Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
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, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
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 | 19,681,659 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 578,028 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash and cash equivalents: | ||||
Cash and due from banks | $ 61,775 | $ 58,121 | $ 61,775 | $ 58,121 |
Interest-bearing deposits in other banks | 15,837 | 14,073 | 15,837 | 14,073 |
Total cash and cash equivalents | 77,612 | 72,194 | 77,612 | 72,194 |
Available-for-sale investment securities, at fair value (amortized cost of $804,655 at December 31, 2018 and $797,732 at December 31, 2017) (a) | 791,891 | 795,187 | 791,891 | 795,187 |
Held-to-maturity investment securities, at amortized cost (fair value of $36,963 at December 31, 2018 and $41,213 at December 31, 2017) | 36,961 | 40,928 | 36,961 | 40,928 |
Other investment securities (a) | 42,985 | 38,371 | 42,985 | 38,371 |
Total investment securities | 871,837 | 874,486 | 871,837 | 874,486 |
Loans, net of deferred fees and costs (b) | 2,728,778 | 2,357,137 | 2,728,778 | 2,357,137 |
Allowance for loan losses | (20,195) | (18,793) | (20,195) | (18,793) |
Net loans | 2,708,583 | 2,338,344 | 2,708,583 | 2,338,344 |
Loans held for sale | 5,470 | 2,510 | 5,470 | 2,510 |
Bank premises and equipment, net of accumulated depreciation | 56,542 | 52,510 | 56,542 | 52,510 |
Bank owned life insurance | 68,934 | 62,176 | 68,934 | 62,176 |
Goodwill | 151,245 | 133,111 | 151,245 | 133,111 |
Other intangible assets | 10,840 | 11,465 | 10,840 | 11,465 |
Other assets | 40,391 | 34,890 | 40,391 | 34,890 |
Total assets | 3,991,454 | 3,581,686 | 3,991,454 | 3,581,686 |
Deposits: | ||||
Non-interest-bearing | 607,877 | 556,010 | 607,877 | 556,010 |
Interest-bearing | 2,347,588 | 2,174,320 | 2,347,588 | 2,174,320 |
Total deposits | 2,955,465 | 2,730,330 | 2,955,465 | 2,730,330 |
Short-term borrowings | 356,198 | 209,491 | 356,198 | 209,491 |
Long-term borrowings | 109,644 | 144,019 | 109,644 | 144,019 |
Accrued expenses and other liabilities (c) | 50,007 | 39,254 | 50,007 | 39,254 |
Total liabilities | 3,471,314 | 3,123,094 | 3,471,314 | 3,123,094 |
Stockholders’ Equity | ||||
Preferred stock, no par value, 50,000 shares authorized, no shares issued at December 31, 2018 and December 31, 2017 | 0 | 0 | 0 | 0 |
Common stock, no par value, 24,000,000 shares authorized, 20,124,378 shares issued at December 31, 2018 and 18,952,385 shares issued at December 31, 2017, including shares in treasury | 386,814 | 345,412 | 386,814 | 345,412 |
Retained earnings (a)(c)(d) | 160,346 | 134,362 | 160,346 | 134,362 |
Accumulated other comprehensive loss, net of deferred income taxes (a)(d) | (12,933) | (5,215) | (12,933) | (5,215) |
Treasury stock, at cost, 601,289 shares at December 31, 2018 and 702,449 shares at December 31, 2017 | (14,087) | (15,967) | (14,087) | (15,967) |
Total stockholders’ equity | 520,140 | 458,592 | 520,140 | 458,592 |
Total liabilities and stockholders’ equity | 3,991,454 | 3,581,686 | 3,991,454 | 3,581,686 |
Other Investments and Securities, at Cost | 7,800 | 7,800 | ||
Other comprehensive loss, net of tax (b) | 5,020 | |||
Cumulative Effect on Retained Earnings, Net of Tax | 3,700 | |||
Deferred Revenue | 5,055 | 4,700 | 5,055 | 4,700 |
Income tax expense | $ 2,470 | 5,339 | 8,686 | 18,732 |
Adjustments for New Accounting Pronouncement [Member] | ||||
Other Investments and Securities, at Cost | 7,800 | 7,800 | ||
Other comprehensive loss, net of tax (b) | 5,000 | |||
Cumulative Effect on Retained Earnings, Net of Tax | 3,700 | |||
Deferred Revenue | $ 4,700 | 4,700 | ||
Income tax expense | $ 700 | $ 900 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Available for sale securities, amortized cost | $ 804,655 | $ 797,732 |
Held-to-maturity securities, fair value | $ 36,963 | $ 41,213 |
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 | 20,124,378 | 18,952,385 |
Treasury stock, shares | 601,289 | 702,449 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income: | |||
Interest and fees on loans | $ 125,263,000 | $ 103,043,000 | $ 93,845,000 |
Interest and dividends on taxable investment securities | 23,132,000 | 20,415,000 | 18,423,000 |
Interest on tax-exempt investment securities | 2,467,000 | 2,923,000 | 3,126,000 |
Other interest income | 402,000 | 144,000 | 50,000 |
Total interest income | 151,264,000 | 126,525,000 | 115,444,000 |
Interest expense: | |||
Interest on deposits | 13,705,000 | 7,154,000 | 5,942,000 |
Interest on short-term borrowings | 5,238,000 | 1,534,000 | 508,000 |
Interest on long-term borrowings | 2,709,000 | 4,460,000 | 4,129,000 |
Total interest expense | 21,652,000 | 13,148,000 | 10,579,000 |
Net interest income | 129,612,000 | 113,377,000 | 104,865,000 |
Provision for loan losses | 5,448,000 | 3,772,000 | 3,539,000 |
Net interest income after provision for loan losses | 124,164,000 | 109,605,000 | 101,326,000 |
Non-interest income: | |||
Insurance income | 14,812,000 | 14,204,000 | 13,846,000 |
Mortgage banking income | 3,333,000 | 1,872,000 | 1,304,000 |
Bank owned life insurance income | 1,955,000 | 1,950,000 | 1,414,000 |
Net (loss) gain on investment securities | (146,000) | 2,983,000 | 930,000 |
Net loss on asset disposals and other transactions | (334,000) | (63,000) | (1,133,000) |
Other non-interest income (a) | 2,655,000 | 1,865,000 | 1,826,000 |
Total non-interest income | 56,754,000 | 55,573,000 | 50,867,000 |
Non-interest expense: | |||
Salaries and employee benefit costs | 69,308,000 | 60,276,000 | 57,433,000 |
Net occupancy and equipment expense | 11,272,000 | 10,633,000 | 10,735,000 |
Professional fees | 7,862,000 | 6,575,000 | 7,436,000 |
Electronic banking expense | 6,057,000 | 5,874,000 | 5,992,000 |
Data processing and software expense | 5,419,000 | 4,441,000 | 3,763,000 |
Amortization of other intangible assets | 3,338,000 | 3,516,000 | 4,030,000 |
Franchise tax expense | 2,771,000 | 2,246,000 | 2,192,000 |
Marketing expense | 1,962,000 | 1,714,000 | 1,594,000 |
FDIC insurance expense | 1,546,000 | 1,816,000 | 1,899,000 |
Foreclosed real estate and other loan expenses | 1,431,000 | 873,000 | 859,000 |
Communication expense | 1,265,000 | 1,475,000 | 2,261,000 |
Other non-interest expense | 13,746,000 | 8,536,000 | 8,717,000 |
Total non-interest expense | 125,977,000 | 107,975,000 | 106,911,000 |
Income before income taxes | 54,941,000 | 57,203,000 | 45,282,000 |
Income tax expense | 8,686,000 | 18,732,000 | 14,125,000 |
Net income | $ 46,255,000 | $ 38,471,000 | $ 31,157,000 |
Earnings per common share - basic | $ 2.42 | $ 2.12 | $ 1.72 |
Earnings per common share - diluted | $ 2.41 | $ 2.10 | $ 1.71 |
Weighted-average number of common shares outstanding - basic | 18,991,768 | 18,050,189 | 18,013,693 |
Weighted-average number of common shares outstanding - diluted | 19,122,260 | 18,208,684 | 18,155,463 |
Fiduciary and Trust [Member] | |||
Non-interest income: | |||
Revenue from contract with customer, including assessed tax | $ 12,543,000 | $ 11,558,000 | $ 10,589,000 |
Credit and Debit Card [Member] | |||
Non-interest income: | |||
Revenue from contract with customer, including assessed tax | 11,477,000 | 10,358,000 | 10,353,000 |
Deposit Account [Member] | |||
Non-interest income: | |||
Revenue from contract with customer, including assessed tax | 9,778,000 | 9,614,000 | 10,662,000 |
Interest Rate Swap | transaction fee [Member] | |||
Non-interest income: | |||
Revenue from contract with customer, including assessed tax | 681,000 | 1,232,000 | $ 1,076,000 |
Adjustments for New Accounting Pronouncement [Member] | |||
Non-interest expense: | |||
Income tax expense | 700,000 | $ 900,000 | |
Fair value adjustment on equity investment securities | $ (207,000) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other comprehensive (loss) income: | |||
Net income | $ 46,255 | $ 38,471 | $ 31,157 |
Available-for-sale investment securities: | |||
Gross unrealized holding loss arising in the period | (3,910) | (555) | (2,590) |
Related tax benefit | (821) | 195 | 906 |
Less: reclassification adjustment for net (loss) gain included in net income | (146) | 2,983 | 930 |
Related tax benefit (expense) | 31 | (1,044) | (326) |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | 0 | (370) | 0 |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2016-01 | (5,020) | ||
Net effect on other comprehensive (loss) income | (7,994) | (2,669) | (2,288) |
Defined benefit plans: | |||
Net gain (loss) arising during the period | 325 | (616) | (232) |
Related tax (expense) benefit | (69) | 216 | 81 |
Amortization of unrecognized loss and service cost on benefit plans | 99 | 96 | 89 |
Related tax expense | (21) | (34) | (31) |
Recognition of loss due to settlement and curtailment | 267 | 242 | 0 |
Related tax expense | (56) | (85) | 0 |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | 0 | (754) | 0 |
Net effect on other comprehensive income (loss) | 545 | (935) | (93) |
Net (loss) gain arising during the period | (341) | (395) | 1,824 |
Related tax benefit (expense) | 72 | 138 | (638) |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | 0 | 200 | 0 |
Net effect on other comprehensive (loss) income | (269) | (57) | 1,186 |
Total other comprehensive loss, net of tax | (7,718) | (3,661) | (1,195) |
Total comprehensive income | 38,537 | 34,810 | 29,962 |
Income tax expense | 8,686 | 18,732 | $ 14,125 |
Adjustments for New Accounting Pronouncement [Member] | |||
Available-for-sale investment securities: | |||
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2016-01 | (5,000) | ||
Income tax expense | $ 700 | $ 900 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | ASB Financial Corp.Common Stock | Restricted Shares | Restricted SharesCommon Stock | Restricted SharesTreasury Stock | New Accounting Pronouncement, Early Adoption, Effect [Member]Retained Earnings |
Balance at beginning of period at Dec. 31, 2015 | $ 419,789,000 | $ 343,948,000 | $ 90,790,000 | $ (359,000) | $ (14,590,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 31,157,000 | 31,157,000 | ||||||||
Other comprehensive loss, net of tax (b) | (1,195,000) | (1,195,000) | ||||||||
Cash dividends declared | (11,653,000) | (11,653,000) | ||||||||
Exercise of stock appreciation rights | 0 | 40,000 | (40,000) | |||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | (232,000) | (232,000) | $ 0 | $ 1,297,000 | $ (1,297,000) | |||||
Tax benefit from exercise of stock options | 26,000 | 26,000 | ||||||||
Repurchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors | (515,000) | (515,000) | ||||||||
Purchase of treasury stock | (4,965,000) | |||||||||
Common shares issued under dividend reinvestment plan | 437,000 | 437,000 | ||||||||
Common shares issued under compensation plan for Board of Directors | 245,000 | 18,000 | 263,000 | |||||||
Stock-based compensation | 1,332,000 | 1,332,000 | 0 | |||||||
Common shares issued under employee stock purchase plan | 371,000 | 16,000 | 355,000 | |||||||
Balance at end of period at Dec. 31, 2016 | 435,261,000 | 344,404,000 | 110,294,000 | (1,554,000) | (17,883,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Income tax expense | 14,125,000 | |||||||||
Net income | 38,471,000 | 38,471,000 | ||||||||
Amounts reclassified out of retained earnings, net of tax, per ASU 2014-09 (c) | (924,000) | $ 924,000 | ||||||||
Other comprehensive loss, net of tax (b) | (3,661,000) | (3,661,000) | ||||||||
Other comprehensive loss, net of tax (b) | (2,737,000) | |||||||||
Cash dividends declared | (15,327,000) | (15,327,000) | ||||||||
Exercise of stock appreciation rights | 0 | 6,000 | (6,000) | |||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | (500,000) | (500,000) | 0 | 1,455,000 | (1,455,000) | |||||
Repurchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors | (508,000) | (508,000) | ||||||||
Common shares issued under dividend reinvestment plan | 525,000 | 525,000 | ||||||||
Common shares issued under compensation plan for Board of Directors | 295,000 | 88,000 | 207,000 | |||||||
Stock-based compensation | 1,747,000 | 1,747,000 | ||||||||
Common shares issued under employee stock purchase plan | 365,000 | 109,000 | 256,000 | |||||||
Balance at end of period at Dec. 31, 2017 | 458,592,000 | 345,412,000 | 134,362,000 | (5,215,000) | (15,967,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Income tax expense | 18,732,000 | |||||||||
Income tax expense | Adjustments for New Accounting Pronouncement [Member] | 900,000 | |||||||||
Deferred Revenue | 4,700,000 | |||||||||
Deferred Revenue | Adjustments for New Accounting Pronouncement [Member] | 4,700,000 | |||||||||
Net income | 46,255,000 | 46,255,000 | ||||||||
Other comprehensive loss, net of tax (b) | 5,020,000 | |||||||||
Other comprehensive loss, net of tax (b) | Adjustments for New Accounting Pronouncement [Member] | 5,000,000 | |||||||||
Amounts reclassified out of retained earnings, net of tax, per ASU 2014-09 (c) | 5,020,000 | |||||||||
Other comprehensive loss, net of tax (b) | (7,718,000) | |||||||||
Other comprehensive loss, net of tax (b) | (2,698,000) | (7,718,000) | ||||||||
Cash dividends declared | (21,578,000) | (21,578,000) | ||||||||
Exercise of stock appreciation rights | 0 | 2,000 | (2,000) | |||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | (46,000) | (46,000) | $ 0 | $ 2,748,000 | $ (2,748,000) | |||||
Repurchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors | (1,380,000) | (1,380,000) | ||||||||
Purchase of treasury stock | 5,000,000 | |||||||||
Common shares issued under dividend reinvestment plan | 668,000 | 668,000 | ||||||||
Common shares issued under compensation plan for Board of Directors | 298,000 | 104,000 | 194,000 | |||||||
Stock-based compensation | 2,359,000 | 2,359,000 | 416,000 | |||||||
Common shares issued under employee stock purchase plan | 393,000 | 123,000 | 270,000 | |||||||
Issuance of common shares related to acquisition of ASB | 40,898,000 | $ 40,898,000 | ||||||||
Amounts reclassified out of retained earnings, net of tax, per ASU 2014-09 (c) | Accounting Standards Update 2014-09 [Member] | (3,713,000) | |||||||||
Balance at end of period at Dec. 31, 2018 | 520,140,000 | $ 386,814,000 | $ 160,346,000 | $ (12,933,000) | $ (14,087,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Income tax expense | 8,686,000 | |||||||||
Income tax expense | Adjustments for New Accounting Pronouncement [Member] | 700,000 | |||||||||
Cumulative Effect on Retained Earnings, Net of Tax | 3,700,000 | |||||||||
Cumulative Effect on Retained Earnings, Net of Tax | Adjustments for New Accounting Pronouncement [Member] | 3,700,000 | |||||||||
Deferred Revenue | $ 5,055,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | |||
Net income | $ 46,255 | $ 38,471 | $ 31,157 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion, net | 18,204 | 18,142 | 19,169 |
Provision for loan losses | 5,448 | 3,772 | 3,539 |
Bank owned life insurance income | (1,955) | (1,950) | (1,414) |
Net loss (gain) on investment securities | 146 | (2,983) | (930) |
Loss on debt extinguishment | 13 | 0 | 707 |
Loans originated for sale | (123,134) | (63,730) | (69,123) |
Proceeds from sales of loans | 124,796 | 66,025 | 67,421 |
Net gains on sales of loans | (2,846) | (1,445) | (1,047) |
Deferred income tax benefit | (309) | (2,779) | (2,462) |
Increase in accrued expenses | 147 | 950 | 3,972 |
Increase in interest receivable | (854) | (807) | (1,278) |
Excess tax benefit from share-based payments | 0 | 0 | (26) |
(Decrease) increase in other assets | (533) | 6,050 | 6,974 |
Other, net | 10,072 | 1,311 | 3,999 |
Net cash provided by operating activities | 75,243 | 61,027 | 60,658 |
Available-for-sale investment securities: | |||
Purchases | (137,818) | (180,109) | (166,241) |
Proceeds from sales | 14,489 | 8,355 | 30,734 |
Proceeds from principal payments, calls and prepayments | 122,986 | 143,000 | 127,824 |
Held-to-maturity investment securities: | |||
Purchases | 0 | (1,310) | 0 |
Proceeds from principal payments | 4,281 | 3,142 | 2,167 |
Other investment securities: | |||
Purchases | (2,689) | ||
Proceeds from sales | 7,622 | ||
Net increase in loans held for investment | (134,071) | (130,397) | (148,951) |
Net expenditures for premises and equipment | (4,531) | (4,865) | (5,436) |
Proceeds from sales of other real estate owned | 278 | 556 | 240 |
Purchase of bank owned life insurance | 0 | 0 | (35,000) |
Business acquisitions, net of cash received | 4,695 | (1,069) | (244) |
(Investment in) return of limited partnership and tax credit funds | (5,398) | 9 | (3,451) |
Net cash used in investing activities | (130,156) | (162,688) | (198,358) |
Financing activities: | |||
Net increase (decrease) in non-interest-bearing deposits | 22,380 | (178,411) | 16,482 |
Net increase (decrease) in interest-bearing deposits | 3,449 | 398,991 | (42,655) |
Net increase (decrease) in short-term borrowings | 61,883 | (146,721) | 145,221 |
Proceeds from long-term borrowings | 0 | 55,000 | 55,000 |
Payments on long-term borrowings | (4,591) | (5,738) | (24,361) |
Cash dividends paid | (20,915) | (14,706) | (11,173) |
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock | 0 | 0 | (4,965) |
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock | 1,380 | 508 | 515 |
Proceeds from issuance of common shares | 25 | 9 | 18 |
Payment for Contingent Consideration Liability, Financing Activities | (520) | (207) | (347) |
Excess tax benefit from share-based payments | 0 | 0 | 26 |
Net cash provided by financing activities | 60,331 | 107,709 | 132,731 |
Net increase (decrease) in cash and cash equivalents | 5,418 | 6,048 | (4,969) |
Cash and cash equivalents at beginning of period | 72,194 | 66,146 | 71,115 |
Cash and cash equivalents at end of period | 77,612 | 72,194 | 66,146 |
Supplemental cash flow information: | |||
Interest paid | 19,920 | 13,001 | 10,756 |
Income taxes paid | 6,135 | 14,036 | 11,890 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Transfers from loans to other real estate owned | $ 90 | 219 | $ 202 |
Subsequent receipt of proceeds [Member] | |||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Available-for-sale investment security sales settled in a subsequent period | $ 229 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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, total comprehensive income, net cash provided by operating activities or total 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. Peoples had no restricted funds at December 31, 2018 and $1.0 million of restricted funds at December 31, 2017, in interest-bearing deposits in other banks. 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 gains and losses reported in total stockholders' equity as a separate component of accumulated other comprehensive income or loss, net of applicable deferred income taxes. Certain restricted equity investment 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 in 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 total stockholders' equity as a component of accumulated other comprehensive income, net of applicable deferred income 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 ("Repurchase Agreements"): Peoples enters into 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 Short-Term Borrowings and Note 9 Long-Term Borrowings, 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 Investment Securities. 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 $ 9.5 million and $ 7.5 million at December 31, 2018 and 2017 , 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 , for which an annual evaluation is performed 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 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 provision for loan losses in the period in which it is identified, and establishes an allowance for loan losses for the expected 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, with no valuation allowance, 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 fair value adjustment. 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. Interest Rate Lock Commitments: 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, and (6) effectiveness of Peoples' loan policies, procedures and internal controls. The 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. Peoples also evaluates unfunded commitments for construction loans, floor plan lines of credit, home equity lines of credit, other credit lines and letters of credit on a quarterly basis. The calculation of the reserve for unfunded commitments utilizes the same look back period as the allowance for loan losses, and is based on the reported losses on unfunded commitments during this look back period. This annualized loss rate is then applied to the probable drawn amount of the pooled unfunded commitments to determine the required reserve. Peoples also evaluates classified credit exposures with unfunded commitments individually to determine if a loss is both probable and reasonably estimable. Troubled Debt Restructuring ("TDR"): The restructuring of a loan is considered a 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 in income tax expense. The unamortized amount of the investments is recorded in other assets and totaled $ 9.6 million and $ 4.7 million at December 31, 2018 and 2017 , respectively. Other Real Estate Owned ("OREO"): 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 $ 94,000 at December 31, 2018 and $208,000 at December 31, 2017 . 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, 2018 , based upon the estimated fair value of Peoples' single reporting unit. Peoples' other intangible assets include customer relationship intangible assets, 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 represent the right to service loans sold to third-party investors. Loans that are sold are primarily mortgage loans, but also include small business and agricultural loans. Servicing rights are recognized separately as a servicing asset or liability whenever Peoples undertakes an obligation to service financial assets. Servicing rights 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 servicing rights 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 servicing rights 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. 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. 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, Peoples adopted ASU 2014-09 - Revenue from Contracts with Customers (Topic 606), and all subsequent updates that modified Accounting Standards Codification ("ASC") 606. Peoples elected to adopt this new accounting guidance using the modified retrospective approach. The modified retrospective approach uses a cumulative-effect adjustment to retained earnings to reflect uncompleted contracts in the initial application of the guidance. As of January 1, 2018, Peoples recorded a cumulative-effect adjustment for uncompleted contracts, which resulted in a reduction to retained earnings and an increase in accrued expenses and other liabilities of $3.7 million , which was net of federal income taxes. The impact during 2018 was an increase in insurance income and a decrease in retained earnings of $369,000 as a result of applying ASC 606. Prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for those respective periods. Estimates of variable consideration are included in revenue to the extent that it is probable that a significant reversal of cumulative revenue will not occur, once the uncertainty is resolved. Peoples' contracts with customers are short-term in nature, and are recognized under the following revenue streams: Insurance Income: Insurance income generally consists of commissions and fees from the sale of insurance policies, fees related to third-party administration services and performance-based commissions from insurance companies. Peoples recognizes commission income from the sale of insurance policies when it acts as an agent between the insurance carrier and policyholder, arranging for the insurance carrier to provide policies to policyholders, and acts on behalf of the insurance carrier by providing customer service to the policyholders during the respective policy periods. Commission income is recognized over time, using the output method of time elapsed, which corresponds with the underlying insurance policy period, for which Peoples is obligated to perform under contract with the insurance carrier. Commission income is variable, as it is comprised of a certain percentage of the underlying policy premium. Peoples estimates the variable consideration based upon the "most likely amount" method, and does not expect or anticipate a significant reversal of revenue in future periods, based upon historical experience. Payment is due from the insurance carrier for commission income once the insurance policy has been sold. Peoples has elected to apply a practical expedient related to capitalizable costs, which are the commissions paid to insurance producers, and will expense these commissions paid to insurance producers as incurred, as these costs are related to the commission income and would have been amortized within one year or less if they had been capitalized, the same period over which the commission income was earned. Fees related to third-party administration services performed are recognized over time, during the period in which services have been provided, and are recognized monthly in the mo |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value represents the amount expected to be received to sell an asset or paid to transfer a liability in its principal or most advantageous market in an orderly transaction between market participants at the measurement date. In accordance with fair value accounting guidance, Peoples measures, records and reports various types of assets and liabilities at fair value on either a recurring or a non-recurring basis in the Consolidated Financial Statements. Those assets and liabilities are presented below in the sections entitled "Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis" and "Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis." Depending on the nature of the asset or liability, Peoples uses various valuation methodologies and assumptions to estimate fair value. The measurement of fair value under US GAAP uses a hierarchy, which is described in Note 1 Summary of Significant Accounting Policies. Assets and liabilities are assigned to a level within the fair value hierarchy based on the lowest level of significant input used to measure fair value. Assets and liabilities may change levels within the fair value hierarchy due to market conditions or other circumstances. Those transfers are recognized on the date of the event that prompted the transfer. There were no transfers of assets or liabilities required to be measured at fair value on a recurring basis between levels of the fair value hierarchy during the periods presented. Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis The following table provides the fair value for assets and liabilities required to be measured and reported at fair value on a recurring basis on the Consolidated Balance Sheets by level in the fair value hierarchy. Recurring Fair Value Measurements at Reporting Date December 31, 2018 December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Available-for-sale investment securities: Obligations of: States and political subdivisions $ — $ 88,587 $ — $ — $ 101,569 $ — Residential mortgage-backed securities — 692,608 — — 673,664 — Commercial mortgage-backed securities — 6,707 — — 6,976 — Bank-issued trust preferred securities — 3,989 — — 5,129 — Equity investment securities (a) — — — 7,694 155 — Total available-for-sale securities $ — $ 791,891 $ — $ 7,694 $ 787,493 $ — Equity investment securities (a) $ 94 $ 183 $ — $ — $ — $ — Derivative assets (b) — 4,544 — — 4,594 — Liabilities: Derivative liabilities (c) $ — $ 3,562 $ — $ — $ 3,241 $ — (a) As of January 1, 2018, Peoples adopted ASU 2016-01, resulting in the reclassification of equity investment securities from available-for-sale investment securities to other investment securities. As of December 31, 2017, equity investment securities had a net unrealized gain of $6.5 million . (b) Included in other assets on the Consolidated Balance Sheets. For additional information, see Note 14 Derivative Financial Instruments. (c) Included in other liabilities on the Consolidated Balance Sheets. For additional information, see Note 14 Derivative Financial Instruments. Available-for-Sale Investment Securities: 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) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, LIBOR yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists. Equity Investment Securities: The fair values of Peoples' equity investment securities are obtained from q uoted prices in active exchange markets for identical assets or liabilities (Level 1) or quoted prices in less active markets (Level 2). Derivative Assets and Liabilities : Derivative assets and liabilities are recognized on the Consolidated Balance Sheets at their fair value within other assets/liabilities. 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). Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis The following table provides the fair value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Consolidated Balance Sheets by level in the fair value hierarchy. Non-Recurring Fair Value Measurements at Reporting Date December 31, 2018 December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ 24,129 $ — $ — $ 20,602 OREO — — 94 — — 208 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 the market value provided by independent, licensed or certified appraisers (Level 3), less estimated selling costs. At December 31, 2018 , impaired loans with an aggregate outstanding principal balance of $30.1 million were measured and reported at a fair value of $ 24.1 million . For the year ended December 31, 2018 , Peoples recognized a reduction of $ 207,000 in the specific reserve on impaired loans, through the allowance for loan losses. Other Real Estate Owned: The carrying value of OREO is not re-measured to fair value on a recurring basis, but is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available (Level 3). Financial Instruments Not Required to be Measured and Reported at Fair Value The following table provides the carrying amount for each class of assets and liabilities, and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Balance Sheets. Fair Value Measurements of Other Financial Instruments (Dollars in thousands) Fair Value Hierarchy Level December 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 77,612 $ 77,612 $ 72,194 $ 72,194 Held-to-maturity investment securities: Obligations of: States and political subdivisions 2 4,403 4,896 3,810 4,417 Residential mortgage-backed securities 2 29,044 28,603 32,487 32,227 Commercial mortgage-backed securities 2 3,514 3,464 4,631 4,569 Total held-to-maturity securities 36,961 36,963 40,928 41,213 Other investment securities: FHLB stock 2 29,367 29,367 28,132 28,132 FRB stock 2 12,294 12,294 10,179 10,179 Nonqualified deferred compensation (a) 2 987 987 — — Federal Home Loan Mortgage Corp ("FHLMC") stock 2 60 60 60 60 Other investment securities (b) 42,708 42,708 38,371 38,371 Net loans 3 2,708,583 2,907,537 2,338,344 2,274,194 Loans held for sale 2 5,470 5,492 2,510 2,569 Bank owned life insurance 3 68,934 68,934 62,176 62,176 Servicing rights (c) 3 2,655 4,568 2,305 3,866 Financial liabilities: Deposits 2 $ 2,955,465 $ 2,953,452 $ 2,730,330 $ 2,730,071 Short-term borrowings 2 356,198 349,994 209,491 209,628 Long-term borrowings 2 109,644 101,736 144,019 142,108 (a) As of January 1, 2018, Peoples adopted ASU 2016-01, resulting in the reclassification of equity investment securities (including those held in participant accounts in the Peoples Bancorp Inc. Nonqualified Deferred Compensation Plan) from available-for-sale investment securities to other investment securities. (b) Other investment securities, as reported on the Consolidated Balance Sheets, also includes equity investment securities for 2018, which are reported in the Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis table above. (c) Included in other intangible assets on the Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or market value. For certain financial assets and liabilities, carrying value approximates fair value due to the nature of the financial instrument. These instruments include cash and cash equivalents, demand and other non-maturity deposits, and overnight borrowings. Peoples used the following methods and assumptions in estimating the fair value of the following financial instruments: Cash and Cash Equivalents: The carrying amount for cash and due from banks is a reasonable estimate of fair value (Level 1). Held-to-Maturity Investment Securities: 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) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, LIBOR yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists. Other Investment Securities: Other investment securities are measured at their respective redemption values (Level 2). Net 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). Fair values for loans are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and other market factors, including liquidity. Loans Held for Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried, in aggregate, at the lower of cost or estimated fair value. The use of a valuation model using quoted prices of similar instruments are significant inputs in arriving at the fair value (Level 2). Bank Owned Life Insurance: Peoples' bank owned life insurance policies are recorded at their cash surrender value (Level 3). Peoples recognizes tax-exempt income from the periodic increases in the cash surrender value of these policies and from death benefits. Servicing Rights : The fair value of the servicing rights 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 (Level 3). Deposits: The fair value of fixed maturity certificates of deposit ("CDs") is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities (Level 2). 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). Long-term Borrowings: The fair value of long-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2). Certain financial assets and financial liabilities that are not required to be measured or reported at fair value can be subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and liabilities include the following: customer relationships intangible assets, core deposit intangible assets and other information required to compute Peoples’ aggregate fair value, which 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, 2018 | |
