Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 27, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | HORIZON BANCORP INC /IN/ | ||
Entity Central Index Key | 0000706129 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | HBNC | ||
Entity Common Stock, Shares Outstanding | 44,882,894 | ||
Entity Public Float | $ 633.4 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common stock | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 000-10792 | ||
Entity Incorporation, State or Country Code | IN | ||
Entity Tax Identification Number | 35-1562417 | ||
Entity Address, Address Line One | 515 Franklin Street | ||
Entity Address, City or Town | Michigan City | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46360 | ||
City Area Code | 219 | ||
Local Phone Number | 879-0211 | ||
Document Annual Report | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 98,831 | $ 58,492 |
Interest-earning time deposits | 8,455 | 15,744 |
Investment securities, available for sale | 834,776 | 600,348 |
Investment securities, held to maturity (fair value of $215,147 and $208,273) | 207,899 | 210,112 |
Loans held for sale | 4,088 | 1,038 |
Loans, net of allowance for loan losses of $17,667 and $17,820 | 3,619,174 | 2,995,512 |
Premises and equipment, net | 92,209 | 74,331 |
Federal Home Loan Bank stock | 22,447 | 18,073 |
Goodwill | 151,238 | 119,880 |
Other intangible assets | 26,679 | 10,390 |
Interest receivable | 18,828 | 14,239 |
Cash value of life insurance | 95,577 | 88,062 |
Other assets | 66,628 | 40,467 |
Total assets | 5,246,829 | 4,246,688 |
Liabilities | ||
Non-interest bearing | 709,760 | 642,129 |
Interest bearing | 3,221,242 | 2,497,247 |
Total deposits | 3,931,002 | 3,139,376 |
Borrowings | 549,741 | 550,384 |
Subordinated debentures | 56,311 | 37,837 |
Interest payable | 3,062 | 2,031 |
Other liabilities | 50,690 | 25,068 |
Total liabilities | 4,590,806 | 3,754,696 |
Commitments and contingent liabilities | ||
Stockholders' Equity | ||
Preferred stock, Authorized, 1,000,000 shares, Issued 0 shares | ||
Common stock, no par value, Authorized 99,000,000 shares Issued 45,000,840 and 38,400,476 shares, Outstanding 44,975,771 and 38,375,407 shares | ||
Additional paid-in capital | 379,853 | 276,101 |
Retained earnings | 269,738 | 224,035 |
Accumulated other comprehensive income (loss) | 6,432 | (8,144) |
Total stockholders' equity | 656,023 | 491,992 |
Total liabilities and stockholders' equity | $ 5,246,829 | $ 4,246,688 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Investment securities, held to maturity fair value | $ 215,147 | $ 208,273 |
Allowance for loan losses | $ 17,667 | $ 17,820 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 99,000,000 | 99,000,000 |
Common stock, shares issued | 45,000,840 | 38,400,476 |
Common stock, shares outstanding | 44,975,771 | 38,375,407 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income | |||
Loans receivable | $ 183,631 | $ 147,478 | $ 112,329 |
Investment securities | |||
Taxable | 12,606 | 10,621 | 9,086 |
Tax exempt | 12,095 | 8,069 | 7,068 |
Total interest income | 208,332 | 166,168 | 128,483 |
Interest Expense | |||
Deposits | 33,690 | 18,225 | 7,901 |
Borrowed funds | 10,672 | 11,009 | 6,178 |
Subordinated debentures | 3,179 | 2,365 | 2,304 |
Total interest expense | 47,541 | 31,599 | 16,383 |
Net Interest Income | 160,791 | 134,569 | 112,100 |
Provision for loan losses | 1,976 | 2,906 | 2,470 |
Net Interest Income after Provision for Loan Losses | 158,815 | 131,663 | 109,630 |
Non-interest Income | |||
Service charges on deposit accounts | 9,959 | 7,762 | 6,383 |
Wire transfer fees | 653 | 612 | 658 |
Interchange fees | 7,655 | 5,715 | 5,104 |
Fiduciary activities | 8,580 | 7,827 | 7,894 |
Gains (losses) on sale of investment securities (includes $(75), $(443) and $38 for the years ended December 31, 2019, 2018 and 2017, respectively, related to accumulated other comprehensive earnings reclassificiations) | (75) | (443) | 38 |
Gain on sale of mortgage loans | 9,208 | 6,613 | 7,906 |
Mortgage servicing income net of impairment | 1,914 | 2,120 | 1,583 |
Increase in cash value of bank owned life insurance | 2,190 | 1,912 | 1,797 |
Death benefit on bank owned life insurance | 580 | 154 | |
Other income | 2,394 | 2,141 | 1,773 |
Total non-interest income | 43,058 | 34,413 | 33,136 |
Non-interest Expense | |||
Salaries and employee benefits | 65,206 | 56,623 | 51,375 |
Net occupancy expenses | 12,157 | 10,482 | 9,535 |
Data processing | 8,480 | 6,816 | 5,914 |
Professional fees | 1,946 | 1,926 | 2,490 |
Outside services and consultants | 8,152 | 5,271 | 7,018 |
Loan expense | 8,633 | 6,341 | 4,970 |
FDIC insurance expense | 252 | 1,444 | 1,046 |
Other losses | 740 | 665 | 368 |
Other expense | 16,466 | 12,948 | 12,097 |
Total non-interest expense | 122,032 | 102,516 | 94,813 |
Income Before Income Taxes | 79,841 | 63,560 | 47,953 |
Income tax expense (includes $(16), $(93) and $13 for the years ended December 31, 2019, 2018 and 2017, respectively, related to income tax expense (benefit) from reclassification items) | 13,303 | 10,443 | 14,836 |
Net Income Available to Common Shareholders | $ 66,538 | $ 53,117 | $ 33,117 |
Basic Earnings Per Share | $ 1.53 | $ 1.39 | $ 0.96 |
Diluted Earnings Per Share | $ 1.53 | $ 1.38 | $ 0.95 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Accumulated other comprehensive earnings reclassifications | $ (75,000) | $ (443,000) | $ 38,000 |
Income tax expense from reclassification | $ (16,000) | $ (93,000) | $ 13,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 66,538 | $ 53,117 | $ 33,117 |
Change in fair value of derivative instruments: | |||
Change in fair value of derivative instruments for the period | (2,680) | (32) | 1,404 |
Income tax effect | 563 | 7 | (491) |
Changes from derivative instruments | (2,117) | (25) | 913 |
Change in securities: | |||
Unrealized appreciation (depreciation) for the period on AFS securities | 21,173 | (5,067) | 2,110 |
Amortization from transfer of securities from available for sale to held to maturity securities | (117) | (190) | (256) |
Reclassification adjustment for securities (gains) losses realized in income | 75 | 443 | (38) |
Income tax effect | (4,438) | 1,012 | (636) |
Unrealized gains (losses) on securities | 16,693 | (3,802) | 1,180 |
Other Comprehensive Income (Loss), Net of Tax | 14,576 | (3,827) | 2,093 |
Comprehensive Income | $ 81,114 | $ 49,290 | $ 35,210 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Lafayette Community Bancorp [Member] | Wolverine Bancorp Inc [Member] | Salin Bancshares Inc [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Lafayette Community Bancorp [Member] | Additional Paid-in Capital [Member]Wolverine Bancorp Inc [Member] | Additional Paid-in Capital [Member]Salin Bancshares Inc [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balances at Dec. 31, 2016 | $ 340,855,000 | $ 182,326,000 | $ 164,173,000 | $ (5,644,000) | ||||||
Net income | 33,117,000 | 33,117,000 | ||||||||
Other comprehensive income (loss), net of tax | 2,093,000 | 2,093,000 | ||||||||
Amortization of unearned compensation | 135,000 | 135,000 | ||||||||
Exercise of stock options | 1,604,000 | 1,604,000 | ||||||||
Stock option expense | 325,000 | 325,000 | ||||||||
Stock issued from acquisition | $ 28,558,000 | $ 62,111,000 | $ 28,558,000 | $ 62,111,000 | ||||||
Cash dividends on preferred stock | (11,720,000) | (11,720,000) | ||||||||
Ending Balances at Dec. 31, 2017 | 457,078,000 | 275,059,000 | 185,570,000 | (3,551,000) | ||||||
Net income | 53,117,000 | 53,117,000 | ||||||||
Other comprehensive income (loss), net of tax | (3,827,000) | (3,827,000) | ||||||||
Amortization of unearned compensation | 169,000 | 169,000 | ||||||||
Exercise of stock options | 493,000 | 493,000 | ||||||||
Stock option expense | 251,000 | 251,000 | ||||||||
Stock issued stock plans | 129,000 | 129,000 | ||||||||
Cash dividends on common stock | (15,418,000) | (15,418,000) | ||||||||
Reclassification of tax adjustment on accumulated other comprehensive loss | 766,000 | (766,000) | ||||||||
Ending Balances at Dec. 31, 2018 | 491,992,000 | 276,101,000 | 224,035,000 | (8,144,000) | ||||||
Net income | 66,538,000 | 66,538,000 | ||||||||
Other comprehensive income (loss), net of tax | 14,576,000 | 14,576,000 | ||||||||
Amortization of unearned compensation | 705,000 | 705,000 | ||||||||
Exercise of stock options | 236,000 | 236,000 | ||||||||
Stock option expense | 215,000 | 215,000 | ||||||||
Stock issued stock plans | 1,469,000 | 1,469,000 | ||||||||
Stock issued from acquisition | $ 102,722,000 | $ 102,722,000 | ||||||||
Stock Repurchased During Period, Value | (1,595,000) | (1,595,000) | ||||||||
Cash dividends on common stock | (20,835,000) | (20,835,000) | ||||||||
Ending Balances at Dec. 31, 2019 | $ 656,023,000 | $ 379,853,000 | $ 269,738,000 | $ 6,432,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash dividends on common stock, per share | $ 0.46 | $ 0.40 | $ 0.33 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||
Net income | $ 66,538,000 | $ 53,117,000 | $ 33,117,000 |
Items not requiring (providing) cash | |||
Provision for loan losses | 1,976,000 | 2,906,000 | 2,470,000 |
Depreciation and amortization | 9,688,000 | 6,813,000 | 5,936,000 |
Share based compensation | 215,000 | 251,000 | 325,000 |
Mortgage servicing rights, net impairment | 192,000 | (60,000) | 80,000 |
Premium amortization on securities, net | 5,929,000 | 5,798,000 | 6,024,000 |
Loss (gain) on sale of investment securities | 75,000 | 443,000 | (38,000) |
Gain on sale of mortgage loans | (9,208,000) | (6,613,000) | (7,906,000) |
Proceeds from sales of loans | 275,809,000 | 197,492,000 | 231,410,000 |
Loans originated for sale | (269,651,000) | (188,823,000) | (218,511,000) |
Change in cash value life insurance | (2,190,000) | (1,912,000) | (1,797,000) |
Death benefit on bank owned life insurance | 580,000 | 154,000 | |
Loss (gain) on other real estate owned | (126,000) | (209,000) | (4,000) |
Net change in: | |||
Interest receivable | (2,101,000) | (1,180,000) | (2,591,000) |
Interest payable | 205,000 | 1,145,000 | 152,000 |
Other assets | 97,629,000 | 2,460,000 | 6,173,000 |
Other liabilities | (608,000) | 658,000 | (5,776,000) |
Net cash provided by operating activities | 174,952,000 | 72,440,000 | 49,064,000 |
Investing Activities | |||
Purchases of securities available for sale | (425,879,000) | (214,706,000) | (149,376,000) |
Proceeds from sales, maturities, calls and principal repayments of securities available for sale | 248,422,000 | 123,377,000 | 85,587,000 |
Purchases of securities held to maturity | (28,374,000) | (31,794,000) | |
Proceeds from maturities of securities held to maturity | 8,384,000 | 8,301,000 | 13,376,000 |
Net change in interest-earning time deposits | 7,289,000 | 717,000 | 950,000 |
Change in Federal Reserve and FHLB stock | (803,000) | 32,000 | 8,987,000 |
Net change in loans | (59,420,000) | (182,637,000) | (251,821,000) |
Proceeds on the sale of OREO and repossessed assets | 4,744,000 | 3,258,000 | 4,238,000 |
Change in premises and equipment, net | (4,612,000) | (3,434,000) | (2,689,000) |
Purchases of bank owned life insurance | (10,450,000) | ||
Gain on remeasurement of equity interest in Lafayette | (530,000) | ||
Repurchase of outstanding stock | (1,595,000) | ||
Net cash provided by (used in) investing activities | (94,725,000) | (303,916,000) | (278,924,000) |
Net change in: | |||
Deposits | 50,282,000 | 258,373,000 | (13,360,000) |
Borrowings | (71,040,000) | (13,589,000) | 259,895,000 |
Proceeds from issuance of stock | 1,705,000 | 622,000 | 1,604,000 |
Dividends paid on common stock | (20,835,000) | (15,418,000) | (11,720,000) |
Net cash provided by (used in) financing activities | (39,888,000) | 229,988,000 | 236,419,000 |
Net Change in Cash and Cash Equivalents | 40,339,000 | (1,488,000) | 6,559,000 |
Cash and Cash Equivalents, Beginning of Period | 58,492,000 | 59,980,000 | 53,421,000 |
Cash and Cash Equivalents, End of Period | 98,831,000 | 58,492,000 | 59,980,000 |
Additional Supplemental Information | |||
Interest paid | 46,510,000 | 30,454,000 | 15,969,000 |
Income taxes paid | 13,219,000 | 6,819,000 | 10,350,000 |
Transfer of loans to other real estate and repossessed assets | 2,700,000 | $ 3,005,000 | 2,411,000 |
Transfer of premises to other real estate | 1,705,000 | ||
Right-of-use assets exchanged for lease obligations | 3,411,000 | ||
Sale of securities available for sale not yet settled | 6,303,000 | ||
Single Branch of First Farmers Bank & Trust Co [Member] | |||
Investing Activities | |||
Net cash received in acquisition | 11,000,000 | ||
Lafayette Community Bancorp [Member] | |||
Investing Activities | |||
Net cash received in acquisition | 20,425,000 | ||
Gain on remeasurement of equity interest in Lafayette | (530,000) | ||
Wolverine Bancorp Inc [Member] | |||
Investing Activities | |||
Net cash received in acquisition | $ 12,723,000 | ||
Salin Bank And Trust Company [Member] | |||
Investing Activities | |||
Net cash received in acquisition | $ 128,745,000 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Note 1 - Nature of Operations and Summary of Significant Accounting Policies Nature of Business The Bank is a full-service commercial bank offering a broad range of commercial and retail banking and other services incident to banking along with a trust department that offers corporate and individual trust and agency services and investment management services. The Bank maintains 74 full service offices. The Bank has wholly owned direct and indirect subsidiaries: Horizon Investments, Inc. (“Horizon Investments”), Horizon Properties, Inc. (“Horizon Properties”), Horizon Insurance Services, Inc. (“Horizon Insurance”) and Horizon Grantor Trust. Horizon Investments manages the investment portfolio of the Bank. Horizon Properties manages the real estate investment trust. Horizon Insurance is used by the Company’s Wealth Management to sell certain insurance products. Horizon Grantor Trust holds title to certain company owned life insurance policies. Horizon conducts no business except that incident to its ownership of the subsidiaries. Horizon formed Horizon Bancorp Capital Trust II in 2004 (“Trust II”) and Horizon Bancorp Capital Trust III in 2006 (“Trust III”) for the purpose of participating in pooled trust preferred securities offerings. The Company assumed additional debentures as the result of the following acquisitions: Alliance Financial Corporation in 2005, which formed Alliance Financial Statutory Trust I (“Alliance Trust”); American Trust & Savings Bank in 2010, which formed Am Tru Statutory Trust I (“Am Tru Trust”); Heartland Bancshares, Inc. in 2013, which formed Heartland (IN) Statutory Trust II (“Heartland Trust”); LaPorte Bancorp, Inc. in 2016, which acquired City Savings Statutory Trust I (“City Savings Trust”) in 2007; and Salin Bancshares, Inc. in 2003, which formed Salin Statutory Trust I (“Salin Trust”). See Note 1 6 Basis of Reporting Use of Estimates Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of other real estate owned, goodwill and intangible assets, mortgage servicing rights, other-than-temporary impairments and fair values of financial instruments. Cash and Cash Equivalents Fair Value Measurements As defined in codification, fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants. It represents an exit price at the measurement date. Market participants are buyers and sellers, who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value. Horizon values its assets and liabilities in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market for the asset or liability (i.e., the market where the asset could be sold or the liability transferred at a price that maximizes the amount to be received for the asset or minimizes the amount to be paid to transfer the liability). In measuring the fair value of an asset, Horizon assumes the highest and best use of the asset by a market participant to maximize the value of the asset, and does not consider the intended use of the asset. When measuring the fair value of a liability, Horizon assumes that the nonperformance risk associated with the liability is the same before and after the transfer. Nonperformance risk is the risk that an obligation will not be satisfied and encompasses not only Horizon’s own credit risk (i.e., the risk that Horizon will fail to meet its obligation), but also other risks such as settlement risk. Horizon considers the effect of its own credit risk on the fair value for any period in which fair value is measured. There are three acceptable valuation techniques that can be used to measure fair value: the market approach, the income approach and the cost approach. Selection of the appropriate technique for valuing a particular asset or liability takes into consideration the exit market, the nature of the asset or liability being valued, and how a market participant would value the same asset or liability. Ultimately, determination of the appropriate valuation method requires significant judgment, and sufficient knowledge and expertise are required to apply the valuation techniques. Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability using one of the three valuation techniques. Inputs can be observable or unobservable. Observable inputs are those assumptions which market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from a source independent of Horizon. Unobservable inputs are assumptions based on Horizon’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy which gives the highest ranking to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for assets or liabilities classified as Level 2 are based on one or a combination of the following factors: (i) quoted prices for similar assets; (ii) observable inputs for the asset or liability, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company considers an input to be significant if it drives 10% or more of the total fair value of a particular asset or liability. Assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly or quarterly). Recurring valuation occurs at a minimum on the measurement date. Assets and liabilities are considered to be fair valued on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the balance sheet. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements which require assets or liabilities to be assessed for impairment or recorded at the lower of cost or fair value. The fair value of assets or liabilities transferred in or out of Level 3 is measured on the transfer date, with any additional changes in fair value subsequent to the transfer considered to be realized or unrealized gains or losses. Investment Securities Available for Sale Investment Securities Held to Maturity Loans Held for Sale Interest and Fees on Loans Concentrations of Credit Risk n cent ral s c Mortgage Warehouse Loans The transaction does not qualify as a sale under ASC 860, Transfers and Servicing and therefore is accounted for as a secured borrowing with pledge of collateral pursuant to the agreement with the mortgage company. When the individual loan is sold to the end investor by the mortgage company, the proceeds from the sale of the loan are received by Horizon and used to pay off the loan balance with Horizon along with any accrued interest and any related fees. The remaining balance from the sale is forwarded to the mortgage company. These individual loans typically are sold by the mortgage company within 30 days and are seldom held more than 90 days. Interest income is accrued during this period and collected at the time each loan is sold. Fee income for each loan sold is collected when the loan is sold and no costs are deferred due to the term between each loan funding and related payoff, which is typically less than 30 days. Based on the agreements with each mortgage company, at any time a mortgage company can reacquire from Horizon its outstanding loan balance on an individual mortgage and regain possession of the original note. Horizon also has the option to request that the mortgage company reacquire an individual mortgage. Should this occur, Horizon would return the original note and reassign the assignment of the mortgage to the mortgage company. Also, in the event that the end investor would not be able to honor the sales commitment and the mortgage company would not be able to reacquire its loan on an individual mortgage, Horizon would be able to exercise its rights under the agreement. Allowance for Loan Losses The general allowance is calculated by applying loss factors to pools of outstanding loans. Loss factors are based on historical loss experience and may be adjusted for significant factors that, in management’s judgment, affect the collectability of the portfolio as of the evaluation date. Specific allowances are established in cases where management has identified conditions or circumstances related to a credit that management believes indicate the probability that a loss will be incurred in excess of the amount determined by the application of the formula allowance. The qualitative allowance is based upon management’s evaluation of various conditions, the effects of which are not directly measured in the determination of the general and specific allowances. The evaluation of the inherent loss with respect to these conditions is subject to a higher degree of uncertainty because they are not identified with specific credits. The conditions evaluated in connection with the qualitative allowance may include factors such as local, regional and national economic conditions and forecasts, concentrations of credit and changes in the composition of the portfolio. Loan Impairment non-accrual charged-off Loans are considered impaired if the borrower does not exhibit the ability to pay or the full principal or interest payments are not expected or made in accordance with the original terms of the loan. Impaired loans are measured and carried at the lower of cost or the present value of expected future cash flows discounted at the loan’s effective interest rate, at the loan’s observable market price or at the fair value of the collateral if the loan is collateral dependent. Smaller balance homogenous loans are evaluated for impairment in the aggregate. Such loans include residential first mortgage loans secured by one to four family residences, residential construction loans and automobile, home equity and second mortgages. Commercial loans and mortgage loans secured by other properties are evaluated individually for impairment. Loans Acquired in Business Combinations past-due 310-30) , including loan prepayment considerations, of the acquired loans. For purposes of applying FASB ASC 310-30, loans acquired in business combinations are aggregated into pools of loans with common risk characteristics. Acquired loans not accounted for under ASC 310-30 are accounted for under ASC 310-20, which allows the fair value adjustment to be accreted to income over the remaining life of the loans. The expected cash flows of the acquired loan pools in excess of the fair values recorded is referred to as the accretable yield and is recognized in interest income over the remaining estimated lives of the loan pools. The Company continues to evaluate the fair value of the loans including cash flows expected to be collected. Increases in the Company’s cash flow expectation are recognized as increases to the accretable yield while decreases are recognized as impairments through the allowance for loan losses. Performing loans acquired (FASB ASC 310-20) Premises and Equipment Federal Reserve and Federal Home Loan Bank of Indianapolis (FHLBI) Stock Mortgage Servicing Rights 860-50), Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change, and may have an adverse impact on the value of the mortgage servicing right and may result in a reduction to noninterest income. Each class of separately recognized servicing assets subsequently measured using the amortization method are evaluated and measured for impairment. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the carrying amount of the servicing assets for that tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment after the initial measurement of impairment. Changes in valuation allowances are reported with mortgage servicing income net of impairment on the income statement. Fair value in excess of the carrying amount of servicing assets for that stratum is not recognized. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. Intangible Assets Bank Owned Life Insurance (BOLI) Income Taxes Income Taxes Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more- likely-than-not more-likely-than-not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiaries. Trust Assets and Income Transfer of Financial Assets Earnings per Common Share Years Ended December 31 2019 2018 2017 Basic earnings per share Net income $ 66,538 $ 53,117 $ 33,117 Weighted average common shares outstanding (1) 43,493,316 38,347,059 34,553,736 Basic earnings per share $ 1.53 $ 1.39 $ 0.96 Diluted earnings per share Net income available to common shareholders $ 66,538 $ 53,117 $ 33,117 Weighted average common shares outstanding (1) 43,493,316 38,347,059 34,553,736 Effect of dilutive securities: Restricted stock 23,006 36,185 46,981 Stock options 81,273 111,987 159,721 Weighted average common shares outstanding 43,597,595 38,495,231 34,760,438 $ 1.53 $ 1.38 $ 0.95 (1) Adjusted for 3:2 stock split on June 15, 2018 There were 120,341, 102,138 and zero shares for the twelve months ended December 31, 2019, 2018 and 2017, respectively, which were not included in the computation of diluted earnings per share because they were non-dilutive. On May 15, 2018, the Board of Directors of the Company approved a three-for-two three-for-two three-for-two On July 16, 2019, the Board of Directors of the Company authorized a stock repurchase program for up to 2,250,000 shares of Horizon’s issued and outstanding common stock, no par value. As of December 31, 2019, Horizon had repurchased a total of 99,407 shares at an average price per share of $16.04. Dividend Restrictions 2 Consolidated Statements of Cash Flows Comprehensive Income Share-Based Compensation 3 12-month Derivative Financial Instruments non-interest non-interest Reclassifications Adoption of New Accounting Standards FASB ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The FASB has issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities 2016-01, FASB ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The FASB has issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income in this ASU is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. At December 31, 2017, the Company had approximately $766,000 stranded tax effects included in AOCI and reclassified to retained earnings at January 1, 2018. FASB ASU No. 2016-02, Leases (Topic 842) The FASB has issued ASU No. 2016-02, Leases (Topic 842). right-of-use As of January 1, 2019, the Company recorded a right-of-use FASB ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities The FASB has issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. not-for-profit The new guidance makes targeted improvements to existing U.S. GAAP by: • Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; • Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; • Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; • Eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; • Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and • Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. In addition, the new guidance permits early adoption of the provision that exempts private companies and not-for-profit Revenue Recognition “Revenue from Contracts with Customers” non-interest • Service charges and fees on deposit accounts – these include general service fees charged for deposit account maintenance and activity and transaction-based fees charged for certain services, such as debit card, wire transfer and overdraft activities. Revenue is recognized when the performance obligation is completed, which is generally after a transaction is completed or monthly for account maintenance services. • Fiduciary activities – this includes periodic fees due from trust and wealth management customers for managing the customers’ financial assets. Fees are charged based on a standard agreement and are recognized as they are earned. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2 – Acquisitions Salin Bancshares, Inc. On March 26, 2019, Horizon completed the acquisition of Salin Bancshares, Inc. (“Salin”), an Indiana corporation, and Horizon Bank’s acquisition of Salin Bank and Trust Company (“Salin Bank”), an Indiana commercial bank and wholly-owned subsidiary of Salin, through mergers effective March 26, 2019. Under the terms of the Merger Agreement, shareholders of Salin received 23,907.5 shares of Horizon common stock and $87,417.17 in cash for each outstanding share of Salin common stock. Salin shares outstanding at the closing to be exchanged were 275, and the shares of Horizon common stock issued to Salin shareholders totaled 6,563,697. The Salin shareholders received cash in lieu of fractional shares. Based upon the March 25, 2019 closing price of $15.65 per share of Horizon common stock immediately prior to the effectiveness of the merger the transaction has an implied valuation of approximately $126.7 million. The Company incurred approximately $5.6 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 estimates and assumptions that are subject to change, the final purchase price for the Salin acquisition is detailed in the following table. Prior to the end of the one-year Contractually required principal and interest at acquisition $ 22,672 Contractual cash flows not expected to be collected (nonaccretable differences) 6,694 Expected cash flows at acquisition 15,978 Interest component of expected cash flows (accretable discount) 735 Fair value of acquired loans accounted for under ASC 310-30 $ 15,243 Estimates of certain loans, those for which specific credit-related deterioration has occurred 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. Wolverine Bancorp, Inc. On October 17, 2017, Horizon completed the acquisition of Wolverine Bancorp, Inc., a Maryland corporation (“Wolverine”) and Horizon Bank’s acquisition of Wolverine Bank, a federally chartered savings bank and wholly-owned subsidiary of Wolverine, through mergers effective October 17, 2017. Under the terms of the Merger Agreement, shareholders of Wolverine received 1.5228 shares of Horizon common stock and $14.00 in cash for each outstanding share of Wolverine common stock. Wolverine shares outstanding at the closing to be exchanged were 2,129,331, and the shares of Horizon common stock issued to Wolverine shareholders totaled 3,241,045. Based upon the October 16, 2017 closing price of $19.37 per share of Horizon common stock immediately prior to the effectiveness of the merger, less the consideration used to pay off Wolverine Bancorp’s ESOP loan receivable, the transaction has an implied valuation of approximately $93.8 million. The Company incurred approximately $1.9 million in costs related to the acquisition as of December 31, 2017. These expenses are classified in the non-interest its 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 estimates and assumptions that are subject to change, the final purchase price for the Wolverine acquisition is allocated as follows: Assets Liabilities Cash and due from banks $ 44,450 Deposits Non-interest $ 25,221 Loans NOW accounts 8,026 Commercial 276,167 Savings and money market 129,044 Residential mortgage 30,603 Certificates of deposit 94,688 Consumer 3,897 Total deposits 256,979 Total loans 310,667 Premises and equipment, net 2,941 Borrowings 36,970 FRB and FHLB stock 2,700 Interest payable 214 Goodwill 26,827 Other liabilities 6,154 Core deposit intangible 2,024 Interest receivable 584 Other assets 3,897 Total assets purchased $ 394,090 Total liabilities assumed $ 300,317 Common shares issued $ 62,111 Cash paid 31,662 Total purchase price $ 93,773 Of the total purchase price of $93.8 million, $2.0 million has b e The Company acquired various loans in the acquisition that 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 $ 21,912 Contractual cash flows not expected to be collected (nonaccretable differences) 1,832 Expected cash flows at acquisition 20,080 Interest component of expected cash flows (accretable discount) 2,267 Fair value of acquired loans accounted for under ASC 310-30 $ 17,813 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. Lafayette Community Bancorp On September 1, 2017, Horizon completed the acquisition of Lafayette Community Bancorp, an Indiana corporation (“Lafayette”) and Horizon Bank’s acquisition of Lafayette Community Bank, a state-chartered bank and wholly-owned subsidiary of Lafayette, through mergers effective September 1, 2017. Under the terms of the Merger Agreement, shareholders of Lafayette received 0.8817 shares of Horizon common stock and $1.73 in cash for each outstanding share of Lafayette common stock. Lafayette shareholders owning fewer than 100 shares of common stock received $17.25 in cash for each common share. Lafayette shares outstanding at the closing to be exchanged were 1,856,679, and the shares of Horizon common stock issued to Lafayette shareholders totaled 1,636,888. Based upon the August 31, 2017 closing price of $17.45 per share of Horizon common stock immediately prior to the effectiveness of the merger, the transaction has an implied valuation of approximately $34.5 million. The Company incurred approximately $1.7 million in costs related to the acquisition as of December 31, 2017. These expenses are classified in the non-interest Horizon held 5% ownership in Lafayette immediately preceding the merger date. In accordance with ASC 805-10 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 Lafayette acquisition is detailed in the following table. Assets Liabilities Cash and due from banks $ 24,846 Deposits Investment securities, available for sale 6 Non-interest $ 34,990 NOW accounts 30,174 Loans Savings and money market 53,663 Commercial 116,258 Certificates of deposit 32,520 Residential mortgage 12,761 Total deposits 151,347 Consumer 5,280 Total loans 134,299 Premises and equipment, net 7,818 Interest payable 42 FHLB stock 395 Other liabilities 990 Goodwill 15,408 Core deposit intangible 2,085 Interest receivable 338 Other assets 1,649 Total assets purchased $ 186,844 Total liabilities assumed $ 152,379 Common shares issued $ 30,044 (1) Cash paid 4,421 Total purchase price $ 34,465 (1) This includes $955,000 of common shares previously held by Horizon. Of the total estimated purchase price of $34.5 million, $2.1 million has been allocated to core deposit intangible. Additionally, $15.4 million has been allocated to goodwill and none of the purchase price is deductible. The core deposit intangible will be amortized over 10 years on a straight-line basis. The Company acquired various loans in the acquisition that 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 $ 6,128 Contractual cash flows not expected to be collected (nonaccretable differences) 1,326 Expected cash flows at acquisition 4,802 Interest component of expected cash flows (accretable discount) 933 Fair value of acquired loans accounted for under ASC 310-30 $ 3,869 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. 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 $11.0 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 $452,000 was recorded in the transaction, which will be amortized over 10 years on a straight line basis. There was no goodwill generated in the transaction. The results of operations of Salin, Wolverine and Lafayette have been included in the Company’s consolidated financial statements since the acquisition dates. The following schedule includes pro-forma Years Ended December 31 2019 2018 2017 Summary of Operations: Net Interest Income $ 168,693 $ 157,194 $ 153,376 Provision for Loan Losses 2,276 3,706 3,438 Net Interest Income after Provision for Loan Losses 166,417 153,488 149,938 Non-interest 43,472 39,918 42,456 Non-interest 134,446 124,944 138,752 Income before Income Taxes 75,443 68,462 53,642 Income Tax Expense 13,246 10,216 15,978 Net Income $ 62,197 $ 58,246 $ 37,664 Basic Earnings per Share $ 1.43 $ 1.52 $ 1.09 Diluted Earnings per Share $ 1.43 $ 1.51 $ 1.08 The pro-forma The pro-forma |
