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v3.23.3

Loans and Leases (Tables) | 9 Months Ended
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Sep. 30, 2023
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) | September 30, 2023 | December 31, 2022
Construction | $ | 374,016 |  | $ | 246,941 |
Commercial real estate, other | 2,189,984 |  | 1,423,518 |
Commercial and industrial | 1,128,809 |  | 892,634 |
Premium finance | 189,251 |  | 159,197 |
Leases | 402,635 |  | 345,131 |
Residential real estate | 791,965 |  | 723,360 |
Home equity lines of credit | 203,940 |  | 177,858 |
Consumer, indirect | 668,371 |  | 629,426 |
Consumer, direct | 134,562 |  | 108,363 |
Deposit account overdrafts | 857 |  | 722 |
Total loans, at amortized cost | $ | 6,084,390 |  | $ | 4,707,150 |
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:
| September 30, 2023 |  | December 31, 2022
(Dollars in thousands) | Nonaccrual (a) | Accruing Loans 90+ Days Past Due |  | Nonaccrual (a) | Accruing Loans 90+ Days Past Due
Construction | $ | — |  | $ | — |  |  | $ | 12 |  | $ | — |
Commercial real estate, other | 3,661 |  | 487 |  |  | 12,121 |  | 167 |
Commercial and industrial | 3,116 |  | 67 |  |  | 3,462 |  | 130 |
Premium finance | — |  | 1,581 |  |  | — |  | 504 |
Leases | 7,929 |  | 6,007 |  |  | 3,178 |  | 3,041 |
Residential real estate | 8,454 |  | 736 |  |  | 9,496 |  | 917 |
Home equity lines of credit | 1,026 |  | 177 |  |  | 820 |  | 58 |
Consumer, indirect | 1,904 |  | 47 |  |  | 2,176 |  | — |
Consumer, direct | 97 |  | 15 |  |  | 208 |  | 25 |
Total loans, at amortized cost | $ | 26,187 |  | $ | 9,117 |  |  | $ | 31,473 |  | $ | 4,842 |
(a) There were $0.5 million of nonaccrual loans for which there was no allowance for credit losses at September 30, 2023 and $1.4 million of nonaccrual loans for which there was no allowance for credit losses at December 31, 2022.
Schedule 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 days | 60 - 89 days | 90 + Days | Total
September 30, 2023 |  |  |  |  |  |
Construction | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 374,016 |  | $ | 374,016 |
Commercial real estate, other | 1,059 |  | 322 |  | 2,970 |  | 4,351 |  | 2,185,633 |  | 2,189,984 |
Commercial and industrial | 733 |  | 2,513 |  | 3,171 |  | 6,417 |  | 1,122,392 |  | 1,128,809 |
Premium finance | 781 |  | 686 |  | 1,581 |  | 3,048 |  | 186,203 |  | 189,251 |
Leases | 4,057 |  | 9,036 |  | 13,937 |  | 27,030 |  | 375,605 |  | 402,635 |
Residential real estate | 3,286 |  | 2,924 |  | 4,091 |  | 10,301 |  | 781,664 |  | 791,965 |
Home equity lines of credit | 1,637 |  | 239 |  | 795 |  | 2,671 |  | 201,269 |  | 203,940 |
Consumer, indirect | 5,663 |  | 1,090 |  | 816 |  | 7,569 |  | 660,802 |  | 668,371 |
Consumer, direct | 441 |  | 96 |  | 53 |  | 590 |  | 133,972 |  | 134,562 |
Deposit account overdrafts | — |  | — |  | — |  | — |  | 857 |  | 857 |
Total loans, at amortized cost | $ | 17,657 |  | $ | 16,906 |  | $ | 27,414 |  | $ | 61,977 |  | $ | 6,022,413 |  | $ | 6,084,390 |
December 31, 2022 |  |  |  |  |  |
Construction | $ | 196 |  | $ | 161 |  | $ | 9 |  | $ | 366 |  | $ | 246,575 |  | $ | 246,941 |