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 2018 Obligations of: States and political subdivisions $ 88,358 $ 787 $ (558 ) $ 88,587 Residential mortgage-backed securities 705,289 2,720 (15,401 ) 692,608 Commercial mortgage-backed securities 6,812 — (105 ) 6,707 Bank-issued trust preferred securities 4,196 75 (282 ) 3,989 Total available-for-sale securities $ 804,655 $ 3,582 $ (16,346 ) $ 791,891 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 investment securities (a) 1,394 6,520 (65 ) 7,849 Total available-for-sale securities $ 797,732 $ 11,040 $ (13,585 ) $ 795,187 (a) As of January 1, 2018, Peoples adopted ASU 2016-01, resulting in the reclassification of equity investment securities from available-for- sale investment securities to other investment securities. The unrealized losses related to residential mortgage-backed securities at December 31, 2018 and 2017 were attributed to changes in market interest rates and spreads since the securities were purchased. 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) 2018 2017 2016 Gross gains realized $ 6 $ 2,999 $ 933 Gross losses realized 152 16 3 Net (loss) gain realized $ (146 ) $ 2,983 $ 930 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 2018 Obligations of: States and political subdivisions $ 10,173 $ 18 17 $ 19,918 $ 540 20 $ 30,091 $ 558 Residential mortgage-backed securities 47,562 226 50 517,335 15,175 170 564,897 15,401 Commercial mortgage-backed securities — — — 6,707 105 3 6,707 105 Bank-issued trust preferred securities — — — 1,718 282 2 1,718 282 Total $ 57,735 $ 244 67 $ 545,678 $ 16,102 195 $ 603,413 $ 16,346 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 investment securities (a) 276 1 1 112 64 1 388 65 Total $ 294,746 $ 3,575 97 $ 301,298 $ 10,010 94 $ 596,044 $ 13,585 (a) As of January 1, 2018, Peoples adopted ASU 2016-01, resulting in the reclassification of equity investment securities from available-for-sale investment securities to other investment securities. Management systematically evaluates available-for-sale investment securities for other-than-temporary declines in fair value on a quarterly basis. At December 31, 2018 , 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, 2018 and 2017 were attributable to changes in market interest rates and spreads since the securities were purchased. At December 31, 2018 , 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 two positions, consisted of privately issued mortgage-backed securities with all of the underlying mortgages originated prior to 2004. Both of the two positions had a fair value of less than 90% of their book value, with an aggregate book and fair value of $ 216,000 and $145,000 , 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. The unrealized losses with respect to the two bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at December 31, 2018 were primarily attributable to the subordinated nature of the debt. 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, 2018 . 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 $ 891 $ 15,910 $ 23,094 $ 48,463 $ 88,358 Residential mortgage-backed securities 782 12,194 51,284 641,029 705,289 Commercial mortgage-backed securities — 5,666 — 1,146 6,812 Bank-issued trust preferred securities — — 4,196 — 4,196 Total available-for-sale securities $ 1,673 $ 33,770 $ 78,574 $ 690,638 $ 804,655 Fair value Obligations of: States and political subdivisions $ 888 $ 15,900 $ 23,188 $ 48,611 $ 88,587 Residential mortgage-backed securities 778 12,031 50,164 629,635 692,608 Commercial mortgage-backed securities — 5,587 — 1,120 6,707 Bank-issued trust preferred securities — — 3,989 — 3,989 Total available-for-sale securities $ 1,666 $ 33,518 $ 77,341 $ 679,366 $ 791,891 Total weighted-average yield 2.26 % 2.35 % 2.77 % 2.93 % 2.89 % 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 2018 Obligations of: States and political subdivisions $ 4,403 $ 493 $ — $ 4,896 Residential mortgage-backed securities 29,044 191 (632 ) 28,603 Commercial mortgage-backed securities 3,514 — (50 ) 3,464 Total held-to-maturity securities $ 36,961 $ 684 $ (682 ) $ 36,963 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 There were no gross gains or gross losses realized by Peoples from sales of held-to-maturity securities for the years ended December 31, 2018 , 2017 and 2016. 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 2018 Residential mortgage-backed securities $ — $ — — $ 13,102 $ 632 5 $ 13,102 $ 632 Commercial mortgage-backed securities — — — 3,464 50 1 3,464 50 Total $ — $ — — $ 16,566 $ 682 6 $ 16,566 $ 682 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 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, 2018 . 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 $ — $ 308 $ 2,982 $ 1,113 $ 4,403 Residential mortgage-backed securities — 422 8,027 20,595 29,044 Commercial mortgage-backed securities — — — 3,514 3,514 Total held-to-maturity securities $ — $ 730 $ 11,009 $ 25,222 $ 36,961 Fair value Obligations of: States and political subdivisions $ — $ 308 $ 3,466 $ 1,122 $ 4,896 Residential mortgage-backed securities — 416 8,163 20,024 28,603 Commercial mortgage-backed securities — — — 3,464 3,464 Total held-to-maturity securities $ — $ 724 $ 11,629 $ 24,610 $ 36,963 Total weighted-average yield — % 2.43 % 2.89 % 2.78 % 2.80 % Other Investment Securities Peoples' other investment securities on the Consolidated Balance Sheet consist largely of shares of FHLB and FRB, and equity investment securities. As of January 1, 2018, Peoples adopted ASU 2016-01, resulting in the reclassification of $7.8 million of equity investment securities from available-for-sale investment securities to other investment securities and the reclassification of $5.0 million in net unrealized gains on equity investment securities from accumulated other comprehensive loss to retained earnings. The following table summarizes the carrying value of Peoples' other investment securities at December 31: (Dollars in thousands) 2018 2017 FHLB stock $ 29,367 $ 28,132 FRB stock 12,294 10,179 Nonqualified deferred compensation 987 — Equity investment securities (a) 277 — FHLMC stock 60 60 Other investment securities $ 42,985 $ 38,371 (a) As of January 1, 2018, Peoples adopted ASU 2016-01, resulting in the reclassification of equity investment securities from available-for-sale investment securities to other investment securitie s. During the year ended December 31, 2018 , Peoples recorded the change in the fair value of equity investment securities held at December 31, 2018 in other non-interest income, resulting in unrealized losses of $206,000 . At December 31, 2018 , Peoples' investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies. There were no equity investment securities of a single issuer that exceeded 10% of Peoples' stockholders' equity. Pledged Securities Peoples had pledged available-for-sale investment securities with a carrying value of $ 430.0 million and $ 522.7 million at December 31, 2018 and 2017 , respectively, and held-to-maturity investment securities with a carrying value of $ 16.9 million and $ 18.3 million at December 31, 2018 and 2017 , 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 $ 60.1 million and $ 6.7 million at December 31, 2018 and 2017 , respectively, and held-to-maturity securities with carrying values of $16.7 million and $19.9 million at December 31, 2018 and 2017 , respectively, to secure additional borrowing capacity at the FHLB and the FRB. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2018 | |
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 eastern Kentucky. Acquired loans consist of loans purchased in 2012 or thereafter. 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) 2018 2017 Originated loans: Commercial real estate, construction $ 124,013 $ 107,118 Commercial real estate, other 632,200 595,447 Commercial real estate 756,213 702,565 Commercial and industrial 530,207 438,051 Residential real estate 296,860 304,523 Home equity lines of credit 93,326 88,902 Consumer, indirect 407,167 340,390 Consumer, direct 71,674 67,010 Consumer 478,841 407,400 Deposit account overdrafts 583 849 Total originated loans $ 2,156,030 $ 1,942,290 Acquired loans: Commercial real estate, construction $ 12,404 $ 8,319 Commercial real estate, other 184,711 165,120 Commercial real estate 197,115 173,439 Commercial and industrial 35,537 34,493 Residential real estate 296,937 184,864 Home equity lines of credit 40,653 20,575 Consumer, indirect 136 329 Consumer, direct 2,370 1,147 Consumer 2,506 1,476 Total acquired loans $ 572,748 $ 414,847 Total loans $ 2,728,778 $ 2,357,137 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) 2018 2017 Commercial real estate $ 11,955 $ 8,117 Commercial and industrial 1,287 767 Residential real estate 20,062 19,532 Consumer 58 33 Total outstanding balance $ 33,362 $ 28,449 Net carrying amount $ 22,475 $ 19,564 Changes in the accretable yield for purchased credit impaired loans during the year ended December 31 were as follows: (Dollars in thousands) 2018 2017 Balance, beginning of period $ 6,704 $ 7,132 Reclassification from nonaccretable to accretable 2,019 1,285 Additions: ASB 2,047 — Accretion (1,815 ) (1,713 ) Balance, December 31 $ 8,955 $ 6,704 Peoples completes annual re-estimations of cash flows on acquired purchased credit impaired loans in August of each year. At the end of each quarter, Peoples evaluates factors to determine if a material change has occurred in acquired loans accounted for and if a re-estimation is needed. Factors evaluated to determine if a re-estimation is needed include changes in: risk ratings, maturity dates, charge-offs, payoffs, nonaccrual status and loans that have become past due. 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 evaluates changes quarterly and compares the new estimated cash flows to those at the previous cash flow re-estimation date and the related materiality of the changes, and when compared to the total loan portfolio, the differences in estimated cash flows at the most recent cash flow re-estimation date compared to the previous cash flow re-estimation date would not have a material impact on amounts recorded since the last re-estimation. Peoples completed a re-estimation of cash flows on purchased credit impaired loans in August 2018, resulting in the reclassification from nonaccretable to accretable yield shown in the table above. 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. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. Pledged Loans Peoples has pledged certain loans secured by one-to-four family and multifamily residential mortgages under a blanket collateral agreement to secure borrowings from the FHLB. The amount of such pledged loans totaled $ 505.7 million and $ 487.2 million at December 31, 2018 and 2017 , respectively. Peoples also had pledged commercial loans to secure borrowings with the FRB. The outstanding balances of these loans totaled $ 180.9 million and $ 74.0 million at December 31, 2018 and 2017 , 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, 2018 , 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 the addition and exit of directors during the year, as applicable. (Dollars in thousands) Balance, December 31, 2017 $ 15,102 New loans and disbursements 5,508 Repayments (3,720 ) Other changes (101 ) Balance, December 31, 2018 $ 16,789 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) 2018 2017 2018 2017 Originated loans: Commercial real estate, construction $ 710 $ 754 $ — $ — Commercial real estate, other 6,565 6,877 786 — Commercial real estate 7,275 7,631 786 — Commercial and industrial 1,673 739 — — Residential real estate 4,105 3,546 398 548 Home equity lines of credit 596 550 7 50 Consumer, indirect 480 256 — — Consumer, direct 56 39 — 16 Consumer 536 295 — 16 Total originated loans $ 14,185 $ 12,761 $ 1,191 $ 614 Acquired loans: Commercial real estate, other $ 319 $ 192 $ 15 $ 215 Commercial and industrial 36 259 18 45 Residential real estate 1,921 2,168 1,032 730 Home equity lines of credit 637 312 — 22 Total acquired loans $ 2,913 $ 2,931 $ 1,065 $ 1,012 Total loans $ 17,098 $ 15,692 $ 2,256 $ 1,626 The following tables present the aging of the recorded investment in past due loans at December 31: Loans Past Due Current Total (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2018 Originated loans: Commercial real estate, construction $ — $ — $ 710 $ 710 $ 123,303 $ 124,013 Commercial real estate, other 12 736 7,151 7,899 624,301 632,200 Commercial real estate 12 736 7,861 8,609 747,604 756,213 Commercial and industrial 1,678 3,520 1,297 6,495 523,712 530,207 Residential real estate 4,457 1,319 2,595 8,371 288,489 296,860 Home equity lines of credit 531 30 431 992 92,334 93,326 Consumer, indirect 3,266 488 165 3,919 403,248 407,167 Consumer, direct 308 50 42 400 71,274 71,674 Consumer 3,574 538 207 4,319 474,522 478,841 Deposit account overdrafts — — — — 583 583 Total originated loans $ 10,252 $ 6,143 $ 12,391 $ 28,786 $ 2,127,244 $ 2,156,030 Loans Past Due Current Total (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2018 Acquired loans: Commercial real estate, construction $ 511 $ — $ — $ 511 $ 11,893 $ 12,404 Commercial real estate, other 523 457 233 1,213 183,498 184,711 Commercial real estate 1,034 457 233 1,724 195,391 197,115 Commercial and industrial 111 13 18 142 35,395 35,537 Residential real estate 6,124 1,823 1,885 9,832 287,105 296,937 Home equity lines of credit 238 233 534 1,005 39,648 40,653 Consumer, indirect — — — — 136 136 Consumer, direct 23 6 — 29 2,341 2,370 Consumer 23 6 — 29 2,477 2,506 Total acquired loans $ 7,530 $ 2,532 $ 2,670 $ 12,732 $ 560,016 $ 572,748 Total loans $ 17,782 $ 8,675 $ 15,061 $ 41,518 $ 2,687,260 $ 2,728,778 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, direct 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 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, direct 10 11 — 21 1,126 1,147 Consumer 13 11 — 24 1,452 1,476 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 Delinquency trends remained stable as 98.5% of Peoples' portfolio was considered "current" at December 31, 2018 , compared to 98.6% at December 31, 2017 . Credit Quality Indicators As discussed in Note 1 Summary of Significant Accounting Policies, 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 (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2018 Originated loans: Commercial real estate, construction $ 121,457 $ — $ 1,472 $ — $ 1,084 $ 124,013 Commercial real estate, other 612,099 10,898 9,203 — — 632,200 Commercial real estate 733,556 10,898 10,675 — 1,084 756,213 Commercial and industrial 476,290 45,990 7,692 — 235 530,207 Residential real estate 14,229 500 11,971 409 269,751 296,860 Home equity lines of credit 453 — — — 92,873 93,326 Consumer, indirect 8 — — — 407,159 407,167 Consumer, direct 30 — — — 71,644 71,674 Consumer 38 — — — 478,803 478,841 Deposit account overdrafts — — — — 583 583 Total originated loans $ 1,224,566 $ 57,388 $ 30,338 $ 409 $ 843,329 $ 2,156,030 Pass Rated Special Mention Substandard Doubtful Not Rated Total (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2018 Acquired loans: Commercial real estate, construction $ 8,976 $ 1,795 $ 1,633 $ — $ — $ 12,404 Commercial real estate, other 169,260 7,241 8,114 96 — 184,711 Commercial real estate 178,236 9,036 9,747 96 — 197,115 Commercial and industrial 32,471 2,008 1,058 — — 35,537 Residential real estate 17,370 1,938 2,033 137 275,459 296,937 Home equity lines of credit 33 — — — 40,620 40,653 Consumer, indirect 4 — — — 132 136 Consumer, direct 31 — — — 2,339 2,370 Consumer 35 — — — 2,471 2,506 Total acquired loans $ 228,145 $ 12,982 $ 12,838 $ 233 $ 318,550 $ 572,748 Total loans $ 1,452,711 $ 70,370 $ 43,176 $ 642 $ 1,161,879 $ 2,728,778 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, direct 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 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, direct 35 — — — 1,112 1,147 Consumer 47 — — — 1,429 1,476 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 During 2018, Peoples' classified loans, which are loans categorized as substandard or doubtful, declined compared to the balances at December 31, 2017 mostly due to paydowns on classified loans, which were partially offset by acquired ASB loans. 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 2018 Commercial real estate, construction $ 2,376 $ — $ 2,376 $ 2,376 $ — $ 1,732 $ 74 Commercial real estate, other 15,464 274 14,946 15,220 119 14,043 455 Commercial real estate 17,840 274 17,322 17,596 119 15,775 529 Commercial and industrial 3,305 790 2,436 3,226 157 2,423 72 Residential real estate 25,990 644 24,034 24,678 154 22,769 1,134 Home equity lines of credit 2,291 424 1,869 2,293 73 1,832 109 Consumer, indirect 496 — 503 503 — 278 15 Consumer, direct 79 22 57 79 6 63 20 Consumer 575 22 560 582 6 341 35 Total $ 50,001 $ 2,154 $ 46,221 $ 48,375 $ 509 $ 43,140 $ 1,879 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, direct 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 Peoples' loans classified as impaired shown in the table above, included loans that were classified as TDRs. The following table summarizes the loans that were modified as TDRs during the years ended December 31, 2018 and 2017 . Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment 2018 Originated loans: Commercial and industrial 1 $ 714 $ 714 $ 714 Residential real estate 9 904 904 899 Home equity lines of credit 8 666 666 660 Consumer, indirect 27 485 485 412 Consumer, direct 5 32 32 29 Consumer 32 517 517 441 Total 50 $ 2,801 $ 2,801 $ 2,714 Acquired loans: Commercial real estate, construction 1 $ 50 $ 50 $ 45 Residential real estate 15 1,258 1,258 1,226 Home equity lines of credit 6 196 196 193 Total 22 $ 1,504 $ 1,504 $ 1,464 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, direct 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, direct 1 2 2 — Total 18 $ 1,060 $ 1,060 $ 1,012 (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: 2018 2017 (Dollars in thousands) Number of Contracts Recorded Investment (1) Impact on the Allowance for Loan Losses Number of Contracts Recorded Investment (1) Impact on the Allowance for Loan Losses Originated loans: Residential real estate 1 $ 56 $ — — $ — $ — Home equity lines of credit 1 32 — — — — Total 2 $ 88 $ — — $ — $ — Acquired loans: Residential real estate — $ — $ — 2 $ 64 $ — Home equity lines of credit 1 10 — — — — Total 1 $ 10 $ — 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 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, direct Deposit Account Overdrafts Total Balance, January 1, 2018 $ 7,797 $ 5,813 $ 904 $ 693 $ 2,944 $ 464 $ 70 $ 18,685 Charge-offs (849 ) (38 ) (355 ) (107 ) (2,515 ) (358 ) (965 ) (5,187 ) Recoveries 60 18 232 14 474 140 205 1,143 Net charge-offs (789 ) (20 ) (123 ) (93 ) (2,041 ) (218 ) (760 ) (4,044 ) Provision for loan losses 995 385 433 18 2,311 105 771 5,018 Balance, December 31, 2018 $ 8,003 $ 6,178 $ 1,214 $ 618 $ 3,214 $ 351 $ 81 $ 19,659 Period-end amount allocated to: Loans individually evaluated for impairment $ 119 $ 157 $ 154 $ 73 $ — $ 6 $ — $ 509 Loans collectively evaluated for impairment 7,884 6,021 1,060 545 3,214 345 81 19,150 Balance, December 31, 2018 $ 8,003 $ 6,178 $ 1,214 $ 618 $ 3,214 $ 351 $ 81 $ 19,659 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 (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 The increase in total allowance for loan losses in 2018 was primarily due to total loan growth of 16% , or $371.6 million . The increase was primarily the result of commercial loan growth of $170.5 million , or 13% , which includes commercial real estate and commercial and industrial loan balances. Additionally, indirect consumer lending had growth of $66.6 million , or 20% , compared to December 31, 2017, and was partially offset by reductions in residential real estate loans. Historical loss rates are calculated using charge-offs and recoveries within each portfolio over the past five years. Allowance for Acquired Loan Losses Acquired loans are recorded at their fair value as of the acquisition date with no valuation allowance, and monitored for changes in credit quality and subsequent increases or decreases in expected cash flows. Decreases in expected cash flows of acquired purchased credit impaired loans are recognized as an impairment, with the amount of the expected loss included in management's evaluation of the appropriateness of the allowance for loan losses. The methods utilized to estimate the required allowance for loan losses for nonimpaired acquired loans are similar to those utilized for originated loans; however, Peoples records a provision for loan losses only when the computed allowance 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) 2018 2017 Nonimpaired loans: Balance, January 1 $ — $ — Provision for loan losses 383 — Balance, December 31 $ 383 $ — Purchased credit impaired loans: Balance, January 1 $ 108 $ 233 Charge-offs (2 ) (7 ) Provision for (recovery of) loan losses 47 (118 ) Balance, December 31 $ 153 $ 108 During 2018, as a result of the ASB acquisition, Peoples recorded provision for loan losses for nonimpaired loans. The remaining fair value adjustment recorded for the nonimpaired loans acquired from ASB was not sufficient based on the calculation of the allowance for loan losses as of December 31, 2018. 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, 2018 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | Bank Premises and Equipment The major categories of bank premises and equipment, net of accumulated depreciation, at December 31 are summarized as follows: (Dollars in thousands) 2018 2017 Land $ 13,776 $ 12,871 Building and premises 68,245 61,729 Furniture, fixtures and equipment 28,523 27,137 Total bank premises and equipment 110,544 101,737 Accumulated depreciation (54,002 ) (49,227 ) Net book value $ 56,542 $ 52,510 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 in 2018 and 2017 and $ 5.1 million in 2016 . 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 $ 1.2 million in 2018 , $1.1 million in both 2017 and 2016 . 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, 2018 : (Dollars in thousands) Payments 2019 $ 975 2020 756 2021 606 2022 455 2023 295 Thereafter 223 Total future operating lease payments $ 3,310 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Goodwill, beginning of year $ 133,111 $ 132,631 Goodwill recorded from acquisitions 18,134 480 Goodwill, end of year $ 151,245 $ 133,111 Peoples performed the required annual goodwill impairment test as of October 1, 2018, and concluded there was no impairment in the recorded value of goodwill, 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. On April 13, 2018, Peoples completed its acquisition of ASB, for which Peoples recorded $18.1 million of goodwill. For additional information on the ASB acquisition, refer to Note 19 Acquisitions. During 2017, Peoples Insurance Agency, LLC 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 2018 Gross intangibles $ 15,636 $ 7,480 $ 23,116 Intangibles recorded from acquisitions 2,363 — 2,363 Accumulated amortization (12,540 ) (4,754 ) (17,294 ) Total acquisition-related intangibles $ 5,459 $ 2,726 $ 8,185 Servicing rights 2,655 Total other intangibles $ 10,840 2017 Gross intangibles $ 16,150 $ 5,373 $ 21,523 Intangibles recorded from acquisitions — 1,593 1,593 Accumulated amortization (10,281 ) (3,675 ) (13,956 ) Total acquisition-related intangibles $ 5,869 $ 3,291 $ 9,160 Servicing rights 2,305 Total other intangibles $ 11,465 Peoples performed other intangible assets impairment testing and concluded there was no impairment in the recorded value of other intangible assets as of December 31, 2018, based upon estimated fair value. During the annual other intangible assets 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 other intangible assets exceeded the carrying value. Other intangible assets recorded from the ASB acquisition were $2.6 million in 2018, which included $2.4 million in core deposit intangible assets and $276,000 in servicing rights. Other intangible assets recorded from acquisitions of $1.6 million in 2017 related to the acquisitions of a third-party insurance administration company and a property and casualty focused independent insurance agency. Refer to Note 19 Acquisitions for additional information. The following table details estimated aggregate future amortization of other intangible assets at December 31, 2018 : (Dollars in thousands) Core Deposits Customer Relationships Total 2019 $ 1,999 $ 779 $ 2,778 2020 1,438 629 2,067 2021 911 470 1,381 2022 437 318 755 2023 236 217 453 Thereafter 438 313 751 Total $ 5,459 $ 2,726 $ 8,185 The following is an analysis of activity of servicing rights for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Balance, beginning of year $ 2,305 $ 2,305 $ 2,387 Amortization (1,623 ) (741 ) (762 ) Servicing rights originated 1,697 741 680 Servicing rights acquired 276 — — Balance, end of year $ 2,655 $ 2,305 $ 2,305 No valuation allowances were required at December 31, 2018 , 2017 and 2016 for Peoples’ servicing rights since, at each date, the fair value equaled or exceeded the book value. The fair value of servicing rights was $4.6 million and $3.9 million at December 31, 2018 and 2017, respectively. Fair value at December 31, 2018 was determined using discount rates ranging from 10.5% to 13.0% , prepayment speeds ranging from 8.7% to 11.6% , depending on the stratification of the specific right, utilizing state delinquency to calculate the default rate. Fair value at December 31, 2017 was determined using discount rates ranging from 9.3% to 11.8% , prepayment speeds ranging from 8.9% to 22.6% . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Deposit Disclosure | Deposits Peoples’ deposit balances were comprised of the following at December 31: (Dollars in thousands) 2018 2017 Retail CDs: $100,000 or more $ 182,717 $ 149,105 Less than $100,000 211,618 189,568 Retail CDs 394,335 338,673 Interest-bearing deposit accounts 573,702 593,415 Savings accounts 468,500 446,714 Money market deposit accounts 379,878 371,376 Governmental deposit accounts 267,319 264,524 Brokered CDs 263,854 159,618 Total interest-bearing deposits 2,347,588 2,174,320 Non-interest-bearing deposits 607,877 556,010 Total deposits $ 2,955,465 $ 2,730,330 The contractual maturities of CDs for each of the next five years and thereafter are as follows: (Dollars in thousands) Retail Brokered Total 2019 $ 196,849 $ 235,421 $ 432,270 2020 84,416 18,330 102,746 2021 69,399 5,540 74,939 2022 19,268 4,081 23,349 2023 23,212 482 23,694 Thereafter 1,191 — 1,191 Total CDs $ 394,335 $ 263,854 $ 658,189 Deposits from related parties were $11.3 million and $12.0 million at December 31, 2018 and 2017 , respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
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 Other (a) 2018 Ending balance $ 51,202 $ 305,000 $ — $ (4 ) Average balance 64,519 219,897 14,329 301 Highest month-end balance 72,822 307,561 30,000 1,553 Interest expense $ 194 $ 4,494 $ 527 $ 23 Weighted-average interest rate: End of year 0.48 % 2.32 % — % — % During the year 0.30 % 2.04 % 3.68 % NM 2017 Ending balance $ 76,899 $ 92,592 $ 40,000 $ — Average balance 75,344 100,205 6,685 13 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 % 1.30 % 2016 Ending balance $ 74,607 $ 231,000 $ — $ — Average balance 72,886 86,260 — 23 Highest month-end balance 81,353 231,000 — — Interest expense $ 124 $ 384 $ — $ — Weighted-average interest rate: End of year 0.17 % 0.64 % — % — % During the year 0.17 % 0.45 % — % 1.11 % (a) NM = not meaningful. 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, 90-day advances used to fund interest rate swaps, other advances with an original maturity of one year or less, and the current portion of long-term advances due in less than one year. These advances, along with the long-term advances disclosed in Note 9 Long-Term Borrowings, 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. Peoples reclassified $30.0 million and $50.6 million of FHLB advances from long-term borrowings to short-term borrowings in 2018 and 2017, respectively, due to maturity dates of less than one year, of which $40.0 million and $20.0 million matured in 2018 and 2017, respectively. 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 Long-Term Borrowings. The $40.0 million of national market repurchase agreements were reclassified from long-term borrowings to short-term borrowings during 2017 and matured in 2018. Other short-term borrowings consist primarily 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. 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. Federal Reserve Discount Window advances are typically overnight and must be secured by collateral acceptable to the FRB. At December 31, 2018 , Peoples had available Federal Reserve Discount Window credit of $107.9 million . Other short-term borrowings also includes the unamortized debt issuance costs related to the costs associated with the Credit Agreement (the "RJB Credit Agreement") with Raymond James Bank, N.A. which was a short-term obligation as of December 31, 2018. For further information on the RJB Credit Agreement, refer to Note 9 Long-term Borrowings. |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | Long-Term Borrowings Long-term borrowings consisted of the following at December 31 : 2018 2017 (Dollars in thousands) Balance Weighted- Average Rate Balance Weighted- Average Rate FHLB putable, non-amortizing, fixed rate advances $ 85,000 2.05 % $ 115,000 1.86 % FHLB amortizing, fixed rate advances 17,361 2.09 % 21,939 2.02 % Junior subordinated debt securities 7,283 7.83 % 7,107 4.97 % Unamortized debt issuance cost — — % (27 ) — % Long-term borrowings $ 109,644 2.44 % $ 144,019 2.04 % The putable, non-amortizing, fixed rate FHLB advances have maturities ranging from one to nine 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 one to thirteen 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 2018, Peoples borrowed no additional long-term advances from the FHLB. At December 31, 2018, outstanding long-term FLHB non-amortizing advances, which have interest rates ranging from 1.26% to 2.17% , mature between 2020 and 2027. During 2018, $30.0 million of long-term FHLB non-amortizing advances were reclassified to short-term borrowing as the maturity became less than one year. As of December 31, 2018, Peoples had 12 interest rate swaps with a notional value of $110.0 million , of which $60.0 million of the swaps roughly coincided with the 2018 maturity of existing FHLB advances, while $50.0 million was new. 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. Additional information regarding Peoples' interest rate swaps can be found in Note 14 Derivative Financial Instruments. 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, 2018, 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 the RJB Credit Agreement, with Raymond James Bank, N.A. ("Raymond James Bank") which has a three-year term and 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 1.00 to 1.25 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, 2018 , Peoples was in compliance with the applicable covenants imposed by the RJB Credit Agreement. The RJB Credit Agreement matures on March 3, 2019. Peoples is in the process of renewing this facility and expects that it will be renewed prior to its expiration. 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 FRB, 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, 2018 , the aggregate minimum annual retirements of long-term borrowings in future periods were as follows: (Dollars in thousands) Balance Weighted-Average Rate 2019 $ 3,512 1.53 % 2020 25,564 1.83 % 2021 21,979 1.73 % 2022 16,521 1.95 % 2023 1,157 1.01 % Thereafter 40,911 3.51 % Long-term borrowings $ 109,644 2.44 % |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
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, 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 Exercise of stock options for common shares — (1,775 ) Grant of common shares — (350 ) 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 Boards 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: Grant of restricted common shares — (68,707 ) Release of restricted common shares — 10,452 Cancellation of restricted common shares (3,554 ) 5,050 Grant of common shares — (300 ) Exercise of stock options for common shares — (266 ) Changes related to deferred compensation plan for Boards 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 Changes related to stock-based compensation awards: Release of restricted common shares — 32,082 Cancellation of restricted common shares — 2,011 Exercise of stock options for common shares — (102 ) Grant of restricted common shares — (106,805 ) Grant of common shares — (16,544 ) Changes related to deferred compensation plan for Board of Directors: Purchase of treasury stock — 6,526 Sale of treasury stock — (10 ) Reissuance of treasury stock — (2,089 ) Common shares issued under dividend reinvestment plan 19,282 — Common shares issued under compensation plan for Board of Directors — (4,699 ) Common shares issued under employee stock purchase plan — (11,530 ) Issuance of common shares related to acquisition of ASB 1,152,711 — Shares at December 31, 2018 20,124,378 601,289 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 and 2018. 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, 2018, Peoples had no preferred shares issued or outstanding. The following table details the cash dividends declared per common share for the year ended December 31: 2018 2017 First Quarter $ 0.26 $ 0.20 Second Quarter 0.28 0.20 Third Quarter 0.28 0.22 Fourth Quarter 0.30 0.22 Total dividends declared $ 1.12 $ 0.84 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, 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 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax 115 — — 115 Realized loss due to settlement and curtailment, net of tax — 211 — 211 Amounts reclassified out of accumulated other comprehensive loss per ASU 2016-01 (5,020 ) — — (5,020 ) Other comprehensive (loss) income, net of reclassifications and tax (3,089 ) 334 (269 ) (3,024 ) Balance, December 31, 2018 $ (10,082 ) $ (3,711 ) $ 860 $ (12,933 ) 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. As of January 1, 2018, Peoples adopted ASU 2016-01, which resulted in reclassifying $5.0 million in net unrealized gains on equity securities from accumulated other comprehensive loss to retained earnings. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
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 during the years 2003 through 2009 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 pay 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 benefit obligations and fair value of assets of the plans for the years ended December 31, 2018 and 2017 , and a statement of the funded status as of December 31, 2018 and 2017 : Pension Benefits Post-retirement Benefits (Dollars in thousands) 2018 2017 2018 2017 Change in benefit obligation: Obligation at January 1 $ 12,991 $ 12,127 $ 91 $ 103 Interest cost 423 451 3 3 Plan participants’ contributions — — 46 46 Actuarial (gain) loss (1,519 ) 1,207 — (4 ) Benefit payments (197 ) (189 ) (57 ) (57 ) Settlements (703 ) (605 ) — — Obligation at December 31 $ 10,995 $ 12,991 $ 83 $ 91 Accumulated benefit obligation at December 31 $ 10,995 $ 12,991 $ 83 $ 91 Change in plan assets: Fair value of plan assets at January 1 $ 8,493 $ 7,582 $ — $ — Actual (loss) return on plan assets (554 ) 1,140 — — Employer contributions 3,195 565 11 11 Plan participants’ contributions — — 46 46 Benefit payments (197 ) (189 ) (57 ) (57 ) Settlements (703 ) (605 ) — — Fair value of plan assets at December 31 $ 10,234 $ 8,493 $ — $ — Funded status at December 31 $ (761 ) $ (4,498 ) $ (83 ) $ (91 ) Amounts recognized in Consolidated Balance Sheets: Accrued benefit liability $ (761 ) $ (4,498 ) $ (83 ) $ (91 ) Net amount recognized $ (761 ) $ (4,498 ) $ (83 ) $ (91 ) Amounts recognized in Accumulated Other Comprehensive Loss: Unrecognized prior service cost $ — $ — $ (1 ) $ (1 ) Unrecognized net loss (gain) 3,761 4,311 (52 ) (56 ) Total $ 3,761 $ 4,311 $ (53 ) $ (57 ) Weighted-average assumptions at year-end: Discount rate 3.55 % 3.40 % 3.40 % 3.40 % 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 $78,000 . Net Periodic Cost (Benefit) The following table details the components of the net periodic cost (benefit) for the plans at December 31: Pension Benefits Post-retirement Benefits (Dollars in thousands) 2018 2017 2016 2018 2017 2016 Interest cost $ 423 $ 451 $ 438 $ 3 $ 3 $ 4 Expected return on plan assets (640 ) (553 ) (492 ) — — — Amortization of net loss (gain) 104 102 95 (5 ) (6 ) (6 ) Settlement of benefit obligation 267 242 — — — — Net periodic cost (benefit) $ 154 $ 242 $ 41 $ (2 ) $ (3 ) $ (2 ) Weighted-average assumptions: Discount rate 3.55 % 3.80 % 3.90 % 3.40 % 3.80 % 3.90 % 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 2018 , 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 $267,000 in 2018 compared to $242,000 in 2017, and none in 2016. 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) 2018 Equity securities: Mutual funds - equity $ 6,750 $ 6,750 $ — Debt securities: Mutual funds - taxable income 2,746 2,746 — Total fair value of pension assets $ 9,496 $ 9,496 $ — 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 $ — Pension plan assets also included cash and cash equivalents of $680,000 and accrued income of $58,000 at December 31, 2018 . Cash and cash equivalents were $113,000 and accrued income was $1,000 at December 31, 2017 . For further information regarding levels of input used to measure fair value, refer to Note 2 Fair Value of Financial Instruments. Equity securities held as investments in Peoples' pension plan did not include any securities of Peoples or related parties in 2018 or 2017 . Cash Flows Peoples expects to make between $10,000 to $15,000 of contributions to its pension plan in 2019; however, actual contributions are made at the discretion of the Retirement Plan Committee and Peoples' Board of Directors. During 2018, Peoples elected to make an additional contribution 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 2019 $ 1,000 $ 11 2020 1,095 10 2021 1,283 10 2022 740 9 2023 774 9 2024 to 2028 3,091 34 Total $ 7,983 $ 83 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 $1.7 million in 2018 , $1.5 million in 2017 and $1.5 million in 2016 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes The Act was enacted on December 22, 2017 and required Peoples to reflect the changes associated with the Act’s provisions in the fourth quarter of 2017. Peoples was not able to make reasonable estimates for all items based on its knowledge of accounting under ASC 740, and the provisions of the tax laws that were in effect immediately prior to enactment. As of December 31, 2018, Peoples finalized the remeasurement of its net deferred tax assets and liabilities at the new statutory federal corporate income tax rate of 21% , which resulted in a reduction to income tax expense of $0.7 million in 2018. The final adjustment was mainly due to Peoples' contribution of $3.2 million to Peoples' defined benefit pension plan during 2018. As of December, 2017, Peoples had made reasonable estimates for the reduced statutory federal corporate income tax rate on its deferred tax balances and recognized a provisional amount of $0.9 million , which was included as a component of income tax expense from continuing operations for 2017. The reported income tax expense and effective tax rate in the Consolidated Statements of Income differ from the amounts computed by applying the statutory federal corporate income tax rate as follows for the years ended December 31 : (Dollars in thousands) 2018 2017 2016 Amount Rate Amount Rate Amount Rate Income tax computed at statutory federal corporate income tax rate $ 11,505 21.0 % $ 20,045 35.0 % $ 15,785 35.0 % Differences in rate resulting from: Release of valuation allowance (805 ) (1.5 )% — — % — — % Tax Cuts and Job Act (705 ) (1.3 )% 897 1.6 % — — % Tax-exempt interest income (554 ) (1.0 )% (1,092 ) (1.9 )% (1,170 ) (2.6 )% Bank owned life insurance (393 ) (0.7 )% (683 ) (1.2 )% (495 ) (1.1 )% Stock awards (332 ) (0.6 )% (154 ) (0.3 )% — — % Investments in tax credit funds (125 ) (0.2 )% (221 ) (0.4 )% (164 ) (0.4 )% Other, net 95 0.2 % (60 ) (0.1 )% 169 0.4 % Income tax expense $ 8,686 15.9 % $ 18,732 32.7 % $ 14,125 31.3 % On January 1, 2018, Peoples began recognizing income tax expense at the 21% statutory federal corporate income tax rate, which resulted in lower income tax expense for 2018, compared to recognition at the 35% statutory federal corporate income tax rate for 2017. During 2018, Peoples released a valuation allowance which reduced income tax expense by $0.8 million . The valuation allowance was related to a historic tax credit that Peoples had invested in during 2015. Peoples sold $6.7 million of equity investment securities in 2018, which resulted in a capital gain for tax purposes. This capital gain was large enough to offset an anticipated future capital loss expected to be recognized due to the structure of the historic tax credit investment, resulting in the release of the valuation allowance. Peoples' reported income tax expense consisted of the following for the years ended December 31 : (Dollars in thousands) 2018 2017 2016 Current income tax expense $ 8,995 $ 21,511 $ 16,587 Deferred income tax benefit (309 ) (2,779 ) (2,462 ) Income tax expense $ 8,686 $ 18,732 $ 14,125 The significant components of Peoples' deferred tax assets and liabilities consisted of the following at December 31 : (Dollars in thousands) 2018 2017 Deferred tax assets: Allowance for loan losses $ 8,559 $ 6,992 Available-for-sale securities 2,678 555 Accrued employee benefits 1,843 2,569 Tax credit investments 805 1,560 Other 73 116 Gross deferred tax assets $ 13,958 $ 11,792 Valuation allowance $ — $ 805 Total deferred tax assets $ 13,958 $ 10,987 Deferred tax liabilities: Purchase accounting adjustments $ 5,839 $ 6,092 Deferred loan income 3,061 2,459 Bank premises and equipment (a) 2,047 307 Derivative instruments 228 300 Tax credit investments 82 — Other 673 484 Total deferred tax liabilities $ 11,930 $ 9,642 Net deferred tax asset $ 2,028 $ 1,345 (a) Peoples elected Internal Revenue Code Section 179 bonus depreciation, which increased the bonus depreciation percentage from 50% to 100% for qualified properties acquired and placed in service after September 27, 2017, and before January 1, 2023. As of December 31, 2018 , Peoples had no operating loss carryforwards for tax purposes. The federal income tax benefit from sales of investment securities was $31,000 in 2018 . Sales of investment securities resulted in tax expense of $1.0 million in 2017 and $326,000 in 2016 . 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 in an 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) 2018 2017 Uncertain tax positions, beginning of year $ 550 $ 522 Gross increase based on tax positions related to current year 55 42 Gross increase for tax position taken during prior years 13 20 Gross decrease due to the statute of limitations (195 ) (34 ) Uncertain tax positions, end of year $ 423 $ 550 Peoples is subject to U.S. federal income tax, as well as to tax in various state income tax jurisdictions. 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, 2015 through 2017. 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, 2018 | |
