Investment Securities (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016
Obligations of:
U.S. government sponsored agencies	$	1,944	$	60	$	—		$	2,004
States and political subdivisions	110,139		4,192		(3		)	114,328
Residential mortgage-backed securities	642,835		10,293		(2,454		)	650,674
Commercial mortgage-backed securities	23,668		590		—			24,258
Bank-issued trust preferred securities	5,152		—		(822		)	4,330
Equity securities	1,806		4,866		(72		)	6,600
Total available-for-sale securities	$	785,544	$	20,001	$	(3,351	)	$	802,194
December 31, 2015
Obligations of:
U.S. government sponsored agencies	$	2,908	$	58	$	—		$	2,966
States and political subdivisions	111,283		3,487		(44		)	114,726
Residential mortgage-backed securities	635,504		4,905		(8,116		)	632,293
Commercial mortgage-backed securities	23,770		119		(44		)	23,845
Bank-issued trust preferred securities	5,146		—		(511		)	4,635
Equity securities	1,693		4,627		(84		)	6,236
Total available-for-sale securities	$	780,304	$	13,196	$	(8,799	)	$	784,701

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)	2016		2015
Gross gains realized	$	96	$	600
Gross losses realized	—		—
Net gain realized	$	96	$	600

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, 2016
Obligations of:
States and political subdivisions	$	—	$	—	—	$	215	$	3	1	$	215	$	3
Residential mortgage-backed securities	69,140		415		17	116,130		2,039		36	185,270		2,454
Bank-issued trust preferred securities	1,991		163		1	2,339		659		3	4,330		822
Equity securities	20		2		1	106		70		1	126		72
Total	$	71,151	$	580	19	$	118,790	$	2,771	41	$	189,941	$	3,351
December 31, 2015
Obligations of:
States and political subdivisions	$	7,662	$	38	8	$	213	$	6	1	$	7,875	$	44
Residential mortgage-backed securities	303,549		3,902		76	102,090		4,214		33	405,639		8,116
Commercial mortgage-backed securities	6,682		44		3	—		—		—	6,682		44
Bank-issued trust preferred securities	2,129		19		1	2,506		492		3	4,635		511
Equity securities	438		15		2	106		69		1	544		84
Total	$	320,460	$	4,018	90	$	104,915	$	4,781	38	$	425,375	$	8,799

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, 2016
Obligations of:
States and political subdivisions	$	3,828	$	422	$	—		$	4,250
Residential mortgage-backed securities	35,005		990		(74		)	35,921
Commercial mortgage-backed securities	6,033		1		(3		)	6,031
Total held-to-maturity securities	$	44,866	$	1,413	$	(77	)	$	46,202
December 31, 2015
Obligations of:
States and political subdivisions	$	3,831	$	394	$	(4	)	$	4,221
Residential mortgage-backed securities	35,367		363		(534		)	35,196
Commercial mortgage-backed securities	6,530		—		(94		)	6,436
Total held-to-maturity securities	$	45,728	$	757	$	(632	)	$	45,853

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, 2016.  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. government sponsored agencies	$	993		$	—		$	—		$	951		$	1,944
States and political subdivisions	239			12,322			30,930			66,648			110,139
Residential mortgage-backed securities	1			13,866			51,865			577,103			642,835
Commercial mortgage-backed securities	—			3,278			16,656			3,734			23,668
Bank-issued trust preferred securities	—			—			—			5,152			5,152
Equity securities													1,806
Total available-for-sale securities	$	1,233		$	29,466		$	99,451		$	653,588		$	785,544
Fair value
Obligations of:
U.S. government sponsored agencies	$	1,000		$	—		$	—		$	1,004		$	2,004
States and political subdivisions	245			12,728			31,981			69,374			114,328
Residential mortgage-backed securities	1			13,837			52,809			584,027			650,674
Commercial mortgage-backed securities	—			3,400			17,075			3,783			24,258
Bank-issued trust preferred securities	—			—			—			4,330			4,330
Equity securities													6,600
Total available-for-sale securities	$	1,246		$	29,965		$	101,865		$	662,518		$	802,194
Total weighted-average yield	1.96		%	3.12		%	3.34		%	2.74		%	2.83		%

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 March 31, 2016.  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	$	—		$	323		$	976		$	2,529		$	3,828
Residential mortgage-backed securities	—			—			482			34,523			35,005
Commercial mortgage-backed securities	—			—			—			6,033			6,033
Total held-to-maturity securities	$	—		$	323		$	1,458		$	43,085		$	44,866
Fair value
Obligations of:
States and political subdivisions	$	—		$	332		$	1,116		$	2,802		$	4,250
Residential mortgage-backed securities	—			—			492			35,429			35,921
Commercial mortgage-backed securities	—			—			—			6,031			6,031
Total held-to-maturity securities	$	—		$	332		$	1,608		$	44,262		$	46,202
Total weighted-average yield	—		%	3.03		%	2.85		%	3.32		%	3.30		%

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, 2016
Residential mortgage-backed securities	$	—	$	—	—	$	10,313	$	74	2	$	10,313	$	74
Commercial mortgage-backed securities	127		3		1	—		—		—	127		3
Total	$	127	$	3	1	$	10,313	$	74	2	$	10,440	$	77
December 31, 2015
Obligations of:
States and political subdivisions	$	—	$	—	—	$	319	$	4	1	$	319	$	4
Residential mortgage-backed securities	3,706		89		2	10,040		445		2	13,746		534
Commercial mortgage-backed securities	540		4		1	5,895		90		1	6,435		94
Total	$	4,246	$	93	3	$	16,254	$	539	4	$	20,500	$	632