v3.25.2
Loans and Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Summary of Loans by Classification
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,
2025		December 31, 2024
Construction$341,313 $328,388 
Commercial real estate, other2,248,214 2,156,013 
Commercial and industrial1,407,382 1,347,645 
Premium finance277,622 269,435 
Leases400,052 406,598 
Residential real estate877,968 835,101 
Home equity lines of credit241,785 232,661 
Consumer, indirect692,674 669,857 
Consumer, direct113,615 111,052 
Deposit account overdrafts964 1,253 
Total loans, at amortized cost$6,601,589 $6,358,003 
Summary of Nonaccrual and Past Due Loans
The amortized cost of loans on nonaccrual status and of loans delinquent for 90 days or more and accruing was as follows:
June 30, 2025December 31, 2024
(Dollars in thousands)
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Commercial real estate, other4,824 494 7,136 227 
Commercial and industrial5,514 36 6,809 78 
Premium finance— 3,533 — 4,947 
Leases11,907 547 8,850 803 
Residential real estate8,028 1,192 7,329 2,166 
Home equity lines of credit1,339 108 1,498 213 
Consumer, indirect2,697 98 2,374 159 
Consumer, direct176 118 133 44 
Total loans, at amortized cost$34,485 $6,126 $34,129 $8,637 
(a) There were $0.0 million and $5.7 million of nonaccrual loans for which there was no allowance for credit losses at June 30, 2025 and at December 31, 2024, respectively.
Summary of Aging of The Recorded Investment In Past Due Loans and Leases
The following table presents the aging of the amortized cost of past due loans:
Loans Past Due
Current
Loans
Total
Loans
(Dollars in thousands)30 - 59 days60 - 89 days90 + DaysTotal
June 30, 2025
Construction$— $— $— $— $341,313 $341,313 
Commercial real estate, other1,762 471 2,767 5,000 2,243,214 2,248,214 
Commercial and industrial1,814 5,058 3,189 10,061 1,397,321 1,407,382 
Premium finance1,921 1,227 3,533 6,681 270,941 277,622 
Leases2,595 3,178 12,150 17,923 382,129 400,052 
Residential real estate1,881 2,746 4,169 8,796 869,172 877,968 
Home equity lines of credit1,697 362 687 2,746 239,039 241,785 
Consumer, indirect5,770 1,228 1,228 8,226 684,448 692,674 
Consumer, direct523 170 196 889 112,726 113,615 
Deposit account overdrafts— — — — 964 964 
Total loans, at amortized cost$17,963 $14,440 $27,919 $60,322 $6,541,267 $6,601,589 
December 31, 2024
Construction$— $— $— $— $328,388 $328,388 
Commercial real estate, other1,300 1,585 6,008 8,893 2,147,120 2,156,013 
Commercial and industrial1,651 583 4,551 6,785 1,340,860 1,347,645 
Premium finance3,863 456 4,947 9,266 260,169 269,435 
Leases10,941 5,241 9,575 25,757 380,841 406,598 
Residential real estate11,481 3,038 5,271 19,790 815,311 835,101 
Home equity lines of credit1,473 317 1,093 2,883 229,778 232,661 
Consumer, indirect7,568 1,522 1,326 10,416 659,441 669,857 
Consumer, direct884 113 138 1,135 109,917 111,052 
Deposit account overdrafts— — — — 1,253 1,253 
Total loans, at amortized cost$39,161 $12,855 $32,909 $84,925 $6,273,078 $6,358,003 
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 
Summary of Loans by Risk Category
The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the most recent analysis performed at June 30, 2025:
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20252024202320222021PriorRevolving Loans
