Investment Securities (Tables)

6 Months Ended

Jun. 30, 2013

Investment Holdings [Line Items]

Summary of Available-for-sale Investment Securities

The following table summarizes Peoples’ available-for-sale investment securities:

(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2013
Obligations of:
U.S. Treasury and government agencies	$	23	$	—	$	—		$	23
U.S. government sponsored agencies	382		18		—			400
States and political subdivisions	49,785		1,838		(1,044		)	50,579
Residential mortgage-backed securities	512,492		6,481		(15,399		)	503,574
Commercial mortgage-backed securities	34,046		203		(643		)	33,606
Bank-issued trust preferred securities	8,500		—		(689		)	7,811
Equity securities	1,213		3,208		(86		)	4,335
Total available-for-sale securities	$	606,441	$	11,748	$	(17,861	)	$	600,328
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 June 30 were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars in thousands)	2013		2012		2013		2012
Gross gains realized	$	1,267	$	—	$	3,312	$	3,272
Gross losses realized	1,241		—		2,868		109
Net gain realized	$	26	$	—	$	444	$	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
June 30, 2013
Obligations of:
U.S. Treasury and government agencies	$	—	$	—	—	$	—	$	—	—	$	—	$	—
U.S. government sponsored agencies	—		—		—	—		—		—	—		—
States and political subdivisions	20,244		1,044		30	—		—		—	20,244		1,044
Residential mortgage-backed securities	316,939		12,779		71	22,945		2,620		9	339,884		15,399
Commercial mortgage-backed securities	22,996		579		5	5,103		64		1	28,099		643
Bank-issued trust preferred securities	4,374		113		2	2,421		576		3	6,795		689
Equity securities	—		—		—	90		86		1	90		86
Total	$	364,553	$	14,515	108	$	30,559	$	3,346	14	$	395,112	$	17,861
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
June 30, 2013
Obligations of:
States and political subdivisions	$	3,855	$	216	$	(11	)	$	4,060
Residential mortgage-backed securities	36,361		—		(1,441		)	34,920
Commercial mortgage-backed securities	7,882		25		(277		)	7,630
Total held-to-maturity securities	$	48,098	$	241	$	(1,729	)	$	46,610
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 June 30, 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	$	—		$	20		$	3		$	—		$	23
U.S. government sponsored agencies	—			382			—			—			382
States and political subdivisions	467			1,718			17,346			30,254			49,785
Residential mortgage-backed securities	—			3,573			46,468			462,451			512,492
Commercial mortgage-backed securities	—			5,305			23,203			5,538			34,046
Bank-issued trust preferred securities	—			—			—			8,500			8,500
Equity securities													1,213
Total available-for-sale securities	$	467		$	10,998		$	87,020		$	506,743		$	606,441
Fair value
Obligations of:
U.S. Treasury and government agencies	$	—		$	20		$	3		$	—		$	23
U.S. government sponsored agencies	—			400			—			—			400
States and political subdivisions	471			1,828			18,183			30,097			50,579
Residential mortgage-backed securities	—			3,729			45,370			454,475			503,574
Commercial mortgage-backed securities	—			5,507			22,719			5,380			33,606
Bank-issued trust preferred securities	—			—			—			7,811			7,811
Equity securities													4,335
Total available-for-sale securities	$	471		$	11,484		$	86,275		$	497,763		$	600,328
Total average yield	4.73		%	4.05		%	3.01		%	2.70		%	2.79		%

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
June 30, 2013
Obligations of:
States and political subdivisions	$	326	$	11	1	$	—	$	—	—	$	326	$	11
Residential mortgage-backed securities	34,920		1,441		8	—		—		—	34,920		1,441
Commercial mortgage-backed securities	6,508		277		1	—		—		—	6,508		277
Total	$	41,754	$	1,729	10	$	—	$	—	—	$	41,754	$	1,729
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 June 30, 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	$	—		$	—		$	337		$	3,518		$	3,855
Residential mortgage-backed securities	—			—			536			35,825			36,361
Commercial mortgage-backed securities	—			—			—			7,882			7,882
Total held-to-maturity securities	$	—		$	—		$	873		$	47,225		$	48,098
Fair value
Obligations of:
States and political subdivisions	$	—		$	—		$	326		$	3,734		$	4,060
Residential mortgage-backed securities	—			—			513			34,407			34,920
Commercial mortgage-backed securities	—			—			—			7,630			7,630
Total held-to-maturity securities	$	—		$	—		$	839		$	45,771		$	46,610
Total average yield	—		%	—		%	2.57		%	2.74		%	2.73		%