Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 08, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HBNC | |
Entity Registrant Name | HORIZON BANCORP /IN/ | |
Entity Central Index Key | 706,129 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 22,195,715 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 60,280 | $ 70,832 |
Investment securities, available for sale | 474,222 | 439,831 |
Investment securities, held to maturity (fair value of $200,482 and $194,086) | 198,868 | 193,194 |
Loans held for sale | 1,789 | 8,087 |
Loans, net of allowance for loan losses of $15,054 and $14,837 | 2,131,899 | 2,121,149 |
Premises and equipment, net | 66,314 | 66,357 |
Federal Reserve and Federal Home Loan Bank stock | 24,090 | 23,932 |
Goodwill | 77,644 | 76,941 |
Other intangible assets | 9,450 | 9,366 |
Interest receivable | 12,581 | 12,713 |
Cash value of life insurance | 74,598 | 74,134 |
Other assets | 37,908 | 44,620 |
Total assets | 3,169,643 | 3,141,156 |
Liabilities | ||
Non-interest bearing | 502,400 | 496,248 |
Interest bearing | 1,941,299 | 1,974,962 |
Total deposits | 2,443,699 | 2,471,210 |
Borrowings | 319,993 | 267,489 |
Subordinated debentures | 37,516 | 37,456 |
Interest payable | 523 | 472 |
Other liabilities | 19,337 | 23,674 |
Total liabilities | 2,821,068 | 2,800,301 |
Commitments and contingent liabilities | ||
Stockholders' Equity | ||
Preferred stock, Authorized, 1,000,000 shares Issued 0 and 0 shares | ||
Common stock, no par value Authorized 66,000,000 shares Issued, 22,195,715 and 22,192,530 shares Outstanding, 22,176,465 and 22,171,596 shares | 0 | 0 |
Additional paid-in capital | 182,402 | 182,326 |
Retained earnings | 169,950 | 164,173 |
Accumulated other comprehensive loss | (3,777) | (5,644) |
Total stockholders' equity | 348,575 | 340,855 |
Total liabilities and stockholders' equity | $ 3,169,643 | $ 3,141,156 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands | Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Nov. 14, 2016 | |
Statement of Financial Position [Abstract] | ||||
Investment securities, held to maturity fair value | $ | $ 200,482 | $ 194,086 | ||
Allowance for loan losses | $ | $ 15,054 | $ 14,837 | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Common stock, par value | $ / shares | ||||
Common stock, shares authorized | [1] | 66,000,000 | 66,000,000 | |
Common stock, shares issued | [1] | 22,195,715 | 22,192,530 | |
Common stock, shares outstanding | [1] | 22,176,465 | 22,171,596 | |
Stock split ratio | 1.5 | |||
[1] | Adjusted for 3:2 stock split on November 14, 2016. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest Income | ||
Loans receivable | $ 24,791 | $ 19,747 |
Investment securities | ||
Taxable | 2,406 | 2,544 |
Tax exempt | 1,637 | 1,237 |
Total interest income | 28,834 | 23,528 |
Interest Expense | ||
Deposits | 1,753 | 1,491 |
Borrowed funds | 937 | 1,759 |
Subordinated debentures | 576 | 504 |
Total interest expense | 3,266 | 3,754 |
Net Interest Income | 25,568 | 19,774 |
Provision for loan losses | 330 | 532 |
Net Interest Income after Provision for Loan Losses | 25,238 | 19,242 |
Non-interest Income | ||
Service charges on deposit accounts | 1,400 | 1,288 |
Wire transfer fees | 150 | 121 |
Interchange fees | 1,176 | 931 |
Fiduciary activities | 1,922 | 1,635 |
Gain on sale of investment securities (includes $35 and $108 for the three months ended March 31, 2017 and 2016 related to accumulated other comprehensive earnings reclassifications) | 35 | 108 |
Gain on sale of mortgage loans | 1,914 | 2,114 |
Mortgage servicing income net of impairment | 447 | 447 |
Increase in cash value of bank owned life insurance | 464 | 345 |
Other income | 51 | 398 |
Total non-interest income | 7,559 | 7,387 |
Non-interest Expense | ||
Salaries and employee benefits | 11,709 | 10,065 |
Net occupancy expenses | 2,452 | 1,936 |
Data processing | 1,307 | 1,105 |
Professional fees | 613 | 831 |
Outside services and consultants | 1,222 | 1,099 |
Loan expense | 1,107 | 1,195 |
FDIC insurance expense | 263 | 405 |
Other losses | 50 | 267 |
Other expense | 2,798 | 2,367 |
Total non-interest expense | 21,521 | 19,270 |
Income Before Income Tax | 11,276 | 7,359 |
Income tax expense (includes $12 and $38 for the three months ended March 31, 2017 and 2016, respectively, related to income tax expense from reclassification items) | 3,052 | 1,978 |
Net Income | 8,224 | 5,381 |
Preferred stock dividend | (42) | |
Net Income Available to Common Shareholders | $ 8,224 | $ 5,339 |
Basic Earnings Per Share | $ 0.37 | $ 0.30 |
Diluted Earnings Per Share | $ 0.37 | $ 0.30 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Accumulated other comprehensive earnings reclassifications | $ 35 | $ 108 |
Income tax expense from reclassification | $ 12 | $ 38 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 8,224 | $ 5,381 |
Change in fair value of derivative instruments: | ||
Change in fair value of derivative instruments for the period | 400 | (562) |
Income tax effect | (140) | 197 |
Changes from derivative instruments | 260 | (365) |
Change in securities: | ||
Unrealized appreciation (depreciation) for the period on AFS securities | 2,597 | 5,946 |
Amortization from transfer of securities from available for sale to held to maturity securities | (88) | (229) |
Reclassification adjustment for securities gains realized in income | 35 | 108 |
Income tax effect | (867) | (2,039) |
Unrealized gains (losses) on securities | 1,607 | 3,786 |
Other Comprehensive Income (Loss), Net of Tax | 1,867 | 3,421 |
Comprehensive Income | $ 10,091 | $ 8,802 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balances at Dec. 31, 2016 | $ 340,855 | $ 182,326 | $ 164,173 | $ (5,644) |
Net Income | 8,224 | 8,224 | ||
Other comprehensive income (loss), net of tax | 1,867 | 1,867 | ||
Amortization of unearned compensation | (34) | (34) | ||
Exercise of stock options | 34 | 34 | ||
Stock option expense | 76 | 76 | ||
Cash dividends on common stock | (2,447) | (2,447) | ||
Ending Balances at Mar. 31, 2017 | $ 348,575 | $ 182,402 | $ 169,950 | $ (3,777) |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2017$ / shares | |
Cash dividends on common stock, per share | $ 0.11 |
Retained Earnings [Member] | |
Cash dividends on common stock, per share | $ 0.11 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities | ||
Net Income | $ 8,224 | $ 5,381 |
Items not requiring (providing) cash | ||
Provision for loan losses | 330 | 532 |
Depreciation and amortization | 1,401 | 1,183 |
Share based compensation | 76 | 68 |
Mortgage servicing rights net impairment | 6 | 1 |
Premium amortization on securities available for sale, net | 1,477 | 1,187 |
Gain on sale of investment securities | (35) | (108) |
Gain on sale of mortgage loans | (1,914) | (2,114) |
Proceeds from sales of loans | 58,151 | 62,022 |
Loans originated for sale | (49,939) | (55,162) |
Change in cash value of life insurance | (464) | (345) |
Gain (Loss) on sale of other real estate owned | 261 | (100) |
Net change in | ||
Interest receivable | 151 | 59 |
Interest payable | 45 | 73 |
Other assets | 5,784 | (1,730) |
Other liabilities | (4,527) | (1,532) |
Net cash provided by operating activities | 19,027 | 9,415 |
Investing Activities | ||
Purchases of securities available for sale | (50,201) | (33,716) |
Proceeds from sales, maturities, calls, and principal repayments of securities available for sale | 23,302 | 26,663 |
Purchases of securities held to maturity | (13,151) | (8,677) |
Proceeds from maturities of securities held to maturity | 1,015 | 10,319 |
Change in FHLB stock | (158) | |
Net change in loans | (8,684) | 29,354 |
Proceeds on the sale of OREO and repossessed assets | 510 | 663 |
Change in premises and equipment, net | (1,025) | (237) |
Net cash provided by (used in) investing activities | (37,392) | 24,369 |
Net change in | ||
Deposits | (42,338) | (1,674) |
Borrowings | 52,564 | (18,801) |
Redemption of preferred stock | (12,500) | |
Proceeds from issuance of stock | 34 | |
Dividends paid on common shares | (2,447) | (1,805) |
Dividends paid on preferred shares | (42) | |
Net cash provided by (used in) financing activities | 7,813 | (34,822) |
Net Change in Cash and Cash Equivalents | (10,552) | (1,038) |
Cash and Cash Equivalents, Beginning of Period | 70,832 | 48,650 |
Cash and Cash Equivalents, End of Period | 60,280 | 47,612 |
Additional Supplemental Information | ||
Interest paid | 3,215 | 3,681 |
Income taxes paid | 1,050 | 1,250 |
Transfer of loans to other real estate owned | 714 | $ 1,379 |
Single Branch of First Farmers Bank & Trust Co [Member] | ||
Investing Activities | ||
Acquisition of branch, net of cash received | 11,000 | |
LaPorte Bancorp Inc [Member] | ||
Additional Supplemental Information | ||
Acquisition of LaPorte, measurement period adjustments | $ 703 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 1 - Accounting Policies The accompanying unaudited condensed consolidated financial statements include the accounts of Horizon Bancorp (“Horizon” or the “Company”) and its wholly-owned subsidiaries, including Horizon Bank, N.A. (“Horizon Bank” or the “Bank”). All inter-company balances and transactions have been eliminated. The results of operations for the periods ended March 31, 2017 and March 31, 2016 are not necessarily indicative of the operating results for the full year of 2017 or 2016. The accompanying unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of Horizon’s management, necessary to fairly present the financial position, results of operations and cash flows of Horizon for the periods presented. Those adjustments consist only of normal recurring adjustments. Certain information and note disclosures normally included in Horizon’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Horizon’s Annual Report on Form 10-K On October 18, 2016, the Board of Directors of the Company approved a three-for-two three-for-two three-for-two Basic earnings per share is computed by dividing net income available to common shareholders (net income less dividend requirements for preferred stock and accretion of preferred stock discount) by the weighted-average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following table shows computation of basic and diluted earnings per share. Three Months Ended March 31 2017 2016 (Unaudited) (Unaudited) Basic earnings per share Net income $ 8,224 $ 5,381 Less: Preferred stock dividends — 42 Net income available to common shareholders $ 8,224 $ 5,339 Weighted average common shares outstanding (1) 22,175,526 17,924,124 Basic earnings per share $ 0.37 $ 0.30 Diluted earnings per share Net income available to common shareholders $ 8,224 $ 5,339 Weighted average common shares outstanding (1) 22,175,526 17,924,124 Effect of dilutive securities: Restricted stock 36,336 31,550 Stock options 114,209 57,053 Weighted average shares outstanding 22,326,071 18,012,726 Diluted earnings per share $ 0.37 $ 0.30 (1) Adjusted for 3:2 stock split on November 14, 2016 There were zero shares for the three months ended March 31, 2017 and 2016 which were not included in the computation of diluted earnings per share because they were non-dilutive. Horizon has share-based employee compensation plans, which are described in the notes to the financial statements included in the December 31, 2016 Annual Report on Form 10-K. Reclassifications Certain reclassifications have been made to the 2016 condensed consolidated financial statements to be comparable to 2017. These reclassifications had no effect on net income. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2 – Acquisitions Kosciusko Financial, Inc. On June 1, 2016, Horizon completed the acquisition of Kosciusko Financial, Inc., an Indiana corporation (“Kosciusko”) and Horizon Bank’s acquisition of Farmers State Bank, a state-chartered bank and wholly owned subsidiary of Kosciusko, through mergers effective June 1, 2016. Under the terms of the Merger Agreement, shareholders of Kosciusko had the option to receive $81.75 per share in cash or 4.5183 shares of Horizon common stock for each share of Kosciusko’s common stock, subject to allocation provisions to assure that in aggregate, Kosciusko shareholders received total consideration that consisted of 65% stock and 35% cash. Kosciusko shareholders owning fewer than 100 shares of common stock received $81.75 in cash for each common share. As a result of Kosciusko stockholder stock and cash elections and the related proration provisions of the Merger Agreement, Horizon issued 873,430 shares of its common stock in the merger. Based upon the June 1, 2016 closing price of $16.57 per share of Horizon common stock, the transaction has an implied valuation of approximately $23.0 million. The Company has had approximately $1.6 million in costs related to the acquisition. These expenses are classified in the non-interest Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Kosciusko acquisition is detailed in the following table. The final valuation numbers were received in September 2016 which changed the goodwill estimate from $6.9 million to $6.4 million. ASSETS Cash and due from banks $ 38,950 Investment securities, available for sale 1,191 Commercial 70,006 Residential mortgage 26,244 Consumer 6,319 Total loans 102,569 Premises and equipment, net 1,466 FRB and FHLB stock 582 Goodwill 6,443 Core deposit intangible 526 Interest receivable 636 Cash value of life insurance 2,745 Other assets 765 Total assets purchased $ 155,873 Common shares issued $ 14,470 Cash paid 8,513 Total estimated purchase price $ 22,983 LIABILITIES Deposits Non-interest $ 27,871 NOW accounts 35,213 Savings and money market 26,953 Certificates of deposits 32,771 Total deposits 122,808 Borrowings 9,038 Interest payable 55 Other liabilities 989 Total liabilities assumed $ 132,890 Of the total estimated purchase price of $23.0 million, $526,000 has been allocated to core deposit intangible. Additionally, $6.4 million has been allocated to goodwill and none of the purchase price is deductible. The core deposit intangible will be amortized over ten years on a straight line basis. The Company acquired loans in the acquisition and the transferred loans had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due non-accrual loan-to-value 310-30) Loans with specific credit-related deterioration, since origination, are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition of these loans is based on reasonable expectation about the timing and amount of cash flows to be collected. The following table details the acquired loans that are accounted for in accordance with ASC 310-30 Contractually required principal and interest at acquisition $ 2,682 Contractual cash flows not expected to be collected (nonaccretable differences) 25 Expected cash flows at acquisition 2,657 Interest component of expected cash flows (accretable discount) 634 Fair value of acquired loans accounted for under ASC 310-30 $ 2,023 Final estimates of certain loans, those for which specific credit-related deterioration, since origination, are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition of these loans is based on reasonable expectation about the timing and amount of cash flows to be collected. LaPorte Bancorp, Inc. non-interest Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the LaPorte Bancorp acquisition is detailed in the following table. ASSETS Cash and due from banks $ 154,849 Investment securities, available for sale 23,779 Commercial 153,750 Residential mortgage 42,603 Consumer 16,801 Mortgage Warehousing 99,752 Total loans 312,906 Premises and equipment, net 6,022 FHLB stock 4,029 Goodwill 20,993 Core deposit intangible 2,514 Interest receivable 844 Cash value of life insurance 15,267 Other assets 8,334 Total assets purchased $ 549,537 Common shares issued $ 60,306 Cash paid 38,328 Total estimated purchase price $ 98,634 LIABILITIES Deposits Non-interest $ 66,733 NOW accounts 99,346 Savings and money market 117,688 Certificates of deposits 87,605 Total deposits 371,372 Borrowings 64,793 Interest payable 178 Subordinated debt 4,504 Other liabilities 10,056 Total liabilities assumed $ 450,903 Of the total estimated purchase price of $98.6 million, $2.5 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 ten years on a straight line basis. The Company acquired loans in the acquisition and the transferred loans had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due non-accrual loan-to-value 310-30) Loans with specific credit-related deterioration, since origination, are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition of these loans is based on reasonable expectation about the timing and amount of cash flows to be collected. The following table details an estimate of the acquired loans that are accounted for in accordance with ASC 310-30 Contractually required principal and interest at acquisition $ 12,545 Contractual cash flows not expected to be collected (nonaccretable differences) 4,492 Expected cash flows at acquisition 8,053 Interest component of expected cash flows (accretable discount) 1,258 Fair value of acquired loans accounted for under ASC 310-30 $ 6,795 Final estimates of certain loans, those for which specific credit-related deterioration, since origination, are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition of these loans is based on reasonable expectation about the timing and amount of cash flows to be collected. Goodwill was increased by $703,000 as of March 31, 2017 due to measurement period adjustments. CNB Bancorp On November 7, 2016, Horizon completed the acquisition of CNB Bancorp, an Indiana corporation headquartered in Attica, Indiana (“CNB”) and the Bank’s acquisition of The Central National Bank and Trust Company (“Central National Bank & Trust”), through mergers effective November 7, 2016. Under terms of the acquisition, shareholders of CNB received merger consideration in the form of cash. The total value of the consideration for the acquisition was $5.3 million. Under the acquisition method of accounting, the total estimated purchase price is allocated to CNB’s net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on management’s preliminary valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the CNB acquisition is allocated as follows: ASSETS Cash and due from banks $ 27,860 Investment securities, available for sale 16,393 Commercial 2,267 Residential mortgage 6,624 Consumer 1,579 Total loans 10,470 Premises and equipment, net 444 FHLB stock 50 Goodwill 609 Core deposit intangible 190 Interest receivable 154 Other assets 49 Total assets purchased $ 56,219 Cash paid 5,311 Total estimated purchase price $ 5,311 LIABILITIES Deposits Non-interest $ 24,079 NOW accounts 9,038 Savings and money market 13,829 Certificates of deposits 3,342 Total deposits 50,288 Borrowings 459 Interest payable 7 Other liabilities 154 Total liabilities assumed $ 50,908 Of the total purchase price of $5.3 million, $190,000 has been allocated to core deposit intangible. Additionally, $609,000 has been allocated to goodwill and none of the purchase price is deductible. The core deposit intangible will be amortized over 10 years on a straight line basis. The Company acquired the $10.8 million performing loan portfolio with an estimated fair value of $10.5 million. No loans were purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. The results of operations of CNB, LaPorte Bancorp and Kosciusko have been included in the Company’s consolidated financial statements since the acquisition dates. The following schedule includes pro-forma Three Months Ended March 31 March 31 2017 2016 Summary of Operations: Net Interest Income $ 25,568 $ 25,497 Provision for Loan Losses 330 532 Net Interest Income after Provision for Loan Losses 25,238 $ 24,965 Non-interest 7,559 8,473 Non-Interest 21,521 24,908 Income before Income Taxes 11,276 8,530 Income Tax Expense 3,052 2,385 Net Income 8,224 6,145 Net Income Available to Common Shareholders $ 8,224 $ 6,103 Basic Earnings Per Share $ 0.37 $ 0.34 Diluted Earnings Per Share $ 0.37 $ 0.34 The pro-forma The pro-forma Bargersville Branch Purchase On February 3, 2017, Horizon completed the purchase and assumption of certain assets and liabilities of a single branch of First Farmers Bank & Trust Company, in Bargersville, Indiana. Net cash of $10.9 million was received in the transaction, representing the deposit balances assumed at closing, net of amounts paid for loans acquired in the transaction of $3.4 million and a 3.0% premium on deposits. Customer deposit balances were recorded at $14.8 million and a core deposit intangible of $463,000 was recorded in the transaction, which will be amortized over ten years on a straight line basis. There was no goodwill generated in the transaction. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3 – Securities The fair value of securities is as follows: March 31, 2017 Amortized Gross Gross Fair Value Available for sale U.S. Treasury and federal agencies $ 13,546 $ 2 $ (68 ) $ 13,480 State and municipal 127,108 656 (659 ) 127,105 Federal agency collateralized mortgage obligations 137,815 241 (1,867 ) 136,189 Federal agency mortgage-backed pools 196,064 1,194 (3,547 ) 193,711 Private labeled mortgage-backed pools 1,901 — (19 ) 1,882 Corporate notes 1,236 619 — 1,855 Total available for sale investment securities $ 477,670 $ 2,712 $ (6,160 ) $ 474,222 Held to maturity State and municipal $ 176,631 $ 3,317 $ (1,948 ) $ 178,000 Federal agency collateralized mortgage obligations 6,297 30 (65 ) 6,262 Federal agency mortgage-backed pools 15,940 449 (169 ) 16,220 Total held to maturity investment securities $ 198,868 $ 3,796 $ (2,182 ) $ 200,482 December 31, 2016 Amortized Gross Gross Fair Value Available for sale U.S. Treasury and federal agencies $ 8,051 $ 2 $ (64 ) $ 7,989 State and municipal 117,327 324 (1,059 ) 116,592 Federal agency collateralized mortgage obligations 139,040 254 (2,099 ) 137,195 Federal agency mortgage-backed pools 180,183 251 (3,707 ) 176,726 Corporate notes 1,238 91 — 1,329 Total available for sale investment securities $ 445,839 $ 922 $ (6,929 ) $ 439,831 Held to maturity U.S. Treasury and federal agencies $ — $ — $ — $ — State and municipal 165,607 2,700 (2,485 ) 165,822 Federal agency collateralized mortgage obligations 6,530 31 (71 ) 6,490 Federal agency mortgage-backed pools 21,057 897 (180 ) 21,774 Total held to maturity investment securities $ 193,194 $ 3,628 $ (2,736 ) $ 194,086 Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. While these securities are held in the available for sale portfolio and held-to-maturity, Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. At March 31, 2017, 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 March 31, 2017. The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2017 and December 31, 2016, 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. March 31, 2017 December 31, 2016 Amortized Fair Value Amortized Fair Value Available for sale Within one year $ 8,277 $ 8,311 $ 7,455 $ 7,480 One to five years 40,343 40,404 37,483 37,479 Five to ten years 28,390 28,380 21,112 20,984 After ten years 64,880 65,345 60,566 59,967 141,890 142,440 126,616 125,910 Federal agency collateralized mortgage obligations 137,815 136,189 139,040 137,195 Federal agency mortgage-backed pools 196,064 193,711 180,183 176,726 Private labeled mortgage-backed pools 1,901 1,882 — — Total available for sale investment securities $ 477,670 $ 474,222 $ 445,839 $ 439,831 Held to maturity Within one year $ 9,941 $ 9,941 $ — $ — One to five years 30,869 31,892 24,594 25,271 Five to ten years 86,470 87,885 87,645 88,805 After ten years 49,351 48,282 53,368 51,746 176,631 178,000 165,607 165,822 Federal agency collateralized mortgage obligations 6,297 6,262 6,530 6,490 Federal agency mortgage-backed pools 15,940 16,220 21,057 21,774 Total held to maturity investment securities $ 198,868 $ 200,482 $ 193,194 $ 194,086 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 March 31, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and federal agencies $ 13,158 $ (68 ) $ — $ — $ 13,158 $ (68 ) State and municipal 107,096 (2,607 ) — — 107,096 (2,607 ) Federal agency collateralized mortgage obligations 105,289 (1,700 ) 9,626 (232 ) 114,916 (1,932 ) Federal agency mortgage-backed pools 162,271 (3,716 ) — — 162,271 (3,716 ) Private labeled mortgage-backed pools 1,882 (19 ) — — 1,882 (19 ) Total temporarily impaired securities $ 389,696 $ (8,110 ) $ 9,626 $ (232 ) $ 399,323 $ (8,342 ) Less than 12 Months 12 Months or More Total December 31, 2016 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and federal agencies $ 6,987 $ (64 ) $ — $ — $ 6,987 $ (64 ) State and municipal 142,466 (3,544 ) — — 142,466 (3,544 ) Federal agency collateralized mortgage obligations 112,414 (1,918 ) 10,199 (252 ) 122,613 (2,170 ) Federal agency mortgage-backed pools 163,768 (3,887 ) — — 163,768 (3,887 ) Total temporarily impaired securities $ 425,635 $ (9,413 ) $ 10,199 $ (252 ) $ 435,834 $ (9,665 ) Three Months Ended March 31 2017 2016 Sales of securities available for sale Proceeds $ 2,090 $ 7,297 Gross gains 35 108 Gross losses — — |
Loans
Loans | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loans | Note 4 – Loans March 31 December 31 Commercial Working capital and equipment $ 559,733 $ 539,403 Real estate, including agriculture 499,009 485,620 Tax exempt 16,399 15,486 Other 31,330 29,447 Total 1,106,471 1,069,956 Real estate 1–4 family 527,994 526,024 Other 5,652 5,850 Total 533,646 531,874 Consumer Auto 188,601 174,773 Recreation 7,264 5,669 Real estate/home improvement 54,414 53,898 Home equity 147,528 144,508 Unsecured 3,536 3,875 Other 16,133 15,706 Total 417,476 398,429 Mortgage warehouse 89,360 135,727 Total loans 2,146,953 2,135,986 Allowance for loan losses (15,054 ) (14,837 ) Loans, net $ 2,131,899 $ 2,121,149 Commercial Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected, and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves larger loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets, the general economy or fluctuations in interest rates. The properties securing the Company’s commercial real estate portfolio are diverse in terms of property type, and are monitored for concentrations of credit. Management monitors and evaluates commercial real estate loans based on collateral, cash flow and risk grade criteria. As a general rule, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner Real Estate and Consumer With respect to residential loans that are secured by 1-4 loan-to-value 1-4 Mortgage Warehousing Horizon’s mortgage warehouse lending has specific mortgage companies as customers of Horizon Bank. Individual mortgage loans originated by these mortgage companies are funded as a secured borrowing with a pledge of collateral under Horizon’s agreement with the mortgage company. Each individual mortgage and the related mortgagee are underwritten by Horizon to the end investor guidelines and is assigned to Horizon until the loan is sold to the secondary market by the mortgage company. In addition, Horizon takes possession of each original note and forwards such note to the end investor once the mortgage company has sold the loan. At the time a loan is transferred to the secondary market, the mortgage company reacquires the loan under its option within the agreement. Due to the reacquire feature contained in the agreement, the transaction does not qualify as a sale and therefore is accounted for as a secured borrowing with a pledge of collateral pursuant to the agreement with the mortgage company. When the individual loan is sold to the end investor by the mortgage company, the proceeds from the sale of the loan are received by Horizon and used to pay off the loan balance with Horizon along with any accrued interest and any related fees. The remaining balance from the sale is forwarded to the mortgage company. These individual loans typically are sold by the mortgage company within 30 days and are seldom held more than 90 days. Interest income is accrued during this period and collected at the time each loan is sold. Fee income for each loan sold is collected when the loan is sold, and no costs are deferred due to the term between each loan funding and related payoff, which is typically less than 30 days. Based on the agreements with each mortgage company, at any time a mortgage company can reacquire from Horizon its outstanding loan balance on an individual mortgage and regain possession of the original note. Horizon also has the option to request that the mortgage company reacquire an individual mortgage. Should this occur, Horizon would return the original note and reassign the assignment of the mortgage to the mortgage company. Also, in the event that the end investor would not be able to honor the purchase commitment and the mortgage company would not be able to reacquire its loan on an individual mortgage, Horizon would be able to exercise its rights under the agreement. The following table shows the recorded investment of individual loan categories. March 31, 2017 Loan Balance Interest Due Deferred Recorded Investment Owner occupied real estate $ 339,341 $ 813 $ 951 $ 341,105 Non owner occupied real estate 475,766 596 2,340 478,702 Residential spec homes 6,437 15 — 6,452 Development & spec land loans 35,395 58 114 35,567 Commercial and industrial 245,702 1,732 425 247,859 Total commercial 1,102,641 3,214 3,830 1,109,685 Residential mortgage 508,645 1,461 3,058 513,164 Residential construction 21,943 43 — 21,986 Mortgage warehouse 89,360 480 — 89,840 Total real estate 619,948 1,984 3,058 624,990 Direct installment 74,195 201 (423 ) 73,973 Direct installment purchased 99 — — 99 Indirect installment 166,802 355 182 167,339 Home equity 177,551 691 (930 ) 177,312 Total consumer 418,647 1,247 (1,171 ) 418,723 Total loans 2,141,236 6,445 5,717 2,153,398 Allowance for loan losses (15,054 ) — — (15,054 ) Net loans $ 2,126,182 $ 6,445 $ 5,717 $ 2,138,344 December 31, 2016 Loan Interest Due Deferred Recorded Owner occupied real estate $ 337,548 $ 899 $ 1,022 $ 339,469 Non owner occupied real estate 461,897 624 2,176 464,697 Residential spec homes 5,006 8 (2 ) 5,012 Development & spec land loans 31,228 56 119 31,403 Commercial and industrial 230,520 1,906 442 232,868 Total commercial 1,066,199 3,493 3,757 1,073,449 Residential mortgage 508,233 1,492 3,030 512,755 Residential construction 20,611 33 — 20,644 Mortgage warehouse 135,727 480 — 136,207 Total real estate 664,571 2,005 3,030 669,606 Direct installment 71,150 199 (385 ) 70,964 Direct installment purchased 119 — — 119 Indirect installment 153,204 345 — 153,549 Home equity 175,126 703 (785 ) 175,044 Total consumer 399,599 1,247 (1,170 ) 399,676 Total loans 2,130,369 6,745 5,617 2,142,731 Allowance for loan losses (14,837 ) — — (14,837 ) Net loans $ 2,115,532 $ 6,745 $ 5,617 $ 2,127,894 |
Accounting for Certain Loans Ac
Accounting for Certain Loans Acquired in a Transfer | 3 Months Ended |
Mar. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Accounting for Certain Loans Acquired in a Transfer | Note 5 – Accounting for Certain Loans Acquired in a Transfer The Company acquired loans in acquisitions and the transferred loans had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due non-accrual loan-to-value 310-30) The carrying amounts of those loans included in the balance sheet amounts of loans receivable are as follows: March 31 March 31 March 31 2017 Peoples March 31 2017 Kosciusko March 31 2017 LaPorte March 31 2017 Total Commercial $ 724 $ 4,900 $ 624 $ 1,632 $ 2,401 $ 10,281 Real estate 433 946 155 447 1,102 3,083 Consumer — — — — 38 38 Outstanding balance $ 1,157 $ 5,846 $ 779 $ 2,079 $ 3,541 $ 13,402 Carrying amount, net of allowance of $71 $ 13,331 December 31 December 31 December 31 Peoples December 31 December 31 December 31 2016 Total Commercial $ 774 $ 5,245 $ 692 $ 1,652 $ 3,200 $ 11,563 Real estate 534 967 165 457 1,114 3,237 Consumer 2 — — — 41 43 Outstanding balance $ 1,310 $ 6,213 $ 856 $ 2,109 $ 4,355 $ 14,843 Carrying amount, net of allowance of $0 $ 14,843 Accretable yield, or income expected to be collected for the three months ended March 31, is as follows: Three Months Ended March 31, 2017 Heartland Summit Peoples Kosciusko LaPorte Total Balance at January 1 $ 557 $ 502 $ 389 $ 530 $ 1,479 $ 3,457 Additions — — — — — — Accretion (34 ) (93 ) (194 ) (31 ) (81 ) (433 ) Reclassification from nonaccretable difference — — — — — — Disposals (6 ) (2 ) (1 ) — (110 ) (119 ) Balance at March 31 $ 517 $ 407 $ 194 $ 499 $ 1,288 $ 2,905 Three Months Ended March 31, 2016 Heartland Summit Peoples Kosciusko LaPorte Total Balance at January 1 $ 795 $ 708 $ 555 $ — $ — $ 2,058 Additions — — — — — — Accretion (36 ) (55 ) (42 ) — — (133 ) Reclassification from nonaccretable difference — — — — — — Disposals (10 ) (4 ) (30 ) — — (44 ) Balance at March 31 $ 749 $ 649 $ 483 $ — $ — $ 1,881 During the three months ended March 31, 2017, the Company increased the allowance for loan losses on purchased loans by a charge to the income statement of $71,000. During the three months ended March 31, 2016, the Company decreased the allowance for loans losses on purchased loans by a recovery to the income statement of $63,000. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 6 – Allowance for Loan Losses The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior one to five years. Management believes the five-year historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates that are comparable to the current period being analyzed. The actual allowance for loan loss activity is provided below. Three Months Ended March 31 2017 2016 (Unaudited) (Unaudited) Balance at beginning of the period $ 14,837 $ 14,534 Loans charged-off: Commercial Owner occupied real estate — 147 Non owner occupied real estate — 299 Residential development — — Development & Spec Land Loans — — Commercial and industrial — 39 Total commercial — 485 Real estate Residential mortgage 51 115 Residential construction — — Mortgage warehouse — — Total real estate 51 115 Consumer Direct Installment 25 58 Direct Installment Purchased — — Indirect Installment 285 276 Home Equity 50 175 Total consumer 360 509 Total loans charged-off 411 1,109 Recoveries of loans previously charged-off: Commercial Owner occupied real estate — 25 Non owner occupied real estate 22 23 Residential development 2 2 Development & Spec Land Loans — — Commercial and industrial 110 32 Total commercial 134 82 Real estate Residential mortgage 13 32 Residential construction — — Mortgage warehouse — — Total real estate 13 32 Consumer Direct Installment 17 16 Direct Installment Purchased — — Indirect Installment 113 94 Home Equity 21 55 Total consumer 151 165 Total loan recoveries 298 279 Net loans charged-off 113 830 Provision charged to operating expense Commercial 887 (332 ) Real estate (567 ) (592 ) Consumer 10 1,456 Total provision charged to operating expense 330 532 Balance at the end of the period $ 15,054 $ 14,236 Certain loans are individually evaluated for impairment, and the Company’s general practice is to proactively charge down impaired loans to the fair value, which is the appraised value less estimated selling costs, of the underlying collateral. Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. For all loan portfolio segments except 1-4 charges-off charge-off The Company charges-off 1-4 1-4 charges-off open-end The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment analysis: March 31, 2017 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 7,600 1,697 1,042 4,715 15,054 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 7,600 $ 1,697 $ 1,042 $ 4,715 $ 15,054 Loans: Individually evaluated for impairment $ 1,379 $ — $ — $ — $ 1,379 Collectively evaluated for impairment 1,108,306 535,150 89,840 418,723 2,152,019 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 1,109,685 $ 535,150 $ 89,840 $ 418,723 $ 2,153,398 December 31, 2016 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 4 $ — $ — $ — $ 4 Collectively evaluated for impairment 6,575 2,090 1,254 4,914 14,833 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 6,579 $ 2,090 $ 1,254 $ 4,914 $ 14,837 Loans: Individually evaluated for impairment $ 2,250 $ — $ — $ — $ 2,250 Collectively evaluated for impairment 1,071,199 533,399 136,207 399,676 2,140,481 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 1,073,449 $ 533,399 $ 136,207 $ 399,676 $ 2,142,731 |
Non-performing Loans and Impair
Non-performing Loans and Impaired Loans | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Non-performing Loans and Impaired Loans | Note 7 – Non-performing The following table presents the non-accrual, March 31, 2017 Non-accrual Loans Past Non- Performing Total Non- Performing Commercial Owner occupied real estate $ 760 $ — $ — $ — $ 760 Non owner occupied real estate 387 — — — 387 Residential development — — — — — Development & Spec Land Loans 112 — — — 112 Commercial and industrial 121 150 — — 271 Total commercial 1,380 150 — — 1,530 Real estate Residential mortgage 2,904 — 567 1,356 4,827 Residential construction — — 230 — 230 Mortgage warehouse — — — — — Total real estate 2,904 — 797 1,356 5,057 Consumer Direct Installment 489 — — — 489 Direct Installment Purchased — — — — — Indirect Installment 690 69 — — 759 Home Equity 1,481 26 201 291 1,999 Total Consumer 2,660 95 201 291 3,247 Total $ 6,944 $ 245 $ 998 $ 1,647 $ 9,834 December 31, 2016 Non-accrual Loans Past Non- Performing Total Non- Performing Commercial Owner occupied real estate $ 1,532 $ 183 $ — $ — $ 1,715 Non owner occupied real estate 440 — — — 440 Residential development — — — — — Development & Spec Land Loans 118 — — — 118 Commercial and industrial 159 — — — 159 Total commercial 2,249 183 — — 2,432 Real estate Residential mortgage 2,959 — 576 1,254 4,789 Residential construction — — 233 — 233 Mortgage warehouse — — — — — Total real estate 2,959 — 809 1,254 5,022 Consumer Direct Installment 512 — — — 512 Direct Installment Purchased — — — — — Indirect Installment 659 49 — — 708 Home Equity 1,557 9 205 238 2,009 Total Consumer 2,728 58 205 238 3,229 Total $ 7,936 $ 241 $ 1,014 $ 1,492 $ 10,683 Included in the $6.9 million of non-accrual non-performing From time to time, the Bank obtains information that may lead management to believe that the collection of payments may be doubtful on a particular loan. In recognition of this, it is management’s policy to convert the loan from an “earning asset” to a non-accruing non-accrual non-accrual non-accrual Non-accrual non-accrual A loan becomes impaired when, based on current information, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is classified as impaired, the degree of impairment must be recognized by estimating future cash flows from the debtor. The present value of these cash flows is computed at a discount rate based on the interest rate contained in the loan agreement. However, if a particular loan has a determinable market value for its collateral, the creditor may use that value. Also, if the loan is secured and considered collateral dependent, the creditor may use the fair value of the collateral. Interest income on loans individually classified as impaired is recognized on a cash basis after all past due and current principal payments have been made. Smaller-balance, homogeneous loans are evaluated for impairment in total. Such loans include residential first mortgage loans secured by 1–4 family residences, residential construction loans, automobile, home equity, second mortgage loans and mortgage warehouse loans. Commercial loans and mortgage loans secured by other properties are evaluated individually for impairment. When analysis of borrower operating results and financial condition indicate that underlying cash flows of a borrower’s business are not adequate to meet its debt service requirements, the loan is evaluated for impairment. Often this is associated with a delay or shortfall in payments of 30 days or more. Loans are generally moved to non-accrual Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms, including TDRs, are measured for impairment. Allowable methods for determining the amount of impairment include the three methods described above. The Company’s TDRs are considered impaired loans and included in the allowance methodology using the guidance for impaired loans. At March 31, 2017, 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 March 31, 2017, the Company had $2.6 million in TDRs and $1.6 million were performing according to the restructured terms and zero TDRs were returned to accrual status during the first three months of 2017. There were zero specific reserves allocated to TDRs at March 31, 2017 based on the discounted cash flows or when appropriate the fair value of the collateral. The following table presents commercial loans individually evaluated for impairment by class of loan: Three Months Ending March 31, 2017 Unpaid Recorded Allowance For Average Cash/ Accrual With no recorded allowance Commercial Owner occupied real estate $ 759 $ 759 $ — $ 1,021 $ — Non owner occupied real estate 387 387 — 393 — Residential development — — — — — Development & Spec Land Loans 112 112 — 238 — Commercial and industrial 121 121 — 350 — Total commercial 1,379 1,379 — 2,002 — With an allowance recorded Commercial Owner occupied real estate — — — — — Non owner occupied real estate — — — — — Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial — — — — — Total commercial — — — — — Total $ 1,379 $ 1,379 $ — $ 2,002 $ — Three Months Ending March 31, 2016 Unpaid Recorded Allowance For Average Cash/ Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,089 $ 1,089 $ — $ 1,106 $ — Non owner occupied real estate 1,851 1,856 — 2,063 1 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 76 76 — 330 — Total commercial 3,016 3,021 — 3,499 1 With an allowance recorded Commercial Owner occupied real estate — — — — — Non owner occupied real estate 2,757 2,767 900 2,767 — Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial — — — — — Total commercial 2,757 2,767 900 2,767 — Total $ 5,773 $ 5,788 $ 900 $ 6,266 $ 1 The following table presents the payment status by class of loan: March 31, 2017 30 - 59 Days 60 - 89 Days 90 Days or Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 1,523 $ — $ — $ 1,523 $ 337,818 $ 339,341 Non owner occupied real estate 103 92 — 195 475,571 475,766 Residential development 478 — — 478 5,959 6,437 Development & Spec Land Loans 85 — — 85 35,310 35,395 Commercial and industrial 415 — 150 565 245,137 245,702 Total commercial 2,604 92 150 2,846 1,099,795 1,102,641 Real estate Residential mortgage 1,072 247 — 1,319 507,326 508,645 Residential construction 183 — — 183 21,760 21,943 Mortgage warehouse — — — — 