Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 25, 2015 | Jun. 30, 2014 |
Entity Information [Line Items] | |||
Entity Registrant Name | PEOPLES BANCORP INC. | ||
Entity Central Index Key | 318300 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 14,893,459 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $282,061 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents: | ||
Cash and due from banks | $42,230 | $36,016 |
Interest-bearing deposits in other banks | 19,224 | 17,804 |
Total cash and cash equivalents | 61,454 | 53,820 |
Available-for-sale investment securities, at fair value (amortized cost of $632,967 at December 31, 2014 and $621,126 at December 31, 2013) | 636,880 | 606,108 |
Held-to-maturity investment securities, at amortized cost (fair value of $48,442 at December 31, 2014 and $46,094 at December 31, 2013) | 48,468 | 49,222 |
Other investment securities, at cost | 28,311 | 25,196 |
Total investment securities | 713,659 | 680,526 |
Loans, net of deferred fees and costs | 1,620,898 | 1,196,234 |
Allowance for loan losses | -17,881 | -17,065 |
Net loans | 1,603,017 | 1,179,169 |
Loans held for sale | 4,374 | 1,688 |
Bank premises and equipment, net | 40,335 | 29,809 |
Goodwill | 98,562 | 70,520 |
Other intangible assets | 10,596 | 7,083 |
Other assets | 35,772 | 36,493 |
Total assets | 2,567,769 | 2,059,108 |
Deposits: | ||
Non-interest-bearing | 493,162 | 409,891 |
Interest-bearing | 1,439,912 | 1,170,867 |
Total deposits | 1,933,074 | 1,580,758 |
Short-term borrowings | 88,277 | 113,590 |
Long-term borrowings | 179,083 | 121,826 |
Accrued expenses and other liabilities | 27,217 | 21,381 |
Total liabilities | 2,227,651 | 1,837,555 |
Stockholders’ Equity | ||
Preferred stock, no par value, 50,000 shares authorized, no shares issued at December 31, 2014 and December 31, 2013 | 0 | 0 |
Common stock, no par value, 24,000,000 shares authorized, 15,426,973 shares issued at December 31, 2014 and 11,206,576 shares issued at December 31, 2013, including shares in treasury | 265,742 | 168,869 |
Retained earnings | 90,391 | 80,898 |
Accumulated other comprehensive loss, net of deferred income taxes | -1,301 | -13,244 |
Treasury stock, at cost, 590,246 shares at December 31, 2014 and 600,794 shares at December 31, 2013 | -14,714 | -14,970 |
Total stockholders’ equity | 340,118 | 221,553 |
Total liabilities and stockholders’ equity | $2,567,769 | $2,059,108 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Available for sale securities, amortized cost | $632,967 | $621,126 |
Held-to-maturity securities, fair value | $48,442 | $46,094 |
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 | 15,426,973 | 11,206,576 |
Treasury stock, shares | 590,246 | 600,794 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Income: | |||
Interest and fees on loans | $61,541 | $48,522 | $48,238 |
Interest and dividends on taxable investment securities | 16,840 | 16,853 | 19,778 |
Interest on tax-exempt investment securities | 1,810 | 1,600 | 1,434 |
Other interest income | 9 | 96 | 20 |
Total interest income | 80,200 | 67,071 | 69,470 |
Interest Expense: | |||
Interest on deposits | 6,106 | 7,052 | 9,059 |
Interest on short-term borrowings | 146 | 114 | 74 |
Interest on long-term borrowings | 4,442 | 4,520 | 3,949 |
Interest on junior subordinated debentures held by subsidiary trust | 0 | 0 | 1,913 |
Total interest expense | 10,694 | 11,686 | 14,995 |
Net interest income | 69,506 | 55,385 | 54,475 |
Provision for (recovery of) loan losses | 339 | -4,410 | -4,716 |
Net interest income after provision for (recovery of) loan losses | 69,167 | 59,795 | 59,191 |
Other Income: | |||
Insurance income | 13,604 | 12,201 | 9,844 |
Deposit account service charges | 9,173 | 8,764 | 8,965 |
Trust and investment income | 7,685 | 7,122 | 6,129 |
Electronic banking income | 6,642 | 6,191 | 5,955 |
Mortgage banking income | 1,237 | 1,759 | 2,877 |
Net gain on investment securities | 398 | 489 | 3,548 |
Net loss on asset disposals and other transactions | -431 | -155 | -4,326 |
Other non-interest income | 1,712 | 1,183 | 1,201 |
Total other income | 40,020 | 37,554 | 34,193 |
Other Expenses: | |||
Salaries and employee benefit costs | 46,593 | 36,472 | 33,426 |
Net occupancy and equipment | 7,839 | 6,840 | 6,094 |
Professional fees | 5,649 | 4,207 | 4,370 |
Electronic banking expense | 4,529 | 3,586 | 3,342 |
Data processing and software | 2,424 | 2,012 | 1,979 |
Marketing expense | 2,299 | 2,301 | 2,682 |
Communication expense | 1,642 | 1,339 | 1,285 |
Intangible asset amortization | 1,428 | 807 | 509 |
Franchise tax | 1,392 | 1,643 | 1,486 |
FDIC insurance | 1,260 | 1,036 | 1,002 |
Foreclosed real estate and other loan expenses | 789 | 654 | 884 |
Other non-interest expense | 9,165 | 7,368 | 6,415 |
Total other expenses | 85,009 | 68,265 | 63,474 |
Income before income taxes | 24,178 | 29,084 | 29,910 |
Income tax expense | 7,494 | 11,510 | 9,525 |
Net income | $16,684 | $17,574 | $20,385 |
Earnings per common share - basic | $1.36 | $1.65 | $1.92 |
Earnings per common share - diluted | $1.35 | $1.63 | $1.92 |
Weighted-average number of common shares outstanding - basic | 12,183,352 | 10,581,222 | 10,527,885 |
Weighted-average number of common shares outstanding - diluted | 12,306,224 | 10,679,417 | 10,528,286 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $16,684 | $17,574 | $20,385 |
Available-for-sale investment securities: | |||
Gross unrealized holding gain (loss) arising in the period | 19,326 | -25,130 | 2,706 |
Related tax (expense) benefit | -6,764 | 8,795 | -947 |
Less: reclassification adjustment for net gain included in net income | 398 | 489 | 3,548 |
Related tax expense | -139 | -171 | -1,242 |
Net effect on other comprehensive income (loss) | 12,303 | -16,653 | -547 |
Defined benefit plans: | |||
Net (loss) gain arising during the period | -2,083 | 3,788 | -1,320 |
Related tax benefit (expense) | 729 | -1,326 | 462 |
Amortization of unrecognized loss and service cost on benefit plans | 129 | 182 | 161 |
Related tax expense | -45 | -64 | -57 |
Recognition of loss due to settlement and curtailment | 1,400 | 270 | 835 |
Related tax expense | -490 | -95 | -292 |
Net effect on other comprehensive income (loss) | -360 | 2,755 | -211 |
Total other comprehensive income (loss), net of tax | 11,943 | -13,898 | -758 |
Total comprehensive income | $28,627 | $3,676 | $19,627 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Midwest Bancshares, Inc. | Ohio Heritage Bancorp, Inc. | North Akron Savings Bank |
In Thousands, unless otherwise specified | Common Stock | Common Stock | Common Stock | |||||
Balance at beginning of period at Dec. 31, 2011 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $20,385 | $20,385 | ||||||
Other comprehensive income, net of tax | -758 | -758 | ||||||
Repurchase of preferred shares and common stock warrant | -1,201 | 1,201 | ||||||
Cash dividends declared | -4,807 | -4,807 | ||||||
Tax benefit from exercise of stock options | 16 | 16 | ||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | -163 | -163 | ||||||
Purchase of treasury stock | 156 | 156 | ||||||
Common shares issued under dividend reinvestment plan | 357 | 357 | ||||||
Common shares issued under compensation plan for Board of Directors | -130 | 44 | -174 | |||||
Stock-based compensation expense | 942 | 942 | ||||||
Balance at end of period at Dec. 31, 2012 | 221,728 | 167,039 | 69,158 | 654 | -15,123 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 17,574 | 17,574 | ||||||
Other comprehensive income, net of tax | -13,898 | -13,898 | ||||||
Repurchase of preferred shares and common stock warrant | 0 | |||||||
Cash dividends declared | -5,834 | -5,834 | ||||||
Tax benefit from exercise of stock options | 79 | 79 | ||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | -168 | -168 | ||||||
Purchase of treasury stock | 228 | 228 | ||||||
Common shares issued under dividend reinvestment plan | 423 | 423 | ||||||
Common shares issued under compensation plan for Board of Directors | 179 | -34 | 213 | |||||
Stock-based compensation expense | 1,362 | 1,362 | ||||||
Balance at end of period at Dec. 31, 2013 | 221,553 | 168,869 | 80,898 | -13,244 | -14,970 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 16,684 | 16,684 | ||||||
Other comprehensive income, net of tax | 11,943 | 11,943 | ||||||
Repurchase of preferred shares and common stock warrant | 0 | |||||||
Cash dividends declared | -7,191 | -7,191 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 72 | 72 | ||||||
Tax benefit from exercise of stock options | 85 | 85 | ||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | -175 | -175 | ||||||
Reissuance of treasury stock for common stock awards | 0 | 10 | -10 | |||||
Purchase of treasury stock | 520 | 520 | ||||||
Common shares issued under dividend reinvestment plan | 409 | 409 | ||||||
Common shares issued under compensation plan for Board of Directors | 207 | -14 | 221 | |||||
Stock-based compensation expense | 2,111 | 1,813 | ||||||
Value of Treasury Stock Issued for Unrestricted Stock Grant to Employees | 298 | |||||||
Stock Issued During Period, Value, Acquisitions | 6,305 | 32,017 | 16,106 | |||||
Proceeds from Issuance of Private Placement | 40,162 | |||||||
Balance at end of period at Dec. 31, 2014 | $340,118 | $265,742 | $90,391 | ($1,301) | ($14,714) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net income | $16,684 | $17,574 | $20,385 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization, and accretion, net | 13,174 | 16,110 | 18,765 |
Provision for (recovery of) loan losses | 339 | -4,410 | -4,716 |
Bank owned life insurance income | -106 | -56 | -40 |
Net gain on investment securities | -398 | -489 | -3,548 |
(Gain) loss on debt extinguishment | -67 | 0 | 4,144 |
Loans originated for sale | -51,458 | -68,323 | -132,714 |
Proceeds from sales of loans | 49,218 | 74,049 | 131,040 |
Net gains on sales of loans | -943 | -1,544 | -2,746 |
Deferred income tax expense | 3,835 | 4,627 | 4,521 |
(Decrease) increase in accrued expenses | -631 | -13 | 2,345 |
Decrease in interest receivable | 139 | 313 | 462 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | -85 | -79 | 16 |
Other, net | 1,794 | 2,705 | 3,340 |
Net cash provided by operating activities | 31,495 | 40,464 | 41,254 |
Available-for-sale investment securities: | |||
Purchases | -143,184 | -223,979 | -271,520 |
Proceeds from sales | 108,092 | 125,658 | 113,756 |
Proceeds from principal payments, calls and prepayments | 79,830 | 99,372 | 140,470 |
Held-to-maturity investment securities: | |||
Purchases | -1,017 | -5,216 | -40,352 |
Proceeds from principal payments | 1,325 | 885 | 11,188 |
Net increase in loans | -76,100 | -109,609 | -16,884 |
Net expenditures for premises and equipment | -7,105 | -6,604 | -4,530 |
Proceeds from sales of other real estate owned | 219 | 1,036 | 1,813 |
Proceeds from bank owned life insurance | 6,322 | 43,100 | 0 |
Business acquisitions, net of cash received | 17,081 | -4,536 | -3,321 |
Return of (investment in) limited partnership and tax credit funds | 374 | -120 | -187 |
Net cash used in investing activities | -14,163 | -80,013 | -69,567 |
Financing activities: | |||
Net increase in non-interest-bearing deposits | 18,367 | 61,935 | 63,437 |
Net (decrease) increase in interest-bearing deposits | -26,713 | -84,344 | 38,319 |
Net (decrease) increase in short-term borrowings | -29,373 | 65,821 | -3,874 |
Proceeds from long-term borrowings | 5,269 | 0 | 24,000 |
Payments on long-term borrowings | -10,288 | -7,025 | -40,517 |
Redemption of junior subordinated debentures | 0 | 0 | -23,668 |
Repurchase of common stock warrant | 0 | 0 | -1,201 |
Cash dividends paid on common shares | -6,767 | -5,419 | -4,457 |
Purchase of treasury stock | -520 | -228 | -156 |
Proceeds from issuance of common shares | 40,242 | 8 | 6 |
Excess tax benefit from share-based payments | 85 | 79 | 16 |
Net cash (used in) provided by financing activities | -9,698 | 30,827 | 51,905 |
Net increase (decrease) in cash and cash equivalents | 7,634 | -8,722 | 23,592 |
Cash and cash equivalents at beginning of period | 53,820 | 62,542 | |
Cash and cash equivalents at end of period | 61,454 | 53,820 | 62,542 |
Supplemental cash flow information: | |||
Interest paid | 10,766 | 11,839 | 15,570 |
Income taxes paid | $6,726 | $7,473 | $5,563 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
The accounting and reporting policies of Peoples Bancorp Inc. and Subsidiaries (“Peoples” refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) conform to generally accepted accounting principles in the United States of America (“US GAAP”) and to general practices within the banking industry. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, comprehensive income or loss, net cash provided by operating activities or stockholders' equity. | |
The following is a summary of significant accounting policies followed in the preparation of the financial statements: | |
Consolidation: Peoples' Consolidated Financial Statements include subsidiaries in which Peoples has a controlling financial interest, principally defined as owning a voting interest greater than 50%. In addition, entities not controlled by voting interest or in which the equity investors do not bear the residual economic risks, but for which Peoples is the primary beneficiary are also consolidated. | |
The Consolidated Financial Statements include the accounts of Peoples and its consolidated subsidiaries, Peoples Bank and Peoples Investment Company, along with their wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, Federal Funds sold and other short-term investments with original maturities of ninety days or less. Included in interest-bearing deposits in other banks were $3.5 million and $3.0 million in funds at December 31, 2014 and 2013, respectively, which were being used as collateral and not available for withdrawal. | |
Investment Securities: Investment securities are recorded initially at cost, which includes premiums and discounts if purchased at other than par or face value. Peoples amortizes premiums and accretes discounts as an adjustment to interest income on a level yield basis. The cost of investment securities sold, and any resulting gain or loss, is based on the specific identification method and recognized as of the trade date. | |
Management determines the appropriate classification of investment securities at the time of purchase. Held-to-maturity securities are those securities that Peoples has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to Peoples' liquidity needs, changes in market interest rates, and asset-liability management strategies, among other considerations. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses reported in stockholders' equity as a separate component of other comprehensive income or loss, net of applicable deferred income taxes. | |
Certain restricted equity securities that do not have readily determinable fair values and for which Peoples does not exercise significant influence, are carried at cost. These cost method securities are reported as other investment securities on the Consolidated Balance Sheets and consist solely of shares of the Federal Home Loan Bank of Cincinnati (the “FHLB”), the Federal Reserve Bank of Cleveland (the "FRB") and a capital investment in West Virginia Bankers Insurance. | |
Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include (1) the duration and magnitude of the decline in value, (2) the financial condition of the issuer or issuers, and (3) the structure of the security. | |
An impairment loss is recognized in earnings only when (1) Peoples intends to sell the debt security, (2) it is more likely than not that Peoples will be required to sell the security before recovery of its amortized cost basis, or (3) Peoples does not expect to recover the entire amortized cost basis of the security. In situations where Peoples intends to sell or when it is more likely than not that Peoples will be required to sell the security, the entire impairment loss must be recognized in earnings. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in stockholders' equity as a component of accumulated comprehensive income, net of deferred taxes. | |
Fair Value Measurements: The measurement of fair value under US GAAP uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: | |
Level 1: Quoted prices in active exchange markets for identical assets or liabilities; also includes certain U.S. Treasury and other U.S. government and agency securities actively traded in over-the-counter markets. | |
Level 2: Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data; also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. government and agency securities, corporate debt securities, derivative instruments, and residential mortgage loans held for sale. | |
Level 3: Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data. This category generally includes certain private equity investments, retained interests from securitizations, and certain collateralized debt obligations. | |
Securities Sold Under Agreements to Repurchase: Peoples enters into sales of securities under agreements to repurchase (“Repurchase Agreements”) with customers and other financial service companies, which are considered financings. As such, these obligations are recorded as a liability on the Consolidated Balance Sheets and disclosed in Notes 8 and 9. Securities pledged as collateral under Repurchase Agreements are included in investment securities on the Consolidated Balance Sheets and are disclosed in Note 3. The fair value of the collateral pledged to a third party is continually monitored and additional collateral is pledged or returned, as deemed appropriate. | |
Loans: Loans originated that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs and an allowance for loan losses. The foreseeable future is based upon current market conditions and business strategies, as well as balance sheet management and liquidity. As the conditions change, so may management's view of the foreseeable future. Net deferred loan costs were $2.4 million and $2.3 million at December 31, 2014 and 2013, respectively. | |
A loan is considered impaired when information and events indicate it is probable that collection of all contractual principal and interest payments is doubtful. Impairment is evaluated in total for smaller-balance loans of a similar nature, primarily consumer and residential real estate loans, and on an individual loan basis for all loans to borrowers with an aggregate unpaid principal balance in excess of $1 million. Peoples typically places any loan deemed to be impaired on nonaccrual status and allocates a specific portion of the allowance for loan losses, if necessary, to reduce the net carrying value of the loan to its estimated net realizable value. Impaired loans, or portions thereof, are charged off when deemed uncollectable. Upon detection of the reduced ability of a borrower to meet cash flow obligations, consumer and residential real estate loans typically are charged down to the net realizable value, with the residual balance placed on nonaccrual status. | |
Loans acquired in a business combination that have evidence of deterioration of credit quality, commonly referred to as "purchase credit impaired" loans, since origination and for which it is probable, at acquisition, that Peoples will be unable to collect all contractually required payments receivable are initially recorded at fair value (the present value of the amounts expected to be collected) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition are not recognized. Over the life of these acquired loans, management continues to monitor each acquired purchased credit impaired loan portfolio for changes in credit quality. Increases in expected cash flows subsequent to acquisition are recognized prospectively over their remaining life as a yield adjustment on the loans. Subsequent decreases in expected cash flows are recognized as impairment, with the amount of the expected loss included in management's evaluation of the appropriateness of the allowance for loan losses. These purchase credit impaired loans are considered to be accruing and performing even though collection of contractual payments on loans may be in doubt, as income continues to be accreted as long as expected cash flows can be reasonably estimated. | |
Loans acquired in a business combination that are not impaired are recorded at fair value, and the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the discounts (or premiums) to a loan's cost basis and are accreted (or amortized) to interest income over the the loan's remaining life using the level yield method. Subsequent to the acquisition date, the methods utilized to estimate the required allowance for loan losses for these loans is similar to originated loans, however, Peoples records a provision for loan losses only when the required allowance exceeds the remaining discount. | |
Loans Held-for-Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried at the lower of cost or estimated fair value determined on an aggregate basis. Gains and losses on sales of loans held for sale are included in mortgage banking income. | |
Loans originated with the intent to be held in our portfolio are subsequently transferred to held-for-sale when a decision is made to sell these loans. At the time of a loan's transfer to the held-for-sale classification, the loan is recorded at the lower of cost or its fair value. Any reduction in the loan's value is reflected as a write-down of the recorded investment resulting in a new cost basis, with a corresponding charge against the allowance for loan losses. If the fair value of a loan classified as held-for-sale in subsequent periods is less than its cost basis, the carrying value of the loan is adjusted accordingly, with the corresponding loss recognized in earnings. | |
Peoples enters into interest rate lock commitments with borrowers and best efforts commitments with investors on loans originated for sale into the secondary markets to manage the inherent interest rate and pricing risk associated with selling loans. The interest rate lock commitments generally terminate once the loan is funded, the lock period expires or the borrower decides not to contract for the loan. The best efforts commitments generally terminate once the loan is sold, the commitment period expires or the borrower decides not to contract for the loan. These commitments are considered derivatives which are generally accounted for by recognizing their estimated fair value on the Consolidated Balance Sheets as either a freestanding asset or a freestanding liability. The valuation of such commitments does not consider expected cash flows related to the servicing of the future loan. Management has determined these derivatives do not have a material effect on Peoples' financial position, results of operations or cash flows. | |
Allowance for Loan Losses: The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against income. The allowance for loan losses is maintained at a level that management deems sufficient to absorb probable losses inherent in the loan portfolio. Loans deemed to be uncollectable are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. | |
The allowance for loan losses is comprised of specific valuation allowances for loans evaluated individually for impairment and general allocations for pools of homogeneous loans with similar risk characteristics and trends. Peoples' homogenous loan pools include similarly risk-graded commercial and industrial loans, similarly risk-graded commercial real estate loans, real estate construction loans (both commercial and residential), residential real estate loans, consumer home equity loans and other consumer loans. Management's evaluation of the appropriateness of the allowance for loan losses and the related provision for loan losses is based upon a quarterly analysis of the portfolio. While portions of the allowance for loan losses may be allocated to specific loans, the entire allowance for loan losses is available for any loan charged off by management. | |
The allowance for loan losses related to specific loans is based on management's estimate of potential losses on impaired loans as determined by (1) the present value of expected future cash flows, (2) the fair value of collateral if the loan is determined to be collateral dependent, or (3) the loan's observable market price. The general allocations to specific loan pools are based on the historical loss rates for specific loan types and the internal risk grade, if applicable, adjusted for both internal and external qualitative risk factors. The calculation of historical loss rates for pools of similar loans with similar characteristics is based upon the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss rates are periodically updated based on actual charge-off experience. The qualitative factors considered by management include, among other factors, (1) changes in local and national economic conditions, (2) changes in asset quality, (3) changes in loan portfolio volume, (4) the composition and concentrations of credit, (5) the impact of competition on loan structuring and pricing, (6) the impact of interest rate changes on portfolio risk, and (7) effectiveness of Peoples' loan policies, procedures and internal controls. The total allowance established for each homogenous loan pool represents the product of the historical loss rate and the total dollar amount of the loans in the pool. | |
Peoples categorizes loans involving commercial borrowers into risk categories based upon an established grading matrix. This system is used to manage the risk within its commercial lending activities, evaluate changes in the overall credit quality of the loan portfolio and evaluate the appropriateness of the allowance for loan losses. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Peoples reviews, at least annually, all loan relationships with aggregate outstanding debt to Peoples of $1,000,000 or more, with adversely classified loans generally reviewed on a quarterly basis. | |
The primary factors considered when assigning a risk grade to a loan include (1) reliability and sustainability of the primary source of repayment, (2) past, present and projected financial condition of the borrower, and (3) current economic and industry conditions. Other factors that could influence the risk grade assigned include the type and quality of collateral and the strength of guarantors. The primary source of repayment for commercial real estate loans and commercial and industrial loans is normally the business's operating cash flow available to repay debt. Management's analysis of operating cash flow for commercial real estate loans secured by non-owner occupied properties takes into account factors such as rent rolls and vacancy statistics. Management's analysis of operating cash flow for commercial real estate loans secured by owner occupied properties and all commercial and industrial loans considers the profitability, liquidity and leverage of the business. The evaluation of construction loans is based largely on the borrower's ability to complete construction within the established budget. | |
The primary factors considered when classifying consumer loans include the loan's past due status and declaration of bankruptcy by the borrower(s). The classification of residential real estate and home equity lines of credit also takes into account the current value of the underlying collateral. | |
Troubled Debt Restructuring: The restructuring of a loan is considered a troubled debt restructuring ("TDR") if both (1) the borrower is experiencing financial difficulties and (2) the creditor has granted a concession. Loans acquired that are restructured after acquisition are not considered TDRs if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools of purchased credit impaired loans. | |
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 (1) the borrower is currently in payment default on any of its debt, (2) a payment default is probable in the foreseeable future without the modification, (3) the borrower has declared or is in the process of declaring bankruptcy, and (4) the borrower'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 borrower'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 (1) a reduction in the interest rate for the remaining life of the debt, (2) an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, (3) a temporary period of interest-only payments, and (4) a reduction in the contractual payment amount for either a short period or the remaining term of the loan. All TDRs are considered impaired loans and are evaluated individually to determine if a write-down is required and if they should be on accrual or nonaccrual status. | |
Bank Premises and Equipment: Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets owned. Major improvements to leased facilities are capitalized and included in bank premises at cost less accumulated depreciation, which is calculated on the straight-line method over the lesser of the remaining term of the leased facility or the estimated economic life of the improvement. | |
Investments in Affordable Housing Limited Partnerships: Investments in affordable housing consist of investments in limited partnerships that operate qualified affordable housing projects or that invest in other limited partnerships formed to operate affordable housing projects. These investments are considered variable interest entities for which Peoples is not the primary beneficiary. Peoples generally utilizes the effective yield method to account for these investments with the tax credits, net of the amortization of the investment, reflected in the Consolidated Statements of Income as a reduction of income tax expense. The unamortized amount of the investments is recorded in other assets and totaled $45,000 and $262,000 at December 31, 2014 and 2013, respectively. | |
Other Real Estate Owned: Other real estate owned (“OREO”), included in other assets on the Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples Bank in satisfaction of a loan. OREO obtained in satisfaction of a loan is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. Peoples had OREO totaling $0.9 million at December 31, 2014 and 2013. | |
Business Combinations: Business combinations are accounted for using the acquisition method of accounting. Under this accounting method, the acquired company's net assets are recorded at fair value on the date of acquisition, and the results of operations of the acquired company are combined with Peoples' from the acquisition date forward. Costs related to the acquisition are expensed as incurred. The purchase price paid over the fair value of the net assets acquired (including intangible assets with finite lives) is recorded as goodwill. | |
Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired in the business combination. Goodwill is not amortized but is tested for impairment annually on June 30 and is updated quarterly if necessary. Based upon the most recently completed goodwill impairment test, Peoples concluded the recorded value of goodwill was not impaired as of December 31, 2014, based upon the estimated fair value of Peoples' single reporting unit. | |
Peoples' other intangible assets consist of customer relationship and core deposit intangible assets representing the net present value of future economic benefit to be earned from acquired customer relationships with definite useful lives. These intangible assets are amortized on an accelerated basis over their estimated lives ranging from 7 to 10 years. | |
Servicing Rights: Servicing rights (“SRs”) represent the right to service loans sold to third-party investors. SRs are recognized separately as a servicing asset or liability whenever Peoples undertakes an obligation to service financial assets. SRs are reported in other intangible assets on the Consolidated Balance Sheets. Serviced loans are not included in the Consolidated Balance Sheets. Loan servicing income included in mortgage banking income includes servicing fees received from the third-party investors and certain charges collected from the borrowers. | |
Peoples initially records SRs at fair value at the time of the sale of the loans to the third-party investor. Peoples follows the amortization method for the subsequent measurement of each class of separately recognized servicing assets and liabilities. Under the amortization method, Peoples amortizes the value of servicing assets or liabilities in proportion to and over the period of estimated net servicing income or net servicing loss, and assesses servicing assets or liabilities for impairment or increased obligation based on fair value at each reporting date. The fair value of the SRs is determined by using a discounted cash flow model, which estimates the present value of the future net cash flows of the servicing portfolio based on various factors, such as servicing costs, expected prepayment speeds and discount rates. | |
Preferred Stock and Common Stock Warrant: As more fully described in Note 10, Peoples issued preferred stock and a common stock warrant, subsequently redeemed in 2011 and 2012, respectively, that were classified in stockholders' equity on the Consolidated Balance Sheets. The preferred stock had similar characteristics of an “Increasing Rate Security” as described by Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin Topic 5Q, Increasing Rate Preferred Stock. The proceeds received in conjunction with the issuance of the preferred stock and common stock warrant were allocated to the preferred stock and common stock warrant based on their relative fair values. Discounts on the increasing rate preferred stock were amortized over the expected life of the preferred stock (5 years), by charging imputed dividend cost against retained earnings and increasing the carrying amount of the preferred stock by a corresponding amount. The discount at the time of issuance was computed as the present value of the difference between dividends that would be payable in future periods and the dividend amount for a corresponding number of periods, discounted at a market rate for dividend yield on comparable securities. The amortization in each period was the amount which, together with the stated dividend in the period, resulted in a constant rate of effective cost with regard to the carrying amount of the preferred stock. | |
Common stock warrants are evaluated for liability or equity treatment. The common stock warrant issued by Peoples was carried in stockholders' equity until repurchased based on the view of both the SEC and Financial Accounting Standards Board (the “FASB”) that they would not object to classification of such form of common stock warrant as permanent equity. This view is consistent with the objective of the Capital Purchase Program that the equity represented by these securities should be considered part of equity for regulatory reporting purposes. The fair value of the common stock warrant used in allocating total proceeds received was determined based on a binomial model. | |
Trust Assets Under Management: Peoples Bank manages certain assets held in a fiduciary or agency capacity for customers. These assets under management, other than cash on deposit at Peoples Bank, are not included in the Consolidated Balance Sheets since they are not assets of Peoples Bank. | |
Interest Income Recognition: Interest income on loans and investment securities is recognized by methods that result in level rates of return on principal amounts outstanding. Amortization of premiums has been deducted from, and accretion of discounts has been added to, the related interest income. Nonrefundable loan fees and direct loan costs are deferred and recognized over the life of the loan as an adjustment of the yield. | |
Peoples discontinues the accrual of interest on all loans, whether or not such loans are considered past due, when management believes it is probable the borrower will be unable to meet its payment obligations as they become due, as well as when required by regulatory provisions. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest received on nonaccrual loans is included in income only if principal recovery is reasonably assured. A nonaccrual loan is restored to accrual status when it is brought current, has performed in accordance with contractual terms for a reasonable period of time, and the collectability of the total contractual principal and interest is no longer in doubt. | |
Other Income Recognition: Service charges on deposits include cost recovery fees associated with services provided, such as overdraft and non-sufficient funds. Trust and investment income consists of revenue from fiduciary activities, which include fees for services such as asset management, recordkeeping, retirement services and estate management, and investment commissions and fees related to the sale of investments. Income from these activities is recognized at the time the related services are performed. | |
Insurance income consists of commissions and fees from the sales of insurance policies and related insurance services. Insurance income is recognized when it is earned and can be reasonably estimated. Performance-based commissions from insurance companies are recognized when received and no contingencies remain. | |
Income Taxes: Peoples and its subsidiaries file a consolidated federal income tax return. Deferred income tax assets and liabilities are provided for temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements at the statutory federal tax rate. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. The components of other comprehensive income or loss included in the Consolidated Statements of Stockholders' Equity have been computed based upon a 35% Federal tax rate. | |
A tax position is initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. Penalties and interest incurred under the applicable tax law are classified as income tax expense. The amount of Peoples' uncertain income tax positions and unrecognized benefits are disclosed in Note 12. | |
Advertising Costs: Advertising costs are generally expensed as incurred. | |
Earnings per Share: Basic and diluted earnings per common share (“EPS”) are calculated using the two-class method since Peoples has issued some share-based payment awards considered participating securities because they entitle holders the rights to dividends during the vesting term. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Basic earnings per common share is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental common shares issuable upon exercise of outstanding stock options, stock appreciation rights and non-vested restricted common shares using the treasury stock method. | |
Operating Segments: Peoples' business activities are currently confined to one reporting unit and reportable segment, which is community banking. As a community banking entity, Peoples offers its customers a full range of products including a complete line of banking, insurance, investment and trust solutions. | |
Stock-Based Compensation: Compensation costs for stock options, restricted stock awards and stock appreciation rights are measured at the fair value of these awards on their grant date. Compensation expense is recognized over the required service period, generally the vesting period for stock options and stock appreciation rights and the restriction period for restricted stock awards. For all awards, only the expense for the portion of the awards expected to vest is recognized. For service-based awards, compensation expense for awards granted to employees who are eligible for retirement is recognized to the date the employee is first eligible to retire. | |
New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by FASB or other standard setting bodies that are adopted by Peoples as of the required effective dates. Unless otherwise discussed, management believes the impact of any recently issued standards, including those issued but not yet effective, will not have a material impact on Peoples financial statements taken as a whole. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||
Assets measured at fair value on a recurring basis comprised the following at December 31: | ||||||||||||||
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) | |||||||||||||
2014 | ||||||||||||||
Obligations of: | ||||||||||||||
U.S. Treasury and government agencies | $ | 1 | $ | — | $ | 1 | $ | — | ||||||
U.S. government sponsored agencies | 5,950 | — | 5,950 | — | ||||||||||
States and political subdivisions | 64,743 | — | 64,743 | — | ||||||||||
Residential mortgage-backed securities | 527,291 | — | 527,291 | — | ||||||||||
Commercial mortgage-backed securities | 27,847 | — | 27,847 | — | ||||||||||
Bank-issued trust preferred securities | 5,645 | — | 5,645 | — | ||||||||||
Equity securities | 5,403 | 5,204 | 199 | — | ||||||||||
Total available-for-sale securities | $ | 636,880 | $ | 5,204 | $ | 631,676 | $ | — | ||||||
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 December 31: | ||||||||||||||
Fair Value 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) | |||||||||||||
2014 | ||||||||||||||
Obligations of: | ||||||||||||||
States and political subdivisions | $ | 4,282 | $ | — | $ | 4,282 | $ | — | ||||||
Residential mortgage-backed securities | 36,740 | — | 36,740 | — | ||||||||||
Commercial mortgage-backed securities | 7,420 | — | 7,420 | — | ||||||||||
Total held-to-maturity securities | $ | 48,442 | $ | — | $ | 48,442 | $ | — | ||||||
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 management's 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 3 inputs). At December 31, 2014, impaired loans with an aggregate outstanding principal balance of $2.7 million were measured and reported at a fair value of $1.6 million. For the year ended December 31, 2014, Peoples recognized losses of $1.0 million 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 at December 31: | ||||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Financial assets: | ||||||||||||||
Cash and cash equivalents | $ | 61,454 | $ | 61,454 | $ | 53,820 | $ | 53,820 | ||||||
Investment securities | 713,659 | 713,633 | 680,526 | 677,398 | ||||||||||
Loans | 1,607,391 | 1,581,813 | 1,180,857 | 1,165,560 | ||||||||||
Financial liabilities: | ||||||||||||||
Deposits | $ | 1,933,074 | $ | 1,938,021 | $ | 1,580,758 | $ | 1,587,448 | ||||||
