v3.26.1
Loans and Leases (Tables)
 6 Months Ended
Jun. 30, 2026
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,
2026		December 31, 2025
Construction$294,350 $300,941 
Commercial real estate, other2,283,163 2,363,967 
Commercial and industrial1,689,817 1,535,755 
Premium finance266,015 253,075 
Leases353,952 365,649 
Residential real estate846,475 861,722 
Home equity lines of credit273,965 253,864 
Consumer, indirect693,529 700,582 
Consumer, direct119,273 120,338 
Deposit account overdrafts1,041 1,014 
Total loans, at amortized cost$6,821,580 $6,756,907 
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, 2026December 31, 2025
(Dollars in thousands)
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Construction$293 $— $— $— 
Commercial real estate, other6,802 3,874 4,056 579 
Commercial and industrial4,546 85 8,045 126 
Premium finance— 1,793 573 2,477 
Leases8,145 — 11,063 542 
Residential real estate8,978 1,655 8,556 1,937 
Home equity lines of credit1,550 193 1,507 69 
Consumer, indirect2,594 93 2,718 286 
Consumer, direct193 145 368 140 
Total loans, at amortized cost$33,101 $7,838 $36,886 $6,156 
(a) There were $2.4 million and $1.8 million of nonaccrual loans for which there was no allowance for credit losses at June 30, 2026 and at December 31, 2025, 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, 2026
Construction$293 $— $— $293 $294,057 $294,350 
Commercial real estate, other1,141 1,816 9,806 12,763 2,270,400 2,283,163 
Commercial and industrial1,787 430 4,523 6,740 1,683,077 1,689,817 
Premium finance1,165 544 1,793 3,502 262,513 266,015 
Leases1,627 4,138 7,380 13,145 340,807 353,952 
Residential real estate2,834 4,151 4,788 11,773 834,702 846,475 
Home equity lines of credit1,235 527 1,125 2,887 271,078 273,965 
Consumer, indirect6,261 1,626 1,379 9,266 684,263 693,529 
Consumer, direct750 121 200 1,071 118,202 119,273 
Deposit account overdrafts— — — — 1,041 1,041 
Total loans, at amortized cost$17,093 $13,353 $30,994 $61,440 $6,760,140 $6,821,580 
December 31, 2025
Construction$— $— $— $— $300,941 $300,941 
Commercial real estate, other1,760 4,066 3,664 9,490 2,354,477 2,363,967 
Commercial and industrial1,600 1,329 7,780 10,709 1,525,046 1,535,755 
Premium finance2,767 2,956 3,050 8,773 244,302 253,075 
Leases9,966 3,560 11,187 24,713 340,936 365,649 
Residential real estate13,821 3,035 5,767 22,623 839,099 861,722 
Home equity lines of credit2,160 402 981 3,543 250,321 253,864 
Consumer, indirect8,752 1,726 1,550 12,028 688,554 700,582 
Consumer, direct752 165 431 1,348 118,990 120,338 
Deposit account overdrafts— — — — 1,014 1,014 
Total loans, at amortized cost$41,578 $17,239 $34,410 $93,227 $6,663,680 $6,756,907 
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 
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, 2026:
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20262025202420232022PriorRevolving Loans
Total
Loans
Construction

  Pass$24,141 $98,544 $94,125 $47,697 $940 $14,808 $— $— $280,255 
  Substandard— — 11,260 1,088 1,454 293 — — 14,095 
