Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 26, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PEOPLES BANCORP INC. | |
Entity Central Index Key | 318,300 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,275,995 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 56,310 | $ 58,129 |
Interest-bearing deposits in other banks | 16,122 | 8,017 |
Total cash and cash equivalents | 72,432 | 66,146 |
Available-for-sale investment securities, at fair value (amortized cost of $792,803 at June 30, 2017 and $777,017 at December 31, 2016) | 799,088 | 777,940 |
Held-to-maturity investment securities, at amortized cost (fair value of $43,768 at June 30, 2017 and $43,227 at December 31, 2016) | 43,060 | 43,144 |
Other investment securities, at cost | 38,371 | 38,371 |
Total investment securities | 880,519 | 859,455 |
Loans, net of deferred fees and costs | 2,294,359 | 2,224,936 |
Allowance for loan losses | (18,815) | (18,429) |
Net loans | 2,275,544 | 2,206,507 |
Loans held for sale | 3,420 | 4,022 |
Bank premises and equipment, net | 52,188 | 53,616 |
Bank owned life insurance | 61,214 | 60,225 |
Goodwill | 132,631 | 132,631 |
Other intangible assets | 12,061 | 13,387 |
Other assets | 35,117 | 36,359 |
Total assets | 3,525,126 | 3,432,348 |
Liabilities | ||
Non-interest-bearing | 772,061 | 734,421 |
Interest-bearing | 1,905,083 | 1,775,301 |
Total deposits | 2,677,144 | 2,509,722 |
Short-term borrowings | 142,532 | 305,607 |
Long-term borrowings | 219,014 | 145,155 |
Accrued expenses and other liabilities | 35,083 | 36,603 |
Total liabilities | 3,073,773 | 2,997,087 |
Stockholders’ equity | ||
Preferred stock, no par value, 50,000 shares authorized, no shares issued at June 30, 2017 and December 31, 2016 | 0 | 0 |
Common stock, no par value, 24,000,000 shares authorized, 18,945,490 shares issued at June 30, 2017 and 18,939,091 shares issued at December 31, 2016, including shares in treasury | 344,211 | 344,404 |
Retained earnings | 121,590 | 110,294 |
Accumulated other comprehensive income (loss), net of deferred income taxes | 1,439 | (1,554) |
Treasury stock, at cost, 701,382 shares at June 30, 2017 and 795,758 shares at December 31, 2016 | (15,887) | (17,883) |
Total stockholders’ equity | 451,353 | 435,261 |
Total liabilities and stockholders’ equity | $ 3,525,126 | $ 3,432,348 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Available-for-sale investment securities at amortized cost | $ 792,803 | $ 777,017 |
Held-to-maturity investment securities at fair value | $ 43,768 | $ 43,227 |
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 | 18,945,490,000 | 18,939,091 |
Treasury stock - shares | 701,382 | 795,758 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest income: | ||||
Interest and fees on loans | $ 25,464 | $ 23,391 | $ 49,763 | $ 46,357 |
Interest and dividends on taxable investment securities | 4,956 | 4,738 | 9,665 | 9,419 |
Interest on tax-exempt investment securities | 762 | 781 | 1,556 | 1,561 |
Other interest income | 26 | 11 | 41 | 27 |
Total interest income | 31,208 | 28,921 | 61,025 | 57,364 |
Interest expense: | ||||
Interest on deposits | 1,729 | 1,503 | 3,216 | 3,104 |
Interest on short-term borrowings | 233 | 105 | 484 | 192 |
Interest on long-term borrowings | 1,156 | 1,005 | 2,290 | 1,993 |
Total interest expense | 3,118 | 2,613 | 5,990 | 5,289 |
Net interest income | 28,090 | 26,308 | 55,035 | 52,075 |
Provision for loan losses | 947 | 727 | 1,571 | 1,682 |
Net interest income after provision for loan losses | 27,143 | 25,581 | 53,464 | 50,393 |
Non-interest income: | ||||
Insurance income | 3,414 | 3,299 | 7,516 | 7,797 |
Trust and investment income | 2,977 | 2,776 | 5,659 | 5,158 |
Electronic banking income | 2,587 | 2,567 | 5,148 | 5,102 |
Deposit account service charges | 2,294 | 2,563 | 4,723 | 5,166 |
Commercial loan swap fee income | 651 | 264 | 919 | 428 |
Bank owned life insurance income | 496 | 253 | 989 | 420 |
Mortgage banking income | 467 | 265 | 854 | 425 |
Net gain (loss) on asset disposals and other transactions | 109 | (769) | 106 | (800) |
Net gain on investment securities | 18 | 767 | 358 | 863 |
Other non-interest income | 704 | 380 | 1,116 | 925 |
Total non-interest income | 13,717 | 12,365 | 27,388 | 25,484 |
Non-interest expense: | ||||
Salaries and employee benefit costs | 15,049 | 13,972 | 30,545 | 28,297 |
Net occupancy and equipment expense | 2,648 | 2,581 | 5,361 | 5,387 |
Professional fees | 1,529 | 2,123 | 3,139 | 3,582 |
Electronic banking expense | 1,525 | 1,485 | 3,039 | 2,918 |
Data processing and software expense | 1,096 | 1,013 | 2,238 | 1,762 |
Amortization of other intangible assets | 871 | 1,007 | 1,734 | 2,015 |
Franchise tax expense | 584 | 483 | 1,167 | 1,021 |
FDIC insurance expense | 457 | 540 | 890 | 1,157 |
Communication expense | 390 | 584 | 800 | 1,212 |
Marketing expense | 354 | 414 | 634 | 812 |
Foreclosed real estate and other loan expenses | 179 | 100 | 375 | 351 |
Other non-interest expense | 1,998 | 2,203 | 4,089 | 4,273 |
Total non-interest expense | 26,680 | 26,505 | 54,011 | 52,787 |
Income before income taxes | 14,180 | 11,441 | 26,841 | 23,090 |
Income tax expense | 4,414 | 3,479 | 8,266 | 7,133 |
Net income | $ 9,766 | $ 7,962 | $ 18,575 | $ 15,957 |
Earnings per common share - basic | $ 0.54 | $ 0.44 | $ 1.02 | $ 0.88 |
Earnings per common share - diluted | $ 0.53 | $ 0.44 | $ 1.02 | $ 0.88 |
Weighted-average number of common shares outstanding - basic | 18,044,574 | 17,980,797 | 18,037,333 | 18,026,272 |
Weighted-average number of common shares outstanding - diluted | 18,203,752 | 18,113,812 | 18,195,715 | 18,154,260 |
Cash dividends declared | $ 3,645 | $ 2,904 | $ 7,279 | $ 5,652 |
Cash dividends declared per common share | $ 0.2 | $ 0.16000 | $ 0.4 | $ 0.31000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 9,766 | $ 7,962 | $ 18,575 | $ 15,957 |
Available-for-sale investment securities: | ||||
Gross unrealized holding gain arising in the period | 2,272 | 6,421 | 5,684 | 18,750 |
Related tax expense | (795) | (2,247) | (1,989) | (6,563) |
Less: reclassification adjustment for gain included in net income | 18 | 767 | 358 | 863 |
Related tax expense | (6) | (268) | (125) | (302) |
Net effect on other comprehensive income | 1,465 | 3,675 | 3,462 | 11,626 |
Defined benefit plans: | ||||
Net (loss) gain arising during the period | (1) | 2 | 0 | 2 |
Related tax expense | 0 | (1) | 0 | (1) |
Amortization of unrecognized loss and service cost on benefit plans | 24 | 46 | 47 | 45 |
Related tax expense | (8) | (16) | (16) | (15) |
Net effect on other comprehensive income | 15 | 31 | 31 | 31 |
Cash flow hedges: | ||||
Net loss arising during the period | (666) | (252) | (769) | (252) |
Related tax benefit | 233 | 88 | 269 | 88 |
Net effect on other comprehensive loss | (433) | (164) | (500) | (164) |
Total other comprehensive income, net of tax expense | 1,047 | 3,542 | 2,993 | 11,493 |
Total comprehensive income | $ 10,813 | $ 11,504 | $ 21,568 | $ 27,450 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 6 months ended Jun. 30, 2017 - 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, 2016 at Dec. 31, 2016 | $ 435,261 | $ 344,404 | $ 110,294 | $ (1,554) | $ (17,883) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 18,575 | 18,575 | ||||||
Other comprehensive income, net of tax | 2,993 | 2,993 | ||||||
Cash dividends declared | (7,279) | (7,279) | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | (6) | 6 | |||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | $ 3 | $ (1,550) | $ 1,553 | |||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | 500 | 500 | ||||||
Repurchase of treasury stock in connection with employee incentive plan and for Boards of Directors compensation plan | 324 | (324) | ||||||
Common shares issued under dividend reinvestment plan | 246 | 246 | ||||||
Common shares issued under compensation plan for Boards of Directors | 185 | (54) | 131 | |||||
Common shares issued under employee stock purchase plan | (182) | 52 | (130) | |||||
Stock-based compensation expense | 1,011 | 1,011 | ||||||
Balance, June 30, 2017 at Jun. 30, 2017 | $ 451,353 | $ 344,211 | $ 121,590 | $ 1,439 | $ (15,887) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 26,608 | $ 32,135 |
Available-for-sale investment securities: | ||
Purchases | (96,177) | (65,889) |
Proceeds from sales | 581 | 30,590 |
Proceeds from principal payments, calls and prepayments | 74,342 | 60,112 |
Held-to-maturity investment securities: | ||
Purchases | 1,310 | 0 |
Proceeds from principal payments | 1,197 | 1,208 |
Net increase in loans | (67,735) | (54,247) |
Net expenditures for bank premises and equipment | (1,581) | (3,785) |
Proceeds from sales of other real estate owned | 50 | 141 |
Bank owned life insurance | 0 | (35,000) |
Business acquisitions, net of cash received | (450) | (244) |
Return of (investment in) limited partnership and tax credit funds | (5) | 2,878 |
Net cash used in investing activities | (91,078) | (69,992) |
Financing activities: | ||
Net increase (decrease) in non-interest-bearing deposits | 37,640 | (18,244) |
Net increase in interest-bearing deposits | 129,768 | 15,332 |
Net (decrease) increase in short-term borrowings | (163,075) | 13,126 |
Proceeds from long-term borrowings | 75,000 | 55,000 |
Payments on long-term borrowings | (1,244) | (21,429) |
Cash dividends paid | (7,003) | (5,423) |
Purchase of treasury stock under share repurchase program | 0 | (4,965) |
Repurchase of treasury stock in connection with employee incentive plan and compensation plan for Boards of Directors to be held as treasury stock | 324 | 316 |
(Payments for) proceeds from issuance of common shares | (6) | 8 |
Excess tax expense from share-based payment awards | 0 | (3) |
Net cash provided by financing activities | 70,756 | 33,086 |
Net increase (decrease) in cash and cash equivalents | 6,286 | (4,771) |
Cash and cash equivalents at beginning of period | 66,146 | 71,115 |
Cash and cash equivalents at end of period | $ 72,432 | $ 66,344 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 (“ 2016 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’ 2016 Form 10-K, as updated by the information contained in this Form 10-Q. Management has evaluated all significant events and transactions that occurred after June 30, 2017 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 at the 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, 2016 , contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2016 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' consolidated financial statements taken as a whole. May, Accounting Standards Update ("ASU") 2017-09 - Compensation - Stock Compensation (Topic 718): Scope and Modification Accounting. An entity may change the terms or conditions of a share-based payment award for many different reasons, and the nature and effect of the change can vary significantly. Modification is currently defined as "a change in any of the terms or conditions of a share-based payment award." The amendments in this ASU provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in accordance with Topic 718. The amendments will be effective for interim and annual reporting periods beginning after December 15, 2017 (effective January 1, 2018 for Peoples). Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' consolidated financial statements. March, ASU 2017-08 - Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in this ASU shorten the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments will be effective for interim and annual reporting periods beginning after December 15, 2018 (effective January 1, 2019 for Peoples). Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' consolidated financial statements. March, ASU 2017-07 - Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The amendments in this ASU require that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments will improve the consistency, transparency, and usefulness of financial information and will be effective for interim and annual reporting periods beginning after December 15, 2017 (effective January 1, 2018 for Peoples). Peoples will adopt this new accounting guidance as required, and it will have no impact on Peoples' consolidated financial statements as the accrual for pension plan benefits for all participants was frozen as of March 1, 2011. January, ASU 2017-04 - Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU is to simplify how an entity is required to test goodwill for impairment by eliminating the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. This accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2019 (effective January 1, 2020 for Peoples). Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' consolidated financial statements. January, ASU 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill and consideration. In a separate ASU (Phase 2 of the project) that is expected to be issued shortly after this ASU, the FASB provides clarifying guidance for partial sales or transfers of assets within the scope of Subtopic 610-20 and the corresponding accounting for retained interest. This ASU will become effective for interim and annual reporting periods beginning after December 15, 2017 (effective January 1, 2018 for Peoples). Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' consolidated financial statements. May, ASU 2014-09 - Revenue from Contracts with Customers (Topic 606). There are many aspects of this new accounting guidance that are still being interpreted and the FASB has issued updates to certain aspects of the guidance to address implementation issues. The FASB issued updates in March, April, May and December of 2016 clarifying several areas of the guidance. These clarifications included: • Principal versus agent considerations, • Collectibility, sales tax and non-cash consideration, practical expedients for contract modifications and completed contracts, • Identification of performance obligations, and • Licensing implementation guidance. This accounting guidance can be implemented using either a full retrospective method or a modified retrospective approach. This accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2017 (effective January 1, 2018 for Peoples). Early adoption is permitted but only for interim and annual reporting periods beginning after December 15, 2016. Peoples will adopt this new accounting guidance in 2018, as required, and anticipates implementing the new accounting guidance using the modified retrospective approach. The modified retrospective approach uses a cumulative-effect adjustment to retained earnings to reflect uncompleted contracts in the initial application of the guidance. Peoples' preliminary analysis indicates that certain non-interest income financial statement line items contain revenue streams that are in the scope of this update. Based on Peoples’ evaluation to date, Peoples does not expect the adoption of this accounting guidance to have a significant impact on Peoples’ financial condition or results of operations; however, the review is ongoing. Peoples will continue to evaluate the impact of this accounting guidance, including any additional guidance issued, during the completion of this internal assessment. June, ASU 2016-13 - Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This accounting guidance replaces the current “incurred loss” model for recognizing credit losses with an “expected loss” model referred to as the Current Expected Credit Loss (“CECL”) model. Under the CECL model, Peoples will be required to present certain financial assets carried at amortized cost, such as loans held-for-investment and held-to-maturity debt securities, at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement will take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” model required under current US GAAP, which delays recognition until it is probable a loss has been incurred. Accordingly, Peoples expects that the adoption of the CECL model will materially affect how the allowance for loan losses is determined and could require significant increases to the allowance for loan losses. Moreover, the CECL model may create more volatility in the level of Peoples' allowance for loan losses. If required to materially increase the level of allowance for loan losses for any reason, such increase could adversely affect Peoples' business, financial condition and results of operations. The new CECL standard will become effective for interim and annual reporting periods beginning after December 15, 2019 (effective January 1, 2020 for Peoples). Peoples is currently evaluating the impact that the CECL model will have on Peoples' financial statements and expects to recognize a one-time cumulative-effect adjustment to the allowance for loan loss provision as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. Peoples has not yet determined the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on Peoples financial condition or results of operations. March, ASU 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in this ASU require all excess income tax benefits or tax deficiencies of stock awards to be recognized in the income statement when the awards vest or are settled. The amendments also allow an employer to repurchase more of an employee’s shares than it could under previous guidance for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. Peoples adopted this pronouncement as of January 1, 2017, and will continue using an estimated forfeiture rate. In the first six months of 2017, Peoples recorded a tax benefit of $104,000 associated with the adoption of this ASU for the tax benefit of awards that settled or vested during the year, with the majority recorded in the first quarter of 2017. February, 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. This ASU will become effective for interim and annual reporting periods beginning after December 15, 2018 (effective January 1, 2019 for Peoples). Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' consolidated financial statements. January, ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this ASU are intended to enhance the reporting model for financial instruments to provide users of financial statements with more useful information. The amendments require 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 will be effective for fiscal years beginning after December 15, 2017 (effective January 1, 2018 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 values fluctuate. Peoples will adopt this accounting guidance as of the required effective date. As of June 30, 2017, Peoples had net unrealized gains on equity securities of $8.1 million . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
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 were comprised of the following: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value June 30, 2017 Obligations of: States and political subdivisions $ 111,390 $ — $ 111,390 $ — Residential mortgage-backed securities 664,341 — 664,341 — Commercial mortgage-backed securities 8,092 — 8,092 — Bank-issued trust preferred securities 5,144 — 5,144 — Equity securities 10,121 9,898 223 — Total available-for-sale securities $ 799,088 $ 9,898 $ 789,190 $ — December 31, 2016 Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ 1,000 $ — States and political subdivisions 117,230 — 117,230 — Residential mortgage-backed securities 626,567 — 626,567 — Commercial mortgage-backed securities 19,291 — 19,291 — Bank-issued trust preferred securities 4,899 — 4,899 — Equity securities 8,953 8,734 219 — Total available-for-sale securities $ 777,940 $ 8,734 $ 769,206 $ — Held-to-maturity securities reported at fair value were comprised of the following: Fair Value at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) June 30, 2017 Obligations of: States and political subdivisions $ 4,496 $ — $ 4,496 $ — Residential mortgage-backed securities 34,337 — 34,337 — Commercial mortgage-backed securities 4,935 — 4,935 — Total held-to-maturity securities $ 43,768 $ — $ 43,768 $ — December 31, 2016 Obligations of: States and political subdivisions $ 4,041 $ — $ 4,041 $ — Residential mortgage-backed securities 33,762 — 33,762 — Commercial mortgage-backed securities 5,424 — 5,424 — Total held-to-maturity securities $ 43,227 $ — $ 43,227 $ — 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 June 30, 2017 , impaired loans with an aggregate outstanding principal balance of $34.0 million were measured and reported at a fair value of $28.0 million . For the three and six months ended June 30, 2017 , Peoples recognized $159,000 and $ 324,000 of recoveries 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: June 30, 2017 December 31, 2016 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 72,432 $ 72,432 $ 66,146 $ 66,146 Investment securities 880,519 881,227 859,455 859,538 Loans (1) 2,278,964 2,221,000 2,210,529 2,152,544 Financial liabilities: Deposits $ 2,677,144 $ 2,679,002 $ 2,509,722 $ 2,512,647 Short-term borrowings 142,532 142,532 305,607 305,607 Long-term borrowings 219,014 219,069 145,155 145,106 Cash flow hedges (2) 980 980 1,779 1,779 (1) Includes loans held for sale (2) For additional information, see Note 9. 