Cash Equivalents
Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash Equivalents | Note 3 – Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2019 and 2018, cash equivalents consisted primarily of money market accounts with brokers and certificates of deposit. At December 31, 2019, the Company’s cash accounts exceeded federally insured limits by approximately $22.2 million. Approximately $6.7 million of this amount was held by either the Federal Reserve Bank or the Federal Home Loan Bank of Indianapolis, which is not federally insured. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 4 – Securities The fair value of securities is as follows: December 31, 2019 Amortized Gross Gross Fair Available for sale U.S. Treasury and federal agencies $ 1,415 $ — $ (2 ) $ 1,413 State and municipal 396,931 11,288 (2,451 ) 405,768 Federal agency collateralized mortgage obligations 267,272 2,543 (563 ) 269,252 Federal agency mortgage-backed pools 145,623 1,207 (258 ) 146,572 Corporate notes 10,848 923 — 11,771 Total available for sale investment securities $ 822,089 $ 15,961 $ (3,274 ) $ 834,776 Held to maturity State and municipal $ 190,767 $ 7,129 $ (54 ) $ 197,842 Federal agency collateralized mortgage obligations 4,560 13 (5 ) 4,568 Federal agency mortgage-backed pools 12,572 194 (29 ) 12,737 Total held to maturity investment securities $ 207,899 $ 7,336 $ (88 ) $ 215,147 December 31, 2018 Amortized Gross Gross Fair Available for sale U.S. Treasury and federal agencies $ 16,815 $ 1 $ (208 ) $ 16,608 State and municipal 210,386 1,495 (2,578 ) 209,303 Federal agency collateralized mortgage obligations 187,563 625 (3,185 ) 185,003 Federal agency mortgage-backed pools 183,479 80 (4,823 ) 178,736 Corporate notes 10,666 107 (75 ) 10,698 Total available for sale investment securities $ 608,909 $ 2,308 $ (10,869 ) $ 600,348 Held to maturity State and municipal $ 191,269 $ 1,773 $ (3,366 ) $ 189,676 Federal agency collateralized mortgage obligations 5,144 6 (120 ) 5,030 Federal agency mortgage-backed pools 13,699 74 (206 ) 13,567 Total held to maturity investment securities $ 210,112 $ 1,853 $ (3,692 ) $ 208,273 Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. While these securities are held in the available for sale portfolio and held-to-maturity, Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. At December 31, 2019, no individual investment security had an unrealized loss that was determined to be other-than-temporary. The unrealized losses on the Company’s investments in securities of state and municipal governmental agencies, U.S. Treasury and federal agencies, federal agency collateralized mortgage obligations, and federal agency mortgage-backed pools were caused by interest rate volatility and not a decline in credit quality. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company expects to recover the amortized cost basis over the term of the securities. Because the Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity, the Company did not consider those investments to be other-than-temporarily impaired at December 31, 2019. The Company elected to transfer 319 available-for-sale held-to-maturity 320-10-55-24, pre-tax The amortized cost and fair value of securities available for sale and held-to-maturity December 31, 2019 December 31, 2018 Amortized Fair Amortized Fair Available for sale Within one year $ 37,386 $ 37,321 $ 20,532 $ 20,448 One to five years 41,230 41,293 42,476 41,705 Five to ten years 117,004 122,145 107,839 107,107 After ten years 213,574 218,193 67,020 67,349 409,194 418,952 237,867 236,609 Federal agency collateralized mortgage obligations 267,272 269,252 187,563 185,003 Federal agency mortgage-backed pools 145,623 146,572 183,479 178,736 Total available for sale investment securities $ 822,089 $ 834,776 $ 608,909 $ 600,348 Held to maturity Within one year $ 7,811 $ 7,874 $ 70 $ 70 One to five years 56,037 57,048 48,732 49,324 Five to ten years 94,756 98,480 101,809 101,533 After ten years 32,163 34,440 40,658 38,749 190,767 197,842 191,269 189,676 Federal agency collateralized mortgage obligations 4,560 4,568 5,144 5,030 Federal agency mortgage-backed pools 12,572 12,737 13,699 13,567 Total held to maturity investment securities $ 207,899 $ 215,147 $ 210,112 $ 208,273 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. December 31, 2019 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Investment Securities U.S. Treasury and federal agencies $ 1,413 $ (2 ) $ — $ — $ 1,413 $ (2 ) State and municipal 129,942 (2,374 ) 6,279 (131 ) 136,221 (2,505 ) Federal agency collateralized mortgage obligations 68,043 (308 ) 23,301 (260 ) 91,344 (568 ) Federal agency mortgage-backed pools 24,740 (104 ) 37,822 (183 ) 62,562 (287 ) Total temporarily impaired securities $ 224,138 $ (2,788 ) $ 67,402 $ (574 ) $ 291,540 $ (3,362 ) December 31, 2018 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Investment Securities U.S. Treasury and federal agencies $ — $ — $ 9,707 $ (208 ) $ 9,707 $ (208 ) State and municipal 75,163 (1,628 ) 106,335 (4,316 ) 181,498 (5,944 ) Federal agency collateralized mortgage obligations 6,450 (25 ) 106,257 (3,280 ) 112,707 (3,305 ) Federal agency mortgage-backed pools 5,739 (39 ) 175,865 (4,990 ) 181,604 (5,029 ) Corporate notes 5,263 (75 ) — — 5,263 (75 ) Total temporarily impaired securities $ 92,615 $ (1,767 ) $ 398,164 $ (12,794 ) $ 490,779 $ (14,561 ) U.S. Treasury, federal agency, state and municipal The unrealized losses on the Company’s investments in U.S. Treasury, federal agency and state and municipals were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2019. Federal agency mortgage-backed pools and collateralized mortgage obligations The unrealized losses on the Company’s investment in federal agency mortgage backed pools and collateralized mortgage obligations securities were caused by interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2019. Information regarding security proceeds, gross gains and gross losses are presented below. Years Ended December 31 2019 2018 2017 Sales of securities available for sale Proceeds $ 98,425 $ 38,519 $ 5,490 Gross gains 168 37 151 Gross losses (243 ) (480 ) (113 ) The tax effect of the proceeds from the sale of securities available for sale was $(16,000), $(93,000) and $13,000 for the years ended December 31, 2019, 2018 and 2017, respectively. The Company pledges securities to secure retail and corporate repurchase agreements to the Federal Reserve for borrowing availability and as settlements for the fair value of swap agreements. At December 31, 2019, the Company had pledged $106.8 million of fair value or $106.4 million of amortized cost, in securities as collateral for $90.9 million in repurchase agreements, $98.7 million of fair value or $94.7 million of amortized cost, in securities as collateral for borrowing availability at the Federal Reserve with $0 current outstanding borrowings and $33.4 million of fair value or $33.1 million of amortized cost, in securities as collateral for $14.8 million in settlements on the fair value of swap agreements. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans | Note 5 Loans December 31 December 31 2019 2018 Commercial Working capital and equipment $ 938,317 $ 804,083 Real estate, including agriculture 978,891 834,037 Tax exempt 63,571 48,975 Other 65,872 34,495 Total 2,046,651 1,721,590 Real estate 1-4 762,571 659,754 Other 8,146 8,387 Total 770,717 668,141 Consumer Auto 362,729 327,413 Recreation 16,262 13,975 Real estate/home improvement 43,585 39,587 Home equity 237,979 163,209 Unsecured 7,286 4,043 Other 1,339 1,254 Total 669,180 549,481 Mortgage warehouse 150,293 74,120 Total loans 3,636,841 3,013,332 Allowance for loan losses (17,667 ) (17,820 ) Loans, net $ 3,619,174 $ 2,995,512 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 mortgage loan funded by Horizon undergoes an underwriting review 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. December 31, 2019 Loan Interest Deferred (Fees) Recorded Owner occupied real estate $ 519,577 $ 784 $ (148 ) $ 520,213 Non-owner 973,331 1,752 (763 ) 974,320 Residential spec homes 12,925 15 (2 ) 12,938 Development & spec land 35,954 101 (14 ) 36,041 Commercial and industrial 505,859 4,600 (68 ) 510,391 Total commercial 2,047,646 7,252 (995 ) 2,053,903 Residential mortgage 751,019 2,245 12 753,276 Residential construction 19,686 40 — 19,726 Mortgage warehouse 150,293 242 — 150,535 Total real estate 920,998 2,527 12 923,537 Direct installment 41,079 148 678 41,905 Indirect installment 348,658 911 — 349,569 Home equity 276,215 1,304 2,550 280,069 Total consumer 665,952 2,363 3,228 671,543 Total loans 3,634,596 12,142 2,245 3,648,983 Allowance for loan losses (17,667 ) — — (17,667 ) Net loans $ 3,616,929 $ 12,142 $ 2,245 $ 3,631,316 December 31, 2018 Loan Interest Deferred (Fees) Recorded Owner occupied real estate $ 444,834 $ 931 $ (130 ) $ 445,635 Non-owner 852,855 1,436 (747 ) 853,544 Residential spec homes 5,195 13 — 5,208 Development & spec land 50,706 153 (15 ) 50,844 Commercial and industrial 368,962 3,063 (70 ) 371,955 Total commercial 1,722,552 5,596 (962 ) 1,727,186 Residential mortgage 644,094 1,861 17 645,972 Residential construction 24,030 42 — 24,072 Mortgage warehouse 74,120 132 — 74,252 Total real estate 742,244 2,035 17 744,296 Direct installment 35,103 108 593 35,804 Indirect installment 314,177 738 — 314,915 Home equity 197,494 968 2,114 200,576 Total consumer 546,774 1,814 2,707 551,295 Total loans 3,011,570 9,445 1,762 3,022,777 Allowance for loan losses (17,820 ) — — (17,820 ) Net loans $ 2,993,750 $ 9,445 $ 1,762 $ 3,004,957 |
Accounting for Certain Loans Ac
Accounting for Certain Loans Acquired in a Transfer | 12 Months Ended |
Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Accounting for Certain Loans Acquired in a Transfer | Note 6 – Accounting for Certain Loans Acquired in a Transfer The Company acquired loans in acquisitions with evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due non-accrual loan-to-value 310-30) The carrying amounts of those loans included in the balance sheet amounts of loans receivable are as follows: December 31, 2019 Commercial Real Estate Consumer Outstanding Allowance Carrying Heartland $ 197 $ 99 $ — $ 296 $ — $ 296 Summit 88 473 — 561 — 561 Peoples 229 35 — 264 — 264 Kosciusko 244 131 — 375 — 375 LaPorte 353 793 20 1,166 — 1,166 Lafayette 1,867 — — 1,867 — 1,867 Wolverine 2,289 — — 2,289 — 2,289 Salin 4,938 1,912 962 7,812 133 7,679 Total $ 10,205 $ 3,443 $ 982 $ 14,630 $ 133 $ 14,497 December 31, 2018 Commercial Real Estate Consumer Outstanding Allowance Carrying Heartland $ 232 $ 175 $ — $ 407 $ — $ 407 Summit 323 555 — 878 — 878 Peoples 270 58 — 328 — 328 Kosciusko 746 155 — 901 — 901 LaPorte 753 947 27 1,727 60 1,667 Lafayette 3,080 — — 3,080 — 3,080 Wolverine 7,841 — — 7,841 — 7,841 Total $ 13,245 $ 1,890 $ 27 $ 15,162 $ 60 $ 15,102 Accretable yield, or income expected to be collected are as follows: Twelve Months Ended December 31, 2019 Beginning Additions Accretion Reclassification Disposals Ending Heartland $ 174 $ — $ (32 ) $ — $ — $ 142 Summit 42 — (9 ) — (11 ) 22 Kosciusko 300 — (63 ) — (2 ) 235 LaPorte 829 — (111 ) — 4 722 Lafayette 609 — (126 ) — (193 ) 290 Wolverine 698 — (272 ) — (306 ) 120 Salin — 2,002 (590 ) — (37 ) 1,375 Total $ 2,652 $ 2,002 $ (1,203 ) $ — $ (545 ) $ 2,906 Twelve Months Ended December 31, 2018 Beginning Additions Accretion Reclassification Disposals Ending Heartland $ 452 $ — $ (85 ) $ — $ (193 ) $ 174 Summit 147 — (54 ) — (51 ) 42 Kosciusko 386 — (78 ) — (8 ) 300 LaPorte 980 — (144 ) — (7 ) 829 Lafayette 933 — (275 ) — (49 ) 609 Wolverine 2,267 — (812 ) — (757 ) 698 Total $ 5,165 $ — $ (1,448 ) $ — $ (1,065 ) $ 2,652 During the years ended December 31, 2019 and 2018, the Company increased the allowance for loan losses by a charge to the income statement of $133,000 and $60,000, respectively. No allowance for loan losses were reversed for the years ended December 31, 2019 and 2018. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 7 – Allowance for Loan Losses The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior one Years Ended December 31 2019 2018 2017 Balance at beginning of the period $ 17,820 $ 16,394 $ 14,837 Loans charged-off: Commercial Owner occupied real estate 41 109 12 Non-owner 64 — 75 Residential spec homes 3 — — Development & spec land — — 1 Commercial and industrial 755 364 541 Total commercial 863 473 629 Real estate Residential mortgage 93 76 89 Residential construction — — — Mortgage warehouse — — — Total real estate 93 76 89 Consumer Direct installment 208 154 137 Indirect installment 1,785 1,673 1,193 Home equity 319 176 205 Total consumer 2,312 2,003 1,535 Total loans charged-off 3,268 2,552 2,253 Recoveries of loans previously charged-off: Commercial Owner occupied real estate — 55 8 Non-owner 15 33 32 Residential spec homes 5 8 8 Development & spec land — — — Commercial and industrial 179 80 250 Total commercial 199 176 298 Real estate Residential mortgage 46 27 44 Residential construction — — — Mortgage warehouse — — — Total real estate 46 27 44 Consumer Direct installment 97 53 501 Indirect installment 661 505 497 Home equity 136 311 — Total consumer 894 869 998 Total loan recoveries 1,139 1,072 1,340 Net loans charged-off 2,129 1,480 913 Provision charged to operating expense Commercial 2,165 1,699 2,164 Real estate (635 ) (487 ) (81 ) Consumer 446 1,694 387 Total provision charged to operating expense 1,976 2,906 2,470 Balance at the end of the period $ 17,667 $ 17,820 $ 16,394 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: December 31, 2019 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 541 $ — $ — $ — $ 541 Collectively evaluated for impairment 11,455 923 1,077 3,671 17,126 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 11,996 $ 923 $ 1,077 $ 3,671 $ 17,667 Loans: Individually evaluated for impairment $ 7,347 $ — $ — $ — $ 7,347 Collectively evaluated for impairment 2,040,299 770,705 150,293 665,952 3,627,249 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 2,047,646 $ 770,705 $ 150,293 $ 665,952 $ 3,634,596 December 31, 2018 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 1,035 $ — $ — $ — $ 1,035 Collectively evaluated for impairment 9,460 1,676 1,006 4,643 16,785 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 10,495 $ 1,676 $ 1,006 $ 4,643 $ 17,820 Loans: Individually evaluated for impairment $ 6,696 $ — $ — $ — $ 6,696 Collectively evaluated for impairment 1,715,856 668,124 74,120 546,774 3,004,874 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 1,722,552 $ 668,124 $ 74,120 $ 546,774 $ 3,011,570 |
Non-performing Assets and Impai
Non-performing Assets and Impaired Loans | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Non-performing Assets and Impaired Loans | Note 8 – Non-performing The following table presents the nonaccrual, loans past due over 90 days still on accrual, and troubled debt restructured (“TDRs”) by class of loans: December 31, 2019 Non-accrual Loans Past Non-peforming Performing Total Non-performing Commercial Owner occupied real estate $ 2,424 $ — $ 629 $ 139 $ 3,192 Non-owner 682 — 374 — 1,056 Residential spec homes — — — — — Development & spec land 73 — — — 73 Commercial and industrial 1,603 — 78 1,345 3,026 Total commercial 4,782 — 1,081 1,484 7,347 Real estate Residential mortgage 7,614 1 708 1,561 9,884 Residential construction — — — — — Mortgage warehouse — — — — — Total real estate 7,614 1 708 1,561 9,884 Consumer Direct installment 30 5 — — 35 Indirect installment 1,234 135 — — 1,369 Home equity 2,019 5 217 309 2,550 Total consumer 3,283 145 217 309 3,954 Total $ 15,679 $ 146 $ 2,006 $ 3,354 $ 21,185 December 31, 2018 Non-accrual Loans Past Non-peforming Performing Total Non-performing Commercial Owner occupied real estate $ 3,531 $ 208 $ — $ 109 $ 3,848 Non-owner 554 — 492 — 1,046 Residential spec homes — — — — — Development & spec land 68 — — — 68 Commercial and industrial 1,941 — — — 1,941 Total commercial 6,094 208 492 109 6,903 Real estate Residential mortgage 2,846 180 423 1,558 5,007 Residential construction — — — — — Mortgage warehouse — — — — — Total real estate 2,846 180 423 1,558 5,007 Consumer Direct installment 35 — — — 35 Indirect installment 916 173 — — 1,089 Home equity 1,657 7 142 335 2,141 Total consumer 2,608 180 142 335 3,265 Total $ 11,548 $ 568 $ 1,057 $ 2,002 $ 15,175 Included in the $15.7 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 Executive Vice President and Chief Commercial Banking Officer and/or the Executive Vice President and Chief Operations Officer must review all loans placed on non-accrual status. Subsequent payments on non-accrual Non-accrual less than six months before returning a 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 December 31, 2019, the type of concessions the Company has made on restructured loans has been temporary rate reductions and/or reductions in monthly payments and there have been no restructured loans with modified recorded balances. Any modification to a loan that is a concession and is not in the normal course of lending is considered a restructured loan. A restructured loan is returned to accruing status after six consecutive payments but is still reported as TDR unless the loan bears interest at a market rate. As of December 31, 2019, the Company had $5.4 million in TDRs and $3.4 million were performing according to the restructured terms and no TDRs were returned to accrual status during 2019. There was $133,000 of specific reserves allocated to TDRs at December 31, 2019 based on the collateral deficiencies. The following table presents commercial loans individually evaluated for impairment by class of loans: December 31, 2019 Twelve Months Ended Unpaid Recorded Allowance for Loan Loss Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 3,192 $ 3,193 $ — $ 3,608 $ 246 Non-owner 937 937 — 2,810 98 Residential spec homes — — — — — Development & spec land 73 73 — 158 — Commercial and industrial 1,859 1,861 — 2,464 100 Total commercial 6,061 6,064 — 9,040 444 With an allowance recorded Commercial Owner occupied real estate — — — — — Non-owner 119 119 25 130 — Residential spec homes — — — — — Development & spec land — — — — — Commercial and industrial 1,167 1,168 516 1,225 46 Total commercial 1,286 1,287 541 1,355 46 Total $ 7,347 $ 7,351 $ 541 $ 10,395 $ 490 December 31, 2018 Twelve Months Ended Unpaid Recorded Allowance for Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 2,814 $ 2,815 $ — $ 3,168 $ 77 Non-owner 860 860 — 1,096 12 Residential spec homes — — — — — Development & spec land 68 68 — 71 — Commercial and industrial 1,226 1,226 — 1,119 21 Total commercial 4,968 4,969 — 5,454 110 With an allowance recorded Commercial Owner occupied real estate 827 827 145 864 — Non-owner 186 186 30 180 4 Residential spec homes — — — — — Development & spec land — — — — — Commercial and industrial 715 715 860 870 14 Total commercial 1,728 1,728 1,035 1,914 18 Total $ 6,696 $ 6,697 $ 1,035 $ 7,368 $ 128 December 31, 2017 Twelve Months Ended Unpaid Recorded Allowance for Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,255 $ 1,270 $ — $ 1,168 $ 4 Non-owner 3,123 3,139 — 850 7 Residential spec homes — — — — — Development & spec land 176 176 — 233 4 Commercial and industrial 1,656 1,656 — 1,445 25 Total commercial 6,210 6,241 — 3,696 40 With an allowance recorded Commercial Owner occupied real estate 704 704 78 59 33 Non-owner 227 227 106 19 13 Residential spec homes — — — — — Development & spec land — — — — — Commercial and industrial — — — — — Total commercial 931 931 184 78 46 Total $ 7,141 $ 7,172 $ 184 $ 3,774 $ 86 The following table presents the payment status by class of loans: December 31, 2019 Current 30-59 60-89 90 Days or Non-accrual Non-peforming Total Past Due Non-accrual Total Commercial Owner occupied real estate $ 515,604 $ 920 $ — $ — $ 3,053 $ 3,973 $ 519,577 Non-owner 972,195 80 — — 1,056 1,136 973,331 Residential spec homes 12,925 — — — — — 12,925 Development & spec land 35,881 — — — 73 73 35,954 Commercial and industrial 503,348 819 11 — 1,681 2,511 505,859 Total commercial 2,039,953 1,819 11 — 5,863 7,693 2,047,646 Real estate Residential mortgage 740,712 1,984 — 1 8,322 10,307 751,019 Residential construction 19,686 — — — — — 19,686 Mortgage warehouse 150,293 — — — — — 150,293 Total real estate 910,691 1,984 — 1 8,322 10,307 920,998 Consumer Direct installment 40,864 175 5 5 30 215 41,079 Indirect installment 344,478 2,407 404 135 1,234 4,180 348,658 Home equity 273,050 904 20 5 2,236 3,165 276,215 Total consumer 658,392 3,486 429 145 3,500 7,560 665,952 Total $ 3,609,036 $ 7,289 $ 440 $ 146 $ 17,685 $ 25,560 $ 3,634,596 Percentage of total loans 99.30 % 0.20 % 0.01 % 0.00 % 0.49 % 0.70 % 100.00 % December 31, 2018 Current 30-59 60-89 90 Days or Non-accrual Non-peforming Total Past Due Non-accrual Total Commercial Owner occupied real estate $ 439,542 $ 537 $ 1,016 $ 208 $ 3,531 $ 5,292 $ 444,834 Non-owner 851,587 203 19 — 1,046 1,268 852,855 Residential spec homes 4,703 492 — — — 492 5,195 Development & spec land 50,638 — — — 68 68 50,706 Commercial and industrial 365,817 487 717 — 1,941 3,145 368,962 Total commercial 1,712,287 1,719 1,752 208 6,586 10,265 1,722,552 Real estate Residential mortgage 639,458 1,131 56 180 3,269 4,636 644,094 Residential construction 24,030 — — — — — 24,030 Mortgage warehouse 74,120 — — — — — 74,120 Total real estate 737,608 1,131 56 180 3,269 4,636 742,244 Consumer Direct installment 34,957 93 18 — 35 146 35,103 Indirect installment 311,494 1,396 198 173 916 2,683 314,177 Home equity 194,890 761 37 7 1,799 2,604 197,494 Total consumer 541,341 2,250 253 180 2,750 5,433 546,774 Total $ 2,991,236 $ 5,100 $ 2,061 $ 568 $ 12,605 $ 20,334 $ 3,011,570 Percentage of total loans 99.32 % 0.17 % 0.07 % 0.02 % 0.42 % 0.68 % 100.00 % 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 regions (ranging from $1,500,000 to $3,500,000) are validated by the Loan Committee, which is chaired by the Executive Vice President and Chief Commercial Banking Officer (EVP/CCBO). • Commercial loan officers are responsible for reviewing their loan portfolios and reporting any adverse material change to the EVP/CCBO or Loan Committee. When circumstances warrant a change in the credit quality grade, loan officers are required to notify the EVP/CCBO and the Credit Department of the change in the loan grade. Downgrades are accepted immediately by the EVP/CCBO, however, lenders must present their factual information to either the Loan Committee or the EVP/CCBO when recommending an upgrade. • The EVP/CCBO, or a designee, meets periodically with loan officers to discuss the status of past-due • Monthly, senior management meets as members of 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. December 31, 2019 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 492,386 $ 8,328 $ 18,863 $ — $ 519,577 Non-owner 957,990 7,824 7,517 — 973,331 Residential spec homes 12,925 — — — 12,925 Development & spec land 35,815 — 139 — 35,954 Commercial and industrial 468,893 18,652 18,314 — 505,859 Total commercial 1,968,009 34,804 44,833 — 2,047,646 Real estate Residential mortgage 741,136 — 9,883 — 751,019 Residential construction 19,686 — — — 19,686 Mortgage warehouse 150,293 — — — 150,293 Total real estate 911,115 — 9,883 — 920,998 Consumer Direct installment 41,044 — 35 — 41,079 Indirect installment 347,289 — 1,369 — 348,658 Home equity 273,665 — 2,550 — 276,215 Total consumer 661,998 — 3,954 — 665,952 Total $ 3,541,122 $ 34,804 $ 58,670 $ — $ 3,634,596 Percentage of total loans 97.43 % 0.96 % 1.61 % 0.00 % 100.00 % December 31, 2018 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 426,887 $ 3,664 $ 14,283 $ — $ 444,834 Non-owner 834,582 9,682 8,591 — 852,855 Residential spec homes 5,195 — — — 5,195 Development & spec land 47,523 3,115 68 — 50,706 Commercial and industrial 354,630 6,591 7,741 — 368,962 Total commercial 1,668,817 23,052 30,683 — 1,722,552 Real estate Residential mortgage 639,267 — 4,827 — 644,094 Residential construction 24,030 — — — 24,030 Mortgage warehouse 74,120 — — — 74,120 Total real estate 737,417 — 4,827 — 742,244 Consumer Direct installment 35,068 — 35 — 35,103 Indirect installment 313,088 — 1,089 — 314,177 Home equity 195,353 — 2,141 — 197,494 Total consumer 543,509 — 3,265 — 546,774 Total $ 2,949,743 $ 23,052 $ 38,775 $ — $ 3,011,570 Percentage of total loans 97.95 % 0.76 % 1.29 % 0.00 % 100.00 % |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 9 – Premises and Equipment December 31 December 31 2019 2018 Land $ 27,292 $ 21,604 Buildings and improvements 83,669 69,590 Furniture and equipment 27,482 24,596 Total cost 138,443 115,790 Accumulated depreciation (46,234 ) (41,459 ) Net premises and equipment $ 92,209 $ 74,331 |
Loan Servicing
Loan Servicing | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Loan Servicing | Note 10 – Loan Servicing Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of loans serviced for others totaled approximately $1.4 billion and $1.3 billion at December 31, 2019 and 2018. The aggregate fair value of capitalized mortgage servicing rights was approximately $14.4 million, $13.9 million and $12.8 million at December 31, 2019, 2018 and 2017, compared to the carrying values of $14.3 million, $12.3 million and $11.6 million, respectively. The fair value of capitalized mortgage servicing rights was approximately $11.7 million on January 1, 2017. Comparable market values and a valuation model that calculates the present value of future cash flows were used to estimate fair value. For purposes of measuring impairment, risk characteristics including product type, investor type and interest rates, were used to stratify the originated mortgage servicing rights. December 31 December 31 December 31 2019 2018 2017 Mortgage servicing rights Balances, January 1 $ 12,876 $ 12,189 $ 11,681 Servicing rights capitalized 3,547 1,883 2,109 Amortization of servicing rights (1,377 ) (1,196 ) (1,601 ) Balances, December 31 15,046 12,876 12,189 Impairment allowance Balances, January 1 (527 ) (587 ) (507 ) Additions (234 ) (78 ) (85 ) Reductions 42 138 5 Balances, December 31 (719 ) (527 ) (587 ) Mortgage servicing rights, net $ 14,327 $ 12,349 $ 11,602 During 2019, 2018 and 2017 the Bank recorded additional impairment of approximately $192,000, $60,000 and $80,000, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 11 – Goodwill and Intangible Assets On March 26, 2019, the Salin acquisition resulted in goodwill of $31.2 million. On October , , the Wolverine acquisition resulted in goodwill of $ million. On September , , the Lafayette acquisition resulted in goodwill of $ million. No impairment loss was recorded in 2019 or 2018. The Company tested goodwill for impairment during 2019 and 2018. In both valuations, the fair value exceeded the Company’s carrying value, therefore, it was concluded goodwill is not impaired. For additional details related to impairment testing, see the “Goodwill and Intangible Assets” section of “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Item 7 of this Annual Report on Form 10K. December 31 December 31 2019 2018 Balance, January 1 $ 119,880 $ 119,880 Goodwill acquired 31,358 — Balance, December 31 $ 151,238 $ 119,880 As a result of the acquisition of American Trust & Savings Bank in 2010; Heartland in 2012; Summit in 2014; Peoples in 2015; Kosciusko, LaPorte and CNB in 2016; Lafayette and Wolverine in 2017; and Salin in 2019; the Company has recorded certain amortizable intangible assets related to core deposit intangibles. These core deposit intangibles are being amortized over seven December 31, 2019 December 31, 2018 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets Core deposit intangible $ 40,590 $ (13,911 ) $ 20,711 $ (10,321 ) Amortization expense for inta n follows 2020 $ 3,723 2021 3,591 2022 3,516 2023 3,430 2024 3,225 Thereafter 9,194 $ 26,679 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 12 – Leases As of January 1, 2019, when the Company adopted ASU 2016-02 right-of-use When the Company adopted the guidance on January 1, 2019, it elected the optional alternative transition method permitted by ASU 2018-11 • The practical expedient package that forgoes: • Reassessment of any expired or existing contracts for a lease • Reassessment of lease classification for expired or existing leases • Reassessment of initial direct costs for existing leases • The hindsight practical expedient to determine lease term and impairment of ROU assets • Other practical expedients regarding combination of lease and non-lease components and the exclusion of short-term leases • The Company did not elect to follow the practical expedients for land easements and the portfolio approach Operating leases relate primarily to bank branches and office space with remaining average lease terms of seven years. The weighted average discount rate utilized to calculate the ROU asset and operating lease liability was approximately 2.57%, which represents the incremental borrowing rate. At inception, the Company recorded a ROU asset and operating lease liability of $3.5 million. At December 31, 2019, a ROU asset of $2.7 million is included in other assets and an operating lease liability of $2.7 million is included in other liabilities. Options to extend a lease were considered in the remaining lease term determination. The lease expense for operating leases was $591,000 for the year ended December 31, 2019. The weighted average remaining life of leases was 6.4 years at December 31, 2019. Future minimum operating lease payments under non-cancellable Year Amount 2020 $ 476 2021 476 2022 504 2023 504 2024 and thereafter 1,105 Total lease payments $ 3,065 Less: Interest (51 ) Present value of lease liabilities $ 3,014 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | Note 13 – Deposits December 31 December 31 2019 2018 Noninterest-bearing demand deposits $ 709,760 $ 642,129 Interest-bearing demand deposits 1,159,296 864,026 Money market (variable rate) 522,382 420,123 Savings deposits 563,952 400,187 Certificates of deposit of $250,000 or more 461,435 371,824 Other certificates and time deposits 514,177 441,087 Total deposits $ 3,931,002 $ 3,139,376 Certificates and other time deposits for both re t Retail Brokered Total 2020 $ 722,672 $ 24,350 $ 747,022 2021 102,449 20,508 122,957 2022 32,925 15,256 48,181 2023 16,527 16,648 33,175 2024 22,995 — 22,995 Thereafter 1,282 — 1,282 $ 898,850 $ 76,762 $ 975,612 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 14 – Borrowings December 31 December 31 2019 2018 Federal Home Loan Bank advances, variable and fixed rates ranging from 0.68% to 7.53%, due at various dates through August 20, 2029 $ 390,800 $ 356,579 Securities sold under agreements to repurchase 90,941 52,116 Federal funds purchased 68,000 141,689 Total borrowings $ 549,741 $ 550,384 The Federal Home Loan Bank advances are secured by first and second mortgage loans and mortgage warehouse loans totaling approximately $905.9 million. Advances are subject to restrictions or penalties in the event of prepayment. At December 31, 2019, the Bank had a total of $125.0 million in putable advances. The call dates for these advances range from February 20, 2020 to October 24, 2022 even though maturity dates extend beyond those dates. At December 31, 2019, the Bank had available approximately $517.1 million in credit lines with various money center banks, including the FHLB. Contractual maturities in years ending December 31 are as follows: 2020 $ 276,970 2021 15,102 2022 52,222 2023 183 2024 80,116 Thereafter 125,148 $ 549,741 |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Repurchase Agreements | Note 15 – Repurchase Agreements Securities sold under agreements to repurchase consist of obligations of the Bank to other parties. The obligations are secured by federal agency collateralized mortgage obligations and federal agency mortgage-backed pools and such collateral is held in safekeeping by third parties. The maximum amount of outstanding agreements at any month end during 2019 and 2018 totaled $97.3 million and $61.4 million and the daily average of such agreements totaled $81.3 million and $51.4 million. The agreements at December 31, 2019 are overnight agreements. The following table shows repurchase agreements accounted for as secured borrowings: December 31, 2019 Remaining Contractual Maturity of the Agreements Overnight Up to one One to three Three to five Five to ten Beyond ten Total Repurchase Agreements and Repurchase Agreements $ 90,941 $ — $ — $ — $ — $ — $ 90,941 Securities pledged for Federal agency collateralized $ 35,537 $ — $ — $ — $ — $ — $ 35,537 Federal agency 71,234 — — — — — 71,234 Total $ 106,771 $ — $ — $ — $ — $ — $ 106,771 |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Subordinated Debentures | Note 16 – Subordinated Debentures In October of 2004, Horizon formed Horizon Statutory Trust II (“Trust II”), a wholly owned statutory business trust. Trust II sold $10.3 million of Trust Preferred Capital Securities as a participant in a pooled trust preferred securities offering. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from Horizon. The junior subordinated debentures are the sole assets of Trust II and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day In December of 2006, Horizon formed Horizon Bancorp Capital Trust III (“Trust III”), a wholly owned statutory business trust. Trust III sold $12.4 million of Trust Preferred Capital Securities as a participant in a pooled trust preferred securities offering. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from Horizon. The junior subordinated debentures are the sole assets of Trust III and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day ( The Company assumed additional debentures as the result of the acquisition of Alliance Bank Corporation in 2005. In June 2004, Alliance formed Alliance Financial Statutory Trust I a wholly owned business trust (“Alliance Trust”), to sell $5.2 million in trust preferred securities. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from Alliance. The junior subordinated debentures are the sole assets of Alliance Trust and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day June 2034 The Company assumed additional debentures as the result of the American Trust & Savings Bank purchase and assumption in 2010. In March 2004, Am Tru Inc., the holding company for American Trust & Savings Bank, formed Am Tru Statutory Trust I a wholly owned business trust (“Am Tru Trust”), to sell $3.5 million in trust preferred securities. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from Am Tru Inc. The junior subordinated debentures are the sole assets of Am Tru Trust and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day December 2033 The Company assumed additional debentures as the result of the Heartland merger in July 2012. In December 2006, Heartland formed Heartland (IN) Statutory Trust II a wholly owned business trust (“Heartland Trust”), to sell $3.0 million in trust preferred securities. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from Heartland. The junior subordinated debentures are the sole assets of Heartland Trust and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day December 2036 The Company assumed additional debentures as the result of the LaPorte merger in July 2016. In October 2007, LaPorte assumed debentures as the result of its acquisition of City Savings Financial Corporation (“City Savings”). In June 2003, City Savings formed City Savings Statutory Trust I a wholly owned business trust (“City Savings Trust”), to sell $5.0 million in trust preferred securities. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from City Savings. The junior subordinated debentures are the sole assets of City Savings Trust and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the trust preferred securities pay interest and dividends on a quarterly basis. The junior subordinated debentures and the securities bear interest at a rate of 90-day June 2033 The Company assumed additional debentures as the result of the Salin merger in March 2019. In October 2003, Salin Bancshares, Inc. (“Salin”) formed Salin Statutory Trust I (“Salin Trust”), to sell $20.0 million in trust preferred securities. The proceeds from the sale of the trust preferred securities were used by the trust to purchase an equivalent amount of subordinated debentures from Salin. The junior subordinated debentures are the sole assets of Salin Trust and are fully and unconditionally guaranteed by Horizon. The junior subordinated debentures and the securities bear interest at a rate of 90-day October 2033 The Trust Preferred Capital Securities, subject to certain limitations, are included in Tier 1 Capital for regulatory purposes. Dividends on the Trust Preferred Capital Securities are recorded as interest expense. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Employee Stock Ownership Plan | Note 17 – Employee Stock Ownership Plan Effective January 1, 2007, Horizon converted its stock bonus plan to an employee stock ownership plan (“ESOP”). Prior to that date, Horizon maintained an employee stock bonus plan that covered substantially all employees. The stock bonus plan was noncontributory, and Horizon made matching contributions of amounts contributed by the employees to the Employee Thrift Plan and discretionary contributions. Prior to the establishment of the employee stock bonus plan, Horizon maintained an ESOP that was terminated in 1999. The prior ESOP accounts of active employees and the discretionary accounts of active employees remain in the new ESOP. The Matching contribution accounts under the stock bonus plan were transferred to the Employee Thrift Plan. The ESOP exists for the benefit of substantially all employees. Contributions to the ESOP are by Horizon and are determined by the Board of Directors at its discretion. The contributions may be made in the form of cash or common stock. Shares are allocated among participants each December 31 on the basis of each participant’s eligible compensation to total eligible compensation. Eligible compensation is limited to $265,000 for each participant. Dividends on shares held by the plan, at the discretion of each participant, may be distributed to an individual participant or left in the plan to purchase additional shares. Total cash contributions and expense recorded for the ESOP was $719,000 in 2019, $750,000 in 2018 and $600,000 in 2017. The ESOP, which is not leveraged, owns a total of 1,344,625 shares of Horizon’s stock or 3.0% of the outstanding shares as of December 31, 2019. |
Employee Thrift and Defined Ben
Employee Thrift and Defined Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Thrift and Defined Benefit Plan | Note 18 – Employee Thrift and Defined Benefit Plan The Employee Thrift Plan (“Plan”) provides that all employees of Horizon with the requisite hours of service are eligible for the Plan. The Plan permits voluntary employee contributions and Horizon may make discretionary matching and profit sharing contributions. Each eligible employee is vested according to a schedule based upon years of service. Employee voluntary contributions are vested at all times. The Bank’s expense related to the Plan totaled approximately $1.2 million in 2019, $1.2 million in 2018 and $942,000 in 2017. The Plan owns a total of 741,650 shares of Horizon’s stock or 1.6% of the outstanding shares as of December 31, 2019. The Company acquired a pension fund known as the Pentegra Defined Benefit Plan (“Pentegra Plan”) in the Peoples acquisition. Prior to August 1, 2007, Peoples provided pension benefits for substantially all of its employees through its participation in the Pentegra Plan. Peoples chose to freeze the Pentegra Plan effective August 1, 2007. The trustees of the Financial Institutions Retirement Fund administer the Pentegra Plan, employer identification number 13-5645888 and plan number 333. This plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra Plan. The Pentegra Plan is a single plan under Internal Revenue Code 413(c) and, as a result, all of the assets stand behind all of the liabilities. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If the Company chooses to stop participating in the multiemployer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. There was no expense to the Company in 2019 and 2018 for this Pentegra Plan. The Company intends on terminating this Pentegra Plan during 20 20 |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 19 – Income Tax December 31 December 31 December 31 2019 2018 2017 Income tax expense Currently payable Federal $ 11,143 $ 9,166 $ 12,079 State 140 — — Deferred Federal 1,787 1,277 331 State 233 — — Revaluation of deferred tax assets — — 2,426 Total income tax expense $ 13,303 $ 10,443 $ 14,836 Reconciliation of federal statutory to actual tax expense Federal statutory income tax at 21% in 201 9 2 018 35% in 2017 $ 16,767 $ 13,348 $ 16,783 Tax exempt interest (2,977 ) (1,982 ) (2,699 ) Tax exempt income (587 ) (448 ) (638 ) Stock compensation (324 ) (384 ) (546 ) Revaluation of deferred tax assets — — 2,426 Other tax exempt income (313 ) (260 ) (456 ) State tax 295 — — Nondeductible and other 442 169 (34 ) Actual tax expense $ 13,303 $ 10,443 $ 14,836 December 31 December 31 2019 2018 Assets Allowance for loan losses $ 4,120 $ 3,831 Net operating loss and tax credits (from acquisitions) 54 1,038 Director and employee benefits 1,890 2,392 Unrealized loss on AFS securities and fair value hedge — 2,165 Accrued pension 775 801 Fair value adjustment on acquisitions — — Other 2,145 670 Total assets 8,984 10,897 Liabilities Depreciation (4,456 ) (1,850 ) State tax (10 ) (137 ) Federal Home Loan Bank stock dividends (368 ) (330 ) Difference in basis of intangible assets (3,427 ) (2,919 ) Fair value adjustment on acquisitions (2,488 ) (62 ) Unrealized gain on AFS securities and fair value hedge (1,710 ) — Other (63 ) (119 ) Total liabilities (12,522 ) (5,417 ) Valuation allowance — (1,038 ) Net deferred tax asset/(liability) $ (3,538 ) $ 4,442 As of December 31, 2019, the Company had approximately $900,000 of state tax loss available to offset future franchise taxable income. The state loss carryforward begins to expire in 2031. Due to the s Retained earnings of the Bank include approximately $12.8 million for which no deferred income tax liability has been recognized. This amount represents an allocation of previously acquired institutions income to bad debt deductions as of December 31, 1987 for tax purposes only. Reductions of amounts so allocated for purposes other than tax bad debt losses including redemption of bank stock or excess dividends, or loss of “bank” status would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. The unrecorded deferred income tax liability on the above amount for the Company was approximately $2.7 million at December 31, 2019. The Company files income tax returns in the U.S. federal jurisdiction. With a few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 20 – Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss included in capital are as follows: December 31 December 31 2019 2018 Unrealized gain (loss) on securities available for sale $ 12,687 $ (8,561 ) Unamortized gain (loss) on securities held to maturity, previously transferred from AFS (107 ) 10 Unrealized loss on derivative instruments (4,440 ) (1,760 ) Tax effect (1,708 ) 2,167 Total accumulated other comprehensive income (loss) $ 6,432 $ (8,144 ) |
Commitments, Off-Balance Sheet
Commitments, Off-Balance Sheet Risk and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Off-Balance Sheet Risk and Contingencies | Note 21 – Commitments, Off-Balance The Bank was not required to have any cash on deposit with the Federal Reserve Bank to meet regulatory reserve and clearing balance requirements at December 31, 2019. These balances would be included in cash and cash equivalents and would not earn interest. The Bank is a party to financial instruments with off-balance At December 31, 2019 and 2018, commitments to make loans amounted to approximately $958.7 million and $873.8 million and commitments under outstanding standby letters of credit amounted to approximately $17.3 million and $4.8 million. Since many commitments to make loans and standby letters of credit expire without being used, the amount does not necessarily represent future cash advances. No losses are anticipated as a result of these transactions. Collateral obtained upon exercise of the commitment is determined using management’s credit evaluation. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | Note 22 – Regulatory Capital Horizon and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies and are assigned to a capital category. Failure to meet the minimum regulatory capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators, which if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective actions, the Company and Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance- Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total and Tier I capital to risk-weighted assets, and of Tier I capital to average assets, or leverage ratio. For December 31, 2019 and 2018, Basel III rules require the Company and Bank to maintain minimum amounts and ratios of common equity Tier I capital to risk-weighted assets. Additionally, under Basel III rules, the decision was made to opt-out To be categorized as well capitalized, the Company and Bank must maintain minimum Total risk-based, Tier I risk-based, common equity Tier I risk-based and Tier I leverage ratios as set forth in the table below. As of December 31, 2019 and December 31, 2018, the Bank met all capital adequacy requirements to be considered well capitalized. There have been no conditions or events since the year ending December 31, 2019 that management believes have changed the Bank’s classification as well capitalized. There is no threshold for well-capitalized status for bank holding companies. Horizon and the Bank’s actual and required capital ratios as of December 31, 2019 and 2018 were as follows: Actual Required for Capital 1 Required For Capital 1 Well Capitalized Under 1 Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2019 Total capital 1 Consolidated $ 548,364 13.95 % $ 314,395 8.00 % $ 412,644 10.50 % N/A N/A Bank 497,227 12.65 % 314,452 8.00 % 412,718 10.50 % $ 393,065 10.00 % Tier 1 capital 1 Consolidated 530,643 13.50 % 235,796 6.00 % 334,044 8.50 % N/A N/A Bank 479,506 12.20 % 235,823 6.00 % 334,082 8.50 % 314,430 8.00 % Common equity tier 1 capital 1 Consolidated 473,150 12.04 % 176,846 4.50 % 275,094 7.00 % N/A N/A Bank 479,506 12.20 % 176,867 4.50 % 275,126 7.00 % 255,475 6.50 % Tier 1 capital 1 Consolidated 530,643 10.50 % 202,111 4.00 % 202,111 4.00 % N/A N/A Bank 479,506 9.49 % 202,110 4.00 % 202,110 4.00 % 252,638 5.00 % December 31, 2018 Total capital 1 Consolidated $ 427,616 13.39 % $ 255,419 8.00 % $ 315,283 9.875 % N/A N/A Bank 396,755 12.43 % 255,419 8.00 % 315,283 9.875 % $ 319,274 10.00 % Tier 1 capital 1 Consolidated 409,760 12.83 % 191,565 6.00 % 251,429 7.875 % N/A N/A Bank 378,899 11.87 % 191,565 6.00 % 251,429 7.875 % 255,420 8.00 % Common equity tier 1 capital 1 Consolidated 371,297 11.63 % 143,673 4.50 % 203,537 6.375 % N/A N/A Bank 378,899 11.87 % 143,674 4.50 % 203,537 6.375 % 207,528 6.50 % Tier 1 capital 1 Consolidated 409,760 10.12 % 162,033 4.00 % 162,033 4.000 % N/A N/A Bank 378,899 9.34 % 162,327 4.00 % 162,327 4.000 % 202,908 5.00 % The above minimum capital requirements exclude the capital conservation buffer required to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. The capital conservation buffer was in b y increments starting with the 2016 calculations and was fully implemented by 2019. The capital conservation buffer was 2.50% at December 31, 2019. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 23 – Share-Based Compensation On January 21, 2003, the Board of Directors adopted the Horizon Bancorp 2003 Omnibus Equity Incentive Plan (“2003 Plan”), which was approved by stockholders on May 8, 2003. Under the 2003 Plan, Horizon could issue up to 759,375 common shares, plus the number of shares that are tendered to or withheld by Horizon in connection with the exercise of options plus that number of shares that are purchased by Horizon with the cash proceeds received upon option exercises. The 2003 Plan limited the number of shares available to 759,375 for incentive stock options and to 379,687 for the grant of non-option shares is being amortized against earnings using the straight-line method over the vesting period. The options shares granted under the 2003 Plan vest at a rate designated per the individual agreements. The restricted shares granted under the 2003 Plan vest at the end of each grant’s vesting period. On March 8, 2010, the Board of Directors adopted, and on May 6, 2010, the stockholders approved, an amendment to the 2003 Plan making an additional 885,937 common shares available for issuance. All share data has been adjusted for the 3:2 stock split on June 15, 2018 (and for four additional stock splits in 2003, 2011, 2012 and 2016 after the 2003 Plan was adopted). A summary of option activity under the 2003 Plan as of December 31, 2019, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 21,300 $ 5.03 Granted — — Exercised (8,625 ) 4.45 Forfeited — — Outstanding, end of year 12,675 5.42 1.04 $ 172,096 Exercisable, end of year 12,675 5.42 1.04 172,096 On June 18, 2013, the Board of Directors adopted the Horizon Bancorp 2013 Omnibus Equity Incentive Plan (“2013 Plan”), which was approved by the Company’s shareholders on May 8, 2014. Under the 2013 Plan, Horizon may issue up to 1,556,325 common shares, plus the number of shares that are tendered to or withheld by Horizon in connection with the exercise of options plus that number of shares that are purchased by Horizon with the cash proceeds received upon option exercises. The 2013 Plan limits the number of shares available to 225,000 for incentive stock options and to 900,000 for the grant of non-option The 2013 Plan was amended on May 3, 2018, upon shareholder approval, primarily to allow grants of other types of stock-based awards, such as awards valued in whole or in part by reference to the value of shares of Horizon common stock. 3:2 The restricted shares can vest over a period of time established by the Committee at the time of each grant, but the restricted shares already granted under the 2013 Plan generally vest at the end of three, four or five years of continuous employment . Holders of restricted shares receive dividends and may vote the shares. The restricted shares are recorded at fair market value (on the date granted) as a separate component of stockholders’ equity. The cost of these shares is being amortized against earnings using the straight-line method over the vesting period. The performance shares that are awarded become earned and vested based on the achievement of certain performance goals during a performance period as established by the Committee at the time of each grant. The performance goals under the presently-awarded grant agreements are based on a comparison of the Company’s average performance over the performance period for the return on common equity, compounded annual growth rate of total assets, and return on average assets, all as relative to the average performance for publicly traded banks with total assets between $1 billion and $5 billion on the SNL Bank Index. Holders of performance share awards receive pass-through dividends but do not have any voting rights before the performance shares are earned and vested. The options shares granted under the 2013 Plan vest at a rate designated per the individual agreements. The fair value of options granted is estimated on the date of the grant using an option-pricing model with the following weighted-average assumptions: Years Ended December 31 2019 2018 2017 Dividend yields 2.39 % 1.99 % 1.75 % Volatility factors of expected market price of common stock 28.67 % 28.60 % 28.52 % Risk-free interest rates 2.61 % 2.85 % 2.42 % Expected life of options 8 years 8 years 8 years A summary of option activity under the 2013 Plan as of December 31, 2019, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 307,317 $ 12.28 Granted 35,966 16.74 Exercised (24,256 ) 9.75 Forfeited (2,250 ) 10.38 Outstanding, end of year 316,777 12.99 6.37 $ 1,822,924 Exercisable, end of year 242,814 11.58 5.74 1,802,010 The weighted average grant-date fair value of options granted during the years 2019, 2018 and 2017 was $4.44, $5.54 and $4.83. A summary of the status of Horizon’s non-vested Shares Weighted Non-vested, 176,538 $ 16.90 Vested (43,358 ) 11.17 Granted 84,526 16.74 Forfeited (4,137 ) 18.23 Non-vested, 213,569 17.97 Total compensation cost recognized in the income statement for option-based payment arrangements during 2019 was $215,000 and the related tax benefit recognized was approximately $45,000. Total compensation cost recognized in the income statement for option-based payment arrangements during 2018 and 2017 was $251,000 and $325,000 and the related tax benefit recognized was $53,000 and $114,000, respectively. Total compensation cost recognized in the income statement for restricted share and performance share based payment arrangements during 2019, 2018 and 2017 was $705,000, $376,000, and $135,000. The recognized tax benefit related thereto was approximately $148,000, $79,000, and $47,000 for the years ended December 31, 2019, 2018 and 2017. Cash received from option exercise under all share-based payment arrangements for the years ended December 31, 2019, 2018 and 2017 was $236,000, $493,000, and $1.6 million. The actual tax benefit realized for the tax deductions from option exercise of the share-based payment arrangements totaled $104,000, $213,000, and $522,000, for the years ended December 31, 2019, 2018 and 2017. As of December 31, 2019, there was $1.5 million of total unrecognized compensation cost related to all non-vested |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 24 – 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 4.03% on a notional amount of $15.5 million at December 31, 2019 and at a weighted average fixed rate of 3.76% on a notional amount of $30.5 million at December 31, 2018. Under the agreements, the Company pays or receives the net interest amount monthly, with the monthly settlements included in interest expense. The Company assumed additional interest rate swap agreements as the result of the LaPorte acquisition in July 2016. The agreements provide for the Company to receive interest from the counterparty at one month LIBOR and to pay interest to the counterparty at a weighted average fixed rate of 2.31% on a notional amount of $30.0 million at December 31, 2019 and 2018. Under the agreements, the Company pays or receives the net interest amount monthly, with the monthly settlements included in interest expense. On July 20, 2018, the Company entered into an interest rate swap agreement for an additional portion of its floating rate debt. The agreement provides for the Company to receive interest from the counterparty at one month LIBOR and to pay interest to the counter party at a rate of 2.81% on a notional amount of $50.0 million at December 31, 2019 and 2018. Under the agreement, the Company pays or receives the net interest amount monthly, with the monthly settlements included in interest expense. Management has designated the interest rate swap agreements as cash flow hedging instruments. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. At December 31, 201 9 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. At December 31, 2019, 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 and security Other Derivative Instruments The Company enters into non-hedging The change in fair value of both the forward sale commitments and commitments to originate mortgage loans were recorded and the net gains or losses included in the Company’s gain on sale of loans. The following tables summarize the fair value of derivative financial instruments utilized by Horizon: Asset Derivatives Liability Derivatives December 31, 2019 December 31, 2019 Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments Interest rate contracts Other a $ 11,422 Other liabilities $ 15,861 Total derivatives desginated as hedging instruments 11,422 15,861 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 264 Other liabilities 38 Total derivatives not designated as hedging instruments 264 38 Total derivatives $ 11,686 $ 3,745 Asset Derivatives Liability Derivatives December 31, 2018 December 31, 2018 Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments Interest rate contracts Other a $ 42 Other liabilities $ 1,802 Total derivatives desginated as hedging instruments 42 1,802 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 135 Other liabilities — Total derivatives not designated as hedging instruments 135 — Total derivatives $ 177 $ 1,802 The effect of the derivative instruments on the consolidated statement of income for the 12-month Amount of (Gain) Loss Recognized in Other Comprehensive Years Ended December 31 2019 2018 2017 Derivatives in cash flow hedging relationship Interest rate contracts $ (2,117 ) $ (25 ) $ 913 FASB ASC 820-10-20 820-10-55 Location of gain (loss) Amount of Gain (Loss) Recognized on Derivative Years Ended December 31 derivative 2019 2018 2017 Derivative in fair value hedging relationship Interest rate contracts Interest income - $ (11,380 ) $ (852 ) $ (817 ) Interest rate contracts Interest 11,380 852 817 Total $ — $ — $ — Location of gain (loss) Amount of Gain (Loss) Recognized on Derivative Years Ended December 31 derivative 2019 2018 2017 Derivative not designated as hedging relationship Mortgage contracts Other income - gain on sale of loans $ 91 $ (5 ) $ (439 ) |
Disclosures about fair value of
Disclosures about fair value of assets and liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Disclosures about fair value of assets and liabilities | Note 25 – Disclosures about fair value of assets and liabilities The Fair Value Measurements topic of the FASB ASC defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. There are three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis and recognized in the accompanying consolidated financial statements, as well as the general classification of such instruments pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended December 31, 2019. Available for sale securities When quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2 securities include U.S. Treasury and federal agency securities, state and municipal securities, federal agency mortgage obligations and mortgage-backed pools, private-label mortgage-backed pools and corporate notes. Level 2 securities are valued by a third party pricing service commonly used in the banking industry utilizing observable inputs. Observable inputs include dealer quotes, market spreads, cash flow analysis, the U.S. Treasury yield curve, trade execution data, market consensus prepayment spreads and available credit information and the bond’s terms and conditions. The pricing provider utilizes evaluated pricing models that vary based on asset class. These models incorporate available market information including quoted prices of securities with similar characteristics and, because many fixed-income securities do not trade on a daily basis, apply available information through processes such as benchmark curves, benchmarking of like securities, sector grouping, and matrix pricing. In addition, model processes, such as an option adjusted spread model is used to develop prepayment and interest rate scenarios for securities with prepayment features. Hedged loans Certain fixed rate loans have been converted to variable rate loans by entering into interest rate swap agreements. The fair value of those fixed rate loans is based on discounting the estimated cash flows using interest rates determined by the respective interest rate swap agreement. Loans are classified within Level 2 of the valuation hierarchy based on the unobservable inputs used. Interest rate swap agreements The fair value of the Company’s interest rate swap agreements is estimated by a third party using inputs that are primarily unobservable including a yield curve, adjusted for liquidity and credit risk, contracted terms and discounted cash flow analysis, and therefore, are classified within Level 2 of the valuation hierarchy. The following table presents the fair value measurements of assets and liabilities recognized in the accompanying financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following: December 31, 2019 Fair Value Quoted Prices in Significant Significant Available for sale securities U.S. Treasury and federal agencies $ 1,413 $ — $ 1,413 $ — State and municipal 405,768 — 405,768 — Federal agency collateralized mortgage obligations 269,252 — 269,252 — Federal agency mortgage-backed pools 146,572 — 146,572 — Corporate notes 11,771 — 11,771 — Total available for sale securities 834,776 — 834,776 — Interest rate swap agreements asset 11,422 — 11,422 — Forward sale commitments 264 — 264 — Interest rate swap agreements liability (15,861 ) — (15,861 ) — Commitments to originate loans (38 ) — (38 ) — December 31, 2018 Fair Value Quoted Prices in Significant Significant Available for sale securities U.S. Treasury and federal agencies $ 16,608 $ — $ 16,608 $ — State and municipal 209,303 — 209,303 — Federal agency collateralized mortgage obligations 185,003 — 185,003 — Federal agency mortgage-backed pools 178,736 — 178,736 — Corporate notes 10,698 — 10,698 — Total available for sale securities 600,348 — 600,348 — Interest rate swap agreements asset 42 — 42 — Forward sale commitments 135 — 135 — Interest rate swap agreements liability (1,801 ) — (1,801 ) — Commitments to originate loans — — — — Realized gains and losses included in net inc o Years Ended December 31 Non-interest 2019 2018 2017 Total gains and losses from: Hedged loans $ (11,380 ) $ (852 ) $ (817 ) Fair value interest rate swap agreements 11,380 852 817 Derivative loan commitments 91 (5 ) (439 ) $ 91 $ (5 ) $ (439 ) 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 Quoted Prices in Significant Significant December 31, 2019 Impaired loans $ 6,806 $ — $ — $ 6,806 Mortgage servicing rights 14,327 — — 14,327 December 31, 2018 Impaired loans $ 5,661 $ — $ — $ 5,661 Mortgage servicing rights 12,349 — — 12,349 Impaired (collateral dependent): If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. Impaired loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method. Mortgage Servicing Rights (MSRs): month-end The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2019 and 2018. December 31, 2019 Fair Valuation Unobservable Range Value Technique Inputs (Weighted Average) Impaired loans $ 6,806 Collateral based measurement Discount to reflect current market 0%-100% Mortgage servicing rights 14,327 Discounted cash flows Discount rate, 8.7%-9.0% 10.2%-19.8% ( %), 0.1%-2.9% December 31, 2018 Fair Valuation Unobservable Range Value Technique Inputs (Weighted Average) Impaired loans $ 5,661 Collateral based measurement Discount to reflect current market 0%-100% Mortgage servicing rights 12,349 Discounted cash flows Discount rate, 10.2%-11.0% ( 9.1%-21.9% 0.1%-2.8% |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 26 – Fair Value of Financial Instruments The estimated fair value amounts of the Company’s financial instruments were determined using available market information, current pricing information applicable to Horizon and various valuation methodologies. Where market quotations were not available, considerable management judgment was involved in the determination of estimated fair values. Therefore, the estimated fair value of financial instruments shown below may not be representative of the amounts at which they could be exchanged in a current or future transaction. Due to the inherent uncertainties of expected cash flows of financial instruments, the use of alternate valuation assumptions and methods could have a significant effect on the estimated fair value amounts. The estimated fair values of financial instruments, as shown below, are not intended to reflect the estimated liquidation or market value of Horizon taken as a whole. The disclosed fair value estimates are limited to Horizon’s significant financial instruments at December 31, 2019 and December 31, 2018. These include financial instruments recognized as assets and liabilities on the consolidated balance sheet as well as certain off-balance The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and Due from Banks Held-to-Maturity Securities Loans Held for Sale Net Loans FHLB Stock Interest Receivable/Payable Deposits Borrowings Subordinated Debentures Commitments to Extend Credit and Standby Letters of Credit The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall. December 31, 2019 Carrying Quoted Prices in Significant Significant Assets Cash and due from banks $ 98,831 $ 98,831 $ — $ — Interest-earning time deposits 8,455 — 8,537 — Investment securities, held to maturity 207,899 — 215,147 — Loans held for sale 4,088 — — 4,088 Loans (excluding loan level hedges), net 3,619,174 — — 3,554,951 Stock in FHLB 22,447 — 22,447 — Interest receivable 18,828 — 18,828 — Liabilities Non-interest $ 709,760 $ 709,760 $ — $ — Interest bearing deposits 3,221,242 — 3,180,768 — Borrowings 549,741 — 546,995 — Subordinated debentures 56,311 — 51,809 — Interest payable 3,062 — 3,062 — December 31, 2018 Carrying Quoted Prices in Significant Significant Assets Cash and due from banks $ 58,492 $ 58,492 $ — $ — Interest-earning time deposits 15,744 — 15,542 — Investment securities, held to maturity 210,112 — 208,273 — Loans held for sale 1,038 — — 1,038 Loans (excluding loan level hedges), net 2,786,351 — — 2,681,741 Stock in FHLB 18,073 — 18,073 — Interest receivable 14,239 — 14,239 — Liabilities Non-interest $ 642,129 $ 642,129 $ — $ — Interest bearing deposits 2,497,247 — 2,377,274 — Borrowings 550,384 — 542,311 — Subordinated debentures 37,837 — 35,711 — Interest payable 2,031 — 2,031 — |