Commercial real estate, other | 2,279 |  | 1,051 |  | 10,370 |  | 13,700 |  | 1,409,818 |  | 1,423,518 |
Commercial and industrial | 2,522 |  | 289 |  | 3,449 |  | 6,260 |  | 886,374 |  | 892,634 |
Premium finance | 646 |  | 816 |  | 504 |  | 1,966 |  | 157,231 |  | 159,197 |
Leases | 6,074 |  | 1,921 |  | 6,218 |  | 14,213 |  | 330,918 |  | 345,131 |
Residential real estate | 10,113 |  | 2,128 |  | 5,519 |  | 17,760 |  | 705,600 |  | 723,360 |
Home equity lines of credit | 987 |  | 149 |  | 552 |  | 1,688 |  | 176,170 |  | 177,858 |
Consumer, indirect | 5,866 |  | 1,048 |  | 921 |  | 7,835 |  | 621,591 |  | 629,426 |
Consumer, direct | 703 |  | 70 |  | 108 |  | 881 |  | 107,482 |  | 108,363 |
Deposit account overdrafts | — |  | — |  | — |  | — |  | 722 |  | 722 |
Total loans, at amortized cost | $ | 29,386 |  | $ | 7,633 |  | $ | 27,650 |  | $ | 64,669 |  | $ | 4,642,481 |  | $ | 4,707,150 |
Summary of Pledged Securities | The following table summarizes the carrying amount of Peoples' pledged securities:
|  | Carrying Amount
(Dollars in thousands) |  | September 30, 2023 |  | December 31, 2022
Securing public and trust department deposits, and repurchase agreements: |  |  |  |
Available-for-sale |  | $ | 745,164 |  |  | $ | 779,244 |
Held-to-maturity |  | 523,317 |  |  | 312,921 |
Securing additional borrowing capacity at the FHLB and the FRB: |  |  |  |
Available-for-sale |  | 3,520 |  |  | 3,972 |
Held-to-maturity |  | 1,254 |  |  | 128,870 |
Loans pledged are summarized as follows:
(Dollars in thousands) | September 30, 2023 | December 31, 2022
Loans pledged to FHLB | $ | 1,245,235 |  | $ | 783,843 |
Loans pledged to FRB | 366,754 |  | 339,005 |
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 September 30, 2023:
| Term Loans at Amortized Cost by Origination Year |  | Revolving Loans Converted to Term |
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total Loans
Construction |  |  |  |  |  |  |  |  |
Pass | $ | 49,218 |  | $ | 166,000 |  | $ | 103,935 |  | $ | 28,902 |  | $ | 8,931 |  | $ | 14,073 |  | $ | — |  | $ | — |  | $ | 371,059 |
Special mention | — |  | — |  | — |  | — |  | — |  | 125 |  | — |  | — |  | 125 |
Substandard | 1,200 |  | 1,598 |  | — |  | — |  | — |  | 34 |  | — |  | — |  | 2,832 |
Total | 50,418 |  | 167,598 |  | 103,935 |  | 28,902 |  | 8,931 |  | 14,232 |  | — |  | — |  | 374,016 |
Current period gross charge-offs | — |  | — |  | 9 |  | — |  | — |  | — |  |  |  | 9 |
Commercial real estate, other |  |  |  |  |  |  |
Pass | 159,774 |  | 296,172 |  | 377,054 |  | 238,765 |  | 273,896 |  | 705,640 |  | 32,428 |  | 194 |  | 2,083,729 |
Special mention | 1,000 |  | 7,374 |  | 1,950 |  | 4,303 |  | 5,178 |  | 17,863 |  | 947 |  | 45 |  | 38,615 |
Substandard | 315 |  | 1,430 |  | 7,268 |  | 10,669 |  | 2,404 |  | 44,954 |  | 590 |  | — |  | 67,630 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 10 |  | — |  | — |  | 10 |
Total | 161,089 |  | 304,976 |  | 386,272 |  | 253,737 |  | 281,478 |  | 768,467 |  | 33,965 |  | 239 |  | 2,189,984 |
Current period gross charge-offs | — |  | — |  | — |  | 39 |  | — |  | 279 |  |  |  | 318 |
