Investment Securities (Tables)

9 Months Ended

Sep. 30, 2012

Investment Holdings [Line Items]

Summary of Available-for-sale 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
September 30, 2012
Obligations of:
U.S. Treasury and government agencies	$	28	$	—	$	—		$	28
U.S. government sponsored agencies	540		35		—			575
States and political subdivisions	38,541		3,614		(1		)	42,154
Residential mortgage-backed securities	469,514		12,106		(9,181		)	472,439
Commercial mortgage-backed securities	58,923		2,458		(36		)	61,345
Bank-issued trust preferred securities	10,962		70		(927		)	10,105
Equity securities	1,214		1,601		(101		)	2,714
Total available-for-sale securities	$	579,722	$	19,884	$	(10,246	)	$	589,360
December 31, 2011
Obligations of:
U.S. Treasury and government agencies	$	32	$	—	$	—		$	32
U.S. government sponsored agencies	12,291		746		—			13,037
States and political subdivisions	32,763		2,982		—			35,745
Residential mortgage-backed securities	521,231		15,607		(9,835		)	527,003
Commercial mortgage-backed securities	35,712		1,577		—			37,289
Bank-issued trust preferred securities	13,886		12		(1,687		)	12,211
Equity securities	1,213		2,134		(93		)	3,254
Total available-for-sale securities	$	617,128	$	23,058	$	(11,615	)	$	628,571

Schedule of Gross Gains and Losses from Sales of Available-for-sale Securities

The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the three and nine months ended September 30 were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2012		2011		2012		2011
Gross gains realized	$	761	$	612	$	4,033	$	1,110
Gross losses realized	649		555		758		637
Net gain realized	$	112	$	57	$	3,275	$	473

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
September 30, 2012
Obligations of:
U.S. Treasury and government agencies	$	—	$	—	—	$	—	$	—	—	$	—	$	—
U.S. government sponsored agencies	—		—		—	—		—		—	—		—
States and political subdivisions	380		1		2	—		—		—	380		1
Residential mortgage-backed securities	87,565		1,274		17	96,086		7,907		20	183,651		9,181
Commercial mortgage-backed securities	7,705		36		2	—		—		—	7,705		36
Bank-issued trust preferred securities	2,376		18		2	5,185		909		5	7,561		927
Equity securities	—		—		—	75		101		1	75		101
Total	$	98,026	$	1,329	23	$	101,346	$	8,917	26	$	199,372	$	10,246
December 31, 2011
Obligations of:
U.S. Treasury and government agencies	$	—	$	—	—	$	3	$	—	1	$	3	$	—
U.S. government sponsored agencies	—		—		—	—		—		—	—		—
States and political subdivisions	—		—		—	—		—		—	—		—
Residential mortgage-backed securities	60,148		756		13	91,400		9,079		15	151,548		9,835
Commercial mortgage-backed securities	—		—		—	—		—		—	—		—
Bank-issued trust preferred securities	6,872		625		4	4,329		1,062		5	11,201		1,687
Equity securities	—		—		—	83		93		1	83		93
Total	$	67,020	$	1,381	17	$	95,815	$	10,234	22	$	162,835	$	11,615

Summary of Held-to-maturity Investment Securities

The following table summarizes Peoples’ held-to-maturity investment securities:

(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
September 30, 2012
Obligations of:
States and political subdivisions	$	3,862	$	410	$	—		$	4,272
Residential mortgage-backed securities	20,770		536		—			21,306
Commercial mortgage-backed securities	7,940		415		—			8,355
Total held-to-maturity securities	$	32,572	$	1,361	$	—		$	33,933
December 31, 2011
Obligations of:
States and political subdivisions	$	3,525	$	262	$	—		$	3,787
Residential mortgage-backed securities	12,776		230		(88		)	12,918
Total held-to-maturity securities	$	16,301	$	492	$	(88	)	$	16,705

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 weighted-average yield of available-for-sale securities by contractual maturity at September 30, 2012.  The 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.  Rates are calculated on a fully tax-equivalent basis using a 35% federal income tax rate.

(Dollars in thousands)	Within 1 Year			1 to 5 Years			5 to 10 Years			Over 10 Years			Total
Amortized cost
Obligations of:
U.S. Treasury and government agencies	$	—		$	9		$	19		$	—		$	28
U.S. government sponsored agencies	—			540			—			—			540
States and political subdivisions	613			3,101			11,175			23,652			38,541
Residential mortgage-backed securities	9			801			50,768			417,936			469,514
Commercial mortgage-backed securities	—			5,362			38,203			15,358			58,923
Bank-issued trust preferred securities	—			—			—			10,962			10,962
Equity securities													1,214
Total available-for-sale securities	$	622		$	9,813		$	100,165		$	467,908		$	579,722
Fair value
Obligations of:
U.S. Treasury and government agencies	$	—		$	9		$	19		$	—		$	28
U.S. government sponsored agencies	—			575			—			—			575
States and political subdivisions	618			3,203			12,388			25,945			42,154
Residential mortgage-backed securities	9			854			52,470			419,106			472,439
Commercial mortgage-backed securities	—			5,710			39,773			15,862			61,345
Bank-issued trust preferred securities	—			—			—			10,105			10,105
Equity securities													2,714
Total available-for-sale securities	$	627		$	10,351		$	104,650		$	471,018		$	589,360
Total average yield	6.31		%	4.13		%	3.73		%	3.56		%	3.60		%

Held-to-maturity Securities

Investment Holdings [Line Items]

Summary of Investment Securities by Contractual Maturity

The table below presents the amortized cost, fair value and weighted-average yield of held-to-maturity securities by contractual maturity at September 30, 2012.  The 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.  Rates are calculated on a fully tax-equivalent basis using a 35% federal income tax rate.

(Dollars in thousands)	Within 1 Year			1 to 5 Years			5 to 10 Years			Over 10 Years			Total
Amortized cost
Obligations of:
States and political subdivisions	$	—		$	—		$	340		$	3,522		$	3,862
Residential mortgage-backed securities	—			—			550			20,220			20,770
Commercial mortgage-backed securities	—			—			—			7,940			7,940
Total held-to-maturity securities	$	—		$	—		$	890		$	31,682		$	32,572
Fair value
Obligations of:
States and political subdivisions	$	—		$	—		$	344		$	3,928		$	4,272
Residential mortgage-backed securities	—			—			563			20,743			21,306
Commercial mortgage-backed securities	—			—			—			8,355			8,355
Total held-to-maturity securities	$	—		$	—		$	907		$	33,026		$	33,933
Total average yield	—		%	—		%	2.61		%	3.17		%	3.15		%

Summary of Held-to-maturity Securities with Unrealized Loss

The following table presents a summary of held-to-maturity investment securities that had an unrealized loss:

	Less than 12 Months					12 Months or More					Total
(Dollars in thousands)	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss
September 30, 2012
Obligations of:
States and political subdivisions	$	—	$	—	—	$	—	$	—	—	$	—	$	—
Residential mortgage-backed securities	—		—		—	—		—		—	—		—
Total	$	—	$	—	—	$	—	$	—	—	$	—	$	—
December 31, 2011
Obligations of:
States and political subdivisions	$	—	$	—	—	$	—	$	—	—	$	—	$	—
Residential mortgage-backed securities	6,416		88		1	—		—		—	6,416		88
Total	$	6,416	$	88	1	$	—	$	—	—	$	6,416	$	88