Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HBNC | ||
Entity Registrant Name | HORIZON BANCORP /IN/ | ||
Entity Central Index Key | 706,129 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 22,195,625 | ||
Entity Public Float | $ 294.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 70,832 | $ 48,650 |
Investment securities, available for sale | 439,831 | 444,982 |
Investment securities, held to maturity (fair value of $194,086 and $193,703) | 193,194 | 187,629 |
Loans held for sale | 8,087 | 7,917 |
Loans, net of allowance for loan losses of $14,837 and $14,534 | 2,121,149 | 1,734,597 |
Premises and equipment, net | 66,357 | 60,798 |
Federal Reserve and Federal Home Loan Bank stock | 23,932 | 13,823 |
Goodwill | 76,941 | 49,600 |
Other intangible assets | 9,366 | 7,371 |
Interest receivable | 12,713 | 10,535 |
Cash value of life insurance | 74,134 | 54,504 |
Other assets | 44,620 | 31,995 |
Total assets | 3,141,156 | 2,652,401 |
Liabilities | ||
Non-interest bearing | 496,248 | 335,955 |
Interest bearing | 1,974,962 | 1,544,198 |
Total deposits | 2,471,210 | 1,880,153 |
Borrowings | 267,489 | 449,347 |
Subordinated debentures | 37,456 | 32,797 |
Interest payable | 472 | 507 |
Other liabilities | 23,674 | 22,765 |
Total liabilities | 2,800,301 | 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 Issued, 22,190,846 and 17,992,986 shares Outstanding, 22,171,596 and 17,909,831 shares | 0 | 0 |
Additional paid-in capital | 182,326 | 106,370 |
Retained earnings | 164,173 | 148,685 |
Accumulated other comprehensive loss | (5,644) | (723) |
Total stockholders' equity | 340,855 | 266,832 |
Total liabilities and stockholders' equity | $ 3,141,156 | $ 2,652,401 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Dec. 31, 2016USD ($)$ / sharesshares | Nov. 14, 2016 | Dec. 31, 2015USD ($)$ / sharesshares | |
Statement of Financial Position [Abstract] | ||||
Investment securities, held to maturity fair value | $ | $ 194,086 | $ 193,703 | ||
Allowance for loan losses | $ | $ 14,837 | $ 14,534 | ||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||
Preferred stock, liquidation value | $ / shares | $ 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 | $ / shares | ||||
Common stock, shares authorized | [1] | 66,000,000 | 66,000,000 | |
Common stock, shares issued | [1] | 22,192,530 | 17,992,986 | |
Common stock, shares outstanding | [1] | 22,171,596 | 17,909,831 | |
Stock split ratio | 1.5 | |||
[1] | Adjusted for 3:2 stock split on November 14, 2016. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Interest Income | ||||
Loans receivable | $ 91,569 | $ 75,373 | $ 62,435 | |
Investment securities | ||||
Taxable | 10,039 | 8,721 | 9,344 | |
Tax exempt | 4,921 | 4,494 | 4,426 | |
Total interest income | 106,529 | 88,588 | 76,205 | |
Interest Expense | ||||
Deposits | 6,616 | 5,559 | 5,257 | |
Borrowed funds | 11,807 | 6,286 | 5,956 | |
Subordinated debentures | 2,114 | 2,009 | 2,009 | |
Total interest expense | 20,537 | 13,854 | 13,222 | |
Net Interest Income | 85,992 | 74,734 | 62,983 | |
Provision for loan losses | 1,842 | 3,162 | 3,058 | |
Net Interest Income after Provision for Loan Losses | 84,150 | 71,572 | 59,925 | |
Non-interest Income | ||||
Service charges on deposit accounts | 5,404 | 4,807 | 4,085 | |
Wire transfer fees | 806 | 633 | 557 | |
Interchange fees | 7,042 | 5,591 | 4,649 | |
Fiduciary activities | 6,621 | 5,637 | 4,738 | |
Gain on sale of investment securities (includes $1,836, $189 and $988 for the years ended December 31, 2016, 2015 and 2014 related to accumulated other comprehensive earnings reclassifications) | 1,836 | 189 | 988 | |
Gain on sale of mortgage loans | 11,675 | 10,055 | 8,395 | |
Mortgage servicing income net of impairment | 1,908 | 993 | 805 | |
Increase in cash value of bank owned life insurance | 1,643 | 1,249 | 1,047 | |
Death benefit on bank owned life insurance | 145 | |||
Other income | 1,039 | 1,103 | 1,013 | |
Total non-interest income | 37,974 | 30,402 | 26,277 | |
Non-interest Expense | ||||
Salaries and employee benefits | 44,013 | 37,712 | 32,682 | |
Net occupancy expenses | 8,322 | 6,400 | 5,607 | |
Data processing | 5,367 | 4,251 | 3,663 | |
Professional fees | 2,752 | 2,070 | 1,731 | |
Outside services and consultants | 7,863 | 5,735 | 3,250 | |
Loan expense | 5,582 | 5,379 | 4,770 | |
FDIC insurance expense | 1,559 | 1,499 | 1,175 | |
Other losses | 684 | 432 | (70) | |
Other expense | 13,269 | 10,715 | 9,138 | |
Total non-interest expense | 89,411 | 74,193 | 61,946 | |
Income Before Income Tax | 32,713 | 27,781 | 24,256 | |
Income tax expense (includes $643, $66 and $346 for the years ended December 31, 2016, 2015 and 2014 related to income tax expense from reclassification items) | 8,801 | 7,232 | 6,155 | |
Net Income | 23,912 | 20,549 | 18,101 | |
Preferred stock dividend | (42) | (125) | (133) | |
Net Income Available to Common Shareholders | $ 23,870 | $ 20,424 | $ 17,968 | |
Basic Earnings Per Share | [1] | $ 1.19 | $ 1.30 | $ 1.32 |
Diluted Earnings Per Share | [1] | $ 1.19 | $ 1.26 | $ 1.27 |
[1] | Adjusted for 3:2 stock split on November 14, 2016. |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Income Statement [Abstract] | |||
Accumulated other comprehensive earnings reclassifications | $ 1,836 | $ 189 | $ 988 |
Income tax expense from reclassification | $ 643 | $ 66 | $ 346 |
Stock split ratio | 1.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 23,912 | $ 20,549 | $ 18,101 |
Change in fair value of derivative instruments: | |||
Change in fair value of derivative instruments for the period | 9 | 195 | (511) |
Income tax effect | (3) | (68) | 179 |
Changes from derivative instruments | 6 | 127 | (332) |
Change in securities: | |||
Unrealized appreciation (depreciation) for the period on AFS securities | (5,091) | (2,910) | 4,841 |
Amortization from transfer of securities from available-for-sale to held-to-maturity securities | (653) | (549) | 1,658 |
Reclassification adjustment for securities gains realized in income | (1,836) | (189) | (988) |
Income tax effect | 2,653 | 1,277 | (1,929) |
Unrealized gains (losses) on securities | (4,927) | (2,371) | 3,582 |
Other Comprehensive Income (Loss), Net of Tax | (4,921) | (2,244) | 3,250 |
Comprehensive Income | $ 18,991 | $ 18,305 | $ 21,351 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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, 2013 | $ 164,520 | $ 12,500 | $ 32,496 | $ 121,253 | $ (1,729) | ||||
Net income | 18,101 | 18,101 | |||||||
Other comprehensive income (loss), net of tax | 3,250 | 3,250 | |||||||
Amortization of unearned compensation | 363 | 363 | |||||||
Stock issued stock plans | 165 | 165 | |||||||
Stock option expense | 203 | 203 | |||||||
Stock issued from acquisition | 12,689 | 12,689 | |||||||
Cash dividends on preferred stock | (133) | (133) | |||||||
Cash dividends on common stock | (4,744) | (4,744) | |||||||
Ending Balances at Dec. 31, 2014 | 194,414 | 12,500 | 45,916 | 134,477 | 1,521 | ||||
Net income | 20,549 | 20,549 | |||||||
Other comprehensive income (loss), net of tax | (2,244) | (2,244) | |||||||
Amortization of unearned compensation | 355 | 355 | |||||||
Stock issued stock plans | 554 | 554 | |||||||
Exercise of stock warrants | 3,751 | 3,751 | |||||||
Stock option expense | 288 | 288 | |||||||
Stock issued from acquisition | 55,506 | 55,506 | |||||||
Cash dividends on preferred stock | (125) | (125) | |||||||
Cash dividends on common stock | (6,216) | (6,216) | |||||||
Ending Balances at Dec. 31, 2015 | 266,832 | 12,500 | 106,370 | 148,685 | (723) | ||||
Net income | 23,912 | 23,912 | |||||||
Other comprehensive income (loss), net of tax | (4,921) | (4,921) | |||||||
Redemption of preferred stock | (12,500) | $ (12,500) | |||||||
Amortization of unearned compensation | 284 | 284 | |||||||
Stock issued stock plans | 572 | 572 | |||||||
Stock option expense | 324 | 324 | |||||||
Stock issued from acquisition | $ 14,470 | $ 60,306 | $ 14,470 | $ 60,306 | |||||
Cash dividends on preferred stock | (42) | (42) | |||||||
Cash dividends on common stock | (8,382) | (8,382) | |||||||
Ending Balances at Dec. 31, 2016 | $ 340,855 | $ 182,326 | $ 164,173 | $ (5,644) |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash dividends on preferred stock, rate | 1.00% | 1.00% | 1.06% |
Cash dividends on common stock, per share | $ 0.41 | $ 0.39 | $ 0.34 |
Retained Earnings [Member] | |||
Cash dividends on preferred stock, rate | 1.00% | 1.00% | 1.06% |
Cash dividends on common stock, per share | $ 0.41 | $ 0.39 | $ 0.34 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Operating Activities | |||
Net income | $ 23,912 | $ 20,549 | $ 18,101 |
Items not requiring (providing) cash | |||
Provision for loan losses | 1,842 | 3,162 | 3,058 |
Depreciation and amortization | 5,275 | 4,152 | 3,779 |
Share based compensation | 324 | 288 | 203 |
Mortgage servicing rights net (recovery) impairment | 110 | 59 | (51) |
Premium amortization on securities available for sale, net | 6,162 | 3,420 | 2,299 |
Gain on sale of investment securities | (1,836) | (189) | (988) |
Gain on sale of mortgage loans | (11,675) | (10,055) | (8,395) |
Proceeds from sales of loans | 328,377 | 310,700 | 234,776 |
Loans originated for sale | (316,875) | (302,419) | (229,243) |
Change in cash value of life insurance | (1,618) | (1,224) | (1,007) |
Gain (Loss) on sale of other real estate owned | 261 | (289) | (186) |
Net change in | |||
Interest receivable | (544) | (1,010) | (398) |
Interest payable | (275) | (11) | (50) |
Other assets | 489 | 8,569 | (4,945) |
Other liabilities | (8,381) | (472) | 712 |
Net cash provided by operating activities | 25,548 | 35,230 | 17,665 |
Investing Activities | |||
Purchases of securities available for sale | (225,555) | (244,195) | (93,375) |
Proceeds from sales, maturities, calls, and principal repayments of securities available for sale | 269,587 | 121,724 | 117,533 |
Purchases of securities held to maturity | (45,832) | (32,605) | (4,839) |
Proceeds from maturities of securities held to maturity | 30,843 | 7,155 | 13,851 |
Change in FHLB stock | (5,448) | 268 | 4,972 |
Net change in loans | 32,099 | (156,340) | (190,838) |
Proceeds on the sale of OREO and repossessed assets | 2,572 | 3,014 | 2,726 |
Change in premises and equipment, net | (1,383) | (5,622) | (6,255) |
Purchase of Mortgage Company | (735) | ||
Net cash provided by (used in) investing activities | 226,390 | (124,188) | (149,046) |
Net change in | |||
Deposits | 46,590 | 46,747 | 69,780 |
Borrowings | (255,994) | 49,421 | 78,068 |
Redemption of preferred stock | (12,500) | ||
Proceeds from issuance of stock | 572 | 4,305 | 165 |
Dividends paid on common shares | (8,382) | (6,216) | (4,744) |
Dividends paid on preferred shares | (42) | (125) | (133) |
Net cash provided by (used in) financing activities | (229,756) | 94,132 | 143,136 |
Net Change in Cash and Cash Equivalents | 22,182 | 5,174 | 11,755 |
Cash and Cash Equivalents, Beginning of Period | 48,650 | 43,476 | 31,721 |
Cash and Cash Equivalents, End of Period | 70,832 | 48,650 | 43,476 |
Additional Supplemental Information | |||
Interest paid | 20,572 | 13,844 | 13,230 |
Income taxes paid | 6,916 | 4,123 | 2,800 |
Transfer of loans to other real estate owned | 3,679 | 5,567 | 3,905 |
Transfer of available-for-sale securities to held-to-maturity | 167,047 | ||
The Company purchased all of the capital stock of Kosciusko for $22,983 on June 1, 2016, LaPorte Bancorp for $98,634 on July 18, 2016, CNB Bancorp for $5,311 on November 7, 2016, Summit for $18,896 on April 3, 2014 and Peoples for $78,147 on July 1, 2015. In conjunction with the acquisition, liabilities were assumed as follows: | |||
Fair value of assets acquired | 485,077 | 158,585 | |
Cash paid to retire debt | 1,029 | ||
Less: common stock issued | 55,506 | 12,689 | |
Cash paid for the capital stock | 22,641 | 6,207 | |
Liabilities assumed | 406,930 | 138,660 | |
Summit [Member] | |||
Investing Activities | |||
Acquisition of businesses, net of cash received | $ 7,914 | ||
Peoples Bancorp Inc [Member] | |||
Investing Activities | |||
Acquisition of businesses, net of cash received | $ 182,413 | ||
Kosciusko Financial Inc [Member] | |||
Investing Activities | |||
Acquisition of businesses, net of cash received | 30,437 | ||
The Company purchased all of the capital stock of Kosciusko for $22,983 on June 1, 2016, LaPorte Bancorp for $98,634 on July 18, 2016, CNB Bancorp for $5,311 on November 7, 2016, Summit for $18,896 on April 3, 2014 and Peoples for $78,147 on July 1, 2015. In conjunction with the acquisition, liabilities were assumed as follows: | |||
Fair value of assets acquired | 155,873 | ||
Less: common stock issued | 14,470 | ||
Cash paid for the capital stock | 8,513 | ||
Liabilities assumed | 132,890 | ||
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, LaPorte Bancorp for $98,634 on July 18, 2016, CNB Bancorp for $5,311 on November 7, 2016, Summit for $18,896 on April 3, 2014 and Peoples for $78,147 on July 1, 2015. In conjunction with the acquisition, liabilities were assumed as follows: | |||
Fair value of assets acquired | 549,412 | ||
Less: common stock issued | 60,306 | ||
Cash paid for the capital stock | 38,328 | ||
Liabilities assumed | 450,778 | ||
Central National Bank & Trust [Member] | |||
Investing Activities | |||
Acquisition of businesses, net of cash received | 22,549 | ||
The Company purchased all of the capital stock of Kosciusko for $22,983 on June 1, 2016, LaPorte Bancorp for $98,634 on July 18, 2016, CNB Bancorp for $5,311 on November 7, 2016, Summit for $18,896 on April 3, 2014 and Peoples for $78,147 on July 1, 2015. In conjunction with the acquisition, liabilities were assumed as follows: | |||
Fair value of assets acquired | 56,219 | ||
Cash paid for the capital stock | 5,311 | ||
Liabilities assumed | $ 50,908 |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Nov. 07, 2016 | Jul. 18, 2016 | Jun. 01, 2016 | Jul. 01, 2015 | Apr. 03, 2014 |
Summit [Member] | |||||
Capital stock purchased | $ 18,896 | ||||
Peoples Bancorp Inc [Member] | |||||
Capital stock purchased | $ 78,147 | ||||
Kosciusko Financial Inc [Member] | |||||
Capital stock purchased | $ 22,983 | ||||
LaPorte Bancorp Inc [Member] | |||||
Capital stock purchased | $ 98,634 | ||||
Central National Bank & Trust [Member] | |||||
Capital stock purchased | $ 5,311 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Note 1 - Nature of Operations and Summary of Significant Accounting Policies Nature of Business The Bank is a full-service commercial bank offering a broad range of commercial and retail banking and other services incident to banking along with a trust department that offers corporate and individual trust and agency services and investment management services. The Bank maintains 56 full service offices. The Bank has wholly owned direct and indirect subsidiaries: Horizon Investments, Inc. (“Horizon Investments”), Horizon Properties, Inc. (“Horizon Properties”), Horizon Insurance Services, Inc. (“Horizon Insurance”) and Horizon Grantor Trust. Horizon Investments manages the investment portfolio of the Bank. Horizon Properties manages the real estate investment trust. Horizon Insurance is used by the Company’s Wealth Management to sell certain insurance products. Horizon Grantor Trust holds title to certain company owned life insurance policies. Horizon conducts no business except that incident to its ownership of the subsidiaries. Horizon formed Horizon Bancorp Capital Trust II in 2004 (“Trust II”) and Horizon Bancorp Capital Trust III in 2006 (“Trust III”) for the purpose of participating in pooled trust preferred securities offerings. The Company assumed additional debentures as the result of the following acquisitions: Alliance Financial Corporation in 2005, which formed Alliance Financial Statutory Trust I (“Alliance Trust”); American Trust & Savings Bank in 2010, which formed Am Tru Statutory Trust I (“Am Tru Trust”); Heartland Bancshares, Inc. in 2013, which formed Heartland (IN) Statutory Trust II (“Heartland Trust”); and LaPorte Bancorp, Inc. in 2016, which acquired City Savings Statutory Trust I (“City Savings Trust”) in 2007. See Note 15 of the Consolidated Financial Statements for further discussion regarding these previously consolidated entities that are now reported separately. The business of Horizon is not seasonal to any material degree. Basis of Reporting Use of Estimates Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of other real estate owned, goodwill and intangible assets, mortgage servicing rights, other-than-temporary impairments and fair values of financial instruments. Fair Value Measurements As defined in codification, fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants. It represents an exit price at the measurement date. Market participants are buyers and sellers, who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value. Horizon values its assets and liabilities in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market for the asset or liability (i.e., the market where the asset could be sold or the liability transferred at a price that maximizes the amount to be received for the asset or minimizes the amount to be paid to transfer the liability). In measuring the fair value of an asset, Horizon assumes the highest and best use of the asset by a market participant to maximize the value of the asset, and does not consider the intended use of the asset. When measuring the fair value of a liability, Horizon assumes that the nonperformance risk associated with the liability is the same before and after the transfer. Nonperformance risk is the risk that an obligation will not be satisfied and encompasses not only Horizon’s own credit risk (i.e., the risk that Horizon will fail to meet its obligation), but also other risks such as settlement risk. Horizon considers the effect of its own credit risk on the fair value for any period in which fair value is measured. There are three acceptable valuation techniques that can be used to measure fair value: the market approach, the income approach and the cost approach. Selection of the appropriate technique for valuing a particular asset or liability takes into consideration the exit market, the nature of the asset or liability being valued, and how a market participant would value the same asset or liability. Ultimately, determination of the appropriate valuation method requires significant judgment, and sufficient knowledge and expertise are required to apply the valuation techniques. Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability using one of the three valuation techniques. Inputs can be observable or unobservable. Observable inputs are those assumptions which market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from a source independent of Horizon. Unobservable inputs are assumptions based on Horizon’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy which gives the highest ranking to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for assets or liabilities classified as Level 2 are based on one or a combination of the following factors: (i) quoted prices for similar assets; (ii) observable inputs for the asset or liability, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company considers an input to be significant if it drives 10% or more of the total fair value of a particular asset or liability. Assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly or quarterly). Recurring valuation occurs at a minimum on the measurement date. Assets and liabilities are considered to be fair valued on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the balance sheet. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements which require assets or liabilities to be assessed for impairment or recorded at the lower of cost or fair value. The fair value of assets or liabilities transferred in or out of Level 3 is measured on the transfer date, with any additional changes in fair value subsequent to the transfer considered to be realized or unrealized gains or losses. Investment Securities Available for Sale Investment Securities Held to Maturity Loans Held for Sale Interest and Fees on Loans Concentrations of Credit Risk Mortgage Warehouse Loans The transaction does not qualify as a sale under ASC 860, Transfers and Servicing and therefore is accounted for as a secured borrowing with 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 sales 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. Allowance for Loan Losses The general allowance is calculated by applying loss factors to pools of outstanding loans. Loss factors are based on historical loss experience and may be adjusted for significant factors that, in management’s judgment, affect the collectability of the portfolio as of the evaluation date. Specific allowances are established in cases where management has identified conditions or circumstances related to a credit that management believes indicate the probability that a loss will be incurred in excess of the amount determined by the application of the formula allowance. The qualitative allowance is based upon management’s evaluation of various conditions, the effects of which are not directly measured in the determination of the general and specific allowances. The evaluation of the inherent loss with respect to these conditions is subject to a higher degree of uncertainty because they are not identified with specific credits. The conditions evaluated in connection with the qualitative allowance may include factors such as local, regional and national economic conditions and forecasts, concentrations of credit and changes in the composition of the portfolio. Loan Impairment non-accrual charged-off Loans are considered impaired if the borrower does not exhibit the ability to pay or the full principal or interest payments are not expected or made in accordance with the original terms of the loan. Impaired loans are measured and carried at the lower of cost or the present value of expected future cash flows discounted at the loan’s effective interest rate, at the loan’s observable market price or at the fair value of the collateral if the loan is collateral dependent. Smaller balance homogenous loans are evaluated for impairment in the aggregate. Such loans include residential first mortgage loans secured by one to four family residences, residential construction loans and automobile, home equity and second mortgages. Commercial loans and mortgage loans secured by other properties are evaluated individually for impairment. Loans Acquired in Business Combinations past-due 310-30) 310-30, The expected cash flows of the acquired loan pools in excess of the fair values recorded is referred to as the accretable yield and is recognized in interest income over the remaining estimated lives of the loan pools. The Company continues to evaluate the fair value of the loans including cash flows expected to be collected. Increases in the Company’s cash flow expectation are recognized as increases to the accretable yield while decreases are recognized as impairments through the allowance for loan losses. Performing loans acquired (FASB ASC 310-20) with credit impairment subsequent to the acquisition date are evaluated individually and charged down to the fair value of the underlying collateral in the period the uncollectible loss is reasonably determined. Premises and Equipment Federal Reserve and Federal Home Loan Bank of Indianapolis (FHLBI) Stock Mortgage Servicing Rights (ASC 860-50), Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change, and may have an adverse impact on the value of the mortgage servicing right and may result in a reduction to noninterest income. Each class of separately recognized servicing assets subsequently measured using the amortization method are evaluated and measured for impairment. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the carrying amount of the servicing assets for that tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment after the initial measurement of impairment. Changes in valuation allowances are reported with mortgage servicing income net of impairment on the income statement. Fair value in excess of the carrying amount of servicing assets for that stratum is not recognized. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. Intangible Assets Bank Owned Life Insurance (BOLI) Income Taxes Income Taxes Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not more-likely-than-not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiaries. Trust Assets and Income Transfer of Financial Assets Earnings per Common Share Years Ended December 31 2016 2015 2014 Basic earnings per share Net income $ 23,912 $ 20,549 $ 18,101 Less: Preferred stock dividends 42 125 133 Net income available to common shareholders $ 23,870 $ 20,424 $ 17,968 Weighted average common shares outstanding (1) 19,987,728 15,765,444 13,591,053 Basic earnings per share $ 1.19 $ 1.30 $ 1.32 Diluted earnings per share Net income available to common shareholders $ 23,870 $ 20,424 $ 17,968 Weighted average common shares outstanding (1) 19,987,728 15,765,444 13,591,053 Effect of dilutive securities: Warrants — 330,474 473,519 Restricted stock 26,553 48,015 59,214 Stock options 68,129 53,379 57,402 Weighted average shares outstanding 20,082,410 16,197,312 14,181,188 Diluted earnings per share $ 1.19 $ 1.26 $ 1.27 (1) Adjusted for 3:2 stock split on November 14, 2016 At December 31, 2016 there were zero shares and at December 31, 2015 and 2014 there were 3,750 and 3,750 shares that were not included in the computation of diluted earnings per share because they were non-dilutive. Dividend Restrictions Consolidated Statements of Cash Flows Comprehensive Income available-for-sale available-for-sale held-to-maturity. Share-Based Compensation 12-month Reclassifications Recent Accounting Pronouncements FASB Accounting Standards Updates No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The FASB has issued Accounting Standards Update (ASU) No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. FASB Accounting Standards Updates No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The FASB has issued Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. FASB Accounting Standards Updates No. 2016-15, Statement of Cash Flows (Topic 230) The FASB has issued Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows (Topic 230) No. 2016-18, FASB Accounting Standards Updates No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The FASB has issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. available-for-sale one-time one-time FASB Accounting Standards Updates No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The FASB has issued Accounting Standards Update (ASU) No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Shared-Base Payment Accounting. FASB Accounting Standards Updates No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations and Existing Hedge Accounting Relationships The FASB has issued Accounting Standards Update (ASU) No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations and Existing Hedge Accounting Relationships. de-designation FASB Accounting Standards Updates No. 2016-02, Leases (Topic 842) The FASB has issued Accounting Standards Update (ASU) No. 2016-02, Leases. right-of-use FASB Accounting Standards Updates No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The FASB has issued Accounting Standards Update (ASU) No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. not-for-profit The new guidance makes targeted improvements to existing U.S. GAAP by: • Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; • Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; • Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; • Eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; • Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and • Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. In addition, the new guidance permits early adoption of the provision that exempts private companies and not-for-profit FASB Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments The FASB has issued Accounting Standards Update (ASU) No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. U.S. GAAP currently requires that during the measurement period, the acquirer retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Those adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts initially recognized or would have resulted in the recognition of additional assets or liabilities. The acquirer also must revise comparative information for prior periods presented in financial statements as needed, including revising depreciation, amortization, or other income effects as a result of changes made to provisional amounts. The amendments require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. The only disclosures required at transition should be the nature of and reason for the change in accounting principle. An entity should disclose that information in the first annual period of adoption and in the interim periods within the first annual period if there is a measurement-period adjustment during the first annual period in which the changes are effective. FASB Accounting Standards Update No. 2015-15, Interest—Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements The FASB has issued Accounting Standards Update (ASU) No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting. line-of-credit In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, 2015-03 line-of-credit Given the absence of authoritative guidance within ASU 2015-03 line-of-credit line-of-credit line-of-credit FASB Accounting Standards Update No. 2015-01, Eliminating the Concept of Extraordinary Items The FASB has issued Accounting Standards Update (ASU) No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share FASB Accounting Standards Update No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period The FASB has issued Accounting Standards Update (ASU) No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. FASB Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers – (Topic 606) The FASB has issued Accounting Standards Update (ASU) No. 2014-09 creating, Revenue from Contracts with Customers ( Topic 606). In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. In December 2016, the FASB issued ASU No. 2016-20, Revenue from Contracts with Customers (Topic 606): Technical Corrections and Improvements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2 – Acquisitions On November 7, 2016, Horizon completed the acquisition of CNB Bancorp, an Indiana corporation headquartered in Attica, Indiana (“CNB”) and the Bank’s acquisition of The Central National Bank and Trust Company (“Central National Bank & Trust”), through mergers effective November 7, 2016. Under terms of the acquisition, shareholders of CNB received merger consideration in the form of cash. The total value of the consideration for the acquisition was $5.3 million. The Company had approximately $779,000 in costs related to the acquisition as of December 31, 2016. These expenses are classified in the non-interest Under the purchase method of accounting, the total estimated purchase price is allocated to CNB’s net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the CNB acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 27,860 Deposits Investment securities, available for sale 16,393 Non-interest $ 24,079 NOW accounts 9,038 Commercial 2,267 Savings and money market 13,829 Residential mortgage 6,624 Certificates of deposits 3,342 Consumer 1,579 Total deposits 50,288 Total loans 10,470 Borrowings 459 Premises and equipment, net 444 Interest payable 7 FHLB stock 50 Other liabilities 154 Goodwill 609 Core deposit intangible 190 Interest receivable 154 Other assets 49 Total assets purchased $ 56,219 Total liabilities assumed $ 50,908 Cash paid 5,311 Total estimated purchase price $ 5,311 Of the total purchase price of $5.3 million, $190,000 has been allocated to core deposit intangible. Additionally, $609,000 has been allocated to goodwill and none of the purchase price is deductible. The core deposit intangible will be amortized over 10 years on a straight line basis. The Company acquired the $10.8 million performing loan portfolio with an estimated fair value of $10.5 million. No loans were 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. On July 18, 2016, Horizon completed the acquisition of LaPorte Bancorp, Inc., a Maryland corporation (“LaPorte Bancorp”) and the 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 shareholder 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 Bancorp’s ESOP loan receivable, the transaction has an implied valuation of approximately $98.6 million. The Company had approximately $4.0 million in costs related to the acquisition as of December 31, 2016. These expenses are classified in the non-interest 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. ASSETS LIABILITIES Cash and due from banks $ 154,849 Deposits Investment securities, available for sale 23,779 Non-interest $ 66,733 NOW accounts 99,346 Commercial 153,750 Savings and money market 117,688 Residential mortgage 42,603 Certificates of deposits 87,605 Consumer 16,801 Total deposits 371,372 Mortgage Warehousing 99,752 Total loans 312,906 Borrowings 64,793 Premises and equipment, net 6,022 Interest payable 178 FHLB stock 4,029 Subordinated debt 4,504 Goodwill 20,290 Other liabilities 9,931 Core deposit intangible 2,514 Interest receivable 844 Cash value of life insurance 15,267 Other assets 8,912 Total assets purchased $ 549,412 Total liabilities assumed $ 450,778 Common shares issued $ 60,306 Cash paid 38,328 Total estimated purchase price $ 98,634 Of the total estimated purchase price of $98.6 million, $2.5 million has been allocated to core deposit intangible. Additionally, $20.3 million has been allocated to goodwill and none of the purchase price is deductible. The core deposit intangible will be amortized over 10 years on a straight line basis. 