v3.26.3
Investment Securities (Tables)
 9 Months Ended
Sep. 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
September 30, 2026
Obligations of:
U.S. Treasury and government agencies$17,712 $— $(727)$16,985 
U.S. government sponsored agencies203,535 — (18,513)185,022 
States and political subdivisions120,480 — (22,455)98,025 
Residential mortgage-backed securities532,648 727 (79,714)453,661 
Commercial mortgage-backed securities57,365 — (8,793)48,572 
Bank-issued trust preferred securities3,000 — (146)2,854 
Total available-for-sale securities$934,740 $727 $(130,348)$805,119 
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 September 30 were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2026202520262025
Gross gains realized$1 $120 $205 $145 
Gross losses realized(4,513)(2,700)(12,898)(2,727)
Net loss realized$(4,512)$(2,580)$(12,693)$(2,582)
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
September 30, 2026
Obligations of:
U.S. Treasury and government agencies
$16,984 $727 3 $— $— — $16,984 $727 
U.S. government sponsored agencies
146,573 12,481 27 38,449 6,032 13 185,022 18,513 
States and political subdivisions22,218 2,793 46 74,941 19,662 60 97,159 22,455 
Residential mortgage-backed securities
84,246 2,760 69 352,204 76,954 181 436,450 79,714 
Commercial mortgage-backed securities
19,687 1,843 6 28,885 6,950 16 48,572 8,793 
Bank-issued trust preferred securities
— — — 2,854 146 1 2,854 146 
Total$289,708 $20,604 151 $497,333 $109,744 271 $787,041 $130,348 
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 September 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 September 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$—$7,935$9,777$—$17,712
U.S. government sponsored agencies—9,852139,08054,603203,535
States and political subdivisions5,0676,36456,36152,688120,480
Residential mortgage-backed securities—90260,611471,135532,648
Commercial mortgage-backed securities—15,89120,14221,33257,365
Bank-issued trust preferred securities——3,000—3,000
Total available-for-sale securities$5,067$40,944$288,971$599,758$934,740
Fair value
Obligations of:
U.S. Treasury and government agencies$—$7,713$9,272$—$16,985
U.S. government sponsored agencies—8,531126,70149,790185,022
States and political subdivisions5,0026,13445,82341,06698,025
Residential mortgage-backed securities—87154,827397,963453,661
Commercial mortgage-backed securities—13,66017,57217,34048,572
Bank-issued trust preferred securities——2,854—2,854
Total available-for-sale securities$5,002$36,909$257,049$506,159$805,119
Total weighted-average yield3.33 %2.44 %3.55 %2.95 %3.12 %
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at September 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 September 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$2,201$155,110$100,805$261,616
States and political subdivisions2,4444,58737,68493,690138,405
Residential mortgage-backed securities——6,392374,832381,224
Commercial mortgage-backed securities9599,84839,62846,62997,064
Total held-to-maturity investment securities$6,903$16,636$238,814$615,956$878,309
Fair value
Obligations of:
U.S. government sponsored agencies$3,478$1,981$140,326$90,993$236,778
States and political subdivisions2,4694,17630,04167,483104,169
Residential mortgage-backed securities——5,839340,049345,888
Commercial mortgage-backed securities9538,95633,26036,42279,591
Total held-to-maturity investment securities$6,900$15,113$209,466$534,947$766,426
Total weighted-average yield1.83%1.93%3.55%4.17%3.94%
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
September 30, 2026
Obligations of:
 U.S. government sponsored agencies$261,616 $— $22 $(24,860)$236,778 
States and political subdivisions138,405 (233)26 (34,029)104,169 
Residential mortgage-backed securities381,224 — 25 (35,361)345,888 
Commercial mortgage-backed securities97,064 — — (17,473)79,591 
Total held-to-maturity investment securities$878,309 $(233)$73 $(111,723)$766,426 
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
September 30, 2026
Obligations of:
U.S. government sponsored agencies$128,400 $9,811 31 $106,121 $15,049 21 $234,521 $24,860 
States and political subdivisions974 317 2 101,155 33,712 66 102,129 34,029 
Residential mortgage-backed securities
219,697 12,811 57 121,450 22,550 42 341,147 35,361 
Commercial mortgage-backed securities
15,213 2,192 7 64,378 15,281 29 79,591 17,473 
Total$364,284 $25,131 97 $393,104 $86,592 158 $757,388 $111,723 
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)September 30, 2026December 31, 2025
FHLB stock$42,617 $30,843 
FRB stock27,114 27,114 
Nonqualified deferred compensation6,713 6,074 
Equity investment securities4,216 3,756 
Other investments869 869 
Total other investments$81,529 $68,656 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
Carrying Amount
(Dollars in thousands)September 30, 2026December 31, 2025
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$316,646 $328,516 
     Held-to-maturity761,771 704,470 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale83,188 4,018 
     Held-to-maturity39,864 68,425 
Loans pledged are summarized as follows:
(Dollars in thousands)September 30, 2026December 31, 2025
Loans pledged to FHLB$1,219,389 $1,347,242 
Loans pledged to FRB654,487 624,503