Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-16772 | |
Entity Registrant Name | PEOPLES BANCORP INC. | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 31-0987416 | |
Entity Address, Address Line One | 138 Putnam Street, P.O. Box 738, | |
Entity Address, City or Town | Marietta, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45750 | |
City Area Code | (740) | |
Local Phone Number | 373-3155 | |
Title of 12(b) Security | Common Shares, without par value | |
Trading Symbol | PEBO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,649,961 | |
Entity Central Index Key | 0000318300 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 55,319 | $ 60,902 |
Interest-bearing deposits in other banks | 145,056 | 91,198 |
Total cash and cash equivalents | 200,375 | 152,100 |
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | 865,347 | 753,013 |
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 166,230 | 66,458 |
Other investment securities | 34,026 | 37,560 |
Total investment securities (a) | 1,065,603 | 857,031 |
Loans, net of deferred fees and costs (b) | 3,409,676 | 3,402,940 |
Allowance for credit losses | (44,897) | (50,359) |
Net loans | 3,364,779 | 3,352,581 |
Loans held for sale | 2,194 | 4,659 |
Bank premises and equipment, net of accumulated depreciation | 58,721 | 60,094 |
Bank owned life insurance | 72,037 | 71,591 |
Goodwill | 171,260 | 171,260 |
Other intangible assets | 12,747 | 13,337 |
Other assets (c) | 195,336 | 78,111 |
Total assets | 5,143,052 | 4,760,764 |
Liabilities | ||
Non-interest-bearing | 1,206,034 | 997,323 |
Interest-bearing | 3,098,195 | 2,913,136 |
Total deposits | 4,304,229 | 3,910,459 |
Short-term borrowings | 67,868 | 73,261 |
Long-term borrowings | 110,295 | 110,568 |
Accrued expenses and other liabilities | 81,767 | 90,803 |
Total liabilities | 4,564,159 | 4,185,091 |
Total liabilities and stockholders’ equity | 5,143,052 | 4,760,764 |
Stockholders’ equity | ||
Preferred shares, no par value, 50,000 shares authorized, no shares issued at March 31, 2021 and December 31, 2020 | 0 | 0 |
Common stock, no par value, 24,000,000 shares authorized, 21,200,940 shares issued at March 31, 2021 and 21,193,402 shares issued at December 31, 2020, including shares held in treasury | 422,370 | 422,536 |
Retained earnings | 199,321 | 190,691 |
Accumulated other comprehensive (loss) income, net of deferred income taxes | (4,962) | 1,336 |
Treasury stock, at cost, 1,630,243 shares at March 31, 2021 and 1,686,046 shares at December 31, 2020 | (37,836) | (38,890) |
Total stockholders’ equity | 578,893 | 575,673 |
Liabilities and Equity | $ 5,143,052 | $ 4,760,764 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Available-for-sale Securities, Amortized Cost Basis | $ 859,120 | $ 734,544 |
Debt Securities, Held-to-maturity, Fair Value | 161,983 | 68,082 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 182 | $ 60 |
Stockholders’ equity | ||
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 50,000 | 50,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 24,000,000 | |
Common Stock, Shares, Issued | 21,200,940 | 21,193,402 |
Treasury Stock, Shares | 1,630,243 | 1,686,046 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income: | ||
Interest and fees on loans | $ 35,737 | $ 34,588 |
Interest and dividends on taxable investment securities | 2,574 | 5,383 |
Interest on tax-exempt investment securities | 611 | 655 |
Other interest income | 40 | 236 |
Total interest income | 38,962 | 40,862 |
Interest expense: | ||
Interest on deposits | 2,817 | 4,629 |
Interest on short-term borrowings | 100 | 1,039 |
Interest on long-term borrowings | 467 | 558 |
Total interest expense | 3,384 | 6,226 |
Net interest income | 35,578 | 34,636 |
(Recovery of) provision for credit losses | (4,749) | 16,969 |
Net interest income after (recovery of) provision for credit losses | 40,327 | 17,667 |
Non-interest income: | ||
Insurance income | 5,221 | 4,130 |
Mortgage banking income | 1,140 | 750 |
Bank owned life insurance income | 446 | 582 |
Net (loss) gain on investment securities | (336) | 319 |
Net loss on asset disposals and other transactions | (27) | (87) |
Other non-interest income | 658 | 437 |
Total non-interest income | 16,903 | 15,737 |
Non-interest expense: | ||
Salaries and employee benefit costs | 20,759 | 19,918 |
Professional fees | 3,468 | 1,693 |
Net occupancy and equipment expense | 3,327 | 3,154 |
Data processing and software expense | 2,454 | 1,752 |
Electronic banking expense | 1,894 | 1,865 |
Marketing expense | 911 | 473 |
Franchise tax expense | 855 | 882 |
Amortization of other intangible assets | 620 | 729 |
FDIC insurance premium | 463 | (5) |
Other loan expenses | 462 | 578 |
Communication expense | 282 | 280 |
Other non-interest expense | 2,492 | 3,006 |
Total non-interest expense | 37,987 | 34,325 |
Income (loss) before income taxes | 19,243 | (921) |
Income tax expense (benefit) | 3,780 | (156) |
Net income (loss) | $ 15,463 | $ (765) |
Earnings (loss) per common share - basic | $ 0.80 | $ (0.04) |
Earnings (loss) per common share - diluted | $ 0.79 | $ (0.04) |
Weighted-average number of common shares outstanding - basic | 19,282,665 | 20,367,564 |
Weighted-average number of common shares outstanding - diluted | 19,436,311 | 20,538,214 |
Cash dividends declared | $ 6,833 | $ 7,038 |
Cash dividends declared per common share | $ 0.35 | $ 0.34 |
Credit and Debit Card [Member] | ||
Non-interest income: | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,911 | $ 3,280 |
Deposit Account [Member] | ||
Non-interest income: | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,985 | 2,820 |
Fiduciary and Trust [Member] | ||
Non-interest income: | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,845 | 3,262 |
Interest Rate Swap [Member] | Transaction fee [Member] | ||
Non-interest income: | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 60 | $ 244 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 15,463 | $ (765) |
Available-for-sale investment securities: | ||
Gross unrealized holding (loss) gain arising during the period | (12,578) | 22,268 |
Related tax benefit (expense) | 2,642 | (4,676) |
Reclassification adjustment for net loss (gain) included in net income | 336 | (319) |
Related tax (benefit) expense | (71) | 67 |
Net effect on other comprehensive (loss) income | (9,671) | 17,340 |
Defined benefit plans: | ||
Net gain (loss) arising during the period | 5 | (365) |
Related tax (expense) benefit | (1) | 76 |
Amortization of unrecognized gain and service cost on benefit plans | 30 | 28 |
Related tax expense | (7) | (6) |
Recognition of gain due to settlement and curtailment | 0 | 368 |
Related tax expense | 0 | (77) |
Net effect on other comprehensive income | 27 | 24 |
Cash flow hedges: | ||
Net gain (loss) arising during the period | 4,236 | (9,730) |
Related tax (expense) benefit | (890) | 2,043 |
Net effect on other comprehensive income (loss) | 3,346 | (7,687) |
Total other comprehensive (loss) income, net of tax | (6,298) | 9,677 |
Total comprehensive income | $ 9,165 | $ 8,912 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 3 months ended Mar. 31, 2021 - USD ($) $ in Thousands | Total | Restricted Shares | Common Shares | Common SharesRestricted Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Treasury StockRestricted Shares |
Balance, December 31, 2020 at Dec. 31, 2020 | $ 575,673 | $ 422,536 | $ 190,691 | $ 1,336 | $ (38,890) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 15,463 | 15,463 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (6,298) | (6,298) | ||||||
Cash dividends declared | (6,833) | (6,833) | ||||||
Reissuance of treasury stock for common share awards | $ 0 | $ (1,740) | $ 1,740 | |||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | 2 | 2 | ||||||
Repurchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors | (911) | (911) | ||||||
Common shares issued under dividend reinvestment plan | 288 | 288 | ||||||
Share-based Payment Arrangement, Noncash Expense | 194 | 53 | 141 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 117 | 35 | 82 | |||||
Share-based Compensation | 1,198 | 1,198 | ||||||
Balance, March 31, 2021 at Mar. 31, 2021 | $ 578,893 | $ 422,370 | $ 199,321 | $ (4,962) | $ (37,836) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 18,322 | $ 18,218 |
Available-for-sale investment securities: | ||
Purchases | (228,162) | (72,942) |
Proceeds from sales | 25,015 | 5,620 |
Proceeds from principal payments, calls and prepayments | 74,377 | 61,701 |
Held-to-maturity investment securities: | ||
Payments to Acquire Held-to-maturity Securities | 101,177 | 8,404 |
Proceeds from principal payments | 1,115 | 1,354 |
Other investment securities: | ||
Purchases | (282) | (5,376) |
Proceeds from sales | 3,878 | 957 |
Payments for (Proceeds from) Loans and Leases | 7,749 | 32,265 |
Net expenditures for premises and equipment | (311) | (1,028) |
Proceeds from sales of other real estate owned | 0 | 50 |
Proceeds from Life Insurance Policy | 0 | 109 |
Business acquisitions, net of cash received | 117,000 | 839 |
Proceeds from (investment in) limited partnership and tax credit funds | 4 | (15) |
Net cash used in investing activities | (350,292) | (51,078) |
Financing activities: | ||
Net Change Noninterest-bearing Deposits, Domestic | 208,711 | 56,058 |
Net Change Interest-bearing Deposits, Domestic | 185,059 | 50,905 |
Net decrease in short-term borrowings | (5,393) | (57,316) |
Proceeds from long-term borrowings | 0 | 50,000 |
Payments on long-term borrowings | (311) | (372) |
Cash dividends paid | (7,080) | (6,918) |
Purchase of treasury stock under share repurchase program | 0 | 10,226 |
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock | (911) | (812) |
Proceeds from issuance of common shares | 286 | 0 |
Contingent consideration payments made after a business acquisition | (116) | 0 |
Net cash provided by financing activities | 380,245 | 81,319 |
Net increase in cash and cash equivalents | 48,275 | 48,459 |
Cash and cash equivalents at beginning of period | 152,100 | 115,193 |
Cash and cash equivalents at end of period | 200,375 | 163,652 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 14 | $ 27 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows Supplemental Information - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 4,199 | $ 6,634 |
Transfers from loans to other real estate owned | 0 | 66 |
Payments to Acquire Held-to-maturity Securities | (101,177) | (8,404) |
Proceeds from Life Insurance Policy | 0 | 109 |
Proceeds from long-term borrowings | 0 | 50,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 14 | $ 27 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 ("Peoples' 2020 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’ 2020 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 March 31, 2021 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, 2020, contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2020 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. Peoples' insurance income includes performance-based insurance commissions that are recognized by Peoples when received, which typically occurs, for the most part, during the first quarter of each year. For the three months ended March 31, 2021 and 2020, the amount of performance-based insurance commissions recognized totaled $2.0 million and $1.3 million, respectively. 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 should be read in conjunction with "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2020 Form 10-K. Unless otherwise discussed, management believes the impact of any recently issued standards, including those issued but not yet effective, will not have a material impact on Peoples' financial statements taken as a whole. Accounting Standards Update ("ASU") 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This update is effective as of March 12, 2020 through December 31, 2022. Per the guidance, Peoples is continuing to evaluate the impact of ASU 2020-04 on Peoples' consolidated financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
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' 2020 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 Unaudited Consolidated Balance Sheets by level in the fair value hierarchy. Recurring Fair Value Measurements at Reporting Date March 31, 2021 December 31, 2020 (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 $ — $ 18,471 $ — $ — $ 5,363 $ — States and political subdivisions — 218,484 — — 114,919 — Residential mortgage-backed securities — 596,181 — — 623,218 — Commercial mortgage-backed securities — 27,481 — — 4,783 — Bank-issued trust preferred securities — 4,730 — — 4,730 — Total available-for-sale securities — 865,347 — — 753,013 — Equity investment securities (a) 136 194 — 107 192 — Derivative assets (b) — 16,355 — — 27,332 — Liabilities: Derivative liabilities (c) $ — $ 24,179 $ — $ — $ 39,395 $ — (a) Included in other investment securities on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 3 Investment Securities" of the Notes to the Unaudited Consolidated Financial Statements. (b) Included in other assets on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 8 Derivative Financial Instruments" of the Notes to the Unaudited Consolidated Financial Statements. (c) Included in accrued expenses and other liabilities on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 8 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 Unaudited 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 March 31, 2021 December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Other real estate owned ("OREO") $ — $ — $ 134 $ — $ — $ 134 Servicing rights (a)(b) $ — $ — $ 2,515 $ — $ — $ 2,591 (a) Included in other intangible assets on the Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or market value. (b) Peoples established a valuation allowance on servicing rights of $16,000 as of March 31, 2021 and $161,000 as of December 31, 2020, as the fair value of the servicing rights was less than the carrying value. Other Real Estate Owned: OREO, included in "Other assets" on the Unaudited 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 Unaudited Consolidated Balance Sheets. Fair Value Measurements of Other Financial Instruments (Dollars in thousands) Fair Value Hierarchy Level March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 200,375 $ 200,375 $ 152,100 $ 152,100 Held-to-maturity investment securities: Obligations of: U.S. Government sponsored agencies 2 30,211 28,517 — — States and political subdivisions 2 92,436 89,518 35,139 35,484 Residential mortgage-backed securities 2 24,878 25,552 25,890 26,742 Commercial mortgage-backed securities 2 18,705 18,396 5,429 5,856 Total held-to-maturity securities 166,230 161,983 66,458 68,082 Other investment securities: Federal Home Loan Bank ("FHLB") stock 2 18,046 18,046 21,718 21,718 Federal Reserve Bank ("FRB") stock 2 13,311 13,311 13,311 13,311 Nonqualified deferred compensation 2 1,975 1,975 1,867 1,867 Other investment securities 2 365 365 365 365 Other investment securities (a) 33,697 33,697 37,261 37,261 Net loans 3 3,364,779 3,357,005 3,352,581 3,408,373 Loans held for sale 2 2,194 2,242 4,659 4,733 Bank owned life insurance 3 72,037 72,037 71,591 71,591 Liabilities: Deposits 2 $ 4,304,229 $ 3,982,200 $ 3,910,459 $ 3,773,602 Short-term borrowings 2 67,868 68,403 73,261 74,170 Long-term borrowings 2 110,295 113,934 110,568 117,364 (a) Other investment securities, as reported on the Unaudited Consolidated Balance Sheets, also includes equity investment securities at March 31, 2021 and December 31, 2020, which are reported in the Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis table above and not included in this table. For certain financial assets and liabilities, carrying value approximates fair value due to the nature of each 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 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 represents 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 a 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, the deposit base, 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Obligations of: U.S. government sponsored agencies $ 18,611 $ 324 $ (464) $ 18,471 States and political subdivisions 218,621 3,632 (3,769) 218,484 Residential mortgage-backed securities 589,047 12,872 (5,738) 596,181 Commercial mortgage-backed securities 28,145 97 (761) 27,481 Bank-issued trust preferred securities 4,696 217 (183) 4,730 Total available-for-sale securities $ 859,120 $ 17,142 $ (10,915) $ 865,347 December 31, 2020 Obligations of: U.S. government sponsored agencies $ 4,960 $ 403 $ — $ 5,363 States and political subdivisions 110,401 4,642 (124) 114,919 Residential mortgage-backed securities 609,865 15,377 (2,024) 623,218 Commercial mortgage-backed securities 4,622 161 — 4,783 Bank-issued trust preferred securities 4,696 192 (158) 4,730 Total available-for-sale securities $ 734,544 $ 20,775 $ (2,306) $ 753,013 The gross unrealized losses related to residential mortgage-backed securities at March 31, 2021 and December 31, 2020, were attributed to changes in market interest rates and spreads since the securities were purchased. The gross gains and losses realized by Peoples from sales of available-for-sale securities for the periods ended March 31 were as follows: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Gross gains realized $ 339 $ 319 Gross losses realized 675 — Net (loss) gain realized $ (336) $ 319 The cost of investment securities sold, and any resulting gain or loss, were based on the specific identification method and recognized as of the trade date. The following table presents a summary of available-for-sale investment securities that had an unrealized loss: 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 March 31, 2021 Obligations of: U.S. government sponsored agencies $ 11,684 $ 464 $ 3 $ — $ — $ — $ 11,684 $ 464 States and political subdivisions 116,444 3,769 47 — — — 116,444 3,769 Residential mortgage-backed securities 227,145 5,502 40 10,603 236 20 237,748 5,738 Commercial mortgage-backed securities 23,155 761 7 — — — 23,155 761 Bank-issued trust preferred securities — — — 1,817 183 2 1,817 183 Total $ 378,428 $ 10,496 97 $ 12,420 $ 419 22 $ 390,848 $ 10,915 December 31, 2020 Obligations of: States and political subdivisions $ 17,651 $ 124 5 $ — $ — — $ 17,651 $ 124 Residential mortgage-backed securities 156,659 1,795 45 9,892 229 13 166,551 2,024 Bank-issued trust preferred securities 494 6 1 1,848 152 2 2,342 158 Total $ 174,804 $ 1,925 51 $ 11,740 $ 381 15 $ 186,544 $ 2,306 Management evaluates available-for-sale investment securities for an allowance for credit losses on a quarterly basis. At March 31, 2021, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At March 31, 2021, 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 March 31, 2021 and December 31, 2020 were largely attributable to changes in market interest rates and spreads since the securities were purchased, and were not credit related losses. Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on investment securities was $4.7 million at March 31, 2021 and $2.7 million at December 31, 2020. At March 31, 2021, 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. Neither of the two positions had a fair value of less than 90% of its book value. Management analyzed the underlying credit quality of these mortgage-backed 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 March 31, 2021 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 March 31, 2021. 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 $ — $ 6,248 $ 2,500 $ 9,863 $ 18,611 States and political subdivisions 7,019 28,186 52,478 130,938 218,621 Residential mortgage-backed securities 1 4,909 52,451 531,686 589,047 Commercial mortgage-backed securities — 2,324 8,980 16,841 28,145 Bank-issued trust preferred securities — — 4,696 — 4,696 Total available-for-sale securities $ 7,020 $ 41,667 $ 121,105 $ 689,328 $ 859,120 Fair value Obligations of: U.S. government sponsored agencies $ — $ 6,566 $ 2,467 $ 9,438 $ 18,471 States and political subdivisions 7,069 29,240 53,660 128,515 218,484 Residential mortgage-backed securities 1 4,986 52,907 538,287 596,181 Commercial mortgage-backed securities — 2,368 8,737 16,376 27,481 Bank-issued trust preferred securities — — 4,730 — 4,730 Total available-for-sale securities $ 7,070 $ 43,160 $ 122,501 $ 692,616 $ 865,347 Total weighted-average yield 2.56 % 2.50 % 2.06 % 1.98 % 2.02 % Held-to-Maturity The following table summarizes Peoples’ held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2021 Obligations of: U.S. government sponsored agencies $ 30,211 $ — $ — $ (1,694) $ 28,517 States and political subdivisions 92,618 (182) 437 (3,355) 89,518 Residential mortgage-backed securities 24,878 — 676 (2) 25,552 Commercial mortgage-backed securities 18,705 — 289 (598) 18,396 Total held-to-maturity securities $ 166,412 $ (182) $ 1,402 $ (5,649) $ 161,983 December 31, 2020 Obligations of: States and political subdivisions $ 35,199 $ (60) $ 510 $ (165) $ 35,484 Residential mortgage-backed securities 25,890 — 852 — 26,742 Commercial mortgage-backed securities 5,429 — 427 — 5,856 Total held-to-maturity securities $ 66,518 $ (60) $ 1,789 $ (165) $ 68,082 There were no gross gains or gross losses realized by Peoples from sales of held-to-maturity securities for any of the three months ended March 31, 2021 and 2020. Management evaluates held-to-maturity investment securities for an allowance for credit losses on a quarterly basis. The majority of Peoples' held-to-maturity investment securities are obligations of state and political subdivisions with the remaining securities issued by U.S. government sponsored agencies. Peoples analyzed these securities using cumulative default rate averages for investment grade municipal securities. As a result, at March 31, 2021, Peoples recorded $182,000 of allowance for credit losses for held-to-maturity securities, compared to $60,000 at December 31, 2020. 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 Unrealized Loss No. of Securities Fair Unrealized Loss No. of Securities Fair Unrealized Loss March 31, 2021 Obligations of: U.S. government sponsored agencies $ 28,517 $ 1,694 6 — — — $ 28,517 $ 1,694 States and political subdivisions 79,334 3,355 29 — — — 79,334 3,355 Residential mortgage-backed securities 622 2 1 — — — 622 2 Commercial mortgage-backed securities 12,832 598 2 — — — 12,832 598 Total $ 121,305 $ 5,649 38 $ — $ — — $ 121,305 $ 5,649 December 31, 2020 Obligations of: States and political subdivisions $ 18,662 $ 165 5 $ — $ — — $ 18,662 $ 165 Total $ 18,662 $ 165 5 $ — $ — — $ 18,662 $ 165 The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at March 31, 2021. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a statutory federal corporate income tax rate of 21%. 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 $ — $ — $ — $ 30,211 $ 30,211 States and political subdivisions — 988 2,511 89,119 92,618 Residential mortgage-backed securities — — 2,488 22,390 24,878 Commercial mortgage-backed securities — 368 3,710 14,627 18,705 Total held-to-maturity securities $ — $ 1,356 $ 8,709 $ 156,347 $ 166,412 Fair value Obligations of: U.S. government sponsored agencies $ — $ — $ — $ 28,517 $ 28,517 States and political subdivisions — 1,141 2,795 85,582 89,518 Residential mortgage-backed securities — — 2,593 22,959 25,552 Commercial mortgage-backed securities — 374 3,968 14,054 18,396 Total held-to-maturity securities $ — $ 1,515 $ 9,356 $ 151,112 $ 161,983 Total weighted-average yield — % 0.62 % 2.98 % 2.13 % 2.16 % Other Investment Securities Peoples' other investment securities on the Unaudited Consolidated Balance Sheets consist largely of shares of FHLB of Cincinnati and FRB of Cleveland stock. The following table summarizes the carrying value of Peoples' other investment securities: (Dollars in thousands) March 31, 2021 December 31, 2020 FHLB stock $ 18,046 $ 21,718 FRB stock 13,311 13,311 Nonqualified deferred compensation 1,974 1,867 Equity investment securities 330 299 Other investment securities 365 365 Total other investment securities $ 34,026 $ 37,560 During the three months ended March 31, 2021, Peoples redeemed $3.7 million of FHLB stock during the first quarter of 2021. During the three months ended March 31, 2021 and 2020, Peoples recorded the change in the fair value of equity investment securities held during the period, in other non-interest income, resulting in unrealized gain of $31,000 and and unrealized loss of $31,000, respectively . At March 31, 2021, 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 has pledged available-for-sale investment securities and held-to-maturity investment securities to secure public and trust department deposits, and repurchase agreements in accordance with federal and state requirements. Peoples has also pledged available-for-sale investment securities to secure additional borrowing capacity at the FHLB and the FRB. The following table summarizes the carrying value of Peoples' pledged securities: Carrying Amount (Dollars in thousands) March 31, 2021 December 31, 2020 Securing public and trust department deposits, and repurchase agreements: Available-for-sale $ 660,261 $ 547,244 Held-to-maturity 108,047 28,287 Securing additional borrowing capacity at the FHLB and the FRB: Available-for-sale 2,359 2,175 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2021 | |
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, central and eastern Kentucky and west central West Virginia. Peoples also originates insurance premium finance loans nationwide through its premium finance division. 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) March 31, December 31, 2020 Construction $ 78,699 $ 106,792 Commercial real estate, other 965,249 929,853 Commercial and industrial 964,761 973,645 Premium finance 110,590 114,758 Residential real estate 573,700 574,007 Home equity lines of credit 117,426 120,913 Consumer, indirect 519,749 503,527 Consumer, direct 79,204 79,094 Deposit account overdrafts 298 351 Total loans, at amortized cost $ 3,409,676 $ 3,402,940 Peoples began participating as a Small Business Administration ("SBA") Paycheck Protection Program ("PPP") lender during the second quarter of 2020. Peoples originated PPP loans of $130.8 million in first quarter of 2021 and $488.9 million of PPP loans during the full year of 2020. At March 31, 2021, the PPP loans had an amortized cost of $349.9 million, and were included in commercial and industrial loan balances. As of March 31, 2021, deferred loan origination fees, net of deferred origination costs, totaled $9.3 million. During the first quarter of 2021, Peoples recorded amortization of net deferred loan origination fees of $4.7 million on PPP loans. The remaining net deferred loan origination fees will be amortized over the life of the respective loans, or until forgiven by the SBA, and will be recognized in net interest income. Accrued interest receivable is not included within the loan balances, but is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on loans was $10.1 million at March 31, 2021 and $10.9 million at December 31, 2020. 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 amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: March 31, 2021 December 31, 2020 (Dollars in thousands) Nonaccrual (a) Accruing Loans 90+ Days Past Due Nonaccrual (a) Accruing Loans 90+ Days Past Due Construction $ 4 $ — $ 4 $ — Commercial real estate, other 8,421 55 9,111 — Commercial and industrial 6,101 — 6,192 50 Premium finance — 109 — 204 Residential real estate 8,246 662 8,375 1,975 Home equity lines of credit 780 180 867 82 Consumer, indirect 1,031 24 1,073 39 Consumer, direct 161 14 171 17 Total loans, at amortized cost $ 24,744 $ 1,044 $ 25,793 $ 2,367 (a) There were $1.1 million of nonaccrual loans for which there was no allowance for credit losses as of March 31, 2021 and $1.3 million at December 31, 2020. During the first quarter of 2021, nonaccrual loans decreased compared to December 31, 2020, mostly due to three commercial loans being charged-off coupled with two consumer loan payoffs. As of March 31, 2021, Peoples had made short-term modifications, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment for current borrowers, which were insignificant. Under the CARES Act, borrowers that are considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. As such, these modifications made under the CARES Act are not included in Peoples' nonaccrual or accruing loans 90+ days past due as of March 31, 2021. During first quarter of 2021, accruing loans, 90+ days past due decreased due to several real estate loans becoming less than 90 days past due during the quarter. The amount of interest income recognized on nonaccrual loans during the three months ended March 31, 2021 was $352,000. The following table presents the aging of the amortized cost of past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total March 31, 2021 Construction $ 24 $ 889 $ 4 $ 917 $ 77,782 $ 78,699 Commercial real estate, other 1,875 127 8,040 10,042 955,207 965,249 Commercial and industrial 3,079 11 6,092 9,182 955,579 964,761 Premium finance 212 130 109 451 110,139 110,590 Residential real estate 5,687 944 3,983 10,614 563,086 573,700 Home equity lines of credit 393 117 784 1,294 116,132 117,426 Consumer, indirect 1,927 350 297 2,574 517,175 519,749 Consumer, direct 207 26 106 339 78,865 79,204 Deposit account overdrafts — — — — 298 298 Total loans, at amortized cost $ 13,404 $ 2,594 $ 19,415 $ 35,413 $ 3,374,263 $ 3,409,676 December 31, 2020 Construction $ — $ 344 $ 4 $ 348 $ 106,444 $ 106,792 Commercial real estate, other 1,943 283 8,643 10,869 918,984 929,853 Commercial and industrial 567 552 4,535 5,654 967,991 973,645 Premium finance 928 1,073 204 2,205 112,553 114,758 Residential real estate 6,739 2,688 5,512 14,939 559,068 574,007 Home equity lines of credit 309 58 780 1,147 119,766 120,913 Consumer, indirect 4,362 733 348 5,443 498,084 503,527 Consumer, direct 424 43 123 590 78,504 79,094 Deposit account overdrafts — — — — 351 351 Total loans, at amortized cost $ 15,272 $ 5,774 $ 20,149 $ 41,195 $ 3,361,745 $ 3,402,940 Delinquency trends remained stable, as 99.0% of Peoples' portfolio was considered “current” at March 31, 2021, compared to 98.8% at December 31, 2020. Pledged Loans Peoples has pledged certain loans secured by one-to-four family and multifamily residential mortgages, home equity lines of credit and commercial real estate loans under a blanket collateral agreement to secure borrowings from the FHLB. Peoples also has pledged eligible commercial and industrial loans to secure borrowings with the FRB. Loans pledged are summarized as follows: (Dollars in thousands) March 31, 2021 December 31, 2020 Loans pledged to FHLB $ 730,422 $ 740,584 Loans pledged to FRB 111,701 107,340 Credit Quality Indicators As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2020 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. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Loans to borrowers with an aggregate unpaid principal balance in excess of $1.0 million are reviewed at least on an annual basis for possible credit deterioration. Loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1.0 million are reviewed on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower's business, receipt of financial statements indicating deteriorating credit quality or other similar events. Adversely classified loans are reviewed on a quarterly basis. 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 credit 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,” or “loss” based upon the regulatory definition of these classes and consistent with regulatory requirements when they meet those criteria. All other loans not evaluated individually, nor meeting the regulatory conditions to be categorized as described above, would be considered as being “pass" for disclosure purposes. The following table summarizes the risk category of loans within Peoples' loan portfolio based upon the most recent analysis performed at March 31, 2021: (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Construction Pass $ 5,669 $ 35,741 $ 32,155 $ 178 $ 670 $ 1,864 $ 163 $ 981 $ 76,440 Special mention — — — 738 — 141 — — 879 Substandard — — — 84 177 1,070 49 — 1,380 Total 5,669 35,741 32,155 1,000 847 3,075 212 981 78,699 Commercial real estate, other Pass 37,694 144,707 157,739 99,426 122,459 323,719 15,395 4,515 901,139 Special mention — 238 2,771 619 4,544 19,216 — 54 27,388 Substandard — — 4,447 922 2,405 28,661 211 74 36,646 Doubtful — — — — — 76 — — 76 Total 37,694 144,945 164,957 100,967 129,408 371,672 15,606 4,643 965,249 Commercial and industrial Pass 172,691 333,486 96,285 72,607 35,886 113,683 104,507 15,304 929,145 Special mention 662 651 544 1,164 337 1,448 7,255 11 12,061 Substandard 22 2,718 3,487 3,004 2,126 4,402 6,042 1,120 21,801 Doubtful — — — — — 1,754 — 187 1,754 Total 173,375 336,855 100,316 76,775 38,349 121,287 117,804 16,622 964,761 Premium finance Pass 110,590 — — — — — — — 110,590 Total 110,590 — — — — — — — 110,590 Residential real estate Pass 40,343 51,102 43,026 24,681 31,366 368,742 — — 559,260 Substandard — — — — — 14,263 — — 14,263 Loss — — — — — 177 — — 177 Total 40,343 51,102 43,026 24,681 31,366 383,182 — — 573,700 Home equity lines of credit Pass 4,791 19,303 14,516 12,536 12,941 53,297 42 3,480 117,426 Total 4,791 19,303 14,516 12,536 12,941 53,297 42 3,480 117,426 Consumer, indirect Pass 65,246 227,871 94,890 72,642 38,982 20,118 — — 519,749 Total 65,246 227,871 94,890 72,642 38,982 20,118 — — 519,749 Consumer, direct Pass 9,732 32,384 16,177 10,974 4,302 5,635 — — 79,204 Total 9,732 32,384 16,177 10,974 4,302 5,635 — — 79,204 Deposit account overdrafts 298 — — — — — — — 298 Total loans, at amortized cost $ 447,738 $ 848,201 $ 466,037 $ 299,575 $ 256,195 $ 958,266 $ 133,664 $ 25,726 $ 3,409,676 At March 31, 2021, Peoples had a total of $1.3 million of loans secured by residential real estate mortgages that were in the process of foreclosure. Collateral Dependent Loans Peoples has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: • Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. • Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage. • Home equity lines of credit are generally secured by second mortgages on residential real estate property. • Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no underlying collateral. The following table details Peoples' amortized cost of collateral dependent loans: (Dollars in thousands) March 31, 2021 December 31, 2020 Construction $ 344 $ — Commercial real estate, other 8,854 8,467 Commercial and industrial 6,793 6,333 Residential real estate 1,667 1,670 Home equity lines of credit 400 403 Total collateral dependent loans $ 18,058 $ 16,873 The increase in collateral dependent loans at March 31, 2021, compared to December 31, 2020, was due to one commercial construction relationship that became collateral dependent in first quarter 2021, coupled with smaller commercial real estate and commercial and industrial loan relationships. The following tables summarize the loans that were modified as TDRs during the three months ended March 31: Three Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment March 31, 2021 Construction 1 $ 344 $ 344 $ 344 Residential real estate 3 170 174 172 Home equity lines of credit 1 46 46 46 Consumer, indirect 4 78 78 78 Consumer, direct 3 18 18 18 Consumer 7 96 96 96 Total 12 $ 656 $ 660 $ 658 March 31, 2020 Commercial real estate, other 1 $ 265 $ 265 $ 265 Commercial and industrial 1 145 145 145 Residential real estate 3 452 483 481 Home equity lines of credit 2 41 41 41 Consumer, indirect 11 175 175 175 Consumer, direct 4 57 57 57 Consumer 15 232 232 232 Total 22 $ 1,135 $ 1,166 $ 1,164 (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. On March 22, 2020, federal and state government banking regulators issued a joint statement, with which the FASB concurred as to the approach, regarding accounting for loan modifications for borrowers affected by COVID-19. In this guidance, short-term modifications, made on a good faith basis in response to COVID-19, to borrowers who were current prior to any relief, are not considered TDRs. This includes short-term modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment which are insignificant. Under the guidance, borrowers that are considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. In addition, modification or deferral programs mandated by the U.S. federal government or any state government related to COVID-19 are not in the scope of accounting for troubled debt restructurings, as defined in ASC 310-40. Peoples did not have any loans that were modified as a TDR during the last twelve months that subsequently defaulted. Peoples had no commitments to lend additional funds to the related borrowers whose loan terms have been modified in a TDR. Allowance for Credit Losses Changes in the allowance for credit losses for the three months ended March 31, 2021 are summarized below: (Dollars in thousands) Beginning Balance, December 31, 2020 (Recovery of) Provision for Credit Losses (a) Charge-offs Recoveries Ending Balance, March 31, 2021 Construction $ 1,887 $ (1,058) $ — $ — $ 829 Commercial real estate, other 17,536 455 (157) — 17,834 Commercial and industrial 12,763 (2,362) (293) — 10,108 Premium finance 1,095 81 (16) — 1,160 Residential real estate 6,044 (991) (133) 15 4,935 Home equity lines of credit 1,860 (358) (12) 4 1,494 Consumer, indirect 8,030 (108) (505) 105 7,522 Consumer, direct 1,081 (101) (36) 26 970 Deposit account overdrafts 63 31 (103) 54 45 Total $ 50,359 $ (4,411) $ (1,255) $ 204 $ 44,897 (a) Amount does not include the provision for unfunded commitment liability. Peoples recorded a recovery of credit losses during the first quarter of 2021 due to the decline in the allowance for credit losses at March 31, 2021 resulting from improved economic forecasts at the end of March 2021 utilized within the CECL model. The economic forecasts utilized within the CECL model include the following economic factors: U.S. unemployment, Ohio unemployment, Ohio Gross Domestic Product, and the Ohio Case Shiller Home Price Indices. The PPP loans originated during 2021 and 2020 are guaranteed by the SBA, and therefore, had no impact on the allowance for credit losses at March 31, 2021 and December 31, 2020. As of March 31, 2021, Peoples had recorded an unfunded commitment liability of $2.4 million, a decrease compared to $2.9 million at December 31, 2020. The total amount of unfunded commitments had increased compared to December 31, 2020, but the improved economic forecast resulted in a lower unfunded commitment liability at March 31, 2021. The unfunded commitment liability is presented in the “Accrued expenses and other liabilities” line of the Unaudited Consolidated Balance Sheets. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The following table details the progression in Peoples’ common shares and treasury stock during the three months ended March 31, 2021: Common Shares Treasury Stock Shares at December 31, 2020 21,193,402 1,686,046 Changes related to stock-based compensation awards: Release of restricted common shares — 26,776 Cancellation of restricted common shares — 2,133 Exercise of stock appreciation rights — — Grant of restricted common shares — (76,819) Grant of unrestricted common shares — (4,897) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 2,394 Disbursed out of treasury stock — (81) Common shares issued under dividend reinvestment plan 7,538 — Common shares issued under compensation plan for Boards of Directors — (1,789) Common shares issued under employee stock purchase plan — (3,520) Shares at March 31, 2021 21,200,940 1,630,243 On January 28, 2021, Peoples' Board of Directors approved a share repurchase program authorizing Peoples to purchase up to an aggregate of $30.0 million of its outstanding common shares, replacing the February 27, 2020 share repurchase program which had authorized Peoples to purchase up to an aggregate of $40.0 million of its outstanding common shares. As of March 31, 2021, Peoples had not repurchased any common shares under the share repurchase program authorized on January 28, 2021. 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 March 31, 2021, Peoples had no preferred shares issued or outstanding. On April 19, 2021, Peoples' Board of Directors declared a quarterly cash dividend of $0.36 per common share, payable on May 17, 2021, to shareholders of record on May 3, 2021. The following table details the cash dividends declared per common share during the first and second quarters of 2021 and the comparable periods of 2020: 2021 2020 First quarter $ 0.35 0.34 Second quarter 0.36 0.34 Total dividends declared $ 0.71 $ 0.68 Accumulated Other Comprehensive (Loss) Income The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income for the three months ended March 31, 2021: (Dollars in thousands) Unrealized Gain on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Loss on Cash Flow Hedge Accumulated Other Comprehensive (Loss) Income Balance, December 31, 2020 $ 14,592 $ (3,872) $ (9,384) $ 1,336 Reclassification adjustments to net income: Realized gain on sale of securities, net of tax 265 — — 265 Other comprehensive (loss) income, net of reclassifications and tax (9,936) 27 3,346 (6,563) Balance, March 31, 2021 $ 4,921 $ (3,845) $ (6,038) $ (4,962) |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
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 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 of health benefits 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 expected long term rate of return on plan assets, which was determined as of January 1, 2021 is 7.0%. The following tables detail the components of the net periodic cost for the plans described above, which is included in salaries and employee benefit costs on the Consolidated Statement of Operations: Pension Benefits Three Months Ended March 31, (Dollars in thousands) 2021 2020 Interest cost $ 67 $ 94 Expected return on plan assets (174) (200) Amortization of net loss 31 30 Settlement of benefit obligation — 368 Net periodic (income) loss $ (76) $ 292 Postretirement Benefits Three Months Ended March 31, (Dollars in thousands) 2021 2020 Interest cost $ — $ 1 Amortization of net gain (1) (2) Net periodic income $ (1) $ (1) Under US GAAP, Peoples is required to recognize a settlement gain or loss when the aggregate amount of lump-sum distributions to participants equals or exceeds the sum of the service and interest cost components of the net periodic pension cost. The amount of settlement gain or loss recognized is the pro rata amount of the unrealized gain or loss existing immediately prior to the settlement. In general, both the projected benefit obligation and fair value of plan assets are required to be remeasured in order to determine the settlement gain or loss. Peoples did not record a settlement charge for the three months ended March 31, 2021. Peoples recorded a $368,000 settlement charge during the three months ended March 31, 2020 under the noncontributory defined benefit pension plan. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, (Dollars in thousands, except per common share data) 2021 2020 Distributed earnings allocated to common shareholders $ 6,777 $ 6,943 Undistributed earnings (loss) allocated to common shareholders 8,617 (7,782) Net earnings (loss) allocated to common shareholders $ 15,394 $ (839) Weighted-average common shares outstanding 19,282,665 20,367,564 Effect of potentially dilutive common shares 153,646 170,650 Total weighted-average diluted common shares outstanding 19,436,311 20,538,214 Earnings (loss) per common share: Basic $ 0.80 $ (0.04) Diluted $ 0.79 $ (0.04) Anti-dilutive common shares excluded from calculation: Restricted shares — 37,284 |
Derivative Financial Instrument
Derivative Financial Instruments (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging [Text Block] | Derivative Financial Instruments Peoples utilizes interest rate swap agreements as part of its asset/liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. The fair value of derivative financial instruments is included in the other assets and the accrued expenses and other liabilities lines in the accompanying Unaudited Consolidated Balance Sheets and cash activity related to these derivatives is included in the activity in the net cash provided by operating activities in the Unaudited Consolidated Statements of Cash Flows. Derivative Financial Instruments and Hedging Activities - Risk Management Objective of Using Derivative Financial Instruments 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 derivative financial instruments 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 derivative financial instruments 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 March 31, 2021, Peoples had entered into seventeen interest rate swap contracts with an aggregate notional value of $160.0 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 CDs, which will continue to be rolled through the life of the swaps. As of March 31, 2021, the interest rate swaps were designated as cash flow hedges of $110.0 million in overnight brokered deposits, which are expected to extended every 90 days through the maturity dates of the swaps. The remaining $50.0 million of interest rate swaps were designated as cash flow hedges of 90-day brokered deposits, which are also expected to be extended every 90 days through the maturity dates of the swaps. Amounts reported in accumulated other comprehensive income (loss) ("AOCI") related to derivative financial instruments will be reclassified to interest income or expense as interest payments are made or received on Peoples' variable-rate liabilities. During the three months ended March 31, 2021, Peoples had reclassifications of losses to interest expense of $802,000. During the three months ended March 31, 2020, Peoples had reclassifications of gains to interest expense of $118,000. For derivative financial instruments designated as cash flow hedges, the effective portion of changes in the fair value of each derivative financial instrument 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 hedging derivative financial instrument with the changes in cash flows of the designated hedged transaction. The reset dates and the payment dates on the funding associated with 90-day advances or brokered CDs used to fund the swaps are matched to the reset dates and payment dates on the receipt of the three-month LIBOR floating portion of the swaps to ensure effectiveness of the cash flow hedge. Effectiveness is measured by ensuring that reset dates and payment dates are matched. The following table summarizes information about the interest rate swaps designated as cash flow hedges: (Dollars in thousands) March 31, December 31, Notional amount $ 160,000 $ 160,000 Weighted average pay rates 2.18 % 2.18 % Weighted average receive rates 0.77 % 0.38 % Weighted average maturity 4.1 years 4.4 years Pre-tax unrealized losses included in AOCI $ (7,825) $ (11,879) The following table presents net losses or gains recorded in AOCI and in the Unaudited Consolidated Statements of Operations related to the cash flow hedges: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Amount of loss (gain) recognized in AOCI, pre-tax $ 4,236 $ (9,730) The following table reflects the cash flow hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value: March 31, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in "Other assets": Interest rate swaps related to debt $ 10,000 $ 135 $ — $ — Total included in other assets $ 10,000 $ 135 $ — $ — Included in "Accrued expenses and other liabilities": Interest rate swaps related to debt $ 150,000 $ 7,960 $ 160,000 $ 12,063 Total included in accrued expenses and other liabilities $ 150,000 $ 7,960 $ 160,000 $ 12,063 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 financial instrument. These interest rate swaps did not have a material impact on Peoples' results of operations or financial condition as of or for the three months ended March 31, 2021 and as of or for the year ended December 31, 2020. The following table reflects the non-designated hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value: March 31, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in "Other assets": Interest rate swaps related to commercial loans $ 411,704 $ 16,355 $ 415,044 $ 27,332 Included in "Accrued expenses and other liabilities": Interest rate swaps related to commercial loans $ 411,704 $ 16,355 $ 415,044 $ 27,332 Pledged Collateral |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [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 share awards, stock appreciation rights, performance units and unrestricted common share awards to employees and non-employee directors. The total number of common shares available under the 2006 Equity Plan is 891,340. The maximum number of common shares that can be issued for incentive stock options is 500,000 common shares. 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 2019 and 2020, Peoples granted unrestricted common shares to non-employee directors (in addition to their directors' fees paid in common shares) and to 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. In general, the restrictions on the restricted common shares awarded to employees expire after periods ranging from one The following table summarizes the changes to Peoples’ restricted common shares for the three months ended March 31, 2021: 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 67,758 $ 23.71 250,992 $ 33.36 Awarded — — 76,819 31.48 Released 2,000 35.32 73,611 35.43 Forfeited 500 34.75 1,633 33.31 Outstanding at March 31 65,258 $ 23.27 252,567 $ 32.18 For the three months ended March 31, 2021, the total intrinsic value for restricted common shares released was $2.4 million compared to $2.0 million for the three months ended March 31, 2020. Stock-Based Compensation Peoples recognizes stock-based compensation, which is included as a component of Peoples’ salaries and employee benefit costs, for restricted and unrestricted 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 expected to vest on the grant date. The estimated fair value is then expensed over the vesting period, which is normally three years. For performance unit awards, Peoples recognized stock-based compensation over the performance period, based on the portion of the awards that was 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 15%. The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized for each period: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Employee stock-based compensation expense: Stock grant expense $ 1,198 $ 1,380 Employee stock purchase plan expense 17 15 Performance unit benefit — (12) Total employee stock-based compensation expense 1,215 1,383 Non-employee director stock-based compensation expense 195 182 Total stock-based compensation expense 1,410 1,565 Recognized tax benefit (296) (329) Net stock-based compensation expense $ 1,114 $ 1,236 Restricted common shares were the primary form of stock-based compensation awards granted by Peoples in the three months ended March 31, 2021 and 2020. The fair value of restricted common share awards on the grant date is the market price of Peoples' common shares on that date. Total unrecognized stock-based compensation expense related to unvested restricted common share awards was $3.6 million at March 31, 2021, which will be recognized over a weighted-average period of 2.0 years. |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, (Dollars in thousands) 2021 2020 Insurance income: Commission and fees from sale of insurance policies (a) $ 3,177 $ 2,692 Fees related to third-party administration services (a) 94 147 Performance-based commissions (b) 1,950 1,291 Trust and investment income (a) 3,845 3,262 Electronic banking income: Interchange income (a) 3,046 2,401 Promotional and usage income (a) 865 879 Deposit account service charges: Ongoing maintenance fees for deposit accounts (a) 810 980 Transactional-based fees (b) 1,175 1,840 Commercial loan swap fees (b) 60 244 Other non-interest income transactional-based fees (b) 144 218 Total revenue from contracts with customers $ 15,166 $ 13,954 Timing of revenue recognition: Services transferred over time $ 11,837 $ 10,361 Services transferred at a point in time 3,329 3,593 Total revenue from contracts with customers $ 15,166 $ 13,954 (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 and certain insurance 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 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 related to electronic banking income. As of March 31, 2021, there were no material changes to Peoples' revenue contracts related to the COVID-19 pandemic, and there were no changes to the likelihood of collectability under the contracts. The following table details the change in Peoples' contract assets and contract liabilities for the period ended March 31, 2021: Contract Assets Contract Liabilities (Dollars in thousands) Balance, January 1, 2021 $ 1,247 $ 5,224 Additional income receivable 125 — Recognition of income previously deferred — (448) Balance, March 31, 2021 $ 1,372 $ 4,776 |
Acquisitions (Notes)
Acquisitions (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions On March 29, 2021, Peoples announced that it has entered into an Agreement and Plan of Merger dated March 26, 2021 (“Merger Agreement”) with Premier Financial Bancorp, Inc. (“Premier”). The Merger Agreement calls for Premier to merge into Peoples and for Premier’s wholly-owned subsidiaries, Premier Bank, Inc., and Citizens Deposit Bank and Trust, Inc., which combined operate 48 branches in Kentucky, Maryland, Ohio, Virginia, West Virginia and the District of Columbia, to merge into Peoples’ wholly owned subsidiary, Peoples Bank. The transaction is anticipated to close during the third quarter of 2021. Peoples Bank entered into an Asset Purchase Agreement, dated March 24, 2021 (the “Asset Purchase Agreement”), with NS Leasing, LLC, which is headquartered in Burlington, Vermont, and does business as “North Star Leasing” (“NSL”). Peoples Bank acquired assets comprising NSL’s equipment finance business and assumed from NSL certain specified liabilities for consideration of approximately $116.6 million, plus a potential earnout payment to NSL of up to $3.1 million. Peoples Bank acquired approximately $85.8 million in leases and satisfied, on behalf of NSL, certain third-party debt in the amount of approximately $69.1 million. NSL originates, underwrites and services equipment leases to businesses throughout the United States. The transaction closed after the end of business on March 31, 2021 and Peoples Bank began operating the acquired business as a division of Peoples Bank on April 1, 2021. Consideration totaling $116.6 million related to the purchase price was reflected in other assets as of March 31, 2021. |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases Peoples leases certain banking facilities and equipment under various agreements with original terms providing for fixed monthly payments over periods generally ranging from two thirty Peoples elected certain practical expedients, in accordance with Accounting Standards Codification 842 - Leases ("ASC 842"). 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 Operations: Three Months Ended (Dollars in thousands) March 31, 2021 March 31, 2020 Operating lease expense $ 330 $ 334 Short-term lease expense 72 76 Total lease expense $ 402 $ 410 Peoples utilizes an incremental borrowing rate to determine the present value of lease payments for each lease, as the lease agreements do not provide an implicit rate. The estimated incremental borrowing rate reflects a secured rate and is based on the term of the lease and the interest rate environment at the lease commencement or remeasurement date. The following table details the ROU asset, the lease liability and other information related to Peoples' operating leases: (Dollars in thousands) March 31, 2021 December 31, 2020 ROU asset: Other assets $ 6,404 $ 6,522 Lease liability: Accrued expenses and other liabilities $ 6,673 $ 6,776 Other information: Weighted-average remaining lease term 12.3 years 12.4 years Weighted-average discount rate 3.11 % 3.14 % During the three months ended March 31, 2021 and March 31, 2020, Peoples paid cash of $320,000 and $321,000 for operating leases, respectively. The following table summarizes the maturity of remaining lease liabilities: (Dollars in thousands) Balance Remaining nine months ending December 31, 2021 $ 1,028 Year ending December 31, 2022 1,097 Year ending December 31, 2023 898 Year ending December 31, 2024 638 Year ending December 31, 2025 502 Thereafter 4,218 Total undiscounted lease payments $ 8,381 Imputed interest $ (1,708) Total lease liability $ 6,673 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 should be read in conjunction with "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2020 Form 10-K. Unless otherwise discussed, management believes the impact of any recently issued standards, including those issued but not yet effective, will not have a material impact on Peoples' financial statements taken as a whole. Accounting Standards Update ("ASU") 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This update is effective as of March 12, 2020 through December 31, 2022. Per the guidance, Peoples is continuing to evaluate the impact of ASU 2020-04 on Peoples' consolidated financial statements. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | Recurring Fair Value Measurements at Reporting Date March 31, 2021 December 31, 2020 (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 $ — $ 18,471 $ — $ — $ 5,363 $ — States and political subdivisions — 218,484 — — 114,919 — Residential mortgage-backed securities — 596,181 — — 623,218 — Commercial mortgage-backed securities — 27,481 — — 4,783 — Bank-issued trust preferred securities — 4,730 — — 4,730 — Total available-for-sale securities — 865,347 — — 753,013 — Equity investment securities (a) 136 194 — 107 192 — Derivative assets (b) — 16,355 — — 27,332 — Liabilities: Derivative liabilities (c) $ — $ 24,179 $ — $ — $ 39,395 $ — (a) Included in other investment securities on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 3 Investment Securities" of the Notes to the Unaudited Consolidated Financial Statements. (b) Included in other assets on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 8 Derivative Financial Instruments" of the Notes to the Unaudited Consolidated Financial Statements. (c) Included in accrued expenses and other liabilities on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 8 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 March 31, 2021 December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Other real estate owned ("OREO") $ — $ — $ 134 $ — $ — $ 134 Servicing rights (a)(b) $ — $ — $ 2,515 $ — $ — $ 2,591 |
