Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 28, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-16772 | |
Entity Registrant Name | PEOPLES BANCORP INC. | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 31-0987416 | |
Entity Address, Address Line One | 138 Putnam Street, P.O. Box 738, | |
Entity Address, City or Town | Marietta, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45750 | |
City Area Code | (740) | |
Local Phone Number | 373-3155 | |
Title of 12(b) Security | Common Shares, without par value | |
Trading Symbol | PEBO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,919,990 | |
Entity Central Index Key | 0000318300 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Assets | ||
Cash and due from banks | $ 58,257 | $ 53,263 |
Interest-bearing deposits in other banks | 161,017 | 61,930 |
Total cash and cash equivalents | 219,274 | 115,193 |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | 877,851 | 936,101 |
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | 37,367 | 31,747 |
Other investment securities | 42,656 | 42,730 |
Total investment securities (a)(b) | 957,874 | 1,010,578 |
Loans, net of deferred fees and costs (b)(c) | 3,361,019 | 2,873,525 |
Allowance for credit losses (b) | (54,362) | (21,556) |
Net loans (b) | 3,306,657 | 2,851,969 |
Loans held for sale | 17,009 | 6,499 |
Bank premises and equipment, net of accumulated depreciation | 61,771 | 61,846 |
Bank owned life insurance | 70,665 | 69,722 |
Goodwill | 165,805 | 165,701 |
Other intangible assets | 10,820 | 11,802 |
Other assets | 175,944 | 60,855 |
Total assets | 4,985,819 | 4,354,165 |
Liabilities | ||
Non-interest-bearing | 1,005,732 | 671,208 |
Interest-bearing | 3,019,152 | 2,620,204 |
Total deposits | 4,024,884 | 3,291,412 |
Short-term borrowings | 177,912 | 316,977 |
Long-term borrowings | 112,536 | 83,123 |
Accrued expenses and other liabilities (b) | 101,310 | 68,260 |
Total liabilities | 4,416,642 | 3,759,772 |
Total liabilities and stockholders’ equity | 4,985,819 | 4,354,165 |
Stockholders’ equity | ||
Preferred shares, no par value, 50,000 shares authorized, no shares issued at June 30, 2020 and December 31, 2019 | 0 | 0 |
Common shares, no par value, 24,000,000 shares authorized, 21,173,862 shares issued at June 30, 2020 and 21,156,143 shares issued at December 31, 2019, including shares held in treasury | 421,236 | 420,876 |
Retained earnings (b) | 173,572 | 187,149 |
Accumulated other comprehensive income (loss), net of deferred income taxes | 4,634 | (1,425) |
Treasury stock, at cost, 1,299,219 shares at June 30, 2020 and 504,182 shares at December 31, 2019 | (30,265) | (12,207) |
Total stockholders’ equity | 569,177 | 594,393 |
Liabilities and Equity | 4,985,819 | 4,354,165 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 6 | |
Off-Balance Sheet, Credit Loss, Liability | 3,100 | |
Accounting Standards Update 2016-13 [Member] | ||
Stockholders’ equity | ||
Cumulative Effect on Retained Earnings, Net of Tax | (3,709) | |
Retained Earnings | ||
Stockholders’ equity | ||
Total stockholders’ equity | 173,572 | $ 187,149 |
Retained Earnings | Accounting Standards Update 2016-13 [Member] | ||
Stockholders’ equity | ||
Cumulative Effect on Retained Earnings, Net of Tax | $ (3,709) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) $ in Thousands | Jun. 30, 2020USD ($)shares |
Assets | |
Available-for-sale Securities, Amortized Cost Basis | $ | $ 853,072 |
Debt Securities, Held-to-maturity, Fair Value | $ | $ 39,338 |
Stockholders’ equity | |
Preferred Stock, Shares Authorized | 50,000 |
Preferred Stock, Shares Issued | 0 |
Common Stock, Shares Authorized | 24,000,000 |
Common Stock, Shares, Issued | 21,173,862 |
Treasury Stock, Shares | 1,299,219 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest income: | ||||
Interest and fees on loans | $ 34,483 | $ 36,660 | $ 69,071 | $ 70,713 |
Interest and dividends on taxable investment securities | 4,141 | 5,969 | 9,524 | 11,779 |
Interest on tax-exempt investment securities | 634 | 729 | 1,289 | 1,266 |
Other interest income | 48 | 263 | 284 | 439 |
Total interest income | 39,306 | 43,621 | 80,168 | 84,197 |
Interest expense: | ||||
Interest on deposits | 3,284 | 5,719 | 7,913 | 10,563 |
Interest on short-term borrowings | 574 | 1,233 | 1,613 | 2,406 |
Interest on long-term borrowings | 588 | 620 | 1,146 | 1,265 |
Total interest expense | 4,446 | 7,572 | 10,672 | 14,234 |
Net interest income | 34,860 | 36,049 | 69,496 | 69,963 |
Provision for credit losses (a) | 11,834 | 626 | 28,803 | 363 |
Net interest income after provision for credit losses | 23,026 | 35,423 | 40,693 | 69,600 |
Non-interest income: | ||||
Insurance income | 3,191 | 3,486 | 7,321 | 8,107 |
Mortgage banking income | 938 | 1,000 | 1,688 | 1,788 |
Bank owned life insurance income | 470 | 490 | 1,052 | 975 |
Net gain (loss) on investment securities | 62 | (57) | 381 | (27) |
Net loss on asset disposals and other transactions | (122) | (293) | (209) | (475) |
Other non-interest income | 422 | 502 | 859 | 1,603 |
Total non-interest income | 14,664 | 15,289 | 30,401 | 30,718 |
Non-interest expense: | ||||
Salaries and employee benefit costs | 17,985 | 20,824 | 37,903 | 40,026 |
Net occupancy and equipment expense | 3,151 | 3,132 | 6,305 | 6,110 |
Electronic banking expense | 1,879 | 1,693 | 3,744 | 3,270 |
Data processing and software expense | 1,754 | 1,567 | 3,506 | 3,112 |
Professional fees | 1,834 | 2,344 | 3,527 | 3,620 |
Amortization of other intangible assets | 728 | 824 | 1,457 | 1,518 |
Franchise tax expense | 881 | 772 | 1,763 | 1,477 |
Marketing expense | 632 | 490 | 1,105 | 1,084 |
Foreclosed real estate and other loan expenses | 335 | 469 | 913 | 724 |
Communication expense | 294 | 317 | 574 | 595 |
FDIC insurance premium | 152 | 381 | 147 | 752 |
Other non-interest expense | 2,180 | 6,063 | 5,186 | 8,448 |
Total non-interest expense | 31,805 | 38,876 | 66,130 | 70,736 |
Income before income taxes | 5,885 | 11,836 | 4,964 | 29,582 |
Income tax expense | 1,136 | 2,238 | 980 | 5,615 |
Net income | $ 4,749 | $ 9,598 | $ 3,984 | $ 23,967 |
Earnings per common share - basic | $ 0.24 | $ 0.47 | $ 0.19 | $ 1.20 |
Earnings per common share - diluted | $ 0.23 | $ 0.46 | $ 0.19 | $ 1.19 |
Weighted-average number of common shares outstanding - basic | 19,720,315 | 20,277,028 | 20,043,329 | 19,824,035 |
Weighted-average number of common shares outstanding - diluted | 19,858,880 | 20,442,366 | 20,183,222 | 19,972,350 |
Cash dividends declared | $ 6,814 | $ 7,035 | $ 13,852 | $ 12,903 |
Cash dividends declared per common share | $ 0.34 | $ 0.34 | $ 0.68 | $ 0.64 |
Credit and Debit Card [Member] | ||||
Non-interest income: | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,523 | $ 3,267 | $ 6,803 | $ 6,254 |
Deposit Account [Member] | ||||
Non-interest income: | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,909 | 2,977 | 4,729 | 5,318 |
Fiduciary and Trust [Member] | ||||
Non-interest income: | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,316 | 3,401 | 6,578 | 6,513 |
Interest Rate Swap [Member] | Transaction fee [Member] | ||||
Non-interest income: | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 955 | $ 516 | $ 1,199 | $ 662 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,749 | $ 9,598 | $ 3,984 | $ 23,967 |
Available-for-sale investment securities: | ||||
Gross unrealized holding (loss) gain arising during the period | (3,814) | 12,947 | 18,454 | 21,672 |
Related tax benefit (expense) | 801 | (2,719) | (3,875) | (4,551) |
Reclassification adjustment for net (gain) loss included in net income | (62) | 57 | (381) | 27 |
Related tax expense (benefit) | 13 | (12) | 80 | (6) |
Net effect on other comprehensive (loss) income | (3,062) | 10,273 | 14,278 | 17,142 |
Defined benefit plans: | ||||
Net (loss) gain arising during the period | (156) | 0 | (521) | 2 |
Related tax benefit | 33 | 0 | 109 | 0 |
Amortization of unrecognized loss and service cost on benefit plans | 36 | 20 | 64 | 37 |
Related tax expense | (8) | (4) | (14) | (8) |
Recognition of loss due to settlement and curtailment | 151 | 0 | 519 | 0 |
Related tax expense | (32) | 0 | (109) | 0 |
Net effect on other comprehensive (loss) income | 24 | 16 | 48 | 31 |
Cash flow hedges: | ||||
Net loss arising during the period | (734) | (3,134) | (10,464) | (4,967) |
Related tax benefit | 154 | 658 | 2,197 | 1,043 |
Net effect on other comprehensive (loss) income | (580) | (2,476) | (8,267) | (3,924) |
Total other comprehensive (loss) income, net of tax | (3,618) | 7,813 | 6,059 | 13,249 |
Total comprehensive income | $ 1,131 | $ 17,411 | $ 10,043 | $ 37,216 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 6 months ended Jun. 30, 2020 - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Restricted Shares | Restricted SharesCommon Stock | Restricted SharesTreasury Stock |
Balance, December 31, 2019 at Dec. 31, 2019 | $ 594,393 | $ 420,876 | $ 187,149 | $ (1,425) | $ (12,207) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 3,984 | 3,984 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 6,059 | 6,059 | ||||||
Cash dividends declared | (13,852) | (13,852) | ||||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | $ 0 | $ (2,262) | $ 2,262 | |||||
Reissuance of treasury stock for deferred compensation plan for Boards of Directors | 59 | 59 | ||||||
Repurchase of treasury stock in connection with employee incentive plan and under compensation plan for Boards of Directors | (986) | (986) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (20,000) | |||||||
Common shares issued under dividend reinvestment plan | 243 | 243 | ||||||
Share-based Payment Arrangement, Noncash Expense | 273 | 20 | 253 | |||||
Stock Issued During Period, Value, Conversion of Units | 179 | 41 | 138 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 199 | (17) | 216 | |||||
Share-based Compensation | 2,335 | 2,335 | ||||||
Cumulative Effect on Retained Earnings, Net of Tax | Accounting Standards Update 2016-13 [Member] | (3,709) | (3,709) | ||||||
Balance, June 30, 2020 at Jun. 30, 2020 | $ 569,177 | $ 421,236 | $ 173,572 | $ 4,634 | $ (30,265) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 30,042 | $ 18,821 |
Available-for-sale investment securities: | ||
Purchases | (89,445) | (116,433) |
Proceeds from sales | 11,582 | 72,481 |
Proceeds from principal payments, calls and prepayments | 147,546 | 70,728 |
Held-to-maturity investment securities: | ||
Payments to Acquire Held-to-maturity Securities | 8,404 | |
Proceeds from principal payments | 2,667 | 1,984 |
Other investment securities: | ||
Purchases | (5,470) | (376) |
Proceeds from sales | 5,516 | 3,872 |
Proceeds from insurance claim | 0 | 26 |
Payments for (Proceeds from) Loans and Leases | 479,619 | (29,219) |
Net expenditures for premises and equipment | (2,722) | (1,233) |
Proceeds from sales of other real estate owned | 56 | 143 |
Proceeds from Life Insurance Policy | 109 | |
Business acquisitions, net of cash received | 96,973 | (7,795) |
Investment in limited partnership and tax credit funds | (15) | (44) |
Net cash (used in) provided by investing activities | (515,172) | 68,162 |
Financing activities: | ||
Net Change Noninterest-bearing Deposits, Domestic | 334,524 | (23,318) |
Net Change Interest-bearing Deposits, Domestic | 398,838 | 173,571 |
Net decrease in short-term borrowings | (159,065) | (207,329) |
Proceeds from long-term borrowings | 50,000 | |
Payments on long-term borrowings | (667) | (849) |
Cash dividends paid | (13,473) | (12,467) |
Purchase of treasury stock under share repurchase program | 20,000 | 0 |
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock | (986) | (684) |
Proceeds from issuance of common shares | 40 | 6 |
Contingent consideration payments made after a business acquisition | 0 | (102) |
Net cash provided by (used in) financing activities | 589,211 | (71,172) |
Net increase in cash and cash equivalents | 104,081 | 15,811 |
Cash and cash equivalents at beginning of period | 115,193 | 77,612 |
Cash and cash equivalents at end of period | 219,274 | $ 93,423 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 27 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows Supplemental Information - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 11,334 | $ 13,765 |
Income taxes paid | 0 | 6,150 |
Transfers from loans to other real estate owned | $ 81 | $ 49 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1 Summary of Significant Accounting Policies Basis of Presentation: The accompanying Unaudited Consolidated Financial Statements of Peoples Bancorp Inc. and its 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.) have been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP") for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by US GAAP for annual financial statements and should be read in conjunction with Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019 ("Peoples' 2019 Form 10-K"). The accounting and reporting policies followed in the presentation of the accompanying Unaudited Consolidated Financial Statements are consistent with those described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2019 Form 10-K, as updated by the information contained in this Form 10-Q. Management has evaluated all significant events and transactions that occurred after June 30, 2020 for potential recognition or disclosure in these unaudited consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments necessary to present fairly such information for the periods and at the dates indicated. Such adjustments are normal and recurring in nature. Intercompany accounts and transactions have been eliminated. The Consolidated Balance Sheet at December 31, 2019, contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2019 Form 10-K. The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, due in part to seasonal variations and unusual or infrequently occurring items. Peoples' insurance income includes performance-based insurance commissions that are recognized by Peoples when received, which typically occurs, for the most part, during the first quarter of each year. 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. The following should be read in conjunction with "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2019 Form 10-K. 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. Accounting Standards Update ("ASU") 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This update is effective as of March 12, 2020 through December 31, 2022. Peoples is assessing the impact of ASU 2020-04 on Peoples' consolidated financial statements. ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This accounting guidance replaces the "incurred loss" model for recognizing credit losses with an "expected loss" model, referred to as the Current Expected Credit Loss ("CECL") model. Under the CECL model, Peoples is required to present certain financial assets carried at amortized cost, such as loans held-for-investment and held-to-maturity investment securities, at the net amount expected to be collected. ASU 2018-19 clarified that receivables arising from operating leases are not within the scope of Accounting Standards Codification ("ASC") 326-20, and should be accounted for according to ASC 842. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The measurement is to take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the "incurred loss" model under previous US GAAP accounting guidance, which delayed recognition until it was probable a loss had been incurred. Peoples adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized costs on January 1, 2020. Reporting periods beginning after December 31, 2019 are presented as required by ASU 2016-13, while prior period amounts continue to be reported in accordance with previously applicable US GAAP requirements. Peoples is using the prospective transition approach for financial assets purchased with credit deterioration that were previously classified as purchased credit impaired assets and accounted for under ASC 310-30. Peoples did not reassess whether purchased credit impaired assets met the criteria of purchased credit deteriorated assets as of the date of adoption. As of January 1, 2020, Peoples recorded a one-time cumulative-effect adjustment to reduce retained earnings by $3.7 million, net of statutory corporate federal income taxes, an increase in allowance for credit losses of $5.8 million and an increase in unfunded commitment liability of $1.5 million. On January 1, 2020, the amortized cost basis of the purchased credit deteriorated assets was adjusted to reflect the addition of $2.6 million to establish the allowance for credit losses. The remaining interest-related discount is being accreted into interest income at the effective interest rate beginning on January 1, 2020. As of January 1, 2020, Peoples did not record an allowance for credit losses for available-for-sale investment securities, as all unrealized losses on these securities were deemed to be non-credit in nature, with no credit deterioration upon review by Peoples. Peoples recorded an allowance for credit losses for held-to-maturity securities of $7,000 as of January 1, 2020. The following table illustrates the impact on the allowance for credit losses from the adoption of ASU 2016-13: (Dollars in thousands) As Reported Under ASC 326 January 1, 2020 Pre-ASC 326 Adoption December 31, 2019 Impact of ASC 326 Adoption Assets: Loans, at amortized cost $ 2,876,147 $ 2,873,525 $ 2,622 Allowance for credit losses on loans: Construction 651 1,188 (537) Commercial real estate, other 8,549 6,560 1,989 Commercial and industrial 5,820 8,568 (2,748) Residential real estate 4,360 1,296 3,064 Home equity lines of credit 1,572 612 960 Consumer, indirect 5,389 2,942 2,447 Consumer, direct 890 296 594 Deposit account overdrafts 94 94 — Allowance for credit losses on loans 27,325 21,556 5,769 Liabilities: Allowance for credit losses for unfunded commitments $ 1,495 $ — $ 1,495 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, excluding equity investment securities, and any resulting gain or loss, is based on the specific identification method and recognized as of the trade date. The cost of equity investment securities is based on the weighted-average method. Peoples 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 gains and losses reported in total stockholders' equity as a separate component of accumulated other comprehensive income or loss, net of applicable deferred income taxes. Certain restricted equity investment 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 in other investment securities on the Unaudited 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"). Peoples evaluates available-for-sale investment securities on a quarterly basis to determine how much, if any, allowance for credit losses is required. Peoples reviews available-for-sale investment securities at an unrealized loss position, with potential exposure to a credit event (which excludes U.S. government and U.S. government sponsored agency securities) to determine if the unrealized loss was credit-related. An allowance for credit losses is recorded to the extent that the unrealized losses are credit-related and likely to be permanent. Peoples evaluates held-to-maturity investment securities on a quarterly basis in determining an allowance for credit losses. Peoples has determined that the loss given default for U.S. government sponsored enterprise investment securities is zero, due to the fact that it is unlikely the ultimate guarantor (the U.S. government) would not perform on its implicit guarantee in the event of default. The remaining securities are included in the calculation of the allowance for credit losses for held-to-maturity investment securities. 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, purchase premiums and discounts, charge-offs and an allowance for credit 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. Peoples considers loans 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. Upon detection of the reduced ability of a borrower to meet cash flow obligations, consumer and residential real estate loans are typically charged down to the net realizable value, with the residual balance placed on nonaccrual status. Loans deemed to be uncollectable are charged against the allowance for credit losses, while recoveries of previously charged off amounts are credited to the allowance for credit losses. Loans acquired in a business combination that have evidence of more than insignificant credit deterioration, which includes loans that Peoples believes it is probable that Peoples will be unable to collect all contractually required payments, are considered "purchased credit deteriorated" loans. These loans are recorded at the purchase price, and an allowance for credit losses is determined using the same methodology as for other loans. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The total of the purchase price and allowance for credit losses is the initial amortized cost basis of these loans. The variance between the initial amortized cost basis and the par value of the loan is considered an interest premium or discount, which is amortized or accreted into interest income on a level yield method over the life of the loan. Loans acquired in a business combination that are not considered purchased credit deteriorated are recorded at the fair value and the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the discount or premium to a loan's cost basis and is accreted or amortized to interest income over the loan's remaining life using the level yield method. Allowance for Credit Losses: The allowance for credit losses is a valuation reserve established through the provision for credit losses charged against income. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is measured on a pool basis, with loans collectively evaluated when similar risk characteristics exist. Peoples evaluated risk characteristics, including but not limited to: internal or third-party credit scores or credit ratings, risk ratings or classifications, financial asset type, collateral type, size, effective interest rate, term, geographical location, industry of the borrower, vintage, historical or credit loss patterns and reasonable and supportable forecast periods. Peoples identified 16 segments for which it believes there are similar risk characteristics and utilized a discounted cash flow methodology in determining an allowance for credit losses for each segment. In estimating credit losses, Peoples uses a loss driver method, which analyzes one or more economic variables to the change in default rate using a regression analysis. Variables that had a strong correlation were selected as economic factors, or variables, for the model. If a single variable was not found to be strongly correlated, additional variables were included. Peoples utilized the U.S. unemployment, Ohio unemployment, Ohio Gross Domestic Product, and the Ohio Case Shiller Home Price Indices as economic factors in modeling. Probabilities of default are used in the loss driver model, and are analyzed on a quarterly basis to assess reasonableness. Current conditions probabilities of default is a credit performance metric, with default defined as loans being 90 days or more past due, nonaccrual loans, troubled-debt restructurings and loans with a partial or entire charge-off. Peoples measured loss given default at the segment level due to statistical considerations using historical information. Peoples also utilized peer data due to somewhat volatile loss history in certain segments to normalize default curves, which provided more meaningful results. Peoples modeled amortizing loans with a prepayment rate annualized to one year. The prepayment rates were calculated using Peoples' historical data, at the segment level. Peoples models extensions of contractual terms in the following situations: when a loan is 60 days or more past due, when a charge-off has occurred, if the loan is in non-accrual status, if a troubled debt restructuring ("TDR") has occurred, or if the loan is grade 5 or higher. When any of these criteria are met and the loan matures within the next 12 months, the loan will be modeled to extend for an additional 12 months. In general, Peoples completes a quarterly evaluation based on several qualitative factors to determine if there should be adjustments made to the allowance for credit losses. These factors include economic conditions, collateral, concentrations, troubled assets, Peoples' loss trends, peer loss trends, delinquency trends, portfolio composition and loan growth, underwriting and other certain risks. The allowance for credit losses related to specific loans was 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. Peoples categorized loans involving commercial borrowers into risk categories based upon an established grading matrix. This system was used to manage the risk within Peoples' commercial lending activities, evaluate changes in the overall credit quality of the loan portfolio and evaluate the appropriateness of the allowance for credit 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. Loans to borrowers with an aggregate unpaid principal balance in excess of $1 million are reviewed at least on an annual basis for possible credit deterioration. Loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1 million are reviewed at least 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 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 any 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 residential real estate, home equity lines of credit and 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 consideration the current value of the underlying collateral. Peoples has elected the practical expedient not to measure allowance for credit losses for accrued interest receivables. Unfunded Commitments: Peoples also completes a quarterly evaluation for unfunded commitments for loans that are not conditionally cancellable, which includes construction loans, floor plan lines of credit, home equity lines of credit, other credit lines and letters of credit. Peoples performed a study to determine the historical funding rates of unadvanced portions of loans, and applied these funding rates to the unfunded commitments at period end. The loss rates, including qualitative factors, in determining the allowance for credit losses were applied at the segment level to the unfunded commitment amount to determine the allowance for credit loss liability for unfunded commitments. Troubled Debt Restructuring ("TDR"): The restructuring of a loan is considered a 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 deteriorated 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 evaluated individually to determine if a write-down is required and if they should be on accrual or nonaccrual status. On March 22, 2020, federal and state banking regulators issued a joint statement, with which the FASB concurred as to the approach, regarding accounting for loan modifications for borrowers affected by COVID-19. In this guidance, short-term modifications, made on a good faith basis in response to COVID-19, to borrowers who were current prior to any relief, are not considered TDRs. This includes short-term modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment which are insignificant. Under the guidance, borrowers that are considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. In addition, modification or deferral programs mandated by the U.S. federal government or any state government related to COVID-19 are not in the scope of ASC 310-40. Nonaccrual loans: 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. Under the Coronavirus Aid, Relief and Economic Security ("CARES") Act, borrowers who were making payments as required and were not considered past due prior to becoming affected by COVID-19 and then receive payment accommodations as a result of the effects of COVID-19 generally would not be reported as past due. If Peoples agrees to a payment deferral for a borrower under the CARES Act, this may result in no contractual payments being past due, and the loans are not considered past due during the period of the deferral. During the time that Peoples maintains these short-term arrangements with borrowers, under the guidance, it is not to report the loans as nonaccrual. 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. This includes yield adjustments resulting from the amortization of premiums on investment securities, loan costs and premiums, and accretion of discounts on investment securities, loan fees and discounts. Loans that have been placed on nonaccrual, and are subsequently returned to accruing status, recognize interest income similar to other accruing loans once they return to accruing status. Prior accrued interest that was reversed when the loan was placed on nonaccrual is recognized when received, after all of the principal of the loan has been paid. 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Assets and Liabilities Fair value represents the amount expected to be received to sell an asset or paid to transfer a liability in its principal or most advantageous market in an orderly transaction between market participants at the measurement date. In accordance with fair value accounting guidance, Peoples measures, records and reports various types of assets and liabilities at fair value on either a recurring or a non-recurring basis in the Consolidated Financial Statements. Those assets and liabilities are presented below in the sections entitled “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis” and “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis.” Depending on the nature of the asset or liability, Peoples uses various valuation methodologies and assumptions to estimate fair value. The measurement of fair value under US GAAP uses a hierarchy, which is described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2019 Form 10-K. Assets and liabilities are assigned to a level within the fair value hierarchy based on the lowest level of significant input used to measure fair value. Assets and liabilities may change levels within the fair value hierarchy due to market conditions or other circumstances. Those transfers are recognized on the date of the event that prompted the transfer. There were no transfers of assets or liabilities required to be measured at fair value on a recurring basis between levels of the fair value hierarchy during the periods presented. Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis The following table provides the fair value for assets and liabilities required to be measured and reported at fair value on a recurring basis on the Unaudited Consolidated Balance Sheets by level in the fair value hierarchy. Recurring Fair Value Measurements at Reporting Date June 30, 2020 December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Available-for-sale investment securities: Obligations of: U.S. government sponsored agencies $ — $ 5,396 $ — $ — $ 8,209 $ — States and political subdivisions — 107,032 — — 114,104 — Residential mortgage-backed securities — 748,867 — — 791,009 — Commercial mortgage-backed securities — 12,157 — — 18,088 — Bank-issued trust preferred securities — 4,399 — — 4,691 — Total available-for-sale securities — 877,851 — — 936,101 — Equity investment securities (a) 97 208 — 123 198 — Derivative assets (b) — 32,981 — — 11,419 — Liabilities: Derivative liabilities (c) $ — $ 47,136 $ — $ — $ 15,116 $ — (a) Included in other investment securities on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 3 Investment Securities" of the Notes to the Unaudited Consolidated Financial Statements. (b) Included in other assets on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 9 Derivative Financial Instruments" of the Notes to the Unaudited Consolidated Financial Statements. (c) Included in accrued expenses and other liabilities on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 9 Derivative Financial Instruments" of the Notes to the Unaudited Consolidated Financial Statements. Available-for-Sale Investment Securities: 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) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, 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 management believes a material discrepancy in pricing exists. Equity Investment Securities: The fair values of Peoples' equity investment securities are obtained from q uoted prices in active exchange markets for identical assets or liabilities (Level 1) or quoted prices in less active markets (Level 2). Derivative Assets and Liabilities : Derivative assets and liabilities are recognized on the Unaudited Consolidated Balance Sheets at their fair value within other assets and accrued expenses and other liabilities, respectively. 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). Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis The following table provides the fair value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Unaudited Consolidated Balance Sheets by level in the fair value hierarchy. Non-Recurring Fair Value Measurements at Reporting Date June 30, 2020 December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Other real estate owned ("OREO") $ — $ — $ 236 $ — $ — $ 227 Other Real Estate Owned: OREO, included in other assets on the Unaudited 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. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available (Level 3). Financial Instruments Not Required to be Measured or Reported at Fair Value The following table provides the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Unaudited Consolidated Balance Sheets. Fair Value Measurements of Other Financial Instruments (Dollars in thousands) Fair Value Hierarchy Level June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 219,274 $ 219,274 $ 115,193 $ 115,193 Held-to-maturity investment securities: Obligations of: States and political subdivisions 2 3,538 4,029 4,346 4,791 Residential mortgage-backed securities 2 28,075 29,120 21,494 21,569 Commercial mortgage-backed securities 2 5,754 6,189 5,907 6,181 Total held-to-maturity securities 37,367 39,338 31,747 32,541 Other investment securities: Federal Home Loan Bank ("FHLB") stock 2 27,095 27,095 27,235 27,235 Federal Reserve Bank ("FRB") stock 2 13,311 13,311 13,310 13,310 Nonqualified deferred compensation 2 1,580 1,580 1,499 1,499 Other investment securities 2 365 365 365 365 Other investment securities (a) 42,351 42,351 42,409 42,409 Net loans 3 3,306,657 3,697,052 2,851,969 3,147,190 Loans held for sale 2 17,009 18,471 6,499 6,553 Bank owned life insurance 3 70,665 70,665 69,722 69,722 Servicing rights (b)(c) 3 2,482 2,890 2,742 3,881 Liabilities: Deposits 2 $ 4,024,884 $ 3,939,885 $ 3,291,412 $ 3,292,950 Short-term borrowings 2 177,912 181,773 316,977 317,973 Long-term borrowings 2 112,536 118,542 83,123 82,701 (a) Other investment securities, as reported on the Unaudited Consolidated Balance Sheets, also includes equity investment securities at June 30, 2020 and December 31, 2019, which are reported in the Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis table above and not included in this table. (b) Included in other intangible assets on the Unaudited Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or market value. (c) There were no write-down of servicing rights during the second quarter of 2020. Peoples recognized a write-down on servicing rights of $182,000 during the first quarter of 2020 as the fair value of the servicing rights was less than the carrying value. For certain financial assets and liabilities, carrying value approximates fair value due to the nature of each financial instrument. These instruments include cash and cash equivalents, demand and other non-fixed-maturity deposits, and overnight borrowings. Peoples used the following methods and assumptions in estimating the fair value of the following financial instruments: 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. The carrying amount for cash and due from banks is a reasonable estimate of fair value. (Level 1). Held-to-Maturity Investment Securities: The fair values used by Peoples are obtained from an independent pricing service and represent fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, 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 management believes a material discrepancy in pricing exists. Other Investment Securities: Other investment securities are measured at their respective redemption values due to restrictions placed on their transferability (Level 2). Net 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). Fair values for loans are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and other market factors, including liquidity. Loans Held for Sale: Loans originated and intended to be sold in the secondary market, generally 1-4 family residential loans, are carried, in aggregate, at the lower of cost or estimated fair value. The use of a valuation model using quoted prices of similar instruments represents significant inputs in arriving at the fair value (Level 2). Bank Owned Life Insurance: Peoples' bank owned life insurance policies are recorded at their cash surrender value (Level 3). Peoples recognizes tax-exempt income from the periodic increases in the cash surrender value of these policies and from death benefits. Servicing Rights : The fair value of the servicing rights 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 (Level 3). Peoples recognized a write-down on servicing rights of $182,000 during the first quarter of 2020 as the fair value of the servicing rights was less than the carrying value. Deposits: The fair value of fixed maturity certificates of deposit ("CDs") is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities (Level 2). Short-term Borrowings: The fair value of short-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2). Long-term Borrowings: The fair value of long-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2). Certain financial assets and financial liabilities that are not required to be measured or reported at fair value can be subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and liabilities include the following: customer relationships, the deposit base, and other information required to compute Peoples’ aggregate fair value that 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 | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Available-for-sale The following table summarizes Peoples' available-for-sale investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2020 Obligations of: U.S. government sponsored agencies $ 4,956 $ 440 $ — $ 5,396 States and political subdivisions 102,638 4,452 (58) 107,032 Residential mortgage-backed securities 728,760 21,668 (1,561) 748,867 Commercial mortgage-backed securities 12,022 250 (115) 12,157 Bank-issued trust preferred securities 4,696 13 (310) 4,399 Total available-for-sale securities $ 853,072 $ 26,823 $ (2,044) $ 877,851 December 31, 2019 Obligations of: U.S. government sponsored agencies $ 7,917 $ 292 $ — $ 8,209 States and political subdivisions 111,217 3,018 (131) 114,104 Residential mortgage-backed securities 787,430 7,763 (4,184) 791,009 Commercial mortgage-backed securities 18,135 88 (135) 18,088 Bank-issued trust preferred securities 4,696 137 (142) 4,691 Total available-for-sale securities $ 929,395 $ 11,298 $ (4,592) $ 936,101 The unrealized losses related to residential mortgage-backed securities at June 30, 2020 and December 31, 2019, were attributed to changes in market interest rates and spreads since the securities were purchased. The gross gains and losses realized by Peoples from sales of available-for-sale securities for the periods ended June 30 were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Gross gains realized $ 65 $ 30 $ 384 $ 60 Gross losses realized 3 87 3 87 Net gain (loss) realized $ 62 $ (57) $ 381 $ (27) 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: 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 June 30, 2020 Obligations of: States and political subdivisions $ 1,287 $ 13 1 $ 2,067 $ 45 1 $ 3,354 $ 58 Residential mortgage-backed securities 90,635 1,098 37 20,495 463 18 111,130 1,561 Commercial mortgage-backed securities — — — 1,502 115 2 1,502 115 Bank-issued trust preferred securities 2,189 8 1 1,698 302 2 3,887 310 Total $ 94,111 $ 1,119 39 $ 25,762 $ 925 23 $ 119,873 $ 2,044 December 31, 2019 Obligations of: States and political subdivisions $ 6,226 $ 74 2 $ 2,441 $ 57 1 $ 8,667 $ 131 Residential mortgage-backed securities 284,096 2,527 62 88,993 1,657 39 373,089 4,184 Commercial mortgage-backed securities 970 21 1 2,409 114 3 3,379 135 Bank-issued trust preferred securities — — — 1,858 142 2 1,858 142 Total $ 291,292 $ 2,622 65 $ 95,701 $ 1,970 45 $ 386,993 $ 4,592 Management evaluates available-for-sale investment securities for an allowance for credit losses on a quarterly basis. At June 30, 2020, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At June 30, 2020, 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 June 30, 2020 and June 30, 2019 were largely attributable to changes in market interest rates and spreads since the securities were purchased, and were not credit related losses. Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on investment securities was $3.2 million at June 30, 2020 and $3.6 million at December 31, 2019. At June 30, 2020, approximately 99% of the mortgage-backed securities with a market value 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. One of the two positions had a fair value of less than 90% of its book value, with an aggregate book and fair value of $59,000 and $53,000, respectively. Management analyzed the underlying credit quality of these mortgage-backed securities and concluded the unrealized losses were primarily attributable to the floating rate nature of these investments and the low remaining number of loans underlying these securities. The unrealized losses with respect to the two bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at June 30, 2020 were primarily attributable to the subordinated nature of the debt. The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at June 30, 2020. The weighted-average yields are based on the amortized cost. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. (Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total Amortized cost Obligations of: U.S. government sponsored agencies $ — $ 4,956 $ — $ — $ 4,956 States and political subdivisions 4,237 24,943 40,933 32,525 102,638 Residential mortgage-backed securities 4 5,061 72,411 651,284 728,760 Commercial mortgage-backed securities 4,486 3,640 967 2,929 12,022 Bank-issued trust preferred securities — — 4,696 — 4,696 Total available-for-sale securities $ 8,727 $ 38,600 $ 119,007 $ 686,738 $ 853,072 Fair value Obligations of: U.S. government sponsored agencies $ — $ 5,396 $ — $ — $ 5,396 States and political subdivisions 4,259 25,730 43,521 33,522 107,032 Residential mortgage-backed securities 4 5,097 73,713 670,053 748,867 Commercial mortgage-backed securities 4,511 3,743 1,017 2,886 12,157 Bank-issued trust preferred securities — — 4,399 — 4,399 Total available-for-sale securities $ 8,774 $ 39,966 $ 122,650 $ 706,461 $ 877,851 Total weighted-average yield 2.44 % 2.63 % 2.61 % 2.31 % 2.36 % Held-to-Maturity The following table summarizes Peoples’ held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Allowance for Credit Losses (a) Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2020 Obligations of: States and political subdivisions $ 3,544 $ (6) $ 491 $ — $ 4,029 Residential mortgage-backed securities 28,075 — 1,045 — 29,120 Commercial mortgage-backed securities 5,754 — 435 — 6,189 Total held-to-maturity securities $ 37,373 $ (6) $ 1,971 $ — $ 39,338 December 31, 2019 Obligations of: States and political subdivisions $ 4,346 $ — $ 445 $ — $ 4,791 Residential mortgage-backed securities 21,494 — 169 (94) 21,569 Commercial mortgage-backed securities 5,907 — 275 (1) 6,181 Total held-to-maturity securities $ 31,747 $ — $ 889 $ (95) $ 32,541 (a) On January 1, 2020, Peoples adopted ASU 2016-13 and adopted the CECL model, which resulted in the establishment of a $7,000 allowance for credit losses for held-to-maturity investment securities. There were no gross gains or gross losses realized by Peoples from sales of held-to-maturity securities for either of the three and six months ended June 30, 2020 and 2019. At June 30, 2020, there were no held-to-maturity investment securities that had an unrealized loss. The following table presents a summary of held-to-maturity investment securities that had an unrealized loss at December 31, 2019: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Loss No. of Securities Fair Unrealized Loss No. of Securities Fair Unrealized Loss December 31, 2019 Residential mortgage-backed securities $ 7,731 $ 67 1 $ 890 $ 27 1 $ 8,621 $ 94 Commercial mortgage-backed securities 1,666 1 1 — — — 1,666 1 Total $ 9,397 $ 68 2 $ 890 $ 27 1 $ 10,287 $ 95 Management evaluates held-to-maturity investment securities for an allowance for credit losses on a quarterly basis. The majority of Peoples' held-to-maturity investment securities are issued by U.S. government sponsored agencies. The remaining securities were obligations of state and political subdivisions. Peoples analyzed these securities using cumulative default rate averages for investment grade municipal securities and determined that the potential credit losses of the securities was $6,000. As a result, at June 30, 2020, Peoples recorded $6,000 of allowance for credit losses for held-to-maturity securities, compared to $7,000 at January 1, 2020. The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at June 30, 2020. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a statutory federal corporate income tax rate of 21%. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. (Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total Amortized cost Obligations of: States and political subdivisions $ — $ — $ 3,544 $ — $ 3,544 Residential mortgage-backed securities — — 3,253 24,822 28,075 Commercial mortgage-backed securities — 386 3,790 1,578 5,754 Total held-to-maturity securities $ — $ 386 $ 10,587 $ 26,400 $ 37,373 Fair value Obligations of: States and political subdivisions $ — $ — $ 4,029 $ — $ 4,029 Residential mortgage-backed securities — — 3,377 25,743 29,120 Commercial mortgage-backed securities — 397 4,183 1,609 6,189 Total held-to-maturity securities $ — $ 397 $ 11,589 $ 27,352 $ 39,338 Total weighted-average yield — % 2.29 % 2.80 % 2.49 % 2.57 % Other Investment Securities Peoples' other investment securities on the Unaudited Consolidated Balance Sheets consist largely of shares of FHLB of Cincinnati and FRB of Cleveland stock. The following table summarizes the carrying value of Peoples' other investment securities: (Dollars in thousands) June 30, 2020 December 31, 2019 FHLB stock $ 27,095 $ 27,235 FRB stock 13,311 13,310 Nonqualified deferred compensation 1,580 1,499 Equity investment securities 305 321 Other investment securities 365 365 Total other investment securities $ 42,656 $ 42,730 Peoples redeemed FHLB stock in order to be in compliance with the requirements of the FHLB of Cincinnati. These redemptions totaled $4.5 million during the second quarter 2020 and $700,000 during the first quarter 2020. Peoples purchased no additional FHLB Stock during the second quarter 2020 and purchased $5.0 million of additional FHLB stock during the first quarter 2020, as a result of the FHLB of Cincinnati's capital requirements on FHLB advances during the quarter. During the three and six months ended June 30, 2020, Peoples recorded the change in the fair value of equity investment securities held at June 30, 2020, in other non-interest income, resulting in unrealized gain of $16,000 and unrealized loss of $15,000, respectively. During the three and six months ended June 30, 2019, Peoples recorded the change in the fair value of equity investment securities held at June 30, 2019, in other non-interest income, resulting in no unrealized loss and unrealized gain of $22,000, respectively. Net realized gains on sales of equity investment securities, included in other non-interest income during the first six months of 2019, consisted of a realized gain of $787,000 related to the sale of restricted Class B Visa stock, which had been held at a carrying cost and fair value of zero due to the litigation liability associated with the stock. At June 30, 2020, Peoples' investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies. There were no equity investment securities of a single issuer that exceeded 10% of Peoples' stockholders' equity. Pledged Securities Peoples had pledged available-for-sale investment securities and held-to-maturity investment securities 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 and held-to-maturity securities to secure additional borrowing capacity at the FHLB and the FRB. The following table summarizes the carrying value of Peoples' pledged securities: Carrying Amount (Dollars in thousands) June 30, 2020 December 31, 2019 Securing public and trust department deposits, and repurchase agreements: Available-for-sale $ 559,756 $ 527,655 Held-to-maturity 18,848 12,975 Securing additional borrowing capacity at the FHLB and the FRB: Available-for-sale 115,742 44,618 Held-to-maturity 12,849 14,155 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans | Peoples' loan portfolio consists 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, central and eastern Kentucky and west central West Virginia. Acquired loans consist of loans purchased in 2012 or thereafter. Loans that were acquired and subsequently re-underwritten are reported as originated upon execution of such credit actions (for example, renewals and increases in lines of credit). The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows: (Dollars in thousands) June 30, December 31, 2019 Construction $ 109,953 $ 88,518 Commercial real estate, other 914,420 833,238 Commercial and industrial 1,070,326 662,993 Residential real estate 613,084 661,476 Home equity lines of credit 123,384 132,704 Consumer, indirect 450,334 417,185 Consumer, direct 78,926 76,533 Deposit account overdrafts 592 878 Total loans, at amortized cost $ 3,361,019 $ 2,873,525 Commercial and industrial loan balances grew significantly compared to December 31, 2019. Peoples began participating as a Small Business Administration ("SBA") Paycheck Protection Program ("PPP") lender during the second quarter of 2020, and originated approximately $488.1 million of PPP loans during the first six months of 2020. At June 30, 2020, the PPP loans had an amortized cost of $457.7 million, and were included in commercial and industrial loan balances. Peoples also recorded deferred loan origination fees related to the PPP loans, net of deferred loan origination costs, which totaled $13.6 million at June 30, 2020. During the second quarter of 2020, Peoples recorded amortization of net deferred loan origination fees of $1.9 million on PPP loans. The remaining net deferred loan origination fees will be amortized over the life of the respective loans, or until forgiven by the SBA, and will be recognized in net interest income. Accrued interest receivable is not included within the loan balances, but is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on loans was $9.2 million at June 30, 2020 and $9.1 million at December 31, 2019. 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 amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: June 30, 2020 December 31, 2019 (Dollars in thousands) Nonaccrual (a)(b) Accruing Loans 90+ Days Past Due Nonaccrual (a) Accruing Loans 90+ Days Past Due (b) Construction $ 4 $ — $ 411 $ — Commercial real estate, other 9,678 130 6,801 907 Commercial and industrial 4,745 — 2,155 155 Residential real estate 8,905 1,618 6,361 2,677 Home equity lines of credit 687 46 1,165 108 Consumer, indirect 802 57 840 — Consumer, direct 208 29 48 85 Total loans, at amortized cost $ 25,029 $ 1,880 $ 17,781 $ 3,932 (a) There were $1.4 million of nonaccrual loans for which there was no allowance for credit losses as of June 30, 2020 and $3.1 million at December 31, 2019. (b) The new accounting for purchased credit deteriorated loans under ASU 2016-13 resulted in the movement of $3.9 million of loans from the 90+ days past due and accruing category to the nonaccrual category as of January 1, 2020. At December 31, 2019, these loans were presented as 90+ days past due and accruing, As of June 30, 2020, Peoples had made short-term modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment for borrowers, which were insignificant. Under the CARES Act, borrowers that are considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. As such, these modifications made under the CARES Act are not included in Peoples' nonaccrual or accruing loans 90+ days past due as of June 30, 2020. The new accounting for purchased credit deteriorated loans under ASU 2016-13 resulted in the movement of $3.9 million of loans from the 90+ days past due and accruing category to the nonaccrual category as of January 1, 2020. As of December 31, 2019, these loans were presented as 90+ days past due and accruing. Although they were not accruing contractual interest income, they were accreting income from the discount that was recognized due to acquisition accounting. The additional increase in nonaccrual loans compared to December 31, 2019 was due to a $1.5 million commercial relationship and several smaller commercial relationships being placed on nonaccrual. The amount of interest income recognized on nonaccrual loans during the three and six months ended June 30, 2020 was $392,000 and $850,000, respectively. The following table presents the aging of the amortized cost of past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total June 30, 2020 Construction — — 4 $ 4 $ 109,949 109,953 Commercial real estate, other 595 1,097 9,235 10,927 903,493 914,420 Commercial and industrial 1,842 35 4,710 6,587 1,063,739 1,070,326 Residential real estate 1,641 3,417 5,576 10,634 602,450 613,084 Home equity lines of credit 511 540 472 1,523 121,861 123,384 Consumer, indirect 1,580 208 219 2,007 448,327 450,334 Consumer, direct 158 24 185 367 78,559 78,926 Deposit account overdrafts — — — — 592 592 Total loans, at amortized cost $ 6,327 $ 5,321 $ 20,401 $ 32,049 $ 3,328,970 $ 3,361,019 December 31, 2019 Construction $ 5 $ — $ 411 $ 416 $ 88,102 $ 88,518 Commercial real estate, other 376 337 7,501 8,214 825,024 833,238 Commercial and industrial 2,780 312 1,244 4,336 658,657 662,993 Residential real estate 10,538 2,918 5,872 19,328 642,148 661,476 Home equity lines of credit 642 510 1,033 2,185 130,519 132,704 Consumer, indirect 3,574 714 370 4,658 412,527 417,185 Consumer, direct 619 117 112 848 75,685 76,533 Deposit account overdrafts — — — — 878 878 Total loans, at amortized cost $ 18,534 $ 4,908 $ 16,543 $ 39,985 $ 2,833,540 $ 2,873,525 The increase in loans 90+ days past due, compared to December 31, 2019, was mostly due to one $2.5 million commercial relationship. Delinquency trends remained stable, as 99.0% of Peoples' portfolio was considered “current” at June 30, 2020, compared to 98.6% at December 31, 2019. As of June 30, 2020, Peoples had made short-term modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment for borrowers, which were insignificant. Under the CARES Act, borrowers that are considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. As such, these modifications made under the CARES Act are not reflected as loans past due in the table above as of June 30, 2020. Pledged Loans Peoples has pledged certain loans secured by one-to-four family and multifamily residential mortgages, and home equity lines of credit under a blanket collateral agreement to secure borrowings from the FHLB. Peoples also has pledged commercial loans to secure borrowings with the FRB. Loans pledged are summarized as follows: (Dollars in thousands) June 30, 2020 December 31, 2019 Loans pledged to FHLB $ 464,770 $ 458,227 Loans pledged to FRB 521,094 172,693 During the second quarter of 2020, Peoples pledged additional collateral to the FRB to secure potential funding needs in light of the COVID-19 pandemic, as well as to fund the PPP loan originations that occurred during the quarter. Credit Quality Indicators As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2019 Form 10-K, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. 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. Loans to borrowers with an aggregate unpaid principal balance in excess of $1.0 million are reviewed at least on an annual basis for possible credit deterioration. Loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1.0 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 reviewed on a quarterly basis. 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 grade 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. “Special Mention” (grade 5): Loans in this risk grade are the equivalent of the regulatory definition of “Other Assets Especially Mentioned.” 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 a 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 grade are inadequately protected by the borrower's current financial condition and payment capability or 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 grade 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 the loan as an estimated loss is deferred until its more exact status may be determined. “Loss” (grade 8): Loans in this risk grade are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean a 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 credit losses are taken during the period in which the loan becomes uncollectible. Consequently, Peoples typically does not maintain a recorded investment in loans within this category. Consumer loans and other smaller-balance loans are evaluated and categorized as “substandard,” 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 “pass" for disclosure purposes. The following table summarizes the risk category of loans within Peoples' loan portfolio based upon the most recent analysis performed at June 30, 2020: (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Construction Pass $ 14,934 $ 52,867 $ 3,463 $ 34,080 $ 1,406 $ 705 $ 444 $ 35,426 $ 107,899 Special mention $ — — 415 — — 146 4 — 565 Substandard — — — 404 — 1,085 — — 1,489 Total 14,934 52,867 3,878 34,484 1,406 1,936 448 35,426 109,953 Commercial real estate, other Pass 72,717 135,406 107,372 101,444 110,664 233,262 96,499 23,043 857,364 Special mention — 3,600 1,132 4,407 558 7,073 4,848 124 21,618 Substandard — 1,574 68 2,209 2,016 25,323 4,153 47 35,343 Doubtful — — — — — 95 — — 95 Total 72,717 140,580 108,572 108,060 113,238 265,753 105,500 23,214 914,420 Commercial and industrial Pass 462,493 106,252 82,797 39,273 50,439 72,763 224,744 42,925 1,038,761 Special mention 401 398 417 230 1,657 1,445 12,199 1,469 16,747 Substandard 2,118 2,069 289 2,161 368 4,373 3,226 2,701 14,604 Doubtful — — — — 7 207 — 187 214 Total 465,012 108,719 83,503 41,664 52,471 78,788 240,169 47,282 1,070,326 Residential real estate Pass 18,462 46,167 30,246 35,652 52,555 351,179 63,691 — 597,952 Special mention — — — — — 1 — — 1 Substandard — — — — — 14,560 — — 14,560 Doubtful — — — — — 363 — — 363 Loss — — — — — 208 — — 208 Total 18,462 46,167 30,246 35,652 52,555 366,311 63,691 — 613,084 Home equity lines of credit Pass 7,969 15,083 14,772 14,082 13,372 44,530 13,576 4,173 123,384 Total 7,969 15,083 14,772 14,082 13,372 44,530 13,576 4,173 123,384 Consumer, indirect Pass 98,210 115,808 94,468 54,703 24,863 10,384 51,898 — 450,334 Total 98,210 115,808 94,468 54,703 24,863 10,384 51,898 — 450,334 Consumer, direct Pass 17,557 20,942 15,371 6,847 3,966 4,271 9,972 — 78,926 Total 17,557 20,942 15,371 6,847 3,966 4,271 9,972 — 78,926 Deposit account overdrafts 592 — — — — — — — 592 Total loans, at amortized cost $ 695,453 $ 500,166 $ 350,810 $ 295,492 $ 261,871 $ 771,973 $ 485,254 $ 110,095 $ 3,361,019 During the second quarter of 2020, Peoples downgraded additional credits based upon updated information that became available, and the downgrades were not related to COVID-19. At June 30, 2020, Peoples had a total of $1.6 million of loans secured by residential real estate mortgages that were in the process of foreclosure. Collateral Dependent Loans Peoples has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: • Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. • Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage. • Home equity lines of credit are generally secured by second mortgages on residential real estate property. • Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no underlying collateral. The following table details Peoples' amortized cost of collateral dependent loans: (Dollars in thousands) June 30, 2020 December 31, 2019 Commercial real estate, other $ 9,372 $ 6,818 Commercial and industrial 4,509 1,962 Residential real estate 1,714 1,847 Home equity lines of credit 411 681 Consumer, indirect — 713 Consumer, direct — 94 Total collateral dependent loans $ 16,006 $ 12,115 The increase in collateral dependent commercial and industrial loans at June 30, 2020 compared to December 31, 2019 was mostly due to one commercial relationship that became collateral dependent, coupled with some smaller relationships. In addition, the increase in collateral dependent consumer loans was driven by a change in the policy threshold for evaluation of individually impaired loans, which was previously $100,000 and on January 1, 2020 was changed to $250,000, thereby reducing the amount of loans considered collateral dependent which were no longer above the threshold. The following table summarizes the loans that were modified as TDRs