Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 24, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | PEOPLES BANCORP INC. | ||
Entity Central Index Key | 318,300 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 18,262,634 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 414,006 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 58,129 | $ 53,663 |
Interest-bearing deposits in other banks | 8,017 | 17,452 |
Total cash and cash equivalents | 66,146 | 71,115 |
Available-for-sale investment securities, at fair value (amortized cost of $777,017 at December 31, 2016 and $780,304 at December 31, 2015) | 777,940 | 784,701 |
Held-to-maturity investment securities, at amortized cost (fair value of $43,227 at December 31, 2016 and $45,853 at December 31, 2015) | 43,144 | 45,728 |
Other investment securities, at cost | 38,371 | 38,401 |
Total investment securities | 859,455 | 868,830 |
Loans, net of deferred fees and costs | 2,224,936 | 2,072,440 |
Allowance for loan losses | (18,429) | (16,779) |
Net loans | 2,206,507 | 2,055,661 |
Loans held for sale | 4,022 | 1,953 |
Bank premises and equipment, net | 53,616 | 53,487 |
Bank owned life insurance | 60,225 | 23,811 |
Goodwill | 132,631 | 132,631 |
Other intangible assets | 13,387 | 16,986 |
Other assets | 36,359 | 34,496 |
Total assets | 3,432,348 | 3,258,970 |
Deposits: | ||
Non-interest-bearing | 734,421 | 717,939 |
Interest-bearing | 1,775,301 | 1,818,005 |
Total deposits | 2,509,722 | 2,535,944 |
Short-term borrowings | 305,607 | 160,386 |
Long-term borrowings | 145,155 | 113,670 |
Accrued expenses and other liabilities | 36,603 | 29,181 |
Total liabilities | 2,997,087 | 2,839,181 |
Stockholders’ Equity | ||
Preferred stock, no par value, 50,000 shares authorized, no shares issued at December 31, 2016 and December 31, 2015 | 0 | 0 |
Common stock, no par value, 24,000,000 shares authorized, 18,939,091 shares issued at December 31, 2016 and 18,931,200 shares issued at December 31, 2015, including shares in treasury | 344,404 | 343,948 |
Retained earnings | 110,294 | 90,790 |
Accumulated other comprehensive loss, net of deferred income taxes | (1,554) | (359) |
Treasury stock, at cost, 795,758 shares at December 31, 2016 and 586,686 shares at December 31, 2015 | (17,883) | (14,590) |
Total stockholders’ equity | 435,261 | 419,789 |
Total liabilities and stockholders’ equity | $ 3,432,348 | $ 3,258,970 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Available for sale securities, amortized cost | $ 777,017 | $ 780,304 |
Held-to-maturity securities, fair value | $ 43,227 | $ 45,853 |
Preferred stock, shares authorized | 50,000 | 50,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 24,000,000 | 24,000,000 |
Common stock, shares issued | 18,939,091 | 18,931,200 |
Treasury stock, shares | 795,758 | 586,688 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income: | |||
Interest and fees on loans | $ 93,845 | $ 87,155 | $ 61,541 |
Interest and dividends on taxable investment securities | 18,423 | 18,051 | 16,840 |
Interest on tax-exempt investment securities | 3,126 | 2,992 | 1,810 |
Other interest income | 50 | 135 | 9 |
Total interest income | 115,444 | 108,333 | 80,200 |
Interest Expense: | |||
Interest on deposits | 5,942 | 6,206 | 6,106 |
Interest on short-term borrowings | 508 | 182 | 146 |
Interest on long-term borrowings | 4,129 | 4,333 | 4,442 |
Total interest expense | 10,579 | 10,721 | 10,694 |
Net interest income | 104,865 | 97,612 | 69,506 |
Provision for loan losses | 3,539 | 14,097 | 339 |
Net interest income after provision for loan losses | 101,326 | 83,515 | 69,167 |
Other Income: | |||
Insurance income | 13,846 | 13,783 | 13,604 |
Deposit account service charges | 10,662 | 10,845 | 9,173 |
Trust and investment income | 10,589 | 9,577 | 7,685 |
Electronic banking income | 10,353 | 8,958 | 6,642 |
Bank owned life insurance income | 1,414 | 598 | 106 |
Mortgage banking income | 1,304 | 1,317 | 1,237 |
Commercial loan swap fee income | 1,076 | 565 | 450 |
Net gain on investment securities | 930 | 729 | 398 |
Net loss on asset disposals and other transactions | (1,133) | (1,788) | (431) |
Other non-interest income | 1,826 | 1,798 | 1,156 |
Total other income | 50,867 | 46,382 | 40,020 |
Other Expenses: | |||
Salaries and employee benefit costs | 57,433 | 59,216 | 46,593 |
Net occupancy and equipment expense | 10,735 | 11,207 | 7,839 |
Professional fees | 7,436 | 7,295 | 5,649 |
Electronic banking expense | 5,992 | 5,300 | 4,529 |
Amortization of other intangible assets | 4,030 | 4,077 | 1,428 |
Data processing and software expense | 3,763 | 3,671 | 2,424 |
Marketing expense | 1,594 | 2,838 | 2,299 |
Communication expense | 2,261 | 2,286 | 1,642 |
FDIC insurance expense | 1,899 | 2,084 | 1,260 |
Franchise tax expense | 2,192 | 1,968 | 1,392 |
Foreclosed real estate and other loan expenses | 859 | 1,276 | 789 |
Other non-interest expense | 8,717 | 13,863 | 9,165 |
Total other expenses | 106,911 | 115,081 | 85,009 |
Income before income taxes | 45,282 | 14,816 | 24,178 |
Income tax expense | 14,125 | 3,875 | 7,494 |
Net income | $ 31,157 | $ 10,941 | $ 16,684 |
Earnings per common share - basic | $ 1.72 | $ 0.62 | $ 1.36 |
Earnings per common share - diluted | $ 1.71 | $ 0.61 | $ 1.35 |
Weighted-average number of common shares outstanding - basic | 18,013,693 | 17,555,140 | 12,183,352 |
Weighted-average number of common shares outstanding - diluted | 18,155,463 | 17,687,795 | 12,306,224 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 31,157 | $ 10,941 | $ 16,684 |
Available-for-sale investment securities: | |||
Gross unrealized holding (loss) gain arising in the period | (2,590) | 1,232 | 19,326 |
Related tax benefit (expense) | 906 | (431) | (6,764) |
Less: reclassification adjustment for net gain included in net income | 930 | 729 | 398 |
Related tax expense | (326) | (255) | (139) |
Net effect on other comprehensive (loss) income | (2,288) | 327 | 12,303 |
Defined benefit plans: | |||
Net (loss) gain arising during the period | (232) | 373 | (2,083) |
Related tax benefit (expense) | 81 | (130) | 729 |
Amortization of unrecognized loss and service cost on benefit plans | 89 | 112 | 129 |
Related tax expense | (31) | (38) | (45) |
Recognition of loss due to settlement and curtailment | 0 | 459 | 1,400 |
Related tax expense | 0 | (161) | (490) |
Net effect on other comprehensive (loss) income | (93) | 615 | (360) |
Net gain arising during the period | 1,824 | 0 | 0 |
Related tax expense | (638) | 0 | 0 |
Net effect on other comprehensive income | 1,186 | 0 | 0 |
Total other comprehensive (loss) income, net of tax | (1,195) | 942 | 11,943 |
Total comprehensive income | $ 29,962 | $ 11,883 | $ 28,627 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Midwest Bancshares, Inc. | Midwest Bancshares, Inc.Common Stock | Ohio Heritage Bancorp, Inc. | Ohio Heritage Bancorp, Inc.Common Stock | North Akron Savings Bank | North Akron Savings BankCommon Stock | NB&T Financial Group, Inc. [Member]Common Stock | Restricted Shares | Restricted SharesCommon Stock | Restricted SharesTreasury Stock |
Balance at beginning of period at Dec. 31, 2013 | $ 221,553,000 | $ 168,869,000 | $ 80,898,000 | $ (13,244,000) | $ (14,970,000) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 16,684,000 | 16,684,000 | |||||||||||||
Other comprehensive loss, net of tax | 11,943,000 | 11,943,000 | |||||||||||||
Cash dividends declared | (7,191,000) | (7,191,000) | |||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | (72,000) | (72,000) | |||||||||||||
Tax benefit from exercise of stock options | 85,000 | 85,000 | |||||||||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | (175,000) | (175,000) | |||||||||||||
Reissuance of treasury stock for common stock awards | 0 | (10,000) | 10,000 | ||||||||||||
Purchase of treasury stock | (520,000) | (520,000) | |||||||||||||
Common shares issued under dividend reinvestment plan | 409,000 | 409,000 | |||||||||||||
Common shares issued under compensation plan for Board of Directors | (207,000) | 14,000 | (221,000) | ||||||||||||
Stock-based compensation expense | 2,111,000 | 1,813,000 | 298,000 | ||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 6,305,000 | $ 6,305,000 | $ 32,017,000 | $ 32,017,000 | $ 16,106,000 | $ 16,106,000 | |||||||||
Proceeds from Issuance of Private Placement | 40,162,000 | 40,162,000 | |||||||||||||
Balance at end of period at Dec. 31, 2014 | 340,118,000 | 265,742,000 | 90,391,000 | (1,301,000) | (14,714,000) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 10,941,000 | 10,941,000 | |||||||||||||
Other comprehensive loss, net of tax | 942,000 | 942,000 | |||||||||||||
Cash dividends declared | (10,542,000) | (10,542,000) | |||||||||||||
Tax benefit from exercise of stock options | 51,000 | 51,000 | |||||||||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | (184,000) | (184,000) | |||||||||||||
Purchase of treasury stock | (741,000) | (741,000) | |||||||||||||
Common shares issued under dividend reinvestment plan | 397,000 | 397,000 | |||||||||||||
Common shares issued under compensation plan for Board of Directors | 134,000 | (43,000) | 177,000 | ||||||||||||
Stock-based compensation expense | 1,843,000 | 1,843,000 | 298,000 | ||||||||||||
Common shares issued under employee stock purchase plan | 435,000 | (69,000) | 504,000 | ||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 76,027,000 | $ 76,027,000 | |||||||||||||
Balance at end of period at Dec. 31, 2015 | 419,789,000 | 343,948,000 | 90,790,000 | (359,000) | (14,590,000) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 31,157,000 | 31,157,000 | |||||||||||||
Other comprehensive loss, net of tax | (1,195,000) | (1,195,000) | |||||||||||||
Cash dividends declared | (11,653,000) | (11,653,000) | |||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 40,000 | (40,000) | ||||||||||||
Tax benefit from exercise of stock options | 26,000 | 26,000 | |||||||||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | (232,000) | (232,000) | $ 0 | $ 1,297,000 | $ (1,297,000) | ||||||||||
Repurchase of common shares in connection with employee incentive and director compensation plans | 515,000 | (515,000) | |||||||||||||
Purchase of treasury stock | (4,965,000) | (4,965,000) | |||||||||||||
Common shares issued under dividend reinvestment plan | 437,000 | 437,000 | |||||||||||||
Common shares issued under compensation plan for Board of Directors | 245,000 | (18,000) | 263,000 | ||||||||||||
Stock-based compensation expense | 1,332,000 | 1,332,000 | |||||||||||||
Common shares issued under employee stock purchase plan | 371,000 | 16,000 | 355,000 | ||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 76,000,000 | ||||||||||||||
Balance at end of period at Dec. 31, 2016 | $ 435,261,000 | $ 344,404,000 | $ 110,294,000 | $ (1,554,000) | $ (17,883,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Net income | $ 31,157 | $ 10,941 | $ 16,684 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion, net | 19,169 | 18,503 | 13,174 |
Provision for loan losses | 3,539 | 14,097 | 339 |
Bank owned life insurance income | (1,414) | (598) | (106) |
Net gain on investment securities | (930) | (729) | (398) |
Loss (gain) on debt extinguishment | 707 | 520 | (67) |
Loans originated for sale | (69,123) | (53,570) | (51,458) |
Proceeds from sales of loans | 67,421 | 56,532 | 49,218 |
Net gains on sales of loans | (1,047) | (1,005) | (943) |
Deferred income tax (benefit) expense | (2,462) | (1,582) | 3,835 |
Increase (decrease) in accrued expenses | 3,972 | (4,412) | (631) |
(Increase) decrease in interest receivable | (1,278) | 704 | 139 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | (26) | (51) | (85) |
Increase (decrease) in other assets | 6,974 | 4,623 | (1,505) |
Other, net | 3,652 | 3,909 | 3,299 |
Net cash provided by operating activities | 60,311 | 47,882 | 31,495 |
Available-for-sale investment securities: | |||
Purchases | (166,241) | (196,599) | (143,184) |
Proceeds from sales | 30,734 | 57,415 | 108,092 |
Proceeds from principal payments, calls and prepayments | 127,824 | 126,401 | 79,830 |
Held-to-maturity investment securities: | |||
Purchases | 0 | 0 | (1,017) |
Proceeds from principal payments | 2,167 | 2,261 | 1,325 |
Net increase in loans | (148,951) | (77,893) | (76,100) |
Net expenditures for premises and equipment | (5,436) | (9,429) | (7,105) |
Proceeds from sales of other real estate owned | 240 | 971 | 219 |
Investments from bank owned life insurance | (35,000) | 0 | 0 |
Proceeds from bank owned life insurance | 0 | 0 | 6,322 |
Business combinations, net of cash received | (244) | 97,277 | 17,081 |
(Investment in) return of limited partnership and tax credit funds | (3,451) | (1,514) | 374 |
Net cash used in investing activities | (198,358) | (1,110) | (14,163) |
Financing activities: | |||
Net increase in non-interest-bearing deposits | 16,482 | 99,341 | 18,367 |
Net decrease in interest-bearing deposits | (42,655) | (125,360) | (26,713) |
Net increase (decrease) in short-term borrowings | 145,221 | 72,109 | (29,373) |
Proceeds from long-term borrowings | 55,000 | 0 | 5,269 |
Payments on long-term borrowings | (24,361) | (72,446) | (10,288) |
Cash dividends paid on common shares | (11,173) | (10,065) | (6,767) |
Repurchase of common shares in connection with employee incentive and director compensation plans to be held as treasury stock | (4,965) | 0 | 0 |
Payments for repurchase of common shares in connection with employee incentive and director compensation plans to be held as treasury stock | 515 | 741 | 520 |
Proceeds from issuance of common shares | 18 | 0 | 40,242 |
Excess tax benefit from share-based payments | 26 | 51 | 85 |
Net cash provided by (used in) financing activities | 133,078 | (37,111) | (9,698) |
Net (decrease) increase in cash and cash equivalents | (4,969) | 9,661 | 7,634 |
Cash and cash equivalents at beginning of period | 71,115 | 61,454 | 53,820 |
Cash and cash equivalents at end of period | 66,146 | 71,115 | 61,454 |
Supplemental cash flow information: | |||
Interest paid | 11,773 | 11,541 | 10,766 |
Income taxes paid | $ 11,890 | $ 672 | $ 6,726 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accounting and reporting policies of Peoples Bancorp Inc. and Subsidiaries (“Peoples” refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) conform to generally accepted accounting principles in the United States of America (“US GAAP”) and to general practices within the banking industry. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, comprehensive income or loss, net cash provided by operating activities or stockholders' equity. The following is a summary of significant accounting policies followed in the preparation of the financial statements: Consolidation: Peoples' Consolidated Financial Statements include subsidiaries in which Peoples has a controlling financial interest, principally defined as owning a voting interest greater than 50%. In addition, entities not controlled by voting interest or in which the equity investors do not bear the residual economic risks, but for which Peoples is the primary beneficiary are also consolidated. The Consolidated Financial Statements include the accounts of Peoples and its consolidated subsidiaries, Peoples Bank and Peoples Investment Company, along with their wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, federal funds sold and other short-term investments with original maturities of ninety days or less. Included in interest-bearing deposits in other banks were $1.0 million and $5.0 million in funds at December 31, 2016 and 2015 , respectively, which were being used as collateral and not available for withdrawal. Investment Securities: Investment securities are recorded initially at cost, which includes premiums and discounts if purchased at other than par or face value. Peoples amortizes premiums and accretes discounts as an adjustment to interest income on a level yield basis. The cost of investment securities sold, and any resulting gain or loss, is based on the specific identification method and recognized as of the trade date. Management determines the appropriate classification of investment securities at the time of purchase. Held-to-maturity securities are those securities that Peoples has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to Peoples' liquidity needs, changes in market interest rates, and asset-liability management strategies, among other considerations. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses reported in stockholders' equity as a separate component of other accumulated comprehensive income or loss, net of applicable deferred income taxes. Certain restricted equity securities that do not have readily determinable fair values and for which Peoples does not exercise significant influence, are carried at cost. These cost method securities are reported as other investment securities on the Consolidated Balance Sheets and consist primarily of shares of the Federal Home Loan Bank of Cincinnati (the “FHLB”) and the Federal Reserve Bank of Cleveland (the "FRB"). Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include (1) the duration and magnitude of the decline in value, (2) the financial condition of the issuer or issuers, and (3) the structure of the security. An impairment loss is recognized in earnings only when (1) Peoples intends to sell the debt security, (2) it is more likely than not that Peoples will be required to sell the security before recovery of its amortized cost basis, or (3) Peoples does not expect to recover the entire amortized cost basis of the security. In situations where Peoples intends to sell or when it is more likely than not that Peoples will be required to sell the security, the entire impairment loss must be recognized in earnings. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in stockholders' equity as a component of accumulated comprehensive income or loss, net of applicable deferred taxes. Fair Value Measurements: The measurement of fair value under US GAAP uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: Level 1: Quoted prices in active exchange markets for identical assets or liabilities; also includes certain U.S. Treasury and other U.S. government and agency securities actively traded in over-the-counter markets. Level 2: Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data; also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. government and agency securities, corporate debt securities, derivative instruments, and residential mortgage loans held for sale. Level 3: Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data. This category generally includes certain private equity investments, retained interests from securitizations, and certain collateralized debt obligations. Securities Sold Under Agreements to Repurchase: Peoples enters into sales of securities under agreements to repurchase (“Repurchase Agreements”) with customers and other financial service companies, which are considered financings. As such, these obligations are recorded as a liability on the Consolidated Balance Sheets and disclosed in Note 8 and Note 9, as appropriate. Securities pledged as collateral under Repurchase Agreements are included in investment securities on the Consolidated Balance Sheets and are disclosed in Note 3. The fair value of the collateral pledged to a third party is continually monitored and additional collateral is pledged or returned, as deemed appropriate. Loans: Loans originated that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs and an allowance for loan losses. The foreseeable future is based upon current market conditions and business strategies, as well as balance sheet management and liquidity. As the conditions change, so may management's view of the foreseeable future. Net deferred loan origination costs were $ 5.4 million and $ 3.3 million at December 31, 2016 and 2015 , respectively. A loan is considered impaired when information and events indicate it is probable that collection of all contractual principal and interest payments is doubtful. Impairment is evaluated collectively for smaller-balance loans of a similar nature, primarily consumer and residential real estate loans, and on an individual loan basis for all loans to borrowers with an aggregate unpaid principal balance in excess of $1 million on an annual basis for possible credit deterioration. This loan review process provides Peoples with opportunities to identify potential problem loans and take proactive actions to assure repayment of the loan or minimize Peoples' risk of loss, such as reviewing the relationship more frequently based upon the loan quality rating and aggregate debt outstanding. Upon detection of the reduced ability of a borrower to meet cash flow obligations, the loan is reviewed for possible downgrade or placement on nonaccrual status. Loan relationships whose aggregate debt to Peoples is equal to or less than $1 million are reviewed on an event driven basis. Peoples also completes evaluation procedures for a selection of larger loan relationships on a quarterly basis. Triggers for review include knowledge of adverse events affecting the business, receipt of financial statements indicating deteriorating credit quality and other events. Peoples typically places any loan deemed to be impaired on nonaccrual status and allocates a specific portion of the allowance for loan losses, if necessary, to reduce the net carrying value of the loan to its estimated net realizable value. Impaired loans, or portions thereof, are charged off when deemed uncollectable. Upon detection of the reduced ability of a borrower to meet cash flow obligations, consumer and residential real estate loans typically are charged down to the net realizable value, with the residual balance placed on nonaccrual status. Loans acquired in a business combination that have evidence of deterioration of credit quality, commonly referred to as "purchase credit impaired" loans, since origination and for which it is probable, at acquisition, that Peoples will be unable to collect all contractually required payments receivable are initially recorded at fair value (the present value of the amounts expected to be collected) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition are not recognized. Over the life of these acquired loans, management continues to monitor each acquired purchased credit impaired loan portfolio for changes in credit quality. Increases in expected cash flows subsequent to acquisition are recognized prospectively over their remaining life as a yield adjustment on the loans. Subsequent decreases in expected cash flows are recognized as an impairment, with the amount of the expected loss included in management's evaluation of the appropriateness of the allowance for loan losses. These purchase credit impaired loans are considered to be accruing and performing even though collection of contractual payments on loans may be in doubt, as income continues to be accreted as long as expected cash flows can be reasonably estimated. Loans acquired in a business combination that are not impaired are recorded at fair value, and the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the discounts (or premiums) to a loan's cost basis and are accreted (or amortized) to interest income over the loan's remaining life using the level yield method. Subsequent to the acquisition date, the methods utilized to estimate the required allowance for loan losses for these loans is similar to originated loans; however, Peoples records a provision for loan losses only when the required allowance exceeds the remaining discount. Loans Held-for-Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried at the lower of cost or estimated fair value determined on an aggregate basis. Gains and losses on sales of loans held for sale are included in mortgage banking income. Loans originated with the intent to be held in our portfolio are subsequently transferred to held for sale when a decision is made to sell these loans. At the time of a loan's transfer to the held for sale classification, the loan is recorded at the lower of cost or its fair value. Any reduction in the loan's value is reflected as a write-down of the recorded investment resulting in a new cost basis, with a corresponding charge against the allowance for loan losses. If the fair value of a loan classified as held-for-sale in subsequent periods is less than its cost basis, the carrying value of the loan is adjusted accordingly, with the corresponding loss recognized in earnings. Peoples enters into interest rate lock commitments with borrowers and best efforts commitments with investors on mortgage loans originated for sale into the secondary markets to manage the inherent interest rate and pricing risk associated with selling loans. The interest rate lock commitments generally terminate once the loan is funded, the lock period expires or the borrower decides not to contract for the loan. The best efforts commitments generally terminate once the loan is sold, the commitment period expires or the borrower decides not to contract for the loan. These commitments are considered derivatives which are generally accounted for by recognizing their estimated fair value on the Consolidated Balance Sheets as either a freestanding asset or a freestanding liability. The valuation of such commitments does not consider expected cash flows related to the servicing of the future loan. Management has determined these derivatives do not have a material effect on Peoples' financial position, results of operations or cash flows. Allowance for Loan Losses: The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against income. The allowance for loan losses is maintained at a level that management deems sufficient to absorb probable losses inherent in the loan portfolio. Loans deemed to be uncollectable are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. The allowance for loan losses is comprised of specific valuation allowances for loans evaluated individually for impairment and general allocations for pools of homogeneous loans with similar risk characteristics and trends. Peoples' homogenous loan pools include similarly risk-graded commercial and industrial loans, similarly risk-graded commercial real estate loans, real estate construction loans (both commercial and residential), residential real estate loans, consumer home equity loans and other consumer loans. Management's evaluation of the appropriateness of the allowance for loan losses and the related provision for loan losses is based upon a quarterly analysis of the portfolio. While portions of the allowance for loan losses may be allocated to specific loans, the entire allowance for loan losses is available for any loan charged off by management. The allowance for loan losses related to specific loans is based on management's estimate of potential losses on impaired loans as determined by (1) the present value of expected future cash flows, (2) the fair value of collateral if the loan is determined to be collateral dependent, or (3) the loan's observable market price. The general allocations to specific loan pools are based on the historical loss rates for specific loan types and the internal risk grade, if applicable, adjusted for both internal and external qualitative risk factors. The calculation of historical loss rates for pools of similar loans with similar characteristics is based upon the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss rates are periodically updated based on actual charge-off experience. The qualitative factors considered by management include, among other factors, (1) changes in local and national economic conditions, (2) changes in asset quality, (3) changes in loan portfolio volume, (4) the composition and concentrations of credit, (5) the impact of competition on loan structuring and pricing, (6) the impact of interest rate changes on portfolio risk, and (7) effectiveness of Peoples' loan policies, procedures and internal controls. The total allowance established for each homogenous loan pool represents the product of the historical loss rate and the total dollar amount of the loans in the pool. Peoples categorizes loans involving commercial borrowers into risk categories based upon an established grading matrix. This system is used to manage the risk within its commercial lending activities, evaluate changes in the overall credit quality of the loan portfolio and evaluate the appropriateness of the allowance for loan losses. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1 million are reviewed on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower's business, receipt of financial statements indicating deteriorating credit quality or other similar events. Adversely classified loans are generally reviewed on a quarterly basis. The primary factors considered when assigning a risk grade to a loan include (1) reliability and sustainability of the primary source of repayment, (2) past, present and projected financial condition of the borrower, and (3) current economic and industry conditions. Other factors that could influence the risk grade assigned include the type and quality of collateral and the strength of guarantors. The primary source of repayment for commercial real estate loans and commercial and industrial loans is normally the operating cash flow of the business available to repay debt. Management's analysis of operating cash flow for commercial real estate loans secured by non-owner occupied properties takes into account factors such as rent rolls and vacancy statistics. Management's analysis of operating cash flow for commercial real estate loans secured by owner occupied properties and all commercial and industrial loans considers the profitability, liquidity and leverage of the business. The evaluation of construction loans includes consideration of the borrower's ability to complete construction within the established budget. The primary factors considered when classifying consumer loans include the loan's past due status and declaration of bankruptcy by the borrower(s). The classification of residential real estate and home equity lines of credit also takes into account the current value of the underlying collateral. Troubled Debt Restructuring: The restructuring of a loan is considered a troubled debt restructuring ("TDR") if both (1) the borrower is experiencing financial difficulties and (2) the creditor has granted a concession. Loans acquired that are restructured after acquisition are not considered TDRs if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools of purchased credit impaired loans. In assessing whether or not a borrower is experiencing financial difficulties, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (1) the borrower is currently in payment default on any of the borrower's debt, (2) a payment default is probable in the foreseeable future without the modification, (3) the borrower has declared or is in the process of declaring bankruptcy, and (4) the borrower's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification. Peoples considers all aspects of the modification to loan terms to determine whether or not a concession has been granted to the borrower. Key factors considered by Peoples include the borrower's ability to access funds at a market rate for loans with similar risk characteristics, the significance of the modification relative to the unpaid principal loan balance or collateral value underlying the loan, and the significance of a delay in the timing of payments relative to the original contractual terms of the loan. The most common concessions granted by Peoples generally include one or more modifications to the terms of the loan, such as (1) a reduction in the interest rate for the remaining life of the loan, (2) an extension of the maturity date at an interest rate lower than the current market rate for a new loan with similar risk, (3) a temporary period of interest-only payments, and (4) a reduction in the contractual payment amount for either a short period or the remaining term of the loan. All TDRs are considered impaired loans and are evaluated individually to determine if a write-down is required and if they should be on accrual or nonaccrual status. Bank Premises and Equipment: Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets owned. Major improvements to leased facilities are capitalized and included in bank premises at cost less accumulated depreciation, which is calculated on the straight-line method over the lesser of the remaining term of the leased facility or the estimated economic life of the improvement. Investments in Affordable Housing Limited Partnerships: Investments in affordable housing consist of investments in limited partnerships that operate qualified affordable housing projects or that invest in other limited partnerships formed to operate affordable housing projects. These investments are considered variable interest entities for which Peoples is not the primary beneficiary. Peoples generally utilizes the effective yield method to account for these investments with the tax credits, net of the amortization of the investment, reflected in the Consolidated Statements of Income as a reduction of income tax expense. The unamortized amount of the investments is recorded in other assets and totaled $ 5.0 million and $ 3,000 at December 31, 2016 and 2015 , respectively. Other Real Estate Owned: Other real estate owned (“OREO”), included in other assets on the Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples in satisfaction of a loan. OREO obtained in satisfaction of a loan is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. Peoples had OREO totaling $ 0.7 million at both December 31, 2016 and December 31, 2015 . Business Combinations: Business combinations are accounted for using the acquisition method of accounting. Under this accounting method, the acquired company's net assets are recorded at fair value on the date of acquisition, and the results of operations of the acquired company are combined with Peoples' from the acquisition date forward. Costs related to the acquisition are expensed as incurred. The purchase price paid over the fair value of the net assets acquired (including intangible assets with finite lives) is recorded as goodwill. Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired in the business combination. Goodwill is not amortized but is tested for impairment when indicators of impairment exist, or at least annually on October 1. Based upon the most recently completed goodwill impairment test, Peoples concluded the recorded value of goodwill was not impaired as of December 31, 2016 , based upon the estimated fair value of Peoples' single reporting unit. Peoples' other intangible assets consist of customer relationship and core deposit intangible assets representing the net present value of future economic benefit to be earned from acquired customer relationships with definite useful lives. These intangible assets are amortized on an accelerated basis over their estimated lives ranging from 7 to 10 years. Servicing Rights: Servicing rights (“SRs”) represent the right to service loans sold to third-party investors. SRs are recognized separately as a servicing asset or liability whenever Peoples undertakes an obligation to service financial assets. SRs are reported in other intangible assets on the Consolidated Balance Sheets. Serviced loans are not included in the Consolidated Balance Sheets. Loan servicing income included in mortgage banking income includes servicing fees received from the third-party investors and certain charges collected from the borrowers. Peoples initially records SRs at fair value at the time of the sale of the loans to the third-party investor. Peoples follows the amortization method for the subsequent measurement of each class of separately recognized servicing assets and liabilities. Under the amortization method, Peoples amortizes the value of servicing assets or liabilities in proportion to and over the period of estimated net servicing income or net servicing loss, and assesses servicing assets or liabilities for impairment or increased obligation based on fair value at each reporting date. The fair value of the SRs is determined by using a discounted cash flow model, which estimates the present value of the future net cash flows of the servicing portfolio based on various factors, such as servicing costs, expected prepayment speeds and discount rates. Trust Assets Under Management: Peoples manages certain assets held in a fiduciary or agency capacity for customers. These assets under management, other than cash on deposit at Peoples, are not included in the Consolidated Balance Sheets since they are not assets of Peoples. Revenue Recognition: Peoples recognizes revenues as it is earned based on contractual terms, or as services are provided and collectability is reasonably assured. Peoples’ principal source of revenue is interest income, which is recognized on an accrual basis primarily according to formulas in written contracts, such as loan agreements or securities contracts. Interest Income Recognition: Interest income on loans and investment securities is recognized by methods that result in level rates of return on principal amounts outstanding, including yield adjustments resulting from the amortization of loan costs and premiums on investment securities, and accretion of loan fees and discounts on investment securities. Since mortgage-backed securities comprise a sizable portion of Peoples' investment portfolio, a significant increase in principal payments on those securities can impact interest income due to the corresponding acceleration of premium amortization or discount accretion. Peoples discontinues the accrual of interest on a loan when conditions cause management to believe collection of all or any portion of the loan's contractual interest is doubtful. Such conditions may include the borrower being 90 days or more past due on any contractual payments, or current information regarding the borrower's financial condition and repayment ability. All unpaid accrued interest deemed uncollectable is reversed, which reduces Peoples' net interest income. Interest received on nonaccrual loans is included in income only if principal recovery is reasonably assured. Other Income Recognition: Service charges on deposits include cost recovery fees associated with services provided, such as overdraft and non-sufficient funds. Trust and investment income consists of revenue from fiduciary activities, which include fees for services such as asset management, recordkeeping, retirement services and estate management, and investment commissions and fees related to the sale of investments. Income from these activities is recognized at the time the related services are performed. Insurance income consists of commissions and fees from the sales of insurance policies and related insurance services. Insurance income is recognized when it is earned and can be reasonably estimated. Performance-based commissions from insurance companies are recognized when received and no contingencies remain. Income Taxes: Peoples and its subsidiaries file a consolidated federal income tax return. Deferred income tax assets and liabilities are provided for temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements at the statutory federal tax rate. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. The components of accumulated other comprehensive income or loss included in the Consolidated Statements of Stockholders' Equity have been computed based upon a 35% federal tax rate. A tax position is initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. Penalties and interest incurred under the applicable tax law are classified as income tax expense. The amount of Peoples' valuation allowance and uncertain income tax positions and unrecognized benefits are disclosed in Note 12. Advertising Costs: Advertising costs are generally expensed as incurred. Earnings per Share: Basic and diluted earnings per common share (“EPS”) are calculated using the two-class method since Peoples has issued some share-based payment awards considered participating securities because they entitle holders the rights to dividends during the vesting term. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Basic earnings per common share is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental common shares issuable upon exercise of outstanding stock options, stock appreciation rights and non-vested restricted common shares using the treasury stock method. Operating Segments: Peoples' business activities are currently confined to one reporting unit and reportable segment, which is community banking. As a community banking entity, Peoples offers its customers a full range of products including a complete line of banking, insurance, investment and trust solutions. Stock-Based Compensation: Compensation costs for stock options, restricted stock awards and stock appreciation rights are measured at the fair value of these awards on their grant date. Compensation expense is recognized over the required service period, generally the vesting period for stock options and stock appreciation rights and the restriction period for restricted stock awards. For all awards, only the expense for the portion of the awards expected to vest is recognized. For service-based awards, compensation expense for awards granted to employees who are eligible for retirement is recognized to the date the employee is first eligible to retire. New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by Peoples as of the required effective dates. Unless otherwise discussed, management believes the impact of any recently issued standards, including those issued but not yet effective, will not have a material imp |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Assets measured at fair value on a recurring basis comprised the following at December 31 : Fair Value Measurements at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value 2016 Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ 1,000 $ — States and political subdivisions 117,230 — 117,230 — Residential mortgage-backed securities 626,567 — 626,567 — Commercial mortgage-backed securities 19,291 — 19,291 — Bank-issued trust preferred securities 4,899 — 4,899 — Equity securities 8,953 8,734 219 — Total available-for-sale securities $ 777,940 $ 8,734 $ 769,206 $ — 2015 Obligations of: U.S. government sponsored agencies $ 2,966 $ — $ 2,966 $ — States and political subdivisions 114,726 — 114,726 — Residential mortgage-backed securities 632,293 — 632,293 — Commercial mortgage-backed securities 23,845 — 23,845 — Bank-issued trust preferred securities 4,635 — 4,635 — Equity securities 6,236 6,024 212 — Total available-for-sale securities $ 784,701 $ 6,024 $ 778,677 $ — Held-to-maturity securities reported at fair value comprised the following at December 31 : Fair Value at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets Significant Significant Unobservable Inputs Fair Value 2016 Obligations of: States and political subdivisions $ 4,041 $ — $ 4,041 $ — Residential mortgage-backed securities 33,762 — 33,762 — Commercial mortgage-backed securities 5,424 — 5,424 — Total held-to-maturity securities $ 43,227 $ — $ 43,227 $ — 2015 Obligations of: States and political subdivisions $ 4,221 $ — $ 4,221 $ — Residential mortgage-backed securities 35,196 — 35,196 — Commercial mortgage-backed securities 6,436 — 6,436 — Total held-to-maturity securities $ 45,853 $ — $ 45,853 $ — The fair values used by Peoples are obtained from an independent pricing service and represent either quoted market prices for the identical securities (Level 1 inputs) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatilities, LIBOR yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment of the reasonableness of the fair values provided and challenges prices when it believes a material discrepancy in pricing exists. Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets measured at fair value on a non-recurring basis included the following: Impaired Loans: Impaired loans are measured and reported at fair value when the amounts to be received are less than the carrying value of the loans. One of the allowable methods for determining the amount of impairment is estimating fair value using the fair value of the collateral for collateral-dependent loans. Management’s determination of the fair value for these loans uses a market approach representing the estimated net proceeds to be received from the sale of the collateral based on observable market prices or market value provided by independent, licensed or certified appraisers (Level 3 inputs). At December 31, 2016 , impaired loans with an aggregate outstanding principal balance of $ 41.9 million were measured and reported at a fair value of $ 34.7 million . For the year ended December 31, 2016 , Peoples recognized gains of $ 0.2 million on impaired loans through the allowance for loan losses. The following table presents the fair values of financial assets and liabilities carried on Peoples’ Consolidated Balance Sheets, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis at December 31: 2016 2015 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets : Cash and cash equivalents $ 66,146 $ 66,146 $ 71,115 $ 71,115 Investment securities 859,455 859,538 868,830 868,955 Loans (1) 2,210,529 2,152,544 2,057,614 2,018,482 Financial liabilities: Deposits $ 2,509,722 $ 2,512,647 $ 2,535,944 $ 2,540,131 Short-term borrowings 305,607 305,607 160,386 160,386 Long-term borrowings 145,155 145,106 113,670 117,299 Cash flow hedges (2) 1,779 1,779 — — (1) Includes loans held for sale. (2) For additional information, see Note 14, Financial Instruments with Off-Balance Sheet Risk. The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. For certain financial assets and liabilities, carrying value approximates fair value due to the nature of the financial instrument. These instruments include cash and cash equivalents, demand and other non-maturity deposits and short-term borrowings. Peoples used the following methods and assumptions in estimating the fair value of the following financial instruments: Loans: The fair value of portfolio loans assumes sale of the notes to a third-party financial investor. Accordingly, this value is not necessarily the value to Peoples if the notes were held to maturity. Peoples considered interest rate, credit and market factors in estimating the fair value of loans (Level 3 inputs). In the current whole loan market, financial investors are generally requiring a much higher rate of return than the return inherent in loans if held to maturity given the lack of market liquidity. This divergence accounts for the majority of the difference in carrying amount over fair value. Deposits: The fair value of fixed maturity certificates of deposit is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities (Level 2 inputs). Long-term borrowings: The fair value of long-term borrowings is estimated using discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2 inputs). Cash flow hedges: The fair value of cash flow hedges is recognized in the Consolidated Balance Sheets at their fair value. The fair value for derivative instruments is determined based on market prices, broker-dealer quotations on similar products, or other related input parameters (Level 2 inputs). Bank premises and equipment, customer relationships, deposit base, banking center networks, and other information required to compute Peoples’ aggregate fair value are not included in the above information. Accordingly, the above fair values are not intended to represent the aggregate fair value of Peoples. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investment Securities | Investment Securities Available-for-sale The following table summarizes Peoples’ available-for-sale investment securities at December 31: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2016 Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ — $ 1,000 States and political subdivisions 115,657 1,836 (263 ) 117,230 Residential mortgage-backed securities 633,802 3,758 (10,993 ) 626,567 Commercial mortgage-backed securities 19,337 41 (87 ) 19,291 Bank-issued trust preferred securities 5,169 91 (361 ) 4,899 Equity securities 2,052 6,969 (68 ) 8,953 Total available-for-sale securities $ 777,017 $ 12,695 $ (11,772 ) $ 777,940 2015 Obligations of: U.S. government sponsored agencies $ 2,908 $ 58 $ — $ 2,966 States and political subdivisions 111,283 3,487 (44 ) 114,726 Residential mortgage-backed securities 635,504 4,905 (8,116 ) 632,293 Commercial mortgage-backed securities 23,770 119 (44 ) 23,845 Bank-issued trust preferred securities 5,146 — (511 ) 4,635 Equity securities 1,693 4,627 (84 ) 6,236 Total available-for-sale securities $ 780,304 $ 13,196 $ (8,799 ) $ 784,701 At both December 31, 2016 and 2015, Peoples’ investment in equity securities was comprised entirely of common stocks issued by various unrelated bank holding companies. At December 31, 2016 , there were no securities of a single issuer that exceeded 10% of stockholders' equity. 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) 2016 2015 2014 Gross gains realized $ 933 $ 795 $ 1,136 Gross losses realized 3 66 738 Net gain realized $ 930 $ 729 $ 398 The cost of investment securities sold, and any resulting gain or loss, were based on the specific identification method and recognized as of the trade date. The following table presents a summary of available-for-sale investment securities that had an unrealized loss at December 31: 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 2016 Obligations of: States and political subdivisions $ 23,501 $ 263 28 $ — $ — — $ 23,501 $ 263 Residential mortgage-backed securities 427,088 8,495 108 46,631 2,498 22 473,719 10,993 Commercial mortgage-backed securities 7,770 87 4 — — — 7,770 87 Bank-issued trust preferred securities — — — 2,637 361 3 2,637 361 Equity securities 263 3 1 110 65 1 373 68 Total $ 458,622 $ 8,848 141 $ 49,378 $ 2,924 26 $ 508,000 $ 11,772 2015 Obligations of: States and political subdivisions $ 7,662 $ 38 8 $ 213 $ 6 1 $ 7,875 $ 44 Residential mortgage-backed securities 303,549 3,902 76 102,090 4,214 33 405,639 8,116 Commercial mortgage-backed securities 6,682 44 3 — — — 6,682 44 Bank-issued trust preferred securities 2,129 19 1 2,506 492 3 4,635 511 Equity securities 438 15 2 106 69 1 544 84 Total $ 320,460 $ 4,018 90 $ 104,915 $ 4,781 38 $ 425,375 $ 8,799 Management systematically evaluates available-for-sale investment securities for other-than-temporary declines in fair value on a quarterly basis. At December 31, 2016 , management concluded no individual securities were other-than-temporarily impaired since Peoples did not have the intent to sell, nor was it more likely than not that Peoples would be required to sell any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both December 31, 2016 and 2015 were attributable to changes in market interest rates and spreads since the securities were purchased. At December 31, 2016 , approximately 99% of the fair value of mortgage-backed securities that had been at an unrealized loss position for twelve months or more were issued by U.S. government sponsored agencies. The remaining 1% , or two positions, consisted of privately issued mortgage-backed securities with all of the underlying mortgages originated prior to 2004. Both of these two positions had a fair value of less than 90% of their book value, with an aggregate book and fair value of $0.7 million and $0.5 million , respectively. Management has analyzed the underlying credit quality of these securities and concluded the unrealized losses were primarily attributable to the floating rate nature of these investments and the low number of loans remaining in these securities. Furthermore, the unrealized losses with respect to the three bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at December 31, 2016 were primarily attributable to the floating nature of those investments, the current interest rate environment and spreads within that sector. 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, 2016 . 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. Rates are calculated on a fully tax-equivalent basis using a 35% federal income tax rate. (Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total Amortized cost Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ — $ — $ 1,000 States and political subdivisions 435 14,354 28,903 71,965 115,657 Residential mortgage-backed securities 2 14,225 33,180 586,395 633,802 Commercial mortgage-backed securities — 3,246 14,267 1,824 19,337 Bank-issued trust preferred securities — — — 5,169 5,169 Equity securities — — — — 2,052 Total available-for-sale securities $ 1,437 $ 31,825 $ 76,350 $ 665,353 $ 777,017 Fair value Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ — $ — $ 1,000 States and political subdivisions 438 14,484 29,250 73,058 117,230 Residential mortgage-backed securities 2 14,020 33,389 579,156 626,567 Commercial mortgage-backed securities — 3,287 14,185 1,819 19,291 Bank-issued trust preferred securities — — — 4,899 4,899 Equity securities — — — — 8,953 Total available-for-sale securities $ 1,440 $ 31,791 $ 76,824 $ 658,932 $ 777,940 Total weighted-average yield 2.23 % 4.11 % 3.57 % 3.29 % 3.36 % Held-to-Maturity The following table summarizes Peoples’ held-to-maturity investment securities at December 31: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2016 Obligations of: States and political subdivisions $ 3,820 $ 221 $ — $ 4,041 Residential mortgage-backed securities 33,858 432 (528 ) 33,762 Commercial mortgage-backed securities 5,466 — (42 ) 5,424 Total held-to-maturity securities $ 43,144 $ 653 $ (570 ) $ 43,227 2015 Obligations of: States and political subdivisions $ 3,831 $ 394 $ (4 ) $ 4,221 Residential mortgage-backed securities 35,367 363 (534 ) 35,196 Commercial mortgage-backed securities 6,530 — (94 ) 6,436 Total held-to-maturity securities $ 45,728 $ 757 $ (632 ) $ 45,853 There were no gross gains or gross losses realized by Peoples from sales of held-to-maturity securities for the years ended December 31, 2016 , 2015 and 2014. The following table presents a summary of held-to-maturity investment securities that had an unrealized loss at December 31: 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 2016 Obligations of: Residential mortgage-backed securities $ 12,139 $ 476 3 $ 963 $ 52 1 $ 13,102 $ 528 Commercial mortgage-backed securities 5,424 42 1 — — — 5,424 42 Total $ 17,563 $ 518 4 $ 963 $ 52 1 $ 18,526 $ 570 2015 Obligations of: States and political subdivisions $ — $ — — $ 319 $ 4 1 $ 319 $ 4 Residential mortgage-backed securities 3,706 89 2 10,040 445 2 13,746 534 Commercial mortgage-backed securities 540 4 1 5,895 90 1 6,435 94 Total $ 4,246 $ 93 3 $ 16,254 $ 539 4 $ 20,500 $ 632 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, 2016 . 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. Rates are calculated on a fully tax-equivalent basis using a 35% federal income tax rate. (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 $ — $ 318 $ 978 $ 2,524 $ 3,820 Residential mortgage-backed securities — — 4,623 29,235 33,858 Commercial mortgage-backed securities — — — 5,466 5,466 Total held-to-maturity securities $ — $ 318 $ 5,601 $ 37,225 $ 43,144 Fair value Obligations of: States and political subdivisions $ — $ 320 $ 1,058 $ 2,663 $ 4,041 Residential mortgage-backed securities — — 4,643 29,119 33,762 Commercial mortgage-backed securities — — — 5,424 5,424 Total held-to-maturity securities $ — $ 320 $ 5,701 $ 37,206 $ 43,227 Total weighted-average yield — % 6.16 % 3.03 % 3.66 % 3.60 % Other Securities Peoples' other investment securities on the Consolidated Balance Sheets consist largely of shares of the FHLB and the FRB. Pledged Securities Peoples had pledged available-for-sale investment securities with a carrying value of $ 517.9 million and $ 495.5 million at December 31, 2016 and 2015 , respectively, and held-to-maturity investment securities with a carrying value of $ 20.0 million and $ 21.4 million at December 31, 2016 and 2015 , respectively, to secure public and trust department deposits and repurchase agreements in accordance with federal and state requirements. Peoples also pledged available-for-sale investment securities with carrying values of $ 9.2 million and $ 11.1 million at December 31, 2016 and 2015 , respectively, and held-to-maturity securities with carrying values of $22.2 million and $23.3 million at December 31, 2016 and 2015 , respectively, to secure additional borrowing capacity at the FHLB and the FRB. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans | Loans Peoples' loan portfolio has consisted of various types of loans originated primarily as a result of lending opportunities within Peoples' primary market areas of northeastern, central, southwestern and southeastern Ohio, west central West Virginia, and northeastern Kentucky. Acquired loans consist of loans purchased in 2012 or thereafter in a business combination. The major classifications of loan balances, excluding loans held for sale, were as follows at December 31: (Dollars in thousands) 2016 2015 Originated loans: Commercial real estate, construction $ 84,626 $ 63,785 Commercial real estate, other 531,557 471,184 Commercial real estate 616,183 534,969 Commercial and industrial 378,131 288,130 Residential real estate 307,490 288,783 Home equity lines of credit 85,617 74,176 Consumer, indirect 252,024 165,320 Consumer, other 67,579 61,813 Consumer 319,603 227,133 Deposit account overdrafts 1,080 1,448 Total originated loans $ 1,708,104 $ 1,414,639 Acquired loans: Commercial real estate, construction $ 10,100 $ 12,114 Commercial real estate, other 204,466 265,092 Commercial real estate 214,566 277,206 Commercial and industrial 44,208 63,589 Residential real estate 228,435 276,772 Home equity lines of credit 25,875 32,253 Consumer, indirect 808 1,776 Consumer, other 2,940 6,205 Consumer 3,748 7,981 Total acquired loans $ 516,832 $ 657,801 Total loans $ 2,224,936 $ 2,072,440 Peoples has acquired various loans through business combinations for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable that all contractually required payments would not be collected, commonly referred to as "purchased credit impaired" loans. The carrying amounts of these loans included in the loan balances above are summarized as follows at December 31: (Dollars in thousands) 2016 2015 Commercial real estate $ 11,476 $ 16,893 Commercial and industrial 1,573 3,040 Residential real estate 23,306 27,155 Consumer 76 193 Total outstanding balance $ 36,431 $ 47,281 Net carrying amount $ 26,524 $ 35,064 Changes in the accretable yield for acquired purchased credit impaired loans during the year ended December 31, 2016 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2015 $ 7,042 Additions: Reclassification from nonaccretable to accretable 2,014 Accretion (1,924 ) Balance, December 31, 2016 $ 7,132 Peoples completed semi-annual re-estimations of cash flows on purchase credit impaired loans in February and August of 2016. The above reclassification from nonaccretable to accretable was related to the re-estimation of cash flows on the purchase credit impaired loan portfolios, coupled with the loans performing better than expected. The majority of the reclassification related to prepayment speeds decreasing in the residential loan portfolio, resulting in higher total expected cash flows. In 2017, Peoples will complete the re-estimation of cash flows on purchase credit impaired loans on an as needed basis and, in any event, at least annually in August. Cash flows expected to be collected on purchase credit impaired loans are estimated by incorporating several key assumptions similar to those used in the initial estimate of fair value. These key assumptions include probability of default, and the amount of actual prepayments after the acquisition date. Prepayments affect the estimated life of the loans and could change the amount of interest income, and possibly the amount of principal expected to be collected. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. Peoples has pledged certain loans secured by 1-4 family and multifamily residential mortgages under a blanket collateral agreement to secure borrowings from the FHLB. The amount of such pledged loans totaled $ 542.5 million and $ 554.8 million at December 31, 2016 and 2015 , respectively. Peoples also had pledged commercial loans to secure borrowings with the FRB. The outstanding balances of these loans totaled $ 152.0 million and $ 195.5 million at December 31, 2016 and 2015 , respectively. Related Party Loans In the normal course of its business, Peoples Bank has granted loans to certain directors and officers of Peoples Bancorp Inc., including their affiliates, families and entities in which they are principal owners. At December 31, 2016 , no related party loan was past due 90 or more days, renegotiated or on nonaccrual status. Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status and new directors elected during the year. (Dollars in thousands) Balance, December 31, 2015 $ 19,221 New loans and disbursements 5,702 Repayments (7,330 ) Other changes — Balance, December 31, 2016 $ 17,593 Nonaccrual and Past Due Loans A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due. The recorded investments in loans on nonaccrual status and accruing loans delinquent for 90 days or more were as follows at December 31: Accruing Loans 90+ Days Past Due Nonaccrual Loans (Dollars in thousands) 2016 2015 2016 2015 Originated loans: Commercial real estate, construction $ 826 $ 921 $ — $ — Commercial real estate, other 9,934 7,041 — — Commercial real estate 10,760 7,962 — — Commercial and industrial 1,712 480 — 680 Residential real estate 3,778 3,057 183 169 Home equity lines of credit 383 321 — — Consumer, indirect 130 34 10 — Consumer, other 11 58 — 1 Consumer 141 92 10 1 Total originated loans $ 16,774 $ 11,912 $ 193 $ 850 Acquired loans: Commercial real estate, other $ 1,609 $ 469 $ 1,506 $ 2,425 Commercial and industrial 390 247 387 1,306 Residential real estate 2,317 798 1,672 1,353 Home equity lines of credit 231 98 — 35 Consumer, indirect — — 13 — Consumer, other 4 7 — — Consumer 4 7 13 — Total acquired loans $ 4,551 $ 1,619 $ 3,578 $ 5,119 Total loans $ 21,325 $ 13,531 $ 3,771 $ 5,969 The following table presents the aging of the recorded investment in past due loans at December 31: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2016 Originated loans: Commercial real estate, construction $ — $ — $ 826 $ 826 $ 83,800 $ 84,626 Commercial real estate, other 1,420 225 9,305 10,950 520,607 531,557 Commercial real estate 1,420 225 10,131 11,776 604,407 616,183 Commercial and industrial 1,305 700 1,465 3,470 374,661 378,131 Residential real estate 7,288 1,019 1,895 10,202 297,288 307,490 Home equity lines of credit 316 45 248 609 85,008 85,617 Consumer, indirect 2,080 273 77 2,430 249,594 252,024 Consumer, other 346 38 — 384 67,195 67,579 Consumer 2,426 311 77 2,814 316,789 319,603 Deposit account overdrafts — — — — 1,080 1,080 Total originated loans $ 12,755 $ 2,300 $ 13,816 $ 28,871 $ 1,679,233 $ 1,708,104 Acquired loans: Commercial real estate, construction $ — $ — $ 40 $ 40 $ 10,060 $ 10,100 Commercial real estate, other 1,220 208 2,271 3,699 200,767 204,466 Commercial real estate 1,220 208 2,311 3,739 210,827 214,566 Commercial and industrial 148 3 777 928 43,280 44,208 Residential real estate 5,918 2,496 2,974 11,388 217,047 228,435 Home equity lines of credit 208 65 178 451 25,424 25,875 Consumer, indirect 4 — — 4 804 808 Consumer, other 51 — 13 64 2,876 2,940 Consumer 55 — 13 68 3,680 3,748 Total acquired loans $ 7,549 $ 2,772 $ 6,253 $ 16,574 $ 500,258 $ 516,832 Total loans $ 20,304 $ 5,072 $ 20,069 $ 45,445 $ 2,179,491 $ 2,224,936 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2015 Originated loans: Commercial real estate, construction $ 913 $ — $ 8 $ 921 $ 62,864 $ 63,785 Commercial real estate, other 7,260 1,258 379 8,897 462,287 471,184 Commercial real estate 8,173 1,258 387 9,818 525,151 534,969 Commercial and industrial 1,437 215 767 2,419 285,711 288,130 Residential real estate 3,124 1,105 1,263 5,492 283,291 288,783 Home equity lines of credit 161 7 104 272 73,904 74,176 Consumer, indirect 790 168 — 958 164,362 165,320 Consumer, other 597 82 32 711 61,102 61,813 Consumer 1,387 250 32 1,669 225,464 227,133 Deposit account overdrafts — — — — 1,448 1,448 Total originated loans $ 14,282 $ 2,835 $ 2,553 $ 19,670 $ 1,394,969 $ 1,414,639 Acquired loans: Commercial real estate, construction $ — $ — $ 40 $ 40 $ 12,074 $ 12,114 Commercial real estate, other 1,592 352 2,730 4,674 260,418 265,092 Commercial real estate 1,592 352 2,770 4,714 272,492 277,206 Commercial and industrial 177 232 1,553 1,962 61,627 63,589 Residential real estate 4,910 2,480 1,745 9,135 267,637 276,772 Home equity lines of credit 318 20 95 433 31,820 32,253 Consumer, indirect 23 — — 23 1,753 1,776 Consumer, other 67 31 — 98 6,107 6,205 Consumer 90 31 — 121 7,860 7,981 Total acquired loans $ 7,087 $ 3,115 $ 6,163 $ 16,365 $ 641,436 $ 657,801 Total loans $ 21,369 $ 5,950 $ 8,716 $ 36,035 $ 2,036,405 $ 2,072,440 Credit Quality Indicators As discussed in Note 1, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. A description of the general characteristics of the risk grades used by Peoples is as follows: “Pass” (grades 1 through 4): Loans in this risk category involve borrowers of acceptable-to-strong credit quality and risk who have the apparent ability to satisfy their loan obligations. Loans in this risk category would possess sufficient mitigating factors, such as adequate collateral or strong guarantors possessing the capacity to repay the loan if required, for any weakness that may exist. “Watch” (grade 5): Loans in this risk category are the equivalent of the regulatory “Other Assets Especially Mentioned” classification. Loans in this risk category possess some credit deficiency or potential weakness, which requires a high level of management attention. Potential weaknesses include declining trends in operating earnings and cash flows and/or reliance on the secondary source of repayment. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the loan or in Peoples' credit position. “Substandard” (grade 6): Loans in this risk category are inadequately protected by the borrower's current financial condition and payment capability, or by the collateral pledged, if any. Loans so classified have one or more well-defined weaknesses that jeopardize the orderly repayment of the loan. They are characterized by the distinct possibility that Peoples will sustain some loss if the deficiencies are not corrected. “Doubtful” (grade 7): Loans in this risk category have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or orderly repayment in full, on the basis of current existing facts, conditions and values, highly questionable and improbable. Possibility of loss is extremely high, but because of certain important and reasonably specific factors that may work to the advantage and strengthening of the exposure, classification of these loans as an estimate loss is deferred until their more exact status may be determined. “Loss” (grade 8): Loans in this risk category are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean each such loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Charge-offs against the allowance for loan losses are taken in the period in which the loan becomes uncollectible. Consequently, Peoples typically does not maintain a recorded investment in loans within this risk category. Consumer loans and other smaller-balance loans are evaluated and categorized as “substandard”, “doubtful” or “loss” based upon the regulatory definition of these classes and consistent with regulatory requirements. All other loans not evaluated individually, nor meeting the regulatory conditions to be categorized as described above, would be considered as being “not rated”. The following table summarizes the risk category of Peoples' loan portfolio based upon the most recent analysis performed at December 31: Pass Rated Watch Substandard Doubtful Not Rated Total Loans (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2016 Originated loans: Commercial real estate, construction $ 73,423 $ — $ 826 $ — $ 10,377 $ 84,626 Commercial real estate, other 505,029 11,855 14,673 — — 531,557 Commercial real estate 578,452 11,855 15,499 — 10,377 616,183 Commercial and industrial 346,791 15,210 16,130 — — 378,131 Residential real estate 47,336 957 12,828 304 246,065 307,490 Home equity lines of credit 465 — 135 — 85,017 85,617 Consumer, indirect 15 13 — — 251,996 252,024 Consumer, other 50 — — — 67,529 67,579 Consumer 65 13 — — 319,525 319,603 Deposit account overdrafts — — — — 1,080 1,080 Total originated loans $ 973,109 $ 28,035 $ 44,592 $ 304 $ 662,064 $ 1,708,104 Acquired loans: Commercial real estate, construction $ 10,046 $ — $ 54 $ — $ — $ 10,100 Commercial real estate, other 181,781 12,475 10,210 — — 204,466 Commercial real estate 191,827 12,475 10,264 — — 214,566 Commercial and industrial 42,809 227 978 194 — 44,208 Residential real estate 17,170 709 1,404 — 209,152 228,435 Home equity lines of credit 202 — — — 25,673 25,875 Consumer, indirect 51 — — — 757 808 Consumer, other 53 — — — 2,887 2,940 Consumer 104 — — — 3,644 3,748 Total acquired loans $ 252,112 $ 13,411 $ 12,646 $ 194 $ 238,469 $ 516,832 Total loans $ 1,225,221 $ 41,446 $ 57,238 $ 498 $ 900,533 $ 2,224,936 Pass Rated Watch Substandard Doubtful Not Rated Total Loans (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2015 Originated loans: Commercial real estate, construction $ 62,225 $ — $ 913 $ — $ 647 $ 63,785 Commercial real estate, other 434,868 18,710 17,595 — 11 471,184 Commercial real estate 497,093 18,710 18,508 — 658 534,969 Commercial and industrial 259,183 23,601 5,344 — 2 288,130 Residential real estate 21,903 1,168 12,282 187 253,243 288,783 Home equity lines of credit 785 — 175 — 73,216 74,176 Consumer, indirect 114 — — — 165,206 165,320 Consumer, other 94 — 3 — 61,716 61,813 Consumer 208 — 3 — 226,922 227,133 Deposit account overdrafts — — — — 1,448 1,448 Total originated loans $ 779,172 $ 43,479 $ 36,312 $ 187 $ 555,489 $ 1,414,639 Acquired loans: Commercial real estate, construction $ 12,114 $ — $ — $ — $ — $ 12,114 Commercial real estate, other 233,630 13,866 17,521 75 — 265,092 Commercial real estate 245,744 13,866 17,521 75 — 277,206 Commercial and industrial 56,077 3,078 4,238 196 — 63,589 Residential real estate 18,027 1,409 1,786 — 255,550 276,772 Home equity lines of credit 316 — — — 31,937 32,253 Consumer, indirect 126 — — — 1,650 1,776 Consumer, other 130 — — — 6,075 6,205 Consumer 256 — — — 7,725 7,981 Total acquired loans $ 320,420 $ 18,353 $ 23,545 $ 271 $ 295,212 $ 657,801 Total loans $ 1,099,592 $ 61,832 $ 59,857 $ 458 $ 850,701 $ 2,072,440 Impaired Loans The following tables summarize loans classified as impaired at December 31: Unpaid Principal Balance Recorded Investment Total Recorded Investment Average Recorded Investment Interest Income Recognized With Without Related Allowance (Dollars in thousands) Allowance Allowance 2016 Commercial real estate, construction $ 894 $ — $ 866 $ 866 $ — $ 913 $ 3 Commercial real estate, other 20,029 7,474 12,227 19,701 803 18,710 700 Commercial real estate 20,923 7,474 13,093 20,567 803 19,623 703 Commercial and industrial 7,289 2,732 1,003 3,735 585 3,386 125 Residential real estate 27,703 138 27,393 27,531 24 27,455 1,419 Home equity lines of credit 908 — 908 908 — 717 44 Consumer, indirect 220 — 224 224 — 136 16 Consumer, other 130 — 130 130 — 138 13 Consumer 350 — 354 354 — 274 29 Total $ 57,173 $ 10,344 $ 42,751 $ 53,095 $ 1,412 $ 51,455 $ 2,320 2015 Commercial real estate, construction $ 957 $ — $ 957 957 $ — $ 227 $ 3 Commercial real estate, other 23,430 6,396 12,772 19,168 1,363 13,070 815 Commercial real estate 24,387 6,396 13,729 20,125 1,363 13,297 818 Commercial and industrial 5,670 1,224 4,130 5,354 351 4,049 246 Residential real estate 31,304 370 28,834 29,204 106 26,785 1,354 Home equity lines of credit 425 — 419 419 — 325 18 Consumer, indirect 118 — 103 103 — 84 — Consumer, other 265 — 195 195 — 210 28 Consumer 383 — 298 298 — 294 28 Total $ 62,169 $ 7,990 $ 47,410 $ 55,400 $ 1,820 $ 44,750 $ 2,464 At December 31, 2016 , Peoples' impaired loans shown in the table above included loans that were classified as troubled debt restructurings ("TDRs"). In assessing whether or not a borrower is experiencing financial difficulties, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (i) the borrower is currently in payment default on any of the borrower's debt; (ii) a payment default is probable in the foreseeable future without the modification; (iii) the borrower has declared or is in the process of declaring bankruptcy; and (iv) the borrower's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification. Peoples considers all aspects of the modification to loan terms to determine whether or not a concession has been granted to the borrower. Key factors considered by Peoples include the borrower's ability to access funds at a market rate for loans with similar risk characteristics, the significance of the modification relative to the unpaid principal loan balance or collateral value underlying the loan, and the significance of a delay in the timing of payments relative to the original contractual terms of the loan. The most common concessions granted by Peoples generally include one or more modifications to the terms of the loan, such as (i) a reduction in the interest rate for the remaining life of the loan, (ii) an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, (iii) a temporary period of interest-only payments, and (iv) a reduction in the contractual payment amount for either a short period or the remaining term of the loan. The following table summarizes the loans that were modified as TDRs during the years ended December 31, 2016 and 2015 . Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment 2016 Originated loans: Commercial real estate, other 3 $ 109 $ 109 $ 107 Commercial and industrial 7 828 836 750 Residential real estate 8 266 266 266 Home equity lines of credit 5 81 81 81 Consumer, indirect 14 164 164 164 Consumer, other 3 24 24 23 Consumer 17 188 188 187 Total 40 $ 1,472 $ 1,480 $ 1,391 Acquired loans: Commercial real estate, construction 2 $ 237 $ 237 $ 237 Residential real estate 14 1,080 1,082 1,076 Home equity lines of credit 4 260 260 250 Consumer, indirect 2 7 7 7 Consumer, other 3 15 15 15 Consumer 5 22 22 22 Total 25 $ 1,599 $ 1,601 $ 1,585 2015 Originated loans: Commercial real estate, other 5 $ 900 $ 900 $ 881 Commercial and industrial 4 834 834 834 Residential real estate 4 207 207 115 Home equity lines of credit 11 402 402 389 Consumer, indirect 5 51 51 50 Consumer, other 7 44 44 44 Consumer 12 95 95 94 Total 36 $ 2,438 $ 2,438 $ 2,313 Acquired loans: Residential real estate 4 $ 246 $ 246 $ 246 Home equity lines of credit 1 8 8 7 Total 5 $ 254 $ 254 $ 253 (1) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. The following table presents those loans modified in a TDR during the year that subsequently defaulted (i.e., 90 days or more past due following a modification) during the years ended December 31, 2016 and 2015 : 2016 2015 (Dollars in thousands) Number of Contracts Recorded Investment (1) Impact on the Allowance for Loan Losses Number of Contracts Recorded Investment (1) Impact on the Allowance for Loan Losses Acquired loans: Residential real estate — $ — $ — 1 $ 151 $ — Total — $ — $ — 1 $ 151 $ — (1) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. Peoples had no commitments to lend additional funds to the related borrowers whose loan terms have been modified in a TDR. Allowance for Loan Losses Changes in the allowance for loan losses in the periods ended December 31 , were as follows: (Dollars in thousands) Commercial Real Estate Commercial and Industrial Residential Real Estate Home Equity Lines of Credit Consumer Deposit Account Overdrafts Total Balance, January 1, 2016 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,971 $ 121 $ 16,539 Charge-offs (24 ) (1,017 ) (588 ) (73 ) (2,655 ) (774 ) (5,131 ) Recoveries 1,209 306 278 56 1,285 175 3,309 Net recoveries (charge-offs) 1,185 (711 ) (310 ) (17 ) (1,370 ) (599 ) (1,822 ) (Recovery of) provision for loan losses (1,089 ) 1,682 35 (27 ) 2,229 649 3,479 Balance, December 31, 2016 $ 7,172 $ 6,353 $ 982 $ 688 $ 2,830 $ 171 $ 18,196 Period-end amount allocated to: Loans individually evaluated for impairment $ 803 $ 585 $ 24 $ — $ — $ — $ 1,412 Loans collectively evaluated for impairment 6,369 5,768 958 688 2,830 171 16,784 Balance, December 31, 2016 $ 7,172 $ 6,353 $ 982 $ 688 $ 2,830 $ 171 $ 18,196 Balance, January 1, 2015 $ 9,825 $ 4,036 $ 1,627 $ 694 $ 1,587 $ 112 $ 17,881 Charge-offs (242 ) (13,576 ) (628 ) (125 ) (1,353 ) (774 ) (16,698 ) Recoveries 104 98 315 119 755 171 1,562 Net charge-offs (138 ) (13,478 ) (313 ) (6 ) (598 ) (603 ) (15,136 ) (Recovery of) provision for loan losses (2,611 ) 14,824 (57 ) 44 982 612 13,794 Balance, December 31, 2015 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,971 $ 121 $ 16,539 Period-end amount allocated to: Loans individually evaluated for impairment $ 1,363 $ 351 $ 106 $ — $ — $ — $ 1,820 Loans collectively evaluated for impairment 5,713 5,031 1,151 732 1,971 121 14,719 Balance, December 31, 2015 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,971 $ 121 $ 16,539 The increase in the total allowance for loan losses in 2016, was primarily due to total loan growth of 7% , or $152.5 million , with growth of 8% in commercial loan balances and 7% in consumer loan balances. Indirect lending experienced the largest growth across all loan categories for the year, increasing by $85.7 million , or 51% . Commercial and industrial loan growth was $70.6 million , or 20% , for 2016. Historical loss rates are calculated using charge-offs and recoveries within each portfolio over the past five years. The large provision for commercial and industrial loans during 2015 was primarily related to a specific allowance for one relationship which was charged off in 2015. The reduction in the allowance for originated residential real estate was driven by net recoveries in recent years reducing the historical loss rates. The changes in the home equity lines of credit and consumer categories of the allowance for originated loan losses and the related provision for originated loan losses recorded during 2015 were driven by net charge-off activity and increases in the size of the respective loan portfolios. Allowance for Acquired Loan Losses Acquired loans are recorded at their fair value as of the acquisition date with no valuation allowance, and monitored for changes in credit quality and subsequent increases or decreases in expected cash flows. Decreases in expected cash flows of purchase credit impaired loans are recognized as an impairment, with the amount of the expected loss included in management's evaluation of the appropriateness of the allowance for loan losses. Management reforecasts the estimated cash flows expected to be collected on purchase credit impaired loans semi-annually. The methods utilized to estimate the required allowance for loan losses for nonimpaired acquired loans are similar to those utilized for originated loans; however, Peoples records a provision for loan losses only when the computed allowance exceeds the remaining fair value adjustment. The following table presents activity in the allowance for loan losses for acquired loans as of December 31: (Dollars in thousands) 2016 2015 Purchase credit impaired loans: Balance, January 1 $ 240 $ — Charge-offs (67 ) (63 ) Recoveries — — Net (charge-offs) recoveries (67 ) (63 ) Provision for loan losses 60 303 Balance, December 31 $ 233 $ 240 As of December 31, 2016 and 2015, the expected cash flows for purchase credit impaired loans had decreased from those estimated as of the respective acquisition dates, resulting in Peoples recording a provision for loan losses with respect to those acquired loans. |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Bank Premises and Equipment [Abstract] | |
Bank Premises and Equipment | Bank Premises and Equipment The major categories of bank premises and equipment and accumulated depreciation at December 31 are summarized as follows: (Dollars in thousands) 2016 2015 Land $ 12,085 $ 11,976 Building and premises 61,451 58,607 Furniture, fixtures and equipment 26,078 25,487 Total bank premises and equipment 99,614 96,070 Accumulated depreciation (45,998 ) (42,583 ) Net book value $ 53,616 $ 53,487 Peoples depreciates its building and premises and furniture, fixtures and equipment over estimated useful lives generally ranging from 5 to 40 years and 2 to 10 years, respectively. Depreciation expense was $ 5.1 million , $ 4.6 million and $ 3.0 million , in 2016 , 2015 and 2014 , respectively. Leases Peoples leases certain banking facilities and equipment under various agreements with original terms providing for fixed monthly payments over periods generally ranging from two to ten years. Certain leases contain renewal options and rent escalation clauses calling for rent increases over the term of the lease. All leases which contain a rent escalation clause are accounted for on a straight-line basis. Rent expense on the leased properties and equipment was $ 1,073,000 , $ 988,000 , and $ 951,000 in 2016 , 2015 and 2014 , respectively. Peoples Insurance Agency, LLC ("Peoples Insurance") previously leased a property from certain of its managers; however, in 2014, this lease expired and was not renewed. Payments related to this lease totaled $ 64,000 in 2014 . The terms of the lease were substantially the same as those offered for comparable transactions with non-related parties at the time the lease transaction was consummated. The future minimum payments under noncancellable operating leases with initial or remaining terms of one year or more consisted of the following at December 31, 2016 : (Dollars in thousands) Payments 2017 $ 745 2018 731 2019 431 2020 217 2021 207 Thereafter 354 Total future operating lease payments $ 2,685 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table details changes in the recorded amount of goodwill for the years ended December 31 : (Dollars in thousands) 2016 2015 Goodwill, beginning of year $ 132,631 $ 98,562 Acquired goodwill — 34,069 Goodwill, end of year $ 132,631 $ 132,631 Peoples performed the required goodwill impairment test and concluded there was no impairment in the recorded value of goodwill in 2016 , based upon the estimated fair value of the single reporting unit. During the annual goodwill impairment test, Peoples assessed qualitative factors, including relevant events and circumstances, to determine that it was more likely than not that the fair value of the reporting unit exceeded the carrying value. Other intangible assets Other intangible assets were comprised of the following at December 31: (Dollars in thousands) Core Deposits Customer Relationships Total 2016 Gross intangibles $ 16,150 $ 4,859 $ 21,009 Acquired intangibles — 514 514 Accumulated amortization (7,594 ) (2,847 ) (10,441 ) Total acquired intangibles $ 8,556 $ 2,526 $ 11,082 Servicing rights 2,305 Total other intangibles $ 13,387 2015 Gross intangibles $ 7,013 $ 8,858 $ 15,871 Acquired intangibles 8,623 1,695 10,318 Accumulated amortization (4,396 ) (7,194 ) (11,590 ) Total acquired intangibles $ 11,240 $ 3,359 $ 14,599 Servicing rights 2,387 Total other intangibles $ 16,986 The following table details estimated aggregate future amortization expense of core deposit and customer relationship intangible assets at December 31, 2016 : (Dollars in thousands) Core Deposits Customer Relationships Total 2017 $ 2,688 $ 722 $ 3,410 2018 2,175 606 2,781 2019 1,658 482 2,140 2020 1,138 352 1,490 2021 648 217 865 Thereafter 249 147 396 Total $ 8,556 $ 2,526 $ 11,082 For further information regarding Peoples' acquisitions, refer to Note 17. The following is an analysis of activity of servicing rights for the years ended December 31: (Dollars in thousands) 2016 2015 2014 Balance, beginning of year $ 2,387 $ 2,238 $ 2,295 Amortization (762 ) (662 ) (597 ) Servicing rights originated 680 566 497 Servicing rights acquired — 245 43 Balance, end of year $ 2,305 $ 2,387 $ 2,238 No valuation allowances were required at December 31, 2016 , 2015 and 2014 for Peoples’ servicing rights since the fair value equaled or exceeded the book value. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposit Disclosure | Deposits Peoples’ deposit balances were comprised of the following at December 31: (Dollars in thousands) 2016 2015 Retail certificates of deposit: $100,000 or more $ 173,499 $ 189,583 Less than $100,000 211,362 259,409 Retail certificates of deposit 384,861 448,992 Savings accounts 436,344 414,375 Money market deposit accounts 407,754 394,119 Governmental deposit accounts 251,671 276,639 Interest-bearing transaction accounts 278,975 250,023 Brokered certificates of deposits 15,696 33,857 Total interest-bearing deposits 1,775,301 1,818,005 Non-interest-bearing deposits 734,421 717,939 Total deposits $ 2,509,722 $ 2,535,944 The contractual maturities of certificates of deposits for each of the next five years and thereafter are as follows: (Dollars in thousands) Retail Brokered Total 2017 $ 194,394 $ — $ 194,394 2018 76,308 1,147 77,455 2019 44,022 14,549 58,571 2020 30,282 — 30,282 2021 39,743 — 39,743 Thereafter 112 — 112 Total deposits $ 384,861 $ 15,696 $ 400,557 Deposits from related parties approximated $42.0 million and $43.0 million at December 31, 2016 and 2015 , respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Debt [Abstract] | |