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. 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 non-accrual loan-to-value 310-30) 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 Contractually required principal and interest at acquisition $ 12,545 Contractual cash flows not expected to be collected (nonaccretable differences) 4,492 Expected cash flows at acquisition 8,053 Interest component of expected cash flows (accretable discount) 1,258 Fair value of acquired loans accounted for under ASC 310-30 $ 6,795 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. On June 1, 2016, Horizon completed the acquisition of Kosciusko Financial, Inc., an Indiana corporation (“Kosciusko”) and the 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 shareholder 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 had approximately $2.0 million in costs related to the acquisition. These expenses are classified in the non-interest 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. ASSETS LIABILITIES Cash and due from banks $ 38,950 Deposits Investment securities, available for sale 1,191 Non-interest $ 27,871 NOW accounts 35,213 Commercial 70,006 Savings and money market 26,953 Residential mortgage 26,244 Certificates of deposits 32,771 Consumer 6,319 Total deposits 122,808 Total loans 102,569 Borrowings 9,038 Premises and equipment, net 1,466 Interest payable 55 FRB and FHLB stock 582 Other liabilities 989 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 Total liabilities assumed $ 132,890 Common shares issued $ 14,470 Cash paid 8,513 Total estimated purchase price $ 22,983 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 10 years on a straight line basis. 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. 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 non-accrual loan-to-value 310-30) 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 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. The results of operations of CNB, LaPorte Bancorp and Kosciusko 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 December 31, 2016 and 2015 as if the CNB, LaPorte Bancorp and Kosciusko acquisitions had occurred as of the beginning of the comparable prior reporting period. December 31 December 31 2016 2015 Summary of Operations: Net Interest Income $ 95,451 $ 91,986 Provision for loan losses 1,842 3,417 Net Interest Income after Provision for Loan Losses 93,609 88,569 Non-interest 43,237 33,301 Non-interest 104,226 87,779 Income before Income Taxes 32,620 34,091 Income Tax Expense 9,679 8,528 Net Income 22,941 25,563 Net Income Available to Common Shareholders $ 22,899 $ 25,438 Basic Earnings Per Share $ 1.15 $ 1.61 Diluted Earnings Per Share $ 1.14 $ 1.57 The pro-forma non-recurring The pro-forma On July 1, 2015, Horizon completed the acquisition of Peoples Bancorp, an Indiana corporation (“Peoples”) and the Bank’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 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 are classified in the non-interest Under the purchase method of accounting, the total estimated purchase price is allocated to Peoples net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the Peoples acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 205,054 Deposits Investment securities, available for sale 2,038 Non-interest $ 28,251 NOW accounts 65,771 Commercial 67,435 Savings and money market 125,176 Residential mortgage 137,331 Certificates of deposits 131,889 Consumer 19,593 Total deposits 351,087 Total loans 224,359 Borrowings 48,884 Premises and equipment, net 5,524 Interest payable 21 FRB and FHLB stock 2,743 Other liabilities 6,938 Goodwill 21,424 Core deposit intangible 4,394 Interest receivable 1,279 Cash value of life insurance 13,898 Other assets 4,364 Total assets purchased $ 485,077 Total liabilities assumed $ 406,930 Common shares issued $ 55,506 Cash paid 22,641 Total estimated purchase price $ 78,147 Of the total purchase price of $78.1 million, $4.4 million has been allocated to core deposit intangible. Additionally, $21.4 million has been allocated to goodwill and none of the purchase price is deductible. The core deposit intangible will be amortized over 10 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 non-accrual loan-to-value 310-30) Loan with specific credit-related deterioration, since origination, are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition of these loans is based on reasonable expectation about the timing and amount of cash flows to be collected. The following table details the acquired loans that are accounted for in accordance with ASC 310-30 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 December 31, 2015 and December 31, 2014 as if the Peoples and Peoples FSB acquisitions had occurred as of the beginning of the comparable prior reporting period. December 31 December 31 Summary of Operations: Net Interest Income $ 80,688 $ 75,442 Provision for Loan Losses 3,222 3,443 Net Interest Income after Provision for Loan Losses 77,466 71,999 Non-interest 32,295 29,928 Non-Interest 80,489 74,010 Income before Income Taxes 29,272 27,917 Income Tax Expense 7,359 6,560 Net Income 21,913 21,357 Net Income Available to Common Shareholders $ 21,788 $ 21,342 Basic Earnings Per Share $ 1.27 $ 1.25 Diluted Earnings Per Share $ 1.23 $ 1.21 The pro forma information includes adjustments for interest income on loans, amortization of intangibles arising from the transaction, interest expense on deposits acquired, premises expense for the banking centers acquired and the related income tax effects. The pro forma information for the year ended 2015 includes $2.3 million, net of tax, of operating revenue from Peoples since the acquisition and approximately $3.3 million, net of tax, of non-recurring 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 April 3, 2014 Horizon closed its acquisition of SCB Bancorp, Inc. (“Summit”) and the Bank’s acquisition of Summit Community Bank, through mergers effective as of that date. Under the final terms of the acquisition, the exchange ratio was 0.7356 shares of Horizon’s common stock and $5.15 in cash for each share of Summit common stock outstanding. Summit shares outstanding at the closing were 1,164,442, and the shares of Horizon common stock issued to Summit shareholders totaled 856,230. Horizon’s stock price was $14.82 per share at the close of business on April 3, 2014. Based upon these numbers, the total value of the consideration for the acquisition was $18.9 million (not including the retirement of Summit debt). For the year ended December 31, 2014, the Company had approximately $1.3 million in costs related to the acquisition. These expenses are classified in the other expense section of the income statement and primarily located in the salaries and employee benefits, professional services and other expense line items. As a result of the acquisition, the Company experienced, and expects to continue to experience, increases in its deposit base and reductions in transaction costs. The Company also expects to reduce costs through economies of scale. Under the purchase method of accounting, the total estimated purchase price is allocated to Summit’s net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the preliminary purchase price for the Summit acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 15,161 Deposits Non-interest $ 27,274 Commercial 70,441 NOW accounts 16,332 Residential mortgage 43,448 Savings and money market 35,045 Consumer 10,192 Certificates of deposits 42,368 Total loans 124,081 Total deposits 121,019 Premises and equipment, net 2,548 Borrowings 16,990 FRB and FHLB stock 2,136 Interest payable 52 Goodwill 8,428 Other liabilities 599 Core deposit intangible 822 Interest receivable 347 Cash value of life insurance 2,185 Other assets 2,877 Total assets purchased $ 158,585 Total liabilities assumed $ 138,660 Of the total estimated purchase price of $19.9 million, $822,000 has been allocated to core deposit intangible. Additionally, $8.4 million has been allocated to goodwill and $4.4 million of the purchase price is deductible and was assigned to the business assets. The core deposit intangible will be amortized over 10 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 non-accrual loan-to-value 310-30) The Company acquired the $130.5 million loan portfolio at a fair value discount of $6.4 million. The performing portion of the portfolio, $106.2 million, had an estimated fair value of $104.6 million. The excess of expected cash flows above the fair value of the performing portion of loans will be accreted to interest income over the remaining lives of the loans in accordance with ASC 310-20. Final estimates of loans for which specific credit-related deterioration has been identified, 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 Contractually required principal and interest at acquisition $ 14,460 Contractual cash flows not expected to be collected (nonaccretable differences) 3,146 Expected cash flows at acquisition 11,314 Interest component of expected cash flows (accretable discount) 1,688 Fair value of acquired loans accounted for under ASC 310-30 $ 9,626 Pro-forma |
Cash Equivalents
Cash Equivalents | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash Equivalents | Note 3 – Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2016 and 2015, cash equivalents consisted primarily of money market accounts with brokers and certificates of deposit. At December 31, 2016, the Company’s cash accounts exceeded federally insured limits by approximately $6.5 million. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 4 – Securities The fair value of securities is as follows: December 31, 2016 Amortized Gross Gross Fair Value Available for sale U.S. Treasury and federal agencies $ 8,051 $ 2 $ (64 ) $ 7,989 State and municipal 117,327 324 (1,059 ) 116,592 Federal agency collateralized mortgage obligations 139,040 254 (2,099 ) 137,195 Federal agency mortgage-backed pools 180,183 251 (3,707 ) 176,726 Corporate notes 1,238 91 — 1,329 Total available for sale investment securities $ 445,839 $ 922 $ (6,929 ) $ 439,831 Held to maturity State and municipal $ 165,607 $ 2,700 $ (2,485 ) $ 165,822 Federal agency collateralized mortgage obligations 6,530 31 (71 ) 6,490 Federal agency mortgage-backed pools 21,057 897 (180 ) 21,774 Total held to maturity investment securities $ 193,194 $ 3,628 $ (2,736 ) $ 194,086 December 31, 2015 Amortized Gross Gross Fair 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, 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 December 31, 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 December 31, 2016. The Company elected to transfer 319 available-for-sale held-to-maturity 320-10-55-24, pre-tax The amortized cost and fair value of securities available for sale and held-to-maturity December 31, 2016 December 31, 2015 Amortized Fair Amortized Fair Cost Value Cost Value Available for sale Within one year $ 7,455 $ 7,480 $ 7,192 $ 7,232 One to five years 37,483 37,479 38,197 38,894 Five to ten years 21,112 20,984 16,807 17,152 After ten years 60,566 59,967 17,605 17,797 126,616 125,910 79,801 81,075 Federal agency collateralized mortgage obligations 139,040 137,195 157,291 156,203 Federal agency mortgage-backed pools 180,183 176,726 206,970 207,704 Total available for sale investment securities $ 445,839 $ 439,831 $ 444,062 $ 444,982 Held to maturity Within one year $ — $ — $ — $ — One to five years 24,594 25,271 17,815 18,403 Five to ten years 87,645 88,805 106,167 110,026 After ten years 53,368 51,746 28,208 28,976 165,607 165,822 152,190 157,405 Federal agency collateralized mortgage obligations 6,530 6,490 9,051 8,954 Federal agency mortgage-backed pools 21,057 21,774 26,388 27,344 Total held to maturity investment securities $ 193,194 $ 194,086 $ 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 December 31, 2016 Value Losses Value Losses Value Losses U.S. Treasury and federal agencies $ 6,987 $ (64 ) $ — $ — $ 6,987 $ (64 ) State and municipal 142,466 (3,544 ) — — 142,466 (3,544 ) Federal agency collateralized mortgage obligations 112,414 (1,918 ) 10,199 (252 ) 122,613 (2,170 ) Federal agency mortgage-backed pools 163,768 (3,887 ) — — 163,768 (3,887 ) Total temporarily impaired securities $ 425,635 $ (9,413 ) $ 10,199 $ (252 ) $ 435,834 $ (9,665 ) 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 ) U.S. Treasury, federal agency, state and municipal The unrealized losses on the Company’s investments in U.S. Treasury, federal agency and state and municipals were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2016. Federal agency mortgage-backed pools and collateralized mortgage obligations The unrealized losses on the Company’s investment in federal agency mortgage backed pools and collateralized mortgage obligations securities were caused by interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2016. Information regarding security proceeds, gross gains and gross losses are presented below. Years ended December 31 2016 2015 2014 Sales of securities available for sale Proceeds $ 182,549 $ 43,051 $ 45,228 Gross gains 2,646 254 988 Gross losses (810 ) (65 ) — The tax effect of the proceeds from the sale of securities available for sale was $643, $66 and $346 for the years ended December 31, 2016, 2015 and 2014, respectively. The Company pledges securities to secure retail and corporate repurchase agreements to the Federal Reserve for borrowing availability and as settlements for the fair value of swap agreements. At December 31, 2016, the Company had pledged $64.4 million of fair value or $65.1 million of amortized cost, in securities as collateral for $57.1 million in repurchase agreements, $92.5 million of fair value or $92.4 million of amortized cost, in securities as collateral for borrowing availability at the Federal Reserve with no current outstanding borrowings and $16.2 million of fair value or $16.0 million of amortized cost, in securities as collateral for $3.1 million in settlements on the fair value of swap agreements. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans | Note 5 – Loans December 31 December 31 2016 2015 Commercial Working capital and equipment $ 539,403 $ 381,245 Real estate, including agriculture 485,620 391,668 Tax exempt 15,486 8,674 Other 29,447 23,408 Total 1,069,956 804,995 Real estate 1–4 family 526,024 433,015 Other 5,850 4,129 Total 531,874 437,144 Consumer Auto 174,773 168,397 Recreation 5,669 5,365 Real estate/home improvement 53,898 47,015 Home equity 144,508 127,113 Unsecured 3,875 4,120 Other 15,706 10,290 Total 398,429 362,300 Mortgage warehouse 135,727 144,692 Total loans 2,135,986 1,749,131 Allowance for loan losses (14,837 ) (14,534 ) Loans, net $ 2,121,149 $ 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 or in the general economy. 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 Real Estate and Consumer With respect to residential loans that are secured by 1-4 loan-to-value 1-4 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 reaquire 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. December 31, 2016 Loan Interest Due Deferred Recorded Owner occupied real estate $ 337,548 $ 899 $ 1,022 $ 339,469 Non owner occupied real estate 461,897 624 2,176 464,697 Residential spec homes 5,006 8 (2 ) 5,012 Development & spec land loans 31,228 56 119 31,403 Commercial and industrial 230,520 1,906 442 232,868 Total commercial 1,066,199 3,493 3,757 1,073,449 Residential mortgage 508,233 1,492 3,030 512,755 Residential construction 20,611 33 — 20,644 Mortgage warehouse 135,727 480 — 136,207 Total real estate 664,571 2,005 3,030 669,606 Direct installment 71,150 199 (385 ) 70,964 Direct installment purchased 119 — — 119 Indirect installment 153,204 345 — 153,549 Home equity 175,126 703 (785 ) 175,044 Total consumer 399,599 1,247 (1,170 ) 399,676 Total loans 2,130,369 6,745 5,617 2,142,731 Allowance for loan losses (14,837 ) — — (14,837 ) Net loans $ 2,115,532 $ 6,745 $ 5,617 $ 2,127,894 December 31, 2015 Loan Interest Due Deferred Recorded 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 | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Accounting for Certain Loans Acquired in a Transfer | Note 6 – 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 non-accrual loan-to-value 310-30) The carrying amounts of those loans included in the balance sheet amounts of loans receivable are as follows: December 31 December 31 December 31 Peoples December 31 December 31 December 31 CNB December 31 Total Commercial $ 774 $ 5,245 $ 692 $ 1,652 $ 3,200 $ — $ 11,563 Real estate 534 967 165 457 1,114 — 3,237 Consumer 2 0 — — 41 — 43 Outstanding balance $ 1,310 $ 6,213 $ 856 $ 2,109 $ 4,355 $ — $ 14,843 Carrying amount, net of allowance of $0 $ 14,843 December 31 December 31 December 31 Peoples December 31 December 31 December 31 CNB December 31 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 are as follows: Twelve Months Ended December 31, 2016 Heartland Summit Peoples Kosciusko LaPorte CNB Total Balance at January 1 $ 795 $ 708 $ 555 $ — $ — $ — $ 2,058 Additions — — — 634 1,636 2,270 Accretion (164 ) (171 ) (106 ) (72 ) (147 ) — (660 ) Reclassification from nonaccretable difference — — — — — — — Disposals (74 ) (35 ) (60 ) (32 ) (10 ) — (211 ) Balance at December 31 $ 557 $ 502 $ 389 $ 530 $ 1,479 $ — $ 3,457 Twelve Months Ended December 31, 2015 Heartland Summit Peoples Kosciusko LaPorte CNB Total Balance at January 1 $ 2,400 $ 1,268 $ — $ — $ — $ — $ 3,668 Additions — — 647 — — — 647 Accretion (327 ) (315 ) (83 ) — — — (725 ) Reclassification from nonaccretable difference — — — — — — — Disposals (1,278 ) (245 ) (9 ) — — — (1,532 ) Balance at December 31 $ 795 $ 708 $ 555 $ — $ — $ — $ 2,058 During the years ended December 31, 2016 and 2015, the Company increased (decreased) the allowance for loan losses by a charge to the income statement of $71,000 and $(190,000), respectively. $0 and $63,000 of allowances for loan losses were reversed for the years ended December 31, 2016 and 2015, respectively. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 7 – 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 using the highest of the one, two or five-year historical loss experience is an appropriate methodology 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. December 31 December 31 December 31 2016 2015 2014 Balance at beginning of the period $ 14,534 $ 16,501 $ 15,992 Loans charged-off: Commercial Owner occupied real estate 181 2,208 40 Non owner occupied real estate 471 556 136 Residential development — — — Development & Spec Land Loans — — 173 Commercial and industrial 106 673 1,453 Total commercial 758 3,437 1,802 Real estate Residential mortgage 213 288 328 Residential construction — — — Mortgage warehouse — — — Total real estate 213 288 328 Consumer Direct Installment 329 367 250 Direct Installment Purchased — — — Indirect Installment 1,051 1,081 1,233 Home Equity 309 926 516 Total consumer 1,689 2,374 1,999 Total loans charged-off 2,660 6,099 4,129 Recoveries of loans previously charged-off: Commercial Owner occupied real estate 31 104 13 Non owner occupied real estate 55 1 210 Residential development 8 — — Development & Spec Land Loans — 35 55 Commercial and industrial 116 52 495 Total commercial 210 192 773 Real estate Residential mortgage 97 69 21 Residential construction — — — Mortgage warehouse — — — Total real estate 97 69 21 Consumer Direct Installment 81 106 67 Direct Installment Purchased — — — Indirect Installment 529 489 560 Home Equity 204 114 159 Total consumer 814 709 786 Total loan recoveries 1,121 970 1,580 Net loans charged-off 1,539 5,129 2,549 Provision charged to operating expense Commercial (68 ) 2,531 2,277 Real estate (23 ) 62 (1,153 ) Consumer 1,933 569 1,934 Total provision charged to operating expense 1,842 3,162 3,058 Balance at the end of the period $ 14,837 $ 14,534 $ 16,501 Certain loans are individually evaluated for impairment, and the Company’s general practice is to proactively charge down impaired loans to the fair value 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 charges-off charge-off The Company charges-off 1-4 1-4 charges-off open-end 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: December 31, 2016 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 4 $ — $ — $ — $ 4 Collectively evaluated for impairment 6,575 2,090 1,254 4,914 14,833 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 6,579 $ 2,090 $ 1,254 $ 4,914 $ 14,837 Loans: Individually evaluated for impairment $ 2,250 $ — $ — $ — $ 2,250 Collectively evaluated for impairment 1,071,199 533,399 136,207 399,676 2,140,481 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 1,073,449 $ 533,399 $ 136,207 $ 399,676 $ 2,142,731 December 31, 2015 Commercial Real Estate Mortgage 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 Assets and Impai
Non-performing Assets and Impaired Loans | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Non-performing Assets and Impaired Loans | Note 8 – Non-performing The following table presents the nonaccrual, loans past due over 90 days still on accrual, and troubled debt restructured (“TDRs”) by class of loans: December 31, 2016 Non-accrual Loans Past Non- Performing Total Non- Commercial Owner occupied real estate $ 1,532 $ 183 $ — $ — $ 1,715 Non owner occupied real estate 440 — — — 440 Residential development — — — — — Development & Spec Land Loans 118 — — — 118 Commercial and industrial 159 — — — 159 Total commercial 2,249 183 — — 2,432 Real estate Residential mortgage 2,959 — 576 1,254 4,789 Residential construction — — 233 — 233 Mortgage warehouse — — — — — Total real estate 2,959 — 809 1,254 5,022 Consumer Direct Installment 512 — — — 512 Direct Installment Purchased — — — — — Indirect Installment 659 49 — — 708 Home Equity 1,557 9 205 238 2,009 Total Consumer 2,728 58 205 238 3,229 Total $ 7,936 $ 241 $ 1,014 $ 1,492 $ 10,683 December 31, 2015 Non-accrual Loans Past Non- Performing Total Non- 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 $7.9 million of non-accrual non-performing 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 non-accrual non-accrual non-accrual 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 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 December 31, 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 December 31, 2016, the Company had $2.5 million in TDRs and $1.5 million were performing according to the restructured terms and four TDRs were returned to accrual status during 2016. There was $109,000 of specific reserves allocated to TDRs at December 31, 2016 based on the collateral deficiencies. The following table presents commercial loans individually evaluated for impairment by class of loans: Twelve Months Ending December 31, 2016 Unpaid Recorded Allowance For Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,533 $ 1,533 $ — $ 1,619 $ 58 Non owner occupied real estate 440 440 — 871 18 Residential development — — — — — Development & Spec Land Loans 118 118 — 61 16 Commercial and industrial 128 127 — 349 1 Total commercial 2,219 2,218 — 2,900 93 With an allowance recorded Commercial Owner occupied real estate — — — — — Non owner occupied real estate — — — — — Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 31 32 4 5 2 Total commercial 31 32 4 5 2 Total $ 2,250 $ 2,250 $ 4 $ 2,905 $ 95 Twelve Months Ending December 31, 2015 Unpaid Recorded Allowance For Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,340 $ 1,339 $ — $ 1,001 $ 22 Non owner occupied real estate 4,938 4,953 — 5,417 8 Residential development — — — — — Development & Spec Land Loans 71 71 — 6 3 Commercial and industrial 79 79 — 275 4 Total commercial 6,428 6,442 — 6,699 37 With an allowance recorded Commercial Owner occupied real estate 410 410 105 243 8 Non owner occupied real estate 70 70 32 6 13 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 97 97 65 162 — Total commercial 577 577 202 411 21 Total $ 7,005 $ 7,019 $ 202 $ 7,110 $ 58 Twelve Months Ending December 31, 2014 Unpaid Recorded Allowance For Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,169 $ 1,170 $ — $ 645 $ 65 Non owner occupied real estate 1,193 1,194 — 1,341 51 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 854 854 — 357 27 Total commercial 3,216 3,218 — 2,343 143 With an allowance recorded Commercial Owner occupied real estate 422 422 165 141 16 Non owner occupied real estate 6,453 6,453 744 1,995 208 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 962 962 680 798 12 Total commercial 7,837 7,837 1,589 2,934 236 Total $ 11,053 $ 11,055 $ 1,589 $ 5,277 $ 379 The following table presents the payment status by class of loans: December 31, 2016 30 - 59 Days 60 - 89 Days 90 Days or Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 1,068 $ — $ 183 $ 1,251 $ 336,297 $ 337,548 Non owner occupied real estate 357 — — 357 461,540 461,897 Residential development — — — — 5,006 5,006 Development & Spec Land Loans 1 — — 1 31,227 31,228 Commercial and industrial 982 — — 982 229,538 230,520 Total commercial 2,408 — 183 2,591 1,063,608 1,066,199 Real estate Residential mortgage 886 123 — 1,009 507,224 508,233 Residential construction — — — — 20,611 20,611 Mortgage warehouse — — — — 135,727 135,727 Total real estate 886 123 — 1,009 663,562 664,571 Consumer Direct Installment 139 4 — 143 71,007 71,150 Direct Installment Purchased — — — — 119 119 Indirect Installment 1,339 237 49 1,625 151,579 153,204 Home Equity 912 267 9 1,188 173,938 175,126 Total consumer 2,390 508 58 2,956 396,643 399,599 Total $ 5,684 $ 631 $ 241 $ 6,556 $ 2,123,813 $ 2,130,369 Percentage of total loans 0.27 % 0.03 % 0.01 % 0.31 % 99.69 % December 31, 2015 30 - 59 Days 60 - 89 Days 90 Days or 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 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 • 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, non-accrual. Horizon Bank employs a nine-grade rating system to determine the credit quality of commercial loans. The first five grades represent acceptable quality, and the last four grades mirror the criticized and classified grades used by the bank regulatory agencies (special mention, substandard, doubtful, and loss). The loan grade definitions are detailed below. Risk Grade 1: Excellent (Pass) Loans secured by liquid collateral, such as certificates of deposit, reputable bank letters of credit, or other cash equivalents; loans that are guaranteed or otherwise backed by the full faith and credit of the United States government or an agency thereof, such as the Small Business Administration; or loans to any publicly held company with a current long-term debt rating of A or better. Risk Grade 2: Good (Pass) Loans to businesses that have strong financial statements containing an unqualified opinion from a CPA firm and at least three consecutive years of profits; loans supported by unaudited financial statements containing strong balance sheets, five consecutive years of profits, a five-year satisfactory relationship with the Bank, and key balance sheet and income statement trends that are either stable or positive; loans secured by publicly traded marketable securities where there is no impediment to liquidation; loans to individuals backed by liquid personal assets and unblemished credit history; or loans to publicly held companies with current long-term debt ratings of Baa or better. Risk Grade 3: Satisfactory (Pass) Loans supported by financial statements (audited or unaudited) that indicate average or slightly below average risk and having some deficiency or vulnerability to changing economic conditions; loans with some weakness but offsetting features of other support are readily available; loans that are meeting the terms of repayment, but which may be susceptible to deterioration if adverse factors are encountered. Loans may be graded Satisfactory when there is no recent information on which to base a current risk evaluation and the following conditions apply: • At inception, the loan was properly underwritten, did not • At inception, the loan was secured with collateral possessing a loan value adequate to protect the Bank from loss. • The loan has exhibited two or more years of satisfactory repayment with a reasonable reduction of the principal balance. • During the period that the loan has been outstanding, there has been no evidence of any credit weakness. Some examples of weakness include slow payment, lack of cooperation by the borrower, breach of loan covenants, or the borrower is in an industry known to be experiencing problems. If any of these credit weaknesses is observed, a lower risk grade may be warranted. Risk Grade 4 Satisfactory/Monitored: Loans in this category are considered to be of acceptable credit quality, but contain greater credit risk than Satisfactory loans. Borrower displays acceptable liquidity, leverage, and earnings performance within the Bank’s minimum underwriting guidelines. The level of risk is acceptable but conditioned on the proper level of loan officer supervision. Loans that normally fall into this grade include acquisition, construction and development loans and income producing properties that have not reached stabilization. Risk Grade 4W Management Watch: Loans in this category are considered to be of acceptable quality, but with above normal risk. Borrower displays potential indicators of weakness in the primary source of repayment resulting in a higher reliance on secondary sources of repayment. Balance sheet may exhibit weak liquidity and/or high leverage. There is inconsistent earnings performance without the ability to sustain adverse economic conditions. Borrower may be operating in a declining industry or the property type, as for a commercial real estate loan, may be high risk or in decline. These loans require an increased level of loan officer supervision and monitoring to assure that any deterioration is addressed in a timely fashion. Risk Grade 5: Special Mention Loans which possess some credit deficiency or potential weakness which deserves close attention. Such loans pose an unwarranted financial risk that, if not corrected, could weaken the loan by adversely impacting the future repayment ability of the borrower. The key distinctions of a Special Mention classification are that (1) it is indicative of an unwarranted Risk Grade 6: Substandard One or more of the following characteristics may be exhibited in loans classified Substandard: • Loans which possess a defined credit weakness. The likelihood that a loan will be paid from the primary source of repayment is uncertain. Financial deterioration is under way and very close attention is warranted to ensure that the loan is collected without loss. • Loans are inadequately protected by the current net worth and paying capacity of the obligor. • The primary source of repayment is gone, and the Bank is forced to rely on a secondary source of repayment, such as collateral liquidation or guarantees. • Loans have a distinct possibility that the Bank will sustain some loss if deficiencies are not corrected. • Unusual courses of action are needed to maintain a high probability of repayment. • The borrower is not generating enough cash flow to repay loan principal; however, it continues to make interest payments. • The lender is forced into a subordinated or unsecured position due to flaws in documentation. • Loans have been restructured so that payment schedules, terms, and collateral represent concessions to the borrower when compared to the normal loan terms. • The lender is seriously contemplating foreclosure or legal action due to the apparent deterioration in the loan. • There is a significant deterioration in market conditions to which the borrower is highly vulnerable. Risk Grade 7: Doubtful One or more of the following characteristics may be present in loans classified Doubtful: • Loans have all of the weaknesses of those classified as Substandard. However, based on existing conditions, these weaknesses make full collection of principal highly improbable. • The primary source of repayment is gone, and there is considerable doubt as to the quality of the secondary source of repayment. • The possibility of loss is high but because of certain important pending factors which may strengthen the loan, loss classification is deferred until the exact status of repayment is known. Risk Grade 8: Loss Loans are considered uncollectible and of such little value that continuing to carry them as assets is not feasible. Loans will be classified Loss when it is neither practical nor desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future. The following table presents loans by credit grades. December 31, 2016 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 322,924 $ 4,960 $ 9,664 $ — $ 337,548 Non owner occupied real estate 455,648 341 5,908 — 461,897 Residential development 5,006 — — — 5,006 Development & Spec Land Loans 31,057 — 171 — 31,228 Commercial and industrial 220,424 3,728 6,368 — 230,520 Total commercial 1,035,059 9,029 22,111 — 1,066,199 Real estate Residential mortgage 503,444 — 4,789 — 508,233 Residential construction 20,378 — 233 — 20,611 Mortgage warehouse 135,727 — — — 135,727 Total real estate 659,549 — 5,022 — 664,571 Consumer Direct Installment 70,638 — 512 — 71,150 Direct Installment Purchased 119 — — — 119 Indirect Installment 152,496 — 708 — 153,204 Home Equity 173,117 — 2,009 — 175,126 Total Consumer 396,370 — 3,229 — 399,599 Total $ 2,090,978 $ 9,029 $ 30,362 $ — $ 2,130,369 Percentage of total loans 98.15 % 0.42 % 1.43 % 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 % |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 9 – Premises and Equipment December 31 December 31 Land $ 20,032 $ 19,475 Buildings and improvements 59,607 55,341 Furniture and equipment 19,965 15,702 Total cost 99,604 90,518 Accumulated depreciation (33,247 ) (29,720 ) Net premise and equipment $ 66,357 $ 60,798 |
