Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PEOPLES BANCORP INC. | |
Entity Central Index Key | 0000318300 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,698,571 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 56,731 | $ 61,775 |
Interest-bearing deposits in other banks | 36,692 | 15,837 |
Total cash and cash equivalents | 93,423 | 77,612 |
Available-for-sale investment securities, at fair value (amortized cost of $910,431 at June 30, 2019 and $804,655 at December 31, 2018) | 919,364 | 791,891 |
Held-to-maturity investment securities, at amortized cost (fair value of $35,747 at June 30, 2019 and $36,963 at December 31, 2018) | 34,839 | 36,961 |
Other investment securities | 43,508 | 42,985 |
Total investment securities | 997,711 | 871,837 |
Loans, net of deferred fees and costs (a) | 2,833,533 | 2,728,778 |
Allowance for loan losses | (21,357) | (20,195) |
Net loans | 2,812,176 | 2,708,583 |
Loans held for sale | 5,928 | 5,470 |
Bank owned life insurance | 64,451 | 56,542 |
Bank owned life insurance | 69,909 | 68,934 |
Goodwill | 163,292 | 151,245 |
Other intangible assets | 13,471 | 10,840 |
Other assets | 56,015 | 40,391 |
Total assets | 4,276,376 | 3,991,454 |
Liabilities | ||
Non-interest-bearing | 643,058 | 607,877 |
Interest-bearing | 2,720,555 | 2,347,588 |
Total deposits | 3,363,613 | 2,955,465 |
Short-term borrowings | 186,457 | 356,198 |
Long-term borrowings | 85,691 | 109,644 |
Accrued expenses and other liabilities | 61,593 | 50,007 |
Total liabilities | 3,697,354 | 3,471,314 |
Stockholders’ equity | ||
Preferred stock, no par value, 50,000 shares authorized, no shares issued at June 30, 2019 and December 31, 2018 | 0 | 0 |
Common stock, no par value, 24,000,000 shares authorized, 21,142,256 shares issued at June 30, 2019 and 20,124,378 shares issued at December 31, 2018, including shares in treasury | 418,950 | 386,814 |
Retained earnings | 171,410 | 160,346 |
Accumulated other comprehensive income (loss), net of deferred income taxes | 316 | (12,933) |
Treasury stock, at cost, 489,802 shares at June 30, 2019 and 601,289 shares at December 31, 2018 | (11,654) | (14,087) |
Total stockholders’ equity | 579,022 | 520,140 |
Total liabilities and stockholders’ equity | $ 4,276,376 | $ 3,991,454 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Available-for-sale investment securities at amortized cost | $ 910,431 | $ 804,655 |
Held-to-maturity investment securities at fair value | $ 35,747 | $ 36,963 |
Stockholders’ equity | ||
Preferred stock - shares authorized | 50,000 | 50,000 |
Preferred stock - shares issued | 0 | 0 |
Common stock - shares authorized | 24,000,000 | 24,000,000 |
Common stock - shares issued | 21,142,256 | 20,124,378 |
Treasury stock - shares | 489,802 | 601,289 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income: | ||||
Interest and fees on loans | $ 36,660 | $ 31,250 | $ 70,713 | $ 58,131 |
Interest and dividends on taxable investment securities | 5,969 | 5,830 | 11,779 | 11,480 |
Interest on tax-exempt investment securities | 729 | 635 | 1,266 | 1,278 |
Other interest income | 263 | 54 | 439 | 106 |
Total interest income | 43,621 | 37,769 | 84,197 | 70,995 |
Interest expense: | ||||
Interest on deposits | 5,719 | 3,101 | 10,563 | 5,314 |
Interest on short-term borrowings | 1,233 | 1,175 | 2,406 | 2,143 |
Interest on long-term borrowings | 620 | 685 | 1,265 | 1,371 |
Total interest expense | 7,572 | 4,961 | 14,234 | 8,828 |
Net interest income | 36,049 | 32,808 | 69,963 | 62,167 |
Provision for loan losses | 626 | 1,188 | 363 | 3,171 |
Net interest income after provision for loan losses | 35,423 | 31,620 | 69,600 | 58,996 |
Non-interest income: | ||||
Insurance income | 3,486 | 3,369 | 8,107 | 8,024 |
Mortgage banking income | 1,000 | 969 | 1,788 | 1,320 |
Bank owned life insurance income | 490 | 497 | 975 | 965 |
Net loss on investment securities | (57) | (147) | (27) | (146) |
Net loss on asset disposals and other transactions | (293) | (405) | (475) | (331) |
Other non-interest income | 502 | 421 | 1,603 | 1,752 |
Total non-interest income | 15,289 | 13,255 | 30,718 | 28,224 |
Non-interest expense: | ||||
Salaries and employee benefit costs | 20,824 | 18,025 | 40,026 | 34,015 |
Net occupancy and equipment expense | 3,132 | 2,803 | 6,110 | 5,669 |
Professional fees | 2,344 | 3,022 | 3,620 | 4,740 |
Electronic banking expense | 1,693 | 1,407 | 3,270 | 2,857 |
Data processing and software expense | 1,567 | 1,359 | 3,112 | 2,681 |
Amortization of other intangible assets | 824 | 861 | 1,518 | 1,615 |
Franchise tax expense | 772 | 614 | 1,477 | 1,258 |
Marketing expense | 490 | 656 | 1,084 | 981 |
FDIC insurance expense | 381 | 416 | 752 | 782 |
Foreclosed real estate and other loan expenses | 469 | 338 | 724 | 550 |
Communication expense | 317 | 300 | 595 | 644 |
Other non-interest expense | 6,063 | 6,170 | 8,448 | 8,400 |
Total non-interest expense | 38,876 | 35,971 | 70,736 | 64,192 |
Income before income taxes | 11,836 | 8,904 | 29,582 | 23,028 |
Income tax expense | 2,238 | 1,012 | 5,615 | 3,395 |
Net income | $ 9,598 | $ 7,892 | $ 23,967 | $ 19,633 |
Earnings per common share - basic | $ 0.47 | $ 0.41 | $ 1.20 | $ 1.05 |
Earnings per common share - diluted | $ 0.46 | $ 0.41 | $ 1.19 | $ 1.04 |
Weighted-average number of common shares outstanding - basic | 20,277,028 | 19,160,728 | 19,824,035 | 18,646,266 |
Weighted-average number of common shares outstanding - diluted | 20,442,366 | 19,293,381 | 19,972,350 | 18,773,169 |
Cash dividends declared | $ 7,035 | $ 5,466 | $ 12,903 | $ 10,237 |
Cash dividends declared per common share | $ 0.34 | $ 0.28 | $ 0.64 | $ 0.54 |
Fiduciary and Trust [Member] | ||||
Non-interest income: | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,401 | $ 3,232 | $ 6,513 | $ 6,300 |
Credit and Debit Card [Member] | ||||
Non-interest income: | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,267 | 2,785 | 6,254 | 5,570 |
Deposit Account [Member] | ||||
Non-interest income: | ||||
Revenue from Contract with Customer, Including Assessed Tax | 2,977 | 2,388 | 5,318 | 4,508 |
Interest Rate Swap [Member] | transaction fee [Member] | ||||
Non-interest income: | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 516 | $ 146 | $ 662 | $ 262 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 9,598 | $ 7,892 | $ 23,967 | $ 19,633 | |
Available-for-sale investment securities: | |||||
Gross unrealized holding gain (loss) arising during the period | 12,947 | (2,661) | 21,672 | (12,774) | |
Related tax (expense) benefit | (2,719) | 559 | (4,551) | 3,737 | |
Less: reclassification adjustment for net gain included in net income | (57) | (147) | (27) | (146) | |
Related tax benefit | 12 | 31 | 6 | 31 | |
Amounts reclassified out of accumulated other comprehensive loss per ASU 2016-01 (a) | 0 | 0 | 0 | (5,020) | [1] |
Net effect on other comprehensive income (loss) | 10,273 | (1,986) | 17,142 | (13,942) | |
Defined benefit plans: | |||||
Net gain arising during the period | 0 | 0 | 2 | 0 | |
Amortization of unrecognized loss and service cost on benefit plans | 20 | 26 | 37 | 52 | |
Related tax expense | (4) | (5) | (8) | (11) | |
Net effect on other comprehensive income | 16 | 21 | 31 | 41 | |
Cash flow hedges: | |||||
Net (loss) gain arising during the period | (3,134) | 537 | (4,967) | 1,915 | |
Related tax benefit (expense) | 658 | (113) | 1,043 | (402) | |
Net effect on other comprehensive (loss) income | (2,476) | 424 | (3,924) | 1,513 | |
Total other comprehensive income (loss), net of tax | 7,813 | (1,541) | 13,249 | (12,388) | |
Total comprehensive income | $ 17,411 | $ 6,351 | $ 37,216 | $ 7,245 | |
[1] | As of January 1, 2018, Peoples adopted ASU 2016-01, which resulted in the reclassification of $5.0 million in net unrealized gains on equity investment securities from accumulated other comprehensive loss to retained earnings. |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 6 months ended Jun. 30, 2019 - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Restricted Shares | Restricted SharesCommon Stock | Restricted SharesTreasury Stock | FIRST PRESTONSBURG BANCSHARES INC. [Member]Common Stock |
Balance, December 31, 2018 at Dec. 31, 2018 | $ 520,140 | $ 386,814 | $ 160,346 | $ (12,933) | $ (14,087) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 23,967 | 23,967 | |||||||
Other comprehensive income, net of tax | 13,249 | 13,249 | |||||||
Cash dividends declared | (12,903) | (12,903) | |||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | $ 0 | $ (2,821) | $ 2,821 | ||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | 53 | 53 | |||||||
Repurchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors | (684) | (684) | |||||||
Common shares issued under dividend reinvestment plan | 384 | 384 | |||||||
Common shares issued under compensation plan for Boards of Directors | 209 | 52 | 157 | ||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 114 | 28 | 86 | ||||||
Share-based Compensation | 2,056 | 2,056 | |||||||
Stock Issued During Period, Value, Acquisitions | 32,437 | $ 32,437 | |||||||
Balance, June 30, 2019 at Jun. 30, 2019 | $ 579,022 | $ 418,950 | $ 171,410 | $ 316 | $ (11,654) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 18,821 | $ 27,499 |
Available-for-sale investment securities: | ||
Purchases | (116,433) | (81,441) |
Proceeds from sales | 72,481 | 14,489 |
Proceeds from principal payments, calls and prepayments | 70,728 | 60,088 |
Held-to-maturity investment securities: | ||
Proceeds from principal payments | 1,984 | 2,627 |
Other investment securities: | ||
Purchases | (376) | (1,089) |
Proceeds from sales | 3,872 | 7,111 |
Proceeds from insurance claim | 26 | 0 |
Net decrease (increase) in loans held for investment | 29,219 | (92,582) |
Net expenditures for premises and equipment | (1,233) | (2,721) |
Proceeds from sales of other real estate owned | 143 | 265 |
Business acquisitions, net of cash received | (7,795) | (4,695) |
Investment in limited partnership and tax credit funds | (44) | (399) |
Net cash provided by (used in) investing activities | 68,162 | (88,957) |
Financing activities: | ||
Net (decrease) increase in non-interest-bearing deposits | (23,318) | 364 |
Net increase in interest-bearing deposits | 173,571 | 19,705 |
Net (decrease) increase in short-term borrowings | (207,329) | 66,412 |
Payments on long-term borrowings | (849) | (1,062) |
Cash dividends paid | (12,467) | (10,001) |
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock | (684) | (1,143) |
Proceeds from issuance of common shares | 6 | 15 |
Contingent consideration payments made after a business combination | (102) | (224) |
Net cash (used in) provided by financing activities | (71,172) | 74,066 |
Net increase in cash and cash equivalents | 15,811 | 12,608 |
Cash and cash equivalents at beginning of period | 77,612 | 72,194 |
Cash and cash equivalents at end of period | $ 93,423 | $ 84,802 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows Supplemental Information - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 13,765 | $ 8,765 |
Income taxes paid | 6,150 | 6,065 |
Transfers from loans to other real estate owned | $ 49 | $ 16 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation: The accompanying Unaudited Consolidated Financial Statements of Peoples Bancorp Inc. and its subsidiaries ("Peoples" refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by US GAAP for annual financial statements and should be read in conjunction with Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (“Peoples' 2018 Form 10-K”). The accounting and reporting policies followed in the presentation of the accompanying Unaudited Consolidated Financial Statements are consistent with those described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2018 Form 10-K, as updated by the information contained in this Form 10-Q. Management has evaluated all significant events and transactions that occurred after June 30, 2019 for potential recognition or disclosure in these unaudited consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments necessary to present fairly such information for the periods and at the dates indicated. Such adjustments are normal and recurring in nature. Intercompany accounts and transactions have been eliminated. The Consolidated Balance Sheet at December 31, 2018 , contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2018 Form 10-K. The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, due in part to seasonal variations and unusual or infrequently occurring items. New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by Peoples as of the required effective dates. The following accounting pronouncements should be read in conjunction with "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2018 Form 10-K. Accounting Standards Update ("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 early adopted this new accounting guidance as of January 1, 2019, and it will be incorporated in the October 1, 2019 annual goodwill and intangible assets 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 investment 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 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 is utilizing the tool to run test calculations throughout 2019 in anticipation of the full implementation at the beginning of 2020. Peoples has engaged consultants to assist with the completion of certain aspects of the project plan. 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 intends to complete a test run of its process, inclusive of the model, by the end of the third quarter of 2019, pending any unforeseen circumstances or significant changes to the requirements. Peoples expects to recognize a one-time cumulative-effect adjustment to the allowance for loan loss provision, and related tax effect, 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. The impact of the adoption 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Assets and Liabilities 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" of the Notes to the Consolidated Financial Statements included in Peoples' 2018 Form 10‑K. 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 June 30, 2019 December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Available-for-sale investment securities: Obligations of: U.S. government sponsored agencies $ — $ 19,051 $ — $ — $ — $ — States and political subdivisions — 125,418 — — 88,587 — Residential mortgage-backed securities — 748,132 — — 692,608 — Commercial mortgage-backed securities — 22,664 — — 6,707 — Bank-issued trust preferred securities — 4,099 — — 3,989 — Total available-for-sale securities — 919,364 — — 791,891 — Equity investment securities 111 188 — 94 183 — Derivative assets (a) — 9,972 — — 4,544 — Liabilities: Derivative liabilities (b) $ — $ 14,020 $ — $ — $ 3,562 $ — (a) Included in other assets on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 9 Derivative Financial Instruments" of the Notes to the Unaudited Consolidated Financial Statements. (b) Included in accrued expenses and other liabilities on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 9 Derivative Financial Instruments" of the Notes to the Unaudited Consolidated Financial Statements. 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 and accrued expenses and other liabilities, respectively. 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 Unaudited Consolidated Balance Sheets by level in the fair value hierarchy. Non-Recurring Fair Value Measurements at Reporting Date June 30, 2019 December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ 32,952 $ — $ — $ 24,129 Other real estate owned ("OREO") — — 123 — — 94 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 June 30, 2019 , impaired loans with an aggregate principal balance of $43.2 million were outstanding and reported at fair value of $33.0 million . For the three and six months ended June 30, 2019 , Peoples recognized an increase of $223,000 and $830,000 in the specific reserve on impaired loans, through the allowance for loan losses. Other Real Estate Owned: OREO, included in other assets on the Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples in satisfaction of a loan. OREO obtained in satisfaction of a loan is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. 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 or 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 June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 93,423 $ 93,423 $ 77,612 $ 77,612 Held-to-maturity investment securities: Obligations of: States and political subdivisions 2 4,398 4,880 4,403 4,896 Residential mortgage-backed securities 2 23,335 23,451 29,044 28,603 Commercial mortgage-backed securities 2 7,106 7,416 3,514 3,464 Total held-to-maturity securities 34,839 35,747 36,961 36,963 Other investment securities: Federal Home Loan Bank ("FHLB") stock 2 29,257 29,257 29,367 29,367 Federal Reserve Bank ("FRB") stock 2 12,294 12,294 12,294 12,294 Nonqualified deferred compensation 2 1,293 1,293 987 987 Other investment securities 2 365 365 60 60 Other investment securities (a) 43,209 43,209 42,708 42,708 Net loans 3 2,812,176 3,076,717 2,708,583 2,907,537 Loans held for sale 2 5,928 6,353 5,470 5,492 Bank owned life insurance 3 69,909 69,909 68,934 68,934 Servicing rights (b) 3 2,571 3,617 2,655 4,568 Liabilities: Deposits 2 $ 3,363,613 $ 3,335,686 $ 2,955,465 $ 2,953,452 Short-term borrowings 2 186,457 187,337 356,198 349,994 Long-term borrowings 2 85,691 84,933 109,644 107,696 (a) Other investment securities, as reported on the Unaudited 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. (b) Included in other intangible assets on the Unaudited 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: 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. 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 due to restrictions placed on their transferability (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 1-4 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, deposit base, banking center networks, and other information required to compute Peoples’ aggregate fair value that are not included in the above information. Accordingly, the above fair values are not intended to represent the aggregate fair value of Peoples. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Available-for-sale The following table summarizes Peoples' available-for-sale investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2019 Obligations of: U.S. government sponsored agencies $ 18,606 $ 445 $ — $ 19,051 States and political subdivisions 122,809 2,721 (112 ) 125,418 Residential mortgage-backed securities 742,164 8,770 (2,802 ) 748,132 Commercial mortgage-backed securities 22,656 148 (140 ) 22,664 Bank-issued trust preferred securities 4,196 100 (197 ) 4,099 Total available-for-sale securities $ 910,431 $ 12,184 $ (3,251 ) $ 919,364 December 31, 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 The unrealized losses related to residential mortgage-backed securities at June 30, 2019 and December 31, 2018 , 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 periods ended June 30 were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Gross gains realized $ 30 $ 3 $ 60 $ 5 Gross losses realized 87 150 87 151 Net losses realized $ (57 ) $ (147 ) $ (27 ) $ (146 ) The cost of investment securities sold, and any resulting gain or loss, was based on the specific identification method and recognized as of the trade date. The following table presents a summary of available-for-sale investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2019 Obligations of: States and political subdivisions $ — $ — — $ 8,020 $ 112 5 $ 8,020 $ 112 Residential mortgage-backed securities 17,932 154 7 226,208 2,648 77 244,140 2,802 Commercial mortgage-backed securities — — — 6,380 140 5 6,380 140 Bank-issued trust preferred securities — — — 1,803 197 2 1,803 197 Total $ 17,932 $ 154 7 $ 242,411 $ 3,097 89 $ 260,343 $ 3,251 December 31, 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 Management systematically evaluates available-for-sale investment securities for other-than-temporary declines in fair value on a quarterly basis. At June 30, 2019 , management concluded no individual securities were other-than-temporarily impaired since Peoples did not have the intent to sell, nor was it more likely than not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both June 30, 2019 and December 31, 2018 were largely attributable to changes in market interest rates and spreads since the securities were purchased. At June 30, 2019 , approximately 99% of the mortgage-backed securities with a market value that had been at an unrealized loss position for twelve months or more were issued by U.S. government sponsored agencies. The remaining 1% , or two positions, consisted of privately issued mortgage-backed securities with all of the underlying mortgages originated prior to 2004. Both of these positions had a fair value of less than 90% of their book value, with an aggregate book and fair value of $211,000 and $147,000 , respectively. Management analyzed the underlying credit quality of these securities and concluded the unrealized losses were primarily attributable to the floating rate nature of these investments and the low remaining number of loans underlying 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 June 30, 2019 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 June 30, 2019 . 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: U.S. government sponsored agencies $ — $ 2,984 $ 14,644 $ 978 $ 18,606 States and political subdivisions 4,234 31,186 44,207 43,182 122,809 Residential mortgage-backed securities 1 1,919 60,647 679,597 742,164 Commercial mortgage-backed securities — 17,107 1,848 3,701 22,656 Bank-issued trust preferred securities — — 4,196 — 4,196 Total available-for-sale securities $ 4,235 $ 53,196 $ 125,542 $ 727,458 $ 910,431 Fair value Obligations of: U.S. government sponsored agencies $ — $ 3,041 $ 15,011 $ 999 $ 19,051 States and political subdivisions 4,236 31,477 45,518 44,187 125,418 Residential mortgage-backed securities 1 1,934 60,507 685,690 748,132 Commercial mortgage-backed securities — 17,195 1,904 3,565 22,664 Bank-issued trust preferred securities — — 4,099 — 4,099 Total available-for-sale securities $ 4,237 $ 53,647 $ 127,039 $ 734,441 $ 919,364 Total weighted-average yield 2.36 % 2.52 % 2.77 % 2.93 % 2.88 % Held-to-Maturity The following table summarizes Peoples’ held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2019 Obligations of: States and political subdivisions $ 4,398 $ 482 $ — $ 4,880 Residential mortgage-backed securities 23,335 256 (140 ) 23,451 Commercial mortgage-backed securities 7,106 310 — 7,416 Total held-to-maturity securities $ 34,839 $ 1,048 $ (140 ) $ 35,747 December 31, 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 There were no gross gains or gross losses realized by Peoples from sales of held-to-maturity securities for any of the three and six months ended June 30, 2019 and 2018 . The following table presents a summary of held-to-maturity investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2019 Residential mortgage-backed securities $ — $ — — $ 11,639 $ 140 3 $ 11,639 $ 140 Total $ — $ — — $ 11,639 $ 140 3 $ 11,639 $ 140 December 31, 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 The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at June 30, 2019 . 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 $ 305 $ — $ 2,984 $ 1,109 $ 4,398 Residential mortgage-backed securities — — 4,002 19,333 23,335 Commercial mortgage-backed securities — 410 3,893 2,803 7,106 Total held-to-maturity securities $ 305 $ 410 $ 10,879 $ 23,245 $ 34,839 Fair value Obligations of: States and political subdivisions $ 307 $ — $ 3,458 $ 1,115 $ 4,880 Residential mortgage-backed securities — — 4,070 19,381 23,451 Commercial mortgage-backed securities — 412 4,196 2,808 7,416 Total held-to-maturity securities $ 307 $ 412 $ 11,724 $ 23,304 $ 35,747 Total weighted-average yield 2.62 % 2.29 % 1.49 % 2.81 % 2.83 % Other Investment Securities Peoples' other investment securities on the Unaudited Consolidated Balance Sheet consist largely of shares of FHLB of Cincinnati and FRB of Cleveland stock, and other equity investment securities. The following table summarizes the carrying value of Peoples' other investment securities: (Dollars in thousands) June 30, 2019 December 31, 2018 FHLB stock $ 29,257 $ 29,367 FRB stock 12,294 12,294 Nonqualified deferred compensation 1,293 987 Equity investment securities 299 277 Other investment securities 365 60 Total other investment securities $ 43,508 $ 42,985 Peoples redeemed $1.1 million during the second quarter of 2019 and $1.8 million during the first quarter of 2019 of FHLB stock to be in compliance with requirements of the FHLB of Cincinnati. During the three and six months ended June 30, 2019 , Peoples recorded the change in the fair value of equity investment securities held at June 30, 2019 in other non-interest income, resulting in unrealized gains of zero and $ 22,000 , respectively. During the three and six months ended June 30, 2018 , Peoples recorded the change in the fair value of equity investment securities held at June 30, 2018 in other non-interest income, resulting in unrealized losses of $ 658,000 and $ 198,000 , respectively. Net realized gains on sales of equity investment securities, included in other non-interest income during the first six months of 2019, consisted of a realized gain of $787,000 related to the sale of restricted Class B Visa stock, which had been held at a carrying cost and fair value of zero due to the litigation liability associated with the stock. At June 30, 2019 , 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 carrying values of $499.5 million and $430.0 million at June 30, 2019 and December 31, 2018 , respectively, and held-to-maturity investment securities with carrying values of $14.6 million and $16.9 million at June 30, 2019 and December 31, 2018 , 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 $54.3 million and $60.1 million at June 30, 2019 and December 31, 2018 , respectively, and held-to-maturity securities with carrying values of $15.6 million and $16.7 million at June 30, 2019 and December 31, 2018 , respectively, to secure additional borrowing capacity at the FHLB and the FRB. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
