Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 28, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PEOPLES BANCORP INC. | |
Entity Central Index Key | 318,300 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,395,117 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 60,370 | $ 42,230 |
Interest-bearing deposits in other banks | 71,892 | 19,224 |
Total cash and cash equivalents | 132,262 | 61,454 |
Available-for-sale investment securities, at fair value (amortized cost of $730,632 at June 30, 2015 and $632,967 at December 31, 2014) | 736,220 | 636,880 |
Held-to-maturity investment securities, at amortized cost (fair value of $47,626 at June 30, 2015 and $48,442 at December 31, 2014) | 47,483 | 48,468 |
Other investment securities, at cost | 38,496 | 28,311 |
Total investment securities | 822,199 | 713,659 |
Loans, net of deferred fees and costs | 2,012,033 | 1,620,898 |
Allowance for loan losses | (18,244) | (17,881) |
Net loans | 1,993,789 | 1,603,017 |
Loans held for sale | 4,194 | 4,374 |
Bank premises and equipment, net | 50,341 | 40,335 |
Goodwill | 132,252 | 98,562 |
Other intangible assets | 18,917 | 10,596 |
Other assets | 56,471 | 35,772 |
Total assets | 3,210,425 | 2,567,769 |
Liabilities | ||
Non-interest-bearing deposits | 681,357 | 493,162 |
Interest-bearing deposits | 1,863,215 | 1,439,912 |
Total deposits | 2,544,572 | 1,933,074 |
Short-term borrowings | 92,711 | 88,277 |
Long-term borrowings | 128,633 | 179,083 |
Accrued expenses and other liabilities | 26,345 | 27,217 |
Total liabilities | 2,792,261 | 2,227,651 |
Stockholders’ Equity | ||
Preferred stock, no par value, 50,000 shares authorized, no shares issued at June 30, 2015 and December 31, 2014 | 0 | 0 |
Common stock, no par value, 24,000,000 shares authorized, 18,930,081 shares issued at June 30, 2015 and 15,599,643 shares issued at December 31, 2014, including shares in treasury | 343,035 | 265,742 |
Retained earnings | 89,585 | 90,391 |
Accumulated other comprehensive income (loss), net of deferred income taxes | 402 | (1,301) |
Treasury stock, at cost, 596,045 shares at June 30, 2015 and 590,246 shares at December 31, 2014 | (14,858) | (14,714) |
Total stockholders’ equity | 418,164 | 340,118 |
Total liabilities and stockholders’ equity | $ 3,210,425 | $ 2,567,769 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Available-for-sale investment securities at amortized cost | $ 730,632 | $ 632,967 |
Held-to-maturity investment securities at fair value | $ 47,626 | $ 48,442 |
Stockholders’ Equity | ||
Preferred stock - shares authorized | 50,000 | 50,000 |
Preferred stock - shares issued | 0 | 0 |
Common stock - shares authorized | 24,000,000 | 24,000,000 |
Common stock - shares issued | 18,930,081 | 15,599,643 |
Treasury stock - shares | 596,045 | 590,246 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest Income: | ||||
Interest and fees on loans | $ 22,146 | $ 14,070 | $ 41,306 | $ 27,443 |
Interest and dividends on taxable investment securities | 4,553 | 4,140 | 8,916 | 8,480 |
Interest on tax-exempt investment securities | 806 | 446 | 1,402 | 862 |
Other interest income (expense) | 61 | (42) | 101 | (19) |
Total interest income | 27,566 | 18,614 | 51,725 | 36,766 |
Interest Expense: | ||||
Interest on deposits | 1,618 | 1,466 | 3,177 | 3,034 |
Interest on short-term borrowings | 31 | 36 | 66 | 68 |
Interest on long-term borrowings | 1,124 | 1,069 | 2,270 | 2,141 |
Total interest expense | 2,773 | 2,571 | 5,513 | 5,243 |
Net interest income | 24,793 | 16,043 | 46,212 | 31,523 |
Provision for loan losses | 672 | 583 | 1,022 | 591 |
Net interest income after provision for loan losses | 24,121 | 15,460 | 45,190 | 30,932 |
Other Income: | ||||
Insurance income | 3,283 | 3,443 | 7,595 | 7,559 |
Deposit account service charges | 2,848 | 2,227 | 5,143 | 4,338 |
Trust and investment income | 2,544 | 1,933 | 4,591 | 3,780 |
Electronic banking income | 2,312 | 1,562 | 4,292 | 3,101 |
Mortgage banking income | 412 | 311 | 715 | 538 |
Net gain on investment securities | 11 | 66 | 611 | 36 |
Net loss on asset disposals and other transactions | (136) | (187) | (1,239) | (176) |
Other non-interest income | 527 | 243 | 1,098 | 698 |
Total other income | 11,801 | 9,598 | 22,806 | 19,874 |
Other Expenses: | ||||
Salaries and employee benefit costs | 14,560 | 11,241 | 31,921 | 22,033 |
Net occupancy and equipment | 3,138 | 1,739 | 5,433 | 3,555 |
Professional fees | 1,808 | 1,320 | 4,255 | 2,174 |
Electronic banking expense | 1,320 | 951 | 2,444 | 2,033 |
Amortization of other intangible assets | 1,144 | 282 | 1,817 | 545 |
Data processing and software | 1,025 | 555 | 1,760 | 1,125 |
Marketing expense | 1,071 | 413 | 1,716 | 872 |
Communication expense | 592 | 390 | 1,094 | 749 |
Franchise tax | 502 | 442 | 1,050 | 827 |
FDIC insurance | 530 | 287 | 954 | 547 |
Foreclosed real estate and other loan expenses | 551 | 197 | 872 | 412 |
Other non-interest expense | 2,537 | 2,187 | 8,376 | 3,949 |
Total other expenses | 28,778 | 20,004 | 61,692 | 38,821 |
Income before income taxes | 7,144 | 5,054 | 6,304 | 11,985 |
Income tax expense | 2,231 | 1,577 | 2,080 | 3,725 |
Net income | $ 4,913 | $ 3,477 | $ 4,224 | $ 8,260 |
Earnings per common share - basic | $ 0.27 | $ 0.32 | $ 0.25 | $ 0.77 |
Earnings per common share - diluted | $ 0.27 | $ 0.32 | $ 0.24 | $ 0.76 |
Weighted-average number of common shares outstanding - basic | 18,116,090 | 10,755,509 | 16,965,603 | 10,696,129 |
Weighted-average number of common shares outstanding - diluted | 18,253,918 | 10,880,090 | 17,094,095 | 10,807,688 |
Cash dividends declared | $ 2,758 | $ 1,634 | $ 5,030 | $ 3,257 |
Cash dividends declared per common share | $ 0.15 | $ 0.15000 | $ 0.3 | $ 0.3000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,913 | $ 3,477 | $ 4,224 | $ 8,260 |
Available-for-sale investment securities: | ||||
Gross unrealized holding (loss) gain arising in the period | (6,596) | 7,258 | 2,287 | 15,898 |
Related tax benefit (expense) | 2,308 | (2,541) | (800) | (5,565) |
Less: reclassification adjustment for net gain included in net income | 11 | 66 | 611 | 36 |
Related tax expense | (4) | (24) | (214) | (13) |
Net effect on other comprehensive (loss) income | (4,295) | 4,675 | 1,090 | 10,310 |
Defined benefit plans: | ||||
Net income (loss) arising during the period | 533 | (126) | 507 | (1,179) |
Related tax (expense) benefit | (186) | 43 | (177) | 413 |
Amortization of unrecognized loss and service cost on benefit plans | 30 | 34 | 62 | 65 |
Related tax expense | (9) | (12) | (21) | (23) |
Recognition of loss due to settlement and curtailment | 103 | 536 | 372 | 1,022 |
Related tax expense | (36) | (188) | (130) | (358) |
Net effect on other comprehensive income (loss) | 435 | 287 | 613 | (60) |
Total other comprehensive (loss) income, net of tax (expense) benefit | (3,860) | 4,962 | 1,703 | 10,250 |
Total comprehensive income | $ 1,053 | $ 8,439 | $ 5,927 | $ 18,510 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | Common Stock | Common StockNB&T Financial Group, Inc. | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance, December 31, 2014 at Dec. 31, 2014 | $ 340,118 | $ 265,742 | $ 90,391 | $ (1,301) | $ (14,714) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 4,224 | 4,224 | ||||
Other comprehensive income, net of tax | 1,703 | 1,703 | ||||
Cash dividends declared | (5,030) | (5,030) | ||||
Reissuance of treasury stock for common stock option exercises | 0 | 0 | ||||
Tax benefit from exercise of stock options | 63 | 63 | ||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | 155 | 155 | ||||
Purchase of treasury stock | (593) | (593) | ||||
Common shares issued under dividend reinvestment plan | 204 | 204 | ||||
Common shares issued under compensation plan for Board of Directors | 109 | (6) | 115 | |||
Common shares issued under employee stock purchase plan | 158 | (21) | 179 | |||
Stock-based compensation expense | 1,026 | 1,026 | ||||
Issuance of common shares related to acquisition of NB&T Financial Group, Inc. | 76,027 | $ 76,027 | ||||
Balance, June 30, 2015 at Jun. 30, 2015 | $ 418,164 | $ 343,035 | $ 89,585 | $ 402 | $ (14,858) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 14,216 | $ 14,442 |
Available-for-sale investment securities: | ||
Purchases | (64,105) | (62,800) |
Proceeds from sales | 47,567 | 76,409 |
Proceeds from principal payments, calls and prepayments | 59,875 | 36,443 |
Held-to-maturity investment securities: | ||
Purchases | 0 | (1,017) |
Proceeds from principal payments | 762 | 642 |
Net increase in loans | (4,653) | (62,802) |
Net expenditures for premises and equipment | (5,107) | (3,355) |
Proceeds from sales of other real estate owned | 191 | 138 |
Proceeds from bank owned life insurance contracts | 0 | 6,322 |
Business acquisitions, net of cash received | 98,147 | (2,742) |
Investment in (return of) limited partnership and tax credit funds | (108) | 358 |
Net cash provided by (used in) investing activities | 132,569 | (12,404) |
Financing activities: | ||
Net increase in non-interest-bearing deposits | 62,759 | 1,078 |
Net (decrease) increase in interest-bearing deposits | (80,493) | 1,079 |
Net increase in short-term borrowings | 4,434 | 2,279 |
Payments on long-term borrowings | (57,362) | (3,023) |
Cash dividends paid | (4,785) | (3,053) |
Purchase of treasury stock | (593) | (359) |
Proceeds from issuance of common shares | 0 | 26 |
Excess tax benefit from share-based payments | 63 | 77 |
Net cash used in financing activities | (75,977) | (1,896) |
Net increase in cash and cash equivalents | 70,808 | 142 |
Cash and cash equivalents at beginning of period | 61,454 | 53,820 |
Cash and cash equivalents at end of period | $ 132,262 | $ 53,962 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation: The accompanying Unaudited Consolidated Financial Statements of Peoples Bancorp Inc. and its 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.) have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by US GAAP for annual financial statements and should be read in conjunction with Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (“ 2014 Form 10-K”). The accounting and reporting policies followed in the presentation of the accompanying Unaudited Consolidated Financial Statements are consistent with those described in Note 1 of the Notes to the Consolidated Financial Statements included in Peoples’ 2014 Form 10-K, as updated by the information contained in this Form 10-Q. Management has evaluated all significant events and transactions that occurred after June 30, 2015 , for potential recognition or disclosure in these consolidated financial statements. In the opinion of management, these consolidated financial statements reflect all adjustments necessary to present fairly such information for the periods and dates indicated. Such adjustments are normal and recurring in nature. All significant intercompany accounts and transactions have been eliminated. The Consolidated Balance Sheet at December 31, 2014 , contained herein has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2014 Form 10-K. The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, due in part to seasonal variations and unusual or infrequently occurring items. 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 Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Available-for-sale securities measured at fair value on a recurring basis comprised the following: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value June 30, 2015 Obligations of: U.S. Treasury and government agencies $ — $ — $ — $ — U.S. government sponsored agencies 3,934 — 3,934 — States and political subdivisions 114,213 — 114,213 — Residential mortgage-backed securities 579,701 — 579,701 — Commercial mortgage-backed securities 27,200 — 27,200 — Bank-issued trust preferred securities 4,668 — 4,668 — Equity securities 6,504 6,295 209 — Total available-for-sale securities $ 736,220 $ 6,295 $ 729,925 $ — December 31, 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 $ — Held-to-maturity securities reported at fair value comprised the following: Fair Value at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) June 30, 2015 Obligations of: States and political subdivisions $ 4,228 $ — $ 4,228 $ — Residential mortgage-backed securities 35,893 — 35,893 — Commercial mortgage-backed securities 7,505 — 7,505 — Total held-to-maturity securities $ 47,626 $ — $ 47,626 $ — December 31, 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 $ — The fair values used by Peoples are obtained from an independent pricing service and represent either quoted market prices for the identical securities (Level 1 inputs) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatilities, LIBOR yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in their overall assessment of the reasonableness of the fair values provided, and challenges prices when they believe a material discrepancy in pricing exists. Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets measured at fair value on a non-recurring basis included the following: Impaired Loans: Impaired loans are measured and reported at fair value when the amounts to be received are less than the carrying value of the loans. One of the allowable methods for determining the amount of impairment is estimating fair value using the fair value of the collateral for collateral-dependent loans. Management’s determination of the fair value for these loans uses a market approach representing the estimated net proceeds to be received from the sale of the collateral based on observable market prices or market value provided by independent, licensed or certified appraisers (Level 2 inputs). At June 30, 2015 , impaired loans with an aggregate outstanding principal balance of $0.5 million were measured and reported at a fair value of $0.4 million . For the three and six months ended June 30, 2015 , Peoples recognized $130,000 and $167,000 of losses on impaired loans, respectively, 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: June 30, 2015 December 31, 2014 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 132,262 $ 132,262 $ 61,454 $ 61,454 Investment securities 822,199 822,342 713,659 713,633 Loans 1,997,983 1,962,441 1,607,391 1,581,813 Financial liabilities: Deposits $ 2,544,572 $ 2,550,034 $ 1,933,074 $ 1,938,021 Short-term borrowings 92,711 92,711 88,277 88,277 Long-term borrowings 128,633 134,188 179,083 183,878 The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. For certain financial assets and liabilities, carrying value approximates fair value due to the nature of the financial instrument. These instruments include cash and cash equivalents, demand and other non-maturity deposits, and overnight borrowings. Peoples used the following methods and assumptions in estimating the fair value of the following financial instruments: Loans: The fair value of portfolio loans assumes sale of the notes to a third-party financial investor. Accordingly, this value is not necessarily the value to Peoples if the notes were held to maturity. Peoples considered interest rate, credit and market factors in estimating the fair value of loans (Level 3 inputs). In the current whole loan market, financial investors are generally requiring a much higher rate of return than the return inherent in loans if held to maturity given the lack of market liquidity. This divergence accounts for the majority of the difference in carrying amount over fair value. Deposits: The fair value of fixed maturity certificates of deposit is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities (Level 2 inputs). Long-term Borrowings: The fair value of long-term borrowings is estimated using a 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 | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Available-for-sale The following table summarizes Peoples’ available-for-sale investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Obligations of: U.S. Treasury and government agencies $ — $ — $ — $ — U.S. government sponsored agencies 3,885 49 — 3,934 States and political subdivisions 112,186 2,430 (403 ) 114,213 Residential mortgage-backed securities 580,579 6,655 (7,533 ) 579,701 Commercial mortgage-backed securities 27,262 122 (184 ) 27,200 Bank-issued trust preferred securities 5,134 — (466 ) 4,668 Equity securities 1,586 4,992 (74 ) 6,504 Total available-for-sale securities $ 730,632 $ 14,248 $ (8,660 ) $ 736,220 December 31, 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 Peoples’ investment in equity securities was comprised largely of common stocks issued by various unrelated bank holding companies at both June 30, 2015 and December 31, 2014 . At June 30, 2015 , there were no securities of a single issuer, other than U.S. Treasury and government agencies, and U.S. government sponsored agencies/enterprises, that exceeded 10% of stockholders' equity. The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the periods ended June 30 were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross gains realized $ 32 $ 220 $ 632 $ 734 Gross losses realized 21 154 21 698 Net gain realized $ 11 $ 66 $ 611 $ 36 The cost of investment securities sold, and any resulting gain or loss, was based on the specific identification method and recognized as of the trade date. The following table presents a summary of available-for-sale investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2015 Obligations of: States and political subdivisions $ 34,827 $ 392 56 $ 210 $ 11 1 $ 35,037 $ 403 Residential mortgage-backed securities 180,761 2,836 48 119,803 4,697 35 300,564 7,533 Commercial mortgage-backed securities 19,422 184 4 — — — 19,422 184 Bank-issued trust preferred securities 2,131 5 — 2,537 461 3 4,668 466 Equity securities 41 1 2 102 73 1 143 74 Total $ 237,182 $ 3,418 110 $ 122,652 $ 5,242 40 $ 359,834 $ 8,660 December 31, 2014 Obligations of: 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 Management systematically evaluates available-for-sale investment securities for other-than-temporary declines in fair value on a quarterly basis. At June 30, 2015 , 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 June 30, 2015 and December 31, 2014 , were largely attributable to changes in market interest rates and spreads since the securities were purchased. At June 30, 2015 , approximately 99% of the mortgage-backed securities that had been at an unrealized loss position for twelve months or more were issued by U.S. government sponsored agencies. The remaining 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 less than 90% of their book value, with an aggregate book and fair value of $0.8 million and $0.5 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 three bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at June 30, 2015 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 June 30, 2015 . 