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) 2018 2017 2016 Distributed earnings allocated to common shareholders $ 21,334 $ 15,159 $ 11,532 Undistributed earnings allocated to common shareholders 24,660 23,115 19,483 Net earnings allocated to common shareholders $ 45,994 $ 38,274 $ 31,015 Weighted-average common shares outstanding 18,991,768 18,050,189 18,013,693 Effect of potentially dilutive common shares 130,492 158,495 141,770 Total weighted-average diluted common shares outstanding 19,122,260 18,208,684 18,155,463 Earnings per common share: Basic $ 2.42 $ 2.12 $ 1.72 Diluted $ 2.41 $ 2.10 $ 1.71 Anti-dilutive common shares excluded from calculation: Restricted shares, stock options and stock appreciation rights 1,748 453 20,769 |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |
Financial Instruments Disclosure [Text Block] | Off-Balance Sheet Risk 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) 2018 2017 Home equity lines of credit $ 101,265 $ 83,949 Unadvanced construction loans 74,734 112,475 Other loan commitments 314,271 260,552 Loan commitments 490,270 456,976 Standby letters of credit $ 10,214 $ 20,873 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2018 | |
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 Board 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 total deposits. Average required reserve balances were approximately $16.4 million and $17.7 million in 2018 and 2017 , 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, 2018 , Peoples Bank had approximately $61.9 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, 2018 , 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, 2018 . As of December 31, 2018 , 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: 2018 2017 (Dollars in thousands) Amount Ratio Amount Ratio PEOPLES Common Equity Tier 1 (a) Actual $ 378,855 13.6 % $ 327,172 13.3 % For capital adequacy 125,235 4.5 % 110,998 4.5 % To be well capitalized 180,895 6.5 % 160,330 6.5 % Tier 1 (b) Actual $ 386,138 13.9 % $ 334,279 13.6 % For capital adequacy 166,980 6.0 % 147,997 6.0 % To be well capitalized 222,640 8.0 % 197,330 8.0 % Total Capital (c) Actual $ 406,333 14.6 % $ 355,977 14.4 % For capital adequacy 222,640 8.0 % 197,330 8.0 % To be well capitalized 278,300 10.0 % 246,662 10.0 % Tier 1 Leverage (d) Actual $ 386,138 10.0 % $ 334,279 9.8 % For capital adequacy 154,615 4.0 % 137,119 4.0 % To be well capitalized 193,269 5.0 % 171,399 5.0 % Capital Conservation Buffer $ 183,693 6.6 % $ 158,647 6.4 % Fully phased in minimum 69,575 2.5 % 61,666 2.5 % Net Risk-Weighted Assets $ 2,782,995 $ 2,466,620 PEOPLES BANK Common Equity Tier 1 (a) Actual $ 365,063 13.2 % $ 305,216 12.4 % For capital adequacy 124,870 4.5 % 110,654 4.5 % To be well capitalized 180,367 6.5 % 159,833 6.5 % Tier 1 (b) Actual $ 365,063 13.2 % $ 305,216 12.4 % For capital adequacy 166,493 6.0 % 147,539 6.0 % To be well capitalized 221,990 8.0 % 196,718 8.0 % Total Capital (c) Actual $ 385,258 13.9 % $ 324,026 13.2 % For capital adequacy 221,990 8.0 % 196,718 8.0 % To be well capitalized 277,488 10.0 % 245,898 10.0 % Tier 1 Leverage (d) Actual $ 365,063 9.5 % $ 305,216 8.9 % For capital adequacy 154,357 4.0 % 136,939 4.0 % To be well capitalized 192,947 5.0 % 171,174 5.0 % Capital Conservation Buffer $ 163,268 5.9 % $ 127,308 5.2 % Fully phased in minimum 69,372 2.5 % 61,474 2.5 % Net Risk-Weighted Assets $ 2,774,879 $ 2,458,975 (a) Ratio represents common equity tier 1 capital to net risk-weighted assets (b) Ratio represents tier 1 capital to net risk-weighted assets (c) Ratio represents total capital to net risk-weighted assets (d) Ratio represents tier 1 capital to average assets |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Under the Peoples Bancorp Inc. Third Amended and Restated 2006 Equity Plan (the "2006 Equity Plan"), Peoples may grant, among other awards, nonqualified stock options, incentive stock options, restricted common shares awards, stock appreciation rights, performance units and unrestricted common share awards to employees and non-employee directors. The total number of common shares available under the 2006 Equity Plan is 891,340 . The maximum number of common shares that can be issued for incentive stock options is 500,000 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 employees to be settled in common shares. Since February 2009, Peoples has granted restricted common shares to employees, and periodically to non-employee directors, subject to the terms and conditions prescribed by the 2006 Equity Plan. Additionally, in 2017, Peoples granted performance units to certain officers. 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 had an exercise price equal to the fair market value of Peoples’ common shares on the date of grant and were settled using common shares of Peoples. Additionally, the SARs granted to employees vested three years after the respective grant dates and expired ten years from the respective date of grant. The most recent grant of SARs occurred in 2008 and these SARs were exercised immediately prior to their expiration on February 20, 2018. The following summarizes the changes to Peoples' outstanding SARs for the year ended December 31, 2018 : Number of Common Shares Subject to SARs Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 314 $ 23.77 Exercised 314 23.77 Forfeited — — Outstanding at December 31 — $ — — $ — Exercisable at December 31 — $ — — $ — 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 employees expire after periods ranging from one to three years . Prior to 2017, the restrictions on restricted common shares awarded to non-employee directors expired after six months ; however, the practice of granting restricted common shares ceased in 2017 and the common shares awarded to non-employee directors in 2017 and 2018 were granted with no restrictions. In 2018, Peoples granted an aggregate of 84,876 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 2018, Peoples granted, to certain key employees, an aggregate of 21,929 restricted common shares subject to time-based vesting with restrictions that will lapse three years after the grant date. The following summarizes the changes to Peoples’ outstanding restricted common shares for the year ended December 31, 2018 : Time-Based Vesting Performance-Based Vesting Number of Common Shares Weighted-Average Grant Date Fair Value Number of Common Shares Weighted-Average Grant Date Fair Value Outstanding at January 1 33,082 $ 22.85 176,218 $ 25.50 Awarded 21,929 36.38 84,876 35.43 Released 11,332 22.84 83,311 23.62 Forfeited — — 2,011 34.34 Outstanding at December 31 43,679 $ 29.64 175,772 $ 31.08 The total intrinsic value of restricted common shares released was $ 2.8 million , $1.1 million and $1.0 million in 2018 , 2017 and 2016 , respectively. Performance Unit Awards Under the 2006 Equity Plan, Peoples may grant 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 and each performance unit representing $1.00. The performance unit awards granted cover the performance period beginning January 1, 2018 and ending on December 31, 2019, and are subject to two performance goals. Twenty-five percent of the performance units subject to each award will vest if, but only if, the related company-specific target performance goal is achieved. The remaining 75% of the performance units subject to each award will vest based on the relative performance of Peoples compared to a defined peer group (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 the participant's performance units (and equivalent 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 the performance units are deemed to have vested (which will be the last day of the performance period) and rounded down to the nearest whole common share. Stock-Based Compensation Peoples recognizes stock-based compensation, which is included as a component of Peoples’ salaries and employee benefit costs, for restricted common shares and performance unit awards, as well as purchases made by participants in the employee stock purchase plan. For restricted common shares, Peoples recognizes stock-based compensation based on the estimated fair value of the awards on the grant date, for the portion of awards that is expected to vest, over the vesting period. For performance unit awards, Peoples recognizes stock-based compensation, over the performance period, based on the portion of the awards that is expected to vest based on the expected level of achievement of the two performance goals. Peoples also has an employee stock purchase plan whereby employees can purchase Peoples' common shares at a discount of up to 15%. The following summarizes the amount of stock-based compensation and related tax benefit recognized for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Stock-based compensation $ 2,575 $ 1,802 $ 1,392 Recognized tax benefit (541 ) (378 ) (487 ) Net expense recognized $ 2,034 $ 1,424 $ 905 Restricted common shares were the primary form of stock-based compensation awards granted by Peoples in 2018 , 2017 and 2016 . 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 related to unvested restricted common share awards was $ 2.3 million at December 31, 2018 , which will be recognized over a weighted-average period of 1.8 years. In 2018, the Board of Directors granted 3,600 unrestricted common shares to non-employee directors, with related stock-based compensation of $128,000 , and 12,144 unrestricted common shares to full-time and part-time employees who did not already participate in the 2006 Equity Plan, with related stock-based compensation of $416,000 . During 2018, Peoples also recorded $156,000 of stock-based compensation associated with the performance unit awards, which represented a new form of award in 2018 and for which no stock-based compensation was recognized in 2017 or 2016. Additionally, Peoples recognized $60,000 , $55,000 and $60,000 of stock-based compensation associated with the employee stock purchase plan, based on purchases by employees thereunder, in 2018, 2017 and 2016, respectively. |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions On October 29, 2018, Peoples entered into an agreement and plan of merger (the "First Prestonsburg Merger Agreement") with First Prestonsburg Bancshares Inc. ("First Prestonsburg"), which calls for First Prestonsburg to merge into Peoples. First Prestonsburg is the parent company of The First Commonwealth Bank of Prestonsburg, Inc. ("First Commonwealth"), which operates nine full-service branches located in eastern Kentucky. Following the merger of First Prestonsburg into Peoples, First Commonwealth will merge into Peoples Bank. This transaction is expected to close during the second quarter of 2019, subject to the satisfaction of customary closing conditions. As of December 31, 2018, First Prestonsburg had approximately $308.5 million in total assets, which included approximately $140.1 million in total loans, and approximately $236.6 million in total deposits. Under the terms of the First Prestonsburg Merger Agreement, shareholders of First Prestonsburg will be entitled to receive 12.512 common shares of Peoples for each First Prestonsburg share of common stock they own at the effective time of the merger. In addition, immediately prior to the closing of the merger, First Prestonsburg will pay a special cash distribution of $140.30 per share to its shareholders. On April 13, 2018, Peoples completed its acquisition of ASB for total consideration of $41.5 million , which reflected the conversion of each of the 1,979,034 outstanding ASB common shares into $20.00 in cash or 0.592 in Peoples' common shares. ASB merged into Peoples, and ASB's wholly-owned subsidiary, American Savings Bank, fsb, which operated seven full-service branches in southern Ohio and eastern Kentucky, merged into Peoples Bank. Per the applicable accounting guidance for business combinations, the acquisition date fair values of the assets purchased, liabilities assumed and related identifiable intangible assets are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available. The following table provides the purchase price calculation as of the date of acquisition of ASB, and the assets acquired and liabilities assumed at their estimated fair values. (Dollars in thousands, except per share data) Purchase Price Common shares electing cash consideration 31,763 Cash purchase price per share $ 20.00 Cash consideration $ 635 Common shares electing stock consideration 1,947,271 Number of common shares of Peoples issued for each common share of acquired company 0.592 Price per Peoples' common share, as of April 13, 2018 $ 35.48 Common share consideration $ 40,898 Cash in lieu of fractional common shares of Peoples $ 2 Total consideration $ 41,535 Net Assets at Fair Value Assets Cash and due from banks $ 5,332 Available-for-sale investment securities 18,155 Held-to-maturity investment securities 649 Other investment securities 1,596 Total investment securities 20,400 Loans, net of deferred fees and costs 236,628 Loans held for sale 2,539 Bank premises and equipment, net of accumulated depreciation 3,485 Bank owned life insurance 4,803 Other intangible assets 2,639 Other assets 3,112 Total assets $ 278,938 Liabilities Deposits: Non-interest-bearing $ 29,487 Interest-bearing 169,142 Total deposits 198,629 Short-term borrowings 54,824 Accrued expenses and other liabilities 2,084 Total liabilities $ 255,537 Net assets $ 23,401 Goodwill $ 18,134 The estimated fair values presented in the above table reflect additional information that was obtained during the three months ended December 31, 2018, which resulted in changes to certain fair value estimates made as of the date of acquisition. Adjustments to acquisition date estimated fair values are recorded during the period in which they occur and, as a result, previously recorded results have changed. After considering the additional information, bank premises and equipment, net of accumulated depreciation, increased $165,000 ; other assets decreased $369,000 ; and accrued expenses and other liabilities decreased $632,000 , in each case from balances reported as of September 30, 2018. These revised fair value estimates resulted in a net decrease to goodwill of $428,000 from $18.6 million reported as of September 30, 2018, to $18.1 million which was recognized in the December 31, 2018 Consolidated Balance Sheet. Acquired loans, excluding acquired overdrafts of $438,000 , are reported net of the unamortized fair value adjustment. The following table details the fair value adjustment for acquired loans as of the acquisition date: (Dollars in thousands, except per share data) Nonimpaired Loans Contractual cash flows $ 342,087 Nonaccretable difference 59,967 Expected cash flows 282,120 Accretable yield 54,029 Fair value $ 228,091 Credit Impaired Loans Contractual cash flows $ 16,054 Nonaccretable difference 5,908 Expected cash flows 10,146 Accretable yield 2,047 Fair value $ 8,099 Peoples recorded non-interest expenses related to acquisitions of $7.3 million and net losses on asset disposals and other transactions of $203,000 in the Consolidated Statement of Income during 2018. The $7.3 million was included in the following line items on the Consolidated Statement of Income for the year ended December 31, 2018: $2.4 million of salaries and employee benefit costs, $1.1 million of professional fees, $59,000 of data processing expenses, $119,000 of marketing expense, and $3.6 million of other non-interest expense. The $2.4 million of salaries and employee benefit costs related to change in control agreements, retention and severance bonuses, and regular payroll and taxes after conversion. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Assets: Cash and due from other banks $ 50 $ 50 Interest-bearing deposits in subsidiary bank 13,750 9,270 Due from subsidiary bank 584 9,486 Available-for-sale investment securities, at fair value (amortized cost of $615 at December 31, 2017) (a) — 6,933 Other investment securities (a) 216 — Investments in subsidiaries: Bank 506,200 431,482 Non-bank 8,298 1,812 Other assets 2,808 1,700 Total assets $ 531,906 $ 460,733 Liabilities: Accrued expenses and other liabilities $ 1,898 $ 1,471 Dividends payable 291 270 Mandatorily redeemable capital securities of subsidiary trust 9,577 400 Total liabilities 11,766 2,141 Total stockholders' equity 520,140 458,592 Total liabilities and stockholders' equity $ 531,906 $ 460,733 (a) As of January 1, 2018, Peoples adopted ASU 2016-01, resulting in the reclassification of $6.9 million of equity investment securities from available-for-sale investment securities to other investment securities. Condensed Statements of Income Year Ended December 31, (Dollars in thousands) 2018 2017 2016 Income: Dividends from subsidiary bank $ 13,500 $ 27,000 $ 20,500 Dividends from non-bank subsidiary 2,500 20,000 1,250 Net gain on investment securities — 2,602 — Interest and other income 357 237 209 Total income 16,357 49,839 21,959 Expenses: Trust preferred securities expense 520 346 397 Intercompany management fees 1,561 1,361 1,131 Other expense 4,647 3,380 3,154 Total expenses 6,728 5,087 4,682 Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries 9,629 44,752 17,277 Applicable income tax expense (2,511 ) (1,309 ) (1,718 ) Equity in (excess dividends from) undistributed earnings of subsidiaries 34,115 (7,590 ) 12,162 Net income $ 46,255 $ 38,471 $ 31,157 Statements of Cash Flows Year Ended December 31, (Dollars in thousands) 2018 2017 2016 Operating activities Net income $ 46,255 $ 38,471 $ 31,157 Adjustment to reconcile net income to cash provided by operations: Depreciation, amortization and accretion, net 9,177 (6,525 ) 190 (Equity in) excess dividends from undistributed earnings of subsidiaries (34,115 ) 7,590 (12,162 ) Gain on investment securities — (2,602 ) — Other, net 31 2,810 355 Net cash provided by operating activities 21,348 39,744 19,540 Investing activities Net proceeds from sales and maturities of investment securities 5,388 2,359 — Investment in subsidiaries (31,813 ) (50,883 ) (22,769 ) (Increase) decrease in receivable from subsidiary 32,236 25,496 23,389 Business combinations, net of cash received (637 ) — — Other, net 228 (229 ) — Net cash (used in) provided by investing activities 5,402 (23,257 ) 620 Financing activities Purchase of treasury stock (1,380 ) (508 ) (5,480 ) Proceeds from issuance of common stock — 9 18 Cash dividends paid (20,915 ) (14,706 ) (11,173 ) Excess tax benefit for share-based payments 25 — 26 Net cash used in financing activities (22,270 ) (15,205 ) (16,609 ) Net increase in cash and cash equivalents 4,480 1,282 3,551 Cash and cash equivalents at the beginning of year 9,320 8,038 4,487 Cash and cash equivalents at the end of year $ 13,800 $ 9,320 $ 8,038 Supplemental cash flow information: Interest paid $ 513 $ 364 $ 433 |
Summarized Quarterly Informatio
Summarized Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Summarized Quarterly Information (Unaudited) [Abstract] | |
Quarterly Financial Information | Summarized Quarterly Information (Unaudited) 2018 (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total interest income $ 33,226 $ 37,769 $ 39,631 $ 40,638 Total interest expense 3,867 4,961 6,307 6,517 Net interest income 29,359 32,808 33,324 34,121 Provision for loan losses 1,983 1,188 1,302 975 Net gain (loss) on investment securities 1 (147 ) — — Net gain (loss) on asset disposals and other transactions 74 (405 ) 12 (15 ) Total non-interest income excluding net gains and losses 14,894 13,807 14,341 14,192 Amortization of other intangible assets 754 861 862 861 Acquisition-related expenses 149 6,056 675 382 Total non-interest expense excluding amortization of other intangible assets and acquisition-related expenses 27,318 29,054 29,292 29,713 Income tax expense 2,383 1,012 2,821 2,470 Net income $ 11,741 $ 7,892 $ 12,725 $ 13,897 Earnings per common share - basic $ 0.64 $ 0.41 $ 0.65 $ 0.71 Earnings per common share - diluted $ 0.64 $ 0.41 $ 0.65 $ 0.71 Weighted-average common shares outstanding - basic 18,126,089 19,160,728 19,325,457 19,337,403 Weighted-average common shares outstanding - diluted 18,256,035 19,293,381 19,466,865 19,483,452 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 gain on investment securities 340 18 1,861 764 Net (loss) gain on asset disposals and other transactions (3 ) 109 (25 ) (144 ) Total non-interest income excluding net gains and losses 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 excluding amortization of other intangible and system conversion 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 |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue Disclosure [Text Block] | Revenue The following table details Peoples' revenue from contracts with customers for the year ended December 31, 2018: (Dollars in thousands) Insurance income: Commission and fees from sale of insurance policies (a) $ 12,787 Fees related to third-party administration services (a) 573 Performance-based commissions (b) 1,452 Trust and investment income (a) 12,543 Electronic banking income: Interchange income (a) 9,721 Promotional and usage income (a) 1,756 Deposit account service charges: Ongoing maintenance fees for deposit accounts (a) 2,718 Transactional-based fees (b) 7,060 Commercial loan swap fees (b) 681 Other non-interest income transactional-based fees (b) 961 Total $ 50,252 Timing of revenue recognition: Services transferred over time $ 40,098 Services transferred at a point in time 10,154 Total $ 50,252 (a) Services transferred over time. (b) Services transferred at a point in time. Peoples records contract assets for income that has been recognized over a period of time for fulfillment of performance obligations, but has not yet been received related to electronic banking income. This income typically relates to bonuses for which Peoples is eligible, but will not receive until a certain time in the future. Peoples records contract liabilities for payments received for commission income related to the sale of insurance policies, for which the performance obligations have not yet been fulfilled. The contract liabilities are recognized as income over time, during the period in which the performance obligations are fulfilled, which is over the insurance policy period. Peoples also records contract liabilities for bonuses received related to electronic banking income, for which income is recognized during the period in which the performance obligations are fulfilled. The following table details the change in Peoples' contract assets and contract liabilities for the period ended December 31, 2018 : (Dollars in thousands) Contract Assets Contract Liabilities Balance, January 1, 2018 (a) $ — $ 4,700 Additional income receivable 207 — Additional deferred income — 5,055 Recognition of income previously deferred — (4,700 ) Balance, December 31, 2018 $ 207 $ 5,055 (a) The amount of $3.7 million reported elsewhere throughout this Form 10-K is the $4.7 million noted above, net of statutory federal corporate income taxes. |
Derivative Financial Instrument
Derivative Financial Instrument (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Financial Instruments Peoples utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. 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. 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. Peoples acquired three interest rate swaps with the ASB acquisition in the second quarter of 2018, which had an aggregate notional value of $7.0 million , and all of which matured in July 2018. On July 31, 2018, Peoples entered into $50.0 million of interest rate swaps, which will mature between 2021 and 2028, with interest rates ranging from 2.92% to 3.00% . As of December 31, 2018 , Peoples had twelve interest rate swaps with an aggregate notional value of $110.0 million . 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 interest received on the 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, 2018, Peoples had reclassifications to interest expense of $38,000 , which were a reduction to interest expense. No interest expense was recorded during 2017. During the next twelve months, Peoples estimates that minimal interest expense will be reclassified. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of each derivative is 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. The reset dates and the payment dates on the 90-day advances used to fund the swaps are matched to the reset dates and payment dates on the receipt of the three-month LIBOR floating portion of the swaps to ensure effectiveness of the cash flow hedge. Effectiveness is measured by ensuring that reset dates and payment dates are matched. During the year ended December 31, 2018, Peoples had reclassifications to earnings of $18,000 due to ineffectiveness of the cash flow hedges. The following table summarizes information about the interest-rate swaps designated as cash flow hedges at December 31: (Dollars in thousands) 2018 2017 Notional amount $ 110,000 $ 60,000 Weighted average pay rates 2.37 % 1.88 % Weighted average receive rates 2.57 % 2.30 % Weighted average maturity 2/24/2025 12/29/2024 Unrealized gains $ 860 $ 1,129 The following table presents net gains recorded in accumulated other comprehensive income and in the Consolidated Statements of Income related to the cash flow hedges for the years ended December 31: (Dollars in thousands) 2018 2017 Amount of loss recognized in accumulated other comprehensive income, net of tax $ 341 $ 72 Amount of gain recognized in other non-interest income 18 — The following table reflects the cash flow hedges included in the Consolidated Balance Sheets at December 31: (Dollars in thousands) 2018 2017 Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to debt $ 60,000 $ 2,093 $ 40,000 $ 1,623 Total included in other assets 60,000 2,093 40,000 1,623 Included in liabilities: Interest rate swaps related to debt $ 50,000 $ 1,111 $ 20,000 $ 270 Total included in other liabilities 50,000 1,111 20,000 270 (a) Reclassifications to interest expense and reclassifications to earnings for ineffectiveness were minimal. Non-Designated Hedges Peoples maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples originates variable rate loans with interest rate swaps, where the customer enters into an interest rate swap with Peoples on terms that match the terms of the loan. By entering into the interest rate swap with the customer, Peoples Bank effectively provides the customer with a fixed rate loan while creating a variable rate asset for Peoples Bank. Peoples Bank offsets its exposure in the swap 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 $453.4 million and fair value of $2.5 million of equally offsetting assets and liabilities at December 31, 2018 and a notional value of $363.3 million and fair value of $3.0 million of equally offsetting assets and liabilities at December 31, 2017 . These interest rate swaps did not have a material impact on Peoples' results of operation or financial condition. The following table reflects the non-designated hedges included in the Consolidated Balance Sheets at December 31: (Dollars in thousands) 2018 2017 Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to commercial loans $ 226,662 $ 2,451 $ 181,659 $ 2,971 Total included in other assets 226,662 2,451 181,659 2,971 Included in liabilities: Interest rate swaps related to commercial loans $ 226,662 $ 2,451 $ 181,659 $ 2,971 Total included in other liabilities 226,662 2,451 181,659 2,971 Fair Values of Derivative Instruments on the Balance Sheet Peoples' fair value of the derivative financial instruments was $4.5 million in an asset position and $3.6 million in a liability position at December 31, 2018 , and there was a fair value of $4.6 million in an asset position and $3.2 million in a liability position at December 31, 2017 . The amounts are recorded in other assets, and accrued expenses and other liabilities on the Consolidated Balance Sheet at the dates indicated. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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, total comprehensive income, net cash provided by operating activities or total 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. Peoples had no restricted funds at December 31, 2018 and $1.0 million of restricted funds at December 31, 2017, in interest-bearing deposits in other banks. 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 gains and losses reported in total stockholders' equity as a separate component of accumulated other comprehensive income or loss, net of applicable deferred income taxes. Certain restricted equity investment 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 in 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 total stockholders' equity as a component of accumulated other comprehensive income, net of applicable deferred income 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 ("Repurchase Agreements"): Peoples enters into 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 Short-Term Borrowings and Note 9 Long-Term Borrowings, 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 Investment Securities. 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 $ 9.5 million and $ 7.5 million at December 31, 2018 and 2017 , 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 , for which an annual evaluation is performed 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 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 provision for loan losses in the period in which it is identified, and establishes an allowance for loan losses for the expected 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, with no valuation allowance, 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 fair value adjustment. 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. |
Interest Rate Lock Commitments | Interest Rate Lock Commitments: 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, and (6) effectiveness of Peoples' loan policies, procedures and internal controls. The 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 ("TDR"): The restructuring of a loan is considered a 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 in income tax expense. The unamortized amount of the investments is recorded in other assets and totaled $ 9.6 million and $ 4.7 million at December 31, 2018 and 2017 , respectively. |
Other Real Estate Owned | Other Real Estate Owned ("OREO"): 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 $ 94,000 at December 31, 2018 and $208,000 at December 31, 2017 . |
Business Combinations Policy | 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, 2018 , based upon the estimated fair value of Peoples' single reporting unit. Peoples' other intangible assets include customer relationship intangible assets, 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: Servicing rights represent the right to service loans sold to third-party investors. Loans that are sold are primarily mortgage loans, but also include small business and agricultural loans. Servicing rights are recognized separately as a servicing asset or liability whenever Peoples undertakes an obligation to service financial assets. Servicing rights 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 servicing rights 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 servicing rights 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. |
