Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 26, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
Entity Registrant Name | PEOPLES BANCORP INC. | ||
Entity Central Index Key | 318,300 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 18,354,584 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 578,028 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 58,121 | $ 58,129 |
Interest-bearing deposits in other banks | 14,073 | 8,017 |
Total cash and cash equivalents | 72,194 | 66,146 |
Available-for-sale investment securities, at fair value (amortized cost of $797,732 at December 31, 2017 and $777,017 at December 31, 2016) | 795,187 | 777,940 |
Held-to-maturity investment securities, at amortized cost (fair value of $41,213 at December 31, 2017 and $43,227 at December 31, 2016) | 40,928 | 43,144 |
Other investment securities, at cost | 38,371 | 38,371 |
Total investment securities | 874,486 | 859,455 |
Loans, net of deferred fees and costs | 2,357,137 | 2,224,936 |
Allowance for loan losses | (18,793) | (18,429) |
Net loans | 2,338,344 | 2,206,507 |
Loans held for sale | 2,510 | 4,022 |
Bank premises and equipment, net | 52,510 | 53,616 |
Bank owned life insurance | 62,176 | 60,225 |
Goodwill | 133,111 | 132,631 |
Other intangible assets | 11,465 | 13,387 |
Other assets | 34,890 | 36,359 |
Total assets | 3,581,686 | 3,432,348 |
Deposits: | ||
Non-interest-bearing | 556,010 | 734,421 |
Interest-bearing | 2,174,320 | 1,775,301 |
Total deposits | 2,730,330 | 2,509,722 |
Short-term borrowings | 209,491 | 305,607 |
Long-term borrowings | 144,019 | 145,155 |
Accrued expenses and other liabilities | 39,254 | 36,603 |
Total liabilities | 3,123,094 | 2,997,087 |
Stockholders’ Equity | ||
Preferred stock, no par value, 50,000 shares authorized, no shares issued at December 31, 2017 and December 31, 2016 | 0 | 0 |
Common stock, no par value, 24,000,000 shares authorized, 18,952,385 shares issued at December 31, 2017 and 18,939,091 shares issued at December 31, 2016, including shares in treasury | 345,412 | 344,404 |
Retained earnings | 134,362 | 110,294 |
Accumulated other comprehensive loss, net of deferred income taxes | (5,215) | (1,554) |
Treasury stock, at cost, 702,449 shares at December 31, 2017 and 795,758 shares at December 31, 2016 | (15,967) | (17,883) |
Total stockholders’ equity | 458,592 | 435,261 |
Total liabilities and stockholders’ equity | $ 3,581,686 | $ 3,432,348 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Available for sale securities, amortized cost | $ 797,732 | $ 777,017 |
Held-to-maturity securities, fair value | $ 41,213 | $ 43,227 |
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 | 18,952,385 | 18,939,091 |
Treasury stock, shares | 702,449 | 795,758 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income: | |||
Interest and fees on loans | $ 103,043 | $ 93,845 | $ 87,155 |
Interest and dividends on taxable investment securities | 20,415 | 18,423 | 18,051 |
Interest on tax-exempt investment securities | 2,923 | 3,126 | 2,992 |
Other interest income | 144 | 50 | 135 |
Total interest income | 126,525 | 115,444 | 108,333 |
Interest expense: | |||
Interest on deposits | 7,154 | 5,942 | 6,206 |
Interest on short-term borrowings | 1,534 | 508 | 182 |
Interest on long-term borrowings | 4,460 | 4,129 | 4,333 |
Total interest expense | 13,148 | 10,579 | 10,721 |
Net interest income | 113,377 | 104,865 | 97,612 |
Provision for loan losses | 3,772 | 3,539 | 14,097 |
Net interest income after provision for loan losses | 109,605 | 101,326 | 83,515 |
Non-interest income: | |||
Insurance income | 14,204 | 13,846 | 13,783 |
Trust and investment income | 11,558 | 10,589 | 9,577 |
E-banking income | 10,358 | 10,353 | 8,958 |
Deposit account service charges | 9,614 | 10,662 | 10,845 |
Net gain on investment securities | 2,983 | 930 | 729 |
Bank owned life insurance income | 1,950 | 1,414 | 598 |
Mortgage banking income | 1,872 | 1,304 | 1,317 |
Commercial loan swap fee income | 1,232 | 1,076 | 565 |
Net loss on asset disposals and other transactions | (63) | (1,133) | (1,788) |
Other non-interest income | 1,865 | 1,826 | 1,798 |
Total non-interest income | 55,573 | 50,867 | 46,382 |
Non-interest expense: | |||
Salaries and employee benefit costs | 60,276 | 57,433 | 59,216 |
Net occupancy and equipment expense | 10,633 | 10,735 | 11,207 |
Professional fees | 6,575 | 7,436 | 7,295 |
E-banking expense | 5,874 | 5,992 | 5,300 |
Data processing and software expense | 4,441 | 3,763 | 3,671 |
Amortization of other intangible assets | 3,516 | 4,030 | 4,077 |
Franchise tax expense | 2,246 | 2,192 | 1,968 |
FDIC insurance expense | 1,816 | 1,899 | 2,084 |
Communication expense | 1,475 | 2,261 | 2,286 |
Marketing expense | 1,714 | 1,594 | 2,838 |
Foreclosed real estate and other loan expenses | 873 | 859 | 1,276 |
Other non-interest expense | 8,536 | 8,717 | 13,863 |
Total non-interest expense | 107,975 | 106,911 | 115,081 |
Income before income taxes | 57,203 | 45,282 | 14,816 |
Income tax expense | 18,732 | 14,125 | 3,875 |
Net income | $ 38,471 | $ 31,157 | $ 10,941 |
Earnings per common share - basic | $ 2.12 | $ 1.72 | $ 0.62 |
Earnings per common share - diluted | $ 2.10 | $ 1.71 | $ 0.61 |
Weighted-average number of common shares outstanding - basic | 18,050,189 | 18,013,693 | 17,555,140 |
Weighted-average number of common shares outstanding - diluted | 18,208,684 | 18,155,463 | 17,687,795 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 38,471 | $ 31,157 | $ 10,941 |
Available-for-sale investment securities: | |||
Gross unrealized holding (loss) gain arising in the period | (555) | (2,590) | 1,232 |
Related tax benefit (expense) | 195 | 906 | (431) |
Less: reclassification adjustment for net gain included in net income | 2,983 | 930 | 729 |
Related tax expense | (1,044) | (326) | (255) |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | 924 | ||
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | (370) | 0 | 0 |
Net effect on other comprehensive (loss) income | (2,669) | (2,288) | 327 |
Defined benefit plans: | |||
Net (loss) gain arising during the period | (616) | (232) | 373 |
Related tax benefit (expense) | 216 | 81 | (130) |
Amortization of unrecognized loss and service cost on benefit plans | 96 | 89 | 112 |
Related tax expense | (34) | (31) | (38) |
Recognition of loss due to settlement and curtailment | 242 | 0 | 459 |
Related tax expense | (85) | 0 | (161) |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | (754) | 0 | 0 |
Net effect on other comprehensive (loss) income | (935) | (93) | 615 |
Net (loss) gain arising during the period | (395) | 1,824 | 0 |
Related tax benefit (expense) | 138 | (638) | 0 |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | 200 | 0 | 0 |
Net effect on other comprehensive (loss) income | (57) | 1,186 | 0 |
Total other comprehensive (loss) income, net of tax | (3,661) | (1,195) | 942 |
Total comprehensive income | $ 34,810 | $ 29,962 | $ 11,883 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | NB&T Financial Group, Inc. | NB&T Financial Group, Inc.Common Stock | Restricted Shares | Restricted SharesCommon Stock | Restricted SharesTreasury Stock | New Accounting Pronouncement, Early Adoption, Effect [Member]Retained Earnings | New Accounting Pronouncement, Early Adoption, Effect [Member]Accumulated Other Comprehensive (Loss) Income |
Balance at beginning of period at Dec. 31, 2014 | $ 340,118 | $ 265,742 | $ 90,391 | $ (1,301) | $ (14,714) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 10,941 | 10,941 | ||||||||||
Other comprehensive loss, net of tax | 942 | 942 | ||||||||||
Cash dividends declared | (10,542) | (10,542) | ||||||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | (184) | (184) | ||||||||||
Tax benefit from exercise of stock options | 51 | 51 | ||||||||||
Repurchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors | 741 | 741 | ||||||||||
Common shares issued under dividend reinvestment plan | 397 | 397 | ||||||||||
Common shares issued under compensation plan for Board of Directors | (134) | 43 | (177) | |||||||||
Stock-based compensation expense | 1,843 | 1,843 | 0 | |||||||||
Issuance of common shares related to acquisition of NB&T Financial Group, Inc. | $ 76,027 | $ 76,027 | ||||||||||
Common shares issued under employee stock purchase plan | 435 | (69) | 504 | |||||||||
Balance at end of period at Dec. 31, 2015 | 419,789 | 343,948 | 90,790 | (359) | (14,590) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 31,157 | 31,157 | ||||||||||
Other comprehensive loss, net of tax | (1,195) | (1,195) | ||||||||||
Cash dividends declared | (11,653) | (11,653) | ||||||||||
Exercise of stock appreciation rights | 40 | (40) | ||||||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | (232) | (232) | $ 0 | $ 1,297 | $ (1,297) | |||||||
Tax benefit from exercise of stock options | 26 | 26 | ||||||||||
Repurchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors | 515 | 515 | ||||||||||
Common shares repurchased under share repurchase program | (4,965) | (4,965) | ||||||||||
Common shares issued under dividend reinvestment plan | 437 | 437 | ||||||||||
Common shares issued under compensation plan for Board of Directors | 245 | (18) | 263 | |||||||||
Stock-based compensation expense | 1,332 | 1,332 | ||||||||||
Common shares issued under employee stock purchase plan | 371 | 16 | 355 | |||||||||
Balance at end of period at Dec. 31, 2016 | 435,261 | 344,404 | 110,294 | (1,554) | (17,883) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 38,471 | 38,471 | ||||||||||
Other comprehensive loss, net of tax | (2,737) | (2,737) | ||||||||||
Other comprehensive loss, net of tax | (3,661) | |||||||||||
Cash dividends declared | (15,327) | (15,327) | ||||||||||
Exercise of stock appreciation rights | 0 | 6 | (6) | |||||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | (500) | (500) | $ 0 | $ 1,455 | $ (1,455) | |||||||
Repurchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors | 508 | (508) | ||||||||||
Common shares repurchased under share repurchase program | (5,000) | |||||||||||
Common shares issued under dividend reinvestment plan | 525 | 525 | ||||||||||
Common shares issued under compensation plan for Board of Directors | 295 | 88 | 207 | |||||||||
Stock-based compensation expense | 1,747 | 1,747 | ||||||||||
Issuance of common shares related to acquisition of NB&T Financial Group, Inc. | $ 76,000 | |||||||||||
Common shares issued under employee stock purchase plan | 365 | 109 | 256 | |||||||||
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | 924 | $ 924 | $ (924) | |||||||||
Balance at end of period at Dec. 31, 2017 | $ 458,592 | $ 345,412 | $ 134,362 | $ (5,215) | $ (15,967) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Net income | $ 38,471 | $ 31,157 | $ 10,941 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion, net | 18,142 | 19,169 | 18,503 |
Provision for loan losses | 3,772 | 3,539 | 14,097 |
Bank owned life insurance income | (1,950) | (1,414) | (598) |
Net gain on investment securities | (2,983) | (930) | (729) |
Loss on debt extinguishment | 0 | 707 | 520 |
Loans originated for sale | (63,730) | (69,123) | (53,570) |
Proceeds from sales of loans | 66,025 | 67,421 | 56,532 |
Net gains on sales of loans | (1,445) | (1,047) | (1,005) |
Deferred income tax benefit | (2,779) | (2,462) | (1,582) |
Increase (decrease) in accrued expenses | 950 | 3,972 | (4,412) |
(Increase) decrease in interest receivable | (807) | (1,278) | 704 |
Excess tax benefit from share-based payments | 0 | (26) | (51) |
Increase in other assets | 6,050 | 6,974 | 4,623 |
Other, net | 1,104 | 3,652 | 3,909 |
Net cash provided by operating activities | 60,820 | 60,311 | 47,882 |
Available-for-sale investment securities: | |||
Purchases | (180,109) | (166,241) | (196,599) |
Proceeds from sales | 8,355 | 30,734 | 57,415 |
Proceeds from principal payments, calls and prepayments | 143,000 | 127,824 | 126,401 |
Held-to-maturity investment securities: | |||
Purchases | (1,310) | 0 | 0 |
Proceeds from principal payments | 3,142 | 2,167 | 2,261 |
Net increase in loans | (130,397) | (148,951) | (77,893) |
Net expenditures for premises and equipment | (4,865) | (5,436) | (9,429) |
Proceeds from sales of other real estate owned | 556 | 240 | 971 |
Purchase of bank owned life insurance | 0 | (35,000) | 0 |
Business combinations, net of cash received | (1,069) | (244) | 97,277 |
Return of (investment in) limited partnership and tax credit funds | 9 | (3,451) | (1,514) |
Net cash used in investing activities | (162,688) | (198,358) | (1,110) |
Financing activities: | |||
Net (decrease) increase in non-interest-bearing deposits | (178,411) | 16,482 | 99,341 |
Net increase (decrease) in interest-bearing deposits | 398,991 | (42,655) | (125,360) |
Net (decrease) increase in short-term borrowings | (146,721) | 145,221 | 72,109 |
Proceeds from long-term borrowings | 55,000 | 55,000 | 0 |
Payments on long-term borrowings | (5,738) | (24,361) | (72,446) |
Cash dividends paid | (14,706) | (11,173) | (10,065) |
Repurchase of treasury stock in connection with employee incentive and compensation plan for Boards of Directors to be held as treasury stock | 0 | (4,965) | 0 |
Repurchase of treasury stock in connection with employee incentive and compensation plan for Boards of Directors to be held as treasury stock | 508 | 515 | 741 |
Proceeds from issuance of common shares | 9 | 18 | 0 |
Excess tax benefit from share-based payments | 0 | 26 | 51 |
Net cash provided by (used in) financing activities | 107,916 | 133,078 | (37,111) |
Net increase (decrease) in cash and cash equivalents | 6,048 | (4,969) | 9,661 |
Cash and cash equivalents at beginning of period | 66,146 | 71,115 | 61,454 |
Cash and cash equivalents at end of period | 72,194 | 66,146 | 71,115 |
Supplemental cash flow information: | |||
Interest paid | 12,880 | 10,439 | 11,541 |
Income taxes paid | $ 14,036 | $ 11,890 | $ 672 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accounting and reporting policies of Peoples Bancorp Inc. and subsidiaries (“Peoples” refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) conform to generally accepted accounting principles in the United States of America (“US GAAP”) and to general practices within the banking industry. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, comprehensive income or loss, net cash provided by operating activities or stockholders' equity. The following is a summary of significant accounting policies followed in the preparation of the financial statements: Consolidation: Peoples' Consolidated Financial Statements include subsidiaries in which Peoples has a controlling financial interest, principally defined as owning a voting interest of greater than 50%. In addition, entities not controlled by voting interest or in which the equity investors do not bear the residual economic risks, but for which Peoples is the primary beneficiary are also consolidated. The Consolidated Financial Statements include the accounts of Peoples and its consolidated subsidiaries, Peoples Bank and Peoples Investment Company, along with their wholly-owned subsidiaries, and NB&T Statutory Trust III, for which Peoples holds all of the common securities. All significant intercompany accounts and transactions have been eliminated. Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, federal funds sold and other short-term investments with original maturities of ninety days or less. Included in interest-bearing deposits in other banks was $1.0 million in funds at December 31, 2017 and 2016 , which were being used as collateral and not available for withdrawal. Investment Securities: Investment securities are recorded initially at cost, which includes premiums and discounts if purchased at other than par or face value. Peoples amortizes premiums and accretes discounts as an adjustment to interest income on a level yield basis. The cost of investment securities sold, and any resulting gain or loss, is based on the specific identification method and recognized as of the trade date. Management determines the appropriate classification of investment securities at the time of purchase. Held-to-maturity securities are those securities that Peoples has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to Peoples' liquidity needs, changes in market interest rates, and asset-liability management strategies, among other considerations. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses reported in stockholders' equity as a separate component of other accumulated comprehensive income or loss, net of applicable deferred income taxes. Certain restricted equity securities that do not have readily determinable fair values and for which Peoples does not exercise significant influence, are carried at cost. These cost method securities are reported as other investment securities on the Consolidated Balance Sheets and consist primarily of shares of the Federal Home Loan Bank of Cincinnati (the “FHLB”) and the Federal Reserve Bank of Cleveland (the "FRB"). Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include (1) the duration and magnitude of the decline in value, (2) the financial condition of the issuer or issuers, and (3) the structure of the security. An impairment loss is recognized in earnings only when (1) Peoples intends to sell the debt security, (2) it is more likely than not that Peoples will be required to sell the security before recovery of its amortized cost basis, or (3) Peoples does not expect to recover the entire amortized cost basis of the security. In situations where Peoples intends to sell or when it is more likely than not that Peoples will be required to sell the security, the entire impairment loss must be recognized in earnings. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in stockholders' equity as a component of accumulated comprehensive income or loss, net of applicable deferred taxes. Fair Value Measurements: The measurement of fair value under US GAAP uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: Level 1: Quoted prices in active exchange markets for identical assets or liabilities; also includes certain U.S. Treasury and other U.S. government and agency securities actively traded in over-the-counter markets. Level 2: Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data; also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from, or corroborated by, observable market data. This category generally includes certain U.S. government and agency securities, corporate debt securities, derivative instruments, and residential mortgage loans held for sale. Level 3: Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data. This category generally includes certain private equity investments, retained interests from securitizations, and certain collateralized debt obligations. Securities Sold Under Agreements to Repurchase: Peoples enters into sales of securities under agreements to repurchase (“Repurchase Agreements”) with customers and other financial service companies, which are considered financings. As such, these obligations are recorded as a liability on the Consolidated Balance Sheets and disclosed in Note 8 and Note 9, as appropriate. Securities pledged as collateral under Repurchase Agreements are included in investment securities on the Consolidated Balance Sheets and are disclosed in Note 3. The fair value of the collateral pledged to a third party is continually monitored and additional collateral is pledged or returned, as deemed appropriate. Loans: Loans originated that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, charge-offs and an allowance for loan losses. The foreseeable future is based upon current market conditions and business strategies, as well as balance sheet management and liquidity. As the conditions change, so may management's view of the foreseeable future. Net deferred loan origination costs were $ 7.5 million and $ 5.4 million at December 31, 2017 and 2016 , respectively. A loan is considered impaired when information and events indicate it is probable that collection of all contractual principal and interest payments is doubtful. Impairment is evaluated collectively for smaller balance loans of a similar nature, primarily consumer and residential real estate loans, and on an individual loan basis for all loans to borrowers with an aggregate unpaid principal balance in excess of $1 million on an annual basis for possible credit deterioration. This loan review process provides Peoples with opportunities to identify potential problem loans and take proactive actions to assure repayment of the loan or minimize Peoples' risk of loss, such as reviewing the relationship more frequently based upon the loan quality rating and aggregate debt outstanding. Upon detection of the reduced ability of a borrower to meet cash flow obligations, the loan is reviewed for possible downgrade or placement on nonaccrual status. Loan relationships whose aggregate debt to Peoples is equal to or less than $1 million are reviewed on an event driven basis. Peoples also completes evaluation procedures for a selection of larger loan relationships on a quarterly basis. Triggers for review include knowledge of adverse events affecting the business, receipt of financial statements indicating deteriorating credit quality and other events. Peoples typically places any loan deemed to be impaired on nonaccrual status and allocates a specific portion of the allowance for loan losses, if necessary, to reduce the net carrying value of the loan to its estimated net realizable value. Impaired loans, or portions thereof, are charged off when deemed uncollectable. Upon detection of the reduced ability of a borrower to meet cash flow obligations, consumer and residential real estate loans typically are charged down to the net realizable value, with the residual balance placed on nonaccrual status. Loans acquired in a business combination that have evidence of deterioration of credit quality, commonly referred to as "purchased credit impaired" loans, since origination and for which it is probable, at acquisition, that Peoples will be unable to collect all contractually required payments which are initially recorded at fair value (the present value of the amounts expected to be collected) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan is recognized as interest income on a level yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition are not recognized. Over the life of these acquired loans, management continues to monitor each acquired purchased credit impaired loan portfolio for changes in credit quality. Increases in expected cash flows subsequent to acquisition are recognized prospectively over the remaining life of the acquired purchased credit impaired loans as a yield adjustment on the loans. Subsequent decreases in expected cash flows 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. These purchased credit impaired loans are considered to be accruing and performing even though collection of contractual payments on the loans may be in doubt, as income continues to be accreted as long as expected cash flows can be reasonably estimated. Loans acquired in a business combination that are not impaired are recorded at fair value, and the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the discount or premium to a loan's cost basis and is accreted or amortized to interest income over the loan's remaining life using the level yield method. Subsequent to the acquisition date, the method utilized to estimate the required allowance for loan losses for these loans is similar to originated loans; however, Peoples records a provision for loan losses only when the required allowance exceeds the remaining discount. Loans Held for Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried at the lower of cost or estimated fair value determined on an aggregate basis. Gains and losses on sales of loans held for sale are included in mortgage banking income. Loans originated with the intent to be held in the portfolio are subsequently transferred to held for sale when a decision is made to sell these loans. At the time of a loan's transfer to the held for sale classification, the loan is recorded at the lower of cost or its fair value. Any reduction in the loan's fair value is reflected as a write-down of the recorded investment resulting in a new cost basis, with a corresponding charge against the allowance for loan losses. If the fair value of a loan classified as held for sale in subsequent periods is less than its cost basis, the carrying value of the loan is adjusted accordingly, with the corresponding loss recognized in earnings. Peoples enters into interest rate lock commitments with borrowers and best efforts commitments with investors on mortgage loans originated for sale into the secondary markets to manage the inherent interest rate and pricing risk associated with selling loans. An interest rate lock commitment generally terminates once the loan is funded, the lock period expires or the borrower decides not to contract for the loan. A best efforts commitment generally terminates once the loan is sold, the commitment period expires or the borrower decides not to contract for the loan. These commitments are considered derivatives which are generally accounted for by recognizing their estimated fair value on the Consolidated Balance Sheets as either an other asset or an other liability. The valuation of such commitments does not consider expected cash flows related to the servicing of the future loan. Management has determined these derivatives do not have a material effect on Peoples' financial position, results of operations or cash flows. Allowance for Loan Losses: The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against income. The allowance for loan losses is maintained at a level that management deems sufficient to absorb probable losses inherent in the loan portfolio. Loans deemed to be uncollectable are charged against the allowance for loan losses, while recoveries of previously charged off amounts are credited to the allowance for loan losses. The allowance for loan losses is comprised of specific valuation allowances for loans evaluated individually for impairment and general allocations for pools of homogeneous loans with similar risk characteristics and trends. Peoples' homogenous loan pools include similarly risk-graded commercial and industrial loans, similarly risk-graded commercial real estate loans, real estate construction loans (both commercial and residential), residential real estate loans, consumer home equity loans, and indirect and other consumer loans. Management's evaluation of the appropriateness of the allowance for loan losses and the related provision for loan losses is based upon a quarterly analysis of the portfolio. While portions of the allowance for loan losses may be allocated to specific loans, the entire allowance for loan losses is available for any loan charged off by management. The allowance for loan losses related to specific loans is based on management's estimate of potential losses on impaired loans as determined by (1) the present value of expected future cash flows, (2) the fair value of collateral if the loan is determined to be collateral dependent, or (3) the loan's observable market price. The general allocations to specific loan pools are based on the historical loss rates for specific loan types and the internal risk grade, if applicable, adjusted for both internal and external qualitative risk factors. The calculation of historical loss rates for pools of similar loans with similar characteristics is based upon the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss rates are periodically updated based on actual charge-off experience. The qualitative economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments, which are considered by management include, among other factors, (1) changes in international, national, regional and local economic and business conditions, (2) changes in asset quality, (3) changes in loan portfolio volume, (4) the composition and concentrations of credit, (5) changes in the value of underlying collateral due to economic or market conditions, (6) the impact of interest rate changes on portfolio risk, and (7) effectiveness of Peoples' loan policies, procedures and internal controls. The total allowance for loan losses established for each homogenous loan pool represents the product of the historical loss rate, adjusted for qualitative factors, and the total dollar amount of the loans in the pool. Peoples categorizes loans involving commercial borrowers into risk categories based upon an established grading matrix. This system is used to manage the risk within its commercial lending activities, evaluate changes in the overall credit quality of the loan portfolio and evaluate the appropriateness of the allowance for loan losses. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Loans to borrowers with an aggregate unpaid principal balance in excess of $1 million are reviewed on an annual basis for possible credit deterioration. Loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1 million are reviewed on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower's business, receipt of financial statements indicating deteriorating credit quality or other similar events. Adversely classified loans are generally reviewed on a quarterly basis. The primary factors considered when assigning a risk grade to a loan include (1) reliability and sustainability of the primary source of repayment, (2) past, present and projected financial condition of the borrower, and (3) current economic and industry conditions. Other factors that could influence the risk grade assigned include the type and quality of collateral and the strength of guarantors. The primary source of repayment for commercial real estate loans and commercial and industrial loans is normally the operating cash flow of the business available to repay debt. Management's analysis of operating cash flow for commercial real estate loans secured by non-owner occupied properties takes into account factors such as rent rolls and vacancy statistics. Management's analysis of operating cash flow for commercial real estate loans secured by owner occupied properties and all commercial and industrial loans considers the profitability, liquidity and leverage of the business. The evaluation of construction loans includes consideration of the borrower's ability to complete construction within the established budget. The primary factors considered when classifying residential real estate, home equity lines of credit and consumer loans include the loan's past due status and declaration of bankruptcy by the borrower(s). The classification of residential real estate and home equity lines of credit also takes into consideration the current value of the underlying collateral. Troubled Debt Restructuring: The restructuring of a loan is considered a troubled debt restructuring ("TDR") if both (1) the borrower is experiencing financial difficulties and (2) the creditor has granted a concession. Loans acquired that are restructured after acquisition are not considered TDRs if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools of purchased credit impaired loans. In assessing whether or not a borrower is experiencing financial difficulties, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (1) the borrower is currently in payment default on any of the borrower's debt; (2) a payment default is probable in the foreseeable future without the modification; (3) the borrower has declared or is in the process of declaring bankruptcy; and (4) the borrower's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification. Peoples considers all aspects of the modification to loan terms to determine whether or not a concession has been granted to the borrower. Key factors considered by Peoples include the borrower's ability to access funds at a market rate for loans with similar risk characteristics, the significance of the modification relative to the unpaid principal loan balance or collateral value underlying the loan, 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 (1) a reduction in the interest rate for the remaining life of the loan, (2) an extension of the maturity date at an interest rate lower than the current market rate for a new loan with similar risk, (3) a temporary period of interest-only payments, and (4) a reduction in the contractual payment amount for either a short period or the remaining term of the loan. All TDRs are considered impaired loans and are evaluated individually to determine if a write-down is required and if they should be on accrual or nonaccrual status. Bank Premises and Equipment: Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets owned. Major improvements to leased facilities are capitalized and included in bank premises at cost less accumulated depreciation, which is calculated on the straight-line method over the lesser of the remaining term of the leased facility or the estimated economic life of the improvement. Investments in Affordable Housing Limited Partnerships: Investments in affordable housing consist of investments in limited partnerships that operate qualified affordable housing projects or that invest in other limited partnerships formed to operate affordable housing projects. These investments are considered variable interest entities for which Peoples is not the primary beneficiary. Peoples generally utilizes the effective yield method to account for these investments with the tax credits, net of the amortization of the investment, reflected in the Consolidated Statements of Income as a reduction of income tax expense. The unamortized amount of the investments is recorded in other assets and totaled $ 4.7 million and $ 5.0 million at December 31, 2017 and 2016 , respectively. Other Real Estate Owned: Other real estate owned (“OREO”), included in other assets on the Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples in satisfaction of a loan. OREO obtained in satisfaction of a loan is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. Peoples had OREO totaling $ 208,000 at December 31, 2017 and $661,000 at December 31, 2016 . Business Combinations: Business combinations are accounted for using the acquisition method of accounting. Under this accounting method, the acquired company's net assets are recorded at fair value on the date of acquisition, and the results of operations of the acquired company are combined with Peoples' from the acquisition date forward. Costs related to the acquisition are expensed as incurred. The purchase price paid over the fair value of the net assets acquired, including intangible assets with finite lives, is recorded as goodwill. Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired in the business combination. Goodwill is not amortized but is tested for impairment when indicators of impairment exist, or at least annually on October 1. Based upon the most recently completed goodwill impairment test, Peoples concluded the recorded value of goodwill was not impaired as of December 31, 2017 , based upon the estimated fair value of Peoples' single reporting unit. Peoples' other intangible assets include customer relationship, core deposit intangible assets and servicing rights representing the net present value of future economic benefit to be earned from acquired customer relationships with definite useful lives. These intangible assets are amortized on an accelerated basis over their estimated lives ranging from 7 to 10 years. Servicing Rights: Servicing rights (“SRs”) represent the right to service loans sold to third-party investors. SRs are recognized separately as a servicing asset or liability whenever Peoples undertakes an obligation to service financial assets. SRs are reported in other intangible assets on the Consolidated Balance Sheets. Serviced loans that have been completely sold are not included on the Consolidated Balance Sheets. Loan servicing income included in mortgage banking income includes servicing fees received from the third-party investors and certain charges collected from the borrowers. Peoples initially records SRs at fair value at the time of the sale of the loans to the third-party investor. Peoples follows the amortization method for the subsequent measurement of each class of separately recognized servicing assets and liabilities. Under the amortization method, Peoples amortizes the value of servicing assets or liabilities in proportion to, and over the period of, estimated net servicing income or net servicing loss, and assesses servicing assets or liabilities for impairment or increased obligation based on the fair value at each reporting date. The fair value of the SRs is determined by using a discounted cash flow model, which estimates the present value of the future net cash flows of the servicing portfolio based on various factors, such as servicing costs, expected prepayment speeds and discount rates. Trust Assets Under Administration and Management: Peoples manages certain assets held in a fiduciary or agency capacity for customers. These assets under administration and management, other than cash on deposit at Peoples, are not included in the Consolidated Balance Sheets since they are not assets of Peoples. Revenue Recognition: Peoples recognizes revenues as they are earned based on contractual terms, or as services are provided and collectability is reasonably assured. Peoples’ principal source of revenue is interest income, which is recognized on an accrual basis primarily according to formulas in written contracts, such as loan agreements or securities contracts. As of January 1, 2018, Accounting Standards Update ("ASU") 2014-09 - Revenue from Contracts with Customers (Topic 606) updates the guidance for revenue recognition as it relates to uncompleted contracts. For further information, refer to "New Accounting Pronouncements" later in this footnote. Interest Income Recognition: Interest income on loans and investment securities is recognized by methods that result in level rates of return on principal amounts outstanding, including yield adjustments resulting from the amortization of loan costs and premiums on investment securities, and accretion of loan fees and discounts on investment securities. Since mortgage-backed securities comprise a sizable portion of Peoples' investment portfolio, a significant increase in principal payments on those securities can impact interest income due to the corresponding acceleration of premium amortization or discount accretion. Peoples discontinues the accrual of interest on a loan when conditions cause management to believe collection of all or any portion of the loan's contractual interest is doubtful. Such conditions may include the borrower being 90 days or more past due on any contractual payments, or current information regarding the borrower's financial condition and repayment ability. All unpaid accrued interest deemed uncollectable is reversed, which reduces Peoples' net interest income. Interest received on nonaccrual loans is included in income only if principal recovery is reasonably assured. Other Income Recognition: Service charges on deposits include cost recovery fees associated with the services provided, such as overdraft and non-sufficient funds. Trust and investment income consists of revenue from fiduciary activities, which include fees for services such as asset management, recordkeeping, retirement services and estate management, and investment commissions and fees related to the sale of investments. Income from these activities is recognized at the time the related services are performed. Insurance income consists of commissions and fees from the sales of insurance policies and related insurance services. Insurance income is recognized when it is earned and can be reasonably estimated. Performance-based commissions from insurance companies are recognized when received and no contingencies remain. Income Taxes: Peoples and its subsidiaries file a consolidated federal income tax return. Deferred income tax assets and liabilities are provided as temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements at the statutory federal tax rate. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017 and ASC 740 required Peoples to reflect the changes associated with the Act’s provisions in the fourth quarter of 2017. The Act is complex and has extensive implications for Peoples’ federal taxes. At December 31, 2017, Peoples completed the accounting for the tax effects of enactment of the Act; however, in certain cases as described below, Peoples made reasonable estimates of the effects of a reduced federal tax rate on its existing deferred tax balances. In other cases, Peoples has not been able to make a reasonable estimate and continued to account for those items based on its existing accounting under ASC 740 and the provisions of the tax laws that were in effect immediately prior to enactment. For the items for which Peoples was able to determine a reasonable estimate, Peoples recognized a provisional amount of $0.9 million , which is included as a component of income tax expense from continuing operations. In all cases, Peoples will continue to make and refine its calculations during the remeasurement period as additional analysis is completed. In addition, these estimates may also be affected as Peoples gains a more thorough understanding of the tax law. Peoples releases the impact of income tax effects from accumulated other comprehensive loss in the period in which they occur. The Act resulted in stranded income tax effects in accumulated other comprehensive loss, for which new accounting guidance was issued under ASU 2018-02. This guidance allowed for Peoples to early adopt and retrospectively apply the reclassification of stranded income tax effects from accumulated other comprehensive loss to retained earnings. As of December 31, 2017, Peoples had reclassified all income tax effects resulting from the Act from accumulated other comprehensive loss to retained earnings, and the components of accumulated other comprehensive income or loss included in the Consolidated Statements of Stockholders' Equity were computed based upon a 21% statutory federal tax rate. As of December 31, 2016, the components of accumulated other comprehensive income or loss included in the Consolidated Statements of Stockholders' Equity were computed based upon a 35% statutory federal tax rate. A tax position is initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 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 at December 31 : 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 2017 Obligations of: States and political subdivisions $ 101,569 $ — $ 101,569 $ — Residential mortgage-backed securities 673,664 — 673,664 — Commercial mortgage-backed securities 6,976 — 6,976 — Bank-issued trust preferred securities 5,129 — 5,129 — Equity securities 7,849 7,694 155 — Total available-for-sale securities $ 795,187 $ 7,694 $ 787,493 $ — 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 at December 31 : Fair Value at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets Significant Significant Unobservable Inputs Fair Value 2017 Obligations of: States and political subdivisions $ 4,417 $ — $ 4,417 $ — Residential mortgage-backed securities 32,227 — 32,227 — Commercial mortgage-backed securities 4,569 — 4,569 — Total held-to-maturity securities $ 41,213 $ — $ 41,213 $ — 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 volatilities, LIBOR yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment of the reasonableness of the fair values provided and challenges prices when 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 3 inputs), less estimated selling costs. At December 31, 2017 , impaired loans with an aggregate outstanding principal balance of $ 25.7 million were measured and reported at a fair value of $ 20.6 million . For the year ended December 31, 2017 , Peoples recognized losses of $ 42,000 on impaired loans through the allowance for loan losses. The following table presents the fair values of financial assets and liabilities carried on Peoples’ Consolidated Balance Sheets, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis at December 31: 2017 2016 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets : Cash and cash equivalents $ 72,194 $ 72,194 $ 66,146 $ 66,146 Investment securities 874,486 874,771 859,455 859,538 Loans (1) 2,340,854 2,276,704 2,210,529 2,152,544 Bank owned life insurance 62,176 62,176 60,225 60,225 Servicing rights 2,305 2,305 2,305 2,305 Financial liabilities: Deposits $ 2,730,330 $ 2,730,071 $ 2,509,722 $ 2,512,647 Short-term borrowings 209,491 209,628 305,607 305,607 Long-term borrowings 144,019 142,108 145,155 145,106 Cash flow hedges (2) 1,354 1,354 1,779 1,779 (1) Includes loans held for sale. (2) For additional information, see Note 14 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 below. 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, bank owned life insurance, servicing rights and cash flow hedges. 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). Short-term borrowings: The fair value of short-term borrowings is estimated using discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2 inputs). Long-term borrowings: The fair value of long-term borrowings is estimated using discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2 inputs). Cash flow hedges: The fair value of cash flow hedges is recognized in the Consolidated Balance Sheets at their fair value within other assets. 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 | 12 Months Ended |