Loan Servicing
Loan Servicing | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Loan Servicing | Note 10 – Loan Servicing Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of loans serviced for others totaled approximately $1.3 billion and $1.2 billion at December 31, 2016 and 2015. The aggregate fair value of capitalized mortgage servicing rights was approximately $12.1 million, $10.8 million, and $10.5 million at December 31, 2016, 2015 and 2014, compared to the carrying values of $11.1 million, $8.9 million and $7.6 million, respectively. The fair value of capitalized mortgage servicing rights was approximately $7.0 million on January 1, 2014. Comparable market values and a valuation model that calculates the present value of future cash flows were used to estimate fair value. For purposes of measuring impairment, risk characteristics including product type, investor type and interest rates, were used to stratify the originated mortgage servicing rights. December 31 December 31 December 31 Mortgage servicing rights Balances, January 1 $ 9,271 $ 7,980 $ 7,428 Servicing rights capitalized 3,426 2,974 2,280 Amortization of servicing rights (1,016 ) (1,683 ) (1,728 ) Balances, December 31 11,681 9,271 7,980 Impairment allowance Balances, January 1 (397 ) (338 ) (389 ) Additions (236 ) (130 ) (95 ) Reductions 126 71 146 Balances, December 31 (507 ) (397 ) (338 ) Mortgage servicing rights, net $ 11,174 $ 8,874 $ 7,642 During 2016, 2015 and 2014, the Bank recorded recovery and additional (impairment) of approximately $(110,000), $(59,000) and $51,000, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 11 – Goodwill and Intangible Assets On November 7, 2016, the CNB acquisition resulted in goodwill of $609,000. On July 18, 2016, the LaPorte acquisition resulted in goodwill of $20.3 million. On June 1, 2016, the Kosciusko acquisition resulted in goodwill of $6.4 million. On July 1, 2015, the Peoples acquisition resulted in goodwill of $21.4 million. Additionally, on April 3, 2014, the Summit acquisition resulted in goodwill of $8.4 million. No impairment loss was recorded in 2016 or 2015. The Company tested goodwill for impairment during 2016 and 2015. In both valuations, the fair value exceeded the Company’s carrying value, therefore, it was concluded goodwill is not impaired. For additional details related to impairment testing, see the “Goodwill and Intangible Assets” section of “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Item 7 of this Annual Report on Form 10K. 2016 2015 Balance, January 1 $ 49,600 $ 28,176 Goodwill acquired 27,341 21,424 Balance, December 31 $ 76,941 $ 49,600 As a result of the acquisition of Alliance Bank Corporation in 2005, American Trust & Savings Bank in 2010, Heartland in 2012, Summit in 2014, Peoples in 2015, Kosciusko, LaPorte and CNB in 2016, the Company has recorded certain amortizable intangible assets related to core deposit intangibles. The core deposit intangible is being amortized over seven to ten years using an accelerated method. Amortizable intangible assets are summarized as follows: December 31, 2016 December 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets Core deposit intangible $ 16,151 $ (6,785 ) $ 12,920 $ (5,549 ) Amortization expense for intangible assets totaled $1.2 million, $988,000, and $880,000 for the years ended December 31, 2016, 2015 and 2014. Estimated amortization for the years ending December 31 is as follows: 2017 $ 1,425 2018 1,422 2019 1,280 2020 984 2021 910 Thereafter 3,345 $ 9,366 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | Note 12 – Deposits December 31 December 31 2016 2015 Noninterest-bearing demand deposits $ 496,248 $ 335,955 Interest-bearing demand deposits 850,641 706,739 Money market (variable rate) 290,896 231,956 Savings deposits 357,582 238,956 Certificates of deposit of $250,000 or more 105,361 67,697 Other certificates and time deposits 370,482 298,850 Total deposits $ 2,471,210 $ 1,880,153 Certificates and other time deposits for both retail and brokered maturing in years ending December 31 are as follows: Retail Brokered Total 2017 $ 215,751 $ 41,320 $ 257,071 2018 74,148 1,250 75,398 2019 73,774 — 73,774 2020 31,702 — 31,702 2021 12,528 3,150 15,678 Thereafter 19,741 2,479 22,220 $ 427,644 $ 48,199 $ 475,843 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 13 – Borrowings December 31 December 31 2016 2015 Federal Home Loan Bank advances, variable and fixed rates ranging from 0.74% to 7.53%, due at various dates through November 15, 2024 $ 124,034 $ 158,948 Securities sold under agreements to repurchase 57,144 154,399 Federal funds purchased 66,811 136,000 Notes payable, variable rate of 2.75%, due at various dates through July 13, 2019 19,500 — Total borrowings $ 267,489 $ 449,347 The Federal Home Loan Bank advances are secured by first and second mortgage loans and mortgage warehouse loans totaling approximately $537.8 million. Advances are subject to restrictions or penalties in the event of prepayment. At December 31, 2016, the Bank had available approximately $453.9 million in credit lines with various money center banks, including the FHLB. Contractual maturities in years ending December 31 are as follows: 2017 $ 203,610 2018 33,328 2019 21,957 2020 2,847 2021 5,317 Thereafter 430 $ 267,489 |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Repurchase Agreements | Note 14 – 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 remain under the Bank’s control. Securities sold under agreements to repurchase are secured by federal agency collateralized mortgage obligations and mortgage-backed pools. The following table shows repurchase agreements accounted for as secured borrowings (in thousands): Remaining Contractual Maturity of the Agreements December 31, 2016 Overnight Up to one One to Three to Five to ten Beyond ten Total Repurchase Agreements and repurchase-to-maturity Repurchase Agreements $ 57,144 $ — $ — $ — $ — $ — $ 57,144 Securities pledged for Repurchase Agreements U.S. Treasury and federal agencies $ — $ — $ — $ — $ — $ — $ — Federal agency collateralized mortgage obligations 44,408 — — — — — 44,408 Federal agency mortgage-backed pools 19,980 — — — — — 19,980 Total $ 64,388 $ — $ — $ — $ — $ — $ 64,388 Securities sold under agreements to repurchase consist of obligations of the Bank to other parties. The obligations are secured by U.S. Treasury and federal agencies, federal agency collateralized mortgage obligations and federal agency mortgage-backed pools and such collateral is held in safekeeping by third parties. The maximum amount of outstanding agreements at any month end during 2016 and 2015 totaled $157.7 million and $156.2 million and the daily average of such agreements totaled $134.2 million and $149.9 million. The agreements at December 31, 2016, are overnight agreements. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Subordinated Debentures | Note 15 – Subordinated Debentures In October of 2004, Horizon formed Horizon Statutory Trust II (“Trust II”), a wholly owned statutory business trust. Trust II sold $10.3 million of Trust Preferred Capital Securities as a participant in a pooled trust preferred securities offering. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from Horizon. The junior subordinated debentures are the sole assets of Trust II and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day In December of 2006, Horizon formed Horizon Bancorp Capital Trust III (“Trust III”), a wholly owned statutory business trust. Trust III sold $12.4 million of Trust Preferred Capital Securities as a participant in a pooled trust preferred securities offering. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from Horizon. The junior subordinated debentures are the sole assets of Trust III and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day The Company assumed additional debentures as the result of the acquisition of Alliance Bank Corporation in 2005. In June 2004, Alliance formed Alliance Financial Statutory Trust I a wholly owned business trust (“Alliance Trust”), to sell $5.2 million in trust preferred securities. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from Alliance. The junior subordinated debentures are the sole assets of Alliance Trust and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day The Company assumed additional debentures as the result of the American Trust & Savings Bank purchase and assumption in 2010. In March 2004, Am Tru Inc., the holding company for American Trust & Savings Bank, formed Am Tru Statutory Trust I a wholly owned business trust (“Am Tru Trust”), to sell $3.5 million in trust preferred securities. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from Am Tru Inc. The junior subordinated debentures are the sole assets of Am Tru Trust and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day The Company assumed additional debentures as the result of the Heartland merger in July 2012. In December 2006, Heartland formed Heartland (IN) Statutory Trust II a wholly owned business trust (“Heartland Trust”), to sell $3.0 million in trust preferred securities. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from Heartland. The junior subordinated debentures are the sole assets of Heartland Trust and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day The Company assumed additional debentures as the result of the LaPorte merger in July 2016. In October 2007, LaPorte assumed debentures as the result of its acquisition of City Savings Financial Corporation (“City Savings”). In June 2003, City Savings formed City Savings Statutory Trust I a wholly owned business trust (“City Savings Trust”), to sell $5.0 million in trust preferred securities. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from City Savings. The junior subordinated debentures are the sole assets of City Savings Trust and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day The Trust Preferred Capital Securities, subject to certain limitations, are included in Tier 1 Capital for regulatory purposes. Dividends on the Trust Preferred Capital Securities are recorded as interest expense. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Employee Stock Ownership Plan | Note 16 – Employee Stock Ownership Plan Effective January 1, 2007, Horizon converted its stock bonus plan to an employee stock ownership plan (“ESOP”). Prior to that date, Horizon maintained an employee stock bonus plan that covered substantially all employees. The stock bonus plan was noncontributory, and Horizon made matching contributions of amounts contributed by the employees to the Employee Thrift Plan and discretionary contributions. Prior to the establishment of the employee stock bonus plan, Horizon maintained an ESOP that was terminated in 1999. The prior ESOP accounts of active employees and the discretionary accounts of active employees remain in the new ESOP. The Matching contribution accounts under the stock bonus plan were transferred to the Employees Thrift Plan. The ESOP exists for the benefit of substantially all employees. Contributions to the ESOP are by Horizon and are determined by the Board of Directors at its discretion. The contributions may be made in the form of cash or common stock. Shares are allocated among participants each December 31 on the basis of each participant’s eligible compensation to total eligible compensation. Eligible compensation is limited to $265,000 for each participant. Dividends on shares held by the plan, at the discretion of each participant, may be distributed to an individual participant or left in the plan to purchase additional shares. Total cash contributions and expense recorded for the ESOP was $550,000 in 2016, $450,000 in 2015 and $400,000 in 2014. The ESOP, which is not leveraged, owns a total of 1,131,629 shares of Horizon’s stock or 5.1% of the outstanding shares. |
Employee Thrift and Defined Ben
Employee Thrift and Defined Benefit Plan | 12 Months Ended |
Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Employee Thrift and Defined Benefit Plan | Note 17 – Employee Thrift and Defined Benefit Plan The Employee Thrift Plan (“Plan”) provides that all employees of Horizon with the requisite hours of service are eligible for the Plan. The Plan permits voluntary employee contributions and Horizon may make discretionary matching and profit sharing contributions. Each eligible employee is vested according to a schedule based upon years of service. Employee voluntary contributions are vested at all times. The Bank’s expense related to the Plan totaled approximately $785,000 in 2016, $848,000 in 2015 and $633,000 in 2014. The Plan owns a total of 501,923 shares of Horizon’s stock or 2.3% of the outstanding shares. The Company acquired a pension fund known as the Pentegra Defined Benefit Plan (“Pentegra Plan”) in the Peoples acquisition. Prior to August 1, 2007, Peoples provided pension benefits for substantially all of its employees through its participation in the Pentegra Plan. Peoples chose to freeze the Pentegra Plan effective August 1, 2007. The trustees of the Financial Institutions Retirement Fund administer the Pentegra Plan, employer identification number 13-5645888 The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If the Company chooses to stop participating in the multiemployer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. There was no expense to the Company in 2016 and 2015 for this Pentegra Plan. The Company intends on terminating this Pentegra Plan during the first quarter of 2017 and has recorded a $3.4 million withdrawal liability for the termination of the Pentegra Plan. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 18 – Income Tax December 31 December 31 December 31 2016 2015 2014 Income tax expense Currently payable Federal $ 7,467 $ 5,511 $ 4,561 Deferred 1,334 1,721 1,594 Total income tax expense $ 8,801 $ 7,232 $ 6,155 Reconciliation of federal statutory to actual tax expense Federal statutory income tax at 35% $ 11,450 $ 9,724 $ 8,488 Tax exempt interest (1,882 ) (1,708 ) (1,628 ) Tax exempt income (575 ) (488 ) (366 ) Other tax exempt income (608 ) (199 ) (309 ) Nondeductible and other 416 (97 ) (30 ) Actual tax expense $ 8,801 $ 7,232 $ 6,155 December 31 December 31 2016 2015 Assets Allowance for loan losses $ 5,581 $ 5,329 Net operating loss (from acquisitions) 2,368 1,679 Director and employee benefits 3,124 2,223 Unrealized loss on AFS securities and fair value hedge 937 711 Accrued Pension 1,323 1,725 Fair value adjustment on acquisitions 2,340 756 Other 1,593 273 Total assets 17,266 12,696 Liabilities Depreciation (1,916 ) (2,180 ) State tax (341 ) (192 ) Federal Home Loan Bank stock dividends (474 ) (343 ) Difference in basis of intangible assets (4,654 ) (2,938 ) FHLB Penalty — (123 ) Other (431 ) (589 ) Total liabilities (7,816 ) (6,040 ) Valuation allowance (2,018 ) (1,082 ) Net deferred tax asset $ 7,432 $ 5,249 As of December 31, 2016, the Company had approximately $31.2 million of state tax loss carryforward available to offset future franchise taxable income. Also, at December 31, 2016, the Company had approximately $970,000 of Federal loss carryforward available to offset future federal income tax. The state loss carryforward begins to expire in 2024. The Federal loss carryforward begins to expire in 2032. Due to these losses being incurred by acquired institutions, prior to the acquisitions by Horizon, the annual losses which can be used are subject to an annual limitation. Management believes that the Company will be able to utilize the benefits recorded for both state and federal loss carryforwards within the allotted time periods, except for the amount represented by the valuation allowance. The valuation allowance has been recorded for the possible inability to use a portion of the state net operating loss carryover. Retained earnings of the Bank include approximately $10.8 million for which no deferred income tax liability has been recognized. This amount represents an allocation of previously acquired institutions income to bad debt deductions as of December 31, 1987 for tax purposes only. Reductions of amounts so allocated for purposes other than tax bad debt losses including redemption of bank stock or excess dividends, or loss of “bank” status would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. The unrecorded deferred income tax liability on the above amount for the Company was approximately $3.8 million at December 31, 2016. The Company files income tax returns in the U.S. federal jurisdiction. With a few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 19 – Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) included in capital are as follows: December 31 December 31 2016 2015 Unrealized gain (loss) on securities available for sale $ (6,007 ) $ 920 Unamortized gain on securities held to maturity, previously transferred from AFS 456 1,109 Unrealized loss on derivative instruments (3,132 ) (3,141 ) Tax effect 3,039 389 Total accumulated other comprehensive income (loss) $ (5,644 ) $ (723 ) |
Commitments, Off-Balance Sheet
Commitments, Off-Balance Sheet Risk and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Off-Balance Sheet Risk and Contingencies | Note 20 – Commitments, Off-Balance Because of the nature of its activities, Horizon 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 operations and cash flows of the Company. The Bank was required to have approximately $1.8 million of cash on hand or on deposit with the Federal Reserve Bank to meet regulatory reserve and clearing balance requirements at December 31, 2016. These balances are included in cash and cash equivalents and do not earn interest. The Bank is a party to financial instruments with off-balance At December 31, 2016 and 2015, commitments to make loans amounted to approximately $808.3 million and $468.8 million and commitments under outstanding standby letters of credit amounted to approximately $1.0 million and $3.6 million. Since many commitments to make loans and standby letters of credit expire without being used, the amount does not necessarily represent future cash advances. No losses are anticipated as a result of these transactions. Collateral obtained upon exercise of the commitment is determined using management’s credit evaluation. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | Note 21 – 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 Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective actions, the Company and Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet Quantitative measures established by regulation to ensure capital adequacy require the Company and 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 December 31, 2016 and 2015, Basel III rules require the Company and 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 To be categorized as well capitalized, the Company and Bank must maintain minimum Total risk-based, Tier I risk-based, common equity Tier I risk-based and Tier I leverage ratios as set forth in the table below. As of December 31, 2016 and December 31, 2015, the Company and Bank met all capital adequacy requirements to be considered well capitalized. There have been no conditions or events since the year ending December 31, 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 December 31, 2016 and 2015 were as follows: Actual Required For Capital 1 Required For Capital 1 Well Capitalized Under Prompt 1 Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Total capital 1 Consolidated $ 316,576 13.87 % $ 182,596 8.00 % $ 196,976 8.63 % N/A N/A Bank 319,013 13.98 % $ 182,541 8.00 % 196,916 8.63 % $ 228,176 10.00 % Tier 1 capital 1 Consolidated 301,739 13.22 % $ 136,947 6.00 % 151,326 6.63 % N/A N/A Bank 304,176 13.33 % $ 136,905 6.00 % 151,280 6.63 % 182,540 8.00 % Common equity tier 1 capital 1 Consolidated 263,313 11.50 % $ 103,036 4.50 % 117,460 5.13 % N/A N/A Bank 304,176 13.33 % $ 102,679 4.50 % 117,054 5.13 % 148,314 6.50 % Tier 1 capital 1 Consolidated 301,739 10.44 % $ 115,609 4.00 % 115,609 4.00 % N/A N/A Bank 304,176 9.93 % $ 122,521 4.00 % 122,521 4.00 % 153,151 5.00 % As of December 31, 2015 Total capital 1 Consolidated $ 264,452 13.99 % $ 151,223 8.00 % N/A N/A N/A N/A Bank 237,348 12.57 % 151,057 8.00 % N/A N/A $ 188,821 10.00 % Tier 1 capital 1 Consolidated 249,918 13.22 % 113,427 6.00 % N/A N/A N/A N/A Bank 222,814 11.80 % 113,295 6.00 % N/A N/A 151,060 8.00 % Common equity tier 1 capital 1 Consolidated 204,350 10.81 % 85,067 4.50 % N/A N/A N/A N/A Bank 222,814 11.80 % 84,971 4.50 % N/A N/A 122,737 6.50 % Tier 1 capital 1 Consolidated 249,918 9.82 % 101,800 4.00 % N/A N/A N/A N/A Bank 222,814 8.77 % 101,626 4.00 % N/A N/A 127,032 5.00 % 1 As defined by regulatory agencies The above minimum capital requirements exclude the capital conservation buffer required to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. The capital conservation buffer is being phased in from 0.0% for 2015 to 2.50% by 2019. The capital conservation buffer was 0.625% at December 31, 2016. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 22 – Share-Based Compensation On January 21, 2003, the Board of Directors adopted the Horizon Bancorp 2003 Omnibus Equity Incentive Plan (“2003 Plan”), which was approved by stockholders on May 8, 2003. Under the 2003 Plan, Horizon could issue up to 506,250 common shares, plus the number of shares that are tendered to or withheld by Horizon in connection with the exercise of options plus that number of shares that are purchased by Horizon with the cash proceeds received upon option exercises. The 2003 Plan limited the number of shares available to 506,250 for incentive stock options and to 253,125 for the grant of non-option A summary of option activity under the 2003 Plan as of December 31, 2016, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 66,000 $ 7.38 Granted — — Exercised (25,990 ) 7.47 Forfeited (3,375 ) 8.22 Outstanding, end of year 36,635 7.25 3.69 $ 760,345 Exercisable, end of year 35,285 7.11 3.63 736,963 On June 18, 2013, the Board of Directors adopted the Horizon Bancorp 2013 Omnibus Equity Incentive Plan (“2013 Plan”), which was approved by the Company’s shareholders on May 8, 2014. Under the 2013 Plan, Horizon may issue up to 1,037,550 common shares, plus the number of shares that are tendered to or withheld by Horizon in connection with the exercise of options plus that number of shares that are purchased by Horizon with the cash proceeds received upon option exercises. The 2013 Plan limits the number of shares available to 150,000 for incentive stock options and to 600,000 for the grant of non-option The restricted shares can vest over a period of time established by the Committee at the time of each grant, but the restricted shares already granted under the 2013 Plan generally vest at the end of each grant’s vesting period. Holders of restricted shares receive dividends and may vote the shares. The restricted shares are recorded at fair market value (on the date granted) as a separate component of stockholders’ equity. The cost of these shares is being amortized against earnings using the straight-line method over the vesting period. The performance shares that are awarded become earned and vested based on the achievement of certain performance goals during a performance period as established by the Committee at the time of each grant. The performance goals are based on a comparison of the Company’s average performance over the performance period for the return on common equity, compounded annual growth rate of total assets, and return on average assets, all as relative to the average performance for publicly traded banks with total assets between $1 billion and $5 billion on the SNL Bank Index. Holders of performance share awards receive pass-through dividends but do not have any voting rights before the performance shares are earned and vested. The options shares granted under the 2013 Plan vest at a rate designated per the individual agreements The fair value of options granted is estimated on the date of the grant using an option-pricing model with the following weighted-average assumptions: December 31 2016 2015 2014 Dividend yields 2.34 % 2.35 % 2.01 % Volatility factors of expected market price of common stock 28.60 % 28.97 % 29.54 % Risk-free interest rates 1.83 % 2.10 % 2.66 % Expected life of options 8 years 8 years 8 years A summary of option activity under the 2013 Plan as of December 31, 2016, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 181,627 $ 14.72 Granted 103,959 15.57 Exercised (1,500 ) 13.49 Forfeited — — Outstanding, end of year 284,086 15.04 7.99 $ 3,682,975 Exercisable, end of year 120,957 14.33 7.00 1,653,164 The weighted average grant-date fair value of options granted during the years 2016, 2015 and 2014 was $3.89, $4.09 and $4.33. A summary of the status of Horizon’s non-vested Shares Weighted Non-vested 123,571 $ 12.13 Vested (72,563 ) 9.69 Granted 19,951 15.57 Forfeited — — Non-vested, 70,959 15.59 Grants vest at the end of three, four or five years of continuous employment. Total compensation cost recognized in the income statement for option-based payment arrangements during 2016 was $324,000 and the related tax benefit recognized was approximately $113,000. Total compensation cost recognized in the income statement for option-based payment arrangements during 2015 and 2014 was $288,000 and $203,000 and the related tax benefit recognized was $101,000 and $71,000, respectively. Total compensation cost recognized in the income statement for restricted share and performance share based payment arrangements during 2016, 2015 and 2014 was $284,000, $355,000, and $363,000. The recognized tax benefit related thereto was approximately $99,000, $124,000, and $127,000 for the years ended December 31, 2016, 2015 and 2014. Cash received from option exercise under all share-based payment arrangements for the years ended December 31, 2016, 2015 and 2014 was $214,000, $403,000, and $122,000. The actual tax benefit realized for the tax deductions from option exercise of the share-based payment arrangements totaled $158,000, $151,000, and $43,000, for the years ended December 31, 2016, 2015 and 2014. As of December 31, 2016, there was $888,000 of total unrecognized compensation cost related to all non-vested |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 23 – 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 December 31, 2016 and $30.5 million at December 31, 2015. Under the agreements, the Company pays or receives the net interest amount monthly, with the monthly settlements included in interest expense. The Company assumed additional interest rate swap agreements as the result of the LaPorte acquisition in July 2016. The agreements provide for the Company to receive interest from the counterparty at one month LIBOR and to pay interest to the counterparty at a weighted average fixed rate of 2.31% on a notional amount of $30.0 million at December 31, 2016. 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 agreements as cash flow hedging instruments. 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 December 31, 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 December 31, 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 $122.4 million at December 31, 2016 and $117.3 million at December 31, 2015. Other Derivative Instruments The Company enters into non-hedging 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 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 6 Interest rate contracts Other Assets 6 Other liabilities 3,132 Total derivatives designated as hedging instruments 6 3,138 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 602 Other liabilities 22 Total derivatives not designated as hedging instruments 602 22 Total derivatives $ 608 $ 3,160 Asset Derivatives Liability Derivatives 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 consolidated statement of income for the 12-month Amount of Loss Recognized in Other Comprehensive Income on Derivative (Effective Years Ended December 31 Derivative in cash flow hedging relationship 2016 2015 2014 Interest rate contracts $ 6 $ 127 $ (332 ) FASB Accounting Standards Codification (“ASC”) Topic 820-10-20 820-10-55 Derivative in fair value hedging relationship Location of gain (loss) recognized on derivative Amount of Gain (Loss) Recognized on Derivative Years Ended December 31 2016 2015 2014 Interest rate contracts Interest income - loans $ (1,776 ) $ 574 $ 1,261 Interest rate contracts Interest income - loans 1,776 (574 ) (1,261 ) Total $ — $ — $ — Derivative not designated as hedging relationship Location of gain (loss) recognized on derivative Amount of Gain (Loss) Recognized on Derivative 2016 2015 2014 Mortgage contracts Other income - gain on $ (62 ) $ 195 $ 256 |
Disclosures about fair value of
