — 10,269 December 31, 2015 Impaired loans $ 6,803 $ — $ — $ 6,803 Mortgage servicing rights 8,874 — — 8,874 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 $ 5,840 Collateral based measurement Discount to reflect current market conditions and ultimate collectability 10% - 15% (12%) Mortgage servicing rights $ 10,269 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 15% (12%), Fair Value at Valuation Range (Weighted December 31, 2015 Technique Unobservable Inputs Average) Impaired loans $ 6,803 Collateral based measurement Discount to reflect current market conditions and ultimate collectability 10% - 15% (12%) Mortgage servicing rights $ 8,874 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 15% (12%), |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 and December 31, 2015. 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, 2016 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Assets Cash and due from banks $ 83,721 $ 83,721 $ — $ — Investment securities, held to maturity 187,027 — 194,294 — Loans held for sale 7,369 — — 7,369 Loans excluding loan level hedges, net 2,062,437 — — 2,046,807 Stock in FHLB and FRB 20,877 — 20,877 — Interest receivable 12,702 — 12,702 — Liabilities Non-interest bearing deposits $ 479,771 $ 479,771 $ — $ — Interest-bearing deposits 1,856,391 — 1,873,377 — Borrowings 569,908 — 566,880 — Subordinated debentures 37,418 — 36,491 — Interest payable 1,015 — 1,015 — December 31, 2015 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Assets Cash and due from banks $ 48,650 $ 48,650 $ — $ — Investment securities, held to maturity 187,629 — 193,703 — Loans held for sale 7,917 — — 7,917 Loans excluding loan level hedges, net 1,619,125 — — 1,703,506 Stock in FHLB and FRB 13,823 — 13,823 — Interest receivable 10,535 — 10,535 — Liabilities Non-interest bearing deposits $ 335,955 $ 335,955 $ — $ — Interest-bearing deposits 1,544,198 — 1,461,314 — Borrowings 449,347 — 441,547 — Subordinated debentures 32,797 — 32,996 — Interest payable 507 — 507 — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 12 – Accumulated Other Comprehensive Income September 30 December 31 Unrealized gain on securities available for sale $ 6,757 $ 920 Unamortized gain on securities held to maturity, previously transferred from AFS 548 1,109 Unrealized loss on derivative instruments (3,002 ) (3,142 ) Tax effect (1,494 ) 390 Total accumulated other comprehensive income (loss) $ 2,809 $ (723 ) |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016, 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. 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, 2016) and Tier I leverage ratios as set forth in the table below. As of September 30, 2016 and December 31, 2015, 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 2016 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, 2016 and December 31, 2015 were as follows: Actual Required For Capital 1 Well Capitalized Under Prompt 1 Amount Ratio Amount Ratio Amount Ratio As of September 30, 2016 Total capital 1 Consolidated $ 317,012 13.39 % $ 204,318 8.63 % N/A N/A Bank 315,040 13.34 % 203,808 8.63 % $ 236,162 10.00 % Tier 1 capital 1 Consolidated 302,488 12.78 % 156,925 6.63 % N/A N/A Bank 300,516 12.73 % 156,514 6.63 % 188,855 8.00 % Common equity tier 1 capital 1 Consolidated 302,488 11.16 % 121,395 5.13 % N/A N/A Bank 300,516 12.73 % 121,103 5.13 % 153,445 6.50 % Tier 1 capital 1 Consolidated 302,488 9.69 % 124,866 4.00 % N/A N/A Bank 300,516 9.65 % 124,566 4.00 % 155,708 5.00 % As of December 31, 2015 Total capital 1 Consolidated $ 264,452 13.99 % $ 151,223 8.00 % N/A N/A Bank 237,348 12.57 % 151,057 8.00 % $ 188,821 10.00 % Tier 1 capital 1 Consolidated 249,918 13.22 % 113,427 6.00 % N/A N/A Bank 222,814 11.80 % 113,295 6.00 % 151,060 8.00 % Common equity tier 1 capital 1 Consolidated 204,350 10.81 % 85,067 4.50 % N/A N/A Bank 222,814 11.80 % 84,971 4.50 % 122,737 6.50 % Tier 1 capital 1 Consolidated 249,918 9.82 % 101,800 4.00 % N/A N/A Bank 222,814 8.77 % 101,626 4.00 % 127,032 5.00 % 1 As defined by regulatory agencies |
Preferred Stock Redemption
Preferred Stock Redemption | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Preferred Stock Redemption | Note 14 – Preferred Stock Redemption On February 1, 2016, Horizon completed the redemption (the “Redemption”) of all 12,500 outstanding shares of Senior Non-Cumulative Perpetual Preferred Stock, Series B (the “SBLF Preferred Stock”) which were held by the U.S. Department of Treasury and issued pursuant to its Small Business Lending Fund (“SBLF”). The SBLF Preferred Stock was redeemed at its liquidation value of $1,000 per share, plus accrued dividends, for a total Redemption price of $12,510,416.67. Horizon funded the Redemption using cash on hand without borrowing and without a special dividend from the Bank. Following the Redemption, Horizon does not have any shares of its Senior Non-Cumulative Perpetual Preferred Stock, Series B outstanding. The Redemption terminates Horizon’s participation in the SBLF. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15 – Subsequent Events On July 12, 2016, Horizon announced the acquisition of CNB Bancorp, parent company of The Central National Bank and Trust Company (“Central National Bank & Trust”). Under the terms of the Merger Agreement, stockholders of CNB Bancorp will receive cash consideration consisting of a special dividend calculated as capital in excess of 8% of CNB Bancorp’s total assets, less certain after tax transaction costs, and an amount to be paid by Horizon equal to 120% of remaining capital. These amounts will be determined as of the end of the month prior to the closing of the merger. These amounts are dependent on CNB Bancorp’s earnings and other factors, but if the cash consideration for the stockholders were calculated based on the March 31, 2016 financial information available at the time of signing the Merger Agreement, the stockholders would receive, in the aggregate, a $6.7 million special dividend and a $5.3 million payment from Horizon. As of September 30, 2016, CNB Bancorp had total assets of approximately $56.4 million. Horizon anticipates closing the acquisition in early November 2016. On October 4, 2016, Horizon announced the signing of a definitive agreement to purchase certain loans and substantially all of the deposits of a single branch located at 42 S. State Road 135, Bargersville, Indiana and owned by First Farmers Bank & Trust Co., an Indiana state chartered bank (“First Farmers”) and wholly owned subsidiary of First Farmers Financial Corporation, headquartered in Converse, Indiana. Under the terms of the agreement, Horizon anticipates purchasing approximately $5.0 million dollars in loans and assuming approximately $15 million in deposits. The loans to be purchased are subject to review and acceptance by Horizon prior to closing. Horizon will not be purchasing fixed assets or assuming the underlying lease for the First Farmers branch. |
Future Accounting Matters
Future Accounting Matters | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Future Accounting Matters | Note 16 – Future Accounting Matters In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years for public business entities. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, with certain practical expedients available. Early adoption is permitted. The Company continues to assess the impact of Topic 842 on its accounting and disclosures. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The guidance is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. The Company continues to assess ASU 2016-09 but does not expect a significant impact on its accounting and disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (i.e., January 1, 2020, for calendar year entities. Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230)-Classification of Certain Cash Receipts and Cash Payments The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and should be applied retrospectively. Early adoption is permitted, including adoption in an interim period. The Company is assessing ASU 2016-15 but does not expect a significant impact on its accounting and disclosures. |
General Litigation
General Litigation | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
General Litigation | Note 17 – 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 of operation and cash flows of the Company. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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 2016 2015 2016 2015 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Basic earnings per share Net income $ 6,602 $ 4,288 $ 18,309 $ 14,374 Less: Preferred stock dividends — 31 42 94 Net income available to common shareholders $ 6,602 $ 4,257 $ 18,267 $ 14,280 Weighted average common shares outstanding (1) 21,538,752 17,408,964 19,252,295 15,044,129 Basic earnings per share $ 0.31 $ 0.24 $ 0.95 $ 0.95 Diluted earnings per share Net income available to common shareholders $ 6,602 $ 4,257 $ 18,267 $ 14,280 Weighted average common shares outstanding (1) 21,538,752 17,408,964 19,252,295 15,044,129 Effect of dilutive securities: Warrants — 321,888 — 436,044 Restricted stock 33,650 50,207 27,590 46,092 Stock options 79,551 58,823 66,491 54,446 Weighted average shares outstanding 21,651,953 17,839,882 19,346,376 15,580,711 Diluted earnings per share $ 0.30 $ 0.24 $ 0.94 $ 0.92 (1) Adjusted for 3:2 stock split on November 14, 2016 There were zero shares for both the three and nine months ended September 30, 2016, respectively, and 3,750 for both the three and nine months ended September 30, 2015 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, 2015 Annual Report on Form 10-K. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 2016 2015 2016 2015 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Basic earnings per share Net income $ 6,602 $ 4,288 $ 18,309 $ 14,374 Less: Preferred stock dividends — 31 42 94 Net income available to common shareholders $ 6,602 $ 4,257 $ 18,267 $ 14,280 Weighted average common shares outstanding (1) 21,538,752 17,408,964 19,252,295 15,044,129 Basic earnings per share $ 0.31 $ 0.24 $ 0.95 $ 0.95 Diluted earnings per share Net income available to common shareholders $ 6,602 $ 4,257 $ 18,267 $ 14,280 Weighted average common shares outstanding (1) 21,538,752 17,408,964 19,252,295 15,044,129 Effect of dilutive securities: Warrants — 321,888 — 436,044 Restricted stock 33,650 50,207 27,590 46,092 Stock options 79,551 58,823 66,491 54,446 Weighted average shares outstanding 21,651,953 17,839,882 19,346,376 15,580,711 Diluted earnings per share $ 0.30 $ 0.24 $ 0.94 $ 0.92 (1) Adjusted for 3:2 stock split on November 14, 2016 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Peoples Bancorp Inc [Member] | |
Schedule of 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 Cash and due from banks $ 205,054 Investment securities, held to maturity 2,038 Commercial 67,435 Residential mortgage 137,331 Consumer 19,593 Total loans 224,359 Premises and equipment, net 5,524 FRB and FHLB stock 2,743 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 Common shares issued $ 55,506 Cash paid 22,641 Total estimated purchase price $ 78,147 LIABILITIES Deposits Non-interest bearing $ 28,251 NOW accounts 65,771 Savings and money market 125,176 Certificates of deposits 131,889 Total deposits 351,087 Borrowings 48,884 Interest payable 21 Other liabilities 6,938 Total liabilities assumed $ 406,930 |
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, 2016 and 2015 as if the Peoples and Peoples FSB acquisitions had occurred as of the beginning of the comparable prior reporting period. Three Months Ended Nine Months Ended September 30 September 30 September 30 September 30 2016 2015 2016 2015 Summary of Operations: Net Interest Income $ 24,410 $ 19,776 $ 65,053 $ 60,466 Provision for Loan Losses 455 300 1,219 2,880 Net Interest Income after Provision for Loan Losses 23,955 19,476 63,834 57,586 Non-interest Income 10,056 8,400 27,789 24,545 Non-Interest Expense 24,820 22,235 66,122 61,192 Income before Income Taxes 9,191 5,641 25,501 20,939 Income Tax Expense 2,589 1,353 7,192 5,164 Net Income 6,602 4,288 18,309 15,776 Net Income Available to Common Shareholders $ 6,602 $ 4,257 $ 18,267 $ 15,682 Basic Earnings Per Share $ 0.31 $ 0.24 $ 0.95 $ 0.91 Diluted Earnings Per Share $ 0.30 $ 0.24 $ 0.94 $ 0.89 |
Kosciusko Financial Inc [Member] | |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Kosciusko acquisition is detailed in the following table. The final valuation numbers were received in September 2016 which changed the goodwill estimate from $6.9 million to $6.4 million. ASSETS Cash and due from banks $ 38,950 Investment securities, held to maturity 1,191 Commercial 70,006 Residential mortgage 26,244 Consumer 6,319 Total loans 102,569 Premises and equipment, net 1,466 FRB and FHLB stock 582 Goodwill 6,443 Core deposit intangible 526 Interest receivable 636 Cash value of life insurance 2,745 Other assets 765 Total assets purchased $ 155,873 Common shares issued $ 14,470 Cash paid 8,513 Total estimated purchase price $ 22,983 LIABILITIES Deposits Non-interest bearing $ 27,871 NOW accounts 35,213 Savings and money market 26,953 Certificates of deposits 32,771 Total deposits 122,808 Borrowings 9,038 Interest payable 55 Other liabilities 989 Total liabilities assumed $ 132,890 |
