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Deposits

3 Months Ended

Mar. 31, 2024

Banking and Thrift, Other Disclosure [Abstract]

Deposits

Deposits

Peoples’ deposit balances were comprised of the following:

(Dollars in thousands)			March 31, 2024			December 31, 2023
Retail certificates of deposits ("CDs"):
$100 or more			$	956,845		$	815,300
Less than $100			723,569			628,117
Total Retail CDs			1,680,414			1,443,417
Interest-bearing deposit accounts			1,107,711			1,144,357
Savings accounts			901,493			919,244
Money market deposit accounts			859,961			775,488
Governmental deposit accounts			825,170			726,713
Brokered CDs			483,444			575,429
Total interest-bearing deposits			5,858,193			5,584,648
Non-interest-bearing deposits			$	1,468,363		1,567,649
Total deposits			$	7,326,556		$	7,152,297

Uninsured deposits were $2.1 billion and $2.0 billion at March 31, 2024 and at December 31, 2023, 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 over $865.6 million of the uninsured deposit balances at March 31, 2024.

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

(Dollars in thousands)			March 31, 2024			December 31, 2023
3 months or less			$	99,470		$	58,708
Over 3 to 6 months			127,433			99,928
Over 6 to 12 months			148,528			131,263
Over 12 months			21,465			37,180
Total			$	396,896		$	327,079

The contractual maturities of CDs for each of the next five years, including the remainder of 2024, and thereafter are as follows:

(Dollars in thousands)			Retail			Brokered			Total
Remaining nine months ending December 31, 2024			$	1,407,331		$	483,444		$	1,890,775
Year ending December 31, 2025			221,303			—			221,303
Year ending December 31, 2026			17,753			—			17,753
Year ending December 31, 2027			24,770			—			24,770
Year ending December 31, 2028			7,544			—			7,544
Thereafter			1,713			—			1,713
Total CDs			$	1,680,414		$	483,444		$	2,163,858

At March 31, 2024, Peoples had 11 effective interest rate swaps, with an aggregate notional value of $105.0 million, all of which 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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