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 $ — $ — $ — $ — $ — U.S. government sponsored agencies — 987 — 2,898 3,885 States and political subdivisions 248 6,367 30,911 74,660 112,186 Residential mortgage-backed securities — 10,643 34,309 535,627 580,579 Commercial mortgage-backed securities — — 22,916 4,346 27,262 Bank-issued trust preferred securities — — — 5,134 5,134 Equity securities 1,586 Total available-for-sale securities $ 248 $ 17,997 $ 88,136 $ 622,665 $ 730,632 Fair value Obligations of: U.S. Treasury and government agencies $ — $ — $ — $ — $ — U.S. government sponsored agencies — 999 — 2,935 3,934 States and political subdivisions 251 6,632 31,596 75,734 114,213 Residential mortgage-backed securities — 10,679 34,542 534,480 579,701 Commercial mortgage-backed securities — — 22,771 4,429 27,200 Bank-issued trust preferred securities — — — 4,668 4,668 Equity securities 6,504 Total available-for-sale securities $ 251 $ 18,310 $ 88,909 $ 622,246 $ 736,220 Total weighted-average yield 4.79 % 2.69 % 2.83 % 2.67 % 2.70 % Held-to-Maturity The following table summarizes Peoples’ held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Obligations of: States and political subdivisions $ 3,836 $ 398 $ (6 ) $ 4,228 Residential mortgage-backed securities 36,084 301 (492 ) 35,893 Commercial mortgage-backed securities 7,563 — (58 ) 7,505 Total held-to-maturity securities $ 47,483 $ 699 $ (556 ) $ 47,626 December 31, 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 There were no gross gains or gross losses realized by Peoples from sales of held-to-maturity securities for the three or the six months ended June 30, 2015 and 2014 . The following table presents a summary of held-to-maturity investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2015 Obligations of: States and political subdivisions $ — $ — — $ 320 $ 6 1 $ 320 $ 6 Residential mortgage-backed securities 3,787 81 2 10,269 411 2 14,056 492 Commercial mortgage-backed securities 993 8 — 6,512 50 1 7,505 58 Total $ 4,780 $ 89 2 $ 17,101 $ 467 4 $ 21,881 $ 556 December 31, 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 The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at June 30, 2015 . 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 $ — $ 327 $ — $ 3,509 $ 3,836 Residential mortgage-backed securities — — 497 35,587 36,084 Commercial mortgage-backed securities — — — 7,563 7,563 Total held-to-maturity securities $ — $ 327 $ 497 $ 46,659 $ 47,483 Fair value Obligations of: States and political subdivisions $ — $ 320 $ — $ 3,908 $ 4,228 Residential mortgage-backed securities — — 495 35,398 35,893 Commercial mortgage-backed securities — — — 7,505 7,505 Total held-to-maturity securities $ — $ 320 $ 495 $ 46,811 $ 47,626 Total weighted-average yield — % 3.14 % 2.28 % 2.75 % 2.75 % Other Securities Peoples' other investment securities on the Consolidated Balance Sheets consist largely of shares of the Federal Home Loan Bank of Cincinnati (the “FHLB”) and the Federal Reserve Bank of Cleveland (the "FRB"). Pledged Securities Peoples had pledged available-for-sale investment securities with carrying values of $471.9 million and $352.8 million at June 30, 2015 and December 31, 2014 , respectively, and held-to-maturity investment securities with carrying values of $23.9 million and $22.9 million at June 30, 2015 and December 31, 2014 , 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 $12.4 million and $13.5 million at June 30, 2015 and December 31, 2014 , respectively, and held-to-maturity securities with carrying values of $23.9 million and $24.5 million at June 30, 2015 and December 31, 2014 , respectively, to secure additional borrowing capacity at the FHLB and the FRB. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans | Loans Peoples' loan portfolio has consisted of various types of loans originated primarily as a result of lending opportunities within Peoples' primary market areas of northeastern, central, southwestern 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: (Dollars in thousands) June 30, December 31, 2014 Originated loans: Commercial real estate, construction $ 50,168 $ 37,901 Commercial real estate, other 449,163 434,660 Commercial real estate 499,331 472,561 Commercial and industrial 256,080 249,975 Residential real estate 263,129 254,169 Home equity lines of credit 67,384 62,463 Consumer 196,306 169,913 Deposit account overdrafts 3,263 2,933 Total originated loans $ 1,285,493 $ 1,212,014 Acquired Loans: Commercial real estate, construction $ 11,220 $ 1,051 Commercial real estate, other 293,369 121,475 Commercial real estate 304,589 122,526 Commercial and industrial 71,013 30,056 Residential real estate 302,639 225,274 Home equity lines of credit 36,607 18,232 Consumer 11,692 12,796 Deposit account overdrafts — — Total acquired loans $ 726,540 $ 408,884 Loans, net of deferred fees and costs $ 2,012,033 $ 1,620,898 Peoples has acquired various loans through business combinations for which there was, at acquisition, evidence of deterioration of credit quality since origination, and for which it was probable that all contractually required payments would not be collected. The carrying amounts of these loans included in the loan balances above are summarized as follows: (Dollars in thousands) June 30, December 31, Commercial real estate, other $ 18,321 $ 7,762 Commercial and industrial 3,538 1,041 Residential real estate 29,145 15,183 Consumer 272 306 Total outstanding balance $ 51,276 $ 24,292 Net carrying amount $ 39,371 $ 19,067 Changes in the accretable yield for the six months ended June 30, 2015 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2014 $ 3,172 Additions: Reclassification from nonaccretable to accretable 2,066 NB&T Financial Group, Inc. 3,622 Accretion (826 ) Balance, June 30, 2015 $ 8,034 Cash flows expected to be collected on acquired impaired loans are estimated semi-annually by incorporating several key assumptions similar to the initial estimate of fair value. These key assumptions include probability of default, and the amount of actual prepayments after the acquisition date. Prepayments affect the estimated life of the loans and could change the amount of interest income, and possibly principal expected to be collected. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. 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 $557.2 million and $457.1 million at June 30, 2015 and December 31, 2014 , respectively. Peoples also had pledged commercial loans to secure borrowings with the FRB. The outstanding balances of these loans totaled $135.3 million and $150.7 million at June 30, 2015 and December 31, 2014 , respectively. Nonaccrual and Past Due Loans A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due. The recorded investments in loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: Nonaccrual Loans Loans 90+ Days Past Due and Accruing (Dollars in thousands) June 30, December 31, June 30, December 31, Originated loans: Commercial real estate, construction $ — $ — $ — $ — Commercial real estate, other 1,912 2,575 — — Commercial real estate 1,912 2,575 — — Commercial and industrial 13,736 1,286 — — Residential real estate 3,266 3,049 101 818 Home equity lines of credit 418 341 — 20 Consumer 53 19 4 2 Total originated loans $ 19,385 $ 7,270 $ 105 $ 840 Acquired loans: Commercial real estate, construction $ — $ 96 $ — $ — Commercial real estate, other 86 9 984 567 Commercial real estate 86 105 984 567 Commercial and industrial 549 708 488 301 Residential real estate 764 304 1,550 1,083 Home equity lines of credit 39 19 17 — Consumer — — 21 8 Total acquired loans $ 1,438 $ 1,136 $ 3,060 $ 1,959 Total loans $ 20,823 $ 8,406 $ 3,165 $ 2,799 The following table presents the aging of the recorded investment in past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total June 30, 2015 Originated loans: Commercial real estate, construction $ 928 $ — $ — $ 928 $ 49,240 $ 50,168 Commercial real estate, other 8,863 123 822 9,808 439,355 449,163 Commercial real estate 9,791 123 822 10,736 488,595 499,331 Commercial and industrial 4,273 10,000 54 14,327 241,753 256,080 Residential real estate 2,620 648 1,117 4,385 258,744 263,129 Home equity lines of credit 227 47 224 498 66,886 67,384 Consumer 847 220 38 1,105 195,201 196,306 Deposit account overdrafts 23 — — 23 3,240 3,263 Total originated loans $ 17,781 $ 11,038 $ 2,255 $ 31,074 $ 1,254,419 $ 1,285,493 Acquired loans: Commercial real estate, construction $ — $ — $ 69 $ 69 $ 11,151 $ 11,220 Commercial real estate, other 1,472 837 991 3,300 290,069 293,369 Commercial real estate 1,472 837 1,060 3,369 301,220 304,589 Commercial and industrial 227 1,961 937 3,125 67,888 71,013 Residential real estate 1,584 1,258 1,930 4,772 297,867 302,639 Home equity lines of credit 99 23 38 160 36,447 36,607 Consumer 153 14 21 188 11,504 11,692 Deposit account overdrafts — — — — — — Total acquired loans $ 3,535 $ 4,093 $ 3,986 $ 11,614 $ 714,926 $ 726,540 Total loans $ 21,316 $ 15,131 $ 6,241 $ 42,688 $ 1,969,345 $ 2,012,033 December 31, 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 Deposit account overdrafts — — — — — — 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 Credit Quality Indicators As discussed in Note 1 of the Notes to the Consolidated Financial Statements included in Peoples' 2014 Form 10-K, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. A description of the general characteristics of the risk grades used by Peoples is as follows: “Pass” (grades 1 through 4): Loans in this risk category involve borrowers of acceptable-to-strong credit quality and risk who have the apparent ability to satisfy their loan obligations. Loans in this risk grade would possess sufficient mitigating factors, such as adequate collateral or strong guarantors possessing the capacity to repay the 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 the loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Charge-offs against the allowance for loan losses are taken in the period in which the loan becomes uncollectible. Consequently, Peoples typically does not maintain a recorded investment in loans within this category. Consumer loans and other smaller-balance loans are evaluated and categorized as “substandard”, “doubtful” or “loss” based upon the regulatory definition of these classes and consistent with regulatory requirements. All other loans not evaluated individually, nor meeting the regulatory conditions to be categorized as described above, would be considered as being “not rated”. The following table summarizes the risk category of Peoples' loan portfolio based upon the most recent analysis performed: Pass Rated (Grades 1 - 4) Watch (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) June 30, 2015 Originated loans: Commercial real estate, construction $ 49,726 $ — $ — $ — $ 442 $ 50,168 Commercial real estate, other 431,822 9,260 8,081 — — 449,163 Commercial real estate 481,548 9,260 8,081 — 442 499,331 Commercial and industrial 231,339 7,135 17,605 1 — 256,080 Residential real estate 21,036 1,107 13,694 119 227,173 263,129 Home equity lines of credit 754 — 759 — 65,871 67,384 Consumer 54 — 5 — 196,247 196,306 Deposit account overdrafts — — — — 3,263 3,263 Total originated loans $ 734,731 $ 17,502 $ 40,144 $ 120 $ 492,996 $ 1,285,493 Acquired loans: Commercial real estate, construction $ 11,161 $ — $ — $ — $ 59 $ 11,220 Commercial real estate, other 246,105 18,239 17,458 118 11,449 293,369 Commercial real estate 257,266 18,239 17,458 118 11,508 304,589 Commercial and industrial 58,855 3,812 5,210 342 2,794 71,013 Residential real estate 19,218 2,124 1,144 — 280,153 302,639 Home equity lines of credit 318 — — — 36,289 36,607 Consumer 316 — 1 — 11,375 11,692 Deposit account overdrafts — — — — — — Total acquired loans $ 335,973 $ 24,175 $ 23,813 $ 460 $ 342,119 $ 726,540 Total loans $ 1,070,704 $ 41,677 $ 63,957 $ 580 $ 835,115 $ 2,012,033 December 31, 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 Deposit account overdrafts — — — — — — 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 Impaired Loans The following table summarizes loans classified as impaired: Unpaid Principal Balance Recorded Investment Total Recorded Investment Average Recorded Investment Interest Income Recognized With Allowance Without Allowance Related Allowance (Dollars in thousands) June 30, 2015 Commercial real estate, construction $ 21,385 $ — $ 21,385 $ 21,385 $ — $ 4,338 $ 389 Commercial real estate, other 11,057 915 9,969 10,884 286 3,039 297 Commercial real estate 32,442 $ 915 $ 31,354 $ 32,269 $ 286 $ 7,377 $ 686 Commercial and industrial 26,267 13,898 9,825 23,723 3,556 5,661 206 Residential real estate 9,252 50 8,399 8,449 6 4,471 182 Home equity lines of credit 313 — 310 310 — 190 6 Consumer 318 — 310 310 — 138 13 Total $ 68,592 $ 14,863 $ 50,198 $ 65,061 $ 3,848 $ 17,837 $ 1,093 December 31, 2014 Commercial real estate, construction $ 9,914 $ — $ 9,909 9,909 $ — $ 2,020 $ 540 Commercial real estate, other 8,668 653 7,742 8,395 189 2,951 248 Commercial real estate 18,582 $ 653 $ 17,651 $ 18,304 $ 189 $ 4,971 $ 788 Commercial and industrial 3,747 1,945 1,767 3,712 816 766 73 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 391 — 386 386 — 156 24 Total $ 30,109 $ 2,651 $ 26,674 $ 29,325 $ 1,014 $ 9,734 $ 1,175 At June 30, 2015 , Peoples' impaired loans shown in the table above included loans that were classified as troubled debt restructurings ("TDRs"). In assessing whether or not a borrower is experiencing financial difficulties, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (i) the borrower is currently in payment default on any of the borrower's debt; (ii) a payment default is probable in the foreseeable future without the modification; (iii) the borrower has declared or is in the process of declaring bankruptcy; and (iv) 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 (i) a reduction in the interest rate for the remaining life of the debt, (ii) an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, (iii) a temporary period of interest-only payments, and (iv) a reduction in the contractual payment amount for either a short period or the remaining term of the loan. The following table summarizes the loans that were modified as a TDR during the three and six months ended June 30 . Three Months Ended Six Months Ended Recorded Investment (1) Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2015 Originated loans: Commercial real estate, other — $ — $ — $ — — $ — $ — $ — Residential real estate 2 184 184 184 2 184 184 184 Home equity lines of credit 4 92 92 91 9 308 309 306 Consumer 2 10 10 10 3 16 16 16 Acquired loans: Commercial real estate, other 1 24 24 24 1 24 24 24 Home equity lines of credit 1 8 8 8 1 8 8 8 Residential real estate 2 35 35 35 2 35 35 35 June 30, 2014 Originated loans: Commercial real estate, construction 1 $ 96 $ 96 $ 96 1 $ 96 $ 96 $ 96 Commercial real estate, other — — — — 1 511 511 497 Residential real estate 10 450 449 449 18 946 946 935 Home equity lines of credit 2 39 39 39 4 86 86 86 Consumer 18 76 76 76 20 97 97 96 (1) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. The following table presents those loans for the six months ended June 30 that were modified as a TDR during the last twelve months that subsequently defaulted (i.e., 90 days or more past due following a modification). June 30, 2015 June 30, 2014 (Dollars in thousands) 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 Acquired loans: Commercial and industry 2 $ 196 — — $ — $ — Residential real estate — — — 1 $ 40 $ — Total 2 196 — 1 $ 40 $ — (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 did not have any originated loans that were modified as a TDR during the last twelve months that subsequently defaulted. Peoples had no additional commitments to lend additional funds to the related debtors whose terms have been modified in a TDR. Allowance for Loan Losses Changes in the allowance for loan losses in the periods ended June 30 , 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, 2015 $ 9,825 $ 4,036 $ 1,627 $ 694 $ 1,587 $ 112 $ 17,881 Charge-offs (44 ) (343 ) (282 ) (81 ) (482 ) (323 ) (1,555 ) Recoveries 137 93 161 80 332 93 896 Net recoveries (charge-offs) 93 (250 ) (121 ) (1 ) (150 ) (230 ) (659 ) (Recovery of) provision for loan losses (2,733 ) 3,408 (207 ) 45 237 272 1,022 Balance, June 30, 2015 $ 7,185 $ 7,194 $ 1,299 $ 738 $ 1,674 $ 154 $ 18,244 Period-end amount allocated to: Loans individually evaluated for impairment $ 286 $ 3,556 $ 6 $ — $ — $ — $ 3,848 Loans collectively evaluated for impairment 6,899 3,638 1,293 738 1,674 154 14,396 Ending balance $ 7,185 $ 7,194 $ 1,299 $ 738 $ 1,674 $ 154 $ 18,244 Balance, January 1, 2014 $ 13,215 $ 2,174 $ 881 $ 343 $ 316 $ 136 $ 17,065 Charge-offs — (49 ) (272 ) (45 ) (552 ) (201 ) (1,119 ) Recoveries 208 59 117 12 351 100 847 Net recoveries (charge-offs) 208 10 (155 ) (33 ) (201 ) (101 ) (272 ) (Recovery of) provision for loan losses (3,156 ) 1,035 1,092 346 1,183 91 591 Balance, June 30, 2014 $ 10,267 $ 3,219 $ 1,818 $ 656 $ 1,298 $ 126 $ 17,384 Period-end amount allocated to: Loans individually evaluated for impairment $ 158 $ 9 $ — $ — $ — $ — $ 167 Loans collectively evaluated for impairment 10,109 3,210 1,818 656 1,298 126 17,217 Ending balance $ 10,267 $ 3,219 $ 1,818 $ 656 $ 1,298 $ 126 $ 17,384 The reduction in the allowance for loan losses allocated to commercial real estate, and related recovery of loan losses recorded during 2015 compared to 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 2015 were driven by net charge-off activity and increases in these respective loan portfolios. |
Long-Term Borrowings
Long-Term Borrowings | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | Long-Term Borrowings The following table summarizes Peoples' long-term borrowings: June 30, 2015 December 31, 2014 (Dollars in thousands) Balance Weighted- Balance Weighted- Term note payable (parent company) $ 11,978 3.50 % $ 14,369 3.50 % Callable national market repurchase agreements 40,000 3.63 % 40,000 3.63 % FHLB putable, non-amortizing, fixed rate advances 50,000 3.32 % 83,995 3.30 % FHLB amortizing, fixed rate advances 20,018 2.61 % 40,719 2.13 % Subordinated debt 6,637 1.76 % — — % Total long-term borrowings $ 128,633 3.24 % $ 179,083 3.12 % 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, National Association ("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; 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 June 30, 2015 , Peoples was in compliance with the applicable material covenants imposed by the Amended Loan Agreement. On July 24, 2015, Peoples repaid the term note payable that had an outstanding principal balance of $12.0 million as of June 30, 2015 and the Amended Loan Agreement terminated as of July 24, 2015 as a result. The related Negative Pledge Agreement terminated contemporaneously with the termination of the Amended Loan Agreement. There were no early termination fees associated with the repayment. Peoples' callable 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. 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. During the first quarter of 2015, Peoples repaid several FHLB advances including putable, non-amortizing, fixed rate advances and amortizing, fixed-rate advances, totaling approximately $52.1 million that resulted in early termination fees of $520,000 , and had a weighted-average cost of 1.49% . On March 6, 2015, Peoples completed its acquisition of NB&T Financial Group, Inc. ("NB&T"), which included the assumption of Fixed/Floating Rate Junior Subordinated Debt Securities due 2037 (the "junior subordinated debt securities") at an acquisition-date fair value of $6.6 million held in a wholly-owned statutory trust whose common securities were wholly-owned by NB&T. The sole assets of the statutory trust are the junior subordinated debt securities and related payments. The junior subordinated debt securities and the back-up obligations, in the aggregate, constitute a full and unconditional guarantee of the obligations of the statutory trust under the Capital Securities held by third-party investors. Distributions on the Capital Securities are payable at the annual rate of 1.50% over the 3-month LIBOR. Distributions on the Capital Securities are included in interest expense in the Unaudited Consolidated Financial Statements. These securities are considered Tier I capital (with certain limitations applicable) under current regulatory guidelines. The junior subordinated debt securities are subject to mandatory redemption, in whole or in part, upon repayment of the Capital Securities at maturity or their earlier redemption at the liquidation amount. Subject to prior approval of the Federal Reserve, the Capital Securities are redeemable prior to the maturity date of September 6, 2037, and are redeemable at par. Distributions on the Capital Securities can be deferred from time to time for a period not to exceed 20 consecutive semi-annual periods. The aggregate minimum annual retirements of long-term borrowings in future periods are as follows: (Dollars in thousands) Balance Weighted-Average Rate Six Months Ending December 31, 2015 $ 5,377 2.78 % Year Ending December 31, 2016 7,734 3.07 % Year Ending December 31, 2017 7,126 3.16 % Year Ending December 31, 2018 42,390 3.33 % Year Ending December 31, 2019 41,426 3.59 % Thereafter 24,580 2.69 % Total long-term borrowings $ 128,633 3.24 % |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The following table details the progression in Peoples’ common shares and treasury stock during the six months ended June 30, 2015 : Common Stock Treasury Stock Shares at December 31, 2014 15,599,643 590,246 Changes related to stock-based compensation awards: Grant of restricted common shares 113,561 — Release of restricted common shares — 22,131 Cancellation of restricted common shares (2,397 ) Exercise of stock options for common shares — — Grant of common shares 2,810 Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 3,326 Reissuance of treasury stock — (8,125 ) Common shares issued under dividend reinvestment plan 8,766 — Common shares issued under compensation plan for Board of Directors — (4,512 ) Common shares issued under employee stock purchase plan — (7,021 ) Issuance of common shares related to the acquisition of NB&T Financial Group, Inc. 3,207,698 — Shares at June 30, 2015 18,930,081 596,045 On March 6, 2015, Peoples completed its acquisition of NB&T, and issued 3,207,698 common shares reflecting $76.0 million of consideration, with the remainder paid in cash. Additional information regarding the NB&T acquisition can be found in Note 10 - Acquisitions in the Notes to the Unaudited Consolidated Financial Statements included in this Form 10-Q. 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 Peoples' Board of Directors. At June 30, 2015 , Peoples had no preferred shares issued or outstanding. Accumulated Other Comprehensive Income (Loss) The following table details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the six months ended June 30, 2015 : (Dollars in thousands) Unrealized Gain on Securities Unrecognized Net Pension and Postretirement Costs Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2014 $ 2,542 $ (3,843 ) $ (1,301 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (397 ) — (397 ) Realized loss due to settlement and curtailment, net of tax — 242 242 Other comprehensive income, net of reclassifications and tax 1,487 371 1,858 Balance, June 30, 2015 $ 3,632 $ (3,230 ) $ 402 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement 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. 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. As of January 1, 2011, all retirees who desire to participate in the Peoples Bank medical plan do so by electing COBRA, which provides up to 18 months of coverage; retirees over the age of 65 also have the option to participate in a group Medicare supplemental plan. Peoples’ policy is to fund the cost of the health benefits as they arise. The following tables detail the components of the net periodic cost for the plans: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Interest cost $ 109 $ 131 $ 224 $ 274 Expected return on plan assets (121 ) (150 ) (251 ) (319 ) Amortization of net loss 31 36 64 69 Settlement of benefit obligation 103 536 372 1,022 Net periodic cost $ 122 $ 553 $ 409 $ 1,046 Postretirement Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Interest cost $ 1 $ 2 $ 2 $ 3 Amortization of net gain (1 ) (2 ) (2 ) (4 ) Net periodic benefit $ — $ — $ — $ (1 ) 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 the fair value of plan assets are required to be remeasured in order to determine the settlement gain or loss. In the six months of 2015, 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 April 1, 2015 as part of the calculation of the settlement loss recognized. The following table summarizes the change in pension obligation and funded status as a result of this remeasurement and the aggregate settlement for the three months ended June 30, 2015 : As of June 30, 2015 (Dollars in thousands) December 31, Before Settlement Impact of Settlements After Settlements Funded status: 2014 Projected benefit obligation $ 13,695 $ 12,695 $ (258 ) $ 12,437 Fair value of plan assets 8,259 7,794 (258 ) 7,536 Funded status $ (5,436 ) $ (4,901 ) $ — $ (4,901 ) Gross unrealized loss (gain) $ 5,979 $ 5,139 $ (103 ) $ 5,036 Assumptions: Discount rate 3.50 % 3.70 % 3.70 % Expected return on plan assets 7.50 % 7.50 % 7.50 % |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculations of basic and diluted earnings per common share were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per share data) 2015 2014 2015 2014 Distributed earnings allocated to common shareholders $ 2,726 $ 1,609 $ 4,969 $ 3,213 Undistributed earnings (loss) allocated to common shareholders 2,154 1,836 (787 ) 4,986 Net earnings allocated to common shareholders $ 4,880 $ 3,445 $ 4,182 $ 8,199 Weighted-average common shares outstanding 18,116,090 10,755,509 16,965,603 10,696,129 Effect of potentially dilutive common shares 137,828 124,581 128,492 111,559 Total weighted-average diluted common shares outstanding 18,253,918 10,880,090 17,094,095 10,807,688 Earnings per common share: Basic $ 0.27 $ 0.32 $ 0.25 $ 0.77 Diluted $ 0.27 $ 0.32 $ 0.24 $ 0.76 Anti-dilutive shares excluded from calculation: Stock options and SARs 44,045 52,587 48,614 57,303 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [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 table summarizes the changes to Peoples' stock options for the six months ended June 30, 2015 : Number of Common Shares Subject to Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 38,577 $ 28.09 Expired 14,880 27.04 Outstanding at June 30 23,697 $ 28.75 0.7 $ — Exercisable at June 30 23,697 $ 28.75 0.7 $ — The following table summarizes Peoples’ stock options outstanding at June 30, 2015 : Options Outstanding & Exercisable Range of Exercise Prices Common Shares Subject to Options Outstanding & Exercisable Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price $28.25 13,697 0.6 years 28.25 $28.56 to $30.00 10,000 0.9 years 29.43 Total 23,697 0.7 years $ 28.75 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 table summarizes the changes to Peoples' SARs for the six months ended June 30, 2015 : Number of Common Shares Subject to SARs Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 21,292 $ 25.96 Outstanding at June 30 21,292 $ 25.96 1.9 $ 160 Exercisable at June 30 21,292 $ 25.96 1.9 $ 160 The following table summarizes Peoples’ SARs outstanding at June 30, 2015 : Exercise Price Number of Common Shares Subject to SARs Outstanding & Exercisable Weighted- Average Remaining Contractual Life $23.26 2,000 2.1 $23.77 10,582 2.3 $29.25 8,710 1.5 Total 21,292 1.9 Restricted Common 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 restricted common shares awarded to non-employee directors expire after six months , while the restrictions on restricted common shares awarded to employees expire after periods ranging from one to three years . In the first quarter of 2015, Peoples granted restricted common shares subject to performance-based vesting to officers and key employees with restrictions that will lapse three years after the grant date provided that in order for the restricted common shares to vest, Peoples must have reported positive net income and maintained a well capitalized status by regulatory standards for each of the three fiscal years preceding the vesting date. The following table summarizes the changes to Peoples’ restricted common shares for the six months ended June 30, 2015 : Time-Based Vesting Performance-Based 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 47,591 $ 19.48 125,079 $ 21.73 Awarded 5,600 23.19 107,961 23.63 Released 24,045 15.78 49,058 21.74 Forfeited 500 15.64 2,217 21.84 Outstanding at June 30 28,646 $ 23.37 181,765 $ 22.85 For the six months ended June 30, 2015 , the total intrinsic value of restricted common shares released was $ 1.7 million . 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 table summarizes the amount of stock-based compensation expense and related tax benefit recognized: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Total stock-based compensation $ 461 $ 464 $ 1,026 $ 954 Recognized tax benefit (161 ) (162 ) (359 ) (334 ) Net expense recognized $ 300 $ 302 $ 667 $ 620 Total unrecognized stock-based compensation expense related to unvested awards was $ 2.5 million at June 30, 2015 , which will be recognized over a weighted-average period of 2.1 years. |
Acquisitions (Notes)
Acquisitions (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On March 6, 2015, Peoples completed its acquisition of NB&T for total consideration of $102.7 million which reflected the conversion of each of the 3,442,329 outstanding NB&T common shares into $7.75 in cash and 0.9319 in Peoples' common shares. NB&T merged into Peoples and NB&T's wholly-owned subsidiary, The National Bank and Trust Company, which operates 22 full-service branches in southwest Ohio, merged into Peoples Bank. The acquisition was accounted for as a business combination 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. Per the applicable accounting guidance for business combinations, these fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available. The goodwill recognized will not be deductible for income tax purposes. As a result of the NB&T acquisition, Peoples acquired loans of $384.9 million and deposits of $629.5 million after preliminary acquisition accounting adjustments. The balances and operations related to the acquisition are included in Peoples' Unaudited Consolidated Financial Statements from the date of the acquisition. The following table is a preliminary summary of changes in goodwill and intangible assets during the preliminary purchase price calculation as of the date of acquisition for NB&T, and the assets acquired and liabilities assumed at their estimated fair values. (Dollars in thousands, except per share data) NB&T Purchase Price Common shares outstanding of acquired company at acquisition date 3,442,329 Cash purchase price per share $ 7.75 Cash consideration 26,678 Number of common shares of Peoples issued for each common share of acquired company 0.9319 Price per Peoples common share, based on closing stock price on acquisition date $ 23.70 Common share consideration 76,027 Total purchase price $ 102,705 Net Assets at Fair Value Assets Cash and cash equivalents $ 124,825 Investment securities 156,392 Loans, including loans held for sale, net of deferred fees and costs 384,859 Bank premises and equipment, net 10,702 Other intangible assets 10,130 Other assets 24,181 Total assets 711,089 Liabilities Deposits 629,512 Borrowings 6,570 Accrued expenses and other liabilities 5,992 Total liabilities 642,074 Net assets $ 69,015 Goodwill $ 33,690 The estimated fair values presented in the above table reflect additional information that was obtained during the three months ended June 30, 2015, which resulted in changes to certain fair value estimates made as of the date of acquisition. Material adjustments to acquisition date estimated fair values are recorded in the period in which the acquisition occurred and, as a result, previously recorded results have changed. After considering this additional information, the cash acquired decreased $5.4 million , the estimated fair value of loans decreased $5.1 million , the intangible assets acquired increased $1.3 million , the other assets increased $0.1 million , and the estimated fair value of accrued expenses and other liabilities decreased $1.6 million as of the date of acquisition from that originally reported in the three months ended March 31, 2015. The change in accrued expenses and other liabilities was mainly due to a decrease in the net deferred tax asset of $1.2 million as a result of these revised fair values. These revised fair value estimates resulted in a net increase to goodwill of $7.6 million from that originally reported for the three months ended March 31, 2015 to $33.7 million , which is recognized in the June 30, 2015 consolidated balance sheet. Acquired loans are reported net of the unamortized fair value adjustment. The following table details the preliminary fair value adjustment for acquired loans as of the acquisition date: (Dollars in thousands, except per share data) NB&T Nonimpaired Loans Contractual cash flows $ 497,451 Nonaccretable difference 45,830 Expected cash flows 451,621 Accretable yield 90,346 Fair value $ 361,275 Purchase Credit Impaired Loans Contractual cash flows $ 40,259 Nonaccretable difference 13,053 Expected cash flows 27,206 Accretable yield 3,622 Fair value $ 23,584 Peoples recorded non-interest expenses related to acquisitions, mainly the NB&T acquisition, of $9.7 million and net losses on asset disposals related to the NB&T acquisition of $0.6 million in the Consolidated Statement of Income for the six months ended June 30, 2015. The $9.7 million was included in the following line items on the Consolidated Statement of Income for the six months ended June 30, 2015, salaries and employee benefit costs contained $4.4 million , professional fees contained $1.7 million , and other non-interest expenses contained $3.6 million . The following table is a preliminary summary of the changes in goodwill and intangible assets during the period ended June 30, 2015 : (Dollars in thousands) Goodwill Gross Core Deposits Gross Customer Relationships Balance, December 31, 2014 $ 98,562 $ 13,546 $ 8,859 Acquired intangible assets 33,690 8,623 1,262 Balance, June 30, 2015 $ 132,252 $ 22,169 $ 10,121 (Dollars in thousands) Gross Intangible Assets Accumulated Amortization Net Intangible Assets June 30, 2015 Core deposits $ 22,169 $ (9,130 ) $ 13,039 Customer relationships 10,121 (6,734 ) 3,387 Total acquired intangible assets $ 32,290 $ (15,864 ) $ 16,426 Servicing rights 2,491 Total other intangible assets $ 18,917 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
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 Instr19
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | Available-for-sale securities measured at fair value on a recurring basis comprised the following: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value June 30, 2015 Obligations of: U.S. Treasury and government agencies $ — $ — $ — $ — U.S. government sponsored agencies 3,934 — 3,934 — States and political subdivisions 114,213 — 114,213 — Residential mortgage-backed securities 579,701 — 579,701 — Commercial mortgage-backed securities 27,200 — 27,200 — Bank-issued trust preferred securities 4,668 — 4,668 — Equity securities 6,504 6,295 209 — Total available-for-sale securities $ 736,220 $ 6,295 $ 729,925 $ — December 31, 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 $ — |
Fair Value Amounts Disclosures | Held-to-maturity securities reported at fair value comprised the following: Fair Value at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) June 30, 2015 Obligations of: States and political subdivisions $ 4,228 $ — $ 4,228 $ — Residential mortgage-backed securities 35,893 — 35,893 — Commercial mortgage-backed securities 7,505 — 7,505 — Total held-to-maturity securities $ 47,626 $ — $ 47,626 $ — December 31, 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 $ — |
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: June 30, 2015 December 31, 2014 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 132,262 $ 132,262 $ 61,454 $ 61,454 Investment securities 822,199 822,342 713,659 713,633 Loans 1,997,983 1,962,441 1,607,391 1,581,813 Financial liabilities: Deposits $ 2,544,572 $ 2,550,034 $ 1,933,074 $ 1,938,021 Short-term borrowings 92,711 92,711 88,277 88,277 Long-term borrowings 128,633 134,188 179,083 183,878 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investment Holdings [Line Items] | |
Summary of Available-for-sale Investment Securities | The following table summarizes Peoples’ available-for-sale investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Obligations of: U.S. Treasury and government agencies $ — $ — $ — $ — U.S. government sponsored agencies 3,885 49 — 3,934 States and political subdivisions 112,186 2,430 (403 ) 114,213 Residential mortgage-backed securities 580,579 6,655 (7,533 ) 579,701 Commercial mortgage-backed securities 27,262 122 (184 ) 27,200 Bank-issued trust preferred securities 5,134 — (466 ) 4,668 Equity securities 1,586 4,992 (74 ) 6,504 Total available-for-sale securities $ 730,632 $ 14,248 $ (8,660 ) $ 736,220 December 31, 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 |
Schedule of Gross Gains and Losses from Sales of Available-for-sale Securities | The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the periods ended June 30 were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross gains realized $ 32 $ 220 $ 632 $ 734 Gross losses realized 21 154 21 698 Net gain realized $ 11 $ 66 $ 611 $ 36 |
Summary of Available-for-sale Securities with Unrealized Loss | The following table presents a summary of available-for-sale investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2015 Obligations of: States and political subdivisions $ 34,827 $ 392 56 $ 210 $ 11 1 $ 35,037 $ 403 Residential mortgage-backed securities 180,761 2,836 48 119,803 4,697 35 300,564 7,533 Commercial mortgage-backed securities 19,422 184 4 — — — 19,422 184 Bank-issued trust preferred securities 2,131 5 — 2,537 461 3 4,668 466 Equity securities 41 1 2 102 73 1 143 74 Total $ 237,182 $ 3,418 110 $ 122,652 $ 5,242 40 $ 359,834 $ 8,660 December 31, 2014 Obligations of: 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 |
Summary of Held-to-maturity Investment Securities | The following table summarizes Peoples’ held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Obligations of: States and political subdivisions $ 3,836 $ 398 $ (6 ) $ 4,228 Residential mortgage-backed securities 36,084 301 (492 ) 35,893 Commercial mortgage-backed securities 7,563 — (58 ) 7,505 Total held-to-maturity securities $ 47,483 $ 699 $ (556 ) $ 47,626 December 31, 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 |
Available-for-sale securities | |
Investment Holdings [Line Items] | |
