XML 82 R25.htm IDEA: XBRL DOCUMENT v3.20.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2020
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 CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2020    
Obligations of:    
U.S. government sponsored agencies$5,918  $443  $—  $6,361  
States and political subdivisions105,904  3,026  (118) 108,812  
Residential mortgage-backed securities798,762  25,914  (783) 823,893  
Commercial mortgage-backed securities16,899  279  (117) 17,061  
Bank-issued trust preferred securities4,696  202  (190) 4,708  
Total available-for-sale securities$932,179  $29,864  $(1,208) $960,835  
December 31, 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  
Schedule of Gross Gains and Losses from Sales of Available-for-sale Securities The gross gains 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)20202019
Gross gains realized$319  $30  
Net gain realized$319  $30  
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 Months12 Months or MoreTotal
(Dollars in thousands)
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized Loss
March 31, 2020        
Obligations of:
States and political subdivisions  $2,337  $75  2  $2,251  $43  1  $4,588  $118  
Residential mortgage-backed securities
57,391  449  28  18,948  334  15  76,339  783  
Commercial mortgage-backed securities
—  —  —  2,050  117  3  2,050  117  
Bank-issued trust preferred securities
—  —  —  1,810  190  2  1,810  190  
Total$59,728  $524  30  $25,059  $684  21  $84,787  $1,208  
December 31, 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  
Summary of Held-to-maturity Investment Securities
The following table summarizes Peoples’ held-to-maturity investment securities:
(Dollars in thousands)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2020    
Obligations of:    
States and political subdivisions$3,844  $(6) $504  $—  $4,342  
Residential mortgage-backed securities29,070  —  1,020  —  30,090  
Commercial mortgage-backed securities5,830  —  420  —  6,250  
Total held-to-maturity securities$38,744  $(6) $1,944  $—  $40,682  
December 31, 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  
Cost-method Investments, Description [Text Block]
The following table summarizes the carrying value of Peoples' other investment securities:
(Dollars in thousands)March 31, 2020December 31, 2019
FHLB stock$31,595  $27,235  
FRB stock13,310  13,310  
Nonqualified deferred compensation1,365  1,499  
Equity investment securities289  321  
Other investment securities365  365  
Total other investment securities$46,924  $42,730  
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]
The following table summarizes the carrying value of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)March 31, 2020December 31, 2019
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$572,848  $527,655  
     Held-to-maturity19,263  12,975  
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale92,651  44,618  
     Held-to-maturity13,587  14,155  
Available-for-sale securities  
Investment Holdings [Line Items]  
Summary of Investment Securities by Contractual Maturity
The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at March 31, 2020.  The weighted-average yields are based on the amortized cost.  In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. 
(Dollars in thousands)Within 1 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. government sponsored agencies$—  $1,993  $3,925  $—  $5,918  
States and political subdivisions4,641  23,918  42,744  34,601  105,904  
Residential mortgage-backed securities4  1,656  81,803  715,299  798,762  
Commercial mortgage-backed securities4,750  8,024  974  3,151  16,899  
Bank-issued trust preferred securities—  —  4,696  —  4,696  
Total available-for-sale securities$9,395  $35,591  $134,142  $753,051  $932,179  
Fair value               
Obligations of:               
U.S. government sponsored agencies$—  $2,115  $4,246  $—  $6,361  
States and political subdivisions4,655  24,299  44,538  35,320  108,812  
Residential mortgage-backed securities4  1,710  83,776  738,403  823,893  
Commercial mortgage-backed securities4,781  8,162  1,025  3,093  17,061  
Bank-issued trust preferred securities—  —  4,708  —  4,708  
Total available-for-sale securities$9,440  $36,286  $138,293  $776,816  $960,835  
Total weighted-average yield2.25 %2.63 %2.68 %2.58 %2.59 %
Held-to-maturity securities  
Investment Holdings [Line Items]  
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, 2019:
 Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized Loss
December 31, 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  
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, 2020.  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$300  $—  $3,544  $—  $3,844  
Residential mortgage-backed securities—  —  3,399  25,671  29,070  
Commercial mortgage-backed securities—  392  3,816  1,622  5,830  
Total held-to-maturity securities$300  $392  $10,759  $27,293  $38,744  
Fair value               
Obligations of:               
States and political subdivisions$301  $—  $4,041  $—  $4,342  
Residential mortgage-backed securities—  —  3,538  26,552  30,090  
Commercial mortgage-backed securities—  402  4,214  1,634  6,250  
Total held-to-maturity securities$301  $402  $11,793  $28,186  $40,682  
Total weighted-average yield2.55 %2.29 %2.79 %2.71 %2.73 %