Investment Securities (Tables)

6 Months Ended

Jun. 30, 2018

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, 2018
Obligations of:
U.S. Treasury and government agencies	$	43	$	—	$	—		$	43
States and political subdivisions	96,629		919		(635		)	96,913
Residential mortgage-backed securities	708,419		2,115		(22,532		)	688,002
Commercial mortgage-backed securities	6,929		—		(130		)	6,799
Bank-issued trust preferred securities	4,197		122		(152		)	4,167
Total available-for-sale securities	$	816,217	$	3,156	$	(23,449	)	$	795,924
December 31, 2017
Obligations of:
States and political subdivisions	$	100,039	$	1,786	$	(256	)	$	101,569
Residential mortgage-backed securities	684,100		2,582		(13,018		)	673,664
Commercial mortgage-backed securities	7,004		11		(39		)	6,976
Bank-issued trust preferred securities	5,195		141		(207		)	5,129
Equity securities (a)	1,394		6,520		(65		)	7,849
Total available-for-sale securities	$	797,732	$	11,040	$	(13,585	)	$	795,187

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)	2018			2017		2018			2017
Gross gains realized	$	3		$	18	$	5		$	358
Gross losses realized	150			—		151			—
Net (loss) gain realized	$	(147	)	$	18	$	(146	)	$	358

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, 2018
Obligations of:
States and political subdivisions	$	26,031	$	330	39	$	4,902	$	305	2	$	30,933	$	635
Residential mortgage-backed securities	318,416		7,536		144	303,265		14,996		96	621,681		22,532
Commercial mortgage-backed securities	5,577		113		2	1,222		17		1	6,799		130
Bank-issued trust preferred securities	—		—		—	1,848		152		2	1,848		152
Total	$	350,024	$	7,979	185	$	311,237	$	15,470	101	$	661,261	$	23,449
December 31, 2017
Obligations of:
States and political subdivisions	$	16,985	$	89	18	$	5,308	$	167	1	$	22,293	$	256
Residential mortgage-backed securities	274,998		3,462		77	291,812		9,556		88	566,810		13,018
Commercial mortgage-backed securities	2,487		23		1	1,274		16		1	3,761		39
Bank-issued trust preferred securities	—		—		—	2,792		207		3	2,792		207
Equity securities (a)	276		1		1	112		64		1	388		65
Total	$	294,746	$	3,575	97	$	301,298	$	10,010	94	$	596,044	$	13,585

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, 2018
Obligations of:
States and political subdivisions	$	4,530	$	496	$	—		$	5,026
Residential mortgage-backed securities	30,668		126		(941		)	29,853
Commercial mortgage-backed securities	3,636		—		(89		)	3,547
Total held-to-maturity securities	$	38,834	$	622	$	(1,030	)	$	38,426
December 31, 2017
Obligations of:
States and political subdivisions	$	3,810	$	607	$	—		$	4,417
Residential mortgage-backed securities	32,487		269		(529		)	32,227
Commercial mortgage-backed securities	4,631		—		(62		)	4,569
Total held-to-maturity securities	$	40,928	$	876	$	(591	)	$	41,213

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, 2018.  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.  

(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	$	32		$	5		$	5		$	1		$	43
States and political subdivisions	740			11,443			29,405			55,041			96,629
Residential mortgage-backed securities	438			13,759			47,692			646,530			708,419
Commercial mortgage-backed securities	—			5,690			—			1,239			6,929
Bank-issued trust preferred securities	—			—			2,197			2,000			4,197
Total available-for-sale securities	$	1,210		$	30,897		$	79,299		$	704,811		$	816,217
Fair value
Obligations of:
U.S. Treasury and government agencies	$	32		$	5		$	5		$	1		$	43
States and political subdivisions	744			11,450			29,414			55,305			96,913
Residential mortgage-backed securities	435			13,466			46,510			627,591			688,002
Commercial mortgage-backed securities	—			5,577			—			1,222			6,799
Bank-issued trust preferred securities	—			—			2,319			1,848			4,167
Total available-for-sale securities	$	1,211		$	30,498		$	78,248		$	685,967		$	795,924
Total weighted-average yield	3.45		%	2.39		%	2.81		%	2.78		%	2.77		%

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, 2018.  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. 

(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	$	—		$	310		$	2,982		$	1,238		$	4,530
Residential mortgage-backed securities	—			433			8,093			22,142			30,668
Commercial mortgage-backed securities	—			—			—			3,636			3,636
Total held-to-maturity securities	$	—		$	743		$	11,075		$	27,016		$	38,834
Fair value
Obligations of:
States and political subdivisions	$	—		$	312		$	3,462		$	1,252		$	5,026
Residential mortgage-backed securities	—			422			8,116			21,315			29,853
Commercial mortgage-backed securities	—			—			—			3,547			3,547
Total held-to-maturity securities	$	—		$	734		$	11,578		$	26,114		$	38,426
Total weighted-average yield	—		%	2.43		%	2.89		%	2.71		%	2.76		%

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, 2018
Residential mortgage-backed securities	$	11,258	$	107	5	$	11,511	$	834	3	$	22,769	$	941
Commercial mortgage-backed securities	—		—		—	3,547		89		1	3,547		89
Total	$	11,258	$	107	5	$	15,058	$	923	4	$	26,316	$	1,030
December 31, 2017
Residential mortgage-backed securities	$	1,476	$	4	2	$	12,098	$	525	3	$	13,574	$	529
Commercial mortgage-backed securities	—		—		—	4,569		62		1	4,569		62
Total	$	1,476	$	4	2	$	16,667	$	587	4	$	18,143	$	591