Investment Securities (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015
Obligations of:
U.S. Treasury and government agencies	$	—	$	—	$	—		$	—
U.S. government sponsored agencies	5,351		137		—			5,488
States and political subdivisions	114,775		3,734		(62		)	118,447
Residential mortgage-backed securities	592,904		8,965		(4,637		)	597,232
Commercial mortgage-backed securities	27,907		353		(19		)	28,241
Bank-issued trust preferred securities	6,137		5		(493		)	5,649
Equity securities	1,548		4,297		(80		)	5,765
Total available-for-sale securities	$	748,622	$	17,491	$	(5,291	)	$	760,822
December 31, 2014
Obligations of:
U.S. Treasury and government agencies	$	1	$	—	$	—		$	1
U.S. government sponsored agencies	5,836		114		—			5,950
States and political subdivisions	62,292		2,510		(59		)	64,743
Residential mortgage-backed securities	529,245		5,910		(7,864		)	527,291
Commercial mortgage-backed securities	28,021		112		(286		)	27,847
Bank-issued trust preferred securities	6,132		3		(490		)	5,645
Equity securities	1,440		4,044		(81		)	5,403
Total available-for-sale securities	$	632,967	$	12,693	$	(8,780	)	$	636,880

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)	2015		2014
Gross gains realized	$	600	$	514
Gross losses realized	—		544
Net gain (loss) realized	$	600	$	(30	)

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, 2015
Obligations of:
States and political subdivisions	$	5,706	$	54	10	$	214	$	8	1	$	5,920	$	62
Residential mortgage-backed securities	108,910		1,034		31	128,705		3,603		36	237,615		4,637
Commercial mortgage-backed securities	7,516		19		2	—		—		—	7,516		19
Bank-issued trust preferred securities	—		—		—	2,505		493		3	2,505		493
Equity securities	41		1		2	96		79		1	137		80
Total	$	122,173	$	1,108	45	$	131,520	$	4,183	41	$	253,693	$	5,291
December 31, 2014
Obligations of:
States and political subdivisions	$	2,602	$	12	4	$	5,788	$	47	8	$	8,390	$	59
Residential mortgage-backed securities	114,018		1,091		21	216,224		6,773		57	330,242		7,864
Commercial mortgage-backed securities	—		—		—	19,404		286		4	19,404		286
Bank-issued trust preferred securities	—		—		—	2,509		490		3	2,509		490
Equity securities	40		2		2	96		79		1	136		81
Total	$	116,660	$	1,105	27	$	244,021	$	7,675	73	$	360,681	$	8,780

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, 2015
Obligations of:
States and political subdivisions	$	3,838	$	474	$	(4	)	$	4,308
Residential mortgage-backed securities	36,564		504		(233		)	36,835
Commercial mortgage-backed securities	7,643		10		(22		)	7,631
Total held-to-maturity securities	$	48,045	$	988	$	(259	)	$	48,774
December 31, 2014
Obligations of:
States and political subdivisions	$	3,841	$	448	$	(7	)	$	4,282
Residential mortgage-backed securities	36,945		189		(394		)	36,740
Commercial mortgage-backed securities	7,682		9		(271		)	7,420
Total held-to-maturity securities	$	48,468	$	646	$	(672	)	$	48,442

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 total weighted-average yield of available-for-sale securities by contractual maturity at March 31, 2015.  The weighted-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	$	—		$	—		$	—		$	—		$	—
U.S. government sponsored agencies	—			985			—			4,366			5,351
States and political subdivisions	275			6,432			31,498			76,570			114,775
Residential mortgage-backed securities	—			12,206			35,513			545,185			592,904
Commercial mortgage-backed securities	—			—			22,983			4,924			27,907
Bank-issued trust preferred securities	—			—			—			6,137			6,137
Equity securities													1,548
Total available-for-sale securities	$	275		$	19,623		$	89,994		$	637,182		$	748,622
Fair value
Obligations of:
U.S. Treasury and government agencies	$	—		$	—		$	—		$	—		$	—
U.S. government sponsored agencies	—			999			—			4,489			5,488
States and political subdivisions	280			6,718			32,558			78,891			118,447
Residential mortgage-backed securities	—			12,306			36,046			548,880			597,232
Commercial mortgage-backed securities	—			—			23,197			5,044			28,241
Bank-issued trust preferred securities	—			—			—			5,649			5,649
Equity securities													5,765
Total available-for-sale securities	$	280		$	20,023		$	91,801		$	642,953		$	760,822
Total weighted-average yield	4.61		%	3.29		%	2.88		%	2.74		%	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
March 31, 2015
Obligations of:
States and political subdivisions	$	—	$	—	—	$	324	$	4	1	$	324	$	4
Residential mortgage-backed securities	3,148		15		1	10,655		218		2	13,803		233
Commercial mortgage-backed securities	—		—		—	6,573		22		1	6,573		22
Total	$	3,148	$	15	1	$	17,552	$	244	4	$	20,700	$	259
December 31, 2014
Obligations of:
States and political subdivisions	$	—	$	—	—	$	323	$	7	1	$	323	$	7
Residential mortgage-backed securities	$	—	$	—	—	$	18,242	$	394	5	$	18,242	$	394
Commercial mortgage-backed securities	—		—		—	6,356		271		1	6,356		271
Total	$	—	$	—	—	$	24,921	$	672	7	$	24,921	$	672

Summary of Investment Securities by Contractual Maturity

The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at March 31, 2015.  The weighted-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	$	—		$	—		$	328		$	3,510		$	3,838
Residential mortgage-backed securities	—			—			503			36,061			36,564
Commercial mortgage-backed securities	—			—			—			7,643			7,643
Total held-to-maturity securities	$	—		$	—		$	831		$	47,214		$	48,045
Fair value
Obligations of:
States and political subdivisions	$	—		$	—		$	324		$	3,984		$	4,308
Residential mortgage-backed securities	—			—			508			36,327			36,835
Commercial mortgage-backed securities	—			—			—			7,631			7,631
Total held-to-maturity securities	$	—		$	—		$	832		$	47,942		$	48,774
Total weighted-average yield	—		%	—		%	2.61		%	2.78		%	2.78		%