Dec. 31, 2017 | |
Investments [Abstract] | |
Investment Securities | Investment Securities Available-for-sale The following table summarizes Peoples’ available-for-sale investment securities at December 31: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2017 Obligations of: States and political subdivisions $ 100,039 $ 1,786 $ (256 ) $ 101,569 Residential mortgage-backed securities 684,100 2,582 (13,018 ) 673,664 Commercial mortgage-backed securities 7,004 11 (39 ) 6,976 Bank-issued trust preferred securities 5,195 141 (207 ) 5,129 Equity securities 1,394 6,520 (65 ) 7,849 Total available-for-sale securities $ 797,732 $ 11,040 $ (13,585 ) $ 795,187 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 unrelated bank holding companies at both December 31, 2017 and 2016. At December 31, 2017 , there were no securities of a single issuer that exceeded 10% of total stockholders' equity. The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the years ended December 31 were as follows: (Dollars in thousands) 2017 2016 2015 Gross gains realized $ 2,999 $ 933 $ 795 Gross losses realized 16 3 66 Net gain realized $ 2,983 $ 930 $ 729 The cost of investment securities sold, and any resulting gain or loss, were based on the specific identification method and recognized as of the trade date. The following table presents a summary of available-for-sale investment securities that had an unrealized loss at December 31: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss 2017 Obligations of: States and political subdivisions $ 16,985 $ 89 18 $ 5,308 $ 167 1 $ 22,293 $ 256 Residential mortgage-backed securities 274,998 3,462 77 291,812 9,556 88 566,810 13,018 Commercial mortgage-backed securities 2,487 23 1 1,274 16 1 3,761 39 Bank-issued trust preferred securities — — — 2,792 207 3 2,792 207 Equity securities 276 1 1 112 64 1 388 65 Total $ 294,746 $ 3,575 97 $ 301,298 $ 10,010 94 $ 596,044 $ 13,585 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 December 31, 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 December 31, 2017 and 2016 were attributable to changes in market interest rates and spreads since the securities were purchased. At December 31, 2017 , approximately 99% of the fair value of mortgage-backed securities that had been at an unrealized loss position for twelve months or more were issued by U.S. government sponsored agencies. The remaining 1% , or four positions, consisted of privately issued mortgage-backed securities with all of the underlying mortgages originated prior to 2004. Two of these four positions had a fair value of less than 90% of their book value, with an aggregate book and fair value of $0.6 million and $0.4 million , respectively. Management has analyzed the underlying credit quality of these securities and concluded the unrealized losses were primarily attributable to the floating rate nature of these investments and the low number of loans remaining in these securities. Furthermore, the unrealized losses with respect to the three bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at December 31, 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 December 31, 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. (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 $ 995 $ 10,453 $ 31,525 $ 57,066 $ 100,039 Residential mortgage-backed securities 445 13,971 43,502 626,182 684,100 Commercial mortgage-backed securities — 5,714 — 1,290 7,004 Bank-issued trust preferred securities — — 2,196 2,999 5,195 Equity securities — — — — 1,394 Total available-for-sale securities $ 1,440 $ 30,138 $ 77,223 $ 687,537 $ 797,732 Fair value Obligations of: States and political subdivisions $ 1,004 $ 10,478 $ 31,825 $ 58,262 $ 101,569 Residential mortgage-backed securities 436 13,860 43,188 616,180 673,664 Commercial mortgage-backed securities — 5,702 — 1,274 6,976 Bank-issued trust preferred securities — — 2,337 2,792 5,129 Equity securities — — — — 7,849 Total available-for-sale securities $ 1,440 $ 30,040 $ 77,350 $ 678,508 $ 795,187 Total weighted-average yield 3.63 % 2.44 % 3.22 % 2.69 % 2.75 % Held-to-Maturity The following table summarizes Peoples’ held-to-maturity investment securities at December 31: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2017 Obligations of: States and political subdivisions $ 3,810 $ 607 $ — $ 4,417 Residential mortgage-backed securities 32,487 269 (529 ) 32,227 Commercial mortgage-backed securities 4,631 — (62 ) 4,569 Total held-to-maturity securities $ 40,928 $ 876 $ (591 ) $ 41,213 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 years ended December 31, 2017 , 2016 and 2015. The following table presents a summary of held-to-maturity investment securities that had an unrealized loss at December 31: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss 2017 Residential mortgage-backed securities $ 1,476 $ 4 2 $ 12,098 $ 525 3 $ 13,574 $ 529 Commercial mortgage-backed securities — — — 4,569 62 1 4,569 62 Total $ 1,476 $ 4 2 $ 16,667 $ 587 4 $ 18,143 $ 591 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 December 31, 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. (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 $ — $ 313 $ 2,980 $ 517 $ 3,810 Residential mortgage-backed securities — 444 6,358 25,685 32,487 Commercial mortgage-backed securities — — — 4,631 4,631 Total held-to-maturity securities $ — $ 757 $ 9,338 $ 30,833 $ 40,928 Fair value Obligations of: States and political subdivisions $ — $ 314 $ 3,570 $ 533 $ 4,417 Residential mortgage-backed securities — 442 6,437 25,348 32,227 Commercial mortgage-backed securities — — — 4,569 4,569 Total held-to-maturity securities $ — $ 756 $ 10,007 $ 30,450 $ 41,213 Total weighted-average yield — % 2.64 % 2.47 % 2.88 % 2.79 % Other Securities Peoples' other investment securities on the Consolidated Balance Sheets consist largely of shares of the FHLB and the FRB. Pledged Securities Peoples had pledged available-for-sale investment securities with a carrying value of $ 522.7 million and $ 517.9 million at December 31, 2017 and 2016 , respectively, and held-to-maturity investment securities with a carrying value of $ 18.3 million and $ 20.0 million at December 31, 2017 and 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 $ 6.7 million and $ 9.2 million at December 31, 2017 and 2016 , respectively, and held-to-maturity securities with carrying values of $19.9 million and $22.2 million at December 31, 2017 and 2016 , respectively, to secure additional borrowing capacity at the FHLB and the FRB. |
Loans
Loans | 12 Months Ended |
Dec. 31, 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 (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows at December 31: (Dollars in thousands) 2017 2016 Originated loans: Commercial real estate, construction $ 107,118 $ 84,626 Commercial real estate, other 595,447 531,557 Commercial real estate 702,565 616,183 Commercial and industrial 438,051 378,131 Residential real estate 304,523 307,490 Home equity lines of credit 88,902 85,617 Consumer, indirect 340,390 252,024 Consumer, other 67,010 67,579 Consumer 407,400 319,603 Deposit account overdrafts 849 1,080 Total originated loans $ 1,942,290 $ 1,708,104 Acquired loans: Commercial real estate, construction $ 8,319 $ 10,100 Commercial real estate, other 165,120 204,466 Commercial real estate 173,439 214,566 Commercial and industrial 34,493 44,208 Residential real estate 184,864 228,435 Home equity lines of credit 20,575 25,875 Consumer, indirect 329 808 Consumer, other 1,147 2,940 Consumer 1,476 3,748 Total acquired loans $ 414,847 $ 516,832 Total loans $ 2,357,137 $ 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 at December 31: (Dollars in thousands) 2017 2016 Commercial real estate $ 8,117 $ 11,476 Commercial and industrial 767 1,573 Residential real estate 19,532 23,306 Consumer 33 76 Total outstanding balance $ 28,449 $ 36,431 Net carrying amount $ 19,564 $ 26,524 Changes in the accretable yield for purchased credit impaired loans during the year ended December 31, 2017 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2016 $ 7,132 Additions: Reclassification from nonaccretable to accretable 1,285 Accretion (1,713 ) Balance, December 31, 2017 $ 6,704 Peoples completes annual re-estimations of cash flows on acquired purchased credit impaired loans in August of each year. The above reclassification from nonaccretable to accretable related to the re-estimation of cash flows on the purchased credit impaired loan portfolio, coupled with the loans performing better than expected. The majority of the reclassification related to prepayment speeds decreasing in the residential portfolio, resulting in higher total expected cash flows. Cash flows expected to be collected on purchased credit impaired loans are estimated by incorporating several key assumptions similar to those used in 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 amount of principal expected to be collected. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. Peoples has pledged certain loans secured by 1-4 family and multifamily residential mortgages under a blanket collateral agreement to secure borrowings from the FHLB. The amount of such pledged loans totaled $ 487.2 million and $ 542.5 million at December 31, 2017 and 2016 , respectively. Peoples also had pledged commercial loans to secure borrowings with the FRB. The outstanding balances of these loans totaled $ 74.0 million and $ 152.0 million at December 31, 2017 and 2016 , respectively. Related Party Loans In the normal course of its business, Peoples Bank has granted loans to certain directors and officers of Peoples Bancorp Inc., including their affiliates, families and entities in which they are principal owners. At December 31, 2017 , no related party loan was past due 90 or more days, renegotiated or on nonaccrual status. Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status and new directors elected during the year, as applicable. (Dollars in thousands) Balance, December 31, 2016 $ 17,187 New loans and disbursements 8,855 Repayments (9,202 ) Other changes (1,738 ) Balance, December 31, 2017 $ 15,102 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 at December 31: Accruing Loans 90+ Days Past Due Nonaccrual Loans (Dollars in thousands) 2017 2016 2017 2016 Originated loans: Commercial real estate, construction $ 754 $ 826 $ — $ — Commercial real estate, other 6,877 9,934 — — Commercial real estate 7,631 10,760 — — Commercial and industrial 739 1,712 — — Residential real estate 3,546 3,778 548 183 Home equity lines of credit 550 383 50 — Consumer, indirect 256 130 — 10 Consumer, other 39 11 16 — Consumer 295 141 16 10 Total originated loans $ 12,761 $ 16,774 $ 614 $ 193 Acquired loans: Commercial real estate, other $ 192 $ 1,609 $ 215 $ 1,506 Commercial and industrial 259 390 45 387 Residential real estate 2,168 2,317 730 1,672 Home equity lines of credit 312 231 22 — Consumer, indirect — — — 13 Consumer, other — 4 — — Consumer — 4 — 13 Total acquired loans $ 2,931 $ 4,551 $ 1,012 $ 3,578 Total loans $ 15,692 $ 21,325 $ 1,626 $ 3,771 The following tables present the aging of the recorded investment in past due loans at December 31: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2017 Originated loans: Commercial real estate, construction $ — $ — $ — $ — $ 107,118 $ 107,118 Commercial real estate, other 990 — 6,492 7,482 587,965 595,447 Commercial real estate 990 — 6,492 7,482 695,083 702,565 Commercial and industrial 1,423 92 706 2,221 435,830 438,051 Residential real estate 4,562 1,234 2,408 8,204 296,319 304,523 Home equity lines of credit 502 80 395 977 87,925 88,902 Consumer, indirect 2,153 648 105 2,906 337,484 340,390 Consumer, other 417 46 48 511 66,499 67,010 Consumer 2,570 694 153 3,417 403,983 407,400 Deposit account overdrafts — — — — 849 849 Total originated loans $ 10,047 $ 2,100 $ 10,154 $ 22,301 $ 1,919,989 $ 1,942,290 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2017 Acquired loans: Commercial real estate, construction $ — $ — $ — $ — $ 8,319 $ 8,319 Commercial real estate, other 775 948 312 2,035 163,085 165,120 Commercial real estate 775 948 312 2,035 171,404 173,439 Commercial and industrial — 1 171 172 34,321 34,493 Residential real estate 4,656 1,391 1,910 7,957 176,907 184,864 Home equity lines of credit 126 — 301 427 20,148 20,575 Consumer, indirect 3 — — 3 326 329 Consumer, other 10 11 — 21 1,126 1,147 Consumer 13 11 — 24 1,452 1,476 Deposit account overdrafts — — — — — — Total acquired loans $ 5,570 $ 2,351 $ 2,694 $ 10,615 $ 404,232 $ 414,847 Total loans $ 15,617 $ 4,451 $ 12,848 $ 32,916 $ 2,324,221 $ 2,357,137 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 Credit Quality Indicators As discussed in Note 1, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. A description of the general characteristics of the risk grades used by Peoples is as follows: “Pass” (grades 1 through 4): Loans in this risk category involve borrowers of acceptable-to-strong credit quality and risk who have the apparent ability to satisfy their loan obligations. Loans in this risk category would possess sufficient mitigating factors, such as adequate collateral or strong guarantors possessing the capacity to repay the loans if required, for any weakness that may exist. “Special Mention” (grade 5): Loans in this risk category are the equivalent of the regulatory “Other Assets Especially Mentioned” classification. Loans in this risk category possess some credit deficiency or potential weakness, which requires a high level of management attention. Potential weaknesses include declining trends in operating earnings and cash flows and/or reliance on the secondary source of repayment. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the loans or in Peoples' credit position. “Substandard” (grade 6): Loans in this risk category are inadequately protected by the borrower's current financial condition and payment capability, or by the collateral pledged, if any. Loans so classified have one or more well-defined weaknesses that jeopardize the orderly repayment of the loans. 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 category 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 these loans as an estimate loss is deferred until their more exact status may be determined. “Loss” (grade 8): Loans in this risk category are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean each such loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Charge-offs against the allowance for loan losses are taken in the period in which the loan becomes uncollectible. Consequently, Peoples typically does not maintain a recorded investment in loans within this risk 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 tables summarize the risk category of Peoples' loan portfolio based upon the most recent analysis performed at December 31: Pass Rated Special Mention Substandard Doubtful Not Rated Total Loans (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2017 Originated loans: Commercial real estate, construction $ 100,409 $ 5,502 $ 754 $ — $ 453 $ 107,118 Commercial real estate, other 561,320 17,189 16,938 — — 595,447 Commercial real estate 661,729 22,691 17,692 — 453 702,565 Commercial and industrial 420,477 13,062 4,512 — — 438,051 Residential real estate 17,896 1,000 11,371 216 274,040 304,523 Home equity lines of credit 454 — — — 88,448 88,902 Consumer, indirect 55 8 — — 340,327 340,390 Consumer, other 33 — — — 66,977 67,010 Consumer 88 8 — — 407,304 407,400 Deposit account overdrafts — — — — 849 849 Total originated loans $ 1,100,644 $ 36,761 $ 33,575 $ 216 $ 771,094 $ 1,942,290 Pass Rated Special Mention Substandard Doubtful Not Rated Total Loans (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2017 Acquired loans: Commercial real estate, construction $ 8,267 $ — $ 52 $ — $ — $ 8,319 Commercial real estate, other 149,486 6,527 9,107 — — 165,120 Commercial real estate 157,753 6,527 9,159 — — 173,439 Commercial and industrial 32,011 157 2,325 — — 34,493 Residential real estate 12,543 593 1,105 — 170,623 184,864 Home equity lines of credit 124 — — — 20,451 20,575 Consumer, indirect 12 — — — 317 329 Consumer, other 35 — — — 1,112 1,147 Consumer 47 — — — 1,429 1,476 Deposit account overdrafts — — — — — — Total acquired loans $ 202,478 $ 7,277 $ 12,589 $ — $ 192,503 $ 414,847 Total loans $ 1,303,122 $ 44,038 $ 46,164 $ 216 $ 963,597 $ 2,357,137 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 Impaired Loans The following table summarizes loans classified as impaired at December 31: Unpaid Principal Balance Recorded Investment Total Recorded Investment Average Recorded Investment Interest Income Recognized With Without Related Allowance (Dollars in thousands) Allowance Allowance 2017 Commercial real estate, construction $ 821 $ — $ 754 $ 754 $ — $ 788 $ — Commercial real estate, other 14,909 14 13,606 13,620 1 14,392 503 Commercial real estate 15,730 14 14,360 14,374 1 15,180 503 Commercial and industrial 1,690 951 572 1,523 199 1,668 65 Residential real estate 24,743 477 22,626 23,103 58 23,195 1,246 Home equity lines of credit 1,707 81 1,624 1,705 18 1,505 85 Consumer, indirect 273 70 206 276 26 184 20 Consumer, other 87 56 28 84 37 79 7 Consumer 360 126 234 360 63 263 27 Total $ 44,230 $ 1,649 $ 39,416 $ 41,065 $ 339 $ 41,811 $ 1,926 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' loans classified as impaired 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 a loan with similar risk characteristics, the significance of the modification relative to the unpaid principal loan balance or collateral value of the loan 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 a new loan 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 TDRs during the years ended December 31, 2017 and 2016 . Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment 2017 Originated loans: Commercial real estate, other 1 $ 14 $ 14 $ 14 Commercial and industrial 4 210 210 149 Residential real estate 7 483 483 473 Home equity lines of credit 6 296 296 289 Consumer, indirect 15 218 218 201 Consumer, other 2 10 10 8 Consumer 17 228 228 209 Total 35 $ 1,231 $ 1,231 $ 1,134 Acquired loans: Commercial real estate, construction 3 $ 288 $ 288 $ 280 Residential real estate 9 442 442 412 Home equity lines of credit 5 328 328 320 Consumer, other 1 2 2 — Total 18 $ 1,060 $ 1,060 $ 1,012 2016 Originated loans: Commercial real estate, other 3 $ 109 $ 109 $ 107 Commercial and industrial 7 836 836 750 Residential real estate 8 266 266 266 Home equity lines of credit 5 81 81 81 Consumer, indirect 14 164 164 164 Consumer, other 3 24 24 23 Consumer 17 188 188 187 Total 40 $ 1,480 $ 1,480 $ 1,391 Acquired loans: Commercial real estate, construction 2 $ 237 $ 237 $ 237 Residential real estate 14 1,080 1,082 1,076 Home equity lines of credit 4 260 260 250 Consumer, indirect 2 7 7 7 Consumer, other 3 15 15 15 Consumer 5 22 22 22 Total 25 $ 1,599 $ 1,601 $ 1,585 (1) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. The following table presents those loans modified into a TDR during the year that subsequently defaulted (i.e., 90 days or more past due following a modification) during the years ended December 31, 2017 : 2017 (Dollars in thousands) Number of Contracts Recorded Investment (1) Impact on the Allowance for Loan Losses Acquired loans: Residential real estate 2 $ 64 $ — Total 2 $ 64 $ — (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 modified TDRs that subsequently defaulted in 2016. Peoples did not have any originated 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 borrowers whose loan terms have been modified in a TDR. Allowance for Loan Losses Changes in the allowance for loan losses in the periods ended December 31 were as follows: (Dollars in thousands) Commercial Real Estate Commercial and Industrial Residential Real Estate Home Equity Lines of Credit Consumer, 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 (408 ) (175 ) (637 ) (131 ) (2,110 ) (372 ) (1,038 ) (4,871 ) Recoveries 146 1 152 13 764 179 215 1,470 Net (charge-offs) recoveries (262 ) (174 ) (485 ) (118 ) (1,346 ) (193 ) (823 ) (3,401 ) Provision for (recovery of) loan losses 887 (366 ) 407 123 1,978 139 722 3,890 Balance, December 31, 2017 $ 7,797 $ 5,813 $ 904 $ 693 $ 2,944 $ 464 $ 70 $ 18,685 Period-end amount allocated to: Loans individually evaluated for impairment $ 1 $ 199 $ 58 $ 18 $ 26 $ 37 $ — $ 339 Loans collectively evaluated for impairment 7,796 5,614 846 675 2,918 427 70 18,346 Balance, December 31, 2017 $ 7,797 $ 5,813 $ 904 $ 693 $ 2,944 $ 464 $ 70 $ 18,685 Balance, January 1, 2016 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,427 $ 544 $ 121 $ 16,539 Charge-offs (24 ) (1,017 ) (588 ) (73 ) (2,072 ) (583 ) (774 ) (5,131 ) Recoveries 1,209 306 278 56 1,059 226 175 3,309 Net recoveries (charge-offs) 1,185 (711 ) (310 ) (17 ) (1,013 ) (357 ) (599 ) (1,822 ) (Recovery of) provision for loan losses (1,089 ) 1,682 35 (27 ) 1,898 331 649 3,479 Balance, December 31, 2016 $ 7,172 $ 6,353 $ 982 $ 688 $ 2,312 $ 518 $ 171 $ 18,196 Period-end amount allocated to: Loans individually evaluated for impairment $ 803 $ 585 $ 24 $ — $ — $ — $ — $ 1,412 Loans collectively evaluated for impairment 6,369 5,768 958 688 2,312 518 171 16,784 Balance, December 31, 2016 $ 7,172 $ 6,353 $ 982 $ 688 $ 2,312 $ 518 $ 171 $ 18,196 The increase in total allowance for loan losses in 2017, was primarily due to total loan growth of 6% , or $132.2 million . The increase was primarily the result of commercial loan growth of $95.5 million , or 8% , which includes commercial real estate and commercial and industrial loan balances. Additionally, indirect consumer lending had growth of $87.9 million , or 35% , compared to December 31, 2016, and was partially offset by reductions in residential real estate loans. The increase in the total allowance for loan losses in 2016, was primarily due to total loan growth of 7% , or $152.5 million , with growth of 8% in commercial loan balances and 7% in consumer loan balances. Indirect lending experienced the largest growth across all loan categories for the year, increasing by $85.7 million , or 51% . Commercial and industrial loan growth was $70.6 million , or 20% , for 2016. Historical loss rates are calculated using charge-offs and recoveries within each portfolio over the past five years. The large provision for commercial and industrial loans during 2015 was primarily related to a specific allowance for one relationship which was charged off in 2015. The reduction in the allowance for originated residential real estate was driven by net recoveries in recent years reducing the historical loss rates. The changes in the home equity lines of credit and consumer categories of the allowance for originated loan losses and the related provision for originated loan losses recorded during 2015 were driven by net charge-off activity and increases in the size of the respective loan portfolios. Allowance for Acquired Loan Losses Acquired loans are recorded at their fair value as of the acquisition date with no valuation allowance, and monitored for changes in credit quality and subsequent increases or decreases in expected cash flows. Decreases in expected cash flows of 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. Management reforecasts the estimated cash flows expected to be collected on purchased credit impaired loans annually. 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 for loan losses exceeds the remaining fair value adjustment. The following table presents activity in the allowance for loan losses for acquired loans as of December 31: (Dollars in thousands) 2017 2016 Purchased credit impaired loans: Balance, January 1 $ 233 $ 240 Charge-offs (7 ) (67 ) Recoveries — — Net charge-offs 226 173 (Recovery of) provision for loan losses (118 ) 60 Balance, December 31 $ 108 $ 233 During 2017, Peoples recognized a recovery of loan losses that was related to an acquired purchased credit impaired loan that was paid off. |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Bank Premises and Equipment [Abstract] | |
Bank Premises and Equipment | Bank Premises and Equipment The major categories of bank premises and equipment and accumulated depreciation at December 31 are summarized as follows: (Dollars in thousands) 2017 2016 Land $ 12,871 $ 12,085 Building and premises 61,729 61,451 Furniture, fixtures and equipment 27,137 26,078 Total bank premises and equipment 101,737 99,614 Accumulated depreciation (49,227 ) (45,998 ) Net book value $ 52,510 $ 53,616 Peoples depreciates its building and premises, and furniture, fixtures and equipment over estimated useful lives generally ranging from 5 to 40 years and 2 to 10 years, respectively. Depreciation expense was $ 4.9 million , $ 5.1 million and $ 4.6 million , in 2017 , 2016 and 2015 , respectively. Leases Peoples leases certain banking facilities and equipment under various agreements with original terms providing for fixed monthly payments over periods generally ranging from two to ten years. Certain leases contain renewal options and rent escalation clauses calling for rent increases over the term of the lease. All leases which contain a rent escalation clause are accounted for on a straight-line basis. Rent expense on the leased properties and equipment was $ 1,104,000 in 2017, $1,073,000 in 2016 and $ 988,000 in 2015 . The future minimum payments under noncancellable operating leases with initial or remaining terms of one year or more consisted of the following at December 31, 2017 : (Dollars in thousands) Payments 2018 $ 924 2019 590 2020 355 2021 313 2022 270 Thereafter 330 Total future operating lease payments $ 2,782 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table details changes in the recorded amount of goodwill for the years ended December 31 : (Dollars in thousands) 2017 2016 Goodwill, beginning of year $ 132,631 $ 132,631 Acquired goodwill 480 — Goodwill, end of year $ 133,111 $ 132,631 Peoples performed the required goodwill impairment test and concluded there was no impairment in the recorded value of goodwill in 2017 , based upon the estimated fair value of the single reporting unit. During the annual goodwill impairment test, Peoples assessed qualitative factors, including relevant events and circumstances, to determine that it was more likely than not that the fair value of the reporting unit exceeded the carrying value. During 2017, Peoples Insurance acquired a third-party insurance administration company, for which no goodwill was recorded, and a property and casualty focused independent insurance agency for which Peoples recorded $480,000 of goodwill. Other intangible assets Other intangible assets were comprised of the following at December 31: (Dollars in thousands) Core Deposits Customer Relationships Total 2017 Gross intangibles $ 16,150 $ 5,373 $ 21,523 Acquired intangibles — 1,593 1,593 Accumulated amortization (10,281 ) (3,675 ) (13,956 ) Total acquired intangibles $ 5,869 $ 3,291 $ 9,160 Servicing rights 2,305 Total other intangibles $ 11,465 2016 Gross intangibles $ 16,150 $ 4,859 $ 21,009 Acquired intangibles — 514 514 Accumulated amortization (7,594 ) (2,847 ) (10,441 ) Total acquired intangibles $ 8,556 $ 2,526 $ 11,082 Servicing rights 2,305 Total other intangibles $ 13,387 Acquired intangibles of $1.6 million in 2017 relates to the acquisitions of a third-party insurance administration company and a property and casualty focused independent insurance agency. The following table details estimated aggregate future amortization expense of core deposit and customer relationship intangible assets at December 31, 2017 : (Dollars in thousands) Core Deposits Customer Relationships Total 2018 $ 2,175 $ 839 $ 3,014 2019 1,658 706 2,364 2020 1,138 563 1,701 2021 648 413 1,061 2022 208 274 482 Thereafter 42 496 538 Total $ 5,869 $ 3,291 $ 9,160 For further information regarding Peoples' acquisitions, refer to Note 17. The following is an analysis of activity of servicing rights for the years ended December 31: (Dollars in thousands) 2017 2016 2015 Balance, beginning of year $ 2,305 $ 2,387 $ 2,238 Amortization (741 ) (762 ) (662 ) Servicing rights originated 741 680 566 Servicing rights acquired — — 245 Balance, end of year $ 2,305 $ 2,305 $ 2,387 No valuation allowances were required at December 31, 2017 , 2016 and 2015 for Peoples’ servicing rights since, at each date, the fair value equaled or exceeded the book value. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Deposit Disclosure | Deposits Peoples’ deposit balances were comprised of the following at December 31: (Dollars in thousands) 2017 2016 Retail certificates of deposit: $100,000 or more $ 149,105 $ 152,222 Less than $100,000 189,568 209,503 Retail certificates of deposit 338,673 361,725 Interest-bearing transaction accounts 593,415 278,975 Savings accounts 446,714 436,344 Money market deposit accounts 371,376 407,754 Governmental deposit accounts 264,524 251,671 Brokered certificates of deposits 159,618 38,832 Total interest-bearing deposits 2,174,320 1,775,301 Non-interest-bearing deposits 556,010 734,421 Total deposits $ 2,730,330 $ 2,509,722 The contractual maturities of certificates of deposits for each of the next five years and thereafter are as follows: (Dollars in thousands) Retail Brokered Total 2018 $ 165,862 $ 108,025 $ 273,887 2019 71,137 35,576 106,713 2020 44,895 7,382 52,277 2021 39,716 4,777 44,493 2022 16,946 3,858 20,804 Thereafter 117 — 117 Total certificates of deposits $ 338,673 $ 159,618 $ 498,291 Deposits from related parties approximated $12.0 million and $42.0 million at December 31, 2017 and 2016 , respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Short-term Debt [Abstract] | |
Short-term Borrowings Disclosure | Short-Term Borrowings Peoples utilizes various short-term borrowings as sources of funds, which are summarized as follows at December 31: (Dollars in thousands) Retail Repurchase Agreements FHLB Advances National Market Repurchase Agreements 2017 Ending balance $ 76,899 $ 92,592 $ 40,000 Average balance 75,344 100,205 6,685 Highest month-end balance 80,649 208,000 40,000 Interest expense $ 128 $ 1,160 $ 246 Weighted-average interest rate: End of year 0.17 % 1.91 % 3.68 % During the year 0.17 % 1.16 % 3.68 % 2016 Ending balance $ 74,607 $ 231,000 $ — Average balance 72,886 86,260 — Highest month-end balance 81,353 231,000 — Interest expense $ 123 $ 384 $ — Weighted-average interest rate: End of year 0.17 % 0.64 % — % During the year 0.17 % 0.44 % — % 2015 Ending balance $ 84,386 $ 76,000 $ — Average balance 83,574 16,863 — Highest month-end balance 92,711 76,000 — Interest expense $ 140 $ 42 $ — Weighted-average interest rate: End of year 0.17 % 0.35 % — % During the year 0.17 % 0.25 % — % Note: Excludes other short-term borrowings, for which Peoples completes annual testing and for which amounts were de minimus for 2017, 2016 and 2015. Peoples’ retail repurchase agreements consist of overnight agreements with Peoples’ commercial customers and serve as a cash management tool. The FHLB advances consist of overnight borrowings and other advances with an original maturity of one year or less. These advances, along with the long-term advances disclosed in Note 9, are collateralized by residential mortgage loans and investment securities. Peoples’ borrowing capacity with the FHLB is based on the amount of collateral pledged and the amount of FHLB common stock owned. During 2017, Peoples reclassified $50.6 million of FHLB advances from long-term borrowings to short-term borrowings due to maturity dates of less than one year, of which $20.0 million matured in 2017. Peoples' national market repurchase agreements consist of agreements with unrelated financial service companies. Additional information regarding the national market repurchase agreements can be found in Note 9. The $40.0 million of national market repurchase agreements were reclassified from long-term borrowings to short-term borrowings during 2017. Other short-term borrowings consist of federal funds purchased and advances from the Federal Reserve Discount Window. Federal funds purchased are short-term borrowings from correspondent banks that typically mature within one to ninety days. Peoples had available federal funds of $5.0 million from certain of its correspondent banks at December 31, 2017. Interest on federal funds purchased is set daily by the correspondent bank based on prevailing market rates. The Federal Reserve Discount Window provides credit facilities to financial institutions, which are designed to ensure adequate liquidity by providing a source of short-term funds. Discount Window advances are typically overnight and must be secured by collateral acceptable to the lending Federal Reserve Bank. |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | Long-Term Borrowings Long-term borrowings consisted of the following at December 31 : 2017 2016 (Dollars in thousands) Balance Weighted- Average Rate Balance Weighted- Average Rate FHLB putable and non-amortizing, fixed rate advances $ 115,000 1.86 % $ 70,000 2.49 % FHLB amortizing, fixed rate advances 21,939 2.02 % 28,282 2.01 % Callable national market repurchase agreements — — % 40,000 3.63 % Junior subordinated debt securities 7,107 4.97 % 6,924 4.48 % Unamortized debt issuance cost (27 ) — % (51 ) — % Long-term borrowings $ 144,019 2.04 % $ 145,155 2.81 % The putable and non-amortizing, fixed rate FHLB advances have maturities ranging from two to ten years that may be repaid prior to maturity, subject to termination fees. The FHLB has the option, at its sole discretion, to terminate the advance after the initial fixed rate period of three months , requiring full repayment of the advance by Peoples, prior to the stated maturity. If the advance is terminated prior to maturity, the FHLB will offer Peoples replacement funding at the then-prevailing rate on an advance product then offered by the FHLB, subject to normal FHLB credit and collateral requirements. These advances require monthly interest payments, with no repayment of principal until the earlier of either an option to terminate exercised by the FHLB or the stated maturity. The amortizing, fixed rate FHLB advances have a fixed rate for the term of each advance, with maturities ranging from three to fourteen 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. Long-term FHLB advances are collateralized by assets owned by Peoples. Peoples continually evaluates the overall balance sheet position given the interest rate environment. During 2017, Peoples borrowed an additional $75.0 million of long-term FHLB non-amortizing advances, which have interest rates ranging from 1.20% to 2.03% and mature between 2018 and 2022. Peoples also entered into two additional interest rate swaps in 2017 with a notional value of $20.0 million associated with People' cash outflows for various FHLB advances. The swaps become effective in 2018, roughly to coincide with the maturity of existing FHLB advances. During 2017, $40.0 million in callable national market repurchase agreements and $50.6 million in long-term FHLB non-amortizing advances were reclassified to short-term borrowings as the maturity became less than one year. During 2016, Peoples executed transactions to take advantage of the low interest rates, which included: ▪ Peoples restructured $20.0 million of long-term FHLB advances that had a weighted-average rate of 2.97% , resulting in a $700,000 loss. Peoples replaced these borrowings with a long-term FHLB advance, which has an interest rate of 2.17% and matures in 2026. ▪ Peoples borrowed an additional $35.0 million of long-term FHLB amortizing advances, which have interest rates ranging from 1.08% to 1.40% , and mature between 2019 and 2031. ▪ Peoples entered into five forward starting interest rate swaps to obtain short-term borrowings at fixed rates, with interest rates ranging from 1.49% to 1.83% , which become effective in 2018 and mature between 2022 and 2026. These swaps locked in funding rates for $40.0 million in FHLB advances that mature in 2018, which have interest rates ranging from 3.57% to 3.92% . Additional information regarding Peoples' interest rate swaps can be found in Note 14. Peoples' callable national market repurchase agreements consist of agreements with unrelated financial service companies and have original maturities ranging from five to ten years . In general, these agreements may not be terminated by Peoples prior to maturity without incurring additional costs. The callable national market repurchase agreements contain call option features, in which the buyer has the right, at its discretion, to terminate the repurchase agreement after an initial period ranging from three months to five years . After the initial call period, the buyer has a one-time option to terminate the repurchase agreement. If the buyer exercises its option, Peoples would be required to repay the repurchase agreement in full at the quarterly date. As of December 31, 2017, Peoples' callable national market repurchase agreements had no remaining callable options. Peoples is required to make quarterly interest payments. On March 4, 2016, Peoples entered into a Credit Agreement (the "RJB Credit Agreement"), with Raymond James Bank, N.A. ("Raymond James Bank") which provides Peoples with a revolving line of credit in the maximum aggregate principal amount of $15.0 million (the "RJB Loan Commitment") for the purpose of: (i) to the extent that any amounts remained outstanding, paying off the then outstanding $15.0 million revolving credit loan of Peoples; (ii) making acquisitions; (iii) making stock repurchases; (iv) working capital needs; and (v) other general corporate purposes. On March 4, 2016, Peoples paid fees of $70,600 , representing 0.47% of the RJB Loan Commitment. The RJB Credit Agreement is unsecured. However, the RJB Credit Agreement contains negative covenants which preclude Peoples from: (i) taking any action which could, directly or indirectly, decrease Peoples' ownership (alone or together with any of Peoples' subsidiaries) interest in Peoples Bank (Peoples' Ohio state-chartered subsidiary bank) or any of Peoples Bank's subsidiaries to a level below the percentage of equity interests held as of March 4, 2016; (ii) taking any action to or allowing Peoples Bank or any of Peoples Bank's subsidiaries to take any action to directly or indirectly create, assume, incur, suffer or permit to exist any pledge, encumbrance, security interest, assignment, lien or charge of any kind or character on the equity interests of Peoples Bank or any of Peoples Bank's subsidiaries; or (iii) taking any action to or allow Peoples Bank or any of Peoples Bank's subsidiaries to sell, transfer, issue, reissue or exchange, or grant any option with respect to, any equity interest of Peoples Bank or any of Peoples Bank's subsidiaries. There are also negative covenants limiting the actions which may be taken with respect to the authorization or issuance of additional shares of any class of equity interests of Peoples Bank or any of Peoples Bank's subsidiaries or the grant to any person other than Raymond James Bank of any proxy for existing equity interests of Peoples Bank or any of Peoples Bank's subsidiaries. The RJB Credit Agreement contains covenants which are usual and customary for comparable transactions. In addition to the negative covenants affecting the equity interests of Peoples Bank and Peoples Bank's subsidiaries discussed above, under the RJB Credit Agreement, the following covenants must be complied with: (a) neither Peoples nor any of its subsidiaries may create, incur or suffer to exist additional indebtedness with an aggregate principal amount which exceeds $10 million at any time outstanding, subject to specific negotiated carve-outs; (b) neither Peoples nor any of its subsidiaries may be a party to certain material transactions (such as mergers or consolidations with third parties, liquidations or dissolutions, sales of assets, acquisitions, investments and sale/leaseback transactions), subject to transactions in the ordinary course of the banking business of Peoples Bank and new investments in an aggregate amount not exceeding $10 million being permitted as well as specific negotiated carve-outs; (c) neither Peoples nor any of its subsidiaries may voluntarily prepay, defease, purchase, redeem, retire or otherwise acquire any subordinated indebtedness issued by them; subject to specific negotiated carve-outs and the consent of Raymond James Bank; and (d) neither Peoples nor any of its subsidiaries may make any Restricted Payments (as defined in the RJB Credit Agreement), except that, to the extent legally permissible, (i) any subsidiary may declare and pay dividends to Peoples or a wholly-owned subsidiary of Peoples and (ii) Peoples may declare and pay dividends on its common shares provided that no event of default exists before or after giving effect to the dividend and Peoples is in compliance (on a pro forma basis) with the financial covenants specified in the RJB Credit Agreement, after giving effect to the dividend. Peoples and Peoples Bank are also required to satisfy certain financial covenants including: (i) Peoples (on a consolidated basis) and Peoples Bank must be “well capitalized” at all times, as defined and determined by the applicable governmental authority having jurisdiction over Peoples or Peoples Bank; (ii) Peoples (on a consolidated basis) and Peoples Bank must maintain a total risk-based capital ratio (as defined by the applicable governmental authority having regulatory authority over Peoples or Peoples Bank) of at least 12.50% as of the last day of any fiscal quarter; (iii) Peoples Bank must maintain a ratio of “Non-Performing Assets” to “Tangible Primary Capital” of not more than 20% as of the last day of any fiscal quarter; (iv) Peoples Bank must maintain a ratio of “Loan Loss Reserves” to “Non-Performing Loans” of not less than 70% at all times; and (v) Peoples (on a consolidated basis) must maintain a “Fixed Charge Coverage Ratio” that equals or exceeds 1.25 to 1.00 as of the end of each fiscal quarter, with the items used in this ratio being determined on a trailing four-fiscal quarter basis. As of December 31, 2017 , Peoples was in compliance with the applicable covenants imposed by the RJB Credit Agreement. On March 6, 2015, Peoples completed its acquisition of NB&T Financial Group, Inc. ("NB&T"), which included the assumption of Fixed/Floating Rate Junior Subordinated Debt Securities due in 2037 (the "junior subordinated debt securities") at an acquisition-date fair value of $6.6 million , held in a wholly-owned statutory trust whose common securities were wholly-owned by NB&T. The sole assets of the statutory trust are the junior subordinated debt securities and related payments. The junior subordinated debt securities and the back-up obligations, in the aggregate, constitute a full and unconditional guarantee of the obligations of the statutory trust under the Capital Securities held by third-party investors. Distributions on the Capital Securities are payable at the annual rate of 1.50% over the 3-month LIBOR. Distributions on the Capital Securities are included in interest expense in the Consolidated Financial Statements. These securities are considered tier I capital (with certain limitations applicable) under current regulatory guidelines. The junior subordinated debt securities are subject to mandatory redemption, in whole or in part, upon repayment of the Capital Securities at maturity or their earlier redemption at the liquidation amount. Subject to prior approval of the Federal Reserve, the Capital Securities are redeemable prior to the maturity date of September 6, 2037, and are redeemable at par. Since September 6, 2012, the Capital Securities have been redeemable at par, subject to such approval. Distributions on the Capital Securities can be deferred from time to time for a period not to exceed 20 consecutive semi-annual periods. At December 31, 2017 , the aggregate minimum annual retirements of long-term borrowings in future periods were as follows: (Dollars in thousands) Balance Weighted-Average Rate 2018 $ 4,378 1.67 % 2019 33,508 1.37 % 2020 25,564 1.84 % 2021 21,979 1.75 % 2022 16,521 1.97 % Thereafter 42,069 2.90 % Long-term borrowings $ 144,019 2.04 % |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The following table details the activity in Peoples’ common stock and treasury stock during the years ended December 31 : Common Stock Treasury Stock Shares at December 31, 2014 15,599,643 590,246 Changes related to stock-based compensation awards: Grant of restricted common shares 131,011 — Release of restricted common shares — 25,205 Cancellation of restricted common shares (28,219 ) — Grant of common shares 2,810 (100 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 7,654 Reissuance of treasury stock — (9,642 ) Common shares issued under dividend reinvestment plan 18,257 — Common shares issued under compensation plan for Board of Directors — (10,231 ) Common shares issued under employee stock purchase plan — (16,446 ) Issuance of common shares related to acquisition of NB&T Financial Group, Inc. 3,207,698 — Shares at December 31, 2015 18,931,200 586,686 Changes related to stock-based compensation awards: Grant of restricted common shares — (56,000 ) Release of restricted common shares — 17,220 Cancellation of restricted common shares (11,820 ) 1,000 Grant of common shares — (350 ) Exercise of stock options for common shares — (1,775 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 8,396 Reissuance of treasury stock — (12,012 ) Common shares purchased under repurchase program — 279,770 Common shares issued under dividend reinvestment plan 19,711 — Common shares issued under compensation plan for Board of Directors — (11,450 ) Common shares issued under employee stock purchase plan — (15,727 ) Shares at December 31, 2016 18,939,091 795,758 Changes related to stock-based compensation awards: Release of restricted common shares — 10,452 Cancellation of restricted common shares (3,554 ) 5,050 Exercise of stock options for common shares — (266 ) Grant of restricted common shares — (68,707 ) Grant of common shares — (300 ) Changes related to deferred compensation plan for Board of Directors: Purchase of treasury stock — 5,413 Reissuance of treasury stock — (24,634 ) Common shares issued under dividend reinvestment plan 16,848 — Common shares issued under compensation plan for Board of Directors — (9,092 ) Common shares issued under employee stock purchase plan — (11,225 ) Shares at December 31, 2017 18,952,385 702,449 On November 3, 2015, Peoples announced that its Board of Directors approved and adopted a share repurchase program authorizing Peoples to purchase, from time to time, up to an aggregate of $20 million of its outstanding common shares. No common shares were repurchased in 2015. During 2016, Peoples repurchased 279,770 common shares at a cost of $5.0 million under the program. No common shares were repurchased in 2017. On March 6, 2015, Peoples completed its acquisition of NB&T, and issued 3,207,698 common shares reflecting $76.0 million of consideration, with the remainder paid in cash. 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 December 31, 2017, Peoples had no preferred shares issued or outstanding. Accumulated Other Comprehensive (Loss) Income The following details the change in the components of Peoples’ accumulated other comprehensive (loss) income for the years ended December 31 : (Dollars in thousands) Unrealized Gain (Loss) on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Gain (Loss) on Cash Flow Hedge Accumulated Other Comprehensive (Loss) Income Balance, December 31, 2014 $ 2,542 $ (3,843 ) $ — $ (1,301 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (474 ) — — (474 ) Realized loss due to settlement and curtailment, net of tax — 298 — 298 Other comprehensive income, net of reclassifications and tax 801 317 — 1,118 Balance, December 31, 2015 $ 2,869 $ (3,228 ) $ — $ (359 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (604 ) — — (604 ) Other comprehensive (loss) income, net of reclassifications and tax (1,684 ) (93 ) 1,186 (591 ) 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 (1,939 ) — — (1,939 ) Realized loss due to settlement and curtailment, net of tax — 157 — 157 Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 (370 ) (754 ) 200 (924 ) Other comprehensive loss, net of reclassifications and tax (360 ) (338 ) (257 ) (955 ) Balance, December 31, 2017 $ (2,088 ) $ (4,256 ) $ 1,129 $ (5,215 ) As of December 31, 2017, Peoples elected to early adopt and retrospectively apply the reclassification of stranded income tax effects from accumulated other comprehensive loss to retained earnings, as permitted under ASU 2018-02. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Peoples sponsors a noncontributory defined benefit pension plan that covers substantially all employees hired before January 1, 2010. The plan provides retirement benefits based on an employee’s years of service and compensation. For employees hired before January 1, 2003, the amount of postretirement benefit is based on the employee’s average monthly compensation pay over the highest five consecutive years out of the employee’s last ten years with Peoples while an eligible employee. For employees hired on or after January 1, 2003, the amount of postretirement benefit is based on 2% of the employee’s annual compensation plus accrued interest. Effective January 1, 2010, the pension plan was closed to new entrants. Effective March 1, 2011, the accrual of pension plan benefits for all participants was frozen. Peoples recognized this freeze as a curtailment as of December 31, 2010 and March 1, 2011, under the terms of the pension plan. Effective July 1, 2013, a participant in the pension plan who is employed by Peoples may elect to receive or to commence receiving such person's retirement benefits as of the later of such person's normal retirement date or the first day of the month first following the date such person makes an election to receive his or her retirement benefits. Peoples also provides post-retirement health and life insurance benefits to former employees and directors. Only those individuals who retired before January 27, 2012 were eligible for life insurance benefits. As of January 1, 2011, all retirees who desire to participate in the Peoples Bank medical plan do so by electing COBRA, which provides up to 18 months of coverage; retirees over the age of 65 also have the option to participate in a group Medicare supplemental plan. Peoples only pays 100% of the cost for those individuals who retired before January 1, 1993. For all others, the retiree is responsible for most, if not all, of the cost of the health benefits. Peoples’ policy is to fund the cost of the benefits as they arise. The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2017 , and a statement of the funded status as of December 31, 2017 and 2016 : Pension Benefits Post-retirement Benefits (Dollars in thousands) 2017 2016 2017 2016 Change in benefit obligation: Obligation at January 1 $ 12,127 $ 11,965 $ 103 $ 126 Interest cost 451 438 3 4 Plan participants’ contributions — — 46 49 Actuarial loss (gain) 1,207 151 (4 ) (7 ) Benefit payments (189 ) (427 ) (57 ) (69 ) Settlements (605 ) — — — Obligation at December 31 $ 12,991 $ 12,127 $ 91 $ 103 Accumulated benefit obligation at December 31 $ 12,991 $ 12,127 $ — $ — Change in plan assets: Fair value of plan assets at January 1 $ 7,582 $ 7,124 $ — $ — Actual return on plan assets 1,140 405 — — Employer contributions 565 480 11 20 Plan participants’ contributions — — 46 49 Benefit payments (189 ) (427 ) (57 ) (69 ) Settlements (605 ) — — — Fair value of plan assets at December 31 $ 8,493 $ 7,582 $ — $ — Funded status at December 31 $ (4,498 ) $ (4,545 ) $ (91 ) $ (103 ) Amounts recognized in Consolidated Balance Sheets: Accrued benefit liability $ (4,498 ) $ (4,545 ) $ (91 ) $ (103 ) Net amount recognized $ (4,498 ) $ (4,545 ) $ (91 ) $ (103 ) Amounts recognized in Accumulated Other Comprehensive Loss: Unrecognized prior service cost $ — $ — $ (1 ) $ (1 ) Unrecognized net loss (gain) 4,311 3,368 (56 ) (48 ) Total $ 4,311 $ 3,368 $ (57 ) $ (49 ) Weighted-average assumptions at year-end: Discount rate 3.40 % 3.80 % 3.40 % 3.80 % The estimated costs relating to Peoples’ pension benefits that will be amortized from accumulated other comprehensive loss into net periodic cost over the next fiscal year are $112,000 . Net Periodic Benefit Cost The following table details the components of the net periodic benefit cost for the plans at December 31: Pension Benefits Post-retirement Benefits (Dollars in thousands) 2017 2016 2015 2017 2016 2015 Interest cost $ 451 $ 438 $ 447 $ 3 $ 4 $ 4 Expected return on plan assets (553 ) (492 ) (493 ) — — — Amortization of net loss (gain) 102 95 117 (6 ) (6 ) (5 ) Settlement of benefit obligation 242 — 459 — — — Net periodic benefit cost $ 242 $ 41 $ 530 $ (3 ) $ (2 ) $ (1 ) Weighted-average assumptions: Discount rate 3.80 % 3.90 % 3.80 % 3.80 % 3.90 % 3.50 % Expected return on plan assets 7.50 % 7.50 % 7.50 % n/a n/a n/a Rate of compensation increase n/a n/a n/a n/a n/a n/a For measurement purposes, a 5.5% annual rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) was assumed for 2017 , grading down to an ultimate rate of 4.0% in 2064 . The health care trend rate assumption does not have a significant effect on the contributory defined benefit postretirement plan; therefore, a one percentage point increase or decrease in the trend rate is not material in the determination of the accumulated postretirement benefit obligation or the ongoing expense. Under US GAAP, Peoples is required to recognize a settlement gain or loss when the aggregate amount of lump-sum distributions to participants equals or exceeds the sum of the service and interest cost components of the net periodic pension cost. The amount of settlement gain or loss recognized is the pro rata amount of the unrealized gain or loss existing immediately prior to the settlement. In general, both the projected benefit obligation and fair value of plan assets are required to be remeasured in order to determine the settlement gain or loss. Settlement charges recorded were $0.2 million in 2017 compared to none in 2016, and $0.5 million in 2015. Determination of Expected Long-term Rate of Return The expected long-term rate of return on the pension plan's total assets is based on the expected return of each category of the pension plan's assets. Peoples' investment strategy for the pension plan's assets continues to allocate 60% to 75% to equity securities. The returns generated by equity securities over the last 10 years have been significantly lower than their long-term historical annual returns due in part to unfavorable economic conditions. Plan Assets Peoples' investment strategy, as established by Peoples' Retirement Plan Committee, is to invest assets of the pension plan based upon established target allocations, which include a target range of 60 - 75% allocation in equity securities, 20 - 40% in debt securities and 0 - 15% of other investments. The assets are reallocated periodically to meet the target allocations. The investment policy is reviewed periodically, under the advisement of a certified investment advisor, to determine if the policy should be changed. The following table provides the fair values of investments held in Peoples' pension plan at December 31, by major asset category: (Dollars in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) 2017 Equity securities: Mutual funds - equity $ 6,131 $ 6,131 $ — Debt securities: Mutual funds - taxable income 2,248 2,248 — Total fair value of pension assets $ 8,379 $ 8,379 $ — 2016 Equity securities: Mutual funds - equity $ 5,241 $ 5,241 $ — Debt securities: Mutual funds - taxable income 2,107 2,107 — Total fair value of pension assets $ 7,348 $ 7,348 $ — Pension plan assets also included cash and cash equivalents of $113,000 and accrued income of $1,000 at December 31, 2017 . Cash and cash equivalents were $221,000 and accrued income was $12,000 at December 31, 2016 . For further information regarding levels of input used to measure fair value, refer to Note 2. Equity securities held as investments in Peoples' pension plan did not include any securities of Peoples or related parties in 2017 or 2016 . Cash Flows Peoples expects to make between $410,000 to $440,000 of contributions to its pension plan in 2018; however, actual contributions are made at the discretion of the Retirement Plan Committee and Peoples' Board of Directors. During 2018, Peoples may elect to make additional contributions to take advantage of tax savings related to the Act that was enacted on December 22, 2017. Estimated future benefit payments, which reflect benefits attributable to estimated future service, for the years ending December 31 are as follows: (Dollars in thousands) Pension Benefits Post-retirement Benefits 2018 $ 1,112 $ 12 2019 1,110 11 2020 1,165 10 2021 1,223 10 2022 738 9 2023 to 2027 3,353 34 Total $ 8,701 $ 86 Retirement Savings Plan Peoples also maintains a retirement savings plan, or 401(k) plan, which covers substantially all employees. The plan provides participants the opportunity to save for retirement on a tax-deferred basis. Beginning January 1, 2011, matching contributions equaled 100% of participants' contributions that did not exceed 3% of the participants' compensation, plus 50% of participants' contributions between 3% and 5% of the participants' compensation. Matching contributions made by Peoples totaled $1,546,000 in 2017 , $1,549,000 in 2016 and $1,454,000 in 2015 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Tax Disclosure | Income Taxes The Act was enacted on December 22, 2017 and ASC 740 required Peoples to reflect the changes associated with the Act’s provisions in the fourth quarter of 2017. The Act is complex and has extensive implications for Peoples' federal taxes. At December 31, 2017, Peoples completed the accounting for the tax effects of enactment of the Act; however, in certain cases as described below, Peoples made reasonable estimates of the effects of a reduced federal tax rate on its existing deferred tax balances. In other cases, Peoples has not been able to make a reasonable estimate and continued to account for those items based on its existing accounting under ASC 740, and the provisions of the tax laws that were in effect immediately prior to enactment. For the items for which Peoples was able to determine a reasonable estimate, Peoples recognized a provisional amount of $0.9 million , which is included as a component of income tax expense from continuing operations. In all cases, Peoples will continue to make and refine its calculations during the remeasurement period as additional analysis is completed. In addition, these estimates may also be affected as Peoples gains a more thorough understanding of the tax law. The reported income tax expense and effective tax rate in the Consolidated Statements of Income differs from the amounts computed by applying the statutory corporate tax rate as follows for the years ended December 31 : (Dollars in thousands) 2017 2016 2015 Amount Rate Amount Rate Amount Rate Income tax computed at statutory federal tax rate $ 20,045 35.0 % $ 15,785 35.0 % $ 5,051 34.1 % Differences in rate resulting from: Tax-exempt interest income (1,092 ) (1.9 )% (1,170 ) (2.6 )% (1,109 ) (7.5 )% Investments in tax credit funds (221 ) (0.4 )% (164 ) (0.4 )% (123 ) (0.8 )% Bank owned life insurance (683 ) (1.2 )% (495 ) (1.1 )% (204 ) (1.4 )% Other, net (1) 683 1.2 % 169 0.4 % 260 1.8 % Income tax expense $ 18,732 32.7 % $ 14,125 31.3 % $ 3,875 26.2 % (1) For 2017, the write down on net deferred tax assets of $0.9 million was as a result of the recently-enacted Tax Cuts and Jobs Act, to value the net deferred tax asset at 21% . Peoples' reported income tax expense consisted of the following for the years ended December 31 : (Dollars in thousands) 2017 2016 2015 Current income tax expense $ 21,511 $ 16,587 $ 5,457 Deferred income tax (benefit) expense (2,779 ) (2,462 ) (1,582 ) Income tax expense $ 18,732 $ 14,125 $ 3,875 The significant components of Peoples' deferred tax assets and liabilities consisted of the following at December 31 : (Dollars in thousands) 2017 2016 Deferred tax assets: Allowance for loan losses $ 6,992 $ 12,578 Accrued employee benefits 2,569 3,826 Investments 1,560 2,884 Bank premises and equipment — 349 Available-for-sale securities 555 — Other 116 1,190 Gross deferred tax assets $ 11,792 $ 20,827 Valuation allowance 805 1,341 Total deferred tax assets $ 10,987 $ 19,486 Deferred tax liabilities: Purchase accounting adjustments $ 6,092 $ 10,845 Deferred loan income 2,459 3,181 Derivative instruments 300 — Bank premises and equipment 307 — Available-for-sale investment securities — 312 Other 484 1,305 Total deferred tax liabilities $ 9,642 $ 15,643 Net deferred tax asset $ 1,345 $ 3,843 The tax loss carryforward related to the NB&T acquisition at December 31, 2015 will be recognized in accordance with 26 U.S. Code §382 limitation of net operating loss carry forward guidance. As of December 31, 2017 , Peoples had a gross operating loss carryforward of approximately $348,000 for tax purposes, which will be available to offset future taxable income. If not used, this carryforward will expire in 2035. The $805,000 valuation allowance was related to a partnership investment and was recorded for deferred tax assets at December 31, 2017 , as it was and remains more likely than not that the $3.8 million of gross deferred tax assets may not be realized in future periods. The federal income tax expense on securities transactions approximated $1.0 million in 2017, $326,000 in 2016 and $255,000 in 2015. Income tax benefits are recognized in the Consolidated Financial Statements for a tax position only if it is considered "more likely than not" of being sustained on audit, based solely on the technical merits of the income tax position. If the recognition criteria are met, the amount of income tax benefits to be recognized are measured based on the largest income tax benefit that is more than 50 percent likely to be realized on ultimate resolution of the tax position. The following table provides a reconciliation of uncertain tax positions at December 31: (Dollars in thousands) 2017 2016 Uncertain tax positions, beginning of year $ 522 $ 417 Gross increase based on tax positions related to current year 42 113 Gross increase for tax position taken during prior years 20 45 Gross decrease for tax positions taken during prior years — — Gross decrease due to the statute of limitations (34 ) (53 ) Uncertain tax positions, end of year $ 550 $ 522 Peoples' income tax returns are subject to review and examination by federal and state taxing authorities. Peoples is currently open to audit under the applicable statutes of limitations by the Internal Revenue Service for the years ended December 31, 2014 through 2016. The years open to examination by state taxing authorities vary by jurisdiction. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculations of basic and diluted earnings per common share for the years ended December 31 were as follows: (Dollars in thousands, except per common share data) 2017 2016 2015 Distributed earnings allocated to common shareholders $ 15,159 $ 11,532 $ 10,426 Undistributed earnings allocated to common shareholders 23,115 19,483 404 Net earnings allocated to common shareholders $ 38,274 $ 31,015 $ 10,830 Weighted-average common shares outstanding 18,050,189 18,013,693 17,555,140 Effect of potentially dilutive common shares 158,495 141,770 132,655 Total weighted-average diluted common shares outstanding 18,208,684 18,155,463 17,687,795 Earnings per common share: Basic $ 2.12 $ 1.72 $ 0.62 Diluted $ 2.10 $ 1.71 $ 0.61 Anti-dilutive common shares excluded from calculation: Restricted shares, stock options and stock appreciation rights 453 20,769 46,109 |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 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 customer-related 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 $4.6 million in an asset position and $3.2 million in a liability position at December 31, 2017 , and there was a fair value of $5.0 million in an asset position and $3.2 million in a liability position at December 31, 2016 . The amounts are recorded in other assets, and accrued expenses and other liabilities on the Consolidated Balance Sheet at the periods indicated. 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 these objectives, 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 December 31, 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 the derivative is initially reported in accumulated other comprehensive loss (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 ten 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. Amounts reported in accumulated other comprehensive loss 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 year ended December 31, 2017 , Peoples had no reclassifications to interest expense. During the next twelve months, Peoples estimates that no amount of interest expense will be reclassified. The amount of accumulated other comprehensive pre-tax income for Peoples' cash flow hedges was $1.4 million for the year ended December 31, 2017 . There were no pre-tax net losses recorded for the year ended in December 31, 2017. Additionally, Peoples had no reclassifications to earnings for the year ended December 31, 2017 . Non-Designated Hedges Peoples maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples provides a 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 $363.3 million and fair value of $3.0 million of equally offsetting assets and liabilities at December 31, 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. Loan Commitments and Standby Letters of Credit Loan commitments are made to accommodate the financial needs of Peoples' customers. Standby letters of credit are instruments issued by Peoples Bank guaranteeing the beneficiary payment by Peoples Bank in the event of default by Peoples Bank's customer in the nonperformance of an obligation or service. Historically, most loan commitments and standby letters of credit expire unused. Peoples' exposure to credit loss in the event of nonperformance by the counter-party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. Peoples uses the same underwriting standards in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained is based on management's credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, property, plant, and equipment, and income-producing commercial properties. The total amounts of loan commitments and standby letters of credit at December 31 are summarized as follows: (Dollars in thousands) 2017 2016 Home equity lines of credit $ 83,949 $ 85,024 Unadvanced construction loans 112,475 119,075 Other loan commitments 260,552 269,669 Loan commitments 456,976 473,768 Standby letters of credit $ 20,873 $ 25,651 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Matters [Abstract] | |
Regulatory Capital Requirements under Banking Regulations | Regulatory Matters The following is a summary of certain regulatory matters affecting Peoples and its subsidiaries: Federal Reserve Requirements Peoples Bank is required to maintain a minimum level of reserves, consisting of cash on hand and non-interest-bearing balances with the FRB, based on the amount of deposit liabilities. Average required reserve balances were approximately $17.7 million and $17.0 million in 2017 and 2016 , respectively. Limits on Dividends The primary source of funds for the dividends paid by Peoples is dividends received from Peoples Bank. The payment of dividends by Peoples Bank is subject to various banking regulations. The most restrictive provision requires regulatory approval if dividends declared in any calendar year exceed the total net profits of that year plus the retained net profits of the preceding two years. At December 31, 2017 , Peoples Bank had approximately $24.0 million of net profits available for distribution to Peoples as dividends without regulatory approval. Capital Requirements Peoples and Peoples Bank are subject to various regulatory capital guidelines administered by the banking regulatory agencies. Under capital adequacy requirements and the regulatory framework for prompt corrective action, Peoples and Peoples Bank must meet specific capital guidelines that involve quantitative measures of each entity's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Peoples' and Peoples Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Failure to meet future minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a material effect on Peoples' financial results. Quantitative measures established by regulation to ensure capital adequacy, and in effect at December 31, 2017 , required Peoples and Peoples Bank to maintain minimum amounts and ratios of common equity tier 1 capital, tier 1 capital and total capital (as defined in the regulations) to risk-weighted assets (as defined), and of tier I capital (as defined) to average assets (as defined). Peoples and Peoples Bank met all capital adequacy requirements at December 31, 2017 . As of December 31, 2017 , the most recent notifications from the banking regulatory agencies categorized Peoples Bank as well capitalized under the regulatory framework for prompt corrective action applicable to Peoples Bank. Peoples maintained the capital required by the Federal Reserve Board to be deemed well capitalized and remain a financial holding company. To be categorized as well capitalized, Peoples and Peoples Bank must maintain minimum common equity tier 1, tier 1 risk-based, total risk-based and tier I leverage ratios as set forth in the table below. There are no conditions or events since these notifications that management believes have changed Peoples or Peoples Bank's category. Peoples' and Peoples Bank's actual capital amounts and ratios as of December 31 are also presented in the following table: 2017 2016 (Dollars in thousands) Amount Ratio Amount Ratio PEOPLES Common Equity Tier 1 (1) Actual $ 332,774 13.5 % $ 306,506 12.9 % For capital adequacy 111,303 4.5 % 106,801 4.5 % To be well capitalized 160,772 6.5 % 154,268 6.5 % Tier 1 (2) Actual $ 339,881 13.7 % $ 313,430 13.2 % For capital adequacy 148,405 6.0 % 142,402 6.0 % To be well capitalized 197,873 8.0 % 189,869 8.0 % Total Capital (3) Actual $ 361,579 14.6 % $ 334,957 14.1 % For capital adequacy 197,843 8.0 % 189,869 8.0 % To be well capitalized 247,341 10.0 % 237,336 10.0 % Tier 1 Leverage (4) Actual $ 339,881 9.9 % $ 313,430 9.7 % For capital adequacy 137,343 4.0 % 129,803 4.0 % To be well capitalized 171,679 5.0 % 162,254 5.0 % Net Risk-Weighted Assets $ 2,473,329 $ 2,373,359 PEOPLES BANK Common Equity Tier 1 (1) Actual $ 310,818 12.6 % $ 271,319 11.5 % For capital adequacy 110,955 4.5 % 106,474 4.5 % To be well capitalized 160,268 6.5 % 153,795 6.5 % Tier 1 (2) Actual $ 310,818 12.6 % $ 291,319 12.3 % For capital adequacy 147,940 6.0 % 141,965 6.0 % To be well capitalized 197,254 8.0 % 189,287 8.0 % Total Capital (3) Actual $ 329,611 13.4 % $ 309,749 13.1 % For capital adequacy 197,254 8.0 % 189,287 8.0 % To be well capitalized 246,567 10.0 % 236,608 10.0 % Tier 1 Leverage (4) Actual $ 310,818 9.1 % $ 291,319 9.0 % For capital adequacy 137,163 4.0 % 129,633 4.0 % To be well capitalized 171,454 5.0 % 162,041 5.0 % Net Risk-Weighted Assets $ 2,465,653 $ 2,366,082 (1) Ratio represents Common Equity Tier 1 capital to net risk-weighted assets (2) Ratio represents Tier 1 capital to net risk-weighted assets (3) Ratio represents total capital to net risk-weighted assets (4) Ratio represents Tier 1 capital to average assets |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Under the Peoples Bancorp Inc. Second Amended and Restated 2006 Equity Plan (the “2006 Equity Plan”), Peoples may grant, among other awards, nonqualified stock options, incentive stock options, restricted stock awards, stock appreciation rights and unrestricted share awards to employees and non-employee directors. The total number of common shares available under the 2006 Equity Plan is 1,081,260 . The maximum number of common shares that can be issued for incentive stock options is 800,000 common shares. Prior to 2007, Peoples granted nonqualified and incentive stock options to employees and nonqualified stock options to non-employee directors under the 2006 Equity Plan and predecessor plans. In 2007 and 2008, Peoples granted stock appreciation rights (“SARs”) to be settled in common shares. Since February 2009, Peoples has granted restricted common shares to employees and 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 respective grant dates and are to expire ten years from the respective date of grant. The most recent grant of SARs occurred in 2008. The following summarizes the changes to Peoples' outstanding SARs for the year ended December 31, 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 Forfeited — — Outstanding at December 31 314 $ 23.77 0.1 years $ 2.779 Exercisable at December 31 314 $ 23.77 0.1 years $ 2.779 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 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. In addition, during 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 lapsed six months after the grant date. The following summarizes the changes to Peoples’ outstanding restricted common shares for the year ended December 31, 2017 : Time Vesting Performance Vesting Number of Common Shares Weighted-Average Grant Date Fair Value Number of Common Shares Weighted-Average Grant Date Fair Value Outstanding at January 1 40,316 $ 21.85 142,415 $ 21.95 Awarded 7,550 31.36 61,457 32.42 Released 12,484 24.42 21,050 21.75 Forfeited 2,300 24.69 6,604 25.25 Outstanding at December 31 33,082 $ 22.85 176,218 $ 25.50 The total intrinsic value of restricted common shares released was $ 1.1 million , $1.0 million and $2.0 million in 2017 , 2016 and 2015 , respectively. Stock-Based Compensation Peoples recognized stock-based compensation expense, which is included as a component of Peoples’ salaries and employee benefit costs, based on the estimated fair value of the awards on the grant date. The following summarizes the amount of stock-based compensation expense and related tax benefit recognized at December 31: (Dollars in thousands) 2017 2016 2015 Total stock-based compensation $ 1,747 $ 1,332 $ 1,843 Recognized tax benefit (367 ) (466 ) (645 ) Net expense recognized $ 1,380 $ 866 $ 1,198 Restricted common shares were the only stock-based compensation awards granted by Peoples in 2017, 2016 and 2015. The fair value of restricted common share awards on the grant date is the market price of Peoples' common shares. Total unrecognized stock-based compensation expense related to unvested awards was $ 1.4 million at December 31, 2017 , which will be recognized over a weighted-average period of 1.8 years. Performance Unit Award Agreement Under the 2006 Equity Plan, Peoples may award performance unit awards to officers, key employees and non-employee directors. On July 26, 2017, Peoples granted a total of seven performance unit awards to officers with a maximum aggregate dollar amount of $1.3 million represented by the performance units subject to such awards, with each performance unit representing $1.00. The performance unit awards granted are for the performance period beginning January 1, 2018 and ending on December 31, 2019, and will be subject to two performance goals. Twenty-five percent of the performance units subject to each award will vest if, but only if, the related target performance goal is achieved. The remaining 75% of the performance units subject to each award will vest based on the relative performance (measured by percentile ranking) with respect to the related maximum performance goal. If, for the performance period, the target level of achievement for the first performance goal and/or the maximum level of achievement for the second performance goal is not reached, the dollar amount represented by the performance units associated with each performance goal will be adjusted to reflect the level of performance achieved. After the vesting date, the participant will receive that number of common shares of Peoples equal to (i) the aggregate number of participant's performance units (and dollar value of such performance units) that vested based on the performance achieved under both performance goals (ii) divided by the fair market value of a common share of Peoples on the date of such vesting and rounded down to the nearest whole common share. |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions On January 31, 2017, Peoples Insurance acquired a third-party insurance administration company for total cash consideration of $450,000 , and recorded $450,000 of customer relationship intangibles, resulting in no goodwill. This acquisition did not materially impact Peoples' financial position, results of operations or cash flows. As of December 31, 2017, Peoples had $194,000 of contingent consideration payable related to the acquisition. On October 2, 2017, Peoples Insurance acquired a property and casualty focused independent insurance agency for total cash consideration of $1.7 million , and recorded $1.1 million of customer relationship intangibles, and $100,000 of fixed assets, resulting in $480,000 of goodwill. The acquisition will not materially impact Peoples' financial position, results of operations or cash flows. As of December 31, 2017, Peoples had $856,000 of contingent consideration payable related to the acquisition. On October 23, 2017, Peoples entered into an Agreement and Plan of Merger with ASB. The ASB agreement calls for ASB to merge into Peoples and for ASB's wholly-owned subsidiary, American Savings Bank, fsb, which operates 6 full-service branches in southern Ohio and northern Kentucky, to merge into Peoples Bank. As of December 31, 2017, ASB had approximately $288.3 million in total assets, which included approximately $247.2 million in net loans, and approximately $203.2 million in total deposits. This transaction is expected to close during the second quarter of 2018, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of ASB. Under the terms of the ASB agreement, shareholders of ASB can elect to receive either 0.592 common share of Peoples for each share of ASB common stock or $20.00 cash per share, with a limit of 15% of the merger consideration being paid in cash. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Parent Company Only Financial Information [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure | Parent Company Only Financial Information Condensed Balance Sheets December 31, (Dollars in thousands) 2017 2016 Assets: Cash and due from other banks $ 50 $ 50 Interest-bearing deposits in subsidiary bank 9,270 7,988 Due from subsidiary bank 9,486 3,255 Available-for-sale investment securities, at fair value (amortized cost of $615 at December 31, 2017 and $1,255 at December 31, 2016) 6,933 8,109 Investments in subsidiaries: Bank 431,482 395,468 Non-bank 1,812 28,730 Other assets 1,700 1,649 Total assets $ 460,733 $ 445,249 Liabilities: Accrued expenses and other liabilities $ 1,471 $ 2,589 Dividends payable 270 165 Mandatorily redeemable capital securities of subsidiary trust 400 7,234 Total liabilities 2,141 9,988 Total stockholders' equity 458,592 435,261 Total liabilities and stockholders' equity $ 460,733 $ 445,249 Condensed Statements of Income Year Ended December 31, (Dollars in thousands) 2017 2016 2015 Income: Dividends from subsidiary bank $ 27,000 $ 20,500 $ 17,500 Dividends from non-bank subsidiary 20,000 1,250 2,000 Net gain on securities transactions 2,602 — — Interest and other income 237 209 206 Total income 49,839 21,959 19,706 Expenses: Trust preferred securities expense 346 397 304 Intercompany management fees 1,361 1,131 3,171 Other expense 3,380 3,154 5,653 Total expenses 5,087 4,682 9,128 Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries 44,752 17,277 10,578 Applicable income tax benefit (1,309 ) (1,718 ) (3,139 ) (Excess dividends from) equity in undistributed earnings of subsidiaries (7,590 ) 12,162 (2,776 ) Net income $ 38,471 $ 31,157 $ 10,941 Statements of Cash Flows Year Ended December 31, (Dollars in thousands) 2017 2016 2015 Operating activities Net income $ 38,471 $ 31,157 $ 10,941 Adjustment to reconcile net income to cash provided by operations: Depreciation, amortization and accretion, net (6,525 ) 190 165 Excess dividends from (equity in) undistributed earnings of subsidiaries 7,590 (12,162 ) 2,776 Gain on investment securities (2,602 ) — — Other, net 2,810 355 (1,903 ) Net cash provided by operating activities 39,744 19,540 11,979 Investing activities Net proceeds from sales and maturities of investment securities 2,359 — — Investment in subsidiaries (50,883 ) (22,769 ) (104,584 ) Decrease (increase) in receivable from subsidiary 25,496 23,389 (2,860 ) Business combinations, net of cash received — — 83,391 Other, net (229 ) — — Net cash (used in) provided by investing activities (23,257 ) 620 (24,053 ) Financing activities Payments on long-term borrowings — — (14,400 ) Purchase of treasury stock (508 ) (5,480 ) (741 ) Proceeds from issuance of common stock 9 18 — Cash dividends paid (14,706 ) (11,173 ) (10,065 ) Excess tax benefit for share-based payments — 26 51 Net cash used in financing activities (15,205 ) (16,609 ) (25,155 ) Net increase (decrease) in cash and cash equivalents 1,282 3,551 (37,229 ) Cash and cash equivalents at the beginning of year 8,038 4,487 41,716 Cash and cash equivalents at the end of year $ 9,320 $ 8,038 $ 4,487 Supplemental cash flow information: Interest paid $ 364 $ 433 $ 594 |
Summarized Quarterly Informatio
Summarized Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Summarized Quarterly Information (Unaudited) [Abstract] | |
Quarterly Financial Information | Summarized Quarterly Information (Unaudited) 2017 (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total interest income $ 29,817 $ 31,208 $ 32,728 $ 32,772 Total interest expense 2,872 3,118 3,508 3,650 Net interest income 26,945 28,090 29,220 29,122 Provision for loan losses 624 947 1,086 1,115 Net (loss) gain on asset disposals and other transactions (3 ) 109 (25 ) (144 ) Net gain on investment securities 340 18 1,861 764 Other income 13,334 13,590 12,610 13,119 Amortization of other intangible assets 863 871 869 913 Acquisition-related expenses — — — 341 Total non-interest expense less amortization of other intangible assets and acquisition-related expenses 26,468 25,809 25,689 26,152 Income tax expense 3,852 4,414 5,127 5,339 Net income $ 8,809 $ 9,766 $ 10,895 $ 9,001 Earnings per common share - Basic $ 0.49 $ 0.54 $ 0.60 $ 0.50 Earnings per common share - Diluted $ 0.48 $ 0.53 $ 0.60 $ 0.49 Weighted-average common shares outstanding - Basic 18,029,991 18,044,574 18,056,202 18,069,467 Weighted-average common shares outstanding - Diluted 18,192,957 18,203,752 18,213,533 18,240,092 2016 (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total interest income $ 28,443 $ 28,921 $ 28,730 $ 29,350 Total interest expense 2,676 2,613 2,607 2,683 Net interest income 25,767 26,308 26,123 26,667 Provision for loan losses 955 727 1,146 711 Net loss on asset disposals and other transactions (31 ) (769 ) (224 ) (109 ) Net gain (loss) on investment securities 96 767 (1 ) 68 Other income 13,054 12,367 13,538 12,111 Amortization of other intangible assets 1,008 1,007 1,008 1,007 System conversion expenses — 90 423 746 Total non-interest expense less amortization of other intangible and system conversion expenses 25,274 25,408 25,411 25,529 Income tax expense 3,654 3,479 3,656 3,336 Net income $ 7,995 $ 7,962 $ 7,792 $ 7,408 Earnings per common share - Basic $ 0.44 $ 0.44 $ 0.43 $ 0.41 Earnings per common share - Diluted $ 0.44 $ 0.44 $ 0.43 $ 0.41 Weighted-average common shares outstanding - Basic 18,071,746 17,980,797 17,993,443 18,009,056 Weighted-average common shares outstanding - Diluted 18,194,990 18,113,812 18,110,710 18,172,030 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accounting and reporting policies of Peoples Bancorp Inc. and subsidiaries (“Peoples” refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) conform to generally accepted accounting principles in the United States of America (“US GAAP”) and to general practices within the banking industry. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, comprehensive income or loss, net cash provided by operating activities or stockholders' equity. |
Consolidation | Consolidation: Peoples' Consolidated Financial Statements include subsidiaries in which Peoples has a controlling financial interest, principally defined as owning a voting interest of greater than 50%. In addition, entities not controlled by voting interest or in which the equity investors do not bear the residual economic risks, but for which Peoples is the primary beneficiary are also consolidated. The Consolidated Financial Statements include the accounts of Peoples and its consolidated subsidiaries, Peoples Bank and Peoples Investment Company, along with their wholly-owned subsidiaries, and NB&T Statutory Trust III, for which Peoples holds all of the common securities. All significant intercompany accounts and transactions have been eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, federal funds sold and other short-term investments with original maturities of ninety days or less. Included in interest-bearing deposits in other banks was $1.0 million in funds at December 31, 2017 and 2016 , which were being used as collateral and not available for withdrawal. |
Investment Securities | Investment Securities: Investment securities are recorded initially at cost, which includes premiums and discounts if purchased at other than par or face value. Peoples amortizes premiums and accretes discounts as an adjustment to interest income on a level yield basis. The cost of investment securities sold, and any resulting gain or loss, is based on the specific identification method and recognized as of the trade date. Management determines the appropriate classification of investment securities at the time of purchase. Held-to-maturity securities are those securities that Peoples has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to Peoples' liquidity needs, changes in market interest rates, and asset-liability management strategies, among other considerations. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses reported in stockholders' equity as a separate component of other accumulated comprehensive income or loss, net of applicable deferred income taxes. Certain restricted equity securities that do not have readily determinable fair values and for which Peoples does not exercise significant influence, are carried at cost. These cost method securities are reported as other investment securities on the Consolidated Balance Sheets and consist primarily of shares of the Federal Home Loan Bank of Cincinnati (the “FHLB”) and the Federal Reserve Bank of Cleveland (the "FRB"). Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include (1) the duration and magnitude of the decline in value, (2) the financial condition of the issuer or issuers, and (3) the structure of the security. An impairment loss is recognized in earnings only when (1) Peoples intends to sell the debt security, (2) it is more likely than not that Peoples will be required to sell the security before recovery of its amortized cost basis, or (3) Peoples does not expect to recover the entire amortized cost basis of the security. In situations where Peoples intends to sell or when it is more likely than not that Peoples will be required to sell the security, the entire impairment loss must be recognized in earnings. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in stockholders' equity as a component of accumulated comprehensive income or loss, net of applicable deferred taxes. |
Fair Value Measurements | Fair Value Measurements: The measurement of fair value under US GAAP uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: Level 1: Quoted prices in active exchange markets for identical assets or liabilities; also includes certain U.S. Treasury and other U.S. government and agency securities actively traded in over-the-counter markets. Level 2: Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data; also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from, or corroborated by, observable market data. This category generally includes certain U.S. government and agency securities, corporate debt securities, derivative instruments, and residential mortgage loans held for sale. Level 3: Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data. This category generally includes certain private equity investments, retained interests from securitizations, and certain collateralized debt obligations. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase: Peoples enters into sales of securities under agreements to repurchase (“Repurchase Agreements”) with customers and other financial service companies, which are considered financings. As such, these obligations are recorded as a liability on the Consolidated Balance Sheets and disclosed in Note 8 and Note 9, as appropriate. Securities pledged as collateral under Repurchase Agreements are included in investment securities on the Consolidated Balance Sheets and are disclosed in Note 3. The fair value of the collateral pledged to a third party is continually monitored and additional collateral is pledged or returned, as deemed appropriate. |
Loans and Loans Held-For-Sale | Loans: Loans originated that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, charge-offs and an allowance for loan losses. The foreseeable future is based upon current market conditions and business strategies, as well as balance sheet management and liquidity. As the conditions change, so may management's view of the foreseeable future. Net deferred loan origination costs were $ 7.5 million and $ 5.4 million at December 31, 2017 and 2016 , respectively. A loan is considered impaired when information and events indicate it is probable that collection of all contractual principal and interest payments is doubtful. Impairment is evaluated collectively for smaller balance loans of a similar nature, primarily consumer and residential real estate loans, and on an individual loan basis for all loans to borrowers with an aggregate unpaid principal balance in excess of $1 million on an annual basis for possible credit deterioration. This loan review process provides Peoples with opportunities to identify potential problem loans and take proactive actions to assure repayment of the loan or minimize Peoples' risk of loss, such as reviewing the relationship more frequently based upon the loan quality rating and aggregate debt outstanding. Upon detection of the reduced ability of a borrower to meet cash flow obligations, the loan is reviewed for possible downgrade or placement on nonaccrual status. Loan relationships whose aggregate debt to Peoples is equal to or less than $1 million are reviewed on an event driven basis. Peoples also completes evaluation procedures for a selection of larger loan relationships on a quarterly basis. Triggers for review include knowledge of adverse events affecting the business, receipt of financial statements indicating deteriorating credit quality and other events. Peoples typically places any loan deemed to be impaired on nonaccrual status and allocates a specific portion of the allowance for loan losses, if necessary, to reduce the net carrying value of the loan to its estimated net realizable value. Impaired loans, or portions thereof, are charged off when deemed uncollectable. Upon detection of the reduced ability of a borrower to meet cash flow obligations, consumer and residential real estate loans typically are charged down to the net realizable value, with the residual balance placed on nonaccrual status. Loans acquired in a business combination that have evidence of deterioration of credit quality, commonly referred to as "purchased credit impaired" loans, since origination and for which it is probable, at acquisition, that Peoples will be unable to collect all contractually required payments which are initially recorded at fair value (the present value of the amounts expected to be collected) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan is recognized as interest income on a level yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition are not recognized. Over the life of these acquired loans, management continues to monitor each acquired purchased credit impaired loan portfolio for changes in credit quality. Increases in expected cash flows subsequent to acquisition are recognized prospectively over the remaining life of the acquired purchased credit impaired loans as a yield adjustment on the loans. Subsequent decreases in expected cash flows 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. These purchased credit impaired loans are considered to be accruing and performing even though collection of contractual payments on the loans may be in doubt, as income continues to be accreted as long as expected cash flows can be reasonably estimated. Loans acquired in a business combination that are not impaired are recorded at fair value, and the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the discount or premium to a loan's cost basis and is accreted or amortized to interest income over the loan's remaining life using the level yield method. Subsequent to the acquisition date, the method utilized to estimate the required allowance for loan losses for these loans is similar to originated loans; however, Peoples records a provision for loan losses only when the required allowance exceeds the remaining discount. Loans Held for Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried at the lower of cost or estimated fair value determined on an aggregate basis. Gains and losses on sales of loans held for sale are included in mortgage banking income. Loans originated with the intent to be held in the portfolio are subsequently transferred to held for sale when a decision is made to sell these loans. At the time of a loan's transfer to the held for sale classification, the loan is recorded at the lower of cost or its fair value. Any reduction in the loan's fair value is reflected as a write-down of the recorded investment resulting in a new cost basis, with a corresponding charge against the allowance for loan losses. If the fair value of a loan classified as held for sale in subsequent periods is less than its cost basis, the carrying value of the loan is adjusted accordingly, with the corresponding loss recognized in earnings. Peoples enters into interest rate lock commitments with borrowers and best efforts commitments with investors on mortgage loans originated for sale into the secondary markets to manage the inherent interest rate and pricing risk associated with selling loans. An interest rate lock commitment generally terminates once the loan is funded, the lock period expires or the borrower decides not to contract for the loan. A best efforts commitment generally terminates once the loan is sold, the commitment period expires or the borrower decides not to contract for the loan. These commitments are considered derivatives which are generally accounted for by recognizing their estimated fair value on the Consolidated Balance Sheets as either an other asset or an other liability. The valuation of such commitments does not consider expected cash flows related to the servicing of the future loan. Management has determined these derivatives do not have a material effect on Peoples' financial position, results of operations or cash flows. |
Allowance for Loan Losses | Allowance for Loan Losses: The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against income. The allowance for loan losses is maintained at a level that management deems sufficient to absorb probable losses inherent in the loan portfolio. Loans deemed to be uncollectable are charged against the allowance for loan losses, while recoveries of previously charged off amounts are credited to the allowance for loan losses. The allowance for loan losses is comprised of specific valuation allowances for loans evaluated individually for impairment and general allocations for pools of homogeneous loans with similar risk characteristics and trends. Peoples' homogenous loan pools include similarly risk-graded commercial and industrial loans, similarly risk-graded commercial real estate loans, real estate construction loans (both commercial and residential), residential real estate loans, consumer home equity loans, and indirect and other consumer loans. Management's evaluation of the appropriateness of the allowance for loan losses and the related provision for loan losses is based upon a quarterly analysis of the portfolio. While portions of the allowance for loan losses may be allocated to specific loans, the entire allowance for loan losses is available for any loan charged off by management. The allowance for loan losses related to specific loans is based on management's estimate of potential losses on impaired loans as determined by (1) the present value of expected future cash flows, (2) the fair value of collateral if the loan is determined to be collateral dependent, or (3) the loan's observable market price. The general allocations to specific loan pools are based on the historical loss rates for specific loan types and the internal risk grade, if applicable, adjusted for both internal and external qualitative risk factors. The calculation of historical loss rates for pools of similar loans with similar characteristics is based upon the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss rates are periodically updated based on actual charge-off experience. The qualitative economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments, which are considered by management include, among other factors, (1) changes in international, national, regional and local economic and business conditions, (2) changes in asset quality, (3) changes in loan portfolio volume, (4) the composition and concentrations of credit, (5) changes in the value of underlying collateral due to economic or market conditions, (6) the impact of interest rate changes on portfolio risk, and (7) effectiveness of Peoples' loan policies, procedures and internal controls. The total allowance for loan losses established for each homogenous loan pool represents the product of the historical loss rate, adjusted for qualitative factors, and the total dollar amount of the loans in the pool. Peoples categorizes loans involving commercial borrowers into risk categories based upon an established grading matrix. This system is used to manage the risk within its commercial lending activities, evaluate changes in the overall credit quality of the loan portfolio and evaluate the appropriateness of the allowance for loan losses. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Loans to borrowers with an aggregate unpaid principal balance in excess of $1 million are reviewed on an annual basis for possible credit deterioration. Loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1 million are reviewed on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower's business, receipt of financial statements indicating deteriorating credit quality or other similar events. Adversely classified loans are generally reviewed on a quarterly basis. The primary factors considered when assigning a risk grade to a loan include (1) reliability and sustainability of the primary source of repayment, (2) past, present and projected financial condition of the borrower, and (3) current economic and industry conditions. Other factors that could influence the risk grade assigned include the type and quality of collateral and the strength of guarantors. The primary source of repayment for commercial real estate loans and commercial and industrial loans is normally the operating cash flow of the business available to repay debt. Management's analysis of operating cash flow for commercial real estate loans secured by non-owner occupied properties takes into account factors such as rent rolls and vacancy statistics. Management's analysis of operating cash flow for commercial real estate loans secured by owner occupied properties and all commercial and industrial loans considers the profitability, liquidity and leverage of the business. The evaluation of construction loans includes consideration of the borrower's ability to complete construction within the established budget. The primary factors considered when classifying residential real estate, home equity lines of credit and consumer loans include the loan's past due status and declaration of bankruptcy by the borrower(s). The classification of residential real estate and home equity lines of credit also takes into consideration the current value of the underlying collateral. |
Troubled Debt Restructuring | Troubled Debt Restructuring: The restructuring of a loan is considered a troubled debt restructuring ("TDR") if both (1) the borrower is experiencing financial difficulties and (2) the creditor has granted a concession. Loans acquired that are restructured after acquisition are not considered TDRs if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools of purchased credit impaired loans. In assessing whether or not a borrower is experiencing financial difficulties, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (1) the borrower is currently in payment default on any of the borrower's debt; (2) a payment default is probable in the foreseeable future without the modification; (3) the borrower has declared or is in the process of declaring bankruptcy; and (4) the borrower's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification. Peoples considers all aspects of the modification to loan terms to determine whether or not a concession has been granted to the borrower. Key factors considered by Peoples include the borrower's ability to access funds at a market rate for loans with similar risk characteristics, the significance of the modification relative to the unpaid principal loan balance or collateral value underlying the loan, 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 (1) a reduction in the interest rate for the remaining life of the loan, (2) an extension of the maturity date at an interest rate lower than the current market rate for a new loan with similar risk, (3) a temporary period of interest-only payments, and (4) a reduction in the contractual payment amount for either a short period or the remaining term of the loan. All TDRs are considered impaired loans and are evaluated individually to determine if a write-down is required and if they should be on accrual or nonaccrual status. |
Bank Premises and Equipment | Bank Premises and Equipment: Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets owned. Major improvements to leased facilities are capitalized and included in bank premises at cost less accumulated depreciation, which is calculated on the straight-line method over the lesser of the remaining term of the leased facility or the estimated economic life of the improvement. |
Investments in Affordable Housing Limited Partnerships | Investments in Affordable Housing Limited Partnerships: Investments in affordable housing consist of investments in limited partnerships that operate qualified affordable housing projects or that invest in other limited partnerships formed to operate affordable housing projects. These investments are considered variable interest entities for which Peoples is not the primary beneficiary. Peoples generally utilizes the effective yield method to account for these investments with the tax credits, net of the amortization of the investment, reflected in the Consolidated Statements of Income as a reduction of income tax expense. The unamortized amount of the investments is recorded in other assets and totaled $ 4.7 million and $ 5.0 million at December 31, 2017 and 2016 , respectively. |
Other Real Estate Owned | Other Real Estate Owned: Other real estate owned (“OREO”), included in other assets on the Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples in satisfaction of a loan. OREO obtained in satisfaction of a loan is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. Peoples had OREO totaling $ 208,000 at December 31, 2017 and $661,000 at December 31, 2016 . |
Business Combinations Policy [Policy Text Block] | Business Combinations: Business combinations are accounted for using the acquisition method of accounting. Under this accounting method, the acquired company's net assets are recorded at fair value on the date of acquisition, and the results of operations of the acquired company are combined with Peoples' from the acquisition date forward. Costs related to the acquisition are expensed as incurred. The purchase price paid over the fair value of the net assets acquired, including intangible assets with finite lives, is recorded as goodwill. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired in the business combination. Goodwill is not amortized but is tested for impairment when indicators of impairment exist, or at least annually on October 1. Based upon the most recently completed goodwill impairment test, Peoples concluded the recorded value of goodwill was not impaired as of December 31, 2017 , based upon the estimated fair value of Peoples' single reporting unit. Peoples' other intangible assets include customer relationship, core deposit intangible assets and servicing rights representing the net present value of future economic benefit to be earned from acquired customer relationships with definite useful lives. These intangible assets are amortized on an accelerated basis over their estimated lives ranging from 7 to 10 years. |
Mortgage Servicing Rights | Servicing Rights: Servicing rights (“SRs”) represent the right to service loans sold to third-party investors. SRs are recognized separately as a servicing asset or liability whenever Peoples undertakes an obligation to service financial assets. SRs are reported in other intangible assets on the Consolidated Balance Sheets. Serviced loans that have been completely sold are not included on the Consolidated Balance Sheets. Loan servicing income included in mortgage banking income includes servicing fees received from the third-party investors and certain charges collected from the borrowers. Peoples initially records SRs at fair value at the time of the sale of the loans to the third-party investor. Peoples follows the amortization method for the subsequent measurement of each class of separately recognized servicing assets and liabilities. Under the amortization method, Peoples amortizes the value of servicing assets or liabilities in proportion to, and over the period of, estimated net servicing income or net servicing loss, and assesses servicing assets or liabilities for impairment or increased obligation based on the fair value at each reporting date. The fair value of the SRs is determined by using a discounted cash flow model, which estimates the present value of the future net cash flows of the servicing portfolio based on various factors, such as servicing costs, expected prepayment speeds and discount rates. |
Trust Assets Under Management | Trust Assets Under Administration and Management: Peoples manages certain assets held in a fiduciary or agency capacity for customers. These assets under administration and management, other than cash on deposit at Peoples, are not included in the Consolidated Balance Sheets since they are not assets of Peoples. |
Interest Income Recognition | Interest Income Recognition: Interest income on loans and investment securities is recognized by methods that result in level rates of return on principal amounts outstanding, including yield adjustments resulting from the amortization of loan costs and premiums on investment securities, and accretion of loan fees and discounts on investment securities. Since mortgage-backed securities comprise a sizable portion of Peoples' investment portfolio, a significant increase in principal payments on those securities can impact interest income due to the corresponding acceleration of premium amortization or discount accretion. Peoples discontinues the accrual of interest on a loan when conditions cause management to believe collection of all or any portion of the loan's contractual interest is doubtful. Such conditions may include the borrower being 90 days or more past due on any contractual payments, or current information regarding the borrower's financial condition and repayment ability. All unpaid accrued interest deemed uncollectable is reversed, which reduces Peoples' net interest income. Interest received on nonaccrual loans is included in income only if principal recovery is reasonably assured. |
Other Income Recognition | Revenue Recognition: Peoples recognizes revenues as they are earned based on contractual terms, or as services are provided and collectability is reasonably assured. Peoples’ principal source of revenue is interest income, which is recognized on an accrual basis primarily according to formulas in written contracts, such as loan agreements or securities contracts. Other Income Recognition: Service charges on deposits include cost recovery fees associated with the services provided, such as overdraft and non-sufficient funds. Trust and investment income consists of revenue from fiduciary activities, which include fees for services such as asset management, recordkeeping, retirement services and estate management, and investment commissions and fees related to the sale of investments. Income from these activities is recognized at the time the related services are performed. Insurance income consists of commissions and fees from the sales of insurance policies and related insurance services. Insurance income is recognized when it is earned and can be reasonably estimated. Performance-based commissions from insurance companies are recognized when received and no contingencies remain. |
Income Taxes | Income Taxes: Peoples and its subsidiaries file a consolidated federal income tax return. Deferred income tax assets and liabilities are provided as temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements at the statutory federal tax rate. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017 and ASC 740 required Peoples to reflect the changes associated with the Act’s provisions in the fourth quarter of 2017. The Act is complex and has extensive implications for Peoples’ federal taxes. At December 31, 2017, Peoples completed the accounting for the tax effects of enactment of the Act; however, in certain cases as described below, Peoples made reasonable estimates of the effects of a reduced federal tax rate on its existing deferred tax balances. In other cases, Peoples has not been able to make a reasonable estimate and continued to account for those items based on its existing accounting under ASC 740 and the provisions of the tax laws that were in effect immediately prior to enactment. For the items for which Peoples was able to determine a reasonable estimate, Peoples recognized a provisional amount of $0.9 million , which is included as a component of income tax expense from continuing operations. In all cases, Peoples will continue to make and refine its calculations during the remeasurement period as additional analysis is completed. In addition, these estimates may also be affected as Peoples gains a more thorough understanding of the tax law. Peoples releases the impact of income tax effects from accumulated other comprehensive loss in the period in which they occur. The Act resulted in stranded income tax effects in accumulated other comprehensive loss, for which new accounting guidance was issued under ASU 2018-02. This guidance allowed for Peoples to early adopt and retrospectively apply the reclassification of stranded income tax effects from accumulated other comprehensive loss to retained earnings. As of December 31, 2017, Peoples had reclassified all income tax effects resulting from the Act from accumulated other comprehensive loss to retained earnings, and the components of accumulated other comprehensive income or loss included in the Consolidated Statements of Stockholders' Equity were computed based upon a 21% statutory federal tax rate. As of December 31, 2016, the components of accumulated other comprehensive income or loss included in the Consolidated Statements of Stockholders' Equity were computed based upon a 35% statutory federal tax rate. A tax position is initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. Penalties and interest incurred under the applicable tax law are classified as income tax expense. The amount of Peoples' valuation allowance and uncertain income tax positions and unrecognized benefits are disclosed in Note 12. |
Advertising Costs | Advertising Costs: Advertising costs are expensed as incurred. |
Earnings Per Share | Earnings per Share: Basic and diluted earnings per common share (“EPS”) are calculated using the two-class method since Peoples has issued share-based payment awards considered participating securities because they entitle holders the rights to dividends during the vesting term. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Basic earnings per common share are computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per common share are computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental common shares issuable upon exercise of outstanding stock appreciation rights and non-vested restricted common shares using the treasury stock method. |
Operating Segments | Operating Segments: Peoples' business activities are currently confined to one reporting unit and reportable segment, which is community banking. As a community banking entity, Peoples offers its customers a full range of products including a complete line of banking, insurance, investment and trust solutions. |
Stock-Based Compensation | Stock-Based Compensation: Compensation expense for stock appreciation rights and restricted stock awards are measured at the fair value of these awards on their grant date. Compensation expense is recognized over the required service period, generally the vesting period for stock appreciation rights and the restriction period for restricted stock awards. For all awards, only the expense for the portion of the awards expected to vest is recognized. For service-based awards, compensation expense for awards granted to employees who are eligible for retirement is recognized to the date the employee is first eligible to retire. |
