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Merger accounting (Tables) | 12 Months Ended
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Dec. 31, 2013
Business Combinations [Abstract] |
Calculation of Consideration Effectively Transferred | The table below illustrates the calculation of the consideration effectively transferred.
Penseco shares outstanding at November 30, 2013(A) |  |  | 3,275,217 |  |  |  |  |
Exchange ratio |  |  | 1.3636 |  |  |  |  |
Peoples shares issued to Penseco shareholders(B) |  |  | 4,465,538 |  |  |  |  |
Peoples shares outstanding at November 30, 2013 |  |  | 3,087,406 |  |  |  |  |
Total Peoples shares outstanding at November 30, 2013 |  |  | 7,552,944 |  |  |  |  |
Penseco % ownership |  |  | 59.12 | % |  |  |  |
Peoples % ownership |  |  | 40.88 | % |  |  |  |
Theoretical Penseco share to be issued as consideration |  |  |  |  |  |  |  |
Penseco shares outstanding at November 30, 2013(A) |  |  | 3,275,217 |  |  |  |  |
Ownership % held by Penseco shareholders |  |  | 59.12 | % |  |  |  |
Theoretical Penseco shares after consideration paid |  |  | 5,539,653 |  |  |  |  |
Ownership % by legacy Peoples shareholders |  |  | 40.88 | % |  |  |  |
Theoretical Penseco shares issued as consideration |  |  | 2,264,436 |  |  |  |  |
Fair value of Penseco shares at November 30, 2013 ($34.50 multiplied by 1.3636) |  | $ | 47.04 |  |  |  |  |
Fair value of theoretical Penseco shares offered |  |  |  |  |  | $ | 106,519 |
Cash paid for fractional shares |  |  |  |  |  |  | 17 |
|  |  |  |  |  | $ | 106,536 |
(A) | Excludes 9,928 shares of Penseco common shares owned by Peoples which were retired.
(B) | Excludes payment for fractional shares.
Schedule of Acquired Assets and Assumed Liabilities Measured at Estimated Fair Values |
Total Purchase Price |  |  |  |  |  | $ | 106,536 |
Net Assets Acquired: |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 6,982 |  |  |  |  |
Federal funds sold |  |  | 15,410 |  |  |  |  |
Investment securities available-for-sale |  |  | 156,435 |  |  |  |  |
Restricted equity securities |  |  | 997 |  |  |  |  |
Loans, net |  |  | 504,002 |  |  |  |  |
Accrued interest receivable |  |  | 3,625 |  |  |  |  |
Premises and equipment |  |  | 11,737 |  |  |  |  |
Core deposit and other intangible assets |  |  | 6,323 |  |  |  |  |
Other assets |  |  | 18,647 |  |  |  |  |
Deposits |  |  | (628,304 | ) |  |  |  |
Short-term borrowings |  |  | (17,737 | ) |  |  |  |
Long-term debt |  |  | (2,516 | ) |  |  |  |
Accrued interest payable |  |  | (473 | ) |  |  |  |
Other liabilities |  |  | (5,976 | ) |  |  |  |
Net assets acquired |  |  |  |  |  |  | 69,152 |
Treasury stock acquired |  |  |  |  |  |  | 412 |
Goodwill resulting from merger |  |  |  |  |  | $ | 36,972 |
Summary of Acquired Nonimpaired and Impaired Loans | The following is a summary of the acquired nonimpaired and impaired loans from the merger with Peoples:
|  | Acquired Nonimpaired Loans |  |  | Acquired Impaired Loans |
Contractually required principal and interest at acquisition |  | $ | 501,423 |  |  | $ | 19,353 |
Contractual cash flows not expected to be collected (nonaccretable discount) |  |  |  |  |  |  | (10,873 | )
Expected cash flows at acquisition |  |  | 501,423 |  |  |  | 8,480 |
Interest component of expected cash flows (accretable discount) |  |  | (4,773 | ) |  |  | (1,128 | )
Fair value of acquired loans |  | $ | 496,650 |  |  | $ | 7,352 |
Summary of Merger Related Costs | A summary of merger related costs included in the consolidated statements of income for the year ended December 31, 2013 is summarized as follows:
December 31, |  | 2013 |
Accounting |  | $ | 65 |
Legal and consulting |  |  | 1,011 |
Salaries and benefits |  |  | 1,851 |
Equipment disposition and contract termination |  |  | 709 |
System conversion/deconversion costs |  |  | 956 |
Other |  |  | 17 |
Total |  | $ | 4,609 |
Schedule of Pro Forma Condensed Combined Financial Information | The following table presents unaudited pro forma information as if the merger between Peoples and Penseco had been completed on January 1, 2011.
Years ended December 31, |  | 2013 |  |  | 2012 |  |  | 2011 |
Net interest income after loan loss provision |  | $ | 52,734 |  |  | $ | 52,917 |  |  | $ | 51,312 |
Noninterest income |  |  | 16,080 |  |  |  | 16,287 |  |  |  | 18,186 |
Noninterest expense |  |  | 52,295 |  |  |  | 49,827 |  |  |  | 56,319 |
Net income |  | $ | 16,519 |  |  | $ | 19,377 |  |  | $ | 13,179 |
Net income per share |  | $ | 2.19 |  |  | $ | 2.55 |  |  | $ | 1.73 |

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