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Deposits

6 Months Ended

Jun. 30, 2023

Banking and Thrift, Other Disclosure [Abstract]

Deposits

Deposits

Peoples’ deposit balances were comprised of the following:

(Dollars in thousands)			June 30, 2023			December 31, 2022
Retail certificates of deposits ("CDs"):
$100 or more			$	527,846		$	263,341
Less than $100			422,937			266,895
Retail CDs			950,783			530,236
Interest-bearing deposit accounts			1,225,646			1,160,182
Savings accounts			1,116,622			1,068,547
Money market deposit accounts			718,633			617,029
Governmental deposit accounts			705,596			625,965
Brokered CDs			559,955			125,580
Total interest-bearing deposits			5,277,235			4,127,539
Non-interest-bearing deposits			$	1,682,634		1,589,402
Total deposits			$	6,959,869		$	5,716,941

Uninsured deposits were $2.0 billion and $1.6 billion at June 30, 2023 and at December 31, 2022, respectively. Uninsured amounts are estimated based on the portion of the respective customer account balances that met or exceeded the FDIC limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which covered over $749.9 million of the uninsured deposit balances at June 30, 2023.

Uninsured time deposits are broken out below by time remaining until maturity.

(Dollars in thousands)			June 30, 2023			December 31, 2022
3 months or less			$	20,277		$	19,282
Over 3 to 6 months			65,178			14,871
Over 6 to 12 months			50,677			14,383
Over 12 months			35,942			52,216
Total			$	172,074		$	100,752

The contractual maturities of CDs for each of the next five years, including the remainder of 2023, and thereafter are as follows:

(Dollars in thousands)			Retail			Brokered			Total
Remaining six months ending December 31, 2023			$	371,553		$	559,955		$	931,508
Year ending December 31, 2024			477,235			—			477,235
Year ending December 31, 2025			46,023			—			46,023
Year ending December 31, 2026			20,815			—			20,815
Year ending December 31, 2027			27,816			—			27,816
Thereafter			7,341			—			7,341
Total CDs			$	950,783		$	559,955		$	1,510,738

At June 30, 2023, Peoples had twelve effective interest rate swaps, with an aggregate notional value of $115.0 million, of which $115.0 million were funded by brokered CDs. Brokered CDs used to fund interest rate swaps are expected to be extended every 90 days through the maturity dates of the swaps. Additional information regarding Peoples' interest rate swaps can be found in "Note 10 Derivative Financial Instruments."

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- References

No definition available.

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- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 405
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481047/942-405-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Publisher SEC

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.12)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

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