General Litigation
General Litigation | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
General Litigation | Note 27 – General Litigation The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations and cash flows of the C o |
Condensed Financial Information
Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information (Parent Company Only) | Note 28 – Condensed Financial Information (Parent Company Only) Presented below is condensed financial information as to financial position, results of operations and cash flows of Horizon Bancorp, Inc.: Condensed Balance Sheets December 31 December 31 2019 2018 Assets Total cash and cash equivalents $ 50,961 $ 30,653 Investment in subsidiaries 666,639 502,844 Other assets 3,882 1,186 Total assets $ 721,482 $ 534,683 Liabilities Subordinated debentures $ 56,311 $ 37,837 Other liabilities 9,148 4,854 Stockholders’ Equity 656,023 491,992 Total liabilities and stockholders’ equity $ 721,482 $ 534,683 Condensed Statements of Income Years Ended December 31 2019 2018 2017 Operating Income (Expense) Dividend income from subsidiaries $ 46,150 $ 46,950 $ 27,000 Other income — — 540 Interest expense (3,209 ) (2,475 ) (2,791 ) Employee benefit expense (1,687 ) (1,423 ) (1,094 ) Other expense (416 ) (357 ) (326 ) Income Before Undistributed Income of Subsidiaries 40,838 42,695 23,329 Undistributed Income of Subsidiaries 25,053 9,643 8,804 Income Before Tax 65,891 52,338 32,133 Income Tax Benefit 647 779 984 Net Income Available to Common Shareholders $ 66,538 $ 53,117 $ 33,117 Condensed Statements of Comprehensive Income Years Ended December 31 2019 2018 2017 Net Income $ 66,538 $ 53,117 $ 33,117 Other Comprehensive Income (Loss) Change in fair value of derivative instruments, net of taxes (2,117 ) (25 ) 913 Unrealized appreciation for the period on held to maturity securities, net of taxes (92 ) (150 ) (166 ) Unrealized appreciation (depreciation) on available for sale securities, net of taxes 16,727 (4,003 ) 1,371 Less: reclassification adjustment for realized (gains) losses included in net income, net of 59 351 (25 ) 14,576 (3,827 ) 2,093 Comprehensive Income $ 81,114 $ 49,290 $ 35,210 Condensed Statements of Cash Flows Years Ended December 31 2019 2018 2017 Operating Activities Net income $ 66,538 $ 53,117 $ 33,117 Items not requiring (providing) cash Equity in undistributed net income of subsidiaries (25,053 ) (9,643 ) (8,804 ) Change in: Share based compensation 215 251 325 Amortization of unearned compensation 705 169 135 Other assets (5,449 ) 132 388 Other liabilities 1,629 378 (1,675 ) Net cash provided by operating activities 38,585 44,404 23,486 Investing Activities Repurchase of outstanding stock (1,595 ) — — Acquisition of Lafayette — — (1,254 ) Acquisition of Wolverine — — (7,688 ) Acquisition of Salin 2,350 — — Net cash used in investing activities 755 — (8,942 ) Financing Activities Net change in borrowings 98 (12,316 ) (6,803 ) Dividends paid on common shares (20,835 ) (15,418 ) (11,720 ) Proceeds from issuance of stock 1,705 622 1,604 Net cash used in financing activities (19,032 ) (27,112 ) (16,919 ) Net Change in Cash and Cash Equivalents 20,308 17,292 (2,375 ) Cash and Cash Equivalents at Beginning of Year 30,653 13,361 15,736 Cash and Cash Equivalents at End of Year $ 50,961 $ 30,653 $ 13,361 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Note 29 – Quarterly Results of Operations (Unaudited) The following is a summary of the quarterly consolidated results of operations: Three Months Ended March 31 June 30 September 30 December 31 2019 2019 2019 2019 Interest income $ 45,373 $ 53,850 $ 55,711 $ 53,398 Interest expense 11,093 12,321 12,248 11,879 Net interest income 34,280 41,529 43,463 41,519 Provision for loan losses 364 896 376 340 Gain (loss) on sale of securities 15 (100 ) — 10 Net income $ 10,816 $ 16,642 $ 20,537 $ 18,543 Earnings per share: Basic $ 0.28 $ 0.37 $ 0.46 $ 0.41 Diluted 0.28 0.37 0.46 0.41 Average shares outstanding: Basic 38,822,543 45,055,117 45,038,021 44,971,676 Diluted 38,906,172 45,130,408 45,113,730 45,103,065 Three Months Ended March 31 June 30 September 30 December 31 2018 2018 2018 2018 Interest income $ 39,426 $ 40,741 $ 42,271 $ 43,730 Interest expense 6,015 7,191 8,499 9,894 Net interest income 33,411 33,550 33,772 33,836 Provision for loan losses 567 635 1,176 528 Gain (loss) on sale of securities 11 — (122 ) (332 ) Net income $ 12,804 $ 14,115 $ 13,065 $ 13,133 Earnings per share: Basic $ 0.33 $ 0.37 $ 0.34 $ 0.35 Diluted 0.33 0.37 0.34 0.34 Average shares outstanding: Basic 38,306,395 38,347,612 38,365,379 38,367,972 Diluted 38,468,810 38,519,401 38,534,970 38,488,861 |
Future Accounting Matters
Future Accounting Matters | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Future Accounting Matters | Note 30 – Future Accounting Matters Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement The FASB has issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Removals Modifications Additions The guidance is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should all be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 2018-13 FASB ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The FASB has issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment FASB ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The FASB has issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Our Current Expected Credit Loss (“CECL”) task force has been meeting on a monthly basis, at a minimum, to review implementation matters related to the completeness and accuracy of historical data, model development and corporate governance documentation. Specifically regarding model development, the task force has analyzed results from parallel model runs for each portfolio segment and evaluated assumptions related to unfunded commitments, acquired performing loans, and economic and forecast factors. Our task force has also reviewed new corporate governance documentation, such as our new CECL Allowance for Credit Losses (“ACL”) policy, procedure manuals and internal control documentation. Horizon has completed data and model validation testing, determined qualitative adjustments, established additional supporting analytics, and developed related internal controls over model inputs (data and assumptions) and model operations. While the model is operational, approval of certain governance related matters, procedures and policies are being finalized. The final year-end estimate for CECL has not been determined and the required financial reporting disclosures are being completed for review. Internal controls over financial reporting specifically related to CECL have been designed and are being evaluated, however, all internal controls related to CECL implementation are not operational. The final step of completing the formal governance and approval process is in its final stages. We expect the one-time cumulative effect adjustment to the ACL will be between $16.2 million and $20.8 million upon adoption as of January 1, 2020. The majority of the increase is related to including our acquired loan portfolios in the model and the addition of using economic forecasts in estimating future losses. As we continue to evaluate and refine our CECL model during the first quarter of 2020, the estimated range of impact to the ACL as of January 1, 2020 could change. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business The Bank is a full-service commercial bank offering a broad range of commercial and retail banking and other services incident to banking along with a trust department that offers corporate and individual trust and agency services and investment management services. The Bank maintains 74 full service offices. The Bank has wholly owned direct and indirect subsidiaries: Horizon Investments, Inc. (“Horizon Investments”), Horizon Properties, Inc. (“Horizon Properties”), Horizon Insurance Services, Inc. (“Horizon Insurance”) and Horizon Grantor Trust. Horizon Investments manages the investment portfolio of the Bank. Horizon Properties manages the real estate investment trust. Horizon Insurance is used by the Company’s Wealth Management to sell certain insurance products. Horizon Grantor Trust holds title to certain company owned life insurance policies. Horizon conducts no business except that incident to its ownership of the subsidiaries. Horizon formed Horizon Bancorp Capital Trust II in 2004 (“Trust II”) and Horizon Bancorp Capital Trust III in 2006 (“Trust III”) for the purpose of participating in pooled trust preferred securities offerings. The Company assumed additional debentures as the result of the following acquisitions: Alliance Financial Corporation in 2005, which formed Alliance Financial Statutory Trust I (“Alliance Trust”); American Trust & Savings Bank in 2010, which formed Am Tru Statutory Trust I (“Am Tru Trust”); Heartland Bancshares, Inc. in 2013, which formed Heartland (IN) Statutory Trust II (“Heartland Trust”); LaPorte Bancorp, Inc. in 2016, which acquired City Savings Statutory Trust I (“City Savings Trust”) in 2007; and Salin Bancshares, Inc. in 2003, which formed Salin Statutory Trust I (“Salin Trust”). See Note 1 6 |
Basis of Reporting | Basis of Reporting |
Use of Estimates | Use of Estimates Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of other real estate owned, goodwill and intangible assets, mortgage servicing rights, other-than-temporary impairments and fair values of financial instruments. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Fair Value Measurements | Fair Value Measurements As defined in codification, fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants. It represents an exit price at the measurement date. Market participants are buyers and sellers, who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value. Horizon values its assets and liabilities in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market for the asset or liability (i.e., the market where the asset could be sold or the liability transferred at a price that maximizes the amount to be received for the asset or minimizes the amount to be paid to transfer the liability). In measuring the fair value of an asset, Horizon assumes the highest and best use of the asset by a market participant to maximize the value of the asset, and does not consider the intended use of the asset. When measuring the fair value of a liability, Horizon assumes that the nonperformance risk associated with the liability is the same before and after the transfer. Nonperformance risk is the risk that an obligation will not be satisfied and encompasses not only Horizon’s own credit risk (i.e., the risk that Horizon will fail to meet its obligation), but also other risks such as settlement risk. Horizon considers the effect of its own credit risk on the fair value for any period in which fair value is measured. There are three acceptable valuation techniques that can be used to measure fair value: the market approach, the income approach and the cost approach. Selection of the appropriate technique for valuing a particular asset or liability takes into consideration the exit market, the nature of the asset or liability being valued, and how a market participant would value the same asset or liability. Ultimately, determination of the appropriate valuation method requires significant judgment, and sufficient knowledge and expertise are required to apply the valuation techniques. Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability using one of the three valuation techniques. Inputs can be observable or unobservable. Observable inputs are those assumptions which market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from a source independent of Horizon. Unobservable inputs are assumptions based on Horizon’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy which gives the highest ranking to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for assets or liabilities classified as Level 2 are based on one or a combination of the following factors: (i) quoted prices for similar assets; (ii) observable inputs for the asset or liability, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company considers an input to be significant if it drives 10% or more of the total fair value of a particular asset or liability. Assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly or quarterly). Recurring valuation occurs at a minimum on the measurement date. Assets and liabilities are considered to be fair valued on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the balance sheet. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements which require assets or liabilities to be assessed for impairment or recorded at the lower of cost or fair value. The fair value of assets or liabilities transferred in or out of Level 3 is measured on the transfer date, with any additional changes in fair value subsequent to the transfer considered to be realized or unrealized gains or losses. |
Investment Securities Available for Sale | Investment Securities Available for Sale |
Investment Securities Held to Maturity | Investment Securities Held to Maturity |
Loans Held for Sale | Loans Held for Sale |
Interest and Fees on Loans | Interest and Fees on Loans |
Concentrations of Credit Risk | Concentrations of Credit Risk n cent ral s c |
Mortgage Warehouse Loans | Mortgage Warehouse Loans The transaction does not qualify as a sale under ASC 860, Transfers and Servicing and therefore is accounted for as a secured borrowing with pledge of collateral pursuant to the agreement with the mortgage company. When the individual loan is sold to the end investor by the mortgage company, the proceeds from the sale of the loan are received by Horizon and used to pay off the loan balance with Horizon along with any accrued interest and any related fees. The remaining balance from the sale is forwarded to the mortgage company. These individual loans typically are sold by the mortgage company within 30 days and are seldom held more than 90 days. Interest income is accrued during this period and collected at the time each loan is sold. Fee income for each loan sold is collected when the loan is sold and no costs are deferred due to the term between each loan funding and related payoff, which is typically less than 30 days. Based on the agreements with each mortgage company, at any time a mortgage company can reacquire from Horizon its outstanding loan balance on an individual mortgage and regain possession of the original note. Horizon also has the option to request that the mortgage company reacquire an individual mortgage. Should this occur, Horizon would return the original note and reassign the assignment of the mortgage to the mortgage company. Also, in the event that the end investor would not be able to honor the sales commitment and the mortgage company would not be able to reacquire its loan on an individual mortgage, Horizon would be able to exercise its rights under the agreement. |
Allowance for Loan Losses | Allowance for Loan Losses The general allowance is calculated by applying loss factors to pools of outstanding loans. Loss factors are based on historical loss experience and may be adjusted for significant factors that, in management’s judgment, affect the collectability of the portfolio as of the evaluation date. Specific allowances are established in cases where management has identified conditions or circumstances related to a credit that management believes indicate the probability that a loss will be incurred in excess of the amount determined by the application of the formula allowance. The qualitative allowance is based upon management’s evaluation of various conditions, the effects of which are not directly measured in the determination of the general and specific allowances. The evaluation of the inherent loss with respect to these conditions is subject to a higher degree of uncertainty because they are not identified with specific credits. The conditions evaluated in connection with the qualitative allowance may include factors such as local, regional and national economic conditions and forecasts, concentrations of credit and changes in the composition of the portfolio. |
Loan Impairment | Loan Impairment non-accrual charged-off Loans are considered impaired if the borrower does not exhibit the ability to pay or the full principal or interest payments are not expected or made in accordance with the original terms of the loan. Impaired loans are measured and carried at the lower of cost or the present value of expected future cash flows discounted at the loan’s effective interest rate, at the loan’s observable market price or at the fair value of the collateral if the loan is collateral dependent. Smaller balance homogenous loans are evaluated for impairment in the aggregate. Such loans include residential first mortgage loans secured by one to four family residences, residential construction loans and automobile, home equity and second mortgages. Commercial loans and mortgage loans secured by other properties are evaluated individually for impairment. |
Loans Acquired in Business Combinations | Loans Acquired in Business Combinations past-due 310-30) , including loan prepayment considerations, of the acquired loans. For purposes of applying FASB ASC 310-30, loans acquired in business combinations are aggregated into pools of loans with common risk characteristics. Acquired loans not accounted for under ASC 310-30 are accounted for under ASC 310-20, which allows the fair value adjustment to be accreted to income over the remaining life of the loans. The expected cash flows of the acquired loan pools in excess of the fair values recorded is referred to as the accretable yield and is recognized in interest income over the remaining estimated lives of the loan pools. The Company continues to evaluate the fair value of the loans including cash flows expected to be collected. Increases in the Company’s cash flow expectation are recognized as increases to the accretable yield while decreases are recognized as impairments through the allowance for loan losses. Performing loans acquired (FASB ASC 310-20) |
Premises and Equipment | Premises and Equipment |
Federal Reserve and Federal Home Loan Bank of Indianapolis (FHLBI) Stock | Federal Reserve and Federal Home Loan Bank of Indianapolis (FHLBI) Stock |
Mortgage Servicing Rights | Mortgage Servicing Rights 860-50), Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change, and may have an adverse impact on the value of the mortgage servicing right and may result in a reduction to noninterest income. Each class of separately recognized servicing assets subsequently measured using the amortization method are evaluated and measured for impairment. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the carrying amount of the servicing assets for that tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment after the initial measurement of impairment. Changes in valuation allowances are reported with mortgage servicing income net of impairment on the income statement. Fair value in excess of the carrying amount of servicing assets for that stratum is not recognized. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. |
Intangible Assets | Intangible Assets |
Bank Owned Life Insurance (BOLI) | Bank Owned Life Insurance (BOLI) |
Income Taxes | Income Taxes Income Taxes Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more- likely-than-not more-likely-than-not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiaries. |
Trust Assets and Income | Trust Assets and Income |
Transfer of Financial Assets | Transfer of Financial Assets |
Earnings per Common Share | Earnings per Common Share Years Ended December 31 2019 2018 2017 Basic earnings per share Net income $ 66,538 $ 53,117 $ 33,117 Weighted average common shares outstanding (1) 43,493,316 38,347,059 34,553,736 Basic earnings per share $ 1.53 $ 1.39 $ 0.96 Diluted earnings per share Net income available to common shareholders $ 66,538 $ 53,117 $ 33,117 Weighted average common shares outstanding (1) 43,493,316 38,347,059 34,553,736 Effect of dilutive securities: Restricted stock 23,006 36,185 46,981 Stock options 81,273 111,987 159,721 Weighted average common shares outstanding 43,597,595 38,495,231 34,760,438 $ 1.53 $ 1.38 $ 0.95 (1) Adjusted for 3:2 stock split on June 15, 2018 There were 120,341, 102,138 and zero shares for the twelve months ended December 31, 2019, 2018 and 2017, respectively, which were not included in the computation of diluted earnings per share because they were non-dilutive. On May 15, 2018, the Board of Directors of the Company approved a three-for-two three-for-two three-for-two On July 16, 2019, the Board of Directors of the Company authorized a stock repurchase program for up to 2,250,000 shares of Horizon’s issued and outstanding common stock, no par value. As of December 31, 2019, Horizon had repurchased a total of 99,407 shares at an average price per share of $16.04. |
Dividend Restrictions | Dividend Restrictions 2 |
Consolidated Statements of Cash Flows | Consolidated Statements of Cash Flows |
Comprehensive Income | Comprehensive Income |
Share-Based Compensation | Share-Based Compensation 3 12-month |
Derivatives | Derivative Financial Instruments non-interest non-interest |
Reclassifications | Reclassifications |
Recent Accounting Pronouncements | FASB ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The FASB has issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities 2016-01, FASB ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The FASB has issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income in this ASU is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. At December 31, 2017, the Company had approximately $766,000 stranded tax effects included in AOCI and reclassified to retained earnings at January 1, 2018. FASB ASU No. 2016-02, Leases (Topic 842) The FASB has issued ASU No. 2016-02, Leases (Topic 842). right-of-use As of January 1, 2019, the Company recorded a right-of-use FASB ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities The FASB has issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. not-for-profit • 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. 78 |
Revenue Recognition | Revenue Recognition “Revenue from Contracts with Customers” non-interest • Service charges and fees on deposit accounts – these include general service fees charged for deposit account maintenance and activity and transaction-based fees charged for certain services, such as debit card, wire transfer and overdraft activities. Revenue is recognized when the performance obligation is completed, which is generally after a transaction is completed or monthly for account maintenance services. • Fiduciary activities – this includes periodic fees due from trust and wealth management customers for managing the customers’ financial assets. Fees are charged based on a standard agreement and are recognized as they are earned. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Computation of Basic and Diluted Earnings Per Share | The following table shows computation of basic and diluted earnings per share Years Ended December 31 2019 2018 2017 Basic earnings per share Net income $ 66,538 $ 53,117 $ 33,117 Weighted average common shares outstanding (1) 43,493,316 38,347,059 34,553,736 Basic earnings per share $ 1.53 $ 1.39 $ 0.96 Diluted earnings per share Net income available to common shareholders $ 66,538 $ 53,117 $ 33,117 Weighted average common shares outstanding (1) 43,493,316 38,347,059 34,553,736 Effect of dilutive securities: Restricted stock 23,006 36,185 46,981 Stock options 81,273 111,987 159,721 Weighted average common shares outstanding 43,597,595 38,495,231 34,760,438 $ 1.53 $ 1.38 $ 0.95 (1) Adjusted for 3:2 stock split on June 15, 2018 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 estimates and assumptions that are subject to change, the final purchase price for the Salin acquisition is detailed in the following table. Assets Liabilities Cash and due from banks $ 152,745 Deposits Investment securities, available for sale 54,319 Non-interest $ 188,744 NOW accounts 207,567 Loans Savings and money market 274,504 Commercial 352,798 Certificates of deposit 70,529 Residential mortgage 131,008 Total deposits 741,344 Consumer 85,112 Total loans 568,918 Borrowings 70,495 Premises and equipment, net 20,425 Subordinated debentures 18,376 FRB and FHLB stock 3,571 Interest payable 826 Goodwill 31,358 Other liabilities 8,759 Core deposit intangible 19,818 Interest receivable 2,488 Other assets 112,880 Total liabilities assumed $ 839,800 Total assets purchased $ 966,522 Common shares issued $ 102,722 Cash paid 24,000 Total purchase price $ 126,722 |
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 $ 22,672 Contractual cash flows not expected to be collected (nonaccretable differences) 6,694 Expected cash flows at acquisition 15,978 Interest component of expected cash flows (accretable discount) 735 Fair value of acquired loans accounted for under ASC 310-30 $ 15,243 |
Pro Forma Result of Comparable Prior Reporting Period | The following schedule includes pro-forma Years Ended December 31 2019 2018 2017 Summary of Operations: Net Interest Income $ 168,693 $ 157,194 $ 153,376 Provision for Loan Losses 2,276 3,706 3,438 Net Interest Income after Provision for Loan Losses 166,417 153,488 149,938 Non-interest 43,472 39,918 42,456 Non-interest 134,446 124,944 138,752 Income before Income Taxes 75,443 68,462 53,642 Income Tax Expense 13,246 10,216 15,978 Net Income $ 62,197 $ 58,246 $ 37,664 Basic Earnings per Share $ 1.43 $ 1.52 $ 1.09 Diluted Earnings per Share $ 1.43 $ 1.51 $ 1.08 |
Wolverine 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 estimates and assumptions that are subject to change, the final purchase price for the Wolverine acquisition is allocated as follows: Assets Liabilities Cash and due from banks $ 44,450 Deposits Non-interest $ 25,221 Loans NOW accounts 8,026 Commercial 276,167 Savings and money market 129,044 Residential mortgage 30,603 Certificates of deposit 94,688 Consumer 3,897 Total deposits 256,979 Total loans 310,667 Premises and equipment, net 2,941 Borrowings 36,970 FRB and FHLB stock 2,700 Interest payable 214 Goodwill 26,827 Other liabilities 6,154 Core deposit intangible 2,024 Interest receivable 584 Other assets 3,897 Total assets purchased $ 394,090 Total liabilities assumed $ 300,317 Common shares issued $ 62,111 Cash paid 31,662 Total purchase price $ 93,773 |
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 $ 21,912 Contractual cash flows not expected to be collected (nonaccretable differences) 1,832 Expected cash flows at acquisition 20,080 Interest component of expected cash flows (accretable discount) 2,267 Fair value of acquired loans accounted for under ASC 310-30 $ 17,813 |
Lafayette Community Bancorp [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 Lafayette acquisition is detailed in the following table. Assets Liabilities Cash and due from banks $ 24,846 Deposits Investment securities, available for sale 6 Non-interest $ 34,990 NOW accounts 30,174 Loans Savings and money market 53,663 Commercial 116,258 Certificates of deposit 32,520 Residential mortgage 12,761 Total deposits 151,347 Consumer 5,280 Total loans 134,299 Premises and equipment, net 7,818 Interest payable 42 FHLB stock 395 Other liabilities 990 Goodwill 15,408 Core deposit intangible 2,085 Interest receivable 338 Other assets 1,649 Total assets purchased $ 186,844 Total liabilities assumed $ 152,379 Common shares issued $ 30,044 (1) Cash paid 4,421 Total purchase price $ 34,465 (1) This includes $955,000 of common shares previously held by Horizon. |
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 $ 6,128 Contractual cash flows not expected to be collected (nonaccretable differences) 1,326 Expected cash flows at acquisition 4,802 Interest component of expected cash flows (accretable discount) 933 Fair value of acquired loans accounted for under ASC 310-30 $ 3,869 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value of Securities | The fair value of securities is as follows: December 31, 2019 Amortized Gross Gross Fair Available for sale U.S. Treasury and federal agencies $ 1,415 $ — $ (2 ) $ 1,413 State and municipal 396,931 11,288 (2,451 ) 405,768 Federal agency collateralized mortgage obligations 267,272 2,543 (563 ) 269,252 Federal agency mortgage-backed pools 145,623 1,207 (258 ) 146,572 Corporate notes 10,848 923 — 11,771 Total available for sale investment securities $ 822,089 $ 15,961 $ (3,274 ) $ 834,776 Held to maturity State and municipal $ 190,767 $ 7,129 $ (54 ) $ 197,842 Federal agency collateralized mortgage obligations 4,560 13 (5 ) 4,568 Federal agency mortgage-backed pools 12,572 194 (29 ) 12,737 Total held to maturity investment securities $ 207,899 $ 7,336 $ (88 ) $ 215,147 December 31, 2018 Amortized Gross Gross Fair Available for sale U.S. Treasury and federal agencies $ 16,815 $ 1 $ (208 ) $ 16,608 State and municipal 210,386 1,495 (2,578 ) 209,303 Federal agency collateralized mortgage obligations 187,563 625 (3,185 ) 185,003 Federal agency mortgage-backed pools 183,479 80 (4,823 ) 178,736 Corporate notes 10,666 107 (75 ) 10,698 Total available for sale investment securities $ 608,909 $ 2,308 $ (10,869 ) $ 600,348 Held to maturity State and municipal $ 191,269 $ 1,773 $ (3,366 ) $ 189,676 Federal agency collateralized mortgage obligations 5,144 6 (120 ) 5,030 Federal agency mortgage-backed pools 13,699 74 (206 ) 13,567 Total held to maturity investment securities $ 210,112 $ 1,853 $ (3,692 ) $ 208,273 |
Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity | The amortized cost and fair value of securities available for sale and held-to-maturity December 31, 2019 December 31, 2018 Amortized Fair Amortized Fair Available for sale Within one year $ 37,386 $ 37,321 $ 20,532 $ 20,448 One to five years 41,230 41,293 42,476 41,705 Five to ten years 117,004 122,145 107,839 107,107 After ten years 213,574 218,193 67,020 67,349 409,194 418,952 237,867 236,609 Federal agency collateralized mortgage obligations 267,272 269,252 187,563 185,003 Federal agency mortgage-backed pools 145,623 146,572 183,479 178,736 Total available for sale investment securities $ 822,089 $ 834,776 $ 608,909 $ 600,348 Held to maturity Within one year $ 7,811 $ 7,874 $ 70 $ 70 One to five years 56,037 57,048 48,732 49,324 Five to ten years 94,756 98,480 101,809 101,533 After ten years 32,163 34,440 40,658 38,749 190,767 197,842 191,269 189,676 Federal agency collateralized mortgage obligations 4,560 4,568 5,144 5,030 Federal agency mortgage-backed pools 12,572 12,737 13,699 13,567 Total held to maturity investment securities $ 207,899 $ 215,147 $ 210,112 $ 208,273 |
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. December 31, 2019 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Investment Securities U.S. Treasury and federal agencies $ 1,413 $ (2 ) $ — $ — $ 1,413 $ (2 ) State and municipal 129,942 (2,374 ) 6,279 (131 ) 136,221 (2,505 ) Federal agency collateralized mortgage obligations 68,043 (308 ) 23,301 (260 ) 91,344 (568 ) Federal agency mortgage-backed pools 24,740 (104 ) 37,822 (183 ) 62,562 (287 ) Total temporarily impaired securities $ 224,138 $ (2,788 ) $ 67,402 $ (574 ) $ 291,540 $ (3,362 ) December 31, 2018 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Investment Securities U.S. Treasury and federal agencies $ — $ — $ 9,707 $ (208 ) $ 9,707 $ (208 ) State and municipal 75,163 (1,628 ) 106,335 (4,316 ) 181,498 (5,944 ) Federal agency collateralized mortgage obligations 6,450 (25 ) 106,257 (3,280 ) 112,707 (3,305 ) Federal agency mortgage-backed pools 5,739 (39 ) 175,865 (4,990 ) 181,604 (5,029 ) Corporate notes 5,263 (75 ) — — 5,263 (75 ) Total temporarily impaired securities $ 92,615 $ (1,767 ) $ 398,164 $ (12,794 ) $ 490,779 $ (14,561 ) |
Sales of Securities Available for Sale | Information regarding security proceeds, gross gains and gross losses are presented below. Years Ended December 31 2019 2018 2017 Sales of securities available for sale Proceeds $ 98,425 $ 38,519 $ 5,490 Gross gains 168 37 151 Gross losses (243 ) (480 ) (113 ) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Amounts of Loans | December 31 December 31 2019 2018 Commercial Working capital and equipment $ 938,317 $ 804,083 Real estate, including agriculture 978,891 834,037 Tax exempt 63,571 48,975 Other 65,872 34,495 Total 2,046,651 1,721,590 Real estate 1-4 762,571 659,754 Other 8,146 8,387 Total 770,717 668,141 Consumer Auto 362,729 327,413 Recreation 16,262 13,975 Real estate/home improvement 43,585 39,587 Home equity 237,979 163,209 Unsecured 7,286 4,043 Other 1,339 1,254 Total 669,180 549,481 Mortgage warehouse 150,293 74,120 Total loans 3,636,841 3,013,332 Allowance for loan losses (17,667 ) (17,820 ) Loans, net $ 3,619,174 $ 2,995,512 |