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: Cash flow hedges are 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 | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Available-for-sale The following table summarizes Peoples' available-for-sale investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2017 Obligations of: States and political subdivisions $ 109,124 $ 2,454 $ (188 ) $ 111,390 Residential mortgage-backed securities 668,410 4,259 (8,328 ) 664,341 Commercial mortgage-backed securities 8,056 55 (19 ) 8,092 Bank-issued trust preferred securities 5,182 172 (210 ) 5,144 Equity securities 2,031 8,154 (64 ) 10,121 Total available-for-sale securities $ 792,803 $ 15,094 $ (8,809 ) $ 799,088 December 31, 2016 Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ — $ 1,000 States and political subdivisions 115,657 1,836 (263 ) 117,230 Residential mortgage-backed securities 633,802 3,758 (10,993 ) 626,567 Commercial mortgage-backed securities 19,337 41 (87 ) 19,291 Bank-issued trust preferred securities 5,169 91 (361 ) 4,899 Equity securities 2,052 6,969 (68 ) 8,953 Total available-for-sale securities $ 777,017 $ 12,695 $ (11,772 ) $ 777,940 Peoples' investment in equity securities was comprised largely of common stocks issued by various unrelated bank holding companies at both June 30, 2017 and December 31, 2016 . At June 30, 2017 , 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 June 30 were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Gross gains realized $ 18 $ 767 $ 358 $ 863 Gross losses realized — — — — Net gain realized $ 18 $ 767 $ 358 $ 863 The cost of investment securities sold, and any resulting gain or loss, was based on the specific identification method and recognized as of the trade date. The following table presents a summary of available-for-sale investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2017 Obligations of: States and political subdivisions $ 10,705 $ 188 7 $ — $ — — $ 10,705 $ 188 Residential mortgage-backed securities 398,313 $ 6,027 102 54,140 $ 2,301 26 452,453 8,328 Commercial mortgage-backed securities 4,122 19 2 — — — 4,122 19 Bank-issued trust preferred securities — — — 2,788 210 3 2,788 210 Equity securities 278 — 1 112 64 1 390 64 Total $ 413,418 $ 6,234 112 $ 57,040 $ 2,575 30 $ 470,458 $ 8,809 December 31, 2016 Obligations of: States and political subdivisions $ 23,501 $ 263 28 $ — $ — — $ 23,501 $ 263 Residential mortgage-backed securities 427,088 8,495 108 46,631 2,498 22 473,719 10,993 Commercial mortgage-backed securities 7,770 87 4 — — — 7,770 87 Bank-issued trust preferred securities — — — 2,637 361 3 2,637 361 Equity securities 263 3 1 110 65 1 373 68 Total $ 458,622 $ 8,848 141 $ 49,378 $ 2,924 26 $ 508,000 $ 11,772 Management systematically evaluates available-for-sale investment securities for other-than-temporary declines in fair value on a quarterly basis. At June 30, 2017 , management concluded no individual securities were other-than-temporarily impaired since Peoples did not have the intent to sell, nor was it more likely than not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both June 30, 2017 and December 31, 2016 were largely attributable to changes in market interest rates and spreads since the securities were purchased. At June 30, 2017 , approximately 98% of the mortgage-backed securities with a 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 2% , or three positions, consisted of privately issued mortgage-backed securities with all of the underlying mortgages originated prior to 2004. Two of the three positions had a fair value of less than 90% of their book value, with an aggregate book and fair value of $0.7 million and $0.4 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 unrealized losses with respect to the three bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at June 30, 2017 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 June 30, 2017 . 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 $ 495 $ 12,974 $ 28,806 $ 66,849 $ 109,124 Residential mortgage-backed securities 112 14,193 42,516 611,589 668,410 Commercial mortgage-backed securities — 6,427 — 1,629 8,056 Bank-issued trust preferred securities — — 2,184 2,998 5,182 Equity securities 2,031 Total available-for-sale securities $ 607 $ 33,594 $ 73,506 $ 683,065 $ 792,803 Fair value Obligations of: States and political subdivisions $ 501 $ 13,094 $ 29,350 $ 68,445 $ 111,390 Residential mortgage-backed securities 114 14,128 42,602 607,497 664,341 Commercial mortgage-backed securities — 6,481 — 1,611 8,092 Bank-issued trust preferred securities — — 2,356 2,788 5,144 Equity securities 10,121 Total available-for-sale securities $ 615 $ 33,703 $ 74,308 $ 680,341 $ 799,088 Total weighted-average yield 4.59 % 3.48 % 3.37 % 3.04 % 3.11 % Held-to-Maturity The following table summarizes Peoples’ held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2017 Obligations of: States and political subdivisions $ 3,815 $ 681 $ — $ 4,496 Residential mortgage-backed securities 34,264 471 (398 ) 34,337 Commercial mortgage-backed securities 4,981 — (46 ) 4,935 Total held-to-maturity securities $ 43,060 $ 1,152 $ (444 ) $ 43,768 December 31, 2016 Obligations of: States and political subdivisions $ 3,820 $ 221 $ — $ 4,041 Residential mortgage-backed securities 33,858 432 (528 ) 33,762 Commercial mortgage-backed securities 5,466 — (42 ) 5,424 Total held-to-maturity securities $ 43,144 $ 653 $ (570 ) $ 43,227 There were no gross gains or gross losses realized by Peoples from sales of held-to-maturity securities for the three or six months ended June 30, 2017 and 2016 . The following table presents a summary of held-to-maturity investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2017 Residential mortgage-backed securities $ 11,551 $ 345 2 $ 946 $ 53 1 $ 12,497 $ 398 Commercial mortgage-backed securities 4,935 46 1 — — — 4,935 46 Total $ 16,486 $ 391 3 $ 946 $ 53 1 $ 17,432 $ 444 December 31, 2016 Residential mortgage-backed securities $ 12,139 $ 476 3 $ 963 $ 52 1 $ 13,102 $ 528 Commercial mortgage-backed securities 5,424 42 1 — — — 5,424 42 Total $ 17,563 $ 518 4 $ 963 $ 52 1 $ 18,526 $ 570 The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at June 30, 2017 . 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 $ — $ 316 $ 2,979 $ 520 $ 3,815 Residential mortgage-backed securities — — 6,856 27,408 34,264 Commercial mortgage-backed securities — — — 4,981 4,981 Total held-to-maturity securities $ — $ 316 $ 9,835 $ 32,909 $ 43,060 Fair value Obligations of: States and political subdivisions $ — $ 321 $ 3,626 $ 549 $ 4,496 Residential mortgage-backed securities — — 6,967 27,370 34,337 Commercial mortgage-backed securities — — — 4,935 4,935 Total held-to-maturity securities $ — $ 321 $ 10,593 $ 32,854 $ 43,768 Total weighted-average yield — % 3.73 % 3.11 % 3.40 % 3.33 % 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 $551.4 million and $517.9 million at June 30, 2017 and December 31, 2016 , respectively, and held-to-maturity investment securities with carrying values of $19.3 million and $20.0 million at June 30, 2017 and December 31, 2016 , 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 $8.3 million and $9.2 million at June 30, 2017 and December 31, 2016 , respectively, and held-to-maturity securities with carrying values of $21.5 million and $22.2 million at June 30, 2017 and December 31, 2016 , respectively, to secure additional borrowing capacity at the FHLB and the FRB. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2017 | |
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. Loans that were acquired and subsequently re-underwritten, are reported as originated upon execution of such credit actions (for example, renewals and increases in lines of credit). The major classifications of loan balances, excluding loans held for sale, were as follows: (Dollars in thousands) June 30, December 31, 2016 Originated loans: Commercial real estate, construction $ 103,039 $ 84,626 Commercial real estate, other 567,537 531,557 Commercial real estate 670,576 616,183 Commercial and industrial 392,097 378,131 Residential real estate 306,385 307,490 Home equity lines of credit 88,229 85,617 Consumer, indirect 305,580 252,024 Consumer, other 67,287 67,579 Consumer 372,867 319,603 Deposit account overdrafts 521 1,080 Total originated loans $ 1,830,675 $ 1,708,104 Acquired loans: Commercial real estate, construction $ 9,130 $ 10,100 Commercial real estate, other 182,682 204,466 Commercial real estate 191,812 214,566 Commercial and industrial 39,376 44,208 Residential real estate 206,502 228,435 Home equity lines of credit 23,481 25,875 Consumer, indirect 533 808 Consumer, other 1,980 2,940 Consumer 2,513 3,748 Total acquired loans $ 463,684 $ 516,832 Loans, net of deferred fees and costs $ 2,294,359 $ 2,224,936 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 purchased credit impaired loans included in the loan balances above are summarized as follows: (Dollars in thousands) June 30, December 31, Commercial real estate, other $ 8,969 $ 11,476 Commercial and industrial 1,247 1,573 Residential real estate 21,128 23,306 Consumer 50 76 Total outstanding balance $ 31,394 $ 36,431 Net carrying amount $ 21,974 $ 26,524 Changes in the accretable yield for purchased credit impaired loans for the six months ended June 30, 2017 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2016 $ 7,132 Accretion (876 ) Balance, June 30, 2017 $ 6,256 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 $512.7 million and $542.5 million at June 30, 2017 and December 31, 2016 , respectively. Peoples also pledges commercial loans to secure borrowings with the FRB. The outstanding balances of these loans totaled $128.3 million and $152.0 million at June 30, 2017 and December 31, 2016 , respectively. Nonaccrual and Past Due Loans A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due. The recorded investments in loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: Nonaccrual Loans Loans 90+ Days Past Due and Accruing (Dollars in thousands) June 30, December 31, June 30, December 31, Originated loans: Commercial real estate, construction $ 797 $ 826 $ — $ — Commercial real estate, other 7,133 9,934 — — Commercial real estate 7,930 10,760 — — Commercial and industrial 950 1,712 782 — Residential real estate 3,402 3,778 167 183 Home equity lines of credit 351 383 — — Consumer, indirect 240 130 — 10 Consumer, other 24 11 — — Consumer 264 141 — 10 Total originated loans $ 12,897 $ 16,774 $ 949 $ 193 Acquired loans: Commercial real estate, other $ 913 $ 1,609 $ 224 $ 1,506 Commercial and industrial 497 390 137 387 Residential real estate 2,412 2,317 1,239 1,672 Home equity lines of credit 200 231 34 — Consumer, indirect — — — 13 Consumer, other 2 4 — — Consumer 2 4 — 13 Total acquired loans $ 4,024 $ 4,551 $ 1,634 $ 3,578 Total loans $ 16,921 $ 21,325 $ 2,583 $ 3,771 During the first six months of 2017, Peoples' nonaccrual loans and loans 90+ days past due and accruing declined largely due to several payoffs on larger relationships. The following table presents the aging of the recorded investment in past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total June 30, 2017 Originated loans: Commercial real estate, construction $ — $ — $ 797 $ 797 $ 102,242 $ 103,039 Commercial real estate, other 1,353 119 6,836 8,308 559,229 567,537 Commercial real estate 1,353 119 7,633 9,105 661,471 670,576 Commercial and industrial 1,321 169 1,245 2,735 389,362 392,097 Residential real estate 1,842 1,034 1,233 4,109 302,276 306,385 Home equity lines of credit 251 64 192 507 87,722 88,229 Consumer, indirect 1,191 365 104 1,660 303,920 305,580 Consumer, other 361 26 13 400 66,887 67,287 Consumer 1,552 391 117 2,060 370,807 372,867 Deposit account overdrafts — — — — 521 521 Total originated loans $ 6,319 $ 1,777 $ 10,420 $ 18,516 $ 1,812,159 $ 1,830,675 Acquired loans: Commercial real estate, construction $ — $ — $ — $ — $ 9,130 $ 9,130 Commercial real estate, other 375 64 371 810 181,872 182,682 Commercial real estate 375 64 371 810 191,002 191,812 Commercial and industrial 441 9 539 989 38,387 39,376 Residential real estate 1,403 1,019 2,775 5,197 201,305 206,502 Home equity lines of credit 317 86 184 587 22,894 23,481 Consumer, indirect 11 — — 11 522 533 Consumer, other 48 4 — 52 1,928 1,980 Consumer 59 4 — 63 2,450 2,513 Total acquired loans $ 2,595 $ 1,182 $ 3,869 $ 7,646 $ 456,038 $ 463,684 Total loans $ 8,914 $ 2,959 $ 14,289 $ 26,162 $ 2,268,197 $ 2,294,359 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total December 31, 2016 Originated loans: Commercial real estate, construction $ — $ — $ 826 $ 826 $ 83,800 $ 84,626 Commercial real estate, other 1,420 225 9,305 10,950 520,607 531,557 Commercial real estate 1,420 225 10,131 11,776 604,407 616,183 Commercial and industrial 1,305 700 1,465 3,470 374,661 378,131 Residential real estate 7,288 1,019 1,895 10,202 297,288 307,490 Home equity lines of credit 316 45 248 609 85,008 85,617 Consumer, indirect 2,080 273 77 2,430 249,594 252,024 Consumer, other 346 38 — 384 67,195 67,579 Consumer 2,426 311 77 2,814 316,789 319,603 Deposit account overdrafts — — — — 1,080 1,080 Total originated loans $ 12,755 $ 2,300 $ 13,816 $ 28,871 $ 1,679,233 $ 1,708,104 Acquired loans: Commercial real estate, construction $ — $ — $ 40 $ 40 $ 10,060 $ 10,100 Commercial real estate, other 1,220 208 2,271 3,699 200,767 204,466 Commercial real estate 1,220 208 2,311 3,739 210,827 214,566 Commercial and industrial 148 3 777 928 43,280 44,208 Residential real estate 5,918 2,496 2,974 11,388 217,047 228,435 Home equity lines of credit 208 65 178 451 25,424 25,875 Consumer, indirect 4 — — 4 804 808 Consumer, other 51 — 13 64 2,876 2,940 Consumer 55 — 13 68 3,680 3,748 Total acquired loans $ 7,549 $ 2,772 $ 6,253 $ 16,574 $ 500,258 $ 516,832 Total loans $ 20,304 $ 5,072 $ 20,069 $ 45,445 $ 2,179,491 $ 2,224,936 During the first six months of 2017, Peoples' delinquency trends improved compared to the balances at December 31, 2016, as total loans past due declined in both the originated and acquired loan portfolios. Credit Quality Indicators As discussed in Note 1 of the Notes to the Consolidated Financial Statements included in Peoples' 2016 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. “Special Mention” (grade 5): Loans in this risk grade are the equivalent of the regulatory definition of “Other Assets Especially Mentioned.” 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 a 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 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, classification of the loan 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 a 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 loans within Peoples' loan portfolio based upon the most recent analysis performed: Pass Rated (Grades 1 - 4) Special Mention (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) June 30, 2017 Originated loans: Commercial real estate, construction $ 96,217 $ 5,558 $ 797 $ — $ 467 $ 103,039 Commercial real estate, other 534,952 21,136 11,449 — — 567,537 Commercial real estate 631,169 26,694 12,246 — 467 670,576 Commercial and industrial 354,034 21,288 16,739 — 36 392,097 Residential real estate 19,701 1,012 11,929 201 273,542 306,385 Home equity lines of credit 554 — — — 87,675 88,229 Consumer, indirect 64 10 — — 305,506 305,580 Consumer, other 47 — — — 67,240 67,287 Consumer 111 10 — — 372,746 372,867 Deposit account overdrafts — — — — 521 521 Total originated loans $ 1,005,569 $ 49,004 $ 40,914 $ 201 $ 734,987 $ 1,830,675 Acquired loans: Commercial real estate, construction $ 9,077 $ — $ 53 $ — $ — $ 9,130 Commercial real estate, other 165,112 8,650 8,920 — — 182,682 Commercial real estate 174,189 8,650 8,973 — — 191,812 Commercial and industrial 37,655 169 1,552 — — 39,376 Residential real estate 13,741 616 1,401 — 190,744 206,502 Home equity lines of credit 143 — — — 23,338 23,481 Consumer, indirect 26 — — — 507 533 Consumer, other 45 — — — 1,935 1,980 Consumer 71 — — — 2,442 2,513 Total acquired loans $ 225,799 $ 9,435 $ 11,926 $ — $ 216,524 $ 463,684 Total loans $ 1,231,368 $ 58,439 $ 52,840 $ 201 $ 951,511 $ 2,294,359 Pass Rated (Grades 1 - 4) Special Mention (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) December 31, 2016 Originated loans: Commercial real estate, construction $ 73,423 $ — $ 826 $ — $ 10,377 $ 84,626 Commercial real estate, other 505,029 11,855 14,673 — — 531,557 Commercial real estate 578,452 11,855 15,499 — 10,377 616,183 Commercial and industrial 346,791 15,210 16,130 — — 378,131 Residential real estate 47,336 957 12,828 304 246,065 307,490 Home equity lines of credit 465 — 135 — 85,017 85,617 Consumer, indirect 15 13 — — 251,996 252,024 Consumer, other 50 — — — 67,529 67,579 Consumer 65 13 — — 319,525 319,603 Deposit account overdrafts — — — — 1,080 1,080 Total originated loans $ 973,109 $ 28,035 $ 44,592 $ 304 $ 662,064 $ 1,708,104 Acquired loans: Commercial real estate, construction $ 10,046 $ — $ 54 $ — $ — $ 10,100 Commercial real estate, other 181,781 12,475 10,210 — — 204,466 Commercial real estate 191,827 12,475 10,264 — — 214,566 Commercial and industrial 42,809 227 978 194 — 44,208 Residential real estate 17,170 709 1,404 — 209,152 228,435 Home equity lines of credit 202 — — — 25,673 25,875 Consumer, indirect 51 — — — 757 808 Consumer, other 53 — — — 2,887 2,940 Consumer 104 — — — 3,644 3,748 Total acquired loans $ 252,112 $ 13,411 $ 12,646 $ 194 $ 238,469 $ 516,832 Total loans $ 1,225,221 $ 41,446 $ 57,238 $ 498 $ 900,533 $ 2,224,936 In the first six months of 2017, Peoples' classified loans, which are loans categorized as substandard or doubtful, declined compared to the balances at December 31, 2016 mostly due to loan payoffs. Impaired Loans The following table summarizes loans classified as impaired: Unpaid Principal Balance Recorded Investment Total Recorded Investment Average Recorded Investment Interest Income Recognized With Allowance Without Allowance Related Allowance (Dollars in thousands) June 30, 2017 Commercial real estate, construction $ 895 $ — $ 837 $ 837 $ — $ 854 $ 3 Commercial real estate, other 16,351 5,114 10,406 15,520 264 15,907 480 Commercial real estate 17,246 5,114 11,243 16,357 264 16,761 483 Commercial and industrial 6,410 1,367 1,428 2,795 423 2,862 55 Residential real estate 25,905 582 23,238 23,820 135 23,928 976 Home equity lines of credit 2,041 272 1,716 1,988 62 1,765 94 Consumer, indirect 273 30 165 195 6 165 11 Consumer, other 532 2 525 527 2 519 19 Consumer 805 32 690 722 8 684 30 Total $ 52,407 $ 7,367 $ 38,315 $ 45,682 $ 892 $ 46,000 $ 1,638 December 31, 2016 Commercial real estate, construction $ 894 $ — $ 866 $ 866 $ — $ 913 $ 3 Commercial real estate, other 20,029 7,474 12,227 19,701 803 18,710 700 Commercial real estate 20,923 7,474 13,093 20,567 803 19,623 703 Commercial and industrial 7,289 2,732 1,003 3,735 585 3,386 125 Residential real estate 27,703 138 27,393 27,531 24 27,455 1,419 Home equity lines of credit 908 — 908 908 — 717 44 Consumer, indirect 220 — 224 224 — 136 16 Consumer, other 130 — 130 130 — 138 13 Consumer 350 — 354 354 — 274 29 Total $ 57,173 $ 10,344 $ 42,751 $ 53,095 $ 1,412 $ 51,455 $ 2,320 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 months ended June 30 : Three Months Ended Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2017 Originated loans: Commercial real estate, other 1 $ 14 $ 14 $ 14 Commercial and industrial 2 137 137 137 Residential real estate 4 288 288 288 Home equity lines of credit 1 43 43 45 Consumer, indirect 4 54 54 54 Consumer, other 5 6 6 6 Consumer 9 60 60 60 Total originated loans 17 $ 542 $ 542 $ 544 Acquired loans: Residential real estate 5 179 179 179 Total acquired loans 5 $ 179 $ 179 $ 179 June 30, 2016 Originated loans: Commercial real estate, other 1 $ 57 $ 57 $ 57 Commercial and industrial 2 22 30 30 Residential real estate 1 36 36 36 Home equity lines of credit 1 11 11 11 Consumer, indirect 4 72 72 72 Consumer, other 2 12 12 12 Consumer 6 84 84 84 Total originated loans 11 $ 210 $ 218 $ 218 Acquired loans: Residential real estate 5 $ 519 $ 519 $ 516 Home equity lines of credit 3 179 179 177 Consumer, indirect 2 9 9 9 Consumer, other 4 21 21 21 Consumer 6 30 30 30 Total acquired loans 14 $ 728 $ 728 $ 723 (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 summarizes the loans that were modified as a TDR during the six months ended June 30 : Six Months Ended Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2017 Originated loans: Commercial real estate, other 1 $ 14 $ 14 $ 14 Commercial and industrial 2 137 137 137 Residential real estate 6 393 393 392 Home equity lines of credit 4 269 269 268 Consumer, indirect 7 121 121 97 Consumer, other 5 6 6 6 Consumer 12 127 127 103 Total originated loans 25 $ 940 $ 940 $ 914 Acquired loans: Commercial real estate, other 2 $ 271 $ 271 $ 267 Commercial and industrial 1 38 38 38 Residential real estate 7 276 276 276 Home equity lines of credit 4 294 294 291 Consumer, other 2 10 10 9 Total acquired loans 16 $ 889 $ 889 $ 881 June 30, 2016 Originated loans: Commercial real estate, other 1 $ 57 $ 57 $ 57 Commercial and industrial 6 722 730 731 Residential real estate 3 120 120 120 Home equity lines of credit 1 11 11 10 Consumer, indirect 5 83 83 82 Consumer, other 4 15 15 14 Consumer 9 98 98 96 Total originated loans 20 $ 1,008 $ 1,016 $ 1,014 Acquired loans: Residential real estate 10 $ 850 $ 852 $ 846 Home equity lines of credit 3 179 179 177 Consumer, indirect 2 10 10 10 Consumer, other 5 24 24 24 Consumer 7 34 34 34 Total acquired loans 20 $ 1,063 $ 1,065 $ 1,057 (1) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. Peoples did not have any originated or acquired loans that were modified as a TDR during the last twelve months that subsequently defaulted. Peoples had no 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 six months ended June 30 were as follows: (Dollars in thousands) Commercial Real Estate Commercial and Industrial Residential Real Estate Home Equity Lines of Credit Consumer Indirect Consumer Other Deposit Account Overdrafts Total Balance, January 1, 2017 $ 7,172 $ 6,353 $ 982 $ 688 $ 2,312 $ 518 $ 171 $ 18,196 Charge-offs (25 ) (117 ) (206 ) (20 ) (1,000 ) (169 ) (520 ) (2,057 ) Recoveries 116 — 109 6 424 106 111 872 Net recoveries (charge-offs) 91 (117 ) (97 ) (14 ) (576 ) (63 ) (409 ) (1,185 ) Provision for (recovery of) loan losses 65 491 75 2 813 (53 ) 321 1,714 Balance, June 30, 2017 $ 7,328 $ 6,727 $ 960 $ 676 $ 2,549 $ 402 $ 83 $ 18,725 Period-end amount allocated to: Loans individually evaluated for impairment $ 264 $ 423 $ 135 $ 62 $ 6 $ 2 $ — $ 892 Loans collectively evaluated for impairment 7,064 6,304 825 614 2,543 400 83 17,833 Ending balance $ 7,328 $ 6,727 $ 960 $ 676 $ 2,549 $ 402 $ 83 $ 18,725 Balance, January 1, 2016 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,934 $ 37 $ 121 $ 16,539 Charge-offs — (1,017 ) (379 ) (29 ) (828 ) (219 ) (334 ) (2,806 ) Recoveries 1,181 250 69 26 473 127 108 2,234 Net recoveries (charge-offs) 1,181 (767 ) (310 ) (3 ) (355 ) (92 ) (226 ) (572 ) (Recovery of) provision for loan losses (721 ) 619 349 (45 ) 537 686 249 1,674 Balance, June 30, 2016 $ 7,536 $ 5,234 $ 1,296 $ 684 $ 2,116 $ 631 $ 144 $ 17,641 Period-end amount allocated to: Loans individually evaluated for impairment $ 1,286 $ 469 $ 127 $ — $ — $ — $ — $ 1,882 Loans collectively evaluated for impairment 6,250 4,765 1,169 684 2,116 631 144 15,759 Ending balance $ 7,536 $ 5,234 $ 1,296 $ 684 $ 2,116 $ 631 $ 144 $ 17,641 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 purchased 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. During the first six months of 2017, Peoples recorded a recovery of loan losses that was related to an acquired purchased credit impaired loan that was paid off during the quarter. The following table presents activity in the allowance for loan losses for acquired loans for the three and six months ended June 30 : Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Purchased credit impaired loans: Balance, beginning of period $ 90 $ 202 $ 233 $ 240 Charge-offs — (5 ) — (51 ) Recoveries — — — — Net charge-offs — (5 ) — (51 ) (Recovery of) provision for loan losses — — (143 ) 8 Balance, June 30 $ 90 $ 197 $ 90 $ 197 |