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 June 1, 2016. Contractually required principal and interest at acquisition $ 2,682 Contractual cash flows not expected to be collected (nonaccretable differences) 25 Expected cash flows at acquisition 2,657 Interest component of expected cash flows (accretable discount) 634 Fair value of acquired loans accounted for under ASC 310-30 $ 2,023 |
LaPorte Bancorp Inc [Member] | |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the LaPorte Bancorp acquisition is detailed in the following table. Final estimates of fair value on the date of acquisition have not been received yet. Prior to the end of the one year measurement period for finalizing the purchase price allocation, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation prospectively. If any adjustments are made to the preliminary assumptions (provisional amounts), disclosures will be made in the notes to the financial statements of the amounts recorded in the current period earnings by line item that have been recorded in previous reporting periods if the adjustments to the provisional amounts had been recognized as of the acquisition date. ASSETS Cash and due from banks $ 154,849 Investment securities, held to maturity 23,779 Commercial 154,223 Residential mortgage 42,603 Consumer 16,801 Mortgage Warehousing 99,752 Total loans 313,379 Premises and equipment, net 6,022 FHLB stock 4,029 Goodwill 18,265 Core deposit intangible 2,514 Interest receivable 844 Cash value of life insurance 15,267 Other assets 7,822 Total assets purchased $ 546,770 Common shares issued $ 60,306 Cash paid 38,328 Total estimated purchase price $ 98,634 LIABILITIES Deposits Non-interest bearing $ 66,733 NOW accounts 99,346 Savings and money market 117,688 Certificates of deposits 86,929 Total deposits 370,696 Borrowings 64,793 Interest payable 178 Subordinated debt 4,504 Other liabilities 7,965 Total liabilities assumed $ 448,136 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details an estimate of the acquired loans that are accounted for in accordance with ASC 310-30 as of July 18, 2016. Final valuation estimates have not yet been determined for acquired loans as of September 30, 2016. If information becomes available which would indicate adjustments to the purchase price allocation, such adjustments would be made prospectively. Contractually required principal and interest at acquisition $ 12,551 Contractual cash flows not expected to be collected (nonaccretable differences) 3,411 Expected cash flows at acquisition 9,140 Interest component of expected cash flows (accretable discount) 1,736 Fair value of acquired loans accounted for under ASC 310-30 $ 7,404 |
Pro Forma Result of Comparable Prior Reporting Period | The following schedule includes pro forma results for the periods ended September 30, 2016 and 2015 as if the LaPorte Bancorp and The LaPorte Savings Bank acquisitions had occurred as of the beginning of the comparable prior reporting periods. Three Months Ended Nine Months Ended September 30 September 30 September 30 September 30 2016 2015 2016 2015 Summary of Operations: Net Interest Income $ 25,044 $ 23,981 $ 74,512 $ 67,243 Provision for Loan Losses 455 400 1,219 3,075 Net Interest Income after Provision for Loan Losses 24,589 23,581 73,293 64,168 Non-interest Income 11,056 9,099 33,052 24,767 Non-Interest Expense 31,611 25,541 80,937 64,956 Income before Income Taxes 4,034 7,139 25,408 23,979 Income Tax Expense 1,855 1,670 8,070 5,932 Net Income 2,179 5,469 17,338 18,047 Net Income Available to Common Shareholders $ 2,179 $ 5,438 $ 17,296 $ 17,953 Basic Earnings Per Share $ 0.10 $ 0.31 $ 0.90 $ 1.19 Diluted Earnings Per Share $ 0.10 $ 0.30 $ 0.89 $ 1.15 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value of Securities | The fair value of securities is as follows: Gross Gross Amortized Unrealized Unrealized Fair September 30, 2016 Cost Gains Losses Value Available for sale U.S. Treasury and federal agencies $ 27,383 $ 54 $ (15 ) $ 27,422 State and municipal 62,825 1,321 (107 ) 64,039 Federal agency collateralized mortgage obligations 188,072 1,894 (282 ) 189,684 Federal agency mortgage-backed pools 272,144 4,240 (411 ) 275,973 Corporate notes 32 63 — 95 Total available for sale investment securities $ 550,456 $ 7,572 $ (815 ) $ 557,213 Held to maturity State and municipal $ 158,543 $ 6,718 $ (761 ) $ 164,500 Federal agency collateralized mortgage obligations 6,828 144 — 6,972 Federal agency mortgage-backed pools 21,656 1,166 — 22,822 Total held to maturity investment securities $ 187,027 $ 8,028 $ (761 ) $ 194,294 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Available for sale U.S. Treasury and federal agencies $ 5,940 $ 3 $ (17 ) $ 5,926 State and municipal 73,829 1,299 (33 ) 75,095 Federal agency collateralized mortgage obligations 157,291 567 (1,655 ) 156,203 Federal agency mortgage-backed pools 206,970 2,080 (1,346 ) 207,704 Corporate notes 32 22 — 54 Total available for sale investment securities $ 444,062 $ 3,971 $ (3,051 ) $ 444,982 Held to maturity U.S. Treasury and federal agencies $ 5,859 $ 93 $ — $ 5,952 State and municipal 146,331 5,375 (253 ) 151,453 Federal agency collateralized mortgage obligations 9,051 27 (124 ) 8,954 Federal agency mortgage-backed pools 26,388 1,141 (185 ) 27,344 Total held to maturity investment securities $ 187,629 $ 6,636 $ (562 ) $ 193,703 |
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, 2016 and December 31, 2015, 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, 2016 December 31, 2015 Amortized Fair Amortized Fair Cost Value Cost Value Available for sale Within one year $ 6,921 $ 6,953 $ 7,192 $ 7,232 One to five years 52,105 52,482 38,197 38,894 Five to ten years 12,934 13,325 16,807 17,152 After ten years 18,280 18,796 17,605 17,797 90,240 91,556 79,801 81,075 Federal agency collateralized mortgage obligations 188,072 189,684 157,291 156,203 Federal agency mortgage-backed pools 272,144 275,973 206,970 207,704 Total available for sale investment securities $ 550,456 $ 557,213 $ 444,062 $ 444,982 Held to maturity Within one year $ — $ — $ — $ — One to five years 22,801 23,965 17,815 18,403 Five to ten years 88,924 93,501 106,167 110,026 After ten years 46,818 47,034 28,208 28,976 158,543 164,500 152,190 157,405 Federal agency collateralized mortgage obligations 6,828 6,972 9,051 8,954 Federal agency mortgage-backed pools 21,656 22,822 26,388 27,344 Total held to maturity investment securities $ 187,027 $ 194,294 $ 187,629 $ 193,703 |
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, 2016 Value Losses Value Losses Value Losses U.S. Treasury and federal agencies $ 6,594 $ (15 ) $ — $ — $ 6,594 $ (15 ) State and municipal 26,360 (868 ) — — 26,360 (868 ) Federal agency collateralized mortgage obligations 48,837 (184 ) 12,304 (98 ) 61,141 (282 ) Federal agency mortgage-backed pools 47,054 (365 ) 6,779 (46 ) 53,833 (411 ) Total temporarily impaired securities $ 128,845 $ (1,432 ) $ 19,083 $ (144 ) $ 147,928 $ (1,576 ) Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Value Losses Value Losses Value Losses U.S. Treasury and federal agencies $ 5,468 $ (17 ) $ — $ — $ 5,468 $ (17 ) State and municipal 17,353 (280 ) 446 (6 ) 17,799 (286 ) Federal agency collateralized mortgage obligations 89,459 (1,124 ) 25,428 (655 ) 114,887 (1,779 ) Federal agency mortgage-backed pools 113,244 (1,212 ) 16,506 (319 ) 129,750 (1,531 ) Total temporarily impaired securities $ 225,524 $ (2,633 ) $ 42,380 $ (980 ) $ 267,904 $ (3,613 ) |
Sales of Securities Available for Sale | Three Months Ended September 30 Nine Months Ended September 30 2016 2015 2016 2015 Sales of securities available for sale Proceeds $ — $ — $ 25,077 $ 13,332 Gross gains — — 1,060 147 Gross losses — — (185 ) (23 ) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Amounts of Loans | September 30 December 31 2016 2015 Commercial Working capital and equipment $ 440,599 $ 381,245 Real estate, including agriculture 564,602 391,668 Tax exempt 12,621 8,674 Other 29,628 23,408 Total 1,047,450 804,995 Real estate 1–4 family 523,721 433,015 Other 6,441 4,129 Total 530,162 437,144 Consumer Auto 167,541 168,397 Recreation 5,458 5,365 Real estate/home improvement 55,505 47,015 Home equity 140,156 127,113 Unsecured 4,230 4,120 Other 13,141 10,290 Total 386,031 362,300 Mortgage warehouse 226,876 144,692 Total loans 2,190,519 1,749,131 Allowance for loan losses (14,524 ) (14,534 ) Loans, net $ 2,175,995 $ 1,734,597 |
Recorded Investment of Individual Loan Categories | The following table shows the recorded investment of individual loan categories. Loan Deferred Recorded September 30, 2016 Balance Interest Due Fees / (Costs) Investment Owner occupied real estate $ 321,762 $ 1,151 $ 1,192 $ 324,105 Non owner occupied real estate 457,555 627 529 458,711 Residential spec homes 7,949 20 6 7,975 Development & spec land loans 39,798 79 74 39,951 Commercial and industrial 218,414 1,992 171 220,577 Total commercial 1,045,478 3,869 1,972 1,051,319 Residential mortgage 506,545 1,599 2,556 510,700 Residential construction 21,061 38 — 21,099 Mortgage warehouse 226,876 498 — 227,374 Total real estate 754,482 2,135 2,556 759,173 Direct installment 66,495 178 (439 ) 66,234 Direct installment purchased 124 — — 124 Indirect installment 147,829 296 — 148,125 Home equity 172,905 665 (883 ) 172,687 Total consumer 387,353 1,139 (1,322 ) 387,170 Total loans 2,187,313 7,143 3,206 2,197,662 Allowance for loan losses (14,524 ) — — (14,524 ) Net loans $ 2,172,789 $ 7,143 $ 3,206 $ 2,183,138 Loan Deferred Recorded December 31, 2015 Balance Interest Due Fees / (Costs) Investment Owner occupied real estate $ 268,281 $ 613 $ 1,328 $ 270,222 Non owner occupied real estate 326,399 306 497 327,202 Residential spec homes 5,018 9 17 5,044 Development & spec land loans 18,183 33 26 18,242 Commercial and industrial 184,911 1,246 335 186,492 Total commercial 802,792 2,207 2,203 807,202 Residential mortgage 414,924 1,275 2,470 418,669 Residential construction 19,751 34 — 19,785 Mortgage warehouse 144,692 480 — 145,172 Total real estate 579,367 1,789 2,470 583,626 Direct installment 54,341 168 (359 ) 54,150 Direct installment purchased 153 — — 153 Indirect installment 151,523 323 — 151,846 Home equity 157,164 628 (522 ) 157,270 Total consumer 363,181 1,119 (881 ) 363,419 Total loans 1,745,340 5,115 3,792 1,754,247 Allowance for loan losses (14,534 ) — — (14,534 ) Net loans $ 1,730,806 $ 5,115 $ 3,792 $ 1,739,713 |
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 September 30 September 30 2016 2016 2016 2016 2016 2016 Heartland Summit Peoples Kosciusko LaPorte Total Commercial $ 867 $ 5,323 $ 724 $ 1,667 $ 5,731 $ 14,312 Real estate 605 989 204 492 1,673 3,963 Consumer 2 9 — — — 11 Outstanding balance $ 1,474 $ 6,321 $ 928 $ 2,159 $ 7,404 $ 18,286 Carrying amount, net of allowance of $0 $ 18,286 December 31 December 31 December 31 December 31 December 31 December 31 2015 2015 2015 2015 2015 2015 Heartland Summit Peoples Kosciusko LaPorte Total Commercial $ 1,633 $ 5,567 $ 1,061 $ — $ — $ 8,261 Real estate 693 1,216 179 — — 2,088 Consumer 6 35 — — — 41 Outstanding balance $ 2,332 $ 6,818 $ 1,240 $ — $ — $ 10,390 Carrying amount, net of allowance of $63 $ 10,327 |
Accounting for Certain Loans 33
Accounting for Certain Loans Acquired in a Transfer (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 Heartland Summit Peoples Kosciusko LaPorte Total Balance at January 1 $ 795 $ 708 $ 555 $ — $ — $ 2,058 Additions — — — 634 1,736 2,370 Accretion (127 ) (139 ) (92 ) (38 ) — (396 ) Reclassification from nonaccretable difference — — — — — — Disposals (74 ) (35 ) (59 ) (23 ) — (191 ) Balance at September 30 $ 594 $ 534 $ 404 $ 573 $ 1,736 $ 3,841 Nine Months Ended September 30, 2015 Heartland Summit Peoples Kosciusko LaPorte 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 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 2016 2015 2016 2015 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Balance at beginning of the period $ 14,226 $ 16,421 $ 14,534 $ 16,501 Loans charged-off: Commercial Owner occupied real estate 4 56 182 1,478 Non owner occupied real estate (1 ) — 471 16 Residential development — — — — Development & Spec Land Loans — — — — Commercial and industrial 8 38 47 291 Total commercial 11 94 700 1,785 Real estate Residential mortgage 12 101 127 287 Residential construction — — — — Mortgage warehouse — — — — Total real estate 12 101 127 287 Consumer Direct Installment 55 51 159 206 Direct Installment Purchased — — — — Indirect Installment 296 218 851 783 Home Equity 32 262 271 766 Total consumer 383 531 1,281 1,755 Total loans charged-off 406 726 2,108 3,827 Recoveries of loans previously charged-off: Commercial Owner occupied real estate 2 8 31 94 Non owner occupied real estate 1 1 55 1 Residential development 2 — 6 — Development & Spec Land Loans — — — — Commercial and industrial 12 8 107 41 Total commercial 17 17 199 136 Real estate Residential mortgage 12 5 75 10 Residential construction — — — — Mortgage warehouse — — — — Total real estate 12 5 75 10 Consumer Direct Installment 26 15 70 91 Direct Installment Purchased — — — — Indirect Installment 160 112 400 347 Home Equity 34 24 135 90 Total consumer 220 151 605 528 Total loan recoveries 249 173 879 674 Net loans charged-off (recovered) 157 553 1,229 3,153 Provision charged to operating expense Commercial 165 532 (471 ) 2,580 Real estate 102 (955 ) (147 ) (51 ) Consumer 188 723 1,837 291 Total provision charged to operating expense 455 300 1,219 2,820 Balance at the end of the period $ 14,524 $ 16,168 $ 14,524 $ 16,168 |