Short-term borrowings | 88,277 | 88,277 | 113,590 | 113,590 | ||||||||||
Long-term borrowings | 179,083 | 183,878 | 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 short-term 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 | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||
Investment Securities | Investment Securities | ||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
The following table summarizes Peoples’ available-for-sale investment securities at December 31: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 1 | $ | — | $ | — | $ | 1 | |||||||||||||||||
U.S. government sponsored agencies | 5,836 | 114 | — | 5,950 | |||||||||||||||||||||
States and political subdivisions | 62,292 | 2,510 | (59 | ) | 64,743 | ||||||||||||||||||||
Residential mortgage-backed securities | 529,245 | 5,910 | (7,864 | ) | 527,291 | ||||||||||||||||||||
Commercial mortgage-backed securities | 28,021 | 112 | (286 | ) | 27,847 | ||||||||||||||||||||
Bank-issued trust preferred securities | 6,132 | 3 | (490 | ) | 5,645 | ||||||||||||||||||||
Equity securities | 1,440 | 4,044 | (81 | ) | 5,403 | ||||||||||||||||||||
Total available-for-sale securities | $ | 632,967 | $ | 12,693 | $ | (8,780 | ) | $ | 636,880 | ||||||||||||||||
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 entirely of common stocks issued by various unrelated bank holding companies at both December 31, 2014 and 2013. At December 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 years ended December 31 were as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Gross gains realized | $ | 1,136 | $ | 3,358 | $ | 4,306 | |||||||||||||||||||
Gross losses realized | 738 | 2,869 | 758 | ||||||||||||||||||||||
Net gain realized | $ | 398 | $ | 489 | $ | 3,548 | |||||||||||||||||||
The cost of investment securities sold, and any resulting gain or loss, were 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 at December 31: | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||
U.S. government sponsored agencies | — | — | — | — | — | — | — | — | |||||||||||||||||
States and political subdivisions | 2,602 | 12 | 4 | 5,788 | 47 | 8 | 8,390 | 59 | |||||||||||||||||
Residential mortgage-backed securities | 114,018 | 1,091 | 21 | 216,224 | 6,773 | 57 | 330,242 | 7,864 | |||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 19,404 | 286 | 4 | 19,404 | 286 | |||||||||||||||||
Bank-issued trust preferred securities | — | — | — | 2,509 | 490 | 3 | 2,509 | 490 | |||||||||||||||||
Equity securities | 40 | 2 | 2 | 96 | 79 | 1 | 136 | 81 | |||||||||||||||||
Total | $ | 116,660 | $ | 1,105 | 27 | $ | 244,021 | $ | 7,675 | 73 | $ | 360,681 | $ | 8,780 | |||||||||||
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 December 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 December 31, 2014 and 2013 were attributable to changes in market interest rates and spreads since the securities were purchased. | |||||||||||||||||||||||||
At December 31, 2014, approximately 99% of the fair value of 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 1%, or three positions, consisted of privately issued mortgage-backed securities with all of the underlying mortgages originated prior to 2004. Two of the three positions had a fair value of 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 unrealized losses with respect to the three bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at December 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 total weighted-average yield of available-for-sale securities by contractual maturity at December 31, 2014. The weighted-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 | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||||||
U.S. government sponsored agencies | — | 983 | — | 4,853 | 5,836 | ||||||||||||||||||||
States and political subdivisions | 276 | 4,732 | 25,177 | 32,107 | 62,292 | ||||||||||||||||||||
Residential mortgage-backed securities | — | 12,168 | 29,207 | 487,870 | 529,245 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 23,020 | 5,001 | 28,021 | ||||||||||||||||||||
Bank-issued trust preferred securities | — | — | — | 6,132 | 6,132 | ||||||||||||||||||||
Equity securities | 1,440 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 277 | $ | 17,883 | $ | 77,404 | $ | 535,963 | $ | 632,967 | |||||||||||||||
Fair value | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||||||
U.S. government sponsored agencies | — | 999 | — | 4,951 | 5,950 | ||||||||||||||||||||
States and political subdivisions | 283 | 4,978 | 26,021 | 33,461 | 64,743 | ||||||||||||||||||||
Residential mortgage-backed securities | — | 12,181 | 29,419 | 485,691 | 527,291 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 22,759 | 5,088 | 27,847 | ||||||||||||||||||||
Bank-issued trust preferred securities | — | — | — | 5,645 | 5,645 | ||||||||||||||||||||
Equity securities | 5,403 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 284 | $ | 18,158 | $ | 78,199 | $ | 534,836 | $ | 636,880 | |||||||||||||||
Total weighted-average yield | 4.59 | % | 3.04 | % | 2.8 | % | 2.63 | % | 2.68 | % | |||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
The following table summarizes Peoples’ held-to-maturity investment securities at December 31: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | 3,841 | $ | 448 | $ | (7 | ) | $ | 4,282 | ||||||||||||||||
Residential mortgage-backed securities | 36,945 | 189 | (394 | ) | 36,740 | ||||||||||||||||||||
Commercial mortgage-backed securities | 7,682 | 9 | (271 | ) | 7,420 | ||||||||||||||||||||
Total held-to-maturity securities | $ | 48,468 | $ | 646 | $ | (672 | ) | $ | 48,442 | ||||||||||||||||
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 years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||
The following table presents a summary of held-to-maturity investment securities that had an unrealized loss at December 31: | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | — | $ | — | — | $ | 323 | $ | 7 | 1 | $ | 323 | $ | 7 | |||||||||||
Residential mortgage-backed securities | — | — | — | 18,242 | 394 | 5 | 18,242 | 394 | |||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 6,356 | 271 | 1 | 6,356 | 271 | |||||||||||||||||
Total | $ | — | $ | — | — | $ | 24,921 | $ | 672 | 7 | $ | 24,921 | $ | 672 | |||||||||||
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 total weighted-average yield of held-to-maturity securities by contractual maturity at December 31, 2014. The weighted-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 | $ | — | $ | — | $ | 329 | $ | 3,512 | $ | 3,841 | |||||||||||||||
Residential mortgage-backed securities | — | — | 507 | 36,438 | 36,945 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 7,682 | 7,682 | ||||||||||||||||||||
Total held-to-maturity securities | $ | — | $ | — | $ | 836 | $ | 47,632 | $ | 48,468 | |||||||||||||||
Fair value | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | — | $ | — | $ | 323 | $ | 3,959 | $ | 4,282 | |||||||||||||||
Residential mortgage-backed securities | — | — | 508 | 36,232 | 36,740 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 7,420 | 7,420 | ||||||||||||||||||||
Total held-to-maturity securities | $ | — | $ | — | $ | 831 | $ | 47,611 | $ | 48,442 | |||||||||||||||
Total weighted-average yield | — | % | — | % | 2.61 | % | 2.77 | % | 2.76 | % | |||||||||||||||
Pledged Securities | |||||||||||||||||||||||||
Peoples had pledged available-for-sale investment securities with a carrying value of $352.8 million and $303.8 million at December 31, 2014 and 2013, respectively, and held-to-maturity investment securities with a carrying value of $22.9 million and $21.4 million at December 31, 2014 and 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 $13.5 million and $16.2 million at December 31, 2014 and 2013, respectively, and held-to-maturity securities with carrying values of $24.5 million and $25.9 million at December 31, 2014 and 2013, respectively, to secure additional borrowing capacity at the FHLB and the FRB. |
Loans
Loans | 12 Months Ended | ||||||||||||||||||||||
Dec. 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. Acquired loans consist of loans purchased in 2012 or thereafter in a business combination. The major classifications of loan balances, excluding loans held for sale, were as follows at December 31: | |||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 37,901 | $ | 44,703 | |||||||||||||||||||
Commercial real estate, other | 434,660 | 394,532 | |||||||||||||||||||||
Commercial real estate | 472,561 | 439,235 | |||||||||||||||||||||
Commercial and industrial | 249,975 | 206,276 | |||||||||||||||||||||
Residential real estate | 254,169 | 248,883 | |||||||||||||||||||||
Home equity lines of credit | 62,463 | 55,178 | |||||||||||||||||||||
Consumer | 169,913 | 133,864 | |||||||||||||||||||||
Deposit account overdrafts | 2,933 | 2,060 | |||||||||||||||||||||
Total originated loans | $ | 1,212,014 | $ | 1,085,496 | |||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 1,051 | $ | 2,836 | |||||||||||||||||||
Commercial real estate, other | 121,475 | 55,638 | |||||||||||||||||||||
Commercial real estate | 122,526 | 58,474 | |||||||||||||||||||||
Commercial and industrial | 30,056 | 26,478 | |||||||||||||||||||||
Residential real estate | 225,274 | 19,734 | |||||||||||||||||||||
Home equity lines of credit | 18,232 | 4,898 | |||||||||||||||||||||
Consumer | 12,796 | 1,154 | |||||||||||||||||||||
Total acquired loans | $ | 408,884 | $ | 110,738 | |||||||||||||||||||
Total loans | $ | 1,620,898 | $ | 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, commonly referred to as "purchase credit impaired" loans. The carrying amounts of these loans included in the loan balances above are summarized as follows at December 31: | |||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||
Commercial real estate | $ | 7,762 | $ | 963 | |||||||||||||||||||
Commercial and industrial | 1,041 | 78 | |||||||||||||||||||||
Residential real estate | 15,183 | 1,236 | |||||||||||||||||||||
Consumer | 306 | — | |||||||||||||||||||||
Total outstanding balance | $ | 24,292 | $ | 2,277 | |||||||||||||||||||
Net carrying amount | $ | 19,067 | $ | 1,875 | |||||||||||||||||||
Changes in the accretable yield for acquired purchased credit impaired loans the year ended December 31, 2014 were as follows: | |||||||||||||||||||||||
(Dollars in thousands) | Accretable Yield | ||||||||||||||||||||||
Balance, December 31, 2013 | $ | 103 | |||||||||||||||||||||
Additions: | |||||||||||||||||||||||
Reclassification from nonaccretable to accretable | 402 | ||||||||||||||||||||||
Midwest Bancshares, Inc. | 750 | ||||||||||||||||||||||
Ohio Heritage Bancorp, Inc. | 1,485 | ||||||||||||||||||||||
North Akron Savings Bank | 813 | ||||||||||||||||||||||
Accretion | (381 | ) | |||||||||||||||||||||
Balance, December 31, 2014 | $ | 3,172 | |||||||||||||||||||||
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 $457.1 million and $259.1 million at December 31, 2014 and 2013, respectively. Peoples also had pledged commercial loans to secure borrowings with the FRB. The outstanding balances of these loans totaled $150.7 million and $113.0 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||
Related Party Loans | |||||||||||||||||||||||
In the normal course of its business, Peoples Bank has granted loans to certain directors and officers, including their affiliates, families and entities in which they are principal owners. Related party loans were made on substantially the same terms, including interest rates charged and collateral required, as those prevailing at the time for comparable loans with unrelated persons and did not involve more than normal risk of collectability. At December 31, 2014, no related party loan was past due 90 or more days, renegotiated or on nonaccrual status. Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status during the year. | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Balance, December 31, 2013 | $ | 11,359 | |||||||||||||||||||||
New loans and disbursements | 11,139 | ||||||||||||||||||||||
Repayments | (7,940 | ) | |||||||||||||||||||||
Other changes | (560 | ) | |||||||||||||||||||||
Balance, December 31, 2014 | $ | 13,998 | |||||||||||||||||||||
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 at December 31: | |||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||
Nonaccrual Loans | 90+ Days Past Due | ||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Commercial real estate, other | 2,575 | 2,798 | — | — | |||||||||||||||||||
Commercial real estate | 2,575 | 2,798 | — | — | |||||||||||||||||||
Commercial and industrial | 1,286 | 630 | — | — | |||||||||||||||||||
Residential real estate | 3,049 | 2,161 | 818 | 199 | |||||||||||||||||||
Home equity lines of credit | 341 | 87 | 20 | 873 | |||||||||||||||||||
Consumer | 19 | 58 | 2 | — | |||||||||||||||||||
Total originated loans | $ | 7,270 | $ | 5,734 | $ | 840 | $ | 1,072 | |||||||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 96 | $ | 96 | $ | — | $ | — | |||||||||||||||
Commercial real estate, other | 9 | — | 567 | — | |||||||||||||||||||
Commercial real estate | 105 | 96 | 567 | — | |||||||||||||||||||
Commercial and industrial | 708 | — | 301 | 78 | |||||||||||||||||||
Residential real estate | 304 | 104 | 1,083 | 90 | |||||||||||||||||||
Home equity lines of credit | 19 | — | — | — | |||||||||||||||||||
Consumer | — | — | 8 | — | |||||||||||||||||||
Total acquired loans | $ | 1,136 | $ | 200 | $ | 1,959 | $ | 168 | |||||||||||||||
Total loans | $ | 8,406 | $ | 5,934 | $ | 2,799 | $ | 1,240 | |||||||||||||||
The following table presents the aging of the recorded investment in past due loans and leases at December 31: | |||||||||||||||||||||||
Loans Past Due | Current | Total | |||||||||||||||||||||
(Dollars in thousands) | 30 - 59 days | 60 - 89 days | 90 + Days | Total | Loans | Loans | |||||||||||||||||
2014 | |||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | — | $ | — | $ | 37,901 | $ | 37,901 | |||||||||||
Commercial real estate, other | 565 | 285 | 1,220 | 2,070 | 432,590 | 434,660 | |||||||||||||||||
Commercial real estate | 565 | 285 | 1,220 | 2,070 | 470,491 | 472,561 | |||||||||||||||||
Commercial and industrial | 17 | 18 | 1,245 | 1,280 | 248,695 | 249,975 | |||||||||||||||||
Residential real estate | 4,502 | 1,062 | 1,902 | 7,466 | 246,703 | 254,169 | |||||||||||||||||
Home equity lines of credit | 344 | 425 | 129 | 898 | 61,565 | 62,463 | |||||||||||||||||
Consumer | 1,136 | 157 | 2 | 1,295 | 168,618 | 169,913 | |||||||||||||||||
Deposit account overdrafts | 65 | — | — | 65 | 2,868 | 2,933 | |||||||||||||||||
Total originated loans | $ | 6,629 | $ | 1,947 | $ | 4,498 | $ | 13,074 | $ | 1,198,940 | $ | 1,212,014 | |||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | 96 | $ | 96 | $ | 955 | $ | 1,051 | |||||||||||
Commercial real estate, other | 1,067 | 143 | 567 | 1,777 | 119,698 | 121,475 | |||||||||||||||||
Commercial real estate | 1,067 | 143 | 663 | 1,873 | 120,653 | 122,526 | |||||||||||||||||
Commercial and industrial | 46 | 6 | 815 | 867 | 29,189 | 30,056 | |||||||||||||||||
Residential real estate | 4,026 | 1,331 | 1,179 | 6,536 | 218,738 | 225,274 | |||||||||||||||||
Home equity lines of credit | 9 | 19 | — | 28 | 18,204 | 18,232 | |||||||||||||||||
Consumer | 245 | 27 | 8 | 280 | 12,516 | 12,796 | |||||||||||||||||
Total acquired loans | $ | 5,393 | $ | 1,526 | $ | 2,665 | $ | 9,584 | $ | 399,300 | $ | 408,884 | |||||||||||
Total loans | $ | 12,022 | $ | 3,473 | $ | 7,163 | $ | 22,658 | $ | 1,598,240 | $ | 1,620,898 | |||||||||||
2013 | |||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 1,066 | $ | — | $ | — | $ | 1,066 | $ | 43,637 | $ | 44,703 | |||||||||||
Commercial real estate, other | 432 | — | 1,249 | 1,681 | 392,851 | 394,532 | |||||||||||||||||
Commercial real estate | 1,498 | — | 1,249 | 2,747 | 436,488 | 439,235 | |||||||||||||||||
Commercial and industrial | 171 | 17 | 49 | 237 | 206,039 | 206,276 | |||||||||||||||||
Residential real estate | 4,584 | 1,140 | 1,258 | 6,982 | 241,901 | 248,883 | |||||||||||||||||
Home equity lines of credit | 254 | 65 | 929 | 1,248 | 53,930 | 55,178 | |||||||||||||||||
Consumer | 919 | 153 | 58 | 1,130 | 132,734 | 133,864 | |||||||||||||||||
Deposit account overdrafts | 47 | — | — | 47 | 2,013 | 2,060 | |||||||||||||||||
Total originated loans | $ | 7,473 | $ | 1,375 | $ | 3,543 | $ | 12,391 | $ | 1,073,105 | $ | 1,085,496 | |||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 274 | $ | — | $ | — | $ | 274 | $ | 2,562 | $ | 2,836 | |||||||||||
Commercial real estate, other | — | 679 | — | 679 | 54,959 | 55,638 | |||||||||||||||||
Commercial real estate | 274 | 679 | — | 953 | 57,521 | 58,474 | |||||||||||||||||
Commercial and industrial | — | 73 | 78 | 151 | 26,327 | 26,478 | |||||||||||||||||
Residential real estate | 861 | 369 | 194 | 1,424 | 18,310 | 19,734 | |||||||||||||||||
Home equity lines of credit | — | — | — | — | 4,898 | 4,898 | |||||||||||||||||
Consumer | 57 | 12 | — | 69 | 1,085 | 1,154 | |||||||||||||||||
Total acquired loans | $ | 1,192 | $ | 1,133 | $ | 272 | $ | 2,597 | $ | 108,141 | $ | 110,738 | |||||||||||
Total loans | $ | 8,665 | $ | 2,508 | $ | 3,815 | $ | 14,988 | $ | 1,181,246 | $ | 1,196,234 | |||||||||||
Credit Quality Indicators | |||||||||||||||||||||||
As discussed in Note 1, 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 loan 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 loan 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 the loan. 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 each such 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 at December 31: | |||||||||||||||||||||||
Pass Rated | Watch | Substandard | Doubtful | Not | Total | ||||||||||||||||||
(Dollars in thousands) | (Grades 1 - 4) | (Grade 5) | (Grade 6) | (Grade 7) | Rated | Loans | |||||||||||||||||
2014 | |||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 37,637 | $ | — | $ | — | $ | — | $ | 264 | $ | 37,901 | |||||||||||
Commercial real estate, other | 405,224 | 12,316 | 17,120 | — | — | 434,660 | |||||||||||||||||
Commercial real estate | 442,861 | 12,316 | 17,120 | — | 264 | 472,561 | |||||||||||||||||
Commercial and industrial | 239,168 | 8,122 | 2,684 | 1 | — | 249,975 | |||||||||||||||||
Residential real estate | 21,296 | 1,195 | 11,601 | 56 | 220,021 | 254,169 | |||||||||||||||||
Home equity lines of credit | 767 | — | 965 | — | 60,731 | 62,463 | |||||||||||||||||
Consumer | 60 | 1 | 8 | — | 169,844 | 169,913 | |||||||||||||||||
Deposit account overdrafts | — | — | — | — | 2,933 | 2,933 | |||||||||||||||||
Total originated loans | $ | 704,152 | $ | 21,634 | $ | 32,378 | $ | 57 | $ | 453,793 | $ | 1,212,014 | |||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 955 | $ | — | $ | — | $ | — | $ | 96 | $ | 1,051 | |||||||||||
Commercial real estate, other | 106,115 | 7,100 | 8,260 | — | — | 121,475 | |||||||||||||||||
Commercial real estate | 107,070 | 7,100 | 8,260 | — | 96 | 122,526 | |||||||||||||||||
Commercial and industrial | 27,313 | 255 | 2,294 | 194 | — | 30,056 | |||||||||||||||||
Residential real estate | 13,458 | 833 | 1,540 | — | 209,443 | 225,274 | |||||||||||||||||
Home equity lines of credit | 98 | — | — | — | 18,134 | 18,232 | |||||||||||||||||
Consumer | 279 | — | — | — | 12,517 | 12,796 | |||||||||||||||||
Total acquired loans | $ | 148,218 | $ | 8,188 | $ | 12,094 | $ | 194 | $ | 240,190 | $ | 408,884 | |||||||||||
Total loans | $ | 852,370 | $ | 29,822 | $ | 44,472 | $ | 251 | $ | 693,983 | $ | 1,620,898 | |||||||||||
2013 | |||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 43,048 | $ | — | $ | 68 | $ | — | $ | 1,587 | $ | 44,703 | |||||||||||
Commercial real estate, other | 370,812 | 11,918 | 11,299 | — | 503 | 394,532 | |||||||||||||||||
Commercial real estate | 413,860 | 11,918 | 11,367 | — | 2,090 | 439,235 | |||||||||||||||||
Commercial and industrial | 187,025 | 5,203 | 13,506 | 542 | — | 206,276 | |||||||||||||||||
Residential real estate | 24,198 | 1,497 | 8,094 | 4 | 215,090 | 248,883 | |||||||||||||||||
Home equity lines of credit | 844 | — | 1,014 | — | 53,320 | 55,178 | |||||||||||||||||
Consumer | 50 | 5 | 24 | — | 133,785 | 133,864 | |||||||||||||||||
Deposit account overdrafts | — | — | — | — | 2,060 | 2,060 | |||||||||||||||||
Total originated loans | $ | 625,977 | $ | 18,623 | $ | 34,005 | $ | 546 | $ | 406,345 | $ | 1,085,496 | |||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 359 | $ | 148 | $ | — | $ | — | $ | 2,329 | $ | 2,836 | |||||||||||
Commercial real estate, other | 52,501 | 1,515 | 1,622 | — | — | 55,638 | |||||||||||||||||
Commercial real estate | 52,860 | 1,663 | 1,622 | — | 2,329 | 58,474 | |||||||||||||||||
Commercial and industrial | 25,168 | 810 | 500 | — | — | 26,478 | |||||||||||||||||
Residential real estate | 2,624 | 1,290 | — | — | 15,820 | 19,734 | |||||||||||||||||
Home equity lines of credit | — | — | — | — | 4,898 | 4,898 | |||||||||||||||||
Consumer | — | — | — | — | 1,154 | 1,154 | |||||||||||||||||
Total acquired loans | $ | 80,652 | $ | 3,763 | $ | 2,122 | $ | — | $ | 24,201 | $ | 110,738 | |||||||||||
Total loans | $ | 706,629 | $ | 22,386 | $ | 36,127 | $ | 546 | $ | 430,546 | $ | 1,196,234 | |||||||||||
Impaired Loans | |||||||||||||||||||||||
The following tables summarize loans classified as impaired at December 31: | |||||||||||||||||||||||
Unpaid | Recorded Investment | Total | Average | Interest | |||||||||||||||||||
Principal | With | Without | Recorded Investment | Related | Recorded | Income | |||||||||||||||||
(Dollars in thousands) | Balance | Allowance | Allowance | Allowance | Investment | Recognized | |||||||||||||||||
2014 | |||||||||||||||||||||||
Commercial real estate, construction | $ | 101 | $ | — | $ | 96 | $ | 96 | $ | — | $ | 57 | $ | 6 | |||||||||
Commercial real estate, other | 2,074 | 653 | 1,148 | 1,801 | 189 | 1,632 | 7 | ||||||||||||||||
Commercial real estate | 2,175 | $ | 653 | $ | 1,244 | $ | 1,897 | $ | 189 | $ | 1,689 | $ | 13 | ||||||||||
Commercial and industrial | 2,379 | 1,945 | 399 | 2,344 | 816 | 493 | 5 | ||||||||||||||||
Residential real estate | 6,889 | 53 | 6,372 | 6,425 | 9 | 3,543 | 272 | ||||||||||||||||
Home equity lines of credit | 500 | — | 498 | 498 | — | 298 | 18 | ||||||||||||||||
Consumer | 155 | — | 150 | 150 | — | 109 | 11 | ||||||||||||||||
Total | $ | 12,098 | $ | 2,651 | $ | 8,663 | $ | 11,314 | $ | 1,014 | $ | 6,132 | $ | 319 | |||||||||
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 December 31, 2014, Peoples' impaired loans shown in the table above included loans that were classified as troubled debt restructurings. | |||||||||||||||||||||||
The following table summarizes the loans that were modified as a TDR during the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||
Recorded Investment (1) | Recorded Investment (1) | ||||||||||||||||||||||
Number of Contracts | Pre-Modification | Post-Modification | At December 31, 2014 | Number of Contracts | Pre-Modification | Post-Modification | At December 31, 2013 | ||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, other | — | $ | — | $ | — | $ | — | 2 | $ | 486 | $ | 486 | $ | 461 | |||||||||
Commercial and industrial | — | — | — | — | 1 | 5 | 5 | 5 | |||||||||||||||
Residential real estate | 22 | 996 | 997 | 967 | 21 | 1,109 | 1,112 | 913 | |||||||||||||||
Home equity lines of credit | 12 | 238 | 238 | 232 | 5 | 89 | 89 | 88 | |||||||||||||||
Consumer | 10 | $ | 108 | $ | 108 | $ | 102 | 37 | $ | 279 | $ | 279 | $ | 142 | |||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | 1 | $ | 96 | $ | 96 | $ | 96 | — | $ | — | $ | — | $ | — | |||||||||
Commercial and industrial | 3 | 605 | 605 | 594 | — | — | — | — | |||||||||||||||
Residential real estate | 4 | 235 | 235 | 234 | 2 | 107 | 107 | 107 | |||||||||||||||
Consumer | 5 | $ | 9 | $ | 9 | $ | 6 | — | $ | — | $ | — | $ | — | |||||||||
(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 modified in a TDR during the year that subsequently defaulted (i.e., 90 days or more past due following a modification) during the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Number of Contracts | Recorded Investment (1) | Impact on the Allowance for Loan Losses | Number of Contracts | Recorded Investment (1) | Impact on the Allowance for Loan Losses | ||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Residential real estate | 1 | $ | 33 | $ | — | 2 | $ | 63 | $ | — | |||||||||||||
Home equity lines of credit | 2 | 28 | — | 1 | 6 | — | |||||||||||||||||
Total | 3 | $ | 61 | $ | — | 3 | $ | 69 | $ | — | |||||||||||||
Acquired loans: | |||||||||||||||||||||||
Residential real estate | 1 | $ | 56 | $ | — | — | $ | — | $ | — | |||||||||||||
Total | 1 | $ | 56 | $ | — | — | $ | — | $ | — | |||||||||||||
(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 approximately $40,000 of additional commitments to lend additional funds to the related borrowers whose terms have been modified in a TDR. | |||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||
Changes in the allowance for loan losses in the periods ended December 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 | (203 | ) | (199 | ) | (478 | ) | (128 | ) | (1,191 | ) | (516 | ) | (2,715 | ) | |||||||||
Recoveries | 2,060 | 77 | 169 | 36 | 697 | 153 | 3,192 | ||||||||||||||||
Net recoveries (charge-offs) | 1,857 | (122 | ) | (309 | ) | (92 | ) | (494 | ) | (363 | ) | 477 | |||||||||||
(Recovery of) provision for loan losses | (5,247 | ) | 1,984 | 1,055 | 443 | 1,765 | 339 | 339 | |||||||||||||||
Balance, December 31, 2014 | $ | 9,825 | $ | 4,036 | $ | 1,627 | $ | 694 | $ | 1,587 | $ | 112 | $ | 17,881 | |||||||||
Period-end amount allocated to: | |||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 189 | $ | 816 | $ | 9 | $ | — | $ | — | $ | — | $ | 1,014 | |||||||||
Loans collectively evaluated for impairment | 9,636 | 3,220 | 1,618 | 694 | 1,587 | 112 | 16,867 | ||||||||||||||||
Balance, December 31, 2014 | $ | 9,825 | $ | 4,036 | $ | 1,627 | $ | 694 | $ | 1,587 | $ | 112 | $ | 17,881 | |||||||||
Balance, January 1, 2013 | $ | 14,215 | $ | 1,733 | $ | 801 | $ | 479 | $ | 438 | $ | 145 | $ | 17,811 | |||||||||
Charge-offs | (1,053 | ) | (44 | ) | (621 | ) | (162 | ) | (1,084 | ) | (527 | ) | (3,491 | ) | |||||||||
Recoveries | 5,839 | 40 | 536 | 26 | 552 | 162 | 7,155 | ||||||||||||||||
Net recoveries (charge-offs) | 4,786 | (4 | ) | (85 | ) | (136 | ) | (532 | ) | (365 | ) | 3,664 | |||||||||||
(Recovery of) provision for loan losses | (5,786 | ) | 445 | 165 | — | 410 | 356 | (4,410 | ) | ||||||||||||||
Balance, December 31, 2013 | $ | 13,215 | $ | 2,174 | $ | 881 | $ | 343 | $ | 316 | $ | 136 | $ | 17,065 | |||||||||
Period-end amount allocated to: | |||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 83 | $ | 575 | $ | — | $ | — | $ | — | $ | — | $ | 658 | |||||||||
Loans collectively evaluated for impairment | 13,132 | 1,599 | 881 | 343 | 316 | 136 | 16,407 | ||||||||||||||||
Balance, December 31, 2013 | $ | 13,215 | $ | 2,174 | $ | 881 | $ | 343 | $ | 316 | $ | 136 | $ | 17,065 | |||||||||
The reduction in the allowance for loan losses allocated to commercial real estate, and related recovery of loan losses recorded during 2014 was driven by net recoveries in recent years reducing the historical loss rates. Increases in commercial and industrial, residential real estate, home equity lines of credit and consumer categories of the allowance for loan losses, and related provision for loan losses recorded during 2014 were driven by net charge-off activity and increases in these respective loan portfolios. |
Bank_Premises_and_Equipment
Bank Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Bank Premises and Equipment [Abstract] | |||||||||
Bank Premises and Equipment | Bank Premises and Equipment | ||||||||
The major categories of bank premises and equipment and accumulated depreciation at December 31 are summarized as follows: | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Land | $ | 7,612 | $ | 6,802 | |||||
Building and premises | 48,402 | 38,281 | |||||||
Furniture, fixtures and equipment | 22,323 | 20,350 | |||||||
Total bank premises and equipment | 78,337 | 65,433 | |||||||
Accumulated depreciation | (38,002 | ) | (35,624 | ) | |||||
Net book value | $ | 40,335 | $ | 29,809 | |||||
Peoples depreciates its building and premises and furniture, fixtures and equipment over estimated useful lives generally ranging from 5 to 40 years and 2 to 10 years, respectively. Depreciation expense was $3.0 million, $2.6 million and $2.2 million, in 2014, 2013 and 2012, respectively. | |||||||||
Leases | |||||||||
Peoples leases certain banking facilities and equipment under various agreements with original terms providing for fixed monthly payments over periods generally ranging from two to ten years. Certain leases contain renewal options and rent escalation clauses calling for rent increases over the term of the lease. All leases which contain a rent escalation clause are accounted for on a straight-line basis. Rent expense was $951,000, $950,000, $887,000 in 2014, 2013 and 2012, respectively. | |||||||||
Peoples Insurance Agency, LLC ("Peoples Insurance") previously leased a property from certain of its managers, however, in 2014 this lease expired and was not renewed. Payments related to this lease totaled $64,000, $151,000 and $146,000 in 2014, 2013 and 2012, respectively. The terms of the lease were substantially the same as those offered for comparable transactions with non-related parties at the time the lease transaction was consummated. | |||||||||
The future minimum payments under noncancellable operating leases with initial or remaining terms of one year or more consisted of the following at December 31, 2014: | |||||||||
(Dollars in thousands) | Payments | ||||||||
2015 | $ | 786 | |||||||
2016 | 683 | ||||||||
2017 | 441 | ||||||||
2018 | 354 | ||||||||
2019 | 135 | ||||||||
Thereafter | 4 | ||||||||
Total future operating lease payments | $ | 2,403 | |||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Other Intangible Assets [Abstract] | |||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | ||||||||||||
The following table details changes in the recorded amount of goodwill for the years ended December 31: | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Goodwill, beginning of year | $ | 70,520 | $ | 64,881 | |||||||||
Acquired goodwill | 28,042 | 5,639 | |||||||||||
Goodwill, end of year | $ | 98,562 | $ | 70,520 | |||||||||
Peoples performed the required goodwill impairment tests and concluded there was no impairment in the recorded value of goodwill in 2014, based upon the estimated fair value of the single reporting unit. | |||||||||||||
Other intangible assets | |||||||||||||
Other intangible assets were comprised of the following at December 31: | |||||||||||||
(Dollars in thousands) | Core Deposits | Customer Relationships | Total | ||||||||||
2014 | |||||||||||||
Gross intangibles | $ | 2,226 | $ | 8,646 | $ | 10,872 | |||||||
Acquired intangibles | 4,787 | 212 | 4,999 | ||||||||||
Accumulated amortization | (1,156 | ) | (6,357 | ) | (7,513 | ) | |||||||
Total acquired intangibles | $ | 5,857 | $ | 2,501 | $ | 8,358 | |||||||
Servicing rights | 2,238 | ||||||||||||
Total other intangibles | $ | 10,596 | |||||||||||
2013 | |||||||||||||
Gross intangibles | $ | 7,195 | $ | 6,189 | $ | 13,384 | |||||||
Acquired intangibles | 1,565 | 2,458 | 4,023 | ||||||||||
Accumulated amortization | (6,815 | ) | (5,804 | ) | (12,619 | ) | |||||||
Total acquired intangibles | $ | 1,945 | $ | 2,843 | $ | 4,788 | |||||||
Servicing rights | 2,295 | ||||||||||||
Total other intangibles | $ | 7,083 | |||||||||||
The following table details estimated aggregate future amortization expense of core deposit and customer relationship intangible assets at December 31, 2014: | |||||||||||||
(Dollars in thousands) | Core Deposits | Customer Relationships | Total | ||||||||||
2015 | $ | 1,445 | $ | 527 | $ | 1,972 | |||||||
2016 | 1,238 | 476 | 1,714 | ||||||||||
2017 | 1,030 | 419 | 1,449 | ||||||||||
2018 | 820 | 358 | 1,178 | ||||||||||
2019 | 609 | 291 | 900 | ||||||||||
Thereafter | 715 | 430 | 1,145 | ||||||||||
Total | $ | 5,857 | $ | 2,501 | $ | 8,358 | |||||||
For further information regarding Peoples' acquisitions, please refer to Note 17. | |||||||||||||
The following is an analysis of activity of servicing rights for the years ended December 31: | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 2,295 | $ | 2,073 | $ | 1,544 | |||||||
Amortization | (597 | ) | (652 | ) | (616 | ) | |||||||
Servicing rights originated | 497 | 675 | 1,145 | ||||||||||
Servicing rights acquired | 43 | 199 | — | ||||||||||
Balance, end of year | $ | 2,238 | $ | 2,295 | $ | 2,073 | |||||||
No valuation allowances were required at December 31, 2014, 2013 and 2012 for Peoples’ servicing rights since the fair value equaled or exceeded the book value. |
Deposits
Deposits | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Deposits [Abstract] | ||||||||||
Deposit Disclosure | Deposits | |||||||||
Peoples’ deposit balances were comprised of the following at December 31: | ||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||
Retail certificates of deposit: | ||||||||||
$250,000 or more | $ | 59,031 | $ | 63,891 | ||||||
Less than $250,000 | 373,532 | 299,335 | ||||||||
Total retail certificates of deposit | 432,563 | 363,226 | ||||||||
Interest-bearing transaction accounts | 173,659 | 134,618 | ||||||||
Money market deposit accounts | 337,387 | 275,801 | ||||||||
Governmental deposit accounts | 161,305 | 132,379 | ||||||||
Savings accounts | 295,307 | 215,802 | ||||||||
Total retail interest-bearing deposits | 1,400,221 | 1,121,826 | ||||||||
Brokered certificates of deposits | 39,691 | 49,041 | ||||||||
Total interest-bearing deposits | 1,439,912 | 1,170,867 | ||||||||
Non-interest-bearing deposits | 493,162 | 409,891 | ||||||||
Total deposit balances | $ | 1,933,074 | $ | 1,580,758 | ||||||
The contractual maturities of certificates of deposits for each of the next five years and thereafter are as follows: | ||||||||||
(Dollars in thousands) | Retail | Brokered | Total | |||||||
2015 | $ | 234,810 | $ | 5,899 | $ | 240,709 | ||||
2016 | 100,523 | 18,148 | 118,671 | |||||||
2017 | 44,464 | — | 44,464 | |||||||
2018 | 31,982 | 1,147 | 33,129 | |||||||
2019 | 20,386 | 14,497 | 34,883 | |||||||
Thereafter | 398 | — | 398 | |||||||
Total maturities | $ | 432,563 | $ | 39,691 | $ | 472,254 | ||||
Deposits from related parties approximated $34.0 million and $5.9 million at December 31, 2014 and 2013, respectively. |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Short-term Debt [Abstract] | ||||||||||
Short-term Borrowings Disclosure | Short-Term Borrowings | |||||||||
Peoples utilizes various short-term borrowings as sources of funds, which are summarized as follows at December 31: | ||||||||||
(Dollars in thousands) | Retail Repurchase Agreements | FHLB | Other Short-Term Borrowings | |||||||
Advances | ||||||||||
2014 | ||||||||||
Ending balance | $ | 73,277 | $ | 15,000 | $ | — | ||||
Average balance | 59,324 | 36,678 | 38 | |||||||
Highest month-end balance | 76,459 | 108,000 | — | |||||||
Interest expense | 99 | 47 | — | |||||||
Weighted-average interest rate: | ||||||||||
End of year | 0.17 | % | 0.14 | % | — | % | ||||
During the year | 0.17 | % | 0.13 | % | 0.75 | % | ||||
2013 | ||||||||||
Ending balance | $ | 42,590 | $ | 71,000 | $ | — | ||||
Average balance | 37,077 | 44,127 | 90 | |||||||
Highest month-end balance | 46,850 | 92,500 | — | |||||||
Interest expense | 58 | 55 | 1 | |||||||
Weighted-average interest rate: | ||||||||||
End of year | 0.16 | % | 0.14 | % | — | % | ||||
During the year | 0.16 | % | 0.12 | % | 0.74 | % | ||||
2012 | ||||||||||
Ending balance | $ | 32,769 | $ | 15,000 | $ | — | ||||
Average balance | 37,386 | 13,240 | 15 | |||||||
Highest month-end balance | 44,905 | 39,900 | — | |||||||
Interest expense | 57 | 17 | — | |||||||
Weighted-average interest rate: | ||||||||||
End of year | 0.15 | % | 0.15 | % | — | % | ||||
During the year | 0.15 | % | 0.12 | % | 0.74 | % | ||||
Peoples’ retail repurchase agreements consist of overnight agreements with Peoples’ commercial customers and serve as a cash management tool. | ||||||||||
The FHLB advances consist of overnight borrowings and other advances with an original maturity of one year or less. These advances, along with the long-term advances disclosed in Note 9, are collateralized by residential mortgage loans and investment securities. Peoples’ borrowing capacity with the FHLB is based on the amount of collateral pledged and the amount of FHLB common stock owned. | ||||||||||
Other short-term borrowings consist of Federal Funds purchased and advances from the Federal Reserve Discount Window. Federal Funds purchased are short-term borrowings from correspondent banks that typically mature within one to ninety days. Peoples has available Federal Funds of $20 million from certain of its correspondent banks. Interest on Federal Funds purchased is set daily by the correspondent bank based on prevailing market rates. The Federal Reserve Discount Window provides credit facilities to financial institutions, which are designed to ensure adequate liquidity by providing a source of short-term funds. Discount Window advances are typically overnight and must be secured by collateral acceptable to the lending Federal Reserve Bank. | ||||||||||
On December 19, 2012, Peoples obtained a $5 million revolving credit loan from an unaffiliated financial institution, and on August 4, 2014, the revolving credit loan amount was increased to $10 million. This loan bears interest at a fixed per annum rate equal to 3% plus the one-month LIBOR rate, to be reset monthly. This revolving credit loan is subject to the same covenants as detailed in Note 9 for the term loan. At December 31, 2014 and 2013, this revolving credit loan had no outstanding principal balance. |
LongTerm_Borrowings
Long-Term Borrowings | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Long-Term Borrowings | Long-Term Borrowings | |||||||||||
Long-term borrowings consisted of the following at December 31: | ||||||||||||
2014 | 2013 | |||||||||||
(Dollars in thousands) | Balance | Weighted- | Balance | Weighted- | ||||||||
Average | Average | |||||||||||
Rate | Rate | |||||||||||
Term note payable (parent company) | $ | 14,369 | 3.5 | % | $ | 19,147 | 3.8 | % | ||||
Callable national market repurchase agreements | 40,000 | 3.63 | % | 40,000 | 3.63 | % | ||||||
FHLB putable non-amortizing, fixed rate advances | 83,995 | 3.3 | % | 50,000 | 3.32 | % | ||||||
FHLB amortizing, fixed rate advances | 40,719 | 2.13 | % | 12,679 | 3.58 | % | ||||||
Total long-term borrowings | $ | 179,083 | 3.12 | % | $ | 121,826 | 3.53 | % | ||||
On December 18, 2012, Peoples entered into a Loan Agreement (the "Loan Agreement") to obtain a $24 million unsecured term loan from an unaffiliated financial institution with an original maturity of five years. On August 4, 2014, the Loan Agreement was amended (as amended, the "Amended Loan Agreement"). Under the Amended Loan Agreement, the interest rate on the term loan was reduced from 3.80% to 3.50%, and certain loan covenants related to the operations of Peoples' business were modified under the Amended Loan Agreement. Peoples is required to make quarterly principal and interest payments until the earlier of either full prepayment by Peoples or the stated maturity date. This note may be prepaid at any time prior to maturity without penalties, so long as no default has occurred. Concurrently, Peoples also entered into a Negative Pledge Agreement that precludes Peoples from selling, transferring, assigning, mortgaging, encumbering, pledging, or entering into a negative pledge agreement with respect to or otherwise disposing of any interest in the capital stock or other ownership interests owned by Peoples in its subsidiaries without prior written approval. Peoples is also subject to certain covenants under the Amended Loan Agreement, which include restrictions on ownership interests of its subsidiaries; cash and cash equivalents; transfers of criticized, classified or nonperforming assets; additional indebtedness; certain material transactions; and other financial covenants which include: | ||||||||||||
• | Peoples and Peoples Bank must maintain, as of the last day of each fiscal quarter, sufficient capital to qualify as "well capitalized" under applicable regulatory guidance; | |||||||||||
• | Peoples Bank must maintain a "Total Risk-Based Capital Ratio" (as defined in the Loan Agreement) equal to or in excess of 12.50%, measured as of the last day of each fiscal quarter; | |||||||||||
• | Peoples Bank must maintain a ratio of "Nonperforming Assets" to the sum of "Tangible Capital" plus the "Allowance for Loan Losses" (as each term is defined in the Loan Agreement) of not more than 20%, measured as of the last day of each fiscal quarter; | |||||||||||
• | Peoples must maintain a "Fixed Charge Coverage Ratio" (as defined in the Amended Loan Agreement) that equals or exceeds 1.25 to 1.00, commencing with the quarter ended December 31, 2012 and for each quarter thereafter, with the items used in the ratio determined on a trailing 12-month basis; | |||||||||||
• | issuance of dividends from Peoples Bank may not exceed the amount permitted by law without requiring regulatory approval; | |||||||||||
•minimum liquidity position of $2 million at Peoples Bancorp Inc.; and | ||||||||||||
• | Peoples Bank must maintain a ratio of "Allowance for Loan Losses" to "Nonperforming Loans" (as each term is defined in the Amended Loan Agreement) of not less than 70% measured as of the last day of each fiscal quarter. | |||||||||||
As of December 31, 2014, Peoples was in compliance with the applicable material covenants imposed by the Amended Loan Agreement. | ||||||||||||
Peoples' national market repurchase agreements consist of agreements with unrelated financial service companies and have original maturities ranging from five to ten years. In general, these agreements may not be terminated by Peoples prior to maturity without incurring additional costs. The callable agreements contain call option features, in which the buyer has the right, at its discretion, to terminate the repurchase agreement after an initial period ranging from three months to five years. After the initial call period, the buyer has a one-time option to terminate the agreement. If the buyer exercises its option, Peoples would be required to repay the agreement in whole at the quarterly date. Peoples is required to make quarterly interest payments. | ||||||||||||
The putable, non-amortizing, fixed rate FHLB advances have original maturities ranging from ten to twenty years that may be repaid prior to maturity, subject to termination fees. The FHLB has the option, solely at its discretion, to terminate the advance after the initial fixed rate periods ranging from three months to five years, requiring full repayment of the advance by Peoples, prior to the stated maturity. If the advance is terminated prior to maturity, the FHLB will offer Peoples replacement funding at the then-prevailing rate on an advance product then-offered by the FHLB, subject to normal FHLB credit and collateral requirements. These advances require monthly interest payments, with no repayment of principal until the earlier of either an option exercise by the FHLB or the stated maturity. During 2014, Peoples obtained two FHLB amortizing, fixed-rate advances, totaling $30 million. The amortizing, fixed rate FHLB advances have a fixed rate for the term of the loan, with maturities ranging from ten to twenty years. These advances require monthly principal and interest payments, with some having a constant prepayment rate requiring an additional principal payment annually. These advances are not eligible for optional prepayment prior to maturity. As discussed in Note 8, long-term FHLB advances are collateralized by assets owned by Peoples. | ||||||||||||
At December 31, 2014, the aggregate minimum annual retirements of long-term borrowings in future periods were as follows: | ||||||||||||
(Dollars in thousands) | Balance | Weighted-Average Rate | ||||||||||
2015 | $ | 14,377 | 2.43 | % | ||||||||
2016 | 11,980 | 2.56 | % | |||||||||
2017 | 10,107 | 2.71 | % | |||||||||
2018 | 44,700 | 3.24 | % | |||||||||
2019 | 43,233 | 3.51 | % | |||||||||
Thereafter | 54,686 | 3.08 | % | |||||||||
Total long-term borrowings | $ | 179,083 | 3.12 | % | ||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||
Stockholders' Equity | Stockholders’ Equity | |||||||||
The following table details the activity in Peoples’ common stock and treasury stock during the years ended December 31: | ||||||||||
Common Stock | Treasury | |||||||||
Stock | ||||||||||
Shares at December 31, 2011 | 11,122,247 | 615,123 | ||||||||
Changes related to stock-based compensation awards: | ||||||||||
Release of restricted common shares | 14,552 | 4,270 | ||||||||
Changes related to deferred compensation plan for Board of Directors: | ||||||||||
Purchase of treasury stock | 3,918 | |||||||||
Reissuance of treasury stock | (8,897 | ) | ||||||||
Common shares issued under dividend reinvestment plan | 18,849 | |||||||||
Common shares issued under compensation plan for Board of Directors | (6,726 | ) | ||||||||
Shares at December 31, 2012 | 11,155,648 | 607,688 | ||||||||
Changes related to stock-based compensation awards: | ||||||||||
Release of restricted common shares | 31,246 | 6,862 | ||||||||
Changes related to deferred compensation plan for Board of Directors: | ||||||||||
Purchase of treasury stock | 3,652 | |||||||||
Reissuance of treasury stock | (9,147 | ) | ||||||||
Common shares issued under dividend reinvestment plan | 19,682 | |||||||||
Common shares issued under compensation plan for Board of Directors | (8,261 | ) | ||||||||
Shares at December 31, 2013 | 11,206,576 | 600,794 | ||||||||
Changes related to stock-based compensation awards: | ||||||||||
Release of restricted common shares | 68,754 | 18,031 | ||||||||
Exercise of stock options for common shares | (2,792 | ) | ||||||||
Reissuance of treasury stock for common stock awards | (12,030 | ) | ||||||||
Changes related to deferred compensation plan for Board of Directors: | ||||||||||
Purchase of treasury stock | 4,236 | |||||||||
Reissuance of treasury stock | (9,390 | ) | ||||||||
Common shares issued under dividend reinvestment plan | 17,230 | |||||||||
Common shares issued under compensation plan for Board of Directors | (8,603 | ) | ||||||||
Issuance of common shares related to acquisitions: | ||||||||||
Midwest Bancshares, Inc. | 256,282 | |||||||||
Ohio Heritage Bancorp, Inc. | 1,364,735 | |||||||||
North Akron Savings Bank | 665,570 | |||||||||
Common shares issued to institutional investors in private placement | 1,847,826 | |||||||||
Shares at December 31, 2014 | 15,426,973 | 590,246 | ||||||||
On August 7, 2014, Peoples announced the completion of the sale of 1,847,826 common shares at $23.00 per share to institutional investors through a private placement (the "Private Equity Issuance"). Peoples received net proceeds of $40.2 million from the sale, and intends to use the proceeds, in part, to fund the cash consideration for the NB&T Financial Group, Inc. (“NB&T”) acquisition. | ||||||||||
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. In 2009, Peoples’ Board of Directors created a series of preferred shares designated as Peoples’ Fixed Rate Cumulative Perpetual Preferred Shares, Series A, each without par value and having a liquidation preference of $1,000 per share, and fixed 39,000 shares as the authorized number of such shares (the “Series A Preferred Shares”). These Series A Preferred Shares subsequently were sold to the United States Department of the Treasury (the “U.S. Treasury”), along with a ten-year warrant (the “Warrant”) to purchase 313,505 Peoples common shares at an exercise price of $18.66 per share (subject to certain anti-dilution and other adjustments), for an aggregate purchase price of $39 million in cash in connection with Peoples’ participation in the U.S. Treasury’s TARP Capital Purchase Program. The entire 39,000 Series A Preferred Shares were repurchased during 2011 at an aggregate price of $39 million. Peoples repurchased the Warrant for a purchase price of $1.2 million in 2012. | ||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||
The following details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the years ended December 31: | ||||||||||
(Dollars in thousands) | Unrealized Gain (Loss) on Securities | Unrecognized Net Pension and Postretirement Costs | Accumulated Other Comprehensive Income (Loss) | |||||||
Balance, December 31, 2011 | $ | 7,439 | $ | (6,027 | ) | $ | 1,412 | |||
Other comprehensive loss, net of reclassifications and tax | (547 | ) | (211 | ) | (758 | ) | ||||
Balance, December 31, 2012 | $ | 6,892 | $ | (6,238 | ) | $ | 654 | |||
Reclassification adjustments to net income: | ||||||||||
Realized gain on sale of securities, net of tax | (318 | ) | — | (318 | ) | |||||
Realized loss due to settlement and curtailment, net of tax | — | 175 | 175 | |||||||
Other comprehensive (loss) income, net of reclassifications and tax | (16,335 | ) | 2,580 | (13,755 | ) | |||||
Balance, December 31, 2013 | $ | (9,761 | ) | $ | (3,483 | ) | $ | (13,244 | ) | |
Reclassification adjustments to net income: | ||||||||||
Realized gain on sale of securities, net of tax | (259 | ) | — | (259 | ) | |||||
Realized loss due to settlement and curtailment, net of tax | — | 910 | 910 | |||||||
Other comprehensive income (loss), net of reclassifications and tax | 12,562 | (1,270 | ) | 11,292 | ||||||
Balance, December 31, 2014 | $ | 2,542 | $ | (3,843 | ) | $ | (1,301 | ) | ||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||
Employee Benefit Plans | 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. Effective July 1, 2013, a participant in the pension plan who is employed by Peoples may elect to receive or to commence receiving such person's retirement benefits as of the later of such person's normal retirement date or the first day of the month first following the date such person makes an election to receive his or her retirement benefits. | ||||||||||||||||||||
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 provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2014, and a statement of the funded status as of December 31, 2014 and 2013: | ||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||
Obligation at January 1 | $ | 14,723 | $ | 17,306 | $ | 143 | $ | 244 | ||||||||||||
Interest cost | 509 | 543 | 6 | 5 | ||||||||||||||||
Plan participants’ contributions | — | — | 46 | 40 | ||||||||||||||||
Actuarial loss (gain) | 2,060 | (2,333 | ) | 26 | (85 | ) | ||||||||||||||
Benefit payments | (163 | ) | (154 | ) | (69 | ) | (61 | ) | ||||||||||||
Settlements | (3,434 | ) | (639 | ) | — | — | ||||||||||||||
Obligation at December 31 | $ | 13,695 | $ | 14,723 | $ | 152 | $ | 143 | ||||||||||||
Accumulated benefit obligation at December 31 | $ | 13,695 | $ | 14,723 | $ | — | $ | — | ||||||||||||
Change in plan assets: | ||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 11,287 | $ | 10,019 | $ | — | $ | — | ||||||||||||
Actual return on plan assets | 569 | 2,061 | — | — | ||||||||||||||||
Employer contributions | — | — | 23 | 21 | ||||||||||||||||
Plan participants’ contributions | — | — | 46 | 40 | ||||||||||||||||
Benefit payments | (163 | ) | (154 | ) | (69 | ) | (61 | ) | ||||||||||||
Settlements | (3,434 | ) | (639 | ) | — | — | ||||||||||||||
Fair value of plan assets at December 31 | $ | 8,259 | $ | 11,287 | $ | — | $ | — | ||||||||||||
Funded status at December 31 | $ | (5,436 | ) | $ | (3,436 | ) | $ | (152 | ) | $ | (143 | ) | ||||||||
Amounts recognized in Consolidated Balance Sheets: | ||||||||||||||||||||
Prepaid benefit costs | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Accrued benefit liability | (5,436 | ) | (3,436 | ) | (152 | ) | (143 | ) | ||||||||||||
Net amount recognized | $ | (5,436 | ) | $ | (3,436 | ) | $ | (152 | ) | $ | (143 | ) | ||||||||
Amounts recognized in Accumulated Other Comprehensive Income (Loss): | ||||||||||||||||||||
Unrecognized prior service cost | $ | — | $ | — | $ | (2 | ) | $ | (2 | ) | ||||||||||
Unrecognized net loss | 3,886 | 3,533 | (43 | ) | (65 | ) | ||||||||||||||
Total | $ | 3,886 | $ | 3,533 | $ | (45 | ) | $ | (67 | ) | ||||||||||
Weighted-average assumptions at year-end: | ||||||||||||||||||||
Discount rate | 3.5 | % | 4.3 | % | 3.5 | % | 4.3 | % | ||||||||||||
The estimated costs relating to Peoples’ pension benefits that will be amortized from accumulated other comprehensive income (loss) into net periodic cost over the next fiscal year are $147,000 of net loss. | ||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||
The following tables detail the components of the net periodic benefit cost for the plans at December 31: | ||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Interest cost | 509 | 543 | 599 | 6 | 5 | 10 | ||||||||||||||
Expected return on plan assets | (589 | ) | (659 | ) | (756 | ) | — | — | — | |||||||||||
Amortization of prior service cost (credit) | — | — | — | — | — | — | ||||||||||||||
Amortization of net loss (gain) | 137 | 189 | 162 | (8 | ) | (7 | ) | (2 | ) | |||||||||||
Curtailment | — | — | — | — | — | — | ||||||||||||||
Settlement of benefit obligation | 1,400 | 270 | 835 | — | — | — | ||||||||||||||
Net periodic benefit cost | $ | 1,457 | $ | 343 | $ | 840 | $ | (2 | ) | $ | (2 | ) | $ | 8 | ||||||
Weighted-average assumptions: | ||||||||||||||||||||
Discount rate | 3.7 | % | 3.75 | % | 4 | % | 4.3 | % | 3.3 | % | 4 | % | ||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | n/a | n/a | n/a | |||||||||||
Rate of compensation increase | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||
For measurement purposes, an 7.5% annual rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) was assumed for 2014, grading down to an ultimate rate of 4% in 2064. The health care trend rate assumption does not have a significant effect on the contributory defined benefit postretirement plan; therefore, a one percentage point increase or decrease in the trend rate is not material in the determination of the accumulated postretirement benefit obligation or the ongoing expense. | ||||||||||||||||||||
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. | ||||||||||||||||||||
During each 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 the beginning of each fiscal quarter of 2014 as part of the calculation of the settlement loss recognized. | ||||||||||||||||||||
Determination of Expected Long-term Rate of Return | ||||||||||||||||||||
The expected long-term rate of return on the plans' total assets is based on the expected return of each category of the plan's assets. Peoples' investment strategy for the plan's assets continues to allocate 60% to 75% to equity securities. The returns generated by equity securities over the last 10 years have been significantly lower than their long-term historical annual returns due in part to unfavorable economic conditions. | ||||||||||||||||||||
Plan Assets | ||||||||||||||||||||
Peoples' investment strategy, as established by Peoples' Retirement Plan Committee, is to invest assets based upon established target allocations, which include a target range of 60-75% allocation in equity securities, 20-43% in debt securities and approximately 1% of other investments. The assets are reallocated periodically to meet the target allocations. The investment policy is reviewed periodically, under the advisement of a certified investment advisor, to determine if the policy should be changed. | ||||||||||||||||||||
The following table provides the fair values of investments held in Peoples' pension plan at December 31, by major asset category: | ||||||||||||||||||||
(Dollars in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | |||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||
2014 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||
Mutual funds - equity | $ | 5,756 | $ | 5,756 | $ | — | ||||||||||||||
Debt securities: | ||||||||||||||||||||
Mutual funds - taxable income | 2,128 | 2,128 | — | |||||||||||||||||
Total fair value of pension assets | $ | 7,884 | $ | 7,884 | $ | — | ||||||||||||||
2013 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||
Mutual funds - equity | $ | 8,863 | $ | 8,863 | $ | — | ||||||||||||||
Debt securities: | ||||||||||||||||||||
Mortgage-backed securities | 97 | — | 97 | |||||||||||||||||
Municipal obligations | 649 | — | 649 | |||||||||||||||||
Corporate bonds | 357 | 357 | — | |||||||||||||||||
Mutual funds - taxable income | 901 | 901 | — | |||||||||||||||||
Total fair value of pension assets | $ | 10,867 | $ | 10,121 | $ | 746 | ||||||||||||||
Pension plan assets also included cash and cash equivalents of $373,000 and accrued income of $2,000 at December 31, 2014. Cash and cash equivalents were $400,000 and accrued income was $20,000 at December 31, 2013. For further information regarding levels of input used to measure fair value, please refer to Note 2. | ||||||||||||||||||||
Equity securities of Peoples' pension plan did not include any securities of Peoples or related parties in 2014 or 2013. | ||||||||||||||||||||
Cash Flows | ||||||||||||||||||||
Peoples has not determined if any contributions will be made to its pension plan in 2015; however, actual contributions are made at the discretion of the Retirement Plan Committee and Peoples' Board of Directors. Estimated future benefit payments, which reflect benefits attributable to estimated future service, for the years ending December 31 are as follows: | ||||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2015 | $ | 1,145 | $ | 23 | ||||||||||||||||
2016 | 1,132 | 23 | ||||||||||||||||||
2017 | 934 | 14 | ||||||||||||||||||
2018 | 963 | 13 | ||||||||||||||||||
2019 | 877 | 13 | ||||||||||||||||||
2020 to 2024 | 4,256 | 52 | ||||||||||||||||||
Total | $ | 9,307 | $ | 138 | ||||||||||||||||
Retirement Savings Plan | ||||||||||||||||||||
Peoples also maintains a retirement savings plan, or 401(k) plan, which covers substantially all employees. The plan provides participants the opportunity to save for retirement on a tax-deferred basis. During 2009 and in prior years, Peoples made matching contributions equal to 100% of participants' contributions that did not exceed 3% of the participants' compensation, plus 50% of participants' contributions between 3% and 5% of the participants' compensation. Effective January 1, 2010, Peoples began making matching contributions equal to 100% of participants' contributions that do not exceed 2% of the participants' compensation. Beginning January 1, 2011, matching contributions equaled 100% of participants' contributions that did not exceed 3% of the participants' compensation, plus 50% of participants' contributions between 3% and 5% of the participants' compensation. Matching contributions made by Peoples totaled $1,048,000, $924,000 and $758,000 in 2014, 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||
Income Tax Disclosure | Income Taxes | ||||||||||||||||||
The reported income tax expense and effective tax rate in the Consolidated Statements of Income differs from the amounts computed by applying the statutory corporate tax rate as follows for the years ended December 31: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(Dollars in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||
Income tax computed at statutory federal tax rate | $ | 8,462 | 35 | % | $ | 10,179 | 35 | % | $ | 10,469 | 35 | % | |||||||
Differences in rate resulting from: | |||||||||||||||||||
Tax-exempt interest income | (726 | ) | (3.0 | )% | (645 | ) | (2.2 | )% | (565 | ) | (1.9 | )% | |||||||
Investments in tax credit funds | (481 | ) | (2.0 | )% | (314 | ) | (1.1 | )% | (387 | ) | (1.3 | )% | |||||||
Bank owned life insurance | (37 | ) | — | % | 2,183 | 7.5 | % | (14 | ) | (0.1 | )% | ||||||||
Other, net | 276 | 1 | % | 107 | 0.4 | % | 22 | 0.1 | % | ||||||||||
Total income tax expense | $ | 7,494 | 31 | % | $ | 11,510 | 39.6 | % | $ | 9,525 | 31.8 | % | |||||||
Peoples' reported income tax expense consisted of the following for the years ended December 31: | |||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Current income tax | $ | 3,659 | $ | 6,883 | $ | 5,004 | |||||||||||||
Deferred income tax | 3,835 | 4,627 | 4,521 | ||||||||||||||||
Total income tax expense | $ | 7,494 | $ | 11,510 | $ | 9,525 | |||||||||||||
The significant components of Peoples' deferred tax assets and liabilities consisted of the following at December 31: | |||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||||
Allowance for loan losses | $ | 10,493 | $ | 8,014 | |||||||||||||||
Available-for-sale securities | — | 5,257 | |||||||||||||||||
Investments | 1,956 | 3,536 | |||||||||||||||||
Accrued employee benefits | 2,662 | 2,108 | |||||||||||||||||
Other | 1,146 | 769 | |||||||||||||||||
Total deferred tax assets | $ | 16,257 | $ | 19,684 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||
Purchase accounting adjustments | 6,316 | 6,442 | |||||||||||||||||
Available-for-sale securities | 1,368 | — | |||||||||||||||||
Bank premises and equipment | 2,470 | 1,968 | |||||||||||||||||
Deferred loan income | 1,924 | 1,769 | |||||||||||||||||
Other | 684 | 691 | |||||||||||||||||
Total deferred tax liabilities | $ | 12,762 | $ | 10,870 | |||||||||||||||
Net deferred tax asset | $ | 3,495 | $ | 8,814 | |||||||||||||||
The tax credit carryforward at December 31, 2013 was fully utilized in 2013. No valuation allowance for deferred tax assets was required at December 31, 2014, as it is more likely than not that all of the deferred tax assets will be realized in future periods. The related federal income tax expense on securities transactions approximated $139,000 in 2014, $171,000 in 2013 and $1.2 million in 2012. | |||||||||||||||||||
Income tax benefits are recognized in the consolidated financial statements for a tax position only if it is considered "more likely than not" of being sustained on audit, based solely on the technical merits of the income tax position. If the recognition criteria are met, the amount of income tax benefits to be recognized are measured based on the largest income tax benefit that is more than 50 percent likely to be realized on ultimate resolution of the tax position. The following table provides a reconciliation of uncertain tax positions at December 31: | |||||||||||||||||||
(Dollars in thousands) | 2014 | ||||||||||||||||||
Uncertain tax positions, beginning of year | $ | 30 | |||||||||||||||||
Gross increase based on tax positions related to current year | 178 | ||||||||||||||||||
Gross increase for tax position taken during prior years | 33 | ||||||||||||||||||
Gross decrease due to the statute of limitations | (1 | ) | |||||||||||||||||
Uncertain tax positions, end of year | $ | 240 | |||||||||||||||||
Peoples' income tax returns are subject to review and examination by federal and state taxing authorities. Peoples is currently open to audit under the applicable statutes of limitations by the Internal Revenue Service for the years after December 31, 2011. The years open to examination by state taxing authorities vary by jurisdiction. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Common Share | Earnings Per Common Share | |||||||||
The calculations of basic and diluted earnings per common share for the years ended December 31 were as follows: | ||||||||||
(Dollars in thousands, except per common share data) | 2014 | 2013 | 2012 | |||||||
Distributed earnings allocated to common shareholders | $ | 7,095 | $ | 5,749 | $ | 4,770 | ||||
Undistributed earnings allocated to common shareholders | 9,472 | 11,685 | 15,494 | |||||||
Net earnings allocated to common shareholders | $ | 16,567 | $ | 17,434 | $ | 20,264 | ||||
Weighted-average common shares outstanding | 12,183,352 | 10,581,222 | 10,527,885 | |||||||
Effect of potentially dilutive common shares | 122,872 | 98,195 | 401 | |||||||
Total weighted-average diluted common shares outstanding | 12,306,224 | 10,679,417 | 10,528,286 | |||||||
Earnings per common share: | ||||||||||
Basic | $ | 1.36 | $ | 1.65 | $ | 1.92 | ||||
Diluted | $ | 1.35 | $ | 1.63 | $ | 1.92 | ||||
Anti-dilutive common shares excluded from calculation: | ||||||||||
Stock options and stock appreciation rights | 55,184 | 91,902 | 144,535 | |||||||
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |||||||
Financial Instruments Disclosure [Text Block] | Financial Instruments with Off-Balance Sheet Risk | ||||||
In the normal course of business, Peoples is party to financial instruments with off-balance sheet risk necessary to meet the financing needs of customers. These financial instruments include commitments to extend credit and standby letters of credit. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Consolidated Balance Sheets. The contract amounts of these instruments express the extent of involvement Peoples has in these financial instruments. | |||||||
Loan Commitments and Standby Letters of Credit | |||||||
Loan commitments are made to accommodate the financial needs of Peoples' customers. Standby letters of credit are instruments issued by Peoples Bank guaranteeing the beneficiary payment by Peoples Bank in the event of default by Peoples Bank's customer in the nonperformance of an obligation or service. Historically, most loan commitments and standby letters of credit expire unused. Peoples' exposure to credit loss in the event of nonperformance by the counter-party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. Peoples uses the same underwriting standards in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained is based on management's credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, property, plant, and equipment, and income-producing commercial properties. | |||||||
The total amounts of loan commitments and standby letters of credit at December 31 are summarized as follows: | |||||||
(Dollars in thousands) | 2014 | 2013 | |||||
Home equity lines of credit | $ | 62,704 | $ | 49,533 | |||
Unadvanced construction loans | 46,781 | 30,203 | |||||
Other loan commitments | 173,746 | 137,661 | |||||
Loan commitments | 283,231 | 217,397 | |||||
Standby letters of credit | $ | 30,837 | $ | 33,998 | |||
Interest Rate Swaps | |||||||
Peoples maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples provides its customer with a fixed-rate loan while creating a variable-rate asset for Peoples by the customer entering into an interest rate swap with Peoples on terms that match the loan. Peoples offsets its risk exposure by entering into an offsetting interest rate swap with an unaffiliated institution. These interest rate swaps do not qualify as designated hedges; therefore, each swap is accounted for as a standalone derivative. Peoples had interest rate swaps associated with commercial loans with a notional value of $44.0 million and fair value of $2.1 million at December 31, 2014, and a notional value of $14.7 million and fair value of $0.7 million at December 31, 2013. These interest rate swaps did not have a material impact on Peoples' results of operation or financial condition. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Regulatory Matters [Abstract] | |||||||||||||
Regulatory Capital Requirements under Banking Regulations | Regulatory Matters | ||||||||||||
The following is a summary of certain regulatory matters affecting Peoples and its subsidiaries: | |||||||||||||
Federal Reserve Requirements | |||||||||||||
Peoples Bank is required to maintain a minimum level of reserves, consisting of cash on hand and non-interest-bearing balances with the FRB, based on the amount of deposit liabilities. Average required reserve balances were approximately $12.2 million and $11.2 million in 2014 and 2013, respectively. | |||||||||||||
Limits on Dividends | |||||||||||||
The primary source of funds for the dividends paid by Peoples is dividends received from Peoples Bank. The payment of dividends by Peoples Bank is subject to various banking regulations. The most restrictive provision requires regulatory approval if dividends declared in any calendar year exceed the total net profits of that year plus the retained net profits of the preceding two years. At December 31, 2014, Peoples Bank had approximately $4.8 million of net profits available for distribution to Peoples as dividends without regulatory approval. | |||||||||||||
Capital Requirements | |||||||||||||
Peoples and Peoples Bank are subject to various regulatory capital guidelines administered by the banking regulatory agencies. Under capital adequacy requirements and the regulatory framework for prompt corrective action, Peoples and Peoples Bank must meet specific capital guidelines that involve quantitative measures of each entity's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Peoples' and Peoples Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Failure to meet future minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a material effect on Peoples' financial results. | |||||||||||||
Quantitative measures established by regulation to ensure capital adequacy, and in effect at December 31, 2014, required Peoples and Peoples Bank to maintain minimum amounts and ratios of Total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). Peoples and Peoples Bank met all capital adequacy requirements at December 31, 2014. | |||||||||||||
As of December 31, 2014, the most recent notifications from the banking regulatory agencies categorized Peoples and Peoples Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, Peoples and Peoples Bank must maintain minimum Total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the table below. There are no conditions or events since these notifications that management believes have changed Peoples or Peoples Bank's category. | |||||||||||||
Peoples and Peoples Bank's actual capital amounts and ratios as of December 31 are also presented in the following table: | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | |||||||||
PEOPLES | |||||||||||||
Total Capital (1) | |||||||||||||
Actual | $ | 261,371 | 15.5 | % | $ | 184,457 | 13.8 | % | |||||
For capital adequacy | 135,037 | 8 | % | 107,105 | 8 | % | |||||||
To be well capitalized | 168,797 | 10 | % | 133,881 | 10 | % | |||||||
Tier 1 (2) | |||||||||||||
Actual | $ | 241,707 | 14.3 | % | $ | 166,217 | 12.4 | % | |||||
For capital adequacy | 67,519 | 4 | % | 53,552 | 4 | % | |||||||
To be well capitalized | 101,278 | 6 | % | 80,329 | 6 | % | |||||||
Tier 1 Leverage (3) | |||||||||||||
Actual | $ | 241,707 | 9.9 | % | $ | 166,217 | 8.5 | % | |||||
For capital adequacy | 97,470 | 4 | % | 78,080 | 4 | % | |||||||
To be well capitalized | 121,837 | 5 | % | 97,600 | 5 | % | |||||||
Net Risk-Weighted Assets | $ | 1,687,968 | $ | 1,338,811 | |||||||||
PEOPLES BANK | |||||||||||||
Total Capital (1) | |||||||||||||
Actual | $ | 223,591 | 13.3 | % | $ | 188,814 | 14.1 | % | |||||
For capital adequacy | 134,928 | 8 | % | 106,961 | 8 | % | |||||||
To be well capitalized | 168,660 | 10 | % | 133,701 | 10 | % | |||||||
Tier 1 (2) | |||||||||||||
Actual | $ | 205,710 | 12.2 | % | $ | 172,097 | 12.9 | % | |||||
For capital adequacy | 67,464 | 4 | % | 53,480 | 4 | % | |||||||
To be well capitalized | 101,196 | 6 | % | 80,220 | 6 | % | |||||||
Tier 1 Leverage (3) | |||||||||||||
Actual | $ | 205,710 | 8.5 | % | $ | 172,097 | 8.8 | % | |||||
For capital adequacy | 97,333 | 4 | % | 77,830 | 4 | % | |||||||
To be well capitalized | 121,666 | 5 | % | 97,288 | 5 | % | |||||||
Net Risk-Weighted Assets | $ | 1,686,603 | $ | 1,337,008 | |||||||||
(1) Ratio represents total capital to net risk-weighted assets | |||||||||||||
(2) Ratio represents Tier 1 capital to net risk-weighted assets | |||||||||||||
(3) Ratio represents Tier 1 capital to average assets | |||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||
Dec. 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 common shares available under the 2006 Equity Plan is 1,081,260. The maximum number of common shares that can be issued for incentive stock options is 800,000 common 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 common shares and stock appreciation rights (“SARs”) to be settled in common shares to employees and restricted common shares to non-employee directors subject to the terms and conditions prescribed by the 2006 Equity Plan. In general, common shares issued in connection with stock-based awards are issued from treasury shares to the extent available. If no treasury shares are available, common shares are issued from authorized but unissued common 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 common 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' outstanding stock options for the year ended December 31, 2014: | |||||||||||||||
Number of Common Shares Subject to Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life | Aggregate Intrinsic Value | ||||||||||||
Outstanding at January 1 | 57,094 | $ | 27.96 | ||||||||||||
Exercised | 2,792 | 25.41 | |||||||||||||
Expired | 15,725 | 28.08 | |||||||||||||
Outstanding at December 31 | 38,577 | $ | 28.09 | 0.8 years | $ | — | |||||||||
Exercisable at December 31 | 38,577 | — | $ | 28.09 | 0.8 years | $ | — | ||||||||
The following table summarizes Peoples’ stock options outstanding at December 31, 2014: | |||||||||||||||
Options Outstanding & Exercisable | |||||||||||||||
Range of Exercise Prices | Common Shares Subject to Options Outstanding | Weighted-Average Remaining Contractual Life | Weighted-Average | ||||||||||||
Exercise Price | |||||||||||||||
$26.01 | to | $27.74 | 13,680 | 0.2 years | $ | 26.86 | |||||||||
$28.25 | to | $28.26 | 13,697 | 1.1 years | 28.25 | ||||||||||
$28.57 | to | $30.00 | 11,200 | 1.3 years | 29.4 | ||||||||||
Total | 38,577 | 0.8 years | $ | 28.09 | |||||||||||
Stock Appreciation Rights | |||||||||||||||
SARs granted to employees have an exercise price equal to the fair market value of Peoples’ common shares on the date of grant and will be settled using common shares of Peoples. Additionally, the SARs granted to employees vested three years after the grant date and are to expire ten years from the date of grant. The most recent grant of SARs occurred in 2008. The following summarizes the changes to Peoples' outstanding SARs for the year ended December 31, 2014: | |||||||||||||||
Number of Common Shares Subject to SARs | Weighted- | Weighted- | Aggregate Intrinsic | ||||||||||||
Average | Average | Value | |||||||||||||
Exercise | Remaining Contractual | ||||||||||||||
Price | Life | ||||||||||||||
Outstanding at January 1 | 21,292 | $ | 25.96 | ||||||||||||
Outstanding at December 31 | 21,292 | $ | 25.96 | 2.5 years | $ | 28,000 | |||||||||
Exercisable at December 31 | 21,292 | $ | 25.96 | 2.5 years | $ | 28,000 | |||||||||
The following table summarizes Peoples’ SARs outstanding at December 31, 2014: | |||||||||||||||
Exercise Price | Number of Common Shares Subject to SARs Outstanding & Exercisable | Weighted- | |||||||||||||
Average Remaining Contractual | |||||||||||||||
Life | |||||||||||||||
$23.26 | 2,000 | 2.6 years | |||||||||||||
$23.77 | 10,582 | 2.9 years | |||||||||||||
$29.25 | 8,710 | 2.0 years | |||||||||||||
Total | 21,292 | 2.5 years | |||||||||||||
Restricted Shares | |||||||||||||||
Under the 2006 Equity Plan, Peoples may award restricted common shares to officers, key employees and non-employee directors. In general, the restrictions on common shares awarded to non-employee directors expire after six months, while the restrictions on common shares awarded to employees expire after periods ranging from one to three years. During the first quarter of 2014, Peoples granted restricted common 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 in order for the restricted common shares to vest on each of the three foregoing dates, Peoples must have reported positive net income and maintained a well capitalized status by regulatory standards in the year immediately preceding the vesting date. In the second quarter of 2014, Peoples granted restricted common shares to non-employee directors with a six months time-based vesting period. In addition, Peoples has granted restricted common shares during 2014 to attract and/or retain key employees with vesting periods ranging from one to three years. | |||||||||||||||
The following summarizes the changes to Peoples’ outstanding restricted common shares for the year ended December 31, 2014: | |||||||||||||||
Time Vesting | Performance Vesting | ||||||||||||||
Number of Common Shares | Weighted-Average Grant Date Fair Value | Number of Common Shares | Weighted-Average Grant Date Fair Value | ||||||||||||
Outstanding at January 1 | 60,206 | $ | 17.18 | 85,254 | $ | 20.98 | |||||||||
Awarded | 18,412 | 24.6 | 83,514 | 21.68 | |||||||||||
Released | 31,027 | 18.07 | 37,746 | 19.93 | |||||||||||
Forfeited | — | — | 5,943 | 21.73 | |||||||||||
Outstanding at December 31 | 47,591 | $ | 19.48 | 125,079 | $ | 21.73 | |||||||||
The total intrinsic value of restricted common shares released was $1.6 million, $654,000 and $77,000 in 2014, 2013 and 2012, respectively. | |||||||||||||||
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 at December 31: | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Total stock-based compensation | $ | 2,111 | $ | 1,362 | $ | 942 | |||||||||
Recognized tax benefit | (739 | ) | (477 | ) | (330 | ) | |||||||||
Net expense recognized | $ | 1,372 | $ | 885 | $ | 612 | |||||||||
Restricted common shares were the only stock-based compensation awards granted by Peoples in 2014, 2013 and 2012. The fair value of restricted stock awards on the grant date is the market price of Peoples' common shares. Total unrecognized stock-based compensation expense related to unvested awards was $1.1 million at December 31, 2014, which will be recognized over a weighted-average period of 1.5 years. In 2014, the Board of Directors granted 12,030 unrestricted common shares to certain employees that did not already participate in the 2006 Equity Plan, which resulted in an additional $298,000 of stock-based compensation expense being recognized. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Business Combinations [Abstract] | ||||||||||
Acquisitions | Acquisitions | |||||||||
During 2014, Peoples completed several acquisitions, which were accounted for as business combinations under the acquisition method of accounting under US GAAP. The assets purchased, liabilities assumed, and related identifiable intangible assets were recorded at their acquisition date fair values, and are detailed in the table below. The goodwill recognized will not be deductible for income tax purposes. The balances and operations related to these acquisitions are included in Peoples' consolidated financial statements from the date of acquisition. | ||||||||||
On May 30, 2014, Peoples completed its acquisition of Midwest Bancshares, Inc. ("Midwest") for total consideration of $12.6 million, which was settled 50% in cash and 50% in Peoples' common shares. Midwest merged into Peoples, and Midwest's wholly-owned subsidiary, First National Bank of Wellston, which operated two full-service branches in Wellston and Jackson, Ohio, merged into Peoples Bank. | ||||||||||
On August 22, 2014, Peoples completed its acquisition of Ohio Heritage Bancorp, Inc. ("Ohio Heritage") for total consideration of $37.7 million, which was settled 15% in cash and 85% in Peoples' common shares. Ohio Heritage merged into Peoples, and Ohio Heritage's wholly-owned subsidiary, Ohio Heritage Bank, which operated six full-service branches in Coshocton, Newark, Heath, Mount Vernon and New Philadelphia, Ohio, merged into Peoples Bank. | ||||||||||
On August 25, 2014, Peoples Insurance acquired an insurance agency and related customer accounts in the Pikeville, Kentucky area for total cash consideration of $0.3 million, and recorded $0.2 million of customer relationship intangibles and $0.1 million of goodwill. | ||||||||||
On October 24, 2014, Peoples completed its acquisition of North Akron Savings Bank ("North Akron") for total consideration of $20.1 million, which was settled 20% in cash and 80% in Peoples' common shares. North Akron, which operated four full-service branches in Akron, Cuyahoga Falls, Munroe Falls and Norton, Ohio, merged into Peoples Bank. | ||||||||||
The following table provides the purchase price calculation as of the dates of acquisition for the three bank acquisitions, and the assets acquired and liabilities assumed at their estimated fair values. | ||||||||||
(Dollars in thousands, except per share data) | Midwest | Ohio Heritage | North Akron | |||||||
Purchase Price | ||||||||||
Common shares outstanding at merger announcement | 192,500 | 342,458 | 2,630 | |||||||
Cash purchase price per share | $ | 32.75 | $ | 16.5 | $ | 1,531.00 | ||||
Cash consideration | 6,304 | 5,650 | 4,027 | |||||||
Number of common shares of Peoples issued for each common share of acquired company | 1.33 | 3.99 | 253.06 | |||||||
Price per Peoples common share, based on merger agreement | $ | 24.6 | $ | 23.46 | $ | 24.2 | ||||
Common share consideration | 6,305 | 32,020 | 16,106 | |||||||
Total purchase price | $ | 12,609 | $ | 37,670 | $ | 20,133 | ||||
Net Assets at Fair Value | ||||||||||
Assets | ||||||||||
Cash and cash equivalents | $ | 3,562 | $ | 18,231 | $ | 11,028 | ||||
Investment securities | 23,198 | 28,865 | 17,597 | |||||||
Loans, including loans held for sale, net of deferred fees and costs | 58,716 | 175,800 | 111,525 | |||||||
Bank premises and equipment, net | 1,446 | 4,943 | 1,815 | |||||||
Other intangible assets | 976 | 2,421 | 1,389 | |||||||
Other assets | 1,089 | 9,330 | 1,090 | |||||||
Total assets | 88,987 | 239,590 | 144,444 | |||||||
Liabilities | ||||||||||
Deposits | 77,945 | 174,881 | 108,102 | |||||||
Borrowings | — | 42,440 | 24,209 | |||||||
Accrued expenses and other liabilities | 109 | 2,646 | 212 | |||||||
Total liabilities | 78,054 | 219,967 | 132,523 | |||||||
Net assets | $ | 10,933 | $ | 19,623 | $ | 11,921 | ||||
Goodwill | $ | 1,676 | $ | 18,047 | $ | 8,212 | ||||
Please refer to Note 6 for details of the changes in goodwill and intangible assets arising from the acquisitions. Adjustments to the acquisition date fair values are recorded in the period in which they occur, and have changed amounts previously disclosed. As a result of revised fair values, goodwill recorded in the Midwest and Ohio Heritage acquisitions increased $652,000 and $95,000, respectively from amounts previously reported as of September 30, 2014. | ||||||||||
Acquired loans are reported net of the unamortized fair value adjustment. The following table details the fair value adjustment for acquired loans as of the acquisition date: | ||||||||||
(Dollars in thousands, except per share data) | Midwest | Ohio Heritage | North Akron | |||||||
Nonimpaired Loans | ||||||||||
Contractual cash flows | $ | 81,931 | $ | 241,575 | $ | 154,933 | ||||
Nonaccretable difference | 15,786 | 23,227 | 19,162 | |||||||
Expected cash flows | 66,145 | 218,348 | 135,771 | |||||||
Accretable yield | 12,969 | 49,730 | 30,471 | |||||||
Fair value | $ | 53,176 | $ | 168,618 | $ | 105,300 | ||||
Purchase Credit Impaired Loans | ||||||||||
Contractual cash flows | $ | 10,782 | $ | 13,550 | $ | 11,477 | ||||
Nonaccretable difference | 4,491 | 4,884 | 4,439 | |||||||
Expected cash flows | 6,291 | 8,666 | 7,038 | |||||||
Accretable yield | 751 | 1,484 | 813 | |||||||
Fair value | $ | 5,540 | $ | 7,182 | $ | 6,225 | ||||
Peoples recorded non-interest expenses related to acquisitions of $4.8 million and net losses on asset disposals of $0.3 million in the Consolidated Statement of Income during 2014. | ||||||||||
On August 4, 2014, Peoples entered into an Agreement and Plan of Merger (the "NB&T Agreement") with NB&T. The NB&T Agreement calls for NB&T to merge into Peoples and fNB&T's wholly-owned subsidiary, The National Bank and Trust Company, which operates 22 full-service branches in southwest Ohio, to merge into Peoples Bank. This transaction is expected to close during the first quarter of 2015. |
Parent_Company_Only_Financial_
Parent Company Only Financial Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Parent Company Only Financial Information [Abstract] | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure | Parent Company Only Financial Information | |||||||||
Condensed Balance Sheets | December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||
Assets: | ||||||||||
Cash and due from other banks | $ | 50 | $ | 50 | ||||||
Interest-bearing deposits in subsidiary bank | 41,666 | 5,541 | ||||||||
Receivable from subsidiary bank | 1,015 | 828 | ||||||||
Available-for-sale investment securities, at fair value (amortized cost of $1,255 at December 31, 2014 and $1,213 at December 31, 2013) | 5,214 | 4,548 | ||||||||
Investments in subsidiaries: | ||||||||||
Bank | 281,360 | 205,167 | ||||||||
Non-bank | 30,693 | 30,527 | ||||||||
Other assets | 878 | 854 | ||||||||
