Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 27, 2016 | |
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 | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,195,658 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 54,745 | $ 53,663 |
Interest-bearing deposits in other banks | 13,090 | 17,452 |
Total cash and cash equivalents | 67,835 | 71,115 |
Available-for-sale investment securities, at fair value (amortized cost of $743,878 at September 30, 2016 and $780,304 at December 31, 2015) | 762,143 | 784,701 |
Held-to-maturity investment securities, at amortized cost (fair value of $45,145 at September 30, 2016 and $45,853 at December 31, 2015) | 43,662 | 45,728 |
Other investment securities, at cost | 38,443 | 38,401 |
Total investment securities | 844,248 | 868,830 |
Loans, net of deferred fees and costs | 2,169,208 | 2,072,440 |
Allowance for loan losses | (18,219) | (16,779) |
Net loans | 2,150,989 | 2,055,661 |
Loans held for sale | 4,715 | 1,953 |
Bank premises and equipment, net | 54,854 | 53,487 |
Goodwill | 132,631 | 132,631 |
Other intangible assets | 14,374 | 16,986 |
Other assets | 93,939 | 58,307 |
Total assets | 3,363,585 | 3,258,970 |
Liabilities | ||
Non-interest-bearing deposits | 745,468 | 717,939 |
Interest-bearing deposits | 1,829,989 | 1,818,005 |
Total deposits | 2,575,457 | 2,535,944 |
Short-term borrowings | 162,807 | 160,386 |
Long-term borrowings | 147,563 | 113,670 |
Accrued expenses and other liabilities | 37,121 | 29,181 |
Total liabilities | 2,922,948 | 2,839,181 |
Stockholders’ equity | ||
Preferred stock, no par value, 50,000 shares authorized, no shares issued at September 30, 2016 and December 31, 2015 | 0 | 0 |
Common stock, no par value, 24,000,000 shares authorized, 18,936,214 shares issued at September 30, 2016 and 18,931,200 shares issued at December 31, 2015, including shares in treasury | 343,954 | 343,948 |
Retained earnings | 105,975 | 90,790 |
Accumulated other comprehensive income (loss), net of deferred income taxes | 8,547 | (359) |
Treasury stock, at cost, 794,857 shares at September 30, 2016 and 586,686 shares at December 31, 2015 | (17,839) | (14,590) |
Total stockholders’ equity | 440,637 | 419,789 |
Total liabilities and stockholders’ equity | $ 3,363,585 | $ 3,258,970 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Available-for-sale investment securities at amortized cost | $ 743,878 | $ 780,304 |
Held-to-maturity investment securities at fair value | $ 45,145 | $ 45,853 |
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 | 18,936,214 | 18,931,200 |
Treasury stock - shares | 794,857 | 586,688 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income: | ||||
Interest and fees on loans | $ 23,493 | $ 22,870 | $ 69,850 | $ 64,176 |
Interest and dividends on taxable investment securities | 4,456 | 4,484 | 13,875 | 13,400 |
Interest on tax-exempt investment securities | 771 | 800 | 2,332 | 2,202 |
Other interest income | 10 | 24 | 37 | 125 |
Total interest income | 28,730 | 28,178 | 86,094 | 79,903 |
Interest expense: | ||||
Interest on deposits | 1,427 | 1,539 | 4,531 | 4,716 |
Interest on short-term borrowings | 109 | 42 | 301 | 108 |
Interest on long-term borrowings | 1,071 | 1,061 | 3,064 | 3,331 |
Total interest expense | 2,607 | 2,642 | 7,896 | 8,155 |
Net interest income | 26,123 | 25,536 | 78,198 | 71,748 |
Provision for loan losses | 1,146 | 5,837 | 2,828 | 6,859 |
Net interest income after provision for loan losses | 24,977 | 19,699 | 75,370 | 64,889 |
Other income: | ||||
Insurance income | 3,137 | 3,275 | 10,934 | 10,870 |
Deposit account service charges | 2,833 | 2,922 | 7,999 | 8,065 |
Electronic banking income | 2,765 | 2,241 | 7,867 | 6,533 |
Trust and investment income | 2,692 | 2,497 | 7,850 | 7,088 |
Commercial loan swap fee income | 569 | 135 | 997 | 284 |
Bank owned life insurance income | 491 | 174 | 911 | 428 |
Mortgage banking income | 427 | 212 | 852 | 927 |
Net loss on asset disposals and other transactions | (224) | (51) | (1,024) | (1,290) |
Net (loss) gain on investment securities | (1) | 62 | 862 | 673 |
Other non-interest income | 624 | 450 | 1,549 | 1,145 |
Total other income | 13,313 | 11,917 | 38,797 | 34,723 |
Other expenses: | ||||
Salaries and employee benefit costs | 14,584 | 13,572 | 42,881 | 45,493 |
Net occupancy and equipment expense | 2,768 | 2,840 | 8,155 | 8,273 |
Professional fees | 1,661 | 1,287 | 5,243 | 5,542 |
Electronic banking expense | 1,650 | 1,408 | 4,568 | 3,852 |
Amortization of other intangible assets | 1,008 | 1,127 | 3,023 | 2,944 |
Data processing and software expense | 741 | 910 | 2,503 | 2,670 |
FDIC insurance expense | 549 | 562 | 1,706 | 1,516 |
Franchise tax expense | 529 | 502 | 1,550 | 1,552 |
Communication expense | 518 | 628 | 1,730 | 1,722 |
Foreclosed real estate and other loan expenses | 189 | 159 | 540 | 1,031 |
Marketing expense | 380 | 459 | 1,192 | 2,175 |
Other non-interest expense | 2,265 | 2,658 | 6,538 | 11,034 |
Total other expenses | 26,842 | 26,112 | 79,629 | 87,804 |
Income before income taxes | 11,448 | 5,504 | 34,538 | 11,808 |
Income tax expense | 3,656 | 1,370 | 10,789 | 3,450 |
Net income | $ 7,792 | $ 4,134 | $ 23,749 | $ 8,358 |
Earnings per common share - basic | $ 0.43 | $ 0.23 | $ 1.31 | $ 0.48 |
Earnings per common share - diluted | $ 0.43 | $ 0.22 | $ 1.31 | $ 0.47 |
Weighted-average number of common shares outstanding - basic | 17,993,443 | 18,127,131 | 18,015,249 | 17,357,034 |
Weighted-average number of common shares outstanding - diluted | 18,110,710 | 18,271,979 | 18,123,660 | 17,487,642 |
Cash dividends declared | $ 2,912 | $ 2,759 | $ 8,564 | $ 7,789 |
Cash dividends declared per common share | $ 0.16 | $ 0.15000 | $ 0.47 | $ 0.45000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 7,792 | $ 4,134 | $ 23,749 | $ 8,358 |
Available-for-sale investment securities: | ||||
Gross unrealized holding (loss) gain arising in the period | (4,068) | 7,171 | 14,681 | 9,458 |
Related tax benefit (expense) | 1,424 | (2,509) | (5,139) | (3,309) |
Less: reclassification adjustment for net (loss) gain included in net income | (1) | 62 | 862 | 673 |
Related tax expense | 0 | (22) | (302) | (236) |
Net effect on other comprehensive (loss) income | (2,643) | 4,622 | 8,982 | 5,712 |
Defined benefit plans: | ||||
Net (loss) gain arising during the period | 0 | (167) | 0 | 340 |
Related tax benefit (expense) | 0 | 58 | 0 | (119) |
Amortization of unrecognized loss and service cost on benefit plans | 21 | 26 | 66 | 88 |
Related tax expense | (9) | (9) | (22) | (30) |
Recognition of loss due to settlement and curtailment | 0 | 82 | 0 | 454 |
Related tax expense | 0 | (29) | 0 | (159) |
Net effect on other comprehensive income (loss) | 12 | (39) | 44 | 574 |
Cash flow hedges: | ||||
Net gain (loss) arising during the period | 68 | 0 | (184) | 0 |
Related tax (expense) benefit | (24) | 0 | 64 | 0 |
Net effect on other comprehensive income (loss) | 44 | 0 | (120) | 0 |
Total other comprehensive (loss) income, net of tax expense | (2,587) | 4,583 | 8,906 | 6,286 |
Total comprehensive income | $ 5,205 | $ 8,717 | $ 32,655 | $ 14,644 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Total | Common Shares | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Restricted Shares | Restricted SharesCommon Shares | Restricted SharesTreasury Stock |
Balance, December 31, 2015 at Dec. 31, 2015 | $ 419,789 | $ 343,948 | $ 90,790 | $ (359) | $ (14,590) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 23,749 | 23,749 | ||||||
Other comprehensive income, net of tax | 8,906 | 8,906 | ||||||
Cash dividends declared | (8,564) | (8,564) | ||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | 232 | 232 | $ 0 | $ (1,297) | $ 1,297 | |||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | (3) | (3) | ||||||
Repurchase of common shares in connection with employee incentive and director compensation plans | 369 | (369) | ||||||
Common shares repurchased under share repurchase program | (4,965) | (4,965) | ||||||
Common shares issued under dividend reinvestment plan | 326 | 326 | ||||||
Common shares issued under compensation plan for Boards of Directors | 245 | 18 | 263 | |||||
Common shares issued under employee stock purchase plan | (282) | (11) | (293) | |||||
Stock-based compensation expense | 1,009 | 1,009 | ||||||
Balance, September 30, 2016 at Sep. 30, 2016 | $ 440,637 | $ 343,954 | $ 105,975 | $ 8,547 | $ (17,839) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 42,195 | $ 31,096 |
Available-for-sale investment securities: | ||
Purchases | (95,481) | (155,043) |
Proceeds from sales | 30,622 | 49,918 |
Proceeds from principal payments, calls and prepayments | 93,172 | 95,107 |
Held-to-maturity investment securities: | ||
Proceeds from principal payments | 1,747 | 1,712 |
Net increase in loans | (94,149) | (43,102) |
Net expenditures for premises and equipment | (4,893) | (7,049) |
Proceeds from sales of other real estate owned | 148 | 509 |
Investment in bank owned life insurance | (35,000) | 0 |
Business acquisitions, net of cash received | (244) | 97,277 |
Investment in limited partnership and tax credit funds | 2,954 | 108 |
Net cash (used in) provided by investing activities | (107,032) | 39,221 |
Financing activities: | ||
Net increase in non-interest-bearing deposits | 27,529 | 92,628 |
Net increase (decrease) in interest-bearing deposits | 12,040 | (123,889) |
Net increase in short-term borrowings | 2,421 | 40,888 |
Proceeds from long-term borrowings | 55,000 | 0 |
Payments on long-term borrowings | (21,899) | (69,666) |
Cash dividends paid | (8,215) | (7,426) |
Purchase of treasury stock under share repurchase program | (4,965) | 0 |
Repurchase of common shares in connection with employee incentive and director compensation plans to be held as treasury stock | 369 | 628 |
Proceeds from issuance of common shares | 15 | 0 |
Excess tax benefit from share-based payment awards | 0 | 63 |
Net cash provided by (used in) financing activities | 61,557 | (68,030) |
Net (decrease) increase in cash and cash equivalents | (3,280) | 2,287 |
Cash and cash equivalents at beginning of period | 71,115 | 61,454 |
Cash and cash equivalents at end of period | $ 67,835 | $ 63,741 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015 (“ 2015 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’ 2015 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 September 30, 2016 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, 2015 , contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2015 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 the Financial Accounting Standards Board ("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. In August 2016, the FASB issued Accounting Standards Update ("ASU") 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2019 (effective January 1, 2020, for Peoples). The adoption of the new accounting guidance is not expected to have a material effect on Peoples' statement of cash flow. In June 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The revised accounting guidance will remove all recognition thresholds and will require a company to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. It also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2019 (effective January 1, 2020, for Peoples). Peoples is currently evaluating the impact of adopting the new accounting guidance on Peoples' consolidated financial statements. In May 2016, the FASB issued ASU 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. This accounting guidance can be implemented using either a retrospective method or a cumulative-effect approach. This accounting guidance provides clarification of the collectibility criterion and when revenue would be recognized for certain contracts. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2018 (effective January 1, 2019, for Peoples). Management's preliminary analysis suggests that the adoption of the new accounting guidance is not expected to have a material effect on Peoples' financial condition or results of operations. There are many aspects of the new accounting guidance that are still being interpreted, and the FASB has recently issued and proposed updates to certain aspects of the guidance. Therefore, the results of Peoples' preliminary analysis of the materiality of the adoption of the new accounting guidance may change based on the conclusions reached as to the application of the new accounting guidance. In March 2016, the FASB issued ASU 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The objective of the simplification initiative is to identify, evaluate, and improve areas of US GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The areas for simplification involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Amendments related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, forfeitures, and intrinsic value are to be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the accounting guidance is adopted. For public entities, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' results of operations. In March 2016, the FASB issued ASU 2016-08 - Revenue from Contracts with Customers (Topic 606) which amended the accounting guidance issued by the FASB in May 2014 that revised the criteria for determining when to recognize revenue from contracts with customers and expanded disclosure requirements. The amendment defers the effective date by one year (reflected below). This accounting guidance can be implemented using either a retrospective method or a cumulative-effect approach. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2018 (effective January 1, 2019, for Peoples). Early adoption is permitted but only for interim and annual reporting periods beginning after December 15, 2016. Peoples has elected to implement the new accounting guidance using a cumulative-effect approach and will adopt this new accounting guidance as required. Management's preliminary analysis suggests that the adoption of the new accounting guidance is not expected to have a material effect on Peoples' financial condition or results of operations. There are many aspects of the new accounting guidance that are still being interpreted, and the FASB has recently issued and proposed updates to certain aspects of the accounting guidance. Therefore, the results of Peoples' preliminary analysis of the materiality of the adoption of the new accounting guidance may change based on the conclusions reached as to the application of the new accounting guidance. In March 2016, the FASB issued ASU 2016-06 - Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments. The amendment is intended to resolve the diversity in practice by assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to the debt instrument hosts, which is one of the criteria for bifurcating an embedded derivative. When a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise the call (put) option is related to interest rates or credit risks. For public entities, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Peoples is currently evaluating the impact of adopting the new accounting guidance on Peoples' consolidated financial statements, but it is not expected to have a material impact. In February 2016, the FASB issued ASU 2016-02 - Leases (Topic 842). The amendment was issued to improve the financial reporting of leasing activities and provide a faithful representation of leasing transactions and improve understanding and comparability of a lessee's financial statements. Under the new accounting guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. The ASU will require both finance and operating leases to be recognized on the balance sheet. The ASU will affect all companies and organizations that lease real estate. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 (effective January 1, 2019, for Peoples). Peoples will adopt this new accounting guidance as required, but it is not expected to have a material impact on Peoples' consolidated financial statements. In January 2016, the FASB issued ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendment is intended to enhance the reporting model for financial instruments to provide users of financial statements with more useful information. The new ASU requires equity investments to be measured at fair value with changes in fair value recognized in net income. However, a reporting organization may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment (if any), from observable price changes in orderly transactions for similar investments of the same issuer. The ASU is effective for fiscal years beginning after December 15, 2019 (effective January 1, 2020, for Peoples). Peoples is currently evaluating the impact of adopting the new accounting guidance on Peoples' consolidated financial statements which may result in an impact to the income statement on a quarterly and annual basis, as market rates fluctuate. Peoples will adopt this accounting guidance as required. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Obligations of: U.S. government sponsored agencies $ 1,001 $ — $ 1,001 $ — States and political subdivisions 117,839 — 117,839 — Residential mortgage-backed securities 607,452 — 607,452 — Commercial mortgage-backed securities 23,283 — 23,283 — Bank-issued trust preferred securities 4,783 — 4,783 — Equity securities 7,785 7,569 216 — Total available-for-sale securities $ 762,143 $ 7,569 $ 754,574 $ — December 31, 2015 Obligations of: U.S. government sponsored agencies $ 2,966 $ — $ 2,966 $ — States and political subdivisions 114,726 — 114,726 — Residential mortgage-backed securities 632,293 — 632,293 — Commercial mortgage-backed securities 23,845 — 23,845 — Bank-issued trust preferred securities 4,635 — 4,635 — Equity securities 6,236 6,024 212 — Total available-for-sale securities $ 784,701 $ 6,024 $ 778,677 $ — 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) September 30, 2016 Obligations of: States and political subdivisions $ 4,285 $ — $ 4,285 $ — Residential mortgage-backed securities 35,205 — 35,205 — Commercial mortgage-backed securities 5,655 — 5,655 — Total held-to-maturity securities $ 45,145 $ — $ 45,145 $ — December 31, 2015 Obligations of: States and political subdivisions $ 4,221 $ — $ 4,221 $ — Residential mortgage-backed securities 35,196 — 35,196 — Commercial mortgage-backed securities 6,436 — 6,436 — Total held-to-maturity securities $ 45,853 $ — $ 45,853 $ — 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 volatility, LIBOR yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists. Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets measured at fair value on a non-recurring basis included the following: Impaired Loans: Impaired loans are measured and reported at fair value when the amounts to be received are less than the carrying value of the loans. One of the allowable methods for determining the amount of impairment is estimating fair value using the fair value of the collateral for collateral-dependent loans. Management’s determination of the fair value for these loans uses a market approach representing the estimated net proceeds to be received from the sale of the collateral based on observable market prices or market value provided by independent, licensed or certified appraisers (Level 2 inputs). At September 30, 2016 , impaired loans with an aggregate outstanding principal balance of $44.7 million were measured and reported at a fair value of $36.8 million . For the three and nine months ended September 30, 2016 , Peoples recognized $58,000 and $ 63,000 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’ Unaudited 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: September 30, 2016 December 31, 2015 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 67,835 $ 67,835 $ 71,115 $ 71,115 Investment securities 844,248 845,731 868,830 868,955 Loans (1) 2,155,704 2,127,828 2,057,614 2,018,482 Financial liabilities: Deposits $ 2,575,457 $ 2,579,379 $ 2,535,944 $ 2,540,131 Short-term borrowings 162,807 162,807 160,386 160,386 Long-term borrowings 147,563 151,912 113,670 117,299 Cash flow hedges (2) 219 219 — — (1) Includes loans held for sale (2) For additional information, see Note 10. Financial Instruments with Off-Balance Sheet Risk 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). Cash flow hedges: The fair value of cash flow hedges is recognized in the Unaudited Consolidated Balance Sheets at their fair value. The fair value for derivative instruments is determined based on market prices, broker-dealer quotations on similar products, or other related input parameters (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 | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Obligations of: U.S. government sponsored agencies $ 998 $ 3 $ — $ 1,001 States and political subdivisions 113,530 4,309 — 117,839 Residential mortgage-backed securities 599,589 10,037 (2,174 ) 607,452 Commercial mortgage-backed securities 22,658 625 — 23,283 Bank-issued trust preferred securities 5,163 47 (427 ) 4,783 Equity securities 1,940 5,914 (69 ) 7,785 Total available-for-sale securities $ 743,878 $ 20,935 $ (2,670 ) $ 762,143 December 31, 2015 Obligations of: U.S. government sponsored agencies $ 2,908 $ 58 $ — $ 2,966 States and political subdivisions 111,283 3,487 (44 ) 114,726 Residential mortgage-backed securities 635,504 4,905 (8,116 ) 632,293 Commercial mortgage-backed securities 23,770 119 (44 ) 23,845 Bank-issued trust preferred securities 5,146 — (511 ) 4,635 Equity securities 1,693 4,627 (84 ) 6,236 Total available-for-sale securities $ 780,304 $ 13,196 $ (8,799 ) $ 784,701 Peoples' investment in equity securities was comprised largely of common stocks issued by various unrelated bank holding companies at both September 30, 2016 and December 31, 2015 . At September 30, 2016 , there were no securities of a single issuer 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 September 30 were as follows: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Gross gains realized $ — $ 94 $ 863 $ 726 Gross losses realized 1 32 1 53 Net (loss)/gain realized $ (1 ) $ 62 $ 862 $ 673 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 September 30, 2016 Obligations of: Residential mortgage-backed securities $ 119,144 $ 693 29 $ 47,071 $ 1,481 21 $ 166,215 $ 2,174 Bank-issued trust preferred securities — — — 2,571 427 3 2,571 427 Equity securities — — — 107 69 1 107 69 Total $ 119,144 $ 693 29 $ 49,749 $ 1,977 25 $ 168,893 $ 2,670 December 31, 2015 Obligations of: States and political subdivisions $ 7,662 $ 38 8 $ 213 $ 6 1 $ 7,875 $ 44 Residential mortgage-backed securities 303,549 3,902 76 102,090 4,214 33 405,639 8,116 Commercial mortgage-backed securities 6,682 44 3 — — — 6,682 44 Bank-issued trust preferred securities 2,129 19 1 2,506 492 3 4,635 511 Equity securities 438 15 2 106 69 1 544 84 Total $ 320,460 $ 4,018 90 $ 104,915 $ 4,781 38 $ 425,375 $ 8,799 Management systematically evaluates available-for-sale investment securities for other-than-temporary declines in fair value on a quarterly basis. At September 30, 2016 , 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 September 30, 2016 and December 31, 2015 were largely attributable to changes in market interest rates and spreads since the securities were purchased. At September 30, 2016 , approximately 99% of the mortgage-backed securities market value 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 two positions, consisted of privately issued mortgage-backed securities with all of the underlying mortgages originated prior to 2004. Both of these two positions had a fair value less than 90% of their book value, with an aggregate book and fair value of $0.7 million and $0.5 million , respectively. Management 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 September 30, 2016 were primarily attributable to the floating-rate 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 September 30, 2016 . 