of larger or similar sized financial institutions encountering problems , which may adversely affect the banking industry and or peoples ' business generation and retention , funding and liquidity ; ( 18 ) the costs and effects of regulatory and legal developments , including the outcome of potential regulatory or other governmental inquiries and legal proceedings and results of regulatory examinations ; ( 19 ) peoples ' ability to secure confidential information through the use of computer systems and telecommunications networks , including those of peoples ' third-party vendors and other service providers , may prove inadequate , which could adversely affect customer confidence in peoples and or result in peoples incurring a financial loss ; ( 20 ) the overall adequacy of peoples ' risk management program ; ( 21 ) the impact on peoples ' businesses , as well as on the risks described above , of various domestic or international military or terrorist activities or conflicts ; and ( 22 ) other risk factors relating to the banking industry or peoples as detailed from time to time in peoples ' reports filed with the sec , including those risk factors included in the disclosures under the heading `` item 1a . risk factors `` of this form 10-k. all forward-looking statements speak only as of the filing date of this form 10-k and are expressly qualified in their entirety by the cautionary statements . although management believes the expectations in these forward-looking statements are based on reasonable assumptions within the bounds of management 's knowledge of peoples ' business and operations , it is possible that actual results may differ materially from these projections . additionally , peoples undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the filing date of this form 10-k or to reflect the occurrence of unanticipated events except as may be required by applicable legal requirements . copies of documents filed with the sec are available free of charge at the sec 's website at www.sec.gov and or from peoples ' website – www.peoplesbancorp.com under the `` investor relations `` section . the following discussion and analysis of peoples ' consolidated financial statements is presented to provide insight into management 's assessment of the financial results and condition for the periods presented . this discussion and analysis should be read in conjunction with the audited consolidated financial statements and notes thereto , as well as the ratios and statistics , contained elsewhere in this form 10-k. summary of significant transactions and events the following is a summary of transactions or events that have impacted or are expected by management to impact peoples ' results of operations or financial condition : ◦ on january 6 , 2016 , peoples bank acquired a small financial advisory book of business in marietta , ohio for cash consideration of $ 0.5 million . this acquisition did not materially impact peoples ' financial position , results of operations or cash flows . ◦ during 2015 , peoples recorded aggregate charge-offs of $ 13.1 million on a single impaired commercial loan relationship consisting of four impaired loans . as of december 31 , 2015 , peoples net recorded investment with respect to these loans was zero . ◦ on december 30 , 2015 , peoples announced that peoples bank , national association , the banking subsidiary of peoples , converted from a national banking association into an ohio state-chartered bank which is a member of the federal reserve system . as a result of the charter conversion , the legal name of peoples ' banking subsidiary was changed to `` peoples bank `` and the converted bank will continue to operate under the trade name and federally registered service mark `` peoples bank . `` additionally , peoples ' banking subsidiary will see a reduction in the annual cost associated with regulatory examination fees commencing in 2016 . ◦ on november 3 , 2015 , peoples announced that its board of directors approved and adopted a share repurchase program authorizing peoples to purchase , from time to time , up to an aggregate of $ 20 million of its outstanding common shares . as of february 24 , 2016 , peoples had repurchased an aggregate of 253,870 common shares with a total cost of $ 4.5 million , although none of these common shares was purchased in 2015 . ◦ on july 24 , 2015 , peoples repaid the principal balance of the $ 12.0 million term loan then outstanding under the amended loan agreement described in note 9 of the notes to the consolidated financial statements . there were no early termination fees associated with the repayment . the revolving credit loan commitment available under the amended loan agreement remains outstanding . 