Total assets | $ | 360,876 | $ | 247,515 | ||||||
Liabilities: | ||||||||||
Accrued expenses and other liabilities | $ | 6,365 | $ | 6,815 | ||||||
Dividends payable | 24 | — | ||||||||
Long-term borrowings | 14,369 | 19,147 | ||||||||
Total liabilities | 20,758 | 25,962 | ||||||||
Common stockholders' equity | 340,118 | 221,553 | ||||||||
Total stockholders' equity | 340,118 | 221,553 | ||||||||
Total liabilities and stockholders' equity | $ | 360,876 | $ | 247,515 | ||||||
Condensed Statements of Income | Year Ended December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | |||||||
Income: | ||||||||||
Dividends from subsidiary bank | $ | 21,000 | $ | 15,000 | $ | 12,750 | ||||
Dividends from non-bank subsidiary | 500 | — | — | |||||||
Net gain on securities transactions | — | — | 273 | |||||||
Net loss on other transactions | — | — | (1,033 | ) | ||||||
Interest and other income | 205 | 132 | 205 | |||||||
Total income | 21,705 | 15,132 | 12,195 | |||||||
Expenses: | ||||||||||
Interest expense on junior subordinated debentures held by subsidiary trust | — | — | 1,948 | |||||||
Intercompany management fees | 1,546 | 1,257 | 1,049 | |||||||
Other expense | 4,578 | 3,411 | 2,216 | |||||||
Total expenses | 6,124 | 4,668 | 5,213 | |||||||
Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries | 15,581 | 10,464 | 6,982 | |||||||
Applicable income tax benefit | (2,102 | ) | (1,510 | ) | (2,127 | ) | ||||
(Excess dividends from) equity in undistributed earnings of subsidiaries | (999 | ) | 5,600 | 11,276 | ||||||
Net income | $ | 16,684 | $ | 17,574 | $ | 20,385 | ||||
Statements of Cash Flows | Year Ended December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | |||||||
Operating activities | ||||||||||
Net income | $ | 16,684 | $ | 17,574 | $ | 20,385 | ||||
Adjustment to reconcile net income to cash provided by operations: | ||||||||||
Excess dividends from (equity in) undistributed earnings of subsidiaries | 999 | (5,600 | ) | (11,276 | ) | |||||
Gain on investment securities | — | — | (273 | ) | ||||||
Loss on debt extinguishment | — | — | 1,033 | |||||||
Other, net | 1,809 | 1,803 | (663 | ) | ||||||
Net cash provided by operating activities | 19,492 | 13,777 | 9,206 | |||||||
Investing activities | ||||||||||
Net proceeds from sales and maturities of investment securities | — | — | 273 | |||||||
Investment in subsidiaries | (28,574 | ) | — | (9,815 | ) | |||||
Change in receivable from subsidiary | 17,009 | (619 | ) | 3,814 | ||||||
Business acquisitions, net of cash received | (42 | ) | — | — | ||||||
Net cash used in investing activities | (11,607 | ) | (619 | ) | (5,728 | ) | ||||
Financing activities | ||||||||||
Proceeds from long-term borrowings | — | — | 24,000 | |||||||
Payments on long-term borrowings | (4,800 | ) | (4,800 | ) | — | |||||
Redemption of junior subordinated debentures | — | — | (23,668 | ) | ||||||
Purchase of treasury stock | (520 | ) | (228 | ) | (1,357 | ) | ||||
Proceeds from issuance of common stock | 40,242 | 8 | 6 | |||||||
Cash dividends paid | (6,767 | ) | (5,419 | ) | (4,457 | ) | ||||
Excess tax benefit for share-based payments | 85 | 79 | 709 | |||||||
Net cash provided by (used in) financing activities | 28,240 | (10,360 | ) | (4,767 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 36,125 | 2,798 | (1,289 | ) | ||||||
Cash and cash equivalents at the beginning of year | 5,591 | 2,793 | 4,082 | |||||||
Cash and cash equivalents at the end of year | $ | 41,716 | $ | 5,591 | $ | 2,793 | ||||
Supplemental cash flow information: | ||||||||||
Interest paid | $ | 672 | $ | 915 | $ | 2,246 | ||||
Summarized_Quarterly_Informati
Summarized Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Summarized Quarterly Information (Unaudited) [Abstract] | |||||||||||||||||
Quarterly Financial Information | Summarized Quarterly Information (Unaudited) | ||||||||||||||||
2014(a) | |||||||||||||||||
(Dollars in thousands, except per share data) | First Quarter | Second Quarter(b) | Third Quarter(b) | Fourth Quarter | |||||||||||||
Total interest income | $ | 18,152 | $ | 18,614 | $ | 20,566 | $ | 22,868 | |||||||||
Total interest expense | 2,672 | 2,571 | 2,707 | 2,744 | |||||||||||||
Net interest income | 15,480 | 16,043 | 17,859 | 20,124 | |||||||||||||
Provision for (recovery of) loan losses | 8 | 583 | (380 | ) | 128 | ||||||||||||
Net gain (loss) on asset disposals and other transactions | 11 | (187 | ) | (109 | ) | (146 | ) | ||||||||||
Net (loss) gain on investment securities | (30 | ) | 66 | 124 | 238 | ||||||||||||
Other income | 10,295 | 9,719 | 9,861 | 10,178 | |||||||||||||
Intangible asset amortization | 263 | 282 | 367 | 516 | |||||||||||||
Acquisition-related expenses | 150 | 1,271 | 1,462 | 1,869 | |||||||||||||
Other expenses | 18,404 | 18,451 | 20,378 | 21,596 | |||||||||||||
Income tax expense | 2,148 | 1,577 | 1,729 | 2,040 | |||||||||||||
Net income | $ | 4,783 | $ | 3,477 | $ | 4,179 | $ | 4,245 | |||||||||
Earnings per common share - Basic | $ | 0.45 | $ | 0.32 | $ | 0.33 | $ | 0.29 | |||||||||
Earnings per common share - Diluted | $ | 0.44 | $ | 0.32 | $ | 0.32 | $ | 0.28 | |||||||||
Weighted-average common shares outstanding - Basic | 10,636,089 | 10,755,509 | 12,632,341 | 14,660,314 | |||||||||||||
Weighted-average common shares outstanding - Diluted | 10,740,884 | 10,880,090 | 12,765,880 | 14,809,289 | |||||||||||||
2013(a) | |||||||||||||||||
(Dollars in thousands, except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total interest income | $ | 16,066 | $ | 16,111 | $ | 16,509 | $ | 18,385 | |||||||||
Total interest expense | 3,091 | 2,956 | 2,833 | 2,806 | |||||||||||||
Net interest income | 12,975 | 13,155 | 13,676 | 15,579 | |||||||||||||
Recovery of loan losses | (1,065 | ) | (1,462 | ) | (919 | ) | (964 | ) | |||||||||
Net loss on asset disposals and other transactions | (5 | ) | (6 | ) | (19 | ) | (125 | ) | |||||||||
Net gain (loss) on investment securities | 418 | 26 | (1 | ) | 46 | ||||||||||||
Other income | 9,072 | 9,216 | 9,586 | 9,346 | |||||||||||||
Intangible asset amortization | 189 | 164 | 180 | 274 | |||||||||||||
Acquisition-related expenses | 65 | 37 | 182 | 1,128 | |||||||||||||
Other expenses | 15,931 | 16,221 | 16,901 | 16,993 | |||||||||||||
Income tax expense | 2,318 | 2,510 | 4,381 | 2,301 | |||||||||||||
Net income | $ | 5,022 | $ | 4,921 | $ | 2,517 | $ | 5,114 | |||||||||
Earnings per common share - Basic | $ | 0.47 | $ | 0.46 | $ | 0.24 | $ | 0.48 | |||||||||
Earnings per common share - Diluted | $ | 0.47 | $ | 0.46 | $ | 0.23 | $ | 0.47 | |||||||||
Weighted-average common shares outstanding - Basic | 10,556,261 | 10,576,643 | 10,589,126 | 10,602,266 | |||||||||||||
Weighted-average common shares outstanding - Diluted | 10,571,383 | 10,597,033 | 10,692,555 | 10,718,465 | |||||||||||||
(a) | Includes impact of acquisitions as of the acquisition dates. | ||||||||||||||||
(b) | Amounts adjusted for immaterial changes based on fair market value adjustments for acquired loan portfolios. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Business Combinations Policy [Policy Text Block] | Business Combinations: Business combinations are accounted for using the acquisition method of accounting. Under this accounting method, the acquired company's net assets are recorded at fair value on the date of acquisition, and the results of operations of the acquired company are combined with Peoples' from the acquisition date forward. Costs related to the acquisition are expensed as incurred. The purchase price paid over the fair value of the net assets acquired (including intangible assets with finite lives) is recorded as goodwill. |
Basis of Presentation | The accounting and reporting policies of Peoples Bancorp Inc. and Subsidiaries (“Peoples” refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) conform to generally accepted accounting principles in the United States of America (“US GAAP”) and to general practices within the banking industry. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, comprehensive income or loss, net cash provided by operating activities or stockholders' equity. |
Consolidation | Consolidation: Peoples' Consolidated Financial Statements include subsidiaries in which Peoples has a controlling financial interest, principally defined as owning a voting interest greater than 50%. In addition, entities not controlled by voting interest or in which the equity investors do not bear the residual economic risks, but for which Peoples is the primary beneficiary are also consolidated. |
The Consolidated Financial Statements include the accounts of Peoples and its consolidated subsidiaries, Peoples Bank and Peoples Investment Company, along with their wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, Federal Funds sold and other short-term investments with original maturities of ninety days or less. Included in interest-bearing deposits in other banks were $3.5 million and $3.0 million in funds at December 31, 2014 and 2013, respectively, which were being used as collateral and not available for withdrawal. |
Investment Securities | Investment Securities: Investment securities are recorded initially at cost, which includes premiums and discounts if purchased at other than par or face value. Peoples amortizes premiums and accretes discounts as an adjustment to interest income on a level yield basis. The cost of investment securities sold, and any resulting gain or loss, is based on the specific identification method and recognized as of the trade date. |
Management determines the appropriate classification of investment securities at the time of purchase. Held-to-maturity securities are those securities that Peoples has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to Peoples' liquidity needs, changes in market interest rates, and asset-liability management strategies, among other considerations. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses reported in stockholders' equity as a separate component of other comprehensive income or loss, net of applicable deferred income taxes. | |
Certain restricted equity securities that do not have readily determinable fair values and for which Peoples does not exercise significant influence, are carried at cost. These cost method securities are reported as other investment securities on the Consolidated Balance Sheets and consist solely of shares of the Federal Home Loan Bank of Cincinnati (the “FHLB”), the Federal Reserve Bank of Cleveland (the "FRB") and a capital investment in West Virginia Bankers Insurance. | |
Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include (1) the duration and magnitude of the decline in value, (2) the financial condition of the issuer or issuers, and (3) the structure of the security. | |
An impairment loss is recognized in earnings only when (1) Peoples intends to sell the debt security, (2) it is more likely than not that Peoples will be required to sell the security before recovery of its amortized cost basis, or (3) Peoples does not expect to recover the entire amortized cost basis of the security. In situations where Peoples intends to sell or when it is more likely than not that Peoples will be required to sell the security, the entire impairment loss must be recognized in earnings. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in stockholders' equity as a component of accumulated comprehensive income, net of deferred taxes. | |
Fair Value Measurements | Fair Value Measurements: The measurement of fair value under US GAAP uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: |
Level 1: Quoted prices in active exchange markets for identical assets or liabilities; also includes certain U.S. Treasury and other U.S. government and agency securities actively traded in over-the-counter markets. | |
Level 2: Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data; also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. government and agency securities, corporate debt securities, derivative instruments, and residential mortgage loans held for sale. | |
Level 3: Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data. This category generally includes certain private equity investments, retained interests from securitizations, and certain collateralized debt obligations. | |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase: Peoples enters into sales of securities under agreements to repurchase (“Repurchase Agreements”) with customers and other financial service companies, which are considered financings. As such, these obligations are recorded as a liability on the Consolidated Balance Sheets and disclosed in Notes 8 and 9. Securities pledged as collateral under Repurchase Agreements are included in investment securities on the Consolidated Balance Sheets and are disclosed in Note 3. The fair value of the collateral pledged to a third party is continually monitored and additional collateral is pledged or returned, as deemed appropriate. |
Loans and Loans Held-For-Sale | Loans: Loans originated that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs and an allowance for loan losses. The foreseeable future is based upon current market conditions and business strategies, as well as balance sheet management and liquidity. As the conditions change, so may management's view of the foreseeable future. Net deferred loan costs were $2.4 million and $2.3 million at December 31, 2014 and 2013, respectively. |
A loan is considered impaired when information and events indicate it is probable that collection of all contractual principal and interest payments is doubtful. Impairment is evaluated in total for smaller-balance loans of a similar nature, primarily consumer and residential real estate loans, and on an individual loan basis for all loans to borrowers with an aggregate unpaid principal balance in excess of $1 million. Peoples typically places any loan deemed to be impaired on nonaccrual status and allocates a specific portion of the allowance for loan losses, if necessary, to reduce the net carrying value of the loan to its estimated net realizable value. Impaired loans, or portions thereof, are charged off when deemed uncollectable. Upon detection of the reduced ability of a borrower to meet cash flow obligations, consumer and residential real estate loans typically are charged down to the net realizable value, with the residual balance placed on nonaccrual status. | |
Loans acquired in a business combination that have evidence of deterioration of credit quality, commonly referred to as "purchase credit impaired" loans, since origination and for which it is probable, at acquisition, that Peoples will be unable to collect all contractually required payments receivable are initially recorded at fair value (the present value of the amounts expected to be collected) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition are not recognized. Over the life of these acquired loans, management continues to monitor each acquired purchased credit impaired loan portfolio for changes in credit quality. Increases in expected cash flows subsequent to acquisition are recognized prospectively over their remaining life as a yield adjustment on the loans. Subsequent decreases in expected cash flows are recognized as impairment, with the amount of the expected loss included in management's evaluation of the appropriateness of the allowance for loan losses. These purchase credit impaired loans are considered to be accruing and performing even though collection of contractual payments on loans may be in doubt, as income continues to be accreted as long as expected cash flows can be reasonably estimated. | |
Loans acquired in a business combination that are not impaired are recorded at fair value, and the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the discounts (or premiums) to a loan's cost basis and are accreted (or amortized) to interest income over the the loan's remaining life using the level yield method. Subsequent to the acquisition date, the methods utilized to estimate the required allowance for loan losses for these loans is similar to originated loans, however, Peoples records a provision for loan losses only when the required allowance exceeds the remaining discount. | |
Loans Held-for-Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried at the lower of cost or estimated fair value determined on an aggregate basis. Gains and losses on sales of loans held for sale are included in mortgage banking income. | |
Loans originated with the intent to be held in our portfolio are subsequently transferred to held-for-sale when a decision is made to sell these loans. At the time of a loan's transfer to the held-for-sale classification, the loan is recorded at the lower of cost or its fair value. Any reduction in the loan's value is reflected as a write-down of the recorded investment resulting in a new cost basis, with a corresponding charge against the allowance for loan losses. If the fair value of a loan classified as held-for-sale in subsequent periods is less than its cost basis, the carrying value of the loan is adjusted accordingly, with the corresponding loss recognized in earnings. | |
Peoples enters into interest rate lock commitments with borrowers and best efforts commitments with investors on loans originated for sale into the secondary markets to manage the inherent interest rate and pricing risk associated with selling loans. The interest rate lock commitments generally terminate once the loan is funded, the lock period expires or the borrower decides not to contract for the loan. The best efforts commitments generally terminate once the loan is sold, the commitment period expires or the borrower decides not to contract for the loan. These commitments are considered derivatives which are generally accounted for by recognizing their estimated fair value on the Consolidated Balance Sheets as either a freestanding asset or a freestanding liability. The valuation of such commitments does not consider expected cash flows related to the servicing of the future loan. Management has determined these derivatives do not have a material effect on Peoples' financial position, results of operations or cash flows. | |
Allowance for Loan Losses | Allowance for Loan Losses: The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against income. The allowance for loan losses is maintained at a level that management deems sufficient to absorb probable losses inherent in the loan portfolio. Loans deemed to be uncollectable are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. |
The allowance for loan losses is comprised of specific valuation allowances for loans evaluated individually for impairment and general allocations for pools of homogeneous loans with similar risk characteristics and trends. Peoples' homogenous loan pools include similarly risk-graded commercial and industrial loans, similarly risk-graded commercial real estate loans, real estate construction loans (both commercial and residential), residential real estate loans, consumer home equity loans and other consumer loans. Management's evaluation of the appropriateness of the allowance for loan losses and the related provision for loan losses is based upon a quarterly analysis of the portfolio. While portions of the allowance for loan losses may be allocated to specific loans, the entire allowance for loan losses is available for any loan charged off by management. | |
The allowance for loan losses related to specific loans is based on management's estimate of potential losses on impaired loans as determined by (1) the present value of expected future cash flows, (2) the fair value of collateral if the loan is determined to be collateral dependent, or (3) the loan's observable market price. The general allocations to specific loan pools are based on the historical loss rates for specific loan types and the internal risk grade, if applicable, adjusted for both internal and external qualitative risk factors. The calculation of historical loss rates for pools of similar loans with similar characteristics is based upon the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss rates are periodically updated based on actual charge-off experience. The qualitative factors considered by management include, among other factors, (1) changes in local and national economic conditions, (2) changes in asset quality, (3) changes in loan portfolio volume, (4) the composition and concentrations of credit, (5) the impact of competition on loan structuring and pricing, (6) the impact of interest rate changes on portfolio risk, and (7) effectiveness of Peoples' loan policies, procedures and internal controls. The total allowance established for each homogenous loan pool represents the product of the historical loss rate and the total dollar amount of the loans in the pool. | |
Peoples categorizes loans involving commercial borrowers into risk categories based upon an established grading matrix. This system is used to manage the risk within its commercial lending activities, evaluate changes in the overall credit quality of the loan portfolio and evaluate the appropriateness of the allowance for loan losses. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Peoples reviews, at least annually, all loan relationships with aggregate outstanding debt to Peoples of $1,000,000 or more, with adversely classified loans generally reviewed on a quarterly basis. | |
The primary factors considered when assigning a risk grade to a loan include (1) reliability and sustainability of the primary source of repayment, (2) past, present and projected financial condition of the borrower, and (3) current economic and industry conditions. Other factors that could influence the risk grade assigned include the type and quality of collateral and the strength of guarantors. The primary source of repayment for commercial real estate loans and commercial and industrial loans is normally the business's operating cash flow available to repay debt. Management's analysis of operating cash flow for commercial real estate loans secured by non-owner occupied properties takes into account factors such as rent rolls and vacancy statistics. Management's analysis of operating cash flow for commercial real estate loans secured by owner occupied properties and all commercial and industrial loans considers the profitability, liquidity and leverage of the business. The evaluation of construction loans is based largely on the borrower's ability to complete construction within the established budget. | |
The primary factors considered when classifying consumer loans include the loan's past due status and declaration of bankruptcy by the borrower(s). The classification of residential real estate and home equity lines of credit also takes into account the current value of the underlying collateral. | |
Troubled Debt Restructuring | Troubled Debt Restructuring: The restructuring of a loan is considered a troubled debt restructuring ("TDR") if both (1) the borrower is experiencing financial difficulties and (2) the creditor has granted a concession. Loans acquired that are restructured after acquisition are not considered TDRs if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools of purchased credit impaired loans. |
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 (1) the borrower is currently in payment default on any of its debt, (2) a payment default is probable in the foreseeable future without the modification, (3) the borrower has declared or is in the process of declaring bankruptcy, and (4) the borrower'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 borrower'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 (1) a reduction in the interest rate for the remaining life of the debt, (2) an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, (3) a temporary period of interest-only payments, and (4) a reduction in the contractual payment amount for either a short period or the remaining term of the loan. All TDRs are considered impaired loans and are evaluated individually to determine if a write-down is required and if they should be on accrual or nonaccrual status. | |
Bank Premises and Equipment | Bank Premises and Equipment: Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets owned. Major improvements to leased facilities are capitalized and included in bank premises at cost less accumulated depreciation, which is calculated on the straight-line method over the lesser of the remaining term of the leased facility or the estimated economic life of the improvement. |
Investments in Affordable Housing Limited Partnerships | Investments in Affordable Housing Limited Partnerships: Investments in affordable housing consist of investments in limited partnerships that operate qualified affordable housing projects or that invest in other limited partnerships formed to operate affordable housing projects. These investments are considered variable interest entities for which Peoples is not the primary beneficiary. Peoples generally utilizes the effective yield method to account for these investments with the tax credits, net of the amortization of the investment, reflected in the Consolidated Statements of Income as a reduction of income tax expense. The unamortized amount of the investments is recorded in other assets and totaled $45,000 and $262,000 at December 31, 2014 and 2013, respectively. |
Other Real Estate Owned | Other Real Estate Owned: Other real estate owned (“OREO”), included in other assets on the Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples Bank in satisfaction of a loan. OREO obtained in satisfaction of a loan is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. Peoples had OREO totaling $0.9 million at December 31, 2014 and 2013. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired in the business combination. Goodwill is not amortized but is tested for impairment annually on June 30 and is updated quarterly if necessary. Based upon the most recently completed goodwill impairment test, Peoples concluded the recorded value of goodwill was not impaired as of December 31, 2014, based upon the estimated fair value of Peoples' single reporting unit. |
Peoples' other intangible assets consist of customer relationship and core deposit intangible assets representing the net present value of future economic benefit to be earned from acquired customer relationships with definite useful lives. These intangible assets are amortized on an accelerated basis over their estimated lives ranging from 7 to 10 years. | |
Mortgage Servicing Rights | Servicing Rights: Servicing rights (“SRs”) represent the right to service loans sold to third-party investors. SRs are recognized separately as a servicing asset or liability whenever Peoples undertakes an obligation to service financial assets. SRs are reported in other intangible assets on the Consolidated Balance Sheets. Serviced loans are not included in the Consolidated Balance Sheets. Loan servicing income included in mortgage banking income includes servicing fees received from the third-party investors and certain charges collected from the borrowers. |
Peoples initially records SRs at fair value at the time of the sale of the loans to the third-party investor. Peoples follows the amortization method for the subsequent measurement of each class of separately recognized servicing assets and liabilities. Under the amortization method, Peoples amortizes the value of servicing assets or liabilities in proportion to and over the period of estimated net servicing income or net servicing loss, and assesses servicing assets or liabilities for impairment or increased obligation based on fair value at each reporting date. The fair value of the SRs is determined by using a discounted cash flow model, which estimates the present value of the future net cash flows of the servicing portfolio based on various factors, such as servicing costs, expected prepayment speeds and discount rates. | |
Preferred Stock and Common Stock Warrant | Preferred Stock and Common Stock Warrant: As more fully described in Note 10, Peoples issued preferred stock and a common stock warrant, subsequently redeemed in 2011 and 2012, respectively, that were classified in stockholders' equity on the Consolidated Balance Sheets. The preferred stock had similar characteristics of an “Increasing Rate Security” as described by Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin Topic 5Q, Increasing Rate Preferred Stock. The proceeds received in conjunction with the issuance of the preferred stock and common stock warrant were allocated to the preferred stock and common stock warrant based on their relative fair values. Discounts on the increasing rate preferred stock were amortized over the expected life of the preferred stock (5 years), by charging imputed dividend cost against retained earnings and increasing the carrying amount of the preferred stock by a corresponding amount. The discount at the time of issuance was computed as the present value of the difference between dividends that would be payable in future periods and the dividend amount for a corresponding number of periods, discounted at a market rate for dividend yield on comparable securities. The amortization in each period was the amount which, together with the stated dividend in the period, resulted in a constant rate of effective cost with regard to the carrying amount of the preferred stock. |
Common stock warrants are evaluated for liability or equity treatment. The common stock warrant issued by Peoples was carried in stockholders' equity until repurchased based on the view of both the SEC and Financial Accounting Standards Board (the “FASB”) that they would not object to classification of such form of common stock warrant as permanent equity. This view is consistent with the objective of the Capital Purchase Program that the equity represented by these securities should be considered part of equity for regulatory reporting purposes. The fair value of the common stock warrant used in allocating total proceeds received was determined based on a binomial model. | |
Trust Assets Under Management | Trust Assets Under Management: Peoples Bank manages certain assets held in a fiduciary or agency capacity for customers. These assets under management, other than cash on deposit at Peoples Bank, are not included in the Consolidated Balance Sheets since they are not assets of Peoples Bank. |
Interest Income Recognition | Interest Income Recognition: Interest income on loans and investment securities is recognized by methods that result in level rates of return on principal amounts outstanding. Amortization of premiums has been deducted from, and accretion of discounts has been added to, the related interest income. Nonrefundable loan fees and direct loan costs are deferred and recognized over the life of the loan as an adjustment of the yield. |
Peoples discontinues the accrual of interest on all loans, whether or not such loans are considered past due, when management believes it is probable the borrower will be unable to meet its payment obligations as they become due, as well as when required by regulatory provisions. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest received on nonaccrual loans is included in income only if principal recovery is reasonably assured. A nonaccrual loan is restored to accrual status when it is brought current, has performed in accordance with contractual terms for a reasonable period of time, and the collectability of the total contractual principal and interest is no longer in doubt. | |
Other Income Recognition | Other Income Recognition: Service charges on deposits include cost recovery fees associated with services provided, such as overdraft and non-sufficient funds. Trust and investment income consists of revenue from fiduciary activities, which include fees for services such as asset management, recordkeeping, retirement services and estate management, and investment commissions and fees related to the sale of investments. Income from these activities is recognized at the time the related services are performed. |
Insurance income consists of commissions and fees from the sales of insurance policies and related insurance services. Insurance income is recognized when it is earned and can be reasonably estimated. Performance-based commissions from insurance companies are recognized when received and no contingencies remain. | |
Income Taxes | Income Taxes: Peoples and its subsidiaries file a consolidated federal income tax return. Deferred income tax assets and liabilities are provided for temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements at the statutory federal tax rate. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. The components of other comprehensive income or loss included in the Consolidated Statements of Stockholders' Equity have been computed based upon a 35% Federal tax rate. |
A tax position is initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. Penalties and interest incurred under the applicable tax law are classified as income tax expense. The amount of Peoples' uncertain income tax positions and unrecognized benefits are disclosed in Note 12. | |
Advertising Costs | Advertising Costs: Advertising costs are generally expensed as incurred. |
Earnings Per Share | Earnings per Share: Basic and diluted earnings per common share (“EPS”) are calculated using the two-class method since Peoples has issued some share-based payment awards considered participating securities because they entitle holders the rights to dividends during the vesting term. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Basic earnings per common share is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental common shares issuable upon exercise of outstanding stock options, stock appreciation rights and non-vested restricted common shares using the treasury stock method. |
Operating Segments | Operating Segments: Peoples' business activities are currently confined to one reporting unit and reportable segment, which is community banking. As a community banking entity, Peoples offers its customers a full range of products including a complete line of banking, insurance, investment and trust solutions. |
Stock-Based Compensation | Stock-Based Compensation: Compensation costs for stock options, restricted stock awards and stock appreciation rights are measured at the fair value of these awards on their grant date. Compensation expense is recognized over the required service period, generally the vesting period for stock options and stock appreciation rights and the restriction period for restricted stock awards. For all awards, only the expense for the portion of the awards expected to vest is recognized. For service-based awards, compensation expense for awards granted to employees who are eligible for retirement is recognized to the date the employee is first eligible to retire. |
New Accounting Pronouncements | New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by FASB or other standard setting bodies that are adopted by Peoples as of the required effective dates. Unless otherwise discussed, management believes the impact of any recently issued standards, including those issued but not yet effective, will not have a material impact on Peoples financial statements taken as a whole. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Assets measured on recurring basis | Assets measured at fair value on a recurring basis comprised the following at December 31: | |||||||||||||
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) | |||||||||||||
2014 | ||||||||||||||
Obligations of: | ||||||||||||||
U.S. Treasury and government agencies | $ | 1 | $ | — | $ | 1 | $ | — | ||||||
U.S. government sponsored agencies | 5,950 | — | 5,950 | — | ||||||||||
States and political subdivisions | 64,743 | — | 64,743 | — | ||||||||||
Residential mortgage-backed securities | 527,291 | — | 527,291 | — | ||||||||||
Commercial mortgage-backed securities | 27,847 | — | 27,847 | — | ||||||||||
Bank-issued trust preferred securities | 5,645 | — | 5,645 | — | ||||||||||
Equity securities | 5,403 | 5,204 | 199 | — | ||||||||||
Total available-for-sale securities | $ | 636,880 | $ | 5,204 | $ | 631,676 | $ | — | ||||||
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 December 31: | ||||||||||||||
Fair Value 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) | |||||||||||||
2014 | ||||||||||||||
Obligations of: | ||||||||||||||
States and political subdivisions | $ | 4,282 | $ | — | $ | 4,282 | $ | — | ||||||
Residential mortgage-backed securities | 36,740 | — | 36,740 | — | ||||||||||
Commercial mortgage-backed securities | 7,420 | — | 7,420 | — | ||||||||||
Total held-to-maturity securities | $ | 48,442 | $ | — | $ | 48,442 | $ | — | ||||||
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 at December 31: | |||||||||||||
2014 | 2013 | |||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Financial assets: | ||||||||||||||
Cash and cash equivalents | $ | 61,454 | $ | 61,454 | $ | 53,820 | $ | 53,820 | ||||||
Investment securities | 713,659 | 713,633 | 680,526 | 677,398 | ||||||||||
Loans | 1,607,391 | 1,581,813 | 1,180,857 | 1,165,560 | ||||||||||
Financial liabilities: | ||||||||||||||
Deposits | $ | 1,933,074 | $ | 1,938,021 | $ | 1,580,758 | $ | 1,587,448 | ||||||
Short-term borrowings | 88,277 | 88,277 | 113,590 | 113,590 | ||||||||||
Long-term borrowings | 179,083 | 183,878 | 121,826 | 128,205 | ||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investment Disclosures | |||||||||||||||||||||||||
Summary of Available-for-sale Investment Securities | Available-for-sale | ||||||||||||||||||||||||
The following table summarizes Peoples’ available-for-sale investment securities at December 31: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 1 | $ | — | $ | — | $ | 1 | |||||||||||||||||
U.S. government sponsored agencies | 5,836 | 114 | — | 5,950 | |||||||||||||||||||||
States and political subdivisions | 62,292 | 2,510 | (59 | ) | 64,743 | ||||||||||||||||||||
Residential mortgage-backed securities | 529,245 | 5,910 | (7,864 | ) | 527,291 | ||||||||||||||||||||
Commercial mortgage-backed securities | 28,021 | 112 | (286 | ) | 27,847 | ||||||||||||||||||||
Bank-issued trust preferred securities | 6,132 | 3 | (490 | ) | 5,645 | ||||||||||||||||||||
Equity securities | 1,440 | 4,044 | (81 | ) | 5,403 | ||||||||||||||||||||
Total available-for-sale securities | $ | 632,967 | $ | 12,693 | $ | (8,780 | ) | $ | 636,880 | ||||||||||||||||
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 years ended December 31 were as follows: | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Gross gains realized | $ | 1,136 | $ | 3,358 | $ | 4,306 | |||||||||||||||||||
Gross losses realized | 738 | 2,869 | 758 | ||||||||||||||||||||||
Net gain realized | $ | 398 | $ | 489 | $ | 3,548 | |||||||||||||||||||
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 at December 31: | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||
U.S. government sponsored agencies | — | — | — | — | — | — | — | — | |||||||||||||||||
States and political subdivisions | 2,602 | 12 | 4 | 5,788 | 47 | 8 | 8,390 | 59 | |||||||||||||||||
Residential mortgage-backed securities | 114,018 | 1,091 | 21 | 216,224 | 6,773 | 57 | 330,242 | 7,864 | |||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 19,404 | 286 | 4 | 19,404 | 286 | |||||||||||||||||
Bank-issued trust preferred securities | — | — | — | 2,509 | 490 | 3 | 2,509 | 490 | |||||||||||||||||
Equity securities | 40 | 2 | 2 | 96 | 79 | 1 | 136 | 81 | |||||||||||||||||
Total | $ | 116,660 | $ | 1,105 | 27 | $ | 244,021 | $ | 7,675 | 73 | $ | 360,681 | $ | 8,780 | |||||||||||
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 at December 31: | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | 3,841 | $ | 448 | $ | (7 | ) | $ | 4,282 | ||||||||||||||||
Residential mortgage-backed securities | 36,945 | 189 | (394 | ) | 36,740 | ||||||||||||||||||||
Commercial mortgage-backed securities | 7,682 | 9 | (271 | ) | 7,420 | ||||||||||||||||||||
Total held-to-maturity securities | $ | 48,468 | $ | 646 | $ | (672 | ) | $ | 48,442 | ||||||||||||||||
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 Disclosures | |||||||||||||||||||||||||
Summary of Investment Securities by Contractual Maturity | The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at December 31, 2014. The weighted-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 | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||||||
U.S. government sponsored agencies | — | 983 | — | 4,853 | 5,836 | ||||||||||||||||||||
States and political subdivisions | 276 | 4,732 | 25,177 | 32,107 | 62,292 | ||||||||||||||||||||
Residential mortgage-backed securities | — | 12,168 | 29,207 | 487,870 | 529,245 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 23,020 | 5,001 | 28,021 | ||||||||||||||||||||
Bank-issued trust preferred securities | — | — | — | 6,132 | 6,132 | ||||||||||||||||||||
Equity securities | 1,440 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 277 | $ | 17,883 | $ | 77,404 | $ | 535,963 | $ | 632,967 | |||||||||||||||
Fair value | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
U.S. Treasury and government agencies | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||||||
U.S. government sponsored agencies | — | 999 | — | 4,951 | 5,950 | ||||||||||||||||||||
States and political subdivisions | 283 | 4,978 | 26,021 | 33,461 | 64,743 | ||||||||||||||||||||
Residential mortgage-backed securities | — | 12,181 | 29,419 | 485,691 | 527,291 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 22,759 | 5,088 | 27,847 | ||||||||||||||||||||
Bank-issued trust preferred securities | — | — | — | 5,645 | 5,645 | ||||||||||||||||||||
Equity securities | 5,403 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 284 | $ | 18,158 | $ | 78,199 | $ | 534,836 | $ | 636,880 | |||||||||||||||
Total weighted-average yield | 4.59 | % | 3.04 | % | 2.8 | % | 2.63 | % | 2.68 | % | |||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||
Investment Disclosures | |||||||||||||||||||||||||
Summary of Investment Securities by Contractual Maturity | The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at December 31, 2014. The weighted-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 | $ | — | $ | — | $ | 329 | $ | 3,512 | $ | 3,841 | |||||||||||||||
Residential mortgage-backed securities | — | — | 507 | 36,438 | 36,945 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 7,682 | 7,682 | ||||||||||||||||||||