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 central 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: (Dollars in thousands) June 30, December 31, 2018 Originated loans: Commercial real estate, construction $ 102,904 $ 124,013 Commercial real estate, other 641,061 632,200 Commercial real estate 743,965 756,213 Commercial and industrial 548,460 530,207 Residential real estate 299,173 296,860 Home equity lines of credit 90,374 93,326 Consumer, indirect 419,595 407,167 Consumer, direct 72,209 71,674 Consumer 491,804 478,841 Deposit account overdrafts 676 583 Total originated loans $ 2,174,452 $ 2,156,030 Acquired loans: Commercial real estate, construction $ 6,775 $ 12,404 Commercial real estate, other 201,909 184,711 Commercial real estate 208,684 197,115 Commercial and industrial 51,506 35,537 Residential real estate 348,439 296,937 Home equity lines of credit 41,262 40,653 Consumer, indirect 90 136 Consumer, direct 9,100 2,370 Consumer 9,190 2,506 Total acquired loans $ 659,081 $ 572,748 Total loans $ 2,833,533 $ 2,728,778 Peoples has acquired various loans through business combinations for which there was, at acquisition, evidence of deterioration of credit quality since origination, and for which it was probable that all contractually required payments would not be collected. The carrying amounts of these purchased credit impaired loans included in the loan balances above are summarized as follows: (Dollars in thousands) June 30, December 31, Commercial real estate $ 13,116 $ 11,955 Commercial and industrial 4,479 1,287 Residential real estate 23,509 20,062 Consumer 640 58 Total outstanding balance $ 41,744 $ 33,362 Net carrying amount $ 28,125 $ 22,475 Changes in the accretable yield for purchased credit impaired loans for the six months ended June 30 were as follows: (Dollars in thousands) June 30, June 30, Balance, beginning of period $ 8,955 $ 6,704 Additions: ASB Financial Corp. — 2,415 First Prestonsburg Bancshares Inc. 3,853 — Accretion (1,148 ) (897 ) Balance, June 30 $ 11,660 $ 8,222 The fair value of newly acquired loans is determined at the time of acquisition and 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 purchased credit impaired loans, 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, loans that have become past due and actual cash flows compared to the projected cash flows from the last re-estimation. Peoples evaluates these changes quarterly and compares the current status or activity to those at the previous cash flow re-estimation date, and the related materiality of the changes. As of June 30, 2019 , these changes, when compared to the total loan portfolio and the factors at the last 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. Cash flows expected to be collected on purchased credit impaired loans are estimated by incorporating several key assumptions, similar to the initial estimate of fair value. These key assumptions include probability of default and the amount of actual prepayments after the acquisition date. Prepayments affect the estimated life of the loans and could change the amount of interest income and possibly the principal expected to be collected. In re-forecasting future estimated cash flows, credit loss expectations are adjusted as necessary. Pledged Loans Peoples pledges certain loans secured by 1-4 family and multifamily residential mortgages under a blanket collateral agreement to secure borrowings from the FHLB of Cincinnati. The amount of loans pledged under this blanket collateral agreement totaled $488.4 million and $505.7 million at June 30, 2019 and December 31, 2018 , respectively. Peoples also pledges commercial loans to secure borrowings with the FRB of Cleveland. The outstanding balances of these loans totaled $153.0 million and $180.9 million at June 30, 2019 and December 31, 2018 , respectively. Nonaccrual and Past Due Loans A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due. The recorded investments in loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: Nonaccrual Loans Loans 90+ Days Past Due and Accruing (Dollars in thousands) June 30, December 31, June 30, December 31, Originated loans: Commercial real estate, construction $ 688 $ 710 $ — $ — Commercial real estate, other 6,241 6,565 — 786 Commercial real estate 6,929 7,275 — 786 Commercial and industrial 2,044 1,673 — — Residential real estate 3,816 4,105 438 398 Home equity lines of credit 452 596 53 7 Consumer, indirect 535 480 — — Consumer, direct 12 56 — — Consumer 547 536 — — Total originated loans $ 13,788 $ 14,185 $ 491 $ 1,191 Acquired loans: Commercial real estate, construction $ — $ — $ 230 $ — Commercial real estate, other 308 319 557 15 Commercial real estate 308 319 787 15 Commercial and industrial 36 36 261 18 Residential real estate 1,716 1,921 1,853 1,032 Home equity lines of credit 742 637 — — Consumer, direct 1 — 57 — Total acquired loans $ 2,803 $ 2,913 $ 2,958 $ 1,065 Total loans $ 16,591 $ 17,098 $ 3,449 $ 2,256 The following table presents the aging of the recorded investment in past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total June 30, 2019 Originated loans: Commercial real estate, construction $ — $ — $ 688 $ 688 $ 102,216 $ 102,904 Commercial real estate, other — — 6,050 6,050 635,011 641,061 Commercial real estate — — 6,738 6,738 737,227 743,965 Commercial and industrial 606 3 1,937 2,546 545,914 548,460 Residential real estate 1,391 1,177 2,478 5,046 294,127 299,173 Home equity lines of credit 387 18 461 866 89,508 90,374 Consumer, indirect 3,024 216 111 3,351 416,244 419,595 Consumer, direct 306 17 2 325 71,884 72,209 Consumer 3,330 233 113 3,676 488,128 491,804 Deposit account overdrafts — — — — 676 676 Total originated loans $ 5,714 $ 1,431 $ 11,727 $ 18,872 $ 2,155,580 $ 2,174,452 Acquired loans: Commercial real estate, construction $ — $ — $ 230 $ 230 $ 6,545 $ 6,775 Commercial real estate, other 661 728 773 2,162 199,747 201,909 Commercial real estate 661 728 1,003 2,392 206,292 208,684 Commercial and industrial 488 60 297 845 50,661 51,506 Residential real estate 1,685 2,075 2,700 6,460 341,979 348,439 Home equity lines of credit 228 109 563 900 40,362 41,262 Consumer, indirect — — — — 90 90 Consumer, direct 88 52 57 197 8,903 9,100 Consumer 88 52 57 197 8,993 9,190 Total acquired loans $ 3,150 $ 3,024 $ 4,620 $ 10,794 $ 648,287 $ 659,081 Total loans $ 8,864 $ 4,455 $ 16,347 $ 29,666 $ 2,803,867 $ 2,833,533 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total December 31, 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 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 Delinquency trends remained stable, as 99.0% of Peoples' portfolio was considered “current” at June 30, 2019 , compared to 98.5% at December 31, 2018 . Credit Quality Indicators As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2018 Form 10-K, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. A description of the general characteristics of the risk grades used by Peoples is as follows: “Pass” (grades 1 through 4): Loans in this risk category involve borrowers of acceptable-to-strong credit quality and risk who have the apparent ability to satisfy their loan obligations. Loans in this risk grade would possess sufficient mitigating factors, such as adequate collateral or strong guarantors possessing the capacity to repay the loan if required, for any weakness that may exist. “Special Mention” (grade 5): Loans in this risk grade are the equivalent of the regulatory definition of “Other Assets Especially Mentioned.” Loans in this 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 a secondary source of repayment. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the loan or in Peoples' credit position. “Substandard” (grade 6): Loans in this risk grade are inadequately protected by the borrower's current financial condition and payment capability or the collateral pledged, if any. Loans so classified have one or more well-defined weaknesses that jeopardize the orderly repayment of the loan. They are characterized by the distinct possibility that Peoples will sustain some loss if the deficiencies are not corrected. “Doubtful” (grade 7): Loans in this risk grade have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or orderly repayment in full, on the basis of current existing facts, conditions and values, highly questionable and improbable. Possibility of loss is extremely high, but because of certain important and reasonably specific factors that may work to the advantage and strengthening of the exposure, classification of the loan as an estimated loss is deferred until its more exact status may be determined. “Loss” (grade 8): Loans in this risk grade are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean a loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Charge-offs against the allowance for loan losses are taken during the period in which the loan becomes uncollectible. Consequently, Peoples typically does not maintain a recorded investment in loans within this category. Consumer loans and other smaller-balance loans are evaluated and categorized as “substandard,” “doubtful,” or “loss” based upon the regulatory definition of these classes and consistent with regulatory requirements. All other loans not evaluated individually, nor meeting the regulatory conditions to be categorized as described above, would be considered as being “not rated.” The following table summarizes the risk category of loans within Peoples' loan portfolio based upon the most recent analysis performed: Pass Rated (Grades 1 - 4) Special Mention (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) June 30, 2019 Originated loans: Commercial real estate, construction $ 100,231 $ — $ 1,431 $ — $ 1,242 $ 102,904 Commercial real estate, other 622,966 7,673 10,416 6 — 641,061 Commercial real estate 723,197 7,673 11,847 6 1,242 743,965 Commercial and industrial 525,738 5,807 16,915 — — 548,460 Residential real estate 13,752 201 14,682 249 270,289 299,173 Home equity lines of credit 17 — — — 90,357 90,374 Consumer, indirect — — — — 419,595 419,595 Consumer, direct 24 — — — 72,185 72,209 Consumer 24 — — — 491,780 491,804 Deposit account overdrafts — — — — 676 676 Total originated loans $ 1,262,728 $ 13,681 $ 43,444 $ 255 $ 854,344 $ 2,174,452 Acquired loans: Commercial real estate, construction $ 4,338 $ 1,636 $ 801 $ — $ — $ 6,775 Commercial real estate, other 178,425 12,700 10,693 91 — 201,909 Commercial real estate 182,763 14,336 11,494 91 — 208,684 Commercial and industrial 43,171 3,265 5,038 32 — 51,506 Residential real estate 17,634 2,686 2,564 130 325,425 348,439 Home equity lines of credit 81 — — — 41,181 41,262 Consumer, indirect 1 — — — 89 90 Consumer, direct 19 — — — 9,081 9,100 Consumer 20 — — — 9,170 9,190 Total acquired loans $ 243,669 $ 20,287 $ 19,096 $ 253 $ 375,776 $ 659,081 Total loans $ 1,506,397 $ 33,968 $ 62,540 $ 508 $ 1,230,120 $ 2,833,533 Pass Rated (Grades 1 - 4) Special Mention (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) December 31, 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 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 In the first six months of 2019, Peoples' classified loans, which are loans categorized as substandard or doubtful, increased compared to the balances at December 31, 2018 mostly due to downgrades during the period combined with loans acquired in the First Prestonsburg merger, which were partially offset by paydowns on classified loans. At June 30, 2019, criticized loans, which are those categorized as special mention, substandard or doubtful, declined compared to the balance at December 31, 2018, largely due to the upgrade of two commercial relationships, partially offset by loans acquired in the First Prestonsburg merger. At June 30, 2019 , Peoples had a total of $ 2.2 million of loans secured by residential real estate mortgages that were in the process of foreclosure. Impaired Loans The following table summarizes loans classified as impaired: Unpaid Principal Balance Recorded Investment Total Recorded Investment Average Recorded Investment Interest Income Recognized With Allowance Without Allowance Related Allowance (Dollars in thousands) June 30, 2019 Commercial real estate, construction $ 1,793 $ — $ 1,706 $ 1,706 $ — $ 1,728 $ 29 Commercial real estate, other 15,546 4,753 10,296 15,049 520 14,722 250 Commercial real estate 17,339 4,753 12,002 16,755 520 16,450 279 Commercial and industrial 4,265 1,485 2,731 4,216 449 3,226 47 Residential real estate 22,195 387 23,170 23,557 53 22,086 629 Home equity lines of credit 1,469 419 1,051 1,470 68 1,343 40 Consumer, indirect 445 96 356 452 23 413 15 Consumer, direct 464 49 415 464 18 207 9 Consumer 909 145 771 916 41 620 24 Total $ 46,177 $ 7,189 $ 39,725 $ 46,914 $ 1,131 $ 43,725 $ 1,019 December 31, 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 Peoples' impaired loans shown in the table above included loans that were classified as troubled debt restructurings ("TDRs"). In assessing whether or not a borrower is experiencing financial difficulties, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (i) the borrower is currently in payment default on any of the borrower's debt; (ii) a payment default is probable in the foreseeable future without the modification; (iii) the borrower has declared or is in the process of declaring bankruptcy; and (iv) the borrower's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification. Peoples considers all aspects of the modification to loan terms to determine whether a concession has been granted to the borrower. Key factors considered by Peoples include the borrower's ability to access funds at a market rate for debt with similar risk characteristics, the significance of the modification relative to the unpaid principal balance or collateral value of the debt, and the significance of a delay in the timing of payments relative to the original contractual terms of the loan. The most common concessions granted by Peoples generally include one or more modifications to the terms of the loan, such as (i) a reduction in the interest rate for the remaining life of the loan, (ii) an extension of the maturity date at an interest rate lower than the current market rate for new loans with similar risk, (iii) a temporary period of interest-only payments, and (iv) a reduction in the contractual payment amount for either a short period or the remaining term of the loan. The following table summarizes the loans that were modified as a TDR during the three months ended June 30 : Three Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2019 Originated loans: Residential real estate 1 $ 37 $ 37 $ 37 Home equity lines of credit 2 60 60 60 Consumer, indirect 7 110 110 110 Consumer, direct 3 41 41 41 Consumer 10 151 151 151 Total originated loans 13 $ 248 $ 248 $ 248 Acquired loans: Commercial real estate, other 7 $ 725 $ 699 $ 700 Commercial and industrial 4 1,259 1,259 1,259 Residential real estate 35 1,823 1,823 1,823 Home equity lines of credit 7 113 113 113 Consumer, direct 16 340 340 340 Total acquired loans 69 $ 4,260 $ 4,234 $ 4,235 June 30, 2018 Originated loans: Residential real estate 5 $ 717 $ 717 $ 717 Home equity lines of credit 3 61 61 61 Consumer, indirect 14 230 230 230 Consumer, direct 5 27 27 27 Consumer 19 257 257 257 Total originated loans 27 $ 1,035 $ 1,035 $ 1,035 Acquired loans: Residential real estate 11 $ 720 $ 720 $ 720 Home equity lines of credit 4 86 86 86 Consumer, direct 3 57 57 57 Total acquired loans 18 $ 863 $ 863 $ 863 (a) 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. Six Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2019 Originated loans: Commercial and industrial 2 $ 38 $ 38 $ 35 Residential real estate 3 436 440 437 Home equity lines of credit 4 139 139 139 Consumer, indirect 8 123 123 123 Consumer, direct 5 69 69 67 Consumer 13 192 192 190 Total originated loans 22 $ 805 $ 809 $ 801 Acquired loans: Commercial real estate, other 7 $ 724 $ 699 $ 700 Commercial and industrial 4 1,259 1,259 1,259 Residential real estate 36 1,847 1,847 1,842 Home equity lines of credit 9 179 179 178 Consumer, direct 16 340 340 340 Total acquired loans 72 $ 4,349 $ 4,324 $ 4,319 June 30, 2018 Originated loans: Residential real estate 7 $ 910 $ 910 $ 911 Home equity lines of credit 3 61 61 61 Consumer, indirect 21 316 316 302 Consumer, direct 7 31 31 31 Consumer 28 347 347 333 Total originated loans 38 $ 1,318 $ 1,318 $ 1,305 Acquired loans: Commercial real estate, other 1 $ 50 $ 50 $ 48 Residential real estate 13 989 989 989 Home equity lines of credit 4 86 86 86 Consumer, direct 3 57 57 57 Total acquired loans 21 $ 1,182 $ 1,182 $ 1,180 (a) 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 acquired loans modified in a TDR during the year that subsequently defaulted (i.e., were 90 days or more past due following a modification) during the six-month periods ended June 30: June 30, 2019 June 30, 2018 (Dollars in thousands) Number of Contracts Recorded Investment (a) Impact on the Allowance for Loan Losses Number of Contracts Recorded Investment (a) Impact on the Allowance for Loan Losses Acquired loans: Consumer, direct 1 $ 34 $ — — $ — $ — Total 1 $ 34 $ — — $ — $ — (a) The amount shown is inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. Peoples did not have any originated loans that were modified as a TDR during the last twelve months that subsequently defaulted. Peoples had no commitments to lend additional funds to the related debtors whose terms have been modified in a TDR. Allowance for Originated Loan Losses Changes in the allowance for originated loan losses for the six months ended June 30 were as follows: (Dollars in thousands) Commercial Real Estate Commercial and Industrial Residential Real Estate Home Equity Lines of Credit Consumer Indirect Consumer Direct Deposit Account Overdrafts Total Balance, January 1, 2019 $ 8,003 $ 6,178 $ 1,214 $ 618 $ 3,214 $ 351 $ 81 $ 19,659 Charge-offs (153 ) (63 ) (176 ) (9 ) (819 ) (96 ) (349 ) (1,665 ) Recoveries 12 2,012 133 2 162 40 106 2,467 Net (charge-offs) recoveries (141 ) 1,949 (43 ) (7 ) (657 ) (56 ) (243 ) 802 Provision for (recoveries of) loan losses 383 (930 ) 13 (13 ) 615 47 248 363 Balance, June 30, 2019 $ 8,245 $ 7,197 $ 1,184 $ 598 $ 3,172 $ 342 $ 86 $ 20,824 Balance, January 1, 2018 $ 7,797 $ 5,813 $ 904 $ 693 $ 2,944 $ 464 $ 70 $ 18,685 Charge-offs (849 ) (38 ) (227 ) (57 ) (1,479 ) (219 ) (420 ) (3,289 ) Recoveries 43 — 67 9 272 84 116 591 Net charge-offs (806 ) (38 ) (160 ) (48 ) (1,207 ) (135 ) (304 ) (2,698 ) Provision for (recovery of) loan losses 1,280 (410 ) 261 (27 ) 1,602 136 329 3,171 Balance, June 30, 2018 $ 8,271 $ 5,365 $ 1,005 $ 618 $ 3,339 $ 465 $ 95 $ 19,158 The following table details the recorded investment and allowance for originated loan losses disaggregated based on impairment method: (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 June 30, 2019 Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 520 $ 449 $ 53 $ 68 $ 23 $ 18 $ — $ 1,131 Loans collectively evaluated for impairment 7,725 6,748 1,131 530 3,149 324 86 19,693 Ending balance $ 8,245 $ 7,197 $ 1,184 $ 598 $ 3,172 $ 342 $ 86 $ 20,824 Recorded investment in: Loans individually evaluated for impairment $ 16,755 $ 4,216 $ 23,557 $ 1,470 $ 452 $ 464 $ — $ 46,914 Loans collectively evaluated for impairment 727,210 544,244 275,616 88,904 419,143 71,745 676 2,127,538 Ending balance $ 743,965 $ 548,460 $ 299,173 $ 90,374 $ 419,595 $ 72,209 $ 676 $ 2,174,452 December 31, 2018 Allowance for loan losses 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 Ending balance $ 8,003 $ 6,178 $ 1,214 $ 618 $ 3,214 $ 351 $ 81 $ 19,659 Recorded investment in: Loans individually evaluated for impairment $ 17,596 $ 3,226 $ 24,678 $ 2,293 $ 503 $ 79 $ — $ 48,375 Loans collectively evaluated for impairment 738,617 526,981 272,182 91,033 406,664 71,595 583 2,107,655 Ending balance $ 756,213 $ 530,207 $ 296,860 $ 93,326 $ 407,167 $ 71,674 $ 583 $ 2,156,030 June 30, 2018 Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 1 $ 191 $ 47 $ 14 $ 31 $ 45 $ — $ 329 Loans collectively evaluated for impairment 8,270 5,174 958 604 3,308 420 95 18,829 Ending balance $ 8,271 $ 5,365 $ 1,005 $ 618 $ 3,339 $ 465 $ 95 $ 19,158 Recorded investment in: Loans individually evaluated for impairment $ 19,162 $ 3,173 $ 26,497 $ 1,736 $ 441 $ 150 $ — $ 51,159 Loans collectively evaluated for impairment 737,051 468,097 273,437 88,221 372,943 71,395 860 2,012,004 Ending balance $ 756,213 $ 471,270 $ 299,934 $ 89,957 $ 373,384 $ 71,545 $ 860 $ 2,063,163 Allowance for Loan Losses for Acquired Loans 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 non-impaired acquired loans are similar to those utilized for originated loans; however, Peoples records a provision for loan losses only when the computed allowance exceeds the remaining fair value adjustment. The following table presents activity in the allowance for loan losses for acquired loans: Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Non-impaired loans: Balance, beginning of period $ 380 $ — $ 383 $ — Charge-offs — — (3 ) — Balance, end of period $ 380 $ — $ 380 $ — Purchased credit impaired loans: Balance, beginning of period $ 153 $ 108 $ 153 $ 108 Balance, end of period $ 153 $ 108 $ 153 $ 108 The allowance for loan losses for non-impaired acquired loans was established at December 31, 2018. |
Long-Term Borrowings