89,360 89,360 Total real estate 1,255 247 — 1,502 618,446 619,948 Consumer Direct Installment 26 2 — 28 74,167 74,195 Direct Installment Purchased — — — — 99 99 Indirect Installment 707 193 69 969 165,833 166,802 Home Equity 326 40 26 392 177,159 177,551 Total consumer 1,059 235 95 1,389 417,258 418,647 Total $ 4,918 $ 574 $ 245 $ 5,737 $ 2,135,499 $ 2,141,236 Percentage of total loans 0.23 % 0.03 % 0.01 % 0.27 % 99.73 % December 31, 2016 30 - 59 Days 60 - 89 Days 90 Days or Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 1,068 $ — $ 183 $ 1,251 $ 336,297 $ 337,548 Non owner occupied real estate 357 — — 357 461,540 461,897 Residential development — — — — 5,006 5,006 Development & Spec Land Loans 1 — — 1 31,227 31,228 Commercial and industrial 982 — — 982 229,538 230,520 Total commercial 2,408 — 183 2,591 1,063,608 1,066,199 Real estate Residential mortgage 886 123 — 1,009 507,224 508,233 Residential construction — — — — 20,611 20,611 Mortgage warehouse — — — — 135,727 135,727 Total real estate 886 123 — 1,009 663,562 664,571 Consumer Direct Installment 139 4 — 143 71,007 71,150 Direct Installment Purchased — — — — 119 119 Indirect Installment 1,339 237 49 1,625 151,579 153,204 Home Equity 912 267 9 1,188 173,938 175,126 Total consumer 2,390 508 58 2,956 396,643 399,599 Total $ 5,684 $ 631 $ 241 $ 6,556 $ 2,123,813 $ 2,130,369 Percentage of total loans 0.27 % 0.03 % 0.01 % 0.31 % 99.69 % The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. Horizon Bank’s processes for determining credit quality differ slightly depending on whether a new loan or a renewed loan is being underwritten, or whether an existing loan is being re-evaluated • For new and renewed commercial loans, the Bank’s Credit Department, which acts independently of the loan officer, assigns the credit quality grade to the loan. Loan grades for loans with an aggregate credit exposure that exceeds the authorities in the respective markets (ranging from $1,000,000 to $2,500,000) are validated by the Loan Committee, which is chaired by the Chief Credit Officer (CCO). • Commercial loan officers are responsible for reviewing their loan portfolios and report any adverse material change to the CCO or Loan Committee. When circumstances warrant a change in the credit quality grade, loan officers are required to notify the CCO and the Credit Department of the change in the loan grade. Downgrades are accepted immediately by the CCO, however, lenders must present their factual information to either the Loan Committee or the CCO when recommending an upgrade. • The CCO, or his designee, meets weekly with loan officers to discuss the status of past-due • Monthly, senior management meets with the Watch Committee, which reviews all of the past due, classified, and impaired loans and the relative trends of these assets. This committee also reviews the actions taken by management regarding foreclosure mitigation, loan extensions, troubled debt restructures, other real estate owned and personal property repossessions. The information reviewed in this meeting acts as a precursor for developing management’s analysis of the adequacy of the Allowance for Loan and Lease Losses. For residential real estate and consumer loans, Horizon uses a grading system based on delinquency. Loans that are 90 days or more past due, on non-accrual, non-accrual. Horizon Bank employs a nine-grade rating system to determine the credit quality of commercial loans. The first five grades represent acceptable quality, and the last four grades mirror the criticized and classified grades used by the bank regulatory agencies (special mention, substandard, doubtful, and loss). The loan grade definitions are detailed below. Risk Grade 1: Excellent (Pass) Loans secured by liquid collateral, such as certificates of deposit, reputable bank letters of credit, or other cash equivalents; loans that are guaranteed or otherwise backed by the full faith and credit of the United States government or an agency thereof, such as the Small Business Administration; or loans to any publicly held company with a current long-term debt rating of A or better. Risk Grade 2: Good (Pass) Loans to businesses that have strong financial statements containing an unqualified opinion from a CPA firm and at least three consecutive years of profits; loans supported by unaudited financial statements containing strong balance sheets, five consecutive years of profits, a five-year satisfactory relationship with the Bank, and key balance sheet and income statement trends that are either stable or positive; loans secured by publicly traded marketable securities where there is no impediment to liquidation; loans to individuals backed by liquid personal assets and unblemished credit history; or loans to publicly held companies with current long-term debt ratings of Baa or better. Risk Grade 3: Satisfactory (Pass) Loans supported by financial statements (audited or unaudited) that indicate average or slightly below average risk and having some deficiency or vulnerability to changing economic conditions; loans with some weakness but offsetting features of other support are readily available; loans that are meeting the terms of repayment, but which may be susceptible to deterioration if adverse factors are encountered. Loans may be graded Satisfactory when there is no recent information on which to base a current risk evaluation and the following conditions apply: • At inception, the loan was properly underwritten, did not • At inception, the loan was secured with collateral possessing a loan value adequate to protect the Bank from loss. • The loan has exhibited two or more years of satisfactory repayment with a reasonable reduction of the principal balance. • During the period that the loan has been outstanding, there has been no evidence of any credit weakness. Some examples of weakness include slow payment, lack of cooperation by the borrower, breach of loan covenants, or the borrower is in an industry known to be experiencing problems. If any of these credit weaknesses is observed, a lower risk grade may be warranted. Risk Grade 4 Satisfactory/Monitored: Loans in this category are considered to be of acceptable credit quality, but contain greater credit risk than Satisfactory loans. Borrower displays acceptable liquidity, leverage, and earnings performance within the Bank’s minimum underwriting guidelines. The level of risk is acceptable but conditioned on the proper level of loan officer supervision. Loans that normally fall into this grade include acquisition, construction and development loans and income producing properties that have not reached stabilization. Risk Grade 4W Management Watch: Loans in this category are considered to be of acceptable quality, but with above normal risk. Borrower displays potential indicators of weakness in the primary source of repayment resulting in a higher reliance on secondary sources of repayment. Balance sheet may exhibit weak liquidity and/or high leverage. There is inconsistent earnings performance without the ability to sustain adverse economic conditions. Borrower may be operating in a declining industry or the property type, as for a commercial real estate loan, may be high risk or in decline. These loans require an increased level of loan officer supervision and monitoring to assure that any deterioration is addressed in a timely fashion. Risk Grade 5: Special Mention Loans which possess some credit deficiency or potential weakness which deserves close attention. Such loans pose an unwarranted financial risk that, if not corrected, could weaken the loan by adversely impacting the future repayment ability of the borrower. The key distinctions of a Special Mention classification are that (1) it is indicative of an unwarranted level of risk and (2) weaknesses are considered “potential,” not “defined,” impairments to the primary source of repayment. These loans may be to borrowers with adverse trends in financial performance, collateral value and/or marketability, or balance sheet strength. Risk Grade 6: Substandard One or more of the following characteristics may be exhibited in loans classified Substandard: • Loans which possess a defined credit weakness. The likelihood that a loan will be paid from the primary source of repayment is uncertain. Financial deterioration is under way and very close attention is warranted to ensure that the loan is collected without loss. • Loans are inadequately protected by the current net worth and paying capacity of the obligor. • The primary source of repayment is gone, and the Bank is forced to rely on a secondary source of repayment, such as collateral liquidation or guarantees. • Loans have a distinct possibility that the Bank will sustain some loss if deficiencies are not corrected. • Unusual courses of action are needed to maintain a high probability of repayment. • The borrower is not generating enough cash flow to repay loan principal; however, it continues to make interest payments. • The lender is forced into a subordinated or unsecured position due to flaws in documentation. • Loans have been restructured so that payment schedules, terms, and collateral represent concessions to the borrower when compared to the normal loan terms. • The lender is seriously contemplating foreclosure or legal action due to the apparent deterioration in the loan. • There is a significant deterioration in market conditions to which the borrower is highly vulnerable. Risk Grade 7: Doubtful One or more of the following characteristics may be present in loans classified Doubtful: • Loans have all of the weaknesses of those classified as Substandard. However, based on existing conditions, these weaknesses make full collection of principal highly improbable. • The primary source of repayment is gone, and there is considerable doubt as to the quality of the secondary source of repayment. • The possibility of loss is high but because of certain important pending factors which may strengthen the loan, loss classification is deferred until the exact status of repayment is known. Risk Grade 8: Loss Loans are considered uncollectible and of such little value that continuing to carry them as assets is not feasible. Loans will be classified Loss when it is neither practical nor desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future. The following table presents loans by credit grades. March 31, 2017 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 324,596 $ 4,311 $ 10,434 $ — $ 339,341 Non owner occupied real estate 469,602 338 5,826 — 475,766 Residential development 6,437 — — — 6,437 Development & Spec Land Loans 35,213 — 182 — 35,395 Commercial and industrial 233,988 4,916 6,798 — 245,702 Total commercial 1,069,836 9,565 23,240 — 1,102,641 Real estate Residential mortgage 503,818 — 4,827 — 508,645 Residential construction 21,713 — 230 — 21,943 Mortgage warehouse 89,360 — — — 89,360 Total real estate 614,891 — 5,057 — 619,948 Consumer Direct Installment 73,706 — 489 — 74,195 Direct Installment Purchased 99 — — — 99 Indirect Installment 166,043 — 759 — 166,802 Home Equity 175,552 — 1,999 — 177,551 Total Consumer 415,400 — 3,247 — 418,647 Total $ 2,100,127 $ 9,565 $ 31,544 $ — $ 2,141,236 Percentage of total loans 98.08 % 0.45 % 1.47 % 0.00 % December 31, 2016 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 322,924 $ 4,960 $ 9,664 $ — $ 337,548 Non owner occupied real estate 455,648 341 5,908 — 461,897 Residential development 5,006 — — — 5,006 Development & Spec Land Loans 31,057 — 171 — 31,228 Commercial and industrial 220,424 3,728 6,368 — 230,520 Total commercial 1,035,059 9,029 22,111 — 1,066,199 Real estate Residential mortgage 503,444 — 4,789 — 508,233 Residential construction 20,378 — 233 — 20,611 Mortgage warehouse 135,727 — — — 135,727 Total real estate 659,549 — 5,022 — 664,571 Consumer Direct Installment 70,638 — 512 — 71,150 Direct Installment Purchased 119 — — — 119 Indirect Installment 152,496 — 708 — 153,204 Home Equity 173,117 — 2,009 — 175,126 Total Consumer 396,370 — 3,229 — 399,599 Total $ 2,090,978 $ 9,029 $ 30,362 $ — $ 2,130,369 Percentage of total loans 98.15 % 0.42 % 1.43 % 0.00 % |
Repurchase Agreements
Repurchase Agreements | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Repurchase Agreements | Note 8 – Repurchase Agreements The Company transfers various securities to customers in exchange for cash at the end of each business day and agrees to acquire the securities at the end of the next business day for the cash exchanged plus interest. The process is repeated at the end of each business day until the agreement is terminated. The securities underlying the agreement remained under the Bank’s control. The following table shows repurchase agreements accounted for as secured borrowings (in thousands): March 31, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to one One to three Three to Five to ten Beyond ten Total Repurchase Agreements and repurchase-to-maturity Repurchase Agreements $ 54,149 $ — $ — $ — $ — $ — $ 54,149 Securities pledged for Repurchase Agreements U.S. Treasury and federal agencies — — — — — — — Federal agency collateralized mortgage obligations 45,034 — — — — — 45,034 Federal agency mortgage-backed pools 14,326 — — — — — 14,326 Total $ 59,360 $ — $ — $ — $ — $ — $ 59,360 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 9 – Derivative Financial Instruments Cash Flow Hedges As a strategy to maintain acceptable levels of exposure to the risk of changes in future cash flow due to interest rate fluctuations, the Company entered into interest rate swap agreements for a portion of its floating rate debt. The agreements provide for the Company to receive interest from the counterparty at three month LIBOR and to pay interest to the counterparty at a weighted average fixed rate of 6.14% on a notional amount of $30.5 million at March 31, 2017 and December 31, 2016. Under the agreements, the Company pays or receives the net interest amount monthly, with the monthly settlements included in interest expense. The Company assumed additional interest rate swap agreements as the result of the LaPorte acquisition in July 2016. The agreements provide for the Company to receive interest from the counterparty at one month LIBOR and to pay interest to the counterparty at a weighted average fixed rate of 2.31% on a notional amount of $30.0 million at March 31, 2017 and December 31, 2016. Under the agreements, the Company pays or receives the net interest amount monthly, with the monthly settlements included in interest expense. Management has designated the interest rate swap 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 March 31, 2017, 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 March 31, 2017, 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 $137.2 million at March 31, 2017 and $122.4 million at December 31, 2016. Other Derivative Instruments The Company enters into non-hedging The change in fair value of both the forward sale commitments and commitments to originate mortgage loans were recorded and the net gains or losses included in the Company’s gain on sale of loans. The following tables summarize the fair value of derivative financial instruments utilized by Horizon: Asset Derivatives March 31, 2017 Liability Derivatives March 31, 2017 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 247 Interest rate contracts Other Assets 247 Other liabilities 2,732 Total derivatives designated as hedging instruments 247 2,979 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 521 Other liabilities — Total derivatives not designated as hedging instruments 521 — Total derivatives $ 768 $ 2,979 Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 6 Interest rate contracts Other Assets 6 Other liabilities 3,132 Total derivatives designated as hedging instruments 6 3,138 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 602 Other liabilities 22 Total derivatives not designated as hedging instruments 602 22 Total derivatives $ 608 $ 3,160 The effect of the derivative instruments on the condensed consolidated statements of income for the three-month periods ending March 31 is as follows: Comprehensive Income on Derivative Three Months Ended March 31 Derivative in cash flow hedging relationship 2017 2016 Interest rate contracts $ 260 $ (365 ) FASB Accounting Standards Codification (“ASC”) Topic 820-10-20 820-10-55 Amount of Gain (Loss) Recognized on Derivative Derivative in fair value hedging Location of gain (loss) recognized on derivative 2017 (Unaudited) 2016 (Unaudited) Interest rate contracts Interest income - loans $ 253 $ 1,478 Interest rate contracts Interest income - loans (253 ) (1,478 ) Total $ — $ — Amount of Gain (Loss) Recognized on Derivative Derivative not designated as hedging Location of gain (loss) recognized on derivative 2017 (Unaudited) 2016 (Unaudited) Mortgage contracts Other income - gain on sale of loans $ (59 ) $ 2 |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Disclosures about Fair Value of Assets and Liabilities | Note 10 – Disclosures about Fair Value of Assets and Liabilities The Fair Value Measurements topic of the FASB ASC defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. There are three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis and recognized in the accompanying condensed consolidated financial statements, as well as the general classification of such instruments pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended March 31, 2017. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Available for sale securities When quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2 securities include U.S. Treasury and federal agency securities, state and municipal securities, federal agency collateralized mortgage obligations and mortgage-backed pools and corporate notes. Level 2 securities are valued by a third party pricing service commonly used in the banking industry utilizing observable inputs. Observable inputs include dealer quotes, market spreads, cash flow analysis, the U.S. Treasury yield curve, trade execution data, market consensus prepayment spreads and available credit information and the bond’s terms and conditions. The pricing provider utilizes evaluated pricing models that vary based on asset class. These models incorporate available market information including quoted prices of securities with similar characteristics and, because many fixed-income securities do not trade on a daily basis, apply available information through processes such as benchmark curves, benchmarking of like securities, sector grouping, and matrix pricing. In addition, model processes, such as an option adjusted spread model, is used to develop prepayment and interest rate scenarios for securities with prepayment features. Hedged loans Certain fixed rate loans have been converted to variable rate loans by entering into interest rate swap agreements. The fair value of those fixed rate loans is based on discounting the estimated cash flows using interest rates determined by the respective interest rate swap agreement. Loans are classified within Level 2 of the valuation hierarchy based on the unobservable inputs used. Interest rate swap agreements The fair value of the Company’s interest rate swap agreements is estimated by a third party using inputs that are primarily unobservable including a yield curve, adjusted for liquidity and credit risk, contracted terms and discounted cash flow analysis, and therefore, are classified within Level 2 of the valuation hierarchy. The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following: Fair Value Quoted Prices in (Level 1) Significant Significant (Level 3) March 31, 2017 Available-for-sale U.S. Treasury and federal agencies $ 13,480 $ — $ 13,480 $ — State and municipal 127,105 — 127,105 — Federal agency collateralized mortgage obligations 136,189 — 136,189 — Federal agency mortgage-backed pools 193,711 — 193,711 — Private labeled mortgage-backed pools 1,882 — 1,882 — Corporate notes 1,855 — 1,855 — Total available-for-sale 474,222 — 474,222 — Hedged loans 137,202 — 137,202 — Forward sale commitments 521 — 521 — Interest rate swap agreements (2,485 ) — (2,485 ) — Commitments to originate loans — — — — December 31, 2016 Available-for-sale U.S. Treasury and federal agencies $ 7,989 $ — $ 7,989 $ — State and municipal 116,592 — 116,592 — Federal agency collateralized mortgage obligations 137,195 — 137,195 — Federal agency mortgage-backed pools 176,726 — 176,726 — Corporate notes 1,329 — 1,329 — Total available-for-sale 439,831 — 439,831 — Hedged loans 122,345 — 122,345 — Forward sale commitments 602 — 602 — Interest rate swap agreements (3,138 ) — (3,138 ) — Commitments to originate loans (22 ) — (22 ) — Realized gains and losses included in net income for the periods are reported in the condensed consolidated statements of income as follows: Three Months Ended March 31 Non Interest Income Total gains and losses from: 2017 2016 Hedged loans $ 253 $ 1,478 Fair value interest rate swap agreements (253 ) (1,478 ) Derivative loan commitments (59 ) 2 $ (59 ) $ 2 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) March 31, 2017 Impaired loans $ 1,379 $ — $ — $ 1,379 Mortgage servicing rights 11,257 — — 11,257 December 31, 2016 Impaired loans $ 2,246 $ — $ — $ 2,246 Mortgage servicing rights 11,174 — — 11,174 Impaired (collateral