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. government sponsored agencies $ 998 $ — $ — $ — $ 998 States and political subdivisions 675 14,577 29,022 69,256 113,530 Residential mortgage-backed securities 3 14,449 35,568 549,569 599,589 Commercial mortgage-backed securities — 3,257 16,035 3,366 22,658 Bank-issued trust preferred securities — — — 5,163 5,163 Equity securities 1,940 Total available-for-sale securities $ 1,676 $ 32,283 $ 80,625 $ 627,354 $ 743,878 Fair value Obligations of: U.S. government sponsored agencies $ 1,001 $ — $ — $ — $ 1,001 States and political subdivisions 679 14,923 29,954 72,283 117,839 Residential mortgage-backed securities 4 14,449 36,254 556,745 607,452 Commercial mortgage-backed securities — 3,372 16,524 3,387 23,283 Bank-issued trust preferred securities — — — 4,783 4,783 Equity securities 7,785 Total available-for-sale securities $ 1,684 $ 32,744 $ 82,732 $ 637,198 $ 762,143 Total weighted-average yield 2.98 % 3.17 % 2.95 % 2.65 % 2.72 % 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 September 30, 2016 Obligations of: States and political subdivisions $ 3,823 $ 462 $ — $ 4,285 Residential mortgage-backed securities 34,203 1,030 (28 ) 35,205 Commercial mortgage-backed securities 5,636 19 — 5,655 Total held-to-maturity securities $ 43,662 $ 1,511 $ (28 ) $ 45,145 December 31, 2015 Obligations of: States and political subdivisions $ 3,831 $ 394 $ (4 ) $ 4,221 Residential mortgage-backed securities 35,367 363 (534 ) 35,196 Commercial mortgage-backed securities 6,530 — (94 ) 6,436 Total held-to-maturity securities $ 45,728 $ 757 $ (632 ) $ 45,853 There were no gross gains or gross losses realized by Peoples from sales of held-to-maturity securities for the three or nine months ended September 30, 2016 and 2015 . 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 September 30, 2016 Obligations of: Residential mortgage-backed securities $ 9,053 $ 7 1 $ 1,001 $ 21 1 $ 10,054 $ 28 Total $ 9,053 $ 7 1 $ 1,001 $ 21 1 $ 10,054 $ 28 December 31, 2015 Obligations of: States and political subdivisions $ — $ — — $ 319 $ 4 1 $ 319 $ 4 Residential mortgage-backed securities 3,706 89 2 10,040 445 2 13,746 534 Commercial mortgage-backed securities 540 4 1 5,895 90 1 6,435 94 Total $ 4,246 $ 93 3 $ 16,254 $ 539 4 $ 20,500 $ 632 The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at September 30, 2016 . 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 $ — $ 320 $ 977 $ 2,526 $ 3,823 Residential mortgage-backed securities — — 4,638 29,565 34,203 Commercial mortgage-backed securities — — — 5,636 5,636 Total held-to-maturity securities $ — $ 320 $ 5,615 $ 37,727 $ 43,662 Fair value Obligations of: States and political subdivisions $ — $ 328 $ 1,123 $ 2,834 $ 4,285 Residential mortgage-backed securities — — 4,824 30,381 35,205 Commercial mortgage-backed securities — — — 5,655 5,655 Total held-to-maturity securities $ — $ 328 $ 5,947 $ 38,870 $ 45,145 Total weighted-average yield — % 3.14 % 2.24 % 2.86 % 2.78 % Other Securities Peoples' other investment securities on the Unaudited Consolidated Balance Sheet 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 $529.0 million and $495.5 million at September 30, 2016 and December 31, 2015 , respectively, and held-to-maturity investment securities with carrying values of $20.2 million and $21.4 million at September 30, 2016 and December 31, 2015 , 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 $9.8 million and $11.1 million at September 30, 2016 and December 31, 2015 , respectively, and held-to-maturity securities with carrying values of $22.5 million and $23.3 million at September 30, 2016 and December 31, 2015 , respectively, to secure additional borrowing capacity at the FHLB and the FRB. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans | Loans Peoples' loan portfolio consists of various types of loans originated primarily as a result of lending opportunities within Peoples' primary market areas of northeastern, central, 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) September 30, December 31, 2015 Originated loans: Commercial real estate, construction $ 70,838 $ 63,785 Commercial real estate, other 507,842 471,184 Commercial real estate 578,680 534,969 Commercial and industrial 351,340 288,130 Residential real estate 306,374 288,783 Home equity lines of credit 83,412 74,176 Consumer, indirect 229,334 165,320 Consumer, other 67,973 61,813 Consumer 297,307 227,133 Deposit account overdrafts 1,074 1,448 Total originated loans $ 1,618,187 $ 1,414,639 Acquired loans: Commercial real estate, construction $ 10,242 $ 12,114 Commercial real estate, other 221,036 265,092 Commercial real estate 231,278 277,206 Commercial and industrial 48,702 63,589 Residential real estate 238,787 276,772 Home equity lines of credit 27,784 32,253 Consumer, indirect 952 1,776 Consumer, other 3,518 6,205 Consumer 4,470 7,981 Total acquired loans $ 551,021 $ 657,801 Loans, net of deferred fees and costs $ 2,169,208 $ 2,072,440 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) September 30, December 31, Commercial real estate, other $ 11,391 $ 16,893 Commercial and industrial 2,567 3,040 Residential real estate 24,212 27,155 Consumer 94 193 Total outstanding balance $ 38,264 $ 47,281 Net carrying amount $ 28,292 $ 35,064 Changes in the accretable yield for purchased credit impaired loans for the nine months ended September 30, 2016 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2015 $ 7,042 Reclassification from nonaccretable to accretable 2,014 Accretion (1,430 ) Balance, September 30, 2016 $ 7,626 Peoples completed semi-annual re-estimations of cash flows on acquired purchased credit impaired loans in February and August of 2016. The above reclassification from nonaccretable to accretable was related to the re-estimation of cash flows on the acquired purchased credit impaired loan portfolios, coupled with the loans performing better than expected. The majority of the reclassification related to prepayment speeds decreasing in the residential portfolio, resulting in higher total expected cash flows. In 2017, Peoples will complete the re-estimation of cash flows on acquired purchased credit impaired loans on an as needed basis and, in any event, at least annually in August. Cash flows expected to be collected on acquired purchased credit impaired loans are estimated 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 the principal expected to be collected. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. Peoples pledges 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 $538.7 million and $554.8 million at September 30, 2016 and December 31, 2015 , respectively. Peoples also pledges commercial loans to secure borrowings with the FRB. The outstanding balances of these loans totaled $159.9 million and $195.5 million at September 30, 2016 and December 31, 2015 , 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) September 30, December 31, September 30, December 31, Originated loans: Commercial real estate, construction $ 855 $ 921 $ — $ — Commercial real estate, other 9,982 7,041 — — Commercial real estate $ 10,837 $ 7,962 $ — $ — Commercial and industrial 1,468 480 — 680 Residential real estate 3,722 3,057 34 169 Home equity lines of credit 273 321 199 — Consumer, indirect 30 34 82 — Consumer, other 5 58 — 1 Consumer $ 35 $ 92 $ 82 $ 1 Total originated loans $ 16,335 $ 11,912 $ 315 $ 850 Acquired loans: Commercial real estate, other 780 469 1,636 2,425 Commercial and industrial 281 247 452 1,306 Residential real estate 1,713 798 1,758 1,353 Home equity lines of credit 232 98 — 35 Consumer, other 5 7 — — Total acquired loans $ 3,011 $ 1,619 $ 3,846 $ 5,119 Total loans $ 19,346 $ 13,531 $ 4,161 $ 5,969 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 September 30, 2016 Originated loans: Commercial real estate, construction $ — $ — $ 855 $ 855 $ 69,983 $ 70,838 Commercial real estate, other 726 1,032 9,381 11,139 496,703 507,842 Commercial real estate $ 726 $ 1,032 $ 10,236 $ 11,994 $ 566,686 $ 578,680 Commercial and industrial 1,083 412 1,415 2,910 348,430 351,340 Residential real estate 2,043 1,094 1,694 4,831 301,543 306,374 Home equity lines of credit 153 46 318 517 82,895 83,412 Consumer, indirect 945 184 82 1,211 228,123 229,334 Consumer, other 291 96 — 387 67,586 67,973 Consumer $ 1,236 $ 280 $ 82 $ 1,598 $ 295,709 $ 297,307 Deposit account overdrafts — — — — 1,074 1,074 Total originated loans $ 5,241 $ 2,864 $ 13,745 $ 21,850 $ 1,596,337 $ 1,618,187 Acquired loans: Commercial real estate, construction $ — $ — $ — $ — $ 10,242 $ 10,242 Commercial real estate, other 623 294 2,293 3,210 217,826 221,036 Commercial real estate $ 623 $ 294 $ 2,293 $ 3,210 $ 228,068 $ 231,278 Commercial and industrial 188 59 733 980 47,722 48,702 Residential real estate 1,269 1,804 2,511 5,584 233,203 238,787 Home equity lines of credit 54 156 178 388 27,396 27,784 Consumer, indirect 27 — — 27 925 952 Consumer, other 32 14 — 46 3,472 3,518 Consumer $ 59 $ 14 $ — $ 73 $ 4,397 $ 4,470 Total acquired loans $ 2,193 $ 2,327 $ 5,715 $ 10,235 $ 540,786 $ 551,021 Total loans $ 7,434 $ 5,191 $ 19,460 $ 32,085 $ 2,137,123 $ 2,169,208 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total December 31, 2015 Originated loans: Commercial real estate, construction $ 913 $ — $ 8 $ 921 $ 62,864 $ 63,785 Commercial real estate, other 7,260 1,258 379 8,897 462,287 471,184 Commercial real estate $ 8,173 $ 1,258 $ 387 $ 9,818 $ 525,151 $ 534,969 Commercial and industrial 1,437 215 767 2,419 285,711 288,130 Residential real estate 3,124 1,105 1,263 5,492 283,291 288,783 Home equity lines of credit 161 7 104 272 73,904 74,176 Consumer, indirect 790 168 — 958 164,362 165,320 Consumer, other 597 82 32 711 61,102 61,813 Consumer $ 1,387 $ 250 $ 32 $ 1,669 $ 225,464 $ 227,133 Deposit account overdrafts — — — — 1,448 1,448 Total originated loans $ 14,282 $ 2,835 $ 2,553 $ 19,670 $ 1,394,969 $ 1,414,639 Acquired loans: Commercial real estate, construction $ — $ — $ 40 $ 40 $ 12,074 $ 12,114 Commercial real estate, other 1,592 352 2,730 4,674 260,418 265,092 Commercial real estate $ 1,592 $ 352 $ 2,770 $ 4,714 $ 272,492 $ 277,206 Commercial and industrial 177 232 1,553 1,962 61,627 63,589 Residential real estate 4,910 2,480 1,745 9,135 267,637 276,772 Home equity lines of credit 318 20 95 433 31,820 32,253 Consumer, indirect 23 — — 23 1,753 1,776 Consumer, other 67 31 — 98 6,107 6,205 Consumer $ 90 $ 31 $ — $ 121 $ 7,860 $ 7,981 Total acquired loans $ 7,087 $ 3,115 $ 6,163 $ 16,365 $ 641,436 $ 657,801 Total loans $ 21,369 $ 5,950 $ 8,716 $ 36,035 $ 2,036,405 $ 2,072,440 Credit Quality Indicators As discussed in Note 1 of the Notes to the Consolidated Financial Statements included in Peoples' 2015 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 estimated 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) September 30, 2016 Originated loans: Commercial real estate, construction $ 69,517 $ — $ 855 $ — $ 466 $ 70,838 Commercial real estate, other 483,190 9,242 15,410 — — 507,842 Commercial real estate $ 552,707 $ 9,242 $ 16,265 $ — $ 466 $ 578,680 Commercial and industrial 319,634 24,178 7,512 — 16 351,340 Residential real estate 20,577 1,066 12,975 359 271,397 306,374 Home equity lines of credit 545 — 138 — 82,729 83,412 Consumer, indirect 141 — — — 229,193 229,334 Consumer, other 141 — — — 67,832 67,973 Consumer $ 282 $ — $ — $ — $ 297,025 $ 297,307 Deposit account overdrafts — — — — 1,074 1,074 Total originated loans $ 893,745 $ 34,486 $ 36,890 $ 359 $ 652,707 $ 1,618,187 Acquired loans: Commercial real estate, construction $ 10,242 $ — $ — $ — $ — $ 10,242 Commercial real estate, other 197,552 10,086 13,328 69 1 221,036 Commercial real estate $ 207,794 $ 10,086 $ 13,328 $ 69 $ 1 $ 231,278 Commercial and industrial 46,650 318 1,538 196 — 48,702 Residential real estate 17,023 649 1,375 — 219,740 238,787 Home equity lines of credit 245 — — — 27,539 27,784 Consumer, indirect 72 — — — 880 952 Consumer, other $ 59 $ — $ — $ — $ 3,459 $ 3,518 Consumer $ 131 $ — $ — $ — $ 4,339 $ 4,470 Total acquired loans $ 271,843 $ 11,053 $ 16,241 $ 265 $ 251,619 $ 551,021 Total loans $ 1,165,588 $ 45,539 $ 53,131 $ 624 $ 904,326 $ 2,169,208 Pass Rated (Grades 1 - 4) Watch (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) December 31, 2015 Originated loans: Commercial real estate, construction $ 62,225 $ — $ 913 $ — $ 647 $ 63,785 Commercial real estate, other 434,868 18,710 17,595 — 11 471,184 Commercial real estate $ 497,093 $ 18,710 $ 18,508 $ — $ 658 $ 534,969 Commercial and industrial 259,183 23,601 5,344 — 2 288,130 Residential real estate 21,903 1,168 12,282 187 253,243 288,783 Home equity lines of credit 785 — 175 — 73,216 74,176 Consumer, indirect 94 — 3 — 165,223 165,320 Consumer, other 114 — — — 61,699 61,813 Consumer $ 208 $ — $ 3 $ — $ 226,922 $ 227,133 Deposit account overdrafts — — — — 1,448 1,448 Total originated loans $ 779,172 $ 43,479 $ 36,312 $ 187 $ 555,489 $ 1,414,639 Acquired loans: Commercial real estate, construction $ 12,114 $ — $ — $ — $ — $ 12,114 Commercial real estate, other 233,630 13,866 17,521 75 — 265,092 Commercial real estate $ 245,744 $ 13,866 $ 17,521 $ 75 $ — $ 277,206 Commercial and industrial 56,077 3,078 4,238 196 — 63,589 Residential real estate 18,027 1,409 1,786 — 255,550 276,772 Home equity lines of credit 316 — — — 31,937 32,253 Consumer, indirect 130 — — — 1,646 1,776 Consumer, other 126 — — — 6,079 6,205 Consumer $ 256 $ — $ — $ — $ 7,725 $ 7,981 Total acquired loans $ 320,420 $ 18,353 $ 23,545 $ 271 $ 295,212 $ 657,801 Total loans $ 1,099,592 $ 61,832 $ 59,857 $ 458 $ 850,701 $ 2,072,440 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) September 30, 2016 Commercial real estate, construction $ 925 $ — $ 898 $ 898 $ — $ 927 $ 1 Commercial real estate, other 21,497 7,878 13,370 21,248 1,164 18,950 530 Commercial real estate $ 22,422 $ 7,878 $ 14,268 $ 22,146 $ 1,164 $ 19,877 $ 531 Commercial and industrial 4,064 2,832 1,075 3,907 506 3,722 164 Residential real estate 30,087 428 28,770 29,198 122 28,745 978 Home equity lines of credit 1,248 — 1,241 1,241 — 1,002 59 Consumer, indirect 209 — 199 199 — 126 17 Consumer, other 295 — 291 291 — 244 38 Consumer $ 504 $ — $ 490 $ 490 $ — $ 370 $ 55 Total $ 58,325 $ 11,138 $ 45,844 $ 56,982 $ 1,792 $ 53,716 $ 1,787 December 31, 2015 Commercial real estate, construction $ 957 $ — $ 957 $ 957 $ — $ 227 $ 3 Commercial real estate, other 23,430 6,396 12,772 19,168 1,363 13,070 815 Commercial real estate $ 24,387 $ 6,396 $ 13,729 $ 20,125 $ 1,363 $ 13,297 $ 818 Commercial and industrial 5,670 1,224 4,130 5,354 351 4,049 246 Residential real estate 31,304 370 28,834 29,204 106 26,785 1,354 Home equity lines of credit 425 — 419 419 — 325 18 Consumer, indirect 118 — 103 103 — 84 — Consumer, other 265 — 195 195 — 210 28 Consumer $ 383 $ — $ 298 $ 298 $ — $ 294 $ 28 Total $ 62,169 $ 7,990 $ 47,410 $ 55,400 $ 1,820 $ 44,750 $ 2,464 At September 30, 2016 , 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 loan, such as (i) a reduction in the interest rate for the remaining life of the loan, (ii) an extension of the maturity date at an interest rate lower than the current market rate for new loans 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 nine months ended September 30 : Three Months Ended Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment September 30, 2016 Originated loans: Residential real estate 2 $ 75 $ 75 $ 75 Home equity lines of credit 3 23 23 23 Consumer, indirect 7 78 78 78 Consumer, other 3 34 34 34 Consumer 10 $ 112 $ 112 $ 112 Total originated loans 15 $ 210 $ 210 $ 210 Acquired loans: Commercial real estate, other 1 $ 224 $ 224 $ 224 Residential real estate 2 141 141 141 Total acquired loans 3 $ 365 $ 365 $ 365 September 30, 2015 Originated loans: Commercial real estate, other 2 $ 128 $ 128 $ 128 Commercial and industrial 4 13,670 13,670 13,658 Residential real estate 2 73 73 73 Home equity lines of credit 2 78 78 77 Consumer, indirect 2 31 31 31 Total originated loans 12 $ 13,980 $ 13,980 $ 13,967 Acquired loans: Commercial real estate, other 1 $ 24 $ 24 $ 24 Residential real estate 1 34 33 33 Home equity lines of credit 1 8 8 8 Total acquired loans 3 $ 66 $ 65 $ 65 (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. Nine Months Ended Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment September 30, 2016 Originated loans: Commercial real estate, other 1 $ 57 $ 57 $ 56 Commercial and industrial 6 716 724 685 Residential real estate 5 173 173 173 Home equity lines of credit 3 23 23 23 Consumer, indirect 9 107 107 107 Consumer, other 5 46 46 46 Consumer 14 $ 153 $ 153 $ 153 Total originated loans 29 $ 1,122 $ 1,130 $ 1,090 Acquired loans: Commercial real estate, other 1 $ 223 $ 223 $ 223 Residential real estate 11 927 929 923 Home equity lines of credit 3 179 179 173 Consumer, indirect 2 8 8 8 Consumer, other 3 17 17 17 Consumer 5 $ 25 $ 25 $ 25 Total acquired loans 20 $ 1,354 $ 1,356 $ 1,344 September 30, 2015 Originated loans: Commercial real estate, other 2 $ 128 $ 128 $ 128 Commercial and industrial 4 13,670 13,670 13,658 Residential real estate 4 257 256 167 Home equity lines of credit 11 387 387 378 Consumer, indirect 4 45 42 41 Total originated loans 25 $ 14,487 $ 14,483 $ 14,372 Acquired loans: Commercial real estate, other 1 $ 24 $ 24 $ 24 Residential real estate 1 34 33 33 Home equity lines of credit 1 8 8 8 Total acquired loans 3 $ 66 $ 65 $ 65 (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 nine months ended September 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.) September 30, 2016 September 30, 2015 (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 Originated loans: Commercial real estate, other 1 243 $ — — — — Commercial and industrial 1 173 $ — — — — Total 2 416 — — $ — $ — Acquired loans: Commercial and industrial — $ — $ — 2 196 — Total — $ — $ — 2 $ 196 $ — (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 acquired 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 Originated Loan Losses Changes in the allowance for originated loan losses for the nine months ended September 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, 2016 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,971 $ 121 $ 16,539 Charge-offs (12 ) (1,017 ) (524 ) (58 ) (1,899 ) (544 ) (4,054 ) Recoveries 1,199 250 193 33 910 148 2,733 Net recoveries (charge-offs) 1,187 (767 ) (331 ) (25 ) (989 ) (396 ) (1,321 ) (Recovery of) provision for loan losses (773 ) 1,075 194 (21 ) 1,850 418 2,743 Balance, September 30, 2016 $ 7,490 $ 5,690 $ 1,120 $ 686 $ 2,832 $ 143 $ 17,961 Period-end amount allocated to: Loans individually evaluated for impairment $ 1,164 $ 506 $ 122 $ — $ — $ — $ 1,792 Loans collectively evaluated for impairment 6,326 5,184 998 686 2,832 143 16,169 Ending balance $ 7,490 $ 5,690 $ 1,120 $ 686 $ 2,832 $ 143 $ 17,961 Balance, January 1, 2015 $ 9,825 $ 4,036 $ 1,627 $ 694 $ 1,587 $ 112 $ 17,881 Charge-offs (181 ) (426 ) (537 ) (116 ) (869 ) (566 ) (2,695 ) Recoveries 90 94 206 107 567 134 1,198 Net charge-offs (91 ) (332 ) (331 ) (9 ) (302 ) (432 ) (1,497 ) (Recovery of) provision for loan losses (2,297 ) 7,783 (117 ) 92 518 474 6,453 Balance, September 30, 2015 $ 7,437 $ 11,487 $ 1,179 $ 777 $ 1,803 $ 154 $ 22,837 Period-end amount allocated to: Loans individually evaluated for impairment $ 7 $ 7,193 $ 4 $ — $ — $ — $ 7,204 Loans collectively evaluated for impairment 7,430 4,294 1,175 777 1,803 154 15,633 Ending balance $ 7,437 $ 11,487 $ 1,179 $ 777 $ 1,803 $ 154 $ 22,837 The reduction in the allowance for loan losses allocated to commercial and industrial recorded during the first nine months of 2016 compared to the same period of 2015 was driven by a decrease in the allowance needed for loans individually evaluated for impairment which was offset partially by loan growth. The changes in the residential real estate, home equity lines of credit and consumer categories of the allowance for originated loan losses and the related provision for originated loan losses recorded during the nine months of 2016 compared to the same period in 2015 were driven by net charge-off activity and increases in the size of the respective loan portfolios. Allowance for Acquired Loan Losses Acquired loans are recorded at their fair value as of the acquisition date with no valuation allowance, and monitored for changes in credit quality and subsequent increases or decreases in expected cash flows. Decreases in expected cash flows of acquired credit impaired loans are recognized as an impairment, with the amount of the expected loss included in management's evaluation of the appropriateness of the allowance for loan losses. The methods utilized to estimate the required allowance for loan losses for nonimpaired acquired loans are similar to those utilized for originated loans; however, Peoples records a provision for loan losses only when the computed allowance exceeds the remaining fair value adjustment. As of September 30, 2016 , the expected cash flows for acquired credit impaired loans had decreased from those as of the respective acquisition dates, resulting in Peoples recording provision for loan losses with respect to those acquired loans. The following table presents activity in the allowance for loan losses for acquired loans for the nine months ended September 30 : Three Months Ended Nine Months Ended (Dollars in thousands) September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Purchased credit impaired loans: Balance, beginning of period $ 197 $ — $ 240 $ — Charge-offs (16 ) — (67 ) — Recoveries — — — — Net charge-offs (recoveries) (16 ) — (67 ) — Provision for loan losses 77 303 85 303 Balance, September 30 $ 258 $ 303 $ 258 $ 303 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | Goodwill and Other Intangible Assets Prior to 2016, Peoples performed its annual goodwill impairment test as of June 30. During 2016, Peoples changed its method in applying the accounting principle and will be completing the annual goodwill impairment test as of October 1 in 2016 and annually on that date thereafter. This voluntary change is preferable as it aligns the goodwill impairment testing with the preparation of the underlying data used in the annual test, including financial and strategic information that is prepared late in the year. This change is not intended to delay, accelerate or avoid any impairment charges. This change is not applied retrospectively as it is impracticable to do so because retrospective application would require application of significant estimates and assumptions with the use of hindsight. Accordingly the change will be applied prospectively. |
Long-Term Borrowings