29 ◦ on july 21 , 2015 , peoples insurance acquired an insurance agency and related customer accounts in the lebanon , ohio area for total cash consideration of $ 0.9 million , and recorded $ 0.5 million of customer relationship intangibles and $ 0.4 million of goodwill . ◦ at the close of business on march 6 , 2015 , peoples completed the acquisition of nb & t financial group , inc. ( `` nb & t `` ) . under the terms of the merger agreement , peoples paid $ 7.75 in cash and 0.9319 in peoples ' common shares for each of the 3,442,329 outstanding nb & t common shares for a total consideration of $ 102.7 million . nb & t merged into peoples and nb & t 's wholly-owned subsidiary , the national bank and trust company , which operated 22 full-service branches in southwest ohio , merged into peoples bank . the acquisition added $ 384.6 million of loans and $ 629.5 million of deposits at the acquisition date , after acquisition accounting adjustments . story_separator_special_tag potential goodwill impairment exists when the fair value of the reporting unit ( as defined by us gaap ) is less than its carrying value . an impairment loss is recognized in earnings only when the carrying amount of goodwill is less than its implied fair value . the process of evaluating goodwill for impairment involves highly subjective or complex judgments , estimates and assumptions regarding the fair value of peoples ' reporting unit and , in some cases , goodwill itself . as a result , changes to these judgments , estimates and assumptions in future periods could result in materially different results . peoples currently possesses a single reporting unit for goodwill impairment testing . while quoted market prices exist for peoples ' common shares since they are publicly traded , these market prices do not necessarily reflect the value associated with gaining control of an entity . thus , management takes into account all appropriate fair value measurements in determining the estimated fair value of the reporting unit . the measurement of any actual impairment loss requires management to calculate the implied fair value of goodwill by deducting the fair value of all tangible and separately identifiable intangible net assets ( including unrecognized intangible assets ) from the fair value of the reporting unit . the fair value of net tangible assets is calculated using the methodologies described in note 2 of the notes to the consolidated financial statements . peoples performs its required annual impairment test as of june 30 each year . the goodwill impairment test consists of a two-step process that includes ( 1 ) determining if potential goodwill impairment exists and ( 2 ) measuring the impairment loss , if any . at june 30 , 2015 , management 's analysis concluded that the estimated fair value of peoples ' single reporting unit exceeded its carrying value . the analysis also included an assessment of events and circumstances considering several key factors such as economic and local market conditions , overall financial performance , changes in management or key personnel , and share price . peoples is required to perform interim tests for goodwill impairment in subsequent quarters if events occur or circumstances change that indicate potential goodwill impairment exists , such as adverse changes to peoples ' business or a significant decline in peoples ' market capitalization . at december 31 , 2015 , peoples completed the interim test for goodwill , and due to potential indicators continued the analysis related to the first step of the goodwill impairment test . peoples utilized the income approach and market approach analysis in determining that the fair value of the reporting unit exceeded the carrying amount and that the goodwill of the reporting unit was not considered impaired . therefore , peoples did not complete the second step of the goodwill impairment test . for further information regarding goodwill , refer to note 6 of the notes to the consolidated financial statements . peoples records servicing rights ( “ srs ” ) in connection with its mortgage banking and small business lending activities , which are intangible assets representing the right to service loans sold to third-party investors . these intangible assets are recorded initially at fair value and subsequently amortized over the estimated life of the loans sold . srs are stratified based on their predominant risk characteristics and assessed for impairment at the strata level at each reporting date based on their fair value . at december 31 , 2015 , management concluded no portion of the recorded srs was impaired since the fair value equaled or exceeded the carrying value . however , future events , such as a significant increase in prepayment speeds , could result in a fair value that is less than the carrying amount , which would require the recognition of an impairment loss in earnings . income taxes income taxes are recorded based on the liability method of accounting , which includes the recognition of deferred tax assets and liabilities for the temporary differences