Total held-to-maturity securities | $ | — | $ | — | $ | 836 | $ | 47,632 | $ | 48,468 | |||||||||||||||
Fair value | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | — | $ | — | $ | 323 | $ | 3,959 | $ | 4,282 | |||||||||||||||
Residential mortgage-backed securities | — | — | 508 | 36,232 | 36,740 | ||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 7,420 | 7,420 | ||||||||||||||||||||
Total held-to-maturity securities | $ | — | $ | — | $ | 831 | $ | 47,611 | $ | 48,442 | |||||||||||||||
Total weighted-average yield | — | % | — | % | 2.61 | % | 2.77 | % | 2.76 | % | |||||||||||||||
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 at December 31: | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Obligations of: | |||||||||||||||||||||||||
States and political subdivisions | $ | — | $ | — | — | $ | 323 | $ | 7 | 1 | $ | 323 | $ | 7 | |||||||||||
Residential mortgage-backed securities | — | — | — | 18,242 | 394 | 5 | 18,242 | 394 | |||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 6,356 | 271 | 1 | 6,356 | 271 | |||||||||||||||||
Total | $ | — | $ | — | — | $ | 24,921 | $ | 672 | 7 | $ | 24,921 | $ | 672 | |||||||||||
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 | |||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||
Loan Classification by Type | The major classifications of loan balances, excluding loans held for sale, were as follows at December 31: | ||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 37,901 | $ | 44,703 | |||||||||||||||||||
Commercial real estate, other | 434,660 | 394,532 | |||||||||||||||||||||
Commercial real estate | 472,561 | 439,235 | |||||||||||||||||||||
Commercial and industrial | 249,975 | 206,276 | |||||||||||||||||||||
Residential real estate | 254,169 | 248,883 | |||||||||||||||||||||
Home equity lines of credit | 62,463 | 55,178 | |||||||||||||||||||||
Consumer | 169,913 | 133,864 | |||||||||||||||||||||
Deposit account overdrafts | 2,933 | 2,060 | |||||||||||||||||||||
Total originated loans | $ | 1,212,014 | $ | 1,085,496 | |||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 1,051 | $ | 2,836 | |||||||||||||||||||
Commercial real estate, other | 121,475 | 55,638 | |||||||||||||||||||||
Commercial real estate | 122,526 | 58,474 | |||||||||||||||||||||
Commercial and industrial | 30,056 | 26,478 | |||||||||||||||||||||
Residential real estate | 225,274 | 19,734 | |||||||||||||||||||||
Home equity lines of credit | 18,232 | 4,898 | |||||||||||||||||||||
Consumer | 12,796 | 1,154 | |||||||||||||||||||||
Total acquired loans | $ | 408,884 | $ | 110,738 | |||||||||||||||||||
Total loans | $ | 1,620,898 | $ | 1,196,234 | |||||||||||||||||||
Purchased Credit Impaired Loans | 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, commonly referred to as "purchase credit impaired" loans. The carrying amounts of these loans included in the loan balances above are summarized as follows at December 31: | ||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||
Commercial real estate | $ | 7,762 | $ | 963 | |||||||||||||||||||
Commercial and industrial | 1,041 | 78 | |||||||||||||||||||||
Residential real estate | 15,183 | 1,236 | |||||||||||||||||||||
Consumer | 306 | — | |||||||||||||||||||||
Total outstanding balance | $ | 24,292 | $ | 2,277 | |||||||||||||||||||
Net carrying amount | $ | 19,067 | $ | 1,875 | |||||||||||||||||||
Accretable Yield Rollforward | Changes in the accretable yield for acquired purchased credit impaired loans the year ended December 31, 2014 were as follows: | ||||||||||||||||||||||
(Dollars in thousands) | Accretable Yield | ||||||||||||||||||||||
Balance, December 31, 2013 | $ | 103 | |||||||||||||||||||||
Additions: | |||||||||||||||||||||||
Reclassification from nonaccretable to accretable | 402 | ||||||||||||||||||||||
Midwest Bancshares, Inc. | 750 | ||||||||||||||||||||||
Ohio Heritage Bancorp, Inc. | 1,485 | ||||||||||||||||||||||
North Akron Savings Bank | 813 | ||||||||||||||||||||||
Accretion | (381 | ) | |||||||||||||||||||||
Balance, December 31, 2014 | $ | 3,172 | |||||||||||||||||||||
Related Party Loans | Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status during the year. | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Balance, December 31, 2013 | $ | 11,359 | |||||||||||||||||||||
New loans and disbursements | 11,139 | ||||||||||||||||||||||
Repayments | (7,940 | ) | |||||||||||||||||||||
Other changes | (560 | ) | |||||||||||||||||||||
Balance, December 31, 2014 | $ | 13,998 | |||||||||||||||||||||
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 at December 31: | ||||||||||||||||||||||
Accruing Loans | |||||||||||||||||||||||
Nonaccrual Loans | 90+ Days Past Due | ||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Commercial real estate, other | 2,575 | 2,798 | — | — | |||||||||||||||||||
Commercial real estate | 2,575 | 2,798 | — | — | |||||||||||||||||||
Commercial and industrial | 1,286 | 630 | — | — | |||||||||||||||||||
Residential real estate | 3,049 | 2,161 | 818 | 199 | |||||||||||||||||||
Home equity lines of credit | 341 | 87 | 20 | 873 | |||||||||||||||||||
Consumer | 19 | 58 | 2 | — | |||||||||||||||||||
Total originated loans | $ | 7,270 | $ | 5,734 | $ | 840 | $ | 1,072 | |||||||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 96 | $ | 96 | $ | — | $ | — | |||||||||||||||
Commercial real estate, other | 9 | — | 567 | — | |||||||||||||||||||
Commercial real estate | 105 | 96 | 567 | — | |||||||||||||||||||
Commercial and industrial | 708 | — | 301 | 78 | |||||||||||||||||||
Residential real estate | 304 | 104 | 1,083 | 90 | |||||||||||||||||||
Home equity lines of credit | 19 | — | — | — | |||||||||||||||||||
Consumer | — | — | 8 | — | |||||||||||||||||||
Total acquired loans | $ | 1,136 | $ | 200 | $ | 1,959 | $ | 168 | |||||||||||||||
Total loans | $ | 8,406 | $ | 5,934 | $ | 2,799 | $ | 1,240 | |||||||||||||||
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 at December 31: | |||||||||||||||||||||||
Loans Past Due | Current | Total | |||||||||||||||||||||
(Dollars in thousands) | 30 - 59 days | 60 - 89 days | 90 + Days | Total | Loans | Loans | |||||||||||||||||
2014 | |||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | — | $ | — | $ | 37,901 | $ | 37,901 | |||||||||||
Commercial real estate, other | 565 | 285 | 1,220 | 2,070 | 432,590 | 434,660 | |||||||||||||||||
Commercial real estate | 565 | 285 | 1,220 | 2,070 | 470,491 | 472,561 | |||||||||||||||||
Commercial and industrial | 17 | 18 | 1,245 | 1,280 | 248,695 | 249,975 | |||||||||||||||||
Residential real estate | 4,502 | 1,062 | 1,902 | 7,466 | 246,703 | 254,169 | |||||||||||||||||
Home equity lines of credit | 344 | 425 | 129 | 898 | 61,565 | 62,463 | |||||||||||||||||
Consumer | 1,136 | 157 | 2 | 1,295 | 168,618 | 169,913 | |||||||||||||||||
Deposit account overdrafts | 65 | — | — | 65 | 2,868 | 2,933 | |||||||||||||||||
Total originated loans | $ | 6,629 | $ | 1,947 | $ | 4,498 | $ | 13,074 | $ | 1,198,940 | $ | 1,212,014 | |||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | 96 | $ | 96 | $ | 955 | $ | 1,051 | |||||||||||
Commercial real estate, other | 1,067 | 143 | 567 | 1,777 | 119,698 | 121,475 | |||||||||||||||||
Commercial real estate | 1,067 | 143 | 663 | 1,873 | 120,653 | 122,526 | |||||||||||||||||
Commercial and industrial | 46 | 6 | 815 | 867 | 29,189 | 30,056 | |||||||||||||||||
Residential real estate | 4,026 | 1,331 | 1,179 | 6,536 | 218,738 | 225,274 | |||||||||||||||||
Home equity lines of credit | 9 | 19 | — | 28 | 18,204 | 18,232 | |||||||||||||||||
Consumer | 245 | 27 | 8 | 280 | 12,516 | 12,796 | |||||||||||||||||
Total acquired loans | $ | 5,393 | $ | 1,526 | $ | 2,665 | $ | 9,584 | $ | 399,300 | $ | 408,884 | |||||||||||
Total loans | $ | 12,022 | $ | 3,473 | $ | 7,163 | $ | 22,658 | $ | 1,598,240 | $ | 1,620,898 | |||||||||||
2013 | |||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 1,066 | $ | — | $ | — | $ | 1,066 | $ | 43,637 | $ | 44,703 | |||||||||||
Commercial real estate, other | 432 | — | 1,249 | 1,681 | 392,851 | 394,532 | |||||||||||||||||
Commercial real estate | 1,498 | — | 1,249 | 2,747 | 436,488 | 439,235 | |||||||||||||||||
Commercial and industrial | 171 | 17 | 49 | 237 | 206,039 | 206,276 | |||||||||||||||||
Residential real estate | 4,584 | 1,140 | 1,258 | 6,982 | 241,901 | 248,883 | |||||||||||||||||
Home equity lines of credit | 254 | 65 | 929 | 1,248 | 53,930 | 55,178 | |||||||||||||||||
Consumer | 919 | 153 | 58 | 1,130 | 132,734 | 133,864 | |||||||||||||||||
Deposit account overdrafts | 47 | — | — | 47 | 2,013 | 2,060 | |||||||||||||||||
Total originated loans | $ | 7,473 | $ | 1,375 | $ | 3,543 | $ | 12,391 | $ | 1,073,105 | $ | 1,085,496 | |||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 274 | $ | — | $ | — | $ | 274 | $ | 2,562 | $ | 2,836 | |||||||||||
Commercial real estate, other | — | 679 | — | 679 | 54,959 | 55,638 | |||||||||||||||||
Commercial real estate | 274 | 679 | — | 953 | 57,521 | 58,474 | |||||||||||||||||
Commercial and industrial | — | 73 | 78 | 151 | 26,327 | 26,478 | |||||||||||||||||
Residential real estate | 861 | 369 | 194 | 1,424 | 18,310 | 19,734 | |||||||||||||||||
Home equity lines of credit | — | — | — | — | 4,898 | 4,898 | |||||||||||||||||
Consumer | 57 | 12 | — | 69 | 1,085 | 1,154 | |||||||||||||||||
Total acquired loans | $ | 1,192 | $ | 1,133 | $ | 272 | $ | 2,597 | $ | 108,141 | $ | 110,738 | |||||||||||
Total loans | $ | 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 at December 31: | ||||||||||||||||||||||
Pass Rated | Watch | Substandard | Doubtful | Not | Total | ||||||||||||||||||
(Dollars in thousands) | (Grades 1 - 4) | (Grade 5) | (Grade 6) | (Grade 7) | Rated | Loans | |||||||||||||||||
2014 | |||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 37,637 | $ | — | $ | — | $ | — | $ | 264 | $ | 37,901 | |||||||||||
Commercial real estate, other | 405,224 | 12,316 | 17,120 | — | — | 434,660 | |||||||||||||||||
Commercial real estate | 442,861 | 12,316 | 17,120 | — | 264 | 472,561 | |||||||||||||||||
Commercial and industrial | 239,168 | 8,122 | 2,684 | 1 | — | 249,975 | |||||||||||||||||
Residential real estate | 21,296 | 1,195 | 11,601 | 56 | 220,021 | 254,169 | |||||||||||||||||
Home equity lines of credit | 767 | — | 965 | — | 60,731 | 62,463 | |||||||||||||||||
Consumer | 60 | 1 | 8 | — | 169,844 | 169,913 | |||||||||||||||||
Deposit account overdrafts | — | — | — | — | 2,933 | 2,933 | |||||||||||||||||
Total originated loans | $ | 704,152 | $ | 21,634 | $ | 32,378 | $ | 57 | $ | 453,793 | $ | 1,212,014 | |||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 955 | $ | — | $ | — | $ | — | $ | 96 | $ | 1,051 | |||||||||||
Commercial real estate, other | 106,115 | 7,100 | 8,260 | — | — | 121,475 | |||||||||||||||||
Commercial real estate | 107,070 | 7,100 | 8,260 | — | 96 | 122,526 | |||||||||||||||||
Commercial and industrial | 27,313 | 255 | 2,294 | 194 | — | 30,056 | |||||||||||||||||
Residential real estate | 13,458 | 833 | 1,540 | — | 209,443 | 225,274 | |||||||||||||||||
Home equity lines of credit | 98 | — | — | — | 18,134 | 18,232 | |||||||||||||||||
Consumer | 279 | — | — | — | 12,517 | 12,796 | |||||||||||||||||
Total acquired loans | $ | 148,218 | $ | 8,188 | $ | 12,094 | $ | 194 | $ | 240,190 | $ | 408,884 | |||||||||||
Total loans | $ | 852,370 | $ | 29,822 | $ | 44,472 | $ | 251 | $ | 693,983 | $ | 1,620,898 | |||||||||||
2013 | |||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 43,048 | $ | — | $ | 68 | $ | — | $ | 1,587 | $ | 44,703 | |||||||||||
Commercial real estate, other | 370,812 | 11,918 | 11,299 | — | 503 | 394,532 | |||||||||||||||||
Commercial real estate | 413,860 | 11,918 | 11,367 | — | 2,090 | 439,235 | |||||||||||||||||
Commercial and industrial | 187,025 | 5,203 | 13,506 | 542 | — | 206,276 | |||||||||||||||||
Residential real estate | 24,198 | 1,497 | 8,094 | 4 | 215,090 | 248,883 | |||||||||||||||||
Home equity lines of credit | 844 | — | 1,014 | — | 53,320 | 55,178 | |||||||||||||||||
Consumer | 50 | 5 | 24 | — | 133,785 | 133,864 | |||||||||||||||||
Deposit account overdrafts | — | — | — | — | 2,060 | 2,060 | |||||||||||||||||
Total originated loans | $ | 625,977 | $ | 18,623 | $ | 34,005 | $ | 546 | $ | 406,345 | $ | 1,085,496 | |||||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | $ | 359 | $ | 148 | $ | — | $ | — | $ | 2,329 | $ | 2,836 | |||||||||||
Commercial real estate, other | 52,501 | 1,515 | 1,622 | — | — | 55,638 | |||||||||||||||||
Commercial real estate | 52,860 | 1,663 | 1,622 | — | 2,329 | 58,474 | |||||||||||||||||
Commercial and industrial | 25,168 | 810 | 500 | — | — | 26,478 | |||||||||||||||||
Residential real estate | 2,624 | 1,290 | — | — | 15,820 | 19,734 | |||||||||||||||||
Home equity lines of credit | — | — | — | — | 4,898 | 4,898 | |||||||||||||||||
Consumer | — | — | — | — | 1,154 | 1,154 | |||||||||||||||||
Total acquired loans | $ | 80,652 | $ | 3,763 | $ | 2,122 | $ | — | $ | 24,201 | $ | 110,738 | |||||||||||
Total loans | $ | 706,629 | $ | 22,386 | $ | 36,127 | $ | 546 | $ | 430,546 | $ | 1,196,234 | |||||||||||
Schedule Of Impaired Loans | The following tables summarize loans classified as impaired at December 31: | ||||||||||||||||||||||
Unpaid | Recorded Investment | Total | Average | Interest | |||||||||||||||||||
Principal | With | Without | Recorded Investment | Related | Recorded | Income | |||||||||||||||||
(Dollars in thousands) | Balance | Allowance | Allowance | Allowance | Investment | Recognized | |||||||||||||||||
2014 | |||||||||||||||||||||||
Commercial real estate, construction | $ | 101 | $ | — | $ | 96 | $ | 96 | $ | — | $ | 57 | $ | 6 | |||||||||
Commercial real estate, other | 2,074 | 653 | 1,148 | 1,801 | 189 | 1,632 | 7 | ||||||||||||||||
Commercial real estate | 2,175 | $ | 653 | $ | 1,244 | $ | 1,897 | $ | 189 | $ | 1,689 | $ | 13 | ||||||||||
Commercial and industrial | 2,379 | 1,945 | 399 | 2,344 | 816 | 493 | 5 | ||||||||||||||||
Residential real estate | 6,889 | 53 | 6,372 | 6,425 | 9 | 3,543 | 272 | ||||||||||||||||
Home equity lines of credit | 500 | — | 498 | 498 | — | 298 | 18 | ||||||||||||||||
Consumer | 155 | — | 150 | 150 | — | 109 | 11 | ||||||||||||||||
Total | $ | 12,098 | $ | 2,651 | $ | 8,663 | $ | 11,314 | $ | 1,014 | $ | 6,132 | $ | 319 | |||||||||
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 years ended December 31, 2014 and 2013. | ||||||||||||||||||||||
Recorded Investment (1) | Recorded Investment (1) | ||||||||||||||||||||||
Number of Contracts | Pre-Modification | Post-Modification | At December 31, 2014 | Number of Contracts | Pre-Modification | Post-Modification | At December 31, 2013 | ||||||||||||||||
Originated loans: | |||||||||||||||||||||||
Commercial real estate, other | — | $ | — | $ | — | $ | — | 2 | $ | 486 | $ | 486 | $ | 461 | |||||||||
Commercial and industrial | — | — | — | — | 1 | 5 | 5 | 5 | |||||||||||||||
Residential real estate | 22 | 996 | 997 | 967 | 21 | 1,109 | 1,112 | 913 | |||||||||||||||
Home equity lines of credit | 12 | 238 | 238 | 232 | 5 | 89 | 89 | 88 | |||||||||||||||
Consumer | 10 | $ | 108 | $ | 108 | $ | 102 | 37 | $ | 279 | $ | 279 | $ | 142 | |||||||||
Acquired loans: | |||||||||||||||||||||||
Commercial real estate, construction | 1 | $ | 96 | $ | 96 | $ | 96 | — | $ | — | $ | — | $ | — | |||||||||
Commercial and industrial | 3 | 605 | 605 | 594 | — | — | — | — | |||||||||||||||
Residential real estate | 4 | 235 | 235 | 234 | 2 | 107 | 107 | 107 | |||||||||||||||
Consumer | 5 | $ | 9 | $ | 9 | $ | 6 | — | $ | — | $ | — | $ | — | |||||||||
(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. | |||||||||||||||||||||||
Summary Of Activity In Allowance For Loan And Lease Losses | Changes in the allowance for loan losses in the periods ended December 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 | (203 | ) | (199 | ) | (478 | ) | (128 | ) | (1,191 | ) | (516 | ) | (2,715 | ) | |||||||||
Recoveries | 2,060 | 77 | 169 | 36 | 697 | 153 | 3,192 | ||||||||||||||||
Net recoveries (charge-offs) | 1,857 | (122 | ) | (309 | ) | (92 | ) | (494 | ) | (363 | ) | 477 | |||||||||||
(Recovery of) provision for loan losses | (5,247 | ) | 1,984 | 1,055 | 443 | 1,765 | 339 | 339 | |||||||||||||||
Balance, December 31, 2014 | $ | 9,825 | $ | 4,036 | $ | 1,627 | $ | 694 | $ | 1,587 | $ | 112 | $ | 17,881 | |||||||||
Period-end amount allocated to: | |||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 189 | $ | 816 | $ | 9 | $ | — | $ | — | $ | — | $ | 1,014 | |||||||||
Loans collectively evaluated for impairment | 9,636 | 3,220 | 1,618 | 694 | 1,587 | 112 | 16,867 | ||||||||||||||||
Balance, December 31, 2014 | $ | 9,825 | $ | 4,036 | $ | 1,627 | $ | 694 | $ | 1,587 | $ | 112 | $ | 17,881 | |||||||||
Balance, January 1, 2013 | $ | 14,215 | $ | 1,733 | $ | 801 | $ | 479 | $ | 438 | $ | 145 | $ | 17,811 | |||||||||
Charge-offs | (1,053 | ) | (44 | ) | (621 | ) | (162 | ) | (1,084 | ) | (527 | ) | (3,491 | ) | |||||||||
Recoveries | 5,839 | 40 | 536 | 26 | 552 | 162 | 7,155 | ||||||||||||||||
Net recoveries (charge-offs) | 4,786 | (4 | ) | (85 | ) | (136 | ) | (532 | ) | (365 | ) | 3,664 | |||||||||||
(Recovery of) provision for loan losses | (5,786 | ) | 445 | 165 | — | 410 | 356 | (4,410 | ) | ||||||||||||||
Balance, December 31, 2013 | $ | 13,215 | $ | 2,174 | $ | 881 | $ | 343 | $ | 316 | $ | 136 | $ | 17,065 | |||||||||
Period-end amount allocated to: | |||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 83 | $ | 575 | $ | — | $ | — | $ | — | $ | — | $ | 658 | |||||||||
Loans collectively evaluated for impairment | 13,132 | 1,599 | 881 | 343 | 316 | 136 | 16,407 | ||||||||||||||||
Balance, December 31, 2013 | $ | 13,215 | $ | 2,174 | $ | 881 | $ | 343 | $ | 316 | $ | 136 | $ | 17,065 | |||||||||
Bank_Premises_and_Equipment_Ta
Bank Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Bank Premises and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | The major categories of bank premises and equipment and accumulated depreciation at December 31 are summarized as follows: | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Land | $ | 7,612 | $ | 6,802 | |||||
Building and premises | 48,402 | 38,281 | |||||||
Furniture, fixtures and equipment | 22,323 | 20,350 | |||||||
Total bank premises and equipment | 78,337 | 65,433 | |||||||
Accumulated depreciation | (38,002 | ) | (35,624 | ) | |||||
Net book value | $ | 40,335 | $ | 29,809 | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum payments under noncancellable operating leases with initial or remaining terms of one year or more consisted of the following at December 31, 2014: | ||||||||
(Dollars in thousands) | Payments | ||||||||
2015 | $ | 786 | |||||||
2016 | 683 | ||||||||
2017 | 441 | ||||||||
2018 | 354 | ||||||||
2019 | 135 | ||||||||
Thereafter | 4 | ||||||||
Total future operating lease payments | $ | 2,403 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Other Intangible Assets [Abstract] | |||||||||||||
Schedule of Goodwill [Table Text Block] | The following table details changes in the recorded amount of goodwill for the years ended December 31: | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Goodwill, beginning of year | $ | 70,520 | $ | 64,881 | |||||||||
Acquired goodwill | 28,042 | 5,639 | |||||||||||
Goodwill, end of year | $ | 98,562 | $ | 70,520 | |||||||||
Schedule of Other Intangible Assets | Other intangible assets were comprised of the following at December 31: | ||||||||||||
(Dollars in thousands) | Core Deposits | Customer Relationships | Total | ||||||||||
2014 | |||||||||||||
Gross intangibles | $ | 2,226 | $ | 8,646 | $ | 10,872 | |||||||
Acquired intangibles | 4,787 | 212 | 4,999 | ||||||||||
Accumulated amortization | (1,156 | ) | (6,357 | ) | (7,513 | ) | |||||||
Total acquired intangibles | $ | 5,857 | $ | 2,501 | $ | 8,358 | |||||||
Servicing rights | 2,238 | ||||||||||||
Total other intangibles | $ | 10,596 | |||||||||||
2013 | |||||||||||||
Gross intangibles | $ | 7,195 | $ | 6,189 | $ | 13,384 | |||||||
Acquired intangibles | 1,565 | 2,458 | 4,023 | ||||||||||
Accumulated amortization | (6,815 | ) | (5,804 | ) | (12,619 | ) | |||||||
Total acquired intangibles | $ | 1,945 | $ | 2,843 | $ | 4,788 | |||||||
Servicing rights | 2,295 | ||||||||||||
Total other intangibles | $ | 7,083 | |||||||||||
Schedule of Future Amortization of Other Intangible Assets | The following table details estimated aggregate future amortization expense of core deposit and customer relationship intangible assets at December 31, 2014: | ||||||||||||
(Dollars in thousands) | Core Deposits | Customer Relationships | Total | ||||||||||
2015 | $ | 1,445 | $ | 527 | $ | 1,972 | |||||||
2016 | 1,238 | 476 | 1,714 | ||||||||||
2017 | 1,030 | 419 | 1,449 | ||||||||||
2018 | 820 | 358 | 1,178 | ||||||||||
2019 | 609 | 291 | 900 | ||||||||||
Thereafter | 715 | 430 | 1,145 | ||||||||||
Total | $ | 5,857 | $ | 2,501 | $ | 8,358 | |||||||
Servicing Rights Activity | The following is an analysis of activity of servicing rights for the years ended December 31: | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 2,295 | $ | 2,073 | $ | 1,544 | |||||||
Amortization | (597 | ) | (652 | ) | (616 | ) | |||||||
Servicing rights originated | 497 | 675 | 1,145 | ||||||||||
Servicing rights acquired | 43 | 199 | — | ||||||||||
Balance, end of year | $ | 2,238 | $ | 2,295 | $ | 2,073 | |||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Deposits [Abstract] | ||||||||||
Deposit Balances | Peoples’ deposit balances were comprised of the following at December 31: | |||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||
Retail certificates of deposit: | ||||||||||
$250,000 or more | $ | 59,031 | $ | 63,891 | ||||||
Less than $250,000 | 373,532 | 299,335 | ||||||||
Total retail certificates of deposit | 432,563 | 363,226 | ||||||||
Interest-bearing transaction accounts | 173,659 | 134,618 | ||||||||
Money market deposit accounts | 337,387 | 275,801 | ||||||||
Governmental deposit accounts | 161,305 | 132,379 | ||||||||
Savings accounts | 295,307 | 215,802 | ||||||||
Total retail interest-bearing deposits | 1,400,221 | 1,121,826 | ||||||||
Brokered certificates of deposits | 39,691 | 49,041 | ||||||||
Total interest-bearing deposits | 1,439,912 | 1,170,867 | ||||||||
Non-interest-bearing deposits | 493,162 | 409,891 | ||||||||
Total deposit balances | $ | 1,933,074 | $ | 1,580,758 | ||||||
Schedule of Maturities of Certificates of Deposit | The contractual maturities of certificates of deposits for each of the next five years and thereafter are as follows: | |||||||||
(Dollars in thousands) | Retail | Brokered | Total | |||||||
2015 | $ | 234,810 | $ | 5,899 | $ | 240,709 | ||||
2016 | 100,523 | 18,148 | 118,671 | |||||||
2017 | 44,464 | — | 44,464 | |||||||
2018 | 31,982 | 1,147 | 33,129 | |||||||
2019 | 20,386 | 14,497 | 34,883 | |||||||
Thereafter | 398 | — | 398 | |||||||
Total maturities | $ | 432,563 | $ | 39,691 | $ | 472,254 | ||||
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Short-term Debt [Abstract] | ||||||||||
Schedule of Short-term Borrowings | Peoples utilizes various short-term borrowings as sources of funds, which are summarized as follows at December 31: | |||||||||
(Dollars in thousands) | Retail Repurchase Agreements | FHLB | Other Short-Term Borrowings | |||||||
Advances | ||||||||||
2014 | ||||||||||
Ending balance | $ | 73,277 | $ | 15,000 | $ | — | ||||
Average balance | 59,324 | 36,678 | 38 | |||||||
Highest month-end balance | 76,459 | 108,000 | — | |||||||
Interest expense | 99 | 47 | — | |||||||
Weighted-average interest rate: | ||||||||||
End of year | 0.17 | % | 0.14 | % | — | % | ||||
During the year | 0.17 | % | 0.13 | % | 0.75 | % | ||||
2013 | ||||||||||
Ending balance | $ | 42,590 | $ | 71,000 | $ | — | ||||
Average balance | 37,077 | 44,127 | 90 | |||||||
Highest month-end balance | 46,850 | 92,500 | — | |||||||
Interest expense | 58 | 55 | 1 | |||||||
Weighted-average interest rate: | ||||||||||
End of year | 0.16 | % | 0.14 | % | — | % | ||||
During the year | 0.16 | % | 0.12 | % | 0.74 | % | ||||
2012 | ||||||||||
Ending balance | $ | 32,769 | $ | 15,000 | $ | — | ||||
Average balance | 37,386 | 13,240 | 15 | |||||||
Highest month-end balance | 44,905 | 39,900 | — | |||||||
Interest expense | 57 | 17 | — | |||||||
Weighted-average interest rate: | ||||||||||
End of year | 0.15 | % | 0.15 | % | — | % | ||||
During the year | 0.15 | % | 0.12 | % | 0.74 | % |
LongTerm_Borrowings_Tables
Long-Term Borrowings (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of Long-Term Borrowings | Long-term borrowings consisted of the following at December 31: | |||||||||||
2014 | 2013 | |||||||||||
(Dollars in thousands) | Balance | Weighted- | Balance | Weighted- | ||||||||
Average | Average | |||||||||||
Rate | Rate | |||||||||||
Term note payable (parent company) | $ | 14,369 | 3.5 | % | $ | 19,147 | 3.8 | % | ||||
Callable national market repurchase agreements | 40,000 | 3.63 | % | 40,000 | 3.63 | % | ||||||
FHLB putable non-amortizing, fixed rate advances | 83,995 | 3.3 | % | 50,000 | 3.32 | % | ||||||
FHLB amortizing, fixed rate advances | 40,719 | 2.13 | % | 12,679 | 3.58 | % | ||||||
Total long-term borrowings | $ | 179,083 | 3.12 | % | $ | 121,826 | 3.53 | % | ||||
Schedule of Aggregate Minimum Annual Retirements of Long-Term Borrowings | At December 31, 2014, the aggregate minimum annual retirements of long-term borrowings in future periods were as follows: | |||||||||||
(Dollars in thousands) | Balance | Weighted-Average Rate | ||||||||||
2015 | $ | 14,377 | 2.43 | % | ||||||||
2016 | 11,980 | 2.56 | % | |||||||||
2017 | 10,107 | 2.71 | % | |||||||||
2018 | 44,700 | 3.24 | % | |||||||||
2019 | 43,233 | 3.51 | % | |||||||||
Thereafter | 54,686 | 3.08 | % | |||||||||
Total long-term borrowings | $ | 179,083 | 3.12 | % | ||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||
Schedule of Preferred, Common and Treasury Stock | The following table details the activity in Peoples’ common stock and treasury stock during the years ended December 31: | |||||||||
Common Stock | Treasury | |||||||||
Stock | ||||||||||
Shares at December 31, 2011 | 11,122,247 | 615,123 | ||||||||
Changes related to stock-based compensation awards: | ||||||||||
Release of restricted common shares | 14,552 | 4,270 | ||||||||
Changes related to deferred compensation plan for Board of Directors: | ||||||||||
Purchase of treasury stock | 3,918 | |||||||||
Reissuance of treasury stock | (8,897 | ) | ||||||||
Common shares issued under dividend reinvestment plan | 18,849 | |||||||||
Common shares issued under compensation plan for Board of Directors | (6,726 | ) | ||||||||
Shares at December 31, 2012 | 11,155,648 | 607,688 | ||||||||
Changes related to stock-based compensation awards: | ||||||||||
Release of restricted common shares | 31,246 | 6,862 | ||||||||
Changes related to deferred compensation plan for Board of Directors: | ||||||||||
Purchase of treasury stock | 3,652 | |||||||||
Reissuance of treasury stock | (9,147 | ) | ||||||||
Common shares issued under dividend reinvestment plan | 19,682 | |||||||||
Common shares issued under compensation plan for Board of Directors | (8,261 | ) | ||||||||
Shares at December 31, 2013 | 11,206,576 | 600,794 | ||||||||
Changes related to stock-based compensation awards: | ||||||||||
Release of restricted common shares | 68,754 | 18,031 | ||||||||
Exercise of stock options for common shares | (2,792 | ) | ||||||||
Reissuance of treasury stock for common stock awards | (12,030 | ) | ||||||||
Changes related to deferred compensation plan for Board of Directors: | ||||||||||
Purchase of treasury stock | 4,236 | |||||||||
Reissuance of treasury stock | (9,390 | ) | ||||||||
Common shares issued under dividend reinvestment plan | 17,230 | |||||||||
Common shares issued under compensation plan for Board of Directors | (8,603 | ) | ||||||||
Issuance of common shares related to acquisitions: | ||||||||||
Midwest Bancshares, Inc. | 256,282 | |||||||||
Ohio Heritage Bancorp, Inc. | 1,364,735 | |||||||||
North Akron Savings Bank | 665,570 | |||||||||
Common shares issued to institutional investors in private placement | 1,847,826 | |||||||||
Shares at December 31, 2014 | 15,426,973 | 590,246 | ||||||||
Schedule of Accumulated Other Comprehensive (Loss) Income | The following details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the years ended December 31: | |||||||||
(Dollars in thousands) | Unrealized Gain (Loss) on Securities | Unrecognized Net Pension and Postretirement Costs | Accumulated Other Comprehensive Income (Loss) | |||||||
Balance, December 31, 2011 | $ | 7,439 | $ | (6,027 | ) | $ | 1,412 | |||
Other comprehensive loss, net of reclassifications and tax | (547 | ) | (211 | ) | (758 | ) | ||||
Balance, December 31, 2012 | $ | 6,892 | $ | (6,238 | ) | $ | 654 | |||
Reclassification adjustments to net income: | ||||||||||
Realized gain on sale of securities, net of tax | (318 | ) | — | (318 | ) | |||||
Realized loss due to settlement and curtailment, net of tax | — | 175 | 175 | |||||||
Other comprehensive (loss) income, net of reclassifications and tax | (16,335 | ) | 2,580 | (13,755 | ) | |||||
Balance, December 31, 2013 | $ | (9,761 | ) | $ | (3,483 | ) | $ | (13,244 | ) | |
Reclassification adjustments to net income: | ||||||||||
Realized gain on sale of securities, net of tax | (259 | ) | — | (259 | ) | |||||
Realized loss due to settlement and curtailment, net of tax | — | 910 | 910 | |||||||
Other comprehensive income (loss), net of reclassifications and tax | 12,562 | (1,270 | ) | 11,292 | ||||||
Balance, December 31, 2014 | $ | 2,542 | $ | (3,843 | ) | $ | (1,301 | ) | ||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations and Fair Value of Assets | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2014, and a statement of the funded status as of December 31, 2014 and 2013: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||
Obligation at January 1 | $ | 14,723 | $ | 17,306 | $ | 143 | $ | 244 | ||||||||||||
Interest cost | 509 | 543 | 6 | 5 | ||||||||||||||||
Plan participants’ contributions | — | — | 46 | 40 | ||||||||||||||||
Actuarial loss (gain) | 2,060 | (2,333 | ) | 26 | (85 | ) | ||||||||||||||
Benefit payments | (163 | ) | (154 | ) | (69 | ) | (61 | ) | ||||||||||||
Settlements | (3,434 | ) | (639 | ) | — | — | ||||||||||||||
Obligation at December 31 | $ | 13,695 | $ | 14,723 | $ | 152 | $ | 143 | ||||||||||||
Accumulated benefit obligation at December 31 | $ | 13,695 | $ | 14,723 | $ | — | $ | — | ||||||||||||
Change in plan assets: | ||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 11,287 | $ | 10,019 | $ | — | $ | — | ||||||||||||
Actual return on plan assets | 569 | 2,061 | — | — | ||||||||||||||||
Employer contributions | — | — | 23 | 21 | ||||||||||||||||
Plan participants’ contributions | — | — | 46 | 40 | ||||||||||||||||
Benefit payments | (163 | ) | (154 | ) | (69 | ) | (61 | ) | ||||||||||||
Settlements | (3,434 | ) | (639 | ) | — | — | ||||||||||||||
Fair value of plan assets at December 31 | $ | 8,259 | $ | 11,287 | $ | — | $ | — | ||||||||||||
Funded status at December 31 | $ | (5,436 | ) | $ | (3,436 | ) | $ | (152 | ) | $ | (143 | ) | ||||||||
Amounts recognized in Consolidated Balance Sheets: | ||||||||||||||||||||
Prepaid benefit costs | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Accrued benefit liability | (5,436 | ) | (3,436 | ) | (152 | ) | (143 | ) | ||||||||||||
Net amount recognized | $ | (5,436 | ) | $ | (3,436 | ) | $ | (152 | ) | $ | (143 | ) | ||||||||
Amounts recognized in Accumulated Other Comprehensive Income (Loss): | ||||||||||||||||||||
Unrecognized prior service cost | $ | — | $ | — | $ | (2 | ) | $ | (2 | ) | ||||||||||
Unrecognized net loss | 3,886 | 3,533 | (43 | ) | (65 | ) | ||||||||||||||
Total | $ | 3,886 | $ | 3,533 | $ | (45 | ) | $ | (67 | ) | ||||||||||
Weighted-average assumptions at year-end: | ||||||||||||||||||||
Discount rate | 3.5 | % | 4.3 | % | 3.5 | % | 4.3 | % | ||||||||||||
Schedule of Net Periodic Benefit Costs | The following tables detail the components of the net periodic benefit cost for the plans at December 31: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Interest cost | 509 | 543 | 599 | 6 | 5 | 10 | ||||||||||||||
Expected return on plan assets | (589 | ) | (659 | ) | (756 | ) | — | — | — | |||||||||||
Amortization of prior service cost (credit) | — | — | — | — | — | — | ||||||||||||||
Amortization of net loss (gain) | 137 | 189 | 162 | (8 | ) | (7 | ) | (2 | ) | |||||||||||
Curtailment | — | — | — | — | — | — | ||||||||||||||
Settlement of benefit obligation | 1,400 | 270 | 835 | — | — | — | ||||||||||||||
Net periodic benefit cost | $ | 1,457 | $ | 343 | $ | 840 | $ | (2 | ) | $ | (2 | ) | $ | 8 | ||||||
Weighted-average assumptions: | ||||||||||||||||||||
Discount rate | 3.7 | % | 3.75 | % | 4 | % | 4.3 | % | 3.3 | % | 4 | % | ||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | n/a | n/a | n/a | |||||||||||
Rate of compensation increase | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||
Schedule of Allocation of Plan Assets | The following table provides the fair values of investments held in Peoples' pension plan at December 31, by major asset category: | |||||||||||||||||||
(Dollars in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | |||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||
2014 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||
Mutual funds - equity | $ | 5,756 | $ | 5,756 | $ | — | ||||||||||||||
Debt securities: | ||||||||||||||||||||
Mutual funds - taxable income | 2,128 | 2,128 | — | |||||||||||||||||
Total fair value of pension assets | $ | 7,884 | $ | 7,884 | $ | — | ||||||||||||||
2013 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||
Mutual funds - equity | $ | 8,863 | $ | 8,863 | $ | — | ||||||||||||||
Debt securities: | ||||||||||||||||||||
Mortgage-backed securities | 97 | — | 97 | |||||||||||||||||
Municipal obligations | 649 | — | 649 | |||||||||||||||||
Corporate bonds | 357 | 357 | — | |||||||||||||||||
Mutual funds - taxable income | 901 | 901 | — | |||||||||||||||||
Total fair value of pension assets | $ | 10,867 | $ | 10,121 | $ | 746 | ||||||||||||||
Schedule of Estimated Future Benefit Payments | Estimated future benefit payments, which reflect benefits attributable to estimated future service, for the years ending December 31 are as follows: | |||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2015 | $ | 1,145 | $ | 23 | ||||||||||||||||
2016 | 1,132 | 23 | ||||||||||||||||||
2017 | 934 | 14 | ||||||||||||||||||
2018 | 963 | 13 | ||||||||||||||||||
2019 | 877 | 13 | ||||||||||||||||||
2020 to 2024 | 4,256 | 52 | ||||||||||||||||||
Total | $ | 9,307 | $ | 138 | ||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | The following table provides a reconciliation of uncertain tax positions at December 31: | ||||||||||||||||||
(Dollars in thousands) | 2014 | ||||||||||||||||||
Uncertain tax positions, beginning of year | $ | 30 | |||||||||||||||||
Gross increase based on tax positions related to current year | 178 | ||||||||||||||||||
Gross increase for tax position taken during prior years | 33 | ||||||||||||||||||
Gross decrease due to the statute of limitations | (1 | ) | |||||||||||||||||
Uncertain tax positions, end of year | $ | 240 | |||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The reported income tax expense and effective tax rate in the Consolidated Statements of Income differs from the amounts computed by applying the statutory corporate tax rate as follows for the years ended December 31: | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(Dollars in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||
Income tax computed at statutory federal tax rate | $ | 8,462 | 35 | % | $ | 10,179 | 35 | % | $ | 10,469 | 35 | % | |||||||
Differences in rate resulting from: | |||||||||||||||||||
Tax-exempt interest income | (726 | ) | (3.0 | )% | (645 | ) | (2.2 | )% | (565 | ) | (1.9 | )% | |||||||
Investments in tax credit funds | (481 | ) | (2.0 | )% | (314 | ) | (1.1 | )% | (387 | ) | (1.3 | )% | |||||||
Bank owned life insurance | (37 | ) | — | % | 2,183 | 7.5 | % | (14 | ) | (0.1 | )% | ||||||||
Other, net | 276 | 1 | % | 107 | 0.4 | % | 22 | 0.1 | % | ||||||||||
Total income tax expense | $ | 7,494 | 31 | % | $ | 11,510 | 39.6 | % | $ | 9,525 | 31.8 | % | |||||||
Schedule of Components of Income Tax Expense (Benefit) | Peoples' reported income tax expense consisted of the following for the years ended December 31: | ||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Current income tax | $ | 3,659 | $ | 6,883 | $ | 5,004 | |||||||||||||
Deferred income tax | 3,835 | 4,627 | 4,521 | ||||||||||||||||
Total income tax expense | $ | 7,494 | $ | 11,510 | $ | 9,525 | |||||||||||||
Schedule of Deferred Tax Assets and Liabilities | The significant components of Peoples' deferred tax assets and liabilities consisted of the following at December 31: | ||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||||
Allowance for loan losses | $ | 10,493 | $ | 8,014 | |||||||||||||||
Available-for-sale securities | — | 5,257 | |||||||||||||||||
Investments | 1,956 | 3,536 | |||||||||||||||||
Accrued employee benefits | 2,662 | 2,108 | |||||||||||||||||
Other | 1,146 | 769 | |||||||||||||||||
Total deferred tax assets | $ | 16,257 | $ | 19,684 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||
Purchase accounting adjustments | 6,316 | 6,442 | |||||||||||||||||
Available-for-sale securities | 1,368 | — | |||||||||||||||||
Bank premises and equipment | 2,470 | 1,968 | |||||||||||||||||
Deferred loan income | 1,924 | 1,769 | |||||||||||||||||
Other | 684 | 691 | |||||||||||||||||
Total deferred tax liabilities | $ | 12,762 | $ | 10,870 | |||||||||||||||
Net deferred tax asset | $ | 3,495 | $ | 8,814 | |||||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Calculations of Basic and Diluted Earnings per Common Share | The calculations of basic and diluted earnings per common share for the years ended December 31 were as follows: | |||||||||
(Dollars in thousands, except per common share data) | 2014 | 2013 | 2012 | |||||||
Distributed earnings allocated to common shareholders | $ | 7,095 | $ | 5,749 | $ | 4,770 | ||||
Undistributed earnings allocated to common shareholders | 9,472 | 11,685 | 15,494 | |||||||
Net earnings allocated to common shareholders | $ | 16,567 | $ | 17,434 | $ | 20,264 | ||||
Weighted-average common shares outstanding | 12,183,352 | 10,581,222 | 10,527,885 | |||||||
Effect of potentially dilutive common shares | 122,872 | 98,195 | 401 | |||||||
Total weighted-average diluted common shares outstanding | 12,306,224 | 10,679,417 | 10,528,286 | |||||||
Earnings per common share: | ||||||||||
Basic | $ | 1.36 | $ | 1.65 | $ | 1.92 | ||||
Diluted | $ | 1.35 | $ | 1.63 | $ | 1.92 | ||||
Anti-dilutive common shares excluded from calculation: | ||||||||||
Stock options and stock appreciation rights | 55,184 | 91,902 | 144,535 | |||||||
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |||||||
Loan Commitments and Standby Letters of Credit [Table Text Block] | The total amounts of loan commitments and standby letters of credit at December 31 are summarized as follows: | ||||||
(Dollars in thousands) | 2014 | 2013 | |||||
Home equity lines of credit | $ | 62,704 | $ | 49,533 | |||
Unadvanced construction loans | 46,781 | 30,203 | |||||
Other loan commitments | 173,746 | 137,661 | |||||
Loan commitments | 283,231 | 217,397 | |||||
Standby letters of credit | $ | 30,837 | $ | 33,998 | |||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Regulatory Matters [Abstract] | |||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Peoples and Peoples Bank's actual capital amounts and ratios as of December 31 are also presented in the following table: | ||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | |||||||||
PEOPLES | |||||||||||||
Total Capital (1) | |||||||||||||
Actual | $ | 261,371 | 15.5 | % | $ | 184,457 | 13.8 | % | |||||
For capital adequacy | 135,037 | 8 | % | 107,105 | 8 | % | |||||||
To be well capitalized | 168,797 | 10 | % | 133,881 | 10 | % | |||||||
Tier 1 (2) | |||||||||||||
Actual | $ | 241,707 | 14.3 | % | $ | 166,217 | 12.4 | % | |||||
For capital adequacy | 67,519 | 4 | % | 53,552 | 4 | % | |||||||
To be well capitalized | 101,278 | 6 | % | 80,329 | 6 | % | |||||||
Tier 1 Leverage (3) | |||||||||||||
Actual | $ | 241,707 | 9.9 | % | $ | 166,217 | 8.5 | % | |||||
For capital adequacy | 97,470 | 4 | % | 78,080 | 4 | % | |||||||
To be well capitalized | 121,837 | 5 | % | 97,600 | 5 | % | |||||||
Net Risk-Weighted Assets | $ | 1,687,968 | $ | 1,338,811 | |||||||||
PEOPLES BANK | |||||||||||||
Total Capital (1) | |||||||||||||
Actual | $ | 223,591 | 13.3 | % | $ | 188,814 | 14.1 | % | |||||
For capital adequacy | 134,928 | 8 | % | 106,961 | 8 | % | |||||||
To be well capitalized | 168,660 | 10 | % | 133,701 | 10 | % | |||||||
Tier 1 (2) | |||||||||||||
Actual | $ | 205,710 | 12.2 | % | $ | 172,097 | 12.9 | % | |||||
For capital adequacy | 67,464 | 4 | % | 53,480 | 4 | % | |||||||
To be well capitalized | 101,196 | 6 | % | 80,220 | 6 | % | |||||||
Tier 1 Leverage (3) | |||||||||||||
Actual | $ | 205,710 | 8.5 | % | $ | 172,097 | 8.8 | % | |||||
For capital adequacy | 97,333 | 4 | % | 77,830 | 4 | % | |||||||
To be well capitalized | 121,666 | 5 | % | 97,288 | 5 | % | |||||||
Net Risk-Weighted Assets | $ | 1,686,603 | $ | 1,337,008 | |||||||||
(1) Ratio represents total capital to net risk-weighted assets | |||||||||||||
(2) Ratio represents Tier 1 capital to net risk-weighted assets | |||||||||||||
(3) Ratio represents Tier 1 capital to average assets | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following summarizes the changes to Peoples' outstanding stock options for the year ended December 31, 2014: | ||||||||||||||
Number of Common Shares Subject to Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life | Aggregate Intrinsic Value | ||||||||||||
Outstanding at January 1 | 57,094 | $ | 27.96 | ||||||||||||
Exercised | 2,792 | 25.41 | |||||||||||||
Expired | 15,725 | 28.08 | |||||||||||||
Outstanding at December 31 | 38,577 | $ | 28.09 | 0.8 years | $ | — | |||||||||
Exercisable at December 31 | 38,577 | — | $ | 28.09 | 0.8 years | $ | — | ||||||||
Schedule of Stock Options Outstanding & Exercisable by Exercise Price Range | The following table summarizes Peoples’ stock options outstanding at December 31, 2014: | ||||||||||||||
Options Outstanding & Exercisable | |||||||||||||||
Range of Exercise Prices | Common Shares Subject to Options Outstanding | Weighted-Average Remaining Contractual Life | Weighted-Average | ||||||||||||