Short-term Borrowings Disclosure | Short-Term Borrowings Peoples utilizes various short-term borrowings as sources of funds, which are summarized as follows at December 31: (Dollars in thousands) Retail Repurchase Agreements FHLB Advances Other Short-Term Borrowings 2016 Ending balance $ 74,607 $ 231,000 $ — Average balance 72,886 86,260 23 Highest month-end balance 81,353 231,000 — Interest expense 123 384 — Weighted-average interest rate: End of year 0.17 % 0.64 % — % During the year 0.17 % 0.44 % 1.11 % 2015 Ending balance $ 84,386 $ 76,000 $ — Average balance 83,574 16,863 — Highest month-end balance 92,711 76,000 — Interest expense 140 42 — Weighted-average interest rate: End of year 0.17 % 0.35 % — % During the year 0.17 % 0.25 % — % 2014 Ending balance $ 73,277 $ 15,000 $ — Average balance 59,324 36,678 38 Highest month-end balance 76,459 108,000 — Interest expense 99 47 — Weighted-average interest rate: End of year 0.17 % 0.14 % — % During the year 0.17 % 0.13 % 0.75 % Peoples’ retail repurchase agreements consist of overnight agreements with Peoples’ commercial customers and serve as a cash management tool. The FHLB advances consist of overnight borrowings and other advances with an original maturity of one year or less. These advances, along with the long-term advances disclosed in Note 9, are collateralized by residential mortgage loans and investment securities. Peoples’ borrowing capacity with the FHLB is based on the amount of collateral pledged and the amount of FHLB common stock owned. Other short-term borrowings consist of federal funds purchased and advances from the Federal Reserve Discount Window. Federal funds purchased are short-term borrowings from correspondent banks that typically mature within one to ninety days. Peoples had available federal funds of $5 million from certain of its correspondent banks at December 31, 2016. Interest on federal funds purchased is set daily by the correspondent bank based on prevailing market rates. The Federal Reserve Discount Window provides credit facilities to financial institutions, which are designed to ensure adequate liquidity by providing a source of short-term funds. Discount Window advances are typically overnight and must be secured by collateral acceptable to the lending Federal Reserve Bank. Peoples had a $15 million revolving credit loan which was to bear interest at a fixed per annum rate equal to 3% plus the one-month LIBOR rate, to be reset monthly. This revolving credit loan was subject to the same covenants as detailed in Note 9 for the term loan. At December 31, 2015 , this revolving credit loan had no outstanding principal balance and Peoples terminated the revolving credit loan on March 2, 2016. This revolving credit loan was replaced on March 4, 2016, when Peoples secured a revolving line of credit in the maximum aggregate principal amount of $15 million . Additional information regarding the revolving line of credit can be found in Note 9. |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | Long-Term Borrowings Long-term borrowings consisted of the following at December 31 : 2016 2015 (Dollars in thousands) Balance Weighted- Average Rate Balance Weighted- Average Rate FHLB putable non-amortizing, fixed-rate advances $ 70,000 2.49 % $ 50,000 3.32 % FHLB amortizing, fixed-rate advances 28,282 2.01 % 16,934 2.69 % Callable national market repurchase agreements 40,000 3.63 % 40,000 3.63 % Junior subordinated debt securities 6,924 2.45 % 6,736 1.83 % Unamortized debt issuance cost (51 ) — % — — % Long-term borrowings $ 145,155 2.71 % $ 113,670 3.25 % The putable, non-amortizing, fixed-rate FHLB advances have original maturities ranging from two to eleven years that may be repaid prior to maturity, subject to termination fees. The FHLB has the option, at its sole discretion, to terminate each advance after the initial fixed rate period ranging from three months to five years , requiring full repayment of the advance by Peoples, prior to the stated maturity. If the advance is terminated prior to maturity, the FHLB will offer Peoples replacement funding at the then-prevailing rate on an advance product then-offered by the FHLB, subject to normal FHLB credit and collateral requirements. These advances require monthly interest payments, with no repayment of principal until the earlier of either an option to terminate exercised by the FHLB or the stated maturity. The amortizing, fixed-rate FHLB advances have a fixed rate for the term of each advance, with maturities ranging from two to fifteen years . These advances require monthly principal and interest payments, with some having a constant prepayment rate requiring an additional principal payment annually. These advances are not eligible for optional prepayment prior to maturity. As discussed in Note 8, long-term FHLB advances are collateralized by assets owned by Peoples. Peoples continually evaluates the overall balance sheet position given the interest rate environment. During 2016, Peoples executed transactions to take advantage of the low interest rates, which included: ▪ Peoples restructured $20 million of long-term FHLB advances that had a weighted-average rate of 2.97% , resulting in a $700,000 loss. Peoples replaced these borrowings with a long-term FHLB advance, which has an interest rate of 2.17% and matures in 2026. ▪ Peoples borrowed an additional $35 million of long-term FHLB amortizing advances, which had interest rates ranging from 1.08% to 1.40% , and mature between 2019 and 2031. ▪ Peoples entered into five forward starting interest rate swaps to obtain short-term borrowings at fixed rates, with interest rates ranging from 1.49% to 1.83% , which become effective in 2018 and mature between 2022 and 2026. These swaps locked in funding rates for $40 million in FHLB advances that mature in 2018, which have interest rates ranging from 3.57% to 3.92% . Additional information regarding Peoples' interest rate swaps can be found in Note 14. Peoples' callable national market repurchase agreements consist of agreements with unrelated financial service companies and have original maturities ranging from five to ten years . In general, these agreements may not be terminated by Peoples prior to maturity without incurring additional costs. The callable national market repurchase agreements contain call option features, in which the buyer has the right, at its discretion, to terminate the repurchase agreement after an initial period ranging from three months to five years . After the initial call period, the buyer has a one-time option to terminate the repurchase agreement. If the buyer exercises its option, Peoples would be required to repay the repurchase agreement in whole at the quarterly date. Peoples is required to make quarterly interest payments. On March 4, 2016, Peoples entered into a Credit Agreement (the "RJB Credit Agreement"), with Raymond James Bank, N.A. ("Raymond James Bank") which provides Peoples with a revolving line of credit in the maximum aggregate principal amount of $15 million (the "RJB Loan Commitment") for the purpose of: (i) to the extent that any amounts remained outstanding, paying off the then outstanding $15 million revolving credit loan of Peoples; (ii) making acquisitions; (iii) making stock repurchases; (iv) working capital needs; and (v) other general corporate purposes. On March 4, 2016, Peoples paid fees of $70,600 , representing 0.47% of the RJB Loan Commitment. The RJB Credit Agreement is unsecured. However, the RJB Credit Agreement contains negative covenants which preclude Peoples from: (i) taking any action which could, directly or indirectly, decrease Peoples' ownership (alone or together with any of Peoples' subsidiaries) interest in Peoples Bank (Peoples' Ohio state-chartered subsidiary bank) or any of Peoples Bank's subsidiaries to a level below the percentage of equity interests held as of March 4, 2016; (ii) taking any action to or allowing Peoples Bank or any of Peoples Bank's subsidiaries to take any action to directly or indirectly create, assume, incur, suffer or permit to exist any pledge, encumbrance, security interest, assignment, lien or charge of any kind or character on the equity interests of Peoples Bank or any of Peoples Bank's subsidiaries; or (iii) taking any action to or allow Peoples Bank or any of Peoples Bank's subsidiaries to sell, transfer, issue, reissue or exchange, or grant any option with respect to, any equity interest of Peoples Bank or any of Peoples Bank's subsidiaries. There are also negative covenants limiting the actions which may be taken with respect to the authorization or issuance of additional shares of any class of equity interests of Peoples Bank or any of Peoples Bank's subsidiaries or the grant to any person other than Raymond James Bank of any proxy for existing equity interests of Peoples Bank or any of Peoples Bank's subsidiaries. The RJB Credit Agreement contains covenants which are usual and customary for comparable transactions. In addition to the negative covenants affecting the equity interests of Peoples Bank and Peoples Bank's subsidiaries discussed above, under the RJB Credit Agreement, the following covenants must be complied with: (a) neither Peoples nor any of its subsidiaries may create, incur or suffer to exist additional indebtedness with an aggregate principal amount which exceeds $10 million at any time outstanding, subject to specific negotiated carve-outs; (b) neither Peoples nor any of its subsidiaries may be a party to certain material transactions (such as mergers or consolidations with third parties, liquidations or dissolutions, sales of assets, acquisitions, investments and sale/leaseback transactions), subject to transactions in the ordinary course of the banking business of Peoples Bank and new investments in an aggregate amount not exceeding $10 million being permitted as well as specific negotiated carve-outs; (c) neither Peoples nor any of its subsidiaries may voluntarily prepay, defease, purchase, redeem, retire or otherwise acquire any subordinated indebtedness issued by them; subject to specific negotiated carve-outs and the consent of Raymond James Bank; and (d) neither Peoples nor any of its subsidiaries may make any Restricted Payments (as defined in the RJB Credit Agreement), except that, to the extent legally permissible, (i) any subsidiary may declare and pay dividends to Peoples or a wholly-owned subsidiary of Peoples and (ii) Peoples may declare and pay dividends on its common shares provided that no event of default exists before or after giving effect to the dividend and Peoples is in compliance (on a pro forma basis) with the financial covenants specified in the RJB Credit Agreement, after giving effect to the dividend. Peoples and Peoples Bank are also required to satisfy certain financial covenants including: (i) Peoples (on a consolidated basis) and Peoples Bank must be “well capitalized” at all times, as defined and determined by the applicable governmental authority having jurisdiction over Peoples or Peoples Bank; (ii) Peoples (on a consolidated basis) and Peoples Bank must maintain a Total risk-based capital ratio (as defined by the applicable governmental authority having regulatory authority over Peoples or Peoples Bank) of at least 12.50% as of the last day of any fiscal quarter; (iii) Peoples Bank must maintain a ratio of “Non-Performing Assets” to “Tangible Primary Capital” of not more than 20% as of the last day of any fiscal quarter; (iv) Peoples Bank must maintain a ratio of “Loan Loss Reserves” to “Non-Performing Loans” of not less than 70% at all times; and (v) Peoples (on a consolidated basis) must maintain a “Fixed Charge Coverage Ratio” that equals or exceeds 1.25 to 1.00 as of the end of each fiscal quarter, with the items used in this ratio being determined on a trailing four-fiscal quarter basis. As of December 31, 2016 , Peoples was in compliance with the applicable covenants imposed by the RJB Credit Agreement. On March 6, 2015, Peoples completed its acquisition of NB&T Financial Group, Inc. ("NB&T"), which included the assumption of Fixed/Floating Rate Junior Subordinated Debt Securities due 2037 (the "junior subordinated debt securities") at an acquisition-date fair value of $6.6 million held in a wholly-owned statutory trust whose common securities were wholly-owned by NB&T. The sole assets of the statutory trust are the junior subordinated debt securities and related payments. The junior subordinated debt securities and the back-up obligations, in the aggregate, constitute a full and unconditional guarantee of the obligations of the statutory trust under the Capital Securities held by third-party investors. Distributions on the Capital Securities are payable at the annual rate of 1.50% over the 3-month LIBOR. Distributions on the Capital Securities are included in interest expense in the Consolidated Financial Statements. These securities are considered Tier I capital (with certain limitations applicable) under current regulatory guidelines. The junior subordinated debt securities are subject to mandatory redemption, in whole or in part, upon repayment of the Capital Securities at maturity or their earlier redemption at the liquidation amount. Subject to prior approval of the Federal Reserve, the Capital Securities are redeemable prior to the maturity date of September 6, 2037, and are redeemable at par. Since September 6, 2012, the Capital Securities have been redeemable at par, subject to such approval. Distributions on the Capital Securities can be deferred from time to time for a period not to exceed 20 consecutive semi-annual periods. At December 31, 2016 , the aggregate minimum annual retirements of long-term borrowings in future periods were as follows: (Dollars in thousands) Balance Weighted-Average Rate 2017 $ 5,545 1.76 % 2018 64,971 3.54 % 2019 13,508 1.27 % 2020 10,564 2.03 % 2021 6,979 1.47 % Thereafter 43,588 2.4 % Long-term borrowings $ 145,155 2.71 % |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The following table details the activity in Peoples’ common stock and treasury stock during the years ended December 31 : Common Stock Treasury Stock Shares at December 31, 2013 11,352,036 600,794 Changes related to stock-based compensation awards: Grant of restricted common shares 101,926 — Release of restricted common shares — 18,031 Cancellation of restricted common shares (6,062 ) — Exercise of stock options for common shares — (2,792 ) Reissuance of treasury stock of common stock awards — (12,030 ) Grant of common shares 100 — Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 4,236 Reissuance of treasury stock (9,390 ) Common shares issued under dividend reinvestment plan 17,230 — Common shares issued under compensation plan for Board of Directors — (8,603 ) Issuance of common shares related to acquisitions: Midwest Bancshares, Inc. 256,282 — Ohio Heritage Bancorp, Inc. 1,364,735 — North Akron Savings Bank 665,570 — Common shares issued to institutional investors in private placement 1,847,826 — Shares at December 31, 2014 15,599,643 590,246 Changes related to stock-based compensation awards: Grant of restricted common shares 131,011 — Release of restricted common shares — 25,205 Cancellation of restricted common shares (28,219 ) — Grant of common shares 2,810 (100 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 7,654 Reissuance of treasury stock — (9,642 ) Common shares issued under dividend reinvestment plan 18,257 — Common shares issued under compensation plan for Board of Directors — (10,231 ) Common shares issued under employee stock purchase plan — (16,446 ) Issuance of common shares related to acquisition of NB&T Financial Group, Inc. 3,207,698 — Shares at December 31, 2015 18,931,200 586,686 Common Stock Treasury Stock Changes related to stock-based compensation awards: Grant of restricted common shares — (56,000 ) Grant of common shares (350 ) Release of restricted common shares — 17,220 Cancellation of restricted common shares (11,820 ) 1,000 Exercise of stock options for common shares — (1,775 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 8,396 Reissuance of treasury stock — (12,012 ) Common shares purchased under repurchase program — 279,770 Common shares issued under dividend reinvestment plan 19,711 — Common shares issued under compensation plan for Board of Directors — (11,450 ) Common shares issued under employee stock purchase plan — (15,727 ) Shares at December 31, 2016 18,939,091 795,758 On November 3, 2015, Peoples announced that its Board of Directors approved and adopted a share repurchase program authorizing Peoples to purchase, from time to time, up to an aggregate of $20 million of its outstanding common shares. No common shares were purchased in 2015. During 2016, Peoples repurchased 279,770 common shares at a cost of $5.0 million under the program. On March 6, 2015, Peoples completed its acquisition of NB&T, and issued 3,207,698 common shares reflecting $76.0 million of consideration, with the remainder paid in cash. On August 7, 2014, Peoples announced the completion of the sale of 1,847,826 common shares at $23.00 per share to institutional investors through a private placement (the "Private Equity Issuance"). Peoples received net proceeds of $40.2 million from the sale, and used the proceeds, in part, to fund the cash consideration for the NB&T acquisition. Under its Amended Articles of Incorporation, Peoples is authorized to issue up to 50,000 preferred shares, in one or more series, having such voting powers, designations, preferences, rights, qualifications, limitations and restrictions as determined by Peoples' Board of Directors. At December 31, 2016, Peoples had no preferred shares issued or outstanding. Accumulated Other Comprehensive (Loss) Income The following details the change in the components of Peoples’ accumulated other comprehensive (loss) income for the years ended December 31 : (Dollars in thousands) Unrealized (Loss) Gain on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Gain on Cash Flow Hedge Accumulated Other Comprehensive (Loss) Income Balance, December 31, 2013 $ (9,761 ) $ (3,483 ) $ — $ (13,244 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (259 ) — — (259 ) Realized loss due to settlement and curtailment, net of tax — 910 — 910 Other comprehensive income (loss), net of reclassifications and tax 12,562 (1,270 ) — 11,292 Balance, December 31, 2014 $ 2,542 $ (3,483 ) $ — $ (1,301 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (474 ) — — (474 ) Realized loss due to settlement and curtailment, net of tax — 298 — 298 Other comprehensive income, net of reclassifications and tax 801 317 — 1,118 Balance, December 31, 2015 $ 2,869 $ (3,228 ) $ — $ (359 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (604 ) — (604 ) Other comprehensive (loss) income, net of reclassifications and tax (1,684 ) (93 ) 1,186 (1,777 ) Balance, December 31, 2016 $ 581 $ (3,321 ) $ 1,186 $ (1,554 ) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Peoples sponsors a noncontributory defined benefit pension plan that covers substantially all employees hired before January 1, 2010. The plan provides retirement benefits based on an employee’s years of service and compensation. For employees hired before January 1, 2003, the amount of postretirement benefit is based on the employee’s average monthly compensation pay over the highest five consecutive years out of the employee’s last ten years with Peoples while an eligible employee. For employees hired on or after January 1, 2003, the amount of postretirement benefit is based on 2% of the employee’s annual compensation plus accrued interest. Effective January 1, 2010, the pension plan was closed to new entrants. Effective March 1, 2011, the accrual of pension plan benefits for all participants was frozen. Peoples recognized this freeze as a curtailment as of December 31, 2010 and March 1, 2011, under the terms of the pension plan. Effective July 1, 2013, a participant in the pension plan who is employed by Peoples may elect to receive or to commence receiving such person's retirement benefits as of the later of such person's normal retirement date or the first day of the month first following the date such person makes an election to receive his or her retirement benefits. Peoples also provides post-retirement health and life insurance benefits to former employees and directors. Only those individuals who retired before January 27, 2012 were eligible for life insurance benefits. As of January 1, 2011, all retirees who desire to participate in the Peoples Bank medical plan do so by electing COBRA, which provides up to 18 months of coverage; retirees over the age of 65 also have the option to participate in a group Medicare supplemental plan. Peoples only pays 100% of the cost for those individuals who retired before January 1, 1993. For all others, the retiree is responsible for most, if not all, of the cost of the health benefits. Peoples’ policy is to fund the cost of the benefits as they arise. The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2016 , and a statement of the funded status as of December 31, 2016 and 2015 : Pension Benefits Post-retirement Benefits (Dollars in thousands) 2016 2015 2016 2015 Change in benefit obligation: Obligation at January 1 $ 11,965 $ 13,695 $ 126 $ 152 Interest cost 438 447 4 4 Plan participants’ contributions — — 49 65 Actuarial loss (gain) 151 (948 ) (7 ) (10 ) Benefit payments (427 ) (148 ) (69 ) (85 ) Settlements — (1,081 ) — — Obligation at December 31 $ 12,127 $ 11,965 $ 103 $ 126 Accumulated benefit obligation at December 31 $ 12,127 $ 11,965 $ — $ — Change in plan assets: Fair value of plan assets at January 1 $ 7,124 $ 8,259 $ — $ — Actual return on plan assets 405 (91 ) — — Employer contributions 480 185 20 20 Plan participants’ contributions — — 49 65 Benefit payments (427 ) (148 ) (69 ) (85 ) Settlements — (1,081 ) — — Fair value of plan assets at December 31 $ 7,582 $ 7,124 $ — $ — Funded status at December 31 $ (4,545 ) $ (4,841 ) $ (103 ) $ (126 ) Amounts recognized in Consolidated Balance Sheets: Accrued benefit liability (4,545 ) (4,841 ) (103 ) (126 ) Net amount recognized $ (4,545 ) $ (4,841 ) $ (103 ) $ (126 ) Amounts recognized in Accumulated Other Comprehensive Loss: Unrecognized prior service cost $ — $ — $ (1 ) $ (2 ) Unrecognized net loss (gain) 3,368 3,275 (48 ) (47 ) Total $ 3,368 $ 3,275 $ (49 ) $ (49 ) Weighted-average assumptions at year-end: Discount rate 3.80 % 3.90 % 3.80 % 3.90 % The estimated costs relating to Peoples’ pension benefits that will be amortized from accumulated other comprehensive loss into net periodic cost over the next fiscal year are $97,000 . Net Periodic Benefit Cost The following tables detail the components of the net periodic benefit cost for the plans at December 31: Pension Benefits Post-retirement Benefits (Dollars in thousands) 2016 2015 2014 2016 2015 2014 Interest cost $ 438 $ 447 $ 509 $ 4 $ 4 $ 6 Expected return on plan assets (492 ) (493 ) (589 ) — — — Amortization of net loss (gain) 95 117 137 (6 ) (5 ) (8 ) Settlement of benefit obligation — 459 1,400 — — — Net periodic benefit cost $ 41 $ 530 $ 1,457 $ (2 ) $ (1 ) $ (2 ) Weighted-average assumptions: Discount rate 3.90 % 3.80 % 3.70 % 3.90 % 3.50 % 4.30 % Expected return on plan assets 7.50 % 7.50 % 7.50 % n/a n/a n/a Rate of compensation increase n/a n/a n/a n/a n/a n/a For measurement purposes, a 5.5% annual rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) was assumed for 2016 , grading down to an ultimate rate of 4% in 2064 . The health care trend rate assumption does not have a significant effect on the contributory defined benefit postretirement plan; therefore, a one percentage point increase or decrease in the trend rate is not material in the determination of the accumulated postretirement benefit obligation or the ongoing expense. Under US GAAP, Peoples is required to recognize a settlement gain or loss when the aggregate amount of lump-sum distributions to participants equals or exceeds the sum of the service and interest cost components of the net periodic pension cost. The amount of settlement gain or loss recognized is the pro rata amount of the unrealized gain or loss existing immediately prior to the settlement. In general, both the projected benefit obligation and fair value of plan assets are required to be remeasured in order to determine the settlement gain or loss. No settlement charges were recorded during 2016, compared to $0.5 million in 2015 and $1.4 million in 2014. Determination of Expected Long-term Rate of Return The expected long-term rate of return on the pension plan's total assets is based on the expected return of each category of the pension plan's assets. Peoples' investment strategy for the pension plan's assets continues to allocate 60% to 75% to equity securities. The returns generated by equity securities over the last 10 years have been significantly lower than their long-term historical annual returns due in part to unfavorable economic conditions. Plan Assets Peoples' investment strategy, as established by Peoples' Retirement Plan Committee, is to invest assets of the pension plan based upon established target allocations, which include a target range of 60 - 75% allocation in equity securities, 20 - 40% in debt securities and 0 - 15% of other investments. The assets are reallocated periodically to meet the target allocations. The investment policy is reviewed periodically, under the advisement of a certified investment advisor, to determine if the policy should be changed. The following table provides the fair values of investments held in Peoples' pension plan at December 31, by major asset category: (Dollars in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) 2016 Equity securities: Mutual funds - equity $ 5,241 $ 5,241 $ — Debt securities: Mutual funds - taxable income 2,107 2,107 — Total fair value of pension assets $ 7,348 $ 7,348 $ — 2015 Equity securities: Mutual funds - equity $ 4,908 $ 4,908 $ — Debt securities: Mutual funds - taxable income 1,863 1,863 — Total fair value of pension assets $ 6,771 $ 6,771 $ — Pension plan assets also included cash and cash equivalents of $221,000 and accrued income of $12,000 at December 31, 2016 . Cash and cash equivalents were $352,000 and accrued income was $1,000 at December 31, 2015 . For further information regarding levels of input used to measure fair value, refer to Note 2. Equity securities held as investments in Peoples' pension plan did not include any securities of Peoples or related parties in 2016 or 2015 . Cash Flows Peoples expects to make between $315,000 to $340,000 of contributions to its pension plan in 2017; however, actual contributions are made at the discretion of the Retirement Plan Committee and Peoples' Board of Directors. Estimated future benefit payments, which reflect benefits attributable to estimated future service, for the years ending December 31 are as follows: (Dollars in thousands) Pension Benefits Post-retirement Benefits 2017 $ 1,001 $ 12 2018 897 12 2019 935 12 2020 1,000 11 2021 1,067 10 2022 to 2026 3,325 41 Total $ 8,225 $ 98 Retirement Savings Plan Peoples also maintains a retirement savings plan, or 401(k) plan, which covers substantially all employees. The plan provides participants the opportunity to save for retirement on a tax-deferred basis. Beginning January 1, 2011, matching contributions equaled 100% of participants' contributions that did not exceed 3% of the participants' compensation, plus 50% of participants' contributions between 3% and 5% of the participants' compensation. Matching contributions made by Peoples totaled $1,549,000 , $1,454,000 and $1,048,000 in 2016 , 2015 and 2014 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Tax Disclosure | Income Taxes The reported income tax expense and effective tax rate in the Consolidated Statements of Income differs from the amounts computed by applying the statutory corporate tax rate as follows for the years ended December 31 : 2016 2015 2014 (Dollars in thousands) Amount Rate Amount Rate Amount Rate Income tax computed at statutory federal tax rate $ 15,785 35.0 % $ 5,051 34.1 % $ 8,462 35.0 % Differences in rate resulting from: Tax-exempt interest income (1,170 ) (2.6 )% (1,109 ) (7.5 )% (726 ) (3.0 )% Investments in tax credit funds (164 ) (0.4 )% (123 ) (0.8 )% (481 ) (2.0 )% Bank owned life insurance (495 ) (1.1 )% (204 ) (1.4 )% (37 ) — % Other, net 169 0.4 % 260 1.8 % 276 1.0 % Income tax expense $ 14,125 31.3 % $ 3,875 26.2 % $ 7,494 31.0 % Peoples' reported income tax expense consisted of the following for the years ended December 31 : (Dollars in thousands) 2016 2015 2014 Current income tax expense $ 16,587 $ 5,457 $ 3,659 Deferred income tax (benefit) expense (2,462 ) (1,582 ) 3,835 Income tax expense $ 14,125 $ 3,875 $ 7,494 The significant components of Peoples' deferred tax assets and liabilities consisted of the following at December 31 : (Dollars in thousands) 2016 2015 Deferred tax assets: Allowance for loan losses $ 12,578 $ 12,144 Accrued employee benefits 3,826 3,763 Investments 2,884 2,447 Bank premises and equipment 349 1,060 Other 1,190 2,183 Gross deferred tax assets $ 20,827 $ 21,597 Valuation allowance 1,341 605 Total deferred tax assets $ 19,486 $ 20,992 Deferred tax liabilities: Purchase accounting adjustments $ 10,845 $ 11,342 Deferred loan income 3,181 2,260 Available-for-sale securities 312 1,544 Other 1,305 664 Total deferred tax liabilities $ 15,643 $ 15,810 Net deferred tax asset $ 3,843 $ 5,182 The tax loss carryforward related to the NB&T acquisition at December 31, 2015 will be recognized in accordance with 26 U.S. Code §382 limitation of net operating loss carry forward guidance. As of December 31, 2016, Peoples had a net operating loss carryforward of approximately $3.1 million for tax purposes, which will be available to offset future taxable income. If not used, this carryforward will expire in 2035. The $1.3 million valuation allowance was related to a partnership investment and was recorded for deferred tax assets at December 31, 2016, as it was and remains more likely than not that the $3.8 million of gross deferred tax assets may not be realized in future periods. The federal income tax expense on securities transactions approximated $326,000 in 2016, $255,000 in 2015 and $139,000 in 2014. Income tax benefits are recognized in the Consolidated Financial Statements for a tax position only if it is considered "more likely than not" of being sustained on audit, based solely on the technical merits of the income tax position. If the recognition criteria are met, the amount of income tax benefits to be recognized are measured based on the largest income tax benefit that is more than 50 percent likely to be realized on ultimate resolution of the tax position. The following table provides a reconciliation of uncertain tax positions at December 31: (Dollars in thousands) 2016 2015 Uncertain tax positions, beginning of year $ 417 $ 240 Gross increase based on tax positions related to current year 113 182 Gross increase for tax position taken during prior years 45 — Gross decrease for tax positions taken during prior years — (2 ) Gross decrease due to the statute of limitations (53 ) (3 ) Uncertain tax positions, end of year $ 522 $ 417 Peoples' income tax returns are subject to review and examination by federal and state taxing authorities. Peoples is currently open to audit under the applicable statutes of limitations by the Internal Revenue Service for the years ended December 31, 2013 through 2015. The years open to examination by state taxing authorities vary by jurisdiction. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculations of basic and diluted earnings per common share for the years ended December 31 were as follows: (Dollars in thousands, except per common share data) 2016 2015 2014 Distributed earnings allocated to common shareholders $ 11,532 $ 10,426 $ 7,095 Undistributed earnings allocated to common shareholders 19,483 404 9,472 Net earnings allocated to common shareholders $ 31,015 $ 10,830 $ 16,567 Weighted-average common shares outstanding 18,013,693 17,555,140 12,183,352 Effect of potentially dilutive common shares 141,770 132,655 122,872 Total weighted-average diluted common shares outstanding 18,155,463 17,687,795 12,306,224 Earnings per common share: Basic $ 1.72 $ 0.62 $ 1.36 Diluted $ 1.71 $ 0.61 $ 1.35 Anti-dilutive common shares excluded from calculation: Stock options and stock appreciation rights 20,769 46,109 55,184 |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |
Financial Instruments Disclosure [Text Block] | Financial Instruments with Off-Balance Sheet Risk Derivatives and Hedging Activities - Risk Management Objective of Using Derivatives Peoples is exposed to certain risks arising from both its business operations and economic conditions. Peoples principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Peoples manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. Specifically, Peoples enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known or expected cash amounts, the value of which is determined by interest rates. Peoples’ derivative financial instruments are used to manage differences in the amount, timing, and duration of Peoples' known or expected cash receipts and its known or expected cash payments principally related to certain variable rate borrowings. Peoples also has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Peoples' assets or liabilities. Peoples manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. Fair Values of Derivative Instruments on the Balance Sheet The fair value of Peoples' derivative financial instruments was $5.0 million in an asset position and $3.2 million in a liability position at December 31, 2016 , and the fair value of Peoples' derivative financial instruments was $3.1 million in an asset position and $3.1 million in a liability position at December 31, 2015 . Cash Flow Hedges of Interest Rate Risk Peoples' objectives in using interest rate derivatives are to add stability to interest income and expense, and to manage its exposure to interest rate movements. To accomplish these objectives, during 2016, Peoples entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps were designated as cash flow hedges and involved the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. As of December 31, 2016 , Peoples had five interest rate swaps with a notional value of $40 million associated with Peoples' cash outflows for various FHLB advances. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income ("AOCI") (outside of earnings), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Peoples assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transaction. Peoples hedged its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 25 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). Peoples entered into five interest rate swap contracts whereby Peoples will pay a fixed rate of interest for up to seven years while receiving a floating rate component of interest equal to the three-month LIBOR rate. The floating rate component to be received is intended to offset the rate on the rolling three-month FHLB advances that will be used to fund the transaction. Amounts reported in AOCI related to derivatives will be reclassified to interest income or expense as interest payments are made or received on Peoples' variable-rate assets or liabilities. During the year ended December 31, 2016 , Peoples had no reclassifications to interest expense. During the next twelve months, Peoples estimates that no amount of interest expense will be reclassified. The amount of accumulated other comprehensive pre-tax income for Peoples' cash flow hedges was $1.8 million for the year ended December 31, 2016 . Additionally, Peoples had no reclassifications to earnings for the year ended December 31, 2016 . Non-Designated Hedges Peoples maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples provides a customer with a fixed-rate loan while creating a variable-rate asset for Peoples by the customer entering into an interest rate swap with Peoples on terms that match the loan. Peoples offsets its risk exposure by entering into an offsetting interest rate swap with an unaffiliated institution. These interest rate swaps do not qualify as designated hedges; therefore, each swap is accounted for as a standalone derivative. Peoples had interest rate swaps associated with commercial loans with a notional value of $247.3 million and fair value of $3.2 million of equally offsetting assets and liabilities at December 31, 2016 and a notional value of $144.4 million and fair value of $3.1 million of equally offsetting assets and liabilities at December 31, 2015 . These interest rate swaps did not have a material impact on Peoples' results of operation or financial condition. Loan Commitments and Standby Letters of Credit Loan commitments are made to accommodate the financial needs of Peoples' customers. Standby letters of credit are instruments issued by Peoples Bank guaranteeing the beneficiary payment by Peoples Bank in the event of default by Peoples Bank's customer in the nonperformance of an obligation or service. Historically, most loan commitments and standby letters of credit expire unused. Peoples' exposure to credit loss in the event of nonperformance by the counter-party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. Peoples uses the same underwriting standards in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained is based on management's credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, property, plant, and equipment, and income-producing commercial properties. The total amounts of loan commitments and standby letters of credit at December 31 are summarized as follows: (Dollars in thousands) 2016 2015 Home equity lines of credit $ 85,024 $ 84,148 Unadvanced construction loans 119,075 77,479 Other loan commitments 269,669 233,689 Loan commitments 473,768 395,316 Standby letters of credit $ 25,651 $ 22,970 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Matters [Abstract] | |