Disclosures about fair value of assets and liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Disclosures about fair value of assets and liabilities | Note 24 – 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 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 December 31, 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 mortgage obligations and mortgage-backed pools, private-label 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 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 Significant (Level 3) December 31, 2016 Available-for-sale U.S. Treasury and federal agencies $ 7,989 $ — $ 7,989 $ — State and municipal 116,592 — 116,592 — Federal agency collateralized mortgage obligations 137,195 — 137,195 — Federal agency mortgage-backed pools 176,726 — 176,726 — Corporate notes 1,329 — 1,329 — Total available-for-sale 439,831 — 439,831 — Hedged loans 122,345 — 122,345 — Forward sale commitments 602 — 602 — Interest rate swap agreements (3,138 ) — (3,138 ) — Commitments to originate loans (22 ) — (22 ) — December 31, 2015 Available-for-sale 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 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 consolidated statements of income as follows: Non Interest Income Total gains and losses from: Years Ended December 31 2016 2015 2014 Hedged loans $ (1,776 ) $ 574 $ 1,261 Fair value interest rate swap agreements 1,776 (574 ) (1,261 ) Derivative loan commitments (62 ) 195 256 $ (62 ) $ 195 $ 256 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 Significant (Level 3) December 31, 2016 Impaired loans $ 2,246 $ — $ — $ 2,246 Mortgage servicing rights 11,174 — — 11,174 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): month-end The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2016 and 2015. Fair Value at Valuation Technique Unobservable Inputs Range (Weighted Impaired loans $ 2,246 Collateral based measurement Discount to reflect current market conditions and ultimate collectability 10% - 16% (13%) Mortgage servicing rights $ 11,174 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 16% (13%), 4% - 7% (4.6%), 1% - 10% (4.5%) Fair Value at Valuation Technique Unobservable Inputs Range (Weighted 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 | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 25 – 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 December 31, 2016 and December 31, 2015. These include financial instruments recognized as assets and liabilities on the consolidated balance sheet as well as certain off-balance 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. December 31, 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 $ 70,832 $ 70,832 $ — $ — Investment securities, held to maturity 193,194 — 194,086 — Loans held for sale 8,087 — — 8,087 Loans excluding loan level hedges, net 1,998,804 — — 1,965,928 Stock in FHLB and FRB 23,932 — 23,932 — Interest receivable 12,713 — 12,713 — Liabilities Non-interest $ 496,248 $ 496,248 $ — $ — Interest-bearing deposits 1,974,962 — 1,839,167 — Borrowings 267,489 — 261,141 — Subordinated debentures 37,456 — 36,371 — Interest payable 472 — 472 — 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 $ 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 — |
General Litigation
General Litigation | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
General Litigation | Note 26 – General Litigation The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results or operation and cash flows of the Company. |
Condensed Financial Information
Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information (Parent Company Only) | Note 27 – Condensed Financial Information (Parent Company Only) Presented below is condensed financial information as to financial position, results of operations and cash flows of Horizon Bancorp: Condensed Balance Sheets December 31 December 31 2016 2015 Assets Total cash and cash equivalents $ 15,736 $ 26,507 Investment in Bank 386,389 276,718 Other assets 2,504 3,392 Total assets $ 404,629 $ 306,617 Liabilities Borrowings $ 19,500 $ — Subordinated debentures 37,456 32,797 Other liabilities 6,818 6,988 Stockholders’ Equity 340,855 266,832 Total liabilities and stockholders’ equity $ 404,629 $ 306,617 Condensed Statements of Income Years Ended December 31 2016 2015 2014 Operating Income (Expense) Dividend income from Bank $ 20,000 $ 30,470 $ 12,500 Investment income 33 15 12 Other income 42 24 17 Interest expense (2,376 ) (2,009 ) (2,009 ) Employee benefit expense (1,158 ) (1,093 ) (965 ) Other expense 1,279 910 883 Income Before Undistributed Income of Subsidiaries 17,820 28,317 10,438 Undistributed Income of Subsidiaries 5,938 (8,168 ) 6,814 Income Before Tax 23,758 20,149 17,252 Income Tax Benefit 154 400 849 Net Income 23,912 20,549 18,101 Preferred stock dividend (42 ) (125 ) (133 ) Net Income Available to Common Shareholders $ 23,870 $ 20,424 $ 17,968 Condensed Statements of Comprehensive Income Years Ended December 31 2016 2015 2014 Net Income $ 23,912 $ 20,549 $ 18,101 Other Comprehensive Income (Loss) Change in fair value of derivative instruments, net of taxes 6 127 (332 ) Unrealized appreciation for the period on held-to-maturity (424 ) (357 ) 1,078 Unrealized appreciation (depreciation) on available-for-sale (3,310 ) (1,891 ) 3,146 Less: reclassification adjustment for realized gains included in net income, net of taxes (1,193 ) (123 ) (642 ) (4,921 ) (2,244 ) 3,250 Comprehensive Income $ 18,991 $ 18,305 $ 21,351 Condensed Statements of Cash Flows Years Ended December 31 2016 2015 2014 Operating Activities Net income $ 23,912 $ 20,549 $ 18,101 Items not requiring (providing) cash Equity in undistributed net income of subsidiaries (5,938 ) 8,168 (6,814 ) Change in Share based compensation 284 288 203 Amortization of unearned compensation 324 355 363 Other assets 888 (634 ) 906 Other liabilities (244 ) (13 ) 1,377 Net cash provided by operating activities 19,226 28,713 14,136 Investing Activities Acquisition of Summit — — (7,036 ) Acquisition of Peoples — (19,365 ) — Acquisition of Kosciusko (6,741 ) — — Acquisition of LaPorte (17,108 ) — — Acquisition of CNB (5,296 ) — — Net cash used in investing activities (29,145 ) (19,365 ) (7,036 ) Financing Activities Redemption of preferred stock (12,500 ) — — Net change in borrowings 19,500 — — Dividends paid on preferred shares (42 ) (125 ) (133 ) Dividends paid on common shares (8,382 ) (6,216 ) (4,744 ) Exercise of stock options 572 4,305 165 Net cash used in financing activities (852 ) (2,036 ) (4,712 ) Net Change in Cash and Cash Equivalents (10,771 ) 7,312 2,388 Cash and Cash Equivalents at Beginning of Year 26,507 19,195 16,807 Cash and Cash Equivalents at End of Year $ 15,736 $ 26,507 $ 19,195 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Note 28 – Quarterly Results of Operations (Unaudited) The following is a summary of the quarterly consolidated results of operations: Three Months Ended 2016 March 31 June 30 September 30 December 31 Interest income $ 23,528 $ 24,650 $ 28,962 $ 29,390 Interest expense 3,754 3,781 4,552 8,450 Net interest income 19,774 20,869 24,410 20,940 Provision for loan losses 532 232 455 623 Gain on sale of securities 108 767 — 961 Net income 5,381 6,326 6,602 5,603 Net income available to common shareholders $ 5,339 $ 6,326 $ 6,602 $ 5,603 Earnings per share: Basic $ 0.30 $ 0.35 $ 0.31 $ 0.25 Diluted 0.30 0.34 0.30 0.25 Average shares outstanding: Basic 17,924,124 18,268,880 21,538,752 22,155,549 Diluted 18,012,726 18,364,167 21,651,953 22,283,722 Three Months Ended 2015 March 31 June 30 September 30 December 31 Interest income $ 20,093 $ 21,127 $ 23,578 $ 23,790 Interest expense 3,207 3,277 3,802 3,568 Net interest income 16,886 17,850 19,776 20,222 Provision for loan losses 614 1,906 300 342 Gain on sale of securities 124 — — 65 Net income 5,358 4,728 4,288 6,175 Net income available to common shareholders $ 5,327 $ 4,697 $ 4,257 $ 6,144 Earnings per share: Basic $ 0.39 $ 0.34 $ 0.25 $ 0.34 Diluted 0.37 0.33 0.24 0.34 Average shares outstanding: Basic 13,824,017 13,860,008 17,408,964 17,905,871 Diluted 14,414,259 14,456,379 17,839,881 18,020,615 |
Nature of Operations and Summ39
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business The Bank is a full-service commercial bank offering a broad range of commercial and retail banking and other services incident to banking along with a trust department that offers corporate and individual trust and agency services and investment management services. The Bank maintains 56 full service offices. The Bank has wholly owned direct and indirect subsidiaries: Horizon Investments, Inc. (“Horizon Investments”), Horizon Properties, Inc. (“Horizon Properties”), Horizon Insurance Services, Inc. (“Horizon Insurance”) and Horizon Grantor Trust. Horizon Investments manages the investment portfolio of the Bank. Horizon Properties manages the real estate investment trust. Horizon Insurance is used by the Company’s Wealth Management to sell certain insurance products. Horizon Grantor Trust holds title to certain company owned life insurance policies. Horizon conducts no business except that incident to its ownership of the subsidiaries. Horizon formed Horizon Bancorp Capital Trust II in 2004 (“Trust II”) and Horizon Bancorp Capital Trust III in 2006 (“Trust III”) for the purpose of participating in pooled trust preferred securities offerings. The Company assumed additional debentures as the result of the following acquisitions: Alliance Financial Corporation in 2005, which formed Alliance Financial Statutory Trust I (“Alliance Trust”); American Trust & Savings Bank in 2010, which formed Am Tru Statutory Trust I (“Am Tru Trust”); Heartland Bancshares, Inc. in 2013, which formed Heartland (IN) Statutory Trust II (“Heartland Trust”); and LaPorte Bancorp, Inc. in 2016, which acquired City Savings Statutory Trust I (“City Savings Trust”) in 2007. See Note 15 of the Consolidated Financial Statements for further discussion regarding these previously consolidated entities that are now reported separately. The business of Horizon is not seasonal to any material degree. |
Basis of Reporting | Basis of Reporting |
Use of Estimates | Use of Estimates Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of other real estate owned, goodwill and intangible assets, mortgage servicing rights, other-than-temporary impairments and fair values of financial instruments. |
Fair Value Measurements | Fair Value Measurements As defined in codification, fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants. It represents an exit price at the measurement date. Market participants are buyers and sellers, who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value. Horizon values its assets and liabilities in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market for the asset or liability (i.e., the market where the asset could be sold or the liability transferred at a price that maximizes the amount to be received for the asset or minimizes the amount to be paid to transfer the liability). In measuring the fair value of an asset, Horizon assumes the highest and best use of the asset by a market participant to maximize the value of the asset, and does not consider the intended use of the asset. When measuring the fair value of a liability, Horizon assumes that the nonperformance risk associated with the liability is the same before and after the transfer. Nonperformance risk is the risk that an obligation will not be satisfied and encompasses not only Horizon’s own credit risk (i.e., the risk that Horizon will fail to meet its obligation), but also other risks such as settlement risk. Horizon considers the effect of its own credit risk on the fair value for any period in which fair value is measured. There are three acceptable valuation techniques that can be used to measure fair value: the market approach, the income approach and the cost approach. Selection of the appropriate technique for valuing a particular asset or liability takes into consideration the exit market, the nature of the asset or liability being valued, and how a market participant would value the same asset or liability. Ultimately, determination of the appropriate valuation method requires significant judgment, and sufficient knowledge and expertise are required to apply the valuation techniques. Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability using one of the three valuation techniques. Inputs can be observable or unobservable. Observable inputs are those assumptions which market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from a source independent of Horizon. Unobservable inputs are assumptions based on Horizon’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy which gives the highest ranking to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for assets or liabilities classified as Level 2 are based on one or a combination of the following factors: (i) quoted prices for similar assets; (ii) observable inputs for the asset or liability, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company considers an input to be significant if it drives 10% or more of the total fair value of a particular asset or liability. Assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly or quarterly). Recurring valuation occurs at a minimum on the measurement date. Assets and liabilities are considered to be fair valued on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the balance sheet. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements which require assets or liabilities to be assessed for impairment or recorded at the lower of cost or fair value. The fair value of assets or liabilities transferred in or out of Level 3 is measured on the transfer date, with any additional changes in fair value subsequent to the transfer considered to be realized or unrealized gains or losses. |
Investment Securities Available for Sale | Investment Securities Available for Sale |
Investment Securities Held to Maturity | Investment Securities Held to Maturity |
Loans Held for Sale | Loans Held for Sale |
Interest and Fees on Loans | Interest and Fees on Loans |
Concentrations of Credit Risk | Concentrations of Credit Risk |
Mortgage Warehouse Loans | Mortgage Warehouse Loans The transaction does not qualify as a sale under ASC 860, Transfers and Servicing and therefore is accounted for as a secured borrowing with 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 sales 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. |
Allowance for Loan Losses | Allowance for Loan Losses The general allowance is calculated by applying loss factors to pools of outstanding loans. Loss factors are based on historical loss experience and may be adjusted for significant factors that, in management’s judgment, affect the collectability of the portfolio as of the evaluation date. Specific allowances are established in cases where management has identified conditions or circumstances related to a credit that management believes indicate the probability that a loss will be incurred in excess of the amount determined by the application of the formula allowance. The qualitative allowance is based upon management’s evaluation of various conditions, the effects of which are not directly measured in the determination of the general and specific allowances. The evaluation of the inherent loss with respect to these conditions is subject to a higher degree of uncertainty because they are not identified with specific credits. The conditions evaluated in connection with the qualitative allowance may include factors such as local, regional and national economic conditions and forecasts, concentrations of credit and changes in the composition of the portfolio. |
Loan Impairment | Loan Impairment non-accrual charged-off Loans are considered impaired if the borrower does not exhibit the ability to pay or the full principal or interest payments are not expected or made in accordance with the original terms of the loan. Impaired loans are measured and carried at the lower of cost or the present value of expected future cash flows discounted at the loan’s effective interest rate, at the loan’s observable market price or at the fair value of the collateral if the loan is collateral dependent. Smaller balance homogenous loans are evaluated for impairment in the aggregate. Such loans include residential first mortgage loans secured by one to four family residences, residential construction loans and automobile, home equity and second mortgages. Commercial loans and mortgage loans secured by other properties are evaluated individually for impairment. |
Loans Acquired in Business Combinations | Loans Acquired in Business Combinations past-due 310-30) 310-30, The expected cash flows of the acquired loan pools in excess of the fair values recorded is referred to as the accretable yield and is recognized in interest income over the remaining estimated lives of the loan pools. The Company continues to evaluate the fair value of the loans including cash flows expected to be collected. Increases in the Company’s cash flow expectation are recognized as increases to the accretable yield while decreases are recognized as impairments through the allowance for loan losses. Performing loans acquired (FASB ASC 310-20) with credit impairment subsequent to the acquisition date are evaluated individually and charged down to the fair value of the underlying collateral in the period the uncollectible loss is reasonably determined. |
Premises and Equipment | Premises and Equipment |
Federal Reserve and Federal Home Loan Bank of Indianapolis (FHLBI) Stock | Federal Reserve and Federal Home Loan Bank of Indianapolis (FHLBI) Stock |
Mortgage Servicing Rights | Mortgage Servicing Rights (ASC 860-50), Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change, and may have an adverse impact on the value of the mortgage servicing right and may result in a reduction to noninterest income. Each class of separately recognized servicing assets subsequently measured using the amortization method are evaluated and measured for impairment. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the carrying amount of the servicing assets for that tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment after the initial measurement of impairment. Changes in valuation allowances are reported with mortgage servicing income net of impairment on the income statement. Fair value in excess of the carrying amount of servicing assets for that stratum is not recognized. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. |
Intangible Assets | Intangible Assets |
Bank Owned Life Insurance (BOLI) | Bank Owned Life Insurance (BOLI) |
Income Taxes | Income Taxes Income Taxes Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not more-likely-than-not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiaries. |
Trust Assets and Income | Trust Assets and Income |
Transfer of Financial Assets | Transfer of Financial Assets |
Earnings per Common Share | Earnings per Common Share Years Ended December 31 2016 2015 2014 Basic earnings per share Net income $ 23,912 $ 20,549 $ 18,101 Less: Preferred stock dividends 42 125 133 Net income available to common shareholders $ 23,870 $ 20,424 $ 17,968 Weighted average common shares outstanding (1) 19,987,728 15,765,444 13,591,053 Basic earnings per share $ 1.19 $ 1.30 $ 1.32 Diluted earnings per share Net income available to common shareholders $ 23,870 $ 20,424 $ 17,968 Weighted average common shares outstanding (1) 19,987,728 15,765,444 13,591,053 Effect of dilutive securities: Warrants — 330,474 473,519 Restricted stock 26,553 48,015 59,214 Stock options 68,129 53,379 57,402 Weighted average shares outstanding 20,082,410 16,197,312 14,181,188 Diluted earnings per share $ 1.19 $ 1.26 $ 1.27 (1) Adjusted for 3:2 stock split on November 14, 2016 At December 31, 2016 there were zero shares and at December 31, 2015 and 2014 there were 3,750 and 3,750 shares that were not included in the computation of diluted earnings per share because they were non-dilutive. |
Dividend Restrictions | Dividend Restrictions |
Consolidated Statements of Cash Flows | Consolidated Statements of Cash Flows |
Comprehensive Income | Comprehensive Income available-for-sale available-for-sale held-to-maturity. |
Share-Based Compensation | Share-Based Compensation 12-month |
Reclassifications | Reclassifications |
Recent Accounting Pronouncements | Recent Accounting Pronouncements FASB Accounting Standards Updates No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The FASB has issued Accounting Standards Update (ASU) No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. FASB Accounting Standards Updates No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The FASB has issued Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. FASB Accounting Standards Updates No. 2016-15, Statement of Cash Flows (Topic 230) The FASB has issued Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows (Topic 230) No. 2016-18, FASB Accounting Standards Updates No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The FASB has issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. available-for-sale one-time one-time FASB Accounting Standards Updates No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The FASB has issued Accounting Standards Update (ASU) No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Shared-Base Payment Accounting. FASB Accounting Standards Updates No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations and Existing Hedge Accounting Relationships The FASB has issued Accounting Standards Update (ASU) No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations and Existing Hedge Accounting Relationships. de-designation FASB Accounting Standards Updates No. 2016-02, Leases (Topic 842) The FASB has issued Accounting Standards Update (ASU) No. 2016-02, Leases. right-of-use FASB Accounting Standards Updates No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The FASB has issued Accounting Standards Update (ASU) No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. not-for-profit The new guidance makes targeted improvements to existing U.S. GAAP by: • Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; • Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; • Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; • Eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; • Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and • Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. In addition, the new guidance permits early adoption of the provision that exempts private companies and not-for-profit FASB Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments The FASB has issued Accounting Standards Update (ASU) No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. U.S. GAAP currently requires that during the measurement period, the acquirer retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Those adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts initially recognized or would have resulted in the recognition of additional assets or liabilities. The acquirer also must revise comparative information for prior periods presented in financial statements as needed, including revising depreciation, amortization, or other income effects as a result of changes made to provisional amounts. The amendments require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. The only disclosures required at transition should be the nature of and reason for the change in accounting principle. An entity should disclose that information in the first annual period of adoption and in the interim periods within the first annual period if there is a measurement-period adjustment during the first annual period in which the changes are effective. FASB Accounting Standards Update No. 2015-15, Interest—Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements The FASB has issued Accounting Standards Update (ASU) No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting. line-of-credit In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, 2015-03 line-of-credit Given the absence of authoritative guidance within ASU 2015-03 line-of-credit line-of-credit line-of-credit FASB Accounting Standards Update No. 2015-01, Eliminating the Concept of Extraordinary Items The FASB has issued Accounting Standards Update (ASU) No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share FASB Accounting Standards Update No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period The FASB has issued Accounting Standards Update (ASU) No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. FASB Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers – (Topic 606) The FASB has issued Accounting Standards Update (ASU) No. 2014-09 creating, Revenue from Contracts with Customers ( Topic 606). In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. In December 2016, the FASB issued ASU No. 2016-20, Revenue from Contracts with Customers (Topic 606): Technical Corrections and Improvements. |
Nature of Operations and Summ40
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Computation of Basic and Diluted Earnings Per Share | The following table shows computation of basic and diluted earnings per share. Years Ended December 31 2016 2015 2014 Basic earnings per share Net income $ 23,912 $ 20,549 $ 18,101 Less: Preferred stock dividends 42 125 133 Net income available to common shareholders $ 23,870 $ 20,424 $ 17,968 Weighted average common shares outstanding (1) 19,987,728 15,765,444 13,591,053 Basic earnings per share $ 1.19 $ 1.30 $ 1.32 Diluted earnings per share Net income available to common shareholders $ 23,870 $ 20,424 $ 17,968 Weighted average common shares outstanding (1) 19,987,728 15,765,444 13,591,053 Effect of dilutive securities: Warrants — 330,474 473,519 Restricted stock 26,553 48,015 59,214 Stock options 68,129 53,379 57,402 Weighted average shares outstanding 20,082,410 16,197,312 14,181,188 Diluted earnings per share $ 1.19 $ 1.26 $ 1.27 (1) Adjusted for 3:2 stock split on November 14, 2016 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Central National Bank & Trust [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 CNB acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 27,860 Deposits Investment securities, available for sale 16,393 Non-interest $ 24,079 NOW accounts 9,038 Commercial 2,267 Savings and money market 13,829 Residential mortgage 6,624 Certificates of deposits 3,342 Consumer 1,579 Total deposits 50,288 Total loans 10,470 Borrowings 459 Premises and equipment, net 444 Interest payable 7 FHLB stock 50 Other liabilities 154 Goodwill 609 Core deposit intangible 190 Interest receivable 154 Other assets 49 Total assets purchased $ 56,219 Total liabilities assumed $ 50,908 Cash paid 5,311 Total estimated purchase price $ 5,311 |
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. ASSETS LIABILITIES Cash and due from banks $ 154,849 Deposits Investment securities, available for sale 23,779 Non-interest $ 66,733 NOW accounts 99,346 Commercial 153,750 Savings and money market 117,688 Residential mortgage 42,603 Certificates of deposits 87,605 Consumer 16,801 Total deposits 371,372 Mortgage Warehousing 99,752 Total loans 312,906 Borrowings 64,793 Premises and equipment, net 6,022 Interest payable 178 FHLB stock 4,029 Subordinated debt 4,504 Goodwill 20,290 Other liabilities 9,931 Core deposit intangible 2,514 Interest receivable 844 Cash value of life insurance 15,267 Other assets 8,912 Total assets purchased $ 549,412 Total liabilities assumed $ 450,778 Common shares issued $ 60,306 Cash paid 38,328 Total estimated purchase price $ 98,634 |
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 Contractually required principal and interest at acquisition $ 12,545 Contractual cash flows not expected to be collected (nonaccretable differences) 4,492 Expected cash flows at acquisition 8,053 Interest component of expected cash flows (accretable discount) 1,258 Fair value of acquired loans accounted for under ASC 310-30 $ 6,795 |
Pro Forma Result of Comparable Prior Reporting Period | The following schedule includes pro-forma results for the periods ended December 31, 2016 and 2015 as if the CNB, LaPorte Bancorp and Kosciusko acquisitions had occurred as of the beginning of the comparable prior reporting period. December 31 December 31 2016 2015 Summary of Operations: Net Interest Income $ 95,451 $ 91,986 Provision for loan losses 1,842 3,417 Net Interest Income after Provision for Loan Losses 93,609 88,569 Non-interest 43,237 33,301 Non-interest 104,226 87,779 Income before Income Taxes 32,620 34,091 Income Tax Expense 9,679 8,528 Net Income 22,941 25,563 Net Income Available to Common Shareholders $ 22,899 $ 25,438 Basic Earnings Per Share $ 1.15 $ 1.61 Diluted Earnings Per Share $ 1.14 $ 1.57 |
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. ASSETS LIABILITIES Cash and due from banks $ 38,950 Deposits Investment securities, available for sale 1,191 Non-interest $ 27,871 NOW accounts 35,213 Commercial 70,006 Savings and money market 26,953 Residential mortgage 26,244 Certificates of deposits 32,771 Consumer 6,319 Total deposits 122,808 Total loans 102,569 Borrowings 9,038 Premises and equipment, net 1,466 Interest payable 55 FRB and FHLB stock 582 Other liabilities 989 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 Total liabilities assumed $ 132,890 Common shares issued $ 14,470 Cash paid 8,513 Total estimated purchase price $ 22,983 |
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 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 |
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 LIABILITIES Cash and due from banks $ 205,054 Deposits Investment securities, available for sale 2,038 Non-interest $ 28,251 NOW accounts 65,771 Commercial 67,435 Savings and money market 125,176 Residential mortgage 137,331 Certificates of deposits 131,889 Consumer 19,593 Total deposits 351,087 Total loans 224,359 Borrowings 48,884 Premises and equipment, net 5,524 Interest payable 21 FRB and FHLB stock 2,743 Other liabilities 6,938 Goodwill 21,424 Core deposit intangible 4,394 Interest receivable 1,279 Cash value of life insurance 13,898 Other assets 4,364 Total assets purchased $ 485,077 Total liabilities assumed $ 406,930 Common shares issued $ 55,506 Cash paid 22,641 Total estimated purchase price $ 78,147 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with ASC 310-30 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 December 31, 2015 and December 31, 2014 as if the Peoples and Peoples FSB acquisitions had occurred as of the beginning of the comparable prior reporting period. December 31 December 31 Summary of Operations: Net Interest Income $ 80,688 $ 75,442 Provision for Loan Losses 3,222 3,443 Net Interest Income after Provision for Loan Losses 77,466 71,999 Non-interest 32,295 29,928 Non-Interest 80,489 74,010 Income before Income Taxes 29,272 27,917 Income Tax Expense 7,359 6,560 Net Income 21,913 21,357 Net Income Available to Common Shareholders $ 21,788 $ 21,342 Basic Earnings Per Share $ 1.27 $ 1.25 Diluted Earnings Per Share $ 1.23 $ 1.21 |
Summit [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 preliminary purchase price for the Summit acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 15,161 Deposits Non-interest $ 27,274 Commercial 70,441 NOW accounts 16,332 Residential mortgage 43,448 Savings and money market 35,045 Consumer 10,192 Certificates of deposits 42,368 Total loans 124,081 Total deposits 121,019 Premises and equipment, net 2,548 Borrowings 16,990 FRB and FHLB stock 2,136 Interest payable 52 Goodwill 8,428 Other liabilities 599 Core deposit intangible 822 Interest receivable 347 Cash value of life insurance 2,185 Other assets 2,877 Total assets purchased $ 158,585 Total liabilities assumed $ 138,660 |