Revenue 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. As of January 1, 2018, Peoples adopted ASU 2014-09 - Revenue from Contracts with Customers (Topic 606), and all subsequent updates that modified Accounting Standards Codification ("ASC") 606. Peoples elected to adopt this new accounting guidance using the modified retrospective approach. The modified retrospective approach uses a cumulative-effect adjustment to retained earnings to reflect uncompleted contracts in the initial application of the guidance. As of January 1, 2018, Peoples recorded a cumulative-effect adjustment for uncompleted contracts, which resulted in a reduction to retained earnings and an increase in accrued expenses and other liabilities of $3.7 million , which was net of federal income taxes. The impact during 2018 was an increase in insurance income and a decrease in retained earnings of $369,000 as a result of applying ASC 606. Prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for those respective periods. Estimates of variable consideration are included in revenue to the extent that it is probable that a significant reversal of cumulative revenue will not occur, once the uncertainty is resolved. Peoples' contracts with customers are short-term in nature, and are recognized under the following revenue streams: Insurance Income: Insurance income generally consists of commissions and fees from the sale of insurance policies, fees related to third-party administration services and performance-based commissions from insurance companies. Peoples recognizes commission income from the sale of insurance policies when it acts as an agent between the insurance carrier and policyholder, arranging for the insurance carrier to provide policies to policyholders, and acts on behalf of the insurance carrier by providing customer service to the policyholders during the respective policy periods. Commission income is recognized over time, using the output method of time elapsed, which corresponds with the underlying insurance policy period, for which Peoples is obligated to perform under contract with the insurance carrier. Commission income is variable, as it is comprised of a certain percentage of the underlying policy premium. Peoples estimates the variable consideration based upon the "most likely amount" method, and does not expect or anticipate a significant reversal of revenue in future periods, based upon historical experience. Payment is due from the insurance carrier for commission income once the insurance policy has been sold. Peoples has elected to apply a practical expedient related to capitalizable costs, which are the commissions paid to insurance producers, and will expense these commissions paid to insurance producers as incurred, as these costs are related to the commission income and would have been amortized within one year or less if they had been capitalized, the same period over which the commission income was earned. Fees related to third-party administration services performed are recognized over time, during the period in which services have been provided, and are recognized monthly in the month the services were performed. Performance-based commissions from insurance companies are recognized at a point in time, when received, and no contingencies remain. Trust and Investment Income: Trust and investment income consists of revenue from fiduciary and brokerage activities, which includes fees for services such as asset management, record keeping, retirement services and estate management, and investment commissions and fees related to the sale of investments. Trust and investment income is recognized over time, which reflects the duration of the contract period for which services have been provided. Trust and investment income is variable as it is based on the value of assets under administration and management, and specific transactions. Peoples estimates the variable consideration based upon the most likely amount method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer when billed, which is typically a monthly or quarterly billing for services rendered in the most recent period, for which the performance obligation has been satisfied. Peoples has elected to apply a practical expedient of right to invoice when recognizing trust and investment income, as Peoples has fulfilled the performance obligation, the customer has consumed the service, and Peoples has a right to the related income. Peoples has also elected to apply a practical expedient related to capitalizable costs, which are the commissions paid to financial advisors, and will expense these commissions paid to financial advisors as incurred, as these costs are related to the trust and investment income and would have been amortized within one year or less if they had been capitalized, the same period over which the income was earned. Electronic Banking Income: Electronic banking income consists of two revenue streams related to interchange income, and promotional and usage income. Peoples recognizes interchange income over time, on a monthly basis, which is based on the transactional volume of debit card activity completed by its customers during the month in which income is recognized. Peoples is obligated, based on its contracts with third parties, to meet certain volumes of debit card activities, which are performed by Peoples' customers, over a certain period of time. Interchange income is variable as it is based on the transaction volume of debit card activity completed by Peoples' customers. Peoples estimates the variable consideration based upon the most likely amount method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the vendor within one month of the completed customer debit card activity. Peoples has elected to apply a practical expedient of right to invoice when recognizing interchange income, as Peoples has fulfilled the required performance obligations, the vendor has consumed the service, and Peoples has a right to the related income. Peoples also recognizes promotional and usage income over time, on a monthly basis, which is related to branding of debit cards and promotion or use of certain services provided by third-party vendors. Peoples is obligated to brand its debit cards in a certain manner, and promote and use services provided by third-party vendors. Promotional and usage income is variable as it is based on certain metrics achieved for promotion and usage of services provided by the third-party vendors. Peoples estimates the variable consideration based upon the most likely amount method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the third-party vendors within 45 days of the monthly fulfillment of Peoples' performance obligation. Peoples has elected to apply a practical expedient of right to invoice when recognizing promotional and usage income, as Peoples has fulfilled the required performance obligations, the vendor has consumed the service, and Peoples has a right to the related income. Deposit Account Service Charges: Deposit account service charges consist of two revenue streams related to ongoing maintenance fees for deposit accounts and transactional-based fees. Ongoing maintenance fees are recognized on a monthly basis, generally with the monthly period beginning on the day of the month on which the account was opened. Ongoing maintenance fee income is variable as these fees can be reduced if a customer meets certain qualifying metrics. Peoples estimates the variable consideration based upon the most likely amount method, and does not expect or anticipate a significant reversal of revenue in future periods. For accounts that are assessed maintenance fees through the account analysis process, payment is due from the customer within one month after the monthly period in which the account activity occurred. For all other accounts, monthly maintenance fees are assessed to the account on the last day of the monthly period. Peoples has elected to apply a practical expedient of right to invoice when recognizing ongoing maintenance fees for deposit accounts, as Peoples has fulfilled the required performance obligations, the customer has consumed the service, and Peoples has a right to the related income. Transactional-based fees are recognized at a point in time, which is at the completion of the relevant transaction. Peoples is obligated to perform certain transactions as requested by its consumer and business deposit account customers, which are outside of the normal maintenance requirements. Transactional-based fee income is variable as these fees are directly related to a service request from the customer. Peoples estimates the variable consideration based upon the most likely amount method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer at the time of completion of the requested transaction. Commercial Loan Swap Fees: Commercial loan swap fees consist of income related to transactions in which Peoples acts as an agent between a third-party vendor and certain Peoples' commercial loan customers for which an interest rate swap occurs. Commercial loan swap fees are recognized at a point in time, when the transaction has been completed, and there is no recourse or further performance obligation required of Peoples. Commercial loan swap fee income is variable as these fees are a certain percentage of the total swap fee collected on a completed transaction. Peoples estimates the variable consideration based upon the most likely amount method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer at the time of completion of the requested transaction. Other Non-Interest Income: Other non-interest income includes certain revenues that are transactional-based, such as wire transfer fees, money order fees and other ancillary fees or services. These transactional-based fees are recognized as income at a point in time, at the completion of the relevant transaction. Transactional-based fee income is variable as these fees are directly related to a service request from the customer. Peoples estimates the variable consideration based upon the most likely amount method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer at the time of completion of the requested transaction. |
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 corporate income 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 Peoples' Consolidated Financial Statements fully reflect the impact of the Act as of December 31, 2018. As a result of the final impact of this guidance, Peoples recorded a reduction to income tax expense of $0.7 million during 2018. At December 31, 2017, Peoples had completed the accounting for the tax effects of enactment of the Act; however, in certain cases, Peoples made reasonable estimates of the effects of a reduced statutory federal corporate income tax rate on its existing deferred tax balances. Peoples also early adopted and retrospectively applied the reclassification of stranded income tax effects from accumulated other comprehensive loss to retained earnings as of December 31, 2017, as permitted by ASU 2018-02. A tax position is initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. Penalties and interest incurred under the applicable tax law are classified as income tax expense. The amount of Peoples' uncertain income tax positions and unrecognized benefits are disclosed in Note 12 Income Taxes. |
Advertising Costs | Advertising Costs: Advertising costs are expensed as incurred. |
Earnings Per Share | Earnings per Share ("EPS"): Basic and diluted 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 EPS is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental common shares issuable upon exercise of outstanding stock 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: Stock-based compensation for restricted stock awards is measured at the fair value of these awards on their grant date. Stock-based compensation is recognized over the restriction period for restricted stock awards. Only the expense for the portion of the awards expected to vest is recognized. For service-based awards, stock-based compensation 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 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 2018-15 - Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU 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 of this update. ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): This update modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This update will remove some current disclosure requirements and require an explanation of the reasons for significant gains and losses related to changes in the benefit obligation, the projected benefit obligation and fair value of plan assets for plans with projected benefit obligations in excess of plan assets, and the accumulated benefit obligation and fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets. This ASU will become effective for interim and annual reporting periods beginning after December 15, 2020 (effective January 1, 2021 for Peoples). Peoples is currently reviewing the new disclosure requirements in this update and will adopt this new accounting guidance as required. ASU 2018-13 - Fair Value Measurement (Topic 820): The amendment in this update removes, modifies and adds to required disclosures related to certain fair value measurements. This ASU will become effective for interim and annual reporting periods beginning after December 15, 2019 (effective January 1, 2020 for Peoples). Peoples is currently reviewing the new disclosure requirements in this update and will adopt this new accounting guidance as required. ASU 2018-07 - Compensation - Stock Compensation (Topic 718): This update has been issued as part of a simplification initiative, which will expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees and improve aspects of the accounting for non-employee share-based payment transactions. The amendments will be effective for interim and annual reporting periods beginning after December 15, 2018 (effective January 1, 2019 for Peoples). Peoples adopted this new accounting guidance as required, and it will not have a material impact on Peoples' consolidated financial statements. ASU 2018-05 - Income Taxes (Topic 740): The amendments in this ASU clarify required disclosures in situations where a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting under ASC 740 for certain income tax effects of the Tax Cuts and Jobs Act for the reporting period. As of December 31, 2018, Peoples completed the accounting for the income tax effects of the enactment of the Tax Cuts and Jobs Act, resulting in a reduction to income tax expense of $0.7 million during 2018. ASU 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Peoples early adopted ASU 2018-02, reclassifying income tax effects of the Tax Cuts and Jobs Act of $0.9 million from accumulated other comprehensive loss to retained earnings as of December 31, 2017. ASU 2017-12 - Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The objective of the amendments in this ASU is to 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 FASB issued an update in October of 2018, in order to facilitate the London Interbank Offered Rate ("LIBOR") to Secured Overnight Financing Rate transition and provide lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. The amendments will be effective for interim and annual reporting periods beginning after December 15, 2018 (effective January 1, 2019 for Peoples). As of December 31, 2018, Peoples was party to cash flow hedges in an effort to manage interest rate risk, which are relatively low complexity hedges, and Peoples does not intend to enter into highly complex derivative or hedging arrangements. 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 early adopt this new accounting guidance as of January 1, 2019, and it will be incorporated in the October 1, 2019 annual goodwill impairment analysis, but it is not expected to have a material impact on 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. ASU 2018-19 clarified that receivables arising from operating leases are not within the scope of Subtopic 326-20, and should be accounted for according to Topic 842. 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 has a committee that meets regularly to monitor progress and oversee the project. Peoples has implemented a third-party software solution, and will utilize the tool to run test calculations throughout 2019 in anticipation of the full implementation at the beginning of 2020. Peoples will complete model validation during 2019, and is currently refining the economic forecasting process, documenting accounting policies, reviewing business processes and evaluating potential changes to the control environment. Peoples is presently 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 is currently evaluating the potential impact at adoption, which will depend on relevant data at the adoption date, including the characteristics of the loan portfolio, macroeconomic conditions and forecasts. Peoples has not yet determined the magnitude of any such one-time cumulative-effect adjustment or of the overall impact of the new standard on Peoples' financial condition or results of operations. 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. Under ASU 2016-02 and the related updates, a lessee will be required to recognize assets and liabilities for leases with terms of more than 12 months. These ASUs will become effective for interim and annual reporting periods affected beginning after December 15, 2018 (effective January 1, 2019 for Peoples). Peoples has identified the population of leases that will be impacted by ASU 2016-02, and assessed the impact of the guidance provided in the subsequent updates, and will adopt this new accounting guidance as required. Peoples will use the modified retrospective approach at implementation. Peoples recorded the right-of-use asset on January 1, 2019, which was approximately $5.2 million , and a lease liability of approximately $5.3 million . |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets measured on recurring basis | Recurring Fair Value Measurements at Reporting Date December 31, 2018 December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Available-for-sale investment securities: Obligations of: States and political subdivisions $ — $ 88,587 $ — $ — $ 101,569 $ — Residential mortgage-backed securities — 692,608 — — 673,664 — Commercial mortgage-backed securities — 6,707 — — 6,976 — Bank-issued trust preferred securities — 3,989 — — 5,129 — Equity investment securities (a) — — — 7,694 155 — Total available-for-sale securities $ — $ 791,891 $ — $ 7,694 $ 787,493 $ — Equity investment securities (a) $ 94 $ 183 $ — $ — $ — $ — Derivative assets (b) — 4,544 — — 4,594 — Liabilities: Derivative liabilities (c) $ — $ 3,562 $ — $ — $ 3,241 $ — (a) As of January 1, 2018, Peoples adopted ASU 2016-01, resulting in the reclassification of equity investment securities from available-for-sale investment securities to other investment securities. As of December 31, 2017, equity investment securities had a net unrealized gain of $6.5 million . (b) Included in other assets on the Consolidated Balance Sheets. For additional information, see Note 14 Derivative Financial Instruments. (c) Included in other liabilities on the Consolidated Balance Sheets. For additional information, see Note 14 Derivative Financial Instruments. |
Fair Values of Financial Assets and Liabilities on Balance Sheets | Fair Value Measurements of Other Financial Instruments (Dollars in thousands) Fair Value Hierarchy Level December 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 77,612 $ 77,612 $ 72,194 $ 72,194 Held-to-maturity investment securities: Obligations of: States and political subdivisions 2 4,403 4,896 3,810 4,417 Residential mortgage-backed securities 2 29,044 28,603 32,487 32,227 Commercial mortgage-backed securities 2 3,514 3,464 4,631 4,569 Total held-to-maturity securities 36,961 36,963 40,928 41,213 Other investment securities: FHLB stock 2 29,367 29,367 28,132 28,132 FRB stock 2 12,294 12,294 10,179 10,179 Nonqualified deferred compensation (a) 2 987 987 — — Federal Home Loan Mortgage Corp ("FHLMC") stock 2 60 60 60 60 Other investment securities (b) 42,708 42,708 38,371 38,371 Net loans 3 2,708,583 2,907,537 2,338,344 2,274,194 Loans held for sale 2 5,470 5,492 2,510 2,569 Bank owned life insurance 3 68,934 68,934 62,176 62,176 Servicing rights (c) 3 2,655 4,568 2,305 3,866 Financial liabilities: Deposits 2 $ 2,955,465 $ 2,953,452 $ 2,730,330 $ 2,730,071 Short-term borrowings 2 356,198 349,994 209,491 209,628 Long-term borrowings 2 109,644 101,736 144,019 142,108 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 Obligations of: States and political subdivisions $ 88,358 $ 787 $ (558 ) $ 88,587 Residential mortgage-backed securities 705,289 2,720 (15,401 ) 692,608 Commercial mortgage-backed securities 6,812 — (105 ) 6,707 Bank-issued trust preferred securities 4,196 75 (282 ) 3,989 Total available-for-sale securities $ 804,655 $ 3,582 $ (16,346 ) $ 791,891 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 investment securities (a) 1,394 6,520 (65 ) 7,849 Total available-for-sale securities $ 797,732 $ 11,040 $ (13,585 ) $ 795,187 |
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) 2018 2017 2016 Gross gains realized $ 6 $ 2,999 $ 933 Gross losses realized 152 16 3 Net (loss) gain realized $ (146 ) $ 2,983 $ 930 |
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 2018 Obligations of: States and political subdivisions $ 10,173 $ 18 17 $ 19,918 $ 540 20 $ 30,091 $ 558 Residential mortgage-backed securities 47,562 226 50 517,335 15,175 170 564,897 15,401 Commercial mortgage-backed securities — — — 6,707 105 3 6,707 105 Bank-issued trust preferred securities — — — 1,718 282 2 1,718 282 Total $ 57,735 $ 244 67 $ 545,678 $ 16,102 195 $ 603,413 $ 16,346 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 investment securities (a) 276 1 1 112 64 1 388 65 Total $ 294,746 $ 3,575 97 $ 301,298 $ 10,010 94 $ 596,044 $ 13,585 |
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 2018 Obligations of: States and political subdivisions $ 4,403 $ 493 $ — $ 4,896 Residential mortgage-backed securities 29,044 191 (632 ) 28,603 Commercial mortgage-backed securities 3,514 — (50 ) 3,464 Total held-to-maturity securities $ 36,961 $ 684 $ (682 ) $ 36,963 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 |
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, 2018 . 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 $ 891 $ 15,910 $ 23,094 $ 48,463 $ 88,358 Residential mortgage-backed securities 782 12,194 51,284 641,029 705,289 Commercial mortgage-backed securities — 5,666 — 1,146 6,812 Bank-issued trust preferred securities — — 4,196 — 4,196 Total available-for-sale securities $ 1,673 $ 33,770 $ 78,574 $ 690,638 $ 804,655 Fair value Obligations of: States and political subdivisions $ 888 $ 15,900 $ 23,188 $ 48,611 $ 88,587 Residential mortgage-backed securities 778 12,031 50,164 629,635 692,608 Commercial mortgage-backed securities — 5,587 — 1,120 6,707 Bank-issued trust preferred securities — — 3,989 — 3,989 Total available-for-sale securities $ 1,666 $ 33,518 $ 77,341 $ 679,366 $ 791,891 Total weighted-average yield 2.26 % 2.35 % 2.77 % 2.93 % 2.89 % |
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, 2018 . 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 $ — $ 308 $ 2,982 $ 1,113 $ 4,403 Residential mortgage-backed securities — 422 8,027 20,595 29,044 Commercial mortgage-backed securities — — — 3,514 3,514 Total held-to-maturity securities $ — $ 730 $ 11,009 $ 25,222 $ 36,961 Fair value Obligations of: States and political subdivisions $ — $ 308 $ 3,466 $ 1,122 $ 4,896 Residential mortgage-backed securities — 416 8,163 20,024 28,603 Commercial mortgage-backed securities — — — 3,464 3,464 Total held-to-maturity securities $ — $ 724 $ 11,629 $ 24,610 $ 36,963 Total weighted-average yield — % 2.43 % 2.89 % 2.78 % 2.80 % |
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 2018 Residential mortgage-backed securities $ — $ — — $ 13,102 $ 632 5 $ 13,102 $ 632 Commercial mortgage-backed securities — — — 3,464 50 1 3,464 50 Total $ — $ — — $ 16,566 $ 682 6 $ 16,566 $ 682 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 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loan Classification by Type | 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) 2018 2017 Originated loans: Commercial real estate, construction $ 124,013 $ 107,118 Commercial real estate, other 632,200 595,447 Commercial real estate 756,213 702,565 Commercial and industrial 530,207 438,051 Residential real estate 296,860 304,523 Home equity lines of credit 93,326 88,902 Consumer, indirect 407,167 340,390 Consumer, direct 71,674 67,010 Consumer 478,841 407,400 Deposit account overdrafts 583 849 Total originated loans $ 2,156,030 $ 1,942,290 Acquired loans: Commercial real estate, construction $ 12,404 $ 8,319 Commercial real estate, other 184,711 165,120 Commercial real estate 197,115 173,439 Commercial and industrial 35,537 34,493 Residential real estate 296,937 184,864 Home equity lines of credit 40,653 20,575 Consumer, indirect 136 329 Consumer, direct 2,370 1,147 Consumer 2,506 1,476 Total acquired loans $ 572,748 $ 414,847 Total loans $ 2,728,778 $ 2,357,137 |
Purchased Credit Impaired Loans | 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) 2018 2017 Commercial real estate $ 11,955 $ 8,117 Commercial and industrial 1,287 767 Residential real estate 20,062 19,532 Consumer 58 33 Total outstanding balance $ 33,362 $ 28,449 Net carrying amount $ 22,475 $ 19,564 |
Accretable Yield Rollforward | Changes in the accretable yield for purchased credit impaired loans during the year ended December 31 were as follows: (Dollars in thousands) 2018 2017 Balance, beginning of period $ 6,704 $ 7,132 Reclassification from nonaccretable to accretable 2,019 1,285 Additions: ASB 2,047 — Accretion (1,815 ) (1,713 ) Balance, December 31 $ 8,955 $ 6,704 Acquired loans, excluding acquired overdrafts of $438,000 , are reported net of the unamortized fair value adjustment. The following table details the fair value adjustment for acquired loans as of the acquisition date: (Dollars in thousands, except per share data) Nonimpaired Loans Contractual cash flows $ 342,087 Nonaccretable difference 59,967 Expected cash flows 282,120 Accretable yield 54,029 Fair value $ 228,091 Credit Impaired Loans Contractual cash flows $ 16,054 Nonaccretable difference 5,908 Expected cash flows 10,146 Accretable yield 2,047 Fair value $ 8,099 |
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 the addition and exit of directors during the year, as applicable. (Dollars in thousands) Balance, December 31, 2017 $ 15,102 New loans and disbursements 5,508 Repayments (3,720 ) Other changes (101 ) Balance, December 31, 2018 $ 16,789 |
Nonaccrual and Past Due Loans | The recorded investments in loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows at December 31: Accruing Loans 90+ Days Past Due Nonaccrual Loans (Dollars in thousands) 2018 2017 2018 2017 Originated loans: Commercial real estate, construction $ 710 $ 754 $ — $ — Commercial real estate, other 6,565 6,877 786 — Commercial real estate 7,275 7,631 786 — Commercial and industrial 1,673 739 — — Residential real estate 4,105 3,546 398 548 Home equity lines of credit 596 550 7 50 Consumer, indirect 480 256 — — Consumer, direct 56 39 — 16 Consumer 536 295 — 16 Total originated loans $ 14,185 $ 12,761 $ 1,191 $ 614 Acquired loans: Commercial real estate, other $ 319 $ 192 $ 15 $ 215 Commercial and industrial 36 259 18 45 Residential real estate 1,921 2,168 1,032 730 Home equity lines of credit 637 312 — 22 Total acquired loans $ 2,913 $ 2,931 $ 1,065 $ 1,012 Total loans $ 17,098 $ 15,692 $ 2,256 $ 1,626 |
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 Total (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2018 Originated loans: Commercial real estate, construction $ — $ — $ 710 $ 710 $ 123,303 $ 124,013 Commercial real estate, other 12 736 7,151 7,899 624,301 632,200 Commercial real estate 12 736 7,861 8,609 747,604 756,213 Commercial and industrial 1,678 3,520 1,297 6,495 523,712 530,207 Residential real estate 4,457 1,319 2,595 8,371 288,489 296,860 Home equity lines of credit 531 30 431 992 92,334 93,326 Consumer, indirect 3,266 488 165 3,919 403,248 407,167 Consumer, direct 308 50 42 400 71,274 71,674 Consumer 3,574 538 207 4,319 474,522 478,841 Deposit account overdrafts — — — — 583 583 Total originated loans $ 10,252 $ 6,143 $ 12,391 $ 28,786 $ 2,127,244 $ 2,156,030 Loans Past Due Current Total (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2018 Acquired loans: Commercial real estate, construction $ 511 $ — $ — $ 511 $ 11,893 $ 12,404 Commercial real estate, other 523 457 233 1,213 183,498 184,711 Commercial real estate 1,034 457 233 1,724 195,391 197,115 Commercial and industrial 111 13 18 142 35,395 35,537 Residential real estate 6,124 1,823 1,885 9,832 287,105 296,937 Home equity lines of credit 238 233 534 1,005 39,648 40,653 Consumer, indirect — — — — 136 136 Consumer, direct 23 6 — 29 2,341 2,370 Consumer 23 6 — 29 2,477 2,506 Total acquired loans $ 7,530 $ 2,532 $ 2,670 $ 12,732 $ 560,016 $ 572,748 Total loans $ 17,782 $ 8,675 $ 15,061 $ 41,518 $ 2,687,260 $ 2,728,778 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, direct 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 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, direct 10 11 — 21 1,126 1,147 Consumer 13 11 — 24 1,452 1,476 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 |
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 (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2018 Originated loans: Commercial real estate, construction $ 121,457 $ — $ 1,472 $ — $ 1,084 $ 124,013 Commercial real estate, other 612,099 10,898 9,203 — — 632,200 Commercial real estate 733,556 10,898 10,675 — 1,084 756,213 Commercial and industrial 476,290 45,990 7,692 — 235 530,207 Residential real estate 14,229 500 11,971 409 269,751 296,860 Home equity lines of credit 453 — — — 92,873 93,326 Consumer, indirect 8 — — — 407,159 407,167 Consumer, direct 30 — — — 71,644 71,674 Consumer 38 — — — 478,803 478,841 Deposit account overdrafts — — — — 583 583 Total originated loans $ 1,224,566 $ 57,388 $ 30,338 $ 409 $ 843,329 $ 2,156,030 Pass Rated Special Mention Substandard Doubtful Not Rated Total (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2018 Acquired loans: Commercial real estate, construction $ 8,976 $ 1,795 $ 1,633 $ — $ — $ 12,404 Commercial real estate, other 169,260 7,241 8,114 96 — 184,711 Commercial real estate 178,236 9,036 9,747 96 — 197,115 Commercial and industrial 32,471 2,008 1,058 — — 35,537 Residential real estate 17,370 1,938 2,033 137 275,459 296,937 Home equity lines of credit 33 — — — 40,620 40,653 Consumer, indirect 4 — — — 132 136 Consumer, direct 31 — — — 2,339 2,370 Consumer 35 — — — 2,471 2,506 Total acquired loans $ 228,145 $ 12,982 $ 12,838 $ 233 $ 318,550 $ 572,748 Total loans $ 1,452,711 $ 70,370 $ 43,176 $ 642 $ 1,161,879 $ 2,728,778 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, direct 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 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, direct 35 — — — 1,112 1,147 Consumer 47 — — — 1,429 1,476 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 |
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 2018 Commercial real estate, construction $ 2,376 $ — $ 2,376 $ 2,376 $ — $ 1,732 $ 74 Commercial real estate, other 15,464 274 14,946 15,220 119 14,043 455 Commercial real estate 17,840 274 17,322 17,596 119 15,775 529 Commercial and industrial 3,305 790 2,436 3,226 157 2,423 72 Residential real estate 25,990 644 24,034 24,678 154 22,769 1,134 Home equity lines of credit 2,291 424 1,869 2,293 73 1,832 109 Consumer, indirect 496 — 503 503 — 278 15 Consumer, direct 79 22 57 79 6 63 20 Consumer 575 22 560 582 6 341 35 Total $ 50,001 $ 2,154 $ 46,221 $ 48,375 $ 509 $ 43,140 $ 1,879 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, direct 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 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes the loans that were modified as TDRs during the years ended December 31, 2018 and 2017 . Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment 2018 Originated loans: Commercial and industrial 1 $ 714 $ 714 $ 714 Residential real estate 9 904 904 899 Home equity lines of credit 8 666 666 660 Consumer, indirect 27 485 485 412 Consumer, direct 5 32 32 29 Consumer 32 517 517 441 Total 50 $ 2,801 $ 2,801 $ 2,714 Acquired loans: Commercial real estate, construction 1 $ 50 $ 50 $ 45 Residential real estate 15 1,258 1,258 1,226 Home equity lines of credit 6 196 196 193 Total 22 $ 1,504 $ 1,504 $ 1,464 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, direct 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, direct 1 2 2 — Total 18 $ 1,060 $ 1,060 $ 1,012 (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, direct Deposit Account Overdrafts Total Balance, January 1, 2018 $ 7,797 $ 5,813 $ 904 $ 693 $ 2,944 $ 464 $ 70 $ 18,685 Charge-offs (849 ) (38 ) (355 ) (107 ) (2,515 ) (358 ) (965 ) (5,187 ) Recoveries 60 18 232 14 474 140 205 1,143 Net charge-offs (789 ) (20 ) (123 ) (93 ) (2,041 ) (218 ) (760 ) (4,044 ) Provision for loan losses 995 385 433 18 2,311 105 771 5,018 Balance, December 31, 2018 $ 8,003 $ 6,178 $ 1,214 $ 618 $ 3,214 $ 351 $ 81 $ 19,659 Period-end amount allocated to: Loans individually evaluated for impairment $ 119 $ 157 $ 154 $ 73 $ — $ 6 $ — $ 509 Loans collectively evaluated for impairment 7,884 6,021 1,060 545 3,214 345 81 19,150 Balance, December 31, 2018 $ 8,003 $ 6,178 $ 1,214 $ 618 $ 3,214 $ 351 $ 81 $ 19,659 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 (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 |
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) 2018 2017 Nonimpaired loans: Balance, January 1 $ — $ — Provision for loan losses 383 — Balance, December 31 $ 383 $ — Purchased credit impaired loans: Balance, January 1 $ 108 $ 233 Charge-offs (2 ) (7 ) Provision for (recovery of) loan losses 47 (118 ) Balance, December 31 $ 153 $ 108 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The major categories of bank premises and equipment, net of accumulated depreciation, at December 31 are summarized as follows: (Dollars in thousands) 2018 2017 Land $ 13,776 $ 12,871 Building and premises 68,245 61,729 Furniture, fixtures and equipment 28,523 27,137 Total bank premises and equipment 110,544 101,737 Accumulated depreciation (54,002 ) (49,227 ) Net book value $ 56,542 $ 52,510 |
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, 2018 : (Dollars in thousands) Payments 2019 $ 975 2020 756 2021 606 2022 455 2023 295 Thereafter 223 Total future operating lease payments $ 3,310 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Goodwill, beginning of year $ 133,111 $ 132,631 Goodwill recorded from acquisitions 18,134 480 Goodwill, end of year $ 151,245 $ 133,111 |
Schedule of Other Intangible Assets | Other intangible assets were comprised of the following at December 31: (Dollars in thousands) Core Deposits Customer Relationships Total 2018 Gross intangibles $ 15,636 $ 7,480 $ 23,116 Intangibles recorded from acquisitions 2,363 — 2,363 Accumulated amortization (12,540 ) (4,754 ) (17,294 ) Total acquisition-related intangibles $ 5,459 $ 2,726 $ 8,185 Servicing rights 2,655 Total other intangibles $ 10,840 2017 Gross intangibles $ 16,150 $ 5,373 $ 21,523 Intangibles recorded from acquisitions — 1,593 1,593 Accumulated amortization (10,281 ) (3,675 ) (13,956 ) Total acquisition-related intangibles $ 5,869 $ 3,291 $ 9,160 Servicing rights 2,305 Total other intangibles $ 11,465 |
Schedule of Future Amortization of Other Intangible Assets | The following table details estimated aggregate future amortization of other intangible assets at December 31, 2018 : (Dollars in thousands) Core Deposits Customer Relationships Total 2019 $ 1,999 $ 779 $ 2,778 2020 1,438 629 2,067 2021 911 470 1,381 2022 437 318 755 2023 236 217 453 Thereafter 438 313 751 Total $ 5,459 $ 2,726 $ 8,185 |
Servicing Rights Activity | The following is an analysis of activity of servicing rights for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Balance, beginning of year $ 2,305 $ 2,305 $ 2,387 Amortization (1,623 ) (741 ) (762 ) Servicing rights originated 1,697 741 680 Servicing rights acquired 276 — — Balance, end of year $ 2,655 $ 2,305 $ 2,305 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Deposit Balances | Peoples’ deposit balances were comprised of the following at December 31: (Dollars in thousands) 2018 2017 Retail CDs: $100,000 or more $ 182,717 $ 149,105 Less than $100,000 211,618 189,568 Retail CDs 394,335 338,673 Interest-bearing deposit accounts 573,702 593,415 Savings accounts 468,500 446,714 Money market deposit accounts 379,878 371,376 Governmental deposit accounts 267,319 264,524 Brokered CDs 263,854 159,618 Total interest-bearing deposits 2,347,588 2,174,320 Non-interest-bearing deposits 607,877 556,010 Total deposits $ 2,955,465 $ 2,730,330 |
Schedule of Maturities of Certificates of Deposit | The contractual maturities of CDs for each of the next five years and thereafter are as follows: (Dollars in thousands) Retail Brokered Total 2019 $ 196,849 $ 235,421 $ 432,270 2020 84,416 18,330 102,746 2021 69,399 5,540 74,939 2022 19,268 4,081 23,349 2023 23,212 482 23,694 Thereafter 1,191 — 1,191 Total CDs $ 394,335 $ 263,854 $ 658,189 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Other (a) 2018 Ending balance $ 51,202 $ 305,000 $ — $ (4 ) Average balance 64,519 219,897 14,329 301 Highest month-end balance 72,822 307,561 30,000 1,553 Interest expense $ 194 $ 4,494 $ 527 $ 23 Weighted-average interest rate: End of year 0.48 % 2.32 % — % — % During the year 0.30 % 2.04 % 3.68 % NM 2017 Ending balance $ 76,899 $ 92,592 $ 40,000 $ — Average balance 75,344 100,205 6,685 13 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 % 1.30 % 2016 Ending balance $ 74,607 $ 231,000 $ — $ — Average balance 72,886 86,260 — 23 Highest month-end balance 81,353 231,000 — — Interest expense $ 124 $ 384 $ — $ — Weighted-average interest rate: End of year 0.17 % 0.64 % — % — % During the year 0.17 % 0.45 % — % 1.11 % |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Borrowings | Long-term borrowings consisted of the following at December 31 : 2018 2017 (Dollars in thousands) Balance Weighted- Average Rate Balance Weighted- Average Rate FHLB putable, non-amortizing, fixed rate advances $ 85,000 2.05 % $ 115,000 1.86 % FHLB amortizing, fixed rate advances 17,361 2.09 % 21,939 2.02 % Junior subordinated debt securities 7,283 7.83 % 7,107 4.97 % Unamortized debt issuance cost — — % (27 ) — % Long-term borrowings $ 109,644 2.44 % $ 144,019 2.04 % |