Long-Term Borrowings
Long-Term Borrowings | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | Long-Term Borrowings The following table summarizes Peoples' long-term borrowings: June 30, 2017 December 31, 2016 (Dollars in thousands) Balance Weighted- Balance Weighted- FHLB putable, non-amortizing, fixed-rate advances $ 145,000 2.07 % $ 70,000 2.49 % Callable national market repurchase agreements 40,000 3.63 % 40,000 3.63 % FHLB amortizing, fixed-rate advances 27,038 2.01 % 28,282 2.01 % Junior subordinated debt securities 7,015 4.69 % 6,924 4.48 % Unamortized debt issuance costs (39 ) — % (51 ) — % Total long-term borrowings $ 219,014 2.43 % $ 145,155 2.81 % Peoples continually evaluates its overall balance sheet position given the interest rate environment. During the first quarter of 2017, Peoples borrowed an additional $30.0 million of long-term FHLB non-amortizing advances, which have interest rates ranging from 1.20% to 1.46% and mature between 2018 and 2019. During the second quarter of 2017, Peoples borrowed an additional $45.0 million of long-term FHLB non-amortizing advances, which have interest rates ranging from 1.74% to 2.03% and mature between 2020 and 2022. As of June 30, 2017 , Peoples' FHLB putable and callable national market repurchase agreements had no remaining call options. Peoples is required to make quarterly interest payments. The amortizing, fixed-rate FHLB advances have a fixed rate for the term of each advance, with maturities ranging from ten to twenty years . These advances require monthly principal and interest payments, with some having a constant prepayment rate requiring an additional principal payment annually. These advances are not eligible for optional prepayment prior to maturity. Peoples has 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 June 30, 2017, Peoples had seven interest rate swaps with a notional value of $ 60.0 million associated with Peoples' cash outflows for various FHLB advances. The swaps become effective in 2018, roughly to coincide with the maturity of existing FHLB advances. Additional information regarding Peoples' interest rate swaps can be found in Note 9 of the Notes to the Unaudited Consolidated Financial Statements. 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 origination 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 of 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 of any proxy for existing equity interests of Peoples Bank or any of Peoples Bank's subsidiaries. Additional information regarding the RJB Credit Agreement can be found in Peoples' 2016 Form 10-K. The aggregate minimum annual retirements of long-term borrowings in future periods are as follows: (Dollars in thousands) Balance Weighted-Average Rate Six months ending December 31, 2017 $ 4,403 1.66 % Year ending December 31, 2018 74,971 3.22 % Year ending December 31, 2019 33,508 1.37 % Year ending December 31, 2020 25,564 1.85 % Year ending December 31, 2021 21,979 1.76 % Thereafter 58,589 2.60 % Total long-term borrowings $ 219,014 2.43 % |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The following table details the progression in Peoples’ common shares and treasury stock during the six months ended June 30, 2017 : Common Shares Treasury Stock Shares at December 31, 2016 18,939,091 795,758 Changes related to stock-based compensation awards: Release of restricted common shares — 7,395 Cancellation of restricted common shares (1,674 ) 630 Exercise of stock options for common shares — (266 ) Grant of restricted common shares — (68,707 ) Grant of common shares — (150 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 2,828 Reissuance of treasury stock — (24,634 ) Common shares issued under dividend reinvestment plan 8,073 — Common shares issued under compensation plan for Boards of Directors — (5,769 ) Common shares issued under employee stock purchase plan — (5,703 ) Shares at June 30, 2017 18,945,490 701,382 Under its Amended Articles of Incorporation, Peoples is authorized to issue up to 50,000 preferred shares, in one or more series, having such voting powers, designations, preferences, rights, qualifications, limitations and restrictions as determined by Peoples' Board of Directors. At June 30, 2017 , Peoples had no preferred shares issued or outstanding. Accumulated Other Comprehensive Income (Loss) The following table details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the six months ended June 30, 2017 : (Dollars in thousands) Unrealized Gain on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Gain (Loss) on Cash Flow Hedge Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2016 $ 581 $ (3,321 ) $ 1,186 $ (1,554 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (233 ) — — (233 ) Other comprehensive income (loss), net of reclassifications and tax 3,695 31 (500 ) 3,226 Balance, June 30, 2017 $ 4,043 $ (3,290 ) $ 686 $ 1,439 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Interest cost $ 113 $ 109 $ 226 $ 219 Expected return on plan assets (139 ) (146 ) (277 ) (246 ) Amortization of net loss 26 48 51 48 Net periodic cost $ — $ 11 $ — $ 21 Postretirement Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Interest cost $ 1 $ 1 $ 2 $ 2 Amortization of net loss (2 ) (2 ) (4 ) (3 ) Net periodic benefit cost $ (1 ) $ (1 ) $ (2 ) $ (1 ) There were no settlement charges recorded in the three or six months ended June 30, 2017 or June 30, 2016 under the noncontributory defined benefit pension plan. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculations of basic and diluted earnings per common share were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per share data) 2017 2016 2017 2016 Distributed earnings allocated to common shareholders $ 3,609 $ 2,877 $ 7,213 $ 5,592 Undistributed earnings allocated to common shareholders 6,100 5,050 11,262 10,297 Net earnings allocated to common shareholders $ 9,709 $ 7,927 $ 18,475 $ 15,889 Weighted-average common shares outstanding 18,044,574 17,980,797 18,037,333 18,026,272 Effect of potentially dilutive common shares 159,178 133,015 158,382 127,988 Total weighted-average diluted common shares outstanding 18,203,752 18,113,812 18,195,715 18,154,260 Earnings per common share: Basic $ 0.54 $ 0.44 $ 1.02 $ 0.88 Diluted $ 0.53 $ 0.44 $ 1.02 $ 0.88 Anti-dilutive shares excluded from calculation: Restricted shares, stock options and stock appreciation rights 14 30,703 63 31,739 |
Financial Instruments with Off-
Financial Instruments with Off- Balance Sheet Risk (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
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 financial 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 instruments was $ 4.9 million in an asset position and $ 3.9 million in a liability position at June 30, 2017 , and there was $ 5.0 million in an asset position and $ 3.2 million in a liability position at December 31, 2016 . 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, Peoples has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. As of June 30, 2017 , Peoples had seven interest rate swaps with a notional value of $ 60.0 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 each 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 16 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). Peoples entered into the seven interest rate swap contracts, described above, whereby Peoples will pay a fixed rate of interest for up to ten 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 three and six months ended June 30, 2017 , 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 $ 1.1 million at June 30, 2017 . There were no pre-tax net losses recorded for the six months ended June 30, 2017 . Additionally, Peoples had no reclassifications to earnings in the three months or six months ended June 30, 2017 or June 30, 2016. 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 $ 320.0 million and fair value of $ 3.5 million of equally offsetting assets and liabilities at June 30, 2017 , and a notional value of $ 247.3 million and fair value of $ 3.2 million of equally offsetting assets and liabilities at December 31, 2016 . These interest rate swaps did not have a material impact on Peoples' results of operation or financial condition. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
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 Appreciation Rights SARs granted to employees have an exercise price equal to the fair market value of Peoples’ common shares on the date of grant and will be settled using common shares of Peoples. Additionally, the SARs granted to employees vested three years after the grant date and are to expire ten years from the date of grant. The most recent grant of SARs occurred in 2008. The following table summarizes the changes to Peoples' SARs for the six months ended June 30, 2017 : Number of Common Shares Subject to SARs Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 2,338 $ 27.37 Exercised 2,024 27.93 Outstanding at June 30 314 $ 23.77 0.6 years $ 2,625 Exercisable at June 30 314 $ 23.77 0.6 years $ 2,625 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 six months of 2017, Peoples granted an aggregate of 61,457 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. During the first six months of 2017, Peoples granted, to certain key employees, an aggregate of 4,250 restricted common shares subject to time-based vesting with restrictions that will lapse three years after the grant date. Peoples also granted, to non-employee directors, an aggregate of 3,300 restricted common shares subject to time-based vesting with restrictions that will lapse six months after the grant date. The following table summarizes the changes to Peoples’ restricted common shares for the six months ended June 30, 2017 : 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 40,316 $ 21.85 142,415 $ 21.95 Awarded 7,550 31.36 61,457 32.42 Released 450 28.95 21,050 21.74 Forfeited 300 31.05 2,304 25.98 Outstanding at June 30 47,116 $ 23.24 180,518 $ 25.48 For both the six months ended June 30, 2017 and June 30, 2016, the total intrinsic value for restricted common shares released was $ 0.7 million . 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Total stock-based compensation expense $ 443 $ 324 $ 1,011 $ 663 Recognized tax benefit (155 ) (113 ) (354 ) (232 ) Net expense recognized $ 288 $ 211 $ 657 $ 431 Total unrecognized stock-based compensation expense related to unvested awards was $ 2.2 million at June 30, 2017 , which will be recognized over a weighted-average period of 2.0 years . |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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' consolidated financial statements taken as a whole. May, Accounting Standards Update ("ASU") 2017-09 - Compensation - Stock Compensation (Topic 718): Scope and Modification Accounting. An entity may change the terms or conditions of a share-based payment award for many different reasons, and the nature and effect of the change can vary significantly. Modification is currently defined as "a change in any of the terms or conditions of a share-based payment award." The amendments in this ASU provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in accordance with Topic 718. The amendments will be effective for interim and annual reporting periods beginning after December 15, 2017 (effective January 1, 2018 for Peoples). Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' consolidated financial statements. March, ASU 2017-08 - Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in this ASU shorten the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments will be effective for interim and annual reporting periods beginning after December 15, 2018 (effective January 1, 2019 for Peoples). Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' consolidated financial statements. March, ASU 2017-07 - Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The amendments in this ASU require that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments will improve the consistency, transparency, and usefulness of financial information and will be effective for interim and annual reporting periods beginning after December 15, 2017 (effective January 1, 2018 for Peoples). Peoples will adopt this new accounting guidance as required, and it will have no impact on Peoples' consolidated financial statements as the accrual for pension plan benefits for all participants was frozen as of March 1, 2011. January, ASU 2017-04 - Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU is to simplify how an entity is required to test goodwill for impairment by eliminating the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. This accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2019 (effective January 1, 2020 for Peoples). Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' consolidated financial statements. January, ASU 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill and consideration. In a separate ASU (Phase 2 of the project) that is expected to be issued shortly after this ASU, the FASB provides clarifying guidance for partial sales or transfers of assets within the scope of Subtopic 610-20 and the corresponding accounting for retained interest. This ASU will become effective for interim and annual reporting periods beginning after December 15, 2017 (effective January 1, 2018 for Peoples). Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' consolidated financial statements. May, ASU 2014-09 - Revenue from Contracts with Customers (Topic 606). There are many aspects of this new accounting guidance that are still being interpreted and the FASB has issued updates to certain aspects of the guidance to address implementation issues. The FASB issued updates in March, April, May and December of 2016 clarifying several areas of the guidance. These clarifications included: • Principal versus agent considerations, • Collectibility, sales tax and non-cash consideration, practical expedients for contract modifications and completed contracts, • Identification of performance obligations, and • Licensing implementation guidance. This accounting guidance can be implemented using either a full retrospective method or a modified retrospective approach. This accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2017 (effective January 1, 2018 for Peoples). Early adoption is permitted but only for interim and annual reporting periods beginning after December 15, 2016. Peoples will adopt this new accounting guidance in 2018, as required, and anticipates implementing the new accounting guidance using the modified retrospective approach. The modified retrospective approach uses a cumulative-effect adjustment to retained earnings to reflect uncompleted contracts in the initial application of the guidance. Peoples' preliminary analysis indicates that certain non-interest income financial statement line items contain revenue streams that are in the scope of this update. Based on Peoples’ evaluation to date, Peoples does not expect the adoption of this accounting guidance to have a significant impact on Peoples’ financial condition or results of operations; however, the review is ongoing. Peoples will continue to evaluate the impact of this accounting guidance, including any additional guidance issued, during the completion of this internal assessment. June, ASU 2016-13 - Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This accounting guidance replaces the current “incurred loss” model for recognizing credit losses with an “expected loss” model referred to as the Current Expected Credit Loss (“CECL”) model. Under the CECL model, Peoples will be required to present certain financial assets carried at amortized cost, such as loans held-for-investment and held-to-maturity debt securities, at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement will take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” model required under current US GAAP, which delays recognition until it is probable a loss has been incurred. Accordingly, Peoples expects that the adoption of the CECL model will materially affect how the allowance for loan losses is determined and could require significant increases to the allowance for loan losses. Moreover, the CECL model may create more volatility in the level of Peoples' allowance for loan losses. If required to materially increase the level of allowance for loan losses for any reason, such increase could adversely affect Peoples' business, financial condition and results of operations. The new CECL standard will become effective for interim and annual reporting periods beginning after December 15, 2019 (effective January 1, 2020 for Peoples). Peoples is currently evaluating the impact that the CECL model will have on Peoples' financial statements and expects to recognize a one-time cumulative-effect adjustment to the allowance for loan loss provision as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. Peoples has not yet determined the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on Peoples financial condition or results of operations. March, ASU 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in this ASU require all excess income tax benefits or tax deficiencies of stock awards to be recognized in the income statement when the awards vest or are settled. The amendments also allow an employer to repurchase more of an employee’s shares than it could under previous guidance for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. Peoples adopted this pronouncement as of January 1, 2017, and will continue using an estimated forfeiture rate. In the first six months of 2017, Peoples recorded a tax benefit of $104,000 associated with the adoption of this ASU for the tax benefit of awards that settled or vested during the year, with the majority recorded in the first quarter of 2017. February, 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. This ASU will become effective for interim and annual reporting periods beginning after December 15, 2018 (effective January 1, 2019 for Peoples). Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' consolidated financial statements. January, ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this ASU are intended to enhance the reporting model for financial instruments to provide users of financial statements with more useful information. The amendments require 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 will be effective for fiscal years beginning after December 15, 2017 (effective January 1, 2018 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 values fluctuate. Peoples will adopt this accounting guidance as of the required effective date. As of June 30, 2017, Peoples had net unrealized gains on equity securities of $8.1 million . |
Fair Value of Financial Instr19
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 were comprised of the following: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value June 30, 2017 Obligations of: States and political subdivisions $ 111,390 $ — $ 111,390 $ — Residential mortgage-backed securities 664,341 — 664,341 — Commercial mortgage-backed securities 8,092 — 8,092 — Bank-issued trust preferred securities 5,144 — 5,144 — Equity securities 10,121 9,898 223 — Total available-for-sale securities $ 799,088 $ 9,898 $ 789,190 $ — December 31, 2016 Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ 1,000 $ — States and political subdivisions 117,230 — 117,230 — Residential mortgage-backed securities 626,567 — 626,567 — Commercial mortgage-backed securities 19,291 — 19,291 — Bank-issued trust preferred securities 4,899 — 4,899 — Equity securities 8,953 8,734 219 — Total available-for-sale securities $ 777,940 $ 8,734 $ 769,206 $ — |
Fair Value Amounts Disclosures | Held-to-maturity securities reported at fair value were comprised of the following: Fair Value at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) June 30, 2017 Obligations of: States and political subdivisions $ 4,496 $ — $ 4,496 $ — Residential mortgage-backed securities 34,337 — 34,337 — Commercial mortgage-backed securities 4,935 — 4,935 — Total held-to-maturity securities $ 43,768 $ — $ 43,768 $ — December 31, 2016 Obligations of: States and political subdivisions $ 4,041 $ — $ 4,041 $ — Residential mortgage-backed securities 33,762 — 33,762 — Commercial mortgage-backed securities 5,424 — 5,424 — Total held-to-maturity securities $ 43,227 $ — $ 43,227 $ — |
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: June 30, 2017 December 31, 2016 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 72,432 $ 72,432 $ 66,146 $ 66,146 Investment securities 880,519 881,227 859,455 859,538 Loans (1) 2,278,964 2,221,000 2,210,529 2,152,544 Financial liabilities: Deposits $ 2,677,144 $ 2,679,002 $ 2,509,722 $ 2,512,647 Short-term borrowings 142,532 142,532 305,607 305,607 Long-term borrowings 219,014 219,069 145,155 145,106 Cash flow hedges (2) 980 980 1,779 1,779 (1) Includes loans held for sale (2) For additional information, see Note 9. Financial Instruments with Off-Balance Sheet Risk |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investment Holdings [Line Items] | |
