Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
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 | 11,939,887 | ||
Entity Public Float | $ 208.6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 48,650 | $ 43,476 |
Investment securities, available for sale | 444,982 | 323,764 |
Investment securities, held to maturity (fair value of $193,703 and $169,904) | 187,629 | 165,767 |
Loans held for sale | 7,917 | 6,143 |
Loans, net of allowance for loan losses of $14,534 and $16,501 | 1,734,597 | 1,362,053 |
Premises and equipment, net | 60,798 | 52,461 |
Federal Reserve and Federal Home Loan Bank stock | 13,823 | 11,348 |
Goodwill | 49,600 | 28,176 |
Other intangible assets | 7,371 | 3,965 |
Interest receivable | 10,535 | 8,246 |
Cash value of life insurance | 54,504 | 39,382 |
Other assets | 31,995 | 32,141 |
Total assets | 2,652,401 | 2,076,922 |
Liabilities | ||
Non-interest bearing | 335,955 | 267,667 |
Interest bearing | 1,544,198 | 1,214,652 |
Total deposits | 1,880,153 | 1,482,319 |
Borrowings | 449,347 | 351,198 |
Subordinated debentures | 32,797 | 32,642 |
Interest payable | 507 | 497 |
Other liabilities | 22,765 | 15,852 |
Total liabilities | $ 2,385,569 | $ 1,882,508 |
Commitments and contingent liabilities | ||
Stockholders' Equity | ||
Common stock, no par value Authorized, 22,500,000 shares Issued, 11,995,324 and 9,278,916 shares Outstanding, 11,939,887 and 9,213,036 shares | $ 0 | $ 0 |
Additional paid-in capital | 106,370 | 45,916 |
Retained earnings | 148,685 | 134,477 |
Accumulated other comprehensive income (loss) | (723) | 1,521 |
Total stockholders' equity | 266,832 | 194,414 |
Total liabilities and stockholders' equity | 2,652,401 | 2,076,922 |
Series B Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred stock, Authorized, 1,000,000 shares Series B shares $.01 par value, $1,000 liquidation value Issued 12,500 shares | $ 12,500 | $ 12,500 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment securities, held to maturity fair value | $ 193,703 | $ 169,904 |
Allowance for loan losses | $ 14,534 | $ 16,501 |
Common stock, par value | ||
Common stock, shares authorized | 22,500,000 | 22,500,000 |
Common stock, shares issued | 11,995,324 | 9,278,916 |
Common stock, shares outstanding | 11,939,887 | 9,213,036 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, liquidation value | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 12,500 | 12,500 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | |||
Loans receivable | $ 75,373 | $ 62,435 | $ 62,229 |
Investment securities | |||
Taxable | 8,721 | 9,344 | 8,441 |
Tax exempt | 4,494 | 4,426 | 4,216 |
Total interest income | 88,588 | 76,205 | 74,886 |
Interest Expense | |||
Deposits | 5,559 | 5,257 | 5,672 |
Borrowed funds | 6,286 | 5,956 | 5,821 |
Subordinated debentures | 2,009 | 2,009 | 2,010 |
Total interest expense | 13,854 | 13,222 | 13,503 |
Net Interest Income | 74,734 | 62,983 | 61,383 |
Provision for loan losses | 3,162 | 3,058 | 1,920 |
Net Interest Income after Provision for Loan Losses | 71,572 | 59,925 | 59,463 |
Non-interest Income | |||
Service charges on deposit accounts | 4,807 | 4,085 | 3,989 |
Wire transfer fees | 633 | 557 | 697 |
Interchange fees | 5,591 | 4,649 | 4,056 |
Fiduciary activities | 5,637 | 4,738 | 4,337 |
Gain on sale of investment securities (includes $189, $988 and $374 for the years ended December 31, 2015, 2014 and 2013 related to accumulated other comprehensive earnings reclassifications) | 189 | 988 | 374 |
Gain on sale of mortgage loans | 10,055 | 8,395 | 8,794 |
Mortgage servicing income net of impairment | 993 | 805 | 1,521 |
Increase in cash value of bank owned life insurance | 1,249 | 1,047 | 1,035 |
Death benefit on bank owned life insurance | 145 | ||
Other income | 1,103 | 1,013 | 1,103 |
Total non-interest income | 30,402 | 26,277 | 25,906 |
Non-interest Expense | |||
Salaries and employee benefits | 37,712 | 32,682 | 31,032 |
Net occupancy expenses | 6,400 | 5,607 | 4,984 |
Data processing | 4,251 | 3,663 | 3,045 |
Professional fees | 2,070 | 1,731 | 1,668 |
Outside services and consultants | 5,735 | 3,250 | 2,412 |
Loan expense | 5,379 | 4,770 | 4,668 |
FDIC insurance expense | 1,499 | 1,175 | 1,089 |
Other losses | 432 | (70) | 807 |
Other expense | 10,715 | 9,138 | 8,740 |
Total non-interest expense | 74,193 | 61,946 | 58,445 |
Income Before Income Tax | 27,781 | 24,256 | 26,924 |
Income tax expense (includes $66, $346 and $131 for the years ended December 31, 2015, 2014 and 2013 related to income tax expense from reclassification items) | 7,232 | 6,155 | 7,048 |
Net Income | 20,549 | 18,101 | 19,876 |
Preferred stock dividend | (125) | (133) | (370) |
Net Income Available to Common Shareholders | $ 20,424 | $ 17,968 | $ 19,506 |
Basic Earnings Per Share | $ 1.94 | $ 1.98 | $ 2.26 |
Diluted Earnings Per Share | $ 1.89 | $ 1.90 | $ 2.17 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Accumulated other comprehensive earnings reclassifications | $ 189 | $ 988 | $ 374 |
Income tax expense from reclassification | $ 66 | $ 346 | $ 131 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 20,549 | $ 18,101 | $ 19,876 |
Change in fair value of derivative instruments: | |||
Change in fair value of derivative instruments for the period | 195 | (511) | 2,668 |
Income tax effect | (68) | 179 | (934) |
Changes from derivative instruments | 127 | (332) | 1,734 |
Change in securities: | |||
Unrealized appreciation (depreciation) for the period on AFS securities | (2,910) | 4,841 | (18,956) |
Unrealized depreciation for the period on held-to-maturity securities | (549) | 1,658 | |
Reclassification adjustment for securities gains realized in income | (189) | (988) | (374) |
Income tax effect | 1,277 | (1,929) | 6,766 |
Unrealized gains (losses) on securities | (2,371) | 3,582 | (12,564) |
Other Comprehensive Income (Loss), Net of Tax | (2,244) | 3,250 | (10,830) |
Comprehensive Income | $ 18,305 | $ 21,351 | $ 9,046 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning Balances at Dec. 31, 2012 | $ 158,968 | $ 12,500 | $ 31,965 | $ 105,402 | $ 9,101 |
Net income | 19,876 | 19,876 | |||
Other comprehensive income (loss), net of tax | (10,830) | (10,830) | |||
Amortization of unearned compensation | 288 | 288 | |||
Exercise of stock options | 195 | 195 | |||
Stock option expense | 48 | 48 | |||
Cash dividends on preferred stock | (370) | (370) | |||
Cash dividends on common stock | (3,655) | (3,655) | |||
Ending 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 | |||
Exercise of stock options | 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 | |||
Exercise of stock options | 403 | 403 | |||
Exercise of stock warrants | 3,751 | 3,751 | |||
Tax benefit related to stock options | 151 | 151 | |||
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) |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash dividends on preferred stock, rate | 1.00% | 1.06% | 2.96% |
Cash dividends on common stock, per share | $ 0.58 | $ 0.51 | $ 0.42 |
Retained Earnings [Member] | |||
Cash dividends on preferred stock, rate | 1.00% | 1.06% | 2.96% |
Cash dividends on common stock, per share | $ 0.58 | $ 0.51 | $ 0.42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating Activities | |||
Net income | $ 20,549 | $ 18,101 | $ 19,876 |
Items not requiring (providing) cash | |||
Provision for loan losses | 3,162 | 3,058 | 1,920 |
Depreciation and amortization | 4,152 | 3,779 | 3,356 |
Share based compensation | 288 | 203 | 48 |
Mortgage servicing rights net (recovery) impairment | 59 | (51) | (635) |
Premium amortization on securities available for sale, net | 3,420 | 2,299 | 2,861 |
Gain on sale of investment securities | (189) | (988) | (374) |
Gain on sale of mortgage loans | (10,055) | (8,395) | (8,794) |
Proceeds from sales of loans | 310,700 | 234,776 | 365,654 |
Loans originated for sale | (302,419) | (229,243) | (346,397) |
Change in cash value of life insurance | (1,224) | (1,007) | (998) |
Gain on sale of other real estate owned | (289) | (186) | (116) |
Net change in | |||
Interest receivable | (1,010) | (398) | 215 |
Interest payable | (11) | (50) | (54) |
Other assets | 8,569 | (4,945) | 9,905 |
Other liabilities | (472) | 712 | 498 |
Net cash provided by operating activities | 35,230 | 17,665 | 46,965 |
Investing Activities | |||
Purchases of securities available for sale | (244,195) | (93,375) | (168,886) |
Proceeds from sales, maturities, calls, and principal repayments of securities available for sale | 121,724 | 117,533 | 121,309 |
Purchases of securities held to maturity | (32,605) | (4,839) | (12,050) |
Proceeds from maturities of securities held to maturity | 7,155 | 13,851 | 2,110 |
Purchase of Federal Reserve Bank stock | (851) | ||
Proceeds from the sale of FHLB stock | 268 | 4,972 | |
Net change in loans | (156,340) | (190,838) | 112,140 |
Proceeds on the sale of OREO and repossessed assets | 3,014 | 2,726 | 2,343 |
Change in premises and equipment, net | (5,622) | (6,255) | (6,318) |
Purchase of Mortgage Company | (735) | ||
Net cash used in investing activities | (124,188) | (149,046) | 49,797 |
Net change in | |||
Deposits | 46,747 | 69,780 | (2,633) |
Borrowings | 49,421 | 78,068 | (89,313) |
Proceeds from issuance of stock | 4,305 | 165 | 195 |
Dividends paid on common shares | (6,216) | (4,744) | (3,655) |
Dividends paid on preferred shares | (125) | (133) | (370) |
Net cash provided by financing activities | 94,132 | 143,136 | (95,776) |
Net Change in Cash and Cash Equivalents | 5,174 | 11,755 | 986 |
Cash and Cash Equivalents, Beginning of Period | 43,476 | 31,721 | 30,735 |
Cash and Cash Equivalents, End of Period | 48,650 | 43,476 | 31,721 |
Additional Supplemental Information | |||
Interest paid | 13,844 | 13,230 | 13,556 |
Income taxes paid | 4,123 | 2,800 | 3,100 |
Transfer of loans to other real estate owned | 5,567 | 3,905 | $ 3,284 |
Transfer of available-for-sale securities to held-to-maturity | 167,047 | ||
The Company purchased all of the capital stock of Peoples for $78,147 on July 1, 2015 and of Summit for $18,896 on April 3, 2014. In conjunction with the acquisition, liabilities were assumed as follows: | |||
Fair value of assets acquired | 485,077 | 158,585 | |
Cash paid to retire debt | 1,029 | ||
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 |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Jul. 01, 2015 | Apr. 03, 2014 |
Summit [Member] | ||
Capital stock purchased | $ 18,896 | |
Peoples Bancorp Inc [Member] | ||
Capital stock purchased | $ 78,147 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 46 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”); and Heartland Bancshares, Inc. in 2013, which formed Heartland (IN) Statutory Trust II (“Heartland Trust”). 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 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 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. Premises and Equipment Federal Reserve and Federal Home Loan Bank of Indianapolis (FHLBI) Stock Mortgage Servicing Rights 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 recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. 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 2015 2014 2013 Basic earnings per share Net income $ 20,549 $ 18,101 $ 19,876 Less: Preferred stock dividends 125 133 370 Net income available to common shareholders $ 20,424 $ 17,968 $ 19,506 Weighted average common shares outstanding 10,510,296 9,060,702 8,619,330 Basic earnings per share $ 1.94 $ 1.98 $ 2.26 Diluted earnings per share Net income available to common shareholders $ 20,424 $ 17,968 $ 19,506 Weighted average common shares outstanding 10,510,296 9,060,702 8,619,330 Effect of dilutive securities: Warrants 220,316 315,679 303,970 Restricted stock 32,010 39,476 40,160 Stock options 35,586 38,268 37,503 Weighted average shares outstanding 10,798,208 9,454,125 9,000,963 Diluted earnings per share $ 1.89 $ 1.90 $ 2.17 At December 31, 2015 and 2014 there were 2,500 shares and at December 31, 2013 there were zero 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 Share-Based Compensation Reclassifications Recent Accounting Pronouncements 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. 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 organizations from having to disclose fair value information about financial instruments measured at amortized cost. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. 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. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB Accounting Standards Update No. 2015-03, Interest— Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs The FASB has issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments should be applied on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (i.e., debt issuance cost asset and the debt liability). For public business entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments is permitted for financial statements that have not been previously issued. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. 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 data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition | Note 2 – Acquisition On July 1, 2015, Horizon completed the acquisition of Peoples Bancorp, an Indiana corporation (“Peoples”) and Horizon Bank N.A.’s acquisition of Peoples Federal Savings Bank of DeKalb County (“Peoples FSB”), through mergers effective July 1, 2015. Under the terms of the acquisition, the exchange ratio was 0.95 shares of Horizon common stock and $9.75 in cash for each outstanding share of Peoples common stock. Peoples shareholders owning fewer than 100 shares of common stock received $33.14 in cash for each common share. Peoples shares outstanding at the closing were 2,311,858, and the shares of Horizon common stock issued to Peoples shareholders totaled 2,192,202. Horizon’s stock price was $25.32 per share at the close of business on July 1, 2015. Based upon these numbers, the total value of the consideration for the acquisition was $78.1 million. The Company had approximately $4.9 million in costs related to the acquisition as of December 31, 2015. These expenses are classified in the other expense section of the income statement and primarily located in the salaries and employee benefits, professional services and other expense line items. As a result of the acquisition, the Company will have an opportunity to increase its deposit base and reduce transaction costs. The Company also expects to reduce cost through economies of scale. Under the purchase method of accounting, the total estimated purchase price is allocated to Peoples net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the Peoples acquisition is allocated as follows: ASSETS Cash and due from banks $ 205,054 Investment securities, held to maturity 2,038 Commercial 67,435 Residential mortgage 137,331 Consumer 19,593 Total loans 224,359 Premises and equipment, net 5,524 FRB and FHLB stock 2,743 Goodwill 21,424 Core deposit intangible 4,394 Interest receivable 1,279 Cash value of life insurance 13,898 Other assets 4,364 Total assets purchased $ 485,077 Common shares issued $ 55,506 Cash paid 22,641 Total estimated purchase price $ 78,147 LIABILITIES Deposits Non-interest bearing $ 28,251 NOW accounts 65,771 Savings and money market 125,176 Certificates of deposits 131,889 Total deposits 351,087 Borrowings 48,884 Interest payable 21 Other liabilities 6,938 Total liabilities assumed $ 406,930 Of the total purchase price of $78.1 million, $4.4 million has been allocated to core deposit intangible. Additionally, $21.0 million has been allocated to goodwill and none of the purchase price is deductible. The core deposit intangible will be amortized over seven years on a straight line basis. The Company acquired the $228.6 million loan portfolio at a fair value discount of $4.8 million. The performing portion of the portfolio, $223.4 million, had an estimated fair value of $220.0 million. The excess of expected cash flows above the fair value of the performing portion of loans will be accreted to interest income over the remaining lives of the loans in accordance with ASC 310-20. The Company acquired certain loans in the acquisition and the transferred loans had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due and non-accrual status, borrower credit scores and recent loan-to-value percentages. Purchased credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans is not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporate the estimate of current key assumptions, such as default rates, severity and prepayment speeds. Loan with specific credit-related deterioration, since origination, are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition of these loans is based on reasonable expectation about the timing and amount of cash flows to be collected. The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of July 1, 2015. Contractually required principal and interest at acquisition $ 5,730 Contractual cash flows not expected to be collected (nonaccretable differences) 715 Expected cash flows at acquisition 5,015 Interest component of expected cash flows (accretable discount) 647 Fair value of acquired loans accounted for under ASC 310-30 $ 4,368 The results of operations of Peoples and Peoples FSB have been included in the Company’s consolidated financial statements since the acquisition dates. The following schedule includes pro forma results for the periods ended 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, 2015 2014 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 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 $ 21,372 Basic Earnings Per Share $ 1.90 $ 1.87 Diluted Earnings Per Share $ 1.85 $ 1.81 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 expenses directly attributable to the Peoples acquisition. The pro forma financial information is presented for information purposes only and is not indicative of the results of operations that actually would have been achieved had the acquisition consummated as of that time, nor is it intended to be a projection of future results. On April 3, 2014 Horizon closed its acquisition of SCB Bancorp, Inc. (“Summit”) and Horizon Bank N.A.’s acquisition of Summit Community Bank, through mergers effective as of that date. Under the final terms of the acquisition, the exchange ratio was 0.4904 shares of Horizon’s common stock and $5.15 in cash for each share of Summit common stock outstanding. Summit shares outstanding at the closing were 1,164,442, and the shares of Horizon common stock issued to Summit shareholders totaled 570,820. Horizon’s stock price was $22.23 per share at the close of business on April 3, 2014. Based upon these numbers, the total value of the consideration for the acquisition was $18.9 million (not including the retirement of Summit debt). 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 cost through economies of scale. Under the purchase method of accounting, the total estimated purchase price is allocated to Summit’s net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the preliminary purchase price for the Summit acquisition is allocated as follows: ASSETS Cash and due from banks $ 15,161 Commercial 70,441 Residential mortgage 43,448 Consumer 10,192 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 LIABILITIES 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 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 seven years on a straight line basis. The Company acquired loans in the acquisition and the transferred loans had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due and non-accrual status, borrower credit scores and recent loan-to-value percentages. Purchased credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans is not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporate the estimate of current key assumptions, such as default rates, severity and prepayment speeds. 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 as of April 3, 2014. Contractually required principal and interest at acquisition $ 14,460 Contractual cash flows not expected to be collected (nonaccretable differences) 3,146 Expected cash flows at acquisition 11,314 Interest component of expected cash flows (accretable discount) 1,688 Fair value of acquired loans accounted for under ASC 310-30 $ 9,626 Pro-forma statements were not presented due to the materiality of the transaction. |
Cash Equivalents
Cash Equivalents | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014, cash equivalents consisted primarily of money market accounts with brokers and certificates of deposit. At December 31, 2015, the Company’s cash accounts exceeded federally insured limits by approximately $5.0 million. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 4 – Securities The fair value of securities is as follows: 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 December 31, 2014 Amortized Gross Gross Fair Value Available for sale U.S. Treasury and federal agencies $ 26,996 $ 56 $ (229 ) $ 26,823 State and municipal 46,535 1,462 (45 ) 47,952 Federal agency collateralized mortgage obligations 122,930 975 (1,045 ) 122,860 Federal agency mortgage-backed pools 122,583 3,172 (360 ) 125,395 Private labeled mortgage-backed pools 670 19 — 689 Corporate notes 32 13 — 45 Total available for sale investment securities $ 319,746 $ 5,697 $ (1,679 ) $ 323,764 Held to maturity U.S. Treasury and federal agencies $ 9,804 $ 82 $ — $ 9,886 State and municipal 129,595 3,398 (106 ) 132,887 Federal agency collateralized mortgage obligations 4,039 35 (1 ) 4,073 Federal agency mortgage-backed pools 22,329 729 — 23,058 Total held to maturity investment securities $ 165,767 $ 4,244 $ (107 ) $ 169,904 Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. While these securities are held in the available for sale portfolio and held-to-maturity, Horizon intends, and has the ability, to hold them until the earlier of a recovery in fair value or maturity. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. At December 31, 2015, no individual investment security had an unrealized loss that was determined to be other-than-temporary. The unrealized losses on the Company’s investments in securities of state and municipal governmental agencies, U.S. Treasury and federal agencies, federal agency collateralized mortgage obligations, and federal agency mortgage-backed pools were caused by interest rate volatility and not a decline in credit quality. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company expects to recover the amortized cost basis over the term of the securities. Because the Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity, the Company did not consider those investments to be other-than-temporarily impaired at December 31, 2015. The Company elected to transfer 319 available-for-sale (“AFS”) securities with an aggregate fair value of $167.1 million to a classification of held-to-maturity (“HTM”) on April 1, 2014. In accordance with FASB ASC 320-10-55-24, the transfer from AFS to HTM must be recorded at the fair value of the AFS securities at the time of transfer. The net unrealized holding gain of $1.3 million, net of tax, at the date of transfer was retained in accumulated other comprehensive income (loss), with the associated pre-tax amount retained in the carrying value of the HTM securities. Such amounts will be amortized to comprehensive income over the remaining life of the securities. The fair value of the transferred AFS securities became the book value of the HTM securities at April 1, 2014, with no unrealized gain or loss at this date. Future reporting periods, with potential changes in market value for these securities, would likely record an unrealized gain or loss for disclosure purposes. The amortized cost and fair value of securities available for sale and held-to-maturity at December 31, 2015 and December 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2015 December 31, 2014 Amortized Fair Amortized Fair Cost Value Cost Value Available for sale Within one year $ 7,192 $ 7,232 $ 6,098 $ 6,169 One to five years 38,197 38,894 44,720 45,093 Five to ten years 16,807 17,152 16,147 16,768 After ten years 17,605 17,797 6,598 6,790 79,801 81,075 73,563 74,820 Federal agency collateralized mortgage obligations 157,291 156,203 122,930 122,860 Federal agency mortgage-backed pools 206,970 207,704 122,583 125,395 Private labeled mortgage-backed pools — — 670 689 Total available for sale investment securities $ 444,062 $ 444,982 $ 319,746 $ 323,764 Held to maturity Within one year $ — $ — $ — $ — One to five years 17,815 18,403 592 593 Five to ten years 106,167 110,026 99,225 101,323 After ten years 28,208 28,976 39,582 40,857 152,190 157,404 139,399 142,773 Federal agency collateralized mortgage obligations 9,051 8,954 4,039 4,073 Federal agency mortgage-backed pools 26,388 27,344 22,329 23,058 Total held to maturity investment securities $ 187,629 $ 193,703 $ 165,767 $ 169,904 The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized 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 (1,123 ) 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 $ (2,632 ) $ 42,380 $ (980 ) $ 267,904 $ (3,613 ) Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Value Losses Value Losses Value Losses U.S. Treasury and federal agencies $ 2,993 $ (7 ) $ 20,762 $ (222 ) $ 23,755 $ (229 ) State and municipal 10,287 (121 ) 2,050 (30 ) 12,337 (151 ) Federal agency collateralized mortgage obligations 15,013 (88 ) 39,801 (957 ) 54,814 (1,045 ) Federal agency mortgage-backed pools 5,993 (9 ) 28,044 (351 ) 34,037 (360 ) Total temporarily impaired securities $ 34,286 $ (225 ) $ 90,657 $ (1,560 ) $ 124,943 $ (1,785 ) 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, 2015. 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, 2015. Information regarding security proceeds, gross gains and gross losses are presented below. Years ended December 31 2015 2014 2013 Sales of securities available for sale Proceeds $ 43,051 $ 45,228 $ 23,853 Gross gains 254 988 382 Gross losses (65 ) — (8 ) The tax effect of the proceeds from the sale of securities available for sale was $66, $346 and $131 for the years ended December 31, 2015, 2014 and 2013, 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, 2015, the Company had pledged $168.9 million of fair value or $167.7 million of amortized cost, in securities as collateral for $154.4 million in repurchase agreements, $90.7 million of fair value or $88.7 million of amortized cost, in securities as collateral for borrowing availability at the Federal Reserve with no current outstanding borrowings and $12.7 million of fair value or $12.5 million of amortized cost, in securities as collateral for $4.9 million in settlements on the fair value of swap agreements. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans | Note 5 – Loans December 31 December 31 2015 2014 Commercial Working capital and equipment $ 381,245 $ 300,940 Real estate, including agriculture 391,668 343,455 Tax exempt 8,674 8,595 Other 23,408 21,324 Total 804,995 674,314 Real estate 1–4 family 433,015 250,799 Other 4,129 3,826 Total 437,144 254,625 Consumer Auto 168,397 154,538 Recreation 5,365 5,673 Real estate/home improvement 47,015 38,288 Home equity 127,113 112,426 Unsecured 4,120 3,613 Other 10,290 5,921 Total 362,300 320,459 Mortgage warehouse 144,692 129,156 Total loans 1,749,131 1,378,554 Allowance for loan losses (14,534 ) (16,501 ) Loans, net $ 1,734,597 $ 1,362,053 Commercial Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected, and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves larger loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets 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 occupied loans. Real Estate and Consumer With respect to residential loans that are secured by 1-4 family residences and are generally owner occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Mortgage Warehousing Horizon’s mortgage warehouse lending has specific mortgage companies as customers of Horizon Bank. Individual mortgage loans originated by these mortgage companies are funded as a secured borrowing with a pledge of collateral under Horizon’s agreement with the mortgage company. Each individual mortgage and the related mortgagee are underwritten by Horizon to the end investor guidelines and is assigned to Horizon until the loan is sold to the secondary market by the mortgage company. In addition, Horizon takes possession of each original note and forwards such note to the end investor once the mortgage company has sold the loan. At the time a loan is transferred to the secondary market, the mortgage company reacquires the loan under its option within the agreement. Due to the reacquire feature contained in the agreement, the transaction does not qualify as a sale and therefore is accounted for as a secured borrowing with a pledge of collateral pursuant to the agreement with the mortgage company. When the individual loan is sold to the end investor by the mortgage company, the proceeds from the sale of the loan are received by Horizon and used to pay off the loan balance with Horizon along with any accrued interest and any related fees. The remaining balance from the sale is forwarded to the mortgage company. These individual loans typically are sold by the mortgage company within 30 days and are seldom held more than 90 days. Interest income is accrued during this period and collected at the time each loan is sold. Fee income for each loan sold is collected when the loan is sold, and no costs are deferred due to the term between each loan funding and related payoff, which is typically less than 30 days. Based on the agreements with each mortgage company, at any time a mortgage company can reacquire from Horizon its outstanding loan balance on an individual mortgage and regain possession of the original note. Horizon also has the option to request that the mortgage company 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, 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 December 31, 2014 Loan Interest Due Deferred Recorded Owner occupied real estate $ 228,380 $ 385 $ 680 $ 229,445 Non owner occupied real estate 297,299 309 506 298,114 Residential spec homes 2,027 2 — 2,029 Development & spec land loans 12,097 28 30 12,155 Commercial and industrial 133,256 859 39 134,154 Total commercial 673,059 1,583 1,255 675,897 Residential mortgage 242,521 737 599 243,857 Residential construction 11,505 21 — 11,526 Mortgage warehouse 129,156 480 — 129,636 Total real estate 383,182 1,238 599 385,019 Direct installment 40,137 129 (375 ) 39,891 Direct installment purchased 219 — — 219 Indirect installment 141,868 314 (163 ) 142,019 Home equity 139,007 568 (234 ) 139,341 Total consumer 321,231 1,011 (772 ) 321,470 Total loans 1,377,472 3,832 1,082 1,382,386 Allowance for loan losses (16,501 ) — — (16,501 ) Net loans $ 1,360,971 $ 3,832 $ 1,082 $ 1,365,885 |
Accounting for Certain Loans Ac
Accounting for Certain Loans Acquired in a Transfer | 12 Months Ended |
Dec. 31, 2015 | |
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 and non-accrual status, borrower credit scores and recent loan-to-value percentages. Purchased credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans is not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporate the estimate of current key assumptions, such as default rates, severity and prepayment speeds. The carrying amounts of those loans included in the balance sheet amounts of loans receivable are as follows: December 31 December 31 December 31 December 31 2015 2015 2015 2015 Heartland Summit Peoples 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 December 31 December 31 December 31 December 31 2014 2014 2014 2014 Heartland Summit Peoples Total Commercial $ 5,492 $ 7,725 $ — $ 13,217 Real estate 900 1,458 — 2,358 Consumer 8 43 — 51 Outstanding balance $ 6,400 $ 9,226 $ — $ 15,626 Carrying amount, net of allowance of $359 $ 15,267 Accretable yield, or income expected to be collected are as follows: Twelve Months Ended December 31, 2015 Heartland Summit Peoples 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 Twelve Months Ended December 31, 2014 Heartland Summit Peoples Total Balance at January 1 $ 3,185 $ — $ — $ 3,185 Additions — 1,688 — 1,688 Accretion (557 ) (332 ) — (889 ) Reclassification from nonaccretable difference — — — — Disposals (228 ) (88 ) — (316 ) Balance at December 31 $ 2,400 $ 1,268 $ — $ 3,668 During the years ended December 31, 2015 and 2014, the Company increased (decreased) the allowance for loan losses by a charge to the income statement of $(190,000) and $253,000, respectively. $63,000 and $283,000 of allowances for loan losses were reversed for the years ended December 31, 2015 and 2014, respectively. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
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 the five-year historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates that are comparable to the current period being analyzed. The actual allowance for loan loss activity is provided below. December 31 December 31 December 31 2015 2014 2013 Balance at beginning of the period $ 16,501 $ 15,992 $ 18,270 Loans charged-off: Commercial Owner occupied real estate 2,208 40 138 Non owner occupied real estate 556 136 937 Residential development — — — Development & Spec Land Loans — 173 182 Commercial and industrial 673 1,453 1,275 Total commercial 3,437 1,802 2,532 Real estate Residential mortgage 288 328 1,055 Residential construction — — — Mortgage warehouse — — — Total real estate 288 328 1,055 Consumer Direct Installment 367 250 333 Direct Installment Purchased — — — Indirect Installment 1,081 1,233 1,178 Home Equity 926 516 1,152 Total consumer 2,374 1,999 2,663 Total loans charged-off 6,099 4,129 6,250 Recoveries of loans previously charged-off: Commercial Owner occupied real estate 104 13 65 Non owner occupied real estate 1 210 71 Residential development — — — Development & Spec Land Loans 35 55 — Commercial and industrial 52 495 532 Total commercial 192 773 668 Real estate Residential mortgage 69 21 114 Residential construction — — — Mortgage warehouse — — — Total real estate 69 21 114 Consumer Direct Installment 106 67 488 Direct Installment Purchased — — — Indirect Installment 489 560 658 Home Equity 114 159 124 Total consumer 709 786 1,270 Total loan recoveries 970 1,580 2,052 Net loans charged-off (recovered) 5,129 2,549 4,198 Provision charged to operating expense Commercial 2,531 2,277 756 Real estate 62 (1,153 ) 1,132 Consumer 569 1,934 32 Total provision charged to operating expense 3,162 3,058 1,920 Balance at the end of the period $ 14,534 $ 16,501 $ 15,992 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 family residential and consumer loans, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. The Company charges-off 1-4 family residential and consumer loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance which provides for the charge-down or specific allocation of 1-4 family first and junior lien mortgages to the net realizable value less costs to sell when the value is known but no later than when a loan is 180 days past due. Pursuant to such guidelines, the Company also charges-off unsecured open-end loans when the loan is 90 days past due, and charges down to the net realizable value other secured loans when they are 90 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection in full will occur regardless of delinquency status, are not charged off. The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment analysis: 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 December 31, 2014 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 1,589 $ — $ — $ — $ 1,589 Collectively evaluated for impairment 5,827 2,508 1,132 4,951 14,418 Loans acquired with deteriorated credit quality 494 — — — 494 Total ending allowance balance $ 7,910 $ 2,508 $ 1,132 $ 4,951 $ 16,501 Loans: Individually evaluated for impairment $ 11,055 $ — $ — $ — $ 11,055 Collectively evaluated for impairment 664,251 255,383 129,636 321,470 1,370,740 Loans acquired with deteriorated credit quality 591 — — — 591 Total ending loans balance $ 675,897 $ 255,383 $ 129,636 $ 321,470 $ 1,382,386 |
Non-performing Assets and Impai
Non-performing Assets and Impaired Loans | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Non-performing Assets and Impaired Loans | Note 8 – Non-performing Assets and Impaired 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, 2015 Non-accrual Loans Past Due Over 90 Days Still Accruing 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 December 31, 2014 Non-accrual Loans Past Days Still Accruing Non- Performing Total Non- Commercial Owner occupied real estate $ 1,773 $ — $ — $ 44 $ 1,817 Non owner occupied real estate 7,439 — 217 566 8,222 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 812 — 1,004 — 1,816 Total commercial 10,024 — 1,221 610 11,855 Real estate Residential mortgage 2,297 40 765 2,526 5,628 Residential construction — — 266 — 266 Mortgage warehouse — — — — — Total real estate 2,297 40 1,031 2,526 5,894 Consumer Direct Installment 227 10 — — 237 Direct Installment Purchased — — — — — Indirect Installment 557 47 — — 604 Home Equity 2,207 18 391 1,236 3,852 Total Consumer 2,991 75 391 1,236 4,693 Total $ 15,312 $ 115 $ 2,643 $ 4,372 $ 22,442 Included in the $12.3 million of non-accrual loans and the $3.2 million of non-performing TDRs at December 31, 2015 were $2.9 million and $110,000, respectively, of loans acquired for which there were accretable yields recognized. From time to time, the Bank obtains information that may lead management to believe that the collection of payments may be doubtful on a particular loan. In recognition of this, it is management’s policy to convert the loan from an “earning asset” to a non-accruing loan. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. Further, it is management’s policy to place a loan on a non-accrual status when the payment is delinquent in excess of 90 days or the loan has had the accrual of interest discontinued by management. The officer responsible for the loan and the Chief Operating Officer or the senior collection officer must review all loans placed on non-accrual status. Subsequent payments on non-accrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal in accordance with the loan terms. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. A loan becomes impaired when, based on current information, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is classified as impaired, the degree of impairment must be recognized by estimating future cash flows from the debtor. The present value of these cash flows is computed at a discount rate based on the interest rate contained in the loan agreement. However, if a particular loan has a determinable market value for its collateral, the creditor may use that value. Also, if the loan is secured and considered collateral dependent, the creditor may use the fair value of the collateral. Interest income on loans individually classified as impaired is recognized on a cash basis after all past due and current principal payments have been made. Smaller-balance, homogeneous loans are evaluated for impairment in total. Such loans include residential first mortgage loans secured by 1 – 4 family residences, residential construction loans, automobile, home equity, second mortgage loans and mortgage warehouse loans. Commercial loans and mortgage loans secured by other properties are evaluated individually for impairment. When analysis of borrower operating results and financial condition indicate that underlying cash flows of a borrower’s business are not adequate to meet its debt service requirements, the loan is evaluated for impairment. Often this is associated with a delay or shortfall in payments of 30 days or more. Loans are generally moved to non-accrual status when they are 90 days or more past due. These loans are often considered impaired. Impaired loans, or portions thereof, are charged off when deemed uncollectible. Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms, including TDRs, are measured for impairment. Allowable methods for determining the amount of impairment include estimating fair value using the fair value of the collateral for collateral-dependent loans. The Company’s TDRs are considered impaired loans and included in the allowance methodology using the guidance for impaired loans. At December 31, 2015, the type of concessions the Company has made on restructured loans has been temporary rate reductions and/or reductions in monthly payments and there have been no restructured loans with modified recorded balances. Any modification to a loan that is a concession and is not in the normal course of lending is considered a restructured loan. A restructured loan is returned to accruing status after six consecutive payments but is still reported as TDR unless the loan bears interest at a market rate. As of December 31, 2015, the Company had $4.4 million in TDRs and $1.2 million were performing according to the restructured terms and no TDRs were returned to accrual status during 2015. There was $140,000 of specific reserves allocated to TDRs at December 31, 2015 based on the collateral deficiencies. The following table presents commercial loans individually evaluated for impairment by class of loans: 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 Twelve Months Ending December 31, 2013 Unpaid Recorded Allowance For Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,293 $ 1,296 $ — $ 1,845 $ 68 Non owner occupied real estate 3,521 3,525 — 2,963 172 Residential development — — — — — Development & Spec Land Loans 23 23 — 25 — Commercial and industrial 390 405 — 712 — Total commercial 5,227 5,249 — 5,545 240 With an allowance recorded Commercial Owner occupied real estate — — — — — Non owner occupied real estate 403 403 202 485 — Residential development — — — — — Development & Spec Land Loans 159 159 48 166 — Commercial and industrial 1,637 1,637 1,062 1,140 31 Total commercial 2,199 2,199 1,312 1,791 31 Total $ 7,426 $ 7,448 $ 1,312 $ 7,336 $ 271 The following table presents the payment status by class of loans: December 31, 2015 30 - 59 Days Past Due 60 - 89 Days Greater than 90 Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 481 $ 18 $ — $ 499 $ 267,782 $ 268,281 Non owner occupied real estate 49 — — 49 326,350 326,399 Residential development — — — — 5,018 5,018 Development & Spec Land Loans — — — — 18,183 18,183 Commercial and industrial 32 — — 32 184,879 184,911 Total commercial 562 18 — 580 802,212 802,792 Real estate Residential mortgage 1,121 344 1 1,466 413,458 414,924 Residential construction — — — — 19,751 19,751 Mortgage warehouse — — — — 144,692 144,692 Total real estate 1,121 344 1 1,466 577,901 579,367 Consumer Direct Installment 106 10 — 116 54,225 54,341 Direct Installment Purchased — — — — 153 153 Indirect Installment 1,186 268 27 1,481 150,042 151,523 Home Equity 1,193 203 — 1,396 155,768 157,164 Total consumer 2,485 481 27 2,993 360,188 363,181 Total $ 4,168 $ 843 $ 28 $ 5,039 $ 1,740,301 $ 1,745,340 Percentage of total loans 0.24 % 0.05 % 0.00 % 0.29 % 99.71 % December 31, 2014 30 - 59 Days 60 - 89 Days Greater than 90 Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 103 $ 645 $ — $ 748 $ 227,632 $ 228,380 Non owner occupied real estate 413 — — 413 296,886 297,299 Residential development — — — — 2,027 2,027 Development & Spec Land Loans — — — — 12,097 12,097 Commercial and industrial 19 1 — 20 133,236 133,256 Total commercial 535 646 — 1,181 671,878 673,059 Real estate Residential mortgage 1,033 193 40 1,266 241,255 242,521 Residential construction — — — — 11,505 11,505 Mortgage warehouse — — — — 129,156 129,156 Total real estate 1,033 193 40 1,266 381,916 383,182 Consumer Direct Installment 113 4 10 127 40,010 40,137 Direct Installment Purchased — — — — 219 219 Indirect Installment 1,042 243 47 1,332 140,536 141,868 Home Equity 1,084 189 18 1,291 137,716 139,007 Total consumer 2,239 436 75 2,750 318,481 321,231 Total $ 3,807 $ 1,275 $ 115 $ 5,197 $ 1,372,275 $ 1,377,472 Percentage of total loans 0.28 % 0.09 % 0.01 % 0.38 % 99.62 % The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. Horizon Bank’s processes for determining credit quality differ slightly depending on whether a new loan or a renewed loan is being underwritten, or whether an existing loan is being re-evaluated for credit quality. The latter usually occurs upon receipt of current financial information or other pertinent data that would trigger a change in the loan grade. • For new and renewed commercial loans, the Bank’s Credit Department, which acts independently of the loan officer, assigns the credit quality grade to the loan. Loan grades for loans with an aggregate credit exposure that exceeds the authorities in the respective markets (ranging from $1,000,000 to $2,500,000) are validated by the Loan Committee, which is chaired by the Chief Credit Officer (CCO). • Commercial loan officers are responsible for reviewing their loan portfolios and report any adverse material change to the CCO or Loan Committee. When circumstances warrant a change in the credit quality grade, loan officers are required to notify the CCO and the Credit Department of the change in the loan grade. Downgrades are accepted immediately by the CCO, however, lenders must present their factual information to either the Loan Committee or the CCO when recommending an upgrade. • The CCO, or his designee, meets weekly with loan officers to discuss the status of past-due loans and classified loans. These meetings are also designed to give the loan officers an opportunity to identify an existing loan that should be downgraded to a classified grade. • Monthly, senior management meets with the Watch Committee, which reviews all of the past due, classified, and impaired loans and the relative trends of these assets. This committee also reviews the actions taken by management regarding foreclosure mitigation, loan extensions, troubled debt restructures, other real estate owned and personal property repossessions. The information reviewed in this meeting acts as a precursor for developing management’s analysis of the adequacy of the Allowance for Loan and Lease Losses. For residential real estate and consumer loans, Horizon uses a grading system based on delinquency. Loans that are 90 days or more past due, on non-accrual, or are classified as a TDR are graded “Substandard.” After being 90 days delinquent a loan is charged off unless it is well secured and in the process of collection. If the latter case exists, the loan is placed on non-accrual. Occasionally a mortgage loan may be graded as “Special Mention.” When this situation arises, it is because the characteristics of the loan and the borrower fit the definition of a Risk Grade 5 described below, which is normally used for grading commercial loans. Loans not graded Substandard are considered Pass. Horizon Bank employs a nine-grade rating system to determine the credit quality of commercial loans. The first five grades represent acceptable quality, and the last four grades mirror the criticized and classified grades used by the bank regulatory agencies (special mention, substandard, doubtful, and loss). The loan grade definitions are detailed below. Risk Grade 1: Excellent (Pass) Loans secured by liquid collateral, such as certificates of deposit, reputable bank letters of credit, or other cash equivalents; loans that are guaranteed or otherwise backed by the full faith and credit of the United States government or an agency thereof, such as the Small Business Administration; or loans to any publicly held company with a current long-term debt rating of A or better. Risk Grade 2: Good (Pass) Loans to businesses that have strong financial statements containing an unqualified opinion from a CPA firm and at least three consecutive years of profits; loans supported by unaudited financial statements containing strong balance sheets, five consecutive years of profits, a five-year satisfactory relationship with the Bank, and key balance sheet and income statement trends that are either stable or positive; loans secured by publicly traded marketable securities where there is no impediment to liquidation; loans to individuals backed by liquid personal assets and unblemished credit history; or loans to publicly held companies with current long-term debt ratings of Baa or better. Risk Grade 3: Satisfactory (Pass) Loans supported by financial statements (audited or unaudited) that indicate average or slightly below average risk and having some deficiency or vulnerability to changing economic conditions; loans with some weakness but offsetting features of other support are readily available; loans that are meeting the terms of repayment, but which may be susceptible to deterioration if adverse factors are encountered. Loans may be graded Satisfactory when there is no recent information on which to base a current risk evaluation and the following conditions apply: • At inception, the loan was properly underwritten, did not • At inception, the loan was secured with collateral possessing a loan value adequate to protect the Bank from loss. • The loan has exhibited two or more years of satisfactory repayment with a reasonable reduction of the principal balance. • During the period that the loan has been outstanding, there has been no evidence of any credit weakness. Some examples of weakness include slow payment, lack of cooperation by the borrower, breach of loan covenants, or the borrower is in an industry known to be experiencing problems. If any of these credit weaknesses is observed, a lower risk grade may be warranted. Risk Grade 4 Satisfactory/Monitored: Loans in this category are considered to be of acceptable credit quality, but contain greater credit risk than Satisfactory loans. Borrower displays acceptable liquidity, leverage, and earnings performance within the Bank’s minimum underwriting guidelines. The level of risk is acceptable but conditioned on the proper level of loan officer supervision. Loans that normally fall into this grade include acquisition, construction and development loans and income producing properties that have not reached stabilization. Risk Grade 4W Management Watch: Loans in this category are considered to be of acceptable quality, but with above normal risk. Borrower displays potential indicators of weakness in the primary source of repayment resulting in a higher reliance on secondary sources of repayment. Balance sheet may exhibit weak liquidity and/or high leverage. There is inconsistent earnings performance without the ability to sustain adverse economic conditions. Borrower may be operating in a declining industry or the property type, as for a commercial real estate loan, may be high risk or in decline. These loans require an increased level of loan officer supervision and monitoring to assure that any deterioration is addressed in a timely fashion. Risk Grade 5: Special Mention Loans which possess some credit deficiency or potential weakness which deserves close attention. Such loans pose an unwarranted financial risk that, if not corrected, could weaken the loan by adversely impacting the future repayment ability of the borrower. The key distinctions of a Special Mention classification are that (1) it is indicative of an unwarranted Risk Grade 6: Substandard One or more of the following characteristics may be exhibited in loans classified Substandard: • Loans which possess a defined credit weakness. The likelihood that a loan will be paid from the primary source of repayment is uncertain. Financial deterioration is under way and very close attention is warranted to ensure that the loan is collected without loss. • Loans are inadequately protected by the current net worth and paying capacity of the obligor. • The primary source of repayment is gone, and the Bank is forced to rely on a secondary source of repayment, such as collateral liquidation or guarantees. • Loans have a distinct possibility that the Bank will sustain some loss if deficiencies are not corrected. • Unusual courses of action are needed to maintain a high probability of repayment. • The borrower is not generating enough cash flow to repay loan principal; however, it continues to make interest payments. • The lender is forced into a subordinated or unsecured position due to flaws in documentation. • Loans have been restructured so that payment schedules, terms, and collateral represent concessions to the borrower when compared to the normal loan terms. • The lender is seriously contemplating foreclosure or legal action due to the apparent deterioration in the loan. • There is a significant deterioration in market conditions to which the borrower is highly vulnerable. Risk Grade 7: Doubtful One or more of the following characteristics may be present in loans classified Doubtful: • Loans have all of the weaknesses of those classified as Substandard. However, based on existing conditions, these weaknesses make full collection of principal highly improbable. • The primary source of repayment is gone, and there is considerable doubt as to the quality of the secondary source of repayment. • The possibility of loss is high but because of certain important pending factors which may strengthen the loan, loss classification is deferred until the exact status of repayment is known. Risk Grade 8: Loss Loans are considered uncollectible and of such little value that continuing to carry them as assets is not feasible. Loans will be classified Loss when it is neither practical nor desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future. The following table presents loans by credit grades. 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 % December 31, 2014 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 215,874 $ 7,623 $ 4,883 $ — $ 228,380 Non owner occupied real estate 283,518 4,458 9,323 — 297,299 Residential development 2,027 — — — 2,027 Development & Spec Land Loans 12,018 79 — — 12,097 Commercial and industrial 128,589 1,799 2,868 — 133,256 Total commercial 642,026 13,959 17,074 — 673,059 Real estate Residential mortgage 236,893 — 5,628 — 242,521 Residential construction 11,239 — 266 — 11,505 Mortgage warehouse 129,156 — — — 129,156 Total real estate 377,288 — 5,894 — 383,182 Consumer Direct Installment 39,900 — 237 — 40,137 Direct Installment Purchased 219 — — — 219 Indirect Installment 141,264 — 604 — 141,868 Home Equity 135,155 — 3,852 — 139,007 Total Consumer 316,538 — 4,693 — 321,231 Total $ 1,335,853 $ 13,959 $ 27,661 $ — $ 1,377,472 Percentage of total loans 96.98 % 1.01 % 2.01 % 0.00 % |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 9 – Premises and Equipment December 31 December 31 Land $ 19,475 $ 16,550 Buildings and improvements 55,341 49,066 Furniture and equipment 15,702 13,795 Total cost 90,518 79,411 Accumulated depreciation (29,720 ) (26,950 ) Net premise and equipment $ 60,798 $ 52,461 |