New Accounting Pronouncements | New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by Peoples as of the required effective dates. Unless otherwise discussed, management believes the impact of any recently issued standards, including those issued but not yet effective, will not have a material impact on Peoples financial statements taken as a whole. ASU 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220): Allows for a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Act. This amendment eliminates the stranded tax effects resulting from the Act and will improve the usefulness of information reported to financial statement users. The amendment will be effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption of the amendment is permitted for public business entities for reporting periods for which financial statements have not yet been issued. The amendment should be applied either in the period of adoption or retrospectively to each period in which the effect of the U.S. federal corporate income tax rate in the Act is recognized. Peoples has elected to early adopt this accounting guidance effective December 31, 2017, and has reclassified income tax effects of the Act of approximately $0.9 million from accumulated other comprehensive loss to retained earnings. ASU 2018-01 - Leases (Topic 842): Improvements of transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. This update provides an optional practical expedient that affects entities with land easements that existed or expired before an entity's adoption of Topic 842, provided that the entity does not account for those land easements as leases under Topic 840. The amendments in this ASU affect the amendments in ASU 2016-02, which are not yet effective but may be early adopted. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in ASU 2016-02. Peoples will adopt this guidance as required, in conjunction with the adoption of ASU 2016-02 described below, however this update is not expected to materially alter the implementation of ASU 2016-02, or to have a material impact on Peoples' consolidated financial statements. ASU 2017-12 - Derivatives and Hedging (Topic 815): Targeted improvements to accounting for hedging activities. The amendments in this ASU better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. 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. ASU 2017-11 - Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part 1) Accounting for certain financial instruments with down round features and (Part II), Replacement of the indefinite deferral for mandatory redeemable financial instruments of certain nonpublic entities and certain mandatory redeemable noncontrolling interests with a scope exception. (Part I) of the update addresses the complexity of accounting for certain financial instruments with down round features of certain equity-linked instruments and 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. 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 adopted this new accounting guidance effective January 1, 2018, and it is not expected to have a material impact on Peoples' consolidated financial statements. 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. 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 adopted this new accounting guidance effective January 1, 2018, 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. ASU 2017-04 - Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in this ASU 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. ASU 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business. The amendments in this ASU 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. ASU 2017-01 will become effective for interim and annual reporting periods beginning after December 15, 2017 (effective January 1, 2018 for Peoples). Peoples will adopt Phase 1 of this new accounting guidance as required and management will apply this guidance to future transactions upon adoption. Phase 2, which was released as ASU 2017-05, will not impact Peoples' consolidated financial statements. 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. 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 the employer 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 2017, Peoples recorded a tax benefit of $154,000 associated with the adoption of this ASU for the tax benefit related to awards that settled or vested during the year, with the majority recorded in the first quarter of 2017. ASU 2016-02 - Leases (Topic 842): The amendments in this ASU were 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. Additional aspects of this new accounting guidance 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 September of 2017 and January of 2018, clarifying several areas of the guidance. 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. This ASU will require both finance and operating leases to be recognized on the balance sheet. This 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. 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. This ASU will be effective for fiscal years beginning after December 15, 2017 (effective January 1, 2018 for Peoples). Peoples adopted this accounting guidance as of January 1, 2018, which will result in an impact to the income statement on a quarterly and annual basis as market values fluctuate. As of December 31, 2017 , Peoples had net unrealized gains on equity securities of $6.4 million . ASU 2014-09 - Revenue from Contracts with Customers (Topic 606). The FASB issued updates in March, April, May and December of 2016, and in September and November of 2017, 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, • Licensing implementation guidance, and • Transition provisions for public business entities that otherwise would not meet the definition of a public business entity except for a requirement to include, or the inclusion of, its financial statements or financial information in another public business entity's filing. 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 adopted this new accounting guidance in 2018, as required, and will use 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' analysis indicates that certain non-interest income financial statement line items contain revenue streams that are in the scope of this update, the most substantial of which is insurance income, and also includes trust and investment income, e-banking income, deposit account service charges, commercial loan swap fee income and certain revenue included in other non-interest income. As of January 1, 2018, Peoples will record a cumulative-effect adjustment and expects to record a reduction to retained earnings of approximately $3 million , which is net of federal income taxes. This analysis is preliminary, and is subject to further review. Beginning in 2018, Peoples will begin recording insurance income under the new guidance, which is not expected to have a significant impact on Peoples’ financial condition or results of operations. |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets measured on recurring basis | measured at fair value on a recurring basis were comprised of the following at December 31 : 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 2017 Obligations of: States and political subdivisions $ 101,569 $ — $ 101,569 $ — Residential mortgage-backed securities 673,664 — 673,664 — Commercial mortgage-backed securities 6,976 — 6,976 — Bank-issued trust preferred securities 5,129 — 5,129 — Equity securities 7,849 7,694 155 — Total available-for-sale securities $ 795,187 $ 7,694 $ 787,493 $ — 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 at December 31 : Fair Value at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets Significant Significant Unobservable Inputs Fair Value 2017 Obligations of: States and political subdivisions $ 4,417 $ — $ 4,417 $ — Residential mortgage-backed securities 32,227 — 32,227 — Commercial mortgage-backed securities 4,569 — 4,569 — Total held-to-maturity securities $ 41,213 $ — $ 41,213 $ — 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’ Consolidated Balance Sheets, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis at December 31: 2017 2016 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets : Cash and cash equivalents $ 72,194 $ 72,194 $ 66,146 $ 66,146 Investment securities 874,486 874,771 859,455 859,538 Loans (1) 2,340,854 2,276,704 2,210,529 2,152,544 Bank owned life insurance 62,176 62,176 60,225 60,225 Servicing rights 2,305 2,305 2,305 2,305 Financial liabilities: Deposits $ 2,730,330 $ 2,730,071 $ 2,509,722 $ 2,512,647 Short-term borrowings 209,491 209,628 305,607 305,607 Long-term borrowings 144,019 142,108 145,155 145,106 Cash flow hedges (2) 1,354 1,354 1,779 1,779 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment Disclosures | |
Summary of Available-for-sale Investment Securities | Available-for-sale The following table summarizes Peoples’ available-for-sale investment securities at December 31: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2017 Obligations of: States and political subdivisions $ 100,039 $ 1,786 $ (256 ) $ 101,569 Residential mortgage-backed securities 684,100 2,582 (13,018 ) 673,664 Commercial mortgage-backed securities 7,004 11 (39 ) 6,976 Bank-issued trust preferred securities 5,195 141 (207 ) 5,129 Equity securities 1,394 6,520 (65 ) 7,849 Total available-for-sale securities $ 797,732 $ 11,040 $ (13,585 ) $ 795,187 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 years ended December 31 were as follows: (Dollars in thousands) 2017 2016 2015 Gross gains realized $ 2,999 $ 933 $ 795 Gross losses realized 16 3 66 Net gain realized $ 2,983 $ 930 $ 729 |
Summary of Available-for-sale Securities with Unrealized Loss | The following table presents a summary of available-for-sale investment securities that had an unrealized loss at December 31: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss 2017 Obligations of: States and political subdivisions $ 16,985 $ 89 18 $ 5,308 $ 167 1 $ 22,293 $ 256 Residential mortgage-backed securities 274,998 3,462 77 291,812 9,556 88 566,810 13,018 Commercial mortgage-backed securities 2,487 23 1 1,274 16 1 3,761 39 Bank-issued trust preferred securities — — — 2,792 207 3 2,792 207 Equity securities 276 1 1 112 64 1 388 65 Total $ 294,746 $ 3,575 97 $ 301,298 $ 10,010 94 $ 596,044 $ 13,585 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 at December 31: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2017 Obligations of: States and political subdivisions $ 3,810 $ 607 $ — $ 4,417 Residential mortgage-backed securities 32,487 269 (529 ) 32,227 Commercial mortgage-backed securities 4,631 — (62 ) 4,569 Total held-to-maturity securities $ 40,928 $ 876 $ (591 ) $ 41,213 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 Disclosures | |
Summary of Investment Securities by Contractual Maturity | The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at December 31, 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. (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 $ 995 $ 10,453 $ 31,525 $ 57,066 $ 100,039 Residential mortgage-backed securities 445 13,971 43,502 626,182 684,100 Commercial mortgage-backed securities — 5,714 — 1,290 7,004 Bank-issued trust preferred securities — — 2,196 2,999 5,195 Equity securities — — — — 1,394 Total available-for-sale securities $ 1,440 $ 30,138 $ 77,223 $ 687,537 $ 797,732 Fair value Obligations of: States and political subdivisions $ 1,004 $ 10,478 $ 31,825 $ 58,262 $ 101,569 Residential mortgage-backed securities 436 13,860 43,188 616,180 673,664 Commercial mortgage-backed securities — 5,702 — 1,274 6,976 Bank-issued trust preferred securities — — 2,337 2,792 5,129 Equity securities — — — — 7,849 Total available-for-sale securities $ 1,440 $ 30,040 $ 77,350 $ 678,508 $ 795,187 Total weighted-average yield 3.63 % 2.44 % 3.22 % 2.69 % 2.75 % |
Held-to-maturity securities | |
Investment Disclosures | |
Summary of Investment Securities by Contractual Maturity | The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at December 31, 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. (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 $ — $ 313 $ 2,980 $ 517 $ 3,810 Residential mortgage-backed securities — 444 6,358 25,685 32,487 Commercial mortgage-backed securities — — — 4,631 4,631 Total held-to-maturity securities $ — $ 757 $ 9,338 $ 30,833 $ 40,928 Fair value Obligations of: States and political subdivisions $ — $ 314 $ 3,570 $ 533 $ 4,417 Residential mortgage-backed securities — 442 6,437 25,348 32,227 Commercial mortgage-backed securities — — — 4,569 4,569 Total held-to-maturity securities $ — $ 756 $ 10,007 $ 30,450 $ 41,213 Total weighted-average yield — % 2.64 % 2.47 % 2.88 % 2.79 % |
Summary of Held-to-maturity Securities with Unrealized Loss | The following table presents a summary of held-to-maturity investment securities that had an unrealized loss at December 31: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss 2017 Residential mortgage-backed securities $ 1,476 $ 4 2 $ 12,098 $ 525 3 $ 13,574 $ 529 Commercial mortgage-backed securities — — — 4,569 62 1 4,569 62 Total $ 1,476 $ 4 2 $ 16,667 $ 587 4 $ 18,143 $ 591 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) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loan Classification by Type | (Dollars in thousands) 2017 2016 Originated loans: Commercial real estate, construction $ 107,118 $ 84,626 Commercial real estate, other 595,447 531,557 Commercial real estate 702,565 616,183 Commercial and industrial 438,051 378,131 Residential real estate 304,523 307,490 Home equity lines of credit 88,902 85,617 Consumer, indirect 340,390 252,024 Consumer, other 67,010 67,579 Consumer 407,400 319,603 Deposit account overdrafts 849 1,080 Total originated loans $ 1,942,290 $ 1,708,104 Acquired loans: Commercial real estate, construction $ 8,319 $ 10,100 Commercial real estate, other 165,120 204,466 Commercial real estate 173,439 214,566 Commercial and industrial 34,493 44,208 Residential real estate 184,864 228,435 Home equity lines of credit 20,575 25,875 Consumer, indirect 329 808 Consumer, other 1,147 2,940 Consumer 1,476 3,748 Total acquired loans $ 414,847 $ 516,832 Total loans $ 2,357,137 $ 2,224,936 |
Purchased Credit Impaired Loans | (Dollars in thousands) 2017 2016 Commercial real estate $ 8,117 $ 11,476 Commercial and industrial 767 1,573 Residential real estate 19,532 23,306 Consumer 33 76 Total outstanding balance $ 28,449 $ 36,431 Net carrying amount $ 19,564 $ 26,524 |
Accretable Yield Rollforward | Changes in the accretable yield for purchased credit impaired loans during the year ended December 31, 2017 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2016 $ 7,132 Additions: Reclassification from nonaccretable to accretable 1,285 Accretion (1,713 ) Balance, December 31, 2017 $ 6,704 |
Related Party Loans | Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status and new directors elected during the year, as applicable. (Dollars in thousands) Balance, December 31, 2016 $ 17,187 New loans and disbursements 8,855 Repayments (9,202 ) Other changes (1,738 ) Balance, December 31, 2017 $ 15,102 |
Nonaccrual and Past Due Loans | Accruing Loans 90+ Days Past Due Nonaccrual Loans (Dollars in thousands) 2017 2016 2017 2016 Originated loans: Commercial real estate, construction $ 754 $ 826 $ — $ — Commercial real estate, other 6,877 9,934 — — Commercial real estate 7,631 10,760 — — Commercial and industrial 739 1,712 — — Residential real estate 3,546 3,778 548 183 Home equity lines of credit 550 383 50 — Consumer, indirect 256 130 — 10 Consumer, other 39 11 16 — Consumer 295 141 16 10 Total originated loans $ 12,761 $ 16,774 $ 614 $ 193 Acquired loans: Commercial real estate, other $ 192 $ 1,609 $ 215 $ 1,506 Commercial and industrial 259 390 45 387 Residential real estate 2,168 2,317 730 1,672 Home equity lines of credit 312 231 22 — Consumer, indirect — — — 13 Consumer, other — 4 — — Consumer — 4 — 13 Total acquired loans $ 2,931 $ 4,551 $ 1,012 $ 3,578 Total loans $ 15,692 $ 21,325 $ 1,626 $ 3,771 |
Aging Of The Recorded Investment In Past Due Loans And Leases | The following tables present the aging of the recorded investment in past due loans at December 31: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2017 Originated loans: Commercial real estate, construction $ — $ — $ — $ — $ 107,118 $ 107,118 Commercial real estate, other 990 — 6,492 7,482 587,965 595,447 Commercial real estate 990 — 6,492 7,482 695,083 702,565 Commercial and industrial 1,423 92 706 2,221 435,830 438,051 Residential real estate 4,562 1,234 2,408 8,204 296,319 304,523 Home equity lines of credit 502 80 395 977 87,925 88,902 Consumer, indirect 2,153 648 105 2,906 337,484 340,390 Consumer, other 417 46 48 511 66,499 67,010 Consumer 2,570 694 153 3,417 403,983 407,400 Deposit account overdrafts — — — — 849 849 Total originated loans $ 10,047 $ 2,100 $ 10,154 $ 22,301 $ 1,919,989 $ 1,942,290 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2017 Acquired loans: Commercial real estate, construction $ — $ — $ — $ — $ 8,319 $ 8,319 Commercial real estate, other 775 948 312 2,035 163,085 165,120 Commercial real estate 775 948 312 2,035 171,404 173,439 Commercial and industrial — 1 171 172 34,321 34,493 Residential real estate 4,656 1,391 1,910 7,957 176,907 184,864 Home equity lines of credit 126 — 301 427 20,148 20,575 Consumer, indirect 3 — — 3 326 329 Consumer, other 10 11 — 21 1,126 1,147 Consumer 13 11 — 24 1,452 1,476 Deposit account overdrafts — — — — — — Total acquired loans $ 5,570 $ 2,351 $ 2,694 $ 10,615 $ 404,232 $ 414,847 Total loans $ 15,617 $ 4,451 $ 12,848 $ 32,916 $ 2,324,221 $ 2,357,137 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 tables summarize the risk category of Peoples' loan portfolio based upon the most recent analysis performed at December 31: Pass Rated Special Mention Substandard Doubtful Not Rated Total Loans (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2017 Originated loans: Commercial real estate, construction $ 100,409 $ 5,502 $ 754 $ — $ 453 $ 107,118 Commercial real estate, other 561,320 17,189 16,938 — — 595,447 Commercial real estate 661,729 22,691 17,692 — 453 702,565 Commercial and industrial 420,477 13,062 4,512 — — 438,051 Residential real estate 17,896 1,000 11,371 216 274,040 304,523 Home equity lines of credit 454 — — — 88,448 88,902 Consumer, indirect 55 8 — — 340,327 340,390 Consumer, other 33 — — — 66,977 67,010 Consumer 88 8 — — 407,304 407,400 Deposit account overdrafts — — — — 849 849 Total originated loans $ 1,100,644 $ 36,761 $ 33,575 $ 216 $ 771,094 $ 1,942,290 Pass Rated Special Mention Substandard Doubtful Not Rated Total Loans (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2017 Acquired loans: Commercial real estate, construction $ 8,267 $ — $ 52 $ — $ — $ 8,319 Commercial real estate, other 149,486 6,527 9,107 — — 165,120 Commercial real estate 157,753 6,527 9,159 — — 173,439 Commercial and industrial 32,011 157 2,325 — — 34,493 Residential real estate 12,543 593 1,105 — 170,623 184,864 Home equity lines of credit 124 — — — 20,451 20,575 Consumer, indirect 12 — — — 317 329 Consumer, other 35 — — — 1,112 1,147 Consumer 47 — — — 1,429 1,476 Deposit account overdrafts — — — — — — Total acquired loans $ 202,478 $ 7,277 $ 12,589 $ — $ 192,503 $ 414,847 Total loans $ 1,303,122 $ 44,038 $ 46,164 $ 216 $ 963,597 $ 2,357,137 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 at December 31: Unpaid Principal Balance Recorded Investment Total Recorded Investment Average Recorded Investment Interest Income Recognized With Without Related Allowance (Dollars in thousands) Allowance Allowance 2017 Commercial real estate, construction $ 821 $ — $ 754 $ 754 $ — $ 788 $ — Commercial real estate, other 14,909 14 13,606 13,620 1 14,392 503 Commercial real estate 15,730 14 14,360 14,374 1 15,180 503 Commercial and industrial 1,690 951 572 1,523 199 1,668 65 Residential real estate 24,743 477 22,626 23,103 58 23,195 1,246 Home equity lines of credit 1,707 81 1,624 1,705 18 1,505 85 Consumer, indirect 273 70 206 276 26 184 20 Consumer, other 87 56 28 84 37 79 7 Consumer 360 126 234 360 63 263 27 Total $ 44,230 $ 1,649 $ 39,416 $ 41,065 $ 339 $ 41,811 $ 1,926 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 TDRs during the years ended December 31, 2017 and 2016 . Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment 2017 Originated loans: Commercial real estate, other 1 $ 14 $ 14 $ 14 Commercial and industrial 4 210 210 149 Residential real estate 7 483 483 473 Home equity lines of credit 6 296 296 289 Consumer, indirect 15 218 218 201 Consumer, other 2 10 10 8 Consumer 17 228 228 209 Total 35 $ 1,231 $ 1,231 $ 1,134 Acquired loans: Commercial real estate, construction 3 $ 288 $ 288 $ 280 Residential real estate 9 442 442 412 Home equity lines of credit 5 328 328 320 Consumer, other 1 2 2 — Total 18 $ 1,060 $ 1,060 $ 1,012 2016 Originated loans: Commercial real estate, other 3 $ 109 $ 109 $ 107 Commercial and industrial 7 836 836 750 Residential real estate 8 266 266 266 Home equity lines of credit 5 81 81 81 Consumer, indirect 14 164 164 164 Consumer, other 3 24 24 23 Consumer 17 188 188 187 Total 40 $ 1,480 $ 1,480 $ 1,391 Acquired loans: Commercial real estate, construction 2 $ 237 $ 237 $ 237 Residential real estate 14 1,080 1,082 1,076 Home equity lines of credit 4 260 260 250 Consumer, indirect 2 7 7 7 Consumer, other 3 15 15 15 Consumer 5 22 22 22 Total 25 $ 1,599 $ 1,601 $ 1,585 (1) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. |
Summary Of Activity In Allowance For Loan And Lease Losses | Changes in the allowance for loan losses in the periods ended December 31 were as follows: (Dollars in thousands) Commercial Real Estate Commercial and Industrial Residential Real Estate Home Equity Lines of Credit Consumer, 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 (408 ) (175 ) (637 ) (131 ) (2,110 ) (372 ) (1,038 ) (4,871 ) Recoveries 146 1 152 13 764 179 215 1,470 Net (charge-offs) recoveries (262 ) (174 ) (485 ) (118 ) (1,346 ) (193 ) (823 ) (3,401 ) Provision for (recovery of) loan losses 887 (366 ) 407 123 1,978 139 722 3,890 Balance, December 31, 2017 $ 7,797 $ 5,813 $ 904 $ 693 $ 2,944 $ 464 $ 70 $ 18,685 Period-end amount allocated to: Loans individually evaluated for impairment $ 1 $ 199 $ 58 $ 18 $ 26 $ 37 $ — $ 339 Loans collectively evaluated for impairment 7,796 5,614 846 675 2,918 427 70 18,346 Balance, December 31, 2017 $ 7,797 $ 5,813 $ 904 $ 693 $ 2,944 $ 464 $ 70 $ 18,685 Balance, January 1, 2016 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,427 $ 544 $ 121 $ 16,539 Charge-offs (24 ) (1,017 ) (588 ) (73 ) (2,072 ) (583 ) (774 ) (5,131 ) Recoveries 1,209 306 278 56 1,059 226 175 3,309 Net recoveries (charge-offs) 1,185 (711 ) (310 ) (17 ) (1,013 ) (357 ) (599 ) (1,822 ) (Recovery of) provision for loan losses (1,089 ) 1,682 35 (27 ) 1,898 331 649 3,479 Balance, December 31, 2016 $ 7,172 $ 6,353 $ 982 $ 688 $ 2,312 $ 518 $ 171 $ 18,196 Period-end amount allocated to: Loans individually evaluated for impairment $ 803 $ 585 $ 24 $ — $ — $ — $ — $ 1,412 Loans collectively evaluated for impairment 6,369 5,768 958 688 2,312 518 171 16,784 Balance, December 31, 2016 $ 7,172 $ 6,353 $ 982 $ 688 $ 2,312 $ 518 $ 171 $ 18,196 |
Allowance for Loan Losses Acquired Loans [Table Text Block] | The following table presents activity in the allowance for loan losses for acquired loans as of December 31: (Dollars in thousands) 2017 2016 Purchased credit impaired loans: Balance, January 1 $ 233 $ 240 Charge-offs (7 ) (67 ) Recoveries — — Net charge-offs 226 173 (Recovery of) provision for loan losses (118 ) 60 Balance, December 31 $ 108 $ 233 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Bank Premises and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The major categories of bank premises and equipment and accumulated depreciation at December 31 are summarized as follows: (Dollars in thousands) 2017 2016 Land $ 12,871 $ 12,085 Building and premises 61,729 61,451 Furniture, fixtures and equipment 27,137 26,078 Total bank premises and equipment 101,737 99,614 Accumulated depreciation (49,227 ) (45,998 ) Net book value $ 52,510 $ 53,616 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum payments under noncancellable operating leases with initial or remaining terms of one year or more consisted of the following at December 31, 2017 : (Dollars in thousands) Payments 2018 $ 924 2019 590 2020 355 2021 313 2022 270 Thereafter 330 Total future operating lease payments $ 2,782 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of Goodwill [Table Text Block] | The following table details changes in the recorded amount of goodwill for the years ended December 31 : (Dollars in thousands) 2017 2016 Goodwill, beginning of year $ 132,631 $ 132,631 Acquired goodwill 480 — Goodwill, end of year $ 133,111 $ 132,631 |
Schedule of Other Intangible Assets | Other intangible assets were comprised of the following at December 31: (Dollars in thousands) Core Deposits Customer Relationships Total 2017 Gross intangibles $ 16,150 $ 5,373 $ 21,523 Acquired intangibles — 1,593 1,593 Accumulated amortization (10,281 ) (3,675 ) (13,956 ) Total acquired intangibles $ 5,869 $ 3,291 $ 9,160 Servicing rights 2,305 Total other intangibles $ 11,465 2016 Gross intangibles $ 16,150 $ 4,859 $ 21,009 Acquired intangibles — 514 514 Accumulated amortization (7,594 ) (2,847 ) (10,441 ) Total acquired intangibles $ 8,556 $ 2,526 $ 11,082 Servicing rights 2,305 Total other intangibles $ 13,387 |
Schedule of Future Amortization of Other Intangible Assets | The following table details estimated aggregate future amortization expense of core deposit and customer relationship intangible assets at December 31, 2017 : (Dollars in thousands) Core Deposits Customer Relationships Total 2018 $ 2,175 $ 839 $ 3,014 2019 1,658 706 2,364 2020 1,138 563 1,701 2021 648 413 1,061 2022 208 274 482 Thereafter 42 496 538 Total $ 5,869 $ 3,291 $ 9,160 |
Servicing Rights Activity | The following is an analysis of activity of servicing rights for the years ended December 31: (Dollars in thousands) 2017 2016 2015 Balance, beginning of year $ 2,305 $ 2,387 $ 2,238 Amortization (741 ) (762 ) (662 ) Servicing rights originated 741 680 566 Servicing rights acquired — — 245 Balance, end of year $ 2,305 $ 2,305 $ 2,387 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Deposit Balances | Peoples’ deposit balances were comprised of the following at December 31: (Dollars in thousands) 2017 2016 Retail certificates of deposit: $100,000 or more $ 149,105 $ 152,222 Less than $100,000 189,568 209,503 Retail certificates of deposit 338,673 361,725 Interest-bearing transaction accounts 593,415 278,975 Savings accounts 446,714 436,344 Money market deposit accounts 371,376 407,754 Governmental deposit accounts 264,524 251,671 Brokered certificates of deposits 159,618 38,832 Total interest-bearing deposits 2,174,320 1,775,301 Non-interest-bearing deposits 556,010 734,421 Total deposits $ 2,730,330 $ 2,509,722 |
Schedule of Maturities of Certificates of Deposit | The contractual maturities of certificates of deposits for each of the next five years and thereafter are as follows: (Dollars in thousands) Retail Brokered Total 2018 $ 165,862 $ 108,025 $ 273,887 2019 71,137 35,576 106,713 2020 44,895 7,382 52,277 2021 39,716 4,777 44,493 2022 16,946 3,858 20,804 Thereafter 117 — 117 Total certificates of deposits $ 338,673 $ 159,618 $ 498,291 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Short-term Debt [Abstract] | |
Schedule of Short-term Borrowings | Peoples utilizes various short-term borrowings as sources of funds, which are summarized as follows at December 31: (Dollars in thousands) Retail Repurchase Agreements FHLB Advances National Market Repurchase Agreements 2017 Ending balance $ 76,899 $ 92,592 $ 40,000 Average balance 75,344 100,205 6,685 Highest month-end balance 80,649 208,000 40,000 Interest expense $ 128 $ 1,160 $ 246 Weighted-average interest rate: End of year 0.17 % 1.91 % 3.68 % During the year 0.17 % 1.16 % 3.68 % 2016 Ending balance $ 74,607 $ 231,000 $ — Average balance 72,886 86,260 — Highest month-end balance 81,353 231,000 — Interest expense $ 123 $ 384 $ — Weighted-average interest rate: End of year 0.17 % 0.64 % — % During the year 0.17 % 0.44 % — % 2015 Ending balance $ 84,386 $ 76,000 $ — Average balance 83,574 16,863 — Highest month-end balance 92,711 76,000 — Interest expense $ 140 $ 42 $ — Weighted-average interest rate: End of year 0.17 % 0.35 % — % During the year 0.17 % 0.25 % — % |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Borrowings | Long-term borrowings consisted of the following at December 31 : 2017 2016 (Dollars in thousands) Balance Weighted- Average Rate Balance Weighted- Average Rate FHLB putable and non-amortizing, fixed rate advances $ 115,000 1.86 % $ 70,000 2.49 % FHLB amortizing, fixed rate advances 21,939 2.02 % 28,282 2.01 % Callable national market repurchase agreements — — % 40,000 3.63 % Junior subordinated debt securities 7,107 4.97 % 6,924 4.48 % Unamortized debt issuance cost (27 ) — % (51 ) — % Long-term borrowings $ 144,019 2.04 % $ 145,155 2.81 % |
Schedule of Aggregate Minimum Annual Retirements of Long-Term Borrowings | At December 31, 2017 , the aggregate minimum annual retirements of long-term borrowings in future periods were as follows: (Dollars in thousands) Balance Weighted-Average Rate 2018 $ 4,378 1.67 % 2019 33,508 1.37 % 2020 25,564 1.84 % 2021 21,979 1.75 % 2022 16,521 1.97 % Thereafter 42,069 2.90 % Long-term borrowings $ 144,019 2.04 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Schedule of Preferred, Common and Treasury Stock | The following table details the activity in Peoples’ common stock and treasury stock during the years ended December 31 : Common Stock Treasury Stock Shares at December 31, 2014 15,599,643 590,246 Changes related to stock-based compensation awards: Grant of restricted common shares 131,011 — Release of restricted common shares — 25,205 Cancellation of restricted common shares (28,219 ) — Grant of common shares 2,810 (100 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 7,654 Reissuance of treasury stock — (9,642 ) Common shares issued under dividend reinvestment plan 18,257 — Common shares issued under compensation plan for Board of Directors — (10,231 ) Common shares issued under employee stock purchase plan — (16,446 ) Issuance of common shares related to acquisition of NB&T Financial Group, Inc. 3,207,698 — Shares at December 31, 2015 18,931,200 586,686 Changes related to stock-based compensation awards: Grant of restricted common shares — (56,000 ) Release of restricted common shares — 17,220 Cancellation of restricted common shares (11,820 ) 1,000 Grant of common shares — (350 ) Exercise of stock options for common shares — (1,775 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 8,396 Reissuance of treasury stock — (12,012 ) Common shares purchased under repurchase program — 279,770 Common shares issued under dividend reinvestment plan 19,711 — Common shares issued under compensation plan for Board of Directors — (11,450 ) Common shares issued under employee stock purchase plan — (15,727 ) Shares at December 31, 2016 18,939,091 795,758 Changes related to stock-based compensation awards: Release of restricted common shares — 10,452 Cancellation of restricted common shares (3,554 ) 5,050 Exercise of stock options for common shares — (266 ) Grant of restricted common shares — (68,707 ) Grant of common shares — (300 ) Changes related to deferred compensation plan for Board of Directors: Purchase of treasury stock — 5,413 Reissuance of treasury stock — (24,634 ) Common shares issued under dividend reinvestment plan 16,848 — Common shares issued under compensation plan for Board of Directors — (9,092 ) Common shares issued under employee stock purchase plan — (11,225 ) Shares at December 31, 2017 18,952,385 702,449 |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following details the change in the components of Peoples’ accumulated other comprehensive (loss) income for the years ended December 31 : (Dollars in thousands) Unrealized Gain (Loss) on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Gain (Loss) on Cash Flow Hedge Accumulated Other Comprehensive (Loss) Income Balance, December 31, 2014 $ 2,542 $ (3,843 ) $ — $ (1,301 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (474 ) — — (474 ) Realized loss due to settlement and curtailment, net of tax — 298 — 298 Other comprehensive income, net of reclassifications and tax 801 317 — 1,118 Balance, December 31, 2015 $ 2,869 $ (3,228 ) $ — $ (359 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (604 ) — — (604 ) Other comprehensive (loss) income, net of reclassifications and tax (1,684 ) (93 ) 1,186 (591 ) 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 (1,939 ) — — (1,939 ) Realized loss due to settlement and curtailment, net of tax — 157 — 157 Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 (370 ) (754 ) 200 (924 ) Other comprehensive loss, net of reclassifications and tax (360 ) (338 ) (257 ) (955 ) Balance, December 31, 2017 $ (2,088 ) $ (4,256 ) $ 1,129 $ (5,215 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan [Abstract] | |
Schedule of Changes in Projected Benefit Obligations and Fair Value of Assets | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2017 , and a statement of the funded status as of December 31, 2017 and 2016 : Pension Benefits Post-retirement Benefits (Dollars in thousands) 2017 2016 2017 2016 Change in benefit obligation: Obligation at January 1 $ 12,127 $ 11,965 $ 103 $ 126 Interest cost 451 438 3 4 Plan participants’ contributions — — 46 49 Actuarial loss (gain) 1,207 151 (4 ) (7 ) Benefit payments (189 ) (427 ) (57 ) (69 ) Settlements (605 ) — — — Obligation at December 31 $ 12,991 $ 12,127 $ 91 $ 103 Accumulated benefit obligation at December 31 $ 12,991 $ 12,127 $ — $ — Change in plan assets: Fair value of plan assets at January 1 $ 7,582 $ 7,124 $ — $ — Actual return on plan assets 1,140 405 — — Employer contributions 565 480 11 20 Plan participants’ contributions — — 46 49 Benefit payments (189 ) (427 ) (57 ) (69 ) Settlements (605 ) — — — Fair value of plan assets at December 31 $ 8,493 $ 7,582 $ — $ — Funded status at December 31 $ (4,498 ) $ (4,545 ) $ (91 ) $ (103 ) Amounts recognized in Consolidated Balance Sheets: Accrued benefit liability $ (4,498 ) $ (4,545 ) $ (91 ) $ (103 ) Net amount recognized $ (4,498 ) $ (4,545 ) $ (91 ) $ (103 ) Amounts recognized in Accumulated Other Comprehensive Loss: Unrecognized prior service cost $ — $ — $ (1 ) $ (1 ) Unrecognized net loss (gain) 4,311 3,368 (56 ) (48 ) Total $ 4,311 $ 3,368 $ (57 ) $ (49 ) Weighted-average assumptions at year-end: Discount rate 3.40 % 3.80 % 3.40 % 3.80 % |
Schedule of Net Periodic Benefit Costs | The following table details the components of the net periodic benefit cost for the plans at December 31: Pension Benefits Post-retirement Benefits (Dollars in thousands) 2017 2016 2015 2017 2016 2015 Interest cost $ 451 $ 438 $ 447 $ 3 $ 4 $ 4 Expected return on plan assets (553 ) (492 ) (493 ) — — — Amortization of net loss (gain) 102 95 117 (6 ) (6 ) (5 ) Settlement of benefit obligation 242 — 459 — — — Net periodic benefit cost $ 242 $ 41 $ 530 $ (3 ) $ (2 ) $ (1 ) Weighted-average assumptions: Discount rate 3.80 % 3.90 % 3.80 % 3.80 % 3.90 % 3.50 % Expected return on plan assets 7.50 % 7.50 % 7.50 % n/a n/a n/a Rate of compensation increase n/a n/a n/a n/a n/a n/a |
Schedule of Allocation of Plan Assets | The following table provides the fair values of investments held in Peoples' pension plan at December 31, by major asset category: (Dollars in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) 2017 Equity securities: Mutual funds - equity $ 6,131 $ 6,131 $ — Debt securities: Mutual funds - taxable income 2,248 2,248 — Total fair value of pension assets $ 8,379 $ 8,379 $ — 2016 Equity securities: Mutual funds - equity $ 5,241 $ 5,241 $ — Debt securities: Mutual funds - taxable income 2,107 2,107 — Total fair value of pension assets $ 7,348 $ 7,348 $ — |
Schedule of Estimated Future Benefit Payments | Estimated future benefit payments, which reflect benefits attributable to estimated future service, for the years ending December 31 are as follows: (Dollars in thousands) Pension Benefits Post-retirement Benefits 2018 $ 1,112 $ 12 2019 1,110 11 2020 1,165 10 2021 1,223 10 2022 738 9 2023 to 2027 3,353 34 Total $ 8,701 $ 86 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Summary of Income Tax Contingencies [Table Text Block] | The following table provides a reconciliation of uncertain tax positions at December 31: (Dollars in thousands) 2017 2016 Uncertain tax positions, beginning of year $ 522 $ 417 Gross increase based on tax positions related to current year 42 113 Gross increase for tax position taken during prior years 20 45 Gross decrease for tax positions taken during prior years — — Gross decrease due to the statute of limitations (34 ) (53 ) Uncertain tax positions, end of year $ 550 $ 522 |
Schedule of Effective Income Tax Rate Reconciliation | The reported income tax expense and effective tax rate in the Consolidated Statements of Income differs from the amounts computed by applying the statutory corporate tax rate as follows for the years ended December 31 : (Dollars in thousands) 2017 2016 2015 Amount Rate Amount Rate Amount Rate Income tax computed at statutory federal tax rate $ 20,045 35.0 % $ 15,785 35.0 % $ 5,051 34.1 % Differences in rate resulting from: Tax-exempt interest income (1,092 ) (1.9 )% (1,170 ) (2.6 )% (1,109 ) (7.5 )% Investments in tax credit funds (221 ) (0.4 )% (164 ) (0.4 )% (123 ) (0.8 )% Bank owned life insurance (683 ) (1.2 )% (495 ) (1.1 )% (204 ) (1.4 )% Other, net (1) 683 1.2 % 169 0.4 % 260 1.8 % Income tax expense $ 18,732 32.7 % $ 14,125 31.3 % $ 3,875 26.2 % |
Schedule of Components of Income Tax Expense (Benefit) | Peoples' reported income tax expense consisted of the following for the years ended December 31 : (Dollars in thousands) 2017 2016 2015 Current income tax expense $ 21,511 $ 16,587 $ 5,457 Deferred income tax (benefit) expense (2,779 ) (2,462 ) (1,582 ) Income tax expense $ 18,732 $ 14,125 $ 3,875 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of Peoples' deferred tax assets and liabilities consisted of the following at December 31 : (Dollars in thousands) 2017 2016 Deferred tax assets: Allowance for loan losses $ 6,992 $ 12,578 Accrued employee benefits 2,569 3,826 Investments 1,560 2,884 Bank premises and equipment — 349 Available-for-sale securities 555 — Other 116 1,190 Gross deferred tax assets $ 11,792 $ 20,827 Valuation allowance 805 1,341 Total deferred tax assets $ 10,987 $ 19,486 Deferred tax liabilities: Purchase accounting adjustments $ 6,092 $ 10,845 Deferred loan income 2,459 3,181 Derivative instruments 300 — Bank premises and equipment 307 — Available-for-sale investment securities — 312 Other 484 1,305 Total deferred tax liabilities $ 9,642 $ 15,643 Net deferred tax asset $ 1,345 $ 3,843 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Calculations of Basic and Diluted Earnings per Common Share | The calculations of basic and diluted earnings per common share for the years ended December 31 were as follows: (Dollars in thousands, except per common share data) 2017 2016 2015 Distributed earnings allocated to common shareholders $ 15,159 $ 11,532 $ 10,426 Undistributed earnings allocated to common shareholders 23,115 19,483 404 Net earnings allocated to common shareholders $ 38,274 $ 31,015 $ 10,830 Weighted-average common shares outstanding 18,050,189 18,013,693 17,555,140 Effect of potentially dilutive common shares 158,495 141,770 132,655 Total weighted-average diluted common shares outstanding 18,208,684 18,155,463 17,687,795 Earnings per common share: Basic $ 2.12 $ 1.72 $ 0.62 Diluted $ 2.10 $ 1.71 $ 0.61 Anti-dilutive common shares excluded from calculation: Restricted shares, stock options and stock appreciation rights 453 20,769 46,109 |
Financial Instruments with Of40
Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |
Loan Commitments and Standby Letters of Credit [Table Text Block] | The total amounts of loan commitments and standby letters of credit at December 31 are summarized as follows: (Dollars in thousands) 2017 2016 Home equity lines of credit $ 83,949 $ 85,024 Unadvanced construction loans 112,475 119,075 Other loan commitments 260,552 269,669 Loan commitments 456,976 473,768 Standby letters of credit $ 20,873 $ 25,651 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Peoples' and Peoples Bank's actual capital amounts and ratios as of December 31 are also presented in the following table: 2017 2016 (Dollars in thousands) Amount Ratio Amount Ratio PEOPLES Common Equity Tier 1 (1) Actual $ 332,774 13.5 % $ 306,506 12.9 % For capital adequacy 111,303 4.5 % 106,801 4.5 % To be well capitalized 160,772 6.5 % 154,268 6.5 % Tier 1 (2) Actual $ 339,881 13.7 % $ 313,430 13.2 % For capital adequacy 148,405 6.0 % 142,402 6.0 % To be well capitalized 197,873 8.0 % 189,869 8.0 % Total Capital (3) Actual $ 361,579 14.6 % $ 334,957 14.1 % For capital adequacy 197,843 8.0 % 189,869 8.0 % To be well capitalized 247,341 10.0 % 237,336 10.0 % Tier 1 Leverage (4) Actual $ 339,881 9.9 % $ 313,430 9.7 % For capital adequacy 137,343 4.0 % 129,803 4.0 % To be well capitalized 171,679 5.0 % 162,254 5.0 % Net Risk-Weighted Assets $ 2,473,329 $ 2,373,359 PEOPLES BANK Common Equity Tier 1 (1) Actual $ 310,818 12.6 % $ 271,319 11.5 % For capital adequacy 110,955 4.5 % 106,474 4.5 % To be well capitalized 160,268 6.5 % 153,795 6.5 % Tier 1 (2) Actual $ 310,818 12.6 % $ 291,319 12.3 % For capital adequacy 147,940 6.0 % 141,965 6.0 % To be well capitalized 197,254 8.0 % 189,287 8.0 % Total Capital (3) Actual $ 329,611 13.4 % $ 309,749 13.1 % For capital adequacy 197,254 8.0 % 189,287 8.0 % To be well capitalized 246,567 10.0 % 236,608 10.0 % Tier 1 Leverage (4) Actual $ 310,818 9.1 % $ 291,319 9.0 % For capital adequacy 137,163 4.0 % 129,633 4.0 % To be well capitalized 171,454 5.0 % 162,041 5.0 % Net Risk-Weighted Assets $ 2,465,653 $ 2,366,082 (1) Ratio represents Common Equity Tier 1 capital to net risk-weighted assets (2) Ratio represents Tier 1 capital to net risk-weighted assets (3) Ratio represents total capital to net risk-weighted assets (4) Ratio represents Tier 1 capital to average assets |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Schedule of Stock Options Outstanding & Exercisable by Exercise Price Range | 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 Forfeited — — Outstanding at December 31 314 $ 23.77 0.1 years $ 2.779 Exercisable at December 31 314 $ 23.77 0.1 years $ 2.779 |
Schedule of Stock Appreciation Rights Outstanding & Exercisable by Exercise Price | The following summarizes the changes to Peoples' outstanding SARs for the year ended December 31, 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 Forfeited — — Outstanding at December 31 314 $ 23.77 0.1 years $ 2.779 Exercisable at December 31 314 $ 23.77 0.1 years $ 2.779 |
Schedule of Restricted Shares Activity | The following summarizes the changes to Peoples’ outstanding restricted common shares for the year ended December 31, 2017 : Time Vesting Performance Vesting Number of Common Shares Weighted-Average Grant Date Fair Value Number of Common Shares Weighted-Average Grant Date Fair Value Outstanding at January 1 40,316 $ 21.85 142,415 $ 21.95 Awarded 7,550 31.36 61,457 32.42 Released 12,484 24.42 21,050 21.75 Forfeited 2,300 24.69 6,604 25.25 Outstanding at December 31 33,082 $ 22.85 176,218 $ 25.50 |
Summary of Stock-Based Compensation and Related Tax Benefit | The following summarizes the amount of stock-based compensation expense and related tax benefit recognized at December 31: (Dollars in thousands) 2017 2016 2015 Total stock-based compensation $ 1,747 $ 1,332 $ 1,843 Recognized tax benefit (367 ) (466 ) (645 ) Net expense recognized $ 1,380 $ 866 $ 1,198 |
Parent Company Only Financial43
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Parent Company Only Financial Information [Abstract] | |
Schedule of Condensed Balance Sheet | Condensed Balance Sheets December 31, (Dollars in thousands) 2017 2016 Assets: Cash and due from other banks $ 50 $ 50 Interest-bearing deposits in subsidiary bank 9,270 7,988 Due from subsidiary bank 9,486 3,255 Available-for-sale investment securities, at fair value (amortized cost of $615 at December 31, 2017 and $1,255 at December 31, 2016) 6,933 8,109 Investments in subsidiaries: Bank 431,482 395,468 Non-bank 1,812 28,730 Other assets 1,700 1,649 Total assets $ 460,733 $ 445,249 Liabilities: Accrued expenses and other liabilities $ 1,471 $ 2,589 Dividends payable 270 165 Mandatorily redeemable capital securities of subsidiary trust 400 7,234 Total liabilities 2,141 9,988 Total stockholders' equity 458,592 435,261 Total liabilities and stockholders' equity $ 460,733 $ 445,249 |
Schedule of Condensed Income Statement | Condensed Statements of Income Year Ended December 31, (Dollars in thousands) 2017 2016 2015 Income: Dividends from subsidiary bank $ 27,000 $ 20,500 $ 17,500 Dividends from non-bank subsidiary 20,000 1,250 2,000 Net gain on securities transactions 2,602 — — Interest and other income 237 209 206 Total income 49,839 21,959 19,706 Expenses: Trust preferred securities expense 346 397 304 Intercompany management fees 1,361 1,131 3,171 Other expense 3,380 3,154 5,653 Total expenses 5,087 4,682 9,128 Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries 44,752 17,277 10,578 Applicable income tax benefit (1,309 ) (1,718 ) (3,139 ) (Excess dividends from) equity in undistributed earnings of subsidiaries (7,590 ) 12,162 (2,776 ) Net income $ 38,471 $ 31,157 $ 10,941 |
Schedule of Condensed Cash Flow Statement | Statements of Cash Flows Year Ended December 31, (Dollars in thousands) 2017 2016 2015 Operating activities Net income $ 38,471 $ 31,157 $ 10,941 Adjustment to reconcile net income to cash provided by operations: Depreciation, amortization and accretion, net (6,525 ) 190 165 Excess dividends from (equity in) undistributed earnings of subsidiaries 7,590 (12,162 ) 2,776 Gain on investment securities (2,602 ) — — Other, net 2,810 355 (1,903 ) Net cash provided by operating activities 39,744 19,540 11,979 Investing activities Net proceeds from sales and maturities of investment securities 2,359 — — Investment in subsidiaries (50,883 ) (22,769 ) (104,584 ) Decrease (increase) in receivable from subsidiary 25,496 23,389 (2,860 ) Business combinations, net of cash received — — 83,391 Other, net (229 ) — — Net cash (used in) provided by investing activities (23,257 ) 620 (24,053 ) Financing activities Payments on long-term borrowings — — (14,400 ) Purchase of treasury stock (508 ) (5,480 ) (741 ) Proceeds from issuance of common stock 9 18 — Cash dividends paid (14,706 ) (11,173 ) (10,065 ) Excess tax benefit for share-based payments — 26 51 Net cash used in financing activities (15,205 ) (16,609 ) (25,155 ) Net increase (decrease) in cash and cash equivalents 1,282 3,551 (37,229 ) Cash and cash equivalents at the beginning of year 8,038 4,487 41,716 Cash and cash equivalents at the end of year $ 9,320 $ 8,038 $ 4,487 Supplemental cash flow information: Interest paid $ 364 $ 433 $ 594 |
Summarized Quarterly Informat44
Summarized Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summarized Quarterly Information (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information | 2017 (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total interest income $ 29,817 $ 31,208 $ 32,728 $ 32,772 Total interest expense 2,872 3,118 3,508 3,650 Net interest income 26,945 28,090 29,220 29,122 Provision for loan losses 624 947 1,086 1,115 Net (loss) gain on asset disposals and other transactions (3 ) 109 (25 ) (144 ) Net gain on investment securities 340 18 1,861 764 Other income 13,334 13,590 12,610 13,119 Amortization of other intangible assets 863 871 869 913 Acquisition-related expenses — — — 341 Total non-interest expense less amortization of other intangible assets and acquisition-related expenses 26,468 25,809 25,689 26,152 Income tax expense 3,852 4,414 5,127 5,339 Net income $ 8,809 $ 9,766 $ 10,895 $ 9,001 Earnings per common share - Basic $ 0.49 $ 0.54 $ 0.60 $ 0.50 Earnings per common share - Diluted $ 0.48 $ 0.53 $ 0.60 $ 0.49 Weighted-average common shares outstanding - Basic 18,029,991 18,044,574 18,056,202 18,069,467 Weighted-average common shares outstanding - Diluted 18,192,957 18,203,752 18,213,533 18,240,092 2016 (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total interest income $ 28,443 $ 28,921 $ 28,730 $ 29,350 Total interest expense 2,676 2,613 2,607 2,683 Net interest income 25,767 26,308 26,123 26,667 Provision for loan losses 955 727 1,146 711 Net loss on asset disposals and other transactions (31 ) (769 ) (224 ) (109 ) Net gain (loss) on investment securities 96 767 (1 ) 68 Other income 13,054 12,367 13,538 12,111 Amortization of other intangible assets 1,008 1,007 1,008 1,007 System conversion expenses — 90 423 746 Total non-interest expense less amortization of other intangible and system conversion expenses 25,274 25,408 25,411 25,529 Income tax expense 3,654 3,479 3,656 3,336 Net income $ 7,995 $ 7,962 $ 7,792 $ 7,408 Earnings per common share - Basic $ 0.44 $ 0.44 $ 0.43 $ 0.41 Earnings per common share - Diluted $ 0.44 $ 0.44 $ 0.43 $ 0.41 Weighted-average common shares outstanding - Basic 18,071,746 17,980,797 17,993,443 18,009,056 Weighted-average common shares outstanding - Diluted 18,194,990 18,113,812 18,110,710 18,172,030 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||||||||||
Restricted Cash | $ 1,000,000 | $ 1,000,000 | ||||||||||
Deferred Loan Costs | 7,500,000 | $ 5,400,000 | 7,500,000 | $ 5,400,000 | ||||||||
Individual review of impairment of unpaid principal balances in excess of | 1,000,000 | 1,000,000 | ||||||||||
Annual review of loan relationships in excess of | 1,000,000 | 1,000,000 | ||||||||||
Unamortized Amount of Investments in Affordable Housing Limited Partnerships | 4,700,000 | 5,000,000 | 4,700,000 | 5,000,000 | ||||||||
Other Real Estate Owned | 208,000 | 661,000 | 208,000 | 661,000 | ||||||||
Income tax expense | $ 5,339,000 | $ 5,127,000 | $ 4,414,000 | $ 3,852,000 | $ 3,336,000 | $ 3,656,000 | $ 3,479,000 | $ 3,654,000 | $ 18,732,000 | $ 14,125,000 | $ 3,875,000 | |
Statutory tax rate at which other comprehensive income and weighted-average rate of investment securities are calculated | 21.00% | 35.00% | 21.00% | 35.00% | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 154,000 | |||||||||||
Minimum | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Estimated lives | 7 years | |||||||||||
Maximum | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Estimated lives | 10 years | |||||||||||
Equity securities | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | $ 6,400,000 | $ 6,400,000 | ||||||||||
Adjustments for New Accounting Pronouncement [Member] | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Income tax expense | 900,000 | |||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ 3,000,000 | |||||||||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 900,000 | $ 900,000 |
Fair Value of Financial Instr46
Fair Value of Financial Instruments Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | |
Assets measured on nonrecurring basis | |||||||||
Losses on impaired loans charged through allowance for loan losses | $ 1,115 | $ 1,086 | $ 947 | $ 624 | $ 711 | $ 1,146 | $ 727 | $ 955 | |
Nonrecurring Basis | |||||||||
Assets measured on nonrecurring basis | |||||||||
Losses on impaired loans charged through allowance for loan losses | $ 0 | ||||||||
Nonrecurring Basis | Significant Other Observable Inputs (Level 2) | |||||||||
Assets measured on nonrecurring basis | |||||||||
Impaired loans, aggregate outstanding principal balance | 25,700 | 25,700 | |||||||
Impaired loans, fair value | $ 20,600 | $ 20,600 |
Fair Value of Financial Instr47
Fair Value of Financial Instruments Recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments | ||
Total held-to-maturity securities | $ 41,213 | $ 43,227 |
Total available-for-sale securities | 795,187 | 777,940 |
Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 795,187 | 777,940 |
U.S. government sponsored agencies | ||
Investments | ||
Total available-for-sale securities | 1,000 | |
U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 1,000 | |
States and political subdivisions | ||
Investments | ||
Total held-to-maturity securities | 4,417 | 4,041 |
Total available-for-sale securities | 101,569 | 117,230 |
States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 101,569 | 117,230 |
Residential mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 32,227 | 33,762 |
Total available-for-sale securities | 673,664 | 626,567 |
Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 673,664 | 626,567 |
Commercial mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 4,569 | 5,424 |
Total available-for-sale securities | 6,976 | 19,291 |
Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 6,976 | 19,291 |
Bank-issued trust preferred securities | ||
Investments | ||
Total available-for-sale securities | 5,129 | 4,899 |
Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 5,129 | 4,899 |
Equity securities | ||
Investments | ||
Total available-for-sale securities | 7,849 | 8,953 |
Equity securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 7,849 | 8,953 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 7,694 | 8,734 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 7,694 | 8,734 |
Significant Other Observable Inputs (Level 2) | ||
Investments | ||
Total held-to-maturity securities | 41,213 | 43,227 |
Significant Other Observable Inputs (Level 2) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 787,493 | 769,206 |
Significant Other Observable Inputs (Level 2) | U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 1,000 | |
Significant Other Observable Inputs (Level 2) | States and political subdivisions | ||
Investments | ||
Total held-to-maturity securities | 4,417 | 4,041 |
Significant Other Observable Inputs (Level 2) | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 101,569 | 117,230 |
Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 32,227 | 33,762 |
Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 673,664 | 626,567 |
Significant Other Observable Inputs (Level 2) | Commercial mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 4,569 | 5,424 |
Significant Other Observable Inputs (Level 2) | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 6,976 | 19,291 |
Significant Other Observable Inputs (Level 2) | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 5,129 | 4,899 |
Significant Other Observable Inputs (Level 2) | Equity securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 155 | 219 |
Significant Unobservable Inputs (Level 3) | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | |
Significant Unobservable Inputs (Level 3) | States and political subdivisions | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Equity securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | $ 0 | $ 0 |
Fair Value of Financial Instr48
Fair Value of Financial Instruments (Fair Values of Financial Assets and Liabilities on Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Bank owned life insurance | $ 62,176 | $ 60,225 |
Financial liabilities: | ||
Cash flow hedges (2) | 1,354 | 1,779 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 72,194 | 66,146 |
Investment securities | 874,486 | 859,455 |
Loans (1) | 2,340,854 | 2,210,529 |
Financial liabilities: | ||
Deposits | 2,730,330 | 2,509,722 |
Short-term borrowings | 209,491 | 305,607 |
Long-term borrowings | 144,019 | 145,155 |
Portion at Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 72,194 | 66,146 |
Investment securities | 874,771 | 859,538 |
Loans (1) | 2,276,704 | 2,152,544 |
Servicing rights | 2,305 | 2,305 |
Financial liabilities: | ||
Deposits | 2,730,071 | 2,512,647 |
Short-term borrowings | 209,628 | 305,607 |
Long-term borrowings | $ 142,108 | $ 145,106 |
Investment Securities Available
Investment Securities Available-for-sale Securities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 797,732,000 | $ 777,017,000 |
Gross Unrealized Gains | 11,040,000 | 12,695,000 |
Gross Unrealized Losses | (13,585,000) | (11,772,000) |
Fair Value | 795,187,000 | 777,940,000 |
Securities of a single issuer, other than US Treasury, government agencies and US government sponsored agencies exceeding 10% of Stockholders' Equity | 0 | |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,000,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 1,000,000 | |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 100,039,000 | 115,657,000 |
Gross Unrealized Gains | 1,786,000 | 1,836,000 |
Gross Unrealized Losses | (256,000) | (263,000) |
Fair Value | 101,569,000 | 117,230,000 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 684,100,000 | 633,802,000 |
Gross Unrealized Gains | 2,582,000 | 3,758,000 |
Gross Unrealized Losses | (13,018,000) | (10,993,000) |
Fair Value | 673,664,000 | 626,567,000 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 7,004,000 | 19,337,000 |
Gross Unrealized Gains | 11,000 | 41,000 |
Gross Unrealized Losses | (39,000) | (87,000) |
Fair Value | 6,976,000 | 19,291,000 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 5,195,000 | 5,169,000 |
Gross Unrealized Gains | 141,000 | 91,000 |
Gross Unrealized Losses | (207,000) | (361,000) |
Fair Value | 5,129,000 | 4,899,000 |
Equity securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,394,000 | 2,052,000 |
Gross Unrealized Gains | 6,520,000 | 6,969,000 |
Gross Unrealized Losses | (65,000) | (68,000) |
Fair Value | $ 7,849,000 | $ 8,953,000 |
Investment Securities Availab50
Investment Securities Available-for-sale gross gains and losses realized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gross gains and gross losses realized from sales of available-for-sale securities: | |||
Gross gains realized | $ 2,999 | $ 933 | $ 795 |
Gross losses realized | 16 | 3 | 66 |
Net gain realized | $ 2,983 | $ 930 | $ 729 |
Investment Securities Availab51
Investment Securities Available-for-sale Securities with Unrealized Losses (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)securities | Dec. 31, 2016USD ($)securities | |
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | $ 294,746,000 | $ 458,622,000 |
Unrealized loss less than 12 months | $ 3,575,000 | $ 8,848,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 97 | 141 |
Fair value of securities in unrealized loss more than 12 months | $ 301,298,000 | $ 49,378,000 |
Unrealized loss more than 12 months | $ 10,010,000 | $ 2,924,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 94 | 26 |
Fair value of securities in unrealized loss | $ 596,044,000 | $ 508,000,000 |
Unrealized loss | 13,585,000 | 11,772,000 |
Other-than-temporary impairments | $ 0 | |
Mortgage-backed securities issued by US Government sponsored agencies | ||
Available-for-sale securities that had an unrealized loss: | ||
Percentage of mortgage-backed securities in unrealized loss position for less than 12 months | 99.00% | |
Mortgage-backed securities privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
Number of securities at an unrealized loss position less than 12 months | securities | 4 | |
Percentage of mortgage-backed securities in unrealized loss position for less than 12 months | 1.00% | |
Fair value within book value | 90.00% | |
States and political subdivisions | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | $ 16,985,000 | 23,501,000 |
Unrealized loss less than 12 months | $ 89,000 | $ 263,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 18 | 28 |
Fair value of securities in unrealized loss more than 12 months | $ 5,308,000 | $ 0 |
Unrealized loss more than 12 months | $ 167,000 | $ 0 |
Number of securities at an unrealized loss position more than 12 months | securities | 1 | 0 |
Fair value of securities in unrealized loss | $ 22,293,000 | $ 23,501,000 |
Unrealized loss | 256,000 | 263,000 |
Residential mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 274,998,000 | 427,088,000 |
Unrealized loss less than 12 months | $ 3,462,000 | $ 8,495,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 77 | 108 |
Fair value of securities in unrealized loss more than 12 months | $ 291,812,000 | $ 46,631,000 |
Unrealized loss more than 12 months | $ 9,556,000 | $ 2,498,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 88 | 22 |
Fair value of securities in unrealized loss | $ 566,810,000 | $ 473,719,000 |
Unrealized loss | 13,018,000 | 10,993,000 |
Commercial mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 2,487,000 | 7,770,000 |
Unrealized loss less than 12 months | $ 23,000 | $ 87,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 1 | 4 |
Fair value of securities in unrealized loss more than 12 months | $ 1,274,000 | $ 0 |
Unrealized loss more than 12 months | $ 16,000 | $ 0 |
Number of securities at an unrealized loss position more than 12 months | securities | 1 | 0 |
Fair value of securities in unrealized loss | $ 3,761,000 | $ 7,770,000 |
Unrealized loss | 39,000 | 87,000 |
Bank-issued trust preferred securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | 0 |
Unrealized loss less than 12 months | $ 0 | $ 0 |
Number of securities at an unrealized loss position less than 12 months | securities | 0 | 0 |
Fair value of securities in unrealized loss more than 12 months | $ 2,792,000 | $ 2,637,000 |
Unrealized loss more than 12 months | $ 207,000 | $ 361,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 3 | 3 |
Fair value of securities in unrealized loss | $ 2,792,000 | $ 2,637,000 |
Unrealized loss | $ 207,000 | 361,000 |
Number of available-for-sale securities in unrealized loss position | securities | 3 | |
Equity securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | $ 276,000 | 263,000 |
Unrealized loss less than 12 months | $ 1,000 | $ 3,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 1 | 1 |
Fair value of securities in unrealized loss more than 12 months | $ 112,000 | $ 110,000 |
Unrealized loss more than 12 months | $ 64,000 | $ 65,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 1 | 1 |
Fair value of securities in unrealized loss | $ 388,000 | $ 373,000 |
Unrealized loss | 65,000 | $ 68,000 |
Fair Value Less Than 90 Percent of Book Value | Mortgage-backed securities privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss more than 12 months | 400,000 | |
Mortgage-backed securities in unrealized loss position for less than 12 months, aggregate book value | $ 600,000 |
Investment Securities Availab52
Investment Securities Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing within 1 year | $ 1,440 | |
Amortized cost of securities maturing in 1-5 years | 30,138 | |
Amortized cost of securities maturing in 5-10 years | 77,223 | |
Total amortized cost of securities maturing in over 10 years | 687,537 | |
Amortized Cost | 797,732 | $ 777,017 |
Fair value of securities maturing within 1 year | 1,440 | |
Fair value of securities maturing in 1-5 years | 30,040 | |
Fair value of securities maturing in 5-10 years | 77,350 | |
Total fair value of securities maturing in over 10 years | 678,508 | |
Fair Value | $ 795,187 | 777,940 |
Average yield of securities maturing within 1 year | 3.63% | |
Average yield of securities maturing in 1-5 years | 2.44% | |
Average yield of securities maturing in 5-10 years | 3.22% | |
Average yield of securities maturing in over 10 years | 2.69% | |
Total average yield | 2.75% | |
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 | ||
Amortized cost of securities maturing within 1 year | $ 995 | |
Amortized cost of securities maturing in 1-5 years | 10,453 | |
Amortized cost of securities maturing in 5-10 years | 31,525 | |
Amortized cost of securities maturing in over 10 years | 57,066 | |
Total amortized cost | 100,039 | |
Amortized Cost | 100,039 | 115,657 |
Fair value of securities maturing within 1 year | 1,004 | |
Fair value of securities maturing in 1-5 years | 10,478 | |
Fair value of securities maturing in 5-10 years | 31,825 | |
Fair value of securities maturing in over 10 years | 58,262 | |
Total fair value | 101,569 | |
Fair Value | 101,569 | 117,230 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing within 1 year | 445 | |
Amortized cost of securities maturing in 1-5 years | 13,971 | |
Amortized cost of securities maturing in 5-10 years | 43,502 | |
Amortized cost of securities maturing in over 10 years | 626,182 | |
Total amortized cost | 684,100 | |
Amortized Cost | 684,100 | 633,802 |
Fair value of securities maturing within 1 year | 436 | |
Fair value of securities maturing in 1-5 years | 13,860 | |
Fair value of securities maturing in 5-10 years | 43,188 | |
Fair value of securities maturing in over 10 years | 616,180 | |
Total fair value | 673,664 | |
Fair Value | 673,664 | 626,567 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing within 1 year | 0 | |
Amortized cost of securities maturing in 1-5 years | 5,714 | |
Amortized cost of securities maturing in 5-10 years | 0 | |
Amortized cost of securities maturing in over 10 years | 1,290 | |
Total amortized cost | 7,004 | |
Amortized Cost | 7,004 | 19,337 |
Fair value of securities maturing within 1 year | 0 | |
Fair value of securities maturing in 1-5 years | 5,702 | |
Fair value of securities maturing in 5-10 years | 0 | |
Fair value of securities maturing in over 10 years | 1,274 | |
Total fair value | 6,976 | |
Fair Value | 6,976 | 19,291 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing in 5-10 years | 2,196 | |
Amortized cost of other securities maturing in over 10 years | 2,999 | |
Amortized cost of other securities | 5,195 | |
Amortized Cost | 5,195 | 5,169 |
Fair value of securities maturing in 5-10 years | 2,337 | |
Fair value of other securities maturing in over 10 years | 2,792 | |
Fair value of other securities | 5,129 | |
Fair Value | 5,129 | 4,899 |
Equity securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of other securities | 1,394 | |
Amortized Cost | 1,394 | 2,052 |
Fair value of other securities | 7,849 | |
Fair Value | $ 7,849 | $ 8,953 |
Investment Securities Held-to-m
Investment Securities Held-to-maturity Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Held-to-maturity Securities | |||
Amortized Cost | $ 40,928,000 | $ 43,144,000 | |
Gross Unrealized Gains | 876,000 | 653,000 | |
Gross Unrealized Losses | 591,000 | 570,000 | |
Fair Value | 41,213,000 | 43,227,000 | |
Gross realized gains or losses | 0 | 0 | $ 0 |
States and political subdivisions | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 3,810,000 | 3,820,000 | |
Gross Unrealized Gains | 607,000 | 221,000 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 4,417,000 | 4,041,000 | |
Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 32,487,000 | 33,858,000 | |
Gross Unrealized Gains | 269,000 | 432,000 | |
Gross Unrealized Losses | 529,000 | 528,000 | |
Fair Value | 32,227,000 | 33,762,000 | |
Commercial mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 4,631,000 | 5,466,000 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 62,000 | 42,000 | |
Fair Value | $ 4,569,000 | $ 5,424,000 |
Investment Securities Held-to54
Investment Securities Held-to-maturity Securities with Unrealized Loss (Details) $ in Thousands | Dec. 31, 2017USD ($)securities | Dec. 31, 2016USD ($)securities |
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | $ 1,476 | $ 17,563 |
Unrealized loss less than 12 months | $ 4 | $ 518 |
Number of securities at an unrealized loss position less than 12 months | securities | 2 | 4 |
Fair value of securities in unrealized loss more than 12 months | $ 16,667 | $ 963 |
Unrealized loss more than 12 months | $ 587 | $ 52 |
Number of securities at an unrealized loss position more than 12 months | securities | 4 | 1 |
Total fair value | $ 18,143 | $ 18,526 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 591 | 570 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | 1,476 | 12,139 |
Unrealized loss less than 12 months | $ 4 | $ 476 |
Number of securities at an unrealized loss position less than 12 months | securities | 2 | 3 |
Fair value of securities in unrealized loss more than 12 months | $ 12,098 | $ 963 |
Unrealized loss more than 12 months | $ 525 | $ 52 |
Number of securities at an unrealized loss position more than 12 months | securities | 3 | 1 |
Total fair value | $ 13,574 | $ 13,102 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 529 | 528 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | 5,424 |
Unrealized loss less than 12 months | $ 0 | $ 42 |
Number of securities at an unrealized loss position less than 12 months | securities | 0 | 1 |
Fair value of securities in unrealized loss more than 12 months | $ 4,569 | $ 0 |
Unrealized loss more than 12 months | $ 62 | $ 0 |
Number of securities at an unrealized loss position more than 12 months | securities | 1 | 0 |
Total fair value | $ 4,569 | $ 5,424 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | $ 62 | $ 42 |
Investment Securities Held-to55
Investment Securities Held-to-maturity Securities by Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities | ||
Statutory tax rate at which other comprehensive income and weighted-average rate of investment securities are calculated | 21.00% | 35.00% |
Amortized cost of securities maturing within 1 year | $ 0 | |
Amortized cost of securities maturing in 1-5 years | 757 | |
Amortized cost of securities maturing in 5-10 years | 9,338 | |
Amortized cost of securities maturing in over 10 years | 30,833 | |
Amortized Cost | 40,928 | $ 43,144 |
Fair value of securities maturing within 1 year | 0 | |
Fair value of securities maturing in 1-5 years | 756 | |
Fair value of securities maturing in 5-10 years | 10,007 | |
Fair value of securities maturing in over 10 years | 30,450 | |
Fair Value | $ 41,213 | 43,227 |
Average yield of securities maturing within 1 year | 0.00% | |
Average yield of securities maturing in 1-5 years | 2.64% | |
Average yield of securities maturing in 5-10 years | 2.47% | |
Average yield of securities maturing in over 10 years | 2.88% | |
Total average yield | 2.79% | |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities | ||
Amortized cost of securities maturing within 1 year | $ 0 | |
Amortized cost of securities maturing in 1-5 years | 313 | |
Amortized cost of securities maturing in 5-10 years | 2,980 | |
Amortized cost of securities maturing in over 10 years | 517 | |
Amortized Cost | 3,810 | 3,820 |
Fair value of securities maturing within 1 year | 0 | |
Fair value of securities maturing in 1-5 years | 314 | |
Fair value of securities maturing in 5-10 years | 3,570 | |
Fair value of securities maturing in over 10 years | 533 | |
Fair Value | 4,417 | 4,041 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities | ||
Amortized cost of securities maturing within 1 year | 0 | |
Amortized cost of securities maturing in 1-5 years | 444 | |
Amortized cost of securities maturing in 5-10 years | 6,358 | |
Amortized cost of securities maturing in over 10 years | 25,685 | |
Amortized Cost | 32,487 | 33,858 |
Fair value of securities maturing within 1 year | 0 | |
Fair value of securities maturing in 1-5 years | 442 | |
Fair value of securities maturing in 5-10 years | 6,437 | |
Fair value of securities maturing in over 10 years | 25,348 | |
Fair Value | 32,227 | 33,762 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities | ||
Amortized cost of securities maturing within 1 year | 0 | |
Amortized cost of securities maturing in 1-5 years | 0 | |
Amortized cost of securities maturing in 5-10 years | 0 | |
Amortized cost of securities maturing in over 10 years | 4,631 | |
Amortized Cost | 4,631 | 5,466 |
Fair value of securities maturing within 1 year | 0 | |
Fair value of securities maturing in 1-5 years | 0 | |
Fair value of securities maturing in 5-10 years | 0 | |
Fair value of securities maturing in over 10 years | 4,569 | |
Fair Value | $ 4,569 | $ 5,424 |
Investment Securities Pledged S
Investment Securities Pledged Securities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Investments [Abstract] | ||
Carrying value of available-for-sale securities pledged to secure public and trust department deposits and repurchase agreements | $ 522.7 | $ 517.9 |
Carrying value of held-to-maturity securities pledged to secure public and trust department deposits and repurchase agreements | 18.3 | 20 |
Carrying value of available-for-sale securities pledged to secure additional borrowing capacity at FHLB and FRB | 6.7 | 9.2 |
Carrying value of held-to-maturity securities pledged to secure additional borrowing capacity at FHLB and FRB | $ 19.9 | $ 22.2 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loans | ||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 6.00% | 7.00% |
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 132,200,000 | $ 152,500,000 |
Additional commitments to lend funds to debtors whose terms have been modified in a TDR | 0 | |
Residential real estate | ||
Loans | ||
Pledged commercial and residential loans to secure borrowings from FHLB and FRB | 487,200,000 | 542,500,000 |
Commerical Loans | ||
Loans | ||
Pledged commercial and residential loans to secure borrowings from FHLB and FRB | $ 74,000,000 | $ 152,000,000 |
Commercial Real Estate [Member] | ||
Loans | ||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 8.00% | |
Consumer, other | ||
Loans | ||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 7.00% | |
Consumer, indirect | ||
Loans | ||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 35.00% | 51.00% |
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 87,900,000 | $ 85,700,000 |
Commerical Loans | ||
Loans | ||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 8.00% | 20.00% |
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 95,500,000 | $ 70,600,000 |
Loans Loan Balances By Classifi
Loans Loan Balances By Classification (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans | ||
Balance | $ 2,357,137 | $ 2,224,936 |
Loan Type | ||
Loans | ||
Balance | 2,357,137 | 2,224,936 |
Originated Loan | Loan Type | ||
Loans | ||
Balance | 1,942,290 | 1,708,104 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
Balance | 107,118 | 84,626 |
Originated Loan | Commercial real estate | ||
Loans | ||
Balance | 702,565 | 616,183 |
Originated Loan | Commercial and industrial | ||
Loans | ||
Balance | 438,051 | 378,131 |
Originated Loan | Residential real estate | ||
Loans | ||
Balance | 304,523 | 307,490 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
Balance | 88,902 | 85,617 |
Originated Loan | Consumer, indirect | ||
Loans | ||
Balance | 340,390 | 252,024 |
Originated Loan | Consumer, other | ||
Loans | ||
Balance | 67,010 | 67,579 |
Originated Loan | Consumer, other | ||
Loans | ||
Balance | 407,400 | 319,603 |
Originated Loan | Deposit account overdrafts | ||
Loans | ||
Balance | 849 | 1,080 |
Acquired Loans | Loan Type | ||
Loans | ||
Balance | 414,847 | 516,832 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Balance | 8,319 | 10,100 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Balance | 173,439 | 214,566 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Balance | 34,493 | 44,208 |
Acquired Loans | Residential real estate | ||
Loans | ||
Balance | 184,864 | 228,435 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Balance | 20,575 | 25,875 |
Acquired Loans | Consumer, indirect | ||
Loans | ||
Balance | 329 | 808 |
Acquired Loans | Consumer, other | ||
Loans | ||
Balance | 1,147 | 2,940 |
Acquired Loans | Consumer, other | ||
Loans | ||
Balance | 1,476 | $ 3,748 |
Acquired Loans | Deposit account overdrafts | ||
Loans | ||
Balance | $ 0 |
Loans Purchased credit impaired
Loans Purchased credit impaired loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Purchased credit impaired loans | ||
Carrying Amount | $ 19,564 | $ 26,524 |
Loan Type | ||
Purchased credit impaired loans | ||
Outstanding Balance | 28,449 | 36,431 |
Commercial real estate, other | ||
Purchased credit impaired loans | ||
Outstanding Balance | 8,117 | 11,476 |
Commercial and industrial | ||
Purchased credit impaired loans | ||
Outstanding Balance | 767 | 1,573 |
Residential real estate | ||
Purchased credit impaired loans | ||
Outstanding Balance | 19,532 | 23,306 |
Consumer, other | ||
Purchased credit impaired loans | ||
Outstanding Balance | $ 33 | $ 76 |
Loans Accretable Yield Rollforw
Loans Accretable Yield Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loans | ||
Accretable Yield | $ 6,704 | $ 7,132 |
Reclassification from nonaccretable to accretable | 1,285 | |
Accretion | $ (1,713) |
Loans Related Party Loans (Deta
Loans Related Party Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Loans | |
Loans and Leases Receivable, Related Parties | $ 17,187 |
Loans and Leases Receivable, Related Parties, Additions | 8,855 |
Proceeds from (Repayments of) Related Party Debt | (9,202) |
Other related party changes | (1,738) |
Loans and Leases Receivable, Related Parties | $ 15,102 |
Loans Nonaccrual and Past Due L
Loans Nonaccrual and Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans | ||
Nonaccrual Loans | $ 15,692 | $ 21,325 |
Accruing Loans 90 Days Past Due | 1,626 | 3,771 |
Originated Loan | ||
Loans | ||
Nonaccrual Loans | 12,761 | 16,774 |
Accruing Loans 90 Days Past Due | 614 | 193 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
Nonaccrual Loans | 754 | 826 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Commercial real estate, other | ||
Loans | ||
Nonaccrual Loans | 6,877 | 9,934 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Commercial real estate | ||
Loans | ||
Nonaccrual Loans | 7,631 | 10,760 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Commercial and industrial | ||
Loans | ||
Nonaccrual Loans | 739 | 1,712 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Residential real estate | ||
Loans | ||
Nonaccrual Loans | 3,546 | 3,778 |
Accruing Loans 90 Days Past Due | 548 | 183 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
Nonaccrual Loans | 550 | 383 |
Accruing Loans 90 Days Past Due | 50 | 0 |
Originated Loan | Consumer, indirect | ||
Loans | ||
Nonaccrual Loans | 256 | 130 |
Accruing Loans 90 Days Past Due | 0 | 10 |
Originated Loan | Consumer, other | ||
Loans | ||
Nonaccrual Loans | 39 | 11 |
Accruing Loans 90 Days Past Due | 16 | 0 |
Originated Loan | Consumer, other | ||
Loans | ||
Nonaccrual Loans | 295 | 141 |
Accruing Loans 90 Days Past Due | 16 | 10 |
Acquired Loans | ||
Loans | ||
Nonaccrual Loans | 2,931 | 4,551 |
Accruing Loans 90 Days Past Due | 1,012 | 3,578 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Nonaccrual Loans | 192 | 1,609 |
Accruing Loans 90 Days Past Due | 215 | 1,506 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Nonaccrual Loans | 259 | 390 |
Accruing Loans 90 Days Past Due | 45 | 387 |
Acquired Loans | Residential real estate | ||
Loans | ||
Nonaccrual Loans | 2,168 | 2,317 |
Accruing Loans 90 Days Past Due | 730 | 1,672 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Nonaccrual Loans | 312 | 231 |
Accruing Loans 90 Days Past Due | 22 | 0 |
Acquired Loans | Consumer, indirect | ||
Loans | ||
Nonaccrual Loans | 0 | 0 |
Accruing Loans 90 Days Past Due | 0 | 13 |
Acquired Loans | Consumer, other | ||
Loans | ||
Nonaccrual Loans | 0 | 4 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Acquired Loans | Consumer, other | ||
Loans | ||
Nonaccrual Loans | 0 | 4 |
Accruing Loans 90 Days Past Due | $ 0 | $ 13 |
Loans Aging Of The Recorded Inv
Loans Aging Of The Recorded Investment In Past Due Loans And Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans | ||
Loans, net of deferred fees and costs | $ 2,357,137 | $ 2,224,936 |
Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 32,916 | 45,445 |
Current Loans | 2,324,221 | 2,179,491 |
Loans, net of deferred fees and costs | 2,357,137 | 2,224,936 |
Originated Loan | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 22,301 | 28,871 |
Current Loans | 1,919,989 | 1,679,233 |
Loans, net of deferred fees and costs | 1,942,290 | 1,708,104 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 826 |
Current Loans | 107,118 | 83,800 |
Loans, net of deferred fees and costs | 107,118 | 84,626 |
Originated Loan | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 7,482 | 10,950 |
Current Loans | 587,965 | 520,607 |
Loans, net of deferred fees and costs | 595,447 | 531,557 |
Originated Loan | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 7,482 | 11,776 |
Current Loans | 695,083 | 604,407 |
Loans, net of deferred fees and costs | 702,565 | 616,183 |
Originated Loan | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,221 | 3,470 |
Current Loans | 435,830 | 374,661 |
Loans, net of deferred fees and costs | 438,051 | 378,131 |
Originated Loan | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 8,204 | 10,202 |
Current Loans | 296,319 | 297,288 |
Loans, net of deferred fees and costs | 304,523 | 307,490 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 977 | 609 |
Current Loans | 87,925 | 85,008 |
Loans, net of deferred fees and costs | 88,902 | 85,617 |
Originated Loan | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,906 | 2,430 |
Current Loans | 337,484 | 249,594 |
Loans, net of deferred fees and costs | 340,390 | 252,024 |
Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 511 | 384 |
Current Loans | 66,499 | 67,195 |
Loans, net of deferred fees and costs | 67,010 | 67,579 |
Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 3,417 | 2,814 |
Current Loans | 403,983 | 316,789 |
Loans, net of deferred fees and costs | 407,400 | 319,603 |
Originated Loan | Deposit account overdrafts | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Current Loans | 849 | 1,080 |
Loans, net of deferred fees and costs | 849 | 1,080 |
Acquired Loans | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 10,615 | 16,574 |
Current Loans | 404,232 | 500,258 |
Loans, net of deferred fees and costs | 414,847 | 516,832 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 40 |
Current Loans | 8,319 | 10,060 |
Loans, net of deferred fees and costs | 8,319 | 10,100 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,035 | 3,699 |
Current Loans | 163,085 | 200,767 |
Loans, net of deferred fees and costs | 165,120 | 204,466 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,035 | 3,739 |
Current Loans | 171,404 | 210,827 |
Loans, net of deferred fees and costs | 173,439 | 214,566 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 172 | 928 |
Current Loans | 34,321 | 43,280 |
Loans, net of deferred fees and costs | 34,493 | 44,208 |
Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 7,957 | 11,388 |
Current Loans | 176,907 | 217,047 |
Loans, net of deferred fees and costs | 184,864 | 228,435 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 427 | 451 |
Current Loans | 20,148 | 25,424 |
Loans, net of deferred fees and costs | 20,575 | 25,875 |
Acquired Loans | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 3 | 4 |
Current Loans | 326 | 804 |
Loans, net of deferred fees and costs | 329 | 808 |
Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 21 | 64 |
Current Loans | 1,126 | 2,876 |
Loans, net of deferred fees and costs | 1,147 | 2,940 |
Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 24 | 68 |
Current Loans | 1,452 | 3,680 |
Loans, net of deferred fees and costs | 1,476 | 3,748 |
Acquired Loans | Deposit account overdrafts | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | |
Current Loans | 0 | |
Loans, net of deferred fees and costs | 0 | |
30 - 59 days | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 15,617 | 20,304 |
30 - 59 days | Originated Loan | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 10,047 | 12,755 |
30 - 59 days | Originated Loan | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
30 - 59 days | Originated Loan | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 990 | 1,420 |
30 - 59 days | Originated Loan | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 990 | 1,420 |
30 - 59 days | Originated Loan | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,423 | 1,305 |
30 - 59 days | Originated Loan | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 4,562 | 7,288 |
30 - 59 days | Originated Loan | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 502 | 316 |
30 - 59 days | Originated Loan | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,153 | 2,080 |
30 - 59 days | Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 417 | 346 |
30 - 59 days | Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,570 | 2,426 |
30 - 59 days | Originated Loan | Deposit account overdrafts | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
30 - 59 days | Acquired Loans | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 5,570 | 7,549 |
30 - 59 days | Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
30 - 59 days | Acquired Loans | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 775 | 1,220 |
30 - 59 days | Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 775 | 1,220 |
30 - 59 days | Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 148 |
30 - 59 days | Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 4,656 | 5,918 |
30 - 59 days | Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 126 | 208 |
30 - 59 days | Acquired Loans | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 3 | 4 |
30 - 59 days | Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 10 | 51 |
30 - 59 days | Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 13 | 55 |