Long-Term Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | Long-Term Borrowings The following table summarizes Peoples' long-term borrowings: June 30, 2019 December 31, 2018 (Dollars in thousands) Balance Weighted- Balance Weighted- FHLB putable, non-amortizing, fixed-rate advances $ 65,000 2.18 % $ 85,000 2.05 % FHLB amortizing, fixed-rate advances 13,324 1.73 % 17,361 2.09 % Junior subordinated debt securities 7,367 7.34 % 7,283 7.83 % Total long-term borrowings $ 85,691 2.55 % $ 109,644 2.44 % Peoples continually evaluates its overall balance sheet position given the interest rate environment. During the first six months of 2019, no additional borrowings were entered into, and two long-term FHLB non-amortizing advances totaling $20.0 million were reclassified to short-term borrowings as the maturity became less than one year. As of June 30, 2019 , Peoples had one remaining FHLB putable option-based advance. 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. Peoples is required to make quarterly interest payments. The amortizing, fixed-rate FHLB advances have a fixed rate for the term of each advance, with maturities ranging from eight 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. The aggregate minimum annual retirements of long-term borrowings in future periods are as follows: (Dollars in thousands) Balance Weighted-Average Rate Six months ending December 31, 2019 $ 2,568 1.48 % Year ending December 31, 2020 2,555 1.35 % Year ending December 31, 2021 21,979 1.74 % Year ending December 31, 2022 16,521 1.95 % Year ending December 31, 2023 1,157 1.06 % Thereafter 40,911 3.41 % Total long-term borrowings $ 85,691 2.55 % Effective April 3, 2019, Peoples terminated the Credit Agreement, dated as of March 4, 2016, between Peoples, as Borrower, and Raymond James Bank, N.A., as Lender (the "RJB Credit Agreement"), with a revolving line of credit in the maximum aggregate principal amount of $15.0 million . As of the termination date, April 3, 2019, and December 31, 2018, there were no borrowings outstanding under the RJB Credit Agreement. Additional information regarding the RJB Credit Agreement can be found in "Note 9 Long-Term Borrowings" of the Notes to the Consolidated Financial Statements included in Peoples' 2018 Form 10-K. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The following table details the progression in Peoples’ common shares and treasury stock during the six months ended June 30, 2019 : Common Stock Treasury Stock Shares at December 31, 2018 20,124,378 601,289 Changes related to stock-based compensation awards: Release of restricted common shares — 17,481 Cancellation of restricted common shares — 3,465 Grant of restricted common shares — (122,286 ) Grant of common shares — (4,680 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 3,834 Disbursed out of treasury stock — (2,187 ) Common shares issued under dividend reinvestment plan 12,400 — Common shares issued under compensation plan for Boards of Directors — (3,490 ) Common shares issued under employee stock purchase plan — (3,624 ) Issuance of common shares related to the merger with First Prestonsburg Bancshares Inc. 1,005,478 — Shares at June 30, 2019 21,142,256 489,802 Under its Amended Articles of Incorporation, Peoples is authorized to issue up to 50,000 preferred shares, in one or more series, having such voting powers, designations, preferences, rights, qualifications, limitations and restrictions as determined by Peoples' Board of Directors. At June 30, 2019 , Peoples had no preferred shares issued or outstanding. The following table details the cash dividends declared per common share during 2019 and the comparable period of 2018 : 2019 2018 First quarter $ 0.30 $ 0.26 Second quarter 0.34 0.28 Third quarter 0.34 0.28 Total dividends declared $ 0.98 $ 0.82 Accumulated Other Comprehensive Income (Loss) The following table details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the six months ended June 30, 2019 : (Dollars in thousands) Unrealized Gain (Loss) on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Gain (Loss) on Cash Flow Hedge Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2018 $ (10,082 ) $ (3,711 ) $ 860 $ (12,933 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax 21 — — 21 Other comprehensive income (loss), net of reclassifications and tax 17,121 31 (3,924 ) 13,228 Balance, June 30, 2019 $ 7,060 $ (3,680 ) $ (3,064 ) $ 316 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Peoples sponsors a noncontributory defined benefit pension plan that covers substantially all employees hired before January 1, 2010. The plan provides retirement benefits based on an employee’s years of service and compensation. For employees hired before January 1, 2003, the amount of postretirement benefit is based on the employee’s average monthly compensation over the highest five consecutive years out of the employee’s last ten years with Peoples while an eligible employee. For employees hired on or after January 1, 2003, the amount of postretirement benefit is based on 2% of the employee’s annual compensation 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 certain 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 detail the components of the net periodic cost for the plans described above: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Interest cost $ 110 $ 105 $ 219 $ 210 Expected return on plan assets (196 ) (146 ) (391 ) (293 ) Amortization of net loss 20 27 39 55 Net periodic income $ (66 ) $ (14 ) $ (133 ) $ (28 ) Postretirement Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Interest cost $ 1 $ 1 $ 2 $ 2 Amortization of prior service cost (1 ) — (1 ) — Amortization of net loss — (1 ) (2 ) (3 ) Net periodic income $ — $ — $ (1 ) $ (1 ) There were no settlement charges recorded during any of the three and six months ended June 30, 2019 and June 30, 2018 under the noncontributory defined benefit pension plan. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculations of basic and diluted earnings per common share were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per common share data) 2019 2018 2019 2018 Distributed earnings allocated to common shareholders $ 6,935 $ 5,407 $ 12,711 $ 10,123 Undistributed earnings allocated to common shareholders 2,568 2,427 11,067 9,389 Net earnings allocated to common shareholders $ 9,503 $ 7,834 $ 23,778 $ 19,512 Weighted-average common shares outstanding 20,277,028 19,160,728 19,824,035 18,646,266 Effect of potentially dilutive common shares 165,338 132,653 148,315 126,903 Total weighted-average diluted common shares outstanding 20,442,366 19,293,381 19,972,350 18,773,169 Earnings per common share: Basic $ 0.47 $ 0.41 $ 1.20 $ 1.05 Diluted $ 0.46 $ 0.41 $ 1.19 $ 1.04 Anti-dilutive common shares excluded from calculation: Restricted shares 87 — 46 32 |
Derivative Financial Instrument
Derivative Financial Instruments (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging [Text Block] | 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 values 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 are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. As of June 30, 2019 , Peoples had entered into fifteen interest rate swap contracts with an aggregate notional value of $ 140.0 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 interest paid on rolling three-month FHLB advances or rolling three-month brokered certificates of deposit, which will continue to be rolled through the life of the swaps. Amounts reported in accumulated other comprehensive income (loss) ("AOCI"), related to derivatives will be reclassified to interest income or expense as interest payments are made or received on Peoples' variable-rate assets or liabilities. During the three and six months ended June 30, 2019 , Peoples had reclassifications of gains to interest expense of $70,000 and $153,000 , respectively, and during the three and six months ended June 30, 2018 , Peoples had reclassifications of gains to interest expense of $28,000 and $16,000 , respectively. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of each derivative is reported in AOCI (outside of earnings), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Peoples assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transaction. The reset dates and the payment dates on the 90-day advances or brokered certificates of deposit used to fund the swaps are matched to the reset dates and payment dates on the receipt of the 3-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. The amount of pre-tax AOCI for Peoples' cash flow hedges was $ 3.9 million at June 30, 2019 . The following table summarizes information about the interest rate swaps designated as cash flow hedges: (Dollars in thousands) June 30, December 31, Notional amount $ 140,000 $ 110,000 Weighted average pay rates 2.27 % 2.37 % Weighted average receive rates 1.80 % 2.57 % Weighted average maturity 5.6 years 6.2 years Unrealized gains $ 3,879 $ 860 The following table presents net losses or gains recorded in AOCI and in the Unaudited Consolidated Statements of Income related to the cash flow hedges: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Amount of loss (gain) recognized in AOCI, pre-tax $ 2,994 $ (529 ) $ 4,661 $ (1,907 ) Amount of (gain) loss recognized in earnings $ — $ — $ (19 ) $ 30 The following table reflects the cash flow hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value: June 30, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to debt $ 35,000 $ 316 $ 60,000 $ 2,093 Total included in other assets $ 35,000 $ 316 $ 60,000 $ 2,093 Included in accrued expenses and other liabilities: Interest rate swaps related to debt $ 105,000 $ 4,363 $ 50,000 $ 1,111 Total included in accrued expenses and other liabilities $ 105,000 $ 4,363 $ 50,000 $ 1,111 At June 30, 2019 , Peoples had $14.4 million and no amount of cash pledged at December 31, 2018, against interest rate swaps related to debt, however, the counterparties had pledged no amount of cash and $130,000 , respectively. 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 gross notional value of $ 492.0 million and fair value of $ 9.7 million of equally offsetting assets and liabilities at June 30, 2019 , and a gross notional value of $ 453.4 million and fair value of $ 2.5 million of equally offsetting assets and liabilities at December 31, 2018 . 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, which are included in the Unaudited Consolidated Balance Sheets at fair value: June 30, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to commercial loans $ 245,996 $ 9,656 $ 226,662 $ 2,451 Total included in other assets $ 245,996 $ 9,656 $ 226,662 $ 2,451 Included in accrued expenses and other liabilities: Interest rate swaps related to commercial loans $ 245,996 $ 9,656 $ 226,662 $ 2,451 Total included in accrued expenses and other liabilities $ 245,996 $ 9,656 $ 226,662 $ 2,451 Peoples had no cash pledged against interest rate swaps related to commercial loans. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [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 stock awards, stock appreciation rights ("SARs"), 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. 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 2018 and 2019, the Board of Directors granted unrestricted common shares to non-employee directors and to all full-time and part-time employees who did not already participate in the 2006 Equity Plan. In general, common shares issued in connection with stock-based awards are issued from treasury shares to the extent available. If no treasury shares are available, common shares are issued from authorized but unissued common shares. Restricted Common Shares Under the 2006 Equity Plan, Peoples may award restricted common shares to officers, key employees and non-employee directors. Since 2018, common shares awarded to non-employee directors have vested immediately upon grant with no restrictions. Restrictions on restricted common shares awarded to employees typically expire after periods ranging from one to three years . In the first six months of 2019 , Peoples granted an aggregate of 117,200 restricted common shares subject to performance-based vesting to officers and key employees with restrictions that will lapse three years after the grant date provided that in order for the restricted common shares to vest in full, Peoples must have reported positive net income and maintained a well capitalized status by regulatory standards for each of the three fiscal years preceding the vesting date. During the first six months of 2019 , Peoples granted, to certain key employees, an aggregate of 5,086 restricted common shares subject to time-based vesting with restrictions that will lapse three years after the grant date. The following table summarizes the changes to Peoples’ restricted common shares for the six months ended June 30, 2019 : 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 43,679 $ 29.64 175,772 $ 31.08 Awarded 5,086 32.05 117,200 32.20 Released 17,500 21.69 33,400 17.86 Forfeited 2,852 37.79 613 34.50 Outstanding at June 30 28,413 $ 34.16 258,959 $ 33.29 For the six months ended June 30, 2019 , the total intrinsic value for restricted common shares released was $ 1.6 million compared to $3.2 million for the six months ended June 30, 2018 . 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 individuals who were then serving as 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. As of June 30, 2019 , one of seven performance unit awards had been forfeited as one of the individuals granted a performance unit award left Peoples before meeting the minimum service requirement to retain the performance unit award. 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 table summarizes the amount of stock-based compensation expense and related tax benefit recognized for each period: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Total stock-based compensation expense $ 930 $ 424 $ 2,138 $ 1,510 Recognized tax benefit (195 ) (89 ) (449 ) (317 ) Net expense recognized $ 735 $ 335 $ 1,689 $ 1,193 Restricted common shares were the primary form of stock-based compensation awards granted by Peoples in the three and six months ended June 30, 2019 and 2018 . The fair value of restricted common share awards on the grant date is the market price of Peoples' common shares. Total unrecognized stock-based compensation expense related to unvested awards was $ 3.6 million at June 30, 2019 , which will be recognized over a weighted-average period of 2.1 years . On February 14, 2018, an aggregate of 11,112 unrestricted common shares were granted as a one-time special award to all full-time and part-time employees who did not already participate in the 2006 Equity Plan, with a related stock-based compensation expense of $388,000 being recognized. On June 3, 2019, an aggregate of 880 unrestricted common shares were granted as a one-time special award to all full-time and part-time First Prestonsburg employees, with a related stock-based compensation expense of $27,000 being recognized. For the three and six months ended June 30, 2019 , Peoples recorded $11,000 and $50,000 , respectively, of stock-based compensation associated with the performance unit awards and for the three and six months ended June 30, 2018 recorded $81,000 and $125,000 , respectively. Additionally, Peoples recognized $16,000 and $32,000 of stock-based compensation associated with the employee stock purchase plan, based on purchases by employees thereunder, in the three and six months ended June 30, 2019 , respectively, and $14,000 and $28,000 for the three and six months ended June 30, 2018 , respectively. Unrestricted common shares awarded to non-employee directors are included as a component of Peoples' other non-interest expense. On January 31, 2019, Peoples granted, to non-employee directors, an aggregate of 3,200 unrestricted common shares, which resulted in an additional $102,000 of stock-based compensation expense being recognized. On January 31, 2018, Peoples granted, to non-employee directors, an aggregate of 3,600 unrestricted common shares, which resulted in an additional $128,000 of stock-based compensation expense being recognized. |
Revenue (Notes)
Revenue (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue The following table details Peoples' revenue from contracts with customers: Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Insurance income: Commission and fees from sale of insurance policies (a) $ 3,306 $ 3,193 $ 6,339 $ 6,382 Fees related to third-party administration services (a) 178 173 347 292 Performance-based commissions (b) 2 3 1,421 1,350 Trust and investment income (a) 3,401 3,232 6,513 6,300 Electronic banking income: Interchange income (a) 2,747 2,520 5,190 4,784 Promotional and usage income (a) 520 265 1,064 786 Deposit account service charges: Ongoing maintenance fees for deposit accounts (a) 1,012 646 1,764 1,321 Transactional-based fees (b) 1,965 1,742 3,554 3,187 Commercial loan swap fees (b) 516 146 662 262 Other non-interest income transactional-based fees (b) 253 262 424 543 Total $ 13,900 $ 12,182 $ 27,278 $ 25,207 Timing of revenue recognition: Services transferred over time $ 11,164 $ 10,029 $ 21,217 $ 19,865 Services transferred at a point in time 2,736 2,153 6,061 5,342 Total $ 13,900 $ 12,182 $ 27,278 $ 25,207 (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 June 30, 2019 : Contract Assets Contract Liabilities (Dollars in thousands) Balance, January 1, 2019 $ 207 $ 5,055 Additional income receivable 183 — Additional deferred income — 4,013 Receipt of income previously receivable (11 ) — Recognition of income previously deferred — (3,521 ) Balance, June 30, 2019 $ 379 $ 5,547 |
Acquisitions (Notes)
Acquisitions (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions On April 12, 2019, Peoples completed the merger with First Prestonsburg Bancshares Inc. ("First Prestonsburg"). First Prestonsburg merged into Peoples and First Prestonsburg's wholly-owned subsidiary, First Commonwealth Bank of Prestonsburg, Inc. ("First Commonwealth"), which operates nine full-service branches located in eastern and central Kentucky, merged into Peoples Bank. Consideration of $32.4 million was paid by Peoples in the form of 12.512 common shares of Peoples stock to shareholders of First Prestonsburg for each share of First Prestonsburg common stock they owned, which resulted in the issuance of 1,005,478 common shares of Peoples stock. In addition, immediately prior to the closing of the merger, First Prestonsburg paid a special cash distribution of $140.30 per share (for an aggregate amount of $11.3 million ) which was deemed part of the purchase price to its shareholders. As a result, First Prestonsburg shareholders received a total purchase price of $43.7 million . The following table provides the preliminary purchase price calculation as of the date of acquisition for the First Prestonsburg acquisition, and the assets acquired and liabilities assumed at their estimated fair values. (Dollars in thousands, except per share data) Consideration Common shares 80,362 Number of common shares of Peoples issued for each common share of acquired company 12.512 Price per Peoples common share, based on closing date $ 32.26 Common share consideration $ 32,437 Net Assets at Fair Value Assets Cash and due from banks $ 4,998 Interest-bearing deposits in other banks 2,798 Total cash and cash equivalents 7,796 Available-for-sale investment securities 137,658 Other investment securities 3,068 Total investment securities 140,726 Total loans 130,407 Bank premises and equipment, net of accumulated depreciation 8,255 Other intangible assets 4,234 Other assets 2,677 Total assets $ 294,095 Liabilities Deposits: Non-interest-bearing $ 40,089 Interest-bearing 217,151 Total deposits 257,240 Short-term borrowings 14,400 Accrued expenses and other liabilities 2,065 Total liabilities $ 273,705 Net assets $ 20,390 Goodwill $ 12,047 The estimated fair values presented in the above table reflect certain fair value estimates made as of the date of acquisition. Adjustments to acquisition date estimated fair values are recorded in the period in which the adjustment is determined and, as a result, previously recorded results may change. Acquired loans 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) First Prestonsburg Non-impaired Loans Contractual cash flows $ 168,903 Nonaccretable difference 19,756 Expected cash flows 149,147 Accretable yield 27,789 Fair value $ 121,358 Credit Impaired Loans Contractual cash flows $ 17,706 Nonaccretable difference 4,804 Expected cash flows 12,902 Accretable yield 3,853 Fair value $ 9,049 Peoples recorded non-interest expense related to acquisitions of $6.8 million and $7.0 million for the three and six months ended June 30, 2019, respectively. Total non-interest income declined due to losses of $253,000 associated with the First Prestonsburg merger. For each of the three and six months ended June 30, 2019, salaries and employee benefit costs included $2.4 million , related to change in control agreements, retention and severance bonuses, and regular payroll and taxes after conversion. Professional fees related to the acquisition included $562,000 and $620,000 for the three and six months ended June 30, 2019, respectively, and other non-interest expenses included $3.7 million and $3.8 million (mainly contract termination fees) for the three and six months ended June 30, 2019, respectively. |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | 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 twenty years. Certain leases contain renewal options and rent escalation clauses calling for rent increases over the term of the lease. Short-term leases of certain facilities and equipment, with lease terms of 12 months or less, are recognized on a straight-line basis over the lease term. At June 30, 2019 , Peoples did not have any finance leases or any significant lessor agreements. Peoples elected certain practical expedients, in accordance with Accounting Standards Codification ("ASC") 842. Peoples elected to recognize a cumulative-effect adjustment to the opening balance of retained earnings on January 1, 2019 for the implementation of ASU 2016-02. Peoples also made an accounting policy election to account for each separate lease component of a contract and its associated non-lease components as a single lease component for all leases subject to ASC 842. The table below details Peoples' lease expense, which is included in net occupancy and equipment expense in the Unaudited Consolidated Statements of Income: Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2019 June 30, 2019 Operating lease expense $ 311 618 Short-term lease expense 32 62 Total lease expense $ 343 $ 680 The following table details the right-of-use asset, the lease liability and other information related to Peoples' operating leases: (Dollars in thousands) June 30, 2019 Right-of-use asset: Other assets $ 6,661 Lease liability: Accrued expenses and other liabilities $ 6,839 Other information: Weighted-average remaining lease term 13.1 years Weighted-average discount rate 2.46 % The increased right-of-use asset and lease liability at June 30, 2019 were due to acquired leases associated with the First Prestonsburg merger. The following table summarizes the maturity of remaining lease liabilities: (Dollars in thousands) Balance Six months ending December 31, 2019 $ 10 Year ending December 31, 2020 112 Year ending December 31, 2021 148 Year ending December 31, 2022 700 Year ending December 31, 2023 63 Thereafter 5,806 Total lease liability $ 6,839 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by Peoples as of the required effective dates. The following accounting pronouncements should be read in conjunction with "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2018 Form 10-K. Accounting Standards Update ("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 early adopted this new accounting guidance as of January 1, 2019, and it will be incorporated in the October 1, 2019 annual goodwill and intangible assets 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 investment 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 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 is utilizing the tool to run test calculations throughout 2019 in anticipation of the full implementation at the beginning of 2020. Peoples has engaged consultants to assist with the completion of certain aspects of the project plan. 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 intends to complete a test run of its process, inclusive of the model, by the end of the third quarter of 2019, pending any unforeseen circumstances or significant changes to the requirements. Peoples expects to recognize a one-time cumulative-effect adjustment to the allowance for loan loss provision, and related tax effect, 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. The impact of the adoption 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. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | Recurring Fair Value Measurements at Reporting Date June 30, 2019 December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Available-for-sale investment securities: Obligations of: U.S. government sponsored agencies $ — $ 19,051 $ — $ — $ — $ — States and political subdivisions — 125,418 — — 88,587 — Residential mortgage-backed securities — 748,132 — — 692,608 — Commercial mortgage-backed securities — 22,664 — — 6,707 — Bank-issued trust preferred securities — 4,099 — — 3,989 — Total available-for-sale securities — 919,364 — — 791,891 — Equity investment securities 111 188 — 94 183 — Derivative assets (a) — 9,972 — — 4,544 — Liabilities: Derivative liabilities (b) $ — $ 14,020 $ — $ — $ 3,562 $ — (a) Included in other assets on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 9 Derivative Financial Instruments" of the Notes to the Unaudited Consolidated Financial Statements. (b) Included in accrued expenses and other liabilities on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 9 Derivative Financial Instruments" of the Notes to the Unaudited Consolidated Financial Statements. |
Fair Value Measurements, Nonrecurring [Table Text Block] | 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 Unaudited Consolidated Balance Sheets by level in the fair value hierarchy. Non-Recurring Fair Value Measurements at Reporting Date June 30, 2019 December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ 32,952 $ — $ — $ 24,129 Other real estate owned ("OREO") — — 123 — — 94 |
Fair Values of Financial Assets and Liabilities on Balance Sheets | Fair Value Measurements of Other Financial Instruments (Dollars in thousands) Fair Value Hierarchy Level June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 93,423 $ 93,423 $ 77,612 $ 77,612 Held-to-maturity investment securities: Obligations of: States and political subdivisions 2 4,398 4,880 4,403 4,896 Residential mortgage-backed securities 2 23,335 23,451 29,044 28,603 Commercial mortgage-backed securities 2 7,106 7,416 3,514 3,464 Total held-to-maturity securities 34,839 35,747 36,961 36,963 Other investment securities: Federal Home Loan Bank ("FHLB") stock 2 29,257 29,257 29,367 29,367 Federal Reserve Bank ("FRB") stock 2 12,294 12,294 12,294 12,294 Nonqualified deferred compensation 2 1,293 1,293 987 987 Other investment securities 2 365 365 60 60 Other investment securities (a) 43,209 43,209 42,708 42,708 Net loans 3 2,812,176 3,076,717 2,708,583 2,907,537 Loans held for sale 2 5,928 6,353 5,470 5,492 Bank owned life insurance 3 69,909 69,909 68,934 68,934 Servicing rights (b) 3 2,571 3,617 2,655 4,568 Liabilities: Deposits 2 $ 3,363,613 $ 3,335,686 $ 2,955,465 $ 2,953,452 Short-term borrowings 2 186,457 187,337 356,198 349,994 Long-term borrowings 2 85,691 84,933 109,644 107,696 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investment Holdings [Line Items] | |