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 Contractually required principal and interest at acquisition $ 14,460 Contractual cash flows not expected to be collected (nonaccretable differences) 3,146 Expected cash flows at acquisition 11,314 Interest component of expected cash flows (accretable discount) 1,688 Fair value of acquired loans accounted for under ASC 310-30 $ 9,626 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value of Securities | The fair value of securities is as follows: December 31, 2016 Amortized Gross Gross Fair Value Available for sale U.S. Treasury and federal agencies $ 8,051 $ 2 $ (64 ) $ 7,989 State and municipal 117,327 324 (1,059 ) 116,592 Federal agency collateralized mortgage obligations 139,040 254 (2,099 ) 137,195 Federal agency mortgage-backed pools 180,183 251 (3,707 ) 176,726 Corporate notes 1,238 91 — 1,329 Total available for sale investment securities $ 445,839 $ 922 $ (6,929 ) $ 439,831 Held to maturity State and municipal $ 165,607 $ 2,700 $ (2,485 ) $ 165,822 Federal agency collateralized mortgage obligations 6,530 31 (71 ) 6,490 Federal agency mortgage-backed pools 21,057 897 (180 ) 21,774 Total held to maturity investment securities $ 193,194 $ 3,628 $ (2,736 ) $ 194,086 December 31, 2015 Amortized Gross Gross Fair 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 December 31, 2016 December 31, 2015 Amortized Fair Amortized Fair Cost Value Cost Value Available for sale Within one year $ 7,455 $ 7,480 $ 7,192 $ 7,232 One to five years 37,483 37,479 38,197 38,894 Five to ten years 21,112 20,984 16,807 17,152 After ten years 60,566 59,967 17,605 17,797 126,616 125,910 79,801 81,075 Federal agency collateralized mortgage obligations 139,040 137,195 157,291 156,203 Federal agency mortgage-backed pools 180,183 176,726 206,970 207,704 Total available for sale investment securities $ 445,839 $ 439,831 $ 444,062 $ 444,982 Held to maturity Within one year $ — $ — $ — $ — One to five years 24,594 25,271 17,815 18,403 Five to ten years 87,645 88,805 106,167 110,026 After ten years 53,368 51,746 28,208 28,976 165,607 165,822 152,190 157,405 Federal agency collateralized mortgage obligations 6,530 6,490 9,051 8,954 Federal agency mortgage-backed pools 21,057 21,774 26,388 27,344 Total held to maturity investment securities $ 193,194 $ 194,086 $ 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 December 31, 2016 Value Losses Value Losses Value Losses U.S. Treasury and federal agencies $ 6,987 $ (64 ) $ — $ — $ 6,987 $ (64 ) State and municipal 142,466 (3,544 ) — — 142,466 (3,544 ) Federal agency collateralized mortgage obligations 112,414 (1,918 ) 10,199 (252 ) 122,613 (2,170 ) Federal agency mortgage-backed pools 163,768 (3,887 ) — — 163,768 (3,887 ) Total temporarily impaired securities $ 425,635 $ (9,413 ) $ 10,199 $ (252 ) $ 435,834 $ (9,665 ) 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 | Information regarding security proceeds, gross gains and gross losses are presented below. Years ended December 31 2016 2015 2014 Sales of securities available for sale Proceeds $ 182,549 $ 43,051 $ 45,228 Gross gains 2,646 254 988 Gross losses (810 ) (65 ) — |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Amounts of Loans | December 31 December 31 2016 2015 Commercial Working capital and equipment $ 539,403 $ 381,245 Real estate, including agriculture 485,620 391,668 Tax exempt 15,486 8,674 Other 29,447 23,408 Total 1,069,956 804,995 Real estate 1–4 family 526,024 433,015 Other 5,850 4,129 Total 531,874 437,144 Consumer Auto 174,773 168,397 Recreation 5,669 5,365 Real estate/home improvement 53,898 47,015 Home equity 144,508 127,113 Unsecured 3,875 4,120 Other 15,706 10,290 Total 398,429 362,300 Mortgage warehouse 135,727 144,692 Total loans 2,135,986 1,749,131 Allowance for loan losses (14,837 ) (14,534 ) Loans, net $ 2,121,149 $ 1,734,597 |
Recorded Investment of Individual Loan Categories | The following table shows the recorded investment of individual loan categories. December 31, 2016 Loan Interest Due Deferred Recorded Owner occupied real estate $ 337,548 $ 899 $ 1,022 $ 339,469 Non owner occupied real estate 461,897 624 2,176 464,697 Residential spec homes 5,006 8 (2 ) 5,012 Development & spec land loans 31,228 56 119 31,403 Commercial and industrial 230,520 1,906 442 232,868 Total commercial 1,066,199 3,493 3,757 1,073,449 Residential mortgage 508,233 1,492 3,030 512,755 Residential construction 20,611 33 — 20,644 Mortgage warehouse 135,727 480 — 136,207 Total real estate 664,571 2,005 3,030 669,606 Direct installment 71,150 199 (385 ) 70,964 Direct installment purchased 119 — — 119 Indirect installment 153,204 345 — 153,549 Home equity 175,126 703 (785 ) 175,044 Total consumer 399,599 1,247 (1,170 ) 399,676 Total loans 2,130,369 6,745 5,617 2,142,731 Allowance for loan losses (14,837 ) — — (14,837 ) Net loans $ 2,115,532 $ 6,745 $ 5,617 $ 2,127,894 December 31, 2015 Loan Interest Due Deferred Recorded 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: December 31 December 31 December 31 Peoples December 31 December 31 December 31 CNB December 31 Total Commercial $ 774 $ 5,245 $ 692 $ 1,652 $ 3,200 $ — $ 11,563 Real estate 534 967 165 457 1,114 — 3,237 Consumer 2 0 — — 41 — 43 Outstanding balance $ 1,310 $ 6,213 $ 856 $ 2,109 $ 4,355 $ — $ 14,843 Carrying amount, net of allowance of $0 $ 14,843 December 31 December 31 December 31 Peoples December 31 December 31 December 31 CNB December 31 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 44
Accounting for Certain Loans Acquired in a Transfer (Tables) | 12 Months Ended |
Dec. 31, 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 are as follows: Twelve Months Ended December 31, 2016 Heartland Summit Peoples Kosciusko LaPorte CNB Total Balance at January 1 $ 795 $ 708 $ 555 $ — $ — $ — $ 2,058 Additions — — — 634 1,636 2,270 Accretion (164 ) (171 ) (106 ) (72 ) (147 ) — (660 ) Reclassification from nonaccretable difference — — — — — — — Disposals (74 ) (35 ) (60 ) (32 ) (10 ) — (211 ) Balance at December 31 $ 557 $ 502 $ 389 $ 530 $ 1,479 $ — $ 3,457 Twelve Months Ended December 31, 2015 Heartland Summit Peoples Kosciusko LaPorte CNB Total Balance at January 1 $ 2,400 $ 1,268 $ — $ — $ — $ — $ 3,668 Additions — — 647 — — — 647 Accretion (327 ) (315 ) (83 ) — — — (725 ) Reclassification from nonaccretable difference — — — — — — — Disposals (1,278 ) (245 ) (9 ) — — — (1,532 ) Balance at December 31 $ 795 $ 708 $ 555 $ — $ — $ — $ 2,058 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 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 using the highest of the one, two or five-year historical loss experience is an appropriate methodology 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. December 31 December 31 December 31 2016 2015 2014 Balance at beginning of the period $ 14,534 $ 16,501 $ 15,992 Loans charged-off: Commercial Owner occupied real estate 181 2,208 40 Non owner occupied real estate 471 556 136 Residential development — — — Development & Spec Land Loans — — 173 Commercial and industrial 106 673 1,453 Total commercial 758 3,437 1,802 Real estate Residential mortgage 213 288 328 Residential construction — — — Mortgage warehouse — — — Total real estate 213 288 328 Consumer Direct Installment 329 367 250 Direct Installment Purchased — — — Indirect Installment 1,051 1,081 1,233 Home Equity 309 926 516 Total consumer 1,689 2,374 1,999 Total loans charged-off 2,660 6,099 4,129 Recoveries of loans previously charged-off: Commercial Owner occupied real estate 31 104 13 Non owner occupied real estate 55 1 210 Residential development 8 — — Development & Spec Land Loans — 35 55 Commercial and industrial 116 52 495 Total commercial 210 192 773 Real estate Residential mortgage 97 69 21 Residential construction — — — Mortgage warehouse — — — Total real estate 97 69 21 Consumer Direct Installment 81 106 67 Direct Installment Purchased — — — Indirect Installment 529 489 560 Home Equity 204 114 159 Total consumer 814 709 786 Total loan recoveries 1,121 970 1,580 Net loans charged-off 1,539 5,129 2,549 Provision charged to operating expense Commercial (68 ) 2,531 2,277 Real estate (23 ) 62 (1,153 ) Consumer 1,933 569 1,934 Total provision charged to operating expense 1,842 3,162 3,058 Balance at the end of the period $ 14,837 $ 14,534 $ 16,501 |
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: December 31, 2016 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 4 $ — $ — $ — $ 4 Collectively evaluated for impairment 6,575 2,090 1,254 4,914 14,833 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 6,579 $ 2,090 $ 1,254 $ 4,914 $ 14,837 Loans: Individually evaluated for impairment $ 2,250 $ — $ — $ — $ 2,250 Collectively evaluated for impairment 1,071,199 533,399 136,207 399,676 2,140,481 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 1,073,449 $ 533,399 $ 136,207 $ 399,676 $ 2,142,731 December 31, 2015 Commercial Real Estate Mortgage 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 Assets and Imp46
Non-performing Assets and Impaired Loans (Tables) | 12 Months Ended |
Dec. 31, 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 nonaccrual, loans past due over 90 days still on accrual, and troubled debt restructured (“TDRs”) by class of loans: December 31, 2016 Non-accrual Loans Past Non- Performing Total Non- Commercial Owner occupied real estate $ 1,532 $ 183 $ — $ — $ 1,715 Non owner occupied real estate 440 — — — 440 Residential development — — — — — Development & Spec Land Loans 118 — — — 118 Commercial and industrial 159 — — — 159 Total commercial 2,249 183 — — 2,432 Real estate Residential mortgage 2,959 — 576 1,254 4,789 Residential construction — — 233 — 233 Mortgage warehouse — — — — — Total real estate 2,959 — 809 1,254 5,022 Consumer Direct Installment 512 — — — 512 Direct Installment Purchased — — — — — Indirect Installment 659 49 — — 708 Home Equity 1,557 9 205 238 2,009 Total Consumer 2,728 58 205 238 3,229 Total $ 7,936 $ 241 $ 1,014 $ 1,492 $ 10,683 December 31, 2015 Non-accrual Loans Past Non- Performing Total Non- 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 Loans | The following table presents commercial loans individually evaluated for impairment by class of loans: Twelve Months Ending December 31, 2016 Unpaid Recorded Allowance For Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,533 $ 1,533 $ — $ 1,619 $ 58 Non owner occupied real estate 440 440 — 871 18 Residential development — — — — — Development & Spec Land Loans 118 118 — 61 16 Commercial and industrial 128 127 — 349 1 Total commercial 2,219 2,218 — 2,900 93 With an allowance recorded Commercial Owner occupied real estate — — — — — Non owner occupied real estate — — — — — Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 31 32 4 5 2 Total commercial 31 32 4 5 2 Total $ 2,250 $ 2,250 $ 4 $ 2,905 $ 95 Twelve Months Ending December 31, 2015 Unpaid Recorded Allowance For Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,340 $ 1,339 $ — $ 1,001 $ 22 Non owner occupied real estate 4,938 4,953 — 5,417 8 Residential development — — — — — Development & Spec Land Loans 71 71 — 6 3 Commercial and industrial 79 79 — 275 4 Total commercial 6,428 6,442 — 6,699 37 With an allowance recorded Commercial Owner occupied real estate 410 410 105 243 8 Non owner occupied real estate 70 70 32 6 13 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 97 97 65 162 — Total commercial 577 577 202 411 21 Total $ 7,005 $ 7,019 $ 202 $ 7,110 $ 58 Twelve Months Ending December 31, 2014 Unpaid Recorded Allowance For Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,169 $ 1,170 $ — $ 645 $ 65 Non owner occupied real estate 1,193 1,194 — 1,341 51 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 854 854 — 357 27 Total commercial 3,216 3,218 — 2,343 143 With an allowance recorded Commercial Owner occupied real estate 422 422 165 141 16 Non owner occupied real estate 6,453 6,453 744 1,995 208 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 962 962 680 798 12 Total commercial 7,837 7,837 1,589 2,934 236 Total $ 11,053 $ 11,055 $ 1,589 $ 5,277 $ 379 |
Payment Status by Class of Loan | The following table presents the payment status by class of loans: December 31, 2016 30 - 59 Days 60 - 89 Days 90 Days or Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 1,068 $ — $ 183 $ 1,251 $ 336,297 $ 337,548 Non owner occupied real estate 357 — — 357 461,540 461,897 Residential development — — — — 5,006 5,006 Development & Spec Land Loans 1 — — 1 31,227 31,228 Commercial and industrial 982 — — 982 229,538 230,520 Total commercial 2,408 — 183 2,591 1,063,608 1,066,199 Real estate Residential mortgage 886 123 — 1,009 507,224 508,233 Residential construction — — — — 20,611 20,611 Mortgage warehouse — — — — 135,727 135,727 Total real estate 886 123 — 1,009 663,562 664,571 Consumer Direct Installment 139 4 — 143 71,007 71,150 Direct Installment Purchased — — — — 119 119 Indirect Installment 1,339 237 49 1,625 151,579 153,204 Home Equity 912 267 9 1,188 173,938 175,126 Total consumer 2,390 508 58 2,956 396,643 399,599 Total $ 5,684 $ 631 $ 241 $ 6,556 $ 2,123,813 $ 2,130,369 Percentage of total loans 0.27 % 0.03 % 0.01 % 0.31 % 99.69 % December 31, 2015 30 - 59 Days 60 - 89 Days 90 Days or 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. December 31, 2016 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 322,924 $ 4,960 $ 9,664 $ — $ 337,548 Non owner occupied real estate 455,648 341 5,908 — 461,897 Residential development 5,006 — — — 5,006 Development & Spec Land Loans 31,057 — 171 — 31,228 Commercial and industrial 220,424 3,728 6,368 — 230,520 Total commercial 1,035,059 9,029 22,111 — 1,066,199 Real estate Residential mortgage 503,444 — 4,789 — 508,233 Residential construction 20,378 — 233 — 20,611 Mortgage warehouse 135,727 — — — 135,727 Total real estate 659,549 — 5,022 — 664,571 Consumer Direct Installment 70,638 — 512 — 71,150 Direct Installment Purchased 119 — — — 119 Indirect Installment 152,496 — 708 — 153,204 Home Equity 173,117 — 2,009 — 175,126 Total Consumer 396,370 — 3,229 — 399,599 Total $ 2,090,978 $ 9,029 $ 30,362 $ — $ 2,130,369 Percentage of total loans 98.15 % 0.42 % 1.43 % 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 % |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | December 31 December 31 Land $ 20,032 $ 19,475 Buildings and improvements 59,607 55,341 Furniture and equipment 19,965 15,702 Total cost 99,604 90,518 Accumulated depreciation (33,247 ) (29,720 ) Net premise and equipment $ 66,357 $ 60,798 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Originated Mortgage Servicing Rights | December 31 December 31 December 31 Mortgage servicing rights Balances, January 1 $ 9,271 $ 7,980 $ 7,428 Servicing rights capitalized 3,426 2,974 2,280 Amortization of servicing rights (1,016 ) (1,683 ) (1,728 ) Balances, December 31 11,681 9,271 7,980 Impairment allowance Balances, January 1 (397 ) (338 ) (389 ) Additions (236 ) (130 ) (95 ) Reductions 126 71 146 Balances, December 31 (507 ) (397 ) (338 ) Mortgage servicing rights, net $ 11,174 $ 8,874 $ 7,642 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | “Goodwill and Intangible Assets” section of “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Item 7 of this Annual Report on Form 10K. 2016 2015 Balance, January 1 $ 49,600 $ 28,176 Goodwill acquired 27,341 21,424 Balance, December 31 $ 76,941 $ 49,600 |
Amortizable Intangible Assets | Amortizable intangible assets are summarized as follows: December 31, 2016 December 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets Core deposit intangible $ 16,151 $ (6,785 ) $ 12,920 $ (5,549 ) |
Estimated Amortization | Estimated amortization for the years ending December 31 is as follows: 2017 $ 1,425 2018 1,422 2019 1,280 2020 984 2021 910 Thereafter 3,345 $ 9,366 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | December 31 December 31 2016 2015 Noninterest-bearing demand deposits $ 496,248 $ 335,955 Interest-bearing demand deposits 850,641 706,739 Money market (variable rate) 290,896 231,956 Savings deposits 357,582 238,956 Certificates of deposit of $250,000 or more 105,361 67,697 Other certificates and time deposits 370,482 298,850 Total deposits $ 2,471,210 $ 1,880,153 |
Certificates and Other Time Deposits for Both Retail and Brokered | Certificates and other time deposits for both retail and brokered maturing in years ending December 31 are as follows: Retail Brokered Total 2017 $ 215,751 $ 41,320 $ 257,071 2018 74,148 1,250 75,398 2019 73,774 — 73,774 2020 31,702 — 31,702 2021 12,528 3,150 15,678 Thereafter 19,741 2,479 22,220 $ 427,644 $ 48,199 $ 475,843 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | December 31 December 31 2016 2015 Federal Home Loan Bank advances, variable and fixed rates ranging from 0.74% to 7.53%, due at various dates through November 15, 2024 $ 124,034 $ 158,948 Securities sold under agreements to repurchase 57,144 154,399 Federal funds purchased 66,811 136,000 Notes payable, variable rate of 2.75%, due at various dates through July 13, 2019 19,500 — Total borrowings $ 267,489 $ 449,347 |
Contractual Maturities | Contractual maturities in years ending December 31 are as follows: 2017 $ 203,610 2018 33,328 2019 21,957 2020 2,847 2021 5,317 Thereafter 430 $ 267,489 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 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): Remaining Contractual Maturity of the Agreements December 31, 2016 Overnight Up to one One to Three to Five to ten Beyond ten Total Repurchase Agreements and repurchase-to-maturity Repurchase Agreements $ 57,144 $ — $ — $ — $ — $ — $ 57,144 Securities pledged for Repurchase Agreements U.S. Treasury and federal agencies $ — $ — $ — $ — $ — $ — $ — Federal agency collateralized mortgage obligations 44,408 — — — — — 44,408 Federal agency mortgage-backed pools 19,980 — — — — — 19,980 Total $ 64,388 $ — $ — $ — $ — $ — $ 64,388 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Income Taxes | December 31 December 31 December 31 2016 2015 2014 Income tax expense Currently payable Federal $ 7,467 $ 5,511 $ 4,561 Deferred 1,334 1,721 1,594 Total income tax expense $ 8,801 $ 7,232 $ 6,155 Reconciliation of federal statutory to actual tax expense Federal statutory income tax at 35% $ 11,450 $ 9,724 $ 8,488 Tax exempt interest (1,882 ) (1,708 ) (1,628 ) Tax exempt income (575 ) (488 ) (366 ) Other tax exempt income (608 ) (199 ) (309 ) Nondeductible and other 416 (97 ) (30 ) Actual tax expense $ 8,801 $ 7,232 $ 6,155 |
Reconciliation of Deferred Tax Assets & Liabilities | December 31 December 31 2016 2015 Assets Allowance for loan losses $ 5,581 $ 5,329 Net operating loss (from acquisitions) 2,368 1,679 Director and employee benefits 3,124 2,223 Unrealized loss on AFS securities and fair value hedge 937 711 Accrued Pension 1,323 1,725 Fair value adjustment on acquisitions 2,340 756 Other 1,593 273 Total assets 17,266 12,696 Liabilities Depreciation (1,916 ) (2,180 ) State tax (341 ) (192 ) Federal Home Loan Bank stock dividends (474 ) (343 ) Difference in basis of intangible assets (4,654 ) (2,938 ) FHLB Penalty — (123 ) Other (431 ) (589 ) Total liabilities (7,816 ) (6,040 ) Valuation allowance (2,018 ) (1,082 ) Net deferred tax asset $ 7,432 $ 5,249 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) included in capital are as follows: December 31 December 31 2016 2015 Unrealized gain (loss) on securities available for sale $ (6,007 ) $ 920 Unamortized gain on securities held to maturity, previously transferred from AFS 456 1,109 Unrealized loss on derivative instruments (3,132 ) (3,141 ) Tax effect 3,039 389 Total accumulated other comprehensive income (loss) $ (5,644 ) $ (723 ) |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Regulatory Capital Requirement | Horizon and the Bank’s actual and required capital ratios as of December 31, 2016 and 2015 were as follows: Actual Required For Capital 1 Required For Capital 1 Well Capitalized Under Prompt 1 Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Total capital 1 Consolidated $ 316,576 13.87 % $ 182,596 8.00 % $ 196,976 8.63 % N/A N/A Bank 319,013 13.98 % $ 182,541 8.00 % 196,916 8.63 % $ 228,176 10.00 % Tier 1 capital 1 Consolidated 301,739 13.22 % $ 136,947 6.00 % 151,326 6.63 % N/A N/A Bank 304,176 13.33 % $ 136,905 6.00 % 151,280 6.63 % 182,540 8.00 % Common equity tier 1 capital 1 Consolidated 263,313 11.50 % $ 103,036 4.50 % 117,460 5.13 % N/A N/A Bank 304,176 13.33 % $ 102,679 4.50 % 117,054 5.13 % 148,314 6.50 % Tier 1 capital 1 Consolidated 301,739 10.44 % $ 115,609 4.00 % 115,609 4.00 % N/A N/A Bank 304,176 9.93 % $ 122,521 4.00 % 122,521 4.00 % 153,151 5.00 % As of December 31, 2015 Total capital 1 Consolidated $ 264,452 13.99 % $ 151,223 8.00 % N/A N/A N/A N/A Bank 237,348 12.57 % 151,057 8.00 % N/A N/A $ 188,821 10.00 % Tier 1 capital 1 Consolidated 249,918 13.22 % 113,427 6.00 % N/A N/A N/A N/A Bank 222,814 11.80 % 113,295 6.00 % N/A N/A 151,060 8.00 % Common equity tier 1 capital 1 Consolidated 204,350 10.81 % 85,067 4.50 % N/A N/A N/A N/A Bank 222,814 11.80 % 84,971 4.50 % N/A N/A 122,737 6.50 % Tier 1 capital 1 Consolidated 249,918 9.82 % 101,800 4.00 % N/A N/A N/A N/A Bank 222,814 8.77 % 101,626 4.00 % N/A N/A 127,032 5.00 % 1 As defined by regulatory agencies |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value of Options Granted | The fair value of options granted is estimated on the date of the grant using an option-pricing model with the following weighted-average assumptions: December 31 2016 2015 2014 Dividend yields 2.34 % 2.35 % 2.01 % Volatility factors of expected market price of common stock 28.60 % 28.97 % 29.54 % Risk-free interest rates 1.83 % 2.10 % 2.66 % Expected life of options 8 years 8 years 8 years |
Summary of Status of Non-vested, Restricted and Performance Shares | A summary of the status of Horizon’s non-vested Shares Weighted Non-vested 123,571 $ 12.13 Vested (72,563 ) 9.69 Granted 19,951 15.57 Forfeited — — Non-vested, 70,959 15.59 |
Stock Options 2003 Plan [Member] | |
Summary of Option Activity under 2003 Plan | A summary of option activity under the 2003 Plan as of December 31, 2016, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 66,000 $ 7.38 Granted — — Exercised (25,990 ) 7.47 Forfeited (3,375 ) 8.22 Outstanding, end of year 36,635 7.25 3.69 $ 760,345 Exercisable, end of year 35,285 7.11 3.63 736,963 |
Stock Options 2013 Plan [Member] | |
Summary of Option Activity under 2003 Plan | A summary of option activity under the 2013 Plan as of December 31, 2016, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 181,627 $ 14.72 Granted 103,959 15.57 Exercised (1,500 ) 13.49 Forfeited — — Outstanding, end of year 284,086 15.04 7.99 $ 3,682,975 Exercisable, end of year 120,957 14.33 7.00 1,653,164 |
Derivative Financial Instrume57
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 6 Interest rate contracts Other Assets 6 Other liabilities 3,132 Total derivatives designated as hedging instruments 6 3,138 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 602 Other liabilities 22 Total derivatives not designated as hedging instruments 602 22 Total derivatives $ 608 $ 3,160 Asset Derivatives Liability Derivatives 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 Statement of Income Derivative in Cash Flow Hedging Relationship | The effect of the derivative instruments on the consolidated statement of income for the 12-month Amount of Loss Recognized in Other Comprehensive Income on Derivative (Effective Years Ended December 31 Derivative in cash flow hedging relationship 2016 2015 2014 Interest rate contracts $ 6 $ 127 $ (332 ) |
Effect of Derivative Instruments on Consolidated Statement of Income Derivative in Fair Value Hedging Relationship | Derivative in fair value hedging relationship Location of gain (loss) recognized on derivative Amount of Gain (Loss) Recognized on Derivative Years Ended December 31 2016 2015 2014 Interest rate contracts Interest income - loans $ (1,776 ) $ 574 $ 1,261 Interest rate contracts Interest income - loans 1,776 (574 ) (1,261 ) Total $ — $ — $ — Derivative not designated as hedging relationship Location of gain (loss) recognized on derivative Amount of Gain (Loss) Recognized on Derivative 2016 2015 2014 Mortgage contracts Other income - gain on $ (62 ) $ 195 $ 256 |
Disclosures about fair value 58
Disclosures about fair value of assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 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 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 Significant (Level 3) December 31, 2016 Available-for-sale U.S. Treasury and federal agencies $ 7,989 $ — $ 7,989 $ — State and municipal 116,592 — 116,592 — Federal agency collateralized mortgage obligations 137,195 — 137,195 — Federal agency mortgage-backed pools 176,726 — 176,726 — Corporate notes 1,329 — 1,329 — Total available-for-sale 439,831 — 439,831 — Hedged loans 122,345 — 122,345 — Forward sale commitments 602 — 602 — Interest rate swap agreements (3,138 ) — (3,138 ) — Commitments to originate loans (22 ) — (22 ) — December 31, 2015 Available-for-sale 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 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 consolidated statements of income as follows: Non Interest Income Total gains and losses from: Years Ended December 31 2016 2015 2014 Hedged loans $ (1,776 ) $ 574 $ 1,261 Fair value interest rate swap agreements 1,776 (574 ) (1,261 ) Derivative loan commitments (62 ) 195 256 $ (62 ) $ 195 $ 256 |
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 Significant (Level 3) December 31, 2016 Impaired loans $ 2,246 $ — $ — $ 2,246 Mortgage servicing rights 11,174 — — 11,174 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, at December 31, 2016 and 2015. Fair Value at Valuation Technique Unobservable Inputs Range (Weighted Impaired loans $ 2,246 Collateral based measurement Discount to reflect current market conditions and ultimate collectability 10% - 16% (13%) Mortgage servicing rights $ 11,174 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 16% (13%), 4% - 7% (4.6%), 1% - 10% (4.5%) Fair Value at Valuation Technique Unobservable Inputs Range (Weighted 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 Instr59
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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. December 31, 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 $ 70,832 $ 70,832 $ — $ — Investment securities, held to maturity 193,194 — 194,086 — Loans held for sale 8,087 — — 8,087 Loans excluding loan level hedges, net 1,998,804 — — 1,965,928 Stock in FHLB and FRB 23,932 — 23,932 — Interest receivable 12,713 — 12,713 — Liabilities Non-interest $ 496,248 $ 496,248 $ — $ — Interest-bearing deposits 1,974,962 — 1,839,167 — Borrowings 267,489 — 261,141 — Subordinated debentures 37,456 — 36,371 — Interest payable 472 — 472 — 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 $ 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 — |
Condensed Financial Informati60
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31 December 31 2016 2015 Assets Total cash and cash equivalents $ 15,736 $ 26,507 Investment in Bank 386,389 276,718 Other assets 2,504 3,392 Total assets $ 404,629 $ 306,617 Liabilities Borrowings $ 19,500 $ — Subordinated debentures 37,456 32,797 Other liabilities 6,818 6,988 Stockholders’ Equity 340,855 266,832 Total liabilities and stockholders’ equity $ 404,629 $ 306,617 |
Condensed Statements of Income | Condensed Statements of Income Years Ended December 31 2016 2015 2014 Operating Income (Expense) Dividend income from Bank $ 20,000 $ 30,470 $ 12,500 Investment income 33 15 12 Other income 42 24 17 Interest expense (2,376 ) (2,009 ) (2,009 ) Employee benefit expense (1,158 ) (1,093 ) (965 ) Other expense 1,279 910 883 Income Before Undistributed Income of Subsidiaries 17,820 28,317 10,438 Undistributed Income of Subsidiaries 5,938 (8,168 ) 6,814 Income Before Tax 23,758 20,149 17,252 Income Tax Benefit 154 400 849 Net Income 23,912 20,549 18,101 Preferred stock dividend (42 ) (125 ) (133 ) Net Income Available to Common Shareholders $ 23,870 $ 20,424 $ 17,968 |
Condensed Statements of Comprehensive Income | Condensed Statements of Comprehensive Income Years Ended December 31 2016 2015 2014 Net Income $ 23,912 $ 20,549 $ 18,101 Other Comprehensive Income (Loss) Change in fair value of derivative instruments, net of taxes 6 127 (332 ) Unrealized appreciation for the period on held-to-maturity (424 ) (357 ) 1,078 Unrealized appreciation (depreciation) on available-for-sale (3,310 ) (1,891 ) 3,146 Less: reclassification adjustment for realized gains included in net income, net of taxes (1,193 ) (123 ) (642 ) (4,921 ) (2,244 ) 3,250 Comprehensive Income $ 18,991 $ 18,305 $ 21,351 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31 2016 2015 2014 Operating Activities Net income $ 23,912 $ 20,549 $ 18,101 Items not requiring (providing) cash Equity in undistributed net income of subsidiaries (5,938 ) 8,168 (6,814 ) Change in Share based compensation 284 288 203 Amortization of unearned compensation 324 355 363 Other assets 888 (634 ) 906 Other liabilities (244 ) (13 ) 1,377 Net cash provided by operating activities 19,226 28,713 14,136 Investing Activities Acquisition of Summit — — (7,036 ) Acquisition of Peoples — (19,365 ) — Acquisition of Kosciusko (6,741 ) — — Acquisition of LaPorte (17,108 ) — — Acquisition of CNB (5,296 ) — — Net cash used in investing activities (29,145 ) (19,365 ) (7,036 ) Financing Activities Redemption of preferred stock (12,500 ) — — Net change in borrowings 19,500 — — Dividends paid on preferred shares (42 ) (125 ) (133 ) Dividends paid on common shares (8,382 ) (6,216 ) (4,744 ) Exercise of stock options 572 4,305 165 Net cash used in financing activities (852 ) (2,036 ) (4,712 ) Net Change in Cash and Cash Equivalents (10,771 ) 7,312 2,388 Cash and Cash Equivalents at Beginning of Year 26,507 19,195 16,807 Cash and Cash Equivalents at End of Year $ 15,736 $ 26,507 $ 19,195 |
Quarterly Results of Operatio61
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Consolidated Results of Operations | The following is a summary of the quarterly consolidated results of operations: Three Months Ended 2016 March 31 June 30 September 30 December 31 Interest income $ 23,528 $ 24,650 $ 28,962 $ 29,390 Interest expense 3,754 3,781 4,552 8,450 Net interest income 19,774 20,869 24,410 20,940 Provision for loan losses 532 232 455 623 Gain on sale of securities 108 767 — 961 Net income 5,381 6,326 6,602 5,603 Net income available to common shareholders $ 5,339 $ 6,326 $ 6,602 $ 5,603 Earnings per share: Basic $ 0.30 $ 0.35 $ 0.31 $ 0.25 Diluted 0.30 0.34 0.30 0.25 Average shares outstanding: Basic 17,924,124 18,268,880 21,538,752 22,155,549 Diluted 18,012,726 18,364,167 21,651,953 22,283,722 Three Months Ended 2015 March 31 June 30 September 30 December 31 Interest income $ 20,093 $ 21,127 $ 23,578 $ 23,790 Interest expense 3,207 3,277 3,802 3,568 Net interest income 16,886 17,850 19,776 20,222 Provision for loan losses 614 1,906 300 342 Gain on sale of securities 124 — — 65 Net income 5,358 4,728 4,288 6,175 Net income available to common shareholders $ 5,327 $ 4,697 $ 4,257 $ 6,144 Earnings per share: Basic $ 0.39 $ 0.34 $ 0.25 $ 0.34 Diluted 0.37 0.33 0.24 0.34 Average shares outstanding: Basic 13,824,017 13,860,008 17,408,964 17,905,871 Diluted 14,414,259 14,456,379 17,839,881 18,020,615 |
Nature of Operations and Summ62
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Valuation_TechniquesFacilitiesBusinessshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Schedule Of Accounting Policies [Line Items] | |||
Full service facilities maintained by bank | Facilities | 56 | ||
Number of business conduct | Business | 0 | ||
Number of valuation techniques to measure fair value | Valuation_Techniques | 3 | ||
Factor considered to be significant for fair value measurement | 10.00% | ||
Accrual of interest discontinued description | Principal or interest is past due 90 days or more, and the loan is not well secured or in the process of collection, or when serious doubt exists as to the collectability of a loan, the accrual of interest is discontinued. | ||
Commercial loans as a percentage of total loan | 46.00% | ||
Residential real estate loans as a percentage of total loan | 25.00% | ||
Installment loans as a percentage of total loan | 20.00% | ||
Mortgage warehouse loans as a percentage of total loan | 6.00% | ||
Period in which loan sold by mortgage company | 30 days | ||
Minimum period loan held by mortgage company | 90 days | ||
Mortgage warehousing maximum pay off period | 30 days | ||
Costs are deferred due to the term | $ 0 | ||
Impaired loans charged off | 90 days | ||
Status of Non-Accrual of Loan | 90 days | ||
Impairment of Loan | 30 days | ||
Intangibles, Gross | $ 9,400,000 | ||
Goodwill | $ 76,941,000 | $ 49,600,000 | $ 28,176,000 |
Uncertain tax positions recognized | 50.00% | ||
Shares, non-dilutive | shares | 0 | 3,750 | 3,750 |
Amount available for payment of dividend | $ 6,600,000 | ||
Cash and cash equivalents maximum maturity period | 1 day | ||
Compensation expense | $ 608,000 | $ 643,000 | $ 566,000 |
Reclassifications effect on net income | 0 | ||
Minimum [Member] | Accounting Standards Update (ASU) 2016-02, Leases [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Increase in assets and liabilities | 80,000,000 | ||
