Leases (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Leases [Abstract] |
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| Summary of Sales Type Lease Income |
The table below details Peoples' lease income: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | (Dollars in thousands) | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | Interest and fees on leases (a) | $ | 10,287 | | | $ | 11,982 | | | $ | 20,485 | | | $ | 24,049 | | | Lease income | 4,211 | | | 2,168 | | | 7,679 | | | 4,189 | | | | | | | | | | | Total lease income | $ | 14,498 | | | $ | 14,150 | | | $ | 28,164 | | | $ | 28,238 | |
(a)Included in "Interest and fees on loans and leases" in the Unaudited Consolidated Statements of Operations. For additional information, see "Note 4 Loans and Leases" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
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| Summary of Sales Type Leases |
The following table summarizes the net investment in leases, which is included in "Loans and leases, net of deferred fees and costs" on the Unaudited Consolidated Balance Sheets: | | | | | | | | | | (Dollars in thousands) | June 30, 2025 | December 31, 2024 | | Lease payments receivable, at amortized cost | $ | 430,198 | | $ | 448,027 | | | Estimated residual values | 33,831 | | 33,129 | | | Initial direct costs | 6,002 | | 7,148 | | | Deferred revenue | (69,979) | | (81,706) | | | Net investment in leases | 400,052 | | 406,598 | | | Allowance for credit losses - leases | (19,633) | | (12,893) | | | Net investment in leases, after allowance for credit losses | $ | 380,419 | | $ | 393,705 | |
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| Summary of Sales Type Lease Maturity |
The following table summarizes the contractual maturities of leases: | | | | | | | (Dollars in thousands) | Balance | | Remaining six months ending December 31, 2025 | $ | 96,864 | | | Year ending December 31, 2026 | 91,899 | | | Year ending December 31, 2027 | 86,456 | | | Year ending December 31, 2028 | 80,572 | | | Year ending December 31, 2029 | 49,719 | | | Thereafter | 24,688 | | | Lease payments receivable, at amortized cost | $ | 430,198 | |
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| Summary of Lease Cost |
The table below details Peoples' lease expense, which is included in "Net occupancy and equipment expense" in the Unaudited Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | (Dollars in thousands) | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | Operating lease expense | $ | 637 | | | $ | 733 | | | $ | 1,318 | | | $ | 1,468 | | | Short-term lease expense | 683 | | | 327 | | | 1,078 | | | 633 | | | Variable lease expense | 9 | | | 5 | | | 18 | | | 5 | | | Total lease expense | $ | 1,329 | | | $ | 1,065 | | | $ | 2,414 | | | $ | 2,106 | |
The following table details the ROU assets, the lease liabilities and other information related to Peoples' operating leases at the dates shown: | | | | | | | | | | (Dollars in thousands) | June 30, 2025 | December 31, 2024 | | ROU assets: | | | | Other assets | $ | 10,404 | | $ | 10,419 | | | Lease liabilities: | | | | Accrued expenses and other liabilities | $ | 10,968 | | $ | 10,968 | | | Other information: | | | | Weighted-average remaining lease term | 8.7 years | 9.0 years | | Weighted-average discount rate | 4.15 | % | 4.11 | % | | Additions for ROU assets obtained during the year | $ | 481 | | $ | 1,660 | | | | | | | | | | |
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| Summary of Operating Lease Maturities |
The following table summarizes the maturity of remaining lease liabilities: | | | | | | | (Dollars in thousands) | Balance | | Remaining six months ending December 31, 2025 | $ | 1,269 | | | Year ending December 31, 2026 | 2,413 | | | Year ending December 31, 2027 | 2,146 | | | Year ending December 31, 2028 | 1,625 | | | Year ending December 31, 2029 | 1,173 | | | Thereafter | 4,608 | | | Total undiscounted lease payments | $ | 13,234 | | | Imputed interest | $ | (2,266) | | | Total lease liabilities | $ | 10,968 | |
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