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, 2016 Commercial Real Estate Mortgage Warehousing Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 6,222 1,947 1,337 5,018 14,524 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 6,222 $ 1,947 $ 1,337 $ 5,018 $ 14,524 Loans: Individually evaluated for impairment $ 5,855 $ — $ — $ — $ 5,855 Collectively evaluated for impairment 1,045,464 531,799 227,374 387,170 2,191,807 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 1,051,319 $ 531,799 $ 227,374 $ 387,170 $ 2,197,662 December 31, 2015 Commercial Real Estate Mortgage Warehousing Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 202 $ — $ — $ — $ 202 Collectively evaluated for impairment 6,739 2,476 1,007 3,856 14,078 Loans acquired with deteriorated credit quality 254 — — — 254 Total ending allowance balance $ 7,195 $ 2,476 $ 1,007 $ 3,856 $ 14,534 Loans: Individually evaluated for impairment $ 7,019 $ — $ — $ — $ 7,019 Collectively evaluated for impairment 798,454 438,454 145,172 363,419 1,745,499 Loans acquired with deteriorated credit quality 1,729 — — — 1,729 Total ending loans balance $ 807,202 $ 438,454 $ 145,172 $ 363,419 $ 1,754,247 |
Non-performing Loans and Impa35
Non-performing Loans and Impaired Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 Non-accrual Loans Past Due Over 90 Days Still Accruing Non- Performing TDRs Performing TDRs Total Non- Performing Loans Commercial Owner occupied real estate $ 566 $ — $ — $ — $ 566 Non owner occupied real estate 2,734 — 240 60 3,034 Residential development — — — — — Development & Spec Land Loans 137 — — — 137 Commercial and industrial 1,740 — — — 1,740 Total commercial 5,177 — 240 60 5,477 Real estate Residential mortgage 1,094 44 870 863 2,871 Residential construction — — 238 — 238 Mortgage warehouse — — — — — Total real estate 1,094 44 1,108 863 3,109 Consumer Direct Installment 1,505 — — — 1,505 Direct Installment Purchased — — — — — Indirect Installment 970 15 — — 985 Home Equity 1,345 — 175 241 1,761 Total Consumer 3,820 15 175 241 4,251 Total $ 10,091 $ 59 $ 1,523 $ 1,164 $ 12,837 December 31, 2015 Non-accrual Loans Past Due Over 90 Days Still Accruing Non- Performing TDRs Performing TDRs Total Non- Performing Loans Commercial Owner occupied real estate $ 1,749 $ — $ — $ — $ 1,749 Non owner occupied real estate 3,034 — 1,915 60 5,009 Residential development — — — — — Development & Spec Land Loans 71 — — — 71 Commercial and industrial 176 — — — 176 Total commercial 5,030 — 1,915 60 7,005 Real estate Residential mortgage 4,354 1 824 808 5,987 Residential construction — — 250 — 250 Mortgage warehouse — — — — — Total real estate 4,354 1 1,074 808 6,237 Consumer Direct Installment 541 — — — 541 Direct Installment Purchased — — — — — Indirect Installment 601 27 — — 628 Home Equity 1,736 — 183 350 2,269 Total Consumer 2,878 27 183 350 3,438 Total $ 12,262 $ 28 $ 3,172 $ 1,218 $ 16,680 |
Commercial Loans Individually Evaluated for Impairment by Class of Loan | The following table presents commercial loans individually evaluated for impairment by class of loan: Three Months Ending Nine Months Ending September 30, 2016 Unpaid Principal Balance Recorded Investment Allowance For Loan Loss Allocated Average Balance in Impaired Loans Cash/Accrual Interest Income Recognized Average Balance in Impaired Loans Cash/Accrual Interest Income Recognized With no recorded allowance Commercial Owner occupied real estate $ 994 $ 995 $ — $ 1,029 $ — $ 1,062 $ — Non owner occupied real estate 3,106 3,120 — 3,150 1 3,776 3 Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial 1,740 1,740 — 1,984 — 878 — Total commercial 5,840 5,855 — 6,163 1 5,716 3 With an allowance recorded Commercial Owner occupied real estate — — — — — — — Non owner occupied real estate — — — — — — — Residential development — — — — — — — Development & Spec Land Loans — — — — — — — Commercial and industrial — — — — — — — Total commercial — — — — — — — Total $ 5,840 $ 5,855 $ — $ 6,163 $ 1 $ 5,716 $ 3 Three Months Ending Nine Months Ending September 30, 2015 Unpaid Principal Recorded Investment Allowance For Loan Loss Allocated Average Balance in Impaired Loans Cash/Accrual Interest Income Recognized Average Balance in Impaired Loans Cash/Accrual Interest Income Recognized 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 |
Payment Status by Class of Loan | The following table presents the payment status by class of loan: September 30, 2016 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 282 $ 17 $ — $ 299 $ 321,463 $ 321,762 Non owner occupied real estate 180 103 — 283 457,272 457,555 Residential development — — — — 7,949 7,949 Development & Spec Land Loans 32 — — 32 39,766 39,798 Commercial and industrial 361 267 — 628 217,786 218,414 Total commercial 855 387 — 1,242 1,044,236 1,045,478 Real estate Residential mortgage 982 210 43 1,235 505,310 506,545 Residential construction — — — — 21,061 21,061 Mortgage warehouse — — — — 226,876 226,876 Total real estate 982 210 43 1,235 753,247 754,482 Consumer Direct Installment 42 30 — 72 66,423 66,495 Direct Installment Purchased — — — — 124 124 Indirect Installment 805 49 15 869 146,960 147,829 Home Equity 436 26 — 462 172,443 172,905 Total consumer 1,283 105 15 1,403 385,950 387,353 Total $ 3,120 $ 702 $ 58 $ 3,880 $ 2,183,433 $ 2,187,313 Percentage of total loans 0.14 % 0.03 % 0.00 % 0.18 % 99.82 % December 31, 2015 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 481 $ 18 $ — $ 499 $ 267,782 $ 268,281 Non owner occupied real estate 49 — — 49 326,350 326,399 Residential development — — — — 5,018 5,018 Development & Spec Land Loans — — — — 18,183 18,183 Commercial and industrial 32 — — 32 184,879 184,911 Total commercial 562 18 — 580 802,212 802,792 Real estate Residential mortgage 1,121 344 1 1,466 413,458 414,924 Residential construction — — — — 19,751 19,751 Mortgage warehouse — — — — 144,692 144,692 Total real estate 1,121 344 1 1,466 577,901 579,367 Consumer Direct Installment 106 10 — 116 54,225 54,341 Direct Installment Purchased — — — — 153 153 Indirect Installment 1,186 268 27 1,481 150,042 151,523 Home Equity 1,193 203 — 1,396 155,768 157,164 Total consumer 2,485 481 27 2,993 360,188 363,181 Total $ 4,168 $ 843 $ 28 $ 5,039 $ 1,740,301 $ 1,745,340 Percentage of total loans 0.24 % 0.05 % 0.00 % 0.29 % 99.71 % |
Loans by Credit Grades | The following table presents loans by credit grades. September 30, 2016 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 305,849 $ 5,258 $ 10,655 $ — $ 321,762 Non owner occupied real estate 450,811 344 6,400 — 457,555 Residential development 7,949 — — — 7,949 Development & Spec Land Loans 39,571 — 227 — 39,798 Commercial and industrial 207,998 1,419 8,997 — 218,414 Total commercial 1,012,178 7,021 26,279 — 1,045,478 Real estate Residential mortgage 503,821 — 2,724 — 506,545 Residential construction 20,823 — 238 — 21,061 Mortgage warehouse 226,876 — — — 226,876 Total real estate 751,520 — 2,962 — 754,482 Consumer Direct Installment 64,990 — 1,505 — 66,495 Direct Installment Purchased 124 — — — 124 Indirect Installment 146,844 — 985 — 147,829 Home Equity 171,152 — 1,753 — 172,905 Total Consumer 383,110 — 4,243 — 387,353 Total $ 2,146,808 $ 7,021 $ 33,484 $ — $ 2,187,313 Percentage of total loans 98.15 % 0.32 % 1.53 % 0.00 % December 31, 2015 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 257,181 $ 4,954 $ 6,146 $ — $ 268,281 Non owner occupied real estate 320,216 585 5,598 — 326,399 Residential development 5,018 — — — 5,018 Development & Spec Land Loans 18,112 — 71 — 18,183 Commercial and industrial 180,581 693 3,637 — 184,911 Total commercial 781,108 6,232 15,452 — 802,792 Real estate Residential mortgage 408,937 — 5,987 — 414,924 Residential construction 19,501 — 250 — 19,751 Mortgage warehouse 144,692 — — — 144,692 Total real estate 573,130 — 6,237 — 579,367 Consumer Direct Installment 53,800 — 541 — 54,341 Direct Installment Purchased 153 — — — 153 Indirect Installment 150,895 — 628 — 151,523 Home Equity 154,895 — 2,269 — 157,164 Total Consumer 359,743 — 3,438 — 363,181 Total $ 1,713,981 $ 6,232 $ 25,127 $ — $ 1,745,340 Percentage of total loans 98.20 % 0.36 % 1.44 % 0.00 % |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Summary of Repurchase Agreements Accounted as Secured Borrowings | The following table shows repurchase agreements accounted for as secured borrowings (in thousands): September 30, 2016 Remaining Contractual Maturity of the Agreements Overnight Up to one One to three Three to five years Five to ten Beyond ten Total Repurchase Agreements and repurchase-to-maturity transactions Repurchase Agreements $ 62,703 $ 35,000 $ 50,000 $ 10,000 $ — $ — $ 157,703 Securities lending transactions U.S. Treasury and federal agencies 4,025 — — — — — 4,025 Federal agency collateralized mortgage obligations 50,255 — 316 258 21,514 30,621 102,964 Federal agency mortgage-backed pools 14,501 — 89 2,146 20,778 29,388 66,902 Total 68,781 — 405 2,404 42,292 60,009 173,891 Total borrowings $ (6,078 ) $ 35,000 $ 49,595 $ 7,596 $ (42,292 ) $ (60,009 ) $ (16,188 ) Gross amount of recognized liabilities for repurchase agreements and securities lending $ 157,703 |
Derivative Financial Instrume37
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Derivatives Liability Derivatives September 30, 2016 September 30, 2016 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 4,563 Interest rate contracts Other Assets 4,563 Other liabilities 3,002 Total derivatives designated as hedging instruments 4,563 7,565 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 787 Other liabilities — Total derivatives not designated as hedging instruments 787 — Total derivatives $ 5,350 $ 7,565 Asset Derivatives Liability Derivatives December 31, 2015 December 31, 2015 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 1,782 Interest rate contracts Other Assets 1,782 Other liabilities 3,141 Total derivatives designated as hedging instruments 1,782 4,923 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 642 Other liabilities — Total derivatives not designated as hedging instruments 642 — Total derivatives $ 2,424 $ 4,923 |
Effect of Derivative Instruments on Condensed Consolidated Statements of Income Derivative in Cash Flow Hedging Relationship | The effect of the derivative instruments on the condensed consolidated statements 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 hedging relationship 2016 2015 2016 2015 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest rate contracts $ 522 $ (335 ) $ 103 $ (217 ) |
Effect of Derivative Instruments on Consolidated Statements 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) recognized on derivative 2016 2015 2016 2015 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest rate contracts Interest income - loans $ (830 ) $ 765 $ 2,781 $ 579 Interest rate contracts Interest income - loans 830 (765 ) (2,781 ) (579 ) Total $ — $ — $ — $ — 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 not designated as hedging relationship Location of gain (loss) recognized on derivative 2016 2015 2016 2015 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Mortgage contracts Other income - gain on sale of loans $ (324 ) $ (77 ) $ 145 $ 196 |
Disclosures about Fair Value 38
Disclosures about Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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: Fair Value Quoted Prices in (Level 1) Significant Other Significant (Level 3) September 30, 2016 Available-for-sale securities U.S. Treasury and federal agencies $ 27,422 $ — $ 27,422 $ — State and municipal 64,039 — 64,039 — Federal agency collateralized mortgage obligations 189,684 — 189,684 — Federal agency mortgage-backed pools 275,973 — 275,973 — Corporate notes 95 — 95 — Total available-for-sale securities 557,213 — 557,213 — Hedged loans 113,558 — 113,558 — Forward sale commitments 787 — 787 — Interest rate swap agreements (7,870 ) — (7,870 ) — Commitments to originate loans — — — — December 31, 2015 Available-for-sale securities U.S. Treasury and federal agencies $ 5,926 $ — $ 5,926 $ — State and municipal 75,095 — 75,095 — Federal agency collateralized mortgage obligations 156,203 — 156,203 — Federal agency mortgage-backed pools 207,704 — 207,704 — Corporate notes 54 — 54 — Total available-for-sale securities 444,982 — 444,982 — Hedged loans 115,472 — 115,472 — Forward sale commitments 642 — 642 — Interest rate swap agreements (4,923 ) — (4,923 ) — |
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 Total gains and losses from: 2016 2015 2016 2015 Hedged loans $ (830 ) $ 765 $ 2,781 $ 579 Fair value interest rate swap agreements 830 (765 ) (2,781 ) (579 ) Derivative loan commitments (324 ) (77 ) 145 196 $ (324 ) $ (77 ) $ 145 $ 196 |