Long-Term Borrowings | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | Long-Term Borrowings The following table summarizes Peoples' long-term borrowings: September 30, 2016 December 31, 2015 (Dollars in thousands) Balance Weighted- Balance Weighted- FHLB putable, non-amortizing, fixed-rate advances $ 70,000 2.49 % $ 50,000 3.32 % Callable national market repurchase agreements 40,000 3.63 % 40,000 3.63 % FHLB amortizing, fixed-rate advances 30,743 2.02 % 16,934 2.69 % Junior subordinated debt securities 6,877 2.34 % 6,736 1.83 % Unamortized debt issuance costs (57 ) — % — — % Total long-term borrowings $ 147,563 2.69 % $ 113,670 3.25 % The putable, non-amortizing, fixed-rate FHLB advances have original maturities ranging from two to eleven years that may be repaid prior to maturity, subject to termination fees. The FHLB has the option, solely at its discretion, to terminate the advances after the initial fixed rate periods ranging from three months to five years , requiring full repayment of the advances by Peoples, prior to the stated maturity. If an 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 two to fifteen 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. Peoples continually evaluates the overall balance sheet position given the interest rate environment. During the second quarter of 2016, Peoples executed transactions to take advantage of the low interest rates, which included: • Peoples restructured $20.0 million of borrowings that had a weighted-average rate of 2.97% , resulting in a $700,000 loss. Peoples replaced these borrowings with a long-term FHLB advance, which has an interest rate of 2.17% and matures in 2026. • Peoples borrowed an additional $35.0 million of long-term FHLB amortizing advances, which had interest rates ranging from 1.08% to 1.40% , and mature between 2019 and 2031. • Peoples entered into three forward starting interest rate swaps during the second quarter of 2016 to obtain short-term borrowings at fixed rates, with interest rates ranging from 1.49% to 1.56% , which become effective in 2018 and mature between 2023 and 2025. These swaps will replace $30.0 million in borrowings that mature in 2018, which have interest rates ranging from 3.65% to 3.92% . Additional information regarding Peoples' interest rate swaps can be found in Note 10 of the Notes to the Unaudited Consolidated Financial Statements. Peoples' national market repurchase agreements consist of agreements with unrelated financial service companies and have original maturities ranging from five to ten years . In general, these agreements may not be terminated by Peoples prior to maturity without incurring additional costs. On March 6, 2015, Peoples acquired NB&T Financial Group, Inc. ("NB&T"), which included the assumption of Fixed/Floating Rate Junior Subordinated Debt Securities due in 2037 (the "junior subordinated debt securities"). At the acquisition date, junior subordinated debt securities with a fair value of $6.6 million were held in a 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. Since September 6, 2012, the Capital Securities have been 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. On March 4, 2016, Peoples entered into a Credit Agreement (the "RJB Credit Agreement"), with Raymond James Bank, N.A. ("Raymond James") which provides Peoples with a revolving line of credit in the maximum aggregate principal amount of $15 million (the "RJB Loan Commitment") for the purpose of: (i) to the extent that any amounts remained outstanding, paying off the then outstanding $15 million revolving credit loan to Peoples, (ii) making acquisitions; (iii) making stock repurchases; (iv) working capital needs; and (v) other general corporate purposes. On March 4, 2016, Peoples paid fees of $70,600 , representing 0.47% of the RJB Loan Commitment. The RJB Credit Agreement is unsecured. However, the RJB Credit Agreement contains negative covenants which preclude Peoples from: (i) taking any action which could, directly or indirectly, decrease Peoples' ownership (alone or together with any of Peoples' subsidiaries) interest in Peoples Bank (Peoples' Ohio state-chartered subsidiary bank) or any of Peoples Bank's subsidiaries to a level below the percentage of equity interests held as of March 4, 2016; (ii) taking any action to or allowing Peoples Bank or any of Peoples Bank's subsidiaries to take any action to directly or indirectly create, assume, incur, suffer or permit to exist any pledge, encumbrance, security interest, assignment, lien or charge of any kind or character on the equity interests of Peoples Bank or any of Peoples Bank's subsidiaries; or (iii) taking any action to or allow Peoples Bank or any of Peoples Bank's subsidiaries to sell, transfer, issue, reissue or exchange, or grant any option with respect to, any equity interest of Peoples Bank or any of Peoples Bank's subsidiaries. There are also negative covenants limiting the actions which may be taken with respect to the authorization or issuance of additional shares of any class of equity interests of Peoples Bank or any of Peoples Bank's subsidiaries or the grant to any person other than Raymond James Bank of any proxy for existing equity interests of Peoples Bank or any of Peoples Bank's subsidiaries. The RJB Credit Agreement contains covenants which are usual and customary for comparable transactions. In addition to the negative covenants affecting the equity interests of Peoples Bank and Peoples Bank's subsidiaries discussed above, under the RJB Credit Agreement, the following covenants must be complied with: (a) neither Peoples nor any of its subsidiaries may create, incur or suffer to exist additional indebtedness with an aggregate principal amount which exceeds $10 million at any time outstanding, subject to specific negotiated carve-outs; (b) neither Peoples nor any of its subsidiaries may be a party to certain material transactions (such as mergers or consolidations with third parties, liquidations or dissolutions, sales of assets, acquisitions, investments and sale/leaseback transactions), subject to transactions in the ordinary course of the banking business of Peoples Bank and new investments in an aggregate amount not exceeding $10 million being permitted as well as specific negotiated carve-outs; (c) neither Peoples nor any of its subsidiaries may voluntarily prepay, defease, purchase, redeem, retire or otherwise acquire any subordinated indebtedness issued by them; subject to specific negotiated carve-outs and the consent of Raymond James Bank; and (d) neither Peoples nor any of its subsidiaries may make any Restricted Payments (as defined in the RJB Credit Agreement), except that, to the extent legally permissible, (i) any subsidiary may declare and pay dividends to Peoples or a wholly-owned subsidiary of Peoples and (ii) Peoples may declare and pay dividends on its common shares provided that no event of default exists before or after giving effect to the dividend and Peoples is in compliance (on a pro forma basis) with the financial covenants specified in the RJB Credit Agreement, after giving effect to the dividend. Peoples and Peoples Bank are also required to satisfy certain financial covenants including: (i) Peoples (on a consolidated basis) and Peoples Bank must be “well capitalized” at all times, as defined and determined by the applicable governmental authority having jurisdiction over Peoples or Peoples Bank; (ii) Peoples (on a consolidated basis) and Peoples Bank must maintain a Total risk-based capital ratio (as defined by the applicable governmental authority having regulatory authority over Peoples or Peoples Bank) of at least 12.50% as of the last day of any fiscal quarter; (iii) Peoples Bank must maintain a ratio of “Non-Performing Assets” to “Tangible Primary Capital” of not more than 20% as of the last day of any fiscal quarter; (iv) Peoples Bank must maintain a ratio of “Loan Loss Reserves” to “Non-Performing Loans” of not less than 70% at all times; and (v) Peoples (on a consolidated basis) must maintain a “Fixed Charge Coverage Ratio” that equals or exceeds 1.25 to 1.00 as of the end of each fiscal quarter, with the items used in this ratio being determined on a trailing four-fiscal quarter basis. The aggregate minimum annual retirements of long-term borrowings in future periods are as follows: (Dollars in thousands) Balance Weighted-Average Rate Three months ending December 31, 2016 $ 2,408 2.08 % Year ending December 31, 2017 5,545 1.77 % Year ending December 31, 2018 64,970 3.54 % Year ending December 31, 2019 13,508 1.27 % Year ending December 31, 2020 10,564 2.03 % Thereafter 50,568 2.26 % Total long-term borrowings $ 147,563 2.69 % |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The following table details the progression in Peoples’ common shares and treasury stock during the nine months ended September 30, 2016 : Common Shares Treasury Stock Shares at December 31, 2015 18,931,200 586,686 Changes related to stock-based compensation awards: Release of restricted common shares — 13,892 Cancellation of restricted common shares (10,654 ) 1,000 Grant of restricted common shares — (56,000 ) Grant of common shares — (350 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 6,291 Reissuance of treasury stock — (12,012 ) Common shares repurchased under share repurchase program — 279,770 Common shares issued under dividend reinvestment plan 15,668 — Common shares issued under compensation plan for Boards of Directors — (11,450 ) Common shares issued under employee stock purchase plan — (12,970 ) Shares at September 30, 2016 18,936,214 794,857 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 September 30, 2016 , 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 nine months ended September 30, 2016 : (Dollars in thousands) Unrealized Gain on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Loss on Cash Flow Hedge Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2015 $ 2,869 $ (3,228 ) $ — $ (359 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (560 ) — — (560 ) Other comprehensive income (loss), net of reclassifications and tax 9,542 44 (120 ) 9,466 Balance, September 30, 2016 $ 11,851 $ (3,184 ) $ (120 ) $ 8,547 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2016 | |
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 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 pay 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 Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Interest cost $ 110 $ 111 $ 329 $ 335 Expected return on plan assets (123 ) (122 ) (369 ) (373 ) Amortization of net loss 23 28 71 92 Settlement of benefit obligation — 82 — 454 Net periodic cost $ 10 $ 99 $ 31 $ 508 Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Interest cost $ 1 $ 2 $ 3 $ 4 Amortization of net loss (2 ) (2 ) (5 ) (4 ) Net periodic benefit $ (1 ) $ — $ (2 ) $ — There were no settlement charges recorded in the three or nine months ended September 30, 2016 under the noncontributory defined benefit pension plan. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine Months Ended September 30, September 30, (Dollars in thousands, except per share data) 2016 2015 2016 2015 Distributed earnings allocated to common shareholders $ 2,879 $ 2,727 $ 8,471 $ 7,696 Undistributed earnings allocated to common shareholders 4,881 1,375 15,189 574 Net earnings allocated to common shareholders $ 7,760 $ 4,102 $ 23,660 $ 8,270 Weighted-average common shares outstanding 17,993,443 18,127,131 18,015,249 17,357,034 Effect of potentially dilutive common shares 117,267 144,848 108,411 130,608 Total weighted-average diluted common shares outstanding 18,110,710 18,271,979 18,123,660 17,487,642 Earnings per common share: Basic $ 0.43 $ 0.23 $ 1.31 $ 0.48 Diluted $ 0.43 $ 0.22 $ 1.31 $ 0.47 Anti-dilutive shares excluded from calculation: Restricted shares, stock options and stock appreciation rights 18,604 42,832 24,461 47,831 |
Financial Instruments with Off-
Financial Instruments with Off- Balance Sheet Risk (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |
Financial Instruments Disclosure [Text Block] | Financial Instruments with Off-Balance Sheet Risk Derivatives and Hedging Activities - Risk Management Objective of Using Derivatives Peoples is exposed to certain risks arising from both its business operations and economic conditions. Peoples principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Peoples manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. Specifically, Peoples enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known or expected cash amounts, the value of which are determined by interest rates. Peoples’ derivative financial instruments are used to manage differences in the amount, timing, and duration of Peoples' known or expected cash receipts and its known or expected cash payments principally related to certain variable rate borrowings. Peoples also has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Peoples' assets or liabilities. Peoples manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. Fair Values of Derivative Instruments on the Balance Sheet Peoples' fair value of the derivative financial instrument was $6.9 million in an asset position and $7.1 million in a liability position at September 30, 2016, and there was $3.1 million in an asset position and $3.1 million in a liability position at December 31, 2015. Cash Flow Hedges of Interest Rate Risk Peoples' objectives in using interest rate derivatives are to add stability to interest income and expense, and to manage its exposure to interest rate movements. To accomplish this objective, in the second quarter of 2016, Peoples entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps were designated as cash flow hedges and involved the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. As of September 30, 2016, Peoples had three interest rate swaps with a notional value of $30 million associated with Peoples' cash outflows for various FHLB advances. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income ("AOCI") (outside of earnings), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Peoples assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transaction. Peoples hedged its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 25 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). Peoples entered into three interest rate swap contracts whereby Peoples will pay a fixed rate of interest for up to seven years while receiving a floating rate component of interest equal to the three-month LIBOR rate. The received floating rate component is intended to offset the rate on the rolling three-month FHLB advances that will be used to fund the transaction. Amounts reported in AOCI related to derivatives will be reclassified to interest income or expense as interest payments are made or received on Peoples' variable-rate assets or liabilities. During the quarters ended September 30, 2016, and June 30, 2016, Peoples had no reclassifications to interest expense. During the next twelve months, Peoples estimates that no interest expense amount will be reclassified. The amount of accumulated other comprehensive pre-tax income for Peoples' cash flow hedges was $68,000 for the three months ended September 30, 2016 and the amount of accumulated other comprehensive pre-tax loss was $184,000 for the nine months ended September 30, 2016. There were no pre-tax net losses recorded for the three and nine months ended September 30, 2015. Additionally, Peoples had no reclassifications to earnings in the three or nine months ended September 30, 2016 or September 30, 2015 . Non-Designated Hedges Peoples maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples provides its customer with a fixed-rate loan while creating a variable-rate asset for Peoples by the customer entering into an interest rate swap with Peoples on terms that match the loan. Peoples offsets its risk exposure by entering into an offsetting interest rate swap with an unaffiliated institution. These interest rate swaps do not qualify as designated hedges; therefore, each swap is accounted for as a standalone derivative. Peoples had interest rate swaps associated with commercial loans with a notional value of $238.6 million and fair value of $6.9 million of equally offsetting assets and liabilities at September 30, 2016 and a notional value of $144.4 million and fair value of $3.1 million of equally offsetting assets and liabilities at December 31, 2015. These interest rate swaps did not have a material impact on Peoples' results of operation or financial condition. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
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 ("SARs") 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 2009, Peoples has granted restricted 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 nine months ended September 30, 2016 : Number of Common Shares Subject to Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 20,310 $ 28.83 Expired 20,310 28.83 Outstanding at September 30 — $ — 0.0 years $ — Exercisable at September 30 — $ — 0.0 years $ — 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 nine months ended September 30, 2016 : Number of Common Shares Subject to SARs Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 17,748 $ 25.86 Forfeited 3,194 26.67 Outstanding at September 30 14,554 $ 25.60 0.8 years $ 8,817 Exercisable at September 30 14,554 $ 25.60 0.8 years $ 8,817 The following table summarizes Peoples' SARs outstanding at September 30, 2016 : Exercise Price Number of Common Shares Subject to SARs Outstanding & Exercisable Weighted- Average Remaining Contractual Life $23.26 2,000 0.8 years $23.77 7,508 1.2 years $29.25 5,046 0.3 years Total 14,554 0.8 years 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 2016, Peoples granted an aggregate of 35,500 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 in full, 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. In the second quarter of 2016 and the third quarter of 2016, Peoples granted, to certain key employees, an aggregate of 20,500 restricted common shares subject to time-based vesting with restrictions that will lapse three years after the grant date. The following table summarizes the changes to Peoples’ restricted common shares for the nine months ended September 30, 2016 : 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 30,734 $ 21.76 158,763 $ 22.86 Awarded 20,500 21.88 35,500 17.86 Released 334 21.52 41,028 21.74 Forfeited 2,000 21.92 9,654 22.67 Outstanding at September 30 48,900 $ 21.81 143,581 $ 21.95 For the nine months ended September 30, 2016 , the total intrinsic value of restricted common shares released was $ 0.7 million compared to $ 1.7 million at September 30, 2015. Stock-Based Compensation Peoples recognizes 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 for each period: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Total stock-based compensation expense $ 346 $ 405 $ 1,009 $ 1,432 Recognized tax benefit (121 ) (142 ) (353 ) (501 ) Net expense recognized $ 225 $ 263 $ 656 $ 931 Total unrecognized stock-based compensation expense related to unvested awards was $ 1.8 million at September 30, 2016 , which will be recognized over a weighted-average period of 1.7 years. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("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. In August 2016, the FASB issued Accounting Standards Update ("ASU") 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2019 (effective January 1, 2020, for Peoples). The adoption of the new accounting guidance is not expected to have a material effect on Peoples' statement of cash flow. In June 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The revised accounting guidance will remove all recognition thresholds and will require a company to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. It also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2019 (effective January 1, 2020, for Peoples). Peoples is currently evaluating the impact of adopting the new accounting guidance on Peoples' consolidated financial statements. In May 2016, the FASB issued ASU 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. This accounting guidance can be implemented using either a retrospective method or a cumulative-effect approach. This accounting guidance provides clarification of the collectibility criterion and when revenue would be recognized for certain contracts. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2018 (effective January 1, 2019, for Peoples). Management's preliminary analysis suggests that the adoption of the new accounting guidance is not expected to have a material effect on Peoples' financial condition or results of operations. There are many aspects of the new accounting guidance that are still being interpreted, and the FASB has recently issued and proposed updates to certain aspects of the guidance. Therefore, the results of Peoples' preliminary analysis of the materiality of the adoption of the new accounting guidance may change based on the conclusions reached as to the application of the new accounting guidance. In March 2016, the FASB issued ASU 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The objective of the simplification initiative is to identify, evaluate, and improve areas of US GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The areas for simplification involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Amendments related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, forfeitures, and intrinsic value are to be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the accounting guidance is adopted. For public entities, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' results of operations. In March 2016, the FASB issued ASU 2016-08 - Revenue from Contracts with Customers (Topic 606) which amended the accounting guidance issued by the FASB in May 2014 that revised the criteria for determining when to recognize revenue from contracts with customers and expanded disclosure requirements. The amendment defers the effective date by one year (reflected below). This accounting guidance can be implemented using either a retrospective method or a cumulative-effect approach. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2018 (effective January 1, 2019, for Peoples). Early adoption is permitted but only for interim and annual reporting periods beginning after December 15, 2016. Peoples has elected to implement the new accounting guidance using a cumulative-effect approach and will adopt this new accounting guidance as required. Management's preliminary analysis suggests that the adoption of the new accounting guidance is not expected to have a material effect on Peoples' financial condition or results of operations. There are many aspects of the new accounting guidance that are still being interpreted, and the FASB has recently issued and proposed updates to certain aspects of the accounting guidance. Therefore, the results of Peoples' preliminary analysis of the materiality of the adoption of the new accounting guidance may change based on the conclusions reached as to the application of the new accounting guidance. In March 2016, the FASB issued ASU 2016-06 - Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments. The amendment is intended to resolve the diversity in practice by assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to the debt instrument hosts, which is one of the criteria for bifurcating an embedded derivative. When a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise the call (put) option is related to interest rates or credit risks. For public entities, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Peoples is currently evaluating the impact of adopting the new accounting guidance on Peoples' consolidated financial statements, but it is not expected to have a material impact. In February 2016, the FASB issued ASU 2016-02 - Leases (Topic 842). The amendment was issued to improve the financial reporting of leasing activities and provide a faithful representation of leasing transactions and improve understanding and comparability of a lessee's financial statements. Under the new accounting guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. The ASU will require both finance and operating leases to be recognized on the balance sheet. The ASU will affect all companies and organizations that lease real estate. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 (effective January 1, 2019, for Peoples). Peoples will adopt this new accounting guidance as required, but it is not expected to have a material impact on Peoples' consolidated financial statements. In January 2016, the FASB issued ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendment is intended to enhance the reporting model for financial instruments to provide users of financial statements with more useful information. The new ASU requires equity investments to be measured at fair value with changes in fair value recognized in net income. However, a reporting organization may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment (if any), from observable price changes in orderly transactions for similar investments of the same issuer. The ASU is effective for fiscal years beginning after December 15, 2019 (effective January 1, 2020, for Peoples). Peoples is currently evaluating the impact of adopting the new accounting guidance on Peoples' consolidated financial statements which may result in an impact to the income statement on a quarterly and annual basis, as market rates fluctuate. Peoples will adopt this accounting guidance as required. |