Maximum [Member] | Accounting Standards Update (ASU) 2016-02, Leases [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Increase in assets and liabilities | $ 100,000,000 | ||
Buildings and Improvements [Member] | Minimum [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Useful Life for depreciation | 3 years | ||
Buildings and Improvements [Member] | Maximum [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Useful Life for depreciation | 40 years | ||
Furniture and Equipment [Member] | Minimum [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Useful Life for depreciation | 2 years | ||
Furniture and Equipment [Member] | Maximum [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Useful Life for depreciation | 20 years |
Nature of Operations and Summ63
Nature of Operations and Summary of Significant Accounting Policies - Summary of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Basic earnings per share | ||||||||||||||
Net income | $ 5,603 | $ 6,602 | $ 6,326 | $ 5,381 | $ 6,175 | $ 4,288 | $ 4,728 | $ 5,358 | $ 23,912 | $ 20,549 | $ 18,101 | |||
Less: Preferred stock dividends | 42 | 125 | 133 | |||||||||||
Net Income Available to Common Shareholders | $ 5,603 | $ 6,602 | $ 6,326 | $ 5,339 | $ 6,144 | $ 4,257 | $ 4,697 | $ 5,327 | $ 23,870 | $ 20,424 | $ 17,968 | |||
Weighted average common shares outstanding | 22,155,549 | 21,538,752 | 18,268,880 | 17,924,124 | 17,905,871 | 17,408,964 | 13,860,008 | 13,824,017 | 19,987,728 | 15,765,444 | 13,591,053 | |||
Basic Earnings Per Share | $ 0.25 | $ 0.31 | $ 0.35 | $ 0.30 | $ 0.34 | $ 0.25 | $ 0.34 | $ 0.39 | $ 1.19 | [1] | $ 1.30 | [1] | $ 1.32 | [1] |
Diluted earnings per share | ||||||||||||||
Net income available to common shareholders | $ 23,870 | $ 20,424 | $ 17,968 | |||||||||||
Effect of dilutive securities: | ||||||||||||||
Warrants | 330,474 | 473,519 | ||||||||||||
Weighted average shares outstanding | 22,283,722 | 21,651,953 | 18,364,167 | 18,012,726 | 18,020,615 | 17,839,881 | 14,456,379 | 14,414,259 | 20,082,410 | 16,197,312 | 14,181,188 | |||
Diluted Earnings Per Share | $ 0.25 | $ 0.30 | $ 0.34 | $ 0.30 | $ 0.34 | $ 0.24 | $ 0.33 | $ 0.37 | $ 1.19 | [1] | $ 1.26 | [1] | $ 1.27 | [1] |
Restricted Stock [Member] | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||
Effect of dilutive securities | 26,553 | 48,015 | 59,214 | |||||||||||
Stock Options [Member] | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||
Effect of dilutive securities | 68,129 | 53,379 | 57,402 | |||||||||||
[1] | Adjusted for 3:2 stock split on November 14, 2016. |
Nature of Operations and Summ64
Nature of Operations and Summary of Significant Accounting Policies - Summary of Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | Nov. 14, 2016 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Stock split ratio | 1.5 | 1.5 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Jul. 18, 2016 | Jun. 01, 2016 | Jul. 01, 2015 | Apr. 03, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 07, 2016 | |
Business Acquisition [Line Items] | |||||||||
Acquisition of goodwill | $ 76,941,000 | $ 49,600,000 | $ 28,176,000 | ||||||
Operating revenue, net of tax | 4,300,000 | ||||||||
Non-recurring expense, net of tax | $ 4,800,000 | ||||||||
Common stock, shares outstanding | [1] | 22,171,596 | 17,909,831 | ||||||
Peoples Bancorp Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
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 | 10 years | ||||||||
Performing portion of the loan portfolio acquired | 223,400,000 | ||||||||
Estimated fair value of performing portion of the loan portfolio | $ 220,000,000 | ||||||||
Exchange ratio per share | 142.50% | ||||||||
Common stock issued | 3,288,303 | ||||||||
Market closing price per share | $ 16.88 | ||||||||
Operating revenue, net of tax | $ 2,300,000 | ||||||||
Non-recurring expense, net of tax | $ 3,300,000 | ||||||||
Share of common stock outstanding per share | $ 9.75 | ||||||||
Common stock, shares outstanding | 2,311,858 | ||||||||
Loan portfolio acquired | $ 228,600,000 | ||||||||
Discount on loan portfolio acquired | $ 4,800,000 | ||||||||
Peoples Bancorp Inc [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of shares owned | 100 | ||||||||
Share of common stock outstanding per share | $ 33.14 | ||||||||
Kosciusko Financial Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total estimated purchase price | $ 22,983,000 | ||||||||
Costs related to the acquisition | 2,000,000 | ||||||||
Net intangible assets acquired | 526,000 | ||||||||
Acquisition of goodwill | 6,443,000 | ||||||||
Purchase price of the business assets, portion deductible | $ 0 | ||||||||
Core deposit intangible amortization period | 10 years | ||||||||
Exchange ratio per share | 451.83% | ||||||||
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% | ||||||||
Common stock issued | 873,430 | ||||||||
Market closing price per share | $ 16.57 | ||||||||
Estimated transaction value | $ 23,000,000 | ||||||||
Kosciusko Financial Inc [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of shares owned | 100 | ||||||||
Share of common stock outstanding per share | $ 81.75 | ||||||||
LaPorte Bancorp Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total estimated purchase price | $ 98,634,000 | ||||||||
Costs related to the acquisition | $ 4,000,000 | ||||||||
Net intangible assets acquired | 2,514,000 | ||||||||
Acquisition of goodwill | 20,290,000 | ||||||||
Purchase price of the business assets, portion deductible | $ 0 | ||||||||
Core deposit intangible amortization period | 10 years | ||||||||
Exchange ratio per share | 94.35% | ||||||||
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% | ||||||||
Common stock issued | 3,421,488 | ||||||||
Market closing price per share | $ 18.36 | ||||||||
Estimated transaction value | $ 98,600,000 | ||||||||
Summit [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total estimated purchase price | $ 18,900,000 | ||||||||
Costs related to the acquisition | $ 1,300,000 | ||||||||
Net intangible assets acquired | 822,000 | ||||||||
Acquisition of goodwill | 8,428,000 | ||||||||
Purchase price of the business assets, portion deductible | 4,400,000 | ||||||||
Core deposit intangible amortization period | 10 years | ||||||||
Performing portion of the loan portfolio acquired | 106,200,000 | ||||||||
Estimated fair value of performing portion of the loan portfolio | $ 104,600,000 | ||||||||
Exchange ratio per share | 73.56% | ||||||||
Common stock issued | 856,230 | ||||||||
Market closing price per share | $ 14.82 | ||||||||
Share of common stock outstanding per share | $ 5.15 | ||||||||
Common stock, shares outstanding | 1,164,442 | ||||||||
Loan portfolio acquired | $ 130,500,000 | ||||||||
Discount on loan portfolio acquired | 6,400,000 | ||||||||
Date of acquisition agreement | Apr. 3, 2014 | ||||||||
Net tangible assets acquired | $ 19,900,000 | ||||||||
Central National Bank & Trust [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total estimated purchase price | $ 5,311,000 | ||||||||
Costs related to the acquisition | $ 779,000 | ||||||||
Net intangible assets acquired | 190,000 | ||||||||
Acquisition of goodwill | 609,000 | ||||||||
Purchase price of the business assets, portion deductible | 5,300,000 | ||||||||
Core deposit intangible amortization period | 10 years | ||||||||
Performing portion of the loan portfolio acquired | 10,800,000 | ||||||||
Estimated fair value of performing portion of the loan portfolio | $ 10,500,000 | ||||||||
[1] | Adjusted for 3:2 stock split on November 14, 2016. |
Acquisitions - Schedule of Fina
Acquisitions - Schedule of Final Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Nov. 07, 2016 | Dec. 31, 2015 | Jul. 01, 2015 | Dec. 31, 2014 |
ASSETS | |||||
Goodwill | $ 76,941 | $ 49,600 | $ 28,176 | ||
Common shares issued | 55,506 | 12,689 | |||
Cash paid | 22,641 | 6,207 | |||
Cash paid | $ 22,641 | $ 6,207 | |||
Central National Bank & Trust [Member] | |||||
ASSETS | |||||
Cash and due from banks | $ 27,860 | ||||
Investment securities, available for sale | 16,393 | ||||
Total loans | 10,470 | ||||
Premises and equipment, net | 444 | ||||
FHLB stock | 50 | ||||
Goodwill | 609 | ||||
Core deposit intangible | 190 | ||||
Interest receivable | 154 | ||||
Other assets | 49 | ||||
Total assets purchased | 56,219 | ||||
Cash paid | 5,311 | 5,311 | |||
Total estimated purchase price | 5,311 | ||||
Cash paid | $ 5,311 | 5,311 | |||
Total estimated purchase price | 5,311 | ||||
Deposits | |||||
Non-interest bearing | 24,079 | ||||
NOW accounts | 9,038 | ||||
Savings and money market | 13,829 | ||||
Certificates of deposits | 3,342 | ||||
Total deposits | 50,288 | ||||
Borrowings | 459 | ||||
Interest payable | 7 | ||||
Other liabilities | 154 | ||||
Total liabilities assumed | 50,908 | ||||
Central National Bank & Trust [Member] | Residential Mortgage [Member] | |||||
ASSETS | |||||
Total loans | 6,624 | ||||
Central National Bank & Trust [Member] | Commercial [Member] | |||||
ASSETS | |||||
Total loans | 2,267 | ||||
Central National Bank & Trust [Member] | Consumer [Member] | |||||
ASSETS | |||||
Total loans | $ 1,579 | ||||
Peoples Bancorp Inc [Member] | |||||
ASSETS | |||||
Cash and due from banks | $ 205,054 | ||||
Investment securities, available for sale | 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 | ||||
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 Purc
Acquisitions - Schedule of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Jul. 18, 2016 | Jun. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 03, 2014 |
ASSETS | ||||||
Goodwill | $ 76,941 | $ 49,600 | $ 28,176 | |||
Common shares issued | 55,506 | 12,689 | ||||
Cash paid | $ 22,641 | $ 6,207 | ||||
LaPorte Bancorp Inc [Member] | ||||||
ASSETS | ||||||
Cash and due from banks | $ 154,849 | |||||
Investment securities, available for sale | 23,779 | |||||
Total loans | 312,906 | |||||
Premises and equipment, net | 6,022 | |||||
FHLB stock | 4,029 | |||||
Goodwill | 20,290 | |||||
Core deposit intangible | 2,514 | |||||
Interest receivable | 844 | |||||
Cash value of life insurance | 15,267 | |||||
Other assets | 8,912 | |||||
Total assets purchased | 549,412 | |||||
Common shares issued | 60,306 | 60,306 | ||||
Cash paid | 38,328 | 38,328 | ||||
Total estimated purchase price | 98,634 | |||||
Deposits | ||||||
Non-interest bearing | 66,733 | |||||
NOW accounts | 99,346 | |||||
Savings and money market | 117,688 | |||||
Certificates of deposits | 87,605 | |||||
Total deposits | 371,372 | |||||
Borrowings | 64,793 | |||||
Interest payable | 178 | |||||
Subordinated debt | 4,504 | |||||
Other liabilities | 9,931 | |||||
Total liabilities assumed | 450,778 | |||||
LaPorte Bancorp Inc [Member] | Residential Mortgage [Member] | ||||||
ASSETS | ||||||
Total loans | 42,603 | |||||
LaPorte Bancorp Inc [Member] | Mortgage Warehousing [Member] | ||||||
ASSETS | ||||||
Total loans | 99,752 | |||||
LaPorte Bancorp Inc [Member] | Commercial [Member] | ||||||
ASSETS | ||||||
Total loans | 153,750 | |||||
LaPorte Bancorp Inc [Member] | Consumer [Member] | ||||||
ASSETS | ||||||
Total loans | $ 16,801 | |||||
Summit [Member] | ||||||
ASSETS | ||||||
Cash and due from banks | $ 15,161 | |||||
Total loans | 124,081 | |||||
Premises and equipment, net | 2,548 | |||||
FRB and FHLB stock | 2,136 | |||||
Goodwill | 8,428 | |||||
Core deposit intangible | 822 | |||||
Interest receivable | 347 | |||||
Cash value of life insurance | 2,185 | |||||
Other assets | 2,877 | |||||
Total assets purchased | 158,585 | |||||
Total estimated purchase price | 18,900 | |||||
Deposits | ||||||
Non-interest bearing | 27,274 | |||||
NOW accounts | 16,332 | |||||
Savings and money market | 35,045 | |||||
Certificates of deposits | 42,368 | |||||
Total deposits | 121,019 | |||||
Borrowings | 16,990 | |||||
Interest payable | 52 | |||||
Other liabilities | 599 | |||||
Total liabilities assumed | 138,660 | |||||
Summit [Member] | Residential Mortgage [Member] | ||||||
ASSETS | ||||||
Total loans | 43,448 | |||||
Summit [Member] | Commercial [Member] | ||||||
ASSETS | ||||||
Total loans | 70,441 | |||||
Summit [Member] | Consumer [Member] | ||||||
ASSETS | ||||||
Total loans | $ 10,192 | |||||
Kosciusko Financial Inc [Member] | ||||||
ASSETS | ||||||
Cash and due from banks | $ 38,950 | |||||
Investment securities, available for sale | 1,191 | |||||
Total loans | 102,569 | |||||
Premises and equipment, net | 1,466 | |||||
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 | 14,470 | ||||
Cash paid | $ 8,513 | 8,513 | ||||
Total estimated purchase price | 22,983 | |||||
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 | |||||
Kosciusko Financial Inc [Member] | Residential Mortgage [Member] | ||||||
ASSETS | ||||||
Total loans | 26,244 | |||||
Kosciusko Financial Inc [Member] | Commercial [Member] | ||||||
ASSETS | ||||||
Total loans | 70,006 | |||||
Kosciusko Financial Inc [Member] | Consumer [Member] | ||||||
ASSETS | ||||||
Total loans | $ 6,319 |
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 | Apr. 03, 2014 |
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 | $ 12,545 | |||
Contractual cash flows not expected to be collected (nonaccretable differences) | 4,492 | |||
Expected cash flows at acquisition | 8,053 | |||
Interest component of expected cash flows (accretable discount) | 1,258 | |||
Fair value of acquired loans accounted for under ASC 310-30 | $ 6,795 | |||
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 | |||
Peoples Bancorp Inc [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Contractually required principal and interest at acquisition | $ 5,730 | |||
Contractual cash flows not expected to be collected (nonaccretable differences) | 715 | |||
Expected cash flows at acquisition | 5,015 | |||
Interest component of expected cash flows (accretable discount) | 647 | |||
Fair value of acquired loans accounted for under ASC 310-30 | $ 4,368 | |||
Summit [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Contractually required principal and interest at acquisition | $ 14,460 | |||
Contractual cash flows not expected to be collected (nonaccretable differences) | 3,146 | |||
Expected cash flows at acquisition | 11,314 | |||
Interest component of expected cash flows (accretable discount) | 1,688 | |||
Fair value of acquired loans accounted for under ASC 310-30 | $ 9,626 |
Acquisitions - Pro Forma Result
Acquisitions - Pro Forma Result of Comparable Prior Reporting Period (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Peoples Bancorp Inc [Member] | |||
Business Acquisition [Line Items] | |||
Net Interest Income | $ 80,688 | $ 75,442 | |
Provision for Loan Losses | 3,222 | 3,443 | |
Net Interest Income after Provision for Loan Losses | 77,466 | 71,999 | |
Non-interest Income | 32,295 | 29,928 | |
Non-Interest Expense | 80,489 | 74,010 | |
Income before Income Taxes | 29,272 | 27,917 | |
Income Tax Expense | 7,359 | 6,560 | |
Net Income | 21,913 | 21,357 | |
Net Income Available to Common Shareholders | $ 21,788 | $ 21,342 | |
Basic Earnings Per Share | $ 1.27 | $ 1.25 | |
Diluted Earnings Per Share | $ 1.23 | $ 1.21 | |
Kosciusko Financial Inc [Member] | |||
Business Acquisition [Line Items] | |||
Net Interest Income | $ 95,451 | $ 91,986 | |
Provision for Loan Losses | 1,842 | 3,417 | |
Net Interest Income after Provision for Loan Losses | 93,609 | 88,569 | |
Non-interest Income | 43,237 | 33,301 | |
Non-Interest Expense | 104,226 | 87,779 | |
Income before Income Taxes | 32,620 | 34,091 | |
Income Tax Expense | 9,679 | 8,528 | |
Net Income | 22,941 | 25,563 | |
Net Income Available to Common Shareholders | $ 22,899 | $ 25,438 | |
Basic Earnings Per Share | $ 1.15 | $ 1.61 | |
Diluted Earnings Per Share | $ 1.14 | $ 1.57 |
Cash Equivalents - Additional I
Cash Equivalents - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Cash and Cash Equivalents [Abstract] | |
Cash equivalent maximum maturity period | 3 months |
Increase in Cash account over the insured limit | $ 6.5 |
Securities - Fair Value of Secu
Securities - Fair Value of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | $ 445,839 | $ 444,062 |
Gross Unrealized Gains | 922 | 3,971 |
Held-to-maturity, Amortized Cost | 193,194 | 187,629 |
Gross Unrealized Losses | (6,929) | (3,051) |
Held-to-maturity, Gross Unrealized Gains | 3,628 | 6,636 |
Available-for-sale Securities, Fair Value | 439,831 | 444,982 |
Held-to-maturity, Gross Unrealized Losses | (2,736) | (562) |
Held-to-maturity, Fair Value | 194,086 | 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 | 8,051 | 5,940 |
Gross Unrealized Gains | 2 | 3 |
Held-to-maturity, Amortized Cost | 5,859 | |
Gross Unrealized Losses | (64) | (17) |
Held-to-maturity, Gross Unrealized Gains | 93 | |
Available-for-sale Securities, Fair Value | 7,989 | 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 | 117,327 | 73,829 |
Gross Unrealized Gains | 324 | 1,299 |
Held-to-maturity, Amortized Cost | 165,607 | 146,331 |
Gross Unrealized Losses | (1,059) | (33) |
Held-to-maturity, Gross Unrealized Gains | 2,700 | 5,375 |
Available-for-sale Securities, Fair Value | 116,592 | 75,095 |
Held-to-maturity, Gross Unrealized Losses | (2,485) | (253) |
Held-to-maturity, Fair Value | 165,822 | 151,453 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 139,040 | 157,291 |
Gross Unrealized Gains | 254 | 567 |
Held-to-maturity, Amortized Cost | 6,530 | 9,051 |
Gross Unrealized Losses | (2,099) | (1,655) |
Held-to-maturity, Gross Unrealized Gains | 31 | 27 |
Available-for-sale Securities, Fair Value | 137,195 | 156,203 |
Held-to-maturity, Gross Unrealized Losses | (71) | (124) |
Held-to-maturity, Fair Value | 6,490 | 8,954 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 180,183 | 206,970 |
Gross Unrealized Gains | 251 | 2,080 |
Held-to-maturity, Amortized Cost | 21,057 | 26,388 |
Gross Unrealized Losses | (3,707) | (1,346) |
Held-to-maturity, Gross Unrealized Gains | 897 | 1,141 |
Available-for-sale Securities, Fair Value | 176,726 | 207,704 |
Held-to-maturity, Gross Unrealized Losses | (180) | (185) |
Held-to-maturity, Fair Value | 21,774 | 27,344 |
Corporate Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 1,238 | 32 |
Gross Unrealized Gains | 91 | 22 |
Available-for-sale Securities, Fair Value | $ 1,329 | $ 54 |
Securities - Additional Informa
Securities - Additional Information (Detail) | Apr. 01, 2014USD ($)Security | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||||
Unrealized loss, other than temporary securities | $ 0 | |||
Number of securities | Security | 319 | |||
Aggregate fair value of securities | $ 167,100,000 | |||
Gain/Loss from net unrealized holdings, Net of tax | 1,300,000 | |||
Unrealized gain or loss, Held to maturity | $ 0 | |||
Tax effect of the proceeds from sale of securities | 643,000 | $ 66,000 | $ 346,000 | |
Pledged of Fair Value of Securities as collateral | 64,400,000 | |||
Amortization cost of securities as Collateral not Separately Reported | 65,100,000 | |||
Debt Instrument Repurchase Agreement | 57,100,000 | |||
Securities Pledged for Federal Home Loan Bank At Fair Value | 92,500,000 | |||
Securities for Federal Home Loan Bank Not Separately Reported | 92,400,000 | |||
Securities Pledged For Derivative At Fair Value | 16,200,000 | |||
Securities Pledged For Derivative At Amortized Cost | 16,000,000 | |||
Debt Instrument Derivative Swap Agreement | 3,100,000 | |||
Debt Instrument Federal Home Loan Bank | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost within one year | $ 7,455 | $ 7,192 |
Amortized cost one to five years | 37,483 | 38,197 |
Amortized cost for five to ten years | 21,112 | 16,807 |
Amortized cost for after ten years | 60,566 | 17,605 |
Total amortized cost | 126,616 | 79,801 |
Total available for sale investment securities, Amortized Cost | 445,839 | 444,062 |
Within one year, amortized cost | 0 | 0 |
One to five years, amortized cost | 24,594 | 17,815 |
Five to ten years, amortized cost | 87,645 | 106,167 |
After ten years, amortized cost | 53,368 | 28,208 |
Total amortized cost | 165,607 | 152,190 |
Total held to maturity investment securities, amortized cost | 193,194 | 187,629 |
Fair value within one year | 7,480 | 7,232 |
Fair value for one to five years | 37,479 | 38,894 |
Fair value for five to ten years | 20,984 | 17,152 |
Fair value for after ten years | 59,967 | 17,797 |
Total fair value | 125,910 | 81,075 |
Investment securities, available for sale | 439,831 | 444,982 |
Within one year, fair value | 0 | 0 |
One to five years, fair value | 25,271 | 18,403 |
five to ten years, fair value | 88,805 | 110,026 |
After ten years, fair value | 51,746 | 28,976 |
Total fair value | 165,822 | 157,405 |
Held-to-maturity, Fair Value | 194,086 | 193,703 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 139,040 | 157,291 |
Total held to maturity investment securities, amortized cost | 6,530 | 9,051 |
Investment securities, available for sale | 137,195 | 156,203 |
Held-to-maturity, Fair Value | 6,490 | 8,954 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 180,183 | 206,970 |
Total held to maturity investment securities, amortized cost | 21,057 | 26,388 |
Investment securities, available for sale | 176,726 | 207,704 |
Held-to-maturity, Fair Value | $ 21,774 | $ 27,344 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value of Company's Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | $ 425,635 | $ 225,524 |
Fair value more than 12 months | 10,199 | 42,380 |
Total fair value | 435,834 | 267,904 |
Unrealized losses less than 12 months | (9,413) | (2,633) |
Unrealized losses more than 12 months | (252) | (980) |
Total unrealized losses | (9,665) | (3,613) |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 6,987 | 5,468 |
Total fair value | 6,987 | 5,468 |
Unrealized losses less than 12 months | (64) | (17) |
Total unrealized losses | (64) | (17) |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 142,466 | 17,353 |
Fair value more than 12 months | 446 | |
Total fair value | 142,466 | 17,799 |
Unrealized losses less than 12 months | (3,544) | (280) |
Unrealized losses more than 12 months | (6) | |
Total unrealized losses | (3,544) | (286) |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 112,414 | 89,459 |
Fair value more than 12 months | 10,199 | 25,428 |
Total fair value | 122,613 | 114,887 |
Unrealized losses less than 12 months | (1,918) | (1,124) |
Unrealized losses more than 12 months | (252) | (655) |
Total unrealized losses | (2,170) | (1,779) |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 163,768 | 113,244 |
Fair value more than 12 months | 16,506 | |
Total fair value | 163,768 | 129,750 |
Unrealized losses less than 12 months | (3,887) | (1,212) |
Unrealized losses more than 12 months | (319) | |
Total unrealized losses | $ (3,887) | $ (1,531) |
Securities - Sales of Securitie
Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds | $ 182,549 | $ 43,051 | $ 45,228 |
Gross gains | 2,646 | 254 | $ 988 |
Gross losses | $ (810) | $ (65) |
Loans - Amounts of Loans (Detai
Loans - Amounts of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage warehouse | $ 135,727 | $ 144,692 | ||
Total loans | 2,135,986 | 1,749,131 | ||
Allowance for loan losses | (14,837) | (14,534) | $ (16,501) | $ (15,992) |
Loans, net | 2,121,149 | 1,734,597 | ||
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 1,069,956 | 804,995 | ||
Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 531,874 | 437,144 | ||
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 398,429 | 362,300 | ||
Working Capital and Equipment [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 539,403 | 381,245 | ||
Real Estate Including Agriculture [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 485,620 | 391,668 | ||
Tax Exempt Loans Receivable [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 15,486 | 8,674 | ||
Other Commercial Loans [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 29,447 | 23,408 | ||
1-4 Family [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 526,024 | 433,015 | ||
Other Real Estate Loans [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 5,850 | 4,129 | ||
Auto [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 174,773 | 168,397 | ||
Recreation Consumer Loans Receivable [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 5,669 | 5,365 | ||
Real Estate Home Improvement Loans Receivable [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 53,898 | 47,015 | ||
Home Equity Loan [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 144,508 | 127,113 | ||
Unsecured Debt [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 3,875 | 4,120 | ||
Other Consumer Loans [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | $ 15,706 | $ 10,290 |
Loans - Additional Information
Loans - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | $ 2,130,369 | $ 1,745,340 | ||
Net loans | 2,115,532 | 1,730,806 | ||
Interest Due | 6,745 | 5,115 | ||
Deferred Fees / (Costs) | 5,617 | 3,792 | ||
Recorded Investment | 2,142,731 | 1,754,247 | ||
Recorded Investment | 2,127,894 | 1,739,713 | ||
Allowance for loan losses | (14,837) | (14,534) | $ (16,501) | $ (15,992) |
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 1,066,199 | 802,792 | ||
Interest Due | 3,493 | 2,207 | ||
Deferred Fees / (Costs) | 3,757 | 2,203 | ||
Recorded Investment | 1,073,449 | 807,202 | ||
Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 664,571 | 579,367 | ||
Interest Due | 2,005 | 1,789 | ||
Deferred Fees / (Costs) | 3,030 | 2,470 | ||
Recorded Investment | 669,606 | 583,626 | ||
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 399,599 | 363,181 | ||
Interest Due | 1,247 | 1,119 | ||
Deferred Fees / (Costs) | (1,170) | (881) | ||
Recorded Investment | 399,676 | 363,419 | ||
Owner Occupied Real Estate [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 337,548 | 268,281 | ||
Interest Due | 899 | 613 | ||
Deferred Fees / (Costs) | 1,022 | 1,328 | ||
Recorded Investment | 339,469 | 270,222 | ||
Non Owner Occupied Real Estate [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 461,897 | 326,399 | ||
Interest Due | 624 | 306 | ||
Deferred Fees / (Costs) | 2,176 | 497 | ||
Recorded Investment | 464,697 | 327,202 | ||
Residential Spec Homes [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 5,006 | 5,018 | ||
Interest Due | 8 | 9 | ||
Deferred Fees / (Costs) | (2) | 17 | ||
Recorded Investment | 5,012 | 5,044 | ||
Development & Spec Land Loans [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 31,228 | 18,183 | ||
Interest Due | 56 | 33 | ||
Deferred Fees / (Costs) | 119 | 26 | ||
Recorded Investment | 31,403 | 18,242 | ||
Commercial and Industrial [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 230,520 | 184,911 | ||
Interest Due | 1,906 | 1,246 | ||
Deferred Fees / (Costs) | 442 | 335 | ||
Recorded Investment | 232,868 | 186,492 | ||
Residential Mortgage [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 508,233 | 414,924 | ||
Interest Due | 1,492 | 1,275 | ||
Deferred Fees / (Costs) | 3,030 | 2,470 | ||
Recorded Investment | 512,755 | 418,669 | ||
Residential Construction [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 20,611 | 19,751 | ||
Interest Due | 33 | 34 | ||
Recorded Investment | 20,644 | 19,785 | ||
Mortgage Warehousing [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 135,727 | 144,692 | ||
Interest Due | 480 | 480 | ||
Recorded Investment | 136,207 | 145,172 | ||
Direct Installment [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 71,150 | 54,341 | ||
Interest Due | 199 | 168 | ||
Deferred Fees / (Costs) | (385) | (359) | ||
Recorded Investment | 70,964 | 54,150 | ||
Direct Installment Purchased [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 119 | 153 | ||
Recorded Investment | 119 | 153 | ||
Indirect Installment [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 153,204 | 151,523 | ||
Interest Due | 345 | 323 | ||
Recorded Investment | 153,549 | 151,846 | ||
Home Equity Loan [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 175,126 | 157,164 | ||
Interest Due | 703 | 628 | ||
Deferred Fees / (Costs) | (785) | (522) | ||
Recorded Investment | $ 175,044 | $ 157,270 |
Accounting for Certain Loans 79
Accounting for Certain Loans Acquired in a Transfer - Amounts of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 2,135,986 | $ 1,749,131 |
Carrying amount, net of allowance | 2,115,532 | 1,730,806 |
Loans Purchased With Evidence of Credit Deterioration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 14,843 | 10,390 |
Carrying amount, net of allowance | 14,843 | 10,327 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 11,563 | 8,261 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 3,237 | 2,088 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 43 | 41 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,310 | 2,332 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 774 | 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 | 534 | 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 | 6,213 | 6,818 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 5,245 | 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 | 967 | 1,216 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 0 | 35 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Peoples Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 856 | 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 | 692 | 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 | 165 | $ 179 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Kosciusko Financial Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2,109 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | Kosciusko Financial Inc [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,652 | |
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 | 457 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 4,355 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 3,200 | |
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 | 1,114 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 41 |
Accounting for Certain Loans 80
Accounting for Certain Loans Acquired in a Transfer - Amounts of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 14,837 | $ 14,534 | $ 16,501 | $ 15,992 |
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 81
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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | $ 2,058 | $ 3,668 |
Additions | 2,270 | 647 |
Accretion | (660) | (725) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (211) | (1,532) |
Balance at December 31 | 3,457 | 2,058 |
Heartland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 795 | 2,400 |
Accretion | (164) | (327) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (74) | (1,278) |
Balance at December 31 | 557 | 795 |
Summit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 708 | 1,268 |
Accretion | (171) | (315) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (35) | (245) |
Balance at December 31 | 502 | 708 |
Peoples Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 555 | |
Additions | 647 | |
Accretion | (106) | (83) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (60) | (9) |
Balance at December 31 | 389 | 555 |
Kosciusko Financial Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | 634 | |
Accretion | (72) | |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (32) | |
Balance at December 31 | 530 | |
LaPorte Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | 1,636 | |
Accretion | (147) | |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (10) | |
Balance at December 31 | 1,479 | |
Central National Bank & Trust [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Reclassification from nonaccretable difference | $ 0 | $ 0 |
Accounting for Certain Loans 82
Accounting for Certain Loans Acquired in a Transfer - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||||||||||
Total provision charged to operating expense | $ 623,000 | $ 455,000 | $ 232,000 | $ 532,000 | $ 342,000 | $ 300,000 | $ 1,906,000 | $ 614,000 | $ 1,842,000 | $ 3,162,000 | $ 3,058,000 |
Loans Purchased With Evidence of Credit Deterioration [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total provision charged to operating expense | 71,000 | (190,000) | |||||||||
Allowances for loan losses | $ 0 | $ 63,000 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