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): Fair Value Quoted Prices in (Level 1) Significant Other Significant (Level 3) September 30, 2016 Impaired loans $ 5,840 $ — $ — $ 5,840 Mortgage servicing rights 10,269 — — 10,269 December 31, 2015 Impaired loans $ 6,803 $ — $ — $ 6,803 Mortgage servicing rights 8,874 — — 8,874 |
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 $ 5,840 Collateral based measurement Discount to reflect current market conditions and ultimate collectability 10% - 15% (12%) Mortgage servicing rights $ 10,269 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 15% (12%), Fair Value at Valuation Range (Weighted December 31, 2015 Technique Unobservable Inputs Average) Impaired loans $ 6,803 Collateral based measurement Discount to reflect current market conditions and ultimate collectability 10% - 15% (12%) Mortgage servicing rights $ 8,874 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 15% (12%), |
Fair Value of Financial Instr39
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Assets Cash and due from banks $ 83,721 $ 83,721 $ — $ — Investment securities, held to maturity 187,027 — 194,294 — Loans held for sale 7,369 — — 7,369 Loans excluding loan level hedges, net 2,062,437 — — 2,046,807 Stock in FHLB and FRB 20,877 — 20,877 — Interest receivable 12,702 — 12,702 — Liabilities Non-interest bearing deposits $ 479,771 $ 479,771 $ — $ — Interest-bearing deposits 1,856,391 — 1,873,377 — Borrowings 569,908 — 566,880 — Subordinated debentures 37,418 — 36,491 — Interest payable 1,015 — 1,015 — December 31, 2015 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Assets Cash and due from banks $ 48,650 $ 48,650 $ — $ — Investment securities, held to maturity 187,629 — 193,703 — Loans held for sale 7,917 — — 7,917 Loans excluding loan level hedges, net 1,619,125 — — 1,703,506 Stock in FHLB and FRB 13,823 — 13,823 — Interest receivable 10,535 — 10,535 — Liabilities Non-interest bearing deposits $ 335,955 $ 335,955 $ — $ — Interest-bearing deposits 1,544,198 — 1,461,314 — Borrowings 449,347 — 441,547 — Subordinated debentures 32,797 — 32,996 — Interest payable 507 — 507 — |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | September 30 December 31 Unrealized gain on securities available for sale $ 6,757 $ 920 Unamortized gain on securities held to maturity, previously transferred from AFS 548 1,109 Unrealized loss on derivative instruments (3,002 ) (3,142 ) Tax effect (1,494 ) 390 Total accumulated other comprehensive income (loss) $ 2,809 $ (723 ) |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Regulatory Capital Requirement | Horizon and the Bank’s actual and required capital ratios as of September 30, 2016 and December 31, 2015 were as follows: Actual Required For Capital 1 Well Capitalized Under Prompt 1 Amount Ratio Amount Ratio Amount Ratio As of September 30, 2016 Total capital 1 Consolidated $ 317,012 13.39 % $ 204,318 8.63 % N/A N/A Bank 315,040 13.34 % 203,808 8.63 % $ 236,162 10.00 % Tier 1 capital 1 Consolidated 302,488 12.78 % 156,925 6.63 % N/A N/A Bank 300,516 12.73 % 156,514 6.63 % 188,855 8.00 % Common equity tier 1 capital 1 Consolidated 302,488 11.16 % 121,395 5.13 % N/A N/A Bank 300,516 12.73 % 121,103 5.13 % 153,445 6.50 % Tier 1 capital 1 Consolidated 302,488 9.69 % 124,866 4.00 % N/A N/A Bank 300,516 9.65 % 124,566 4.00 % 155,708 5.00 % As of December 31, 2015 Total capital 1 Consolidated $ 264,452 13.99 % $ 151,223 8.00 % N/A N/A Bank 237,348 12.57 % 151,057 8.00 % $ 188,821 10.00 % Tier 1 capital 1 Consolidated 249,918 13.22 % 113,427 6.00 % N/A N/A Bank 222,814 11.80 % 113,295 6.00 % 151,060 8.00 % Common equity tier 1 capital 1 Consolidated 204,350 10.81 % 85,067 4.50 % N/A N/A Bank 222,814 11.80 % 84,971 4.50 % 122,737 6.50 % Tier 1 capital 1 Consolidated 249,918 9.82 % 101,800 4.00 % N/A N/A Bank 222,814 8.77 % 101,626 4.00 % 127,032 5.00 % 1 As defined by regulatory agencies |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) | Nov. 14, 2016 | Oct. 18, 2016$ / shares | Sep. 30, 2016$ / sharesshares | Sep. 30, 2015shares | Sep. 30, 2016$ / sharesshares | Sep. 30, 2015shares | Dec. 31, 2015$ / shares |
Schedule Of Accounting Policies [Line Items] | |||||||
Common stock, par value | |||||||
Shares, non-dilutive | shares | 0 | 3,750 | 0 | 3,750 | |||
Subsequent Event [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Stock split ratio | 1.5 | 1.5 | |||||
Common stock, par value | $ 0 |
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Basic earnings per share | ||||
Net income | $ 6,602 | $ 4,288 | $ 18,309 | $ 14,374 |
Less: Preferred stock dividends | 31 | 42 | 94 | |
Net income available to common shareholders | $ 6,602 | $ 4,257 | $ 18,267 | $ 14,280 |
Weighted average common shares outstanding | 21,538,752 | 17,408,964 | 19,252,295 | 15,044,129 |
Basic Earnings Per Share | $ 0.31 | $ 0.24 | $ 0.95 | $ 0.95 |
Diluted earnings per share | ||||
Net income available to common shareholders | $ 6,602 | $ 4,257 | $ 18,267 | $ 14,280 |
Effect of dilutive securities: | ||||
Warrants | 321,888 | 436,044 | ||
Weighted average shares outstanding | 21,651,953 | 17,839,882 | 19,346,376 | 15,580,711 |
Diluted Earnings Per Share | $ 0.30 | $ 0.24 | $ 0.94 | $ 0.92 |
Restricted Stock [Member] | ||||
Effect of dilutive securities: | ||||
Effect of dilutive securities | 33,650 | 50,207 | 27,590 | 46,092 |
Stock Options [Member] | ||||
Effect of dilutive securities: | ||||
Effect of dilutive securities | 79,551 | 58,823 | 66,491 | 54,446 |
Accounting Policies - Summary44
Accounting Policies - Summary of Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | Nov. 14, 2016 | Oct. 18, 2016 |
Subsequent Event [Member] | ||
Schedule Of Earnings Per Share [Line Items] | ||
Stock split ratio | 1.5 | 1.5 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Jul. 18, 2016 | Jun. 01, 2016 | Jul. 01, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Aug. 31, 2016 |
Business Acquisition [Line Items] | ||||||
Common stock, shares outstanding | 22,143,228 | 17,992,986 | ||||
Acquisition of goodwill | $ 74,308,000 | $ 49,600,000 | ||||
Peoples Bancorp Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Exchange ratio per share | 142.50% | |||||
Share of common stock outstanding per share | $ 9.75 | |||||
Common stock, shares outstanding | 2,311,858 | |||||
Common stock issued | 3,288,303 | |||||
Market closing price per share | $ 16.88 | |||||
Total estimated purchase price | $ 78,147,000 | |||||
Costs related to the acquisition | $ 4,900,000 | |||||
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 | 228,600,000 | |||||
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 | |||||
Peoples Bancorp Inc [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Share of common stock outstanding per share | $ 33.14 | |||||
Number of shares owned | 100 | |||||
Kosciusko Financial Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Exchange ratio per share | 451.83% | |||||
Common stock issued | 873,430 | |||||
Market closing price per share | $ 16.57 | |||||
Total estimated purchase price | $ 22,983,000 | |||||
Costs related to the acquisition | 1,600,000 | |||||
Net intangible assets acquired | 526,000 | |||||
Acquisition of goodwill | 6,443,000 | $ 6,400,000 | $ 6,900,000 | |||
Purchase price of the business assets, portion deductible | $ 0 | |||||
Core deposit intangible amortization period | 7 years | |||||
Cash paid for each share | $ 81.75 | |||||
Business combination stock transferred, percentage of consideration | 65.00% | |||||
Business combination cash transferred, percentage of consideration | 35.00% | |||||
Estimated transaction value | $ 23,000,000 | |||||
Kosciusko Financial Inc [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Share of common stock outstanding per share | $ 81.75 | |||||
Number of shares owned | 100 | |||||
LaPorte Bancorp Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Exchange ratio per share | 94.35% | |||||
Common stock issued | 3,421,488 | |||||
Market closing price per share | $ 18.36 | |||||
Total estimated purchase price | $ 98,634,000 | |||||
Net intangible assets acquired | 2,514,000 | |||||
Acquisition of goodwill | 18,265,000 | |||||
Purchase price of the business assets, portion deductible | $ 0 | |||||
Core deposit intangible amortization period | 7 years | |||||
Cash paid for each share | $ 17.50 | |||||
Business combination stock transferred, percentage of consideration | 65.00% | |||||
Business combination cash transferred, percentage of consideration | 35.00% | |||||
Estimated transaction value | $ 98,600,000 |
Acquisitions - Schedule of Fina
Acquisitions - Schedule of Final Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jul. 01, 2015 |
ASSETS | ||||
Goodwill | $ 74,308 | $ 49,600 | ||
Common shares issued | 14,470 | $ 22,641 | ||
Cash paid | $ 8,513 | $ 55,506 | ||
Peoples Bancorp Inc [Member] | ||||
ASSETS | ||||
Cash and due from banks | $ 205,054 | |||
Investment securities, held to maturity | 2,038 | |||
Total loans | 224,359 | |||
Premises and equipment, net | 5,524 | |||
FRB and FHLB stock | 2,743 | |||
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 | |||
Common shares issued | 55,506 | |||
Cash paid | 22,641 | |||
Total estimated purchase price | 78,147 | |||
Deposits | ||||
Non-interest bearing | 28,251 | |||
NOW accounts | 65,771 | |||
Savings and money market | 125,176 | |||
Certificates of deposits | 131,889 | |||
Total deposits | 351,087 | |||
Borrowings | 48,884 | |||
Interest payable | 21 | |||
Other liabilities | 6,938 | |||
Total liabilities assumed | 406,930 | |||
Peoples Bancorp Inc [Member] | Residential Mortgage [Member] | ||||
ASSETS | ||||
Total loans | 137,331 | |||
Peoples Bancorp Inc [Member] | Commercial [Member] | ||||
ASSETS | ||||
Total loans | 67,435 | |||
Peoples Bancorp Inc [Member] | Consumer [Member] | ||||
ASSETS | ||||
Total loans | $ 19,593 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 (Detail) - USD ($) $ in Thousands | Jul. 18, 2016 | Jun. 01, 2016 | Jul. 01, 2015 |
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 | ||
Kosciusko Financial 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 | $ 2,682 | ||
Contractual cash flows not expected to be collected (nonaccretable differences) | 25 | ||
Expected cash flows at acquisition | 2,657 | ||
Interest component of expected cash flows (accretable discount) | 634 | ||
Fair value of acquired loans accounted for under ASC 310-30 | $ 2,023 | ||
LaPorte 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 | $ 12,551 | ||
Contractual cash flows not expected to be collected (nonaccretable differences) | 3,411 | ||
Expected cash flows at acquisition | 9,140 | ||
Interest component of expected cash flows (accretable discount) | 1,736 | ||
Fair value of acquired loans accounted for under ASC 310-30 | $ 7,404 |
Acquisitions - Pro Forma Result
Acquisitions - Pro Forma Result of Comparable Prior Reporting Period (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Peoples Bancorp Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Net Interest Income | $ 24,410 | $ 19,776 | $ 65,053 | $ 60,466 |
Provision for Loan Losses | 455 | 300 | 1,219 | 2,880 |
Net Interest Income after Provision for Loan Losses | 23,955 | 19,476 | 63,834 | 57,586 |
Non-interest Income | 10,056 | 8,400 | 27,789 | 24,545 |
Non-Interest Expense | 24,820 | 22,235 | 66,122 | 61,192 |
Income before Income Taxes | 9,191 | 5,641 | 25,501 | 20,939 |
Income Tax Expense | 2,589 | 1,353 | 7,192 | 5,164 |
Net Income | 6,602 | 4,288 | 18,309 | 15,776 |
Net Income Available to Common Shareholders | $ 6,602 | $ 4,257 | $ 18,267 | $ 15,682 |
Basic Earnings Per Share | $ 0.31 | $ 0.24 | $ 0.95 | $ 0.91 |
Diluted Earnings Per Share | $ 0.30 | $ 0.24 | $ 0.94 | $ 0.89 |
LaPorte Bancorp Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Net Interest Income | $ 25,044 | $ 23,981 | $ 74,512 | $ 67,243 |
Provision for Loan Losses | 455 | 400 | 1,219 | 3,075 |
Net Interest Income after Provision for Loan Losses | 24,589 | 23,581 | 73,293 | 64,168 |
Non-interest Income | 11,056 | 9,099 | 33,052 | 24,767 |
Non-Interest Expense | 31,611 | 25,541 | 80,937 | 64,956 |
Income before Income Taxes | 4,034 | 7,139 | 25,408 | 23,979 |
Income Tax Expense | 1,855 | 1,670 | 8,070 | 5,932 |
Net Income | 2,179 | 5,469 | 17,338 | 18,047 |
Net Income Available to Common Shareholders | $ 2,179 | $ 5,438 | $ 17,296 | $ 17,953 |
Basic Earnings Per Share | $ 0.10 | $ 0.31 | $ 0.90 | $ 1.19 |
Diluted Earnings Per Share | $ 0.10 | $ 0.30 | $ 0.89 | $ 1.15 |
Acquisitions - Schedule of Purc
Acquisitions - Schedule of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | Sep. 30, 2016 | Aug. 31, 2016 | Jul. 18, 2016 | Jun. 01, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
ASSETS | ||||||
Goodwill | $ 74,308,000 | $ 49,600,000 | ||||
Common shares issued | 14,470,000 | $ 22,641,000 | ||||
Cash paid | 8,513,000 | $ 55,506,000 | ||||
Kosciusko Financial Inc [Member] | ||||||
ASSETS | ||||||
Cash and due from banks | $ 38,950,000 | |||||
Investment securities, held to maturity | 1,191,000 | |||||
Total loans | 102,569,000 | |||||
Premises and equipment, net | 1,466,000 | |||||
FRB and FHLB stock | 582,000 | |||||
Goodwill | 6,400,000 | $ 6,900,000 | 6,443,000 | |||
Core deposit intangible | 526,000 | |||||
Interest receivable | 636,000 | |||||
Cash value of life insurance | 2,745,000 | |||||
Other assets | 765,000 | |||||