Regulatory Capital Requirements under Banking Regulations | Regulatory Matters The following is a summary of certain regulatory matters affecting Peoples and its subsidiaries: Federal Reserve Requirements Peoples Bank is required to maintain a minimum level of reserves, consisting of cash on hand and non-interest-bearing balances with the FRB, based on the amount of deposit liabilities. Average required reserve balances were approximately $17.0 million and $16.3 million in 2016 and 2015 , respectively. Limits on Dividends The primary source of funds for the dividends paid by Peoples is dividends received from Peoples Bank. The payment of dividends by Peoples Bank is subject to various banking regulations. The most restrictive provision requires regulatory approval if dividends declared in any calendar year exceed the total net profits of that year plus the retained net profits of the preceding two years. At December 31, 2016 , Peoples Bank had approximately $10.5 million of net profits available for distribution to Peoples as dividends without regulatory approval. Capital Requirements Peoples and Peoples Bank are subject to various regulatory capital guidelines administered by the banking regulatory agencies. Under capital adequacy requirements and the regulatory framework for prompt corrective action, Peoples and Peoples Bank must meet specific capital guidelines that involve quantitative measures of each entity's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Peoples' and Peoples Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Failure to meet future minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a material effect on Peoples' financial results. Quantitative measures established by regulation to ensure capital adequacy, and in effect at December 31, 2016 , required Peoples and Peoples Bank to maintain minimum amounts and ratios of Common Equity Tier 1 capital, Tier 1 capital and Total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). Peoples and Peoples Bank met all capital adequacy requirements at December 31, 2016 . As of December 31, 2016 , the most recent notifications from the banking regulatory agencies categorized Peoples and Peoples Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, Peoples and Peoples Bank must maintain minimum Common Equity Tier 1, Tier 1 risk-based, Total risk-based and Tier I leverage ratios as set forth in the table below. There are no conditions or events since these notifications that management believes have changed Peoples or Peoples Bank's category. Peoples' and Peoples Bank's actual capital amounts and ratios as of December 31 are also presented in the following table: 2016 2015 (Dollars in thousands) Amount Ratio Amount Ratio PEOPLES Common Equity Tier 1 (1) Actual $ 306,506 12.9 % $ 288,416 13.4 % For capital adequacy 106,801 4.5 % 97,142 4.5 % To be well capitalized 154,268 6.5 % 140,316 6.5 % Tier 1 (2) Actual $ 313,430 13.2 % $ 295,151 13.7 % For capital adequacy 142,402 6.0 % 129,523 6.0 % To be well capitalized 189,869 8.0 % 172,697 8.0 % Total Capital (3) Actual $ 334,957 14.1 % $ 313,974 14.5 % For capital adequacy 189,869 8.0 % 172,697 8.0 % To be well capitalized 237,336 10.0 % 215,871 10.0 % Tier 1 Leverage (4) Actual $ 313,430 9.7 % $ 295,151 9.5 % For capital adequacy 129,803 4.0 % 123,973 4.0 % To be well capitalized 162,254 5.0 % 154,967 5.0 % Net Risk-Weighted Assets $ 2,373,359 $ 2,158,713 PEOPLES BANK Common Equity Tier 1 (1) Actual $ 271,319 11.5 % $ 257,045 11.9 % For capital adequacy 106,474 4.5 % 96,974 4.5 % To be well capitalized 153,795 6.5 % 140,074 6.5 % Tier 1 (2) Actual $ 291,319 12.3 % $ 277,045 12.9 % For capital adequacy 141,965 6.0 % 129,299 6.0 % To be well capitalized 189,287 8.0 % 172,399 8.0 % Total Capital (3) Actual $ 309,749 13.1 % $ 293,823 13.6 % For capital adequacy 189,287 8.0 % 172,399 8.0 % To be well capitalized 236,608 10.0 % 215,499 10.0 % Tier 1 Leverage (4) Actual $ 291,319 9.0 % $ 277,045 9.0 % For capital adequacy 129,633 4.0 % 123,742 4.0 % To be well capitalized 162,041 5.0 % 154,677 5.0 % Net Risk-Weighted Assets $ 2,366,082 $ 2,154,985 (1) Ratio represents Common Equity Tier 1 capital to net risk-weighted assets (2) Ratio represents Tier 1 capital to net risk-weighted assets (3) Ratio represents total capital to net risk-weighted assets (4) Ratio represents Tier 1 capital to average assets |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Under the Peoples Bancorp Inc. Second Amended and Restated 2006 Equity Plan (the “2006 Equity Plan”), Peoples may grant, among other awards, nonqualified stock options, incentive stock options, restricted stock awards, stock appreciation rights and unrestricted share awards to employees and non-employee directors. The total number of common shares available under the 2006 Equity Plan is 1,081,260 . The maximum number of common shares that can be issued for incentive stock options is 800,000 common shares. Prior to 2007, Peoples granted nonqualified and incentive stock options to employees and nonqualified stock options to non-employee directors under the 2006 Equity Plan and predecessor plans. In 2007 and 2008, Peoples granted stock appreciation rights (“SARs”) to be settled in common shares. Since February 2007, Peoples has granted restricted common shares to employees and non-employee directors subject to the terms and conditions prescribed by the 2006 Equity Plan. In general, common shares issued in connection with stock-based awards are issued from treasury shares to the extent available. If no treasury shares are available, common shares are issued from authorized but unissued common shares. Stock Options Under the provisions of the 2006 Equity Plan and predecessor stock option plans, the exercise price per share of any stock option granted may not be less than the grant date fair market value of the underlying common shares. All stock options granted to both employees and non-employee directors expire ten years from the date of grant. The most recent stock option grants to employees and non-employee directors occurred in 2006. The stock options granted to employees vested three years after the grant date, while the stock options granted to non-employee directors vested six months after the grant date. The following summarizes the changes to Peoples' outstanding stock options for the year ended December 31, 2016 : Number of Common Shares Subject to Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 20,310 $ 28.83 Expired 20,310 28.84 Outstanding at December 31 — $ — — $ — Exercisable at December 31 — $ — — $ — Stock Appreciation Rights SARs granted to employees have an exercise price equal to the fair market value of Peoples’ common shares on the date of grant and will be settled using common shares of Peoples. Additionally, the SARs granted to employees vested three years after the grant date and are to expire ten years from the date of grant. The most recent grant of SARs occurred in 2008. The following summarizes the changes to Peoples' outstanding SARs for the year ended December 31, 2016 : Number of Common Shares Subject to SARs Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 17,748 $ 25.86 Exercised 9,902 25.03 Forfeited 5,508 26.72 Outstanding at December 31 2,338 $ 27.37 0.5 years $ 11.905 Exercisable at December 31 2,338 $ 27.37 0.5 years $ 11.905 The following table summarizes Peoples’ SARs outstanding at December 31, 2016 : Exercise Price Number of Common Shares Subject to SARs Outstanding & Exercisable Weighted- Average Remaining Contractual Life $23.77 803 1.1 years $29.25 1,535 0.1 years Total 2,338 0.5 years Restricted Shares Under the 2006 Equity Plan, Peoples may award restricted common shares to officers, key employees and non-employee directors. In general, the restrictions on common shares awarded to non-employee directors expire after six months , while the restrictions on common shares awarded to employees expire after periods ranging from one to three years . In 2016, Peoples granted an aggregate of 35,500 restricted common shares subject to performance-based vesting to officers and key employees with restrictions that will lapse three years after the grant date provided that in order for the restricted common shares to vest in full, Peoples must have reported positive net income and maintained a well capitalized status by regulatory standards for each of the three fiscal years preceding the vesting date. In addition, Peoples granted restricted common shares during 2016 to attract and/or retain key employees with vesting periods ranging from one to three years. The following summarizes the changes to Peoples’ outstanding restricted common shares for the year ended December 31, 2016 : Time Vesting Performance Vesting Number of Common Shares Weighted-Average Grant Date Fair Value Number of Common Shares Weighted-Average Grant Date Fair Value Outstanding at January 1 30,734 $ 21.76 158,763 $ 22.86 Awarded 20,500 21.88 35,500 17.86 Released 8,918 21.63 41,028 21.74 Forfeited 2,000 21.92 10,820 22.72 Outstanding at December 31 40,316 $ 21.85 142,415 $ 21.95 The total intrinsic value of restricted common shares released was $ 1.0 million , $2.0 million and $1.6 million in 2016 , 2015 and 2014 , respectively. Stock-Based Compensation Peoples recognized stock-based compensation expense, which is included as a component of Peoples’ salaries and employee benefit costs, based on the estimated fair value of the awards on the grant date. The following summarizes the amount of stock-based compensation expense and related tax benefit recognized at December 31: (Dollars in thousands) 2016 2015 2014 Total stock-based compensation $ 1,332 $ 1,843 $ 2,111 Recognized tax benefit (466 ) (645 ) (739 ) Net expense recognized $ 866 $ 1,198 $ 1,372 Restricted common shares were the only stock-based compensation awards granted by Peoples in 2016, 2015 and 2014. The fair value of restricted common share awards on the grant date is the market price of Peoples' common shares. Total unrecognized stock-based compensation expense related to unvested awards was $ 1.5 million at December 31, 2016 , which will be recognized over a weighted-average period of 1.6 years. In 2014, the Board of Directors granted 12,030 unrestricted common shares to certain employees that did not already participate in the 2006 Equity Plan, which resulted in an additional $298,000 of stock-based compensation expense being recognized. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On January 6, 2016, Peoples Bank acquired a small financial advisory book of business in Marietta, Ohio for cash consideration of $0.5 million . This acquisition was accounted for as a business combination under the acquisition method of accounting under US GAAP, and did not materially impact Peoples' financial position, results of operations or cash flows. On January 31, 2017, Peoples Insurance acquired a third-party insurance administration company with annual net revenue of $0.4 million . This acquisition did not materially impact Peoples' financial position, results of operations or cash flows. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Parent Company Only Financial Information [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure | Parent Company Only Financial Information Condensed Balance Sheets December 31, (Dollars in thousands) 2016 2015 Assets: Cash and due from other banks $ 50 $ 50 Interest-bearing deposits in subsidiary bank 7,988 4,437 Due from subsidiary bank 3,255 3,875 Available-for-sale investment securities, at fair value (amortized cost of $1,255 at December 31, 2016 and December 31, 2015) 8,109 5,813 Investments in subsidiaries: Bank 395,468 385,258 Non-bank 28,730 29,155 Other assets 1,649 1,070 Total assets $ 445,249 $ 429,658 Liabilities: Accrued expenses and other liabilities $ 2,589 $ 3,030 Dividends payable 165 103 Mandatorily redeemable capital securities of subsidiary trust 7,234 6,736 Total liabilities 9,988 9,869 Total stockholders' equity 435,261 419,789 Total liabilities and stockholders' equity $ 445,249 $ 429,658 Condensed Statements of Income Year Ended December 31, (Dollars in thousands) 2016 2015 2014 Income: Dividends from subsidiary bank $ 20,500 $ 17,500 $ 21,000 Dividends from non-bank subsidiary 1,250 2,000 500 Interest and other income 209 206 205 Total income 21,959 19,706 21,705 Expenses: Trust preferred securities expense 397 304 — Intercompany management fees 1,131 3,171 1,546 Other expense 3,154 5,653 4,578 Total expenses 4,682 9,128 6,124 Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries 17,277 10,578 15,581 Applicable income tax benefit (1,718 ) (3,139 ) (2,102 ) Equity in (excess dividends from) undistributed earnings of subsidiaries 12,162 (2,776 ) (999 ) Net income $ 31,157 $ 10,941 $ 16,684 Statements of Cash Flows Year Ended December 31, (Dollars in thousands) 2016 2015 2014 Operating activities Net income $ 31,157 $ 10,941 $ 16,684 Adjustment to reconcile net income to cash provided by operations: Depreciation, amortization and accretion, net 190 165 — (Equity in) excess dividends from undistributed earnings of subsidiaries (12,162 ) 2,776 999 Other, net 355 (1,903 ) 1,825 Net cash provided by operating activities 19,540 11,979 19,508 Investing activities Investment in subsidiaries (22,769 ) (104,584 ) (65,822 ) Decrease (increase) in receivable from subsidiary 23,389 (2,860 ) (187 ) Business combinations, net of cash received — 83,391 54,386 Net cash provided by (used in) investing activities 620 (24,053 ) (11,623 ) Financing activities Payments on long-term borrowings — (14,400 ) (4,800 ) Purchase of treasury stock (5,480 ) (741 ) (520 ) Proceeds from issuance of common stock 18 — 40,242 Cash dividends paid (11,173 ) (10,065 ) (6,767 ) Excess tax benefit for share-based payments 26 51 85 Net cash (used in) provided by financing activities (16,609 ) (25,155 ) 28,240 Net increase (decrease) in cash and cash equivalents 3,551 (37,229 ) 36,125 Cash and cash equivalents at the beginning of year 4,487 41,716 5,591 Cash and cash equivalents at the end of year $ 8,038 $ 4,487 $ 41,716 Supplemental cash flow information: Interest paid $ 433 $ 594 $ 672 |
Summarized Quarterly Informatio
Summarized Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Summarized Quarterly Information (Unaudited) [Abstract] | |
Quarterly Financial Information | Summarized Quarterly Information (Unaudited) 2016 (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total interest income $ 28,443 $ 28,921 $ 28,730 $ 29,350 Total interest expense 2,676 2,613 2,607 2,683 Net interest income 25,767 26,308 26,123 26,667 Provision for loan losses 955 727 1,146 711 Net loss on asset disposals and other transactions (31 ) (769 ) (224 ) (109 ) Net gain (loss) on investment securities 96 767 (1 ) 68 Other income 13,054 12,367 13,538 12,111 Amortization of other intangible assets 1,008 1,007 1,008 1,007 System conversion expenses — 90 423 746 Other expenses 25,274 25,408 25,411 25,529 Income tax expense 3,654 3,479 3,656 3,336 Net income $ 7,995 $ 7,962 $ 7,792 $ 7,408 Earnings per common share - Basic $ 0.44 $ 0.44 $ 0.43 $ 0.41 Earnings per common share - Diluted $ 0.44 $ 0.44 $ 0.43 $ 0.41 Weighted-average common shares outstanding - Basic 18,071,746 17,980,797 17,993,443 18,009,056 Weighted-average common shares outstanding - Diluted 18,194,990 18,113,812 18,110,710 18,172,030 2015 (a) (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total interest income $ 24,159 $ 27,566 $ 28,178 $ 28,430 Total interest expense 2,740 2,773 2,642 2,566 Net interest income 21,419 24,793 25,536 25,864 Provision for loan losses 350 672 5,837 7,238 Net loss on asset disposals and other transactions (1,103 ) (136 ) (51 ) (498 ) Net gain on investment securities 600 11 62 56 Other income 11,508 11,926 11,906 12,101 Amortization of other intangible assets 673 1,144 1,127 1,133 Acquisition-related expenses 9,043 732 109 838 Other expenses 23,198 26,902 24,876 25,306 Income tax (benefit) expense (151 ) 2,231 1,370 425 Net (loss) income $ (689 ) $ 4,913 $ 4,134 $ 2,583 (Loss) earnings per common share - Basic $ (0.04 ) $ 0.27 $ 0.23 $ 0.14 (Loss) earnings per common share - Diluted $ (0.04 ) $ 0.27 $ 0.22 $ 0.14 Weighted-average common shares outstanding - Basic 15,802,334 18,116,090 18,127,131 18,142,997 Weighted-average common shares outstanding - Diluted 15,930,235 18,253,918 18,271,979 18,278,272 (a) Reflects the impact of the acquisition of NB&T beginning March 6, 2015. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Business Combinations Policy [Policy Text Block] | Business Combinations: Business combinations are accounted for using the acquisition method of accounting. Under this accounting method, the acquired company's net assets are recorded at fair value on the date of acquisition, and the results of operations of the acquired company are combined with Peoples' from the acquisition date forward. Costs related to the acquisition are expensed as incurred. The purchase price paid over the fair value of the net assets acquired (including intangible assets with finite lives) is recorded as goodwill. |
Basis of Presentation | The accounting and reporting policies of Peoples Bancorp Inc. and Subsidiaries (“Peoples” refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) conform to generally accepted accounting principles in the United States of America (“US GAAP”) and to general practices within the banking industry. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, comprehensive income or loss, net cash provided by operating activities or stockholders' equity. |
Consolidation | Consolidation: Peoples' Consolidated Financial Statements include subsidiaries in which Peoples has a controlling financial interest, principally defined as owning a voting interest greater than 50%. In addition, entities not controlled by voting interest or in which the equity investors do not bear the residual economic risks, but for which Peoples is the primary beneficiary are also consolidated. The Consolidated Financial Statements include the accounts of Peoples and its consolidated subsidiaries, Peoples Bank and Peoples Investment Company, along with their wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, federal funds sold and other short-term investments with original maturities of ninety days or less. Included in interest-bearing deposits in other banks were $1.0 million and $5.0 million in funds at December 31, 2016 and 2015 , respectively, which were being used as collateral and not available for withdrawal. |
Investment Securities | Investment Securities: Investment securities are recorded initially at cost, which includes premiums and discounts if purchased at other than par or face value. Peoples amortizes premiums and accretes discounts as an adjustment to interest income on a level yield basis. The cost of investment securities sold, and any resulting gain or loss, is based on the specific identification method and recognized as of the trade date. Management determines the appropriate classification of investment securities at the time of purchase. Held-to-maturity securities are those securities that Peoples has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to Peoples' liquidity needs, changes in market interest rates, and asset-liability management strategies, among other considerations. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses reported in stockholders' equity as a separate component of other accumulated comprehensive income or loss, net of applicable deferred income taxes. Certain restricted equity securities that do not have readily determinable fair values and for which Peoples does not exercise significant influence, are carried at cost. These cost method securities are reported as other investment securities on the Consolidated Balance Sheets and consist primarily of shares of the Federal Home Loan Bank of Cincinnati (the “FHLB”) and the Federal Reserve Bank of Cleveland (the "FRB"). Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include (1) the duration and magnitude of the decline in value, (2) the financial condition of the issuer or issuers, and (3) the structure of the security. An impairment loss is recognized in earnings only when (1) Peoples intends to sell the debt security, (2) it is more likely than not that Peoples will be required to sell the security before recovery of its amortized cost basis, or (3) Peoples does not expect to recover the entire amortized cost basis of the security. In situations where Peoples intends to sell or when it is more likely than not that Peoples will be required to sell the security, the entire impairment loss must be recognized in earnings. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in stockholders' equity as a component of accumulated comprehensive income or loss, net of applicable deferred taxes. |
Fair Value Measurements | Fair Value Measurements: The measurement of fair value under US GAAP uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: Level 1: Quoted prices in active exchange markets for identical assets or liabilities; also includes certain U.S. Treasury and other U.S. government and agency securities actively traded in over-the-counter markets. Level 2: Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data; also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. government and agency securities, corporate debt securities, derivative instruments, and residential mortgage loans held for sale. Level 3: Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data. This category generally includes certain private equity investments, retained interests from securitizations, and certain collateralized debt obligations. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase: Peoples enters into sales of securities under agreements to repurchase (“Repurchase Agreements”) with customers and other financial service companies, which are considered financings. As such, these obligations are recorded as a liability on the Consolidated Balance Sheets and disclosed in Note 8 and Note 9, as appropriate. Securities pledged as collateral under Repurchase Agreements are included in investment securities on the Consolidated Balance Sheets and are disclosed in Note 3. The fair value of the collateral pledged to a third party is continually monitored and additional collateral is pledged or returned, as deemed appropriate. |
Loans and Loans Held-For-Sale | Loans: Loans originated that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs and an allowance for loan losses. The foreseeable future is based upon current market conditions and business strategies, as well as balance sheet management and liquidity. As the conditions change, so may management's view of the foreseeable future. Net deferred loan origination costs were $ 5.4 million and $ 3.3 million at December 31, 2016 and 2015 , respectively. A loan is considered impaired when information and events indicate it is probable that collection of all contractual principal and interest payments is doubtful. Impairment is evaluated collectively for smaller-balance loans of a similar nature, primarily consumer and residential real estate loans, and on an individual loan basis for all loans to borrowers with an aggregate unpaid principal balance in excess of $1 million on an annual basis for possible credit deterioration. This loan review process provides Peoples with opportunities to identify potential problem loans and take proactive actions to assure repayment of the loan or minimize Peoples' risk of loss, such as reviewing the relationship more frequently based upon the loan quality rating and aggregate debt outstanding. Upon detection of the reduced ability of a borrower to meet cash flow obligations, the loan is reviewed for possible downgrade or placement on nonaccrual status. Loan relationships whose aggregate debt to Peoples is equal to or less than $1 million are reviewed on an event driven basis. Peoples also completes evaluation procedures for a selection of larger loan relationships on a quarterly basis. Triggers for review include knowledge of adverse events affecting the business, receipt of financial statements indicating deteriorating credit quality and other events. Peoples typically places any loan deemed to be impaired on nonaccrual status and allocates a specific portion of the allowance for loan losses, if necessary, to reduce the net carrying value of the loan to its estimated net realizable value. Impaired loans, or portions thereof, are charged off when deemed uncollectable. Upon detection of the reduced ability of a borrower to meet cash flow obligations, consumer and residential real estate loans typically are charged down to the net realizable value, with the residual balance placed on nonaccrual status. Loans acquired in a business combination that have evidence of deterioration of credit quality, commonly referred to as "purchase credit impaired" loans, since origination and for which it is probable, at acquisition, that Peoples will be unable to collect all contractually required payments receivable are initially recorded at fair value (the present value of the amounts expected to be collected) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition are not recognized. Over the life of these acquired loans, management continues to monitor each acquired purchased credit impaired loan portfolio for changes in credit quality. Increases in expected cash flows subsequent to acquisition are recognized prospectively over their remaining life as a yield adjustment on the loans. Subsequent decreases in expected cash flows are recognized as an impairment, with the amount of the expected loss included in management's evaluation of the appropriateness of the allowance for loan losses. These purchase credit impaired loans are considered to be accruing and performing even though collection of contractual payments on loans may be in doubt, as income continues to be accreted as long as expected cash flows can be reasonably estimated. Loans acquired in a business combination that are not impaired are recorded at fair value, and the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the discounts (or premiums) to a loan's cost basis and are accreted (or amortized) to interest income over the loan's remaining life using the level yield method. Subsequent to the acquisition date, the methods utilized to estimate the required allowance for loan losses for these loans is similar to originated loans; however, Peoples records a provision for loan losses only when the required allowance exceeds the remaining discount. Loans Held-for-Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried at the lower of cost or estimated fair value determined on an aggregate basis. Gains and losses on sales of loans held for sale are included in mortgage banking income. Loans originated with the intent to be held in our portfolio are subsequently transferred to held for sale when a decision is made to sell these loans. At the time of a loan's transfer to the held for sale classification, the loan is recorded at the lower of cost or its fair value. Any reduction in the loan's value is reflected as a write-down of the recorded investment resulting in a new cost basis, with a corresponding charge against the allowance for loan losses. If the fair value of a loan classified as held-for-sale in subsequent periods is less than its cost basis, the carrying value of the loan is adjusted accordingly, with the corresponding loss recognized in earnings. Peoples enters into interest rate lock commitments with borrowers and best efforts commitments with investors on mortgage loans originated for sale into the secondary markets to manage the inherent interest rate and pricing risk associated with selling loans. The interest rate lock commitments generally terminate once the loan is funded, the lock period expires or the borrower decides not to contract for the loan. The best efforts commitments generally terminate once the loan is sold, the commitment period expires or the borrower decides not to contract for the loan. These commitments are considered derivatives which are generally accounted for by recognizing their estimated fair value on the Consolidated Balance Sheets as either a freestanding asset or a freestanding liability. The valuation of such commitments does not consider expected cash flows related to the servicing of the future loan. Management has determined these derivatives do not have a material effect on Peoples' financial position, results of operations or cash flows. |
Allowance for Loan Losses | Allowance for Loan Losses: The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against income. The allowance for loan losses is maintained at a level that management deems sufficient to absorb probable losses inherent in the loan portfolio. Loans deemed to be uncollectable are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. The allowance for loan losses is comprised of specific valuation allowances for loans evaluated individually for impairment and general allocations for pools of homogeneous loans with similar risk characteristics and trends. Peoples' homogenous loan pools include similarly risk-graded commercial and industrial loans, similarly risk-graded commercial real estate loans, real estate construction loans (both commercial and residential), residential real estate loans, consumer home equity loans and other consumer loans. Management's evaluation of the appropriateness of the allowance for loan losses and the related provision for loan losses is based upon a quarterly analysis of the portfolio. While portions of the allowance for loan losses may be allocated to specific loans, the entire allowance for loan losses is available for any loan charged off by management. The allowance for loan losses related to specific loans is based on management's estimate of potential losses on impaired loans as determined by (1) the present value of expected future cash flows, (2) the fair value of collateral if the loan is determined to be collateral dependent, or (3) the loan's observable market price. The general allocations to specific loan pools are based on the historical loss rates for specific loan types and the internal risk grade, if applicable, adjusted for both internal and external qualitative risk factors. The calculation of historical loss rates for pools of similar loans with similar characteristics is based upon the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss rates are periodically updated based on actual charge-off experience. The qualitative factors considered by management include, among other factors, (1) changes in local and national economic conditions, (2) changes in asset quality, (3) changes in loan portfolio volume, (4) the composition and concentrations of credit, (5) the impact of competition on loan structuring and pricing, (6) the impact of interest rate changes on portfolio risk, and (7) effectiveness of Peoples' loan policies, procedures and internal controls. The total allowance established for each homogenous loan pool represents the product of the historical loss rate and the total dollar amount of the loans in the pool. Peoples categorizes loans involving commercial borrowers into risk categories based upon an established grading matrix. This system is used to manage the risk within its commercial lending activities, evaluate changes in the overall credit quality of the loan portfolio and evaluate the appropriateness of the allowance for loan losses. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1 million are reviewed on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower's business, receipt of financial statements indicating deteriorating credit quality or other similar events. Adversely classified loans are generally reviewed on a quarterly basis. The primary factors considered when assigning a risk grade to a loan include (1) reliability and sustainability of the primary source of repayment, (2) past, present and projected financial condition of the borrower, and (3) current economic and industry conditions. Other factors that could influence the risk grade assigned include the type and quality of collateral and the strength of guarantors. The primary source of repayment for commercial real estate loans and commercial and industrial loans is normally the operating cash flow of the business available to repay debt. Management's analysis of operating cash flow for commercial real estate loans secured by non-owner occupied properties takes into account factors such as rent rolls and vacancy statistics. Management's analysis of operating cash flow for commercial real estate loans secured by owner occupied properties and all commercial and industrial loans considers the profitability, liquidity and leverage of the business. The evaluation of construction loans includes consideration of the borrower's ability to complete construction within the established budget. The primary factors considered when classifying consumer loans include the loan's past due status and declaration of bankruptcy by the borrower(s). The classification of residential real estate and home equity lines of credit also takes into account the current value of the underlying collateral. |
Troubled Debt Restructuring | Troubled Debt Restructuring: The restructuring of a loan is considered a troubled debt restructuring ("TDR") if both (1) the borrower is experiencing financial difficulties and (2) the creditor has granted a concession. Loans acquired that are restructured after acquisition are not considered TDRs if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools of purchased credit impaired loans. In assessing whether or not a borrower is experiencing financial difficulties, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (1) the borrower is currently in payment default on any of the borrower's debt, (2) a payment default is probable in the foreseeable future without the modification, (3) the borrower has declared or is in the process of declaring bankruptcy, and (4) the borrower's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification. Peoples considers all aspects of the modification to loan terms to determine whether or not a concession has been granted to the borrower. Key factors considered by Peoples include the borrower's ability to access funds at a market rate for loans with similar risk characteristics, the significance of the modification relative to the unpaid principal loan balance or collateral value underlying the loan, and the significance of a delay in the timing of payments relative to the original contractual terms of the loan. The most common concessions granted by Peoples generally include one or more modifications to the terms of the loan, such as (1) a reduction in the interest rate for the remaining life of the loan, (2) an extension of the maturity date at an interest rate lower than the current market rate for a new loan with similar risk, (3) a temporary period of interest-only payments, and (4) a reduction in the contractual payment amount for either a short period or the remaining term of the loan. All TDRs are considered impaired loans and are evaluated individually to determine if a write-down is required and if they should be on accrual or nonaccrual status. |
Bank Premises and Equipment | Bank Premises and Equipment: Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets owned. Major improvements to leased facilities are capitalized and included in bank premises at cost less accumulated depreciation, which is calculated on the straight-line method over the lesser of the remaining term of the leased facility or the estimated economic life of the improvement. |
Investments in Affordable Housing Limited Partnerships | Investments in Affordable Housing Limited Partnerships: Investments in affordable housing consist of investments in limited partnerships that operate qualified affordable housing projects or that invest in other limited partnerships formed to operate affordable housing projects. These investments are considered variable interest entities for which Peoples is not the primary beneficiary. Peoples generally utilizes the effective yield method to account for these investments with the tax credits, net of the amortization of the investment, reflected in the Consolidated Statements of Income as a reduction of income tax expense. The unamortized amount of the investments is recorded in other assets and totaled $ 5.0 million and $ 3,000 at December 31, 2016 and 2015 , respectively. |
Other Real Estate Owned | Other Real Estate Owned: Other real estate owned (“OREO”), included in other assets on the Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples in satisfaction of a loan. OREO obtained in satisfaction of a loan is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. Peoples had OREO totaling $ 0.7 million at both December 31, 2016 and December 31, 2015 . |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired in the business combination. Goodwill is not amortized but is tested for impairment when indicators of impairment exist, or at least annually on October 1. Based upon the most recently completed goodwill impairment test, Peoples concluded the recorded value of goodwill was not impaired as of December 31, 2016 , based upon the estimated fair value of Peoples' single reporting unit. Peoples' other intangible assets consist of customer relationship and core deposit intangible assets representing the net present value of future economic benefit to be earned from acquired customer relationships with definite useful lives. These intangible assets are amortized on an accelerated basis over their estimated lives ranging from 7 to 10 years. |
Mortgage Servicing Rights | Servicing Rights: Servicing rights (“SRs”) represent the right to service loans sold to third-party investors. SRs are recognized separately as a servicing asset or liability whenever Peoples undertakes an obligation to service financial assets. SRs are reported in other intangible assets on the Consolidated Balance Sheets. Serviced loans are not included in the Consolidated Balance Sheets. Loan servicing income included in mortgage banking income includes servicing fees received from the third-party investors and certain charges collected from the borrowers. Peoples initially records SRs at fair value at the time of the sale of the loans to the third-party investor. Peoples follows the amortization method for the subsequent measurement of each class of separately recognized servicing assets and liabilities. Under the amortization method, Peoples amortizes the value of servicing assets or liabilities in proportion to and over the period of estimated net servicing income or net servicing loss, and assesses servicing assets or liabilities for impairment or increased obligation based on fair value at each reporting date. The fair value of the SRs is determined by using a discounted cash flow model, which estimates the present value of the future net cash flows of the servicing portfolio based on various factors, such as servicing costs, expected prepayment speeds and discount rates. |
Trust Assets Under Management | Trust Assets Under Management: Peoples manages certain assets held in a fiduciary or agency capacity for customers. These assets under management, other than cash on deposit at Peoples, are not included in the Consolidated Balance Sheets since they are not assets of Peoples. |
Interest Income Recognition | Interest Income Recognition: Interest income on loans and investment securities is recognized by methods that result in level rates of return on principal amounts outstanding, including yield adjustments resulting from the amortization of loan costs and premiums on investment securities, and accretion of loan fees and discounts on investment securities. Since mortgage-backed securities comprise a sizable portion of Peoples' investment portfolio, a significant increase in principal payments on those securities can impact interest income due to the corresponding acceleration of premium amortization or discount accretion. Peoples discontinues the accrual of interest on a loan when conditions cause management to believe collection of all or any portion of the loan's contractual interest is doubtful. Such conditions may include the borrower being 90 days or more past due on any contractual payments, or current information regarding the borrower's financial condition and repayment ability. All unpaid accrued interest deemed uncollectable is reversed, which reduces Peoples' net interest income. Interest received on nonaccrual loans is included in income only if principal recovery is reasonably assured. |
Other Income Recognition | Other Income Recognition: Service charges on deposits include cost recovery fees associated with services provided, such as overdraft and non-sufficient funds. Trust and investment income consists of revenue from fiduciary activities, which include fees for services such as asset management, recordkeeping, retirement services and estate management, and investment commissions and fees related to the sale of investments. Income from these activities is recognized at the time the related services are performed. Insurance income consists of commissions and fees from the sales of insurance policies and related insurance services. Insurance income is recognized when it is earned and can be reasonably estimated. Performance-based commissions from insurance companies are recognized when received and no contingencies remain. Revenue Recognition: Peoples recognizes revenues as it is earned based on contractual terms, or as services are provided and collectability is reasonably assured. Peoples’ principal source of revenue is interest income, which is recognized on an accrual basis primarily according to formulas in written contracts, such as loan agreements or securities contracts. |
Income Taxes | Income Taxes: Peoples and its subsidiaries file a consolidated federal income tax return. Deferred income tax assets and liabilities are provided for temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements at the statutory federal tax rate. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. The components of accumulated other comprehensive income or loss included in the Consolidated Statements of Stockholders' Equity have been computed based upon a 35% federal tax rate. A tax position is initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. Penalties and interest incurred under the applicable tax law are classified as income tax expense. The amount of Peoples' valuation allowance and uncertain income tax positions and unrecognized benefits are disclosed in Note 12. |
Advertising Costs | Advertising Costs: Advertising costs are generally expensed as incurred. |
Earnings Per Share | Earnings per Share: Basic and diluted earnings per common share (“EPS”) are calculated using the two-class method since Peoples has issued some share-based payment awards considered participating securities because they entitle holders the rights to dividends during the vesting term. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Basic earnings per common share is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental common shares issuable upon exercise of outstanding stock options, stock appreciation rights and non-vested restricted common shares using the treasury stock method. |
Operating Segments | Operating Segments: Peoples' business activities are currently confined to one reporting unit and reportable segment, which is community banking. As a community banking entity, Peoples offers its customers a full range of products including a complete line of banking, insurance, investment and trust solutions. |
Stock-Based Compensation | Stock-Based Compensation: Compensation costs for stock options, restricted stock awards and stock appreciation rights are measured at the fair value of these awards on their grant date. Compensation expense is recognized over the required service period, generally the vesting period for stock options and stock appreciation rights and the restriction period for restricted stock awards. For all awards, only the expense for the portion of the awards expected to vest is recognized. For service-based awards, compensation expense for awards granted to employees who are eligible for retirement is recognized to the date the employee is first eligible to retire. |