Total
Loans
Construction

  Pass$27,127 $111,863 $153,579 $34,756 $6,531 $4,812 $— $512 $338,668 
  Substandard— — 1,137 1,508 — — — — 2,645 
     Total27,127 111,863 154,716 36,264 6,531 4,812 — 512 341,313 
Current period gross charge-offs (a)— — — — — — — 
Commercial real estate, other

  Pass164,160 146,985 303,272 375,546 371,508 736,658 41,456 1,960 2,139,585 
  Special mention84 412 2,300 10,038 10,284 28,900 2,213 47 54,231 
  Substandard— 144 1,401 5,289 9,840 35,310 565 2,449 52,549 
  Doubtful— — — — — 1,849 — — 1,849 
     Total164,244 147,541 306,973 390,873 391,632 802,717 44,234 4,456 2,248,214 
Current period gross charge-offs (a)— — — 156 — 94 250 
Commercial and industrial
  Pass146,063 262,641 193,126 114,098 122,694 221,633 243,170 1,663 1,303,425 
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20252024202320222021PriorRevolving Loans
Total
Loans
  Special mention751 69 5,419 3,633 6,405 6,940 39,428 — 62,645 
  Substandard— 4,572 3,679 10,541 7,642 3,825 8,992 6,193 39,251 
  Doubtful— — — 2,015 — 46 — — 2,061 
     Total146,814 267,282 202,224 130,287 136,741 232,444 291,590 7,856 1,407,382 
Current period gross charge-offs (a)— 19 161 25 157 574 936 
Premium Finance
Pass219,845 57,030 699 48 — — — — 277,622 
Total219,845 57,030 699 48 — — — — 277,622 
Current period gross charge-offs (a)— 72 68 24 — — 164 
Leases
Pass99,433 121,736 100,984 42,539 16,020 4,921 — — 385,633 
Special mention125 760 912 434 322 — — — 2,553 
Substandard73 1,230 2,906 1,492 414 2 — — 6,117 
Doubtful— 1,446 2,358 1,728 208 9 — — 5,749 
Total99,631 125,172 107,160 46,193 16,964 4,932 — — 400,052 
Current period gross charge-offs (a)— 1,028 4,166 4,151 945 463 10,753 
Residential real estate
Pass56,495 72,857 62,916 81,391 123,016 470,942 — — 867,617 
Substandard— 208 882 389 899 7,909 — — 10,287 
Loss— 5 4 — — 55 — — 64 
     Total56,495 73,070 63,802 81,780 123,915 478,906 — — 877,968 
Current period gross charge-offs (a)— — 27 8 27 80 142 
Home equity lines of credit
Pass24,575 54,046 35,275 36,509 25,521 64,913 22 3,385 240,861 
Substandard— — 75 250 16 573 — — 914 
Loss— — — — — 10 — — 10 
     Total24,575 54,046 35,350 36,759 25,537 65,496 22 3,385 241,785 
Current period gross charge-offs (a)— — 12 — — — 12 
Consumer, indirect
Pass159,626 204,525 140,708 113,985 40,060 30,557 — — 689,461 
Substandard224 661 651 706 437 397 — — 3,076 
Loss53 37 17 — 2 28 — — 137 
     Total159,903 205,223 141,376 114,691 40,499 30,982 — — 692,674 
Current period gross charge-offs (a)194 1,166 1,206 685 210 98 3,559 
Consumer, direct
Pass34,502 30,376 19,898 16,031 6,840 5,686 — — 113,333 
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20252024202320222021PriorRevolving Loans
Total
Loans
Substandard— 27 89 60 43 52 — — 271 
Loss— 1 1 9 — — — — 11 
     Total34,502 30,404 19,988 16,100 6,883 5,738 — — 113,615 
Current period gross charge-offs (a)21 89 49 70 13 9 251 
Deposit account overdrafts964 — — — — — — — 964 
Current period gross charge-offs (a)522 — — — — — 522 
Total loans, at amortized cost934,100 1,071,631 1,032,288 852,995 748,702 1,626,027 335,846 16,209 6,601,589 
Total current period gross charge-offs (a)$737 $2,374 $5,689 $5,119 $1,352 $1,318 $16,589 
(a) Current period gross charge-offs are for the six months ended as of June 30, 2025.