Fair Value of Financial Instr20
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Obligations of: U.S. government sponsored agencies $ 1,001 $ — $ 1,001 $ — States and political subdivisions 117,839 — 117,839 — Residential mortgage-backed securities 607,452 — 607,452 — Commercial mortgage-backed securities 23,283 — 23,283 — Bank-issued trust preferred securities 4,783 — 4,783 — Equity securities 7,785 7,569 216 — Total available-for-sale securities $ 762,143 $ 7,569 $ 754,574 $ — December 31, 2015 Obligations of: U.S. government sponsored agencies $ 2,966 $ — $ 2,966 $ — States and political subdivisions 114,726 — 114,726 — Residential mortgage-backed securities 632,293 — 632,293 — Commercial mortgage-backed securities 23,845 — 23,845 — Bank-issued trust preferred securities 4,635 — 4,635 — Equity securities 6,236 6,024 212 — Total available-for-sale securities $ 784,701 $ 6,024 $ 778,677 $ — |
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) September 30, 2016 Obligations of: States and political subdivisions $ 4,285 $ — $ 4,285 $ — Residential mortgage-backed securities 35,205 — 35,205 — Commercial mortgage-backed securities 5,655 — 5,655 — Total held-to-maturity securities $ 45,145 $ — $ 45,145 $ — December 31, 2015 Obligations of: States and political subdivisions $ 4,221 $ — $ 4,221 $ — Residential mortgage-backed securities 35,196 — 35,196 — Commercial mortgage-backed securities 6,436 — 6,436 — Total held-to-maturity securities $ 45,853 $ — $ 45,853 $ — |
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’ Unaudited 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: September 30, 2016 December 31, 2015 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 67,835 $ 67,835 $ 71,115 $ 71,115 Investment securities 844,248 845,731 868,830 868,955 Loans (1) 2,155,704 2,127,828 2,057,614 2,018,482 Financial liabilities: Deposits $ 2,575,457 $ 2,579,379 $ 2,535,944 $ 2,540,131 Short-term borrowings 162,807 162,807 160,386 160,386 Long-term borrowings 147,563 151,912 113,670 117,299 Cash flow hedges (2) 219 219 — — (1) Includes loans held for sale (2) For additional information, see Note 10. Financial Instruments with Off-Balance Sheet Risk |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Obligations of: U.S. government sponsored agencies $ 998 $ 3 $ — $ 1,001 States and political subdivisions 113,530 4,309 — 117,839 Residential mortgage-backed securities 599,589 10,037 (2,174 ) 607,452 Commercial mortgage-backed securities 22,658 625 — 23,283 Bank-issued trust preferred securities 5,163 47 (427 ) 4,783 Equity securities 1,940 5,914 (69 ) 7,785 Total available-for-sale securities $ 743,878 $ 20,935 $ (2,670 ) $ 762,143 December 31, 2015 Obligations of: U.S. government sponsored agencies $ 2,908 $ 58 $ — $ 2,966 States and political subdivisions 111,283 3,487 (44 ) 114,726 Residential mortgage-backed securities 635,504 4,905 (8,116 ) 632,293 Commercial mortgage-backed securities 23,770 119 (44 ) 23,845 Bank-issued trust preferred securities 5,146 — (511 ) 4,635 Equity securities 1,693 4,627 (84 ) 6,236 Total available-for-sale securities $ 780,304 $ 13,196 $ (8,799 ) $ 784,701 |
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 September 30 were as follows: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Gross gains realized $ — $ 94 $ 863 $ 726 Gross losses realized 1 32 1 53 Net (loss)/gain realized $ (1 ) $ 62 $ 862 $ 673 |
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 September 30, 2016 Obligations of: Residential mortgage-backed securities $ 119,144 $ 693 29 $ 47,071 $ 1,481 21 $ 166,215 $ 2,174 Bank-issued trust preferred securities — — — 2,571 427 3 2,571 427 Equity securities — — — 107 69 1 107 69 Total $ 119,144 $ 693 29 $ 49,749 $ 1,977 25 $ 168,893 $ 2,670 December 31, 2015 Obligations of: States and political subdivisions $ 7,662 $ 38 8 $ 213 $ 6 1 $ 7,875 $ 44 Residential mortgage-backed securities 303,549 3,902 76 102,090 4,214 33 405,639 8,116 Commercial mortgage-backed securities 6,682 44 3 — — — 6,682 44 Bank-issued trust preferred securities 2,129 19 1 2,506 492 3 4,635 511 Equity securities 438 15 2 106 69 1 544 84 Total $ 320,460 $ 4,018 90 $ 104,915 $ 4,781 38 $ 425,375 $ 8,799 |
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 September 30, 2016 Obligations of: States and political subdivisions $ 3,823 $ 462 $ — $ 4,285 Residential mortgage-backed securities 34,203 1,030 (28 ) 35,205 Commercial mortgage-backed securities 5,636 19 — 5,655 Total held-to-maturity securities $ 43,662 $ 1,511 $ (28 ) $ 45,145 December 31, 2015 Obligations of: States and political subdivisions $ 3,831 $ 394 $ (4 ) $ 4,221 Residential mortgage-backed securities 35,367 363 (534 ) 35,196 Commercial mortgage-backed securities 6,530 — (94 ) 6,436 Total held-to-maturity securities $ 45,728 $ 757 $ (632 ) $ 45,853 |
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 September 30, 2016 . 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. government sponsored agencies $ 998 $ — $ — $ — $ 998 States and political subdivisions 675 14,577 29,022 69,256 113,530 Residential mortgage-backed securities 3 14,449 35,568 549,569 599,589 Commercial mortgage-backed securities — 3,257 16,035 3,366 22,658 Bank-issued trust preferred securities — — — 5,163 5,163 Equity securities 1,940 Total available-for-sale securities $ 1,676 $ 32,283 $ 80,625 $ 627,354 $ 743,878 Fair value Obligations of: U.S. government sponsored agencies $ 1,001 $ — $ — $ — $ 1,001 States and political subdivisions 679 14,923 29,954 72,283 117,839 Residential mortgage-backed securities 4 14,449 36,254 556,745 607,452 Commercial mortgage-backed securities — 3,372 16,524 3,387 23,283 Bank-issued trust preferred securities — — — 4,783 4,783 Equity securities 7,785 Total available-for-sale securities $ 1,684 $ 32,744 $ 82,732 $ 637,198 $ 762,143 Total weighted-average yield 2.98 % 3.17 % 2.95 % 2.65 % 2.72 % |
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 September 30, 2016 . 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 $ — $ 320 $ 977 $ 2,526 $ 3,823 Residential mortgage-backed securities — — 4,638 29,565 34,203 Commercial mortgage-backed securities — — — 5,636 5,636 Total held-to-maturity securities $ — $ 320 $ 5,615 $ 37,727 $ 43,662 Fair value Obligations of: States and political subdivisions $ — $ 328 $ 1,123 $ 2,834 $ 4,285 Residential mortgage-backed securities — — 4,824 30,381 35,205 Commercial mortgage-backed securities — — — 5,655 5,655 Total held-to-maturity securities $ — $ 328 $ 5,947 $ 38,870 $ 45,145 Total weighted-average yield — % 3.14 % 2.24 % 2.86 % 2.78 % |
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 September 30, 2016 Obligations of: Residential mortgage-backed securities $ 9,053 $ 7 1 $ 1,001 $ 21 1 $ 10,054 $ 28 Total $ 9,053 $ 7 1 $ 1,001 $ 21 1 $ 10,054 $ 28 December 31, 2015 Obligations of: States and political subdivisions $ — $ — — $ 319 $ 4 1 $ 319 $ 4 Residential mortgage-backed securities 3,706 89 2 10,040 445 2 13,746 534 Commercial mortgage-backed securities 540 4 1 5,895 90 1 6,435 94 Total $ 4,246 $ 93 3 $ 16,254 $ 539 4 $ 20,500 $ 632 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans | Loans Peoples' loan portfolio consists of various types of loans originated primarily as a result of lending opportunities within Peoples' primary market areas of northeastern, central, 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) September 30, December 31, 2015 Originated loans: Commercial real estate, construction $ 70,838 $ 63,785 Commercial real estate, other 507,842 471,184 Commercial real estate 578,680 534,969 Commercial and industrial 351,340 288,130 Residential real estate 306,374 288,783 Home equity lines of credit 83,412 74,176 Consumer, indirect 229,334 165,320 Consumer, other 67,973 61,813 Consumer 297,307 227,133 Deposit account overdrafts 1,074 1,448 Total originated loans $ 1,618,187 $ 1,414,639 Acquired loans: Commercial real estate, construction $ 10,242 $ 12,114 Commercial real estate, other 221,036 265,092 Commercial real estate 231,278 277,206 Commercial and industrial 48,702 63,589 Residential real estate 238,787 276,772 Home equity lines of credit 27,784 32,253 Consumer, indirect 952 1,776 Consumer, other 3,518 6,205 Consumer 4,470 7,981 Total acquired loans $ 551,021 $ 657,801 Loans, net of deferred fees and costs $ 2,169,208 $ 2,072,440 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) September 30, December 31, Commercial real estate, other $ 11,391 $ 16,893 Commercial and industrial 2,567 3,040 Residential real estate 24,212 27,155 Consumer 94 193 Total outstanding balance $ 38,264 $ 47,281 Net carrying amount $ 28,292 $ 35,064 Changes in the accretable yield for purchased credit impaired loans for the nine months ended September 30, 2016 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2015 $ 7,042 Reclassification from nonaccretable to accretable 2,014 Accretion (1,430 ) Balance, September 30, 2016 $ 7,626 Peoples completed semi-annual re-estimations of cash flows on acquired purchased credit impaired loans in February and August of 2016. The above reclassification from nonaccretable to accretable was related to the re-estimation of cash flows on the acquired purchased credit impaired loan portfolios, coupled with the loans performing better than expected. The majority of the reclassification related to prepayment speeds decreasing in the residential portfolio, resulting in higher total expected cash flows. In 2017, Peoples will complete the re-estimation of cash flows on acquired purchased credit impaired loans on an as needed basis and, in any event, at least annually in August. Cash flows expected to be collected on acquired purchased credit impaired loans are estimated 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 the principal expected to be collected. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. Peoples pledges 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 $538.7 million and $554.8 million at September 30, 2016 and December 31, 2015 , respectively. Peoples also pledges commercial loans to secure borrowings with the FRB. The outstanding balances of these loans totaled $159.9 million and $195.5 million at September 30, 2016 and December 31, 2015 , 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) September 30, December 31, September 30, December 31, Originated loans: Commercial real estate, construction $ 855 $ 921 $ — $ — Commercial real estate, other 9,982 7,041 — — Commercial real estate $ 10,837 $ 7,962 $ — $ — Commercial and industrial 1,468 480 — 680 Residential real estate 3,722 3,057 34 169 Home equity lines of credit 273 321 199 — Consumer, indirect 30 34 82 — Consumer, other 5 58 — 1 Consumer $ 35 $ 92 $ 82 $ 1 Total originated loans $ 16,335 $ 11,912 $ 315 $ 850 Acquired loans: Commercial real estate, other 780 469 1,636 2,425 Commercial and industrial 281 247 452 1,306 Residential real estate 1,713 798 1,758 1,353 Home equity lines of credit 232 98 — 35 Consumer, other 5 7 — — Total acquired loans $ 3,011 $ 1,619 $ 3,846 $ 5,119 Total loans $ 19,346 $ 13,531 $ 4,161 $ 5,969 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 September 30, 2016 Originated loans: Commercial real estate, construction $ — $ — $ 855 $ 855 $ 69,983 $ 70,838 Commercial real estate, other 726 1,032 9,381 11,139 496,703 507,842 Commercial real estate $ 726 $ 1,032 $ 10,236 $ 11,994 $ 566,686 $ 578,680 Commercial and industrial 1,083 412 1,415 2,910 348,430 351,340 Residential real estate 2,043 1,094 1,694 4,831 301,543 306,374 Home equity lines of credit 153 46 318 517 82,895 83,412 Consumer, indirect 945 184 82 1,211 228,123 229,334 Consumer, other 291 96 — 387 67,586 67,973 Consumer $ 1,236 $ 280 $ 82 $ 1,598 $ 295,709 $ 297,307 Deposit account overdrafts — — — — 1,074 1,074 Total originated loans $ 5,241 $ 2,864 $ 13,745 $ 21,850 $ 1,596,337 $ 1,618,187 Acquired loans: Commercial real estate, construction $ — $ — $ — $ — $ 10,242 $ 10,242 Commercial real estate, other 623 294 2,293 3,210 217,826 221,036 Commercial real estate $ 623 $ 294 $ 2,293 $ 3,210 $ 228,068 $ 231,278 Commercial and industrial 188 59 733 980 47,722 48,702 Residential real estate 1,269 1,804 2,511 5,584 233,203 238,787 Home equity lines of credit 54 156 178 388 27,396 27,784 Consumer, indirect 27 — — 27 925 952 Consumer, other 32 14 — 46 3,472 3,518 Consumer $ 59 $ 14 $ — $ 73 $ 4,397 $ 4,470 Total acquired loans $ 2,193 $ 2,327 $ 5,715 $ 10,235 $ 540,786 $ 551,021 Total loans $ 7,434 $ 5,191 $ 19,460 $ 32,085 $ 2,137,123 $ 2,169,208 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total December 31, 2015 Originated loans: Commercial real estate, construction $ 913 $ — $ 8 $ 921 $ 62,864 $ 63,785 Commercial real estate, other 7,260 1,258 379 8,897 462,287 471,184 Commercial real estate $ 8,173 $ 1,258 $ 387 $ 9,818 $ 525,151 $ 534,969 Commercial and industrial 1,437 215 767 2,419 285,711 288,130 Residential real estate 3,124 1,105 1,263 5,492 283,291 288,783 Home equity lines of credit 161 7 104 272 73,904 74,176 Consumer, indirect 790 168 — 958 164,362 165,320 Consumer, other 597 82 32 711 61,102 61,813 Consumer $ 1,387 $ 250 $ 32 $ 1,669 $ 225,464 $ 227,133 Deposit account overdrafts — — — — 1,448 1,448 Total originated loans $ 14,282 $ 2,835 $ 2,553 $ 19,670 $ 1,394,969 $ 1,414,639 Acquired loans: Commercial real estate, construction $ — $ — $ 40 $ 40 $ 12,074 $ 12,114 Commercial real estate, other 1,592 352 2,730 4,674 260,418 265,092 Commercial real estate $ 1,592 $ 352 $ 2,770 $ 4,714 $ 272,492 $ 277,206 Commercial and industrial 177 232 1,553 1,962 61,627 63,589 Residential real estate 4,910 2,480 1,745 9,135 267,637 276,772 Home equity lines of credit 318 20 95 433 31,820 32,253 Consumer, indirect 23 — — 23 1,753 1,776 Consumer, other 67 31 — 98 6,107 6,205 Consumer $ 90 $ 31 $ — $ 121 $ 7,860 $ 7,981 Total acquired loans $ 7,087 $ 3,115 $ 6,163 $ 16,365 $ 641,436 $ 657,801 Total loans $ 21,369 $ 5,950 $ 8,716 $ 36,035 $ 2,036,405 $ 2,072,440 Credit Quality Indicators As discussed in Note 1 of the Notes to the Consolidated Financial Statements included in Peoples' 2015 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 estimated 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) September 30, 2016 Originated loans: Commercial real estate, construction $ 69,517 $ — $ 855 $ — $ 466 $ 70,838 Commercial real estate, other 483,190 9,242 15,410 — — 507,842 Commercial real estate $ 552,707 $ 9,242 $ 16,265 $ — $ 466 $ 578,680 Commercial and industrial 319,634 24,178 7,512 — 16 351,340 Residential real estate 20,577 1,066 12,975 359 271,397 306,374 Home equity lines of credit 545 — 138 — 82,729 83,412 Consumer, indirect 141 — — — 229,193 229,334 Consumer, other 141 — — — 67,832 67,973 Consumer $ 282 $ — $ — $ — $ 297,025 $ 297,307 Deposit account overdrafts — — — — 1,074 1,074 Total originated loans $ 893,745 $ 34,486 $ 36,890 $ 359 $ 652,707 $ 1,618,187 Acquired loans: Commercial real estate, construction $ 10,242 $ — $ — $ — $ — $ 10,242 Commercial real estate, other 197,552 10,086 13,328 69 1 221,036 Commercial real estate $ 207,794 $ 10,086 $ 13,328 $ 69 $ 1 $ 231,278 Commercial and industrial 46,650 318 1,538 196 — 48,702 Residential real estate 17,023 649 1,375 — 219,740 238,787 Home equity lines of credit 245 — — — 27,539 27,784 Consumer, indirect 72 — — — 880 952 Consumer, other $ 59 $ — $ — $ — $ 3,459 $ 3,518 Consumer $ 131 $ — $ — $ — $ 4,339 $ 4,470 Total acquired loans $ 271,843 $ 11,053 $ 16,241 $ 265 $ 251,619 $ 551,021 Total loans $ 1,165,588 $ 45,539 $ 53,131 $ 624 $ 904,326 $ 2,169,208 Pass Rated (Grades 1 - 4) Watch (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) December 31, 2015 Originated loans: Commercial real estate, construction $ 62,225 $ — $ 913 $ — $ 647 $ 63,785 Commercial real estate, other 434,868 18,710 17,595 — 11 471,184 Commercial real estate $ 497,093 $ 18,710 $ 18,508 $ — $ 658 $ 534,969 Commercial and industrial 259,183 23,601 5,344 — 2 288,130 Residential real estate 21,903 1,168 12,282 187 253,243 288,783 Home equity lines of credit 785 — 175 — 73,216 74,176 Consumer, indirect 94 — 3 — 165,223 165,320 Consumer, other 114 — — — 61,699 61,813 Consumer $ 208 $ — $ 3 $ — $ 226,922 $ 227,133 Deposit account overdrafts — — — — 1,448 1,448 Total originated loans $ 779,172 $ 43,479 $ 36,312 $ 187 $ 555,489 $ 1,414,639 Acquired loans: Commercial real estate, construction $ 12,114 $ — $ — $ — $ — $ 12,114 Commercial real estate, other 233,630 13,866 17,521 75 — 265,092 Commercial real estate $ 245,744 $ 13,866 $ 17,521 $ 75 $ — $ 277,206 Commercial and industrial 56,077 3,078 4,238 196 — 63,589 Residential real estate 18,027 1,409 1,786 — 255,550 276,772 Home equity lines of credit 316 — — — 31,937 32,253 Consumer, indirect 130 — — — 1,646 1,776 Consumer, other 126 — — — 6,079 6,205 Consumer $ 256 $ — $ — $ — $ 7,725 $ 7,981 Total acquired loans $ 320,420 $ 18,353 $ 23,545 $ 271 $ 295,212 $ 657,801 Total loans $ 1,099,592 $ 61,832 $ 59,857 $ 458 $ 850,701 $ 2,072,440 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) September 30, 2016 Commercial real estate, construction $ 925 $ — $ 898 $ 898 $ — $ 927 $ 1 Commercial real estate, other 21,497 7,878 13,370 21,248 1,164 18,950 530 Commercial real estate $ 22,422 $ 7,878 $ 14,268 $ 22,146 $ 1,164 $ 19,877 $ 531 Commercial and industrial 4,064 2,832 1,075 3,907 506 3,722 164 Residential real estate 30,087 428 28,770 29,198 122 28,745 978 Home equity lines of credit 1,248 — 1,241 1,241 — 1,002 59 Consumer, indirect 209 — 199 199 — 126 17 Consumer, other 295 — 291 291 — 244 38 Consumer $ 504 $ — $ 490 $ 490 $ — $ 370 $ 55 Total $ 58,325 $ 11,138 $ 45,844 $ 56,982 $ 1,792 $ 53,716 $ 1,787 December 31, 2015 Commercial real estate, construction $ 957 $ — $ 957 $ 957 $ — $ 227 $ 3 Commercial real estate, other 23,430 6,396 12,772 19,168 1,363 13,070 815 Commercial real estate $ 24,387 $ 6,396 $ 13,729 $ 20,125 $ 1,363 $ 13,297 $ 818 Commercial and industrial 5,670 1,224 4,130 5,354 351 4,049 246 Residential real estate 31,304 370 28,834 29,204 106 26,785 1,354 Home equity lines of credit 425 — 419 419 — 325 18 Consumer, indirect 118 — 103 103 — 84 — Consumer, other 265 — 195 195 — 210 28 Consumer $ 383 $ — $ 298 $ 298 $ — $ 294 $ 28 Total $ 62,169 $ 7,990 $ 47,410 $ 55,400 $ 1,820 $ 44,750 $ 2,464 At September 30, 2016 , 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 loan, such as (i) a reduction in the interest rate for the remaining life of the loan, (ii) an extension of the maturity date at an interest rate lower than the current market rate for new loans 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 nine months ended September 30 : Three Months Ended Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment September 30, 2016 Originated loans: Residential real estate 2 $ 75 $ 75 $ 75 Home equity lines of credit 3 23 23 23 Consumer, indirect 7 78 78 78 Consumer, other 3 34 34 34 Consumer 10 $ 112 $ 112 $ 112 Total originated loans 15 $ 210 $ 210 $ 210 Acquired loans: Commercial real estate, other 1 $ 224 $ 224 $ 224 Residential real estate 2 141 141 141 Total acquired loans 3 $ 365 $ 365 $ 365 September 30, 2015 Originated loans: Commercial real estate, other 2 $ 128 $ 128 $ 128 Commercial and industrial 4 13,670 13,670 13,658 Residential real estate 2 73 73 73 Home equity lines of credit 2 78 78 77 Consumer, indirect 2 31 31 31 Total originated loans 12 $ 13,980 $ 13,980 $ 13,967 Acquired loans: Commercial real estate, other 1 $ 24 $ 24 $ 24 Residential real estate 1 34 33 33 Home equity lines of credit 1 8 8 8 Total acquired loans 3 $ 66 $ 65 $ 65 (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. Nine Months Ended Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment September 30, 2016 Originated loans: Commercial real estate, other 1 $ 57 $ 57 $ 56 Commercial and industrial 6 716 724 685 Residential real estate 5 173 173 173 Home equity lines of credit 3 23 23 23 Consumer, indirect 9 107 107 107 Consumer, other 5 46 46 46 Consumer 14 $ 153 $ 153 $ 153 Total originated loans 29 $ 1,122 $ 1,130 $ 1,090 Acquired loans: Commercial real estate, other 1 $ 223 $ 223 $ 223 Residential real estate 11 927 929 923 Home equity lines of credit 3 179 179 173 Consumer, indirect 2 8 8 8 Consumer, other 3 17 17 17 Consumer 5 $ 25 $ 25 $ 25 Total acquired loans 20 $ 1,354 $ 1,356 $ 1,344 September 30, 2015 Originated loans: Commercial real estate, other 2 $ 128 $ 128 $ 128 Commercial and industrial 4 13,670 13,670 13,658 Residential real estate 4 257 256 167 Home equity lines of credit 11 387 387 378 Consumer, indirect 4 45 42 41 Total originated loans 25 $ 14,487 $ 14,483 $ 14,372 Acquired loans: Commercial real estate, other 1 $ 24 $ 24 $ 24 Residential real estate 1 34 33 33 Home equity lines of credit 1 8 8 8 Total acquired loans 3 $ 66 $ 65 $ 65 (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 nine months ended September 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.) September 30, 2016 September 30, 2015 (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 Originated loans: Commercial real estate, other 1 243 $ — — — — Commercial and industrial 1 173 $ — — — — Total 2 416 — — $ — $ — Acquired loans: Commercial and industrial — $ — $ — 2 196 — Total — $ — $ — 2 $ 196 $ — (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 acquired 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 Originated Loan Losses Changes in the allowance for originated loan losses for the nine months ended September 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, 2016 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,971 $ 121 $ 16,539 Charge-offs (12 ) (1,017 ) (524 ) (58 ) (1,899 ) (544 ) (4,054 ) Recoveries 1,199 250 193 33 910 148 2,733 Net recoveries (charge-offs) 1,187 (767 ) (331 ) (25 ) (989 ) (396 ) (1,321 ) (Recovery of) provision for loan losses (773 ) 1,075 194 (21 ) 1,850 418 2,743 Balance, September 30, 2016 $ 7,490 $ 5,690 $ 1,120 $ 686 $ 2,832 $ 143 $ 17,961 Period-end amount allocated to: Loans individually evaluated for impairment $ 1,164 $ 506 $ 122 $ — $ — $ — $ 1,792 Loans collectively evaluated for impairment 6,326 5,184 998 686 2,832 143 16,169 Ending balance $ 7,490 $ 5,690 $ 1,120 $ 686 $ 2,832 $ 143 $ 17,961 Balance, January 1, 2015 $ 9,825 $ 4,036 $ 1,627 $ 694 $ 1,587 $ 112 $ 17,881 Charge-offs (181 ) (426 ) (537 ) (116 ) (869 ) (566 ) (2,695 ) Recoveries 90 94 206 107 567 134 1,198 Net charge-offs (91 ) (332 ) (331 ) (9 ) (302 ) (432 ) (1,497 ) (Recovery of) provision for loan losses (2,297 ) 7,783 (117 ) 92 518 474 6,453 Balance, September 30, 2015 $ 7,437 $ 11,487 $ 1,179 $ 777 $ 1,803 $ 154 $ 22,837 Period-end amount allocated to: Loans individually evaluated for impairment $ 7 $ 7,193 $ 4 $ — $ — $ — $ 7,204 Loans collectively evaluated for impairment 7,430 4,294 1,175 777 1,803 154 15,633 Ending balance $ 7,437 $ 11,487 $ 1,179 $ 777 $ 1,803 $ 154 $ 22,837 The reduction in the allowance for loan losses allocated to commercial and industrial recorded during the first nine months of 2016 compared to the same period of 2015 was driven by a decrease in the allowance needed for loans individually evaluated for impairment which was offset partially by loan growth. The changes in the residential real estate, home equity lines of credit and consumer categories of the allowance for originated loan losses and the related provision for originated loan losses recorded during the nine months of 2016 compared to the same period in 2015 were driven by net charge-off activity and increases in the size of the respective loan portfolios. Allowance for Acquired Loan Losses Acquired loans are recorded at their fair value as of the acquisition date with no valuation allowance, and monitored for changes in credit quality and subsequent increases or decreases in expected cash flows. Decreases in expected cash flows of acquired credit impaired loans are recognized as an impairment, with the amount of the expected loss included in management's evaluation of the appropriateness of the allowance for loan losses. The methods utilized to estimate the required allowance for loan losses for nonimpaired acquired loans are similar to those utilized for originated loans; however, Peoples records a provision for loan losses only when the computed allowance exceeds the remaining fair value adjustment. As of September 30, 2016 , the expected cash flows for acquired credit impaired loans had decreased from those as of the respective acquisition dates, resulting in Peoples recording provision for loan losses with respect to those acquired loans. The following table presents activity in the allowance for loan losses for acquired loans for the nine months ended September 30 : Three Months Ended Nine Months Ended (Dollars in thousands) September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Purchased credit impaired loans: Balance, beginning of period $ 197 $ — $ 240 $ — Charge-offs (16 ) — (67 ) — Recoveries — — — — Net charge-offs (recoveries) (16 ) — (67 ) — Provision for loan losses 77 303 85 303 Balance, September 30 $ 258 $ 303 $ 258 $ 303 |