during the three months ended June 30: Three Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2020 Residential real estate 5 303 303 303 Home equity lines of credit 2 14 14 14 Consumer, indirect 8 62 62 62 Total 15 $ 379 $ 379 $ 379 June 30, 2019 Originated loans: Residential real estate 1 $ 37 $ 37 $ 37 Home equity lines of credit 2 60 60 60 Consumer, indirect 7 110 110 110 Consumer, direct 3 41 41 41 Consumer 10 151 151 151 Total 13 $ 248 $ 248 $ 248 Acquired loans: Commercial real estate, other 7 $ 725 $ 699 $ 700 Commercial and industrial 4 1,259 1,259 1,259 Residential real estate 35 $ 1,823 $ 1,823 $ 1,823 Home equity lines of credit 7 113 113 113 Consumer, direct 16 340 340 340 Total 69 $ 4,260 $ 4,234 $ 4,235 (a) 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. Six Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2020 Commercial real estate, other 1 $ 265 $ 265 $ 265 Commercial and industrial 1 145 145 145 Residential real estate 8 756 786 783 Home equity lines of credit 4 55 55 53 Consumer, indirect 13 128 128 122 Consumer, direct 3 51 51 49 Consumer 16 179 179 171 Total 30 $ 1,400 $ 1,430 $ 1,417 June 30, 2019 Originated loans: Commercial and industrial 2 $ 38 $ 38 $ 35 Residential real estate 3 436 440 437 Home equity lines of credit 4 139 139 139 Consumer, indirect 8 123 123 123 Consumer, direct 5 69 69 67 Consumer 13 192 192 190 Total 22 $ 805 $ 809 $ 801 Acquired loans: Commercial real estate, other 7 $ 724 $ 699 $ 700 Commercial and industrial 4 1,259 1,259 1,259 Residential real estate 36 1,847 1,847 1,842 Home equity lines of credit 9 179 179 178 Consumer, direct 16 340 340 340 Total 72 $ 4,349 $ 4,324 $ 4,319 (a) 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. On March 22, 2020, federal and state government banking regulators issued a joint statement, with which the FASB concurred as to the approach, regarding accounting for loan modifications for borrowers affected by COVID-19. In this guidance, short-term modifications, made on a good faith basis in response to COVID-19, to borrowers who were current prior to any relief, are not considered TDRs. This includes short-term modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment which are insignificant. Under the guidance, borrowers that are considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. In addition, modification or deferral programs mandated by the U.S. federal government or any state government related to COVID-19 are not in the scope of ASC 310-40. Peoples did not have any loans that were modified as a TDR during the last twelve months that subsequently defaulted. Peoples had no commitments to lend additional funds to the related borrowers whose loan terms have been modified in a TDR. Allowance for Credit Losses Changes in the allowance for credit losses for the three months ended June 30, 2020 are summarized below: (Dollars in thousands) Beginning Balance, March 31, 2020 Initial Allowance for Purchased Credit Deteriorated Assets Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, June 30, 2020 Construction $ 1,742 $ — $ 920 $ — $ — $ 2,662 Commercial real estate, other 12,142 — 7,135 (135) 6 19,148 Commercial and industrial 8,743 — 573 (15) 805 10,106 Residential real estate 5,744 — 552 (16) 100 6,380 Home equity lines of credit 1,695 — 61 (9) 8 1,755 Consumer, indirect 10,878 — 1,679 (336) 72 12,293 Consumer, direct 1,803 — 179 (51) 10 1,941 Deposit account overdrafts 86 — 61 (119) 49 77 Total $ 42,833 $ — $ 11,160 $ (681) $ 1,050 $ 54,362 (a) Amount does not include the provision for unfunded commitment liability. Changes in the allowance for credit losses for the six months ended June 30, 2020 are summarized below: (Dollars in thousands) Beginning Balance, Initial Allowance for Purchased Credit Deteriorated Assets Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, June 30, 2020 Construction $ 600 $ 51 $ 2,011 $ — $ — $ 2,662 Commercial real estate, other 7,193 1,356 10,622 (145) 122 19,148 Commercial and industrial 4,960 860 3,229 (952) 2,009 10,106 Residential real estate 3,977 383 1,997 (134) 157 6,380 Home equity lines of credit 1,570 2 197 (23) 9 1,755 Consumer, indirect 5,389 — 7,764 (1,057) 197 12,293 Consumer, direct 856 34 1,140 (113) 24 1,941 Deposit account overdrafts 94 — 206 (332) 109 77 Total $ 24,639 $ 2,686 $ 27,166 $ (2,756) $ 2,627 $ 54,362 (a) Amount does not include the provision for unfunded commitment liability. Peoples increased its allowance for credit losses based on CECL model results, which incorporated economic forecasts at the end of June 2020. These forecasts included higher unemployment rates nationally and in Ohio, and lower Ohio Gross Domestic Product, which are the key assumptions within the CECL model, compared to March 31, 2020. This was similar to the impact that COVID-19 had on economic forecasts at March 31, 2020, which also resulted in higher allowance for credit losses compared to December 31, 2019. The PPP loans originated during the second quarter of 2020 are guaranteed by the SBA, and therefore, had no impact on the allowance for credit losses at June 30, 2020. Peoples recorded lower provision for credit losses during the second quarter of 2020, compared to the linked quarter, driven primarily by the deterioration in the one-year economic forecast used for the first quarter, which was more severe than the deterioration in the one-year economic forecast used for the second quarter. The significant increase in the allowance for credit losses as of June 30, 2020 compared to January 1, 2020 was mostly due to the recent COVID-19 pandemic, and the resulting impact on economic forecasts utilized in the CECL model. Peoples calculates its allowance for credit losses using a discounted cash flow model, and incorporates economic forecasts, including U.S. unemployment, Ohio unemployment, Ohio Gross Domestic Product, and the Ohio Case Shiller Home Price Indices as economic factors. The economic forecast used in the June 30, 2020 calculation of the allowance for credit losses included higher unemployment rates and lower Ohio Gross Domestic Product, which drove much of the increase in the allowance for credit losses at June 30, 2020. Approximately 63% of the increase in the allowance for credit losses at June 30, 2020, compared to January 1, 2020, was related to the change in the economic forecast, and the remaining increase was attributable to changes in the composition of the loan portfolio including recent loan growth. In addition, Peoples recorded an increase of $5.8 million in allowance for credit losses on January 1, 2020 related to the implementation of ASU 2016-13. As of June 30, 2020, the CECL model produced results, based on economic forecasts, that were higher than Peoples believed to be appropriate at the time. Peoples believes the actions taken to provide relief to consumer and commercial customers, which include at least 90 days of payment relief for those customers, coupled with the CARES Act stimulus package and the SBA PPP, indicate that Peoples would not experience the projected credit losses produced by the model. Therefore, Peoples made certain qualitative adjustments to more closely reflect its estimate of the potential losses of its loan portfolio at June 30, 2020. During the second quarter of 2020, Peoples recognized a recovery of $750,000 on a commercial and industrial loan that was previously charged-off, and recognized a similar $1.2 million recovery during the first quarter of 2020. As of June 30, 2020, Peoples had recorded an unfunded commitment liability of $3.1 million, an increase compared to $1.5 million on January 1, 2020. The unfunded commitment liability is presented in the “Accrued expenses and other liabilities” line of the Unaudited Consolidated Balance Sheets. |
Long-Term Borrowings
Long-Term Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | Long-Term Borrowings The following table summarizes Peoples' long-term borrowings: June 30, 2020 December 31, 2019 (Dollars in thousands) Balance Weighted- Balance Weighted- FHLB putable, non-amortizing, fixed-rate advances $ 95,000 1.52 % $ 65,000 2.18 % FHLB amortizing, fixed-rate advances $ 10,005 1.74 % $ 10,672 1.74 % Junior subordinated debt securities $ 7,531 4.37 % $ 7,451 6.55 % Total long-term borrowings $ 112,536 1.73 % $ 83,123 2.51 % Peoples continually evaluates its overall balance sheet position given the interest rate environment. During the first six months of 2020, Peoples entered into one additional $50.0 million FHLB putable, non-amortizing fixed-rate advance with an interest rate of 0.77%, which matures in 2030, and two long-term FHLB non-amortizing advances totaling $20.0 million were reclassified to short-term borrowings during the second quarter of 2020, as the maturity became less than one year. The FHLB putable, non-amortizing, fixed rate advances have maturities ranging f rom one may be repaid prior to maturity, subject to the payment of termination fees. The FHLB has the option, at its sole discretion, to terminate the advance after an initial fixed rate period of three months or twelve months, requiring full repayment of the advance by Peoples prior to the stated maturity. If an 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 being 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 remaining maturities ranging from six to eleven 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. At June 30, 2020, the aggregate minimum annual retirements of long-term borrowings in future periods are as follows: (Dollars in thousands) Balance Weighted-Average Rate (a) Six months ending December 31, 2020 $ 1,968 1.57 % Year ending December 31, 2021 1,979 1.52 % Year ending December 31, 2022 16,521 1.98 % Year ending December 31, 2023 1,157 1.48 % Year ending December 31, 2024 869 1.46 % Thereafter 90,042 1.55 % Total long-term borrowings $ 112,536 1.61 % (a) The weighted-average rate includes the impact of accreting the current book value of the junior subordinated debt securities to face value over the period. The weighted-average rates for the FHLB advances are 1.68% in the six months ending December 31, 2020, 1.71% in 2021, 2.00% in 2022, 1.73% in 2023, 1.74% in 2024, and 1.43% thereafter. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The following table details the progression in Peoples’ common shares and treasury stock during the six months ended June 30, 2020: Common Stock Treasury Stock Shares at December 31, 2019 21,156,143 504,182 Changes related to stock-based compensation awards: Release of restricted common shares — 26,991 Cancellation of restricted common shares — 7,997 Grant of restricted common shares — (82,338) Grant of unrestricted common shares — (22,982) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 5,822 Disbursed out of treasury stock — (2,362) Common shares repurchased under share repurchase programs — 884,068 Common shares issued under dividend reinvestment plan 17,719 — Common shares issued under compensation plan for Boards of Directors — (6,865) Common shares issued under performance unit awards — (6,127) Common shares issued under employee stock purchase plan — (9,167) Shares at June 30, 2020 21,173,862 1,299,219 On February 27, 2020, Peoples' Board of Directors approved a share repurchase program authorizing Peoples to purchase up to an aggregate of $40.0 million of its outstanding common shares, replacing the previous share repurchase program which had authorized Peoples to purchase up to an aggregate of $20.0 million of its outstanding common shares. An aggregate of $6.3 million of Peoples' common shares were purchased under the previous share repurchase program from inception through its termination date, which was February 27, 2020. During the first six months of 2020, Peoples purchased an aggregate of $20.0 million of its outstanding common shares, $843,000 of which were purchased under the previous share repurchase program and $19.5 million of which were purchased under the share repurchase program authorized on February 27, 2020. 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 June 30, 2020, Peoples had no preferred shares issued or outstanding. On July 20, 2020, Peoples' Board of Directors declared a quarterly cash dividend of $0.34 per common share, payable on August 17, 2020, to shareholders of record on August 3, 2020. The following table details the cash dividends declared per common share during 2020 and the comparable period of 2019: 2020 2019 First quarter $ 0.34 0.30 Second quarter 0.34 0.34 Third quarter 0.34 0.34 Total dividends declared $ 1.02 $ 0.98 Accumulated Other Comprehensive Income (Loss) The following table details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the six months ended June 30, 2020: (Dollars in thousands) Unrealized Gain on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Loss on Cash Flow Hedge Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2019 $ 5,300 $ (3,958) $ (2,767) $ (1,425) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (301) — — (301) Realized loss due to settlement and curtailment, net of tax — 410 — 410 Other comprehensive income (loss), net of reclassifications and tax 14,579 (362) (8,267) 5,950 Balance, June 30, 2020 $ 19,578 $ (3,910) $ (11,034) $ 4,634 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [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 over the highest five Peoples also provides post-retirement health and life insurance benefits to certain 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 pay 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 detail the components of the net periodic cost for the plans described above: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Interest cost $ 82 $ 110 $ 176 $ 219 Expected return on plan assets (190) (196) (390) (391) Amortization of net loss 36 20 66 39 Settlement of benefit obligation 151 — 519 — Net periodic loss (income) $ 79 $ (66) $ 371 $ (133) Postretirement Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Interest cost $ — $ 1 $ 1 $ 2 Amortization of prior service cost — (1) — (1) Amortization of net gain — — (2) (2) Net periodic income $ — $ — $ (1) $ (1) 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. During the first and second quarters of 2020, the total lump-sum distributions made to participants under the noncontributory defined benefit pension plan caused the total settlements to exceed the recognition threshold for settlement gains or losses. As a result, Peoples recorded settlement charges of $151,000 and $519,000, respectively, in the three and six months ended June 30, 2020. There were no settlement charges recorded during the three and six months ended June 30, 2019 under the noncontributory defined benefit pension plan. The following table summarizes the change in the projected benefit obligation and funded status as a result of the remeasurement and the aggregate settlements for the six months ended June 30, 2020: As of June 30, 2020 (Dollars in thousands) December 31, Before Impact of After Funded status: 2019 Settlements Settlements Settlements Projected benefit obligation $ 12,668 $ 13,119 $ (321) $ 12,798 Fair value of plan assets 11,865 10,891 (321) 10,570 Funded status $ (803) $ (2,228) $ — $ (2,228) Gross unrealized loss $ 5,068 $ 6,274 $ (151) $ 6,123 Assumptions: Discount rate 3.12 % 2.63 % 2.63 % Expected return on plan assets 7.50 % 7.50 % 7.50 % |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The calculations of basic and diluted earnings per common share were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per common share data) 2020 2019 2020 2019 Distributed earnings allocated to common shareholders $ 6,709 $ 6,935 $ 13,652 $ 12,711 Undistributed (loss) earnings allocated to common shareholders (2,051) 2,568 (9,842) 11,067 Net earnings allocated to common shareholders $ 4,658 $ 9,503 $ 3,810 $ 23,778 Weighted-average common shares outstanding 19,720,315 20,277,028 20,043,329 19,824,035 Effect of potentially dilutive common shares 138,565 165,338 139,893 148,315 Total weighted-average diluted common shares outstanding 19,858,880 20,442,366 20,183,222 19,972,350 Earnings per common share: Basic $ 0.24 $ 0.47 $ 0.19 $ 1.20 Diluted $ 0.23 $ 0.46 $ 0.19 $ 1.19 Anti-dilutive common shares excluded from calculation: Restricted shares 77,371 87 57,170 46 |
Derivative Financial Instrument
Derivative Financial Instruments (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging [Text Block] | Peoples utilizes interest rate swap agreements as part of its asset/liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. The fair value of derivative financial instruments is included in the other assets and the accrued expenses and other liabilities lines in the accompanying Unaudited Consolidated Balance Sheets and in the net cash provided by operating activities in the Unaudited Consolidated Statements of Cash Flows. Derivative Financial Instruments and Hedging Activities - Risk Management Objective of Using Derivative Financial Instruments 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 values of which are 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 derivative financial instruments 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 customer-related derivative financial instruments in order to minimize its net risk exposure resulting from such transactions. Cash Flow Hedges of Interest Rate Risk Peoples' objectives in using interest rate derivative financial instruments are to add stability to interest income and expense, and to manage its exposure to interest rate movements. To accomplish these objectives, Peoples has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. As of June 30, 2020, Peoples had entered into seventeen interest rate swap contracts with an aggregate notional value of $160.0 million. Peoples will pay a fixed rate of interest for up to ten years while receiving a floating rate component of interest equal to the three-month LIBOR rate. The interest received on the floating rate component is intended to offset the interest paid on rolling three-month FHLB advances or rolling three-month brokered CDs, which will continue to be rolled through the life of the swaps. As of June 30, 2020, the interest rate swaps were funded by $110.0 million of rolling three-month FHLB advances and $50.0 million rolling three-month brokered deposits. Amounts reported in accumulated other comprehensive income (loss) ("AOCI") related to derivative financial instruments will be reclassified to interest income or expense as interest payments are made or received on Peoples' variable-rate assets or liabilities. During the three and six months ended June 30, 2020, Peoples had reclassifications of gains to interest expense of $365,000 and $483,000, respectively. During the three and six months ended June 30, 2019, Peoples had reclassifications of losses to earnings of $70,000 and $153,000, respectively. For derivative financial instruments designated as cash flow hedges, the effective portion of changes in the fair value of each derivative financial instrument is reported in 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 hedging derivative financial instrument with the changes in cash flows of the designated hedged transaction. The reset dates and the payment dates on the 90-day advances or brokered CDs used to fund the swaps are matched to the reset dates and payment dates on the receipt of the three-month LIBOR floating portion of the swaps to ensure effectiveness of the cash flow hedge. Effectiveness is measured by ensuring that reset dates and payment dates are matched. The following table summarizes information about the interest rate swaps designated as cash flow hedges: (Dollars in thousands) June 30, December 31, Notional amount $ 160,000 $ 160,000 Weighted average pay rates 2.18 % 2.18 % Weighted average receive rates 0.38 % 1.73 % Weighted average maturity 5.1 years 5.4 years Pre-tax unrealized losses included in AOCI $ (13,966) $ (3,503) The following table presents net losses or gains recorded in AOCI and in the Unaudited Consolidated Statements of Operations related to the cash flow hedges: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Amount of loss recognized in AOCI, pre-tax $ 734 $ 3,134 $ 10,463 $ 4,967 Amount of loss recognized in earnings $ — $ — $ — $ (19) The following table reflects the cash flow hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value: June 30, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to debt $ — $ — $ 55,000 $ 644 Total included in other assets $ — $ — $ 55,000 $ 644 Included in accrued expenses and other liabilities: Interest rate swaps related to debt $ 160,000 $ 14,155 $ 105,000 $ 4,340 Total included in accrued expenses and other liabilities $ 160,000 $ 14,155 $ 105,000 $ 4,340 Non-Designated Hedges Peoples maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples originates variable rate loans with interest rate swaps, where the customer enters into an interest rate swap with Peoples on terms that match the terms of the loan. By entering into the interest rate swap with the customer, Peoples Bank effectively provides the customer with a fixed rate loan while creating a variable rate asset for Peoples Bank. Peoples Bank offsets its exposure in the swap 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 financial instrument. These interest rate swaps did not have a material impact on Peoples' results of operation or financial condition. The following table reflects the non-designated hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value: June 30, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to commercial loans $ 390,909 $ 32,981 $ 321,394 $ 10,776 Total included in other assets $ 390,909 $ 32,981 $ 321,394 $ 10,776 Included in accrued expenses and other liabilities: Interest rate swaps related to commercial loans $ 390,909 $ 32,981 $ 321,394 $ 10,776 Total included in accrued expenses and other liabilities $ 390,909 $ 32,981 $ 321,394 $ 10,776 Pledged Collateral When the fair value of Peoples' interest rate swaps are in a net liability position, Peoples must pledge collateral and when the interest rate swaps are in a net asset position, the counterparties must pledge collateral. At June 30, 2020 and December 31, 2019, Peoples had $47.1 million and $20.0 million, respectively, of cash pledged, while the counterparties had no amount of cash pledged at either date. Cash pledged is included in interest-bearing deposits in other banks on the Unaudited Consolidated Balance Sheets. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Under the Peoples Bancorp Inc. Third Amended and Restated 2006 Equity Plan (the "2006 Equity Plan"), Peoples may grant, among other awards, nonqualified stock options, incentive stock options, restricted common share awards, stock appreciation rights, performance units and unrestricted common share awards to employees and non-employee directors. The total number of common shares available under the 2006 Equity Plan is 891,340. The maximum number of common shares that can be issued for incentive stock options is 500,000 common shares. Since February 2009, Peoples has granted restricted common shares to employees, and periodically to non-employee directors, subject to the terms and conditions prescribed by the 2006 Equity Plan. Additionally, in 2019 and 2020, Peoples granted unrestricted common shares to non-employee directors (in addition to their directors' fees paid in common shares) and to full-time and part-time employees who did not already participate in 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. Restricted Common 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 the restricted common shares awarded to employees expire after periods ranging from one The following table summarizes the changes to Peoples’ restricted common shares for the six months ended June 30, 2020: Time-Based Vesting Performance-Based 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 32,230 $ 33.05 253,884 $ 33.29 Awarded 2,000 20.85 80,338 32.91 Released 4,000 31.63 56,827 32.42 Forfeited 4,200 31.45 3,797 33.02 Outstanding at June 30 26,030 $ 32.59 273,598 $ 33.36 For the six months ended June 30, 2020, the total intrinsic value for restricted common shares released was $2.0 million compared to $1.6 million for the six months ended June 30, 2019. Performance Unit Awards Under the 2006 Equity Plan, Peoples may grant performance unit awards to officers, key employees and non-employee directors. On July 26, 2017, Peoples granted a total of seven performance unit awards to individuals who were then serving as officers, with a maximum aggregate dollar amount of $1.3 million represented by the performance units subject to such awards and each performance unit representing $1.00. During 2019, one of the seven performance unit awards was forfeited as the individual to whom the performance unit award was granted left Peoples before meeting the minimum service requirement to retain the performance unit award. The performance unit awards granted covered the performance period beginning January 1, 2018 and ending on December 31, 2019, and were subject to two performance goals. Peoples achieved the first performance goal by exceeding its target cumulative two-year adjusted earnings per share. However, Peoples failed to achieve the second performance goal as its adjusted return on average assets for the measurement period ranked below the target percentile compared to its peer group. As a result, during the first quarter of 2020, the remaining six officers holding performance unit awards received an aggregate of 9,395 common shares at a fair market value of $29.26 per common share on the date the performance units were deemed vested, with a related expense of $275,000. Stock-Based Compensation Peoples recognizes stock-based compensation, which is included as a component of Peoples’ salaries and employee benefit costs, for restricted and unrestricted common shares and performance unit awards, as well as purchases made by participants in the employee stock purchase plan. For restricted common shares, Peoples recognizes stock-based compensation based on the estimated fair value of the awards expected to vest on the grant date. The estimated fair value is then expensed over the vesting period, which is normally three years. For performance unit awards, Peoples recognized stock-based compensation over the performance period, based on the portion of the awards that was expected to vest based on the expected level of achievement of the two performance goals. Peoples also has an employee stock purchase plan whereby employees can purchase Peoples' common shares at a discount of 15%. The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized for each period: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Employee stock-based compensation expense: Stock grant expense $ 955 $ 903 $ 2,335 $ 2,056 Employee stock purchase plan expense 15 11 $ 30 $ 50 Performance unit expense (benefit) — 16 $ (12) $ 32 Total employee stock-based compensation expense 970 930 $ 2,353 $ 2,138 Non-employee director stock-based compensation expense 53 50 $ 235 $ 202 Total stock-based compensation expense 1,023 980 $ 2,588 $ 2,340 Recognized tax benefit (214) (205) (543) (491) Net stock-based compensation expense $ 809 $ 775 $ 2,045 $ 1,849 Restricted common shares were the primary form of stock-based compensation awards granted by Peoples in the six months ended June 30, 2020 and 2019. The fair value of restricted common share awards on the grant date is the market price of Peoples' common shares on that date. Total unrecognized stock-based compensation expense related to unvested restricted common share awards was $3.3 million at June 30, 2020, which will be recognized over a weighted-average period of 1.9 years. On April 1, 2020, an aggregate of 18,952 unrestricted common shares were granted as a one-time special award to employees under the level of Vice President, with a related stock-based compensation expense of $396,000 being recognized. |
Revenue (Notes)
Revenue (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue The following table details Peoples' revenue from contracts with customers: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Insurance income: Commission and fees from sale of insurance policies (a) $ 2,933 $ 3,306 $ 5,625 $ 6,339 Fees related to third-party administration services (a) 120 178 267 347 Performance-based commissions (b) 138 2 1,429 1,421 Trust and investment income (a) 3,316 3,401 6,578 6,513 Electronic banking income: Interchange income (a) 2,844 2,747 5,244 5,190 Promotional and usage income (a) 679 520 1,559 1,064 Deposit account service charges: Ongoing maintenance fees for deposit accounts (a) 849 1,012 1,829 1,764 Transactional-based fees (b) 1,060 1,965 2,900 3,554 Commercial loan swap fees (b) 955 516 1,199 662 Other non-interest income transactional-based fees (b) 220 253 428 424 Total revenue from contracts with customers $ 13,114 $ 13,900 $ 27,058 $ 27,278 Timing of revenue recognition: Services transferred over time $ 10,741 $ 11,164 $ 21,102 $ 21,217 Services transferred at a point in time 2,373 2,736 5,956 6,061 Total revenue from contracts with customers $ 13,114 $ 13,900 $ 27,058 $ 27,278 (a) Services transferred over time. (b) Services transferred at a point in time. Peoples records contract assets for income that has been recognized over a period of time for fulfillment of performance obligations, but has not yet been received related to electronic banking income. This income typically relates to bonuses for which Peoples is eligible, but will not receive until a certain time in the future. Peoples records contract liabilities for payments received for commission income related to the sale of insurance policies, for which the performance obligations have not yet been fulfilled. The contract liabilities are recognized as income over time, during the period in which the performance obligations are fulfilled, which is over the insurance policy period. Peoples also records contract liabilities for bonuses received related to electronic banking income, for which income is recognized during the period in which the performance obligations are fulfilled. As of June 30, 2020, there were no material changes to Peoples' revenue contracts related to the COVID-19 pandemic, and there were no changes to the likelihood of collectibility under the contracts. The following table details the change in Peoples' contract assets and contract liabilities for the period ended June 30, 2020: Contract Assets Contract Liabilities (Dollars in thousands) Balance, January 1, 2020 $ 600 $ 5,190 Additional income receivable 291 — Additional deferred income — 254 Recognition of income previously deferred — (37) Balance, June 30, 2020 $ 891 $ 5,407 |
Acquisitions (Notes)
