Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 23, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'PEOPLES BANCORP INC. | ' |
Entity Central Index Key | '0000318300 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 10,899,941 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents: | ' | ' |
Cash and due from banks | $41,279 | $36,016 |
Interest-bearing deposits in other banks | 23,405 | 17,804 |
Total cash and cash equivalents | 64,684 | 53,820 |
Available-for-sale investment securities, at fair value (amortized cost of $598,445 at March 31, 2014 and $621,126 at December 31, 2013) | 592,097 | 606,108 |
Held-to-maturity investment securities, at amortized cost (fair value of $47,599 at March 31, 2014 and $46,094 at December 31, 2013) | 48,803 | 49,222 |
Other investment securities, at cost | 21,299 | 25,196 |
Total investment securities | 662,199 | 680,526 |
Loans, net of deferred fees and costs | 1,226,506 | 1,196,234 |
Allowance for loan losses | -16,870 | -17,065 |
Net loans | 1,209,636 | 1,179,169 |
Loans held for sale | 2,947 | 1,688 |
Bank premises and equipment, net | 30,551 | 29,809 |
Goodwill | 70,520 | 70,520 |
Other intangible assets | 6,768 | 7,083 |
Other assets | 30,948 | 36,493 |
Total assets | 2,078,253 | 2,059,108 |
Deposits: | ' | ' |
Non-interest-bearing | 417,629 | 409,891 |
Interest-bearing | 1,215,436 | 1,170,867 |
Total deposits | 1,633,065 | 1,580,758 |
Short-term borrowings | 68,777 | 113,590 |
Long-term borrowings | 120,164 | 121,826 |
Accrued expenses and other liabilities | 25,671 | 21,381 |
Total liabilities | 1,847,677 | 1,837,555 |
Stockholders’ Equity | ' | ' |
Preferred stock, no par value, 50,000 shares authorized, no shares issued at March 31, 2014 and December 31, 2013 | 0 | 0 |
Common stock, no par value, 24,000,000 shares authorized, 11,260,232 shares issued at March 31, 2014 and 11,206,576 shares issued at December 31, 2013, including shares in treasury | 169,503 | 168,869 |
Retained earnings | 84,058 | 80,898 |
Accumulated other comprehensive loss, net of deferred income taxes | -7,956 | -13,244 |
Treasury stock, at cost, 602,663 shares at March 31, 2014 and 600,794 shares at December 31, 2013 | -15,029 | -14,970 |
Total stockholders’ equity | 230,576 | 221,553 |
Total liabilities and stockholders’ equity | $2,078,253 | $2,059,108 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Available-for-sale investment securities at amortized cost | $598,445 | $621,126 |
Held-to-maturity investment securities at fair value | $47,599 | $46,094 |
Stockholders’ Equity | ' | ' |
Preferred stock - shares authorized | 50,000 | 50,000 |
Preferred stock - shares issued | 0 | 0 |
Common stock - shares authorized | 24,000,000 | 24,000,000 |
Common stock - shares issued | 11,260,232 | 11,206,576 |
Treasury stock - shares | 602,663 | 600,794 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest Income: | ' | ' |
Interest and fees on loans | $13,373 | $11,454 |
Interest and dividends on taxable investment securities | 4,340 | 4,215 |
Interest on tax-exempt investment securities | 416 | 379 |
Other interest income | 23 | 18 |
Total interest income | 18,152 | 16,066 |
Interest Expense: | ' | ' |
Interest on deposits | 1,568 | 1,939 |
Interest on short-term borrowings | 32 | 13 |
Interest on long-term borrowings | 1,072 | 1,139 |
Total interest expense | 2,672 | 3,091 |
Net interest income | 15,480 | 12,975 |
Provision for (recovery of) loan losses | 8 | -1,065 |
Net interest income after provision for (recovery of) loan losses | 15,472 | 14,040 |
Other Income: | ' | ' |
Insurance income | 4,116 | 2,878 |
Deposit account service charges | 2,111 | 2,057 |
Trust and investment income | 1,847 | 1,702 |
Electronic banking income | 1,539 | 1,419 |
Mortgage banking income | 227 | 718 |
Net (loss) gain on investment securities | -30 | 418 |
Net gain (loss) on asset disposals and other transactions | 11 | -5 |
Other non-interest income | 455 | 298 |
Total other income | 10,276 | 9,485 |
Other Expenses: | ' | ' |
Salaries and employee benefit costs | 10,792 | 8,717 |
Net occupancy and equipment | 1,816 | 1,858 |
Professional fees | 854 | 894 |
Electronic banking expense | 1,082 | 840 |
Marketing expense | 459 | 450 |
Data processing and software | 570 | 461 |
Franchise tax | 385 | 413 |
Communication expense | 359 | 303 |
FDIC insurance | 260 | 280 |
Foreclosed real estate and other loan expenses | 215 | 217 |
Amortization of other intangible assets | 263 | 189 |
Other non-interest expense | 1,762 | 1,563 |
Total other expenses | 18,817 | 16,185 |
Income before income taxes | 6,931 | 7,340 |
Income tax expense | 2,148 | 2,318 |
Net income | 4,783 | 5,022 |
Earnings per share - basic | $0.45 | $0.47 |
Earnings per share - diluted | $0.44 | $0.47 |
Weighted-average number of shares outstanding - basic | 10,636,089 | 10,556,261 |
Weighted-average number of shares outstanding - diluted | 10,740,884 | 10,571,383 |
Cash dividends declared | $1,623 | $1,295 |
Cash dividends declared per share | $0.15 | $0.12 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $4,783 | $5,022 |
Available-for-sale investment securities: | ' | ' |
Gross unrealized holding gain arising in the period | 8,640 | 457 |
Related tax expense | -3,024 | -160 |
Less: reclassification adjustment for net (loss) gain included in net income | -30 | 418 |
Related tax benefit (expense) | 11 | -146 |
Net effect on other comprehensive income (loss) | 5,635 | 25 |
Defined benefit plans: | ' | ' |
Net loss arising during the period | -1,053 | 0 |
Related tax benefit | 370 | 0 |
Amortization of unrecognized loss and service cost on benefit plans | 31 | 45 |
Related tax expense | -11 | -16 |
Recognition of loss due to settlement and curtailment | 486 | 0 |
Related tax expense | -170 | 0 |
Net effect on other comprehensive income (loss) | -347 | 29 |
Total other comprehensive income (loss), net of tax | 5,288 | 54 |
Total comprehensive income | $10,071 | $5,076 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock |
In Thousands, unless otherwise specified | |||||
Balance, December 31, 2013 at Dec. 31, 2013 | $221,553 | $168,869 | $80,898 | ($13,244) | ($14,970) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 4,783 | ' | 4,783 | ' | ' |
Other comprehensive income, net of tax | 5,288 | ' | ' | 5,288 | ' |
Cash dividends declared | -1,623 | ' | -1,623 | ' | ' |
Tax benefit from exercise of stock options | 43 | 43 | ' | ' | ' |
Reissuance of treasury stock for deferred compensation plan | 148 | ' | ' | ' | 148 |
Purchase of treasury stock | -266 | ' | ' | ' | -266 |
Common shares issued under dividend reinvestment plan | 108 | 108 | ' | ' | ' |
Reissuance of treasury stock under Board of Directors' compensation plan | 52 | -7 | ' | ' | 59 |
Stock-based compensation expense | 490 | 490 | ' | ' | ' |
Balance, March 31, 2014 at Mar. 31, 2014 | $230,576 | $169,503 | $84,058 | ($7,956) | ($15,029) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Net cash provided by operating activities | $10,331 | $10,757 |
Available-for-sale investment securities: | ' | ' |
Purchases | -33,014 | -67,397 |
Proceeds from sales | 41,565 | 69,114 |
Proceeds from principal payments, calls and prepayments | 15,642 | 31,446 |
Held-to-maturity investment securities: | ' | ' |
Purchases | 0 | -3,231 |
Proceeds from principal payments | 312 | 116 |
Net (increase) decrease in loans | -29,981 | 5,607 |
Net expenditures for premises and equipment | -1,674 | -1,776 |
Proceeds from sales of other real estate owned | 138 | 16 |
Proceeds from bank owned life insurance contracts | 3,067 | 1,441 |
Business acquisitions, net of cash received | 0 | -1,524 |
Investment in limited partnership and tax credit funds | 358 | 0 |
Net cash (used in) provided by investing activities | -3,587 | 33,812 |
Financing activities: | ' | ' |
Net increase in non-interest-bearing deposits | 7,738 | 23,816 |
Net increase in interest-bearing deposits | 44,601 | 12,805 |
Net decrease in short-term borrowings | -44,813 | -15,374 |
Payments on long-term borrowings | -1,668 | -1,756 |
Cash dividends paid | -1,517 | -1,201 |
Purchase of treasury stock | -266 | -31 |
Proceeds from issuance of shares | 2 | 1 |
Excess tax benefit from share-based payments | 43 | 27 |
Net cash provided by financing activities | 4,120 | 18,287 |
Net increase in cash and cash equivalents | 10,864 | 62,856 |
Cash and cash equivalents at beginning of period | 53,820 | ' |
Cash and cash equivalents at end of period | $64,684 | $125,398 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Presentation: The accompanying Unaudited Consolidated Financial Statements of Peoples Bancorp Inc. ("Peoples") and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by US GAAP for annual financial statements and should be read in conjunction with Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (“2013 Form 10-K”). | |
The accounting and reporting policies followed in the presentation of the accompanying Unaudited Consolidated Financial Statements are consistent with those described in Note 1 of the Notes to the Consolidated Financial Statements included in Peoples’ 2013 Form 10-K, as updated by the information contained in this Form 10-Q. Management has evaluated all significant events and transactions that occurred after March 31, 2014, for potential recognition or disclosure in these consolidated financial statements. In the opinion of management, these consolidated financial statements reflect all adjustments necessary to present fairly such information for the periods and dates indicated. Such adjustments are normal and recurring in nature. All significant intercompany accounts and transactions have been eliminated. The Consolidated Balance Sheet at December 31, 2013, contained herein has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2013 Form 10-K. | |
The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, due in part to seasonal variations and unusual or infrequently occurring items. Peoples’ insurance income includes contingent performance-based insurance commissions that are recognized by Peoples when received, which typically occurs during the first quarter of each year. For the three months ended March 31, 2014 and 2013, the amount of contingent performance-based insurance commissions recognized totaled $1.2 million and $504,000, respectively. | |
New Accounting Pronouncements: In January 2014, the Financial Accounting Standards Board issued an accounting standards update allowing entities to make an accounting policy election with respect to using the proportional amortization method for investments in qualified affordable housing projects, if certain conditions are met. This standard will be effective for public companies for interim and annual periods beginning after December 15, 2014. Peoples will adopt this new guidance as required, and it is not expected to have a material impact on Peoples’ Consolidated Financial Statements. | |
Also in January 2014, the Financial Accounting Standards Board issued an accounting standards update clarifying guidance for in substance repossessions and foreclosures, and requiring additional disclosures regarding foreclosed residential real estate property and recorded investments in consumer mortgage loans collateralized by residential real estate in the process of foreclosure. This standard will be effective for public companies for interim and annual periods beginning after December 15, 2014. Peoples will adopt this new guidance as required, and it is not expected to have a material impact on Peoples’ Consolidated Financial Statements. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||
Fair Value of Financial Instruments | ||||||||||||||
Available-for-sale securities measured at fair value on a recurring basis comprised the following at March 31, 2014: | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets | Significant | Significant Unobservable Inputs | |||||||||||
(Level 1) | Other | (Level 3) | ||||||||||||
Observable | ||||||||||||||
Inputs | ||||||||||||||
Fair Value | (Level 2) | |||||||||||||
March 31, 2014 | ||||||||||||||
Obligations of: | ||||||||||||||
U.S. Treasury and government agencies | $ | 19 | $ | — | $ | 19 | $ | — | ||||||
U.S. government sponsored agencies | 295 | — | 295 | — | ||||||||||
States and political subdivisions | 51,668 | — | 51,668 | — | ||||||||||
Residential mortgage-backed securities | 500,516 | — | 500,516 | — | ||||||||||
Commercial mortgage-backed securities | 26,750 | — | 26,750 | — | ||||||||||
Bank-issued trust preferred securities | 7,995 | — | 7,995 | — | ||||||||||
Equity securities | 4,854 | 4,719 | 135 | — | ||||||||||
Total available-for-sale securities | $ | 592,097 | $ | 4,719 | $ | 587,378 | $ | — | ||||||
December 31, 2013 | ||||||||||||||
Obligations of: | ||||||||||||||
U.S. Treasury and government agencies | $ | 20 | $ | — | $ | 20 | $ | — | ||||||
U.S. government sponsored agencies | 319 | — | 319 | — | ||||||||||
States and political subdivisions | 50,962 | — | 50,962 | — | ||||||||||
Residential mortgage-backed securities | 510,097 | — | 510,097 | — | ||||||||||
Commercial mortgage-backed securities | 32,304 | — | 32,304 | — | ||||||||||
Bank-issued trust preferred securities | 7,829 | — | 7,829 | — | ||||||||||
Equity securities | 4,577 | 4,443 | 134 | — | ||||||||||
Total available-for-sale securities | $ | 606,108 | $ | 4,443 | $ | 601,665 | $ | — | ||||||
Held-to-maturity securities reported at fair value comprised the following at March 31, 2014: | ||||||||||||||
Fair Value at Reporting Date Using | ||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets | Significant | Significant Unobservable Inputs | |||||||||||
Other | ||||||||||||||
Observable | ||||||||||||||
Inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||
March 31, 2014 | ||||||||||||||
Obligations of: | ||||||||||||||
States and political subdivisions | $ | 4,037 | $ | — | $ | 4,037 | $ | — | ||||||
Residential mortgage-backed securities | 36,030 | — | 36,030 | — | ||||||||||
Commercial mortgage-backed securities | 7,532 | — | 7,532 | — | ||||||||||
Total held-to-maturity securities | $ | 47,599 | $ | — | $ | 47,599 | $ | — | ||||||
December 31, 2013 | ||||||||||||||
Obligations of: | ||||||||||||||
States and political subdivisions | $ | 3,929 | $ | — | $ | 3,929 | $ | — | ||||||
Residential mortgage-backed securities | 34,530 | — | 34,530 | — | ||||||||||
Commercial mortgage-backed securities | 7,635 | — | 7,635 | — | ||||||||||
Total held-to-maturity securities | $ | 46,094 | $ | — | $ | 46,094 | $ | — | ||||||
The fair values used by Peoples are obtained from an independent pricing service and represent either quoted market prices for the identical securities (Level 1 inputs) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatilities, LIBOR yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in their overall assessment of the reasonableness of the fair values provided and challenges prices when it believes a material discrepancy in pricing exists. | ||||||||||||||
Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets measured at fair value on a non-recurring basis included the following: | ||||||||||||||
Impaired Loans: Impaired loans are measured and reported at fair value when the amounts to be received are less than the carrying value of the loans. One of the allowable methods for determining the amount of impairment is estimating fair value using the fair value of the collateral for collateral-dependent loans. Management’s determination of the fair value for these loans uses a market approach representing the estimated net proceeds to be received from the sale of the collateral based on observable market prices or market value provided by independent, licensed or certified appraisers (Level 2 inputs). At March 31, 2014, impaired loans were measured and reported with an outstanding principal balance and fair value of $1.3 million. For the three months ended March 31, 2014, Peoples recognized losses of $28,000 on impaired loans through the allowance for loan losses. | ||||||||||||||
The following table presents the fair values of financial assets and liabilities carried on Peoples’ consolidated balance sheets, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis: | ||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Financial assets: | ||||||||||||||
Cash and cash equivalents | $ | 64,684 | $ | 64,684 | $ | 53,820 | $ | 53,820 | ||||||
Investment securities | 662,199 | 660,995 | 680,526 | 677,398 | ||||||||||
Loans | 1,212,583 | 1,193,525 | 1,180,857 | 1,165,560 | ||||||||||
Financial liabilities: | ||||||||||||||
Deposits | $ | 1,633,065 | $ | 1,639,212 | $ | 1,580,758 | $ | 1,587,448 | ||||||
Short-term borrowings | 68,777 | 68,777 | 113,590 | 113,590 | ||||||||||
Long-term borrowings | 120,164 | 126,662 | 121,826 | 128,205 | ||||||||||
The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. For certain financial assets and liabilities, carrying value approximates fair value due to the nature of the financial instrument. These instruments include cash and cash equivalents, demand and other non-maturity deposits and overnight borrowings. Peoples used the following methods and assumptions in estimating the fair value of the following financial instruments: | ||||||||||||||
Loans: The fair value of portfolio loans assumes sale of the notes to a third-party financial investor. Accordingly, this value is not necessarily the value to Peoples if the notes were held to maturity. Peoples considered interest rate, credit and market factors in estimating the fair value of loans (Level 3 inputs). In the current whole loan market, financial investors are generally requiring a much higher rate of return than the return inherent in loans if held to maturity given the lack of market liquidity. This divergence accounts for the majority of the difference in carrying amount over fair value. | ||||||||||||||
Deposits: The fair value of fixed maturity certificates of deposit is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities (Level 2 inputs). | ||||||||||||||
Long-term Borrowings: The fair value of long-term borrowings is estimated using discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2 inputs). | ||||||||||||||
Bank premises and equipment, customer relationships, deposit base, banking center networks, and other information required to compute Peoples’ aggregate fair value are not included in the above information. Accordingly, the above fair values are not intended to represent the aggregate fair value of Peoples. |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
The following table summarizes Peoples’ available-for-sale investment securities: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 19 | $ | — | $ | — | $ | 19 | |||||||||||||||||
U.S. government sponsored agencies | 287 | 8 | — | 295 | |||||||||||||||||||||
States and political subdivisions | 50,365 | 1,814 | (511 | ) | 51,668 | ||||||||||||||||||||
Residential mortgage-backed securities | 510,072 | 5,186 | (14,742 | ) | 500,516 | ||||||||||||||||||||
Commercial mortgage-backed securities | 27,885 | — | (1,135 | ) | 26,750 | ||||||||||||||||||||
Bank-issued trust preferred securities | 8,513 | 2 | (520 | ) | 7,995 | ||||||||||||||||||||
Equity securities | 1,304 | 3,635 | (85 | ) | 4,854 | ||||||||||||||||||||
Total available-for-sale securities | $ | 598,445 | $ | 10,645 | $ | (16,993 | ) | $ | 592,097 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 20 | $ | — | $ | — | $ | 20 | |||||||||||||||||
U.S. government sponsored agencies | 308 | 11 | — | 319 | |||||||||||||||||||||
States and political subdivisions | 50,509 | 1,480 | (1,027 | ) | 50,962 | ||||||||||||||||||||
Residential mortgage-backed securities | 527,283 | 5,334 | (22,520 | ) | 510,097 | ||||||||||||||||||||
Commercial mortgage-backed securities | 33,256 | 274 | (1,226 | ) | 32,304 | ||||||||||||||||||||
Bank-issued trust preferred securities | 8,508 | — | (679 | ) | 7,829 | ||||||||||||||||||||