Schedule of Aggregate Minimum Annual Retirements of Long-Term Borrowings | At December 31, 2018 , the aggregate minimum annual retirements of long-term borrowings in future periods were as follows: (Dollars in thousands) Balance Weighted-Average Rate 2019 $ 3,512 1.53 % 2020 25,564 1.83 % 2021 21,979 1.73 % 2022 16,521 1.95 % 2023 1,157 1.01 % Thereafter 40,911 3.51 % Long-term borrowings $ 109,644 2.44 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Dividends Declared [Table Text Block] | The following table details the cash dividends declared per common share for the year ended December 31: 2018 2017 First Quarter $ 0.26 $ 0.20 Second Quarter 0.28 0.20 Third Quarter 0.28 0.22 Fourth Quarter 0.30 0.22 Total dividends declared $ 1.12 $ 0.84 |
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, 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 Exercise of stock options for common shares — (1,775 ) Grant of common shares — (350 ) 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 Boards 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: Grant of restricted common shares — (68,707 ) Release of restricted common shares — 10,452 Cancellation of restricted common shares (3,554 ) 5,050 Grant of common shares — (300 ) Exercise of stock options for common shares — (266 ) Changes related to deferred compensation plan for Boards 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 Changes related to stock-based compensation awards: Release of restricted common shares — 32,082 Cancellation of restricted common shares — 2,011 Exercise of stock options for common shares — (102 ) Grant of restricted common shares — (106,805 ) Grant of common shares — (16,544 ) Changes related to deferred compensation plan for Board of Directors: Purchase of treasury stock — 6,526 Sale of treasury stock — (10 ) Reissuance of treasury stock — (2,089 ) Common shares issued under dividend reinvestment plan 19,282 — Common shares issued under compensation plan for Board of Directors — (4,699 ) Common shares issued under employee stock purchase plan — (11,530 ) Issuance of common shares related to acquisition of ASB 1,152,711 — Shares at December 31, 2018 20,124,378 601,289 |
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, 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 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax 115 — — 115 Realized loss due to settlement and curtailment, net of tax — 211 — 211 Amounts reclassified out of accumulated other comprehensive loss per ASU 2016-01 (5,020 ) — — (5,020 ) Other comprehensive (loss) income, net of reclassifications and tax (3,089 ) 334 (269 ) (3,024 ) Balance, December 31, 2018 $ (10,082 ) $ (3,711 ) $ 860 $ (12,933 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 benefit obligations and fair value of assets of the plans for the years ended December 31, 2018 and 2017 , and a statement of the funded status as of December 31, 2018 and 2017 : Pension Benefits Post-retirement Benefits (Dollars in thousands) 2018 2017 2018 2017 Change in benefit obligation: Obligation at January 1 $ 12,991 $ 12,127 $ 91 $ 103 Interest cost 423 451 3 3 Plan participants’ contributions — — 46 46 Actuarial (gain) loss (1,519 ) 1,207 — (4 ) Benefit payments (197 ) (189 ) (57 ) (57 ) Settlements (703 ) (605 ) — — Obligation at December 31 $ 10,995 $ 12,991 $ 83 $ 91 Accumulated benefit obligation at December 31 $ 10,995 $ 12,991 $ 83 $ 91 Change in plan assets: Fair value of plan assets at January 1 $ 8,493 $ 7,582 $ — $ — Actual (loss) return on plan assets (554 ) 1,140 — — Employer contributions 3,195 565 11 11 Plan participants’ contributions — — 46 46 Benefit payments (197 ) (189 ) (57 ) (57 ) Settlements (703 ) (605 ) — — Fair value of plan assets at December 31 $ 10,234 $ 8,493 $ — $ — Funded status at December 31 $ (761 ) $ (4,498 ) $ (83 ) $ (91 ) Amounts recognized in Consolidated Balance Sheets: Accrued benefit liability $ (761 ) $ (4,498 ) $ (83 ) $ (91 ) Net amount recognized $ (761 ) $ (4,498 ) $ (83 ) $ (91 ) Amounts recognized in Accumulated Other Comprehensive Loss: Unrecognized prior service cost $ — $ — $ (1 ) $ (1 ) Unrecognized net loss (gain) 3,761 4,311 (52 ) (56 ) Total $ 3,761 $ 4,311 $ (53 ) $ (57 ) Weighted-average assumptions at year-end: Discount rate 3.55 % 3.40 % 3.40 % 3.40 % |
Schedule of Net Periodic Benefit Costs | The following table details the components of the net periodic cost (benefit) for the plans at December 31: Pension Benefits Post-retirement Benefits (Dollars in thousands) 2018 2017 2016 2018 2017 2016 Interest cost $ 423 $ 451 $ 438 $ 3 $ 3 $ 4 Expected return on plan assets (640 ) (553 ) (492 ) — — — Amortization of net loss (gain) 104 102 95 (5 ) (6 ) (6 ) Settlement of benefit obligation 267 242 — — — — Net periodic cost (benefit) $ 154 $ 242 $ 41 $ (2 ) $ (3 ) $ (2 ) Weighted-average assumptions: Discount rate 3.55 % 3.80 % 3.90 % 3.40 % 3.80 % 3.90 % 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) 2018 Equity securities: Mutual funds - equity $ 6,750 $ 6,750 $ — Debt securities: Mutual funds - taxable income 2,746 2,746 — Total fair value of pension assets $ 9,496 $ 9,496 $ — 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 $ — |
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 2019 $ 1,000 $ 11 2020 1,095 10 2021 1,283 10 2022 740 9 2023 774 9 2024 to 2028 3,091 34 Total $ 7,983 $ 83 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [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) 2018 2017 Uncertain tax positions, beginning of year $ 550 $ 522 Gross increase based on tax positions related to current year 55 42 Gross increase for tax position taken during prior years 13 20 Gross decrease due to the statute of limitations (195 ) (34 ) Uncertain tax positions, end of year $ 423 $ 550 |
Schedule of Effective Income Tax Rate Reconciliation | The reported income tax expense and effective tax rate in the Consolidated Statements of Income differ from the amounts computed by applying the statutory federal corporate income tax rate as follows for the years ended December 31 : (Dollars in thousands) 2018 2017 2016 Amount Rate Amount Rate Amount Rate Income tax computed at statutory federal corporate income tax rate $ 11,505 21.0 % $ 20,045 35.0 % $ 15,785 35.0 % Differences in rate resulting from: Release of valuation allowance (805 ) (1.5 )% — — % — — % Tax Cuts and Job Act (705 ) (1.3 )% 897 1.6 % — — % Tax-exempt interest income (554 ) (1.0 )% (1,092 ) (1.9 )% (1,170 ) (2.6 )% Bank owned life insurance (393 ) (0.7 )% (683 ) (1.2 )% (495 ) (1.1 )% Stock awards (332 ) (0.6 )% (154 ) (0.3 )% — — % Investments in tax credit funds (125 ) (0.2 )% (221 ) (0.4 )% (164 ) (0.4 )% Other, net 95 0.2 % (60 ) (0.1 )% 169 0.4 % Income tax expense $ 8,686 15.9 % $ 18,732 32.7 % $ 14,125 31.3 % |
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) 2018 2017 2016 Current income tax expense $ 8,995 $ 21,511 $ 16,587 Deferred income tax benefit (309 ) (2,779 ) (2,462 ) Income tax expense $ 8,686 $ 18,732 $ 14,125 |
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) 2018 2017 Deferred tax assets: Allowance for loan losses $ 8,559 $ 6,992 Available-for-sale securities 2,678 555 Accrued employee benefits 1,843 2,569 Tax credit investments 805 1,560 Other 73 116 Gross deferred tax assets $ 13,958 $ 11,792 Valuation allowance $ — $ 805 Total deferred tax assets $ 13,958 $ 10,987 Deferred tax liabilities: Purchase accounting adjustments $ 5,839 $ 6,092 Deferred loan income 3,061 2,459 Bank premises and equipment (a) 2,047 307 Derivative instruments 228 300 Tax credit investments 82 — Other 673 484 Total deferred tax liabilities $ 11,930 $ 9,642 Net deferred tax asset $ 2,028 $ 1,345 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 Distributed earnings allocated to common shareholders $ 21,334 $ 15,159 $ 11,532 Undistributed earnings allocated to common shareholders 24,660 23,115 19,483 Net earnings allocated to common shareholders $ 45,994 $ 38,274 $ 31,015 Weighted-average common shares outstanding 18,991,768 18,050,189 18,013,693 Effect of potentially dilutive common shares 130,492 158,495 141,770 Total weighted-average diluted common shares outstanding 19,122,260 18,208,684 18,155,463 Earnings per common share: Basic $ 2.42 $ 2.12 $ 1.72 Diluted $ 2.41 $ 2.10 $ 1.71 Anti-dilutive common shares excluded from calculation: Restricted shares, stock options and stock appreciation rights 1,748 453 20,769 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Home equity lines of credit $ 101,265 $ 83,949 Unadvanced construction loans 74,734 112,475 Other loan commitments 314,271 260,552 Loan commitments 490,270 456,976 Standby letters of credit $ 10,214 $ 20,873 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 (Dollars in thousands) Amount Ratio Amount Ratio PEOPLES Common Equity Tier 1 (a) Actual $ 378,855 13.6 % $ 327,172 13.3 % For capital adequacy 125,235 4.5 % 110,998 4.5 % To be well capitalized 180,895 6.5 % 160,330 6.5 % Tier 1 (b) Actual $ 386,138 13.9 % $ 334,279 13.6 % For capital adequacy 166,980 6.0 % 147,997 6.0 % To be well capitalized 222,640 8.0 % 197,330 8.0 % Total Capital (c) Actual $ 406,333 14.6 % $ 355,977 14.4 % For capital adequacy 222,640 8.0 % 197,330 8.0 % To be well capitalized 278,300 10.0 % 246,662 10.0 % Tier 1 Leverage (d) Actual $ 386,138 10.0 % $ 334,279 9.8 % For capital adequacy 154,615 4.0 % 137,119 4.0 % To be well capitalized 193,269 5.0 % 171,399 5.0 % Capital Conservation Buffer $ 183,693 6.6 % $ 158,647 6.4 % Fully phased in minimum 69,575 2.5 % 61,666 2.5 % Net Risk-Weighted Assets $ 2,782,995 $ 2,466,620 PEOPLES BANK Common Equity Tier 1 (a) Actual $ 365,063 13.2 % $ 305,216 12.4 % For capital adequacy 124,870 4.5 % 110,654 4.5 % To be well capitalized 180,367 6.5 % 159,833 6.5 % Tier 1 (b) Actual $ 365,063 13.2 % $ 305,216 12.4 % For capital adequacy 166,493 6.0 % 147,539 6.0 % To be well capitalized 221,990 8.0 % 196,718 8.0 % Total Capital (c) Actual $ 385,258 13.9 % $ 324,026 13.2 % For capital adequacy 221,990 8.0 % 196,718 8.0 % To be well capitalized 277,488 10.0 % 245,898 10.0 % Tier 1 Leverage (d) Actual $ 365,063 9.5 % $ 305,216 8.9 % For capital adequacy 154,357 4.0 % 136,939 4.0 % To be well capitalized 192,947 5.0 % 171,174 5.0 % Capital Conservation Buffer $ 163,268 5.9 % $ 127,308 5.2 % Fully phased in minimum 69,372 2.5 % 61,474 2.5 % Net Risk-Weighted Assets $ 2,774,879 $ 2,458,975 (a) Ratio represents common equity tier 1 capital to net risk-weighted assets (b) Ratio represents tier 1 capital to net risk-weighted assets (c) Ratio represents total capital to net risk-weighted assets (d) Ratio represents tier 1 capital to average assets |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 1 314 $ 23.77 Exercised 314 23.77 Forfeited — — Outstanding at December 31 — $ — — $ — Exercisable at December 31 — $ — — $ — |
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, 2018 : Number of Common Shares Subject to SARs Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 314 $ 23.77 Exercised 314 23.77 Forfeited — — Outstanding at December 31 — $ — — $ — Exercisable at December 31 — $ — — $ — |
Schedule of Restricted Shares Activity | The following summarizes the changes to Peoples’ outstanding restricted common shares for the year ended December 31, 2018 : Time-Based Vesting Performance-Based Vesting Number of Common Shares Weighted-Average Grant Date Fair Value Number of Common Shares Weighted-Average Grant Date Fair Value Outstanding at January 1 33,082 $ 22.85 176,218 $ 25.50 Awarded 21,929 36.38 84,876 35.43 Released 11,332 22.84 83,311 23.62 Forfeited — — 2,011 34.34 Outstanding at December 31 43,679 $ 29.64 175,772 $ 31.08 |
Summary of Stock-Based Compensation and Related Tax Benefit | The following summarizes the amount of stock-based compensation and related tax benefit recognized for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Stock-based compensation $ 2,575 $ 1,802 $ 1,392 Recognized tax benefit (541 ) (378 ) (487 ) Net expense recognized $ 2,034 $ 1,424 $ 905 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | Changes in the accretable yield for purchased credit impaired loans during the year ended December 31 were as follows: (Dollars in thousands) 2018 2017 Balance, beginning of period $ 6,704 $ 7,132 Reclassification from nonaccretable to accretable 2,019 1,285 Additions: ASB 2,047 — Accretion (1,815 ) (1,713 ) Balance, December 31 $ 8,955 $ 6,704 Acquired loans, excluding acquired overdrafts of $438,000 , are reported net of the unamortized fair value adjustment. The following table details the fair value adjustment for acquired loans as of the acquisition date: (Dollars in thousands, except per share data) Nonimpaired Loans Contractual cash flows $ 342,087 Nonaccretable difference 59,967 Expected cash flows 282,120 Accretable yield 54,029 Fair value $ 228,091 Credit Impaired Loans Contractual cash flows $ 16,054 Nonaccretable difference 5,908 Expected cash flows 10,146 Accretable yield 2,047 Fair value $ 8,099 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table provides the purchase price calculation as of the date of acquisition of ASB, and the assets acquired and liabilities assumed at their estimated fair values. (Dollars in thousands, except per share data) Purchase Price Common shares electing cash consideration 31,763 Cash purchase price per share $ 20.00 Cash consideration $ 635 Common shares electing stock consideration 1,947,271 Number of common shares of Peoples issued for each common share of acquired company 0.592 Price per Peoples' common share, as of April 13, 2018 $ 35.48 Common share consideration $ 40,898 Cash in lieu of fractional common shares of Peoples $ 2 Total consideration $ 41,535 Net Assets at Fair Value Assets Cash and due from banks $ 5,332 Available-for-sale investment securities 18,155 Held-to-maturity investment securities 649 Other investment securities 1,596 Total investment securities 20,400 Loans, net of deferred fees and costs 236,628 Loans held for sale 2,539 Bank premises and equipment, net of accumulated depreciation 3,485 Bank owned life insurance 4,803 Other intangible assets 2,639 Other assets 3,112 Total assets $ 278,938 Liabilities Deposits: Non-interest-bearing $ 29,487 Interest-bearing 169,142 Total deposits 198,629 Short-term borrowings 54,824 Accrued expenses and other liabilities 2,084 Total liabilities $ 255,537 Net assets $ 23,401 Goodwill $ 18,134 |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Parent Company Only Financial Information [Abstract] | |
Schedule of Condensed Balance Sheet | Condensed Balance Sheets December 31, (Dollars in thousands) 2018 2017 Assets: Cash and due from other banks $ 50 $ 50 Interest-bearing deposits in subsidiary bank 13,750 9,270 Due from subsidiary bank 584 9,486 Available-for-sale investment securities, at fair value (amortized cost of $615 at December 31, 2017) (a) — 6,933 Other investment securities (a) 216 — Investments in subsidiaries: Bank 506,200 431,482 Non-bank 8,298 1,812 Other assets 2,808 1,700 Total assets $ 531,906 $ 460,733 Liabilities: Accrued expenses and other liabilities $ 1,898 $ 1,471 Dividends payable 291 270 Mandatorily redeemable capital securities of subsidiary trust 9,577 400 Total liabilities 11,766 2,141 Total stockholders' equity 520,140 458,592 Total liabilities and stockholders' equity $ 531,906 $ 460,733 |
Schedule of Condensed Income Statement | Condensed Statements of Income Year Ended December 31, (Dollars in thousands) 2018 2017 2016 Income: Dividends from subsidiary bank $ 13,500 $ 27,000 $ 20,500 Dividends from non-bank subsidiary 2,500 20,000 1,250 Net gain on investment securities — 2,602 — Interest and other income 357 237 209 Total income 16,357 49,839 21,959 Expenses: Trust preferred securities expense 520 346 397 Intercompany management fees 1,561 1,361 1,131 Other expense 4,647 3,380 3,154 Total expenses 6,728 5,087 4,682 Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries 9,629 44,752 17,277 Applicable income tax expense (2,511 ) (1,309 ) (1,718 ) Equity in (excess dividends from) undistributed earnings of subsidiaries 34,115 (7,590 ) 12,162 Net income $ 46,255 $ 38,471 $ 31,157 |
Schedule of Condensed Cash Flow Statement | Statements of Cash Flows Year Ended December 31, (Dollars in thousands) 2018 2017 2016 Operating activities Net income $ 46,255 $ 38,471 $ 31,157 Adjustment to reconcile net income to cash provided by operations: Depreciation, amortization and accretion, net 9,177 (6,525 ) 190 (Equity in) excess dividends from undistributed earnings of subsidiaries (34,115 ) 7,590 (12,162 ) Gain on investment securities — (2,602 ) — Other, net 31 2,810 355 Net cash provided by operating activities 21,348 39,744 19,540 Investing activities Net proceeds from sales and maturities of investment securities 5,388 2,359 — Investment in subsidiaries (31,813 ) (50,883 ) (22,769 ) (Increase) decrease in receivable from subsidiary 32,236 25,496 23,389 Business combinations, net of cash received (637 ) — — Other, net 228 (229 ) — Net cash (used in) provided by investing activities 5,402 (23,257 ) 620 Financing activities Purchase of treasury stock (1,380 ) (508 ) (5,480 ) Proceeds from issuance of common stock — 9 18 Cash dividends paid (20,915 ) (14,706 ) (11,173 ) Excess tax benefit for share-based payments 25 — 26 Net cash used in financing activities (22,270 ) (15,205 ) (16,609 ) Net increase in cash and cash equivalents 4,480 1,282 3,551 Cash and cash equivalents at the beginning of year 9,320 8,038 4,487 Cash and cash equivalents at the end of year $ 13,800 $ 9,320 $ 8,038 Supplemental cash flow information: Interest paid $ 513 $ 364 $ 433 |
Summarized Quarterly Informat_2
Summarized Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summarized Quarterly Information (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information | 2018 (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total interest income $ 33,226 $ 37,769 $ 39,631 $ 40,638 Total interest expense 3,867 4,961 6,307 6,517 Net interest income 29,359 32,808 33,324 34,121 Provision for loan losses 1,983 1,188 1,302 975 Net gain (loss) on investment securities 1 (147 ) — — Net gain (loss) on asset disposals and other transactions 74 (405 ) 12 (15 ) Total non-interest income excluding net gains and losses 14,894 13,807 14,341 14,192 Amortization of other intangible assets 754 861 862 861 Acquisition-related expenses 149 6,056 675 382 Total non-interest expense excluding amortization of other intangible assets and acquisition-related expenses 27,318 29,054 29,292 29,713 Income tax expense 2,383 1,012 2,821 2,470 Net income $ 11,741 $ 7,892 $ 12,725 $ 13,897 Earnings per common share - basic $ 0.64 $ 0.41 $ 0.65 $ 0.71 Earnings per common share - diluted $ 0.64 $ 0.41 $ 0.65 $ 0.71 Weighted-average common shares outstanding - basic 18,126,089 19,160,728 19,325,457 19,337,403 Weighted-average common shares outstanding - diluted 18,256,035 19,293,381 19,466,865 19,483,452 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 gain on investment securities 340 18 1,861 764 Net (loss) gain on asset disposals and other transactions (3 ) 109 (25 ) (144 ) Total non-interest income excluding net gains and losses 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 excluding amortization of other intangible and system conversion 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 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table details Peoples' revenue from contracts with customers for the year ended December 31, 2018: (Dollars in thousands) Insurance income: Commission and fees from sale of insurance policies (a) $ 12,787 Fees related to third-party administration services (a) 573 Performance-based commissions (b) 1,452 Trust and investment income (a) 12,543 Electronic banking income: Interchange income (a) 9,721 Promotional and usage income (a) 1,756 Deposit account service charges: Ongoing maintenance fees for deposit accounts (a) 2,718 Transactional-based fees (b) 7,060 Commercial loan swap fees (b) 681 Other non-interest income transactional-based fees (b) 961 Total $ 50,252 Timing of revenue recognition: Services transferred over time $ 40,098 Services transferred at a point in time 10,154 Total $ 50,252 (a) Services transferred over time. (b) Services transferred at a point in time. |
Contract with Customer, Asset and Liability [Table Text Block] | The following table details the change in Peoples' contract assets and contract liabilities for the period ended December 31, 2018 : (Dollars in thousands) Contract Assets Contract Liabilities Balance, January 1, 2018 (a) $ — $ 4,700 Additional income receivable 207 — Additional deferred income — 5,055 Recognition of income previously deferred — (4,700 ) Balance, December 31, 2018 $ 207 $ 5,055 (a) The amount of $3.7 million reported elsewhere throughout this Form 10-K is the $4.7 million noted above, net of statutory federal corporate income taxes. |
Derivative Financial Instrume_2
Derivative Financial Instrument (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | The following table summarizes information about the interest-rate swaps designated as cash flow hedges at December 31: (Dollars in thousands) 2018 2017 Notional amount $ 110,000 $ 60,000 Weighted average pay rates 2.37 % 1.88 % Weighted average receive rates 2.57 % 2.30 % Weighted average maturity 2/24/2025 12/29/2024 Unrealized gains $ 860 $ 1,129 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents net gains recorded in accumulated other comprehensive income and in the Consolidated Statements of Income related to the cash flow hedges for the years ended December 31: (Dollars in thousands) 2018 2017 Amount of loss recognized in accumulated other comprehensive income, net of tax $ 341 $ 72 Amount of gain recognized in other non-interest income 18 — |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table reflects the cash flow hedges included in the Consolidated Balance Sheets at December 31: (Dollars in thousands) 2018 2017 Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to debt $ 60,000 $ 2,093 $ 40,000 $ 1,623 Total included in other assets 60,000 2,093 40,000 1,623 Included in liabilities: Interest rate swaps related to debt $ 50,000 $ 1,111 $ 20,000 $ 270 Total included in other liabilities 50,000 1,111 20,000 270 |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table reflects the non-designated hedges included in the Consolidated Balance Sheets at December 31: (Dollars in thousands) 2018 2017 Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to commercial loans $ 226,662 $ 2,451 $ 181,659 $ 2,971 Total included in other assets 226,662 2,451 181,659 2,971 Included in liabilities: Interest rate swaps related to commercial loans $ 226,662 $ 2,451 $ 181,659 $ 2,971 Total included in other liabilities 226,662 2,451 181,659 2,971 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
Accounting Policies [Abstract] | ||||||||||||
Restricted Cash | $ 0 | $ 1,000,000 | $ 0 | $ 1,000,000 | ||||||||
Deferred Loan Costs | 9,500,000 | 7,500,000 | 9,500,000 | 7,500,000 | ||||||||
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 | 9,600,000 | 4,700,000 | 9,600,000 | 4,700,000 | ||||||||
Other Real Estate Owned | 94,000 | 208,000 | 94,000 | 208,000 | ||||||||
Income tax expense | $ 2,470,000 | $ 2,821,000 | $ 1,012,000 | $ 2,383,000 | $ 5,339,000 | $ 3,852,000 | $ 4,414,000 | $ 5,127,000 | 8,686,000 | 18,732,000 | $ 14,125,000 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Cumulative Effect on Retained Earnings, Net of Tax | 3,700,000 | |||||||||||
Other non-interest income (a) | $ 2,655,000 | 1,865,000 | $ 1,826,000 | |||||||||
Operating Lease, Right-of-Use Asset | $ 5,200,000 | |||||||||||
Operating Lease, Liability | $ 5,300,000 | |||||||||||
Minimum | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Estimated lives | 7 years | |||||||||||
Maximum | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Estimated lives | 10 years | |||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Other non-interest income (a) | $ 369,000 | |||||||||||
Adjustments for New Accounting Pronouncement [Member] | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Income tax expense | 700,000 | $ 900,000 | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ 3,700,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments Recurring basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
Investments | ||
Total available-for-sale securities | $ 795,187 | $ 791,891 |
Other investment securities (a) | 38,371 | 42,985 |
Derivative assets (b) | 4,600 | 4,500 |
Derivative liabilities (c) | 3,200 | 3,600 |
Unrealized Gain (Loss) on Investments | 6,500 | |
States and political subdivisions | ||
Investments | ||
Total available-for-sale securities | 101,569 | 88,587 |
Residential mortgage-backed securities | ||
Investments | ||
Total available-for-sale securities | 673,664 | 692,608 |
Commercial mortgage-backed securities | ||
Investments | ||
Total available-for-sale securities | 6,976 | 6,707 |
Bank-issued trust preferred securities | ||
Investments | ||
Total available-for-sale securities | 5,129 | 3,989 |
Equity investment securities (a) | ||
Investments | ||
Total available-for-sale securities | 7,849 | |
Other investment securities (a) | 0 | 277 |
Level 1 | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 7,694 | 0 |
Level 1 | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Level 1 | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Level 1 | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Level 1 | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Level 1 | Equity investment securities (a) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 7,694 | 0 |
Other investment securities (a) | 94 | |
Level 2 | ||
Investments | ||
Other investment securities (a) | 38,371 | 42,708 |
Level 2 | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 787,493 | 791,891 |
Derivative assets (b) | 4,594 | 4,544 |
Derivative liabilities (c) | 3,241 | 3,562 |
Level 2 | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 101,569 | 88,587 |
Level 2 | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 673,664 | 692,608 |
Level 2 | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 6,976 | 6,707 |
Level 2 | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 5,129 | 3,989 |
Level 2 | Equity investment securities (a) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 155 | 0 |
Other investment securities (a) | 183 | |
Level 3 | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Level 3 | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Level 3 | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Level 3 | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Level 3 | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Level 3 | Equity investment securities (a) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments Nonrecurring Basis (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | |
Assets measured on nonrecurring basis | |||||||||
OREO | $ 94,000 | $ 208,000 | $ 94,000 | ||||||
Losses on impaired loans charged through allowance for loan losses | 975,000 | $ 1,302,000 | $ 1,188,000 | $ 1,983,000 | 1,115,000 | $ 624,000 | $ 947,000 | $ 1,086,000 | |
Nonrecurring Basis | |||||||||
Assets measured on nonrecurring basis | |||||||||
Losses on impaired loans charged through allowance for loan losses | 207,000 | ||||||||
Nonrecurring Basis | Level 3 | |||||||||
Assets measured on nonrecurring basis | |||||||||
Impaired loans | 24,129,000 | 20,602,000 | 24,129,000 | ||||||
OREO | 94,000 | $ 208,000 | 94,000 | ||||||
Impaired loans, aggregate outstanding principal balance | 24,100,000 | 24,100,000 | |||||||
Nonrecurring Basis | Level 2 | |||||||||
Assets measured on nonrecurring basis | |||||||||
Impaired loans, aggregate outstanding principal balance | $ 30,100,000 | $ 30,100,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Fair Values of Financial Assets and Liabilities on Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Held-to-maturity investment securities, at amortized cost (fair value of $36,963 at December 31, 2018 and $41,213 at December 31, 2017) | $ 36,961 | $ 40,928 |
Held-to-maturity securities, fair value | 36,963 | 41,213 |
FHLB stock | 29,367 | 28,132 |
FRB stock | 12,294 | 10,179 |
Other investment securities (a) | 42,985 | 38,371 |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Other | 5,470 | 2,510 |
Bank owned life insurance | 68,934 | 62,176 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | 77,612 | 72,194 |
Held-to-maturity investment securities, at amortized cost (fair value of $36,963 at December 31, 2018 and $41,213 at December 31, 2017) | 36,961 | 40,928 |
Other investment securities (a) | 42,708 | 38,371 |
Net loans | 2,708,583 | 2,338,344 |
Servicing rights (c) | 2,655 | 2,305 |
Financial liabilities: | ||
Deposits | 2,955,465 | 2,730,330 |
Short-term borrowings | 356,198 | 209,491 |
Long-term borrowings | 109,644 | 144,019 |
Portion at Fair Value Measurement [Member] | ||
Assets: | ||
Cash and cash equivalents | 77,612 | 72,194 |
Net loans | 2,907,537 | 2,274,194 |
Servicing rights (c) | 4,568 | 3,866 |
Financial liabilities: | ||
Deposits | 2,953,452 | 2,730,071 |
Short-term borrowings | 349,994 | 209,628 |
Long-term borrowings | 101,736 | 142,108 |
Level 2 | ||
Assets: | ||
Held-to-maturity securities, fair value | 36,963 | 41,213 |
Other investment securities (a) | 42,708 | 38,371 |
Recurring Basis | Level 2 | ||
Assets: | ||
FHLB stock | 29,367 | 28,132 |
FRB stock | 12,294 | 10,179 |
Loans Held-for-sale, Fair Value Disclosure | 5,492 | 2,569 |
States and political subdivisions | ||
Assets: | ||
Held-to-maturity securities, fair value | 4,896 | 4,417 |
States and political subdivisions | Carrying Amount | ||
Assets: | ||
Held-to-maturity investment securities, at amortized cost (fair value of $36,963 at December 31, 2018 and $41,213 at December 31, 2017) | 4,403 | 3,810 |
States and political subdivisions | Level 2 | ||
Assets: | ||
Held-to-maturity securities, fair value | 4,896 | 4,417 |
Residential mortgage-backed securities | ||
Assets: | ||
Held-to-maturity securities, fair value | 28,603 | 32,227 |
Residential mortgage-backed securities | Carrying Amount | ||
Assets: | ||
Held-to-maturity investment securities, at amortized cost (fair value of $36,963 at December 31, 2018 and $41,213 at December 31, 2017) | 29,044 | 32,487 |
Residential mortgage-backed securities | Level 2 | ||
Assets: | ||
Held-to-maturity securities, fair value | 28,603 | 32,227 |
Commercial mortgage-backed securities | ||
Assets: | ||
Held-to-maturity securities, fair value | 3,464 | 4,569 |
Commercial mortgage-backed securities | Carrying Amount | ||
Assets: | ||
Held-to-maturity investment securities, at amortized cost (fair value of $36,963 at December 31, 2018 and $41,213 at December 31, 2017) | 3,514 | 4,631 |
Commercial mortgage-backed securities | Level 2 | ||
Assets: | ||
Held-to-maturity securities, fair value | 3,464 | 4,569 |
Non-qualified Deferred Compensation [Member] | Recurring Basis | ||
Assets: | ||
Other investment securities (a) | 987 | |
FHLMC Stock [Member] | Recurring Basis | ||
Assets: | ||
Other investment securities (a) | $ 60 | |
FHLMC Stock [Member] | Recurring Basis | Level 2 | ||
Assets: | ||
Other investment securities (a) | $ 60 |
Investment Securities Available
Investment Securities Available-for-sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 804,655 | $ 797,732 |
Gross Unrealized Gains | 3,582 | 11,040 |
Gross Unrealized Losses | (16,346) | (13,585) |
Fair Value | 791,891 | 795,187 |
Securities of a single issuer, other than US Treasury, government agencies and US government sponsored agencies exceeding 10% of Stockholders' Equity | 0 | |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 88,358 | 100,039 |
Gross Unrealized Gains | 787 | 1,786 |
Gross Unrealized Losses | (558) | (256) |
Fair Value | 88,587 | 101,569 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 705,289 | 684,100 |
Gross Unrealized Gains | 2,720 | 2,582 |
Gross Unrealized Losses | (15,401) | (13,018) |
Fair Value | 692,608 | 673,664 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 6,812 | 7,004 |
Gross Unrealized Gains | 0 | 11 |
Gross Unrealized Losses | (105) | (39) |
Fair Value | 6,707 | 6,976 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 4,196 | 5,195 |
Gross Unrealized Gains | 75 | 141 |
Gross Unrealized Losses | (282) | (207) |
Fair Value | $ 3,989 | 5,129 |
Equity investment securities (a) | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,394 | |
Gross Unrealized Gains | 6,520 | |
Gross Unrealized Losses | (65) | |
Fair Value | $ 7,849 |
Investment Securities Availab_2
Investment Securities Available-for-sale gross gains and losses realized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gross gains and gross losses realized from sales of available-for-sale securities: | |||
Gross gains realized | $ 6 | $ 2,999 | $ 933 |
Gross losses realized | 152 | 16 | 3 |
Net gain realized | $ (146) | $ 2,983 | $ 930 |
Investment Securities Availab_3
Investment Securities Available-for-sale Securities with Unrealized Losses (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)securities | Dec. 31, 2017USD ($)securities | |
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | $ 57,735,000 | $ 294,746,000 |
Unrealized loss less than 12 months | $ 244,000 | $ 3,575,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 67 | 97 |
Fair value of securities in unrealized loss more than 12 months | $ 545,678,000 | $ 301,298,000 |
Unrealized loss more than 12 months | $ 16,102,000 | $ 10,010,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 195 | 94 |
Fair value of securities in unrealized loss | $ 603,413,000 | $ 596,044,000 |
Unrealized loss | 16,346,000 | 13,585,000 |
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 | 2 | |
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 | $ 10,173,000 | 16,985,000 |
Unrealized loss less than 12 months | $ 18,000 | $ 89,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 17 | 18 |
Fair value of securities in unrealized loss more than 12 months | $ 19,918,000 | $ 5,308,000 |
Unrealized loss more than 12 months | $ 540,000 | $ 167,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 20 | 1 |
Fair value of securities in unrealized loss | $ 30,091,000 | $ 22,293,000 |
Unrealized loss | 558,000 | 256,000 |
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 | 47,562,000 | 274,998,000 |
Unrealized loss less than 12 months | $ 226,000 | $ 3,462,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 50 | 77 |
Fair value of securities in unrealized loss more than 12 months | $ 517,335,000 | $ 291,812,000 |
Unrealized loss more than 12 months | $ 15,175,000 | $ 9,556,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 170 | 88 |
Fair value of securities in unrealized loss | $ 564,897,000 | $ 566,810,000 |
Unrealized loss | 15,401,000 | 13,018,000 |
Commercial mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | 2,487,000 |
Unrealized loss less than 12 months | $ 0 | $ 23,000 |
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 | $ 6,707,000 | $ 1,274,000 |
Unrealized loss more than 12 months | $ 105,000 | $ 16,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 3 | 1 |
Fair value of securities in unrealized loss | $ 6,707,000 | $ 3,761,000 |
Unrealized loss | 105,000 | 39,000 |
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 | $ 1,718,000 | $ 2,792,000 |
Unrealized loss more than 12 months | $ 282,000 | $ 207,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 2 | 3 |
Fair value of securities in unrealized loss | $ 1,718,000 | $ 2,792,000 |
Unrealized loss | $ 282,000 | 207,000 |
Number of available-for-sale securities in unrealized loss position | securities | 2 | |
Equity investment securities (a) | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 276,000 | |
Unrealized loss less than 12 months | $ 1,000 | |
Number of securities at an unrealized loss position less than 12 months | securities | 1 | |
Fair value of securities in unrealized loss more than 12 months | $ 112,000 | |
Unrealized loss more than 12 months | $ 64,000 | |
Number of securities at an unrealized loss position more than 12 months | securities | 1 | |
Fair value of securities in unrealized loss | $ 388,000 | |
Unrealized loss | $ 65,000 | |
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 | $ 145,000 | |
Mortgage-backed securities in unrealized loss position for less than 12 months, aggregate book value | $ 216,000 |
Investment Securities Availab_4
Investment Securities Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing within 1 year | $ 1,673 | |
Amortized cost of securities maturing in 1-5 years | 33,770 | |
Amortized cost of securities maturing in 5-10 years | 78,574 | |
Amortized cost of securities maturing in over 10 years | 690,638 | |
Amortized Cost | 804,655 | $ 797,732 |
Fair value of securities maturing within 1 year | 1,666 | |
Fair value of securities maturing in 1-5 years | 33,518 | |
Fair value of securities maturing in 5-10 years | 77,341 | |
Fair value of securities maturing in over 10 years | 679,366 | |
Fair Value | $ 791,891 | 795,187 |
Average yield of securities maturing within 1 year | 2.26% | |
Average yield of securities maturing in 1-5 years | 2.35% | |
Average yield of securities maturing in 5-10 years | 2.77% | |
Average yield of securities maturing in over 10 years | 2.93% | |
Total average yield | 2.89% | |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing within 1 year | $ 891 | |
Amortized cost of securities maturing in 1-5 years | 15,910 | |
Amortized cost of securities maturing in 5-10 years | 23,094 | |
Amortized cost of securities maturing in over 10 years | 48,463 | |