Summary of Available-for-sale Investment Securities | The following table summarizes Peoples' available-for-sale investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2017 Obligations of: States and political subdivisions $ 109,124 $ 2,454 $ (188 ) $ 111,390 Residential mortgage-backed securities 668,410 4,259 (8,328 ) 664,341 Commercial mortgage-backed securities 8,056 55 (19 ) 8,092 Bank-issued trust preferred securities 5,182 172 (210 ) 5,144 Equity securities 2,031 8,154 (64 ) 10,121 Total available-for-sale securities $ 792,803 $ 15,094 $ (8,809 ) $ 799,088 December 31, 2016 Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ — $ 1,000 States and political subdivisions 115,657 1,836 (263 ) 117,230 Residential mortgage-backed securities 633,802 3,758 (10,993 ) 626,567 Commercial mortgage-backed securities 19,337 41 (87 ) 19,291 Bank-issued trust preferred securities 5,169 91 (361 ) 4,899 Equity securities 2,052 6,969 (68 ) 8,953 Total available-for-sale securities $ 777,017 $ 12,695 $ (11,772 ) $ 777,940 |
Schedule of Gross Gains and Losses from Sales of Available-for-sale Securities | The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the periods ended June 30 were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Gross gains realized $ 18 $ 767 $ 358 $ 863 Gross losses realized — — — — Net gain realized $ 18 $ 767 $ 358 $ 863 |
Summary of Available-for-sale Securities with Unrealized Loss | The following table presents a summary of available-for-sale investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2017 Obligations of: States and political subdivisions $ 10,705 $ 188 7 $ — $ — — $ 10,705 $ 188 Residential mortgage-backed securities 398,313 $ 6,027 102 54,140 $ 2,301 26 452,453 8,328 Commercial mortgage-backed securities 4,122 19 2 — — — 4,122 19 Bank-issued trust preferred securities — — — 2,788 210 3 2,788 210 Equity securities 278 — 1 112 64 1 390 64 Total $ 413,418 $ 6,234 112 $ 57,040 $ 2,575 30 $ 470,458 $ 8,809 December 31, 2016 Obligations of: States and political subdivisions $ 23,501 $ 263 28 $ — $ — — $ 23,501 $ 263 Residential mortgage-backed securities 427,088 8,495 108 46,631 2,498 22 473,719 10,993 Commercial mortgage-backed securities 7,770 87 4 — — — 7,770 87 Bank-issued trust preferred securities — — — 2,637 361 3 2,637 361 Equity securities 263 3 1 110 65 1 373 68 Total $ 458,622 $ 8,848 141 $ 49,378 $ 2,924 26 $ 508,000 $ 11,772 |
Summary of Held-to-maturity Investment Securities | The following table summarizes Peoples’ held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2017 Obligations of: States and political subdivisions $ 3,815 $ 681 $ — $ 4,496 Residential mortgage-backed securities 34,264 471 (398 ) 34,337 Commercial mortgage-backed securities 4,981 — (46 ) 4,935 Total held-to-maturity securities $ 43,060 $ 1,152 $ (444 ) $ 43,768 December 31, 2016 Obligations of: States and political subdivisions $ 3,820 $ 221 $ — $ 4,041 Residential mortgage-backed securities 33,858 432 (528 ) 33,762 Commercial mortgage-backed securities 5,466 — (42 ) 5,424 Total held-to-maturity securities $ 43,144 $ 653 $ (570 ) $ 43,227 |
Available-for-sale securities | |
Investment Holdings [Line Items] | |
Summary of Investment Securities by Contractual Maturity | The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at June 30, 2017 . 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 $ 495 $ 12,974 $ 28,806 $ 66,849 $ 109,124 Residential mortgage-backed securities 112 14,193 42,516 611,589 668,410 Commercial mortgage-backed securities — 6,427 — 1,629 8,056 Bank-issued trust preferred securities — — 2,184 2,998 5,182 Equity securities 2,031 Total available-for-sale securities $ 607 $ 33,594 $ 73,506 $ 683,065 $ 792,803 Fair value Obligations of: States and political subdivisions $ 501 $ 13,094 $ 29,350 $ 68,445 $ 111,390 Residential mortgage-backed securities 114 14,128 42,602 607,497 664,341 Commercial mortgage-backed securities — 6,481 — 1,611 8,092 Bank-issued trust preferred securities — — 2,356 2,788 5,144 Equity securities 10,121 Total available-for-sale securities $ 615 $ 33,703 $ 74,308 $ 680,341 $ 799,088 Total weighted-average yield 4.59 % 3.48 % 3.37 % 3.04 % 3.11 % |
Held-to-maturity securities | |
Investment Holdings [Line Items] | |
Summary of Investment Securities by Contractual Maturity | The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at June 30, 2017 . 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 $ — $ 316 $ 2,979 $ 520 $ 3,815 Residential mortgage-backed securities — — 6,856 27,408 34,264 Commercial mortgage-backed securities — — — 4,981 4,981 Total held-to-maturity securities $ — $ 316 $ 9,835 $ 32,909 $ 43,060 Fair value Obligations of: States and political subdivisions $ — $ 321 $ 3,626 $ 549 $ 4,496 Residential mortgage-backed securities — — 6,967 27,370 34,337 Commercial mortgage-backed securities — — — 4,935 4,935 Total held-to-maturity securities $ — $ 321 $ 10,593 $ 32,854 $ 43,768 Total weighted-average yield — % 3.73 % 3.11 % 3.40 % 3.33 % |
Summary of Held-to-maturity Securities with Unrealized Loss | The following table presents a summary of held-to-maturity investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2017 Residential mortgage-backed securities $ 11,551 $ 345 2 $ 946 $ 53 1 $ 12,497 $ 398 Commercial mortgage-backed securities 4,935 46 1 — — — 4,935 46 Total $ 16,486 $ 391 3 $ 946 $ 53 1 $ 17,432 $ 444 December 31, 2016 Residential mortgage-backed securities $ 12,139 $ 476 3 $ 963 $ 52 1 $ 13,102 $ 528 Commercial mortgage-backed securities 5,424 42 1 — — — 5,424 42 Total $ 17,563 $ 518 4 $ 963 $ 52 1 $ 18,526 $ 570 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
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. Loans that were acquired and subsequently re-underwritten, are reported as originated upon execution of such credit actions (for example, renewals and increases in lines of credit). The major classifications of loan balances, excluding loans held for sale, were as follows: (Dollars in thousands) June 30, December 31, 2016 Originated loans: Commercial real estate, construction $ 103,039 $ 84,626 Commercial real estate, other 567,537 531,557 Commercial real estate 670,576 616,183 Commercial and industrial 392,097 378,131 Residential real estate 306,385 307,490 Home equity lines of credit 88,229 85,617 Consumer, indirect 305,580 252,024 Consumer, other 67,287 67,579 Consumer 372,867 319,603 Deposit account overdrafts 521 1,080 Total originated loans $ 1,830,675 $ 1,708,104 Acquired loans: Commercial real estate, construction $ 9,130 $ 10,100 Commercial real estate, other 182,682 204,466 Commercial real estate 191,812 214,566 Commercial and industrial 39,376 44,208 Residential real estate 206,502 228,435 Home equity lines of credit 23,481 25,875 Consumer, indirect 533 808 Consumer, other 1,980 2,940 Consumer 2,513 3,748 Total acquired loans $ 463,684 $ 516,832 Loans, net of deferred fees and costs $ 2,294,359 $ 2,224,936 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 purchased credit impaired loans included in the loan balances above are summarized as follows: (Dollars in thousands) June 30, December 31, Commercial real estate, other $ 8,969 $ 11,476 Commercial and industrial 1,247 1,573 Residential real estate 21,128 23,306 Consumer 50 76 Total outstanding balance $ 31,394 $ 36,431 Net carrying amount $ 21,974 $ 26,524 Changes in the accretable yield for purchased credit impaired loans for the six months ended June 30, 2017 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2016 $ 7,132 Accretion (876 ) Balance, June 30, 2017 $ 6,256 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 $512.7 million and $542.5 million at June 30, 2017 and December 31, 2016 , respectively. Peoples also pledges commercial loans to secure borrowings with the FRB. The outstanding balances of these loans totaled $128.3 million and $152.0 million at June 30, 2017 and December 31, 2016 , respectively. Nonaccrual and Past Due Loans A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due. The recorded investments in loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: Nonaccrual Loans Loans 90+ Days Past Due and Accruing (Dollars in thousands) June 30, December 31, June 30, December 31, Originated loans: Commercial real estate, construction $ 797 $ 826 $ — $ — Commercial real estate, other 7,133 9,934 — — Commercial real estate 7,930 10,760 — — Commercial and industrial 950 1,712 782 — Residential real estate 3,402 3,778 167 183 Home equity lines of credit 351 383 — — Consumer, indirect 240 130 — 10 Consumer, other 24 11 — — Consumer 264 141 — 10 Total originated loans $ 12,897 $ 16,774 $ 949 $ 193 Acquired loans: Commercial real estate, other $ 913 $ 1,609 $ 224 $ 1,506 Commercial and industrial 497 390 137 387 Residential real estate 2,412 2,317 1,239 1,672 Home equity lines of credit 200 231 34 — Consumer, indirect — — — 13 Consumer, other 2 4 — — Consumer 2 4 — 13 Total acquired loans $ 4,024 $ 4,551 $ 1,634 $ 3,578 Total loans $ 16,921 $ 21,325 $ 2,583 $ 3,771 During the first six months of 2017, Peoples' nonaccrual loans and loans 90+ days past due and accruing declined largely due to several payoffs on larger relationships. The following table presents the aging of the recorded investment in past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total June 30, 2017 Originated loans: Commercial real estate, construction $ — $ — $ 797 $ 797 $ 102,242 $ 103,039 Commercial real estate, other 1,353 119 6,836 8,308 559,229 567,537 Commercial real estate 1,353 119 7,633 9,105 661,471 670,576 Commercial and industrial 1,321 169 1,245 2,735 389,362 392,097 Residential real estate 1,842 1,034 1,233 4,109 302,276 306,385 Home equity lines of credit 251 64 192 507 87,722 88,229 Consumer, indirect 1,191 365 104 1,660 303,920 305,580 Consumer, other 361 26 13 400 66,887 67,287 Consumer 1,552 391 117 2,060 370,807 372,867 Deposit account overdrafts — — — — 521 521 Total originated loans $ 6,319 $ 1,777 $ 10,420 $ 18,516 $ 1,812,159 $ 1,830,675 Acquired loans: Commercial real estate, construction $ — $ — $ — $ — $ 9,130 $ 9,130 Commercial real estate, other 375 64 371 810 181,872 182,682 Commercial real estate 375 64 371 810 191,002 191,812 Commercial and industrial 441 9 539 989 38,387 39,376 Residential real estate 1,403 1,019 2,775 5,197 201,305 206,502 Home equity lines of credit 317 86 184 587 22,894 23,481 Consumer, indirect 11 — — 11 522 533 Consumer, other 48 4 — 52 1,928 1,980 Consumer 59 4 — 63 2,450 2,513 Total acquired loans $ 2,595 $ 1,182 $ 3,869 $ 7,646 $ 456,038 $ 463,684 Total loans $ 8,914 $ 2,959 $ 14,289 $ 26,162 $ 2,268,197 $ 2,294,359 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total December 31, 2016 Originated loans: Commercial real estate, construction $ — $ — $ 826 $ 826 $ 83,800 $ 84,626 Commercial real estate, other 1,420 225 9,305 10,950 520,607 531,557 Commercial real estate 1,420 225 10,131 11,776 604,407 616,183 Commercial and industrial 1,305 700 1,465 3,470 374,661 378,131 Residential real estate 7,288 1,019 1,895 10,202 297,288 307,490 Home equity lines of credit 316 45 248 609 85,008 85,617 Consumer, indirect 2,080 273 77 2,430 249,594 252,024 Consumer, other 346 38 — 384 67,195 67,579 Consumer 2,426 311 77 2,814 316,789 319,603 Deposit account overdrafts — — — — 1,080 1,080 Total originated loans $ 12,755 $ 2,300 $ 13,816 $ 28,871 $ 1,679,233 $ 1,708,104 Acquired loans: Commercial real estate, construction $ — $ — $ 40 $ 40 $ 10,060 $ 10,100 Commercial real estate, other 1,220 208 2,271 3,699 200,767 204,466 Commercial real estate 1,220 208 2,311 3,739 210,827 214,566 Commercial and industrial 148 3 777 928 43,280 44,208 Residential real estate 5,918 2,496 2,974 11,388 217,047 228,435 Home equity lines of credit 208 65 178 451 25,424 25,875 Consumer, indirect 4 — — 4 804 808 Consumer, other 51 — 13 64 2,876 2,940 Consumer 55 — 13 68 3,680 3,748 Total acquired loans $ 7,549 $ 2,772 $ 6,253 $ 16,574 $ 500,258 $ 516,832 Total loans $ 20,304 $ 5,072 $ 20,069 $ 45,445 $ 2,179,491 $ 2,224,936 During the first six months of 2017, Peoples' delinquency trends improved compared to the balances at December 31, 2016, as total loans past due declined in both the originated and acquired loan portfolios. Credit Quality Indicators As discussed in Note 1 of the Notes to the Consolidated Financial Statements included in Peoples' 2016 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. “Special Mention” (grade 5): Loans in this risk grade are the equivalent of the regulatory definition of “Other Assets Especially Mentioned.” 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 a 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 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, classification of the loan 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 a 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 loans within Peoples' loan portfolio based upon the most recent analysis performed: Pass Rated (Grades 1 - 4) Special Mention (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) June 30, 2017 Originated loans: Commercial real estate, construction $ 96,217 $ 5,558 $ 797 $ — $ 467 $ 103,039 Commercial real estate, other 534,952 21,136 11,449 — — 567,537 Commercial real estate 631,169 26,694 12,246 — 467 670,576 Commercial and industrial 354,034 21,288 16,739 — 36 392,097 Residential real estate 19,701 1,012 11,929 201 273,542 306,385 Home equity lines of credit 554 — — — 87,675 88,229 Consumer, indirect 64 10 — — 305,506 305,580 Consumer, other 47 — — — 67,240 67,287 Consumer 111 10 — — 372,746 372,867 Deposit account overdrafts — — — — 521 521 Total originated loans $ 1,005,569 $ 49,004 $ 40,914 $ 201 $ 734,987 $ 1,830,675 Acquired loans: Commercial real estate, construction $ 9,077 $ — $ 53 $ — $ — $ 9,130 Commercial real estate, other 165,112 8,650 8,920 — — 182,682 Commercial real estate 174,189 8,650 8,973 — — 191,812 Commercial and industrial 37,655 169 1,552 — — 39,376 Residential real estate 13,741 616 1,401 — 190,744 206,502 Home equity lines of credit 143 — — — 23,338 23,481 Consumer, indirect 26 — — — 507 533 Consumer, other 45 — — — 1,935 1,980 Consumer 71 — — — 2,442 2,513 Total acquired loans $ 225,799 $ 9,435 $ 11,926 $ — $ 216,524 $ 463,684 Total loans $ 1,231,368 $ 58,439 $ 52,840 $ 201 $ 951,511 $ 2,294,359 Pass Rated (Grades 1 - 4) Special Mention (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) December 31, 2016 Originated loans: Commercial real estate, construction $ 73,423 $ — $ 826 $ — $ 10,377 $ 84,626 Commercial real estate, other 505,029 11,855 14,673 — — 531,557 Commercial real estate 578,452 11,855 15,499 — 10,377 616,183 Commercial and industrial 346,791 15,210 16,130 — — 378,131 Residential real estate 47,336 957 12,828 304 246,065 307,490 Home equity lines of credit 465 — 135 — 85,017 85,617 Consumer, indirect 15 13 — — 251,996 252,024 Consumer, other 50 — — — 67,529 67,579 Consumer 65 13 — — 319,525 319,603 Deposit account overdrafts — — — — 1,080 1,080 Total originated loans $ 973,109 $ 28,035 $ 44,592 $ 304 $ 662,064 $ 1,708,104 Acquired loans: Commercial real estate, construction $ 10,046 $ — $ 54 $ — $ — $ 10,100 Commercial real estate, other 181,781 12,475 10,210 — — 204,466 Commercial real estate 191,827 12,475 10,264 — — 214,566 Commercial and industrial 42,809 227 978 194 — 44,208 Residential real estate 17,170 709 1,404 — 209,152 228,435 Home equity lines of credit 202 — — — 25,673 25,875 Consumer, indirect 51 — — — 757 808 Consumer, other 53 — — — 2,887 2,940 Consumer 104 — — — 3,644 3,748 Total acquired loans $ 252,112 $ 13,411 $ 12,646 $ 194 $ 238,469 $ 516,832 Total loans $ 1,225,221 $ 41,446 $ 57,238 $ 498 $ 900,533 $ 2,224,936 In the first six months of 2017, Peoples' classified loans, which are loans categorized as substandard or doubtful, declined compared to the balances at December 31, 2016 mostly due to loan payoffs. Impaired Loans The following table summarizes loans classified as impaired: Unpaid Principal Balance Recorded Investment Total Recorded Investment Average Recorded Investment Interest Income Recognized With Allowance Without Allowance Related Allowance (Dollars in thousands) June 30, 2017 Commercial real estate, construction $ 895 $ — $ 837 $ 837 $ — $ 854 $ 3 Commercial real estate, other 16,351 5,114 10,406 15,520 264 15,907 480 Commercial real estate 17,246 5,114 11,243 16,357 264 16,761 483 Commercial and industrial 6,410 1,367 1,428 2,795 423 2,862 55 Residential real estate 25,905 582 23,238 23,820 135 23,928 976 Home equity lines of credit 2,041 272 1,716 1,988 62 1,765 94 Consumer, indirect 273 30 165 195 6 165 11 Consumer, other 532 2 525 527 2 519 19 Consumer 805 32 690 722 8 684 30 Total $ 52,407 $ 7,367 $ 38,315 $ 45,682 $ 892 $ 46,000 $ 1,638 December 31, 2016 Commercial real estate, construction $ 894 $ — $ 866 $ 866 $ — $ 913 $ 3 Commercial real estate, other 20,029 7,474 12,227 19,701 803 18,710 700 Commercial real estate 20,923 7,474 13,093 20,567 803 19,623 703 Commercial and industrial 7,289 2,732 1,003 3,735 585 3,386 125 Residential real estate 27,703 138 27,393 27,531 24 27,455 1,419 Home equity lines of credit 908 — 908 908 — 717 44 Consumer, indirect 220 — 224 224 — 136 16 Consumer, other 130 — 130 130 — 138 13 Consumer 350 — 354 354 — 274 29 Total $ 57,173 $ 10,344 $ 42,751 $ 53,095 $ 1,412 $ 51,455 $ 2,320 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 months ended June 30 : Three Months Ended Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2017 Originated loans: Commercial real estate, other 1 $ 14 $ 14 $ 14 Commercial and industrial 2 137 137 137 Residential real estate 4 288 288 288 Home equity lines of credit 1 43 43 45 Consumer, indirect 4 54 54 54 Consumer, other 5 6 6 6 Consumer 9 60 60 60 Total originated loans 17 $ 542 $ 542 $ 544 Acquired loans: Residential real estate 5 179 179 179 Total acquired loans 5 $ 179 $ 179 $ 179 June 30, 2016 Originated loans: Commercial real estate, other 1 $ 57 $ 57 $ 57 Commercial and industrial 2 22 30 30 Residential real estate 1 36 36 36 Home equity lines of credit 1 11 11 11 Consumer, indirect 4 72 72 72 Consumer, other 2 12 12 12 Consumer 6 84 84 84 Total originated loans 11 $ 210 $ 218 $ 218 Acquired loans: Residential real estate 5 $ 519 $ 519 $ 516 Home equity lines of credit 3 179 179 177 Consumer, indirect 2 9 9 9 Consumer, other 4 21 21 21 Consumer 6 30 30 30 Total acquired loans 14 $ 728 $ 728 $ 723 (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 summarizes the loans that were modified as a TDR during the six months ended June 30 : Six Months Ended Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2017 Originated loans: Commercial real estate, other 1 $ 14 $ 14 $ 14 Commercial and industrial 2 137 137 137 Residential real estate 6 393 393 392 Home equity lines of credit 4 269 269 268 Consumer, indirect 7 121 121 97 Consumer, other 5 6 6 6 Consumer 12 127 127 103 Total originated loans 25 $ 940 $ 940 $ 914 Acquired loans: Commercial real estate, other 2 $ 271 $ 271 $ 267 Commercial and industrial 1 38 38 38 Residential real estate 7 276 276 276 Home equity lines of credit 4 294 294 291 Consumer, other 2 10 10 9 Total acquired loans 16 $ 889 $ 889 $ 881 June 30, 2016 Originated loans: Commercial real estate, other 1 $ 57 $ 57 $ 57 Commercial and industrial 6 722 730 731 Residential real estate 3 120 120 120 Home equity lines of credit 1 11 11 10 Consumer, indirect 5 83 83 82 Consumer, other 4 15 15 14 Consumer 9 98 98 96 Total originated loans 20 $ 1,008 $ 1,016 $ 1,014 Acquired loans: Residential real estate 10 $ 850 $ 852 $ 846 Home equity lines of credit 3 179 179 177 Consumer, indirect 2 10 10 10 Consumer, other 5 24 24 24 Consumer 7 34 34 34 Total acquired loans 20 $ 1,063 $ 1,065 $ 1,057 (1) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. Peoples did not have any originated or acquired loans that were modified as a TDR during the last twelve months that subsequently defaulted. Peoples had no 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 six months ended June 30 were as follows: (Dollars in thousands) Commercial Real Estate Commercial and Industrial Residential Real Estate Home Equity Lines of Credit Consumer Indirect Consumer Other Deposit Account Overdrafts Total Balance, January 1, 2017 $ 7,172 $ 6,353 $ 982 $ 688 $ 2,312 $ 518 $ 171 $ 18,196 Charge-offs (25 ) (117 ) (206 ) (20 ) (1,000 ) (169 ) (520 ) (2,057 ) Recoveries 116 — 109 6 424 106 111 872 Net recoveries (charge-offs) 91 (117 ) (97 ) (14 ) (576 ) (63 ) (409 ) (1,185 ) Provision for (recovery of) loan losses 65 491 75 2 813 (53 ) 321 1,714 Balance, June 30, 2017 $ 7,328 $ 6,727 $ 960 $ 676 $ 2,549 $ 402 $ 83 $ 18,725 Period-end amount allocated to: Loans individually evaluated for impairment $ 264 $ 423 $ 135 $ 62 $ 6 $ 2 $ — $ 892 Loans collectively evaluated for impairment 7,064 6,304 825 614 2,543 400 83 17,833 Ending balance $ 7,328 $ 6,727 $ 960 $ 676 $ 2,549 $ 402 $ 83 $ 18,725 Balance, January 1, 2016 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,934 $ 37 $ 121 $ 16,539 Charge-offs — (1,017 ) (379 ) (29 ) (828 ) (219 ) (334 ) (2,806 ) Recoveries 1,181 250 69 26 473 127 108 2,234 Net recoveries (charge-offs) 1,181 (767 ) (310 ) (3 ) (355 ) (92 ) (226 ) (572 ) (Recovery of) provision for loan losses (721 ) 619 349 (45 ) 537 686 249 1,674 Balance, June 30, 2016 $ 7,536 $ 5,234 $ 1,296 $ 684 $ 2,116 $ 631 $ 144 $ 17,641 Period-end amount allocated to: Loans individually evaluated for impairment $ 1,286 $ 469 $ 127 $ — $ — $ — $ — $ 1,882 Loans collectively evaluated for impairment 6,250 4,765 1,169 684 2,116 631 144 15,759 Ending balance $ 7,536 $ 5,234 $ 1,296 $ 684 $ 2,116 $ 631 $ 144 $ 17,641 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 purchased 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. During the first six months of 2017, Peoples recorded a recovery of loan losses that was related to an acquired purchased credit impaired loan that was paid off during the quarter. The following table presents activity in the allowance for loan losses for acquired loans for the three and six months ended June 30 : Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Purchased credit impaired loans: Balance, beginning of period $ 90 $ 202 $ 233 $ 240 Charge-offs — (5 ) — (51 ) Recoveries — — — — Net charge-offs — (5 ) — (51 ) (Recovery of) provision for loan losses — — (143 ) 8 Balance, June 30 $ 90 $ 197 $ 90 $ 197 |
