Investment Securities (Tables)

3 Months Ended

Mar. 31, 2013

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
March 31, 2013
Obligations of:
U.S. Treasury and government agencies	$	25	$	—	$	—		$	25
U.S. government sponsored agencies	435		24		—			459
States and political subdivisions	44,464		2,882		(181		)	47,165
Residential mortgage-backed securities	490,288		11,645		(6,798		)	495,135
Commercial mortgage-backed securities	47,084		1,055		(67		)	48,072
Bank-issued trust preferred securities	8,496		1		(618		)	7,879
Equity securities	1,213		2,783		(86		)	3,910
Total available-for-sale securities	$	592,005	$	18,390	$	(7,750	)	$	602,645
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

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 periods ended March 31 were as follows:

	Three Months Ended
	March 31,
(Dollars in thousands)	2013		2012
Gross gains realized	$	2,045	$	3,272
Gross losses realized	1,627		109
Net gain realized	$	418	$	3,163

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, 2013
Obligations of:
U.S. Treasury and government agencies	$	—	$	—	—	$	—	$	—	—	$	—	$	—
U.S. government sponsored agencies	—		—		—	—		—		—	—		—
States and political subdivisions	9,120		181		15	—		—		—	9,120		181
Residential mortgage-backed securities	168,316		2,996		34	38,288		3,802		13	206,604		6,798
Commercial mortgage-backed securities	7,640		67		2	—		—		—	7,640		67
Bank-issued trust preferred securities	2,376		18		1	4,487		600		4	6,863		618
Equity securities	—		—		—	90		86		1	90		86
Total	$	187,452	$	3,262	52	$	42,865	$	4,488	18	$	230,317	$	7,750
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

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
March 31, 2013
Obligations of:
States and political subdivisions	$	3,857	$	392	$	—		$	4,249
Residential mortgage-backed securities	36,547		556		(680		)	36,423
Commercial mortgage-backed securities	7,903		53		(61		)	7,895
Total held-to-maturity securities	$	48,307	$	1,001	$	(741	)	$	48,567
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

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 March 31, 2013.  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	$	—		$	22		$	3		$	—		$	25
U.S. government sponsored agencies	—			435			—			—			435
States and political subdivisions	360			1,572			15,103			27,429			44,464
Residential mortgage-backed securities	—			2,558			51,735			435,995			490,288
Commercial mortgage-backed securities	—			5,324			26,783			14,977			47,084
Bank-issued trust preferred securities	—			—			—			8,496			8,496
Equity securities													1,213
Total available-for-sale securities	$	360		$	9,911		$	93,624		$	486,897		$	592,005
Fair value
Obligations of:
U.S. Treasury and government agencies	$	—		$	22		$	3		$	—		$	25
U.S. government sponsored agencies	—			459			—			—			459
States and political subdivisions	367			1,699			16,342			28,757			47,165
Residential mortgage-backed securities	—			2,690			52,925			439,520			495,135
Commercial mortgage-backed securities	—			5,621			27,208			15,243			48,072
Bank-issued trust preferred securities	—			—			—			7,879			7,879
Equity securities													3,910
Total available-for-sale securities	$	367		$	10,491		$	96,478		$	491,399		$	602,645
Total average yield	5.88		%	3.85		%	3.17		%	2.99		%	3.03		%

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 Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss
March 31, 2013
Residential mortgage-backed securities	$	18,903	$	680	5	$	—	$	—	—	$	18,903	$	680
Commercial mortgage-backed securities	6,741		61		1	—		—		—	6,741		61
Total	$	25,644	$	741	6	$	—	$	—	—	$	25,644	$	741
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

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 March 31, 2013.  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	$	—		$	—		$	338		$	3,519		$	3,857
Residential mortgage-backed securities	—			—			541			36,006			36,547
Commercial mortgage-backed securities	—			—			—			7,903			7,903
Total held-to-maturity securities	$	—		$	—		$	879		$	47,428		$	48,307
Fair value
Obligations of:
States and political subdivisions	$	—		$	—		$	339		$	3,910		$	4,249
Residential mortgage-backed securities	—			—			548			35,875			36,423
Commercial mortgage-backed securities	—			—			—			7,895			7,895
Total held-to-maturity securities	$	—		$	—		$	887		$	47,680		$	48,567
Total average yield	—		%	—		%	2.61		%	2.79		%	2.79		%