The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the then most recent analysis performed at December 31, 2024:
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20242023202220212020PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
Construction

  Pass$69,862 $162,605 $47,133 $30,592 $1,845 $13,540 $— $— $325,577 
  Special mention— — — — — 115 — — 115 
  Substandard— 1,161 1,535 — — — — — 2,696 
     Total69,862 163,766 48,668 30,592 1,845 13,655 — — 328,388 
Current period gross charge-offs (a)— — — — — — — 
Commercial real estate, other

  Pass130,971 219,105 366,256 337,905 201,367 751,415 41,122 — 2,048,141 
  Special mention271 2,923 11,876 7,197 5,107 10,689 288 — 38,351 
  Substandard145 1,073 2,460 18,851 9,234 37,136 612 — 69,511 
  Doubtful— — — — — 10 — — 10 
     Total131,387 223,101 380,592 363,953 215,708 799,250 42,022 — 2,156,013 
Current period gross charge-offs (a)— — 376 — — 55 431 
Commercial and industrial
  Pass311,631 202,929 134,558 148,288 66,102 152,143 229,821 4,779 1,245,472 
  Special mention779 9,019 10,886 4,449 12,049 13,537 19,465 — 70,184 
  Substandard200 99 4,791 11,429 3,850 4,430 5,045 49 29,844 
  Doubtful— — 1,987 — — 158 — — 2,145 
     Total312,610 212,047 152,222 164,166 82,001 170,268 254,331 4,828 1,347,645 
Current period gross charge-offs (a)— 14 — 17 105 532 668 
Premium finance
  Pass265,504 3,837 94 — — — — — 269,435 
Total265,504 3,837 94 — — — — — 269,435 
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20242023202220212020PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
Current period gross charge-offs (a)67 109 33 — — — 209 
Leases
Pass175,449 125,664 61,064 24,181 4,661 2,153 — — 393,172 
Special mention791 1,529 1,140 365 5 — — — 3,830 
Substandard351 2,108 1,777 193 8 — — — 4,437 
Doubtful170 2,127 1,859 624 110 269 — — 5,159 
Total176,761 131,428 65,840 25,363 4,784 2,422 — — 406,598 
Current period gross charge-offs (a)1,315 5,623 5,421 2,308 301 138 15,106 
Residential real estate
  Pass77,130 66,712 85,045 128,359 52,090 414,574 — — 823,910 
  Substandard321 1,088 161 980 306 8,087 — — 10,943 
   Loss— 4 — — — 244 — — 248 
     Total77,451 67,804 85,206 129,339 52,396 422,905 — — 835,101 
Current period gross charge-offs (a)— — 46 5 — 237 288 
Home equity lines of credit
  Pass54,724 37,417 37,752 27,430 16,583 57,303 24 731 231,233 
  Substandard— 138 163 16 34 1,069 — — 1,420 
   Loss— — — — — 8 — — 8 
     Total54,724 37,555 37,915 27,446 16,617 58,380 24 731 232,661 
Current period gross charge-offs (a)— — — — — 11 11 
Consumer, indirect
  Pass239,584 176,115 148,210 56,846 30,231 16,129 — — 667,115 
  Substandard269 557 681 618 312 251 — — 2,688 
   Loss14 — 16 14 — 10 — — 54 
     Total239,867 176,672 148,907 57,478 30,543 16,390 — — 669,857 
Current period gross charge-offs (a)497 2,207 1,880 691 141 763 6,179 
Consumer, direct
  Pass45,978 25,605 21,544 9,614 4,180 3,884 — — 110,805 
  Substandard18 65 46 29 4 73 — — 235 
   Loss— 4 — — — 8 — — 12 
     Total45,996 25,674 21,590 9,643 4,184 3,965 — — 111,052 
Current period gross charge-offs (a)2 154 212 51 12 247 678 
Deposit account overdrafts1,253 — — — — — — — 1,253 
Current period gross charge-offs (a)1,542 $— $— $— $— $— 1,542 
Total loans, at amortized cost1,375,415 1,041,884 941,034 807,980 408,078 1,487,235 296,377 5,559 6,358,003 
Current period gross charge-offs (a)$3,423 $8,107 $7,968 $3,072 $559 $1,983 $25,112 
(a) Current period gross charge-offs are for the year ended as of December 31, 2024.