Acquisitions (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions After the close of business on June 30, 2020, Peoples closed on a business combination under which Peoples Bank acquired the operations and assets of Triumph Premium Finance (“TPF”), a division of TBK Bank, SSB. Based in Kansas City, Missouri, the division operating as Peoples Premium Finance will continue to provide insurance premium financing loans for commercial customers to purchase property and casualty insurance products through its growing network of independent insurance agency partners nationwide. Peoples Bank acquired approximately $86.5 million in loans. Peoples recorded $96.1 million in the “Other assets” line of the Unaudited Consolidated Balance Sheets, as of June 30, 2020. On July 1, 2020, Peoples completed the acquisition. On January 1, 2020, Peoples Insurance acquired a property and casualty-focused independent insurance agency for a purchase price amount equal to $866,000, and recorded $735,000 of customer relationship intangibles, and $27,000 of other assets, resulting in $104,000 of goodwill. The acquisition will not materially impact Peoples' financial position, results of operations or cash flows. As of June 30, 2020, Peoples had $319,000 of contingent consideration payable related to the acquisition. |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Peoples leases certain banking facilities and equipment under various agreements with original terms providing for fixed monthly payments over periods generally ranging from two thirty Peoples elected certain practical expedients, in accordance with ASC 842. Peoples also made an accounting policy election to account for each separate lease component of a contract and its associated non-lease components as a single lease component for all leases subject to ASC 842. The table below details Peoples' lease expense, which is included in net occupancy and equipment expense in the Unaudited Consolidated Statements of Operations: Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Operating lease expense $ 327 $ 311 661 618 Short-term lease expense 84 32 160 62 Total lease expense $ 411 $ 343 $ 821 $ 680 Peoples utilizes an incremental borrowing rate to determine the present value of lease payments for each lease, as the lease agreements do not provide an implicit rate. The estimated incremental borrowing rate reflects a secured rate and is based on the term of the lease and the interest rate environment at the lease commencement or remeasurement date. The following table details the ROU asset, the lease liability and other information related to Peoples' operating leases: (Dollars in thousands) June 30, 2020 December 31, 2019 ROU asset: Other assets $ 7,052 $ 7,606 Lease liability: Accrued expenses and other liabilities $ 7,281 $ 7,813 Other information: Weighted-average remaining lease term 12.5 years 12.4 years Weighted-average discount rate 3.15 % 3.16 % During the three and six months ended June 30, 2020, Peoples paid cash of $319,000 and $640,000, respectively, for operating leases. During the three and six months ended June 30, 2019, Peoples paid cash of $295,000 and $591,000, respectively, for operating leases. The following table summarizes the maturity of remaining lease liabilities: (Dollars in thousands) Balance Six months ending December 31, 2020 $ 711 Year ending December 31, 2021 1,130 Year ending December 31, 2022 1,061 Year ending December 31, 2023 873 Year ending December 31, 2024 629 Thereafter 4,750 Total undiscounted lease payments $ 9,154 Imputed interest $ (1,873) Total lease liability $ 7,281 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
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. The following should be read in conjunction with "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2019 Form 10-K. 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. Accounting Standards Update ("ASU") 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This update is effective as of March 12, 2020 through December 31, 2022. Peoples is assessing the impact of ASU 2020-04 on Peoples' consolidated financial statements. ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This accounting guidance replaces the "incurred loss" model for recognizing credit losses with an "expected loss" model, referred to as the Current Expected Credit Loss ("CECL") model. Under the CECL model, Peoples is required to present certain financial assets carried at amortized cost, such as loans held-for-investment and held-to-maturity investment securities, at the net amount expected to be collected. ASU 2018-19 clarified that receivables arising from operating leases are not within the scope of Accounting Standards Codification ("ASC") 326-20, and should be accounted for according to ASC 842. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The measurement is to take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the "incurred loss" model under previous US GAAP accounting guidance, which delayed recognition until it was probable a loss had been incurred. Peoples adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized costs on January 1, 2020. Reporting periods beginning after December 31, 2019 are presented as required by ASU 2016-13, while prior period amounts continue to be reported in accordance with previously applicable US GAAP requirements. Peoples is using the prospective transition approach for financial assets purchased with credit deterioration that were previously classified as purchased credit impaired assets and accounted for under ASC 310-30. Peoples did not reassess whether purchased credit impaired assets met the criteria of purchased credit deteriorated assets as of the date of adoption. As of January 1, 2020, Peoples recorded a one-time cumulative-effect adjustment to reduce retained earnings by $3.7 million, net of statutory corporate federal income taxes, an increase in allowance for credit losses of $5.8 million and an increase in unfunded commitment liability of $1.5 million. On January 1, 2020, the amortized cost basis of the purchased credit deteriorated assets was adjusted to reflect the addition of $2.6 million to establish the allowance for credit losses. The remaining interest-related discount is being accreted into interest income at the effective interest rate beginning on January 1, 2020. As of January 1, 2020, Peoples did not record an allowance for credit losses for available-for-sale investment securities, as all unrealized losses on these securities were deemed to be non-credit in nature, with no credit deterioration upon review by Peoples. Peoples recorded an allowance for credit losses for held-to-maturity securities of $7,000 as of January 1, 2020. The following table illustrates the impact on the allowance for credit losses from the adoption of ASU 2016-13: (Dollars in thousands) As Reported Under ASC 326 January 1, 2020 Pre-ASC 326 Adoption December 31, 2019 Impact of ASC 326 Adoption Assets: Loans, at amortized cost $ 2,876,147 $ 2,873,525 $ 2,622 Allowance for credit losses on loans: Construction 651 1,188 (537) Commercial real estate, other 8,549 6,560 1,989 Commercial and industrial 5,820 8,568 (2,748) Residential real estate 4,360 1,296 3,064 Home equity lines of credit 1,572 612 960 Consumer, indirect 5,389 2,942 2,447 Consumer, direct 890 296 594 Deposit account overdrafts 94 94 — Allowance for credit losses on loans 27,325 21,556 5,769 Liabilities: Allowance for credit losses for unfunded commitments $ 1,495 $ — $ 1,495 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, excluding equity investment securities, and any resulting gain or loss, is based on the specific identification method and recognized as of the trade date. The cost of equity investment securities is based on the weighted-average method. Peoples 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 gains and losses reported in total stockholders' equity as a separate component of accumulated other comprehensive income or loss, net of applicable deferred income taxes. Certain restricted equity investment 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 in other investment securities on the Unaudited 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"). Peoples evaluates available-for-sale investment securities on a quarterly basis to determine how much, if any, allowance for credit losses is required. Peoples reviews available-for-sale investment securities at an unrealized loss position, with potential exposure to a credit event (which excludes U.S. government and U.S. government sponsored agency securities) to determine if the unrealized loss was credit-related. An allowance for credit losses is recorded to the extent that the unrealized losses are credit-related and likely to be permanent. Peoples evaluates held-to-maturity investment securities on a quarterly basis in determining an allowance for credit losses. Peoples has determined that the loss given default for U.S. government sponsored enterprise investment securities is zero, due to the fact that it is unlikely the ultimate guarantor (the U.S. government) would not perform on its implicit guarantee in the event of default. The remaining securities are included in the calculation of the allowance for credit losses for held-to-maturity investment securities. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table illustrates the impact on the allowance for credit losses from the adoption of ASU 2016-13: (Dollars in thousands) As Reported Under ASC 326 January 1, 2020 Pre-ASC 326 Adoption December 31, 2019 Impact of ASC 326 Adoption Assets: Loans, at amortized cost $ 2,876,147 $ 2,873,525 $ 2,622 Allowance for credit losses on loans: Construction 651 1,188 (537) Commercial real estate, other 8,549 6,560 1,989 Commercial and industrial 5,820 8,568 (2,748) Residential real estate 4,360 1,296 3,064 Home equity lines of credit 1,572 612 960 Consumer, indirect 5,389 2,942 2,447 Consumer, direct 890 296 594 Deposit account overdrafts 94 94 — Allowance for credit losses on loans 27,325 21,556 5,769 Liabilities: Allowance for credit losses for unfunded commitments $ 1,495 $ — $ 1,495 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | Recurring Fair Value Measurements at Reporting Date June 30, 2020 December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Available-for-sale investment securities: Obligations of: U.S. government sponsored agencies $ — $ 5,396 $ — $ — $ 8,209 $ — States and political subdivisions — 107,032 — — 114,104 — Residential mortgage-backed securities — 748,867 — — 791,009 — Commercial mortgage-backed securities — 12,157 — — 18,088 — Bank-issued trust preferred securities — 4,399 — — 4,691 — Total available-for-sale securities — 877,851 — — 936,101 — Equity investment securities (a) 97 208 — 123 198 — Derivative assets (b) — 32,981 — — 11,419 — Liabilities: Derivative liabilities (c) $ — $ 47,136 $ — $ — $ 15,116 $ — (a) Included in other investment securities on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 3 Investment Securities" of the Notes to the Unaudited Consolidated Financial Statements. (b) Included in other assets on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 9 Derivative Financial Instruments" of the Notes to the Unaudited Consolidated Financial Statements. (c) Included in accrued expenses and other liabilities on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 9 Derivative Financial Instruments" of the Notes to the Unaudited Consolidated Financial Statements. |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table provides the fair value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Unaudited Consolidated Balance Sheets by level in the fair value hierarchy. Non-Recurring Fair Value Measurements at Reporting Date June 30, 2020 December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Other real estate owned ("OREO") $ — $ — $ 236 $ — $ — $ 227 |
Fair Values of Financial Assets and Liabilities on Balance Sheets | Fair Value Measurements of Other Financial Instruments (Dollars in thousands) Fair Value Hierarchy Level June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 219,274 $ 219,274 $ 115,193 $ 115,193 Held-to-maturity investment securities: Obligations of: States and political subdivisions 2 3,538 4,029 4,346 4,791 Residential mortgage-backed securities 2 28,075 29,120 21,494 21,569 Commercial mortgage-backed securities 2 5,754 6,189 5,907 6,181 Total held-to-maturity securities 37,367 39,338 31,747 32,541 Other investment securities: Federal Home Loan Bank ("FHLB") stock 2 27,095 27,095 27,235 27,235 Federal Reserve Bank ("FRB") stock 2 13,311 13,311 13,310 13,310 Nonqualified deferred compensation 2 1,580 1,580 1,499 1,499 Other investment securities 2 365 365 365 365 Other investment securities (a) 42,351 42,351 42,409 42,409 Net loans 3 3,306,657 3,697,052 2,851,969 3,147,190 Loans held for sale 2 17,009 18,471 6,499 6,553 Bank owned life insurance 3 70,665 70,665 69,722 69,722 Servicing rights (b)(c) 3 2,482 2,890 2,742 3,881 Liabilities: Deposits 2 $ 4,024,884 $ 3,939,885 $ 3,291,412 $ 3,292,950 Short-term borrowings 2 177,912 181,773 316,977 317,973 Long-term borrowings 2 112,536 118,542 83,123 82,701 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investment Holdings [Line Items] | |
Summary of Available-for-sale Investment Securities | The following table summarizes Peoples' available-for-sale investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2020 Obligations of: U.S. government sponsored agencies $ 4,956 $ 440 $ — $ 5,396 States and political subdivisions 102,638 4,452 (58) 107,032 Residential mortgage-backed securities 728,760 21,668 (1,561) 748,867 Commercial mortgage-backed securities 12,022 250 (115) 12,157 Bank-issued trust preferred securities 4,696 13 (310) 4,399 Total available-for-sale securities $ 853,072 $ 26,823 $ (2,044) $ 877,851 December 31, 2019 Obligations of: U.S. government sponsored agencies $ 7,917 $ 292 $ — $ 8,209 States and political subdivisions 111,217 3,018 (131) 114,104 Residential mortgage-backed securities 787,430 7,763 (4,184) 791,009 Commercial mortgage-backed securities 18,135 88 (135) 18,088 Bank-issued trust preferred securities 4,696 137 (142) 4,691 Total available-for-sale securities $ 929,395 $ 11,298 $ (4,592) $ 936,101 |
Schedule of Gross Gains and Losses from Sales of Available-for-sale Securities | The gross gains and losses realized by Peoples from sales of available-for-sale securities for the periods ended June 30 were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Gross gains realized $ 65 $ 30 $ 384 $ 60 Gross losses realized 3 87 3 87 Net gain (loss) realized $ 62 $ (57) $ 381 $ (27) |
Summary of Available-for-sale Securities with Unrealized Loss | The following table presents a summary of available-for-sale investment securities that had an unrealized loss: Less than 12 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 June 30, 2020 Obligations of: States and political subdivisions $ 1,287 $ 13 1 $ 2,067 $ 45 1 $ 3,354 $ 58 Residential mortgage-backed securities 90,635 1,098 37 20,495 463 18 111,130 1,561 Commercial mortgage-backed securities — — — 1,502 115 2 1,502 115 Bank-issued trust preferred securities 2,189 8 1 1,698 302 2 3,887 310 Total $ 94,111 $ 1,119 39 $ 25,762 $ 925 23 $ 119,873 $ 2,044 December 31, 2019 Obligations of: States and political subdivisions $ 6,226 $ 74 2 $ 2,441 $ 57 1 $ 8,667 $ 131 Residential mortgage-backed securities 284,096 2,527 62 88,993 1,657 39 373,089 4,184 Commercial mortgage-backed securities 970 21 1 2,409 114 3 3,379 135 Bank-issued trust preferred securities — — — 1,858 142 2 1,858 142 Total $ 291,292 $ 2,622 65 $ 95,701 $ 1,970 45 $ 386,993 $ 4,592 |
Summary of Held-to-maturity Investment Securities | The following table summarizes Peoples’ held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Allowance for Credit Losses (a) Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2020 Obligations of: States and political subdivisions $ 3,544 $ (6) $ 491 $ — $ 4,029 Residential mortgage-backed securities 28,075 — 1,045 — 29,120 Commercial mortgage-backed securities 5,754 — 435 — 6,189 Total held-to-maturity securities $ 37,373 $ (6) $ 1,971 $ — $ 39,338 December 31, 2019 Obligations of: States and political subdivisions $ 4,346 $ — $ 445 $ — $ 4,791 Residential mortgage-backed securities 21,494 — 169 (94) 21,569 Commercial mortgage-backed securities 5,907 — 275 (1) 6,181 Total held-to-maturity securities $ 31,747 $ — $ 889 $ (95) $ 32,541 |
Cost-method Investments, Description [Text Block] | The following table summarizes the carrying value of Peoples' other investment securities: (Dollars in thousands) June 30, 2020 December 31, 2019 FHLB stock $ 27,095 $ 27,235 FRB stock 13,311 13,310 Nonqualified deferred compensation 1,580 1,499 Equity investment securities 305 321 Other investment securities 365 365 Total other investment securities $ 42,656 $ 42,730 |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | The following table summarizes the carrying value of Peoples' pledged securities: Carrying Amount (Dollars in thousands) June 30, 2020 December 31, 2019 Securing public and trust department deposits, and repurchase agreements: Available-for-sale $ 559,756 $ 527,655 Held-to-maturity 18,848 12,975 Securing additional borrowing capacity at the FHLB and the FRB: Available-for-sale 115,742 44,618 Held-to-maturity 12,849 14,155 |
Available-for-sale securities | |
Investment Holdings [Line Items] | |
Summary of Investment Securities by Contractual Maturity | The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at June 30, 2020. The weighted-average yields are based on the amortized cost. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. (Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total Amortized cost Obligations of: U.S. government sponsored agencies $ — $ 4,956 $ — $ — $ 4,956 States and political subdivisions 4,237 24,943 40,933 32,525 102,638 Residential mortgage-backed securities 4 5,061 72,411 651,284 728,760 Commercial mortgage-backed securities 4,486 3,640 967 2,929 12,022 Bank-issued trust preferred securities — — 4,696 — 4,696 Total available-for-sale securities $ 8,727 $ 38,600 $ 119,007 $ 686,738 $ 853,072 Fair value Obligations of: U.S. government sponsored agencies $ — $ 5,396 $ — $ — $ 5,396 States and political subdivisions 4,259 25,730 43,521 33,522 107,032 Residential mortgage-backed securities 4 5,097 73,713 670,053 748,867 Commercial mortgage-backed securities 4,511 3,743 1,017 2,886 12,157 Bank-issued trust preferred securities — — 4,399 — 4,399 Total available-for-sale securities $ 8,774 $ 39,966 $ 122,650 $ 706,461 $ 877,851 Total weighted-average yield 2.44 % 2.63 % 2.61 % 2.31 % 2.36 % |
Held-to-maturity securities | |
Investment Holdings [Line Items] | |
Summary of Held-to-maturity Securities with Unrealized Loss | The following table presents a summary of held-to-maturity investment securities that had an unrealized loss at December 31, 2019: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Loss No. of Securities Fair Unrealized Loss No. of Securities Fair Unrealized Loss December 31, 2019 Residential mortgage-backed securities $ 7,731 $ 67 1 $ 890 $ 27 1 $ 8,621 $ 94 Commercial mortgage-backed securities 1,666 1 1 — — — 1,666 1 Total $ 9,397 $ 68 2 $ 890 $ 27 1 $ 10,287 $ 95 |
Summary of Investment Securities by Contractual Maturity | The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at June 30, 2020. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a statutory federal corporate income tax rate of 21%. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. (Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total Amortized cost Obligations of: States and political subdivisions $ — $ — $ 3,544 $ — $ 3,544 Residential mortgage-backed securities — — 3,253 24,822 28,075 Commercial mortgage-backed securities — 386 3,790 1,578 5,754 Total held-to-maturity securities $ — $ 386 $ 10,587 $ 26,400 $ 37,373 Fair value Obligations of: States and political subdivisions $ — $ — $ 4,029 $ — $ 4,029 Residential mortgage-backed securities — — 3,377 25,743 29,120 Commercial mortgage-backed securities — 397 4,183 1,609 6,189 Total held-to-maturity securities $ — $ 397 $ 11,589 $ 27,352 $ 39,338 Total weighted-average yield — % 2.29 % 2.80 % 2.49 % 2.57 % |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Financing Receivables, Type | The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows: (Dollars in thousands) June 30, December 31, 2019 Construction $ 109,953 $ 88,518 Commercial real estate, other 914,420 833,238 Commercial and industrial 1,070,326 662,993 Residential real estate 613,084 661,476 Home equity lines of credit 123,384 132,704 Consumer, indirect 450,334 417,185 Consumer, direct 78,926 76,533 Deposit account overdrafts 592 878 Total loans, at amortized cost $ 3,361,019 $ 2,873,525 |
Nonaccrual and Past Due Loans | The amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: June 30, 2020 December 31, 2019 (Dollars in thousands) Nonaccrual (a)(b) Accruing Loans 90+ Days Past Due Nonaccrual (a) Accruing Loans 90+ Days Past Due (b) Construction $ 4 $ — $ 411 $ — Commercial real estate, other 9,678 130 6,801 907 Commercial and industrial 4,745 — 2,155 155 Residential real estate 8,905 1,618 6,361 2,677 Home equity lines of credit 687 46 1,165 108 Consumer, indirect 802 57 840 — Consumer, direct 208 29 48 85 Total loans, at amortized cost $ 25,029 $ 1,880 $ 17,781 $ 3,932 |
Aging Of The Recorded Investment In Past Due Loans And Leases | The following table presents the aging of the amortized cost of past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total June 30, 2020 Construction — — 4 $ 4 $ 109,949 109,953 Commercial real estate, other 595 1,097 9,235 10,927 903,493 914,420 Commercial and industrial 1,842 35 4,710 6,587 1,063,739 1,070,326 Residential real estate 1,641 3,417 5,576 10,634 602,450 613,084 Home equity lines of credit 511 540 472 1,523 121,861 123,384 Consumer, indirect 1,580 208 219 2,007 448,327 450,334 Consumer, direct 158 24 185 367 78,559 78,926 Deposit account overdrafts — — — — 592 592 Total loans, at amortized cost $ 6,327 $ 5,321 $ 20,401 $ 32,049 $ 3,328,970 $ 3,361,019 December 31, 2019 Construction $ 5 $ — $ 411 $ 416 $ 88,102 $ 88,518 Commercial real estate, other 376 337 7,501 8,214 825,024 833,238 Commercial and industrial 2,780 312 1,244 4,336 658,657 662,993 Residential real estate 10,538 2,918 5,872 19,328 642,148 661,476 Home equity lines of credit 642 510 1,033 2,185 130,519 132,704 Consumer, indirect 3,574 714 370 4,658 412,527 417,185 Consumer, direct 619 117 112 848 75,685 76,533 Deposit account overdrafts — — — — 878 878 Total loans, at amortized cost $ 18,534 $ 4,908 $ 16,543 $ 39,985 $ 2,833,540 $ 2,873,525 |
Loans By Risk Category | The following table summarizes the risk category of loans within Peoples' loan portfolio based upon the most recent analysis performed at June 30, 2020: (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Construction Pass $ 14,934 $ 52,867 $ 3,463 $ 34,080 $ 1,406 $ 705 $ 444 $ 35,426 $ 107,899 Special mention $ — — 415 — — 146 4 — 565 Substandard — — — 404 — 1,085 — — 1,489 Total 14,934 52,867 3,878 34,484 1,406 1,936 448 35,426 109,953 Commercial real estate, other Pass 72,717 135,406 107,372 101,444 110,664 233,262 96,499 23,043 857,364 Special mention — 3,600 1,132 4,407 558 7,073 4,848 124 21,618 Substandard — 1,574 68 2,209 2,016 25,323 4,153 47 35,343 Doubtful — — — — — 95 — — 95 Total 72,717 140,580 108,572 108,060 113,238 265,753 105,500 23,214 914,420 Commercial and industrial Pass 462,493 106,252 82,797 39,273 50,439 72,763 224,744 42,925 1,038,761 Special mention 401 398 417 230 1,657 1,445 12,199 1,469 16,747 Substandard 2,118 2,069 289 2,161 368 4,373 3,226 2,701 14,604 Doubtful — — — — 7 207 — 187 214 Total 465,012 108,719 83,503 41,664 52,471 78,788 240,169 47,282 1,070,326 Residential real estate Pass 18,462 46,167 30,246 35,652 52,555 351,179 63,691 — 597,952 Special mention — — — — — 1 — — 1 Substandard — — — — — 14,560 — — 14,560 Doubtful — — — — — 363 — — 363 Loss — — — — — 208 — — 208 Total 18,462 46,167 30,246 35,652 52,555 366,311 63,691 — 613,084 Home equity lines of credit Pass 7,969 15,083 14,772 14,082 13,372 44,530 13,576 4,173 123,384 Total 7,969 15,083 14,772 14,082 13,372 44,530 13,576 4,173 123,384 Consumer, indirect Pass 98,210 115,808 94,468 54,703 24,863 10,384 51,898 — 450,334 Total 98,210 115,808 94,468 54,703 24,863 10,384 51,898 — 450,334 Consumer, direct Pass 17,557 20,942 15,371 6,847 3,966 4,271 9,972 — 78,926 Total 17,557 20,942 15,371 6,847 3,966 4,271 9,972 — 78,926 Deposit account overdrafts 592 — — — — — — — 592 Total loans, at amortized cost $ 695,453 $ 500,166 $ 350,810 $ 295,492 $ 261,871 $ 771,973 $ 485,254 $ 110,095 $ 3,361,019 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes the loans that were modified as TDRs during the three months ended June 30: Three Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2020 Residential real estate 5 303 303 303 Home equity lines of credit 2 14 14 14 Consumer, indirect 8 62 62 62 Total 15 $ 379 $ 379 $ 379 June 30, 2019 Originated loans: Residential real estate 1 $ 37 $ 37 $ 37 Home equity lines of credit 2 60 60 60 Consumer, indirect 7 110 110 110 Consumer, direct 3 41 41 41 Consumer 10 151 151 151 Total 13 $ 248 $ 248 $ 248 Acquired loans: Commercial real estate, other 7 $ 725 $ 699 $ 700 Commercial and industrial 4 1,259 1,259 1,259 Residential real estate 35 $ 1,823 $ 1,823 $ 1,823 Home equity lines of credit 7 113 113 113 Consumer, direct 16 340 340 340 Total 69 $ 4,260 $ 4,234 $ 4,235 (a) 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. Six Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2020 Commercial real estate, other 1 $ 265 $ 265 $ 265 Commercial and industrial 1 145 145 145 Residential real estate 8 756 786 783 Home equity lines of credit 4 55 55 53 Consumer, indirect 13 128 128 122 Consumer, direct 3 51 51 49 Consumer 16 179 179 171 Total 30 $ 1,400 $ 1,430 $ 1,417 June 30, 2019 Originated loans: Commercial and industrial 2 $ 38 $ 38 $ 35 Residential real estate 3 436 440 437 Home equity lines of credit 4 139 139 139 Consumer, indirect 8 123 123 123 Consumer, direct 5 69 69 67 Consumer 13 192 192 190 Total 22 $ 805 $ 809 $ 801 Acquired loans: Commercial real estate, other 7 $ 724 $ 699 $ 700 Commercial and industrial 4 1,259 1,259 1,259 Residential real estate 36 1,847 1,847 1,842 Home equity lines of credit 9 179 179 178 Consumer, direct 16 340 340 340 Total 72 $ 4,349 $ 4,324 $ 4,319 (a) 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 credit losses for the three months ended June 30, 2020 are summarized below: (Dollars in thousands) Beginning Balance, March 31, 2020 Initial Allowance for Purchased Credit Deteriorated Assets Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, June 30, 2020 Construction $ 1,742 $ — $ 920 $ — $ — $ 2,662 Commercial real estate, other 12,142 — 7,135 (135) 6 19,148 Commercial and industrial 8,743 — 573 (15) 805 10,106 Residential real estate 5,744 — 552 (16) 100 6,380 Home equity lines of credit 1,695 — 61 (9) 8 1,755 Consumer, indirect 10,878 — 1,679 (336) 72 12,293 Consumer, direct 1,803 — 179 (51) 10 1,941 Deposit account overdrafts 86 — 61 (119) 49 77 Total $ 42,833 $ — $ 11,160 $ (681) $ 1,050 $ 54,362 (a) Amount does not include the provision for unfunded commitment liability. Changes in the allowance for credit losses for the six months ended June 30, 2020 are summarized below: (Dollars in thousands) Beginning Balance, Initial Allowance for Purchased Credit Deteriorated Assets Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, June 30, 2020 Construction $ 600 $ 51 $ 2,011 $ — $ — $ 2,662 Commercial real estate, other 7,193 1,356 10,622 (145) 122 19,148 Commercial and industrial 4,960 860 3,229 (952) 2,009 10,106 Residential real estate 3,977 383 1,997 (134) 157 6,380 Home equity lines of credit 1,570 2 197 (23) 9 1,755 Consumer, indirect 5,389 — 7,764 (1,057) 197 12,293 Consumer, direct 856 34 1,140 (113) 24 1,941 Deposit account overdrafts 94 — 206 (332) 109 77 Total $ 24,639 $ 2,686 $ 27,166 $ (2,756) $ 2,627 $ 54,362 (a) Amount does not include the provision for unfunded commitment liability. |
Financing Receivables, Collateral Dependent [Table] | The following table details Peoples' amortized cost of collateral dependent loans: (Dollars in thousands) June 30, 2020 December 31, 2019 Commercial real estate, other $ 9,372 $ 6,818 Commercial and industrial 4,509 1,962 Residential real estate 1,714 1,847 Home equity lines of credit 411 681 Consumer, indirect — 713 Consumer, direct — 94 Total collateral dependent loans $ 16,006 $ 12,115 |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | The following table summarizes the carrying value of Peoples' pledged securities: Carrying Amount (Dollars in thousands) June 30, 2020 December 31, 2019 Securing public and trust department deposits, and repurchase agreements: Available-for-sale $ 559,756 $ 527,655 Held-to-maturity 18,848 12,975 Securing additional borrowing capacity at the FHLB and the FRB: Available-for-sale 115,742 44,618 Held-to-maturity 12,849 14,155 |
us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock | Loans pledged are summarized as follows: (Dollars in thousands) June 30, 2020 December 31, 2019 Loans pledged to FHLB $ 464,770 $ 458,227 Loans pledged to FRB 521,094 172,693 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes Peoples' long-term borrowings: June 30, 2020 December 31, 2019 (Dollars in thousands) Balance Weighted- Balance Weighted- FHLB putable, non-amortizing, fixed-rate advances $ 95,000 1.52 % $ 65,000 2.18 % FHLB amortizing, fixed-rate advances $ 10,005 1.74 % $ 10,672 1.74 % Junior subordinated debt securities $ 7,531 4.37 % $ 7,451 6.55 % Total long-term borrowings $ 112,536 1.73 % $ 83,123 2.51 % |
Schedule of Maturities of Long-term Debt | At June 30, 2020, the aggregate minimum annual retirements of long-term borrowings in future periods are as follows: (Dollars in thousands) Balance Weighted-Average Rate (a) Six months ending December 31, 2020 $ 1,968 1.57 % Year ending December 31, 2021 1,979 1.52 % Year ending December 31, 2022 16,521 1.98 % Year ending December 31, 2023 1,157 1.48 % Year ending December 31, 2024 869 1.46 % Thereafter 90,042 1.55 % Total long-term borrowings $ 112,536 1.61 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Preferred, Common and Treasury Stock | The following table details the progression in Peoples’ common shares and treasury stock during the six months ended June 30, 2020: Common Stock Treasury Stock Shares at December 31, 2019 21,156,143 504,182 Changes related to stock-based compensation awards: Release of restricted common shares — 26,991 Cancellation of restricted common shares — 7,997 Grant of restricted common shares — (82,338) Grant of unrestricted common shares — (22,982) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 5,822 Disbursed out of treasury stock — (2,362) Common shares repurchased under share repurchase programs — 884,068 Common shares issued under dividend reinvestment plan 17,719 — Common shares issued under compensation plan for Boards of Directors — (6,865) Common shares issued under performance unit awards — (6,127) Common shares issued under employee stock purchase plan — (9,167) Shares at June 30, 2020 21,173,862 1,299,219 |
