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Acquisitions
 6 Months Ended
Jun. 30, 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.
On April 5, 2013, Peoples Insurance acquired an insurance agency office and related customer accounts in the Jackson, Ohio area for total cash consideration of $0.7 million, and merged the insurance agency into Peoples' subsidiary Peoples Insurance Agency, LLC. A portion of the consideration is contingent upon revenue metrics being achieved.
On May 15, 2013, Peoples Insurance acquired two insurance agency offices and related customer accounts in the Jackson, Ohio area for total cash consideration of $1.1 million. A portion of the consideration is contingent upon revenue metrics being achieved.
The balances and operations related to these acquisitions are included in Peoples' consolidated financial statements from the date of the acquisition. These acquisitions, individually and collectively, did not materially impact Peoples' financial position, results of operations or cash flows for any period presented.
On July 2, 2013, Peoples announced that it had signed a definitive agreement to acquire Ohio Commerce Bank ("Ohio Commerce") for total cash consideration of $16.5 million. Ohio Commerce operates one full-service office in Beachwood, Ohio, and the agreement calls for Ohio Commerce to merge into Peoples' wholly-owned subsidiary, Peoples Bank, National Association. The transaction, which is subject to regulatory approval and Ohio Commerce shareholder approval, is anticipated to be completed during the fourth quarter of 2013.
The following is a summary of changes in goodwill and intangible assets during the period ended June 30, 2013:
(Dollars in thousands)
Goodwill
 
Gross Core Deposit
 
Gross Customer Relationships
Balance, December 31, 2012
$
64,881

 
$
8,853

 
$
7,190

Acquired intangible assets
905

 
—

 
2,458

Balance, June 30, 2013
$
65,786

 
$
8,853

 
$
9,648



(Dollars in thousands)
Gross Intangible Assets
 
Accumulated Amortization
 
Net Intangible Assets
June 30, 2013
 
 
 
 
 
Core deposits
$
8,853

 
$
(8,306
)
 
$
547

Customer relationships
9,648

 
(6,519
)
 
3,129

Total acquired intangible assets
$
18,501

 
$
(14,825
)
 
$
3,676

Mortgage servicing rights
 
 
 
 
2,146

Total other intangible assets
 

 
 

 
$
5,822