Summary of Available-for-sale Investment Securities | The following table summarizes Peoples' available-for-sale investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2019 Obligations of: U.S. government sponsored agencies $ 18,606 $ 445 $ — $ 19,051 States and political subdivisions 122,809 2,721 (112 ) 125,418 Residential mortgage-backed securities 742,164 8,770 (2,802 ) 748,132 Commercial mortgage-backed securities 22,656 148 (140 ) 22,664 Bank-issued trust preferred securities 4,196 100 (197 ) 4,099 Total available-for-sale securities $ 910,431 $ 12,184 $ (3,251 ) $ 919,364 December 31, 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 |
Schedule of Gross Gains and Losses from Sales of Available-for-sale Securities | The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the periods ended June 30 were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Gross gains realized $ 30 $ 3 $ 60 $ 5 Gross losses realized 87 150 87 151 Net losses realized $ (57 ) $ (147 ) $ (27 ) $ (146 ) |
Summary of Available-for-sale Securities with Unrealized Loss | The following table presents a summary of available-for-sale investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2019 Obligations of: States and political subdivisions $ — $ — — $ 8,020 $ 112 5 $ 8,020 $ 112 Residential mortgage-backed securities 17,932 154 7 226,208 2,648 77 244,140 2,802 Commercial mortgage-backed securities — — — 6,380 140 5 6,380 140 Bank-issued trust preferred securities — — — 1,803 197 2 1,803 197 Total $ 17,932 $ 154 7 $ 242,411 $ 3,097 89 $ 260,343 $ 3,251 December 31, 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 |
Summary of Held-to-maturity Investment Securities | The following table summarizes Peoples’ held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2019 Obligations of: States and political subdivisions $ 4,398 $ 482 $ — $ 4,880 Residential mortgage-backed securities 23,335 256 (140 ) 23,451 Commercial mortgage-backed securities 7,106 310 — 7,416 Total held-to-maturity securities $ 34,839 $ 1,048 $ (140 ) $ 35,747 December 31, 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 |
Cost-method Investments, Description [Text Block] | The following table summarizes the carrying value of Peoples' other investment securities: (Dollars in thousands) June 30, 2019 December 31, 2018 FHLB stock $ 29,257 $ 29,367 FRB stock 12,294 12,294 Nonqualified deferred compensation 1,293 987 Equity investment securities 299 277 Other investment securities 365 60 Total other investment securities $ 43,508 $ 42,985 |
Available-for-sale securities | |
Investment Holdings [Line Items] | |
Summary of Investment Securities by Contractual Maturity | The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at June 30, 2019 . 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: U.S. government sponsored agencies $ — $ 2,984 $ 14,644 $ 978 $ 18,606 States and political subdivisions 4,234 31,186 44,207 43,182 122,809 Residential mortgage-backed securities 1 1,919 60,647 679,597 742,164 Commercial mortgage-backed securities — 17,107 1,848 3,701 22,656 Bank-issued trust preferred securities — — 4,196 — 4,196 Total available-for-sale securities $ 4,235 $ 53,196 $ 125,542 $ 727,458 $ 910,431 Fair value Obligations of: U.S. government sponsored agencies $ — $ 3,041 $ 15,011 $ 999 $ 19,051 States and political subdivisions 4,236 31,477 45,518 44,187 125,418 Residential mortgage-backed securities 1 1,934 60,507 685,690 748,132 Commercial mortgage-backed securities — 17,195 1,904 3,565 22,664 Bank-issued trust preferred securities — — 4,099 — 4,099 Total available-for-sale securities $ 4,237 $ 53,647 $ 127,039 $ 734,441 $ 919,364 Total weighted-average yield 2.36 % 2.52 % 2.77 % 2.93 % 2.88 % |
Held-to-maturity securities | |
Investment Holdings [Line Items] | |
Summary of Held-to-maturity Securities with Unrealized Loss | The following table presents a summary of held-to-maturity investment securities that had an unrealized loss: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss June 30, 2019 Residential mortgage-backed securities $ — $ — — $ 11,639 $ 140 3 $ 11,639 $ 140 Total $ — $ — — $ 11,639 $ 140 3 $ 11,639 $ 140 December 31, 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 |
Summary of Investment Securities by Contractual Maturity | The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at June 30, 2019 . 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 $ 305 $ — $ 2,984 $ 1,109 $ 4,398 Residential mortgage-backed securities — — 4,002 19,333 23,335 Commercial mortgage-backed securities — 410 3,893 2,803 7,106 Total held-to-maturity securities $ 305 $ 410 $ 10,879 $ 23,245 $ 34,839 Fair value Obligations of: States and political subdivisions $ 307 $ — $ 3,458 $ 1,115 $ 4,880 Residential mortgage-backed securities — — 4,070 19,381 23,451 Commercial mortgage-backed securities — 412 4,196 2,808 7,416 Total held-to-maturity securities $ 307 $ 412 $ 11,724 $ 23,304 $ 35,747 Total weighted-average yield 2.62 % 2.29 % 1.49 % 2.81 % 2.83 % |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Financing Receivables, Type | The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows: (Dollars in thousands) June 30, December 31, 2018 Originated loans: Commercial real estate, construction $ 102,904 $ 124,013 Commercial real estate, other 641,061 632,200 Commercial real estate 743,965 756,213 Commercial and industrial 548,460 530,207 Residential real estate 299,173 296,860 Home equity lines of credit 90,374 93,326 Consumer, indirect 419,595 407,167 Consumer, direct 72,209 71,674 Consumer 491,804 478,841 Deposit account overdrafts 676 583 Total originated loans $ 2,174,452 $ 2,156,030 Acquired loans: Commercial real estate, construction $ 6,775 $ 12,404 Commercial real estate, other 201,909 184,711 Commercial real estate 208,684 197,115 Commercial and industrial 51,506 35,537 Residential real estate 348,439 296,937 Home equity lines of credit 41,262 40,653 Consumer, indirect 90 136 Consumer, direct 9,100 2,370 Consumer 9,190 2,506 Total acquired loans $ 659,081 $ 572,748 Total loans $ 2,833,533 $ 2,728,778 |
Schedule of Financing Receivables Acquired with Deteriorated Credit Quality | Peoples has acquired various loans through business combinations for which there was, at acquisition, evidence of deterioration of credit quality since origination, and for which it was probable that all contractually required payments would not be collected. The carrying amounts of these purchased credit impaired loans included in the loan balances above are summarized as follows: (Dollars in thousands) June 30, December 31, Commercial real estate $ 13,116 $ 11,955 Commercial and industrial 4,479 1,287 Residential real estate 23,509 20,062 Consumer 640 58 Total outstanding balance $ 41,744 $ 33,362 Net carrying amount $ 28,125 $ 22,475 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield | Changes in the accretable yield for purchased credit impaired loans for the six months ended June 30 were as follows: (Dollars in thousands) June 30, June 30, Balance, beginning of period $ 8,955 $ 6,704 Additions: ASB Financial Corp. — 2,415 First Prestonsburg Bancshares Inc. 3,853 — Accretion (1,148 ) (897 ) Balance, June 30 $ 11,660 $ 8,222 (Dollars in thousands) First Prestonsburg Non-impaired Loans Contractual cash flows $ 168,903 Nonaccretable difference 19,756 Expected cash flows 149,147 Accretable yield 27,789 Fair value $ 121,358 Credit Impaired Loans Contractual cash flows $ 17,706 Nonaccretable difference 4,804 Expected cash flows 12,902 Accretable yield 3,853 Fair value $ 9,049 |
Nonaccrual and Past Due Loans | The recorded investments in loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: Nonaccrual Loans Loans 90+ Days Past Due and Accruing (Dollars in thousands) June 30, December 31, June 30, December 31, Originated loans: Commercial real estate, construction $ 688 $ 710 $ — $ — Commercial real estate, other 6,241 6,565 — 786 Commercial real estate 6,929 7,275 — 786 Commercial and industrial 2,044 1,673 — — Residential real estate 3,816 4,105 438 398 Home equity lines of credit 452 596 53 7 Consumer, indirect 535 480 — — Consumer, direct 12 56 — — Consumer 547 536 — — Total originated loans $ 13,788 $ 14,185 $ 491 $ 1,191 Acquired loans: Commercial real estate, construction $ — $ — $ 230 $ — Commercial real estate, other 308 319 557 15 Commercial real estate 308 319 787 15 Commercial and industrial 36 36 261 18 Residential real estate 1,716 1,921 1,853 1,032 Home equity lines of credit 742 637 — — Consumer, direct 1 — 57 — Total acquired loans $ 2,803 $ 2,913 $ 2,958 $ 1,065 Total loans $ 16,591 $ 17,098 $ 3,449 $ 2,256 |
Aging Of The Recorded Investment In Past Due Loans And Leases | The following table presents the aging of the recorded investment in past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total June 30, 2019 Originated loans: Commercial real estate, construction $ — $ — $ 688 $ 688 $ 102,216 $ 102,904 Commercial real estate, other — — 6,050 6,050 635,011 641,061 Commercial real estate — — 6,738 6,738 737,227 743,965 Commercial and industrial 606 3 1,937 2,546 545,914 548,460 Residential real estate 1,391 1,177 2,478 5,046 294,127 299,173 Home equity lines of credit 387 18 461 866 89,508 90,374 Consumer, indirect 3,024 216 111 3,351 416,244 419,595 Consumer, direct 306 17 2 325 71,884 72,209 Consumer 3,330 233 113 3,676 488,128 491,804 Deposit account overdrafts — — — — 676 676 Total originated loans $ 5,714 $ 1,431 $ 11,727 $ 18,872 $ 2,155,580 $ 2,174,452 Acquired loans: Commercial real estate, construction $ — $ — $ 230 $ 230 $ 6,545 $ 6,775 Commercial real estate, other 661 728 773 2,162 199,747 201,909 Commercial real estate 661 728 1,003 2,392 206,292 208,684 Commercial and industrial 488 60 297 845 50,661 51,506 Residential real estate 1,685 2,075 2,700 6,460 341,979 348,439 Home equity lines of credit 228 109 563 900 40,362 41,262 Consumer, indirect — — — — 90 90 Consumer, direct 88 52 57 197 8,903 9,100 Consumer 88 52 57 197 8,993 9,190 Total acquired loans $ 3,150 $ 3,024 $ 4,620 $ 10,794 $ 648,287 $ 659,081 Total loans $ 8,864 $ 4,455 $ 16,347 $ 29,666 $ 2,803,867 $ 2,833,533 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total December 31, 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 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 |
Loans By Risk Category | The following table summarizes the risk category of loans within Peoples' loan portfolio based upon the most recent analysis performed: Pass Rated (Grades 1 - 4) Special Mention (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) June 30, 2019 Originated loans: Commercial real estate, construction $ 100,231 $ — $ 1,431 $ — $ 1,242 $ 102,904 Commercial real estate, other 622,966 7,673 10,416 6 — 641,061 Commercial real estate 723,197 7,673 11,847 6 1,242 743,965 Commercial and industrial 525,738 5,807 16,915 — — 548,460 Residential real estate 13,752 201 14,682 249 270,289 299,173 Home equity lines of credit 17 — — — 90,357 90,374 Consumer, indirect — — — — 419,595 419,595 Consumer, direct 24 — — — 72,185 72,209 Consumer 24 — — — 491,780 491,804 Deposit account overdrafts — — — — 676 676 Total originated loans $ 1,262,728 $ 13,681 $ 43,444 $ 255 $ 854,344 $ 2,174,452 Acquired loans: Commercial real estate, construction $ 4,338 $ 1,636 $ 801 $ — $ — $ 6,775 Commercial real estate, other 178,425 12,700 10,693 91 — 201,909 Commercial real estate 182,763 14,336 11,494 91 — 208,684 Commercial and industrial 43,171 3,265 5,038 32 — 51,506 Residential real estate 17,634 2,686 2,564 130 325,425 348,439 Home equity lines of credit 81 — — — 41,181 41,262 Consumer, indirect 1 — — — 89 90 Consumer, direct 19 — — — 9,081 9,100 Consumer 20 — — — 9,170 9,190 Total acquired loans $ 243,669 $ 20,287 $ 19,096 $ 253 $ 375,776 $ 659,081 Total loans $ 1,506,397 $ 33,968 $ 62,540 $ 508 $ 1,230,120 $ 2,833,533 Pass Rated (Grades 1 - 4) Special Mention (Grade 5) Substandard (Grade 6) Doubtful (Grade 7) Not Rated Total Loans (Dollars in thousands) December 31, 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 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 |
Schedule Of Impaired Loans | The following table summarizes loans classified as impaired: Unpaid Principal Balance Recorded Investment Total Recorded Investment Average Recorded Investment Interest Income Recognized With Allowance Without Allowance Related Allowance (Dollars in thousands) June 30, 2019 Commercial real estate, construction $ 1,793 $ — $ 1,706 $ 1,706 $ — $ 1,728 $ 29 Commercial real estate, other 15,546 4,753 10,296 15,049 520 14,722 250 Commercial real estate 17,339 4,753 12,002 16,755 520 16,450 279 Commercial and industrial 4,265 1,485 2,731 4,216 449 3,226 47 Residential real estate 22,195 387 23,170 23,557 53 22,086 629 Home equity lines of credit 1,469 419 1,051 1,470 68 1,343 40 Consumer, indirect 445 96 356 452 23 413 15 Consumer, direct 464 49 415 464 18 207 9 Consumer 909 145 771 916 41 620 24 Total $ 46,177 $ 7,189 $ 39,725 $ 46,914 $ 1,131 $ 43,725 $ 1,019 December 31, 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 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes the loans that were modified as a TDR during the three months ended June 30 : Three Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2019 Originated loans: Residential real estate 1 $ 37 $ 37 $ 37 Home equity lines of credit 2 60 60 60 Consumer, indirect 7 110 110 110 Consumer, direct 3 41 41 41 Consumer 10 151 151 151 Total originated loans 13 $ 248 $ 248 $ 248 Acquired loans: Commercial real estate, other 7 $ 725 $ 699 $ 700 Commercial and industrial 4 1,259 1,259 1,259 Residential real estate 35 1,823 1,823 1,823 Home equity lines of credit 7 113 113 113 Consumer, direct 16 340 340 340 Total acquired loans 69 $ 4,260 $ 4,234 $ 4,235 June 30, 2018 Originated loans: Residential real estate 5 $ 717 $ 717 $ 717 Home equity lines of credit 3 61 61 61 Consumer, indirect 14 230 230 230 Consumer, direct 5 27 27 27 Consumer 19 257 257 257 Total originated loans 27 $ 1,035 $ 1,035 $ 1,035 Acquired loans: Residential real estate 11 $ 720 $ 720 $ 720 Home equity lines of credit 4 86 86 86 Consumer, direct 3 57 57 57 Total acquired loans 18 $ 863 $ 863 $ 863 (a) 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. Six Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2019 Originated loans: Commercial and industrial 2 $ 38 $ 38 $ 35 Residential real estate 3 436 440 437 Home equity lines of credit 4 139 139 139 Consumer, indirect 8 123 123 123 Consumer, direct 5 69 69 67 Consumer 13 192 192 190 Total originated loans 22 $ 805 $ 809 $ 801 Acquired loans: Commercial real estate, other 7 $ 724 $ 699 $ 700 Commercial and industrial 4 1,259 1,259 1,259 Residential real estate 36 1,847 1,847 1,842 Home equity lines of credit 9 179 179 178 Consumer, direct 16 340 340 340 Total acquired loans 72 $ 4,349 $ 4,324 $ 4,319 June 30, 2018 Originated loans: Residential real estate 7 $ 910 $ 910 $ 911 Home equity lines of credit 3 61 61 61 Consumer, indirect 21 316 316 302 Consumer, direct 7 31 31 31 Consumer 28 347 347 333 Total originated loans 38 $ 1,318 $ 1,318 $ 1,305 Acquired loans: Commercial real estate, other 1 $ 50 $ 50 $ 48 Residential real estate 13 989 989 989 Home equity lines of credit 4 86 86 86 Consumer, direct 3 57 57 57 Total acquired loans 21 $ 1,182 $ 1,182 $ 1,180 (a) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. |
Troubled Debt Restructurings during prior 12 months that subsequently defaulted | The following table presents those acquired loans modified in a TDR during the year that subsequently defaulted (i.e., were 90 days or more past due following a modification) during the six-month periods ended June 30: June 30, 2019 June 30, 2018 (Dollars in thousands) Number of Contracts Recorded Investment (a) Impact on the Allowance for Loan Losses Number of Contracts Recorded Investment (a) Impact on the Allowance for Loan Losses Acquired loans: Consumer, direct 1 $ 34 $ — — $ — $ — Total 1 $ 34 $ — — $ — $ — (a) The amount shown is inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. |
Summary Of Activity In Allowance For Loan And Lease Losses | Changes in the allowance for originated loan losses for the six months ended June 30 were as follows: (Dollars in thousands) Commercial Real Estate Commercial and Industrial Residential Real Estate Home Equity Lines of Credit Consumer Indirect Consumer Direct Deposit Account Overdrafts Total Balance, January 1, 2019 $ 8,003 $ 6,178 $ 1,214 $ 618 $ 3,214 $ 351 $ 81 $ 19,659 Charge-offs (153 ) (63 ) (176 ) (9 ) (819 ) (96 ) (349 ) (1,665 ) Recoveries 12 2,012 133 2 162 40 106 2,467 Net (charge-offs) recoveries (141 ) 1,949 (43 ) (7 ) (657 ) (56 ) (243 ) 802 Provision for (recoveries of) loan losses 383 (930 ) 13 (13 ) 615 47 248 363 Balance, June 30, 2019 $ 8,245 $ 7,197 $ 1,184 $ 598 $ 3,172 $ 342 $ 86 $ 20,824 Balance, January 1, 2018 $ 7,797 $ 5,813 $ 904 $ 693 $ 2,944 $ 464 $ 70 $ 18,685 Charge-offs (849 ) (38 ) (227 ) (57 ) (1,479 ) (219 ) (420 ) (3,289 ) Recoveries 43 — 67 9 272 84 116 591 Net charge-offs (806 ) (38 ) (160 ) (48 ) (1,207 ) (135 ) (304 ) (2,698 ) Provision for (recovery of) loan losses 1,280 (410 ) 261 (27 ) 1,602 136 329 3,171 Balance, June 30, 2018 $ 8,271 $ 5,365 $ 1,005 $ 618 $ 3,339 $ 465 $ 95 $ 19,158 |
Allowance for loan losses and recorded investment in loans disaggregated based on impairment method [Table Text Block] | The following table details the recorded investment and allowance for originated loan losses disaggregated based on impairment method: (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 June 30, 2019 Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 520 $ 449 $ 53 $ 68 $ 23 $ 18 $ — $ 1,131 Loans collectively evaluated for impairment 7,725 6,748 1,131 530 3,149 324 86 19,693 Ending balance $ 8,245 $ 7,197 $ 1,184 $ 598 $ 3,172 $ 342 $ 86 $ 20,824 Recorded investment in: Loans individually evaluated for impairment $ 16,755 $ 4,216 $ 23,557 $ 1,470 $ 452 $ 464 $ — $ 46,914 Loans collectively evaluated for impairment 727,210 544,244 275,616 88,904 419,143 71,745 676 2,127,538 Ending balance $ 743,965 $ 548,460 $ 299,173 $ 90,374 $ 419,595 $ 72,209 $ 676 $ 2,174,452 December 31, 2018 Allowance for loan losses 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 Ending balance $ 8,003 $ 6,178 $ 1,214 $ 618 $ 3,214 $ 351 $ 81 $ 19,659 Recorded investment in: Loans individually evaluated for impairment $ 17,596 $ 3,226 $ 24,678 $ 2,293 $ 503 $ 79 $ — $ 48,375 Loans collectively evaluated for impairment 738,617 526,981 272,182 91,033 406,664 71,595 583 2,107,655 Ending balance $ 756,213 $ 530,207 $ 296,860 $ 93,326 $ 407,167 $ 71,674 $ 583 $ 2,156,030 June 30, 2018 Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 1 $ 191 $ 47 $ 14 $ 31 $ 45 $ — $ 329 Loans collectively evaluated for impairment 8,270 5,174 958 604 3,308 420 95 18,829 Ending balance $ 8,271 $ 5,365 $ 1,005 $ 618 $ 3,339 $ 465 $ 95 $ 19,158 Recorded investment in: Loans individually evaluated for impairment $ 19,162 $ 3,173 $ 26,497 $ 1,736 $ 441 $ 150 $ — $ 51,159 Loans collectively evaluated for impairment 737,051 468,097 273,437 88,221 372,943 71,395 860 2,012,004 Ending balance $ 756,213 $ 471,270 $ 299,934 $ 89,957 $ 373,384 $ 71,545 $ 860 $ 2,063,163 |
Allowance for Loan Losses Acquired Loans [Table Text Block] | The following table presents activity in the allowance for loan losses for acquired loans: Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Non-impaired loans: Balance, beginning of period $ 380 $ — $ 383 $ — Charge-offs — — (3 ) — Balance, end of period $ 380 $ — $ 380 $ — Purchased credit impaired loans: Balance, beginning of period $ 153 $ 108 $ 153 $ 108 Balance, end of period $ 153 $ 108 $ 153 $ 108 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes Peoples' long-term borrowings: June 30, 2019 December 31, 2018 (Dollars in thousands) Balance Weighted- Balance Weighted- FHLB putable, non-amortizing, fixed-rate advances $ 65,000 2.18 % $ 85,000 2.05 % FHLB amortizing, fixed-rate advances 13,324 1.73 % 17,361 2.09 % Junior subordinated debt securities 7,367 7.34 % 7,283 7.83 % Total long-term borrowings $ 85,691 2.55 % $ 109,644 2.44 % |
Schedule of Maturities of Long-term Debt | The aggregate minimum annual retirements of long-term borrowings in future periods are as follows: (Dollars in thousands) Balance Weighted-Average Rate Six months ending December 31, 2019 $ 2,568 1.48 % Year ending December 31, 2020 2,555 1.35 % Year ending December 31, 2021 21,979 1.74 % Year ending December 31, 2022 16,521 1.95 % Year ending December 31, 2023 1,157 1.06 % Thereafter 40,911 3.41 % Total long-term borrowings $ 85,691 2.55 % Effective April 3, 2019, Peoples terminated the Credit Agreement, dated as of March 4, 2016, between Peoples, as Borrower, and Raymond James Bank, N.A., as Lender (the "RJB Credit Agreement"), with a revolving line of credit in the maximum aggregate principal amount of $15.0 million . As of the termination date, April 3, 2019, and December 31, 2018, there were no borrowings outstanding under the RJB Credit Agreement. Additional information regarding the RJB Credit Agreement can be found in "Note 9 Long-Term Borrowings" of the Notes to the Consolidated Financial Statements included in Peoples' 2018 Form 10-K. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Preferred, Common and Treasury Stock | The following table details the progression in Peoples’ common shares and treasury stock during the six months ended June 30, 2019 : Common Stock Treasury Stock Shares at December 31, 2018 20,124,378 601,289 Changes related to stock-based compensation awards: Release of restricted common shares — 17,481 Cancellation of restricted common shares — 3,465 Grant of restricted common shares — (122,286 ) Grant of common shares — (4,680 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 3,834 Disbursed out of treasury stock — (2,187 ) Common shares issued under dividend reinvestment plan 12,400 — Common shares issued under compensation plan for Boards of Directors — (3,490 ) Common shares issued under employee stock purchase plan — (3,624 ) Issuance of common shares related to the merger with First Prestonsburg Bancshares Inc. 1,005,478 — Shares at June 30, 2019 21,142,256 489,802 |
Dividends Declared [Table Text Block] | The following table details the cash dividends declared per common share during 2019 and the comparable period of 2018 : 2019 2018 First quarter $ 0.30 $ 0.26 Second quarter 0.34 0.28 Third quarter 0.34 0.28 Total dividends declared $ 0.98 $ 0.82 |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following table details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the six months ended June 30, 2019 : (Dollars in thousands) Unrealized Gain (Loss) on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Gain (Loss) on Cash Flow Hedge Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2018 $ (10,082 ) $ (3,711 ) $ 860 $ (12,933 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax 21 — — 21 Other comprehensive income (loss), net of reclassifications and tax 17,121 31 (3,924 ) 13,228 Balance, June 30, 2019 $ 7,060 $ (3,680 ) $ (3,064 ) $ 316 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following tables detail the components of the net periodic cost for the plans described above: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Interest cost $ 110 $ 105 $ 219 $ 210 Expected return on plan assets (196 ) (146 ) (391 ) (293 ) Amortization of net loss 20 27 39 55 Net periodic income $ (66 ) $ (14 ) $ (133 ) $ (28 ) Postretirement Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Interest cost $ 1 $ 1 $ 2 $ 2 Amortization of prior service cost (1 ) — (1 ) — Amortization of net loss — (1 ) (2 ) (3 ) Net periodic income $ — $ — $ (1 ) $ (1 ) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Calculations of Basic and Diluted Earnings per Common Share | The calculations of basic and diluted earnings per common share were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per common share data) 2019 2018 2019 2018 Distributed earnings allocated to common shareholders $ 6,935 $ 5,407 $ 12,711 $ 10,123 Undistributed earnings allocated to common shareholders 2,568 2,427 11,067 9,389 Net earnings allocated to common shareholders $ 9,503 $ 7,834 $ 23,778 $ 19,512 Weighted-average common shares outstanding 20,277,028 19,160,728 19,824,035 18,646,266 Effect of potentially dilutive common shares 165,338 132,653 148,315 126,903 Total weighted-average diluted common shares outstanding 20,442,366 19,293,381 19,972,350 18,773,169 Earnings per common share: Basic $ 0.47 $ 0.41 $ 1.20 $ 1.05 Diluted $ 0.46 $ 0.41 $ 1.19 $ 1.04 Anti-dilutive common shares excluded from calculation: Restricted shares 87 — 46 32 |