Fair Values of Financial Assets and Liabilities on Balance Sheets | Fair Value Measurements of Other Financial Instruments (Dollars in thousands) Fair Value Hierarchy Level March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 200,375 $ 200,375 $ 152,100 $ 152,100 Held-to-maturity investment securities: Obligations of: U.S. Government sponsored agencies 2 30,211 28,517 — — States and political subdivisions 2 92,436 89,518 35,139 35,484 Residential mortgage-backed securities 2 24,878 25,552 25,890 26,742 Commercial mortgage-backed securities 2 18,705 18,396 5,429 5,856 Total held-to-maturity securities 166,230 161,983 66,458 68,082 Other investment securities: Federal Home Loan Bank ("FHLB") stock 2 18,046 18,046 21,718 21,718 Federal Reserve Bank ("FRB") stock 2 13,311 13,311 13,311 13,311 Nonqualified deferred compensation 2 1,975 1,975 1,867 1,867 Other investment securities 2 365 365 365 365 Other investment securities (a) 33,697 33,697 37,261 37,261 Net loans 3 3,364,779 3,357,005 3,352,581 3,408,373 Loans held for sale 2 2,194 2,242 4,659 4,733 Bank owned life insurance 3 72,037 72,037 71,591 71,591 Liabilities: Deposits 2 $ 4,304,229 $ 3,982,200 $ 3,910,459 $ 3,773,602 Short-term borrowings 2 67,868 68,403 73,261 74,170 Long-term borrowings 2 110,295 113,934 110,568 117,364 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Obligations of: U.S. government sponsored agencies $ 18,611 $ 324 $ (464) $ 18,471 States and political subdivisions 218,621 3,632 (3,769) 218,484 Residential mortgage-backed securities 589,047 12,872 (5,738) 596,181 Commercial mortgage-backed securities 28,145 97 (761) 27,481 Bank-issued trust preferred securities 4,696 217 (183) 4,730 Total available-for-sale securities $ 859,120 $ 17,142 $ (10,915) $ 865,347 December 31, 2020 Obligations of: U.S. government sponsored agencies $ 4,960 $ 403 $ — $ 5,363 States and political subdivisions 110,401 4,642 (124) 114,919 Residential mortgage-backed securities 609,865 15,377 (2,024) 623,218 Commercial mortgage-backed securities 4,622 161 — 4,783 Bank-issued trust preferred securities 4,696 192 (158) 4,730 Total available-for-sale securities $ 734,544 $ 20,775 $ (2,306) $ 753,013 |
Schedule of Gross Gains and Losses from Sales of Available-for-sale Securities | The gross gains and losses realized by Peoples from sales of available-for-sale securities for the periods ended March 31 were as follows: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Gross gains realized $ 339 $ 319 Gross losses realized 675 — Net (loss) gain realized $ (336) $ 319 |
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 March 31, 2021 Obligations of: U.S. government sponsored agencies $ 11,684 $ 464 $ 3 $ — $ — $ — $ 11,684 $ 464 States and political subdivisions 116,444 3,769 47 — — — 116,444 3,769 Residential mortgage-backed securities 227,145 5,502 40 10,603 236 20 237,748 5,738 Commercial mortgage-backed securities 23,155 761 7 — — — 23,155 761 Bank-issued trust preferred securities — — — 1,817 183 2 1,817 183 Total $ 378,428 $ 10,496 97 $ 12,420 $ 419 22 $ 390,848 $ 10,915 December 31, 2020 Obligations of: States and political subdivisions $ 17,651 $ 124 5 $ — $ — — $ 17,651 $ 124 Residential mortgage-backed securities 156,659 1,795 45 9,892 229 13 166,551 2,024 Bank-issued trust preferred securities 494 6 1 1,848 152 2 2,342 158 Total $ 174,804 $ 1,925 51 $ 11,740 $ 381 15 $ 186,544 $ 2,306 |
Summary of Held-to-maturity Investment Securities | The following table summarizes Peoples’ held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2021 Obligations of: U.S. government sponsored agencies $ 30,211 $ — $ — $ (1,694) $ 28,517 States and political subdivisions 92,618 (182) 437 (3,355) 89,518 Residential mortgage-backed securities 24,878 — 676 (2) 25,552 Commercial mortgage-backed securities 18,705 — 289 (598) 18,396 Total held-to-maturity securities $ 166,412 $ (182) $ 1,402 $ (5,649) $ 161,983 December 31, 2020 Obligations of: States and political subdivisions $ 35,199 $ (60) $ 510 $ (165) $ 35,484 Residential mortgage-backed securities 25,890 — 852 — 26,742 Commercial mortgage-backed securities 5,429 — 427 — 5,856 Total held-to-maturity securities $ 66,518 $ (60) $ 1,789 $ (165) $ 68,082 |
Cost-method Investments, Description [Text Block] | The following table summarizes the carrying value of Peoples' other investment securities: (Dollars in thousands) March 31, 2021 December 31, 2020 FHLB stock $ 18,046 $ 21,718 FRB stock 13,311 13,311 Nonqualified deferred compensation 1,974 1,867 Equity investment securities 330 299 Other investment securities 365 365 Total other investment securities $ 34,026 $ 37,560 |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | The following table summarizes the carrying value of Peoples' pledged securities: Carrying Amount (Dollars in thousands) March 31, 2021 December 31, 2020 Securing public and trust department deposits, and repurchase agreements: Available-for-sale $ 660,261 $ 547,244 Held-to-maturity 108,047 28,287 Securing additional borrowing capacity at the FHLB and the FRB: Available-for-sale 2,359 2,175 |
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 March 31, 2021. 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 $ — $ 6,248 $ 2,500 $ 9,863 $ 18,611 States and political subdivisions 7,019 28,186 52,478 130,938 218,621 Residential mortgage-backed securities 1 4,909 52,451 531,686 589,047 Commercial mortgage-backed securities — 2,324 8,980 16,841 28,145 Bank-issued trust preferred securities — — 4,696 — 4,696 Total available-for-sale securities $ 7,020 $ 41,667 $ 121,105 $ 689,328 $ 859,120 Fair value Obligations of: U.S. government sponsored agencies $ — $ 6,566 $ 2,467 $ 9,438 $ 18,471 States and political subdivisions 7,069 29,240 53,660 128,515 218,484 Residential mortgage-backed securities 1 4,986 52,907 538,287 596,181 Commercial mortgage-backed securities — 2,368 8,737 16,376 27,481 Bank-issued trust preferred securities — — 4,730 — 4,730 Total available-for-sale securities $ 7,070 $ 43,160 $ 122,501 $ 692,616 $ 865,347 Total weighted-average yield 2.56 % 2.50 % 2.06 % 1.98 % 2.02 % |
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 Unrealized Loss No. of Securities Fair Unrealized Loss No. of Securities Fair Unrealized Loss March 31, 2021 Obligations of: U.S. government sponsored agencies $ 28,517 $ 1,694 6 — — — $ 28,517 $ 1,694 States and political subdivisions 79,334 3,355 29 — — — 79,334 3,355 Residential mortgage-backed securities 622 2 1 — — — 622 2 Commercial mortgage-backed securities 12,832 598 2 — — — 12,832 598 Total $ 121,305 $ 5,649 38 $ — $ — — $ 121,305 $ 5,649 December 31, 2020 Obligations of: States and political subdivisions $ 18,662 $ 165 5 $ — $ — — $ 18,662 $ 165 Total $ 18,662 $ 165 5 $ — $ — — $ 18,662 $ 165 |
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 March 31, 2021. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a statutory federal corporate income tax rate of 21%. 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 $ — $ — $ — $ 30,211 $ 30,211 States and political subdivisions — 988 2,511 89,119 92,618 Residential mortgage-backed securities — — 2,488 22,390 24,878 Commercial mortgage-backed securities — 368 3,710 14,627 18,705 Total held-to-maturity securities $ — $ 1,356 $ 8,709 $ 156,347 $ 166,412 Fair value Obligations of: U.S. government sponsored agencies $ — $ — $ — $ 28,517 $ 28,517 States and political subdivisions — 1,141 2,795 85,582 89,518 Residential mortgage-backed securities — — 2,593 22,959 25,552 Commercial mortgage-backed securities — 374 3,968 14,054 18,396 Total held-to-maturity securities $ — $ 1,515 $ 9,356 $ 151,112 $ 161,983 Total weighted-average yield — % 0.62 % 2.98 % 2.13 % 2.16 % |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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) March 31, December 31, 2020 Construction $ 78,699 $ 106,792 Commercial real estate, other 965,249 929,853 Commercial and industrial 964,761 973,645 Premium finance 110,590 114,758 Residential real estate 573,700 574,007 Home equity lines of credit 117,426 120,913 Consumer, indirect 519,749 503,527 Consumer, direct 79,204 79,094 Deposit account overdrafts 298 351 Total loans, at amortized cost $ 3,409,676 $ 3,402,940 |
Nonaccrual and Past Due Loans | The amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: March 31, 2021 December 31, 2020 (Dollars in thousands) Nonaccrual (a) Accruing Loans 90+ Days Past Due Nonaccrual (a) Accruing Loans 90+ Days Past Due Construction $ 4 $ — $ 4 $ — Commercial real estate, other 8,421 55 9,111 — Commercial and industrial 6,101 — 6,192 50 Premium finance — 109 — 204 Residential real estate 8,246 662 8,375 1,975 Home equity lines of credit 780 180 867 82 Consumer, indirect 1,031 24 1,073 39 Consumer, direct 161 14 171 17 Total loans, at amortized cost $ 24,744 $ 1,044 $ 25,793 $ 2,367 |
Aging Of The Recorded Investment In Past Due Loans And Leases | The following table presents the aging of the amortized cost of past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total March 31, 2021 Construction $ 24 $ 889 $ 4 $ 917 $ 77,782 $ 78,699 Commercial real estate, other 1,875 127 8,040 10,042 955,207 965,249 Commercial and industrial 3,079 11 6,092 9,182 955,579 964,761 Premium finance 212 130 109 451 110,139 110,590 Residential real estate 5,687 944 3,983 10,614 563,086 573,700 Home equity lines of credit 393 117 784 1,294 116,132 117,426 Consumer, indirect 1,927 350 297 2,574 517,175 519,749 Consumer, direct 207 26 106 339 78,865 79,204 Deposit account overdrafts — — — — 298 298 Total loans, at amortized cost $ 13,404 $ 2,594 $ 19,415 $ 35,413 $ 3,374,263 $ 3,409,676 December 31, 2020 Construction $ — $ 344 $ 4 $ 348 $ 106,444 $ 106,792 Commercial real estate, other 1,943 283 8,643 10,869 918,984 929,853 Commercial and industrial 567 552 4,535 5,654 967,991 973,645 Premium finance 928 1,073 204 2,205 112,553 114,758 Residential real estate 6,739 2,688 5,512 14,939 559,068 574,007 Home equity lines of credit 309 58 780 1,147 119,766 120,913 Consumer, indirect 4,362 733 348 5,443 498,084 503,527 Consumer, direct 424 43 123 590 78,504 79,094 Deposit account overdrafts — — — — 351 351 Total loans, at amortized cost $ 15,272 $ 5,774 $ 20,149 $ 41,195 $ 3,361,745 $ 3,402,940 |
Loans By Risk Category | The following table summarizes the risk category of loans within Peoples' loan portfolio based upon the most recent analysis performed at March 31, 2021: (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Construction Pass $ 5,669 $ 35,741 $ 32,155 $ 178 $ 670 $ 1,864 $ 163 $ 981 $ 76,440 Special mention — — — 738 — 141 — — 879 Substandard — — — 84 177 1,070 49 — 1,380 Total 5,669 35,741 32,155 1,000 847 3,075 212 981 78,699 Commercial real estate, other Pass 37,694 144,707 157,739 99,426 122,459 323,719 15,395 4,515 901,139 Special mention — 238 2,771 619 4,544 19,216 — 54 27,388 Substandard — — 4,447 922 2,405 28,661 211 74 36,646 Doubtful — — — — — 76 — — 76 Total 37,694 144,945 164,957 100,967 129,408 371,672 15,606 4,643 965,249 Commercial and industrial Pass 172,691 333,486 96,285 72,607 35,886 113,683 104,507 15,304 929,145 Special mention 662 651 544 1,164 337 1,448 7,255 11 12,061 Substandard 22 2,718 3,487 3,004 2,126 4,402 6,042 1,120 21,801 Doubtful — — — — — 1,754 — 187 1,754 Total 173,375 336,855 100,316 76,775 38,349 121,287 117,804 16,622 964,761 Premium finance Pass 110,590 — — — — — — — 110,590 Total 110,590 — — — — — — — 110,590 Residential real estate Pass 40,343 51,102 43,026 24,681 31,366 368,742 — — 559,260 Substandard — — — — — 14,263 — — 14,263 Loss — — — — — 177 — — 177 Total 40,343 51,102 43,026 24,681 31,366 383,182 — — 573,700 Home equity lines of credit Pass 4,791 19,303 14,516 12,536 12,941 53,297 42 3,480 117,426 Total 4,791 19,303 14,516 12,536 12,941 53,297 42 3,480 117,426 Consumer, indirect Pass 65,246 227,871 94,890 72,642 38,982 20,118 — — 519,749 Total 65,246 227,871 94,890 72,642 38,982 20,118 — — 519,749 Consumer, direct Pass 9,732 32,384 16,177 10,974 4,302 5,635 — — 79,204 Total 9,732 32,384 16,177 10,974 4,302 5,635 — — 79,204 Deposit account overdrafts 298 — — — — — — — 298 Total loans, at amortized cost $ 447,738 $ 848,201 $ 466,037 $ 299,575 $ 256,195 $ 958,266 $ 133,664 $ 25,726 $ 3,409,676 At March 31, 2021, Peoples had a total of $1.3 million of loans secured by residential real estate mortgages that were in the process of foreclosure. |
Troubled Debt Restructurings on Financing Receivables | The following tables summarize the loans that were modified as TDRs during the three months ended March 31: Three Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment March 31, 2021 Construction 1 $ 344 $ 344 $ 344 Residential real estate 3 170 174 172 Home equity lines of credit 1 46 46 46 Consumer, indirect 4 78 78 78 Consumer, direct 3 18 18 18 Consumer 7 96 96 96 Total 12 $ 656 $ 660 $ 658 March 31, 2020 Commercial real estate, other 1 $ 265 $ 265 $ 265 Commercial and industrial 1 145 145 145 Residential real estate 3 452 483 481 Home equity lines of credit 2 41 41 41 Consumer, indirect 11 175 175 175 Consumer, direct 4 57 57 57 Consumer 15 232 232 232 Total 22 $ 1,135 $ 1,166 $ 1,164 (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. |
Financing Receivables, Collateral Dependent [Table] | The following table details Peoples' amortized cost of collateral dependent loans: (Dollars in thousands) March 31, 2021 December 31, 2020 Construction $ 344 $ — Commercial real estate, other 8,854 8,467 Commercial and industrial 6,793 6,333 Residential real estate 1,667 1,670 Home equity lines of credit 400 403 Total collateral dependent loans $ 18,058 $ 16,873 |
us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock | Loans pledged are summarized as follows: (Dollars in thousands) March 31, 2021 December 31, 2020 Loans pledged to FHLB $ 730,422 $ 740,584 Loans pledged to FRB 111,701 107,340 |
Troubled Debt Restructurings during prior 12months that subsequently defaulted | Peoples did not have any loans that were modified as a TDR during the last twelve months that subsequently defaulted. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Preferred, Common and Treasury Stock | The following table details the progression in Peoples’ common shares and treasury stock during the three months ended March 31, 2021: Common Shares Treasury Stock Shares at December 31, 2020 21,193,402 1,686,046 Changes related to stock-based compensation awards: Release of restricted common shares — 26,776 Cancellation of restricted common shares — 2,133 Exercise of stock appreciation rights — — Grant of restricted common shares — (76,819) Grant of unrestricted common shares — (4,897) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 2,394 Disbursed out of treasury stock — (81) Common shares issued under dividend reinvestment plan 7,538 — Common shares issued under compensation plan for Boards of Directors — (1,789) Common shares issued under employee stock purchase plan — (3,520) Shares at March 31, 2021 21,200,940 1,630,243 |
Dividends Declared [Table Text Block] | The following table details the cash dividends declared per common share during the first and second quarters of 2021 and the comparable periods of 2020: 2021 2020 First quarter $ 0.35 0.34 Second quarter 0.36 0.34 Total dividends declared $ 0.71 $ 0.68 |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income for the three months ended March 31, 2021: (Dollars in thousands) Unrealized Gain on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Loss on Cash Flow Hedge Accumulated Other Comprehensive (Loss) Income Balance, December 31, 2020 $ 14,592 $ (3,872) $ (9,384) $ 1,336 Reclassification adjustments to net income: Realized gain on sale of securities, net of tax 265 — — 265 Other comprehensive (loss) income, net of reclassifications and tax (9,936) 27 3,346 (6,563) Balance, March 31, 2021 $ 4,921 $ (3,845) $ (6,038) $ (4,962) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following tables detail the components of the net periodic cost for the plans described above, which is included in salaries and employee benefit costs on the Consolidated Statement of Operations: Pension Benefits Three Months Ended March 31, (Dollars in thousands) 2021 2020 Interest cost $ 67 $ 94 Expected return on plan assets (174) (200) Amortization of net loss 31 30 Settlement of benefit obligation — 368 Net periodic (income) loss $ (76) $ 292 Postretirement Benefits Three Months Ended March 31, (Dollars in thousands) 2021 2020 Interest cost $ — $ 1 Amortization of net gain (1) (2) Net periodic income $ (1) $ (1) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, (Dollars in thousands, except per common share data) 2021 2020 Distributed earnings allocated to common shareholders $ 6,777 $ 6,943 Undistributed earnings (loss) allocated to common shareholders 8,617 (7,782) Net earnings (loss) allocated to common shareholders $ 15,394 $ (839) Weighted-average common shares outstanding 19,282,665 20,367,564 Effect of potentially dilutive common shares 153,646 170,650 Total weighted-average diluted common shares outstanding 19,436,311 20,538,214 Earnings (loss) per common share: Basic $ 0.80 $ (0.04) Diluted $ 0.79 $ (0.04) Anti-dilutive common shares excluded from calculation: Restricted shares — 37,284 |
