v3.25.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-sale Investment Securities
The following table summarizes Peoples' available-for-sale investment securities:

(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2025    
Obligations of:    
U.S. Treasury and government agencies$13,716 $180 $(16)$13,880 
U.S. government sponsored agencies220,999 220 (10,363)210,856 
States and political subdivisions220,234 51 (26,922)193,363 
Residential mortgage-backed securities650,746 1,942 (76,147)576,541 
Commercial mortgage-backed securities59,897 1 (7,199)52,699 
Bank-issued trust preferred securities4,500 4 (346)4,158 
Total available-for-sale securities$1,170,092 $2,398 $(120,993)$1,051,497 
December 31, 2024    
Obligations of:    
U.S. Treasury and government agencies$15,317 $87 $(208)$15,196 
U.S. government sponsored agencies224,167 53 (15,137)209,083 
States and political subdivisions225,074 16 (28,789)196,301 
Residential mortgage-backed securities693,886 1,391 (93,475)601,802 
Commercial mortgage-backed securities64,438 36 (9,409)55,065 
Bank-issued trust preferred securities6,500 — (392)6,108 
Total available-for-sale securities$1,229,382 $1,583 $(147,410)$1,083,555 
Summary of Gross Gains and Losses from Sales of Available-for-sale Securities The gross gains and losses realized by Peoples from sales or prepayments of available-for-sale securities for the periods ended June 30 were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(Dollars in thousands)2025202420252024
Gross gains realized$— $— $25 $— 
Gross losses realized— (353)(27)(354)
Net loss realized$— $(353)$(2)$(354)
Summary of Available-for-sale Securities with Unrealized Loss
The following table presents a summary of available-for-sale investment securities that have been in a continuous unrealized loss position for the periods identified:
 Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized Loss
June 30, 2025        
Obligations of:
U.S. Treasury and government agencies
$983 $5 4 $1,578 $11 7 $2,561 $16 
U.S. government sponsored agencies
106,894 3,443 24 72,437 6,920 13 179,331 10,363 
States and political subdivisions17,399 1,056 34 164,776 25,866 151 182,175 26,922 
Residential mortgage-backed securities
57,009 1,117 42 463,844 75,030 252 520,853 76,147 
Commercial mortgage-backed securities
8,210 58 7 44,367 7,141 23 52,577 7,199 
Bank-issued trust preferred securities
— — — 3,653 346 2 3,653 346 
Total$190,495 $5,679 111 $750,655 $115,314 448 $941,150 $120,993 
December 31, 2024        
Obligations of:
U.S. Treasury and government agencies
$10,003 $174 11 $2,299 $34 10 $12,302 $208 
U.S. government sponsored agencies
130,518 5,816 27 70,982 9,321 13 201,500 15,137 
States and political subdivisions28,400 1,188 55 160,210 27,601 138 188,610 28,789 
Residential mortgage-backed securities
85,043 2,300 69 482,609 91,175 256 567,652 93,475 
Commercial mortgage-backed securities
2,868 93 5 46,619 9,316 24 49,487 9,409 
Bank-issued trust preferred securities
493 7 1 5,614 385 3 6,107 392 
Total$257,325 $9,578 168 $768,333 $137,832 444 $1,025,658 $147,410 
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, 2025. 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 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. Treasury and government agencies$588$1,274$6,463$5,391$13,716
U.S. government sponsored agencies1,49367,70373,89877,905220,999
States and political subdivisions7,94638,88579,33194,072220,234
Residential mortgage-backed securities193,71949,248597,760650,746
Commercial mortgage-backed securities9959,91225,97623,01459,897
Bank-issued trust preferred securities—1,5003,000—4,500
Total available-for-sale securities$11,041$122,993$237,916$798,142$1,170,092
Fair value     
Obligations of:     
U.S. Treasury and government agencies$587$1,276$6,614$5,403$13,880
U.S. government sponsored agencies1,46563,62271,18874,581210,856
States and political subdivisions7,87837,13868,78579,562193,363
Residential mortgage-backed securities193,65446,348526,520576,541
Commercial mortgage-backed securities9949,29822,70619,70152,699
Bank-issued trust preferred securities—1,4672,691—4,158
Total available-for-sale securities$10,943$116,455$218,332$705,767$1,051,497