Dividends Declared [Table Text Block] | The following table details the cash dividends declared per common share during 2020 and the comparable period of 2019: 2020 2019 First quarter $ 0.34 0.30 Second quarter 0.34 0.34 Third quarter 0.34 0.34 Total dividends declared $ 1.02 $ 0.98 |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following table details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the six months ended June 30, 2020: (Dollars in thousands) Unrealized Gain on Securities Unrecognized Net Pension and Postretirement Costs Unrealized Loss on Cash Flow Hedge Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2019 $ 5,300 $ (3,958) $ (2,767) $ (1,425) Reclassification adjustments to net income: Realized gain on sale of securities, net of tax (301) — — (301) Realized loss due to settlement and curtailment, net of tax — 410 — 410 Other comprehensive income (loss), net of reclassifications and tax 14,579 (362) (8,267) 5,950 Balance, June 30, 2020 $ 19,578 $ (3,910) $ (11,034) $ 4,634 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following tables detail the components of the net periodic cost for the plans described above: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Interest cost $ 82 $ 110 $ 176 $ 219 Expected return on plan assets (190) (196) (390) (391) Amortization of net loss 36 20 66 39 Settlement of benefit obligation 151 — 519 — Net periodic loss (income) $ 79 $ (66) $ 371 $ (133) Postretirement Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Interest cost $ — $ 1 $ 1 $ 2 Amortization of prior service cost — (1) — (1) Amortization of net gain — — (2) (2) Net periodic income $ — $ — $ (1) $ (1) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Calculations of Basic and Diluted Earnings per Common Share | The calculations of basic and diluted earnings per common share were as follows: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per common share data) 2020 2019 2020 2019 Distributed earnings allocated to common shareholders $ 6,709 $ 6,935 $ 13,652 $ 12,711 Undistributed (loss) earnings allocated to common shareholders (2,051) 2,568 (9,842) 11,067 Net earnings allocated to common shareholders $ 4,658 $ 9,503 $ 3,810 $ 23,778 Weighted-average common shares outstanding 19,720,315 20,277,028 20,043,329 19,824,035 Effect of potentially dilutive common shares 138,565 165,338 139,893 148,315 Total weighted-average diluted common shares outstanding 19,858,880 20,442,366 20,183,222 19,972,350 Earnings per common share: Basic $ 0.24 $ 0.47 $ 0.19 $ 1.20 Diluted $ 0.23 $ 0.46 $ 0.19 $ 1.19 Anti-dilutive common shares excluded from calculation: Restricted shares 77,371 87 57,170 46 |
Derivative Financial Instrume_2
Derivative Financial Instruments Derivative Instruments and Hedging Activities Disclosure (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | The following table summarizes information about the interest rate swaps designated as cash flow hedges: (Dollars in thousands) June 30, December 31, Notional amount $ 160,000 $ 160,000 Weighted average pay rates 2.18 % 2.18 % Weighted average receive rates 0.38 % 1.73 % Weighted average maturity 5.1 years 5.4 years Pre-tax unrealized losses included in AOCI $ (13,966) $ (3,503) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents net losses or gains recorded in AOCI and in the Unaudited Consolidated Statements of Operations related to the cash flow hedges: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Amount of loss recognized in AOCI, pre-tax $ 734 $ 3,134 $ 10,463 $ 4,967 Amount of loss recognized in earnings $ — $ — $ — $ (19) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table reflects the cash flow hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value: June 30, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to debt $ — $ — $ 55,000 $ 644 Total included in other assets $ — $ — $ 55,000 $ 644 Included in accrued expenses and other liabilities: Interest rate swaps related to debt $ 160,000 $ 14,155 $ 105,000 $ 4,340 Total included in accrued expenses and other liabilities $ 160,000 $ 14,155 $ 105,000 $ 4,340 |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table reflects the non-designated hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value: June 30, December 31, (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to commercial loans $ 390,909 $ 32,981 $ 321,394 $ 10,776 Total included in other assets $ 390,909 $ 32,981 $ 321,394 $ 10,776 Included in accrued expenses and other liabilities: Interest rate swaps related to commercial loans $ 390,909 $ 32,981 $ 321,394 $ 10,776 Total included in accrued expenses and other liabilities $ 390,909 $ 32,981 $ 321,394 $ 10,776 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Shares Activity | The following table summarizes the changes to Peoples’ restricted common shares for the six months ended June 30, 2020: Time-Based Vesting Performance-Based 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 32,230 $ 33.05 253,884 $ 33.29 Awarded 2,000 20.85 80,338 32.91 Released 4,000 31.63 56,827 32.42 Forfeited 4,200 31.45 3,797 33.02 Outstanding at June 30 26,030 $ 32.59 273,598 $ 33.36 |
Summary of Stock-Based Compensation and Related Tax Benefit | The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized for each period: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Employee stock-based compensation expense: Stock grant expense $ 955 $ 903 $ 2,335 $ 2,056 Employee stock purchase plan expense 15 11 $ 30 $ 50 Performance unit expense (benefit) — 16 $ (12) $ 32 Total employee stock-based compensation expense 970 930 $ 2,353 $ 2,138 Non-employee director stock-based compensation expense 53 50 $ 235 $ 202 Total stock-based compensation expense 1,023 980 $ 2,588 $ 2,340 Recognized tax benefit (214) (205) (543) (491) Net stock-based compensation expense $ 809 $ 775 $ 2,045 $ 1,849 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table details Peoples' revenue from contracts with customers: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Insurance income: Commission and fees from sale of insurance policies (a) $ 2,933 $ 3,306 $ 5,625 $ 6,339 Fees related to third-party administration services (a) 120 178 267 347 Performance-based commissions (b) 138 2 1,429 1,421 Trust and investment income (a) 3,316 3,401 6,578 6,513 Electronic banking income: Interchange income (a) 2,844 2,747 5,244 5,190 Promotional and usage income (a) 679 520 1,559 1,064 Deposit account service charges: Ongoing maintenance fees for deposit accounts (a) 849 1,012 1,829 1,764 Transactional-based fees (b) 1,060 1,965 2,900 3,554 Commercial loan swap fees (b) 955 516 1,199 662 Other non-interest income transactional-based fees (b) 220 253 428 424 Total revenue from contracts with customers $ 13,114 $ 13,900 $ 27,058 $ 27,278 Timing of revenue recognition: Services transferred over time $ 10,741 $ 11,164 $ 21,102 $ 21,217 Services transferred at a point in time 2,373 2,736 5,956 6,061 Total revenue from contracts with customers $ 13,114 $ 13,900 $ 27,058 $ 27,278 (a) Services transferred over time. (b) Services transferred at a point in time. |
Contract with Customer, Asset and Liability [Table Text Block] | The following table details the change in Peoples' contract assets and contract liabilities for the period ended June 30, 2020: Contract Assets Contract Liabilities (Dollars in thousands) Balance, January 1, 2020 $ 600 $ 5,190 Additional income receivable 291 — Additional deferred income — 254 Recognition of income previously deferred — (37) Balance, June 30, 2020 $ 891 $ 5,407 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Income and Expenses, Lessee [Abstract] | The table below details Peoples' lease expense, which is included in net occupancy and equipment expense in the Unaudited Consolidated Statements of Operations: Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Operating lease expense $ 327 $ 311 661 618 Short-term lease expense 84 32 160 62 Total lease expense $ 411 $ 343 $ 821 $ 680 |
Lease, Cost [Table Text Block] | The following table details the ROU asset, the lease liability and other information related to Peoples' operating leases: (Dollars in thousands) June 30, 2020 December 31, 2019 ROU asset: Other assets $ 7,052 $ 7,606 Lease liability: Accrued expenses and other liabilities $ 7,281 $ 7,813 Other information: Weighted-average remaining lease term 12.5 years 12.4 years Weighted-average discount rate 3.15 % 3.16 % |
Finance Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturity of remaining lease liabilities: (Dollars in thousands) Balance Six months ending December 31, 2020 $ 711 Year ending December 31, 2021 1,130 Year ending December 31, 2022 1,061 Year ending December 31, 2023 873 Year ending December 31, 2024 629 Thereafter 4,750 Total undiscounted lease payments $ 9,154 Imputed interest $ (1,873) Total lease liability $ 7,281 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ (6) | $ (6) | $ 7 | |||
Performance-based insurance commissions | 138 | $ 2 | 1,429 | $ 1,421 | ||
Off-Balance Sheet, Credit Loss, Liability | 3,100 | 3,100 | 1,500 | |||
Loans, net of deferred fees and costs (b)(c) | 3,361,019 | 3,361,019 | 2,876,147 | $ 2,873,525 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Loans, net of deferred fees and costs (b)(c) | 3,361,019 | 3,361,019 | 2,876,147 | 2,873,525 | ||
Off-Balance Sheet, Credit Loss, Liability | 3,100 | 3,100 | 1,500 | |||
Recorded investment in loans individually evaluated for impairment | 1,000 | 1,000 | ||||
Financing Receivable Loan Relationship Aggregate Credit Exposure Evaluation Threshold | $ 1,000 | $ 1,000 | ||||
Accounting Standards Update 2016-13 [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Loans, net of deferred fees and costs (b)(c) | 2,622 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Loans, net of deferred fees and costs (b)(c) | 2,622 | |||||
Accounting Standards Update 2016-13 [Member] | Consumer, direct | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 2,447 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 2,447 | |||||
Accounting Standards Update 2016-13 [Member] | Commercial real estate, other | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | (537) | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | (537) | |||||
Accounting Standards Update 2016-13 [Member] | Commercial Real Estate [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 1,989 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 1,989 | |||||
Accounting Standards Update 2016-13 [Member] | Residential real estate | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | (2,748) | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | (2,748) | |||||
Accounting Standards Update 2016-13 [Member] | Home equity lines of credit | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 3,064 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 3,064 | |||||
Accounting Standards Update 2016-13 [Member] | Home Equity Loan | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 960 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 960 | |||||
Accounting Standards Update 2016-13 [Member] | Consumer, Other Loan [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 594 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 594 | |||||
Accounting Standards Update 2016-13 [Member] | Bank Overdrafts [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 0 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 0 | |||||
Accounting Standards Update 2016-13 [Member] | Total loans | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 5,769 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 5,769 | |||||
Accounting Standards Update 2016-13 [Member] | Commitments to Extend Credit [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 1,495 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 1,495 | |||||
Pre-adoption allowance [Member] | Consumer, direct | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 2,942 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 2,942 | |||||
Pre-adoption allowance [Member] | Commercial real estate, other | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 1,188 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 1,188 | |||||
Pre-adoption allowance [Member] | Commercial Real Estate [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 6,560 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 6,560 | |||||
Pre-adoption allowance [Member] | Residential real estate | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 8,568 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 8,568 | |||||
Pre-adoption allowance [Member] | Home equity lines of credit | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 1,296 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 1,296 | |||||
Pre-adoption allowance [Member] | Home Equity Loan | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 612 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 612 | |||||
Pre-adoption allowance [Member] | Consumer, Other Loan [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 296 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 296 | |||||
Pre-adoption allowance [Member] | Bank Overdrafts [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 94 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 94 | |||||
Pre-adoption allowance [Member] | Total loans | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 21,556 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | $ 21,556 | |||||
Post adoption allowance [Member] | Consumer, direct | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 5,389 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 5,389 | |||||
Post adoption allowance [Member] | Commercial real estate, other | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 651 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 651 | |||||
Post adoption allowance [Member] | Commercial Real Estate [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 8,549 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 8,549 | |||||
Post adoption allowance [Member] | Residential real estate | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 5,820 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 5,820 | |||||
Post adoption allowance [Member] | Home equity lines of credit | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 4,360 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 4,360 | |||||
Post adoption allowance [Member] | Home Equity Loan | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 1,572 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 1,572 | |||||
Post adoption allowance [Member] | Consumer, Other Loan [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 890 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 890 | |||||
Post adoption allowance [Member] | Bank Overdrafts [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 94 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 94 | |||||
Post adoption allowance [Member] | Total loans | ||||||
Accounting Policies [Abstract] | ||||||
Financing Receivable, Allowance for Credit Loss | 27,325 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 27,325 | |||||
Post adoption allowance [Member] | Commitments to Extend Credit [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 1,495 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Off-Balance Sheet, Credit Loss, Liability | $ 1,495 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Assets Measured at Fair Value Recurring) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Recurring Basis | ||
Available-for-sale securities | $ 877,851 | $ 936,101 |
U.S. government sponsored agencies | ||
Recurring Basis | ||
Available-for-sale securities | 5,396 | 8,209 |
States and political subdivisions | ||
Recurring Basis | ||
Available-for-sale securities | 107,032 | 114,104 |
Residential mortgage-backed securities | ||
Recurring Basis | ||
Available-for-sale securities | 748,867 | 791,009 |
Commercial mortgage-backed securities | ||
Recurring Basis | ||
Available-for-sale securities | 12,157 | 18,088 |
Bank-issued trust preferred securities | ||
Recurring Basis | ||
Available-for-sale securities | 4,399 | 4,691 |
Equity investment securities (a) | ||
Recurring Basis | ||
Other investment securities | 305 | 321 |
Recurring Basis [Member] | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 877,851 | 936,101 |
Interest Rate Derivative Assets, at Fair Value | 32,981 | 11,419 |
Interest Rate Derivative Liabilities, at Fair Value | 47,136 | 15,116 |
Recurring Basis [Member] | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | U.S. government sponsored agencies | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | U.S. government sponsored agencies | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 5,396 | 8,209 |
Recurring Basis [Member] | U.S. government sponsored agencies | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | States and political subdivisions | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | States and political subdivisions | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 107,032 | 114,104 |
Recurring Basis [Member] | States and political subdivisions | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Residential mortgage-backed securities | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Residential mortgage-backed securities | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 748,867 | 791,009 |
Recurring Basis [Member] | Residential mortgage-backed securities | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 12,157 | 18,088 |
Recurring Basis [Member] | Commercial mortgage-backed securities | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Level 1 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Level 2 | ||
Recurring Basis | ||
Available-for-sale securities | 4,399 | 4,691 |
Recurring Basis [Member] | Bank-issued trust preferred securities | Level 3 | ||
Recurring Basis | ||
Available-for-sale securities | 0 | 0 |
Recurring Basis [Member] | Equity investment securities (a) | Level 1 | ||
Recurring Basis | ||
Other investment securities | 97 | 123 |
Recurring Basis [Member] | Equity investment securities (a) | Level 2 | ||
Recurring Basis | ||
Other investment securities | $ 208 | $ 198 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Assets Measured at Fair Value Nonrecurring) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Nonrecurring Basis | ||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | |||
Valuation Allowance for Impairment of Recognized Servicing Assets, Deductions for Aggregate Write-Downs | $ 0 | $ 182,000 | 182,000 | |
Nonrecurring Basis | Level 3 | ||||
Nonrecurring Basis | ||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 236,000 | $ 236,000 | $ 227,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Fair Values of Financial Assets and Liabilities on Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 219,274 | $ 115,193 | $ 93,423 | $ 77,612 |
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | 37,367 | 31,747 | ||
Debt Securities, Held-to-maturity, Fair Value | 39,338 | 32,541 | ||
Loans held for sale | 17,009 | 6,499 | ||
Cash Surrender Value, Fair Value Disclosure | 70,665 | 69,722 | ||
Estimate of Fair Value Measurement [Member] | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 219,274 | 115,193 | ||
Debt Securities, Held-to-maturity, Fair Value | 39,338 | 32,541 | ||
Other investment securities | 42,351 | 42,409 | ||
Net loans | 3,697,052 | 3,147,190 | ||
Loans held for sale | 18,471 | 6,553 | ||
Cash Surrender Value, Fair Value Disclosure | 70,665 | 69,722 | ||
Servicing Asset | 2,890 | 3,881 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Deposits, Fair Value Disclosure | 3,939,885 | 3,292,950 | ||
Short-term Debt, Fair Value | 181,773 | 317,973 | ||
Long-term Debt, Fair Value | 118,542 | 82,701 | ||
Reported Value Measurement [Member] | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 219,274 | 115,193 | ||
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | 37,367 | 31,747 | ||
Federal Home Loan Bank ("FHLB") stock | 27,095 | 27,235 | ||
Federal Reserve Bank ("FRB") stock | 13,311 | 13,310 | ||
Other investment securities | 42,351 | 42,409 | ||
Net loans | 3,306,657 | 2,851,969 | ||
Servicing Asset | 2,482 | 2,742 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Deposits, Fair Value Disclosure | 4,024,884 | 3,291,412 | ||
Short-term Debt, Fair Value | 177,912 | 316,977 | ||
Long-term Debt, Fair Value | 112,536 | 83,123 | ||
States and political subdivisions | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | 3,544 | |||
Debt Securities, Held-to-maturity, Fair Value | 4,029 | 4,791 | ||
States and political subdivisions | Estimate of Fair Value Measurement [Member] | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Debt Securities, Held-to-maturity, Fair Value | 4,029 | 4,791 | ||
States and political subdivisions | Reported Value Measurement [Member] | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | 3,538 | 4,346 | ||
Residential mortgage-backed securities | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Debt Securities, Held-to-maturity, Fair Value | 29,120 | 21,569 | ||
Residential mortgage-backed securities | Estimate of Fair Value Measurement [Member] | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Debt Securities, Held-to-maturity, Fair Value | 29,120 | 21,569 | ||
Residential mortgage-backed securities | Reported Value Measurement [Member] | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | 28,075 | 21,494 | ||
Commercial mortgage-backed securities | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Debt Securities, Held-to-maturity, Fair Value | 6,189 | 6,181 | ||
Commercial mortgage-backed securities | Estimate of Fair Value Measurement [Member] | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Debt Securities, Held-to-maturity, Fair Value | 6,189 | 6,181 | ||
Commercial mortgage-backed securities | Reported Value Measurement [Member] | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | 5,754 | 5,907 | ||
Nonqualified Plan [Member] | Estimate of Fair Value Measurement [Member] | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Other investment securities | 1,580 | 1,499 | ||
Nonqualified Plan [Member] | Reported Value Measurement [Member] | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Other investment securities | 1,580 | 1,499 | ||
Other Security Investments [Member] | Reported Value Measurement [Member] | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Other investment securities | $ 365 | $ 365 | $ 0 |
Investment Securities (Availabl
Investment Securities (Available-for-sale Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 853,072 | $ 929,395 |
Gross Unrealized Gains | 26,823 | 11,298 |
Gross Unrealized Losses | (2,044) | (4,592) |
Available-for-sale securities | 877,851 | 936,101 |
Gross Unrealized Gains | 1,971 | 889 |
Securities Investment [Member] | ||
Schedule of Available-for-sale Securities | ||
Interest Receivable | 3,200 | 3,600 |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 4,956 | 7,917 |
Gross Unrealized Gains | 440 | 292 |
Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities | 5,396 | 8,209 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 102,638 | 111,217 |
Gross Unrealized Gains | 4,452 | 3,018 |
Gross Unrealized Losses | (58) | (131) |
Available-for-sale securities | 107,032 | 114,104 |
Gross Unrealized Gains | 491 | 445 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 728,760 | 787,430 |
Gross Unrealized Gains | 21,668 | 7,763 |
Gross Unrealized Losses | (1,561) | (4,184) |
Available-for-sale securities | 748,867 | 791,009 |
Gross Unrealized Gains | 1,045 | 169 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 12,022 | 18,135 |
Gross Unrealized Gains | 250 | 88 |
Gross Unrealized Losses | (115) | (135) |
Available-for-sale securities | 12,157 | 18,088 |
Gross Unrealized Gains | 435 | 275 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 4,696 | 4,696 |
Gross Unrealized Gains | 13 | 137 |
Gross Unrealized Losses | (310) | (142) |
Available-for-sale securities | $ 4,399 | $ 4,691 |
Investment Securities (Availa_2
Investment Securities (Available-for-sale Securities Gross Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Gross gains and gross losses realized from sales of available-for-sale securities: | ||||
Gross gains realized | $ 65 | $ 30 | $ 384 | $ 60 |
Gross losses realized | 3 | 87 | 3 | 87 |
Net gain (loss) realized | $ 62 | $ (57) | $ 381 | $ (27) |
Investment Securities (Availa_3
Investment Securities (Available-for-sale Securities with Unrealized Loss) (Details) | 6 Months Ended | |
Jun. 30, 2020USD ($)securities | Dec. 31, 2019USD ($)securities | |
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | $ 94,111,000 | $ 291,292,000 |
Less than 12 months, unrealized loss | $ 1,119,000 | $ 2,622,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 39 | 65 |
12 months or more, fair value | $ 25,762,000 | $ 95,701,000 |
12 months or more, unrealized loss | $ 925,000 | $ 1,970,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 23 | 45 |
Total unrealized loss position, fair value | $ 119,873,000 | $ 386,993,000 |
Total unrealized loss | 2,044,000 | 4,592,000 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | |
Available-for-sale Securities, Amortized Cost Basis | 853,072,000 | 929,395,000 |
Gross Unrealized Gains | 26,823,000 | 11,298,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2,044,000 | 4,592,000 |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | 877,851,000 | 936,101,000 |
Securities Investment [Member] | ||
Available-for-sale securities that had an unrealized loss: | ||
Interest Receivable | 3,200,000 | 3,600,000 |
States and political subdivisions | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 1,287,000 | 6,226,000 |
Less than 12 months, unrealized loss | $ 13,000 | $ 74,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 1 | 2 |
12 months or more, fair value | $ 2,067,000 | $ 2,441,000 |
12 months or more, unrealized loss | $ 45,000 | $ 57,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 1 | 1 |
Total unrealized loss position, fair value | $ 3,354,000 | $ 8,667,000 |
Total unrealized loss | 58,000 | 131,000 |
Available-for-sale Securities, Amortized Cost Basis | 102,638,000 | 111,217,000 |
Gross Unrealized Gains | 4,452,000 | 3,018,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 58,000 | 131,000 |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | 107,032,000 | 114,104,000 |
Residential mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 90,635,000 | 284,096,000 |
Less than 12 months, unrealized loss | $ 1,098,000 | $ 2,527,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 37 | 62 |
12 months or more, fair value | $ 20,495,000 | $ 88,993,000 |
12 months or more, unrealized loss | $ 463,000 | $ 1,657,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 18 | 39 |
Total unrealized loss position, fair value | $ 111,130,000 | $ 373,089,000 |
Total unrealized loss | 1,561,000 | 4,184,000 |
Available-for-sale Securities, Amortized Cost Basis | 728,760,000 | 787,430,000 |
Gross Unrealized Gains | 21,668,000 | 7,763,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,561,000 | 4,184,000 |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | 748,867,000 | 791,009,000 |
Commercial mortgage-backed securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 0 | 970,000 |
Less than 12 months, unrealized loss | $ 0 | $ 21,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 0 | 1 |
12 months or more, fair value | $ 1,502,000 | $ 2,409,000 |
12 months or more, unrealized loss | $ 115,000 | $ 114,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 2 | 3 |
Total unrealized loss position, fair value | $ 1,502,000 | $ 3,379,000 |
Total unrealized loss | 115,000 | 135,000 |
Available-for-sale Securities, Amortized Cost Basis | 12,022,000 | 18,135,000 |
Gross Unrealized Gains | 250,000 | 88,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 115,000 | 135,000 |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | 12,157,000 | 18,088,000 |
Bank-issued trust preferred securities | ||
Available-for-sale securities that had an unrealized loss: | ||
Less than 12 months, fair value | 2,189,000 | 0 |
Less than 12 months, unrealized loss | $ 8,000 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 1 | 0 |
12 months or more, fair value | $ 1,698,000 | $ 1,858,000 |
12 months or more, unrealized loss | $ 302,000 | $ 142,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 2 | 2 |
Total unrealized loss position, fair value | $ 3,887,000 | $ 1,858,000 |
Total unrealized loss | $ 310,000 | 142,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 2 | |
Available-for-sale Securities, Amortized Cost Basis | $ 4,696,000 | 4,696,000 |
Gross Unrealized Gains | 13,000 | 137,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 310,000 | 142,000 |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | $ 4,399,000 | 4,691,000 |
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 more than 12 months | 99.00% | |
Mortgage-backed securities, privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 2 | |
Percentage of mortgage-backed securities in unrealized loss position for more than 12 months | 1.00% | |
Fair value within book value | 90.00% | |
U.S. government sponsored agencies | ||
Available-for-sale securities that had an unrealized loss: | ||
Available-for-sale Securities, Amortized Cost Basis | $ 4,956,000 | 7,917,000 |
Gross Unrealized Gains | 440,000 | 292,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | 5,396,000 | $ 8,209,000 |
Fair Value Less Than 90 Percent of Book Value [Member] | Mortgage-backed securities, privately issued | ||
Available-for-sale securities that had an unrealized loss: | ||
12 months or more, fair value | $ 53,000 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | securities | 1 | |
Book value of privately issued mortgage-backed securities in unrealized loss position for more than 12 months | $ 59,000 |
Investment Securities (Availa_4
Investment Securities (Available-for-sale Securities by Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 8,727 | |
Debt securities, maturing 1 to 5 years, amortized cost | 38,600 | |
Debt securities, maturing 5 to 10 years, amortized cost | 119,007 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 686,738 | |
Amortized Cost | 853,072 | $ 929,395 |
Debt securities, maturing within 1 year, fair value | 8,774 | |
Debt securities, maturing 1 to 5 years, fair value | 39,966 | |
Debt securities, maturing 5 to 10 years, fair value | 122,650 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 706,461 | |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | $ 877,851 | 936,101 |
Available-for-sale securities, maturing within 1 year, average yield | 2.44% | |