Schedule of Financing Receivables, Type | The major classifications of loan balances, excluding loans held for sale, were as follows: (Dollars in thousands) September 30, December 31, 2015 Originated loans: Commercial real estate, construction $ 70,838 $ 63,785 Commercial real estate, other 507,842 471,184 Commercial real estate 578,680 534,969 Commercial and industrial 351,340 288,130 Residential real estate 306,374 288,783 Home equity lines of credit 83,412 74,176 Consumer, indirect 229,334 165,320 Consumer, other 67,973 61,813 Consumer 297,307 227,133 Deposit account overdrafts 1,074 1,448 Total originated loans $ 1,618,187 $ 1,414,639 Acquired loans: Commercial real estate, construction $ 10,242 $ 12,114 Commercial real estate, other 221,036 265,092 Commercial real estate 231,278 277,206 Commercial and industrial 48,702 63,589 Residential real estate 238,787 276,772 Home equity lines of credit 27,784 32,253 Consumer, indirect 952 1,776 Consumer, other 3,518 6,205 Consumer 4,470 7,981 Total acquired loans $ 551,021 $ 657,801 Loans, net of deferred fees and costs $ 2,169,208 $ 2,072,440 |
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) September 30, December 31, Commercial real estate, other $ 11,391 $ 16,893 Commercial and industrial 2,567 3,040 Residential real estate 24,212 27,155 Consumer 94 193 Total outstanding balance $ 38,264 $ 47,281 Net carrying amount $ 28,292 $ 35,064 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield | Changes in the accretable yield for purchased credit impaired loans for the nine months ended September 30, 2016 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2015 $ 7,042 Reclassification from nonaccretable to accretable 2,014 Accretion (1,430 ) Balance, September 30, 2016 $ 7,626 |
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) September 30, December 31, September 30, December 31, Originated loans: Commercial real estate, construction $ 855 $ 921 $ — $ — Commercial real estate, other 9,982 7,041 — — Commercial real estate $ 10,837 $ 7,962 $ — $ — Commercial and industrial 1,468 480 — 680 Residential real estate 3,722 3,057 34 169 Home equity lines of credit 273 321 199 — Consumer, indirect 30 34 82 — Consumer, other 5 58 — 1 Consumer $ 35 $ 92 $ 82 $ 1 Total originated loans $ 16,335 $ 11,912 $ 315 $ 850 Acquired loans: Commercial real estate, other 780 469 1,636 2,425 Commercial and industrial 281 247 452 1,306 Residential real estate 1,713 798 1,758 1,353 Home equity lines of credit 232 98 — 35 Consumer, other 5 7 — — Total acquired loans $ 3,011 $ 1,619 $ 3,846 $ 5,119 Total loans $ 19,346 $ 13,531 $ 4,161 $ 5,969 |
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 September 30, 2016 Originated loans: Commercial real estate, construction $ — $ — $ 855 $ 855 $ 69,983 $ 70,838 Commercial real estate, other 726 1,032 9,381 11,139 496,703 507,842 Commercial real estate $ 726 $ 1,032 $ 10,236 $ 11,994 $ 566,686 $ 578,680 Commercial and industrial 1,083 412 1,415 2,910 348,430 351,340 Residential real estate 2,043 1,094 1,694 4,831 301,543 306,374 Home equity lines of credit 153 46 318 517 82,895 83,412 Consumer, indirect 945 184 82 1,211 228,123 229,334 Consumer, other 291 96 — 387 67,586 67,973 Consumer $ 1,236 $ 280 $ 82 $ 1,598 $ 295,709 $ 297,307 Deposit account overdrafts — — — — 1,074 1,074 Total originated loans $ 5,241 $ 2,864 $ 13,745 $ 21,850 $ 1,596,337 $ 1,618,187 Acquired loans: Commercial real estate, construction $ — $ — $ — $ — $ 10,242 $ 10,242 Commercial real estate, other 623 294 2,293 3,210 217,826 221,036 Commercial real estate $ 623 $ 294 $ 2,293 $ 3,210 $ 228,068 $ 231,278 Commercial and industrial 188 59 733 980 47,722 48,702 Residential real estate 1,269 1,804 2,511 5,584 233,203 238,787 Home equity lines of credit 54 156 178 388 27,396 27,784 Consumer, indirect 27 — — 27 925 952 Consumer, other 32 14 — 46 3,472 3,518 Consumer $ 59 $ 14 $ — $ 73 $ 4,397 $ 4,470 Total acquired loans $ 2,193 $ 2,327 $ 5,715 $ 10,235 $ 540,786 $ 551,021 Total loans $ 7,434 $ 5,191 $ 19,460 $ 32,085 $ 2,137,123 $ 2,169,208 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total December 31, 2015 Originated loans: Commercial real estate, construction $ 913 $ — $ 8 $ 921 $ 62,864 $ 63,785 Commercial real estate, other 7,260 1,258 379 8,897 462,287 471,184 Commercial real estate $ 8,173 $ 1,258 $ 387 $ 9,818 $ 525,151 $ 534,969 Commercial and industrial 1,437 215 767 2,419 285,711 288,130 Residential real estate 3,124 1,105 1,263 5,492 283,291 288,783 Home equity lines of credit 161 7 104 272 73,904 74,176 Consumer, indirect 790 168 — 958 164,362 165,320 Consumer, other 597 82 32 711 61,102 61,813 Consumer $ 1,387 $ 250 $ 32 $ 1,669 $ 225,464 $ 227,133 Deposit account overdrafts — — — — 1,448 1,448 Total originated loans $ 14,282 $ 2,835 $ 2,553 $ 19,670 $ 1,394,969 $ 1,414,639 Acquired loans: Commercial real estate, construction $ — $ — $ 40 $ 40 $ 12,074 $ 12,114 Commercial real estate, other 1,592 352 2,730 4,674 260,418 265,092 Commercial real estate $ 1,592 $ 352 $ 2,770 $ 4,714 $ 272,492 $ 277,206 Commercial and industrial 177 232 1,553 1,962 61,627 63,589 Residential real estate 4,910 2,480 1,745 9,135 267,637 276,772 Home equity lines of credit 318 20 95 433 31,820 32,253 Consumer, indirect 23 — — 23 1,753 1,776 Consumer, other 67 31 — 98 6,107 6,205 Consumer $ 90 $ 31 $ — $ 121 $ 7,860 $ 7,981 Total acquired loans $ 7,087 $ 3,115 $ 6,163 $ 16,365 $ 641,436 $ 657,801 Total loans $ 21,369 $ 5,950 $ 8,716 $ 36,035 $ 2,036,405 $ 2,072,440 |
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) September 30, 2016 Originated loans: Commercial real estate, construction $ 69,517 $ — $ 855 $ — $ 466 $ 70,838 Commercial real estate, other 483,190 9,242 15,410 — — 507,842 Commercial real estate $ 552,707 $ 9,242 $ 16,265 $ — $ 466 $ 578,680 Commercial and industrial 319,634 24,178 7,512 — 16 351,340 Residential real estate 20,577 1,066 12,975 359 271,397 306,374 Home equity lines of credit 545 — 138 — 82,729 83,412 Consumer, indirect 141 — — — 229,193 229,334 Consumer, other 141 — — — 67,832 67,973 Consumer $ 282 $ — $ — $ — $ 297,025 $ 297,307 Deposit account overdrafts — — — — 1,074 1,074 Total originated loans $ 893,745 $ 34,486 $ 36,890 $ 359 $ 652,707 $ 1,618,187 Acquired loans: Commercial real estate, construction $ 10,242 $ — $ — $ — $ — $ 10,242 Commercial real estate, other 197,552 10,086 13,328 69 1 221,036 Commercial real estate $ 207,794 $ 10,086 $ 13,328 $ 69 $ 1 $ 231,278 Commercial and industrial 46,650 318 1,538 196 — 48,702 Residential real estate 17,023 649 1,375 — 219,740 238,787 Home equity lines of credit 245 — — — 27,539 27,784 Consumer, indirect 72 — — — 880 952 Consumer, other $ 59 $ — $ — $ — $ 3,459 $ 3,518 Consumer $ 131 $ — $ — $ — $ 4,339 $ 4,470 Total acquired loans $ 271,843 $ 11,053 $ 16,241 $ 265 $ 251,619 $ 551,021 Total loans $ 1,165,588 $ 45,539 $ 53,131 $ 624 $ 904,326 $ 2,169,208 Pass Rated (Grades 1 - 4) Watch (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) December 31, 2015 Originated loans: Commercial real estate, construction $ 62,225 $ — $ 913 $ — $ 647 $ 63,785 Commercial real estate, other 434,868 18,710 17,595 — 11 471,184 Commercial real estate $ 497,093 $ 18,710 $ 18,508 $ — $ 658 $ 534,969 Commercial and industrial 259,183 23,601 5,344 — 2 288,130 Residential real estate 21,903 1,168 12,282 187 253,243 288,783 Home equity lines of credit 785 — 175 — 73,216 74,176 Consumer, indirect 94 — 3 — 165,223 165,320 Consumer, other 114 — — — 61,699 61,813 Consumer $ 208 $ — $ 3 $ — $ 226,922 $ 227,133 Deposit account overdrafts — — — — 1,448 1,448 Total originated loans $ 779,172 $ 43,479 $ 36,312 $ 187 $ 555,489 $ 1,414,639 Acquired loans: Commercial real estate, construction $ 12,114 $ — $ — $ — $ — $ 12,114 Commercial real estate, other 233,630 13,866 17,521 75 — 265,092 Commercial real estate $ 245,744 $ 13,866 $ 17,521 $ 75 $ — $ 277,206 Commercial and industrial 56,077 3,078 4,238 196 — 63,589 Residential real estate 18,027 1,409 1,786 — 255,550 276,772 Home equity lines of credit 316 — — — 31,937 32,253 Consumer, indirect 130 — — — 1,646 1,776 Consumer, other 126 — — — 6,079 6,205 Consumer $ 256 $ — $ — $ — $ 7,725 $ 7,981 Total acquired loans $ 320,420 $ 18,353 $ 23,545 $ 271 $ 295,212 $ 657,801 Total loans $ 1,099,592 $ 61,832 $ 59,857 $ 458 $ 850,701 $ 2,072,440 |
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) September 30, 2016 Commercial real estate, construction $ 925 $ — $ 898 $ 898 $ — $ 927 $ 1 Commercial real estate, other 21,497 7,878 13,370 21,248 1,164 18,950 530 Commercial real estate $ 22,422 $ 7,878 $ 14,268 $ 22,146 $ 1,164 $ 19,877 $ 531 Commercial and industrial 4,064 2,832 1,075 3,907 506 3,722 164 Residential real estate 30,087 428 28,770 29,198 122 28,745 978 Home equity lines of credit 1,248 — 1,241 1,241 — 1,002 59 Consumer, indirect 209 — 199 199 — 126 17 Consumer, other 295 — 291 291 — 244 38 Consumer $ 504 $ — $ 490 $ 490 $ — $ 370 $ 55 Total $ 58,325 $ 11,138 $ 45,844 $ 56,982 $ 1,792 $ 53,716 $ 1,787 December 31, 2015 Commercial real estate, construction $ 957 $ — $ 957 $ 957 $ — $ 227 $ 3 Commercial real estate, other 23,430 6,396 12,772 19,168 1,363 13,070 815 Commercial real estate $ 24,387 $ 6,396 $ 13,729 $ 20,125 $ 1,363 $ 13,297 $ 818 Commercial and industrial 5,670 1,224 4,130 5,354 351 4,049 246 Residential real estate 31,304 370 28,834 29,204 106 26,785 1,354 Home equity lines of credit 425 — 419 419 — 325 18 Consumer, indirect 118 — 103 103 — 84 — Consumer, other 265 — 195 195 — 210 28 Consumer $ 383 $ — $ 298 $ 298 $ — $ 294 $ 28 Total $ 62,169 $ 7,990 $ 47,410 $ 55,400 $ 1,820 $ 44,750 $ 2,464 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes the loans that were modified as a TDR during the three and nine months ended September 30 : Three Months Ended Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment September 30, 2016 Originated loans: Residential real estate 2 $ 75 $ 75 $ 75 Home equity lines of credit 3 23 23 23 Consumer, indirect 7 78 78 78 Consumer, other 3 34 34 34 Consumer 10 $ 112 $ 112 $ 112 Total originated loans 15 $ 210 $ 210 $ 210 Acquired loans: Commercial real estate, other 1 $ 224 $ 224 $ 224 Residential real estate 2 141 141 141 Total acquired loans 3 $ 365 $ 365 $ 365 September 30, 2015 Originated loans: Commercial real estate, other 2 $ 128 $ 128 $ 128 Commercial and industrial 4 13,670 13,670 13,658 Residential real estate 2 73 73 73 Home equity lines of credit 2 78 78 77 Consumer, indirect 2 31 31 31 Total originated loans 12 $ 13,980 $ 13,980 $ 13,967 Acquired loans: Commercial real estate, other 1 $ 24 $ 24 $ 24 Residential real estate 1 34 33 33 Home equity lines of credit 1 8 8 8 Total acquired loans 3 $ 66 $ 65 $ 65 (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. Nine Months Ended Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment September 30, 2016 Originated loans: Commercial real estate, other 1 $ 57 $ 57 $ 56 Commercial and industrial 6 716 724 685 Residential real estate 5 173 173 173 Home equity lines of credit 3 23 23 23 Consumer, indirect 9 107 107 107 Consumer, other 5 46 46 46 Consumer 14 $ 153 $ 153 $ 153 Total originated loans 29 $ 1,122 $ 1,130 $ 1,090 Acquired loans: Commercial real estate, other 1 $ 223 $ 223 $ 223 Residential real estate 11 927 929 923 Home equity lines of credit 3 179 179 173 Consumer, indirect 2 8 8 8 Consumer, other 3 17 17 17 Consumer 5 $ 25 $ 25 $ 25 Total acquired loans 20 $ 1,354 $ 1,356 $ 1,344 September 30, 2015 Originated loans: Commercial real estate, other 2 $ 128 $ 128 $ 128 Commercial and industrial 4 13,670 13,670 13,658 Residential real estate 4 257 256 167 Home equity lines of credit 11 387 387 378 Consumer, indirect 4 45 42 41 Total originated loans 25 $ 14,487 $ 14,483 $ 14,372 Acquired loans: Commercial real estate, other 1 $ 24 $ 24 $ 24 Residential real estate 1 34 33 33 Home equity lines of credit 1 8 8 8 Total acquired loans 3 $ 66 $ 65 $ 65 (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 nine months ended September 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.) September 30, 2016 September 30, 2015 (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 Originated loans: Commercial real estate, other 1 243 $ — — — — Commercial and industrial 1 173 $ — — — — Total 2 416 — — $ — $ — Acquired loans: Commercial and industrial — $ — $ — 2 196 — Total — $ — $ — 2 $ 196 $ — (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 originated loan losses for the nine months ended September 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, 2016 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,971 $ 121 $ 16,539 Charge-offs (12 ) (1,017 ) (524 ) (58 ) (1,899 ) (544 ) (4,054 ) Recoveries 1,199 250 193 33 910 148 2,733 Net recoveries (charge-offs) 1,187 (767 ) (331 ) (25 ) (989 ) (396 ) (1,321 ) (Recovery of) provision for loan losses (773 ) 1,075 194 (21 ) 1,850 418 2,743 Balance, September 30, 2016 $ 7,490 $ 5,690 $ 1,120 $ 686 $ 2,832 $ 143 $ 17,961 Period-end amount allocated to: Loans individually evaluated for impairment $ 1,164 $ 506 $ 122 $ — $ — $ — $ 1,792 Loans collectively evaluated for impairment 6,326 5,184 998 686 2,832 143 16,169 Ending balance $ 7,490 $ 5,690 $ 1,120 $ 686 $ 2,832 $ 143 $ 17,961 Balance, January 1, 2015 $ 9,825 $ 4,036 $ 1,627 $ 694 $ 1,587 $ 112 $ 17,881 Charge-offs (181 ) (426 ) (537 ) (116 ) (869 ) (566 ) (2,695 ) Recoveries 90 94 206 107 567 134 1,198 Net charge-offs (91 ) (332 ) (331 ) (9 ) (302 ) (432 ) (1,497 ) (Recovery of) provision for loan losses (2,297 ) 7,783 (117 ) 92 518 474 6,453 Balance, September 30, 2015 $ 7,437 $ 11,487 $ 1,179 $ 777 $ 1,803 $ 154 $ 22,837 Period-end amount allocated to: Loans individually evaluated for impairment $ 7 $ 7,193 $ 4 $ — $ — $ — $ 7,204 Loans collectively evaluated for impairment 7,430 4,294 1,175 777 1,803 154 15,633 Ending balance $ 7,437 $ 11,487 $ 1,179 $ 777 $ 1,803 $ 154 $ 22,837 |
Allowance for Loan Losses Acquired Loans [Table Text Block] | Three Months Ended Nine Months Ended (Dollars in thousands) September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Purchased credit impaired loans: Balance, beginning of period $ 197 $ — $ 240 $ — Charge-offs (16 ) — (67 ) — Recoveries — — — — Net charge-offs (recoveries) (16 ) — (67 ) — Provision for loan losses 77 303 85 303 Balance, September 30 $ 258 $ 303 $ 258 $ 303 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes Peoples' long-term borrowings: September 30, 2016 December 31, 2015 (Dollars in thousands) Balance Weighted- Balance Weighted- FHLB putable, non-amortizing, fixed-rate advances $ 70,000 2.49 % $ 50,000 3.32 % Callable national market repurchase agreements 40,000 3.63 % 40,000 3.63 % FHLB amortizing, fixed-rate advances 30,743 2.02 % 16,934 2.69 % Junior subordinated debt securities 6,877 2.34 % 6,736 1.83 % Unamortized debt issuance costs (57 ) — % — — % Total long-term borrowings $ 147,563 2.69 % $ 113,670 3.25 % |
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 Three months ending December 31, 2016 $ 2,408 2.08 % Year ending December 31, 2017 5,545 1.77 % Year ending December 31, 2018 64,970 3.54 % Year ending December 31, 2019 13,508 1.27 % Year ending December 31, 2020 10,564 2.03 % Thereafter 50,568 2.26 % Total long-term borrowings $ 147,563 2.69 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Schedule of Preferred, Common and Treasury Stock | The following table details the progression in Peoples’ common shares and treasury stock during the nine months ended September 30, 2016 : Common Shares Treasury Stock Shares at December 31, 2015 18,931,200 586,686 Changes related to stock-based compensation awards: Release of restricted common shares — 13,892 Cancellation of restricted common shares (10,654 ) 1,000 Grant of restricted common shares — (56,000 ) Grant of common shares — (350 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 6,291 Reissuance of treasury stock — (12,012 ) Common shares repurchased under share repurchase program — 279,770 Common shares issued under dividend reinvestment plan 15,668 — Common shares issued under compensation plan for Boards of Directors — (11,450 ) Common shares issued under employee stock purchase plan — (12,970 ) Shares at September 30, 2016 18,936,214 794,857 |
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 nine months ended September 30, 2016 : (Dollars in thousands) Unrealized Gain on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Loss on Cash Flow Hedge Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2015 $ 2,869 $ (3,228 ) $ — $ (359 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (560 ) — — (560 ) Other comprehensive income (loss), net of reclassifications and tax 9,542 44 (120 ) 9,466 Balance, September 30, 2016 $ 11,851 $ (3,184 ) $ (120 ) $ 8,547 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Interest cost $ 110 $ 111 $ 329 $ 335 Expected return on plan assets (123 ) (122 ) (369 ) (373 ) Amortization of net loss 23 28 71 92 Settlement of benefit obligation — 82 — 454 Net periodic cost $ 10 $ 99 $ 31 $ 508 Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Interest cost $ 1 $ 2 $ 3 $ 4 Amortization of net loss (2 ) (2 ) (5 ) (4 ) Net periodic benefit $ (1 ) $ — $ (2 ) $ — |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine Months Ended September 30, September 30, (Dollars in thousands, except per share data) 2016 2015 2016 2015 Distributed earnings allocated to common shareholders $ 2,879 $ 2,727 $ 8,471 $ 7,696 Undistributed earnings allocated to common shareholders 4,881 1,375 15,189 574 Net earnings allocated to common shareholders $ 7,760 $ 4,102 $ 23,660 $ 8,270 Weighted-average common shares outstanding 17,993,443 18,127,131 18,015,249 17,357,034 Effect of potentially dilutive common shares 117,267 144,848 108,411 130,608 Total weighted-average diluted common shares outstanding 18,110,710 18,271,979 18,123,660 17,487,642 Earnings per common share: Basic $ 0.43 $ 0.23 $ 1.31 $ 0.48 Diluted $ 0.43 $ 0.22 $ 1.31 $ 0.47 Anti-dilutive shares excluded from calculation: Restricted shares, stock options and stock appreciation rights 18,604 42,832 24,461 47,831 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 nine months ended September 30, 2016 : Number of Common Shares Subject to Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 20,310 $ 28.83 Expired 20,310 28.83 Outstanding at September 30 — $ — 0.0 years $ — Exercisable at September 30 — $ — 0.0 years $ — |
Schedule of Stock Appreciation Rights Outstanding & Exercisable by Exercise Price | The following table summarizes the changes to Peoples' SARs for the nine months ended September 30, 2016 : Number of Common Shares Subject to SARs Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 17,748 $ 25.86 Forfeited 3,194 26.67 Outstanding at September 30 14,554 $ 25.60 0.8 years $ 8,817 Exercisable at September 30 14,554 $ 25.60 0.8 years $ 8,817 |
Schedule of Restricted Shares Activity | The following table summarizes the changes to Peoples’ restricted common shares for the nine months ended September 30, 2016 : 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 30,734 $ 21.76 158,763 $ 22.86 Awarded 20,500 21.88 35,500 17.86 Released 334 21.52 41,028 21.74 Forfeited 2,000 21.92 9,654 22.67 Outstanding at September 30 48,900 $ 21.81 143,581 $ 21.95 |
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 for each period: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Total stock-based compensation expense $ 346 $ 405 $ 1,009 $ 1,432 Recognized tax benefit (121 ) (142 ) (353 ) (501 ) Net expense recognized $ 225 $ 263 $ 656 $ 931 |
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 September 30, 2016 : Exercise Price Number of Common Shares Subject to SARs Outstanding & Exercisable Weighted- Average Remaining Contractual Life $23.26 2,000 0.8 years $23.77 7,508 1.2 years $29.25 5,046 0.3 years Total 14,554 0.8 years |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Assets Measured at Fair Value Recurring) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Recurring Basis | ||
Available-for-sale securities | $ 762,143 | $ 784,701 |
Held-to-maturity securities | 45,145 | 45,853 |
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 | 45,145 | 45,853 |
Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Held-to-maturity securities | 0 | 0 |
U.S. government sponsored agencies | ||
Recurring Basis | ||
Available-for-sale securities | 1,001 | 2,966 |
States and political subdivisions | ||
Recurring Basis | ||
Available-for-sale securities | 117,839 | 114,726 |
Held-to-maturity securities | 4,285 | 4,221 |
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 | 4,285 | 4,221 |
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 | 607,452 | 632,293 |
Held-to-maturity securities | 35,205 | 35,196 |
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 | 35,205 | 35,196 |
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 | 23,283 | 23,845 |