Derivative Financial Instrume_2
Derivative Financial Instruments Derivative Instruments and Hedging Activities Disclosure (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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: (Dollars in thousands) June 30, December 31, Notional amount $ 140,000 $ 110,000 Weighted average pay rates 2.27 % 2.37 % Weighted average receive rates 1.80 % 2.57 % Weighted average maturity 5.6 years 6.2 years Unrealized gains $ 3,879 $ 860 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents net losses or gains recorded in AOCI and in the Unaudited Consolidated Statements of Income related to the cash flow hedges: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Amount of loss (gain) recognized in AOCI, pre-tax $ 2,994 $ (529 ) $ 4,661 $ (1,907 ) Amount of (gain) loss recognized in earnings $ — $ — $ (19 ) $ 30 |
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, which are included in the Unaudited Consolidated Balance Sheets at fair value: June 30, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to debt $ 35,000 $ 316 $ 60,000 $ 2,093 Total included in other assets $ 35,000 $ 316 $ 60,000 $ 2,093 Included in accrued expenses and other liabilities: Interest rate swaps related to debt $ 105,000 $ 4,363 $ 50,000 $ 1,111 Total included in accrued expenses and other liabilities $ 105,000 $ 4,363 $ 50,000 $ 1,111 |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table reflects the non-designated hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value: June 30, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to commercial loans $ 245,996 $ 9,656 $ 226,662 $ 2,451 Total included in other assets $ 245,996 $ 9,656 $ 226,662 $ 2,451 Included in accrued expenses and other liabilities: Interest rate swaps related to commercial loans $ 245,996 $ 9,656 $ 226,662 $ 2,451 Total included in accrued expenses and other liabilities $ 245,996 $ 9,656 $ 226,662 $ 2,451 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted Shares Activity | The following table summarizes the changes to Peoples’ restricted common shares for the six months ended June 30, 2019 : 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 43,679 $ 29.64 175,772 $ 31.08 Awarded 5,086 32.05 117,200 32.20 Released 17,500 21.69 33,400 17.86 Forfeited 2,852 37.79 613 34.50 Outstanding at June 30 28,413 $ 34.16 258,959 $ 33.29 |
Summary of Stock-Based Compensation and Related Tax Benefit | The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized for each period: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2019 2018 2019 2018 Total stock-based compensation expense $ 930 $ 424 $ 2,138 $ 1,510 Recognized tax benefit (195 ) (89 ) (449 ) (317 ) Net expense recognized $ 735 $ 335 $ 1,689 $ 1,193 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table details Peoples' revenue from contracts with customers: Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Insurance income: Commission and fees from sale of insurance policies (a) $ 3,306 $ 3,193 $ 6,339 $ 6,382 Fees related to third-party administration services (a) 178 173 347 292 Performance-based commissions (b) 2 3 1,421 1,350 Trust and investment income (a) 3,401 3,232 6,513 6,300 Electronic banking income: Interchange income (a) 2,747 2,520 5,190 4,784 Promotional and usage income (a) 520 265 1,064 786 Deposit account service charges: Ongoing maintenance fees for deposit accounts (a) 1,012 646 1,764 1,321 Transactional-based fees (b) 1,965 1,742 3,554 3,187 Commercial loan swap fees (b) 516 146 662 262 Other non-interest income transactional-based fees (b) 253 262 424 543 Total $ 13,900 $ 12,182 $ 27,278 $ 25,207 Timing of revenue recognition: Services transferred over time $ 11,164 $ 10,029 $ 21,217 $ 19,865 Services transferred at a point in time 2,736 2,153 6,061 5,342 Total $ 13,900 $ 12,182 $ 27,278 $ 25,207 (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 June 30, 2019 : Contract Assets Contract Liabilities (Dollars in thousands) Balance, January 1, 2019 $ 207 $ 5,055 Additional income receivable 183 — Additional deferred income — 4,013 Receipt of income previously receivable (11 ) — Recognition of income previously deferred — (3,521 ) Balance, June 30, 2019 $ 379 $ 5,547 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Acquisitions [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (Dollars in thousands, except per share data) Consideration Common shares 80,362 Number of common shares of Peoples issued for each common share of acquired company 12.512 Price per Peoples common share, based on closing date $ 32.26 Common share consideration $ 32,437 Net Assets at Fair Value Assets Cash and due from banks $ 4,998 Interest-bearing deposits in other banks 2,798 Total cash and cash equivalents 7,796 Available-for-sale investment securities 137,658 Other investment securities 3,068 Total investment securities 140,726 Total loans 130,407 Bank premises and equipment, net of accumulated depreciation 8,255 Other intangible assets 4,234 Other assets 2,677 Total assets $ 294,095 Liabilities Deposits: Non-interest-bearing $ 40,089 Interest-bearing 217,151 Total deposits 257,240 Short-term borrowings 14,400 Accrued expenses and other liabilities 2,065 Total liabilities $ 273,705 Net assets $ 20,390 Goodwill $ 12,047 |
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 for the six months ended June 30 were as follows: (Dollars in thousands) June 30, June 30, Balance, beginning of period $ 8,955 $ 6,704 Additions: ASB Financial Corp. — 2,415 First Prestonsburg Bancshares Inc. 3,853 — Accretion (1,148 ) (897 ) Balance, June 30 $ 11,660 $ 8,222 (Dollars in thousands) First Prestonsburg Non-impaired Loans Contractual cash flows $ 168,903 Nonaccretable difference 19,756 Expected cash flows 149,147 Accretable yield 27,789 Fair value $ 121,358 Credit Impaired Loans Contractual cash flows $ 17,706 Nonaccretable difference 4,804 Expected cash flows 12,902 Accretable yield 3,853 Fair value $ 9,049 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Income and Expenses, Lessee [Abstract] | The table below details Peoples' lease expense, which is included in net occupancy and equipment expense in the Unaudited Consolidated Statements of Income: Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2019 June 30, 2019 Operating lease expense $ 311 618 Short-term lease expense 32 62 Total lease expense $ 343 $ 680 |
Lease, Cost [Table Text Block] | The following table details the right-of-use asset, the lease liability and other information related to Peoples' operating leases: (Dollars in thousands) June 30, 2019 Right-of-use asset: Other assets $ 6,661 Lease liability: Accrued expenses and other liabilities $ 6,839 Other information: Weighted-average remaining lease term 13.1 years Weighted-average discount rate 2.46 % |
Finance Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturity of remaining lease liabilities: (Dollars in thousands) Balance Six months ending December 31, 2019 $ 10 Year ending December 31, 2020 112 Year ending December 31, 2021 148 Year ending December 31, 2022 700 Year ending December 31, 2023 63 Thereafter 5,806 Total lease liability $ 6,839 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Assets Measured at Fair Value Recurring) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Recurring Basis | ||
Available-for-sale securities | $ 919,364 | $ 791,891 |
Other investment securities | 43,209 | 42,708 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Recurring Basis | ||
Available-for-sale securities | 19,051 | |
States and political subdivisions | ||
Recurring Basis | ||
Available-for-sale securities | 125,418 | 88,587 |
Residential mortgage-backed securities | ||
Recurring Basis | ||
Available-for-sale securities | 748,132 | 692,608 |
Commercial mortgage-backed securities | ||
Recurring Basis | ||
Available-for-sale securities | 22,664 | 6,707 |
Bank-issued trust preferred securities | ||
Recurring Basis | ||
Available-for-sale securities | 4,099 | 3,989 |
Equity investment securities | ||
Recurring Basis | ||
Other investment securities | 299 | 277 |
Recurring Basis [Member] | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 919,364 | 791,891 |
Interest Rate Derivative Assets, at Fair Value | 9,972 | 4,544 |
Interest Rate Derivative Liabilities, at Fair Value | 14,020 | 3,562 |
Recurring Basis [Member] | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | |
Recurring Basis [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 19,051 | |
Recurring Basis [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | |
Recurring Basis [Member] | States and political subdivisions | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | States and political subdivisions | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 125,418 | 88,587 |
Recurring Basis [Member] | States and political subdivisions | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Residential mortgage-backed securities | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Residential mortgage-backed securities | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 748,132 | 692,608 |
Recurring Basis [Member] | Residential mortgage-backed securities | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 22,664 | 6,707 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 4,099 | 3,989 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Equity investment securities | Level 1 | ||
Recurring Basis | ||
Other investment securities | 111 | 94 |
Recurring Basis [Member] | Equity investment securities | Level 2 | ||
Recurring Basis | ||
Other investment securities | $ 188 | $ 183 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Assets Measured at Fair Value Nonrecurring) (Details) - Nonrecurring Basis - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Nonrecurring Basis | |||
Losses on impaired loans charged through allowance for loan losses | $ 223,000 | $ 830,000 | |
Level 3 | |||
Nonrecurring Basis | |||
Impaired loans, fair value | 32,952,000 | 32,952,000 | $ 24,129,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 123,000 | 123,000 | $ 94,000 |
Impaired loans, aggregate outstanding principal balance | $ 43,200,000 | $ 43,200,000 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Cash and cash equivalents | $ 93,423 | $ 77,612 |
Held-to-maturity investment securities, at amortized cost (fair value of $35,747 at June 30, 2019 and $36,963 at December 31, 2018) | 34,839 | 36,961 |
Held-to-maturity investment securities at fair value | 35,747 | 36,963 |
Federal Home Loan Bank (FHLB) stock | 29,257 | 29,367 |
Federal Reserve Bank (FRB) stock | 12,294 | 12,294 |
Other investment securities | 43,209 | 42,708 |
Net loans | 3,076,717 | 2,907,537 |
Loans held for sale | 5,928 | 5,470 |
Loans held for sale | 6,353 | 5,492 |
Bank owned life insurance | 69,909 | 68,934 |
Financial liabilities: | ||
Deposits, Fair Value Disclosure | 3,335,686 | 2,953,452 |
Short-term Debt, Fair Value | 187,337 | 349,994 |
Long-term Debt, Fair Value | 84,933 | 107,696 |
Carrying Amount | ||
Financial assets: | ||
Held-to-maturity investment securities, at amortized cost (fair value of $35,747 at June 30, 2019 and $36,963 at December 31, 2018) | 34,839 | 36,961 |
Other investment securities | 43,209 | 42,708 |
Net loans | 2,812,176 | 2,708,583 |
Servicing Asset | 2,571 | 2,655 |
Financial liabilities: | ||
Deposits, Fair Value Disclosure | 3,363,613 | 2,955,465 |
Short-term Debt, Fair Value | 186,457 | 356,198 |
Long-term Debt, Fair Value | 85,691 | 109,644 |
States and political subdivisions | ||
Financial assets: | ||
Held-to-maturity investment securities at fair value | 4,880 | 4,896 |
States and political subdivisions | Carrying Amount | ||
Financial assets: | ||
Held-to-maturity investment securities, at amortized cost (fair value of $35,747 at June 30, 2019 and $36,963 at December 31, 2018) | 4,398 | 4,403 |
Residential mortgage-backed securities | ||
Financial assets: | ||
Held-to-maturity investment securities at fair value | 23,451 | 28,603 |
Residential mortgage-backed securities | Carrying Amount | ||
Financial assets: | ||
Held-to-maturity investment securities, at amortized cost (fair value of $35,747 at June 30, 2019 and $36,963 at December 31, 2018) | 23,335 | 29,044 |
Commercial mortgage-backed securities | ||
Financial assets: | ||
Held-to-maturity investment securities at fair value | 7,416 | 3,464 |
Commercial mortgage-backed securities | Carrying Amount | ||
Financial assets: | ||
Held-to-maturity investment securities, at amortized cost (fair value of $35,747 at June 30, 2019 and $36,963 at December 31, 2018) | 7,106 | 3,514 |
U.S. Treasury and government agencies | ||
Financial assets: | ||
Other investment securities | 1,293 | 987 |
Servicing Asset | 3,617 | 4,568 |
U.S. Treasury and government agencies | Carrying Amount | ||
Financial assets: | ||
Other investment securities | 1,293 | 987 |
Other Security Investments [Member] | ||
Financial assets: | ||
Other investment securities | $ 365 | $ 60 |
Investment Securities (Availabl
Investment Securities (Available-for-sale Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 910,431 | $ 804,655 |
Gross Unrealized Gains | 12,184 | 3,582 |
Gross Unrealized Losses | (3,251) | (16,346) |
Available-for-sale securities | 919,364 | 791,891 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 18,606 | |
Gross Unrealized Gains | 445 | |
Gross Unrealized Losses | 0 | |
Available-for-sale securities | 19,051 | |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 122,809 | 88,358 |
Gross Unrealized Gains | 2,721 | 787 |
Gross Unrealized Losses | (112) | (558) |
Available-for-sale securities | 125,418 | 88,587 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 742,164 | 705,289 |
Gross Unrealized Gains | 8,770 | 2,720 |
Gross Unrealized Losses | (2,802) | (15,401) |
Available-for-sale securities | 748,132 | 692,608 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 22,656 | 6,812 |
Gross Unrealized Gains | 148 | 0 |
Gross Unrealized Losses | (140) | (105) |
Available-for-sale securities | 22,664 | 6,707 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 4,196 | 4,196 |
Gross Unrealized Gains | 100 | 75 |
Gross Unrealized Losses | (197) | (282) |
Available-for-sale securities | $ 4,099 | $ 3,989 |
Investment Securities (Availa_2
Investment Securities (Available-for-sale Securities Gross Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Gross gains and gross losses realized from sales of available-for-sale securities: | ||||
Gross gains realized | $ 30 | $ 3 | $ 60 | $ 5 |
Gross losses realized | 87 | 150 | 87 | 151 |
Net losses realized | $ (57) | $ (147) | $ (27) | $ (146) |
Investment Securities (Availa_3
Investment Securities (Available-for-sale Securities with Unrealized Loss) (Details) | Jun. 30, 2019USD ($)securities | Dec. 31, 2018USD ($)securities |
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | $ 17,932,000 | $ 57,735,000 |
Less than 12 months, unrealized loss | $ 154,000 | $ 244,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 7 | 67 |
12 months or more, fair value | $ 242,411,000 | $ 545,678,000 |
12 months or more, unrealized loss | $ 3,097,000 | $ 16,102,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 89 | 195 |
Total unrealized loss position, fair value | $ 260,343,000 | $ 603,413,000 |
Total unrealized loss | 3,251,000 | 16,346,000 |
States and political subdivisions | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 0 | 10,173,000 |
Less than 12 months, unrealized loss | $ 0 | $ 18,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 0 | 17 |
12 months or more, fair value | $ 8,020,000 | $ 19,918,000 |
12 months or more, unrealized loss | $ 112,000 | $ 540,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 5 | 20 |
Total unrealized loss position, fair value | $ 8,020,000 | $ 30,091,000 |
Total unrealized loss | 112,000 | 558,000 |
Residential mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 17,932,000 | 47,562,000 |
Less than 12 months, unrealized loss | $ 154,000 | $ 226,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 7 | 50 |
12 months or more, fair value | $ 226,208,000 | $ 517,335,000 |
12 months or more, unrealized loss | $ 2,648,000 | $ 15,175,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 77 | 170 |
Total unrealized loss position, fair value | $ 244,140,000 | $ 564,897,000 |
Total unrealized loss | 2,802,000 | 15,401,000 |
Commercial mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 0 | 0 |
12 months or more, fair value | $ 6,380,000 | $ 6,707,000 |
12 months or more, unrealized loss | $ 140,000 | $ 105,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 5 | 3 |
Total unrealized loss position, fair value | $ 6,380,000 | $ 6,707,000 |
Total unrealized loss | 140,000 | 105,000 |
Bank-issued trust preferred securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 0 | 0 |
12 months or more, fair value | $ 1,803,000 | $ 1,718,000 |
12 months or more, unrealized loss | $ 197,000 | $ 282,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 2 | 2 |
Total unrealized loss position, fair value | $ 1,803,000 | $ 1,718,000 |
Total unrealized loss | $ 197,000 | $ 282,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 2 | |
Mortgage-backed securities, issued by US government sponsored agencies | ||
Available-for-sale securities that had an unrealized loss: | ||
Percentage of mortgage-backed securities in unrealized loss position for more than 12 months | 99.00% | |
Mortgage-backed securities, privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 2 | |
Percentage of mortgage-backed securities in unrealized loss position for more than 12 months | 1.00% | |
Fair value within book value | 90.00% | |
Fair Value Less Than 90 Percent of Book Value [Member] | Mortgage-backed securities, privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
12 months or more, fair value | $ 147,000 | |
Book value of privately issued mortgage-backed securities in unrealized loss position for more than 12 months | $ 211,000 |
Investment Securities (Availa_4
Investment Securities (Available-for-sale Securities by Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 4,235 | |
Debt securities, maturing 1 to 5 years, amortized cost | 53,196 | |
Debt securities, maturing 5 to 10 years, amortized cost | 125,542 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 727,458 | |
Amortized Cost | 910,431 | $ 804,655 |
Debt securities, maturing within 1 year, fair value | 4,237 | |
Debt securities, maturing 1 to 5 years, fair value | 53,647 | |
Debt securities, maturing 5 to 10 years, fair value | 127,039 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 734,441 | |
Available-for-sale investment securities, at fair value (amortized cost of $910,431 at June 30, 2019 and $804,655 at December 31, 2018) | $ 919,364 | 791,891 |
Available-for-sale securities, maturing within 1 year, average yield | 2.36% | |
Available-for-sale securities, maturing 1 to 5 years, average yield | 2.52% | |
Available-for-sale securities, maturing 5 to 10 years, average yield | 2.77% | |
Available-for-sale securities, maturing over 10 years, average yield | 2.93% | |
Available-for-sale securities, total average yield | 2.88% | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 2,984 | |
Debt securities, maturing 5 to 10 years, amortized cost | 14,644 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 978 | |
Debt securities, total amortized cost | 18,606 | |
Amortized Cost | 18,606 | |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 3,041 | |
Debt securities, maturing 5 to 10 years, fair value | 15,011 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 999 | |
Debt securities, total fair value | 19,051 | |
Available-for-sale investment securities, at fair value (amortized cost of $910,431 at June 30, 2019 and $804,655 at December 31, 2018) | 19,051 | |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 4,234 | |
Debt securities, maturing 1 to 5 years, amortized cost | 31,186 | |
Debt securities, maturing 5 to 10 years, amortized cost | 44,207 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 43,182 | |
Debt securities, total amortized cost | 122,809 | |
Amortized Cost | 122,809 | 88,358 |
Debt securities, maturing within 1 year, fair value | 4,236 | |
Debt securities, maturing 1 to 5 years, fair value | 31,477 | |
Debt securities, maturing 5 to 10 years, fair value | 45,518 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 44,187 | |
Debt securities, total fair value | 125,418 | |
Available-for-sale investment securities, at fair value (amortized cost of $910,431 at June 30, 2019 and $804,655 at December 31, 2018) | 125,418 | 88,587 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 1 | |
Debt securities, maturing 1 to 5 years, amortized cost | 1,919 | |
Debt securities, maturing 5 to 10 years, amortized cost | 60,647 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 679,597 | |
Debt securities, total amortized cost | 742,164 | |
Amortized Cost | 742,164 | 705,289 |
Debt securities, maturing within 1 year, fair value | 1 | |
Debt securities, maturing 1 to 5 years, fair value | 1,934 | |
Debt securities, maturing 5 to 10 years, fair value | 60,507 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 685,690 | |
Debt securities, total fair value | 748,132 | |
Available-for-sale investment securities, at fair value (amortized cost of $910,431 at June 30, 2019 and $804,655 at December 31, 2018) | 748,132 | 692,608 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 17,107 | |
Debt securities, maturing 5 to 10 years, amortized cost | 1,848 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 3,701 | |
Debt securities, total amortized cost | 22,656 | |
Amortized Cost | 22,656 | 6,812 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 17,195 | |
Debt securities, maturing 5 to 10 years, fair value | 1,904 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 3,565 | |
Debt securities, total fair value | 22,664 | |
Available-for-sale investment securities, at fair value (amortized cost of $910,431 at June 30, 2019 and $804,655 at December 31, 2018) | 22,664 | 6,707 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing 5 to 10 years, amortized cost | 4,196 | |
Available-for-sale Securities, Other Maturities, Rolling after Year Ten, Amortized Cost Basis | 0 | |
Available-for-sale Securities, Other Maturities, Amortized Cost Basis | 4,196 | |
Amortized Cost | 4,196 | 4,196 |
Debt securities, maturing 5 to 10 years, fair value | 4,099 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 0 | |
Debt securities, total fair value | 4,099 | |
Available-for-sale investment securities, at fair value (amortized cost of $910,431 at June 30, 2019 and $804,655 at December 31, 2018) | $ 4,099 | $ 3,989 |
Investment Securities (Held-to-
Investment Securities (Held-to-maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investment securities, at amortized cost (fair value of $35,747 at June 30, 2019 and $36,963 at December 31, 2018) | $ 34,839 | $ 36,961 |
Gross Unrealized Gains | 1,048 | 684 |
Gross Unrealized Losses | (140) | (682) |
Held-to-maturity investment securities at fair value | 35,747 | 36,963 |
Amortized Cost | 34,839 | 36,961 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Gross Unrealized Gains | 482 | 493 |
Gross Unrealized Losses | 0 | 0 |
Held-to-maturity investment securities at fair value | 4,880 | 4,896 |
Amortized Cost | 4,398 | |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Gross Unrealized Gains | 256 | 191 |
Gross Unrealized Losses | (140) | (632) |
Held-to-maturity investment securities at fair value | 23,451 | 28,603 |
Amortized Cost | 23,335 | |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Gross Unrealized Gains | 310 | 0 |
Gross Unrealized Losses | 0 | (50) |
Held-to-maturity investment securities at fair value | 7,416 | 3,464 |
Amortized Cost | 7,106 | |
Reported Value Measurement [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investment securities, at amortized cost (fair value of $35,747 at June 30, 2019 and $36,963 at December 31, 2018) | 34,839 | 36,961 |
Reported Value Measurement [Member] | States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investment securities, at amortized cost (fair value of $35,747 at June 30, 2019 and $36,963 at December 31, 2018) | 4,398 | 4,403 |
Reported Value Measurement [Member] | Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investment securities, at amortized cost (fair value of $35,747 at June 30, 2019 and $36,963 at December 31, 2018) | 23,335 | 29,044 |
Reported Value Measurement [Member] | Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investment securities, at amortized cost (fair value of $35,747 at June 30, 2019 and $36,963 at December 31, 2018) | $ 7,106 | $ 3,514 |
Investment Securities (Held-t_2
Investment Securities (Held-to-Maturity Securities Gross Realized Gains and Losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Realized Gain (Loss) on Held-to-Maturity Securities | $ 0 | $ 0 | $ 0 | $ 0 |
Investment Securities (Held-t_3