Schedule of Financing Receivables, Type | The major classifications of loan balances, excluding loans held for sale, were as follows: (Dollars in thousands) June 30, December 31, 2016 Originated loans: Commercial real estate, construction $ 103,039 $ 84,626 Commercial real estate, other 567,537 531,557 Commercial real estate 670,576 616,183 Commercial and industrial 392,097 378,131 Residential real estate 306,385 307,490 Home equity lines of credit 88,229 85,617 Consumer, indirect 305,580 252,024 Consumer, other 67,287 67,579 Consumer 372,867 319,603 Deposit account overdrafts 521 1,080 Total originated loans $ 1,830,675 $ 1,708,104 Acquired loans: Commercial real estate, construction $ 9,130 $ 10,100 Commercial real estate, other 182,682 204,466 Commercial real estate 191,812 214,566 Commercial and industrial 39,376 44,208 Residential real estate 206,502 228,435 Home equity lines of credit 23,481 25,875 Consumer, indirect 533 808 Consumer, other 1,980 2,940 Consumer 2,513 3,748 Total acquired loans $ 463,684 $ 516,832 Loans, net of deferred fees and costs $ 2,294,359 $ 2,224,936 |
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 purchased credit impaired loans included in the loan balances above are summarized as follows: (Dollars in thousands) June 30, December 31, Commercial real estate, other $ 8,969 $ 11,476 Commercial and industrial 1,247 1,573 Residential real estate 21,128 23,306 Consumer 50 76 Total outstanding balance $ 31,394 $ 36,431 Net carrying amount $ 21,974 $ 26,524 |
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 six months ended June 30, 2017 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2016 $ 7,132 Accretion (876 ) Balance, June 30, 2017 $ 6,256 |
Nonaccrual and Past Due Loans | The recorded investments in loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: Nonaccrual Loans Loans 90+ Days Past Due and Accruing (Dollars in thousands) June 30, December 31, June 30, December 31, Originated loans: Commercial real estate, construction $ 797 $ 826 $ — $ — Commercial real estate, other 7,133 9,934 — — Commercial real estate 7,930 10,760 — — Commercial and industrial 950 1,712 782 — Residential real estate 3,402 3,778 167 183 Home equity lines of credit 351 383 — — Consumer, indirect 240 130 — 10 Consumer, other 24 11 — — Consumer 264 141 — 10 Total originated loans $ 12,897 $ 16,774 $ 949 $ 193 Acquired loans: Commercial real estate, other $ 913 $ 1,609 $ 224 $ 1,506 Commercial and industrial 497 390 137 387 Residential real estate 2,412 2,317 1,239 1,672 Home equity lines of credit 200 231 34 — Consumer, indirect — — — 13 Consumer, other 2 4 — — Consumer 2 4 — 13 Total acquired loans $ 4,024 $ 4,551 $ 1,634 $ 3,578 Total loans $ 16,921 $ 21,325 $ 2,583 $ 3,771 |
Aging Of The Recorded Investment In Past Due Loans And Leases | The following table presents the aging of the recorded investment in past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total June 30, 2017 Originated loans: Commercial real estate, construction $ — $ — $ 797 $ 797 $ 102,242 $ 103,039 Commercial real estate, other 1,353 119 6,836 8,308 559,229 567,537 Commercial real estate 1,353 119 7,633 9,105 661,471 670,576 Commercial and industrial 1,321 169 1,245 2,735 389,362 392,097 Residential real estate 1,842 1,034 1,233 4,109 302,276 306,385 Home equity lines of credit 251 64 192 507 87,722 88,229 Consumer, indirect 1,191 365 104 1,660 303,920 305,580 Consumer, other 361 26 13 400 66,887 67,287 Consumer 1,552 391 117 2,060 370,807 372,867 Deposit account overdrafts — — — — 521 521 Total originated loans $ 6,319 $ 1,777 $ 10,420 $ 18,516 $ 1,812,159 $ 1,830,675 Acquired loans: Commercial real estate, construction $ — $ — $ — $ — $ 9,130 $ 9,130 Commercial real estate, other 375 64 371 810 181,872 182,682 Commercial real estate 375 64 371 810 191,002 191,812 Commercial and industrial 441 9 539 989 38,387 39,376 Residential real estate 1,403 1,019 2,775 5,197 201,305 206,502 Home equity lines of credit 317 86 184 587 22,894 23,481 Consumer, indirect 11 — — 11 522 533 Consumer, other 48 4 — 52 1,928 1,980 Consumer 59 4 — 63 2,450 2,513 Total acquired loans $ 2,595 $ 1,182 $ 3,869 $ 7,646 $ 456,038 $ 463,684 Total loans $ 8,914 $ 2,959 $ 14,289 $ 26,162 $ 2,268,197 $ 2,294,359 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total December 31, 2016 Originated loans: Commercial real estate, construction $ — $ — $ 826 $ 826 $ 83,800 $ 84,626 Commercial real estate, other 1,420 225 9,305 10,950 520,607 531,557 Commercial real estate 1,420 225 10,131 11,776 604,407 616,183 Commercial and industrial 1,305 700 1,465 3,470 374,661 378,131 Residential real estate 7,288 1,019 1,895 10,202 297,288 307,490 Home equity lines of credit 316 45 248 609 85,008 85,617 Consumer, indirect 2,080 273 77 2,430 249,594 252,024 Consumer, other 346 38 — 384 67,195 67,579 Consumer 2,426 311 77 2,814 316,789 319,603 Deposit account overdrafts — — — — 1,080 1,080 Total originated loans $ 12,755 $ 2,300 $ 13,816 $ 28,871 $ 1,679,233 $ 1,708,104 Acquired loans: Commercial real estate, construction $ — $ — $ 40 $ 40 $ 10,060 $ 10,100 Commercial real estate, other 1,220 208 2,271 3,699 200,767 204,466 Commercial real estate 1,220 208 2,311 3,739 210,827 214,566 Commercial and industrial 148 3 777 928 43,280 44,208 Residential real estate 5,918 2,496 2,974 11,388 217,047 228,435 Home equity lines of credit 208 65 178 451 25,424 25,875 Consumer, indirect 4 — — 4 804 808 Consumer, other 51 — 13 64 2,876 2,940 Consumer 55 — 13 68 3,680 3,748 Total acquired loans $ 7,549 $ 2,772 $ 6,253 $ 16,574 $ 500,258 $ 516,832 Total loans $ 20,304 $ 5,072 $ 20,069 $ 45,445 $ 2,179,491 $ 2,224,936 |
Loans By Risk Category | The following table summarizes the risk category of loans within Peoples' loan portfolio based upon the most recent analysis performed: Pass Rated (Grades 1 - 4) Special Mention (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) June 30, 2017 Originated loans: Commercial real estate, construction $ 96,217 $ 5,558 $ 797 $ — $ 467 $ 103,039 Commercial real estate, other 534,952 21,136 11,449 — — 567,537 Commercial real estate 631,169 26,694 12,246 — 467 670,576 Commercial and industrial 354,034 21,288 16,739 — 36 392,097 Residential real estate 19,701 1,012 11,929 201 273,542 306,385 Home equity lines of credit 554 — — — 87,675 88,229 Consumer, indirect 64 10 — — 305,506 305,580 Consumer, other 47 — — — 67,240 67,287 Consumer 111 10 — — 372,746 372,867 Deposit account overdrafts — — — — 521 521 Total originated loans $ 1,005,569 $ 49,004 $ 40,914 $ 201 $ 734,987 $ 1,830,675 Acquired loans: Commercial real estate, construction $ 9,077 $ — $ 53 $ — $ — $ 9,130 Commercial real estate, other 165,112 8,650 8,920 — — 182,682 Commercial real estate 174,189 8,650 8,973 — — 191,812 Commercial and industrial 37,655 169 1,552 — — 39,376 Residential real estate 13,741 616 1,401 — 190,744 206,502 Home equity lines of credit 143 — — — 23,338 23,481 Consumer, indirect 26 — — — 507 533 Consumer, other 45 — — — 1,935 1,980 Consumer 71 — — — 2,442 2,513 Total acquired loans $ 225,799 $ 9,435 $ 11,926 $ — $ 216,524 $ 463,684 Total loans $ 1,231,368 $ 58,439 $ 52,840 $ 201 $ 951,511 $ 2,294,359 Pass Rated (Grades 1 - 4) Special Mention (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) December 31, 2016 Originated loans: Commercial real estate, construction $ 73,423 $ — $ 826 $ — $ 10,377 $ 84,626 Commercial real estate, other 505,029 11,855 14,673 — — 531,557 Commercial real estate 578,452 11,855 15,499 — 10,377 616,183 Commercial and industrial 346,791 15,210 16,130 — — 378,131 Residential real estate 47,336 957 12,828 304 246,065 307,490 Home equity lines of credit 465 — 135 — 85,017 85,617 Consumer, indirect 15 13 — — 251,996 252,024 Consumer, other 50 — — — 67,529 67,579 Consumer 65 13 — — 319,525 319,603 Deposit account overdrafts — — — — 1,080 1,080 Total originated loans $ 973,109 $ 28,035 $ 44,592 $ 304 $ 662,064 $ 1,708,104 Acquired loans: Commercial real estate, construction $ 10,046 $ — $ 54 $ — $ — $ 10,100 Commercial real estate, other 181,781 12,475 10,210 — — 204,466 Commercial real estate 191,827 12,475 10,264 — — 214,566 Commercial and industrial 42,809 227 978 194 — 44,208 Residential real estate 17,170 709 1,404 — 209,152 228,435 Home equity lines of credit 202 — — — 25,673 25,875 Consumer, indirect 51 — — — 757 808 Consumer, other 53 — — — 2,887 2,940 Consumer 104 — — — 3,644 3,748 Total acquired loans $ 252,112 $ 13,411 $ 12,646 $ 194 $ 238,469 $ 516,832 Total loans $ 1,225,221 $ 41,446 $ 57,238 $ 498 $ 900,533 $ 2,224,936 |
Schedule Of Impaired Loans | The following table summarizes loans classified as impaired: Unpaid Principal Balance Recorded Investment Total Recorded Investment Average Recorded Investment Interest Income Recognized With Allowance Without Allowance Related Allowance (Dollars in thousands) June 30, 2017 Commercial real estate, construction $ 895 $ — $ 837 $ 837 $ — $ 854 $ 3 Commercial real estate, other 16,351 5,114 10,406 15,520 264 15,907 480 Commercial real estate 17,246 5,114 11,243 16,357 264 16,761 483 Commercial and industrial 6,410 1,367 1,428 2,795 423 2,862 55 Residential real estate 25,905 582 23,238 23,820 135 23,928 976 Home equity lines of credit 2,041 272 1,716 1,988 62 1,765 94 Consumer, indirect 273 30 165 195 6 165 11 Consumer, other 532 2 525 527 2 519 19 Consumer 805 32 690 722 8 684 30 Total $ 52,407 $ 7,367 $ 38,315 $ 45,682 $ 892 $ 46,000 $ 1,638 December 31, 2016 Commercial real estate, construction $ 894 $ — $ 866 $ 866 $ — $ 913 $ 3 Commercial real estate, other 20,029 7,474 12,227 19,701 803 18,710 700 Commercial real estate 20,923 7,474 13,093 20,567 803 19,623 703 Commercial and industrial 7,289 2,732 1,003 3,735 585 3,386 125 Residential real estate 27,703 138 27,393 27,531 24 27,455 1,419 Home equity lines of credit 908 — 908 908 — 717 44 Consumer, indirect 220 — 224 224 — 136 16 Consumer, other 130 — 130 130 — 138 13 Consumer 350 — 354 354 — 274 29 Total $ 57,173 $ 10,344 $ 42,751 $ 53,095 $ 1,412 $ 51,455 $ 2,320 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes the loans that were modified as a TDR during the three months ended June 30 : Three Months Ended Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2017 Originated loans: Commercial real estate, other 1 $ 14 $ 14 $ 14 Commercial and industrial 2 137 137 137 Residential real estate 4 288 288 288 Home equity lines of credit 1 43 43 45 Consumer, indirect 4 54 54 54 Consumer, other 5 6 6 6 Consumer 9 60 60 60 Total originated loans 17 $ 542 $ 542 $ 544 Acquired loans: Residential real estate 5 179 179 179 Total acquired loans 5 $ 179 $ 179 $ 179 June 30, 2016 Originated loans: Commercial real estate, other 1 $ 57 $ 57 $ 57 Commercial and industrial 2 22 30 30 Residential real estate 1 36 36 36 Home equity lines of credit 1 11 11 11 Consumer, indirect 4 72 72 72 Consumer, other 2 12 12 12 Consumer 6 84 84 84 Total originated loans 11 $ 210 $ 218 $ 218 Acquired loans: Residential real estate 5 $ 519 $ 519 $ 516 Home equity lines of credit 3 179 179 177 Consumer, indirect 2 9 9 9 Consumer, other 4 21 21 21 Consumer 6 30 30 30 Total acquired loans 14 $ 728 $ 728 $ 723 (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 | |
Summary Of Activity In Allowance For Loan And Lease Losses | Changes in the allowance for originated loan losses for the six months ended June 30 were as follows: (Dollars in thousands) Commercial Real Estate Commercial and Industrial Residential Real Estate Home Equity Lines of Credit Consumer Indirect Consumer Other Deposit Account Overdrafts Total Balance, January 1, 2017 $ 7,172 $ 6,353 $ 982 $ 688 $ 2,312 $ 518 $ 171 $ 18,196 Charge-offs (25 ) (117 ) (206 ) (20 ) (1,000 ) (169 ) (520 ) (2,057 ) Recoveries 116 — 109 6 424 106 111 872 Net recoveries (charge-offs) 91 (117 ) (97 ) (14 ) (576 ) (63 ) (409 ) (1,185 ) Provision for (recovery of) loan losses 65 491 75 2 813 (53 ) 321 1,714 Balance, June 30, 2017 $ 7,328 $ 6,727 $ 960 $ 676 $ 2,549 $ 402 $ 83 $ 18,725 Period-end amount allocated to: Loans individually evaluated for impairment $ 264 $ 423 $ 135 $ 62 $ 6 $ 2 $ — $ 892 Loans collectively evaluated for impairment 7,064 6,304 825 614 2,543 400 83 17,833 Ending balance $ 7,328 $ 6,727 $ 960 $ 676 $ 2,549 $ 402 $ 83 $ 18,725 Balance, January 1, 2016 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,934 $ 37 $ 121 $ 16,539 Charge-offs — (1,017 ) (379 ) (29 ) (828 ) (219 ) (334 ) (2,806 ) Recoveries 1,181 250 69 26 473 127 108 2,234 Net recoveries (charge-offs) 1,181 (767 ) (310 ) (3 ) (355 ) (92 ) (226 ) (572 ) (Recovery of) provision for loan losses (721 ) 619 349 (45 ) 537 686 249 1,674 Balance, June 30, 2016 $ 7,536 $ 5,234 $ 1,296 $ 684 $ 2,116 $ 631 $ 144 $ 17,641 Period-end amount allocated to: Loans individually evaluated for impairment $ 1,286 $ 469 $ 127 $ — $ — $ — $ — $ 1,882 Loans collectively evaluated for impairment 6,250 4,765 1,169 684 2,116 631 144 15,759 Ending balance $ 7,536 $ 5,234 $ 1,296 $ 684 $ 2,116 $ 631 $ 144 $ 17,641 |
Allowance for Loan Losses Acquired Loans [Table Text Block] | The following table presents activity in the allowance for loan losses for acquired loans for the three and six months ended June 30 : Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Purchased credit impaired loans: Balance, beginning of period $ 90 $ 202 $ 233 $ 240 Charge-offs — (5 ) — (51 ) Recoveries — — — — Net charge-offs — (5 ) — (51 ) (Recovery of) provision for loan losses — — (143 ) 8 Balance, June 30 $ 90 $ 197 $ 90 $ 197 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes Peoples' long-term borrowings: June 30, 2017 December 31, 2016 (Dollars in thousands) Balance Weighted- Balance Weighted- FHLB putable, non-amortizing, fixed-rate advances $ 145,000 2.07 % $ 70,000 2.49 % Callable national market repurchase agreements 40,000 3.63 % 40,000 3.63 % FHLB amortizing, fixed-rate advances 27,038 2.01 % 28,282 2.01 % Junior subordinated debt securities 7,015 4.69 % 6,924 4.48 % Unamortized debt issuance costs (39 ) — % (51 ) — % Total long-term borrowings $ 219,014 2.43 % $ 145,155 2.81 % |
Schedule of Maturities of Long-term Debt | The aggregate minimum annual retirements of long-term borrowings in future periods are as follows: (Dollars in thousands) Balance Weighted-Average Rate Six months ending December 31, 2017 $ 4,403 1.66 % Year ending December 31, 2018 74,971 3.22 % Year ending December 31, 2019 33,508 1.37 % Year ending December 31, 2020 25,564 1.85 % Year ending December 31, 2021 21,979 1.76 % Thereafter 58,589 2.60 % Total long-term borrowings $ 219,014 2.43 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of Preferred, Common and Treasury Stock | The following table details the progression in Peoples’ common shares and treasury stock during the six months ended June 30, 2017 : Common Shares Treasury Stock Shares at December 31, 2016 18,939,091 795,758 Changes related to stock-based compensation awards: Release of restricted common shares — 7,395 Cancellation of restricted common shares (1,674 ) 630 Exercise of stock options for common shares — (266 ) Grant of restricted common shares — (68,707 ) Grant of common shares — (150 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 2,828 Reissuance of treasury stock — (24,634 ) Common shares issued under dividend reinvestment plan 8,073 — Common shares issued under compensation plan for Boards of Directors — (5,769 ) Common shares issued under employee stock purchase plan — (5,703 ) Shares at June 30, 2017 18,945,490 701,382 |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following table details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the six months ended June 30, 2017 : (Dollars in thousands) Unrealized Gain on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Gain (Loss) on Cash Flow Hedge Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2016 $ 581 $ (3,321 ) $ 1,186 $ (1,554 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (233 ) — — (233 ) Other comprehensive income (loss), net of reclassifications and tax 3,695 31 (500 ) 3,226 Balance, June 30, 2017 $ 4,043 $ (3,290 ) $ 686 $ 1,439 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The following tables detail the components of the net periodic cost for the plans: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Interest cost $ 113 $ 109 $ 226 $ 219 Expected return on plan assets (139 ) (146 ) (277 ) (246 ) Amortization of net loss 26 48 51 48 Net periodic cost $ — $ 11 $ — $ 21 Postretirement Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Interest cost $ 1 $ 1 $ 2 $ 2 Amortization of net loss (2 ) (2 ) (4 ) (3 ) Net periodic benefit cost $ (1 ) $ (1 ) $ (2 ) $ (1 ) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Calculations of Basic and Diluted Earnings per Common Share | The calculations of basic and diluted earnings per common share were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per share data) 2017 2016 2017 2016 Distributed earnings allocated to common shareholders $ 3,609 $ 2,877 $ 7,213 $ 5,592 Undistributed earnings allocated to common shareholders 6,100 5,050 11,262 10,297 Net earnings allocated to common shareholders $ 9,709 $ 7,927 $ 18,475 $ 15,889 Weighted-average common shares outstanding 18,044,574 17,980,797 18,037,333 18,026,272 Effect of potentially dilutive common shares 159,178 133,015 158,382 127,988 Total weighted-average diluted common shares outstanding 18,203,752 18,113,812 18,195,715 18,154,260 Earnings per common share: Basic $ 0.54 $ 0.44 $ 1.02 $ 0.88 Diluted $ 0.53 $ 0.44 $ 1.02 $ 0.88 Anti-dilutive shares excluded from calculation: Restricted shares, stock options and stock appreciation rights 14 30,703 63 31,739 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock Appreciation Rights Outstanding & Exercisable by Exercise Price | The following table summarizes the changes to Peoples' SARs for the six months ended June 30, 2017 : Number of Common Shares Subject to SARs Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 2,338 $ 27.37 Exercised 2,024 27.93 Outstanding at June 30 314 $ 23.77 0.6 years $ 2,625 Exercisable at June 30 314 $ 23.77 0.6 years $ 2,625 |
Schedule of Restricted Shares Activity | The following table summarizes the changes to Peoples’ restricted common shares for the six months ended June 30, 2017 : 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 40,316 $ 21.85 142,415 $ 21.95 Awarded 7,550 31.36 61,457 32.42 Released 450 28.95 21,050 21.74 Forfeited 300 31.05 2,304 25.98 Outstanding at June 30 47,116 $ 23.24 180,518 $ 25.48 |
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 Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Total stock-based compensation expense $ 443 $ 324 $ 1,011 $ 663 Recognized tax benefit (155 ) (113 ) (354 ) (232 ) Net expense recognized $ 288 $ 211 $ 657 $ 431 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies Narrative (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 104,000 |
Equity securities | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 8,100,000 |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Assets Measured at Fair Value Recurring) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Recurring Basis | ||
Available-for-sale securities | $ 799,088 | $ 777,940 |
Held-to-maturity securities | 43,768 | 43,227 |
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 | 43,768 | 43,227 |
Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Held-to-maturity securities | 0 | 0 |
U.S. government sponsored agencies | ||
Recurring Basis | ||
Available-for-sale securities | 1,000 | |
States and political subdivisions | ||
Recurring Basis | ||
Available-for-sale securities | 111,390 | 117,230 |
Held-to-maturity securities | 4,496 | 4,041 |
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 | 4,496 | 4,041 |
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 | 664,341 | 626,567 |
Held-to-maturity securities | 34,337 | 33,762 |
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 | 34,337 | 33,762 |
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 | 8,092 | 19,291 |
Held-to-maturity securities | 4,935 | 5,424 |
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 | 4,935 | 5,424 |
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 | 5,144 | 4,899 |
Equity securities | ||
Recurring Basis | ||
Available-for-sale securities | 10,121 | 8,953 |
Recurring Basis [Member] | ||
Recurring Basis | ||
Available-for-sale securities | 799,088 | 777,940 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 9,898 | 8,734 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 789,190 | 769,206 |
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 | 1,000 | |
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 | |
Recurring Basis [Member] | U.S. government sponsored agencies | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 1,000 | |
Recurring Basis [Member] | U.S. government sponsored agencies | Significant Unobservable Inputs (Level 3) | ||
Recurring Basis | ||
Available-for-sale securities | 0 | |
Recurring Basis [Member] | States and political subdivisions | ||
Recurring Basis | ||
Available-for-sale securities | 111,390 | 117,230 |
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 | 111,390 | 117,230 |
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 | 664,341 | 626,567 |
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 | 664,341 | 626,567 |
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 | 8,092 | 19,291 |
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 | 8,092 | 19,291 |
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 | 5,144 | 4,899 |
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 | 5,144 | 4,899 |
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 | 10,121 | 8,953 |
Recurring Basis [Member] | Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Recurring Basis | ||
Available-for-sale securities | 9,898 | 8,734 |
Recurring Basis [Member] | Equity securities | Significant Other Observable Inputs (Level 2) | ||
Recurring Basis | ||
Available-for-sale securities | 223 | 219 |
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 | 6 Months Ended |
Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | |
Nonrecurring Basis | ||
Losses on impaired loans charged through allowance for loan losses | $ 159,000 | $ 324,000 |
Significant Other Observable Inputs (Level 2) | ||
Nonrecurring Basis | ||
Impaired loans, aggregate outstanding principal balance | 34,000,000 | 34,000,000 |
Impaired loans, fair value | $ 28,000,000 | $ 28,000,000 |
Fair Value of Financial Instr30
Fair Value of Financial Instruments (Fair Values of Financial Assets and Liabilities on Balance Sheets) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Cash and cash equivalents | $ 72,432,000 | $ 66,146,000 |
Investment securities | 881,227,000 | 859,538,000 |
Loans (1) | 2,221,000,000 | 2,152,544,000 |
Financial liabilities: | ||
Deposits | 2,679,002,000 | 2,512,647,000 |
Short-term borrowings | 142,532,000 | 305,607,000 |
Long-term borrowings | 219,069,000 | 145,106,000 |
Cash flow hedges (2) | 980,000 | 1,779,000 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 72,432,000 | 66,146,000 |
Investment securities | 880,519,000 | 859,455,000 |
Loans (1) | 2,278,964,000 | 2,210,529,000 |
Financial liabilities: | ||
Deposits | 2,677,144,000 | 2,509,722,000 |
Short-term borrowings | 142,532,000 | 305,607,000 |
Long-term borrowings | 219,014,000 | $ 145,155,000 |
Cash flow hedges (2) | $ 980 |
Investment Securities (Availabl
Investment Securities (Available-for-sale Securities) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 792,803,000 | $ 777,017,000 |
Gross Unrealized Gains | 15,094,000 | 12,695,000 |
Gross Unrealized Losses | (8,809,000) | (11,772,000) |
Available-for-sale securities | 799,088,000 | 777,940,000 |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,000,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Available-for-sale securities | 1,000,000 | |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 109,124,000 | 115,657,000 |
Gross Unrealized Gains | 2,454,000 | 1,836,000 |
Gross Unrealized Losses | (188,000) | (263,000) |
Available-for-sale securities | 111,390,000 | 117,230,000 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 668,410,000 | 633,802,000 |
Gross Unrealized Gains | 4,259,000 | 3,758,000 |
Gross Unrealized Losses | (8,328,000) | (10,993,000) |
Available-for-sale securities | 664,341,000 | 626,567,000 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 8,056,000 | 19,337,000 |
Gross Unrealized Gains | 55,000 | 41,000 |
Gross Unrealized Losses | (19,000) | (87,000) |
Available-for-sale securities | 8,092,000 | 19,291,000 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 5,182,000 | 5,169,000 |
Gross Unrealized Gains | 172,000 | 91,000 |
Gross Unrealized Losses | (210,000) | (361,000) |
Available-for-sale securities | 5,144,000 | 4,899,000 |
Equity securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 2,031,000 | 2,052,000 |
Gross Unrealized Gains | 8,154,000 | 6,969,000 |
Gross Unrealized Losses | (64,000) | (68,000) |
Available-for-sale securities | $ 10,121,000 | $ 8,953,000 |
Investment Securities (Availa32
Investment Securities (Available-for-sale Securities Gross Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Gross gains and gross losses realized from sales of available-for-sale securities: | ||||
Gross gains realized | $ 18 | $ 767 | $ 358 | $ 863 |
Gross losses realized | 0 | 0 | 0 | 0 |
Net gain realized | $ 18 | $ 767 | $ 358 | $ 863 |
Investment Securities (Availa33
Investment Securities (Available-for-sale Securities with Unrealized Loss) (Details) $ in Thousands | Jun. 30, 2017USD ($)securities | Dec. 31, 2016USD ($)securities |
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | $ 413,418 | $ 458,622 |
Less than 12 months, unrealized loss | $ 6,234 | $ 8,848 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 112 | 141 |
12 months or more, fair value | $ 57,040 | $ 49,378 |
12 months or more, unrealized loss | $ 2,575 | $ 2,924 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 30 | 26 |
Total unrealized loss position, fair value | $ 470,458 | $ 508,000 |
Total unrealized loss | 8,809 | 11,772 |
States and political subdivisions | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 10,705 | 23,501 |
Less than 12 months, unrealized loss | $ 188 | $ 263 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 7 | 28 |
12 months or more, fair value | $ 0 | $ 0 |
12 months or more, unrealized loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 0 | 0 |
Total unrealized loss position, fair value | $ 10,705 | $ 23,501 |
Total unrealized loss | 188 | 263 |
Residential mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 398,313 | 427,088 |
Less than 12 months, unrealized loss | $ 6,027 | $ 8,495 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 102 | 108 |
12 months or more, fair value | $ 54,140 | $ 46,631 |
12 months or more, unrealized loss | $ 2,301 | $ 2,498 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 26 | 22 |
Total unrealized loss position, fair value | $ 452,453 | $ 473,719 |
Total unrealized loss | 8,328 | 10,993 |
Commercial mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 4,122 | 7,770 |
Less than 12 months, unrealized loss | $ 19 | $ 87 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, More than 12 Months, Number of Positions | securities | 2 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 4 | |
12 months or more, fair value | $ 0 | $ 0 |
12 months or more, unrealized loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, 12 Months or Longer, Number of Positions | securities | 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 | $ 4,122 | $ 7,770 |
Total unrealized loss | 19 | 87 |
Bank-issued trust preferred securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 0 | 0 |
12 months or more, fair value | $ 2,788 | $ 2,637 |
12 months or more, unrealized loss | $ 210 | $ 361 |
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 | $ 2,788 | $ 2,637 |
Total unrealized loss | $ 210 | 361 |
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 | $ 278 | 263 |
Less than 12 months, unrealized loss | $ 0 | $ 3 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 1 | 1 |
12 months or more, fair value | $ 112 | $ 110 |
12 months or more, unrealized loss | $ 64 | $ 65 |
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 | $ 390 | $ 373 |
Total unrealized loss | $ 64 | $ 68 |
Mortgage-backed securities, issued by US government sponsored agencies | ||
Available-for-sale securities that had an unrealized loss: | ||
Percentage of mortgage-backed securities in unrealized loss position for more than 12 months | 98.00% | |
Mortgage-backed securities, privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
Percentage of mortgage-backed securities in unrealized loss position for more than 12 months | 2.00% | |
Number of privately issued mortgage-backed securities securities with book value less than 90% of fair value | securities | 3 | |
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 | $ 400 | |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 607 | |
Debt securities, maturing 1 to 5 years, amortized cost | 33,594 | |
Debt securities, maturing 5 to 10 years, amortized cost | 73,506 | |
Available-for-sale Securities, Maturities, Rolling after Year Ten, Amortized Cost Basis | 683,065 | |
Amortized Cost | 792,803 | $ 777,017 |
Debt securities, maturing within 1 year, fair value | 615 | |
Debt securities, maturing 1 to 5 years, fair value | 33,703 | |
Debt securities, maturing 5 to 10 years, fair value | 74,308 | |
Available-for-sale Securities, Maturities, Rolling after Year Ten, Fair Value | 680,341 | |
Fair Value | $ 799,088 | 777,940 |
Available-for-sale securities, maturing within 1 year, average yield | 4.59% | |
Available-for-sale securities, maturing 1 to 5 years, average yield | 3.48% | |
Available-for-sale securities, maturing 5 to 10 years, average yield | 3.37% | |
Available-for-sale securities, maturing over 10 years, average yield | 3.04% | |
Available-for-sale securities, total average yield | 3.11% | |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,000 | |
Fair Value | 1,000 | |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 495 | |
Debt securities, maturing 1 to 5 years, amortized cost | 12,974 | |
Debt securities, maturing 5 to 10 years, amortized cost | 28,806 | |
Debt securities, maturing over 10 years, amortized cost | 66,849 | |
Debt securities, total amortized cost | 109,124 | |
Amortized Cost | 109,124 | 115,657 |
Debt securities, maturing within 1 year, fair value | 501 | |
Debt securities, maturing 1 to 5 years, fair value | 13,094 | |
Debt securities, maturing 5 to 10 years, fair value | 29,350 | |
Debt securities, maturing over 10 years, fair value | 68,445 | |
Debt securities, total fair value | 111,390 | |
Fair Value | 111,390 | 117,230 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 112 | |
Debt securities, maturing 1 to 5 years, amortized cost | 14,193 | |
Debt securities, maturing 5 to 10 years, amortized cost | 42,516 | |
Debt securities, maturing over 10 years, amortized cost | 611,589 | |
Debt securities, total amortized cost | 668,410 | |
Amortized Cost | 668,410 | 633,802 |
Debt securities, maturing within 1 year, fair value | 114 | |
Debt securities, maturing 1 to 5 years, fair value | 14,128 | |
Debt securities, maturing 5 to 10 years, fair value | 42,602 | |
Debt securities, maturing over 10 years, fair value | 607,497 | |
Debt securities, total fair value | 664,341 | |
Fair Value | 664,341 | 626,567 |
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 | 6,427 | |
Debt securities, maturing 5 to 10 years, amortized cost | 0 | |
Debt securities, maturing over 10 years, amortized cost | 1,629 | |
Debt securities, total amortized cost | 8,056 | |
Amortized Cost | 8,056 | 19,337 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 6,481 | |
Debt securities, maturing 5 to 10 years, fair value | 0 | |
Debt securities, maturing over 10 years, fair value | 1,611 | |
Debt securities, total fair value | 8,092 | |
Fair Value | 8,092 | 19,291 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing 5 to 10 years, amortized cost | 2,184 | |
Available-for-sale Securities, Other Maturities, Rolling after Year Ten, Amortized Cost Basis | 2,998 | |
Other securities, total amortized cost | 5,182 | |
Amortized Cost | 5,182 | 5,169 |
Debt securities, maturing 5 to 10 years, fair value | 2,356 | |
Available-for-sale Securities, Other Maturities, Rolling after Year Ten, Fair Value | 2,788 | |
Other securities, total fair value | 5,144 | |
Fair Value | 5,144 | 4,899 |
Equity securities | ||
Schedule of Available-for-sale Securities | ||
Other securities, total amortized cost | 2,031 | |
Amortized Cost | 2,031 | 2,052 |
Other securities, total fair value | 10,121 | |
Fair Value | $ 10,121 | $ 8,953 |
Investment Securities (Held-to-
Investment Securities (Held-to-maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 43,060 | $ 43,144 |
Gross Unrealized Gains | 1,152 | 653 |
Gross Unrealized Losses | (444) | (570) |
Held-to-maturity investment securities at fair value | 43,768 | 43,227 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,815 | 3,820 |
Gross Unrealized Gains | 681 | 221 |
Gross Unrealized Losses | 0 | 0 |
Held-to-maturity investment securities at fair value | 4,496 | 4,041 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 34,264 | 33,858 |
Gross Unrealized Gains | 471 | 432 |
Gross Unrealized Losses | (398) | (528) |
Held-to-maturity investment securities at fair value | 34,337 | 33,762 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 4,981 | 5,466 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (46) | (42) |
Held-to-maturity investment securities at fair value | $ 4,935 | $ 5,424 |
Investment Securities (Held-t36
Investment Securities (Held-to-Maturity Securities Gross Realized Gains and Losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Realized Gain (Loss) on Held-to-Maturity Securities | $ 0 | $ 0 | $ 0 | $ 0 |
Investment Securities (Held-t37
Investment Securities (Held-to-maturity Securities with Unrealized Loss) (Details) $ in Thousands | Jun. 30, 2017USD ($)securities | Dec. 31, 2016USD ($)securities |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 16,486 | $ 17,563 |
Less than 12 months, unrealized loss | $ 391 | $ 518 |
Less than 12 months, no. of securities | securities | 3 | 4 |
12 months or more, fair value | $ 946 | $ 963 |
12 months or more, unrealized loss | $ 53 | $ 52 |
12 months or more, no. of securities | securities | 1 | 1 |
Total fair value | $ 17,432 | $ 18,526 |
Total unrealized loss | 444 | 570 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total unrealized loss | 0 | 0 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 11,551 | 12,139 |
Less than 12 months, unrealized loss | $ 345 | $ 476 |
Less than 12 months, no. of securities | securities | 2 | 3 |
12 months or more, fair value | $ 946 | $ 963 |
12 months or more, unrealized loss | $ 53 | $ 52 |
12 months or more, no. of securities | securities | 1 | 1 |
Total fair value | $ 12,497 | $ 13,102 |
Total unrealized loss | 398 | 528 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 4,935 | 5,424 |
Less than 12 months, unrealized loss | $ 46 | $ 42 |
Less than 12 months, no. of securities | securities | 1 | 1 |
12 months or more, fair value | $ 0 | $ 0 |
12 months or more, unrealized loss | $ 0 | $ 0 |
12 months or more, no. of securities | securities | 0 | 0 |
Total fair value | $ 4,935 | $ 5,424 |
Total unrealized loss | $ 46 | $ 42 |
Investment Securities (Held-t38
Investment Securities (Held-to-maturity Securities by Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 316 | |
Debt securities, maturing 5 to 10 years, amortized cost | 9,835 | |
Debt securities, maturing over 10 years, amortized cost | 32,909 | |
Amortized Cost | 43,060 | $ 43,144 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 321 | |
Debt securities, maturing 5 to 10 years, fair value | 10,593 | |
Debt securities, maturing over 10 years, fair value | 32,854 | |
Fair Value | $ 43,768 | 43,227 |
Held-to-maturity securities, maturing within 1 year, average yield | 0.00% | |
Held-to-maturity securities, maturing 1 to 5 years, average yield | 3.73% | |
Held-to-maturity securities, maturing 6 to 10 years, average yield | 3.11% | |
Held-to-maturity securities, maturing over 10 years, average yield | 3.40% | |
Held-to-maturity securities, total average yield | 3.33% | |
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 | 316 | |
Debt securities, maturing 5 to 10 years, amortized cost | 2,979 | |
Debt securities, maturing over 10 years, amortized cost | 520 | |
Amortized Cost | 3,815 | 3,820 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 321 | |
Debt securities, maturing 5 to 10 years, fair value | 3,626 | |
Debt securities, maturing over 10 years, fair value | 549 | |
Fair Value | 4,496 | 4,041 |
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 | 6,856 | |
Debt securities, maturing over 10 years, amortized cost | 27,408 | |
Amortized Cost | 34,264 | 33,858 |
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 | 6,967 | |
Debt securities, maturing over 10 years, fair value | 27,370 | |
Fair Value | 34,337 | 33,762 |
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 | 4,981 | |
Amortized Cost | 4,981 | 5,466 |
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 | 4,935 | |
Fair Value | $ 4,935 | $ 5,424 |
Investment Securities (Pledged
Investment Securities (Pledged Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of available-for-sale securities pledged to secure public and trust department deposits and repurchase agreements | $ 551.4 | $ 517.9 |
Carrying value of held-to-maturity securities pledged to secure public and trust department deposits and repurchase agreements | 19.3 | 20 |
Carrying value of available-for-sale securities pledged to secure additional borrowing capacity at Federal Home Loan Bank and Federal Reserve Bank | 8.3 | 9.2 |
Pledged Financial Instruments, Not Separately Reported, Held-To-Maturity Securities for Federal Home Loan Bank and Federal Reserve Bank | $ 21.5 | $ 22.2 |
Investment Securities (Fully ta
Investment Securities (Fully tax-equivalent basis) (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Federal income tax rate | 35.00% |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 512,700,000 | $ 542,500,000 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Pledged assets separately reported, loans pledged as collateral, at fair value | $ 128,300,000 | $ 152,000,000 |
Loans (Loan Balances By Classif
Loans (Loan Balances By Classification) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 2,294,359 | $ 2,224,936 |
Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 2,294,359 | 2,224,936 |
Originated Loan | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,830,675 | 1,708,104 |
Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 103,039 | 84,626 |
Originated Loan | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 670,576 | 616,183 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 392,097 | 378,131 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 306,385 | 307,490 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 88,229 | 85,617 |
Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 305,580 | 252,024 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 67,287 | 67,579 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 372,867 | 319,603 |
Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 521 | 1,080 |
Acquired Loans | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 463,684 | 516,832 |
Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 9,130 | 10,100 |
Acquired Loans | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 191,812 | 214,566 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 39,376 | 44,208 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 206,502 | 228,435 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 23,481 | 25,875 |
Acquired Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 533 | 808 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,980 | 2,940 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 2,513 | $ 3,748 |
Loans (Loans Acquired With Dete
Loans (Loans Acquired With Deterioration of Credit Quality) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Purchased credit impaired loans | ||
Carrying Amount | $ 21,974 | $ 26,524 |
Total loans | ||
Purchased credit impaired loans | ||
Outstanding Balance | 31,394 | 36,431 |
Commercial real estate | ||
Purchased credit impaired loans | ||
Outstanding Balance | 8,969 | 11,476 |
Commercial and industrial | ||
Purchased credit impaired loans | ||
Outstanding Balance | 1,247 | 1,573 |
Residential real estate | ||
Purchased credit impaired loans | ||
Outstanding Balance | 21,128 | 23,306 |
Consumer, other | ||
Purchased credit impaired loans | ||
Outstanding Balance | $ 50 | $ 76 |
Loans Accretable Yield Rollforw
Loans Accretable Yield Rollforward (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Beginning balance | $ 7,132 |
Accretion | (876) |
Ending balance | $ 6,256 |
Loans (Nonaccrual and Past Due
Loans (Nonaccrual and Past Due Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | $ 16,921 | $ 21,325 |
Loans 90 Days Past Due and Accruing | 2,583 | 3,771 |
Originated Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 12,897 | 16,774 |
Loans 90 Days Past Due and Accruing | 949 | 193 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 7,133 | 9,934 |
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 | 797 | 826 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 7,930 | 10,760 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 950 | 1,712 |
Loans 90 Days Past Due and Accruing | 782 | 0 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 3,402 | 3,778 |
Loans 90 Days Past Due and Accruing | 167 | 183 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 351 | 383 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 240 | 130 |
Loans 90 Days Past Due and Accruing | 0 | 10 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 24 | 11 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 264 | 141 |
Loans 90 Days Past Due and Accruing | 0 | 10 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 4,024 | 4,551 |
Loans 90 Days Past Due and Accruing | 1,634 | 3,578 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 913 | 1,609 |
Loans 90 Days Past Due and Accruing | 224 | 1,506 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 497 | 390 |
Loans 90 Days Past Due and Accruing | 137 | 387 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 2,412 | 2,317 |
Loans 90 Days Past Due and Accruing | 1,239 | 1,672 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 200 | 231 |
Loans 90 Days Past Due and Accruing | 34 | 0 |
Acquired Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 0 | 0 |
Loans 90 Days Past Due and Accruing | 0 | 13 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 2 | 4 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 2 | 4 |
Loans 90 Days Past Due and Accruing | $ 0 | $ 13 |
Loans (Aging Of The Recorded In
Loans (Aging Of The Recorded Investment In Past Due Loans And Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 2,294,359 | $ 2,224,936 |
Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 26,162 | 45,445 |
Current Loans | 2,268,197 | 2,179,491 |
Total Loans | 2,294,359 | 2,224,936 |
Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 797 | 826 |
Current Loans | 102,242 | 83,800 |
Total Loans | 103,039 | 84,626 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 8,308 | 10,950 |
Current Loans | 559,229 | 520,607 |
Total Loans | 567,537 | 531,557 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 9,105 | 11,776 |
Current Loans | 661,471 | 604,407 |
Total Loans | 670,576 | 616,183 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,735 | 3,470 |
Current Loans | 389,362 | 374,661 |
Total Loans | 392,097 | 378,131 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,109 | 10,202 |
Current Loans | 302,276 | 297,288 |
Total Loans | 306,385 | 307,490 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 507 | 609 |
Current Loans | 87,722 | 85,008 |
Total Loans | 88,229 | 85,617 |
Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,660 | 2,430 |
Current Loans | 303,920 | 249,594 |
Total Loans | 305,580 | 252,024 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,060 | 2,814 |
Current Loans | 370,807 | 316,789 |
Total Loans | 372,867 | 319,603 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 400 | 384 |
Current Loans | 66,887 | 67,195 |
Total Loans | 67,287 | 67,579 |
Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Current Loans | 521 | 1,080 |
Total Loans | 521 | 1,080 |
Originated Loan | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 18,516 | 28,871 |
Current Loans | 1,812,159 | 1,679,233 |
Total Loans | 1,830,675 | 1,708,104 |
Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 40 |
Current Loans | 9,130 | 10,060 |
Total Loans | 9,130 | 10,100 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 810 | 3,699 |
Current Loans | 181,872 | 200,767 |
Total Loans | 182,682 | 204,466 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 810 | 3,739 |
Current Loans | 191,002 | 210,827 |
Total Loans | 191,812 | 214,566 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 989 | 928 |
Current Loans | 38,387 | 43,280 |
Total Loans | 39,376 | 44,208 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 5,197 | 11,388 |
Current Loans | 201,305 | 217,047 |
Total Loans | 206,502 | 228,435 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 587 | 451 |
Current Loans | 22,894 | 25,424 |
Total Loans | 23,481 | 25,875 |
Acquired Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 11 | 4 |
Current Loans | 522 | 804 |
Total Loans | 533 | 808 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 63 | 68 |
Current Loans | 2,450 | 3,680 |
Total Loans | 2,513 | 3,748 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 52 | 64 |
Current Loans | 1,928 | 2,876 |
Total Loans | 1,980 | 2,940 |
Acquired Loans | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 7,646 | 16,574 |
Current Loans | 456,038 | 500,258 |
Total Loans | 463,684 | 516,832 |
30 - 59 days | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 8,914 | 20,304 |
30 - 59 days | Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
30 - 59 days | Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,353 | 1,420 |
30 - 59 days | Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,353 | 1,420 |
30 - 59 days | Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,321 | 1,305 |
30 - 59 days | Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,842 | 7,288 |
30 - 59 days | Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 251 | 316 |
30 - 59 days | Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,191 | 2,080 |
30 - 59 days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,552 | 2,426 |
30 - 59 days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 361 | 346 |
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 | 6,319 | 12,755 |
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 | 375 | 1,220 |
30 - 59 days | Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 375 | 1,220 |
30 - 59 days | Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 441 | 148 |
30 - 59 days | Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,403 | 5,918 |
30 - 59 days | Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 317 | 208 |
30 - 59 days | Acquired Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 11 | 4 |
30 - 59 days | Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 59 | 55 |
30 - 59 days | Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 48 | 51 |
30 - 59 days | Acquired Loans | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,595 | 7,549 |
60 - 89 days | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,959 | 5,072 |
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 | 119 | 225 |
60 - 89 days | Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 119 | 225 |
60 - 89 days | Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 169 | 700 |
60 - 89 days | Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,034 | 1,019 |
60 - 89 days | Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 64 | 45 |
60 - 89 days | Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 365 | 273 |
60 - 89 days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 391 | 311 |
60 - 89 days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 26 | 38 |
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 | 1,777 | 2,300 |
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 | 64 | 208 |
60 - 89 days | Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 64 | 208 |
60 - 89 days | Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 9 | 3 |
60 - 89 days | Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,019 | 2,496 |
60 - 89 days | Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 86 | 65 |
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 | 4 | 0 |
60 - 89 days | Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4 | 0 |
60 - 89 days | Acquired Loans | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,182 | 2,772 |
90 Days | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 14,289 | 20,069 |
90 Days | Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 797 | 826 |
90 Days | Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 6,836 | 9,305 |
90 Days | Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 7,633 | 10,131 |
90 Days | Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,245 | 1,465 |
90 Days | Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,233 | 1,895 |
90 Days | Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 192 | 248 |
90 Days | Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 104 | 77 |
90 Days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 117 | 77 |
90 Days | Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 13 | 0 |
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 | 10,420 | 13,816 |
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 | 371 | 2,271 |
90 Days | Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 371 | 2,311 |
90 Days | Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 539 | 777 |
90 Days | Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,775 | 2,974 |
90 Days | Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 184 | 178 |
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 | 13 |
90 Days | Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 13 |
90 Days | Acquired Loans | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 3,869 | $ 6,253 |
Loans (Loans By Risk Category)
Loans (Loans By Risk Category) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 2,294,359 | $ 2,224,936 |
Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 2,294,359 | 2,224,936 |
Pass Rated (Grades 1 - 4) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,231,368 | 1,225,221 |
Special Mention (Grade 5) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 58,439 | 41,446 |
Substandard (Grade 6) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 52,840 | 57,238 |
Doubtful (Grade 7) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 201 | 498 |
Not Rated | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 951,511 | 900,533 |
Originated Loan | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 103,039 | 84,626 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 567,537 | 531,557 |
Originated Loan | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 670,576 | 616,183 |
Originated Loan | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 392,097 | 378,131 |
Originated Loan | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 306,385 | 307,490 |
Originated Loan | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 88,229 | 85,617 |
Originated Loan | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 305,580 | 252,024 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 372,867 | 319,603 |
Originated Loan | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 67,287 | 67,579 |
Originated Loan | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 521 | 1,080 |
Originated Loan | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,830,675 | 1,708,104 |
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 | 96,217 | 73,423 |
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 | 534,952 | 505,029 |
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 | 631,169 | 578,452 |
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 | 354,034 | 346,791 |
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 | 19,701 | 47,336 |
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 | 554 | 465 |
Originated Loan | Pass Rated (Grades 1 - 4) | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 64 | 15 |
Originated Loan | Pass Rated (Grades 1 - 4) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 111 | 65 |
Originated Loan | Pass Rated (Grades 1 - 4) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 47 | 50 |
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 | 1,005,569 | 973,109 |
Originated Loan | Special Mention (Grade 5) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 5,558 | 0 |
Originated Loan | Special Mention (Grade 5) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 21,136 | 11,855 |
Originated Loan | Special Mention (Grade 5) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 26,694 | 11,855 |
Originated Loan | Special Mention (Grade 5) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 21,288 | 15,210 |
Originated Loan | Special Mention (Grade 5) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,012 | 957 |
Originated Loan | Special Mention (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 | Special Mention (Grade 5) | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 10 | 13 |
Originated Loan | Special Mention (Grade 5) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 10 | 13 |
Originated Loan | Special Mention (Grade 5) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Special Mention (Grade 5) | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Special Mention (Grade 5) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 49,004 | 28,035 |
Originated Loan | Substandard (Grade 6) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 797 | 826 |
Originated Loan | Substandard (Grade 6) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 11,449 | 14,673 |
Originated Loan | Substandard (Grade 6) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 12,246 | 15,499 |
Originated Loan | Substandard (Grade 6) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 16,739 | 16,130 |
Originated Loan | Substandard (Grade 6) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 11,929 | 12,828 |
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 | 0 | 135 |
Originated Loan | Substandard (Grade 6) | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
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) | 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 | 40,914 | 44,592 |
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 | 201 | 304 |
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 | 201 | 304 |
Originated Loan | Not Rated | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 467 | 10,377 |
Originated Loan | Not Rated | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Originated Loan | Not Rated | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 467 | 10,377 |
Originated Loan | Not Rated | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 36 | 0 |
Originated Loan | Not Rated | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 273,542 | 246,065 |
Originated Loan | Not Rated | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 87,675 | 85,017 |
Originated Loan | Not Rated | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 305,506 | 251,996 |
Originated Loan | Not Rated | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 372,746 | 319,525 |
Originated Loan | Not Rated | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 67,240 | 67,529 |
Originated Loan | Not Rated | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 521 | 1,080 |
Originated Loan | Not Rated | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 734,987 | 662,064 |
Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 9,130 | 10,100 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 182,682 | 204,466 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 191,812 | 214,566 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 39,376 | 44,208 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 206,502 | 228,435 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 23,481 | 25,875 |
Acquired Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 533 | 808 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 2,513 | 3,748 |
Acquired Loans | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,980 | 2,940 |
Acquired Loans | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 463,684 | 516,832 |
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 | 9,077 | 10,046 |
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 | 165,112 | 181,781 |
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 | 174,189 | 191,827 |
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 | 37,655 | 42,809 |
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 | 13,741 | 17,170 |
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 | 143 | 202 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 26 | 51 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 71 | 104 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 45 | 53 |
Acquired Loans | Pass Rated (Grades 1 - 4) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 225,799 | 252,112 |
Acquired Loans | Special Mention (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 | Special Mention (Grade 5) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 8,650 | 12,475 |
Acquired Loans | Special Mention (Grade 5) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 8,650 | 12,475 |
Acquired Loans | Special Mention (Grade 5) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 169 | 227 |
Acquired Loans | Special Mention (Grade 5) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 616 | 709 |
Acquired Loans | Special Mention (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 | Special Mention (Grade 5) | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Special Mention (Grade 5) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Special Mention (Grade 5) | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Special Mention (Grade 5) | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 9,435 | 13,411 |
Acquired Loans | Substandard (Grade 6) | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 53 | 54 |
Acquired Loans | Substandard (Grade 6) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 8,920 | 10,210 |
Acquired Loans | Substandard (Grade 6) | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 8,973 | 10,264 |
Acquired Loans | Substandard (Grade 6) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,552 | 978 |
Acquired Loans | Substandard (Grade 6) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,401 | 1,404 |
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 | 11,926 | 12,646 |
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 | 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 | 0 | 0 |
Acquired Loans | Doubtful (Grade 7) | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 194 |
Acquired Loans | Doubtful (Grade 7) | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Doubtful (Grade 7) | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 0 |
Acquired Loans | Doubtful (Grade 7) | Consumer, 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 | 0 | 194 |
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 | 0 | 0 |
Acquired Loans | Not Rated | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 0 | 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 | 190,744 | 209,152 |
Acquired Loans | Not Rated | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 23,338 | 25,673 |
Acquired Loans | Not Rated | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 507 | 757 |
Acquired Loans | Not Rated | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 2,442 | 3,644 |
Acquired Loans | Not Rated | Consumer, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | 1,935 | 2,887 |
Acquired Loans | Not Rated | Total Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs | $ 216,524 | $ 238,469 |
Loans (Schedule Of Impaired Loa
Loans (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Total loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 52,407 | $ 57,173 |
Recorded Investment With Allowance | 7,367 | 10,344 |
Recorded Investment Without Allowance | 38,315 | 42,751 |
Total Recorded Investment | 45,682 | 53,095 |
Related Allowance | 892 | 1,412 |
Average Recorded Investment | 46,000 | 51,455 |
Interest Income Recognized | 1,638 | 2,320 |
Commercial real estate, construction | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 895 | 894 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 837 | 866 |
Total Recorded Investment | 837 | 866 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 854 | 913 |
Interest Income Recognized | 3 | 3 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 16,351 | 20,029 |
Recorded Investment With Allowance | 5,114 | 7,474 |
Recorded Investment Without Allowance | 10,406 | 12,227 |
Total Recorded Investment | 15,520 | 19,701 |
Related Allowance | 264 | 803 |
Average Recorded Investment | 15,907 | 18,710 |
Interest Income Recognized | 480 | 700 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 17,246 | 20,923 |
Recorded Investment With Allowance | 5,114 | 7,474 |
Recorded Investment Without Allowance | 11,243 | 13,093 |
Total Recorded Investment | 16,357 | 20,567 |
Related Allowance | 264 | 803 |
Average Recorded Investment | 16,761 | 19,623 |
Interest Income Recognized | 483 | 703 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 6,410 | 7,289 |
Recorded Investment With Allowance | 1,367 | 2,732 |
Recorded Investment Without Allowance | 1,428 | 1,003 |
Total Recorded Investment | 2,795 | 3,735 |
Related Allowance | 423 | 585 |
Average Recorded Investment | 2,862 | 3,386 |
Interest Income Recognized | 55 | 125 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 25,905 | 27,703 |
Recorded Investment With Allowance | 582 | 138 |
Recorded Investment Without Allowance | 23,238 | 27,393 |
Total Recorded Investment | 23,820 | 27,531 |
Related Allowance | 135 | 24 |
Average Recorded Investment | 23,928 | 27,455 |
Interest Income Recognized | 976 | 1,419 |
Home equity lines of credit | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,041 | 908 |
Recorded Investment With Allowance | 272 | 0 |
Recorded Investment Without Allowance | 1,716 | 908 |
Total Recorded Investment | 1,988 | 908 |
Related Allowance | 62 | 0 |
Average Recorded Investment | 1,765 | 717 |
Interest Income Recognized | 94 | 44 |
Consumer, indirect | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 273 | 220 |
Recorded Investment With Allowance | 30 | 0 |
Recorded Investment Without Allowance | 165 | 224 |
Total Recorded Investment | 195 | 224 |
Related Allowance | 6 | 0 |
Average Recorded Investment | 165 | 136 |
Interest Income Recognized | 11 | 16 |
Consumer, other | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 532 | 130 |
Recorded Investment With Allowance | 2 | 0 |
Recorded Investment Without Allowance | 525 | 130 |
Total Recorded Investment | 527 | 130 |
Related Allowance | 2 | 0 |
Average Recorded Investment | 519 | 138 |
Interest Income Recognized | 19 | 13 |
Consumer, other | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 805 | 350 |
Recorded Investment With Allowance | 32 | 0 |
Recorded Investment Without Allowance | 690 | 354 |
Total Recorded Investment | 722 | 354 |
Related Allowance | 8 | 0 |
Average Recorded Investment | 684 | 274 |
Interest Income Recognized | $ 30 | $ 29 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | |
Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 57 | |||
Financing Receivable Modifications Number Of Contracts During Period | contract | 1 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 57 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 57 | |||
Originated Loan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 544 | $ 218 | $ 914 | $ 1,014 |
Financing Receivable, Modifications, Number of Contracts | contract | 17 | 11 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 542 | $ 210 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 542 | 218 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 25 | 20 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 940 | $ 1,008 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 940 | 1,016 | ||
Originated Loan | Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 14 | $ 57 | $ 14 | |
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 14 | $ 57 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 14 | 57 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 1 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 14 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 14 | |||
Originated Loan | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 288 | $ 36 | $ 392 | $ 120 |
Financing Receivable, Modifications, Number of Contracts | contract | 4 | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 288 | $ 36 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 288 | 36 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 6 | 3 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 393 | $ 120 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 393 | 120 | ||
Originated Loan | Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 45 | $ 11 | $ 268 | $ 10 |
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 43 | $ 11 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 43 | 11 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 4 | 1 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 269 | $ 11 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 269 | 11 | ||
Originated Loan | Consumer, indirect | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 54 | $ 72 | $ 97 | $ 82 |
