Leases (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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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, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | | Interest and fees on leases (a) | $ | 8,180 | | | $ | 10,287 | | | $ | 16,758 | | | $ | 20,485 | | | Lease income | 4,977 | | | 4,211 | | | 9,558 | | | 7,679 | | | | | | | | | | | Total lease income | $ | 13,157 | | | $ | 14,498 | | | $ | 26,316 | | | $ | 28,164 | |
(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, 2026 | December 31, 2025 | | Lease payments receivable, at amortized cost | $ | 373,972 | | $ | 393,089 | | | Estimated residual values | 30,835 | | 33,125 | | | Initial direct costs | 4,431 | | 5,535 | | | Deferred revenue | (55,286) | | (66,100) | | | Net investment in leases | 353,952 | | 365,649 | | | Allowance for credit losses - leases | (14,366) | | (16,475) | | | Net investment in leases, after allowance for credit losses | $ | 339,586 | | $ | 349,174 | |
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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, 2026 | $ | 84,350 | | | Year ending December 31, 2027 | 72,016 | | | Year ending December 31, 2028 | 82,302 | | | Year ending December 31, 2029 | 64,129 | | | Year ending December 31, 2030 | 57,746 | | | Thereafter | 13,429 | | | Lease payments receivable, at amortized cost | $ | 373,972 | |
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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, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | | Operating lease expense | $ | 629 | | | $ | 637 | | | $ | 1,253 | | | $ | 1,318 | | | Short-term lease expense | 371 | | | 683 | | | 755 | | | 1,078 | | | Variable lease expense | 25 | | | 9 | | | 35 | | | 18 | | | Total lease expense | $ | 1,025 | | | $ | 1,329 | | | $ | 2,043 | | | $ | 2,414 | |
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, 2026 | December 31, 2025 | | ROU assets: | | | | Other assets | $ | 8,433 | | $ | 9,340 | | | Lease liabilities: | | | | Accrued expenses and other liabilities | $ | 9,004 | | $ | 9,912 | | | Other information: | | | | Weighted-average remaining lease term | 8.6 years | 8.7 years | | Weighted-average discount rate | 4.17 | % | 4.16 | % | | Additions for ROU assets obtained during the year | $ | 153 | | $ | 1,333 | | | | | | | | | | |
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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, 2026 | $ | 1,252 | | | Year ending December 31, 2027 | $ | 2,208 | | | Year ending December 31, 2028 | $ | 1,625 | | | Year ending December 31, 2029 | $ | 1,173 | | | Year ending December 31, 2030 | $ | 671 | | | Thereafter | $ | 3,938 | | | Total undiscounted lease payments | $ | 10,867 | | | Imputed interest | $ | (1,863) | | | Total lease liabilities | $ | 9,004 | |
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