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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Investment Disclosures  
Summary of Available-for-sale Investment Securities
Available-for-sale
The following table summarizes Peoples’ available-for-sale investment securities at December 31:
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
2019    
Obligations of:    
U.S. government sponsored agencies$7,917  $292  $—  $8,209  
States and political subdivisions111,217  3,018  (131) 114,104  
Residential mortgage-backed securities787,430  7,763  (4,184) 791,009  
Commercial mortgage-backed securities18,135  88  (135) 18,088  
Bank-issued trust preferred securities4,696  137  (142) 4,691  
Total available-for-sale securities$929,395  $11,298  $(4,592) $936,101  
2018    
Obligations of:    
States and political subdivisions$88,358  $787  $(558) $88,587  
Residential mortgage-backed securities705,289  2,720  (15,401) 692,608  
Commercial mortgage-backed securities6,812  —  (105) 6,707  
Bank-issued trust preferred securities4,196  75  (282) 3,989  
Total available-for-sale securities$804,655  $3,582  $(16,346) $791,891  
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 years ended December 31 were as follows:
(Dollars in thousands)201920182017
Gross gains realized$252  $6  $2,999  
Gross losses realized88  152  16  
Net gain (loss) realized$164  $(146) $2,983  
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 at December 31:
 Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized Loss
2019        
Obligations of:
States and political subdivisions  $6,226  $74  2  $2,441  $57  1  $8,667  $131  
Residential mortgage-backed securities
284,096  2,527  62  88,993  1,657  39  373,089  4,184  
Commercial mortgage-backed securities
970  21  1  2,409  114  3  3,379  135  
Bank-issued trust preferred securities
—  —  —  1,858  142  2  1,858  142  
Total$291,292  $2,622  65  $95,701  $1,970  45  $386,993  $4,592  
2018            
Obligations of:
States and political subdivisions$10,173  $18  17  $19,918  $540  20  $30,091  $558  
Residential mortgage-backed securities
47,562  226  50  517,335  15,175  170  564,897  15,401  
Commercial mortgage-backed securities
—  —  —  6,707  105  3  6,707  105  
Bank-issued trust preferred securities
—  —  —  1,718  282  2  1,718  282  
Total$57,735  $244  67  $545,678  $16,102  195  $603,413  $16,346  
Summary of Held-to-maturity Investment Securities
The following table summarizes Peoples’ held-to-maturity investment securities at December 31:
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
2019    
Obligations of:    
States and political subdivisions$4,346  $445  $—  $4,791  
Residential mortgage-backed securities21,494  169  (94) 21,569  
Commercial mortgage-backed securities5,907  275  (1) 6,181  
Total held-to-maturity securities$31,747  $889  $(95) $32,541  
2018    
Obligations of:    
States and political subdivisions$4,403  $493  $—  $4,896  
Residential mortgage-backed securities29,044  191  (632) 28,603  
Commercial mortgage-backed securities3,514  —  (50) 3,464  
Total held-to-maturity securities$36,961  $684  $(682) $36,963  
Other Investment Securities
The following table summarizes the carrying value of Peoples' other investment securities at December 31:
(Dollars in thousands)20192018
FHLB stock$27,235  $29,367  
FRB stock13,310  12,294  
Nonqualified deferred compensation1,499  987  
Equity investment securities321  277  
Other investment securities365  60  
Total other investment securities$42,730  $42,985  
Schedule of Financial Instruments Owned and Pledged as Collateral
The following table summarizes the carrying value of Peoples' pledged investment securities as of December 31:
Carrying Amount
(Dollars in thousands)20192018
Securing public and trust department deposits, and Repurchase Agreements:
Available-for-sale$527,655  $429,987  
Held-to-maturity12,975  16,928  
Securing additional borrowing capacity at the FHLB and the FRB:
Available-for-sale44,618  60,058  
Held-to-maturity14,155  16,731  
Available-for-sale securities  
Investment Disclosures  
Summary of Investment Securities by Contractual Maturity
The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at December 31, 2019.  The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a statutory federal corporate income tax rate of 21%.  In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.  
(Dollars in thousands)Within 1 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. government sponsored agencies$—  $1,993  $5,924  $—  $7,917  
States and political subdivisions4,303  24,842  43,699  38,373  111,217  
Residential mortgage-backed securities1  1,860  77,441  708,128  787,430  
Commercial mortgage-backed securities2,372  11,267  982  3,514  18,135  
Bank-issued trust preferred securities—  —  4,696  —  4,696  
Total available-for-sale securities$6,676  $39,962  $132,742  $750,015  $929,395  
Fair value               
Obligations of:               
U.S. government sponsored agencies$—  $2,045  $6,164  $—  $8,209  
States and political subdivisions4,316  25,224  45,445  39,119  114,104  
Residential mortgage-backed securities1  1,890  77,076  712,042  791,009  
Commercial mortgage-backed securities2,374  11,325  1,010  3,379  18,088  
Bank-issued trust preferred securities—  —  4,691  —  4,691  
Total available-for-sale securities$6,691  $40,484  $134,386  $754,540  $936,101  
Total weighted-average yield2.32 %2.63 %2.71 %2.67 %2.68 %
Held-to-maturity securities  
Investment Disclosures  
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 December 31, 2019.  The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a statutory federal corporate income tax rate of 21%.  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 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
States and political subdivisions$302  $—  $3,543  $501  $4,346  
Residential mortgage-backed securities—  —  3,648  17,846  21,494  
Commercial mortgage-backed securities—  398  3,842  1,667  5,907  
Total held-to-maturity securities$302  $398  $11,033  $20,014  $31,747  
Fair value               
Obligations of:               
States and political subdivisions$303  $—  $3,986  $502  $4,791  
Residential mortgage-backed securities—  —  3,715  17,854  21,569  
Commercial mortgage-backed securities—  402  4,113  1,666  6,181  
Total held-to-maturity securities$303  $402  $11,814  $20,022  $32,541  
Total weighted-average yield2.61 %2.29 %2.79 %2.82 %2.80 %
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 at December 31:
 Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized Loss
2019        
Residential mortgage-backed securities
$7,731  $67  1  $890  $27  1  $8,621  $94  
Commercial mortgage-backed securities
1,666  1  1  —  —  —  1,666  1  
Total$9,397  $68  2  $890  $27  1  $10,287  $95  
2018            
Residential mortgage-backed securities
$—  $—  —  $13,102  $632  5  $13,102  $632  
Commercial mortgage-backed securities
—  —  —  3,464  50  1  3,464  50  
Total$—  $—  —  $16,566  $682  6  $16,566  $682