XML 150 R27.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Tax | 12 Months Ended
--- | ---
Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Tax | Note 17 – Income Tax
|  | December 31 |  |  | December 31 |  |  | December 31 |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |
Currently payable |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 4,710 |  |  | $ | 3,900 |  |  | $ | 5,582 |
State |  |  | (149 | ) |  |  | (88 | ) |  |  | 120 |
Deferred |  |  | 1,594 |  |  |  | 3,236 |  |  |  | 2,744 |
Total income tax expense |  | $ | 6,155 |  |  | $ | 7,048 |  |  | $ | 8,446 |
Reconciliation of federal statutory to actual tax expense |  |  |  |  |  |  |  |  |  |  |  |
Federal statutory income tax at 35% |  | $ | 8,488 |  |  | $ | 9,424 |  |  | $ | 9,800 |
Tax exempt interest |  |  | (1,628 | ) |  |  | (1,517 | ) |  |  | (1,419 | )
Tax exempt income |  |  | (366 | ) |  |  | (362 | ) |  |  | (359 | )
Other tax exempt income |  |  | (309 | ) |  |  | (342 | ) |  |  | — |
Nondeductible and other |  |  | (30 | ) |  |  | (176 | ) |  |  | (177 | )
Effect of state income taxes |  |  | — |  |  |  | 21 |  |  |  | 601 |
Actual tax expense |  | $ | 6,155 |  |  | $ | 7,048 |  |  | $ | 8,446 |
|  | December 31 |  |  | December 31 |
|  | 2014 |  |  | 2013 |
Assets |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 5,680 |  |  | $ | 5,677 |
Net operating loss |  |  | 3,509 |  |  |  | 2,977 |
Director and employee benefits |  |  | 1,953 |  |  |  | 1,828 |
Unrealized loss on AFS securities and fair value hedge |  |  | 588 |  |  |  | 931 |
Other |  |  | 596 |  |  |  | 537 |
Total assets |  |  | 12,326 |  |  |  | 11,950 |
Liabilities |  |  |  |  |  |  |  |
Depreciation |  |  | (1,563 | ) |  |  | (1,424 | )
Difference in expense recognition |  |  | — |  |  |  | (368 | )
State tax |  |  | (126 | ) |  |  | (236 | )
Federal Home Loan Bank stock dividends |  |  | (200 | ) |  |  | (295 | )
Difference in basis of intangible assets |  |  | (2,839 | ) |  |  | (2,189 | )
FHLB Penalty |  |  | (283 | ) |  |  | (508 | )
Other |  |  | (1,303 | ) |  |  | (1,188 | )
Total liabilities |  |  | (6,314 | ) |  |  | (6,208 | )
Net deferred tax asset |  | $ | 6,012 |  |  | $ | 5,742 |
As of December 31, 2014, the Company had approximately $10.9 million of state tax loss carryforward available to offset future franchise taxable income. Also, at December 31, 2014, the Company had approximately $7.6 million of federal loss carryforward available to offset future federal income tax. The state loss carryforward begins to expire in 2014. The federal loss carryforward expires in 2029. Due to these losses being incurred by Heartland and Summit prior to the acquisitions by Horizon, the annual losses which can be used are subject to an annual limitation. Management believes that the Company will be able to utilize the benefits recorded for both state and federal loss carryforwards within the allotted time periods. The Company files income tax returns in the U.S. federal jurisdiction. With a few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2011.

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration