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Loans and Leases | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Loans and Leases | Loans and Leases Peoples' loan portfolio consists of various types of loans and leases originated primarily as a result of lending opportunities within Peoples' footprint. Peoples also originates insurance premium finance loans nationwide through its Peoples Premium Finance division, and originates leases nationwide through its North Star Leasing ("NSL") division and its Vantage Financial, LLC ("Vantage") subsidiary. 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) | June 30, 2024 | December 31, 2023
Construction | $ | 340,601 |  | $ | 364,019 |
Commercial real estate, other | 2,195,979 |  | 2,196,957 |
Commercial and industrial | 1,258,063 |  | 1,184,986 |
Premium finance | 293,349 |  | 203,177 |
Leases | 430,651 |  | 414,060 |
Residential real estate | 789,344 |  | 791,095 |
Home equity lines of credit | 227,608 |  | 208,675 |
Consumer, indirect | 675,054 |  | 666,472 |
Consumer, direct | 113,655 |  | 128,769 |
Deposit account overdrafts | 1,067 |  | 986 |
Total loans, at amortized cost | $ | 6,325,371 |  | $ | 6,159,196 |
Accrued interest receivable is not included within the loan balances, but is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Total interest receivable on loans was $24.4 million at June 30, 2024 and $24.5 million at December 31, 2023. Nonaccrual and Past Due Loans A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due. The amortized cost of loans on nonaccrual status and of loans delinquent for 90 days or more and accruing was as follows:
| June 30, 2024 |  | December 31, 2023
(Dollars in thousands) | Nonaccrual (a) | Accruing Loans 90+ Days Past Due |  | Nonaccrual (a) | Accruing Loans 90+ Days Past Due
Construction | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Commercial real estate, other | 4,833 |  | 106 |  |  | 2,816 |  | 78 |
Commercial and industrial | 6,030 |  | 208 |  |  | 2,758 |  | 316 |
Premium finance | — |  | 2,546 |  |  | — |  | 1,355 |
Leases | 11,849 |  | 3,193 |  |  | 8,436 |  | 3,826 |
Residential real estate | 7,078 |  | 1,209 |  |  | 7,921 |  | 877 |
Home equity lines of credit | 1,454 |  | 230 |  |  | 1,022 |  | 171 |
Consumer, indirect | 2,261 |  | 67 |  |  | 2,412 |  | 68 |
Consumer, direct | 164 |  | 33 |  |  | 112 |  | 25 |
Total loans, at amortized cost | $ | 33,669 |  | $ | 7,592 |  |  | $ | 25,477 |  | $ | 6,716 |
(a) There were $1.4 million of nonaccrual loans for which there was no allowance for credit losses at June 30, 2024 and $1.2 million of nonaccrual loans for which there was no allowance for credit losses at December 31, 2023. During the first six months of 2024, nonaccrual loans increased compared to at December 31, 2023, which was primarily due to one large commercial and industrial loan of approximately $2.0 million that went on nonaccrual status during the first half of 2024. Further, eight leases and four commercial real estate loans went on nonaccrual status during the second quarter of 2024 which increased the amount reported by $3.4 million and $1.8 million, respectively. The increase in accruing loans 90+ days past due at June 30, 2024 when compared to at December 31, 2023, was primarily due to an increase in accruing premium finance loans 90+ days past due of approximately $1.2 million and an increase in accruing residential real estate loans 90+ days past due of approximately $0.3 million which was partially offset by a decrease in accruing leases and commercial and industrial loans 90+ days past due. The amount of interest income recognized on accruing loans 90+ days past due during the six months ended June 30, 2024 was $0.9 million. 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
June 30, 2024 |  |  |  |  |  |
Construction | $ | — |  | $ | 70 |  | $ | — |  | $ | 70 |  | $ | 340,531 |  | $ | 340,601 |
Commercial real estate, other | 2,509 |  | 2,551 |  | 2,799 |  | 7,859 |  | 2,188,120 |  | 2,195,979 |
Commercial and industrial | 821 |  | 2,191 |  | 4,166 |  | 7,178 |  | 1,250,885 |  | 1,258,063 |
Premium finance | 4,051 |  | 4,332 |  | 2,546 |  | 10,929 |  | 282,420 |  | 293,349 |
Leases | 2,690 |  | 9,395 |  | 14,831 |  | 26,916 |  | 403,735 |  | 430,651 |
Residential real estate | 3,543 |  | 3,065 |  | 4,259 |  | 10,867 |  | 778,477 |  | 789,344 |
Home equity lines of credit | 1,071 |  | 474 |  | 979 |  | 2,524 |  | 225,084 |  | 227,608 |
Consumer, indirect | 5,928 |  | 1,119 |  | 1,168 |  | 8,215 |  | 666,839 |  | 675,054 |
Consumer, direct | 553 |  | 51 |  | 86 |  | 690 |  | 112,965 |  | 113,655 |
Deposit account overdrafts | — |  | — |  | — |  | — |  | 1,067 |  | 1,067 |
Total loans, at amortized cost | $ | 21,166 |  | $ | 23,248 |  | $ | 30,834 |  | $ | 75,248 |  | $ | 6,250,123 |  | $ | 6,325,371 |
December 31, 2023 |  |  |  |  |  |
Construction | $ | 13 |  | $ | 52 |  | $ | — |  | $ | 65 |  | $ | 363,954 |  | $ | 364,019 |
Commercial real estate, other | 2,728 |  | 4,556 |  | 1,572 |  | 8,856 |  | 2,188,101 |  | 2,196,957 |
Commercial and industrial | 1,717 |  | 1,491 |  | 3,052 |  | 6,260 |  | 1,178,726 |  | 1,184,986 |
Premium finance | 1,288 |  | 867 |  | 1,355 |  | 3,510 |  | 199,667 |  | 203,177 |
Leases | 12,743 |  | 4,932 |  | 12,014 |  | 29,689 |  | 384,371 |  | 414,060 |
Residential real estate | 14,021 |  | 2,733 |  | 4,481 |  | 21,235 |  | 769,860 |  | 791,095 |
Home equity lines of credit | 1,561 |  | 691 |  | 683 |  | 2,935 |  | 205,740 |  | 208,675 |
Consumer, indirect | 7,488 |  | 1,550 |  | 1,230 |  | 10,268 |  | 656,204 |  | 666,472 |
Consumer, direct | 536 |  | 282 |  | 43 |  | 861 |  | 127,908 |  | 128,769 |
Deposit account overdrafts | — |  | — |  | — |  | — |  | 986 |  | 986 |
Total loans, at amortized cost | $ | 42,095 |  | $ | 17,154 |  | $ | 24,430 |  | $ | 83,679 |  | $ | 6,075,517 |  | $ | 6,159,196 |
Delinquency trends improved slightly, as 98.8% of Peoples' loan portfolio was considered “current” at June 30, 2024, compared to 98.6% at December 31, 2023. Pledged Loans Peoples has pledged certain loans secured by one-to-four family and multifamily residential mortgages, home equity lines of credit and commercial real estate loans under a blanket collateral agreement to secure borrowings from the FHLB. Peoples also has pledged eligible commercial and industrial loans to secure borrowings with the FRB. Loans pledged are summarized as follows:
(Dollars in thousands) | June 30, 2024 | December 31, 2023
Loans pledged to FHLB | $ | 1,206,145 |  | $ | 1,206,134 |
Loans pledged to FRB | 470,048 |  | 419,245 |