Available-for-sale securities, maturing 1 to 5 years, average yield | 2.63% | |
Available-for-sale securities, maturing 5 to 10 years, average yield | 2.61% | |
Available-for-sale securities, maturing over 10 years, average yield | 2.31% | |
Available-for-sale securities, total average yield | 2.36% | |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | $ 0 | |
Debt securities, maturing 1 to 5 years, amortized cost | 4,956 | |
Debt securities, maturing 5 to 10 years, amortized cost | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 0 | |
Debt securities, total amortized cost | 4,956 | |
Amortized Cost | 4,956 | 7,917 |
Debt securities, maturing within 1 year, fair value | 0 | |
Debt securities, maturing 1 to 5 years, fair value | 5,396 | |
Debt securities, maturing 5 to 10 years, fair value | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 0 | |
Debt securities, total fair value | 5,396 | |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | 5,396 | 8,209 |
States and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 4,237 | |
Debt securities, maturing 1 to 5 years, amortized cost | 24,943 | |
Debt securities, maturing 5 to 10 years, amortized cost | 40,933 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 32,525 | |
Debt securities, total amortized cost | 102,638 | |
Amortized Cost | 102,638 | 111,217 |
Debt securities, maturing within 1 year, fair value | 4,259 | |
Debt securities, maturing 1 to 5 years, fair value | 25,730 | |
Debt securities, maturing 5 to 10 years, fair value | 43,521 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 33,522 | |
Debt securities, total fair value | 107,032 | |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | 107,032 | 114,104 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 4 | |
Debt securities, maturing 1 to 5 years, amortized cost | 5,061 | |
Debt securities, maturing 5 to 10 years, amortized cost | 72,411 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 651,284 | |
Debt securities, total amortized cost | 728,760 | |
Amortized Cost | 728,760 | 787,430 |
Debt securities, maturing within 1 year, fair value | 4 | |
Debt securities, maturing 1 to 5 years, fair value | 5,097 | |
Debt securities, maturing 5 to 10 years, fair value | 73,713 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 670,053 | |
Debt securities, total fair value | 748,867 | |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | 748,867 | 791,009 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing within 1 year, amortized cost | 4,486 | |
Debt securities, maturing 1 to 5 years, amortized cost | 3,640 | |
Debt securities, maturing 5 to 10 years, amortized cost | 967 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 2,929 | |
Debt securities, total amortized cost | 12,022 | |
Amortized Cost | 12,022 | 18,135 |
Debt securities, maturing within 1 year, fair value | 4,511 | |
Debt securities, maturing 1 to 5 years, fair value | 3,743 | |
Debt securities, maturing 5 to 10 years, fair value | 1,017 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 2,886 | |
Debt securities, total fair value | 12,157 | |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | 12,157 | 18,088 |
Bank-issued trust preferred securities | ||
Schedule of Available-for-sale Securities | ||
Debt securities, maturing 5 to 10 years, amortized cost | 4,696 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 0 | |
Debt securities, total amortized cost | 4,696 | |
Amortized Cost | 4,696 | 4,696 |
Debt securities, maturing 5 to 10 years, fair value | 4,399 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 0 | |
Debt securities, total fair value | 4,399 | |
Available-for-sale investment securities, at fair value (amortized cost of $853,072 at June 30, 2020 and $929,395 at December 31, 2019) (a) | $ 4,399 | $ 4,691 |
Investment Securities (Held-to-
Investment Securities (Held-to-maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | $ 37,367 | $ 31,747 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (6) | $ 7 | |
Gross Unrealized Gains | 1,971 | 889 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 95 | |
Debt Securities, Held-to-maturity, Fair Value | 39,338 | 32,541 | |
Amortized Cost | 37,373 | 31,747 | |
Debt securities, maturing 5 to 10 years, amortized cost | 10,587 | ||
States and political subdivisions | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | 3,544 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (6) | ||
Gross Unrealized Gains | 491 | 445 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 4,029 | 4,791 | |
Amortized Cost | 3,544 | ||
Debt securities, maturing 5 to 10 years, amortized cost | 3,544 | ||
Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Gross Unrealized Gains | 1,045 | 169 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 94 | |
Debt Securities, Held-to-maturity, Fair Value | 29,120 | 21,569 | |
Amortized Cost | 28,075 | ||
Debt securities, maturing 5 to 10 years, amortized cost | 3,253 | ||
Commercial mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Gross Unrealized Gains | 435 | 275 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 1 | |
Debt Securities, Held-to-maturity, Fair Value | 6,189 | 6,181 | |
Amortized Cost | 5,754 | ||
Debt securities, maturing 5 to 10 years, amortized cost | 3,790 | ||
Reported Value Measurement [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | 37,367 | 31,747 | |
Reported Value Measurement [Member] | States and political subdivisions | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | 3,538 | 4,346 | |
Reported Value Measurement [Member] | Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | 28,075 | 21,494 | |
Reported Value Measurement [Member] | Commercial mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity investment securities, at amortized cost (fair value of $39,338 at June 30, 2020 and $32,541 at December 31, 2019) (a)(b) | $ 5,754 | $ 5,907 |
Investment Securities (Held-t_2
Investment Securities (Held-to-Maturity Securities Gross Realized Gains and Losses) (Details) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Realized Gain (Loss) on Held-to-Maturity Securities | $ 0 |
Investment Securities (Held-t_3
Investment Securities (Held-to-maturity Securities with Unrealized Loss) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)securities | |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Less than 12 months, fair value | $ 9,397 | ||||
Less than 12 months, unrealized loss | $ 68 | ||||
Less than 12 months, no. of securities | securities | 2 | ||||
12 months or more, fair value | $ 890 | ||||
12 months or more, unrealized loss | $ 27 | ||||
12 months or more, no. of securities | securities | 1 | ||||
Total fair value | $ 10,287 | ||||
Total unrealized loss | $ 0 | $ 0 | 95 | ||
Gross losses realized | 3 | $ 87 | 3 | $ 87 | |
Securities Investment [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Interest Receivable | 3,200 | 3,200 | 3,600 | ||
Residential mortgage-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Less than 12 months, fair value | 7,731 | ||||
Less than 12 months, unrealized loss | $ 67 | ||||
Less than 12 months, no. of securities | securities | 1 | ||||
12 months or more, fair value | $ 890 | ||||
12 months or more, unrealized loss | $ 27 | ||||
12 months or more, no. of securities | securities | 1 | ||||
Total fair value | $ 8,621 | ||||
Total unrealized loss | 0 | 0 | 94 | ||
Commercial mortgage-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Less than 12 months, fair value | 1,666 | ||||
Less than 12 months, unrealized loss | $ 1 | ||||
Less than 12 months, no. of securities | securities | 1 | ||||
12 months or more, fair value | $ 0 | ||||
12 months or more, unrealized loss | $ 0 | ||||
12 months or more, no. of securities | securities | 0 | ||||
Total fair value | $ 1,666 | ||||
Total unrealized loss | $ 0 | $ 0 | $ 1 |
Investment Securities (Held-t_4
Investment Securities (Held-to-maturity Securities by Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt securities, maturing within 1 year, amortized cost | $ 0 | ||
Debt securities, maturing 1 to 5 years, amortized cost | 386 | ||
Debt securities, maturing 5 to 10 years, amortized cost | 10,587 | ||
Debt securities, maturing over 10 years, amortized cost | 26,400 | ||
Amortized Cost | 37,373 | $ 31,747 | |
Debt securities, maturing within 1 year, fair value | 0 | ||
Debt securities, maturing 1 to 5 years, fair value | 397 | ||
Debt securities, maturing 5 to 10 years, fair value | 11,589 | ||
Debt securities, maturing over 10 years, fair value | 27,352 | ||
Fair Value | $ 39,338 | 32,541 | |
Held-to-maturity securities, maturing within 1 year, average yield | 0.00% | ||
Held-to-maturity securities, maturing 1 to 5 years, average yield | 2.29% | ||
Held-to-maturity securities, maturing 6 to 10 years, average yield | 2.80% | ||
Held-to-maturity securities, maturing over 10 years, average yield | 2.49% | ||
Held-to-maturity securities, total average yield | 2.57% | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ (6) | $ 7 | |
States and political subdivisions | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt securities, maturing within 1 year, amortized cost | 0 | ||
Debt securities, maturing 1 to 5 years, amortized cost | 0 | ||
Debt securities, maturing 5 to 10 years, amortized cost | 3,544 | ||
Debt securities, maturing over 10 years, amortized cost | 0 | ||
Amortized Cost | 3,544 | ||
Debt securities, maturing within 1 year, fair value | 0 | ||
Debt securities, maturing 1 to 5 years, fair value | 0 | ||
Debt securities, maturing 5 to 10 years, fair value | 4,029 | ||
Debt securities, maturing over 10 years, fair value | 0 | ||
Fair Value | 4,029 | 4,791 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (6) | ||
Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt securities, maturing within 1 year, amortized cost | 0 | ||
Debt securities, maturing 1 to 5 years, amortized cost | 0 | ||
Debt securities, maturing 5 to 10 years, amortized cost | 3,253 | ||
Debt securities, maturing over 10 years, amortized cost | 24,822 | ||
Amortized Cost | 28,075 | ||
Debt securities, maturing within 1 year, fair value | 0 | ||
Debt securities, maturing 1 to 5 years, fair value | 0 | ||
Debt securities, maturing 5 to 10 years, fair value | 3,377 | ||
Debt securities, maturing over 10 years, fair value | 25,743 | ||
Fair Value | 29,120 | 21,569 | |
Commercial mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt securities, maturing within 1 year, amortized cost | 0 | ||
Debt securities, maturing 1 to 5 years, amortized cost | 386 | ||
Debt securities, maturing 5 to 10 years, amortized cost | 3,790 | ||
Debt securities, maturing over 10 years, amortized cost | 1,578 | ||
Amortized Cost | 5,754 | ||
Debt securities, maturing within 1 year, fair value | 0 | ||
Debt securities, maturing 1 to 5 years, fair value | 397 | ||
Debt securities, maturing 5 to 10 years, fair value | 4,183 | ||
Debt securities, maturing over 10 years, fair value | 1,609 | ||
Fair Value | $ 6,189 | $ 6,181 |
Investment Securities (Fully ta
Investment Securities (Fully tax-equivalent basis) (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Investment Securities Other Inv
Investment Securities Other Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Investments Carrying Value [Line Items] | |||||||
Other investment securities | $ 42,656,000 | $ 42,656,000 | $ 42,730,000 | ||||
Proceeds from Sale of Federal Home Loan Bank Stock | $ 700,000 | 4,500,000 | |||||
Payments to Acquire Federal Home Loan Bank Stock | $ 5,000,000 | 0 | |||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 16,000,000 | $ 0 | 15,000,000 | $ 22,000,000 | |||
Gain (Loss) on Sale of Equity Investments | 787,000 | ||||||
Securities of a single issuer, other than US Treasury, government agencies and US government sponsored agencies exceeding 10% of Stockholders' Equity | 0 | 0 | |||||
Reported Value Measurement [Member] | |||||||
Other Investments Carrying Value [Line Items] | |||||||
Federal Home Loan Bank Stock | 27,095,000 | 27,095,000 | 27,235,000 | ||||
Federal Reserve Bank ("FRB") stock | 13,311,000 | 13,311,000 | 13,310,000 | ||||
Other investment securities | 42,351,000 | 42,351,000 | 42,409,000 | ||||
Reported Value Measurement [Member] | Other Security Investments [Member] | |||||||
Other Investments Carrying Value [Line Items] | |||||||
Other investment securities | 365,000 | 365,000 | 365,000 | $ 0 | |||
Other | Reported Value Measurement [Member] | |||||||
Other Investments Carrying Value [Line Items] | |||||||
Other investment securities | 365,000 | 365,000 | 365,000 | ||||
Nonqualified Plan [Member] | Reported Value Measurement [Member] | |||||||
Other Investments Carrying Value [Line Items] | |||||||
Other investment securities | 1,580,000 | 1,580,000 | 1,499,000 | ||||
Equity investment securities (a) | |||||||
Other Investments Carrying Value [Line Items] | |||||||
Other investment securities | $ 305,000 | $ 305,000 | $ 321,000 |
Investment Securities (Pledged
Investment Securities (Pledged Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
deposits and repurchase agreements [Member] | Available-for-sale securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment | $ 559,756 | $ 527,655 |
deposits and repurchase agreements [Member] | Held-to-maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment | 18,848 | 12,975 |
federal home loan bank and federal reserve bank [Member] | Available-for-sale securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment | 115,742 | 44,618 |
federal home loan bank and federal reserve bank [Member] | Held-to-maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment | $ 12,849 | $ 14,155 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of deferred fees and costs (b)(c) | $ 3,361,019 | $ 3,361,019 | $ 2,876,147 | $ 2,873,525 |
Loans | Peoples' loan portfolio consists 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, central and eastern Kentucky and west central West Virginia. Acquired loans consist of loans purchased in 2012 or thereafter. Loans that were acquired and subsequently re-underwritten are reported as originated upon execution of such credit actions (for example, renewals and increases in lines of credit). The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows: (Dollars in thousands) June 30, December 31, 2019 Construction $ 109,953 $ 88,518 Commercial real estate, other 914,420 833,238 Commercial and industrial 1,070,326 662,993 Residential real estate 613,084 661,476 Home equity lines of credit 123,384 132,704 Consumer, indirect 450,334 417,185 Consumer, direct 78,926 76,533 Deposit account overdrafts 592 878 Total loans, at amortized cost $ 3,361,019 $ 2,873,525 Commercial and industrial loan balances grew significantly compared to December 31, 2019. Peoples began participating as a Small Business Administration ("SBA") Paycheck Protection Program ("PPP") lender during the second quarter of 2020, and originated approximately $488.1 million of PPP loans during the first six months of 2020. At June 30, 2020, the PPP loans had an amortized cost of $457.7 million, and were included in commercial and industrial loan balances. Peoples also recorded deferred loan origination fees related to the PPP loans, net of deferred loan origination costs, which totaled $13.6 million at June 30, 2020. During the second quarter of 2020, Peoples recorded amortization of net deferred loan origination fees of $1.9 million on PPP loans. The remaining net deferred loan origination fees will be amortized over the life of the respective loans, or until forgiven by the SBA, and will be recognized in net interest income. Accrued interest receivable is not included within the loan balances, but is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on loans was $9.2 million at June 30, 2020 and $9.1 million at December 31, 2019. 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 amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows: June 30, 2020 December 31, 2019 (Dollars in thousands) Nonaccrual (a)(b) Accruing Loans 90+ Days Past Due Nonaccrual (a) Accruing Loans 90+ Days Past Due (b) Construction $ 4 $ — $ 411 $ — Commercial real estate, other 9,678 130 6,801 907 Commercial and industrial 4,745 — 2,155 155 Residential real estate 8,905 1,618 6,361 2,677 Home equity lines of credit 687 46 1,165 108 Consumer, indirect 802 57 840 — Consumer, direct 208 29 48 85 Total loans, at amortized cost $ 25,029 $ 1,880 $ 17,781 $ 3,932 (a) There were $1.4 million of nonaccrual loans for which there was no allowance for credit losses as of June 30, 2020 and $3.1 million at December 31, 2019. (b) The new accounting for purchased credit deteriorated loans under ASU 2016-13 resulted in the movement of $3.9 million of loans from the 90+ days past due and accruing category to the nonaccrual category as of January 1, 2020. At December 31, 2019, these loans were presented as 90+ days past due and accruing, As of June 30, 2020, Peoples had made short-term modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment for borrowers, which were insignificant. Under the CARES Act, borrowers that are considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. As such, these modifications made under the CARES Act are not included in Peoples' nonaccrual or accruing loans 90+ days past due as of June 30, 2020. The new accounting for purchased credit deteriorated loans under ASU 2016-13 resulted in the movement of $3.9 million of loans from the 90+ days past due and accruing category to the nonaccrual category as of January 1, 2020. As of December 31, 2019, these loans were presented as 90+ days past due and accruing. Although they were not accruing contractual interest income, they were accreting income from the discount that was recognized due to acquisition accounting. The additional increase in nonaccrual loans compared to December 31, 2019 was due to a $1.5 million commercial relationship and several smaller commercial relationships being placed on nonaccrual. The amount of interest income recognized on nonaccrual loans during the three and six months ended June 30, 2020 was $392,000 and $850,000, respectively. The following table presents the aging of the amortized cost of past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total June 30, 2020 Construction — — 4 $ 4 $ 109,949 109,953 Commercial real estate, other 595 1,097 9,235 10,927 903,493 914,420 Commercial and industrial 1,842 35 4,710 6,587 1,063,739 1,070,326 Residential real estate 1,641 3,417 5,576 10,634 602,450 613,084 Home equity lines of credit 511 540 472 1,523 121,861 123,384 Consumer, indirect 1,580 208 219 2,007 448,327 450,334 Consumer, direct 158 24 185 367 78,559 78,926 Deposit account overdrafts — — — — 592 592 Total loans, at amortized cost $ 6,327 $ 5,321 $ 20,401 $ 32,049 $ 3,328,970 $ 3,361,019 December 31, 2019 Construction $ 5 $ — $ 411 $ 416 $ 88,102 $ 88,518 Commercial real estate, other 376 337 7,501 8,214 825,024 833,238 Commercial and industrial 2,780 312 1,244 4,336 658,657 662,993 Residential real estate 10,538 2,918 5,872 19,328 642,148 661,476 Home equity lines of credit 642 510 1,033 2,185 130,519 132,704 Consumer, indirect 3,574 714 370 4,658 412,527 417,185 Consumer, direct 619 117 112 848 75,685 76,533 Deposit account overdrafts — — — — 878 878 Total loans, at amortized cost $ 18,534 $ 4,908 $ 16,543 $ 39,985 $ 2,833,540 $ 2,873,525 The increase in loans 90+ days past due, compared to December 31, 2019, was mostly due to one $2.5 million commercial relationship. Delinquency trends remained stable, as 99.0% of Peoples' portfolio was considered “current” at June 30, 2020, compared to 98.6% at December 31, 2019. As of June 30, 2020, Peoples had made short-term modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment for borrowers, which were insignificant. Under the CARES Act, borrowers that are considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. As such, these modifications made under the CARES Act are not reflected as loans past due in the table above as of June 30, 2020. Pledged Loans Peoples has pledged certain loans secured by one-to-four family and multifamily residential mortgages, and home equity lines of credit under a blanket collateral agreement to secure borrowings from the FHLB. Peoples also has pledged commercial loans to secure borrowings with the FRB. Loans pledged are summarized as follows: (Dollars in thousands) June 30, 2020 December 31, 2019 Loans pledged to FHLB $ 464,770 $ 458,227 Loans pledged to FRB 521,094 172,693 During the second quarter of 2020, Peoples pledged additional collateral to the FRB to secure potential funding needs in light of the COVID-19 pandemic, as well as to fund the PPP loan originations that occurred during the quarter. Credit Quality Indicators As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2019 Form 10-K, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. 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. Loans to borrowers with an aggregate unpaid principal balance in excess of $1.0 million are reviewed at least on an annual basis for possible credit deterioration. Loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1.0 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 reviewed on a quarterly basis. 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 grade 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. “Special Mention” (grade 5): Loans in this risk grade are the equivalent of the regulatory definition of “Other Assets Especially Mentioned.” 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 a 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 grade are inadequately protected by the borrower's current financial condition and payment capability or 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 grade 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 the loan as an estimated loss is deferred until its more exact status may be determined. “Loss” (grade 8): Loans in this risk grade are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean a 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 credit losses are taken during the period in which the loan becomes uncollectible. Consequently, Peoples typically does not maintain a recorded investment in loans within this category. Consumer loans and other smaller-balance loans are evaluated and categorized as “substandard,” 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 “pass" for disclosure purposes. The following table summarizes the risk category of loans within Peoples' loan portfolio based upon the most recent analysis performed at June 30, 2020: (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Construction Pass $ 14,934 $ 52,867 $ 3,463 $ 34,080 $ 1,406 $ 705 $ 444 $ 35,426 $ 107,899 Special mention $ — — 415 — — 146 4 — 565 Substandard — — — 404 — 1,085 — — 1,489 Total 14,934 52,867 3,878 34,484 1,406 1,936 448 35,426 109,953 Commercial real estate, other Pass 72,717 135,406 107,372 101,444 110,664 233,262 96,499 23,043 857,364 Special mention — 3,600 1,132 4,407 558 7,073 4,848 124 21,618 Substandard — 1,574 68 2,209 2,016 25,323 4,153 47 35,343 Doubtful — — — — — 95 — — 95 Total 72,717 140,580 108,572 108,060 113,238 265,753 105,500 23,214 914,420 Commercial and industrial Pass 462,493 106,252 82,797 39,273 50,439 72,763 224,744 42,925 1,038,761 Special mention 401 398 417 230 1,657 1,445 12,199 1,469 16,747 Substandard 2,118 2,069 289 2,161 368 4,373 3,226 2,701 14,604 Doubtful — — — — 7 207 — 187 214 Total 465,012 108,719 83,503 41,664 52,471 78,788 240,169 47,282 1,070,326 Residential real estate Pass 18,462 46,167 30,246 35,652 52,555 351,179 63,691 — 597,952 Special mention — — — — — 1 — — 1 Substandard — — — — — 14,560 — — 14,560 Doubtful — — — — — 363 — — 363 Loss — — — — — 208 — — 208 Total 18,462 46,167 30,246 35,652 52,555 366,311 63,691 — 613,084 Home equity lines of credit Pass 7,969 15,083 14,772 14,082 13,372 44,530 13,576 4,173 123,384 Total 7,969 15,083 14,772 14,082 13,372 44,530 13,576 4,173 123,384 Consumer, indirect Pass 98,210 115,808 94,468 54,703 24,863 10,384 51,898 — 450,334 Total 98,210 115,808 94,468 54,703 24,863 10,384 51,898 — 450,334 Consumer, direct Pass 17,557 20,942 15,371 6,847 3,966 4,271 9,972 — 78,926 Total 17,557 20,942 15,371 6,847 3,966 4,271 9,972 — 78,926 Deposit account overdrafts 592 — — — — — — — 592 Total loans, at amortized cost $ 695,453 $ 500,166 $ 350,810 $ 295,492 $ 261,871 $ 771,973 $ 485,254 $ 110,095 $ 3,361,019 During the second quarter of 2020, Peoples downgraded additional credits based upon updated information that became available, and the downgrades were not related to COVID-19. At June 30, 2020, Peoples had a total of $1.6 million of loans secured by residential real estate mortgages that were in the process of foreclosure. Collateral Dependent Loans Peoples has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: • Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. • Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage. • Home equity lines of credit are generally secured by second mortgages on residential real estate property. • Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no underlying collateral. The following table details Peoples' amortized cost of collateral dependent loans: (Dollars in thousands) June 30, 2020 December 31, 2019 Commercial real estate, other $ 9,372 $ 6,818 Commercial and industrial 4,509 1,962 Residential real estate 1,714 1,847 Home equity lines of credit 411 681 Consumer, indirect — 713 Consumer, direct — 94 Total collateral dependent loans $ 16,006 $ 12,115 The increase in collateral dependent commercial and industrial loans at June 30, 2020 compared to December 31, 2019 was mostly due to one commercial relationship that became collateral dependent, coupled with some smaller relationships. In addition, the increase in collateral dependent consumer loans was driven by a change in the policy threshold for evaluation of individually impaired loans, which was previously $100,000 and on January 1, 2020 was changed to $250,000, thereby reducing the amount of loans considered collateral dependent which were no longer above the threshold. The following table summarizes the loans that were modified as TDRs during the three months ended June 30: Three Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2020 Residential real estate 5 303 303 303 Home equity lines of credit 2 14 14 14 Consumer, indirect 8 62 62 62 Total 15 $ 379 $ 379 $ 379 June 30, 2019 Originated loans: Residential real estate 1 $ 37 $ 37 $ 37 Home equity lines of credit 2 60 60 60 Consumer, indirect 7 110 110 110 Consumer, direct 3 41 41 41 Consumer 10 151 151 151 Total 13 $ 248 $ 248 $ 248 Acquired loans: Commercial real estate, other 7 $ 725 $ 699 $ 700 Commercial and industrial 4 1,259 1,259 1,259 Residential real estate 35 $ 1,823 $ 1,823 $ 1,823 Home equity lines of credit 7 113 113 113 Consumer, direct 16 340 340 340 Total 69 $ 4,260 $ 4,234 $ 4,235 (a) 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. Six Months Ended Recorded Investment (a) (Dollars in thousands) Number of Contracts Pre-Modification Post-Modification Remaining Recorded Investment June 30, 2020 Commercial real estate, other 1 $ 265 $ 265 $ 265 Commercial and industrial 1 145 145 145 Residential real estate 8 756 786 783 Home equity lines of credit 4 55 55 53 Consumer, indirect 13 128 128 122 Consumer, direct 3 51 51 49 Consumer 16 179 179 171 Total 30 $ 1,400 $ 1,430 $ 1,417 June 30, 2019 Originated loans: Commercial and industrial 2 $ 38 $ 38 $ 35 Residential real estate 3 436 440 437 Home equity lines of credit 4 139 139 139 Consumer, indirect 8 123 123 123 Consumer, direct 5 69 69 67 Consumer 13 192 192 190 Total 22 $ 805 $ 809 $ 801 Acquired loans: Commercial real estate, other 7 $ 724 $ 699 $ 700 Commercial and industrial 4 1,259 1,259 1,259 Residential real estate 36 1,847 1,847 1,842 Home equity lines of credit 9 179 179 178 Consumer, direct 16 340 340 340 Total 72 $ 4,349 $ 4,324 $ 4,319 (a) 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. On March 22, 2020, federal and state government banking regulators issued a joint statement, with which the FASB concurred as to the approach, regarding accounting for loan modifications for borrowers affected by COVID-19. In this guidance, short-term modifications, made on a good faith basis in response to COVID-19, to borrowers who were current prior to any relief, are not considered TDRs. This includes short-term modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment which are insignificant. Under the guidance, borrowers that are considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. In addition, modification or deferral programs mandated by the U.S. federal government or any state government related to COVID-19 are not in the scope of ASC 310-40. Peoples did not have any loans that were modified as a TDR during the last twelve months that subsequently defaulted. Peoples had no commitments to lend additional funds to the related borrowers whose loan terms have been modified in a TDR. Allowance for Credit Losses Changes in the allowance for credit losses for the three months ended June 30, 2020 are summarized below: (Dollars in thousands) Beginning Balance, March 31, 2020 Initial Allowance for Purchased Credit Deteriorated Assets Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, June 30, 2020 Construction $ 1,742 $ — $ 920 $ — $ — $ 2,662 Commercial real estate, other 12,142 — 7,135 (135) 6 19,148 Commercial and industrial 8,743 — 573 (15) 805 10,106 Residential real estate 5,744 — 552 (16) 100 6,380 Home equity lines of credit 1,695 — 61 (9) 8 1,755 Consumer, indirect 10,878 — 1,679 (336) 72 12,293 Consumer, direct 1,803 — 179 (51) 10 1,941 Deposit account overdrafts 86 — 61 (119) 49 77 Total $ 42,833 $ — $ 11,160 $ (681) $ 1,050 $ 54,362 (a) Amount does not include the provision for unfunded commitment liability. Changes in the allowance for credit losses for the six months ended June 30, 2020 are summarized below: (Dollars in thousands) Beginning Balance, Initial Allowance for Purchased Credit Deteriorated Assets Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, June 30, 2020 Construction $ 600 $ 51 $ 2,011 $ — $ — $ 2,662 Commercial real estate, other 7,193 1,356 10,622 (145) 122 19,148 Commercial and industrial 4,960 860 3,229 (952) 2,009 10,106 Residential real estate 3,977 383 1,997 (134) 157 6,380 Home equity lines of credit 1,570 2 197 (23) 9 1,755 Consumer, indirect 5,389 — 7,764 (1,057) 197 12,293 Consumer, direct 856 34 1,140 (113) 24 1,941 Deposit account overdrafts 94 — 206 (332) 109 77 Total $ 24,639 $ 2,686 $ 27,166 $ (2,756) $ 2,627 $ 54,362 (a) Amount does not include the provision for unfunded commitment liability. Peoples increased its allowance for credit losses based on CECL model results, which incorporated economic forecasts at the end of June 2020. These forecasts included higher unemployment rates nationally and in Ohio, and lower Ohio Gross Domestic Product, which are the key assumptions within the CECL model, compared to March 31, 2020. This was similar to the impact that COVID-19 had on economic forecasts at March 31, 2020, which also resulted in higher allowance for credit losses compared to December 31, 2019. The PPP loans originated during the second quarter of 2020 are guaranteed by the SBA, and therefore, had no impact on the allowance for credit losses at June 30, 2020. Peoples recorded lower provision for credit losses during the second quarter of 2020, compared to the linked quarter, driven primarily by the deterioration in the one-year economic forecast used for the first quarter, which was more severe than the deterioration in the one-year economic forecast used for the second quarter. The significant increase in the allowance for credit losses as of June 30, 2020 compared to January 1, 2020 was mostly due to the recent COVID-19 pandemic, and the resulting impact on economic forecasts utilized in the CECL model. Peoples calculates its allowance for credit losses using a discounted cash flow model, and incorporates economic forecasts, including U.S. unemployment, Ohio unemployment, Ohio Gross Domestic Product, and the Ohio Case Shiller Home Price Indices as economic factors. The economic forecast used in the June 30, 2020 calculation of the allowance for credit losses included higher unemployment rates and lower Ohio Gross Domestic Product, which drove much of the increase in the allowance for credit losses at June 30, 2020. Approximately 63% of the increase in the allowance for credit losses at June 30, 2020, compared to January 1, 2020, was related to the change in the economic forecast, and the remaining increase was attributable to changes in the composition of the loan portfolio including recent loan growth. In addition, Peoples recorded an increase of $5.8 million in allowance for credit losses on January 1, 2020 related to the implementation of ASU 2016-13. As of June 30, 2020, the CECL model produced results, based on economic forecasts, that were higher than Peoples believed to be appropriate at the time. Peoples believes the actions taken to provide relief to consumer and commercial customers, which include at least 90 days of payment relief for those customers, coupled with the CARES Act stimulus package and the SBA PPP, indicate that Peoples would not experience the projected credit losses produced by the model. Therefore, Peoples made certain qualitative adjustments to more closely reflect its estimate of the potential losses of its loan portfolio at June 30, 2020. During the second quarter of 2020, Peoples recognized a recovery of $750,000 on a commercial and industrial loan that was previously charged-off, and recognized a similar $1.2 million recovery during the first quarter of 2020. As of June 30, 2020, Peoples had recorded an unfunded commitment liability of $3.1 million, an increase compared to $1.5 million on January 1, 2020. The unfunded commitment liability is presented in the “Accrued expenses and other liabilities” line of the Unaudited Consolidated Balance Sheets. | |||