dependent): If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. Impaired loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method. Mortgage Servicing Rights (MSRs): month-end The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill. Fair Value at Valuation Range (Weighted March 31, 2017 Technique Unobservable Inputs Average) Impaired loans $ 1,379 Collateral based Discount to reflect current market conditions and ultimate collectability 11% - 17% (14%) Mortgage servicing rights $ 11,257 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 11% - 17% (14%), 4% - 8% (5.1%), 1% - 11% (5.0%) Fair Value at Valuation Range (Weighted December 31, 2016 Technique Unobservable Inputs Average) Impaired loans $ 2,246 Collateral based Discount to reflect current market conditions and ultimate collectability 10% - 16% (13%) Mortgage servicing rights $ 11,174 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 16% (13%), 4% - 7% (4.6%), |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 11 – Fair Value of Financial Instruments The estimated fair value amounts of the Company’s financial instruments were determined using available market information, current pricing information applicable to Horizon and various valuation methodologies. Where market quotations were not available, considerable management judgment was involved in the determination of estimated fair values. Therefore, the estimated fair value of financial instruments shown below may not be representative of the amounts at which they could be exchanged in a current or future transaction. Due to the inherent uncertainties of expected cash flows of financial instruments, the use of alternate valuation assumptions and methods could have a significant effect on the estimated fair value amounts. The estimated fair values of financial instruments, as shown below, are not intended to reflect the estimated liquidation or market value of Horizon taken as a whole. The disclosed fair value estimates are limited to Horizon’s significant financial instruments at March 31, 2017 and December 31, 2016. These include financial instruments recognized as assets and liabilities on the condensed consolidated balance sheet as well as certain off-balance The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and Due from Banks Held-to-Maturity Loans Held for Sale Net Loans FHLB and FRB Stock Interest Receivable/Payable Deposits Borrowings Subordinated Debentures Commitments to Extend Credit and Standby Letters of Credit The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall (unaudited). March 31, 2017 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash and due from banks $ 60,280 $ 60,280 $ — $ — Investment securities, held to maturity 198,868 — 200,482 — Loans held for sale 1,789 — — 1,789 Loans excluding loan level hedges, net 1,994,697 — — 1,954,518 Stock in FHLB and FRB 24,090 — 24,090 — Interest receivable 12,581 — 12,581 — Liabilities Non-interest $ 502,400 $ 502,400 $ — $ — Interest-bearing deposits 1,941,299 — 1,830,685 — Borrowings 319,993 — 314,512 — Subordinated debentures 37,516 — 36,263 — Interest payable 523 — 523 — December 31, 2016 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash and due from banks $ 70,832 $ 70,832 $ — $ — Investment securities, held to maturity 193,194 — 194,086 — Loans held for sale 8,087 — — 8,087 Loans excluding loan level hedges, net 1,998,804 — — 1,965,928 Stock in FHLB and FRB 23,932 — 23,932 — Interest receivable 12,713 — 12,713 — Liabilities Non-interest $ 496,248 $ 496,248 $ — $ — Interest-bearing deposits 1,974,962 — 1,839,167 — Borrowings 267,489 — 261,141 — Subordinated debentures 37,456 — 36,371 — Interest payable 472 — 472 — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 12 – Accumulated Other Comprehensive Income March 31 2017 December 31 2016 (Unaudited) Unrealized gain (loss) on securities available for sale $ (3,448 ) $ (6,007 ) Unamortized gain on securities held to maturity, previously transferred from AFS 368 456 Unrealized loss on derivative instruments (2,732 ) (3,132 ) Tax effect 2,035 3,039 Total accumulated other comprehensive income (loss) $ (3,777 ) $ (5,644 ) |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | Note 13 – Regulatory Capital Horizon and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies and are assigned to a capital category. Failure to meet the minimum regulatory capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators, which if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective actions, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined), or leverage ratio. For March 31, 2017, Basel III rules require the Bank to maintain minimum amounts and ratios of common equity Tier I capital (as defined in the regulation) to risk-weighted assets (as defined). Additionally, under Basel III rules, the decision was made to opt-out To be categorized as well capitalized, the Bank must maintain minimum Total risk-based, Tier I risk-based, common equity Tier I risk-based (March 31, 2017) and Tier I leverage ratios as set forth in the table below. As of March 31, 2017 and December 31, 2016, the Bank met all capital adequacy requirements to be considered well capitalized. There have been no conditions or events since the end of the first quarter of 2017 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 March 31, 2017 and December 31, 2016 were as follows: Actual Required For Capital 1 Adequacy Purposes Required For Capital 1 Adequacy Purposes with Capital Buffer Well Capitalized Under Prompt 1 Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of March 31, 2017 Total capital 1 Consolidated $ 320,710 13.87 % $ 185,042 8.00 % $ 199,614 8.63 % N/A N/A Bank 320,418 13.87 % $ 184,771 8.00 % 199,322 8.63 % $ 230,964 10.00 % Tier 1 capital 1 Consolidated 305,656 13.21 % $ 138,781 6.00 % 153,353 6.63 % N/A N/A Bank 305,364 13.22 % $ 138,578 6.00 % 153,129 6.63 % 184,771 8.00 % Common equity tier 1 capital 1 Consolidated 267,193 11.55 % $ 104,086 4.50 % 118,658 5.13 % N/A N/A Bank 305,364 13.22 % $ 103,934 4.50 % 118,484 5.13 % 150,126 6.50 % Tier 1 capital 1 Consolidated 305,656 10.09 % $ 121,213 4.00 % 121,213 4.00 % N/A N/A Bank 305,364 10.13 % $ 120,625 4.00 % 120,625 4.00 % 150,781 5.00 % As of December 31, 2016 Total capital 1 Consolidated $ 316,576 13.87 % $ 182,596 8.00 % $ 196,976 8.63 % N/A N/A Bank 319,013 13.98 % 182,541 8.00 % 196,916 8.63 % $ 228,176 10.00 % Tier 1 capital 1 Consolidated 301,739 13.22 % 136,947 6.00 % 151,326 6.63 % N/A N/A Bank 304,176 13.33 % 136,905 6.00 % 151,280 6.63 % 182,540 8.00 % Common equity tier 1 capital 1 Consolidated 263,313 11.50 % 103,036 4.50 % 117,460 5.13 % N/A N/A Bank 304,176 13.33 % 102,679 4.50 % 117,054 5.13 % 148,314 6.50 % Tier 1 capital 1 Consolidated 301,739 10.44 % 115,609 4.00 % 115,609 4.00 % N/A N/A Bank 304,176 9.93 % 122,521 4.00 % 122,521 4.00 % 153,151 5.00 % 1 As defined by regulatory agencies |
Preferred Stock Redemption
Preferred Stock Redemption | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Preferred Stock Redemption | Note 14 – Preferred Stock Redemption On February 1, 2016, Horizon completed the redemption (the “Redemption”) of all 12,500 outstanding shares of Senior Non-Cumulative Non-Cumulative |
Future Accounting Matters
Future Accounting Matters | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Future Accounting Matters | Note 15 – Future Accounting Matters Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), FASB Accounting Standards Updates No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The FASB has issued Accounting Standards Update (ASU) No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. FASB Accounting Standards Updates No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The FASB has issued Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. FASB Accounting Standards Updates No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The FASB has issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. available-for-sale one-time one-time FASB Accounting Standards Updates No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The FASB has issued Accounting Standards Update (ASU) No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. FASB Accounting Standards Updates No. 2016-02, Leases (Topic 842) The FASB has issued Accounting Standards Update (ASU) No. 2016-02, Leases. right-of-use FASB Accounting Standards Updates No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The FASB has issued Accounting Standards Update (ASU) No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): not-for-profit The new guidance makes targeted improvements to existing U.S. GAAP by: • Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; • Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; • Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; • Eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; • Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and • Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. In addition, the new guidance permits early adoption of the provision that exempts private companies and not-for-profit |
General Litigation
General Litigation | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
General Litigation | Note 16 – General Litigation The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operation and cash flows of the Company. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Earnings Per Share | Basic earnings per share is computed by dividing net income available to common shareholders (net income less dividend requirements for preferred stock and accretion of preferred stock discount) by the weighted-average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following table shows computation of basic and diluted earnings per share. Three Months Ended March 31 2017 2016 (Unaudited) (Unaudited) Basic earnings per share Net income $ 8,224 $ 5,381 Less: Preferred stock dividends — 42 Net income available to common shareholders $ 8,224 $ 5,339 Weighted average common shares outstanding (1) 22,175,526 17,924,124 Basic earnings per share $ 0.37 $ 0.30 Diluted earnings per share Net income available to common shareholders $ 8,224 $ 5,339 Weighted average common shares outstanding (1) 22,175,526 17,924,124 Effect of dilutive securities: Restricted stock 36,336 31,550 Stock options 114,209 57,053 Weighted average shares outstanding 22,326,071 18,012,726 Diluted earnings per share $ 0.37 $ 0.30 (1) Adjusted for 3:2 stock split on November 14, 2016 There were zero shares for the three months ended March 31, 2017 and 2016 which were not included in the computation of diluted earnings per share because they were non-dilutive. Horizon has share-based employee compensation plans, which are described in the notes to the financial statements included in the December 31, 2016 Annual Report on Form 10-K. |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2016 condensed consolidated financial statements to be comparable to 2017. These reclassifications had no effect on net income. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Computation of Basic and Diluted Earnings Per Share | The following table shows computation of basic and diluted earnings per share. Three Months Ended March 31 2017 2016 (Unaudited) (Unaudited) Basic earnings per share Net income $ 8,224 $ 5,381 Less: Preferred stock dividends — 42 Net income available to common shareholders $ 8,224 $ 5,339 Weighted average common shares outstanding (1) 22,175,526 17,924,124 Basic earnings per share $ 0.37 $ 0.30 Diluted earnings per share Net income available to common shareholders $ 8,224 $ 5,339 Weighted average common shares outstanding (1) 22,175,526 17,924,124 Effect of dilutive securities: Restricted stock 36,336 31,550 Stock options 114,209 57,053 Weighted average shares outstanding 22,326,071 18,012,726 Diluted earnings per share $ 0.37 $ 0.30 (1) Adjusted for 3:2 stock split on November 14, 2016 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Pro Forma Result of Comparable Prior Reporting Period | The following schedule includes pro-forma Three Months Ended March 31 March 31 2017 2016 Summary of Operations: Net Interest Income $ 25,568 $ 25,497 Provision for Loan Losses 330 532 Net Interest Income after Provision for Loan Losses 25,238 $ 24,965 Non-interest 7,559 8,473 Non-Interest 21,521 24,908 Income before Income Taxes 11,276 8,530 Income Tax Expense 3,052 2,385 Net Income 8,224 6,145 Net Income Available to Common Shareholders $ 8,224 $ 6,103 Basic Earnings Per Share $ 0.37 $ 0.34 Diluted Earnings Per Share $ 0.37 $ 0.34 |
LaPorte Bancorp Inc [Member] | |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the LaPorte Bancorp acquisition is detailed in the following table. ASSETS Cash and due from banks $ 154,849 Investment securities, available for sale 23,779 Commercial 153,750 Residential mortgage 42,603 Consumer 16,801 Mortgage Warehousing 99,752 Total loans 312,906 Premises and equipment, net 6,022 FHLB stock 4,029 Goodwill 20,993 Core deposit intangible 2,514 Interest receivable 844 Cash value of life insurance 15,267 Other assets 8,334 Total assets purchased $ 549,537 Common shares issued $ 60,306 Cash paid 38,328 Total estimated purchase price $ 98,634 LIABILITIES Deposits Non-interest $ 66,733 NOW accounts 99,346 Savings and money market 117,688 Certificates of deposits 87,605 Total deposits 371,372 Borrowings 64,793 Interest payable 178 Subordinated debt 4,504 Other liabilities 10,056 Total liabilities assumed $ 450,903 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details an estimate of the acquired loans that are accounted for in accordance with ASC 310-30 Contractually required principal and interest at acquisition $ 12,545 Contractual cash flows not expected to be collected (nonaccretable differences) 4,492 Expected cash flows at acquisition 8,053 Interest component of expected cash flows (accretable discount) 1,258 Fair value of acquired loans accounted for under ASC 310-30 $ 6,795 |
Kosciusko Financial Inc [Member] | |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Kosciusko acquisition is detailed in the following table. The final valuation numbers were received in September 2016 which changed the goodwill estimate from $6.9 million to $6.4 million. ASSETS Cash and due from banks $ 38,950 Investment securities, available for sale 1,191 Commercial 70,006 Residential mortgage 26,244 Consumer 6,319 Total loans 102,569 Premises and equipment, net 1,466 FRB and FHLB stock 582 Goodwill 6,443 Core deposit intangible 526 Interest receivable 636 Cash value of life insurance 2,745 Other assets 765 Total assets purchased $ 155,873 Common shares issued $ 14,470 Cash paid 8,513 Total estimated purchase price $ 22,983 LIABILITIES Deposits Non-interest $ 27,871 NOW accounts 35,213 Savings and money market 26,953 Certificates of deposits 32,771 Total deposits 122,808 Borrowings 9,038 Interest payable 55 Other liabilities 989 Total liabilities assumed $ 132,890 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with ASC 310-30 Contractually required principal and interest at acquisition $ 2,682 Contractual cash flows not expected to be collected (nonaccretable differences) 25 Expected cash flows at acquisition 2,657 Interest component of expected cash flows (accretable discount) 634 Fair value of acquired loans accounted for under ASC 310-30 $ 2,023 |
Central National Bank & Trust [Member] | |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on management’s preliminary valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the CNB acquisition is allocated as follows: ASSETS Cash and due from banks $ 27,860 Investment securities, available for sale 16,393 Commercial 2,267 Residential mortgage 6,624 Consumer 1,579 Total loans 10,470 Premises and equipment, net 444 FHLB stock 50 Goodwill 609 Core deposit intangible 190 Interest receivable 154 Other assets 49 Total assets purchased $ 56,219 Cash paid 5,311 Total estimated purchase price $ 5,311 LIABILITIES Deposits Non-interest $ 24,079 NOW accounts 9,038 Savings and money market 13,829 Certificates of deposits 3,342 Total deposits 50,288 Borrowings 459 Interest payable 7 Other liabilities 154 Total liabilities assumed $ 50,908 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value of Securities | The fair value of securities is as follows: March 31, 2017 Amortized Gross Gross Fair Value Available for sale U.S. Treasury and federal agencies $ 13,546 $ 2 $ (68 ) $ 13,480 State and municipal 127,108 656 (659 ) 127,105 Federal agency collateralized mortgage obligations 137,815 241 (1,867 ) 136,189 Federal agency mortgage-backed pools 196,064 1,194 (3,547 ) 193,711 Private labeled mortgage-backed pools 1,901 — (19 ) 1,882 Corporate notes 1,236 619 — 1,855 Total available for sale investment securities $ 477,670 $ 2,712 $ (6,160 ) $ 474,222 Held to maturity State and municipal $ 176,631 $ 3,317 $ (1,948 ) $ 178,000 Federal agency collateralized mortgage obligations 6,297 30 (65 ) 6,262 Federal agency mortgage-backed pools 15,940 449 (169 ) 16,220 Total held to maturity investment securities $ 198,868 $ 3,796 $ (2,182 ) $ 200,482 December 31, 2016 Amortized Gross Gross Fair Value Available for sale U.S. Treasury and federal agencies $ 8,051 $ 2 $ (64 ) $ 7,989 State and municipal 117,327 324 (1,059 ) 116,592 Federal agency collateralized mortgage obligations 139,040 254 (2,099 ) 137,195 Federal agency mortgage-backed pools 180,183 251 (3,707 ) 176,726 Corporate notes 1,238 91 — 1,329 Total available for sale investment securities $ 445,839 $ 922 $ (6,929 ) $ 439,831 Held to maturity U.S. Treasury and federal agencies $ — $ — $ — $ — State and municipal 165,607 2,700 (2,485 ) 165,822 Federal agency collateralized mortgage obligations 6,530 31 (71 ) 6,490 Federal agency mortgage-backed pools 21,057 897 (180 ) 21,774 Total held to maturity investment securities $ 193,194 $ 3,628 $ (2,736 ) $ 194,086 |
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 March 31, 2017 and December 31, 2016, 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. March 31, 2017 December 31, 2016 Amortized Fair Value Amortized Fair Value Available for sale Within one year $ 8,277 $ 8,311 $ 7,455 $ 7,480 One to five years 40,343 40,404 37,483 37,479 Five to ten years 28,390 28,380 21,112 20,984 After ten years 64,880 65,345 60,566 59,967 141,890 142,440 126,616 125,910 Federal agency collateralized mortgage obligations 137,815 136,189 139,040 137,195 Federal agency mortgage-backed pools 196,064 193,711 180,183 176,726 Private labeled mortgage-backed pools 1,901 1,882 — — Total available for sale investment securities $ 477,670 $ 474,222 $ 445,839 $ 439,831 Held to maturity Within one year $ 9,941 $ 9,941 $ — $ — One to five years 30,869 31,892 24,594 25,271 Five to ten years 86,470 87,885 87,645 88,805 After ten years 49,351 48,282 53,368 51,746 176,631 178,000 165,607 165,822 Federal agency collateralized mortgage obligations 6,297 6,262 6,530 6,490 Federal agency mortgage-backed pools 15,940 16,220 21,057 21,774 Total held to maturity investment securities $ 198,868 $ 200,482 $ 193,194 $ 194,086 |
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 March 31, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and federal agencies $ 13,158 $ (68 ) $ — $ — $ 13,158 $ (68 ) State and municipal 107,096 (2,607 ) — — 107,096 (2,607 ) Federal agency collateralized mortgage obligations 105,289 (1,700 ) 9,626 (232 ) 114,916 (1,932 ) Federal agency mortgage-backed pools 162,271 (3,716 ) — — 162,271 (3,716 ) Private labeled mortgage-backed pools 1,882 (19 ) — — 1,882 (19 ) Total temporarily impaired securities $ 389,696 $ (8,110 ) $ 9,626 $ (232 ) $ 399,323 $ (8,342 ) Less than 12 Months 12 Months or More Total December 31, 2016 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and federal agencies $ 6,987 $ (64 ) $ — $ — $ 6,987 $ (64 ) State and municipal 142,466 (3,544 ) — — 142,466 (3,544 ) Federal agency collateralized mortgage obligations 112,414 (1,918 ) 10,199 (252 ) 122,613 (2,170 ) Federal agency mortgage-backed pools 163,768 (3,887 ) — — 163,768 (3,887 ) Total temporarily impaired securities $ 425,635 $ (9,413 ) $ 10,199 $ (252 ) $ 435,834 $ (9,665 ) |
Sales of Securities Available for Sale | Three Months Ended March 31 2017 2016 Sales of securities available for sale Proceeds $ 2,090 $ 7,297 Gross gains 35 108 Gross losses — — |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Amounts of Loans | March 31 December 31 Commercial Working capital and equipment $ 559,733 $ 539,403 Real estate, including agriculture 499,009 485,620 Tax exempt 16,399 15,486 Other 31,330 29,447 Total 1,106,471 1,069,956 Real estate 1–4 family 527,994 526,024 Other 5,652 5,850 Total 533,646 531,874 Consumer Auto 188,601 174,773 Recreation 7,264 5,669 Real estate/home improvement 54,414 53,898 Home equity 147,528 144,508 Unsecured 3,536 3,875 Other 16,133 15,706 Total 417,476 398,429 Mortgage warehouse 89,360 135,727 Total loans 2,146,953 2,135,986 Allowance for loan losses (15,054 ) (14,837 ) Loans, net $ 2,131,899 $ 2,121,149 |
