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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Sales Type Lease Income
The table below details Peoples’ lease income for the years ended December 31, 2023 and 2022:
(Dollars in thousands)20232022
Interest and fees on leases (a)$42,931 $34,720 
Lease income5,552 4,267 
Other non-interest income2,308 — 
Total lease income$50,791 $38,987 
(a)Included in “Interest and fees on loans” on the Consolidated Statements of Income. For additional information, see “Note 4 Loans and Leases.”
Schedule of Sales Type Leases
The following table summarizes the net investments in sales-type leases, which are included in “Loans and leases, net of deferred costs” on the Consolidated Balance Sheets at December 31:
(Dollars in thousands)20232022
Lease payments receivable, at amortized cost$463,742 $367,681 
Estimated residual values33,448 35,045 
Initial direct costs7,114 4,233 
Deferred revenue(90,244)(61,828)
Total leases, at amortized cost414,060 345,131 
Allowance for credit losses - leases(10,850)(8,495)
Net investment in sales-type leases$403,210 $336,636 
Schedule of Sales Type Lease Maturity
The following table summarizes the contractual maturities of leases:
(Dollars in thousands)Balance
2024$110,893 
2025108,346 
202694,672 
202774,997 
202856,111 
Thereafter18,723 
Lease payments receivable, at amortized cost$463,742 
Schedule of Lease Cost
The table below details Peoples’ lease expense, which is included in “Net occupancy and equipment expense” in the Consolidated Statements of Income for the years ended December 31:
(Dollars in thousands)20232022
Operating lease expense$3,030 $2,568 
Short-term lease expense268 745 
Total lease expense$3,298 $3,313 
The following table details the ROU asset, the lease liability and other information related to Peoples’ operating leases on the Consolidated Balance Sheet at December 31:
(Dollars in thousands)20232022
ROU asset:
Other assets$11,689 $6,825 
Lease liability:
Accrued expenses and other liabilities$12,080 $7,551 
Other information:
Weighted-average remaining lease term9.5 years8.8 years
Weighted-average discount rate3.34 %2.70 %
Cash paid during the year for operating leases$2,990 $2,560 
Additions for ROU assets obtained during the year$4,428 $880 
Schedule of Operating Lease Maturities
The following table summarizes the future lease payments of operating leases:
(Dollars in thousands)Payments
2024
$2,588 
2025
2,020 
2026
1,750 
2027
1,599 
2028
1,218 
Thereafter5,413 
Total undiscounted lease payments$14,588 
Imputed interest(2,508)
Total lease liability$12,080