Investment Securities (Held-to-maturity Securities with Unrealized Loss) (Details) $ in Thousands | Jun. 30, 2019USD ($)securities | Dec. 31, 2018USD ($)securities |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 0 | $ 0 |
Less than 12 months, unrealized loss | $ 0 | $ 0 |
Less than 12 months, no. of securities | securities | 0 | 0 |
12 months or more, fair value | $ 11,639 | $ 16,566 |
12 months or more, unrealized loss | $ 140 | $ 682 |
12 months or more, no. of securities | securities | 3 | 6 |
Total fair value | $ 11,639 | $ 16,566 |
Total unrealized loss | 140 | 682 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized loss | $ 0 | $ 0 |
Less than 12 months, no. of securities | securities | 0 | 0 |
12 months or more, fair value | $ 11,639 | $ 13,102 |
12 months or more, unrealized loss | $ 140 | $ 632 |
12 months or more, no. of securities | securities | 3 | 5 |
Total fair value | $ 11,639 | $ 13,102 |
Total unrealized loss | 140 | 632 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 0 | |
Less than 12 months, unrealized loss | $ 0 | |
Less than 12 months, no. of securities | securities | 0 | |
12 months or more, fair value | $ 3,464 | |
12 months or more, unrealized loss | $ 50 | |
12 months or more, no. of securities | securities | 1 | |
Total fair value | $ 3,464 | |
Total unrealized loss | $ 0 | $ 50 |
Investment Securities (Held-t_4
Investment Securities (Held-to-maturity Securities by Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, maturing within 1 year, amortized cost | $ 305 | |
Debt securities, maturing 1 to 5 years, amortized cost | 410 | |
Debt securities, maturing 5 to 10 years, amortized cost | 10,879 | |
Debt securities, maturing over 10 years, amortized cost | 23,245 | |
Amortized Cost | 34,839 | $ 36,961 |
Debt securities, maturing within 1 year, fair value | 307 | |
Debt securities, maturing 1 to 5 years, fair value | 412 | |
Debt securities, maturing 5 to 10 years, fair value | 11,724 | |
Debt securities, maturing over 10 years, fair value | 23,304 | |
Fair Value | $ 35,747 | 36,963 |
Held-to-maturity securities, maturing within 1 year, average yield | 2.62% | |
Held-to-maturity securities, maturing 1 to 5 years, average yield | 2.29% | |
Held-to-maturity securities, maturing 6 to 10 years, average yield | 1.49% | |
Held-to-maturity securities, maturing over 10 years, average yield | 2.81% | |
Held-to-maturity securities, total average yield | 2.83% | |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, maturing within 1 year, amortized cost | $ 305 | |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | |
Debt securities, maturing 5 to 10 years, amortized cost | 2,984 | |
Debt securities, maturing over 10 years, amortized cost | 1,109 | |
Amortized Cost | 4,398 | |
Debt securities, maturing within 1 year, fair value | 307 | |
Debt securities, maturing 1 to 5 years, fair value | 0 | |
Debt securities, maturing 5 to 10 years, fair value | 3,458 | |
Debt securities, maturing over 10 years, fair value | 1,115 | |
Fair Value | 4,880 | 4,896 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, maturing within 1 year, amortized cost | 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | |
Debt securities, maturing 5 to 10 years, amortized cost | 4,002 | |
Debt securities, maturing over 10 years, amortized cost | 19,333 | |
Amortized Cost | 23,335 | |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 0 | |
Debt securities, maturing 5 to 10 years, fair value | 4,070 | |
Debt securities, maturing over 10 years, fair value | 19,381 | |
Fair Value | 23,451 | 28,603 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, maturing within 1 year, amortized cost | 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 410 | |
Debt securities, maturing 5 to 10 years, amortized cost | 3,893 | |
Debt securities, maturing over 10 years, amortized cost | 2,803 | |
Amortized Cost | 7,106 | |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 412 | |
Debt securities, maturing 5 to 10 years, fair value | 4,196 | |
Debt securities, maturing over 10 years, fair value | 2,808 | |
Fair Value | $ 7,416 | $ 3,464 |
Investment Securities Other Inv
Investment Securities Other Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Other Investments Carrying Value [Line Items] | ||||||
Federal Home Loan Bank (FHLB) stock | $ 29,257,000 | $ 29,257,000 | $ 29,367,000 | |||
Federal Reserve Bank (FRB) stock | 12,294,000 | 12,294,000 | 12,294,000 | |||
Other investment securities | 43,209,000 | 43,209,000 | 42,708,000 | |||
Other investment securities | 43,508,000 | 43,508,000 | 42,985,000 | |||
Proceeds from Sale of Federal Home Loan Bank Stock | 1,100,000 | $ 1,800,000 | ||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 0 | $ 658,000 | 22,000 | $ 198,000 | ||
Gain (Loss) on Sale of Equity Investments | 787,000 | |||||
Securities of a single issuer, other than US Treasury, government agencies and US government sponsored agencies exceeding 10% of Stockholders' Equity | 0 | 0 | ||||
Other | ||||||
Other Investments Carrying Value [Line Items] | ||||||
Other investment securities | 365,000 | 365,000 | 60,000 | |||
U.S. Treasury and government agencies | ||||||
Other Investments Carrying Value [Line Items] | ||||||
Other investment securities | 1,293,000 | 1,293,000 | 987,000 | |||
Equity investment securities | ||||||
Other Investments Carrying Value [Line Items] | ||||||
Other investment securities | $ 299,000 | $ 299,000 | $ 277,000 |
Investment Securities (Pledged
Investment Securities (Pledged Securities) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of available-for-sale securities pledged to secure public and trust department deposits and repurchase agreements | $ 499.5 | $ 430 |
Carrying value of held-to-maturity securities pledged to secure public and trust department deposits and repurchase agreements | 14.6 | 16.9 |
Carrying value of available-for-sale securities pledged to secure additional borrowing capacity at Federal Home Loan Bank and Federal Reserve Bank | 54.3 | 60.1 |
Pledged Financial Instruments, Not Separately Reported, Held-To-Maturity Securities for Federal Home Loan Bank and Federal Reserve Bank | $ 15.6 | $ 16.7 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 2.2 | |
Percent of Loans Considered Current | 99.00% | 98.50% |
Loans and leases receivable, impaired, commitment to lend | $ 0 | |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Pledged assets separately reported, loans pledged as collateral, at fair value | 488.4 | $ 505.7 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Pledged assets separately reported, loans pledged as collateral, at fair value | $ 153 | $ 180.9 |
Loans (Loan Balances By Classif
Loans (Loan Balances By Classification) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | $ 2,833,533 | $ 2,728,778 | |
Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 2,833,533 | 2,728,778 | |
Originated Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 2,174,452 | 2,156,030 | $ 2,063,163 |
Originated Loans | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 2,174,452 | 2,156,030 | |
Originated Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 102,904 | 124,013 | |
Originated Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 641,061 | 632,200 | |
Originated Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 743,965 | 756,213 | 756,213 |
Originated Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 548,460 | 530,207 | 471,270 |
Originated Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 299,173 | 296,860 | 299,934 |
Originated Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 90,374 | 93,326 | 89,957 |
Originated Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 419,595 | 407,167 | 373,384 |
Originated Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 72,209 | 71,674 | 71,545 |
Originated Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 491,804 | 478,841 | |
Originated Loans | Deposit account overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 676 | 583 | $ 860 |
Acquired Loans | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 659,081 | 572,748 | |
Acquired Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 6,775 | 12,404 | |
Acquired Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 201,909 | 184,711 | |
Acquired Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 208,684 | 197,115 | |
Acquired Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 51,506 | 35,537 | |
Acquired Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 348,439 | 296,937 | |
Acquired Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 41,262 | 40,653 | |
Acquired Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 90 | 136 | |
Acquired Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 9,100 | 2,370 | |
Acquired Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | $ 9,190 | $ 2,506 |
Loans (Loans Acquired With Dete
Loans (Loans Acquired With Deterioration of Credit Quality) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Purchased credit impaired loans | ||
Carrying Amount | $ 28,125 | $ 22,475 |
Total loans | ||
Purchased credit impaired loans | ||
Outstanding Balance | 41,744 | 33,362 |
Commercial real estate, other | ||
Purchased credit impaired loans | ||
Outstanding Balance | 13,116 | 11,955 |
Commercial and industrial | ||
Purchased credit impaired loans | ||
Outstanding Balance | 4,479 | 1,287 |
Residential real estate | ||
Purchased credit impaired loans | ||
Outstanding Balance | 23,509 | 20,062 |
Consumer | ||
Purchased credit impaired loans | ||
Outstanding Balance | $ 640 | $ 58 |
Loans Accretable Yield Rollforw
Loans Accretable Yield Rollforward (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning balance | $ 11,660 | $ 8,222 | $ 8,955 | $ 6,704 |
Accretion | (1,148) | (897) | ||
Ending balance | 11,660 | 8,222 | ||
ASB Financial Corp. [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning balance | 2,415 | |||
Ending balance | $ 2,415 | |||
FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning balance | 3,853 | |||
Ending balance | $ 3,853 |
Loans (Nonaccrual and Past Due
Loans (Nonaccrual and Past Due Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | $ 16,591 | $ 17,098 |
Loans 90 Days Past Due and Accruing | 3,449 | 2,256 |
Originated Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 13,788 | 14,185 |
Loans 90 Days Past Due and Accruing | 491 | 1,191 |
Originated Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 688 | 710 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loans | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 6,241 | 6,565 |
Loans 90 Days Past Due and Accruing | 0 | 786 |
Originated Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 6,929 | 7,275 |
Loans 90 Days Past Due and Accruing | 0 | 786 |
Originated Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 2,044 | 1,673 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 3,816 | 4,105 |
Loans 90 Days Past Due and Accruing | 438 | 398 |
Originated Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 452 | 596 |
Loans 90 Days Past Due and Accruing | 53 | 7 |
Originated Loans | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 535 | 480 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loans | Consumer, direct | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 12 | 56 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Originated Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 547 | 536 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 2,803 | 2,913 |
Loans 90 Days Past Due and Accruing | 2,958 | 1,065 |
Acquired Loans | Commercial real estate, construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 0 | 0 |
Loans 90 Days Past Due and Accruing | 230 | 0 |
Acquired Loans | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 308 | 319 |
Loans 90 Days Past Due and Accruing | 557 | 15 |
Acquired Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 308 | 319 |
Loans 90 Days Past Due and Accruing | 787 | 15 |
Acquired Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 36 | 36 |
Loans 90 Days Past Due and Accruing | 261 | 18 |
Acquired Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 1,716 | 1,921 |
Loans 90 Days Past Due and Accruing | 1,853 | 1,032 |
Acquired Loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 742 | 637 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Acquired Loans | Consumer, direct | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 1 | 0 |
Loans 90 Days Past Due and Accruing | $ 57 | $ 0 |
Loans (Aging Of The Recorded In
Loans (Aging Of The Recorded Investment In Past Due Loans And Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | $ 2,833,533 | $ 2,728,778 | |
Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 29,666 | 41,518 | |
Current Loans | 2,803,867 | 2,687,260 | |
Total Loans | 2,833,533 | 2,728,778 | |
Originated Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 2,174,452 | 2,156,030 | $ 2,063,163 |
Originated Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 688 | 710 | |
Current Loans | 102,216 | 123,303 | |
Total Loans | 102,904 | 124,013 | |
Originated Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 6,050 | 7,899 | |
Current Loans | 635,011 | 624,301 | |
Total Loans | 641,061 | 632,200 | |
Originated Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 6,738 | 8,609 | |
Current Loans | 737,227 | 747,604 | |
Total Loans | 743,965 | 756,213 | 756,213 |
Originated Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 2,546 | 6,495 | |
Current Loans | 545,914 | 523,712 | |
Total Loans | 548,460 | 530,207 | 471,270 |
Originated Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 5,046 | 8,371 | |
Current Loans | 294,127 | 288,489 | |
Total Loans | 299,173 | 296,860 | 299,934 |
Originated Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 866 | 992 | |
Current Loans | 89,508 | 92,334 | |
Total Loans | 90,374 | 93,326 | 89,957 |
Originated Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 3,351 | 3,919 | |
Current Loans | 416,244 | 403,248 | |
Total Loans | 419,595 | 407,167 | 373,384 |
Originated Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 325 | 400 | |
Current Loans | 71,884 | 71,274 | |
Total Loans | 72,209 | 71,674 | 71,545 |
Originated Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 3,676 | 4,319 | |
Current Loans | 488,128 | 474,522 | |
Total Loans | 491,804 | 478,841 | |
Originated Loans | Deposit account overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
Current Loans | 676 | 583 | |
Total Loans | 676 | 583 | $ 860 |
Originated Loans | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 18,872 | 28,786 | |
Current Loans | 2,155,580 | 2,127,244 | |
Total Loans | 2,174,452 | 2,156,030 | |
Acquired Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 230 | 511 | |
Current Loans | 6,545 | 11,893 | |
Total Loans | 6,775 | 12,404 | |
Acquired Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 2,162 | 1,213 | |
Current Loans | 199,747 | 183,498 | |
Total Loans | 201,909 | 184,711 | |
Acquired Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 2,392 | 1,724 | |
Current Loans | 206,292 | 195,391 | |
Total Loans | 208,684 | 197,115 | |
Acquired Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 845 | 142 | |
Current Loans | 50,661 | 35,395 | |
Total Loans | 51,506 | 35,537 | |
Acquired Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 6,460 | 9,832 | |
Current Loans | 341,979 | 287,105 | |
Total Loans | 348,439 | 296,937 | |
Acquired Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 900 | 1,005 | |
Current Loans | 40,362 | 39,648 | |
Total Loans | 41,262 | 40,653 | |
Acquired Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
Current Loans | 90 | 136 | |
Total Loans | 90 | 136 | |
Acquired Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 197 | 29 | |
Current Loans | 8,903 | 2,341 | |
Total Loans | 9,100 | 2,370 | |
Acquired Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 197 | 29 | |
Current Loans | 8,993 | 2,477 | |
Total Loans | 9,190 | 2,506 | |
Acquired Loans | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 10,794 | 12,732 | |
Current Loans | 648,287 | 560,016 | |
Total Loans | 659,081 | 572,748 | |
30 - 59 days | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 8,864 | 17,782 | |
30 - 59 days | Originated Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
30 - 59 days | Originated Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 12 | |
30 - 59 days | Originated Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 12 | |
30 - 59 days | Originated Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 606 | 1,678 | |
30 - 59 days | Originated Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 1,391 | 4,457 | |
30 - 59 days | Originated Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 387 | 531 | |
30 - 59 days | Originated Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 3,024 | 3,266 | |
30 - 59 days | Originated Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 306 | 308 | |
30 - 59 days | Originated Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 3,330 | 3,574 | |
30 - 59 days | Originated Loans | Deposit account overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
30 - 59 days | Originated Loans | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 5,714 | 10,252 | |
30 - 59 days | Acquired Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 511 | |
30 - 59 days | Acquired Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 661 | 523 | |
30 - 59 days | Acquired Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 661 | 1,034 | |
30 - 59 days | Acquired Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 488 | 111 | |
30 - 59 days | Acquired Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 1,685 | 6,124 | |
30 - 59 days | Acquired Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 228 | 238 | |
30 - 59 days | Acquired Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
30 - 59 days | Acquired Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 88 | 23 | |
30 - 59 days | Acquired Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 88 | 23 | |
30 - 59 days | Acquired Loans | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 3,150 | 7,530 | |
60 - 89 days | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 4,455 | 8,675 | |
60 - 89 days | Originated Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
60 - 89 days | Originated Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 736 | |
60 - 89 days | Originated Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 736 | |
60 - 89 days | Originated Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 3 | 3,520 | |
60 - 89 days | Originated Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 1,177 | 1,319 | |
60 - 89 days | Originated Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 18 | 30 | |
60 - 89 days | Originated Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 216 | 488 | |
60 - 89 days | Originated Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 17 | 50 | |
60 - 89 days | Originated Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 233 | 538 | |
60 - 89 days | Originated Loans | Deposit account overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
60 - 89 days | Originated Loans | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 1,431 | 6,143 | |
60 - 89 days | Acquired Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
60 - 89 days | Acquired Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 728 | 457 | |
60 - 89 days | Acquired Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 728 | 457 | |
60 - 89 days | Acquired Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 60 | 13 | |
60 - 89 days | Acquired Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 2,075 | 1,823 | |
60 - 89 days | Acquired Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 109 | 233 | |
60 - 89 days | Acquired Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
60 - 89 days | Acquired Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 52 | 6 | |
60 - 89 days | Acquired Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 52 | 6 | |
60 - 89 days | Acquired Loans | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 3,024 | 2,532 | |
90 Days | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 16,347 | 15,061 | |
90 Days | Originated Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 688 | 710 | |
90 Days | Originated Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 6,050 | 7,151 | |
90 Days | Originated Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 6,738 | 7,861 | |
90 Days | Originated Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 1,937 | 1,297 | |
90 Days | Originated Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 2,478 | 2,595 | |
90 Days | Originated Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 461 | 431 | |
90 Days | Originated Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 111 | 165 | |
90 Days | Originated Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 2 | 42 | |
90 Days | Originated Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 113 | 207 | |
90 Days | Originated Loans | Deposit account overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
90 Days | Originated Loans | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 11,727 | 12,391 | |
90 Days | Acquired Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 230 | 0 | |
90 Days | Acquired Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 773 | 233 | |
90 Days | Acquired Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 1,003 | 233 | |
90 Days | Acquired Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 297 | 18 | |
90 Days | Acquired Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 2,700 | 1,885 | |
90 Days | Acquired Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 563 | 534 | |
90 Days | Acquired Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 0 | 0 | |
90 Days | Acquired Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 57 | 0 | |
90 Days | Acquired Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 57 | 0 | |
90 Days | Acquired Loans | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | $ 4,620 | $ 2,670 |
Loans (Loans By Risk Category)
Loans (Loans By Risk Category) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | $ 2,833,533 | $ 2,728,778 | |
Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 2,833,533 | 2,728,778 | |
Pass Rated (Grades 1 - 4) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 1,506,397 | 1,452,711 | |
Special Mention (Grade 5) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 33,968 | 70,370 | |
Substandard (Grade 6) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 62,540 | 43,176 | |
Doubtful (Grade 7) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 508 | 642 | |
Not Rated | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 1,230,120 | 1,161,879 | |
Originated Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 2,174,452 | 2,156,030 | $ 2,063,163 |
Originated Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 102,904 | 124,013 | |
Originated Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 641,061 | 632,200 | |
Originated Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 743,965 | 756,213 | 756,213 |
Originated Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 548,460 | 530,207 | 471,270 |
Originated Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 299,173 | 296,860 | 299,934 |
Originated Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 90,374 | 93,326 | 89,957 |
Originated Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 419,595 | 407,167 | 373,384 |
Originated Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 72,209 | 71,674 | 71,545 |
Originated Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 491,804 | 478,841 | |
Originated Loans | Deposit account overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 676 | 583 | $ 860 |
Originated Loans | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 2,174,452 | 2,156,030 | |
Originated Loans | Pass Rated (Grades 1 - 4) | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 100,231 | 121,457 | |
Originated Loans | Pass Rated (Grades 1 - 4) | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 622,966 | 612,099 | |
Originated Loans | Pass Rated (Grades 1 - 4) | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 723,197 | 733,556 | |
Originated Loans | Pass Rated (Grades 1 - 4) | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 525,738 | 476,290 | |
Originated Loans | Pass Rated (Grades 1 - 4) | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 13,752 | 14,229 | |
Originated Loans | Pass Rated (Grades 1 - 4) | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 17 | 453 | |
Originated Loans | Pass Rated (Grades 1 - 4) | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 8 | |
Originated Loans | Pass Rated (Grades 1 - 4) | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 24 | 30 | |
Originated Loans | Pass Rated (Grades 1 - 4) | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 24 | 38 | |
Originated Loans | Pass Rated (Grades 1 - 4) | Deposit account overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Pass Rated (Grades 1 - 4) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 1,262,728 | 1,224,566 | |