Total amortized cost | 88,358 | |
Amortized Cost | 88,358 | 100,039 |
Fair value of securities maturing within 1 year | 888 | |
Fair value of securities maturing in 1-5 years | 15,900 | |
Fair value of securities maturing in 5-10 years | 23,188 | |
Fair value of securities maturing in over 10 years | 48,611 | |
Total fair value | 88,587 | |
Fair Value | 88,587 | 101,569 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing within 1 year | 782 | |
Amortized cost of securities maturing in 1-5 years | 12,194 | |
Amortized cost of securities maturing in 5-10 years | 51,284 | |
Amortized cost of securities maturing in over 10 years | 641,029 | |
Total amortized cost | 705,289 | |
Amortized Cost | 705,289 | 684,100 |
Fair value of securities maturing within 1 year | 778 | |
Fair value of securities maturing in 1-5 years | 12,031 | |
Fair value of securities maturing in 5-10 years | 50,164 | |
Fair value of securities maturing in over 10 years | 629,635 | |
Total fair value | 692,608 | |
Fair Value | 692,608 | 673,664 |
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 | 5,666 | |
Amortized cost of securities maturing in 5-10 years | 0 | |
Amortized cost of securities maturing in over 10 years | 1,146 | |
Total amortized cost | 6,812 | |
Amortized Cost | 6,812 | 7,004 |
Fair value of securities maturing within 1 year | 0 | |
Fair value of securities maturing in 1-5 years | 5,587 | |
Fair value of securities maturing in 5-10 years | 0 | |
Fair value of securities maturing in over 10 years | 1,120 | |
Total fair value | 6,707 | |
Fair Value | 6,707 | 6,976 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing in 5-10 years | 4,196 | |
Amortized cost of securities maturing in over 10 years | 0 | |
Amortized cost of other securities | 4,196 | |
Amortized Cost | 4,196 | 5,195 |
Fair value of securities maturing in 5-10 years | 3,989 | |
Fair value of securities maturing in over 10 years | 0 | |
Total fair value | 3,989 | |
Fair Value | $ 3,989 | 5,129 |
Equity investment securities (a) | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,394 | |
Fair Value | $ 7,849 |
Investment Securities Held-to-m
Investment Securities Held-to-maturity Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Held-to-maturity Securities | |||
Held-to-maturity investment securities, at amortized cost (fair value of $36,963 at December 31, 2018 and $41,213 at December 31, 2017) | $ 36,961,000 | $ 40,928,000 | |
Amortized Cost | 36,961,000 | 40,928,000 | |
Gross Unrealized Gains | 684,000 | 876,000 | |
Gross Unrealized Losses | 682,000 | 591,000 | |
Fair Value | 36,963,000 | 41,213,000 | |
Gross realized gains or losses | 0 | 0 | $ 0 |
States and political subdivisions | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 4,403,000 | ||
Gross Unrealized Gains | 493,000 | 607,000 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 4,896,000 | 4,417,000 | |
Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 29,044,000 | ||
Gross Unrealized Gains | 191,000 | 269,000 | |
Gross Unrealized Losses | 632,000 | 529,000 | |
Fair Value | 28,603,000 | 32,227,000 | |
Commercial mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 3,514,000 | ||
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 50,000 | 62,000 | |
Fair Value | $ 3,464,000 | $ 4,569,000 |
Investment Securities Held-to_2
Investment Securities Held-to-maturity Securities with Unrealized Loss (Details) $ in Thousands | Dec. 31, 2018USD ($)securities | Dec. 31, 2017USD ($)securities |
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | $ 0 | $ 1,476 |
Unrealized loss less than 12 months | $ 0 | $ 4 |
Number of securities at an unrealized loss position less than 12 months | securities | 0 | 2 |
Fair value of securities in unrealized loss more than 12 months | $ 16,566 | $ 16,667 |
Unrealized loss more than 12 months | $ 682 | $ 587 |
Number of securities at an unrealized loss position more than 12 months | securities | 6 | 4 |
Total fair value | $ 16,566 | $ 18,143 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 682 | 591 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized 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 | 0 | 1,476 |
Unrealized loss less than 12 months | $ 0 | $ 4 |
Number of securities at an unrealized loss position less than 12 months | securities | 0 | 2 |
Fair value of securities in unrealized loss more than 12 months | $ 13,102 | $ 12,098 |
Unrealized loss more than 12 months | $ 632 | $ 525 |
Number of securities at an unrealized loss position more than 12 months | securities | 5 | 3 |
Total fair value | $ 13,102 | $ 13,574 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 632 | 529 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities | ||
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 | $ 3,464 | $ 4,569 |
Unrealized loss more than 12 months | $ 50 | $ 62 |
Number of securities at an unrealized loss position more than 12 months | securities | 1 | 1 |
Total fair value | $ 3,464 | $ 4,569 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | $ 50 | $ 62 |
Investment Securities Held-to_3
Investment Securities Held-to-maturity Securities by Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $ 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 730 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 11,009 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 25,222 | |
Amortized Cost | 36,961 | $ 40,928 |
Fair value of securities maturing within 1 year | 0 | |
Fair value of securities maturing in 1-5 years | 724 | |
Fair value of securities maturing in 5-10 years | 11,629 | |
Fair value of securities maturing in over 10 years | 24,610 | |
Fair Value | $ 36,963 | 41,213 |
Average yield of securities maturing within 1 year | 0.00% | |
Average yield of securities maturing in 1-5 years | 2.43% | |
Average yield of securities maturing in 5-10 years | 2.89% | |
Average yield of securities maturing in over 10 years | 2.78% | |
Total average yield | 2.80% | |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $ 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 308 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 2,982 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 1,113 | |
Amortized Cost | 4,403 | |
Fair value of securities maturing within 1 year | 0 | |
Fair value of securities maturing in 1-5 years | 308 | |
Fair value of securities maturing in 5-10 years | 3,466 | |
Fair value of securities maturing in over 10 years | 1,122 | |
Fair Value | 4,896 | 4,417 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 422 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 8,027 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 20,595 | |
Amortized Cost | 29,044 | |
Fair value of securities maturing within 1 year | 0 | |
Fair value of securities maturing in 1-5 years | 416 | |
Fair value of securities maturing in 5-10 years | 8,163 | |
Fair value of securities maturing in over 10 years | 20,024 | |
Fair Value | 28,603 | 32,227 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 3,514 | |
Amortized Cost | 3,514 | |
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 | 3,464 | |
Fair Value | $ 3,464 | $ 4,569 |
Investment Securities Other Inv
Investment Securities Other Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Investment [Line Items] | |||
Other Investments and Securities, at Cost | $ 7,800,000 | ||
Securities of a single issuer, other than US Treasury, government agencies and US government sponsored agencies exceeding 10% of Stockholders' Equity | $ 0 | ||
Other comprehensive loss, net of tax (b) | 5,020,000 | ||
FHLB stock | 29,367,000 | 28,132,000 | |
FRB stock | 12,294,000 | 10,179,000 | |
Other investment securities (a) | 42,985,000 | 38,371,000 | |
Other investment securities (a) | 42,985,000 | 38,371,000 | |
Trading Securities, Change in Unrealized Holding Gain (Loss) | 206,000 | ||
Equity investment securities (a) | |||
Investment [Line Items] | |||
Other investment securities (a) | 277,000 | 0 | |
Non-qualified Deferred Compensation [Member] | |||
Investment [Line Items] | |||
Other investment securities (a) | $ 987,000 | 0 | |
FHLMC Stock [Member] | |||
Investment [Line Items] | |||
Other investment securities (a) | $ 60,000 | $ 60,000 |
Investment Securities Pledged S
Investment Securities Pledged Securities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investments [Abstract] | ||
Carrying value of available-for-sale securities pledged to secure public and trust department deposits and repurchase agreements | $ 430 | $ 522.7 |
Carrying value of held-to-maturity securities pledged to secure public and trust department deposits and repurchase agreements | 16.9 | 18.3 |
Carrying value of available-for-sale securities pledged to secure additional borrowing capacity at FHLB and FRB | 60.1 | 6.7 |
Carrying value of held-to-maturity securities pledged to secure additional borrowing capacity at FHLB and FRB | $ 16.7 | $ 19.9 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Residential real estate | ||
Loans | ||
Pledged commercial and residential loans to secure borrowings from FHLB and FRB | $ 505.7 | $ 487.2 |
Commerical Loans | ||
Loans | ||
Pledged commercial and residential loans to secure borrowings from FHLB and FRB | $ 180.9 | $ 74 |
Loans Loan Balances By Classifi
Loans Loan Balances By Classification (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans | ||
Balance | $ 2,728,778 | $ 2,357,137 |
Loan Type | ||
Loans | ||
Balance | 2,728,778 | 2,357,137 |
Financial Asset Originated [Member] | Loan Type | ||
Loans | ||
Balance | 2,156,030 | 1,942,290 |
Financial Asset Originated [Member] | Commercial real estate, construction | ||
Loans | ||
Balance | 124,013 | 107,118 |
Financial Asset Originated [Member] | Commercial real estate | ||
Loans | ||
Balance | 756,213 | 702,565 |
Financial Asset Originated [Member] | Commercial and industrial | ||
Loans | ||
Balance | 530,207 | 438,051 |
Financial Asset Originated [Member] | Residential real estate | ||
Loans | ||
Balance | 296,860 | 304,523 |
Financial Asset Originated [Member] | Home equity lines of credit | ||
Loans | ||
Balance | 93,326 | 88,902 |
Financial Asset Originated [Member] | Consumer, indirect | ||
Loans | ||
Balance | 407,167 | 340,390 |
Financial Asset Originated [Member] | Consumer, direct | ||
Loans | ||
Balance | 71,674 | 67,010 |
Financial Asset Originated [Member] | Consumer | ||
Loans | ||
Balance | 478,841 | 407,400 |
Financial Asset Originated [Member] | Deposit account overdrafts | ||
Loans | ||
Balance | 583 | 849 |
Acquired Loans | Loan Type | ||
Loans | ||
Balance | 572,748 | 414,847 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Balance | 12,404 | 8,319 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Balance | 197,115 | 173,439 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Balance | 35,537 | 34,493 |
Acquired Loans | Residential real estate | ||
Loans | ||
Balance | 296,937 | 184,864 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Balance | 40,653 | 20,575 |
Acquired Loans | Consumer, indirect | ||
Loans | ||
Balance | 136 | 329 |
Acquired Loans | Consumer, direct | ||
Loans | ||
Balance | 2,370 | 1,147 |
Acquired Loans | Consumer | ||
Loans | ||
Balance | $ 2,506 | $ 1,476 |
Loans Purchased credit impaired
Loans Purchased credit impaired loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Purchased credit impaired loans | ||
Carrying Amount | $ 22,475 | $ 19,564 |
Loan Type | ||
Purchased credit impaired loans | ||
Outstanding Balance | 33,362 | 28,449 |
Commercial real estate, other | ||
Purchased credit impaired loans | ||
Outstanding Balance | 11,955 | 8,117 |
Commercial and industrial | ||
Purchased credit impaired loans | ||
Outstanding Balance | 1,287 | 767 |
Residential real estate | ||
Purchased credit impaired loans | ||
Outstanding Balance | 20,062 | 19,532 |
Consumer | ||
Purchased credit impaired loans | ||
Outstanding Balance | $ 58 | $ 33 |
Loans Accretable Yield Rollforw
Loans Accretable Yield Rollforward (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans | |||
Balance, beginning of period | $ 7,132 | $ 6,704 | $ 7,132 |
Reclassification from nonaccretable to accretable | 1,285 | 2,019 | |
ASB | $ 7,132 | 6,704 | 7,132 |
Accretion | (1,815) | (1,713) | |
Balance, December 31 | 8,955 | $ 6,704 | |
ASB Financial Corp. | |||
Loans | |||
ASB | 2,047 | ||
Balance, December 31 | $ 2,047 |
Loans Related Party Loans (Deta
Loans Related Party Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Loans | |
Loans and Leases Receivable, Related Parties | $ 15,102 |
Loans and Leases Receivable, Related Parties, Additions | 5,508 |
Proceeds from (Repayments of) Related Party Debt | (3,720) |
Other related party changes | (101) |
Loans and Leases Receivable, Related Parties | $ 16,789 |
Loans Nonaccrual and Past Due L
Loans Nonaccrual and Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans | ||
Nonaccrual Loans | $ 17,098 | $ 15,692 |
Accruing Loans 90 Days Past Due | 2,256 | 1,626 |
Financial Asset Originated [Member] | ||
Loans | ||
Nonaccrual Loans | 14,185 | 12,761 |
Accruing Loans 90 Days Past Due | 1,191 | 614 |
Financial Asset Originated [Member] | Commercial real estate, construction | ||
Loans | ||
Nonaccrual Loans | 710 | 754 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Financial Asset Originated [Member] | Commercial real estate, other | ||
Loans | ||
Nonaccrual Loans | 6,565 | 6,877 |
Accruing Loans 90 Days Past Due | 786 | 0 |
Financial Asset Originated [Member] | Commercial real estate | ||
Loans | ||
Nonaccrual Loans | 7,275 | 7,631 |
Accruing Loans 90 Days Past Due | 786 | 0 |
Financial Asset Originated [Member] | Commercial and industrial | ||
Loans | ||
Nonaccrual Loans | 1,673 | 739 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Financial Asset Originated [Member] | Residential real estate | ||
Loans | ||
Nonaccrual Loans | 4,105 | 3,546 |
Accruing Loans 90 Days Past Due | 398 | 548 |
Financial Asset Originated [Member] | Home equity lines of credit | ||
Loans | ||
Nonaccrual Loans | 596 | 550 |
Accruing Loans 90 Days Past Due | 7 | 50 |
Financial Asset Originated [Member] | Consumer, indirect | ||
Loans | ||
Nonaccrual Loans | 480 | 256 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Financial Asset Originated [Member] | Consumer, direct | ||
Loans | ||
Nonaccrual Loans | 56 | 39 |
Accruing Loans 90 Days Past Due | 0 | 16 |
Financial Asset Originated [Member] | Consumer | ||
Loans | ||
Nonaccrual Loans | 536 | 295 |
Accruing Loans 90 Days Past Due | 0 | 16 |
Acquired Loans | ||
Loans | ||
Nonaccrual Loans | 2,913 | 2,931 |
Accruing Loans 90 Days Past Due | 1,065 | 1,012 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Nonaccrual Loans | 319 | 192 |
Accruing Loans 90 Days Past Due | 15 | 215 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Nonaccrual Loans | 36 | 259 |
Accruing Loans 90 Days Past Due | 18 | 45 |
Acquired Loans | Residential real estate | ||
Loans | ||
Nonaccrual Loans | 1,921 | 2,168 |
Accruing Loans 90 Days Past Due | 1,032 | 730 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Nonaccrual Loans | 637 | 312 |
Accruing Loans 90 Days Past Due | $ 0 | $ 22 |
Loans Aging Of The Recorded Inv
Loans Aging Of The Recorded Investment In Past Due Loans And Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans | ||
Percent of Loans Considered Current | 98.50% | 98.60% |
Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | $ 41,518 | $ 32,916 |
Current | 2,687,260 | 2,324,221 |
Financial Asset Originated [Member] | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 28,786 | 22,301 |
Current | 2,127,244 | 1,919,989 |
Financial Asset Originated [Member] | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 710 | 0 |
Current | 123,303 | 107,118 |
Financial Asset Originated [Member] | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 7,899 | 7,482 |
Current | 624,301 | 587,965 |
Financial Asset Originated [Member] | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 8,609 | 7,482 |
Current | 747,604 | 695,083 |
Financial Asset Originated [Member] | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 6,495 | 2,221 |
Current | 523,712 | 435,830 |
Financial Asset Originated [Member] | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 8,371 | 8,204 |
Current | 288,489 | 296,319 |
Financial Asset Originated [Member] | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 992 | 977 |
Current | 92,334 | 87,925 |
Financial Asset Originated [Member] | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 3,919 | 2,906 |
Current | 403,248 | 337,484 |
Financial Asset Originated [Member] | Consumer, direct | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 400 | 511 |
Current | 71,274 | 66,499 |
Financial Asset Originated [Member] | Consumer | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 4,319 | 3,417 |
Current | 474,522 | 403,983 |
Financial Asset Originated [Member] | Deposit account overdrafts | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Current | 583 | 849 |
Acquired Loans | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 12,732 | 10,615 |
Current | 560,016 | 404,232 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 511 | 0 |
Current | 11,893 | 8,319 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,213 | 2,035 |
Current | 183,498 | 163,085 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,724 | 2,035 |
Current | 195,391 | 171,404 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 142 | 172 |
Current | 35,395 | 34,321 |
Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 9,832 | 7,957 |
Current | 287,105 | 176,907 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,005 | 427 |
Current | 39,648 | 20,148 |
Acquired Loans | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 3 |
Current | 136 | 326 |
Acquired Loans | Consumer, direct | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 29 | 21 |
Current | 2,341 | 1,126 |
Acquired Loans | Consumer | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 29 | 24 |
Current | 2,477 | 1,452 |
30 - 59 days | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 17,782 | 15,617 |
30 - 59 days | Financial Asset Originated [Member] | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 10,252 | 10,047 |
30 - 59 days | Financial Asset Originated [Member] | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
30 - 59 days | Financial Asset Originated [Member] | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 12 | 990 |
30 - 59 days | Financial Asset Originated [Member] | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 12 | 990 |
30 - 59 days | Financial Asset Originated [Member] | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,678 | 1,423 |
30 - 59 days | Financial Asset Originated [Member] | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 4,457 | 4,562 |
30 - 59 days | Financial Asset Originated [Member] | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 531 | 502 |
30 - 59 days | Financial Asset Originated [Member] | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 3,266 | 2,153 |
30 - 59 days | Financial Asset Originated [Member] | Consumer, direct | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 308 | 417 |
30 - 59 days | Financial Asset Originated [Member] | Consumer | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 3,574 | 2,570 |
30 - 59 days | Financial Asset Originated [Member] | 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 | 7,530 | 5,570 |
30 - 59 days | Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 511 | 0 |
30 - 59 days | Acquired Loans | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 523 | 775 |
30 - 59 days | Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,034 | 775 |
30 - 59 days | Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 111 | 0 |
30 - 59 days | Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 6,124 | 4,656 |
30 - 59 days | Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 238 | 126 |
30 - 59 days | Acquired Loans | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 3 |
30 - 59 days | Acquired Loans | Consumer, direct | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 23 | 10 |
30 - 59 days | Acquired Loans | Consumer | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 23 | 13 |
60 - 89 days | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 8,675 | 4,451 |
60 - 89 days | Financial Asset Originated [Member] | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 6,143 | 2,100 |
60 - 89 days | Financial Asset Originated [Member] | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
60 - 89 days | Financial Asset Originated [Member] | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 736 | 0 |
60 - 89 days | Financial Asset Originated [Member] | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 736 | 0 |
60 - 89 days | Financial Asset Originated [Member] | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 3,520 | 92 |
60 - 89 days | Financial Asset Originated [Member] | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,319 | 1,234 |
60 - 89 days | Financial Asset Originated [Member] | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 30 | 80 |
60 - 89 days | Financial Asset Originated [Member] | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 488 | 648 |
60 - 89 days | Financial Asset Originated [Member] | Consumer, direct | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 50 | 46 |
60 - 89 days | Financial Asset Originated [Member] | Consumer | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 538 | 694 |
60 - 89 days | Financial Asset Originated [Member] | 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 | 2,532 | 2,351 |
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 | 457 | 948 |
60 - 89 days | Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 457 | 948 |
60 - 89 days | Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 13 | 1 |
60 - 89 days | Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,823 | 1,391 |
60 - 89 days | Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 233 | 0 |
60 - 89 days | Acquired Loans | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
60 - 89 days | Acquired Loans | Consumer, direct | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 6 | 11 |
60 - 89 days | Acquired Loans | Consumer | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 6 | 11 |
90 Days | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 15,061 | 12,848 |
90 Days | Financial Asset Originated [Member] | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 12,391 | 10,154 |
90 Days | Financial Asset Originated [Member] | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 710 | 0 |
90 Days | Financial Asset Originated [Member] | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 7,151 | 6,492 |
90 Days | Financial Asset Originated [Member] | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 7,861 | 6,492 |
90 Days | Financial Asset Originated [Member] | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,297 | 706 |
90 Days | Financial Asset Originated [Member] | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,595 | 2,408 |
90 Days | Financial Asset Originated [Member] | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 431 | 395 |
90 Days | Financial Asset Originated [Member] | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 165 | 105 |
90 Days | Financial Asset Originated [Member] | Consumer, direct | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 42 | 48 |
90 Days | Financial Asset Originated [Member] | Consumer | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 207 | 153 |
90 Days | Financial Asset Originated [Member] | 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 | 2,670 | 2,694 |
90 Days | Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
90 Days | Acquired Loans | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 233 | 312 |
90 Days | Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 233 | 312 |
90 Days | Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 18 | 171 |
90 Days | Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,885 | 1,910 |
90 Days | Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 534 | 301 |
90 Days | Acquired Loans | Consumer, indirect | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
90 Days | Acquired Loans | Consumer, direct | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
90 Days | Acquired Loans | Consumer | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
Loans Loans By Risk Category (D
Loans Loans By Risk Category (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans | ||
Total Loans | $ 2,708,583 | $ 2,338,344 |
Balance | 2,728,778 | 2,357,137 |
Loan Type | ||
Loans | ||
Balance | 2,728,778 | 2,357,137 |
Pass Rated | Loan Type | ||
Loans | ||
Balance | 1,452,711 | 1,303,122 |
Special Mention | Loan Type | ||
Loans | ||
Balance | 70,370 | 44,038 |
Substandard | Loan Type | ||
Loans | ||
Balance | 43,176 | 46,164 |
Doubtful | Loan Type | ||
Loans | ||
Balance | 642 | 216 |
Not Rated | Loan Type | ||
Loans | ||
Balance | 1,161,879 | 963,597 |
Financial Asset Originated [Member] | Loan Type | ||
Loans | ||
Balance | 2,156,030 | 1,942,290 |
Financial Asset Originated [Member] | Commercial real estate, construction | ||
Loans | ||
Balance | 124,013 | 107,118 |
Financial Asset Originated [Member] | Commercial real estate, other | ||
Loans | ||
Balance | 632,200 | 595,447 |
Financial Asset Originated [Member] | Commercial real estate | ||
Loans | ||
Balance | 756,213 | 702,565 |
Financial Asset Originated [Member] | Commercial and industrial | ||
Loans | ||
Balance | 530,207 | 438,051 |
Financial Asset Originated [Member] | Residential real estate | ||
Loans | ||
Balance | 296,860 | 304,523 |
Financial Asset Originated [Member] | Home equity lines of credit | ||
Loans | ||
Balance | 93,326 | 88,902 |
Financial Asset Originated [Member] | Consumer, indirect | ||
Loans | ||
Balance | 407,167 | 340,390 |
Financial Asset Originated [Member] | Consumer, direct | ||
Loans | ||
Balance | 71,674 | 67,010 |
Financial Asset Originated [Member] | Consumer | ||
Loans | ||
Balance | 478,841 | 407,400 |
Financial Asset Originated [Member] | Deposit account overdrafts | ||
Loans | ||
Balance | 583 | 849 |
Financial Asset Originated [Member] | Pass Rated | Loan Type | ||
Loans | ||
Balance | 1,224,566 | 1,100,644 |
Financial Asset Originated [Member] | Pass Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 121,457 | 100,409 |
Financial Asset Originated [Member] | Pass Rated | Commercial real estate, other | ||
Loans | ||
Balance | 612,099 | 561,320 |
Financial Asset Originated [Member] | Pass Rated | Commercial real estate | ||
Loans | ||
Balance | 733,556 | 661,729 |
Financial Asset Originated [Member] | Pass Rated | Commercial and industrial | ||
Loans | ||
Balance | 476,290 | 420,477 |
Financial Asset Originated [Member] | Pass Rated | Residential real estate | ||
Loans | ||
Balance | 14,229 | 17,896 |
Financial Asset Originated [Member] | Pass Rated | Home equity lines of credit | ||
Loans | ||
Balance | 453 | 454 |
Financial Asset Originated [Member] | Pass Rated | Consumer, indirect | ||
Loans | ||
Balance | 8 | 55 |
Financial Asset Originated [Member] | Pass Rated | Consumer, direct | ||
Loans | ||
Balance | 30 | 33 |
Financial Asset Originated [Member] | Pass Rated | Consumer | ||
Loans | ||
Balance | 38 | 88 |
Financial Asset Originated [Member] | Pass Rated | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Special Mention | Loan Type | ||
Loans | ||
Balance | 57,388 | 36,761 |
Financial Asset Originated [Member] | Special Mention | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 5,502 |
Financial Asset Originated [Member] | Special Mention | Commercial real estate, other | ||
Loans | ||
Balance | 10,898 | 17,189 |
Financial Asset Originated [Member] | Special Mention | Commercial real estate | ||
Loans | ||
Balance | 10,898 | 22,691 |
Financial Asset Originated [Member] | Special Mention | Commercial and industrial | ||
Loans | ||
Balance | 45,990 | 13,062 |
Financial Asset Originated [Member] | Special Mention | Residential real estate | ||
Loans | ||
Balance | 500 | 1,000 |
Financial Asset Originated [Member] | Special Mention | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Special Mention | Consumer, indirect | ||
Loans | ||
Balance | 0 | 8 |
Financial Asset Originated [Member] | Special Mention | Consumer, direct | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Special Mention | Consumer | ||
Loans | ||
Balance | 0 | 8 |
Financial Asset Originated [Member] | Special Mention | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Substandard | Loan Type | ||
Loans | ||
Balance | 30,338 | 33,575 |
Financial Asset Originated [Member] | Substandard | Commercial real estate, construction | ||
Loans | ||
Balance | 1,472 | 754 |
Financial Asset Originated [Member] | Substandard | Commercial real estate, other | ||
Loans | ||
Balance | 9,203 | 16,938 |
Financial Asset Originated [Member] | Substandard | Commercial real estate | ||
Loans | ||
Balance | 10,675 | 17,692 |
Financial Asset Originated [Member] | Substandard | Commercial and industrial | ||
Loans | ||
Balance | 7,692 | 4,512 |
Financial Asset Originated [Member] | Substandard | Residential real estate | ||
Loans | ||
Balance | 11,971 | 11,371 |
Financial Asset Originated [Member] | Substandard | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Substandard | Consumer, indirect | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Substandard | Consumer, direct | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Substandard | Consumer | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Substandard | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Doubtful | Loan Type | ||
Loans | ||
Balance | 409 | 216 |
Financial Asset Originated [Member] | Doubtful | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Doubtful | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Doubtful | Commercial real estate | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Doubtful | Commercial and industrial | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Doubtful | Residential real estate | ||
Loans | ||
Balance | 409 | 216 |
Financial Asset Originated [Member] | Doubtful | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Doubtful | Consumer, indirect | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Doubtful | Consumer, direct | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Doubtful | Consumer | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Doubtful | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Not Rated | Loan Type | ||
Loans | ||
Balance | 843,329 | 771,094 |
Financial Asset Originated [Member] | Not Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 1,084 | 453 |
Financial Asset Originated [Member] | Not Rated | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 0 |
Financial Asset Originated [Member] | Not Rated | Commercial real estate | ||
Loans | ||
Balance | 1,084 | 453 |
Financial Asset Originated [Member] | Not Rated | Commercial and industrial | ||
Loans | ||
Balance | 235 | 0 |
Financial Asset Originated [Member] | Not Rated | Residential real estate | ||
Loans | ||
Balance | 269,751 | 274,040 |
Financial Asset Originated [Member] | Not Rated | Home equity lines of credit | ||
Loans | ||
Balance | 92,873 | 88,448 |
Financial Asset Originated [Member] | Not Rated | Consumer, indirect | ||
Loans | ||
Balance | 407,159 | 340,327 |
Financial Asset Originated [Member] | Not Rated | Consumer, direct | ||
Loans | ||
Balance | 71,644 | 66,977 |
Financial Asset Originated [Member] | Not Rated | Consumer | ||
Loans | ||
Balance | 478,803 | 407,304 |
Financial Asset Originated [Member] | Not Rated | Deposit account overdrafts | ||
Loans | ||
Balance | 583 | 849 |
Acquired Loans | Loan Type | ||
Loans | ||
Balance | 572,748 | 414,847 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Balance | 12,404 | 8,319 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Balance | 184,711 | 165,120 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Balance | 197,115 | 173,439 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Balance | 35,537 | 34,493 |
Acquired Loans | Residential real estate | ||
Loans | ||
Balance | 296,937 | 184,864 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Balance | 40,653 | 20,575 |
Acquired Loans | Consumer, indirect | ||
Loans | ||
Balance | 136 | 329 |
Acquired Loans | Consumer, direct | ||
Loans | ||
Balance | 2,370 | 1,147 |
Acquired Loans | Consumer | ||
Loans | ||
Balance | 2,506 | 1,476 |
Acquired Loans | Pass Rated | Loan Type | ||
Loans | ||
Balance | 228,145 | 202,478 |
Acquired Loans | Pass Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 8,976 | 8,267 |
Acquired Loans | Pass Rated | Commercial real estate, other | ||
Loans | ||
Balance | 169,260 | 149,486 |
Acquired Loans | Pass Rated | Commercial real estate | ||
Loans | ||
Balance | 178,236 | 157,753 |
Acquired Loans | Pass Rated | Commercial and industrial | ||
Loans | ||
Balance | 32,471 | 32,011 |
Acquired Loans | Pass Rated | Residential real estate | ||
Loans | ||
Balance | 17,370 | 12,543 |
Acquired Loans | Pass Rated | Home equity lines of credit | ||
Loans | ||
Balance | 33 | 124 |
Acquired Loans | Pass Rated | Consumer, indirect | ||
Loans | ||
Balance | 4 | 12 |
Acquired Loans | Pass Rated | Consumer, direct | ||
Loans | ||
Balance | 31 | 35 |
Acquired Loans | Pass Rated | Consumer | ||
Loans | ||
Balance | 35 | 47 |
Acquired Loans | Special Mention | Loan Type | ||
Loans | ||
Balance | 12,982 | 7,277 |
Acquired Loans | Special Mention | Commercial real estate, construction | ||
Loans | ||
Balance | 1,795 | 0 |
Acquired Loans | Special Mention | Commercial real estate, other | ||
Loans | ||
Balance | 7,241 | 6,527 |
Acquired Loans | Special Mention | Commercial real estate | ||
Loans | ||
Balance | 9,036 | 6,527 |
Acquired Loans | Special Mention | Commercial and industrial | ||
Loans | ||
Balance | 2,008 | 157 |
Acquired Loans | Special Mention | Residential real estate | ||
Loans | ||
Balance | 1,938 | 593 |
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, direct | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Special Mention | Consumer | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Loan Type | ||
Loans | ||
Balance | 12,838 | 12,589 |
Acquired Loans | Substandard | Commercial real estate, construction | ||
Loans | ||
Balance | 1,633 | 52 |
Acquired Loans | Substandard | Commercial real estate, other | ||
Loans | ||
Balance | 8,114 | 9,107 |
Acquired Loans | Substandard | Commercial real estate | ||
Loans | ||
Balance | 9,747 | 9,159 |
Acquired Loans | Substandard | Commercial and industrial | ||
Loans | ||
Balance | 1,058 | 2,325 |
Acquired Loans | Substandard | Residential real estate | ||
Loans | ||
Balance | 2,033 | 1,105 |
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, direct | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Consumer | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Loan Type | ||
Loans | ||
Balance | 233 | 0 |
Acquired Loans | Doubtful | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Commercial real estate, other | ||
Loans | ||
Balance | 96 | 0 |
Acquired Loans | Doubtful | Commercial real estate | ||
Loans | ||
Balance | 96 | 0 |
Acquired Loans | Doubtful | Commercial and industrial | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Residential real estate | ||
Loans | ||
Balance | 137 | 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, direct | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Consumer | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Loan Type | ||
Loans | ||
Balance | 318,550 | 192,503 |
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 | 275,459 | 170,623 |
Acquired Loans | Not Rated | Home equity lines of credit | ||
Loans | ||
Balance | 40,620 | 20,451 |
Acquired Loans | Not Rated | Consumer, indirect | ||
Loans | ||
Balance | 132 | 317 |
Acquired Loans | Not Rated | Consumer, direct | ||
Loans | ||
Balance | 2,339 | 1,112 |
Acquired Loans | Not Rated | Consumer | ||
Loans | ||
Balance | $ 2,471 | $ 1,429 |
Loans Schedule Of Impaired Loan
Loans Schedule Of Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loan Type | ||
Impaired Loans | ||
Unpaid Principal Balance | $ 50,001 | $ 44,230 |
Recorded Investment With Allowance | 2,154 | 1,649 |
Recorded Investment Without Allowance | 46,221 | 39,416 |
Total Recorded Investment | 48,375 | 41,065 |
Related Allowance | 509 | 339 |
Average Recorded Investment | 43,140 | 41,811 |
Interest Income Recognized | 1,879 | 1,926 |
Commercial real estate, construction | ||
Impaired Loans | ||
Unpaid Principal Balance | 2,376 | 821 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 2,376 | 754 |
Total Recorded Investment | 2,376 | 754 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,732 | 788 |
Interest Income Recognized | 74 | 0 |
Commercial real estate, other | ||
Impaired Loans | ||
Unpaid Principal Balance | 15,464 | 14,909 |
Recorded Investment With Allowance | 274 | 14 |
Recorded Investment Without Allowance | 14,946 | 13,606 |
Total Recorded Investment | 15,220 | 13,620 |
Related Allowance | 119 | 1 |
Average Recorded Investment | 14,043 | 14,392 |
Interest Income Recognized | 455 | 503 |
Commercial real estate | ||
Impaired Loans | ||
Unpaid Principal Balance | 17,840 | 15,730 |