Equity securities | 1,242 | 3,421 | (86 | ) | 4,577 | ||||||||||||||||||||
Total available-for-sale securities | $ | 621,126 | $ | 10,520 | $ | (25,538 | ) | $ | 606,108 | ||||||||||||||||
Peoples’ investment in equity securities was comprised largely of common stocks issued by various unrelated bank holding companies at both March 31, 2014 and December 31, 2013. During the third quarter of 2013, Peoples also classified certain mutual funds as equity securities, which are intended for the payment of benefits under a deferred compensation plan for certain key officers of Peoples. At March 31, 2014, there were no securities of a single issuer, other than U.S. Treasury and government agencies and U.S. government sponsored agencies, that exceeded 10% of stockholders' equity. | |||||||||||||||||||||||||
The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the periods ended March 31 were as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Gross gains realized | $ | 514 | $ | 2,045 | |||||||||||||||||||||
Gross losses realized | 544 | 1,627 | |||||||||||||||||||||||
Net (loss) gain realized | $ | (30 | ) | $ | 418 | ||||||||||||||||||||
The cost of investment securities sold, and any resulting gain or loss, was based on the specific identification method and recognized as of the trade date. | |||||||||||||||||||||||||
The following table presents a summary of available-for-sale investment securities that had an unrealized loss: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
(Dollars in thousands) | Fair | Unrealized Loss | No. of Securities | Fair | Unrealized Loss | No. of Securities | Fair | Unrealized Loss | |||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||
U.S. government sponsored agencies | — | — | — | — | — | — | — | — | |||||||||||||||||
States and political subdivisions | 12,445 | 251 | 18 | 5,440 | 260 | 9 | 17,885 | 511 | |||||||||||||||||
Residential mortgage-backed securities | 279,545 | 9,400 | 60 | 83,715 | 5,342 | 26 | 363,260 | 14,742 | |||||||||||||||||
Commercial mortgage-backed securities | 19,556 | 696 | 4 | 7,194 | 439 | 2 | 26,750 | 1,135 | |||||||||||||||||
Bank-issued trust preferred securities | 2,103 | 7 | 1 | 3,485 | 513 | 4 | 5,588 | 520 | |||||||||||||||||
Equity securities | — | — | — | 90 | 85 | 1 | 90 | 85 | |||||||||||||||||
Total | $ | 313,649 | $ | 10,354 | 83 | $ | 99,924 | $ | 6,639 | 42 | $ | 413,573 | $ | 16,993 | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||
U.S. government sponsored agencies | — | — | — | — | — | — | — | — | |||||||||||||||||
States and political subdivisions | 15,848 | 659 | 22 | 6,180 | 368 | 10 | 22,028 | 1,027 | |||||||||||||||||
Residential mortgage-backed securities | 310,315 | 16,709 | 75 | 57,440 | 5,811 | 20 | 367,755 | 22,520 | |||||||||||||||||
Commercial mortgage-backed securities | 19,560 | 779 | 4 | 7,205 | 447 | 2 | 26,765 | 1,226 | |||||||||||||||||
Bank-issued trust preferred securities | 2,013 | 90 | 1 | 4,803 | 589 | 4 | 6,816 | 679 | |||||||||||||||||
Equity securities | — | — | — | 97 | 86 | 2 | 97 | 86 | |||||||||||||||||
Total | $ | 347,736 | $ | 18,237 | 102 | $ | 75,725 | $ | 7,301 | 38 | $ | 423,461 | $ | 25,538 | |||||||||||
Management systematically evaluates available-for-sale investment securities for other-than-temporary declines in fair value on a quarterly basis. At March 31, 2014, management concluded no individual securities were other-than-temporarily impaired since Peoples did not have the intent to sell nor was it more likely than not that Peoples would be required to sell any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both March 31, 2014 and December 31, 2013, were largely attributable to changes in market interest rates and spreads since the securities were purchased. | |||||||||||||||||||||||||
At March 31, 2014, approximately 98% of the mortgage-backed securities that had been at an unrealized loss position for twelve months or more were issued by U.S. government sponsored agencies. The remaining 2%, or four positions, consisted of privately issued mortgage-backed securities with all of the underlying mortgages originated prior to 2004. Two of the four positions had a fair value less than 90% of their book value, with an aggregate book and fair value of $0.9 million and $0.6 million, respectively. Management has analyzed the underlying credit quality of these securities and concluded the unrealized losses were primarily attributable to the floating rate nature of these investments and the low number of loans remaining in these securities. | |||||||||||||||||||||||||
Furthermore, the four bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at March 31, 2014 were primarily attributable to the floating nature of those investments, the current interest rate environment and spreads within that sector. | |||||||||||||||||||||||||
The table below presents the amortized cost, fair value and weighted-average yield of available-for-sale securities by contractual maturity at March 31, 2014. The average yields are based on the amortized cost. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. Rates are calculated on a fully tax-equivalent basis using a 35% federal income tax rate. | |||||||||||||||||||||||||
(Dollars in thousands) | Within 1 Year | 1 to 5 Years | 5 to 10 Years | Over 10 Years | Total | ||||||||||||||||||||
Amortized cost | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | — | $ | 19 | $ | — | $ | — | $ | 19 | |||||||||||||||
U.S. government sponsored agencies | 287 | — | — | — | 287 | ||||||||||||||||||||
States and political subdivisions | 350 | 4,232 | 20,099 | 25,684 | 50,365 | ||||||||||||||||||||
Residential mortgage-backed securities | 18 | 7,384 | 35,814 | 466,856 | 510,072 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 23,120 | 4,765 | 27,885 | ||||||||||||||||||||
Bank-issued trust preferred securities | — | — | — | 8,513 | 8,513 | ||||||||||||||||||||
Equity securities | 1,304 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 655 | $ | 11,635 | $ | 79,033 | $ | 505,818 | $ | 598,445 | |||||||||||||||
Fair value | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | — | $ | 19 | $ | — | $ | — | $ | 19 | |||||||||||||||
U.S. government sponsored agencies | 295 | — | — | — | 295 | ||||||||||||||||||||
States and political subdivisions | 355 | 4,483 | 20,703 | 26,127 | 51,668 | ||||||||||||||||||||
Residential mortgage-backed securities | 18 | 7,574 | 34,897 | 458,027 | 500,516 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 22,063 | 4,687 | 26,750 | ||||||||||||||||||||
Bank-issued trust preferred securities | — | — | — | 7,995 | 7,995 | ||||||||||||||||||||
Equity securities | 4,854 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 668 | $ | 12,076 | $ | 77,663 | $ | 496,836 | $ | 592,097 | |||||||||||||||
Total average yield | 4.14 | % | 4.78 | % | 2.86 | % | 2.74 | % | 2.81 | % | |||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
The following table summarizes Peoples’ held-to-maturity investment securities: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | 3,848 | $ | 200 | $ | (11 | ) | $ | 4,037 | ||||||||||||||||
Residential mortgage-backed securities | 37,151 | 50 | (1,171 | ) | 36,030 | ||||||||||||||||||||
Commercial mortgage-backed securities | 7,804 | — | (272 | ) | 7,532 | ||||||||||||||||||||
Total held-to-maturity securities | $ | 48,803 | $ | 250 | $ | (1,454 | ) | $ | 47,599 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | 3,850 | $ | 91 | $ | (12 | ) | $ | 3,929 | ||||||||||||||||
Residential mortgage-backed securities | 37,536 | 35 | (3,041 | ) | 34,530 | ||||||||||||||||||||
Commercial mortgage-backed securities | 7,836 | 2 | (203 | ) | 7,635 | ||||||||||||||||||||
Total held-to-maturity securities | $ | 49,222 | $ | 128 | $ | (3,256 | ) | $ | 46,094 | ||||||||||||||||
There were no gross gains or gross losses realized by Peoples from sales of held-to-maturity securities for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
The following table presents a summary of held-to-maturity investment securities that had an unrealized loss: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
(Dollars in thousands) | Fair | Unrealized Loss | No. of Securities | Fair | Unrealized Loss | No. of Securities | Fair | Unrealized Loss | |||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | 322 | $ | 11 | 1 | $ | — | $ | — | — | $ | 322 | $ | 11 | |||||||||||
Residential mortgage-backed securities | 23,392 | 542 | 6 | 10,624 | 629 | 2 | 34,016 | 1,171 | |||||||||||||||||
Commercial mortgage-backed securities | 7,532 | 272 | 2 | — | — | — | 7,532 | 272 | |||||||||||||||||
Total | $ | 31,246 | $ | 825 | 9 | $ | 10,624 | $ | 629 | 2 | $ | 41,870 | $ | 1,454 | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | 321 | $ | 12 | 1 | $ | — | $ | — | — | $ | 321 | $ | 12 | |||||||||||
Residential mortgage-backed securities | $ | 31,341 | $ | 2,908 | 7 | $ | 1,181 | $ | 133 | 1 | $ | 32,522 | $ | 3,041 | |||||||||||
Commercial mortgage-backed securities | 6,547 | 203 | 1 | — | — | — | 6,547 | 203 | |||||||||||||||||
Total | $ | 38,209 | $ | 3,123 | 9 | $ | 1,181 | $ | 133 | 1 | $ | 39,390 | $ | 3,256 | |||||||||||
The table below presents the amortized cost, fair value and weighted-average yield of held-to-maturity securities by contractual maturity at March 31, 2014. The average yields are based on the amortized cost. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. Rates are calculated on a fully tax-equivalent basis using a 35% federal income tax rate. | |||||||||||||||||||||||||
(Dollars in thousands) | Within 1 Year | 1 to 5 Years | 5 to 10 Years | Over 10 Years | Total | ||||||||||||||||||||
Amortized cost | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | — | $ | — | $ | 333 | $ | 3,515 | $ | 3,848 | |||||||||||||||
Residential mortgage-backed securities | — | — | 522 | 36,629 | 37,151 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 7,804 | 7,804 | ||||||||||||||||||||
Total held-to-maturity securities | $ | — | $ | — | $ | 855 | $ | 47,948 | $ | 48,803 | |||||||||||||||
Fair value | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | — | $ | — | $ | 322 | $ | 3,715 | $ | 4,037 | |||||||||||||||
Residential mortgage-backed securities | — | — | 504 | 35,526 | 36,030 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 7,532 | 7,532 | ||||||||||||||||||||
Total held-to-maturity securities | $ | — | $ | — | $ | 826 | $ | 46,773 | $ | 47,599 | |||||||||||||||
Total average yield | — | % | — | % | 2.6 | % | 2.74 | % | 2.74 | % | |||||||||||||||
Pledged Securities | |||||||||||||||||||||||||
Peoples had pledged available-for-sale investment securities with carrying values of $326.0 million and $303.8 million at March 31, 2014 and December 31, 2013, respectively, to secure public and trust department deposits and repurchase agreements in accordance with federal and state requirements. Additionally, Peoples had pledged held-to-maturity investment securities with carrying values of $23.2 million and $21.4 million at March 31, 2014 and December 31, 2013, respectively, to secure public and trust department deposits and repurchase agreements in accordance with federal and state requirements. Peoples also pledged available-for-sale investment securities with carrying values of $15.6 million and $16.2 million at March 31, 2014 and December 31, 2013, respectively, and held-to-maturity securities with carrying values of $25.6 million and $25.9 million at March 31, 2014 and December 31, 2013, respectively, to secure additional borrowing capacity at the Federal Home Loan Bank of Cincinnati ("FHLB") and the Federal Reserve Bank of Cleveland ("FRB"). |
Loans
Loans | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||
Loans | ' | |||||||||||||||||||||
Loans | ||||||||||||||||||||||
Peoples' loan portfolio consists of various types of loans originated primarily as a result of lending opportunities within Peoples' primary market areas of northeastern, central and southeastern Ohio, west central West Virginia, and northeastern Kentucky. The major classifications of loan balances, excluding loans held for sale, were as follows: | ||||||||||||||||||||||
(Dollars in thousands) | March 31, | December 31, 2013 | ||||||||||||||||||||
2014 | ||||||||||||||||||||||
Commercial real estate, construction | $ | 55,935 | $ | 47,539 | ||||||||||||||||||
Commercial real estate, other | 458,580 | 450,170 | ||||||||||||||||||||
Commercial real estate | 514,515 | 497,709 | ||||||||||||||||||||
Commercial and industrial | 233,329 | 232,754 | ||||||||||||||||||||
Residential real estate | 268,794 | 268,617 | ||||||||||||||||||||
Home equity lines of credit | 60,319 | 60,076 | ||||||||||||||||||||
Consumer | 143,541 | 135,018 | ||||||||||||||||||||
Deposit account overdrafts | 6,008 | 2,060 | ||||||||||||||||||||
Total loans | $ | 1,226,506 | $ | 1,196,234 | ||||||||||||||||||
Peoples has acquired various loans through business combinations for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable that all contractually required payments would not be collected. The carrying amounts of these loans included in the loan balances above are summarized as follows: | ||||||||||||||||||||||
(Dollars in thousands) | March 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Commercial real estate | $ | 937 | $ | 963 | ||||||||||||||||||
Commercial and industrial | 63 | 78 | ||||||||||||||||||||
Residential real estate | 1,183 | 1,236 | ||||||||||||||||||||
Consumer | — | — | ||||||||||||||||||||
Total outstanding balance | $ | 2,183 | $ | 2,277 | ||||||||||||||||||
Net carrying amount | $ | 1,781 | $ | 1,875 | ||||||||||||||||||
Changes in the accretable yield for the three months ended March 31, 2014 were as follows: | ||||||||||||||||||||||
(Dollars in thousands) | Accretable Yield | |||||||||||||||||||||
Balance, December 31, 2013 | $ | 1,654 | ||||||||||||||||||||
Accretion | (268 | ) | ||||||||||||||||||||
Balance, March 31, 2014 | $ | 1,386 | ||||||||||||||||||||
Peoples has pledged certain loans secured by 1-4 family and multifamily residential mortgages under a blanket collateral agreement to secure borrowings from the FHLB. The amount of such pledged loans totaled $264.4 million and $259.1 million at March 31, 2014 and December 31, 2013, respectively. Peoples also had pledged commercial loans to secure borrowings with the FRB. The outstanding balances of these loans totaled $107.6 million and $113.0 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||
Nonaccrual and Past Due Loans | ||||||||||||||||||||||
A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due. The recorded investments in loans on nonaccrual status and accruing loans delinquent for 90 days or more were as follows: | ||||||||||||||||||||||
Nonaccrual Loans | Accruing Loans 90+ Days Past Due | |||||||||||||||||||||
(Dollars in thousands) | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Commercial real estate, construction | $ | 96 | $ | 96 | $ | — | $ | — | ||||||||||||||
Commercial real estate, other | 3,810 | 3,717 | — | — | ||||||||||||||||||
Commercial real estate | 3,906 | 3,813 | — | — | ||||||||||||||||||
Commercial and industrial | 640 | 708 | — | — | ||||||||||||||||||
Residential real estate | 3,931 | 3,215 | 29 | 37 | ||||||||||||||||||
Home equity lines of credit | 329 | 87 | 129 | 873 | ||||||||||||||||||
Consumer | — | 58 | 1 | — | ||||||||||||||||||
Total | $ | 8,806 | $ | 7,881 | $ | 159 | $ | 910 | ||||||||||||||
The following table presents the aging of the recorded investment in past due loans and leases: | ||||||||||||||||||||||
Loans Past Due | Current | Total | ||||||||||||||||||||
(Dollars in thousands) | 30 - 59 days | 60 - 89 days | 90 + Days | Total | Loans | Loans | ||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||
Commercial real estate, construction | $ | 98 | $ | — | $ | 96 | $ | 194 | $ | 55,741 | $ | 55,935 | ||||||||||
Commercial real estate, other | 1,342 | 568 | 1,242 | 3,152 | 455,428 | 458,580 | ||||||||||||||||
Commercial real estate | 1,440 | 568 | 1,338 | 3,346 | 511,169 | 514,515 | ||||||||||||||||
Commercial and industrial | 1,387 | 15 | 556 | 1,958 | 231,371 | 233,329 | ||||||||||||||||
Residential real estate | 3,926 | 736 | 2,049 | 6,711 | 262,083 | 268,794 | ||||||||||||||||
Home equity lines of credit | 200 | 15 | 205 | 420 | 59,899 | 60,319 | ||||||||||||||||
Consumer | 468 | 134 | 1 | 603 | 142,938 | 143,541 | ||||||||||||||||
Deposit account overdrafts | 30 | — | — | 30 | 5,978 | 6,008 | ||||||||||||||||
Total | $ | 7,451 | $ | 1,468 | $ | 4,149 | $ | 13,068 | $ | 1,213,438 | $ | 1,226,506 | ||||||||||
December 31, 2013 | ||||||||||||||||||||||
Commercial real estate, construction | $ | 1,340 | $ | — | $ | — | $ | 1,340 | $ | 46,199 | $ | 47,539 | ||||||||||
Commercial real estate, other | 432 | 679 | 1,249 | 2,360 | 447,810 | 450,170 | ||||||||||||||||
Commercial real estate | 1,772 | 679 | 1,249 | 3,700 | 494,009 | 497,709 | ||||||||||||||||
Commercial and industrial | 171 | 90 | 127 | 388 | 232,366 | 232,754 | ||||||||||||||||
Residential real estate | 5,445 | 1,509 | 1,452 | 8,406 | 260,211 | 268,617 | ||||||||||||||||
Home equity lines of credit | 254 | 65 | 929 | 1,248 | 58,828 | 60,076 | ||||||||||||||||
Consumer | 976 | 165 | 58 | 1,199 | 133,819 | 135,018 | ||||||||||||||||
Deposit account overdrafts | 47 | — | — | 47 | 2,013 | 2,060 | ||||||||||||||||
Total | $ | 8,665 | $ | 2,508 | $ | 3,815 | $ | 14,988 | $ | 1,181,246 | $ | 1,196,234 | ||||||||||
Credit Quality Indicators | ||||||||||||||||||||||
As discussed in Note 1 of the Notes to the Consolidated Financial Statements included in Peoples' 2013 Form 10-K, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. A description of the general characteristics of the risk grades used by Peoples is as follows: | ||||||||||||||||||||||
“Pass” (grades 1 through 4): Loans in this risk category involve borrowers of acceptable-to-strong credit quality and risk who have the apparent ability to satisfy their loan obligations. Loans in this risk grade would possess sufficient mitigating factors, such as adequate collateral or strong guarantors possessing the capacity to repay the debt if required, for any weakness that may exist. | ||||||||||||||||||||||
“Watch” (grade 5): Loans in this risk grade are the equivalent of the regulatory definition of “Other Assets Especially Mentioned” classification. Loans in this category possess some credit deficiency or potential weakness, which requires a high level of management attention. Potential weaknesses include declining trends in operating earnings and cash flows and /or reliance on the secondary source of repayment. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the asset or in Peoples' credit position. | ||||||||||||||||||||||
“Substandard” (grade 6): Loans in this risk grade are inadequately protected by the borrower's current financial condition and payment capability or of the collateral pledged, if any. Loans so classified have one or more well-defined weaknesses that jeopardize the orderly repayment of debt. They are characterized by the distinct possibility that Peoples will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||
“Doubtful” (grade 7): Loans in this risk grade have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or orderly repayment in full, on the basis of current existing facts, conditions and values, highly questionable and improbable. Possibility of loss is extremely high, but because of certain important and reasonably specific factors that may work to the advantage and strengthening of the exposure, its classification as an estimate loss is deferred until its more exact status may be determined. | ||||||||||||||||||||||
“Loss” (grade 8): Loans in this risk grade are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean the loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Charge-offs against the allowance for loan losses are taken in the period in which the loan becomes uncollectible. Consequently, Peoples typically does not maintain a recorded investment in loans within this category. | ||||||||||||||||||||||