between carrying amounts and tax bases of assets and liabilities , computed using enacted tax rates . in general , peoples records deferred tax assets when the event giving rise to the tax benefit has been recognized in the consolidated financial statements . a valuation allowance is recognized to reduce any deferred tax asset that , based upon available information , it is more-likely-than-not all , or any portion , of the deferred tax asset will not be realized . assessing the need for , and amount of , a valuation allowance for deferred tax assets requires significant judgment and analysis of evidence regarding realization of the deferred tax assets . in most cases , the realization of deferred tax assets is dependent upon peoples generating a sufficient level of taxable income in future periods , which can be difficult to predict . peoples ' largest 33 deferred tax assets involve differences related to peoples ' allowance for loan losses and accrued employee benefits . at december 31 , 2015 , management determined a valuation allowance would be recorded against the deferred tax assets associated with its investment in a partnership investment . no other valuation allowances were needed at either december 31 , 2015 or 2014 . the calculation of tax liabilities is complex and requires the use of estimates and judgment since it involves the application of complex tax laws that are subject to different interpretations by peoples and the various tax authorities . peoples ' interpretations are subject to challenge by the tax authorities upon audit or to reinterpretation based on management 's ongoing assessment of facts and evolving case law . from time-to-time and in the ordinary course of business , peoples is involved in inquiries and reviews by tax authorities that normally require management to provide supplemental information to support certain tax positions taken by peoples in its tax returns . uncertain tax positions are initially recognized

cash and cash equivalents peoples considers cash and cash equivalents to consist of federal funds sold , cash and balances due from banks , interest-bearing balances in other institutions and other short-term investments that are readily liquid . the amount of cash and cash equivalents fluctuates on a daily basis due to customer activity and peoples ' liquidity needs . at december 31 , 2015 , excess cash reserves at the federal reserve bank were $ 8.7 million , compared to $ 12.4 million at december 31 , 2014 . the amount of excess cash reserves maintained is dependent upon peoples ' daily liquidity position , which is driven primarily by changes in deposit and loan balances . in 2015 , peoples ' total cash and cash equivalents increased $ 9.7 million , as cash provided by peoples ' operating activities of $ 47.9 million was partially offset by cash used in financing activities of $ 37.1 million and investing activities of $ 1.1 million . cash provided by investing activities from business combinations of $ 97.3 million was offset by activities in available-for-sale securities of $ 12.8 million and funded loan growth of $ 77.9 million . within peoples ' financing activities , the decrease in interest-bearing deposits was tempered by an increase in non-interest bearing deposits of $ 99.3 million . the paydown of long-term borrowings of $ 72.4 million was substantially offset by an increase of $ 72.1 million in short term borrowings .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash and cash equivalents peoples considers cash and cash equivalents to consist of federal funds sold , cash and balances due from banks , interest-bearing balances in other institutions and other short-term investments that are readily liquid . the amount of cash and cash equivalents fluctuates on a daily basis due to customer activity and peoples ' liquidity needs . at december 31 , 2015 , excess cash reserves at the federal reserve bank were $ 8.7 million , compared to $ 12.4 million at december 31 , 2014 . the amount of excess cash reserves maintained is dependent upon peoples ' daily liquidity position , which is driven primarily by changes in deposit and loan balances . in 2015 , peoples ' total cash and cash equivalents increased $ 9.7 million , as cash provided by peoples ' operating activities of $ 47.9 million was partially offset by cash used in financing activities of $ 37.1 million and investing activities of $ 1.1 million . cash provided by investing activities from business combinations of $ 97.3 million was offset by activities in available-for-sale securities of $ 12.8 million and funded loan growth of $ 77.9 million . within peoples ' financing activities , the decrease in interest-bearing deposits was tempered by an increase in non-interest bearing deposits of $ 99.3 million . the paydown of long-term borrowings of $ 72.4 million was substantially offset by an increase of $ 72.1 million in short term borrowings .