Recorded Investment of Individual Loan Categories | The following table shows the recorded investment of individual loan categories. December 31, 2019 Loan Interest Deferred (Fees) Recorded Owner occupied real estate $ 519,577 $ 784 $ (148 ) $ 520,213 Non-owner 973,331 1,752 (763 ) 974,320 Residential spec homes 12,925 15 (2 ) 12,938 Development & spec land 35,954 101 (14 ) 36,041 Commercial and industrial 505,859 4,600 (68 ) 510,391 Total commercial 2,047,646 7,252 (995 ) 2,053,903 Residential mortgage 751,019 2,245 12 753,276 Residential construction 19,686 40 — 19,726 Mortgage warehouse 150,293 242 — 150,535 Total real estate 920,998 2,527 12 923,537 Direct installment 41,079 148 678 41,905 Indirect installment 348,658 911 — 349,569 Home equity 276,215 1,304 2,550 280,069 Total consumer 665,952 2,363 3,228 671,543 Total loans 3,634,596 12,142 2,245 3,648,983 Allowance for loan losses (17,667 ) — — (17,667 ) Net loans $ 3,616,929 $ 12,142 $ 2,245 $ 3,631,316 December 31, 2018 Loan Interest Deferred (Fees) Recorded Owner occupied real estate $ 444,834 $ 931 $ (130 ) $ 445,635 Non-owner 852,855 1,436 (747 ) 853,544 Residential spec homes 5,195 13 — 5,208 Development & spec land 50,706 153 (15 ) 50,844 Commercial and industrial 368,962 3,063 (70 ) 371,955 Total commercial 1,722,552 5,596 (962 ) 1,727,186 Residential mortgage 644,094 1,861 17 645,972 Residential construction 24,030 42 — 24,072 Mortgage warehouse 74,120 132 — 74,252 Total real estate 742,244 2,035 17 744,296 Direct installment 35,103 108 593 35,804 Indirect installment 314,177 738 — 314,915 Home equity 197,494 968 2,114 200,576 Total consumer 546,774 1,814 2,707 551,295 Total loans 3,011,570 9,445 1,762 3,022,777 Allowance for loan losses (17,820 ) — — (17,820 ) Net loans $ 2,993,750 $ 9,445 $ 1,762 $ 3,004,957 |
Accounting for Certain Loans _2
Accounting for Certain Loans Acquired in a Transfer (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Carrying Amounts of Loans | The carrying amounts of those loans included in the balance sheet amounts of loans receivable are as follows: December 31, 2019 Commercial Real Estate Consumer Outstanding Allowance Carrying Heartland $ 197 $ 99 $ — $ 296 $ — $ 296 Summit 88 473 — 561 — 561 Peoples 229 35 — 264 — 264 Kosciusko 244 131 — 375 — 375 LaPorte 353 793 20 1,166 — 1,166 Lafayette 1,867 — — 1,867 — 1,867 Wolverine 2,289 — — 2,289 — 2,289 Salin 4,938 1,912 962 7,812 133 7,679 Total $ 10,205 $ 3,443 $ 982 $ 14,630 $ 133 $ 14,497 December 31, 2018 Commercial Real Estate Consumer Outstanding Allowance Carrying Heartland $ 232 $ 175 $ — $ 407 $ — $ 407 Summit 323 555 — 878 — 878 Peoples 270 58 — 328 — 328 Kosciusko 746 155 — 901 — 901 LaPorte 753 947 27 1,727 60 1,667 Lafayette 3,080 — — 3,080 — 3,080 Wolverine 7,841 — — 7,841 — 7,841 Total $ 13,245 $ 1,890 $ 27 $ 15,162 $ 60 $ 15,102 |
Accretable Yield or Income Expected to be Collected | Accretable yield, or income expected to be collected are as follows: Twelve Months Ended December 31, 2019 Beginning Additions Accretion Reclassification Disposals Ending Heartland $ 174 $ — $ (32 ) $ — $ — $ 142 Summit 42 — (9 ) — (11 ) 22 Kosciusko 300 — (63 ) — (2 ) 235 LaPorte 829 — (111 ) — 4 722 Lafayette 609 — (126 ) — (193 ) 290 Wolverine 698 — (272 ) — (306 ) 120 Salin — 2,002 (590 ) — (37 ) 1,375 Total $ 2,652 $ 2,002 $ (1,203 ) $ — $ (545 ) $ 2,906 Twelve Months Ended December 31, 2018 Beginning Additions Accretion Reclassification Disposals Ending Heartland $ 452 $ — $ (85 ) $ — $ (193 ) $ 174 Summit 147 — (54 ) — (51 ) 42 Kosciusko 386 — (78 ) — (8 ) 300 LaPorte 980 — (144 ) — (7 ) 829 Lafayette 933 — (275 ) — (49 ) 609 Wolverine 2,267 — (812 ) — (757 ) 698 Total $ 5,165 $ — $ (1,448 ) $ — $ (1,065 ) $ 2,652 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Loan Losses | The actual allowance for loan loss activity is provided below. Years Ended December 31 2019 2018 2017 Balance at beginning of the period $ 17,820 $ 16,394 $ 14,837 Loans charged-off: Commercial Owner occupied real estate 41 109 12 Non-owner 64 — 75 Residential spec homes 3 — — Development & spec land — — 1 Commercial and industrial 755 364 541 Total commercial 863 473 629 Real estate Residential mortgage 93 76 89 Residential construction — — — Mortgage warehouse — — — Total real estate 93 76 89 Consumer Direct installment 208 154 137 Indirect installment 1,785 1,673 1,193 Home equity 319 176 205 Total consumer 2,312 2,003 1,535 Total loans charged-off 3,268 2,552 2,253 Recoveries of loans previously charged-off: Commercial Owner occupied real estate — 55 8 Non-owner 15 33 32 Residential spec homes 5 8 8 Development & spec land — — — Commercial and industrial 179 80 250 Total commercial 199 176 298 Real estate Residential mortgage 46 27 44 Residential construction — — — Mortgage warehouse — — — Total real estate 46 27 44 Consumer Direct installment 97 53 501 Indirect installment 661 505 497 Home equity 136 311 — Total consumer 894 869 998 Total loan recoveries 1,139 1,072 1,340 Net loans charged-off 2,129 1,480 913 Provision charged to operating expense Commercial 2,165 1,699 2,164 Real estate (635 ) (487 ) (81 ) Consumer 446 1,694 387 Total provision charged to operating expense 1,976 2,906 2,470 Balance at the end of the period $ 17,667 $ 17,820 $ 16,394 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment analysis: December 31, 2019 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 541 $ — $ — $ — $ 541 Collectively evaluated for impairment 11,455 923 1,077 3,671 17,126 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 11,996 $ 923 $ 1,077 $ 3,671 $ 17,667 Loans: Individually evaluated for impairment $ 7,347 $ — $ — $ — $ 7,347 Collectively evaluated for impairment 2,040,299 770,705 150,293 665,952 3,627,249 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 2,047,646 $ 770,705 $ 150,293 $ 665,952 $ 3,634,596 December 31, 2018 Commercial Real Estate Mortgage Consumer Total Allowance For Loan Losses Ending allowance balance attributable to loans: Individually evaluated for impairment $ 1,035 $ — $ — $ — $ 1,035 Collectively evaluated for impairment 9,460 1,676 1,006 4,643 16,785 Loans acquired with deteriorated credit quality — — — — — Total ending allowance balance $ 10,495 $ 1,676 $ 1,006 $ 4,643 $ 17,820 Loans: Individually evaluated for impairment $ 6,696 $ — $ — $ — $ 6,696 Collectively evaluated for impairment 1,715,856 668,124 74,120 546,774 3,004,874 Loans acquired with deteriorated credit quality — — — — — Total ending loans balance $ 1,722,552 $ 668,124 $ 74,120 $ 546,774 $ 3,011,570 |
Non-performing Assets and Imp_2
Non-performing Assets and Impaired Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Non-accrual, Loans Past Due Over 90 Days Still on Accrual, and Troubled Debt Restructured ("TDRs") by Class of Loans | The following table presents the nonaccrual, loans past due over 90 days still on accrual, and troubled debt restructured (“TDRs”) by class of loans: December 31, 2019 Non-accrual Loans Past Non-peforming Performing Total Non-performing Commercial Owner occupied real estate $ 2,424 $ — $ 629 $ 139 $ 3,192 Non-owner 682 — 374 — 1,056 Residential spec homes — — — — — Development & spec land 73 — — — 73 Commercial and industrial 1,603 — 78 1,345 3,026 Total commercial 4,782 — 1,081 1,484 7,347 Real estate Residential mortgage 7,614 1 708 1,561 9,884 Residential construction — — — — — Mortgage warehouse — — — — — Total real estate 7,614 1 708 1,561 9,884 Consumer Direct installment 30 5 — — 35 Indirect installment 1,234 135 — — 1,369 Home equity 2,019 5 217 309 2,550 Total consumer 3,283 145 217 309 3,954 Total $ 15,679 $ 146 $ 2,006 $ 3,354 $ 21,185 December 31, 2018 Non-accrual Loans Past Non-peforming Performing Total Non-performing Commercial Owner occupied real estate $ 3,531 $ 208 $ — $ 109 $ 3,848 Non-owner 554 — 492 — 1,046 Residential spec homes — — — — — Development & spec land 68 — — — 68 Commercial and industrial 1,941 — — — 1,941 Total commercial 6,094 208 492 109 6,903 Real estate Residential mortgage 2,846 180 423 1,558 5,007 Residential construction — — — — — Mortgage warehouse — — — — — Total real estate 2,846 180 423 1,558 5,007 Consumer Direct installment 35 — — — 35 Indirect installment 916 173 — — 1,089 Home equity 1,657 7 142 335 2,141 Total consumer 2,608 180 142 335 3,265 Total $ 11,548 $ 568 $ 1,057 $ 2,002 $ 15,175 |
Commercial Loans Individually Evaluated for Impairment by Class of Loans | The following table presents commercial loans individually evaluated for impairment by class of loans: December 31, 2019 Twelve Months Ended Unpaid Recorded Allowance for Loan Loss Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 3,192 $ 3,193 $ — $ 3,608 $ 246 Non-owner 937 937 — 2,810 98 Residential spec homes — — — — — Development & spec land 73 73 — 158 — Commercial and industrial 1,859 1,861 — 2,464 100 Total commercial 6,061 6,064 — 9,040 444 With an allowance recorded Commercial Owner occupied real estate — — — — — Non-owner 119 119 25 130 — Residential spec homes — — — — — Development & spec land — — — — — Commercial and industrial 1,167 1,168 516 1,225 46 Total commercial 1,286 1,287 541 1,355 46 Total $ 7,347 $ 7,351 $ 541 $ 10,395 $ 490 December 31, 2018 Twelve Months Ended Unpaid Recorded Allowance for Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 2,814 $ 2,815 $ — $ 3,168 $ 77 Non-owner 860 860 — 1,096 12 Residential spec homes — — — — — Development & spec land 68 68 — 71 — Commercial and industrial 1,226 1,226 — 1,119 21 Total commercial 4,968 4,969 — 5,454 110 With an allowance recorded Commercial Owner occupied real estate 827 827 145 864 — Non-owner 186 186 30 180 4 Residential spec homes — — — — — Development & spec land — — — — — Commercial and industrial 715 715 860 870 14 Total commercial 1,728 1,728 1,035 1,914 18 Total $ 6,696 $ 6,697 $ 1,035 $ 7,368 $ 128 December 31, 2017 Twelve Months Ended Unpaid Recorded Allowance for Average Cash/Accrual With no recorded allowance Commercial Owner occupied real estate $ 1,255 $ 1,270 $ — $ 1,168 $ 4 Non-owner 3,123 3,139 — 850 7 Residential spec homes — — — — — Development & spec land 176 176 — 233 4 Commercial and industrial 1,656 1,656 — 1,445 25 Total commercial 6,210 6,241 — 3,696 40 With an allowance recorded Commercial Owner occupied real estate 704 704 78 59 33 Non-owner 227 227 106 19 13 Residential spec homes — — — — — Development & spec land — — — — — Commercial and industrial — — — — — Total commercial 931 931 184 78 46 Total $ 7,141 $ 7,172 $ 184 $ 3,774 $ 86 |
Payment Status by Class of Loan | The following table presents the payment status by class of loans: December 31, 2019 Current 30-59 60-89 90 Days or Non-accrual Non-peforming Total Past Due Non-accrual Total Commercial Owner occupied real estate $ 515,604 $ 920 $ — $ — $ 3,053 $ 3,973 $ 519,577 Non-owner 972,195 80 — — 1,056 1,136 973,331 Residential spec homes 12,925 — — — — — 12,925 Development & spec land 35,881 — — — 73 73 35,954 Commercial and industrial 503,348 819 11 — 1,681 2,511 505,859 Total commercial 2,039,953 1,819 11 — 5,863 7,693 2,047,646 Real estate Residential mortgage 740,712 1,984 — 1 8,322 10,307 751,019 Residential construction 19,686 — — — — — 19,686 Mortgage warehouse 150,293 — — — — — 150,293 Total real estate 910,691 1,984 — 1 8,322 10,307 920,998 Consumer Direct installment 40,864 175 5 5 30 215 41,079 Indirect installment 344,478 2,407 404 135 1,234 4,180 348,658 Home equity 273,050 904 20 5 2,236 3,165 276,215 Total consumer 658,392 3,486 429 145 3,500 7,560 665,952 Total $ 3,609,036 $ 7,289 $ 440 $ 146 $ 17,685 $ 25,560 $ 3,634,596 Percentage of total loans 99.30 % 0.20 % 0.01 % 0.00 % 0.49 % 0.70 % 100.00 % December 31, 2018 Current 30-59 60-89 90 Days or Non-accrual Non-peforming Total Past Due Non-accrual Total Commercial Owner occupied real estate $ 439,542 $ 537 $ 1,016 $ 208 $ 3,531 $ 5,292 $ 444,834 Non-owner 851,587 203 19 — 1,046 1,268 852,855 Residential spec homes 4,703 492 — — — 492 5,195 Development & spec land 50,638 — — — 68 68 50,706 Commercial and industrial 365,817 487 717 — 1,941 3,145 368,962 Total commercial 1,712,287 1,719 1,752 208 6,586 10,265 1,722,552 Real estate Residential mortgage 639,458 1,131 56 180 3,269 4,636 644,094 Residential construction 24,030 — — — — — 24,030 Mortgage warehouse 74,120 — — — — — 74,120 Total real estate 737,608 1,131 56 180 3,269 4,636 742,244 Consumer Direct installment 34,957 93 18 — 35 146 35,103 Indirect installment 311,494 1,396 198 173 916 2,683 314,177 Home equity 194,890 761 37 7 1,799 2,604 197,494 Total consumer 541,341 2,250 253 180 2,750 5,433 546,774 Total $ 2,991,236 $ 5,100 $ 2,061 $ 568 $ 12,605 $ 20,334 $ 3,011,570 Percentage of total loans 99.32 % 0.17 % 0.07 % 0.02 % 0.42 % 0.68 % 100.00 % |
Loans by Credit Grades | The following table presents loans by credit grades. December 31, 2019 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 492,386 $ 8,328 $ 18,863 $ — $ 519,577 Non-owner 957,990 7,824 7,517 — 973,331 Residential spec homes 12,925 — — — 12,925 Development & spec land 35,815 — 139 — 35,954 Commercial and industrial 468,893 18,652 18,314 — 505,859 Total commercial 1,968,009 34,804 44,833 — 2,047,646 Real estate Residential mortgage 741,136 — 9,883 — 751,019 Residential construction 19,686 — — — 19,686 Mortgage warehouse 150,293 — — — 150,293 Total real estate 911,115 — 9,883 — 920,998 Consumer Direct installment 41,044 — 35 — 41,079 Indirect installment 347,289 — 1,369 — 348,658 Home equity 273,665 — 2,550 — 276,215 Total consumer 661,998 — 3,954 — 665,952 Total $ 3,541,122 $ 34,804 $ 58,670 $ — $ 3,634,596 Percentage of total loans 97.43 % 0.96 % 1.61 % 0.00 % 100.00 % December 31, 2018 Pass Special Substandard Doubtful Total Commercial Owner occupied real estate $ 426,887 $ 3,664 $ 14,283 $ — $ 444,834 Non-owner 834,582 9,682 8,591 — 852,855 Residential spec homes 5,195 — — — 5,195 Development & spec land 47,523 3,115 68 — 50,706 Commercial and industrial 354,630 6,591 7,741 — 368,962 Total commercial 1,668,817 23,052 30,683 — 1,722,552 Real estate Residential mortgage 639,267 — 4,827 — 644,094 Residential construction 24,030 — — — 24,030 Mortgage warehouse 74,120 — — — 74,120 Total real estate 737,417 — 4,827 — 742,244 Consumer Direct installment 35,068 — 35 — 35,103 Indirect installment 313,088 — 1,089 — 314,177 Home equity 195,353 — 2,141 — 197,494 Total consumer 543,509 — 3,265 — 546,774 Total $ 2,949,743 $ 23,052 $ 38,775 $ — $ 3,011,570 Percentage of total loans 97.95 % 0.76 % 1.29 % 0.00 % 100.00 % |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | December 31 December 31 2019 2018 Land $ 27,292 $ 21,604 Buildings and improvements 83,669 69,590 Furniture and equipment 27,482 24,596 Total cost 138,443 115,790 Accumulated depreciation (46,234 ) (41,459 ) Net premises and equipment $ 92,209 $ 74,331 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Originated Mortgage Servicing Rights | December 31 December 31 December 31 2019 2018 2017 Mortgage servicing rights Balances, January 1 $ 12,876 $ 12,189 $ 11,681 Servicing rights capitalized 3,547 1,883 2,109 Amortization of servicing rights (1,377 ) (1,196 ) (1,601 ) Balances, December 31 15,046 12,876 12,189 Impairment allowance Balances, January 1 (527 ) (587 ) (507 ) Additions (234 ) (78 ) (85 ) Reductions 42 138 5 Balances, December 31 (719 ) (527 ) (587 ) Mortgage servicing rights, net $ 14,327 $ 12,349 $ 11,602 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | For additional details related to impairment testing, see the “Goodwill and Intangible Assets” section of “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Item 7 of this Annual Report on Form 10K. December 31 December 31 2019 2018 Balance, January 1 $ 119,880 $ 119,880 Goodwill acquired 31,358 — Balance, December 31 $ 151,238 $ 119,880 |
Amortizable Intangible Assets | Amortizable intangible assets are summarized as follows: December 31, 2019 December 31, 2018 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets Core deposit intangible $ 40,590 $ (13,911 ) $ 20,711 $ (10,321 ) |
Estimated Amortization | Estimated amortization for the years ending December 31 is as follows 2020 $ 3,723 2021 3,591 2022 3,516 2023 3,430 2024 3,225 Thereafter 9,194 $ 26,679 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule Of Future Minimum Rental Payments For Operating Leases | Future minimum operating lease payments under non-cancellable Year Amount 2020 $ 476 2021 476 2022 504 2023 504 2024 and thereafter 1,105 Total lease payments $ 3,065 Less: Interest (51 ) Present value of lease liabilities $ 3,014 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | December 31 December 31 2019 2018 Noninterest-bearing demand deposits $ 709,760 $ 642,129 Interest-bearing demand deposits 1,159,296 864,026 Money market (variable rate) 522,382 420,123 Savings deposits 563,952 400,187 Certificates of deposit of $250,000 or more 461,435 371,824 Other certificates and time deposits 514,177 441,087 Total deposits $ 3,931,002 $ 3,139,376 |
Certificates and Other Time Deposits for Both Retail and Brokered | Certificates and other time deposits for both re t Retail Brokered Total 2020 $ 722,672 $ 24,350 $ 747,022 2021 102,449 20,508 122,957 2022 32,925 15,256 48,181 2023 16,527 16,648 33,175 2024 22,995 — 22,995 Thereafter 1,282 — 1,282 $ 898,850 $ 76,762 $ 975,612 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | December 31 December 31 2019 2018 Federal Home Loan Bank advances, variable and fixed rates ranging from 0.68% to 7.53%, due at various dates through August 20, 2029 $ 390,800 $ 356,579 Securities sold under agreements to repurchase 90,941 52,116 Federal funds purchased 68,000 141,689 Total borrowings $ 549,741 $ 550,384 |
Contractual Maturities | Contractual maturities in years ending December 31 are as follows: 2020 $ 276,970 2021 15,102 2022 52,222 2023 183 2024 80,116 Thereafter 125,148 $ 549,741 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Repurchase Agreements Accounted as Secured Borrowings | The following table shows repurchase agreements accounted for as secured borrowings: December 31, 2019 Remaining Contractual Maturity of the Agreements Overnight Up to one One to three Three to five Five to ten Beyond ten Total Repurchase Agreements and Repurchase Agreements $ 90,941 $ — $ — $ — $ — $ — $ 90,941 Securities pledged for Federal agency collateralized $ 35,537 $ — $ — $ — $ — $ — $ 35,537 Federal agency 71,234 — — — — — 71,234 Total $ 106,771 $ — $ — $ — $ — $ — $ 106,771 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Income Taxes | December 31 December 31 December 31 2019 2018 2017 Income tax expense Currently payable Federal $ 11,143 $ 9,166 $ 12,079 State 140 — — Deferred Federal 1,787 1,277 331 State 233 — — Revaluation of deferred tax assets — — 2,426 Total income tax expense $ 13,303 $ 10,443 $ 14,836 Reconciliation of federal statutory to actual tax expense Federal statutory income tax at 21% in 201 9 2 018 35% in 2017 $ 16,767 $ 13,348 $ 16,783 Tax exempt interest (2,977 ) (1,982 ) (2,699 ) Tax exempt income (587 ) (448 ) (638 ) Stock compensation (324 ) (384 ) (546 ) Revaluation of deferred tax assets — — 2,426 Other tax exempt income (313 ) (260 ) (456 ) State tax 295 — — Nondeductible and other 442 169 (34 ) Actual tax expense $ 13,303 $ 10,443 $ 14,836 |
Reconciliation of Deferred Tax Assets & Liabilities | December 31 December 31 2019 2018 Assets Allowance for loan losses $ 4,120 $ 3,831 Net operating loss and tax credits (from acquisitions) 54 1,038 Director and employee benefits 1,890 2,392 Unrealized loss on AFS securities and fair value hedge — 2,165 Accrued pension 775 801 Fair value adjustment on acquisitions — — Other 2,145 670 Total assets 8,984 10,897 Liabilities Depreciation (4,456 ) (1,850 ) State tax (10 ) (137 ) Federal Home Loan Bank stock dividends (368 ) (330 ) Difference in basis of intangible assets (3,427 ) (2,919 ) Fair value adjustment on acquisitions (2,488 ) (62 ) Unrealized gain on AFS securities and fair value hedge (1,710 ) — Other (63 ) (119 ) Total liabilities (12,522 ) (5,417 ) Valuation allowance — (1,038 ) Net deferred tax asset/(liability) $ (3,538 ) $ 4,442 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss included in capital are as follows: December 31 December 31 2019 2018 Unrealized gain (loss) on securities available for sale $ 12,687 $ (8,561 ) Unamortized gain (loss) on securities held to maturity, previously transferred from AFS (107 ) 10 Unrealized loss on derivative instruments (4,440 ) (1,760 ) Tax effect (1,708 ) 2,167 Total accumulated other comprehensive income (loss) $ 6,432 $ (8,144 ) |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Summary of Regulatory Capital Requirement | There is no threshold for well-capitalized status for bank holding companies. Horizon and the Bank’s actual and required capital ratios as of December 31, 2019 and 2018 were as follows: Actual Required for Capital 1 Required For Capital 1 Well Capitalized Under 1 Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2019 Total capital 1 Consolidated $ 548,364 13.95 % $ 314,395 8.00 % $ 412,644 10.50 % N/A N/A Bank 497,227 12.65 % 314,452 8.00 % 412,718 10.50 % $ 393,065 10.00 % Tier 1 capital 1 Consolidated 530,643 13.50 % 235,796 6.00 % 334,044 8.50 % N/A N/A Bank 479,506 12.20 % 235,823 6.00 % 334,082 8.50 % 314,430 8.00 % Common equity tier 1 capital 1 Consolidated 473,150 12.04 % 176,846 4.50 % 275,094 7.00 % N/A N/A Bank 479,506 12.20 % 176,867 4.50 % 275,126 7.00 % 255,475 6.50 % Tier 1 capital 1 Consolidated 530,643 10.50 % 202,111 4.00 % 202,111 4.00 % N/A N/A Bank 479,506 9.49 % 202,110 4.00 % 202,110 4.00 % 252,638 5.00 % December 31, 2018 Total capital 1 Consolidated $ 427,616 13.39 % $ 255,419 8.00 % $ 315,283 9.875 % N/A N/A Bank 396,755 12.43 % 255,419 8.00 % 315,283 9.875 % $ 319,274 10.00 % Tier 1 capital 1 Consolidated 409,760 12.83 % 191,565 6.00 % 251,429 7.875 % N/A N/A Bank 378,899 11.87 % 191,565 6.00 % 251,429 7.875 % 255,420 8.00 % Common equity tier 1 capital 1 Consolidated 371,297 11.63 % 143,673 4.50 % 203,537 6.375 % N/A N/A Bank 378,899 11.87 % 143,674 4.50 % 203,537 6.375 % 207,528 6.50 % Tier 1 capital 1 Consolidated 409,760 10.12 % 162,033 4.00 % 162,033 4.000 % N/A N/A Bank 378,899 9.34 % 162,327 4.00 % 162,327 4.000 % 202,908 5.00 % |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value of Options Granted | The fair value of options granted is estimated on the date of the grant using an option-pricing model with the following weighted-average assumptions: Years Ended December 31 2019 2018 2017 Dividend yields 2.39 % 1.99 % 1.75 % Volatility factors of expected market price of common stock 28.67 % 28.60 % 28.52 % Risk-free interest rates 2.61 % 2.85 % 2.42 % Expected life of options 8 years 8 years 8 years |
Summary of Status of Non-vested, Restricted and Performance Shares | A summary of the status of Horizon’s non-vested Shares Weighted Non-vested, 176,538 $ 16.90 Vested (43,358 ) 11.17 Granted 84,526 16.74 Forfeited (4,137 ) 18.23 Non-vested, 213,569 17.97 |
Stock Options 2003 Plan [Member] | |
Summary of Option Activity under 2003 Plan | A summary of option activity under the 2003 Plan as of December 31, 2019, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 21,300 $ 5.03 Granted — — Exercised (8,625 ) 4.45 Forfeited — — Outstanding, end of year 12,675 5.42 1.04 $ 172,096 Exercisable, end of year 12,675 5.42 1.04 172,096 |
Stock Options 2013 Plan [Member] | |
Summary of Option Activity under 2003 Plan | A summary of option activity under the 2013 Plan as of December 31, 2019, and changes during the year then ended, is presented below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 307,317 $ 12.28 Granted 35,966 16.74 Exercised (24,256 ) 9.75 Forfeited (2,250 ) 10.38 Outstanding, end of year 316,777 12.99 6.37 $ 1,822,924 Exercisable, end of year 242,814 11.58 5.74 1,802,010 The weighted average grant-date fair value of options granted during the years 2019, 2018 and 2017 was $4.44, $5.54 and $4.83. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Financial Instruments | The following tables summarize the fair value of derivative financial instruments utilized by Horizon: Asset Derivatives Liability Derivatives December 31, 2019 December 31, 2019 Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments Interest rate contracts Other a $ 11,422 Other liabilities $ 15,861 Total derivatives desginated as hedging instruments 11,422 15,861 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 264 Other liabilities 38 Total derivatives not designated as hedging instruments 264 38 Total derivatives $ 11,686 $ 3,745 Asset Derivatives Liability Derivatives December 31, 2018 December 31, 2018 Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments Interest rate contracts Other a $ 42 Other liabilities $ 1,802 Total derivatives desginated as hedging instruments 42 1,802 Derivatives not designated as hedging instruments Mortgage loan contracts Other assets 135 Other liabilities — Total derivatives not designated as hedging instruments 135 — Total derivatives $ 177 $ 1,802 |
Effect of Derivative Instruments on Condensed Consolidated Statement of Income Derivative in Cash Flow Hedging Relationship | The effect of the derivative instruments on the consolidated statement of income for the 12-month Amount of (Gain) Loss Recognized in Other Comprehensive Years Ended December 31 2019 2018 2017 Derivatives in cash flow hedging relationship Interest rate contracts $ (2,117 ) $ (25 ) $ 913 |
Effect of Derivative Instruments on Consolidated Statement of Income Derivative in Fair Value Hedging Relationship | Location of gain (loss) Amount of Gain (Loss) Recognized on Derivative Years Ended December 31 derivative 2019 2018 2017 Derivative in fair value hedging relationship Interest rate contracts Interest income - $ (11,380 ) $ (852 ) $ (817 ) Interest rate contracts Interest 11,380 852 817 Total $ — $ — $ — Location of gain (loss) Amount of Gain (Loss) Recognized on Derivative Years Ended December 31 derivative 2019 2018 2017 Derivative not designated as hedging relationship Mortgage contracts Other income - gain on sale of loans $ 91 $ (5 ) $ (439 ) |
Disclosures about fair value _2
Disclosures about fair value of assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis | The following table presents the fair value measurements of assets and liabilities recognized in the accompanying financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following: December 31, 2019 Fair Value Quoted Prices in Significant Significant Available for sale securities U.S. Treasury and federal agencies $ 1,413 $ — $ 1,413 $ — State and municipal 405,768 — 405,768 — Federal agency collateralized mortgage obligations 269,252 — 269,252 — Federal agency mortgage-backed pools 146,572 — 146,572 — Corporate notes 11,771 — 11,771 — Total available for sale securities 834,776 — 834,776 — Interest rate swap agreements asset 11,422 — 11,422 — Forward sale commitments 264 — 264 — Interest rate swap agreements liability (15,861 ) — (15,861 ) — Commitments to originate loans (38 ) — (38 ) — December 31, 2018 Fair Value Quoted Prices in Significant Significant Available for sale securities U.S. Treasury and federal agencies $ 16,608 $ — $ 16,608 $ — State and municipal 209,303 — 209,303 — Federal agency collateralized mortgage obligations 185,003 — 185,003 — Federal agency mortgage-backed pools 178,736 — 178,736 — Corporate notes 10,698 — 10,698 — Total available for sale securities 600,348 — 600,348 — Interest rate swap agreements asset 42 — 42 — Forward sale commitments 135 — 135 — Interest rate swap agreements liability (1,801 ) — (1,801 ) — Commitments to originate loans — — — — |
Realized Gains and Losses Included in Net Income for Periods in Consolidated Statements of Income | Realized gains and losses included in net inc o Years Ended December 31 Non-interest 2019 2018 2017 Total gains and losses from: Hedged loans $ (11,380 ) $ (852 ) $ (817 ) Fair value interest rate swap agreements 11,380 852 817 Derivative loan commitments 91 (5 ) (439 ) $ 91 $ (5 ) $ (439 ) |
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 Quoted Prices in Significant Significant December 31, 2019 Impaired loans $ 6,806 $ — $ — $ 6,806 Mortgage servicing rights 14,327 — — 14,327 December 31, 2018 Impaired loans $ 5,661 $ — $ — $ 5,661 Mortgage servicing rights 12,349 — — 12,349 |
Qualitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill | The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2019 and 2018. December 31, 2019 Fair Valuation Unobservable Range Value Technique Inputs (Weighted Average) Impaired loans $ 6,806 Collateral based measurement Discount to reflect current market 0%-100% Mortgage servicing rights 14,327 Discounted cash flows Discount rate, 8.7%-9.0% 10.2%-19.8% ( %), 0.1%-2.9% December 31, 2018 Fair Valuation Unobservable Range Value Technique Inputs (Weighted Average) Impaired loans $ 5,661 Collateral based measurement Discount to reflect current market 0%-100% Mortgage servicing rights 12,349 Discounted cash flows Discount rate, 10.2%-11.0% ( 9.1%-21.9% 0.1%-2.8% |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Estimated Fair Values of Financial Instruments | The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall. December 31, 2019 Carrying Quoted Prices in Significant Significant Assets Cash and due from banks $ 98,831 $ 98,831 $ — $ — Interest-earning time deposits 8,455 — 8,537 — Investment securities, held to maturity 207,899 — 215,147 — Loans held for sale 4,088 — — 4,088 Loans (excluding loan level hedges), net 3,619,174 — — 3,554,951 Stock in FHLB 22,447 — 22,447 — Interest receivable 18,828 — 18,828 — Liabilities Non-interest $ 709,760 $ 709,760 $ — $ — Interest bearing deposits 3,221,242 — 3,180,768 — Borrowings 549,741 — 546,995 — Subordinated debentures 56,311 — 51,809 — Interest payable 3,062 — 3,062 — December 31, 2018 Carrying Quoted Prices in Significant Significant Assets Cash and due from banks $ 58,492 $ 58,492 $ — $ — Interest-earning time deposits 15,744 — 15,542 — Investment securities, held to maturity 210,112 — 208,273 — Loans held for sale 1,038 — — 1,038 Loans (excluding loan level hedges), net 2,786,351 — — 2,681,741 Stock in FHLB 18,073 — 18,073 — Interest receivable 14,239 — 14,239 — Liabilities Non-interest $ 642,129 $ 642,129 $ — $ — Interest bearing deposits 2,497,247 — 2,377,274 — Borrowings 550,384 — 542,311 — Subordinated debentures 37,837 — 35,711 — Interest payable 2,031 — 2,031 — |
Condensed Financial Informati_2
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Presented below is condensed financial information as to financial position, results of operations and cash flows of Horizon Bancorp, Inc.: Condensed Balance Sheets December 31 December 31 2019 2018 Assets Total cash and cash equivalents $ 50,961 $ 30,653 Investment in subsidiaries 666,639 502,844 Other assets 3,882 1,186 Total assets $ 721,482 $ 534,683 Liabilities Subordinated debentures $ 56,311 $ 37,837 Other liabilities 9,148 4,854 Stockholders’ Equity 656,023 491,992 Total liabilities and stockholders’ equity $ 721,482 $ 534,683 |
Condensed Statements of Income | Condensed Statements of Income Years Ended December 31 2019 2018 2017 Operating Income (Expense) Dividend income from subsidiaries $ 46,150 $ 46,950 $ 27,000 Other income — — 540 Interest expense (3,209 ) (2,475 ) (2,791 ) Employee benefit expense (1,687 ) (1,423 ) (1,094 ) Other expense (416 ) (357 ) (326 ) Income Before Undistributed Income of Subsidiaries 40,838 42,695 23,329 Undistributed Income of Subsidiaries 25,053 9,643 8,804 Income Before Tax 65,891 52,338 32,133 Income Tax Benefit 647 779 984 Net Income Available to Common Shareholders $ 66,538 $ 53,117 $ 33,117 |
Condensed Statements of Comprehensive Income | Condensed Statements of Comprehensive Income Years Ended December 31 2019 2018 2017 Net Income $ 66,538 $ 53,117 $ 33,117 Other Comprehensive Income (Loss) Change in fair value of derivative instruments, net of taxes (2,117 ) (25 ) 913 Unrealized appreciation for the period on held to maturity securities, net of taxes (92 ) (150 ) (166 ) Unrealized appreciation (depreciation) on available for sale securities, net of taxes 16,727 (4,003 ) 1,371 Less: reclassification adjustment for realized (gains) losses included in net income, net of 59 351 (25 ) 14,576 (3,827 ) 2,093 Comprehensive Income $ 81,114 $ 49,290 $ 35,210 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31 2019 2018 2017 Operating Activities Net income $ 66,538 $ 53,117 $ 33,117 Items not requiring (providing) cash Equity in undistributed net income of subsidiaries (25,053 ) (9,643 ) (8,804 ) Change in: Share based compensation 215 251 325 Amortization of unearned compensation 705 169 135 Other assets (5,449 ) 132 388 Other liabilities 1,629 378 (1,675 ) Net cash provided by operating activities 38,585 44,404 23,486 Investing Activities Repurchase of outstanding stock (1,595 ) — — Acquisition of Lafayette — — (1,254 ) Acquisition of Wolverine — — (7,688 ) Acquisition of Salin 2,350 — — Net cash used in investing activities 755 — (8,942 ) Financing Activities Net change in borrowings 98 (12,316 ) (6,803 ) Dividends paid on common shares (20,835 ) (15,418 ) (11,720 ) Proceeds from issuance of stock 1,705 622 1,604 Net cash used in financing activities (19,032 ) (27,112 ) (16,919 ) Net Change in Cash and Cash Equivalents 20,308 17,292 (2,375 ) Cash and Cash Equivalents at Beginning of Year 30,653 13,361 15,736 Cash and Cash Equivalents at End of Year $ 50,961 $ 30,653 $ 13,361 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Consolidated Results of Operations | The following is a summary of the quarterly consolidated results of operations: Three Months Ended March 31 June 30 September 30 December 31 2019 2019 2019 2019 Interest income $ 45,373 $ 53,850 $ 55,711 $ 53,398 Interest expense 11,093 12,321 12,248 11,879 Net interest income 34,280 41,529 43,463 41,519 Provision for loan losses 364 896 376 340 Gain (loss) on sale of securities 15 (100 ) — 10 Net income $ 10,816 $ 16,642 $ 20,537 $ 18,543 Earnings per share: Basic $ 0.28 $ 0.37 $ 0.46 $ 0.41 Diluted 0.28 0.37 0.46 0.41 Average shares outstanding: Basic 38,822,543 45,055,117 45,038,021 44,971,676 Diluted 38,906,172 45,130,408 45,113,730 45,103,065 Three Months Ended March 31 June 30 September 30 December 31 2018 2018 2018 2018 Interest income $ 39,426 $ 40,741 $ 42,271 $ 43,730 Interest expense 6,015 7,191 8,499 9,894 Net interest income 33,411 33,550 33,772 33,836 Provision for loan losses 567 635 1,176 528 Gain (loss) on sale of securities 11 — (122 ) (332 ) Net income $ 12,804 $ 14,115 $ 13,065 $ 13,133 Earnings per share: Basic $ 0.33 $ 0.37 $ 0.34 $ 0.35 Diluted 0.33 0.37 0.34 0.34 Average shares outstanding: Basic 38,306,395 38,347,612 38,365,379 38,367,972 Diluted 38,468,810 38,519,401 38,534,970 38,488,861 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2019USD ($)Facilities$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Jul. 16, 2019shares | Mar. 26, 2019USD ($) | Jan. 01, 2019USD ($) | |