Recorded Investment With Allowance | 274 | 14 |
Recorded Investment Without Allowance | 17,322 | 14,360 |
Total Recorded Investment | 17,596 | 14,374 |
Related Allowance | 119 | 1 |
Average Recorded Investment | 15,775 | 15,180 |
Interest Income Recognized | 529 | 503 |
Commercial and industrial | ||
Impaired Loans | ||
Unpaid Principal Balance | 3,305 | 1,690 |
Recorded Investment With Allowance | 790 | 951 |
Recorded Investment Without Allowance | 2,436 | 572 |
Total Recorded Investment | 3,226 | 1,523 |
Related Allowance | 157 | 199 |
Average Recorded Investment | 2,423 | 1,668 |
Interest Income Recognized | 72 | 65 |
Residential real estate | ||
Impaired Loans | ||
Unpaid Principal Balance | 25,990 | 24,743 |
Recorded Investment With Allowance | 644 | 477 |
Recorded Investment Without Allowance | 24,034 | 22,626 |
Total Recorded Investment | 24,678 | 23,103 |
Related Allowance | 154 | 58 |
Average Recorded Investment | 22,769 | 23,195 |
Interest Income Recognized | 1,134 | 1,246 |
Home equity lines of credit | ||
Impaired Loans | ||
Unpaid Principal Balance | 2,291 | 1,707 |
Recorded Investment With Allowance | 424 | 81 |
Recorded Investment Without Allowance | 1,869 | 1,624 |
Total Recorded Investment | 2,293 | 1,705 |
Related Allowance | 73 | 18 |
Average Recorded Investment | 1,832 | 1,505 |
Interest Income Recognized | 109 | 85 |
Consumer, indirect | ||
Impaired Loans | ||
Unpaid Principal Balance | 496 | 273 |
Recorded Investment With Allowance | 0 | 70 |
Recorded Investment Without Allowance | 503 | 206 |
Total Recorded Investment | 503 | 276 |
Related Allowance | 0 | 26 |
Average Recorded Investment | 278 | 184 |
Interest Income Recognized | 15 | 20 |
Consumer, direct | ||
Impaired Loans | ||
Unpaid Principal Balance | 79 | 87 |
Recorded Investment With Allowance | 22 | 56 |
Recorded Investment Without Allowance | 57 | 28 |
Total Recorded Investment | 79 | 84 |
Related Allowance | 6 | 37 |
Average Recorded Investment | 63 | 79 |
Interest Income Recognized | 20 | 7 |
Consumer | ||
Impaired Loans | ||
Unpaid Principal Balance | 575 | 360 |
Recorded Investment With Allowance | 22 | 126 |
Recorded Investment Without Allowance | 560 | 234 |
Total Recorded Investment | 582 | 360 |
Related Allowance | 6 | 63 |
Average Recorded Investment | 341 | 263 |
Interest Income Recognized | $ 35 | $ 27 |
Loans Troubled Debt Restructuri
Loans Troubled Debt Restructurings (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Additional commitments to lend funds to debtors whose terms have been modified in a TDR | $ 0 | |
Financial Asset Originated [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 50 | 35 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 2,801,000 | $ 1,231,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 2,801,000 | 1,231,000 |
Total Recorded Investment | $ 2,714,000 | $ 1,134,000 |
Number of contracts modified as a TDR that subsequently defaulted | contract | 2 | 0 |
Recorded investment in loans modified as a TDR that subsequently defaulted | $ 88,000 | $ 0 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | 0 |
Financial Asset Originated [Member] | Commercial real estate, other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 14,000 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 14,000 | |
Total Recorded Investment | $ 14,000 | |
Financial Asset Originated [Member] | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 4 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 714,000 | $ 210,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 714,000 | 210,000 |
Total Recorded Investment | $ 714,000 | $ 149,000 |
Financial Asset Originated [Member] | Residential real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 9 | 7 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 904,000 | $ 483,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 904,000 | 483,000 |
Total Recorded Investment | $ 899,000 | $ 473,000 |
Number of contracts modified as a TDR that subsequently defaulted | contract | 1 | 0 |
Recorded investment in loans modified as a TDR that subsequently defaulted | $ 56,000 | $ 0 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | 0 |
Financial Asset Originated [Member] | Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 8 | 6 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 666,000 | $ 296,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 666,000 | 296,000 |
Total Recorded Investment | $ 660,000 | $ 289,000 |
Number of contracts modified as a TDR that subsequently defaulted | contract | 1 | 0 |
Recorded investment in loans modified as a TDR that subsequently defaulted | $ 32,000 | $ 0 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | 0 |
Financial Asset Originated [Member] | Consumer, indirect | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 27 | 15 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 485,000 | $ 218,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 485,000 | 218,000 |
Total Recorded Investment | $ 412,000 | $ 201,000 |
Financial Asset Originated [Member] | Consumer, direct | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 5 | 2 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 32,000 | $ 10,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 32,000 | 10,000 |
Total Recorded Investment | $ 29,000 | $ 8,000 |
Financial Asset Originated [Member] | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 32 | 17 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 517,000 | $ 228,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 517,000 | 228,000 |
Total Recorded Investment | $ 441,000 | $ 209,000 |
Acquired Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 22 | 18 |
Pre-modification recorded investment in loans modified as TDR | $ 1,504,000 | $ 1,060,000 |
Post-modification recorded investment in loans modified as TDR | 1,504,000 | 1,060,000 |
Total Recorded Investment | $ 1,464,000 | $ 1,012,000 |
Number of contracts modified as a TDR that subsequently defaulted | contract | 1 | 2 |
Recorded investment in loans modified as a TDR that subsequently defaulted | $ 10,000 | $ 64,000 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | 0 |
Acquired Loans | Commercial real estate, construction | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 3 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 50,000 | $ 288,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 50,000 | 288,000 |
Total Recorded Investment | $ 45,000 | $ 280,000 |
Acquired Loans | Residential real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 15 | 9 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 1,258,000 | $ 442,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1,258,000 | 442,000 |
Total Recorded Investment | $ 1,226,000 | $ 412,000 |
Number of contracts modified as a TDR that subsequently defaulted | contract | 0 | 2 |
Recorded investment in loans modified as a TDR that subsequently defaulted | $ 0 | $ 64,000 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | 0 |
Acquired Loans | Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 6 | 5 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 196,000 | $ 328,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 196,000 | 328,000 |
Total Recorded Investment | $ 193,000 | $ 320,000 |
Number of contracts modified as a TDR that subsequently defaulted | contract | 1 | |
Recorded investment in loans modified as a TDR that subsequently defaulted | $ 10,000 | |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | |
Acquired Loans | Consumer, direct | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 2,000 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 2,000 | |
Total Recorded Investment | $ 0 |
Loans Allowance For Loan Losses
Loans Allowance For Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Provision for loan losses | $ 5,448 | $ 3,772 | $ 3,539 | ||
Period-end amount allocated to: | |||||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 16.00% | ||||
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 371,600 | ||||
Financial Asset Acquired and No Credit Deterioration [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 0 | ||||
Ending balance | 0 | $ 383 | $ 0 | ||
Period-end amount allocated to: | |||||
Ending balance | 0 | 383 | 0 | ||
Provision for (recovery of) loan losses | 383 | ||||
Loan Type | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 18,685 | 18,196 | |||
Charge-offs | (5,187) | (4,871) | |||
Recoveries | 1,143 | 1,470 | |||
Allowance for Loan and Lease Losses Write-offs, Net | (4,044) | (3,401) | |||
Provision for loan losses | 5,018 | 3,890 | |||
Ending balance | 18,685 | 18,196 | 18,196 | 19,659 | 18,685 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 509 | 339 | |||
Loans collectively evaluated for impairment | 19,150 | 18,346 | |||
Ending balance | 18,685 | 18,196 | 18,196 | 19,659 | 18,685 |
Commercial real estate, other | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 7,797 | 7,172 | |||
Charge-offs | (849) | (408) | |||
Recoveries | 60 | 146 | |||
Allowance for Loan and Lease Losses Write-offs, Net | (789) | (262) | |||
Provision for loan losses | 995 | 887 | |||
Ending balance | 7,797 | 7,172 | 7,172 | 8,003 | 7,797 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 119 | 1 | |||
Loans collectively evaluated for impairment | 7,884 | 7,796 | |||
Ending balance | 7,797 | 7,172 | 7,172 | 8,003 | 7,797 |
Commercial and industrial | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 5,813 | 6,353 | |||
Charge-offs | (38) | (175) | |||
Recoveries | 18 | 1 | |||
Allowance for Loan and Lease Losses Write-offs, Net | (20) | (174) | |||
Provision for loan losses | 385 | (366) | |||
Ending balance | 5,813 | 6,353 | 6,353 | 6,178 | 5,813 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 157 | 199 | |||
Loans collectively evaluated for impairment | 6,021 | 5,614 | |||
Ending balance | $ 5,813 | 6,353 | 6,353 | 6,178 | 5,813 |
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 13.00% | ||||
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 170,500 | ||||
Residential real estate | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 904 | 982 | |||
Charge-offs | (355) | (637) | |||
Recoveries | 232 | 152 | |||
Allowance for Loan and Lease Losses Write-offs, Net | (123) | (485) | |||
Provision for loan losses | 433 | 407 | |||
Ending balance | 904 | 982 | 982 | 1,214 | 904 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 154 | 58 | |||
Loans collectively evaluated for impairment | 1,060 | 846 | |||
Ending balance | 904 | 982 | 982 | 1,214 | 904 |
Home equity lines of credit | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 693 | 688 | |||
Charge-offs | (107) | (131) | |||
Recoveries | 14 | 13 | |||
Allowance for Loan and Lease Losses Write-offs, Net | (93) | (118) | |||
Provision for loan losses | 18 | 123 | |||
Ending balance | 693 | 688 | 688 | 618 | 693 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 73 | 18 | |||
Loans collectively evaluated for impairment | 545 | 675 | |||
Ending balance | 693 | 688 | 688 | 618 | 693 |
Consumer, indirect | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 2,944 | 2,312 | |||
Charge-offs | (2,515) | (2,110) | |||
Recoveries | 474 | 764 | |||
Allowance for Loan and Lease Losses Write-offs, Net | (2,041) | (1,346) | |||
Provision for loan losses | 2,311 | 1,978 | |||
Ending balance | 2,944 | 2,312 | 2,312 | 3,214 | 2,944 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 0 | 26 | |||
Loans collectively evaluated for impairment | 3,214 | 2,918 | |||
Ending balance | $ 2,944 | 2,312 | 2,312 | 3,214 | 2,944 |
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 20.00% | ||||
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 66,600 | ||||
Consumer, direct | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 464 | 518 | |||
Charge-offs | (358) | (372) | |||
Recoveries | 140 | 179 | |||
Allowance for Loan and Lease Losses Write-offs, Net | (218) | (193) | |||
Provision for loan losses | 105 | 139 | |||
Ending balance | 464 | 518 | 518 | 351 | 464 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 6 | 37 | |||
Loans collectively evaluated for impairment | 345 | 427 | |||
Ending balance | 464 | 518 | 518 | 351 | 464 |
Deposit account overdrafts | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 70 | 171 | |||
Charge-offs | (965) | (1,038) | |||
Recoveries | 205 | 215 | |||
Allowance for Loan and Lease Losses Write-offs, Net | (760) | (823) | |||
Provision for loan losses | 771 | 722 | |||
Ending balance | 70 | 171 | 171 | 81 | 70 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 81 | 70 | |||
Ending balance | 70 | 171 | 171 | 81 | 70 |
Financial Asset Acquired with Credit Deterioration [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 108 | 233 | |||
Ending balance | 108 | 233 | 233 | 153 | 108 |
Period-end amount allocated to: | |||||
Ending balance | 108 | 233 | $ 233 | $ 153 | $ 108 |
Provision for (recovery of) loan losses | 47 | (118) | |||
Acquired Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Charge-offs | $ (2) | $ (7) |
Loans Allowance for Loan Loss_2
Loans Allowance for Loan Losses Acquired Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan and Lease Losses, Loans Acquired | $ 0 | |
Financial Asset Acquired and No Credit Deterioration [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 0 | |
Provision for (recovery of) loan losses | 383,000 | |
Ending balance | 383,000 | $ 0 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 108,000 | 233,000 |
Provision for (recovery of) loan losses | 47,000 | (118,000) |
Ending balance | 153,000 | 108,000 |
Acquired Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Charge-offs | $ 2,000 | $ 7,000 |
Bank Premises and Equipment Dep
Bank Premises and Equipment Depreciation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Bank Premises and Equipment | |||
Depreciation expense | $ 4.9 | $ 5.1 | |
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 ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Operating Leases, Rent Expense | $ 1.2 | $ 1.1 |
Bank Premises and Equipment Net
Bank Premises and Equipment Net Book Value (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Bank Premises and Equipment | ||
Total bank premises and equipment | $ 110,544 | $ 101,737 |
Accumulated depreciation | (54,002) | (49,227) |
Bank premises and equipment, net | 56,542 | 52,510 |
Land | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | 13,776 | 12,871 |
Building and premises | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | 68,245 | 61,729 |
Furniture, fixtures and equipment | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | $ 28,523 | $ 27,137 |
Bank Premises and Equipment Fut
Bank Premises and Equipment Future Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Abstract] | |
2,019 | $ 975 |
2,020 | 756 |
2,021 | 606 |
2,022 | 455 |
2,023 | 295 |
Thereafter | 223 |
Total future operating lease payments | $ 3,310 |
Bank Premises and Equipment L_2
Bank Premises and Equipment Lease (Details) | Dec. 31, 2018 |
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 Intangible_3
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) | Oct. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | |||
Intangibles recorded from acquisitions | $ 2,600,000 | $ 1,593,000 | |
Goodwill, Impairment Loss | 0 | ||
Goodwill | |||
Goodwill, beginning of year | 133,111,000 | 132,631,000 | |
Goodwill recorded from acquisitions | 480,000 | ||
Goodwill, end of year | 151,245,000 | $ 133,111,000 | |
ASB Financial Corp. | |||
Goodwill [Line Items] | |||
Other intangible assets | 2,639,000 | ||
Goodwill | |||
Goodwill, end of year | $ 18,134,000 | ||
Property and casualty focused insurance agency | |||
Goodwill | |||
Goodwill recorded from acquisitions | $ 480,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Other Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Intangible Assets | ||||
Gross intangibles | $ 23,116 | $ 21,523 | ||
Intangibles recorded from acquisitions | 2,600 | 1,593 | ||
Accumulated amortization | (17,294) | (13,956) | ||
Total acquisition-related intangibles | 8,185 | 9,160 | ||
Other intangible assets | 10,840 | 11,465 | ||
Core Deposits | ||||
Other Intangible Assets | ||||
Gross intangibles | 15,636 | 16,150 | ||
Intangibles recorded from acquisitions | 2,363 | 0 | ||
Accumulated amortization | (12,540) | (10,281) | ||
Total acquisition-related intangibles | 5,459 | 5,869 | ||
Customer Relationships | ||||
Other Intangible Assets | ||||
Gross intangibles | 7,480 | 5,373 | ||
Intangibles recorded from acquisitions | 0 | 1,593 | ||
Accumulated amortization | (4,754) | (3,675) | ||
Total acquisition-related intangibles | 2,726 | 3,291 | ||
Servicing rights | ||||
Other Intangible Assets | ||||
Total acquisition-related intangibles | 2,655 | 2,305 | $ 2,305 | $ 2,387 |
Other intangible assets | $ 2,655 | $ 2,305 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Estimated Aggregated Future Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Other Intangible Assets | ||||
2,019 | $ 2,778 | |||
2,020 | 2,067 | |||
2,021 | 1,381 | |||
2,022 | 755 | |||
2,023 | 453 | |||
Thereafter | 751 | |||
Total acquisition-related intangibles | 8,185 | $ 9,160 | ||
Core Deposits | ||||
Other Intangible Assets | ||||
2,019 | 1,999 | |||
2,020 | 1,438 | |||
2,021 | 911 | |||
2,022 | 437 | |||
2,023 | 236 | |||
Thereafter | 438 | |||
Total acquisition-related intangibles | 5,459 | 5,869 | ||
Customer Relationships | ||||
Other Intangible Assets | ||||
2,019 | 779 | |||
2,020 | 629 | |||
2,021 | 470 | |||
2,022 | 318 | |||
2,023 | 217 | |||
Thereafter | 313 | |||
Total acquisition-related intangibles | 2,726 | 3,291 | ||
Servicing rights | ||||
Other Intangible Assets | ||||
Total acquisition-related intangibles | $ 2,655 | $ 2,305 | $ 2,305 | $ 2,387 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Mortgage Servicing Rights Activity) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Intangible Assets | |||
Balance, beginning of year | $ 9,160,000 | ||
Balance, end of year | 8,185,000 | $ 9,160,000 | |
Valuation allowance for servicing rights | 0 | ||
Servicing rights | |||
Other Intangible Assets | |||
Balance, beginning of year | 2,305,000 | 2,305,000 | $ 2,387,000 |
Amortization | 1,623,000 | 741,000 | 762,000 |
Servicing rights originated | 1,697,000 | 741,000 | 680,000 |
Servicing rights acquired | 276,000 | 0 | 0 |
Balance, end of year | 2,655,000 | 2,305,000 | $ 2,305,000 |
Portion at Fair Value Measurement [Member] | |||
Other Intangible Assets | |||
Servicing rights (c) | $ 4,568,000 | $ 3,866,000 | |
Minimum | |||
Other Intangible Assets | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 10.50% | 9.30% | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 8.70% | 8.90% | |
Maximum | |||
Other Intangible Assets | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 13.00% | 11.80% | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 11.60% | 22.60% |
Deposits (Deposits) (Details)
Deposits (Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposit Type | ||
Total | $ 658,189 | |
Savings accounts | 573,702 | $ 593,415 |
Interest-bearing deposit accounts | 468,500 | 446,714 |
Money market deposit accounts | 379,878 | 371,376 |
Governmental deposit accounts | 267,319 | 264,524 |
Total interest-bearing deposits | 2,347,588 | 2,174,320 |
Non-interest-bearing | 607,877 | 556,010 |
Total deposits | 2,955,465 | 2,730,330 |
Related Party Deposits | 11,300 | 12,000 |
Brokered CD's | ||
Deposit Type | ||
Total | 263,854 | 159,618 |
Retail CD's | ||
Deposit Type | ||
Retail CD's $100,000 or More | 182,717 | 149,105 |
Retail CD's Less than $100,000 | 211,618 | 189,568 |
Total | $ 394,335 | $ 338,673 |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Certificates of Deposit) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposit Type | ||
2,019 | $ 432,270 | |
2,020 | 102,746 | |
2,021 | 74,939 | |
2,022 | 23,349 | |
2,023 | 23,694 | |
Thereafter | 1,191 | |
Total | 658,189 | |
Brokered CD's | ||
Deposit Type | ||
2,019 | 235,421 | |
2,020 | 18,330 | |
2,021 | 5,540 | |
2,022 | 4,081 | |
2,023 | 482 | |
Thereafter | 0 | |
Total | 263,854 | $ 159,618 |
Retail CD's | ||
Deposit Type | ||
2,019 | 196,849 | |
2,020 | 84,416 | |
2,021 | 69,399 | |
2,022 | 19,268 | |
2,023 | 23,212 | |
Thereafter | 1,191 | |
Total | $ 394,335 | $ 338,673 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term Borrowings | |||
Federal Funds Available from Correspondent Banks | $ 107,900 | ||
Short-term borrowings | 356,198 | $ 209,491 | |
FHLB Advances | |||
Short-term Borrowings | |||
Long-term borrowings reclassified to short-term based on maturity date | 30,000 | 50,600 | |
Short-term borrowings | 305,000 | 92,592 | $ 231,000 |
FHLB Advances | Matured Debt [Member] | |||
Short-term Borrowings | |||
Long-term borrowings reclassified to short-term based on maturity date | 40,000 | 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 | $ 0 | $ 40,000 |
Short-Term Borrowings (Short Te
Short-Term Borrowings (Short Term Borrowing) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Short-term Borrowings | |||
Short-term borrowings | $ (356,198) | $ (209,491) | |
Interest on short-term borrowings | 5,238 | 1,534 | $ 508 |
Retail Repurchase Agreements | |||
Short-term Borrowings | |||
Short-term borrowings | (51,202) | (76,899) | (74,607) |
Average balance | 64,519 | 75,344 | 72,886 |
Highest month-end balance | 72,822 | 80,649 | 81,353 |
Interest on short-term borrowings | $ 194 | $ 128 | $ 124 |
Weighted Average Interest Rate, End of Year | 0.48% | 0.17% | 0.17% |
Weighted Average Interest Rate, During the Year | 0.30% | 0.17% | 0.17% |
FHLB Advances | |||
Short-term Borrowings | |||
Short-term borrowings | $ (305,000) | $ (92,592) | $ (231,000) |
Average balance | 219,897 | 100,205 | 86,260 |
Highest month-end balance | 307,561 | 208,000 | 231,000 |
Interest on short-term borrowings | $ 4,494 | $ 1,160 | $ 384 |
Weighted Average Interest Rate, End of Year | 2.32% | 1.91% | 0.64% |
Weighted Average Interest Rate, During the Year | 2.04% | 1.16% | 0.45% |
National Market Repurchase Agreements | |||
Short-term Borrowings | |||
Short-term borrowings | $ 0 | $ (40,000) | |
Average balance | 14,329 | 6,685 | |
Highest month-end balance | 30,000 | 40,000 | |
Interest on short-term borrowings | $ 527 | $ 246 | |
Weighted Average Interest Rate, End of Year | 0.00% | 3.68% | |
Weighted Average Interest Rate, During the Year | 3.68% | 3.68% | |
Other | |||
Short-term Borrowings | |||
Short-term borrowings | $ (4) | $ 0 | $ 0 |
Average balance | 301 | 13 | 23 |
Highest month-end balance | 1,553 | 0 | 0 |
Interest on short-term borrowings | $ 23 | $ 0 | $ 0 |
Weighted Average Interest Rate, End of Year | 0.00% | 0.00% | 0.00% |
Weighted Average Interest Rate, During the Year | 1.30% | 1.11% |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) | Mar. 06, 2015USD ($)semi_annual_period | Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018USD ($) |
Long-term borrowings | |||||
Junior subordinated debt securities | $ 7,283,000 | $ 7,107,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% | |||
Long-term borrowings | $ 109,644,000 | $ 144,019,000 | |||
Long-term Federal Home Loan Bank Advances, Current | 30,000,000 | 50,600,000 | |||
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 | ||||
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% | ||||
Net loss on other transactions | $ (13,000) | 0 | $ (707,000) | ||
Interest rate on capital securities | 1.50% | ||||
Minimum | |||||
Long-term borrowings | |||||
Repurchase agreements, maturities period | 5 years | ||||
Repurchase agreements, call option features at buyer discretion, initial call period | 3 months | ||||
Maximum | |||||
Long-term borrowings | |||||
Repurchase agreements, maturities period | 10 years | ||||
Repurchase agreements, call option features at buyer discretion, initial call period | 5 years | ||||
Distributions on Capital Securities, Deferred, Number of Consecutive Semiannual Periods | semi_annual_period | 20 | ||||
FHLB putable, non-amortizing, fixed rate advances | |||||
Long-term borrowings | |||||
Long-term Federal Home Loan Bank Advances | $ 85,000,000 | $ 115,000,000 | |||
FHLB putable, non-amortizing, fixed rate advances | Minimum | |||||
Long-term borrowings | |||||
FHLB advances, maturities period | 1 year | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.26% | 1.20% | |||
FHLB putable, non-amortizing, fixed rate advances | Maximum | |||||
Long-term borrowings | |||||
FHLB advances, maturities period | 9 years | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.17% | 2.03% | |||
Current year advances [Member] | |||||
Long-term borrowings | |||||
Long-term Federal Home Loan Bank Advances | $ 50,000,000 | $ 75,000,000 | |||
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 | $ 17,361,000 | 21,939,000 | |||
Junior subordinated debt securities | Minimum | |||||
Long-term borrowings | |||||
FHLB advances, maturities period | 1 year | ||||
Junior subordinated debt securities | Maximum | |||||
Long-term borrowings | |||||
FHLB advances, maturities period | 13 years | ||||
Matured in 2018 [Member] | |||||
Long-term borrowings | |||||
Long-term Federal Home Loan Bank Advances | $ 60,000,000 | ||||
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 | ||||
Derivative, Number of Instruments Held | contract | 12 | ||||
Notional amounts | $ 110,000,000 | 60,000,000 | $ 50,000,000 | ||
Interest Rate Swap | Minimum | |||||
Long-term borrowings | |||||
Derivative, Fixed Interest Rate | 2.92% | ||||
Interest Rate Swap | Maximum | |||||
Long-term borrowings | |||||
Derivative, Fixed Interest Rate | 3.00% | ||||
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 | $ 30,000,000 | $ 50,600,000 |
Long-Term Borrowings (Long Term
Long-Term Borrowings (Long Term Borrowing) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Long-term borrowings | ||
Fixed charge coverage ratio minimum required by debt covenant | 125.00% | |
Long-term borrowings: | ||
Junior subordinated debt securities | $ 7,283 | $ 7,107 |
Unamortized debt issuance cost | 0 | (27) |
Long-term borrowings | $ 109,644 | $ 144,019 |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% |
Total long-term borrowings, Weighted-Average Rate | 2.44% | 2.04% |
FHLB putable non-amortizing, fixed rate advances | ||
Long-term borrowings: | ||
Long-term Federal Home Loan Bank Advances | $ 85,000 | $ 115,000 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 2.05% | 1.86% |
Junior subordinated debt securities | ||
Long-term borrowings: | ||
Long-term Federal Home Loan Bank Advances | $ 17,361 | $ 21,939 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 2.09% | 2.02% |
Junior Subordinated Debt [Member] | ||
Long-term borrowings: | ||
Debt, Weighted Average Interest Rate | 7.83% | 4.97% |
Maximum | FHLB putable non-amortizing, fixed rate advances | ||
Long-term borrowings | ||
FHLB advances, maturities period | 9 years | |
Maximum | Junior subordinated debt securities | ||
Long-term borrowings | ||
FHLB advances, maturities period | 13 years | |
Minimum | FHLB putable non-amortizing, fixed rate advances | ||
Long-term borrowings | ||
FHLB advances, maturities period | 1 year | |
Minimum | Junior subordinated debt securities | ||
Long-term borrowings | ||
FHLB advances, maturities period | 1 year |
Long-Term Borrowings (Minimum A
Long-Term Borrowings (Minimum Annual Retirements of Long-Term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Aggregate minimum annual retirements of long-term borrowings in future periods: | ||
2,019 | $ 3,512 | |
2,020 | 25,564 | |
2,021 | 21,979 | |
2,022 | 16,521 | |
2,023 | 1,157 | |
Thereafter | 40,911 | |
Long-term borrowings | $ 109,644 | $ 144,019 |
Weighted average interest rate, 2019 retirements | 1.53% | |
Weighted average interest rate, 2020 retirements | 1.83% | |
Weighted average interest rate, 2021 retirements | 1.73% | |
Weighted average interest rate, 2022 retirements | 1.95% | |
Weighted average interest rate, 2023 retirements | 1.01% | |
Weighted average interest rate, thereafter | 3.51% | |
Total long-term borrowings, Weighted-Average Rate | 2.44% | 2.04% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Class of Stock | ||||
Issuance of common shares related to acquisition of NB&T Financial Group, Inc. | $ 40,898 | |||
Stock Repurchase Program, Authorized Amount | $ 20,000 | |||
Purchase of treasury stock | 0 | 279,770 | 0 | |
Purchase of treasury stock | $ 5,000 | |||
Preferred stock, shares authorized | 50,000 | 50,000 | ||
Preferred stock, shares issued | 0 | 0 |
Stockholders' Equity (Stock Rol
Stockholders' Equity (Stock Rollforward) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) in Stock by Class | ||||
Common stock, shares issued, beginning of period | 18,952,385 | |||
Treasury stock, shares, beginning of period | 702,449 | |||
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 | 20,124,378 | 18,952,385 | ||
Treasury stock, shares, end of period | 601,289 | 702,449 | ||
Common Stock | ||||
Increase (Decrease) in Stock by Class | ||||
Common stock, shares issued, beginning of period | 18,952,385 | 18,939,091 | 18,931,200 | |
Changes related to stock-based compensation awards: | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0 | 0 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 0 | 3,554 | 11,820 | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 0 | 0 | ||
Changes related to dividend reinvestment plan: | ||||
Common shares issued under dividend reinvestment plan | 19,282 | 16,848 | 19,711 | |
Changes related to stock issued in acquisitions: | ||||
Common stock, shares issued, end of period | 20,124,378 | 18,952,385 | 18,939,091 | 18,931,200 |
Treasury Stock | ||||
Increase (Decrease) in Stock by Class | ||||
Treasury stock, shares, beginning of period | 702,449 | 795,758 | 586,686 | |
Changes related to stock-based compensation awards: | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | (106,805) | (68,707) | (56,000) | |
Release of restricted common shares | 32,082 | 10,452 | 17,220 | |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 2,011 | 5,050 | 1,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (102) | (266) | (1,775) | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | (16,544) | (300) | ||
Stock Issued During Period, Shares, Share-based Compensation, Gross | (350) | |||
Changes related to deferred compensation plan: | ||||
Purchase of treasury stock | 6,526 | 5,413 | 8,396 | |
Proceeds from Sale of Treasury Stock | (10) | |||
Reissuance of treasury stock | (2,089) | (24,634) | (12,012) | |
Stock Repurchased During Period, Shares | 279,770 | |||
Changes related to Board Compensation: | ||||
Common shares issued under compensation plan for Board of Directors | (4,699) | (9,092) | (11,450) | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | (11,530) | (11,225) | (15,727) | |
Changes related to stock issued in acquisitions: | ||||
Treasury stock, shares, end of period | 601,289 | 702,449 | 795,758 | 586,686 |
ASB Financial Corp. | Common Stock | ||||
Changes related to stock issued in acquisitions: | ||||
Stock Issued During Period, Shares, Acquisitions | 1,152,711 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |||
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2016-01 | $ (5,020) | ||
Accumulated Other Comprehensive (Loss) Income | |||
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) |
Realized gain on sale of securities, net of tax | 115 | (1,939) | (604) |
Other Comprehensive Income (Loss), Reclassification Adjustment in Net Income, Net of Tax | (1,939) | (604) | |
Realized loss due to settlement and curtailment, net of tax | 211 | 157 | |
Realized loss due to settlement and curtailment, net of tax | 211 | 157 | |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | 0 | (370) | 0 |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | 0 | (754) | 0 |
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02 | 0 | 200 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (5,020) | 924 | |
Other comprehensive (loss) income, net of reclassifications and tax | (3,089) | (360) | (1,684) |
Other comprehensive (loss) income, net of reclassifications and tax | 334 | (338) | (93) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (269) | (257) | 1,186 |
Other comprehensive (loss) income, net of reclassifications and tax | (3,024) | (955) | (591) |
Unrealized Gain (Loss) on Securities | (10,082) | (2,088) | 581 |
Unrecognized Net Pension and Postretirement Costs | (3,711) | (4,256) | (3,321) |
Unrealized Gain (Loss) on Cash Flow Hedge | 860 | 1,129 | 1,186 |
Accumulated Other Comprehensive (Loss) Income | $ (12,933) | $ (5,215) | $ (1,554) |
Stockholders' Equity Dividends
Stockholders' Equity Dividends (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends [Abstract] | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.30 | $ 0.28 | $ 0.28 | $ 0.26 | $ 0.22 | $ 0.22 | $ 0.20 | $ 0.20 | $ 1.12 | $ 0.84 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 78,000 | |||
Ultimate Health Care Cost Trend Rate | 4.00% | |||
Cash and Cash Equivalents | $ 77,612,000 | $ 72,194,000 | $ 66,146,000 | $ 71,115,000 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,700,000 | 1,500,000 | 1,500,000 | |
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 | $ 680,000 | 113,000 | ||
Accrued Investment Income Receivable | 58,000 | 1,000 | ||
Components of net periodic benefit costs: | ||||
Interest cost | 423,000 | 451,000 | 438,000 | |
Expected return on plan assets | (640,000) | (553,000) | (492,000) | |
Defined Benefit Plan, Amortization of Gain (Loss) | (104,000) | (102,000) | (95,000) | |
Settlement of benefit obligation | 267,000 | 242,000 | 0 | |
Net periodic cost (benefit) | $ 154,000 | $ 242,000 | $ 41,000 | |
Discount rate | 3.55% | 3.80% | 3.90% | |
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 | $ 3,000 | $ 4,000 | |
Expected return on plan assets | 0 | 0 | 0 | |
Defined Benefit Plan, Amortization of Gain (Loss) | 5,000 | 6,000 | 6,000 | |
Settlement of benefit obligation | 0 | 0 | 0 | |
Net periodic cost (benefit) | $ (2,000) | $ (3,000) | $ (2,000) | |
Discount rate | 3.40% | 3.80% | 3.90% | |
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 | $ 10,000 | |||
Minimum | Equity investment securities (a) | ||||
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 | $ 15,000 | |||
Maximum | Equity investment securities (a) | ||||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in plan assets: | ||||
Beginning balance | $ 8,379 | |||
Ending balance | 9,496 | $ 8,379 | ||
Amounts recognized in Accumulated Other Comprehensive Loss: | ||||
Total | 3,711 | 4,256 | $ 3,321 | $ 3,228 |
Pension benefits | ||||
Change in benefit obligation: | ||||
Beginning balance | 12,991 | 12,127 | ||
Interest cost | 423 | 451 | 438 | |
Plan participants’ contributions | 0 | 0 | ||
Actuarial (gain) loss | (1,519) | 1,207 | ||
Benefit payments | 197 | 189 | ||
Settlements | (703) | (605) | ||
Ending balance | 10,995 | 12,991 | 12,127 | |
Change in plan assets: | ||||
Beginning balance | 8,493 | 7,582 | ||
Actual (loss) return on plan assets | (554) | 1,140 | ||
Employer contributions | 3,195 | 565 | ||
Benefit payments | (197) | (189) | ||
Settlements | (703) | (605) | ||
Ending balance | 10,234 | 8,493 | 7,582 | |
Funded status at December 31 | (761) | (4,498) | ||
Amounts recognized in Consolidated Balance Sheets: | ||||
Accrued benefit liability | (761) | (4,498) | ||
Net amount recognized | (761) | (4,498) | ||
Amounts recognized in Accumulated Other Comprehensive Loss: | ||||
Unrecognized prior service cost | 0 | 0 | ||
Unrecognized net loss (gain) | 3,761 | 4,311 | ||
Total | $ 3,761 | $ 4,311 | ||
Discount Rate | 3.55% | 3.40% | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 10,995 | $ 12,991 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Change in benefit obligation: | ||||
Beginning balance | 91 | 103 | ||
Interest cost | 3 | 3 | 4 | |
Plan participants’ contributions | 46 | 46 | ||
Actuarial (gain) loss | 0 | (4) | ||
Benefit payments | 57 | 57 | ||
Settlements | 0 | 0 | ||
Ending balance | 83 | 91 | 103 | |
Change in plan assets: | ||||
Beginning balance | 0 | 0 | ||
Actual (loss) return on plan assets | 0 | 0 | ||
Employer contributions | 11 | 11 | ||
Benefit payments | (57) | (57) | ||
Settlements | 0 | 0 | ||
Ending balance | 0 | 0 | $ 0 | |
Funded status at December 31 | (83) | (91) | ||
Amounts recognized in Consolidated Balance Sheets: | ||||
Accrued benefit liability | (83) | (91) | ||
Net amount recognized | (83) | (91) | ||
Amounts recognized in Accumulated Other Comprehensive Loss: | ||||
Unrecognized prior service cost | (1) | (1) | ||
Unrecognized net loss (gain) | (52) | (56) | ||
Total | $ (53) | $ (57) | ||
Discount Rate | 3.40% | 3.40% | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 83 | $ 91 | ||
Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Beginning balance | 2,248 | |||
Ending balance | 2,746 | 2,248 | ||
Mutual Funds - Equity [Member] | ||||
Change in plan assets: | ||||
Beginning balance | 6,131 | |||
Ending balance | 6,750 | 6,131 | ||
Level 1 | Recurring Basis | ||||
Change in plan assets: | ||||
Beginning balance | 8,379 | |||
Ending balance | 9,496 | 8,379 | ||
Level 1 | Recurring Basis | Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Beginning balance | 2,248 | |||
Ending balance | 2,746 | 2,248 | ||