Exercise Price | |||||||||||||||
$26.01 | to | $27.74 | 13,680 | 0.2 years | $ | 26.86 | |||||||||
$28.25 | to | $28.26 | 13,697 | 1.1 years | 28.25 | ||||||||||
$28.57 | to | $30.00 | 11,200 | 1.3 years | 29.4 | ||||||||||
Total | 38,577 | 0.8 years | $ | 28.09 | |||||||||||
The following table summarizes Peoples’ SARs outstanding at December 31, 2014: | |||||||||||||||
Exercise Price | Number of Common Shares Subject to SARs Outstanding & Exercisable | Weighted- | |||||||||||||
Average Remaining Contractual | |||||||||||||||
Life | |||||||||||||||
$23.26 | 2,000 | 2.6 years | |||||||||||||
$23.77 | 10,582 | 2.9 years | |||||||||||||
$29.25 | 8,710 | 2.0 years | |||||||||||||
Total | 21,292 | 2.5 years | |||||||||||||
Schedule of Stock Appreciation Rights Outstanding & Exercisable by Exercise Price | The following summarizes the changes to Peoples' outstanding SARs for the year ended December 31, 2014: | ||||||||||||||
Number of Common Shares Subject to SARs | Weighted- | Weighted- | Aggregate Intrinsic | ||||||||||||
Average | Average | Value | |||||||||||||
Exercise | Remaining Contractual | ||||||||||||||
Price | Life | ||||||||||||||
Outstanding at January 1 | 21,292 | $ | 25.96 | ||||||||||||
Outstanding at December 31 | 21,292 | $ | 25.96 | 2.5 years | $ | 28,000 | |||||||||
Exercisable at December 31 | 21,292 | $ | 25.96 | 2.5 years | $ | 28,000 | |||||||||
Schedule of Restricted Shares Activity | The following summarizes the changes to Peoples’ outstanding restricted common shares for the year ended December 31, 2014: | ||||||||||||||
Time Vesting | Performance Vesting | ||||||||||||||
Number of Common Shares | Weighted-Average Grant Date Fair Value | Number of Common Shares | Weighted-Average Grant Date Fair Value | ||||||||||||
Outstanding at January 1 | 60,206 | $ | 17.18 | 85,254 | $ | 20.98 | |||||||||
Awarded | 18,412 | 24.6 | 83,514 | 21.68 | |||||||||||
Released | 31,027 | 18.07 | 37,746 | 19.93 | |||||||||||
Forfeited | — | — | 5,943 | 21.73 | |||||||||||
Outstanding at December 31 | 47,591 | $ | 19.48 | 125,079 | $ | 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 at December 31: | ||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Total stock-based compensation | $ | 2,111 | $ | 1,362 | $ | 942 | |||||||||
Recognized tax benefit | (739 | ) | (477 | ) | (330 | ) | |||||||||
Net expense recognized | $ | 1,372 | $ | 885 | $ | 612 | |||||||||
Acquisitions_Acquisitions_Purc
Acquisitions Acquisitions Purchase Price and Fair Value of Assets Acquired and Liabilities Assumed (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Business Combinations [Abstract] | ||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table provides the purchase price calculation as of the dates of acquisition for the three bank acquisitions, and the assets acquired and liabilities assumed at their estimated fair values. | |||||||||
(Dollars in thousands, except per share data) | Midwest | Ohio Heritage | North Akron | |||||||
Purchase Price | ||||||||||
Common shares outstanding at merger announcement | 192,500 | 342,458 | 2,630 | |||||||
Cash purchase price per share | $ | 32.75 | $ | 16.5 | $ | 1,531.00 | ||||
Cash consideration | 6,304 | 5,650 | 4,027 | |||||||
Number of common shares of Peoples issued for each common share of acquired company | 1.33 | 3.99 | 253.06 | |||||||
Price per Peoples common share, based on merger agreement | $ | 24.6 | $ | 23.46 | $ | 24.2 | ||||
Common share consideration | 6,305 | 32,020 | 16,106 | |||||||
Total purchase price | $ | 12,609 | $ | 37,670 | $ | 20,133 | ||||
Net Assets at Fair Value | ||||||||||
Assets | ||||||||||
Cash and cash equivalents | $ | 3,562 | $ | 18,231 | $ | 11,028 | ||||
Investment securities | 23,198 | 28,865 | 17,597 | |||||||
Loans, including loans held for sale, net of deferred fees and costs | 58,716 | 175,800 | 111,525 | |||||||
Bank premises and equipment, net | 1,446 | 4,943 | 1,815 | |||||||
Other intangible assets | 976 | 2,421 | 1,389 | |||||||
Other assets | 1,089 | 9,330 | 1,090 | |||||||
Total assets | 88,987 | 239,590 | 144,444 | |||||||
Liabilities | ||||||||||
Deposits | 77,945 | 174,881 | 108,102 | |||||||
Borrowings | — | 42,440 | 24,209 | |||||||
Accrued expenses and other liabilities | 109 | 2,646 | 212 | |||||||
Total liabilities | 78,054 | 219,967 | 132,523 | |||||||
Net assets | $ | 10,933 | $ | 19,623 | $ | 11,921 | ||||
Goodwill | $ | 1,676 | $ | 18,047 | $ | 8,212 | ||||
Acquisitions_Acquisitions_Fair
Acquisitions Acquisitions, Fair Value of Loans Acquired (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Business Combinations [Abstract] | ||||||||||
Acquired Loans at Fair Value [Table Text Block] | Acquired loans are reported net of the unamortized fair value adjustment. The following table details the fair value adjustment for acquired loans as of the acquisition date: | |||||||||
(Dollars in thousands, except per share data) | Midwest | Ohio Heritage | North Akron | |||||||
Nonimpaired Loans | ||||||||||
Contractual cash flows | $ | 81,931 | $ | 241,575 | $ | 154,933 | ||||
Nonaccretable difference | 15,786 | 23,227 | 19,162 | |||||||
Expected cash flows | 66,145 | 218,348 | 135,771 | |||||||
Accretable yield | 12,969 | 49,730 | 30,471 | |||||||
Fair value | $ | 53,176 | $ | 168,618 | $ | 105,300 | ||||
Purchase Credit Impaired Loans | ||||||||||
Contractual cash flows | $ | 10,782 | $ | 13,550 | $ | 11,477 | ||||
Nonaccretable difference | 4,491 | 4,884 | 4,439 | |||||||
Expected cash flows | 6,291 | 8,666 | 7,038 | |||||||
Accretable yield | 751 | 1,484 | 813 | |||||||
Fair value | $ | 5,540 | $ | 7,182 | $ | 6,225 | ||||
Parent_Company_Only_Financial_1
Parent Company Only Financial Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Parent Company Only Financial Information [Abstract] | ||||||||||
Schedule of Condensed Balance Sheet | ||||||||||
Condensed Balance Sheets | December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||
Assets: | ||||||||||
Cash and due from other banks | $ | 50 | $ | 50 | ||||||
Interest-bearing deposits in subsidiary bank | 41,666 | 5,541 | ||||||||
Receivable from subsidiary bank | 1,015 | 828 | ||||||||
Available-for-sale investment securities, at fair value (amortized cost of $1,255 at December 31, 2014 and $1,213 at December 31, 2013) | 5,214 | 4,548 | ||||||||
Investments in subsidiaries: | ||||||||||
Bank | 281,360 | 205,167 | ||||||||
Non-bank | 30,693 | 30,527 | ||||||||
Other assets | 878 | 854 | ||||||||
Total assets | $ | 360,876 | $ | 247,515 | ||||||
Liabilities: | ||||||||||
Accrued expenses and other liabilities | $ | 6,365 | $ | 6,815 | ||||||
Dividends payable | 24 | — | ||||||||
Long-term borrowings | 14,369 | 19,147 | ||||||||
Total liabilities | 20,758 | 25,962 | ||||||||
Common stockholders' equity | 340,118 | 221,553 | ||||||||
Total stockholders' equity | 340,118 | 221,553 | ||||||||
Total liabilities and stockholders' equity | $ | 360,876 | $ | 247,515 | ||||||
Schedule of Condensed Income Statement | ||||||||||
Condensed Statements of Income | Year Ended December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | |||||||
Income: | ||||||||||
Dividends from subsidiary bank | $ | 21,000 | $ | 15,000 | $ | 12,750 | ||||
Dividends from non-bank subsidiary | 500 | — | — | |||||||
Net gain on securities transactions | — | — | 273 | |||||||
Net loss on other transactions | — | — | (1,033 | ) | ||||||
Interest and other income | 205 | 132 | 205 | |||||||
Total income | 21,705 | 15,132 | 12,195 | |||||||
Expenses: | ||||||||||
Interest expense on junior subordinated debentures held by subsidiary trust | — | — | 1,948 | |||||||
Intercompany management fees | 1,546 | 1,257 | 1,049 | |||||||
Other expense | 4,578 | 3,411 | 2,216 | |||||||
Total expenses | 6,124 | 4,668 | 5,213 | |||||||
Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries | 15,581 | 10,464 | 6,982 | |||||||
Applicable income tax benefit | (2,102 | ) | (1,510 | ) | (2,127 | ) | ||||
(Excess dividends from) equity in undistributed earnings of subsidiaries | (999 | ) | 5,600 | 11,276 | ||||||
Net income | $ | 16,684 | $ | 17,574 | $ | 20,385 | ||||
Schedule of Condensed Cash Flow Statement | ||||||||||
Statements of Cash Flows | Year Ended December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | |||||||
Operating activities | ||||||||||
Net income | $ | 16,684 | $ | 17,574 | $ | 20,385 | ||||
Adjustment to reconcile net income to cash provided by operations: | ||||||||||
Excess dividends from (equity in) undistributed earnings of subsidiaries | 999 | (5,600 | ) | (11,276 | ) | |||||
Gain on investment securities | — | — | (273 | ) | ||||||
Loss on debt extinguishment | — | — | 1,033 | |||||||
Other, net | 1,809 | 1,803 | (663 | ) | ||||||
Net cash provided by operating activities | 19,492 | 13,777 | 9,206 | |||||||
Investing activities | ||||||||||
Net proceeds from sales and maturities of investment securities | — | — | 273 | |||||||
Investment in subsidiaries | (28,574 | ) | — | (9,815 | ) | |||||
Change in receivable from subsidiary | 17,009 | (619 | ) | 3,814 | ||||||
Business acquisitions, net of cash received | (42 | ) | — | — | ||||||
Net cash used in investing activities | (11,607 | ) | (619 | ) | (5,728 | ) | ||||
Financing activities | ||||||||||
Proceeds from long-term borrowings | — | — | 24,000 | |||||||
Payments on long-term borrowings | (4,800 | ) | (4,800 | ) | — | |||||
Redemption of junior subordinated debentures | — | — | (23,668 | ) | ||||||
Purchase of treasury stock | (520 | ) | (228 | ) | (1,357 | ) | ||||
Proceeds from issuance of common stock | 40,242 | 8 | 6 | |||||||
Cash dividends paid | (6,767 | ) | (5,419 | ) | (4,457 | ) | ||||
Excess tax benefit for share-based payments | 85 | 79 | 709 | |||||||
Net cash provided by (used in) financing activities | 28,240 | (10,360 | ) | (4,767 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 36,125 | 2,798 | (1,289 | ) | ||||||
Cash and cash equivalents at the beginning of year | 5,591 | 2,793 | 4,082 | |||||||
Cash and cash equivalents at the end of year | $ | 41,716 | $ | 5,591 | $ | 2,793 | ||||
Supplemental cash flow information: | ||||||||||
Interest paid | $ | 672 | $ | 915 | $ | 2,246 | ||||
Summarized_Quarterly_Informati1
Summarized Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summarized Quarterly Information (Unaudited) [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | |||||||||||||||||
2014(a) | |||||||||||||||||
(Dollars in thousands, except per share data) | First Quarter | Second Quarter(b) | Third Quarter(b) | Fourth Quarter | |||||||||||||
Total interest income | $ | 18,152 | $ | 18,614 | $ | 20,566 | $ | 22,868 | |||||||||
Total interest expense | 2,672 | 2,571 | 2,707 | 2,744 | |||||||||||||
Net interest income | 15,480 | 16,043 | 17,859 | 20,124 | |||||||||||||
Provision for (recovery of) loan losses | 8 | 583 | (380 | ) | 128 | ||||||||||||
Net gain (loss) on asset disposals and other transactions | 11 | (187 | ) | (109 | ) | (146 | ) | ||||||||||
Net (loss) gain on investment securities | (30 | ) | 66 | 124 | 238 | ||||||||||||
Other income | 10,295 | 9,719 | 9,861 | 10,178 | |||||||||||||
Intangible asset amortization | 263 | 282 | 367 | 516 | |||||||||||||
Acquisition-related expenses | 150 | 1,271 | 1,462 | 1,869 | |||||||||||||
Other expenses | 18,404 | 18,451 | 20,378 | 21,596 | |||||||||||||
Income tax expense | 2,148 | 1,577 | 1,729 | 2,040 | |||||||||||||
Net income | $ | 4,783 | $ | 3,477 | $ | 4,179 | $ | 4,245 | |||||||||
Earnings per common share - Basic | $ | 0.45 | $ | 0.32 | $ | 0.33 | $ | 0.29 | |||||||||
Earnings per common share - Diluted | $ | 0.44 | $ | 0.32 | $ | 0.32 | $ | 0.28 | |||||||||
Weighted-average common shares outstanding - Basic | 10,636,089 | 10,755,509 | 12,632,341 | 14,660,314 | |||||||||||||
Weighted-average common shares outstanding - Diluted | 10,740,884 | 10,880,090 | 12,765,880 | 14,809,289 | |||||||||||||
2013(a) | |||||||||||||||||
(Dollars in thousands, except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total interest income | $ | 16,066 | $ | 16,111 | $ | 16,509 | $ | 18,385 | |||||||||
Total interest expense | 3,091 | 2,956 | 2,833 | 2,806 | |||||||||||||
Net interest income | 12,975 | 13,155 | 13,676 | 15,579 | |||||||||||||
Recovery of loan losses | (1,065 | ) | (1,462 | ) | (919 | ) | (964 | ) | |||||||||
Net loss on asset disposals and other transactions | (5 | ) | (6 | ) | (19 | ) | (125 | ) | |||||||||
Net gain (loss) on investment securities | 418 | 26 | (1 | ) | 46 | ||||||||||||
Other income | 9,072 | 9,216 | 9,586 | 9,346 | |||||||||||||
Intangible asset amortization | 189 | 164 | 180 | 274 | |||||||||||||
Acquisition-related expenses | 65 | 37 | 182 | 1,128 | |||||||||||||
Other expenses | 15,931 | 16,221 | 16,901 | 16,993 | |||||||||||||
Income tax expense | 2,318 | 2,510 | 4,381 | 2,301 | |||||||||||||
Net income | $ | 5,022 | $ | 4,921 | $ | 2,517 | $ | 5,114 | |||||||||
Earnings per common share - Basic | $ | 0.47 | $ | 0.46 | $ | 0.24 | $ | 0.48 | |||||||||
Earnings per common share - Diluted | $ | 0.47 | $ | 0.46 | $ | 0.23 | $ | 0.47 | |||||||||
Weighted-average common shares outstanding - Basic | 10,556,261 | 10,576,643 | 10,589,126 | 10,602,266 | |||||||||||||
Weighted-average common shares outstanding - Diluted | 10,571,383 | 10,597,033 | 10,692,555 | 10,718,465 | |||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | ||
Restricted Cash | 3,500,000 | $3,000,000 |
Deferred Loan Costs | 2,400,000 | 2,300,000 |
Individual review of impairment of unpaid principal balances in excess of | 1,000,000 | |
Annual review of loan relationships in excess of | 1,000,000 | |
Unamortized Amount of Investments in Affordable Housing Limited Partnerships | 45,000 | 262,000 |
Other Real Estate Owned | 900,000 | |
Minimum | ||
Amortization period of intangibles | ||
Estimated lives | 7 years | |
Maximum | ||
Amortization period of intangibles | ||
Estimated lives | 10 years |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Nonrecurring Basis (Details) (Nonrecurring Basis, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Assets measured on nonrecurring basis | |
Losses on impaired loans charged through allowance for loan losses | $1 |
Recorded losses for other real estate owned | |
Significant Other Observable Inputs (Level 2) | |
Assets measured on nonrecurring basis | |
Impaired loans, aggregate outstanding principal balance | 2.7 |
Impaired loans, fair value | $1.60 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Recurring basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments | ||
Total held-to-maturity securities | $48,442 | $46,094 |
Total available-for-sale securities | 636,880 | 606,108 |
U.S. Treasury and government agencies | ||
Investments | ||
Total available-for-sale securities | 1 | 20 |
U.S. government sponsored agencies | ||
Investments | ||
Total available-for-sale securities | 5,950 | 319 |
States and political subdivisions | ||
Investments | ||
Total available-for-sale securities | 64,743 | 50,962 |
Residential mortgage-backed securities | ||
Investments | ||
Total available-for-sale securities | 527,291 | 510,097 |
Commercial mortgage-backed securities | ||
Investments | ||
Total available-for-sale securities | 27,847 | 32,304 |
Bank-issued trust preferred securities | ||
Investments | ||
Total available-for-sale securities | 5,645 | 7,829 |
Equity securities | ||
Investments | ||
Total available-for-sale securities | 5,403 | 4,577 |
Fair Value | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 48,442 | 46,094 |
Fair Value | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 636,880 | 606,108 |
Fair Value | U.S. Treasury and government agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 1 | 20 |
Fair Value | U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 5,950 | 319 |
Fair Value | States and political subdivisions | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 4,282 | 3,929 |
Fair Value | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 64,743 | 50,962 |
Fair Value | Residential mortgage-backed securities | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 36,740 | 34,530 |
Fair Value | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 527,291 | 510,097 |
Fair Value | Commercial mortgage-backed securities | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 7,420 | 7,635 |
Fair Value | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 27,847 | 32,304 |
Fair Value | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 5,645 | 7,829 |
Fair Value | Equity securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 5,403 | 4,577 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 5,204 | 4,443 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury and government agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial mortgage-backed securities | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 5,204 | 4,443 |
Significant Other Observable Inputs (Level 2) | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 48,442 | 46,094 |
Significant Other Observable Inputs (Level 2) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 631,676 | 601,665 |
Significant Other Observable Inputs (Level 2) | U.S. Treasury and government agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 1 | 20 |
Significant Other Observable Inputs (Level 2) | U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 5,950 | 319 |
Significant Other Observable Inputs (Level 2) | States and political subdivisions | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 4,282 | 3,929 |
Significant Other Observable Inputs (Level 2) | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 64,743 | 50,962 |
Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 36,740 | 34,530 |
Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 527,291 | 510,097 |
Significant Other Observable Inputs (Level 2) | Commercial mortgage-backed securities | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 7,420 | 7,635 |
Significant Other Observable Inputs (Level 2) | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 27,847 | 32,304 |
Significant Other Observable Inputs (Level 2) | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 5,645 | 7,829 |
Significant Other Observable Inputs (Level 2) | Equity securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 199 | 134 |
Significant Unobservable Inputs (Level 3) | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. Treasury and government agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | States and political subdivisions | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial mortgage-backed securities | Fair Value | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Equity securities | Recurring Basis | ||
Investments | ||
Total 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | $61,454 | $53,820 |
Investment securities | 713,659 | 680,526 |
Loans | 1,607,391 | 1,180,857 |
Financial liabilities: | ||
Deposits | 1,933,074 | 1,580,758 |
Short-term borrowings | 88,277 | 113,590 |
Long-term borrowings | 179,083 | 121,826 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 61,454 | 53,820 |
Investment securities | 713,633 | 677,398 |
Loans | 1,581,813 | 1,165,560 |
Financial liabilities: | ||
Deposits | 1,938,021 | 1,587,448 |
Short-term borrowings | 88,277 | 113,590 |
Long-term borrowings | $183,878 | $128,205 |
Investment_Securities_Availabl
Investment Securities Available-for-sale Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $632,967,000 | $621,126,000 |
Gross Unrealized Gains | 12,693,000 | 10,520,000 |
Gross Unrealized Losses | -8,780,000 | -25,538,000 |
Fair Value | 636,880,000 | 606,108,000 |
Securities of a single issuer, other than US Treasury, government agencies and US government sponsored agencies exceeding 10% of Stockholders' Equity | 0 | |
U.S. Treasury and government agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,000 | 20,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,000 | 20,000 |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 5,836,000 | 308,000 |
Gross Unrealized Gains | 114,000 | 11,000 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 5,950,000 | 319,000 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 62,292,000 | 50,509,000 |
Gross Unrealized Gains | 2,510,000 | 1,480,000 |
Gross Unrealized Losses | -59,000 | -1,027,000 |
Fair Value | 64,743,000 | 50,962,000 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 529,245,000 | 527,283,000 |
Gross Unrealized Gains | 5,910,000 | 5,334,000 |
Gross Unrealized Losses | -7,864,000 | -22,520,000 |
Fair Value | 527,291,000 | 510,097,000 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 28,021,000 | 33,256,000 |
Gross Unrealized Gains | 112,000 | 274,000 |
Gross Unrealized Losses | -286,000 | -1,226,000 |
Fair Value | 27,847,000 | 32,304,000 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 6,132,000 | 8,508,000 |
Gross Unrealized Gains | 3,000 | 0 |
Gross Unrealized Losses | -490,000 | -679,000 |
Fair Value | 5,645,000 | 7,829,000 |
Equity securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,440,000 | 1,242,000 |
Gross Unrealized Gains | 4,044,000 | 3,421,000 |
Gross Unrealized Losses | -81,000 | -86,000 |
Fair Value | $5,403,000 | $4,577,000 |
Investment_Securities_Availabl1
Investment Securities Available-for-sale gross gains and losses realized (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gross gains and gross losses realized from sales of available-for-sale securities: | |||
Gross gains realized | $1,136 | $3,358 | $4,306 |
Gross losses realized | 738 | 2,869 | 758 |
Net gain realized | $398 | $489 | $3,548 |
Investment_Securities_Availabl2
Investment Securities Available-for-sale Securities with Unrealized Losses (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
securities | securities | |
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | $116,660,000 | $347,736,000 |
Unrealized loss less than 12 months | 1,105,000 | 18,237,000 |
Number of securities at an unrealized loss position less than 12 months | 27 | 102 |
Fair value of securities in unrealized loss more than 12 months | 244,021,000 | 75,725,000 |
Unrealized loss more than 12 months | 7,675,000 | 7,301,000 |
Number of securities at an unrealized loss position more than 12 months | 73 | 38 |
Fair value of securities in unrealized loss | 360,681,000 | 423,461,000 |
Unrealized loss | 8,780,000 | 25,538,000 |
Other-than-temporary impairments | 0 | |
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 less than 12 months | 99.00% | |
Mortgage-backed securities privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
Number of securities at an unrealized loss position less than 12 months | 3 | |
Securities in unrealized loss position with fair value less than 90% of book value | 2 | |
Percentage of mortgage-backed securities in unrealized loss position for less than 12 months | 1.00% | |
Fair value within book value | 90.00% | |
U.S. Treasury and government agencies | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | 0 |
Unrealized loss less than 12 months | 0 | 0 |
Number of securities at an unrealized loss position less than 12 months | 0 | 0 |
Fair value of securities in unrealized loss more than 12 months | 0 | 0 |
Unrealized loss more than 12 months | 0 | 0 |
Number of securities at an unrealized loss position more than 12 months | 0 | 0 |
Fair value of securities in unrealized loss | 0 | 0 |
Unrealized loss | 0 | 0 |
U.S. government sponsored agencies | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | 0 |
Unrealized loss less than 12 months | 0 | 0 |
Number of securities at an unrealized loss position less than 12 months | 0 | 0 |
Fair value of securities in unrealized loss more than 12 months | 0 | 0 |
Unrealized loss more than 12 months | 0 | 0 |
Number of securities at an unrealized loss position more than 12 months | 0 | 0 |
Fair value of securities in unrealized loss | 0 | 0 |
Unrealized loss | 0 | 0 |
States and political subdivisions | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 2,602,000 | 15,848,000 |
Unrealized loss less than 12 months | 12,000 | 659,000 |
Number of securities at an unrealized loss position less than 12 months | 4 | 22 |
Fair value of securities in unrealized loss more than 12 months | 5,788,000 | 6,180,000 |
Unrealized loss more than 12 months | 47,000 | 368,000 |
Number of securities at an unrealized loss position more than 12 months | 8 | 10 |
Fair value of securities in unrealized loss | 8,390,000 | 22,028,000 |
Unrealized loss | 59,000 | 1,027,000 |
Residential mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 114,018,000 | 310,315,000 |
Unrealized loss less than 12 months | 1,091,000 | 16,709,000 |
Number of securities at an unrealized loss position less than 12 months | 21 | 75 |
Fair value of securities in unrealized loss more than 12 months | 216,224,000 | 57,440,000 |
Unrealized loss more than 12 months | 6,773,000 | 5,811,000 |
Number of securities at an unrealized loss position more than 12 months | 57 | 20 |
Fair value of securities in unrealized loss | 330,242,000 | 367,755,000 |
Unrealized loss | 7,864,000 | 22,520,000 |
Commercial mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | 19,560,000 |
Unrealized loss less than 12 months | 0 | 779,000 |
Number of securities at an unrealized loss position less than 12 months | 0 | 4 |
Fair value of securities in unrealized loss more than 12 months | 19,404,000 | 7,205,000 |
Unrealized loss more than 12 months | 286,000 | 447,000 |
Number of securities at an unrealized loss position more than 12 months | 4 | 2 |
Fair value of securities in unrealized loss | 19,404,000 | 26,765,000 |
Unrealized loss | 286,000 | 1,226,000 |
Bank-issued trust preferred securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | 2,013,000 |
Unrealized loss less than 12 months | 0 | 90,000 |
Number of securities at an unrealized loss position less than 12 months | 0 | 1 |
Fair value of securities in unrealized loss more than 12 months | 2,509,000 | 4,803,000 |
Unrealized loss more than 12 months | 490,000 | 589,000 |
Number of securities at an unrealized loss position more than 12 months | 3 | 4 |
Fair value of securities in unrealized loss | 2,509,000 | 6,816,000 |
Unrealized loss | 490,000 | 679,000 |
Number of available-for-sale securities in unrealized loss position | 3 | |
Equity securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 40,000 | 0 |
Unrealized loss less than 12 months | 2,000 | 0 |
Number of securities at an unrealized loss position less than 12 months | 2 | 0 |
Fair value of securities in unrealized loss more than 12 months | 96,000 | 97,000 |
Unrealized loss more than 12 months | 79,000 | 86,000 |
Number of securities at an unrealized loss position more than 12 months | 1 | 2 |
Fair value of securities in unrealized loss | 136,000 | 97,000 |
Unrealized loss | 81,000 | 86,000 |
Fair Value Less Than 90 Percent of Book Value | Mortgage-backed securities privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss more than 12 months | 600,000 | |
Mortgage-backed securities in unrealized loss position for less than 12 months, aggregate book value | $900,000 |
Investment_Securities_Availabl3
Investment Securities Available-for-sale Securities by Maturities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments [Abstract] | |||
Federal income tax rate | 35.00% | 35.00% | 35.00% |
Schedule of Available-for-sale Securities | |||
Amortized cost of securities maturing within 1 year | $277 | ||
Amortized cost of securities maturing in 1-5 years | 17,883 | ||
Amortized cost of securities maturing in 5-10 years | 77,404 | ||
Total amortized cost of securities maturing in over 10 years | 535,963 | ||
Available-for-sale securities, amortized cost | 632,967 | 621,126 | |
Fair value of securities maturing within 1 year | 284 | ||
Fair value of securities maturing in 1-5 years | 18,158 | ||
Fair value of securities maturing in 5-10 years | 78,199 | ||
Total fair value of securities maturing in over 10 years | 534,836 | ||
Fair Value | 636,880 | 606,108 | |
Average yield of securities maturing within 1 year | 4.59% | ||
Average yield of securities maturing in 1-5 years | 3.04% | ||
Average yield of securities maturing in 5-10 years | 2.80% | ||
Average yield of securities maturing in over 10 years | 2.63% | ||
Total average yield | 2.68% | ||
U.S. Treasury and government agencies | |||
Schedule of Available-for-sale Securities | |||
Amortized cost of securities maturing within 1 year | 1 | ||
Amortized cost of securities maturing in 1-5 years | 0 | ||
Amortized cost of securities maturing in 5-10 years | 0 | ||
Amortized cost of securities maturing in over 10 years | 0 | ||
Total amortized cost | 1 | ||
Available-for-sale securities, amortized cost | 1 | 20 | |
Fair value of securities maturing within 1 year | 1 | ||
Fair value of securities maturing in 1-5 years | 0 | ||
Fair value of securities maturing in 5-10 years | 0 | ||
Fair value of securities maturing in over 10 years | 0 | ||
Total fair value | 1 | ||
Fair Value | 1 | 20 | |
U.S. government sponsored agencies | |||
Schedule of Available-for-sale Securities | |||
Amortized cost of securities maturing within 1 year | 0 | ||
Amortized cost of securities maturing in 1-5 years | 983 | ||
Amortized cost of securities maturing in 5-10 years | 0 | ||
Amortized cost of securities maturing in over 10 years | 4,853 | ||
Total amortized cost | 5,836 | ||
Available-for-sale securities, amortized cost | 5,836 | 308 | |
Fair value of securities maturing within 1 year | 0 | ||
Fair value of securities maturing in 1-5 years | 999 | ||
Fair value of securities maturing in 5-10 years | 0 | ||
Fair value of securities maturing in over 10 years | 4,951 | ||
Total fair value | 5,950 | ||
Fair Value | 5,950 | 319 | |
States and political subdivisions | |||
Schedule of Available-for-sale Securities | |||
Amortized cost of securities maturing within 1 year | 276 | ||
Amortized cost of securities maturing in 1-5 years | 4,732 | ||
Amortized cost of securities maturing in 5-10 years | 25,177 | ||
Amortized cost of securities maturing in over 10 years | 32,107 | ||
Total amortized cost | 62,292 | ||
Available-for-sale securities, amortized cost | 62,292 | 50,509 | |
Fair value of securities maturing within 1 year | 283 | ||
Fair value of securities maturing in 1-5 years | 4,978 | ||
Fair value of securities maturing in 5-10 years | 26,021 | ||
Fair value of securities maturing in over 10 years | 33,461 | ||
Total fair value | 64,743 | ||
Fair Value | 64,743 | 50,962 | |
Residential mortgage-backed securities | |||
Schedule of Available-for-sale Securities | |||
Amortized cost of securities maturing within 1 year | 0 | ||
Amortized cost of securities maturing in 1-5 years | 12,168 | ||
Amortized cost of securities maturing in 5-10 years | 29,207 | ||
Amortized cost of securities maturing in over 10 years | 487,870 | ||
Total amortized cost | 529,245 | ||
Available-for-sale securities, amortized cost | 529,245 | 527,283 | |
Fair value of securities maturing within 1 year | 0 | ||
Fair value of securities maturing in 1-5 years | 12,181 | ||
Fair value of securities maturing in 5-10 years | 29,419 | ||
Fair value of securities maturing in over 10 years | 485,691 | ||
Total fair value | 527,291 | ||
Fair Value | 527,291 | 510,097 | |
Commercial mortgage-backed securities | |||
Schedule of Available-for-sale Securities | |||
Amortized cost of securities maturing within 1 year | 0 | ||
Amortized cost of securities maturing in 1-5 years | 0 | ||
Amortized cost of securities maturing in 5-10 years | 23,020 | ||
Amortized cost of securities maturing in over 10 years | 5,001 | ||
Total amortized cost | 28,021 | ||
Available-for-sale securities, amortized cost | 28,021 | 33,256 | |
Fair value of securities maturing within 1 year | 0 | ||
Fair value of securities maturing in 1-5 years | 0 | ||
Fair value of securities maturing in 5-10 years | 22,759 | ||
Fair value of securities maturing in over 10 years | 5,088 | ||
Total fair value | 27,847 | ||
Fair Value | 27,847 | 32,304 | |
Bank-issued trust preferred securities | |||
Schedule of Available-for-sale Securities | |||
Amortized cost of other securities maturing in over 10 years | 6,132 | ||
Amortized cost of other securities | 6,132 | ||
Available-for-sale securities, amortized cost | 6,132 | 8,508 | |
Fair value of other securities maturing in over 10 years | 5,645 | ||
Fair value of other securities | 5,645 | ||
Fair Value | 5,645 | 7,829 | |
Equity securities | |||
Schedule of Available-for-sale Securities | |||
Amortized cost of other securities | 1,440 | ||
Available-for-sale securities, amortized cost | 1,440 | 1,242 | |
Fair value of other securities | 5,403 | ||
Fair Value | $5,403 | $4,577 |
Investment_Securities_Heldtoma
Investment Securities Held-to-maturity Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Held-to-maturity Securities | |||
Amortized Cost | $48,468,000 | $49,222,000 | |
Gross Unrealized Gains | 646,000 | 128,000 | |
Gross Unrealized Losses | -672,000 | -3,256,000 | |
Fair Value | 48,442,000 | 46,094,000 | |
Gross realized gains or losses | 0 | 0 | 0 |
States and political subdivisions | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 3,841,000 | 3,850,000 | |
Gross Unrealized Gains | 448,000 | 91,000 | |
Gross Unrealized Losses | -7,000 | -12,000 | |
Fair Value | 4,282,000 | 3,929,000 | |
Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 36,945,000 | 37,536,000 | |
Gross Unrealized Gains | 189,000 | 35,000 | |
Gross Unrealized Losses | -394,000 | -3,041,000 | |
Fair Value | 36,740,000 | 34,530,000 | |
Commercial mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 7,682,000 | 7,836,000 | |
Gross Unrealized Gains | 9,000 | 2,000 | |
Gross Unrealized Losses | -271,000 | -203,000 | |
Fair Value | $7,420,000 | $7,635,000 |
Investment_Securities_Heldtoma1
Investment Securities Held-to-maturity Securities with Unrealized Loss (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | securities | securities |
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | $0 | $38,209 |
Unrealized loss less than 12 months | 0 | 3,123 |
Number of securities at an unrealized loss position less than 12 months | 0 | 9 |
Fair value of securities in unrealized loss more than 12 months | 24,921 | 1,181 |
Unrealized loss more than 12 months | 672 | 133 |
Number of securities at an unrealized loss position more than 12 months | 7 | 1 |
Total fair value | 24,921 | 39,390 |
Unrealized loss | 672 | 3,256 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | 321 |
Unrealized loss less than 12 months | 0 | 12 |
Number of securities at an unrealized loss position less than 12 months | 0 | 1 |
Fair value of securities in unrealized loss more than 12 months | 323 | 0 |
Unrealized loss more than 12 months | 7 | 0 |
Number of securities at an unrealized loss position more than 12 months | 1 | 0 |
Total fair value | 323 | 321 |
Unrealized loss | 7 | 12 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | 31,341 |
Unrealized loss less than 12 months | 0 | 2,908 |
Number of securities at an unrealized loss position less than 12 months | 0 | 7 |
Fair value of securities in unrealized loss more than 12 months | 18,242 | 1,181 |
Unrealized loss more than 12 months | 394 | 133 |
Number of securities at an unrealized loss position more than 12 months | 5 | 1 |
Total fair value | 18,242 | 32,522 |
Unrealized loss | 394 | 3,041 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | 6,547 |
Unrealized loss less than 12 months | 0 | 203 |
Number of securities at an unrealized loss position less than 12 months | 0 | 1 |
Fair value of securities in unrealized loss more than 12 months | 6,356 | 0 |
Unrealized loss more than 12 months | 271 | 0 |
Number of securities at an unrealized loss position more than 12 months | 1 | 0 |
Total fair value | 6,356 | 6,547 |
Unrealized loss | $271 | $203 |
Investment_Securities_Heldtoma2
Investment Securities Held-to-maturity Securities by Maturities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments [Abstract] | |||
Federal income tax rate | 35.00% | 35.00% | 35.00% |
Schedule of Held-to-maturity Securities | |||
Amortized cost of securities maturing within 1 year | $0 | ||
Amortized cost of securities maturing in 1-5 years | 0 | ||
Amortized cost of securities maturing in 5-10 years | 836 | ||
Amortized cost of securities maturing in over 10 years | 47,632 | ||
Total amortized cost | 48,468 | 49,222 | |
Fair value of securities maturing within 1 year | 0 | ||
Fair value of securities maturing in 1-5 years | 0 | ||
Fair value of securities maturing in 5-10 years | 831 | ||
Fair value of securities maturing in over 10 years | 47,611 | ||
Fair Value | 48,442 | 46,094 | |
Average yield of securities maturing within 1 year | 0.00% | ||
Average yield of securities maturing in 1-5 years | 0.00% | ||
Average yield of securities maturing in 5-10 years | 2.61% | ||
Average yield of securities maturing in over 10 years | 2.77% | ||
Total average yield | 2.76% | ||
States and political subdivisions | |||
Schedule of Held-to-maturity Securities | |||
Amortized cost of securities maturing within 1 year | 0 | ||
Amortized cost of securities maturing in 1-5 years | 0 | ||
Amortized cost of securities maturing in 5-10 years | 329 | ||
Amortized cost of securities maturing in over 10 years | 3,512 | ||
Total amortized cost | 3,841 | 3,850 | |
Fair value of securities maturing within 1 year | 0 | ||
Fair value of securities maturing in 1-5 years | 0 | ||
Fair value of securities maturing in 5-10 years | 323 | ||
Fair value of securities maturing in over 10 years | 3,959 | ||
Fair Value | 4,282 | 3,929 | |
Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized cost of securities maturing within 1 year | 0 | ||
Amortized cost of securities maturing in 1-5 years | 0 | ||
Amortized cost of securities maturing in 5-10 years | 507 | ||
Amortized cost of securities maturing in over 10 years | 36,438 | ||
Total amortized cost | 36,945 | 37,536 | |
Fair value of securities maturing within 1 year | 0 | ||
Fair value of securities maturing in 1-5 years | 0 | ||
Fair value of securities maturing in 5-10 years | 508 | ||
Fair value of securities maturing in over 10 years | 36,232 | ||
Fair Value | 36,740 | 34,530 | |
Commercial mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized cost of securities maturing within 1 year | 0 | ||
Amortized cost of securities maturing in 1-5 years | 0 | ||
Amortized cost of securities maturing in 5-10 years | 0 | ||
Amortized cost of securities maturing in over 10 years | 7,682 | ||
Total amortized cost | 7,682 | 7,836 | |
Fair value of securities maturing within 1 year | 0 | ||
Fair value of securities maturing in 1-5 years | 0 | ||
Fair value of securities maturing in 5-10 years | 0 | ||
Fair value of securities maturing in over 10 years | 7,420 | ||
Fair Value | $7,420 | $7,635 |
Investment_Securities_Pledged_
Investment Securities Pledged Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments [Abstract] | ||
Carrying value of available-for-sale securities pledged to secure public and trust department deposits and repurchase agreements | $352.80 | $303.80 |
Carrying value of held-to-maturity securities pledged to secure public and trust department deposits and repurchase agreements | 22.9 | 21.4 |
Carrying value of available-for-sale securities pledged to secure additional borrowing capacity at FHLB and FRB | 13.5 | 16.2 |
Carrying value of held-to-maturity securities pledged to secure additional borrowing capacity at FHLB and FRB | $24.50 | $25.90 |
Loans_Narrative_Details
Loans (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Loans | ||
Additional commitments to lend funds to debtors whose terms have been modified in a TDR | $40,000 | |
Residential real estate | ||
Loans | ||
Pledged commercial and residential loans to secure borrowings from FHLB and FRB | 457,100,000 | 259,100,000 |
Commerical Loans | ||
Loans | ||
Pledged commercial and residential loans to secure borrowings from FHLB and FRB | $150,700,000 | $113,000,000 |
Loans_Loan_Balances_By_Classif
Loans Loan Balances By Classification (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans | ||
Balance | $1,620,898 | $1,196,234 |
Commercial real estate, construction | ||
Loans | ||
Balance | 1,620,898 | 1,196,234 |
Originated Loan | ||
Loans | ||
Balance | 1,212,014 | 1,085,496 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
Balance | 37,901 | 44,703 |
Originated Loan | Commercial real estate, other | ||
Loans | ||
Balance | 434,660 | 394,532 |
Originated Loan | Commercial real estate | ||
Loans | ||
Balance | 472,561 | 439,235 |
Originated Loan | Commercial and industrial | ||
Loans | ||
Balance | 249,975 | 206,276 |
Originated Loan | Residential real estate | ||
Loans | ||
Balance | 254,169 | 248,883 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
Balance | 62,463 | 55,178 |
Originated Loan | Consumer | ||
Loans | ||
Balance | 169,913 | 133,864 |
Originated Loan | Deposit account overdrafts | ||
Loans | ||
Balance | 2,933 | 2,060 |
Acquired Loans | ||
Loans | ||
Balance | 408,884 | 110,738 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Balance | 1,051 | 2,836 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Balance | 121,475 | 55,638 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Balance | 122,526 | 58,474 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Balance | 30,056 | 26,478 |
Acquired Loans | Residential real estate | ||
Loans | ||
Balance | 225,274 | 19,734 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Balance | 18,232 | 4,898 |
Acquired Loans | Consumer | ||
Loans | ||
Balance | $12,796 | $1,154 |
Loans_Purchased_credit_impaire
Loans Purchased credit impaired loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Purchased credit impaired loans | ||
Outstanding balance of purchased credit impaired loans | $24,292 | $2,277 |
Carrying amount of purchased credit impaired loans | 19,067 | 1,875 |
Commercial real estate | ||
Purchased credit impaired loans | ||
Outstanding balance of purchased credit impaired loans | 7,762 | 963 |
Commercial and industrial | ||
Purchased credit impaired loans | ||
Outstanding balance of purchased credit impaired loans | 1,041 | 78 |
Residential real estate | ||
Purchased credit impaired loans | ||
Outstanding balance of purchased credit impaired loans | 15,183 | 1,236 |
Consumer | ||
Purchased credit impaired loans | ||
Outstanding balance of purchased credit impaired loans | $306 | $0 |
Loans_Accretable_Yield_Rollfor
Loans Accretable Yield Rollforward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans | ||
Accretable Yield | $3,172 | $103 |
