Related party transactions |
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| Related party transactions | 13. Related party transactions In conducting its business, Peoples has engaged in and intends to continue to engage in banking and financial transactions with directors, executive officers and their related parties. The Bank has granted loans, letters of credit and lines of credit to directors, executive officers and their related parties. The following table summarizes the changes in the total amounts of such outstanding loans, advances under lines of credit, net of any participations sold, as well as repayments for the three months ended March 31, 2026 and 2025.
At March 31, 2026 and December 31, 2025, there were no loans to directors, executive officers and their related parties that were not performing in accordance with the original terms of the loan agreements. Deposits from directors, executive officers and their related parties held by The Bank at March 31, 2026, and December 31, 2025, were $173.7 million and $161.5 million, respectively. In the course of its operations, the Bank acquires goods and services from, and transacts business with various companies of related parties, which include, but are not limited to legal services, rent, vehicle repair and dealer reserve payments. The Bank recorded payments to related parties for goods and services of $78 thousand for the three months ended March 31, 2026, and $86 thousand for the three months ended March 31, 2025. |
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