Consumer loans and other smaller-balance loans are evaluated and categorized as “substandard”, “doubtful” or “loss” based upon the regulatory definition of these classes and consistent with regulatory requirements. All other loans not evaluated individually nor meeting the regulatory conditions to be categorized as described above would be considered as being “not rated”. | ||||||||||||||||||||||
The following table summarizes the risk category of Peoples' loan portfolio based upon the most recent analysis performed: | ||||||||||||||||||||||
Pass Rated | Watch | Substandard | Doubtful (Grade 7) | Not | Total | |||||||||||||||||
(Dollars in thousands) | (Grades 1 - 4) | (Grade 5) | (Grade 6) | Rated | Loans | |||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||
Commercial real estate, construction | $ | 52,531 | $ | — | $ | 67 | $ | — | $ | 3,337 | $ | 55,935 | ||||||||||
Commercial real estate, other | 436,597 | 9,387 | 11,804 | — | 792 | 458,580 | ||||||||||||||||
Commercial real estate | 489,128 | 9,387 | 11,871 | — | 4,129 | 514,515 | ||||||||||||||||
Commercial and industrial | 212,903 | 10,082 | 9,851 | 493 | — | 233,329 | ||||||||||||||||
Residential real estate | 25,847 | 2,640 | 7,541 | — | 232,766 | 268,794 | ||||||||||||||||
Home equity lines of credit | 837 | — | 1,187 | — | 58,295 | 60,319 | ||||||||||||||||
Consumer | 65 | 4 | 20 | — | 143,452 | 143,541 | ||||||||||||||||
Deposit account overdrafts | — | — | — | — | 6,008 | 6,008 | ||||||||||||||||
Total | $ | 728,780 | $ | 22,113 | $ | 30,470 | $ | 493 | $ | 444,650 | $ | 1,226,506 | ||||||||||
December 31, 2013 | ||||||||||||||||||||||
Commercial real estate, construction | $ | 43,407 | $ | 148 | $ | 68 | $ | — | $ | 3,916 | $ | 47,539 | ||||||||||
Commercial real estate, other | 423,313 | 13,433 | 12,921 | — | 503 | 450,170 | ||||||||||||||||
Commercial real estate | 466,720 | 13,581 | 12,989 | — | 4,419 | 497,709 | ||||||||||||||||
Commercial and industrial | 212,193 | 6,013 | 14,006 | 542 | — | 232,754 | ||||||||||||||||
Residential real estate | 26,822 | 2,787 | 8,094 | 4 | 230,910 | 268,617 | ||||||||||||||||
Home equity lines of credit | 844 | — | 1,014 | — | 58,218 | 60,076 | ||||||||||||||||
Consumer | 50 | 5 | 24 | — | 134,939 | 135,018 | ||||||||||||||||
Deposit account overdrafts | — | — | — | — | 2,060 | 2,060 | ||||||||||||||||
Total | $ | 706,629 | $ | 22,386 | $ | 36,127 | $ | 546 | $ | 430,546 | $ | 1,196,234 | ||||||||||
Impaired Loans | ||||||||||||||||||||||
The following tables summarize loans classified as impaired: | ||||||||||||||||||||||
Unpaid | Recorded Investment | Total | Average | Interest | ||||||||||||||||||
Principal | With | Without | Recorded | Related | Recorded | Income | ||||||||||||||||
(Dollars in thousands) | Balance | Allowance | Allowance | Investment | Allowance | Investment | Recognized | |||||||||||||||
March 31, 2014 | ||||||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Commercial real estate, other | 5,570 | 1,132 | 2,321 | 3,453 | 111 | 3,166 | 4 | |||||||||||||||
Commercial real estate | 5,570 | $ | 1,132 | $ | 2,321 | $ | 3,453 | $ | 111 | $ | 3,166 | $ | 4 | |||||||||
Commercial and industrial | 527 | 526 | — | 526 | 526 | 550 | — | |||||||||||||||
Residential real estate | 3,538 | — | 3,310 | 3,310 | — | 3,090 | 33 | |||||||||||||||
Home equity lines of credit | 519 | — | 519 | 519 | — | 410 | 4 | |||||||||||||||
Consumer | 153 | — | 153 | 153 | — | 128 | 2 | |||||||||||||||
Total | $ | 10,307 | $ | 1,658 | $ | 6,303 | $ | 7,961 | $ | 637 | $ | 7,344 | $ | 43 | ||||||||
December 31, 2013 | ||||||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Commercial real estate, other | 4,970 | 1,150 | 1,729 | 2,879 | 83 | 4,586 | 6 | |||||||||||||||
Commercial real estate | 4,970 | $ | 1,150 | $ | 1,729 | $ | 2,879 | $ | 83 | $ | 4,586 | $ | 6 | |||||||||
Commercial and industrial | 617 | 575 | 5 | 580 | 575 | 278 | 1 | |||||||||||||||
Residential real estate | 3,498 | — | 3,280 | 3,280 | — | 2,800 | 86 | |||||||||||||||
Home equity lines of credit | 347 | — | 347 | 347 | — | 327 | 12 | |||||||||||||||
Consumer | 182 | — | 182 | 182 | — | 127 | 15 | |||||||||||||||
Total | $ | 9,614 | $ | 1,725 | $ | 5,543 | $ | 7,268 | $ | 658 | $ | 8,118 | $ | 120 | ||||||||
At March 31, 2014, Peoples' impaired loans shown in the table above included loans that were classified as troubled debt restructurings ("TDRs"). | ||||||||||||||||||||||
In assessing whether or not a borrower is experiencing financial difficulties, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (i) the debtor is currently in payment default on any of its debt; (ii) a payment default is probable in the foreseeable future without the modification; (iii) the debtor has declared or is in the process of declaring bankruptcy and (iv) the debtor's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification. | ||||||||||||||||||||||
Peoples considers all aspects of the modification to loan terms to determine whether or not a concession has been granted to the borrower. Key factors considered by Peoples include the debtor's ability to access funds at a market rate for debt with similar risk characteristics, the significance of the modification relative to the unpaid principal balance or collateral value of the debt, and the significance of a delay in the timing of payments relative to the original contractual terms of the loan. The most common concessions granted by Peoples generally include one or more modifications to the terms of the debt, such as (i) a reduction in the interest rate for the remaining life of the debt, (ii) an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, (iii) a temporary period of interest-only payments, and (iv) a reduction in the contractual payment amount for either a short period or the remaining term of the loan. | ||||||||||||||||||||||
The following table summarizes the loans that were modified as a TDR during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
Recorded Investment (1) | ||||||||||||||||||||||
Number of Contracts | Pre-Modification | Post-Modification | At March 31, 2014 | |||||||||||||||||||
Commercial real estate, other | 1 | $ | 511 | $ | 511 | $ | 503 | |||||||||||||||
Residential real estate | 8 | $ | 496 | $ | 497 | $ | 496 | |||||||||||||||
Home equity lines of credit | 2 | $ | 47 | $ | 47 | $ | 47 | |||||||||||||||
Consumer | 5 | $ | 64 | $ | 64 | $ | 64 | |||||||||||||||
Three Months Ended | ||||||||||||||||||||||
Recorded Investment (1) | ||||||||||||||||||||||
Number of Contracts | Pre-Modification | Post-Modification | At March 31, 2013 | |||||||||||||||||||
Residential real estate | 6 | $ | 180 | $ | 180 | $ | 180 | |||||||||||||||
Home equity lines of credit | 1 | $ | 25 | $ | 25 | $ | 25 | |||||||||||||||
Consumer | 10 | $ | 69 | $ | 69 | $ | 69 | |||||||||||||||
-1 | The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. | |||||||||||||||||||||
The following table presents those loans for the three months ended March 31, 2014 that were modified as a TDR during the last twelve months that subsequently defaulted (i.e., 90 days or more past due following a modification). There were no such loans during the three months ended March 31, 2013. | ||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||
Number of Contracts | Recorded Investment (1) | Impact on the Allowance for Loan Losses | ||||||||||||||||||||
Residential real estate | 2 | $ | 91 | $ | — | |||||||||||||||||
Total | 2 | $ | 91 | $ | — | |||||||||||||||||
-1 | The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. | |||||||||||||||||||||
Peoples had no additional commitments to lend additional funds to the related debtors whose terms have been modified in a TDR. | ||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||
Changes in the allowance for loan losses in the periods ended March 31, were as follows: | ||||||||||||||||||||||
(Dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Residential Real Estate | Home Equity Lines of Credit | Consumer | Deposit Account Overdrafts | Total | |||||||||||||||
Balance, January 1, 2014 | $ | 13,215 | $ | 2,174 | $ | 881 | $ | 343 | $ | 316 | $ | 136 | $ | 17,065 | ||||||||
Charge-offs | — | (49 | ) | (137 | ) | (20 | ) | (302 | ) | (110 | ) | (618 | ) | |||||||||
Recoveries | 112 | 5 | 38 | 6 | 184 | 70 | 415 | |||||||||||||||
Net recoveries (charge-offs) | 112 | (44 | ) | (99 | ) | (14 | ) | (118 | ) | (40 | ) | (203 | ) | |||||||||
Provision for loan losses | — | — | — | — | — | 8 | 8 | |||||||||||||||
Balance, March 31, 2014 | $ | 13,327 | $ | 2,130 | $ | 782 | $ | 329 | $ | 198 | $ | 104 | $ | 16,870 | ||||||||
Period-end amount allocated to: | ||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 111 | $ | 526 | $ | — | $ | — | $ | — | $ | — | $ | 637 | ||||||||
Loans collectively evaluated for impairment | 13,216 | 1,604 | 782 | 329 | 198 | 104 | 16,233 | |||||||||||||||
Ending balance | $ | 13,327 | $ | 2,130 | $ | 782 | $ | 329 | $ | 198 | $ | 104 | $ | 16,870 | ||||||||
Balance, January 1, 2013 | $ | 14,215 | $ | 1,733 | $ | 801 | $ | 479 | $ | 438 | $ | 145 | $ | 17,811 | ||||||||
Charge-offs | (566 | ) | — | (134 | ) | (2 | ) | (159 | ) | (130 | ) | (991 | ) | |||||||||
Recoveries | 1,374 | 17 | 116 | 8 | 104 | 65 | 1,684 | |||||||||||||||
Net recoveries (charge-offs) | 808 | 17 | (18 | ) | 6 | (55 | ) | (65 | ) | 693 | ||||||||||||
Recovery of loan losses | (1,050 | ) | — | — | — | — | (15 | ) | (1,065 | ) | ||||||||||||
Balance, March 31, 2013 | $ | 13,973 | $ | 1,750 | $ | 783 | $ | 485 | $ | 383 | $ | 65 | $ | 17,439 | ||||||||
Period-end amount allocated to: | ||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,226 | $ | 315 | $ | 77 | $ | — | $ | — | $ | — | $ | 1,618 | ||||||||
Loans collectively evaluated for impairment | 12,747 | 1,435 | 706 | 485 | 383 | 65 | 15,821 | |||||||||||||||
Ending balance | $ | 13,973 | $ | 1,750 | $ | 783 | $ | 485 | $ | 383 | $ | 65 | $ | 17,439 | ||||||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | |||||||||
Stockholders' Equity [Text Block] | ' | |||||||||
Stockholders’ Equity | ||||||||||
The following table details the progression in shares of Peoples’ common and treasury stock during the three months ended March 31, 2014: | ||||||||||
Common Stock | Treasury | |||||||||
Stock | ||||||||||
Shares at December 31, 2013 | 11,206,576 | 600,794 | ||||||||
Changes related to stock-based compensation awards: | ||||||||||
Release of restricted shares | 48,621 | 11,189 | ||||||||
Changes related to deferred compensation plan: | ||||||||||
Purchase of treasury stock | 894 | |||||||||
Reissuance of treasury stock | (7,910 | ) | ||||||||
Shares issued under dividend reinvestment plan | 5,035 | |||||||||
Reissuance of treasury stock under Board of Directors' compensation plan | — | (2,304 | ) | |||||||
Shares at March 31, 2014 | 11,260,232 | 602,663 | ||||||||
Under its Amended Articles of Incorporation, Peoples is authorized to issue up to 50,000 preferred shares, in one or more series, having such voting powers, designations, preferences, rights, qualifications, limitations and restrictions as determined by the Board of Directors. At March 31, 2014, Peoples had no preferred shares issued or outstanding. | ||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||
The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income for the three months ended March 31, 2014: | ||||||||||
(Dollars in thousands) | Unrealized (Loss) Gain on Securities | Unrecognized Net Pension and Postretirement Costs | Accumulated Other Comprehensive (Loss) Income | |||||||
Balance, December 31, 2013 | $ | (9,761 | ) | $ | (3,483 | ) | $ | (13,244 | ) | |
Reclassification adjustments to net income: | ||||||||||
Realized loss on sale of securities, net of tax | 19 | — | 19 | |||||||
Realized loss due to settlement and curtailment, net of tax | — | 316 | 316 | |||||||
Other comprehensive income (loss), net of reclassifications and tax | 5,616 | (663 | ) | 4,953 | ||||||
Balance, March 31, 2014 | $ | (4,126 | ) | $ | (3,830 | ) | $ | (7,956 | ) |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||
Employee Benefit Plans [Text Block] | ' | ||||||||||||
Employee Benefit Plans | |||||||||||||
Peoples sponsors a noncontributory defined benefit pension plan that covers substantially all employees hired before January 1, 2010. The plan provides retirement benefits based on an employee’s years of service and compensation. For employees hired before January 1, 2003, the amount of postretirement benefit is based on the employee’s average monthly compensation pay over the highest five consecutive years out of the employee’s last ten years with Peoples while an eligible employee. For employees hired on or after January 1, 2003, the amount of postretirement benefit is based on 2% of the employee’s annual compensation plus accrued interest. Effective January 1, 2010, the pension plan was closed to new entrants. Effective March 1, 2011, the accrual of pension plan benefits for all participants was frozen. Peoples recognized this freeze as a curtailment as of December 31, 2010 and March 1, 2011, under the terms of the pension plan. Peoples also provides post-retirement health and life insurance benefits to former employees and directors. Only those individuals who retired before January 27, 2012 were eligible for life insurance benefits. All retirees are eligible for health benefits; however, Peoples only pays 100% of the cost for those individuals who retired before January 1, 1993. For all others, the retiree is responsible for most, if not all, of the cost of health benefits. Peoples’ policy is to fund the cost of the benefits as they arise. | |||||||||||||
The following tables detail the components of the net periodic cost for the plans: | |||||||||||||
Pension Benefits | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Interest cost | $ | 143 | $ | 133 | |||||||||
Expected return on plan assets | (169 | ) | (165 | ) | |||||||||
Amortization of net loss | 33 | 52 | |||||||||||
Settlement of benefit obligation | 486 | — | |||||||||||
Net periodic cost | $ | 493 | $ | 20 | |||||||||
Postretirement Benefits | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Interest cost | $ | 1 | $ | 2 | |||||||||
Amortization of net loss | (2 | ) | — | ||||||||||
Net periodic (benefit) cost | $ | (1 | ) | $ | 2 | ||||||||
Under US GAAP, Peoples is required to recognize a settlement gain or loss when the aggregate amount of lump-sum distributions to participants equals or exceeds the sum of the service and interest cost components of the net periodic pension cost. The amount of settlement gain or loss recognized is the pro rata amount of the unrealized gain or loss existing immediately prior to the settlement. In general, both the projected benefit obligation and fair value of plan assets are required to be remeasured in order to determine the settlement gain or loss. | |||||||||||||
In the first quarter of 2014, the total lump-sum distributions made to participants caused the total settlements to exceed the recognition threshold for settlement gains or losses. As a result, Peoples remeasured its pension obligation and plan assets as of January 1, 2014 as part of the calculation of the settlement loss recognized. | |||||||||||||
The following table summarizes the change in pension obligation and funded status as a result of this remeasurement and the aggregate settlements for the three months ended March 31, 2014: | |||||||||||||
As of | March 31, 2014 | ||||||||||||
(Dollars in thousands) | December 31, | Before | Impact of | After | |||||||||
Funded status: | 2013 | Settlement | Settlements | Settlements | |||||||||
Projected benefit obligation | $ | 14,723 | $ | 15,856 | $ | (1,196 | ) | $ | 14,660 | ||||
Fair value of plan assets | 11,287 | 11,369 | (1,196 | ) | 10,173 | ||||||||
Funded status | $ | (3,436 | ) | $ | (4,487 | ) | $ | — | $ | (4,487 | ) | ||
Gross unrealized loss | $ | 5,436 | $ | 6,480 | $ | (486 | ) | $ | 5,994 | ||||
Assumptions: | |||||||||||||
Discount rate | 4.3 | % | 3.9 | % | 3.9 | % | |||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
Under the Peoples Bancorp Inc. Second Amended and Restated 2006 Equity Plan (the “2006 Equity Plan”), Peoples may grant, among other awards, nonqualified stock options, incentive stock options, restricted stock awards, stock appreciation rights and unrestricted share awards to employees and non-employee directors. The total number of shares available under the 2006 Equity Plan is 1,081,260. The maximum number of shares that can be issued for incentive stock options is 800,000 shares. Prior to 2007, Peoples granted nonqualified and incentive stock options to employees and nonqualified stock options to non-employee directors under the 2006 Equity Plan and predecessor plans. Since February 2007, Peoples has granted a combination of restricted shares and stock appreciation rights (“SARs”) to be settled in shares to employees and restricted shares to non-employee directors subject to the terms and conditions prescribed by the 2006 Equity Plan. In general, shares issued in connection with stock-based awards are issued from treasury shares to the extent available. If no treasury shares are available, shares are issued from authorized but unissued shares. | ||||||||||||||
Stock Options | ||||||||||||||
Under the provisions of the 2006 Equity Plan and predecessor stock option plans, the exercise price per share of any stock option granted may not be less than the grant date fair market value of the underlying shares. All stock options granted to both employees and non-employee directors expire ten years from the date of grant. The most recent stock option grants to employees and non-employee directors occurred in 2006. The stock options granted to employees vested three years after the grant date, while the stock options granted to non-employee directors vested six months after the grant date. | ||||||||||||||
The following summarizes the changes to Peoples' stock options for the period ended March 31, 2014: | ||||||||||||||
Number of Shares Subject to Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||||
Outstanding at January 1 | 57,094 | $ | 27.96 | |||||||||||
Expired | 7,728 | 28.52 | ||||||||||||
Outstanding at March 31 | 49,366 | $ | 27.87 | 1.4 years | $ | 1,000 | ||||||||
Exercisable at March 31 | 49,366 | $ | 27.87 | 1.4 years | $ | 1,000 | ||||||||
The following table summarizes Peoples’ stock options outstanding at March 31, 2014: | ||||||||||||||
Options Outstanding & Exercisable | ||||||||||||||
Range of Exercise Prices | Shares Subject to Options Outstanding & Exercisable | Weighted-Average Remaining Contractual Life | Weighted-Average | |||||||||||
Exercise Price | ||||||||||||||
$23.59 | to | $25.94 | 2,792 | 0.4 years | $ | 25.41 | ||||||||
$26.01 | to | $27.74 | 20,334 | 0.7 years | 27.08 | |||||||||
$28.25 | to | $28.26 | 15,040 | 1.9 years | 28.25 | |||||||||
$28.57 | to | $30.00 | 11,200 | 2.2 years | 29.4 | |||||||||
Total | 49,366 | 1.4 years | $ | 27.87 | ||||||||||
Stock Appreciation Rights | ||||||||||||||
SARs granted to employees have an exercise price equal to the fair market value of Peoples’ shares on the date of grant and will be settled using shares of Peoples. Additionally, the SARs granted vested three years after the grant date and expire ten years from the date of grant. The most recent grant of SARs occurred in 2008. The following summarizes the changes to Peoples' SARs for the period ended March 31, 2014: | ||||||||||||||
Number of Shares Subject to SARs | Weighted- | Weighted-Average Remaining Contractual Life | Aggregate Intrinsic | |||||||||||
Average | Value | |||||||||||||
Exercise | ||||||||||||||
Price | ||||||||||||||
Outstanding at January 1 | 21,292 | $ | 25.96 | |||||||||||
