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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2017
Pro Forma Result of Comparable Prior Reporting Period | The following schedule includes pro-forma results for the periods ended December 31, 2017, 2016 and 2015 as if the Wolverine, Lafayette, CNB, LaPorte Bancorp, Kosciusko and Peoples acquisitions had occurred as of the beginning of the comparable prior reporting periods.
|  | December 31 |  |  | December 31 |  |  | December 31 |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Summary of Operations: |  |  |  |  |  |  |  |  |  |  |  |
Net Interest Income |  | $ | 125,442 |  |  | $ | 115,860 |  |  |  | 119,732 |
Provision for loan losses |  |  | (12 | ) |  |  | 1,082 |  |  |  | 4,027 |
Net Interest Income after Provision for Loan Losses |  |  | 125,454 |  |  |  | 114,778 |  |  |  | 115,705 |
Non-interest Income |  |  | 33,959 |  |  |  | 43,330 |  |  |  | 37,976 |
Non-interest Expense |  |  | 109,605 |  |  |  | 119,522 |  |  |  | 112,309 |
Income before Income Taxes |  |  | 49,808 |  |  |  | 38,586 |  |  |  | 41,372 |
Income Tax Expense |  |  | 16,204 |  |  |  | 12,072 |  |  |  | 10,764 |
Net Income |  |  | 33,604 |  |  |  | 26,514 |  |  |  | 30,608 |
Net Income Available to Common Shareholders |  | $ | 33,604 |  |  | $ | 26,472 |  |  |  | 30,483 |
Basic Earnings Per Share |  | $ | 1.46 |  |  | $ | 1.32 |  |  | $ | 1.93 |
Diluted Earnings Per Share |  | $ | 1.45 |  |  | $ | 1.32 |  |  | $ | 1.88 |
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 |  |  |  |
Cash and due from banks |  | $ | 44,450 |
Investment securities, available for sale |  |  | — |
Commercial |  |  | 276,167 |
Residential mortgage |  |  | 30,603 |
Consumer |  |  | 3,897 |
Total loans |  |  | 310,667 |
Premises and equipment, net |  |  | 2,941 |
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 estimated purchase price |  | $ | 93,773 |
LIABILITIES |  |  |  |
Deposits |  |  |  |
Non-interest bearing |  | $ | 25,221 |
NOW accounts |  |  | 8,026 |
Savings and money market |  |  | 129,044 |
Certificates of deposits |  |  | 94,688 |
Total deposits |  |  | 256,979 |
Borrowings |  |  | 36,970 |
Interest payable |  |  | 214 |
Other liabilities |  |  | 6,154 |
Total liabilities assumed |  | $ | 300,317 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of October 17, 2017.
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 |
Central National Bank & Trust [Member] |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the CNB acquisition is allocated as follows:
ASSETS |  |  |  |
Cash and due from banks |  | $ | 27,860 |
Investment securities, available for sale |  |  | 16,393 |
Commercial |  |  | 2,267 |
Residential mortgage |  |  | 6,624 |
Consumer |  |  | 1,579 |
Total loans |  |  | 10,470 |
Premises and equipment, net |  |  | 444 |
FHLB stock |  |  | 50 |
Goodwill |  |  | 609 |
Core deposit intangible |  |  | 190 |
Interest receivable |  |  | 154 |
Other assets |  |  | 49 |
Total assets purchased |  | $ | 56,219 |
Cash paid |  |  | 5,311 |
Total estimated purchase price |  | $ | 5,311 |
LIABILITIES |  |  |  |
Deposits |  |  |  |
Non-interest bearing |  | $ | 24,079 |
NOW accounts |  |  | 9,038 |
Savings and money market |  |  | 13,829 |
Certificates of deposits |  |  | 3,342 |
Total deposits |  |  | 50,288 |
Borrowings |  |  | 459 |
Interest payable |  |  | 7 |
Other liabilities |  |  | 154 |
Total liabilities assumed |  | $ | 50,908 |
LaPorte Bancorp Inc [Member] |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the LaPorte Bancorp acquisition is detailed in the following table.
ASSETS |  |  |  |
Cash and due from banks |  | $ | 154,849 |
Investment securities, available for sale |  |  | 23,779 |
Commercial |  |  | 153,750 |
Residential mortgage |  |  | 42,603 |
Consumer |  |  | 16,801 |
Mortgage Warehousing |  |  | 99,752 |
Total loans |  |  | 312,906 |
Premises and equipment, net |  |  | 6,022 |
FHLB stock |  |  | 4,029 |
Goodwill |  |  | 20,993 |
Core deposit intangible |  |  | 2,514 |
Interest receivable |  |  | 844 |
Cash value of life insurance |  |  | 15,267 |
Other assets |  |  | 8,334 |
Total assets purchased |  | $ | 549,537 |
Common shares issued |  | $ | 60,306 |
Cash paid |  |  | 38,328 |
Total estimated purchase price |  | $ | 98,634 |
LIABILITIES |  |  |  |
Deposits |  |  |  |
Non-interest bearing |  | $ | 66,733 |
NOW accounts |  |  | 99,346 |
Savings and money market |  |  | 117,688 |
Certificates of deposits |  |  | 87,605 |
Total deposits |  |  | 371,372 |
Borrowings |  |  | 64,793 |
Interest payable |  |  | 178 |
Subordinated debt |  |  | 4,504 |
Other liabilities |  |  | 10,056 |
Total liabilities assumed |  | $ | 450,903 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of July 18, 2016.