Commercial and industrial |  |  |  |  |  |  |  |
Pass | 129,859 |  | 188,569 |  | 221,410 |  | 88,762 |  | 68,408 |  | 132,029 |  | 222,517 |  | 56 |  | 1,051,554 |
Special mention | 788 |  | 12,298 |  | 68 |  | 9,439 |  | 2,051 |  | 8,132 |  | 13,842 |  | 7,500 |  | 46,618 |
Substandard | 34 |  | 6,477 |  | 5,286 |  | 5,764 |  | 1,723 |  | 6,976 |  | 4,193 |  | 142 |  | 30,453 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 184 |  | — |  | — |  | 184 |
Total | 130,681 |  | 207,344 |  | 226,764 |  | 103,965 |  | 72,182 |  | 147,321 |  | 240,552 |  | 7,698 |  | 1,128,809 |
| Term Loans at Amortized Cost by Origination Year |  | Revolving Loans Converted to Term |
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total Loans
Current period gross charge-offs | — |  | — |  | — |  | 13 |  | — |  | 198 |  |  |  | 211 |
Premium finance |  |  |  |  |  |  |  |  |
Pass | 181,786 |  | 7,462 |  | 3 |  | — |  | — |  | — |  | — |  | — |  | 189,251 |
Total | 181,786 |  | 7,462 |  | 3 |  | — |  | — |  | — |  | — |  | — |  | 189,251 |
Current period gross charge-offs | 2 |  | 76 |  | 1 |  | — |  | — |  | — |  |  |  | 79 |
Leases |  |  |  |  |  |  |  |  |
Pass | 176,044 |  | 126,255 |  | 59,878 |  | 19,171 |  | 7,122 |  | 1,786 |  |  | — |  | 390,256 |
Special mention | 420 |  | 1,251 |  | 1,384 |  | 76 |  | 25 |  | 11 |  |  |  | 3,167 |
Substandard | 1,410 |  | 3,461 |  | 3,116 |  | 483 |  | 322 |  | 420 |  |  |  | 9,212 |
Total | 177,874 |  | 130,967 |  | 64,378 |  | 19,730 |  | 7,469 |  | 2,217 |  | — |  | — |  | 402,635 |
Current period gross charge-offs | 90 |  | 625 |  | 850 |  | 218 |  | 165 |  | 30 |  |  |  | 1,978 |
Residential real estate |  |  |  |  |  |  |  |
Pass | 54,423 |  | 93,514 |  | 143,794 |  | 59,432 |  | 48,436 |  | 381,826 |  | — |  | — |  | 781,425 |
Special mention | — |  | — |  | — |  | — |  | — |  | 111 |  | — |  | — |  | 111 |
Substandard | — |  | 244 |  | 336 |  | 141 |  | 612 |  | 9,044 |  | — |  | — |  | 10,377 |
Loss | — |  | — |  | — |  | — |  | — |  | 52 |  | — |  | — |  | 52 |
Total | 54,423 |  | 93,758 |  | 144,130 |  | 59,573 |  | 49,048 |  | 391,033 |  | — |  | — |  | 791,965 |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | 150 |  |  |  | 150 |
Home equity lines of credit |  |  |  |  |  |  |  |
Pass | 29,743 |  | 43,501 |  | 33,323 |  | 20,296 |  | 14,878 |  | 60,657 |  | 80 |  | 1,292 |  | 202,478 |
Substandard | 81 |  | 40 |  | 87 |  | 21 |  | 91 |  | 1,130 |  | — |  | — |  | 1,450 |
Loss | — |  | — |  | — |  | — |  | — |  | 12 |  | — |  | — |  | 12 |
Total | 29,824 |  | 43,541 |  | 33,410 |  | 20,317 |  | 14,969 |  | 61,799 |  | 80 |  | 1,292 |  | 203,940 |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | 106 |  |  |  | 106 |
Consumer, indirect |  |  |  |  |  |  |  |
Pass | 202,590 |  | 246,044 |  | 108,067 |  | 67,475 |  | 22,157 |  | 19,331 |  | — |  | — |  | 665,664 |
Substandard | 169 |  | 704 |  | 803 |  | 510 |  | 211 |  | 235 |  | — |  | — |  | 2,632 |
Loss | 16 |  | 39 |  | 9 |  | 11 |  | — |  | — |  | — |  | — |  | 75 |
Total | 202,775 |  | 246,787 |  | 108,879 |  | 67,996 |  | 22,368 |  | 19,566 |  | — |  | — |  | 668,371 |
Current period gross charge-offs | 251 |  | 1,488 |  | 665 |  | 207 |  | 59 |  | 126 |  |  |  | 2,796 |
Consumer, direct |  |  |  |  |  |  |  |
Pass | 54,619 |  | 41,130 |  | 20,085 |  | 9,714 |  | 3,854 |  | 4,850 |  | — |  | — |  | 134,252 |
| Term Loans at Amortized Cost by Origination Year |  | Revolving Loans Converted to Term |
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total Loans
Substandard | — |  | 30 |  | 84 |  | 45 |  | 24 |  | 114 |  | — |  | — |  | 297 |
Loss | — |  | — |  | — |  | — |  | — |  | 13 |  | — |  | — |  | 13 |
Total | 54,619 |  | 41,160 |  | 20,169 |  | 9,759 |  | 3,878 |  | 4,977 |  | — |  | — |  | 134,562 |
Current period gross charge-offs | 18 |  | 99 |  | 32 |  | 84 |  | 14 |  | 27 |  |  |  | 274 |
Deposit account overdrafts | 857 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 857 |
Current period gross charge-offs | 809 |  | — |  | — |  | — |  | — |  | — |  |  |  | 809 |
Total loans, at amortized cost | 1,044,346 |  | 1,243,593 |  | 1,087,940 |  | 563,979 |  | 460,323 |  | 1,409,612 |  | 274,597 |  | 9,229 |  | 6,084,390 |
Total current period gross charge-offs | $ | 1,170 |  | $ | 2,288 |  | $ | 1,557 |  | $ | 561 |  | $ | 238 |  | $ | 916 |  |  |  | $ | 6,730 |
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, 2022:
| Term Loans at Amortized Cost by Origination Year |  |  |
(Dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Construction |  |  |  |  |  |  |  |  |
Pass | $ | 82,143 |  | $ | 110,719 |  | $ | 27,893 |  | $ | 20,223 |  | $ | 656 |  | $ | 4,061 |  | $ | 44 |  | $ | 81 |  | $ | 245,739 |
Special mention | — |  | — |  | — |  | — |  | — |  | 818 |  | — |  | — |  | 818 |
Substandard | — |  | 2 |  | — |  | — |  | — |  | 382 |  | — |  | — |  | 384 |
Total | 82,143 |  | 110,721 |  | 27,893 |  | 20,223 |  | 656 |  | 5,261 |  | 44 |  | 81 |  | 246,941 |
Commercial real estate, other |  |  |  |  |  |  |  |
Pass | 165,282 |  | 224,727 |  | 227,799 |  | 202,877 |  | 110,564 |  | 369,578 |  | 27,300 |  | 5,217 |  | 1,328,127 |
Special mention | — |  | 189 |  | 1,099 |  | 5,519 |  | 3,111 |  | 29,334 |  | 105 |  | — |  | 39,357 |
Substandard | — |  | 8,327 |  | 2,591 |  | 1,366 |  | 1,296 |  | 42,172 |  | 216 |  | 190 |  | 55,968 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 66 |  | — |  | — |  | 66 |
Total | 165,282 |  | 233,243 |  | 231,489 |  | 209,762 |  | 114,971 |  | 441,150 |  | 27,621 |  | 5,407 |  | 1,423,518 |
Commercial and industrial |  |  |  |  |  |  |  |
Pass | 167,937 |  | 142,615 |  | 72,573 |  | 71,497 |  | 40,229 |  | 91,853 |  | 215,116 |  | 3,722 |  | 801,820 |
Special mention | 10,248 |  | 14,981 |  | 11,923 |  | 2,711 |  | 236 |  | 4,877 |  | 16,235 |  | — |  | 61,211 |
Substandard | 84 |  | 9,801 |  | 3,417 |  | 2,410 |  | 1,459 |  | 3,620 |  | 8,603 |  | 611 |  | 29,394 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 209 |  | — |  | — |  | 209 |
Total | 178,269 |  | 167,397 |  | 87,913 |  | 76,618 |  | 41,924 |  | 100,559 |  | 239,954 |  | 4,333 |  | 892,634 |
Premium finance |  |  |  |  |  |  |  |  |
Pass | 158,778 |  | 419 |  | — |  | — |  | — |  | — |  | — |  | — |  | 159,197 |
Total | 158,778 |  | 419 |  | — |  | — |  | — |  | — |  | — |  | — |  | 159,197 |