Held-to-maturity securities | 5,655 | 6,436 |
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 | 5,655 | 6,436 |
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 | 4,783 | 4,635 |
Equity securities | ||
Recurring Basis | ||
Available-for-sale securities | 7,785 | 6,236 |
Recurring Basis [Member] | ||
Recurring Basis | ||
Available-for-sale securities | 762,143 | 784,701 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 7,569 | 6,024 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 754,574 | 778,677 |
Recurring Basis [Member] | 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 | 1,001 | 2,966 |
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 | 1,001 | 2,966 |
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 | 117,839 | 114,726 |
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 | 117,839 | 114,726 |
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 | 607,452 | 632,293 |
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 | 607,452 | 632,293 |
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 | 23,283 | 23,845 |
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 | 23,283 | 23,845 |
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 | 4,783 | 4,635 |
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 | 4,783 | 4,635 |
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 | 7,785 | 6,236 |
Recurring Basis [Member] | Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 7,569 | 6,024 |
Recurring Basis [Member] | Equity securities | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 216 | 212 |
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) - Nonrecurring Basis | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | |
Nonrecurring Basis | ||
Losses on impaired loans charged through allowance for loan losses | $ 58,000 | $ 63,000 |
Significant Other Observable Inputs (Level 2) | ||
Nonrecurring Basis | ||
Impaired loans, aggregate outstanding principal balance | 44,700,000 | 44,700,000 |
Impaired loans, fair value | $ 36,800,000 | $ 36,800,000 |
Fair Value of Financial Instr30
Fair Value of Financial Instruments (Fair Values of Financial Assets and Liabilities on Balance Sheets) (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Cash and cash equivalents | $ 67,835,000 | $ 71,115,000 |
Investment securities | 845,731,000 | 868,955,000 |
Loans (1) | 2,127,828,000 | 2,018,482,000 |
Financial liabilities: | ||
Deposits | 2,579,379,000 | 2,540,131,000 |
Short-term borrowings | 162,807,000 | 160,386,000 |
Long-term borrowings | 151,912,000 | 117,299,000 |
Cash flow hedges (2) | 219,000 | 0 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 67,835,000 | 71,115,000 |
Investment securities | 844,248,000 | 868,830,000 |
Loans (1) | 2,155,704,000 | 2,057,614,000 |
Financial liabilities: | ||
Deposits | 2,575,457,000 | 2,535,944,000 |
Short-term borrowings | 162,807,000 | 160,386,000 |
Long-term borrowings | 147,563,000 | 113,670,000 |
Cash flow hedges (2) | $ 219 | $ 0 |
Investment Securities (Availabl
Investment Securities (Available-for-sale Securities) (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities | ||
Securities of a single issuer, other than US Treasury, government agencies and US government sponsored agencies exceeding 10% of Stockholders' Equity | $ 0 | |
Amortized Cost | 743,878,000 | $ 780,304,000 |
Gross Unrealized Gains | 20,935,000 | 13,196,000 |
Gross Unrealized Losses | (2,670,000) | (8,799,000) |
Available-for-sale securities | 762,143,000 | 784,701,000 |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 998,000 | 2,908,000 |
Gross Unrealized Gains | 3,000 | 58,000 |
Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities | 1,001,000 | 2,966,000 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 113,530,000 | 111,283,000 |
Gross Unrealized Gains | 4,309,000 | 3,487,000 |
Gross Unrealized Losses | 0 | (44,000) |
Available-for-sale securities | 117,839,000 | 114,726,000 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 599,589,000 | 635,504,000 |
Gross Unrealized Gains | 10,037,000 | 4,905,000 |
Gross Unrealized Losses | (2,174,000) | (8,116,000) |
Available-for-sale securities | 607,452,000 | 632,293,000 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 22,658,000 | 23,770,000 |
Gross Unrealized Gains | 625,000 | 119,000 |
Gross Unrealized Losses | 0 | (44,000) |
Available-for-sale securities | 23,283,000 | 23,845,000 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 5,163,000 | 5,146,000 |
Gross Unrealized Gains | 47,000 | 0 |
Gross Unrealized Losses | (427,000) | (511,000) |
Available-for-sale securities | 4,783,000 | 4,635,000 |
Equity securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,940,000 | 1,693,000 |
Gross Unrealized Gains | 5,914,000 | 4,627,000 |
Gross Unrealized Losses | (69,000) | (84,000) |
Available-for-sale securities | $ 7,785,000 | $ 6,236,000 |
Investment Securities (Availa32
Investment Securities (Available-for-sale Securities Gross Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Gross gains and gross losses realized from sales of available-for-sale securities: | ||||
Gross gains realized | $ 0 | $ 94 | $ 863 | $ 726 |
Gross losses realized | 1 | 32 | 1 | 53 |
Net (loss)/gain realized | $ (1) | $ 62 | $ 862 | $ 673 |
Investment Securities (Availa33
Investment Securities (Available-for-sale Securities with Unrealized Loss) (Details) $ in Thousands | Sep. 30, 2016USD ($)securities | Dec. 31, 2015USD ($)securities |
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | $ 119,144 | $ 320,460 |
Less than 12 months, unrealized loss | $ 693 | $ 4,018 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 29 | 90 |
12 months or more, fair value | $ 49,749 | $ 104,915 |
12 months or more, unrealized loss | $ 1,977 | $ 4,781 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 25 | 38 |
Total unrealized loss position, fair value | $ 168,893 | $ 425,375 |
Total unrealized loss | 2,670 | 8,799 |
States and political subdivisions | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 7,662 | |
Less than 12 months, unrealized loss | $ 38 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 8 | |
12 months or more, fair value | $ 213 | |
12 months or more, unrealized loss | $ 6 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 1 | |
Total unrealized loss position, fair value | $ 7,875 | |
Total unrealized loss | 44 | |
Residential mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 119,144 | 303,549 |
Less than 12 months, unrealized loss | $ 693 | $ 3,902 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 29 | 76 |
12 months or more, fair value | $ 47,071 | $ 102,090 |
12 months or more, unrealized loss | $ 1,481 | $ 4,214 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 21 | 33 |
Total unrealized loss position, fair value | $ 166,215 | $ 405,639 |
Total unrealized loss | 2,174 | 8,116 |
Commercial mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 6,682 | |
Less than 12 months, unrealized loss | $ 44 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 3 | |
12 months or more, fair value | $ 0 | |
12 months or more, unrealized loss | $ 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 0 | |
Total unrealized loss position, fair value | $ 6,682 | |
Total unrealized loss | 44 | |
Bank-issued trust preferred securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 0 | 2,129 |
Less than 12 months, unrealized loss | $ 0 | $ 19 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 0 | 1 |
12 months or more, fair value | $ 2,571 | $ 2,506 |
12 months or more, unrealized loss | $ 427 | $ 492 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 3 | 3 |
Total unrealized loss position, fair value | $ 2,571 | $ 4,635 |
Total unrealized loss | $ 427 | 511 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 3 | |
Equity securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | $ 0 | 438 |
Less than 12 months, unrealized loss | $ 0 | $ 15 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 0 | 2 |
12 months or more, fair value | $ 107 | $ 106 |
12 months or more, unrealized loss | $ 69 | $ 69 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 1 | 1 |
Total unrealized loss position, fair value | $ 107 | $ 544 |
Total unrealized loss | $ 69 | $ 84 |
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: | ||
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 | $ 700 |
Investment Securities (Availa34
Investment Securities (Available-for-sale Securities by Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 1,676 | |
Debt securities, maturing 1 to 5 years, amortized cost | 32,283 | |
Debt securities, maturing 5 to 10 years, amortized cost | 80,625 | |
Available-for-sale securities, maturing over 10 years, amortized cost | 627,354 | |
Amortized Cost | 743,878 | $ 780,304 |
Debt securities, maturing within 1 year, fair value | 1,684 | |
Debt securities, maturing 1 to 5 years, fair value | 32,744 | |
Debt securities, maturing 5 to 10 years, fair value | 82,732 | |
Available-for-sale securities, maturing over 10 years, fair value | 637,198 | |
Fair Value | $ 762,143 | 784,701 |
Available-for-sale securities, maturing within 1 year, average yield | 2.98% | |
Available-for-sale securities, maturing 1 to 5 years, average yield | 3.17% | |
Available-for-sale securities, maturing 5 to 10 years, average yield | 2.95% | |
Available-for-sale securities, maturing over 10 years, average yield | 2.65% | |
Available-for-sale securities, total average yield | 2.72% | |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 998 | |
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 | 998 | |
Amortized Cost | 998 | 2,908 |
Debt securities, maturing within 1 year, fair value | 1,001 | |
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 | 1,001 | |
Fair Value | 1,001 | 2,966 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 675 | |
Debt securities, maturing 1 to 5 years, amortized cost | 14,577 | |
Debt securities, maturing 5 to 10 years, amortized cost | 29,022 | |
Debt securities, maturing over 10 years, amortized cost | 69,256 | |
Debt securities, total amortized cost | 113,530 | |
Amortized Cost | 113,530 | 111,283 |
Debt securities, maturing within 1 year, fair value | 679 | |
Debt securities, maturing 1 to 5 years, fair value | 14,923 | |
Debt securities, maturing 5 to 10 years, fair value | 29,954 | |
Debt securities, maturing over 10 years, fair value | 72,283 | |
Debt securities, total fair value | 117,839 | |
Fair Value | 117,839 | 114,726 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 3 | |
Debt securities, maturing 1 to 5 years, amortized cost | 14,449 | |
Debt securities, maturing 5 to 10 years, amortized cost | 35,568 | |
Debt securities, maturing over 10 years, amortized cost | 549,569 | |
Debt securities, total amortized cost | 599,589 | |
Amortized Cost | 599,589 | 635,504 |
Debt securities, maturing within 1 year, fair value | 4 | |
Debt securities, maturing 1 to 5 years, fair value | 14,449 | |
Debt securities, maturing 5 to 10 years, fair value | 36,254 | |
Debt securities, maturing over 10 years, fair value | 556,745 | |
Debt securities, total fair value | 607,452 | |
Fair Value | 607,452 | 632,293 |
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 | 3,257 | |
Debt securities, maturing 5 to 10 years, amortized cost | 16,035 | |
Debt securities, maturing over 10 years, amortized cost | 3,366 | |
Debt securities, total amortized cost | 22,658 | |
Amortized Cost | 22,658 | 23,770 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 3,372 | |
Debt securities, maturing 5 to 10 years, fair value | 16,524 | |
Debt securities, maturing over 10 years, fair value | 3,387 | |
Debt securities, total fair value | 23,283 | |
Fair Value | 23,283 | 23,845 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Other securities, maturing over 10 years, amortized cost | 5,163 | |
Other securities, total amortized cost | 5,163 | |
Amortized Cost | 5,163 | 5,146 |
Other securities, maturing over 10 years, fair value | 4,783 | |
Other securities, total fair value | 4,783 | |
Fair Value | 4,783 | 4,635 |
Equity securities | ||
Schedule of Available-for-sale Securities | ||
Other securities, total amortized cost | 1,940 | |
Amortized Cost | 1,940 | 1,693 |
Other securities, total fair value | 7,785 | |
Fair Value | $ 7,785 | $ 6,236 |
Investment Securities (Held-to-
Investment Securities (Held-to-maturity Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 43,662 | $ 45,728 |
Gross Unrealized Gains | 1,511 | 757 |
Gross Unrealized Losses | (28) | (632) |
Held-to-maturity investment securities at fair value | 45,145 | 45,853 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,823 | 3,831 |
Gross Unrealized Gains | 462 | 394 |
Gross Unrealized Losses | 0 | (4) |
Held-to-maturity investment securities at fair value | 4,285 | 4,221 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 34,203 | 35,367 |
Gross Unrealized Gains | 1,030 | 363 |
Gross Unrealized Losses | (28) | (534) |
Held-to-maturity investment securities at fair value | 35,205 | 35,196 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,636 | 6,530 |
Gross Unrealized Gains | 19 | 0 |
Gross Unrealized Losses | 0 | (94) |
Held-to-maturity investment securities at fair value | $ 5,655 | $ 6,436 |
Investment Securities (Held-t36
Investment Securities (Held-to-Maturity Securities Gross Realized Gains and Losses) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
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 | Sep. 30, 2016USD ($)securities | Dec. 31, 2015USD ($)securities |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 9,053 | $ 4,246 |
Less than 12 months, unrealized loss | $ 7 | $ 93 |
Less than 12 months, no. of securities | securities | 1 | 3 |
12 months or more, fair value | $ 1,001 | $ 16,254 |
12 months or more, unrealized loss | $ 21 | $ 539 |
12 months or more, no. of securities | securities | 1 | 4 |
Total fair value | $ 10,054 | $ 20,500 |
Total unrealized loss | 28 | 632 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 0 | |
Less than 12 months, unrealized loss | $ 0 | |
Less than 12 months, no. of securities | securities | 0 | |
12 months or more, fair value | $ 319 | |
12 months or more, unrealized loss | $ 4 | |
12 months or more, no. of securities | securities | 1 | |
Total fair value | $ 319 | |
Total unrealized loss | 0 | 4 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 9,053 | 3,706 |
Less than 12 months, unrealized loss | $ 7 | $ 89 |
Less than 12 months, no. of securities | securities | 1 | 2 |
12 months or more, fair value | $ 1,001 | $ 10,040 |
12 months or more, unrealized loss | $ 21 | $ 445 |
12 months or more, no. of securities | securities | 1 | 2 |
Total fair value | $ 10,054 | $ 13,746 |
Total unrealized loss | 28 | 534 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 540 | |
Less than 12 months, unrealized loss | $ 4 | |
Less than 12 months, no. of securities | securities | 1 | |
12 months or more, fair value | $ 5,895 | |
12 months or more, unrealized loss | $ 90 | |
12 months or more, no. of securities | securities | 1 | |
Total fair value | $ 6,435 | |
Total unrealized loss | $ 0 | $ 94 |
Investment Securities (Held-t38
Investment Securities (Held-to-maturity Securities by Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
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 | 320 | |
Debt securities, maturing 5 to 10 years, amortized cost | 5,615 | |
Debt securities, maturing over 10 years, amortized cost | 37,727 | |
Amortized Cost | 43,662 | $ 45,728 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 328 | |
Debt securities, maturing 5 to 10 years, fair value | 5,947 | |
Debt securities, maturing over 10 years, fair value | 38,870 | |
Fair Value | $ 45,145 | 45,853 |
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 | 2.24% | |
Held-to-maturity securities, maturing over 10 years, average yield | 2.86% | |
Held-to-maturity securities, total average yield | 2.78% | |
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 | 320 | |
Debt securities, maturing 5 to 10 years, amortized cost | 977 | |
Debt securities, maturing over 10 years, amortized cost | 2,526 | |
Amortized Cost | 3,823 | 3,831 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 328 | |
Debt securities, maturing 5 to 10 years, fair value | 1,123 | |
Debt securities, maturing over 10 years, fair value | 2,834 | |
Fair Value | 4,285 | 4,221 |
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 | 4,638 | |
Debt securities, maturing over 10 years, amortized cost | 29,565 | |
Amortized Cost | 34,203 | 35,367 |
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 | 4,824 | |
Debt securities, maturing over 10 years, fair value | 30,381 | |
Fair Value | 35,205 | 35,196 |
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 | 5,636 | |
Amortized Cost | 5,636 | 6,530 |
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 | 5,655 | |
Fair Value | $ 5,655 | $ 6,436 |
Investment Securities (Pledged
Investment Securities (Pledged Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of available-for-sale securities pledged to secure public and trust department deposits and repurchase agreements | $ 529 | $ 495.5 |
Carrying value of held-to-maturity securities pledged to secure public and trust department deposits and repurchase agreements | 20.2 | 21.4 |
Carrying value of available-for-sale securities pledged to secure additional borrowing capacity at Federal Home Loan Bank and Federal Reserve Bank | 9.8 | 11.1 |
Pledged Financial Instruments, Not Separately Reported, Held-To-Maturity Securities for Federal Home Loan Bank and Federal Reserve Bank | $ 22.5 | $ 23.3 |
Investment Securities (Fully ta
Investment Securities (Fully tax-equivalent basis) (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Federal income tax rate | 35.00% |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
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 | 538,700,000 | $ 554,800,000 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Pledged assets separately reported, loans pledged as collateral, at fair value | $ 159,900,000 | $ 195,500,000 |
Loans (Loan Balances By Classif
Loans (Loan Balances By Classification) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 2,169,208 | $ 2,072,440 |
Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 2,169,208 | 2,072,440 |
Originated Loan | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,618,187 | 1,414,639 |
Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 70,838 | 63,785 |
Originated Loan | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 578,680 | 534,969 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 351,340 | 288,130 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 306,374 | 288,783 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 83,412 | 74,176 |
Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 229,334 | 165,320 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 67,973 | 61,813 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 297,307 | 227,133 |
Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,074 | 1,448 |
Acquired Loans | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 551,021 | 657,801 |
Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 10,242 | 12,114 |
Acquired Loans | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 231,278 | 277,206 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 48,702 | 63,589 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 238,787 | 276,772 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 27,784 | 32,253 |
Acquired Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 952 | 1,776 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 3,518 | 6,205 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 4,470 | $ 7,981 |
Loans (Loans Acquired With Dete
Loans (Loans Acquired With Deterioration of Credit Quality) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Purchased credit impaired loans | ||
Carrying Amount | $ 28,292 | $ 35,064 |
Total loans | ||
Purchased credit impaired loans | ||
Outstanding Balance | 38,264 | 47,281 |
Commercial real estate | ||
Purchased credit impaired loans | ||
Outstanding Balance | 11,391 | 16,893 |
Commercial and industrial | ||
Purchased credit impaired loans | ||
Outstanding Balance | 2,567 | 3,040 |
Residential real estate | ||
Purchased credit impaired loans | ||
Outstanding Balance | 24,212 | 27,155 |
Consumer, other | ||
Purchased credit impaired loans | ||
Outstanding Balance | $ 94 | $ 193 |
Loans Accretable Yield Rollforw
Loans Accretable Yield Rollforward (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Beginning balance | $ 7,042 |
Reclassification from nonaccretable to accretable | 2,014 |
Accretion | (1,430) |
Ending balance | $ 7,626 |
Loans (Nonaccrual and Past Due
Loans (Nonaccrual and Past Due Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | $ 19,346 | $ 13,531 |
Loans 90 Days Past Due and Accruing | 4,161 | 5,969 |
Originated Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 16,335 | 11,912 |
Loans 90 Days Past Due and Accruing | 315 | 850 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 9,982 | 7,041 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 855 | 921 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 10,837 | 7,962 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 1,468 | 480 |
Loans 90 Days Past Due and Accruing | 0 | 680 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 3,722 | 3,057 |
Loans 90 Days Past Due and Accruing | 34 | 169 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 273 | 321 |
Loans 90 Days Past Due and Accruing | 199 | 0 |
Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 30 | 34 |
Loans 90 Days Past Due and Accruing | 82 | 0 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 5 | 58 |
Loans 90 Days Past Due and Accruing | 0 | 1 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 35 | 92 |
Loans 90 Days Past Due and Accruing | 82 | 1 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 3,011 | 1,619 |
Loans 90 Days Past Due and Accruing | 3,846 | 5,119 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 780 | 469 |
Loans 90 Days Past Due and Accruing | 1,636 | 2,425 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 281 | 247 |
Loans 90 Days Past Due and Accruing | 452 | 1,306 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 1,713 | 798 |
Loans 90 Days Past Due and Accruing | 1,758 | 1,353 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 232 | 98 |
Loans 90 Days Past Due and Accruing | 0 | 35 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 5 | 7 |
Loans 90 Days Past Due and Accruing | $ 0 | $ 0 |
Loans (Aging Of The Recorded In
Loans (Aging Of The Recorded Investment In Past Due Loans And Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 2,169,208 | $ 2,072,440 |
Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 32,085 | 36,035 |
Current Loans | 2,137,123 | 2,036,405 |
Total Loans | 2,169,208 | 2,072,440 |
Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 855 | 921 |
Current Loans | 69,983 | 62,864 |
Total Loans | 70,838 | 63,785 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 11,139 | 8,897 |
Current Loans | 496,703 | 462,287 |
Total Loans | 507,842 | 471,184 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 11,994 | 9,818 |
Current Loans | 566,686 | 525,151 |
Total Loans | 578,680 | 534,969 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,910 | 2,419 |
Current Loans | 348,430 | 285,711 |
Total Loans | 351,340 | 288,130 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,831 | 5,492 |
Current Loans | 301,543 | 283,291 |
Total Loans | 306,374 | 288,783 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 517 | 272 |
Current Loans | 82,895 | 73,904 |