Summary of Investment Securities by Contractual Maturity | The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at June 30, 2015 . 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 $ — $ — $ — $ — $ — U.S. government sponsored agencies — 987 — 2,898 3,885 States and political subdivisions 248 6,367 30,911 74,660 112,186 Residential mortgage-backed securities — 10,643 34,309 535,627 580,579 Commercial mortgage-backed securities — — 22,916 4,346 27,262 Bank-issued trust preferred securities — — — 5,134 5,134 Equity securities 1,586 Total available-for-sale securities $ 248 $ 17,997 $ 88,136 $ 622,665 $ 730,632 Fair value Obligations of: U.S. Treasury and government agencies $ — $ — $ — $ — $ — U.S. government sponsored agencies — 999 — 2,935 3,934 States and political subdivisions 251 6,632 31,596 75,734 114,213 Residential mortgage-backed securities — 10,679 34,542 534,480 579,701 Commercial mortgage-backed securities — — 22,771 4,429 27,200 Bank-issued trust preferred securities — — — 4,668 4,668 Equity securities 6,504 Total available-for-sale securities $ 251 $ 18,310 $ 88,909 $ 622,246 $ 736,220 Total weighted-average yield 4.79 % 2.69 % 2.83 % 2.67 % 2.70 % |
Held-to-maturity securities | |
Investment Holdings [Line Items] | |
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 June 30, 2015 . 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 $ — $ 327 $ — $ 3,509 $ 3,836 Residential mortgage-backed securities — — 497 35,587 36,084 Commercial mortgage-backed securities — — — 7,563 7,563 Total held-to-maturity securities $ — $ 327 $ 497 $ 46,659 $ 47,483 Fair value Obligations of: States and political subdivisions $ — $ 320 $ — $ 3,908 $ 4,228 Residential mortgage-backed securities — — 495 35,398 35,893 Commercial mortgage-backed securities — — — 7,505 7,505 Total held-to-maturity securities $ — $ 320 $ 495 $ 46,811 $ 47,626 Total weighted-average yield — % 3.14 % 2.28 % 2.75 % 2.75 % |
Summary of Held-to-maturity Securities with Unrealized Loss | The following table presents a summary of held-to-maturity investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2015 Obligations of: States and political subdivisions $ — $ — — $ 320 $ 6 1 $ 320 $ 6 Residential mortgage-backed securities 3,787 81 2 10,269 411 2 14,056 492 Commercial mortgage-backed securities 993 8 — 6,512 50 1 7,505 58 Total $ 4,780 $ 89 2 $ 17,101 $ 467 4 $ 21,881 $ 556 December 31, 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 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Financing Receivables, Type | The major classifications of loan balances, excluding loans held for sale, were as follows: (Dollars in thousands) June 30, December 31, 2014 Originated loans: Commercial real estate, construction $ 50,168 $ 37,901 Commercial real estate, other 449,163 434,660 Commercial real estate 499,331 472,561 Commercial and industrial 256,080 249,975 Residential real estate 263,129 254,169 Home equity lines of credit 67,384 62,463 Consumer 196,306 169,913 Deposit account overdrafts 3,263 2,933 Total originated loans $ 1,285,493 $ 1,212,014 Acquired Loans: Commercial real estate, construction $ 11,220 $ 1,051 Commercial real estate, other 293,369 121,475 Commercial real estate 304,589 122,526 Commercial and industrial 71,013 30,056 Residential real estate 302,639 225,274 Home equity lines of credit 36,607 18,232 Consumer 11,692 12,796 Deposit account overdrafts — — Total acquired loans $ 726,540 $ 408,884 Loans, net of deferred fees and costs $ 2,012,033 $ 1,620,898 |
Schedule of Financing Receivables Acquired with Deteriorated Credit Quality | Peoples has acquired various loans through business combinations for which there was, at acquisition, evidence of deterioration of credit quality since origination, and for which it was probable that all contractually required payments would not be collected. The carrying amounts of these loans included in the loan balances above are summarized as follows: (Dollars in thousands) June 30, December 31, Commercial real estate, other $ 18,321 $ 7,762 Commercial and industrial 3,538 1,041 Residential real estate 29,145 15,183 Consumer 272 306 Total outstanding balance $ 51,276 $ 24,292 Net carrying amount $ 39,371 $ 19,067 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield | Changes in the accretable yield for the six months ended June 30, 2015 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2014 $ 3,172 Additions: Reclassification from nonaccretable to accretable 2,066 NB&T Financial Group, Inc. 3,622 Accretion (826 ) Balance, June 30, 2015 $ 8,034 |
Nonaccrual and Past Due Loans | The recorded investments in loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: Nonaccrual Loans Loans 90+ Days Past Due and Accruing (Dollars in thousands) June 30, December 31, June 30, December 31, Originated loans: Commercial real estate, construction $ — $ — $ — $ — Commercial real estate, other 1,912 2,575 — — Commercial real estate 1,912 2,575 — — Commercial and industrial 13,736 1,286 — — Residential real estate 3,266 3,049 101 818 Home equity lines of credit 418 341 — 20 Consumer 53 19 4 2 Total originated loans $ 19,385 $ 7,270 $ 105 $ 840 Acquired loans: Commercial real estate, construction $ — $ 96 $ — $ — Commercial real estate, other 86 9 984 567 Commercial real estate 86 105 984 567 Commercial and industrial 549 708 488 301 Residential real estate 764 304 1,550 1,083 Home equity lines of credit 39 19 17 — Consumer — — 21 8 Total acquired loans $ 1,438 $ 1,136 $ 3,060 $ 1,959 Total loans $ 20,823 $ 8,406 $ 3,165 $ 2,799 |
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: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total June 30, 2015 Originated loans: Commercial real estate, construction $ 928 $ — $ — $ 928 $ 49,240 $ 50,168 Commercial real estate, other 8,863 123 822 9,808 439,355 449,163 Commercial real estate 9,791 123 822 10,736 488,595 499,331 Commercial and industrial 4,273 10,000 54 14,327 241,753 256,080 Residential real estate 2,620 648 1,117 4,385 258,744 263,129 Home equity lines of credit 227 47 224 498 66,886 67,384 Consumer 847 220 38 1,105 195,201 196,306 Deposit account overdrafts 23 — — 23 3,240 3,263 Total originated loans $ 17,781 $ 11,038 $ 2,255 $ 31,074 $ 1,254,419 $ 1,285,493 Acquired loans: Commercial real estate, construction $ — $ — $ 69 $ 69 $ 11,151 $ 11,220 Commercial real estate, other 1,472 837 991 3,300 290,069 293,369 Commercial real estate 1,472 837 1,060 3,369 301,220 304,589 Commercial and industrial 227 1,961 937 3,125 67,888 71,013 Residential real estate 1,584 1,258 1,930 4,772 297,867 302,639 Home equity lines of credit 99 23 38 160 36,447 36,607 Consumer 153 14 21 188 11,504 11,692 Deposit account overdrafts — — — — — — Total acquired loans $ 3,535 $ 4,093 $ 3,986 $ 11,614 $ 714,926 $ 726,540 Total loans $ 21,316 $ 15,131 $ 6,241 $ 42,688 $ 1,969,345 $ 2,012,033 December 31, 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 Deposit account overdrafts — — — — — — 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 |
Loans By Risk Category | The following table summarizes the risk category of Peoples' loan portfolio based upon the most recent analysis performed: Pass Rated (Grades 1 - 4) Watch (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) June 30, 2015 Originated loans: Commercial real estate, construction $ 49,726 $ — $ — $ — $ 442 $ 50,168 Commercial real estate, other 431,822 9,260 8,081 — — 449,163 Commercial real estate 481,548 9,260 8,081 — 442 499,331 Commercial and industrial 231,339 7,135 17,605 1 — 256,080 Residential real estate 21,036 1,107 13,694 119 227,173 263,129 Home equity lines of credit 754 — 759 — 65,871 67,384 Consumer 54 — 5 — 196,247 196,306 Deposit account overdrafts — — — — 3,263 3,263 Total originated loans $ 734,731 $ 17,502 $ 40,144 $ 120 $ 492,996 $ 1,285,493 Acquired loans: Commercial real estate, construction $ 11,161 $ — $ — $ — $ 59 $ 11,220 Commercial real estate, other 246,105 18,239 17,458 118 11,449 293,369 Commercial real estate 257,266 18,239 17,458 118 11,508 304,589 Commercial and industrial 58,855 3,812 5,210 342 2,794 71,013 Residential real estate 19,218 2,124 1,144 — 280,153 302,639 Home equity lines of credit 318 — — — 36,289 36,607 Consumer 316 — 1 — 11,375 11,692 Deposit account overdrafts — — — — — — Total acquired loans $ 335,973 $ 24,175 $ 23,813 $ 460 $ 342,119 $ 726,540 Total loans $ 1,070,704 $ 41,677 $ 63,957 $ 580 $ 835,115 $ 2,012,033 December 31, 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 Deposit account overdrafts — — — — — — 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 |
Schedule Of Impaired Loans | The following table summarizes loans classified as impaired: Unpaid Principal Balance Recorded Investment Total Recorded Investment Average Recorded Investment Interest Income Recognized With Allowance Without Allowance Related Allowance (Dollars in thousands) June 30, 2015 Commercial real estate, construction $ 21,385 $ — $ 21,385 $ 21,385 $ — $ 4,338 $ 389 Commercial real estate, other 11,057 915 9,969 10,884 286 3,039 297 Commercial real estate 32,442 $ 915 $ 31,354 $ 32,269 $ 286 $ 7,377 $ 686 Commercial and industrial 26,267 13,898 9,825 23,723 3,556 5,661 206 Residential real estate 9,252 50 8,399 8,449 6 4,471 182 Home equity lines of credit 313 — 310 310 — 190 6 Consumer 318 — 310 310 — 138 13 Total $ 68,592 $ 14,863 $ 50,198 $ 65,061 $ 3,848 $ 17,837 $ 1,093 December 31, 2014 Commercial real estate, construction $ 9,914 $ — $ 9,909 9,909 $ — $ 2,020 $ 540 Commercial real estate, other 8,668 653 7,742 8,395 189 2,951 248 Commercial real estate 18,582 $ 653 $ 17,651 $ 18,304 $ 189 $ 4,971 $ 788 Commercial and industrial 3,747 1,945 1,767 3,712 816 766 73 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 391 — 386 386 — 156 24 Total $ 30,109 $ 2,651 $ 26,674 $ 29,325 $ 1,014 $ 9,734 $ 1,175 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes the loans that were modified as a TDR during the three and six months ended June 30 . Three Months Ended Six Months Ended Recorded Investment (1) Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2015 Originated loans: Commercial real estate, other — $ — $ — $ — — $ — $ — $ — Residential real estate 2 184 184 184 2 184 184 184 Home equity lines of credit 4 92 92 91 9 308 309 306 Consumer 2 10 10 10 3 16 16 16 Acquired loans: Commercial real estate, other 1 24 24 24 1 24 24 24 Home equity lines of credit 1 8 8 8 1 8 8 8 Residential real estate 2 35 35 35 2 35 35 35 June 30, 2014 Originated loans: Commercial real estate, construction 1 $ 96 $ 96 $ 96 1 $ 96 $ 96 $ 96 Commercial real estate, other — — — — 1 511 511 497 Residential real estate 10 450 449 449 18 946 946 935 Home equity lines of credit 2 39 39 39 4 86 86 86 Consumer 18 76 76 76 20 97 97 96 (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. |
Troubled Debt Restructurings during prior 12 months that subsequently defaulted | The following table presents those loans for the six months ended June 30 that were modified as a TDR during the last twelve months that subsequently defaulted (i.e., 90 days or more past due following a modification). June 30, 2015 June 30, 2014 (Dollars in thousands) 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 Acquired loans: Commercial and industry 2 $ 196 — — $ — $ — Residential real estate — — — 1 $ 40 $ — Total 2 196 — 1 $ 40 $ — (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 June 30 , 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, 2015 $ 9,825 $ 4,036 $ 1,627 $ 694 $ 1,587 $ 112 $ 17,881 Charge-offs (44 ) (343 ) (282 ) (81 ) (482 ) (323 ) (1,555 ) Recoveries 137 93 161 80 332 93 896 Net recoveries (charge-offs) 93 (250 ) (121 ) (1 ) (150 ) (230 ) (659 ) (Recovery of) provision for loan losses (2,733 ) 3,408 (207 ) 45 237 272 1,022 Balance, June 30, 2015 $ 7,185 $ 7,194 $ 1,299 $ 738 $ 1,674 $ 154 $ 18,244 Period-end amount allocated to: Loans individually evaluated for impairment $ 286 $ 3,556 $ 6 $ — $ — $ — $ 3,848 Loans collectively evaluated for impairment 6,899 3,638 1,293 738 1,674 154 14,396 Ending balance $ 7,185 $ 7,194 $ 1,299 $ 738 $ 1,674 $ 154 $ 18,244 Balance, January 1, 2014 $ 13,215 $ 2,174 $ 881 $ 343 $ 316 $ 136 $ 17,065 Charge-offs — (49 ) (272 ) (45 ) (552 ) (201 ) (1,119 ) Recoveries 208 59 117 12 351 100 847 Net recoveries (charge-offs) 208 10 (155 ) (33 ) (201 ) (101 ) (272 ) (Recovery of) provision for loan losses (3,156 ) 1,035 1,092 346 1,183 91 591 Balance, June 30, 2014 $ 10,267 $ 3,219 $ 1,818 $ 656 $ 1,298 $ 126 $ 17,384 Period-end amount allocated to: Loans individually evaluated for impairment $ 158 $ 9 $ — $ — $ — $ — $ 167 Loans collectively evaluated for impairment 10,109 3,210 1,818 656 1,298 126 17,217 Ending balance $ 10,267 $ 3,219 $ 1,818 $ 656 $ 1,298 $ 126 $ 17,384 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes Peoples' long-term borrowings: June 30, 2015 December 31, 2014 (Dollars in thousands) Balance Weighted- Balance Weighted- Term note payable (parent company) $ 11,978 3.50 % $ 14,369 3.50 % Callable national market repurchase agreements 40,000 3.63 % 40,000 3.63 % FHLB putable, non-amortizing, fixed rate advances 50,000 3.32 % 83,995 3.30 % FHLB amortizing, fixed rate advances 20,018 2.61 % 40,719 2.13 % Subordinated debt 6,637 1.76 % — — % Total long-term borrowings $ 128,633 3.24 % $ 179,083 3.12 % |
Schedule of Maturities of Long-term Debt | The aggregate minimum annual retirements of long-term borrowings in future periods are as follows: (Dollars in thousands) Balance Weighted-Average Rate Six Months Ending December 31, 2015 $ 5,377 2.78 % Year Ending December 31, 2016 7,734 3.07 % Year Ending December 31, 2017 7,126 3.16 % Year Ending December 31, 2018 42,390 3.33 % Year Ending December 31, 2019 41,426 3.59 % Thereafter 24,580 2.69 % Total long-term borrowings $ 128,633 3.24 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Preferred, Common and Treasury Stock | The following table details the progression in Peoples’ common shares and treasury stock during the six months ended June 30, 2015 : Common Stock Treasury Stock Shares at December 31, 2014 15,599,643 590,246 Changes related to stock-based compensation awards: Grant of restricted common shares 113,561 — Release of restricted common shares — 22,131 Cancellation of restricted common shares (2,397 ) Exercise of stock options for common shares — — Grant of common shares 2,810 Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 3,326 Reissuance of treasury stock — (8,125 ) Common shares issued under dividend reinvestment plan 8,766 — Common shares issued under compensation plan for Board of Directors — (4,512 ) Common shares issued under employee stock purchase plan — (7,021 ) Issuance of common shares related to the acquisition of NB&T Financial Group, Inc. 3,207,698 — Shares at June 30, 2015 18,930,081 596,045 |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following table details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the six months ended June 30, 2015 : (Dollars in thousands) Unrealized Gain on Securities Unrecognized Net Pension and Postretirement Costs Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2014 $ 2,542 $ (3,843 ) $ (1,301 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (397 ) — (397 ) Realized loss due to settlement and curtailment, net of tax — 242 242 Other comprehensive income, net of reclassifications and tax 1,487 371 1,858 Balance, June 30, 2015 $ 3,632 $ (3,230 ) $ 402 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The following tables detail the components of the net periodic cost for the plans: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Interest cost $ 109 $ 131 $ 224 $ 274 Expected return on plan assets (121 ) (150 ) (251 ) (319 ) Amortization of net loss 31 36 64 69 Settlement of benefit obligation 103 536 372 1,022 Net periodic cost $ 122 $ 553 $ 409 $ 1,046 Postretirement Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Interest cost $ 1 $ 2 $ 2 $ 3 Amortization of net gain (1 ) (2 ) (2 ) (4 ) Net periodic benefit $ — $ — $ — $ (1 ) |
Schedule of Pension Plans Remeasurement and Settlements | The following table summarizes the change in pension obligation and funded status as a result of this remeasurement and the aggregate settlement for the three months ended June 30, 2015 : As of June 30, 2015 (Dollars in thousands) December 31, Before Settlement Impact of Settlements After Settlements Funded status: 2014 Projected benefit obligation $ 13,695 $ 12,695 $ (258 ) $ 12,437 Fair value of plan assets 8,259 7,794 (258 ) 7,536 Funded status $ (5,436 ) $ (4,901 ) $ — $ (4,901 ) Gross unrealized loss (gain) $ 5,979 $ 5,139 $ (103 ) $ 5,036 Assumptions: Discount rate 3.50 % 3.70 % 3.70 % Expected return on plan assets 7.50 % 7.50 % 7.50 % |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Calculations of Basic and Diluted Earnings per Common Share | The calculations of basic and diluted earnings per common share were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per share data) 2015 2014 2015 2014 Distributed earnings allocated to common shareholders $ 2,726 $ 1,609 $ 4,969 $ 3,213 Undistributed earnings (loss) allocated to common shareholders 2,154 1,836 (787 ) 4,986 Net earnings allocated to common shareholders $ 4,880 $ 3,445 $ 4,182 $ 8,199 Weighted-average common shares outstanding 18,116,090 10,755,509 16,965,603 10,696,129 Effect of potentially dilutive common shares 137,828 124,581 128,492 111,559 Total weighted-average diluted common shares outstanding 18,253,918 10,880,090 17,094,095 10,807,688 Earnings per common share: Basic $ 0.27 $ 0.32 $ 0.25 $ 0.77 Diluted $ 0.27 $ 0.32 $ 0.24 $ 0.76 Anti-dilutive shares excluded from calculation: Stock options and SARs 44,045 52,587 48,614 57,303 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes the changes to Peoples' stock options for the six months ended June 30, 2015 : Number of Common Shares Subject to Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 38,577 $ 28.09 Expired 14,880 27.04 Outstanding at June 30 23,697 $ 28.75 0.7 $ — Exercisable at June 30 23,697 $ 28.75 0.7 $ — |
Schedule of Stock Appreciation Rights Outstanding & Exercisable by Exercise Price | The following table summarizes the changes to Peoples' SARs for the six months ended June 30, 2015 : Number of Common Shares Subject to SARs Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 21,292 $ 25.96 Outstanding at June 30 21,292 $ 25.96 1.9 $ 160 Exercisable at June 30 21,292 $ 25.96 1.9 $ 160 |
Schedule of Restricted Shares Activity | The following table summarizes the changes to Peoples’ restricted common shares for the six months ended June 30, 2015 : Time-Based Vesting Performance-Based 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 47,591 $ 19.48 125,079 $ 21.73 Awarded 5,600 23.19 107,961 23.63 Released 24,045 15.78 49,058 21.74 Forfeited 500 15.64 2,217 21.84 Outstanding at June 30 28,646 $ 23.37 181,765 $ 22.85 |
Summary of Stock-Based Compensation and Related Tax Benefit | The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Total stock-based compensation $ 461 $ 464 $ 1,026 $ 954 Recognized tax benefit (161 ) (162 ) (359 ) (334 ) Net expense recognized $ 300 $ 302 $ 667 $ 620 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock Options Outstanding & Exercisable by Exercise Price Range | The following table summarizes Peoples’ stock options outstanding at June 30, 2015 : Options Outstanding & Exercisable Range of Exercise Prices Common Shares Subject to Options Outstanding & Exercisable Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price $28.25 13,697 0.6 years 28.25 $28.56 to $30.00 10,000 0.9 years 29.43 Total 23,697 0.7 years $ 28.75 |