Financing Receivable, Modifications, Number of Contracts | contract | 4 | 4 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 54 | $ 72 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 54 | 72 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 7 | 5 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 121 | $ 83 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 121 | 83 | ||
Originated Loan | Consumer, other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 6 | $ 12 | $ 6 | $ 14 |
Financing Receivable, Modifications, Number of Contracts | contract | 5 | 2 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 6 | $ 12 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 6 | 12 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 5 | 4 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 6 | $ 15 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 6 | 15 | ||
Originated Loan | Consumer, other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 60 | $ 84 | $ 103 | $ 96 |
Financing Receivable, Modifications, Number of Contracts | contract | 9 | 6 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 60 | $ 84 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 60 | 84 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 12 | 9 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 127 | $ 98 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 127 | 98 | ||
Originated Loan | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 137 | $ 30 | $ 137 | $ 731 |
Financing Receivable, Modifications, Number of Contracts | contract | 2 | 2 | 2 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 137 | $ 22 | $ 137 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 137 | 30 | 137 | |
Financing Receivable Modifications Number Of Contracts During Period | contract | 6 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 722 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 730 | |||
Acquired Loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 179 | $ 723 | $ 881 | $ 1,057 |
Financing Receivable, Modifications, Number of Contracts | contract | 5 | 14 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 179 | $ 728 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 179 | 728 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 16 | 20 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 889 | $ 1,063 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 889 | 1,065 | ||
Acquired Loans | Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 267 | |||
Financing Receivable Modifications Number Of Contracts During Period | contract | 2 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 271 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 271 | |||
Acquired Loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 179 | $ 516 | $ 276 | $ 846 |
Financing Receivable, Modifications, Number of Contracts | contract | 5 | 5 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 179 | $ 519 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 179 | 519 | ||
Financing Receivable Modifications Number Of Contracts During Period | contract | 7 | 10 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 276 | $ 850 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 276 | 852 | ||
Acquired Loans | Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 177 | $ 291 | $ 177 | |
Financing Receivable, Modifications, Number of Contracts | contract | 3 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 179 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 179 | |||
Financing Receivable Modifications Number Of Contracts During Period | contract | 4 | 3 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 294 | $ 179 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 294 | 179 | ||
Acquired Loans | Consumer, indirect | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 9 | $ 10 | ||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 9 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 9 | |||
Financing Receivable Modifications Number Of Contracts During Period | contract | 2 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 10 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 10 | |||
Acquired Loans | Consumer, other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 21 | $ 9 | $ 24 | |
Financing Receivable, Modifications, Number of Contracts | contract | 4 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 21 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 21 | |||
Financing Receivable Modifications Number Of Contracts During Period | contract | 2 | 5 | ||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 10 | $ 24 | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 10 | 24 | ||
Acquired Loans | Consumer, other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 30 | $ 34 | ||
Financing Receivable, Modifications, Number of Contracts | contract | 6 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 30 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 30 | |||
Financing Receivable Modifications Number Of Contracts During Period | contract | 7 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 34 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | $ 34 | |||
Acquired Loans | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total Recorded Investment | $ 38 | |||
Financing Receivable Modifications Number Of Contracts During Period | contract | 1 | |||
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 38 | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | $ 38 |
Loans (Summary Of Activity In A
Loans (Summary Of Activity In Allowance For Loan And Lease Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Provision for (recovery of) loan losses | $ 947 | $ 727 | $ 1,571 | $ 1,682 | ||
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 7,172 | 7,076 | ||||
Charge-offs | (25) | 0 | ||||
Recoveries | 116 | 1,181 | ||||
Net recoveries (charge-offs) | 91 | 1,181 | ||||
Provision for (recovery of) loan losses | 65 | (721) | ||||
Ending balance | 7,328 | 7,536 | 7,328 | 7,536 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | $ 264 | $ 1,286 | ||||
Loans collectively evaluated for impairment | 7,064 | 6,250 | ||||
Ending balance | 7,328 | 7,536 | 7,172 | 7,076 | 7,328 | 7,536 |
Total loans | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 18,196 | 16,539 | ||||
Charge-offs | (2,057) | (2,806) | ||||
Recoveries | 872 | 2,234 | ||||
Net recoveries (charge-offs) | (1,185) | (572) | ||||
Provision for (recovery of) loan losses | 1,714 | 1,674 | ||||
Ending balance | 18,725 | 17,641 | 18,725 | 17,641 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 892 | 1,882 | ||||
Loans collectively evaluated for impairment | 17,833 | 15,759 | ||||
Ending balance | 18,725 | 17,641 | 18,196 | 16,539 | 18,725 | 17,641 |
Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 6,353 | 5,382 | ||||
Charge-offs | (117) | (1,017) | ||||
Recoveries | 0 | 250 | ||||
Net recoveries (charge-offs) | (117) | (767) | ||||
Provision for (recovery of) loan losses | 491 | 619 | ||||
Ending balance | 6,727 | 5,234 | 6,727 | 5,234 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 423 | 469 | ||||
Loans collectively evaluated for impairment | 6,304 | 4,765 | ||||
Ending balance | 6,727 | 5,234 | 6,353 | 5,382 | 6,727 | 5,234 |
Residential real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 982 | 1,257 | ||||
Charge-offs | (206) | (379) | ||||
Recoveries | 109 | 69 | ||||
Net recoveries (charge-offs) | (97) | (310) | ||||
Provision for (recovery of) loan losses | 75 | 349 | ||||
Ending balance | 960 | 1,296 | 960 | 1,296 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 135 | 127 | ||||
Loans collectively evaluated for impairment | 825 | 1,169 | ||||
Ending balance | 960 | 1,296 | 982 | 1,257 | 960 | 1,296 |
Home equity lines of credit | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 688 | 732 | ||||
Charge-offs | (20) | (29) | ||||
Recoveries | 6 | 26 | ||||
Net recoveries (charge-offs) | (14) | (3) | ||||
Provision for (recovery of) loan losses | 2 | (45) | ||||
Ending balance | 676 | 684 | 676 | 684 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 62 | 0 | ||||
Loans collectively evaluated for impairment | 614 | 684 | ||||
Ending balance | 676 | 684 | 688 | 732 | 676 | 684 |
Consumer, indirect | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 2,312 | 1,934 | ||||
Charge-offs | (1,000) | (828) | ||||
Recoveries | 424 | 473 | ||||
Net recoveries (charge-offs) | (576) | (355) | ||||
Provision for (recovery of) loan losses | 813 | 537 | ||||
Ending balance | 2,549 | 2,116 | 2,549 | 2,116 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 6 | 0 | ||||
Loans collectively evaluated for impairment | 2,543 | 2,116 | ||||
Ending balance | 2,549 | 2,116 | 2,312 | 1,934 | 2,549 | 2,116 |
Consumer, other | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 518 | 37 | ||||
Charge-offs | (169) | (219) | ||||
Recoveries | 106 | 127 | ||||
Net recoveries (charge-offs) | (63) | (92) | ||||
Provision for (recovery of) loan losses | (53) | 686 | ||||
Ending balance | 402 | 631 | 402 | 631 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 2 | 0 | ||||
Loans collectively evaluated for impairment | 400 | 631 | ||||
Ending balance | 402 | 631 | 518 | 37 | 402 | 631 |
Deposit account overdrafts | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 171 | 121 | ||||
Charge-offs | (520) | (334) | ||||
Recoveries | 111 | 108 | ||||
Net recoveries (charge-offs) | (409) | (226) | ||||
Provision for (recovery of) loan losses | 321 | 249 | ||||
Ending balance | 83 | 144 | 83 | 144 | ||
Period-end amount allocated to: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 83 | 144 | ||||
Ending balance | 83 | 144 | 171 | 121 | 83 | 144 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 90 | 202 | 233 | 240 | ||
Charge-offs | 0 | (5) | 0 | (51) | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Net recoveries (charge-offs) | 0 | (5) | 0 | (51) | ||
Ending balance | 90 | 197 | 90 | 197 | ||
Period-end amount allocated to: | ||||||
Ending balance | $ 90 | $ 202 | $ 233 | $ 240 | $ 90 | $ 197 |
Loans Summary of Activity in Al
Loans Summary of Activity in Allowance for Acquired Loan and Lease Losses (Details) - Receivables Acquired with Deteriorated Credit Quality [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 90 | $ 202 | $ 233 | $ 240 |
Charge-offs | 0 | 5 | 0 | 51 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 5 | 0 | 51 |
(Recovery of) provision for loan losses | 0 | 0 | (143) | 8 |
Ending balance | $ 90 | $ 197 | $ 90 | $ 197 |
Long-Term Borrowings (Details)
Long-Term Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Callable national market repurchase agreements | $ 40,000 | $ 40,000 |
Weighted- Average Rate | 3.63% | 3.63% |
Junior subordinated debt securities | $ 7,015 | $ 6,924 |
Unamortized debt issuance costs | (39) | (51) |
Total long-term borrowings | $ 219,014 | $ 145,155 |
Long-term borrowings, Weighted-Average Rate | 2.43% | 2.81% |
Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | ||
Debt Instrument [Line Items] | ||
FHLB Advances | $ 145,000 | $ 70,000 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 2.07% | 2.49% |
Federal Home Loan Bank Advances, Fixed Rate, Amortizing [Member] | ||
Debt Instrument [Line Items] | ||
FHLB Advances | $ 27,038 | $ 28,282 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 2.01% | 2.01% |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted- Average Rate | 4.69% | 0.00% |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) | 6 Months Ended | ||
Jun. 30, 2017USD ($)contract | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Long-term borrowings | $ 219,014,000 | $ 145,155,000 | |
Junior subordinated debt securities | 7,015,000 | 6,924,000 | |
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% | ||
Federal Home Loan Bank Advances, Fixed Rate, Amortizing [Member] | Minimum | |||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 10 years | ||
Federal Home Loan Bank Advances, Fixed Rate, Amortizing [Member] | Maximum | |||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 20 years | ||
Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 45,000,000 | $ 30,000,000 | |
Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | Minimum | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.74% | 1.20% | |
Federal Home Loan Bank Advances, Fixed Rate, Putable Non-amortizing [Member] | Maximum | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.03% | 1.46% | |
Interest Rate Swap [Member] | |||
Derivative, Number of Instruments Held | contract | 7 | ||
Derivative, Notional Amount | $ 60,000,000 |
Long-Term Borrowings (Maturity)
Long-Term Borrowings (Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Six months ending December 31, 2017 | $ 4,403 | |
Year ending December 31, 2018 | 74,971 | |
Year ending December 31, 2019 | 33,508 | |
Year ending December 31, 2020 | 25,564 | |
Year ending December 31, 2021 | 21,979 | |
Thereafter | 58,589 | |
Long-term borrowings | $ 219,014 | $ 145,155 |
Nine months ending December 31, 2016 | 1.66% | |
Year ending December 31, 2017 | 3.22% | |
Year ending December 31, 2018 | 1.37% | |
Year ending December 31, 2019 | 1.85% | |
Year ending December 31, 2020 | 1.76% | |
Thereafter | 2.60% | |
Total long-term borrowings | 2.43% | 2.81% |
Stockholders' Equity (Stock Rol
Stockholders' Equity (Stock Rollforward) (Details) | 6 Months Ended |
Jun. 30, 2017shares | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Common stock, beginning of period | 18,939,091 |
Treasury stock, beginning of period | 795,758 |
Changes related to stock-based compensation awards: | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (266) |
Changes related to deferred compensation plan for Boards of Directors: | |
Common stock, end of period | 18,945,490,000 |
Treasury stock, end of period | 701,382 |
Common Shares | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Common stock, beginning of period | 18,939,091 |
Changes related to stock-based compensation awards: | |
Cancellation of restricted common shares | 1,674 |
Changes related to deferred compensation plan for Boards of Directors: | |
Common shares issued under dividend reinvestment plan | 8,073 |
Common stock, end of period | 18,945,490 |
Treasury Stock | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Treasury stock, beginning of period | 795,758 |
Changes related to stock-based compensation awards: | |
Release of restricted common shares | 7,395 |
Cancellation of restricted common shares | 630 |
Grant of common shares | (150) |
Changes related to deferred compensation plan for Boards of Directors: | |
Purchase of treasury stock | 2,828 |
Reissuance of treasury stock | (24,634) |
Common shares issued under compensation plan for Boards of Directors | (5,769) |
Common shares issued under employee stock purchase plan | (5,703) |
Treasury stock, end of period | 701,382 |
Restricted Shares | Treasury Stock | |
Changes related to stock-based compensation awards: | |
Grant of common shares | (68,707) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - shares | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment in Net Income, Net of Tax | $ 233 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | $ 686 | 686 | $ 1,186 | ||
Accumulated Other Comprehensive (Loss) Income [Roll Forward] | |||||
Unrealized Gain on Securities | 581 | ||||
Realized gain on sale of securities, net of tax | (233) | ||||
Other comprehensive income (loss), net of reclassifications and tax | 3,695 | ||||
Unrealized Gain on Securities | 4,043 | 4,043 | |||
Unrecognized Net Pension and Postretirement Costs | 3,321 | ||||
Other comprehensive income (loss), net of reclassifications and tax | 31 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (433) | $ (164) | (500) | $ (164) | |
Unrecognized Net Pension and Postretirement Costs | (3,290) | (3,290) | |||
Accumulated Other Comprehensive Income (Loss) | (1,554) | ||||
Other comprehensive income (loss), net of reclassifications and tax | 3,226 | ||||
Accumulated Other Comprehensive Income (Loss) | $ 1,439 | $ 1,439 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 0 | |||
Components of net periodic benefit costs: | ||||
Interest cost | 113,000 | $ 109,000 | $ 226,000 | $ 219,000 |
Expected return on plan assets | (139,000) | (146,000) | (277,000) | (246,000) |
Amortization of net loss | 26,000 | 48,000 | 51,000 | 48,000 |
Net periodic benefit/cost | 0 | 11,000 | 0 | 21,000 |
Other Postretirement Benefit Plans, Defined Benefit | ||||
Components of net periodic benefit costs: | ||||
Interest cost | 1,000 | 1,000 | 2,000 | 2,000 |
Amortization of net loss | (2,000) | (2,000) | (4,000) | (3,000) |
Net periodic benefit/cost | $ (1,000) | $ (1,000) | $ (2,000) | $ (1,000) |
Other Postretirement Benefit Plans, Defined Benefit | Employees Hired before January 1, 2003 | ||||
Components of net periodic benefit costs: | ||||
Benefit based on highest average salary for number of consecutive years | 5 years | |||
Number of years for consecutive years calculation | 10 years | |||
Other Postretirement Benefit Plans, Defined Benefit | Employees Hired on or after January 1, 2003 | ||||
Components of net periodic benefit costs: | ||||
Percent of annual salary to calculate benefit | 2.00% |
Earnings Per Common Share (Calc
Earnings Per Common Share (Calculations of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Distributed earnings allocated to shareholders | $ 3,609 | $ 2,877 | $ 7,213 | $ 5,592 |
Undistributed earnings allocated to shareholders | 6,100 | 5,050 | 11,262 | 10,297 |
Net earnings allocated to shareholders | $ 9,709 | $ 7,927 | $ 18,475 | $ 15,889 |
Weighted-average number of common shares outstanding - basic | 18,044,574 | 17,980,797 | 18,037,333 | 18,026,272 |
Effect of potentially dilutive shares | 159,178 | 133,015 | 158,382 | 127,988 |
Total weighted-average diluted shares outstanding | 18,203,752 | 18,113,812 | 18,195,715 | 18,154,260 |
Earnings per common share - basic | $ 0.54 | $ 0.44 | $ 1.02 | $ 0.88 |
Earnings per common share - diluted | $ 0.53 | $ 0.44 | $ 1.02 | $ 0.88 |
Anti-dilutive shares excluded from computation of EPS | 14 | 30,703 | 63 | 31,739 |
Financial Instruments with Of60
Financial Instruments with Off- Balance Sheet Risk (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | $ 4,900,000 | $ 5,000,000 | |
Interest Rate Derivative Liabilities, at Fair Value | $ 3,900,000 | 3,200,000 | |
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 10 years | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 16 months | ||
Reclassifications into Interest expense on cash flow hedge | $ 0 | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 1,100,000 | $ 0 | |
Reclassifications into earnings on cash flow hedge | 0 | ||
Fair Value of Interest Rate Swaps | 3,500,000 | 3,200,000 | |
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 320,000,000 | $ 247,300,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense related to unvested awards, amount | $ | $ 2.2 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common shares authorized under the 2006 Equity Plan | 800,000 |
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 |
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 | Director [Member] | |
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 |
Time-Based Vesting | Restricted Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awarded | 7,550 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 4,250 |
Performance-Based Vesting | Restricted Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awarded | 61,457 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 61,457 |
Director [Member] | Time-Based Vesting | Restricted Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3,300 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Appreciation Rights) (Details) - SARs - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares outstanding (in shares) | 314 | 2,338 |
Shares exercisable (in shares) | 314 | |
Shares outstanding, weighted-average exercise price (in dollars per share) | $ 23.77 | $ 27.37 |
Shares exercisable, weighted-average exercise price (in dollars per share) | $ 23.77 | |
Shares outstanding, weighted-average remaining contractual life | 7 months | |
Shares exercisable, weighted-average remaining contractual life | 7 months | |
Shares outstanding, aggregate intrinsic value | $ 2,625 | |
Shares exercisable, aggregate intrinsic value | $ 2,625 | |
Forfeited | 2,024 | |
Forfeited | $ 27.93 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Shares) (Details) - Restricted Shares $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total intrinsic value of awards released in period | $ | $ 0.7 |
Time-Based Vesting | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awarded | shares | 7,550 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 31.36 |
Number of Shares (in shares) | |
Outstanding at January 1 | shares | 40,316 |
Forfeited | shares | 300 |
June 30, 2017 | shares | 47,116 |
Weighted - Average Grant Date Fair Value (in dollars per share) | |
Outstanding at January 1 | $ / shares | $ 21.85 |
Forfeited | $ / shares | 31.05 |
June 30, 2017 | $ / shares | $ 23.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 450 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 28.95 |
Performance-Based Vesting | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awarded | shares | 61,457 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 32.42 |
Number of Shares (in shares) | |
Outstanding at January 1 | shares | 142,415 |
Forfeited | shares | 2,304 |
June 30, 2017 | shares | 180,518 |
Weighted - Average Grant Date Fair Value (in dollars per share) | |
Outstanding at January 1 | $ / shares | $ 21.95 |
Forfeited | $ / shares | 25.98 |
June 30, 2017 | $ / shares | $ 25.48 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 21,050 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 21.74 |
Stock-Based Compensation (Sto64
Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Total stock-based compensation expense | $ 443 | $ 324 | $ 1,011 | $ 663 |
Recognized tax benefit | (155) | (113) | (354) | (232) |
Net expense recognized | $ 288 | $ 211 | $ 657 | $ 431 |