Derivative Financial Instrume_2
Derivative Financial Instruments Derivative Instruments and Hedging Activities Disclosure (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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) March 31, December 31, Notional amount $ 160,000 $ 160,000 Weighted average pay rates 2.18 % 2.18 % Weighted average receive rates 0.77 % 0.38 % Weighted average maturity 4.1 years 4.4 years Pre-tax unrealized losses included in AOCI $ (7,825) $ (11,879) |
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 Operations related to the cash flow hedges: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Amount of loss (gain) recognized in AOCI, pre-tax $ 4,236 $ (9,730) |
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: March 31, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in "Other assets": Interest rate swaps related to debt $ 10,000 $ 135 $ — $ — Total included in other assets $ 10,000 $ 135 $ — $ — Included in "Accrued expenses and other liabilities": Interest rate swaps related to debt $ 150,000 $ 7,960 $ 160,000 $ 12,063 Total included in accrued expenses and other liabilities $ 150,000 $ 7,960 $ 160,000 $ 12,063 |
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: March 31, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in "Other assets": Interest rate swaps related to commercial loans $ 411,704 $ 16,355 $ 415,044 $ 27,332 Included in "Accrued expenses and other liabilities": Interest rate swaps related to commercial loans $ 411,704 $ 16,355 $ 415,044 $ 27,332 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Shares Activity | The following table summarizes the changes to Peoples’ restricted common shares for the three months ended March 31, 2021: 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 67,758 $ 23.71 250,992 $ 33.36 Awarded — — 76,819 31.48 Released 2,000 35.32 73,611 35.43 Forfeited 500 34.75 1,633 33.31 Outstanding at March 31 65,258 $ 23.27 252,567 $ 32.18 |
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 March 31, (Dollars in thousands) 2021 2020 Employee stock-based compensation expense: Stock grant expense $ 1,198 $ 1,380 Employee stock purchase plan expense 17 15 Performance unit benefit — (12) Total employee stock-based compensation expense 1,215 1,383 Non-employee director stock-based compensation expense 195 182 Total stock-based compensation expense 1,410 1,565 Recognized tax benefit (296) (329) Net stock-based compensation expense $ 1,114 $ 1,236 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, (Dollars in thousands) 2021 2020 Insurance income: Commission and fees from sale of insurance policies (a) $ 3,177 $ 2,692 Fees related to third-party administration services (a) 94 147 Performance-based commissions (b) 1,950 1,291 Trust and investment income (a) 3,845 3,262 Electronic banking income: Interchange income (a) 3,046 2,401 Promotional and usage income (a) 865 879 Deposit account service charges: Ongoing maintenance fees for deposit accounts (a) 810 980 Transactional-based fees (b) 1,175 1,840 Commercial loan swap fees (b) 60 244 Other non-interest income transactional-based fees (b) 144 218 Total revenue from contracts with customers $ 15,166 $ 13,954 Timing of revenue recognition: Services transferred over time $ 11,837 $ 10,361 Services transferred at a point in time 3,329 3,593 Total revenue from contracts with customers $ 15,166 $ 13,954 (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 March 31, 2021: Contract Assets Contract Liabilities (Dollars in thousands) Balance, January 1, 2021 $ 1,247 $ 5,224 Additional income receivable 125 — Recognition of income previously deferred — (448) Balance, March 31, 2021 $ 1,372 $ 4,776 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 Operations: Three Months Ended (Dollars in thousands) March 31, 2021 March 31, 2020 Operating lease expense $ 330 $ 334 Short-term lease expense 72 76 Total lease expense $ 402 $ 410 |
Lease, Cost [Table Text Block] | The following table details the ROU asset, the lease liability and other information related to Peoples' operating leases: (Dollars in thousands) March 31, 2021 December 31, 2020 ROU asset: Other assets $ 6,404 $ 6,522 Lease liability: Accrued expenses and other liabilities $ 6,673 $ 6,776 Other information: Weighted-average remaining lease term 12.3 years 12.4 years Weighted-average discount rate 3.11 % 3.14 % |
Finance Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturity of remaining lease liabilities: (Dollars in thousands) Balance Remaining nine months ending December 31, 2021 $ 1,028 Year ending December 31, 2022 1,097 Year ending December 31, 2023 898 Year ending December 31, 2024 638 Year ending December 31, 2025 502 Thereafter 4,218 Total undiscounted lease payments $ 8,381 Imputed interest $ (1,708) Total lease liability $ 6,673 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ (182) | $ (60) | |
Off-Balance Sheet, Credit Loss, Liability | 2,400 | 2,900 | |
Loans, net of deferred fees and costs (b) | 3,409,676 | $ 3,402,940 | |
Performance-based insurance commissions | $ 1,950 | $ 1,291 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Assets Measured at Fair Value Recurring) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Recurring Basis | ||
Available-for-sale securities | $ 865,347 | $ 753,013 |
U.S. government sponsored agencies | ||
Recurring Basis | ||
Available-for-sale securities | 18,471 | 5,363 |
States and political subdivisions | ||
Recurring Basis | ||
Available-for-sale securities | 218,484 | 114,919 |
Residential mortgage-backed securities | ||
Recurring Basis | ||
Available-for-sale securities | 596,181 | 623,218 |
Commercial mortgage-backed securities | ||
Recurring Basis | ||
Available-for-sale securities | 27,481 | 4,783 |
Bank-issued trust preferred securities | ||
Recurring Basis | ||
Available-for-sale securities | 4,730 | 4,730 |
Equity investment securities (a) | ||
Recurring Basis | ||
Other investment securities | 330 | 299 |
Recurring Basis [Member] | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Recurring Basis [Member] | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 865,347 | 753,013 |
Interest Rate Derivative Assets, at Fair Value | 16,355 | 27,332 |
Interest Rate Derivative Liabilities, at Fair Value | 24,179 | 39,395 |
Recurring Basis [Member] | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Recurring Basis [Member] | U.S. government sponsored agencies | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | U.S. government sponsored agencies | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 18,471 | 5,363 |
Recurring Basis [Member] | U.S. government sponsored agencies | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 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 | 218,484 | 114,919 |
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 | 596,181 | 623,218 |
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 | 27,481 | 4,783 |
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 | 4,730 | 4,730 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Equity investment securities (a) | Level 1 | ||
Recurring Basis | ||
Other investment securities | 136 | 107 |
Recurring Basis [Member] | Equity investment securities (a) | Level 2 | ||
Recurring Basis | ||
Other investment securities | 194 | 192 |
Recurring Basis [Member] | Equity investment securities (a) | Level 3 | ||
Recurring Basis | ||
Other investment securities | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Assets Measured at Fair Value Nonrecurring) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Nonrecurring Basis | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | |
Valuation Allowance for Impairment of Recognized Servicing Assets, Deductions for Aggregate Write-Downs | 16,000 | $ 161,000 |
Nonrecurring Basis | Level 3 | ||
Nonrecurring Basis | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 134,000 | 134,000 |
Servicing Asset | 2,515,000 | 2,591,000 |
Nonrecurring Basis | Level 1 | ||
Nonrecurring Basis | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 0 | 0 |
Servicing Asset | 0 | 0 |
Nonrecurring Basis | Level 2 | ||
Nonrecurring Basis | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 0 | 0 |
Servicing Asset | $ 0 | $ 0 |
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 | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and Cash Equivalents, at Carrying Value | $ 200,375 | $ 152,100 | $ 163,652 | $ 115,193 | |
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 166,230 | 66,458 | |||
Debt Securities, Held-to-maturity, Fair Value | 161,983 | 68,082 | |||
Loans held for sale | 2,194 | 4,659 | |||
Cash Surrender Value, Fair Value Disclosure | 72,037 | 71,591 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Deductions for Aggregate Write-Downs | 16 | 161 | |||
Commercial Portfolio Segment | |||||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Financing Receivable, Allowance for Credit Loss | 10,108 | $ 12,763 | |||
Estimate of Fair Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 200,375 | 152,100 | |||
Debt Securities, Held-to-maturity, Fair Value | 161,983 | 68,082 | |||
Other investment securities | 33,697 | 37,261 | |||
Net loans | 3,357,005 | 3,408,373 | |||
Loans held for sale | 2,242 | 4,733 | |||
Cash Surrender Value, Fair Value Disclosure | 72,037 | 71,591 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Deposits, Fair Value Disclosure | 3,982,200 | 3,773,602 | |||
Short-term Debt, Fair Value | 68,403 | 74,170 | |||
Long-term Debt, Fair Value | 113,934 | 117,364 | |||
Reported Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Cash and cash equivalents | 200,375 | 152,100 | |||
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 166,230 | 66,458 | |||
Federal Home Loan Bank ("FHLB") stock | 18,046 | 21,718 | |||
Federal Reserve Bank ("FRB") stock | 13,311 | 13,311 | |||
Other investment securities | 33,697 | 37,261 | |||
Net loans | 3,364,779 | 3,352,581 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||||
Deposits, Fair Value Disclosure | 4,304,229 | 3,910,459 | |||
Short-term Debt, Fair Value | 67,868 | 73,261 | |||
Long-term Debt, Fair Value | 110,295 | 110,568 | |||
States and political subdivisions | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 92,618 | 35,199 | |||
Debt Securities, Held-to-maturity, Fair Value | 89,518 | 35,484 | |||
States and political subdivisions | Reported Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 92,436 | 35,139 | |||
States and political subdivisions | Level 2 | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Debt Securities, Held-to-maturity, Fair Value | 89,518 | 35,484 | |||
Residential mortgage-backed securities | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Debt Securities, Held-to-maturity, Fair Value | 25,552 | 26,742 | |||
Residential mortgage-backed securities | Estimate of Fair Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Debt Securities, Held-to-maturity, Fair Value | 25,552 | 26,742 | |||
Residential mortgage-backed securities | Reported Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 24,878 | 25,890 | |||
Commercial mortgage-backed securities | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Debt Securities, Held-to-maturity, Fair Value | 18,396 | 5,856 | |||
Commercial mortgage-backed securities | Estimate of Fair Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Debt Securities, Held-to-maturity, Fair Value | 18,396 | 5,856 | |||
Commercial mortgage-backed securities | Reported Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 18,705 | 5,429 | |||
Agency Securities | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Debt Securities, Held-to-maturity, Fair Value | 28,517 | ||||
Agency Securities | Reported Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 30,211 | 0 | |||
Agency Securities | Level 2 | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Debt Securities, Held-to-maturity, Fair Value | 28,517 | 0 | |||
Nonqualified Plan [Member] | Estimate of Fair Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Other investment securities | 1,975 | 1,867 | |||
Nonqualified Plan [Member] | Reported Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Other investment securities | 1,975 | 1,867 | |||
Other Security Investments [Member] | Reported Value Measurement [Member] | |||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||
Other investment securities | $ 365 | $ 365 |
Investment Securities (Availabl
Investment Securities (Available-for-sale Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 859,120 | $ 734,544 |
Gross Unrealized Gains | 17,142 | 20,775 |
Gross Unrealized Losses | (10,915) | (2,306) |
Available-for-sale securities | 865,347 | 753,013 |
Gross Unrealized Gains | 1,402 | 1,789 |
Securities Investment [Member] | ||
Schedule of Available-for-sale Securities | ||
Interest Receivable | 4,700 | 2,700 |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 18,611 | 4,960 |
Gross Unrealized Gains | 324 | 403 |
Gross Unrealized Losses | (464) | 0 |
Available-for-sale securities | 18,471 | 5,363 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 218,621 | 110,401 |
Gross Unrealized Gains | 3,632 | 4,642 |
Gross Unrealized Losses | (3,769) | (124) |
Available-for-sale securities | 218,484 | 114,919 |
Gross Unrealized Gains | 437 | 510 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 589,047 | 609,865 |
Gross Unrealized Gains | 12,872 | 15,377 |
Gross Unrealized Losses | (5,738) | (2,024) |
Available-for-sale securities | 596,181 | 623,218 |
Gross Unrealized Gains | 676 | 852 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 28,145 | 4,622 |
Gross Unrealized Gains | 97 | 161 |
Gross Unrealized Losses | (761) | 0 |
Available-for-sale securities | 27,481 | 4,783 |
Gross Unrealized Gains | 289 | 427 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 4,696 | 4,696 |
Gross Unrealized Gains | 217 | 192 |
Gross Unrealized Losses | (183) | (158) |
Available-for-sale securities | $ 4,730 | $ 4,730 |
Investment Securities (Availa_2
Investment Securities (Available-for-sale Securities Gross Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Gross gains and gross losses realized from sales of available-for-sale securities: | ||
Gross gains realized | $ 339 | $ 319 |
Gross losses realized | 675 | 0 |
Net (loss) gain realized | $ (336) | $ 319 |
Investment Securities (Availa_3
Investment Securities (Available-for-sale Securities with Unrealized Loss) (Details) | 3 Months Ended | ||||
Mar. 31, 2021USD ($) | Mar. 31, 2021securities | Mar. 31, 2021 | Mar. 31, 2021contract | Dec. 31, 2020USD ($)securities | |
Available-for-sale securities that had an unrealized loss: | |||||
Less than 12 months, fair value | $ 378,428,000 | $ 174,804,000 | |||
Less than 12 months, unrealized loss | 10,496,000 | $ 1,925,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 97 | 51 | |||
12 months or more, fair value | 12,420,000 | $ 11,740,000 | |||
12 months or more, unrealized loss | 419,000 | $ 381,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 22 | 15 | |||
Total unrealized loss position, fair value | 390,848,000 | $ 186,544,000 | |||
Total unrealized loss | 10,915,000 | 2,306,000 | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | ||||
Available-for-sale Securities, Amortized Cost Basis | 859,120,000 | 734,544,000 | |||
Gross Unrealized Gains | 17,142,000 | 20,775,000 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 10,915,000 | 2,306,000 | |||
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | 865,347,000 | 753,013,000 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |||
Securities Investment [Member] | |||||
Available-for-sale securities that had an unrealized loss: | |||||
Interest Receivable | 4,700,000 | 2,700,000 | |||
States and political subdivisions | |||||
Available-for-sale securities that had an unrealized loss: | |||||
Less than 12 months, fair value | 116,444,000 | 17,651,000 | |||
Less than 12 months, unrealized loss | 3,769,000 | $ 124,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 47 | 5 | |||
12 months or more, fair value | 0 | $ 0 | |||
12 months or more, unrealized loss | 0 | $ 0 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 0 | 0 | |||
Total unrealized loss position, fair value | 116,444,000 | $ 17,651,000 | |||
Total unrealized loss | 3,769,000 | 124,000 | |||
Available-for-sale Securities, Amortized Cost Basis | 218,621,000 | 110,401,000 | |||
Gross Unrealized Gains | 3,632,000 | 4,642,000 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,769,000 | 124,000 | |||
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | 218,484,000 | 114,919,000 | |||
Residential mortgage-backed securities | |||||
Available-for-sale securities that had an unrealized loss: | |||||
Less than 12 months, fair value | 227,145,000 | 156,659,000 | |||
Less than 12 months, unrealized loss | 5,502,000 | $ 1,795,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 40 | 45 | |||
12 months or more, fair value | 10,603,000 | $ 9,892,000 | |||
12 months or more, unrealized loss | 236,000 | $ 229,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 20 | 13 | |||
Total unrealized loss position, fair value | 237,748,000 | $ 166,551,000 | |||
Total unrealized loss | 5,738,000 | 2,024,000 | |||
Available-for-sale Securities, Amortized Cost Basis | 589,047,000 | 609,865,000 | |||
Gross Unrealized Gains | 12,872,000 | 15,377,000 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 5,738,000 | 2,024,000 | |||
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | 596,181,000 | 623,218,000 | |||
Commercial mortgage-backed securities | |||||
Available-for-sale securities that had an unrealized loss: | |||||
Less than 12 months, fair value | 23,155,000 | ||||
Less than 12 months, unrealized loss | 761,000 | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 7 | ||||
12 months or more, fair value | 0 | ||||
12 months or more, unrealized loss | 0 | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 0 | ||||
Total unrealized loss position, fair value | 23,155,000 | ||||
Total unrealized loss | 761,000 | ||||
Available-for-sale Securities, Amortized Cost Basis | 28,145,000 | 4,622,000 | |||
Gross Unrealized Gains | 97,000 | 161,000 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 761,000 | 0 | |||
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | 27,481,000 | 4,783,000 | |||
Bank-issued trust preferred securities | |||||
Available-for-sale securities that had an unrealized loss: | |||||
Less than 12 months, fair value | 0 | 494,000 | |||
Less than 12 months, unrealized loss | 0 | $ 6,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 0 | 1 | |||
12 months or more, fair value | 1,817,000 | $ 1,848,000 | |||
12 months or more, unrealized loss | 183,000 | $ 152,000 | |||
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 | 1,817,000 | $ 2,342,000 | |||
Total unrealized loss | 183,000 | 158,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 2 | ||||
Available-for-sale Securities, Amortized Cost Basis | 4,696,000 | 4,696,000 | |||