SARs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock Options Outstanding & Exercisable by Exercise Price Range | The following table summarizes Peoples’ SARs outstanding at June 30, 2015 : Exercise Price Number of Common Shares Subject to SARs Outstanding & Exercisable Weighted- Average Remaining Contractual Life $23.26 2,000 2.1 $23.77 10,582 2.3 $29.25 8,710 1.5 Total 21,292 1.9 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table is a preliminary summary of changes in goodwill and intangible assets during the preliminary purchase price calculation as of the date of acquisition for NB&T, and the assets acquired and liabilities assumed at their estimated fair values. (Dollars in thousands, except per share data) NB&T Purchase Price Common shares outstanding of acquired company at acquisition date 3,442,329 Cash purchase price per share $ 7.75 Cash consideration 26,678 Number of common shares of Peoples issued for each common share of acquired company 0.9319 Price per Peoples common share, based on closing stock price on acquisition date $ 23.70 Common share consideration 76,027 Total purchase price $ 102,705 Net Assets at Fair Value Assets Cash and cash equivalents $ 124,825 Investment securities 156,392 Loans, including loans held for sale, net of deferred fees and costs 384,859 Bank premises and equipment, net 10,702 Other intangible assets 10,130 Other assets 24,181 Total assets 711,089 Liabilities Deposits 629,512 Borrowings 6,570 Accrued expenses and other liabilities 5,992 Total liabilities 642,074 Net assets $ 69,015 Goodwill $ 33,690 |
Acquired Loans at Fair Value | Acquired loans are reported net of the unamortized fair value adjustment. The following table details the preliminary fair value adjustment for acquired loans as of the acquisition date: (Dollars in thousands, except per share data) NB&T Nonimpaired Loans Contractual cash flows $ 497,451 Nonaccretable difference 45,830 Expected cash flows 451,621 Accretable yield 90,346 Fair value $ 361,275 Purchase Credit Impaired Loans Contractual cash flows $ 40,259 Nonaccretable difference 13,053 Expected cash flows 27,206 Accretable yield 3,622 Fair value $ 23,584 |
Schedule of Goodwill | The following table is a preliminary summary of the changes in goodwill and intangible assets during the period ended June 30, 2015 : (Dollars in thousands) Goodwill Gross Core Deposits Gross Customer Relationships Balance, December 31, 2014 $ 98,562 $ 13,546 $ 8,859 Acquired intangible assets 33,690 8,623 1,262 Balance, June 30, 2015 $ 132,252 $ 22,169 $ 10,121 |
Schedule of Finite-Lived Intangible Assets | (Dollars in thousands) Gross Intangible Assets Accumulated Amortization Net Intangible Assets June 30, 2015 Core deposits $ 22,169 $ (9,130 ) $ 13,039 Customer relationships 10,121 (6,734 ) 3,387 Total acquired intangible assets $ 32,290 $ (15,864 ) $ 16,426 Servicing rights 2,491 Total other intangible assets $ 18,917 |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Assets Measured at Fair Value Recurring) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Recurring Basis | ||
Available-for-sale securities | $ 736,220 | $ 636,880 |
Held-to-maturity securities | 47,626 | 48,442 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Held-to-maturity securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Held-to-maturity securities | 47,626 | 48,442 |
Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Held-to-maturity securities | 0 | 0 |
U.S. Treasury and government agencies | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 1 |
U.S. government sponsored agencies | ||
Recurring Basis | ||
Available-for-sale securities | 3,934 | 5,950 |
States and political subdivisions | ||
Recurring Basis | ||
Available-for-sale securities | 114,213 | 64,743 |
Held-to-maturity securities | 4,228 | 4,282 |
States and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Held-to-maturity securities | 0 | 0 |
States and political subdivisions | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Held-to-maturity securities | 4,228 | 4,282 |
States and political subdivisions | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Held-to-maturity securities | 0 | 0 |
Residential mortgage-backed securities | ||
Recurring Basis | ||
Available-for-sale securities | 579,701 | 527,291 |
Held-to-maturity securities | 35,893 | 36,740 |
Residential mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Held-to-maturity securities | 0 | 0 |
Residential mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Held-to-maturity securities | 35,893 | 36,740 |
Residential mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Held-to-maturity securities | 0 | 0 |
Commercial mortgage-backed securities | ||
Recurring Basis | ||
Available-for-sale securities | 27,200 | 27,847 |
Held-to-maturity securities | 7,505 | 7,420 |
Commercial mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Held-to-maturity securities | 0 | 0 |
Commercial mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Held-to-maturity securities | 7,505 | 7,420 |
Commercial mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Held-to-maturity securities | 0 | 0 |
Bank-issued trust preferred securities | ||
Recurring Basis | ||
Available-for-sale securities | 4,668 | 5,645 |
Equity securities | ||
Recurring Basis | ||
Available-for-sale securities | 6,504 | 5,403 |
Recurring Basis [Member] | ||
Recurring Basis | ||
Available-for-sale securities | 736,220 | 636,880 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 6,295 | 5,204 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 729,925 | 631,676 |
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | U.S. Treasury and government agencies | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 1 |
Recurring Basis [Member] | U.S. Treasury and government agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | U.S. Treasury and government agencies | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 1 |
Recurring Basis [Member] | U.S. Treasury and government agencies | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | U.S. government sponsored agencies | ||
Recurring Basis | ||
Available-for-sale securities | 3,934 | 5,950 |
Recurring Basis [Member] | U.S. government sponsored agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | U.S. government sponsored agencies | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 3,934 | 5,950 |
Recurring Basis [Member] | U.S. government sponsored agencies | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | States and political subdivisions | ||
Recurring Basis | ||
Available-for-sale securities | 114,213 | 64,743 |
Recurring Basis [Member] | States and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | States and political subdivisions | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 114,213 | 64,743 |
Recurring Basis [Member] | States and political subdivisions | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Residential mortgage-backed securities | ||
Recurring Basis | ||
Available-for-sale securities | 579,701 | 527,291 |
Recurring Basis [Member] | Residential mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Residential mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 579,701 | 527,291 |
Recurring Basis [Member] | Residential mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Commercial mortgage-backed securities | ||
Recurring Basis | ||
Available-for-sale securities | 27,200 | 27,847 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 27,200 | 27,847 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Bank-issued trust preferred securities | ||
Recurring Basis | ||
Available-for-sale securities | 4,668 | 5,645 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 4,668 | 5,645 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Equity securities | ||
Recurring Basis | ||
Available-for-sale securities | 6,504 | 5,403 |
Recurring Basis [Member] | Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 6,295 | 5,204 |
Recurring Basis [Member] | Equity securities | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 209 | 199 |
Recurring Basis [Member] | Equity securities | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value of Financial Instr29
Fair Value of Financial Instruments (Assets Measured at Fair Value Nonrecurring) (Details) - Jun. 30, 2015 - Nonrecurring Basis - USD ($) $ in Thousands | Total | Total |
Nonrecurring Basis | ||
Losses on impaired loans charged through allowance for loan losses | $ 130 | $ 167 |
Significant Other Observable Inputs (Level 2) | ||
Nonrecurring Basis | ||
Impaired loans, aggregate outstanding principal balance | 500 | 500 |
Impaired loans, fair value | $ 400 | $ 400 |
Fair Value of Financial Instr30
Fair Value of Financial Instruments (Fair Values of Financial Assets and Liabilities on Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Cash and cash equivalents | $ 132,262 | $ 61,454 |
Investment securities | 822,342 | 713,633 |
Loans | 1,962,441 | 1,581,813 |
Financial liabilities: | ||
Deposits | 2,550,034 | 1,938,021 |
Short-term borrowings | 92,711 | 88,277 |
Long-term borrowings | 134,188 | 183,878 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 132,262 | 61,454 |
Investment securities | 822,199 | 713,659 |
Loans | 1,997,983 | 1,607,391 |
Financial liabilities: | ||
Deposits | 2,544,572 | 1,933,074 |
Short-term borrowings | 92,711 | 88,277 |
Long-term borrowings | $ 128,633 | $ 179,083 |
Investment Securities (Availabl
Investment Securities (Available-for-sale Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 730,632 | $ 632,967 |
Gross Unrealized Gains | 14,248 | 12,693 |
Gross Unrealized Losses | (8,660) | (8,780) |
Available-for-sale securities | 736,220 | 636,880 |
U.S. Treasury and government agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 0 | 1 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities | 0 | 1 |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 3,885 | 5,836 |
Gross Unrealized Gains | 49 | 114 |
Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities | 3,934 | 5,950 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 112,186 | 62,292 |
Gross Unrealized Gains | 2,430 | 2,510 |
Gross Unrealized Losses | (403) | (59) |
Available-for-sale securities | 114,213 | 64,743 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 580,579 | 529,245 |
Gross Unrealized Gains | 6,655 | 5,910 |
Gross Unrealized Losses | (7,533) | (7,864) |
Available-for-sale securities | 579,701 | 527,291 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 27,262 | 28,021 |
Gross Unrealized Gains | 122 | 112 |
Gross Unrealized Losses | (184) | (286) |
Available-for-sale securities | 27,200 | 27,847 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 5,134 | 6,132 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (466) | (490) |
Available-for-sale securities | 4,668 | 5,645 |
Equity securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,586 | 1,440 |
Gross Unrealized Gains | 4,992 | 4,044 |
Gross Unrealized Losses | (74) | (81) |
Available-for-sale securities | $ 6,504 | $ 5,403 |
Investment Securities (Availa32
Investment Securities (Available-for-sale Securities Gross Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Gross gains and gross losses realized from sales of available-for-sale securities: | ||||
Gross gains realized | $ 32 | $ 220 | $ 632 | $ 734 |
Gross losses realized | 21 | 154 | 21 | 698 |
Net gain realized | $ 11 | $ 66 | $ 611 | $ 36 |
Investment Securities (Availa33
Investment Securities (Available-for-sale Securities with Unrealized Loss) (Details) $ in Thousands | Jun. 30, 2015USD ($)securities | Dec. 31, 2014USD ($)securities |
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | $ 237,182 | $ 116,660 |
Less than 12 months, unrealized loss | $ 3,418 | $ 1,105 |
Less than 12 months, no. of securities | securities | 110 | 27 |
12 months or more, fair value | $ 122,652 | $ 244,021 |
12 months or more, unrealized loss | $ 5,242 | $ 7,675 |
12 months or more, no. of securities | securities | 40 | 73 |
Total unrealized loss position, fair value | $ 359,834 | $ 360,681 |
Total unrealized loss | 8,660 | 8,780 |
States and political subdivisions | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 34,827 | 2,602 |
Less than 12 months, unrealized loss | $ 392 | $ 12 |
Less than 12 months, no. of securities | securities | 56 | 4 |
12 months or more, fair value | $ 210 | $ 5,788 |
12 months or more, unrealized loss | $ 11 | $ 47 |
12 months or more, no. of securities | securities | 1 | 8 |
Total unrealized loss position, fair value | $ 35,037 | $ 8,390 |
Total unrealized loss | 403 | 59 |
Residential mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 180,761 | 114,018 |
Less than 12 months, unrealized loss | $ 2,836 | $ 1,091 |
Less than 12 months, no. of securities | securities | 48 | 21 |
12 months or more, fair value | $ 119,803 | $ 216,224 |
12 months or more, unrealized loss | $ 4,697 | $ 6,773 |
12 months or more, no. of securities | securities | 35 | 57 |
Total unrealized loss position, fair value | $ 300,564 | $ 330,242 |
Total unrealized loss | 7,533 | 7,864 |
Commercial mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 19,422 | 0 |
Less than 12 months, unrealized loss | $ 184 | $ 0 |
Less than 12 months, no. of securities | securities | 4 | 0 |
12 months or more, fair value | $ 0 | $ 19,404 |
12 months or more, unrealized loss | $ 0 | $ 286 |
12 months or more, no. of securities | securities | 0 | 4 |
Total unrealized loss position, fair value | $ 19,422 | $ 19,404 |
Total unrealized loss | 184 | 286 |
Bank-issued trust preferred securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 2,131 | 0 |
Less than 12 months, unrealized loss | $ 5 | $ 0 |
Less than 12 months, no. of securities | securities | 0 | 0 |
12 months or more, fair value | $ 2,537 | $ 2,509 |
12 months or more, unrealized loss | $ 461 | $ 490 |
12 months or more, no. of securities | securities | 3 | 3 |
Total unrealized loss position, fair value | $ 4,668 | $ 2,509 |
Total unrealized loss | $ 466 | 490 |
Number of bank-issued trust preferred securities in unrealized loss position for twelve months or more | securities | 3 | |
Equity securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | $ 41 | 40 |
Less than 12 months, unrealized loss | $ 1 | $ 2 |
Less than 12 months, no. of securities | securities | 2 | 2 |
12 months or more, fair value | $ 102 | $ 96 |
12 months or more, unrealized loss | $ 73 | $ 79 |
12 months or more, no. of securities | securities | 1 | 1 |
Total unrealized loss position, fair value | $ 143 | $ 136 |
Total unrealized loss | $ 74 | $ 81 |
Mortgage-backed securities, issued by US government sponsored agencies | ||
Available-for-sale securities that had an unrealized loss: | ||
Percentage of mortgage-backed securities in unrealized loss position for more than 12 months | 99.00% | |
Mortgage-backed securities, privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, no. of securities | securities | 3 | |
Percentage of mortgage-backed securities in unrealized loss position for more than 12 months | 1.00% | |
Number of privately issued mortgage-backed securities securities with book value less than 90% of fair value | securities | 2 | |
Fair value within book value | 90.00% | |
Fair Value Less Than 90 Percent of Book Value [Member] | Mortgage-backed securities, privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
12 months or more, fair value | $ 500 | |
Book value of privately issued mortgage-backed securities in unrealized loss position for more than 12 months | $ 800 |
Investment Securities (Availa34
Investment Securities (Available-for-sale Securities by Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 248 | |
Debt securities, maturing 1 to 5 years, amortized cost | 17,997 | |
Debt securities, maturing 5 to 10 years, amortized cost | 88,136 | |
Available-for-sale securities, maturing over 10 years, amortized cost | 622,665 | |
Amortized Cost | 730,632 | $ 632,967 |
Debt securities, maturing within 1 year, fair value | 251 | |
Debt securities, maturing 1 to 5 years, fair value | 18,310 | |
Debt securities, maturing 5 to 10 years, fair value | 88,909 | |
Available-for-sale securities, maturing over 10 years, fair value | 622,246 | |
Fair Value | $ 736,220 | 636,880 |
Available-for-sale securities, maturing within 1 year, average yield | 4.79% | |
Available-for-sale securities, maturing 1 to 5 years, average yield | 2.69% | |
Available-for-sale securities, maturing 5 to 10 years, average yield | 2.83% | |
Available-for-sale securities, maturing over 10 years, average yield | 2.67% | |
Available-for-sale securities, total average yield | 2.70% | |
U.S. Treasury and government agencies | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | |
Debt securities, maturing 5 to 10 years, amortized cost | 0 | |
Debt securities, maturing over 10 years, amortized cost | 0 | |
Debt securities, total amortized cost | 0 | |
Amortized Cost | 0 | 1 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 0 | |
Debt securities, maturing 5 to 10 years, fair value | 0 | |
Debt securities, maturing over 10 years, fair value | 0 | |
Debt securities, total fair value | 0 | |
Fair Value | 0 | 1 |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 987 | |
Debt securities, maturing 5 to 10 years, amortized cost | 0 | |
Debt securities, maturing over 10 years, amortized cost | 2,898 | |
Debt securities, total amortized cost | 3,885 | |
Amortized Cost | 3,885 | 5,836 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 999 | |
Debt securities, maturing 5 to 10 years, fair value | 0 | |
Debt securities, maturing over 10 years, fair value | 2,935 | |
Debt securities, total fair value | 3,934 | |
Fair Value | 3,934 | 5,950 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 248 | |
Debt securities, maturing 1 to 5 years, amortized cost | 6,367 | |
Debt securities, maturing 5 to 10 years, amortized cost | 30,911 | |
Debt securities, maturing over 10 years, amortized cost | 74,660 | |
Debt securities, total amortized cost | 112,186 | |
Amortized Cost | 112,186 | 62,292 |
Debt securities, maturing within 1 year, fair value | 251 | |
Debt securities, maturing 1 to 5 years, fair value | 6,632 | |
Debt securities, maturing 5 to 10 years, fair value | 31,596 | |
Debt securities, maturing over 10 years, fair value | 75,734 | |
Debt securities, total fair value | 114,213 | |
Fair Value | 114,213 | 64,743 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 10,643 | |
Debt securities, maturing 5 to 10 years, amortized cost | 34,309 | |
Debt securities, maturing over 10 years, amortized cost | 535,627 | |
Debt securities, total amortized cost | 580,579 | |
Amortized Cost | 580,579 | 529,245 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 10,679 | |
Debt securities, maturing 5 to 10 years, fair value | 34,542 | |
Debt securities, maturing over 10 years, fair value | 534,480 | |
Debt securities, total fair value | 579,701 | |
Fair Value | 579,701 | 527,291 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | |
Debt securities, maturing 5 to 10 years, amortized cost | 22,916 | |
Debt securities, maturing over 10 years, amortized cost | 4,346 | |
Debt securities, total amortized cost | 27,262 | |
Amortized Cost | 27,262 | 28,021 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 0 | |
Debt securities, maturing 5 to 10 years, fair value | 22,771 | |
Debt securities, maturing over 10 years, fair value | 4,429 | |