Total assets purchased | 155,873,000 | |||||
Common shares issued | 14,470,000 | |||||
Cash paid | 8,513,000 | |||||
Total estimated purchase price | 22,983,000 | |||||
Deposits | ||||||
Non-interest bearing | 27,871,000 | |||||
NOW accounts | 35,213,000 | |||||
Savings and money market | 26,953,000 | |||||
Certificates of deposits | 32,771,000 | |||||
Total deposits | 122,808,000 | |||||
Borrowings | 9,038,000 | |||||
Interest payable | 55,000 | |||||
Other liabilities | 989,000 | |||||
Total liabilities assumed | 132,890,000 | |||||
Kosciusko Financial Inc [Member] | Residential Mortgage [Member] | ||||||
ASSETS | ||||||
Total loans | 26,244,000 | |||||
Kosciusko Financial Inc [Member] | Commercial [Member] | ||||||
ASSETS | ||||||
Total loans | 70,006,000 | |||||
Kosciusko Financial Inc [Member] | Consumer [Member] | ||||||
ASSETS | ||||||
Total loans | $ 6,319,000 | |||||
LaPorte Bancorp Inc [Member] | ||||||
ASSETS | ||||||
Cash and due from banks | $ 154,849,000 | |||||
Investment securities, held to maturity | 23,779,000 | |||||
Total loans | 313,379,000 | |||||
Premises and equipment, net | 6,022,000 | |||||
FHLB stock | 4,029,000 | |||||
Goodwill | 18,265,000 | |||||
Core deposit intangible | 2,514,000 | |||||
Interest receivable | 844,000 | |||||
Cash value of life insurance | 15,267,000 | |||||
Other assets | 7,822,000 | |||||
Total assets purchased | 546,770,000 | |||||
Common shares issued | 60,306,000 | 60,306,000 | ||||
Cash paid | $ 38,328,000 | 38,328,000 | ||||
Total estimated purchase price | 98,634,000 | |||||
Deposits | ||||||
Non-interest bearing | 66,733,000 | |||||
NOW accounts | 99,346,000 | |||||
Savings and money market | 117,688,000 | |||||
Certificates of deposits | 86,929,000 | |||||
Total deposits | 370,696,000 | |||||
Borrowings | 64,793,000 | |||||
Interest payable | 178,000 | |||||
Subordinated debt | 4,504,000 | |||||
Other liabilities | 7,965,000 | |||||
Total liabilities assumed | 448,136,000 | |||||
LaPorte Bancorp Inc [Member] | Residential Mortgage [Member] | ||||||
ASSETS | ||||||
Total loans | 42,603,000 | |||||
LaPorte Bancorp Inc [Member] | Mortgage Warehousing [Member] | ||||||
ASSETS | ||||||
Total loans | 99,752,000 | |||||
LaPorte Bancorp Inc [Member] | Commercial [Member] | ||||||
ASSETS | ||||||
Total loans | 154,223,000 | |||||
LaPorte Bancorp Inc [Member] | Consumer [Member] | ||||||
ASSETS | ||||||
Total loans | $ 16,801,000 |
Securities - Fair Value of Secu
Securities - Fair Value of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | $ 550,456 | $ 444,062 |
Gross Unrealized Gains | 7,572 | 3,971 |
Held-to-maturity, Amortized Cost | 187,027 | 187,629 |
Gross Unrealized Losses | (815) | (3,051) |
Held-to-maturity, Gross Unrealized Gains | 8,028 | 6,636 |
Available-for-sale Securities, Fair Value | 557,213 | 444,982 |
Held-to-maturity, Gross Unrealized Losses | (761) | (562) |
Held-to-maturity, Fair Value | 194,294 | 193,703 |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 27,383 | 5,940 |
Gross Unrealized Gains | 54 | 3 |
Held-to-maturity, Amortized Cost | 5,859 | |
Gross Unrealized Losses | (15) | (17) |
Held-to-maturity, Gross Unrealized Gains | 93 | |
Available-for-sale Securities, Fair Value | 27,422 | 5,926 |
Held-to-maturity, Fair Value | 5,952 | |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 62,825 | 73,829 |
Gross Unrealized Gains | 1,321 | 1,299 |
Held-to-maturity, Amortized Cost | 158,543 | 146,331 |
Gross Unrealized Losses | (107) | (33) |
Held-to-maturity, Gross Unrealized Gains | 6,718 | 5,375 |
Available-for-sale Securities, Fair Value | 64,039 | 75,095 |
Held-to-maturity, Gross Unrealized Losses | (761) | (253) |
Held-to-maturity, Fair Value | 164,500 | 151,453 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 188,072 | 157,291 |
Gross Unrealized Gains | 1,894 | 567 |
Held-to-maturity, Amortized Cost | 6,828 | 9,051 |
Gross Unrealized Losses | (282) | (1,655) |
Held-to-maturity, Gross Unrealized Gains | 144 | 27 |
Available-for-sale Securities, Fair Value | 189,684 | 156,203 |
Held-to-maturity, Gross Unrealized Losses | (124) | |
Held-to-maturity, Fair Value | 6,972 | 8,954 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 272,144 | 206,970 |
Gross Unrealized Gains | 4,240 | 2,080 |
Held-to-maturity, Amortized Cost | 21,656 | 26,388 |
Gross Unrealized Losses | (411) | (1,346) |
Held-to-maturity, Gross Unrealized Gains | 1,166 | 1,141 |
Available-for-sale Securities, Fair Value | 275,973 | 207,704 |
Held-to-maturity, Gross Unrealized Losses | (185) | |
Held-to-maturity, Fair Value | 22,822 | 27,344 |
Corporate Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 32 | 32 |
Gross Unrealized Gains | 63 | 22 |
Available-for-sale Securities, Fair Value | $ 95 | $ 54 |
Securities - Additional Informa
Securities - Additional Information (Detail) | Sep. 30, 2016USD ($) |
Amortized Cost and Fair Value Debt Securities [Abstract] | |
Unrealized loss, other than temporary securities | $ 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, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost within one year | $ 6,921 | $ 7,192 |
Amortized cost one to five years | 52,105 | 38,197 |
Amortized cost for five to ten years | 12,934 | 16,807 |
Amortized cost for after ten years | 18,280 | 17,605 |
Total amortized cost | 90,240 | 79,801 |
Total available for sale investment securities, Amortized Cost | 550,456 | 444,062 |
Within one year, amortized cost | 0 | 0 |
One to five years, amortized cost | 22,801 | 17,815 |
Five to ten years, amortized cost | 88,924 | 106,167 |
After ten years, amortized cost | 46,818 | 28,208 |
Total amortized cost | 158,543 | 152,190 |
Total held to maturity investment securities, amortized cost | 187,027 | 187,629 |
Fair value within one year | 6,953 | 7,232 |
Fair value for one to five years | 52,482 | 38,894 |
Fair value for five to ten years | 13,325 | 17,152 |
Fair value for after ten years | 18,796 | 17,797 |
Total fair value | 91,556 | 81,075 |
Investment securities, available for sale | 557,213 | 444,982 |
Within one year, fair value | 0 | 0 |
One to five years, fair value | 23,965 | 18,403 |
five to ten years, fair value | 93,501 | 110,026 |
After ten years, fair value | 47,034 | 28,976 |
Total fair value | 164,500 | 157,405 |
Held-to-maturity, Fair Value | 194,294 | 193,703 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 188,072 | 157,291 |
Total held to maturity investment securities, amortized cost | 6,828 | 9,051 |
Investment securities, available for sale | 189,684 | 156,203 |
Held-to-maturity, Fair Value | 6,972 | 8,954 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 272,144 | 206,970 |
Total held to maturity investment securities, amortized cost | 21,656 | 26,388 |
Investment securities, available for sale | 275,973 | 207,704 |
Held-to-maturity, Fair Value | $ 22,822 | $ 27,344 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value of Company's Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | $ 128,845 | $ 225,524 |
Fair value more than 12 months | 19,083 | 42,380 |
Total fair value | 147,928 | 267,904 |
Unrealized losses less than 12 months | (1,432) | (2,633) |
Unrealized losses more than 12 months | (144) | (980) |
Total unrealized losses | (1,576) | (3,613) |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 6,594 | 5,468 |
Total fair value | 6,594 | 5,468 |
Unrealized losses less than 12 months | (15) | (17) |
Total unrealized losses | (15) | (17) |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 26,360 | 17,353 |
Fair value more than 12 months | 446 | |
Total fair value | 26,360 | 17,799 |
Unrealized losses less than 12 months | (868) | (280) |
Unrealized losses more than 12 months | (6) | |
Total unrealized losses | (868) | (286) |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 48,837 | 89,459 |
Fair value more than 12 months | 12,304 | 25,428 |
Total fair value | 61,141 | 114,887 |
Unrealized losses less than 12 months | (184) | (1,124) |
Unrealized losses more than 12 months | (98) | (655) |
Total unrealized losses | (282) | (1,779) |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 47,054 | 113,244 |
Fair value more than 12 months | 6,779 | 16,506 |
Total fair value | 53,833 | 129,750 |
Unrealized losses less than 12 months | (365) | (1,212) |
Unrealized losses more than 12 months | (46) | (319) |
Total unrealized losses | $ (411) | $ (1,531) |
Securities - Sales of Securitie
Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 25,077 | $ 13,332 |
Gross gains | 1,060 | 147 |
Gross losses | $ (185) | $ (23) |
Loans - Amounts of Loans (Detai
Loans - Amounts of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jul. 12, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jul. 01, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage warehouse | $ 226,876 | $ 144,692 | ||||
Total loans | 2,190,519 | 1,749,131 | ||||
Allowance for loan losses | (14,524) | $ (14,226) | (14,534) | $ (16,168) | $ (16,421) | $ (16,501) |
Loans, net | 2,175,995 | 1,734,597 | ||||
Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | 1,047,450 | 804,995 | ||||
Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Real Estate, Total | 530,162 | 437,144 | ||||
Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | 386,031 | 362,300 | ||||
Working Capital and Equipment [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | 440,599 | 381,245 | ||||
Real Estate Including Agriculture [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | 564,602 | 391,668 | ||||
Tax Exempt Loans Receivable [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | 12,621 | 8,674 | ||||
Other Commercial Loans [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | 29,628 | 23,408 | ||||
1-4 Family [Member] | Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Real Estate, Total | 523,721 | 433,015 | ||||
Other Real Estate Loans [Member] | Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Real Estate, Total | 6,441 | 4,129 | ||||
Auto [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | 167,541 | 168,397 | ||||
Recreation Consumer Loans Receivable [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | 5,458 | 5,365 | ||||
Real Estate Home Improvement Loans Receivable [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | 55,505 | 47,015 | ||||
Home Equity Loan [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | 140,156 | 127,113 | ||||
Unsecured Debt [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | 4,230 | 4,120 | ||||
Other Consumer Loans [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial/Consumer, Total | $ 13,141 | $ 10,290 |
Loans - Additional Information
Loans - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 | Jul. 12, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jul. 01, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | $ 2,187,313 | $ 1,745,340 | ||||
Net loans | 2,172,789 | 1,730,806 | ||||
Interest Due | 7,143 | 5,115 | ||||
Deferred Fees / (Costs) | 3,206 | 3,792 | ||||
Recorded Investment | 2,197,662 | 1,754,247 | ||||
Recorded Investment | 2,183,138 | 1,739,713 | ||||
Allowance for loan losses | (14,524) | $ (14,226) | (14,534) | $ (16,168) | $ (16,421) | $ (16,501) |
Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 1,045,478 | 802,792 | ||||
Interest Due | 3,869 | 2,207 | ||||
Deferred Fees / (Costs) | 1,972 | 2,203 | ||||
Recorded Investment | 1,051,319 | 807,202 | ||||
Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 754,482 | 579,367 | ||||
Interest Due | 2,135 | 1,789 | ||||
Deferred Fees / (Costs) | 2,556 | 2,470 | ||||
Recorded Investment | 759,173 | 583,626 | ||||
Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 387,353 | 363,181 | ||||
Interest Due | 1,139 | 1,119 | ||||
Deferred Fees / (Costs) | (1,322) | (881) | ||||
Recorded Investment | 387,170 | 363,419 | ||||
Owner Occupied Real Estate [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 321,762 | 268,281 | ||||
Interest Due | 1,151 | 613 | ||||
Deferred Fees / (Costs) | 1,192 | 1,328 | ||||
Recorded Investment | 324,105 | 270,222 | ||||
Non Owner Occupied Real Estate [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 457,555 | 326,399 | ||||
Interest Due | 627 | 306 | ||||
Deferred Fees / (Costs) | 529 | 497 | ||||
Recorded Investment | 458,711 | 327,202 | ||||
Residential Spec Homes [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 7,949 | 5,018 | ||||
Interest Due | 20 | 9 | ||||
Deferred Fees / (Costs) | 6 | 17 | ||||
Recorded Investment | 7,975 | 5,044 | ||||
Development & Spec Land Loans [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 39,798 | 18,183 | ||||
Interest Due | 79 | 33 | ||||
Deferred Fees / (Costs) | 74 | 26 | ||||
Recorded Investment | 39,951 | 18,242 | ||||
Commercial and Industrial [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 218,414 | 184,911 | ||||
Interest Due | 1,992 | 1,246 | ||||
Deferred Fees / (Costs) | 171 | 335 | ||||
Recorded Investment | 220,577 | 186,492 | ||||
Residential Mortgage [Member] | Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 506,545 | 414,924 | ||||
Interest Due | 1,599 | 1,275 | ||||
Deferred Fees / (Costs) | 2,556 | 2,470 | ||||
Recorded Investment | 510,700 | 418,669 | ||||
Residential Construction [Member] | Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 21,061 | 19,751 | ||||
Interest Due | 38 | 34 | ||||
Recorded Investment | 21,099 | 19,785 | ||||
