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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023    
Obligations of:    
U.S. Treasury and government agencies$45,207 $— $(2,741)$42,466 
U.S. government sponsored agencies118,148 — (14,216)103,932 
States and political subdivisions263,001 6 (42,547)220,460 
Residential mortgage-backed securities714,501 725 (122,122)593,104 
Commercial mortgage-backed securities62,584 — (11,744)50,840 
Bank-issued trust preferred securities8,353 1 (575)7,779 
Total available-for-sale securities$1,211,794 $732 $(193,945)$1,018,581 
December 31, 2022    
Obligations of:    
U.S. Treasury and government agencies$158,473 $— $(6,051)$152,422 
U.S. government sponsored agencies101,753 18 (13,656)88,115 
States and political subdivisions261,612 12 (35,742)225,882 
Residential mortgage-backed securities707,025 1,017 (103,389)604,653 
Commercial mortgage-backed securities61,091 — (11,042)50,049 
Bank-issued trust preferred securities10,765 57 (544)10,278 
Total available-for-sale securities$1,300,719 $1,104 $(170,424)$1,131,399 
Schedule of Gross Gains and Losses from Sales of Available-for-sale Securities The gross gains and losses realized by Peoples from sales of available-for-sale securities for the periods ended September 30 were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2023202220232022
Gross gains realized$1,101 $29 $1,191 $189 
Gross losses realized(1,108)(8)(3,299)(82)
Net (loss) gain realized$(7)$21 $(2,108)$107 
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, 2023        
Obligations of:
U.S. Treasury and government agencies
$15,992 $374 19 $26,476 $2,367 12 $42,468 $2,741 
U.S. government sponsored agencies
29,514 450 17 74,418 13,766 17 103,932 14,216 
States and political subdivisions47,093 3,358 106 170,282 39,189 156 217,375 42,547 
Residential mortgage-backed securities
68,958 4,928 85 519,488 117,194 238 588,446 122,122 
Commercial mortgage-backed securities
7,851 344 9 42,767 11,400 21 50,618 11,744 
Bank-issued trust preferred securities
— — — 3,925 575 2 3,925 575 
Total$169,408 $9,454 236 $837,356 $184,491 446 $1,006,764 $193,945 
December 31, 2022        
Obligations of:
U.S. Treasury and government agencies
$112,730 $2,772 13 $39,692 $3,279 11 $152,422 $6,051 
U.S. government sponsored agencies
15,166 249 17 66,706 13,407 18 81,872 13,656 
States and political subdivisions60,324 714 114 156,900 35,028 117 217,224 35,742 
Residential mortgage-backed securities
104,959 8,087 105 488,452 95,302 139 593,411 103,389 
Commercial mortgage-backed securities
1,874 129 2 48,175 10,913 21 50,049 11,042 
Bank-issued trust preferred securities
4,400 100 3 3,556 444 2 7,956 544 
Total$299,453 $12,051 254 $803,481 $158,373 308 $1,102,934 $170,424 
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 securities by contractual maturity at September 30, 2023. The weighted-average yields are based on the amortized cost. 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$— $30,703 $8,439 $6,065 $45,207 
U.S. government sponsored agencies7,929 60,184 32,335 17,700 118,148 
States and political subdivisions18,785 52,478 66,632 125,106 263,001 
Residential mortgage-backed securities1 4,052 61,904 648,544 714,501 
Commercial mortgage-backed securities1,628 12,583 27,254 21,119 62,584 
Bank-issued trust preferred securities— 3,000 3,500 1,853 8,353 
Total available-for-sale securities$28,343 $163,000 $200,064 $820,387 $1,211,794 
Fair value     
Obligations of:     
U.S. Treasury and government agencies$— $28,284 $8,242 $5,940 $42,466 
U.S. government sponsored agencies7,858 54,328 26,545 15,201 103,932 
States and political subdivisions18,554 48,537 54,148 99,221 220,460 
Residential mortgage-backed securities1 3,845 54,760 534,498 593,104 
Commercial mortgage-backed securities1,621 11,195 21,986 16,038 50,840 