Forfeited | — | — | ||||||||||||
Outstanding at March 31 | 21,292 | $ | 25.96 | 3.4 years | $ | 13,000 | ||||||||
Exercisable at March 31 | 21,292 | $ | 25.96 | 3.4 years | $ | 13,000 | ||||||||
The following table summarizes Peoples’ SARs outstanding at March 31, 2014: | ||||||||||||||
Exercise Price | Number of Shares Subject to SARs Outstanding & Exercisable | Weighted- | ||||||||||||
Average Remaining Contractual | ||||||||||||||
Life | ||||||||||||||
$23.26 | 2,000 | 3.3 years | ||||||||||||
$23.77 | 10,582 | 3.9 years | ||||||||||||
$29.25 | 8,710 | 2.9 years | ||||||||||||
Total | 21,292 | 3.4 years | ||||||||||||
Restricted Shares | ||||||||||||||
Under the 2006 Equity Plan, Peoples may award restricted shares to officers, key employees and non-employee directors. In general, the restrictions on shares awarded to non-employee directors expire after six months, while the restrictions on shares awarded to employees expire after periods ranging from one to three years. In the first quarter of 2014, Peoples granted restricted shares subject to performance-based vesting to officers and key employees with restrictions that will lapse one to three years after the grant date provided that Peoples has net income greater than zero and maintains a well-capitalized status by regulatory standards. | ||||||||||||||
The following summarizes the changes to Peoples’ restricted shares for the period ended March 31, 2014: | ||||||||||||||
Time-Based Vesting | Performance-Based Vesting | |||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | |||||||||||
Outstanding at January 1 | 60,206 | $ | 17.18 | 85,254 | $ | 20.98 | ||||||||
Awarded | 2,000 | 22.79 | 83,514 | 21.68 | ||||||||||
Released | 10,994 | 16.93 | 37,746 | 19.93 | ||||||||||
Forfeited | — | — | 100 | 21.68 | ||||||||||
Outstanding at March 31 | 51,212 | $ | 17.46 | 130,922 | $ | 21.73 | ||||||||
For the three months ended March 31, 2014, the total intrinsic value of restricted shares released was $1,064,000. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
Peoples recognized stock-based compensation expense, which is included as a component of Peoples’ salaries and employee benefit costs, based on the estimated fair value of the awards on the grant date. The following summarizes the amount of stock-based compensation expense and related tax benefit recognized: | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||
Total stock-based compensation | $ | 490 | $ | 297 | ||||||||||
Recognized tax benefit | (172 | ) | (104 | ) | ||||||||||
Net expense recognized | $ | 318 | $ | 193 | ||||||||||
Total unrecognized stock-based compensation expense related to unvested awards was $2.0 million at March 31, 2014, which will be recognized over a weighted-average period of 1.7 years. |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Earnings Per Common Share | ' | ||||||
Earnings Per Share | |||||||
The calculations of basic and diluted earnings per share were as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
(Dollars in thousands, except per share data) | 2014 | 2013 | |||||
Distributed earnings allocated to shareholders | $ | 1,605 | $ | 1,275 | |||
Undistributed earnings allocated to shareholders | 3,146 | 3,702 | |||||
Net earnings allocated to shareholders | $ | 4,751 | $ | 4,977 | |||
Weighted-average shares outstanding | 10,636,089 | 10,556,261 | |||||
Effect of potentially dilutive shares | 104,795 | 15,122 | |||||
Total weighted-average diluted shares outstanding | 10,740,884 | 10,571,383 | |||||
Earnings per share: | |||||||
Basic | $ | 0.45 | $ | 0.47 | |||
Diluted | $ | 0.44 | $ | 0.47 | |||
Anti-dilutive shares excluded from calculation: | |||||||
Stock options and SARs | 73,422 | 116,566 | |||||
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
ote 9. Acquisitions | |
On January 21, 2014, Peoples entered into an Agreement and Plan of Merger (the "Midwest Agreement") with Midwest Bancshares, Inc. (“Midwest”). The Midwest Agreement calls for Midwest to merge into Peoples, and for Midwest's wholly-owned subsidiary, First National Bank of Wellston, which operates two full-service branches in Wellston and Jackson, Ohio, to merge into Peoples' wholly-owned subsidiary, Peoples Bank. This transaction is expected to close during the second quarter of 2014. | |
On April 4, 2014, Peoples entered into an Agreement and Plan of Merger (the "Ohio Heritage Agreement") with Ohio Heritage Bancorp, Inc. (“Ohio Heritage”). The Ohio Heritage Agreement calls for Ohio Heritage to merge into Peoples, and for Ohio Heritage's wholly-owned subsidiary, Ohio Heritage Bank, which operates six full-service branches in Coshocton, Newark, Heath, Mount Vernon and New Philadelphia, Ohio, to merge into Peoples' wholly-owned subsidiary, Peoples Bank. This transaction is expected to close during the third quarter of 2014. | |
On April 21, 2014, Peoples entered into an Agreement and Plan of Merger (the "North Akron Agreement") with North Akron Savings Bank (“North Akron”), which operates four full-service branches in Akron, Cuyahoga Falls, Munroe Falls and Norton, Ohio. The North Akron Agreement calls for North Akron to merge into Peoples’ wholly-owned subsidiary, Peoples Bank. This transaction is expected to close during the fourth quarter of 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements [Policy Text Block] | ' |
New Accounting Pronouncements: In January 2014, the Financial Accounting Standards Board issued an accounting standards update allowing entities to make an accounting policy election with respect to using the proportional amortization method for investments in qualified affordable housing projects, if certain conditions are met. This standard will be effective for public companies for interim and annual periods beginning after December 15, 2014. Peoples will adopt this new guidance as required, and it is not expected to have a material impact on Peoples’ Consolidated Financial Statements. | |
Also in January 2014, the Financial Accounting Standards Board issued an accounting standards update clarifying guidance for in substance repossessions and foreclosures, and requiring additional disclosures regarding foreclosed residential real estate property and recorded investments in consumer mortgage loans collateralized by residential real estate in the process of foreclosure. This standard will be effective for public companies for interim and annual periods beginning after December 15, 2014. Peoples will adopt this new guidance as required, and it is not expected to have a material impact on Peoples’ Consolidated Financial Statements. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Assets Measured at Fair Value on a Recurring Basis | ' | |||||||||||||
Available-for-sale securities measured at fair value on a recurring basis comprised the following at March 31, 2014: | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets | Significant | Significant Unobservable Inputs | |||||||||||
(Level 1) | Other | (Level 3) | ||||||||||||
Observable | ||||||||||||||
Inputs | ||||||||||||||
Fair Value | (Level 2) | |||||||||||||
March 31, 2014 | ||||||||||||||
Obligations of: | ||||||||||||||
U.S. Treasury and government agencies | $ | 19 | $ | — | $ | 19 | $ | — | ||||||
U.S. government sponsored agencies | 295 | — | 295 | — | ||||||||||
States and political subdivisions | 51,668 | — | 51,668 | — | ||||||||||
Residential mortgage-backed securities | 500,516 | — | 500,516 | — | ||||||||||
Commercial mortgage-backed securities | 26,750 | — | 26,750 | — | ||||||||||
Bank-issued trust preferred securities | 7,995 | — | 7,995 | — | ||||||||||
Equity securities | 4,854 | 4,719 | 135 | — | ||||||||||
Total available-for-sale securities | $ | 592,097 | $ | 4,719 | $ | 587,378 | $ | — | ||||||
December 31, 2013 | ||||||||||||||
Obligations of: | ||||||||||||||
U.S. Treasury and government agencies | $ | 20 | $ | — | $ | 20 | $ | — | ||||||
U.S. government sponsored agencies | 319 | — | 319 | — | ||||||||||
States and political subdivisions | 50,962 | — | 50,962 | — | ||||||||||
Residential mortgage-backed securities | 510,097 | — | 510,097 | — | ||||||||||
Commercial mortgage-backed securities | 32,304 | — | 32,304 | — | ||||||||||
Bank-issued trust preferred securities | 7,829 | — | 7,829 | — | ||||||||||
Equity securities | 4,577 | 4,443 | 134 | — | ||||||||||
Total available-for-sale securities | $ | 606,108 | $ | 4,443 | $ | 601,665 | $ | — | ||||||
Fair Value Amounts Disclosured [Table Text Block] | ' | |||||||||||||
Held-to-maturity securities reported at fair value comprised the following at March 31, 2014: | ||||||||||||||
Fair Value at Reporting Date Using | ||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets | Significant | Significant Unobservable Inputs | |||||||||||
Other | ||||||||||||||
Observable | ||||||||||||||
Inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||
March 31, 2014 | ||||||||||||||
Obligations of: | ||||||||||||||
States and political subdivisions | $ | 4,037 | $ | — | $ | 4,037 | $ | — | ||||||
Residential mortgage-backed securities | 36,030 | — | 36,030 | — | ||||||||||
Commercial mortgage-backed securities | 7,532 | — | 7,532 | — | ||||||||||
Total held-to-maturity securities | $ | 47,599 | $ | — | $ | 47,599 | $ | — | ||||||
December 31, 2013 | ||||||||||||||
Obligations of: | ||||||||||||||
States and political subdivisions | $ | 3,929 | $ | — | $ | 3,929 | $ | — | ||||||
Residential mortgage-backed securities | 34,530 | — | 34,530 | — | ||||||||||
Commercial mortgage-backed securities | 7,635 | — | 7,635 | — | ||||||||||
Total held-to-maturity securities | $ | 46,094 | $ | — | $ | 46,094 | $ | — | ||||||
Fair Values of Financial Assets and Liabilities on Balance Sheets | ' | |||||||||||||
The following table presents the fair values of financial assets and liabilities carried on Peoples’ consolidated balance sheets, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis: | ||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Financial assets: | ||||||||||||||
Cash and cash equivalents | $ | 64,684 | $ | 64,684 | $ | 53,820 | $ | 53,820 | ||||||
Investment securities | 662,199 | 660,995 | 680,526 | 677,398 | ||||||||||
Loans | 1,212,583 | 1,193,525 | 1,180,857 | 1,165,560 | ||||||||||
Financial liabilities: | ||||||||||||||
Deposits | $ | 1,633,065 | $ | 1,639,212 | $ | 1,580,758 | $ | 1,587,448 | ||||||
Short-term borrowings | 68,777 | 68,777 | 113,590 | 113,590 | ||||||||||
Long-term borrowings | 120,164 | 126,662 | 121,826 | 128,205 | ||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investment Holdings [Line Items] | ' | ||||||||||||||||||||||||
Summary of Available-for-sale Investment Securities | ' | ||||||||||||||||||||||||
The following table summarizes Peoples’ available-for-sale investment securities: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 19 | $ | — | $ | — | $ | 19 | |||||||||||||||||
U.S. government sponsored agencies | 287 | 8 | — | 295 | |||||||||||||||||||||
States and political subdivisions | 50,365 | 1,814 | (511 | ) | 51,668 | ||||||||||||||||||||
Residential mortgage-backed securities | 510,072 | 5,186 | (14,742 | ) | 500,516 | ||||||||||||||||||||
Commercial mortgage-backed securities | 27,885 | — | (1,135 | ) | 26,750 | ||||||||||||||||||||
Bank-issued trust preferred securities | 8,513 | 2 | (520 | ) | 7,995 | ||||||||||||||||||||
Equity securities | 1,304 | 3,635 | (85 | ) | 4,854 | ||||||||||||||||||||
Total available-for-sale securities | $ | 598,445 | $ | 10,645 | $ | (16,993 | ) | $ | 592,097 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 20 | $ | — | $ | — | $ | 20 | |||||||||||||||||
U.S. government sponsored agencies | 308 | 11 | — | 319 | |||||||||||||||||||||
States and political subdivisions | 50,509 | 1,480 | (1,027 | ) | 50,962 | ||||||||||||||||||||
Residential mortgage-backed securities | 527,283 | 5,334 | (22,520 | ) | 510,097 | ||||||||||||||||||||
Commercial mortgage-backed securities | 33,256 | 274 | (1,226 | ) | 32,304 | ||||||||||||||||||||
Bank-issued trust preferred securities | 8,508 | — | (679 | ) | 7,829 | ||||||||||||||||||||
Equity securities | 1,242 | 3,421 | (86 | ) | 4,577 | ||||||||||||||||||||
Total available-for-sale securities | $ | 621,126 | $ | 10,520 | $ | (25,538 | ) | $ | 606,108 | ||||||||||||||||
Schedule of Gross Gains and Losses from Sales of Available-for-sale Securities | ' | ||||||||||||||||||||||||
The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the periods ended March 31 were as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Gross gains realized | $ | 514 | $ | 2,045 | |||||||||||||||||||||
Gross losses realized | 544 | 1,627 | |||||||||||||||||||||||
Net (loss) gain realized | $ | (30 | ) | $ | 418 | ||||||||||||||||||||
Summary of Available-for-sale Securities with Unrealized Loss | ' | ||||||||||||||||||||||||
The following table presents a summary of available-for-sale investment securities that had an unrealized loss: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
(Dollars in thousands) | Fair | Unrealized Loss | No. of Securities | Fair | Unrealized Loss | No. of Securities | Fair | Unrealized Loss | |||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||
U.S. government sponsored agencies | — | — | — | — | — | — | — | — | |||||||||||||||||
States and political subdivisions | 12,445 | 251 | 18 | 5,440 | 260 | 9 | 17,885 | 511 | |||||||||||||||||
Residential mortgage-backed securities | 279,545 | 9,400 | 60 | 83,715 | 5,342 | 26 | 363,260 | 14,742 | |||||||||||||||||
Commercial mortgage-backed securities | 19,556 | 696 | 4 | 7,194 | 439 | 2 | 26,750 | 1,135 | |||||||||||||||||
Bank-issued trust preferred securities | 2,103 | 7 | 1 | 3,485 | 513 | 4 | 5,588 | 520 | |||||||||||||||||
Equity securities | — | — | — | 90 | 85 | 1 | 90 | 85 | |||||||||||||||||
Total | $ | 313,649 | $ | 10,354 | 83 | $ | 99,924 | $ | 6,639 | 42 | $ | 413,573 | $ | 16,993 | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||
U.S. government sponsored agencies | — | — | — | — | — | — | — | — | |||||||||||||||||
States and political subdivisions | 15,848 | 659 | 22 | 6,180 | 368 | 10 | 22,028 | 1,027 | |||||||||||||||||
Residential mortgage-backed securities | 310,315 | 16,709 | 75 | 57,440 | 5,811 | 20 | 367,755 | 22,520 | |||||||||||||||||
Commercial mortgage-backed securities | 19,560 | 779 | 4 | 7,205 | 447 | 2 | 26,765 | 1,226 | |||||||||||||||||
Bank-issued trust preferred securities | 2,013 | 90 | 1 | 4,803 | 589 | 4 | 6,816 | 679 | |||||||||||||||||
Equity securities | — | — | — | 97 | 86 | 2 | 97 | 86 | |||||||||||||||||
Total | $ | 347,736 | $ | 18,237 | 102 | $ | 75,725 | $ | 7,301 | 38 | $ | 423,461 | $ | 25,538 | |||||||||||
Summary of Held-to-maturity Investment Securities | ' | ||||||||||||||||||||||||
The following table summarizes Peoples’ held-to-maturity investment securities: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | 3,848 | $ | 200 | $ | (11 | ) | $ | 4,037 | ||||||||||||||||
Residential mortgage-backed securities | 37,151 | 50 | (1,171 | ) | 36,030 | ||||||||||||||||||||
Commercial mortgage-backed securities | 7,804 | — | (272 | ) | 7,532 | ||||||||||||||||||||
Total held-to-maturity securities | $ | 48,803 | $ | 250 | $ | (1,454 | ) | $ | 47,599 | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | 3,850 | $ | 91 | $ | (12 | ) | $ | 3,929 | ||||||||||||||||
Residential mortgage-backed securities | 37,536 | 35 | (3,041 | ) | 34,530 | ||||||||||||||||||||
Commercial mortgage-backed securities | 7,836 | 2 | (203 | ) | 7,635 | ||||||||||||||||||||
Total held-to-maturity securities | $ | 49,222 | $ | 128 | $ | (3,256 | ) | $ | 46,094 | ||||||||||||||||
Available-for-sale securities | ' | ||||||||||||||||||||||||
Investment Holdings [Line Items] | ' | ||||||||||||||||||||||||
Summary of Investment Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The table below presents the amortized cost, fair value and weighted-average yield of available-for-sale securities by contractual maturity at March 31, 2014. The average yields are based on the amortized cost. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. Rates are calculated on a fully tax-equivalent basis using a 35% federal income tax rate. | |||||||||||||||||||||||||
(Dollars in thousands) | Within 1 Year | 1 to 5 Years | 5 to 10 Years | Over 10 Years | Total | ||||||||||||||||||||
Amortized cost | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | — | $ | 19 | $ | — | $ | — | $ | 19 | |||||||||||||||
U.S. government sponsored agencies | 287 | — | — | — | 287 | ||||||||||||||||||||
States and political subdivisions | 350 | 4,232 | 20,099 | 25,684 | 50,365 | ||||||||||||||||||||
Residential mortgage-backed securities | 18 | 7,384 | 35,814 | 466,856 | 510,072 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 23,120 | 4,765 | 27,885 | ||||||||||||||||||||
Bank-issued trust preferred securities | — | — | — | 8,513 | 8,513 | ||||||||||||||||||||
Equity securities | 1,304 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 655 | $ | 11,635 | $ | 79,033 | $ | 505,818 | $ | 598,445 | |||||||||||||||
Fair value | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | — | $ | 19 | $ | — | $ | — | $ | 19 | |||||||||||||||
U.S. government sponsored agencies | 295 | — | — | — | 295 | ||||||||||||||||||||
States and political subdivisions | 355 | 4,483 | 20,703 | 26,127 | 51,668 | ||||||||||||||||||||
Residential mortgage-backed securities | 18 | 7,574 | 34,897 | 458,027 | 500,516 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 22,063 | 4,687 | 26,750 | ||||||||||||||||||||
Bank-issued trust preferred securities | — | — | — | 7,995 | 7,995 | ||||||||||||||||||||
Equity securities | 4,854 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 668 | $ | 12,076 | $ | 77,663 | $ | 496,836 | $ | 592,097 | |||||||||||||||
Total average yield | 4.14 | % | 4.78 | % | 2.86 | % | 2.74 | % | 2.81 | % | |||||||||||||||
Held-to-maturity securities | ' | ||||||||||||||||||||||||
Investment Holdings [Line Items] | ' | ||||||||||||||||||||||||
Summary of Held-to-maturity Securities with Unrealized Loss | ' | ||||||||||||||||||||||||
The following table presents a summary of held-to-maturity investment securities that had an unrealized loss: | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
(Dollars in thousands) | Fair | Unrealized Loss | No. of Securities | Fair | Unrealized Loss | No. of Securities | Fair | Unrealized Loss | |||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | 322 | $ | 11 | 1 | $ | — | $ | — | — | $ | 322 | $ | 11 | |||||||||||
Residential mortgage-backed securities | 23,392 | 542 | 6 | 10,624 | 629 | 2 | 34,016 | 1,171 | |||||||||||||||||
Commercial mortgage-backed securities | 7,532 | 272 | 2 | — | — | — | 7,532 | 272 | |||||||||||||||||
Total | $ | 31,246 | $ | 825 | 9 | $ | 10,624 | $ | 629 | 2 | $ | 41,870 | $ | 1,454 | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | 321 | $ | 12 | 1 | $ | — | $ | — | — | $ | 321 | $ | 12 | |||||||||||
Residential mortgage-backed securities | $ | 31,341 | $ | 2,908 | 7 | $ | 1,181 | $ | 133 | 1 | $ | 32,522 | $ | 3,041 | |||||||||||
Commercial mortgage-backed securities | 6,547 | 203 | 1 | — | — | — | 6,547 | 203 | |||||||||||||||||
Total | $ | 38,209 | $ | 3,123 | 9 | $ | 1,181 | $ | 133 | 1 | $ | 39,390 | $ | 3,256 | |||||||||||
Summary of Investment Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The table below presents the amortized cost, fair value and weighted-average yield of held-to-maturity securities by contractual maturity at March 31, 2014. The average yields are based on the amortized cost. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. Rates are calculated on a fully tax-equivalent basis using a 35% federal income tax rate. | |||||||||||||||||||||||||
(Dollars in thousands) | Within 1 Year | 1 to 5 Years | 5 to 10 Years | Over 10 Years | Total | ||||||||||||||||||||
Amortized cost | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | — | $ | — | $ | 333 | $ | 3,515 | $ | 3,848 | |||||||||||||||
Residential mortgage-backed securities | — | — | 522 | 36,629 | 37,151 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 7,804 | 7,804 | ||||||||||||||||||||
Total held-to-maturity securities | $ | — | $ | — | $ | 855 | $ | 47,948 | $ | 48,803 | |||||||||||||||
Fair value | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | — | $ | — | $ | 322 | $ | 3,715 | $ | 4,037 | |||||||||||||||
Residential mortgage-backed securities | — | — | 504 | 35,526 | 36,030 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 7,532 | 7,532 | ||||||||||||||||||||
Total held-to-maturity securities | $ | — | $ | — | $ | 826 | $ | 46,773 | $ | 47,599 | |||||||||||||||
Total average yield | — | % | — | % | 2.6 | % | 2.74 | % | 2.74 | % |
Loans_Tables
Loans (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||
Schedule of Financing Receivables, Type | ' | |||||||||||||||||||||
The major classifications of loan balances, excluding loans held for sale, were as follows: | ||||||||||||||||||||||
(Dollars in thousands) | March 31, | December 31, 2013 | ||||||||||||||||||||
2014 | ||||||||||||||||||||||
Commercial real estate, construction | $ | 55,935 | $ | 47,539 | ||||||||||||||||||
Commercial real estate, other | 458,580 | 450,170 | ||||||||||||||||||||
Commercial real estate | 514,515 | 497,709 | ||||||||||||||||||||
Commercial and industrial | 233,329 | 232,754 | ||||||||||||||||||||
Residential real estate | 268,794 | 268,617 | ||||||||||||||||||||
Home equity lines of credit | 60,319 | 60,076 | ||||||||||||||||||||
Consumer | 143,541 | 135,018 | ||||||||||||||||||||
Deposit account overdrafts | 6,008 | 2,060 | ||||||||||||||||||||
Total loans | $ | 1,226,506 | $ | 1,196,234 | ||||||||||||||||||
Schedule of Financing Receivables Acquired with Deteriorated Credit Quality | ' | |||||||||||||||||||||
Peoples has acquired various loans through business combinations for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable that all contractually required payments would not be collected. The carrying amounts of these loans included in the loan balances above are summarized as follows: | ||||||||||||||||||||||
(Dollars in thousands) | March 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Commercial real estate | $ | 937 | $ | 963 | ||||||||||||||||||
Commercial and industrial | 63 | 78 | ||||||||||||||||||||
Residential real estate | 1,183 | 1,236 | ||||||||||||||||||||
Consumer | — | — | ||||||||||||||||||||
Total outstanding balance | $ | 2,183 | $ | 2,277 | ||||||||||||||||||
Net carrying amount | $ | 1,781 | $ | 1,875 | ||||||||||||||||||
Nonaccrual and Past Due Loans | ' | |||||||||||||||||||||
The recorded investments in loans on nonaccrual status and accruing loans delinquent for 90 days or more were as follows: | ||||||||||||||||||||||
Nonaccrual Loans | Accruing Loans 90+ Days Past Due | |||||||||||||||||||||
(Dollars in thousands) | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Commercial real estate, construction | $ | 96 | $ | 96 | $ | — | $ | — | ||||||||||||||
Commercial real estate, other | 3,810 | 3,717 | — | — | ||||||||||||||||||
Commercial real estate | 3,906 | 3,813 | — | — | ||||||||||||||||||
Commercial and industrial | 640 | 708 | — | — | ||||||||||||||||||
Residential real estate | 3,931 | 3,215 | 29 | 37 | ||||||||||||||||||
Home equity lines of credit | 329 | 87 | 129 | 873 | ||||||||||||||||||
Consumer | — | 58 | 1 | — | ||||||||||||||||||
Total | $ | 8,806 | $ | 7,881 | $ | 159 | $ | 910 | ||||||||||||||
Aging Of The Recorded Investment In Past Due Loans And Leases | ' | |||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans and leases: | ||||||||||||||||||||||
Loans Past Due | Current | Total | ||||||||||||||||||||
(Dollars in thousands) | 30 - 59 days | 60 - 89 days | 90 + Days | Total | Loans | Loans | ||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||
Commercial real estate, construction | $ | 98 | $ | — | $ | 96 | $ | 194 | $ | 55,741 | $ | 55,935 | ||||||||||
Commercial real estate, other | 1,342 | 568 | 1,242 | 3,152 | 455,428 | 458,580 | ||||||||||||||||
Commercial real estate | 1,440 | 568 | 1,338 | 3,346 | 511,169 | 514,515 | ||||||||||||||||
Commercial and industrial | 1,387 | 15 | 556 | 1,958 | 231,371 | 233,329 | ||||||||||||||||
Residential real estate | 3,926 | 736 | 2,049 | 6,711 | 262,083 | 268,794 | ||||||||||||||||
Home equity lines of credit | 200 | 15 | 205 | 420 | 59,899 | 60,319 | ||||||||||||||||
Consumer | 468 | 134 | 1 | 603 | 142,938 | 143,541 | ||||||||||||||||
Deposit account overdrafts | 30 | — | — | 30 | 5,978 | 6,008 | ||||||||||||||||
Total | $ | 7,451 | $ | 1,468 | $ | 4,149 | $ | 13,068 | $ | 1,213,438 | $ | 1,226,506 | ||||||||||
December 31, 2013 | ||||||||||||||||||||||
Commercial real estate, construction | $ | 1,340 | $ | — | $ | — | $ | 1,340 | $ | 46,199 | $ | 47,539 | ||||||||||
Commercial real estate, other | 432 | 679 | 1,249 | 2,360 | 447,810 | 450,170 | ||||||||||||||||
Commercial real estate | 1,772 | 679 | 1,249 | 3,700 | 494,009 | 497,709 | ||||||||||||||||
Commercial and industrial | 171 | 90 | 127 | 388 | 232,366 | 232,754 | ||||||||||||||||
Residential real estate | 5,445 | 1,509 | 1,452 | 8,406 | 260,211 | 268,617 | ||||||||||||||||
Home equity lines of credit | 254 | 65 | 929 | 1,248 | 58,828 | 60,076 | ||||||||||||||||
Consumer | 976 | 165 | 58 | 1,199 | 133,819 | 135,018 | ||||||||||||||||
Deposit account overdrafts | 47 | — | — | 47 | 2,013 | 2,060 | ||||||||||||||||
Total | $ | 8,665 | $ | 2,508 | $ | 3,815 | $ | 14,988 | $ | 1,181,246 | $ | 1,196,234 | ||||||||||
Loans By Risk Category | ' | |||||||||||||||||||||
The following table summarizes the risk category of Peoples' loan portfolio based upon the most recent analysis performed: | ||||||||||||||||||||||
Pass Rated | Watch | Substandard | Doubtful (Grade 7) | Not | Total | |||||||||||||||||
(Dollars in thousands) | (Grades 1 - 4) | (Grade 5) | (Grade 6) | Rated | Loans | |||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||
Commercial real estate, construction | $ | 52,531 | $ | — | $ | 67 | $ | — | $ | 3,337 | $ | 55,935 | ||||||||||
Commercial real estate, other | 436,597 | 9,387 | 11,804 | — | 792 | 458,580 | ||||||||||||||||
Commercial real estate | 489,128 | 9,387 | 11,871 | — | 4,129 | 514,515 | ||||||||||||||||
Commercial and industrial | 212,903 | 10,082 | 9,851 | 493 | — | 233,329 | ||||||||||||||||
Residential real estate | 25,847 | 2,640 | 7,541 | — | 232,766 | 268,794 | ||||||||||||||||
Home equity lines of credit | 837 | — | 1,187 | — | 58,295 | 60,319 | ||||||||||||||||
Consumer | 65 | 4 | 20 | — | 143,452 | 143,541 | ||||||||||||||||
Deposit account overdrafts | — | — | — | — | 6,008 | 6,008 | ||||||||||||||||
Total | $ | 728,780 | $ | 22,113 | $ | 30,470 | $ | 493 | $ | 444,650 | $ | 1,226,506 | ||||||||||
December 31, 2013 | ||||||||||||||||||||||
Commercial real estate, construction | $ | 43,407 | $ | 148 | $ | 68 | $ | — | $ | 3,916 | $ | 47,539 | ||||||||||
Commercial real estate, other | 423,313 | 13,433 | 12,921 | — | 503 | 450,170 | ||||||||||||||||
Commercial real estate | 466,720 | 13,581 | 12,989 | — | 4,419 | 497,709 | ||||||||||||||||
Commercial and industrial | 212,193 | 6,013 | 14,006 | 542 | — | 232,754 | ||||||||||||||||
Residential real estate | 26,822 | 2,787 | 8,094 | 4 | 230,910 | 268,617 | ||||||||||||||||
Home equity lines of credit | 844 | — | 1,014 | — | 58,218 | 60,076 | ||||||||||||||||
Consumer | 50 | 5 | 24 | — | 134,939 | 135,018 | ||||||||||||||||
Deposit account overdrafts | — | — | — | — | 2,060 | 2,060 | ||||||||||||||||
Total | $ | 706,629 | $ | 22,386 | $ | 36,127 | $ | 546 | $ | 430,546 | $ | 1,196,234 | ||||||||||
Schedule Of Impaired Loans | ' | |||||||||||||||||||||
The following tables summarize loans classified as impaired: | ||||||||||||||||||||||
Unpaid | Recorded Investment | Total | Average | Interest | ||||||||||||||||||
Principal | With | Without | Recorded | Related | Recorded | Income | ||||||||||||||||
(Dollars in thousands) | Balance | Allowance | Allowance | Investment | Allowance | Investment | Recognized | |||||||||||||||
March 31, 2014 | ||||||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Commercial real estate, other | 5,570 | 1,132 | 2,321 | 3,453 | 111 | 3,166 | 4 | |||||||||||||||
Commercial real estate | 5,570 | $ | 1,132 | $ | 2,321 | $ | 3,453 | $ | 111 | $ | 3,166 | $ | 4 | |||||||||
Commercial and industrial | 527 | 526 | — | 526 | 526 | 550 | — | |||||||||||||||
Residential real estate | 3,538 | — | 3,310 | 3,310 | — | 3,090 | 33 | |||||||||||||||
Home equity lines of credit | 519 | — | 519 | 519 | — | 410 | 4 | |||||||||||||||
Consumer | 153 | — | 153 | 153 | — | 128 | 2 | |||||||||||||||
Total | $ | 10,307 | $ | 1,658 | $ | 6,303 | $ | 7,961 | $ | 637 | $ | 7,344 | $ | 43 | ||||||||
December 31, 2013 | ||||||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Commercial real estate, other | 4,970 | 1,150 | 1,729 | 2,879 | 83 | 4,586 | 6 | |||||||||||||||
Commercial real estate | 4,970 | $ | 1,150 | $ | 1,729 | $ | 2,879 | $ | 83 | $ | 4,586 | $ | 6 | |||||||||
Commercial and industrial | 617 | 575 | 5 | 580 | 575 | 278 | 1 | |||||||||||||||
Residential real estate | 3,498 | — | 3,280 | 3,280 | — | 2,800 | 86 | |||||||||||||||
Home equity lines of credit | 347 | — | 347 | 347 | — | 327 | 12 | |||||||||||||||
Consumer | 182 | — | 182 | 182 | — | 127 | 15 | |||||||||||||||
Total | $ | 9,614 | $ | 1,725 | $ | 5,543 | $ | 7,268 | $ | 658 | $ | 8,118 | $ | 120 | ||||||||
Troubled Debt Restructurings on Financing Receivables | ' | |||||||||||||||||||||
The following table summarizes the loans that were modified as a TDR during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
Recorded Investment (1) | ||||||||||||||||||||||
Number of Contracts | Pre-Modification | Post-Modification | At March 31, 2014 | |||||||||||||||||||
Commercial real estate, other | 1 | $ | 511 | $ | 511 | $ | 503 | |||||||||||||||
Residential real estate | 8 | $ | 496 | $ | 497 | $ | 496 | |||||||||||||||
Home equity lines of credit | 2 | $ | 47 | $ | 47 | $ | 47 | |||||||||||||||
Consumer | 5 | $ | 64 | $ | 64 | $ | 64 | |||||||||||||||
Three Months Ended | ||||||||||||||||||||||
Recorded Investment (1) | ||||||||||||||||||||||
Number of Contracts | Pre-Modification | Post-Modification | At March 31, 2013 | |||||||||||||||||||
Residential real estate | 6 | $ | 180 | $ | 180 | $ | 180 | |||||||||||||||
Home equity lines of credit | 1 | $ | 25 | $ | 25 | $ | 25 | |||||||||||||||
Consumer | 10 | $ | 69 | $ | 69 | $ | 69 | |||||||||||||||
Summary Of Activity In Allowance For Loan And Lease Losses | ' | |||||||||||||||||||||
Changes in the allowance for loan losses in the periods ended March 31, were as follows: | ||||||||||||||||||||||
(Dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Residential Real Estate | Home Equity Lines of Credit | Consumer | Deposit Account Overdrafts | Total | |||||||||||||||
Balance, January 1, 2014 | $ | 13,215 | $ | 2,174 | $ | 881 | $ | 343 | $ | 316 | $ | 136 | $ | 17,065 | ||||||||
Charge-offs | — | (49 | ) | (137 | ) | (20 | ) | (302 | ) | (110 | ) | (618 | ) | |||||||||
Recoveries | 112 | 5 | 38 | 6 | 184 | 70 | 415 | |||||||||||||||
Net recoveries (charge-offs) | 112 | (44 | ) | (99 | ) | (14 | ) | (118 | ) | (40 | ) | (203 | ) | |||||||||
Provision for loan losses | — | — | — | — | — | 8 | 8 | |||||||||||||||
Balance, March 31, 2014 | $ | 13,327 | $ | 2,130 | $ | 782 | $ | 329 | $ | 198 | $ | 104 | $ | 16,870 | ||||||||
Period-end amount allocated to: | ||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 111 | $ | 526 | $ | — | $ | — | $ | — | $ | — | $ | 637 | ||||||||
Loans collectively evaluated for impairment | 13,216 | 1,604 | 782 | 329 | 198 | 104 | 16,233 | |||||||||||||||
Ending balance | $ | 13,327 | $ | 2,130 | $ | 782 | $ | 329 | $ | 198 | $ | 104 | $ | 16,870 | ||||||||
Balance, January 1, 2013 | $ | 14,215 | $ | 1,733 | $ | 801 | $ | 479 | $ | 438 | $ | 145 | $ | 17,811 | ||||||||
Charge-offs | (566 | ) | — | (134 | ) | (2 | ) | (159 | ) | (130 | ) | (991 | ) | |||||||||
Recoveries | 1,374 | 17 | 116 | 8 | 104 | 65 | 1,684 | |||||||||||||||
Net recoveries (charge-offs) | 808 | 17 | (18 | ) | 6 | (55 | ) | (65 | ) | 693 | ||||||||||||
Recovery of loan losses | (1,050 | ) | — | — | — | — | (15 | ) | (1,065 | ) | ||||||||||||
Balance, March 31, 2013 | $ | 13,973 | $ | 1,750 | $ | 783 | $ | 485 | $ | 383 | $ | 65 | $ | 17,439 | ||||||||
Period-end amount allocated to: | ||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 1,226 | $ | 315 | $ | 77 | $ | — | $ | — | $ | — | $ | 1,618 | ||||||||
Loans collectively evaluated for impairment | 12,747 | 1,435 | 706 | 485 | 383 | 65 | 15,821 | |||||||||||||||
Ending balance | $ | 13,973 | $ | 1,750 | $ | 783 | $ | 485 | $ | 383 | $ | 65 | $ | 17,439 | ||||||||
Troubled Debt Restructurings during prior 12 months that subsequently defaulted [Table Text Block] | ' | |||||||||||||||||||||
The following table presents those loans for the three months ended March 31, 2014 that were modified as a TDR during the last twelve months that subsequently defaulted (i.e., 90 days or more past due following a modification). There were no such loans during the three months ended March 31, 2013. | ||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||
Number of Contracts | Recorded Investment (1) | Impact on the Allowance for Loan Losses | ||||||||||||||||||||
Residential real estate | 2 | $ | 91 | $ | — | |||||||||||||||||
Total | 2 | $ | 91 | $ | — | |||||||||||||||||
Accounting for Certain Loans and Debt Securities Acquired in Transfer Disclosure [Text Block] | ' | |||||||||||||||||||||
Changes in the accretable yield for the three months ended March 31, 2014 were as follows: | ||||||||||||||||||||||
(Dollars in thousands) | Accretable Yield | |||||||||||||||||||||
Balance, December 31, 2013 | $ | 1,654 | ||||||||||||||||||||
Accretion | (268 | ) | ||||||||||||||||||||
Balance, March 31, 2014 | $ | 1,386 | ||||||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | |||||||||
Schedule of Preferred, Common and Treasury Stock | ' | |||||||||
The following table details the progression in shares of Peoples’ common and treasury stock during the three months ended March 31, 2014: | ||||||||||
Common Stock | Treasury | |||||||||
Stock | ||||||||||
Shares at December 31, 2013 | 11,206,576 | 600,794 | ||||||||
Changes related to stock-based compensation awards: | ||||||||||
Release of restricted shares | 48,621 | 11,189 | ||||||||
Changes related to deferred compensation plan: | ||||||||||
Purchase of treasury stock | 894 | |||||||||
Reissuance of treasury stock | (7,910 | ) | ||||||||
Shares issued under dividend reinvestment plan | 5,035 | |||||||||
Reissuance of treasury stock under Board of Directors' compensation plan | — | (2,304 | ) | |||||||
Shares at March 31, 2014 | 11,260,232 | 602,663 | ||||||||
Schedule of Accumulated Other Comprehensive (Loss) Income | ' | |||||||||
The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income for the three months ended March 31, 2014: | ||||||||||
(Dollars in thousands) | Unrealized (Loss) Gain on Securities | Unrecognized Net Pension and Postretirement Costs | Accumulated Other Comprehensive (Loss) Income | |||||||
Balance, December 31, 2013 | $ | (9,761 | ) | $ | (3,483 | ) | $ | (13,244 | ) | |
Reclassification adjustments to net income: | ||||||||||
Realized loss on sale of securities, net of tax | 19 | — | 19 | |||||||
Realized loss due to settlement and curtailment, net of tax | — | 316 | 316 | |||||||
Other comprehensive income (loss), net of reclassifications and tax | 5,616 | (663 | ) | 4,953 | ||||||
Balance, March 31, 2014 | $ | (4,126 | ) | $ | (3,830 | ) | $ | (7,956 | ) |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||
Schedule of Pension Plans Remeasurement and Settlements [Text Block] | ' | ||||||||||||
The following table summarizes the change in pension obligation and funded status as a result of this remeasurement and the aggregate settlements for the three months ended March 31, 2014: | |||||||||||||
As of | March 31, 2014 | ||||||||||||
(Dollars in thousands) | December 31, | Before | Impact of | After | |||||||||
Funded status: | 2013 | Settlement | Settlements | Settlements | |||||||||
Projected benefit obligation | $ | 14,723 | $ | 15,856 | $ | (1,196 | ) | $ | 14,660 | ||||
Fair value of plan assets | 11,287 | 11,369 | (1,196 | ) | 10,173 | ||||||||
Funded status | $ | (3,436 | ) | $ | (4,487 | ) | $ | — | $ | (4,487 | ) | ||
Gross unrealized loss | $ | 5,436 | $ | 6,480 | $ | (486 | ) | $ | 5,994 | ||||
Assumptions: | |||||||||||||
Discount rate | 4.3 | % | 3.9 | % | 3.9 | % | |||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | |||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||
The following tables detail the components of the net periodic cost for the plans: | |||||||||||||
Pension Benefits | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Interest cost | $ | 143 | $ | 133 | |||||||||
Expected return on plan assets | (169 | ) | (165 | ) | |||||||||
Amortization of net loss | 33 | 52 | |||||||||||
Settlement of benefit obligation | 486 | — | |||||||||||
Net periodic cost | $ | 493 | $ | 20 | |||||||||
Postretirement Benefits | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Interest cost | $ | 1 | $ | 2 | |||||||||
Amortization of net loss | (2 | ) | — | ||||||||||
Net periodic (benefit) cost | $ | (1 | ) | $ | 2 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
The following summarizes the changes to Peoples' stock options for the period ended March 31, 2014: | ||||||||||||||
Number of Shares Subject to Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||||
Outstanding at January 1 | 57,094 | $ | 27.96 | |||||||||||
Expired | 7,728 | 28.52 | ||||||||||||
Outstanding at March 31 | 49,366 | $ | 27.87 | 1.4 years | $ | 1,000 | ||||||||
Exercisable at March 31 | 49,366 | $ | 27.87 | 1.4 years | $ | 1,000 | ||||||||
Schedule of Stock Options Outstanding & Exercisable by Exercise Price Range | ' | |||||||||||||
The following table summarizes Peoples’ stock options outstanding at March 31, 2014: | ||||||||||||||
Options Outstanding & Exercisable | ||||||||||||||
Range of Exercise Prices | Shares Subject to Options Outstanding & Exercisable | Weighted-Average Remaining Contractual Life | Weighted-Average | |||||||||||
Exercise Price | ||||||||||||||
$23.59 | to | $25.94 | 2,792 | 0.4 years | $ | 25.41 | ||||||||
$26.01 | to | $27.74 | 20,334 | 0.7 years | 27.08 | |||||||||
$28.25 | to | $28.26 | 15,040 | 1.9 years | 28.25 | |||||||||
$28.57 | to | $30.00 | 11,200 | 2.2 years | 29.4 | |||||||||
Total | 49,366 | 1.4 years | $ | 27.87 | ||||||||||
The following table summarizes Peoples’ SARs outstanding at March 31, 2014: | ||||||||||||||
Exercise Price | Number of Shares Subject to SARs Outstanding & Exercisable | Weighted- | ||||||||||||
Average Remaining Contractual | ||||||||||||||
Life | ||||||||||||||
$23.26 | 2,000 | 3.3 years | ||||||||||||
$23.77 | 10,582 | 3.9 years | ||||||||||||
$29.25 | 8,710 | 2.9 years | ||||||||||||
Total | 21,292 | 3.4 years | ||||||||||||
Schedule of Stock Appreciation Rights Outstanding & Exercisable by Exercise Price | ' | |||||||||||||
The following summarizes the changes to Peoples' SARs for the period ended March 31, 2014: | ||||||||||||||
Number of Shares Subject to SARs | Weighted- | Weighted-Average Remaining Contractual Life | Aggregate Intrinsic | |||||||||||
Average | Value | |||||||||||||
Exercise | ||||||||||||||
Price | ||||||||||||||
Outstanding at January 1 | 21,292 | $ | 25.96 | |||||||||||
Forfeited | — | — | ||||||||||||
Outstanding at March 31 | 21,292 | $ | 25.96 | 3.4 years | $ | 13,000 | ||||||||
Exercisable at March 31 | 21,292 | $ | 25.96 | 3.4 years | $ | 13,000 | ||||||||
Schedule of Restricted Shares Activity | ' | |||||||||||||
The following summarizes the changes to Peoples’ restricted shares for the period ended March 31, 2014: | ||||||||||||||