Gross Unrealized Gains | 217,000 | 192,000 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 183,000 | 158,000 | |||
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | 4,730,000 | 4,730,000 | |||
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 | 2 | 2 | |||
Percentage of mortgage-backed securities in unrealized loss position for more than 12 months | 1.00% | ||||
Fair value within book value | 90.00% | ||||
U.S. government sponsored agencies | |||||
Available-for-sale securities that had an unrealized loss: | |||||
Available-for-sale Securities, Amortized Cost Basis | 18,611,000 | 4,960,000 | |||
Gross Unrealized Gains | 324,000 | 403,000 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 464,000 | 0 | |||
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | 18,471,000 | $ 5,363,000 | |||
Agency Securities | |||||
Available-for-sale securities that had an unrealized loss: | |||||
Less than 12 months, fair value | 11,684,000 | ||||
Less than 12 months, unrealized loss | 464,000 | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 3 | ||||
12 months or more, fair value | 0 | ||||
12 months or more, unrealized loss | 0 | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 0 | ||||
Total unrealized loss position, fair value | 11,684,000 | ||||
Total unrealized loss | $ 464,000 |
Investment Securities (Availa_4
Investment Securities (Available-for-sale Securities by Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 7,020 | |
Debt securities, maturing 1 to 5 years, amortized cost | 41,667 | |
Debt securities, maturing 5 to 10 years, amortized cost | 121,105 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 689,328 | |
Amortized Cost | 859,120 | $ 734,544 |
Debt securities, maturing within 1 year, fair value | 7,070 | |
Debt securities, maturing 1 to 5 years, fair value | 43,160 | |
Debt securities, maturing 5 to 10 years, fair value | 122,501 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 692,616 | |
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | $ 865,347 | 753,013 |
Available-for-sale securities, maturing within 1 year, average yield | 2.56% | |
Available-for-sale securities, maturing 1 to 5 years, average yield | 2.50% | |
Available-for-sale securities, maturing 5 to 10 years, average yield | 2.06% | |
Available-for-sale securities, maturing over 10 years, average yield | 1.98% | |
Available-for-sale securities, total average yield | 2.02% | |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 6,248 | |
Debt securities, maturing 5 to 10 years, amortized cost | 2,500 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 9,863 | |
Debt securities, total amortized cost | 18,611 | |
Amortized Cost | 18,611 | 4,960 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 6,566 | |
Debt securities, maturing 5 to 10 years, fair value | 2,467 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 9,438 | |
Debt securities, total fair value | 18,471 | |
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | 18,471 | 5,363 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 7,019 | |
Debt securities, maturing 1 to 5 years, amortized cost | 28,186 | |
Debt securities, maturing 5 to 10 years, amortized cost | 52,478 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 130,938 | |
Debt securities, total amortized cost | 218,621 | |
Amortized Cost | 218,621 | 110,401 |
Debt securities, maturing within 1 year, fair value | 7,069 | |
Debt securities, maturing 1 to 5 years, fair value | 29,240 | |
Debt securities, maturing 5 to 10 years, fair value | 53,660 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 128,515 | |
Debt securities, total fair value | 218,484 | |
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | 218,484 | 114,919 |
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 | 4,909 | |
Debt securities, maturing 5 to 10 years, amortized cost | 52,451 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 531,686 | |
Debt securities, total amortized cost | 589,047 | |
Amortized Cost | 589,047 | 609,865 |
Debt securities, maturing within 1 year, fair value | 1 | |
Debt securities, maturing 1 to 5 years, fair value | 4,986 | |
Debt securities, maturing 5 to 10 years, fair value | 52,907 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 538,287 | |
Debt securities, total fair value | 596,181 | |
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | 596,181 | 623,218 |
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 | 2,324 | |
Debt securities, maturing 5 to 10 years, amortized cost | 8,980 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 16,841 | |
Debt securities, total amortized cost | 28,145 | |
Amortized Cost | 28,145 | 4,622 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 2,368 | |
Debt securities, maturing 5 to 10 years, fair value | 8,737 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 16,376 | |
Debt securities, total fair value | 27,481 | |
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | 27,481 | 4,783 |
Bank-issued trust preferred 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 | 0 | |
Debt securities, maturing 5 to 10 years, amortized cost | 4,696 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 0 | |
Debt securities, total amortized cost | 4,696 | |
Amortized Cost | 4,696 | 4,696 |
Debt securities, maturing 5 to 10 years, fair value | 4,730 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 0 | |
Debt securities, total fair value | 4,730 | |
Available-for-sale investment securities, at fair value (amortized cost of $859,120 at March 31, 2021 and $734,544 at December 31, 2020) (a) | $ 4,730 | $ 4,730 |
Investment Securities (Held-to-
Investment Securities (Held-to-maturity Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | $ 166,230 | $ 66,458 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (182) | (60) |
Gross Unrealized Gains | 1,402 | 1,789 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 5,649 | 165 |
Debt Securities, Held-to-maturity, Fair Value | 161,983 | 68,082 |
Amortized Cost | 166,412 | 66,518 |
Debt securities, maturing 5 to 10 years, amortized cost | 8,709 | |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 92,618 | 35,199 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (182) | (60) |
Gross Unrealized Gains | 437 | 510 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 3,355 | 165 |
Debt Securities, Held-to-maturity, Fair Value | 89,518 | 35,484 |
Amortized Cost | 92,618 | |
Debt securities, maturing 5 to 10 years, amortized cost | 2,511 | |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Gross Unrealized Gains | 676 | 852 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 2 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 25,552 | 26,742 |
Amortized Cost | 24,878 | |
Debt securities, maturing 5 to 10 years, amortized cost | 2,488 | |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Gross Unrealized Gains | 289 | 427 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 598 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 18,396 | 5,856 |
Amortized Cost | 18,705 | |
Debt securities, maturing 5 to 10 years, amortized cost | 3,710 | |
Agency Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 1,694 | |
Debt Securities, Held-to-maturity, Fair Value | 28,517 | |
Amortized Cost | 30,211 | |
Debt securities, maturing 5 to 10 years, amortized cost | 0 | |
Reported Value Measurement [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 166,230 | 66,458 |
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 $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 92,436 | 35,139 |
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 $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 24,878 | 25,890 |
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 $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | 18,705 | 5,429 |
Reported Value Measurement [Member] | Agency Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investment securities, at amortized cost (fair value of $161,983 at March 31, 2021 and $68,082 at December 31, 2020) (a) | $ 30,211 | $ 0 |
Investment Securities (Held-t_2
Investment Securities (Held-to-Maturity Securities Gross Realized Gains and Losses) (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Realized Gain (Loss) on Held-to-Maturity Securities | $ 0 |
Investment Securities (Held-t_3
Investment Securities (Held-to-maturity Securities with Unrealized Loss) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)securities | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)securities | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Less than 12 months, fair value | $ 121,305 | $ 18,662 | |
Less than 12 months, unrealized loss | $ 5,649 | $ 165 | |
Less than 12 months, no. of securities | securities | 38 | 5 | |
12 months or more, fair value | $ 0 | $ 0 | |
12 months or more, unrealized loss | $ 0 | $ 0 | |
12 months or more, no. of securities | securities | 0 | 0 | |
Total fair value | $ 121,305 | $ 18,662 | |
Total unrealized loss | 5,649 | 165 | |
Gross losses realized | 675 | $ 0 | |
Securities Investment [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Interest Receivable | 4,700 | 2,700 | |
Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Less than 12 months, fair value | 622 | ||
Less than 12 months, unrealized loss | $ 2 | ||
Less than 12 months, no. of securities | securities | 1 | ||
12 months or more, fair value | $ 0 | ||
12 months or more, unrealized loss | $ 0 | ||
12 months or more, no. of securities | securities | 0 | ||
Total fair value | $ 622 | ||
Total unrealized loss | 2 | 0 | |
Commercial mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Less than 12 months, fair value | 12,832 | ||
Less than 12 months, unrealized loss | $ 598 | ||
Less than 12 months, no. of securities | securities | 2 | ||
12 months or more, fair value | $ 0 | ||
12 months or more, unrealized loss | $ 0 | ||
12 months or more, no. of securities | securities | 0 | ||
Total fair value | $ 12,832 | ||
Total unrealized loss | 598 | 0 | |
States and political subdivisions | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Less than 12 months, fair value | 79,334 | 18,662 | |
Less than 12 months, unrealized loss | $ 3,355 | $ 165 | |
Less than 12 months, no. of securities | securities | 29 | 5 | |
12 months or more, fair value | $ 0 | $ 0 | |
12 months or more, unrealized loss | $ 0 | $ 0 | |
12 months or more, no. of securities | securities | 0 | 0 | |
Total fair value | $ 79,334 | $ 18,662 | |
Total unrealized loss | 3,355 | $ 165 | |
Agency Securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Less than 12 months, fair value | 28,517 | ||
Less than 12 months, unrealized loss | $ 1,694 | ||
Less than 12 months, no. of securities | securities | 6 | ||
12 months or more, fair value | $ 0 | ||
12 months or more, unrealized loss | $ 0 | ||
12 months or more, no. of securities | securities | 0 | ||
Total fair value | $ 28,517 | ||
Total unrealized loss | $ 1,694 |
Investment Securities (Held-t_4
Investment Securities (Held-to-maturity Securities by Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 1,356 | |
Debt securities, maturing 5 to 10 years, amortized cost | 8,709 | |
Debt securities, maturing over 10 years, amortized cost | 156,347 | |
Amortized Cost | 166,412 | $ 66,518 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 1,515 | |
Debt securities, maturing 5 to 10 years, fair value | 9,356 | |
Debt securities, maturing over 10 years, fair value | 151,112 | |
Fair Value | $ 161,983 | 68,082 |
Held-to-maturity securities, maturing within 1 year, average yield | 0.00% | |
Held-to-maturity securities, maturing 1 to 5 years, average yield | 0.62% | |
Held-to-maturity securities, maturing 6 to 10 years, average yield | 2.98% | |
Held-to-maturity securities, maturing over 10 years, average yield | 2.13% | |
Held-to-maturity securities, total average yield | 2.16% | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ (182) | (60) |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, maturing within 1 year, amortized cost | 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 988 | |
Debt securities, maturing 5 to 10 years, amortized cost | 2,511 | |
Debt securities, maturing over 10 years, amortized cost | 89,119 | |
Amortized Cost | 92,618 | |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 1,141 | |
Debt securities, maturing 5 to 10 years, fair value | 2,795 | |
Debt securities, maturing over 10 years, fair value | 85,582 | |
Fair Value | 89,518 | 35,484 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (182) | (60) |
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 | 2,488 | |
Debt securities, maturing over 10 years, amortized cost | 22,390 | |
Amortized Cost | 24,878 | |
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 | 2,593 | |
Debt securities, maturing over 10 years, fair value | 22,959 | |
Fair Value | 25,552 | 26,742 |
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 | 368 | |
Debt securities, maturing 5 to 10 years, amortized cost | 3,710 | |
Debt securities, maturing over 10 years, amortized cost | 14,627 | |
Amortized Cost | 18,705 | |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 374 | |
Debt securities, maturing 5 to 10 years, fair value | 3,968 | |
Debt securities, maturing over 10 years, fair value | 14,054 | |
Fair Value | 18,396 | $ 5,856 |
Agency Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities, maturing within 1 year, amortized cost | 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 0 | |
Debt securities, maturing 5 to 10 years, amortized cost | 0 | |
Debt securities, maturing over 10 years, amortized cost | 30,211 | |
Amortized Cost | 30,211 | |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 0 | |
Debt securities, maturing 5 to 10 years, fair value | 0 | |
Debt securities, maturing over 10 years, fair value | 28,517 | |
Fair Value | $ 28,517 |
Investment Securities (Fully ta
Investment Securities (Fully tax-equivalent basis) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Investment Securities Other Inv
Investment Securities Other Investments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Other Investments Carrying Value [Line Items] | |||
Other investment securities | $ 34,026,000 | $ 37,560,000 | |
Proceeds from Sale of Federal Home Loan Bank Stock | 3,700,000 | ||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 31,000,000 | $ 31,000,000 | |
Securities of a single issuer, other than US Treasury, government agencies and US government sponsored agencies exceeding 10% of Stockholders' Equity | 0 | ||
Reported Value Measurement [Member] | |||
Other Investments Carrying Value [Line Items] | |||
Federal Home Loan Bank Stock | 18,046,000 | 21,718,000 | |
Federal Reserve Bank ("FRB") stock | 13,311,000 | 13,311,000 | |
Other investment securities | 33,697,000 | 37,261,000 | |
Reported Value Measurement [Member] | Other Security Investments [Member] | |||
Other Investments Carrying Value [Line Items] | |||
Other investment securities | 365,000 | 365,000 | |
Other | Reported Value Measurement [Member] | |||
Other Investments Carrying Value [Line Items] | |||
Other investment securities | 365,000 | 365,000 | |
Nonqualified Plan [Member] | Reported Value Measurement [Member] | |||
Other Investments Carrying Value [Line Items] | |||
Other investment securities | 1,974,000 | 1,867,000 | |
Equity investment securities (a) | |||
Other Investments Carrying Value [Line Items] | |||
Other investment securities | $ 330,000 | $ 299,000 |
Investment Securities (Pledged
Investment Securities (Pledged Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
deposits and repurchase agreements [Member] | Available-for-sale securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment | $ 660,261 | $ 547,244 |
deposits and repurchase agreements [Member] | Held-to-maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment | 108,047 | 28,287 |
federal home loan bank and federal reserve bank [Member] | Available-for-sale securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment | $ 2,359 | $ 2,175 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | $ 3,409,676 | $ 3,402,940 |
Paycheck Protection Program [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 349,900 | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 9,300 | |
Amortization of Deferred Loan Origination Fees, Net | 4,700 | |
Loans and Leases Receivable, Gross | 130,800 | 488,900 |
Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 3,409,676 | 3,402,940 |
Interest Receivable | $ 10,100 | $ 10,900 |
Loans (Loan Balances By Classif
Loans (Loan Balances By Classification) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | $ 3,409,676 | $ 3,402,940 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 78,699 | 106,792 |
Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 965,249 | 929,853 |
Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 965,249 | |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 110,590 | 114,758 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 573,700 | 574,007 |
Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 117,426 | 120,913 |
Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 519,749 | 503,527 |
Consumer, direct | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 79,204 | 79,094 |
Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 298 | 351 |
Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | $ 3,409,676 | $ 3,402,940 |
Loans (Nonaccrual and Past Due
Loans (Nonaccrual and Past Due Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | $ 24,744 | $ 25,793 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 1,044 | 2,367 |
Financing Receivable, Nonaccrual, Interest Income | 352 | |
Financing Receivable, Nonaccrual, No Allowance | 1,100 | 1,300 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 4 | 4 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 8,421 | 9,111 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 55 | 0 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 6,101 | 6,192 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 50 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 8,246 | 8,375 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 662 | 1,975 |
Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 780 | 867 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 180 | 82 |
Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 1,031 | 1,073 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 24 | 39 |
Consumer, direct | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 161 | 171 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 14 | 17 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 0 | 0 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 109 | $ 204 |
Loans (Aging Of The Recorded In
Loans (Aging Of The Recorded Investment In Past Due Loans And Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 3,409,676 | $ 3,402,940 |
Percent of Loans Considered Current | 99.00% | 98.80% |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | $ 917 | $ 348 |
Total Loans | 77,782 | 106,444 |