Originated Loans | Special Mention (Grade 5) | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Special Mention (Grade 5) | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 7,673 | 10,898 | |
Originated Loans | Special Mention (Grade 5) | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 7,673 | 10,898 | |
Originated Loans | Special Mention (Grade 5) | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 5,807 | 45,990 | |
Originated Loans | Special Mention (Grade 5) | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 201 | 500 | |
Originated Loans | Special Mention (Grade 5) | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Special Mention (Grade 5) | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Special Mention (Grade 5) | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Special Mention (Grade 5) | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Special Mention (Grade 5) | Deposit account overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Special Mention (Grade 5) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 13,681 | 57,388 | |
Originated Loans | Substandard (Grade 6) | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 1,431 | 1,472 | |
Originated Loans | Substandard (Grade 6) | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 10,416 | 9,203 | |
Originated Loans | Substandard (Grade 6) | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 11,847 | 10,675 | |
Originated Loans | Substandard (Grade 6) | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 16,915 | 7,692 | |
Originated Loans | Substandard (Grade 6) | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 14,682 | 11,971 | |
Originated Loans | Substandard (Grade 6) | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Substandard (Grade 6) | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Substandard (Grade 6) | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Substandard (Grade 6) | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Substandard (Grade 6) | Deposit account overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Substandard (Grade 6) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 43,444 | 30,338 | |
Originated Loans | Doubtful (Grade 7) | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Doubtful (Grade 7) | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 6 | 0 | |
Originated Loans | Doubtful (Grade 7) | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 6 | 0 | |
Originated Loans | Doubtful (Grade 7) | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Doubtful (Grade 7) | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 249 | 409 | |
Originated Loans | Doubtful (Grade 7) | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Doubtful (Grade 7) | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Doubtful (Grade 7) | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Doubtful (Grade 7) | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Doubtful (Grade 7) | Deposit account overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Doubtful (Grade 7) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 255 | 409 | |
Originated Loans | Not Rated | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 1,242 | 1,084 | |
Originated Loans | Not Rated | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Originated Loans | Not Rated | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 1,242 | 1,084 | |
Originated Loans | Not Rated | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 235 | |
Originated Loans | Not Rated | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 270,289 | 269,751 | |
Originated Loans | Not Rated | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 90,357 | 92,873 | |
Originated Loans | Not Rated | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 419,595 | 407,159 | |
Originated Loans | Not Rated | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 72,185 | 71,644 | |
Originated Loans | Not Rated | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 491,780 | 478,803 | |
Originated Loans | Not Rated | Deposit account overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 676 | 583 | |
Originated Loans | Not Rated | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 854,344 | 843,329 | |
Acquired Loans | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 6,775 | 12,404 | |
Acquired Loans | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 201,909 | 184,711 | |
Acquired Loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 208,684 | 197,115 | |
Acquired Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 51,506 | 35,537 | |
Acquired Loans | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 348,439 | 296,937 | |
Acquired Loans | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 41,262 | 40,653 | |
Acquired Loans | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 90 | 136 | |
Acquired Loans | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 9,100 | 2,370 | |
Acquired Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 9,190 | 2,506 | |
Acquired Loans | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 659,081 | 572,748 | |
Acquired Loans | Pass Rated (Grades 1 - 4) | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 4,338 | 8,976 | |
Acquired Loans | Pass Rated (Grades 1 - 4) | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 178,425 | 169,260 | |
Acquired Loans | Pass Rated (Grades 1 - 4) | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 182,763 | 178,236 | |
Acquired Loans | Pass Rated (Grades 1 - 4) | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 43,171 | 32,471 | |
Acquired Loans | Pass Rated (Grades 1 - 4) | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 17,634 | 17,370 | |
Acquired Loans | Pass Rated (Grades 1 - 4) | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 81 | 33 | |
Acquired Loans | Pass Rated (Grades 1 - 4) | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 1 | 4 | |
Acquired Loans | Pass Rated (Grades 1 - 4) | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 19 | 31 | |
Acquired Loans | Pass Rated (Grades 1 - 4) | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 20 | 35 | |
Acquired Loans | Pass Rated (Grades 1 - 4) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 243,669 | 228,145 | |
Acquired Loans | Special Mention (Grade 5) | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 1,636 | 1,795 | |
Acquired Loans | Special Mention (Grade 5) | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 12,700 | 7,241 | |
Acquired Loans | Special Mention (Grade 5) | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 14,336 | 9,036 | |
Acquired Loans | Special Mention (Grade 5) | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 3,265 | 2,008 | |
Acquired Loans | Special Mention (Grade 5) | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 2,686 | 1,938 | |
Acquired Loans | Special Mention (Grade 5) | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Special Mention (Grade 5) | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Special Mention (Grade 5) | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Special Mention (Grade 5) | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Special Mention (Grade 5) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 20,287 | 12,982 | |
Acquired Loans | Substandard (Grade 6) | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 801 | 1,633 | |
Acquired Loans | Substandard (Grade 6) | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 10,693 | 8,114 | |
Acquired Loans | Substandard (Grade 6) | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 11,494 | 9,747 | |
Acquired Loans | Substandard (Grade 6) | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 5,038 | 1,058 | |
Acquired Loans | Substandard (Grade 6) | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 2,564 | 2,033 | |
Acquired Loans | Substandard (Grade 6) | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Substandard (Grade 6) | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Substandard (Grade 6) | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Substandard (Grade 6) | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Substandard (Grade 6) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 19,096 | 12,838 | |
Acquired Loans | Doubtful (Grade 7) | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Doubtful (Grade 7) | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 91 | 96 | |
Acquired Loans | Doubtful (Grade 7) | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 91 | 96 | |
Acquired Loans | Doubtful (Grade 7) | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 32 | 0 | |
Acquired Loans | Doubtful (Grade 7) | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 130 | 137 | |
Acquired Loans | Doubtful (Grade 7) | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Doubtful (Grade 7) | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Doubtful (Grade 7) | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Doubtful (Grade 7) | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Doubtful (Grade 7) | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 253 | 233 | |
Acquired Loans | Not Rated | Commercial real estate, construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Not Rated | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Not Rated | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Not Rated | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 0 | 0 | |
Acquired Loans | Not Rated | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 325,425 | 275,459 | |
Acquired Loans | Not Rated | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 41,181 | 40,620 | |
Acquired Loans | Not Rated | Consumer, indirect | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 89 | 132 | |
Acquired Loans | Not Rated | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 9,081 | 2,339 | |
Acquired Loans | Not Rated | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | 9,170 | 2,471 | |
Acquired Loans | Not Rated | Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (a) | $ 375,776 | $ 318,550 |
Loans (Schedule Of Impaired Loa
Loans (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Total loans | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | $ 46,177 | $ 50,001 | |
Recorded Investment With Allowance | 7,189 | 2,154 | |
Recorded Investment Without Allowance | 39,725 | 46,221 | |
Recorded investment in loans individually evaluated for impairment | 46,914 | 48,375 | $ 51,159 |
Total Recorded Investment | 46,914 | 48,375 | |
Related Allowance | 1,131 | 509 | |
Average Recorded Investment | 43,725 | 43,140 | |
Interest Income Recognized | 1,019 | 1,879 | |
Commercial real estate, construction | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 1,793 | 2,376 | |
Recorded Investment With Allowance | 0 | 0 | |
Recorded Investment Without Allowance | 1,706 | 2,376 | |
Total Recorded Investment | 1,706 | 2,376 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 1,728 | 1,732 | |
Interest Income Recognized | 29 | 74 | |
Commercial real estate, other | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 15,546 | 15,464 | |
Recorded Investment With Allowance | 4,753 | 274 | |
Recorded Investment Without Allowance | 10,296 | 14,946 | |
Total Recorded Investment | 15,049 | 15,220 | |
Related Allowance | 520 | 119 | |
Average Recorded Investment | 14,722 | 14,043 | |
Interest Income Recognized | 250 | 455 | |
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 17,339 | 17,840 | |
Recorded Investment With Allowance | 4,753 | 274 | |
Recorded Investment Without Allowance | 12,002 | 17,322 | |
Recorded investment in loans individually evaluated for impairment | 16,755 | 17,596 | 19,162 |
Total Recorded Investment | 16,755 | 17,596 | |
Related Allowance | 520 | 119 | |
Average Recorded Investment | 16,450 | 15,775 | |
Interest Income Recognized | 279 | 529 | |
Commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 4,265 | 3,305 | |
Recorded Investment With Allowance | 1,485 | 790 | |
Recorded Investment Without Allowance | 2,731 | 2,436 | |
Recorded investment in loans individually evaluated for impairment | 4,216 | 3,226 | 3,173 |
Total Recorded Investment | 4,216 | 3,226 | |
Related Allowance | 449 | 157 | |
Average Recorded Investment | 3,226 | 2,423 | |
Interest Income Recognized | 47 | 72 | |
Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 22,195 | 25,990 | |
Recorded Investment With Allowance | 387 | 644 | |
Recorded Investment Without Allowance | 23,170 | 24,034 | |
Recorded investment in loans individually evaluated for impairment | 23,557 | 24,678 | 26,497 |
Total Recorded Investment | 23,557 | 24,678 | |
Related Allowance | 53 | 154 | |
Average Recorded Investment | 22,086 | 22,769 | |
Interest Income Recognized | 629 | 1,134 | |
Home equity lines of credit | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 1,469 | 2,291 | |
Recorded Investment With Allowance | 419 | 424 | |
Recorded Investment Without Allowance | 1,051 | 1,869 | |
Recorded investment in loans individually evaluated for impairment | 1,470 | 2,293 | 1,736 |
Total Recorded Investment | 1,470 | 2,293 | |
Related Allowance | 68 | 73 | |
Average Recorded Investment | 1,343 | 1,832 | |
Interest Income Recognized | 40 | 109 | |
Consumer, indirect | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 445 | 496 | |
Recorded Investment With Allowance | 96 | 0 | |
Recorded Investment Without Allowance | 356 | 503 | |
Recorded investment in loans individually evaluated for impairment | 452 | 503 | 441 |
Related Allowance | 23 | 0 | |
Average Recorded Investment | 413 | 278 | |
Interest Income Recognized | 15 | 15 | |
Consumer, direct | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 464 | 79 | |
Recorded Investment With Allowance | 49 | 22 | |
Recorded Investment Without Allowance | 415 | 57 | |
Recorded investment in loans individually evaluated for impairment | 464 | 79 | $ 150 |
Total Recorded Investment | 464 | 79 | |
Related Allowance | 18 | 6 | |
Average Recorded Investment | 207 | 63 | |
Interest Income Recognized | 9 | 20 | |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 909 | 575 | |
Recorded Investment With Allowance | 145 | 22 | |
Recorded Investment Without Allowance | 771 | 560 | |
Total Recorded Investment | 916 | 582 | |
Related Allowance | 41 | 6 | |
Average Recorded Investment | 620 | 341 | |
Interest Income Recognized | $ 24 | $ 35 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($)contract | Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($)contract | |
Originated Loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 13 | 27 | 22 | 38 |
Pre-Modification | $ 248 | $ 1,035 | $ 805 | $ 1,318 |
Post-Modification | 248 | 1,035 | 809 | 1,318 |
Remaining Recorded Investment | $ 248 | $ 1,035 | $ 801 | $ 1,305 |
Originated Loans | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 2 | |||
Pre-Modification | $ 38 | |||
Post-Modification | 38 | |||
Remaining Recorded Investment | $ 35 | |||
Originated Loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 5 | 3 | 7 |
Pre-Modification | $ 37 | $ 717 | $ 436 | $ 910 |
Post-Modification | 37 | 717 | 440 | 910 |
Remaining Recorded Investment | $ 37 | $ 717 | $ 437 | $ 911 |
Originated Loans | Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 2 | 3 | 4 | 3 |
Pre-Modification | $ 60 | $ 61 | $ 139 | $ 61 |
Post-Modification | 60 | 61 | 139 | 61 |
Remaining Recorded Investment | $ 60 | $ 61 | $ 139 | $ 61 |
Originated Loans | Consumer, indirect | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 7 | 14 | 8 | 21 |
Pre-Modification | $ 110 | $ 230 | $ 123 | $ 316 |
Post-Modification | 110 | 230 | 123 | 316 |
Remaining Recorded Investment | $ 110 | $ 230 | $ 123 | $ 302 |
Originated Loans | Consumer, direct | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 3 | 5 | 5 | 7 |
Pre-Modification | $ 41 | $ 27 | $ 69 | $ 31 |
Post-Modification | 41 | 27 | 69 | 31 |
Remaining Recorded Investment | $ 41 | $ 27 | $ 67 | $ 31 |
Originated Loans | Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 10 | 19 | 13 | 28 |
Pre-Modification | $ 151 | $ 257 | $ 192 | $ 347 |
Post-Modification | 151 | 257 | 192 | 347 |
Remaining Recorded Investment | $ 151 | $ 257 | $ 190 | $ 333 |
Acquired Loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 69 | 18 | 72 | 21 |
Pre-Modification | $ 4,260 | $ 863 | $ 4,349 | $ 1,182 |
Post-Modification | 4,234 | 863 | 4,324 | 1,182 |
Remaining Recorded Investment | $ 4,235 | $ 863 | $ 4,319 | $ 1,180 |
Acquired Loans | Commercial real estate, other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 7 | 7 | ||
Pre-Modification | $ 725 | $ 724 | ||
Post-Modification | 699 | 699 | ||
Remaining Recorded Investment | $ 700 | $ 700 | ||
Acquired Loans | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 4 | 4 | ||
Pre-Modification | $ 1,259 | $ 1,259 | ||
Post-Modification | 1,259 | 1,259 | ||
Remaining Recorded Investment | $ 1,259 | $ 1,259 | ||
Acquired Loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 35 | 11 | 36 | 13 |
Pre-Modification | $ 1,823 | $ 720 | $ 1,847 | $ 989 |
Post-Modification | 1,823 | 720 | 1,847 | 989 |
Remaining Recorded Investment | $ 1,823 | $ 720 | $ 1,842 | $ 989 |
Acquired Loans | Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 7 | 4 | 9 | 4 |
Pre-Modification | $ 113 | $ 86 | $ 179 | $ 86 |
Post-Modification | 113 | 86 | 179 | 86 |
Remaining Recorded Investment | $ 113 | $ 86 | $ 178 | $ 86 |
Acquired Loans | Consumer, direct | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 16 | 3 | 16 | 3 |
Pre-Modification | $ 340 | $ 57 | $ 340 | $ 57 |
Post-Modification | 340 | 57 | 340 | 57 |
Remaining Recorded Investment | $ 340 | $ 57 | $ 340 | $ 57 |
Acquired Loans | Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | |||
Pre-Modification | $ 50 | |||
Post-Modification | 50 | |||
Remaining Recorded Investment | $ 48 |
Loans (Troubled Debt Restruct_2
Loans (Troubled Debt Restructuring Subsequent Default) (Details) - Consumer, direct - Acquired Loans $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)contract | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contract | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 34 |
Loans (Summary Of Activity In A
Loans (Summary Of Activity In Allowance For Loan And Lease Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for (recoveries of) loan losses | $ 626 | $ 1,188 | $ 363 | $ 3,171 |
Commercial real estate, other | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 8,003 | 7,797 | ||
Charge-offs | (153) | (849) | ||
Recoveries | 12 | 43 | ||
Net (charge-offs) recoveries | (141) | (806) | ||
Provision for (recoveries of) loan losses | 383 | 1,280 | ||
Ending balance | 8,245 | 8,271 | 8,245 | 8,271 |
Period-end amount allocated to: | ||||
Ending balance | 8,245 | 8,271 | 8,245 | 8,271 |
Acquired Nonimpaired Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 380 | 383 | 0 | |
Charge-offs | 0 | 0 | (3) | 0 |
Ending balance | 380 | 0 | 380 | 0 |
Period-end amount allocated to: | ||||
Ending balance | 380 | 0 | 380 | 0 |
Total loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 19,659 | 18,685 | ||
Charge-offs | (1,665) | (3,289) | ||
Recoveries | 2,467 | 591 | ||
Net (charge-offs) recoveries | 802 | (2,698) | ||
Provision for (recoveries of) loan losses | 363 | 3,171 | ||
Ending balance | 20,824 | 19,158 | 20,824 | 19,158 |
Period-end amount allocated to: | ||||
Ending balance | 20,824 | 19,158 | 20,824 | 19,158 |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 8,003 | |||
Ending balance | 8,245 | 8,271 | 8,245 | 8,271 |
Period-end amount allocated to: | ||||
Ending balance | 8,245 | 8,271 | 8,245 | 8,271 |
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 6,178 | 5,813 | ||
Charge-offs | (63) | (38) | ||
Recoveries | 2,012 | 0 | ||
Net (charge-offs) recoveries | 1,949 | (38) | ||
Provision for (recoveries of) loan losses | (930) | (410) | ||
Ending balance | 7,197 | 5,365 | 7,197 | 5,365 |
Period-end amount allocated to: | ||||
Ending balance | 7,197 | 5,365 | 7,197 | 5,365 |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,214 | 904 | ||
Charge-offs | (176) | (227) | ||
Recoveries | 133 | 67 | ||
Net (charge-offs) recoveries | (43) | (160) | ||
Provision for (recoveries of) loan losses | 13 | 261 | ||
Ending balance | 1,184 | 1,005 | 1,184 | 1,005 |
Period-end amount allocated to: | ||||
Ending balance | 1,184 | 1,005 | 1,184 | 1,005 |
Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 618 | 693 | ||
Charge-offs | (9) | (57) | ||
Recoveries | 2 | 9 | ||
Net (charge-offs) recoveries | (7) | (48) | ||
Provision for (recoveries of) loan losses | (13) | (27) | ||
Ending balance | 598 | 618 | 598 | 618 |
Period-end amount allocated to: | ||||
Ending balance | 598 | 618 | 598 | 618 |
Consumer, indirect | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 3,214 | 2,944 | ||
Charge-offs | (819) | (1,479) | ||
Recoveries | 162 | 272 | ||
Net (charge-offs) recoveries | (657) | (1,207) | ||
Provision for (recoveries of) loan losses | 615 | 1,602 | ||
Ending balance | 3,172 | 3,339 | 3,172 | 3,339 |
Period-end amount allocated to: | ||||
Ending balance | 3,172 | 3,339 | 3,172 | 3,339 |
Consumer, direct | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 351 | 464 | ||
Charge-offs | (96) | (219) | ||
Recoveries | 40 | 84 | ||
Net (charge-offs) recoveries | (56) | (135) | ||
Provision for (recoveries of) loan losses | 47 | 136 | ||
Ending balance | 342 | 465 | 342 | 465 |
Period-end amount allocated to: | ||||
Ending balance | 342 | 465 | 342 | 465 |
Deposit account overdrafts | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 81 | 70 | ||
Charge-offs | (349) | (420) | ||
Recoveries | 106 | 116 | ||
Net (charge-offs) recoveries | (243) | (304) | ||
Provision for (recoveries of) loan losses | 248 | 329 | ||
Ending balance | 86 | 95 | 86 | 95 |
Period-end amount allocated to: | ||||
Ending balance | $ 86 | $ 95 | $ 86 | $ 95 |
Loans (Allowance for Loan Losse
Loans (Allowance for Loan Losses Disaggregated by Impairment Method) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, net of deferred fees and costs (a) | $ 2,833,533 | $ 2,728,778 | ||
Originated Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, net of deferred fees and costs (a) | 2,174,452 | 2,156,030 | $ 2,063,163 | |
Commercial real estate, other | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Ending balance | 8,245 | 8,003 | 8,271 | $ 7,797 |
Commercial real estate, other | Originated Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, net of deferred fees and costs (a) | 641,061 | 632,200 | ||
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses allocated to loans individually evaluated for impairment | 449 | 157 | 191 | |
Allowance for loan losses allocated to loans collectively evaluated for impairment | 6,748 | 6,021 | 5,174 | |
Ending balance | 7,197 | 6,178 | 5,365 | 5,813 |
Recorded investment in loans individually evaluated for impairment | 4,216 | 3,226 | 3,173 | |
Recorded investment in loans collectively evaluated for impairment | 544,244 | 526,981 | 468,097 | |
Commercial and industrial | Originated Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, net of deferred fees and costs (a) | 548,460 | 530,207 | 471,270 | |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses allocated to loans individually evaluated for impairment | 53 | 154 | 47 | |
Allowance for loan losses allocated to loans collectively evaluated for impairment | 1,131 | 1,060 | 958 | |
Ending balance | 1,184 | 1,214 | 1,005 | 904 |
Recorded investment in loans individually evaluated for impairment | 23,557 | 24,678 | 26,497 | |
Recorded investment in loans collectively evaluated for impairment | 275,616 | 272,182 | 273,437 | |
Residential real estate | Originated Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, net of deferred fees and costs (a) | 299,173 | 296,860 | 299,934 | |
Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses allocated to loans individually evaluated for impairment | 68 | 73 | 14 | |
Allowance for loan losses allocated to loans collectively evaluated for impairment | 530 | 545 | 604 | |
Ending balance | 598 | 618 | 618 | 693 |
Recorded investment in loans individually evaluated for impairment | 1,470 | 2,293 | 1,736 | |
Recorded investment in loans collectively evaluated for impairment | 88,904 | 91,033 | 88,221 | |
Home equity lines of credit | Originated Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, net of deferred fees and costs (a) | 90,374 | 93,326 | 89,957 | |
Consumer, indirect | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses allocated to loans individually evaluated for impairment | 23 | 0 | 31 | |
Allowance for loan losses allocated to loans collectively evaluated for impairment | 3,149 | 3,214 | 3,308 | |
Ending balance | 3,172 | 3,214 | 3,339 | 2,944 |
Recorded investment in loans individually evaluated for impairment | 452 | 503 | 441 | |
Recorded investment in loans collectively evaluated for impairment | 419,143 | 406,664 | 372,943 | |