Total weighted-average yield2.81 %2.00 %2.87 %2.76 %2.70 %
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at June 30, 2025. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a federal statutory corporate income tax rate of 21% at June 30, 2025. 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 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. government sponsored agencies$2,926$5,691$153,914$136,652$299,183
States and political subdivisions2,7996,58023,210109,730142,319
Residential mortgage-backed securities94—3,703356,762360,559
Commercial mortgage-backed securities2,00010,77034,06851,35798,195
Total held-to-maturity investment securities$7,819$23,041$214,895$654,501$900,256
Fair value     
Obligations of:     
U.S. government sponsored agencies$2,864$5,368$153,667$129,391$291,290
States and political subdivisions2,7936,32719,17384,157112,450
Residential mortgage-backed securities93—3,352340,459343,904
Commercial mortgage-backed securities2,00010,00430,03141,93283,967
Total held-to-maturity investment securities$7,750$21,699$206,223$595,939$831,611
Total weighted-average yield1.91%1.90%4.15%4.02%3.98%
Summary of Held-to-maturity Investment Securities
The following table summarizes Peoples’ held-to-maturity investment securities:
(Dollars in thousands)Amortized CostAllowance for Credit Losses Gross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2025    
Obligations of:   
 U.S. government sponsored agencies$299,183 $— $468 $(8,361)$291,290 
States and political subdivisions142,319 (237)109 (29,741)112,450 
Residential mortgage-backed securities360,559 — 1,703 (18,358)343,904 
Commercial mortgage-backed securities98,195 — — (14,228)83,967 
Total held-to-maturity investment securities$900,256 $(237)$2,280 $(70,688)$831,611 
December 31, 2024    
Obligations of:    
U.S. government sponsored agencies$233,302 $— $219 $(10,227)$223,294 
States and political subdivisions142,691 (237)110 (31,716)110,848 
Residential mortgage-backed securities300,290 — 281 (24,293)276,278 
Commercial mortgage-backed securities98,754 — — (16,675)82,079 
Total held-to-maturity investment securities$775,037 $(237)$610 $(82,911)$692,499 
Summary of Held-to-maturity Securities with Unrealized Loss
The following table presents a summary of held-to-maturity investment securities that had been in a continuous unrealized loss position for the periods identified:
 Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized Loss
June 30, 2025        
Obligations of:
U.S. government sponsored agencies$137,853 $1,552 25 $37,108 $6,809 10 $174,961 $8,361 
States and political subdivisions895 107 1 108,382 29,634 66 109,277 29,741 
Residential mortgage-backed securities
58,212 988 11 129,811 17,370 43 188,023 18,358 
Commercial mortgage-backed securities
6,779 99 2 75,188 14,129 32 81,967 14,228 
Total$203,739 $2,746 39 $350,489 $67,942 151 $554,228 $70,688 
December 31, 2024        
Obligations of:
U.S. government sponsored agencies$150,390 $2,464 29 $38,901 $7,763 11 $189,291 $10,227 
States and political subdivisions957 44 1 106,716 31,672 66 107,673 31,716 
Residential mortgage-backed securities
116,576 2,808 27 130,556 21,485 43 247,132 24,293 
Commercial mortgage-backed securities
9,603 1,381 5 70,476 15,294 29 80,079 16,675 
Total$277,526 $6,697 62 $346,649 $76,214 149 $624,175 $82,911 
Summary of Other Investment Securities
The following table summarizes the carrying value of Peoples' other investments:
(Dollars in thousands)June 30, 2025December 31, 2024
FHLB stock$30,501 $24,606 
FRB stock27,114 27,114 
Nonqualified deferred compensation5,703 4,898 
Equity investment securities3,351 2,645 
Other investments869 869 
Total other investments$67,538 $60,132 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)June 30, 2025December 31, 2024
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$491,562 $505,963 
     Held-to-maturity614,012 563,014 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale3,050 3,119 
     Held-to-maturity1,200 1,215 
Loans pledged are summarized as follows:
(Dollars in thousands)June 30, 2025December 31, 2024
Loans pledged to FHLB$1,221,706 $1,218,496 
Loans pledged to FRB497,496 527,989