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 | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of the period | $ 14,534 | $ 16,501 | $ 14,534 | $ 16,501 | $ 15,992 | ||||||
Total loans charged-off | 2,660 | 6,099 | 4,129 | ||||||||
Total loan recoveries | 1,121 | 970 | 1,580 | ||||||||
Net loans charged-off (recovered) | 1,539 | 5,129 | 2,549 | ||||||||
Total provision charged to operating expense | $ 623 | $ 455 | $ 232 | $ 532 | $ 342 | $ 300 | $ 1,906 | $ 614 | 1,842 | 3,162 | 3,058 |
Balance at the end of the period | $ 14,837 | $ 14,534 | 14,837 | 14,534 | 16,501 | ||||||
Commercial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 758 | 3,437 | 1,802 | ||||||||
Total loan recoveries | 210 | 192 | 773 | ||||||||
Total provision charged to operating expense | (68) | 2,531 | 2,277 | ||||||||
Commercial [Member] | Owner Occupied Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 181 | 2,208 | 40 | ||||||||
Total loan recoveries | 31 | 104 | 13 | ||||||||
Commercial [Member] | Non Owner Occupied Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 471 | 556 | 136 | ||||||||
Total loan recoveries | 55 | 1 | 210 | ||||||||
Commercial [Member] | Residential Development [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loan recoveries | 8 | ||||||||||
Commercial [Member] | Development & Spec Land Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 173 | ||||||||||
Total loan recoveries | 35 | 55 | |||||||||
Commercial [Member] | Commercial and Industrial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 106 | 673 | 1,453 | ||||||||
Total loan recoveries | 116 | 52 | 495 | ||||||||
Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 213 | 288 | 328 | ||||||||
Total loan recoveries | 97 | 69 | 21 | ||||||||
Total provision charged to operating expense | (23) | 62 | (1,153) | ||||||||
Real Estate [Member] | Residential Mortgage [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 213 | 288 | 328 | ||||||||
Total loan recoveries | 97 | 69 | 21 | ||||||||
Consumer [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 1,689 | 2,374 | 1,999 | ||||||||
Total loan recoveries | 814 | 709 | 786 | ||||||||
Total provision charged to operating expense | 1,933 | 569 | 1,934 | ||||||||
Consumer [Member] | Direct Installment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 329 | 367 | 250 | ||||||||
Total loan recoveries | 81 | 106 | 67 | ||||||||
Consumer [Member] | Indirect Installment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 1,051 | 1,081 | 1,233 | ||||||||
Total loan recoveries | 529 | 489 | 560 | ||||||||
Consumer [Member] | Home Equity Loan [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 309 | 926 | 516 | ||||||||
Total loan recoveries | $ 204 | $ 114 | $ 159 |
Allowance for Loan Losses - A85
Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total ending allowance balance | $ 14,837 | $ 14,534 | $ 16,501 | $ 15,992 |
Total ending loans balance | 2,250 | 7,019 | $ 11,055 | |
Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Individually evaluated for impairment | 4 | 202 | ||
Allowance For Loan Losses, Collectively evaluated for impairment | 14,833 | 14,078 | ||
Total ending allowance balance | 14,837 | 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 | 4 | 202 | ||
Allowance For Loan Losses, Collectively evaluated for impairment | 6,575 | 6,739 | ||
Total ending allowance balance | 6,579 | 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 | 2,090 | 2,476 | ||
Total ending allowance balance | 2,090 | 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 | 4,914 | 3,856 | ||
Total ending allowance balance | 4,914 | 3,856 | ||
Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Individually evaluated for impairment | 2,250 | 7,019 | ||
Loans: Collectively evaluated for impairment | 2,140,481 | 1,745,499 | ||
Total ending loans balance | 2,142,731 | 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 | 2,250 | 7,019 | ||
Loans: Collectively evaluated for impairment | 1,071,199 | 798,454 | ||
Total ending loans balance | 1,073,449 | 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 | 533,399 | 438,454 | ||
Total ending loans balance | 533,399 | 438,454 | ||
Loans [Member] | Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Collectively evaluated for impairment | 399,676 | 363,419 | ||
Total ending loans balance | 399,676 | 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 | 1,254 | 1,007 | ||
Total ending allowance balance | 1,254 | 1,007 | ||
Mortgage Warehousing [Member] | Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Collectively evaluated for impairment | 136,207 | 145,172 | ||
Total ending loans balance | $ 136,207 | $ 145,172 |
Non-performing Assets and Imp86
Non-performing Assets 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 7,936 | $ 12,262 |
Loans Past Due Over 90 Days Still Accruing | 241 | 28 |
Non-Performing TDRs | 1,014 | 3,172 |
Performing TDRs | 1,492 | 1,218 |
Total Non-Performing Loans | 10,683 | 16,680 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,249 | 5,030 |
Loans Past Due Over 90 Days Still Accruing | 183 | |
Non-Performing TDRs | 1,915 | |
Performing TDRs | 60 | |
Total Non-Performing Loans | 2,432 | 7,005 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,532 | 1,749 |
Loans Past Due Over 90 Days Still Accruing | 183 | |
Total Non-Performing Loans | 1,715 | 1,749 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 440 | 3,034 |
Non-Performing TDRs | 1,915 | |
Performing TDRs | 60 | |
Total Non-Performing Loans | 440 | 5,009 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 118 | 71 |
Total Non-Performing Loans | 118 | 71 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 159 | 176 |
Total Non-Performing Loans | 159 | 176 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,959 | 4,354 |
Loans Past Due Over 90 Days Still Accruing | 1 | |
Non-Performing TDRs | 809 | 1,074 |
Performing TDRs | 1,254 | 808 |
Total Non-Performing Loans | 5,022 | 6,237 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,959 | 4,354 |
Loans Past Due Over 90 Days Still Accruing | 1 | |
Non-Performing TDRs | 576 | 824 |
Performing TDRs | 1,254 | 808 |
Total Non-Performing Loans | 4,789 | 5,987 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Performing TDRs | 233 | 250 |
Total Non-Performing Loans | 233 | 250 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,728 | 2,878 |
Loans Past Due Over 90 Days Still Accruing | 58 | 27 |
Non-Performing TDRs | 205 | 183 |
Performing TDRs | 238 | 350 |
Total Non-Performing Loans | 3,229 | 3,438 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 512 | 541 |
Total Non-Performing Loans | 512 | 541 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 659 | 601 |
Loans Past Due Over 90 Days Still Accruing | 49 | 27 |
Total Non-Performing Loans | 708 | 628 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,557 | 1,736 |
Loans Past Due Over 90 Days Still Accruing | 9 | |
Non-Performing TDRs | 205 | 183 |
Performing TDRs | 238 | 350 |
Total Non-Performing Loans | $ 2,009 | $ 2,269 |
Non-performing Assets and Imp87
Non-performing Assets and Impaired Loans - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2016USD ($)ConsecutivePaymentContract | Dec. 31, 2015USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Non-accrual loans | $ 7,936,000 | $ 12,262,000 |
Non-performing TDRs | 1,000,000 | |
Loans acquired included in non-accrual loans | 2,800,000 | |
Loans acquired included in non-performing TDRs | $ 17,000 | |
Loan delinquency period | 90 days | |
Minimum period required for satisfactory performance to return loan from non-accrual to accrual status | 6 months | |
Restructured loans with modified recorded balances | $ 0 | |
Restructured loan returned to accruing status number of Consecutive Payments of loan | ConsecutivePayment | 6 | |
Restructured loan reported in TDRs | $ 2,500,000 | |
Specific reserves allocated to troubled debt restructuring | $ 109,000 | |
Number TDRs returned to accrual status | Contract | 4 | |
Loans classified as TDR after a period | 90 days | |
Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loan | $ 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 Assets and Imp88
Non-performing Assets and Impaired Loans - Commercial Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance total | $ 2,250 | $ 7,005 | $ 11,053 |
Total ending loans balance | 2,250 | 7,019 | 11,055 |
Allowance For Loan Loss Allocated | 4 | 202 | 1,589 |
Average Balance in Impaired Loans total | 2,905 | 7,110 | 5,277 |
Cash/Accrual Interest Income Recognized, Total | 95 | 58 | 379 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 2,219 | 6,428 | 3,216 |
Recorded Investment With no recorded allowance | 2,218 | 6,442 | 3,218 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 2,900 | 6,699 | 2,343 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 93 | 37 | 143 |
Unpaid Principal Balance With an allowance recorded | 31 | 577 | 7,837 |
Recorded Investment With an allowance recorded | 32 | 577 | 7,837 |
Allowance For Loan Loss Allocated | 4 | 202 | 1,589 |
Average Balance in Impaired Loans With an allowance recorded | 5 | 411 | 2,934 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 2 | 21 | 236 |
Commercial [Member] | Owner Occupied Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 1,533 | 1,340 | 1,169 |
Recorded Investment With no recorded allowance | 1,533 | 1,339 | 1,170 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 1,619 | 1,001 | 645 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 58 | 22 | 65 |
Unpaid Principal Balance With an allowance recorded | 410 | 422 | |
Recorded Investment With an allowance recorded | 410 | 422 | |
Allowance For Loan Loss Allocated | 105 | 165 | |
Average Balance in Impaired Loans With an allowance recorded | 243 | 141 | |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 8 | 16 | |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 440 | 4,938 | 1,193 |
Recorded Investment With no recorded allowance | 440 | 4,953 | 1,194 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 871 | 5,417 | 1,341 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 18 | 8 | 51 |
Unpaid Principal Balance With an allowance recorded | 70 | 6,453 | |
Recorded Investment With an allowance recorded | 70 | 6,453 | |
Allowance For Loan Loss Allocated | 32 | 744 | |
Average Balance in Impaired Loans With an allowance recorded | 6 | 1,995 | |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 13 | 208 | |
Commercial [Member] | Residential Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 |
Commercial [Member] | Development & Spec Land Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 118 | 71 | |
Recorded Investment With no recorded allowance | 118 | 71 | |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 61 | 6 | |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 16 | 3 | |
Commercial [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 128 | 79 | 854 |
Recorded Investment With no recorded allowance | 127 | 79 | 854 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 349 | 275 | 357 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 1 | 4 | 27 |
Unpaid Principal Balance With an allowance recorded | 31 | 97 | 962 |
Recorded Investment With an allowance recorded | 32 | 97 | 962 |
Allowance For Loan Loss Allocated | 4 | 65 | 680 |
Average Balance in Impaired Loans With an allowance recorded | 5 | $ 162 | 798 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | $ 2 | $ 12 |
Non-performing Assets and Imp89
Non-performing Assets and Impaired Loans - Payment Status by Class of Loan (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 6,556 | $ 5,039 |
Loans Not Past Due | 2,123,813 | 1,740,301 |
Total | $ 2,130,369 | $ 1,745,340 |
Total Past Due, Percentage of Total Loans | 0.31% | 0.29% |
Loans Not Past Due, Percentage of Total Loans | 99.69% | 99.71% |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2,591 | $ 580 |
Loans Not Past Due | 1,063,608 | 802,212 |
Total | 1,066,199 | 802,792 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,251 | 499 |
Loans Not Past Due | 336,297 | 267,782 |
Total | 337,548 | 268,281 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 357 | 49 |
Loans Not Past Due | 461,540 | 326,350 |
Total | 461,897 | 326,399 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 5,006 | 5,018 |
Total | 5,006 | 5,018 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | |
Loans Not Past Due | 31,227 | 18,183 |
Total | 31,228 | 18,183 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 982 | 32 |
Loans Not Past Due | 229,538 | 184,879 |
Total | 230,520 | 184,911 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,009 | 1,466 |
Loans Not Past Due | 663,562 | 577,901 |
Total | 664,571 | 579,367 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,009 | 1,466 |
Loans Not Past Due | 507,224 | 413,458 |
Total | 508,233 | 414,924 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 20,611 | 19,751 |
Total | 20,611 | 19,751 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 135,727 | 144,692 |
Total | 135,727 | 144,692 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,956 | 2,993 |
Loans Not Past Due | 396,643 | 360,188 |
Total | 399,599 | 363,181 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 143 | 116 |
Loans Not Past Due | 71,007 | 54,225 |
Total | 71,150 | 54,341 |
Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 119 | 153 |
Total | 119 | 153 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,625 | 1,481 |
Loans Not Past Due | 151,579 | 150,042 |
Total | 153,204 | 151,523 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,188 | 1,396 |
Loans Not Past Due | 173,938 | 155,768 |
Total | 175,126 | 157,164 |
30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 5,684 | $ 4,168 |
Total Past Due, Percentage of Total Loans | 0.27% | 0.24% |
30 - 59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2,408 | $ 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 | 1,068 | 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 | 357 | 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 | 1 | |
30 - 59 Days Past Due [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 982 | 32 |
30 - 59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 886 | 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 | 886 | 1,121 |
30 - 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,390 | 2,485 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 139 | 106 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,339 | 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 | 912 | 1,193 |
60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 631 | $ 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 | $ 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 | 18 | |
60 - 89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 123 | 344 |
60 - 89 Days Past Due [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 123 | 344 |
60 - 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 508 | 481 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4 | 10 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 237 | 268 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 267 | 203 |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 241 | $ 28 |
Total Past Due, Percentage of Total Loans | 0.01% | 0.00% |
Greater than 90 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 183 | |
Greater than 90 Days Past Due [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 183 | |
Greater than 90 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 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 | 1 | |
Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 58 | 27 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 49 | $ 27 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 9 |
Non-performing Assets and Imp90
Non-performing Assets and Impaired Loans - Loans by Credit Grades (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,130,369 | $ 1,745,340 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,066,199 | 802,792 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 337,548 | 268,281 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 461,897 | 326,399 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,006 | 5,018 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 31,228 | 18,183 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 230,520 | 184,911 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 664,571 | 579,367 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 508,233 | 414,924 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 20,611 | 19,751 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 135,727 | 144,692 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 399,599 | 363,181 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 71,150 | 54,341 |
Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 119 | 153 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 153,204 | 151,523 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 175,126 | 157,164 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,090,978 | $ 1,713,981 |
Percentage of total loans | 98.15% | 98.20% |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,035,059 | $ 781,108 |
Pass [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 322,924 | 257,181 |
Pass [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 455,648 | 320,216 |
Pass [Member] | Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,006 | 5,018 |
Pass [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 31,057 | 18,112 |
Pass [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 220,424 | 180,581 |
Pass [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 659,549 | 573,130 |
Pass [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 503,444 | 408,937 |
Pass [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 20,378 | 19,501 |
Pass [Member] | Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 135,727 | 144,692 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 396,370 | 359,743 |
Pass [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 70,638 | 53,800 |
Pass [Member] | Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 119 | 153 |
Pass [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 152,496 | 150,895 |
Pass [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 173,117 | 154,895 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 9,029 | $ 6,232 |
Percentage of total loans | 0.42% | 0.36% |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 9,029 | $ 6,232 |
Special Mention [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 4,960 | 4,954 |
Special Mention [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 341 | 585 |
Special Mention [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,728 | 693 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 30,362 | $ 25,127 |
Percentage of total loans | 1.43% | 1.44% |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 22,111 | $ 15,452 |
Substandard [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 9,664 | 6,146 |
Substandard [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,908 | 5,598 |
Substandard [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 171 | 71 |
Substandard [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,368 | 3,637 |
Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,022 | 6,237 |
Substandard [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 4,789 | 5,987 |
Substandard [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 233 | 250 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,229 | 3,438 |
Substandard [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 512 | 541 |
Substandard [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 708 | 628 |
Substandard [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,009 | $ 2,269 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total loans | 0.00% | 0.00% |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 99,604 | $ 90,518 |
Accumulated depreciation | (33,247) | (29,720) |
Net premise and equipment | 66,357 | 60,798 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 20,032 | 19,475 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 59,607 | 55,341 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 19,965 | $ 15,702 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2014 | |
Receivables [Abstract] | ||||
Unpaid principal balances of loans serviced for others totaled | $ 1,300,000 | $ 1,200,000 | ||
Aggregate fair value of capitalized mortgage servicing rights | 12,100 | 10,800 | $ 10,500 | $ 7,000 |
Mortgage servicing rights, net | 11,174 | 8,874 | 7,642 | |
Bank recorded additional (impairment) | $ (110) | $ (59) | $ 51 |
Loan Servicing - Originated Mor
Loan Servicing - Originated Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Payments for (Proceeds from) Mortgage Servicing Rights [Abstract] | |||
Balances, January 1 | $ 9,271 | $ 7,980 | $ 7,428 |
Servicing rights capitalized | 3,426 | 2,974 | 2,280 |
Amortization of servicing rights | (1,016) | (1,683) | (1,728) |
Balances, December 31 | 11,681 | 9,271 | 7,980 |
Balances, January 1 | (397) | (338) | (389) |
Additions | (236) | (130) | (95) |
Reductions | 126 | 71 | 146 |
Balances, December 31 | (507) | (397) | (338) |
Mortgage servicing rights, net | $ 11,174 | $ 8,874 | $ 7,642 |
Goodwill and Intangible Asset94
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | Nov. 07, 2016 | Jul. 18, 2016 | Jun. 01, 2016 | Jul. 01, 2015 | Apr. 03, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Intangible Assets [Line Items] | ||||||||
Goodwill acquired | $ 27,341,000 | $ 21,424,000 | ||||||
Goodwill impairment loss | 0 | 0 | ||||||
Amortization expense for intangible assets totaled | $ 1,200,000 | $ 988,000 | $ 880,000 | |||||
Peoples Bancorp Inc [Member] | ||||||||
Intangible Assets [Line Items] | ||||||||
Goodwill acquired | $ 21,400,000 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
Summit [Member] | ||||||||
Intangible Assets [Line Items] | ||||||||
Goodwill acquired | $ 8,400,000 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
Central National Bank & Trust [Member] | ||||||||
Intangible Assets [Line Items] | ||||||||
Goodwill acquired | $ 609,000 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
LaPorte Bancorp Inc [Member] | ||||||||
Intangible Assets [Line Items] | ||||||||
Goodwill acquired | $ 20,300,000 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
Kosciusko Financial Inc [Member] | ||||||||
Intangible Assets [Line Items] | ||||||||
Goodwill acquired | $ 6,400,000 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
Core Deposits [Member] | Minimum [Member] | ||||||||
Intangible Assets [Line Items] | ||||||||
Core deposit intangible amortization period | 7 years | |||||||
Core Deposits [Member] | Maximum [Member] | ||||||||
Intangible Assets [Line Items] | ||||||||
Core deposit intangible amortization period | 10 years |
Goodwill and Intangible Asset95
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance, January 1 | $ 49,600 | $ 28,176 |
Goodwill acquired | 27,341 | 21,424 |
Balance, December 31 | $ 76,941 | $ 49,600 |
Goodwill and Intangible Asset96
Goodwill and Intangible Assets - Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets Core deposit intangible, Gross Carrying Amount | $ 9,400 | |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets Core deposit intangible, Gross Carrying Amount | 16,151 | $ 12,920 |
Amortizable intangible assets Core deposit intangible, Accumulated Amortization | $ (6,785) | $ (5,549) |
Goodwill and Intangible Asset97
Goodwill and Intangible Assets - Estimated Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 1,425 | |
2,018 | 1,422 | |
2,019 | 1,280 | |
2,020 | 984 | |
2,021 | 910 | |
Thereafter | 3,345 | |
Estimated amortization | $ 9,366 | $ 7,371 |
Deposits - Deposits (Detail)
Deposits - Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Line Items] | ||
Noninterest-bearing demand deposits | $ 496,248 | $ 335,955 |
Interest-bearing demand deposits | 850,641 | 706,739 |
Money market (variable rate) | 290,896 | 231,956 |
Savings deposits | 357,582 | 238,956 |
Other certificates and time deposits | 370,482 | 298,850 |
Total deposits | 2,471,210 | 1,880,153 |
Certificates of Deposit of $250,000 or More [Member] | ||
Deposits [Line Items] | ||
Certificates of deposit | $ 105,361 | $ 67,697 |
Deposits - Certificates and Oth
Deposits - Certificates and Other Time Deposits for Both Retail and Brokered (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Time Deposits By Maturity [Line Items] | |
2,017 | $ 257,071 |
2,018 | 75,398 |
2,019 | 73,774 |
2,020 | 31,702 |
2,021 | 15,678 |
Thereafter | 22,220 |
Certificates and other time deposits | 475,843 |
Retail [Member] | |
Time Deposits By Maturity [Line Items] | |
2,017 | 215,751 |
2,018 | 74,148 |
2,019 | 73,774 |
2,020 | 31,702 |
2,021 | 12,528 |
Thereafter | 19,741 |
Certificates and other time deposits | 427,644 |
Brokered [Member] | |
Time Deposits By Maturity [Line Items] | |
2,017 | 41,320 |
2,018 | 1,250 |
2,021 | 3,150 |
Thereafter | 2,479 |
Certificates and other time deposits | $ 48,199 |
Borrowings - Borrowings (Detail
Borrowings - Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances, variable and fixed rates ranging from 0.74% to 7.53%, due at various dates through November 15, 2024 | $ 124,034 | $ 158,948 |
Securities sold under agreements to repurchase | 57,144 | 154,399 |
Federal funds purchased | 66,811 | 136,000 |
Notes payable, variable rate of 2.75%, due at various dates through July 13, 2019 | 19,500 | |
Total borrowings | $ 267,489 | $ 449,347 |
Borrowings - Borrowings (Parent
Borrowings - Borrowings (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Borrowings Under Repurchase Agreements [Line items] | |
Notes payable, variable rate | 2.75% |
Notes payable, due date | Jul. 13, 2019 |
Maximum [Member] | |
Borrowings Under Repurchase Agreements [Line items] | |
Federal Home Loan Bank advances, variable and fixed rates | 7.53% |
Minimum [Member] | |
Borrowings Under Repurchase Agreements [Line items] | |
Federal Home Loan Bank advances, variable and fixed rates | 0.74% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
Federal Home Loan Bank advances are secured by first and second mortgage loans and mortgage warehouse loans | $ 537.8 |
Available credit lines with various money center banks | $ 453.9 |
Borrowings - Contractual Maturi
Borrowings - Contractual Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,017 | $ 203,610 | |
2,018 | 33,328 | |
2,019 | 21,957 | |
2,020 | 2,847 | |
2,021 | 5,317 | |
Thereafter | 430 | |
Total borrowings | $ 267,489 | $ 449,347 |
Repurchase Agreements - Summary
Repurchase Agreements - Summary of Repurchase Agreements Accounted as Secured Borrowings (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | $ 57,144 |
Securities pledged for Repurchase Agreements, Total | 64,388 |
Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities pledged for Repurchase Agreements, Total | 44,408 |
Federal Agency Mortgage-backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities pledged for Repurchase Agreements, Total | 19,980 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 57,144 |
Securities pledged for Repurchase Agreements, Total | 64,388 |
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 pledged for Repurchase Agreements, Total | 44,408 |
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 pledged for Repurchase Agreements, Total | $ 19,980 |
Repurchase Agreements - Additio
Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Repurchase Agreements [Abstract] | ||
Maximum amount of outstanding agreements | $ 157.7 | $ 156.2 |
Daily average amount of outstanding agreements | $ 134.2 | $ 149.9 |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2006 | Oct. 31, 2004 | Jun. 30, 2004 | Mar. 31, 2004 | Jun. 30, 2003 | Dec. 31, 2016 | Dec. 31, 2015 | |
Subordinate Debenture [Line Items] | |||||||
Junior subordinated debentures and the securities variable rate | 2.75% | ||||||
LIBOR period | 3 months | ||||||
Junior subordinated debentures maturity date | Jul. 13, 2019 | ||||||
Carrying value of securities, net of remaining purchase discount | $ 37,456,000 | $ 32,797,000 | |||||
Horizon Statutory Trust Two [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 10,300,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 1.95% | ||||||
Junior subordinated debentures and the securities variable rate | 1.95% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 2.95% | ||||||
Junior subordinated debentures maturity date | Oct. 21, 2034 | ||||||
Cost of issuance of the securities | $ 17,500 | ||||||
First call date of the securities | Oct. 31, 2009 | ||||||
Horizon Bancorp Capital Trust Three [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 12,400,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 1.65% | ||||||
Junior subordinated debentures and the securities variable rate | 1.65% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 2.65% | ||||||
Junior subordinated debentures maturity date | Jan. 30, 2037 | ||||||
Cost of issuance of the securities | $ 12,647 | ||||||
Alliance Financial Statutory Trust One [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 5,200,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 2.65% | ||||||
Junior subordinated debentures and the securities variable rate | 2.65% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 3.65% | ||||||
Junior subordinated debentures maturity date | Jun. 1, 2034 | ||||||
Am Tru Statutory Trust One [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 3,500,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 2.85% | ||||||
Junior subordinated debentures and the securities variable rate | 2.85% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 3.85% | ||||||
Junior subordinated debentures maturity date | Mar. 1, 2034 | ||||||
Carrying value of securities, net of remaining purchase discount | $ 3,200,000 | ||||||
Heartland Statutory Trust Two [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 3,000,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 1.67% | ||||||
Junior subordinated debentures and the securities variable rate | 1.67% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 2.67% | ||||||
Junior subordinated debentures maturity date | Dec. 1, 2036 | ||||||
Carrying value of securities, net of remaining purchase discount | $ 1,700,000 | ||||||
City Savings Trust [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 5,000,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 3.10% | ||||||
Junior subordinated debentures and the securities variable rate | 3.10% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 4.10% | ||||||
Junior subordinated debentures maturity date | Jun. 1, 2033 | ||||||
Carrying value of securities, net of remaining purchase discount | $ 4,300,000 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Eligible compensation for ESOP | $ 265,000 | ||
Cash contributions and expense recorded for the ESOP | $ 550,000 | $ 450,000 | $ 400,000 |
Employee stock ownership plan outstanding shares | 1,131,629 | ||
Percentage of outstanding shares | 5.10% |
Employee Thrift and Defined 108
Employee Thrift and Defined Benefit Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Thrift Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Bank's expense related to the thrift plan | $ 785,000 | $ 848,000 | $ 633,000 |
Thrift Plan owns outstanding shares | 501,923 | ||
Percentage of outstanding shares owns with thrift plan | 2.30% | ||
Pentegra Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Bank's expense related to the thrift plan | $ 0 | $ 0 | |
Pentegra Plan date | Aug. 1, 2007 | ||
Employer identification number | 135,645,888 | ||
Plan number | 333 | ||
Withdrawal liability | $ 3,400,000 |
Income Tax - Reconciliation of
Income Tax - Reconciliation of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Currently payable | |||
Federal | $ 7,467 | $ 5,511 | $ 4,561 |
Deferred | 1,334 | 1,721 | 1,594 |
Total income tax expense | 8,801 | 7,232 | 6,155 |
Reconciliation of federal statutory to actual tax expense | |||
Federal statutory income tax at 35% | 11,450 | 9,724 | 8,488 |
Tax exempt interest | (1,882) | (1,708) | (1,628) |
Tax exempt income | (575) | (488) | (366) |
Other tax exempt income | (608) | (199) | (309) |
Nondeductible and other | 416 | (97) | (30) |
Total income tax expense | $ 8,801 | $ 7,232 | $ 6,155 |
Income Tax - Reconciliation 110