Total Loans | 83,412 | 74,176 |
Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,211 | 958 |
Current Loans | 228,123 | 164,362 |
Total Loans | 229,334 | 165,320 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,598 | 1,669 |
Current Loans | 295,709 | 225,464 |
Total Loans | 297,307 | 227,133 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 387 | 711 |
Current Loans | 67,586 | 61,102 |
Total Loans | 67,973 | 61,813 |
Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Current Loans | 1,074 | 1,448 |
Total Loans | 1,074 | 1,448 |
Originated Loan | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 21,850 | 19,670 |
Current Loans | 1,596,337 | 1,394,969 |
Total Loans | 1,618,187 | 1,414,639 |
Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 40 |
Current Loans | 10,242 | 12,074 |
Total Loans | 10,242 | 12,114 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,210 | 4,674 |
Current Loans | 217,826 | 260,418 |
Total Loans | 221,036 | 265,092 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,210 | 4,714 |
Current Loans | 228,068 | 272,492 |
Total Loans | 231,278 | 277,206 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 980 | 1,962 |
Current Loans | 47,722 | 61,627 |
Total Loans | 48,702 | 63,589 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 5,584 | 9,135 |
Current Loans | 233,203 | 267,637 |
Total Loans | 238,787 | 276,772 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 388 | 433 |
Current Loans | 27,396 | 31,820 |
Total Loans | 27,784 | 32,253 |
Acquired Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 27 | 23 |
Current Loans | 925 | 1,753 |
Total Loans | 952 | 1,776 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 73 | 121 |
Current Loans | 4,397 | 7,860 |
Total Loans | 4,470 | 7,981 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 46 | 98 |
Current Loans | 3,472 | 6,107 |
Total Loans | 3,518 | 6,205 |
Acquired Loans | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 10,235 | 16,365 |
Current Loans | 540,786 | 641,436 |
Total Loans | 551,021 | 657,801 |
30 - 59 days | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 7,434 | 21,369 |
30 - 59 days | Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 913 |
30 - 59 days | Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 726 | 7,260 |
30 - 59 days | Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 726 | 8,173 |
30 - 59 days | Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,083 | 1,437 |
30 - 59 days | Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,043 | 3,124 |
30 - 59 days | Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 153 | 161 |
30 - 59 days | Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 945 | 790 |
30 - 59 days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,236 | 1,387 |
30 - 59 days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 291 | 597 |
30 - 59 days | Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
30 - 59 days | Originated Loan | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 5,241 | 14,282 |
30 - 59 days | Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
30 - 59 days | Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 623 | 1,592 |
30 - 59 days | Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 623 | 1,592 |
30 - 59 days | Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 188 | 177 |
30 - 59 days | Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,269 | 4,910 |
30 - 59 days | Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 54 | 318 |
30 - 59 days | Acquired Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 27 | 23 |
30 - 59 days | Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 59 | 90 |
30 - 59 days | Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 32 | 67 |
30 - 59 days | Acquired Loans | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,193 | 7,087 |
60 - 89 days | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 5,191 | 5,950 |
60 - 89 days | Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
60 - 89 days | Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,032 | 1,258 |
60 - 89 days | Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,032 | 1,258 |
60 - 89 days | Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 412 | 215 |
60 - 89 days | Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,094 | 1,105 |
60 - 89 days | Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 46 | 7 |
60 - 89 days | Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 184 | 168 |
60 - 89 days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 280 | 250 |
60 - 89 days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 96 | 82 |
60 - 89 days | Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
60 - 89 days | Originated Loan | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,864 | 2,835 |
60 - 89 days | Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
60 - 89 days | Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 294 | 352 |
60 - 89 days | Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 294 | 352 |
60 - 89 days | Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 59 | 232 |
60 - 89 days | Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,804 | 2,480 |
60 - 89 days | Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 156 | 20 |
60 - 89 days | Acquired Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
60 - 89 days | Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 14 | 31 |
60 - 89 days | Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 14 | 31 |
60 - 89 days | Acquired Loans | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,327 | 3,115 |
90 Days | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 19,460 | 8,716 |
90 Days | Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 855 | 8 |
90 Days | Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 9,381 | 379 |
90 Days | Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 10,236 | 387 |
90 Days | Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,415 | 767 |
90 Days | Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,694 | 1,263 |
90 Days | Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 318 | 104 |
90 Days | Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 82 | 0 |
90 Days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 82 | 32 |
90 Days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 32 |
90 Days | Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
90 Days | Originated Loan | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 13,745 | 2,553 |
90 Days | Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 40 |
90 Days | Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,293 | 2,730 |
90 Days | Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,293 | 2,770 |
90 Days | Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 733 | 1,553 |
90 Days | Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,511 | 1,745 |
90 Days | Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 178 | 95 |
90 Days | Acquired Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
90 Days | Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
90 Days | Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
90 Days | Acquired Loans | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 5,715 | $ 6,163 |
Loans (Loans By Risk Category)
Loans (Loans By Risk Category) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 2,169,208 | $ 2,072,440 |
Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 2,169,208 | 2,072,440 |
Pass Rated (Grades 1 - 4) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,165,588 | 1,099,592 |
Watch (Grade 5) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 45,539 | 61,832 |
Substandard (Grade 6) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 53,131 | 59,857 |
Doubtful (Grade 7) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 624 | 458 |
Not Rated | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 904,326 | 850,701 |
Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 70,838 | 63,785 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 507,842 | 471,184 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 578,680 | 534,969 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 351,340 | 288,130 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 306,374 | 288,783 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 83,412 | 74,176 |
Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 229,334 | 165,320 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 297,307 | 227,133 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 67,973 | 61,813 |
Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,074 | 1,448 |
Originated Loan | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,618,187 | 1,414,639 |
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 | 69,517 | 62,225 |
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 | 483,190 | 434,868 |
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 | 552,707 | 497,093 |
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 | 319,634 | 259,183 |
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 | 20,577 | 21,903 |
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 | 545 | 785 |
Originated Loan | Pass Rated (Grades 1 - 4) | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 141 | 94 |
Originated Loan | Pass Rated (Grades 1 - 4) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 282 | 208 |
Originated Loan | Pass Rated (Grades 1 - 4) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 141 | 114 |
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 | Pass Rated (Grades 1 - 4) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 893,745 | 779,172 |
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 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 9,242 | 18,710 |
Originated Loan | Watch (Grade 5) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 9,242 | 18,710 |
Originated Loan | Watch (Grade 5) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 24,178 | 23,601 |
Originated Loan | Watch (Grade 5) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,066 | 1,168 |
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, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Watch (Grade 5) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Watch (Grade 5) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
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 | Watch (Grade 5) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 34,486 | 43,479 |
Originated Loan | Substandard (Grade 6) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 855 | 913 |
Originated Loan | Substandard (Grade 6) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 15,410 | 17,595 |
Originated Loan | Substandard (Grade 6) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 16,265 | 18,508 |
Originated Loan | Substandard (Grade 6) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 7,512 | 5,344 |
Originated Loan | Substandard (Grade 6) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 12,975 | 12,282 |
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 | 138 | 175 |
Originated Loan | Substandard (Grade 6) | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 3 |
Originated Loan | Substandard (Grade 6) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 3 |
Originated Loan | Substandard (Grade 6) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
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 | Substandard (Grade 6) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 36,890 | 36,312 |
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 | ||
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 | 0 | 0 |
Originated Loan | Doubtful (Grade 7) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 359 | 187 |
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, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Doubtful (Grade 7) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Doubtful (Grade 7) | Consumer, other | ||
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 | Doubtful (Grade 7) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 359 | 187 |
Originated Loan | Not Rated | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 466 | 647 |
Originated Loan | Not Rated | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 11 |
Originated Loan | Not Rated | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 466 | 658 |
Originated Loan | Not Rated | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 16 | 2 |
Originated Loan | Not Rated | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 271,397 | 253,243 |
Originated Loan | Not Rated | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 82,729 | 73,216 |
Originated Loan | Not Rated | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 229,193 | 165,223 |
Originated Loan | Not Rated | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 297,025 | 226,922 |
Originated Loan | Not Rated | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 67,832 | 61,699 |
Originated Loan | Not Rated | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,074 | 1,448 |
Originated Loan | Not Rated | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 652,707 | 555,489 |
Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 10,242 | 12,114 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 221,036 | 265,092 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 231,278 | 277,206 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 48,702 | 63,589 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 238,787 | 276,772 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 27,784 | 32,253 |
Acquired Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 952 | 1,776 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 4,470 | 7,981 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 3,518 | 6,205 |
Acquired Loans | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 551,021 | 657,801 |
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 | 10,242 | 12,114 |
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 | 197,552 | 233,630 |
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 | 207,794 | 245,744 |
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 | 46,650 | 56,077 |
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 | 17,023 | 18,027 |
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 | 245 | 316 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 72 | 130 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 131 | 256 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 59 | 126 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 271,843 | 320,420 |
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 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 10,086 | 13,866 |
Acquired Loans | Watch (Grade 5) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 10,086 | 13,866 |
Acquired Loans | Watch (Grade 5) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 318 | 3,078 |
Acquired Loans | Watch (Grade 5) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 649 | 1,409 |
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, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Watch (Grade 5) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Watch (Grade 5) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Watch (Grade 5) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 11,053 | 18,353 |
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 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 13,328 | 17,521 |
Acquired Loans | Substandard (Grade 6) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 13,328 | 17,521 |
Acquired Loans | Substandard (Grade 6) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,538 | 4,238 |
Acquired Loans | Substandard (Grade 6) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,375 | 1,786 |
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, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Substandard (Grade 6) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Substandard (Grade 6) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Substandard (Grade 6) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 16,241 | 23,545 |
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 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 69 | 75 |
Acquired Loans | Doubtful (Grade 7) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 69 | 75 |
Acquired Loans | Doubtful (Grade 7) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 196 | 196 |
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, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Doubtful (Grade 7) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Doubtful (Grade 7) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Doubtful (Grade 7) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 265 | 271 |
Acquired Loans | Not Rated | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Not Rated | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1 | 0 |
Acquired Loans | Not Rated | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1 | 0 |
Acquired Loans | Not Rated | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Not Rated | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 219,740 | 255,550 |
Acquired Loans | Not Rated | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 27,539 | 31,937 |
Acquired Loans | Not Rated | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 880 | 1,646 |
Acquired Loans | Not Rated | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 4,339 | 7,725 |
Acquired Loans | Not Rated | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 3,459 | 6,079 |
Acquired Loans | Not Rated | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 251,619 | $ 295,212 |
Loans (Schedule Of Impaired Loa
Loans (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Total loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 58,325 | $ 62,169 |
Recorded Investment With Allowance | 11,138 | 7,990 |
Recorded Investment Without Allowance | 45,844 | 47,410 |
Total Recorded Investment | 56,982 | 55,400 |
Related Allowance | 1,792 | 1,820 |
Average Recorded Investment | 53,716 | 44,750 |
Interest Income Recognized | 1,787 | 2,464 |
Commercial real estate, construction | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 925 | 957 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 898 | 957 |
Total Recorded Investment | 898 | 957 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 927 | 227 |
Interest Income Recognized | 1 | 3 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 21,497 | 23,430 |
Recorded Investment With Allowance | 7,878 | 6,396 |
Recorded Investment Without Allowance | 13,370 | 12,772 |
Total Recorded Investment | 21,248 | 19,168 |
Related Allowance | 1,164 | 1,363 |
Average Recorded Investment | 18,950 | 13,070 |
Interest Income Recognized | 530 | 815 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 22,422 | 24,387 |
Recorded Investment With Allowance | 7,878 | 6,396 |
Recorded Investment Without Allowance | 14,268 | 13,729 |
Total Recorded Investment | 22,146 | 20,125 |
Related Allowance | 1,164 | 1,363 |
Average Recorded Investment | 19,877 | 13,297 |
Interest Income Recognized | 531 | 818 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 4,064 | 5,670 |
Recorded Investment With Allowance | 2,832 | 1,224 |
Recorded Investment Without Allowance | 1,075 | 4,130 |
Total Recorded Investment | 3,907 | 5,354 |
Related Allowance | 506 | 351 |
Average Recorded Investment | 3,722 | 4,049 |
Interest Income Recognized | 164 | 246 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 30,087 | 31,304 |
Recorded Investment With Allowance | 428 | 370 |
Recorded Investment Without Allowance | 28,770 | 28,834 |
Total Recorded Investment | 29,198 | 29,204 |
Related Allowance | 122 | 106 |
Average Recorded Investment | 28,745 | 26,785 |
Interest Income Recognized | 978 | 1,354 |
Home equity lines of credit | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,248 | 425 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 1,241 | 419 |
Total Recorded Investment | 1,241 | 419 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,002 | 325 |
Interest Income Recognized | 59 | 18 |
Consumer, indirect | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 209 | 118 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 199 | 103 |
Total Recorded Investment | 199 | 103 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 126 | 84 |
Interest Income Recognized | 17 | 0 |
Consumer, other | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 295 | 265 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 291 | 195 |
Total Recorded Investment | 291 | 195 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 244 | 210 |
Interest Income Recognized | 38 | 28 |
Consumer, other | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 504 | 383 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 490 | 298 |
Total Recorded Investment | 490 | 298 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 370 | 294 |
Interest Income Recognized | $ 55 | $ 28 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | |
Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 128 | |||
Financing Receivable Modifications Number Of Contracts During Period | contract | 2 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 128 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | $ 128 | |||
Originated Loan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contract | 2 | 0 | ||
Total Recorded Investment | $ 210 | $ 13,967 | $ 1,090 | $ 14,372 |
Financing Receivable Modifications Number Of Contracts During Period | contract | 29 | 25 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 1,122 | $ 14,487 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 1,130 | 14,483 | ||
Financing Receivable, Modifications, Number of Contracts | contract | 15 | 12 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 210 | $ 13,980 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 210 | 13,980 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 416 | $ 0 | ||
Financing Receivable, Modifications, Subsequent Default, Determination of Allowance for Credit Losses | 0 | 0 | ||
Originated Loan | Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 128 | $ 56 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 2 | 1 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 128 | $ 57 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 128 | $ 57 | ||
Originated Loan | Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contract | 1 | 0 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 243 | $ 0 | ||
Financing Receivable, Modifications, Subsequent Default, Determination of Allowance for Credit Losses | 0 | 0 | ||
Originated Loan | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 75 | $ 73 | $ 173 | $ 167 |
Financing Receivable Modifications Number Of Contracts During Period | contract | 2 | 5 | 4 | |
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 73 | $ 173 | $ 257 | |
Financing Receivable Modifications Post Modification Recorded Investment During Period | 73 | 173 | 256 | |
Financing Receivable, Modifications, Number of Contracts | contract | 2 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 75 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 75 | |||
Originated Loan | Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 23 | $ 77 | $ 23 | $ 378 |
Financing Receivable Modifications Number Of Contracts During Period | contract | 3 | 3 | 11 | |
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 23 | $ 23 | $ 387 | |
Financing Receivable Modifications Post Modification Recorded Investment During Period | 23 | 23 | 387 | |