Summary of Amortized Cost of Collateral Dependent Loans
The following table details Peoples' amortized cost of collateral dependent loans:
(Dollars in thousands)June 30, 2025December 31, 2024
Commercial real estate, other$1,839 $2,764 
Leases3,243 652 
Commercial and industrial2,015 959 
Total collateral dependent loans$7,097 $4,375 
Summary of Financing Receivables Modified
The following tables display the amortized cost of loans that were restructured during the three and six months ended June 30, 2025 and June 30, 2024, presented by loan classification.
Payment Delay (Only)
(Dollars in thousands)Payment DeferralTerm ExtensionTotal
Percentage of Total by Loan Category(a)(b)(c)
During the Three Months Ended June 30, 2025
Commercial real estate$— $2,602 $2,602 0.12 %
Commercial and industrial— 2,477 2,477 0.18 %
Residential real estate— 192 192 0.02 %
Total$— $5,271 $5,271 0.08 %
During the Three Months Ended June 30, 2024
Commercial and industrial$— $687 $687 0.05 %
Leasing174 — 174 0.04 %
Home equity lines of credit— 64 64 0.03 %
Consumer, indirect— 8 8 — %
Total$174 $759 $933 0.01 %
(a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.
(b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(c) Each with --% is considered not meaningful.
Payment Delay (Only)
(Dollars in thousands)Payment DeferralTerm ExtensionPrincipal ForgivenessTotal
Percentage of Total by Loan Category(a)(b)(c)
During the Six Months Ended June 30, 2025
Commercial real estate$— $4,441 $— $4,441 0.20 %
Commercial and industrial— 8,638 — 8,638 0.61 %
Leasing10 — 53 63 0.02 %
Residential real estate— 192 — 192 0.02 %
Total$10 $13,271 $53 $13,334 0.20 %
During the Six Months Ended June 30, 2024
Commercial real estate— 561 — 561 0.03 %
Commercial and industrial— 11,171 — 11,171 0.89 %
Leasing199 — — 199 0.05 %
Residential real estate— 76 — 76 0.01 %
Home equity lines of credit— 64 — 64 0.03 %
Consumer, indirect— 8 — 8 — %
Total$199 $11,880 $— $12,079 0.19 %
(a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.
(b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(c) Each with --% is considered not meaningful.
The following tables summarize the financial impacts of loan modifications and payment deferrals made to loans during the three and six months ended June 30, 2025 and June 30, 2024, presented by loan classification.
Weighted-Average Term Extension
(in months)
During the Three Months Ended June 30, 2025
Commercial real estate4
Commercial and industrial5
Residential real estate174
During the Three Months Ended June 30, 2024
Commercial and industrial28
Home equity lines of credit120
Consumer, indirect2
Weighted-Average Term Extension
(in months)
During the Six Months Ended June 30, 2025
Commercial real estate4
Commercial and industrial7
Residential real estate174
During the Six Months Ended June 30, 2024
Commercial real estate6
Commercial and industrial7
Leasing9
Residential real estate2
Home equity lines of credit120
Consumer, indirect2
The following table displays an aging analysis of loans that were modified during the 12 months prior to June 30, 2025 and June 30, 2024, respectively, presented by classification and class of financing receivable.
As of June 30, 2025
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Commercial real estate$— $— $494 $494 $4,441 $4,935 
Commercial and industrial— — 18 18 8,823 8,841 
Leasing— — 100 100 65 165 
Residential real estate— — — — 207 207 
Home equity lines of credit44 — — 44 51 95 
Consumer, indirect— — 10 10 — 10 
Total loans modified(a)
$44 $— $622 $666 $13,587 $14,253 
(a) Represents the amortized cost basis as of period end.
As of June 30, 2024
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Construction$— $70 $— $70 $— $70 
Commercial real estate— — 193 193 2,321 2,514 
Commercial and industrial— — 31 31 12,583 12,614 
Leasing— — — — 199 199 
Residential real estate— — 76 76 25 101 
Home equity lines of credit— — — — 122 122 
Consumer, indirect— — — — 8 8 
Total loans modified(a)
$— $70 $300 $370 $15,258 $15,628 
(a) Represents the amortized cost basis as of period end.