Loan Servicing
Loan Servicing | 12 Months Ended |
Dec. 31, 2015 | |
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 $1,164.3 million and $1,035.5 million at December 31, 2015 and 2014. The aggregate fair value of capitalized mortgage servicing rights was approximately $10.8 million, $10.5 million, and $9.9 million at December 31, 2015, 2014 and 2013, compared to the carrying values of $8.9 million, $7.6 million and $7.0 million, respectively. The fair value of capitalized mortgage servicing rights was approximately $6.6 million on January 1, 2013. 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 $ 7,980 $ 7,428 $ 6,169 Servicing rights capitalized 2,974 2,280 2,535 Amortization of servicing rights (1,683 ) (1,728 ) (1,276 ) Balances, December 31 9,271 7,980 7,428 Impairment allowance Balances, January 1 (338 ) (389 ) (1,024 ) Additions (130 ) (95 ) (54 ) Reductions 71 146 689 Balances, December 31 (397 ) (338 ) (389 ) Mortgage servicing rights, net $ 8,874 $ 7,642 $ 7,039 During 2015, 2014 and 2013, the Bank recorded recovery and additional (impairment) of approximately $(59,000), $51,000 and $635,000, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 11 – Goodwill and Intangible Assets 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 2015 or 2014. The Company tested goodwill for impairment during 2015 and 2014. 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. 2015 2014 Balance, January 1 $ 28,176 $ 19,748 Goodwill acquired 21,424 8,428 Balance, December 31 $ 49,600 $ 28,176 As a result of the acquisition of Alliance Bank Corporation in 2005, American Trust & Savings Bank in 2010, Heartland in 2012, Summit in 2014 and Peoples in 2015, 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, 2015 December 31, 2014 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets Core deposit intangible $ 12,920 $ (5,549 ) $ 8,526 $ (4,561 ) Amortization expense for intangible assets totaled $988,000, $880,000, and $760,000 for the years ended December 31, 2015, 2014 and 2013. Estimated amortization for the years ending December 31 is as follows: 2016 $ 1,106 2017 1,103 2018 1,101 2019 959 2020 662 Thereafter 2,440 $ 7,371 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | Note 12 – Deposits December 31 December 31 Noninterest-bearing demand deposits $ 335,955 $ 267,667 Interest-bearing demand deposits 706,739 606,609 Money market (variable rate) 231,956 179,142 Savings deposits 238,956 144,831 Certificates of deposit of $250,000 or more 67,697 137,147 Other certificates and time deposits 298,850 146,923 Total deposits $ 1,880,153 $ 1,482,319 Certificates and other time deposits for both retail and brokered maturing in years ending December 31 are as follows: Retail Brokered Total 2016 $ 158,389 $ 9,402 $ 167,791 2017 77,857 5,677 83,534 2018 40,422 1,250 41,672 2019 32,038 — 32,038 2020 24,840 — 24,840 Thereafter 11,018 5,654 16,672 $ 344,564 $ 21,983 $ 366,547 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 13 – Borrowings December 31 December 31 Federal Home Loan Bank advances, variable and fixed rates ranging from 0.45% to 7.53%, due at various dates through November 15, 2024 $ 158,948 $ 116,473 Securities sold under agreements to repurchase 154,399 139,725 Federal funds purchased 136,000 95,000 Total borrowings $ 449,347 $ 351,198 The Federal Home Loan Bank advances are secured by first and second mortgage loans and mortgage warehouse loans totaling approximately $404.3 million. Advances are subject to restrictions or penalties in the event of prepayment. At December 31, 2015, the Bank had available approximately $253.2 million in credit lines with various money center banks, including the FHLB. Contractual maturities in years ending December 31 are as follows: 2016 $ 298,235 2017 48,948 2018 28,541 2019 56,777 2020 11,598 Thereafter 5,248 $ 449,347 |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2015 | |
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. The following table shows repurchase agreements accounted for as secured borrowings (in thousands): Remaining Contractual Maturity of the Agreements Overnight Up to one One to three Three to Five to ten Beyond ten Total Repurchase Agreements and repurchase-to-maturity transactions Repurchase Agreements $ 59,399 $ — $ 35,000 $ 60,000 $ — $ — $ 154,399 Securities lending transactions U.S. Treasury and federal agencies 5,468 — — — — — 5,468 Federal agency collateralized mortgage obligations 45,975 — 609 213 19,063 33,314 99,174 Federal agency mortgage-backed pools 14,068 — 235 310 15,881 35,641 66,135 Total 65,511 — 844 523 34,944 68,955 170,777 Total borrowings $ (6,112 ) $ — $ 34,156 $ 59,477 $ (34,944 ) $ (68,955 ) $ (16,378 ) Gross amount of recognized liabilities for repurchase agreements and securities lending $ 154,399 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 2015 and 2014 totaled $156.2 million and $144.3 million and the daily average of such agreements totaled $149.9 million and $140.9 million. The agreements at December 31, 2015, mature at various dates through September 13, 2020. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2015 | |
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 LIBOR plus 1.95% (2.56% at December 31, 2015) and mature on October 21, 2034, and securities may be called at any quarterly interest payment date at par. Costs associated with the issuance of the securities totaling $17,500 were capitalized and were amortized to the October 31, 2009, first call date of the securities. 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 LIBOR plus 1.65% (2.26% at December 31, 2015) and mature on January 30, 2037, and securities may be called at any quarterly interest payment date at par. Costs associated with the issuance of the securities totaling $12,647 were capitalized and are being amortized to the first call date of the securities. 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 LIBOR plus 2.65% (3.26% at December 31, 2015) and mature in June 2034, and securities may be called at any quarterly interest payment date at par. 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 LIBOR plus 2.85% (3.46% at December 31, 2015) and mature in March 2034, and securities may be called at any quarterly interest payment date at par. The carrying value was $3.1 million, net of the remaining purchase discount, at December 31, 2015. 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 LIBOR plus 1.67% (2.28% at December 31, 2015) and mature in December 2036, and securities may be called at any quarterly interest payment date at par. The carrying value was $1.7 million, net of the remaining purchase discount, at December 31, 2015. 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, 2015 | |
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 $450,000 in 2015, $400,000 in 2014 and $475,000 in 2013. The ESOP, which is not leveraged, owns a total of 763,303 shares of Horizon’s stock or 6.4% of the outstanding shares. |
Employee Thrift and Defined Ben
Employee Thrift and Defined Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
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 $848,000 in 2015, $633,000 in 2014 and $545,000 in 2013. The Plan owns a total of 319,994 shares of Horizon’s stock or 2.7% 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, the 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 and plan number 333. This plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra Plan. The Pentegra Plan is a single plan under Internal Revenue Code 413(c) and, as a result, all of the assets stand behind all of the liabilities. 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 2015 for this Pentegra Plan. The Company intends on terminating this Pentegra Plan and as part of the acquisition Peoples recorded a $4.5 million withdrawal liability which carried over to the Company for the termination of the Pentegra Plan. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 18 – Income Tax December 31 December 31 December 31 Income tax expense Currently payable Federal $ 5,270 $ 4,710 $ 3,900 State 241 (149 ) (88 ) Deferred 1,721 1,594 3,236 Total income tax expense $ 7,232 $ 6,155 $ 7,048 Reconciliation of federal statutory to actual tax expense Federal statutory income tax at 35% $ 9,724 $ 8,488 $ 9,424 Tax exempt interest (1,708 ) (1,628 ) (1,517 ) Tax exempt income (488 ) (366 ) (362 ) Other tax exempt income (199 ) (309 ) (342 ) Nondeductible and other (97 ) (30 ) (176 ) Effect of state income taxes — — 21 Actual tax expense $ 7,232 $ 6,155 $ 7,048 December 31 December 31 Assets Allowance for loan losses $ 5,329 $ 5,680 Net operating loss (from acquisitions) 1,679 3,509 Director and employee benefits 2,223 1,953 Unrealized loss on AFS securities and fair value hedge 711 588 Accrued Pension 1,725 — Other 1,029 596 Total assets 12,696 12,326 Liabilities Depreciation (2,180 ) (1,563 ) Difference in expense recognition — — State tax (192 ) (126 ) Federal Home Loan Bank stock dividends (343 ) (200 ) Difference in basis of intangible assets (2,938 ) (2,839 ) FHLB Penalty (123 ) (283 ) Other (1,671 ) (1,303 ) Total liabilities (7,447 ) (6,314 ) Net deferred tax asset $ 5,249 $ 6,012 As of December 31, 2015, the Company had approximately $17.3 million of state tax loss carryforward available to offset future franchise taxable income. Also, at December 31, 2015, the Company had approximately $1.6 million of federal loss carryforward available to offset future federal income tax. The state loss carryforward began to expire in 2024. The federal loss carryforward expires in 2029. Due to these losses being incurred by Peoples, Heartland and Summit 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. 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. income tax examinations by tax authorities for years before 2012. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
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 Unrealized gain on securities available for sale $ 920 $ 4,018 Unamortized gain on securities held to maturity, previously transferred from AFS 1,109 1,658 Unrealized loss on derivative instruments (3,142 ) (3,337 ) Tax effect 390 (818 ) Total accumulated other comprehensive income (loss) $ (723 ) $ 1,521 |
Commitments, Off-Balance Sheet
Commitments, Off-Balance Sheet Risk and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Off-Balance Sheet Risk and Contingencies | Note 20 – Commitments, Off-Balance Sheet Risk and Contingencies 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 $126,000 of cash on hand or on deposit with the Federal Reserve Bank to meet regulatory reserve and clearing balance requirements at December 31, 2015. 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 sheet risk in the ordinary course of business to meet financing needs of its customers. These financial instruments include commitments to make loans and standby letters of credit. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to make loans and standby letters of credit is represented by the contractual amount of those instruments. The Bank follows the same credit policy to make such commitments as is followed for those loans recorded in the financial statements. At December 31, 2015 and 2014, commitments to make loans amounted to approximately $468.8 million and $408.6 million and commitments under outstanding standby letters of credit amounted to approximately $3.6 million and $3.9 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, 2015 | |
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 items as calculated under regulatory accounting practices. The Company and Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the 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, 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 of including accumulated other comprehensive income in regulatory capital. For December 31, 2014, regulatory capital ratios were calculated under Basel I rules. To be categorized as well capitalized, the Company and Bank must maintain minimum Total risk-based, Tier I risk-based, common equity Tier I risk-based (December 31, 2015) and Tier I leverage ratios as set forth in the table below. As of December 31, 2015 and December 31, 2014, 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 of 2015 that management believes have changed the Bank’s classification as well capitalized. There is no threshold for well-capitalized status for bank holding companies. Horizon and the Bank’s actual and required capital ratios as of December 31, 2015 and 2014 were as follows: Actual Required For Capital 1 Well Capitalized Under Prompt 1 Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 Total capital 1 Consolidated $ 264,452 13.99 % $ 151,223 8.00 % N/A N/A Bank 237,348 12.57 % 151,057 8.00 % $ 188,821 10.00 % Tier 1 capital 1 Consolidated 249,918 13.22 % 113,427 6.00 % N/A N/A Bank 222,814 11.80 % 113,295 6.00 % 151,060 8.00 % Common equity tier 1 capital 1 Consolidated 204,350 10.81 % 85,067 4.50 % N/A N/A Bank 222,814 11.80 % 84,971 4.50 % 122,737 6.50 % Tier 1 capital 1 Consolidated 249,918 9.82 % 101,800 4.00 % N/A N/A Bank 222,814 8.77 % 101,626 4.00 % 127,032 5.00 % As of December 31, 2014 Total capital 1 Consolidated $ 212,276 14.48 % $ 117,280 8.00 % N/A N/A Bank 192,604 13.08 % 117,801 8.00 % $ 147,251 10.00 % Tier 1 capital 1 Consolidated 195,775 13.35 % 58,659 4.00 % N/A N/A Bank 176,103 11.96 % 58,897 4.00 % 88,346 6.00 % Tier 1 capital 1 Consolidated 195,775 9.76 % 80,236 4.00 % N/A N/A Bank 176,103 8.80 % 80,047 4.00 % 100,059 5.00 % 1 As defined by regulatory agencies |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
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 337,500 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 337,500 for incentive stock options and to 168,750 for the grant of non-option awards. The shares available for issuance under the 2003 Plan could be divided among the various types of awards and among the participants as the Compensation Committee (“Committee”) determines. The Committee was authorized to grant any type of award to a participant that was consistent with the provisions of the 2003 Plan. Awards could consist of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, performance units, performance shares or any combination of these awards. The Committee determined the provisions, terms and conditions of each award. The restricted shares vest over a period of time established by the Committee at the time of each grant. 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 options shares granted under the 2003 plan vest at a rate designated per the individual agreements. The restricted shares granted under the 2003 Plan vest at the end of each grant’s vesting period. On March 8, 2010, the Board of Directors adopted, and on May 6, 2010, the stockholders approved, an amendment to the 2003 Omnibus Equity Incentive Plan making an additional 393,750 common shares available for issuance. A summary of option activity under the 2003 Plan as of December 31, 2015, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 77,947 $ 11.35 Granted — — Exercised (33,347 ) 11.63 Forfeited (600 ) 16.46 Outstanding, end of year 44,000 11.07 4.02 $ 743,164 Exercisable, end of year 41,750 10.85 3.90 714,286 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 691,700 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 100,000 for incentive stock options and to 400,000 for the grant of non-option awards. The shares available for issuance under the 2013 Plan may be divided among the various types of awards and among the participants as the Committee determines. The Committee is authorized to grant any type of award to a participant that is consistent with the provisions of the 2013 Plan. Awards may consist of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, performance units, performance shares or any combination of these awards. The Committee determines the provisions, terms and conditions of each award. 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 2015 2014 2013 Dividend yields 2.35 % 2.01 % 1.98 % Volatility factors of expected market price of common stock 28.97 % 29.54 % 29.75 % Risk-free interest rates 2.10 % 2.66 % 2.16 % Expected life of options 8 years 8 years 8 years A summary of option activity under the 2013 Plan as of December 31, 2015, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 84,147 $ 21.24 Granted 39,944 23.83 Exercised (666 ) 20.24 Forfeited (2,334 ) 22.62 Outstanding, end of year 121,091 22.08 8.28 $ 712,506 Exercisable, end of year 41,412 20.90 7.71 292,263 The weighted average grant-date fair value of options granted during the years 2015, 2014 and 2013 was $6.14, $6.50 and $5.74. A summary of the status of Horizon’s non-vested restricted and performance shares as of December 31, 2015 is presented below: Shares Weighted Non-vested beginning of year 84,757 $ 15.18 Vested (25,059 ) 14.09 Granted 25,001 23.83 Forfeited (2,316 ) 16.64 Non-vested, end of year 82,383 18.19 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 2015 was $288,000 and the related tax benefit recognized was approximately $101,000. Total compensation cost recognized in the income statement for option-based payment arrangements during 2014 and 2013 was $203,000 and $48,000 and the related tax benefit recognized was $71,000 and $19,000, respectively. Total compensation cost recognized in the income statement for restricted share and performance share based payment arrangements during 2015, 2014 and 2013 was $355,000, $363,000, and $288,000. The recognized tax benefit related thereto was approximately $124,000, $127,000, and $115,000 for the years ended December 31, 2015, 2014 and 2013. Cash received from option exercise under all share-based payment arrangements for the years ended December 31, 2015, 2014 and 2013 was $403,000, $122,000, and $136,000. The actual tax benefit realized for the tax deductions from option exercise of the share-based As of December 31, 2015, there was $983,000 of total unrecognized compensation cost related to all non-vested share-based compensation arrangements granted under all of the plans. That cost is expected to be recognized over a weighted-average period of 1.5 years. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and $30.5 million at December 31, 2014. Under the agreements, the Company pays or receives the net interest amount monthly, with the monthly settlements included in interest expense. Management has designated the interest rate swap agreement as a cash flow hedging instrument. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. At December 31, 2015, the Company’s cash flow hedge was effective and is not expected to have a significant impact on the Company’s net income over the next 12 months. Fair Value Hedges Fair value hedges are intended to reduce the interest rate risk associated with the underlying hedged item. The Company enters into fixed rate loan agreements as part of its lending policy. To mitigate the risk of changes in fair value based on fluctuations in interest rates, the Company has entered into interest rate swap agreements on individual loans, converting the fixed rate loans to a variable rate. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in current earnings. At December 31, 2015, the Company’s fair value hedges were effective and are not expected to have a significant impact on the Company’s net income over the next 12 months. The change in fair value of both the hedge instruments and the underlying loan agreements are recorded as gains or losses in interest income. The fair value hedges are considered to be highly effective and any hedge ineffectiveness was deemed not material. The notional amounts of the loan agreements being hedged were $117.3 million at December 31, 2015 and $102.7 million at December 31, 2014. Other Derivative Instruments The Company enters into non-hedging derivatives in the form of mortgage loan forward sale commitments with investors and commitments to originate mortgage loans as part of its mortgage banking business. At December 31, 2015, the Company’s fair values of these derivatives were recorded and over the next 12 months are not expected to have a significant impact on the Company’s net income. The change in fair value of both the forward sale commitments and commitments to originate mortgage loans were recorded and the net gains or losses included in the Company’s gain on sale of loans. The following tables summarize the fair value of derivative financial instruments utilized by Horizon: Asset Derivatives December 31, 2015 Liability Derivatives December 31, 2015 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 1,782 Interest rate contracts Other Assets 1,782 Other liabilities 3,141 Total derivatives designated as hedging instruments 1,782 4,923 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 642 Other liabilities — Total derivatives not designated as hedging instruments 642 — Total derivatives $ 2,424 $ 4,923 Asset Derivatives December 31, 2014 Liability Derivatives December 31, 2014 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 1,208 Interest rate contracts Other Assets 1,208 Other liabilities 3,339 Total derivatives designated as hedging instruments 1,208 4,547 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 447 Other liabilities — Total derivatives not designated as hedging instruments 447 — Total derivatives $ 1,655 $ 4,547 The effect of the derivative instruments on the consolidated statement of income for the 12-month periods ended is as follows: Amount of Loss Recognized in Other Comprehensive Derivative in cash flow hedging relationship 2015 2014 2013 Interest rate contracts $ 127 $ (332 ) $ 1,734 FASB Accounting Standards Codification (“ASC”) Topic 820-10-20 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820-10-55 establishes a fair value hierarchy that emphasizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Amount of Gain (Loss) Recognized on Derivative Location of gain (loss) Years Ended December 31 Derivative in fair value hedging relationship recognized on derivative 2015 2014 2013 Interest rate contracts Interest income - loans $ 574 $ 1,261 $ (2,267 ) Interest rate contracts Interest income - loans (574 ) (1,261 ) 2,267 Total $ — $ — $ — Amount of Gain (Loss) Recognized on Derivative Location of gain (loss) Years Ended December 31 Derivative not designated as hedging relationship recognized on derivative 2015 2014 2013 Mortgage contracts Other income - gain $ 195 $ 256 $ (667 ) |
Disclosures about fair value of