Financing Receivable, Modifications, Number of Contracts | contract | 2 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 78 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 78 | |||
Originated Loan | Consumer, indirect | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 78 | $ 31 | $ 107 | $ 41 |
Financing Receivable Modifications Number Of Contracts During Period | contract | 9 | 4 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 107 | $ 45 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 107 | $ 42 | ||
Financing Receivable, Modifications, Number of Contracts | contract | 7 | 2 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 78 | $ 31 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 78 | 31 | ||
Originated Loan | Consumer, other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 34 | $ 46 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 5 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 46 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 46 | |||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 34 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 34 | |||
Originated Loan | Consumer, other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 112 | $ 153 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 14 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 153 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | $ 153 | |||
Financing Receivable, Modifications, Number of Contracts | contract | 10 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 112 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 112 | |||
Originated Loan | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contract | 1 | 0 | ||
Total Recorded Investment | $ 13,658 | $ 685 | $ 13,658 | |
Financing Receivable Modifications Number Of Contracts During Period | contract | 4 | 4 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 13,670 | $ 13,670 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 13,670 | 13,670 | ||
Financing Receivable, Modifications, Number of Contracts | contract | 6 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 716 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 724 | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 173 | $ 0 | ||
Financing Receivable, Modifications, Subsequent Default, Determination of Allowance for Credit Losses | 0 | 0 | ||
Acquired Loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contract | 0 | 2 | ||
Total Recorded Investment | $ 365 | $ 65 | $ 1,344 | $ 65 |
Financing Receivable Modifications Number Of Contracts During Period | contract | 20 | 3 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 1,354 | $ 66 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 1,356 | 65 | ||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | 3 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 365 | $ 66 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 365 | 65 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 196 | ||
Financing Receivable, Modifications, Subsequent Default, Determination of Allowance for Credit Losses, Amount | 0 | 0 | ||
Acquired Loans | Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 224 | $ 24 | $ 223 | $ 24 |
Financing Receivable Modifications Number Of Contracts During Period | contract | 1 | 1 | 1 | 1 |
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 224 | $ 24 | $ 223 | $ 24 |
Financing Receivable Modifications Post Modification Recorded Investment During Period | 224 | 24 | 223 | 24 |
Acquired Loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 141 | $ 33 | $ 923 | $ 33 |
Financing Receivable Modifications Number Of Contracts During Period | contract | 11 | 1 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 927 | $ 34 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 929 | 33 | ||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 141 | $ 34 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 141 | 33 | ||
Acquired Loans | Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 8 | $ 173 | $ 8 | |
Financing Receivable Modifications Number Of Contracts During Period | contract | 3 | 1 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 179 | $ 8 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 179 | $ 8 | ||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 8 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 8 | |||
Acquired Loans | Consumer, indirect | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 8 | |||
Financing Receivable Modifications Number Of Contracts During Period | contract | 2 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 8 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 8 | |||
Acquired Loans | Consumer, other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 17 | |||
Financing Receivable Modifications Number Of Contracts During Period | contract | 3 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 17 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 17 | |||
Acquired Loans | Consumer, other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 25 | |||
Financing Receivable Modifications Number Of Contracts During Period | contract | 5 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 25 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | $ 25 | |||
Acquired Loans | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contract | 0 | 2 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 196 | ||
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 | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
(Recovery of) provision for loan losses | $ 1,146 | $ 5,837 | $ 2,828 | $ 6,859 | ||
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 7,076 | 9,825 | ||||
Charge-offs | (12) | (181) | ||||
Recoveries | 1,199 | 90 | ||||
Net recoveries (charge-offs) | (1,187) | 91 | ||||
(Recovery of) provision for loan losses | (773) | (2,297) | ||||
Ending balance | 7,490 | 7,437 | 7,490 | 7,437 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | $ 1,164 | $ 7 | ||||
Loans collectively evaluated for impairment | 6,326 | 7,430 | ||||
Ending balance | 7,490 | 7,437 | 7,076 | 9,825 | 7,490 | 7,437 |
Acquired Nonimpaired Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 0 | 0 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 303 | 303 | ||||
Period-end amount allocated to: | ||||||
Ending balance | 0 | 0 | ||||
Total loans | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 16,539 | 17,881 | ||||
Charge-offs | (4,054) | (2,695) | ||||
Recoveries | 2,733 | 1,198 | ||||
Net recoveries (charge-offs) | 1,321 | 1,497 | ||||
(Recovery of) provision for loan losses | 2,743 | 6,453 | ||||
Ending balance | 17,961 | 22,837 | 17,961 | 22,837 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 1,792 | 7,204 | ||||
Loans collectively evaluated for impairment | 16,169 | 15,633 | ||||
Ending balance | 17,961 | 22,837 | 16,539 | 17,881 | 17,961 | 22,837 |
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 197 | 240 | ||||
Charge-offs | (16) | (67) | ||||
Recoveries | 0 | 0 | ||||
Net recoveries (charge-offs) | 16 | 0 | ||||
Ending balance | 258 | 303 | 258 | 303 | ||
Financing Receivable, Allowance for Credit Losses, Net Recoveries (Write-downs) | 67 | 0 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 77 | 85 | ||||
Period-end amount allocated to: | ||||||
Ending balance | 197 | 303 | 240 | 303 | 258 | 303 |
Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 5,382 | 4,036 | ||||
Charge-offs | (1,017) | (426) | ||||
Recoveries | 250 | 94 | ||||
Net recoveries (charge-offs) | 767 | 332 | ||||
(Recovery of) provision for loan losses | 1,075 | 7,783 | ||||
Ending balance | 5,690 | 11,487 | 5,690 | 11,487 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 506 | 7,193 | ||||
Loans collectively evaluated for impairment | 5,184 | 4,294 | ||||
Ending balance | 5,690 | 11,487 | 5,382 | 4,036 | 5,690 | 11,487 |
Residential real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 1,257 | 1,627 | ||||
Charge-offs | (524) | (537) | ||||
Recoveries | 193 | 206 | ||||
Net recoveries (charge-offs) | 331 | 331 | ||||
(Recovery of) provision for loan losses | 194 | (117) | ||||
Ending balance | 1,120 | 1,179 | 1,120 | 1,179 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 122 | 4 | ||||
Loans collectively evaluated for impairment | 998 | 1,175 | ||||
Ending balance | 1,120 | 1,179 | 1,257 | 1,627 | 1,120 | 1,179 |
Home equity lines of credit | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 732 | 694 | ||||
Charge-offs | (58) | (116) | ||||
Recoveries | 33 | 107 | ||||
Net recoveries (charge-offs) | 25 | 9 | ||||
(Recovery of) provision for loan losses | (21) | 92 | ||||
Ending balance | 686 | 777 | 686 | 777 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 686 | 777 | ||||
Ending balance | 686 | 777 | 732 | 694 | 686 | 777 |
Consumer, other | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 1,971 | 1,587 | ||||
Charge-offs | (1,899) | (869) | ||||
Recoveries | 910 | 567 | ||||
Net recoveries (charge-offs) | 989 | 302 | ||||
(Recovery of) provision for loan losses | 1,850 | 518 | ||||
Ending balance | 2,832 | 1,803 | 2,832 | 1,803 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 2,832 | 1,803 | ||||
Ending balance | 2,832 | 1,803 | 1,971 | 1,587 | 2,832 | 1,803 |
Deposit account overdrafts | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 121 | 112 | ||||
Charge-offs | (544) | (566) | ||||
Recoveries | 148 | 134 | ||||
Net recoveries (charge-offs) | 396 | 432 | ||||
(Recovery of) provision for loan losses | 418 | 474 | ||||
Ending balance | 143 | 154 | 143 | 154 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 143 | 154 | ||||
Ending balance | $ 143 | $ 154 | $ 121 | $ 112 | $ 143 | $ 154 |
Long-Term Borrowings (Details)
Long-Term Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Callable national market repurchase agreements | $ 40,000 | $ 40,000 |
Weighted- Average Rate | 3.63% | 3.63% |
Junior subordinated debt securities | $ 6,877 | $ 6,736 |
Unamortized debt issuance costs | (57) | 0 |
Total long-term borrowings | $ 147,563 | $ 113,670 |
Long-term borrowings, Weighted-Average Rate | 2.69% | 3.25% |
Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | ||
Debt Instrument [Line Items] | ||
FHLB Advances | $ 70,000 | $ 50,000 |
Weighted- Average Rate | 2.49% | 3.32% |
Federal Home Loan Bank Advances, Fixed Rate, Amortizing [Member] | ||
Debt Instrument [Line Items] | ||
FHLB Advances | $ 30,743 | $ 16,934 |
Weighted- Average Rate | 2.02% | 2.69% |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted- Average Rate | 2.34% | 0.00% |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) | Mar. 06, 2015USD ($)semi_annual_period | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Restructured borrowings | $ 20 | ||
Restructuring Charges | 700,000 | ||
Long-term borrowings | 147,563,000 | $ 113,670,000 | |
Junior subordinated debt securities | 6,877,000 | 6,736,000 | |
Interest rate on capital securities | 1.50% | ||
Unadvanced revolving line of credit | 15,000,000 | $ 15,000,000 | |
Line of Credit Facility, Commitment Fee Amount | $ 70,600 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.47% | ||
Maximum aggregate indebtedness under debt covenants | $ 10,000,000 | ||
Maximum material transaction amount under debt covenant | $ 10,000,000 | ||
Total risk-based capital ratio minimum under debt covenant | 12.50% | ||
Nonperforming assets to tangible capital plus allowance for loan losses maximum under debt covenant | 20.00% | ||
Allowance for loan losses to nonperforming loans minimum under debt covenant | 70.00% | ||
Fixed charge coverage ratio minimum required by debt covenant | 125.00% | ||
Minimum | |||
Derivative, Fixed Interest Rate | 1.49% | ||
Repurchase agreements, maturities period | 5 years | ||
Maximum | |||
Derivative, Fixed Interest Rate | 1.56% | ||
Repurchase agreements, maturities period | 10 years | ||
Distributions on capital securities, deferred, number of consecutive semi-annual periods | semi_annual_period | 20 | ||
FHLB Advances [Member] | |||
Long-term borrowings | $ 35 | ||
Federal Home Loan Bank Advances [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.08% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 1.40% | ||
Federal Home Loan Bank Advances, Fixed Rate, Amortizing [Member] | Minimum | |||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 2 years | ||
Federal Home Loan Bank Advances, Fixed Rate, Amortizing [Member] | Maximum | |||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 15 years | ||
Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | Minimum | |||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 2 years | ||
Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | Maximum | |||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 11 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 | ||
Long-term Debt [Member] | |||
Weighted- Average Rate | 2.17% | ||
NB&T Financial Group, Inc. | |||
Junior subordinated debt securities | $ 6,600,000 | ||
Long-term Debt [Member] | |||
Weighted- Average Rate | 2.97% | ||
Interest Rate Swap [Member] | |||
Long-term borrowings | $ 30 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.65% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 3.92% |
Long-Term Borrowings (Maturity)
Long-Term Borrowings (Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Three months ending December 31, 2016 | $ 2,408 | |
Year ending December 31, 2017 | 5,545 | |
Year ending December 31, 2018 | 64,970 | |
Year ending December 31, 2019 | 13,508 | |
Year ending December 31, 2020 | 10,564 | |
Thereafter | 50,568 | |
Long-term borrowings | $ 147,563 | $ 113,670 |
Nine months ending December 31, 2016 | 2.08% | |
Year ending December 31, 2017 | 1.77% | |
Year ending December 31, 2018 | 3.54% | |
Year ending December 31, 2019 | 1.27% | |
Year ending December 31, 2020 | 2.03% | |
Thereafter | 2.26% | |
Total long-term borrowings | 2.69% | 3.25% |
Stockholders' Equity (Stock Rol
Stockholders' Equity (Stock Rollforward) (Details) | 9 Months Ended |
Sep. 30, 2016shares | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Common stock, beginning of period | 18,931,200 |
Treasury stock, beginning of period | 586,688 |
Changes related to deferred compensation plan for Boards of Directors: | |
Common stock, end of period | 18,936,214 |
Treasury stock, end of period | 794,857 |
Common Shares | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Common stock, beginning of period | 18,931,200 |
Changes related to stock-based compensation awards: | |
Cancellation of restricted common shares | (10,654) |
Changes related to deferred compensation plan for Boards of Directors: | |
Common shares issued under dividend reinvestment plan | 15,668 |
Common stock, end of period | 18,936,214 |
Treasury Stock | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Treasury stock, beginning of period | 586,686 |
Changes related to stock-based compensation awards: | |
Release of restricted common shares | 13,892 |
Cancellation of restricted common shares | 1,000 |
Grant of restricted common shares | (350) |
Changes related to deferred compensation plan for Boards of Directors: | |
Purchase of treasury stock | 6,291 |
Reissuance of treasury stock | (12,012) |
Stock Repurchased During Period, Shares | 279,770 |
Common shares issued under compensation plan for Boards of Directors | (11,450) |
Common shares issued under employee stock purchase plan | (12,970) |
Treasury stock, end of period | 794,857 |
Restricted Shares | Treasury Stock | |
Changes related to stock-based compensation awards: | |
Grant of restricted common shares | (56,000) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - shares | Sep. 30, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Preferred Stock, Shares Outstanding | 0 | |
Preferred stock - shares authorized | 50,000 | 50,000 |
Preferred stock - shares issued | 0 | 0 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Equity [Abstract] | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | $ (120) | $ (120) | $ 0 | ||
Accumulated Other Comprehensive (Loss) Income [Roll Forward] | |||||
Unrealized Gain on Securities | 2,869 | ||||
Realized gain on sale of securities, net of tax | (560) | ||||
Other comprehensive income (loss), net of reclassifications and tax | 9,542 | ||||
Unrealized Gain on Securities | 11,851 | 11,851 | |||
Unrecognized Net Pension and Postretirement Costs | 3,228 | ||||
Other comprehensive income (loss), net of reclassifications and tax | 44 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 44 | $ 0 | (120) | $ 0 | |
Unrecognized Net Pension and Postretirement Costs | (3,184) | (3,184) | |||
Accumulated Other Comprehensive Income (Loss) | (359) | ||||
Realized gain on sale of securities, net of tax | (560) | ||||
Other comprehensive income (loss), net of reclassifications and tax | 9,466 | ||||
Accumulated Other Comprehensive Income (Loss) | $ 8,547 | $ 8,547 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Plans, Defined Benefit | ||||
Components of net periodic benefit costs: | ||||
Interest cost | $ 110,000 | $ 111,000 | $ 329,000 | $ 335,000 |
Expected return on plan assets | (123,000) | (122,000) | (369,000) | (373,000) |
Amortization of net loss | 23,000 | 28,000 | 71,000 | 92,000 |
Settlement of benefit obligation | 0 | (82,000) | 0 | (454,000) |
Net periodic benefit/cost | 10,000 | 99,000 | 31,000 | 508,000 |
Other Postretirement Benefit Plans, Defined Benefit | ||||
Components of net periodic benefit costs: | ||||
Interest cost | 1,000 | 2,000 | 3,000 | 4,000 |
Amortization of net loss | (2,000) | (2,000) | (5,000) | (4,000) |
Net periodic benefit/cost | $ (1,000) | $ 0 | $ (2,000) | $ 0 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Distributed earnings allocated to shareholders | $ 2,879 | $ 2,727 | $ 8,471 | $ 7,696 |
Undistributed earnings allocated to shareholders | 4,881 | 1,375 | 15,189 | 574 |
Net earnings allocated to shareholders | $ 7,760 | $ 4,102 | $ 23,660 | $ 8,270 |
Weighted-average number of common shares outstanding - basic | 17,993,443 | 18,127,131 | 18,015,249 | 17,357,034 |
Effect of potentially dilutive shares | 117,267 | 144,848 | 108,411 | 130,608 |
Total weighted-average diluted shares outstanding | 18,110,710 | 18,271,979 | 18,123,660 | 17,487,642 |
Earnings per common share - basic | $ 0.43 | $ 0.23 | $ 1.31 | $ 0.48 |
Earnings per common share - diluted | $ 0.43 | $ 0.22 | $ 1.31 | $ 0.47 |
Anti-dilutive shares excluded from computation of EPS | 18,604 | 42,832 | 24,461 | 47,831 |
Financial Instruments with Of59
Financial Instruments with Off- Balance Sheet Risk (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Derivative [Line Items] | |||||
Interest Rate Derivative Assets, at Fair Value | $ 6,900,000 | $ 6,900,000 | $ 3,100,000 | ||
Interest Rate Derivative Liabilities, at Fair Value | 7,100,000 | $ 7,100,000 | 3,100,000 | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 25 months | ||||
Reclassifications into Interest expense on cash flow hedge | $ 0 | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0 | 0 | |||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 68,000 | 184,000 | $ 0 | ||
Reclassifications into earnings on cash flow hedge | $ 0 | ||||
Fair Value of Interest Rate Swaps | 6,900,000 | 6,900,000 | 3,100,000 | ||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 30,000,000 | 30,000,000 | |||
Interest Rate Contract [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 238,600,000 | $ 238,600,000 | $ 144,400,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense related to unvested awards, amount | $ 1.8 | |
Unrecognized stock-based compensation expense related to unvested awards, weighted-average period of recognition | 1 year 8 months | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
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 | $ 0.7 | $ 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 | |
Performance-Based Vesting | Restricted Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awarded | 35,500 | |
Time-Based Vesting | Restricted Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awarded | 20,500 |
Stock-Based Compensation (Optio
Stock-Based Compensation (Options Outstanding & Exercisable) (Details) | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Number of Common Shares Subject to Options (in shares) | |
Outstanding at January 1 | shares | 20,310 |
Expired | shares | 20,310 |
September 30, 2016 | shares | 0 |
Number of common shares subject to options, exercisable (in shares) | shares | 0 |
Weighted-Average Exercise Price (in dollars per share) | |
Outstanding at January 1 | $ / shares | $ 28.83 |
Expired | $ / shares | 28.83 |
September 30, 2016 | $ / shares | 0 |
Weighted-average exercise price, exercisable (in dollars per share) | $ / shares | $ 0 |
Additional Disclosures | |
Weighted-average remaining contractual life, outstanding | 1 day |
Weighted-average remaining contractual life, exercisable | 1 day |
Aggregate intrinsic value, outstanding | $ | $ 0 |
Aggregate intrinsic value, exercisable | $ | $ 0 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Appreciation Rights) (Details) - SARs - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares outstanding (in shares) | 14,554 | 17,748 |
Shares exercisable (in shares) | 14,554 | |
Shares outstanding, weighted-average exercise price (in dollars per share) | $ 25.60 | $ 25.86 |
Shares exercisable, weighted-average exercise price (in dollars per share) | $ 25.60 | |
Shares outstanding, weighted-average remaining contractual life | 9 months | |
Shares exercisable, weighted-average remaining contractual life | 9 months | |
Shares outstanding, aggregate intrinsic value | $ 8,817 | |
Shares exercisable, aggregate intrinsic value | $ 8,817 | |
Number of Common Shares Subject to SARs Outstanding & Exercisable (in shares) | 14,554 | |
Weighted-Average Remaining Contractual Life | 9 months | |
Forfeited | 3,194 | |
Forfeited | $ 26.67 | |
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 | 9 months | |
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) | 7,508 | |
Weighted-Average Remaining Contractual Life | 1 year 2 months 7 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) | 5,046 | |
Weighted-Average Remaining Contractual Life | 3 months |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Shares) (Details) - Restricted Shares - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total intrinsic value of awards released in period | $ 0.7 | $ 1.7 |
Time-Based Vesting | ||
Number of Shares (in shares) | ||
Outstanding at January 1 | 30,734 | |
Awarded | 20,500 | |
Released | 334 | |
Forfeited | 2,000 | |
September 30, 2016 | 48,900 | |
Weighted - Average Grant Date Fair Value (in dollars per share) | ||
Outstanding at January 1 | $ 21.76 | |
Awarded | 21.88 | |
Released | 21.52 | |
Forfeited | 21.92 | |
September 30, 2016 | $ 21.81 | |
Performance-Based Vesting | ||
Number of Shares (in shares) | ||
Outstanding at January 1 | 158,763 | |
Awarded | 35,500 | |
Released | 41,028 | |
Forfeited | 9,654 | |
September 30, 2016 | 143,581 | |
Weighted - Average Grant Date Fair Value (in dollars per share) | ||
Outstanding at January 1 | $ 22.86 | |
Awarded | 17.86 | |
Released | 21.74 | |
Forfeited | 22.67 | |
September 30, 2016 | $ 21.95 | |
Time-Based Vesting | ||
Number of Shares (in shares) | ||
Awarded | 20,500 | |
Performance-Based Vesting | ||
Number of Shares (in shares) | ||
Awarded | 35,500 |
Stock-Based Compensation (Sto64
Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Total stock-based compensation expense | $ 346 | $ 405 | $ 1,009 | $ 1,432 |
Recognized tax benefit | (121) | (142) | (353) | (501) |
Net expense recognized | $ 225 | $ 263 | $ 656 | $ 931 |