Recorded Investment of Individual Loan Categories | The following table shows the recorded investment of individual loan categories. March 31, 2017 Loan Balance Interest Due Deferred Recorded Investment Owner occupied real estate $ 339,341 $ 813 $ 951 $ 341,105 Non owner occupied real estate 475,766 596 2,340 478,702 Residential spec homes 6,437 15 — 6,452 Development & spec land loans 35,395 58 114 35,567 Commercial and industrial 245,702 1,732 425 247,859 Total commercial 1,102,641 3,214 3,830 1,109,685 Residential mortgage 508,645 1,461 3,058 513,164 Residential construction 21,943 43 — 21,986 Mortgage warehouse 89,360 480 — 89,840 Total real estate 619,948 1,984 3,058 624,990 Direct installment 74,195 201 (423 ) 73,973 Direct installment purchased 99 — — 99 Indirect installment 166,802 355 182 167,339 Home equity 177,551 691 (930 ) 177,312 Total consumer 418,647 1,247 (1,171 ) 418,723 Total loans 2,141,236 6,445 5,717 2,153,398 Allowance for loan losses (15,054 ) — — (15,054 ) Net loans $ 2,126,182 $ 6,445 $ 5,717 $ 2,138,344 December 31, 2016 Loan Interest Due Deferred Recorded Owner occupied real estate $ 337,548 $ 899 $ 1,022 $ 339,469 Non owner occupied real estate 461,897 624 2,176 464,697 Residential spec homes 5,006 8 (2 ) 5,012 Development & spec land loans 31,228 56 119 31,403 Commercial and industrial 230,520 1,906 442 232,868 Total commercial 1,066,199 3,493 3,757 1,073,449 Residential mortgage 508,233 1,492 3,030 512,755 Residential construction 20,611 33 — 20,644 Mortgage warehouse 135,727 480 — 136,207 Total real estate 664,571 2,005 3,030 669,606 Direct installment 71,150 199 (385 ) 70,964 Direct installment purchased 119 — — 119 Indirect installment 153,204 345 — 153,549 Home equity 175,126 703 (785 ) 175,044 Total consumer 399,599 1,247 (1,170 ) 399,676 Total loans 2,130,369 6,745 5,617 2,142,731 Allowance for loan losses (14,837 ) — — (14,837 ) Net loans $ 2,115,532 $ 6,745 $ 5,617 $ 2,127,894 |
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: March 31 March 31 March 31 2017 Peoples March 31 2017 Kosciusko March 31 2017 LaPorte March 31 2017 Total Commercial $ 724 $ 4,900 $ 624 $ 1,632 $ 2,401 $ 10,281 Real estate 433 946 155 447 1,102 3,083 Consumer — — — — 38 38 Outstanding balance $ 1,157 $ 5,846 $ 779 $ 2,079 $ 3,541 $ 13,402 Carrying amount, net of allowance of $71 $ 13,331 December 31 December 31 December 31 Peoples December 31 December 31 December 31 2016 Total Commercial $ 774 $ 5,245 $ 692 $ 1,652 $ 3,200 $ 11,563 Real estate 534 967 165 457 1,114 3,237 Consumer 2 — — — 41 43 Outstanding balance $ 1,310 $ 6,213 $ 856 $ 2,109 $ 4,355 $ 14,843 Carrying amount, net of allowance of $0 $ 14,843 |
Accounting for Certain Loans 31
Accounting for Certain Loans Acquired in a Transfer (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | |
Accretable Yield or Income Expected to be Collected | Accretable yield, or income expected to be collected for the three months ended March 31, is as follows: Three Months Ended March 31, 2017 Heartland Summit Peoples Kosciusko LaPorte Total Balance at January 1 $ 557 $ 502 $ 389 $ 530 $ 1,479 $ 3,457 Additions — — — — — — Accretion (34 ) (93 ) (194 ) (31 ) (81 ) (433 ) Reclassification from nonaccretable difference — — — — — — Disposals (6 ) (2 ) (1 ) — (110 ) (119 ) Balance at March 31 $ 517 $ 407 $ 194 $ 499 $ 1,288 $ 2,905 Three Months Ended March 31, 2016 Heartland Summit Peoples Kosciusko LaPorte Total Balance at January 1 $ 795 $ 708 $ 555 $ — $ — $ 2,058 Additions — — — — — — Accretion (36 ) (55 ) (42 ) — — (133 ) Reclassification from nonaccretable difference — — — — — — Disposals (10 ) (4 ) (30 ) — — (44 ) Balance at March 31 $ 749 $ 649 $ 483 $ — $ — $ 1,881 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Allowance for Loan Losses | The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior one to five years. Management believes the five-year historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates that are comparable to the current period being analyzed. The actual allowance for loan loss activity is provided below. Three Months Ended March 31 2017 2016 (Unaudited) (Unaudited) Balance at beginning of the period $ 14,837 $ 14,534 Loans charged-off: Commercial Owner occupied real estate — 147 Non owner occupied real estate — 299 Residential development — — Development & Spec Land Loans — — Commercial and industrial — 39 Total commercial — 485 Real estate Residential mortgage 51 115 Residential construction — — Mortgage warehouse — — Total real estate 51 115 Consumer Direct Installment 25 58 Direct Installment Purchased — — Indirect Installment 285 276 Home Equity 50 175 Total consumer 360 509 Total loans charged-off 411 1,109 Recoveries of loans previously charged-off: Commercial Owner occupied real estate — 25 Non owner occupied real estate 22 23 Residential development 2 2 Development & Spec Land Loans — — Commercial and industrial 110 32 Total commercial 134 82 Real estate Residential mortgage 13 32 Residential construction — — Mortgage warehouse — — Total real estate 13 32 Consumer Direct Installment 17 16 Direct Installment Purchased — — Indirect Installment 113 94 Home Equity 21 55 Total consumer 151 165 Total loan recoveries 298 279 Net loans charged-off 113 830 Provision charged to operating expense Commercial 887 (332 ) Real estate (567 ) (592 ) Consumer 10 1,456 Total provision charged to operating expense 330 532 Balance at the end of the period $ 15,054 $ 14,236 |
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: March 31, 2017 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ — $ — Collectively evaluated for impairment 7,600 1,697 1,042 4,715 15,054 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 7,600 $ 1,697 $ 1,042 $ 4,715 $ 15,054 Loans: Individually evaluated for impairment $ 1,379 $ — $ — $ — $ 1,379 Collectively evaluated for impairment 1,108,306 535,150 89,840 418,723 2,152,019 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 1,109,685 $ 535,150 $ 89,840 $ 418,723 $ 2,153,398 December 31, 2016 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 4 $ — $ — $ — $ 4 Collectively evaluated for impairment 6,575 2,090 1,254 4,914 14,833 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 6,579 $ 2,090 $ 1,254 $ 4,914 $ 14,837 Loans: Individually evaluated for impairment $ 2,250 $ — $ — $ — $ 2,250 Collectively evaluated for impairment 1,071,199 533,399 136,207 399,676 2,140,481 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 1,073,449 $ 533,399 $ 136,207 $ 399,676 $ 2,142,731 |
Non-performing Loans and Impa33
Non-performing Loans and Impaired Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Non-accrual, Loans Past Due Over 90 Days Still on Accrual, and Troubled Debt Restructured ("TDRs") by Class of Loans | The following table presents the non-accrual, March 31, 2017 Non-accrual Loans Past Non- Performing Total Non- Performing Commercial Owner occupied real estate $ 760 $ — $ — $ — $ 760 Non owner occupied real estate 387 — — — 387 Residential development — — — — — Development & Spec Land Loans 112 — — — 112 Commercial and industrial 121 150 — — 271 Total commercial 1,380 150 — — 1,530 Real estate Residential mortgage 2,904 — 567 1,356 4,827 Residential construction — — 230 — 230 Mortgage warehouse — — — — — Total real estate 2,904 — 797 1,356 5,057 Consumer Direct Installment 489 — — — 489 Direct Installment Purchased — — — — — Indirect Installment 690 69 — — 759 Home Equity 1,481 26 201 291 1,999 Total Consumer 2,660 95 201 291 3,247 Total $ 6,944 $ 245 $ 998 $ 1,647 $ 9,834 December 31, 2016 Non-accrual Loans Past Non- Performing Total Non- Performing Commercial Owner occupied real estate $ 1,532 $ 183 $ — $ — $ 1,715 Non owner occupied real estate 440 — — — 440 Residential development — — — — — Development & Spec Land Loans 118 — — — 118 Commercial and industrial 159 — — — 159 Total commercial 2,249 183 — — 2,432 Real estate Residential mortgage 2,959 — 576 1,254 4,789 Residential construction — — 233 — 233 Mortgage warehouse — — — — — Total real estate 2,959 — 809 1,254 5,022 Consumer Direct Installment 512 — — — 512 Direct Installment Purchased — — — — — Indirect Installment 659 49 — — 708 Home Equity 1,557 9 205 238 2,009 Total Consumer 2,728 58 205 238 3,229 Total $ 7,936 $ 241 $ 1,014 $ 1,492 $ 10,683 |
Commercial Loans Individually Evaluated for Impairment by Class of Loan | The following table presents commercial loans individually evaluated for impairment by class of loan: Three Months Ending March 31, 2017 Unpaid Recorded Allowance For Average Cash/ Accrual With no recorded allowance Commercial Owner occupied real estate $ 759 $ 759 $ — $ 1,021 $ — Non owner occupied real estate 387 387 — 393 — Residential development — — — — — Development & Spec Land Loans 112 112 — 238 — Commercial and industrial 121 121 — 350 — Total commercial 1,379 1,379 — 2,002 — With an allowance recorded Commercial Owner occupied real estate — — — — — Non owner occupied real estate — — — — — Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial — — — — — Total commercial — — — — — Total $ 1,379 $ 1,379 $ — $ 2,002 $ — Three Months Ending March 31, 2016 Unpaid Recorded Allowance For Average Cash/ Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,089 $ 1,089 $ — $ 1,106 $ — Non owner occupied real estate 1,851 1,856 — 2,063 1 Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial 76 76 — 330 — Total commercial 3,016 3,021 — 3,499 1 With an allowance recorded Commercial Owner occupied real estate — — — — — Non owner occupied real estate 2,757 2,767 900 2,767 — Residential development — — — — — Development & Spec Land Loans — — — — — Commercial and industrial — — — — — Total commercial 2,757 2,767 900 2,767 — Total $ 5,773 $ 5,788 $ 900 $ 6,266 $ 1 |
Payment Status by Class of Loan | The following table presents the payment status by class of loan: March 31, 2017 30 - 59 Days 60 - 89 Days 90 Days or Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 1,523 $ — $ — $ 1,523 $ 337,818 $ 339,341 Non owner occupied real estate 103 92 — 195 475,571 475,766 Residential development 478 — — 478 5,959 6,437 Development & Spec Land Loans 85 — — 85 35,310 35,395 Commercial and industrial 415 — 150 565 245,137 245,702 Total commercial 2,604 92 150 2,846 1,099,795 1,102,641 Real estate Residential mortgage 1,072 247 — 1,319 507,326 508,645 Residential construction 183 — — 183 21,760 21,943 Mortgage warehouse — — — — 89,360 89,360 Total real estate 1,255 247 — 1,502 618,446 619,948 Consumer Direct Installment 26 2 — 28 74,167 74,195 Direct Installment Purchased — — — — 99 99 Indirect Installment 707 193 69 969 165,833 166,802 Home Equity 326 40 26 392 177,159 177,551 Total consumer 1,059 235 95 1,389 417,258 418,647 Total $ 4,918 $ 574 $ 245 $ 5,737 $ 2,135,499 $ 2,141,236 Percentage of total loans 0.23 % 0.03 % 0.01 % 0.27 % 99.73 % December 31, 2016 30 - 59 Days 60 - 89 Days 90 Days or Total Past Due Loans Not Past Total Commercial Owner occupied real estate $ 1,068 $ — $ 183 $ 1,251 $ 336,297 $ 337,548 Non owner occupied real estate 357 — — 357 461,540 461,897 Residential development — — — — 5,006 5,006 Development & Spec Land Loans 1 — — 1 31,227 31,228 Commercial and industrial 982 — — 982 229,538 230,520 Total commercial 2,408 — 183 2,591 1,063,608 1,066,199 Real estate Residential mortgage 886 123 — 1,009 507,224 508,233 Residential construction — — — — 20,611 20,611 Mortgage warehouse — — — — 135,727 135,727 Total real estate 886 123 — 1,009 663,562 664,571 Consumer Direct Installment 139 4 — 143 71,007 71,150 Direct Installment Purchased — — — — 119 119 Indirect Installment 1,339 237 49 1,625 151,579 153,204 Home Equity 912 267 9 1,188 173,938 175,126 Total consumer 2,390 508 58 2,956 396,643 399,599 Total $ 5,684 $ 631 $ 241 $ 6,556 $ 2,123,813 $ 2,130,369 Percentage of total loans 0.27 % 0.03 % 0.01 % 0.31 % 99.69 % |
Loans by Credit Grades | The following table presents loans by credit grades. March 31, 2017 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 324,596 $ 4,311 $ 10,434 $ — $ 339,341 Non owner occupied real estate 469,602 338 5,826 — 475,766 Residential development 6,437 — — — 6,437 Development & Spec Land Loans 35,213 — 182 — 35,395 Commercial and industrial 233,988 4,916 6,798 — 245,702 Total commercial 1,069,836 9,565 23,240 — 1,102,641 Real estate Residential mortgage 503,818 — 4,827 — 508,645 Residential construction 21,713 — 230 — 21,943 Mortgage warehouse 89,360 — — — 89,360 Total real estate 614,891 — 5,057 — 619,948 Consumer Direct Installment 73,706 — 489 — 74,195 Direct Installment Purchased 99 — — — 99 Indirect Installment 166,043 — 759 — 166,802 Home Equity 175,552 — 1,999 — 177,551 Total Consumer 415,400 — 3,247 — 418,647 Total $ 2,100,127 $ 9,565 $ 31,544 $ — $ 2,141,236 Percentage of total loans 98.08 % 0.45 % 1.47 % 0.00 % December 31, 2016 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 322,924 $ 4,960 $ 9,664 $ — $ 337,548 Non owner occupied real estate 455,648 341 5,908 — 461,897 Residential development 5,006 — — — 5,006 Development & Spec Land Loans 31,057 — 171 — 31,228 Commercial and industrial 220,424 3,728 6,368 — 230,520 Total commercial 1,035,059 9,029 22,111 — 1,066,199 Real estate Residential mortgage 503,444 — 4,789 — 508,233 Residential construction 20,378 — 233 — 20,611 Mortgage warehouse 135,727 — — — 135,727 Total real estate 659,549 — 5,022 — 664,571 Consumer Direct Installment 70,638 — 512 — 71,150 Direct Installment Purchased 119 — — — 119 Indirect Installment 152,496 — 708 — 153,204 Home Equity 173,117 — 2,009 — 175,126 Total Consumer 396,370 — 3,229 — 399,599 Total $ 2,090,978 $ 9,029 $ 30,362 $ — $ 2,130,369 Percentage of total loans 98.15 % 0.42 % 1.43 % 0.00 % |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Summary of Repurchase Agreements Accounted as Secured Borrowings | The following table shows repurchase agreements accounted for as secured borrowings (in thousands): March 31, 2017 Remaining Contractual Maturity of the Agreements Overnight and Up to one One to three Three to Five to ten Beyond ten Total Repurchase Agreements and repurchase-to-maturity Repurchase Agreements $ 54,149 $ — $ — $ — $ — $ — $ 54,149 Securities pledged for Repurchase Agreements U.S. Treasury and federal agencies — — — — — — — Federal agency collateralized mortgage obligations 45,034 — — — — — 45,034 Federal agency mortgage-backed pools 14,326 — — — — — 14,326 Total $ 59,360 $ — $ — $ — $ — $ — $ 59,360 |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Liability Derivatives March 31, 2017 Derivatives designated as hedging instruments (Unaudited) Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 247 Interest rate contracts Other Assets 247 Other liabilities 2,732 Total derivatives designated as hedging instruments 247 2,979 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 521 Other liabilities — Total derivatives not designated as hedging instruments 521 — Total derivatives $ 768 $ 2,979 Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Loans $ — Other liabilities $ 6 Interest rate contracts Other Assets 6 Other liabilities 3,132 Total derivatives designated as hedging instruments 6 3,138 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 602 Other liabilities 22 Total derivatives not designated as hedging instruments 602 22 Total derivatives $ 608 $ 3,160 |
Effect of Derivative Instruments on Condensed Consolidated Statements of Income Derivative in Cash Flow Hedging Relationship | The effect of the derivative instruments on the condensed consolidated statements of income for the three-month periods ending March 31 is as follows: Comprehensive Income on Derivative Three Months Ended March 31 Derivative in cash flow hedging relationship 2017 2016 Interest rate contracts $ 260 $ (365 ) |
Effect of Derivative Instruments on Consolidated Statements of Income Derivative in Fair Value Hedging Relationship | Amount of Gain (Loss) Recognized on Derivative Derivative in fair value hedging Location of gain (loss) recognized on derivative 2017 (Unaudited) 2016 (Unaudited) Interest rate contracts Interest income - loans $ 253 $ 1,478 Interest rate contracts Interest income - loans (253 ) (1,478 ) Total $ — $ — Amount of Gain (Loss) Recognized on Derivative Derivative not designated as hedging Location of gain (loss) recognized on derivative 2017 (Unaudited) 2016 (Unaudited) Mortgage contracts Other income - gain on sale of loans $ (59 ) $ 2 |
Disclosures about Fair Value 36
Disclosures about Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis | The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following: Fair Value Quoted Prices in (Level 1) Significant Significant (Level 3) March 31, 2017 Available-for-sale U.S. Treasury and federal agencies $ 13,480 $ — $ 13,480 $ — State and municipal 127,105 — 127,105 — Federal agency collateralized mortgage obligations 136,189 — 136,189 — Federal agency mortgage-backed pools 193,711 — 193,711 — Private labeled mortgage-backed pools 1,882 — 1,882 — Corporate notes 1,855 — 1,855 — Total available-for-sale 474,222 — 474,222 — Hedged loans 137,202 — 137,202 — Forward sale commitments 521 — 521 — Interest rate swap agreements (2,485 ) — (2,485 ) — Commitments to originate loans — — — — December 31, 2016 Available-for-sale U.S. Treasury and federal agencies $ 7,989 $ — $ 7,989 $ — State and municipal 116,592 — 116,592 — Federal agency collateralized mortgage obligations 137,195 — 137,195 — Federal agency mortgage-backed pools 176,726 — 176,726 — Corporate notes 1,329 — 1,329 — Total available-for-sale 439,831 — 439,831 — Hedged loans 122,345 — 122,345 — Forward sale commitments 602 — 602 — Interest rate swap agreements (3,138 ) — (3,138 ) — Commitments to originate loans (22 ) — (22 ) — |
Realized Gains and Losses Included in Net Income for Periods in Consolidated Statements of Income | Realized gains and losses included in net income for the periods are reported in the condensed consolidated statements of income as follows: Three Months Ended March 31 Non Interest Income Total gains and losses from: 2017 2016 Hedged loans $ 253 $ 1,478 Fair value interest rate swap agreements (253 ) (1,478 ) Derivative loan commitments (59 ) 2 $ (59 ) $ 2 |
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) March 31, 2017 Impaired loans $ 1,379 $ — $ — $ 1,379 Mortgage servicing rights 11,257 — — 11,257 December 31, 2016 Impaired loans $ 2,246 $ — $ — $ 2,246 Mortgage servicing rights 11,174 — — 11,174 |
Qualitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill | The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill. Fair Value at Valuation Range (Weighted March 31, 2017 Technique Unobservable Inputs Average) Impaired loans $ 1,379 Collateral based Discount to reflect current market conditions and ultimate collectability 11% - 17% (14%) Mortgage servicing rights $ 11,257 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 11% - 17% (14%), 4% - 8% (5.1%), 1% - 11% (5.0%) Fair Value at Valuation Range (Weighted December 31, 2016 Technique Unobservable Inputs Average) Impaired loans $ 2,246 Collateral based Discount to reflect current market conditions and ultimate collectability 10% - 16% (13%) Mortgage servicing rights $ 11,174 Discounted cashflows Discount rate, Constant prepayment rate, Probability of default 10% - 16% (13%), 4% - 7% (4.6%), |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Estimated Fair Values of Financial Instruments | The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall (unaudited). March 31, 2017 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash and due from banks $ 60,280 $ 60,280 $ — $ — Investment securities, held to maturity 198,868 — 200,482 — Loans held for sale 1,789 — — 1,789 Loans excluding loan level hedges, net 1,994,697 — — 1,954,518 Stock in FHLB and FRB 24,090 — 24,090 — Interest receivable 12,581 — 12,581 — Liabilities Non-interest $ 502,400 $ 502,400 $ — $ — Interest-bearing deposits 1,941,299 — 1,830,685 — Borrowings 319,993 — 314,512 — Subordinated debentures 37,516 — 36,263 — Interest payable 523 — 523 — December 31, 2016 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash and due from banks $ 70,832 $ 70,832 $ — $ — Investment securities, held to maturity 193,194 — 194,086 — Loans held for sale 8,087 — — 8,087 Loans excluding loan level hedges, net 1,998,804 — — 1,965,928 Stock in FHLB and FRB 23,932 — 23,932 — Interest receivable 12,713 — 12,713 — Liabilities Non-interest $ 496,248 $ 496,248 $ — $ — Interest-bearing deposits 1,974,962 — 1,839,167 — Borrowings 267,489 — 261,141 — Subordinated debentures 37,456 — 36,371 — Interest payable 472 — 472 — |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | March 31 2017 December 31 2016 (Unaudited) Unrealized gain (loss) on securities available for sale $ (3,448 ) $ (6,007 ) Unamortized gain on securities held to maturity, previously transferred from AFS 368 456 Unrealized loss on derivative instruments (2,732 ) (3,132 ) Tax effect 2,035 3,039 Total accumulated other comprehensive income (loss) $ (3,777 ) $ (5,644 ) |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift [Abstract] | |
Summary of Regulatory Capital Requirement | Horizon and the Bank’s actual and required capital ratios as of March 31, 2017 and December 31, 2016 were as follows: Actual Required For Capital 1 Adequacy Purposes Required For Capital 1 Adequacy Purposes with Capital Buffer Well Capitalized Under Prompt 1 Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of March 31, 2017 Total capital 1 Consolidated $ 320,710 13.87 % $ 185,042 8.00 % $ 199,614 8.63 % N/A N/A Bank 320,418 13.87 % $ 184,771 8.00 % 199,322 8.63 % $ 230,964 10.00 % Tier 1 capital 1 Consolidated 305,656 13.21 % $ 138,781 6.00 % 153,353 6.63 % N/A N/A Bank 305,364 13.22 % $ 138,578 6.00 % 153,129 6.63 % 184,771 8.00 % Common equity tier 1 capital 1 Consolidated 267,193 11.55 % $ 104,086 4.50 % 118,658 5.13 % N/A N/A Bank 305,364 13.22 % $ 103,934 4.50 % 118,484 5.13 % 150,126 6.50 % Tier 1 capital 1 Consolidated 305,656 10.09 % $ 121,213 4.00 % 121,213 4.00 % N/A N/A Bank 305,364 10.13 % $ 120,625 4.00 % 120,625 4.00 % 150,781 5.00 % As of December 31, 2016 Total capital 1 Consolidated $ 316,576 13.87 % $ 182,596 8.00 % $ 196,976 8.63 % N/A N/A Bank 319,013 13.98 % 182,541 8.00 % 196,916 8.63 % $ 228,176 10.00 % Tier 1 capital 1 Consolidated 301,739 13.22 % 136,947 6.00 % 151,326 6.63 % N/A N/A Bank 304,176 13.33 % 136,905 6.00 % 151,280 6.63 % 182,540 8.00 % Common equity tier 1 capital 1 Consolidated 263,313 11.50 % 103,036 4.50 % 117,460 5.13 % N/A N/A Bank 304,176 13.33 % 102,679 4.50 % 117,054 5.13 % 148,314 6.50 % Tier 1 capital 1 Consolidated 301,739 10.44 % 115,609 4.00 % 115,609 4.00 % N/A N/A Bank 304,176 9.93 % 122,521 4.00 % 122,521 4.00 % 153,151 5.00 % 1 As defined by regulatory agencies |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) | Nov. 14, 2016 | Oct. 18, 2016$ / shares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016shares | Dec. 31, 2016$ / shares |
Regulatory Assets [Abstract] | |||||
Stock split ratio | 1.5 | 1.5 | |||
Common stock, par value | $ / shares | $ 0 | ||||
Shares, non-dilutive | shares | 0 | 0 | |||
Reclassifications effect on net income | $ | $ 0 |
Accounting Policies - Summary o
Accounting Policies - Summary of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic earnings per share | ||
Net Income | $ 8,224 | $ 5,381 |
Less: Preferred stock dividends | 42 | |
Net Income Available to Common Shareholders | $ 8,224 | $ 5,339 |
Weighted average common shares outstanding | 22,175,526 | 17,924,124 |
Basic Earnings Per Share | $ 0.37 | $ 0.30 |
Diluted earnings per share | ||
Net income available to common shareholders | $ 8,224 | $ 5,339 |
Effect of dilutive securities: | ||
Weighted average shares outstanding | 22,326,071 | 18,012,726 |
Diluted Earnings Per Share | $ 0.37 | $ 0.30 |
Restricted Stock [Member] | ||
Effect of dilutive securities: | ||
Effect of dilutive securities | 36,336 | 31,550 |
Stock Options [Member] | ||
Effect of dilutive securities: | ||
Effect of dilutive securities | 114,209 | 57,053 |
Accounting Policies - Summary42
Accounting Policies - Summary of Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | Nov. 14, 2016 | Oct. 18, 2016 |
Accounting Policies [Abstract] | ||
Stock split ratio | 1.5 | 1.5 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Feb. 03, 2017 | Jul. 18, 2016 | Jun. 01, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Nov. 07, 2016 | Sep. 30, 2016 | Aug. 31, 2016 |
Business Acquisition [Line Items] | ||||||||
Acquisition of goodwill | $ 77,644,000 | $ 76,941,000 | ||||||
Kosciusko Financial Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Exchange ratio per share | 451.83% | |||||||
Cash paid for each share | $ 81.75 | |||||||
Business combination stock transferred, percentage of consideration | 65.00% | |||||||
Business combination cash transferred, percentage of consideration | 35.00% | |||||||
Common stock issued | 873,430 | |||||||
Market closing price per share | $ 16.57 | |||||||
Estimated transaction value | $ 23,000,000 | |||||||
Costs related to the acquisition | 1,600,000 | |||||||
Acquisition of goodwill | 6,443,000 | $ 6,400,000 | $ 6,900,000 | |||||
Net intangible assets acquired | 526,000 | |||||||
Purchase price of the business assets, portion deductible | 0 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
Total estimated purchase price | $ 22,983,000 | |||||||
Kosciusko Financial Inc [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of shares owned | 100 | |||||||
Share of common stock outstanding per share | $ 81.75 | |||||||
Central National Bank & Trust [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition of goodwill | $ 609,000 | |||||||
Net intangible assets acquired | 190,000 | |||||||
Purchase price of the business assets, portion deductible | 0 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
Total estimated purchase price | 5,311,000 | |||||||
Performing portion of the loan portfolio acquired | 10,800,000 | |||||||
Estimated fair value of performing portion of the loan portfolio | $ 10,500,000 | |||||||
LaPorte Bancorp Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Exchange ratio per share | 94.35% | |||||||
Cash paid for each share | $ 17.50 | |||||||
Business combination stock transferred, percentage of consideration | 65.00% | |||||||
Business combination cash transferred, percentage of consideration | 35.00% | |||||||
Common stock issued | 3,421,488 | |||||||
Market closing price per share | $ 18.36 | |||||||
Estimated transaction value | $ 98,600,000 | |||||||
Costs related to the acquisition | 4,000,000 | |||||||
Acquisition of goodwill | 20,993,000 | |||||||
Net intangible assets acquired | 2,514,000 | |||||||
Purchase price of the business assets, portion deductible | 0 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
Total estimated purchase price | $ 98,634,000 | |||||||
Goodwill adjustment | $ 703,000 | |||||||
First Farmers Bank & Trust Co [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition of goodwill | $ 0 | |||||||
Net intangible assets acquired | $ 463,000 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
Payments received as cash consideration | $ 10,900,000 | |||||||
Business acquisition, loans assumed | $ 3,400,000 | |||||||
Premium on deposits paid | 3.00% | |||||||
Business acquisition, customer deposit balances | $ 14,800,000 |
Acquisitions - Schedule of Purc
Acquisitions - Schedule of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Nov. 07, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Jul. 18, 2016 | Jun. 01, 2016 |
ASSETS | |||||||
Goodwill | $ 77,644,000 | $ 76,941,000 | |||||
Kosciusko Financial Inc [Member] | |||||||
ASSETS | |||||||
Cash and due from banks | $ 38,950,000 | ||||||
Investment securities, available for sale | 1,191,000 | ||||||
Total loans | 102,569,000 | ||||||
Premises and equipment, net | 1,466,000 | ||||||
FHLB stock | 582,000 | ||||||
Goodwill | $ 6,400,000 | $ 6,900,000 | 6,443,000 | ||||
Core deposit intangible | 526,000 | ||||||
Interest receivable | 636,000 | ||||||
Cash value of life insurance | 2,745,000 | ||||||
Other assets | 765,000 | ||||||
Total assets purchased | 155,873,000 | ||||||
Common shares issued | 14,470,000 | ||||||
Cash paid | 8,513,000 | ||||||
Total estimated purchase price | 22,983,000 | ||||||
Deposits | |||||||
Non-interest bearing | 27,871,000 | ||||||
NOW accounts | 35,213,000 | ||||||
Savings and money market | 26,953,000 | ||||||
Certificates of deposits | 32,771,000 | ||||||
Total deposits | 122,808,000 | ||||||
Borrowings | 9,038,000 | ||||||
Interest payable | 55,000 | ||||||
Other liabilities | 989,000 | ||||||
Total liabilities assumed | 132,890,000 | ||||||
Kosciusko Financial Inc [Member] | Residential Mortgage [Member] | |||||||
ASSETS | |||||||
Total loans | 26,244,000 | ||||||
Kosciusko Financial Inc [Member] | Commercial [Member] | |||||||
ASSETS | |||||||
Total loans | 70,006,000 | ||||||
Kosciusko Financial Inc [Member] | Consumer [Member] | |||||||
ASSETS | |||||||
Total loans | $ 6,319,000 | ||||||
LaPorte Bancorp Inc [Member] | |||||||
ASSETS | |||||||
Cash and due from banks | $ 154,849,000 | ||||||
Investment securities, available for sale | 23,779,000 | ||||||
Total loans | 312,906,000 | ||||||
Premises and equipment, net | 6,022,000 | ||||||
FHLB stock | 4,029,000 | ||||||
Goodwill | 20,993,000 | ||||||
Core deposit intangible | 2,514,000 | ||||||
Interest receivable | 844,000 | ||||||
Cash value of life insurance | 15,267,000 | ||||||
Other assets | 8,334,000 | ||||||
Total assets purchased | 549,537,000 | ||||||
Common shares issued | 60,306,000 | ||||||
Cash paid | 38,328,000 | ||||||
Total estimated purchase price | 98,634,000 | ||||||
Deposits | |||||||
Non-interest bearing | 66,733,000 | ||||||
NOW accounts | 99,346,000 | ||||||
Savings and money market | 117,688,000 | ||||||
Certificates of deposits | 87,605,000 | ||||||
Total deposits | 371,372,000 | ||||||
Borrowings | 64,793,000 | ||||||
Interest payable | 178,000 | ||||||
Subordinated debt | 4,504,000 | ||||||
Other liabilities | 10,056,000 | ||||||
Total liabilities assumed | 450,903,000 | ||||||
LaPorte Bancorp Inc [Member] | Residential Mortgage [Member] | |||||||
ASSETS | |||||||
Total loans | 42,603,000 | ||||||
LaPorte Bancorp Inc [Member] | Mortgage Warehousing [Member] | |||||||
ASSETS | |||||||
Total loans | 99,752,000 | ||||||
LaPorte Bancorp Inc [Member] | Commercial [Member] | |||||||
ASSETS | |||||||
Total loans | 153,750,000 | ||||||
LaPorte Bancorp Inc [Member] | Consumer [Member] | |||||||
ASSETS | |||||||
Total loans | $ 16,801,000 | ||||||
Central National Bank & Trust [Member] | |||||||
ASSETS | |||||||
Cash and due from banks | $ 27,860,000 | ||||||
Investment securities, available for sale | 16,393,000 | ||||||
Total loans | 10,470,000 | ||||||
Premises and equipment, net | 444,000 | ||||||
FHLB stock | 50,000 | ||||||
Goodwill | 609,000 | ||||||
Core deposit intangible | 190,000 | ||||||
Interest receivable | 154,000 | ||||||
Other assets | 49,000 | ||||||
Total assets purchased | 56,219,000 | ||||||
Cash paid | 5,311,000 | ||||||
Total estimated purchase price | 5,311,000 | ||||||
Deposits | |||||||
Non-interest bearing | 24,079,000 | ||||||
NOW accounts | 9,038,000 | ||||||
Savings and money market | 13,829,000 | ||||||
Certificates of deposits | 3,342,000 | ||||||
Total deposits | 50,288,000 | ||||||
Borrowings | 459,000 | ||||||
Interest payable | 7,000 | ||||||
Other liabilities | 154,000 | ||||||
Total liabilities assumed | 50,908,000 | ||||||
Central National Bank & Trust [Member] | Residential Mortgage [Member] | |||||||
ASSETS | |||||||
Total loans | 6,624,000 | ||||||
Central National Bank & Trust [Member] | Commercial [Member] | |||||||
ASSETS | |||||||
Total loans | 2,267,000 | ||||||
Central National Bank & Trust [Member] | Consumer [Member] | |||||||
ASSETS | |||||||
Total loans | $ 1,579,000 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 (Detail) - USD ($) $ in Thousands | Jul. 18, 2016 | Jun. 01, 2016 |
LaPorte Bancorp Inc [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | $ 12,545 | |
Contractual cash flows not expected to be collected (nonaccretable differences) | 4,492 | |
Expected cash flows at acquisition | 8,053 | |
Interest component of expected cash flows (accretable discount) | 1,258 | |
Fair value of acquired loans accounted for under ASC 310-30 | $ 6,795 | |
Kosciusko Financial Inc [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | $ 2,682 | |
Contractual cash flows not expected to be collected (nonaccretable differences) | 25 | |
Expected cash flows at acquisition | 2,657 | |
Interest component of expected cash flows (accretable discount) | 634 | |
Fair value of acquired loans accounted for under ASC 310-30 | $ 2,023 |
Acquisitions - Pro Forma Result
Acquisitions - Pro Forma Result of Comparable Prior Reporting Period (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract] | ||
Net Interest Income | $ 25,568 | $ 25,497 |
Provision for Loan Losses | 330 | 532 |
Net Interest Income after Provision for Loan Losses | 25,238 | 24,965 |
Non-interest Income | 7,559 | 8,473 |
Non-Interest Expense | 21,521 | 24,908 |
Income before Income Taxes | 11,276 | 8,530 |
Income Tax Expense | 3,052 | 2,385 |
Net Income | 8,224 | 6,145 |
Net Income Available to Common Shareholders | $ 8,224 | $ 6,103 |
Basic Earnings Per Share | $ 0.37 | $ 0.34 |
Diluted Earnings Per Share | $ 0.37 | $ 0.34 |
Securities - Fair Value of Secu
Securities - Fair Value of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | $ 477,670 | $ 445,839 |
Gross Unrealized Gains | 2,712 | 922 |
Held-to-maturity, Amortized Cost | 198,868 | 193,194 |
Gross Unrealized Losses | (6,160) | (6,929) |
Held-to-maturity, Gross Unrealized Gains | 3,796 | 3,628 |
Available-for-sale Securities, Fair Value | 474,222 | 439,831 |
Held-to-maturity, Gross Unrealized Losses | (2,182) | (2,736) |
Held-to-maturity, Fair Value | 200,482 | 194,086 |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 13,546 | 8,051 |
Gross Unrealized Gains | 2 | 2 |
Gross Unrealized Losses | (68) | (64) |
Available-for-sale Securities, Fair Value | 13,480 | 7,989 |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 127,108 | 117,327 |
Gross Unrealized Gains | 656 | 324 |
Held-to-maturity, Amortized Cost | 176,631 | 165,607 |
Gross Unrealized Losses | (659) | (1,059) |
Held-to-maturity, Gross Unrealized Gains | 3,317 | 2,700 |
Available-for-sale Securities, Fair Value | 127,105 | 116,592 |
Held-to-maturity, Gross Unrealized Losses | (1,948) | (2,485) |
Held-to-maturity, Fair Value | 178,000 | 165,822 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 137,815 | 139,040 |
Gross Unrealized Gains | 241 | 254 |
Held-to-maturity, Amortized Cost | 6,297 | 6,530 |
Gross Unrealized Losses | (1,867) | (2,099) |
Held-to-maturity, Gross Unrealized Gains | 30 | 31 |
Available-for-sale Securities, Fair Value | 136,189 | 137,195 |
Held-to-maturity, Gross Unrealized Losses | (65) | (71) |
Held-to-maturity, Fair Value | 6,262 | 6,490 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 196,064 | 180,183 |
Gross Unrealized Gains | 1,194 | 251 |
Held-to-maturity, Amortized Cost | 15,940 | 21,057 |
Gross Unrealized Losses | (3,547) | (3,707) |
Held-to-maturity, Gross Unrealized Gains | 449 | 897 |
Available-for-sale Securities, Fair Value | 193,711 | 176,726 |
Held-to-maturity, Gross Unrealized Losses | (169) | (180) |
Held-to-maturity, Fair Value | 16,220 | 21,774 |
Private Labeled Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 1,901 | |
Gross Unrealized Losses | (19) | |
Available-for-sale Securities, Fair Value | 1,882 | |
Corporate Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 1,236 | 1,238 |
Gross Unrealized Gains | 619 | 91 |
Available-for-sale Securities, Fair Value | $ 1,855 | $ 1,329 |
Securities - Additional Informa
Securities - Additional Information (Detail) | Mar. 31, 2017USD ($) |
Amortized Cost and Fair Value Debt Securities [Abstract] | |
Unrealized loss, other than temporary securities | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost within one year | $ 8,277 | $ 7,455 |
Amortized cost one to five years | 40,343 | 37,483 |
Amortized cost for five to ten years | 28,390 | 21,112 |
Amortized cost for after ten years | 64,880 | 60,566 |
Total amortized cost | 141,890 | 126,616 |
Total available for sale investment securities, Amortized Cost | 477,670 | 445,839 |
Within one year, amortized cost | 9,941 | |
One to five years, amortized cost | 30,869 | 24,594 |
Five to ten years, amortized cost | 86,470 | 87,645 |
After ten years, amortized cost | 49,351 | 53,368 |
Total amortized cost | 176,631 | 165,607 |
Total held to maturity investment securities, amortized cost | 198,868 | 193,194 |
Fair value within one year | 8,311 | 7,480 |
Fair value for one to five years | 40,404 | 37,479 |
Fair value for five to ten years | 28,380 | 20,984 |
Fair value for after ten years | 65,345 | 59,967 |
Total fair value | 142,440 | 125,910 |
Investment securities, available for sale | 474,222 | 439,831 |
Within one year, fair value | 9,941 | |
One to five years, fair value | 31,892 | 25,271 |
five to ten years, fair value | 87,885 | 88,805 |
After ten years, fair value | 48,282 | 51,746 |
Total fair value | 178,000 | 165,822 |
Held-to-maturity, Fair Value | 200,482 | 194,086 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 137,815 | 139,040 |
Total held to maturity investment securities, amortized cost | 6,297 | 6,530 |
Investment securities, available for sale | 136,189 | 137,195 |
Held-to-maturity, Fair Value | 6,262 | 6,490 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 196,064 | 180,183 |
Total held to maturity investment securities, amortized cost | 15,940 | 21,057 |
Investment securities, available for sale | 193,711 | 176,726 |
Held-to-maturity, Fair Value | 16,220 | $ 21,774 |
Private Labeled Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 1,901 | |
Investment securities, available for sale | $ 1,882 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value of Company's Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | $ 389,696 | $ 425,635 |
Fair value more than 12 months | 9,626 | 10,199 |
Total fair value | 399,323 | 435,834 |
Unrealized losses less than 12 months | (8,110) | (9,413) |
Unrealized losses more than 12 months | (232) | (252) |
Total unrealized losses | (8,342) | (9,665) |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 13,158 | 6,987 |
Total fair value | 13,158 | 6,987 |
Unrealized losses less than 12 months | (68) | (64) |
Total unrealized losses | (68) | (64) |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 107,096 | 142,466 |
Total fair value | 107,096 | 142,466 |
Unrealized losses less than 12 months | (2,607) | (3,544) |
Total unrealized losses | (2,607) | (3,544) |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 105,289 | 112,414 |
Fair value more than 12 months | 9,626 | 10,199 |
Total fair value | 114,916 | 122,613 |
Unrealized losses less than 12 months | (1,700) | (1,918) |
Unrealized losses more than 12 months | (232) | (252) |
Total unrealized losses | (1,932) | (2,170) |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 162,271 | 163,768 |
Total fair value | 162,271 | 163,768 |
Unrealized losses less than 12 months | (3,716) | (3,887) |
Total unrealized losses | (3,716) | $ (3,887) |
Private Labeled Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 1,882 | |
Total fair value | 1,882 | |
Unrealized losses less than 12 months | (19) | |
Total unrealized losses | $ (19) |
Securities - Sales of Securitie
Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 2,090 | $ 7,297 |
Gross gains | 35 | 108 |
Gross losses | $ 0 | $ 0 |
Loans - Amounts of Loans (Detai
Loans - Amounts of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage warehouse | $ 89,360 | $ 135,727 | ||
Total loans | 2,146,953 | 2,135,986 | ||
Allowance for loan losses | (15,054) | (14,837) | $ (14,236) | $ (14,534) |
Loans, net | 2,131,899 | 2,121,149 | ||
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 1,106,471 | 1,069,956 | ||
Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 533,646 | 531,874 | ||
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 417,476 | 398,429 | ||
Working Capital and Equipment [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 559,733 | 539,403 | ||
Real Estate Including Agriculture [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 499,009 | 485,620 | ||
Tax Exempt Loans Receivable [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 16,399 | 15,486 | ||
Other Commercial Loans [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 31,330 | 29,447 | ||
1-4 Family [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 527,994 | 526,024 | ||
Other Real Estate Loans [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 5,652 | 5,850 | ||
Auto [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 188,601 | 174,773 | ||
Recreation Consumer Loans Receivable [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 7,264 | 5,669 | ||
Real Estate Home Improvement Loans Receivable [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 54,414 | 53,898 | ||
Home Equity Loan [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 147,528 | 144,508 | ||
Unsecured Debt [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 3,536 | 3,875 | ||
Other Consumer Loans [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | $ 16,133 | $ 15,706 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
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 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | $ 2,141,236 | $ 2,130,369 | ||
Net loans | 2,126,182 | 2,115,532 | ||
Interest Due | 6,445 | 6,745 | ||
Deferred Fees / (Costs) | 5,717 | 5,617 | ||
Recorded Investment | 2,153,398 | 2,142,731 | ||
Recorded Investment | 2,138,344 | 2,127,894 | ||
Allowance for loan losses | (15,054) | (14,837) | $ (14,236) | $ (14,534) |
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 1,102,641 | 1,066,199 | ||
Interest Due | 3,214 | 3,493 | ||
Deferred Fees / (Costs) | 3,830 | 3,757 | ||
Recorded Investment | 1,109,685 | 1,073,449 | ||
Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 619,948 | 664,571 | ||
Interest Due | 1,984 | 2,005 | ||
Deferred Fees / (Costs) | 3,058 | 3,030 | ||
Recorded Investment | 624,990 | 669,606 | ||
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 418,647 | 399,599 | ||
Interest Due | 1,247 | 1,247 | ||
Deferred Fees / (Costs) | (1,171) | (1,170) | ||
Recorded Investment | 418,723 | 399,676 | ||
Owner Occupied Real Estate [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 339,341 | 337,548 | ||
Interest Due | 813 | 899 | ||
Deferred Fees / (Costs) | 951 | 1,022 | ||
Recorded Investment | 341,105 | 339,469 | ||
Non Owner Occupied Real Estate [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 475,766 | 461,897 | ||
Interest Due | 596 | 624 | ||
Deferred Fees / (Costs) | 2,340 | 2,176 | ||
Recorded Investment | 478,702 | 464,697 | ||
Residential Spec Homes [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 6,437 | 5,006 | ||
Interest Due | 15 | 8 | ||
Deferred Fees / (Costs) | (2) | |||