     Total24,141 98,544 105,385 48,785 2,394 15,101 — — 294,350 
Current period gross charge-offs (a)— — — — — — — 
Commercial real estate, other

  Pass106,340 347,491 168,667 284,484 323,049 865,560 40,884 — 2,136,475 
  Special mention— 1,018 32,296 33,515 1,584 8,480 — — 76,893 
  Substandard6,181 — 7,705 1,477 4,453 49,859 120 — 69,795 
     Total112,521 348,509 208,668 319,476 329,086 923,899 41,004 — 2,283,163 
Current period gross charge-offs (a)— — — — — 167 167 
Commercial and industrial
  Pass280,400 327,484 194,878 102,217 64,396 359,988 271,313 2,461 1,600,676 
  Special mention238 4,619 16,728 23 610 588 31,374 — 54,180 
  Substandard688 1,135 3,199 218 7,633 13,930 8,134 740 34,937 
  Doubtful— — — — — 24 — — 24 
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20262025202420232022PriorRevolving Loans
Total
Loans
     Total281,326 333,238 214,805 102,458 72,639 374,530 310,821 3,201 1,689,817 
Current period gross charge-offs (a)171 — 64 104 22 126 487 
Premium Finance
Pass215,165 50,332 517 1 — — — — 266,015 
Total215,165 50,332 517 1 — — — — 266,015 
Current period gross charge-offs (a)— 44 71 2 — — 117 
Leases
Pass83,473 111,837 75,718 53,292 15,793 4,550 — — 344,663 
Special mention79 391 657 333 205 183 — — 1,848 
Substandard55 364 1,118 1,075 401 82 — — 3,095 
Doubtful— 133 578 2,515 915 205 — — 4,346 
Total83,607 112,725 78,071 57,215 17,314 5,020 — — 353,952 
Current period gross charge-offs (a)— 685 2,171 4,679 895 602 9,032 
Residential real estate
Pass38,655 100,419 62,165 52,149 74,059 509,033 — — 836,480 
Substandard— 455 458 1,079 574 7,255 — — 9,821 
Loss— 12 8 — 60 94 — — 174 
     Total38,655 100,886 62,631 53,228 74,693 516,382 — — 846,475 
Current period gross charge-offs (a)— 4 39 — 76 115 234 
Home equity lines of credit
Pass3,928 57,885 48,051 29,313 31,465 70,293 31,706 955 272,641 
Substandard— 17 — 275 460 562 — — 1,314 
Loss— — — — — 10 — — 10 
     Total3,928 57,902 48,051 29,588 31,925 70,865 31,706 955 273,965 
Current period gross charge-offs (a)— — — — — 64 64 
Consumer, indirect
Pass141,152 247,347 130,420 82,802 60,739 28,098 — — 690,558 
Substandard— 857 666 448 494 465 — — 2,930 
Loss— 3 5 6 3 24 — — 41 
     Total141,152 248,207 131,091 83,256 61,236 28,587 — — 693,529 
Current period gross charge-offs (a)63 1,604 835 509 250 105 3,366 
Consumer, direct
Pass36,721 38,884 18,101 10,921 8,341 6,059 — — 119,027 
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20262025202420232022PriorRevolving Loans
Total
Loans
Substandard— 35 25 76 60 — — — 196 
Loss— — — — 10 40 — — 50 
     Total36,721 38,919 18,126 10,997 8,411 6,099 — — 119,273 
Current period gross charge-offs (a)182 131 33 33 21 9 409 
Deposit account overdrafts1,041 — — — — — — — 1,041 
Current period gross charge-offs (a)649 — — — — — 649 
Total loans, at amortized cost938,257 1,389,262 867,345 705,004 597,698 1,940,483 383,531 4,156 6,821,580 
Total current period gross charge-offs (a)$1,065 $2,468 $3,213 $5,327 $1,264 $1,188 $14,525 
(a) Current period gross charge-offs are for the six months ended as of June 30, 2026.