Summary of Defaulted Financing Receivables Modified
The following tables display the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that had a payment default in the periods presented. For purposes of this disclosure, Peoples defines loans that had a payment default as loans that were 90 days or more past due following a modification.
Term Extension(a)
For the Three Months Ended June 30, 2025
Commercial real estate$494 
Total loans that subsequently defaulted$494 
For the Six Months Ended June 30, 2025
Commercial real estate$494 
Commercial and industrial18 
Leasing100 
Total loans that subsequently defaulted$612 
For the Three Months Ended June 30, 2024
Commercial real estate$193 
Commercial and industrial28 
Residential real estate76 
Total loans that subsequently defaulted$297 
For the Six Months Ended June 30, 2024
Commercial real estate$193 
Commercial and industrial31 
Residential real estate76 
Total loans that subsequently defaulted$300 
(a) Represents the sum of amortized cost and gross charge-off as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.
Summary of Activity in Allowance for Loan and Lease Losses
Changes in the allowance for credit losses for the three and six months ended June 30, 2025 and June 30, 2024 are summarized below:
(Dollars in thousands)
Beginning Balance, March 31, 2025
Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, June 30, 2025
Construction$1,156 $191 $— $— $1,347 
Commercial real estate, other17,155 24 (35)— 17,144 
Commercial and industrial12,783 5,610 (556)17 17,854 
Premium finance646 238 (93)3 794 
Leases13,575 10,896 (5,099)261 19,633 
Residential real estate6,786 (723)— 50 6,113 
Home equity lines of credit1,863 (37)(12)— 1,814 
Consumer, indirect8,696 191 (1,693)449 7,643 
Consumer, direct2,474 (144)(96)14 2,248 
Deposit account overdrafts98 167 (245)71 91 
Total$65,232 $16,413 $(7,829)$865 $74,681 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands)Beginning Balance, March 31, 2024Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, June 30, 2024
Construction$701 $(28)$— $— $673 
Commercial real estate, other21,788 (1,856)— (80)19,852 
Commercial and industrial10,581 408 (56)10 10,943 
Premium finance607 207 (55)4 763 
Leases12,889 4,533 (2,377)173 15,218 
Residential real estate5,866 69 (64)68 5,939 
Home equity lines of credit1,689 57 (9)— 1,737 
Consumer, indirect8,301 1,803 (1,567)117 8,654 
Consumer, direct2,279 179 (141)15 2,332 
Deposit account overdrafts121 286 (338)67 136 
Total$64,822 $5,658 $(4,607)$374 $66,247 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands)
Beginning Balance, December 31, 2024
Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, June 30, 2025
Construction$878 $469 $— $— $1,347 
Commercial real estate, other16,256 1,134 (250)4 17,144 
Commercial and industrial13,283 5,484 (936)23 17,854 
Premium finance662 287 (164)9 794 
Leases12,893 16,987 (10,753)506 19,633 
Residential real estate6,491 (335)(142)99 6,113 
Home equity lines of credit1,792 34 (12)— 1,814 
Consumer, indirect8,576 1,967 (3,559)659 7,643 
Consumer, direct2,396 69 (251)34 2,248 
Deposit account overdrafts121 322 (522)170 91 
Total$63,348 $26,418 $(16,589)$1,504 $74,681 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands)Beginning Balance,
December 31, 2023		Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, June 30, 2024
Construction$699 $(26)$— $— $673 
Commercial real estate, other20,915 (854)(212)3 19,852 
Commercial and industrial10,490 727 (291)17 10,943 
Premium finance484 376 (109)12 763 
Leases10,850 7,630 (3,647)385 15,218 
Residential real estate5,937 (5)(144)151 5,939 
Home equity lines of credit1,588 151 (9)7 1,737 
Consumer, indirect8,590 2,904 (3,028)188 8,654 
Consumer, direct2,343 332 (367)24 2,332 
Deposit account overdrafts115 554 (674)141 136 
Total$62,011 $11,789 $(8,481)$928 $66,247 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.