Recorded Investment | 6,452 | 5,012 | ||
Development & Spec Land Loans [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 35,395 | 31,228 | ||
Interest Due | 58 | 56 | ||
Deferred Fees / (Costs) | 114 | 119 | ||
Recorded Investment | 35,567 | 31,403 | ||
Commercial and Industrial [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 245,702 | 230,520 | ||
Interest Due | 1,732 | 1,906 | ||
Deferred Fees / (Costs) | 425 | 442 | ||
Recorded Investment | 247,859 | 232,868 | ||
Residential Mortgage [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 508,645 | 508,233 | ||
Interest Due | 1,461 | 1,492 | ||
Deferred Fees / (Costs) | 3,058 | 3,030 | ||
Recorded Investment | 513,164 | 512,755 | ||
Residential Construction [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 21,943 | 20,611 | ||
Interest Due | 43 | 33 | ||
Recorded Investment | 21,986 | 20,644 | ||
Mortgage Warehousing [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 89,360 | 135,727 | ||
Interest Due | 480 | 480 | ||
Recorded Investment | 89,840 | 136,207 | ||
Direct Installment [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 74,195 | 71,150 | ||
Interest Due | 201 | 199 | ||
Deferred Fees / (Costs) | (423) | (385) | ||
Recorded Investment | 73,973 | 70,964 | ||
Direct Installment Purchased [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 99 | 119 | ||
Recorded Investment | 99 | 119 | ||
Indirect Installment [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 166,802 | 153,204 | ||
Interest Due | 355 | 345 | ||
Deferred Fees / (Costs) | 182 | |||
Recorded Investment | 167,339 | 153,549 | ||
Home Equity Loan [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 177,551 | 175,126 | ||
Interest Due | 691 | 703 | ||
Deferred Fees / (Costs) | (930) | (785) | ||
Recorded Investment | $ 177,312 | $ 175,044 |
Accounting for Certain Loans 55
Accounting for Certain Loans Acquired in a Transfer - Amounts of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 2,146,953 | $ 2,135,986 |
Carrying amount, net of allowance | 2,126,182 | 2,115,532 |
Loans Purchased With Evidence of Credit Deterioration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 13,402 | 14,843 |
Carrying amount, net of allowance | 13,331 | 14,843 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 10,281 | 11,563 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 3,083 | 3,237 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 38 | 43 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,157 | 1,310 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 724 | 774 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 433 | 534 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 5,846 | 6,213 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 4,900 | 5,245 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 946 | 967 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Peoples Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 779 | 856 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Peoples Bancorp Inc [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 624 | 692 |
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 | 155 | 165 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Kosciusko Financial Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2,079 | 2,109 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Kosciusko Financial Inc [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,632 | 1,652 |
Loans Purchased With Evidence of Credit Deterioration [Member] | Kosciusko Financial Inc [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 447 | 457 |
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 3,541 | 4,355 |
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 2,401 | 3,200 |
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,102 | 1,114 |
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 38 | $ 41 |
Accounting for Certain Loans 56
Accounting for Certain Loans Acquired in a Transfer - Amounts of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 15,054 | $ 14,837 | $ 14,236 | $ 14,534 |
Loans Purchased With Evidence of Credit Deterioration [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 71 | $ 0 |
Accounting for Certain Loans 57
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 | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | $ 3,457 | $ 2,058 |
Additions | 0 | 0 |
Accretion | (433) | (133) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (119) | (44) |
Balance at March 31 | 2,905 | 1,881 |
Heartland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 557 | 795 |
Additions | 0 | 0 |
Accretion | (34) | (36) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (6) | (10) |
Balance at March 31 | 517 | 749 |
Summit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 502 | 708 |
Additions | 0 | 0 |
Accretion | (93) | (55) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (2) | (4) |
Balance at March 31 | 407 | 649 |
Peoples Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 389 | 555 |
Additions | 0 | 0 |
Accretion | (194) | (42) |
Reclassification from nonaccretable difference | 0 | 0 |
Disposals | (1) | (30) |
Balance at March 31 | 194 | 483 |
Kosciusko Financial Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 530 | |
Additions | 0 | 0 |
Accretion | (31) | |
Reclassification from nonaccretable difference | 0 | 0 |
Balance at March 31 | 499 | |
LaPorte Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at January 1 | 1,479 | |
Additions | 0 | 0 |
Accretion | (81) | |
Reclassification from nonaccretable difference | 0 | $ 0 |
Disposals | (110) | |
Balance at March 31 | $ 1,288 |
Accounting for Certain Loans 58
Accounting for Certain Loans Acquired in a Transfer - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Business Acquisition [Line Items] | ||
Total provision charged to operating expense | $ 330,000 | $ 532,000 |
Loans Purchased With Evidence of Credit Deterioration [Member] | ||
Business Acquisition [Line Items] | ||
Total provision charged to operating expense | $ 71,000 | $ (63,000) |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of the period | $ 14,837 | $ 14,534 |
Total loans charged-off | 411 | 1,109 |
Total loan recoveries | 298 | 279 |
Net loans charged-off (recovered) | 113 | 830 |
Total provision charged to operating expense | 330 | 532 |
Balance at the end of the period | 15,054 | 14,236 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans charged-off | 485 | |
Total loan recoveries | 134 | 82 |
Total provision charged to operating expense | 887 | (332) |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans charged-off | 147 | |
Total loan recoveries | 25 | |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans charged-off | 299 | |
Total loan recoveries | 22 | 23 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loan recoveries | 2 | 2 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans charged-off | 39 | |
Total loan recoveries | 110 | 32 |
Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans charged-off | 51 | 115 |
Total loan recoveries | 13 | 32 |
Total provision charged to operating expense | (567) | (592) |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans charged-off | 51 | 115 |
Total loan recoveries | 13 | 32 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans charged-off | 360 | 509 |
Total loan recoveries | 151 | 165 |
Total provision charged to operating expense | 10 | 1,456 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans charged-off | 25 | 58 |
Total loan recoveries | 17 | 16 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans charged-off | 285 | 276 |
Total loan recoveries | 113 | 94 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans charged-off | 50 | 175 |
Total loan recoveries | $ 21 | $ 55 |
Allowance for Loan Losses - A61
Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total ending allowance balance | $ 15,054 | $ 14,837 | $ 14,236 | $ 14,534 |
Total ending loans balance | 1,379 | $ 5,788 | ||
Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Individually evaluated for impairment | 4 | |||
Allowance For Loan Losses, Collectively evaluated for impairment | 15,054 | 14,833 | ||
Total ending allowance balance | 15,054 | 14,837 | ||
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 | 0 | 0 | ||
Commercial [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Individually evaluated for impairment | 4 | |||
Allowance For Loan Losses, Collectively evaluated for impairment | 7,600 | 6,575 | ||
Total ending allowance balance | 7,600 | 6,579 | ||
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 | 0 | 0 | ||
Real Estate [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Collectively evaluated for impairment | 1,697 | 2,090 | ||
Total ending allowance balance | 1,697 | 2,090 | ||
Real Estate [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 | 0 | 0 | ||
Consumer [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Collectively evaluated for impairment | 4,715 | 4,914 | ||
Total ending allowance balance | 4,715 | 4,914 | ||
Consumer [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 | 0 | 0 | ||
Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Individually evaluated for impairment | 1,379 | 2,250 | ||
Loans: Collectively evaluated for impairment | 2,152,019 | 2,140,481 | ||
Total ending loans balance | 2,153,398 | 2,142,731 | ||
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 | 0 | 0 | ||
Loans [Member] | Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Individually evaluated for impairment | 1,379 | 2,250 | ||
Loans: Collectively evaluated for impairment | 1,108,306 | 1,071,199 | ||
Total ending loans balance | 1,109,685 | 1,073,449 | ||
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 | 0 | 0 | ||
Loans [Member] | Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Collectively evaluated for impairment | 535,150 | 533,399 | ||
Total ending loans balance | 535,150 | 533,399 | ||
Loans [Member] | Real Estate [Member] | Loans and Allowance Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Loans [Member] | Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Collectively evaluated for impairment | 418,723 | 399,676 | ||
Total ending loans balance | 418,723 | 399,676 | ||
Loans [Member] | Consumer [Member] | Loans and Allowance Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Mortgage Warehousing [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Collectively evaluated for impairment | 1,042 | 1,254 | ||
Total ending allowance balance | 1,042 | 1,254 | ||
Mortgage Warehousing [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 | 0 | 0 | ||
Mortgage Warehousing [Member] | Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Collectively evaluated for impairment | 89,840 | 136,207 | ||
Total ending loans balance | 89,840 | 136,207 | ||
Mortgage Warehousing [Member] | 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 | $ 0 | $ 0 |
Non-performing Loans and Impa62
Non-performing Loans and Impaired Loans - Non-accrual, Loans Past Due Over 90 Days Still on Accrual, and Troubled Debt Restructured ("TDRs") by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 6,944 | $ 7,936 |
Loans Past Due Over 90 Days Still Accruing | 245 | 241 |
Non-Performing TDRs | 998 | 1,014 |
Performing TDRs | 1,647 | 1,492 |
Total Non-Performing Loans | 9,834 | 10,683 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,380 | 2,249 |
Loans Past Due Over 90 Days Still Accruing | 150 | 183 |
Total Non-Performing Loans | 1,530 | 2,432 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 760 | 1,532 |
Loans Past Due Over 90 Days Still Accruing | 183 | |
Total Non-Performing Loans | 760 | 1,715 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 387 | 440 |
Total Non-Performing Loans | 387 | 440 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 112 | 118 |
Total Non-Performing Loans | 112 | 118 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 121 | 159 |
Loans Past Due Over 90 Days Still Accruing | 150 | |
Total Non-Performing Loans | 271 | 159 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,904 | 2,959 |
Non-Performing TDRs | 797 | 809 |
Performing TDRs | 1,356 | 1,254 |
Total Non-Performing Loans | 5,057 | 5,022 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,904 | 2,959 |
Non-Performing TDRs | 567 | 576 |
Performing TDRs | 1,356 | 1,254 |
Total Non-Performing Loans | 4,827 | 4,789 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Performing TDRs | 230 | 233 |
Total Non-Performing Loans | 230 | 233 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,660 | 2,728 |
Loans Past Due Over 90 Days Still Accruing | 95 | 58 |
Non-Performing TDRs | 201 | 205 |
Performing TDRs | 291 | 238 |
Total Non-Performing Loans | 3,247 | 3,229 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 489 | 512 |
Total Non-Performing Loans | 489 | 512 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 690 | 659 |
Loans Past Due Over 90 Days Still Accruing | 69 | 49 |
Total Non-Performing Loans | 759 | 708 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,481 | 1,557 |
Loans Past Due Over 90 Days Still Accruing | 26 | 9 |
Non-Performing TDRs | 201 | 205 |
Performing TDRs | 291 | 238 |
Total Non-Performing Loans | $ 1,999 | $ 2,009 |
Non-performing Loans and Impa63
Non-performing Loans and Impaired Loans - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2017USD ($)ConsecutivePaymentContract | Dec. 31, 2016USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Non-accrual loans | $ 6,944,000 | $ 7,936,000 |
Non-performing TDRs | 998,000 | |
Loans acquired included in non-accrual loans | 2,200,000 | |
Loans acquired included in non-performing TDRs | $ 17,000 | |
Loan delinquency period | 90 days | |
Minimum period required for satisfactory performance to return loan from non-accrual to accrual status | 6 months | |
Restructured loans with modified recorded balances | $ 0 | |
Restructured loan returned to accruing status number of Consecutive Payments of loan | ConsecutivePayment | 6 | |
Restructured loan reported in TDRs | $ 2,600,000 | |
Specific reserves allocated to troubled debt restructuring | $ 0 | |
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 | $ 1,600,000 | |
Good Pass [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of consecutive years of profit Unaudited Financial Information for Good Pass Rating | 5 years | |
Number of years of Satisfactory Relationship with bank for Good Pass Rating | 5 years | |
Minimum [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loan delinquency period | 90 days | |
Delay or shortfall in payments of loan | 30 days | |
Loans with an aggregate credit exposure | $ 1,000,000 | |
Minimum [Member] | Good Pass [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of consecutive years of profit for Good Pass Rating | 3 years | |
Minimum [Member] | Satisfactory Pass [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Minimum number of years of Satisfactory Repayment required for Satisfactory Pass Rating | 2 years | |
Maximum [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans with an aggregate credit exposure | $ 2,500,000 |
Non-performing Loans and Impa64
Non-performing Loans and Impaired Loans - Commercial Loans Individually Evaluated for Impairment by Class of Loan (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance total | $ 1,379 | $ 5,773 |
Total ending loans balance | 1,379 | 5,788 |
Allowance For Loan Loss Allocated | 900 | |
Average Balance in Impaired Loans total | 2,002 | 6,266 |
Cash/Accrual Interest Income Recognized, Total | 1 | |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance With no recorded allowance | 1,379 | 3,016 |
Recorded Investment With no recorded allowance | 1,379 | 3,021 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 2,002 | 3,499 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 1 | |
Unpaid Principal Balance With an allowance recorded | 2,757 | |
Recorded Investment With an allowance recorded | 2,767 | |
Allowance For Loan Loss Allocated | 900 | |
Average Balance in Impaired Loans With an allowance recorded | 2,767 | |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 0 | 0 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance With no recorded allowance | 759 | 1,089 |
Recorded Investment With no recorded allowance | 759 | 1,089 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 1,021 | 1,106 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 0 | 0 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance With no recorded allowance | 387 | 1,851 |
Recorded Investment With no recorded allowance | 387 | 1,856 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 393 | 2,063 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 1 | |
Unpaid Principal Balance With an allowance recorded | 2,757 | |
Recorded Investment With an allowance recorded | 2,767 | |
Allowance For Loan Loss Allocated | 900 | |
Average Balance in Impaired Loans With an allowance recorded | 2,767 | |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 0 | 0 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 0 | 0 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance With no recorded allowance | 112 | |
Recorded Investment With no recorded allowance | 112 | |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 238 | |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 0 | 0 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance With no recorded allowance | 121 | 76 |
Recorded Investment With no recorded allowance | 121 | 76 |
Allowance For Loan Loss Allocated With no recorded allowance | 0 | 0 |
Average Balance in Impaired Loans With no recorded allowance | 350 | 330 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | $ 0 | $ 0 |
Non-performing Loans and Impa65
Non-performing Loans and Impaired Loans - Payment Status by Class of Loan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 5,737 | $ 6,556 |
Loans Not Past Due | 2,135,499 | 2,123,813 |
Total | $ 2,141,236 | $ 2,130,369 |
Total Past Due, Percentage of Total Loans | 0.27% | 0.31% |
Loans Not Past Due, Percentage of Total Loans | 99.73% | 99.69% |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2,846 | $ 2,591 |
Loans Not Past Due | 1,099,795 | 1,063,608 |
Total | 1,102,641 | 1,066,199 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,523 | 1,251 |
Loans Not Past Due | 337,818 | 336,297 |
Total | 339,341 | 337,548 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 195 | 357 |
Loans Not Past Due | 475,571 | 461,540 |
Total | 475,766 | 461,897 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 478 | |
Loans Not Past Due | 5,959 | 5,006 |
Total | 6,437 | 5,006 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 85 | 1 |
Loans Not Past Due | 35,310 | 31,227 |
Total | 35,395 | 31,228 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 565 | 982 |
Loans Not Past Due | 245,137 | 229,538 |
Total | 245,702 | 230,520 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,502 | 1,009 |
Loans Not Past Due | 618,446 | 663,562 |
Total | 619,948 | 664,571 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,319 | 1,009 |
Loans Not Past Due | 507,326 | 507,224 |
Total | 508,645 | 508,233 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 183 | |
Loans Not Past Due | 21,760 | 20,611 |
Total | 21,943 | 20,611 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 89,360 | 135,727 |
Total | 89,360 | 135,727 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,389 | 2,956 |
Loans Not Past Due | 417,258 | 396,643 |
Total | 418,647 | 399,599 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 28 | 143 |
Loans Not Past Due | 74,167 | 71,007 |
Total | 74,195 | 71,150 |
Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Not Past Due | 99 | 119 |
Total | 99 | 119 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 969 | 1,625 |
Loans Not Past Due | 165,833 | 151,579 |
Total | 166,802 | 153,204 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 392 | 1,188 |
Loans Not Past Due | 177,159 | 173,938 |
Total | 177,551 | 175,126 |
30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 4,918 | $ 5,684 |
Total Past Due, Percentage of Total Loans | 0.23% | 0.27% |
30 - 59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2,604 | $ 2,408 |
30 - 59 Days Past Due [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,523 | 1,068 |
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 | 103 | 357 |
30 - 59 Days Past Due [Member] | Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 478 | |
30 - 59 Days Past Due [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 85 | 1 |
30 - 59 Days Past Due [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 415 | 982 |
30 - 59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,255 | 886 |
30 - 59 Days Past Due [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,072 | 886 |
30 - 59 Days Past Due [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 183 | |
30 - 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,059 | 2,390 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 26 | 139 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 707 | 1,339 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 326 | 912 |
60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 574 | $ 631 |
Total Past Due, Percentage of Total Loans | 0.03% | 0.03% |
60 - 89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 92 | |
60 - 89 Days Past Due [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 92 | |