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | The following table summarizes the carrying value of Peoples' pledged securities: Carrying Amount (Dollars in thousands) June 30, 2020 December 31, 2019 Securing public and trust department deposits, and repurchase agreements: Available-for-sale $ 559,756 $ 527,655 Held-to-maturity 18,848 12,975 Securing additional borrowing capacity at the FHLB and the FRB: Available-for-sale 115,742 44,618 Held-to-maturity 12,849 14,155 | |||
Paycheck Protection Program [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of deferred fees and costs (b)(c) | 457,700 | $ 457,700 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 13,600 | 13,600 | ||
Amortization of Deferred Loan Origination Fees, Net | 1,900 | |||
Loans and Leases Receivable, Gross | 488,100 | 488,100 | ||
Total loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of deferred fees and costs (b)(c) | 3,361,019 | 3,361,019 | 2,873,525 | |
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Pledged Assets Separately Reported, Loans Pledged as Collateral, at Fair Value | 521,094,000 | 521,094,000 | 172,693 | |
Home equity lines of credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Pledged Assets Separately Reported, Loans Pledged as Collateral, at Fair Value | $ 464,770,000 | $ 464,770,000 | $ 458,227 |
Loans (Loan Balances By Classif
Loans (Loan Balances By Classification) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | $ 3,361,019 | $ 2,876,147 | $ 2,873,525 |
Paycheck Protection Program [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 457,700 | ||
Loans and Leases Receivable, Gross | 488,100 | ||
Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 3,361,019 | 2,873,525 | |
Interest Receivable | 9,200 | 9,100 | |
Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 109,953 | 88,518 | |
Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 914,420 | 833,238 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 1,070,326 | 662,993 | |
Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 1,070,326 | 662,993 | |
Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 613,084 | 661,476 | |
Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 123,384 | 132,704 | |
Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 450,334 | 417,185 | |
Consumer, Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 78,926 | 76,533 | |
Bank Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 592 | $ 878 | |
Originated Loans | Bank Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | $ 592 |
Loans (Nonaccrual and Past Due
Loans (Nonaccrual and Past Due Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual | $ 25,029 | $ 25,029 | $ 17,781 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 1,880 | 1,880 | $ 3,932 | ||
Financing Receivable, Nonaccrual, Interest Income | 392 | 850 | |||
Financing Receivable, Nonaccrual, No Allowance | $ 1,400 | $ 1,400 | |||
Percent of Loans Considered Current | 99.00% | 99.00% | 98.60% | ||
Accounting Standards Update 2016-13 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 3,900 | ||||
One Commercial relationship [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 2,500 | $ 2,500 | |||
Commercial real estate, other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual | 4 | 4 | 411 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 2,662 | 2,662 | $ 1,742 | $ 600 | |
Commercial Real Estate Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual | 9,678 | 9,678 | 6,801 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 130 | 130 | 907 | ||
Financing Receivable, Allowance for Credit Loss | 19,148 | 19,148 | 12,142 | 7,193 | |
Residential real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual | 4,745 | 4,745 | 2,155 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | 155 | ||
Residential real estate | One Commercial relationship [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual | 1,500 | 1,500 | |||
Home equity lines of credit | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual | 8,905 | 8,905 | 6,361 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 1,618 | 1,618 | 2,677 | ||
Home Equity Line of Credit [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual | 687 | 687 | 1,165 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 46 | 46 | 108 | ||
Financing Receivable, Allowance for Credit Loss | 1,755 | 1,755 | 1,695 | 1,570 | |
Consumer, direct | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual | 802 | 802 | 840 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 57 | 57 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 12,293 | 12,293 | 10,878 | 5,389 | |
Consumer, Other Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual | 48 | ||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 29 | 29 | $ 85 | ||
Financing Receivable, Allowance for Credit Loss | $ 1,941 | $ 1,941 | $ 1,803 | 856 | |
Total loans | Accounting Standards Update 2016-13 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | $ 5,769 |
Loans (Aging Of The Recorded In
Loans (Aging Of The Recorded Investment In Past Due Loans And Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 3,361,019 | $ 2,876,147 | $ 2,873,525 |
Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 4 | 416 | |
Total Loans | 109,949 | 88,102 | |
Loans and Leases Receivable, Net of Deferred Income | 109,953 | 88,518 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 10,927 | 8,214 | |
Total Loans | 903,493 | 825,024 | |
Loans and Leases Receivable, Net of Deferred Income | 914,420 | 833,238 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 1,063,739 | 658,657 | |
Loans and Leases Receivable, Net of Deferred Income | 1,070,326 | 662,993 | |
Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 6,587 | 4,336 | |
Loans and Leases Receivable, Net of Deferred Income | 1,070,326 | 662,993 | |
Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 10,634 | 19,328 | |
Total Loans | 602,450 | 642,148 | |
Loans and Leases Receivable, Net of Deferred Income | 613,084 | 661,476 | |
Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 1,523 | 2,185 | |
Total Loans | 121,861 | 130,519 | |
Loans and Leases Receivable, Net of Deferred Income | 123,384 | 132,704 | |
Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 2,007 | 4,658 | |
Total Loans | 448,327 | 412,527 | |
Loans and Leases Receivable, Net of Deferred Income | 450,334 | 417,185 | |
Consumer, Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 367 | 848 | |
Total Loans | 78,559 | 75,685 | |
Loans and Leases Receivable, Net of Deferred Income | 78,926 | 76,533 | |
Bank Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 0 | 0 | |
Total Loans | 592 | 878 | |
Loans and Leases Receivable, Net of Deferred Income | 592 | 878 | |
Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 32,049 | 39,985 | |
Total Loans | 3,328,970 | 2,833,540 | |
Loans and Leases Receivable, Net of Deferred Income | 3,361,019 | 2,873,525 | |
Originated Loans | Bank Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 592 | ||
30 - 59 days | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 0 | 5 | |
30 - 59 days | Commercial Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 595 | 376 | |
30 - 59 days | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 1,842 | 2,780 | |
30 - 59 days | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 1,641 | 10,538 | |
30 - 59 days | Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 511 | 642 | |
30 - 59 days | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 1,580 | 3,574 | |
30 - 59 days | Consumer, Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 158 | 619 | |
30 - 59 days | Bank Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 0 | 0 | |
30 - 59 days | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 6,327 | 18,534 | |
60 - 89 days | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 0 | 0 | |
60 - 89 days | Commercial Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 1,097 | 337 | |
60 - 89 days | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 35 | 312 | |
60 - 89 days | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 3,417 | 2,918 | |
60 - 89 days | Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 540 | 510 | |
60 - 89 days | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 208 | 714 | |
60 - 89 days | Consumer, Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 24 | 117 | |
60 - 89 days | Bank Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 0 | 0 | |
60 - 89 days | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 5,321 | 4,908 | |
90 + Days | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 4 | 411 | |
90 + Days | Commercial Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 9,235 | 7,501 | |
90 + Days | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 4,710 | 1,244 | |
90 + Days | Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 5,576 | 5,872 | |
90 + Days | Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 472 | 1,033 | |
90 + Days | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 219 | 370 | |
90 + Days | Consumer, Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 185 | 112 | |
90 + Days | Bank Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | 0 | 0 | |
90 + Days | Total loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Past Due | $ 20,401 | $ 16,543 |
Loans (Loans By Risk Category)
Loans (Loans By Risk Category) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | $ 3,361,019 | $ 2,876,147 | $ 2,873,525 |
Financing Receivable, Originated in Current Fiscal Year | 695,453 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 500,166 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 350,810 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 295,492 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 261,871 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 771,973 | ||
Financing Receivable, Revolving | 485,254 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 110,095 | ||
Mortgage Loans in Process of Foreclosure, Amount | 1,600 | ||
Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 109,953 | 88,518 | |
Financing Receivable, Originated in Current Fiscal Year | 14,934 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 52,867 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,878 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 34,484 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,406 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,936 | ||
Financing Receivable, Revolving | 448 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 35,426 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 914,420 | 833,238 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 1,070,326 | 662,993 | |
Financing Receivable, Originated in Current Fiscal Year | 72,717 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 140,580 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 108,572 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 108,060 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 113,238 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 265,753 | ||
Financing Receivable, Revolving | 105,500 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 23,214 | ||
Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 1,070,326 | 662,993 | |
Financing Receivable, Originated in Current Fiscal Year | 465,012 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 108,719 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 83,503 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 41,664 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 52,471 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 78,788 | ||
Financing Receivable, Revolving | 240,169 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 47,282 | ||
Home equity lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 613,084 | 661,476 | |
Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 123,384 | 132,704 | |
Financing Receivable, Originated in Current Fiscal Year | 7,969 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 15,083 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,772 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,082 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 13,372 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 44,530 | ||
Financing Receivable, Revolving | 13,576 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 4,173 | ||
Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 450,334 | 417,185 | |
Financing Receivable, Originated in Current Fiscal Year | 98,210 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 115,808 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 94,468 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 54,703 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 24,863 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10,384 | ||
Financing Receivable, Revolving | 51,898 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Consumer, Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 78,926 | 76,533 | |
Financing Receivable, Originated in Current Fiscal Year | 17,557 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 20,942 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 15,371 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 6,847 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,966 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,271 | ||
Financing Receivable, Revolving | 9,972 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Bank Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 592 | 878 | |
Financing Receivable, Originated in Current Fiscal Year | 592 | ||
Total Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 3,361,019 | $ 2,873,525 | |
Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 613,084 | ||
Financing Receivable, Originated in Current Fiscal Year | 18,462 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 46,167 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 30,246 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 35,652 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 52,555 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 366,311 | ||
Financing Receivable, Revolving | 63,691 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Pass [Member] | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 107,899 | ||
Financing Receivable, Originated in Current Fiscal Year | 14,934 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 52,867 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,463 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 34,080 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,406 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 705 | ||
Financing Receivable, Revolving | 444 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 35,426 | ||
Pass [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 857,364 | ||
Financing Receivable, Originated in Current Fiscal Year | 72,717 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 135,406 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 107,372 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 101,444 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 110,664 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 233,262 | ||
Financing Receivable, Revolving | 96,499 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 23,043 | ||
Pass [Member] | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 1,038,761 | ||
Financing Receivable, Originated in Current Fiscal Year | 462,493 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 106,252 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 82,797 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 39,273 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 50,439 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 72,763 | ||
Financing Receivable, Revolving | 224,744 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 42,925 | ||
Pass [Member] | Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 123,384 | ||
Financing Receivable, Originated in Current Fiscal Year | 7,969 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 15,083 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,772 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,082 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 13,372 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 44,530 | ||
Financing Receivable, Revolving | 13,576 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 4,173 | ||
Pass [Member] | Consumer, direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 450,334 | ||
Financing Receivable, Originated in Current Fiscal Year | 98,210 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 115,808 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 94,468 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 54,703 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 24,863 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10,384 | ||
Financing Receivable, Revolving | 51,898 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Pass [Member] | Consumer, Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 78,926 | ||
Financing Receivable, Originated in Current Fiscal Year | 17,557 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 20,942 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 15,371 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 6,847 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,966 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,271 | ||
Financing Receivable, Revolving | 9,972 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Pass [Member] | Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 597,952 | ||
Financing Receivable, Originated in Current Fiscal Year | 18,462 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 46,167 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 30,246 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 35,652 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 52,555 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 351,179 | ||
Financing Receivable, Revolving | 63,691 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Special Mention [Member] | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 565 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 415 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 146 | ||
Financing Receivable, Revolving | 4 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Special Mention [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 21,618 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,600 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,132 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,407 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 558 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7,073 | ||
Financing Receivable, Revolving | 4,848 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 124 | ||
Special Mention [Member] | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 16,747 | ||
Financing Receivable, Originated in Current Fiscal Year | 401 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 398 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 417 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 230 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,657 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,445 | ||
Financing Receivable, Revolving | 12,199 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 1,469 | ||
Special Mention [Member] | Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 1 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Substandard [Member] | Commercial real estate, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 1,489 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 404 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,085 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Substandard [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 35,343 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,574 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 68 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,209 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,016 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 25,323 | ||
Financing Receivable, Revolving | 4,153 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 47 | ||
Substandard [Member] | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 14,604 | ||
Financing Receivable, Originated in Current Fiscal Year | 2,118 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,069 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 289 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,161 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 368 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,373 | ||
Financing Receivable, Revolving | 3,226 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 2,701 | ||
Substandard [Member] | Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 14,560 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,560 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Doubtful [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 95 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 95 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Doubtful [Member] | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 214 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 207 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 187 | ||
Doubtful [Member] | Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 363 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 363 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Loss | Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | 208 | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 208 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable Revolving Loans Converted to Term Loan | 0 | ||
Originated Loans | Bank Overdrafts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, net of deferred fees and costs (b)(c) | $ 592 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 15 | 30 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 379 | $ 1,400 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 379 | 1,430 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 379 | $ 1,417 | ||
Residential real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 145 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 145 | |||
Financing Receivable Modifications Recorded Investment During Period | $ 145 | |||
Home equity lines of credit | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 5 | 8 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 303 | $ 756 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 303 | 786 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 303 | $ 783 | ||
Home Equity Line of Credit [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | 4 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 14 | $ 55 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 14 | 55 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 14 | $ 53 | ||
Consumer, direct | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 8 | 13 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 62 | $ 128 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 62 | 128 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 62 | $ 122 | ||
Consumer, Other Loan [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 51 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 51 | |||
Financing Receivable Modifications Recorded Investment During Period | $ 49 | |||
Deposit account overdrafts | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 16 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 179 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 179 | |||
Financing Receivable Modifications Recorded Investment During Period | $ 171 | |||
Commercial Real Estate [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 265 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 265 | |||
Financing Receivable Modifications Recorded Investment During Period | $ 265 | |||
Originated Loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 13 | 22 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 248 | $ 805 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 248 | 809 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 248 | $ 801 | ||
Originated Loans | Home equity lines of credit | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 3 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 37 | $ 436 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 37 | 440 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 37 | $ 437 | ||
Originated Loans | Home Equity Line of Credit [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | 4 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 60 | $ 139 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 60 | 139 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 60 | $ 139 | ||
Originated Loans | Consumer, direct | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 7 | 8 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 110 | $ 123 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 110 | 123 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 110 | $ 123 | ||
Originated Loans | Consumer, Other Loan [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | 5 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 41 | $ 69 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 41 | $ 69 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 41 | |||
Originated Loans | Deposit account overdrafts | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 10 | 13 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 151 | $ 192 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 151 | 192 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 151 | $ 190 | ||
Originated Loans | Commercial Real Estate [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 38 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 38 | |||
Financing Receivable Modifications Recorded Investment During Period | $ 35 | |||
Acquired Loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 69 | 72 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 4,260 | $ 4,349 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 4,234 | 4,324 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 4,235 | $ 4,319 | ||
Acquired Loans | Residential real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 4 | 4 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,259 | $ 1,259 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 1,259 | 1,259 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 1,259 | $ 1,259 | ||
Acquired Loans | Home equity lines of credit | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 35 | 36 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,823 | $ 1,847 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 1,823 | 1,847 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 1,823 | $ 1,842 | ||
Acquired Loans | Home Equity Line of Credit [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 7 | 9 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 113 | $ 179 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 113 | 179 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 113 | $ 178 | ||
Acquired Loans | Consumer, Other Loan [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 16 | 16 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 340 | $ 340 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 340 | 340 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 340 | $ 340 | ||
Acquired Loans | Commercial Real Estate [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 7 | 7 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 725 | $ 724 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 699 | 699 | ||
Financing Receivable Modifications Recorded Investment During Period | $ 700 | $ 700 |