New Accounting Pronouncements | New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by Peoples as of the required effective dates. Unless otherwise discussed, management believes the impact of any recently issued standards, including those issued but not yet effective, will not have a material impact on Peoples financial statements taken as a whole. In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09 -Revenue from Contracts with Customers (Topic 606). There are many aspects of this new accounting guidance that are still being interpreted and the FASB has issued updates to certain aspects of the guidance to address implementation issues. The FASB issued updates in March, April, May and December of 2016 clarifying several areas of the guidance. These clarifications included: • Principal versus agent considerations, • Collectibility, sales tax and non-cash consideration, practical expedients for contract modifications and completed contracts, • Identification of performance obligations, and • Licensing implementation guidance. This accounting guidance can be implemented using either a full retrospective method or a modified retrospective approach. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2017 (effective January 1, 2018 for Peoples). Early adoption is permitted but only for interim and annual reporting periods beginning after December 15, 2016. Peoples will adopt this new accounting guidance in 2018, as required, and anticipates implementing the new accounting guidance using the modified retrospective approach. The modified retrospective approach uses a cumulative-effect adjustment to retained earnings to reflect uncompleted contracts in the initial application of the guidance. Peoples is currently evaluating revenue streams and contracts to determine the impact of the new guidance. Based on Peoples’ evaluation to date, it does not expect the adoption of this guidance to have a significant impact on Peoples’ financial condition or quarterly or annual results of operations; however, the review is ongoing. Peoples will continue to evaluate the impact of the guidance, including any additional guidance issued, during the completion of this internal assessment. In November 2016, the FASB issued ASU 2016-18 - Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). The amendments in this update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update do not provide a definition of restricted cash or restricted cash equivalents. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2017 (effective January 1, 2018, for Peoples). The adoption of the new accounting guidance is not expected to have a material effect on Peoples' statement of cash flow. In August 2016, the FASB issued ASU 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2019 (effective January 1, 2020, for Peoples). The adoption of the new accounting guidance is not expected to have a material effect on Peoples' statement of cash flow. In March 2016, the FASB issued ASU 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The objective of the simplification initiative is to identify, evaluate, and improve areas of US GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The areas for simplification involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Amendments related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, forfeitures, and intrinsic value are to be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the accounting guidance is adopted. For public entities, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Peoples will adopt this new accounting guidance as required, and it is not expected to have a material impact on Peoples' results of operations. In March 2016, the FASB issued ASU 2016-06 - Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments. The amendment is intended to resolve the diversity in practice by assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to the debt instrument hosts, which is one of the criteria for bifurcating an embedded derivative. When a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise the call (put) option is related to interest rates or credit risks. For public entities, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Peoples is currently evaluating the impact of adopting the new accounting guidance on Peoples' consolidated financial statements, but it is not expected to have a material impact. In February 2016, the FASB issued ASU 2016-02 - Leases (Topic 842). The amendment was issued to improve the financial reporting of leasing activities and provide a faithful representation of leasing transactions and improve understanding and comparability of a lessee's financial statements. Under the new accounting guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. The ASU will require both finance and operating leases to be recognized on the balance sheet. The ASU will affect all companies and organizations that lease real estate. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 (effective January 1, 2019, for Peoples). As of December 31, 2016, Peoples' leasing exposure was limited to operating leases as disclosed in Note 5. Peoples will adopt this new accounting guidance as required, but it is not expected to have a material impact on Peoples' consolidated financial statements. In January 2016, the FASB issued ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendment is intended to enhance the reporting model for financial instruments to provide users of financial statements with more useful information. The new ASU requires equity investments to be measured at fair value with changes in fair value recognized in net income. However, a reporting organization may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment (if any), from observable price changes in orderly transactions for similar investments of the same issuer. The ASU is effective for fiscal years beginning after December 15, 2019 (effective January 1, 2020, for Peoples). Peoples is currently evaluating the impact of adopting the new accounting guidance on Peoples' consolidated financial statements which may result in an impact to the income statement on a quarterly and annual basis, as market rates fluctuate. Peoples will adopt this accounting guidance as required. |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets measured on recurring basis | Assets measured at fair value on a recurring basis comprised the following at December 31 : Fair Value Measurements at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value 2016 Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ 1,000 $ — States and political subdivisions 117,230 — 117,230 — Residential mortgage-backed securities 626,567 — 626,567 — Commercial mortgage-backed securities 19,291 — 19,291 — Bank-issued trust preferred securities 4,899 — 4,899 — Equity securities 8,953 8,734 219 — Total available-for-sale securities $ 777,940 $ 8,734 $ 769,206 $ — 2015 Obligations of: U.S. government sponsored agencies $ 2,966 $ — $ 2,966 $ — States and political subdivisions 114,726 — 114,726 — Residential mortgage-backed securities 632,293 — 632,293 — Commercial mortgage-backed securities 23,845 — 23,845 — Bank-issued trust preferred securities 4,635 — 4,635 — Equity securities 6,236 6,024 212 — Total available-for-sale securities $ 784,701 $ 6,024 $ 778,677 $ — Held-to-maturity securities reported at fair value comprised the following at December 31 : Fair Value at Reporting Date Using (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets Significant Significant Unobservable Inputs Fair Value 2016 Obligations of: States and political subdivisions $ 4,041 $ — $ 4,041 $ — Residential mortgage-backed securities 33,762 — 33,762 — Commercial mortgage-backed securities 5,424 — 5,424 — Total held-to-maturity securities $ 43,227 $ — $ 43,227 $ — 2015 Obligations of: States and political subdivisions $ 4,221 $ — $ 4,221 $ — Residential mortgage-backed securities 35,196 — 35,196 — Commercial mortgage-backed securities 6,436 — 6,436 — Total held-to-maturity securities $ 45,853 $ — $ 45,853 $ — |
Fair Values of Financial Assets and Liabilities on Balance Sheets | The following table presents the fair values of financial assets and liabilities carried on Peoples’ Consolidated Balance Sheets, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis at December 31: 2016 2015 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets : Cash and cash equivalents $ 66,146 $ 66,146 $ 71,115 $ 71,115 Investment securities 859,455 859,538 868,830 868,955 Loans (1) 2,210,529 2,152,544 2,057,614 2,018,482 Financial liabilities: Deposits $ 2,509,722 $ 2,512,647 $ 2,535,944 $ 2,540,131 Short-term borrowings 305,607 305,607 160,386 160,386 Long-term borrowings 145,155 145,106 113,670 117,299 Cash flow hedges (2) 1,779 1,779 — — |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2016 Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ — $ 1,000 States and political subdivisions 115,657 1,836 (263 ) 117,230 Residential mortgage-backed securities 633,802 3,758 (10,993 ) 626,567 Commercial mortgage-backed securities 19,337 41 (87 ) 19,291 Bank-issued trust preferred securities 5,169 91 (361 ) 4,899 Equity securities 2,052 6,969 (68 ) 8,953 Total available-for-sale securities $ 777,017 $ 12,695 $ (11,772 ) $ 777,940 2015 Obligations of: U.S. government sponsored agencies $ 2,908 $ 58 $ — $ 2,966 States and political subdivisions 111,283 3,487 (44 ) 114,726 Residential mortgage-backed securities 635,504 4,905 (8,116 ) 632,293 Commercial mortgage-backed securities 23,770 119 (44 ) 23,845 Bank-issued trust preferred securities 5,146 — (511 ) 4,635 Equity securities 1,693 4,627 (84 ) 6,236 Total available-for-sale securities $ 780,304 $ 13,196 $ (8,799 ) $ 784,701 |
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) 2016 2015 2014 Gross gains realized $ 933 $ 795 $ 1,136 Gross losses realized 3 66 738 Net gain realized $ 930 $ 729 $ 398 |
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 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 2016 Obligations of: States and political subdivisions $ 23,501 $ 263 28 $ — $ — — $ 23,501 $ 263 Residential mortgage-backed securities 427,088 8,495 108 46,631 2,498 22 473,719 10,993 Commercial mortgage-backed securities 7,770 87 4 — — — 7,770 87 Bank-issued trust preferred securities — — — 2,637 361 3 2,637 361 Equity securities 263 3 1 110 65 1 373 68 Total $ 458,622 $ 8,848 141 $ 49,378 $ 2,924 26 $ 508,000 $ 11,772 2015 Obligations of: States and political subdivisions $ 7,662 $ 38 8 $ 213 $ 6 1 $ 7,875 $ 44 Residential mortgage-backed securities 303,549 3,902 76 102,090 4,214 33 405,639 8,116 Commercial mortgage-backed securities 6,682 44 3 — — — 6,682 44 Bank-issued trust preferred securities 2,129 19 1 2,506 492 3 4,635 511 Equity securities 438 15 2 106 69 1 544 84 Total $ 320,460 $ 4,018 90 $ 104,915 $ 4,781 38 $ 425,375 $ 8,799 |
Summary of Held-to-maturity Investment Securities | The following table summarizes Peoples’ held-to-maturity investment securities at December 31: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2016 Obligations of: States and political subdivisions $ 3,820 $ 221 $ — $ 4,041 Residential mortgage-backed securities 33,858 432 (528 ) 33,762 Commercial mortgage-backed securities 5,466 — (42 ) 5,424 Total held-to-maturity securities $ 43,144 $ 653 $ (570 ) $ 43,227 2015 Obligations of: States and political subdivisions $ 3,831 $ 394 $ (4 ) $ 4,221 Residential mortgage-backed securities 35,367 363 (534 ) 35,196 Commercial mortgage-backed securities 6,530 — (94 ) 6,436 Total held-to-maturity securities $ 45,728 $ 757 $ (632 ) $ 45,853 |
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, 2016 . 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. Rates are calculated on a fully tax-equivalent basis using a 35% federal income tax rate. (Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total Amortized cost Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ — $ — $ 1,000 States and political subdivisions 435 14,354 28,903 71,965 115,657 Residential mortgage-backed securities 2 14,225 33,180 586,395 633,802 Commercial mortgage-backed securities — 3,246 14,267 1,824 19,337 Bank-issued trust preferred securities — — — 5,169 5,169 Equity securities — — — — 2,052 Total available-for-sale securities $ 1,437 $ 31,825 $ 76,350 $ 665,353 $ 777,017 Fair value Obligations of: U.S. government sponsored agencies $ 1,000 $ — $ — $ — $ 1,000 States and political subdivisions 438 14,484 29,250 73,058 117,230 Residential mortgage-backed securities 2 14,020 33,389 579,156 626,567 Commercial mortgage-backed securities — 3,287 14,185 1,819 19,291 Bank-issued trust preferred securities — — — 4,899 4,899 Equity securities — — — — 8,953 Total available-for-sale securities $ 1,440 $ 31,791 $ 76,824 $ 658,932 $ 777,940 Total weighted-average yield 2.23 % 4.11 % 3.57 % 3.29 % 3.36 % |
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, 2016 . 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. Rates are calculated on a fully tax-equivalent basis using a 35% federal income tax rate. (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 $ — $ 318 $ 978 $ 2,524 $ 3,820 Residential mortgage-backed securities — — 4,623 29,235 33,858 Commercial mortgage-backed securities — — — 5,466 5,466 Total held-to-maturity securities $ — $ 318 $ 5,601 $ 37,225 $ 43,144 Fair value Obligations of: States and political subdivisions $ — $ 320 $ 1,058 $ 2,663 $ 4,041 Residential mortgage-backed securities — — 4,643 29,119 33,762 Commercial mortgage-backed securities — — — 5,424 5,424 Total held-to-maturity securities $ — $ 320 $ 5,701 $ 37,206 $ 43,227 Total weighted-average yield — % 6.16 % 3.03 % 3.66 % 3.60 % |
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 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 2016 Obligations of: Residential mortgage-backed securities $ 12,139 $ 476 3 $ 963 $ 52 1 $ 13,102 $ 528 Commercial mortgage-backed securities 5,424 42 1 — — — 5,424 42 Total $ 17,563 $ 518 4 $ 963 $ 52 1 $ 18,526 $ 570 2015 Obligations of: States and political subdivisions $ — $ — — $ 319 $ 4 1 $ 319 $ 4 Residential mortgage-backed securities 3,706 89 2 10,040 445 2 13,746 534 Commercial mortgage-backed securities 540 4 1 5,895 90 1 6,435 94 Total $ 4,246 $ 93 3 $ 16,254 $ 539 4 $ 20,500 $ 632 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loan Classification by Type | The major classifications of loan balances, excluding loans held for sale, were as follows at December 31: (Dollars in thousands) 2016 2015 Originated loans: Commercial real estate, construction $ 84,626 $ 63,785 Commercial real estate, other 531,557 471,184 Commercial real estate 616,183 534,969 Commercial and industrial 378,131 288,130 Residential real estate 307,490 288,783 Home equity lines of credit 85,617 74,176 Consumer, indirect 252,024 165,320 Consumer, other 67,579 61,813 Consumer 319,603 227,133 Deposit account overdrafts 1,080 1,448 Total originated loans $ 1,708,104 $ 1,414,639 Acquired loans: Commercial real estate, construction $ 10,100 $ 12,114 Commercial real estate, other 204,466 265,092 Commercial real estate 214,566 277,206 Commercial and industrial 44,208 63,589 Residential real estate 228,435 276,772 Home equity lines of credit 25,875 32,253 Consumer, indirect 808 1,776 Consumer, other 2,940 6,205 Consumer 3,748 7,981 Total acquired loans $ 516,832 $ 657,801 Total loans $ 2,224,936 $ 2,072,440 |
Purchased Credit Impaired Loans | Peoples has acquired various loans through business combinations for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable that all contractually required payments would not be collected, commonly referred to as "purchased credit impaired" loans. The carrying amounts of these loans included in the loan balances above are summarized as follows at December 31: (Dollars in thousands) 2016 2015 Commercial real estate $ 11,476 $ 16,893 Commercial and industrial 1,573 3,040 Residential real estate 23,306 27,155 Consumer 76 193 Total outstanding balance $ 36,431 $ 47,281 Net carrying amount $ 26,524 $ 35,064 |
Accretable Yield Rollforward | Changes in the accretable yield for acquired purchased credit impaired loans during the year ended December 31, 2016 were as follows: (Dollars in thousands) Accretable Yield Balance, December 31, 2015 $ 7,042 Additions: Reclassification from nonaccretable to accretable 2,014 Accretion (1,924 ) Balance, December 31, 2016 $ 7,132 |
Related Party Loans | Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status and new directors elected during the year. (Dollars in thousands) Balance, December 31, 2015 $ 19,221 New loans and disbursements 5,702 Repayments (7,330 ) Other changes — Balance, December 31, 2016 $ 17,593 |
Nonaccrual and Past Due Loans | The recorded investments in loans on nonaccrual status and accruing loans delinquent for 90 days or more were as follows at December 31: Accruing Loans 90+ Days Past Due Nonaccrual Loans (Dollars in thousands) 2016 2015 2016 2015 Originated loans: Commercial real estate, construction $ 826 $ 921 $ — $ — Commercial real estate, other 9,934 7,041 — — Commercial real estate 10,760 7,962 — — Commercial and industrial 1,712 480 — 680 Residential real estate 3,778 3,057 183 169 Home equity lines of credit 383 321 — — Consumer, indirect 130 34 10 — Consumer, other 11 58 — 1 Consumer 141 92 10 1 Total originated loans $ 16,774 $ 11,912 $ 193 $ 850 Acquired loans: Commercial real estate, other $ 1,609 $ 469 $ 1,506 $ 2,425 Commercial and industrial 390 247 387 1,306 Residential real estate 2,317 798 1,672 1,353 Home equity lines of credit 231 98 — 35 Consumer, indirect — — 13 — Consumer, other 4 7 — — Consumer 4 7 13 — Total acquired loans $ 4,551 $ 1,619 $ 3,578 $ 5,119 Total loans $ 21,325 $ 13,531 $ 3,771 $ 5,969 |
Aging Of The Recorded Investment In Past Due Loans And Leases | The following table presents the aging of the recorded investment in past due loans at December 31: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2016 Originated loans: Commercial real estate, construction $ — $ — $ 826 $ 826 $ 83,800 $ 84,626 Commercial real estate, other 1,420 225 9,305 10,950 520,607 531,557 Commercial real estate 1,420 225 10,131 11,776 604,407 616,183 Commercial and industrial 1,305 700 1,465 3,470 374,661 378,131 Residential real estate 7,288 1,019 1,895 10,202 297,288 307,490 Home equity lines of credit 316 45 248 609 85,008 85,617 Consumer, indirect 2,080 273 77 2,430 249,594 252,024 Consumer, other 346 38 — 384 67,195 67,579 Consumer 2,426 311 77 2,814 316,789 319,603 Deposit account overdrafts — — — — 1,080 1,080 Total originated loans $ 12,755 $ 2,300 $ 13,816 $ 28,871 $ 1,679,233 $ 1,708,104 Acquired loans: Commercial real estate, construction $ — $ — $ 40 $ 40 $ 10,060 $ 10,100 Commercial real estate, other 1,220 208 2,271 3,699 200,767 204,466 Commercial real estate 1,220 208 2,311 3,739 210,827 214,566 Commercial and industrial 148 3 777 928 43,280 44,208 Residential real estate 5,918 2,496 2,974 11,388 217,047 228,435 Home equity lines of credit 208 65 178 451 25,424 25,875 Consumer, indirect 4 — — 4 804 808 Consumer, other 51 — 13 64 2,876 2,940 Consumer 55 — 13 68 3,680 3,748 Total acquired loans $ 7,549 $ 2,772 $ 6,253 $ 16,574 $ 500,258 $ 516,832 Total loans $ 20,304 $ 5,072 $ 20,069 $ 45,445 $ 2,179,491 $ 2,224,936 Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total 2015 Originated loans: Commercial real estate, construction $ 913 $ — $ 8 $ 921 $ 62,864 $ 63,785 Commercial real estate, other 7,260 1,258 379 8,897 462,287 471,184 Commercial real estate 8,173 1,258 387 9,818 525,151 534,969 Commercial and industrial 1,437 215 767 2,419 285,711 288,130 Residential real estate 3,124 1,105 1,263 5,492 283,291 288,783 Home equity lines of credit 161 7 104 272 73,904 74,176 Consumer, indirect 790 168 — 958 164,362 165,320 Consumer, other 597 82 32 711 61,102 61,813 Consumer 1,387 250 32 1,669 225,464 227,133 Deposit account overdrafts — — — — 1,448 1,448 Total originated loans $ 14,282 $ 2,835 $ 2,553 $ 19,670 $ 1,394,969 $ 1,414,639 Acquired loans: Commercial real estate, construction $ — $ — $ 40 $ 40 $ 12,074 $ 12,114 Commercial real estate, other 1,592 352 2,730 4,674 260,418 265,092 Commercial real estate 1,592 352 2,770 4,714 272,492 277,206 Commercial and industrial 177 232 1,553 1,962 61,627 63,589 Residential real estate 4,910 2,480 1,745 9,135 267,637 276,772 Home equity lines of credit 318 20 95 433 31,820 32,253 Consumer, indirect 23 — — 23 1,753 1,776 Consumer, other 67 31 — 98 6,107 6,205 Consumer 90 31 — 121 7,860 7,981 Total acquired loans $ 7,087 $ 3,115 $ 6,163 $ 16,365 $ 641,436 $ 657,801 Total loans $ 21,369 $ 5,950 $ 8,716 $ 36,035 $ 2,036,405 $ 2,072,440 |
Loans By Risk Category | The following table summarizes the risk category of Peoples' loan portfolio based upon the most recent analysis performed at December 31: Pass Rated Watch Substandard Doubtful Not Rated Total Loans (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2016 Originated loans: Commercial real estate, construction $ 73,423 $ — $ 826 $ — $ 10,377 $ 84,626 Commercial real estate, other 505,029 11,855 14,673 — — 531,557 Commercial real estate 578,452 11,855 15,499 — 10,377 616,183 Commercial and industrial 346,791 15,210 16,130 — — 378,131 Residential real estate 47,336 957 12,828 304 246,065 307,490 Home equity lines of credit 465 — 135 — 85,017 85,617 Consumer, indirect 15 13 — — 251,996 252,024 Consumer, other 50 — — — 67,529 67,579 Consumer 65 13 — — 319,525 319,603 Deposit account overdrafts — — — — 1,080 1,080 Total originated loans $ 973,109 $ 28,035 $ 44,592 $ 304 $ 662,064 $ 1,708,104 Acquired loans: Commercial real estate, construction $ 10,046 $ — $ 54 $ — $ — $ 10,100 Commercial real estate, other 181,781 12,475 10,210 — — 204,466 Commercial real estate 191,827 12,475 10,264 — — 214,566 Commercial and industrial 42,809 227 978 194 — 44,208 Residential real estate 17,170 709 1,404 — 209,152 228,435 Home equity lines of credit 202 — — — 25,673 25,875 Consumer, indirect 51 — — — 757 808 Consumer, other 53 — — — 2,887 2,940 Consumer 104 — — — 3,644 3,748 Total acquired loans $ 252,112 $ 13,411 $ 12,646 $ 194 $ 238,469 $ 516,832 Total loans $ 1,225,221 $ 41,446 $ 57,238 $ 498 $ 900,533 $ 2,224,936 Pass Rated Watch Substandard Doubtful Not Rated Total Loans (Dollars in thousands) (Grades 1 - 4) (Grade 5) (Grade 6) (Grade 7) 2015 Originated loans: Commercial real estate, construction $ 62,225 $ — $ 913 $ — $ 647 $ 63,785 Commercial real estate, other 434,868 18,710 17,595 — 11 471,184 Commercial real estate 497,093 18,710 18,508 — 658 534,969 Commercial and industrial 259,183 23,601 5,344 — 2 288,130 Residential real estate 21,903 1,168 12,282 187 253,243 288,783 Home equity lines of credit 785 — 175 — 73,216 74,176 Consumer, indirect 114 — — — 165,206 165,320 Consumer, other 94 — 3 — 61,716 61,813 Consumer 208 — 3 — 226,922 227,133 Deposit account overdrafts — — — — 1,448 1,448 Total originated loans $ 779,172 $ 43,479 $ 36,312 $ 187 $ 555,489 $ 1,414,639 Acquired loans: Commercial real estate, construction $ 12,114 $ — $ — $ — $ — $ 12,114 Commercial real estate, other 233,630 13,866 17,521 75 — 265,092 Commercial real estate 245,744 13,866 17,521 75 — 277,206 Commercial and industrial 56,077 3,078 4,238 196 — 63,589 Residential real estate 18,027 1,409 1,786 — 255,550 276,772 Home equity lines of credit 316 — — — 31,937 32,253 Consumer, indirect 126 — — — 1,650 1,776 Consumer, other 130 — — — 6,075 6,205 Consumer 256 — — — 7,725 7,981 Total acquired loans $ 320,420 $ 18,353 $ 23,545 $ 271 $ 295,212 $ 657,801 Total loans $ 1,099,592 $ 61,832 $ 59,857 $ 458 $ 850,701 $ 2,072,440 |
Schedule Of Impaired Loans | The following tables summarize loans classified as impaired at December 31: Unpaid Principal Balance Recorded Investment Total Recorded Investment Average Recorded Investment Interest Income Recognized With Without Related Allowance (Dollars in thousands) Allowance Allowance 2016 Commercial real estate, construction $ 894 $ — $ 866 $ 866 $ — $ 913 $ 3 Commercial real estate, other 20,029 7,474 12,227 19,701 803 18,710 700 Commercial real estate 20,923 7,474 13,093 20,567 803 19,623 703 Commercial and industrial 7,289 2,732 1,003 3,735 585 3,386 125 Residential real estate 27,703 138 27,393 27,531 24 27,455 1,419 Home equity lines of credit 908 — 908 908 — 717 44 Consumer, indirect 220 — 224 224 — 136 16 Consumer, other 130 — 130 130 — 138 13 Consumer 350 — 354 354 — 274 29 Total $ 57,173 $ 10,344 $ 42,751 $ 53,095 $ 1,412 $ 51,455 $ 2,320 2015 Commercial real estate, construction $ 957 $ — $ 957 957 $ — $ 227 $ 3 Commercial real estate, other 23,430 6,396 12,772 19,168 1,363 13,070 815 Commercial real estate 24,387 6,396 13,729 20,125 1,363 13,297 818 Commercial and industrial 5,670 1,224 4,130 5,354 351 4,049 246 Residential real estate 31,304 370 28,834 29,204 106 26,785 1,354 Home equity lines of credit 425 — 419 419 — 325 18 Consumer, indirect 118 — 103 103 — 84 — Consumer, other 265 — 195 195 — 210 28 Consumer 383 — 298 298 — 294 28 Total $ 62,169 $ 7,990 $ 47,410 $ 55,400 $ 1,820 $ 44,750 $ 2,464 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes the loans that were modified as TDRs during the years ended December 31, 2016 and 2015 . Recorded Investment (1) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment 2016 Originated loans: Commercial real estate, other 3 $ 109 $ 109 $ 107 Commercial and industrial 7 828 836 750 Residential real estate 8 266 266 266 Home equity lines of credit 5 81 81 81 Consumer, indirect 14 164 164 164 Consumer, other 3 24 24 23 Consumer 17 188 188 187 Total 40 $ 1,472 $ 1,480 $ 1,391 Acquired loans: Commercial real estate, construction 2 $ 237 $ 237 $ 237 Residential real estate 14 1,080 1,082 1,076 Home equity lines of credit 4 260 260 250 Consumer, indirect 2 7 7 7 Consumer, other 3 15 15 15 Consumer 5 22 22 22 Total 25 $ 1,599 $ 1,601 $ 1,585 2015 Originated loans: Commercial real estate, other 5 $ 900 $ 900 $ 881 Commercial and industrial 4 834 834 834 Residential real estate 4 207 207 115 Home equity lines of credit 11 402 402 389 Consumer, indirect 5 51 51 50 Consumer, other 7 44 44 44 Consumer 12 95 95 94 Total 36 $ 2,438 $ 2,438 $ 2,313 Acquired loans: Residential real estate 4 $ 246 $ 246 $ 246 Home equity lines of credit 1 8 8 7 Total 5 $ 254 $ 254 $ 253 (1) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported. |
Summary Of Activity In Allowance For Loan And Lease Losses | Changes in the allowance for loan losses in the periods ended December 31 , were as follows: (Dollars in thousands) Commercial Real Estate Commercial and Industrial Residential Real Estate Home Equity Lines of Credit Consumer Deposit Account Overdrafts Total Balance, January 1, 2016 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,971 $ 121 $ 16,539 Charge-offs (24 ) (1,017 ) (588 ) (73 ) (2,655 ) (774 ) (5,131 ) Recoveries 1,209 306 278 56 1,285 175 3,309 Net recoveries (charge-offs) 1,185 (711 ) (310 ) (17 ) (1,370 ) (599 ) (1,822 ) (Recovery of) provision for loan losses (1,089 ) 1,682 35 (27 ) 2,229 649 3,479 Balance, December 31, 2016 $ 7,172 $ 6,353 $ 982 $ 688 $ 2,830 $ 171 $ 18,196 Period-end amount allocated to: Loans individually evaluated for impairment $ 803 $ 585 $ 24 $ — $ — $ — $ 1,412 Loans collectively evaluated for impairment 6,369 5,768 958 688 2,830 171 16,784 Balance, December 31, 2016 $ 7,172 $ 6,353 $ 982 $ 688 $ 2,830 $ 171 $ 18,196 Balance, January 1, 2015 $ 9,825 $ 4,036 $ 1,627 $ 694 $ 1,587 $ 112 $ 17,881 Charge-offs (242 ) (13,576 ) (628 ) (125 ) (1,353 ) (774 ) (16,698 ) Recoveries 104 98 315 119 755 171 1,562 Net charge-offs (138 ) (13,478 ) (313 ) (6 ) (598 ) (603 ) (15,136 ) (Recovery of) provision for loan losses (2,611 ) 14,824 (57 ) 44 982 612 13,794 Balance, December 31, 2015 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,971 $ 121 $ 16,539 Period-end amount allocated to: Loans individually evaluated for impairment $ 1,363 $ 351 $ 106 $ — $ — $ — $ 1,820 Loans collectively evaluated for impairment 5,713 5,031 1,151 732 1,971 121 14,719 Balance, December 31, 2015 $ 7,076 $ 5,382 $ 1,257 $ 732 $ 1,971 $ 121 $ 16,539 |
Allowance for Loan Losses Acquired Loans [Table Text Block] | The following table presents activity in the allowance for loan losses for acquired loans as of December 31: (Dollars in thousands) 2016 2015 Purchase credit impaired loans: Balance, January 1 $ 240 $ — Charge-offs (67 ) (63 ) Recoveries — — Net (charge-offs) recoveries (67 ) (63 ) Provision for loan losses 60 303 Balance, December 31 $ 233 $ 240 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Bank Premises and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The major categories of bank premises and equipment and accumulated depreciation at December 31 are summarized as follows: (Dollars in thousands) 2016 2015 Land $ 12,085 $ 11,976 Building and premises 61,451 58,607 Furniture, fixtures and equipment 26,078 25,487 Total bank premises and equipment 99,614 96,070 Accumulated depreciation (45,998 ) (42,583 ) Net book value $ 53,616 $ 53,487 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum payments under noncancellable operating leases with initial or remaining terms of one year or more consisted of the following at December 31, 2016 : (Dollars in thousands) Payments 2017 $ 745 2018 731 2019 431 2020 217 2021 207 Thereafter 354 Total future operating lease payments $ 2,685 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of Goodwill [Table Text Block] | The following table details changes in the recorded amount of goodwill for the years ended December 31 : (Dollars in thousands) 2016 2015 Goodwill, beginning of year $ 132,631 $ 98,562 Acquired goodwill — 34,069 Goodwill, end of year $ 132,631 $ 132,631 |
Schedule of Other Intangible Assets | Other intangible assets were comprised of the following at December 31: (Dollars in thousands) Core Deposits Customer Relationships Total 2016 Gross intangibles $ 16,150 $ 4,859 $ 21,009 Acquired intangibles — 514 514 Accumulated amortization (7,594 ) (2,847 ) (10,441 ) Total acquired intangibles $ 8,556 $ 2,526 $ 11,082 Servicing rights 2,305 Total other intangibles $ 13,387 2015 Gross intangibles $ 7,013 $ 8,858 $ 15,871 Acquired intangibles 8,623 1,695 10,318 Accumulated amortization (4,396 ) (7,194 ) (11,590 ) Total acquired intangibles $ 11,240 $ 3,359 $ 14,599 Servicing rights 2,387 Total other intangibles $ 16,986 |
Schedule of Future Amortization of Other Intangible Assets | The following table details estimated aggregate future amortization expense of core deposit and customer relationship intangible assets at December 31, 2016 : (Dollars in thousands) Core Deposits Customer Relationships Total 2017 $ 2,688 $ 722 $ 3,410 2018 2,175 606 2,781 2019 1,658 482 2,140 2020 1,138 352 1,490 2021 648 217 865 Thereafter 249 147 396 Total $ 8,556 $ 2,526 $ 11,082 |
Servicing Rights Activity | The following is an analysis of activity of servicing rights for the years ended December 31: (Dollars in thousands) 2016 2015 2014 Balance, beginning of year $ 2,387 $ 2,238 $ 2,295 Amortization (762 ) (662 ) (597 ) Servicing rights originated 680 566 497 Servicing rights acquired — 245 43 Balance, end of year $ 2,305 $ 2,387 $ 2,238 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposit Balances | Peoples’ deposit balances were comprised of the following at December 31: (Dollars in thousands) 2016 2015 Retail certificates of deposit: $100,000 or more $ 173,499 $ 189,583 Less than $100,000 211,362 259,409 Retail certificates of deposit 384,861 448,992 Savings accounts 436,344 414,375 Money market deposit accounts 407,754 394,119 Governmental deposit accounts 251,671 276,639 Interest-bearing transaction accounts 278,975 250,023 Brokered certificates of deposits 15,696 33,857 Total interest-bearing deposits 1,775,301 1,818,005 Non-interest-bearing deposits 734,421 717,939 Total deposits $ 2,509,722 $ 2,535,944 |
Schedule of Maturities of Certificates of Deposit | The contractual maturities of certificates of deposits for each of the next five years and thereafter are as follows: (Dollars in thousands) Retail Brokered Total 2017 $ 194,394 $ — $ 194,394 2018 76,308 1,147 77,455 2019 44,022 14,549 58,571 2020 30,282 — 30,282 2021 39,743 — 39,743 Thereafter 112 — 112 Total deposits $ 384,861 $ 15,696 $ 400,557 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Debt [Abstract] | |
Schedule of Short-term Borrowings | Peoples utilizes various short-term borrowings as sources of funds, which are summarized as follows at December 31: (Dollars in thousands) Retail Repurchase Agreements FHLB Advances Other Short-Term Borrowings 2016 Ending balance $ 74,607 $ 231,000 $ — Average balance 72,886 86,260 23 Highest month-end balance 81,353 231,000 — Interest expense 123 384 — Weighted-average interest rate: End of year 0.17 % 0.64 % — % During the year 0.17 % 0.44 % 1.11 % 2015 Ending balance $ 84,386 $ 76,000 $ — Average balance 83,574 16,863 — Highest month-end balance 92,711 76,000 — Interest expense 140 42 — Weighted-average interest rate: End of year 0.17 % 0.35 % — % During the year 0.17 % 0.25 % — % 2014 Ending balance $ 73,277 $ 15,000 $ — Average balance 59,324 36,678 38 Highest month-end balance 76,459 108,000 — Interest expense 99 47 — Weighted-average interest rate: End of year 0.17 % 0.14 % — % During the year 0.17 % 0.13 % 0.75 % |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Borrowings | Long-term borrowings consisted of the following at December 31 : 2016 2015 (Dollars in thousands) Balance Weighted- Average Rate Balance Weighted- Average Rate FHLB putable non-amortizing, fixed-rate advances $ 70,000 2.49 % $ 50,000 3.32 % FHLB amortizing, fixed-rate advances 28,282 2.01 % 16,934 2.69 % Callable national market repurchase agreements 40,000 3.63 % 40,000 3.63 % Junior subordinated debt securities 6,924 2.45 % 6,736 1.83 % Unamortized debt issuance cost (51 ) — % — — % Long-term borrowings $ 145,155 2.71 % $ 113,670 3.25 % |
Schedule of Aggregate Minimum Annual Retirements of Long-Term Borrowings | At December 31, 2016 , the aggregate minimum annual retirements of long-term borrowings in future periods were as follows: (Dollars in thousands) Balance Weighted-Average Rate 2017 $ 5,545 1.76 % 2018 64,971 3.54 % 2019 13,508 1.27 % 2020 10,564 2.03 % 2021 6,979 1.47 % Thereafter 43,588 2.4 % Long-term borrowings $ 145,155 2.71 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Schedule of Preferred, Common and Treasury Stock | The following table details the activity in Peoples’ common stock and treasury stock during the years ended December 31 : Common Stock Treasury Stock Shares at December 31, 2013 11,352,036 600,794 Changes related to stock-based compensation awards: Grant of restricted common shares 101,926 — Release of restricted common shares — 18,031 Cancellation of restricted common shares (6,062 ) — Exercise of stock options for common shares — (2,792 ) Reissuance of treasury stock of common stock awards — (12,030 ) Grant of common shares 100 — Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 4,236 Reissuance of treasury stock (9,390 ) Common shares issued under dividend reinvestment plan 17,230 — Common shares issued under compensation plan for Board of Directors — (8,603 ) Issuance of common shares related to acquisitions: Midwest Bancshares, Inc. 256,282 — Ohio Heritage Bancorp, Inc. 1,364,735 — North Akron Savings Bank 665,570 — Common shares issued to institutional investors in private placement 1,847,826 — Shares at December 31, 2014 15,599,643 590,246 Changes related to stock-based compensation awards: Grant of restricted common shares 131,011 — Release of restricted common shares — 25,205 Cancellation of restricted common shares (28,219 ) — Grant of common shares 2,810 (100 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 7,654 Reissuance of treasury stock — (9,642 ) Common shares issued under dividend reinvestment plan 18,257 — Common shares issued under compensation plan for Board of Directors — (10,231 ) Common shares issued under employee stock purchase plan — (16,446 ) Issuance of common shares related to acquisition of NB&T Financial Group, Inc. 3,207,698 — Shares at December 31, 2015 18,931,200 586,686 |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following details the change in the components of Peoples’ accumulated other comprehensive (loss) income for the years ended December 31 : (Dollars in thousands) Unrealized (Loss) Gain on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Gain on Cash Flow Hedge Accumulated Other Comprehensive (Loss) Income Balance, December 31, 2013 $ (9,761 ) $ (3,483 ) $ — $ (13,244 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (259 ) — — (259 ) Realized loss due to settlement and curtailment, net of tax — 910 — 910 Other comprehensive income (loss), net of reclassifications and tax 12,562 (1,270 ) — 11,292 Balance, December 31, 2014 $ 2,542 $ (3,483 ) $ — $ (1,301 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (474 ) — — (474 ) Realized loss due to settlement and curtailment, net of tax — 298 — 298 Other comprehensive income, net of reclassifications and tax 801 317 — 1,118 Balance, December 31, 2015 $ 2,869 $ (3,228 ) $ — $ (359 ) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (604 ) — (604 ) Other comprehensive (loss) income, net of reclassifications and tax (1,684 ) (93 ) 1,186 (1,777 ) Balance, December 31, 2016 $ 581 $ (3,321 ) $ 1,186 $ (1,554 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Changes in Projected Benefit Obligations and Fair Value of Assets | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2016 , and a statement of the funded status as of December 31, 2016 and 2015 : Pension Benefits Post-retirement Benefits (Dollars in thousands) 2016 2015 2016 2015 Change in benefit obligation: Obligation at January 1 $ 11,965 $ 13,695 $ 126 $ 152 Interest cost 438 447 4 4 Plan participants’ contributions — — 49 65 Actuarial loss (gain) 151 (948 ) (7 ) (10 ) Benefit payments (427 ) (148 ) (69 ) (85 ) Settlements — (1,081 ) — — Obligation at December 31 $ 12,127 $ 11,965 $ 103 $ 126 Accumulated benefit obligation at December 31 $ 12,127 $ 11,965 $ — $ — Change in plan assets: Fair value of plan assets at January 1 $ 7,124 $ 8,259 $ — $ — Actual return on plan assets 405 (91 ) — — Employer contributions 480 185 20 20 Plan participants’ contributions — — 49 65 Benefit payments (427 ) (148 ) (69 ) (85 ) Settlements — (1,081 ) — — Fair value of plan assets at December 31 $ 7,582 $ 7,124 $ — $ — Funded status at December 31 $ (4,545 ) $ (4,841 ) $ (103 ) $ (126 ) Amounts recognized in Consolidated Balance Sheets: Accrued benefit liability (4,545 ) (4,841 ) (103 ) (126 ) Net amount recognized $ (4,545 ) $ (4,841 ) $ (103 ) $ (126 ) Amounts recognized in Accumulated Other Comprehensive Loss: Unrecognized prior service cost $ — $ — $ (1 ) $ (2 ) Unrecognized net loss (gain) 3,368 3,275 (48 ) (47 ) Total $ 3,368 $ 3,275 $ (49 ) $ (49 ) Weighted-average assumptions at year-end: Discount rate 3.80 % 3.90 % 3.80 % 3.90 % |
Schedule of Net Periodic Benefit Costs | The following tables detail the components of the net periodic benefit cost for the plans at December 31: Pension Benefits Post-retirement Benefits (Dollars in thousands) 2016 2015 2014 2016 2015 2014 Interest cost $ 438 $ 447 $ 509 $ 4 $ 4 $ 6 Expected return on plan assets (492 ) (493 ) (589 ) — — — Amortization of net loss (gain) 95 117 137 (6 ) (5 ) (8 ) Settlement of benefit obligation — 459 1,400 — — — Net periodic benefit cost $ 41 $ 530 $ 1,457 $ (2 ) $ (1 ) $ (2 ) Weighted-average assumptions: Discount rate 3.90 % 3.80 % 3.70 % 3.90 % 3.50 % 4.30 % Expected return on plan assets 7.50 % 7.50 % 7.50 % n/a n/a n/a Rate of compensation increase n/a n/a n/a n/a n/a n/a |
Schedule of Allocation of Plan Assets | The following table provides the fair values of investments held in Peoples' pension plan at December 31, by major asset category: (Dollars in thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) 2016 Equity securities: Mutual funds - equity $ 5,241 $ 5,241 $ — Debt securities: Mutual funds - taxable income 2,107 2,107 — Total fair value of pension assets $ 7,348 $ 7,348 $ — 2015 Equity securities: Mutual funds - equity $ 4,908 $ 4,908 $ — Debt securities: Mutual funds - taxable income 1,863 1,863 — Total fair value of pension assets $ 6,771 $ 6,771 $ — |
Schedule of Estimated Future Benefit Payments | Estimated future benefit payments, which reflect benefits attributable to estimated future service, for the years ending December 31 are as follows: (Dollars in thousands) Pension Benefits Post-retirement Benefits 2017 $ 1,001 $ 12 2018 897 12 2019 935 12 2020 1,000 11 2021 1,067 10 2022 to 2026 3,325 41 Total $ 8,225 $ 98 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [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) 2016 2015 Uncertain tax positions, beginning of year $ 417 $ 240 Gross increase based on tax positions related to current year 113 182 Gross increase for tax position taken during prior years 45 — Gross decrease for tax positions taken during prior years — (2 ) Gross decrease due to the statute of limitations (53 ) (3 ) Uncertain tax positions, end of year $ 522 $ 417 |
Schedule of Effective Income Tax Rate Reconciliation | The reported income tax expense and effective tax rate in the Consolidated Statements of Income differs from the amounts computed by applying the statutory corporate tax rate as follows for the years ended December 31 : 2016 2015 2014 (Dollars in thousands) Amount Rate Amount Rate Amount Rate Income tax computed at statutory federal tax rate $ 15,785 35.0 % $ 5,051 34.1 % $ 8,462 35.0 % Differences in rate resulting from: Tax-exempt interest income (1,170 ) (2.6 )% (1,109 ) (7.5 )% (726 ) (3.0 )% Investments in tax credit funds (164 ) (0.4 )% (123 ) (0.8 )% (481 ) (2.0 )% Bank owned life insurance (495 ) (1.1 )% (204 ) (1.4 )% (37 ) — % Other, net 169 0.4 % 260 1.8 % 276 1.0 % Income tax expense $ 14,125 31.3 % $ 3,875 26.2 % $ 7,494 31.0 % |
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) 2016 2015 2014 Current income tax expense $ 16,587 $ 5,457 $ 3,659 Deferred income tax (benefit) expense (2,462 ) (1,582 ) 3,835 Income tax expense $ 14,125 $ 3,875 $ 7,494 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of Peoples' deferred tax assets and liabilities consisted of the following at December 31 : (Dollars in thousands) 2016 2015 Deferred tax assets: Allowance for loan losses $ 12,578 $ 12,144 Accrued employee benefits 3,826 3,763 Investments 2,884 2,447 Bank premises and equipment 349 1,060 Other 1,190 2,183 Gross deferred tax assets $ 20,827 $ 21,597 Valuation allowance 1,341 605 Total deferred tax assets $ 19,486 $ 20,992 Deferred tax liabilities: Purchase accounting adjustments $ 10,845 $ 11,342 Deferred loan income 3,181 2,260 Available-for-sale securities 312 1,544 Other 1,305 664 Total deferred tax liabilities $ 15,643 $ 15,810 Net deferred tax asset $ 3,843 $ 5,182 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Calculations of Basic and Diluted Earnings per Common Share | The calculations of basic and diluted earnings per common share for the years ended December 31 were as follows: (Dollars in thousands, except per common share data) 2016 2015 2014 Distributed earnings allocated to common shareholders $ 11,532 $ 10,426 $ 7,095 Undistributed earnings allocated to common shareholders 19,483 404 9,472 Net earnings allocated to common shareholders $ 31,015 $ 10,830 $ 16,567 Weighted-average common shares outstanding 18,013,693 17,555,140 12,183,352 Effect of potentially dilutive common shares 141,770 132,655 122,872 Total weighted-average diluted common shares outstanding 18,155,463 17,687,795 12,306,224 Earnings per common share: Basic $ 1.72 $ 0.62 $ 1.36 Diluted $ 1.71 $ 0.61 $ 1.35 Anti-dilutive common shares excluded from calculation: Stock options and stock appreciation rights 20,769 46,109 55,184 |
Financial Instruments with Of40
Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |
Loan Commitments and Standby Letters of Credit [Table Text Block] | The total amounts of loan commitments and standby letters of credit at December 31 are summarized as follows: (Dollars in thousands) 2016 2015 Home equity lines of credit $ 85,024 $ 84,148 Unadvanced construction loans 119,075 77,479 Other loan commitments 269,669 233,689 Loan commitments 473,768 395,316 Standby letters of credit $ 25,651 $ 22,970 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Peoples' and Peoples Bank's actual capital amounts and ratios as of December 31 are also presented in the following table: 2016 2015 (Dollars in thousands) Amount Ratio Amount Ratio PEOPLES Common Equity Tier 1 (1) Actual $ 306,506 12.9 % $ 288,416 13.4 % For capital adequacy 106,801 4.5 % 97,142 4.5 % To be well capitalized 154,268 6.5 % 140,316 6.5 % Tier 1 (2) Actual $ 313,430 13.2 % $ 295,151 13.7 % For capital adequacy 142,402 6.0 % 129,523 6.0 % To be well capitalized 189,869 8.0 % 172,697 8.0 % Total Capital (3) Actual $ 334,957 14.1 % $ 313,974 14.5 % For capital adequacy 189,869 8.0 % 172,697 8.0 % To be well capitalized 237,336 10.0 % 215,871 10.0 % Tier 1 Leverage (4) Actual $ 313,430 9.7 % $ 295,151 9.5 % For capital adequacy 129,803 4.0 % 123,973 4.0 % To be well capitalized 162,254 5.0 % 154,967 5.0 % Net Risk-Weighted Assets $ 2,373,359 $ 2,158,713 PEOPLES BANK Common Equity Tier 1 (1) Actual $ 271,319 11.5 % $ 257,045 11.9 % For capital adequacy 106,474 4.5 % 96,974 4.5 % To be well capitalized 153,795 6.5 % 140,074 6.5 % Tier 1 (2) Actual $ 291,319 12.3 % $ 277,045 12.9 % For capital adequacy 141,965 6.0 % 129,299 6.0 % To be well capitalized 189,287 8.0 % 172,399 8.0 % Total Capital (3) Actual $ 309,749 13.1 % $ 293,823 13.6 % For capital adequacy 189,287 8.0 % 172,399 8.0 % To be well capitalized 236,608 10.0 % 215,499 10.0 % Tier 1 Leverage (4) Actual $ 291,319 9.0 % $ 277,045 9.0 % For capital adequacy 129,633 4.0 % 123,742 4.0 % To be well capitalized 162,041 5.0 % 154,677 5.0 % Net Risk-Weighted Assets $ 2,366,082 $ 2,154,985 (1) Ratio represents Common Equity Tier 1 capital to net risk-weighted assets (2) Ratio represents Tier 1 capital to net risk-weighted assets (3) Ratio represents total capital to net risk-weighted assets (4) Ratio represents Tier 1 capital to average assets |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following summarizes the changes to Peoples' outstanding stock options for the year ended December 31, 2016 : Number of Common Shares Subject to Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 20,310 $ 28.83 Expired 20,310 28.84 Outstanding at December 31 — $ — — $ — Exercisable at December 31 — $ — — $ — |
Schedule of Stock Options Outstanding & Exercisable by Exercise Price Range | The following table summarizes Peoples’ SARs outstanding at December 31, 2016 : Exercise Price Number of Common Shares Subject to SARs Outstanding & Exercisable Weighted- Average Remaining Contractual Life $23.77 803 1.1 years $29.25 1,535 0.1 years Total 2,338 0.5 years |
Schedule of Stock Appreciation Rights Outstanding & Exercisable by Exercise Price | The following summarizes the changes to Peoples' outstanding SARs for the year ended December 31, 2016 : Number of Common Shares Subject to SARs Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1 17,748 $ 25.86 Exercised 9,902 25.03 Forfeited 5,508 26.72 Outstanding at December 31 2,338 $ 27.37 0.5 years $ 11.905 Exercisable at December 31 2,338 $ 27.37 0.5 years $ 11.905 |
Schedule of Restricted Shares Activity | The following summarizes the changes to Peoples’ outstanding restricted common shares for the year ended December 31, 2016 : Time Vesting Performance Vesting Number of Common Shares Weighted-Average Grant Date Fair Value Number of Common Shares Weighted-Average Grant Date Fair Value Outstanding at January 1 30,734 $ 21.76 158,763 $ 22.86 Awarded 20,500 21.88 35,500 17.86 Released 8,918 21.63 41,028 21.74 Forfeited 2,000 21.92 10,820 22.72 Outstanding at December 31 40,316 $ 21.85 142,415 $ 21.95 |
Summary of Stock-Based Compensation and Related Tax Benefit | The following summarizes the amount of stock-based compensation expense and related tax benefit recognized at December 31: (Dollars in thousands) 2016 2015 2014 Total stock-based compensation $ 1,332 $ 1,843 $ 2,111 Recognized tax benefit (466 ) (645 ) (739 ) Net expense recognized $ 866 $ 1,198 $ 1,372 |
Parent Company Only Financial43
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Parent Company Only Financial Information [Abstract] | |
Schedule of Condensed Balance Sheet | Condensed Balance Sheets December 31, (Dollars in thousands) 2016 2015 Assets: Cash and due from other banks $ 50 $ 50 Interest-bearing deposits in subsidiary bank 7,988 4,437 Due from subsidiary bank 3,255 3,875 Available-for-sale investment securities, at fair value (amortized cost of $1,255 at December 31, 2016 and December 31, 2015) 8,109 5,813 Investments in subsidiaries: Bank 395,468 385,258 Non-bank 28,730 29,155 Other assets 1,649 1,070 Total assets $ 445,249 $ 429,658 Liabilities: Accrued expenses and other liabilities $ 2,589 $ 3,030 Dividends payable 165 103 Mandatorily redeemable capital securities of subsidiary trust 7,234 6,736 Total liabilities 9,988 9,869 Total stockholders' equity 435,261 419,789 Total liabilities and stockholders' equity $ 445,249 $ 429,658 |
Schedule of Condensed Income Statement | Condensed Statements of Income Year Ended December 31, (Dollars in thousands) 2016 2015 2014 Income: Dividends from subsidiary bank $ 20,500 $ 17,500 $ 21,000 Dividends from non-bank subsidiary 1,250 2,000 500 Interest and other income 209 206 205 Total income 21,959 19,706 21,705 Expenses: Trust preferred securities expense 397 304 — Intercompany management fees 1,131 3,171 1,546 Other expense 3,154 5,653 4,578 Total expenses 4,682 9,128 6,124 Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries 17,277 10,578 15,581 Applicable income tax benefit (1,718 ) (3,139 ) (2,102 ) Equity in (excess dividends from) undistributed earnings of subsidiaries 12,162 (2,776 ) (999 ) Net income $ 31,157 $ 10,941 $ 16,684 |
Schedule of Condensed Cash Flow Statement | Statements of Cash Flows Year Ended December 31, (Dollars in thousands) 2016 2015 2014 Operating activities Net income $ 31,157 $ 10,941 $ 16,684 Adjustment to reconcile net income to cash provided by operations: Depreciation, amortization and accretion, net 190 165 — (Equity in) excess dividends from undistributed earnings of subsidiaries (12,162 ) 2,776 999 Other, net 355 (1,903 ) 1,825 Net cash provided by operating activities 19,540 11,979 19,508 Investing activities Investment in subsidiaries (22,769 ) (104,584 ) (65,822 ) Decrease (increase) in receivable from subsidiary 23,389 (2,860 ) (187 ) Business combinations, net of cash received — 83,391 54,386 Net cash provided by (used in) investing activities 620 (24,053 ) (11,623 ) Financing activities Payments on long-term borrowings — (14,400 ) (4,800 ) Purchase of treasury stock (5,480 ) (741 ) (520 ) Proceeds from issuance of common stock 18 — 40,242 Cash dividends paid (11,173 ) (10,065 ) (6,767 ) Excess tax benefit for share-based payments 26 51 85 Net cash (used in) provided by financing activities (16,609 ) (25,155 ) 28,240 Net increase (decrease) in cash and cash equivalents 3,551 (37,229 ) 36,125 Cash and cash equivalents at the beginning of year 4,487 41,716 5,591 Cash and cash equivalents at the end of year $ 8,038 $ 4,487 $ 41,716 Supplemental cash flow information: Interest paid $ 433 $ 594 $ 672 |
Summarized Quarterly Informat44
Summarized Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summarized Quarterly Information (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information | 2016 (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total interest income $ 28,443 $ 28,921 $ 28,730 $ 29,350 Total interest expense 2,676 2,613 2,607 2,683 Net interest income 25,767 26,308 26,123 26,667 Provision for loan losses 955 727 1,146 711 Net loss on asset disposals and other transactions (31 ) (769 ) (224 ) (109 ) Net gain (loss) on investment securities 96 767 (1 ) 68 Other income 13,054 12,367 13,538 12,111 Amortization of other intangible assets 1,008 1,007 1,008 1,007 System conversion expenses — 90 423 746 Other expenses 25,274 25,408 25,411 25,529 Income tax expense 3,654 3,479 3,656 3,336 Net income $ 7,995 $ 7,962 $ 7,792 $ 7,408 Earnings per common share - Basic $ 0.44 $ 0.44 $ 0.43 $ 0.41 Earnings per common share - Diluted $ 0.44 $ 0.44 $ 0.43 $ 0.41 Weighted-average common shares outstanding - Basic 18,071,746 17,980,797 17,993,443 18,009,056 Weighted-average common shares outstanding - Diluted 18,194,990 18,113,812 18,110,710 18,172,030 2015 (a) (Dollars in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total interest income $ 24,159 $ 27,566 $ 28,178 $ 28,430 Total interest expense 2,740 2,773 2,642 2,566 Net interest income 21,419 24,793 25,536 25,864 Provision for loan losses 350 672 5,837 7,238 Net loss on asset disposals and other transactions (1,103 ) (136 ) (51 ) (498 ) Net gain on investment securities 600 11 62 56 Other income 11,508 11,926 11,906 12,101 Amortization of other intangible assets 673 1,144 1,127 1,133 Acquisition-related expenses 9,043 732 109 838 Other expenses 23,198 26,902 24,876 25,306 Income tax (benefit) expense (151 ) 2,231 1,370 425 Net (loss) income $ (689 ) $ 4,913 $ 4,134 $ 2,583 (Loss) earnings per common share - Basic $ (0.04 ) $ 0.27 $ 0.23 $ 0.14 (Loss) earnings per common share - Diluted $ (0.04 ) $ 0.27 $ 0.22 $ 0.14 Weighted-average common shares outstanding - Basic 15,802,334 18,116,090 18,127,131 18,142,997 Weighted-average common shares outstanding - Diluted 15,930,235 18,253,918 18,271,979 18,278,272 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Restricted Cash | $ 1,000,000 | $ 5,000,000 | |
Deferred Loan Costs | 5,400,000 | 3,300,000 | |
Individual review of impairment of unpaid principal balances in excess of | 1,000,000 | ||
Annual review of loan relationships in excess of | 1,000,000 | ||
Unamortized Amount of Investments in Affordable Housing Limited Partnerships | 5,000,000 | $ 3,000 | |
Other Real Estate Owned | $ 700,000 | ||
Statutory tax rate at which other comprehensive income and weighted-average rate of investment securities are calculated | 35.00% | ||
Federal income tax rate | 35.00% | 34.10% | 35.00% |
Minimum | |||
Estimated lives | 7 years | ||
Maximum | |||
Estimated lives | 10 years |
Fair Value of Financial Instr46
Fair Value of Financial Instruments Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | |
Assets measured on nonrecurring basis | |||||||||
Losses on impaired loans charged through allowance for loan losses | $ 711 | $ 1,146 | $ 727 | $ 955 | $ 7,238 | $ 5,837 | $ 672 | $ 350 | |
Nonrecurring Basis | |||||||||
Assets measured on nonrecurring basis | |||||||||
Losses on impaired loans charged through allowance for loan losses | $ 200 | ||||||||
Nonrecurring Basis | Significant Other Observable Inputs (Level 2) | |||||||||
Assets measured on nonrecurring basis | |||||||||
Impaired loans, aggregate outstanding principal balance | 41,900 | 41,900 | |||||||
Impaired loans, fair value | $ 34,700 | $ 34,700 |
Fair Value of Financial Instr47
Fair Value of Financial Instruments Recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investments | ||
Total held-to-maturity securities | $ 43,227 | $ 45,853 |
Total available-for-sale securities | 777,940 | 784,701 |
Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 777,940 | 784,701 |
U.S. government sponsored agencies | ||
Investments | ||
Total available-for-sale securities | 1,000 | 2,966 |
U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 1,000 | 2,966 |
States and political subdivisions | ||
Investments | ||
Total held-to-maturity securities | 4,041 | 4,221 |
Total available-for-sale securities | 117,230 | 114,726 |
States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 117,230 | 114,726 |
Residential mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 33,762 | 35,196 |
Total available-for-sale securities | 626,567 | 632,293 |
Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 626,567 | 632,293 |
Commercial mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 5,424 | 6,436 |
Total available-for-sale securities | 19,291 | 23,845 |
Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 19,291 | 23,845 |
Bank-issued trust preferred securities | ||
Investments | ||
Total available-for-sale securities | 4,899 | 4,635 |
Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 4,899 | 4,635 |
Equity securities | ||
Investments | ||
Total available-for-sale securities | 8,953 | 6,236 |
Equity securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 8,953 | 6,236 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 8,734 | 6,024 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 8,734 | 6,024 |
Significant Other Observable Inputs (Level 2) | ||
Investments | ||
Total held-to-maturity securities | 43,227 | 45,853 |
Significant Other Observable Inputs (Level 2) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 769,206 | 778,677 |
Significant Other Observable Inputs (Level 2) | U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 1,000 | 2,966 |
Significant Other Observable Inputs (Level 2) | States and political subdivisions | ||
Investments | ||
Total held-to-maturity securities | 4,041 | 4,221 |
Significant Other Observable Inputs (Level 2) | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 117,230 | 114,726 |
Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 33,762 | 35,196 |
Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 626,567 | 632,293 |
Significant Other Observable Inputs (Level 2) | Commercial mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 5,424 | 6,436 |
Significant Other Observable Inputs (Level 2) | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 19,291 | 23,845 |
Significant Other Observable Inputs (Level 2) | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 4,899 | 4,635 |
Significant Other Observable Inputs (Level 2) | Equity securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 219 | 212 |
Significant Unobservable Inputs (Level 3) | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. government sponsored agencies | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | States and political subdivisions | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | States and political subdivisions | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial mortgage-backed securities | ||
Investments | ||
Total held-to-maturity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial mortgage-backed securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Bank-issued trust preferred securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Equity securities | Recurring Basis | ||
Investments | ||
Total available-for-sale securities | $ 0 | $ 0 |
Fair Value of Financial Instr48
Fair Value of Financial Instruments (Fair Values of Financial Assets and Liabilities on Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | $ 66,146 | $ 71,115 |
Investment securities | 859,455 | 868,830 |
Loans (1) | 2,210,529 | 2,057,614 |
Financial liabilities: | ||
Deposits | 2,509,722 | 2,535,944 |
Short-term borrowings | 160,386 | |
Long-term borrowings | 145,155 | 113,670 |
Portion at Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 66,146 | 71,115 |
Investment securities | 859,538 | 868,955 |
Loans (1) | 2,152,544 | 2,018,482 |
Financial liabilities: | ||
Deposits | 2,512,647 | 2,540,131 |
Short-term borrowings | 305,607 | 160,386 |
Long-term borrowings | 145,106 | 117,299 |
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 1,779 | $ 0 |
Investment Securities Available
Investment Securities Available-for-sale Securities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 777,017,000 | $ 780,304,000 |
Gross Unrealized Gains | 12,695,000 | 13,196,000 |
Gross Unrealized Losses | (11,772,000) | (8,799,000) |
Fair Value | 777,940,000 | 784,701,000 |
Securities of a single issuer, other than US Treasury, government agencies and US government sponsored agencies exceeding 10% of Stockholders' Equity | 0 | |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 1,000,000 | 2,908,000 |
Gross Unrealized Gains | 0 | 58,000 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,000,000 | 2,966,000 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 115,657,000 | 111,283,000 |
Gross Unrealized Gains | 1,836,000 | 3,487,000 |
Gross Unrealized Losses | (263,000) | (44,000) |
Fair Value | 117,230,000 | 114,726,000 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 633,802,000 | 635,504,000 |
Gross Unrealized Gains | 3,758,000 | 4,905,000 |
Gross Unrealized Losses | (10,993,000) | (8,116,000) |
Fair Value | 626,567,000 | 632,293,000 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 19,337,000 | 23,770,000 |
Gross Unrealized Gains | 41,000 | 119,000 |
Gross Unrealized Losses | (87,000) | (44,000) |
Fair Value | 19,291,000 | 23,845,000 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 5,169,000 | 5,146,000 |
Gross Unrealized Gains | 91,000 | 0 |
Gross Unrealized Losses | (361,000) | (511,000) |
Fair Value | 4,899,000 | 4,635,000 |
Equity securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 2,052,000 | 1,693,000 |
Gross Unrealized Gains | 6,969,000 | 4,627,000 |
Gross Unrealized Losses | (68,000) | (84,000) |
Fair Value | $ 8,953,000 | $ 6,236,000 |
Investment Securities Availab50
Investment Securities Available-for-sale gross gains and losses realized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gross gains and gross losses realized from sales of available-for-sale securities: | |||
Gross gains realized | $ 933 | $ 795 | $ 1,136 |
Gross losses realized | 3 | 66 | 738 |
Net gain realized | $ 930 | $ 729 | $ 398 |
Investment Securities Availab51
Investment Securities Available-for-sale Securities with Unrealized Losses (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)securities | Dec. 31, 2015USD ($)securities | |
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | $ 458,622,000 | $ 320,460,000 |
Unrealized loss less than 12 months | $ 8,848,000 | $ 4,018,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 141 | 90 |
Fair value of securities in unrealized loss more than 12 months | $ 49,378,000 | $ 104,915,000 |
Unrealized loss more than 12 months | $ 2,924,000 | $ 4,781,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 26 | 38 |
Fair value of securities in unrealized loss | $ 508,000,000 | $ 425,375,000 |
Unrealized loss | 11,772,000 | 8,799,000 |
Other-than-temporary impairments | $ 0 | |
Mortgage-backed securities issued by US Government sponsored agencies | ||
Available-for-sale securities that had an unrealized loss: | ||
Percentage of mortgage-backed securities in unrealized loss position for less than 12 months | 99.00% | |
Mortgage-backed securities privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
Number of securities at an unrealized loss position less than 12 months | securities | 2 | |
Percentage of mortgage-backed securities in unrealized loss position for less than 12 months | 1.00% | |
Fair value within book value | 90.00% | |
States and political subdivisions | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | $ 23,501,000 | 7,662,000 |
Unrealized loss less than 12 months | $ 263,000 | $ 38,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 28 | 8 |
Fair value of securities in unrealized loss more than 12 months | $ 0 | $ 213,000 |
Unrealized loss more than 12 months | $ 0 | $ 6,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 0 | 1 |
Fair value of securities in unrealized loss | $ 23,501,000 | $ 7,875,000 |
Unrealized loss | 263,000 | 44,000 |
Residential mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 427,088,000 | 303,549,000 |
Unrealized loss less than 12 months | $ 8,495,000 | $ 3,902,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 108 | 76 |
Fair value of securities in unrealized loss more than 12 months | $ 46,631,000 | $ 102,090,000 |
Unrealized loss more than 12 months | $ 2,498,000 | $ 4,214,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 22 | 33 |
Fair value of securities in unrealized loss | $ 473,719,000 | $ 405,639,000 |
Unrealized loss | 10,993,000 | 8,116,000 |
Commercial mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 7,770,000 | 6,682,000 |
Unrealized loss less than 12 months | $ 87,000 | $ 44,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 4 | 3 |
Fair value of securities in unrealized loss more than 12 months | $ 0 | $ 0 |
Unrealized loss more than 12 months | $ 0 | $ 0 |
Number of securities at an unrealized loss position more than 12 months | securities | 0 | 0 |
Fair value of securities in unrealized loss | $ 7,770,000 | $ 6,682,000 |
Unrealized loss | 87,000 | 44,000 |
Bank-issued trust preferred securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | 2,129,000 |
Unrealized loss less than 12 months | $ 0 | $ 19,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 0 | 1 |
Fair value of securities in unrealized loss more than 12 months | $ 2,637,000 | $ 2,506,000 |
Unrealized loss more than 12 months | $ 361,000 | $ 492,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 3 | 3 |
Fair value of securities in unrealized loss | $ 2,637,000 | $ 4,635,000 |
Unrealized loss | $ 361,000 | 511,000 |
Number of available-for-sale securities in unrealized loss position | securities | 3 | |
Equity securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss position less than 12 months | $ 263,000 | 438,000 |
Unrealized loss less than 12 months | $ 3,000 | $ 15,000 |
Number of securities at an unrealized loss position less than 12 months | securities | 1 | 2 |
Fair value of securities in unrealized loss more than 12 months | $ 110,000 | $ 106,000 |
Unrealized loss more than 12 months | $ 65,000 | $ 69,000 |
Number of securities at an unrealized loss position more than 12 months | securities | 1 | 1 |
Fair value of securities in unrealized loss | $ 373,000 | $ 544,000 |
Unrealized loss | 68,000 | $ 84,000 |
Fair Value Less Than 90 Percent of Book Value | Mortgage-backed securities privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
Fair value of securities in unrealized loss more than 12 months | 500,000 | |
Mortgage-backed securities in unrealized loss position for less than 12 months, aggregate book value | $ 700,000 |
Investment Securities Availab52
Investment Securities Available-for-sale Securities by Maturities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Investments [Abstract] | ||
Statutory tax rate at which other comprehensive income and weighted-average rate of investment securities are calculated | 35.00% | |
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing within 1 year | $ 1,437 | |
Amortized cost of securities maturing in 1-5 years | 31,825 | |
Amortized cost of securities maturing in 5-10 years | 76,350 | |
Total amortized cost of securities maturing in over 10 years | 665,353 | |
Amortized Cost | 777,017 | $ 780,304 |
Fair value of securities maturing within 1 year | 1,440 | |
Fair value of securities maturing in 1-5 years | 31,791 | |
Fair value of securities maturing in 5-10 years | 76,824 | |
Total fair value of securities maturing in over 10 years | 658,932 | |
Fair Value | $ 777,940 | 784,701 |
Average yield of securities maturing within 1 year | 2.23% | |
Average yield of securities maturing in 1-5 years | 4.11% | |
Average yield of securities maturing in 5-10 years | 3.57% | |
Average yield of securities maturing in over 10 years | 3.29% | |
Total average yield | 3.36% | |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing within 1 year | $ 1,000 | |
Amortized cost of securities maturing in 1-5 years | 0 | |
Amortized cost of securities maturing in 5-10 years | 0 | |
Amortized cost of securities maturing in over 10 years | 0 | |
Total amortized cost | 1,000 | |
Amortized Cost | 1,000 | 2,908 |
Fair value of securities maturing within 1 year | 1,000 | |
Fair value of securities maturing in 1-5 years | 0 | |
Fair value of securities maturing in 5-10 years | 0 | |
Fair value of securities maturing in over 10 years | 0 | |
Total fair value | 1,000 | |
Fair Value | 1,000 | 2,966 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing within 1 year | 435 | |
Amortized cost of securities maturing in 1-5 years | 14,354 | |
Amortized cost of securities maturing in 5-10 years | 28,903 | |
Amortized cost of securities maturing in over 10 years | 71,965 | |
Total amortized cost | 115,657 | |
Amortized Cost | 115,657 | 111,283 |
Fair value of securities maturing within 1 year | 438 | |
Fair value of securities maturing in 1-5 years | 14,484 | |
Fair value of securities maturing in 5-10 years | 29,250 | |
Fair value of securities maturing in over 10 years | 73,058 | |
Total fair value | 117,230 | |
Fair Value | 117,230 | 114,726 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing within 1 year | 2 | |
Amortized cost of securities maturing in 1-5 years | 14,225 | |
Amortized cost of securities maturing in 5-10 years | 33,180 | |
Amortized cost of securities maturing in over 10 years | 586,395 | |
Total amortized cost | 633,802 | |
Amortized Cost | 633,802 | 635,504 |
Fair value of securities maturing within 1 year | 2 | |
Fair value of securities maturing in 1-5 years | 14,020 | |
Fair value of securities maturing in 5-10 years | 33,389 | |
Fair value of securities maturing in over 10 years | 579,156 | |
Total fair value | 626,567 | |
Fair Value | 626,567 | 632,293 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of securities maturing within 1 year | 0 | |
Amortized cost of securities maturing in 1-5 years | 3,246 | |
Amortized cost of securities maturing in 5-10 years | 14,267 | |
Amortized cost of securities maturing in over 10 years | 1,824 | |
Total amortized cost | 19,337 | |
Amortized Cost | 19,337 | 23,770 |
Fair value of securities maturing within 1 year | 0 | |
Fair value of securities maturing in 1-5 years | 3,287 | |
Fair value of securities maturing in 5-10 years | 14,185 | |
Fair value of securities maturing in over 10 years | 1,819 | |
Total fair value | 19,291 | |
Fair Value | 19,291 | 23,845 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of other securities maturing in over 10 years | 5,169 | |
Amortized cost of other securities | 5,169 | |
Amortized Cost | 5,169 | 5,146 |
Fair value of other securities maturing in over 10 years | 4,899 | |
Fair value of other securities | 4,899 | |
Fair Value | 4,899 | 4,635 |
Equity securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost of other securities | 2,052 | |
Amortized Cost | 2,052 | 1,693 |
Fair value of other securities | 8,953 | |
Fair Value | $ 8,953 | $ 6,236 |
Investment Securities Held-to-m
Investment Securities Held-to-maturity Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Held-to-maturity Securities | |||
Amortized Cost | $ 43,144,000 | $ 45,728,000 | |
Gross Unrealized Gains | 653,000 | 757,000 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 570,000 | 632,000 | |
Fair Value | 43,227,000 | 45,853,000 | |
Gross realized gains or losses | 0 | 0 | $ 0 |
States and political subdivisions | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 3,820,000 | 3,831,000 | |
Gross Unrealized Gains | 221,000 | 394,000 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 4,000 | |
Fair Value | 4,041,000 | 4,221,000 | |
Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 33,858,000 | 35,367,000 | |
Gross Unrealized Gains | 432,000 | 363,000 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 528,000 | 534,000 | |
Fair Value | 33,762,000 | 35,196,000 | |
Commercial mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized Cost | 5,466,000 | 6,530,000 | |
Gross Unrealized Gains | 0 | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 42,000 | 94,000 | |
Fair Value | $ 5,424,000 | $ 6,436,000 |
Investment Securities Held-to54
Investment Securities Held-to-maturity Securities with Unrealized Loss (Details) $ in Thousands | Dec. 31, 2016USD ($)securities | Dec. 31, 2015USD ($)securities |
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | $ 17,563 | $ 4,246 |
Unrealized loss less than 12 months | $ 518 | $ 93 |
Number of securities at an unrealized loss position less than 12 months | securities | 4 | 3 |
Fair value of securities in unrealized loss more than 12 months | $ 963 | $ 16,254 |
Unrealized loss more than 12 months | $ 52 | $ 539 |
Number of securities at an unrealized loss position more than 12 months | securities | 1 | 4 |
Total fair value | $ 18,526 | $ 20,500 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 570 | 632 |
States and political subdivisions | ||
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | 0 | |
Unrealized loss less than 12 months | $ 0 | |
Number of securities at an unrealized loss position less than 12 months | securities | 0 | |
Fair value of securities in unrealized loss more than 12 months | $ 319 | |
Unrealized loss more than 12 months | $ 4 | |
Number of securities at an unrealized loss position more than 12 months | securities | 1 | |
Total fair value | $ 319 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 4 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | 12,139 | 3,706 |
Unrealized loss less than 12 months | $ 476 | $ 89 |
Number of securities at an unrealized loss position less than 12 months | securities | 3 | 2 |
Fair value of securities in unrealized loss more than 12 months | $ 963 | $ 10,040 |
Unrealized loss more than 12 months | $ 52 | $ 445 |
Number of securities at an unrealized loss position more than 12 months | securities | 1 | 2 |
Total fair value | $ 13,102 | $ 13,746 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 528 | 534 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities | ||
Fair value of securities in unrealized loss position less than 12 months | 5,424 | 540 |
Unrealized loss less than 12 months | $ 42 | $ 4 |
Number of securities at an unrealized loss position less than 12 months | securities | 1 | 1 |
Fair value of securities in unrealized loss more than 12 months | $ 0 | $ 5,895 |
Unrealized loss more than 12 months | $ 0 | $ 90 |
Number of securities at an unrealized loss position more than 12 months | securities | 0 | 1 |
Total fair value | $ 5,424 | $ 6,435 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | $ 42 | $ 94 |
Investment Securities Held-to55
Investment Securities Held-to-maturity Securities by Maturities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments [Abstract] | |||
Federal income tax rate | 35.00% | 34.10% | 35.00% |
Schedule of Held-to-maturity Securities | |||
Amortized cost of securities maturing within 1 year | $ 0 | ||
Amortized cost of securities maturing in 1-5 years | 318 | ||
Amortized cost of securities maturing in 5-10 years | 5,601 | ||
Amortized cost of securities maturing in over 10 years | 37,225 | ||
Amortized Cost | 43,144 | $ 45,728 | |
Fair value of securities maturing within 1 year | 0 | ||
Fair value of securities maturing in 1-5 years | 320 | ||
Fair value of securities maturing in 5-10 years | 5,701 | ||
Fair value of securities maturing in over 10 years | 37,206 | ||
Fair Value | $ 43,227 | 45,853 | |
Average yield of securities maturing within 1 year | 0.00% | ||
Average yield of securities maturing in 1-5 years | 6.16% | ||
Average yield of securities maturing in 5-10 years | 3.03% | ||
Average yield of securities maturing in over 10 years | 3.66% | ||
Total average yield | 3.60% | ||
States and political subdivisions | |||
Schedule of Held-to-maturity Securities | |||
Amortized cost of securities maturing within 1 year | $ 0 | ||
Amortized cost of securities maturing in 1-5 years | 318 | ||
Amortized cost of securities maturing in 5-10 years | 978 | ||
Amortized cost of securities maturing in over 10 years | 2,524 | ||
Amortized Cost | 3,820 | 3,831 | |
Fair value of securities maturing within 1 year | 0 | ||
Fair value of securities maturing in 1-5 years | 320 | ||
Fair value of securities maturing in 5-10 years | 1,058 | ||
Fair value of securities maturing in over 10 years | 2,663 | ||
Fair Value | 4,041 | 4,221 | |
Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized cost of securities maturing within 1 year | 0 | ||
Amortized cost of securities maturing in 1-5 years | 0 | ||
Amortized cost of securities maturing in 5-10 years | 4,623 | ||
Amortized cost of securities maturing in over 10 years | 29,235 | ||
Amortized Cost | 33,858 | 35,367 | |
Fair value of securities maturing within 1 year | 0 | ||
Fair value of securities maturing in 1-5 years | 0 | ||
Fair value of securities maturing in 5-10 years | 4,643 | ||
Fair value of securities maturing in over 10 years | 29,119 | ||
Fair Value | 33,762 | 35,196 | |
Commercial mortgage-backed securities | |||
Schedule of Held-to-maturity Securities | |||
Amortized cost of securities maturing within 1 year | 0 | ||
Amortized cost of securities maturing in 1-5 years | 0 | ||
Amortized cost of securities maturing in 5-10 years | 0 | ||
Amortized cost of securities maturing in over 10 years | 5,466 | ||
Amortized Cost | 5,466 | 6,530 | |
Fair value of securities maturing within 1 year | 0 | ||
Fair value of securities maturing in 1-5 years | 0 | ||
Fair value of securities maturing in 5-10 years | 0 | ||
Fair value of securities maturing in over 10 years | 5,424 | ||
Fair Value | $ 5,424 | $ 6,436 |
Investment Securities Pledged S
Investment Securities Pledged Securities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investments [Abstract] | ||
Carrying value of available-for-sale securities pledged to secure public and trust department deposits and repurchase agreements | $ 517.9 | $ 495.5 |
Carrying value of held-to-maturity securities pledged to secure public and trust department deposits and repurchase agreements | 20 | 21.4 |
Carrying value of available-for-sale securities pledged to secure additional borrowing capacity at FHLB and FRB | 9.2 | 11.1 |
Carrying value of held-to-maturity securities pledged to secure additional borrowing capacity at FHLB and FRB | $ 22.2 | $ 23.3 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loans | ||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 7.00% | |
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 152,500,000 | |
Additional commitments to lend funds to debtors whose terms have been modified in a TDR | 0 | |
Residential real estate | ||
Loans | ||
Pledged commercial and residential loans to secure borrowings from FHLB and FRB | 542,500,000 | $ 554,800,000 |
Commerical Loans | ||
Loans | ||
Pledged commercial and residential loans to secure borrowings from FHLB and FRB | $ 152,000,000 | $ 195,500,000 |
Commercial Real Estate [Member] | ||
Loans | ||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 8.00% | |
Consumer, other | ||
Loans | ||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 7.00% | |
Consumer, Indirect Loan [Member] | ||
Loans | ||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 51.00% | |
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 85,700,000 | |
Commerical Loans | ||
Loans | ||
Percentage Growth in Loans and Leases Receivable, Net of Deferred Income | 20.00% | |
Growth in Loans and Leases Receivable, Net of Deferred Income | $ 70,600,000 |
Loans Loan Balances By Classifi
Loans Loan Balances By Classification (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans | ||
Balance | $ 2,224,936 | $ 2,072,440 |
Loan Type | ||
Loans | ||
Balance | 2,224,936 | 2,072,440 |
Originated Loan | Loan Type | ||
Loans | ||
Balance | 1,708,104 | 1,414,639 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
Balance | 84,626 | 63,785 |
Originated Loan | Commercial real estate | ||
Loans | ||
Balance | 616,183 | 534,969 |
Originated Loan | Commercial and industrial | ||
Loans | ||
Balance | 378,131 | 288,130 |
Originated Loan | Residential real estate | ||
Loans | ||
Balance | 307,490 | 288,783 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
Balance | 85,617 | 74,176 |
Originated Loan | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 252,024 | 165,320 |
Originated Loan | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 67,579 | 61,813 |
Originated Loan | Consumer, other | ||
Loans | ||
Balance | 319,603 | 227,133 |
Originated Loan | Deposit account overdrafts | ||
Loans | ||
Balance | 1,080 | 1,448 |
Acquired Loans | Loan Type | ||
Loans | ||
Balance | 516,832 | 657,801 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Balance | 10,100 | 12,114 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Balance | 214,566 | 277,206 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Balance | 44,208 | 63,589 |
Acquired Loans | Residential real estate | ||
Loans | ||
Balance | 228,435 | 276,772 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Balance | 25,875 | 32,253 |
Acquired Loans | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 808 | 1,776 |
Acquired Loans | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 2,940 | 6,205 |
Acquired Loans | Consumer, other | ||
Loans | ||
Balance | $ 3,748 | $ 7,981 |
Loans Purchased credit impaired
Loans Purchased credit impaired loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Purchased credit impaired loans | ||
Carrying Amount | $ 26,524 | $ 35,064 |
Loan Type | ||
Purchased credit impaired loans | ||
Outstanding Balance | 36,431 | 47,281 |
Commercial real estate, other | ||
Purchased credit impaired loans | ||
Outstanding Balance | 11,476 | 16,893 |
Commercial and industrial | ||
Purchased credit impaired loans | ||
Outstanding Balance | 1,573 | 3,040 |
Residential real estate | ||
Purchased credit impaired loans | ||
Outstanding Balance | 23,306 | 27,155 |
Consumer, other | ||
Purchased credit impaired loans | ||
Outstanding Balance | $ 76 | $ 193 |
Loans Accretable Yield Rollforw
Loans Accretable Yield Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loans | ||
Accretable Yield | $ 7,132 | $ 7,042 |
Reclassification from nonaccretable to accretable | 2,014 | |
Accretion | $ (1,924) |
Loans Related Party Loans (Deta
Loans Related Party Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Loans | |
Loans and Leases Receivable, Related Parties | $ 19,221 |
Loans and Leases Receivable, Related Parties, Additions | 5,702 |
Proceeds from (Repayments of) Related Party Debt | (7,330) |
Other related party changes | 0 |
Loans and Leases Receivable, Related Parties | $ 17,593 |
Loans Nonaccrual and Past Due L
Loans Nonaccrual and Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans | ||
Nonaccrual Loans | $ 21,325 | $ 13,531 |
Accruing Loans 90 Days Past Due | 3,771 | 5,969 |
Originated Loan | ||
Loans | ||
Nonaccrual Loans | 16,774 | 11,912 |
Accruing Loans 90 Days Past Due | 193 | 850 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
Nonaccrual Loans | 826 | 921 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Commercial real estate, other | ||
Loans | ||
Nonaccrual Loans | 9,934 | 7,041 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Commercial real estate | ||
Loans | ||
Nonaccrual Loans | 10,760 | 7,962 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Commercial and industrial | ||
Loans | ||
Nonaccrual Loans | 1,712 | 480 |
Accruing Loans 90 Days Past Due | 0 | 680 |
Originated Loan | Residential real estate | ||
Loans | ||
Nonaccrual Loans | 3,778 | 3,057 |
Accruing Loans 90 Days Past Due | 183 | 169 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
Nonaccrual Loans | 383 | 321 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Originated Loan | Consumer, Indirect Loan [Member] | ||
Loans | ||
Nonaccrual Loans | 130 | 34 |
Accruing Loans 90 Days Past Due | 10 | 0 |
Originated Loan | Consumer, Other Loan [Member] | ||
Loans | ||
Nonaccrual Loans | 11 | 58 |
Accruing Loans 90 Days Past Due | 0 | 1 |
Originated Loan | Consumer, other | ||
Loans | ||
Nonaccrual Loans | 141 | 92 |
Accruing Loans 90 Days Past Due | 10 | 1 |
Acquired Loans | ||
Loans | ||
Nonaccrual Loans | 4,551 | 1,619 |
Accruing Loans 90 Days Past Due | 3,578 | 5,119 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Nonaccrual Loans | 1,609 | 469 |
Accruing Loans 90 Days Past Due | 1,506 | 2,425 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Nonaccrual Loans | 390 | 247 |
Accruing Loans 90 Days Past Due | 387 | 1,306 |
Acquired Loans | Residential real estate | ||
Loans | ||
Nonaccrual Loans | 2,317 | 798 |
Accruing Loans 90 Days Past Due | 1,672 | 1,353 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Nonaccrual Loans | 231 | 98 |
Accruing Loans 90 Days Past Due | 0 | 35 |
Acquired Loans | Consumer, Indirect Loan [Member] | ||
Loans | ||
Nonaccrual Loans | 0 | 0 |
Accruing Loans 90 Days Past Due | 13 | 0 |
Acquired Loans | Consumer, Other Loan [Member] | ||
Loans | ||
Nonaccrual Loans | 4 | 7 |
Accruing Loans 90 Days Past Due | 0 | 0 |
Acquired Loans | Consumer, other | ||
Loans | ||
Nonaccrual Loans | 4 | 7 |
Accruing Loans 90 Days Past Due | $ 13 | $ 0 |
Loans Aging Of The Recorded Inv
Loans Aging Of The Recorded Investment In Past Due Loans And Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans | ||
Loans, net of deferred fees and costs | $ 2,224,936 | $ 2,072,440 |
Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 45,445 | 36,035 |
Current Loans | 2,179,491 | 2,036,405 |
Loans, net of deferred fees and costs | 2,224,936 | 2,072,440 |
Originated Loan | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 28,871 | 19,670 |
Current Loans | 1,679,233 | 1,394,969 |
Loans, net of deferred fees and costs | 1,708,104 | 1,414,639 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 826 | 921 |
Current Loans | 83,800 | 62,864 |
Loans, net of deferred fees and costs | 84,626 | 63,785 |
Originated Loan | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 10,950 | 8,897 |
Current Loans | 520,607 | 462,287 |
Loans, net of deferred fees and costs | 531,557 | 471,184 |
Originated Loan | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 11,776 | 9,818 |
Current Loans | 604,407 | 525,151 |
Loans, net of deferred fees and costs | 616,183 | 534,969 |
Originated Loan | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 3,470 | 2,419 |
Current Loans | 374,661 | 285,711 |
Loans, net of deferred fees and costs | 378,131 | 288,130 |
Originated Loan | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 10,202 | 5,492 |
Current Loans | 297,288 | 283,291 |
Loans, net of deferred fees and costs | 307,490 | 288,783 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 609 | 272 |
Current Loans | 85,008 | 73,904 |
Loans, net of deferred fees and costs | 85,617 | 74,176 |
Originated Loan | Consumer, Indirect Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,430 | 958 |
Current Loans | 249,594 | 164,362 |
Loans, net of deferred fees and costs | 252,024 | 165,320 |
Originated Loan | Consumer, Other Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 384 | 711 |
Current Loans | 67,195 | 61,102 |
Loans, net of deferred fees and costs | 67,579 | 61,813 |
Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,814 | 1,669 |
Current Loans | 316,789 | 225,464 |
Loans, net of deferred fees and costs | 319,603 | 227,133 |
Originated Loan | Deposit account overdrafts | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | |
Current Loans | 1,080 | |
Loans, net of deferred fees and costs | 1,080 | 1,448 |
Acquired Loans | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 16,574 | 16,365 |
Current Loans | 500,258 | 641,436 |
Loans, net of deferred fees and costs | 516,832 | 657,801 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 40 | 40 |
Current Loans | 10,060 | 12,074 |
Loans, net of deferred fees and costs | 10,100 | 12,114 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 3,699 | 4,674 |
Current Loans | 200,767 | 260,418 |
Loans, net of deferred fees and costs | 204,466 | 265,092 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 3,739 | 4,714 |
Current Loans | 210,827 | 272,492 |
Loans, net of deferred fees and costs | 214,566 | 277,206 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 928 | 1,962 |
Current Loans | 43,280 | 61,627 |
Loans, net of deferred fees and costs | 44,208 | 63,589 |
Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 11,388 | 9,135 |
Current Loans | 217,047 | 267,637 |
Loans, net of deferred fees and costs | 228,435 | 276,772 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 451 | 433 |
Current Loans | 25,424 | 31,820 |
Loans, net of deferred fees and costs | 25,875 | 32,253 |
Acquired Loans | Consumer, Indirect Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 4 | 23 |
Current Loans | 804 | 1,753 |
Loans, net of deferred fees and costs | 808 | 1,776 |
Acquired Loans | Consumer, Other Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 64 | 98 |
Current Loans | 2,876 | 6,107 |
Loans, net of deferred fees and costs | 2,940 | 6,205 |
Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 68 | 121 |
Current Loans | 3,680 | 7,860 |
Loans, net of deferred fees and costs | 3,748 | 7,981 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 20,304 | 21,369 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loan | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 12,755 | 14,282 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loan | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 913 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loan | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,420 | 7,260 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loan | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,420 | 8,173 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loan | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,305 | 1,437 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loan | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 7,288 | 3,124 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loan | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 316 | 161 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loan | Consumer, Indirect Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,080 | 790 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loan | Consumer, Other Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 346 | 597 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,426 | 1,387 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Originated Loan | Deposit account overdrafts | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 7,549 | 7,087 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,220 | 1,592 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,220 | 1,592 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 148 | 177 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 5,918 | 4,910 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 208 | 318 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Consumer, Indirect Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 4 | 23 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Consumer, Other Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 51 | 67 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 55 | 90 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 5,072 | 5,950 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loan | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,300 | 2,835 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loan | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loan | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 225 | 1,258 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loan | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 225 | 1,258 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loan | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 700 | 215 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loan | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,019 | 1,105 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loan | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 45 | 7 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loan | Consumer, Indirect Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 273 | 168 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loan | Consumer, Other Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 38 | 82 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 311 | 250 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Originated Loan | Deposit account overdrafts | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,772 | 3,115 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 208 | 352 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 208 | 352 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 3 | 232 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,496 | 2,480 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 65 | 20 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Consumer, Indirect Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Consumer, Other Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 31 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 31 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 20,069 | 8,716 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loan | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 13,816 | 2,553 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loan | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 826 | 8 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loan | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 9,305 | 379 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loan | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 10,131 | 387 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loan | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,465 | 767 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loan | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 1,895 | 1,263 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loan | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 248 | 104 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loan | Consumer, Indirect Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 77 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loan | Consumer, Other Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 32 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loan | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 77 | 32 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Originated Loan | Deposit account overdrafts | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Loan Type | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 6,253 | 6,163 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 40 | 40 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Commercial real estate, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,271 | 2,730 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Commercial real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,311 | 2,770 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Commercial and industrial | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 777 | 1,553 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Residential real estate | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 2,974 | 1,745 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Home equity lines of credit | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 178 | 95 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Consumer, Indirect Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Consumer, Other Loan [Member] | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | 13 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Acquired Loans | Consumer, other | ||
Loans | ||
Financing Receivable, Recorded Investment, Past Due | $ 13 | $ 0 |
Loans Loans By Risk Category (D
Loans Loans By Risk Category (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans | ||
Total Loans | $ 2,206,507 | $ 2,055,661 |
Balance | 2,224,936 | 2,072,440 |
Loan Type | ||
Loans | ||
Balance | 2,224,936 | 2,072,440 |
Pass Rated | Loan Type | ||
Loans | ||
Balance | 1,225,221 | 1,099,592 |
Watch | Loan Type | ||
Loans | ||
Balance | 41,446 | 61,832 |
Substandard | Loan Type | ||
Loans | ||
Balance | 57,238 | 59,857 |
Doubtful | Loan Type | ||
Loans | ||
Balance | 498 | 458 |
Not Rated | Loan Type | ||
Loans | ||
Balance | 900,533 | 850,701 |
Originated Loan | Loan Type | ||
Loans | ||
Balance | 1,708,104 | 1,414,639 |
Originated Loan | Commercial real estate, construction | ||
Loans | ||
Balance | 84,626 | 63,785 |
Originated Loan | Commercial real estate, other | ||
Loans | ||
Balance | 531,557 | 471,184 |
Originated Loan | Commercial real estate | ||
Loans | ||
Balance | 616,183 | 534,969 |
Originated Loan | Commercial and industrial | ||
Loans | ||
Balance | 378,131 | 288,130 |
Originated Loan | Residential real estate | ||
Loans | ||
Balance | 307,490 | 288,783 |
Originated Loan | Home equity lines of credit | ||
Loans | ||
Balance | 85,617 | 74,176 |
Originated Loan | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 252,024 | 165,320 |
Originated Loan | Consumer, other | ||
Loans | ||
Balance | 319,603 | 227,133 |
Originated Loan | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 67,579 | 61,813 |
Originated Loan | Deposit account overdrafts | ||
Loans | ||
Balance | 1,080 | 1,448 |
Originated Loan | Pass Rated | Loan Type | ||
Loans | ||
Balance | 973,109 | 779,172 |
Originated Loan | Pass Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 73,423 | 62,225 |
Originated Loan | Pass Rated | Commercial real estate, other | ||
Loans | ||
Balance | 505,029 | 434,868 |
Originated Loan | Pass Rated | Commercial real estate | ||
Loans | ||
Balance | 578,452 | 497,093 |
Originated Loan | Pass Rated | Commercial and industrial | ||
Loans | ||
Balance | 346,791 | 259,183 |
Originated Loan | Pass Rated | Residential real estate | ||
Loans | ||
Balance | 47,336 | 21,903 |
Originated Loan | Pass Rated | Home equity lines of credit | ||
Loans | ||
Balance | 465 | 785 |
Originated Loan | Pass Rated | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 15 | 114 |
Originated Loan | Pass Rated | Consumer, other | ||
Loans | ||
Balance | 65 | 208 |
Originated Loan | Pass Rated | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 50 | 94 |
Originated Loan | Pass Rated | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Watch | Loan Type | ||
Loans | ||
Balance | 28,035 | 43,479 |
Originated Loan | Watch | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Watch | Commercial real estate, other | ||
Loans | ||
Balance | 11,855 | 18,710 |
Originated Loan | Watch | Commercial real estate | ||
Loans | ||
Balance | 11,855 | 18,710 |
Originated Loan | Watch | Commercial and industrial | ||
Loans | ||
Balance | 15,210 | 23,601 |
Originated Loan | Watch | Residential real estate | ||
Loans | ||
Balance | 957 | 1,168 |
Originated Loan | Watch | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Watch | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 13 | 0 |
Originated Loan | Watch | Consumer, other | ||
Loans | ||
Balance | 13 | 0 |
Originated Loan | Watch | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Watch | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Substandard | Loan Type | ||
Loans | ||
Balance | 44,592 | 36,312 |
Originated Loan | Substandard | Commercial real estate, construction | ||
Loans | ||
Balance | 826 | 913 |
Originated Loan | Substandard | Commercial real estate, other | ||
Loans | ||
Balance | 14,673 | 17,595 |
Originated Loan | Substandard | Commercial real estate | ||
Loans | ||
Balance | 15,499 | 18,508 |
Originated Loan | Substandard | Commercial and industrial | ||
Loans | ||
Balance | 16,130 | 5,344 |
Originated Loan | Substandard | Residential real estate | ||
Loans | ||
Balance | 12,828 | 12,282 |
Originated Loan | Substandard | Home equity lines of credit | ||
Loans | ||
Balance | 135 | 175 |
Originated Loan | Substandard | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Substandard | Consumer, other | ||
Loans | ||
Balance | 0 | 3 |
Originated Loan | Substandard | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 0 | 3 |
Originated Loan | Substandard | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Loan Type | ||
Loans | ||
Balance | 304 | 187 |
Originated Loan | Doubtful | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Commercial real estate | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Commercial and industrial | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Residential real estate | ||
Loans | ||
Balance | 304 | 187 |
Originated Loan | Doubtful | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Doubtful | Deposit account overdrafts | ||
Loans | ||
Balance | 0 | 0 |
Originated Loan | Not Rated | Loan Type | ||
Loans | ||
Balance | 662,064 | 555,489 |
Originated Loan | Not Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 10,377 | 647 |
Originated Loan | Not Rated | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 11 |
Originated Loan | Not Rated | Commercial real estate | ||
Loans | ||
Balance | 10,377 | 658 |
Originated Loan | Not Rated | Commercial and industrial | ||
Loans | ||
Balance | 0 | 2 |
Originated Loan | Not Rated | Residential real estate | ||
Loans | ||
Balance | 246,065 | 253,243 |
Originated Loan | Not Rated | Home equity lines of credit | ||
Loans | ||
Balance | 85,017 | 73,216 |
Originated Loan | Not Rated | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 251,996 | 165,206 |
Originated Loan | Not Rated | Consumer, other | ||
Loans | ||
Balance | 319,525 | 226,922 |
Originated Loan | Not Rated | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 67,529 | 61,716 |
Originated Loan | Not Rated | Deposit account overdrafts | ||
Loans | ||
Balance | 1,080 | 1,448 |
Acquired Loans | Loan Type | ||
Loans | ||
Balance | 516,832 | 657,801 |
Acquired Loans | Commercial real estate, construction | ||
Loans | ||
Balance | 10,100 | 12,114 |
Acquired Loans | Commercial real estate, other | ||
Loans | ||
Balance | 204,466 | 265,092 |
Acquired Loans | Commercial real estate | ||
Loans | ||
Balance | 214,566 | 277,206 |
Acquired Loans | Commercial and industrial | ||
Loans | ||
Balance | 44,208 | 63,589 |
Acquired Loans | Residential real estate | ||
Loans | ||
Balance | 228,435 | 276,772 |
Acquired Loans | Home equity lines of credit | ||
Loans | ||
Balance | 25,875 | 32,253 |
Acquired Loans | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 808 | 1,776 |
Acquired Loans | Consumer, other | ||
Loans | ||
Balance | 3,748 | 7,981 |
Acquired Loans | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 2,940 | 6,205 |
Acquired Loans | Pass Rated | Loan Type | ||
Loans | ||
Balance | 252,112 | 320,420 |
Acquired Loans | Pass Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 10,046 | 12,114 |
Acquired Loans | Pass Rated | Commercial real estate, other | ||
Loans | ||
Balance | 181,781 | 233,630 |
Acquired Loans | Pass Rated | Commercial real estate | ||
Loans | ||
Balance | 191,827 | 245,744 |
Acquired Loans | Pass Rated | Commercial and industrial | ||
Loans | ||
Balance | 42,809 | 56,077 |
Acquired Loans | Pass Rated | Residential real estate | ||
Loans | ||
Balance | 17,170 | 18,027 |
Acquired Loans | Pass Rated | Home equity lines of credit | ||
Loans | ||
Balance | 202 | 316 |
Acquired Loans | Pass Rated | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 51 | 126 |
Acquired Loans | Pass Rated | Consumer, other | ||
Loans | ||
Balance | 104 | 256 |
Acquired Loans | Pass Rated | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 53 | 130 |
Acquired Loans | Watch | Loan Type | ||
Loans | ||
Balance | 13,411 | 18,353 |
Acquired Loans | Watch | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Watch | Commercial real estate, other | ||
Loans | ||
Balance | 12,475 | 13,866 |
Acquired Loans | Watch | Commercial real estate | ||
Loans | ||
Balance | 12,475 | 13,866 |
Acquired Loans | Watch | Commercial and industrial | ||
Loans | ||
Balance | 227 | 3,078 |
Acquired Loans | Watch | Residential real estate | ||
Loans | ||
Balance | 709 | 1,409 |
Acquired Loans | Watch | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Watch | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Watch | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Watch | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Loan Type | ||
Loans | ||
Balance | 12,646 | 23,545 |
Acquired Loans | Substandard | Commercial real estate, construction | ||
Loans | ||
Balance | 54 | 0 |
Acquired Loans | Substandard | Commercial real estate, other | ||
Loans | ||
Balance | 10,210 | 17,521 |
Acquired Loans | Substandard | Commercial real estate | ||
Loans | ||
Balance | 10,264 | 17,521 |
Acquired Loans | Substandard | Commercial and industrial | ||
Loans | ||
Balance | 978 | 4,238 |
Acquired Loans | Substandard | Residential real estate | ||
Loans | ||
Balance | 1,404 | 1,786 |
Acquired Loans | Substandard | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Substandard | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Loan Type | ||
Loans | ||
Balance | 194 | 271 |
Acquired Loans | Doubtful | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 75 |
Acquired Loans | Doubtful | Commercial real estate | ||
Loans | ||
Balance | 0 | 75 |
Acquired Loans | Doubtful | Commercial and industrial | ||
Loans | ||
Balance | 194 | 196 |
Acquired Loans | Doubtful | Residential real estate | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Home equity lines of credit | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Consumer, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Doubtful | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Loan Type | ||
Loans | ||
Balance | 238,469 | 295,212 |
Acquired Loans | Not Rated | Commercial real estate, construction | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Commercial real estate, other | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Commercial real estate | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Commercial and industrial | ||
Loans | ||
Balance | 0 | 0 |
Acquired Loans | Not Rated | Residential real estate | ||
Loans | ||
Balance | 209,152 | 255,550 |
Acquired Loans | Not Rated | Home equity lines of credit | ||
Loans | ||
Balance | 25,673 | 31,937 |
Acquired Loans | Not Rated | Consumer, Indirect Loan [Member] | ||
Loans | ||
Balance | 757 | 1,650 |
Acquired Loans | Not Rated | Consumer, other | ||
Loans | ||
Balance | 3,644 | 7,725 |
Acquired Loans | Not Rated | Consumer, Other Loan [Member] | ||
Loans | ||
Balance | $ 2,887 | $ 6,075 |
Loans Schedule Of Impaired Loan
Loans Schedule Of Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loan Type | ||
Impaired Loans | ||
Unpaid Principal Balance | $ 57,173 | $ 62,169 |
Recorded Investment With Allowance | 10,344 | 7,990 |
Recorded Investment Without Allowance | 42,751 | 47,410 |
Total Recorded Investment | 53,095 | 55,400 |
Related Allowance | 1,412 | 1,820 |
Average Recorded Investment | 51,455 | 44,750 |
Interest Income Recognized | 2,320 | 2,464 |
Commercial real estate, other | ||
Impaired Loans | ||
Unpaid Principal Balance | 20,029 | 23,430 |
Recorded Investment With Allowance | 7,474 | 6,396 |
Recorded Investment Without Allowance | 12,227 | 12,772 |
Total Recorded Investment | 19,701 | 19,168 |
Related Allowance | 803 | 1,363 |
Average Recorded Investment | 18,710 | 13,070 |
Interest Income Recognized | 700 | 815 |
Commercial real estate, construction | ||
Impaired Loans | ||
Unpaid Principal Balance | 894 | 957 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 866 | 957 |
Total Recorded Investment | 866 | 957 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 913 | 227 |
Interest Income Recognized | 3 | 3 |
Commercial real estate | ||
Impaired Loans | ||
Unpaid Principal Balance | 20,923 | 24,387 |
Recorded Investment With Allowance | 7,474 | 6,396 |
Recorded Investment Without Allowance | 13,093 | 13,729 |
Total Recorded Investment | 20,567 | 20,125 |
Related Allowance | 803 | 1,363 |
Average Recorded Investment | 19,623 | 13,297 |
Interest Income Recognized | 703 | 818 |
Commercial and industrial | ||
Impaired Loans | ||
Unpaid Principal Balance | 7,289 | 5,670 |
Recorded Investment With Allowance | 2,732 | 1,224 |
Recorded Investment Without Allowance | 1,003 | 4,130 |
Total Recorded Investment | 3,735 | 5,354 |
Related Allowance | 585 | 351 |
Average Recorded Investment | 3,386 | 4,049 |
Interest Income Recognized | 125 | 246 |
Residential real estate | ||
Impaired Loans | ||
Unpaid Principal Balance | 27,703 | 31,304 |
Recorded Investment With Allowance | 138 | 370 |
Recorded Investment Without Allowance | 27,393 | 28,834 |
Total Recorded Investment | 27,531 | 29,204 |
Related Allowance | 24 | 106 |
Average Recorded Investment | 27,455 | 26,785 |
Interest Income Recognized | 1,419 | 1,354 |
Home equity lines of credit | ||
Impaired Loans | ||
Unpaid Principal Balance | 908 | 425 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 908 | 419 |
Total Recorded Investment | 908 | 419 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 717 | 325 |
Interest Income Recognized | 44 | 18 |
Consumer, Indirect Loan [Member] | ||
Impaired Loans | ||
Unpaid Principal Balance | 220 | 118 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 224 | 103 |
Total Recorded Investment | 224 | 103 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 136 | 84 |
Interest Income Recognized | 16 | 0 |
Consumer, Other Loan [Member] | ||
Impaired Loans | ||
Unpaid Principal Balance | 130 | 265 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 130 | 195 |
Total Recorded Investment | 130 | 195 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 138 | 210 |
Interest Income Recognized | 13 | 28 |
Consumer, other | ||
Impaired Loans | ||
Unpaid Principal Balance | 350 | 383 |
Recorded Investment With Allowance | 0 | 0 |
Recorded Investment Without Allowance | 354 | 298 |
Total Recorded Investment | 354 | 298 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 274 | 294 |
Interest Income Recognized | $ 29 | $ 28 |
Loans Troubled Debt Restructuri
Loans Troubled Debt Restructurings (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Additional commitments to lend funds to debtors whose terms have been modified in a TDR | $ 0 | |
Originated Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 40 | 36 |
Pre-modification recorded investment in loans modified as TDR | $ 1,472,000 | $ 2,438,000 |
Post-modification recorded investment in loans modified as TDR | 1,480,000 | 2,438,000 |
Total Recorded Investment | $ 1,391,000 | $ 2,313,000 |
Originated Loan | Commercial real estate, other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 3 | |
Pre-modification recorded investment in loans modified as TDR | $ 109,000 | |
Post-modification recorded investment in loans modified as TDR | 109,000 | |
Total Recorded Investment | $ 107,000 | |
Originated Loan | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 5 | |
Pre-modification recorded investment in loans modified as TDR | $ 900,000 | |
Post-modification recorded investment in loans modified as TDR | 900,000 | |
Total Recorded Investment | $ 881,000 | |
Originated Loan | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 7 | 4 |
Pre-modification recorded investment in loans modified as TDR | $ 828,000 | $ 834,000 |
Post-modification recorded investment in loans modified as TDR | 836,000 | 834,000 |
Total Recorded Investment | $ 750,000 | $ 834,000 |
Originated Loan | Residential real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 8 | 4 |
Pre-modification recorded investment in loans modified as TDR | $ 266,000 | $ 207,000 |
Post-modification recorded investment in loans modified as TDR | 266,000 | 207,000 |
Total Recorded Investment | $ 266,000 | $ 115,000 |
Originated Loan | Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 5 | 11 |
Pre-modification recorded investment in loans modified as TDR | $ 81,000 | $ 402,000 |
Post-modification recorded investment in loans modified as TDR | 81,000 | 402,000 |
Total Recorded Investment | $ 81,000 | $ 389,000 |
Originated Loan | Consumer, Indirect Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 14 | 5 |
Pre-modification recorded investment in loans modified as TDR | $ 164,000 | $ 51,000 |
Post-modification recorded investment in loans modified as TDR | 164,000 | 51,000 |
Total Recorded Investment | $ 164,000 | $ 50,000 |
Originated Loan | Consumer, Other Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 3 | 7 |
Pre-modification recorded investment in loans modified as TDR | $ 24,000 | $ 44,000 |
Post-modification recorded investment in loans modified as TDR | 24,000 | 44,000 |
Total Recorded Investment | $ 23,000 | $ 44,000 |
Originated Loan | Consumer, other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 17 | 12 |
Pre-modification recorded investment in loans modified as TDR | $ 188,000 | $ 95,000 |
Post-modification recorded investment in loans modified as TDR | 188,000 | 95,000 |
Total Recorded Investment | $ 187,000 | $ 94,000 |
Acquired Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 25 | 5 |
Pre-modification recorded investment in loans modified as TDR | $ 1,599,000 | $ 254,000 |
Post-modification recorded investment in loans modified as TDR | 1,601,000 | 254,000 |
Total Recorded Investment | $ 1,585,000 | $ 253,000 |
Number of contracts modified as a TDR that subsequently defaulted | contract | 0 | 1 |
Recorded investment in loans modified as a TDR that subsequently defaulted | $ 0 | $ 151,000 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | 0 |
Acquired Loans | Commercial real estate, construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 2 | |
Pre-modification recorded investment in loans modified as TDR | $ 237,000 | |
Post-modification recorded investment in loans modified as TDR | 237,000 | |
Total Recorded Investment | $ 237,000 | |
Acquired Loans | Residential real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 14 | 4 |
Pre-modification recorded investment in loans modified as TDR | $ 1,080,000 | $ 246,000 |
Post-modification recorded investment in loans modified as TDR | 1,082,000 | 246,000 |
Total Recorded Investment | $ 1,076,000 | $ 246,000 |
Number of contracts modified as a TDR that subsequently defaulted | contract | 0 | 1 |
Recorded investment in loans modified as a TDR that subsequently defaulted | $ 0 | $ 151,000 |
Impact on allowance for loan losses for loans modified as a TDR that subsequently defaulted | 0 | 0 |
Acquired Loans | Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 4 | 1 |
Pre-modification recorded investment in loans modified as TDR | $ 260,000 | $ 8,000 |
Post-modification recorded investment in loans modified as TDR | 260,000 | 8,000 |
Total Recorded Investment | $ 250,000 | $ 7,000 |
Acquired Loans | Consumer, Indirect Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 2 | |
Pre-modification recorded investment in loans modified as TDR | $ 7,000 | |
Post-modification recorded investment in loans modified as TDR | 7,000 | |
Total Recorded Investment | $ 7,000 | |
Acquired Loans | Consumer, Other Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 3 | |
Pre-modification recorded investment in loans modified as TDR | $ 15,000 | |
Post-modification recorded investment in loans modified as TDR | 15,000 | |
Total Recorded Investment | $ 15,000 | |
Acquired Loans | Consumer, other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts modified as a TDR | contract | 5 | |
Pre-modification recorded investment in loans modified as TDR | $ 22,000 | |
Post-modification recorded investment in loans modified as TDR | 22,000 | |
Total Recorded Investment | $ 22,000 |
Loans Allowance For Loan Losses
Loans Allowance For Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Provision for loan losses | $ 3,539 | $ 14,097 | $ 339 | ||
Loan Type | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance, January 1, 2013 | 16,539 | 17,881 | |||
Charge-offs | (5,131) | (16,698) | |||
Recoveries | 3,309 | 1,562 | |||
Net recoveries (charge-offs) | (1,822) | (15,136) | |||
Provision for loan losses | 3,479 | 13,794 | |||
Ending balance | 16,539 | 17,881 | 17,881 | $ 18,196 | $ 16,539 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 1,412 | 1,820 | |||
Loans collectively evaluated for impairment | 16,784 | 14,719 | |||
Ending balance | 16,539 | 17,881 | 17,881 | 18,196 | 16,539 |
Commercial and industrial | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance, January 1, 2013 | 5,382 | 4,036 | |||
Charge-offs | (1,017) | (13,576) | |||
Recoveries | 306 | 98 | |||
Net recoveries (charge-offs) | (711) | (13,478) | |||
Provision for loan losses | 1,682 | 14,824 | |||
Ending balance | 5,382 | 4,036 | 4,036 | 6,353 | 5,382 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 585 | 351 | |||
Loans collectively evaluated for impairment | 5,768 | 5,031 | |||
Ending balance | 5,382 | 4,036 | 4,036 | 6,353 | 5,382 |
Residential real estate | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance, January 1, 2013 | 1,257 | 1,627 | |||
Charge-offs | (588) | (628) | |||
Recoveries | 278 | 315 | |||
Net recoveries (charge-offs) | (310) | (313) | |||
Provision for loan losses | 35 | (57) | |||
Ending balance | 1,257 | 1,627 | 1,627 | 982 | 1,257 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 24 | 106 | |||
Loans collectively evaluated for impairment | 958 | 1,151 | |||
Ending balance | 1,257 | 1,627 | 1,627 | 982 | 1,257 |
Home equity lines of credit | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance, January 1, 2013 | 732 | 694 | |||
Charge-offs | (73) | (125) | |||
Recoveries | 56 | 119 | |||
Net recoveries (charge-offs) | (17) | (6) | |||
Provision for loan losses | (27) | 44 | |||
Ending balance | 732 | 694 | 694 | 688 | 732 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 688 | 732 | |||
Ending balance | 732 | 694 | 694 | 688 | 732 |
Consumer, other | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance, January 1, 2013 | 1,971 | 1,587 | |||
Charge-offs | (2,655) | (1,353) | |||
Recoveries | 1,285 | 755 | |||
Net recoveries (charge-offs) | (1,370) | (598) | |||
Provision for loan losses | 2,229 | 982 | |||
Ending balance | 1,971 | 1,587 | 1,587 | 2,830 | 1,971 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 2,830 | 1,971 | |||
Ending balance | 1,971 | 1,587 | 1,587 | 2,830 | 1,971 |
Deposit account overdrafts | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance, January 1, 2013 | 121 | 112 | |||
Charge-offs | (774) | (774) | |||
Recoveries | 175 | 171 | |||
Net recoveries (charge-offs) | (599) | (603) | |||
Provision for loan losses | 649 | 612 | |||
Ending balance | 121 | 112 | 112 | 171 | 121 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 0 | 0 | |||
Loans collectively evaluated for impairment | 171 | 121 | |||
Ending balance | 121 | 112 | 112 | 171 | 121 |
Commercial real estate, other | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance, January 1, 2013 | 7,076 | 9,825 | |||
Charge-offs | (24) | (242) | |||
Recoveries | 1,209 | 104 | |||
Net recoveries (charge-offs) | 1,185 | (138) | |||
Provision for loan losses | (1,089) | (2,611) | |||
Ending balance | 7,076 | 9,825 | 9,825 | 7,172 | 7,076 |
Period-end amount allocated to: | |||||
Loans individually evaluated for impairment | 803 | 1,363 | |||
Loans collectively evaluated for impairment | 6,369 | 5,713 | |||
Ending balance | 7,076 | 9,825 | 9,825 | 7,172 | 7,076 |
Acquired Purchased Credit Impaired Loans | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance, January 1, 2013 | 240 | 0 | |||
Charge-offs | (67) | (63) | |||
Recoveries | 0 | 0 | |||
Net recoveries (charge-offs) | (67) | (63) | |||
Ending balance | 240 | 0 | 0 | 233 | 240 |
Period-end amount allocated to: | |||||
Ending balance | 240 | 0 | $ 0 | $ 233 | $ 240 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ 60 | $ 303 |
Bank Premises and Equipment Dep
Bank Premises and Equipment Depreciation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Bank Premises and Equipment | |||
Depreciation expense | $ 5.1 | $ 4.6 | $ 3 |
Building and premises | Minimum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 5 | ||
Building and premises | Maximum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 40 | ||
Furniture, fixtures and equipment | Minimum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 2 | ||
Furniture, fixtures and equipment | Maximum | |||
Bank Premises and Equipment | |||
Building and premises and furniture, fixtures and equipment | 10 |
Bank Premises and Equipment Lea
Bank Premises and Equipment Leases (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense | $ 1,073,000 | $ 988,000 | $ 951,000 |
Related Party Transaction [Domain] | |||
Operating Leases, Rent Expense | $ 64,000 |
Bank Premises and Equipment Net
Bank Premises and Equipment Net Book Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Bank Premises and Equipment | ||
Total bank premises and equipment | $ 99,614 | $ 96,070 |
Accumulated depreciation | (45,998) | (42,583) |
Bank premises and equipment, net | 53,616 | 53,487 |
Land | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | 12,085 | 11,976 |
Building and premises | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | 61,451 | 58,607 |
Furniture, fixtures and equipment | ||
Bank Premises and Equipment | ||
Total bank premises and equipment | $ 26,078 | $ 25,487 |
Bank Premises and Equipment Fut
Bank Premises and Equipment Future Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Property, Plant and Equipment [Abstract] | |
2,015 | $ 745 |
2,016 | 731 |
2,017 | 431 |
2,018 | 217 |
2,019 | 207 |
Thereafter | 354 |
Total future operating lease payments | $ 2,685 |
Bank Premises and Equipment L72
Bank Premises and Equipment Lease (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum | |
Operating Leased Assets [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 2 years |
Maximum | |
Operating Leased Assets [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years |
Bank Premises and Equipment Rel
Bank Premises and Equipment Related Party (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense | $ 1,073,000 | $ 988,000 | $ 951,000 |
Related Party Transaction [Domain] | |||
Operating Leases, Rent Expense | $ 64,000 |
Goodwill and Other Intangible74
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets [Abstract] | ||
Goodwill, Impairment Loss | $ 0 | |
Goodwill | ||
Goodwill, beginning of year | 132,631,000 | $ 98,562,000 |
Acquired goodwill | 0 | 34,069,000 |
Goodwill, end of year | $ 132,631,000 | $ 132,631,000 |
Goodwill and Other Intangible75
Goodwill and Other Intangible Assets (Other Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Intangible Assets | ||||
Gross intangibles | $ 21,009 | $ 15,871 | ||
Acquired intangibles | 514 | 10,318 | ||
Accumulated amortization | (10,441) | (11,590) | ||
Total acquired intangibles | 11,082 | 14,599 | ||
Other intangible assets | 13,387 | 16,986 | ||
Core Deposits | ||||
Other Intangible Assets | ||||
Gross intangibles | 16,150 | 7,013 | ||
Acquired intangibles | 0 | 8,623 | ||
Accumulated amortization | (7,594) | (4,396) | ||
Total acquired intangibles | 8,556 | 11,240 | ||
Customer Relationships | ||||
Other Intangible Assets | ||||
Gross intangibles | 4,859 | 8,858 | ||
Acquired intangibles | 514 | 1,695 | ||
Accumulated amortization | (2,847) | (7,194) | ||
Total acquired intangibles | 2,526 | 3,359 | ||
Servicing rights | ||||
Other Intangible Assets | ||||
Total acquired intangibles | 2,305 | 2,387 | $ 2,238 | $ 2,295 |
Other intangible assets | $ 2,305 | $ 2,387 |
Goodwill and Other Intangible76
Goodwill and Other Intangible Assets (Estimated Aggregated Future Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Other Intangible Assets | ||||
2,015 | $ 3,410 | |||
2,016 | 2,781 | |||
2,017 | 2,140 | |||
2,018 | 1,490 | |||
2,019 | 865 | |||
Thereafter | 396 | |||
Total acquired intangibles | 11,082 | $ 14,599 | ||
Core Deposits | ||||
Other Intangible Assets | ||||
2,015 | 2,688 | |||
2,016 | 2,175 | |||
2,017 | 1,658 | |||
2,018 | 1,138 | |||
2,019 | 648 | |||
Thereafter | 249 | |||
Total acquired intangibles | 8,556 | 11,240 | ||
Customer Relationships | ||||
Other Intangible Assets | ||||
2,015 | 722 | |||
2,016 | 606 | |||
2,017 | 482 | |||
2,018 | 352 | |||
2,019 | 217 | |||
Thereafter | 147 | |||
Total acquired intangibles | 2,526 | 3,359 | ||
Servicing rights | ||||
Other Intangible Assets | ||||
Total acquired intangibles | $ 2,305 | $ 2,387 | $ 2,238 | $ 2,295 |
Goodwill and Other Intangible77
Goodwill and Other Intangible Assets (Mortgage Servicing Rights Activity) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Intangible Assets | |||
Balance, beginning of year | $ 14,599,000 | ||
Balance, beginning of year | 11,082,000 | $ 14,599,000 | |
Valuation allowance for servicing rights | 0 | ||
Servicing rights | |||
Other Intangible Assets | |||
Balance, beginning of year | 2,387,000 | 2,238,000 | $ 2,295,000 |
Amortization | 762,000 | 662,000 | 597,000 |
Servicing rights originated | 680,000 | 566,000 | 497,000 |
Servicing rights acquired | 0 | 245,000 | 43,000 |
Balance, beginning of year | $ 2,305,000 | $ 2,387,000 | $ 2,238,000 |
Deposits (Deposits) (Details)
Deposits (Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposit Type | ||
Total | $ 400,557 | |
Interest-bearing transaction accounts | 436,344 | $ 414,375 |
Money market deposit accounts | 407,754 | 394,119 |
Governmental deposit accounts | 251,671 | 276,639 |
Interest-bearing transaction accounts | 278,975 | 250,023 |
Total interest-bearing deposits | 1,775,301 | 1,818,005 |
Non-interest-bearing | 734,421 | 717,939 |
Total deposits | 2,509,722 | 2,535,944 |
Related Party Deposits | 42,000 | 43,000 |
Brokered CD's | ||
Deposit Type | ||
Total | 15,696 | 33,857 |
Retail CD's | ||
Deposit Type | ||
Retail CD's $250,000 or More | 173,499 | 189,583 |
Retail CD's Less than $250,000 | 211,362 | 259,409 |
Total | $ 384,861 | $ 448,992 |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Certificates of Deposit) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposit Type | ||
2,015 | $ 194,394 | |
2,016 | 77,455 | |
2,017 | 58,571 | |
2,018 | 30,282 | |
2,019 | 39,743 | |
Thereafter | 112 | |
Total | 400,557 | |
Brokered CD's | ||
Deposit Type | ||
2,015 | 0 | |
2,016 | 1,147 | |
2,017 | 14,549 | |
2,018 | 0 | |
2,019 | 0 | |
Thereafter | 0 | |
Total | 15,696 | $ 33,857 |
Retail CD's | ||
Deposit Type | ||
2,015 | 194,394 | |
2,016 | 76,308 | |
2,017 | 44,022 | |
2,018 | 30,282 | |
2,019 | 39,743 | |
Thereafter | 112 | |
Total | $ 384,861 | $ 448,992 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Borrowings | ||
Revolving Line of Credit | $ 15,000,000 | $ 15,000,000 |
Federal Funds Available from Correspondent Banks | $ 5,000,000 | |
Unused line of credit, fixed rate | 0.00% | 0.00% |
Short-term borrowings | $ 305,607,000 | $ 160,386,000 |
Holding Company | ||
Short-term Borrowings | ||
Revolving Line of Credit | $ 15,000,000 | |
Unused line of credit, fixed rate | 3.00% | |
Line of Credit [Member] | Holding Company | ||
Short-term Borrowings | ||
Short-term borrowings | $ 0 |
Short-Term Borrowings (Short Te
Short-Term Borrowings (Short Term Borrowing) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Borrowings | |||
Short-term borrowings | $ 305,607 | $ 160,386 | |
Interest on short-term borrowings | 508 | 182 | $ 146 |
Retail Repurchase Agreements | |||
Short-term Borrowings | |||
Short-term borrowings | 74,607 | 84,386 | 73,277 |
Average balance | 72,886 | 83,574 | 59,324 |
Highest month-end balance | 81,353 | 92,711 | 76,459 |
Interest on short-term borrowings | $ 123 | $ 140 | $ 99 |
Weighted Average Interest Rate, End of Year | 0.17% | 0.17% | 0.17% |
Weighted Average Interest Rate, During the Year | 0.17% | 0.17% | 0.17% |
FHLB Advances | |||
Short-term Borrowings | |||
Short-term borrowings | $ 231,000 | $ 76,000 | $ 15,000 |
Average balance | 86,260 | 16,863 | 36,678 |
Highest month-end balance | 231,000 | 76,000 | 108,000 |
Interest on short-term borrowings | $ 384 | $ 42 | $ 47 |
Weighted Average Interest Rate, End of Year | 0.64% | 0.35% | 0.14% |
Weighted Average Interest Rate, During the Year | 0.44% | 0.25% | 0.13% |
Other Short-Term Borrowings | |||
Short-term Borrowings | |||
Short-term borrowings | $ 0 | $ 0 | $ 0 |
Average balance | 23 | 0 | 38 |
Highest month-end balance | 0 | 0 | 0 |
Interest on short-term borrowings | $ 0 | $ 0 | $ 0 |
Weighted Average Interest Rate, End of Year | 0.00% | 0.00% | 0.00% |
Weighted Average Interest Rate, During the Year | 1.11% | 0.00% | 0.75% |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) | Mar. 06, 2015USD ($)semi_annual_period | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Long-term borrowings | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% | ||
Total Risk-Based Capital Ratio Minimum Under Debt Covenant | 12.50% | |||
Nonperforming Assets to Tangible Capital plus Allowance for Loan Losses Maximum Under Debt Covenant | 20.00% | |||
Allowance for Loan Losses to Nonperforming Loans Minimum Under Debt Covenant | 70.00% | |||
Fixed charge coverage ratio minimum required by debt covenant | 125.00% | |||
Callable national market repurchase agreements, Weighted-Average Rate | 3.63% | 3.63% | ||
Extinguishment of Debt, Amount | $ 20,000,000 | |||
Net loss on other transactions | (707,000) | $ (520,000) | $ 67,000 | |
Junior subordinated debt securities | 6,924,000 | 6,736,000 | ||
Interest rate on capital securities | 1.50% | |||
Revolving Line of Credit | 15,000,000 | 15,000,000 | ||
Line of Credit Facility, Commitment Fee Amount | $ 70,600 | |||
Line of Credit Facility, Commitment Fee Percentage | 0.47% | |||
Maximum aggregate indebtedness under debt covenants | $ 10,000,000 | |||
Maximum material transaction amount under debt covenant | 10,000,000 | |||
Restructuring Charges | 700,000 | |||
Long-term borrowings | $ 145,155,000 | 113,670,000 | ||
Long-term Debt [Member] | ||||
Long-term borrowings | ||||
Debt, Weighted Average Interest Rate | 2.97% | |||
Minimum | ||||
Long-term borrowings | ||||
Repurchase agreements, maturities period | 5 years | |||
Repurchase agreements, call option features at buyer discretion, initial call period | 3 months | |||
Derivative, Fixed Interest Rate | 1.49% | |||
Maximum | ||||
Long-term borrowings | ||||
Repurchase agreements, maturities period | 10 years | |||
Repurchase agreements, call option features at buyer discretion, initial call period | 5 years | |||
Distributions on Capital Securities, Deferred, Number of Consecutive Semiannual Periods | semi_annual_period | 20 | |||
Derivative, Fixed Interest Rate | 1.83% | |||
FHLB Advances [Member] | ||||
Long-term borrowings | ||||
Long-term borrowings | $ 35,000,000 | |||
FHLB Advances | ||||
Long-term borrowings | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.08% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 1.40% | |||
FHLB putable non-amortizing, fixed-rate advances | ||||
Long-term borrowings | ||||
Long-term Federal Home Loan Bank Advances | $ 70,000,000 | $ 50,000,000 | ||
FHLB advances, Weighted-Average Rate | 2.49% | 3.32% | ||