Credit Quality Indicators As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2023 Form 10-K, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Commercial loans to borrowers with an aggregate unpaid principal balance in excess of $1.0 million are reviewed at least on an annual basis for possible credit deterioration. Commercial leases, as well as loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1.0 million, are reviewed on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower's business, receipt of financial statements indicating deteriorating credit quality or other similar events. Adversely classified loans are reviewed on a quarterly basis. A description of the general characteristics of the risk grades used by Peoples, follows: “Pass” (grades 1 through 4): Loans in this risk category involve borrowers of acceptable-to-strong credit quality and risk who have the apparent ability to satisfy their loan obligations. Loans in this risk category would possess sufficient mitigating factors, such as adequate collateral or strong guarantors possessing the capacity to repay the loan if required, for any weakness that may exist. “Special Mention” (grade 5): Loans in this risk grade are the equivalent of the regulatory definition of “Other Assets Especially Mentioned.” Loans in this risk category possess some credit deficiency or potential weakness, which requires a high level of management attention. Potential weaknesses include declining trends in operating earnings and cash flows and/or reliance on a secondary source of repayment. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the loan or in Peoples' credit position. “Substandard” (grade 6): Loans in this risk grade are inadequately protected by the borrower's current financial condition and payment capability or the collateral pledged, if any. Loans so classified have one or more well-defined weaknesses that jeopardize the orderly repayment of the loans. They are characterized by the distinct possibility that Peoples will sustain some loss if the weaknesses are not corrected. “Doubtful” (grade 7): Loans in this risk grade have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or orderly repayment in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Possibility of loss is extremely high, but because of certain important and reasonably specific factors that may work to the advantage and strengthening of the exposure, classification of each of these loans as an estimated loss is deferred until its more exact status may be determined. “Loss” (grade 8): Loans in this risk grade are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean a loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Charge-offs against the allowance for credit losses are taken during the period in which the loan becomes uncollectible. Consequently, Peoples typically does not maintain a recorded investment in loans within this category. Consumer loans and other smaller-balance loans are evaluated and categorized as "substandard," "doubtful" or "loss" based upon the regulatory definition of these classes and consistent with regulatory requirements. Leases are categorized as "special mention", "substandard", or "loss" based upon delinquency status and the prospect of collecting the remaining net investment balance owed under the lease. All other loans not evaluated individually, nor meeting the regulatory conditions to be categorized as described above, would be considered as being "not rated." The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the most recent analysis performed at June 30, 2024:
| Term Loans at Amortized Cost by Origination Year |  | Revolving Loans Converted to Term |
(Dollars in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Total Loans
Construction |  |  |  |  |  |  |  |  |
Pass | $ | 16,666 |  | $ | 110,671 |  | $ | 132,711 |  | $ | 57,833 |  | $ | 3,265 |  | $ | 15,568 |  | $ | — |  | $ | — |  | $ | 336,714 |
Special mention | — |  | — |  | 998 |  | — |  | — |  | 119 |  | — |  | — |  | 1,117 |
Substandard | — |  | 1,185 |  | 1,560 |  | — |  | — |  | 25 |  | — |  | — |  | 2,770 |
Total | 16,666 |  | 111,856 |  | 135,269 |  | 57,833 |  | 3,265 |  | 15,712 |  | — |  | — |  | 340,601 |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  |  |  | — |
Commercial real estate, other |  |  |  |  |  |  |
Pass | 51,930 |  | 225,385 |  | 356,931 |  | 371,474 |  | 209,331 |  | 826,545 |  | 40,467 |  | 267 |  | 2,082,063 |
Special mention | 106 |  | 750 |  | 16,444 |  | 8,513 |  | 4,871 |  | 19,118 |  | 594 |  | 35 |  | 50,396 |
Substandard | — |  | 2,056 |  | 2,310 |  | 12,737 |  | 8,553 |  | 37,474 |  | 380 |  | — |  | 63,510 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 10 |  | — |  | — |  | 10 |
Total | 52,036 |  | 228,191 |  | 375,685 |  | 392,724 |  | 222,755 |  | 883,147 |  | 41,441 |  | 302 |  | 2,195,979 |
Current period gross charge-offs | — |  | — |  | 212 |  | — |  | — |  | — |  |  |  | 212 |
Commercial and industrial |  |  |  |  |  |  |  |
Pass | 123,848 |  | 221,740 |  | 148,939 |  | 158,314 |  | 75,049 |  | 190,182 |  | 247,238 |  | 4,993 |  | 1,165,310 |
Special mention | 69 |  | 3,965 |  | 11,960 |  | 11,314 |  | 11,070 |  | 4,420 |  | 22,259 |  | 5,500 |  | 65,057 |
Substandard | — |  | 276 |  | 2,134 |  | 14,522 |  | 4,911 |  | 2,403 |  | 1,233 |  | — |  | 25,479 |
Doubtful | — |  | — |  | 2,048 |  | — |  | — |  | 169 |  | — |  | — |  | 2,217 |
Total | 123,917 |  | 225,981 |  | 165,081 |  | 184,150 |  | 91,030 |  | 197,174 |  | 270,730 |  | 10,493 |  | 1,258,063 |
| Term Loans at Amortized Cost by Origination Year |  | Revolving Loans Converted to Term |
(Dollars in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Total Loans
Current period gross charge-offs | — |  | — |  | — |  | 15 |  | 70 |  | 206 |  |  |  | 291 |
Premium Finance |  |  |  |  |  |  |  |  |
Pass | 250,326 |  | 42,781 |  | 242 |  | — |  | — |  | — |  | — |  | — |  | 293,349 |
Total | 250,326 |  | 42,781 |  | 242 |  | — |  | — |  | — |  | — |  | — |  | 293,349 |
Current period gross charge-offs | 1 |  | 76 |  | 32 |  | — |  | — |  | — |  |  |  | 109 |
Leases |  |  |  |  |  |  |  |  |
Pass | 114,756 |  | 164,561 |  | 88,396 |  | 36,381 |  | 8,486 |  | 3,247 |  | — |  | — |  | 415,827 |
Special mention | 294 |  | 1,842 |  | 679 |  | 128 |  | 23 |  | 9 |  | — |  | — |  | 2,975 |
Substandard | 403 |  | 2,921 |  | 5,394 |  | 2,305 |  | 439 |  | 387 |  | — |  | — |  | 11,849 |
Total | 115,453 |  | 169,324 |  | 94,469 |  | 38,814 |  | 8,948 |  | 3,643 |  | — |  | — |  | 430,651 |
Current period gross charge-offs | — |  | 1,499 |  | 1,498 |  | 565 |  | 47 |  | 38 |  |  |  | 3,647 |
Residential real estate |  |  |  |  |  |  |  |
Pass | 45,622 |  | 71,719 |  | 88,373 |  | 134,905 |  | 55,916 |  | 382,908 |  | — |  | — |  | 779,443 |
Substandard | — |  | 375 |  | 45 |  | 738 |  | 175 |  | 8,484 |  | — |  | — |  | 9,817 |
Loss | — |  | 6 |  | — |  | — |  | — |  | 78 |  | — |  | — |  | 84 |
Total | 45,622 |  | 72,100 |  | 88,418 |  | 135,643 |  | 56,091 |  | 391,470 |  | — |  | — |  | 789,344 |
Current period gross charge-offs | — |  | — |  | 46 |  | 5 |  | — |  | 93 |  |  |  | 144 |
Home equity lines of credit |  |  |  |  |  |  |  |
Pass | 31,066 |  | 40,667 |  | 40,425 |  | 30,901 |  | 18,285 |  | 64,766 |  | 25 |  | 1,119 |  | 226,135 |
Substandard | — |  | 19 |  | 43 |  | 86 |  | 34 |  | 1,281 |  | — |  | — |  | 1,463 |
Loss | — |  | — |  | — |  | — |  | — |  | 10 |  | — |  | — |  | 10 |
Total | 31,066 |  | 40,686 |  | 40,468 |  | 30,987 |  | 18,319 |  | 66,057 |  | 25 |  | 1,119 |  | 227,608 |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | 9 |  |  |  | 9 |
Consumer, indirect |  |  |  |  |  |  |  |
Pass | 132,042 |  | 213,380 |  | 184,569 |  | 75,211 |  | 43,458 |  | 23,473 |  | — |  | — |  | 672,133 |
Substandard | 25 |  | 689 |  | 660 |  | 778 |  | 392 |  | 347 |  | — |  | — |  | 2,891 |
Loss | — |  | 12 |  | 14 |  | 4 |  | — |  | — |  | — |  | — |  | 30 |
Total | 132,067 |  | 214,081 |  | 185,243 |  | 75,993 |  | 43,850 |  | 23,820 |  | — |  | — |  | 675,054 |
Current period gross charge-offs | 47 |  | 1,268 |  | 1,042 |  | 454 |  | 100 |  | 117 |  |  |  | 3,028 |
Consumer, direct |  |  |  |  |  |  |  |
Pass | 28,303 |  | 32,440 |  | 28,430 |  | 12,999 |  | 5,992 |  | 5,188 |  | — |  | — |  | 113,352 |
Substandard | — |  | 60 |  | 70 |  | 49 |  | 7 |  | 81 |  | — |  | — |  | 267 |
| Term Loans at Amortized Cost by Origination Year |  | Revolving Loans Converted to Term |
(Dollars in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Total Loans
Loss | — |  | 6 |  | — |  | — |  | — |  | 30 |  | — |  | — |  | 36 |
Total | 28,303 |  | 32,506 |  | 28,500 |  | 13,048 |  | 5,999 |  | 5,299 |  | — |  | — |  | 113,655 |
Current period gross charge-offs | — |  | 79 |  | 169 |  | 30 |  | 10 |  | 79 |  |  |  | 367 |
Deposit account overdrafts | 1,067 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,067 |
Current period gross charge-offs | 674 |  | — |  | — |  | — |  | — |  | — |  |  |  | 674 |
Total loans, at amortized cost | 796,523 |  | 1,137,506 |  | 1,113,375 |  | 929,192 |  | 450,257 |  | 1,586,322 |  | 312,196 |  | 11,914 |  | 6,325,371 |
Total current period gross charge-offs | $ | 722 |  | $ | 2,922 |  | $ | 2,999 |  | $ | 1,069 |  | $ | 227 |  | $ | 542 |  |  |  | $ | 8,481 |
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, 2023:
| Term Loans at Amortized Cost by Origination Year |  |  |
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Construction |  |  |  |  |  |  |  |  |
Pass | $ | 80,273 |  | $ | 141,245 |  | $ | 85,913 |  | $ | 27,169 |  | $ | 9,995 |  | $ | 12,723 |  | $ | — |  | $ | — |  | $ | 357,318 |
Special mention | — |  | 3,757 |  | — |  | — |  | — |  | 123 |  | — |  | — |  | 3,880 |
Substandard | 1,200 |  | 1,590 |  | — |  | — |  | — |  | 31 |  | — |  | — |  | 2,821 |
Total | 81,473 |  | 146,592 |  | 85,913 |  | 27,169 |  | 9,995 |  | 12,877 |  | — |  | — |  | 364,019 |
Current period gross charge-offs | — |  | — |  | 9 |  | — |  | — |  | — |  |  |  | 9 |
Commercial real estate, other |  |  |  |  |  |  |  |
Pass | 199,565 |  | 327,762 |  | 366,752 |  | 227,604 |  | 262,099 |  | 650,265 |  | 37,177 |  | 189 |  | 2,071,224 |
Special mention | 999 |  | 12,975 |  | 4,850 |  | 10,324 |  | 7,074 |  | 22,186 |  | 408 |  | 41 |  | 58,816 |
Substandard | 287 |  | 2,421 |  | 5,878 |  | 8,679 |  | 1,972 |  | 47,213 |  | 457 |  | — |  | 66,907 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 10 |  | — |  | — |  | 10 |
Total | 200,851 |  | 343,158 |  | 377,480 |  | 246,607 |  | 271,145 |  | 719,674 |  | 38,042 |  | 230 |  | 2,196,957 |
Current period gross charge-offs | — |  | — |  | — |  | 39 |  | — |  | 575 |  |  |  | 614 |
Commercial and industrial |  |  |  |  |  |  |  |
Pass | 225,894 |  | 180,068 |  | 212,938 |  | 86,934 |  | 55,434 |  | 132,675 |  | 213,714 |  | 38 |  | 1,107,657 |
Special mention | 540 |  | 12,051 |  | 533 |  | 9,723 |  | 4,722 |  | 6,336 |  | 16,236 |  | 8,614 |  | 50,141 |
Substandard | 78 |  | 6,441 |  | 5,104 |  | 5,617 |  | 1,602 |  | 6,278 |  | 1,889 |  | 779 |  | 27,009 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 179 |  | — |  | — |  | 179 |
Total | 226,512 |  | 198,560 |  | 218,575 |  | 102,274 |  | 61,758 |  | 145,468 |  | 231,839 |  | 9,431 |  | 1,184,986 |
Current period gross charge-offs | — |  | 36 |  | 202 |  | 25 |  | 173 |  | 415 |  |  |  | 851 |
Premium finance |  |  |  |  |  |  |  |  |
Pass | 201,659 |  | 1,517 |  | 1 |  | — |  | — |  | — |  | — |  | — |  | 203,177 |
Total | 201,659 |  | 1,517 |  | 1 |  | — |  | — |  | — |  | — |  | — |  | 203,177 |
Current period gross charge-offs | 25 |  | 97 |  | — |  | — |  | — |  | — |  |  |  | 122 |
Leases |  |  |  |  |  |  |  |  |
| Term Loans at Amortized Cost by Origination Year |  |  |
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Pass | 216,559 |  | 114,327 |  | 51,307 |  | 14,061 |  | 4,883 |  | 1,501 |  | — |  | — |  | 402,638 |
Special mention | 363 |  | 1,529 |  | 476 |  | 81 |  | 1 |  | 5 |  | — |  | — |  | 2,455 |
Substandard | 1,937 |  | 3,006 |  | 2,944 |  | 448 |  | 321 |  | 311 |  | — |  | — |  | 8,967 |
Total | 218,859 |  | 118,862 |  | 54,727 |  | 14,590 |  | 5,205 |  | 1,817 |  | — |  | — |  | 414,060 |
Current period gross charge-offs | 963 |  | 1,328 |  | 1,173 |  | 233 |  | 165 |  | 135 |  |  |  | 3,997 |
Residential real estate |  |  |  |  |  |  |  |
Pass | 75,957 |  | 91,506 |  | 140,157 |  | 58,144 |  | 45,507 |  | 369,552 |  | — |  | — |  | 780,823 |
Substandard | 43 |  | 243 |  | 585 |  | 182 |  | 529 |  | 8,604 |  | — |  | — |  | 10,186 |
Loss | — |  | — |  | — |  | — |  | — |  | 86 |  | — |  | — |  | 86 |
Total | 76,000 |  | 91,749 |  | 140,742 |  | 58,326 |  | 46,036 |  | 378,242 |  | — |  | — |  | 791,095 |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | 170 |  |  |  | 170 |
Home equity lines of credit |  |  |  |  |  |  |  |
Pass | 39,706 |  | 42,565 |  | 33,406 |  | 19,838 |  | 14,297 |  | 57,482 |  | 27 |  | 1,346 |  | 207,321 |
Substandard | 19 |  | — |  | 61 |  | 34 |  | 123 |  | 1,109 |  | — |  | — |  | 1,346 |
Loss | — |  | — |  | — |  | — |  | — |  | 8 |  | — |  | — |  | 8 |
Total | 39,725 |  | 42,565 |  | 33,467 |  | 19,872 |  | 14,420 |  | 58,599 |  | 27 |  | 1,346 |  | 208,675 |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | 110 |  |  |  | 110 |
Consumer, indirect |  |  |  |  |  |  |  |  |
Pass | 247,829 |  | 225,225 |  | 96,698 |  | 59,044 |  | 18,644 |  | 15,977 |  | — |  | — |  | 663,417 |
Substandard | 333 |  | 934 |  | 789 |  | 558 |  | 190 |  | 206 |  | — |  | — |  | 3,010 |
Loss | 7 |  | 34 |  | 2 |  | — |  | 2 |  | — |  | — |  | — |  | 45 |
Total | 248,169 |  | 226,193 |  | 97,489 |  | 59,602 |  | 18,836 |  | 16,183 |  | — |  | — |  | 666,472 |
Current period gross charge-offs | 609 |  | 2,091 |  | 865 |  | 255 |  | 63 |  | 147 |  |  |  | 4,030 |
Consumer, direct |  |  |  |  |  |  |  |  |
Pass | 58,445 |  | 37,050 |  | 17,434 |  | 8,282 |  | 3,185 |  | 4,081 |  | — |  | — |  | 128,477 |
Substandard | 55 |  | 79 |  | 47 |  | 28 |  | 30 |  | 27 |  | — |  | — |  | 266 |
Loss | — |  | — |  | — |  | — |  | — |  | 26 |  | — |  | — |  | 26 |
Total | 58,500 |  | 37,129 |  | 17,481 |  | 8,310 |  | 3,215 |  | 4,134 |  | — |  | — |  | 128,769 |
Current period gross charge-offs | 36 |  | 154 |  | 77 |  | 100 |  | 14 |  | 35 |  |  |  | 416 |
Deposit account overdrafts | 986 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 986 |
Current period gross charge-offs | 1,161 |  |  |  |  |  |  |  |  | 1,161 |
Total loans, at amortized cost | $ | 1,352,734 |  | $ | 1,206,325 |  | $ | 1,025,875 |  | $ | 536,750 |  | $ | 430,610 |  | $ | 1,336,994 |  | $ | 269,908 |  | $ | 11,007 |  | $ | 6,159,196 |
Current period gross charge-offs | $ | 2,794 |  | $ | 3,706 |  | $ | 2,326 |  | $ | 652 |  | $ | 415 |  | $ | 1,587 |  |  |  | $ | 11,480 |