Consumer, indirect | Originated Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, net of deferred fees and costs (a) | 419,595 | 407,167 | 373,384 | |
Consumer, direct | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses allocated to loans individually evaluated for impairment | 18 | 6 | 45 | |
Allowance for loan losses allocated to loans collectively evaluated for impairment | 324 | 345 | 420 | |
Ending balance | 342 | 351 | 465 | 464 |
Recorded investment in loans individually evaluated for impairment | 464 | 79 | 150 | |
Recorded investment in loans collectively evaluated for impairment | 71,745 | 71,595 | 71,395 | |
Consumer, direct | Originated Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, net of deferred fees and costs (a) | 72,209 | 71,674 | 71,545 | |
Deposit account overdrafts | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses allocated to loans individually evaluated for impairment | 0 | 0 | 0 | |
Allowance for loan losses allocated to loans collectively evaluated for impairment | 86 | 81 | 95 | |
Ending balance | 86 | 81 | 95 | 70 |
Recorded investment in loans individually evaluated for impairment | 0 | 0 | 0 | |
Recorded investment in loans collectively evaluated for impairment | 676 | 583 | 860 | |
Deposit account overdrafts | Originated Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, net of deferred fees and costs (a) | 676 | 583 | 860 | |
Total loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses allocated to loans individually evaluated for impairment | 1,131 | 509 | 329 | |
Allowance for loan losses allocated to loans collectively evaluated for impairment | 19,693 | 19,150 | 18,829 | |
Ending balance | 20,824 | 19,659 | 19,158 | $ 18,685 |
Recorded investment in loans individually evaluated for impairment | 46,914 | 48,375 | 51,159 | |
Recorded investment in loans collectively evaluated for impairment | 2,127,538 | 2,107,655 | 2,012,004 | |
Loans, net of deferred fees and costs (a) | 2,833,533 | 2,728,778 | ||
Total loans | Originated Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, net of deferred fees and costs (a) | 2,174,452 | 2,156,030 | ||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses allocated to loans individually evaluated for impairment | 520 | 119 | 1 | |
Allowance for loan losses allocated to loans collectively evaluated for impairment | 7,725 | 7,884 | 8,270 | |
Ending balance | 8,245 | 8,003 | 8,271 | |
Recorded investment in loans individually evaluated for impairment | 16,755 | 17,596 | 19,162 | |
Recorded investment in loans collectively evaluated for impairment | 727,210 | 738,617 | 737,051 | |
Commercial real estate | Originated Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, net of deferred fees and costs (a) | $ 743,965 | $ 756,213 | $ 756,213 |
Loans Summary of Activity in Al
Loans Summary of Activity in Allowance for Acquired Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Acquired Nonimpaired Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 380 | $ 383 | $ 0 | |
Charge-offs | 0 | $ 0 | 3 | 0 |
Ending balance | 380 | 0 | 380 | 0 |
Financial Asset Acquired with Credit Deterioration | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 153 | 108 | ||
Ending balance | $ 153 | $ 108 | $ 153 | $ 108 |
Long-Term Borrowings (Details)
Long-Term Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total long-term borrowings | $ 85,691 | $ 109,644 |
Long-term borrowings, Weighted-Average Rate | 2.55% | 2.44% |
FHLB putable, non-amortizing, fixed-rate advances | ||
Debt Instrument [Line Items] | ||
FHLB Advances | $ 65,000 | $ 85,000 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 2.18% | 2.05% |
FHLB amortizing, fixed-rate advances | ||
Debt Instrument [Line Items] | ||
FHLB Advances | $ 13,324 | $ 17,361 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.73% | 2.09% |
Junior subordinated debt securities | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt securities | $ 7,367 | $ 7,283 |
Weighted- Average Rate | 7.34% | 7.83% |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Proceeds from long-term borrowings | $ 0 | |
Unadvanced revolving line of credit | $ 15,000,000 | |
FHLB Advances [Member] | ||
Number of agreements | 2 | |
FHLB amortizing, fixed-rate advances | ||
FHLB Advances | $ 13,324,000 | $ 17,361,000 |
FHLB amortizing, fixed-rate advances | Minimum | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 8 years | |
FHLB amortizing, fixed-rate advances | Maximum | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 13 years | |
FHLB Advances [Member] | ||
FHLB Advances | $ 20,000,000 |
Long-Term Borrowings (Maturity)
Long-Term Borrowings (Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Six months ending December 31, 2019 | $ 2,568 | |
Year ending December 31, 2020 | 2,555 | |
Year ending December 31, 2021 | 21,979 | |
Year ending December 31, 2022 | 16,521 | |
Year ending December 31, 2023 | 1,157 | |
Thereafter | 40,911 | |
Long-term borrowings | $ 85,691 | $ 109,644 |
Six months ending December 31, 2019 | 1.48% | |
Year ending December 31, 2020 | 1.35% | |
Year ending December 31, 2021 | 1.74% | |
Year ending December 31, 2022 | 1.95% | |
Year ending December 31, 2023 | 1.06% | |
Thereafter | 3.41% | |
Total long-term borrowings | 2.55% | 2.44% |
Stockholders' Equity (Stock Rol
Stockholders' Equity (Stock Rollforward) (Details) | 6 Months Ended |
Jun. 30, 2019shares | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Common stock, beginning of period | 20,124,378 |
Treasury stock, beginning of period | 601,289 |
Changes related to deferred compensation plan for Boards of Directors: | |
Common stock, end of period | 21,142,256 |
Treasury stock, end of period | 489,802 |
Common Stock | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Common stock, beginning of period | 20,124,378 |
Changes related to stock-based compensation awards: | |
Cancellation of restricted common shares | 0 |
Changes related to deferred compensation plan for Boards of Directors: | |
Common shares issued under dividend reinvestment plan | 12,400 |
Common stock, end of period | 21,142,256 |
Treasury Stock | |
Increase (Decrease) in Stock by Class [Roll Forward] | |
Treasury stock, beginning of period | 601,289 |
Changes related to stock-based compensation awards: | |
Release of restricted common shares | 17,481 |
Cancellation of restricted common shares | 3,465 |
Grant of common shares | (4,680) |
Changes related to deferred compensation plan for Boards of Directors: | |
Purchase of treasury stock | 3,834 |
Disbursed out of treasury stock | (2,187) |
Common shares issued under compensation plan for Boards of Directors | (3,490) |
Common shares issued under employee stock purchase plan | (3,624) |
Treasury stock, end of period | 489,802 |
Restricted Shares | Treasury Stock | |
Changes related to stock-based compensation awards: | |
Grant of common shares | (122,286) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||||||||||
Preferred stock - shares authorized | 50,000 | 50,000 | 50,000 | ||||||||
Preferred stock - shares issued | 0 | 0 | 0 | ||||||||
Cash dividends declared per common share | $ 0.34 | $ 0.30 | $ 0.28 | $ 0.28 | $ 0.26 | $ 0.64 | $ 0.54 | $ 0.82 | |||
Subsequent Event [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Cash dividends declared per common share | $ 0.34 | $ 0.98 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive (Loss) Income [Roll Forward] | ||||
Unrealized Gain (Loss) on Securities | $ (10,082) | |||
Realized gain on sale of securities, net of tax | 21 | |||
Other comprehensive income (loss), net of reclassifications and tax | 17,121 | |||
Unrealized Gain (Loss) on Securities | $ 7,060 | 7,060 | ||
Unrecognized Net Pension and Postretirement Costs | (3,711) | |||
Other comprehensive income (loss), net of reclassifications and tax | 31 | |||
Unrecognized Net Pension and Postretirement Costs | (3,680) | (3,680) | ||
Unrealized Gain (Loss) on Cash Flow Hedge | 860 | |||
Other comprehensive income (loss), net of reclassifications and tax | (2,476) | $ 424 | (3,924) | $ 1,513 |
Unrealized Gain (Loss) on Cash Flow Hedge | (3,064) | (3,064) | ||
Accumulated Other Comprehensive Income (Loss) | (12,933) | |||
Realized gain on sale of securities, net of tax | 21 | |||
Other comprehensive income (loss), net of reclassifications and tax | 13,228 | |||
Accumulated Other Comprehensive Income (Loss) | $ 316 | $ 316 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Settlement charge | $ 0 | $ 0 | $ 0 | $ 0 |
Components of net periodic benefit costs: | ||||
Interest cost | 110,000 | 105,000 | 219,000 | 210,000 |
Expected return on plan assets | (196,000) | (146,000) | (391,000) | (293,000) |
Amortization of net loss | 20,000 | 27,000 | 39,000 | 55,000 |
Net periodic benefit/cost | (66,000) | (14,000) | (133,000) | (28,000) |
Postretirement Benefits | ||||
Components of net periodic benefit costs: | ||||
Interest cost | 1,000 | 1,000 | 2,000 | 2,000 |
Amortization of prior service cost | (1,000) | (1,000) | ||
Amortization of net loss | 0 | (1,000) | (2,000) | (3,000) |
Net periodic benefit/cost | $ 0 | $ 0 | $ (1,000) | $ (1,000) |
Postretirement Benefits | Employees Hired before January 1, 2003 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Benefit based on highest average salary for number of consecutive years | 5 years | |||
Number of years for consecutive years calculation | 10 years | |||
Postretirement Benefits | Employees Hired on or after January 1, 2003 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Percent of annual salary to calculate benefit | 2.00% |
Earnings Per Common Share (Calc
Earnings Per Common Share (Calculations of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Distributed earnings allocated to shareholders | $ 6,935 | $ 5,407 | $ 12,711 | $ 10,123 |
Undistributed earnings allocated to shareholders | 2,568 | 2,427 | 11,067 | 9,389 |
Net earnings allocated to shareholders | $ 9,503 | $ 7,834 | $ 23,778 | $ 19,512 |
Weighted-average number of common shares outstanding - basic | 20,277,028 | 19,160,728 | 19,824,035 | 18,646,266 |
Effect of potentially dilutive shares | 165,338 | 132,653 | 148,315 | 126,903 |
Total weighted-average diluted shares outstanding | 20,442,366 | 19,293,381 | 19,972,350 | 18,773,169 |
Earnings per common share - basic | $ 0.47 | $ 0.41 | $ 1.20 | $ 1.05 |
Earnings per common share - diluted | $ 0.46 | $ 0.41 | $ 1.19 | $ 1.04 |
Anti-dilutive shares excluded from computation of EPS | 87 | 0 | 46 | 32 |
Derivative Financial Instrume_3
Derivative Financial Instruments Interest rate swaps designated as cash flow hedges (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Weighted average pay rates | 2.27% | 2.37% |
Weighted average receive rates | 1.80% | 2.57% |
Weighted average maturity | 5 years 7 months | 6 years 2 months |
Unrealized gains | $ 3,879,000 | $ 860,000 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 140,000 | $ 110,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments Net gains and losses recorded in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Amount of loss (gain) recognized in AOCI, pre-tax | $ 2,994 | $ (529) | $ 4,661 | $ (1,907) |
Amount of (gain) loss recognized in earnings | $ 0 | $ 0 | $ (19) | $ 30 |
Derivative Financial Instrume_5
Derivative Financial Instruments Cash flow hedges (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | |||||
Reclassifications into Interest expense on cash flow hedge | $ 70,000 | $ 28,000 | $ 153,000 | $ 16,000 | |
Fair Value of Interest Rate Swaps | 9,700,000 | 9,700,000 | $ 2,500,000 | ||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Interest rate swaps related to debt | 35,000,000 | 35,000,000 | 60,000,000 | ||
Interest rate swaps related to debt | 105,000,000 | 105,000,000 | 50,000,000 | ||
Other Assets [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Fair Value of Interest Rate Swaps | 316,000 | 316,000 | 2,093,000 | ||
Liability [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Fair Value of Interest Rate Swaps | $ 4,363,000 | $ 4,363,000 | $ 1,111,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |||||
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 10 years | ||||
Reclassifications into Interest expense on cash flow hedge | $ 70,000 | $ 28,000 | $ 153,000 | $ 16,000 | |
Cumulative unrealized gain or loss on cash flow hedges, pretax, included in accumulated other comprehensive income or loss | 3,900,000 | 3,900,000 | |||
Cash pledged to Peoples from counterparties | 0 | 0 | $ 130,000 | ||
Fair Value of Interest Rate Swaps | $ 9,700,000 | $ 9,700,000 | 2,500,000 | ||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Number of Instruments Held | contract | 15 | 15 | |||
Notional amount | $ 140,000,000 | $ 140,000,000 | 110,000,000,000 | ||
Interest Rate Contract [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 492,000,000 | 492,000,000 | 453,400,000 | ||
Fair Value of Interest Rate Swaps | 9,656,000 | 9,656,000 | 2,451,000 | ||
Other Assets [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Fair Value of Interest Rate Swaps | 316,000 | 316,000 | 2,093,000 | ||
Liability [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Fair Value of Interest Rate Swaps | 4,363,000 | 4,363,000 | 1,111,000 | ||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Restricted Cash | $ 14,400,000 | $ 14,400,000 | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments Non-designated hedges (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Cash pledged to Peoples from counterparties | $ 0 | $ 130,000 |
Fair Value of Interest Rate Swaps | 9,700,000 | 2,500,000 |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Notional amount | 492,000,000 | 453,400,000 |
Fair Value of Interest Rate Swaps | 9,656,000 | 2,451,000 |
Interest rate swaps related to debt | 245,996,000 | 226,662,000 |
Interest rate swaps related to debt | $ 245,996,000 | $ 226,662,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum Aggregate Value of Performance Unit Award Outstanding | $ 1,300,000 | |
Unrecognized stock-based compensation expense related to unvested awards, amount | $ 3,600,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month | |
Unrestricted Stock Granted to Employees | 11,112 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common shares authorized under the 2006 Equity Plan | 500,000 | |
Restricted Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total intrinsic value of awards released in period | $ 1,600,000 | $ 3,200,000 |
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 | |
2006 Equity Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized under 2006 Equity Plan | 891,340 | |
Time-Based Vesting | Restricted Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 5,086 | |
Performance-Based Vesting | Restricted Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 117,200 | |
Awarded | 117,200 | |
Director [Member] | Time-Based Vesting | Restricted Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3,200 | 3,600 |
Treasury Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 388,000 | |
Treasury Stock | Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 102,000 | $ 128,000 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Shares) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 03, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrestricted Stock Granted to Employees | 11,112 | 11,112 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month | ||||
Allocated Share-based Compensation Expense | $ 930,000 | $ 424,000 | $ 2,138,000 | $ 1,510,000 | |
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 11,000 | 81,000 | $ 50,000 | 125,000 | |
Time-Based Vesting | Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 5,086 | ||||
Number of Shares (in shares) | |||||
Outstanding at January 1 | 43,679 | ||||
Released | 17,500 | ||||
Forfeited | 2,852 | ||||
June 30, 2019 | 28,413 | 28,413 | |||
Weighted - Average Grant Date Fair Value (in dollars per share) | |||||
Outstanding at January 1 | $ 29.64 | ||||
Awarded | 32.05 | ||||
Released | 21.69 | ||||
Forfeited | 37.79 | ||||
June 30, 2019 | $ 34.16 | $ 34.16 | |||
Performance-Based Vesting | Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 117,200 | ||||
Number of Shares (in shares) | |||||
Outstanding at January 1 | 175,772 | ||||
Awarded | 117,200 | ||||
Released | 33,400 | ||||
Forfeited | 613 | ||||
June 30, 2019 | 258,959 | 258,959 | |||
Weighted - Average Grant Date Fair Value (in dollars per share) | |||||
Outstanding at January 1 | $ 31.08 | ||||
Awarded | 32.20 | ||||
Released | 17.86 | ||||
Forfeited | 34.50 | ||||
June 30, 2019 | $ 33.29 | $ 33.29 | |||
Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 16,000 | $ 14,000 | $ 32,000 | 28,000 | |
Treasury Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 388,000 | ||||
Treasury Stock | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 102,000 | $ 128,000 | |||
FIRST PRESTONSBURG BANCSHARES INC. [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrestricted Stock Granted to Employees | 880 | ||||
FIRST PRESTONSBURG BANCSHARES INC. [Member] | Treasury Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 27,000 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Total stock-based compensation expense | $ 930 | $ 424 | $ 2,138 | $ 1,510 |
Recognized tax benefit | (195) | (89) | (449) | (317) |
Net expense recognized | $ 735 | $ 335 | $ 1,689 | $ 1,193 |
Revenue Revenue from contracts
Revenue Revenue from contracts with customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Commission and fees from sale of insurance policies | $ 3,306 | $ 3,193 | $ 6,339 | $ 6,382 |
Fees related to third party insurance administration services | 178 | 173 | 347 | 292 |
Performance-based insurance commissions | 2 | 3 | 1,421 | 1,350 |
Interchange electronic banking income | 2,747 | 2,520 | 5,190 | 4,784 |
Promotional and usage electronic banking income | 520 | 265 | 1,064 | 786 |
Ongoing maintenance fees for deposit accounts | 1,012 | 646 | 1,764 | 1,321 |
Transactional-based fees for deposit accounts | 1,965 | 1,742 | 3,554 | 3,187 |
Transactional-based fees included in other non-interest income | 253 | 262 | 424 | 543 |
Revenue from Contract with Customer, Excluding Assessed Tax | 13,900 | 12,182 | 27,278 | 25,207 |
Fiduciary and Trust [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,401 | 3,232 | 6,513 | 6,300 |
Interest Rate Swap [Member] | transaction fee [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 516 | 146 | 662 | 262 |
Transferred over Time [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,164 | 10,029 | 21,217 | 19,865 |
Transferred at Point in Time [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,736 | $ 2,153 | $ 6,061 | $ 5,342 |
Revenue (Details)
Revenue (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Contract Assets | $ 207 |
Contract Liabilities | 5,055 |
Additional income receivable | 183 |
Additional deferred income | 4,013 |
Receipt of income previously receivable | (11) |
Recognition of income previously deferred | (3,521) |
Contract Assets | 379 |
Contract Liabilities | $ 5,547 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Apr. 12, 2019 | Dec. 31, 2018 | |
Business Combination, Acquired Receivables [Abstract] | ||||||
Cash and due from banks | $ 56,731,000 | $ 56,731,000 | $ 61,775,000 | |||
Interest-bearing deposits in other banks | 36,692,000 | 36,692,000 | 15,837,000 | |||
Goodwill | 163,292,000 | 163,292,000 | $ 151,245,000 | |||
Noninterest Expense | 38,876,000 | $ 35,971,000 | 70,736,000 | $ 64,192,000 | ||
Net loss on asset disposals and other transactions | (293,000) | (405,000) | (475,000) | (331,000) | ||
Salaries and employee benefit costs | 20,824,000 | 18,025,000 | 40,026,000 | 34,015,000 | ||
Professional fees | 2,344,000 | 3,022,000 | 3,620,000 | 4,740,000 | ||
Other non-interest expense | 6,063,000 | $ 6,170,000 | 8,448,000 | $ 8,400,000 | ||
FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Shares, Outstanding | 80,362 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4,234,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 2,677,000 | |||||
Business Combination, Acquired Receivables [Abstract] | ||||||
Number of common shares of Peoples issued for each common share of acquired company | 12.512 | |||||
Price per Peoples common share, based on closing date | $ 32.26 | |||||
Common share consideration | $ 32,437,000 | |||||
Total consideration | 32,400,000 | 43,700,000 | ||||
Cash and due from banks | 4,998,000 | 4,998,000 | ||||
Interest-bearing deposits in other banks | 2,798,000 | 2,798,000 | ||||
Total cash and cash equivalents | 7,796,000 | |||||
Bank premises and equipment, net of accumulated depreciation | 8,255,000 | |||||
Total assets | 294,095,000 | |||||
Total deposits | 257,240,000 | |||||
Short-term borrowings | 14,400,000 | |||||
Accrued expenses and other liabilities | 2,065,000 | |||||
Total liabilities | 273,705,000 | |||||
Net assets | 20,390,000 | |||||
Goodwill | 12,047,000 | |||||
Noninterest Expense | 6,800,000 | 7,000,000 | ||||
Net loss on asset disposals and other transactions | 253,000 | |||||
Salaries and employee benefit costs | 2,400,000 | |||||
Professional fees | 562,000 | 620,000 | ||||
Other non-interest expense | 3,700,000 | $ 3,800,000 | ||||
Business Acquisition Cost of Acquired Entity Purchase Price Total | 11,300,000 | |||||
Special Dividend [Member] | FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||
Business Combination, Acquired Receivables [Abstract] | ||||||
Total consideration | $ 0 | |||||
Available-for-sale securities | FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||
Business Combination, Acquired Receivables [Abstract] | ||||||
Business Combination, Acquired Receivable, Fair Value | 137,658,000 | |||||
Investment in Federal Home Loan Bank Stock [Member] | FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||
Business Combination, Acquired Receivables [Abstract] | ||||||
Business Combination, Acquired Receivable, Fair Value | 3,068,000 | |||||
Debt Securities [Member] | FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||
Business Combination, Acquired Receivables [Abstract] | ||||||
Business Combination, Acquired Receivable, Fair Value | 140,726,000 | |||||
Financial Asset Acquired and No Credit Deterioration [Member] | FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 168,903,000 | |||||
Business Combination, Acquired Receivables [Abstract] | ||||||
Business Combination, Acquired Receivable, Fair Value | 121,358,000 | |||||
Loans [Member] | FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||
Business Combination, Acquired Receivables [Abstract] | ||||||
Business Combination, Acquired Receivable, Fair Value | 130,407,000 | |||||
Non-interest-bearing deposits [Member] | FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||
Business Combination, Acquired Receivables [Abstract] | ||||||
Total deposits | 40,089,000 | |||||
Interest-bearing Deposits [Member] | FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||
Business Combination, Acquired Receivables [Abstract] | ||||||
Total deposits | $ 217,151,000 | |||||
Common Stock | FIRST PRESTONSBURG BANCSHARES INC. [Member] | ||||||
Business Combination, Acquired Receivables [Abstract] | ||||||
Stock Issued During Period, Shares, Acquisitions | 1,005,478 |
Acquisitions Acquired Loans (De
Acquisitions Acquired Loans (Details) - FIRST PRESTONSBURG BANCSHARES INC. [Member] $ in Thousands | Apr. 12, 2019USD ($) |
Financial Asset Acquired and No Credit Deterioration [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 168,903 |
Certain Loans Acquired in Transfer, Nonaccretable Difference | 19,756 |
Business Combination Acquired Receivables Expected Cash Flows | 149,147 |
Business Combination Acquired Receivable Accretable Yield | 27,789 |
Business Combination, Acquired Receivable, Fair Value | 121,358 |
Financial Asset Acquired with Credit Deterioration | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer, Nonaccretable Difference | 4,804 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 17,706 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 12,902 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield | 3,853 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $ 9,049 |
Leases Lease Expense (Details)
Leases Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating Leases, Rent Expense | $ 311 | $ 618 |
Short-term Lease Payments | 32 | 62 |
Lease, Cost | $ 343 | $ 680 |
Leases (Details)
Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Right-of-use asset: | $ 6,661 |
Lease liability: | $ 6,839 |
Weighted-average remaining lease term | 13 years 1 month |
Weighted-average discount rate | 2.46% |
Minimum | |
Lessee, Operating Lease, Term of Contract | 2 years |
Maximum | |
Lessee, Operating Lease, Term of Contract | 20 years |
Leases Operating Lease Liabilit
Leases Operating Lease Liability Maturity (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Six months ending December 31, 2019 | $ 10 |
Year ending December 31, 2020 | 112 |
Year ending December 31, 2021 | 148 |
Year ending December 31, 2022 | 700 |
Thereafter | 63 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 5,806 |
Total lease liability | $ 6,839 |