Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

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
March 31, 2014
Obligations of:
U.S. Treasury and government agencies	$	19	$	—	$	—		$	19
U.S. government sponsored agencies	287		8		—			295
States and political subdivisions	50,365		1,814		(511		)	51,668
Residential mortgage-backed securities	510,072		5,186		(14,742		)	500,516
Commercial mortgage-backed securities	27,885		—		(1,135		)	26,750
Bank-issued trust preferred securities	8,513		2		(520		)	7,995
Equity securities	1,304		3,635		(85		)	4,854
Total available-for-sale securities	$	598,445	$	10,645	$	(16,993	)	$	592,097
December 31, 2013
Obligations of:
U.S. Treasury and government agencies	$	20	$	—	$	—		$	20
U.S. government sponsored agencies	308		11		—			319
States and political subdivisions	50,509		1,480		(1,027		)	50,962
Residential mortgage-backed securities	527,283		5,334		(22,520		)	510,097
Commercial mortgage-backed securities	33,256		274		(1,226		)	32,304
Bank-issued trust preferred securities	8,508		—		(679		)	7,829
Equity securities	1,242		3,421		(86		)	4,577
Total available-for-sale securities	$	621,126	$	10,520	$	(25,538	)	$	606,108

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)	2014			2013
Gross gains realized	$	514		$	2,045
Gross losses realized	544			1,627
Net (loss) gain realized	$	(30	)	$	418

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, 2014
Obligations of:
U.S. Treasury and government agencies	$	—	$	—	—	$	—	$	—	—	$	—	$	—
U.S. government sponsored agencies	—		—		—	—		—		—	—		—
States and political subdivisions	12,445		251		18	5,440		260		9	17,885		511
Residential mortgage-backed securities	279,545		9,400		60	83,715		5,342		26	363,260		14,742
Commercial mortgage-backed securities	19,556		696		4	7,194		439		2	26,750		1,135
Bank-issued trust preferred securities	2,103		7		1	3,485		513		4	5,588		520
Equity securities	—		—		—	90		85		1	90		85
Total	$	313,649	$	10,354	83	$	99,924	$	6,639	42	$	413,573	$	16,993
December 31, 2013
Obligations of:
U.S. Treasury and government agencies	$	—	$	—	—	$	—	$	—	—	$	—	$	—
U.S. government sponsored agencies	—		—		—	—		—		—	—		—
States and political subdivisions	15,848		659		22	6,180		368		10	22,028		1,027
Residential mortgage-backed securities	310,315		16,709		75	57,440		5,811		20	367,755		22,520
Commercial mortgage-backed securities	19,560		779		4	7,205		447		2	26,765		1,226
Bank-issued trust preferred securities	2,013		90		1	4,803		589		4	6,816		679
Equity securities	—		—		—	97		86		2	97		86
Total	$	347,736	$	18,237	102	$	75,725	$	7,301	38	$	423,461	$	25,538

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, 2014
Obligations of:
States and political subdivisions	$	3,848	$	200	$	(11	)	$	4,037
Residential mortgage-backed securities	37,151		50		(1,171		)	36,030
Commercial mortgage-backed securities	7,804		—		(272		)	7,532
Total held-to-maturity securities	$	48,803	$	250	$	(1,454	)	$	47,599
December 31, 2013
Obligations of:
States and political subdivisions	$	3,850	$	91	$	(12	)	$	3,929
Residential mortgage-backed securities	37,536		35		(3,041		)	34,530
Commercial mortgage-backed securities	7,836		2		(203		)	7,635
Total held-to-maturity securities	$	49,222	$	128	$	(3,256	)	$	46,094

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, 2014.  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	$	—		$	19		$	—		$	—		$	19
U.S. government sponsored agencies	287			—			—			—			287
States and political subdivisions	350			4,232			20,099			25,684			50,365
Residential mortgage-backed securities	18			7,384			35,814			466,856			510,072
Commercial mortgage-backed securities	—			—			23,120			4,765			27,885
Bank-issued trust preferred securities	—			—			—			8,513			8,513
Equity securities													1,304
Total available-for-sale securities	$	655		$	11,635		$	79,033		$	505,818		$	598,445
Fair value
Obligations of:
U.S. Treasury and government agencies	$	—		$	19		$	—		$	—		$	19
U.S. government sponsored agencies	295			—			—			—			295
States and political subdivisions	355			4,483			20,703			26,127			51,668
Residential mortgage-backed securities	18			7,574			34,897			458,027			500,516
Commercial mortgage-backed securities	—			—			22,063			4,687			26,750
Bank-issued trust preferred securities	—			—			—			7,995			7,995
Equity securities													4,854
Total available-for-sale securities	$	668		$	12,076		$	77,663		$	496,836		$	592,097
Total average yield	4.14		%	4.78		%	2.86		%	2.74		%	2.81		%

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, 2014
Obligations of:
States and political subdivisions	$	322	$	11	1	$	—	$	—	—	$	322	$	11
Residential mortgage-backed securities	23,392		542		6	10,624		629		2	34,016		1,171
Commercial mortgage-backed securities	7,532		272		2	—		—		—	7,532		272
Total	$	31,246	$	825	9	$	10,624	$	629	2	$	41,870	$	1,454
December 31, 2013
Obligations of:
States and political subdivisions	$	321	$	12	1	$	—	$	—	—	$	321	$	12
Residential mortgage-backed securities	$	31,341	$	2,908	7	$	1,181	$	133	1	$	32,522	$	3,041
Commercial mortgage-backed securities	6,547		203		1	—		—		—	6,547		203
Total	$	38,209	$	3,123	9	$	1,181	$	133	1	$	39,390	$	3,256

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, 2014.  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	$	—		$	—		$	333		$	3,515		$	3,848
Residential mortgage-backed securities	—			—			522			36,629			37,151
Commercial mortgage-backed securities	—			—			—			7,804			7,804
Total held-to-maturity securities	$	—		$	—		$	855		$	47,948		$	48,803
Fair value
Obligations of:
States and political subdivisions	$	—		$	—		$	322		$	3,715		$	4,037
Residential mortgage-backed securities	—			—			504			35,526			36,030
Commercial mortgage-backed securities	—			—			—			7,532			7,532
Total held-to-maturity securities	$	—		$	—		$	826		$	46,773		$	47,599
Total average yield	—		%	—		%	2.60		%	2.74		%	2.74		%