Bank-issued trust preferred securities— 2,942 2,984 1,853 7,779 
Total available-for-sale securities$28,034 $149,131 $168,665 $672,751 $1,018,581 
Total weighted-average yield2.77 %2.27 %2.10 %2.29 %2.27 %
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at September 30, 2023. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a blended federal and state corporate income tax rate of 23.3% at September 30, 2023. 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 agencies4,629 $18,660 $67,032 $84,378 $174,699 
States and political subdivisions— 5,218 9,392 130,118 144,728 
Residential mortgage-backed securities— 646 4,453 243,528 248,627 
Commercial mortgage-backed securities6,562 9,466 37,564 54,001 107,593 
Total held-to-maturity securities$11,191 $33,990 $118,441 $512,025 $675,647 
Fair value     
Obligations of:     
U.S. government sponsored agencies4,584 $17,800 $65,196 $73,405 $160,985 
States and political subdivisions— 5,157 7,706 91,947 104,810 
Residential mortgage-backed securities— 626 3,736 214,608 218,970 
Commercial mortgage-backed securities6,474 7,793 30,487 40,369 85,123 
Total held-to-maturity securities$11,058 $31,376 $107,125 $420,329 $569,888 
Total weighted-average yield2.32 %1.64 %4.04 %3.43 %3.43 %
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, 2023    
Obligations of:   
 U.S. government sponsored agencies$174,699 $— $— $(13,714)$160,985 
States and political subdivisions144,728 (238)84 (39,764)104,810 
Residential mortgage-backed securities248,627 — 85 (29,742)218,970 
Commercial mortgage-backed securities107,593 — — (22,470)85,123 
Total held-to-maturity securities$675,647 $(238)$169 $(105,690)$569,888 
December 31, 2022    
Obligations of:    
U.S. government sponsored agencies$132,366 $— $130 $(9,476)$123,020 
States and political subdivisions145,263 (241)162 (36,408)108,776 
Residential mortgage-backed securities176,215 — 244 (18,461)157,998 
Commercial mortgage-backed securities106,609 — — (17,894)88,715 
Total held-to-maturity securities$560,453 $(241)$536 $(82,239)$478,509 
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, 2023        
Obligations of:
U.S. government sponsored agencies$111,592 $3,708 22 49,393 10,006 16 $160,985 $13,714 
States and political subdivisions— — — 101,560 39,764 67 101,560 39,764 
Residential mortgage-backed securities
130,966 9,176 38 80,612 20,566 26 211,578 29,742 
Commercial mortgage-backed securities
21,396 3,599 8 63,727 18,871 30 85,123 22,470 
Total$263,954 $16,483 68 $295,292 $89,207 139 $559,246 $105,690 
December 31, 2022        
Obligations of:
U.S. government sponsored agencies$59,905 $651 17 29,306 8,825 9 $89,211 $9,476 
States and political subdivisions3,590 1,072 3 101,863 35,336 64 105,453 36,408 
Residential mortgage-backed securities
71,582 2,904 21 72,862 15,557 18 144,444 18,461 
Commercial mortgage-backed securities
26,869 650 8 61,846 17,244 29 88,715 17,894 
Total$161,946 $5,277 49 $265,877 $76,962 120 $427,823 $82,239 
Summary of Other Investment Securities
The following table summarizes the carrying value of Peoples' other investment securities:
(Dollars in thousands)September 30, 2023December 31, 2022
FHLB stock$33,808 $26,605 
FRB stock26,897 21,231 
Nonqualified deferred compensation2,744 2,048 
Equity investment securities394 346 
Other investment securities2,489 1,379 
Total other investment securities$66,332 $51,609 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)September 30, 2023December 31, 2022
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$745,164 $779,244 
     Held-to-maturity523,317 312,921 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale3,520 3,972 
     Held-to-maturity1,254 128,870 
Loans pledged are summarized as follows:
(Dollars in thousands)September 30, 2023December 31, 2022
Loans pledged to FHLB$1,245,235 $783,843 
Loans pledged to FRB366,754 339,005