Schedule Of Accounting Policies [Line Items] | ||||||
Full service facilities maintained by bank | Facilities | 74 | |||||
Accrual of interest discontinued description | principal or interest is past due 90 days or more, and the loan is not well secured or in the process of collection, or when serious doubt exists as to the collectability of a loan, the accrual of interest is discontinued. | |||||
Commercial loans as a percentage of total loan | 56.00% | |||||
Residential real estate loans as a percentage of total loan | 21.00% | |||||
Installment loans as a percentage of total loan | 19.00% | |||||
Mortgage warehouse loans as a percentage of total loan | 4.00% | |||||
Period in which loan sold by mortgage company | 30 days | |||||
Minimum period loan held by mortgage company | 90 days | |||||
Mortgage warehousing maximum pay off period | 30 days | |||||
Costs are deferred due to the term | $ 0 | |||||
Impaired loans charged off | 90 days | |||||
Status of Non-Accrual of Loan | 90 days | |||||
Impairment of Loan | 30 days | |||||
Intangibles, Gross | $ 26,700,000 | |||||
Goodwill | $ 151,238,000 | $ 119,880,000 | $ 119,880,000 | $ 31,200,000 | ||
Uncertain tax positions recognized | 50.00% | |||||
Shares, non-dilutive | shares | 120,341 | 102,138 | 0 | |||
Amount available for payment of dividend | $ 43,700,000 | |||||
Compensation expense | 920,000 | $ 626,000 | $ 460,000 | |||
Reclassifications effect on net income | $ 0 | |||||
Number of shares authorized to be repurchased | shares | 2,250,000 | |||||
Number of shares repurchased | shares | 99,407 | |||||
Average price per share repurchased | $ / shares | $ 16.04 | |||||
Operating Lease, Right-of-Use Asset | $ 3,500,000 | $ 3,400,000 | ||||
Measurement Input, Discount Rate [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Factor considered to be significant for fair value measurement | 10 | |||||
Buildings and Improvements [Member] | Minimum [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Useful Life for depreciation | 3 years | |||||
Buildings and Improvements [Member] | Maximum [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Useful Life for depreciation | 40 years | |||||
Furniture and Equipment [Member] | Minimum [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Useful Life for depreciation | 2 years | |||||
Furniture and Equipment [Member] | Maximum [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Useful Life for depreciation | 20 days | |||||
Accounting Standards Update 2018-02 [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Stranded tax effects included in AOCI | $ 766,000 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Summary of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic earnings per share | |||||||||||
Net income | $ 18,543 | $ 20,537 | $ 16,642 | $ 10,816 | $ 13,133 | $ 13,065 | $ 14,115 | $ 12,804 | $ 66,538 | $ 53,117 | $ 33,117 |
Weighted average common shares outstanding | 44,971,676 | 45,038,021 | 45,055,117 | 38,822,543 | 38,367,972 | 38,365,379 | 38,347,612 | 38,306,395 | 43,493,316 | 38,347,059 | 34,553,736 |
Basic Earnings Per Share | $ 0.41 | $ 0.46 | $ 0.37 | $ 0.28 | $ 0.35 | $ 0.34 | $ 0.37 | $ 0.33 | $ 1.53 | $ 1.39 | $ 0.96 |
Diluted earnings per share | |||||||||||
Net income available to common shareholders | $ 66,538 | $ 53,117 | $ 33,117 | ||||||||
Weighted average common shares outstanding | 44,971,676 | 45,038,021 | 45,055,117 | 38,822,543 | 38,367,972 | 38,365,379 | 38,347,612 | 38,306,395 | 43,493,316 | 38,347,059 | 34,553,736 |
Effect of dilutive securities: | |||||||||||
Weighted average common shares outstanding | 45,103,065 | 45,113,730 | 45,130,408 | 38,906,172 | 38,488,861 | 38,534,970 | 38,519,401 | 38,468,810 | 43,597,595 | 38,495,231 | 34,760,438 |
Diluted Earnings Per Share | $ 0.41 | $ 0.46 | $ 0.37 | $ 0.28 | $ 0.34 | $ 0.34 | $ 0.37 | $ 0.33 | $ 1.53 | $ 1.38 | $ 0.95 |
Restricted Stock [Member] | |||||||||||
Effect of dilutive securities: | |||||||||||
Effect of dilutive securities | 23,006 | 36,185 | 46,981 | ||||||||
Stock Options [Member] | |||||||||||
Effect of dilutive securities: | |||||||||||
Effect of dilutive securities | 81,273 | 111,987 | 159,721 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Mar. 26, 2019 | Oct. 17, 2017 | Sep. 01, 2017 | Feb. 03, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 |
Business Acquisition [Line Items] | ||||||||
Common stock, shares outstanding | 44,975,771 | 38,375,407 | ||||||
Acquisition of goodwill | $ 31,200,000 | $ 151,238,000 | $ 119,880,000 | $ 119,880,000 | ||||
Gain on remeasurement of equity interest | $ 530,000 | |||||||
Wolverine Bancorp Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock, shares outstanding | 2,129,331 | |||||||
Common stock issued | 3,241,045 | |||||||
Market closing price per share | $ 19.37 | |||||||
Estimated transaction value | $ 93,800,000 | |||||||
Costs related to the acquisition | 1,900,000 | |||||||
Total purchase price | 93,773,000 | |||||||
Net intangible assets acquired | 2,024,000 | |||||||
Acquisition of goodwill | $ 26,827,000 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
Number of shares owned | 1.5228 | |||||||
Share of common stock outstanding per share | $ 14 | |||||||
Payments received as cash consideration | (12,723,000) | |||||||
Lafayette Community Bancorp [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Exchange ratio per share | 0.8817% | |||||||
Cash paid for each share | $ 1.73 | |||||||
Common stock, shares outstanding | 1,856,679 | |||||||
Common stock issued | 1,636,888 | |||||||
Market closing price per share | $ 17.45 | |||||||
Estimated transaction value | $ 34.5 | |||||||
Costs related to the acquisition | $ 1.7 | |||||||
Total purchase price | 34,465,000 | |||||||
Net intangible assets acquired | 2,085,000 | |||||||
Acquisition of goodwill | $ 15,408,000 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
Ownership interest percentage | 5.00% | |||||||
Gain on remeasurement of equity interest | 530,000 | |||||||
Payments received as cash consideration | $ (20,425,000) | |||||||
Lafayette Community Bancorp [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of shares owned | 100 | |||||||
Share of common stock outstanding per share | $ 17.25 | |||||||
First Farmers Bank & Trust Co [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Net intangible assets acquired | $ 452,000,000 | |||||||
Core deposit intangible amortization period | 10 years | |||||||
Payments received as cash consideration | $ 11,000,000 | |||||||
Business acquisition, loans assumed | $ 3,400,000 | |||||||
Premium on deposits paid | 3.00% | |||||||
Business acquisition, customer deposit balances | $ 14,800,000 | |||||||
Salin Bancshares, Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Exchange ratio per share | 23907.50% | |||||||
Cash paid for each share | $ 87,417.17 | |||||||
Common stock, shares outstanding | 275 | |||||||
Common stock issued | 6,563,697 | |||||||
Market closing price per share | $ 15.65 | |||||||
Estimated transaction value | $ 126,700,000 | |||||||
Costs related to the acquisition | 5,600,000 | |||||||
Total purchase price | 126,722,000 | |||||||
Net intangible assets acquired | 19,818,000 | |||||||
Acquisition of goodwill | $ 31,358,000 | |||||||
Payments received as cash consideration | $ (128,745,000) |
Acquisitions - Schedule of Fina
Acquisitions - Schedule of Final Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 26, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 17, 2017 | Sep. 01, 2017 |
Loans | ||||||
Goodwill | $ 151,238 | $ 31,200 | $ 119,880 | $ 119,880 | ||
Salin Bancshares, Inc | ||||||
Assets | ||||||
Cash and due from banks | 152,745 | |||||
Investment securities, available for sale | 54,319 | |||||
Loans | ||||||
Total loans | 568,918 | |||||
Premises and equipment, net | 20,425 | |||||
FRB and FHLB stock | 3,571 | |||||
Goodwill | 31,358 | |||||
Core deposit intangible | 19,818 | |||||
Interest receivable | 2,488 | |||||
Other assets | 112,880 | |||||
Total assets purchased | 966,522 | |||||
Common shares issued | 102,722 | |||||
Cash paid | 24,000 | |||||
Total purchase price | 126,722 | |||||
Deposits | ||||||
Non-interest bearing | 188,744 | |||||
NOW accounts | 207,567 | |||||
Savings and money market | 274,504 | |||||
Certificates of deposit | 70,529 | |||||
Total deposits | 741,344 | |||||
Borrowings | 70,495 | |||||
Subordinated debentures | 18,376 | |||||
Interest payable | 826 | |||||
Other liabilities | 8,759 | |||||
Total liabilities assumed | 839,800 | |||||
Salin Bancshares, Inc | Residential Mortgage [Member] | ||||||
Loans | ||||||
Total loans | 131,008 | |||||
Salin Bancshares, Inc | Commercial [Member] | ||||||
Loans | ||||||
Total loans | 352,798 | |||||
Salin Bancshares, Inc | Consumer [Member] | ||||||
Loans | ||||||
Total loans | $ 85,112 | |||||
Wolverine Bancorp Inc [Member] | ||||||
Assets | ||||||
Cash and due from banks | $ 44,450 | |||||
Loans | ||||||
Total loans | 310,667 | |||||
Premises and equipment, net | 2,941 | |||||
FRB and FHLB stock | 2,700 | |||||
Goodwill | 26,827 | |||||
Core deposit intangible | 2,024 | |||||
Interest receivable | 584 | |||||
Other assets | 3,897 | |||||
Total assets purchased | 394,090 | |||||
Common shares issued | 62,111 | |||||
Cash paid | 31,662 | |||||
Total purchase price | 93,773 | |||||
Deposits | ||||||
Non-interest bearing | 25,221 | |||||
NOW accounts | 8,026 | |||||
Savings and money market | 129,044 | |||||
Certificates of deposit | 94,688 | |||||
Total deposits | 256,979 | |||||
Borrowings | 36,970 | |||||
Interest payable | 214 | |||||
Other liabilities | 6,154 | |||||
Total liabilities assumed | 300,317 | |||||
Wolverine Bancorp Inc [Member] | Residential Mortgage [Member] | ||||||
Loans | ||||||
Total loans | 30,603 | |||||
Wolverine Bancorp Inc [Member] | Commercial [Member] | ||||||
Loans | ||||||
Total loans | 276,167 | |||||
Wolverine Bancorp Inc [Member] | Consumer [Member] | ||||||
Loans | ||||||
Total loans | $ 3,897 | |||||
Lafayette Community Bancorp [Member] | ||||||
Assets | ||||||
Cash and due from banks | $ 24,846 | |||||
Investment securities, available for sale | 6 | |||||
Loans | ||||||
Total loans | 134,299 | |||||
Premises and equipment, net | 7,818 | |||||
FHLB stock | 395 | |||||
Goodwill | 15,408 | |||||
Core deposit intangible | 2,085 | |||||
Interest receivable | 338 | |||||
Other assets | 1,649 | |||||
Total assets purchased | 186,844 | |||||
Common shares issued | 30,044 | |||||
Cash paid | 4,421 | |||||
Total purchase price | 34,465 | |||||
Deposits | ||||||
Non-interest bearing | 34,990 | |||||
NOW accounts | 30,174 | |||||
Savings and money market | 53,663 | |||||
Certificates of deposit | 32,520 | |||||
Total deposits | 151,347 | |||||
Interest payable | 42 | |||||
Other liabilities | 990 | |||||
Total liabilities assumed | 152,379 | |||||
Lafayette Community Bancorp [Member] | Residential Mortgage [Member] | ||||||
Loans | ||||||
Total loans | 12,761 | |||||
Lafayette Community Bancorp [Member] | Commercial [Member] | ||||||
Loans | ||||||
Total loans | 116,258 | |||||
Lafayette Community Bancorp [Member] | Consumer [Member] | ||||||
Loans | ||||||
Total loans | $ 5,280 |
Acquisitions - Schedule of Fi_2
Acquisitions - Schedule of Final Purchase Price of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) | Jul. 18, 2016USD ($) |
Lafayette Community Bancorp [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Common shares previously held | $ 955,000 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 (Detail) - USD ($) $ in Thousands | Mar. 26, 2019 | Oct. 17, 2017 | Sep. 01, 2017 |
Salin Bancshares, Inc | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Contractually required principal and interest at acquisition | $ 22,672 | ||
Contractual cash flows not expected to be collected (nonaccretable differences) | 6,694 | ||
Expected cash flows at acquisition | 15,978 | ||
Interest component of expected cash flows (accretable discount) | 735 | ||
Fair value of acquired loans accounted for under ASC 310-30 | $ 15,243 | ||
Wolverine 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 | $ 21,912 | ||
Contractual cash flows not expected to be collected (nonaccretable differences) | 1,832 | ||
Expected cash flows at acquisition | 20,080 | ||
Interest component of expected cash flows (accretable discount) | 2,267 | ||
Fair value of acquired loans accounted for under ASC 310-30 | $ 17,813 | ||
Lafayette Community Bancorp [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Contractually required principal and interest at acquisition | $ 6,128 | ||
Contractual cash flows not expected to be collected (nonaccretable differences) | 1,326 | ||
Expected cash flows at acquisition | 4,802 | ||
Interest component of expected cash flows (accretable discount) | 933 | ||
Fair value of acquired loans accounted for under ASC 310-30 | $ 3,869 |
Acquisitions - Pro Forma Result
Acquisitions - Pro Forma Result of Comparable Prior Reporting Period (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Net Interest Income | $ 168,693 | $ 157,194 | $ 153,376 |
Provision for loan losses | 2,276 | 3,706 | 3,438 |
Net Interest Income after Provision for Loan Losses | 166,417 | 153,488 | 149,938 |
Non-interest Income | 43,472 | 39,918 | 42,456 |
Non-interest Expense | 134,446 | 124,944 | 138,752 |
Income before Income Taxes | 75,443 | 68,462 | 53,642 |
Income Tax Expense | 13,246 | 10,216 | 15,978 |
Net Income | $ 62,197 | $ 58,246 | $ 37,664 |
Basic Earnings Per Share | $ 1.43 | $ 1.52 | $ 1.09 |
Diluted Earnings Per Share | $ 1.43 | $ 1.51 | $ 1.08 |
Cash Equivalents - Additional I
Cash Equivalents - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash and Cash Equivalents [Abstract] | |
Cash equivalent maximum maturity period | 3 months |
Increase in Cash account over the insured limit | $ 22.2 |
Uninsured Amount | $ 6.7 |
Securities - Fair Value of Secu
Securities - Fair Value of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | $ 822,089 | $ 608,909 |
Gross Unrealized Gains | 15,961 | 2,308 |
Gross Unrealized Losses | (3,274) | (10,869) |
Available-for-sale Securities, Fair Value | 834,776 | 600,348 |
Held-to-maturity, Amortized Cost | 207,899 | 210,112 |
Held-to-maturity, Gross Unrealized Gains | 7,336 | 1,853 |
Held-to-maturity, Gross Unrealized Losses | (88) | (3,692) |
Held-to-maturity, Fair Value | 215,147 | 208,273 |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 396,931 | 210,386 |
Gross Unrealized Gains | 11,288 | 1,495 |
Gross Unrealized Losses | (2,451) | (2,578) |
Available-for-sale Securities, Fair Value | 405,768 | 209,303 |
Held-to-maturity, Amortized Cost | 190,767 | 191,269 |
Held-to-maturity, Gross Unrealized Gains | 7,129 | 1,773 |
Held-to-maturity, Gross Unrealized Losses | (54) | (3,366) |
Held-to-maturity, Fair Value | 197,842 | 189,676 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 267,272 | 187,563 |
Gross Unrealized Gains | 2,543 | 625 |
Gross Unrealized Losses | (563) | (3,185) |
Available-for-sale Securities, Fair Value | 269,252 | 185,003 |
Held-to-maturity, Amortized Cost | 4,560 | 5,144 |
Held-to-maturity, Gross Unrealized Gains | 13 | 6 |
Held-to-maturity, Gross Unrealized Losses | (5) | (120) |
Held-to-maturity, Fair Value | 4,568 | 5,030 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 145,623 | 183,479 |
Gross Unrealized Gains | 1,207 | 80 |
Gross Unrealized Losses | (258) | (4,823) |
Available-for-sale Securities, Fair Value | 146,572 | 178,736 |
Held-to-maturity, Amortized Cost | 12,572 | 13,699 |
Held-to-maturity, Gross Unrealized Gains | 194 | 74 |
Held-to-maturity, Gross Unrealized Losses | (29) | (206) |
Held-to-maturity, Fair Value | 12,737 | 13,567 |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 1,415 | 16,815 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (2) | (208) |
Available-for-sale Securities, Fair Value | 1,413 | 16,608 |
Corporate Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 10,848 | 10,666 |
Gross Unrealized Gains | 923 | 107 |
Gross Unrealized Losses | (75) | |
Available-for-sale Securities, Fair Value | $ 11,771 | $ 10,698 |
Securities - Additional Informa
Securities - Additional Information (Detail) | Apr. 01, 2014USD ($)Security | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized loss, other than temporary securities | $ 0 | |||
Number of securities | Security | 319 | |||
Aggregate fair value of securities | $ 167,100,000 | |||
Gain/Loss from net unrealized holdings, Net of tax | $ 1,300,000 | 16,693,000 | $ (3,802,000) | $ 1,180,000 |
Unrealized gain or loss, Held to maturity | 0 | |||
Tax effect of the proceeds from sale of securities | (16,000) | $ (93,000) | $ 13,000 | |
Pledged of Fair Value of Securities as collateral | 106,800,000 | |||
Amortization cost of securities as Collateral not Separately Reported | 106,400,000 | |||
Debt Instrument Repurchase Agreement | 90,900,000 | |||
Securities Pledged for Federal Home Loan Bank At Fair Value | 98,700,000 | |||
Securities for Federal Home Loan Bank Not Separately Reported | 94,700,000 | |||
Securities Pledged For Derivative At Fair Value | 33,400,000 | |||
Securities Pledged For Derivative At Amortized Cost | 33,100,000 | |||
Debt Instrument Derivative Swap Agreement | 14,800,000 | |||
Debt Instrument Federal Home Loan Bank | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost within one year | $ 37,386 | $ 20,532 |
Amortized cost one to five years | 41,230 | 42,476 |
Amortized cost for five to ten years | 117,004 | 107,839 |
Amortized cost for after ten years | 213,574 | 67,020 |
Total amortized cost | 409,194 | 237,867 |
Total available for sale investment securities, Amortized Cost | 822,089 | 608,909 |
Within one year, amortized cost | 7,811 | 70 |
One to five years, amortized cost | 56,037 | 48,732 |
Five to ten years, amortized cost | 94,756 | 101,809 |
After ten years, amortized cost | 32,163 | 40,658 |
Total amortized cost | 190,767 | 191,269 |
Total held to maturity investment securities, amortized cost | 207,899 | 210,112 |
Fair value within one year | 37,321 | 20,448 |
Fair value for one to five years | 41,293 | 41,705 |
Fair value for five to ten years | 122,145 | 107,107 |
Fair value for after ten years | 218,193 | 67,349 |
Total fair value | 418,952 | 236,609 |
Investment securities, available for sale | 834,776 | 600,348 |
Within one year, fair value | 7,874 | 70 |
One to five years, fair value | 57,048 | 49,324 |
five to ten years, fair value | 98,480 | 101,533 |
After ten years, fair value | 34,440 | 38,749 |
Total fair value | 197,842 | 189,676 |
Held-to-maturity, Fair Value | 215,147 | 208,273 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 267,272 | 187,563 |
Total held to maturity investment securities, amortized cost | 4,560 | 5,144 |
Investment securities, available for sale | 269,252 | 185,003 |
Held-to-maturity, Fair Value | 4,568 | 5,030 |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale investment securities, Amortized Cost | 145,623 | 183,479 |
Total held to maturity investment securities, amortized cost | 12,572 | 13,699 |
Investment securities, available for sale | 146,572 | 178,736 |
Held-to-maturity, Fair Value | $ 12,737 | $ 13,567 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value of Company's Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | $ 224,138 | $ 92,615 |
Fair value more than 12 months | 67,402 | 398,164 |
Total fair value | 291,540 | 490,779 |
Unrealized losses less than 12 months | (2,788) | (1,767) |
Unrealized losses more than 12 months | (574) | (12,794) |
Total unrealized losses | (3,362) | (14,561) |
U.S. Treasury and Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 1,413 | |
Fair value more than 12 months | 9,707 | |
Total fair value | 1,413 | 9,707 |
Unrealized losses less than 12 months | (2) | |
Unrealized losses more than 12 months | (208) | |
Total unrealized losses | (2) | (208) |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 129,942 | 75,163 |
Fair value more than 12 months | 6,279 | 106,335 |
Total fair value | 136,221 | 181,498 |
Unrealized losses less than 12 months | (2,374) | (1,628) |
Unrealized losses more than 12 months | (131) | (4,316) |
Total unrealized losses | (2,505) | (5,944) |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 68,043 | 6,450 |
Fair value more than 12 months | 23,301 | 106,257 |
Total fair value | 91,344 | 112,707 |
Unrealized losses less than 12 months | (308) | (25) |
Unrealized losses more than 12 months | (260) | (3,280) |
Total unrealized losses | (568) | (3,305) |
Federal Agency Mortgage-backed Pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 24,740 | 5,739 |
Fair value more than 12 months | 37,822 | 175,865 |
Total fair value | 62,562 | 181,604 |
Unrealized losses less than 12 months | (104) | (39) |
Unrealized losses more than 12 months | (183) | (4,990) |
Total unrealized losses | $ (287) | (5,029) |
Corporate Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value less than 12 months | 5,263 | |
Total fair value | 5,263 | |
Unrealized losses less than 12 months | (75) | |
Total unrealized losses | $ (75) |
Securities - Sales of Securitie
Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds | $ 98,425 | $ 38,519 | $ 5,490 |
Gross gains | 168 | 37 | 151 |
Gross losses | $ (243) | $ (480) | $ (113) |
Loans - Amounts of Loans (Detai
Loans - Amounts of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage warehouse | $ 3,634,596 | $ 3,011,570 | ||
Total loans | 3,636,841 | 3,013,332 | ||
Allowance for loan losses | (17,667) | (17,820) | $ (16,394) | $ (14,837) |
Loans, net | 3,619,174 | 2,995,512 | ||
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 2,046,651 | 1,721,590 | ||
Mortgage warehouse | 2,047,646 | 1,722,552 | ||
Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 770,717 | 668,141 | ||
Mortgage warehouse | 920,998 | 742,244 | ||
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 669,180 | 549,481 | ||
Mortgage warehouse | 665,952 | 546,774 | ||
Working Capital and Equipment [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 938,317 | 804,083 | ||
Real Estate Including Agriculture [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 978,891 | 834,037 | ||
Tax Exempt Loans Receivable [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 63,571 | 48,975 | ||
Other Commercial Loans [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 65,872 | 34,495 | ||
1-4 Family [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 762,571 | 659,754 | ||
Other Real Estate Loans [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate, Total | 8,146 | 8,387 | ||
Auto [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 362,729 | 327,413 | ||
Recreation Consumer Loans Receivable [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 16,262 | 13,975 | ||
Real Estate Home Improvement Loans Receivable [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 43,585 | 39,587 | ||
Home Equity Loan [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 237,979 | 163,209 | ||
Mortgage warehouse | 276,215 | 197,494 | ||
Unsecured Debt [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 7,286 | 4,043 | ||
Other Consumer Loans [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial/Consumer, Total | 1,339 | 1,254 | ||
Mortgage Warehouse Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage warehouse | $ 150,293 | $ 74,120 |
Loans - Additional Information
Loans - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Period of loan sold | 30 days |
Minimum period seldom held | 90 days |
Mortgage warehousing maximum pay off period | 30 days |
Loans - Recorded Investment of
Loans - Recorded Investment of Individual Loan Categories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | $ 3,634,596 | $ 3,011,570 | ||
Net loans | 3,616,929 | 2,993,750 | ||
Interest Due | 12,142 | 9,445 | ||
Deferred Fees / (Costs) | 2,245 | 1,762 | ||
Recorded Investment | 3,648,983 | 3,022,777 | ||
Recorded Investment | 3,631,316 | 3,004,957 | ||
Allowance for loan losses | (17,667) | (17,820) | $ (16,394) | $ (14,837) |
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 2,047,646 | 1,722,552 | ||
Interest Due | 7,252 | 5,596 | ||
Deferred Fees / (Costs) | (995) | (962) | ||
Recorded Investment | 2,053,903 | 1,727,186 | ||
Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 920,998 | 742,244 | ||
Interest Due | 2,527 | 2,035 | ||
Deferred Fees / (Costs) | 12 | 17 | ||
Recorded Investment | 923,537 | 744,296 | ||
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 665,952 | 546,774 | ||
Interest Due | 2,363 | 1,814 | ||
Deferred Fees / (Costs) | 3,228 | 2,707 | ||
Recorded Investment | 671,543 | 551,295 | ||
Owner Occupied Real Estate [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 519,577 | 444,834 | ||
Interest Due | 784 | 931 | ||
Deferred Fees / (Costs) | (148) | (130) | ||
Recorded Investment | 520,213 | 445,635 | ||
Non Owner Occupied Real Estate [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 973,331 | 852,855 | ||
Interest Due | 1,752 | 1,436 | ||
Deferred Fees / (Costs) | (763) | (747) | ||
Recorded Investment | 974,320 | 853,544 | ||
Residential Spec Homes [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 12,925 | 5,195 | ||
Interest Due | 15 | 13 | ||
Deferred Fees / (Costs) | (2) | |||
Recorded Investment | 12,938 | 5,208 | ||
Development & Spec Land [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 35,954 | 50,706 | ||
Interest Due | 101 | 153 | ||
Deferred Fees / (Costs) | (14) | (15) | ||
Recorded Investment | 36,041 | 50,844 | ||
Commercial and Industrial [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 505,859 | 368,962 | ||
Interest Due | 4,600 | 3,063 | ||
Deferred Fees / (Costs) | (68) | (70) | ||
Recorded Investment | 510,391 | 371,955 | ||
Residential Mortgage [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 751,019 | 644,094 | ||
Interest Due | 2,245 | 1,861 | ||
Deferred Fees / (Costs) | 12 | 17 | ||
Recorded Investment | 753,276 | 645,972 | ||
Residential Construction [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 19,686 | 24,030 | ||
Interest Due | 40 | 42 | ||
Recorded Investment | 19,726 | 24,072 | ||
Mortgage Warehousing [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 150,293 | 74,120 | ||
Interest Due | 242 | 132 | ||
Recorded Investment | 150,535 | 74,252 | ||
Direct Installment [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 41,079 | 35,103 | ||
Interest Due | 148 | 108 | ||
Deferred Fees / (Costs) | 678 | 593 | ||
Recorded Investment | 41,905 | 35,804 | ||
Indirect Installment [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 348,658 | 314,177 | ||
Interest Due | 911 | 738 | ||
Recorded Investment | 349,569 | 314,915 | ||
Home Equity Loan [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan Balance | 276,215 | 197,494 | ||
Interest Due | 1,304 | 968 | ||
Deferred Fees / (Costs) | 2,550 | 2,114 | ||
Recorded Investment | $ 280,069 | $ 200,576 |
Accounting for Certain Loans _3
Accounting for Certain Loans Acquired in a Transfer - Amounts of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | $ 3,636,841 | $ 3,013,332 | ||
Allowance for loan losses | 17,667 | 17,820 | $ 16,394 | $ 14,837 |
Carrying Amount | 3,616,929 | 2,993,750 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 14,630 | 15,162 | ||
Allowance for loan losses | 133 | 60 | ||
Carrying Amount | 14,497 | 15,102 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 10,205 | 13,245 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 3,443 | 1,890 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 982 | 27 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 296 | 407 | ||
Carrying Amount | 296 | 407 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 197 | 232 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Heartland [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 99 | 175 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 561 | 878 | ||
Carrying Amount | 561 | 878 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 88 | 323 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Summit [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 473 | 555 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Peoples Bancorp Inc [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 264 | 328 | ||
Carrying Amount | 264 | 328 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Peoples Bancorp Inc [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 229 | 270 | ||
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 | 35 | 58 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Kosciusko Financial Inc [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 375 | 901 | ||
Carrying Amount | 375 | 901 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Kosciusko Financial Inc [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 244 | 746 | ||
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 | 131 | 155 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 1,166 | 1,727 | ||
Allowance for loan losses | 60 | |||
Carrying Amount | 1,166 | 1,667 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 353 | 753 | ||
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 | 793 | 947 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | LaPorte Bancorp Inc [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 20 | 27 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Lafayette Community Bancorp [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 1,867 | 3,080 | ||
Carrying Amount | 1,867 | 3,080 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Lafayette Community Bancorp [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 1,867 | 3,080 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Wolverine Bancorp Inc [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 2,289 | 7,841 | ||
Carrying Amount | 2,289 | 7,841 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Wolverine Bancorp Inc [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 2,289 | $ 7,841 | ||
Loans Purchased With Evidence of Credit Deterioration [Member] | Salin Bank and Trust Company [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 7,812 | |||
Allowance for loan losses | 133 | |||
Carrying Amount | 7,679 | |||
Loans Purchased With Evidence of Credit Deterioration [Member] | Salin Bank and Trust Company [Member] | Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 4,938 | |||
Loans Purchased With Evidence of Credit Deterioration [Member] | Salin Bank and Trust Company [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 1,912 | |||
Loans Purchased With Evidence of Credit Deterioration [Member] | Salin Bank and Trust Company [Member] | Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | $ 962 |
Accounting for Certain Loans _4
Accounting for Certain Loans Acquired in a Transfer - Accretable Yield or Income Expected to be Collected (Detail) - Loans Purchased With Evidence of Credit Deterioration [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | $ 2,652 | $ 5,165 |
Additions | 2,002 | |
Accretion | (1,203) | (1,448) |
Disposals | (545) | (1,065) |
Ending balance | 2,906 | 2,652 |
Heartland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 174 | 452 |
Accretion | (32) | (85) |
Disposals | (193) | |
Ending balance | 142 | 174 |
Summit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 42 | 147 |
Accretion | (9) | (54) |
Disposals | (11) | (51) |
Ending balance | 22 | 42 |
Kosciusko Financial Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 300 | 386 |
Accretion | (63) | (78) |
Disposals | (2) | (8) |
Ending balance | 235 | 300 |
LaPorte Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 829 | 980 |
Accretion | (111) | (144) |
Disposals | 4 | (7) |
Ending balance | 722 | 829 |
Lafayette Community Bancorp [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 609 | 933 |
Accretion | (126) | (275) |
Disposals | (193) | (49) |
Ending balance | 290 | 609 |
Wolverine Bancorp Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | 698 | 2,267 |
Accretion | (272) | (812) |
Disposals | (306) | (757) |
Ending balance | 120 | $ 698 |
Salin Bank And Trust Company [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | 2,002 | |
Accretion | (590) | |
Disposals | (37) | |
Ending balance | $ 1,375 |
Accounting for Certain Loans _5
Accounting for Certain Loans Acquired in a Transfer - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||||||||||
Total provision charged to operating expense | $ 340,000 | $ 376,000 | $ 896,000 | $ 364,000 | $ 528,000 | $ 1,176,000 | $ 635,000 | $ 567,000 | $ 1,976,000 | $ 2,906,000 | $ 2,470,000 |
Loans Purchased With Evidence of Credit Deterioration [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total provision charged to operating expense | 133,000 | 60,000 | |||||||||
Allowances for loan losses | $ 0 | $ 0 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Actual loss history experienced by the Company | 1 year |
Maximum [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Actual loss history experienced by the Company | 5 years |
Allowance for loan losses charge down family first and junior lien mortgages past due period | 180 days |
Allowance for loan losses charge down unsecured open end loans past due period | 90 days |
Allowance for loan losses charge down other secured loans past due period | 90 days |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of the period | $ 17,820 | $ 16,394 | $ 17,820 | $ 16,394 | $ 14,837 | ||||||
Total loans charged-off | 3,268 | 2,552 | 2,253 | ||||||||