Disclosures about fair value of assets and liabilities | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Available for sale securities When quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2 securities include U.S. Treasury and federal agency securities, state and municipal securities, federal agency mortgage obligations and mortgage-backed pools, private-label mortgage-backed pools and corporate notes. Level 2 securities are valued by a 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, 2015 Available-for-sale securities U.S. Treasury and federal agencies $ 5,926 $ — $ 5,926 $ — State and municipal 75,095 — 75,095 — Federal agency collateralized mortgage obligations 156,203 — 156,203 — Federal agency mortgage-backed pools 207,704 — 207,704 — Corporate notes 54 — 54 — Total available-for-sale securities 444,982 — 444,982 — Hedged loans 115,472 — 115,472 — Forward sale commitments 642 — 642 — Interest rate swap agreements (4,923 ) — (4,923 ) — Commitments to originate loans — — — — December 31, 2014 Available-for-sale securities U.S. Treasury and federal agencies $ 26,823 $ — $ 26,823 $ — State and municipal 47,952 — 47,952 — Federal agency collateralized mortgage obligations 122,860 — 122,860 — Federal agency mortgage-backed pools 125,395 — 125,395 — Private labeled mortgage-backed pools 689 — 689 — Corporate notes 45 — 45 — Total available-for-sale securities 323,764 — 323,764 — Hedged loans 101,445 — 101,445 — Forward sale commitments 447 — 447 — Interest rate swap agreements (4,547 ) — (4,547 ) — Realized gains and losses included in net income for the periods are reported in the consolidated statements of income as follows: Non Interest Income Years Ended December 31 Total gains and losses from: 2015 2014 2013 Hedged loans $ 574 $ 1,261 $ (2,267 ) Fair value interest rate swap agreements (574 ) (1,261 ) 2,267 Derivative loan commitments 195 256 (667 ) $ 195 $ 256 $ (667 ) 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, 2015 Impaired loans $ 6,803 $ — $ — $ 6,803 Mortgage servicing rights 8,874 — — 8,874 December 31, 2014 Impaired loans $ 9,464 $ — $ — $ 9,464 Mortgage servicing rights 7,642 — — 7,642 Impaired (collateral dependent): If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. Impaired loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method. Mortgage Servicing Rights (MSRs): The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2015. Fair Value at Valuation Unobservable Inputs Range (Weighted Impaired loans $ 6,803 Collateral based Discount to reflect current 10% - 15% (12%) Mortgage servicing rights $ 8,874 Discounted Discount rate, Constant 10% - 15% (12%), 4% - 7% 1% - 10% Fair Value at Valuation Unobservable Inputs Range (Weighted Impaired loans $ 9,464 Collateral based Discount to reflect current 10% - 15% (12%) Mortgage servicing rights $ 7,642 Discounted Discount rate, Constant 10% - 15% (12%), 4% - 7% (4.6%), 1% - 10% (4.5%) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and December 31, 2014. These include financial instruments recognized as assets and liabilities on the consolidated balance sheet as well as certain off-balance sheet financial instruments. The estimated fair values shown below do not include any valuation of assets and liabilities which are not financial instruments as defined by the FASB ASC fair value hierarchy. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and Due from Banks Held-to-Maturity Securities Loans Held for Sale Net Loans FHLB and FRB Stock Interest Receivable/Payable Deposits Borrowings Subordinated Debentures Commitments to Extend Credit and Standby Letters of Credit The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall. December 31, 2015 Carrying Quoted Prices (Level 1) Significant Significant (Level 3) Assets Cash and due from banks $ 48,650 $ 48,650 $ — $ — Investment securities, held to maturity 187,629 — 193,703 — Loans held for sale 7,917 — — 7,917 Loans excluding loan level hedges, net 1,619,125 — — 1,703,506 Stock in FHLB and FRB 13,823 — 13,823 — Interest receivable 10,535 — 10,535 — Liabilities Non-interest bearing deposits $ 335,955 $ 335,955 $ — $ — Interest-bearing deposits 1,544,198 — 1,461,314 — Borrowings 449,347 — 441,547 — Subordinated debentures 32,797 — 32,996 — Interest payable 507 — 507 — December 31, 2014 Carrying Quoted Prices (Level 1) Significant Significant (Level 3) Assets Cash and due from banks $ 43,476 $ 43,476 $ — $ — Investment securities, held to maturity 165,767 — — 169,904 Loans held for sale 6,143 — — 6,143 Loans excluding loan level hedges, net 1,260,608 — — 1,295,133 Stock in FHLB and FRB 11,348 — 11,348 — Interest receivable 8,246 — 8,246 — Liabilities Non-interest bearing deposits $ 267,667 $ 267,667 $ — $ — Interest-bearing deposits 1,214,652 — 1,158,912 — Borrowings 351,198 — 348,597 — Subordinated debentures 32,642 — 32,669 — Interest payable 497 — 497 — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 26 – Subsequent Events On February 1, 2016, Horizon Bancorp (“Horizon”) completed the redemption (the “Redemption”) of all 12,500 outstanding shares of Senior Non-Cumulative Perpetual Preferred Stock, Series B (the “SBLF Preferred Stock”) which were held by the U.S. Department of Treasury and issued pursuant to its Small Business Lending Fund (“SBLF”). The SBLF Preferred Stock was redeemed at its liquidation value of $1,000 per share, plus accrued dividends, for a total Redemption price of $12,510,416.67. Horizon funded the Redemption using cash on hand without borrowing and without a special dividend from its wholly owned banking subsidiary, Horizon Bank, N.A. Following the Redemption, Horizon does not have any shares of its Senior Non-Cumulative Perpetual Preferred Stock, Series B outstanding. The Redemption terminates Horizon’s participation in the SBLF. On February 4, 2016, Horizon entered into an Agreement and Plan of Merger (the “Merger Agreement”) providing for Horizon’s acquisition of Kosciusko Financial, Inc., an Indiana corporation (“Kosciusko”). Pursuant to the Merger Agreement, Kosciusko would merge with and into Horizon, with Horizon surviving the merger (the “Merger”), and Farmers State Bank, a state chartered bank and wholly-owned subsidiary of Kosciusko, would merge with and into a wholly-owned subsidiary of Horizon, Horizon Bank, N.A. (“Horizon Bank”), with Horizon Bank as the surviving bank. The boards of directors of each of Horizon and Kosciusko have approved the Merger and the Merger Agreement. Subject to the approval of the Merger by Kosciusko shareholders, regulatory approvals and other closing conditions, the parties anticipate completing the Merger during the second quarter of 2016. In connection with the Merger, shareholders of Kosciusko will have the option to receive $81.75 per share in cash or 3.0122 shares of Horizon common stock for each share of Kosciusko’s common stock or a combination thereof, provided the overall shares exchanged consist of 65% stock and 35% cash. Based upon the February 3, 2016, closing price of $23.99 per share of Horizon common stock, the transaction has an implied valuation of approximately $22.5 million. Subject to certain terms and conditions, the board of directors of Kosciusko has agreed to recommend the approval and adoption of the Merger Agreement to the Kosciusko shareholders and will solicit proxies voting in favor of the Merger from Kosciusko’s shareholders. The Merger Agreement also provides for certain termination rights for both Horizon and Kosciusko, and further provides that upon termination of the Merger Agreement under certain circumstances, Kosciusko will be obligated to pay Horizon a termination fee. As of December 31, 2015, Kosciusko reported total assets of approximately $148.2 million, total deposits of approximately $122.8 million and total loans of approximately $106.1 million. |
General Litigation
General Litigation | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
General Litigation | Note 27 – 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, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information (Parent Company Only) | Note 28 – 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 Assets Total cash and cash equivalents $ 26,507 $ 19,195 Investment in Bank 276,718 211,928 Other assets 3,392 2,758 Total assets $ 306,617 $ 233,881 Liabilities Subordinated debentures $ 32,797 $ 32,642 Other liabilities 6,988 6,825 Stockholders’ Equity 266,832 194,414 Total liabilities and stockholders’ equity $ 306,617 $ 233,881 Condensed Statements of Income Years Ended December 31 2015 2014 2013 Operating Income (Expense) Dividend income from Bank $ 30,470 $ 12,500 $ 7,500 Investment income 15 12 4 Other income 24 17 175 Interest expense (2,009 ) (2,009 ) (2,010 ) Employee benefit expense (1,093 ) (965 ) (811 ) Other expense 910 883 646 Income Before Undistributed Income of Subsidiaries 28,317 10,438 5,504 Undistributed Income of Subsidiaries (8,168 ) 6,814 13,144 Income Before Tax 20,149 17,252 18,648 Income Tax Benefit 400 849 1,228 Net Income 20,549 18,101 19,876 Preferred stock dividend (125 ) (133 ) (370 ) Net Income Available to Common Shareholders $ 20,424 $ 17,968 $ 19,506 Net Income $ 20,549 $ 18,101 $ 19,876 Other Comprehensive Income (Loss) Change in fair value of derivative instruments, net of taxes 127 (332 ) 1,734 Unrealized appreciation for the period on held-to-maturity securities, net of taxes (357 ) 1,078 — Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (1,891 ) 3,146 (12,320 ) Less: reclassification adjustment for realized gains included in net income, net of taxes (123 ) (642 ) (244 ) (2,244 ) 3,250 (10,830 ) Comprehensive Income $ 18,305 $ 21,351 $ 9,046 Condensed Statements of Cash Flows Years Ended December 31 2015 2014 2013 Operating Activities Net income $ 20,549 $ 18,101 $ 19,876 Items not requiring (providing) cash Equity in undistributed net income of subsidiaries 8,168 (6,814 ) (13,144 ) Change in Share based compensation 288 203 48 Amortization of unearned compensation 355 363 288 Other assets (634 ) 906 (167 ) Other liabilities (13 ) 1,377 97 Net cash provided by operating activities 28,713 14,136 6,998 Investing Activities Acquisition of Summit — (7,036 ) — Acquisition of Peoples (19,365 ) — — Net cash used in investing activities (19,365 ) (7,036 ) — Financing Activities Dividends paid on preferred shares (125 ) (133 ) (370 ) Dividends paid on common shares (6,216 ) (4,744 ) (3,655 ) Exercise of stock options 4,305 165 195 Net cash used in financing activities (2,036 ) (4,712 ) (3,830 ) Net Change in Cash and Cash Equivalents 7,312 2,388 3,168 Cash and Cash Equivalents at Beginning of Year 19,195 16,807 13,639 Cash and Cash Equivalents at End of Year $ 26,507 $ 19,195 $ 16,807 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Note 29 – Quarterly Results of Operations (Unaudited) The following is a summary of the quarterly consolidated results of operations: 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 $ 0.58 $ 0.51 $ 0.37 $ 0.51 Diluted 0.55 0.49 0.36 0.51 Average shares outstanding: Basic 9,216,011 9,240,005 11,605,976 11,937,247 Diluted 9,609,506 9,637,586 11,893,254 12,013,743 Three Months Ended 2014 March 31 June 30 September 30 December 31 Interest income $ 16,467 $ 20,122 $ 19,851 $ 19,765 Interest expense 3,195 3,334 3,451 3,242 Net interest income 13,272 16,788 16,400 16,523 Provision for loan losses — 339 1,741 978 Gain on sale of securities — — 988 — Net income 3,417 4,778 4,958 4,948 Net income available to common shareholders $ 3,386 $ 4,747 $ 4,918 $ 4,917 Earnings per share: Basic $ 0.39 $ 0.52 $ 0.53 $ 0.53 Diluted 0.38 0.50 0.51 0.51 Average shares outstanding: Basic 8,630,966 9,182,986 9,208,707 9,212,156 Diluted 9,021,786 9,560,939 9,588,332 9,628,240 |
Nature of Operations and Summ40
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 46 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”); and Heartland Bancshares, Inc. in 2013, which formed Heartland (IN) Statutory Trust II (“Heartland Trust”). 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 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 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. |
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 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 recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. 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 2015 2014 2013 Basic earnings per share Net income $ 20,549 $ 18,101 $ 19,876 Less: Preferred stock dividends 125 133 370 Net income available to common shareholders $ 20,424 $ 17,968 $ 19,506 Weighted average common shares outstanding 10,510,296 9,060,702 8,619,330 Basic earnings per share $ 1.94 $ 1.98 $ 2.26 Diluted earnings per share Net income available to common shareholders $ 20,424 $ 17,968 $ 19,506 Weighted average common shares outstanding 10,510,296 9,060,702 8,619,330 Effect of dilutive securities: Warrants 220,316 315,679 303,970 Restricted stock 32,010 39,476 40,160 Stock options 35,586 38,268 37,503 Weighted average shares outstanding 10,798,208 9,454,125 9,000,963 Diluted earnings per share $ 1.89 $ 1.90 $ 2.17 At December 31, 2015 and 2014 there were 2,500 shares and at December 31, 2013 there were zero 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 |
Share-Based Compensation | Share-Based Compensation |
Reclassifications | Reclassifications |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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. 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 organizations from having to disclose fair value information about financial instruments measured at amortized cost. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. 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. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. FASB Accounting Standards Update No. 2015-03, Interest— Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs The FASB has issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments should be applied on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (i.e., debt issuance cost asset and the debt liability). For public business entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments is permitted for financial statements that have not been previously issued. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. 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 data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. Adoption of the ASU is not expected to have a significant effect on the Company’s consolidated financial statements. |
Nature of Operations and Summ41
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2013 Basic earnings per share Net income $ 20,549 $ 18,101 $ 19,876 Less: Preferred stock dividends 125 133 370 Net income available to common shareholders $ 20,424 $ 17,968 $ 19,506 Weighted average common shares outstanding 10,510,296 9,060,702 8,619,330 Basic earnings per share $ 1.94 $ 1.98 $ 2.26 Diluted earnings per share Net income available to common shareholders $ 20,424 $ 17,968 $ 19,506 Weighted average common shares outstanding 10,510,296 9,060,702 8,619,330 Effect of dilutive securities: Warrants 220,316 315,679 303,970 Restricted stock 32,010 39,476 40,160 Stock options 35,586 38,268 37,503 Weighted average shares outstanding 10,798,208 9,454,125 9,000,963 Diluted earnings per share $ 1.89 $ 1.90 $ 2.17 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Peoples Bancorp Inc [Member] | |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the Peoples acquisition is allocated as follows: ASSETS Cash and due from banks $ 205,054 Investment securities, held to maturity 2,038 Commercial 67,435 Residential mortgage 137,331 Consumer 19,593 Total loans 224,359 Premises and equipment, net 5,524 FRB and FHLB stock 2,743 Goodwill 21,424 Core deposit intangible 4,394 Interest receivable 1,279 Cash value of life insurance 13,898 Other assets 4,364 Total assets purchased $ 485,077 Common shares issued $ 55,506 Cash paid 22,641 Total estimated purchase price $ 78,147 LIABILITIES Deposits Non-interest bearing $ 28,251 NOW accounts 65,771 Savings and money market 125,176 Certificates of deposits 131,889 Total deposits 351,087 Borrowings 48,884 Interest payable 21 Other liabilities 6,938 Total liabilities assumed $ 406,930 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of July 1, 2015. Contractually required principal and interest at acquisition $ 5,730 Contractual cash flows not expected to be collected (nonaccretable differences) 715 Expected cash flows at acquisition 5,015 Interest component of expected cash flows (accretable discount) 647 Fair value of acquired loans accounted for under ASC 310-30 $ 4,368 |
Pro Forma Result of Comparable Prior Reporting Period | The following schedule includes pro forma results for the periods ended 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, 2015 2014 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 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 $ 21,372 Basic Earnings Per Share $ 1.90 $ 1.87 Diluted Earnings Per Share $ 1.85 $ 1.81 |
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 Cash and due from banks $ 15,161 Commercial 70,441 Residential mortgage 43,448 Consumer 10,192 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 LIABILITIES 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 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of April 3, 2014. Contractually required principal and interest at acquisition $ 14,460 Contractual cash flows not expected to be collected (nonaccretable differences) 3,146 Expected cash flows at acquisition 11,314 Interest component of expected cash flows (accretable discount) 1,688 Fair value of acquired loans accounted for under ASC 310-30 $ 9,626 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value of Securities | The fair value of securities is as follows: 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 December 31, 2014 Amortized Gross Gross Fair Value Available for sale U.S. Treasury and federal agencies $ 26,996 $ 56 $ (229 ) $ 26,823 State and municipal 46,535 1,462 (45 ) 47,952 Federal agency collateralized mortgage obligations 122,930 975 (1,045 ) 122,860 Federal agency mortgage-backed pools 122,583 3,172 (360 ) 125,395 Private labeled mortgage-backed pools 670 19 — 689 Corporate notes 32 13 — 45 Total available for sale investment securities $ 319,746 $ 5,697 $ (1,679 ) $ 323,764 Held to maturity U.S. Treasury and federal agencies $ 9,804 $ 82 $ — $ 9,886 State and municipal 129,595 3,398 (106 ) 132,887 Federal agency collateralized mortgage obligations 4,039 35 (1 ) 4,073 Federal agency mortgage-backed pools 22,329 729 — 23,058 Total held to maturity investment securities $ 165,767 $ 4,244 $ (107 ) $ 169,904 |
Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity | The amortized cost and fair value of securities available for sale and held-to-maturity at December 31, 2015 and December 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2015 December 31, 2014 Amortized Fair Amortized Fair Cost Value Cost Value Available for sale Within one year $ 7,192 $ 7,232 $ 6,098 $ 6,169 One to five years 38,197 38,894 44,720 45,093 Five to ten years 16,807 17,152 16,147 16,768 After ten years 17,605 17,797 6,598 6,790 79,801 81,075 73,563 74,820 Federal agency collateralized mortgage obligations 157,291 156,203 122,930 122,860 Federal agency mortgage-backed pools 206,970 207,704 122,583 125,395 Private labeled mortgage-backed pools — — 670 689 Total available for sale investment securities $ 444,062 $ 444,982 $ 319,746 $ 323,764 Held to maturity Within one year $ — $ — $ — $ — One to five years 17,815 18,403 592 593 Five to ten years 106,167 110,026 99,225 101,323 After ten years 28,208 28,976 39,582 40,857 152,190 157,404 139,399 142,773 Federal agency collateralized mortgage obligations 9,051 8,954 4,039 4,073 Federal agency mortgage-backed pools 26,388 27,344 22,329 23,058 Total held to maturity investment securities $ 187,629 $ 193,703 $ 165,767 $ 169,904 |
Gross Unrealized Losses and Fair Value of Company's Investments | The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized 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 (1,123 ) 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 $ (2,632 ) $ 42,380 $ (980 ) $ 267,904 $ (3,613 ) Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Value Losses Value Losses Value Losses U.S. Treasury and federal agencies $ 2,993 $ (7 ) $ 20,762 $ (222 ) $ 23,755 $ (229 ) State and municipal 10,287 (121 ) 2,050 (30 ) 12,337 (151 ) Federal agency collateralized mortgage obligations 15,013 (88 ) 39,801 (957 ) 54,814 (1,045 ) Federal agency mortgage-backed pools 5,993 (9 ) 28,044 (351 ) 34,037 (360 ) Total temporarily impaired securities $ 34,286 $ (225 ) $ 90,657 $ (1,560 ) $ 124,943 $ (1,785 ) |
Sales of Securities Available for Sale | Information regarding security proceeds, gross gains and gross losses are presented below. Years ended December 31 2015 2014 2013 Sales of securities available for sale Proceeds $ 43,051 $ 45,228 $ 23,853 Gross gains 254 988 382 Gross losses (65 ) — (8 ) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Amounts of Loans | December 31 December 31 2015 2014 Commercial Working capital and equipment $ 381,245 $ 300,940 Real estate, including agriculture 391,668 343,455 Tax exempt 8,674 8,595 Other 23,408 21,324 Total 804,995 674,314 Real estate 1–4 family 433,015 250,799 Other 4,129 3,826 Total 437,144 254,625 Consumer Auto 168,397 154,538 Recreation 5,365 5,673 Real estate/home improvement 47,015 38,288 Home equity 127,113 112,426 Unsecured 4,120 3,613 Other 10,290 5,921 Total 362,300 320,459 Mortgage warehouse 144,692 129,156 Total loans 1,749,131 1,378,554 Allowance for loan losses (14,534 ) (16,501 ) Loans, net $ 1,734,597 $ 1,362,053 |
Recorded Investment of Individual Loan Categories | The following table shows the recorded investment of individual loan categories. 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 December 31, 2014 Loan Interest Due Deferred Recorded Owner occupied real estate $ 228,380 $ 385 $ 680 $ 229,445 Non owner occupied real estate 297,299 309 506 298,114 Residential spec homes 2,027 2 — 2,029 Development & spec land loans 12,097 28 30 12,155 Commercial and industrial 133,256 859 39 134,154 Total commercial 673,059 1,583 1,255 675,897 Residential mortgage 242,521 737 599 243,857 Residential construction 11,505 21 — 11,526 Mortgage warehouse 129,156 480 — 129,636 Total real estate 383,182 1,238 599 385,019 Direct installment 40,137 129 (375 ) 39,891 Direct installment purchased 219 — — 219 Indirect installment 141,868 314 (163 ) 142,019 Home equity 139,007 568 (234 ) 139,341 Total consumer 321,231 1,011 (772 ) 321,470 Total loans 1,377,472 3,832 1,082 1,382,386 Allowance for loan losses (16,501 ) — — (16,501 ) Net loans $ 1,360,971 $ 3,832 $ 1,082 $ 1,365,885 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | |
Amounts of Loans | The carrying amounts of those loans included in the balance sheet amounts of loans receivable are as follows: December 31 December 31 December 31 December 31 2015 2015 2015 2015 Heartland Summit Peoples 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 December 31 December 31 December 31 December 31 2014 2014 2014 2014 Heartland Summit Peoples Total Commercial $ 5,492 $ 7,725 $ — $ 13,217 Real estate 900 1,458 — 2,358 Consumer 8 43 — 51 Outstanding balance $ 6,400 $ 9,226 $ — $ 15,626 Carrying amount, net of allowance of $359 $ 15,267 |
Accounting for Certain Loans 45
Accounting for Certain Loans Acquired in a Transfer (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans Purchased With Evidence Of Credit Deterioration [Member] | |
Accretable Yield or Income Expected to be Collected | Accretable yield, or income expected to be collected are as follows: Twelve Months Ended December 31, 2015 Heartland Summit Peoples 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 Twelve Months Ended December 31, 2014 Heartland Summit Peoples Total Balance at January 1 $ 3,185 $ — $ — $ 3,185 Additions — 1,688 — 1,688 Accretion (557 ) (332 ) — (889 ) Reclassification from nonaccretable difference — — — — Disposals (228 ) (88 ) — (316 ) Balance at December 31 $ 2,400 $ 1,268 $ — $ 3,668 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Allowance for Loan Losses | The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior one to five years. Management believes the five-year historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates that are comparable to the current period being analyzed. The actual allowance for loan loss activity is provided below. December 31 December 31 December 31 2015 2014 2013 Balance at beginning of the period $ 16,501 $ 15,992 $ 18,270 Loans charged-off: Commercial Owner occupied real estate 2,208 40 138 Non owner occupied real estate 556 136 937 Residential development — — — Development & Spec Land Loans — 173 182 Commercial and industrial 673 1,453 1,275 Total commercial 3,437 1,802 2,532 Real estate Residential mortgage 288 328 1,055 Residential construction — — — Mortgage warehouse — — — Total real estate 288 328 1,055 Consumer Direct Installment 367 250 333 Direct Installment Purchased — — — Indirect Installment 1,081 1,233 1,178 Home Equity 926 516 1,152 Total consumer 2,374 1,999 2,663 Total loans charged-off 6,099 4,129 6,250 Recoveries of loans previously charged-off: Commercial Owner occupied real estate 104 13 65 Non owner occupied real estate 1 210 71 Residential development — — — Development & Spec Land Loans 35 55 — Commercial and industrial 52 495 532 Total commercial 192 773 668 Real estate Residential mortgage 69 21 114 Residential construction — — — Mortgage warehouse — — — Total real estate 69 21 114 Consumer Direct Installment 106 67 488 Direct Installment Purchased — — — Indirect Installment 489 560 658 Home Equity 114 159 124 Total consumer 709 786 1,270 Total loan recoveries 970 1,580 2,052 Net loans charged-off (recovered) 5,129 2,549 4,198 Provision charged to operating expense Commercial 2,531 2,277 756 Real estate 62 (1,153 ) 1,132 Consumer 569 1,934 32 Total provision charged to operating expense 3,162 3,058 1,920 Balance at the end of the period $ 14,534 $ 16,501 $ 15,992 |
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, 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 December 31, 2014 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 1,589 $ — $ — $ — $ 1,589 Collectively evaluated for impairment 5,827 2,508 1,132 4,951 14,418 Loans acquired with deteriorated credit quality 494 — — — 494 Total ending allowance balance $ 7,910 $ 2,508 $ 1,132 $ 4,951 $ 16,501 Loans: Individually evaluated for impairment $ 11,055 $ — $ — $ — $ 11,055 Collectively evaluated for impairment 664,251 255,383 129,636 321,470 1,370,740 Loans acquired with deteriorated credit quality 591 — — — 591 Total ending loans balance $ 675,897 $ 255,383 $ 129,636 $ 321,470 $ 1,382,386 |
Non-performing Assets and Imp47
Non-performing Assets and Impaired Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Non-accrual, Loans Past Due Over 90 Days Still on Accrual, and Troubled Debt Restructured ("TDRs") by Class of Loans | The following table presents the nonaccrual, loans past due over 90 days still on accrual, and troubled debt restructured (“TDRs”) by class of loans: December 31, 2015 Non-accrual Loans Past Due Over 90 Days Still Accruing 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 December 31, 2014 Non-accrual Loans Past Days Still Accruing Non- Performing Total Non- Commercial Owner occupied real estate $ 1,773 $ — $ — $ 44 $ 1,817 Non owner occupied real estate 7,439 — 217 566 8,222 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 812 — 1,004 — 1,816 Total commercial 10,024 — 1,221 610 11,855 Real estate Residential mortgage 2,297 40 765 2,526 5,628 Residential construction — — 266 — 266 Mortgage warehouse — — — — — Total real estate 2,297 40 1,031 2,526 5,894 Consumer Direct Installment 227 10 — — 237 Direct Installment Purchased — — — — — Indirect Installment 557 47 — — 604 Home Equity 2,207 18 391 1,236 3,852 Total Consumer 2,991 75 391 1,236 4,693 Total $ 15,312 $ 115 $ 2,643 $ 4,372 $ 22,442 |
Commercial Loans Individually Evaluated for Impairment by Class of Loans | The following table presents commercial loans individually evaluated for impairment by class of loans: 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 Twelve Months Ending December 31, 2013 Unpaid Recorded Allowance For Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,293 $ 1,296 $ — $ 1,845 $ 68 Non owner occupied real estate 3,521 3,525 — 2,963 172 Residential development — — — — — Development & Spec Land Loans 23 23 — 25 — Commercial and industrial 390 405 — 712 — Total commercial 5,227 5,249 — 5,545 240 With an allowance recorded Commercial Owner occupied real estate — — — — — Non owner occupied real estate 403 403 202 485 — Residential development — — — — — Development & Spec Land Loans 159 159 48 166 — Commercial and industrial 1,637 1,637 1,062 1,140 31 Total commercial 2,199 2,199 1,312 1,791 31 Total $ 7,426 $ 7,448 $ 1,312 $ 7,336 $ 271 |