Debt securities, total fair value | 27,200 | |
Fair Value | 27,200 | 27,847 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Other securities, maturing over 10 years, amortized cost | 5,134 | |
Other securities, total amortized cost | 5,134 | |
Amortized Cost | 5,134 | 6,132 |
Other securities, maturing over 10 years, fair value | 4,668 | |
Other securities, total fair value | 4,668 | |
Fair Value | 4,668 | 5,645 |
Equity securities | ||
Schedule of Available-for-sale Securities | ||
Other securities, total amortized cost | 1,586 | |
Amortized Cost | 1,586 | 1,440 |
Other securities, total fair value | 6,504 | |
Fair Value | $ 6,504 | $ 5,403 |
Investment Securities (Held-to-
Investment Securities (Held-to-maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 47,483 | $ 48,468 |
Gross Unrealized Gains | 699 | 646 |
Gross Unrealized Losses | (556) | (672) |
Held-to-maturity investment securities at fair value | 47,626 | 48,442 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,836 | 3,841 |
Gross Unrealized Gains | 398 | 448 |
Gross Unrealized Losses | (6) | (7) |
Held-to-maturity investment securities at fair value | 4,228 | 4,282 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 36,084 | 36,945 |
Gross Unrealized Gains | 301 | 189 |
Gross Unrealized Losses | (492) | (394) |
Held-to-maturity investment securities at fair value | 35,893 | 36,740 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 7,563 | 7,682 |
Gross Unrealized Gains | 0 | 9 |
Gross Unrealized Losses | (58) | (271) |
Held-to-maturity investment securities at fair value | $ 7,505 | $ 7,420 |
Investment Securities (Held-t36
Investment Securities (Held-to-Maturity Securities Gross Realized Gains and Losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Realized Gain (Loss) on Held-to-Maturity Securities | $ 0 | $ 0 | $ 0 | $ 0 |
Investment Securities (Held-t37
Investment Securities (Held-to-maturity Securities with Unrealized Loss) (Details) $ in Thousands | Jun. 30, 2015USD ($)securities | Dec. 31, 2014USD ($)securities |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 4,780 | $ 0 |
Less than 12 months, unrealized loss | $ 89 | $ 0 |
Less than 12 months, no. of securities | securities | 2 | 0 |
12 months or more, fair value | $ 17,101 | $ 24,921 |
12 months or more, unrealized loss | $ 467 | $ 672 |
12 months or more, no. of securities | securities | 4 | 7 |
Total fair value | $ 21,881 | $ 24,921 |
Total unrealized loss | 556 | 672 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized loss | $ 0 | $ 0 |
Less than 12 months, no. of securities | securities | 0 | 0 |
12 months or more, fair value | $ 320 | $ 323 |
12 months or more, unrealized loss | $ 6 | $ 7 |
12 months or more, no. of securities | securities | 1 | 1 |
Total fair value | $ 320 | $ 323 |
Total unrealized loss | 6 | 7 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 3,787 | 0 |
Less than 12 months, unrealized loss | $ 81 | $ 0 |
Less than 12 months, no. of securities | securities | 2 | 0 |
12 months or more, fair value | $ 10,269 | $ 18,242 |
12 months or more, unrealized loss | $ 411 | $ 394 |
12 months or more, no. of securities | securities | 2 | 5 |
Total fair value | $ 14,056 | $ 18,242 |
Total unrealized loss | 492 | 394 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 993 | 0 |
Less than 12 months, unrealized loss | $ 8 | $ 0 |
Less than 12 months, no. of securities | securities | 0 | 0 |
12 months or more, fair value | $ 6,512 | $ 6,356 |
12 months or more, unrealized loss | $ 50 | $ 271 |
12 months or more, no. of securities | securities | 1 | 1 |
Total fair value | $ 7,505 | $ 6,356 |
Total unrealized loss | $ 58 | $ 271 |
Investment Securities (Held-t38
Investment Securities (Held-to-maturity Securities by Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, maturing within 1 year, amortized cost | $ 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 327 | |
Debt securities, maturing 5 to 10 years, amortized cost | 497 | |
Debt securities, maturing over 10 years, amortized cost | 46,659 | |
Amortized Cost | 47,483 | $ 48,468 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 320 | |
Debt securities, maturing 5 to 10 years, fair value | 495 | |
Debt securities, maturing over 10 years, fair value | 46,811 | |
Fair Value | $ 47,626 | 48,442 |
Held-to-maturity securities, maturing within 1 year, average yield | 0.00% | |
Held-to-maturity securities, maturing 1 to 5 years, average yield | 3.14% | |
Held-to-maturity securities, maturing 6 to 10 years, average yield | 2.28% | |
Held-to-maturity securities, maturing over 10 years, average yield | 2.75% | |
Held-to-maturity securities, total average yield | 2.75% | |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, maturing within 1 year, amortized cost | $ 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 327 | |
Debt securities, maturing 5 to 10 years, amortized cost | 0 | |
Debt securities, maturing over 10 years, amortized cost | 3,509 | |
Amortized Cost | 3,836 | 3,841 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 320 | |
Debt securities, maturing 5 to 10 years, fair value | 0 | |
Debt securities, maturing over 10 years, fair value | 3,908 | |
Fair Value | 4,228 | 4,282 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, maturing within 1 year, amortized cost | 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | |
Debt securities, maturing 5 to 10 years, amortized cost | 497 | |
Debt securities, maturing over 10 years, amortized cost | 35,587 | |
Amortized Cost | 36,084 | 36,945 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 0 | |
Debt securities, maturing 5 to 10 years, fair value | 495 | |
Debt securities, maturing over 10 years, fair value | 35,398 | |
Fair Value | 35,893 | 36,740 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, maturing within 1 year, amortized cost | 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | |
Debt securities, maturing 5 to 10 years, amortized cost | 0 | |
Debt securities, maturing over 10 years, amortized cost | 7,563 | |
Amortized Cost | 7,563 | 7,682 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 0 | |
Debt securities, maturing 5 to 10 years, fair value | 0 | |
Debt securities, maturing over 10 years, fair value | 7,505 | |
Fair Value | $ 7,505 | $ 7,420 |
Investment Securities (Pledged
Investment Securities (Pledged Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of available-for-sale securities pledged to secure public and trust department deposits and repurchase agreements | $ 471.9 | $ 352.8 |
Carrying value of held-to-maturity securities pledged to secure public and trust department deposits and repurchase agreements | 23.9 | 22.9 |
Carrying value of available-for-sale securities pledged to secure additional borrowing capacity at Federal Home Loan Bank and Federal Reserve Bank | 12.4 | 13.5 |
Pledged Financial Instruments, Not Separately Reported, Held-To-Maturity Securities for Federal Home Loan Bank and Federal Reserve Bank | $ 23.9 | $ 24.5 |
Investment Securities (Fully ta
Investment Securities (Fully tax-equivalent basis) (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Federal income tax rate | 35.00% |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, impaired, commitment to lend | $ 0 | |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Pledged assets separately reported, loans pledged as collateral, at fair value | 557,200,000 | $ 457,100,000 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Pledged assets separately reported, loans pledged as collateral, at fair value | $ 135,300,000 | $ 150,700,000 |
Loans (Loan Balances By Classif
Loans (Loan Balances By Classification) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 2,012,033 | $ 1,620,898 |
Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 2,012,033 | 1,620,898 |
Originated Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,285,493 | 1,212,014 |
Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 50,168 | 37,901 |
Originated Loan | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 449,163 | 434,660 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 499,331 | 472,561 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 256,080 | 249,975 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 263,129 | 254,169 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 67,384 | 62,463 |
Originated Loan | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 196,306 | 169,913 |
Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 3,263 | 2,933 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 726,540 | 408,884 |
Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 11,220 | 1,051 |
Acquired Loans | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 293,369 | 121,475 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 304,589 | 122,526 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 71,013 | 30,056 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 302,639 | 225,274 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 36,607 | 18,232 |
Acquired Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 11,692 | 12,796 |
Acquired Loans | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 0 | $ 0 |
Loans (Loans Acquired With Dete
Loans (Loans Acquired With Deterioration of Credit Quality) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Purchased credit impaired loans | ||
Outstanding balance | $ 51,276 | $ 24,292 |
Carrying amount | 39,371 | 19,067 |
Commercial real estate | ||
Purchased credit impaired loans | ||
Outstanding balance | 18,321 | 7,762 |
Commercial and industrial | ||
Purchased credit impaired loans | ||
Outstanding balance | 3,538 | 1,041 |
Residential real estate | ||
Purchased credit impaired loans | ||
Outstanding balance | 29,145 | 15,183 |
Consumer | ||
Purchased credit impaired loans | ||
Outstanding balance | $ 272 | $ 306 |
Loans Accretable Yield Rollforw
Loans Accretable Yield Rollforward (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Beginning balance | $ 3,172 |
Reclassification from nonaccretable to accretable | 2,066 |
Accretion | (826) |
Ending balance | 8,034 |
NB&T Financial Group, Inc. | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Ending balance | $ 3,622 |
Loans (Nonaccrual and Past Due
Loans (Nonaccrual and Past Due Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | $ 20,823 | $ 8,406 |
Loans 90 Days Past Due and Accruing | 3,165 | 2,799 |
Originated Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 19,385 | 7,270 |
Loans 90 Days Past Due and Accruing | 105 | 840 |
Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 0 | 0 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loan | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 1,912 | 2,575 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 1,912 | 2,575 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 13,736 | 1,286 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 3,266 | 3,049 |
Loans 90 Days Past Due and Accruing | 101 | 818 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 418 | 341 |
Loans 90 Days Past Due and Accruing | 0 | 20 |
Originated Loan | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 53 | 19 |
Loans 90 Days Past Due and Accruing | 4 | 2 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 1,438 | 1,136 |
Loans 90 Days Past Due and Accruing | 3,060 | 1,959 |
Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 0 | 96 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Acquired Loans | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 86 | 9 |
Loans 90 Days Past Due and Accruing | 984 | 567 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 86 | 105 |
Loans 90 Days Past Due and Accruing | 984 | 567 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 549 | 708 |
Loans 90 Days Past Due and Accruing | 488 | 301 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 764 | 304 |
Loans 90 Days Past Due and Accruing | 1,550 | 1,083 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 39 | 19 |
Loans 90 Days Past Due and Accruing | 17 | 0 |
Acquired Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 0 | 0 |
Loans 90 Days Past Due and Accruing | $ 21 | $ 8 |
Loans (Aging Of The Recorded In
Loans (Aging Of The Recorded Investment In Past Due Loans And Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 2,012,033 | $ 1,620,898 |
Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 21,316 | 12,022 |
60 - 89 days | 15,131 | 3,473 |
90 Days | 6,241 | 7,163 |
Total | 42,688 | 22,658 |
Current Loans | 1,969,345 | 1,598,240 |
Total Loans | 2,012,033 | 1,620,898 |
Originated Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 17,781 | 6,629 |
60 - 89 days | 11,038 | 1,947 |
90 Days | 2,255 | 4,498 |
Total | 31,074 | 13,074 |
Current Loans | 1,254,419 | 1,198,940 |
Total Loans | 1,285,493 | 1,212,014 |
Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 928 | 0 |
60 - 89 days | 0 | 0 |
90 Days | 0 | 0 |
Total | 928 | 0 |
Current Loans | 49,240 | 37,901 |
Total Loans | 50,168 | 37,901 |
Originated Loan | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 8,863 | 565 |
60 - 89 days | 123 | 285 |
90 Days | 822 | 1,220 |
Total | 9,808 | 2,070 |
Current Loans | 439,355 | 432,590 |
Total Loans | 449,163 | 434,660 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 9,791 | 565 |
60 - 89 days | 123 | 285 |
90 Days | 822 | 1,220 |
Total | 10,736 | 2,070 |
Current Loans | 488,595 | 470,491 |
Total Loans | 499,331 | 472,561 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 4,273 | 17 |
60 - 89 days | 10,000 | 18 |
90 Days | 54 | 1,245 |
Total | 14,327 | 1,280 |
Current Loans | 241,753 | 248,695 |
Total Loans | 256,080 | 249,975 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 2,620 | 4,502 |
60 - 89 days | 648 | 1,062 |
90 Days | 1,117 | 1,902 |
Total | 4,385 | 7,466 |
Current Loans | 258,744 | 246,703 |
Total Loans | 263,129 | 254,169 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 227 | 344 |
60 - 89 days | 47 | 425 |
90 Days | 224 | 129 |
Total | 498 | 898 |
Current Loans | 66,886 | 61,565 |
Total Loans | 67,384 | 62,463 |
Originated Loan | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 847 | 1,136 |
60 - 89 days | 220 | 157 |
90 Days | 38 | 2 |
Total | 1,105 | 1,295 |
Current Loans | 195,201 | 168,618 |
Total Loans | 196,306 | 169,913 |
Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 23 | 65 |
60 - 89 days | 0 | 0 |
90 Days | 0 | 0 |
Total | 23 | 65 |
Current Loans | 3,240 | 2,868 |
Total Loans | 3,263 | 2,933 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 3,535 | 5,393 |
60 - 89 days | 4,093 | 1,526 |
90 Days | 3,986 | 2,665 |
Total | 11,614 | 9,584 |
Current Loans | 714,926 | 399,300 |
Total Loans | 726,540 | 408,884 |
Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 0 | 0 |
60 - 89 days | 0 | 0 |
90 Days | 69 | 96 |
Total | 69 | 96 |
Current Loans | 11,151 | 955 |
Total Loans | 11,220 | 1,051 |
Acquired Loans | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 1,472 | 1,067 |
60 - 89 days | 837 | 143 |
90 Days | 991 | 567 |
Total | 3,300 | 1,777 |
Current Loans | 290,069 | 119,698 |
Total Loans | 293,369 | 121,475 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 1,472 | 1,067 |
60 - 89 days | 837 | 143 |
90 Days | 1,060 | 663 |
Total | 3,369 | 1,873 |
Current Loans | 301,220 | 120,653 |
Total Loans | 304,589 | 122,526 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 227 | 46 |
60 - 89 days | 1,961 | 6 |
90 Days | 937 | 815 |
Total | 3,125 | 867 |
Current Loans | 67,888 | 29,189 |
Total Loans | 71,013 | 30,056 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 1,584 | 4,026 |
60 - 89 days | 1,258 | 1,331 |
90 Days | 1,930 | 1,179 |
Total | 4,772 | 6,536 |
Current Loans | 297,867 | 218,738 |
Total Loans | 302,639 | 225,274 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 99 | 9 |
60 - 89 days | 23 | 19 |
90 Days | 38 | 0 |
Total | 160 | 28 |
Current Loans | 36,447 | 18,204 |
Total Loans | 36,607 | 18,232 |
Acquired Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 153 | 245 |
60 - 89 days | 14 | 27 |
90 Days | 21 | 8 |
Total | 188 | 280 |
Current Loans | 11,504 | 12,516 |
Total Loans | 11,692 | 12,796 |
Acquired Loans | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 days | 0 | 0 |
60 - 89 days | 0 | 0 |
90 Days | 0 | 0 |
Total | 0 | 0 |
Current Loans | 0 | 0 |
Total Loans | $ 0 | $ 0 |
Loans (Loans By Risk Category)
Loans (Loans By Risk Category) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 2,012,033 | $ 1,620,898 |
Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 2,012,033 | 1,620,898 |
Pass Rated (Grades 1 - 4) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,070,704 | 852,370 |
Watch (Grade 5) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 41,677 | 29,822 |
Substandard (Grade 6) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 63,957 | 44,472 |
Doubtful (Grade 7) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 580 | 251 |
Not Rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 835,115 | 693,983 |
Originated Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,285,493 | 1,212,014 |
Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 50,168 | 37,901 |
Originated Loan | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 449,163 | 434,660 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 499,331 | 472,561 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 256,080 | 249,975 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 263,129 | 254,169 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 67,384 | 62,463 |
Originated Loan | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 196,306 | 169,913 |
Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 3,263 | 2,933 |
Originated Loan | Pass Rated (Grades 1 - 4) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 734,731 | 704,152 |
Originated Loan | Pass Rated (Grades 1 - 4) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 49,726 | 37,637 |
Originated Loan | Pass Rated (Grades 1 - 4) | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 431,822 | 405,224 |
Originated Loan | Pass Rated (Grades 1 - 4) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 481,548 | 442,861 |
Originated Loan | Pass Rated (Grades 1 - 4) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 231,339 | 239,168 |
Originated Loan | Pass Rated (Grades 1 - 4) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 21,036 | 21,296 |
Originated Loan | Pass Rated (Grades 1 - 4) | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 754 | 767 |
Originated Loan | Pass Rated (Grades 1 - 4) | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 54 | 60 |
Originated Loan | Pass Rated (Grades 1 - 4) | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Watch (Grade 5) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 17,502 | 21,634 |
Originated Loan | Watch (Grade 5) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Watch (Grade 5) | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 9,260 | 12,316 |
Originated Loan | Watch (Grade 5) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 9,260 | 12,316 |
Originated Loan | Watch (Grade 5) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 7,135 | 8,122 |
Originated Loan | Watch (Grade 5) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,107 | 1,195 |
Originated Loan | Watch (Grade 5) | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Watch (Grade 5) | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 1 |