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 Suspicious Activity Report : of larger or similar sized financial institutions encountering problems , which may adversely affect the banking industry and or peoples ' business generation and retention , funding and liquidity ; ( 18 ) the costs and effects of regulatory and legal developments , including the outcome of potential regulatory or other governmental inquiries and legal proceedings and results of regulatory examinations ; ( 19 ) peoples ' ability to secure confidential information through the use of computer systems and telecommunications networks , including those of peoples ' third-party vendors and other service providers , may prove inadequate , which could adversely affect customer confidence in peoples and or result in peoples incurring a financial loss ; ( 20 ) the overall adequacy of peoples ' risk management program ; ( 21 ) the impact on peoples ' businesses , as well as on the risks described above , of various domestic or international military or terrorist activities or conflicts ; and ( 22 ) other risk factors relating to the banking industry or peoples as detailed from time to time in peoples ' reports filed with the sec , including those risk factors included in the disclosures under the heading `` item 1a . risk factors `` of this form 10-k. all forward-looking statements speak only as of the filing date of this form 10-k and are expressly qualified in their entirety by the cautionary statements . although management believes the expectations in these forward-looking statements are based on reasonable assumptions within the bounds of management 's knowledge of peoples ' business and operations , it is possible that actual results may differ materially from these projections . additionally , peoples undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the filing date of this form 10-k or to reflect the occurrence of unanticipated events except as may be required by applicable legal requirements . copies of documents filed with the sec are available free of charge at the sec 's website at www.sec.gov and or from peoples ' website – www.peoplesbancorp.com under the `` investor relations `` section . the following discussion and analysis of peoples ' consolidated financial statements is presented to provide insight into management 's assessment of the financial results and condition for the periods presented . this discussion and analysis should be read in conjunction with the audited consolidated financial statements and notes thereto , as well as the ratios and statistics , contained elsewhere in this form 10-k. summary of significant transactions and events the following is a summary of transactions or events that have impacted or are expected by management to impact peoples ' results of operations or financial condition : ◦ on january 6 , 2016 , peoples bank acquired a small financial advisory book of business in marietta , ohio for cash consideration of $ 0.5 million . this acquisition did not materially impact peoples ' financial position , results of operations or cash flows . ◦ during 2015 , peoples recorded aggregate charge-offs of $ 13.1 million on a single impaired commercial loan relationship consisting of four impaired loans . as of december 31 , 2015 , peoples net recorded investment with respect to these loans was zero . ◦ on december 30 , 2015 , peoples announced that peoples bank , national association , the banking subsidiary of peoples , converted from a national banking association into an ohio state-chartered bank which is a member of the federal reserve system . as a result of the charter conversion , the legal name of peoples ' banking subsidiary was changed to `` peoples bank `` and the converted bank will continue to operate under the trade name and federally registered service mark `` peoples bank . `` additionally , peoples ' banking subsidiary will see a reduction in the annual cost associated with regulatory examination fees commencing in 2016 . ◦ on november 3 , 2015 , peoples announced that its board of directors approved and adopted a share repurchase program authorizing peoples to purchase , from time to time , up to an aggregate of $ 20 million of its outstanding common shares . as of february 24 , 2016 , peoples had repurchased an aggregate of 253,870 common shares with a total cost of $ 4.5 million , although none of these common shares was purchased in 2015 . ◦ on july 24 , 2015 , peoples repaid the principal balance of the $ 12.0 million term loan then outstanding under the amended loan agreement described in note 9 of the notes to the consolidated financial statements . there were no early termination fees associated with the repayment . the revolving credit loan commitment available under the amended loan agreement remains outstanding . 29 ◦ on july 21 , 2015 , peoples insurance acquired an insurance agency and related customer accounts in the lebanon , ohio area for total cash consideration of $ 0.9 million , and recorded $ 0.5 million of customer relationship intangibles and $ 0.4 million of goodwill . ◦ at the close of business on march 6 , 2015 , peoples completed the acquisition of nb & t financial group , inc. ( `` nb & t `` ) . under the terms of the merger agreement , peoples paid $ 7.75 in cash and 0.9319 in peoples ' common shares for each of the 3,442,329 outstanding nb & t common shares for a total consideration of $ 102.7 million . nb & t merged into peoples and nb & t 's wholly-owned subsidiary , the national bank and trust company , which operated 22 full-service branches in southwest ohio , merged into peoples bank . the acquisition added $ 384.6 million of loans and $ 629.5 million of deposits at the acquisition date , after acquisition accounting adjustments . story_separator_special_tag potential goodwill impairment exists when the fair value of the reporting unit ( as defined by us gaap ) is less than its carrying value . an