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, 2025:
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20252024202320222021PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Construction

Pass$81,441 $98,488 $99,069 $918 $6,618 $8,720 $— $512 $295,254 
Substandard— 3,092 1,113 1,482 — — — — 5,687 
Total81,441 101,580 100,182 2,400 6,618 8,720 — 512 300,941 
Current period gross charge-offs (a)— — — — — — — 
Commercial real estate, other

Pass330,087 164,537 345,618 378,500 310,160 670,053 44,947 1,794 2,243,902 
Special mention83 22,415 2,580 1,696 4,460 13,067 133 — 44,434 
Substandard— 8,042 1,188 15,727 17,170 32,945 549 87 75,621 
Doubtful— — — — — 10 — — 10 
Total330,170 194,994 349,386 395,923 331,790 716,075 45,629 1,881 2,363,967 
Current period gross charge-offs (a)— — — 174 — 121 295 
Commercial and industrial
Pass381,903 230,861 115,712 95,158 92,556 290,243 248,204 7,621 1,454,637 
Special mention45 3,117 2,653 847 981 4,885 30,001 2,292 42,529 
Substandard130 251 263 8,745 12,196 6,407 10,562 5,423 38,554 
Doubtful— — — — — 35 — — 35 
Total382,078 234,229 118,628 104,750 105,733 301,570 288,767 15,336 1,535,755 
Current period gross charge-offs (a)— 19 161 202 202 1,167 1,751 
Premium finance
Pass248,710 3,649 143 — — — — — 252,502 
Substandard— 520 53 — — — — — 573 
Total248,710 4,169 196 — — — — — 253,075 
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20252024202320222021PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Current period gross charge-offs (a)31 192 229 30 — — 482 
Leases
Pass145,052 94,499 72,336 27,742 9,768 3,161 — — 352,558 
Special mention480 739 774 402 21 — — — 2,416 
Substandard228 1,001 3,386 785 334 — — — 5,734 
Doubtful48 1,406 2,249 864 374 — — — 4,941 
Total145,808 97,645 78,745 29,793 10,497 3,161 — — 365,649 
Current period gross charge-offs (a)204 4,240 8,297 6,717 1,450 496 21,404 
Residential real estate
Pass104,910 66,847 56,842 77,533 117,758 426,547 — — 850,437 
Substandard183 501 1,540 663 924 7,378 — — 11,189 
Loss— — — — — 96 — — 96 
Total105,093 67,348 58,382 78,196 118,682 434,021 — — 861,722 
Current period gross charge-offs (a)— — 27 8 39 199 273 
Home equity lines of credit
Pass54,398 51,042 32,052 34,382 24,293 56,416 21 3,560 252,604 
Substandard— — 312 285 89 559 — — 1,245 
Loss— — — 5 — 10 — — 15 
Total54,398 51,042 32,364 34,672 24,382 56,985 21 3,560 253,864 
Current period gross charge-offs (a)— — 36 — — 5 41 
Consumer, indirect
Pass292,512 164,565 108,928 84,987 27,026 19,049 — — 697,067 
Substandard655 648 708 667 412 305 — — 3,395 
Loss37 15 19 6 7 36 — — 120 
Total293,204 165,228 109,655 85,660 27,445 19,390 — — 700,582 
Current period gross charge-offs (a)1,128 2,030 1,948 1,121 350 147 6,724 
Consumer, direct
Pass60,248 24,070 15,182 11,889 4,516 4,000 — — 119,905 
Substandard43 57 171 71 1 41 — — 384 
Loss— 1 10 6 1 31 — — 49 
Total60,291 24,128 15,363 11,966 4,518 4,072 — — 120,338 
Current period gross charge-offs (a)344 143 98 75 19 23 702 
Deposit account overdrafts1,014 — — — — — — — 1,014 
Current period gross charge-offs (a)1,149 — — — — — 1,149 
Total loans, at amortized cost1,702,207 940,363 862,901 743,360 629,665 1,543,994 334,417 21,289 6,756,907 
Current period gross charge-offs (a)$2,856 $6,624 $10,796 $8,327 $2,060 $2,158 $32,821 
(a) Current period gross charge-offs are for the year ended as of December 31, 2025.
Summary of Amortized Cost of Collateral Dependent Loans
The following table details Peoples' amortized cost of collateral dependent loans:
(Dollars in thousands)June 30, 2026December 31, 2025
Construction$11,283 $— 
Commercial real estate, other16,773 687 
Commercial and industrial1,298 4,666 
Leases738 2,385 
Residential real estate647 — 
Total collateral dependent loans$30,739 $7,738 
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, 2026 and June 30, 2025, presented by loan classification.

(Dollars in thousands)Term Extension
Percentage of Total by Loan Category(a)(b)
During the Three Months Ended June 30, 2026
Commercial real estate, other$1,000 0.04 %
Commercial and industrial474 0.03 %
Home equity lines of credit73 0.03 %
Total$1,547 0.02 %
During the Three Months Ended June 30, 2025
Commercial real estate, other$2,602 0.12 %
Commercial and industrial2,477 0.18 %
Residential real estate192 0.02 %
Total$5,271 0.08 %
(a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.
