Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Income Tax Contingencies [Table Text Block]

The following table provides a reconciliation of uncertain tax positions at December 31:

(Dollars in thousands)	2019		2018
Uncertain tax positions, beginning of year	$	423	$	550
Gross increase based on tax positions related to current year	$	39	$	55
Gross increase for tax position taken during prior years	$	8	$	13
Gross decrease due to the statute of limitations	$	(220)	$	(195)
Uncertain tax positions, end of year	$	250	$	423

Schedule of Effective Income Tax Rate Reconciliation

The reported income tax expense and effective tax rate in the Consolidated Statements of Income differ from the amounts computed by applying the statutory federal corporate income tax rate as follows for the years ended December 31:

(Dollars in thousands)	2019				2018				2017
	Amount		Rate		Amount		Rate		Amount		Rate
Income tax computed at statutory federal corporate income tax rate	$	13,725	21.0	%	$	11,505	21.0	%	$	20,045	35.0	%
Differences in rate resulting from:
Tax-exempt interest income	(659)		(1.0)	%	(554)		(1.0)	%	(1,092)		(1.9)	%
Investments in tax credit funds	(530)		(0.8)	%	(125)		(0.2)	%	(221)		(0.4)	%
Bank owned life insurance	(510)		(0.8)	%	(393)		(0.7)	%	(683)		(1.2)	%
Stock awards	(135)		(0.2)	%	(332)		(0.6)	%	(154)		(0.3)	%
Release of valuation allowance	—		—	%	(805)		(1.5)	%	—		—	%
TCJ Act	—		—	%	(705)		(1.3)	%	897		1.6	%
Other, net	(228)		(0.4)	%	95		0.2	%	(60)		(0.1)	%
Income tax expense	$	11,663	17.8	%	$	8,686	15.9	%	$	18,732	32.7	%

Schedule of Components of Income Tax Expense (Benefit)

Peoples' reported income tax expense consisted of the following for the years ended December 31:

(Dollars in thousands)	2019		2018		2017
Current income tax expense	$	11,554	$	8,995	$	21,511
Deferred income tax expense (benefit)	109		(309)		(2,779)
Income tax expense	$	11,663	$	8,686	$	18,732

Schedule of Deferred Tax Assets and Liabilities

The significant components of Peoples' deferred tax assets and deferred tax liabilities consisted of the following at December 31:

(Dollars in thousands)	2019		2018
Deferred tax assets:
Allowance for loan losses	$	9,714	$	8,559
Available-for-sale securities	—		$	2,678
Accrued employee benefits	2,039		1,843
Lease obligation	1,640		—
Tax credit investments	1,130		805
Derivative instruments	736		—
Other	14		73
Total deferred tax assets	$	15,273	$	13,958
Deferred tax liabilities:
Purchase accounting adjustments	$	5,970	$	5,839
Bank premises and equipment (a)	3,300		2,047
Deferred loan income	3,120		3,061
Lease right-of-use assets	1,597
Available-for-sale securities	1,410		—
Derivative instruments	—		228
Tax credit investments	—		82
Other	797		673
Total deferred tax liabilities	$	16,194	$	11,930
Net deferred tax (liability) asset	$	(921)	$	2,028