Originated Loan | Watch (Grade 5) | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Substandard (Grade 6) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 40,144 | 32,378 |
Originated Loan | Substandard (Grade 6) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Substandard (Grade 6) | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 8,081 | 17,120 |
Originated Loan | Substandard (Grade 6) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 8,081 | 17,120 |
Originated Loan | Substandard (Grade 6) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 17,605 | 2,684 |
Originated Loan | Substandard (Grade 6) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 13,694 | 11,601 |
Originated Loan | Substandard (Grade 6) | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 759 | 965 |
Originated Loan | Substandard (Grade 6) | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 5 | 8 |
Originated Loan | Substandard (Grade 6) | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Doubtful (Grade 7) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 120 | 57 |
Originated Loan | Doubtful (Grade 7) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Doubtful (Grade 7) | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Doubtful (Grade 7) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Doubtful (Grade 7) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1 | 1 |
Originated Loan | Doubtful (Grade 7) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 119 | 56 |
Originated Loan | Doubtful (Grade 7) | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Doubtful (Grade 7) | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Doubtful (Grade 7) | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Not Rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 492,996 | 453,793 |
Originated Loan | Not Rated | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 442 | 264 |
Originated Loan | Not Rated | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Not Rated | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 442 | 264 |
Originated Loan | Not Rated | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Not Rated | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 227,173 | 220,021 |
Originated Loan | Not Rated | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 65,871 | 60,731 |
Originated Loan | Not Rated | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 196,247 | 169,844 |
Originated Loan | Not Rated | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 3,263 | 2,933 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 726,540 | 408,884 |
Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 11,220 | 1,051 |
Acquired Loans | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 293,369 | 121,475 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 304,589 | 122,526 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 71,013 | 30,056 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 302,639 | 225,274 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 36,607 | 18,232 |
Acquired Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 11,692 | 12,796 |
Acquired Loans | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Pass Rated (Grades 1 - 4) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 335,973 | 148,218 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 11,161 | 955 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 246,105 | 106,115 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 257,266 | 107,070 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 58,855 | 27,313 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 19,218 | 13,458 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 318 | 98 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 316 | 279 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Watch (Grade 5) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 24,175 | 8,188 |
Acquired Loans | Watch (Grade 5) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Watch (Grade 5) | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 18,239 | 7,100 |
Acquired Loans | Watch (Grade 5) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 18,239 | 7,100 |
Acquired Loans | Watch (Grade 5) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 3,812 | 255 |
Acquired Loans | Watch (Grade 5) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 2,124 | 833 |
Acquired Loans | Watch (Grade 5) | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Watch (Grade 5) | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Watch (Grade 5) | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Substandard (Grade 6) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 23,813 | 12,094 |
Acquired Loans | Substandard (Grade 6) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Substandard (Grade 6) | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 17,458 | 8,260 |
Acquired Loans | Substandard (Grade 6) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 17,458 | 8,260 |
Acquired Loans | Substandard (Grade 6) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 5,210 | 2,294 |
Acquired Loans | Substandard (Grade 6) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,144 | 1,540 |
Acquired Loans | Substandard (Grade 6) | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Substandard (Grade 6) | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1 | 0 |
Acquired Loans | Substandard (Grade 6) | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Doubtful (Grade 7) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 460 | 194 |
Acquired Loans | Doubtful (Grade 7) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Doubtful (Grade 7) | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 118 | 0 |
Acquired Loans | Doubtful (Grade 7) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 118 | 0 |
Acquired Loans | Doubtful (Grade 7) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 342 | 194 |
Acquired Loans | Doubtful (Grade 7) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Doubtful (Grade 7) | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Doubtful (Grade 7) | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Doubtful (Grade 7) | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Not Rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 342,119 | 240,190 |
Acquired Loans | Not Rated | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 59 | 96 |
Acquired Loans | Not Rated | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 11,449 | 0 |
Acquired Loans | Not Rated | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 11,508 | 96 |
Acquired Loans | Not Rated | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 2,794 | 0 |
Acquired Loans | Not Rated | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 280,153 | 209,443 |
Acquired Loans | Not Rated | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 36,289 | 18,134 |
Acquired Loans | Not Rated | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 11,375 | 12,517 |
Acquired Loans | Not Rated | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 0 | $ 0 |
Loans (Schedule Of Impaired Loa
Loans (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 68,592 | $ 30,109 |
Recorded Investment With Allowance | 14,863 | 2,651 |
Recorded Investment Without Allowance | 50,198 | 26,674 |
Total Recorded Investment | 65,061 | 29,325 |
Related Allowance | 3,848 | 1,014 |
Average Recorded Investment | 17,837 | 9,734 |
Interest Income Recognized | 1,093 | 1,175 |
Commercial real estate, construction | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 21,385 | 9,914 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 21,385 | 9,909 |
Total Recorded Investment | 21,385 | 9,909 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 4,338 | 2,020 |
Interest Income Recognized | 389 | 540 |
Commercial real estate, other | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 11,057 | 8,668 |
Recorded Investment With Allowance | 915 | 653 |
Recorded Investment Without Allowance | 9,969 | 7,742 |
Total Recorded Investment | 10,884 | 8,395 |
Related Allowance | 286 | 189 |
Average Recorded Investment | 3,039 | 2,951 |
Interest Income Recognized | 297 | 248 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 32,442 | 18,582 |
Recorded Investment With Allowance | 915 | 653 |
Recorded Investment Without Allowance | 31,354 | 17,651 |
Total Recorded Investment | 32,269 | 18,304 |
Related Allowance | 286 | 189 |
Average Recorded Investment | 7,377 | 4,971 |
Interest Income Recognized | 686 | 788 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 26,267 | 3,747 |
Recorded Investment With Allowance | 13,898 | 1,945 |
Recorded Investment Without Allowance | 9,825 | 1,767 |
Total Recorded Investment | 23,723 | 3,712 |
Related Allowance | 3,556 | 816 |
Average Recorded Investment | 5,661 | 766 |
Interest Income Recognized | 206 | 73 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 9,252 | 6,889 |
Recorded Investment With Allowance | 50 | 53 |
Recorded Investment Without Allowance | 8,399 | 6,372 |
Total Recorded Investment | 8,449 | 6,425 |
Related Allowance | 6 | 9 |
Average Recorded Investment | 4,471 | 3,543 |
Interest Income Recognized | 182 | 272 |
Home equity lines of credit | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 313 | 500 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 310 | 498 |
Total Recorded Investment | 310 | 498 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 190 | 298 |
Interest Income Recognized | 6 | 18 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 318 | 391 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 310 | 386 |
Total Recorded Investment | 310 | 386 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 138 | 156 |
Interest Income Recognized | $ 13 | $ 24 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)contract | Jun. 30, 2014USD ($)contract | Jun. 30, 2015USD ($)contract | Jun. 30, 2014USD ($)contract | |
Originated Loan | Commercial real estate, construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Number Of Contracts During Period | contract | 1 | 1 | ||
Recorded Investment, Pre-Modification | $ 96 | $ 96 | ||
Recorded Investment, Post-Modification | 96 | 96 | ||
Total Recorded Investment | $ 96 | $ 96 | ||
Originated Loan | Commercial real estate, other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Number Of Contracts During Period | contract | 0 | 0 | 0 | 1 |
Recorded Investment, Pre-Modification | $ 0 | $ 0 | $ 0 | $ 511 |
Recorded Investment, Post-Modification | 0 | 0 | 0 | 511 |
Total Recorded Investment | $ 0 | $ 0 | $ 0 | $ 497 |
Originated Loan | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Number Of Contracts During Period | contract | 2 | 10 | 2 | 18 |
Recorded Investment, Pre-Modification | $ 184 | $ 450 | $ 184 | $ 946 |
Recorded Investment, Post-Modification | 184 | 449 | 184 | 946 |
Total Recorded Investment | $ 184 | $ 449 | $ 184 | $ 935 |
Originated Loan | Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Number Of Contracts During Period | contract | 4 | 2 | 9 | 4 |
Recorded Investment, Pre-Modification | $ 92 | $ 39 | $ 308 | $ 86 |
Recorded Investment, Post-Modification | 92 | 39 | 309 | 86 |
Total Recorded Investment | $ 91 | $ 39 | $ 306 | $ 86 |
Originated Loan | Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Number Of Contracts During Period | contract | 2 | 18 | 3 | 20 |
Recorded Investment, Pre-Modification | $ 10 | $ 76 | $ 16 | $ 97 |
Recorded Investment, Post-Modification | 10 | 76 | 16 | 97 |
Total Recorded Investment | $ 10 | $ 76 | $ 16 | $ 96 |
Acquired Loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contract | 2 | 1 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 196 | $ 40 | ||
Financing Receivable, Modifications, Subsequent Default, Determination of Allowance for Credit Losses, Amount | $ 0 | $ 0 | ||
Acquired Loans | Commercial real estate, other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Number Of Contracts During Period | contract | 1 | 1 | ||
Recorded Investment, Pre-Modification | $ 24 | $ 24 | ||
Recorded Investment, Post-Modification | 24 | 24 | ||
Total Recorded Investment | $ 24 | $ 24 | ||
Acquired Loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Number Of Contracts During Period | contract | 2 | 2 | ||
Recorded Investment, Pre-Modification | $ 35 | $ 35 | ||
Recorded Investment, Post-Modification | 35 | 35 | ||
Total Recorded Investment | $ 35 | $ 35 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contract | 0 | 1 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 40 | ||
Financing Receivable, Modifications, Subsequent Default, Determination of Allowance for Credit Losses, Amount | $ 0 | $ 0 | ||
Acquired Loans | Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable Modifications Number Of Contracts During Period | contract | 1 | 1 | ||
Recorded Investment, Pre-Modification | $ 8 | $ 8 | ||
Recorded Investment, Post-Modification | 8 | 8 | ||
Total Recorded Investment | $ 8 | $ 8 | ||
Acquired Loans | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contract | 2 | 0 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 196 | $ 0 | ||
Financing Receivable, Modifications, Subsequent Default, Determination of Allowance for Credit Losses, Amount | $ 0 | $ 0 |
Loans (Summary Of Activity In A
Loans (Summary Of Activity In Allowance For Loan And Lease Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 17,881 | $ 17,065 | ||
Charge-offs | (1,555) | (1,119) | ||
Recoveries | 896 | 847 | ||
Net recoveries (charge-offs) | (659) | (272) | ||
(Recovery of) provision for loan losses | $ 672 | $ 583 | 1,022 | 591 |
Ending balance | 18,244 | 17,384 | 18,244 | 17,384 |
Period-end amount allocated to: | ||||
Loans individually evaluated for impairment | 3,848 | 167 | ||
Loans collectively evaluated for impairment | 14,396 | 17,217 | ||
Ending balance | 18,244 | 17,384 | 17,881 | 17,065 |
Commercial real estate, other | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 9,825 | 13,215 | ||
Charge-offs | (44) | 0 | ||
Recoveries | 137 | 208 | ||
Net recoveries (charge-offs) | 93 | 208 | ||
(Recovery of) provision for loan losses | (2,733) | (3,156) | ||
Ending balance | 7,185 | 10,267 | 7,185 | 10,267 |
Period-end amount allocated to: | ||||
Loans individually evaluated for impairment | 286 | 158 | ||
Loans collectively evaluated for impairment | 6,899 | 10,109 | ||
Ending balance | 7,185 | 10,267 | 9,825 | 13,215 |
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 4,036 | 2,174 | ||
Charge-offs | (343) | (49) | ||
Recoveries | 93 | 59 | ||
Net recoveries (charge-offs) | (250) | 10 | ||
(Recovery of) provision for loan losses | 3,408 | 1,035 | ||
Ending balance | 7,194 | 3,219 | 7,194 | 3,219 |
Period-end amount allocated to: | ||||
Loans individually evaluated for impairment | 3,556 | 9 | ||
Loans collectively evaluated for impairment | 3,638 | 3,210 | ||
Ending balance | 7,194 | 3,219 | 4,036 | 2,174 |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,627 | 881 | ||
Charge-offs | (282) | (272) | ||
Recoveries | 161 | 117 | ||
Net recoveries (charge-offs) | (121) | (155) | ||
(Recovery of) provision for loan losses | (207) | 1,092 | ||
Ending balance | 1,299 | 1,818 | 1,299 | 1,818 |
Period-end amount allocated to: | ||||
Loans individually evaluated for impairment | 6 | 0 | ||
Loans collectively evaluated for impairment | 1,293 | 1,818 | ||
Ending balance | 1,299 | 1,818 | 1,627 | 881 |
Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 694 | 343 | ||
Charge-offs | (81) | (45) | ||
Recoveries | 80 | 12 | ||
Net recoveries (charge-offs) | (1) | (33) | ||
(Recovery of) provision for loan losses | 45 | 346 | ||
Ending balance | 738 | 656 | 738 | 656 |
Period-end amount allocated to: | ||||
Loans individually evaluated for impairment | 0 | 0 | ||
Loans collectively evaluated for impairment | 738 | 656 | ||
Ending balance | 738 | 656 | 694 | 343 |
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,587 | 316 | ||
Charge-offs | (482) | (552) | ||
Recoveries | 332 | 351 | ||
Net recoveries (charge-offs) | (150) | (201) | ||
(Recovery of) provision for loan losses | 237 | 1,183 | ||
Ending balance | 1,674 | 1,298 | 1,674 | 1,298 |
Period-end amount allocated to: | ||||
Loans individually evaluated for impairment | 0 | 0 | ||
Loans collectively evaluated for impairment | 1,674 | 1,298 | ||
Ending balance | 1,674 | 1,298 | 1,587 | 316 |
Deposit account overdrafts | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 112 | 136 | ||
Charge-offs | (323) | (201) | ||
Recoveries | 93 | 100 | ||
Net recoveries (charge-offs) | (230) | (101) | ||
(Recovery of) provision for loan losses | 272 | 91 | ||
Ending balance | 154 | 126 | 154 | 126 |
Period-end amount allocated to: | ||||
Loans individually evaluated for impairment | 0 | 0 | ||
Loans collectively evaluated for impairment | 154 | 126 | ||
Ending balance | $ 154 | $ 126 | $ 112 | $ 136 |
Long-Term Borrowings (Details)
Long-Term Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Aug. 04, 2014 | Dec. 18, 2012 |
Debt Instrument [Line Items] | ||||
Term note payable (parent company) | $ 11,978 | $ 14,369 | ||
Weighted- Average Rate | 3.50% | 3.50% | 3.50% | 3.80% |
Callable national market repurchase agreements | $ 40,000 | $ 40,000 | ||
Weighted- Average Rate | 3.63% | 3.63% | ||
Subordinated debt | $ 6,637 | $ 0 | ||
Long-term borrowings | $ 128,633 | $ 179,083 | ||
Long-term borrowings, Weighted-Average Rate | 3.24% | 3.12% | ||
Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | ||||
Debt Instrument [Line Items] | ||||
FHLB Advances | $ 50,000 | $ 83,995 | ||
Weighted- Average Rate | 3.32% | 3.30% | ||
Federal Home Loan Bank Advances, Fixed Rate, Amortizing [Member] | ||||
Debt Instrument [Line Items] | ||||
FHLB Advances | $ 20,018 | $ 40,719 | ||
Weighted- Average Rate | 2.61% | 2.13% | ||
Junior Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 1.76% | 0.00% |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) $ in Thousands | Jul. 24, 2015USD ($) | Mar. 06, 2015USD ($)semi_annual_period | Dec. 18, 2012USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 04, 2014USD ($) |
Proceeds from issuance of unsecured debt | $ 24,000 | |||||
Maturity period of long-term borrowing | 5 years | |||||
Weighted- Average Rate | 3.80% | 3.50% | 3.50% | 3.50% | ||
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% | |||||
Fixed charge coverage ratio minimum required by debt covenant | 125.00% | |||||
Other restricted assets | $ 2,000 | |||||
Allowance for loan losses to nonperforming loans minimum under debt covenant | 70.00% | |||||
Losses on extinguishment of debt | $ 520 | |||||
Subordinated debt | $ 6,637 | $ 0 | ||||
Interest rate on capital securities | 1.50% | |||||
Subsequent Event [Member] | ||||||
Repayments of notes payable | $ 12,000 | |||||
Minimum | ||||||
Repurchase agreements, maturities period | 5 years | |||||
Repurchase agreements, call option features at buyer discretion, initial call period | 3 months | |||||
Maximum | ||||||
Repurchase agreements, maturities period | 10 years | |||||
Repurchase agreements, call option features at buyer discretion, initial call period | 5 years | |||||
Distributions on capital securities, deferred, number of consecutive semi-annual periods | semi_annual_period | 20 | |||||
Federal Home Loan Bank Advances, Fixed Rate, Amortizing [Member] | ||||||
Weighted- Average Rate | 2.61% | 2.13% | ||||
Federal Home Loan Bank Advances, Fixed Rate, Amortizing [Member] | Minimum | ||||||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 10 years | |||||
