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v3.23.3

Deposits | 9 Months Ended
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Sep. 30, 2023
Banking and Thrift, Other Disclosure [Abstract] |
Deposits | Deposits Peoples’ deposit balances were comprised of the following:
(Dollars in thousands) | September 30, 2023 | December 31, 2022
Retail certificates of deposits ("CDs"): |  |
$100 or more | $ | 673,848 |  | $ | 263,341 |
Less than $100 | 524,885 |  | 266,895 |
Total Retail CDs | 1,198,733 |  | 530,236 |
Interest-bearing deposit accounts | 1,181,079 |  | 1,160,182 |
Savings accounts | 987,170 |  | 1,068,547 |
Money market deposit accounts | 730,902 |  | 617,029 |
Governmental deposit accounts | 761,625 |  | 625,965 |
Brokered CDs | 608,914 |  | 125,580 |
Total interest-bearing deposits | 5,468,423 |  | 4,127,539 |
Non-interest-bearing deposits | $ | 1,569,095 |  | 1,589,402 |
Total deposits | $ | 7,037,518 |  | $ | 5,716,941 |
Uninsured deposits were $1.9 billion and $1.6 billion at September 30, 2023 and at December 31, 2022, respectively. Uninsured amounts are estimated based on the portion of the respective customer account balances that exceeded the FDIC limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which covered o ver $812.7 million o f the uninsured deposit balances at September 30, 2023. Uninsured time deposits are broken out below by time remaining until maturity.
(Dollars in thousands) | September 30, 2023 | December 31, 2022 |
3 months or less | $ | 34,976 |  | $ | 19,282 |  |
Over 3 to 6 months | 58,092 |  | 14,871 |  |
Over 6 to 12 months | 135,603 |  | 14,383 |  |
Over 12 months | 33,184 |  | 52,216 |  |
Total | $ | 261,855 |  | $ | 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 three months ending December 31, 2023 | $ | 200,562 |  | $ | 608,914 |  | $ | 809,476 |
Year ending December 31, 2024 | 899,116 |  | — |  | 899,116 |
Year ending December 31, 2025 | 45,630 |  | — |  | 45,630 |
Year ending December 31, 2026 | 19,560 |  | — |  | 19,560 |
Year ending December 31, 2027 | 26,296 |  | — |  | 26,296 |
Thereafter | 7,569 |  | — |  | 7,569 |
Total CDs | $ | 1,198,733 |  | $ | 608,914 |  | $ | 1,807,647 |
At September 30, 2023, Peoples had eleven effective interest rate swaps, with an aggregate notional value of $105.0 million, of which $105.0 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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- 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 + Details
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