Income Tax - Reconciliation of Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Income Tax - Reconciliation 111
Income Tax - Reconciliation of Deferred Tax Assets & Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Allowance for loan losses | $ 5,581 | $ 5,329 |
Net operating loss (from acquisitions) | 2,368 | 1,679 |
Director and employee benefits | 3,124 | 2,223 |
Unrealized loss on AFS securities and fair value hedge | 937 | 711 |
Accrued Pension | 1,323 | 1,725 |
Fair value adjustment on acquisitions | 2,340 | 756 |
Other | 1,593 | 273 |
Total assets | 17,266 | 12,696 |
Liabilities | ||
Depreciation | (1,916) | (2,180) |
State tax | (341) | (192) |
Federal Home Loan Bank stock dividends | (474) | (343) |
Difference in basis of intangible assets | (4,654) | (2,938) |
FHLB Penalty | (123) | |
Other | (431) | (589) |
Total liabilities | (7,816) | (6,040) |
Valuation allowance | (2,018) | (1,082) |
Net deferred tax asset | $ 7,432 | $ 5,249 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Taxes [Line Items] | |
Previously acquired institutions amount of allocated income to bad debt deductions | $ 10,800,000 |
Unrecorded deferred income tax liability | $ 3,800,000 |
Bad debt reserve, description | Retained earnings of the Bank include approximately $10.8 million for which no deferred income tax liability has been recognized. This amount represents an allocation of previously acquired institutions income to bad debt deductions as of December 31, 1987 for tax purposes only. Reductions of amounts so allocated for purposes other than tax bad debt losses including redemption of bank stock or excess dividends, or loss of "bank" status would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. |
State Tax Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Operating loss carry forwards | $ 31,200,000 |
Federal Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Operating loss carry forwards | $ 970,000 |
Minimum [Member] | State Tax Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Operating loss carry forward expiration year | 2,024 |
Minimum [Member] | Federal Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Operating loss carry forward expiration year | 2,032 |
Accumulated Other Comprehens113
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized gain (loss) on securities available for sale | $ (6,007) | $ 920 |
Unamortized gain on securities held to maturity, previously transferred from AFS | 456 | 1,109 |
Unrealized loss on derivative instruments | (3,132) | (3,141) |
Tax effect | 3,039 | 389 |
Total accumulated other comprehensive income (loss) | $ (5,644) | $ (723) |
Commitments, Off Balance Sheets
Commitments, Off Balance Sheets Risk and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Cash on hand or deposit with Federal Reserve Bank | $ 1,800,000 | |
Commitments to make loans | 808,300,000 | $ 468,800,000 |
Commitments under outstanding standby letters of credit | 1,000,000 | $ 3,600,000 |
Anticipated losses from unused commitments | $ 0 |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Regulatory Capital Requirement (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 316,576 | $ 264,452 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.87% | 13.99% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 182,596 | $ 151,223 |
Total capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 196,976 | |
Total capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 8.63% | |
Tier 1 capital (to average assets), Actual, Amount | $ 301,739 | $ 249,918 |
Tier 1 capital (to average assets), Actual, Ratio | 13.22% | 13.22% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 136,947 | $ 113,427 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 6.00% | 6.00% |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 151,326 | |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 6.63% | |
Common equity tier 1 capital, Actual Amount | $ 263,313 | $ 204,350 |
Common equity tier 1 capital, Actual Ratio | 11.50% | 10.81% |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 103,036 | $ 85,067 |
Common equity tier 1 capital, For capital adequacy purpose, Ratio | 4.50% | 4.50% |
Common equity tier 1 capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 117,460 | |
Common equity tier 1 capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 5.13% | |
Tier 1 capital (to average assets), Actual, Amount | $ 301,739 | $ 249,918 |
Tier 1 capital (to average assets), Actual, Ratio | 10.44% | 9.82% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 115,609 | $ 101,800 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 115,609 | |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 4.00% | |
Bank [Member] | ||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 319,013 | $ 237,348 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.98% | 12.57% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 182,541 | $ 151,057 |
Total capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 196,916 | |
Total capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 8.63% | |
Total capital (to risk-weighted assets), For well capitalized purpose, Amount | $ 228,176 | $ 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 | $ 304,176 | $ 222,814 |
Tier 1 capital (to average assets), Actual, Ratio | 13.33% | 11.80% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 136,905 | $ 113,295 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 6.00% | 6.00% |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 151,280 | |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 6.63% | |
Tier 1 capital (to average assets), For well capitalized purpose, Amount | $ 182,540 | $ 151,060 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 8.00% | 8.00% |
Common equity tier 1 capital, Actual Amount | $ 304,176 | $ 222,814 |
Common equity tier 1 capital, Actual Ratio | 13.33% | 11.80% |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 102,679 | $ 84,971 |
Common equity tier 1 capital, For capital adequacy purpose, Ratio | 4.50% | 4.50% |
Common equity tier 1 capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 117,054 | |
Common equity tier 1 capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 5.13% | |
Common equity tier 1 capital, For well capitalized purpose, Amount | $ 148,314 | $ 122,737 |
Common equity tier 1 capital, For well capitalized purposes, Ratio | 6.50% | 6.50% |
Tier 1 capital (to average assets), Actual, Amount | $ 304,176 | $ 222,814 |
Tier 1 capital (to average assets), Actual, Ratio | 9.93% | 8.77% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 122,521 | $ 101,626 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 122,521 | |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 4.00% | |
Tier 1 capital (to average assets), For well capitalized purpose, Amount | $ 153,151 | $ 127,032 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 5.00% | 5.00% |
Regulatory Capital - Additional
Regulatory Capital - Additional Information (Detail) | Dec. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Regulatory Assets And Liabilities [Line Items] | |||
Capital conservation buffer | 0.625% | 0.00% | |
Scenario, Forecast [Member] | |||
Schedule Of Regulatory Assets And Liabilities [Line Items] | |||
Capital conservation buffer | 2.50% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | Nov. 14, 2016 | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares |
Stock Based Compensation [Line Items] | ||||
Stock split ratio | 1.5 | 1.5 | ||
Share-based compensation, performance awards, performance goals description | The performance shares that are awarded become earned and vested based on the achievement of certain performance goals during a performance period as established by the Committee at the time of each grant. The performance goals are based on a comparison of the Company’s average performance over the performance period for the return on common equity, compounded annual growth rate of total assets, and return on average assets, all as relative to the average performance for publicly traded banks with total assets between $1 billion and $5 billion on the SNL Bank Index. Holders of performance share awards receive pass-through dividends but do not have any voting rights before the performance shares are earned and vested. | |||
Total assets | $ 3,141,156,000 | $ 2,652,401,000 | ||
Tax benefit associated with compensation expense | 113,000 | 101,000 | $ 71,000 | |
Total compensation cost | 324,000 | 288,000 | 203,000 | |
Total compensation cost | 608,000 | 643,000 | 566,000 | |
Cash received from option exercise | 214,000 | 403,000 | 122,000 | |
Actual tax benefit realized for the tax deductions | 158,000 | $ 151,000 | $ 43,000 | |
Unrecognized compensation cost | $ 888,000 | |||
Weighted-average period cost over which cost is expected to be recognized | 1 year 9 months 18 days | |||
Option Activity Under the 2013 Plan [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Maximum common shares issued under the plan | shares | 1,037,550 | |||
Number of shares available incentive stock options | shares | 150,000 | |||
Non-option awards granted | shares | 600,000 | |||
Weighted average grant-date fair value of options granted | $ / shares | $ 3.89 | $ 4.09 | $ 4.33 | |
Option Activity Under the 2003 Plan [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Maximum common shares issued under the plan | shares | 506,250 | |||
Number of shares available incentive stock options | shares | 506,250 | |||
Non-option awards granted | shares | 253,125 | |||
Additional common shares available for issuance | shares | 590,625 | |||
Grants vest at the end of | 4 years | |||
Option Activity Under the 2003 Plan [Member] | Minimum [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Grants vest at the end of | 3 years | |||
Option Activity Under the 2003 Plan [Member] | Maximum [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Grants vest at the end of | 5 years | |||
Restricted and Performance Shares [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Tax benefit associated with compensation expense | $ 99,000 | $ 124,000 | $ 127,000 | |
Total compensation cost | 284,000 | $ 355,000 | $ 363,000 | |
Performance Based Share Awards [Member] | Minimum [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Total assets | 1,000,000,000 | |||
Performance Based Share Awards [Member] | Maximum [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Total assets | $ 5,000,000,000 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Option Activity (Detail) - Option Activity Under the 2003 Plan [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Schedule Of Stock Option Activity [Line Items] | |
Option outstanding, Shares, Beginning balance | shares | 66,000 |
Option granted, Shares | shares | 0 |
Option Exercised, Shares | shares | (25,990) |
Option forfeited, Shares | shares | (3,375) |
Option outstanding, Shares, Ending balance | shares | 36,635 |
Option Exercisable, Shares, Ending balance | shares | 35,285 |
Option outstanding, Weighted Average Exercise Price, Beginning balance | $ / shares | $ 7.38 |
Option Granted, Weighted Average Exercise Price | $ / shares | 0 |
Option Exercised, Weighted Average Exercise Price | $ / shares | 7.47 |
Option Forfeited, Weighted Average Exercise Price | $ / shares | 8.22 |
Option Outstanding, Weighted Average Exercise Price, Ending balance | $ / shares | 7.25 |
Option Exercisable, Weighted Average Exercise Price, Ending balance | $ / shares | $ 7.11 |
Option Outstanding, Weighted Average Remaining Contractual Term | 3 years 8 months 9 days |
Option Exercisable, Weighted Average Remaining Contractual Term | 3 years 7 months 17 days |
Option outstanding, Aggregate Intrinsic Value | $ | $ 760,345 |
Option Exercisable, Aggregate Intrinsic Value | $ | $ 736,963 |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Value of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yields | 2.34% | 2.35% | 2.01% |
Volatility factors of expected market price of common stock | 28.60% | 28.97% | 29.54% |
Risk-free interest rates | 1.83% | 2.10% | 2.66% |
Expected life of options | 8 years | 8 years | 8 years |
Share-Based Compensation - S120
Share-Based Compensation - Summary of Option Activity Under 2013 Plan (Detail) - Option Activity Under the 2013 Plan [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Schedule Of Stock Option Activity [Line Items] | |
Option outstanding, Shares, Beginning balance | shares | 181,627 |
Option granted, Shares | shares | 103,959 |
Option Exercised, Shares | shares | (1,500) |
Option forfeited, Shares | shares | 0 |
Option outstanding, Shares, Ending balance | shares | 284,086 |
Option Exercisable, Shares, Ending balance | shares | 120,957 |
Option outstanding, Weighted Average Exercise Price, Beginning balance | $ / shares | $ 14.72 |
Option Granted, Weighted Average Exercise Price | $ / shares | 15.57 |
Option Exercised, Weighted Average Exercise Price | $ / shares | 13.49 |
Option Forfeited, Weighted Average Exercise Price | $ / shares | 0 |
Option Outstanding, Weighted Average Exercise Price, Ending balance | $ / shares | 15.04 |
Option Exercisable, Weighted Average Exercise Price, Ending balance | $ / shares | $ 14.33 |
Option Outstanding, Weighted Average Remaining Contractual Term | 7 years 11 months 27 days |
Option Exercisable, Weighted Average Remaining Contractual Term | 7 years |
Option outstanding, Aggregate Intrinsic Value | $ | $ 3,682,975 |
Option Exercisable, Aggregate Intrinsic Value | $ | $ 1,653,164 |
Share-Based Compensation - S121
Share-Based Compensation - Summary of Status of Non-vested, Restricted and Performance Shares (Detail) - Restricted and Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested beginning of year, Shares | shares | 123,571 |
Vested, Shares | shares | (72,563) |
Granted, Shares | shares | 19,951 |
Forfeited, Shares | shares | 0 |
Non-vested, end of year, Shares | shares | 70,959 |
Non-vested beginning of year, Weighted Average Grant Date Fair Value | $ / shares | $ 12.13 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 9.69 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 15.57 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 0 |
Non-vested end of year, Weighted Average Grant Date Fair Value | $ / shares | $ 15.59 |
Derivative Financial Instrum122
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 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 | |
LaPorte Bancorp Inc [Member] | ||
Derivative [Line Items] | ||
LIBOR period | 1 month | |
Weighted average fixed rate | 2.31% | |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest | $ 30.5 | $ 30.5 |
Cash Flow Hedging [Member] | LaPorte Bancorp Inc [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest | 30 | |
Derivative in Fair Value Hedging Relationship [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest | $ 122.4 | $ 117.3 |
Derivative Financial Instrum123
Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | $ 608 | $ 2,424 |
Total Liability Derivatives | 3,160 | 4,923 |
Derivatives Designated as Hedging Instruments [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | 6 | 1,782 |
Total Liability Derivatives | 3,138 | 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 | 6 | 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 | 3,132 | 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 | 6 | 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 | 602 | 642 |
Total Liability Derivatives | 22 | |
Derivatives Not Designated as Hedging Instruments [Member] | Mortgage Loan Contracts [Member] | Other Liabilities [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Liability Derivatives | 22 | |
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 | $ 602 | $ 642 |
Derivative Financial Instrum124
Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statement of Income Derivative in Cash Flow Hedging Relationship (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flow Hedging [Member] | Interest Rate Contracts One [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Comprehensive Income on Derivative (Effective Portion) | $ 6 | $ 127 | $ (332) |
Derivative Financial Instrum125
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Income Derivative in Fair Value Hedging Relationship (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income - Loans [Member] | Derivative in Fair Value Hedging Relationship [Member] | Interest Rate Contracts One [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized on Derivative | $ (1,776) | $ 574 | $ 1,261 |
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 | 1,776 | (574) | (1,261) |
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 | $ (62) | $ 195 | $ 256 |
Disclosures about Fair Value126
Disclosures about Fair Value of Assets and Liabilities - Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | $ 439,831 | $ 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 | 7,989 | 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 | 116,592 | 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 | 137,195 | 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 | 176,726 | 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 | 1,329 | 54 |
Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 439,831 | 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 | 7,989 | 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 | 116,592 | 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 | 137,195 | 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 | 176,726 | 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 | 1,329 | 54 |
Recurring Basis [Member] | Hedged Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 122,345 | 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 | 602 | 642 |
Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | (3,138) | (4,923) |
Recurring Basis [Member] | Commitments To Originate Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | (22) | |
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 | 439,831 | 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 | 7,989 | 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 | 116,592 | 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 | 137,195 | 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 | 176,726 | 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 | 1,329 | 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 | 122,345 | 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 | 602 | 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 | (3,138) | $ (4,923) |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commitments To Originate Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | $ (22) |
Disclosures about Fair Value127
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | $ (62) | $ 195 | $ 256 |
Hedged Loans [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | (1,776) | 574 | 1,261 |
Interest Rate Swap [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | 1,776 | (574) | (1,261) |
Derivative Loan Commitments [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | $ (62) | $ 195 | $ 256 |
Disclosures about Fair Value128
Disclosures about Fair Value of Assets and Liabilities - Other Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | $ 2,246 | $ 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 | 11,174 | 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 | 2,246 | 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 | 11,174 | 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 | 2,246 | 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 | $ 11,174 | $ 8,874 |
Disclosures about Fair Value129
Disclosures about Fair Value of Assets and Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Reduced in carrying amount of mortgage servicing rights | $ (507,000) | $ (397,000) |
Disclosures about Fair Value130
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) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 10.00% | |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 2,246 | $ 6,803 |
Valuation Technique | Collateral based measurement | |
Impaired loans | Discount to reflect current market conditions and ultimate collectability | |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 11,174 | $ 8,874 |
Valuation Technique | Discounted cashflows | |
Impaired loans | Discount rate, Constant prepayment rate, Probability of default | |
Minimum [Member] | Significant Unobservable Inputs (Level 3) [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] | Significant Unobservable Inputs (Level 3) [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] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 16.00% | 15.00% |
Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 16.00% | 15.00% |
Constant prepayment rate | 7.00% | 7.00% |
Probability of default | 10.00% | 10.00% |
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 13.00% | 12.00% |
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 13.00% | 12.00% |
Constant prepayment rate | 4.60% | 4.60% |
Probability of default | 4.50% | 4.50% |
Fair Value of Financial Inst131
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 70,832 | $ 48,650 |
Investment securities, held to maturity | 193,194 | 187,629 |
Loans held for sale | 8,087 | 7,917 |
Loans excluding loan level hedges, net | 2,127,894 | 1,739,713 |
Stock in FHLB and FRB | 23,932 | 13,823 |
Interest receivable | 12,713 | 10,535 |
Liabilities | ||
Non-interest bearing deposits | 496,248 | 335,955 |
Interest-bearing deposits | 1,974,962 | 1,544,198 |
Borrowings | 267,489 | 449,347 |
Subordinated debentures | 37,456 | 32,797 |
Interest payable | 472 | 507 |
Carrying Amount [Member] | ||
Assets | ||
Cash and due from banks | 70,832 | 48,650 |
Investment securities, held to maturity | 193,194 | 187,629 |
Loans held for sale | 8,087 | 7,917 |
Loans excluding loan level hedges, net | 1,998,804 | 1,619,125 |
Stock in FHLB and FRB | 23,932 | 13,823 |
Interest receivable | 12,713 | 10,535 |
Liabilities | ||
Non-interest bearing deposits | 496,248 | 335,955 |
Interest-bearing deposits | 1,974,962 | 1,544,198 |
Borrowings | 267,489 | 449,347 |
Subordinated debentures | 37,456 | 32,797 |
Interest payable | 472 | 507 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Cash and due from banks | 70,832 | 48,650 |
Liabilities | ||
Non-interest bearing deposits | 496,248 | 335,955 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Investment securities, held to maturity | 194,086 | 193,703 |
Stock in FHLB and FRB | 23,932 | 13,823 |
Interest receivable | 12,713 | 10,535 |
Liabilities | ||
Interest-bearing deposits | 1,839,167 | 1,461,314 |
Borrowings | 261,141 | 441,547 |
Subordinated debentures | 36,371 | 32,996 |
Interest payable | 472 | 507 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Loans held for sale | 8,087 | 7,917 |
Loans excluding loan level hedges, net | $ 1,965,928 | $ 1,703,506 |
Condensed Financial Informat132
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Total cash and cash equivalents | $ 70,832 | $ 48,650 | $ 43,476 | $ 31,721 |
Other assets | 44,620 | 31,995 | ||
Total assets | 3,141,156 | 2,652,401 | ||
Liabilities | ||||
Borrowings | 267,489 | 449,347 | ||
Subordinated debentures | 37,456 | 32,797 | ||
Other liabilities | 23,674 | 22,765 | ||
Stockholders' Equity | 340,855 | 266,832 | 194,414 | 164,520 |
Total liabilities and stockholders' equity | 3,141,156 | 2,652,401 | ||
Parent Company [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 15,736 | 26,507 | $ 19,195 | $ 16,807 |
Investment in Bank | 386,389 | 276,718 | ||
Other assets | 2,504 | 3,392 | ||
Total assets | 404,629 | 306,617 | ||
Liabilities | ||||
Borrowings | 19,500 | |||
Subordinated debentures | 37,456 | 32,797 | ||
Other liabilities | 6,818 | 6,988 | ||
Stockholders' Equity | 340,855 | 266,832 | ||
Total liabilities and stockholders' equity | $ 404,629 | $ 306,617 |
Condensed Financial Informat133
Condensed Financial Information (Parent Company Only) - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Income (Expense) | |||||||||||
Other income | $ 1,039 | $ 1,103 | $ 1,013 | ||||||||
Interest expense | $ (8,450) | $ (4,552) | $ (3,781) | $ (3,754) | $ (3,568) | $ (3,802) | $ (3,277) | $ (3,207) | (20,537) | (13,854) | (13,222) |
Employee benefit expense | (44,013) | (37,712) | (32,682) | ||||||||
Other expense | 13,269 | 10,715 | 9,138 | ||||||||
Income Before Income Tax | 32,713 | 27,781 | 24,256 | ||||||||
Income Tax Benefit | (8,801) | (7,232) | (6,155) | ||||||||
Net income | 5,603 | 6,602 | 6,326 | 5,381 | 6,175 | 4,288 | 4,728 | 5,358 | 23,912 | 20,549 | 18,101 |
Preferred stock dividend | (42) | (125) | (133) | ||||||||
Net Income Available to Common Shareholders | $ 5,603 | $ 6,602 | $ 6,326 | $ 5,339 | $ 6,144 | $ 4,257 | $ 4,697 | $ 5,327 | 23,870 | 20,424 | 17,968 |
Parent Company [Member] | |||||||||||
Operating Income (Expense) | |||||||||||
Dividend income from Bank | 20,000 | 30,470 | 12,500 | ||||||||
Investment income | 33 | 15 | 12 | ||||||||
Other income | 42 | 24 | 17 | ||||||||
Interest expense | (2,376) | (2,009) | (2,009) | ||||||||
Employee benefit expense | (1,158) | (1,093) | (965) | ||||||||
Other expense | 1,279 | 910 | 883 | ||||||||
Income Before Undistributed Income of Subsidiaries | 17,820 | 28,317 | 10,438 | ||||||||
Undistributed Income of Subsidiaries | 5,938 | (8,168) | 6,814 | ||||||||
Income Before Income Tax | 23,758 | 20,149 | 17,252 | ||||||||
Income Tax Benefit | 154 | 400 | 849 | ||||||||
Net income | 23,912 | 20,549 | 18,101 | ||||||||
Preferred stock dividend | (42) | (125) | (133) | ||||||||
Net Income Available to Common Shareholders | $ 23,870 | $ 20,424 | $ 17,968 |
Condensed Financial Informat134
Condensed Financial Information (Parent Company Only) - Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Comprehensive Income [Line Items] | |||||||||||
Net income | $ 5,603 | $ 6,602 | $ 6,326 | $ 5,381 | $ 6,175 | $ 4,288 | $ 4,728 | $ 5,358 | $ 23,912 | $ 20,549 | $ 18,101 |
Other Comprehensive Income (Loss) | |||||||||||
Change in fair value of derivative instruments, net of taxes | 6 | 127 | (332) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (4,921) | (2,244) | 3,250 | ||||||||
Comprehensive Income | 18,991 | 18,305 | 21,351 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Comprehensive Income [Line Items] | |||||||||||
Net income | 23,912 | 20,549 | 18,101 | ||||||||
Other Comprehensive Income (Loss) | |||||||||||
Change in fair value of derivative instruments, net of taxes | 6 | 127 | (332) | ||||||||
Unrealized appreciation for the period on held-to-maturity securities, net of taxes | (424) | (357) | 1,078 | ||||||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes | (3,310) | (1,891) | 3,146 | ||||||||
Less: reclassification adjustment for realized gains included in net income, net of taxes | (1,193) | (123) | (642) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (4,921) | (2,244) | 3,250 | ||||||||
Comprehensive Income | $ 18,991 | $ 18,305 | $ 21,351 |
Condensed Financial Informat135
Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | |||||||||||
Net income | $ 5,603 | $ 6,602 | $ 6,326 | $ 5,381 | $ 6,175 | $ 4,288 | $ 4,728 | $ 5,358 | $ 23,912 | $ 20,549 | $ 18,101 |
Items not requiring (providing) cash | |||||||||||
Change in Share based compensation | 324 | 288 | 203 | ||||||||
Other assets | 489 | 8,569 | (4,945) | ||||||||
Other liabilities | (8,381) | (472) | 712 | ||||||||
Net cash provided by operating activities | 25,548 | 35,230 | 17,665 | ||||||||
Investing Activities | |||||||||||
Net cash used in investing activities | 226,390 | (124,188) | (149,046) | ||||||||
Financing Activities | |||||||||||
Redemption of preferred stock | (12,500) | ||||||||||
Net change in borrowings | (255,994) | 49,421 | 78,068 | ||||||||
Dividends paid on preferred shares | (42) | (125) | (133) | ||||||||
Dividends paid on common shares | (8,382) | (6,216) | (4,744) | ||||||||
Net cash provided by (used in) financing activities | (229,756) | 94,132 | 143,136 | ||||||||
Net Change in Cash and Cash Equivalents | 22,182 | 5,174 | 11,755 | ||||||||
Cash and Cash Equivalents, Beginning of Period | 48,650 | 43,476 | 48,650 | 43,476 | 31,721 | ||||||
Cash and Cash Equivalents, End of Period | 70,832 | 48,650 | 70,832 | 48,650 | 43,476 | ||||||
Summit [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | 7,914 | ||||||||||
Peoples Bancorp Inc [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | 182,413 | ||||||||||
Kosciusko Financial Inc [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | 30,437 | ||||||||||
LaPorte Bancorp Inc [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | 116,521 | ||||||||||
Central National Bank & Trust [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | 22,549 | ||||||||||
Parent Company [Member] | |||||||||||
Operating Activities | |||||||||||
Net income | 23,912 | 20,549 | 18,101 | ||||||||
Items not requiring (providing) cash | |||||||||||
Equity in undistributed net income of subsidiaries | (5,938) | 8,168 | (6,814) | ||||||||
Change in Share based compensation | 284 | 288 | 203 | ||||||||
Amortization of unearned compensation | 324 | 355 | 363 | ||||||||
Other assets | 888 | (634) | 906 | ||||||||
Other liabilities | (244) | (13) | 1,377 | ||||||||
Net cash provided by operating activities | 19,226 | 28,713 | 14,136 | ||||||||
Investing Activities | |||||||||||
Net cash used in investing activities | (29,145) | (19,365) | (7,036) | ||||||||
Financing Activities | |||||||||||
Redemption of preferred stock | (12,500) | ||||||||||
Net change in borrowings | 19,500 | ||||||||||
Dividends paid on preferred shares | (42) | (125) | (133) | ||||||||
Dividends paid on common shares | (8,382) | (6,216) | (4,744) | ||||||||
Exercise of stock options | 572 | 4,305 | 165 | ||||||||
Net cash provided by (used in) financing activities | (852) | (2,036) | (4,712) | ||||||||
Net Change in Cash and Cash Equivalents | (10,771) | 7,312 | 2,388 | ||||||||
Cash and Cash Equivalents, Beginning of Period | $ 26,507 | $ 19,195 | 26,507 | 19,195 | 16,807 | ||||||
Cash and Cash Equivalents, End of Period | $ 15,736 | $ 26,507 | 15,736 | 26,507 | 19,195 | ||||||
Parent Company [Member] | Summit [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | $ (7,036) | ||||||||||
Parent Company [Member] | Peoples Bancorp Inc [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | $ (19,365) | ||||||||||
Parent Company [Member] | Kosciusko Financial Inc [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | (6,741) | ||||||||||
Parent Company [Member] | LaPorte Bancorp Inc [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | (17,108) | ||||||||||
Parent Company [Member] | Central National Bank & Trust [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | $ (5,296) |
Quarterly Results of Operati136
Quarterly Results of Operations (Unaudited) - Summary of Quarterly Consolidated Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Interest income | $ 29,390 | $ 28,962 | $ 24,650 | $ 23,528 | $ 23,790 | $ 23,578 | $ 21,127 | $ 20,093 | $ 106,529 | $ 88,588 | $ 76,205 | |||
Interest expense | 8,450 | 4,552 | 3,781 | 3,754 | 3,568 | 3,802 | 3,277 | 3,207 | 20,537 | 13,854 | 13,222 | |||
Net interest income | 20,940 | 24,410 | 20,869 | 19,774 | 20,222 | 19,776 | 17,850 | 16,886 | 85,992 | 74,734 | 62,983 | |||
Provision for loan losses | 623 | 455 | 232 | 532 | 342 | 300 | 1,906 | 614 | 1,842 | 3,162 | 3,058 | |||
Gain on sale of securities | 961 | 767 | 108 | 65 | 124 | 1,836 | 189 | 988 | ||||||
Net income | 5,603 | 6,602 | 6,326 | 5,381 | 6,175 | 4,288 | 4,728 | 5,358 | 23,912 | 20,549 | 18,101 | |||
Net Income Available to Common Shareholders | $ 5,603 | $ 6,602 | $ 6,326 | $ 5,339 | $ 6,144 | $ 4,257 | $ 4,697 | $ 5,327 | $ 23,870 | $ 20,424 | $ 17,968 | |||
Earnings per share: | ||||||||||||||
Basic | $ 0.25 | $ 0.31 | $ 0.35 | $ 0.30 | $ 0.34 | $ 0.25 | $ 0.34 | $ 0.39 | $ 1.19 | [1] | $ 1.30 | [1] | $ 1.32 | [1] |
Diluted | $ 0.25 | $ 0.30 | $ 0.34 | $ 0.30 | $ 0.34 | $ 0.24 | $ 0.33 | $ 0.37 | $ 1.19 | [1] | $ 1.26 | [1] | $ 1.27 | [1] |
Average shares outstanding: | ||||||||||||||
Basic | 22,155,549 | 21,538,752 | 18,268,880 | 17,924,124 | 17,905,871 | 17,408,964 | 13,860,008 | 13,824,017 | 19,987,728 | 15,765,444 | 13,591,053 | |||
Diluted | 22,283,722 | 21,651,953 | 18,364,167 | 18,012,726 | 18,020,615 | 17,839,881 | 14,456,379 | 14,414,259 | 20,082,410 | 16,197,312 | 14,181,188 | |||
[1] | Adjusted for 3:2 stock split on November 14, 2016. |