FHLB putable non-amortizing, fixed-rate advances | Minimum | ||||
Long-term borrowings | ||||
FHLB advances, maturities period | 2 years | |||
FHLB putable non-amortizing, fixed-rate advances | Maximum | ||||
Long-term borrowings | ||||
FHLB advances, maturities period | 11 years | |||
FHLB amortizing, fixed-rate advances | Minimum | ||||
Long-term borrowings | ||||
FHLB advances,fixed rate intial period | 3 months | |||
FHLB amortizing, fixed-rate advances | Maximum | ||||
Long-term borrowings | ||||
FHLB advances,fixed rate intial period | 5 years | |||
Junior subordinated debt securities | ||||
Long-term borrowings | ||||
Long-term Federal Home Loan Bank Advances | $ 28,282,000 | $ 16,934,000 | ||
FHLB advances, Weighted-Average Rate | 2.01% | 2.69% | ||
Junior subordinated debt securities | Minimum | ||||
Long-term borrowings | ||||
FHLB advances, maturities period | 2 years | |||
Junior subordinated debt securities | Maximum | ||||
Long-term borrowings | ||||
FHLB advances, maturities period | 15 years | |||
Long-term Debt [Member] | ||||
Long-term borrowings | ||||
Debt, Weighted Average Interest Rate | 2.17% | |||
NB&T Financial Group, Inc. [Member] | ||||
Long-term borrowings | ||||
Junior subordinated debt securities | $ 6,600,000 | |||
Interest Rate Swap | ||||
Long-term borrowings | ||||
Long-term borrowings | $ 40,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.57% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 3.92% |
Long-Term Borrowings (Long Term
Long-Term Borrowings (Long Term Borrowing) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term borrowings: | ||
Callable national market repurchase agreements | $ 40,000 | $ 40,000 |
Junior subordinated debt securities | 6,924 | 6,736 |
Unamortized debt issuance cost | (51) | 0 |
Long-term borrowings | $ 145,155 | $ 113,670 |
Callable national market repurchase agreements, Weighted-Average Rate | 3.63% | 3.63% |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% |
Total long-term borrowings, Weighted-Average Rate | 2.71% | 3.25% |
FHLB putable non-amortizing, fixed rate advances | ||
Long-term borrowings: | ||
Long-term Federal Home Loan Bank Advances | $ 70,000 | $ 50,000 |
FHLB advances, Weighted-Average Rate | 2.49% | 3.32% |
Junior subordinated debt securities | ||
Long-term borrowings: | ||
Long-term Federal Home Loan Bank Advances | $ 28,282 | $ 16,934 |
FHLB advances, Weighted-Average Rate | 2.01% | 2.69% |
Junior Subordinated Debt [Member] | ||
Long-term borrowings: | ||
Debt, Weighted Average Interest Rate | 2.45% | 1.83% |
Long-Term Borrowings (Minimum A
Long-Term Borrowings (Minimum Annual Retirements of Long-Term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Aggregate minimum annual retirements of long-term borrowings in future periods: | ||
2,015 | $ 5,545 | |
2,016 | 64,971 | |
2,017 | 13,508 | |
2,018 | 10,564 | |
2,019 | 6,979 | |
Thereafter | 43,588 | |
Long-term borrowings | $ 145,155 | $ 113,670 |
Weighted average interest rate, 2015 retirements | 1.76% | |
Weighted average interest rate, 2016 retirements | 3.54% | |
Weighted average interest rate, 2017 retirements | 1.27% | |
Weighted average interest rate, 2018 retirements | 2.03% | |
Weighted average interest rate, 2019 retirements | 1.47% | |
Weighted average interest rate, thereafter | 2.40% | |
Total long-term borrowings, Weighted-Average Rate | 2.71% | 3.25% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock | |||
Stock Repurchase Program, Authorized Amount | $ 20,000 | ||
Purchase of treasury stock | 279,770 | 0 | |
Purchase of treasury stock | $ 4,965 | $ 741 | $ 520 |
Proceeds from Issuance of Private Placement | 40,162 | ||
Preferred stock, shares authorized | 50,000 | 50,000 | |
Preferred stock, shares issued | 0 | 0 | |
Common Stock | |||
Class of Stock | |||
Proceeds from Issuance of Private Placement | $ 40,162 | ||
Private Placement [Member] | Common Stock | |||
Class of Stock | |||
Issuance of Private Placement | 1,847,826 | ||
Proceeds from Issuance of Private Placement | $ 40,200 | ||
Sale of Stock, Price Per Share | $ 23 | ||
NB&T Financial Group, Inc. [Member] | Common Stock | |||
Class of Stock | |||
Stock Issued During Period, Shares, Acquisitions | 3,207,698 | ||
Stock Issued During Period, Value, Acquisitions | $ 76,000 | $ 76,027 |
Stockholders' Equity (Stock Rol
Stockholders' Equity (Stock Rollforward) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Stock by Class | |||
Common stock, shares issued, beginning of period | 18,931,200 | ||
Treasury stock, shares, beginning of period | 586,688 | ||
Changes related to stock-based compensation awards: | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (1,775) | ||
Changes related to deferred compensation plan: | |||
Purchase of treasury stock | 279,770 | 0 | |
Changes related to private placement: | |||
Common stock, shares issued, end of period | 18,939,091 | 18,931,200 | |
Treasury stock, shares, end of period | 795,758 | 586,688 | |
Common Stock | |||
Class of Stock | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 131,011 | 101,926 | |
Increase (Decrease) in Stock by Class | |||
Common stock, shares issued, beginning of period | 18,931,200 | 15,599,643 | 11,352,036 |
Changes related to stock-based compensation awards: | |||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (11,820) | (28,219) | (6,062) |
Stock Issued During Period, Shares, Share-based Compensation, Gross | (2,810) | (100) | |
Changes related to dividend reinvestment plan: | |||
Common shares issued under dividend reinvestment plan | 19,711 | 18,257 | 17,230 |
Changes related to private placement: | |||
Common stock, shares issued, end of period | 18,939,091 | 18,931,200 | 15,599,643 |
Treasury Stock | |||
Increase (Decrease) in Stock by Class | |||
Treasury stock, shares, beginning of period | 586,686 | 590,246 | 600,794 |
Changes related to stock-based compensation awards: | |||
Release of restricted common shares | 17,220 | 25,205 | 18,031 |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 1,000 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | (100) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (2,792) | ||
Stock Issued During Period, Shares, Share-based Compensation, Gross | (350) | ||
Reissuance of treasury stock for common stock awards | (12,030) | ||
Changes related to deferred compensation plan: | |||
Purchase of treasury stock | 8,396 | 7,654 | 4,236 |
Reissuance of treasury stock | (12,012) | (9,642) | (9,390) |
Stock Repurchased During Period, Shares | 279,770 | ||
Changes related to Board Compensation: | |||
Common shares issued under compensation plan for Board of Directors | (11,450) | (10,231) | (8,603) |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | (15,727) | (16,446) | |
Changes related to private placement: | |||
Treasury stock, shares, end of period | 795,758 | 586,686 | 590,246 |
Restricted Shares | Treasury Stock | |||
Changes related to stock-based compensation awards: | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | (56,000) | ||
NB&T Financial Group, Inc. [Member] | Common Stock | |||
Changes related to stock issued in acquisitions: | |||
Stock Issued During Period, Shares, Acquisitions | 3,207,698 | ||
NB&T Financial Group, Inc. [Member] | Common Stock | |||
Changes related to stock issued in acquisitions: | |||
Stock Issued During Period, Shares, Acquisitions | 3,207,698 | ||
Midwest Bancshares, Inc. | Common Stock | |||
Changes related to stock issued in acquisitions: | |||
Stock Issued During Period, Shares, Acquisitions | 256,282 | ||
Ohio Heritage Bancorp, Inc. | Common Stock | |||
Changes related to stock issued in acquisitions: | |||
Stock Issued During Period, Shares, Acquisitions | 1,364,735 | ||
North Akron Savings Bank | Common Stock | |||
Changes related to stock issued in acquisitions: | |||
Stock Issued During Period, Shares, Acquisitions | 665,570 | ||
Private Placement [Member] | Common Stock | |||
Changes related to private placement: | |||
Issuance of Private Placement | 1,847,826 | ||
Private Placement [Member] | Common Stock | |||
Changes related to private placement: | |||
Issuance of Private Placement | 1,847,826 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ 1,186 | $ 0 | $ 0 | $ 0 |
Accumulated Other Comprehensive (Loss) Income | ||||
Unrealized (Loss) Gain on Securities | 2,869 | 2,542 | (9,761) | |
Unrealized (Loss) Gain on Securities | (2,288) | 327 | 12,303 | |
Unrealized (Loss) Gain on Securities | 581 | 2,869 | 2,542 | |
Unrecognized Net Pension and Postretirement Costs | (3,228) | (3,483) | (3,483) | |
Unrecognized Net Pension and Postretirement Costs | (93) | 615 | (360) | |
Unrecognized Net Pension and Postretirement Costs | (3,321) | (3,228) | (3,483) | |
Accumulated Other Comprehensive (Loss) Income | (359) | (1,301) | (13,244) | |
Accumulated Other Comprehensive (Loss) Income | (1,195) | 942 | 11,943 | |
Accumulated Other Comprehensive (Loss) Income | (1,554) | (359) | (1,301) | |
Realized gain on sale of securities, net of tax | (604) | (474) | (259) | |
Other Comprehensive Income (Loss), Reclassification Adjustment in Net Income, Net of Tax | (474) | (259) | ||
Realized loss due to settlement and curtailment, net of tax | 298 | 910 | ||
Realized loss due to settlement and curtailment, net of tax | 298 | 910 | ||
Other comprehensive (loss) income, net of reclassifications and tax | (1,684) | 801 | 12,562 | |
Other comprehensive (loss) income, net of reclassifications and tax | (93) | 317 | (1,270) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1,186 | 0 | 0 | |
Other comprehensive (loss) income, net of reclassifications and tax | $ (1,777) | $ 1,118 | $ 11,292 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure | ||||
Defined Benefit Plan, Description of Direction and Pattern of Change for Assumed Health Care Cost Trend Rate | 0.055 | |||
Pension benefits to be amortized from accumulated other comprehensive income (loss) into net periodic cost over the next fiscal year | $ 97,000 | |||
Ultimate Health Care Cost Trend Rate | 4.00% | |||
Time Period of Lower Returns on Equity Securites | 10 years | |||
Cash and Cash Equivalents | $ 66,146,000 | $ 71,115,000 | $ 61,454,000 | $ 53,820,000 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 1,549,000 | 1,454,000 | 1,048,000 | |
Pension benefits | ||||
Defined Benefit Plan Disclosure | ||||
Cash and Cash Equivalents | 221,000 | 352,000 | ||
Accrued Investment Income Receivable | 12,000 | 1,000 | ||
Components of net periodic benefit costs: | ||||
Interest cost | 438,000 | 447,000 | 509,000 | |
Expected return on plan assets | (492,000) | (493,000) | (589,000) | |
Amortization of net loss (gain) | 95,000 | 117,000 | 137,000 | |
Settlement of benefit obligation | 0 | 459,000 | 1,400,000 | |
Net periodic benefit cost | $ 41,000 | $ 530,000 | $ 1,457,000 | |
Discount rate | 3.90% | 3.80% | 3.70% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | 7.50% | |
Postretirement benefits | ||||
Components of net periodic benefit costs: | ||||
Interest cost | $ 4,000 | $ 4,000 | $ 6,000 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of net loss (gain) | (6,000) | (5,000) | (8,000) | |
Settlement of benefit obligation | 0 | 0 | 0 | |
Net periodic benefit cost | $ (2,000) | $ (1,000) | $ (2,000) | |
Discount rate | 3.90% | 3.50% | 4.30% | |
Postretirement benefits | Employees hired before January 1, 2003 | ||||
Defined Benefit Plan Disclosure | ||||
Contribution per eligible employee, coverage basis, consecutive period of highest average monthly compensation | 5 years | |||
Contribution per eligible employee, coverage basis, lastest service period | 10 years | |||
Postretirement benefits | Employees hired on or after January 1, 2003 | ||||
Defined Benefit Plan Disclosure | ||||
Percentage of annual contribution per eligible employee | 2.00% | |||
Postretirement health benefits | Employees retired before January 1, 1993 | ||||
Defined Benefit Plan Disclosure | ||||
Maximum coverage per eligible retiree | 100.00% | |||
Minimum | ||||
Defined Benefit Plan Disclosure | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 0.00% | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 3.00% | |||
Components of net periodic benefit costs: | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 315,000 | |||
Minimum | Equity securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 60.00% | |||
Minimum | Investment securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 2000.00% | |||
Minimum | Other Investments [Member] | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 0.00% | |||
Maximum | ||||
Defined Benefit Plan Disclosure | ||||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 5.00% | |||
Components of net periodic benefit costs: | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 340,000 | |||
Maximum | Equity securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 75.00% | |||
Maximum | Investment securities | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 40.00% | |||
Maximum | Other Investments [Member] | ||||
Defined Benefit Plan Disclosure | ||||
Actual Plan Asset Allocations | 0.00% |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes in Benefit Obligation, Fair Value of Assets and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in plan assets: | ||||
Beginning balance | $ 6,771 | |||
Ending balance | 7,348 | $ 6,771 | ||
Amounts recognized in Accumulated Other Comprehensive Loss: | ||||
Total | 3,321 | 3,228 | $ 3,483 | $ 3,483 |
Pension benefits | ||||
Change in benefit obligation: | ||||
Beginning balance | 11,965 | 13,695 | ||
Interest cost | 438 | 447 | 509 | |
Plan participants’ contributions | 0 | 0 | ||
Actuarial loss (gain) | 151 | (948) | ||
Benefit payments | (427) | (148) | ||
Settlements | 0 | (1,081) | ||
Ending balance | 12,127 | 11,965 | 13,695 | |
Accumulated benefit obligation at December 31 | 12,127 | 11,965 | ||
Change in plan assets: | ||||
Beginning balance | 7,124 | 8,259 | ||
Actual return on plan assets | 405 | (91) | ||
Employer contributions | 480 | 185 | ||
Plan participants’ contributions | 0 | 0 | ||
Benefit payments | (427) | (148) | ||
Settlements | 0 | (1,081) | ||
Ending balance | 7,582 | 7,124 | 8,259 | |
Funded status at December 31 | (4,545) | (4,841) | ||
Amounts recognized in Consolidated Balance Sheets: | ||||
Accrued benefit liability | (4,545) | (4,841) | ||
Net amount recognized | (4,545) | (4,841) | ||
Amounts recognized in Accumulated Other Comprehensive Loss: | ||||
Unrecognized prior service cost | 0 | 0 | ||
Unrecognized net loss (gain) | 3,368 | 3,275 | ||
Total | $ 3,368 | $ 3,275 | ||
Discount Rate | 3.80% | 3.90% | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Change in benefit obligation: | ||||
Beginning balance | $ 126 | $ 152 | ||
Interest cost | 4 | 4 | 6 | |
Plan participants’ contributions | 49 | 65 | ||
Actuarial loss (gain) | (7) | (10) | ||
Benefit payments | (69) | (85) | ||
Settlements | 0 | 0 | ||
Ending balance | 103 | 126 | 152 | |
Accumulated benefit obligation at December 31 | 0 | 0 | ||
Change in plan assets: | ||||
Beginning balance | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 20 | 20 | ||
Plan participants’ contributions | 49 | 65 | ||
Benefit payments | (69) | (85) | ||
Settlements | 0 | 0 | ||
Ending balance | 0 | 0 | $ 0 | |
Funded status at December 31 | (103) | (126) | ||
Amounts recognized in Consolidated Balance Sheets: | ||||
Accrued benefit liability | (103) | (126) | ||
Net amount recognized | (103) | (126) | ||
Amounts recognized in Accumulated Other Comprehensive Loss: | ||||
Unrecognized prior service cost | (1) | (2) | ||
Unrecognized net loss (gain) | (48) | (47) | ||
Total | $ (49) | $ (49) | ||
Discount Rate | 3.80% | 3.90% | ||
Mutual funds - equity | ||||
Change in plan assets: | ||||
Beginning balance | $ 4,908 | |||
Ending balance | 5,241 | $ 4,908 | ||
Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Beginning balance | 1,863 | |||
Ending balance | 2,107 | 1,863 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | ||||
Change in plan assets: | ||||
Beginning balance | 6,771 | |||
Ending balance | 7,348 | 6,771 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | Mutual funds - equity | ||||
Change in plan assets: | ||||
Beginning balance | 4,908 | |||
Ending balance | 5,241 | 4,908 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring Basis | Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Beginning balance | 1,863 | |||
Ending balance | 2,107 | 1,863 | ||
Significant Other Observable Inputs (Level 2) | Recurring Basis | ||||
Change in plan assets: | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Recurring Basis | Mutual funds - equity | ||||
Change in plan assets: | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Recurring Basis | Mutual funds - taxable income | ||||
Change in plan assets: | ||||
Beginning balance | 0 | |||
Ending balance | $ 0 | $ 0 |
Employee Benefit Plans (Cash Fl
Employee Benefit Plans (Cash Flows) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Pension benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,015 | $ 1,001,000 |
2,016 | 897,000 |
2,017 | 935,000 |
2,018 | 1,000,000 |
2,019 | 1,067,000 |
2020-2024 | 3,325,000 |
Total | 8,225,000 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,015 | 12,000 |
2,016 | 12,000 |
2,017 | 12,000 |
2,018 | 11,000 |
2,019 | 10,000 |
2020-2024 | 41,000 |
Total | 98,000 |
Minimum | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 315,000 |
Maximum | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 340,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 3,100,000 | ||
Deferred Tax Assets, Gross | 20,827,000 | $ 21,597,000 | |
Valuation allowance | 1,341,000 | 605,000 | |
Federal Income Tax Expense on Securities Transactions | 326,000 | $ 255,000 | $ 139,000 |
Partnership investment | |||
Valuation Allowance [Line Items] | |||
Deferred Tax Assets, Gross | $ 3,800,000 |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amount | |||||||||||
Income tax computed at statutory federal tax rate | $ 15,785 | $ 5,051 | $ 8,462 | ||||||||
Tax-exempt interest income | (1,170) | (1,109) | (726) | ||||||||
Investments in tax credit funds | (164) | (123) | (481) | ||||||||
Bank owned life insurance | (495) | (204) | (37) | ||||||||
Other, net | 169 | 260 | 276 | ||||||||
Income tax expense | $ 3,336 | $ 3,656 | $ 3,479 | $ 3,654 | $ 425 | $ 1,370 | $ 2,231 | $ (151) | $ 14,125 | $ 3,875 | $ 7,494 |
Rate | |||||||||||
Income tax computed at statutory federal tax rate | (35.00%) | (34.10%) | (35.00%) | ||||||||
Tax-exempt interest income | (2.60%) | (7.50%) | (3.00%) | ||||||||
Investments in tax credit funds | (0.40%) | (0.80%) | (2.00%) | ||||||||
Bank owned life insurance | (1.10%) | (1.40%) | 0.00% | ||||||||
Other, net | 0.40% | 1.80% | 1.00% | ||||||||
Income tax expense | 31.30% | 26.20% | 31.00% |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
Current income tax expense | $ 16,587 | $ 5,457 | $ 3,659 | ||||||||
Deferred income tax (benefit) expense | (2,462) | (1,582) | 3,835 | ||||||||
Income tax expense | $ 3,336 | $ 3,656 | $ 3,479 | $ 3,654 | $ 425 | $ 1,370 | $ 2,231 | $ (151) | $ 14,125 | $ 3,875 | $ 7,494 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets | ||
Allowance for loan losses | $ 12,578 | $ 12,144 |
Accrued employee benefits | 3,826 | 3,763 |
Investments | 2,884 | 2,447 |
Bank premises and equipment | 349 | 1,060 |
Other | 1,190 | 2,183 |
Gross deferred tax assets | 20,827 | 21,597 |
Valuation allowance | 1,341 | 605 |
Total deferred tax assets | 19,486 | 20,992 |
Deferred Tax Liabilities | ||
Purchase accounting adjustments | 10,845 | 11,342 |
Deferred loan income | 3,181 | 2,260 |
Available-for-sale securities | 312 | 1,544 |
Other | 1,305 | 664 |
Total deferred tax liabilities | 15,643 | 15,810 |
Net deferred tax asset | 3,843 | $ 5,182 |
Partnership investment | ||
Deferred Tax Assets | ||
Gross deferred tax assets | $ 3,800 |
Income Taxes (Uncertain Tax Pos
Income Taxes (Uncertain Tax Positions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Uncertain tax positions, beginning of year | $ 417 | $ 240 |
Gross increase based on tax positions related to current year | 113 | 182 |
Gross increase for tax position taken during prior years | 45 | 0 |
Gross decrease for tax positions taken during prior years | 0 | (2) |
Gross decrease due to the statute of limitations | (53) | (3) |
Uncertain tax positions, end of year | $ 522 | $ 417 |
Income Taxes (Valuation Allowan
Income Taxes (Valuation Allowance) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets, Gross | $ 20,827 | $ 21,597 |
Partnership investment | ||
Deferred Tax Assets, Gross | $ 3,800 |
Earnings Per Common Share (Calc
Earnings Per Common Share (Calculations of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Distributed earnings allocated to common shareholders | $ 11,532 | $ 10,426 | $ 7,095 | ||||||||
Undistributed earnings allocated to common shareholders | 19,483 | 404 | 9,472 | ||||||||
Net earnings allocated to common shareholders | $ 31,015 | $ 10,830 | $ 16,567 | ||||||||
Weighted-average number of common shares outstanding - basic | 18,009,056 | 17,993,443 | 17,980,797 | 18,071,746 | 18,142,997 | 18,127,131 | 18,116,090 | 15,802,334 | 18,013,693 | 17,555,140 | 12,183,352 |
Effect of potentially dilutive common shares | 141,770 | 132,655 | 122,872 | ||||||||
Total weighted-average diluted common shares outstanding | 18,172,030 | 18,110,710 | 18,113,812 | 18,194,990 | 18,278,272 | 18,271,979 | 18,253,918 | 15,930,235 | 18,155,463 | 17,687,795 | 12,306,224 |
Earnings per common share - basic | $ 0.41 | $ 0.43 | $ 0.44 | $ 0.44 | $ 0.14 | $ 0.23 | $ 0.27 | $ (0.04) | $ 1.72 | $ 0.62 | $ 1.36 |
Earnings per common share - diluted | $ 0.41 | $ 0.43 | $ 0.44 | $ 0.44 | $ 0.14 | $ 0.22 | $ 0.27 | $ (0.04) | $ 1.71 | $ 0.61 | $ 1.35 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||||
Stock options and stock appreciation rights | 20,769 | 46,109 | 55,184 |
Financial Instruments with Of98
Financial Instruments with Off-Balance Sheet Risk (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | $ 5,000,000 | $ 3,100,000 |
Interest Rate Derivative Liabilities, at Fair Value | 3,200,000 | 3,100,000 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | 10,500,000 | |
Expected reclassifications into interest expense on cash flow hedge in next twelve months | 0 | |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 1,800,000 | |
Reclassifications into earnings on cash flow hedge | 0 | |
Fair Value of Interest Rate Swaps | $ 3,200,000 | 3,100,000 |
Maximum Length of Time Hedged in Cash Flow Hedge | 25 months | |
Reclassifications into Interest expense on cash flow hedge | $ 0 | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional Amount of Interest Rate Derivatives | 247,300,000 | $ 144,400,000 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional Amount of Interest Rate Derivatives | $ 40,000,000 |
Financial Instruments with Of99
Financial Instruments with Off-Balance Sheet Risk (Loan Commitments and Standby Letters of Credit) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | $ 15,000 | $ 15,000 |
Unused Commitments to Extend Credit | 473,768 | 395,316 |
Standby letters of credit | 25,651 | 22,970 |
Home equity lines of credit | ||
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | 85,024 | 84,148 |
Construction Loans [Member] | ||
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | 119,075 | 77,479 |
Other loan commitments | ||
Loan Commitments and Standby Letters of Credit [Line Items] | ||
Contractual Loan Commitments | $ 269,669 | $ 233,689 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Regulatory Matters [Abstract] | ||
Required Reserve Balances with Federal Reserve Bank | $ 17,000 | $ 16,300 |
Holding Company | ||
Regulatory Capital Requirements | ||
Common Equity Tier 1 Capital | $ 306,506 | $ 288,416 |
Common Equity Tier 1 Risk Based Capital to Risk Weighted Assets | 12.90% | 13.40% |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy | $ 106,801 | $ 97,142 |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Common Equity Tier 1 Risk Based Capital Required to be Well Capitalized | $ 154,268 | $ 140,316 |
Common Equity Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Capital | $ 334,957 | $ 313,974 |
Capital to Risk Weighted Assets | 14.10% | 14.50% |
Capital Required for Capital Adequacy | $ 189,869 | $ 172,697 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 237,336 | $ 215,871 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | $ 313,430 | $ 295,151 |
Tier One Risk Based Capital to Risk Weighted Assets | 13.20% | 13.70% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 142,402 | $ 129,523 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 189,869 | $ 172,697 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Leverage Capital | $ 313,430 | $ 295,151 |
Tier One Leverage Capital to Average Assets | 9.70% | 9.50% |
Tier One Leverage Capital Required for Capital Adequacy | $ 129,803 | $ 123,973 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 162,254 | $ 154,967 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Risk Weighted Assets | $ 2,373,359 | $ 2,158,713 |
Bank | ||
Regulatory Capital Requirements | ||
Common Equity Tier 1 Capital | $ 271,319 | $ 257,045 |
Common Equity Tier 1 Risk Based Capital to Risk Weighted Assets | 11.50% | 11.90% |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy | $ 106,474 | $ 96,974 |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Common Equity Tier 1 Risk Based Capital Required to be Well Capitalized | $ 153,795 | $ 140,074 |
Common Equity Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Capital | $ 309,749 | $ 293,823 |
Capital to Risk Weighted Assets | 13.10% | 13.60% |
Capital Required for Capital Adequacy | $ 189,287 | $ 172,399 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 236,608 | $ 215,499 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | $ 291,319 | $ 277,045 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.30% | 12.90% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 141,965 | $ 129,299 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 189,287 | $ 172,399 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Leverage Capital | $ 291,319 | $ 277,045 |
Tier One Leverage Capital to Average Assets | 9.00% | 9.00% |
Tier One Leverage Capital Required for Capital Adequacy | $ 129,633 | $ 123,742 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 162,041 | $ 154,677 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Risk Weighted Assets | $ 2,366,082 | $ 2,154,985 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under 2006 Equity Plan | 1,081,260 | ||
Common shares authorized under the 2006 Equity Plan | 800,000 | ||
Unrecognized stock-based compensation expense related to unvested awards, amount | $ 1,500,000 | ||
Unrecognized stock-based compensation expense related to unvested awards, weighted-average period of recognition | 1 year 7 months | ||
Common shares issued under Board of Directors' compensation plan | $ (245,000) | $ (134,000) | $ 207,000 |
Allocated Share-based Compensation Expense | 1,332,000 | $ 1,843,000 | 2,111,000 |
Unrestricted Stock Granted to Employees | 12,030 | ||
Stock-based compensation expense | 1,332,000 | $ 1,843,000 | 2,111,000 |
Treasury Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares issued under Board of Directors' compensation plan | $ (263,000) | (177,000) | 221,000 |
Stock-based compensation expense | $ 298,000 | $ 298,000 |
Stock-Based Compensation (Optio
Stock-Based Compensation (Options Outstanding & Exercisable) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,775 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding Shares, Beginning Balance | 20,310 |
Expired | 20,310 |
Outstanding Shares, Ending Balance | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 28.83 |
Options Expired, Weighted Average Exercise Price | $ / shares | 28.84 |
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options Outstanding, Intrinsic Value | $ | $ 0 |
Options Exercisable | 0 |
Options Exercisable, Weighted Average Exercise Price | $ / shares | $ 0 |
Options Exercisable, Intrinsic Value | $ | $ 0 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Appreciation Rights) (Details) - SARs | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 9,902 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 25.03 |
Number of Shares Subject to SARs Outstanding & Exercisable | 2,338 |
Weighted-Average Remaining Contractual Life | 6 months |
Number of Common Shares Subject to SARs | |
Outstanding at January 1 (in shares) | 17,748 |
Forfeited (in shares) | 5,508 |
Outstanding at December 31 (in shares) | 2,338 |
Weighted- Average Exercise Price | |
Outstanding at January 1 (in dollars per share) | $ / shares | $ 25.86 |
Forfeited (in dollars per share) | $ / shares | 26.72 |
Outstanding at December 31 (in dollars per share) | $ / shares | $ 27.37 |
Weighted - Average Grant Date Fair Value | |
Exercisable at December 31 (in shares) | 2,338 |
Exercisable at December 31 (in dollars per share) | $ / shares | $ 27.37 |
Outstanding at December 31, Weighted-Average Remaining Contractual Life | 6 months |
Exercisable at December 31, Weighted-Average Remaining Contractual Life | 6 months |
Outstanding at December 31 | $ | $ 11,905 |
Exercisable at December 31 | $ | $ 11,905 |
Exercise Price $23.77 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 23.77 |
Number of Shares Subject to SARs Outstanding & Exercisable | 803 |
Weighted-Average Remaining Contractual Life | 1 year 1 month |
Exercise Price $29.25 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 29.25 |
Number of Shares Subject to SARs Outstanding & Exercisable | 1,535 |
Weighted-Average Remaining Contractual Life | 1 month |
Stock-Based Compensation (St104
Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation [Abstract] | |||
Total stock-based compensation | $ 1,332 | $ 1,843 | $ 2,111 |
Recognized tax benefit | (466) | (645) | (739) |
Net expense recognized | $ 866 | $ 1,198 | $ 1,372 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 06, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition | |||||||||||||
Acquired intangibles | $ 514 | $ 10,318 | |||||||||||
Acquired goodwill | 0 | 34,069 | |||||||||||
Net loss on asset disposals and other transactions | $ (109) | $ (224) | $ (769) | $ (31) | $ (498) | $ (51) | $ (136) | $ (1,103) | (1,133) | (1,788) | $ (431) | ||
Goodwill | $ 132,631 | $ 132,631 | $ 132,631 | $ 132,631 | $ 98,562 | ||||||||
Marietta, Ohio financial advisory book of business [Member] | |||||||||||||
Business Acquisition | |||||||||||||
Total purchase price | $ 500 | ||||||||||||
Subsequent Event [Member] | Insurance third party administrator [Member] | |||||||||||||
Business Acquisition | |||||||||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 400 |
Acquisitions Acquisitions Purch
Acquisitions Acquisitions Purchase Price and Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Net Assets at Fair Value | |||
Goodwill | $ 132,631 | $ 132,631 | $ 98,562 |
Acquisitions Acquired Loans at
Acquisitions Acquired Loans at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition | ||
Accretable yield | $ (7,132) | $ (7,042) |
Parent Company Only Financia108
Parent Company Only Financial Information (Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash and due from banks | $ 58,129 | $ 53,663 | ||
Due from subsidiary bank | 3,255 | 3,875 | ||
Total available-for-sale securities | 777,940 | 784,701 | ||
Other assets | 36,359 | 34,496 | ||
Total assets | 3,432,348 | 3,258,970 | ||
Liabilities | ||||
Accrued expenses and other liabilities | 36,603 | 29,181 | ||
Dividends payable | 165 | 103 | ||
Long-term borrowings | 145,155 | 113,670 | ||
Junior subordinated debt securities | 6,924 | 6,736 | ||
Total liabilities | 2,997,087 | 2,839,181 | ||
Common stockholders' equity | 435,261 | 419,789 | $ 340,118 | $ 221,553 |
Total liabilities and stockholders' equity | 3,432,348 | 3,258,970 | ||
Bank | ||||
Assets | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 395,468 | 385,258 | ||
Non-Bank | ||||
Assets | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 28,730 | 29,155 | ||
Holding Company | ||||
Assets | ||||
Cash and due from banks | 50 | 50 | ||
Interest-bearing deposits in subsidiary bank | 7,988 | 4,437 | ||
Total available-for-sale securities | 8,109 | 5,813 | ||
Other assets | 1,649 | 1,070 | ||
Total assets | 445,249 | 429,658 | ||
Liabilities | ||||
Accrued expenses and other liabilities | 2,589 | 3,030 | ||
Junior subordinated debt securities | 7,234 | 6,736 | ||
Total liabilities | 9,988 | 9,869 | ||
Common stockholders' equity | 435,261 | 419,789 | ||
Total liabilities and stockholders' equity | $ 445,249 | $ 429,658 |
Parent Company Only Financia109
Parent Company Only Financial Information (Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements | |||||||||||
Net gain on securities transactions | $ 68 | $ (1) | $ 767 | $ 96 | $ 56 | $ 62 | $ 11 | $ 600 | $ 930 | $ 729 | $ 398 |
Net loss on other transactions | (707) | (520) | 67 | ||||||||
Total interest income | 115,444 | 108,333 | 80,200 | ||||||||
Other expense | 25,529 | 25,411 | 25,408 | 25,274 | 25,306 | 24,876 | 26,902 | 23,198 | |||
Applicable income tax benefit | 3,336 | 3,656 | 3,479 | 3,654 | 425 | 1,370 | 2,231 | (151) | 14,125 | 3,875 | 7,494 |
Net income | $ 7,408 | $ 7,792 | $ 7,962 | $ 7,995 | $ 2,583 | $ 4,134 | $ 4,913 | $ (689) | 31,157 | 10,941 | 16,684 |
Bank | |||||||||||
Condensed Financial Statements | |||||||||||
Dividends from subsidiary bank | 20,500 | 17,500 | 21,000 | ||||||||
Non-Bank | |||||||||||
Condensed Financial Statements | |||||||||||
Dividends from subsidiary bank | 1,250 | 2,000 | 500 | ||||||||
Holding Company | |||||||||||
Condensed Financial Statements | |||||||||||
Interest and other income | 209 | 206 | 205 | ||||||||
Total interest income | 21,959 | 19,706 | 21,705 | ||||||||
Interest on junior subordinated debentures held by subsidiary trust | 397 | 304 | 0 | ||||||||
Intercompany management fees | 1,131 | 3,171 | 1,546 | ||||||||
Other expense | 3,154 | 5,653 | 4,578 | ||||||||
Total expenses | 4,682 | 9,128 | 6,124 | ||||||||
Income before federal income taxes and equity in (excess dividends from) undistributed earnings of subsidiaries | 17,277 | 10,578 | 15,581 | ||||||||
Applicable income tax benefit | (1,718) | (3,139) | (2,102) | ||||||||
Equity in (excess dividends from) undistributed earnings of subsidiaries | 12,162 | (2,776) | (999) | ||||||||
Net income | $ 31,157 | $ 10,941 | $ 16,684 |
Parent Company Only Financia110
Parent Company Only Financial Information (Statement of Cash Flow) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | ||||||||||||
Net income | $ 7,408 | $ 7,792 | $ 7,962 | $ 7,995 | $ 2,583 | $ 4,134 | $ 4,913 | $ (689) | $ 31,157 | $ 10,941 | $ 16,684 | |
Depreciation, amortization and accretion, net | 19,169 | 18,503 | 13,174 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Gain on investment securities | (68) | $ 1 | $ (767) | (96) | (56) | $ (62) | $ (11) | (600) | (930) | (729) | (398) | |
Loss (gain) on debt extinguishment | 707 | 520 | (67) | |||||||||
Net cash provided by operating activities | 60,311 | 47,882 | 31,495 | |||||||||
Investing activities: | ||||||||||||
Business combinations, net of cash received | (244) | 97,277 | 17,081 | |||||||||
Net cash used in investing activities | (198,358) | (1,110) | (14,163) | |||||||||
Financing activities: | ||||||||||||
Proceeds from long-term borrowings | 55,000 | 0 | 5,269 | |||||||||
Payments on long-term borrowings | (24,361) | (72,446) | (10,288) | |||||||||
Purchase of treasury stock | 4,965 | 741 | 520 | |||||||||
Proceeds from issuance of common shares | 18 | 0 | 40,242 | |||||||||
Cash dividends paid | (11,173) | (10,065) | (6,767) | |||||||||
Excess tax benefit from share-based payments | 26 | 51 | 85 | |||||||||
Net cash provided by (used in) financing activities | 133,078 | (37,111) | (9,698) | |||||||||
Net (decrease) increase in cash and cash equivalents | (4,969) | 9,661 | 7,634 | |||||||||
Cash and cash equivalents at beginning of period | 71,115 | 61,454 | 71,115 | 61,454 | 53,820 | |||||||
Cash and cash equivalents at end of period | 66,146 | 71,115 | 66,146 | 71,115 | 61,454 | |||||||
Supplemental cash flow information: | ||||||||||||
Interest paid | 11,773 | 11,541 | 10,766 | |||||||||
Holding Company | ||||||||||||
Operating activities: | ||||||||||||
Net income | 31,157 | 10,941 | 16,684 | |||||||||
Depreciation, amortization and accretion, net | 190 | 165 | 0 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
(Equity in) excess dividends from undistributed earnings of subsidiaries | (12,162) | 2,776 | 999 | |||||||||
Other, net | 355 | (1,903) | 1,825 | |||||||||
Net cash provided by operating activities | 19,540 | 11,979 | 19,508 | |||||||||
Investing activities: | ||||||||||||
Investment in subsidiaries | (22,769) | (104,584) | (65,822) | |||||||||
Decrease (increase) in receivable from subsidiary | 23,389 | (2,860) | (187) | |||||||||
Business combinations, net of cash received | 0 | 83,391 | 54,386 | |||||||||
Net cash used in investing activities | 620 | (24,053) | (11,623) | |||||||||
Financing activities: | ||||||||||||
Payments on long-term borrowings | 0 | (14,400) | (4,800) | |||||||||
Purchase of treasury stock | (5,480) | (741) | (520) | |||||||||
Proceeds from issuance of common shares | 18 | 0 | 40,242 | |||||||||
Cash dividends paid | (11,173) | (10,065) | (6,767) | |||||||||
Excess tax benefit from share-based payments | 26 | 51 | 85 | |||||||||
Net cash provided by (used in) financing activities | (16,609) | (25,155) | 28,240 | |||||||||
Net (decrease) increase in cash and cash equivalents | 3,551 | (37,229) | 36,125 | |||||||||
Cash and cash equivalents at the beginning of year | 4,487 | 4,487 | 41,716 | $ 5,591 | ||||||||
Cash and cash equivalents at beginning of period | $ 4,487 | $ 41,716 | 4,487 | 41,716 | ||||||||
Cash and cash equivalents at end of period | $ 8,038 | $ 4,487 | 8,038 | 4,487 | 41,716 | |||||||
Supplemental cash flow information: | ||||||||||||
Interest paid | $ 433 | $ 594 | $ 672 |
Summarized Quarterly Informa111
Summarized Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summarized Quarterly Information (Unaudited) [Abstract] | |||||||||||
Total interest income | $ 29,350 | $ 28,730 | $ 28,921 | $ 28,443 | $ 28,430 | $ 28,178 | $ 27,566 | $ 24,159 | |||
Total interest expense | 2,683 | 2,607 | 2,613 | 2,676 | 2,566 | 2,642 | 2,773 | 2,740 | $ 10,579 | $ 10,721 | $ 10,694 |
Net interest income | 26,667 | 26,123 | 26,308 | 25,767 | 25,864 | 25,536 | 24,793 | 21,419 | 104,865 | 97,612 | 69,506 |
Provision for loan losses | 711 | 1,146 | 727 | 955 | 7,238 | 5,837 | 672 | 350 | |||
Net loss on asset disposals and other transactions | (109) | (224) | (769) | (31) | (498) | (51) | (136) | (1,103) | (1,133) | (1,788) | (431) |
Net gain on securities transactions | 68 | (1) | 767 | 96 | 56 | 62 | 11 | 600 | 930 | 729 | 398 |
Other income | 12,111 | 13,538 | 12,367 | 13,054 | 12,101 | 11,906 | 11,926 | 11,508 | |||
Amortization of other intangible assets | 1,007 | 1,008 | 1,007 | 1,008 | 1,133 | 1,127 | 1,144 | 673 | 4,030 | 4,077 | 1,428 |
System conversion expenses | 746 | 423 | 90 | 0 | 838 | 109 | 732 | 9,043 | |||
Other expense | 25,529 | 25,411 | 25,408 | 25,274 | 25,306 | 24,876 | 26,902 | 23,198 | |||
Applicable income tax benefit | 3,336 | 3,656 | 3,479 | 3,654 | 425 | 1,370 | 2,231 | (151) | 14,125 | 3,875 | 7,494 |
Net income | $ 7,408 | $ 7,792 | $ 7,962 | $ 7,995 | $ 2,583 | $ 4,134 | $ 4,913 | $ (689) | $ 31,157 | $ 10,941 | $ 16,684 |
Earnings per common share - basic | $ 0.41 | $ 0.43 | $ 0.44 | $ 0.44 | $ 0.14 | $ 0.23 | $ 0.27 | $ (0.04) | $ 1.72 | $ 0.62 | $ 1.36 |
Earnings per common share - diluted | $ 0.41 | $ 0.43 | $ 0.44 | $ 0.44 | $ 0.14 | $ 0.22 | $ 0.27 | $ (0.04) | $ 1.71 | $ 0.61 | $ 1.35 |
Weighted-average number of common shares outstanding - basic | 18,009,056 | 17,993,443 | 17,980,797 | 18,071,746 | 18,142,997 | 18,127,131 | 18,116,090 | 15,802,334 | 18,013,693 | 17,555,140 | 12,183,352 |
Weighted-average number of common shares outstanding - diluted | 18,172,030 | 18,110,710 | 18,113,812 | 18,194,990 | 18,278,272 | 18,271,979 | 18,253,918 | 15,930,235 | 18,155,463 | 17,687,795 | 12,306,224 |
Uncategorized Items - pebo-2016
Label | Element | Value |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod | 10 years |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod | 10 years |
Employee Stock Option [Member] | Non-employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 | 6 months |
Employee Stock Option [Member] | Employee [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 | 3 years |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Intrinsic Value | pebo_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalIntrinsicValue | $ 1,600,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Intrinsic Value | pebo_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalIntrinsicValue | 2,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Intrinsic Value | pebo_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalIntrinsicValue | $ 1,000,000 |
Restricted Stock [Member] | Performance-based Vesting [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | $ 21.74 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | $ 22.72 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 10,820 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 22.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 21.95 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 158,763 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 142,415 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 35,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 17.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 41,028 |
Restricted Stock [Member] | Time-based Vesting [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | $ 21.63 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | $ 21.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 2,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 21.76 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 21.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 30,734 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 40,316 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 20,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 21.88 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 8,918 |
Restricted Stock [Member] | Non-employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod | 6 months |
Restricted Stock [Member] | Maximum [Member] | Employee [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod | 3 years |
Restricted Stock [Member] | Minimum [Member] | Employee [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod | 1 year |