XML 34 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8

Fair value estimates (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at June 30, 2014 and December 31, 2013 are summarized as follows:

		Fair Value Measurement Using
June 30, 2014		Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
U.S. Government-agencies		$	189							$	189
U.S. Government-sponsored enterprises			107,794								107,794
State and Municipals:
Taxable			17,156								17,156
Tax-exempt			96,768								96,768
Corporate debt securities
Mortgage-backed securities:
U.S. Government agencies			35,070								35,070
U.S. Government-sponsored enterprises			54,805								54,805
Common equity securities			541			$	541
Total		$	312,323			$	541			$	311,782

		Fair Value Measurement Using
December 31, 2013		Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
U.S. Government-agencies		$	204							$	204
U.S. Government-sponsored enterprises			113,045								113,045
State and Municipals:
Taxable			16,698								16,698
Tax-exempt			98,081								98,081
Corporate debt securities			4,387								4,387
Mortgage-backed securities:
U.S. Government agencies			20,229								20,229
U.S. Government-sponsored enterprises			45,974								45,974
Common equity securities			1,097			$	1,097
Total		$	299,715			$	1,097			$	298,618

Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

Assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2014 and December 31, 2013 are summarized as follows:

		Fair Value Measurement Using
June 30, 2014		Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans		$	1,555							$	1,555
Other real estate owned		$	34							$	34

		Fair Value Measurement Using
December 31, 2013		Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans		$	2,354							$	2,354
Other real estate owned		$	437							$	437

Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

Quantitative Information about Level 3 Fair Value Measurements

June 30, 2014

Fair Value Estimate

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Impaired loans

$

1,555

Appraisal of collateral

Appraisal adjustments

4.0% to 42.6% (19.1%)

Liquidation expenses

3.0% to 6.0% (5.5%)

Other real estate owned

$

34

Appraisal of collateral

Appraisal adjustments

6.0% to 10.0% (6.0%)

Liquidation expenses

20.0% to 30.0% (20.0%)

Quantitative Information about Level 3 Fair Value Measurements

December 31, 2013

Fair Value Estimate

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Impaired loans

$

2,354

Appraisal of collateral

Appraisal adjustments

11.0% to 33.7% (17.3%)

Liquidation expenses

3.0% to 6.0% (5.0%)

Other real estate owned

$

437

Appraisal of collateral

Appraisal adjustments

11.0% to 33.7% (17.3%)

Liquidation expenses

3.0% to 6.0% (5.0%)

Carrying and Fair Values of Financial Instruments

The carrying and fair values of the Company’s financial instruments at June 30, 2014 and December 31, 2013 and their placement within the fair value hierarchy are as follows:

										Fair Value Hierarchy
June 30, 2014		Carrying Value				Fair Value				Quoted Prices in Active Markets for Identical Assets (level 1)				Significant Other Observable Inputs (level 2)				Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents		$	77,408			$	77,408			$	77,408
Investment securities:
Available-for-sale			312,323				312,323			$	541			$	311,782
Held-to-maturity			15,915				16,072								16,072
Loans held for sale			2,757				2,757								2,757
Net loans			1,170,225				1,182,629											$	1,182,629
Accrued interest receivable			5,576				5,576								5,576
Mortgage servicing rights			798				1,440								1,440
Restricted equity securities			3,952				3,952								3,952
Financial liabilities:
Deposits		$	1,422,802			$	1,425,363								1,425,363
Short-term borrowings			14,088				14,088								14,088
Long-term debt			34,925				36,791								36,791
Accrued interest payable			580				580								580

										Fair Value Hierarchy
December 31, 2013		Carrying Value				Fair Value				Quoted Prices in Active Markets for Identical Assets (level 1)				Significant Other Observable Inputs (level 2)				Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents		$	51,310			$	51,310			$	51,310
Investment securities:
Available-for-sale			299,715				299,715			$	1,097			$	298,618
Held-to-maturity			17,295				17,175								17,175
Loans held for sale			1,757				1,757								1,757
Net loans			1,167,966				1,180,387											$	1,180,387
Accrued interest receivable			5,866				5,866								5,866
Mortgage servicing rights			880				1,440								1,440
Restricted equity securities			4,102				4,102								4,102
Financial liabilities:
Deposits		$	1,379,507			$	1,381,946								1,381,946
Short-term borrowings			22,052				22,052								22,052
Long-term debt			36,743				37,468								37,468
Accrued interest payable			723				723								723

X

- Definition

Schedule Of Assets And Liabilities Measured At Fair Value On Non Recurring Basis Table [Text Block]

+ References

No definition available.

+ Details

Name:	pfis_ScheduleOfAssetsAndLiabilitiesMeasuredAtFairValueOnNonRecurringBasisTableTextBlock
Namespace Prefix:	pfis_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (bbb)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration