Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis comprised the following at September 30, 2012:



			Fair Value Measurements at Reporting Date Using
(Dollars in thousands)			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2012
Obligations of:
U.S. Treasury and government agencies	$	28	$	—	$	28	$	—
U.S. government sponsored agencies	575		—		575		—
States and political subdivisions	42,154		—		42,154		—
Residential mortgage-backed securities	472,439		—		472,439		—
Commercial mortgage-backed securities	61,345		—		61,345		—
Bank-issued trust preferred securities	10,105		—		10,105		—
Equity securities	2,714		2,594		120		—
Total available-for-sale securities	$	589,360	$	2,594	$	586,766	$	—
December 31, 2011
Obligations of:
U.S. Treasury and government agencies	$	32	$	—	$	32	$	—
U.S. government sponsored agencies	13,037		—		13,037		—
States and political subdivisions	35,745		—		35,745		—
Residential mortgage-backed securities	527,003		—		527,003		—
Commercial mortgage-backed securities	37,289		—		37,289		—
Bank-issued trust preferred securities	12,211		—		12,211		—
Equity securities	3,254		3,126		128		—
Total available-for-sale securities	$	628,571	$	3,126	$	625,445	$	—

Fair Values of Financial Assets and Liabilities on Balance Sheets

The following table presents the fair values of financial assets and liabilities carried on Peoples’ consolidated balance sheets, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis:



	September 30, 2012				December 31, 2011
(Dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	59,277	$	59,277	$	38,950	$	38,950
Investment securities	646,593		647,954		669,228		669,632
Loans	982,899		886,038		918,060		828,477
Financial liabilities:
Deposits	$	1,452,487	$	1,463,796	$	1,351,080	$	1,363,742
Short-term borrowings	37,651		37,651		51,643		51,643
Long-term borrowings	106,270		119,791		142,312		157,553
Junior subordinated notes held by subsidiary trust	22,627		23,681		22,600		23,760

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

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