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Acquisitions (Tables) | 12 Months Ended
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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 bearing |  | $ | 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 as of March 26, 2019. Final valuation estimates have not yet been determined for acquired loans as of December 31, 2019. If information becomes available which would indicate adjustments to the purchase price allocation, such adjustments would be made prospectively.
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 results for the periods ended December 31, 2019, 2018 and 2017 as if the Salin, Wolverine and Lafayette acquisitions had occurred as of the beginning of the comparable prior reporting periods.
|  | 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 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 |
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 bearing |  | $ | 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 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 |
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 bearing |  | $ | 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 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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