Level 1 | Recurring Basis | Mutual Funds - Equity [Member] | ||||
Change in plan assets: | ||||
Beginning balance | 6,131 | |||
Ending balance | 6,750 | 6,131 | ||
Level 2 | Recurring Basis | ||||
Change in plan assets: | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
Level 2 | Recurring Basis | Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
Level 2 | Recurring Basis | Mutual Funds - Equity [Member] | ||||
Change in plan assets: | ||||
Beginning balance | 0 | |||
Ending balance | $ 0 | $ 0 |
Employee Benefit Plans (Cash Fl
Employee Benefit Plans (Cash Flows) (Details) | Dec. 31, 2018USD ($) |
Pension benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | $ 1,000,000 |
2,020 | 1,095,000 |
2,021 | 1,283,000 |
2,022 | 740,000 |
2,023 | 774,000 |
2024-2028 | 3,091,000 |
Total | 7,983,000 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | 11,000 |
2,020 | 10,000 |
2,021 | 10,000 |
2,022 | 9,000 |
2,023 | 9,000 |
2024-2028 | 34,000 |
Total | 83,000 |
Minimum | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 10,000 |
Maximum | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 15,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance [Line Items] | |||||||||||
Operating Loss Carryforwards | $ 0 | $ 0 | |||||||||
Income tax expense | 2,470,000 | $ 2,821,000 | $ 1,012,000 | $ 2,383,000 | $ 5,339,000 | $ 3,852,000 | $ 4,414,000 | $ 5,127,000 | 8,686,000 | $ 18,732,000 | $ 14,125,000 |
Release of valuation allowance | (805,000) | ||||||||||
Gain (Loss) on Sale of Equity Investments | 6,700,000 | ||||||||||
Deferred Tax Assets, Gross | $ 13,958,000 | 11,792,000 | 13,958,000 | 11,792,000 | |||||||
Valuation allowance | $ 805,000 | 805,000 | |||||||||
Federal Income Tax Expense on Securities Transactions | 0 | 1,000,000 | $ 326,000 | ||||||||
Adjustments for New Accounting Pronouncement [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Income tax expense | 700,000 | 900,000 | |||||||||
Pension benefits | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Employer contributions | $ 3,195,000 | $ 565,000 |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amount | |||||||||||
Income tax computed at statutory federal corporate income tax rate | $ 11,505 | $ 20,045 | $ 15,785 | ||||||||
Release of valuation allowance | (805) | ||||||||||
Tax-exempt interest income | (554) | (1,092) | (1,170) | ||||||||
Bank owned life insurance | (393) | (683) | (495) | ||||||||
Investments in tax credit funds | (125) | (221) | (164) | ||||||||
Other, net | 95 | (60) | 169 | ||||||||
Income tax expense | $ 2,470 | $ 2,821 | $ 1,012 | $ 2,383 | $ 5,339 | $ 3,852 | $ 4,414 | $ 5,127 | $ 8,686 | $ 18,732 | $ 14,125 |
Effective Income Tax Rate Reconciliation, Percent | 15.90% | 32.70% | 31.30% | ||||||||
Rate | |||||||||||
Federal income tax rate | 21.00% | 35.00% | 35.00% | ||||||||
Release of valuation allowance | (1.50%) | ||||||||||
Tax-exempt interest income | (1.00%) | (1.90%) | (2.60%) | ||||||||
Bank owned life insurance | (0.70%) | (1.20%) | (1.10%) | ||||||||
Investments in tax credit funds | (0.20%) | (0.40%) | (0.40%) | ||||||||
Other, net | 0.20% | (0.10%) | 0.40% | ||||||||
Tax cuts and jobs act [Member] | |||||||||||
Amount | |||||||||||
Other, net | $ (705) | $ 897 | |||||||||
Rate | |||||||||||
Other, net | (1.30%) | 1.60% | |||||||||
Award Type [Member] | |||||||||||
Amount | |||||||||||
Other, net | $ (332) | $ (154) | |||||||||
Rate | |||||||||||
Other, net | (0.60%) | (0.30%) |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current income tax expense | $ 8,995 | $ 21,511 | $ 16,587 | ||||||||
Deferred income tax benefit | (309) | (2,779) | (2,462) | ||||||||
Income tax expense | $ 2,470 | $ 2,821 | $ 1,012 | $ 2,383 | $ 5,339 | $ 3,852 | $ 4,414 | $ 5,127 | $ 8,686 | $ 18,732 | $ 14,125 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets | ||
Allowance for loan losses | $ 8,559 | $ 6,992 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 2,678 | 555 |
Accrued employee benefits | 1,843 | 2,569 |
Tax credit investments | 805 | 1,560 |
Other | 73 | 116 |
Gross deferred tax assets | 13,958 | 11,792 |
Valuation allowance | 805 | |
Total deferred tax assets | 13,958 | 10,987 |
Deferred Tax Liabilities | ||
Purchase accounting adjustments | 5,839 | 6,092 |
Deferred loan income | 3,061 | 2,459 |
Bank premises and equipment (a) | 2,047 | 307 |
Derivative instruments | 228 | 300 |
Tax credit investments | 82 | 0 |
Other | 673 | 484 |
Total deferred tax liabilities | 11,930 | 9,642 |
Net deferred tax asset | $ 2,028 | $ 1,345 |
Income Taxes (Uncertain Tax Pos
Income Taxes (Uncertain Tax Positions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Uncertain tax positions, beginning of year | $ 550 | $ 522 |
Gross increase based on tax positions related to current year | 55 | 42 |
Gross increase for tax position taken during prior years | 13 | 20 |
Gross decrease due to the statute of limitations | (195) | (34) |
Uncertain tax positions, end of year | $ 423 | $ 550 |
Income Taxes (Valuation Allowan
Income Taxes (Valuation Allowance) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income tax expense | $ 2,470 | $ 2,821 | $ 1,012 | $ 2,383 | $ 5,339 | $ 3,852 | $ 4,414 | $ 5,127 | $ 8,686 | $ 18,732 | $ 14,125 |
Deferred Tax Assets, Gross | $ 13,958 | $ 11,792 | 13,958 | 11,792 | |||||||
Adjustments for New Accounting Pronouncement [Member] | |||||||||||
Income tax expense | $ 700 | $ 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 | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Distributed earnings allocated to common shareholders | $ 21,334 | $ 15,159 | $ 11,532 | ||||||||
Undistributed earnings allocated to common shareholders | 24,660 | 23,115 | 19,483 | ||||||||
Net earnings allocated to common shareholders | $ 45,994 | $ 38,274 | $ 31,015 | ||||||||
Weighted-average number of common shares outstanding - basic | 19,337,403 | 19,325,457 | 19,160,728 | 18,126,089 | 18,069,467 | 18,029,991 | 18,044,574 | 18,056,202 | 18,991,768 | 18,050,189 | 18,013,693 |
Effect of potentially dilutive common shares | 130,492 | 158,495 | 141,770 | ||||||||
Total weighted-average diluted common shares outstanding | 19,483,452 | 19,466,865 | 19,293,381 | 18,256,035 | 18,240,092 | 18,192,957 | 18,203,752 | 18,213,533 | 19,122,260 | 18,208,684 | 18,155,463 |
Earnings per common share - basic | $ 0.71 | $ 0.65 | $ 0.41 | $ 0.64 | $ 0.50 | $ 0.49 | $ 0.54 | $ 0.60 | $ 2.42 | $ 2.12 | $ 1.72 |
Earnings per common share - diluted | $ 0.71 | $ 0.65 | $ 0.41 | $ 0.64 | $ 0.49 | $ 0.48 | $ 0.53 | $ 0.60 | $ 2.41 | $ 2.10 | $ 1.71 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||||
Restricted shares, stock options and stock appreciation rights | 1,748 | 453 | 20,769 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance Sheet Risk (Loan Commitments and Standby Letters of Credit) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | 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 | $ 490,270 | $ 456,976 | |
Standby letters of credit | 10,214 | 20,873 | |
Home equity lines of credit | |||
Loan Commitments and Standby Letters of Credit [Line Items] | |||
Contractual Loan Commitments | 101,265 | 83,949 | |
Construction Loans [Member] | |||
Loan Commitments and Standby Letters of Credit [Line Items] | |||
Contractual Loan Commitments | 74,734 | 112,475 | |
Other loan commitments | |||
Loan Commitments and Standby Letters of Credit [Line Items] | |||
Contractual Loan Commitments | $ 314,271 | $ 260,552 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Regulatory Matters [Abstract] | ||
Required Reserve Balances with Federal Reserve Bank | $ 16,400,000 | $ 17,700,000 |
Regulatory Capital Requirements | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | 61,900,000 | |
Holding Company | ||
Regulatory Capital Requirements | ||
Common Equity Tier 1 Capital | $ 378,855,000 | $ 327,172,000 |
Common Equity Tier 1 Risk Based Capital to Risk Weighted Assets | 13.60% | 13.30% |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy | $ 125,235,000 | $ 110,998,000 |
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 | $ 180,895,000 | $ 160,330,000 |
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 | $ 386,138,000 | $ 334,279,000 |
Tier One Risk Based Capital to Risk Weighted Assets | 13.90% | 13.60% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 166,980,000 | $ 147,997,000 |
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 | $ 222,640,000 | $ 197,330,000 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Capital | $ 406,333,000 | $ 355,977,000 |
Capital to Risk Weighted Assets | 14.60% | 14.40% |
Capital Required for Capital Adequacy | $ 222,640,000 | $ 197,330,000 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 278,300,000 | $ 246,662,000 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Leverage Capital | $ 386,138,000 | $ 334,279,000 |
Tier One Leverage Capital to Average Assets | 10.00% | 9.80% |
Tier One Leverage Capital Required for Capital Adequacy | $ 154,615,000 | $ 137,119,000 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 193,269,000 | $ 171,399,000 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Regulatory Capital Conservation Buffer | $ 183,693,000 | $ 158,647,000 |
Regulatory Capital Conservation Buffer Ratio | 0.066 | 0.064 |
Risk Weighted Assets | 2,782,995,000 | 2,466,620,000 |
Bank | ||
Regulatory Capital Requirements | ||
Common Equity Tier 1 Capital | $ 365,063,000 | $ 305,216,000 |
Common Equity Tier 1 Risk Based Capital to Risk Weighted Assets | 13.20% | 12.40% |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy | $ 124,870,000 | $ 110,654,000 |
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 | $ 180,367,000 | $ 159,833,000 |
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 | $ 365,063,000 | $ 305,216,000 |
Tier One Risk Based Capital to Risk Weighted Assets | 13.20% | 12.40% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 166,493,000 | $ 147,539,000 |
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 | $ 221,990,000 | $ 196,718,000 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Capital | $ 385,258,000 | $ 324,026,000 |
Capital to Risk Weighted Assets | 13.90% | 13.20% |
Capital Required for Capital Adequacy | $ 221,990,000 | $ 196,718,000 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 277,488,000 | $ 245,898,000 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Leverage Capital | $ 365,063,000 | $ 305,216,000 |
Tier One Leverage Capital to Average Assets | 9.50% | 8.90% |
Tier One Leverage Capital Required for Capital Adequacy | $ 154,357,000 | $ 136,939,000 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 192,947,000 | $ 171,174,000 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Regulatory Capital Conservation Buffer | $ 163,268,000 | $ 127,308,000 |
Regulatory Capital Conservation Buffer Ratio | 0.059 | 0.052 |
Risk Weighted Assets | 2,774,879,000 | 2,458,975,000 |
Minimum | Holding Company | ||
Regulatory Capital Requirements | ||
Regulatory Capital Conservation Buffer | 69,575,000 | 61,666,000 |
Regulatory Capital Conservation Buffer Ratio | 0.025 | 0.025 |
Minimum | Bank | ||
Regulatory Capital Requirements | ||
Regulatory Capital Conservation Buffer | 69,372,000 | 61,474,000 |
Regulatory Capital Conservation Buffer Ratio | $ 0.025 | $ 0.025 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under 2006 Equity Plan | 891,340 | ||
Common shares authorized under the 2006 Equity Plan | 500,000 | ||
Unrecognized stock-based compensation expense related to unvested awards, amount | $ 2,300,000 | ||
Unrecognized stock-based compensation expense related to unvested awards, weighted-average period of recognition | 1 year 9 months | ||
Common shares issued under compensation plan for Board of Directors | $ 298,000 | $ 295,000 | $ 245,000 |
Allocated Share-based Compensation Expense | 2,575,000 | 1,802,000 | 1,392,000 |
Stock-based compensation | 2,359,000 | 1,747,000 | 1,332,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 541,000 | 378,000 | 487,000 |
Allocated Share-based Compensation Expense, Net of Tax | 2,034,000 | 1,424,000 | 905,000 |
Treasury Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares issued under compensation plan for Board of Directors | 194,000 | 207,000 | 263,000 |
Stock-based compensation | $ 416,000 | 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 | $ 2,800,000 | 1,100,000 | $ 1,000,000 |
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 | 84,876 | ||
Time-based vesting restricted stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awarded | 21,929 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 21,929 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 156,000 | ||
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 55,000 | ||
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 60,000 | $ 60,000 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Appreciation Rights) (Details) - SARs | 12 Months Ended |
Dec. 31, 2018USD ($)$ / 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 | 314 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 23.77 |
Number of Common Shares Subject to SARs | |
Outstanding at January 1 (in shares) | shares | 314 |
Forfeited (in shares) | shares | 0 |
Outstanding at December 31 (in shares) | shares | 0 |
Weighted- Average Exercise Price | |
Outstanding at January 1 (in dollars per share) | $ / shares | $ 23.77 |
Forfeited (in dollars per share) | $ / shares | 0 |
Outstanding at December 31 (in dollars per share) | $ / shares | $ 0 |
Weighted - Average Grant Date Fair Value | |
Exercisable at December 31 (in shares) | shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 0 |
Outstanding at December 31 | $ | $ 0 |
Exercisable at December 31 | $ | $ 0 |
Awards expiration period | 10 years |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Shares) (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Performance-based vesting restricted stock [Member] | |
Number of Shares | |
Outstanding at January 1 (in shares) | 176,218 |
Awarded | 84,876 |
Released | 83,311 |
Forfeited (in shares) | 2,011 |
Outstanding at December 31 (in shares) | 175,772 |
Weighted - Average Grant Date Fair Value | |
Outstanding at January 1 (in dollars per share) | $ / shares | $ 25.50 |
Awarded (usd per share) | $ / shares | 35.43 |
Released (usd per share) | $ / shares | 23.62 |
Forfeited (in dollars per share) | $ / shares | 34.34 |
Outstanding at December 31 (in dollars per share) | $ / shares | $ 31.08 |
Time-based vesting restricted stock [Member] | |
Number of Shares | |
Outstanding at January 1 (in shares) | 33,082 |
Awarded | 21,929 |
Released | 11,332 |
Forfeited (in shares) | 0 |
Outstanding at December 31 (in shares) | 43,679 |
Weighted - Average Grant Date Fair Value | |
Outstanding at January 1 (in dollars per share) | $ / shares | $ 22.85 |
Awarded (usd per share) | $ / shares | 36.38 |
Released (usd per share) | $ / shares | 22.84 |
Forfeited (in dollars per share) | $ / shares | 0 |
Outstanding at December 31 (in dollars per share) | $ / shares | $ 29.64 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 21,929 |
Stock-Based Compensation (Sto_2
Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefit) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 2,359,000 | $ 1,747,000 | $ 1,332,000 | |
Unrestricted Stock Granted to Employees | 12,144 | |||
Total stock-based compensation | 2,575,000 | 1,802,000 | 1,392,000 | |
Recognized tax benefit | (541,000) | $ (378,000) | (487,000) | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | 156,000 | |||
Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | 60,000 | 60,000 | ||
Director [Member] | Restricted Shares | Time-based Vesting [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 | 3,600 | |||
Treasury Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 416,000 | $ 0 | ||
Treasury Stock | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 128,000 |
Stock-Based Compensation Perfor
Stock-Based Compensation Performance Unit Awards (Details) $ in Millions | Dec. 31, 2018USD ($) |
Performance Unit Awards [Abstract] | |
Maximum Aggregate Value of Performance Unit Award Outstanding | $ 1.3 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 13, 2018 | |
Business Acquisition [Line Items] | ||||||||||||
Loans held for sale | $ 5,470,000 | $ 2,510,000 | $ 5,470,000 | $ 2,510,000 | ||||||||
Bank owned life insurance | 68,934,000 | 62,176,000 | 68,934,000 | 62,176,000 | ||||||||
Goodwill | 151,245,000 | 133,111,000 | 151,245,000 | 133,111,000 | $ 132,631,000 | |||||||
Noninterest Expense | 125,977,000 | 107,975,000 | 106,911,000 | |||||||||
Net loss on asset disposals and other transactions | $ (15,000) | $ 12,000 | $ (405,000) | $ 74,000 | $ (144,000) | $ (3,000) | $ 109,000 | $ (25,000) | (334,000) | (63,000) | (1,133,000) | |
Salaries and employee benefit costs | 69,308,000 | 60,276,000 | 57,433,000 | |||||||||
Professional fees | 7,862,000 | 6,575,000 | 7,436,000 | |||||||||
Data processing and software expense | 5,419,000 | 4,441,000 | 3,763,000 | |||||||||
Other non-interest expense | 13,746,000 | $ 8,536,000 | $ 8,717,000 | |||||||||
FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill, Purchase Accounting Adjustments | $ 428,000 | |||||||||||
ASB Financial Corp. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Common shares electing cash consideration | 31,763,000 | 31,763,000 | ||||||||||
Cash purchase price per share | $ 20 | $ 20 | $ 20 | |||||||||
Common shares electing stock consideration | 1,947,271,000 | 1,947,271,000 | ||||||||||
Number of common shares of Peoples issued for each common share of acquired company | 0.592 | 0.592 | 0.592 | |||||||||
Price per Peoples' common share, as of April 13, 2018 | $ 35.48 | $ 35.48 | ||||||||||
Common share consideration | $ 40,898,000 | $ 40,898,000 | ||||||||||
Cash in lieu of fractional common shares of Peoples | 2,000 | 2,000 | ||||||||||
Total consideration | 41,500,000 | 41,535,000 | ||||||||||
Cash and due from banks | 5,332,000 | 5,332,000 | ||||||||||
Loans held for sale | 2,539,000 | 2,539,000 | ||||||||||
Bank premises and equipment, net of accumulated depreciation | 3,485,000 | 3,485,000 | ||||||||||
Bank owned life insurance | 4,803,000 | 4,803,000 | ||||||||||
Other intangible assets | 2,639,000 | 2,639,000 | ||||||||||
Other assets | 3,112,000 | 3,112,000 | ||||||||||
Total assets | 278,938,000 | 278,938,000 | ||||||||||
Deposits | 198,629,000 | 198,629,000 | ||||||||||
Short-term borrowings | 54,824,000 | 54,824,000 | ||||||||||
Accrued expenses and other liabilities | 2,084,000 | 2,084,000 | ||||||||||
Total liabilities | 255,537,000 | 255,537,000 | ||||||||||
Net assets | 23,401,000 | 23,401,000 | ||||||||||
Goodwill | 18,134,000 | $ 18,600,000 | 18,134,000 | $ 18,134,000 | ||||||||
Shares, Outstanding | 1,979,034 | |||||||||||
Noninterest Expense | 7,300,000 | |||||||||||
Net loss on asset disposals and other transactions | 203,000 | |||||||||||
Salaries and employee benefit costs | 2,400,000 | |||||||||||
Professional fees | 1,100,000 | |||||||||||
Data processing and software expense | 59,000 | |||||||||||
Marketing Expense | 119,000 | |||||||||||
Other non-interest expense | 3,600,000 | |||||||||||
ASB Financial Corp. | Non-interest-bearing deposits [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Deposits | 29,487,000 | 29,487,000 | ||||||||||
ASB Financial Corp. | Interest-bearing Deposits [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Deposits | 169,142,000 | 169,142,000 | ||||||||||
Cash [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash consideration | $ 635,000 | 635,000 | ||||||||||
Cash [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Total consideration | $ 0 | |||||||||||
FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of common shares of Peoples issued for each common share of acquired company | 12.512 | 12.512 | ||||||||||
Deposits | $ 236,600,000 | $ 236,600,000 | ||||||||||
Property, Plant and Equipment [Member] | ASB Financial Corp. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill, Purchase Accounting Adjustments | 165,000 | |||||||||||
Other Assets [Member] | ASB Financial Corp. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill, Purchase Accounting Adjustments | 369,000 | |||||||||||
Other Liabilities [Member] | ASB Financial Corp. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill, Purchase Accounting Adjustments | 632,000 | |||||||||||
Available-for-sale securities | ASB Financial Corp. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value | 18,155,000 | 18,155,000 | ||||||||||
Held-to-maturity securities | ASB Financial Corp. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value | 649,000 | 649,000 | ||||||||||
Investment in Federal Home Loan Bank Stock [Member] | ASB Financial Corp. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value | 1,596,000 | 1,596,000 | ||||||||||
Investment securities | ASB Financial Corp. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value | 20,400,000 | 20,400,000 | ||||||||||
Loans [Member] | ASB Financial Corp. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value | 236,628,000 | 236,628,000 | ||||||||||
Loans [Member] | FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value | 140,100,000 | 140,100,000 | ||||||||||
Total assets | 308,500,000 | 308,500,000 | ||||||||||
Bank Overdrafts [Member] | ASB Financial Corp. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value | $ 438,000 | $ 438,000 |
Acquisitions Acquired loans (De
Acquisitions Acquired loans (Details) - ASB Financial Corp. $ in Thousands | Dec. 31, 2018USD ($) |
Financial Asset Acquired and No Credit Deterioration [Member] | |
Contractual cash flows | $ 342,087 |
Nonaccretable difference | 59,967 |
Expected cash flows | 282,120 |
Accretable yield | 54,029 |
Fair value | 228,091 |
Financial Asset Acquired with Credit Deterioration [Member] | |
Nonaccretable difference | 5,908 |
Contractual cash flows | 16,054 |
Expected cash flows | 10,146 |
Accretable yield | 2,047 |
Fair value | $ 8,099 |
Parent Company Only Financial_3
Parent Company Only Financial Information (Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||||
Cash and due from banks | $ 61,775 | $ 58,121 | ||
Due from subsidiary bank | 584 | 9,486 | ||
Total available-for-sale securities | 791,891 | 795,187 | ||
Other investment securities (a) | 42,985 | 38,371 | ||
Other assets | 40,391 | 34,890 | ||
Total assets | 3,991,454 | 3,581,686 | ||
Liabilities | ||||
Accrued expenses and other liabilities | 50,007 | 39,254 | ||
Dividends payable | 291 | 270 | ||
Junior subordinated debt securities | 7,283 | 7,107 | ||
Total liabilities | 3,471,314 | 3,123,094 | ||
Common stockholders' equity | 520,140 | 458,592 | $ 435,261 | $ 419,789 |
Total liabilities and stockholders' equity | 3,991,454 | 3,581,686 | ||
Bank | ||||
Assets | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 506,200 | 431,482 | ||
Non-Bank | ||||
Assets | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 8,298 | 1,812 | ||
Holding Company | ||||
Assets | ||||
Cash and due from banks | 50 | 50 | ||
Interest-bearing deposits in subsidiary bank | 13,750 | 9,270 | ||
Total available-for-sale securities | 0 | 6,933 | ||
Other investment securities (a) | 216 | |||
Other assets | 2,808 | 1,700 | ||
Total assets | 531,906 | 460,733 | ||
Liabilities | ||||
Accrued expenses and other liabilities | 1,898 | 1,471 | ||
Junior subordinated debt securities | 9,577 | 400 | ||
Total liabilities | 11,766 | 2,141 | ||
Common stockholders' equity | 520,140 | 458,592 | ||
Total liabilities and stockholders' equity | $ 531,906 | $ 460,733 |
Parent Company Only Financial_4
Parent Company Only Financial Information (Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements | |||||||||||
Net gain on investment securities | $ 0 | $ 0 | $ (147) | $ 1 | $ 764 | $ 340 | $ 18 | $ 1,861 | $ (146) | $ 2,983 | $ 930 |
Total interest income | 151,264 | 126,525 | 115,444 | ||||||||
Other expense | 29,713 | 29,292 | 29,054 | 27,318 | 26,152 | 26,468 | 25,809 | 25,689 | |||
Applicable income tax expense | 2,470 | 2,821 | 1,012 | 2,383 | 5,339 | 3,852 | 4,414 | 5,127 | 8,686 | 18,732 | 14,125 |
Net income | $ 13,897 | $ 12,725 | $ 7,892 | $ 11,741 | $ 9,001 | $ 8,809 | $ 9,766 | $ 10,895 | 46,255 | 38,471 | 31,157 |
Bank | |||||||||||
Condensed Financial Statements | |||||||||||
Dividends from subsidiary bank | 13,500 | 27,000 | 20,500 | ||||||||
Non-Bank | |||||||||||
Condensed Financial Statements | |||||||||||
Dividends from subsidiary bank | 2,500 | 20,000 | 1,250 | ||||||||
Holding Company | |||||||||||
Condensed Financial Statements | |||||||||||
Net gain on investment securities | 0 | 2,602 | 0 | ||||||||
Interest and other income | 357 | 237 | 209 | ||||||||
Total interest income | 16,357 | 49,839 | 21,959 | ||||||||
Interest on junior subordinated debentures held by subsidiary trust | 520 | 346 | 397 | ||||||||
Payment for Administrative Fees | 1,561 | 1,361 | 1,131 | ||||||||
Other expense | 4,647 | 3,380 | 3,154 | ||||||||
Total expenses | 6,728 | 5,087 | 4,682 | ||||||||
Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries | 9,629 | 44,752 | 17,277 | ||||||||
Applicable income tax expense | (2,511) | (1,309) | (1,718) | ||||||||
Equity in (excess dividends from) undistributed earnings of subsidiaries | 34,115 | (7,590) | 12,162 | ||||||||
Net income | $ 46,255 | $ 38,471 | $ 31,157 |
Parent Company Only Financial_5
Parent Company Only Financial Information (Statement of Cash Flow) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | ||||||||||||
Net income | $ 13,897 | $ 12,725 | $ 7,892 | $ 11,741 | $ 9,001 | $ 8,809 | $ 9,766 | $ 10,895 | $ 46,255 | $ 38,471 | $ 31,157 | |
Depreciation, amortization and accretion, net | 18,204 | 18,142 | 19,169 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Gain on investment securities | 0 | $ 0 | $ 147 | (1) | (764) | (340) | (18) | (1,861) | 146 | (2,983) | (930) | |
Net cash provided by operating activities | 75,243 | 61,027 | 60,658 | |||||||||
Investing activities: | ||||||||||||
Business acquisitions, net of cash received | 4,695 | (1,069) | (244) | |||||||||
Net cash used in investing activities | (130,156) | (162,688) | (198,358) | |||||||||
Financing activities: | ||||||||||||
Payments on long-term borrowings | (4,591) | (5,738) | (24,361) | |||||||||
Purchase of treasury stock | 5,000 | |||||||||||
Proceeds from issuance of common shares | 25 | 9 | 18 | |||||||||
Cash dividends paid | (20,915) | (14,706) | (11,173) | |||||||||
Excess tax benefit from share-based payments | 0 | 0 | 26 | |||||||||
Net cash provided by financing activities | 60,331 | 107,709 | 132,731 | |||||||||
Net increase (decrease) in cash and cash equivalents | 5,418 | 6,048 | (4,969) | |||||||||
Cash and cash equivalents at beginning of period | 72,194 | 66,146 | 66,146 | 66,146 | 72,194 | 66,146 | 71,115 | |||||
Cash and cash equivalents at end of period | 77,612 | 72,194 | 77,612 | 72,194 | 66,146 | |||||||
Supplemental cash flow information: | ||||||||||||
Interest paid | 19,920 | 13,001 | 10,756 | |||||||||
Holding Company | ||||||||||||
Operating activities: | ||||||||||||
Net income | 46,255 | 38,471 | 31,157 | |||||||||
Depreciation, amortization and accretion, net | 9,177 | (6,525) | 190 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
(Equity in) excess dividends from undistributed earnings of subsidiaries | (34,115) | 7,590 | (12,162) | |||||||||
Gain on investment securities | 0 | (2,602) | 0 | |||||||||
Other, net | 31 | 2,810 | 355 | |||||||||
Net cash provided by operating activities | 21,348 | 39,744 | 19,540 | |||||||||
Investing activities: | ||||||||||||
Proceeds from Sale, Maturity and Collection of Investments | 5,388 | 2,359 | ||||||||||
Investment in subsidiaries | (31,813) | (50,883) | (22,769) | |||||||||
(Increase) decrease in receivable from subsidiary | 32,236 | 25,496 | 23,389 | |||||||||
Business acquisitions, net of cash received | (637) | 0 | ||||||||||
Payments for (Proceeds from) Other Investing Activities | 228 | (229) | ||||||||||
Net cash used in investing activities | 5,402 | (23,257) | 620 | |||||||||
Financing activities: | ||||||||||||
Purchase of treasury stock | (1,380) | (508) | (5,480) | |||||||||
Proceeds from issuance of common shares | 0 | 9 | 18 | |||||||||
Cash dividends paid | (20,915) | (14,706) | (11,173) | |||||||||
Excess tax benefit from share-based payments | 25 | 0 | 26 | |||||||||
Net cash provided by financing activities | (22,270) | (15,205) | (16,609) | |||||||||
Net increase (decrease) in cash and cash equivalents | 4,480 | 1,282 | 3,551 | |||||||||
Cash and cash equivalents at the beginning of year | 9,320 | 9,320 | 8,038 | $ 4,487 | ||||||||
Cash and cash equivalents at beginning of period | $ 9,320 | $ 8,038 | $ 8,038 | $ 8,038 | 9,320 | 8,038 | ||||||
Cash and cash equivalents at end of period | $ 13,800 | $ 9,320 | 13,800 | 9,320 | 8,038 | |||||||
Supplemental cash flow information: | ||||||||||||
Interest paid | $ 513 | $ 364 | $ 433 |
Summarized Quarterly Informat_3
Summarized Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summarized Quarterly Information (Unaudited) [Abstract] | |||||||||||
Total interest income | $ 40,638 | $ 39,631 | $ 37,769 | $ 33,226 | $ 32,772 | $ 29,817 | $ 31,208 | $ 32,728 | |||
Total interest expense | 6,517 | 6,307 | 4,961 | 3,867 | 3,650 | 2,872 | 3,118 | 3,508 | $ 21,652 | $ 13,148 | $ 10,579 |
Net interest income | 34,121 | 33,324 | 32,808 | 29,359 | 29,122 | 26,945 | 28,090 | 29,220 | 129,612 | 113,377 | 104,865 |
Provision for loan losses | 975 | 1,302 | 1,188 | 1,983 | 1,115 | 624 | 947 | 1,086 | |||
Net loss on asset disposals and other transactions | (15) | 12 | (405) | 74 | (144) | (3) | 109 | (25) | (334) | (63) | (1,133) |
Net gain on investment securities | 0 | 0 | (147) | 1 | 764 | 340 | 18 | 1,861 | (146) | 2,983 | 930 |
Total non-interest income excluding net gains and losses | 14,192 | 14,341 | 13,807 | 14,894 | 13,119 | 13,334 | 13,590 | 12,610 | |||
Amortization of other intangible assets | 861 | 862 | 861 | 754 | 913 | 863 | 871 | 869 | 3,338 | 3,516 | 4,030 |
Acquisition-related expenses | 382 | 675 | 6,056 | 149 | 341 | 0 | 0 | 0 | |||
Other expense | 29,713 | 29,292 | 29,054 | 27,318 | 26,152 | 26,468 | 25,809 | 25,689 | |||
Applicable income tax expense | 2,470 | 2,821 | 1,012 | 2,383 | 5,339 | 3,852 | 4,414 | 5,127 | 8,686 | 18,732 | 14,125 |
Net income | $ 13,897 | $ 12,725 | $ 7,892 | $ 11,741 | $ 9,001 | $ 8,809 | $ 9,766 | $ 10,895 | $ 46,255 | $ 38,471 | $ 31,157 |
Earnings per common share - basic | $ 0.71 | $ 0.65 | $ 0.41 | $ 0.64 | $ 0.50 | $ 0.49 | $ 0.54 | $ 0.60 | $ 2.42 | $ 2.12 | $ 1.72 |
Earnings per common share - diluted | $ 0.71 | $ 0.65 | $ 0.41 | $ 0.64 | $ 0.49 | $ 0.48 | $ 0.53 | $ 0.60 | $ 2.41 | $ 2.10 | $ 1.71 |
Weighted-average number of common shares outstanding - basic | 19,337,403 | 19,325,457 | 19,160,728 | 18,126,089 | 18,069,467 | 18,029,991 | 18,044,574 | 18,056,202 | 18,991,768 | 18,050,189 | 18,013,693 |
Weighted-average number of common shares outstanding - diluted | 19,483,452 | 19,466,865 | 19,293,381 | 18,256,035 | 18,240,092 | 18,192,957 | 18,203,752 | 18,213,533 | 19,122,260 | 18,208,684 | 18,155,463 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Commission and fees from sale of insurance policies | $ 12,787 | ||
Cumulative Effect on Retained Earnings, Net of Tax | 3,700 | ||
Deferred Revenue | 5,055 | $ 4,700 | $ 4,700 |
Revenues | $ 207 |
Revenue Revenue from Contract w
Revenue Revenue from Contract with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commission and fees from sale of insurance policies | $ 12,787 | ||
Fees related to third party insurance administration services | 573 | ||
Performance-based insurance commissions | 1,452 | ||
Interchange electronic banking income | 9,721 | ||
Promotional and usage electronic banking income | 1,756 | ||
Ongoing maintenance fees for deposit accounts | 2,718 | ||
Transactional-based fees for deposit accounts | 7,060 | ||
Transactional-based fees included in other non-interest income | 961 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 50,252 | ||
Fiduciary and Trust [Member] | |||
Commercial loan swap fees | 12,543 | $ 11,558 | $ 10,589 |
Interest Rate Swap | transaction fee [Member] | |||
Commercial loan swap fees | 681 | $ 1,232 | $ 1,076 |
Transferred over Time [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 40,098 | ||
Transferred at Point in Time [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 10,154 |
Revenue Contract Assets and Lia
Revenue Contract Assets and Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Balance, January 1, 2018 (a) | $ 4,700 |
Revenues | 207 |
Deferred Revenue, Additions | 5,055 |
Deferred Revenue, Revenue Recognized | 4,700 |
Accrued Fees and Other Revenue Receivable | 207 |
Balance, December 31, 2018 | $ 5,055 |
Derivative Financial Instrume_3
Derivative Financial Instrument (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | |
Derivative [Line Items] | ||||
Weighted average pay rates | 2.37% | 1.88% | ||
Weighted average receive rates | 2.57% | 2.30% | ||
Weighted average maturity | Feb. 24, 2025 | Dec. 29, 2024 | ||
Unrealized gains | $ 860,000 | $ 1,129,000 | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 341,000 | 72,000 | ||
Derivative assets (b) | 4,500,000 | 4,600,000 | ||
Derivative liabilities (c) | 3,600,000 | 3,200,000 | ||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 38,000 | 0 | ||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 18,000 | 0 | ||
Fair Value of Interest Rate Swaps | 2,500,000 | 3,000,000 | ||
Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Notional amounts | 453,400,000 | 363,300,000 | ||
Derivative Asset, Notional Amount | 226,662,000 | 181,659,000 | ||
Derivative Liability, Notional Amount | 226,662,000 | 181,659,000 | ||
Fair Value of Interest Rate Swaps | 2,451,000 | 2,971,000 | ||
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Notional amounts | 110,000,000 | 60,000,000 | $ 50,000,000 | |
Interest Income, Other | $ 38,000 | 0 | ||
Derivative, Number of Instruments Held | contract | 12 | |||
Derivative Asset, Notional Amount | $ 60,000,000 | 40,000,000 | ||
Derivative Liability, Notional Amount | 50,000,000 | 20,000,000 | ||
Interest Rate Swap | Minimum | ||||
Derivative [Line Items] | ||||
Derivative, Fixed Interest Rate | 2.92% | |||
Interest Rate Swap | Maximum | ||||
Derivative [Line Items] | ||||
Derivative, Fixed Interest Rate | 3.00% | |||
Other Assets [Member] | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Fair Value of Interest Rate Swaps | 2,093,000 | 1,623,000 | ||
Liability [Member] | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Fair Value of Interest Rate Swaps | $ 1,111,000 | $ 270,000 | ||
ASB Financial Corp. | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Notional amounts | $ 7,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instrument Interest Rate Swaps (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Derivative [Line Items] | |||
Derivative, Average Fixed Interest Rate | 2.37% | 1.88% | |
Derivative, Average Variable Interest Rate | 2.57% | 2.30% | |
Derivative, Maturity Date | Feb. 24, 2025 | Dec. 29, 2024 | |
Derivative, Gain (Loss) on Derivative, Net | $ 860 | $ 1,129 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 110,000 | $ 60,000 | $ 50,000 |
Derivative Financial Instrume_5
Derivative Financial Instrument Derivatives in Accumulated Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $ 341,000 | $ 72,000 |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | $ 18,000 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instrument Cash Flow Hedges (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Fair Value of Interest Rate Swaps | $ 2,500,000 | $ 3,000,000 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Interest Income, Other | 38,000 | 0 |
Derivative Asset, Notional Amount | 60,000,000 | 40,000,000 |
Derivative Liability, Notional Amount | 50,000,000 | 20,000,000 |
Other Assets [Member] | Interest Rate Swap | ||
Derivative [Line Items] | ||
Fair Value of Interest Rate Swaps | 2,093,000 | 1,623,000 |
Liability [Member] | Interest Rate Swap | ||
Derivative [Line Items] | ||
Fair Value of Interest Rate Swaps | $ 1,111,000 | $ 270,000 |
Derivative Financial Instrume_7
Derivative Financial Instrument Non-Designated Hedges (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $ 341,000 | $ 72,000 | |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 38,000 | $ 0 | |
Derivative, Average Fixed Interest Rate | 2.37% | 1.88% | |
Derivative, Average Variable Interest Rate | 2.57% | 2.30% | |
Derivative, Maturity Date | Feb. 24, 2025 | Dec. 29, 2024 | |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | $ 18,000 | $ 0 | |
Fair Value of Interest Rate Swaps | 2,500,000 | 3,000,000 | |
Derivative, Gain (Loss) on Derivative, Net | 860,000 | 1,129,000 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 110,000,000 | 60,000,000 | $ 50,000,000 |
Interest Income, Other | 38,000 | 0 | |
Derivative Asset, Notional Amount | 60,000,000 | 40,000,000 | |
Derivative Liability, Notional Amount | 50,000,000 | 20,000,000 | |
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 453,400,000 | 363,300,000 | |
Derivative Asset, Notional Amount | 226,662,000 | 181,659,000 | |
Fair Value of Interest Rate Swaps | 2,451,000 | 2,971,000 | |
Derivative Liability, Notional Amount | $ 226,662,000 | $ 181,659,000 |