Federal Home Loan Bank Advances, Fixed Rate, Amortizing [Member] | Maximum | ||||||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 20 years | |||||
Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | ||||||
Weighted- Average Rate | 3.32% | 3.30% | ||||
Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | Minimum | ||||||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 10 years | |||||
Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | Maximum | ||||||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 20 years | |||||
Federal Home Loan Bank Advances, Convertible Rate Advances [Member] | Minimum | ||||||
Federal Home Loan Bank, advances, general debt obligations, disclosures, fixed rate initial period | 3 months | |||||
Federal Home Loan Bank Advances, Convertible Rate Advances [Member] | Maximum | ||||||
Federal Home Loan Bank, advances, general debt obligations, disclosures, fixed rate initial period | 5 years | |||||
Repayments of debt [Member] | Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | ||||||
Extinguishment of debt, amount | $ 52,100 | |||||
Weighted- Average Rate | 1.49% | |||||
NB&T Financial Group, Inc. | ||||||
Subordinated debt | $ 6,600 |
Long-Term Borrowings (Maturity)
Long-Term Borrowings (Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Six Months Ending December 31, 2015 | $ 5,377 | |
Year Ending December 31, 2016 | 7,734 | |
Year Ending December 31, 2017 | 7,126 | |
Year Ending December 31, 2018 | 42,390 | |
Year Ending December 31, 2019 | 41,426 | |
Thereafter | 24,580 | |
Long-term borrowings | $ 128,633 | $ 179,083 |
Weighted Average Interest Rate for the Six Months Ending December 31, 2015 | 2.78% | |
Weighted Average Interest Rate for the Year Ending December 31, 2016 | 3.07% | |
Weighted Average Interest Rate for the Year Ending December 31, 2017 | 3.16% | |
Weighted Average Interest Rate for the Year Ending December 31, 2018 | 3.33% | |
Weighted Average Interest Rate for the Year Ending December 31, 2019 | 3.59% | |
Weighted Average Interest Rate for Thereafter | 2.69% | |
Weighted Average Interest Rate for Total long-term borrowings | 3.24% | 3.12% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||
Preferred Stock, Shares Outstanding | 0 | |
Issuance of common shares related to acquisition of NB&T Financial Group, Inc. | $ 76,027 | |
Preferred stock - shares authorized | 50,000 | 50,000 |
Preferred stock - shares issued | 0 | 0 |
Common Stock | NB&T Financial Group, Inc. | ||
Class of Stock [Line Items] | ||
Shares issued for acquisition (in shares) | 3,207,698 | |
Issuance of common shares related to acquisition of NB&T Financial Group, Inc. | $ 76,027 |
Stockholders' Equity (Stock Rol
Stockholders' Equity (Stock Rollforward) (Details) | 6 Months Ended |
Jun. 30, 2015shares | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Common stock, beginning of period | 15,599,643 |
Treasury stock, beginning of period | 590,246 |
Changes related to deferred compensation plan for Boards of Directors: | |
Common stock, end of period | 18,930,081 |
Treasury stock, end of period | 596,045 |
Common Stock | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Common stock, beginning of period | 15,599,643 |
Changes related to stock-based compensation awards: | |
Grant of restricted common shares | 113,561 |
Cancellation of restricted common shares | (2,397) |
Grant of common shares | 2,810 |
Changes related to deferred compensation plan for Boards of Directors: | |
Common shares issued under dividend reinvestment plan | 8,766 |
Common stock, end of period | 18,930,081 |
Treasury Stock | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Treasury stock, beginning of period | 590,246 |
Changes related to stock-based compensation awards: | |
Release of restricted common shares | 22,131 |
Changes related to deferred compensation plan for Boards of Directors: | |
Purchase of treasury stock | 3,326 |
Reissuance of treasury stock | (8,125) |
Common shares issued under compensation plan for Board of Directors | (4,512) |
Common shares issued under employee stock purchase plan | (7,021) |
Treasury stock, end of period | 596,045 |
NB&T Financial Group, Inc. | Common Stock | |
Changes related to deferred compensation plan for Boards of Directors: | |
NB&T Financial Group, Inc. | 3,207,698 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive (Loss) Income) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Accumulated Other Comprehensive (Loss) Income [Roll Forward] | |
Unrealized Gain on Securities | $ 2,542 |
Realized gain on sale of securities, net of tax | (397) |
Other comprehensive income, net of reclassifications and tax | 1,487 |
Unrealized Gain on Securities | 3,632 |
Unrecognized Net Pension and Postretirement Costs | (3,843) |
Realized loss due to settlement and curtailment, net of tax | 242 |
Other comprehensive income, net of reclassifications and tax | 371 |
Unrecognized Net Pension and Postretirement Costs | (3,230) |
Accumulated Other Comprehensive Income (Loss) | (1,301) |
Realized gain on sale of securities, net of tax | (397) |
Realized loss due to settlement and curtailment, net of tax | 242 |
Other comprehensive income, net of reclassifications and tax | 1,858 |
Accumulated Other Comprehensive Income (Loss) | $ 402 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Pension Plans, Defined Benefit | |||||
Components of net periodic benefit costs: | |||||
Interest cost | $ 109 | $ 131 | $ 224 | $ 274 | |
Expected return on plan assets | (121) | (150) | (251) | (319) | |
Amortization of net loss | 31 | 36 | 64 | 69 | |
Settlement of benefit obligation | (103) | (536) | (372) | (1,022) | |
Net periodic benefit cost | 122 | 553 | 409 | 1,046 | |
Projected benefit obligation | 12,437 | 12,437 | $ 13,695 | ||
Before Settlement | 12,695 | 12,695 | |||
Impact of Settlements | 258 | ||||
Fair value of plan assets | 7,536 | 7,536 | 8,259 | ||
Before Settlement | 7,794 | 7,794 | |||
Impact of Settlements | (258) | ||||
Funded status | (4,901) | (4,901) | (5,436) | ||
Gross unrealized loss (gain) | 5,036 | 5,036 | $ 5,979 | ||
Before Settlement | $ 5,139 | $ 5,139 | |||
Discount rate | 3.70% | 3.70% | 3.50% | ||
Expected return on plan assets | 7.50% | 7.50% | |||
Other Postretirement Benefit Plans, Defined Benefit | |||||
Components of net periodic benefit costs: | |||||
Interest cost | $ 1 | 2 | $ 2 | 3 | |
Amortization of net loss | (1) | (2) | (2) | (4) | |
Net periodic benefit cost | $ 0 | $ 0 | $ 0 | $ (1) | |
Other Postretirement Benefit Plans, Defined Benefit | Employees Hired before January 1, 2003 | |||||
Components of net periodic benefit costs: | |||||
Benefit based on highest average salary for number of consecutive years | 5 years | ||||
Number of years for consecutive years calculation | 10 years | ||||
Other Postretirement Benefit Plans, Defined Benefit | Employees Hired on or after January 1, 2003 | |||||
Components of net periodic benefit costs: | |||||
Percent of annual salary to calculate benefit | 2.00% |
Earnings Per Common Share (Calc
Earnings Per Common Share (Calculations of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Distributed earnings allocated to shareholders | $ 2,726 | $ 1,609 | $ 4,969 | $ 3,213 |
Undistributed earnings allocated to shareholders | 2,154 | 1,836 | (787) | 4,986 |
Net earnings allocated to shareholders | $ 4,880 | $ 3,445 | $ 4,182 | $ 8,199 |
Weighted-average number of common shares outstanding - basic | 18,116,090 | 10,755,509 | 16,965,603 | 10,696,129 |
Effect of potentially dilutive shares | 137,828 | 124,581 | 128,492 | 111,559 |
Total weighted-average diluted shares outstanding | 18,253,918 | 10,880,090 | 17,094,095 | 10,807,688 |
Earnings per common share - basic | $ 0.27 | $ 0.32 | $ 0.25 | $ 0.77 |
Earnings per common share - diluted | $ 0.27 | $ 0.32 | $ 0.24 | $ 0.76 |
Anti-dilutive shares excluded from computation of EPS | 44,045 | 52,587 | 48,614 | 57,303 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense related to unvested awards, amount | $ 2.5 |
Unrecognized stock-based compensation expense related to unvested awards, weighted-average period of recognition | 2 years 1 month 7 days |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common shares authorized under the 2006 Equity Plan | 800,000 |
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 | $ 1.7 |
Restricted Shares | Employees | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards expiration period | 1 year |
Restricted Shares | Employees | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards expiration period | 3 years |
Restricted Shares | Non-employee directors | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards expiration period | 6 months |
2006 Equity Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized under 2006 Equity Plan | 1,081,260 |
Stock-Based Compensation (Optio
Stock-Based Compensation (Options Outstanding & Exercisable) (Details) - Jun. 30, 2015 - USD ($) | Total |
Number of Common Shares Subject to Options (in shares) | |
Outstanding at January 1 | 38,577 |
Expired | 14,880 |
June 30, 2015 | 23,697 |
Number of common shares subject to options, exercisable (in shares) | 23,697 |
Weighted-Average Exercise Price (in dollars per share) | |
Outstanding at January 1 | $ 28.09 |
Expired | 27.04 |
June 30, 2015 | 28.75 |
Weighted-average exercise price, exercisable (in dollars per share) | $ 28.75 |
Additional Disclosures | |
Weighted-average remaining contractual life, outstanding | 8 months 12 days |
Weighted-average remaining contractual life, exercisable | 8 months 12 days |
Aggregate intrinsic value, outstanding | $ 0 |
Aggregate intrinsic value, exercisable | $ 0 |
Common Shares Subject to Options Outstanding & Exercisable (in shares) | 23,697 |
Weighted-Average Remaining Contractual Life | 8 months 12 days |
Weighted-Average Exercise Price (in dollars per share) | $ 28.75 |
Range of Exercise Price $28.25 | |
Additional Disclosures | |
Range of exercise prices, minimum (in dollars per share) | $ 28.25 |
Common Shares Subject to Options Outstanding & Exercisable (in shares) | 13,697 |
Weighted-Average Remaining Contractual Life | 7 months 6 days |
Weighted-Average Exercise Price (in dollars per share) | $ 28.25 |
Range of Exercise Price $28.56 - $30.00 | |
Additional Disclosures | |
Range of exercise prices, minimum (in dollars per share) | 28.56 |
Range of exercise prices, maximum (in dollars per share) | $ 30 |
Common Shares Subject to Options Outstanding & Exercisable (in shares) | 10,000 |
Weighted-Average Remaining Contractual Life | 10 months 24 days |
Weighted-Average Exercise Price (in dollars per share) | $ 29.43 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Appreciation Rights) (Details) - SARs - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares outstanding (in shares) | 21,292 | 21,292 |
Shares exercisable (in shares) | 21,292 | |
Shares outstanding, weighted-average exercise price (in dollars per share) | $ 25.96 | $ 25.96 |
Shares exercisable, weighted-average exercise price (in dollars per share) | $ 25.96 | |
Shares outstanding, weighted-average remaining contractual life | 1 year 10 months 24 days | |
Shares exercisable, weighted-average remaining contractual life | 1 year 10 months 24 days | |
Shares outstanding, aggregate intrinsic value | $ 160 | |
Shares exercisable, aggregate intrinsic value | $ 160 | |
Number of Common Shares Subject to SARs Outstanding & Exercisable (in shares) | 21,292 | |
Weighted- Average Remaining Contractual Life | 1 year 10 months 24 days | |
Exercise Price $23.26 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 23.26 | |
Number of Common Shares Subject to SARs Outstanding & Exercisable (in shares) | 2,000 | |
Weighted- Average Remaining Contractual Life | 2 years 1 month 6 days | |
Exercise Price $23.77 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 23.77 | |
Number of Common Shares Subject to SARs Outstanding & Exercisable (in shares) | 10,582 | |
Weighted- Average Remaining Contractual Life | 2 years 3 months 18 days | |
Exercise Price $29.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 29.25 | |
Number of Common Shares Subject to SARs Outstanding & Exercisable (in shares) | 8,710 | |
Weighted- Average Remaining Contractual Life | 1 year 6 months |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Shares) (Details) - 6 months ended Jun. 30, 2015 - Restricted Shares - $ / shares | Total |
Time-Based Vesting | |
Number of Shares (in shares) | |
Outstanding at January 1 | 47,591 |
Awarded | 5,600 |
Released | 24,045 |
Forfeited | 500 |
June 30, 2015 | 28,646 |
Weighted - Average Grant Date Fair Value (in dollars per share) | |
Outstanding at January 1 | $ 19.48 |
Awarded | 23.19 |
Released | 15.78 |
Forfeited | 15.64 |
June 30, 2015 | $ 23.37 |
Performance-Based Vesting | |
Number of Shares (in shares) | |
Outstanding at January 1 | 125,079 |
Awarded | 107,961 |
Released | 49,058 |
Forfeited | 2,217 |
June 30, 2015 | 181,765 |
Weighted - Average Grant Date Fair Value (in dollars per share) | |
Outstanding at January 1 | $ 21.73 |
Awarded | 23.63 |
Released | 21.74 |
Forfeited | 21.84 |
June 30, 2015 | $ 22.85 |
Stock-Based Compensation (Sto63
Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Total stock-based compensation | $ 461 | $ 464 | $ 1,026 | $ 954 |
Recognized tax benefit | (161) | (162) | (359) | (334) |
Net expense recognized | $ 300 | $ 302 | $ 667 | $ 620 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ / shares in Units, $ in Thousands | Mar. 06, 2015USD ($)Location$ / sharesshares | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) |
Acquisition | ||||||
Goodwill | $ 132,252 | $ 132,252 | $ 98,562 | |||
Non-interest expense related to acquisitions | 9,700 | 9,700 | ||||
Net loss on assets acquired | 136 | $ 187 | 1,239 | $ 176 | ||
Salaries and Employee Benefit Costs | ||||||
Acquisition | ||||||
Non-interest expense related to acquisitions | 4,400 | 4,400 | ||||
Professional Fees | ||||||
Acquisition | ||||||
Non-interest expense related to acquisitions | 1,700 | 1,700 | ||||
Other Non-Interest Expenses | ||||||
Acquisition | ||||||
Non-interest expense related to acquisitions | 3,600 | 3,600 | ||||
NB&T Financial Group, Inc. | ||||||
Acquisition | ||||||
Total purchase price | $ 102,705 | |||||
Outstanding shares | shares | 3,442,329 | |||||
Cash purchase price (in dollars per share) | $ / shares | $ 23.70 | |||||
Number of common shares of Peoples issued for each common share of acquired company | shares | 0.9319 | |||||
Number of full service branches | Location | 22 | |||||
Deposits | $ 629,512 | |||||
Decrease in cash | 5,400 | |||||
Decrease in loans | 5,100 | |||||
Increase in intangible assets | 1,300 | |||||
Increase in other assets | 100 | |||||
Decrease in accrued expenses and other liabilities | 1,600 | |||||
Decrease in net deferred tax asset | 1,200 | |||||
Increase in goodwill | 7,600 | |||||
Goodwill | $ 33,690 | $ 33,700 | 33,700 | |||
Net loss on assets acquired | $ 600 | |||||
NB&T Financial Group, Inc. | Cash Portion of Purchase Price | ||||||
Acquisition | ||||||
Cash purchase price (in dollars per share) | $ / shares | $ 7.75 | |||||
NB&T Financial Group, Inc. | Loans | ||||||
Acquisition | ||||||
Loans acquired | $ 384,859 |
(Purchase Price and Fair Value
(Purchase Price and Fair Value of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 06, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Net Assets at Fair Value [Roll Forward] | |||
Goodwill | $ 132,252 | $ 98,562 | |
NB&T Financial Group, Inc. | |||
Purchase Price [Roll Forward] | |||
Common shares outstanding of acquired company at acquisition date | 3,442,329 | ||
Cash purchase price (in dollars per share) | $ 23.70 | ||
Number of common shares of Peoples issued for each common share of acquired company | 0.9319 | ||
Total purchase price | $ 102,705 | ||
Net Assets at Fair Value [Roll Forward] | |||
Cash and cash equivalents | 124,825 | ||
Bank premises and equipment, net | 10,702 | ||
Other intangible assets | 10,130 | ||
Other assets | 24,181 | ||
Total assets | 711,089 | ||
Deposits | 629,512 | ||
Borrowings | 6,570 | ||
Accrued expenses and other liabilities | 5,992 | ||
Total liabilities | 642,074 | ||
Net assets | 69,015 | ||
Goodwill | $ 33,690 | $ 33,700 | |
Cash Portion of Purchase Price | NB&T Financial Group, Inc. | |||
Purchase Price [Roll Forward] | |||
Cash purchase price (in dollars per share) | $ 7.75 | ||
Purchase price | $ 26,678 | ||
Stock Portion of Purchase Price | NB&T Financial Group, Inc. | |||
Purchase Price [Roll Forward] | |||
Purchase price | 76,027 | ||
Debt Securities | NB&T Financial Group, Inc. | |||
Net Assets at Fair Value [Roll Forward] | |||
Debt securities and loans | 156,392 | ||
Loans | NB&T Financial Group, Inc. | |||
Net Assets at Fair Value [Roll Forward] | |||
Debt securities and loans | $ 384,859 |
Acquisitions (Fair Value of Loa
Acquisitions (Fair Value of Loans Acquired) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 06, 2015 | Dec. 31, 2014 |
Acquisition | |||
Accretable yield | $ 8,034 | $ 3,172 | |
NB&T Financial Group, Inc. | |||
Acquisition | |||
Accretable yield | $ 3,622 | ||
Acquired Nonimpaired Loans | NB&T Financial Group, Inc. | |||
Acquisition | |||
Contractual cash flows | $ 497,451 | ||
Nonaccretable difference | 45,830 | ||
Expected cash flows | 451,621 | ||
Accretable yield | 90,346 | ||
Fair value | 361,275 | ||
Nonaccretable difference | 45,830 | ||
Acquired Purchased Credit Impaired Loans | NB&T Financial Group, Inc. | |||
Acquisition | |||
Nonaccretable difference | 13,053 | ||
Contractual cash flows | 40,259 | ||
Nonaccretable difference | 13,053 | ||
Expected cash flows | 27,206 | ||
Accretable yield | 3,622 | ||
Fair value | $ 23,584 |
Acquisitions (Goodwill) (Detail
Acquisitions (Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 98,562 |
Goodwill, ending balance | 132,252 |
Goodwill | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 98,562 |
Goodwill, ending balance | 132,252 |
Gross Core Deposit | |
Intangible Assets [Roll Forward] | |
Gross Intangible Assets | 13,546 |
Gross Intangible Assets | 22,169 |
Gross Customer Relationship | |
Intangible Assets [Roll Forward] | |
Gross Intangible Assets | 8,859 |
Gross Intangible Assets | 10,121 |
NB&T Financial Group, Inc. | |
Goodwill [Roll Forward] | |
Goodwill, ending balance | 33,700 |
NB&T Financial Group, Inc. | Goodwill | |
Goodwill [Roll Forward] | |
Acquired goodwill | 33,690 |
NB&T Financial Group, Inc. | Gross Core Deposit | |
Intangible Assets [Roll Forward] | |
Acquired intangible assets | 8,623 |
NB&T Financial Group, Inc. | Gross Customer Relationship | |
Intangible Assets [Roll Forward] | |
Acquired intangible assets | $ 1,262 |
Acquisitions (Intangibles) (Det
Acquisitions (Intangibles) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Intangible Assets | ||
Net Intangible Assets | $ 18,917 | $ 10,596 |
Core deposits | ||
Intangible Assets | ||
Gross Intangible Assets | 22,169 | |
Accumulated Amortization | (9,130) | |
Net Intangible Assets | 13,039 | |
Customer relationships | ||
Intangible Assets | ||
Gross Intangible Assets | 10,121 | |
Accumulated Amortization | (6,734) | |
Net Intangible Assets | 3,387 | |
Total acquired intangible assets | ||
Intangible Assets | ||
Gross Intangible Assets | 32,290 | |
Accumulated Amortization | (15,864) | |
Net Intangible Assets | 16,426 | |
Servicing rights | ||
Intangible Assets | ||
Net Intangible Assets | $ 2,491 |