Investment Securities (Tables)

12 Months Ended

Dec. 31, 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
December 31, 2012
Obligations of:
U.S. Treasury and government agencies	$	26	$	—	$	—		$	26
U.S. government sponsored agencies	486		30		—			516
States and political subdivisions	42,458		3,292		(82		)	45,668
Residential mortgage-backed securities	511,305		12,558		(9,767		)	514,096
Commercial mortgage-backed securities	62,129		2,330		(43		)	64,416
Bank-issued trust preferred securities	10,966		73		(682		)	10,357
Equity securities	1,214		2,977		(85		)	4,106
Total available-for-sale securities	$	628,584	$	21,260	$	(10,659	)	$	639,185
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 years ended December 31 were as follows:

(Dollars in thousands)	2012		2011		2010
Gross gains realized	$	4,306	$	1,110	$	8,306
Gross losses realized	758		637		1,454
Net gain realized	$	3,548	$	473	$	6,852

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
December 31, 2012
Obligations of:
U.S. Treasury and government agencies	$	—	$	—	—	$	—	$	—	—	$	—	$	—
U.S. government sponsored agencies	—		—		—	—		—		—	—		—
States and political subdivisions	4,558		82		8	—		—		—	4,558		82
Residential mortgage-backed securities	135,250		2,326		28	89,958		7,441		20	225,208		9,767
Commercial mortgage-backed securities	7,681		43		2	—		—		—	7,681		43
Bank-issued trust preferred securities	2,376		18		2	5,434		664		5	7,810		682
Equity securities	—		—		—	91		85		1	91		85
Total	$	149,865	$	2,469	40	$	95,483	$	8,190	26	$	245,348	$	10,659
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
December 31, 2012
Obligations of:
States and political subdivisions	$	3,860	$	390	$	—		$	4,250
Residential mortgage-backed securities	33,494		1,107		(41		)	34,560
Commercial mortgage-backed securities	7,921		393		—			8,314
Total held-to-maturity securities	$	45,275	$	1,890	$	(41	)	$	47,124
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 December 31, 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	$	—		$	23		$	3		$	—		$	26
U.S. government sponsored agencies	—			486			—			—			486
States and political subdivisions	556			1,549			12,566			27,787			42,458
Residential mortgage-backed securities	—			680			65,363			445,262			511,305
Commercial mortgage-backed securities	—			5,343			41,564			15,222			62,129
Bank-issued trust preferred securities	—			—			—			10,966			10,966
Equity securities													1,214
Total available-for-sale securities	$	556		$	8,081		$	119,496		$	499,237		$	628,584
Fair value
Obligations of:
U.S. Treasury and government agencies	$	—		$	23		$	3		$	—		$	26
U.S. government sponsored agencies	—			516			—			—			516
States and political subdivisions	566			1,679			13,696			29,727			45,668
Residential mortgage-backed securities	—			729			66,967			446,400			514,096
Commercial mortgage-backed securities	—			5,674			43,173			15,569			64,416
Bank-issued trust preferred securities	—			—			—			10,357			10,357
Equity securities													4,106
Total available-for-sale securities	$	566		$	8,621		$	123,839		$	502,053		$	639,185
Total average yield	6.20		%	3.63		%	3.27		%	3.03		%	3.09		%

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 December 31, 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	$	—		$	—		$	339		$	3,521		$	3,860
Residential mortgage-backed securities	—			—			546			32,948			33,494
Commercial mortgage-backed securities	—			—			—			7,921			7,921
Total held-to-maturity securities	$	—		$	—		$	885		$	44,390		$	45,275
Fair value
Obligations of:
States and political subdivisions	$	—		$	—		$	343		$	3,907		$	4,250
Residential mortgage-backed securities	—			—			558			34,002			34,560
Commercial mortgage-backed securities	—			—			—			8,314			8,314
Total held-to-maturity securities	$	—		$	—		$	901		$	46,223		$	47,124
Total average yield	—		%	—		%	2.61		%	2.88		%	2.87		%

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
December 31, 2012
Residential mortgage-backed securities	$	—	$	—	—	$	—	$	—	—	$	—	$	—
Commercial mortgage-backed securities	2,398		41		2	—		—		—	2,398		41
Total	$	2,398	$	41	2	$	—	$	—	—	$	2,398	$	41
December 31, 2011
Residential mortgage-backed securities	$	6,416	$	88	1	$	—	$	—	—	$	6,416	$	88
Commercial mortgage-backed securities	—		—		—	—		—		—	—		—
Total	$	6,416	$	88	1	$	—	$	—	—	$	6,416	$	88