Reclassification from nonaccretable to accretable | 402 | |
Accretion | -381 | |
Midwest Bancshares, Inc. | ||
Loans | ||
Accretable Yield | 750 | |
Ohio Heritage Bancorp, Inc. | ||
Loans | ||
Accretable Yield | 1,485 | |
North Akron Savings Bank | ||
Loans | ||
Accretable Yield | $813 |
Loans_Related_Party_Loans_Deta
Loans Related Party Loans (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Loans | |
Loans and Leases Receivable, Related Parties | $11,359 |
Loans and Leases Receivable, Related Parties, Additions | 11,139 |
Proceeds from (Repayments of) Related Party Debt | 7,940 |
Other related party changes | -560 |
Loans and Leases Receivable, Related Parties | $13,998 |
Loans_Nonaccrual_and_Past_Due_
Loans Nonaccrual and Past Due Loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans | ||
Nonaccrual Loans | $8,406 | $5,934 |
Accruing Loans 90 Days Past Due | 2,799 | 1,240 |
Originated Loan | ||
Loans | ||
Nonaccrual Loans | 7,270 | 5,734 |
Accruing Loans 90 Days Past Due | 840 | 1,072 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
Nonaccrual Loans | 0 | 0 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Commercial real estate, other | ||
Loans | ||
Nonaccrual Loans | 2,575 | 2,798 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Commercial real estate | ||
Loans | ||
Nonaccrual Loans | 2,575 | 2,798 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Commercial and industrial | ||
Loans | ||
Nonaccrual Loans | 1,286 | 630 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Residential real estate | ||
Loans | ||
Nonaccrual Loans | 3,049 | 2,161 |
Accruing Loans 90 Days Past Due | 818 | 199 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
Nonaccrual Loans | 341 | 87 |
Accruing Loans 90 Days Past Due | 20 | 873 |
Originated Loan | Consumer | ||
Loans | ||
Nonaccrual Loans | 19 | 58 |
Accruing Loans 90 Days Past Due | 2 | 0 |
Acquired Loans | ||
Loans | ||
Nonaccrual Loans | 1,136 | 200 |
Accruing Loans 90 Days Past Due | 1,959 | 168 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Nonaccrual Loans | 96 | 96 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Nonaccrual Loans | 9 | 0 |
Accruing Loans 90 Days Past Due | 567 | 0 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Nonaccrual Loans | 105 | 96 |
Accruing Loans 90 Days Past Due | 567 | 0 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Nonaccrual Loans | 708 | 0 |
Accruing Loans 90 Days Past Due | 301 | 78 |
Acquired Loans | Residential real estate | ||
Loans | ||
Nonaccrual Loans | 304 | 104 |
Accruing Loans 90 Days Past Due | 1,083 | 90 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Nonaccrual Loans | 19 | 0 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Acquired Loans | Consumer | ||
Loans | ||
Nonaccrual Loans | 0 | 0 |
Accruing Loans 90 Days Past Due | $8 | $0 |
Loans_Aging_Of_The_Recorded_In
Loans Aging Of The Recorded Investment In Past Due Loans And Leases (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans | ||
Loans, net of deferred fees and costs | $1,620,898 | $1,196,234 |
Net loans | 1,603,017 | 1,179,169 |
Commercial real estate, construction | ||
Loans | ||
30 - 59 days | 12,022 | 8,665 |
60 - 89 days | 3,473 | 2,508 |
90 Days | 7,163 | 3,815 |
Total | 22,658 | 14,988 |
Current Loans | 1,598,240 | 1,181,246 |
Loans, net of deferred fees and costs | 1,620,898 | 1,196,234 |
Originated Loan | ||
Loans | ||
30 - 59 days | 6,629 | 7,473 |
60 - 89 days | 1,947 | 1,375 |
90 Days | 4,498 | 3,543 |
Total | 13,074 | 12,391 |
Current Loans | 1,198,940 | 1,073,105 |
Loans, net of deferred fees and costs | 1,212,014 | 1,085,496 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
30 - 59 days | 0 | 1,066 |
60 - 89 days | 0 | 0 |
90 Days | 0 | 0 |
Total | 0 | 1,066 |
Current Loans | 37,901 | 43,637 |
Loans, net of deferred fees and costs | 37,901 | 44,703 |
Originated Loan | Commercial real estate, other | ||
Loans | ||
30 - 59 days | 565 | 432 |
60 - 89 days | 285 | 0 |
90 Days | 1,220 | 1,249 |
Total | 2,070 | 1,681 |
Current Loans | 432,590 | 392,851 |
Loans, net of deferred fees and costs | 434,660 | 394,532 |
Originated Loan | Commercial real estate | ||
Loans | ||
30 - 59 days | 565 | 1,498 |
60 - 89 days | 285 | 0 |
90 Days | 1,220 | 1,249 |
Total | 2,070 | 2,747 |
Current Loans | 470,491 | 436,488 |
Loans, net of deferred fees and costs | 472,561 | 439,235 |
Net loans | 472,561 | 439,235 |
Originated Loan | Commercial and industrial | ||
Loans | ||
30 - 59 days | 17 | 171 |
60 - 89 days | 18 | 17 |
90 Days | 1,245 | 49 |
Total | 1,280 | 237 |
Current Loans | 248,695 | 206,039 |
Loans, net of deferred fees and costs | 249,975 | 206,276 |
Originated Loan | Residential real estate | ||
Loans | ||
30 - 59 days | 4,502 | 4,584 |
60 - 89 days | 1,062 | 1,140 |
90 Days | 1,902 | 1,258 |
Total | 7,466 | 6,982 |
Current Loans | 246,703 | 241,901 |
Loans, net of deferred fees and costs | 254,169 | 248,883 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
30 - 59 days | 344 | 254 |
60 - 89 days | 425 | 65 |
90 Days | 129 | 929 |
Total | 898 | 1,248 |
Current Loans | 61,565 | 53,930 |
Loans, net of deferred fees and costs | 62,463 | 55,178 |
Originated Loan | Consumer | ||
Loans | ||
30 - 59 days | 1,136 | 919 |
60 - 89 days | 157 | 153 |
90 Days | 2 | 58 |
Total | 1,295 | 1,130 |
Current Loans | 168,618 | 132,734 |
Loans, net of deferred fees and costs | 169,913 | 133,864 |
Originated Loan | Deposit account overdrafts | ||
Loans | ||
30 - 59 days | 65 | 47 |
60 - 89 days | 0 | 0 |
90 Days | 0 | 0 |
Total | 65 | 47 |
Current Loans | 2,868 | 2,013 |
Loans, net of deferred fees and costs | 2,933 | 2,060 |
Acquired Loans | ||
Loans | ||
30 - 59 days | 5,393 | 1,192 |
60 - 89 days | 1,526 | 1,133 |
90 Days | 2,665 | 272 |
Total | 9,584 | 2,597 |
Current Loans | 399,300 | 108,141 |
Loans, net of deferred fees and costs | 408,884 | 110,738 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
30 - 59 days | 0 | 274 |
60 - 89 days | 0 | 0 |
90 Days | 96 | 0 |
Total | 96 | 274 |
Current Loans | 955 | 2,562 |
Loans, net of deferred fees and costs | 1,051 | 2,836 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
30 - 59 days | 1,067 | 0 |
60 - 89 days | 143 | 679 |
90 Days | 567 | 0 |
Total | 1,777 | 679 |
Current Loans | 119,698 | 54,959 |
Loans, net of deferred fees and costs | 121,475 | 55,638 |
Acquired Loans | Commercial real estate | ||
Loans | ||
30 - 59 days | 1,067 | 274 |
60 - 89 days | 143 | 679 |
90 Days | 663 | 0 |
Total | 1,873 | 953 |
Current Loans | 120,653 | 57,521 |
Loans, net of deferred fees and costs | 122,526 | 58,474 |
Net loans | 122,526 | 58,474 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
30 - 59 days | 46 | 0 |
60 - 89 days | 6 | 73 |
90 Days | 815 | 78 |
Total | 867 | 151 |
Current Loans | 29,189 | 26,327 |
Loans, net of deferred fees and costs | 30,056 | 26,478 |
Acquired Loans | Residential real estate | ||
Loans | ||
30 - 59 days | 4,026 | 861 |
60 - 89 days | 1,331 | 369 |
90 Days | 1,179 | 194 |
Total | 6,536 | 1,424 |
Current Loans | 218,738 | 18,310 |
Loans, net of deferred fees and costs | 225,274 | 19,734 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
30 - 59 days | 9 | 0 |
60 - 89 days | 19 | 0 |
90 Days | 0 | 0 |
Total | 28 | 0 |
Current Loans | 18,204 | 4,898 |
Loans, net of deferred fees and costs | 18,232 | 4,898 |
Acquired Loans | Consumer | ||
Loans | ||
30 - 59 days | 245 | 57 |
60 - 89 days | 27 | 12 |
90 Days | 8 | 0 |
Total | 280 | 69 |
Current Loans | 12,516 | 1,085 |
Loans, net of deferred fees and costs | $12,796 | $1,154 |
Loans_Loans_By_Risk_Category_D
Loans Loans By Risk Category (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans | ||
Total Loans | $1,603,017 | $1,179,169 |
Balance | 1,620,898 | 1,196,234 |
Commercial real estate, construction | ||
Loans | ||
Balance | 1,620,898 | 1,196,234 |
Pass Rated | ||
Loans | ||
Balance | 852,370 | 706,629 |
Watch | ||
Loans | ||
Balance | 29,822 | 22,386 |
Substandard | ||
Loans | ||
Balance | 44,472 | 36,127 |
Doubtful | ||
Loans | ||
Balance | 251 | 546 |
Not Rated | ||
Loans | ||
Balance | 693,983 | 430,546 |
Total Loans | ||
Loans | ||
Balance | 1,620,898 | 1,196,234 |
Originated Loan | ||
Loans | ||
Balance | 1,212,014 | 1,085,496 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
Balance | 37,901 | 44,703 |
Originated Loan | Commercial real estate, other | ||
Loans | ||
Balance | 434,660 | 394,532 |
Originated Loan | Commercial real estate | ||
Loans | ||
Total Loans | 472,561 | 439,235 |
Balance | 472,561 | 439,235 |
Originated Loan | Commercial and industrial | ||
Loans | ||
Balance | 249,975 | 206,276 |
Originated Loan | Residential real estate | ||
Loans | ||
Balance | 254,169 | 248,883 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
Balance | 62,463 | 55,178 |
Originated Loan | Consumer | ||
Loans | ||
Balance | 169,913 | 133,864 |
Originated Loan | Deposit account overdrafts | ||
Loans | ||
Balance | 2,933 | 2,060 |
Originated Loan | Pass Rated | ||
Loans | ||
Balance | 704,152 | 625,977 |
Originated Loan | Pass Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 37,637 | 43,048 |
Originated Loan | Pass Rated | Commercial real estate, other | ||
Loans | ||
Balance | 405,224 | 370,812 |
Originated Loan | Pass Rated | Commercial real estate | ||
Loans | ||
Balance | 442,861 | 413,860 |
Originated Loan | Pass Rated | Commercial and industrial | ||
Loans | ||
Balance | 239,168 | 187,025 |
Originated Loan | Pass Rated | Residential real estate | ||
Loans | ||
Balance | 21,296 | 24,198 |
Originated Loan | Pass Rated | Home equity lines of credit | ||
Loans | ||
Balance | 767 | 844 |
Originated Loan | Pass Rated | Consumer | ||
Loans | ||
Balance | 60 | 50 |
Originated Loan | Pass Rated | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Watch | ||
Loans | ||
Balance | 21,634 | 18,623 |
Originated Loan | Watch | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Watch | Commercial real estate, other | ||
Loans | ||
Balance | 12,316 | 11,918 |
Originated Loan | Watch | Commercial real estate | ||
Loans | ||
Balance | 12,316 | 11,918 |
Originated Loan | Watch | Commercial and industrial | ||
Loans | ||
Balance | 8,122 | 5,203 |
Originated Loan | Watch | Residential real estate | ||
Loans | ||
Balance | 1,195 | 1,497 |
Originated Loan | Watch | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Watch | Consumer | ||
Loans | ||
Balance | 1 | 5 |
Originated Loan | Watch | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Substandard | ||
Loans | ||
Balance | 32,378 | 34,005 |
Originated Loan | Substandard | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 68 |
Originated Loan | Substandard | Commercial real estate, other | ||
Loans | ||
Balance | 17,120 | 11,299 |
Originated Loan | Substandard | Commercial real estate | ||
Loans | ||
Balance | 17,120 | 11,367 |
Originated Loan | Substandard | Commercial and industrial | ||
Loans | ||
Balance | 2,684 | 13,506 |
Originated Loan | Substandard | Residential real estate | ||
Loans | ||
Balance | 11,601 | 8,094 |
Originated Loan | Substandard | Home equity lines of credit | ||
Loans | ||
Balance | 965 | 1,014 |
Originated Loan | Substandard | Consumer | ||
Loans | ||
Balance | 8 | 24 |
Originated Loan | Substandard | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | ||
Loans | ||
Balance | 57 | 546 |
Originated Loan | Doubtful | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Commercial real estate | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Commercial and industrial | ||
Loans | ||
Balance | 1 | 542 |
Originated Loan | Doubtful | Residential real estate | ||
Loans | ||
Balance | 56 | 4 |
Originated Loan | Doubtful | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Consumer | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Not Rated | ||
Loans | ||
Balance | 453,793 | 406,345 |
Originated Loan | Not Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 264 | 1,587 |
Originated Loan | Not Rated | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 503 |
Originated Loan | Not Rated | Commercial real estate | ||
Loans | ||
Balance | 264 | 2,090 |
Originated Loan | Not Rated | Commercial and industrial | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Not Rated | Residential real estate | ||
Loans | ||
Balance | 220,021 | 215,090 |
Originated Loan | Not Rated | Home equity lines of credit | ||
Loans | ||
Balance | 60,731 | 53,320 |
Originated Loan | Not Rated | Consumer | ||
Loans | ||
Balance | 169,844 | 133,785 |
Originated Loan | Not Rated | Deposit account overdrafts | ||
Loans | ||
Balance | 2,933 | 2,060 |
Originated Loan | Total Loans | ||
Loans | ||
Balance | 1,212,014 | 1,085,496 |
Acquired Loans | ||
Loans | ||
Balance | 408,884 | 110,738 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Balance | 1,051 | 2,836 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Balance | 121,475 | 55,638 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Total Loans | 122,526 | 58,474 |
Balance | 122,526 | 58,474 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Balance | 30,056 | 26,478 |
Acquired Loans | Residential real estate | ||
Loans | ||
Balance | 225,274 | 19,734 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Balance | 18,232 | 4,898 |
Acquired Loans | Consumer | ||
Loans | ||
Balance | 12,796 | 1,154 |
Acquired Loans | Pass Rated | ||
Loans | ||
Balance | 148,218 | 80,652 |
Acquired Loans | Pass Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 955 | 359 |
Acquired Loans | Pass Rated | Commercial real estate, other | ||
Loans | ||
Balance | 106,115 | 52,501 |
Acquired Loans | Pass Rated | Commercial real estate | ||
Loans | ||
Balance | 107,070 | 52,860 |
Acquired Loans | Pass Rated | Commercial and industrial | ||
Loans | ||
Balance | 27,313 | 25,168 |
Acquired Loans | Pass Rated | Residential real estate | ||
Loans | ||
Balance | 13,458 | 2,624 |
Acquired Loans | Pass Rated | Home equity lines of credit | ||
Loans | ||
Balance | 98 | 0 |
Acquired Loans | Pass Rated | Consumer | ||
Loans | ||
Balance | 279 | 0 |
Acquired Loans | Watch | ||
Loans | ||
Balance | 8,188 | 3,763 |
Acquired Loans | Watch | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 148 |
Acquired Loans | Watch | Commercial real estate, other | ||
Loans | ||
Balance | 7,100 | 1,515 |
Acquired Loans | Watch | Commercial real estate | ||
Loans | ||
Balance | 7,100 | 1,663 |
Acquired Loans | Watch | Commercial and industrial | ||
Loans | ||
Balance | 255 | 810 |
Acquired Loans | Watch | Residential real estate | ||
Loans | ||
Balance | 833 | 1,290 |
Acquired Loans | Watch | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Watch | Consumer | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | ||
Loans | ||
Balance | 12,094 | 2,122 |
Acquired Loans | Substandard | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Commercial real estate, other | ||
Loans | ||
Balance | 8,260 | 1,622 |
Acquired Loans | Substandard | Commercial real estate | ||
Loans | ||
Balance | 8,260 | 1,622 |
Acquired Loans | Substandard | Commercial and industrial | ||
Loans | ||
Balance | 2,294 | 500 |
Acquired Loans | Substandard | Residential real estate | ||
Loans | ||
Balance | 1,540 | 0 |
Acquired Loans | Substandard | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Consumer | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | ||
Loans | ||
Balance | 194 | 0 |
Acquired Loans | Doubtful | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Commercial real estate | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Commercial and industrial | ||
Loans | ||
Balance | 194 | 0 |
Acquired Loans | Doubtful | Residential real estate | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Consumer | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | ||
Loans | ||
Balance | 240,190 | 24,201 |
Acquired Loans | Not Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 96 | 2,329 |
Acquired Loans | Not Rated | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Commercial real estate | ||
Loans | ||
Balance | 96 | 2,329 |
Acquired Loans | Not Rated | Commercial and industrial | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Residential real estate | ||
Loans | ||
Balance | 209,443 | 15,820 |
Acquired Loans | Not Rated | Home equity lines of credit | ||
Loans | ||
Balance | 18,134 | 4,898 |
Acquired Loans | Not Rated | Consumer | ||
Loans | ||
Balance | 12,517 | 1,154 |
Acquired Loans | Total Loans | ||
Loans | ||
Balance | $408,884 | $110,738 |
Loans_Schedule_Of_Impaired_Loa
Loans Schedule Of Impaired Loans (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Impaired Loans | ||
Unpaid Principal Balance | $12,098 | $9,614 |
Recorded Investment With Allowance | 2,651 | 1,725 |
Recorded Investment Without Allowance | 8,663 | 5,543 |
Total Recorded Investment | 11,314 | 7,268 |
Related Allowance | 1,014 | 658 |
Average Recorded Investment | 6,132 | 8,118 |
Interest Income Recognized | 319 | 120 |
Commercial real estate, construction | ||
Impaired Loans | ||
Unpaid Principal Balance | 101 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 96 | 0 |
Total Recorded Investment | 96 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 57 | 0 |
Interest Income Recognized | 6 | 0 |
Commercial real estate, other | ||
Impaired Loans | ||
Unpaid Principal Balance | 2,074 | 4,970 |
Recorded Investment With Allowance | 653 | 1,150 |
Recorded Investment Without Allowance | 1,148 | 1,729 |
Total Recorded Investment | 1,801 | 2,879 |
Related Allowance | 189 | 83 |
Average Recorded Investment | 1,632 | 4,586 |
Interest Income Recognized | 7 | 6 |
Commercial real estate | ||
Impaired Loans | ||
Unpaid Principal Balance | 2,175 | 4,970 |
Recorded Investment With Allowance | 653 | 1,150 |
Recorded Investment Without Allowance | 1,244 | 1,729 |
Total Recorded Investment | 1,897 | 2,879 |
Related Allowance | 189 | 83 |
Average Recorded Investment | 1,689 | 4,586 |
Interest Income Recognized | 13 | 6 |
Commercial and industrial | ||
Impaired Loans | ||
Unpaid Principal Balance | 2,379 | 617 |
Recorded Investment With Allowance | 1,945 | 575 |
Recorded Investment Without Allowance | 399 | 5 |
Total Recorded Investment | 2,344 | 580 |
Related Allowance | 816 | 575 |
Average Recorded Investment | 493 | 278 |
Interest Income Recognized | 5 | 1 |
Residential real estate | ||
Impaired Loans | ||
Unpaid Principal Balance | 6,889 | 3,498 |
Recorded Investment With Allowance | 53 | 0 |
Recorded Investment Without Allowance | 6,372 | 3,280 |
Total Recorded Investment | 6,425 | 3,280 |
Related Allowance | 9 | 0 |
Average Recorded Investment | 3,543 | 2,800 |
Interest Income Recognized | 272 | 86 |
Home equity lines of credit | ||
Impaired Loans | ||
Unpaid Principal Balance | 500 | 347 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 498 | 347 |
Total Recorded Investment | 498 | 347 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 298 | 327 |
Interest Income Recognized | 18 | 12 |
Consumer | ||
Impaired Loans | ||
Unpaid Principal Balance | 155 | 182 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 150 | 182 |
Total Recorded Investment | 150 | 182 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 109 | 127 |
Interest Income Recognized | $11 | $15 |
Loans_Troubled_Debt_Restructur
Loans Troubled Debt Restructurings (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
contract | contract | |
Financing Receivable, Modifications [Line Items] | ||
Additional commitments to lend funds to debtors whose terms have been modified in a TDR | $40,000 | |
Originated Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR that subsequently defaulted | 3 | 3 |
Recorded investment in loans modified as a TDR that subsequently defaulted | 61,000 | 69,000 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | 0 |
Originated Loan | Commercial real estate, other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | 0 | 2 |
Pre-modification recorded investment in loans modified as TDR | 0 | 486,000 |
Post-modification recorded investment in loans modified as TDR | 0 | 486,000 |
Total Recorded Investment | 0 | 461,000 |
Originated Loan | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | 1 | |
Pre-modification recorded investment in loans modified as TDR | 5,000 | |
Post-modification recorded investment in loans modified as TDR | 5,000 | |
Total Recorded Investment | 5,000 | |
Originated Loan | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | 0 | |
Pre-modification recorded investment in loans modified as TDR | 0 | |
Post-modification recorded investment in loans modified as TDR | 0 | |
Total Recorded Investment | 0 | |
Originated Loan | Residential real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | 22 | 21 |
Pre-modification recorded investment in loans modified as TDR | 996,000 | 1,109,000 |
Post-modification recorded investment in loans modified as TDR | 997,000 | 1,112,000 |
Total Recorded Investment | 967,000 | 913,000 |
Number of contracts modified as a TDR that subsequently defaulted | 1 | 2 |
Recorded investment in loans modified as a TDR that subsequently defaulted | 33,000 | 63,000 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | |
Originated Loan | Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | 12 | 5 |
Pre-modification recorded investment in loans modified as TDR | 238,000 | 89,000 |
Post-modification recorded investment in loans modified as TDR | 238,000 | 89,000 |
Total Recorded Investment | 232,000 | 88,000 |
Number of contracts modified as a TDR that subsequently defaulted | 2 | 1 |
Recorded investment in loans modified as a TDR that subsequently defaulted | 28,000 | 6,000 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | 0 |
Originated Loan | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | 10 | 37 |
Pre-modification recorded investment in loans modified as TDR | 108,000 | 279,000 |
Post-modification recorded investment in loans modified as TDR | 108,000 | 279,000 |
Total Recorded Investment | 102,000 | 142,000 |
Acquired Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR that subsequently defaulted | 1 | 0 |
Recorded investment in loans modified as a TDR that subsequently defaulted | 56,000 | 0 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | 0 |
Acquired Loans | Commercial real estate, construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | 1 | 0 |
Pre-modification recorded investment in loans modified as TDR | 96,000 | 0 |
Post-modification recorded investment in loans modified as TDR | 96,000 | 0 |
Total Recorded Investment | 96,000 | 0 |
Acquired Loans | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | 0 | |
Pre-modification recorded investment in loans modified as TDR | 0 | |
Post-modification recorded investment in loans modified as TDR | 0 | |
Total Recorded Investment | 0 | |
Acquired Loans | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | 3 | |
Pre-modification recorded investment in loans modified as TDR | 605,000 | |
Post-modification recorded investment in loans modified as TDR | 605,000 | |
Total Recorded Investment | 594,000 | |
Acquired Loans | Residential real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | 4 | 2 |
Pre-modification recorded investment in loans modified as TDR | 235,000 | 107,000 |
Post-modification recorded investment in loans modified as TDR | 235,000 | 107,000 |
Total Recorded Investment | 234,000 | 107,000 |
Number of contracts modified as a TDR that subsequently defaulted | 1 | 0 |
Recorded investment in loans modified as a TDR that subsequently defaulted | 56,000 | 0 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | |
Acquired Loans | Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | |
Acquired Loans | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | 5 | 0 |
Pre-modification recorded investment in loans modified as TDR | 9,000 | 0 |
Post-modification recorded investment in loans modified as TDR | 9,000 | 0 |
Total Recorded Investment | $6,000 | $0 |
Loans_Allowance_For_Loan_Losse
Loans Allowance For Loan Losses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance, January 1, 2013 | $17,065 | $17,811 | |
Charge-offs | -2,715 | -3,491 | |
Recoveries | 3,192 | 7,155 | |
Net recoveries (charge-offs) | 477 | 3,664 | |
Provision for (recovery of) loan losses | 339 | -4,410 | -4,716 |
Ending balance | 17,881 | 17,065 | 17,811 |
Period-end amount allocated to: | |||
Loans individually evaluated for impairment | 1,014 | 658 | |
Loans collectively evaluated for impairment | 16,867 | 16,407 | |
Ending balance | 17,881 | 17,065 | 17,811 |
Commercial real estate, other | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance, January 1, 2013 | 13,215 | 14,215 | |
Charge-offs | -203 | -1,053 | |
Recoveries | 2,060 | 5,839 | |
Net recoveries (charge-offs) | 1,857 | 4,786 | |
Provision for (recovery of) loan losses | -5,247 | -5,786 | |
Ending balance | 9,825 | 13,215 | |
Period-end amount allocated to: | |||
Loans individually evaluated for impairment | 189 | 83 | |
Loans collectively evaluated for impairment | 9,636 | 13,132 | |
Ending balance | 9,825 | 13,215 | |
Commercial and industrial | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance, January 1, 2013 | 2,174 | 1,733 | |
Charge-offs | -199 | -44 | |
Recoveries | 77 | 40 | |
Net recoveries (charge-offs) | -122 | -4 | |
Provision for (recovery of) loan losses | 1,984 | 445 | |
Ending balance | 4,036 | 2,174 | |
Period-end amount allocated to: | |||
Loans individually evaluated for impairment | 816 | 575 | |
Loans collectively evaluated for impairment | 3,220 | 1,599 | |
Ending balance | 4,036 | 2,174 | |
Residential real estate | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance, January 1, 2013 | 881 | 801 | |
Charge-offs | -478 | -621 | |
Recoveries | 169 | 536 | |
Net recoveries (charge-offs) | -309 | -85 | |
Provision for (recovery of) loan losses | 1,055 | 165 | |
Ending balance | 1,627 | 881 | |
Period-end amount allocated to: | |||
Loans individually evaluated for impairment | 9 | 0 | |
Loans collectively evaluated for impairment | 1,618 | 881 | |
Ending balance | 1,627 | 881 | |
Home equity lines of credit | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance, January 1, 2013 | 343 | 479 | |
Charge-offs | -128 | -162 | |
Recoveries | 36 | 26 | |
Net recoveries (charge-offs) | -92 | -136 | |
Provision for (recovery of) loan losses | 443 | 0 | |
Ending balance | 694 | 343 | |
Period-end amount allocated to: | |||
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 694 | 343 | |
Ending balance | 694 | 343 | |
Consumer | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance, January 1, 2013 | 316 | 438 | |
Charge-offs | -1,191 | -1,084 | |
Recoveries | 697 | 552 | |
Net recoveries (charge-offs) | -494 | -532 | |
Provision for (recovery of) loan losses | 1,765 | 410 | |
Ending balance | 1,587 | 316 | |
Period-end amount allocated to: | |||
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 1,587 | 316 | |
Ending balance | 1,587 | 316 | |
Deposit account overdrafts | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance, January 1, 2013 | 136 | 145 | |
Charge-offs | -516 | -527 | |
Recoveries | 153 | 162 | |
Net recoveries (charge-offs) | -363 | -365 | |
Provision for (recovery of) loan losses | 339 | 356 | |
Ending balance | 112 | 136 | |
Period-end amount allocated to: | |||
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 112 | 136 | |
Ending balance | $112 | $136 |
Bank_Premises_and_Equipment_De
Bank Premises and Equipment Depreciation Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Bank Premises and Equipment | |||
Depreciation expense | $3 | $2.60 | $2.20 |
Building and premises | Minimum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 5 | ||
Building and premises | Maximum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 40 | ||
Furniture, fixtures and equipment | Minimum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 2 | ||
Furniture, fixtures and equipment | Maximum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 10 |
Bank_Premises_and_Equipment_Le
Bank Premises and Equipment Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Future Lease Payments | |||
Rent Expense | $951,000 | $950,000 | $887,000 |
Related Party Lease Payments | |||
Future Lease Payments | |||
Rent Expense | $64,000 | $151,000 | $146,000 |
Bank_Premises_and_Equipment_Ne
Bank Premises and Equipment Net Book Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | $78,337 | $65,433 |
Accumulated depreciation | -38,002 | -35,624 |
Bank premises and equipment, net | 40,335 | 29,809 |
Land | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | 7,612 | 6,802 |
Building and premises | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | 48,402 | 38,281 |
Furniture, fixtures and equipment | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | $22,323 | $20,350 |
Bank_Premises_and_Equipment_Fu
Bank Premises and Equipment Future Lease Payments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | |
2015 | $786 |
2016 | 683 |
2017 | 441 |
2018 | 354 |
2019 | 135 |
Thereafter | 4 |
Total future operating lease payments | $2,403 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets [Abstract] | ||
Goodwill, Impairment Loss | $0 | |
Goodwill | ||
Goodwill, beginning of year | 70,520,000 | 64,881,000 |
Acquired goodwill | 28,042,000 | 5,639,000 |
Goodwill, end of year | $98,562,000 | $70,520,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Other Intangibles) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Other Intangible Assets | |||
Gross intangibles | $13,384 | $10,872 | |
Acquired intangibles | 4,999 | 4,023 | |
Accumulated amortization | -7,513 | -12,619 | |
Total acquired intangibles | 8,358 | 4,788 | |
Other intangible assets | 10,596 | 7,083 | |
Core Deposits | |||
Other Intangible Assets | |||
Gross intangibles | 7,195 | 2,226 | |
Acquired intangibles | 4,787 | 1,565 | |
Accumulated amortization | -1,156 | -6,815 | |
Total acquired intangibles | 5,857 | 1,945 | |
Other intangible assets | |||
Customer Relationships | |||
Other Intangible Assets | |||
Gross intangibles | 6,189 | 8,646 | |
Acquired intangibles | 212 | 2,458 | |
Accumulated amortization | -6,357 | -5,804 | |
Total acquired intangibles | 2,501 | 2,843 | |
Other intangible assets | |||
Servicing rights | |||
Other Intangible Assets | |||
Other intangible assets | $2,238 | $2,295 | $2,238 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Estimated Aggregated Future Amortization Expense) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Intangible Assets | ||
2015 | $1,972 | |
2016 | 1,714 | |
2017 | 1,449 | |
2018 | 1,178 | |
2019 | 900 | |
Thereafter | 1,145 | |
Total acquired intangibles | 8,358 | 4,788 |
Core Deposits | ||
Other Intangible Assets | ||
2015 | 1,445 | |
2016 | 1,238 | |
2017 | 1,030 | |
2018 | 820 | |
2019 | 609 | |
Thereafter | 715 | |
Total acquired intangibles | 5,857 | 1,945 |
Customer Relationships | ||
Other Intangible Assets | ||
2015 | 527 | |
2016 | 476 | |
2017 | 419 | |
2018 | 358 | |
2019 | 291 | |
Thereafter | 430 | |
Total acquired intangibles | $2,501 | $2,843 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Mortgage Servicing Rights Activity) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Servicing rights, beginning balance | $2,295,000 | $2,073,000 | $1,544,000 | |
Amortization | -597,000 | -652,000 | -616,000 | |
Servicing rights originated | 497,000 | 675,000 | 1,145,000 | |
Servicing rights acquired | 43,000 | 199,000 | 0 | |
Servicing rights, ending balance | 2,238,000 | 2,295,000 | 2,073,000 | 1,544,000 |
Other Intangible Assets | ||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | $0 |
Deposits_Deposits_Details
Deposits (Deposits) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deposit Type | ||
Total | $472,254,000 | |
Interest-bearing transaction accounts | 173,659,000 | 134,618,000 |
Money market deposit accounts | 337,387,000 | 275,801,000 |
Governmental deposit accounts | 161,305,000 | 132,379,000 |
Savings accounts | 295,307,000 | 215,802,000 |
Total retail interest-bearing deposits | 1,400,221,000 | 1,121,826,000 |
Total interest-bearing deposits | 1,439,912,000 | 1,170,867,000 |
Non-interest-bearing | 493,162,000 | 409,891,000 |
Total deposits | 1,933,074,000 | 1,580,758,000 |
Related Party Deposits | 34,000,000 | 5,900,000 |
Brokered CD's | ||
Deposit Type | ||
Total | 39,691,000 | 49,041,000 |
Retail CD's | ||
Deposit Type | ||
Retail CD's $250,000 or More | 59,031,000 | 63,891,000 |
Retail CD's Less than $250,000 | 373,532,000 | 299,335,000 |
Total | $432,563,000 | $363,226,000 |
Deposits_Schedule_of_Maturitie
Deposits (Schedule of Maturities of Certificates of Deposit) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposit Type | ||
2015 | $240,709 | |
2016 | 118,671 | |
2017 | 44,464 | |
2018 | 33,129 | |
2019 | 34,883 | |
Thereafter | 398 | |
Total | 472,254 | |
Brokered CD's | ||
Deposit Type | ||
2015 | 5,899 | |
2016 | 18,148 | |
2017 | 0 | |
2018 | 1,147 | |
2019 | 14,497 | |
Thereafter | 0 | |
Total | 39,691 | 49,041 |
Retail CD's | ||
Deposit Type | ||
2015 | 234,810 | |
2016 | 100,523 | |
2017 | 44,464 | |
2018 | 31,982 | |
2019 | 20,386 | |
Thereafter | 398 | |
Total | $432,563 | $363,226 |
ShortTerm_Borrowings_Narrative
Short-Term Borrowings (Narrative) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Short-term Borrowings | |||
Revolving Line of Credit | $283,231,000 | $217,397,000 | |
Federal Funds Available from Correspondent Banks | 20,000,000 | ||
Unused line of credit, fixed rate | 3.50% | 3.50% | 3.80% |
Holding Company | |||
Short-term Borrowings | |||
Revolving Line of Credit | $10,000,000 | $5,000,000 | |
Unused line of credit, fixed rate | 3.00% |
ShortTerm_Borrowings_Short_Ter
Short-Term Borrowings (Short Term Borrowing) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Borrowings | |||
Short-term borrowings | $88,277 | $113,590 | |
Interest on short-term borrowings | 146 | 114 | 74 |
Retail Repurchase Agreements | |||
Short-term Borrowings | |||
Short-term borrowings | 73,277 | 42,590 | 32,769 |
Average balance | 59,324 | 37,077 | 37,386 |
Highest month-end balance | 76,459 | 46,850 | 44,905 |
Interest on short-term borrowings | 99 | 58 | 57 |
Weighted Average Interest Rate, End of Year | 0.17% | 0.16% | 0.15% |
Weighted Average Interest Rate, During the Year | 0.17% | 0.16% | 0.15% |
FHLB Advances | |||
Short-term Borrowings | |||
Short-term borrowings | 15,000 | 71,000 | 15,000 |
Average balance | 36,678 | 44,127 | 13,240 |
Highest month-end balance | 108,000 | 92,500 | 39,900 |
Interest on short-term borrowings | 47 | 55 | 17 |
Weighted Average Interest Rate, End of Year | 0.14% | 0.14% | 0.15% |
Weighted Average Interest Rate, During the Year | 0.13% | 0.12% | 0.12% |
Other Short-Term Borrowings | |||
Short-term Borrowings | |||
Short-term borrowings | 0 | 0 | 0 |
Average balance | 38 | 90 | 15 |
Highest month-end balance | 0 | 0 | 0 |
Interest on short-term borrowings | $0 | $1 | $0 |
Weighted Average Interest Rate, End of Year | 0.00% | 0.00% | 0.00% |
Weighted Average Interest Rate, During the Year | 0.75% | 0.74% | 0.74% |
LongTerm_Borrowings_Narrative_
Long-Term Borrowings (Narrative) (Details) (USD $) | 12 Months Ended | 9 Months Ended | |
Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Long-term borrowings | |||
Proceeds from Issuance of Unsecured Debt | $24,000,000 | ||
Maturity Period of Long-Term Borrowing | 5 years | ||
Total Risk-Based Capital Ratio Minimum Under Debt Covenant | 12.50% | ||
Nonperforming Assets to Tangible Capital plus Allowance for Loan Losses Maximum Under Debt Covenant | 20.00% | ||
Allowance for Loan Losses to Nonperforming Loans Minimum Under Debt Covenant | 70.00% | ||
Fixed charge coverage ratio minimum required by debt covenant | 125.00% | ||
Other Restricted Assets | 2,000,000 | ||
Callable national market repurchase agreements, Weighted-Average Rate | 3.63% | 3.63% | |
Minimum | |||
Long-term borrowings | |||
Repurchase agreements, maturities period | 5 years | ||
Repurchase agreements, call option features at buyer discretion, initial call period | 3 months | ||
Maximum | |||
Long-term borrowings | |||
Repurchase agreements, maturities period | 10 years | ||
Repurchase agreements, call option features at buyer discretion, initial call period | 5 years | ||
FHLB putable non-amortizing, fixed rate advances | |||
Long-term borrowings | |||
Long-term Federal Home Loan Bank Advances | 83,995,000 | 50,000,000 | |
FHLB putable non-amortizing, fixed rate advances | Minimum | |||
Long-term borrowings | |||
FHLB advances, maturities period | 10 years | ||
FHLB putable non-amortizing, fixed rate advances | Maximum | |||
Long-term borrowings | |||
FHLB advances, maturities period | 20 years | ||
FHLB convertible rate advances | Minimum | |||
Long-term borrowings | |||
FHLB advances,fixed rate intial period | 3 months | ||
FHLB convertible rate advances | Maximum | |||
Long-term borrowings | |||
FHLB advances,fixed rate intial period | 5 years | ||
FHLB amortizing, fixed rate advances | |||
Long-term borrowings | |||
Long-term Federal Home Loan Bank Advances | 40,719,000 | 12,679,000 | |
FHLB amortizing, fixed rate advances | Minimum | |||
Long-term borrowings | |||
FHLB advances, maturities period | 10 years | ||
FHLB amortizing, fixed rate advances | Maximum | |||
Long-term borrowings | |||
FHLB advances, maturities period | 20 years | ||
Obtained in Third Quarter of 2014 [Member] | FHLB amortizing, fixed rate advances | Maximum | |||
Long-term borrowings | |||
Long-term Federal Home Loan Bank Advances | 30,000,000 |
LongTerm_Borrowings_Long_Term_
Long-Term Borrowings (Long Term Borrowing) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Long-term borrowings: | |||
Term note payable (parent company) | $14,369 | $19,147 | |
Callable national market repurchase agreements | 40,000 | 40,000 | |
Long-term borrowings | 179,083 | 121,826 | |
Term note payable (parent company), Weighted-Average Rate | 3.50% | 3.50% | 3.80% |
Callable national market repurchase agreements, Weighted-Average Rate | 3.63% | 3.63% | |
Total long-term borrowings, Weighted-Average Rate | 3.12% | 3.53% | |
FHLB putable non-amortizing, fixed rate advances | |||
Long-term borrowings: | |||
Long-term Federal Home Loan Bank Advances | 83,995 | 50,000 | |
FHLB fixed rate advances, Weighted-Average Rate | 3.30% | 3.32% | |
FHLB amortizing, fixed rate advances | |||
Long-term borrowings: | |||
Long-term Federal Home Loan Bank Advances | $40,719 | $12,679 | |
FHLB fixed rate advances, Weighted-Average Rate | 2.13% | 3.58% |
LongTerm_Borrowings_Minimum_An
Long-Term Borrowings (Minimum Annual Retirements of Long-Term Borrowings) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Aggregate minimum annual retirements of long-term borrowings in future periods: | ||
2015 | $14,377 | |
2016 | 11,980 | |
2017 | 10,107 | |
2018 | 44,700 | |
2019 | 43,233 | |
Thereafter | 54,686 | |
Long-term borrowings | $179,083 | $121,826 |
Weighted average interest rate, 2015 retirements | 2.43% | |
Weighted average interest rate, 2016 retirements | 2.56% | |
Weighted average interest rate, 2017 retirements | 2.71% | |
Weighted average interest rate, 2018 retirements | 3.24% | |
Weighted average interest rate, 2019 retirements | 3.51% | |
Weighted average interest rate, thereafter | 3.08% | |
Total long-term borrowings, Weighted-Average Rate | 3.12% | 3.53% |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Feb. 15, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2014 | |
Class of Stock | ||||
Preferred stock, shares authorized | 50,000 | 50,000 | ||
Warrant to purchase common shares, expiration period | 10 years | |||
Warrant, common shares issuable upon exercise | 313,505 | |||
Warrant to purchase common shares, exercise price | $18.66 | |||
Sale of preferred stock and warrant to U.S. Treasury, aggregate price | $39,000,000 | |||
Warrant repurchased from U.S. Treasury, value | 1,200,000 | |||
Series A Preferred Stock | ||||
Class of Stock | ||||
Preferred stock, shares authorized | 39,000 | |||
Liquidation preference per share, preferred stock | $1,000 | |||
Stock repurchased from U.S. Treasury, shares | 39,000 | |||
Stock repurchased from U.S. Treasury, value | 39,000,000 | |||
Common Stock | ||||
Class of Stock | ||||
Proceeds from Issuance of Private Placement | 40,162,000 | |||
Private Placement [Member] | Common Stock | ||||
Class of Stock | ||||
Issuance of Private Placement | 1,847,826 | |||
Proceeds from Issuance of Private Placement | $40,200,000 | |||
Sale of Stock, Price Per Share | $23 |
Stockholders_Equity_Stock_Roll
Stockholders' Equity (Stock Rollforward) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Changes related to private placement: | |||
Common stock, shares issued, end of period | 15,426,973 | 11,206,576 | |
Treasury stock, shares, end of period | 590,246 | 600,794 | |
Common Stock | |||
Increase (Decrease) in Stock by Class | |||
Common stock, shares issued, beginning of period | 11,206,576 | 11,155,648 | 11,122,247 |
Changes related to stock-based compensation awards: | |||
Release of restricted common shares | 68,754 | 31,246 | 14,552 |
Changes related to dividend reinvestment plan: | |||
Common shares issued under dividend reinvestment plan | 17,230 | 19,682 | 18,849 |
Changes related to private placement: | |||
Common stock, shares issued, end of period | 15,426,973 | 11,206,576 | 11,155,648 |
Treasury Stock | |||
Increase (Decrease) in Stock by Class | |||
Treasury stock, shares, beginning of period | 600,794 | 607,688 | 615,123 |
Changes related to stock-based compensation awards: | |||
Release of restricted common shares | 18,031 | 6,862 | 4,270 |
Changes related to deferred compensation plan: | |||
Purchase of treasury stock | 4,236 | 3,652 | 3,918 |
Reissuance of treasury stock | -9,390 | -9,147 | -8,897 |
Changes related to Board Compensation: | |||
Common shares issued under compensation plan for Board of Directors | -8,603 | -8,261 | -6,726 |
Changes related to private placement: | |||
Treasury stock, shares, end of period | 590,246 | 600,794 | 607,688 |
Treasury Stock | |||
Changes related to stock-based compensation awards: | |||
Reissuance of treasury stock for common stock awards | -12,030 | ||
Treasury Stock | Stock Options | |||
Changes related to stock-based compensation awards: | |||
Exercise of stock options for common shares | -2,792 | ||
Midwest Bancshares, Inc. | Common Stock | |||
Changes related to stock issued in acquisitions: | |||
Stock Issued During Period, Shares, Acquisitions | 256,282 | ||
Ohio Heritage Bancorp, Inc. | Common Stock | |||
Changes related to stock issued in acquisitions: | |||
Stock Issued During Period, Shares, Acquisitions | 1,364,735 | ||
North Akron Savings Bank | Common Stock | |||