Payment Status by Class of Loan | The following table presents the payment status by class of loans: December 31, 2015 30 - 59 Days Past Due 60 - 89 Days Greater than 90 Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 481 $ 18 $ — $ 499 $ 267,782 $ 268,281 Non owner occupied real estate 49 — — 49 326,350 326,399 Residential development — — — — 5,018 5,018 Development & Spec Land Loans — — — — 18,183 18,183 Commercial and industrial 32 — — 32 184,879 184,911 Total commercial 562 18 — 580 802,212 802,792 Real estate Residential mortgage 1,121 344 1 1,466 413,458 414,924 Residential construction — — — — 19,751 19,751 Mortgage warehouse — — — — 144,692 144,692 Total real estate 1,121 344 1 1,466 577,901 579,367 Consumer Direct Installment 106 10 — 116 54,225 54,341 Direct Installment Purchased — — — — 153 153 Indirect Installment 1,186 268 27 1,481 150,042 151,523 Home Equity 1,193 203 — 1,396 155,768 157,164 Total consumer 2,485 481 27 2,993 360,188 363,181 Total $ 4,168 $ 843 $ 28 $ 5,039 $ 1,740,301 $ 1,745,340 Percentage of total loans 0.24 % 0.05 % 0.00 % 0.29 % 99.71 % December 31, 2014 30 - 59 Days 60 - 89 Days Greater than 90 Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 103 $ 645 $ — $ 748 $ 227,632 $ 228,380 Non owner occupied real estate 413 — — 413 296,886 297,299 Residential development — — — — 2,027 2,027 Development & Spec Land Loans — — — — 12,097 12,097 Commercial and industrial 19 1 — 20 133,236 133,256 Total commercial 535 646 — 1,181 671,878 673,059 Real estate Residential mortgage 1,033 193 40 1,266 241,255 242,521 Residential construction — — — — 11,505 11,505 Mortgage warehouse — — — — 129,156 129,156 Total real estate 1,033 193 40 1,266 381,916 383,182 Consumer Direct Installment 113 4 10 127 40,010 40,137 Direct Installment Purchased — — — — 219 219 Indirect Installment 1,042 243 47 1,332 140,536 141,868 Home Equity 1,084 189 18 1,291 137,716 139,007 Total consumer 2,239 436 75 2,750 318,481 321,231 Total $ 3,807 $ 1,275 $ 115 $ 5,197 $ 1,372,275 $ 1,377,472 Percentage of total loans 0.28 % 0.09 % 0.01 % 0.38 % 99.62 % |
Loans by Credit Grades | The following table presents loans by credit grades. 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 % December 31, 2014 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 215,874 $ 7,623 $ 4,883 $ — $ 228,380 Non owner occupied real estate 283,518 4,458 9,323 — 297,299 Residential development 2,027 — — — 2,027 Development & Spec Land Loans 12,018 79 — — 12,097 Commercial and industrial 128,589 1,799 2,868 — 133,256 Total commercial 642,026 13,959 17,074 — 673,059 Real estate Residential mortgage 236,893 — 5,628 — 242,521 Residential construction 11,239 — 266 — 11,505 Mortgage warehouse 129,156 — — — 129,156 Total real estate 377,288 — 5,894 — 383,182 Consumer Direct Installment 39,900 — 237 — 40,137 Direct Installment Purchased 219 — — — 219 Indirect Installment 141,264 — 604 — 141,868 Home Equity 135,155 — 3,852 — 139,007 Total Consumer 316,538 — 4,693 — 321,231 Total $ 1,335,853 $ 13,959 $ 27,661 $ — $ 1,377,472 Percentage of total loans 96.98 % 1.01 % 2.01 % 0.00 % |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | December 31 December 31 Land $ 19,475 $ 16,550 Buildings and improvements 55,341 49,066 Furniture and equipment 15,702 13,795 Total cost 90,518 79,411 Accumulated depreciation (29,720 ) (26,950 ) Net premise and equipment $ 60,798 $ 52,461 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Originated Mortgage Servicing Rights | December 31 December 31 December 31 Mortgage servicing rights Balances, January 1 $ 7,980 $ 7,428 $ 6,169 Servicing rights capitalized 2,974 2,280 2,535 Amortization of servicing rights (1,683 ) (1,728 ) (1,276 ) Balances, December 31 9,271 7,980 7,428 Impairment allowance Balances, January 1 (338 ) (389 ) (1,024 ) Additions (130 ) (95 ) (54 ) Reductions 71 146 689 Balances, December 31 (397 ) (338 ) (389 ) Mortgage servicing rights, net $ 8,874 $ 7,642 $ 7,039 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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. 2015 2014 Balance, January 1 $ 28,176 $ 19,748 Goodwill acquired 21,424 8,428 Balance, December 31 $ 49,600 $ 28,176 |
Amortizable Intangible Assets | Amortizable intangible assets are summarized as follows: December 31, 2015 December 31, 2014 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets Core deposit intangible $ 12,920 $ (5,549 ) $ 8,526 $ (4,561 ) |
Estimated Amortization | Estimated amortization for the years ending December 31 is as follows: 2016 $ 1,106 2017 1,103 2018 1,101 2019 959 2020 662 Thereafter 2,440 $ 7,371 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | December 31 December 31 Noninterest-bearing demand deposits $ 335,955 $ 267,667 Interest-bearing demand deposits 706,739 606,609 Money market (variable rate) 231,956 179,142 Savings deposits 238,956 144,831 Certificates of deposit of $250,000 or more 67,697 137,147 Other certificates and time deposits 298,850 146,923 Total deposits $ 1,880,153 $ 1,482,319 |
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 2016 $ 158,389 $ 9,402 $ 167,791 2017 77,857 5,677 83,534 2018 40,422 1,250 41,672 2019 32,038 — 32,038 2020 24,840 — 24,840 Thereafter 11,018 5,654 16,672 $ 344,564 $ 21,983 $ 366,547 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | December 31 December 31 Federal Home Loan Bank advances, variable and fixed rates ranging from 0.45% to 7.53%, due at various dates through November 15, 2024 $ 158,948 $ 116,473 Securities sold under agreements to repurchase 154,399 139,725 Federal funds purchased 136,000 95,000 Total borrowings $ 449,347 $ 351,198 |
Contractual Maturities | Contractual maturities in years ending December 31 are as follows: 2016 $ 298,235 2017 48,948 2018 28,541 2019 56,777 2020 11,598 Thereafter 5,248 $ 449,347 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Repurchase Agreements Accounted as Secured Borrowings | The following table shows repurchase agreements accounted for as secured borrowings (in thousands): Remaining Contractual Maturity of the Agreements Overnight Up to one One to three Three to Five to ten Beyond ten Total Repurchase Agreements and repurchase-to-maturity transactions Repurchase Agreements $ 59,399 $ — $ 35,000 $ 60,000 $ — $ — $ 154,399 Securities lending transactions U.S. Treasury and federal agencies 5,468 — — — — — 5,468 Federal agency collateralized mortgage obligations 45,975 — 609 213 19,063 33,314 99,174 Federal agency mortgage-backed pools 14,068 — 235 310 15,881 35,641 66,135 Total 65,511 — 844 523 34,944 68,955 170,777 Total borrowings $ (6,112 ) $ — $ 34,156 $ 59,477 $ (34,944 ) $ (68,955 ) $ (16,378 ) Gross amount of recognized liabilities for repurchase agreements and securities lending $ 154,399 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Income Taxes | December 31 December 31 December 31 Income tax expense Currently payable Federal $ 5,270 $ 4,710 $ 3,900 State 241 (149 ) (88 ) Deferred 1,721 1,594 3,236 Total income tax expense $ 7,232 $ 6,155 $ 7,048 Reconciliation of federal statutory to actual tax expense Federal statutory income tax at 35% $ 9,724 $ 8,488 $ 9,424 Tax exempt interest (1,708 ) (1,628 ) (1,517 ) Tax exempt income (488 ) (366 ) (362 ) Other tax exempt income (199 ) (309 ) (342 ) Nondeductible and other (97 ) (30 ) (176 ) Effect of state income taxes — — 21 Actual tax expense $ 7,232 $ 6,155 $ 7,048 |
Reconciliation of Deferred Tax Assets & Liabilities | December 31 December 31 Assets Allowance for loan losses $ 5,329 $ 5,680 Net operating loss (from acquisitions) 1,679 3,509 Director and employee benefits 2,223 1,953 Unrealized loss on AFS securities and fair value hedge 711 588 Accrued Pension 1,725 — Other 1,029 596 Total assets 12,696 12,326 Liabilities Depreciation (2,180 ) (1,563 ) Difference in expense recognition — — State tax (192 ) (126 ) Federal Home Loan Bank stock dividends (343 ) (200 ) Difference in basis of intangible assets (2,938 ) (2,839 ) FHLB Penalty (123 ) (283 ) Other (1,671 ) (1,303 ) Total liabilities (7,447 ) (6,314 ) Net deferred tax asset $ 5,249 $ 6,012 |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Unrealized gain on securities available for sale $ 920 $ 4,018 Unamortized gain on securities held to maturity, previously transferred from AFS 1,109 1,658 Unrealized loss on derivative instruments (3,142 ) (3,337 ) Tax effect 390 (818 ) Total accumulated other comprehensive income (loss) $ (723 ) $ 1,521 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Summary of Regulatory Capital Requirement | Horizon and the Bank’s actual and required capital ratios as of December 31, 2015 and 2014 were as follows: Actual Required For Capital 1 Well Capitalized Under Prompt 1 Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 Total capital 1 Consolidated $ 264,452 13.99 % $ 151,223 8.00 % N/A N/A Bank 237,348 12.57 % 151,057 8.00 % $ 188,821 10.00 % Tier 1 capital 1 Consolidated 249,918 13.22 % 113,427 6.00 % N/A N/A Bank 222,814 11.80 % 113,295 6.00 % 151,060 8.00 % Common equity tier 1 capital 1 Consolidated 204,350 10.81 % 85,067 4.50 % N/A N/A Bank 222,814 11.80 % 84,971 4.50 % 122,737 6.50 % Tier 1 capital 1 Consolidated 249,918 9.82 % 101,800 4.00 % N/A N/A Bank 222,814 8.77 % 101,626 4.00 % 127,032 5.00 % As of December 31, 2014 Total capital 1 Consolidated $ 212,276 14.48 % $ 117,280 8.00 % N/A N/A Bank 192,604 13.08 % 117,801 8.00 % $ 147,251 10.00 % Tier 1 capital 1 Consolidated 195,775 13.35 % 58,659 4.00 % N/A N/A Bank 176,103 11.96 % 58,897 4.00 % 88,346 6.00 % Tier 1 capital 1 Consolidated 195,775 9.76 % 80,236 4.00 % N/A N/A Bank 176,103 8.80 % 80,047 4.00 % 100,059 5.00 % 1 As defined by regulatory agencies |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2013 Dividend yields 2.35 % 2.01 % 1.98 % Volatility factors of expected market price of common stock 28.97 % 29.54 % 29.75 % Risk-free interest rates 2.10 % 2.66 % 2.16 % 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 restricted and performance shares as of December 31, 2015 is presented below: Shares Weighted Non-vested beginning of year 84,757 $ 15.18 Vested (25,059 ) 14.09 Granted 25,001 23.83 Forfeited (2,316 ) 16.64 Non-vested, end of year 82,383 18.19 |
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, 2015, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 77,947 $ 11.35 Granted — — Exercised (33,347 ) 11.63 Forfeited (600 ) 16.46 Outstanding, end of year 44,000 11.07 4.02 $ 743,164 Exercisable, end of year 41,750 10.85 3.90 714,286 |
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, 2015, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 84,147 $ 21.24 Granted 39,944 23.83 Exercised (666 ) 20.24 Forfeited (2,334 ) 22.62 Outstanding, end of year 121,091 22.08 8.28 $ 712,506 Exercisable, end of year 41,412 20.90 7.71 292,263 |
Derivative Financial Instrume58
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Financial Instruments | The following tables summarize the fair value of derivative financial instruments utilized by Horizon: Asset Derivatives December 31, 2015 Liability Derivatives December 31, 2015 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 1,782 Interest rate contracts Other Assets 1,782 Other liabilities 3,141 Total derivatives designated as hedging instruments 1,782 4,923 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 642 Other liabilities — Total derivatives not designated as hedging instruments 642 — Total derivatives $ 2,424 $ 4,923 Asset Derivatives December 31, 2014 Liability Derivatives December 31, 2014 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 1,208 Interest rate contracts Other Assets 1,208 Other liabilities 3,339 Total derivatives designated as hedging instruments 1,208 4,547 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 447 Other liabilities — Total derivatives not designated as hedging instruments 447 — Total derivatives $ 1,655 $ 4,547 |
Effect of Derivative Instruments on Condensed Consolidated Statement of Income Derivative in Cash Flow Hedging Relationship | The effect of the derivative instruments on the consolidated statement of income for the 12-month periods ended is as follows: Amount of Loss Recognized in Other Comprehensive Derivative in cash flow hedging relationship 2015 2014 2013 Interest rate contracts $ 127 $ (332 ) $ 1,734 |
Effect of Derivative Instruments on Consolidated Statement of Income Derivative in Fair Value Hedging Relationship | Amount of Gain (Loss) Recognized on Derivative Location of gain (loss) Years Ended December 31 Derivative in fair value hedging relationship recognized on derivative 2015 2014 2013 Interest rate contracts Interest income - loans $ 574 $ 1,261 $ (2,267 ) Interest rate contracts Interest income - loans (574 ) (1,261 ) 2,267 Total $ — $ — $ — Amount of Gain (Loss) Recognized on Derivative Location of gain (loss) Years Ended December 31 Derivative not designated as hedging relationship recognized on derivative 2015 2014 2013 Mortgage contracts Other income - gain $ 195 $ 256 $ (667 ) |
Disclosures about fair value 59
Disclosures about fair value of assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis | The following table presents the fair value measurements of assets and liabilities recognized in the accompanying 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, 2015 Available-for-sale securities U.S. Treasury and federal agencies $ 5,926 $ — $ 5,926 $ — State and municipal 75,095 — 75,095 — Federal agency collateralized mortgage obligations 156,203 — 156,203 — Federal agency mortgage-backed pools 207,704 — 207,704 — Corporate notes 54 — 54 — Total available-for-sale securities 444,982 — 444,982 — Hedged loans 115,472 — 115,472 — Forward sale commitments 642 — 642 — Interest rate swap agreements (4,923 ) — (4,923 ) — Commitments to originate loans — — — — December 31, 2014 Available-for-sale securities U.S. Treasury and federal agencies $ 26,823 $ — $ 26,823 $ — State and municipal 47,952 — 47,952 — Federal agency collateralized mortgage obligations 122,860 — 122,860 — Federal agency mortgage-backed pools 125,395 — 125,395 — Private labeled mortgage-backed pools 689 — 689 — Corporate notes 45 — 45 — Total available-for-sale securities 323,764 — 323,764 — Hedged loans 101,445 — 101,445 — Forward sale commitments 447 — 447 — Interest rate swap agreements (4,547 ) — (4,547 ) — |
Realized Gains and Losses Included in Net Income for Periods in Consolidated Statements of Income | Realized gains and losses included in net income for the periods are reported in the consolidated statements of income as follows: Non Interest Income Years Ended December 31 Total gains and losses from: 2015 2014 2013 Hedged loans $ 574 $ 1,261 $ (2,267 ) Fair value interest rate swap agreements (574 ) (1,261 ) 2,267 Derivative loan commitments 195 256 (667 ) $ 195 $ 256 $ (667 ) |
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, 2015 Impaired loans $ 6,803 $ — $ — $ 6,803 Mortgage servicing rights 8,874 — — 8,874 December 31, 2014 Impaired loans $ 9,464 $ — $ — $ 9,464 Mortgage servicing rights 7,642 — — 7,642 |
Qualitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill | The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2015. Fair Value at Valuation Unobservable Inputs Range (Weighted Impaired loans $ 6,803 Collateral based Discount to reflect current 10% - 15% (12%) Mortgage servicing rights $ 8,874 Discounted Discount rate, Constant 10% - 15% (12%), 4% - 7% 1% - 10% Fair Value at Valuation Unobservable Inputs Range (Weighted Impaired loans $ 9,464 Collateral based Discount to reflect current 10% - 15% (12%) Mortgage servicing rights $ 7,642 Discounted Discount rate, Constant 10% - 15% (12%), 4% - 7% (4.6%), 1% - 10% (4.5%) |
Fair Value of Financial Instr60
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Estimated Fair Values of Financial Instruments | The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall. December 31, 2015 Carrying Quoted Prices (Level 1) Significant Significant (Level 3) Assets Cash and due from banks $ 48,650 $ 48,650 $ — $ — Investment securities, held to maturity 187,629 — 193,703 — Loans held for sale 7,917 — — 7,917 Loans excluding loan level hedges, net 1,619,125 — — 1,703,506 Stock in FHLB and FRB 13,823 — 13,823 — Interest receivable 10,535 — 10,535 — Liabilities Non-interest bearing deposits $ 335,955 $ 335,955 $ — $ — Interest-bearing deposits 1,544,198 — 1,461,314 — Borrowings 449,347 — 441,547 — Subordinated debentures 32,797 — 32,996 — Interest payable 507 — 507 — December 31, 2014 Carrying Quoted Prices (Level 1) Significant Significant (Level 3) Assets Cash and due from banks $ 43,476 $ 43,476 $ — $ — Investment securities, held to maturity 165,767 — — 169,904 Loans held for sale 6,143 — — 6,143 Loans excluding loan level hedges, net 1,260,608 — — 1,295,133 Stock in FHLB and FRB 11,348 — 11,348 — Interest receivable 8,246 — 8,246 — Liabilities Non-interest bearing deposits $ 267,667 $ 267,667 $ — $ — Interest-bearing deposits 1,214,652 — 1,158,912 — Borrowings 351,198 — 348,597 — Subordinated debentures 32,642 — 32,669 — Interest payable 497 — 497 — |
Condensed Financial Informati61
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31 December 31 Assets Total cash and cash equivalents $ 26,507 $ 19,195 Investment in Bank 276,718 211,928 Other assets 3,392 2,758 Total assets $ 306,617 $ 233,881 Liabilities Subordinated debentures $ 32,797 $ 32,642 Other liabilities 6,988 6,825 Stockholders’ Equity 266,832 194,414 Total liabilities and stockholders’ equity $ 306,617 $ 233,881 |
Condensed Statements of Income | Condensed Statements of Income Years Ended December 31 2015 2014 2013 Operating Income (Expense) Dividend income from Bank $ 30,470 $ 12,500 $ 7,500 Investment income 15 12 4 Other income 24 17 175 Interest expense (2,009 ) (2,009 ) (2,010 ) Employee benefit expense (1,093 ) (965 ) (811 ) Other expense 910 883 646 Income Before Undistributed Income of Subsidiaries 28,317 10,438 5,504 Undistributed Income of Subsidiaries (8,168 ) 6,814 13,144 Income Before Tax 20,149 17,252 18,648 Income Tax Benefit 400 849 1,228 Net Income 20,549 18,101 19,876 Preferred stock dividend (125 ) (133 ) (370 ) Net Income Available to Common Shareholders $ 20,424 $ 17,968 $ 19,506 Net Income $ 20,549 $ 18,101 $ 19,876 Other Comprehensive Income (Loss) Change in fair value of derivative instruments, net of taxes 127 (332 ) 1,734 Unrealized appreciation for the period on held-to-maturity securities, net of taxes (357 ) 1,078 — Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (1,891 ) 3,146 (12,320 ) Less: reclassification adjustment for realized gains included in net income, net of taxes (123 ) (642 ) (244 ) (2,244 ) 3,250 (10,830 ) Comprehensive Income $ 18,305 $ 21,351 $ 9,046 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31 2015 2014 2013 Operating Activities Net income $ 20,549 $ 18,101 $ 19,876 Items not requiring (providing) cash Equity in undistributed net income of subsidiaries 8,168 (6,814 ) (13,144 ) Change in Share based compensation 288 203 48 Amortization of unearned compensation 355 363 288 Other assets (634 ) 906 (167 ) Other liabilities (13 ) 1,377 97 Net cash provided by operating activities 28,713 14,136 6,998 Investing Activities Acquisition of Summit — (7,036 ) — Acquisition of Peoples (19,365 ) — — Net cash used in investing activities (19,365 ) (7,036 ) — Financing Activities Dividends paid on preferred shares (125 ) (133 ) (370 ) Dividends paid on common shares (6,216 ) (4,744 ) (3,655 ) Exercise of stock options 4,305 165 195 Net cash used in financing activities (2,036 ) (4,712 ) (3,830 ) Net Change in Cash and Cash Equivalents 7,312 2,388 3,168 Cash and Cash Equivalents at Beginning of Year 19,195 16,807 13,639 Cash and Cash Equivalents at End of Year $ 26,507 $ 19,195 $ 16,807 |
Quarterly Results of Operatio62
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 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 $ 0.58 $ 0.51 $ 0.37 $ 0.51 Diluted 0.55 0.49 0.36 0.51 Average shares outstanding: Basic 9,216,011 9,240,005 11,605,976 11,937,247 Diluted 9,609,506 9,637,586 11,893,254 12,013,743 Three Months Ended 2014 March 31 June 30 September 30 December 31 Interest income $ 16,467 $ 20,122 $ 19,851 $ 19,765 Interest expense 3,195 3,334 3,451 3,242 Net interest income 13,272 16,788 16,400 16,523 Provision for loan losses — 339 1,741 978 Gain on sale of securities — — 988 — Net income 3,417 4,778 4,958 4,948 Net income available to common shareholders $ 3,386 $ 4,747 $ 4,918 $ 4,917 Earnings per share: Basic $ 0.39 $ 0.52 $ 0.53 $ 0.53 Diluted 0.38 0.50 0.51 0.51 Average shares outstanding: Basic 8,630,966 9,182,986 9,208,707 9,212,156 Diluted 9,021,786 9,560,939 9,588,332 9,628,240 |
Nature of Operations and Summ63
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Valuation_TechniquesFacilitiesBusinessshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Schedule Of Accounting Policies [Line Items] | |||
Full service facilities maintained by bank | Facilities | 46 | ||
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 | 8.00% | ||
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 | $ 7,400,000 | ||
Goodwill | $ 49,600,000 | $ 28,176,000 | $ 19,748,000 |
Uncertain tax positions recognized | 50.00% | ||
Shares, non-dilutive | shares | 2,500 | 2,500 | 0 |
Amount available for payment of dividend | $ 12,700,000 | ||
Cash and cash equivalents maximum maturity period | 1 day | ||
Compensation expense | $ 643,000 | $ 566,000 | $ 336,000 |
Reclassifications effect on net income | $ 0 | ||
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 Summ64
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, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic earnings per share | |||||||||||
Net income | $ 6,175 | $ 4,288 | $ 4,728 | $ 5,358 | $ 4,948 | $ 4,958 | $ 4,778 | $ 3,417 | $ 20,549 | $ 18,101 | $ 19,876 |
Less: Preferred stock dividends | 125 | 133 | 370 | ||||||||
Net income available to common shareholders | $ 6,144 | $ 4,257 | $ 4,697 | $ 5,327 | $ 4,917 | $ 4,918 | $ 4,747 | $ 3,386 | $ 20,424 | $ 17,968 | $ 19,506 |
Weighted average common shares outstanding | 11,937,247 | 11,605,976 | 9,240,005 | 9,216,011 | 9,212,156 | 9,208,707 | 9,182,986 | 8,630,966 | 10,510,296 | 9,060,702 | 8,619,330 |
Basic Earnings Per Share | $ 0.51 | $ 0.37 | $ 0.51 | $ 0.58 | $ 0.53 | $ 0.53 | $ 0.52 | $ 0.39 | $ 1.94 | $ 1.98 | $ 2.26 |
Diluted earnings per share | |||||||||||
Net income available to common shareholders | $ 20,424 | $ 17,968 | $ 19,506 | ||||||||
Weighted average common shares outstanding | 11,937,247 | 11,605,976 | 9,240,005 | 9,216,011 | 9,212,156 | 9,208,707 | 9,182,986 | 8,630,966 | 10,510,296 | 9,060,702 | 8,619,330 |
Effect of dilutive securities: | |||||||||||
Warrants | 220,316 | 315,679 | 303,970 | ||||||||
Weighted average shares outstanding | 12,013,743 | 11,893,254 | 9,637,586 | 9,609,506 | 9,628,240 | 9,588,332 | 9,560,939 | 9,021,786 | 10,798,208 | 9,454,125 | 9,000,963 |
Diluted Earnings Per Share | $ 0.51 | $ 0.36 | $ 0.49 | $ 0.55 | $ 0.51 | $ 0.51 | $ 0.50 | $ 0.38 | $ 1.89 | $ 1.90 | $ 2.17 |
Restricted Stock [Member] | |||||||||||
Effect of dilutive securities: | |||||||||||
Effect of dilutive securities | 32,010 | 39,476 | 40,160 | ||||||||
Stock Options [Member] | |||||||||||
Effect of dilutive securities: | |||||||||||
Effect of dilutive securities | 35,586 | 38,268 | 37,503 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) | Jul. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 03, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||
Common stock, shares outstanding | 11,939,887 | 9,213,036 | |||
Acquisition of goodwill | $ 49,600,000 | $ 28,176,000 | $ 19,748,000 | ||
Peoples Bancorp Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Exchange ratio per share | 95.00% | ||||
Share of common stock outstanding per share | $ 9.75 | ||||
Common stock, shares outstanding | 2,311,858 | ||||
Common stock issued | 2,192,202 | ||||
Market closing price per share | $ 25.32 | ||||
Total estimated purchase price | $ 78,147,000 | ||||
Costs related to the acquisition | $ 4,900,000 | ||||
Net intangible assets acquired | 4,394,000 | ||||
Acquisition of goodwill | 21,424,000 | ||||
Purchase price of the business assets, portion deductible | 0 | ||||
Core deposit intangible amortization period | 7 years | ||||
Loan portfolio acquired | 228,600,000 | ||||
Discount on loan portfolio acquired | 4,800,000 | ||||
Performing portion of the loan portfolio acquired | 223,400,000 | ||||
Estimated fair value of performing portion of the loan portfolio | $ 220,000,000 | ||||
Operating revenue, net of tax | $ 2,300,000 | ||||
Non-recurring expense, net of tax | $ 3,300,000 | ||||
Peoples Bancorp Inc [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Share of common stock outstanding per share | $ 33.14 | ||||
Number of shares owned | 100 | ||||
Summit [Member] | |||||
Business Acquisition [Line Items] | |||||
Exchange ratio per share | 49.04% | ||||
Share of common stock outstanding per share | $ 5.15 | ||||
Common stock, shares outstanding | 1,164,442 | ||||
Common stock issued | 570,820 | ||||
Market closing price per share | $ 22.23 | ||||
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 | 7 years | ||||
Loan portfolio acquired | 130,500,000 | ||||
Discount on loan portfolio acquired | 6,400,000 | ||||
Performing portion of the loan portfolio acquired | 106,200,000 | ||||
Estimated fair value of performing portion of the loan portfolio | 104,600,000 | ||||
Date of acquisition agreement | Apr. 3, 2014 | ||||
Net tangible assets acquired | $ 19,900,000 |
Acquisition - Schedule of Final
Acquisition - Schedule of Final Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jul. 01, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Goodwill | $ 49,600 | $ 28,176 | $ 19,748 | |
Total assets purchased | 148,200 | |||
Common shares issued | 55,506 | 12,689 | ||
Cash paid | 22,641 | $ 6,207 | ||
Deposits | ||||
Total liabilities assumed | $ 122,800 | |||
Peoples Bancorp Inc [Member] | ||||
ASSETS | ||||
Cash and due from banks | $ 205,054 | |||
Investment securities, held to maturity | 2,038 | |||
Total loans | 224,359 | |||