Total loan recoveries | 1,139 | 1,072 | 1,340 | ||||||||
Net loans charged-off | 2,129 | 1,480 | 913 | ||||||||
Total provision charged to operating expense | $ 340 | $ 376 | $ 896 | $ 364 | $ 528 | $ 1,176 | $ 635 | $ 567 | 1,976 | 2,906 | 2,470 |
Balance at the end of the period | $ 17,667 | $ 17,820 | 17,667 | 17,820 | 16,394 | ||||||
Commercial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 863 | 473 | 629 | ||||||||
Total loan recoveries | 199 | 176 | 298 | ||||||||
Total provision charged to operating expense | 2,165 | 1,699 | 2,164 | ||||||||
Commercial [Member] | Owner Occupied Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 41 | 109 | 12 | ||||||||
Total loan recoveries | 55 | 8 | |||||||||
Commercial [Member] | Non Owner Occupied Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 64 | 75 | |||||||||
Total loan recoveries | 15 | 33 | 32 | ||||||||
Commercial [Member] | Residential Spec Homes [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 3 | ||||||||||
Total loan recoveries | 5 | 8 | 8 | ||||||||
Commercial [Member] | Development & Spec Land [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 1 | ||||||||||
Commercial [Member] | Commercial and Industrial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 755 | 364 | 541 | ||||||||
Total loan recoveries | 179 | 80 | 250 | ||||||||
Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 93 | 76 | 89 | ||||||||
Total loan recoveries | 46 | 27 | 44 | ||||||||
Total provision charged to operating expense | (635) | (487) | (81) | ||||||||
Real Estate [Member] | Residential Mortgage [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 93 | 76 | 89 | ||||||||
Total loan recoveries | 46 | 27 | 44 | ||||||||
Consumer [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 2,312 | 2,003 | 1,535 | ||||||||
Total loan recoveries | 894 | 869 | 998 | ||||||||
Total provision charged to operating expense | 446 | 1,694 | 387 | ||||||||
Consumer [Member] | Direct Installment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 208 | 154 | 137 | ||||||||
Total loan recoveries | 97 | 53 | 501 | ||||||||
Consumer [Member] | Indirect Installment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 1,785 | 1,673 | 1,193 | ||||||||
Total loan recoveries | 661 | 505 | 497 | ||||||||
Consumer [Member] | Home Equity Loan [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total loans charged-off | 319 | 176 | $ 205 | ||||||||
Total loan recoveries | $ 136 | $ 311 |
Allowance for Loan Losses - A_2
Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total ending allowance balance | $ 17,667 | $ 17,820 | $ 16,394 | $ 14,837 |
Total ending loans balance | 7,351 | 6,697 | $ 7,172 | |
Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Individually evaluated for impairment | 541 | 1,035 | ||
Allowance For Loan Losses, Collectively evaluated for impairment | 17,126 | 16,785 | ||
Total ending allowance balance | 17,667 | 17,820 | ||
Commercial [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Individually evaluated for impairment | 541 | 1,035 | ||
Allowance For Loan Losses, Collectively evaluated for impairment | 11,455 | 9,460 | ||
Total ending allowance balance | 11,996 | 10,495 | ||
Real Estate [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Collectively evaluated for impairment | 923 | 1,676 | ||
Total ending allowance balance | 923 | 1,676 | ||
Consumer [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Collectively evaluated for impairment | 3,671 | 4,643 | ||
Total ending allowance balance | 3,671 | 4,643 | ||
Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Individually evaluated for impairment | 7,347 | 6,696 | ||
Loans: Collectively evaluated for impairment | 3,627,249 | 3,004,874 | ||
Total ending loans balance | 3,634,596 | 3,011,570 | ||
Loans [Member] | Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Individually evaluated for impairment | 7,347 | 6,696 | ||
Loans: Collectively evaluated for impairment | 2,040,299 | 1,715,856 | ||
Total ending loans balance | 2,047,646 | 1,722,552 | ||
Loans [Member] | Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Collectively evaluated for impairment | 770,705 | 668,124 | ||
Total ending loans balance | 770,705 | 668,124 | ||
Loans [Member] | Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Collectively evaluated for impairment | 665,952 | 546,774 | ||
Total ending loans balance | 665,952 | 546,774 | ||
Mortgage Warehousing [Member] | Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance For Loan Losses, Collectively evaluated for impairment | 1,077 | 1,006 | ||
Total ending allowance balance | 1,077 | 1,006 | ||
Mortgage Warehousing [Member] | Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Collectively evaluated for impairment | 150,293 | 74,120 | ||
Total ending loans balance | $ 150,293 | $ 74,120 |
Non-performing Assets and Imp_3
Non-performing Assets and Impaired Loans - Non-accrual, Loans Past Due Over 90 Days Still on Accrual, and Troubled Debt Restructured ("TDRs") by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 15,679 | $ 11,548 |
Loans Past Due Over 90 Days Still Accruing | 146 | 568 |
Non-Performing TDRs | 2,006 | 1,057 |
Performing TDRs | 3,354 | 2,002 |
Total Non-Performing Loans | 21,185 | 15,175 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 4,782 | 6,094 |
Loans Past Due Over 90 Days Still Accruing | 208 | |
Non-Performing TDRs | 1,081 | 492 |
Performing TDRs | 1,484 | 109 |
Total Non-Performing Loans | 7,347 | 6,903 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,424 | 3,531 |
Loans Past Due Over 90 Days Still Accruing | 208 | |
Non-Performing TDRs | 629 | |
Performing TDRs | 139 | 109 |
Total Non-Performing Loans | 3,192 | 3,848 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 682 | 554 |
Non-Performing TDRs | 374 | 492 |
Total Non-Performing Loans | 1,056 | 1,046 |
Commercial [Member] | Development & Spec Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 73 | 68 |
Total Non-Performing Loans | 73 | 68 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,603 | 1,941 |
Non-Performing TDRs | 78 | |
Performing TDRs | 1,345 | |
Total Non-Performing Loans | 3,026 | 1,941 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 7,614 | 2,846 |
Loans Past Due Over 90 Days Still Accruing | 1 | 180 |
Non-Performing TDRs | 708 | 423 |
Performing TDRs | 1,561 | 1,558 |
Total Non-Performing Loans | 9,884 | 5,007 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 7,614 | 2,846 |
Loans Past Due Over 90 Days Still Accruing | 1 | 180 |
Non-Performing TDRs | 708 | 423 |
Performing TDRs | 1,561 | 1,558 |
Total Non-Performing Loans | 9,884 | 5,007 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 3,283 | 2,608 |
Loans Past Due Over 90 Days Still Accruing | 145 | 180 |
Non-Performing TDRs | 217 | 142 |
Performing TDRs | 309 | 335 |
Total Non-Performing Loans | 3,954 | 3,265 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 30 | 35 |
Loans Past Due Over 90 Days Still Accruing | 5 | |
Total Non-Performing Loans | 35 | 35 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,234 | 916 |
Loans Past Due Over 90 Days Still Accruing | 135 | 173 |
Total Non-Performing Loans | 1,369 | 1,089 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,019 | 1,657 |
Loans Past Due Over 90 Days Still Accruing | 5 | 7 |
Non-Performing TDRs | 217 | 142 |
Performing TDRs | 309 | 335 |
Total Non-Performing Loans | $ 2,550 | $ 2,141 |
Non-performing Assets and Imp_4
Non-performing Assets and Impaired Loans - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($)ConsecutivePayment | Dec. 31, 2018USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Non-accrual loans | $ 15,679,000 | $ 11,548,000 |
Non-performing TDRs | $ 2,000,000 | |
Loan delinquency period | 90 days | |
Minimum period required for satisfactory performance to return loan from non-accrual to accrual status | 6 months | |
Restructured loan reported in TDRs | $ 5,400,000 | |
Restructured loan returned to accruing status number of Consecutive Payments of loan | ConsecutivePayment | 6 | |
Specific reserves allocated to troubled debt restructuring | $ 133,000 | |
Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loan reported in TDRs | $ 3,400,000 | |
Number TDRs returned to accrual status | ConsecutivePayment | 0 | |
Loans Purchased With Evidence of Credit Deterioration [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Non-accrual loans | $ 2,300,000 | |
Non-performing TDRs | $ 182,000 | |
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 | $ 1,500,000 | |
Loans classified as TDR after a period | 90 days | |
Minimum [Member] | 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] | Satisfactory Pass [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of consecutive years of profit for Good Pass Rating | 3 years | |
Maximum [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans with an aggregate credit exposure | $ 3,500,000 | |
Loans classified as TDR after a period | 120 days | |
Minimum number of years of Satisfactory Repayment required for Satisfactory Pass Rating | 2 years |
Non-performing Assets and Imp_5
Non-performing Assets and Impaired Loans - Commercial Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance total | $ 7,347 | $ 6,696 | $ 7,141 |
Total ending loans balance | 7,351 | 6,697 | 7,172 |
Allowance For Loan Loss Allocated | 541 | 1,035 | 184 |
Average Balance in Impaired Loans total | 10,395 | 7,368 | 3,774 |
Cash/Accrual Interest Income Recognized, Total | 490 | 128 | 86 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 6,061 | 4,968 | 6,210 |
Recorded Investment With no recorded allowance | 6,064 | 4,969 | 6,241 |
Average Balance in Impaired Loans With no recorded allowance | 9,040 | 5,454 | 3,696 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 444 | 110 | 40 |
Unpaid Principal Balance With an allowance recorded | 1,286 | 1,728 | 931 |
Recorded Investment With an allowance recorded | 1,287 | 1,728 | 931 |
Allowance For Loan Loss Allocated | 541 | 1,035 | 184 |
Average Balance in Impaired Loans With an allowance recorded | 1,355 | 1,914 | 78 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 46 | 18 | 46 |
Commercial [Member] | Owner Occupied Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 3,192 | 2,814 | 1,255 |
Recorded Investment With no recorded allowance | 3,193 | 2,815 | 1,270 |
Average Balance in Impaired Loans With no recorded allowance | 3,608 | 3,168 | 1,168 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 246 | 77 | 4 |
Unpaid Principal Balance With an allowance recorded | 827 | 704 | |
Recorded Investment With an allowance recorded | 827 | 704 | |
Allowance For Loan Loss Allocated | 145 | 78 | |
Average Balance in Impaired Loans With an allowance recorded | 864 | 59 | |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 33 | ||
Commercial [Member] | Non Owner Occupied Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 937 | 860 | 3,123 |
Recorded Investment With no recorded allowance | 937 | 860 | 3,139 |
Average Balance in Impaired Loans With no recorded allowance | 2,810 | 1,096 | 850 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 98 | 12 | 7 |
Unpaid Principal Balance With an allowance recorded | 119 | 186 | 227 |
Recorded Investment With an allowance recorded | 119 | 186 | 227 |
Allowance For Loan Loss Allocated | 25 | 30 | 106 |
Average Balance in Impaired Loans With an allowance recorded | 130 | 180 | 19 |
Cash/Accrual Interest Income Recognized, With an allowance recorded | 4 | 13 | |
Commercial [Member] | Development & Spec Land [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 73 | 68 | 176 |
Recorded Investment With no recorded allowance | 73 | 68 | 176 |
Average Balance in Impaired Loans With no recorded allowance | 158 | 71 | 233 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 4 | ||
Commercial [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance With no recorded allowance | 1,859 | 1,226 | 1,656 |
Recorded Investment With no recorded allowance | 1,861 | 1,226 | 1,656 |
Average Balance in Impaired Loans With no recorded allowance | 2,464 | 1,119 | 1,445 |
Cash/Accrual Interest Income Recognized, With no recorded allowance | 100 | 21 | $ 25 |
Unpaid Principal Balance With an allowance recorded | 1,167 | 715 | |
Recorded Investment With an allowance recorded | 1,168 | 715 | |
Allowance For Loan Loss Allocated | 516 | 860 | |
Average Balance in Impaired Loans With an allowance recorded | 1,225 | 870 | |
Cash/Accrual Interest Income Recognized, With an allowance recorded | $ 46 | $ 14 |
Non-performing Assets and Imp_6
Non-performing Assets and Impaired Loans - Payment Status by Class of Loan (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 3,609,036 | $ 2,991,236 |
Total Past Due | 17,685 | 12,605 |
Loans Not Past Due | 25,560 | 20,334 |
Total | $ 3,634,596 | $ 3,011,570 |
Total Past Due, Percentage of Total Loans | 0.49% | 0.42% |
Loans Not Past Due, Percentage of Total Loans | 0.70% | 0.68% |
Current,Percentage of total loans | 99.30% | 99.32% |
Percentage of total loans | 100.00% | 100.00% |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 2,039,953 | $ 1,712,287 |
Total Past Due | 5,863 | 6,586 |
Loans Not Past Due | 7,693 | 10,265 |
Total | 2,047,646 | 1,722,552 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 515,604 | 439,542 |
Total Past Due | 3,053 | 3,531 |
Loans Not Past Due | 3,973 | 5,292 |
Total | 519,577 | 444,834 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 972,195 | 851,587 |
Total Past Due | 1,056 | 1,046 |
Loans Not Past Due | 1,136 | 1,268 |
Total | 973,331 | 852,855 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 12,925 | 4,703 |
Loans Not Past Due | 492 | |
Total | 12,925 | 5,195 |
Commercial [Member] | Development & Spec Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 35,881 | 50,638 |
Total Past Due | 73 | 68 |
Loans Not Past Due | 73 | 68 |
Total | 35,954 | 50,706 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 503,348 | 365,817 |
Total Past Due | 1,681 | 1,941 |
Loans Not Past Due | 2,511 | 3,145 |
Total | 505,859 | 368,962 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 910,691 | 737,608 |
Total Past Due | 8,322 | 3,269 |
Loans Not Past Due | 10,307 | 4,636 |
Total | 920,998 | 742,244 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 740,712 | 639,458 |
Total Past Due | 8,322 | 3,269 |
Loans Not Past Due | 10,307 | 4,636 |
Total | 751,019 | 644,094 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 19,686 | 24,030 |
Total | 19,686 | 24,030 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 150,293 | 74,120 |
Total | 150,293 | 74,120 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 658,392 | 541,341 |
Total Past Due | 3,500 | 2,750 |
Loans Not Past Due | 7,560 | 5,433 |
Total | 665,952 | 546,774 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 40,864 | 34,957 |
Total Past Due | 30 | 35 |
Loans Not Past Due | 215 | 146 |
Total | 41,079 | 35,103 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 344,478 | 311,494 |
Total Past Due | 1,234 | 916 |
Loans Not Past Due | 4,180 | 2,683 |
Total | 348,658 | 314,177 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 273,050 | 194,890 |
Total Past Due | 2,236 | 1,799 |
Loans Not Past Due | 3,165 | 2,604 |
Total | 276,215 | 197,494 |
30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 7,289 | $ 5,100 |
Total Past Due, Percentage of Total Loans | 0.20% | 0.17% |
30 - 59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,819 | $ 1,719 |
30 - 59 Days Past Due [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 920 | 537 |
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 | 80 | 203 |
30 - 59 Days Past Due [Member] | Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 492 | |
30 - 59 Days Past Due [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 819 | 487 |
30 - 59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,984 | 1,131 |
30 - 59 Days Past Due [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,984 | 1,131 |
30 - 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,486 | 2,250 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 175 | 93 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,407 | 1,396 |
30 - 59 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 904 | 761 |
60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 440 | $ 2,061 |
Total Past Due, Percentage of Total Loans | 0.01% | 0.07% |
60 - 89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 11 | $ 1,752 |
60 - 89 Days Past Due [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,016 | |
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 | 19 | |
60 - 89 Days Past Due [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11 | 717 |
60 - 89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 56 | |
60 - 89 Days Past Due [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 56 | |
60 - 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 429 | 253 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | 18 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 404 | 198 |
60 - 89 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20 | 37 |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 146 | $ 568 |
Total Past Due, Percentage of Total Loans | 0.00% | 0.02% |
Greater than 90 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 208 | |
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 | 208 | |
Greater than 90 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1 | 180 |
Greater than 90 Days Past Due [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | 180 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 145 | 180 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | |
Greater than 90 Days Past Due [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 135 | 173 |
Greater than 90 Days Past Due [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 5 | $ 7 |
Non-performing Assets and Imp_7
Non-performing Assets and Impaired Loans - Loans by Credit Grades (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 3,634,596 | $ 3,011,570 |
Percentage of total loans | 100.00% | 100.00% |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,047,646 | $ 1,722,552 |
Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 519,577 | 444,834 |
Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 973,331 | 852,855 |
Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 12,925 | 5,195 |
Commercial [Member] | Development & Spec Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 35,954 | 50,706 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 505,859 | 368,962 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 920,998 | 742,244 |
Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 751,019 | 644,094 |
Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 19,686 | 24,030 |
Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 150,293 | 74,120 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 665,952 | 546,774 |
Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 41,079 | 35,103 |
Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 348,658 | 314,177 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 276,215 | 197,494 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 3,541,122 | $ 2,949,743 |
Percentage of total loans | 97.43% | 97.95% |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,968,009 | $ 1,668,817 |
Pass [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 492,386 | 426,887 |
Pass [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 957,990 | 834,582 |
Pass [Member] | Commercial [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 12,925 | 5,195 |
Pass [Member] | Commercial [Member] | Development & Spec Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 35,815 | 47,523 |
Pass [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 468,893 | 354,630 |
Pass [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 911,115 | 737,417 |
Pass [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 741,136 | 639,267 |
Pass [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 19,686 | 24,030 |
Pass [Member] | Real Estate [Member] | Mortgage Warehousing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 150,293 | 74,120 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 661,998 | 543,509 |
Pass [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 41,044 | 35,068 |
Pass [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 347,289 | 313,088 |
Pass [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 273,665 | 195,353 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 34,804 | $ 23,052 |
Percentage of total loans | 0.96% | 0.76% |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 34,804 | $ 23,052 |
Special Mention [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 8,328 | 3,664 |
Special Mention [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 7,824 | 9,682 |
Special Mention [Member] | Commercial [Member] | Development & Spec Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 3,115 |
Special Mention [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 18,652 | 6,591 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 58,670 | $ 38,775 |
Percentage of total loans | 1.61% | 1.29% |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 44,833 | $ 30,683 |
Substandard [Member] | Commercial [Member] | Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 18,863 | 14,283 |
Substandard [Member] | Commercial [Member] | Non Owner Occupied Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 7,517 | 8,591 |
Substandard [Member] | Commercial [Member] | Development & Spec Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 139 | 68 |
Substandard [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 18,314 | 7,741 |
Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 9,883 | 4,827 |
Substandard [Member] | Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 9,883 | 4,827 |
Substandard [Member] | Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,954 | 3,265 |
Substandard [Member] | Consumer [Member] | Direct Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 35 | 35 |
Substandard [Member] | Consumer [Member] | Indirect Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,369 | 1,089 |
Substandard [Member] | Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 2,550 | $ 2,141 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total loans | 0.00% | 0.00% |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 138,443 | $ 115,790 |
Accumulated depreciation | (46,234) | (41,459) |
Net premise and equipment | 92,209 | 74,331 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 27,292 | 21,604 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 83,669 | 69,590 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 27,482 | $ 24,596 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | |
Receivables [Abstract] | ||||
Unpaid principal balances of loans serviced for others totaled | $ 1,400,000,000 | $ 1,300,000,000 | ||
Aggregate fair value of capitalized mortgage servicing rights | 14,400,000 | 13,900,000 | $ 12,800,000 | $ 11,700,000 |
Mortgage servicing rights, net | 14,327,000 | 12,349,000 | 11,602,000 | |
Bank recorded additional impairment | $ 192,000 | $ (60,000) | $ 80,000 |
Loan Servicing - Originated Mor
Loan Servicing - Originated Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Payments for (Proceeds from) Mortgage Servicing Rights [Abstract] | |||
Balances, January 1 | $ 12,876 | $ 12,189 | $ 11,681 |
Servicing rights capitalized | 3,547 | 1,883 | 2,109 |
Amortization of servicing rights | (1,377) | (1,196) | (1,601) |
Balances, December 31 | 15,046 | 12,876 | 12,189 |
Balances, January 1 | (527) | (587) | (507) |
Additions | (234) | (78) | (85) |
Reductions | 42 | 138 | 5 |
Balances, December 31 | (719) | (527) | (587) |
Mortgage servicing rights, net | $ 14,327 | $ 12,349 | $ 11,602 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | Mar. 26, 2019 | Oct. 17, 2017 | Sep. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible Assets [Line Items] | ||||||
Goodwill acquired | $ 31,358,000 | |||||
Goodwill impairment loss | 0 | $ 0 | ||||
Amortization expense for intangible assets totaled | $ 3,500,000 | $ 2,000,000 | $ 1,500,000 | |||
Wolverine Bancorp Inc [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Goodwill acquired | $ 26,800,000 | |||||
Core deposit intangible amortization period | 10 years | |||||
Lafayette Community Bancorp [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Goodwill acquired | $ 15,400,000 | |||||
Core deposit intangible amortization period | 10 years | |||||
Salin [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Goodwill acquired | $ 31,200,000 | |||||
Core Deposits [Member] | Minimum [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Core deposit intangible amortization period | 7 years | |||||
Core Deposits [Member] | Maximum [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Core deposit intangible amortization period | 10 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | Mar. 26, 2019 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance, January 1 | $ 119,880 | |
Goodwill acquired | 31,358 | |
Balance, December 31 | $ 31,200 | $ 151,238 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets Core deposit intangible, Gross Carrying Amount | $ 26,700 | |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets Core deposit intangible, Gross Carrying Amount | 40,590 | $ 20,711 |
Amortizable intangible assets Core deposit intangible, Accumulated Amortization | $ (13,911) | $ (10,321) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Estimated Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2020 | $ 3,723 | |
2021 | 3,591 | |
2022 | 3,516 | |
2023 | 3,430 | |
2024 | 3,225 | |
Thereafter | 9,194 | |
Estimated amortization | $ 26,679 | $ 10,390 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 3,500 | $ 3,400 |
Operating Lease, Liability | 3,014 | |
Operating Lease, Expense | $ 591,000 | |
Operating leases terms | 6 years 4 months 24 days | |
Weighted average discount rate, percentage | 2.57% | |
Bank Branch And Office Space [Member] | ||
Operating leases terms | 7 years | |
Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | $ 2,700 | |
Other Liabilities [Member] | ||
Operating Lease, Liability | $ 2,700 |
Leases - Schedule Of Future Min
Leases - Schedule Of Future Minimum Rental Payments For Operating Leases (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 476 |
2021 | 476 |
2022 | 504 |
2023 | 504 |
2024 and thereafter | 1,105 |
Total lease payments | 3,065 |
Less: Interest | (51) |
Present value of lease liabilities | $ 3,014 |
Deposits - Deposits (Detail)
Deposits - Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Line Items] | ||
Noninterest-bearing demand deposits | $ 709,760 | $ 642,129 |
Interest-bearing demand deposits | 1,159,296 | 864,026 |
Money market (variable rate) | 522,382 | 420,123 |
Savings deposits | 563,952 | 400,187 |
Other certificates and time deposits | 514,177 | 441,087 |
Total deposits | 3,931,002 | 3,139,376 |
Certificates of Deposit of $250,000 or More [Member] | ||
Deposits [Line Items] | ||
Certificates of deposit | $ 461,435 | $ 371,824 |
Deposits - Certificates and Oth
Deposits - Certificates and Other Time Deposits for Both Retail and Brokered (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Time Deposits By Maturity [Line Items] | |
2020 | $ 747,022 |
2021 | 122,957 |
2022 | 48,181 |
2023 | 33,175 |
2024 | 22,995 |
Thereafter | 1,282 |
Certificates and other time deposits | 975,612 |
Retail [Member] | |
Time Deposits By Maturity [Line Items] | |
2020 | 722,672 |
2021 | 102,449 |
2022 | 32,925 |
2023 | 16,527 |
2024 | 22,995 |
Thereafter | 1,282 |
Certificates and other time deposits | 898,850 |
Brokered [Member] | |
Time Deposits By Maturity [Line Items] | |
2020 | 24,350 |
2021 | 20,508 |
2022 | 15,256 |
2023 | 16,648 |
Certificates and other time deposits | $ 76,762 |
Borrowings - Borrowings (Detail
Borrowings - Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances, variable and fixed rates ranging from 0.68% to 7.53%, due at various dates through August 20, 2029 | $ 390,800 | $ 356,579 |
Securities sold under agreements to repurchase | 90,941 | 52,116 |
Federal funds purchased | 68,000 | 141,689 |
Total borrowings | $ 549,741 | $ 550,384 |
Borrowings - Borrowings (Parent
Borrowings - Borrowings (Parenthetical) (Detail) | Dec. 31, 2019 |
Maximum [Member] | |
Borrowings Under Repurchase Agreements [Line Items] | |
Federal Home Loan Bank advances, variable and fixed rates | 7.53% |
Minimum [Member] | |
Borrowings Under Repurchase Agreements [Line Items] | |
Federal Home Loan Bank advances, variable and fixed rates | 0.68% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Disclosure [Line Items] | |
Federal Home Loan Bank advances are secured by first and second mortgage loans and mortgage warehouse loans | $ 905.9 |
Available credit lines with various money center banks | $ 517.1 |
Maximum [Member] | |
Debt Disclosure [Line Items] | |
Federal Home Loan Bank Borrowings Call Date | Oct. 24, 2022 |
Minimum [Member] | |
Debt Disclosure [Line Items] | |
Federal Home Loan Bank Borrowings Call Date | Feb. 20, 2020 |
Federal Home Loan Bank, Advances, Putable Option [Member] | |
Debt Disclosure [Line Items] | |
Putable advances | $ 125 |
Borrowings - Contractual Maturi
Borrowings - Contractual Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 276,970 | |
2021 | 15,102 | |
2022 | 52,222 | |
2023 | 183 | |
2024 | 80,116 | |
Thereafter | 125,148 | |
Total borrowings | $ 549,741 | $ 550,384 |
Repurchase Agreements - Summary
Repurchase Agreements - Summary of Repurchase Agreements Accounted as Secured Borrowings (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | $ 90,941 |
Securities pledged for Repurchase Agreements, Total | 106,771 |
Federal Agency Collateralized Mortgage Obligations [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities pledged for Repurchase Agreements, Total | 35,537 |
Federal Agency Mortgage-backed Pools [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities pledged for Repurchase Agreements, Total | 71,234 |
Remaining Contractual Maturity of the Agreements, Overnight and Continuous [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase Agreements | 90,941 |
Securities pledged for Repurchase Agreements, Total | 106,771 |
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 | 35,537 |
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 | $ 71,234 |
Repurchase Agreements - Additio
Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Repurchase Agreements [Abstract] | ||
Maximum amount of outstanding agreements | $ 97.3 | $ 61.4 |
Daily average amount of outstanding agreements | $ 81.3 | $ 51.4 |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2006 | Oct. 31, 2004 | Jun. 30, 2004 | Mar. 30, 2004 | Oct. 31, 2003 | Jun. 30, 2003 | Dec. 31, 2019 | |
Subordinate Debenture [Line Items] | |||||||
LIBOR period | 3 months | ||||||
Salin Bank Shares [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 20,000,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 2.95% | ||||||
Junior subordinated debentures and the securities variable rate | 2.95% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 4.86% | ||||||
Junior subordinated debentures maturity date | Oct. 1, 2033 | ||||||
Carrying value of securities, net of remaining purchase discount | $ 17,700,000 | ||||||
Horizon Statutory Trust Two [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 10,300,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 1.95% | ||||||
Junior subordinated debentures and the securities variable rate | 1.95% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 3.86% | ||||||
Junior subordinated debentures maturity date | Nov. 23, 2034 | ||||||
Cost of issuance of the securities | $ 17,500 | ||||||
First call date of the securities | Oct. 31, 2009 | ||||||
Horizon Bancorp Capital Trust Three [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 12,400,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 1.65% | ||||||
Junior subordinated debentures and the securities variable rate | 1.65% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 3.56% | ||||||
Junior subordinated debentures maturity date | Jan. 30, 2037 | ||||||
Cost of issuance of the securities | $ 12,647 | ||||||
Alliance Financial Statutory Trust One [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 5,200,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 2.65% | ||||||
Junior subordinated debentures and the securities variable rate | 2.65% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 4.56% | ||||||
Junior subordinated debentures maturity date | Jun. 1, 2034 | ||||||
Am Tru Statutory Trust One [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 3,500,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 2.85% | ||||||
Junior subordinated debentures and the securities variable rate | 2.85% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 4.76% | ||||||
Junior subordinated debentures maturity date | Dec. 1, 2033 | ||||||
Carrying value of securities, net of remaining purchase discount | $ 3,500,000 | ||||||
Heartland Statutory Trust Two [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 3,000,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 1.67% | ||||||
Junior subordinated debentures and the securities variable rate | 1.67% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 3.58% | ||||||
Junior subordinated debentures maturity date | Dec. 1, 2036 | ||||||
Carrying value of securities, net of remaining purchase discount | $ 1,900,000 | ||||||
City Savings Trust [Member] | |||||||
Subordinate Debenture [Line Items] | |||||||
Trust Preferred Capital Securities Sold | $ 5,000,000 | ||||||
Securities bearing interest rate | 90-day LIBOR plus 3.10% | ||||||
Junior subordinated debentures and the securities variable rate | 3.10% | ||||||
LIBOR period | 90 days | ||||||
Interest rate on junior subordinated debentures and securities | 5.01% | ||||||
Junior subordinated debentures maturity date | Jun. 1, 2033 | ||||||
