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Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Summary of Assets Acquired and Liabilities Assumed
The following table provides the preliminary purchase price calculation as of the date of the acquisition of Vantage, and the assets acquired and liabilities assumed at their estimated fair values, and the amounts are subject to adjustment for up to one year after March 7, 2022. Valuations subject to change include leases, other intangible assets and borrowings.
(Dollars in thousands)Fair Value
Total purchase price$82,893 
Net assets at fair value
Assets
Cash and due from banks$1,444 
Leases157,941 
Allowance for credit losses (on PCD leases)(424)
Net leases157,517 
Bank premises and equipment116 
Other intangible assets13,207 
Other assets1,506 
    Total assets$173,790 
Liabilities
Borrowings$107,089 
Accrued expenses and other liabilities$8,550 
Total liabilities$115,639 
Net assets$58,151 
Goodwill$24,742 
The following table provides the preliminary purchase price calculation as of the date of the merger with Premier, and the assets acquired and liabilities assumed at their estimated fair values.
(Dollars in thousands)Unpaid Principal BalanceFair Value
Premier common shares14,811,200 
Number of common shares of Peoples issued for each common share of Premier0.58 
Price per Peoples common share, based at closing date$30.49 
Common share consideration261,899 
Cash paid in lieu of fractional common shares25 
Total consideration$261,924 
Net assets at fair value
Assets
Cash and due from banks$248,360 
Interest-bearing deposits in other banks1,025 
Total cash and cash equivalents249,385 
Available-for-sale investment securities551,953 
Other investment securities4,159 
Total investment securities556,112 
Loans:
  Construction97,262 96,025 
  Commercial real estate, other544,950 534,869 
  Commercial and industrial132,293 131,979 
  Residential real estate332,269 331,544 
  Home equity lines of credit46,969 45,910 
  Consumer20,961 21,513 
Total loans1,174,704 1,161,840 
Allowance for credit losses (on PCD loans)(15,513)
Net loans1,146,327
Bank premises and equipment30,098 
Other intangible assets4,233 
OREO11,081 
Other assets26,982 
    Total assets$2,024,218 
Liabilities
Deposits:
Non-interest-bearing$733,157 
Interest-bearing1,018,387 
Total deposits1,751,544 
Short-term borrowings63,807 
Long-term borrowings6,070 
Accrued expenses and other liabilities7,813 
Total liabilities1,829,234 
Net assets194,984 
Goodwill$66,940 
The following table provides the purchase price calculation as of the date of acquisition for NSL and the assets acquired and liabilities assumed at their recorded fair values.
(Dollars in thousands)
Total purchase price (a)$118,846 
Net assets at fair value
Assets
Cash and due from banks$216 
Net leases82,833 
Bank premises and equipment, net of accumulated depreciation470 
Other intangible assets14,009 
Other assets1,225 
    Total assets$98,753 
Liabilities
Accrued expenses and other liabilities$4,627 
Total liabilities$4,627 
Net assets$94,126 
Goodwill$24,720 
(a) Includes preliminary contingent consideration related to the bonus earn-out provision of $2.3 million. Peoples recorded an additional $0.7 million in non-interest expense related to an update to the estimated earn-out provision.
Summary of Goodwill The below table reflects the changes in the estimated fair value as they impact goodwill at June 30, 2022:
(Dollars in thousands)Change in fair value
Net assets
Net leases$17,303 
Bank premises and equipment(1,810)
Other assets(97)
Change in total assets$15,396 
Borrowings(320)
Accrued expenses and other liabilities71 
Change in total liabilities$(249)
Change in net assets$15,645 
Change in goodwill$(15,645)
The below table reflects the changes in the estimated fair value as they impact goodwill at June 30, 2022:
(Dollars in thousands)Change in fair value
Net assets
Net loans$1,580 
Other assets(353)
Change in total assets$1,227 
Change in net assets$1,227 
Change in goodwill$(1,227)
Summary of Acquired Purchased Credit Deteriorated Loans
The following table details the fair value adjustment for acquired purchased credit deteriorated leases as of the acquisition date:
(Dollars in thousands)Par ValueAllowance for Credit LossesNon-Credit (Discount) PremiumFair Value
Purchased credit deteriorated leases
Leases$3,501 $(424)$737 $3,814 
Fair value$3,501 $(424)$737 $3,814 
The following table details the fair value adjustment for acquired purchased credit deteriorated loans as of the acquisition date:
(Dollars in thousands)Par ValueAllowance for Credit LossesNon-Credit (Discount) PremiumFair Value
Purchased credit deteriorated loans
Construction$20,143 $(2,005)$(214)$17,924 
Commercial real estate, other97,193 (9,053)(2,123)86,017 
Commercial and industrial9,948 (3,630)113 6,431 
Residential real estate18,349 (696)(251)17,402 
Home equity lines of credit1,291 (55)(72)1,164 
Consumer929 (74)37 892 
Fair value$147,853 $(15,513)$(2,510)$129,830 
The following table details the fair value adjustment for acquired purchased credit deteriorated leases as of the acquisition date:
(Dollars in thousands)NSL
Purchased credit deteriorated leases
Par value$5,248 
Allowance for credit losses(493)
Non-credit premium85 
Fair value$4,840