Acquisitions

3 Months Ended

Mar. 31, 2013

Business Combinations [Abstract]

Acquisitions

Acquisitions

On January 2, 2013, Peoples Insurance acquired a commercial insurance agency office and related customer accounts in the Pikeville, Kentucky area for total cash consideration of $1.5 million. The balances and operations related to the acquisition are included in Peoples' consolidated financial statements from the date of the acquisition, and did not materially impact Peoples' financial position, results of operations or cash flows for any period presented.

On April 5, 2013, Peoples acquired all of the outstanding stock of an insurance agency located in the Jackson, Ohio area for cash consideration, and merged the insurance agency into Peoples' subsidiary Peoples Insurance Agency, LLC. This acquisition did not materially impact Peoples' financial position, results of operations or cash flows.

The following is a summary of preliminary changes in goodwill and intangible assets arising from the acquisition in the Pikeville, Kentucky area:

(Dollars in thousands)	Goodwill		Gross Core Deposit		Gross Customer Relationships
Balance, December 31, 2012	$	64,881	$	8,853	$	7,190
Acquired intangible assets	520		—		1,003
Balance, March 31, 2013	$	65,401	$	8,853	$	8,193

(Dollars in thousands)	Gross Intangible Assets		Accumulated Amortization			Net Intangible Assets
March 31, 2013
Core deposits	$	8,853	$	(8,269	)	$	584
Customer relationships	8,193		(6,391		)	1,802
Total acquired intangible assets	$	17,046	$	(14,660	)	$	2,386
Mortgage servicing rights						2,190
Total other intangible assets						$	4,576