Mortgage Warehousing [Member] | Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 226,876 | 144,692 | ||||
Interest Due | 498 | 480 | ||||
Recorded Investment | 227,374 | 145,172 | ||||
Direct Installment [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 66,495 | 54,341 | ||||
Interest Due | 178 | 168 | ||||
Deferred Fees / (Costs) | (439) | (359) | ||||
Recorded Investment | 66,234 | 54,150 | ||||
Direct Installment Purchased [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 124 | 153 | ||||
Recorded Investment | 124 | 153 | ||||
Indirect Installment [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 147,829 | 151,523 | ||||
Interest Due | 296 | 323 | ||||
Recorded Investment | 148,125 | 151,846 | ||||
Home Equity Loan [Member] | Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan Balance | 172,905 | 157,164 | ||||
Interest Due | 665 | 628 | ||||
Deferred Fees / (Costs) | (883) | (522) | ||||
Recorded Investment | $ 172,687 | $ 157,270 |
Accounting for Certain Loans 58
Accounting for Certain Loans Acquired in a Transfer - Amounts of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 2,190,519 | $ 1,749,131 |
Carrying amount, net of allowance | 2,172,789 | 1,730,806 |
Loans Purchased With Evidence of Credit Deterioration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 18,286 | 10,390 |
Carrying amount, net of allowance | 18,286 | 10,327 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 14,312 | 8,261 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 3,963 | 2,088 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 11 | 41 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,474 | 2,332 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 867 | 1,633 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 605 | 693 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2 | 6 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 6,321 | 6,818 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 5,323 | 5,567 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 989 | 1,216 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 9 | 35 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Peoples Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 928 | 1,240 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Peoples Bancorp Inc [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 724 | 1,061 |
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 | 204 | $ 179 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Kosciusko Financial Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2,159 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | Kosciusko Financial Inc [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,667 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | Kosciusko Financial Inc [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 492 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 7,404 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 5,731 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 1,673 |
Accounting for Certain Loans 59
Accounting for Certain Loans Acquired in a Transfer - Amounts of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jul. 12, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jul. 01, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 14,524 | $ 14,226 | $ 14,534 | $ 16,168 | $ 16,421 | $ 16,501 |
Loans Purchased With Evidence of Credit Deterioration [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 0 | $ 63 |
Accounting for Certain Loans 60
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, 2016 | Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | $ 2,058 | $ 3,668 |
Additions | 2,370 | 647 |
Accretion | (396) | (526) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (191) | (1,447) |
Balance at September 30 | 3,841 | 2,342 |
Heartland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 795 | 2,400 |
Accretion | (127) | (272) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (74) | (1,210) |
Balance at September 30 | 594 | 918 |
Summit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 708 | 1,268 |
Accretion | (139) | (254) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (35) | (237) |
Balance at September 30 | 534 | 777 |
Peoples Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 555 | |
Additions | 647 | |
Accretion | (92) | |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (59) | |
Balance at September 30 | 404 | 647 |
Kosciusko Financial Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | 634 | |
Accretion | (38) | |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (23) | |
Balance at September 30 | 573 | |
LaPorte Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | 1,736 | |
Reclassification from nonaccretable difference | 0 | $ 0 |
Balance at September 30 | $ 1,736 |
Accounting for Certain Loans 61
Accounting for Certain Loans Acquired in a Transfer - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | ||||
Total provision charged to operating expense | $ 455,000 | $ 300,000 | $ 1,219,000 | $ 2,820,000 |
Loans Purchased With Evidence of Credit Deterioration [Member] | ||||
Business Acquisition [Line Items] | ||||
Total provision charged to operating expense | $ 0 | $ 87,000 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of the period | $ 16,421 | $ 14,534 | $ 16,501 | |
Total loans charged-off | $ 406 | 726 | 2,108 | 3,827 |
Total loan recoveries | 249 | 173 | 879 | 674 |
Net loans charged-off (recovered) | 157 | 553 | 1,229 | 3,153 |
Total provision charged to operating expense | 455 | 300 | 1,219 | 2,820 |
Balance at the end of the period | 14,524 | 16,168 | 14,524 | 16,168 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 11 | 94 | 700 | 1,785 |
Total loan recoveries | 17 | 17 | 199 | 136 |
Total provision charged to operating expense | 165 | 532 | (471) | 2,580 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 4 | 56 | 182 | 1,478 |
Total loan recoveries | 2 | 8 | 31 | 94 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | (1) | 471 | 16 | |
Total loan recoveries | 1 | 1 | 55 | 1 |
Commercial [Member] | Residential Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loan recoveries | 2 | 6 | ||
Commercial [Member] | Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 8 | 38 | 47 | 291 |
Total loan recoveries | 12 | 8 | 107 | 41 |
Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 12 | 101 | 127 | 287 |
Total loan recoveries | 12 | 5 | 75 | 10 |
Total provision charged to operating expense | 102 | (955) | (147) | (51) |
Real Estate [Member] | Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 12 | 101 | 127 | 287 |
Total loan recoveries | 12 | 5 | 75 | 10 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 383 | 531 | 1,281 | 1,755 |
Total loan recoveries | 220 | 151 | 605 | 528 |
Total provision charged to operating expense | 188 | 723 | 1,837 | 291 |
Consumer [Member] | Direct Installment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 55 | 51 | 159 | 206 |
Total loan recoveries | 26 | 15 | 70 | 91 |
Consumer [Member] | Indirect Installment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 296 | 218 | 851 | 783 |
Total loan recoveries | 160 | 112 | 400 | 347 |
Consumer [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans charged-off | 32 | 262 | 271 | 766 |
Total loan recoveries | $ 34 | $ 24 | $ 135 | $ 90 |
Allowance for Loan Losses - A64
Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jul. 12, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jul. 01, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total ending allowance balance | $ 14,524 | $ 14,226 | $ 14,534 | $ 16,168 | $ 16,421 | $ 16,501 |
Loans acquired with deteriorated credit quality | 2,175,995 | 1,734,597 | ||||
Total ending loans balance | 5,855 | $ 10,848 | ||||
Allowance for Loan Losses [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Individually evaluated for impairment | 202 | |||||
Allowance For Loan Losses, Collectively evaluated for impairment | 14,524 | 14,078 | ||||
Total ending allowance balance | 14,524 | 14,534 | ||||
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 | |||||
Commercial [Member] | Allowance for Loan Losses [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Individually evaluated for impairment | 202 | |||||
Allowance For Loan Losses, Collectively evaluated for impairment | 6,222 | 6,739 | ||||
Total ending allowance balance | 6,222 | 7,195 | ||||
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 | |||||
Real Estate [Member] | Allowance for Loan Losses [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Collectively evaluated for impairment | 1,947 | 2,476 | ||||
Total ending allowance balance | 1,947 | 2,476 | ||||
Consumer [Member] | Allowance for Loan Losses [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Collectively evaluated for impairment | 5,018 | 3,856 | ||||
Total ending allowance balance | 5,018 | 3,856 | ||||
Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans: Individually evaluated for impairment | 5,855 | 7,019 | ||||
Loans: Collectively evaluated for impairment | 2,191,807 | 1,745,499 | ||||
Total ending loans balance | 2,197,662 | 1,754,247 | ||||
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 | |||||
Loans [Member] | Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans: Individually evaluated for impairment | 5,855 | 7,019 | ||||
Loans: Collectively evaluated for impairment | 1,045,464 | 798,454 | ||||
Total ending loans balance | 1,051,319 | 807,202 | ||||
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 | |||||
Loans [Member] | Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans: Collectively evaluated for impairment | 531,799 | 438,454 | ||||
Total ending loans balance | 531,799 | 438,454 | ||||
Loans [Member] | Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans: Collectively evaluated for impairment | 387,170 | 363,419 | ||||
Total ending loans balance | 387,170 | 363,419 | ||||
Mortgage Warehousing [Member] | Allowance for Loan Losses [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance For Loan Losses, Collectively evaluated for impairment | 1,337 | 1,007 | ||||
Total ending allowance balance | 1,337 | 1,007 | ||||
Mortgage Warehousing [Member] | Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans: Collectively evaluated for impairment | 227,374 | 145,172 | ||||
Total ending loans balance | $ 227,374 | $ 145,172 |
Non-performing Loans and Impa65
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, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 10,091 | $ 12,262 |
Loans Past Due Over 90 Days Still Accruing | 59 | 28 |
Non-Performing TDRs | 1,523 | 3,172 |
Performing TDRs | 1,164 | 1,218 |
Total Non-Performing Loans | 12,837 | 16,680 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 5,177 | 5,030 |
Non-Performing TDRs | 240 | 1,915 |
Performing TDRs | 60 | 60 |
Total Non-Performing Loans | 5,477 | 7,005 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 566 | 1,749 |
Total Non-Performing Loans | 566 | 1,749 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,734 | 3,034 |
Non-Performing TDRs | 240 | 1,915 |
Performing TDRs | 60 | 60 |
Total Non-Performing Loans | 3,034 | 5,009 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 137 | 71 |
Total Non-Performing Loans | 137 | 71 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,740 | 176 |
Total Non-Performing Loans | 1,740 | 176 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,094 | 4,354 |
Loans Past Due Over 90 Days Still Accruing | 44 | 1 |
Non-Performing TDRs | 1,108 | 1,074 |
Performing TDRs | 863 | 808 |
Total Non-Performing Loans | 3,109 | 6,237 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,094 | 4,354 |
Loans Past Due Over 90 Days Still Accruing | 44 | 1 |
Non-Performing TDRs | 870 | 824 |
Performing TDRs | 863 | 808 |
Total Non-Performing Loans | 2,871 | 5,987 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Performing TDRs | 238 | 250 |
Total Non-Performing Loans | 238 | 250 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 3,820 | 2,878 |
Loans Past Due Over 90 Days Still Accruing | 15 | 27 |
Non-Performing TDRs | 175 | 183 |
Performing TDRs | 241 | 350 |
Total Non-Performing Loans | 4,251 | 3,438 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,505 | 541 |
Total Non-Performing Loans | 1,505 | 541 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 970 | 601 |
Loans Past Due Over 90 Days Still Accruing | 15 | 27 |
Total Non-Performing Loans | 985 | 628 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,345 | 1,736 |
Non-Performing TDRs | 175 | 183 |
Performing TDRs | 241 | 350 |
Total Non-Performing Loans | $ 1,761 | $ 2,269 |
Non-performing Loans and Impa66
Non-performing Loans and Impaired Loans - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2016USD ($)ConsecutivePaymentContract | Dec. 31, 2015USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Non-accrual loans | $ 10,091,000 | $ 12,262,000 |
Non-performing TDRs | 1,500,000 | |
Loans acquired included in non-accrual loans | 1,200,000 | |
Loans acquired included in non-performing TDRs | $ 238,000 | |
Loan delinquency period | 90 days | |
Restructured loans with modified recorded balances | $ 0 | |
Restructured loan returned to accruing status number of Consecutive Payments of loan | ConsecutivePayment | 6 | |