Carrying value of securities, net of remaining purchase discount | $ 4,400,000 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Eligible compensation for ESOP | $ 265,000 | ||
Cash contributions and expense recorded for the ESOP | $ 719,000 | $ 750,000 | $ 600,000 |
Employee stock ownership plan outstanding shares | 1,344,625 | ||
Percentage of outstanding shares | 3.00% |
Employee Thrift and Defined B_2
Employee Thrift and Defined Benefit Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer identification number | 35-1562417 | ||
Employee Thrift Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Bank's expense related to the thrift plan | $ 1,200,000 | $ 1,200,000 | $ 942,000 |
Thrift Plan owns outstanding shares | 741,650 | ||
Percentage of outstanding shares owns with thrift plan | 1.60% | ||
Pentegra Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Bank's expense related to the thrift plan | $ 0 | $ 0 | |
Pentegra Plan date | Aug. 1, 2007 | ||
Employer identification number | 13-5645888 | ||
Plan number | 333 | ||
Withdrawal liability | $ 3,100,000 |
Income Tax - Reconciliation of
Income Tax - Reconciliation of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Currently payable | |||
Federal | $ 11,143 | $ 9,166 | $ 12,079 |
State | 140 | ||
Deferred | |||
Federal | 1,787 | 1,277 | 331 |
State | 233 | ||
Revaluation of deferred tax assets | 2,426 | ||
Total income tax expense | 13,303 | 10,443 | 14,836 |
Reconciliation of federal statutory to actual tax expense | |||
Federal statutory income tax at 21% in 2019 and 2018 35% in 2017 | 16,767 | 13,348 | 16,783 |
Tax exempt interest | (2,977) | (1,982) | (2,699) |
Tax exempt income | (587) | (448) | (638) |
Stock compensation | (324) | (384) | (546) |
Revaluation of deferred tax assets | 2,426 | ||
Other tax exempt income | (313) | (260) | (456) |
State tax | 295 | ||
Nondeductible and other | 442 | 169 | (34) |
Total income tax expense | $ 13,303 | $ 10,443 | $ 14,836 |
Income Tax - Reconciliation o_2
Income Tax - Reconciliation of Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
Income Tax - Reconciliation o_3
Income Tax - Reconciliation of Deferred Tax Assets & Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Allowance for loan losses | $ 4,120 | $ 3,831 |
Net operating loss and tax credits (from acquisitions) | 54 | 1,038 |
Director and employee benefits | 1,890 | 2,392 |
Unrealized loss on AFS securities and fair value hedge | 2,165 | |
Accrued Pension | 775 | 801 |
Fair value adjustment on acquisitions | 0 | |
Other | 2,145 | 670 |
Total assets | 8,984 | 10,897 |
Liabilities | ||
Depreciation | (4,456) | (1,850) |
State tax | (10) | (137) |
Federal Home Loan Bank stock dividends | (368) | (330) |
Difference in basis of intangible assets | (3,427) | (2,919) |
Fair value adjustment on acquisitions | (2,488) | (62) |
Unrealized gain on AFS securities and fair value hedge | (1,710) | |
Other | (63) | (119) |
Total liabilities | (12,522) | (5,417) |
Valuation allowance | (1,038) | |
Net deferred tax asset/(liability) | $ 3,538 | $ 4,442 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Taxes [Line Items] | |
Previously acquired institutions amount of allocated income to bad debt deductions | $ 12,800,000 |
Unrecorded deferred income tax liability | $ 2,700,000 |
Bad debt reserve, description | Retained earnings of the Bank include approximately $12.8 million for which no deferred income tax liability has been recognized. This amount represents an allocation of previously acquired institutions income to bad debt deductions as of December 31, 1987 for tax purposes only. Reductions of amounts so allocated for purposes other than tax bad debt losses including redemption of bank stock or excess dividends, or loss of “bank” status would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. |
State Tax Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Tax Credit Carryforward, Amount | $ 900,000 |
Minimum [Member] | Federal Jurisdiction [Member] | |
Income Taxes [Line Items] | |
Operating loss carry forward expiration year | 2031 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Tax effect | $ (1,708) | $ 2,167 |
Total accumulated other comprehensive loss | 6,432 | (8,144) |
Unrealized Gain (Loss) on Securities Available for Sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), before tax | 12,687 | (8,561) |
Unamortized Gain on Securities Held to Maturity, Previously Transferred from AFS [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), before tax | (107) | 10 |
Unrealized Loss on Derivative Instruments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), before tax | $ (4,440) | $ (1,760) |
Commitments, Off-Balance Shee_2
Commitments, Off-Balance Sheet Risk and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to make loans | $ 958,700,000 | $ 873,800,000 |
Commitments under outstanding standby letters of credit | 17,300,000 | $ 4,800,000 |
Anticipated losses from unused commitments | $ 0 |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Regulatory Capital Requirement (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 548,364 | $ 427,616 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.95% | 13.39% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 314,395 | $ 255,419 |
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 | $ 412,644 | $ 315,283 |
Total capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 10.50% | 9.875% |
Tier 1 capital (to average assets), Actual, Amount | $ 530,643 | $ 409,760 |
Tier 1 capital (to average assets), Actual, Ratio | 13.50% | 12.83% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 235,796 | $ 191,565 |
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 | $ 334,044 | $ 251,429 |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 8.50% | 7.875% |
Common equity tier 1 capital, Actual Amount | $ 473,150 | $ 371,297 |
Common equity tier 1 capital, Actual Ratio | 12.04% | 11.63% |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 176,846 | $ 143,673 |
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 | $ 275,094 | $ 203,537 |
Common equity tier 1 capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 7.00% | 6.375% |
Tier 1 capital (to average assets), Actual, Amount | $ 530,643 | $ 409,760 |
Tier 1 capital (to average assets), Actual, Ratio | 10.50% | 10.12% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 202,111 | $ 162,033 |
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 | $ 202,111 | $ 162,033 |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 4.00% | 4.00% |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 497,227 | $ 396,755 |
Total capital (to risk-weighted assets), Actual, Ratio | 12.65% | 12.43% |
Total capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 314,452 | $ 255,419 |
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 | $ 412,718 | $ 315,283 |
Total capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 10.50% | 9.875% |
Total capital (to risk-weighted assets), For well capitalized purpose, Amount | $ 393,065 | $ 319,274 |
Total capital (to risk-weighted assets), For well capitalized purpose, Ratio | 10.00% | 10.00% |
Tier 1 capital (to average assets), Actual, Amount | $ 479,506 | $ 378,899 |
Tier 1 capital (to average assets), Actual, Ratio | 12.20% | 11.87% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 235,823 | $ 191,565 |
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 | $ 334,082 | $ 251,429 |
Tier 1 capital (to average assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 8.50% | 7.875% |
Tier 1 capital (to average assets), For well capitalized purpose, Amount | $ 314,430 | $ 255,420 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 8.00% | 8.00% |
Common equity tier 1 capital, Actual Amount | $ 479,506 | $ 378,899 |
Common equity tier 1 capital, Actual Ratio | 12.20% | 11.87% |
Common equity tier 1 capital,For capital adequacy purposes, Amount | $ 176,867 | $ 143,674 |
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 | $ 275,126 | $ 203,537 |
Common equity tier 1 capital (to risk-weighted assets), Required for capital1 adequacy purposes with capital buffer, Ratio | 7.00% | 6.375% |
Common equity tier 1 capital, For well capitalized purpose, Amount | $ 255,475 | $ 207,528 |
Common equity tier 1 capital, For well capitalized purposes, Ratio | 6.50% | 6.50% |
Tier 1 capital (to average assets), Actual, Amount | $ 479,506 | $ 378,899 |
Tier 1 capital (to average assets), Actual, Ratio | 9.49% | 9.34% |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 202,110 | $ 162,327 |
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 | $ 202,110 | $ 162,327 |
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 | $ 252,638 | $ 202,908 |
Tier 1 capital (to average assets), For well capitalized purposes, Ratio | 5.00% | 5.00% |
Regulatory Capital - Additional
Regulatory Capital - Additional Information (Detail) | Dec. 31, 2019 |
Schedule Of Regulatory Assets And Liabilities [Line Items] | |
Capital conservation buffer | 2.50% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Based Compensation [Line Items] | |||
Share-based compensation, performance awards, performance goals description | The performance shares that are awarded become earned and vested based on the achievement of certain performance goals during a performance period as established by the Committee at the time of each grant. The performance goals under the presently-awarded grant agreements are based on a comparison of the Company’s average performance over the performance period for the return on common equity, compounded annual growth rate of total assets, and return on average assets, all as relative to the average performance for publicly traded banks with total assets between $1 billion and $5 billion on the SNL Bank Index. Holders of performance share awards receive pass-through dividends but do not have any voting rights before the performance shares are earned and vested. | ||
Total assets | $ 5,246,829,000 | $ 4,246,688,000 | |
Tax benefit associated with compensation expense | 45,000 | 53,000 | $ 114,000 |
Total compensation cost | 215,000 | 251,000 | 325,000 |
Total compensation cost | 920,000 | 626,000 | 460,000 |
Cash received from option exercise | 236,000 | 493,000 | 1,600,000 |
Actual tax benefit realized for the tax deductions | 104,000 | $ 213,000 | $ 522,000 |
Unrecognized compensation cost | $ 1,500,000 | ||
Weighted-average period cost over which cost is expected to be recognized | 1 year 1 month 6 days | ||
Option Activity Under the 2013 Plan [Member] | |||
Stock Based Compensation [Line Items] | |||
Maximum common shares issued under the plan | 1,556,325 | ||
Number of shares available incentive stock options | 225,000 | ||
Non-option awards granted | 900,000 | ||
Weighted average grant-date fair value of options granted | $ 4.44 | $ 5.54 | $ 4.83 |
Option Activity Under the 2003 Plan [Member] | |||
Stock Based Compensation [Line Items] | |||
Maximum common shares issued under the plan | 759,375 | ||
Number of shares available incentive stock options | 759,375 | ||
Non-option awards granted | 379,687 | ||
Additional common shares available for issuance | 885,937 | ||
Performance Based Share Awards [Member] | Minimum [Member] | |||
Stock Based Compensation [Line Items] | |||
Total assets | $ 1,000,000,000 | ||
Performance Based Share Awards [Member] | Maximum [Member] | |||
Stock Based Compensation [Line Items] | |||
Total assets | 5,000,000,000 | ||
Restricted and Performance Shares [Member] | |||
Stock Based Compensation [Line Items] | |||
Tax benefit associated with compensation expense | 148,000 | $ 79,000 | $ 47,000 |
Total compensation cost | 215,000 | 251,000 | |
Total compensation cost | $ 705,000 | $ 376,000 | $ 135,000 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Option Activity (Detail) - Option Activity Under the 2003 Plan [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Schedule Of Stock Option Activity [Line Items] | |
Option Outstanding, Shares, Beginning balance | shares | 21,300 |
Option Exercised, Shares | shares | (8,625) |
Option Outstanding, Shares, Ending balance | shares | 12,675 |
Option Exercisable, Shares, Ending balance | shares | 12,675 |
Option Outstanding, Weighted Average Exercise Price, Beginning balance | $ / shares | $ 5.03 |
Option Exercised, Weighted Average Exercise Price | $ / shares | 4.45 |
Option Outstanding, Weighted Average Exercise Price, Ending balance | $ / shares | 5.42 |
Option Exercisable, Weighted Average Exercise Price, Ending balance | $ / shares | $ 5.42 |
Option Outstanding, Weighted Average Remaining Contractual Term | 1 year 14 days |
Option Exercisable, Weighted Average Remaining Contractual Term | 1 year 14 days |
Option Outstanding, Aggregate Intrinsic Value | $ | $ 172,096 |
Option Exercisable, Aggregate Intrinsic Value | $ | $ 172,096 |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Value of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yields | 2.39% | 1.99% | 1.75% |
Volatility factors of expected market price of common stock | 28.67% | 28.60% | 28.52% |
Risk-free interest rates | 2.61% | 2.85% | 2.42% |
Expected life of options | 8 years | 8 years | 8 years |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Option Activity Under 2013 Plan (Detail) - Option Activity Under the 2013 Plan [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Schedule Of Stock Option Activity [Line Items] | |
Option Outstanding, Shares, Beginning balance | shares | 307,317 |
Option Granted, Shares | shares | 35,966 |
Option Exercised, Shares | shares | (24,256) |
Option Forfeited, Shares | shares | (2,250) |
Option Outstanding, Shares, Ending balance | shares | 316,777 |
Option Exercisable, Shares, Ending balance | shares | 242,814 |
Option Outstanding, Weighted Average Exercise Price, Beginning balance | $ / shares | $ 12.28 |
Option Granted, Weighted Average Exercise Price | $ / shares | 16.74 |
Option Exercised, Weighted Average Exercise Price | $ / shares | 9.75 |
Option Forfeited, Weighted Average Exercise Price | $ / shares | 10.38 |
Option Outstanding, Weighted Average Exercise Price, Ending balance | $ / shares | 12.99 |
Option Exercisable, Weighted Average Exercise Price, Ending balance | $ / shares | $ 11.58 |
Option Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 13 days |
Option Exercisable, Weighted Average Remaining Contractual Term | 5 years 8 months 26 days |
Option Outstanding, Aggregate Intrinsic Value | $ | $ 1,822,924 |
Option Exercisable, Aggregate Intrinsic Value | $ | $ 1,802,010 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Status of Non-vested, Restricted and Performance Shares (Detail) - Restricted and Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested beginning of year, Shares | shares | 176,538 |
Vested, Shares | shares | (43,358) |
Granted, Shares | shares | 84,526 |
Forfeited, Shares | shares | (4,137) |
Non-vested, end of year, Shares | shares | 213,569 |
Non-vested beginning of year, Weighted Average Grant Date Fair Value | $ / shares | $ 16.90 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 11.17 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 16.74 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 18.23 |
Non-vested end of year, Weighted Average Grant Date Fair Value | $ / shares | $ 17.97 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
LIBOR period | 3 months | |
Weighted average fixed rate | 4.03% | 3.76% |
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 | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
LIBOR period | 1 month | |
Weighted average fixed rate | 2.81% | |
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 | $ 15.5 | $ 30.5 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest | 50 | 50 |
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 | $ 361 | $ 209.2 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Total Asset Derivatives | $ 11,686 | $ 177 |
Total Liability Derivatives | 3,745 | 1,802 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Asset Derivatives | 11,422 | 42 |
Total Liability Derivatives | 15,861 | 1,802 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Contracts One [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Asset Derivatives | 11,422 | |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Contracts Two [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Liability Derivatives | 15,861 | 1,802 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Contracts Two [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Asset Derivatives | 42 | |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Asset Derivatives | 264 | 135 |
Total Liability Derivatives | ||
Derivatives Not Designated as Hedging Instruments [Member] | Mortgage Loan Contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Liability Derivatives | ||
Derivatives Not Designated as Hedging Instruments [Member] | Mortgage Loan Contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Asset Derivatives | $ 264 | $ 135 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statements of Income Derivative in Cash Flow Hedging Relationship (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Comprehensive Income on Derivative (Effective Portion) | $ (2,680) | $ (32) | $ 1,404 |
Cash Flow Hedging [Member] | Interest Rate Contracts One [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Comprehensive Income on Derivative (Effective Portion) | $ (2,117) | $ (25) | $ 913 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income Derivative in Fair Value Hedging Relationship (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ (11,380) | $ (852) | $ (817) |
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 | 11,380 | 852 | 817 |
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 | $ 91 | $ (5) | $ (439) |
Disclosures about Fair Value _3
Disclosures about Fair Value of Assets and Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Reduced in carrying amount of mortgage servicing rights | $ 719,000 | $ 527,000 |
Disclosures about Fair Value _4
Disclosures about Fair Value of Assets and Liabilities - Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | $ 834,776 | $ 600,348 |
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 | 1,413 | 16,608 |
State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 405,768 | 209,303 |
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 | 269,252 | 185,003 |
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 | 146,572 | 178,736 |
Corporate Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 11,771 | 10,698 |
Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Fair Value | 834,776 | 600,348 |
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 | 1,413 | 16,608 |
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 | 405,768 | 209,303 |
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 | 269,252 | 185,003 |
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 | 146,572 | 178,736 |
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 | 11,771 | 10,698 |
Recurring Basis [Member] | Forward Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 264 | 135 |
Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | (15,861) | (1,801) |
Recurring Basis [Member] | Commitments To Originate Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | (38) | |
Recurring Basis [Member] | Interest Rate Swap Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | 11,422 | 42 |
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 | 834,776 | 600,348 |
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 | 1,413 | 16,608 |
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 | 405,768 | 209,303 |
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 | 269,252 | 185,003 |
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 | 146,572 | 178,736 |
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 | 11,771 | 10,698 |
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 | 264 | 135 |
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 | (15,861) | (1,801) |
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 | (38) | |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, fair value | $ 11,422 | $ 42 |
Disclosures about Fair Value _5
Disclosures about Fair Value of Assets and Liabilities - Realized Gains and Losses included in Net Income for Periods in Consolidated Statements of Income (Detail) - Non Interest Income Total Gains and Losses [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | $ 91 | $ (5) | $ (439) |
Hedged Loans [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | (11,380) | (852) | (817) |
Interest Rate Swap [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | 11,380 | 852 | 817 |
Derivative Loan Commitments [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Included in net income | $ 91 | $ (5) | $ (439) |
Disclosures about Fair Value _6
Disclosures about Fair Value of Assets and Liabilities - Other Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | $ 6,806 | $ 5,661 |
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 | 14,327 | 12,349 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 6,806 | 5,661 |
Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 14,327 | 12,349 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impaired loans | 6,806 | 5,661 |
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 | $ 14,327 | $ 12,349 |
Disclosures about Fair Value _7
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) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)ConsecutivePayment | Dec. 31, 2018USD ($)ConsecutivePayment | |
Measurement Input, Discount Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable inputs | 10 | |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ | $ 6,806 | $ 5,661 |
Valuation Technique | Collateral based measurement | Collateral based measurement |
Impaired loans | Discount to reflect current marketconditions and ultimatecollectability | Discount to reflect current marketconditions and ultimatecollectability |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ | $ 14,327 | $ 12,349 |
Valuation Technique | Discounted cash flows | Discounted cash flows |
Impaired loans | Discount rate,Constant prepayment rate, Probability of default | Discount rate,Constant prepayment rate, Probability of default |
Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 0.00% | 0.00% |
Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable inputs | 8.7 | 10.2 |
Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Constant Prepayment Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable inputs | 10.2 | 9.1 |
Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Default Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable inputs | 0.1 | 0.1 |
Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 100.00% | 100.00% |
Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable inputs | 9 | 11 |
Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Constant Prepayment Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable inputs | 19.8 | 21.9 |
Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Default Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable inputs | 2.9 | 2.8 |
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount to reflect current market conditions and ultimate collectability | 7.40% | 15.50% |
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable inputs | 8.7 | 10.3 |
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Constant Prepayment Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable inputs | 12.2 | 9.3 |
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Default Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable inputs | 0.7 | 0.6 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 98,831 | $ 58,492 |
Interest-earning time deposits | 8,455 | 15,744 |
Investment securities, held to maturity | 207,899 | 210,112 |
Loans held for sale | 4,088 | 1,038 |
Loans (excluding loan level hedges), net | 3,631,316 | 3,004,957 |
Stock in FHLB | 22,447 | 18,073 |
Interest receivable | 18,828 | 14,239 |
Liabilities | ||
Non-interest bearing deposits | 709,760 | 642,129 |
Interest bearing deposits | 3,221,242 | 2,497,247 |
Borrowings | 549,741 | 550,384 |
Interest payable | 3,062 | 2,031 |
Carrying Amount [Member] | ||
Assets | ||
Cash and due from banks | 98,831 | 58,492 |
Interest-earning time deposits | 8,455 | 15,744 |
Investment securities, held to maturity | 207,899 | 210,112 |
Loans held for sale | 4,088 | 1,038 |
Loans (excluding loan level hedges), net | 3,619,174 | 2,786,351 |
Stock in FHLB | 22,447 | 18,073 |
Interest receivable | 18,828 | 14,239 |
Liabilities | ||
Non-interest bearing deposits | 709,760 | 642,129 |
Interest bearing deposits | 3,221,242 | 2,497,247 |
Borrowings | 549,741 | 550,384 |
Subordinated debentures | 56,311 | 37,837 |
Interest payable | 3,062 | 2,031 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Cash and due from banks | 98,831 | 58,492 |
Liabilities | ||
Non-interest bearing deposits | 709,760 | 642,129 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Interest-earning time deposits | 8,537 | 15,542 |
Investment securities, held to maturity | 215,147 | 208,273 |
Stock in FHLB | 22,447 | 18,073 |
Interest receivable | 18,828 | 14,239 |
Liabilities | ||
Interest bearing deposits | 3,180,768 | 2,377,274 |
Borrowings | 546,995 | 542,311 |
Subordinated debentures | 51,809 | 35,711 |
Interest payable | 3,062 | 2,031 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Loans held for sale | 4,088 | 1,038 |
Loans (excluding loan level hedges), net | $ 3,554,951 | $ 2,681,741 |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Total cash and cash equivalents | $ 98,831 | $ 58,492 | $ 59,980 | $ 53,421 |
Other assets | 66,628 | 40,467 | ||
Total assets | 5,246,829 | 4,246,688 | ||
Liabilities | ||||
Other liabilities | 50,690 | 25,068 | ||
Stockholders' Equity | 656,023 | 491,992 | 457,078 | 340,855 |
Total liabilities and stockholders' equity | 5,246,829 | 4,246,688 | ||
Parent Company [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 50,961 | 30,653 | $ 13,361 | $ 15,736 |
Investment in subsidiaries | 666,639 | 502,844 | ||
Other assets | 3,882 | 1,186 | ||
Total assets | 721,482 | 534,683 | ||
Liabilities | ||||
Subordinated debentures | 56,311 | 37,837 | ||
Other liabilities | 9,148 | 4,854 | ||
Stockholders' Equity | 656,023 | 491,992 | ||
Total liabilities and stockholders' equity | $ 721,482 | $ 534,683 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company Only) - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Income (Expense) | |||||||||||
Other income | $ 2,394 | $ 2,141 | $ 1,773 | ||||||||
Interest expense | $ (11,879) | $ (12,248) | $ (12,321) | $ (11,093) | $ (9,894) | $ (8,499) | $ (7,191) | $ (6,015) | (47,541) | (31,599) | (16,383) |
Employee benefit expense | (65,206) | (56,623) | (51,375) | ||||||||
Income Before Tax | 79,841 | 63,560 | 47,953 | ||||||||
Income Tax Benefit | (13,303) | (10,443) | (14,836) | ||||||||
Net Income Available to Common Shareholders | 66,538 | 53,117 | 33,117 | ||||||||
Parent Company [Member] | |||||||||||
Operating Income (Expense) | |||||||||||
Dividend income from subsidiaries | 46,150 | 46,950 | 27,000 | ||||||||
Other income | 540 | ||||||||||
Interest expense | (3,209) | (2,475) | (2,791) | ||||||||
Employee benefit expense | (1,687) | (1,423) | (1,094) | ||||||||
Other expense | (416) | (357) | (326) | ||||||||
Income Before Undistributed Income of Subsidiaries | 40,838 | 42,695 | 23,329 | ||||||||
Undistributed Income of Subsidiaries | 25,053 | 9,643 | 8,804 | ||||||||
Income Before Tax | 65,891 | 52,338 | 32,133 | ||||||||
Income Tax Benefit | 647 | 779 | 984 | ||||||||
Net Income Available to Common Shareholders | $ 66,538 | $ 53,117 | $ 33,117 |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company Only) - Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Comprehensive Income [Line Items] | |||||||||||
Net Income | $ 18,543 | $ 20,537 | $ 16,642 | $ 10,816 | $ 13,133 | $ 13,065 | $ 14,115 | $ 12,804 | $ 66,538 | $ 53,117 | $ 33,117 |
Other Comprehensive Income (Loss) | |||||||||||
Change in fair value of derivative instruments, net of taxes | (2,117) | (25) | 913 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 14,576 | (3,827) | 2,093 | ||||||||
Comprehensive Income | 81,114 | 49,290 | 35,210 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Comprehensive Income [Line Items] | |||||||||||
Net Income | 66,538 | 53,117 | 33,117 | ||||||||
Other Comprehensive Income (Loss) | |||||||||||
Change in fair value of derivative instruments, net of taxes | (2,117) | (25) | 913 | ||||||||
Unrealized appreciation for the period on held to maturity securities, net of taxes | (92) | (150) | (166) | ||||||||
Unrealized appreciation (depreciation) on available for sale securities, net of taxes | 16,727 | (4,003) | 1,371 | ||||||||
Less: reclassification adjustment for realized (gains) losses included in net income, net of taxes | 59 | 351 | (25) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 14,576 | (3,827) | 2,093 | ||||||||
Comprehensive Income | $ 81,114 | $ 49,290 | $ 35,210 |
Condensed Financial Informati_6
Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||||||||||
Net income | $ 18,543 | $ 20,537 | $ 16,642 | $ 10,816 | $ 13,133 | $ 13,065 | $ 14,115 | $ 12,804 | $ 66,538 | $ 53,117 | $ 33,117 |
Items not requiring (providing) cash | |||||||||||
Change in Share based compensation | 215 | 251 | 325 | ||||||||
Other assets | 97,629 | 2,460 | 6,173 | ||||||||
Other liabilities | (608) | 658 | (5,776) | ||||||||
Net cash provided by operating activities | 174,952 | 72,440 | 49,064 | ||||||||
Investing Activities | |||||||||||
Net cash provided by (used in) investing activities | (94,725) | (303,916) | (278,924) | ||||||||
Financing Activities | |||||||||||
Net change in borrowings | (71,040) | (13,589) | 259,895 | ||||||||
Dividends paid on common shares | (20,835) | (15,418) | (11,720) | ||||||||
Proceeds from issuance of stock | 1,705 | 622 | 1,604 | ||||||||
Net cash provided by (used in) financing activities | (39,888) | 229,988 | 236,419 | ||||||||
Cash and Cash Equivalents, Beginning of Period | 58,492 | 59,980 | 58,492 | 59,980 | 53,421 | ||||||
Cash and Cash Equivalents, End of Period | 98,831 | 58,492 | 98,831 | 58,492 | 59,980 | ||||||
Lafayette Community Bancorp [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | 20,425 | ||||||||||
Wolverine Bancorp Inc [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | 12,723 | ||||||||||
Parent Company [Member] | |||||||||||
Operating Activities | |||||||||||
Net income | 66,538 | 53,117 | 33,117 | ||||||||
Items not requiring (providing) cash | |||||||||||
Equity in undistributed net income of subsidiaries | (25,053) | (9,643) | (8,804) | ||||||||
Change in Share based compensation | 215 | 251 | 325 | ||||||||
Amortization of unearned compensation | 705 | 169 | 135 | ||||||||
Other assets | (5,449) | 132 | 388 | ||||||||
Other liabilities | 1,629 | 378 | (1,675) | ||||||||
Net cash provided by operating activities | 38,585 | 44,404 | 23,486 | ||||||||
Investing Activities | |||||||||||
Repurchase of outstanding stock | (1,595) | ||||||||||
Net cash provided by (used in) investing activities | 755 | (8,942) | |||||||||
Financing Activities | |||||||||||
Net change in borrowings | 98 | (12,316) | (6,803) | ||||||||
Dividends paid on common shares | (20,835) | (15,418) | (11,720) | ||||||||
Proceeds from issuance of stock | 1,705 | 622 | 1,604 | ||||||||
Net cash provided by (used in) financing activities | (19,032) | (27,112) | (16,919) | ||||||||
Net Change in Cash and Cash Equivalents | 20,308 | 17,292 | (2,375) | ||||||||
Cash and Cash Equivalents, Beginning of Period | $ 30,653 | $ 13,361 | 30,653 | 13,361 | 15,736 | ||||||
Cash and Cash Equivalents, End of Period | $ 50,961 | $ 30,653 | 50,961 | $ 30,653 | 13,361 | ||||||
Parent Company [Member] | Lafayette Community Bancorp [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | (1,254) | ||||||||||
Parent Company [Member] | Wolverine Bancorp Inc [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | $ (7,688) | ||||||||||
Parent Company [Member] | Salin [Member] | |||||||||||
Investing Activities | |||||||||||
Acquisition of businesses | $ 2,350 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) - Summary of Quarterly Consolidated Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 53,398 | $ 55,711 | $ 53,850 | $ 45,373 | $ 43,730 | $ 42,271 | $ 40,741 | $ 39,426 | $ 208,332 | $ 166,168 | $ 128,483 |
Interest expense | 11,879 | 12,248 | 12,321 | 11,093 | 9,894 | 8,499 | 7,191 | 6,015 | 47,541 | 31,599 | 16,383 |
Net interest income | 41,519 | 43,463 | 41,529 | 34,280 | 33,836 | 33,772 | 33,550 | 33,411 | 160,791 | 134,569 | 112,100 |
Provision for loan losses | 340 | 376 | 896 | 364 | 528 | 1,176 | 635 | 567 | 1,976 | 2,906 | 2,470 |
Gain (loss) on sale of securities | 10 | (100) | 15 | (332) | (122) | 11 | (75) | (443) | 38 | ||
Net income | $ 18,543 | $ 20,537 | $ 16,642 | $ 10,816 | $ 13,133 | $ 13,065 | $ 14,115 | $ 12,804 | $ 66,538 | $ 53,117 | $ 33,117 |
Earnings per share: | |||||||||||
Basic | $ 0.41 | $ 0.46 | $ 0.37 | $ 0.28 | $ 0.35 | $ 0.34 | $ 0.37 | $ 0.33 | $ 1.53 | $ 1.39 | $ 0.96 |
Diluted | $ 0.41 | $ 0.46 | $ 0.37 | $ 0.28 | $ 0.34 | $ 0.34 | $ 0.37 | $ 0.33 | $ 1.53 | $ 1.38 | $ 0.95 |
Average shares outstanding: | |||||||||||
Basic | 44,971,676 | 45,038,021 | 45,055,117 | 38,822,543 | 38,367,972 | 38,365,379 | 38,347,612 | 38,306,395 | 43,493,316 | 38,347,059 | 34,553,736 |
Diluted | 45,103,065 | 45,113,730 | 45,130,408 | 38,906,172 | 38,488,861 | 38,534,970 | 38,519,401 | 38,468,810 | 43,597,595 | 38,495,231 | 34,760,438 |
Future Accounting Matters - Add
Future Accounting Matters - Additional Information (Detail) - Accounting Standards Update 2016-13 [Member] - Subsequent Event [Member] $ in Millions | Jan. 01, 2020USD ($) |
Maximum [Member] | |
Retained Earnings Adjustments [Line Items] | |
Cumulative adjustment | $ 20.8 |
Minimum [Member] | |
Retained Earnings Adjustments [Line Items] | |
Cumulative adjustment | $ 16.2 |