Time-Based Vesting | Performance-Based Vesting | |||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | |||||||||||
Outstanding at January 1 | 60,206 | $ | 17.18 | 85,254 | $ | 20.98 | ||||||||
Awarded | 2,000 | 22.79 | 83,514 | 21.68 | ||||||||||
Released | 10,994 | 16.93 | 37,746 | 19.93 | ||||||||||
Forfeited | — | — | 100 | 21.68 | ||||||||||
Outstanding at March 31 | 51,212 | $ | 17.46 | 130,922 | $ | 21.73 | ||||||||
Summary of Stock-Based Compensation and Related Tax Benefit | ' | |||||||||||||
The following summarizes the amount of stock-based compensation expense and related tax benefit recognized: | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||
Total stock-based compensation | $ | 490 | $ | 297 | ||||||||||
Recognized tax benefit | (172 | ) | (104 | ) | ||||||||||
Net expense recognized | $ | 318 | $ | 193 | ||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Calculations of Basic and Diluted Earnings per Common Share | ' | ||||||
The calculations of basic and diluted earnings per share were as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
(Dollars in thousands, except per share data) | 2014 | 2013 | |||||
Distributed earnings allocated to shareholders | $ | 1,605 | $ | 1,275 | |||
Undistributed earnings allocated to shareholders | 3,146 | 3,702 | |||||
Net earnings allocated to shareholders | $ | 4,751 | $ | 4,977 | |||
Weighted-average shares outstanding | 10,636,089 | 10,556,261 | |||||
Effect of potentially dilutive shares | 104,795 | 15,122 | |||||
Total weighted-average diluted shares outstanding | 10,740,884 | 10,571,383 | |||||
Earnings per share: | |||||||
Basic | $ | 0.45 | $ | 0.47 | |||
Diluted | $ | 0.44 | $ | 0.47 | |||
Anti-dilutive shares excluded from calculation: | |||||||
Stock options and SARs | 73,422 | 116,566 | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Insurance Contingency Income (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Contingent performance-based insurance commissions | $1,200,000 | $504,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Narrative, Assets Measured at Fair Value on a Nonrecurring Basis) (Details) (Nonrecurring Basis, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Losses on impaired loans charged through allowance for loan losses | $0 |
Significant Other Observable Inputs (Level 2) | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Impaired loans, aggregate outstanding principal balance | $1.30 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Assets Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | $592,097 | $606,108 |
Held-to-maturity securities | 47,599 | 46,094 |
U.S. Treasury and government agencies | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 19 | 20 |
U.S. government sponsored agencies | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 295 | 319 |
States and political subdivisions | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 51,668 | 50,962 |
Residential mortgage-backed securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 500,516 | 510,097 |
Commercial mortgage-backed securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 26,750 | 32,304 |
Bank-issued trust preferred securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 7,995 | 7,829 |
Equity securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 4,854 | 4,577 |
Fair Value of Securities | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 47,599 | 46,094 |
Fair Value of Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 0 | 0 |
Fair Value of Securities | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 47,599 | 46,094 |
Fair Value of Securities | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 0 | 0 |
Fair Value of Securities | States and political subdivisions | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 4,037 | 3,929 |
Fair Value of Securities | States and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 0 | 0 |
Fair Value of Securities | States and political subdivisions | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 4,037 | 3,929 |
Fair Value of Securities | States and political subdivisions | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 0 | 0 |
Fair Value of Securities | Residential mortgage-backed securities | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 36,030 | 34,530 |
Fair Value of Securities | Residential mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 0 | 0 |
Fair Value of Securities | Residential mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 36,030 | 34,530 |
Fair Value of Securities | Residential mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 0 | 0 |
Fair Value of Securities | Commercial mortgage-backed securities | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 7,532 | 7,635 |
Fair Value of Securities | Commercial mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 0 | 0 |
Fair Value of Securities | Commercial mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 7,532 | 7,635 |
Fair Value of Securities | Commercial mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Held-to-maturity securities | 0 | 0 |
Recurring Basis [Member] | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 592,097 | 606,108 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 4,719 | 4,443 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 587,378 | 601,665 |
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | U.S. Treasury and government agencies | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 19 | 20 |
Recurring Basis [Member] | U.S. Treasury and government agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | U.S. Treasury and government agencies | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 19 | 20 |
Recurring Basis [Member] | U.S. Treasury and government agencies | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | U.S. government sponsored agencies | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 295 | 319 |
Recurring Basis [Member] | U.S. government sponsored agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | U.S. government sponsored agencies | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 295 | 319 |
Recurring Basis [Member] | U.S. government sponsored agencies | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | States and political subdivisions | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 51,668 | 50,962 |
Recurring Basis [Member] | States and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | States and political subdivisions | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 51,668 | 50,962 |
Recurring Basis [Member] | States and political subdivisions | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Residential mortgage-backed securities | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 500,516 | 510,097 |
Recurring Basis [Member] | Residential mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Residential mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 500,516 | 510,097 |
Recurring Basis [Member] | Residential mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 26,750 | 32,304 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 26,750 | 32,304 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 7,995 | 7,829 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 7,995 | 7,829 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Equity securities | Fair Value | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 4,854 | 4,577 |
Recurring Basis [Member] | Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 4,719 | 4,443 |
Recurring Basis [Member] | Equity securities | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | 135 | 134 |
Recurring Basis [Member] | Equity securities | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Input Reconciliation [Line Items] | ' | ' |
Available-for-sale securities | $0 | $0 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Fair Values of Financial Assets and Liabilities on Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | $64,684 | $53,820 |
Investment securities | 662,199 | 680,526 |
Loans | 1,212,583 | 1,180,857 |
Financial liabilities: | ' | ' |
Deposits | 1,633,065 | 1,580,758 |
Short-term borrowings | 68,777 | 113,590 |
Long-term borrowings | 120,164 | 121,826 |
Fair Value | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 64,684 | 53,820 |
Investment securities | 660,995 | 677,398 |
Loans | 1,193,525 | 1,165,560 |
Financial liabilities: | ' | ' |
Deposits | 1,639,212 | 1,587,448 |
Short-term borrowings | 68,777 | 113,590 |
Long-term borrowings | $126,662 | $128,205 |
Investment_Securities_Availabl
Investment Securities (Available-for-sale Securities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities | ' | ' |
Amortized Cost | $598,445 | $621,126 |
Gross Unrealized Gains | 10,645 | 10,520 |
Gross Unrealized Losses | -16,993 | -25,538 |
Fair Value | 592,097 | 606,108 |
U.S. Treasury and government agencies | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Amortized Cost | 19 | 20 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 19 | 20 |
U.S. government sponsored agencies | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Amortized Cost | 287 | 308 |
Gross Unrealized Gains | 8 | 11 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 295 | 319 |
States and political subdivisions | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Amortized Cost | 50,365 | 50,509 |
Gross Unrealized Gains | 1,814 | 1,480 |
Gross Unrealized Losses | -511 | -1,027 |
Fair Value | 51,668 | 50,962 |
Residential mortgage-backed securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Amortized Cost | 510,072 | 527,283 |
Gross Unrealized Gains | 5,186 | 5,334 |
Gross Unrealized Losses | -14,742 | -22,520 |
Fair Value | 500,516 | 510,097 |
Commercial mortgage-backed securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Amortized Cost | 27,885 | 33,256 |
Gross Unrealized Gains | 0 | 274 |
Gross Unrealized Losses | -1,135 | -1,226 |
Fair Value | 26,750 | 32,304 |
Bank-issued trust preferred securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Amortized Cost | 8,513 | 8,508 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | -520 | -679 |
Fair Value | 7,995 | 7,829 |
Equity securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Amortized Cost | 1,304 | 1,242 |
Gross Unrealized Gains | 3,635 | 3,421 |
Gross Unrealized Losses | -85 | -86 |
Fair Value | $4,854 | $4,577 |
Investment_Securities_Availabl1
Investment Securities (Available-for-sale Securities Gross Realized Gains and Losses) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gross gains and gross losses realized from sales of available-for-sale securities: | ' | ' |
Gross gains realized | $514 | $2,045 |
Gross losses realized | 544 | 1,627 |
Net (loss) gain realized | ($30) | $418 |
Investment_Securities_Availabl2
Investment Securities (Available-for-sale Securities with Unrealized Loss) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
securities | securities | |
Available-for-sale securities that had an unrealized loss: | ' | ' |
Less than 12 months, fair value | $313,649,000 | $347,736,000 |
Less than 12 months, unrealized loss | 10,354,000 | 18,237,000 |
Less than 12 months, no. of securities | 83 | 102 |
12 months or more, fair value | 99,924,000 | 75,725,000 |
12 months or more, unrealized loss | 6,639,000 | 7,301,000 |
12 months or more, no. of securities | 42 | 38 |
Total unrealized loss position, fair value | 413,573,000 | 423,461,000 |
Total unrealized loss | 16,993,000 | 25,538,000 |
U.S. Treasury and government agencies | ' | ' |
Available-for-sale securities that had an unrealized loss: | ' | ' |
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized loss | 0 | 0 |
Less than 12 months, no. of securities | 0 | 0 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized loss | 0 | 0 |
12 months or more, no. of securities | 0 | 0 |
Total unrealized loss position, fair value | 0 | 0 |
Total unrealized loss | 0 | 0 |
U.S. government sponsored agencies | ' | ' |
Available-for-sale securities that had an unrealized loss: | ' | ' |
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized loss | 0 | 0 |
Less than 12 months, no. of securities | 0 | 0 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized loss | 0 | 0 |
12 months or more, no. of securities | 0 | 0 |
Total unrealized loss position, fair value | 0 | 0 |
Total unrealized loss | 0 | 0 |
States and political subdivisions | ' | ' |
Available-for-sale securities that had an unrealized loss: | ' | ' |
Less than 12 months, fair value | 12,445,000 | 15,848,000 |
Less than 12 months, unrealized loss | 251,000 | 659,000 |
Less than 12 months, no. of securities | 18 | 22 |
12 months or more, fair value | 5,440,000 | 6,180,000 |
12 months or more, unrealized loss | 260,000 | 368,000 |
12 months or more, no. of securities | 9 | 10 |
Total unrealized loss position, fair value | 17,885,000 | 22,028,000 |
Total unrealized loss | 511,000 | 1,027,000 |
Residential mortgage-backed securities | ' | ' |
Available-for-sale securities that had an unrealized loss: | ' | ' |
Less than 12 months, fair value | 279,545,000 | 310,315,000 |
Less than 12 months, unrealized loss | 9,400,000 | 16,709,000 |
Less than 12 months, no. of securities | 60 | 75 |
12 months or more, fair value | 83,715,000 | 57,440,000 |
12 months or more, unrealized loss | 5,342,000 | 5,811,000 |
12 months or more, no. of securities | 26 | 20 |
Total unrealized loss position, fair value | 363,260,000 | 367,755,000 |
Total unrealized loss | 14,742,000 | 22,520,000 |
Commercial mortgage-backed securities | ' | ' |
Available-for-sale securities that had an unrealized loss: | ' | ' |
Less than 12 months, fair value | 19,556,000 | 19,560,000 |
Less than 12 months, unrealized loss | 696,000 | 779,000 |
Less than 12 months, no. of securities | 4 | 4 |
12 months or more, fair value | 7,194,000 | 7,205,000 |
12 months or more, unrealized loss | 439,000 | 447,000 |
12 months or more, no. of securities | 2 | 2 |
Total unrealized loss position, fair value | 26,750,000 | 26,765,000 |
Total unrealized loss | 1,135,000 | 1,226,000 |
Bank-issued trust preferred securities | ' | ' |
Available-for-sale securities that had an unrealized loss: | ' | ' |
Less than 12 months, fair value | 2,103,000 | 2,013,000 |
Less than 12 months, unrealized loss | 7,000 | 90,000 |
Less than 12 months, no. of securities | 1 | 1 |
12 months or more, fair value | 3,485,000 | 4,803,000 |
12 months or more, unrealized loss | 513,000 | 589,000 |
12 months or more, no. of securities | 4 | 4 |
Total unrealized loss position, fair value | 5,588,000 | 6,816,000 |
Total unrealized loss | 520,000 | 679,000 |
Number of bank-issued trust preferred securities in unrealized loss position for twelve months or more | 4 | ' |
Equity securities | ' | ' |
Available-for-sale securities that had an unrealized loss: | ' | ' |
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized loss | 0 | 0 |
Less than 12 months, no. of securities | 0 | 0 |
12 months or more, fair value | 90,000 | 97,000 |
12 months or more, unrealized loss | 85,000 | 86,000 |
12 months or more, no. of securities | 1 | 2 |
Total unrealized loss position, fair value | 90,000 | 97,000 |
Total unrealized loss | 85,000 | 86,000 |
Mortgage-backed securities, issued by US government sponsored agencies | ' | ' |
Available-for-sale securities that had an unrealized loss: | ' | ' |
Percentage of mortgage-backed securities in unrealized loss position for more than 12 months | 98.00% | ' |
Mortgage-backed securities, privately issued | ' | ' |
Available-for-sale securities that had an unrealized loss: | ' | ' |
Less than 12 months, no. of securities | 4 | ' |
Number of privately issued mortgage-backed securities securities with book value less than 90% of fair value | 2 | ' |
Percentage of mortgage-backed securities in unrealized loss position for more than 12 months | 2.00% | ' |
Fair value within book value | 90.00% | ' |
Fair Value Less Than 90 Percent of Book Value [Member] | Mortgage-backed securities, privately issued | ' | ' |
Available-for-sale securities that had an unrealized loss: | ' | ' |
12 months or more, fair value | 600,000 | ' |
Book value of privately issued mortgage-backed securities in unrealized loss position for more than 12 months | $900,000 | ' |
Investment_Securities_Availabl3
Investment Securities (Available-for-sale Securities by Maturities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Investments [Abstract] | ' | ' |
Federal income tax rate | 35.00% | ' |
Schedule of Available-for-sale Securities | ' | ' |
Debt securities, maturing within 1 year, amortized cost | $655 | ' |
Debt securities, maturing 1 to 5 years, amortized cost | 11,635 | ' |
Debt securities, maturing 5 to 10 years, amortized cost | 79,033 | ' |
Available-for-sale securities, maturing over 10 years, amortized cost | 505,818 | ' |
Available-for-sale securities, total amortized cost | 598,445 | 621,126 |
Debt securities, maturing within 1 year, fair value | 668 | ' |
Debt securities, maturing 1 to 5 years, fair value | 12,076 | ' |
Debt securities, maturing 5 to 10 years, fair value | 77,663 | ' |
Available-for-sale securities, maturing over 10 years, fair value | 496,836 | ' |
Fair Value | 592,097 | 606,108 |
Available-for-sale securities, maturing within 1 year, average yield | 4.14% | ' |
Available-for-sale securities, maturing 1 to 5 years, average yield | 4.78% | ' |
Available-for-sale securities, maturing 5 to 10 years, average yield | 2.86% | ' |
Available-for-sale securities, maturing over 10 years, average yield | 2.74% | ' |
Available-for-sale securities, total average yield | 2.81% | ' |
U.S. Treasury and government agencies | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Debt securities, maturing within 1 year, amortized cost | 0 | ' |
Debt securities, maturing 1 to 5 years, amortized cost | 19 | ' |
Debt securities, maturing 5 to 10 years, amortized cost | 0 | ' |
Debt securities, maturing over 10 years, amortized cost | 0 | ' |
Debt securities, total amortized cost | 19 | ' |
Available-for-sale securities, total amortized cost | 19 | 20 |
Debt securities, maturing within 1 year, fair value | 0 | ' |
Debt securities, maturing 1 to 5 years, fair value | 19 | ' |
Debt securities, maturing 5 to 10 years, fair value | 0 | ' |
Debt securities, maturing over 10 years, fair value | 0 | ' |
Debt securities, total fair value | 19 | ' |
Fair Value | 19 | 20 |
U.S. government sponsored agencies | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Debt securities, maturing within 1 year, amortized cost | 287 | ' |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | ' |
Debt securities, maturing 5 to 10 years, amortized cost | 0 | ' |
Debt securities, maturing over 10 years, amortized cost | 0 | ' |
Debt securities, total amortized cost | 287 | ' |
Available-for-sale securities, total amortized cost | 287 | 308 |
Debt securities, maturing within 1 year, fair value | 295 | ' |
Debt securities, maturing 1 to 5 years, fair value | 0 | ' |
Debt securities, maturing 5 to 10 years, fair value | 0 | ' |
Debt securities, maturing over 10 years, fair value | 0 | ' |
Debt securities, total fair value | 295 | ' |
Fair Value | 295 | 319 |
States and political subdivisions | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Debt securities, maturing within 1 year, amortized cost | 350 | ' |
Debt securities, maturing 1 to 5 years, amortized cost | 4,232 | ' |
Debt securities, maturing 5 to 10 years, amortized cost | 20,099 | ' |
Debt securities, maturing over 10 years, amortized cost | 25,684 | ' |
Debt securities, total amortized cost | 50,365 | ' |
Available-for-sale securities, total amortized cost | 50,365 | 50,509 |
Debt securities, maturing within 1 year, fair value | 355 | ' |
Debt securities, maturing 1 to 5 years, fair value | 4,483 | ' |
Debt securities, maturing 5 to 10 years, fair value | 20,703 | ' |
Debt securities, maturing over 10 years, fair value | 26,127 | ' |
