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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Assets Measured at Fair Value on a Recurring Basis
Available-for-sale securities measured at fair value on a recurring basis comprised the following:
 
 
Fair Value Measurements at Reporting Date Using
(Dollars in thousands)
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Fair Value
September 30, 2016
 
 
 
 
Obligations of:
 
 
 
 
U.S. government sponsored agencies
$
1,001

$

$
1,001

$

States and political subdivisions
117,839


117,839


Residential mortgage-backed securities
607,452


607,452


Commercial mortgage-backed securities
23,283


23,283


Bank-issued trust preferred securities
4,783


4,783


Equity securities
7,785

7,569

216


Total available-for-sale securities
$
762,143

$
7,569

$
754,574

$

December 31, 2015
 
 
 
 
Obligations of:
 
 
 
 
U.S. government sponsored agencies
$
2,966

$

$
2,966

$

States and political subdivisions
114,726


114,726


Residential mortgage-backed securities
632,293


632,293


Commercial mortgage-backed securities
23,845


23,845


Bank-issued trust preferred securities
4,635


4,635


Equity securities
6,236

6,024

212


Total available-for-sale securities
$
784,701

$
6,024

$
778,677

$

Fair Value Amounts Disclosures
Held-to-maturity securities reported at fair value comprised the following:
 
 
Fair Value at Reporting Date Using
(Dollars in thousands)
 
Quoted Prices in Active Markets for Identical Assets
Significant
Other
Observable
 Inputs
Significant Unobservable Inputs
Fair Value
(Level 1)
(Level 2)
(Level 3)
September 30, 2016
 
 
 
 
Obligations of:
 
 
 
 
States and political subdivisions
$
4,285

$

$
4,285

$

Residential mortgage-backed securities
35,205


35,205


Commercial mortgage-backed securities
5,655


5,655


Total held-to-maturity securities
$
45,145

$

$
45,145

$

December 31, 2015
 
 
 
 
Obligations of:
 
 
 
 
States and political subdivisions
$
4,221

$

$
4,221

$

Residential mortgage-backed securities
35,196


35,196


Commercial mortgage-backed securities
6,436


6,436


Total held-to-maturity securities
$
45,853

$

$
45,853

$

Fair Values of Financial Assets and Liabilities on Balance Sheets
The following table presents the fair values of financial assets and liabilities carried on Peoples’ Unaudited Consolidated Balance Sheets, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis:
 
 
September 30, 2016
 
December 31, 2015
(Dollars in thousands)
Carrying Amount
Fair Value
 
Carrying Amount
Fair Value
Financial assets:
 
 
 
 
 
Cash and cash equivalents
$
67,835

$
67,835

 
$
71,115

$
71,115

Investment securities
844,248

845,731

 
868,830

868,955

Loans (1)
2,155,704

2,127,828

 
2,057,614

2,018,482

Financial liabilities:
 
 
 
 
 
Deposits
$
2,575,457

$
2,579,379

 
$
2,535,944

$
2,540,131

Short-term borrowings
162,807

162,807

 
160,386

160,386

Long-term borrowings
147,563

151,912

 
113,670

117,299

Cash flow hedges (2)
219

219

 


(1) Includes loans held for sale
(2) For additional information, see Note 10. Financial Instruments with Off-Balance Sheet Risk