Leases |  |  |  |  |  |  |  |  |
Pass | 191,148 |  | 90,738 |  | 34,627 |  | 15,951 |  | 3,269 |  | 1,119 |  | — |  | — |  | 336,852 |
Special mention | 1,741 |  | 2,477 |  | 140 |  | 22 |  | 24 |  | — |  | — |  | — |  | 4,404 |
Substandard | 546 |  | 1,840 |  | 571 |  | 464 |  | 454 |  | — |  | — |  | — |  | 3,875 |
Total | 193,435 |  | 95,055 |  | 35,338 |  | 16,437 |  | 3,747 |  | 1,119 |  | — |  | — |  | 345,131 |
Residential real estate |  |  |  |  |  |  |  |
| Term Loans at Amortized Cost by Origination Year |  |  |
(Dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Pass | 78,313 |  | 138,860 |  | 58,869 |  | 42,840 |  | 28,174 |  | 364,635 |  | — |  | — |  | 711,691 |
Substandard | — |  | — |  | 137 |  | 569 |  | 563 |  | 10,302 |  | — |  | — |  | 11,571 |
Loss | — |  | — |  | — |  | — |  | — |  | 98 |  | — |  | — |  | 98 |
Total | 78,313 |  | 138,860 |  | 59,006 |  | 43,409 |  | 28,737 |  | 375,035 |  | — |  | — |  | 723,360 |
Home equity lines of credit |  |  |  |  |  |  |  |
Pass | 41,781 |  | 35,768 |  | 19,863 |  | 14,820 |  | 13,800 |  | 50,291 |  | 334 |  | 2,096 |  | 176,657 |
Substandard | — |  | 60 |  | — |  | 53 |  | 126 |  | 958 |  | — |  | — |  | 1,197 |
Loss | — |  | — |  | — |  | — |  | — |  | 4 |  | — |  | — |  | 4 |
Total | 41,781 |  | 35,828 |  | 19,863 |  | 14,873 |  | 13,926 |  | 51,253 |  | 334 |  | 2,096 |  | 177,858 |
Consumer, indirect |  |  |  |  |  |  |  |  |
Pass | 305,814 |  | 149,445 |  | 100,027 |  | 35,988 |  | 22,789 |  | 12,741 |  | — |  | — |  | 626,804 |
Substandard | 384 |  | 811 |  | 659 |  | 266 |  | 304 |  | 193 |  | — |  | — |  | 2,617 |
Loss | — |  | 5 |  | — |  | — |  | — |  | — |  | — |  | — |  | 5 |
Total | 306,198 |  | 150,261 |  | 100,686 |  | 36,254 |  | 23,093 |  | 12,934 |  | — |  | — |  | 629,426 |
Consumer, direct |  |  |  |  |  |  |  |  |
Pass | 50,889 |  | 28,351 |  | 14,558 |  | 6,333 |  | 3,725 |  | 3,975 |  | — |  | — |  | 107,831 |
Substandard | 97 |  | 63 |  | 138 |  | 46 |  | 21 |  | 150 |  | — |  | — |  | 515 |
Loss | — |  | — |  | — |  | — |  | — |  | 17 |  | — |  | — |  | 17 |
Total | 50,986 |  | 28,414 |  | 14,696 |  | 6,379 |  | 3,746 |  | 4,142 |  | — |  | — |  | 108,363 |
Deposit account overdrafts | 722 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 722 |
Total loans, at amortized cost | $ | 1,255,907 |  | $ | 960,198 |  | $ | 576,884 |  | $ | 423,955 |  | $ | 230,800 |  | $ | 991,453 |  | $ | 267,953 |  | $ | 11,917 |  | $ | 4,707,150 |
Summary of Amortized Cost of Collateral Dependent Loans | The following table details Peoples' amortized cost of collateral dependent loans:
(Dollars in thousands) | September 30, 2023 |  | December 31, 2022
Commercial real estate, other | — |  |  |  | 8,362 |  |
Commercial and industrial | — |  |  |  | 1,456 |  |
Residential real estate | 508 |  |  |  | 536 |  |
Total collateral dependent loans | $ | 508 |  |  |  | $ | 10,354 |  |
Summary of Financing Receivables Modified | The following tables display the amortized cost of loans that were restructured during the three months and the nine months ended September 30, 2023, presented by loan classification.