Loans (Collateral Dependent) (D
Loans (Collateral Dependent) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | $ 1,000 | |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 250 | $ 100 |
Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 16,006 | 12,115 |
Commercial Real Estate [Member] | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 9,372 | 6,818 |
Residential real estate | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 4,509 | 1,962 |
Home equity lines of credit | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 1,714 | 1,847 |
Home Equity Line of Credit [Member] | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 411 | 681 |
Consumer, direct | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | 0 | 713 |
Consumer, Other Loan [Member] | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans individually evaluated for impairment | $ 0 | $ 94 |
Loans (Summary Of Activity In A
Loans (Summary Of Activity In Allowance For Loan And Lease Losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 01, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Provision for Loan, Lease, and Other Losses | $ 11,834,000 | $ 626,000 | $ 28,803,000 | $ 363,000 | ||
Off-Balance Sheet, Credit Loss, Liability | $ 3,100,000 | 3,100,000 | $ 1,500,000 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | $ 2,686,000 | |||||
Forecast [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Increase in Financing Receivable Allowance For Credit Loss Percentage | 6300.00% | 6300.00% | ||||
Total loans | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 42,833,000 | |||||
Provision for Loan, Lease, and Other Losses | 11,160,000 | $ 27,166,000 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 681,000 | 2,756,000 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,050,000 | 2,627,000 | ||||
Ending balance | 54,362,000 | $ 42,833,000 | 54,362,000 | |||
Commercial real estate, other | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 1,742,000 | |||||
Provision for Loan, Lease, and Other Losses | 920,000 | 2,011,000 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | ||||
Ending balance | 2,662,000 | 1,742,000 | 2,662,000 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 51,000 | |||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 12,142,000 | |||||
Provision for Loan, Lease, and Other Losses | 7,135,000 | 10,622,000 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (135,000) | (145,000) | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 6,000 | 122,000 | ||||
Ending balance | 19,148,000 | 12,142,000 | 19,148,000 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 1,356,000 | |||||
Commercial Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 8,743,000 | |||||
Provision for Loan, Lease, and Other Losses | 573,000 | 3,229,000 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (15,000) | (952,000) | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 805,000 | 1,200,000 | 2,009,000 | |||
Ending balance | 10,106,000 | 8,743,000 | 10,106,000 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 860,000 | |||||
Commercial Portfolio Segment | One Commercial relationship [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 750,000 | |||||
Residential Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 5,744,000 | |||||
Provision for Loan, Lease, and Other Losses | 552,000 | 1,997,000 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (16,000) | (134,000) | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 100,000 | 157,000 | ||||
Ending balance | $ 6,380,000 | $ 5,744,000 | 6,380,000 | |||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | $ 383,000 |
Long-Term Borrowings (Details)
Long-Term Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total long-term borrowings | $ 112,536 | $ 83,123 |
Long-term borrowings, Weighted-Average Rate | 1.73% | 2.51% |
FHLB putable, non-amortizing, fixed-rate advances | ||
Debt Instrument [Line Items] | ||
FHLB Advances | $ 95,000 | $ 65,000 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.52% | 2.18% |
FHLB amortizing, fixed-rate advances | ||
Debt Instrument [Line Items] | ||
FHLB Advances | $ 10,005 | $ 10,672 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.74% | 1.74% |
Junior subordinated debt securities | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt securities | $ 7,531 | $ 7,451 |
Weighted- Average Rate | 4.37% | 6.55% |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Proceeds from long-term borrowings | $ 50,000,000 | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Two | 1.71% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Three | 2.00% | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Four | 1.73% | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Five | 1.74% | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing after Rolling Year Five | 1.43% | |
Total long-term borrowings | 1.73% | 2.51% |
Long-term Debt, Weighted Average Interest Rate, over Time | 1.61% | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.77% | |
FHLB amortizing, fixed-rate advances | ||
FHLB Advances | $ 10,005,000 | $ 10,672,000 |
FHLB amortizing, fixed-rate advances | Minimum | ||
Long-term Debt, Weighted Average Interest Rate, over Time | 600.00% | |
FHLB amortizing, fixed-rate advances | Maximum | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, maturities period | 11 years | |
FHLB putable, non-amortizing, fixed-rate advances | ||
Number of agreements | 1 | |
FHLB Advances | $ 95,000,000 | $ 65,000,000 |
FHLB putable, non-amortizing, fixed-rate advances | Minimum | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Maturities Period | 1 year | |
FHLB putable, non-amortizing, fixed-rate advances | Maximum | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Maturities Period | 9 years | |
FHLB putable, non-amortizing, fixed-rate advances | ||
Number of agreements | 2 | |
Long-term Federal Home Loan Bank Advances, Current | $ 20,000,000 |
Long-Term Borrowings (Maturity)
Long-Term Borrowings (Maturity) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank Advances Weighted Average Interest Rate Maturing In the Remainder Of Fiscal Year | 1.68% | |
Long-term Debt, Weighted Average Interest Rate, over Time | 1.61% | |
Six months ending December 31, 2020 | $ 1,968 | |
Year ending December 31, 2021 | 1,979 | |
Year ending December 31, 2022 | 16,521 | |
Year ending December 31, 2023 | 1,157 | |
Year ending December 31, 2024 | 869 | |
Thereafter | 90,042 | |
Long-term borrowings | $ 112,536 | $ 83,123 |
Six months ending December 31, 2020 | 1.57% | |
Year ending December 31, 2021 | 1.52% | |
Year ending December 31, 2022 | 1.98% | |
Year ending December 31, 2023 | 1.48% | |
Year ending December 31, 2024 | 1.46% | |
Thereafter | 1.55% | |
Total long-term borrowings | 1.73% | 2.51% |
Stockholders' Equity (Stock Rol
Stockholders' Equity (Stock Rollforward) (Details) - shares | Feb. 27, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Increase (Decrease) in Stock by Class [Roll Forward] | |||
Common stock, beginning of period | 21,156,143 | ||
Treasury stock, beginning of period | 504,182 | ||
Changes related to deferred compensation plan for Boards of Directors: | |||
Common shares issued under compensation plan for Boards of Directors | (3,680) | (3,200) | |
Common stock, end of period | 21,173,862 | ||
Treasury stock, end of period | 1,299,219 | ||
Performance Shares [Member] | |||
Changes related to deferred compensation plan for Boards of Directors: | |||
Common shares issued under compensation plan for Boards of Directors | (9,395) | ||
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 6,127 | ||
Common Stock | |||
Increase (Decrease) in Stock by Class [Roll Forward] | |||
Common stock, beginning of period | 21,156,143 | ||
Changes related to stock-based compensation awards: | |||
Cancellation of restricted common shares | 0 | ||
Changes related to deferred compensation plan for Boards of Directors: | |||
Common shares issued under dividend reinvestment plan | 17,719 | ||
Common stock, end of period | 21,173,862 | ||
Treasury Stock | |||
Increase (Decrease) in Stock by Class [Roll Forward] | |||
Treasury stock, beginning of period | 504,182 | ||
Changes related to stock-based compensation awards: | |||
Release of restricted common shares | 26,991 | ||
Cancellation of restricted common shares | 7,997 | ||
Grant of common shares | (22,982) | ||
Changes related to deferred compensation plan for Boards of Directors: | |||
Purchase of treasury stock | 5,822 | ||
Disbursed out of treasury stock | (2,362) | ||
Stock Repurchased During Period, Shares | 6,300,000 | 884,068 | |
Common shares issued under compensation plan for Boards of Directors | (6,865) | ||
Common shares issued under employee stock purchase plan | 9,167 | ||
Treasury stock, end of period | 1,299,219 | ||
Restricted Shares | Treasury Stock | |||
Changes related to stock-based compensation awards: | |||
Grant of common shares | (82,338) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Feb. 27, 2020 | |
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Authorized | 50,000 | 50,000 | ||||||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||||||
Cash dividends declared per common share | $ 0.34 | $ 0.34 | $ 0.34 | $ 0.34 | $ 0.30 | $ 0.68 | $ 0.64 | $ 0.98 | ||||
Stock Repurchase Program, Authorized Amount | $ 20,000 | $ 40,000 | ||||||||||
Purchase of treasury stock under share repurchase program | $ 20,000 | $ 0 | ||||||||||
Subsequent Event [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Cash dividends declared per common share | $ 0.34 | $ 1.02 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive (Loss) Income [Roll Forward] | ||||
Unrealized Gain on Securities | $ 5,300 | |||
Realized gain on sale of securities, net of tax | 301 | |||
Other comprehensive income (loss), net of reclassifications and tax | 14,579 | |||
Unrealized Gain on Securities | $ 19,578 | 19,578 | ||
Unrecognized Net Pension and Postretirement Costs | (3,958) | |||
Other comprehensive income (loss), net of reclassifications and tax | (362) | |||
Unrecognized Net Pension and Postretirement Costs | (3,910) | (3,910) | ||
Unrealized Loss on Cash Flow Hedge | (2,767) | |||
Other comprehensive income (loss), net of reclassifications and tax | (580) | $ (2,476) | (8,267) | $ (3,924) |
Unrealized Loss on Cash Flow Hedge | (11,034) | (11,034) | ||
Accumulated Other Comprehensive Income (Loss) | (1,425) | |||
Accumulated Other Comprehensive Income (Loss) | $ 4,634 | 4,634 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5,950 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 410 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Pension Benefits | |||||
Components of net periodic benefit costs: | |||||
Interest cost | $ 82,000 | $ 110,000 | $ 176,000 | $ 219,000 | |
Expected return on plan assets | (190,000) | (196,000) | (390,000) | (391,000) | |
Amortization of net loss | 36,000 | 20,000 | 66,000 | 39,000 | |
Settlement charge | 151,000 | 0 | 519,000 | 0 | |
Net periodic benefit/cost | 79,000 | (66,000) | $ 371,000 | (133,000) | |
Defined Benefit Plan, Benefit Obligation | $ 12,668,000 | ||||
Defined Benefit Plan, Plan Assets, Amount | 11,865,000 | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (803,000) | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.63% | 3.12% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.50% | 7.50% | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | $ (321,000) | ||||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | ||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (151,000) | (151,000) | $ 5,068,000 | ||
Postretirement Benefits | |||||
Components of net periodic benefit costs: | |||||
Interest cost | 0 | 1,000 | 1,000 | 2,000 | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | (1,000) | 0 | 1,000 | |
Amortization of net loss | 0 | 0 | (2,000) | (2,000) | |
Net periodic benefit/cost | 0 | $ 0 | $ 1,000 | $ (1,000) | |
Postretirement Benefits | Employees Hired before January 1, 2003 | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Benefit based on highest average salary for number of consecutive years | 5 years | ||||
Number of years for consecutive years calculation | 10 years | ||||
Postretirement Benefits | Employees Hired on or after January 1, 2003 | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Percent of annual salary to calculate benefit | 2.00% | ||||
Before Settlement | Pension Benefits | |||||
Components of net periodic benefit costs: | |||||
Defined Benefit Plan, Benefit Obligation | 13,119,000 | $ 13,119,000 | |||
Defined Benefit Plan, Plan Assets, Amount | 10,891,000 | 10,891,000 | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (2,228,000) | (2,228,000) | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 6,274,000 | 6,274,000 | |||
After Settlement | |||||
Components of net periodic benefit costs: | |||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 6,123,000 | 6,123,000 | |||
After Settlement | Pension Benefits | |||||
Components of net periodic benefit costs: | |||||
Defined Benefit Plan, Benefit Obligation | 12,798,000 | 12,798,000 | |||
Defined Benefit Plan, Plan Assets, Amount | 10,570,000 | 10,570,000 | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (2,228,000) | $ (2,228,000) | |||
Retirement prior to January 1, 1993 [Member] | |||||
Components of net periodic benefit costs: | |||||
Percent of healthcare costs paid | 100.00% | 100.00% |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Distributed Earnings | $ 6,709 | $ 6,935 | $ 13,652 | $ 12,711 |
Undistributed Earnings, Diluted, Total | (2,051) | 2,568 | (9,842) | 11,067 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 4,658 | $ 9,503 | $ 3,810 | $ 23,778 |
Weighted-average number of common shares outstanding - basic | 19,720,315 | 20,277,028 | 20,043,329 | 19,824,035 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 138,565 | 165,338 | 139,893 | 148,315 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 19,858,880 | 20,442,366 | 20,183,222 | 19,972,350 |
Earnings per common share - basic | $ 0.24 | $ 0.47 | $ 0.19 | $ 1.20 |
Earnings per common share - diluted | $ 0.23 | $ 0.46 | $ 0.19 | $ 1.19 |
Anti-dilutive shares excluded from computation of EPS | 77,371 | 87 | 57,170 | 46 |
Derivative Financial Instrume_3
Derivative Financial Instruments Interest rate swaps designated as cash flow hedges (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)contract | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | ||
Weighted average pay rates | 2.18% | 2.18% |
Weighted average receive rates | 0.38% | 1.73% |
Weighted average maturity | 5 years 1 month 6 days | 5 years 4 months 24 days |
Pre-tax unrealized losses included in AOCI | $ (13,966) | $ (3,503) |
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 10 years | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 160,000 | $ 160,000 |
Derivative, Number of Instruments Held | contract | 17 |
Derivative Financial Instrume_4
Derivative Financial Instruments Net gains and losses recorded in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Amount of loss recognized in AOCI, pre-tax | $ 734 | $ 3,134 | $ 10,463 | $ 4,967 |
Amount of loss recognized in earnings | $ 0 | $ 0 | $ 0 | $ (19) |
Derivative Financial Instrume_5
Derivative Financial Instruments Cash flow hedges (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||||
Reclassifications into Interest expense on cash flow hedge | $ 365,000,000 | $ 70,000,000 | $ 483,000,000 | $ 153,000,000 | |
Federal Home Loan Bank Borrowings [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 110,000,000 | 110,000,000 | |||
Brokered Certificate of Deposit [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 50,000,000 | 50,000,000 | |||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Interest rate swaps related to debt | 0 | 0 | $ 55,000,000 | ||
Interest rate swaps related to debt | 160,000,000 | 160,000,000 | 105,000,000 | ||
Derivative, Notional Amount | $ 160,000,000 | $ 160,000,000 | $ 160,000,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||||
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 10 years | ||||
Reclassifications into Interest expense on cash flow hedge | $ 365,000,000 | $ 70,000,000 | $ 483,000,000 | $ 153,000,000 | |
Cash pledged to Peoples from counterparties | $ 0 | $ 0 | $ 0 | ||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Number of Instruments Held | contract | 17 | 17 | |||
Derivative, Notional Amount | $ 160,000,000 | $ 160,000,000 | 160,000,000 | ||
Interest Rate Contract [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Derivative Assets, at Fair Value | 32,981,000 | 32,981,000 | 10,776,000 | ||
Interest Rate Derivative Liabilities, at Fair Value | 32,981,000 | 32,981,000 | 10,776,000 | ||
Other Assets [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | 644,000 | ||
Liability [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Derivative Liabilities, at Fair Value | 14,155,000 | 14,155,000 | 4,340,000 | ||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Restricted Cash | $ 47,100,000 | $ 47,100,000 | $ 20,000,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments Non-designated hedges (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Cash pledged to Peoples from counterparties | $ 0 | $ 0 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Restricted Cash | 47,100,000 | 20,000,000 |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Interest rate swaps related to debt | 390,909,000 | 321,394,000 |
Interest rate swaps related to debt | $ 390,909,000 | $ 321,394,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Apr. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3,680 | 3,200 | |
Maximum Aggregate Value of Performance Unit Award Outstanding | $ 1,300,000 | ||
Unrecognized stock-based compensation expense related to unvested awards, amount | $ 3,300,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | ||
Unrestricted Stock Granted to Employees | 18,952 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares authorized under the 2006 Equity Plan | 500,000 | ||
Restricted Shares | Employees | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards expiration period | 1 year | ||
Restricted Shares | Employees | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards expiration period | 5 years | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued, Price Per Share | $ 29.26 | ||
2006 Equity Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under 2006 Equity Plan | 891,340 | ||
Time-Based Vesting | Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 2,000 | ||
Performance-Based Vesting | Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 80,338 | ||
Awarded | 80,338 | ||
Treasury Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 396,000 | ||
Treasury Stock | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 120,000 | $ 102,000 | |
Treasury Stock | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 275,000 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Shares) (Details) - USD ($) | Apr. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3,680 | 3,200 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | ||||
Share-based Payment Arrangement, Expense | $ 1,023,000 | $ 980,000 | $ 2,588,000 | $ 2,340,000 | |
Weighted - Average Grant Date Fair Value (in dollars per share) | |||||
Maximum Aggregate Value of Performance Unit Award Outstanding | 1,300,000 | $ 1,300,000 | |||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 9,395 | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 0 | 16,000 | $ (12,000) | 32,000 | |
Weighted - Average Grant Date Fair Value (in dollars per share) | |||||
Shares Issued, Price Per Share | $ 29.26 | $ 29.26 | |||
Restricted Shares | |||||
Weighted - Average Grant Date Fair Value (in dollars per share) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 2,000,000 | 1,600,000 | |||
Restricted Shares | Maximum | Employees | |||||
Weighted - Average Grant Date Fair Value (in dollars per share) | |||||
Awards expiration period | 5 years | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 955,000 | $ 903,000 | $ 2,335,000 | 2,056,000 | |
Time-Based Vesting | Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 2,000 | ||||
Number of Shares (in shares) | |||||
Outstanding at January 1 | 32,230 | ||||
Released | 4,000 | ||||
Forfeited | 4,200 | ||||
44012 | 26,030 | 26,030 | |||
Weighted - Average Grant Date Fair Value (in dollars per share) | |||||
Outstanding at January 1 | $ 33.05 | ||||
Awarded | 20.85 | ||||
Released | 31.63 | ||||
Forfeited | 31.45 | ||||
44012 | $ 32.59 | $ 32.59 | |||
Performance-Based Vesting | Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 80,338 | ||||
Number of Shares (in shares) | |||||
Outstanding at January 1 | 253,884 | ||||
Awarded | 80,338 | ||||
Released | 56,827 | ||||
Forfeited | 3,797 | ||||
44012 | 273,598 | 273,598 | |||
Weighted - Average Grant Date Fair Value (in dollars per share) | |||||
Outstanding at January 1 | $ 33.29 | ||||
Awarded | 32.91 | ||||
Released | 32.42 | ||||
Forfeited | 33.02 | ||||
44012 | $ 33.36 | $ 33.36 | |||
Treasury Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 396,000 | ||||
Treasury Stock | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 275,000 | ||||
Treasury Stock | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 120,000 | 102,000 | |||
Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 30,000 | $ 50,000 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefit) (Details) - USD ($) | Apr. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | $ 1,023,000 | $ 980,000 | $ 2,588,000 | $ 2,340,000 | |
Recognized tax benefit | (214,000) | (205,000) | (543,000) | (491,000) | |
Net stock-based compensation expense | $ 809,000 | 775,000 | $ 2,045,000 | $ 1,849,000 | |
Employee Stock Purchase Plan Discount | 1500.00% | 1500.00% | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,300,000 | $ 3,300,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3,680 | 3,200 | |||
Restricted Shares | Time-Based Vesting | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 2,000 | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | 0 | 16,000 | $ (12,000) | $ 32,000 | |
Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | 15,000 | 11,000 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | 955,000 | 903,000 | 2,335,000 | 2,056,000 | |
Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | 970,000 | 930,000 | 2,353,000 | 2,138,000 | |
Non-employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | $ 53,000 | $ 50,000 | 235,000 | 202,000 | |
Treasury Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 396,000 | ||||
Treasury Stock | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 120,000 | 102,000 | |||
Treasury Stock | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 275,000 | ||||
Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | $ 30,000 | $ 50,000 |
Revenue Revenue from contracts
Revenue Revenue from contracts with customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Commission and fees from sale of insurance policies | $ 2,933 | $ 3,306 | $ 5,625 | $ 6,339 |
Fees related to third party insurance administration services | 120 | 178 | 267 | 347 |
Performance-based insurance commissions | 138 | 2 | 1,429 | 1,421 |
Interchange electronic banking income | 2,844 | 2,747 | 5,244 | 5,190 |
Promotional and usage electronic banking income | 679 | 520 | 1,559 | 1,064 |
Ongoing maintenance fees for deposit accounts | 849 | 1,012 | 1,829 | 1,764 |
Transactional-based fees for deposit accounts | 1,060 | 1,965 | 2,900 | 3,554 |
Transactional-based fees included in other non-interest income | 220 | 253 | 428 | 424 |
Revenue from Contract with Customer, Excluding Assessed Tax | 13,114 | 13,900 | 27,058 | 27,278 |
Insurance income | 3,191 | 3,486 | 7,321 | 8,107 |
Fiduciary and Trust [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,316 | 3,401 | 6,578 | 6,513 |
Interest Rate Swap [Member] | Transaction fee [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 955 | 516 | 1,199 | 662 |
Transferred over Time [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,741 | 11,164 | 21,102 | 21,217 |
Transferred at Point in Time [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,373 | $ 2,736 | $ 5,956 | $ 6,061 |
Revenue (Details)
Revenue (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Contract Assets | $ 600 |
Contract Liabilities | 5,190 |
Additional income receivable | 291 |
Additional deferred income | 254 |
Recognition of income previously deferred | (37) |
Contract Assets | 891 |
Contract Liabilities | $ 5,407 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2020 | Jul. 01, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 165,805 | $ 165,701 | ||
Sciotoville OH Insurance Agency [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | $ 866 | |||
Finite-lived Intangible Assets Acquired | 735 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 27 | |||
Goodwill | 104 | |||
Business Combination, Contingent Consideration, Liability | $ 319 | |||
Triumph Premium Finance [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 96,100 | |||
Triumph Premium Finance [Member] | Loans [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Acquired Receivable, Fair Value | $ 86,500 |
Leases Lease Expense (Details)
Leases Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating Leases, Rent Expense | $ 327 | $ 311 | $ 661 | $ 618 |
Short-term Lease Payments | 84 | 32 | 160 | 62 |
Lease, Cost | $ 411 | $ 343 | $ 821 | $ 680 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
ROU asset: | $ 7,052 | $ 7,052 | $ 7,606 | ||
Lease liability: | $ 7,281 | $ 7,281 | $ 7,813 | ||
Weighted-average remaining lease term | 12 years 6 months | 12 years 6 months | 12 years 4 months 24 days | ||
Weighted-average discount rate | 3.15% | 3.15% | 3.16% | ||
Operating Leases, Rent Expense | $ 327 | $ 311 | $ 661 | $ 618 | |
Operating Lease, Payments | $ 319,000 | $ 295 | $ 640,000 | $ 591,000 | |
Minimum | |||||
Lessee, Operating Lease, Term of Contract | 2 years | 2 years | |||
Maximum | |||||
Lessee, Operating Lease, Term of Contract | 30 years | 30 years |
Leases Operating Lease Liabilit
Leases Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Six months ending December 31, 2020 | $ 711 | |
Year ending December 31, 2021 | 1,130 | |
Year ending December 31, 2022 | 1,061 | |
Year ending December 31, 2023 | 873 | |
Thereafter | 629 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 4,750 | |
Total undiscounted lease payments | 9,154 | |
Imputed interest operating lease liability | 1,873 | |
Lease liability: | $ 7,281 | $ 7,813 |
Uncategorized Items - pebo-2020
Label | Element | Value |
Bank Overdrafts [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ 77,000 |
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 86,000 |
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 94,000 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | us-gaap_FinancingReceivableAllowanceForCreditLossPurchasedWithCreditDeteriorationIncrease | 0 |
Financing Receivable, Allowance for Credit Loss, Writeoff | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 119,000 |
Financing Receivable, Allowance for Credit Loss, Writeoff | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 332,000 |
Provision for Loan, Lease, and Other Losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | 206,000 |
Provision for Loan, Lease, and Other Losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | 61,000 |
Financing Receivable, Allowance for Credit Loss, Recovery | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 49,000 |
Financing Receivable, Allowance for Credit Loss, Recovery | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 109,000 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 3,977,000 |
Consumer, Indirect Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | us-gaap_FinancingReceivableAllowanceForCreditLossPurchasedWithCreditDeteriorationIncrease | 0 |
Financing Receivable, Allowance for Credit Loss, Writeoff | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 1,057,000 |
Financing Receivable, Allowance for Credit Loss, Writeoff | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 336,000 |
Provision for Loan, Lease, and Other Losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | 7,764,000 |
Provision for Loan, Lease, and Other Losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | 1,679,000 |
Financing Receivable, Allowance for Credit Loss, Recovery | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 197,000 |
Financing Receivable, Allowance for Credit Loss, Recovery | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 72,000 |
Loans Receivable [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 24,639,000 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | us-gaap_FinancingReceivableAllowanceForCreditLossPurchasedWithCreditDeteriorationIncrease | 2,000 |
Financing Receivable, Allowance for Credit Loss, Writeoff | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 23,000 |
Financing Receivable, Allowance for Credit Loss, Writeoff | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 9,000 |
Provision for Loan, Lease, and Other Losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | 197,000 |
Provision for Loan, Lease, and Other Losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | 61,000 |
Financing Receivable, Allowance for Credit Loss, Recovery | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 9,000 |
Financing Receivable, Allowance for Credit Loss, Recovery | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 8,000 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | 4,960,000 |
Consumer, Other Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | us-gaap_FinancingReceivableAllowanceForCreditLossPurchasedWithCreditDeteriorationIncrease | 34,000 |
Financing Receivable, Allowance for Credit Loss, Writeoff | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 51,000 |
Financing Receivable, Allowance for Credit Loss, Writeoff | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 113,000 |
Provision for Loan, Lease, and Other Losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | 179,000 |
Provision for Loan, Lease, and Other Losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | 1,140,000 |
Financing Receivable, Allowance for Credit Loss, Recovery | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 10,000 |
Financing Receivable, Allowance for Credit Loss, Recovery | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 24,000 |
Treasury Stock [Member] | ||
Payments for Repurchase of Common Stock | us-gaap_PaymentsForRepurchaseOfCommonStock | 20,000,000 |
Treasury Stock [Member] | Share Repurchase Program Authorized in February 2020 [Member] | ||
Payments for Repurchase of Common Stock | us-gaap_PaymentsForRepurchaseOfCommonStock | 19,500,000 |
Treasury Stock [Member] | Share Repurchase Program Authorized in November 2015 [Member] | ||
Payments for Repurchase of Common Stock | us-gaap_PaymentsForRepurchaseOfCommonStock | $ 843,000 |