Loans and Leases Receivable, Net of Deferred Income | 78,699 | 106,792 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 10,042 | 10,869 |
Total Loans | 955,207 | 918,984 |
Loans and Leases Receivable, Net of Deferred Income | 965,249 | 929,853 |
Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 955,579 | 967,991 |
Loans and Leases Receivable, Net of Deferred Income | 965,249 | |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 9,182 | 5,654 |
Loans and Leases Receivable, Net of Deferred Income | 964,761 | 973,645 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 10,614 | 14,939 |
Total Loans | 563,086 | 559,068 |
Loans and Leases Receivable, Net of Deferred Income | 573,700 | 574,007 |
Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 1,294 | 1,147 |
Total Loans | 116,132 | 119,766 |
Loans and Leases Receivable, Net of Deferred Income | 117,426 | 120,913 |
Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 2,574 | 5,443 |
Total Loans | 517,175 | 498,084 |
Loans and Leases Receivable, Net of Deferred Income | 519,749 | 503,527 |
Consumer, direct | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 339 | 590 |
Total Loans | 78,865 | 78,504 |
Loans and Leases Receivable, Net of Deferred Income | 79,204 | 79,094 |
Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 0 | 0 |
Total Loans | 298 | 351 |
Loans and Leases Receivable, Net of Deferred Income | 298 | 351 |
Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 35,413 | 41,195 |
Total Loans | 3,374,263 | 3,361,745 |
Loans and Leases Receivable, Net of Deferred Income | 3,409,676 | 3,402,940 |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 451 | 2,205 |
Total Loans | 110,139 | 112,553 |
Loans and Leases Receivable, Net of Deferred Income | 110,590 | 114,758 |
30 - 59 days | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 24 | 0 |
30 - 59 days | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 1,875 | 1,943 |
30 - 59 days | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 3,079 | 567 |
30 - 59 days | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 5,687 | 6,739 |
30 - 59 days | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 393 | 309 |
30 - 59 days | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 1,927 | 4,362 |
30 - 59 days | Consumer, direct | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 207 | 424 |
30 - 59 days | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 0 | 0 |
30 - 59 days | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 13,404 | 15,272 |
30 - 59 days | Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 212 | 928 |
60 - 89 days | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 889 | 344 |
60 - 89 days | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 127 | 283 |
60 - 89 days | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 11 | 552 |
60 - 89 days | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 944 | 2,688 |
60 - 89 days | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 117 | 58 |
60 - 89 days | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 350 | 733 |
60 - 89 days | Consumer, direct | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 26 | 43 |
60 - 89 days | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 0 | 0 |
60 - 89 days | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 2,594 | 5,774 |
60 - 89 days | Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 130 | 1,073 |
90 + Days | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 4 | 4 |
90 + Days | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 8,040 | 8,643 |
90 + Days | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 6,092 | 4,535 |
90 + Days | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 3,983 | 5,512 |
90 + Days | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 784 | 780 |
90 + Days | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 297 | 348 |
90 + Days | Consumer, direct | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 106 | 123 |
90 + Days | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 0 | 0 |
90 + Days | Total loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | 19,415 | 20,149 |
90 + Days | Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Past Due | $ 109 | $ 204 |
Loans (Loans By Risk Category)
Loans (Loans By Risk Category) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | $ 3,409,676 | $ 3,402,940 |
Financing Receivable, Originated in Current Fiscal Year | 447,738 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 848,201 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 466,037 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 299,575 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 256,195 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 958,266 | |
Financing Receivable, Revolving | 133,664 | |
Financing Receivable, Revolving, Converted to Term Loan | 25,726 | |
Mortgage Loans in Process of Foreclosure, Amount | 1,300 | |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 78,699 | 106,792 |
Financing Receivable, Originated in Current Fiscal Year | 5,669 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 35,741 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 32,155 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 847 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,075 | |
Financing Receivable, Revolving | 212 | |
Financing Receivable, Revolving, Converted to Term Loan | 981 | |
Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 965,249 | |
Financing Receivable, Originated in Current Fiscal Year | 37,694 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 144,945 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 164,957 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 100,967 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 129,408 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 371,672 | |
Financing Receivable, Revolving | 15,606 | |
Financing Receivable, Revolving, Converted to Term Loan | 4,643 | |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 964,761 | 973,645 |
Financing Receivable, Originated in Current Fiscal Year | 173,375 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 336,855 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 100,316 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 76,775 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 38,349 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 121,287 | |
Financing Receivable, Revolving | 117,804 | |
Financing Receivable, Revolving, Converted to Term Loan | 16,622 | |
Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 110,590 | 114,758 |
Financing Receivable, Originated in Current Fiscal Year | 110,590 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 573,700 | |
Financing Receivable, Originated in Current Fiscal Year | 40,343 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 51,102 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 43,026 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 24,681 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 31,366 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 383,182 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 117,426 | 120,913 |
Financing Receivable, Originated in Current Fiscal Year | 4,791 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 19,303 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,516 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,536 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 12,941 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 53,297 | |
Financing Receivable, Revolving | 42 | |
Financing Receivable, Revolving, Converted to Term Loan | 3,480 | |
Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 519,749 | 503,527 |
Financing Receivable, Originated in Current Fiscal Year | 65,246 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 227,871 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 94,890 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 72,642 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 38,982 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20,118 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Consumer, direct | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 79,204 | 79,094 |
Financing Receivable, Originated in Current Fiscal Year | 9,732 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 32,384 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,177 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10,974 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,302 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,635 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 298 | $ 351 |
Financing Receivable, Originated in Current Fiscal Year | 298 | |
Pass [Member] | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 76,440 | |
Financing Receivable, Originated in Current Fiscal Year | 5,669 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 35,741 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 32,155 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 178 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 670 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,864 | |
Financing Receivable, Revolving | 163 | |
Financing Receivable, Revolving, Converted to Term Loan | 981 | |
Pass [Member] | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 901,139 | |
Financing Receivable, Originated in Current Fiscal Year | 37,694 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 144,707 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 157,739 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 99,426 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 122,459 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 323,719 | |
Financing Receivable, Revolving | 15,395 | |
Financing Receivable, Revolving, Converted to Term Loan | 4,515 | |
Pass [Member] | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 929,145 | |
Financing Receivable, Originated in Current Fiscal Year | 172,691 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 333,486 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 96,285 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 72,607 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 35,886 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 113,683 | |
Financing Receivable, Revolving | 104,507 | |
Financing Receivable, Revolving, Converted to Term Loan | 15,304 | |
Pass [Member] | Premium finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 110,590 | |
Financing Receivable, Originated in Current Fiscal Year | 110,590 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Pass [Member] | Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 559,260 | |
Financing Receivable, Originated in Current Fiscal Year | 40,343 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 51,102 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 43,026 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 24,681 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 31,366 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 368,742 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Pass [Member] | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 117,426 | |
Financing Receivable, Originated in Current Fiscal Year | 4,791 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 19,303 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,516 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,536 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 12,941 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 53,297 | |
Financing Receivable, Revolving | 42 | |
Financing Receivable, Revolving, Converted to Term Loan | 3,480 | |
Pass [Member] | Consumer, indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 519,749 | |
Financing Receivable, Originated in Current Fiscal Year | 65,246 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 227,871 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 94,890 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 72,642 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 38,982 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20,118 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Pass [Member] | Consumer, direct | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 79,204 | |
Financing Receivable, Originated in Current Fiscal Year | 9,732 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 32,384 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,177 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10,974 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,302 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,635 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Special Mention [Member] | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 879 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 738 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 141 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Special Mention [Member] | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 27,388 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 238 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,771 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 619 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,544 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 19,216 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 54 | |
Special Mention [Member] | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 12,061 | |
Financing Receivable, Originated in Current Fiscal Year | 662 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 651 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 544 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,164 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 337 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,448 | |
Financing Receivable, Revolving | 7,255 | |
Financing Receivable, Revolving, Converted to Term Loan | 11 | |
Substandard [Member] | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 1,380 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 84 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 177 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,070 | |
Financing Receivable, Revolving | 49 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Substandard [Member] | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 36,646 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,447 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 922 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,405 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 28,661 | |
Financing Receivable, Revolving | 211 | |
Financing Receivable, Revolving, Converted to Term Loan | 74 | |
Substandard [Member] | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 21,801 | |
Financing Receivable, Originated in Current Fiscal Year | 22 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,718 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,487 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,004 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,126 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,402 | |
Financing Receivable, Revolving | 6,042 | |
Financing Receivable, Revolving, Converted to Term Loan | 1,120 | |
Substandard [Member] | Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 14,263 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,263 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Doubtful [Member] | Commercial real estate, other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 76 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 76 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Doubtful [Member] | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 1,754 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,754 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 187 | |
Loss | Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | 177 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 177 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Originated Loans | Deposit account overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred fees and costs (b) | $ 298 |
Loans (Collateral Dependent) (D
Loans (Collateral Dependent) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | $ 1,000 | |
Financing Receivable Loan Relationship Aggregate Credit Exposure Evaluation Threshold | 1,000 | |
Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 18,058 | $ 16,873 |
Construction | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 344 | 0 |
Commercial real estate, other | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 8,854 | 8,467 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Pledged Assets Separately Reported, Loans Pledged as Collateral, at Fair Value | 111,701,000 | 107,340 |
Commercial and industrial | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 6,793 | 6,333 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Pledged Assets Separately Reported, Loans Pledged as Collateral, at Fair Value | 730,422,000 | 740,584 |
Residential real estate | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 1,667 | 1,670 |
Home equity lines of credit | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | $ 400 | $ 403 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)contract | Mar. 31, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 12 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 656 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 660 | |
Financing Receivable Modifications Recorded Investment During Period | 658 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 145 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 145 | |
Financing Receivable, Troubled Debt Restructuring | $ 145 | |
Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 170 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 174 | |
Financing Receivable Modifications Recorded Investment During Period | $ 172 | |
Home equity lines of credit | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 46 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 46 | |
Financing Receivable Modifications Recorded Investment During Period | $ 46 | |
Consumer, indirect | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 4 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 78 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 78 | |
Financing Receivable Modifications Recorded Investment During Period | $ 78 | |
Consumer, direct | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 18 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 18 | |
Financing Receivable, Troubled Debt Restructuring | $ 18 | |
Construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 344 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 344 | |
Financing Receivable, Troubled Debt Restructuring | $ 344 | |
Originated Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 22 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,135 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 1,166 | |
Financing Receivable Modifications Recorded Investment During Period | $ 1,164 | |
Originated Loans | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |
Originated Loans | Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 452 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 483 | |
Financing Receivable Modifications Recorded Investment During Period | $ 481 | |
Originated Loans | Home equity lines of credit | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 41 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 41 | |
Financing Receivable Modifications Recorded Investment During Period | $ 41 | |
Originated Loans | Consumer, indirect | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 11 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 175 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 175 | |
Financing Receivable Modifications Recorded Investment During Period | $ 175 | |
Originated Loans | Consumer, direct | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 4 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 57 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 57 | |
Financing Receivable Modifications Recorded Investment During Period | $ 57 | |
Originated Loans | Consumer Loan [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 7 | 15 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 96 | $ 232 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 96 | 232 |
Financing Receivable Modifications Recorded Investment During Period | $ 96 | $ 232 |
Originated Loans | Commercial real estate, other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 265 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 265 | |
Financing Receivable, Troubled Debt Restructuring | $ 265 |
Loans (Summary Of Activity In A
Loans (Summary Of Activity In Allowance For Loan And Lease Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for Loan, Lease, and Other Losses | $ (4,749) | $ 16,969 | |
Off-Balance Sheet, Credit Loss, Liability | 2,400 | $ 2,900 | |
Paycheck Protection Program [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 0 | ||
Construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for Loan, Lease, and Other Losses | (1,058) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Ending balance | 829 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for Loan, Lease, and Other Losses | 455 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (157) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Ending balance | 17,834 | ||
Commercial Portfolio Segment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for Loan, Lease, and Other Losses | (2,362) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (293) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Ending balance | 10,108 | ||
Premium finance | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for Loan, Lease, and Other Losses | 81 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 16 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | ||
Ending balance | 1,160 | ||
Residential Portfolio Segment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for Loan, Lease, and Other Losses | (991) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (133) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 15 | ||
Ending balance | 4,935 | ||
Home equity lines of credit | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for Loan, Lease, and Other Losses | (358) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (12) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 4 | ||
Ending balance | 1,494 | ||
Consumer, indirect | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for Loan, Lease, and Other Losses | (108) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (505) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 105 | ||
Ending balance | 7,522 | ||
Consumer, direct | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for Loan, Lease, and Other Losses | (101) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (36) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 26 | ||
Ending balance | 970 | ||
Deposit account overdrafts | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for Loan, Lease, and Other Losses | 31 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (103) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 54 | ||
Ending balance | 45 | ||
Total loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for Loan, Lease, and Other Losses | (4,411) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1,255 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 204 | ||
Ending balance | $ 44,897 |
Stockholders' Equity (Stock Rol
Stockholders' Equity (Stock Rollforward) (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Increase (Decrease) in Stock by Class [Roll Forward] | ||
Common stock, beginning of period | 21,193,402 | |
Treasury stock, beginning of period | 1,686,046 | |
Changes related to deferred compensation plan for Boards of Directors: | ||
Common shares issued under compensation plan for Boards of Directors | (4,347) | (3,680) |
Common stock, end of period | 21,200,940 | |
Treasury stock, end of period | 1,630,243 | |
Common Shares | ||
Increase (Decrease) in Stock by Class [Roll Forward] | ||
Common stock, beginning of period | 21,193,402 | |
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 | 7,538 | |
Common stock, end of period | 21,200,940 | |
Treasury Stock | ||
Increase (Decrease) in Stock by Class [Roll Forward] | ||
Treasury stock, beginning of period | 1,686,046 | |
Changes related to stock-based compensation awards: | ||
Release of restricted common shares | 26,776 | |
Cancellation of restricted common shares | 2,133 | |
Grant of common shares | (4,897) | |
Changes related to deferred compensation plan for Boards of Directors: | ||
Purchase of treasury stock | 2,394 | |
Disbursed out of treasury stock | (81) | |
Common shares issued under compensation plan for Boards of Directors | (1,789) | |
Common shares issued under employee stock purchase plan | 3,520 | |
Treasury stock, end of period | 1,630,243 | |
Restricted Shares | Treasury Stock | ||
Changes related to stock-based compensation awards: | ||
Grant of common shares | (76,819) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jan. 28, 2021 | Dec. 31, 2020 | Feb. 27, 2020 | |
Class of Stock [Line Items] | |||||||||
Preferred Stock, Shares Authorized | 50,000 | 50,000 | |||||||
Preferred Stock, Shares Issued | 0 | 0 | |||||||
Cash dividends declared per common share | $ 0.35 | $ 0.34 | $ 0.34 | $ 0.68 | |||||
Stock Repurchase Program, Authorized Amount | $ 30,000 | $ 40,000 | |||||||
Purchase of treasury stock under share repurchase program | $ 0 | $ 10,226 | |||||||
Treasury Stock | Shares Repurchase Program Authorized in January 2021 | |||||||||
Class of Stock [Line Items] | |||||||||
Purchase of treasury stock under share repurchase program | $ 0 | ||||||||
Subsequent Event [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Cash dividends declared per common share | $ 0.36 | $ 0.71 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive (Loss) Income [Roll Forward] | ||
Unrealized Gain on Securities | $ 14,592 | |
Realized gain on sale of securities, net of tax | (265) | |
Other comprehensive (loss) income, net of reclassifications and tax | (9,936) | |
Unrealized Gain on Securities | 4,921 | |
Unrecognized Net Pension and Postretirement Costs | (3,872) | |
Other comprehensive (loss) income, net of reclassifications and tax | 27 | |
Unrecognized Net Pension and Postretirement Costs | (3,845) | |
Unrealized Loss on Cash Flow Hedge | (9,384) | |
Other comprehensive (loss) income, net of reclassifications and tax | 3,346 | $ (7,687) |
Unrealized Loss on Cash Flow Hedge | (6,038) | |
Accumulated Other Comprehensive (Loss) Income | 1,336 | |
Accumulated Other Comprehensive (Loss) Income | (4,962) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (6,563) |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Benefits | ||
Components of net periodic benefit costs: | ||
Interest cost | $ 67 | $ 94 |
Expected return on plan assets | (174) | (200) |
Amortization of net loss | 31 | 30 |
Settlement charge | 0 | 368 |
Net periodic benefit/cost | (76) | 292 |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (368) | |
Postretirement Benefits | ||
Components of net periodic benefit costs: | ||
Interest cost | 0 | 1 |
Amortization of net loss | (1) | (2) |
Net periodic benefit/cost | $ (1) | $ (1) |
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% | |
Retirement prior to January 1, 1993 [Member] | ||
Components of net periodic benefit costs: | ||
Percent of healthcare costs paid | 100.00% |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Distributed Earnings | $ 6,777 | $ 6,943 |
Undistributed Earnings, Diluted, Total | 8,617 | (7,782) |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 15,394 | $ (839) |
Weighted-average number of common shares outstanding - basic | 19,282,665 | 20,367,564 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 153,646 | 170,650 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 19,436,311 | 20,538,214 |
Earnings (loss) per common share - basic | $ 0.80 | $ (0.04) |
Earnings (loss) per common share - diluted | $ 0.79 | $ (0.04) |
Anti-dilutive shares excluded from computation of EPS | 0 | 37,284 |
Derivative Financial Instrume_3
Derivative Financial Instruments Interest rate swaps designated as cash flow hedges (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021USD ($)contract | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |||
Weighted average pay rates | 2.18% | 2.18% | |
Weighted average receive rates | 0.77% | 0.38% | |
Weighted average maturity | 4 years 1 month 6 days | 4 years 4 months 24 days | |
Pre-tax unrealized losses included in AOCI | $ (7,825) | $ (11,879) | |
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 10 years | ||
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 160,000 | $ 160,000 | |
Derivative, Number of Instruments Held | contract | 17 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Amount of loss (gain) recognized in AOCI, pre-tax | $ 4,236 | $ (9,730) |
Derivative Financial Instrume_5
Derivative Financial Instruments Cash flow hedges (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Reclassifications into Interest expense on cash flow hedge | $ 802,000,000 | $ 118,000,000 | |
Federal Home Loan Bank Borrowings [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 110,000,000 | ||
Brokered Certificate of Deposit [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 50,000,000 | ||
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Interest rate swaps related to debt | 10,000,000 | $ 0 | |
Interest rate swaps related to debt | 150,000,000 | 160,000,000 | |
Derivative, Notional Amount | $ 160,000,000 | $ 160,000,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)contract | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |||
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 10 years | ||
Reclassifications into Interest expense on cash flow hedge | $ 802,000,000 | $ 118,000,000 | |
Cash pledged to Peoples from counterparties | $ 0 | $ 0 | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Number of Instruments Held | contract | 17 | ||
Derivative, Notional Amount | $ 160,000,000 | 160,000,000 | |
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Interest Rate Derivative Liabilities, at Fair Value | 16,355,000 | 27,332,000 | |
Other Assets [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 135,000 | 0 | |
Liability [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Interest Rate Derivative Liabilities, at Fair Value | 7,960,000 | 12,063,000 | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Restricted Cash | $ 0 | $ 41,000,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments Non-designated hedges (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Cash pledged to Peoples from counterparties | $ 0 | $ 0 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Restricted Cash | 0 | 41,000,000 |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Interest rate swaps related to debt | 411,704,000 | 415,044,000 |
Interest rate swaps related to debt | $ 411,704,000 | $ 415,044,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 4,347 | 3,680 |
Unrecognized stock-based compensation expense related to unvested awards, amount | $ 3.6 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common shares authorized under the 2006 Equity Plan | 500,000 | |
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 | 5 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 | 0 | |
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 | 76,819 | |
Awarded | 76,819 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Shares) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 4,347 | 3,680 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | |
Share-based Payment Arrangement, Expense | $ 1,410,000 | $ 1,565,000 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | 0 | (12,000) |
Restricted Shares | ||
Weighted - Average Grant Date Fair Value (in dollars per share) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 2,400,000 | 2,000,000 |
Restricted Shares | Maximum | Employees | ||
Weighted - Average Grant Date Fair Value (in dollars per share) | ||
Awards expiration period | 5 years | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 1,198,000 | 1,380,000 |
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 | 0 | |
Number of Shares (in shares) | ||
Outstanding at January 1 | 67,758 | |
Released | 2,000 | |
Forfeited | 500 | |
44286 | 65,258 | |
Weighted - Average Grant Date Fair Value (in dollars per share) | ||
Outstanding at January 1 | $ 23.71 | |
Awarded | 0 | |
Released | 35.32 | |
Forfeited | 34.75 | |
44286 | $ 23.27 | |
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 | 76,819 | |
Number of Shares (in shares) | ||
Outstanding at January 1 | 250,992 | |
Awarded | 76,819 | |
Released | 73,611 | |
Forfeited | 1,633 | |
44286 | 252,567 | |
Weighted - Average Grant Date Fair Value (in dollars per share) | ||
Outstanding at January 1 | $ 33.36 | |
Awarded | 31.48 | |
Released | 35.43 | |
Forfeited | 33.31 | |
44286 | $ 32.18 | |
Treasury Stock | Director [Member] | ||
Weighted - Average Grant Date Fair Value (in dollars per share) | ||
Shares Issued, Value, Share-based Payment Arrangement, Forfeited | $ 135,000 | $ 120,000 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefit) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,410,000 | $ 1,565,000 |
Recognized tax benefit | (296,000) | (329,000) |
Net stock-based compensation expense | $ 1,114,000 | $ 1,236,000 |
Employee Stock Purchase Plan Discount | 1500.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 4,347 | 3,680 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,600,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 4,347 | 3,680 |
Non-employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 195,000 | $ 182,000 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 1,198,000 | 1,380,000 |
Employee Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 17,000 | 15,000 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 0 | (12,000) |
Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,215,000 | $ 1,383,000 |
Revenue Revenue from contracts
Revenue Revenue from contracts with customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Commission and fees from sale of insurance policies | $ 3,177 | $ 2,692 |
Fees related to third party insurance administration services | 94 | 147 |
Performance-based insurance commissions | 1,950 | 1,291 |
Interchange electronic banking income | 3,046 | 2,401 |
Promotional and usage electronic banking income | 865 | 879 |
Ongoing maintenance fees for deposit accounts | 810 | 980 |
Transactional-based fees for deposit accounts | 1,175 | 1,840 |
Transactional-based fees included in other non-interest income | 144 | 218 |
Revenue from Contract with Customer, Excluding Assessed Tax | 15,166 | 13,954 |
Insurance income | 5,221 | 4,130 |
Fiduciary and Trust [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,845 | 3,262 |
Interest Rate Swap [Member] | Transaction fee [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 60 | 244 |
Transferred over Time [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,837 | 10,361 |
Transferred at Point in Time [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,329 | $ 3,593 |
Revenue (Details)
Revenue (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Contract Assets | $ 1,247 |
Contract Liabilities | 5,224 |
Additional income receivable | 125 |
Recognition of income previously deferred | (448) |
Contract Assets | 1,372 |
Contract Liabilities | $ 4,776 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Apr. 01, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Other assets (c) | $ 195,336 | $ 78,111 | |
North Star Leasing | |||
Business Acquisition [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3,100 | ||
Net Investment in Lease | $ 85,800 | ||
Business Combination, Consideration Transferred | 116,600 | ||
Other assets (c) | 116,600 | ||
North Star Leasing | Short-term Debt | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 69,100 |
Leases Lease Expense (Details)
Leases Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating Leases, Rent Expense | $ 330 | $ 334 |
Short-term Lease Payments | 72 | 76 |
Lease, Cost | $ 402 | $ 410 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
ROU asset: | $ 6,404 | $ 6,522 | |
Lease liability: | $ 6,673 | $ 6,776 | |
Weighted-average remaining lease term | 12 years 3 months 18 days | 12 years 4 months 24 days | |
Weighted-average discount rate | 3.11% | 3.14% | |
Operating Leases, Rent Expense | $ 330 | $ 334 | |
Operating Lease, Payments | $ 320,000 | $ 321,000 | |
Minimum | |||
Lessee, Operating Lease, Term of Contract | 2 years | ||
Maximum | |||
Lessee, Operating Lease, Term of Contract | 30 years |
Leases Operating Lease Liabilit
Leases Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Remaining nine months ending December 31, 2021 | $ 1,028 | |
Year ending December 31, 2022 | 1,097 | |
Year ending December 31, 2023 | 898 | |
Year ending December 31, 2024 | 638 | |
Thereafter | 502 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 4,218 | |
Total undiscounted lease payments | 8,381 | |
Imputed interest operating lease liability | 1,708 | |
Lease liability: | $ 6,673 | $ 6,776 |
Uncategorized Items - pebo-2021
Label | Element | Value |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ 6,044,000 |
Consumer, Indirect Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 8,030,000 |
Consumer, Other Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 1,081,000 |
Premium Finance Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 1,095,000 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 1,860,000 |
Bank Overdrafts [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 63,000 |
Construction Loans [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 1,887,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 17,536,000 |
Loans Receivable [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ 50,359,000 |