v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026    
Obligations of:    
U.S. Treasury and government agencies$14,724 $— $(95)$14,629 
U.S. government sponsored agencies223,008 297 (8,225)215,080 
States and political subdivisions122,317 37 (14,213)108,141 
Residential mortgage-backed securities544,634 1,194 (65,098)480,730 
Commercial mortgage-backed securities58,909 — (6,283)52,626 
Bank-issued trust preferred securities3,000 — (156)2,844 
Total available-for-sale securities$966,592 $1,528 $(94,070)$874,050 
December 31, 2025    
Obligations of:    
U.S. Treasury and government agencies$17,386 $213 $(19)$17,580 
U.S. government sponsored agencies212,282 504 (6,456)206,330 
States and political subdivisions189,131 103 (18,402)170,832 
Residential mortgage-backed securities606,292 1,749 (64,003)544,038 
Commercial mortgage-backed securities47,889 1 (6,086)41,804 
Bank-issued trust preferred securities4,000 — (217)3,783 
Total available-for-sale securities$1,076,980 $2,570 $(95,183)$984,367 
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 investment securities for the periods ended June 30 were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(Dollars in thousands)2026202520262025
Gross gains realized$83 $— $204 $25 
Gross losses realized(8,264)— (8,385)(27)
Net loss realized$(8,181)$— $(8,181)$(2)
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, 2026        
Obligations of:
U.S. Treasury and government agencies
$14,629 $95 2 $— $— — $14,629 $95 
U.S. government sponsored agencies
130,342 2,179 25 70,893 6,046 18 201,235 8,225 
States and political subdivisions21,129 769 40 82,802 13,444 61 103,931 14,213 
Residential mortgage-backed securities
36,618 482 51 402,272 64,616 198 438,890 65,098 
Commercial mortgage-backed securities
20,970 481 6 31,656 5,802 17 52,626 6,283 
Bank-issued trust preferred securities
— — — 2,844 156 1 2,844 156 
Total$223,688 $4,006 124 $590,467 $90,064 295 $814,155 $94,070 
December 31, 2025        
Obligations of:
U.S. Treasury and government agencies
$5,319 $16 3 $741 $3 4 $6,060 $19 
U.S. government sponsored agencies
47,059 341 10 127,311 6,115 27 174,370 6,456 
States and political subdivisions3,129 460 5 158,898 17,942 134 162,027 18,402 
Residential mortgage-backed securities
13,310 62 10 461,661 63,941 235 474,971 64,003 
Commercial mortgage-backed securities
2,292 9 2 39,000 6,077 21 41,292 6,086 
Bank-issued trust preferred securities
— — — 3,783 217 2 3,783 217 
Total$71,109 $888 30 $791,394 $94,295 423 $862,503 $95,183 
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 investment securities by contractual maturity at June 30, 2026. 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, 2026. 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$—$4,955$9,769$—$14,724
U.S. government sponsored agencies—42,411119,47961,118223,008
States and political subdivisions2,41210,72155,02654,158122,317
Residential mortgage-backed securities—1,44947,535495,650544,634
Commercial mortgage-backed securities—10,89315,28632,73058,909
Bank-issued trust preferred securities——3,000—3,000
Total available-for-sale securities$2,412$70,429$250,095$643,656$966,592
Fair value     
Obligations of:     
U.S. Treasury and government agencies$—$4,929$9,700$—$14,629
U.S. government sponsored agencies—39,029115,71060,341215,080
States and political subdivisions2,40310,42847,80847,502108,141
Residential mortgage-backed securities—1,39443,987435,349480,730
Commercial mortgage-backed securities—9,73713,37629,51352,626
Bank-issued trust preferred securities——2,844—2,844
Total available-for-sale securities$2,403$65,517$233,425$572,705$874,050
Total weighted-average yield3.33 %1.96 %3.31 %2.84 %2.90 %
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, 2026. 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, 2026. 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$3,500$2,199$140,987$100,638$247,324
States and political subdivisions2,4434,58533,44698,148138,622
Residential mortgage-backed securities——6,717376,974383,691
Commercial mortgage-backed securities9697,68741,91047,36297,928
Total held-to-maturity investment securities$6,912$14,471$223,060$623,122$867,565
Fair value     
Obligations of:     
U.S. government sponsored agencies$3,455$2,022$133,638$98,151$237,266
States and political subdivisions2,4854,26728,67477,997113,423
Residential mortgage-backed securities——6,323361,209367,532
Commercial mortgage-backed securities9627,18836,71439,63184,495
Total held-to-maturity investment securities$6,902$13,477$205,349$576,988$802,716
Total weighted-average yield1.86%1.97%3.41%4.15%3.90%
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, 2026    
Obligations of:   
 U.S. government sponsored agencies$247,324 $— $618 $(10,676)$237,266 
States and political subdivisions138,622 (233)47 (25,013)113,423 
Residential mortgage-backed securities383,691 — 2,167 (18,326)367,532 
Commercial mortgage-backed securities97,928 — — (13,433)84,495 
Total held-to-maturity investment securities$867,565 $(233)$2,832 $(67,448)$802,716 
December 31, 2025    
Obligations of:    
U.S. government sponsored agencies$261,826 $— $740 $(8,131)$254,435 
States and political subdivisions140,843 (236)77 (25,027)115,657 
Residential mortgage-backed securities423,628 — 4,916 (15,421)413,123 
Commercial mortgage-backed securities96,776 — — (12,277)84,499 
Total held-to-maturity investment securities$923,073 $(236)$5,733 $(60,856)$867,714 
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, 2026        
Obligations of:
U.S. government sponsored agencies$89,414 $1,981 20 $112,566 $8,695 21 $201,980 $10,676 
States and political subdivisions2,280 548 4 109,083 24,465 64 111,363 25,013 
Residential mortgage-backed securities
124,335 1,932 26 128,141 16,394 41 252,476 18,326 
Commercial mortgage-backed securities
16,031 1,389 7 68,464 12,044 29 84,495 13,433 
Total$232,060 $5,850 57 $418,254 $61,598 155 $650,314 $67,448 
December 31, 2025        
Obligations of:
U.S. government sponsored agencies$131,933 $1,447 16 $66,509 $6,684 20 $198,442 $8,131 
States and political subdivisions1,238 301 2 110,531 24,726 65 111,769 25,027 
Residential mortgage-backed securities
34,814 261 6 143,068 15,160 45 177,882 15,421 
Commercial mortgage-backed securities
7,776 111 3 73,975 12,166 30 81,751 12,277 
Total$175,761 $2,120 27 $394,083 $58,736 160 $569,844 $60,856 
Summary of Other Investment Securities
The following table summarizes the carrying value of Peoples' other investments:
(Dollars in thousands)June 30, 2026December 31, 2025
FHLB stock$37,445 $30,843 
FRB stock27,114 27,114 
Nonqualified deferred compensation6,466 6,074 
Equity investment securities4,205 3,756 
Other investments869 869 
Total other investments$76,099 $68,656 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)June 30, 2026December 31, 2025
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$347,080 $328,516 
     Held-to-maturity766,540 704,470 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale88,892 4,018 
     Held-to-maturity41,268 68,425 
Loans pledged are summarized as follows:
(Dollars in thousands)June 30, 2026December 31, 2025
Loans pledged to FHLB$1,271,534 $1,347,242 
Loans pledged to FRB691,432 624,503