60 - 89 days | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 4,451 | 5,072 |
60 - 89 days | Originated Loan | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,100 | 2,300 |
60 - 89 days | Originated Loan | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
60 - 89 days | Originated Loan | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 225 |
60 - 89 days | Originated Loan | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 225 |
60 - 89 days | Originated Loan | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 92 | 700 |
60 - 89 days | Originated Loan | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,234 | 1,019 |
60 - 89 days | Originated Loan | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 80 | 45 |
60 - 89 days | Originated Loan | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 648 | 273 |
60 - 89 days | Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 46 | 38 |
60 - 89 days | Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 694 | 311 |
60 - 89 days | Originated Loan | Deposit account overdrafts | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
60 - 89 days | Acquired Loans | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,351 | 2,772 |
60 - 89 days | Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
60 - 89 days | Acquired Loans | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 948 | 208 |
60 - 89 days | Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 948 | 208 |
60 - 89 days | Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1 | 3 |
60 - 89 days | Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,391 | 2,496 |
60 - 89 days | Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 65 |
60 - 89 days | Acquired Loans | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
60 - 89 days | Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 11 | 0 |
60 - 89 days | Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 11 | 0 |
90 Days | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 12,848 | 20,069 |
90 Days | Originated Loan | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 10,154 | 13,816 |
90 Days | Originated Loan | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 826 |
90 Days | Originated Loan | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 6,492 | 9,305 |
90 Days | Originated Loan | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 6,492 | 10,131 |
90 Days | Originated Loan | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 706 | 1,465 |
90 Days | Originated Loan | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,408 | 1,895 |
90 Days | Originated Loan | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 395 | 248 |
90 Days | Originated Loan | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 105 | 77 |
90 Days | Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 48 | 0 |
90 Days | Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 153 | 77 |
90 Days | Originated Loan | Deposit account overdrafts | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
90 Days | Acquired Loans | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,694 | 6,253 |
90 Days | Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 40 |
90 Days | Acquired Loans | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 312 | 2,271 |
90 Days | Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 312 | 2,311 |
90 Days | Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 171 | 777 |
90 Days | Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,910 | 2,974 |
90 Days | Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 301 | 178 |
90 Days | Acquired Loans | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
90 Days | Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 13 |
90 Days | Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 13 |
Loans Loans By Risk Category (D
Loans Loans By Risk Category (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans | ||
Total Loans | $ 2,338,344 | $ 2,206,507 |
Balance | 2,357,137 | 2,224,936 |
Loan Type | ||
Loans | ||
Balance | 2,357,137 | 2,224,936 |
Pass Rated | Loan Type | ||
Loans | ||
Balance | 1,303,122 | 1,225,221 |
Special Mention | Loan Type | ||
Loans | ||
Balance | 44,038 | 41,446 |
Substandard | Loan Type | ||
Loans | ||
Balance | 46,164 | 57,238 |
Doubtful | Loan Type | ||
Loans | ||
Balance | 216 | 498 |
Not Rated | Loan Type | ||
Loans | ||
Balance | 963,597 | 900,533 |
Originated Loan | Loan Type | ||
Loans | ||
Balance | 1,942,290 | 1,708,104 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
Balance | 107,118 | 84,626 |
Originated Loan | Commercial real estate, other | ||
Loans | ||
Balance | 595,447 | 531,557 |
Originated Loan | Commercial real estate | ||
Loans | ||
Balance | 702,565 | 616,183 |
Originated Loan | Commercial and industrial | ||
Loans | ||
Balance | 438,051 | 378,131 |
Originated Loan | Residential real estate | ||
Loans | ||
Balance | 304,523 | 307,490 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
Balance | 88,902 | 85,617 |
Originated Loan | Consumer, indirect | ||
Loans | ||
Balance | 340,390 | 252,024 |
Originated Loan | Consumer, other | ||
Loans | ||
Balance | 67,010 | 67,579 |
Originated Loan | Consumer, other | ||
Loans | ||
Balance | 407,400 | 319,603 |
Originated Loan | Deposit account overdrafts | ||
Loans | ||
Balance | 849 | 1,080 |
Originated Loan | Pass Rated | Loan Type | ||
Loans | ||
Balance | 1,100,644 | 973,109 |
Originated Loan | Pass Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 100,409 | 73,423 |
Originated Loan | Pass Rated | Commercial real estate, other | ||
Loans | ||
Balance | 561,320 | 505,029 |
Originated Loan | Pass Rated | Commercial real estate | ||
Loans | ||
Balance | 661,729 | 578,452 |
Originated Loan | Pass Rated | Commercial and industrial | ||
Loans | ||
Balance | 420,477 | 346,791 |
Originated Loan | Pass Rated | Residential real estate | ||
Loans | ||
Balance | 17,896 | 47,336 |
Originated Loan | Pass Rated | Home equity lines of credit | ||
Loans | ||
Balance | 454 | 465 |
Originated Loan | Pass Rated | Consumer, indirect | ||
Loans | ||
Balance | 55 | 50 |
Originated Loan | Pass Rated | Consumer, other | ||
Loans | ||
Balance | 33 | 15 |
Originated Loan | Pass Rated | Consumer, other | ||
Loans | ||
Balance | 88 | 65 |
Originated Loan | Pass Rated | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Special Mention | Loan Type | ||
Loans | ||
Balance | 36,761 | 28,035 |
Originated Loan | Special Mention | Commercial real estate, construction | ||
Loans | ||
Balance | 5,502 | 0 |
Originated Loan | Special Mention | Commercial real estate, other | ||
Loans | ||
Balance | 17,189 | 11,855 |
Originated Loan | Special Mention | Commercial real estate | ||
Loans | ||
Balance | 22,691 | 11,855 |
Originated Loan | Special Mention | Commercial and industrial | ||
Loans | ||
Balance | 13,062 | 15,210 |
Originated Loan | Special Mention | Residential real estate | ||
Loans | ||
Balance | 1,000 | 957 |
Originated Loan | Special Mention | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Special Mention | Consumer, indirect | ||
Loans | ||
Balance | 8 | 0 |
Originated Loan | Special Mention | Consumer, other | ||
Loans | ||
Balance | 0 | 13 |
Originated Loan | Special Mention | Consumer, other | ||
Loans | ||
Balance | 8 | 13 |
Originated Loan | Special Mention | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Substandard | Loan Type | ||
Loans | ||
Balance | 33,575 | 44,592 |
Originated Loan | Substandard | Commercial real estate, construction | ||
Loans | ||
Balance | 754 | 826 |
Originated Loan | Substandard | Commercial real estate, other | ||
Loans | ||
Balance | 16,938 | 14,673 |
Originated Loan | Substandard | Commercial real estate | ||
Loans | ||
Balance | 17,692 | 15,499 |
Originated Loan | Substandard | Commercial and industrial | ||
Loans | ||
Balance | 4,512 | 16,130 |
Originated Loan | Substandard | Residential real estate | ||
Loans | ||
Balance | 11,371 | 12,828 |
Originated Loan | Substandard | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 135 |
Originated Loan | Substandard | Consumer, indirect | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Substandard | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Substandard | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Substandard | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Loan Type | ||
Loans | ||
Balance | 216 | 304 |
Originated Loan | Doubtful | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Commercial real estate | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Commercial and industrial | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Residential real estate | ||
Loans | ||
Balance | 216 | 304 |
Originated Loan | Doubtful | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Consumer, indirect | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Not Rated | Loan Type | ||
Loans | ||
Balance | 771,094 | 662,064 |
Originated Loan | Not Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 453 | 10,377 |
Originated Loan | Not Rated | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Not Rated | Commercial real estate | ||
Loans | ||
Balance | 453 | 10,377 |
Originated Loan | Not Rated | Commercial and industrial | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Not Rated | Residential real estate | ||
Loans | ||
Balance | 274,040 | 246,065 |
Originated Loan | Not Rated | Home equity lines of credit | ||
Loans | ||
Balance | 88,448 | 85,017 |
Originated Loan | Not Rated | Consumer, indirect | ||
Loans | ||
Balance | 340,327 | 251,996 |
Originated Loan | Not Rated | Consumer, other | ||
Loans | ||
Balance | 66,977 | 67,529 |
Originated Loan | Not Rated | Consumer, other | ||
Loans | ||
Balance | 407,304 | 319,525 |
Originated Loan | Not Rated | Deposit account overdrafts | ||
Loans | ||
Balance | 849 | 1,080 |
Acquired Loans | Loan Type | ||
Loans | ||
Balance | 414,847 | 516,832 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Balance | 8,319 | 10,100 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Balance | 165,120 | 204,466 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Balance | 173,439 | 214,566 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Balance | 34,493 | 44,208 |
Acquired Loans | Residential real estate | ||
Loans | ||
Balance | 184,864 | 228,435 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Balance | 20,575 | 25,875 |
Acquired Loans | Consumer, indirect | ||
Loans | ||
Balance | 329 | 808 |
Acquired Loans | Consumer, other | ||
Loans | ||
Balance | 1,147 | 2,940 |
Acquired Loans | Consumer, other | ||
Loans | ||
Balance | 1,476 | 3,748 |
Acquired Loans | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | |
Acquired Loans | Pass Rated | Loan Type | ||
Loans | ||
Balance | 202,478 | 252,112 |
Acquired Loans | Pass Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 8,267 | 10,046 |
Acquired Loans | Pass Rated | Commercial real estate, other | ||
Loans | ||
Balance | 149,486 | 181,781 |
Acquired Loans | Pass Rated | Commercial real estate | ||
Loans | ||
Balance | 157,753 | 191,827 |
Acquired Loans | Pass Rated | Commercial and industrial | ||
Loans | ||
Balance | 32,011 | 42,809 |
Acquired Loans | Pass Rated | Residential real estate | ||
Loans | ||
Balance | 12,543 | 17,170 |
Acquired Loans | Pass Rated | Home equity lines of credit | ||
Loans | ||
Balance | 124 | 202 |
Acquired Loans | Pass Rated | Consumer, indirect | ||
Loans | ||
Balance | 12 | 51 |
Acquired Loans | Pass Rated | Consumer, other | ||
Loans | ||
Balance | 35 | 53 |
Acquired Loans | Pass Rated | Consumer, other | ||
Loans | ||
Balance | 47 | 104 |
Acquired Loans | Pass Rated | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | |
Acquired Loans | Special Mention | Loan Type | ||
Loans | ||
Balance | 7,277 | 13,411 |
Acquired Loans | Special Mention | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Special Mention | Commercial real estate, other | ||
Loans | ||
Balance | 6,527 | 12,475 |
Acquired Loans | Special Mention | Commercial real estate | ||
Loans | ||
Balance | 6,527 | 12,475 |
Acquired Loans | Special Mention | Commercial and industrial | ||
Loans | ||
Balance | 157 | 227 |
Acquired Loans | Special Mention | Residential real estate | ||
Loans | ||
Balance | 593 | 709 |
Acquired Loans | Special Mention | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Special Mention | Consumer, indirect | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Special Mention | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Special Mention | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Special Mention | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | |
Acquired Loans | Substandard | Loan Type | ||
Loans | ||
Balance | 12,589 | 12,646 |
Acquired Loans | Substandard | Commercial real estate, construction | ||
Loans | ||
Balance | 52 | 54 |
Acquired Loans | Substandard | Commercial real estate, other | ||
Loans | ||
Balance | 9,107 | 10,210 |
Acquired Loans | Substandard | Commercial real estate | ||
Loans | ||
Balance | 9,159 | 10,264 |
Acquired Loans | Substandard | Commercial and industrial | ||
Loans | ||
Balance | 2,325 | 978 |
Acquired Loans | Substandard | Residential real estate | ||
Loans | ||
Balance | 1,105 | 1,404 |
Acquired Loans | Substandard | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Consumer, indirect | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | |
Acquired Loans | Doubtful | Loan Type | ||
Loans | ||
Balance | 0 | 194 |
Acquired Loans | Doubtful | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Commercial real estate | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Commercial and industrial | ||
Loans | ||
Balance | 0 | 194 |
Acquired Loans | Doubtful | Residential real estate | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Consumer, indirect | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | |
Acquired Loans | Not Rated | Loan Type | ||
Loans | ||
Balance | 192,503 | 238,469 |
Acquired Loans | Not Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Commercial real estate | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Commercial and industrial | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Residential real estate | ||
Loans | ||
Balance | 170,623 | 209,152 |
Acquired Loans | Not Rated | Home equity lines of credit | ||
Loans | ||
Balance | 20,451 | 25,673 |
Acquired Loans | Not Rated | Consumer, indirect | ||
Loans | ||
Balance | 317 | 757 |
Acquired Loans | Not Rated | Consumer, other | ||
Loans | ||
Balance | 1,112 | 2,887 |
Acquired Loans | Not Rated | Consumer, other | ||
Loans | ||
Balance | 1,429 | $ 3,644 |
Acquired Loans | Not Rated | Deposit account overdrafts | ||
Loans | ||
Balance | $ 0 |
Loans Schedule Of Impaired Loan
Loans Schedule Of Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loan Type | ||
Impaired Loans | ||
Unpaid Principal Balance | $ 44,230 | $ 57,173 |
Recorded Investment With Allowance | 1,649 | 10,344 |
Recorded Investment Without Allowance | 39,416 | 42,751 |
Total Recorded Investment | 41,065 | 53,095 |
Related Allowance | 339 | 1,412 |
Average Recorded Investment | 41,811 | 51,455 |
Interest Income Recognized | 1,926 | 2,320 |
Commercial real estate, construction | ||
Impaired Loans | ||
Unpaid Principal Balance | 821 | 894 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 754 | 866 |
Total Recorded Investment | 754 | 866 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 788 | 913 |
Interest Income Recognized | 0 | 3 |
Commercial real estate, other | ||
Impaired Loans | ||
Unpaid Principal Balance | 14,909 | 20,029 |
Recorded Investment With Allowance | 14 | 7,474 |
Recorded Investment Without Allowance | 13,606 | 12,227 |
Total Recorded Investment | 13,620 | 19,701 |
Related Allowance | 1 | 803 |
Average Recorded Investment | 14,392 | 18,710 |
Interest Income Recognized | 503 | 700 |
Commercial real estate | ||
Impaired Loans | ||
Unpaid Principal Balance | 15,730 | 20,923 |
Recorded Investment With Allowance | 14 | 7,474 |
Recorded Investment Without Allowance | 14,360 | 13,093 |
Total Recorded Investment | 14,374 | 20,567 |
Related Allowance | 1 | 803 |
Average Recorded Investment | 15,180 | 19,623 |
Interest Income Recognized | 503 | 703 |
Commercial and industrial | ||
Impaired Loans | ||
Unpaid Principal Balance | 1,690 | 7,289 |
Recorded Investment With Allowance | 951 | 2,732 |
Recorded Investment Without Allowance | 572 | 1,003 |
Total Recorded Investment | 1,523 | 3,735 |
Related Allowance | 199 | 585 |
Average Recorded Investment | 1,668 | 3,386 |
Interest Income Recognized | 65 | 125 |
Residential real estate | ||
Impaired Loans | ||
Unpaid Principal Balance | 24,743 | 27,703 |
Recorded Investment With Allowance | 477 | 138 |
Recorded Investment Without Allowance | 22,626 | 27,393 |
Total Recorded Investment | 23,103 | 27,531 |
Related Allowance | 58 | 24 |
Average Recorded Investment | 23,195 | 27,455 |
Interest Income Recognized | 1,246 | 1,419 |
Home equity lines of credit | ||
Impaired Loans | ||
Unpaid Principal Balance | 1,707 | 908 |
Recorded Investment With Allowance | 81 | 0 |
Recorded Investment Without Allowance | 1,624 | 908 |
Total Recorded Investment | 1,705 | 908 |
Related Allowance | 18 | 0 |
Average Recorded Investment | 1,505 | 717 |
Interest Income Recognized | 85 | 44 |
Consumer, indirect | ||
Impaired Loans | ||
Unpaid Principal Balance | 273 | 220 |
Recorded Investment With Allowance | 70 | 0 |
Recorded Investment Without Allowance | 206 | 224 |
Total Recorded Investment | 276 | 224 |
Related Allowance | 26 | 0 |
Average Recorded Investment | 184 | 136 |
Interest Income Recognized | 20 | 16 |
Consumer, other | ||
Impaired Loans | ||
Unpaid Principal Balance | 87 | 130 |
Recorded Investment With Allowance | 56 | 0 |
Recorded Investment Without Allowance | 28 | 130 |
Total Recorded Investment | 84 | 130 |
Related Allowance | 37 | 0 |
Average Recorded Investment | 79 | 138 |
Interest Income Recognized | 7 | 13 |
Consumer, other | ||
Impaired Loans | ||
Unpaid Principal Balance | 360 | 350 |
Recorded Investment With Allowance | 126 | 0 |
Recorded Investment Without Allowance | 234 | 354 |
Total Recorded Investment | 360 | 354 |
Related Allowance | 63 | 0 |
Average Recorded Investment | 263 | 274 |
Interest Income Recognized | $ 27 | $ 29 |
Loans Troubled Debt Restructuri
Loans Troubled Debt Restructurings (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Additional commitments to lend funds to debtors whose terms have been modified in a TDR | $ 0 | |
Originated Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 35 | 40 |
Pre-modification recorded investment in loans modified as TDR | $ 1,231,000 | $ 1,480,000 |
Post-modification recorded investment in loans modified as TDR | 1,231,000 | 1,480,000 |
Total Recorded Investment | $ 1,134,000 | $ 1,391,000 |
Originated Loan | Commercial real estate, other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 1 | |
Pre-modification recorded investment in loans modified as TDR | $ 14,000 | |
Post-modification recorded investment in loans modified as TDR | 14,000 | |
Total Recorded Investment | $ 14,000 | |
Originated Loan | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 3 | |
Pre-modification recorded investment in loans modified as TDR | $ 109,000 | |
Post-modification recorded investment in loans modified as TDR | 109,000 | |
Total Recorded Investment | $ 107,000 | |
Originated Loan | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 4 | 7 |
Pre-modification recorded investment in loans modified as TDR | $ 210,000 | $ 836,000 |
Post-modification recorded investment in loans modified as TDR | 210,000 | 836,000 |
Total Recorded Investment | $ 149,000 | $ 750,000 |
Originated Loan | Residential real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 7 | 8 |
Pre-modification recorded investment in loans modified as TDR | $ 483,000 | $ 266,000 |
Post-modification recorded investment in loans modified as TDR | 483,000 | 266,000 |
Total Recorded Investment | $ 473,000 | $ 266,000 |
Originated Loan | Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 6 | 5 |
Pre-modification recorded investment in loans modified as TDR | $ 296,000 | $ 81,000 |
Post-modification recorded investment in loans modified as TDR | 296,000 | 81,000 |
Total Recorded Investment | $ 289,000 | $ 81,000 |
Originated Loan | Consumer, indirect | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 15 | 14 |
Pre-modification recorded investment in loans modified as TDR | $ 218,000 | $ 164,000 |
Post-modification recorded investment in loans modified as TDR | 218,000 | 164,000 |
Total Recorded Investment | $ 201,000 | $ 164,000 |
Originated Loan | Consumer, other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 2 | 3 |
Pre-modification recorded investment in loans modified as TDR | $ 10,000 | $ 24,000 |
Post-modification recorded investment in loans modified as TDR | 10,000 | 24,000 |
Total Recorded Investment | $ 8,000 | $ 23,000 |
Originated Loan | Consumer, other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 17 | 17 |
Pre-modification recorded investment in loans modified as TDR | $ 228,000 | $ 188,000 |
Post-modification recorded investment in loans modified as TDR | 228,000 | 188,000 |
Total Recorded Investment | $ 209,000 | $ 187,000 |
Acquired Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 18 | 25 |
Pre-modification recorded investment in loans modified as TDR | $ 1,060,000 | $ 1,599,000 |
Post-modification recorded investment in loans modified as TDR | 1,060,000 | 1,601,000 |
Total Recorded Investment | $ 1,012,000 | $ 1,585,000 |
Number of contracts modified as a TDR that subsequently defaulted | contract | 2 | |
Recorded investment in loans modified as a TDR that subsequently defaulted | $ 64,000 | |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | |
Acquired Loans | Commercial real estate, construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 3 | 2 |
Pre-modification recorded investment in loans modified as TDR | $ 288,000 | $ 237,000 |
Post-modification recorded investment in loans modified as TDR | 288,000 | 237,000 |
Total Recorded Investment | $ 280,000 | $ 237,000 |
Acquired Loans | Residential real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 9 | 14 |
Pre-modification recorded investment in loans modified as TDR | $ 442,000 | $ 1,080,000 |
Post-modification recorded investment in loans modified as TDR | 442,000 | 1,082,000 |
Total Recorded Investment | $ 412,000 | $ 1,076,000 |
Number of contracts modified as a TDR that subsequently defaulted | contract | 2 | |
Recorded investment in loans modified as a TDR that subsequently defaulted | $ 64,000 | |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | |
Acquired Loans | Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 5 | 4 |
Pre-modification recorded investment in loans modified as TDR | $ 328,000 | $ 260,000 |
Post-modification recorded investment in loans modified as TDR | 328,000 | 260,000 |
Total Recorded Investment | $ 320,000 | $ 250,000 |
Acquired Loans | Consumer, indirect | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 2 | |
Pre-modification recorded investment in loans modified as TDR | $ 7,000 | |
Post-modification recorded investment in loans modified as TDR | 7,000 | |
Total Recorded Investment | $ 7,000 | |
Acquired Loans | Consumer, other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 1 | 3 |
Pre-modification recorded investment in loans modified as TDR | $ 2,000 | $ 15,000 |
Post-modification recorded investment in loans modified as TDR | 2,000 | 15,000 |
Total Recorded Investment | $ 0 | $ 15,000 |
Acquired Loans | Consumer, other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 5 | |
Pre-modification recorded investment in loans modified as TDR | $ 22,000 | |
Post-modification recorded investment in loans modified as TDR | 22,000 | |
Total Recorded Investment | $ 22,000 |
Loans Allowance For Loan Losses
Loans Allowance For Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Provision for loan losses | $ 3,772 | $ 3,539 | $ 14,097 | ||
Period-end amount allocated to: | |||||
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 132,200 | $ 152,500 | |||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 6.00% | 7.00% | |||
Consumer, other | |||||
Period-end amount allocated to: | |||||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 7.00% | ||||
Loan Type | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | $ 18,196 | $ 16,539 | |||
Charge-offs | (4,871) | (5,131) | |||
Recoveries | 1,470 | 3,309 | |||
Net (charge-offs) recoveries | (3,401) | (1,822) | |||
Provision for loan losses | 3,890 | 3,479 | |||
Ending balance | 18,196 | 16,539 | 16,539 | $ 18,685 | $ 18,196 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 339 | 1,412 | |||
Loans collectively evaluated for impairment | 18,346 | 16,784 | |||
Ending balance | 18,196 | 16,539 | 16,539 | 18,685 | 18,196 |
Commercial real estate, other | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 7,172 | 7,076 | |||
Charge-offs | (408) | (24) | |||
Recoveries | 146 | 1,209 | |||
Net (charge-offs) recoveries | (262) | 1,185 | |||
Provision for loan losses | 887 | (1,089) | |||
Ending balance | 7,172 | 7,076 | 7,076 | 7,797 | 7,172 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 1 | 803 | |||
Loans collectively evaluated for impairment | 7,796 | 6,369 | |||
Ending balance | 7,172 | 7,076 | 7,076 | 7,797 | 7,172 |
Commercial and industrial | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 6,353 | 5,382 | |||
Charge-offs | (175) | (1,017) | |||
Recoveries | 1 | 306 | |||
Net (charge-offs) recoveries | (174) | (711) | |||
Provision for loan losses | (366) | 1,682 | |||
Ending balance | 6,353 | 5,382 | 5,382 | 5,813 | 6,353 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 199 | 585 | |||
Loans collectively evaluated for impairment | 5,614 | 5,768 | |||
Ending balance | 6,353 | 5,382 | 5,382 | 5,813 | 6,353 |
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 95,500 | $ 70,600 | |||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 8.00% | 20.00% | |||
Residential real estate | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | $ 982 | $ 1,257 | |||
Charge-offs | (637) | (588) | |||
Recoveries | 152 | 278 | |||
Net (charge-offs) recoveries | (485) | (310) | |||
Provision for loan losses | 407 | 35 | |||
Ending balance | 982 | 1,257 | 1,257 | 904 | 982 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 58 | 24 | |||
Loans collectively evaluated for impairment | 846 | 958 | |||
Ending balance | 982 | 1,257 | 1,257 | 904 | 982 |
Home equity lines of credit | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 688 | 732 | |||
Charge-offs | (131) | (73) | |||
Recoveries | 13 | 56 | |||
Net (charge-offs) recoveries | (118) | (17) | |||
Provision for loan losses | 123 | (27) | |||
Ending balance | 688 | 732 | 732 | 693 | 688 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 18 | 0 | |||
Loans collectively evaluated for impairment | 675 | 688 | |||
Ending balance | 688 | 732 | 732 | 693 | 688 |
Consumer, indirect | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 2,312 | 1,427 | |||
Charge-offs | (2,110) | (2,072) | |||
Recoveries | 764 | 1,059 | |||
Net (charge-offs) recoveries | (1,346) | (1,013) | |||
Provision for loan losses | 1,978 | 1,898 | |||
Ending balance | 2,312 | 1,427 | 1,427 | 2,944 | 2,312 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 26 | 0 | |||
Loans collectively evaluated for impairment | 2,918 | 2,312 | |||
Ending balance | 2,312 | 1,427 | 1,427 | 2,944 | 2,312 |
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 87,900 | $ 85,700 | |||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 35.00% | 51.00% | |||
Consumer, other | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | $ 518 | $ 544 | |||
Charge-offs | (372) | (583) | |||
Recoveries | 179 | 226 | |||
Net (charge-offs) recoveries | (193) | (357) | |||
Provision for loan losses | 139 | 331 | |||
Ending balance | 518 | 544 | 544 | 464 | 518 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 37 | 0 | |||
Loans collectively evaluated for impairment | 427 | 518 | |||
Ending balance | 518 | 544 | 544 | 464 | 518 |
Deposit account overdrafts | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 171 | 121 | |||
Charge-offs | (1,038) | (774) | |||
Recoveries | 215 | 175 | |||
Net (charge-offs) recoveries | (823) | (599) | |||
Provision for loan losses | 722 | 649 | |||
Ending balance | 171 | 121 | 121 | 70 | 171 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 70 | 171 | |||
Ending balance | 171 | 121 | 121 | 70 | 171 |
Acquired Purchased Credit Impaired Loans | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 233 | 240 | |||
Charge-offs | (7) | (67) | |||
Recoveries | 0 | 0 | |||
Net (charge-offs) recoveries | 226 | 173 | |||
Ending balance | 233 | 240 | 240 | 108 | 233 |
Period-end amount allocated to: | |||||
Ending balance | 233 | 240 | $ 240 | $ 108 | $ 233 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ (118) | $ 60 |
Bank Premises and Equipment Dep
Bank Premises and Equipment Depreciation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Bank Premises and Equipment | |||
Depreciation expense | $ 4.9 | $ 5.1 | $ 4.6 |
Building and premises | Minimum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 5 | ||
Building and premises | Maximum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 40 | ||
Furniture, fixtures and equipment | Minimum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 2 | ||
Furniture, fixtures and equipment | Maximum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 10 |
Bank Premises and Equipment Lea
Bank Premises and Equipment Leases (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Bank Premises and Equipment [Abstract] | |||
Operating Leases, Rent Expense | $ 1,104,000 | $ 1,073,000 | $ 988,000 |
Bank Premises and Equipment Net
Bank Premises and Equipment Net Book Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Bank Premises and Equipment | ||
Total bank premises and equipment | $ 101,737 | $ 99,614 |
Accumulated depreciation | (49,227) | (45,998) |
Bank premises and equipment, net | 52,510 | 53,616 |
Land | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | 12,871 | 12,085 |
Building and premises | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | 61,729 | 61,451 |
Furniture, fixtures and equipment | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | $ 27,137 | $ 26,078 |
Bank Premises and Equipment Fut
Bank Premises and Equipment Future Lease Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Property, Plant and Equipment [Abstract] | |
2,018 | $ 924 |
2,019 | 590 |
2,020 | 355 |
2,021 | 313 |
2,022 | 270 |
Thereafter | 330 |
Total future operating lease payments | $ 2,782 |
Bank Premises and Equipment L72
Bank Premises and Equipment Lease (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Term of Contract | 2 years |
Maximum | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Term of Contract | 10 years |
Goodwill and Other Intangible73
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) | Oct. 02, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | ||
Goodwill | |||
Goodwill, beginning of year | 132,631,000 | $ 132,631,000 | |
Acquired goodwill | 480,000 | 0 | |
Goodwill, end of year | $ 133,111,000 | $ 132,631,000 | |
Property and casualty focused insurance agency | |||
Goodwill | |||
Acquired goodwill | $ 480,000 |
Goodwill and Other Intangible74
Goodwill and Other Intangible Assets (Other Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Intangible Assets | ||||
Gross intangibles | $ 21,523 | $ 21,009 | ||
Acquired intangibles | 1,593 | 514 | ||
Accumulated amortization | (13,956) | (10,441) | ||
Total acquired intangibles | 9,160 | 11,082 | ||
Other intangible assets | 11,465 | 13,387 | ||
Core Deposits | ||||
Other Intangible Assets | ||||
Gross intangibles | 16,150 | 16,150 | ||
Acquired intangibles | 0 | 0 | ||
Accumulated amortization | (10,281) | (7,594) | ||
Total acquired intangibles | 5,869 | 8,556 | ||
Customer Relationships | ||||
Other Intangible Assets | ||||
Gross intangibles | 5,373 | 4,859 | ||
Acquired intangibles | 1,593 | 514 | ||
Accumulated amortization | (3,675) | (2,847) | ||
Total acquired intangibles | 3,291 | 2,526 | ||
Servicing rights | ||||
Other Intangible Assets | ||||
Total acquired intangibles | 2,305 | 2,305 | $ 2,387 | $ 2,238 |
Other intangible assets | $ 2,305 | $ 2,305 |
Goodwill and Other Intangible75
Goodwill and Other Intangible Assets (Estimated Aggregated Future Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Other Intangible Assets | ||||
2,018 | $ 3,014 | |||
2,019 | 2,364 | |||
2,020 | 1,701 | |||
2,021 | 1,061 | |||
2,022 | 482 | |||
Thereafter | 538 | |||
Total acquired intangibles | 9,160 | $ 11,082 | ||
Core Deposits | ||||
Other Intangible Assets | ||||
2,018 | 2,175 | |||
2,019 | 1,658 | |||
2,020 | 1,138 | |||
2,021 | 648 | |||
2,022 | 208 | |||
Thereafter | 42 | |||
Total acquired intangibles | 5,869 | 8,556 | ||
Customer Relationships | ||||
Other Intangible Assets | ||||
2,018 | 839 | |||
2,019 | 706 | |||
2,020 | 563 | |||
2,021 | 413 | |||
2,022 | 274 | |||
Thereafter | 496 | |||
Total acquired intangibles | 3,291 | 2,526 | ||
Servicing rights | ||||
Other Intangible Assets | ||||
Total acquired intangibles | $ 2,305 | $ 2,305 | $ 2,387 | $ 2,238 |
Goodwill and Other Intangible76
Goodwill and Other Intangible Assets (Mortgage Servicing Rights Activity) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Intangible Assets | |||
Balance, beginning of year | $ 11,082,000 | ||
Balance, end of year | 9,160,000 | $ 11,082,000 | |
Valuation allowance for servicing rights | 0 | ||
Servicing rights | |||
Other Intangible Assets | |||
Balance, beginning of year | 2,305,000 | 2,387,000 | $ 2,238,000 |
Amortization | 741,000 | 762,000 | 662,000 |
Servicing rights originated | 741,000 | 680,000 | 566,000 |
Servicing rights acquired | 0 | 0 | 245,000 |
Balance, end of year | $ 2,305,000 | $ 2,305,000 | $ 2,387,000 |
Deposits (Deposits) (Details)
Deposits (Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deposit Type | ||
Total | $ 498,291 | |
Savings accounts | 593,415 | $ 278,975 |
Interest-bearing transaction accounts | 446,714 | 436,344 |
Money market deposit accounts | 371,376 | 407,754 |
Governmental deposit accounts | 264,524 | 251,671 |
Total interest-bearing deposits | 2,174,320 | 1,775,301 |
Non-interest-bearing | 556,010 | 734,421 |
Total deposits | 2,730,330 | 2,509,722 |
Related Party Deposits | 12,000 | 42,000 |
Brokered CD's | ||
Deposit Type | ||
Total | 159,618 | 38,832 |
Retail CD's | ||
Deposit Type | ||
Retail CD's $100,000 or More | 149,105 | 152,222 |
Retail CD's Less than $100,000 | 189,568 | 209,503 |
Total | $ 338,673 | $ 361,725 |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Certificates of Deposit) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deposit Type | ||
2,018 | $ 273,887 | |
2,019 | 106,713 | |
2,020 | 52,277 | |
2,021 | 44,493 | |
2,022 | 20,804 | |
Thereafter | 117 | |
Total | 498,291 | |
Brokered CD's | ||
Deposit Type | ||
2,018 | 108,025 | |
2,019 | 35,576 | |
2,020 | 7,382 | |
2,021 | 4,777 | |
2,022 | 3,858 | |
Thereafter | 0 | |
Total | 159,618 | $ 38,832 |
Retail CD's | ||
Deposit Type | ||
2,018 | 165,862 | |
2,019 | 71,137 | |
2,020 | 44,895 | |
2,021 | 39,716 | |
2,022 | 16,946 | |
Thereafter | 117 | |
Total | $ 338,673 | $ 361,725 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Borrowings | |||
Federal Funds Available from Correspondent Banks | $ 5,000 | ||
Short-term borrowings | 209,491 | $ 305,607 | |
FHLB Advances | |||
Short-term Borrowings | |||
Long-term borrowings reclassified to short-term based on maturity date | 50,600 | ||
Short-term borrowings | 92,592 | $ 231,000 | $ 76,000 |
FHLB Advances | Matured Debt [Member] | |||
Short-term Borrowings | |||
Long-term borrowings reclassified to short-term based on maturity date | 20,000 | ||
National Market Repurchase Agreements | |||
Short-term Borrowings | |||
Long-term borrowings reclassified to short-term based on maturity date | 40,000 | ||
Short-term borrowings | $ 40,000 |
Short-Term Borrowings (Short Te
Short-Term Borrowings (Short Term Borrowing) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term Borrowings | |||
Short-term borrowings | $ 209,491 | $ 305,607 | |
Interest on short-term borrowings | 1,534 | 508 | $ 182 |
Retail Repurchase Agreements | |||
Short-term Borrowings | |||
Short-term borrowings | 76,899 | 74,607 | 84,386 |
Average balance | 75,344 | 72,886 | 83,574 |
Highest month-end balance | 80,649 | 81,353 | 92,711 |
Interest on short-term borrowings | $ 128 | $ 123 | $ 140 |
Weighted Average Interest Rate, End of Year | 0.17% | 0.17% | 0.17% |
Weighted Average Interest Rate, During the Year | 0.17% | 0.17% | 0.17% |
FHLB Advances | |||
Short-term Borrowings | |||
Short-term borrowings | $ 92,592 | $ 231,000 | $ 76,000 |
Average balance | 100,205 | 86,260 | 16,863 |
Highest month-end balance | 208,000 | 231,000 | 76,000 |
Interest on short-term borrowings | $ 1,160 | $ 384 | $ 42 |
Weighted Average Interest Rate, End of Year | 1.91% | 0.64% | 0.35% |
Weighted Average Interest Rate, During the Year | 1.16% | 0.44% | 0.25% |
National Market Repurchase Agreements | |||
Short-term Borrowings | |||
Short-term borrowings | $ 40,000 | ||
Average balance | 6,685 | ||
Highest month-end balance | 40,000 | ||
Interest on short-term borrowings | $ 246 | ||
Weighted Average Interest Rate, End of Year | 3.68% | ||
Weighted Average Interest Rate, During the Year | 3.68% |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) | Mar. 06, 2015USD ($)semi_annual_period | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Long-term borrowings | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% | ||
Total Risk-Based Capital Ratio Minimum Under Debt Covenant | 12.50% | |||
Nonperforming Assets to Tangible Capital plus Allowance for Loan Losses Maximum Under Debt Covenant | 20.00% | |||
Allowance for Loan Losses to Nonperforming Loans Minimum Under Debt Covenant | 70.00% | |||
Fixed charge coverage ratio minimum required by debt covenant | 125.00% | |||
Callable national market repurchase agreements, Weighted-Average Rate | 0.00% | 3.63% | ||
Extinguishment of Debt, Amount | $ 20,000,000 | |||
Net loss on other transactions | $ 0 | (707,000) | $ (520,000) | |
Junior subordinated debt securities | 7,107,000 | 6,924,000 | ||
Interest rate on capital securities | 1.50% | |||
Revolving Line of Credit | 15,000,000 | |||
Line of Credit Facility, Commitment Fee Amount | $ 70,600 | |||
Line of Credit Facility, Commitment Fee Percentage | 0.47% | |||
Maximum aggregate indebtedness under debt covenants | 10,000,000 | |||
Maximum material transaction amount under debt covenant | 10,000,000 | |||
Restructuring Charges | $ 700,000 | |||
Long-term borrowings | $ 144,019,000 | $ 145,155,000 | ||
Long-term Debt [Member] | ||||
Long-term borrowings | ||||
Debt, Weighted Average Interest Rate | 2.97% | |||
Minimum | ||||
Long-term borrowings | ||||
Repurchase agreements, maturities period | 5 years | |||
Repurchase agreements, call option features at buyer discretion, initial call period | 3 months | |||
Derivative, Fixed Interest Rate | 1.49% | |||
Maximum | ||||
Long-term borrowings | ||||
Repurchase agreements, maturities period | 10 years | |||
Repurchase agreements, call option features at buyer discretion, initial call period | 5 years | |||
Distributions on Capital Securities, Deferred, Number of Consecutive Semiannual Periods | semi_annual_period | 20 | |||
Derivative, Fixed Interest Rate | 1.83% | |||
FHLB Advances [Member] | ||||
Long-term borrowings | ||||
Long-term borrowings | $ 75,000,000 | $ 35,000,000 | ||
FHLB putable and non-amortizing, fixed rate advances | ||||
Long-term borrowings | ||||
Long-term Federal Home Loan Bank Advances | $ 115,000,000 | 70,000,000 | ||
FHLB putable and non-amortizing, fixed rate advances | Minimum | ||||
Long-term borrowings | ||||
FHLB advances, maturities period | 2 years | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.20% | |||
FHLB putable and non-amortizing, fixed rate advances | Maximum | ||||
Long-term borrowings | ||||
FHLB advances, maturities period | 10 years | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.03% | |||
FHLB amortizing, fixed rate advances | Minimum | ||||
Long-term borrowings | ||||
FHLB advances,fixed rate intial period | 3 months | |||
Junior subordinated debt securities | ||||
Long-term borrowings | ||||
Long-term Federal Home Loan Bank Advances | $ 21,939,000 | $ 28,282,000 | ||
Junior subordinated debt securities | Minimum | ||||
Long-term borrowings | ||||
FHLB advances, maturities period | 3 years | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.08% | |||
Junior subordinated debt securities | Maximum | ||||
Long-term borrowings | ||||
FHLB advances, maturities period | 14 years | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.40% | |||
Long-term Debt [Member] | ||||
Long-term borrowings | ||||
Debt, Weighted Average Interest Rate | 2.17% | |||
NB&T Financial Group, Inc. | ||||
Long-term borrowings | ||||
Junior subordinated debt securities | $ 6,600,000 | |||
Interest Rate Swap | ||||
Long-term borrowings | ||||
Long-term borrowings | $ 20,000,000 | $ 40,000,000 | ||
Interest Rate Swap | Minimum | ||||
Long-term borrowings | ||||
Debt Instrument, Interest Rate During Period | 3.57% | |||
Interest Rate Swap | Maximum | ||||
Long-term borrowings | ||||
Debt Instrument, Interest Rate During Period | 3.92% | |||
National Market Repurchase Agreements | ||||
Long-term borrowings | ||||
Long-term borrowings reclassified to short-term based on maturity date | 40,000,000 | |||
FHLB Advances | ||||
Long-term borrowings | ||||
Long-term borrowings reclassified to short-term based on maturity date | $ 50,600,000 |
Long-Term Borrowings (Long Term
Long-Term Borrowings (Long Term Borrowing) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Long-term borrowings: | ||
Callable national market repurchase agreements | $ 0 | $ 40,000 |
Junior subordinated debt securities | 7,107 | 6,924 |
Unamortized debt issuance cost | (27) | (51) |
Long-term borrowings | $ 144,019 | $ 145,155 |
Callable national market repurchase agreements, Weighted-Average Rate | 0.00% | 3.63% |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% |
Total long-term borrowings, Weighted-Average Rate | 2.04% | 2.81% |
FHLB putable non-amortizing, fixed rate advances | ||
Long-term borrowings: | ||
Long-term Federal Home Loan Bank Advances | $ 115,000 | $ 70,000 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.86% | 2.49% |
Junior subordinated debt securities | ||
Long-term borrowings: | ||
Long-term Federal Home Loan Bank Advances | $ 21,939 | $ 28,282 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 2.02% | 2.01% |
Junior Subordinated Debt [Member] | ||
Long-term borrowings: | ||
Debt, Weighted Average Interest Rate | 4.97% | 4.48% |
Maximum | FHLB putable non-amortizing, fixed rate advances | ||
Long-term borrowings | ||
FHLB advances, maturities period | 10 years | |
Maximum | Junior subordinated debt securities | ||
Long-term borrowings | ||
FHLB advances, maturities period | 14 years |
Long-Term Borrowings (Minimum A
Long-Term Borrowings (Minimum Annual Retirements of Long-Term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Aggregate minimum annual retirements of long-term borrowings in future periods: | ||
2,018 | $ 4,378 | |
2,019 | 33,508 | |
2,020 | 25,564 | |
2,021 | 21,979 | |
2,022 | 16,521 | |
Thereafter | 42,069 | |
Long-term borrowings | $ 144,019 | $ 145,155 |
Weighted average interest rate, 2018 retirements | 1.67% | |
Weighted average interest rate, 2019 retirements | 1.37% | |
Weighted average interest rate, 2020 retirements | 1.84% | |
Weighted average interest rate, 2021 retirements | 1.75% | |
Weighted average interest rate, 2022 retirements | 1.97% | |
Weighted average interest rate, thereafter | 2.90% | |
Total long-term borrowings, Weighted-Average Rate | 2.04% | 2.81% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock | |||
Stock Repurchase Program, Authorized Amount | $ 20,000 | ||
Purchase of treasury stock | 0 | 279,770 | 0 |
Purchase of treasury stock | $ 5,000 | $ 4,965 | |
Preferred stock, shares authorized | 50,000 | 50,000 | |
Preferred stock, shares issued | 0 | 0 | |
NB&T Financial Group, Inc. | |||
Class of Stock | |||
Issuance of common shares related to acquisition of NB&T Financial Group, Inc. | $ 76,027 | ||
NB&T Financial Group, Inc. | Common Stock | |||
Class of Stock | |||
Stock Issued During Period, Shares, Acquisitions | 3,207,698 | ||
Issuance of common shares related to acquisition of NB&T Financial Group, Inc. | $ 76,000 | $ 76,027 |
Stockholders' Equity (Stock Rol
Stockholders' Equity (Stock Rollforward) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) in Stock by Class | |||
Common stock, shares issued, beginning of period | 18,939,091 | ||
Treasury stock, shares, beginning of period | 795,758 | ||
Changes related to deferred compensation plan: | |||
Purchase of treasury stock | 0 | 279,770 | 0 |
Changes related to stock issued in acquisitions: | |||
Common stock, shares issued, end of period | 18,952,385 | 18,939,091 | |
Treasury stock, shares, end of period | 702,449 | 795,758 | |
Common Stock | |||
Increase (Decrease) in Stock by Class | |||
Common stock, shares issued, beginning of period | 18,939,091 | 18,931,200 | 15,599,643 |
Changes related to stock-based compensation awards: | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0 | 131,011 | |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (3,554) | (11,820) | 28,219 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 0 | (2,810) | |
Changes related to dividend reinvestment plan: | |||
Common shares issued under dividend reinvestment plan | 16,848 | 19,711 | 18,257 |
Changes related to stock issued in acquisitions: | |||
Common stock, shares issued, end of period | 18,952,385 | 18,939,091 | 18,931,200 |
Treasury Stock | |||
Increase (Decrease) in Stock by Class | |||
Treasury stock, shares, beginning of period | 795,758 | 586,686 | 590,246 |
Changes related to stock-based compensation awards: | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | (68,707) | (56,000) | |
Release of restricted common shares | 10,452 | 17,220 | 25,205 |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 5,050 | 1,000 | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 100 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | (300) | (350) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (266) | (1,775) | |
Changes related to deferred compensation plan: | |||
Purchase of treasury stock | 5,413 | 8,396 | 7,654 |
Reissuance of treasury stock | (24,634) | (12,012) | (9,642) |
Stock Repurchased During Period, Shares | 279,770 | ||
Changes related to Board Compensation: | |||
Common shares issued under compensation plan for Board of Directors | 9,092 | 11,450 | 10,231 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | (11,225) | (15,727) | (16,446) |
Changes related to stock issued in acquisitions: | |||
Treasury stock, shares, end of period | 702,449 | 795,758 | 586,686 |
NB&T Financial Group, Inc. | Common Stock | |||
Changes related to stock issued in acquisitions: | |||
Stock Issued During Period, Shares, Acquisitions | 3,207,698 | ||
NB&T Financial Group, Inc. | Common Stock | |||
Changes related to stock issued in acquisitions: | |||
Stock Issued During Period, Shares, Acquisitions | 3,207,698 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive (Loss) Income | |||
Unrealized Gain (Loss) on Securities | $ 581 | $ 2,869 | $ 2,542 |
Unrecognized Net Pension and Postretirement Costs | (3,321) | (3,228) | (3,843) |
Unrealized Gain (Loss) on Cash Flow Hedge | 1,186 | 0 | 0 |
Accumulated Other Comprehensive (Loss) Income | (1,554) | (359) | (1,301) |
Realized gain on sale of securities, net of tax | (1,939) | (604) | (474) |
Other Comprehensive Income (Loss), Reclassification Adjustment in Net Income, Net of Tax | (604) | (474) | |
Realized loss due to settlement and curtailment, net of tax | 157 | 298 | |
Realized loss due to settlement and curtailment, net of tax | 157 | 298 | |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | (370) | 0 | 0 |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | (754) | 0 | 0 |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | 200 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (924) | ||
Other comprehensive loss, net of reclassifications and tax | (360) | (1,684) | 801 |
Other comprehensive loss, net of reclassifications and tax | (338) | (93) | 317 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (257) | 1,186 | |
Other comprehensive loss, net of reclassifications and tax | (955) | (591) | 1,118 |
Unrealized Gain (Loss) on Securities | (2,088) | 581 | 2,869 |
Unrecognized Net Pension and Postretirement Costs | (4,256) | (3,321) | (3,228) |
Unrealized Gain (Loss) on Cash Flow Hedge | 1,129 | 1,186 | 0 |
Accumulated Other Comprehensive (Loss) Income | $ (5,215) | $ (1,554) | $ (359) |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure | ||||
Defined Benefit Plan, Assumed Health Care Cost Trend Rate, Description | 0.055 | |||
Pension benefits to be amortized from accumulated other comprehensive income (loss) into net periodic cost over the next fiscal year | $ 112,000 | |||
Ultimate Health Care Cost Trend Rate | 4.00% | |||
Cash and Cash Equivalents | $ 72,194,000 | $ 66,146,000 | $ 71,115,000 | $ 61,454,000 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,546,000 | 1,549,000 | 1,454,000 | |
Components of net periodic benefit costs: | ||||
Time Period of Lower Returns on Equity Securites | 10 years | |||
Pension benefits | ||||
Defined Benefit Plan Disclosure | ||||
Cash and Cash Equivalents | $ 113,000 | 221,000 | ||
Accrued Investment Income Receivable | 1,000 | 12,000 | ||
Components of net periodic benefit costs: | ||||
Interest cost | 451,000 | 438,000 | 447,000 | |
Expected return on plan assets | (553,000) | (492,000) | (493,000) | |
Defined Benefit Plan, Amortization of Gain (Loss) | (102,000) | (95,000) | (117,000) | |
Settlement of benefit obligation | 242,000 | 0 | 459,000 | |
Net periodic benefit cost | $ 242,000 | $ 41,000 | $ 530,000 | |
Discount rate | 3.80% | 3.90% | 3.80% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.50% | 7.50% | 7.50% | |
Postretirement benefits | ||||
Components of net periodic benefit costs: | ||||
Interest cost | $ 3,000 | $ 4,000 | $ 4,000 | |
Expected return on plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Amortization of Gain (Loss) | 6,000 | 6,000 | 5,000 | |
Settlement of benefit obligation | 0 | 0 | 0 | |
Net periodic benefit cost | $ (3,000) | $ (2,000) | $ (1,000) | |
Discount rate | 3.80% | 3.90% | 3.50% | |
Postretirement benefits | Employees hired before January 1, 2003 | ||||
Defined Benefit Plan Disclosure | ||||
Contribution per eligible employee, coverage basis, consecutive period of highest average monthly compensation | 5 years | |||
Contribution per eligible employee, coverage basis, lastest service period | 10 years | |||
Postretirement benefits | Employees hired on or after January 1, 2003 | ||||
Defined Benefit Plan Disclosure | ||||
Percentage of annual contribution per eligible employee | 2.00% | |||
Postretirement Health Coverage [Member] | Employees retired before January 1, 1993 | ||||
Defined Benefit Plan Disclosure | ||||
Maximum coverage per eligible retiree | 100.00% | |||
Minimum | ||||
Defined Benefit Plan Disclosure | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 0.00% | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 3.00% | |||
Components of net periodic benefit costs: | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 410,000 | |||
Minimum | Equity securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 60.00% | |||
Minimum | Investment securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 2000.00% | |||
Minimum | Other Investments [Member] | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 0.00% | |||
Maximum | ||||
Defined Benefit Plan Disclosure | ||||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 5.00% | |||
Components of net periodic benefit costs: | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 440,000 | |||
Maximum | Equity securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 75.00% | |||
Maximum | Investment securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 40.00% | |||
Maximum | Other Investments [Member] | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 0.00% |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes in Benefit Obligation, Fair Value of Assets and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in plan assets: | ||||
Beginning balance | $ 7,348 | |||
Ending balance | 8,379 | $ 7,348 | ||
Amounts recognized in Accumulated Other Comprehensive Loss: | ||||
Total | 4,256 | 3,321 | $ 3,228 | $ 3,843 |
Pension benefits | ||||
Change in benefit obligation: | ||||
Beginning balance | 12,127 | 11,965 | ||
Interest cost | 451 | 438 | 447 | |
Plan participants’ contributions | 0 | 0 | ||
Actuarial loss (gain) | 1,207 | 151 | ||
Settlements | (605) | 0 | ||
Ending balance | 12,991 | 12,127 | 11,965 | |
Accumulated benefit obligation at December 31 | 12,991 | 12,127 | ||
Change in plan assets: | ||||
Beginning balance | 7,582 | 7,124 | ||
Actual return on plan assets | 1,140 | 405 | ||
Employer contributions | 565 | 480 | ||
Benefit payments | (189) | (427) | ||
Settlements | (605) | 0 | ||
Ending balance | 8,493 | 7,582 | 7,124 | |
Funded status at December 31 | (4,498) | (4,545) | ||
Amounts recognized in Consolidated Balance Sheets: | ||||
Accrued benefit liability | (4,498) | (4,545) | ||
Net amount recognized | (4,498) | (4,545) | ||
Amounts recognized in Accumulated Other Comprehensive Loss: | ||||
Unrecognized prior service cost | 0 | 0 | ||
Unrecognized net loss (gain) | 4,311 | 3,368 | ||
Total | $ 4,311 | $ 3,368 | ||
Discount Rate | 3.40% | 3.80% | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ 189 | $ 427 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Change in benefit obligation: | ||||
Beginning balance | 103 | 126 | ||
Interest cost | 3 | 4 | 4 | |
Plan participants’ contributions | 46 | 49 | ||
Actuarial loss (gain) | (4) | (7) | ||
Settlements | 0 | 0 | ||
Ending balance | 91 | 103 | 126 | |
Accumulated benefit obligation at December 31 | 0 | 0 | ||
Change in plan assets: | ||||
Beginning balance | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 11 | 20 | ||
Benefit payments | (57) | (69) | ||
Settlements | 0 | 0 | ||
Ending balance | 0 | 0 | $ 0 | |
Funded status at December 31 | (91) | (103) | ||
Amounts recognized in Consolidated Balance Sheets: | ||||
Accrued benefit liability | (91) | (103) | ||
Net amount recognized | (91) | (103) | ||
Amounts recognized in Accumulated Other Comprehensive Loss: | ||||
Unrecognized prior service cost | (1) | (1) | ||
Unrecognized net loss (gain) | (56) | (48) | ||
Total | $ (57) | $ (49) | ||
Discount Rate | 3.40% | 3.80% | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ 57 | $ 69 | ||
Mutual funds - equity | ||||
Change in plan assets: | ||||
Beginning balance | 5,241 | |||
Ending balance | 6,131 | 5,241 | ||
Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Beginning balance | 2,107 | |||
Ending balance | 2,248 | 2,107 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | ||||
Change in plan assets: | ||||
Beginning balance | 7,348 | |||
Ending balance | 8,379 | 7,348 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | Mutual funds - equity | ||||
Change in plan assets: | ||||
Beginning balance | 5,241 | |||
Ending balance | 6,131 | 5,241 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Beginning balance | 2,107 | |||
Ending balance | 2,248 | 2,107 | ||
Significant Other Observable Inputs (Level 2) | Recurring Basis | ||||
Change in plan assets: | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Recurring Basis | Mutual funds - equity | ||||
Change in plan assets: | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Recurring Basis | Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Beginning balance | 0 | |||
Ending balance | $ 0 | $ 0 |
Employee Benefit Plans (Cash Fl
Employee Benefit Plans (Cash Flows) (Details) | Dec. 31, 2017USD ($) |
Pension benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | $ 1,112,000 |
2,019 | 1,110,000 |
2,020 | 1,165,000 |
2,021 | 1,223,000 |
2,022 | 738,000 |
2023-2027 | 3,353,000 |
Total | 8,701,000 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | 12,000 |
2,019 | 11,000 |
2,020 | 10,000 |
2,021 | 10,000 |
2,022 | 9,000 |
2023-2027 | 34,000 |
Total | 86,000 |
Minimum | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 410,000 |
Maximum | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 440,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation Allowance [Line Items] | |||||||||||
Income tax expense | $ 5,339,000 | $ 5,127,000 | $ 4,414,000 | $ 3,852,000 | $ 3,336,000 | $ 3,656,000 | $ 3,479,000 | $ 3,654,000 | $ 18,732,000 | $ 14,125,000 | $ 3,875,000 |
Federal Statutory Tax Rate Under Tax Cuts and Jobs Act | 21.00% | 21.00% | |||||||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 348,000 | $ 348,000 | |||||||||
Deferred Tax Assets, Gross | 11,792,000 | 20,827,000 | 11,792,000 | 20,827,000 | |||||||
Valuation allowance | 805,000 | $ 1,341,000 | 805,000 | 1,341,000 | |||||||
Federal Income Tax Expense on Securities Transactions | 1,000,000 | $ 326,000 | $ 255,000 | ||||||||
Partnership investment | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Deferred Tax Assets, Gross | $ 3,800,000 | 3,800,000 | |||||||||
Adjustments for New Accounting Pronouncement [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Income tax expense | $ 900,000 |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount | |||||||||||
Income tax computed at statutory federal tax rate | $ 20,045 | $ 15,785 | $ 5,051 | ||||||||
Tax-exempt interest income | (1,092) | (1,170) | (1,109) | ||||||||
Investments in tax credit funds | (221) | (164) | (123) | ||||||||
Bank owned life insurance | (683) | (495) | (204) | ||||||||
Other, net (1) | 683 | 169 | 260 | ||||||||
Income tax expense | $ 5,339 | $ 5,127 | $ 4,414 | $ 3,852 | $ 3,336 | $ 3,656 | $ 3,479 | $ 3,654 | $ 18,732 | $ 14,125 | $ 3,875 |
Rate | |||||||||||
Federal income tax rate | 35.00% | 35.00% | 34.10% | ||||||||
Tax-exempt interest income | (1.90%) | (2.60%) | (7.50%) | ||||||||
Investments in tax credit funds | (0.40%) | (0.40%) | (0.80%) | ||||||||
Bank owned life insurance | (1.20%) | (1.10%) | (1.40%) | ||||||||
Other, net (1) | 1.20% | 0.40% | 1.80% | ||||||||
Income tax expense | 32.70% | 31.30% | 26.20% | ||||||||
Income tax computed at statutory federal tax rate | (21.00%) | (21.00%) |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||||||||||
Current income tax expense | $ 21,511 | $ 16,587 | $ 5,457 | ||||||||
Deferred income tax benefit | (2,779) | (2,462) | (1,582) | ||||||||
Income tax expense | $ 5,339 | $ 5,127 | $ 4,414 | $ 3,852 | $ 3,336 | $ 3,656 | $ 3,479 | $ 3,654 | $ 18,732 | $ 14,125 | $ 3,875 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets | ||
Allowance for loan losses | $ 6,992 | $ 12,578 |
Accrued employee benefits | 2,569 | 3,826 |
Investments | 1,560 | 2,884 |
Bank premises and equipment | 0 | 349 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 555 | 0 |
Other | 116 | 1,190 |
Gross deferred tax assets | 11,792 | 20,827 |
Valuation allowance | 805 | 1,341 |
Total deferred tax assets | 10,987 | 19,486 |
Deferred Tax Liabilities | ||
Purchase accounting adjustments | 6,092 | 10,845 |
Deferred loan income | 2,459 | 3,181 |
Derivative instruments | 300 | 0 |
Bank premises and equipment | 307 | 0 |
Available-for-sale investment securities | 0 | 312 |
Other | 484 | 1,305 |
Total deferred tax liabilities | 9,642 | 15,643 |
Net deferred tax asset | 1,345 | $ 3,843 |
Partnership investment | ||
Deferred Tax Assets | ||
Gross deferred tax assets | $ 3,800 |
Income Taxes (Uncertain Tax Pos
Income Taxes (Uncertain Tax Positions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Uncertain tax positions, beginning of year | $ 522 | $ 417 |
Gross increase based on tax positions related to current year | 42 | 113 |
Gross increase for tax position taken during prior years | 20 | 45 |
Gross decrease for tax positions taken during prior years | 0 | 0 |
Gross decrease due to the statute of limitations | (34) | (53) |
Uncertain tax positions, end of year | $ 550 | $ 522 |
Income Taxes (Valuation Allowan
Income Taxes (Valuation Allowance) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax expense | $ 5,339 | $ 5,127 | $ 4,414 | $ 3,852 | $ 3,336 | $ 3,656 | $ 3,479 | $ 3,654 | $ 18,732 | $ 14,125 | $ 3,875 |
Deferred Tax Assets, Gross | 11,792 | $ 20,827 | 11,792 | $ 20,827 | |||||||
Partnership investment | |||||||||||
Deferred Tax Assets, Gross | $ 3,800 | 3,800 | |||||||||
Adjustments for New Accounting Pronouncement [Member] | |||||||||||
Income tax expense | $ 900 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Distributed earnings allocated to common shareholders | $ 15,159 | $ 11,532 | $ 10,426 | ||||||||
Undistributed earnings allocated to common shareholders | 23,115 | 19,483 | 404 | ||||||||
Net earnings allocated to common shareholders | $ 38,274 | $ 31,015 | $ 10,830 | ||||||||
Weighted-average number of common shares outstanding - basic | 18,069,467 | 18,056,202 | 18,044,574 | 18,029,991 | 18,009,056 | 17,993,443 | 17,980,797 | 18,071,746 | 18,050,189 | 18,013,693 | 17,555,140 |
Effect of potentially dilutive common shares | 158,495 | 141,770 | 132,655 | ||||||||
Total weighted-average diluted common shares outstanding | 18,240,092 | 18,213,533 | 18,203,752 | 18,192,957 | 18,172,030 | 18,110,710 | 18,113,812 | 18,194,990 | 18,208,684 | 18,155,463 | 17,687,795 |
Earnings per common share - basic | $ 0.50 | $ 0.60 | $ 0.54 | $ 0.49 | $ 0.41 | $ 0.43 | $ 0.44 | $ 0.44 | $ 2.12 | $ 1.72 | $ 0.62 |
Earnings per common share - diluted | $ 0.49 | $ 0.60 | $ 0.53 | $ 0.48 | $ 0.41 | $ 0.43 | $ 0.44 | $ 0.44 | $ 2.10 | $ 1.71 | $ 0.61 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||||
Restricted shares, stock options and stock appreciation rights | 453 | 20,769 | 46,109 |
Financial Instruments with Of97
Financial Instruments with Off-Balance Sheet Risk (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | $ 4,600,000 | $ 5,000,000 |
Interest Rate Derivative Liabilities, at Fair Value | $ 3,200,000 | 3,200,000 |
Maximum Length of Time Hedged in Cash Flow Hedge | 10 months | |
Reclassifications into Interest expense on cash flow hedge | $ 0 | |
Expected reclassifications into interest expense on cash flow hedge in next twelve months | 0 | |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 1,400,000 | |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 0 | |
Reclassifications into earnings on cash flow hedge | 0 | |
Fair Value of Interest Rate Swaps | $ 3,000,000 | 3,200,000 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contract | 7 | |
Notional Amount of Interest Rate Derivatives | $ 60,000,000 | |
Commercial Portfolio Segment [Member] | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional Amount of Interest Rate Derivatives | $ 363,300,000 | $ 247,300,000 |
Financial Instruments with Of98
Financial Instruments with Off-Balance Sheet Risk (Loan Commitments and Standby Letters of Credit) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | $ 15,000 | |
Unused Commitments to Extend Credit | $ 456,976 | 473,768 |
Standby letters of credit | 20,873 | 25,651 |
Home equity lines of credit | ||
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | 83,949 | 85,024 |
Construction Loans [Member] | ||
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | 112,475 | 119,075 |
Other loan commitments | ||
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | $ 260,552 | $ 269,669 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Regulatory Matters [Abstract] | ||
Required Reserve Balances with Federal Reserve Bank | $ 17,700 | $ 17,000 |
Regulatory Capital Requirements | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | 24,000 | |
Holding Company | ||
Regulatory Capital Requirements | ||
Common Equity Tier 1 Capital | $ 332,774 | $ 306,506 |
Common Equity Tier 1 Risk Based Capital to Risk Weighted Assets | 13.50% | 12.90% |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy | $ 111,303 | $ 106,801 |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Common Equity Tier 1 Risk Based Capital Required to be Well Capitalized | $ 160,772 | $ 154,268 |
Common Equity Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier One Risk Based Capital | $ 339,881 | $ 313,430 |
Tier One Risk Based Capital to Risk Weighted Assets | 13.70% | 13.20% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 148,405 | $ 142,402 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 197,873 | $ 189,869 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Capital | $ 361,579 | $ 334,957 |
Capital to Risk Weighted Assets | 14.60% | 14.10% |
Capital Required for Capital Adequacy | $ 197,843 | $ 189,869 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 247,341 | $ 237,336 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Leverage Capital | $ 339,881 | $ 313,430 |
Tier One Leverage Capital to Average Assets | 9.90% | 9.70% |
Tier One Leverage Capital Required for Capital Adequacy | $ 137,343 | $ 129,803 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 171,679 | $ 162,254 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Risk Weighted Assets | $ 2,473,329 | $ 2,373,359 |
Bank | ||
Regulatory Capital Requirements | ||
Common Equity Tier 1 Capital | $ 310,818 | $ 271,319 |
Common Equity Tier 1 Risk Based Capital to Risk Weighted Assets | 12.60% | 11.50% |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy | $ 110,955 | $ 106,474 |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Common Equity Tier 1 Risk Based Capital Required to be Well Capitalized | $ 160,268 | $ 153,795 |
Common Equity Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier One Risk Based Capital | $ 310,818 | $ 291,319 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.60% | 12.30% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 147,940 | $ 141,965 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 197,254 | $ 189,287 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Capital | $ 329,611 | $ 309,749 |
Capital to Risk Weighted Assets | 13.40% | 13.10% |
Capital Required for Capital Adequacy | $ 197,254 | $ 189,287 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 246,567 | $ 236,608 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Leverage Capital | $ 310,818 | $ 291,319 |
Tier One Leverage Capital to Average Assets | 9.10% | 9.00% |
Tier One Leverage Capital Required for Capital Adequacy | $ 137,163 | $ 129,633 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 171,454 | $ 162,041 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Risk Weighted Assets | $ 2,465,653 | $ 2,366,082 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized under 2006 Equity Plan | 1,081,260 | ||||
Common shares authorized under the 2006 Equity Plan | 800,000 | ||||
Unrecognized stock-based compensation expense related to unvested awards, amount | $ 1,400 | ||||
Unrecognized stock-based compensation expense related to unvested awards, weighted-average period of recognition | 1 year 9 months | ||||
Common shares issued under Board of Directors' compensation plan | $ (295) | $ (245) | $ 134 | ||
Allocated Share-based Compensation Expense | 1,747 | 1,332 | 1,843 | ||
Stock-based compensation expense | 1,747 | 1,332 | 1,843 | ||
Treasury Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares issued under Board of Directors' compensation plan | $ (207) | (263) | 177 | ||
Stock-based compensation expense | 0 | ||||
SARs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards expiration period | 10 years | ||||
Awards vesting period | 3 years | ||||
Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total intrinsic value of awards released in period | $ 1,100 | $ 1,000 | $ 2,000 | ||
Restricted Shares | Employees | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards expiration period | 1 year | ||||
Restricted Shares | Employees | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards expiration period | 3 years | ||||
Restricted Shares | Non-employee directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards expiration period | 6 months | ||||
Performance-based vesting restricted stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awarded | 61,457 | ||||
Time-based vesting restricted stock [Member] | |||||
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 | ||||
Director [Member] | Time-based vesting restricted stock [Member] | |||||
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 | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vesting period | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | shares | 2,024 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 27.93 |
Number of Common Shares Subject to SARs | |
Outstanding at January 1 (in shares) | shares | 2,338 |
Forfeited (in shares) | shares | 0 |
Outstanding at December 31 (in shares) | shares | 314 |
Weighted- Average Exercise Price | |
Outstanding at January 1 (in dollars per share) | $ / shares | $ 27.37 |
Forfeited (in dollars per share) | $ / shares | 0 |
Outstanding at December 31 (in dollars per share) | $ / shares | $ 23.77 |
Weighted - Average Grant Date Fair Value | |
Exercisable at December 31 (in shares) | shares | 314 |
Exercisable at December 31 (in dollars per share) | $ / shares | $ 23.77 |
Outstanding at December 31, Weighted-Average Remaining Contractual Life | 1 month |
Exercisable at December 31, Weighted-Average Remaining Contractual Life | 1 month |
Outstanding at December 31 | $ | $ 2,779 |
Exercisable at December 31 | $ | $ 2,779 |
Awards expiration period | 10 years |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Shares) (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2017 | |
Performance-based vesting restricted stock [Member] | ||
Number of Shares | ||
Outstanding at January 1 (in shares) | 142,415 | 142,415 |
Awarded | 61,457 | |
Released | 21,050 | |
Forfeited (in shares) | 6,604 | |
Outstanding at December 31 (in shares) | 176,218 | |
Weighted - Average Grant Date Fair Value | ||
Outstanding at January 1 (in dollars per share) | $ 21.95 | $ 21.95 |
Awarded (usd per share) | 32.42 | |
Released (usd per share) | 21.75 | |
Forfeited (in dollars per share) | 25.25 | |
Outstanding at December 31 (in dollars per share) | $ 25.50 | |
Time-based vesting restricted stock [Member] | ||
Number of Shares | ||
Outstanding at January 1 (in shares) | 40,316 | 40,316 |
Awarded | 7,550 | |
Released | 12,484 | |
Forfeited (in shares) | 2,300 | |
Outstanding at December 31 (in shares) | 33,082 | |
Weighted - Average Grant Date Fair Value | ||
Outstanding at January 1 (in dollars per share) | $ 21.85 | $ 21.85 |
Awarded (usd per share) | 31.36 | |
Released (usd per share) | 24.42 | |
Forfeited (in dollars per share) | 24.69 | |
Outstanding at December 31 (in dollars per share) | $ 22.85 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 4,250 | |
Director [Member] | Time-based vesting restricted stock [Member] | ||
Weighted - Average Grant Date Fair Value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3,300 |
Stock-Based Compensation (St103
Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |||
Total stock-based compensation | $ 1,747 | $ 1,332 | $ 1,843 |
Recognized tax benefit | (367) | (466) | (645) |
Net expense recognized | $ 1,380 | $ 866 | $ 1,198 |
Stock-Based Compensation Perfor
Stock-Based Compensation Performance Unit Awards (Details) $ in Millions | Dec. 31, 2017USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Maximum Aggregate Value of Performance Unit Award Outstanding | $ 1.3 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | Oct. 02, 2017 | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Acquired intangibles | $ 1,593,000 | $ 514,000 | ||
Acquired goodwill | 480,000 | $ 0 | ||
Third party insurance administration company | ||||
Business Acquisition [Line Items] | ||||
Consideration Transferred | $ 450,000 | |||
Acquired intangibles | 450,000 | |||
Acquired goodwill | 0 | |||
Consideration Transferred, Liabilities Incurred | $ 194,000 | |||
Property and casualty focused insurance agency | ||||
Business Acquisition [Line Items] | ||||
Consideration Transferred | $ 1,700,000 | |||
Acquired intangibles | 1,100,000 | |||
Acquired goodwill | 480,000 | |||
Consideration Transferred, Liabilities Incurred | 856,000 | |||
Property plant and equipment acquired | $ 100,000 | |||
ASB Financial Corp. | ||||
Business Acquisition [Line Items] | ||||
Acquired Entity Total Assets | 288,300,000 | |||
Acquired Entity Net Loans | 247,200,000 | |||
Acquired Entity Total Deposits | $ 203,200,000 | |||
Common Shares Issued in Business Combination | 0.592 | |||
Cash Consideration Per Share | $ 20 | |||
ASB Financial Corp. | Maximum | Cash [Member] | ||||
Business Acquisition [Line Items] | ||||
Consideration Transferred | $ 0.15 |
Parent Company Only Financia106
Parent Company Only Financial Information (Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and due from banks | $ 58,121 | $ 58,129 | ||
Due from subsidiary bank | 9,486 | 3,255 | ||
Total available-for-sale securities | 795,187 | 777,940 | ||
Other assets | 34,890 | 36,359 | ||
Total assets | 3,581,686 | 3,432,348 | ||
Liabilities | ||||
Accrued expenses and other liabilities | 39,254 | 36,603 | ||
Dividends payable | 270 | 165 | ||
Junior subordinated debt securities | 7,107 | 6,924 | ||
Total liabilities | 3,123,094 | 2,997,087 | ||
Common stockholders' equity | 458,592 | 435,261 | $ 419,789 | $ 340,118 |
Total liabilities and stockholders' equity | 3,581,686 | 3,432,348 | ||
Bank | ||||
Assets | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 431,482 | 395,468 | ||
Non-Bank | ||||
Assets | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 1,812 | 28,730 | ||
Holding Company | ||||
Assets | ||||
Cash and due from banks | 50 | 50 | ||
Interest-bearing deposits in subsidiary bank | 9,270 | 7,988 | ||
Total available-for-sale securities | 6,933 | 8,109 | ||
Other assets | 1,700 | 1,649 | ||
Total assets | 460,733 | 445,249 | ||
Liabilities | ||||
Accrued expenses and other liabilities | 1,471 | 2,589 | ||
Junior subordinated debt securities | 400 | 7,234 | ||
Total liabilities | 2,141 | 9,988 | ||
Common stockholders' equity | 458,592 | 435,261 | ||
Total liabilities and stockholders' equity | $ 460,733 | $ 445,249 |
Parent Company Only Financia107
Parent Company Only Financial Information (Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements | |||||||||||
Net gain on securities transactions | $ 764 | $ 1,861 | $ 18 | $ 340 | $ 68 | $ (1) | $ 767 | $ 96 | $ 2,983 | $ 930 | $ 729 |
Total interest income | 126,525 | 115,444 | 108,333 | ||||||||
Other expense | 26,152 | 25,689 | 25,809 | 26,468 | 25,529 | 25,411 | 25,408 | 25,274 | |||
Applicable income tax benefit | 5,339 | 5,127 | 4,414 | 3,852 | 3,336 | 3,656 | 3,479 | 3,654 | 18,732 | 14,125 | 3,875 |
Net income | $ 9,001 | $ 10,895 | $ 9,766 | $ 8,809 | $ 7,408 | $ 7,792 | $ 7,962 | $ 7,995 | 38,471 | 31,157 | 10,941 |
Bank | |||||||||||
Condensed Financial Statements | |||||||||||
Dividends from subsidiary bank | 27,000 | 20,500 | 17,500 | ||||||||
Non-Bank | |||||||||||
Condensed Financial Statements | |||||||||||
Dividends from subsidiary bank | 20,000 | 1,250 | 2,000 | ||||||||
Holding Company | |||||||||||
Condensed Financial Statements | |||||||||||
Net gain on securities transactions | 2,602 | 0 | 0 | ||||||||
Interest and other income | 237 | 209 | 206 | ||||||||
Total interest income | 49,839 | 21,959 | 19,706 | ||||||||
Interest on junior subordinated debentures held by subsidiary trust | 346 | 397 | 304 | ||||||||
Intercompany management fees | 1,361 | 1,131 | 3,171 | ||||||||
Other expense | 3,380 | 3,154 | 5,653 | ||||||||
Total expenses | 5,087 | 4,682 | 9,128 | ||||||||
Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries | 44,752 | 17,277 | 10,578 | ||||||||
Applicable income tax benefit | (1,309) | (1,718) | (3,139) | ||||||||
(Excess dividends from) equity in undistributed earnings of subsidiaries | (7,590) | 12,162 | (2,776) | ||||||||
Net income | $ 38,471 | $ 31,157 | $ 10,941 |
Parent Company Only Financia108
Parent Company Only Financial Information (Statement of Cash Flow) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | ||||||||||||
Net income | $ 9,001 | $ 10,895 | $ 9,766 | $ 8,809 | $ 7,408 | $ 7,792 | $ 7,962 | $ 7,995 | $ 38,471 | $ 31,157 | $ 10,941 | |
Depreciation, amortization and accretion, net | 18,142 | 19,169 | 18,503 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Gain on investment securities | (764) | $ (1,861) | $ (18) | (340) | (68) | $ 1 | $ (767) | (96) | (2,983) | (930) | (729) | |
Net cash provided by operating activities | 60,820 | 60,311 | 47,882 | |||||||||
Investing activities: | ||||||||||||
Business combinations, net of cash received | (1,069) | (244) | 97,277 | |||||||||
Net cash used in investing activities | (162,688) | (198,358) | (1,110) | |||||||||
Financing activities: | ||||||||||||
Payments on long-term borrowings | (5,738) | (24,361) | (72,446) | |||||||||
Purchase of treasury stock | 5,000 | 4,965 | ||||||||||
Proceeds from issuance of common shares | 9 | 18 | 0 | |||||||||
Cash dividends paid | (14,706) | (11,173) | (10,065) | |||||||||
Excess tax benefit from share-based payments | 0 | 26 | 51 | |||||||||
Net cash provided by (used in) financing activities | 107,916 | 133,078 | (37,111) | |||||||||
Net increase (decrease) in cash and cash equivalents | 6,048 | (4,969) | 9,661 | |||||||||
Cash and cash equivalents at beginning of period | 66,146 | 71,115 | 66,146 | 71,115 | 61,454 | |||||||
Cash and cash equivalents at end of period | 72,194 | 66,146 | 72,194 | 66,146 | 71,115 | |||||||
Supplemental cash flow information: | ||||||||||||
Interest paid | 12,880 | 10,439 | 11,541 | |||||||||
Holding Company | ||||||||||||
Operating activities: | ||||||||||||
Net income | 38,471 | 31,157 | 10,941 | |||||||||
Depreciation, amortization and accretion, net | (6,525) | 190 | 165 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Excess dividends from (equity in) undistributed earnings of subsidiaries | 7,590 | (12,162) | 2,776 | |||||||||
Gain on investment securities | (2,602) | 0 | 0 | |||||||||
Other, net | 2,810 | 355 | (1,903) | |||||||||
Net cash provided by operating activities | 39,744 | 19,540 | 11,979 | |||||||||
Investing activities: | ||||||||||||
Proceeds from Sale, Maturity and Collection of Investments | 2,359 | |||||||||||
Investment in subsidiaries | (50,883) | (22,769) | (104,584) | |||||||||
Decrease (increase) in receivable from subsidiary | 25,496 | 23,389 | (2,860) | |||||||||
Business combinations, net of cash received | 0 | 83,391 | ||||||||||
Payments for (Proceeds from) Other Investing Activities | (229) | |||||||||||
Net cash used in investing activities | (23,257) | 620 | (24,053) | |||||||||
Financing activities: | ||||||||||||
Payments on long-term borrowings | 0 | 0 | (14,400) | |||||||||
Purchase of treasury stock | (508) | (5,480) | (741) | |||||||||
Proceeds from issuance of common shares | 9 | 18 | 0 | |||||||||
Cash dividends paid | (14,706) | (11,173) | (10,065) | |||||||||
Excess tax benefit from share-based payments | 0 | 26 | 51 | |||||||||
Net cash provided by (used in) financing activities | (15,205) | (16,609) | (25,155) | |||||||||
Net increase (decrease) in cash and cash equivalents | 1,282 | 3,551 | (37,229) | |||||||||
Cash and cash equivalents at the beginning of year | 8,038 | 8,038 | 4,487 | $ 41,716 | ||||||||
Cash and cash equivalents at beginning of period | $ 8,038 | $ 4,487 | 8,038 | 4,487 | ||||||||
Cash and cash equivalents at end of period | $ 9,320 | $ 8,038 | 9,320 | 8,038 | 4,487 | |||||||
Supplemental cash flow information: | ||||||||||||
Interest paid | $ 364 | $ 433 | $ 594 |
Summarized Quarterly Informa109
Summarized Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summarized Quarterly Information (Unaudited) [Abstract] | |||||||||||
Total interest income | $ 32,772 | $ 32,728 | $ 31,208 | $ 29,817 | $ 29,350 | $ 28,730 | $ 28,921 | $ 28,443 | |||
Total interest expense | 3,650 | 3,508 | 3,118 | 2,872 | 2,683 | 2,607 | 2,613 | 2,676 | $ 13,148 | $ 10,579 | $ 10,721 |
Net interest income | 29,122 | 29,220 | 28,090 | 26,945 | 26,667 | 26,123 | 26,308 | 25,767 | 113,377 | 104,865 | 97,612 |
Provision for loan losses | 1,115 | 1,086 | 947 | 624 | 711 | 1,146 | 727 | 955 | |||
Net loss on asset disposals and other transactions | (144) | (25) | 109 | (3) | (109) | (224) | (769) | (31) | (63) | (1,133) | (1,788) |
Net gain on securities transactions | 764 | 1,861 | 18 | 340 | 68 | (1) | 767 | 96 | 2,983 | 930 | 729 |
Other income | 13,119 | 12,610 | 13,590 | 13,334 | 12,111 | 13,538 | 12,367 | 13,054 | |||
Amortization of other intangible assets | 913 | 869 | 871 | 863 | 1,007 | 1,008 | 1,007 | 1,008 | 3,516 | 4,030 | 4,077 |
Acquisition-related expenses | 341 | 0 | 0 | 0 | |||||||
System conversion expenses | 746 | 423 | 90 | 0 | |||||||
Other expense | 26,152 | 25,689 | 25,809 | 26,468 | 25,529 | 25,411 | 25,408 | 25,274 | |||
Applicable income tax benefit | 5,339 | 5,127 | 4,414 | 3,852 | 3,336 | 3,656 | 3,479 | 3,654 | 18,732 | 14,125 | 3,875 |
Net income | $ 9,001 | $ 10,895 | $ 9,766 | $ 8,809 | $ 7,408 | $ 7,792 | $ 7,962 | $ 7,995 | $ 38,471 | $ 31,157 | $ 10,941 |
Earnings per common share - basic | $ 0.50 | $ 0.60 | $ 0.54 | $ 0.49 | $ 0.41 | $ 0.43 | $ 0.44 | $ 0.44 | $ 2.12 | $ 1.72 | $ 0.62 |
Earnings per common share - diluted | $ 0.49 | $ 0.60 | $ 0.53 | $ 0.48 | $ 0.41 | $ 0.43 | $ 0.44 | $ 0.44 | $ 2.10 | $ 1.71 | $ 0.61 |
Weighted-average number of common shares outstanding - basic | 18,069,467 | 18,056,202 | 18,044,574 | 18,029,991 | 18,009,056 | 17,993,443 | 17,980,797 | 18,071,746 | 18,050,189 | 18,013,693 | 17,555,140 |
Weighted-average number of common shares outstanding - diluted | 18,240,092 | 18,213,533 | 18,203,752 | 18,192,957 | 18,172,030 | 18,110,710 | 18,113,812 | 18,194,990 | 18,208,684 | 18,155,463 | 17,687,795 |