Debt securities, total fair value | 51,668 | ' |
Fair Value | 51,668 | 50,962 |
Residential mortgage-backed securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Debt securities, maturing within 1 year, amortized cost | 18 | ' |
Debt securities, maturing 1 to 5 years, amortized cost | 7,384 | ' |
Debt securities, maturing 5 to 10 years, amortized cost | 35,814 | ' |
Debt securities, maturing over 10 years, amortized cost | 466,856 | ' |
Debt securities, total amortized cost | 510,072 | ' |
Available-for-sale securities, total amortized cost | 510,072 | 527,283 |
Debt securities, maturing within 1 year, fair value | 18 | ' |
Debt securities, maturing 1 to 5 years, fair value | 7,574 | ' |
Debt securities, maturing 5 to 10 years, fair value | 34,897 | ' |
Debt securities, maturing over 10 years, fair value | 458,027 | ' |
Debt securities, total fair value | 500,516 | ' |
Fair Value | 500,516 | 510,097 |
Commercial mortgage-backed securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Debt securities, maturing within 1 year, amortized cost | 0 | ' |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | ' |
Debt securities, maturing 5 to 10 years, amortized cost | 23,120 | ' |
Debt securities, maturing over 10 years, amortized cost | 4,765 | ' |
Debt securities, total amortized cost | 27,885 | ' |
Available-for-sale securities, total amortized cost | 27,885 | 33,256 |
Debt securities, maturing within 1 year, fair value | 0 | ' |
Debt securities, maturing 1 to 5 years, fair value | 0 | ' |
Debt securities, maturing 5 to 10 years, fair value | 22,063 | ' |
Debt securities, maturing over 10 years, fair value | 4,687 | ' |
Debt securities, total fair value | 26,750 | ' |
Fair Value | 26,750 | 32,304 |
Bank-issued trust preferred securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Other securities, maturing over 10 years, amortized cost | 8,513 | ' |
Other securities, total amortized cost | 8,513 | ' |
Available-for-sale securities, total amortized cost | 8,513 | 8,508 |
Other securities, maturing over 10 years, fair value | 7,995 | ' |
Other securities, total fair value | 7,995 | ' |
Fair Value | 7,995 | 7,829 |
Equity securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Other securities, total amortized cost | 1,304 | ' |
Available-for-sale securities, total amortized cost | 1,304 | 1,242 |
Other securities, total fair value | 4,854 | ' |
Fair Value | $4,854 | $4,577 |
Investment_Securities_Heldtoma
Investment Securities (Held-to-maturity Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $48,803,000 | $49,222,000 |
Gross Unrealized Gains | 250,000 | 128,000 |
Gross Unrealized Losses | -1,454,000 | -3,256,000 |
Fair Value | 47,599,000 | 46,094,000 |
Gross realized gains or losses | 0 | 0 |
States and political subdivisions | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 3,848,000 | 3,850,000 |
Gross Unrealized Gains | 200,000 | 91,000 |
Gross Unrealized Losses | -11,000 | -12,000 |
Fair Value | 4,037,000 | 3,929,000 |
Residential mortgage-backed securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 37,151,000 | 37,536,000 |
Gross Unrealized Gains | 50,000 | 35,000 |
Gross Unrealized Losses | -1,171,000 | -3,041,000 |
Fair Value | 36,030,000 | 34,530,000 |
Commercial mortgage-backed securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 7,804,000 | 7,836,000 |
Gross Unrealized Gains | 0 | 2,000 |
Gross Unrealized Losses | -272,000 | -203,000 |
Fair Value | $7,532,000 | $7,635,000 |
Investment_Securities_Heldtoma1
Investment Securities (Held-to-maturity Securities with Unrealized Loss) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | securities | securities |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 months, fair value | $31,246 | $38,209 |
Less than 12 months, unrealized loss | 825 | 3,123 |
Less than 12 months, no. of securities | 9 | 9 |
12 months or more, fair value | 10,624 | 1,181 |
12 months or more, unrealized loss | 629 | 133 |
12 months or more, no. of securities | 2 | 1 |
Total fair value | 41,870 | 39,390 |
Total unrealized loss | 1,454 | 3,256 |
States and political subdivisions | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 months, fair value | 322 | 321 |
Less than 12 months, unrealized loss | 11 | 12 |
Less than 12 months, no. of securities | 1 | 1 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized loss | 0 | 0 |
12 months or more, no. of securities | 0 | 0 |
Total fair value | 322 | 321 |
Total unrealized loss | 11 | 12 |
Residential mortgage-backed securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 months, fair value | 23,392 | 31,341 |
Less than 12 months, unrealized loss | 542 | 2,908 |
Less than 12 months, no. of securities | 6 | 7 |
12 months or more, fair value | 10,624 | 1,181 |
12 months or more, unrealized loss | 629 | 133 |
12 months or more, no. of securities | 2 | 1 |
Total fair value | 34,016 | 32,522 |
Total unrealized loss | 1,171 | 3,041 |
Commercial mortgage-backed securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 months, fair value | 7,532 | 6,547 |
Less than 12 months, unrealized loss | 272 | 203 |
Less than 12 months, no. of securities | 2 | 1 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized loss | 0 | 0 |
12 months or more, no. of securities | 0 | 0 |
Total fair value | 7,532 | 6,547 |
Total unrealized loss | $272 | $203 |
Investment_Securities_Heldtoma2
Investment Securities (Held-to-maturity Securities by Maturities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Investments [Abstract] | ' | ' |
Federal income tax rate | 35.00% | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Debt securities, maturing within 1 year, amortized cost | $0 | ' |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | ' |
Debt securities, maturing 5 to 10 years, amortized cost | 855 | ' |
Debt securities, maturing over 10 years, amortized cost | 47,948 | ' |
Debt securities, total amortized cost | 48,803 | 49,222 |
Debt securities, maturing within 1 year, fair value | 0 | ' |
Debt securities, maturing 1 to 5 years, fair value | 0 | ' |
Debt securities, maturing 5 to 10 years, fair value | 826 | ' |
Debt securities, maturing over 10 years, fair value | 46,773 | ' |
Fair Value | 47,599 | 46,094 |
Held-to-maturity securities, maturing within 1 year, average yield | 0.00% | ' |
Held-to-maturity securities, maturing 1 to 5 years, average yield | 0.00% | ' |
Held-to-maturity securities, maturing 6 to 10 years, average yield | 2.60% | ' |
Held-to-maturity securities, maturing over 10 years, average yield | 2.74% | ' |
Held-to-maturity securities, total average yield | 2.74% | ' |
States and political subdivisions | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Debt securities, maturing within 1 year, amortized cost | 0 | ' |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | ' |
Debt securities, maturing 5 to 10 years, amortized cost | 333 | ' |
Debt securities, maturing over 10 years, amortized cost | 3,515 | ' |
Debt securities, total amortized cost | 3,848 | 3,850 |
Debt securities, maturing within 1 year, fair value | 0 | ' |
Debt securities, maturing 1 to 5 years, fair value | 0 | ' |
Debt securities, maturing 5 to 10 years, fair value | 322 | ' |
Debt securities, maturing over 10 years, fair value | 3,715 | ' |
Fair Value | 4,037 | 3,929 |
Residential mortgage-backed securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Debt securities, maturing within 1 year, amortized cost | 0 | ' |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | ' |
Debt securities, maturing 5 to 10 years, amortized cost | 522 | ' |
Debt securities, maturing over 10 years, amortized cost | 36,629 | ' |
Debt securities, total amortized cost | 37,151 | 37,536 |
Debt securities, maturing within 1 year, fair value | 0 | ' |
Debt securities, maturing 1 to 5 years, fair value | 0 | ' |
Debt securities, maturing 5 to 10 years, fair value | 504 | ' |
Debt securities, maturing over 10 years, fair value | 35,526 | ' |
Fair Value | 36,030 | 34,530 |
Commercial mortgage-backed securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Debt securities, maturing within 1 year, amortized cost | 0 | ' |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | ' |
Debt securities, maturing 5 to 10 years, amortized cost | 0 | ' |
Debt securities, maturing over 10 years, amortized cost | 7,804 | ' |
Debt securities, total amortized cost | 7,804 | 7,836 |
Debt securities, maturing within 1 year, fair value | 0 | ' |
Debt securities, maturing 1 to 5 years, fair value | 0 | ' |
Debt securities, maturing 5 to 10 years, fair value | 0 | ' |
Debt securities, maturing over 10 years, fair value | 7,532 | ' |
Fair Value | $7,532 | $7,635 |
Investment_Securities_Pledged_
Investment Securities (Pledged Securities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Securities | ' | ' |
Pledged Financial Instruments, Not Separately Reported, Held-To-Maturity Securities for Federal Home Loan Bank and Federal Reserve Bank | $25.60 | $25.90 |
Carrying value of available-for-sale securities pledged to secure public and trust department deposits and repurchase agreements | 326 | 303.8 |
Carrying value of held-to-maturity securities pledged to secure public and trust department deposits and repurchase agreements | 23.2 | 21.4 |
Carrying value of available-for-sale securities pledged to secure additional borrowing capacity at Federal Home Loan Bank and Federal Reserve Bank | $15.60 | $16.20 |
Loans_Narrative_Details
Loans (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Impaired, Commitment to Lend | $0 | ' |
Residential real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Pledged assets separately reported, loans pledged as collateral, at fair value | 264,400,000 | 259,100,000 |
Commerical Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Pledged assets separately reported, loans pledged as collateral, at fair value | $107,600,000 | $113,000,000 |
Loans_Loan_Balances_By_Classif
Loans (Loan Balances By Classification) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans, net of deferred fees and costs | $1,226,506 | $1,196,234 |
Total loans | 1,209,636 | 1,179,169 |
Commercial real estate, construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 55,935 | 47,539 |
Commercial real estate, other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 458,580 | 450,170 |
Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans, net of deferred fees and costs | 514,515 | 497,709 |
Total loans | 514,515 | 497,709 |
Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 233,329 | 232,754 |
Residential real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 268,794 | 268,617 |
Home equity lines of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 60,319 | 60,076 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 143,541 | 135,018 |
Deposit account overdrafts | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $6,008 | $2,060 |
Loans_Loans_Acquired_With_Dete
Loans (Loans Acquired With Deterioration of Credit Quality) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Purchased credit impaired loans | ' | ' |
Outstanding balance | $2,183 | $2,277 |
Carrying amount | 1,781 | 1,875 |
Commercial real estate | ' | ' |
Purchased credit impaired loans | ' | ' |
Outstanding balance | 937 | 963 |
Commercial and industrial | ' | ' |
Purchased credit impaired loans | ' | ' |
Outstanding balance | 63 | 78 |
Residential real estate | ' | ' |
Purchased credit impaired loans | ' | ' |
Outstanding balance | 1,183 | 1,236 |
Consumer | ' | ' |
Purchased credit impaired loans | ' | ' |
Outstanding balance | $0 | $0 |
Loans_Accretable_Yield_Rollfor
Loans Accretable Yield Rollforward (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Receivables [Abstract] | ' |
Balance, December 31, 2013 | $1,654 |
Accretion | -268 |
Balance, March 31, 2014 | $1,386 |
Loans_Nonaccrual_and_Past_Due_
Loans (Nonaccrual and Past Due Loans) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Nonaccrual Loans | $8,806 | $7,881 |
Accruing Loans 90 or More Days Past Due | 159 | 910 |
Commercial real estate, construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Nonaccrual Loans | 96 | 96 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Commercial real estate, other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Nonaccrual Loans | 3,810 | 3,717 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Nonaccrual Loans | 3,906 | 3,813 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Nonaccrual Loans | 640 | 708 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Residential real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Nonaccrual Loans | 3,931 | 3,215 |
Accruing Loans 90 or More Days Past Due | 29 | 37 |
Home equity lines of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Nonaccrual Loans | 329 | 87 |
Accruing Loans 90 or More Days Past Due | 129 | 873 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Nonaccrual Loans | 0 | 58 |
Accruing Loans 90 or More Days Past Due | $1 | $0 |
Loans_Aging_Of_The_Recorded_In
Loans (Aging Of The Recorded Investment In Past Due Loans And Leases) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 days | $7,451 | $8,665 |
60 - 89 days | 1,468 | 2,508 |
90 Days | 4,149 | 3,815 |
Total | 13,068 | 14,988 |
Current Loans | 1,213,438 | 1,181,246 |
Total loans | 1,209,636 | 1,179,169 |
Total Loans | 1,226,506 | 1,196,234 |
Commercial real estate, construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 days | 98 | 1,340 |
60 - 89 days | 0 | 0 |
90 Days | 96 | 0 |
Total | 194 | 1,340 |
Current Loans | 55,741 | 46,199 |
Total loans | 55,935 | 47,539 |
Commercial real estate, other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 days | 1,342 | 432 |
60 - 89 days | 568 | 679 |
90 Days | 1,242 | 1,249 |
Total | 3,152 | 2,360 |
Current Loans | 455,428 | 447,810 |
Total loans | 458,580 | 450,170 |
Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 days | 1,440 | 1,772 |
60 - 89 days | 568 | 679 |
90 Days | 1,338 | 1,249 |
Total | 3,346 | 3,700 |
Current Loans | 511,169 | 494,009 |
Total loans | 514,515 | 497,709 |
Total Loans | 514,515 | 497,709 |
Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 days | 1,387 | 171 |
60 - 89 days | 15 | 90 |
90 Days | 556 | 127 |
Total | 1,958 | 388 |
Current Loans | 231,371 | 232,366 |
Total loans | 233,329 | 232,754 |
Residential real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 days | 3,926 | 5,445 |
60 - 89 days | 736 | 1,509 |
90 Days | 2,049 | 1,452 |
Total | 6,711 | 8,406 |
Current Loans | 262,083 | 260,211 |
Total loans | 268,794 | 268,617 |
Home equity lines of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 days | 200 | 254 |
60 - 89 days | 15 | 65 |
90 Days | 205 | 929 |
Total | 420 | 1,248 |
Current Loans | 59,899 | 58,828 |
Total loans | 60,319 | 60,076 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 days | 468 | 976 |
60 - 89 days | 134 | 165 |
90 Days | 1 | 58 |
Total | 603 | 1,199 |
Current Loans | 142,938 | 133,819 |
Total loans | 143,541 | 135,018 |
Deposit account overdrafts | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 days | 30 | 47 |
60 - 89 days | 0 | 0 |
90 Days | 0 | 0 |
Total | 30 | 47 |
Current Loans | 5,978 | 2,013 |
Total loans | $6,008 | $2,060 |
Loans_Loans_By_Risk_Category_D
Loans (Loans By Risk Category) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $1,209,636 | $1,179,169 |
Commercial real estate, construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 55,935 | 47,539 |
Commercial real estate, other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 458,580 | 450,170 |
Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 514,515 | 497,709 |
Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 233,329 | 232,754 |
Residential real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 268,794 | 268,617 |
Home equity lines of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 60,319 | 60,076 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 143,541 | 135,018 |
Deposit account overdrafts | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 6,008 | 2,060 |
Pass Rated (Grades 1 - 4) | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 728,780 | 706,629 |
Pass Rated (Grades 1 - 4) | Commercial real estate, construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 52,531 | 43,407 |
Pass Rated (Grades 1 - 4) | Commercial real estate, other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 436,597 | 423,313 |
Pass Rated (Grades 1 - 4) | Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 489,128 | 466,720 |
Pass Rated (Grades 1 - 4) | Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 212,903 | 212,193 |
Pass Rated (Grades 1 - 4) | Residential real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 25,847 | 26,822 |
Pass Rated (Grades 1 - 4) | Home equity lines of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 837 | 844 |
Pass Rated (Grades 1 - 4) | Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 65 | 50 |
Pass Rated (Grades 1 - 4) | Deposit account overdrafts | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Watch (Grade 5) | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 22,113 | 22,386 |
Watch (Grade 5) | Commercial real estate, construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 148 |
Watch (Grade 5) | Commercial real estate, other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 9,387 | 13,433 |
Watch (Grade 5) | Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 9,387 | 13,581 |
Watch (Grade 5) | Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 10,082 | 6,013 |
Watch (Grade 5) | Residential real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 2,640 | 2,787 |
Watch (Grade 5) | Home equity lines of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Watch (Grade 5) | Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 4 | 5 |
Watch (Grade 5) | Deposit account overdrafts | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Substandard (Grade 6) | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 30,470 | 36,127 |
Substandard (Grade 6) | Commercial real estate, construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 67 | 68 |
Substandard (Grade 6) | Commercial real estate, other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 11,804 | 12,921 |
Substandard (Grade 6) | Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 11,871 | 12,989 |
Substandard (Grade 6) | Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 9,851 | 14,006 |
Substandard (Grade 6) | Residential real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 7,541 | 8,094 |
Substandard (Grade 6) | Home equity lines of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,187 | 1,014 |
Substandard (Grade 6) | Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 20 | 24 |
Substandard (Grade 6) | Deposit account overdrafts | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Doubtful (Grade 7) | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 493 | 546 |
Doubtful (Grade 7) | Commercial real estate, construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Doubtful (Grade 7) | Commercial real estate, other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Doubtful (Grade 7) | Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Doubtful (Grade 7) | Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 493 | 542 |
Doubtful (Grade 7) | Residential real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 4 |
Doubtful (Grade 7) | Home equity lines of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Doubtful (Grade 7) | Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Doubtful (Grade 7) | Deposit account overdrafts | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Not Rated | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 444,650 | 430,546 |
Not Rated | Commercial real estate, construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 3,337 | 3,916 |
Not Rated | Commercial real estate, other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 792 | 503 |