impairment loss is recognized in earnings only when the carrying amount of goodwill is less than its implied fair value . the process of evaluating goodwill for impairment involves highly subjective or complex judgments , estimates and assumptions regarding the fair value of peoples ' reporting unit and , in some cases , goodwill itself . as a result , changes to these judgments , estimates and assumptions in future periods could result in materially different results . peoples currently possesses a single reporting unit for goodwill impairment testing . while quoted market prices exist for peoples ' common shares since they are publicly traded , these market prices do not necessarily reflect the value associated with gaining control of an entity . thus , management takes into account all appropriate fair value measurements in determining the estimated fair value of the reporting unit . the measurement of any actual impairment loss requires management to calculate the implied fair value of goodwill by deducting the fair value of all tangible and separately identifiable intangible net assets ( including unrecognized intangible assets ) from the fair value of the reporting unit . the fair value of net tangible assets is calculated using the methodologies described in note 2 of the notes to the consolidated financial statements . peoples performs its required annual impairment test as of june 30 each year . the goodwill impairment test consists of a two-step process that includes ( 1 ) determining if potential goodwill impairment exists and ( 2 ) measuring the impairment loss , if any . at june 30 , 2015 , management 's analysis concluded that the estimated fair value of peoples ' single reporting unit exceeded its carrying value . the analysis also included an assessment of events and circumstances considering several key factors such as economic and local market conditions , overall financial performance , changes in management or key personnel , and share price . peoples is required to perform interim tests for goodwill impairment in subsequent quarters if events occur or circumstances change that indicate potential goodwill impairment exists , such as adverse changes to peoples ' business or a significant decline in peoples ' market capitalization . at december 31 , 2015 , peoples completed the interim test for goodwill , and due to potential indicators continued the analysis related to the first step of the goodwill impairment test . peoples utilized the income approach and market approach analysis in determining that the fair value of the reporting unit exceeded the carrying amount and that the goodwill of the reporting unit was not considered impaired . therefore , peoples did not complete the second step of the goodwill impairment test . for further information regarding goodwill , refer to note 6 of the notes to the consolidated financial statements . peoples records servicing rights ( “ srs ” ) in connection with its mortgage banking and small business lending activities , which are intangible assets representing the right to service loans sold to third-party investors . these intangible assets are recorded initially at fair value and subsequently amortized over the estimated life of the loans sold . srs are stratified based on their predominant risk characteristics and assessed for impairment at the strata level at each reporting date based on their fair value . at december 31 , 2015 , management concluded no portion of the recorded srs was impaired since the fair value equaled or exceeded the carrying value . however , future events , such as a significant increase in prepayment speeds , could result in a fair value that is less than the carrying amount , which would require the recognition of an impairment loss in earnings . income taxes income taxes are recorded based on the liability method of accounting , which includes the recognition of deferred tax assets and liabilities for the temporary differences between carrying amounts and tax bases of assets and liabilities , computed using enacted tax rates . in general , peoples records deferred tax assets when the event giving rise to the tax benefit has been recognized in the consolidated financial statements . a valuation allowance is recognized to reduce any deferred tax asset that , based upon available information , it is more-likely-than-not all , or any portion , of the deferred tax asset will not be realized . assessing the need for , and amount of , a valuation allowance for deferred tax assets requires significant judgment and analysis of evidence regarding realization of the deferred tax assets . in most cases , the realization of deferred tax assets is dependent upon peoples generating a sufficient level of taxable income in future periods , which can be difficult to predict . peoples ' largest 33 deferred tax assets involve differences related to peoples ' allowance for loan losses and accrued employee benefits . at december 31 , 2015 , management determined a valuation allowance would be recorded against the deferred tax assets associated with its investment in a partnership investment . no other valuation allowances were needed at either december 31 , 2015 or 2014 . the calculation of tax liabilities is complex and requires the use of estimates and judgment since it involves the application of complex tax laws that are subject to different interpretations by peoples and the various tax authorities . peoples ' interpretations are subject to challenge by the tax authorities upon audit or to reinterpretation based on management 's ongoing assessment of facts and evolving case law . from time-to-time and in the ordinary course of business , peoples is involved in inquiries and reviews by tax authorities that normally require management to provide supplemental information to support certain tax positions taken by peoples in its tax returns . uncertain tax positions are initially recognized