Premises and equipment, net | 5,524 | |||
FRB and FHLB stock | 2,743 | |||
Goodwill | 21,424 | |||
Core deposit intangible | 4,394 | |||
Interest receivable | 1,279 | |||
Cash value of life insurance | 13,898 | |||
Other assets | 4,364 | |||
Total assets purchased | 485,077 | |||
Common shares issued | 55,506 | |||
Cash paid | 22,641 | |||
Total estimated purchase price | 78,147 | |||
Deposits | ||||
Non-interest bearing | 28,251 | |||
NOW accounts | 65,771 | |||
Savings and money market | 125,176 | |||
Certificates of deposits | 131,889 | |||
Total deposits | 351,087 | |||
Borrowings | 48,884 | |||
Interest payable | 21 | |||
Other liabilities | 6,938 | |||
Total liabilities assumed | 406,930 | |||
Peoples Bancorp Inc [Member] | Residential Mortgage [Member] | ||||
ASSETS | ||||
Total loans | 137,331 | |||
Peoples Bancorp Inc [Member] | Commercial [Member] | ||||
ASSETS | ||||
Total loans | 67,435 | |||
Peoples Bancorp Inc [Member] | Consumer [Member] | ||||
ASSETS | ||||
Total loans | $ 19,593 |
Acquisition - Schedule of Acqui
Acquisition - Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 (Detail) - USD ($) $ in Thousands | Jul. 01, 2015 | Apr. 03, 2014 |
Peoples Bancorp Inc [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | $ 5,730 | |
Contractual cash flows not expected to be collected (nonaccretable differences) | 715 | |
Expected cash flows at acquisition | 5,015 | |
Interest component of expected cash flows (accretable discount) | 647 | |
Fair value of acquired loans accounted for under ASC 310-30 | $ 4,368 | |
Summit [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | $ 14,460 | |
Contractual cash flows not expected to be collected (nonaccretable differences) | 3,146 | |
Expected cash flows at acquisition | 11,314 | |
Interest component of expected cash flows (accretable discount) | 1,688 | |
Fair value of acquired loans accounted for under ASC 310-30 | $ 9,626 |
Acquisition - Pro Forma Result
Acquisition - Pro Forma Result of Comparable Prior Reporting Period (Detail) - Peoples Bancorp Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 21,372 |
Basic Earnings Per Share | $ 1.90 | $ 1.87 |
Diluted Earnings Per Share | $ 1.85 | $ 1.81 |
Acquisition - Schedule of Preli
Acquisition - Schedule of Preliminary Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 03, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Goodwill | $ 49,600,000 | $ 28,176,000 | $ 19,748,000 | |
Total assets purchased | 148,200,000 | |||
Deposits | ||||
Total liabilities assumed | $ 122,800,000 | |||
Summit [Member] | ||||
ASSETS | ||||
Cash and due from banks | $ 15,161,000 | |||
Total loans | 124,081,000 | |||
Premises and equipment, net | 2,548,000 | |||
FRB and FHLB stock | 2,136,000 | |||
Goodwill | 8,428,000 | |||
Core deposit intangible | 822,000 | |||
Interest receivable | 347,000 | |||
Cash value of life insurance | 2,185,000 | |||
Other assets | 2,877,000 | |||
Total assets purchased | 158,585,000 | |||
Deposits | ||||
Non-interest bearing | 27,274,000 | |||
NOW accounts | 16,332,000 | |||
Savings and money market | 35,045,000 | |||
Certificates of deposits | 42,368,000 | |||
Total deposits | 121,019,000 | |||
Borrowings | 16,990,000 | |||
Interest payable | 52,000 | |||
Other liabilities | 599,000 | |||
Total liabilities assumed | 138,660,000 | |||
Summit [Member] | Residential Mortgage [Member] | ||||
ASSETS | ||||
Total loans | 43,448,000 | |||
Summit [Member] | Commercial [Member] | ||||
ASSETS | ||||
Total loans | 70,441,000 | |||
Summit [Member] | Consumer [Member] | ||||
ASSETS | ||||
Total loans | $ 10,192,000 |
Cash Equivalents - Additional I
Cash Equivalents - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Cash and Cash Equivalents [Abstract] | |
Cash equivalent maximum maturity period | 3 months |
Increase in Cash account over the insured limit | $ 5 |
Securities - Fair Value of Secu
Securities - Fair Value of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | $ 444,062 | $ 319,746 |
Held-to-maturity, Amortized Cost | 187,629 | 165,767 |
Gross Unrealized Gains | 3,971 | 5,697 |
Held-to-maturity, Gross Unrealized Gains | 6,636 | 4,244 |
Gross Unrealized Losses | (3,051) | (1,679) |
Held-to-maturity, Gross Unrealized Losses | (562) | (107) |
Available-for-sale Securities, Fair Value | 444,982 | 323,764 |
Held-to-maturity, Fair Value | 193,703 | 169,904 |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 5,940 | 26,996 |
Held-to-maturity, Amortized Cost | 5,859 | 9,804 |
Gross Unrealized Gains | 3 | 56 |
Held-to-maturity, Gross Unrealized Gains | 93 | 82 |
Gross Unrealized Losses | (17) | (229) |
Available-for-sale Securities, Fair Value | 5,926 | 26,823 |
Held-to-maturity, Fair Value | 5,952 | 9,886 |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 73,829 | 46,535 |
Held-to-maturity, Amortized Cost | 146,331 | 129,595 |
Gross Unrealized Gains | 1,299 | 1,462 |
Held-to-maturity, Gross Unrealized Gains | 5,375 | 3,398 |
Gross Unrealized Losses | (33) | (45) |
Held-to-maturity, Gross Unrealized Losses | (253) | (106) |
Available-for-sale Securities, Fair Value | 75,095 | 47,952 |
Held-to-maturity, Fair Value | 151,453 | 132,887 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 157,291 | 122,930 |
Held-to-maturity, Amortized Cost | 9,051 | 4,039 |
Gross Unrealized Gains | 567 | 975 |
Held-to-maturity, Gross Unrealized Gains | 27 | 35 |
Gross Unrealized Losses | (1,655) | (1,045) |
Held-to-maturity, Gross Unrealized Losses | (124) | (1) |
Available-for-sale Securities, Fair Value | 156,203 | 122,860 |
Held-to-maturity, Fair Value | 8,954 | 4,073 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 206,970 | 122,583 |
Held-to-maturity, Amortized Cost | 26,388 | 22,329 |
Gross Unrealized Gains | 2,080 | 3,172 |
Held-to-maturity, Gross Unrealized Gains | 1,141 | 729 |
Gross Unrealized Losses | (1,346) | (360) |
Held-to-maturity, Gross Unrealized Losses | (185) | |
Available-for-sale Securities, Fair Value | 207,704 | 125,395 |
Held-to-maturity, Fair Value | 27,344 | 23,058 |
Private Labeled Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 670 | |
Gross Unrealized Gains | 19 | |
Available-for-sale Securities, Fair Value | 689 | |
Corporate Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 32 | 32 |
Gross Unrealized Gains | 22 | 13 |
Available-for-sale Securities, Fair Value | $ 54 | $ 45 |
Securities - Additional Informa
Securities - Additional Information (Detail) | Apr. 01, 2014USD ($)Security | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
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 | 66,000 | $ 346,000 | $ 131,000 | |
Pledged of Fair Value of Securities as collateral | 168,900,000 | |||
Amortization cost of securities as Collateral not Separately Reported | 167,700,000 | |||
Debt Instrument Repurchase Agreement | 154,400,000 | |||
Securities Pledged for Federal Home Loan Bank At Fair Value | 90,700,000 | |||
Securities for Federal Home Loan Bank Not Separately Reported | 88,700,000 | |||
Securities Pledged For Derivative At Fair Value | 12,700,000 | |||
Securities Pledged For Derivative At Amortized Cost | 12,500,000 | |||
Debt Instrument Derivative Swap Agreement | 4,900,000 | |||
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, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost within one year | $ 7,192 | $ 6,098 |
Amortized cost one to five years | 38,197 | 44,720 |
Amortized cost for five to ten years | 16,807 | 16,147 |
Amortized cost for after ten years | 17,605 | 6,598 |
Total amortized cost | 79,801 | 73,563 |
Total available for sale investment securities, Amortized Cost | 444,062 | 319,746 |
Within one year, amortized cost | 0 | 0 |
One to five years, amortized cost | 17,815 | 592 |
Five to ten years, amortized cost | 106,167 | 99,225 |
After ten years, amortized cost | 28,208 | 39,582 |
Total amortized cost | 152,190 | 139,399 |
Total held to maturity investment securities, amortized cost | 187,629 | 165,767 |
Fair value within one year | 7,232 | 6,169 |
Fair value for one to five years | 38,894 | 45,093 |
Fair value for five to ten years | 17,152 | 16,768 |
Fair value for after ten years | 17,797 | 6,790 |
Total fair value | 81,075 | 74,820 |
Investment securities, available for sale | 444,982 | 323,764 |
Within one year, fair value | 0 | 0 |
One to five years, fair value | 18,403 | 593 |
five to ten years, fair value | 110,026 | 101,323 |
After ten years, fair value | 28,976 | 40,857 |
Total fair value | 157,404 | 142,773 |
Held-to-maturity, Fair Value | 193,703 | 169,904 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 157,291 | 122,930 |
Total held to maturity investment securities, amortized cost | 9,051 | 4,039 |
Investment securities, available for sale | 156,203 | 122,860 |
Held-to-maturity, Fair Value | 8,954 | 4,073 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 206,970 | 122,583 |
Total held to maturity investment securities, amortized cost | 26,388 | 22,329 |
Investment securities, available for sale | 207,704 | 125,395 |
Held-to-maturity, Fair Value | $ 27,344 | 23,058 |
Private Labeled Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 670 | |
Investment securities, available for sale | $ 689 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value of Company's Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | $ 225,524 | $ 34,286 |
Fair value more than 12 months | 42,380 | 90,657 |
Total fair value | 267,904 | 124,943 |
Unrealized losses less than 12 months | (2,632) | (225) |
Unrealized losses more than 12 months | (980) | (1,560) |
Total unrealized losses | (3,613) | (1,785) |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 5,468 | 2,993 |
Fair value more than 12 months | 20,762 | |
Total fair value | 5,468 | 23,755 |
Unrealized losses less than 12 months | (17) | (7) |
Unrealized losses more than 12 months | (222) | |
Total unrealized losses | (17) | (229) |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 17,353 | 10,287 |
Fair value more than 12 months | 446 | 2,050 |
Total fair value | 17,799 | 12,337 |
Unrealized losses less than 12 months | (280) | (121) |
Unrealized losses more than 12 months | (6) | (30) |
Total unrealized losses | (286) | (151) |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 89,459 | 15,013 |
Fair value more than 12 months | 25,428 | 39,801 |
Total fair value | 114,887 | 54,814 |
Unrealized losses less than 12 months | (1,123) | (88) |
Unrealized losses more than 12 months | (655) | (957) |
Total unrealized losses | (1,779) | (1,045) |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 113,244 | 5,993 |
Fair value more than 12 months | 16,506 | 28,044 |
Total fair value | 129,750 | 34,037 |
Unrealized losses less than 12 months | (1,212) | (9) |
Unrealized losses more than 12 months | (319) | (351) |
Total unrealized losses | $ (1,531) | $ (360) |
Securities - Sales of Securitie
Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds | $ 43,051 | $ 45,228 | $ 23,853 |
Gross gains | 254 | $ 988 | 382 |
Gross losses | $ (65) | $ (8) |
Loans - Amounts of Loans (Detai
Loans - Amounts of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage warehouse | $ 144,692 | $ 129,156 | ||
Total loans | 1,749,131 | 1,378,554 | ||
Allowance for loan losses | (14,534) | (16,501) | $ (15,992) | $ (18,270) |
Loans, net | 1,734,597 | 1,362,053 | ||
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial, Total | 804,995 | 674,314 | ||
Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 437,144 | 254,625 | ||
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer, Total | 362,300 | 320,459 | ||
Working Capital and Equipment [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial, Total | 381,245 | 300,940 | ||
Real Estate Including Agriculture [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial, Total | 391,668 | 343,455 | ||
Tax Exempt Loans Receivable [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial, Total | 8,674 | 8,595 | ||
Other Commercial Loans [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial, Total | 23,408 | 21,324 | ||
1-4 Family [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 433,015 | 250,799 | ||
Other Real Estate Loans [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 4,129 | 3,826 | ||
Auto [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer, Total | 168,397 | 154,538 | ||
Recreation Consumer Loans Receivable [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer, Total | 5,365 | 5,673 | ||
Real Estate Home Improvement Loans Receivable [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer, Total | 47,015 | 38,288 | ||
Home Equity Loan [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer, Total | 127,113 | 112,426 | ||
Unsecured Debt [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer, Total | 4,120 | 3,613 | ||
Other Consumer Loans [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer, Total | $ 10,290 | $ 5,921 |
Loans - Additional Information
Loans - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Period of loan sold | 30 days |
Minimum period seldom held | 90 days |
Mortgage warehousing maximum pay off period | 30 days |
Loans - Recorded Investment of
Loans - Recorded Investment of Individual Loan Categories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | $ 1,745,340 | $ 1,377,472 | ||
Net loans | 1,730,806 | 1,360,971 | ||
Interest Due | 5,115 | 3,832 | ||
Deferred Fees / (Costs) | 3,792 | 1,082 | ||
Recorded Investment | 1,754,247 | 1,382,386 | ||
Recorded Investment | 1,739,713 | 1,365,885 | ||
Allowance for loan losses | (14,534) | (16,501) | $ (15,992) | $ (18,270) |
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 802,792 | 673,059 | ||
Interest Due | 2,207 | 1,583 | ||
Deferred Fees / (Costs) | 2,203 | 1,255 | ||
Recorded Investment | 807,202 | 675,897 | ||
Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 579,367 | 383,182 | ||
Interest Due | 1,789 | 1,238 | ||
Deferred Fees / (Costs) | 2,470 | 599 | ||
Recorded Investment | 583,626 | 385,019 | ||
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 363,181 | 321,231 | ||
Interest Due | 1,119 | 1,011 | ||
Deferred Fees / (Costs) | (881) | (772) | ||
Recorded Investment | 363,419 | 321,470 | ||
Owner Occupied Real Estate [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 268,281 | 228,380 | ||
Interest Due | 613 | 385 | ||
Deferred Fees / (Costs) | 1,328 | 680 | ||
Recorded Investment | 270,222 | 229,445 | ||
Non Owner Occupied Real Estate [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 326,399 | 297,299 | ||
Interest Due | 306 | 309 | ||
Deferred Fees / (Costs) | 497 | 506 | ||
Recorded Investment | 327,202 | 298,114 | ||
Residential Spec Homes [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 5,018 | 2,027 | ||
Interest Due | 9 | 2 | ||
Deferred Fees / (Costs) | 17 | |||
Recorded Investment | 5,044 | 2,029 | ||
Development & Spec Land Loans [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 18,183 | 12,097 | ||
Interest Due | 33 | 28 | ||
Deferred Fees / (Costs) | 26 | 30 | ||
Recorded Investment | 18,242 | 12,155 | ||
Commercial and Industrial [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 184,911 | 133,256 | ||
Interest Due | 1,246 | 859 | ||
Deferred Fees / (Costs) | 335 | 39 | ||
Recorded Investment | 186,492 | 134,154 | ||
Residential Mortgage [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 414,924 | 242,521 | ||
Interest Due | 1,275 | 737 | ||
Deferred Fees / (Costs) | 2,470 | 599 | ||
Recorded Investment | 418,669 | 243,857 | ||
Residential Construction [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 19,751 | 11,505 | ||
Interest Due | 34 | 21 | ||
Recorded Investment | 19,785 | 11,526 | ||
Mortgage Warehousing [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 144,692 | 129,156 | ||
Interest Due | 480 | 480 | ||
Recorded Investment | 145,172 | 129,636 | ||
Direct Installment [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 54,341 | 40,137 | ||
Interest Due | 168 | 129 | ||
Deferred Fees / (Costs) | (359) | (375) | ||
Recorded Investment | 54,150 | 39,891 | ||
Direct Installment Purchased [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 153 | 219 | ||
Recorded Investment | 153 | 219 | ||
Indirect Installment [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 151,523 | 141,868 | ||
Interest Due | 323 | 314 | ||
Deferred Fees / (Costs) | (163) | |||
Recorded Investment | 151,846 | 142,019 | ||
Home Equity Loan [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 157,164 | 139,007 | ||
Interest Due | 628 | 568 | ||
Deferred Fees / (Costs) | (522) | (234) | ||
Recorded Investment | $ 157,270 | $ 139,341 |
Accounting for Certain Loans 79
Accounting for Certain Loans Acquired in a Transfer - Amounts of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 1,749,131 | $ 1,378,554 |
Carrying amount, net of allowance | 1,730,806 | 1,360,971 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 10,390 | 15,626 |
Carrying amount, net of allowance | 10,327 | 15,267 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 8,261 | 13,217 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2,088 | 2,358 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 41 | 51 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Heartland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2,332 | 6,400 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Heartland [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,633 | 5,492 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Heartland [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 693 | 900 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Heartland [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 6 | 8 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Summit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 6,818 | 9,226 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Summit [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 5,567 | 7,725 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Summit [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,216 | 1,458 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Summit [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 35 | $ 43 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | Peoples Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 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 | 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 | $ 179 |
Accounting for Certain Loans 80
Accounting for Certain Loans Acquired in a Transfer - Amounts of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 14,534 | $ 16,501 | $ 15,992 | $ 18,270 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 63 | $ 359 |
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, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | $ 3,668 | $ 3,185 |
Additions | 647 | 1,688 |
Accretion | (725) | (889) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (1,532) | (316) |
Balance at December 31 | 2,058 | 3,668 |
Heartland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 2,400 | 3,185 |
Accretion | (327) | (557) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (1,278) | (228) |
Balance at December 31 | 795 | 2,400 |
Summit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 1,268 | |
Additions | 1,688 | |
Accretion | (315) | (332) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (245) | (88) |
Balance at December 31 | 708 | 1,268 |
Peoples Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | 647 | |
Accretion | (83) | |
Reclassification from nonaccretable difference | 0 | $ 0 |
Disposals | (9) | |
Balance at December 31 | $ 555 |
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, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||||||||
Total provision charged to operating expense | $ 342,000 | $ 300,000 | $ 1,906,000 | $ 614,000 | $ 978,000 | $ 1,741,000 | $ 339,000 | $ 3,162,000 | $ 3,058,000 | $ 1,920,000 |
Loans Purchased With Evidence Of Credit Deterioration [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total provision charged to operating expense | (190,000) | 253,000 | ||||||||
Allowances for loan losses | $ 63,000 | $ 283,000 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Scenario, Actual [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Actual loss history experienced by the Company | 5 years |
Minimum [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Actual loss history experienced by the Company | 1 year |
Maximum [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Actual loss history experienced by the Company | 5 years |
Allowance for loan losses charge down family first and junior lien mortgages past due period | 180 days |
Allowance for loan losses charge down unsecured open end loans past due period | 90 days |
Allowance for loan losses charge down other secured loans past due period | 90 days |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Balance at beginning of the period | $ 16,501 | $ 16,501 | $ 15,992 | $ 18,270 | ||||||
Total loans charged-off | 6,099 | 4,129 | 6,250 | |||||||
Total loan recoveries | 970 | 1,580 | 2,052 | |||||||
Net loans charged-off (recovered) | 5,129 | 2,549 | 4,198 | |||||||
Total provision charged to operating expense | $ 342 | $ 300 | $ 1,906 | $ 614 | $ 978 | $ 1,741 | $ 339 | 3,162 | 3,058 | 1,920 |
Balance at the end of the period | $ 14,534 | $ 16,501 | 14,534 | 16,501 | 15,992 | |||||
Commercial [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Total loans charged-off | 3,437 | 1,802 | 2,532 | |||||||
Total loan recoveries | 192 | 773 | 668 | |||||||
Total provision charged to operating expense | 2,531 | 2,277 | 756 | |||||||
Commercial [Member] | Owner Occupied Real Estate [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Total loans charged-off | 2,208 | 40 | 138 | |||||||
Total loan recoveries | 104 | 13 | 65 | |||||||
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Total loans charged-off | 556 | 136 | 937 | |||||||
Total loan recoveries | 1 | 210 | 71 | |||||||
Commercial [Member] | Development & Spec Land Loans [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Total loans charged-off | 173 | 182 | ||||||||
Total loan recoveries | 35 | 55 | ||||||||
Commercial [Member] | Commercial and Industrial [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Total loans charged-off | 673 | 1,453 | 1,275 | |||||||
Total loan recoveries | 52 | 495 | 532 | |||||||
Real Estate [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Total loans charged-off | 288 | 328 | 1,055 | |||||||
Total loan recoveries | 69 | 21 | 114 | |||||||
Total provision charged to operating expense | 62 | (1,153) | 1,132 | |||||||
Real Estate [Member] | Residential Mortgage [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Total loans charged-off | 288 | 328 | 1,055 | |||||||
Total loan recoveries | 69 | 21 | 114 | |||||||
Consumer [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Total loans charged-off | 2,374 | 1,999 | 2,663 | |||||||
Total loan recoveries | 709 | 786 | 1,270 | |||||||
Total provision charged to operating expense | 569 | 1,934 | 32 | |||||||
Consumer [Member] | Direct Installment [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Total loans charged-off | 367 | 250 | 333 | |||||||
Total loan recoveries | 106 | 67 | 488 | |||||||
Consumer [Member] | Indirect Installment [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Total loans charged-off | 1,081 | 1,233 | 1,178 | |||||||
Total loan recoveries | 489 | 560 | 658 | |||||||
Consumer [Member] | Home Equity Loan [Member] | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Total loans charged-off | 926 | 516 | 1,152 | |||||||
Total loan recoveries | $ 114 | $ 159 | $ 124 |
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total ending allowance balance | $ 14,534 | $ 16,501 | $ 15,992 | $ 18,270 |
Total ending loans balance | 7,019 | 11,055 | $ 7,448 | |
Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Individually evaluated for impairment | 202 | 1,589 | ||
Allowance For Loan Losses, Collectively evaluated for impairment | 14,078 | 14,418 | ||
Total ending allowance balance | 14,534 | 16,501 | ||
Allowance for Loan Losses [Member] | Loans and Allowance Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Loans acquired with deteriorated credit quality | 254 | 494 | ||
Commercial [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Individually evaluated for impairment | 202 | 1,589 | ||
Allowance For Loan Losses, Collectively evaluated for impairment | 6,739 | 5,827 | ||
Total ending allowance balance | 7,195 | 7,910 | ||
Commercial [Member] | Allowance for Loan Losses [Member] | Loans and Allowance Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Loans acquired with deteriorated credit quality | 254 | 494 | ||
Real Estate [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Collectively evaluated for impairment | 2,476 | 2,508 | ||
Total ending allowance balance | 2,476 | 2,508 | ||
Consumer [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Collectively evaluated for impairment | 3,856 | 4,951 | ||
Total ending allowance balance | 3,856 | 4,951 | ||
Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Individually evaluated for impairment | 7,019 | 11,055 | ||
Loans: Collectively evaluated for impairment | 1,745,499 | 1,370,740 | ||
Total ending loans balance | 1,754,247 | 1,382,386 | ||
Loans [Member] | Loans and Allowance Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 1,729 | 591 | ||
Loans [Member] | Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Individually evaluated for impairment | 7,019 | 11,055 | ||
Loans: Collectively evaluated for impairment | 798,454 | 664,251 | ||
Total ending loans balance | 807,202 | 675,897 | ||
Loans [Member] | Commercial [Member] | Loans and Allowance Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 1,729 | 591 | ||
Loans [Member] | Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Collectively evaluated for impairment | 438,454 | 255,383 | ||
Total ending loans balance | 438,454 | 255,383 | ||
Loans [Member] | Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Collectively evaluated for impairment | 363,419 | 321,470 | ||
Total ending loans balance | 363,419 | 321,470 | ||
Mortgage Warehousing [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Collectively evaluated for impairment | 1,007 | 1,132 | ||
Total ending allowance balance | 1,007 | 1,132 | ||
Mortgage Warehousing [Member] | Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Collectively evaluated for impairment | 145,172 | 129,636 | ||
Total ending loans balance | $ 145,172 | $ 129,636 |
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, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 12,262 | $ 15,312 |
Loans Past Due Over 90 Days Still Accruing | 28 | 115 |
Non-Performing TDRs | 3,172 | 2,643 |
Performing TDRs | 1,218 | 4,372 |
Total Non-Performing Loans | 16,680 | 22,442 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 5,030 | 10,024 |
Non-Performing TDRs | 1,915 | 1,221 |
Performing TDRs | 60 | 610 |
Total Non-Performing Loans | 7,005 | 11,855 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,749 | 1,773 |
Performing TDRs | 44 | |
Total Non-Performing Loans | 1,749 | 1,817 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 3,034 | 7,439 |
Non-Performing TDRs | 1,915 | 217 |
Performing TDRs | 60 | 566 |
Total Non-Performing Loans | 5,009 | 8,222 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 71 | |
Total Non-Performing Loans | 71 | |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 176 | 812 |
Non-Performing TDRs | 1,004 | |
Total Non-Performing Loans | 176 | 1,816 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 4,354 | 2,297 |
Loans Past Due Over 90 Days Still Accruing | 1 | 40 |
Non-Performing TDRs | 1,074 | 1,031 |
Performing TDRs | 808 | 2,526 |
Total Non-Performing Loans | 6,237 | 5,894 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 4,354 | 2,297 |
Loans Past Due Over 90 Days Still Accruing | 1 | 40 |
Non-Performing TDRs | 824 | 765 |
Performing TDRs | 808 | 2,526 |
Total Non-Performing Loans | 5,987 | 5,628 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Performing TDRs | 250 | 266 |
Total Non-Performing Loans | 250 | 266 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,878 | 2,991 |
Loans Past Due Over 90 Days Still Accruing | 27 | 75 |
Non-Performing TDRs | 183 | 391 |
Performing TDRs | 350 | 1,236 |
Total Non-Performing Loans | 3,438 | 4,693 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 541 | 227 |
Loans Past Due Over 90 Days Still Accruing | 10 | |
Total Non-Performing Loans | 541 | 237 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 601 | 557 |
Loans Past Due Over 90 Days Still Accruing | 27 | 47 |
Total Non-Performing Loans | 628 | 604 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,736 | 2,207 |
Loans Past Due Over 90 Days Still Accruing | 18 | |
Non-Performing TDRs | 183 | 391 |
Performing TDRs | 350 | 1,236 |
Total Non-Performing Loans | $ 2,269 | $ 3,852 |
Non-performing Assets and Imp87
Non-performing Assets and Impaired Loans - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($)ConsecutivePaymentContract | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Non-accrual loans | $ 12,262,000 | $ 15,312,000 |
Non-performing TDRs | 3,200,000 | |
Loans acquired included in non-accrual loans | 2,900,000 | |
Loans acquired included in non-performing TDRs | $ 110,000 | |
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 | $ 4,400,000 | |
Specific reserves allocated to troubled debt restructuring | $ 140,000 | |
Number TDRs returned to accrual status | Contract | 0 | |
Loans classified as TDR after a period | 90 days | |
Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loan | $ 1,200,000 | |
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance total | $ 7,005 | $ 11,053 | $ 7,426 |
Total ending loans balance | 7,019 | 11,055 | 7,448 |
Allowance For Loan Loss Allocated | 202 | 1,589 | 1,312 |
Average Balance in Impaired Loans total | 7,110 | 5,277 | 7,336 |
Cash/Accrual Interest Income Recognized, Total | 58 | 379 | 271 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 6,428 | 3,216 | 5,227 |
Recorded Investment With no recorded allowance | 6,442 | 3,218 | 5,249 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 6,699 | 2,343 | 5,545 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 37 | 143 | 240 |
Unpaid Principal Balance With an allowance recorded | 577 | 7,837 | 2,199 |
Recorded Investment With an allowance recorded | 577 | 7,837 | 2,199 |
Allowance For Loan Loss Allocated | 202 | 1,589 | 1,312 |
Average Balance in Impaired Loans With an allowance recorded | 411 | 2,934 | 1,791 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 21 | 236 | 31 |
Commercial [Member] | Owner Occupied Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 1,340 | 1,169 | 1,293 |
Recorded Investment With no recorded allowance | 1,339 | 1,170 | 1,296 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 1,001 | 645 | 1,845 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 22 | 65 | 68 |
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 | 4,938 | 1,193 | 3,521 |
Recorded Investment With no recorded allowance | 4,953 | 1,194 | 3,525 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 5,417 | 1,341 | 2,963 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 8 | 51 | 172 |
Unpaid Principal Balance With an allowance recorded | 70 | 6,453 | 403 |
Recorded Investment With an allowance recorded | 70 | 6,453 | 403 |
Allowance For Loan Loss Allocated | 32 | 744 | 202 |
Average Balance in Impaired Loans With an allowance recorded | 6 | 1,995 | 485 |
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 | 71 | 23 | |
Recorded Investment With no recorded allowance | 71 | 23 | |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 6 | 25 | |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 3 | ||
Unpaid Principal Balance With an allowance recorded | 159 | ||
Recorded Investment With an allowance recorded | 159 | ||
Allowance For Loan Loss Allocated | 48 | ||
Average Balance in Impaired Loans With an allowance recorded | 166 | ||
Commercial [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 79 | 854 | 390 |
Recorded Investment With no recorded allowance | 79 | 854 | 405 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 275 | 357 | 712 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 4 | 27 | |
Unpaid Principal Balance With an allowance recorded | 97 | 962 | 1,637 |
Recorded Investment With an allowance recorded | 97 | 962 | 1,637 |
Allowance For Loan Loss Allocated | 65 | 680 | 1,062 |
Average Balance in Impaired Loans With an allowance recorded | $ 162 | 798 | 1,140 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | $ 12 | $ 31 |
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, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 5,039 | $ 5,197 |
Loans Not Past Due | 1,740,301 | 1,372,275 |
Total | $ 1,745,340 | $ 1,377,472 |
Total Past Due, Percentage of Total Loans | 0.29% | 0.38% |
Loans Not Past Due, Percentage of Total Loans | 99.71% | 99.62% |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 580 | $ 1,181 |
Loans Not Past Due | 802,212 | 671,878 |
Total | 802,792 | 673,059 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 499 | 748 |
Loans Not Past Due | 267,782 | 227,632 |
Total | 268,281 | 228,380 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 49 | 413 |
Loans Not Past Due | 326,350 | 296,886 |
Total | 326,399 | 297,299 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 5,018 | 2,027 |
Total | 5,018 | 2,027 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 18,183 | 12,097 |
Total | 18,183 | 12,097 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32 | 20 |
Loans Not Past Due | 184,879 | 133,236 |
Total | 184,911 | 133,256 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,466 | 1,266 |
Loans Not Past Due | 577,901 | 381,916 |
Total | 579,367 | 383,182 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,466 | 1,266 |
Loans Not Past Due | 413,458 | 241,255 |
Total | 414,924 | 242,521 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 19,751 | 11,505 |
Total | 19,751 | 11,505 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 144,692 | 129,156 |
Total | 144,692 | 129,156 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,993 | 2,750 |
Loans Not Past Due | 360,188 | 318,481 |
Total | 363,181 | 321,231 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 116 | 127 |
Loans Not Past Due | 54,225 | 40,010 |
Total | 54,341 | 40,137 |
Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 153 | 219 |
Total | 153 | 219 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,481 | 1,332 |
Loans Not Past Due | 150,042 | 140,536 |
Total | 151,523 | 141,868 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,396 | 1,291 |
Loans Not Past Due | 155,768 | 137,716 |
Total | 157,164 | 139,007 |
30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 4,168 | $ 3,807 |
Total Past Due, Percentage of Total Loans | 0.24% | 0.28% |
30 - 59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 562 | $ 535 |
30 - 59 Days Past Due [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 481 | 103 |
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 | 49 | 413 |
30 - 59 Days Past Due [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32 | 19 |
30 - 59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,121 | 1,033 |
30 - 59 Days Past Due [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,121 | 1,033 |
30 - 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,485 | 2,239 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 106 | 113 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,186 | 1,042 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,193 | 1,084 |
60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 843 | $ 1,275 |
Total Past Due, Percentage of Total Loans | 0.05% | 0.09% |
60 - 89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 18 | $ 646 |
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 | 645 |
60 - 89 Days Past Due [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | |
60 - 89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 344 | 193 |
60 - 89 Days Past Due [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 344 | 193 |
60 - 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 481 | 436 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10 | 4 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 268 | 243 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 203 | 189 |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 28 | $ 115 |
Total Past Due, Percentage of Total Loans | 0.00% | 0.01% |
Greater than 90 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1 | $ 40 |
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 | 40 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 27 | 75 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10 | |
Greater than 90 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 27 | 47 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 18 |
Non-performing Assets and Imp90
Non-performing Assets and Impaired Loans - Loans by Credit Grades (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,745,340 | $ 1,377,472 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 802,792 | 673,059 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 268,281 | 228,380 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 326,399 | 297,299 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,018 | 2,027 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 18,183 | 12,097 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 184,911 | 133,256 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 579,367 | 383,182 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 414,924 | 242,521 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 19,751 | 11,505 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 144,692 | 129,156 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 363,181 | 321,231 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 54,341 | 40,137 |
Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 153 | 219 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 151,523 | 141,868 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 157,164 | 139,007 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,713,981 | $ 1,335,853 |
Percentage of total loans | 98.20% | 96.98% |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 781,108 | $ 642,026 |
Pass [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 257,181 | 215,874 |
Pass [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 320,216 | 283,518 |
Pass [Member] | Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,018 | 2,027 |
Pass [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 18,112 | 12,018 |
Pass [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 180,581 | 128,589 |
Pass [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 573,130 | 377,288 |
Pass [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 408,937 | 236,893 |
Pass [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 19,501 | 11,239 |
Pass [Member] | Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 144,692 | 129,156 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 359,743 | 316,538 |
Pass [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 53,800 | 39,900 |
Pass [Member] | Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 153 | 219 |
Pass [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 150,895 | 141,264 |
Pass [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 154,895 | 135,155 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 6,232 | $ 13,959 |
Percentage of total loans | 0.36% | 1.01% |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 6,232 | $ 13,959 |
Special Mention [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 4,954 | 7,623 |
Special Mention [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 585 | 4,458 |
Special Mention [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 79 | |
Special Mention [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 693 | 1,799 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 25,127 | $ 27,661 |
Percentage of total loans | 1.44% | 2.01% |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 15,452 | $ 17,074 |
Substandard [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,146 | 4,883 |
Substandard [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,598 | 9,323 |
Substandard [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 71 | |
Substandard [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,637 | 2,868 |
Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,237 | 5,894 |
Substandard [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,987 | 5,628 |
Substandard [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 250 | 266 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,438 | 4,693 |
Substandard [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 541 | 237 |
Substandard [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 628 | 604 |
Substandard [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,269 | $ 3,852 |
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, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 90,518 | $ 79,411 |
Accumulated depreciation | (29,720) | (26,950) |
Net premise and equipment | 60,798 | 52,461 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 19,475 | 16,550 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 55,341 | 49,066 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 15,702 | $ 13,795 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Receivables [Abstract] | ||||
Unpaid principal balances of loans serviced for others totaled | $ 1,164,300 | $ 1,035,500 | ||
Aggregate fair value of capitalized mortgage servicing rights | 10,800 | 10,500 | $ 9,900 | $ 6,600 |
Mortgage servicing rights, net | 8,874 | 7,642 | 7,039 | |
Bank recorded additional (impairment) | $ (59) | $ 51 | $ 635 |
Loan Servicing - Originated Mor
Loan Servicing - Originated Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Payments for (Proceeds from) Mortgage Servicing Rights [Abstract] | |||
Balances, January 1 | $ 7,980 | $ 7,428 | $ 6,169 |
Servicing rights capitalized | 2,974 | 2,280 | 2,535 |
Amortization of servicing rights | (1,683) | (1,728) | (1,276) |
Balances, December 31 | 9,271 | 7,980 | 7,428 |
Balances, January 1 | (338) | (389) | (1,024) |
Additions | (130) | (95) | (54) |
Reductions | 71 | 146 | 689 |
Balances, December 31 | (397) | (338) | (389) |
Mortgage servicing rights, net | $ 8,874 | $ 7,642 | $ 7,039 |
Goodwill and Intangible Asset94
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | Jul. 01, 2015 | Apr. 03, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Intangible Assets [Line Items] | |||||
Goodwill acquired | $ 21,424,000 | $ 8,428,000 | |||
Goodwill impairment loss | 0 | 0 | |||
Amortization expense for intangible assets totaled | $ 988,000 | $ 880,000 | $ 760,000 | ||
Peoples Bancorp Inc [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill acquired | $ 21,400,000 | ||||
Core deposit intangible amortization period | 7 years | ||||
Summit [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill acquired | $ 8,400,000 | ||||
Core deposit intangible amortization period | 7 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, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance, January 1 | $ 28,176 | $ 19,748 |
Goodwill acquired | 21,424 | 8,428 |
Balance, December 31 | $ 49,600 | $ 28,176 |
Goodwill and Intangible Asset96
Goodwill and Intangible Assets - Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets Core deposit intangible, Gross Carrying Amount | $ 7,400 | |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets Core deposit intangible, Gross Carrying Amount | 12,920 | $ 8,526 |
Amortizable intangible assets Core deposit intangible, Accumulated Amortization | $ (5,549) | $ (4,561) |
Goodwill and Intangible Asset97
Goodwill and Intangible Assets - Estimated Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 1,106 | |
2,017 | 1,103 | |
2,018 | 1,101 | |
2,019 | 959 | |
2,020 | 662 | |
Thereafter | 2,440 | |
Estimated amortization | $ 7,371 | $ 3,965 |
Deposits - Deposits (Detail)
Deposits - Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Line Items] | ||
Noninterest-bearing demand deposits | $ 335,955 | $ 267,667 |
Interest-bearing demand deposits | 706,739 | 606,609 |
Money market (variable rate) | 231,956 | 179,142 |
Savings deposits | 238,956 | 144,831 |
Other certificates and time deposits | 298,850 | 146,923 |
Total deposits | 1,880,153 | 1,482,319 |
Certificates of Deposit Two Hundred Fifty Thousand and Greater [Member] | ||
Deposits [Line Items] | ||
Certificates of deposit | $ 67,697 | $ 137,147 |
Deposits - Certificates and Oth
Deposits - Certificates and Other Time Deposits for Both Retail and Brokered (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Time Deposits By Maturity [Line Items] | |
2,016 | $ 167,791 |
2,017 | 83,534 |
2,018 | 41,672 |
2,019 | 32,038 |
2,020 | 24,840 |
Thereafter | 16,672 |
Certificates and other time deposits | 366,547 |
Retail [Member] | |
Time Deposits By Maturity [Line Items] | |
2,016 | 158,389 |
2,017 | 77,857 |
2,018 | 40,422 |
2,019 | 32,038 |
2,020 | 24,840 |
Thereafter | 11,018 |
Certificates and other time deposits | 344,564 |
Brokered [Member] | |
Time Deposits By Maturity [Line Items] | |
2,016 | 9,402 |
2,017 | 5,677 |
2,018 | 1,250 |
Thereafter | 5,654 |
Certificates and other time deposits | $ 21,983 |
Borrowings - Borrowings (Detail
Borrowings - Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances, variable and fixed rates ranging from 0.45% to 7.53%, due at various dates through November 15, 2024 | $ 158,948 | $ 116,473 |
Securities sold under agreements to repurchase | 154,399 | 139,725 |
Federal funds purchased | 136,000 | 95,000 |
Total borrowings | $ 449,347 | $ 351,198 |
Borrowings - Borrowings (Parent
Borrowings - Borrowings (Parenthetical) (Detail) | Dec. 31, 2015 |
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 | 0.45% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
Federal Home Loan Bank advances are secured by first and second mortgage loans and mortgage warehouse loans | $ 404.3 |
Available credit lines with various money center banks | $ 253.2 |
Borrowings - Contractual Maturi
Borrowings - Contractual Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 298,235 | |
2,017 | 48,948 | |
2,018 | 28,541 | |
2,019 | 56,777 | |
2,020 | 11,598 | |
Thereafter | 5,248 | |
Total borrowings | $ 449,347 | $ 351,198 |
Repurchase Agreements - Summary
Repurchase Agreements - Summary of Repurchase Agreements Accounted as Secured Borrowings (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | $ 154,399 |
Securities lending transactions, Total | 170,777 |
Total borrowings | (16,378) |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 154,399 |
U.S. Treasury and Federal Agencies [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 5,468 |
Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 99,174 |
Federal Agency Mortgage-backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 66,135 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 59,399 |
Securities lending transactions, Total | 65,511 |
Total borrowings | (6,112) |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | U.S. Treasury and Federal Agencies [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 5,468 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 45,975 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | Federal Agency Mortgage-backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 14,068 |
Remaining Contractual Maturity of the Agreements, One to Three Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 35,000 |
Securities lending transactions, Total | 844 |
Total borrowings | 34,156 |
Remaining Contractual Maturity of the Agreements, One to Three Years [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 609 |
Remaining Contractual Maturity of the Agreements, One to Three Years [Member] | Federal Agency Mortgage-backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 235 |
Remaining Contractual Maturity of the Agreements, Three to Five Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 60,000 |
Securities lending transactions, Total | 523 |
Total borrowings | 59,477 |
Remaining Contractual Maturity of the Agreements, Three to Five Years [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 213 |
Remaining Contractual Maturity of the Agreements, Three to Five Years [Member] | Federal Agency Mortgage-backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 310 |
Remaining Contractual Maturity of the Agreements, Five to Ten Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 34,944 |
Total borrowings | (34,944) |
Remaining Contractual Maturity of the Agreements, Five to Ten Years [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 19,063 |
Remaining Contractual Maturity of the Agreements, Five to Ten Years [Member] | Federal Agency Mortgage-backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 15,881 |
Remaining Contractual Maturity of the Agreements, Beyond Ten Years [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 68,955 |
Total borrowings | (68,955) |
Remaining Contractual Maturity of the Agreements, Beyond Ten Years [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | 33,314 |
Remaining Contractual Maturity of the Agreements, Beyond Ten Years [Member] | Federal Agency Mortgage-backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities lending transactions, Total | $ 35,641 |
Repurchase Agreements - Additio
Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Repurchase Agreements [Abstract] | ||
Maximum amount of outstanding agreements | $ 156.2 | $ 144.3 |
Daily average amount of outstanding agreements | $ 149.9 | $ 140.9 |
Maturity date | Sep. 13, 2020 |
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 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subordinate Debenture [Line Items] | ||||||
LIBOR period | 3 months | |||||
Carrying value of securities, net of remaining purchase discount | $ 32,797,000 | $ 32,642,000 | ||||
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 | 2.56% | |||||
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 | 2.26% | |||||
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 | 3.26% | |||||
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 | 3.46% | |||||
Junior subordinated debentures maturity date | Mar. 1, 2034 | |||||
Carrying value of securities, net of remaining purchase discount | $ 3,100,000 | |||||
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 | 2.28% | |||||
Junior subordinated debentures maturity date | Dec. 1, 2036 | |||||
Carrying value of securities, net of remaining purchase discount | $ 1,700,000 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Eligible compensation for ESOP | $ 265,000 | ||
Cash contributions and expense recorded for the ESOP | $ 450,000 | $ 400,000 | $ 475,000 |
Employee stock ownership plan outstanding shares | 763,303 | ||
Percentage of outstanding shares | 6.40% |
Employee Thrift and Defined 108
Employee Thrift and Defined Benefit Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Thrift Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Bank's expense related to the thrift plan | $ 848,000 | $ 633,000 | $ 545,000 |
Thrift Plan owns outstanding shares | 319,994 | ||
Percentage of outstanding shares owns with thrift plan | 2.70% | ||
Pentegra Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Bank's expense related to the thrift plan | $ 0 | ||
Pentegra Plan date | Aug. 1, 2007 | ||
Employer identification number | 135,645,888 | ||
Plan number | 333 | ||
Withdrawal liability | $ 4,500,000 |
Income Tax - Reconciliation of
Income Tax - Reconciliation of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Currently payable | |||
Federal | $ 5,270 | $ 4,710 | $ 3,900 |
State | 241 | (149) | (88) |
Deferred | 1,721 | 1,594 | 3,236 |
Total income tax expense | 7,232 | 6,155 | 7,048 |
Reconciliation of federal statutory to actual tax expense | |||
Federal statutory income tax at 35% | 9,724 | 8,488 | 9,424 |
Tax exempt interest | (1,708) | (1,628) | (1,517) |
Tax exempt income | (488) | (366) | (362) |
Other tax exempt income | (199) | (309) | (342) |
Nondeductible and other | (97) | (30) | (176) |
Effect of state income taxes | 21 | ||
Total income tax expense | $ 7,232 | $ 6,155 | $ 7,048 |
Income Tax - Reconciliation 110
Income Tax - Reconciliation of Income Taxes (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Federal statutory income tax rate | 35.00% |
Income Tax - Reconciliation 111
Income Tax - Reconciliation of Deferred Tax Assets & Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Allowance for loan losses | $ 5,329 | $ 5,680 |
Net operating loss (from acquisitions) | 1,679 | 3,509 |
Director and employee benefits | 2,223 | 1,953 |
Unrealized loss on AFS securities and fair value hedge | 711 | 588 |
Accrued Pension | 1,725 | |
Other | 1,029 | 596 |
Total assets | 12,696 | 12,326 |
Liabilities | ||
Depreciation | (2,180) | (1,563) |
Difference in expense recognition | 0 | 0 |
State tax | (192) | (126) |
Federal Home Loan Bank stock dividends | (343) | (200) |
Difference in basis of intangible assets | (2,938) | (2,839) |
FHLB Penalty | (123) | (283) |
Other | (1,671) | (1,303) |
Total liabilities | (7,447) | (6,314) |
Net deferred tax asset | $ 5,249 | $ 6,012 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
State Tax Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Operating loss carry forwards | $ 17.3 |
Federal Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Operating loss carry forwards | $ 1.6 |
Operating loss carry forward expiration year | 2,029 |
Minimum [Member] | State Tax Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Operating loss carry forward expiration year | 2,024 |
Accumulated Other Comprehens113
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized gain on securities available for sale | $ 920 | $ 4,018 |
Unamortized gain on securities held to maturity, previously transferred from AFS | 1,109 | 1,658 |
Unrealized loss on derivative instruments | (3,142) | (3,337) |
Tax effect | 390 | (818) |
Total accumulated other comprehensive income (loss) | $ (723) | $ 1,521 |
Commitments, Off Balance Sheets
Commitments, Off Balance Sheets Risk and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Cash on hand or deposit with Federal Reserve Bank | $ 126,000,000 | |
Commitments to make loans | 468,800,000 | $ 408,600,000 |
Commitments under outstanding standby letters of credit | 3,600,000 | $ 3,900,000 |
Anticipated losses from unused commitments | $ 0 |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Regulatory Capital Requirement (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 264,452 | $ 212,276 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.99% | 14.48% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 151,223 | $ 117,280 |
Total capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to average assets), Actual, Amount | $ 249,918 | $ 195,775 |
Tier 1 capital (to average assets), Actual, Ratio | 13.22% | 13.35% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 113,427 | $ 58,659 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 6.00% | 4.00% |
Common equity tier 1 capital, Actual Amount | $ 204,350 | |
Common equity tier 1 capital, Actual Ratio | 10.81% | |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 85,067 | |
Common equity tier 1 capital, For capital adequacy purpose, Ratio | 4.50% | |
Tier 1 capital (to average assets), Actual, Amount | $ 249,918 | $ 195,775 |
Tier 1 capital (to average assets), Actual, Ratio | 9.82% | 9.76% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 101,800 | $ 80,236 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 4.00% | 4.00% |
Bank [Member] | ||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 237,348 | $ 192,604 |
Total capital (to risk-weighted assets), Actual, Ratio | 12.57% | 13.08% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 151,057 | $ 117,801 |
Total capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), For well capitalized purpose, Amount | $ 188,821 | $ 147,251 |
Total capital (to risk-weighted assets), For well capitalized purpose, Ratio | 10.00% | 10.00% |
Tier 1 capital (to average assets), Actual, Amount | $ 222,814 | $ 176,103 |
Tier 1 capital (to average assets), Actual, Ratio | 11.80% | 11.96% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 113,295 | $ 58,897 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 6.00% | 4.00% |
Tier 1 capital (to average assets), For well capitalized purpose, Amount | $ 151,060 | $ 88,346 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 8.00% | 6.00% |
Common equity tier 1 capital, Actual Amount | $ 222,814 | |
Common equity tier 1 capital, Actual Ratio | 11.80% | |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 84,971 | |
Common equity tier 1 capital, For capital adequacy purpose, Ratio | 4.50% | |
Common equity tier 1 capital, For well capitalized purpose, Amount | $ 122,737 | |
Common equity tier 1 capital, For well capitalized purposes, Ratio | 6.50% | |
Tier 1 capital (to average assets), Actual, Amount | $ 222,814 | $ 176,103 |
Tier 1 capital (to average assets), Actual, Ratio | 8.77% | 8.80% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 101,626 | $ 80,047 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), For well capitalized purpose, Amount | $ 127,032 | $ 100,059 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 5.00% | 5.00% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Based Compensation [Line Items] | |||
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 | $ 2,652,401,000 | $ 2,076,922,000 | |
Tax benefit associated with compensation expense | 101,000 | 71,000 | $ 19,000 |
Total compensation cost | 288,000 | 203,000 | 48,000 |
Total compensation cost | 643,000 | 566,000 | 336,000 |
Cash received from option exercise | 403,000 | 122,000 | 136,000 |
Actual tax benefit realized for the tax deductions | 151,000 | $ 43,000 | $ 58,000 |
Unrecognized compensation cost | $ 983,000 | ||
Weighted-average period cost over which cost is expected to be recognized | 1 year 6 months | ||
Option Activity Under the 2013 Plan [Member] | |||
Stock Based Compensation [Line Items] | |||
Maximum common shares issued under the plan | 691,700 | ||
Non-option awards granted | 400,000 | ||
Number of shares available incentive stock options | 100,000 | ||
Weighted average grant-date fair value of options granted | $ 6.14 | $ 6.50 | $ 5.74 |
Option Activity Under the 2003 Plan [Member] | |||
Stock Based Compensation [Line Items] | |||
Maximum common shares issued under the plan | 337,500 | ||
Non-option awards granted | 168,750 | ||
Additional common shares available for issuance | 393,750 | ||
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 | $ 124,000 | $ 127,000 | $ 115,000 |
Total compensation cost | 355,000 | $ 363,000 | $ 288,000 |
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, 2015USD ($)$ / sharesshares | |
Schedule Of Stock Option Activity [Line Items] | |
Option outstanding, Shares, Beginning balance | shares | 77,947 |
Option granted, Shares | shares | 0 |
Option Exercised, Shares | shares | (33,347) |
Option forfeited, Shares | shares | (600) |
Option outstanding, Shares, Ending balance | shares | 44,000 |
Option Exercisable, Shares, Ending balance | shares | 41,750 |
Option outstanding, Weighted Average Exercise Price, Beginning balance | $ / shares | $ 11.35 |
Option Granted, Weighted Average Exercise Price | $ / shares | 0 |
Option Exercised, Weighted Average Exercise Price | $ / shares | 11.63 |
Option Forfeited, Weighted Average Exercise Price | $ / shares | 16.46 |
Option Outstanding, Weighted Average Exercise Price, Ending balance | $ / shares | 11.07 |
Option Exercisable, Weighted Average Exercise Price, Ending balance | $ / shares | $ 10.85 |
Option Outstanding, Weighted Average Remaining Contractual Term | 4 years 7 days |
Option Exercisable, Weighted Average Remaining Contractual Term | 3 years 10 months 24 days |
Option outstanding, Aggregate Intrinsic Value | $ | $ 743,164 |
Option Exercisable, Aggregate Intrinsic Value | $ | $ 714,286 |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Value of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yields | 2.35% | 2.01% | 1.98% |
Volatility factors of expected market price of common stock | 28.97% | 29.54% | 29.75% |
Risk-free interest rates | 2.10% | 2.66% | 2.16% |
Expected life of options | 8 years | 8 years | 8 years |
Share-Based Compensation - S119
Share-Based Compensation - Summary of Option Activity Under 2013 Plan (Detail) - Option Activity Under the 2013 Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Stock Option Activity [Line Items] | ||
Option outstanding, Shares, Beginning balance | 84,147 | |
Option granted, Shares | 39,944 | |
Option Exercised, Shares | (666) | |
Option forfeited, Shares | (2,334) | |
Option outstanding, Shares, Ending balance | 121,091 | 84,147 |
Option Exercisable, Shares, Ending balance | 41,412 | |
Option outstanding, Weighted Average Exercise Price, Beginning balance | $ 21.24 | |
Option Granted, Weighted Average Exercise Price | 23.83 | |
Option Exercised, Weighted Average Exercise Price | 20.24 | |
Option Forfeited, Weighted Average Exercise Price | 22.62 | |
Option Outstanding, Weighted Average Exercise Price, Ending balance | 22.08 | $ 21.24 |
Option Exercisable, Weighted Average Exercise Price, Ending balance | $ 20.90 | |
Option Outstanding, Weighted Average Remaining Contractual Term | 8 years 3 months 11 days | |
Option Exercisable, Weighted Average Remaining Contractual Term | 7 years 8 months 16 days | |
Option outstanding, Aggregate Intrinsic Value | $ 712,506 | |
Option Exercisable, Aggregate Intrinsic Value | $ 292,263 |
Share-Based Compensation - S120
Share-Based Compensation - Summary of Status of Non-vested, Restricted and Performance Shares (Detail) - Restricted and Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested beginning of year, Shares | shares | 84,757 |
Vested, Shares | shares | (25,059) |
Granted, Shares | shares | 25,001 |
Forfeited, Shares | shares | (2,316) |
Non-vested, end of year, Shares | shares | 82,383 |
Non-vested beginning of year, Weighted Average Grant Date Fair Value | $ / shares | $ 15.18 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 14.09 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 23.83 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 16.64 |
Non-vested end of year, Weighted Average Grant Date Fair Value | $ / shares | $ 18.19 |
Derivative Financial Instrum121
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
LIBOR period | 3 months | |
Weighted average fixed rate | 6.14% | |
Recorded period of effectiveness of cash flow hedges on net income | 12 months | |
Recorded period of effectiveness of fair value hedges on net income | 12 months | |
Recorded period of effectiveness of fair value of derivatives on net income | 12 months | |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest | $ 30.5 | $ 30.5 |
Derivative in Fair Value Hedging Relationship [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest | $ 117.3 | $ 102.7 |
Derivative Financial Instrum122
Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | $ 2,424 | $ 1,655 |
Total Liability Derivatives | 4,923 | 4,547 |
Derivatives Designated as Hedging Instruments [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | 1,782 | 1,208 |
Total Liability Derivatives | 4,923 | 4,547 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Contracts One [Member] | Other Liabilities [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Liability Derivatives | 1,782 | 1,208 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Contracts Two [Member] | Other Liabilities [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Liability Derivatives | 3,141 | 3,339 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Contracts Two [Member] | Other Assets [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | 1,782 | 1,208 |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | 642 | 447 |
Derivatives Not Designated as Hedging Instruments [Member] | Mortgage Loan Contracts [Member] | Other Assets [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | $ 642 | $ 447 |
Derivative Financial Instrum123
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow Hedging [Member] | Interest Rate Contracts One [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Comprehensive Income on Derivative (Effective Portion) | $ 127 | $ (332) | $ 1,734 |
Derivative Financial Instrum124
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 574 | $ 1,261 | $ (2,267) |
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 | (574) | (1,261) | 2,267 |
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 | $ 195 | $ 256 | $ (667) |
Disclosures about Fair Value125
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, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | $ 444,982 | $ 323,764 |
U.S. Treasury and Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 5,926 | 26,823 |
State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 75,095 | 47,952 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 156,203 | 122,860 |
Federal Agency Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 207,704 | 125,395 |
Private Labeled Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 689 | |
Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 54 | 45 |
Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 444,982 | 323,764 |
Recurring Basis [Member] | U.S. Treasury and Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 5,926 | 26,823 |
Recurring Basis [Member] | State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 75,095 | 47,952 |
Recurring Basis [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 156,203 | 122,860 |
Recurring Basis [Member] | Federal Agency Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 207,704 | 125,395 |
Recurring Basis [Member] | Private Labeled Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 689 | |
Recurring Basis [Member] | Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 54 | 45 |
Recurring Basis [Member] | Hedged Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 115,472 | 101,445 |
Recurring Basis [Member] | Forward Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 642 | 447 |
Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | (4,923) | (4,547) |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 444,982 | 323,764 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury and Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 5,926 | 26,823 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 75,095 | 47,952 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 156,203 | 122,860 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Federal Agency Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 207,704 | 125,395 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Private Labeled Mortgage-backed Pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 689 | |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 54 | 45 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Hedged Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 115,472 | 101,445 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Forward Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 642 | 447 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | $ (4,923) | $ (4,547) |
Disclosures about Fair Value126
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | $ 195 | $ 256 | $ (667) |
Hedged Loans [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | 574 | 1,261 | (2,267) |
Interest Rate Swap [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | (574) | (1,261) | 2,267 |
Derivative Loan Commitments [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | $ 195 | $ 256 | $ (667) |
Disclosures about Fair Value127
Disclosures about Fair Value of Assets and Liabilities - Other Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | $ 6,803 | $ 9,464 |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 8,874 | 7,642 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 6,803 | 9,464 |
Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 8,874 | 7,642 |
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 | 6,803 | 9,464 |
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 | $ 8,874 | $ 7,642 |
Disclosures about Fair Value128
Disclosures about Fair Value of Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Reduced in carrying amount of mortgage servicing rights | $ (397,000) | $ (338,000) |
Disclosures about Fair Value129
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, 2015 | Dec. 31, 2014 | |
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 | $ 6,803 | $ 9,464 |
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 | $ 8,874 | $ 7,642 |
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 | 15.00% | 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 | 15.00% | 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 | 12.00% | 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 | 12.00% | 12.00% |
Constant prepayment rate | 4.60% | 4.60% |
Probability of default | 4.50% | 4.50% |
Fair Value of Financial Inst130
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 48,650 | $ 43,476 |
Investment securities, held to maturity | 187,629 | 165,767 |
Loans held for sale | 7,917 | 6,143 |
Loans excluding loan level hedges, net | 1,739,713 | 1,365,885 |
Stock in FHLB and FRB | 13,823 | 11,348 |
Interest receivable | 10,535 | 8,246 |
Liabilities | ||
Non-interest bearing deposits | 335,955 | 267,667 |
Subordinated debentures | 32,797 | 32,642 |
Interest payable | 507 | 497 |
Carrying Amount [Member] | ||
Assets | ||
Cash and due from banks | 48,650 | 43,476 |
Investment securities, held to maturity | 187,629 | 165,767 |
Loans held for sale | 7,917 | 6,143 |
Loans excluding loan level hedges, net | 1,619,125 | 1,260,608 |
Stock in FHLB and FRB | 13,823 | 11,348 |
Interest receivable | 10,535 | 8,246 |
Liabilities | ||
Non-interest bearing deposits | 335,955 | 267,667 |
Interest-bearing deposits | 1,544,198 | 1,214,652 |
Borrowings | 449,347 | 351,198 |
Subordinated debentures | 32,797 | 32,642 |
Interest payable | 507 | 497 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Cash and due from banks | 48,650 | 43,476 |
Liabilities | ||
Non-interest bearing deposits | 335,955 | 267,667 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Investment securities, held to maturity | 193,703 | |
Stock in FHLB and FRB | 13,823 | 11,348 |
Interest receivable | 10,535 | 8,246 |
Liabilities | ||
Interest-bearing deposits | 1,461,314 | 1,158,912 |
Borrowings | 441,547 | 348,597 |
Subordinated debentures | 32,996 | 32,669 |
Interest payable | 507 | 497 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Investment securities, held to maturity | 169,904 | |
Loans held for sale | 7,917 | 6,143 |
Loans excluding loan level hedges, net | $ 1,703,506 | $ 1,295,133 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Feb. 04, 2016 | Feb. 03, 2016 | Feb. 01, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||||
Reported total assets of acquiree | $ 148,200,000 | |||
Total deposits held by acquiree | 122,800,000 | |||
Total loans of acquiree | $ 106,100,000 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash paid for each share to Peoples shareholder | $ 81.75 | |||
Exchange ratio per share to Peoples shareholder | 3.0122% | |||
Business combination stock transferred, percentage of consideration | 65.00% | |||
Business combination cash transferred, percentage of consideration | 35.00% | |||
Market closing price per share | $ 23.99 | |||
Estimated transaction value | $ 22,500,000 | |||
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Preferred stock, shares outstanding | 12,500 | |||
Preferred stock, liquidation value | $ 1,000 | |||
Preferred stock, redemption price | $ 12,510,416.67 |
Condensed Financial Informat132
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Total cash and cash equivalents | $ 48,650 | $ 43,476 | $ 31,721 | $ 30,735 |
Other assets | 31,995 | 32,141 | ||
Total assets | 2,652,401 | 2,076,922 | ||
Liabilities | ||||
Subordinated debentures | 32,797 | 32,642 | ||
Other liabilities | 22,765 | 15,852 | ||
Stockholders' Equity | 266,832 | 194,414 | 164,520 | 158,968 |
Total liabilities and stockholders' equity | 2,652,401 | 2,076,922 | ||
Parent Company [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 26,507 | 19,195 | $ 16,807 | $ 13,639 |
Investment in Bank | 276,718 | 211,928 | ||
Other assets | 3,392 | 2,758 | ||
Total assets | 306,617 | 233,881 | ||
Liabilities | ||||
Subordinated debentures | 32,797 | 32,642 | ||
Other liabilities | 6,988 | 6,825 | ||
Stockholders' Equity | 266,832 | 194,414 | ||
Total liabilities and stockholders' equity | $ 306,617 | $ 233,881 |
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, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Income (Expense) | |||||||||||
Other income | $ 1,103 | $ 1,013 | $ 1,103 | ||||||||
Interest expense | $ (3,568) | $ (3,802) | $ (3,277) | $ (3,207) | $ (3,242) | $ (3,451) | $ (3,334) | $ (3,195) | (13,854) | (13,222) | (13,503) |
Employee benefit expense | (37,712) | (32,682) | (31,032) | ||||||||
Income Before Income Tax | 27,781 | 24,256 | 26,924 | ||||||||
Income Tax Benefit | (7,232) | (6,155) | (7,048) | ||||||||
Net income | 6,175 | 4,288 | 4,728 | 5,358 | 4,948 | 4,958 | 4,778 | 3,417 | 20,549 | 18,101 | 19,876 |
Net Income Available to Common Shareholders | 6,144 | 4,257 | 4,697 | 5,327 | 4,917 | 4,918 | 4,747 | 3,386 | 20,424 | 17,968 | 19,506 |
Net income | $ 6,175 | $ 4,288 | $ 4,728 | $ 5,358 | $ 4,948 | $ 4,958 | $ 4,778 | $ 3,417 | 20,549 | 18,101 | 19,876 |
Other Comprehensive Income (Loss) | |||||||||||
Change in fair value of derivative instruments, net of taxes | 127 | (332) | 1,734 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (2,244) | 3,250 | (10,830) | ||||||||
Comprehensive Income | 18,305 | 21,351 | 9,046 | ||||||||
Parent Company [Member] | |||||||||||
Operating Income (Expense) | |||||||||||
Dividend income from Bank | 30,470 | 12,500 | 7,500 | ||||||||
Investment income | 15 | 12 | 4 | ||||||||
Other income | 24 | 17 | 175 | ||||||||
Interest expense | (2,009) | (2,009) | (2,010) | ||||||||
Employee benefit expense | (1,093) | (965) | (811) | ||||||||
Other expense | 910 | 883 | 646 | ||||||||
Income Before Undistributed Income of Subsidiaries | 28,317 | 10,438 | 5,504 | ||||||||
Undistributed Income of Subsidiaries | (8,168) | 6,814 | 13,144 | ||||||||
Income Before Income Tax | 20,149 | 17,252 | 18,648 | ||||||||
Income Tax Benefit | 400 | 849 | 1,228 | ||||||||
Net income | 20,549 | 18,101 | 19,876 | ||||||||
Preferred stock dividend | (125) | (133) | (370) | ||||||||
Net Income Available to Common Shareholders | 20,424 | 17,968 | 19,506 | ||||||||
Net income | 20,549 | 18,101 | 19,876 | ||||||||
Other Comprehensive Income (Loss) | |||||||||||
Change in fair value of derivative instruments, net of taxes | 127 | (332) | 1,734 | ||||||||
Unrealized appreciation for the period on held-to-maturity securities, net of taxes | (357) | 1,078 | |||||||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes | (1,891) | 3,146 | (12,320) | ||||||||
Less: reclassification adjustment for realized gains included in net income, net of taxes | (123) | (642) | (244) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (2,244) | 3,250 | (10,830) | ||||||||
Comprehensive Income | $ 18,305 | $ 21,351 | $ 9,046 |
Condensed Financial Informat134
Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||||||||||
Net income | $ 6,175 | $ 4,288 | $ 4,728 | $ 5,358 | $ 4,948 | $ 4,958 | $ 4,778 | $ 3,417 | $ 20,549 | $ 18,101 | $ 19,876 |
Items not requiring (providing) cash | |||||||||||
Change in Share based compensation | 288 | 203 | 48 | ||||||||
Other assets | 8,569 | (4,945) | 9,905 | ||||||||
Other liabilities | (472) | 712 | 498 | ||||||||
Net cash provided by operating activities | 35,230 | 17,665 | 46,965 | ||||||||
Investing Activities | |||||||||||
Net cash used in investing activities | (124,188) | (149,046) | 49,797 | ||||||||
Financing Activities | |||||||||||
Dividends paid on preferred shares | (125) | (133) | (370) | ||||||||
Dividends paid on common shares | (6,216) | (4,744) | (3,655) | ||||||||
Net cash provided by financing activities | 94,132 | 143,136 | (95,776) | ||||||||
Net Change in Cash and Cash Equivalents | 5,174 | 11,755 | 986 | ||||||||
Cash and Cash Equivalents, Beginning of Period | 43,476 | 31,721 | 43,476 | 31,721 | 30,735 | ||||||
Cash and Cash Equivalents, End of Period | 48,650 | 43,476 | 48,650 | 43,476 | 31,721 | ||||||
Summit [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | 7,914 | ||||||||||
Peoples Bancorp Inc [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | 182,413 | ||||||||||
Parent Company [Member] | |||||||||||
Operating Activities | |||||||||||
Net income | 20,549 | 18,101 | 19,876 | ||||||||
Items not requiring (providing) cash | |||||||||||
Equity in undistributed net income of subsidiaries | 8,168 | (6,814) | (13,144) | ||||||||
Change in Share based compensation | 288 | 203 | 48 | ||||||||
Amortization of unearned compensation | 355 | 363 | 288 | ||||||||
Other assets | (634) | 906 | (167) | ||||||||
Other liabilities | (13) | 1,377 | 97 | ||||||||
Net cash provided by operating activities | 28,713 | 14,136 | 6,998 | ||||||||
Investing Activities | |||||||||||
Net cash used in investing activities | (19,365) | (7,036) | |||||||||
Financing Activities | |||||||||||
Dividends paid on preferred shares | (125) | (133) | (370) | ||||||||
Dividends paid on common shares | (6,216) | (4,744) | (3,655) | ||||||||
Exercise of stock options | 4,305 | 165 | 195 | ||||||||
Net cash provided by financing activities | (2,036) | (4,712) | (3,830) | ||||||||
Net Change in Cash and Cash Equivalents | 7,312 | 2,388 | 3,168 | ||||||||
Cash and Cash Equivalents, Beginning of Period | $ 19,195 | $ 16,807 | 19,195 | 16,807 | 13,639 | ||||||
Cash and Cash Equivalents, End of Period | $ 26,507 | $ 19,195 | 26,507 | 19,195 | $ 16,807 | ||||||
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) |
Quarterly Results of Operati135
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, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 23,790 | $ 23,578 | $ 21,127 | $ 20,093 | $ 19,765 | $ 19,851 | $ 20,122 | $ 16,467 | $ 88,588 | $ 76,205 | $ 74,886 |
Interest expense | 3,568 | 3,802 | 3,277 | 3,207 | 3,242 | 3,451 | 3,334 | 3,195 | 13,854 | 13,222 | 13,503 |
Net interest income | 20,222 | 19,776 | 17,850 | 16,886 | 16,523 | 16,400 | 16,788 | 13,272 | 74,734 | 62,983 | 61,383 |
Provision for loan losses | 342 | 300 | 1,906 | 614 | 978 | 1,741 | 339 | 3,162 | 3,058 | 1,920 | |
Gain on sale of securities | 65 | 124 | 988 | 189 | 988 | 374 | |||||
Net income | 6,175 | 4,288 | 4,728 | 5,358 | 4,948 | 4,958 | 4,778 | 3,417 | 20,549 | 18,101 | 19,876 |
Net income available to common shareholders | $ 6,144 | $ 4,257 | $ 4,697 | $ 5,327 | $ 4,917 | $ 4,918 | $ 4,747 | $ 3,386 | $ 20,424 | $ 17,968 | $ 19,506 |
Earnings per share: | |||||||||||
Basic | $ 0.51 | $ 0.37 | $ 0.51 | $ 0.58 | $ 0.53 | $ 0.53 | $ 0.52 | $ 0.39 | $ 1.94 | $ 1.98 | $ 2.26 |
Diluted | $ 0.51 | $ 0.36 | $ 0.49 | $ 0.55 | $ 0.51 | $ 0.51 | $ 0.50 | $ 0.38 | $ 1.89 | $ 1.90 | $ 2.17 |
Average shares outstanding: | |||||||||||
Basic | 11,937,247 | 11,605,976 | 9,240,005 | 9,216,011 | 9,212,156 | 9,208,707 | 9,182,986 | 8,630,966 | 10,510,296 | 9,060,702 | 8,619,330 |
Diluted | 12,013,743 | 11,893,254 | 9,637,586 | 9,609,506 | 9,628,240 | 9,588,332 | 9,560,939 | 9,021,786 | 10,798,208 | 9,454,125 | 9,000,963 |