Restructured loan reported in TDRs | $ 2,700,000 | |
Specific reserves allocated to troubled debt restructuring | $ 84,000 | |
Number TDRs returned to accrual status | Contract | 0 | |
Loans classified as TDR after a period | 90 days | |
Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loan | $ 1,500,000 | |
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 Impa67
Non-performing Loans and Impaired Loans - Commercial Loans Individually Evaluated for Impairment by Class of Loan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | ||||
Unpaid Principal Balance total | $ 5,840 | $ 10,832 | $ 5,840 | $ 10,832 |
Total ending loans balance | 5,855 | 10,848 | 5,855 | 10,848 |
Allowance For Loan Loss Allocated | 1,599 | 1,599 | ||
Average Balance in Impaired Loans total | 6,163 | 11,262 | 5,716 | 10,271 |
Cash/Accrual Interest Income Recognized, Total | 1 | 6 | 3 | 73 |
Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Unpaid Principal Balance With no recorded allowance | 5,840 | 4,272 | 5,840 | 4,272 |
Recorded Investment With no recorded allowance | 5,855 | 4,278 | 5,855 | 4,278 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 6,163 | 4,660 | 5,716 | 4,302 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 1 | 6 | 3 | 18 |
Unpaid Principal Balance With an allowance recorded | 6,560 | 6,560 | ||
Recorded Investment With an allowance recorded | 6,570 | 6,570 | ||
Allowance For Loan Loss Allocated | 1,599 | 1,599 | ||
Average Balance in Impaired Loans With an allowance recorded | 6,602 | 5,969 | ||
Cash/Accrual Interest Income Recognized, With an allowance recorded | 55 | |||
Commercial [Member] | Owner Occupied Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Unpaid Principal Balance With no recorded allowance | 994 | 1,235 | 994 | 1,235 |
Recorded Investment With no recorded allowance | 995 | 1,238 | 995 | 1,238 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 1,029 | 1,262 | 1,062 | 1,041 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 1 | 10 | ||
Unpaid Principal Balance With an allowance recorded | 2,967 | 2,967 | ||
Recorded Investment With an allowance recorded | 2,966 | 2,966 | ||
Allowance For Loan Loss Allocated | 598 | 598 | ||
Average Balance in Impaired Loans With an allowance recorded | 2,968 | 2,191 | ||
Cash/Accrual Interest Income Recognized, With an allowance recorded | 55 | |||
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Unpaid Principal Balance With no recorded allowance | 3,106 | 2,798 | 3,106 | 2,798 |
Recorded Investment With no recorded allowance | 3,120 | 2,801 | 3,120 | 2,801 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 3,150 | 2,815 | 3,776 | 2,846 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 1 | 1 | 3 | 4 |
Unpaid Principal Balance With an allowance recorded | 2,817 | 2,817 | ||
Recorded Investment With an allowance recorded | 2,828 | 2,828 | ||
Allowance For Loan Loss Allocated | 550 | 550 | ||
Average Balance in Impaired Loans With an allowance recorded | 2,858 | 2,942 | ||
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 | 1,740 | 239 | 1,740 | 239 |
Recorded Investment With no recorded allowance | 1,740 | 239 | 1,740 | 239 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | $ 1,984 | 583 | $ 878 | 415 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 4 | 4 | ||
Unpaid Principal Balance With an allowance recorded | 776 | 776 | ||
Recorded Investment With an allowance recorded | 776 | 776 | ||
Allowance For Loan Loss Allocated | 451 | 451 | ||
Average Balance in Impaired Loans With an allowance recorded | $ 776 | $ 836 |
Non-performing Loans and Impa68
Non-performing Loans and Impaired Loans - Payment Status by Class of Loan (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 3,880 | $ 5,039 |
Loans Not Past Due | 2,183,433 | 1,740,301 |
Total | $ 2,187,313 | $ 1,745,340 |
Total Past Due, Percentage of Total Loans | 0.18% | 0.29% |
Loans Not Past Due, Percentage of Total Loans | 99.82% | 99.71% |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,242 | $ 580 |
Loans Not Past Due | 1,044,236 | 802,212 |
Total | 1,045,478 | 802,792 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 299 | 499 |
Loans Not Past Due | 321,463 | 267,782 |
Total | 321,762 | 268,281 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 283 | 49 |
Loans Not Past Due | 457,272 | 326,350 |
Total | 457,555 | 326,399 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 7,949 | 5,018 |
Total | 7,949 | 5,018 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32 | |
Loans Not Past Due | 39,766 | 18,183 |
Total | 39,798 | 18,183 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 628 | 32 |
Loans Not Past Due | 217,786 | 184,879 |
Total | 218,414 | 184,911 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,235 | 1,466 |
Loans Not Past Due | 753,247 | 577,901 |
Total | 754,482 | 579,367 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,235 | 1,466 |
Loans Not Past Due | 505,310 | 413,458 |
Total | 506,545 | 414,924 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 21,061 | 19,751 |
Total | 21,061 | 19,751 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 226,876 | 144,692 |
Total | 226,876 | 144,692 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,403 | 2,993 |
Loans Not Past Due | 385,950 | 360,188 |
Total | 387,353 | 363,181 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 72 | 116 |
Loans Not Past Due | 66,423 | 54,225 |
Total | 66,495 | 54,341 |
Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 124 | 153 |
Total | 124 | 153 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 869 | 1,481 |
Loans Not Past Due | 146,960 | 150,042 |
Total | 147,829 | 151,523 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 462 | 1,396 |
Loans Not Past Due | 172,443 | 155,768 |
Total | 172,905 | 157,164 |
30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 3,120 | $ 4,168 |
Total Past Due, Percentage of Total Loans | 0.14% | 0.24% |
30 - 59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 855 | $ 562 |
30 - 59 Days Past Due [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 282 | 481 |
30 - 59 Days Past Due [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 180 | 49 |
30 - 59 Days Past Due [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32 | |
30 - 59 Days Past Due [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 361 | 32 |
30 - 59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 982 | 1,121 |
30 - 59 Days Past Due [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 982 | 1,121 |
30 - 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,283 | 2,485 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 42 | 106 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 805 | 1,186 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 436 | 1,193 |
60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 702 | $ 843 |
Total Past Due, Percentage of Total Loans | 0.03% | 0.05% |
60 - 89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 387 | $ 18 |
60 - 89 Days Past Due [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17 | 18 |
60 - 89 Days Past Due [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 103 | |
60 - 89 Days Past Due [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 267 | |
60 - 89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 210 | 344 |
60 - 89 Days Past Due [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 210 | 344 |
60 - 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 105 | 481 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30 | 10 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 49 | 268 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 26 | 203 |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 58 | $ 28 |
Total Past Due, Percentage of Total Loans | 0.00% | 0.00% |
Greater than 90 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 43 | $ 1 |
Greater than 90 Days Past Due [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 43 | 1 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15 | 27 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 15 | $ 27 |
Non-performing Loans and Impa69
Non-performing Loans and Impaired Loans - Loans by Credit Grades (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,187,313 | $ 1,745,340 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,045,478 | 802,792 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 321,762 | 268,281 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 457,555 | 326,399 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 7,949 | 5,018 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 39,798 | 18,183 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 218,414 | 184,911 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 754,482 | 579,367 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 506,545 | 414,924 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 21,061 | 19,751 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 226,876 | 144,692 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 387,353 | 363,181 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 66,495 | 54,341 |
Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 124 | 153 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 147,829 | 151,523 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 172,905 | 157,164 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,146,808 | $ 1,713,981 |
Percentage of total loans | 98.15% | 98.20% |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,012,178 | $ 781,108 |
Pass [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 305,849 | 257,181 |
Pass [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 450,811 | 320,216 |
Pass [Member] | Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 7,949 | 5,018 |
Pass [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 39,571 | 18,112 |
Pass [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 207,998 | 180,581 |
Pass [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 751,520 | 573,130 |
Pass [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 503,821 | 408,937 |
Pass [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 20,823 | 19,501 |
Pass [Member] | Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 226,876 | 144,692 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 383,110 | 359,743 |
Pass [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 64,990 | 53,800 |
Pass [Member] | Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 124 | 153 |
Pass [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 146,844 | 150,895 |
Pass [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 171,152 | 154,895 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 7,021 | $ 6,232 |
Percentage of total loans | 0.32% | 0.36% |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 7,021 | $ 6,232 |
Special Mention [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,258 | 4,954 |
Special Mention [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 344 | 585 |
Special Mention [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,419 | 693 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 33,484 | $ 25,127 |
Percentage of total loans | 1.53% | 1.44% |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 26,279 | $ 15,452 |
Substandard [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 10,655 | 6,146 |
Substandard [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,400 | 5,598 |
Substandard [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 227 | 71 |
Substandard [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 8,997 | 3,637 |
Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,962 | 6,237 |
Substandard [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,724 | 5,987 |
Substandard [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 238 | 250 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 4,243 | 3,438 |
Substandard [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,505 | 541 |
Substandard [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 985 | 628 |
Substandard [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,753 | $ 2,269 |
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, 2016USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | $ 157,703 |
Securities lending transactions, Total | 173,891 |
Total borrowings | (16,188) |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 157,703 |
U.S. Treasury and Federal Agencies [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 4,025 |
Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 102,964 |
Federal Agency Mortgage-backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 66,902 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 62,703 |
Securities lending transactions, Total | 68,781 |
Total borrowings | (6,078) |
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 | 4,025 |
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 | 50,255 |
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 | 14,501 |
Remaining Contractual Maturity of the Agreements, Up to One Year [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 35,000 |
Total borrowings | 35,000 |
Remaining Contractual Maturity of the Agreements, One to Three Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 50,000 |