During the Three Months Ended September 30, 2023
(Dollars in thousands) |  |  |  | Term Extension |  |  |  | Total | Percentage of Total by Loan Category(a)(b)
Commercial real estate |  |  |  | $ | 901 |  |  |  |  | $ | 901 |  | 0.04 | %
Commercial and industrial |  |  |  | 2,352 |  |  |  |  | 2,352 |  | 0.21 | %
Residential real estate |  |  |  | 25 |  |  |  |  | 25 |  | — | %
Home equity lines of credit |  |  |  | 52 |  |  |  |  | 52 |  | 0.03 | %
Total |  |  |  | $ | 3,330 |  |  |  |  | $ | 3,330 |  | 0.05 | %
During the Nine Months Ended September 30, 2023
| Payment Delay (Only) |  | Forbearance Plan and Term Extension |  |  |  | Percentage of Total by Loan Category(a)
(Dollars in thousands) | Forbearance Plan | Payment Deferral |  | Term Extension |  |  | Total
Construction | $ | — |  | $ | 1,598 |  |  | $ | — |  | $ | — |  |  |  | $ | 1,598 |  | 0.43 | %
Commercial real estate | 189 |  | — |  |  | 1,089 |  | — |  |  |  | 1,278 |  | 0.06 | %
Commercial and industrial | — |  | — |  |  | 5,130 |  | 293 |  |  |  | 5,423 |  | 0.48 | %
Residential real estate | — |  | — |  |  | 243 |  | — |  |  |  | 243 |  | 0.03 | %
Home equity lines of credit | — |  | — |  |  | 203 |  | — |  |  |  | 203 |  | 0.10 | %
Total | $ | 189 |  | $ | 1,598 |  |  | $ | 6,665 |  | $ | 293 |  |  |  | $ | 8,745 |  | 0.14 | %
(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. The following tables summarize the financial impacts of loan modifications and payment deferrals made to loans during the three months and the nine months ended September 30, 2023, presented by loan classification.
During the Three Months Ended September 30, 2023
|  | Weighted-Average Term Extension (in months) | Average Amount Capitalized as a Result of a Payment Delay(a)
Commercial real estate |  | 4 | $ | — |
Commercial and industrial |  | 4 | — |
Residential real estate |  | 240 | — |
Home equity lines of credit |  | 217 | — |
During the Nine Months Ended September 30, 2023
|  | Weighted-Average Term Extension (in months) | Average Amount Capitalized as a Result of a Payment Delay(a)
Commercial real estate |  | 6 | $ | — |
Commercial and industrial |  | 5 | — |
Residential real estate |  | 213 | 8,072 |
Home equity lines of credit |  | 189 | — |
Consumer, indirect |  | 2 | — |
(a) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars.
The following table displays an aging analysis of loans that were modified on or after January 1, 2023, the date Peoples adopted ASU 2022-02, through September 30, 2023, presented by classification and class of financing receivable.
As of September 30, 2023
(Dollars in thousands) | 30-59 Days Delinquent | 60-89 Days Delinquent | 90+ Days Delinquent | Total Delinquent | Current | Total
Construction | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,598 |  | $ | 1,598 |
Commercial real estate | — |  | 76 |  | — |  | 76 |  | 1,203 |  | 1,279 |
Commercial and industrial | — |  | 276 |  | 2,042 |  | 2,318 |  | 3,105 |  | 5,423 |
Residential real estate | — |  | — |  | — |  | — |  | 242 |  | 242 |
Home equity lines of credit | — |  | — |  | — |  | — |  | 203 |  | 203 |
Total loans modified(a) | $ | — |  | $ | 352 |  | $ | 2,042 |  | $ | 2,394 |  | $ | 6,351 |  | $ | 8,745 |
(a) Represents the amortized cost basis as of period end.
The following table summarizes the loans that were modified as TDRs during the three months and the nine months ended September 30, 2022:
|  | Three Months Ended
|  | Recorded Investment (a)
(Dollars in thousands) | Number of Contracts | Pre-Modification | Post-Modification | Remaining Recorded Investment
September 30, 2022 |  |  |  |
Commercial and industrial | 1 |  | 20 |  | 20 |  | 19 |
Residential real estate | 7 |  | 323 |  | 361 |  | 354 |
Home equity lines of credit | 2 |  | 119 |  | 119 |  | 119 |
Consumer, indirect | 6 |  | 79 |  | 79 |  | 79 |
Consumer, direct | 3 |  | 20 |  | 20 |  | 20 |
Consumer | 9 |  | 99 |  | 99 |  | 99 |
Total | 19 |  | $ | 561 |  | $ | 599 |  | $ | 591 |
(a) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported.