Changes related to stock issued in acquisitions: | |||
Stock Issued During Period, Shares, Acquisitions | 665,570 | ||
Private Placement [Member] | Common Stock | |||
Changes related to private placement: | |||
Issuance of Private Placement | 1,847,826 |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive (Loss) Income) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Accumulated Other Comprehensive Income (Loss) | ||||
Unrealized Gain (Loss) on Securities | ($9,761) | $6,892 | $7,439 | |
Unrealized Gain (Loss) on Securities | 12,303 | -16,653 | -547 | |
Unrealized Gain (Loss) on Securities | 2,542 | -9,761 | 6,892 | 7,439 |
Unrecognized Net Pension and Postretirement Costs | -3,483 | -6,238 | -6,027 | |
Unrecognized Net Pension and Postretirement Costs | -360 | 2,755 | -211 | |
Unrecognized Net Pension and Postretirement Costs | -3,843 | -3,483 | -6,238 | -6,027 |
Accumulated Other Comprehensive Income (Loss) | -13,244 | 654 | 1,412 | |
Accumulated Other Comprehensive Income (Loss) | 11,943 | -13,898 | -758 | |
Accumulated Other Comprehensive Income (Loss) | -1,301 | -13,244 | 654 | 1,412 |
Realized gain on sale of securities, net of tax | -259 | -318 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment in Net Income, Net of Tax | -318 | |||
Realized loss due to settlement and curtailment, net of tax | 910 | 175 | ||
Realized loss due to settlement and curtailment, net of tax | 910 | 175 | ||
Other comprehensive income (loss), net of reclassifications and tax | 12,562 | -16,335 | ||
Other comprehensive income (loss), net of reclassifications and tax | -1,270 | 2,580 | ||
Other comprehensive income (loss), net of reclassifications and tax | $11,292 | ($13,755) |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
Defined Benefit Plan Disclosure | ||||
Defined Benefit Plan, Description of Direction and Pattern of Change for Assumed Health Care Cost Trend Rate | 0.075 | |||
Pension benefits to be amortized from accumulated other comprehensive income (loss) into net periodic cost over the next fiscal year | $147,000 | |||
Ultimate Health Care Cost Trend Rate | 4.00% | |||
Time Period of Lower Returns on Equity Securites | 10 years | |||
Cash and Cash Equivalents | 61,454,000 | 53,820,000 | 62,542,000 | 38,950,000 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 1,048,000 | 924,000 | 758,000 | |
Pension benefits | ||||
Defined Benefit Plan Disclosure | ||||
Cash and Cash Equivalents | 373,000 | 400,000 | ||
Accrued Investment Income Receivable | 2,000 | 20,000 | ||
Components of net periodic benefit costs: | ||||
Service cost | 0 | 0 | 0 | |
Interest cost | 509,000 | 543,000 | 599,000 | |
Expected return on plan assets | -589,000 | -659,000 | -756,000 | |
Amortization of prior service cost (credit) | 0 | 0 | 0 | |
Amortization of net loss (gain) | 137,000 | 189,000 | 162,000 | |
Curtailment | 0 | 0 | 0 | |
Settlement of benefit obligation | 1,400,000 | 270,000 | 835,000 | |
Net periodic benefit cost | 1,457,000 | 343,000 | 840,000 | |
Discount rate | 3.70% | 3.75% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | 7.50% | |
Postretirement benefits | ||||
Components of net periodic benefit costs: | ||||
Service cost | 0 | 0 | 0 | |
Interest cost | 6,000 | 5,000 | 10,000 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of prior service cost (credit) | 0 | 0 | 0 | |
Amortization of net loss (gain) | -8,000 | -7,000 | -2,000 | |
Curtailment | 0 | 0 | 0 | |
Settlement of benefit obligation | 0 | 0 | 0 | |
Net periodic benefit cost | ($2,000) | ($2,000) | $8,000 | |
Discount rate | 4.30% | 3.30% | 4.00% | |
Postretirement benefits | Employees hired before January 1, 2003 | ||||
Defined Benefit Plan Disclosure | ||||
Contribution per eligible employee, coverage basis, consecutive period of highest average monthly compensation | 5 years | |||
Contribution per eligible employee, coverage basis, lastest service period | 10 years | |||
Postretirement benefits | Employees hired on or after January 1, 2003 | ||||
Defined Benefit Plan Disclosure | ||||
Percentage of annual contribution per eligible employee | 2.00% | |||
Postretirement health benefits | Employees retired before January 1, 1993 | ||||
Defined Benefit Plan Disclosure | ||||
Maximum coverage per eligible retiree | 100.00% | |||
Other Investments | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 1.00% | |||
Minimum | ||||
Defined Benefit Plan Disclosure | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 0.00% | 0.00% | ||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 3.00% | 3.00% | ||
Minimum | Equity securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 60.00% | |||
Minimum | Investment securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 2000.00% | |||
Maximum | ||||
Defined Benefit Plan Disclosure | ||||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 5.00% | 2.00% | 5.00% | |
Maximum | Equity securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 75.00% | |||
Maximum | Investment securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 43.00% |
Employee_Benefit_Plans_Changes
Employee Benefit Plans (Changes in Benefit Obligation, Fair Value of Assets and Funded Status) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Change in plan assets: | ||||
Ending balance | $7,884 | $10,867 | ||
Amounts recognized in Accumulated Other Comprehensive Income (Loss): | ||||
Total | -3,843 | -3,483 | -6,238 | -6,027 |
Pension benefits | ||||
Change in benefit obligation: | ||||
Beginning balance | 14,723 | 17,306 | ||
Interest cost | 509 | 543 | 599 | |
Plan participants’ contributions | 0 | 0 | ||
Actuarial loss (gain) | 2,060 | -2,333 | ||
Benefit payments | -163 | -154 | ||
Settlements | -3,434 | -639 | ||
Ending balance | 13,695 | 14,723 | 17,306 | |
Accumulated benefit obligation at December 31 | 13,695 | 14,723 | ||
Change in plan assets: | ||||
Beginning balance | 11,287 | 10,019 | ||
Actual return on plan assets | 569 | 2,061 | ||
Employer contributions | 0 | 0 | ||
Plan participants’ contributions | 0 | 0 | ||
Benefit payments | -163 | -154 | ||
Settlements | -3,434 | -639 | ||
Ending balance | 8,259 | 11,287 | 10,019 | |
Funded status at December 31 | -5,436 | -3,436 | ||
Amounts recognized in Consolidated Balance Sheets: | ||||
Prepaid benefit costs | 0 | 0 | ||
Accrued benefit liability | -5,436 | -3,436 | ||
Net amount recognized | -5,436 | -3,436 | ||
Amounts recognized in Accumulated Other Comprehensive Income (Loss): | ||||
Unrecognized prior service cost | 0 | 0 | ||
Unrecognized net loss | 3,886 | 3,533 | ||
Total | 3,886 | 3,533 | ||
Discount Rate | 3.50% | 4.30% | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Change in benefit obligation: | ||||
Beginning balance | 143 | 244 | ||
Interest cost | 6 | 5 | 10 | |
Plan participants’ contributions | 46 | 40 | ||
Actuarial loss (gain) | 26 | -85 | ||
Benefit payments | -69 | -61 | ||
Settlements | 0 | 0 | ||
Ending balance | 152 | 143 | 244 | |
Accumulated benefit obligation at December 31 | 0 | 0 | ||
Change in plan assets: | ||||
Beginning balance | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 23 | 21 | ||
Plan participants’ contributions | 46 | 40 | ||
Benefit payments | -69 | -61 | ||
Settlements | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | |
Funded status at December 31 | -152 | -143 | ||
Amounts recognized in Consolidated Balance Sheets: | ||||
Prepaid benefit costs | 0 | 0 | ||
Accrued benefit liability | -152 | -143 | ||
Net amount recognized | -152 | -143 | ||
Amounts recognized in Accumulated Other Comprehensive Income (Loss): | ||||
Unrecognized prior service cost | -2 | -2 | ||
Unrecognized net loss | -43 | -65 | ||
Total | -45 | -67 | ||
Discount Rate | 3.50% | 4.30% | ||
Mutual funds - equity | ||||
Change in plan assets: | ||||
Ending balance | 5,756 | 8,863 | ||
Mortgage-backed securities | ||||
Change in plan assets: | ||||
Ending balance | 97 | |||
States and political subdivisions | ||||
Change in plan assets: | ||||
Ending balance | 649 | |||
Corporate bonds | ||||
Change in plan assets: | ||||
Ending balance | 357 | |||
Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Ending balance | 2,128 | 901 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | ||||
Change in plan assets: | ||||
Ending balance | 7,884 | 10,121 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | Mutual funds - equity | ||||
Change in plan assets: | ||||
Ending balance | 5,756 | 8,863 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | Mortgage-backed securities | ||||
Change in plan assets: | ||||
Ending balance | 0 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | States and political subdivisions | ||||
Change in plan assets: | ||||
Ending balance | 0 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | Corporate bonds | ||||
Change in plan assets: | ||||
Ending balance | 357 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Ending balance | 2,128 | 901 | ||
Significant Other Observable Inputs (Level 2) | Recurring Basis | ||||
Change in plan assets: | ||||
Ending balance | 0 | 746 | ||
Significant Other Observable Inputs (Level 2) | Recurring Basis | Mutual funds - equity | ||||
Change in plan assets: | ||||
Ending balance | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Recurring Basis | Mortgage-backed securities | ||||
Change in plan assets: | ||||
Ending balance | 97 | |||
Significant Other Observable Inputs (Level 2) | Recurring Basis | States and political subdivisions | ||||
Change in plan assets: | ||||
Ending balance | 649 | |||
Significant Other Observable Inputs (Level 2) | Recurring Basis | Corporate bonds | ||||
Change in plan assets: | ||||
Ending balance | 0 | |||
Significant Other Observable Inputs (Level 2) | Recurring Basis | Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Ending balance | $0 | $0 |
Employee_Benefit_Plans_Cash_Fl
Employee Benefit Plans (Cash Flows) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | $1,145 |
2016 | 1,132 |
2017 | 934 |
2018 | 963 |
2019 | 877 |
2020-2024 | 4,256 |
Total | 9,307 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 23 |
2016 | 23 |
2017 | 14 |
2018 | 13 |
2019 | 13 |
2020-2024 | 52 |
Total | $138 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | |||
Federal Income Tax Expense on Securities Transactions | $139,000 | $171,000 | $1,200,000 |
Income_Taxes_Effective_Tax_Rat
Income Taxes (Effective Tax Rate) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amount | |||||||||||
Income tax computed at statutory federal tax rate | $8,462 | $10,179 | $10,469 | ||||||||
Tax-exempt interest income | -726 | -645 | -565 | ||||||||
Investments in tax credit funds | -481 | -314 | -387 | ||||||||
Bank owned life insurance | -37 | 2,183 | -14 | ||||||||
Other, net | 276 | 107 | 22 | ||||||||
Total income tax expense | $2,040 | $1,729 | $1,577 | $2,148 | $2,301 | $4,381 | $2,510 | $2,318 | $7,494 | $11,510 | $9,525 |
Rate | |||||||||||
Income tax computed at statutory federal tax rate | 35.00% | 35.00% | 35.00% | ||||||||
Tax-exempt interest income | -3.00% | -2.20% | -1.90% | ||||||||
Investments in tax credit funds | -2.00% | -1.10% | -1.30% | ||||||||
Bank owned life insurance | 0.00% | 7.50% | -0.10% | ||||||||
Other, net | 1.00% | 0.40% | 0.10% | ||||||||
Total income tax expense | 31.00% | 39.60% | 31.80% |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||||||||||
Current income tax | $3,659 | $6,883 | $5,004 | ||||||||
Deferred income tax expense | 3,835 | 4,627 | 4,521 | ||||||||
Total income tax expense | $2,040 | $1,729 | $1,577 | $2,148 | $2,301 | $4,381 | $2,510 | $2,318 | $7,494 | $11,510 | $9,525 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets | ||
Allowance for loan losses | $10,493 | $8,014 |
Available-for-sale securities | 0 | 5,257 |
Investments | 1,956 | 3,536 |
Accrued employee benefits | 2,662 | 2,108 |
Other | 1,146 | 769 |
Total deferred tax assets | 16,257 | 19,684 |
Deferred Tax Liabilities | ||
Purchase accounting adjustments | 6,316 | 6,442 |
Available-for-sale securities | 1,368 | 0 |
Bank premises and equipment | 2,470 | 1,968 |
Deferred loan income | 1,924 | 1,769 |
Other | 684 | 691 |
Total deferred tax liabilities | 12,762 | 10,870 |
Net deferred tax asset | $3,495 | $8,814 |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes (Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefits, Beginning of Year | $30 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 178 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 33 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | -1 |
Unrecognized Tax Benefits, End of Year | $240 |
Earnings_Per_Common_Share_Calc
Earnings Per Common Share (Calculations of Basic and Diluted Earnings per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Distributed earnings allocated to common shareholders | $7,095 | $5,749 | $4,770 | ||||||||
Undistributed earnings allocated to common shareholders | 9,472 | 11,685 | 15,494 | ||||||||
Net earnings allocated to common shareholders | $16,567 | $17,434 | $20,264 | ||||||||
Weighted-average number of common shares outstanding - basic | 14,660,314 | 12,632,341 | 10,755,509 | 10,636,089 | 10,602,266 | 10,589,126 | 10,576,643 | 10,556,261 | 12,183,352 | 10,581,222 | 10,527,885 |
Effect of potentially dilutive common shares | 122,872 | 98,195 | 401 | ||||||||
Total weighted-average diluted common shares outstanding | 14,809,289 | 12,765,880 | 10,880,090 | 10,740,884 | 10,718,465 | 10,692,555 | 10,597,033 | 10,571,383 | 12,306,224 | 10,679,417 | 10,528,286 |
Earnings per common share - basic | $0.29 | $0.33 | $0.32 | $0.45 | $0.48 | $0.24 | $0.46 | $0.47 | $1.36 | $1.65 | $1.92 |
Earnings per common share - diluted | $0.28 | $0.32 | $0.32 | $0.44 | $0.47 | $0.23 | $0.46 | $0.47 | $1.35 | $1.63 | $1.92 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||||
Stock options and stock appreciation rights | 55,184 | 91,902 | 144,535 |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance Sheet Risk (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ||
Fair Value of Interest Rate Swaps | $2.10 | $0.70 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional Amount of Interest Rate Derivatives | $44 | $14.70 |
Financial_Instruments_with_Off3
Financial Instruments with Off-Balance Sheet Risk (Loan Commitments and Standby Letters of Credit) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | $283,231 | $217,397 |
Standby letters of credit | 30,837 | 33,998 |
Home equity lines of credit | ||
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | 62,704 | 49,533 |
Unadvanced construction loans | ||
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | 46,781 | 30,203 |
Other loan commitments | ||
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | $173,746 | $137,661 |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Regulatory Matters [Abstract] | |||
Required Reserve Balances with Federal Reserve Bank | $12,200,000 | $11,200,000 | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | 4,800,000 | ||
Regulatory Capital Requirements | |||
Repurchase of common stock warrant | 0 | 0 | 1,201,000 |
Holding Company | |||
Regulatory Capital Requirements | |||
Capital | 261,371,000 | 184,457,000 | |
Capital to Risk Weighted Assets | 15.50% | 13.80% | |
Capital Required for Capital Adequacy | 135,037,000 | 107,105,000 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |
Capital Required to be Well Capitalized | 168,797,000 | 133,881,000 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% | |
Tier One Risk Based Capital | 241,707,000 | 166,217,000 | |
Tier One Risk Based Capital to Risk Weighted Assets | 14.30% | 12.40% | |
Tier One Risk Based Capital Required for Capital Adequacy | 67,519,000 | 53,552,000 | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% | |
Tier One Risk Based Capital Required to be Well Capitalized | 101,278,000 | 80,329,000 | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% | |
Tier One Leverage Capital | 241,707,000 | 166,217,000 | |
Tier One Leverage Capital to Average Assets | 9.90% | 8.50% | |
Tier One Leverage Capital Required for Capital Adequacy | 97,470,000 | 78,080,000 | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | |
Tier One Leverage Capital Required to be Well Capitalized | 121,837,000 | 97,600,000 | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% | |
Risk Weighted Assets | 1,687,968,000 | 1,338,811,000 | |
Bank | |||
Regulatory Capital Requirements | |||
Capital | 223,591,000 | 188,814,000 | |
Capital to Risk Weighted Assets | 13.30% | 14.10% | |
Capital Required for Capital Adequacy | 134,928,000 | 106,961,000 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |
Capital Required to be Well Capitalized | 168,660,000 | 133,701,000 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% | |
Tier One Risk Based Capital | 205,710,000 | 172,097,000 | |
Tier One Risk Based Capital to Risk Weighted Assets | 12.20% | 12.90% | |
Tier One Risk Based Capital Required for Capital Adequacy | 67,464,000 | 53,480,000 | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% | |
Tier One Risk Based Capital Required to be Well Capitalized | 101,196,000 | 80,220,000 | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% | |
Tier One Leverage Capital | 205,710,000 | 172,097,000 | |
Tier One Leverage Capital to Average Assets | 8.50% | 8.80% | |
Tier One Leverage Capital Required for Capital Adequacy | 97,333,000 | 77,830,000 | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | |
Tier One Leverage Capital Required to be Well Capitalized | 121,666,000 | 97,288,000 | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% | |
Risk Weighted Assets | $1,686,603,000 | $1,337,008,000 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Nov. 25, 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 | $1,100,000 | ||||
Unrecognized stock-based compensation expense related to unvested awards, weighted-average period of recognition | 1 year 6 months | ||||
Unrestricted Stock Granted to Employees | 12,030 | ||||
Common shares issued under Board of Directors' compensation plan | -207,000 | -179,000 | 130,000 | ||
Allocated Share-based Compensation Expense | 2,111,000 | 1,362,000 | 942,000 | ||
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 | 1,600,000 | 654,000 | 77,000 | ||
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 | Officers and key employees [Member] | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards expiration period | 1 year | ||||
Restricted Shares | Officers and key employees [Member] | 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 | 6 months | |||
Restricted Shares | New key employee | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards expiration period | 1 year | ||||
Restricted Shares | New key employee | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards expiration period | 3 years | ||||
Unrestricted Stock Grant to Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $298,000 |
StockBased_Compensation_Option
Stock-Based Compensation (Options Outstanding & Exercisable) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,792 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $25.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding Shares, Beginning Balance | 57,094 |
Expired | 15,725 |
Outstanding Shares, Ending Balance | 38,577 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Options Outstanding, Weighted Average Exercise Price | $27.96 |
Options Expired, Weighted Average Exercise Price | $28.08 |
Options Outstanding, Weighted Average Exercise Price | $28.09 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options Outstanding, Weighted Average Remaining Contractual Term | 0 years 9 months |
Options Outstanding, Intrinsic Value | $0 |
Options Exercisable | 38,577 |
Options Exercisable, Weighted Average Exercise Price | $28.09 |
Options Exercisable, Weighted Average Remaining Contractual Term | 0 years 9 months |
Options Exercisable, Intrinsic Value | $0 |
Options Outstanding & Exercisable, Common Shares Subject to Options Outstanding | 38,577 |
Options Outstanding & Exercisable, Weighted-Average Remaining Contractual Life | 0 years 9 months |
Options Outstanding & Exercisable, Weighted-Average Exercise Price (usd per share) | $28.09 |
Range of Exercise Price $26.01 - $27.74 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options Outstanding & Exercisable, Range of Exercise Prices, Lower Range Limit | $26.01 |
Options Outstanding & Exercisable, Range of Exercise Prices, Upper Range Limit | $27.74 |
Options Outstanding & Exercisable, Common Shares Subject to Options Outstanding | 13,680 |
Options Outstanding & Exercisable, Weighted-Average Remaining Contractual Life | 0 years 2 months |
Options Outstanding & Exercisable, Weighted-Average Exercise Price (usd per share) | $26.86 |
Range of Exercise Price $28.25 - $28.26 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options Outstanding & Exercisable, Range of Exercise Prices, Lower Range Limit | $28.25 |
Options Outstanding & Exercisable, Range of Exercise Prices, Upper Range Limit | $28.26 |
Options Outstanding & Exercisable, Common Shares Subject to Options Outstanding | 13,697 |
Options Outstanding & Exercisable, Weighted-Average Remaining Contractual Life | 1 year 1 month |
Options Outstanding & Exercisable, Weighted-Average Exercise Price (usd per share) | $28.25 |
Range of Exercise Price $28.57 - $30.00 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options Outstanding & Exercisable, Range of Exercise Prices, Lower Range Limit | $28.57 |
Options Outstanding & Exercisable, Range of Exercise Prices, Upper Range Limit | $30 |
Options Outstanding & Exercisable, Common Shares Subject to Options Outstanding | 11,200 |
Options Outstanding & Exercisable, Weighted-Average Remaining Contractual Life | 1 year 3 months |
Options Outstanding & Exercisable, Weighted-Average Exercise Price (usd per share) | $29.40 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Appreciation Rights) (Details) (SARs, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Subject to SARs Outstanding & Exercisable | 21,292 |
Weighted-Average Remaining Contractual Life | 2 years 6 months |
Number of Common Shares Subject to SARs | |
Outstanding at January 1 (in shares) | 21,292 |
Outstanding at December 31 (in shares) | 21,292 |
Weighted- Average Exercise Price | |
Outstanding at January 1 (in dollars per share) | $25.96 |
Outstanding at December 31 (in dollars per share) | $25.96 |
Weighted - Average Grant Date Fair Value | |
Exercisable at December 31 (in shares) | 21,292 |
Exercisable at December 31 (in dollars per share) | $25.96 |
Outstanding at December 31, Weighted-Average Remaining Contractual Life | 2 years 6 months |
Exercisable at December 31, Weighted-Average Remaining Contractual Life | 2 years 6 months |
Outstanding at December 31 | $28,000 |
Exercisable at December 31 | $28,000 |
Exercise Price $23.26 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $23.26 |
Number of Shares Subject to SARs Outstanding & Exercisable | 2,000 |
Weighted-Average Remaining Contractual Life | 2 years 7 months |
Exercise Price $23.77 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $23.77 |
Number of Shares Subject to SARs Outstanding & Exercisable | 10,582 |
Weighted-Average Remaining Contractual Life | 2 years 11 months |
Exercise Price $29.25 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $29.25 |
Number of Shares Subject to SARs Outstanding & Exercisable | 8,710 |
Weighted-Average Remaining Contractual Life | 2 years 0 months |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Shares) (Details) (Restricted Shares, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Time Vesting | |
Number of Shares | |
Outstanding at January 1 (in shares) | 60,206 |
Awarded | 18,412 |
Released | 31,027 |
Forfeited (in shares) | 0 |
Outstanding at December 31 (in shares) | 47,591 |
Weighted - Average Grant Date Fair Value | |
Outstanding at January 1 (in dollars per share) | $17.18 |
Awarded (usd per share) | $24.60 |
Released (usd per share) | $18.07 |
Forfeited (in dollars per share) | $0 |
Outstanding at December 31 (in dollars per share) | $19.48 |
Performance Vesting | |
Number of Shares | |
Outstanding at January 1 (in shares) | 85,254 |
Awarded | 83,514 |
Released | 37,746 |
Forfeited (in shares) | 5,943 |
Outstanding at December 31 (in shares) | 125,079 |
Weighted - Average Grant Date Fair Value | |
Outstanding at January 1 (in dollars per share) | $20.98 |
Awarded (usd per share) | $21.68 |
Released (usd per share) | $19.93 |
Forfeited (in dollars per share) | $21.73 |
Outstanding at December 31 (in dollars per share) | $21.73 |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation [Abstract] | |||
Total stock-based compensation | $2,111 | $1,362 | $942 |
Recognized tax benefit | -739 | -477 | -330 |
Net expense recognized | $1,372 | $885 | $612 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | 9 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | 30-May-14 | Aug. 22, 2014 | Oct. 24, 2014 | |
Business Acquisition | ||||||
Acquired intangibles | $4,999,000 | $4,023,000 | ||||
Acquired goodwill | 28,042,000 | 5,639,000 | ||||
Non-interest expense related to acquisitions | 4,800,000 | |||||
Midwest Bancshares, Inc. | ||||||
Business Acquisition | ||||||
Total purchase price | 12,600,000 | |||||
Midwest Bancshares, Inc. | Stock Portion of Purchase Price | ||||||
Business Acquisition | ||||||
Business Acquisition, Stock Percentage of Total Purchase Price | 50.00% | |||||
Midwest Bancshares, Inc. | Cash Portion of Purchase Price | ||||||
Business Acquisition | ||||||
Business Acquisition, Cash Percentage of Total Purchase Price | 50.00% | |||||
Ohio Heritage Bancorp, Inc. | ||||||
Business Acquisition | ||||||
Total purchase price | 37,700,000 | |||||
Ohio Heritage Bancorp, Inc. | Stock Portion of Purchase Price | ||||||
Business Acquisition | ||||||
Business Acquisition, Stock Percentage of Total Purchase Price | 85.00% | |||||
Ohio Heritage Bancorp, Inc. | Cash Portion of Purchase Price | ||||||
Business Acquisition | ||||||
Business Acquisition, Cash Percentage of Total Purchase Price | 15.00% | |||||
Insurance Agency in Pikeville, Kentucky [Member] | ||||||
Business Acquisition | ||||||
Total purchase price | 300,000 | |||||
Acquired intangibles | 200,000 | |||||
Acquired goodwill | 100,000 | |||||
North Akron Savings Bank | ||||||
Business Acquisition | ||||||
Total purchase price | $20,100,000 | |||||
North Akron Savings Bank | Stock Portion of Purchase Price | ||||||
Business Acquisition | ||||||
Business Acquisition, Stock Percentage of Total Purchase Price | 80.00% | |||||
North Akron Savings Bank | Cash Portion of Purchase Price | ||||||
Business Acquisition | ||||||
Business Acquisition, Cash Percentage of Total Purchase Price | 20.00% |
Acquisitions_Acquisitions_Purc1
Acquisitions Acquisitions Purchase Price and Fair Value of Assets Acquired and Liabilities Assumed (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 30-May-14 | Aug. 22, 2014 | Oct. 24, 2014 | |
Net Assets at Fair Value | ||||||
Goodwill | $98,562,000 | $70,520,000 | $64,881,000 | |||
Midwest Bancshares, Inc. | ||||||
Purchase Price | ||||||
Common shares outstanding at merger announcement | 192,500 | |||||
Cash purchase price per share | $24.60 | |||||
Number of common shares of Peoples issued for each common share of acquired company | 1.33 | |||||
Total purchase price | 12,600,000 | |||||
Net Assets at Fair Value | ||||||
Cash and cash equivalents | 3,562,000 | |||||
Bank premises and equipment, net | 1,446,000 | |||||
Other intangible assets | 976,000 | |||||
Other assets | 1,089,000 | |||||
Total assets | 88,987,000 | |||||
Deposits | 77,945,000 | |||||
Borrowings | 0 | |||||
Accrued expenses and other liabilities | 109,000 | |||||
Total liabilities | 78,054,000 | |||||
Net assets | 10,933,000 | |||||
Goodwill | 1,676,000 | |||||
Midwest Bancshares, Inc. | Investment securities | ||||||
Net Assets at Fair Value | ||||||
Debt securities and loans | 23,198,000 | |||||
Midwest Bancshares, Inc. | Loans, including loans held for sale, net of deferred fees and costs | ||||||
Net Assets at Fair Value | ||||||
Debt securities and loans | 58,716,000 | |||||
Ohio Heritage Bancorp, Inc. | ||||||
Purchase Price | ||||||
Common shares outstanding at merger announcement | 342,458 | |||||
Cash purchase price per share | $23.46 | |||||
Number of common shares of Peoples issued for each common share of acquired company | 3.99 | |||||
Total purchase price | 37,700,000 | |||||
Net Assets at Fair Value | ||||||
Cash and cash equivalents | 18,231,000 | |||||
Bank premises and equipment, net | 4,943,000 | |||||
Other intangible assets | 2,421,000 | |||||
Other assets | 9,330,000 | |||||
Total assets | 239,590,000 | |||||
Deposits | 174,881,000 | |||||
Borrowings | 42,440,000 | |||||
Accrued expenses and other liabilities | 2,646,000 | |||||
Total liabilities | 219,967,000 | |||||
Net assets | 19,623,000 | |||||
Goodwill | 18,047,000 | |||||
Ohio Heritage Bancorp, Inc. | Investment securities | ||||||
Net Assets at Fair Value | ||||||
Debt securities and loans | 28,865,000 | |||||
Ohio Heritage Bancorp, Inc. | Loans, including loans held for sale, net of deferred fees and costs | ||||||
Net Assets at Fair Value | ||||||
Debt securities and loans | 175,800,000 | |||||
North Akron Savings Bank | ||||||
Purchase Price | ||||||
Common shares outstanding at merger announcement | 2,630 | |||||
Cash purchase price per share | $24.20 | |||||
Number of common shares of Peoples issued for each common share of acquired company | 253.06 | |||||
Total purchase price | 20,100,000 | |||||
Net Assets at Fair Value | ||||||
Cash and cash equivalents | 11,028,000 | |||||
Bank premises and equipment, net | 1,815,000 | |||||
Other intangible assets | 1,389,000 | |||||
Other assets | 1,090,000 | |||||
Total assets | 144,444,000 | |||||
Deposits | 108,102,000 | |||||
Borrowings | 24,209,000 | |||||
Accrued expenses and other liabilities | 212,000 | |||||
Total liabilities | 132,523,000 | |||||
Net assets | 11,921,000 | |||||
Goodwill | 8,212,000 | |||||
North Akron Savings Bank | Investment securities | ||||||
Net Assets at Fair Value | ||||||
Debt securities and loans | 17,597,000 | |||||
North Akron Savings Bank | Loans, including loans held for sale, net of deferred fees and costs | ||||||
Net Assets at Fair Value | ||||||
Debt securities and loans | 111,525,000 | |||||
Cash Portion of Purchase Price | Midwest Bancshares, Inc. | ||||||
Purchase Price | ||||||
Cash purchase price per share | $32.75 | |||||
Cash consideration | 6,304,000 | |||||
Cash Portion of Purchase Price | Ohio Heritage Bancorp, Inc. | ||||||
Purchase Price | ||||||
Cash purchase price per share | $16.50 | |||||
Cash consideration | 5,650,000 | |||||
Cash Portion of Purchase Price | North Akron Savings Bank | ||||||
Purchase Price | ||||||
Cash purchase price per share | $1,531 | |||||
Cash consideration | 4,027,000 | |||||
Stock Portion of Purchase Price | Midwest Bancshares, Inc. | ||||||
Purchase Price | ||||||
Cash consideration | 6,305,000 | |||||
Stock Portion of Purchase Price | Ohio Heritage Bancorp, Inc. | ||||||
Purchase Price | ||||||
Cash consideration | 32,020,000 | |||||
Stock Portion of Purchase Price | North Akron Savings Bank | ||||||
Purchase Price | ||||||
Cash consideration | $16,106,000 |
Acquisitions_Acquired_Loans_at
Acquisitions Acquired Loans at Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | 30-May-14 | Aug. 22, 2014 | Oct. 24, 2014 |
In Thousands, unless otherwise specified | |||||
Business Acquisition | |||||
Accretable yield | ($3,172) | ($103) | |||
Midwest Bancshares, Inc. | |||||
Business Acquisition | |||||
Accretable yield | -750 | ||||
Midwest Bancshares, Inc. | Acquired Nonimpaired Loans | |||||
Business Acquisition | |||||
Contractual cash flows | 81,931 | ||||
Nonaccretable difference | 15,786 | ||||
Expected cash flows | 66,145 | ||||
Accretable yield | 12,969 | ||||
Fair value | 53,176 | ||||
Midwest Bancshares, Inc. | Acquired Purchased Credit Impaired Loans | |||||
Business Acquisition | |||||
Nonaccretable difference | 4,491 | ||||
Contractual cash flows | 10,782 | ||||
Expected cash flows | 6,291 | ||||
Accretable yield | 751 | ||||
Fair value | 5,540 | ||||
Ohio Heritage Bancorp, Inc. | |||||
Business Acquisition | |||||
Accretable yield | -1,485 | ||||
Ohio Heritage Bancorp, Inc. | Acquired Nonimpaired Loans | |||||
Business Acquisition | |||||
Contractual cash flows | 241,575 | ||||
Nonaccretable difference | 23,227 | ||||
Expected cash flows | 218,348 | ||||
Accretable yield | 49,730 | ||||
Fair value | 168,618 | ||||
Ohio Heritage Bancorp, Inc. | Acquired Purchased Credit Impaired Loans | |||||
Business Acquisition | |||||
Nonaccretable difference | 4,884 | ||||
Contractual cash flows | 13,550 | ||||
Expected cash flows | 8,666 | ||||
Accretable yield | 1,484 | ||||
Fair value | 7,182 | ||||
North Akron Savings Bank | |||||
Business Acquisition | |||||
Accretable yield | -813 | ||||
North Akron Savings Bank | Acquired Nonimpaired Loans | |||||
Business Acquisition | |||||
Contractual cash flows | 154,933 | ||||
Nonaccretable difference | 19,162 | ||||
Expected cash flows | 135,771 | ||||
Accretable yield | 30,471 | ||||
Fair value | 105,300 | ||||
North Akron Savings Bank | Acquired Purchased Credit Impaired Loans | |||||
Business Acquisition | |||||
Nonaccretable difference | 4,439 | ||||
Contractual cash flows | 11,477 | ||||
Expected cash flows | 7,038 | ||||
Accretable yield | 813 | ||||
Fair value | $6,225 |
Parent_Company_Only_Financial_2
Parent Company Only Financial Information (Condensed Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and due from banks | $42,230 | $36,016 | ||
Receivable from subsidiary bank | 1,015 | 828 | ||
Total available-for-sale securities | 636,880 | 606,108 | ||
Other assets | 35,772 | 36,493 | ||
Total assets | 2,567,769 | 2,059,108 | ||
Liabilities | ||||
Accrued expenses and other liabilities | 27,217 | 21,381 | ||
Dividends Payable, Current | 24 | 0 | ||
Long-term borrowings | 179,083 | 121,826 | ||
Total liabilities | 2,227,651 | 1,837,555 | ||
Common stockholders' equity | 340,118 | 221,553 | 221,728 | 206,657 |
Total liabilities and stockholders' equity | 2,567,769 | 2,059,108 | ||
Bank | ||||
Assets | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 281,360 | 205,167 | ||
Non-Bank | ||||
Assets | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 30,693 | 30,527 | ||
Holding Company | ||||
Assets | ||||
Cash and due from banks | 50 | 50 | ||
Interest-bearing deposits in subsidiary bank | 41,666 | 5,541 | ||
Total available-for-sale securities | 5,214 | 4,548 | ||
Other assets | 878 | 854 | ||
Total assets | 360,876 | 247,515 | ||
Liabilities | ||||
Accrued expenses and other liabilities | 6,365 | 6,815 | ||
Long-term borrowings | 14,369 | 19,147 | ||
Total liabilities | 20,758 | 25,962 | ||
Common stockholders' equity | 340,118 | 221,553 | ||
Total liabilities and stockholders' equity | $360,876 | $247,515 |
Parent_Company_Only_Financial_3
Parent Company Only Financial Information (Condensed Statements of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements | |||||||||||
Net gain on securities transactions | $238 | $124 | $66 | ($30) | $46 | ($1) | $26 | $418 | $398 | $489 | $3,548 |
Net loss on other transactions | 67 | 0 | -4,144 | ||||||||
Total interest income | 80,200 | 67,071 | 69,470 | ||||||||
Interest on junior subordinated debentures held by subsidiary trust | 0 | 0 | 1,913 | ||||||||
Other expense | 21,596 | 20,378 | 18,451 | 18,404 | 16,993 | 16,901 | 16,221 | 15,931 | |||
Applicable income tax benefit | 2,040 | 1,729 | 1,577 | 2,148 | 2,301 | 4,381 | 2,510 | 2,318 | 7,494 | 11,510 | 9,525 |
Net income | 4,245 | 4,179 | 3,477 | 4,783 | 5,114 | 2,517 | 4,921 | 5,022 | 16,684 | 17,574 | 20,385 |
Bank | |||||||||||
Condensed Financial Statements | |||||||||||
Dividends from subsidiary bank | 21,000 | 15,000 | 12,750 | ||||||||
Non-Bank | |||||||||||
Condensed Financial Statements | |||||||||||
Dividends from subsidiary bank | 500 | 0 | 0 | ||||||||
Holding Company | |||||||||||
Condensed Financial Statements | |||||||||||
Net gain on securities transactions | 0 | 0 | 273 | ||||||||
Net loss on other transactions | 0 | 0 | -1,033 | ||||||||
Interest and other income | 205 | 132 | 205 | ||||||||
Total interest income | 21,705 | 15,132 | 12,195 | ||||||||
Interest on junior subordinated debentures held by subsidiary trust | 0 | 0 | 1,948 | ||||||||
Intercompany management fees | 1,546 | 1,257 | 1,049 | ||||||||
Other expense | 4,578 | 3,411 | 2,216 | ||||||||
Total expenses | 6,124 | 4,668 | 5,213 | ||||||||
Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries | 15,581 | 10,464 | 6,982 | ||||||||
Applicable income tax benefit | -2,102 | -1,510 | -2,127 | ||||||||
(Excess dividends from) equity in undistributed earnings of subsidiaries | -999 | 5,600 | 11,276 | ||||||||
Net income | $16,684 | $17,574 | $20,385 |
Parent_Company_Only_Financial_4
Parent Company Only Financial Information (Statement of Cash Flow) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating activities: | |||
Net income | $16,684,000 | $17,574,000 | $20,385,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on investment securities | -398,000 | -489,000 | -3,548,000 |
(Gain) loss on debt extinguishment | -67,000 | 0 | 4,144,000 |
Net cash provided by operating activities | 31,495,000 | 40,464,000 | 41,254,000 |
Investing activities: | |||
Business acquisitions, net of cash received | 17,081,000 | -4,536,000 | -3,321,000 |
Net cash used in investing activities | -14,163,000 | -80,013,000 | -69,567,000 |
Financing activities: | |||
Proceeds from long-term borrowings | 5,269,000 | 0 | 24,000,000 |
Payments on long-term borrowings | -10,288,000 | -7,025,000 | -40,517,000 |
Purchase of treasury stock | -520,000 | -228,000 | -156,000 |
Proceeds from issuance of common shares | 40,242,000 | 8,000 | 6,000 |
Cash dividends paid | -6,767,000 | -5,419,000 | -4,457,000 |
Excess tax benefit from share-based payments | 85,000 | 79,000 | 16,000 |
Net cash (used in) provided by financing activities | -9,698,000 | 30,827,000 | 51,905,000 |
Net increase (decrease) in cash and cash equivalents | 7,634,000 | -8,722,000 | 23,592,000 |
Cash and cash equivalents at beginning of period | 53,820,000 | 62,542,000 | |
Cash and cash equivalents at end of period | 61,454,000 | 53,820,000 | 62,542,000 |
Supplemental cash flow information: | |||
Interest paid | 10,766,000 | 11,839,000 | 15,570,000 |
Holding Company | |||
Operating activities: | |||
Net income | 16,684,000 | 17,574,000 | 20,385,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Excess dividends from (equity in) undistributed earnings of subsidiaries | 999,000 | -5,600,000 | -11,276,000 |
Gain on investment securities | 0 | 0 | -273,000 |
(Gain) loss on debt extinguishment | 0 | 0 | 1,033,000 |
Other, net | 1,809,000 | 1,803,000 | -663,000 |
Net cash provided by operating activities | 19,492,000 | 13,777,000 | 9,206,000 |
Investing activities: | |||
Net proceeds from sales and maturities of investment securities | 0 | 0 | 273,000 |
Investment in subsidiaries | -28,574,000 | 0 | -9,815,000 |
Change in receivable from subsidiary | 17,009,000 | -619,000 | 3,814,000 |
Business acquisitions, net of cash received | -42,000 | 0 | 0 |
Net cash used in investing activities | -11,607,000 | -619,000 | -5,728,000 |
Financing activities: | |||
Proceeds from long-term borrowings | 0 | 0 | 24,000,000 |
Payments on long-term borrowings | -4,800,000 | -4,800,000 | 0 |
Redemption of junior subordinated debentures | 0 | 0 | -23,668,000 |
Purchase of treasury stock | -520,000 | -228,000 | -1,357,000 |
Proceeds from issuance of common shares | 40,242,000 | 8,000 | 6,000 |
Cash dividends paid | -6,767,000 | -5,419,000 | -4,457,000 |
Excess tax benefit from share-based payments | 85,000 | 79,000 | 709,000 |
Net cash (used in) provided by financing activities | 28,240,000 | -10,360,000 | -4,767,000 |
Net increase (decrease) in cash and cash equivalents | 36,125,000 | 2,798,000 | -1,289,000 |
Cash and cash equivalents at the beginning of year | 5,591,000 | 2,793,000 | |
Cash and cash equivalents at beginning of period | 5,591,000 | 2,793,000 | |
Cash and cash equivalents at end of period | 41,716,000 | 5,591,000 | 2,793,000 |
Supplemental cash flow information: | |||
Interest paid | $672,000 | $915,000 | $2,246,000 |
Summarized_Quarterly_Informati2
Summarized Quarterly Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summarized Quarterly Information (Unaudited) [Abstract] | |||||||||||
Total interest income | $22,868 | $20,566 | $18,614 | $18,152 | $18,385 | $16,509 | $16,111 | $16,066 | |||
Total interest expense | 2,744 | 2,707 | 2,571 | 2,672 | 2,806 | 2,833 | 2,956 | 3,091 | 10,694 | 11,686 | 14,995 |
Net interest income | 20,124 | 17,859 | 16,043 | 15,480 | 15,579 | 13,676 | 13,155 | 12,975 | 69,506 | 55,385 | 54,475 |
Provision for (recovery of) loan losses | 128 | -380 | 583 | 8 | -964 | -919 | -1,462 | -1,065 | |||
Net loss on asset disposals and other transactions | -146 | -109 | -187 | 11 | -125 | -19 | -6 | -5 | -431 | -155 | -4,326 |
Net gain on securities transactions | 238 | 124 | 66 | -30 | 46 | -1 | 26 | 418 | 398 | 489 | 3,548 |
Other income | 10,178 | 9,861 | 9,719 | 10,295 | 9,346 | 9,586 | 9,216 | 9,072 | |||
Intangible asset amortization | 516 | 367 | 282 | 263 | 274 | 180 | 164 | 189 | 1,428 | 807 | 509 |
Acquisition-related expenses | 1,869 | 1,462 | 1,271 | 150 | 1,128 | 182 | 37 | 65 | |||
Other expense | 21,596 | 20,378 | 18,451 | 18,404 | 16,993 | 16,901 | 16,221 | 15,931 | |||
Applicable income tax benefit | 2,040 | 1,729 | 1,577 | 2,148 | 2,301 | 4,381 | 2,510 | 2,318 | 7,494 | 11,510 | 9,525 |
Net income | $4,245 | $4,179 | $3,477 | $4,783 | $5,114 | $2,517 | $4,921 | $5,022 | $16,684 | $17,574 | $20,385 |
Earnings per common share - basic | $0.29 | $0.33 | $0.32 | $0.45 | $0.48 | $0.24 | $0.46 | $0.47 | $1.36 | $1.65 | $1.92 |
Earnings per common share - diluted | $0.28 | $0.32 | $0.32 | $0.44 | $0.47 | $0.23 | $0.46 | $0.47 | $1.35 | $1.63 | $1.92 |
Weighted-average number of common shares outstanding - basic | 14,660,314 | 12,632,341 | 10,755,509 | 10,636,089 | 10,602,266 | 10,589,126 | 10,576,643 | 10,556,261 | 12,183,352 | 10,581,222 | 10,527,885 |
Weighted-average number of common shares outstanding - diluted | 14,809,289 | 12,765,880 | 10,880,090 | 10,740,884 | 10,718,465 | 10,692,555 | 10,597,033 | 10,571,383 | 12,306,224 | 10,679,417 | 10,528,286 |
Uncategorized_Items
Uncategorized Items | |||||
[pebo_CashAndCashEquivalentsAtBeginningOfPeriod] | 4,082,000 | ||||
[us-gaap_StockholdersEquity] | 1,412,000 | 166,969,000 | 53,580,000 | -15,304,000 |