Investment Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2015
Obligations of:
U.S. Treasury and government agencies	$	—	$	—	$	—		$	—
U.S. government sponsored agencies	3,885		49		—			3,934
States and political subdivisions	112,186		2,430		(403		)	114,213
Residential mortgage-backed securities	580,579		6,655		(7,533		)	579,701
Commercial mortgage-backed securities	27,262		122		(184		)	27,200
Bank-issued trust preferred securities	5,134		—		(466		)	4,668
Equity securities	1,586		4,992		(74		)	6,504
Total available-for-sale securities	$	730,632	$	14,248	$	(8,660	)	$	736,220
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 June 30 were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars in thousands)	2015		2014		2015		2014
Gross gains realized	$	32	$	220	$	632	$	734
Gross losses realized	21		154		21		698
Net gain realized	$	11	$	66	$	611	$	36

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, 2015
Obligations of:
States and political subdivisions	$	34,827	$	392	56	$	210	$	11	1	$	35,037	$	403
Residential mortgage-backed securities	180,761		2,836		48	119,803		4,697		35	300,564		7,533
Commercial mortgage-backed securities	19,422		184		4	—		—		—	19,422		184
Bank-issued trust preferred securities	2,131		5		—	2,537		461		3	4,668		466
Equity securities	41		1		2	102		73		1	143		74
Total	$	237,182	$	3,418	110	$	122,652	$	5,242	40	$	359,834	$	8,660
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
June 30, 2015
Obligations of:
States and political subdivisions	$	3,836	$	398	$	(6	)	$	4,228
Residential mortgage-backed securities	36,084		301		(492		)	35,893
Commercial mortgage-backed securities	7,563		—		(58		)	7,505
Total held-to-maturity securities	$	47,483	$	699	$	(556	)	$	47,626
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 June 30, 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	—			987			—			2,898			3,885
States and political subdivisions	248			6,367			30,911			74,660			112,186
Residential mortgage-backed securities	—			10,643			34,309			535,627			580,579
Commercial mortgage-backed securities	—			—			22,916			4,346			27,262
Bank-issued trust preferred securities	—			—			—			5,134			5,134
Equity securities													1,586
Total available-for-sale securities	$	248		$	17,997		$	88,136		$	622,665		$	730,632
Fair value
Obligations of:
U.S. Treasury and government agencies	$	—		$	—		$	—		$	—		$	—
U.S. government sponsored agencies	—			999			—			2,935			3,934
States and political subdivisions	251			6,632			31,596			75,734			114,213
Residential mortgage-backed securities	—			10,679			34,542			534,480			579,701
Commercial mortgage-backed securities	—			—			22,771			4,429			27,200
Bank-issued trust preferred securities	—			—			—			4,668			4,668
Equity securities													6,504
Total available-for-sale securities	$	251		$	18,310		$	88,909		$	622,246		$	736,220
Total weighted-average yield	4.79		%	2.69		%	2.83		%	2.67		%	2.70		%

Held-to-maturity 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 held-to-maturity securities by contractual maturity at June 30, 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	$	—		$	327		$	—		$	3,509		$	3,836
Residential mortgage-backed securities	—			—			497			35,587			36,084
Commercial mortgage-backed securities	—			—			—			7,563			7,563
Total held-to-maturity securities	$	—		$	327		$	497		$	46,659		$	47,483
Fair value
Obligations of:
States and political subdivisions	$	—		$	320		$	—		$	3,908		$	4,228
Residential mortgage-backed securities	—			—			495			35,398			35,893
Commercial mortgage-backed securities	—			—			—			7,505			7,505
Total held-to-maturity securities	$	—		$	320		$	495		$	46,811		$	47,626
Total weighted-average yield	—		%	3.14		%	2.28		%	2.75		%	2.75		%

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, 2015
Obligations of:
States and political subdivisions	$	—	$	—	—	$	320	$	6	1	$	320	$	6
Residential mortgage-backed securities	3,787		81		2	10,269		411		2	14,056		492
Commercial mortgage-backed securities	993		8		—	6,512		50		1	7,505		58
Total	$	4,780	$	89	2	$	17,101	$	467	4	$	21,881	$	556
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