Not Rated | Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 4,129 | 4,419 |
Not Rated | Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 0 | 0 |
Not Rated | Residential real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 232,766 | 230,910 |
Not Rated | Home equity lines of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 58,295 | 58,218 |
Not Rated | Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 143,452 | 134,939 |
Not Rated | Deposit account overdrafts | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 6,008 | 2,060 |
Total Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $1,226,506 | $1,196,234 |
Loans_Schedule_Of_Impaired_Loa
Loans (Schedule Of Impaired Loans) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | $10,307 | $9,614 |
Recorded Investment With Allowance | 1,658 | 1,725 |
Recorded Investment Without Allowance | 6,303 | 5,543 |
Total Recorded Investment | 7,961 | 7,268 |
Related Allowance | 637 | 658 |
Average Recorded Investment | 7,344 | 8,118 |
Interest Income Recognized | 43 | 120 |
Commercial real estate, construction | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Commercial real estate, other | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 5,570 | 4,970 |
Recorded Investment With Allowance | 1,132 | 1,150 |
Recorded Investment Without Allowance | 2,321 | 1,729 |
Total Recorded Investment | 3,453 | 2,879 |
Related Allowance | 111 | 83 |
Average Recorded Investment | 3,166 | 4,586 |
Interest Income Recognized | 4 | 6 |
Commercial real estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 5,570 | 4,970 |
Recorded Investment With Allowance | 1,132 | 1,150 |
Recorded Investment Without Allowance | 2,321 | 1,729 |
Total Recorded Investment | 3,453 | 2,879 |
Related Allowance | 111 | 83 |
Average Recorded Investment | 3,166 | 4,586 |
Interest Income Recognized | 4 | 6 |
Commercial and industrial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 527 | 617 |
Recorded Investment With Allowance | 526 | 575 |
Recorded Investment Without Allowance | 0 | 5 |
Total Recorded Investment | 526 | 580 |
Related Allowance | 526 | 575 |
Average Recorded Investment | 550 | 278 |
Interest Income Recognized | 0 | 1 |
Residential real estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 3,538 | 3,498 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 3,310 | 3,280 |
Total Recorded Investment | 3,310 | 3,280 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 3,090 | 2,800 |
Interest Income Recognized | 33 | 86 |
Home equity lines of credit | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 519 | 347 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 519 | 347 |
Total Recorded Investment | 519 | 347 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 410 | 327 |
Interest Income Recognized | 4 | 12 |
Consumer | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 153 | 182 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 153 | 182 |
Total Recorded Investment | 153 | 182 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 128 | 127 |
Interest Income Recognized | $2 | $15 |
Loans_Troubled_Debt_Restructur
Loans (Troubled Debt Restructurings) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
contract | contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans and Leases Receivable, Impaired, Commitment to Lend | $0 | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | ' |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 91,000 | ' |
Financing Receivable, Modifications, Subsequent Default, Determination of Allowance for Credit Losses | '0 | ' |
Commercial real estate, other | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Number Of Contracts During Period | 1 | ' |
Recorded Investment, Pre-Modification | 511,000 | ' |
Recorded Investment, Post-Modification | 511,000 | ' |
Total Recorded Investment | 503,000 | ' |
Residential real estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Number Of Contracts During Period | 8 | 6 |
Recorded Investment, Pre-Modification | 496,000 | 180,000 |
Recorded Investment, Post-Modification | 497,000 | 180,000 |
Total Recorded Investment | 496,000 | 180,000 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | ' |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 91,000 | ' |
Financing Receivable, Modifications, Subsequent Default, Determination of Allowance for Credit Losses | '0 | ' |
Home equity lines of credit | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Number Of Contracts During Period | 2 | 1 |
Recorded Investment, Pre-Modification | 47,000 | 25,000 |
Recorded Investment, Post-Modification | 47,000 | 25,000 |
Total Recorded Investment | 47,000 | 25,000 |
Consumer | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Number Of Contracts During Period | 5 | 10 |
Recorded Investment, Pre-Modification | 64,000 | 69,000 |
Recorded Investment, Post-Modification | 64,000 | 69,000 |
Total Recorded Investment | $64,000 | $69,000 |
Loans_Summary_Of_Activity_In_A
Loans (Summary Of Activity In Allowance For Loan And Lease Losses) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | $17,065 | ' | $17,811 |
Charge-offs | -618 | -991 | ' |
Recoveries | 415 | 1,684 | ' |
Net recoveries (charge-offs) | -203 | 693 | ' |
Provision for loan losses | 8 | -1,065 | ' |
Ending balance | 16,870 | 17,439 | 17,811 |
Period-end amount allocated to: | ' | ' | ' |
Loans individually evaluated for impairment | 637 | 1,618 | ' |
Loans collectively evaluated for impairment | 16,233 | 15,821 | ' |
Ending balance | 16,870 | 17,439 | 17,811 |
Commercial real estate, other | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 13,215 | ' | 14,215 |
Charge-offs | 0 | -566 | ' |
Recoveries | 112 | 1,374 | ' |
Net recoveries (charge-offs) | 112 | 808 | ' |
Provision for loan losses | 0 | -1,050 | ' |
Ending balance | 13,327 | 13,973 | 14,215 |
Period-end amount allocated to: | ' | ' | ' |
Loans individually evaluated for impairment | 111 | 1,226 | ' |
Loans collectively evaluated for impairment | 13,216 | 12,747 | ' |
Ending balance | 13,327 | 13,973 | 14,215 |
Commercial and industrial | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 2,174 | ' | 1,733 |
Charge-offs | -49 | 0 | ' |
Recoveries | 5 | 17 | ' |
Net recoveries (charge-offs) | -44 | 17 | ' |
Provision for loan losses | 0 | 0 | ' |
Ending balance | 2,130 | 1,750 | 1,733 |
Period-end amount allocated to: | ' | ' | ' |
Loans individually evaluated for impairment | 526 | 315 | ' |
Loans collectively evaluated for impairment | 1,604 | 1,435 | ' |
Ending balance | 2,130 | 1,750 | 1,733 |
Residential real estate | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 881 | ' | 801 |
Charge-offs | -137 | -134 | ' |
Recoveries | 38 | 116 | ' |
Net recoveries (charge-offs) | -99 | -18 | ' |
Provision for loan losses | 0 | 0 | ' |
Ending balance | 782 | 783 | 801 |
Period-end amount allocated to: | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 77 | ' |
Loans collectively evaluated for impairment | 782 | 706 | ' |
Ending balance | 782 | 783 | 801 |
Home equity lines of credit | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 343 | ' | 479 |
Charge-offs | -20 | -2 | ' |
Recoveries | 6 | 8 | ' |
Net recoveries (charge-offs) | -14 | 6 | ' |
Provision for loan losses | 0 | 0 | ' |
Ending balance | 329 | 485 | 479 |
Period-end amount allocated to: | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 0 | ' |
Loans collectively evaluated for impairment | 329 | 485 | ' |
Ending balance | 329 | 485 | 479 |
Consumer | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 316 | ' | 438 |
Charge-offs | -302 | -159 | ' |
Recoveries | 184 | 104 | ' |
Net recoveries (charge-offs) | -118 | -55 | ' |
Provision for loan losses | 0 | 0 | ' |
Ending balance | 198 | 383 | 438 |
Period-end amount allocated to: | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 0 | ' |
Loans collectively evaluated for impairment | 198 | 383 | ' |
Ending balance | 198 | 383 | 438 |
Deposit account overdrafts | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning balance | 136 | ' | 145 |
Charge-offs | -110 | -130 | ' |
Recoveries | 70 | 65 | ' |
Net recoveries (charge-offs) | -40 | -65 | ' |
Provision for loan losses | 8 | -15 | ' |
Ending balance | 104 | 65 | 145 |
Period-end amount allocated to: | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 0 | ' |
Loans collectively evaluated for impairment | 104 | 65 | ' |
Ending balance | $104 | $65 | $145 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) | Mar. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ' | ' |
Preferred stock - shares issued | 0 | 0 |
Preferred stock - shares authorized | 50,000 | 50,000 |
Stockholders_Equity_Stock_Roll
Stockholders' Equity (Stock Rollforward) (Details) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Common Stock | Treasury Stock | |||
Increase (Decrease) in Stock by Class [Roll Forward] | ' | ' | ' | ' |
Common stock, beginning of period | 11,260,232 | 11,206,576 | 11,206,576 | ' |
Treasury stock, beginning of period | 602,663 | 600,794 | ' | 600,794 |
Changes related to stock-based compensation awards: | ' | ' | ' | ' |
Release of restricted shares | ' | ' | 48,621 | ' |
Release of restricted shares | ' | ' | ' | 11,189 |
Changes related to deferred compensation plan: | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | ' | 894 |
Reissuance of treasury stock | ' | ' | ' | -7,910 |
Shares issued under dividend reinvestment plan | ' | ' | 5,035 | ' |
Reissuance of treasury stock under Board of Directors' compensation plan | ' | ' | 0 | -2,304 |
Common stock, end of period | 11,260,232 | 11,206,576 | 11,260,232 | ' |
Treasury stock, end of period | 602,663 | 600,794 | ' | 602,663 |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive (Loss) Income) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Accumulated Other Comprehensive (Loss) Income [Roll Forward] | ' |
Unrealized (Loss) Gain on Securities | ($9,761) |
Realized loss on sale of securities, net of tax | 19 |
Other comprehensive income (loss), net of reclassifications and tax | 5,616 |
Unrealized (Loss) Gain on Securities | -4,126 |
Unrecognized Net Pension and Postretirement Costs | -3,483 |
Realized loss due to settlement and curtailment, net of tax | 316 |
Other comprehensive income (loss), net of reclassifications and tax | -663 |
Unrecognized Net Pension and Postretirement Costs | -3,830 |
Accumulated Other Comprehensive (Loss) Income | -13,244 |
Realized loss on sale of securities, net of tax | 19 |
Realized loss due to settlement and curtailment, net of tax | 316 |
Other comprehensive income (loss), net of reclassifications and tax | 4,953 |
Accumulated Other Comprehensive (Loss) Income | ($7,956) |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Defined Benefit Postretirement Health Coverage [Member] | Employees Retired before January 1, 1993 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Healthcare benefits for retirees prior to January 1, 1993 | 100.00% | ' | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Projected benefit obligation | $14,660 | ' | $14,723 |
Before Settlement | 15,856 | ' | ' |
Impact of Settlements | -1,196 | ' | ' |
Fair value of plan assets | 10,173 | ' | 11,287 |
Before Settlement | 11,369 | ' | ' |
Impact of Settlements | -1,196 | ' | ' |
Funded status | -4,487 | ' | -3,436 |
Gross unrealized loss | 5,994 | ' | 5,436 |
Before Settlement | 6,480 | ' | ' |
Discount rate | 3.90% | ' | 4.30% |
Expected return on plan assets | 7.50% | ' | 7.50% |
Components of net periodic benefit costs: | ' | ' | ' |
Interest cost | 143 | 133 | ' |
Expected return on plan assets | -169 | -165 | ' |
Amortization of net loss | 33 | 52 | ' |
Settlement of benefit obligation | -486 | 0 | ' |
Net periodic benefit cost | 493 | 20 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Components of net periodic benefit costs: | ' | ' | ' |
Interest cost | 1 | 2 | ' |
Amortization of net loss | -2 | 0 | ' |
Net periodic benefit cost | ($1) | $2 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Employees Hired before January 1, 2003 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Benefit based on highest average salary for number of consecutive years | '5 years | ' | ' |
Number of years for consecutive years calculation | '10 years | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Employees Hired on or after January 1, 2003 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Percent of annual salary to calculate benefit | 2.00% | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares authorized under 2006 Equity Plan | 1,081,260 |
Common shares authorized under the 2006 Equity Plan | 800,000 |
Unrecognized stock-based compensation expense related to unvested awards, amount | $2,000,000 |
Unrecognized stock-based compensation expense related to unvested awards, weighted-average period of recognition | '1 year 8 months |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards expiration period | '10 years |
Stock Options | Employees | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards vesting period | '3 years |
Stock Options | Non-employee directors | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards vesting period | '6 months |
SARs | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards expiration period | '10 years |
Awards vesting period | '3 years |
Restricted Shares | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total intrinsic value of awards released in period | $1,064,000 |
Restricted Shares | Employees | Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards expiration period | '1 year |
Restricted Shares | Employees | Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards expiration period | '3 years |
Restricted Shares | Non-employee directors | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards expiration period | '6 months |
StockBased_Compensation_Option
Stock-Based Compensation (Options Outstanding & Exercisable) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Number of Shares Subject to Options | ' |
Outstanding at January 1 | 57,094 |
Expired | 7,728 |
31-Mar-14 | 49,366 |
Weighted-Average Exercise Price | ' |
Outstanding at January 1 | $27.96 |
Expired | $28.52 |
31-Mar-14 | $27.87 |
Stock Options | ' |
Weighted-average remaining contractual life, outstanding | '1 year 5 months 1 day |
Aggregate intrinsic value, outstanding | $1,000 |
Number of common shares subject to options, exercisable | 49,366 |
Weighted-average exercise price, exercisable | $27.87 |
Weighted-average remaining contractual life, exercisable | '1 year 5 months 1 day |
Aggregate intrinsic value, exercisable | $1,000 |
Shares Subject to Options Outstanding & Exercisable | 49,366 |
Weighted-Average Remaining Contractual Life | '1 year 5 months 1 day |
Weighted-Average Exercise Price | $27.87 |
Range of Exercise Price $23.59 - $25.94 | ' |
Stock Options | ' |
Range of exercise prices, minimum | $23.59 |
Range of exercise prices, maximum | $25.94 |
Shares Subject to Options Outstanding & Exercisable | 2,792 |
Weighted-Average Remaining Contractual Life | '0 years 5 months 1 day |
Weighted-Average Exercise Price | $25.41 |
Range of Exercise Price $26.01 - $27.74 | ' |
Stock Options | ' |
Range of exercise prices, minimum | $26.01 |
Range of exercise prices, maximum | $27.74 |
Shares Subject to Options Outstanding & Exercisable | 20,334 |
Weighted-Average Remaining Contractual Life | '0 years 8 months 1 day |
Weighted-Average Exercise Price | $27.08 |
Range of Exercise Price $28.25 - $28.26 | ' |
Stock Options | ' |
Range of exercise prices, minimum | $28.25 |
Range of exercise prices, maximum | $28.26 |
Shares Subject to Options Outstanding & Exercisable | 15,040 |
Weighted-Average Remaining Contractual Life | '1 year 11 months 1 day |
Weighted-Average Exercise Price | $28.25 |
Range of Exercise Price $28.57 - $30.00 | ' |
Stock Options | ' |
Range of exercise prices, minimum | $28.57 |
Range of exercise prices, maximum | $30 |
Shares Subject to Options Outstanding & Exercisable | 11,200 |
Weighted-Average Remaining Contractual Life | '2 years 2 months |
Weighted-Average Exercise Price | $29.40 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Appreciation Rights) (Details) (SARs, USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Stock Appreciation Rights | ' | ' |
Shares outstanding | 21,292 | 21,292 |
Number of Shares Subject to SARs Outstanding & Exercisable | 21,292 | ' |
Weighted- Average Remaining Contractual Life | '3 years 5 months 1 day | ' |
Outstanding shares, weighted-average exercise price | $25.96 | $25.96 |
Forfeited | 0 | ' |
Forfeited | $0 | ' |
Shares outstanding, weighted-average remaining contractual life | '3 years 5 months 1 day | ' |
Shares outstanding, aggregate intrinsic value | $13,000 | ' |
Shares exercisable | 21,292 | ' |
Shares exercisable, weighted-average exercise price | $25.96 | ' |
Shares exercisable, weighted-average remaining contractual life | '3 years 5 months 1 day | ' |
Shares exercisable, aggregate intrinsic value | $13,000 | ' |
Exercise Price $23.26 | ' | ' |
Stock Appreciation Rights | ' | ' |
Exercise Price | $23.26 | ' |
Number of Shares Subject to SARs Outstanding & Exercisable | 2,000 | ' |
Weighted- Average Remaining Contractual Life | '3 years 4 months 1 day | ' |
Exercise Price $23.77 | ' | ' |
Stock Appreciation Rights | ' | ' |
Exercise Price | $23.77 | ' |
Number of Shares Subject to SARs Outstanding & Exercisable | 10,582 | ' |
Weighted- Average Remaining Contractual Life | '3 years 11 months 1 day | ' |
Exercise Price $29.25 | ' | ' |
Stock Appreciation Rights | ' | ' |
Exercise Price | $29.25 | ' |
Number of Shares Subject to SARs Outstanding & Exercisable | 8,710 | ' |
Weighted- Average Remaining Contractual Life | '2 years 11 months 1 day | ' |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Shares) (Details) (Restricted Shares, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Time-Based Vesting | ' |
Number of Shares | ' |
Outstanding at January 1 | 60,206 |
Awarded | 2,000 |
Released | 10,994 |
Forfeited | 0 |
31-Mar-14 | 51,212 |
Weighted - Average Grant Date Fair Value | ' |
Outstanding at January 1 | $17.18 |
Awarded | $22.79 |
Released | $16.93 |
Forfeited | $0 |
31-Mar-14 | $17.46 |
Performance-Based Vesting | ' |
Number of Shares | ' |
Outstanding at January 1 | 85,254 |
Awarded | 83,514 |
Released | 37,746 |
Forfeited | 100 |
31-Mar-14 | 130,922 |
Weighted - Average Grant Date Fair Value | ' |
Outstanding at January 1 | $20.98 |
Awarded | $21.68 |
Released | $19.93 |
Forfeited | $21.68 |
31-Mar-14 | $21.73 |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefit) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation [Abstract] | ' | ' |
Total stock-based compensation | $490 | $297 |
Recognized tax benefit | -172 | -104 |
Net expense recognized | $318 | $193 |
Earnings_Per_Common_Share_Calc
Earnings Per Common Share (Calculations of Basic and Diluted Earnings per Common Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Distributed earnings allocated to shareholders | $1,605 | $1,275 |
Undistributed earnings allocated to shareholders | 3,146 | 3,702 |
Net earnings allocated to shareholders | $4,751 | $4,977 |
Weighted-average number of shares outstanding - basic | 10,636,089 | 10,556,261 |
Effect of potentially dilutive shares | 104,795 | 15,122 |
Total weighted-average diluted shares outstanding | 10,740,884 | 10,571,383 |
Earnings per share - basic | $0.45 | $0.47 |
Earnings per share - diluted | $0.44 | $0.47 |
Anti-dilutive shares excluded from computation of EPS | 73,422 | 116,566 |
Acquisitions_Goodwill_Details
Acquisitions Goodwill (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets | ' | ' |
Goodwill, beginning balance | $70,520 | $70,520 |
Goodwill, ending balance | $70,520 | $70,520 |
Acquisitions_Intangibles_Detai
Acquisitions Intangibles (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets | ' | ' |
Other intangible assets | $6,768 | $7,083 |