60 - 89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 247 | $ 123 |
60 - 89 Days Past Due [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 247 | 123 |
60 - 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 235 | 508 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2 | 4 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 193 | 237 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 40 | 267 |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 245 | $ 241 |
Total Past Due, Percentage of Total Loans | 0.01% | 0.01% |
Greater than 90 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 150 | $ 183 |
Greater than 90 Days Past Due [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 183 | |
Greater than 90 Days Past Due [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 150 | |
Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 95 | 58 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 69 | 49 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 26 | $ 9 |
Non-performing Loans and Impa66
Non-performing Loans and Impaired Loans - Loans by Credit Grades (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,141,236 | $ 2,130,369 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,102,641 | 1,066,199 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 339,341 | 337,548 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 475,766 | 461,897 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,437 | 5,006 |
Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 35,395 | 31,228 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 245,702 | 230,520 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 619,948 | 664,571 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 508,645 | 508,233 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 21,943 | 20,611 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 89,360 | 135,727 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 418,647 | 399,599 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 74,195 | 71,150 |
Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 99 | 119 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 166,802 | 153,204 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 177,551 | 175,126 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,100,127 | $ 2,090,978 |
Percentage of total loans | 98.08% | 98.15% |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,069,836 | $ 1,035,059 |
Pass [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 324,596 | 322,924 |
Pass [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 469,602 | 455,648 |
Pass [Member] | Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,437 | 5,006 |
Pass [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 35,213 | 31,057 |
Pass [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 233,988 | 220,424 |
Pass [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 614,891 | 659,549 |
Pass [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 503,818 | 503,444 |
Pass [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 21,713 | 20,378 |
Pass [Member] | Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 89,360 | 135,727 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 415,400 | 396,370 |
Pass [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 73,706 | 70,638 |
Pass [Member] | Consumer [Member] | Direct Installment Purchased [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 99 | 119 |
Pass [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 166,043 | 152,496 |
Pass [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 175,552 | 173,117 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 9,565 | $ 9,029 |
Percentage of total loans | 0.45% | 0.42% |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 9,565 | $ 9,029 |
Special Mention [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 4,311 | 4,960 |
Special Mention [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 338 | 341 |
Special Mention [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 4,916 | 3,728 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 31,544 | $ 30,362 |
Percentage of total loans | 1.47% | 1.43% |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 23,240 | $ 22,111 |
Substandard [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 10,434 | 9,664 |
Substandard [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,826 | 5,908 |
Substandard [Member] | Commercial [Member] | Development & Spec Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 182 | 171 |
Substandard [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,798 | 6,368 |
Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 5,057 | 5,022 |
Substandard [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 4,827 | 4,789 |
Substandard [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 230 | 233 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,247 | 3,229 |
Substandard [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 489 | 512 |
Substandard [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 759 | 708 |
Substandard [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,999 | $ 2,009 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total loans | 0.00% | 0.00% |
Repurchase Agreements - Summary
Repurchase Agreements - Summary of Repurchase Agreements Accounted as Secured Borrowings (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | $ 54,149 |
Securities pledged for Repurchase Agreements, Total | 59,360 |
Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities pledged for Repurchase Agreements, Total | 45,034 |
Federal Agency Mortgage-backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities pledged for Repurchase Agreements, Total | 14,326 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 54,149 |
Securities pledged for Repurchase Agreements, Total | 59,360 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities pledged for Repurchase Agreements, Total | 45,034 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | Federal Agency Mortgage-backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities pledged for Repurchase Agreements, Total | $ 14,326 |
Derivative Financial Instrume68
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
LIBOR period | 3 months | |
Weighted average fixed rate | 6.14% | |
Recorded period of effectiveness of cash flow hedges on net income | 12 months | |
Recorded period of effectiveness of fair value hedges on net income | 12 months | |
Recorded period of effectiveness of fair value of derivatives on net income | 12 months | |
LaPorte Bancorp Inc [Member] | ||
Derivative [Line Items] | ||
LIBOR period | 1 month | |
Weighted average fixed rate | 2.31% | |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest | $ 30.5 | $ 30.5 |
Cash Flow Hedging [Member] | LaPorte Bancorp Inc [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest | 30 | 30 |
Derivative in Fair Value Hedging Relationship [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest | $ 137.2 | $ 122.4 |
Derivative Financial Instrume69
Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | $ 768 | $ 608 |
Total Liability Derivatives | 2,979 | 3,160 |
Derivatives Designated as Hedging Instruments [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | 247 | 6 |
Total Liability Derivatives | 2,979 | 3,138 |
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 | 247 | 6 |
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 | 2,732 | 3,132 |
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 | 247 | 6 |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | 521 | 602 |
Total Liability Derivatives | 22 | |
Derivatives Not Designated as Hedging Instruments [Member] | Mortgage Loan Contracts [Member] | Other Liabilities [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Liability Derivatives | 22 | |
Derivatives Not Designated as Hedging Instruments [Member] | Mortgage Loan Contracts [Member] | Other Assets [Member] | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Total Asset Derivatives | $ 521 | $ 602 |
Derivative Financial Instrume70
Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statements of Income Derivative in Cash Flow Hedging Relationship (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flow Hedging [Member] | Interest Rate Contracts One [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Comprehensive Income on Derivative (Effective Portion) | $ 260 | $ (365) |
Derivative Financial Instrume71
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income Derivative in Fair Value Hedging Relationship (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | $ 253 | $ 1,478 |
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 | (253) | (1,478) |
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 | $ (59) | $ 2 |
Disclosures about Fair Value 72
Disclosures about Fair Value of Assets and Liabilities - Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | $ 474,222 | $ 439,831 |
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 | 13,480 | 7,989 |
State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 127,105 | 116,592 |
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 | 136,189 | 137,195 |
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 | 193,711 | 176,726 |
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 | 1,882 | |
Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 1,855 | 1,329 |
Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 474,222 | 439,831 |
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 | 13,480 | 7,989 |
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 | 127,105 | 116,592 |
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 | 136,189 | 137,195 |
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 | 193,711 | 176,726 |
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 | 1,882 | |
Recurring Basis [Member] | Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 1,855 | 1,329 |
Recurring Basis [Member] | Hedged Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 137,202 | 122,345 |
Recurring Basis [Member] | Forward Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 521 | 602 |
Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | (2,485) | (3,138) |
Recurring Basis [Member] | Commitments To Originate Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | (22) | |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 474,222 | 439,831 |
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 | 13,480 | 7,989 |
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 | 127,105 | 116,592 |
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 | 136,189 | 137,195 |
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 | 193,711 | 176,726 |
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 | 1,882 | |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 1,855 | 1,329 |
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 | 137,202 | 122,345 |
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 | 521 | 602 |
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 | $ (2,485) | (3,138) |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commitments To Originate Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | $ (22) |
Disclosures about Fair Value 73
Disclosures about Fair Value of Assets and Liabilities - Realized Gains and Losses included in Net Income for Periods in Consolidated Statements of Income (Detail) - Non Interest Income Total Gains and Losses [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Included in net income | $ (59) | $ 2 |
Hedged Loans [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Included in net income | 253 | 1,478 |
Interest Rate Swap [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Included in net income | (253) | (1,478) |
Derivative Loan Commitments [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Included in net income | $ (59) | $ 2 |
Disclosures about Fair Value 74
Disclosures about Fair Value of Assets and Liabilities - Other Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | $ 1,379 | $ 2,246 |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 11,257 | 11,174 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 1,379 | 2,246 |
Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 11,257 | 11,174 |
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 | 1,379 | 2,246 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | $ 11,257 | $ 11,174 |
Disclosures about Fair Value 75
Disclosures about Fair Value of Assets and Liabilities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Reduced in carrying amount of mortgage servicing rights | $ 6,000 | $ 1,000 |
Disclosures about Fair Value 76
Disclosures about Fair Value of Assets and Liabilities - Qualitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 1,379 | $ 2,246 |
Valuation Technique | Collateral based measurement | |
Impaired loans | Discount to reflect current market conditions and ultimate collectability | |
Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 11,257 | $ 11,174 |
Valuation Technique | Discounted cashflows | |
Impaired loans | Discount rate, Constant prepayment rate, Probability of default | |
Minimum [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 11.00% | 10.00% |
Minimum [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 11.00% | 10.00% |
Constant prepayment rate | 4.00% | 4.00% |
Probability of default | 1.00% | 1.00% |
Maximum [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 17.00% | 16.00% |
Maximum [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 17.00% | 16.00% |
Constant prepayment rate | 8.00% | 7.00% |
Probability of default | 11.00% | 10.00% |
Weighted Average [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 14.00% | 13.00% |
Weighted Average [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 14.00% | 13.00% |
Constant prepayment rate | 5.10% | 4.60% |
Probability of default | 5.00% | 4.50% |
Fair Value of Financial Instr77
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 60,280 | $ 70,832 |
Investment securities, held to maturity | 198,868 | 193,194 |
Loans held for sale | 1,789 | 8,087 |
Loans excluding loan level hedges, net | 2,138,344 | 2,127,894 |
Stock in FHLB and FRB | 24,090 | 23,932 |
Interest receivable | 12,581 | 12,713 |
Liabilities | ||
Non-interest bearing deposits | 502,400 | 496,248 |
Interest-bearing deposits | 1,941,299 | 1,974,962 |
Borrowings | 319,993 | 267,489 |
Subordinated debentures | 37,516 | 37,456 |
Interest payable | 523 | 472 |
Carrying Amount [Member] | ||
Assets | ||
Cash and due from banks | 60,280 | 70,832 |
Investment securities, held to maturity | 198,868 | 193,194 |
Loans held for sale | 1,789 | 8,087 |
Loans excluding loan level hedges, net | 1,994,697 | 1,998,804 |
Stock in FHLB and FRB | 24,090 | 23,932 |
Interest receivable | 12,581 | 12,713 |
Liabilities | ||
Non-interest bearing deposits | 502,400 | 496,248 |
Interest-bearing deposits | 1,941,299 | 1,974,962 |
Borrowings | 319,993 | 267,489 |
Subordinated debentures | 37,516 | 37,456 |
Interest payable | 523 | 472 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Cash and due from banks | 60,280 | 70,832 |
Liabilities | ||
Non-interest bearing deposits | 502,400 | 496,248 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Investment securities, held to maturity | 200,482 | 194,086 |
Stock in FHLB and FRB | 24,090 | 23,932 |
Interest receivable | 12,581 | 12,713 |
Liabilities | ||
Interest-bearing deposits | 1,830,685 | 1,839,167 |
Borrowings | 314,512 | 261,141 |
Subordinated debentures | 36,263 | 36,371 |
Interest payable | 523 | 472 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Loans held for sale | 1,789 | 8,087 |
Loans excluding loan level hedges, net | $ 1,954,518 | $ 1,965,928 |
Accumulated Other Comprehensi78
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized gain (loss) on securities available for sale | $ (3,448) | $ (6,007) |
Unamortized gain on securities held to maturity, previously transferred from AFS | 368 | 456 |
Unrealized loss on derivative instruments | (2,732) | (3,132) |
Tax effect | 2,035 | 3,039 |
Total accumulated other comprehensive income (loss) | $ (3,777) | $ (5,644) |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Regulatory Capital Requirement (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 320,710 | $ 316,576 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.87% | 13.87% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 185,042 | $ 182,596 |
Total capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 199,614 | $ 196,976 |
Total capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 8.63% | 8.63% |
Tier 1 capital (to average assets), Actual, Amount | $ 305,656 | $ 301,739 |
Tier 1 capital (to average assets), Actual, Ratio | 13.21% | 13.22% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 138,781 | $ 136,947 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 6.00% | 6.00% |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 153,353 | $ 151,326 |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 6.63% | 6.63% |
Common equity tier 1 capital, Actual Amount | $ 267,193 | $ 263,313 |
Common equity tier 1 capital, Actual Ratio | 11.55% | 11.50% |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 104,086 | $ 103,036 |
Common equity tier 1 capital, For capital adequacy purpose, Ratio | 4.50% | 4.50% |
Common equity tier 1 capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 118,658 | $ 117,460 |
Common equity tier 1 capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 5.13% | 5.13% |
Tier 1 capital (to average assets), Actual, Amount | $ 305,656 | $ 301,739 |
Tier 1 capital (to average assets), Actual, Ratio | 10.09% | 10.44% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 121,213 | $ 115,609 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 121,213 | $ 115,609 |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 4.00% | 4.00% |
Bank [Member] | ||
Schedule Of Regulatory Assets And Liabilities [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 320,418 | $ 319,013 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.87% | 13.98% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 184,771 | $ 182,541 |
Total capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 199,322 | $ 196,916 |
Total capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 8.63% | 8.63% |
Total capital (to risk-weighted assets), For well capitalized purpose, Amount | $ 230,964 | $ 228,176 |
Total capital (to risk-weighted assets), For well capitalized purpose, Ratio | 10.00% | 10.00% |
Tier 1 capital (to average assets), Actual, Amount | $ 305,364 | $ 304,176 |
Tier 1 capital (to average assets), Actual, Ratio | 13.22% | 13.33% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 138,578 | $ 136,905 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 6.00% | 6.00% |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 153,129 | $ 151,280 |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 6.63% | 6.63% |
Tier 1 capital (to average assets), For well capitalized purpose, Amount | $ 184,771 | $ 182,540 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 8.00% | 8.00% |
Common equity tier 1 capital, Actual Amount | $ 305,364 | $ 304,176 |
Common equity tier 1 capital, Actual Ratio | 13.22% | 13.33% |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 103,934 | $ 102,679 |
Common equity tier 1 capital, For capital adequacy purpose, Ratio | 4.50% | 4.50% |
Common equity tier 1 capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 118,484 | $ 117,054 |
Common equity tier 1 capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 5.13% | 5.13% |
Common equity tier 1 capital, For well capitalized purpose, Amount | $ 150,126 | $ 148,314 |
Common equity tier 1 capital, For well capitalized purposes, Ratio | 6.50% | 6.50% |
Tier 1 capital (to average assets), Actual, Amount | $ 305,364 | $ 304,176 |
Tier 1 capital (to average assets), Actual, Ratio | 10.13% | 9.93% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 120,625 | $ 122,521 |
Tier 1 capital (to average assets), For capital adequacy purpose, Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Amount | $ 120,625 | $ 122,521 |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), For well capitalized purpose, Amount | $ 150,781 | $ 153,151 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 5.00% | 5.00% |
Preferred Stock Redemption - Ad
Preferred Stock Redemption - Additional Information (Detail) - Series B Preferred Stock [Member] | Feb. 01, 2016USD ($)$ / sharesshares |
Schedule of Capitalization, Equity [Line Items] | |
Preferred stock, shares outstanding | shares | 12,500 |
Preferred stock, liquidation value | $ / shares | $ 1,000 |
Preferred stock, redemption price | $ | $ 12,510,416.67 |
Future Accounting Matters - Add
Future Accounting Matters - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Accounting Standards Update (ASU) 2016-09, Compensation - Stock Compensation [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Tax benefit associated with compensation expense | $ 19,000 |
Minimum [Member] | Accounting Standards Update (ASU) 2016-02, Leases [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Increase in assets and liabilities | 80,000,000 |
Maximum [Member] | Accounting Standards Update (ASU) 2016-02, Leases [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Increase in assets and liabilities | $ 100,000,000 |