|  | Nine Months Ended
|  | Recorded Investment (a)
(Dollars in thousands) | Number of Contracts | Pre-Modification | Post-Modification | Remaining Recorded Investment
September 30, 2022 |  |  |  |
Commercial real estate, other | 3 |  | 282 |  | 282 |  | 276 |
Commercial and industrial | 6 |  | 1,309 |  | 1,313 |  | 801 |
Residential real estate | 30 |  | 1,478 |  | 1,562 |  | 1,536 |
Home equity lines of credit | 5 |  | 251 |  | 251 |  | 247 |
Consumer, indirect | 19 |  | 237 |  | 237 |  | 237 |
Consumer, direct | 6 |  | 63 |  | 63 |  | 63 |
Consumer | 25 |  | 300 |  | 300 |  | 300 |
Total | 69 |  | $ | 3,620 |  | $ | 3,708 |  | $ | 3,160 |
(a) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported.
Summary of Defaulted Financing Receivables Modified | The following table displays the amortized cost of loans that received a completed modification or payment deferral on or after January 1, 2023, the date Peoples adopted ASU 2022-02, through September 30, 2023, and that defaulted in the period 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 through September 30, 2023.
For the Nine Months Ended September 30, 2023
| Payment Delay as a Result of a Payment Deferral (Only) |  |  | Total
Commercial and industrial | $ | 245 |  |  |  | $ | 245 |
Consumer, indirect | $ | 11 |  |  |  | $ | 11 |
Total loans that subsequently defaulted | $ | 256 |  |  |  | $ | 256 |
(1) 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 months and the nine months ended September 30, 2023 and September 30, 2022 are summarized below:
(Dollars in thousands) | Beginning Balance, June 30, 2023 | Initial Allowance for Acquired PCD Assets (a) |  | (Recovery of) Provision for Credit Losses (b) | Charge-offs | Recoveries | Ending Balance, September 30, 2023
Construction | $ | 1,496 |  | — |  |  | (255) |  | — |  | — |  | 1,241 |
Commercial real estate, other | 19,731 |  | 138 |  |  | 1,569 |  | (278) |  | 97 |  | 21,257 |
Commercial and industrial | 11,028 |  | 3 |  |  | (630) |  | (199) |  | 3 |  | 10,205 |
Premium finance | 431 |  | — |  |  | 66 |  | (33) |  | 12 |  | 476 |
Leases | 10,377 |  | — |  |  | 2,052 |  | (905) |  | 168 |  | 11,692 |
Residential real estate | 6,112 |  | 6 |  |  | 156 |  | (50) |  | 27 |  | 6,251 |
Home equity lines of credit | 1,676 |  | 5 |  |  | (9) |  | (32) |  | — |  | 1,640 |
Consumer, indirect | 7,610 |  | — |  |  | 683 |  | (926) |  | 149 |  | 7,516 |
Consumer, direct | 2,642 |  | 1 |  |  | (43) |  | (92) |  | 11 |  | 2,519 |
Deposit account overdrafts | 108 |  | — |  |  | 289 |  | (319) |  | 49 |  | 127 |
Total | $ | 61,211 |  | $ | 153 |  |  | $ | 3,878 |  | $ | (2,834) |  | $ | 516 |  | $ | 62,924 |
(a)Includes purchase price adjustments related to acquisitions previously completed but were within the 12-month measurement period. (b)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands) | Beginning Balance, June 30, 2022 | Initial Allowance for Acquired PCD Assets (a) |  | (Recovery of) Provision for Credit Losses (b) | Charge-offs | Recoveries | Ending Balance, September 30, 2022
Construction | $ | 1,531 |  | $ | — |  |  | $ | (67) |  | $ | — |  | $ | — |  | $ | 1,464 |
Commercial real estate, other | 18,708 |  | — |  |  | (995) |  | (57) |  | 39 |  | 17,695 |
Commercial and industrial | 8,572 |  | — |  |  | 72 |  | (36) |  | 3 |  | 8,611 |
Premium finance | 311 |  | — |  |  | 279 |  | (38) |  | 1 |  | 553 |
Leases | 7,585 |  | 377 |  |  | 560 |  | (731) |  | 99 |  | 7,890 |
Residential real estate | 6,332 |  | — |  |  | 264 |  | (168) |  | 36 |  | 6,464 |