Contractually required principal and interest at acquisition |  | $ | 12,545 |
Contractual cash flows not expected to be collected (nonaccretable differences) |  |  | 4,492 |
Expected cash flows at acquisition |  |  | 8,053 |
Interest component of expected cash flows (accretable discount) |  |  | 1,258 |
Fair value of acquired loans accounted for under ASC 310-30 |  | $ | 6,795 |
Kosciusko Financial Inc [Member] |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Kosciusko acquisition is detailed in the following table.
ASSETS |  |  |  |
Cash and due from banks |  | $ | 38,950 |
Investment securities, available for sale |  |  | 1,191 |
Commercial |  |  | 70,006 |
Residential mortgage |  |  | 26,244 |
Consumer |  |  | 6,319 |
Total loans |  |  | 102,569 |
Premises and equipment, net |  |  | 1,466 |
FRB and FHLB stock |  |  | 582 |
Goodwill |  |  | 6,443 |
Core deposit intangible |  |  | 526 |
Interest receivable |  |  | 636 |
Cash value of life insurance |  |  | 2,745 |
Other assets |  |  | 765 |
Total assets purchased |  | $ | 155,873 |
Common shares issued |  | $ | 14,470 |
Cash paid |  |  | 8,513 |
Total estimated purchase price |  | $ | 22,983 |
LIABILITIES |  |  |  |
Deposits |  |  |  |
Non-interest bearing |  | $ | 27,871 |
NOW accounts |  |  | 35,213 |
Savings and money market |  |  | 26,953 |
Certificates of deposits |  |  | 32,771 |
Total deposits |  |  | 122,808 |
Borrowings |  |  | 9,038 |
Interest payable |  |  | 55 |
Other liabilities |  |  | 989 |
Total liabilities assumed |  | $ | 132,890 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of June 1, 2016.
Contractually required principal and interest at acquisition |  | $ | 2,682 |
Contractual cash flows not expected to be collected (nonaccretable differences) |  |  | 25 |
Expected cash flows at acquisition |  |  | 2,657 |
Interest component of expected cash flows (accretable discount) |  |  | 634 |
Fair value of acquired loans accounted for under ASC 310-30 |  | $ | 2,023 |
Peoples Bancorp Inc [Member] |
Schedule of Purchase Price of Assets Acquired and Liabilities Assumed | Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the Peoples acquisition is allocated as follows:
ASSETS |  |  |  |
Cash and due from banks |  | $ | 205,054 |
Investment securities, available for sale |  |  | 2,038 |
Commercial |  |  | 67,435 |
Residential mortgage |  |  | 137,331 |
Consumer |  |  | 19,593 |
Total loans |  |  | 224,359 |
Premises and equipment, net |  |  | 5,524 |
FRB and FHLB stock |  |  | 2,743 |
Goodwill |  |  | 21,424 |
Core deposit intangible |  |  | 4,394 |
Interest receivable |  |  | 1,279 |
Cash value of life insurance |  |  | 13,898 |
Other assets |  |  | 4,364 |
Total assets purchased |  | $ | 485,077 |
Common shares issued |  | $ | 55,506 |
Cash paid |  |  | 22,641 |
Total estimated purchase price |  | $ | 78,147 |
LIABILITIES |  |  |  |
Deposits |  |  |  |
Non-interest bearing |  | $ | 28,251 |
NOW accounts |  |  | 65,771 |
Savings and money market |  |  | 125,176 |
Certificates of deposits |  |  | 131,889 |
Total deposits |  |  | 351,087 |
Borrowings |  |  | 48,884 |
Interest payable |  |  | 21 |
Other liabilities |  |  | 6,938 |
Total liabilities assumed |  | $ | 406,930 |
Schedule of Acquired Loans Accounted for in Accordance with ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with ASC 310-30 as of July 1, 2015.
Contractually required principal and interest at acquisition |  | $ | 5,730 |
Contractual cash flows not expected to be collected (nonaccretable differences) |  |  | 715 |
Expected cash flows at acquisition |  |  | 5,015 |
Interest component of expected cash flows (accretable discount) |  |  | 647 |
Fair value of acquired loans accounted for under ASC 310-30 |  | $ | 4,368 |
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 |  |  |  |
Cash and due from banks |  | $ | 24,846 |
Investment securities, available for sale |  |  | 6 |
Commercial |  |  | 116,258 |
Residential mortgage |  |  | 12,761 |
Consumer |  |  | 5,280 |
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 | (1)
Cash paid |  |  | 4,421 |
Total estimated purchase price |  | $ | 34,465 |
LIABILITIES |  |  |  |
Deposits |  |  |  |
Non-interest bearing |  | $ | 34,990 |
NOW accounts |  |  | 30,174 |
Savings and money market |  |  | 53,663 |
Certificates of deposits |  |  | 32,520 |
Total deposits |  |  | 151,347 |
Borrowings |  |  | — |
Interest payable |  |  | 42 |
Other liabilities |  |  | 990 |
Total liabilities assumed |  | $ | 152,379 |
(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 as of September 1, 2017.
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 |

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