(b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(Dollars in thousands)Payment DeferralTerm ExtensionTotal
Percentage of Total by Loan Category(a)(b)
During the Six Months Ended June 30, 2026
Commercial real estate, other$— $1,874 $1,874 0.08 %
Commercial and industrial492 1,565 2,057 0.12 %
Residential real estate— 126 126 0.01 %
Home equity lines of credit— 73 73 0.03 %
Total$492 $3,638 $4,130 0.06 %
During the Six Months Ended June 30, 2025
Commercial real estate, other— 4,441 4,441 0.20 %
Commercial and industrial— 8,638 8,638 0.61 %
Residential real estate— 192 192 0.02 %
Total$— $13,271 $13,271 0.20 %
(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.

The following tables summarize the impacts of loan modifications made to loans during the three and six months ended June 30, 2026 and June 30, 2025, presented by loan classification.
Weighted-Average Term Extension
(in months)
During the Three Months Ended June 30, 2026
Commercial real estate, other8
Commercial and industrial8
Home equity lines of credit119
During the Three Months Ended June 30, 2025
Commercial real estate, other4
Commercial and industrial5
Residential real estate174
Weighted-Average Term Extension
(in months)
During the Six Months Ended June 30, 2026
Commercial real estate, other10
Commercial and industrial8
Residential real estate37
Home equity lines of credit119
During the Six Months Ended June 30, 2025
Commercial real estate, other4
Commercial and industrial7
Residential real estate174
The following table displays an aging analysis of loans that were modified during the 12 months prior to June 30, 2026 and June 30, 2025, respectively, presented by classification and class of financing receivable.
As of June 30, 2026
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Commercial real estate, other$— $— $— $— $1,874 $1,874 
Commercial and industrial— — — — 3,665 3,665 
Residential real estate— — — — 130 130 
Home equity lines of credit— — — — 165 165 
Total loans modified(a)
$— $— $— $— $5,834 $5,834 
(a) Represents the amortized cost basis as of period end.
As of June 30, 2025
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Commercial real estate, other$— $— $494 $494 $4,441 $4,935 
Commercial and industrial— — 18 18 8,823 8,841 
Residential real estate— — — — 207 207 
Home equity lines of credit44 — — 44 51 95 
Consumer, indirect— — 10 10 — 10 
Total loans modified(a)
$44 $— $522 $566 $13,522 $14,088 
(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. No such loans defaulted in the three or six months ended June 30, 2026.
Term Extension(a)
For the Three Months Ended June 30, 2025
Commercial real estate, other$494 
Total loans that subsequently defaulted$494 
For the Six Months Ended June 30, 2025
Commercial real estate, other$494 
Commercial and industrial18 
Total loans that subsequently defaulted$512 
(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, 2026 and June 30, 2025 are summarized below:
(Dollars in thousands)
Beginning Balance, March 31, 2026
Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, June 30, 2026
Construction$1,512 $182 $— $— $1,694 
Commercial real estate, other20,803 175 (167)— 20,811 
Commercial and industrial21,759 (739)(222)26 20,824 
Premium finance686 933 (65)15 1,569 
Leases15,304 2,465 (4,221)818 14,366 
Residential real estate6,643 (22)(115)53 6,559 
Home equity lines of credit1,643 117 (32)— 1,728 
Consumer, indirect7,760 1,387 (1,437)596 8,306 
Consumer, direct2,156 166 (205)22 2,139 
Deposit account overdrafts126 232 (302)51 107 
Total$78,392 $4,896 $(6,766)$1,581 $78,103 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands)Beginning Balance, March 31, 2025Provision 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, December 31, 2025
Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, June 30, 2026
Construction$1,391 $303 $— $— $1,694 
Commercial real estate, other19,726 1,252 (167)— 20,811 
Commercial and industrial18,804 2,470 (487)37 20,824 
Premium finance749 916 (117)21 1,569 
Leases16,475 5,548 (9,032)1,375 14,366 
Residential real estate6,295 363 (234)135 6,559 
Home equity lines of credit1,934 (154)(64)12 1,728 
Consumer, indirect7,706 3,033 (3,366)933 8,306 
Consumer, direct2,485 15 (409)48 2,139 
Deposit account overdrafts111 511 (649)134 107 
Total$75,676 $14,257 $(14,525)$2,695 $78,103 
(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.