Home equity lines of credit | 1,699 |  | — |  |  | (50) |  | (5) |  | — |  | 1,644 |
Consumer, indirect | 6,234 |  | — |  |  | 1,207 |  | (600) |  | 71 |  | 6,912 |
Consumer, direct | 1,321 |  | — |  |  | 343 |  | (81) |  | 9 |  | 1,592 |
Deposit account overdrafts | 53 |  | — |  |  | 218 |  | (274) |  | 44 |  | 41 |
Total | $ | 52,346 |  | $ | 377 |  |  | $ | 1,831 |  | $ | (1,990) |  | $ | 302 |  | $ | 52,866 |
(a)Includes purchase price adjustments related to acquisitions previously completed but were within the 12-month measurement period. (b)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands) | Beginning Balance, December 31, 2022 | Initial Allowance for Acquired PCD Assets (a) |  | Provision for (Recovery of) Credit Losses (b) | Charge-offs | Recoveries | Ending Balance, September 30, 2023 |  |  |
Construction | $ | 1,250 |  | $ | — |  |  | $ | — |  | $ | (9) |  | $ | — |  | $ | 1,241 |  |  |  |
Commercial real estate, other | 17,710 |  | 418 |  |  | 3,307 |  | (318) |  | 140 |  | 21,257 |  |  |  |
Commercial and industrial | 8,229 |  | 379 |  |  | 1,354 |  | (211) |  | 454 |  | 10,205 |  |  |  |
Premium finance | 344 |  | — |  |  | 187 |  | (79) |  | 24 |  | 476 |  |  |  |
Leases | 8,495 |  | — |  |  | 4,838 |  | (1,978) |  | 337 |  | 11,692 |  |  |  |
Residential real estate | 6,357 |  | 260 |  |  | (341) |  | (150) |  | 125 |  | 6,251 |  |  |  |
Home equity lines of credit | 1,693 |  | 18 |  |  | 35 |  | (106) |  | — |  | 1,640 |  |  |  |
Consumer, indirect | 7,448 |  | — |  |  | 2,507 |  | (2,796) |  | 357 |  | 7,516 |  |  |  |
Consumer, direct | 1,575 |  | 86 |  |  | 1,071 |  | (274) |  | 61 |  | 2,519 |  |  |  |
Deposit account overdrafts | 61 |  | — |  |  | 701 |  | (809) |  | 174 |  | 127 |  |  |  |
Total | $ | 53,162 |  | $ | 1,161 |  |  | $ | 13,659 |  | $ | (6,730) |  | $ | 1,672 |  | $ | 62,924 |  |  |  |
(a) Includes purchase price adjustments related to acquisitions previously completed but were within the 12-month measurement period (b) Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands) | Beginning Balance, December 31, 2021 | Initial Allowance for Acquired PCD Assets (a) |  | (Recovery of) Provision for Credit Losses (b) | Charge-offs | Recoveries | Ending Balance, September 30, 2022
Construction | $ | 2,999 |  | $ | — |  |  | $ | (1,535) |  | $ | — |  | $ | — |  | $ | 1,464 |
Commercial real estate, other | 29,147 |  | (451) |  |  | (10,908) |  | (357) |  | 264 |  | 17,695 |
Commercial and industrial | 11,063 |  | (418) |  |  | (1,124) |  | (919) |  | 9 |  | 8,611 |
Premium finance | 379 |  | — |  |  | 247 |  | (82) |  | 9 |  | 553 |
Leases | 4,797 |  | 801 |  |  | 3,650 |  | (1,697) |  | 339 |  | 7,890 |
Residential real estate | 7,233 |  | (509) |  |  | 200 |  | (524) |  | 64 |  | 6,464 |
Home equity lines of credit | 2,005 |  | (11) |  |  | (333) |  | (46) |  | 29 |  | 1,644 |
Consumer, indirect | 5,326 |  | (41) |  |  | 2,821 |  | (1,434) |  | 240 |  | 6,912 |
Consumer, direct | 961 |  | — |  |  | 877 |  | (277) |  | 31 |  | 1,592 |
Deposit account overdrafts | 57 |  | — |  |  | 772 |  | (938) |  | 150 |  | 41 |
Total | $ | 63,967 |  | $ | (629) |  |  | $ | (5,333) |  | $ | (6,274) |  | $ | 1,135 |  | $ | 52,866 |
(a)Includes purchase price adjustments related to acquisitions previously completed but were within the 12-month measurement period. (b)Amount does not include the provision for the allowance for credit losses on unfunded commitments.

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