Securities lending transactions, Total | 405 |
Total borrowings | 49,595 |
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 | 316 |
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 | 89 |
Remaining Contractual Maturity of the Agreements, Three to Five Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 10,000 |
Securities lending transactions, Total | 2,404 |
Total borrowings | 7,596 |
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 | 258 |
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 | 2,146 |
Remaining Contractual Maturity of the Agreements, Five to Ten Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 42,292 |
Total borrowings | (42,292) |
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 | 21,514 |
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 | 20,778 |
Remaining Contractual Maturity of the Agreements, Beyond Ten Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 60,009 |
Total borrowings | (60,009) |
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 | 30,621 |
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 | $ 29,388 |
Derivative Financial Instrume71
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
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 | $ 118.1 | $ 117.3 |
Derivative Financial Instrume72
Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | $ 5,350 | $ 2,424 |
Total Liability Derivatives | 7,565 | 4,923 |
Derivatives Designated as Hedging Instruments [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | 4,563 | 1,782 |
Total Liability Derivatives | 7,565 | 4,923 |
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 | 4,563 | 1,782 |
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 | 3,002 | 3,141 |
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 | 4,563 | 1,782 |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | 787 | 642 |
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 | $ 787 | $ 642 |
Derivative Financial Instrume73
Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statements of Income Derivative in Cash Flow Hedging Relationship (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flow Hedging [Member] | Interest Rate Contracts One [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Comprehensive Income on Derivative (Effective Portion) | $ 522 | $ (335) | $ 103 | $ (217) |
Derivative Financial Instrume74
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income Derivative in Fair Value Hedging Relationship (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
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 | $ (830) | $ 765 | $ 2,781 | $ 579 |
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 | 830 | (765) | (2,781) | (579) |
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 | $ (324) | $ (77) | $ 145 | $ 196 |
Disclosures about Fair Value 75
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, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | $ 557,213 | $ 444,982 |
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 | 27,422 | 5,926 |
State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 64,039 | 75,095 |
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 | 189,684 | 156,203 |
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 | 275,973 | 207,704 |
Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 95 | 54 |
Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 557,213 | 444,982 |
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 | 27,422 | 5,926 |
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 | 64,039 | 75,095 |
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 | 189,684 | 156,203 |
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 | 275,973 | 207,704 |
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 | 95 | 54 |
Recurring Basis [Member] | Hedged Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 113,558 | 115,472 |
Recurring Basis [Member] | Forward Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 787 | 642 |
Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | (7,870) | (4,923) |
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 | 557,213 | 444,982 |
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 | 27,422 | 5,926 |
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 | 64,039 | 75,095 |
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 | 189,684 | 156,203 |
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 | 275,973 | 207,704 |
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 | 95 | 54 |
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 | 113,558 | 115,472 |
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 | 787 | 642 |
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 | $ (7,870) | $ (4,923) |
Disclosures about Fair Value 76
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Included in net income | $ (324) | $ (77) | $ 145 | $ 196 |
Hedged Loans [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Included in net income | (830) | 765 | 2,781 | 579 |
Interest Rate Swap [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Included in net income | 830 | (765) | (2,781) | (579) |
Derivative Loan Commitments [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Included in net income | $ (324) | $ (77) | $ 145 | $ 196 |
Disclosures about Fair Value 77
Disclosures about Fair Value of Assets and Liabilities - Other Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | $ 5,840 | $ 6,803 |
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 | 10,269 | 8,874 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 5,840 | 6,803 |
Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 10,269 | 8,874 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 5,840 | 6,803 |
Fair Value, Measurements, Nonrecurring [Member] | 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 | $ 10,269 | $ 8,874 |
Disclosures about Fair Value 78
Disclosures about Fair Value of Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | ||
Reduced in carrying amount of mortgage servicing rights | $ 193,000 | $ 51,000 |
Disclosures about Fair Value 79
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, 2016 | Dec. 31, 2015 | |
Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 5,840 | $ 6,803 |
Valuation Technique | Collateral based measurement | |
Impaired loans | 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 | $ 10,269 | $ 8,874 |
Valuation Technique | Discounted cashflows | |
Impaired loans | 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% |
Probability 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% |
Probability 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% |
Probability of default | 4.50% | 4.50% |
Fair Value of Financial Instr80
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 83,721 | $ 48,650 |
Investment securities, held to maturity | 187,027 | 187,629 |
Loans held for sale | 7,369 | 7,917 |
Loans excluding loan level hedges, net | 2,183,138 | 1,739,713 |
Stock in FHLB and FRB | 20,877 | 13,823 |
Interest receivable | 12,702 | 10,535 |
Liabilities | ||
Non-interest bearing deposits | 479,771 | 335,955 |
Interest-bearing deposits | 1,856,391 | 1,544,198 |
Borrowings | 569,908 | 449,347 |
Subordinated debentures | 37,418 | 32,797 |
Interest payable | 1,015 | 507 |
Carrying Amount [Member] | ||
Assets | ||
Cash and due from banks | 83,721 | 48,650 |
Investment securities, held to maturity | 187,027 | 187,629 |
Loans held for sale | 7,369 | 7,917 |
Loans excluding loan level hedges, net | 2,062,437 | 1,619,125 |
Stock in FHLB and FRB | 20,877 | 13,823 |
Interest receivable | 12,702 | 10,535 |
Liabilities | ||
Non-interest bearing deposits | 479,771 | 335,955 |
Interest-bearing deposits | 1,856,391 | 1,544,198 |
Borrowings | 569,908 | 449,347 |
Subordinated debentures | 37,418 | 32,797 |
Interest payable | 1,015 | 507 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Cash and due from banks | 83,721 | 48,650 |
Liabilities | ||
Non-interest bearing deposits | 479,771 | 335,955 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Investment securities, held to maturity | 194,294 | 193,703 |
Stock in FHLB and FRB | 20,877 | 13,823 |
Interest receivable | 12,702 | 10,535 |
Liabilities | ||
Interest-bearing deposits | 1,873,377 | 1,461,314 |
Borrowings | 566,880 | 441,547 |
Subordinated debentures | 36,491 | 32,996 |
Interest payable | 1,015 | 507 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Loans held for sale | 7,369 | 7,917 |
Loans excluding loan level hedges, net | $ 2,046,807 | $ 1,703,506 |
Accumulated Other Comprehensi81
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized gain on securities available for sale | $ 6,757 | $ 920 |
Unamortized gain on securities held to maturity, previously transferred from AFS | 548 | 1,109 |
Unrealized loss on derivative instruments | (3,002) | (3,142) |
Tax effect | (1,494) | 390 |
Total accumulated other comprehensive income (loss) | $ 2,809 | $ (723) |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Regulatory Capital Requirement (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 317,012 | $ 264,452 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.39% | 13.99% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 204,318 | $ 151,223 |
Total capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.63% | 8.00% |
Tier 1 capital (to average assets), Actual, Amount | $ 302,488 | $ 249,918 |
Tier 1 capital (to average assets), Actual, Ratio | 12.78% | 13.22% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 156,925 | $ 113,427 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 6.63% | 6.00% |
Common equity tier 1 capital, Actual Amount | $ 302,488 | $ 204,350 |
Common equity tier 1 capital, Actual Ratio | 11.16% | 10.81% |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 121,395 | $ 85,067 |
Common equity tier 1 capital, For capital adequacy purpose, Ratio | 5.13% | 4.50% |
Tier 1 capital (to average assets), Actual, Amount | $ 302,488 | $ 249,918 |
Tier 1 capital (to average assets), Actual, Ratio | 9.69% | 9.82% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 124,866 | $ 101,800 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 4.00% | 4.00% |
Bank [Member] | ||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 315,040 | $ 237,348 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.34% | 12.57% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 203,808 | $ 151,057 |
Total capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.63% | 8.00% |
Total capital (to risk-weighted assets), For well capitalized purpose, Amount | $ 236,162 | $ 188,821 |
Total capital (to risk-weighted assets), For well capitalized purpose, Ratio | 10.00% | 10.00% |
Tier 1 capital (to average assets), Actual, Amount | $ 300,516 | $ 222,814 |
Tier 1 capital (to average assets), Actual, Ratio | 12.73% | 11.80% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 156,514 | $ 113,295 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 6.63% | 6.00% |
Tier 1 capital (to average assets), For well capitalized purpose, Amount | $ 188,855 | $ 151,060 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 8.00% | 8.00% |
Common equity tier 1 capital, Actual Amount | $ 300,516 | $ 222,814 |
Common equity tier 1 capital, Actual Ratio | 12.73% | 11.80% |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 121,103 | $ 84,971 |
Common equity tier 1 capital, For capital adequacy purpose, Ratio | 5.13% | 4.50% |
Common equity tier 1 capital, For well capitalized purpose, Amount | $ 153,445 | $ 122,737 |
Common equity tier 1 capital, For well capitalized purposes, Ratio | 6.50% | 6.50% |
Tier 1 capital (to average assets), Actual, Amount | $ 300,516 | $ 222,814 |
Tier 1 capital (to average assets), Actual, Ratio | 9.65% | 8.77% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 124,566 | $ 101,626 |
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 | $ 155,708 | $ 127,032 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 5.00% | 5.00% |
Preferred Stock Redemption - Ad
Preferred Stock Redemption - Additional Information (Detail) - Series B Preferred Stock [Member] | Feb. 01, 2016USD ($)shares |
Schedule of Capitalization, Equity [Line Items] | |
Preferred stock, shares outstanding | shares | 12,500 |
Preferred stock, liquidation value | $ 1,000 |
Preferred stock, redemption price | $ 12,510,416.67 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions | Jul. 12, 2016 | Mar. 31, 2016 | Oct. 04, 2016 | Sep. 30, 2016 |
First Farmers Bank And Trust Co [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Business acquisition, loans assumed | $ 5 | |||
Business acquisition, deposits assumed | $ 15 | |||
Central National Bank & Trust [Member] | ||||
Subsequent Event [Line Items] | ||||
Percentage of cash consideration received as capital in excess of assets | 8.00% | |||
Percentage of cash consideration received from parent as percentage of remaining capital | 120.00% | |||
Cash consideration received as special dividend | $ 6.7 | |||
Payments received as cash consideration | $ 5.3 | |||
Reported total assets of acquiree | $ 56.4 |
Future Accounting Matters - Add
Future Accounting Matters - Additional Information (Detail) | 1 Months Ended |
Feb. 29, 2016 | |
Minimum [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Term of lease | 12 months |