Collateral Dependent Loans Peoples has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: •Construction loans are typically secured by owner occupied commercial real estate or non-owner occupied investment real estate. Typically, owner occupied construction loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties that are in process of construction. Non-owner occupied commercial construction loans are generally secured by multi-family complexes, warehouse buildings, industrial buildings, land under development, and other commercial real estate in process of construction. •Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by multifamily complexes, retail facilities, office buildings and complexes, warehouses, industrial buildings, land under development, as well as other commercial real estate. •Commercial and industrial loans are generally secured by equipment, inventory, accounts receivable, and other commercial property. •Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage, on residential real estate property. •Home equity lines of credit are generally secured by second mortgages on residential real estate property. •Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no underlying collateral. •Leases are secured by commercial equipment and other essential business assets. •Premium finance loans are secured by the unearned portion of the insurance premium being financed. The following table details Peoples' amortized cost of collateral dependent loans:
(Dollars in thousands) | June 30, 2024 |  | December 31, 2023
| Amortized Cost |  |  | Amortized Cost |
Commercial real estate, other | $ | 689 |  |  |  | $ | — |  |
Leases | 2,479 |  |  |  | — |  |
Residential real estate | — |  |  |  | 501 |  |
Total collateral dependent loans | $ | 3,168 |  |  |  | $ | 501 |  |
The increase in collateral dependent loans at June 30, 2024, compared to December 31, 2023, was primarily due to the addition of ten leases associated with three customer relationships during the three months ended June 30, 2024. Modifications for Borrowers Experiencing Financial Difficulty As part of Peoples' loss mitigation activities, Peoples may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. The most common modifications to the contractual terms of a loan to a borrower experiencing financial difficulty include an extension of the maturity date, a reduction in the interest rate for the remaining life of the loan, a temporary period of interest-only payments, and a reduction in the contractual payment amount for either a short period or the remaining term of the loan. In addition to loan modifications, Peoples also provides other loss mitigation options, such as forbearance and repayment plans, to assist borrowers who experience financial difficulties. In assessing whether or not a borrower is experiencing financial difficulty, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (1) the borrower is currently in payment default on any of the borrower's debt; (2) a payment default is probable in the foreseeable future without the modification; (3) the borrower has declared or is in the process of declaring bankruptcy; and (4) the borrower's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification. The following tables display the amortized cost of loans that were restructured during the three and six months ended June 30, 2024 and June 30, 2023, presented by loan classification.
|  | Payment Delay (Only) |  |  |  |  |  |  |
(Dollars in thousands) |  | Payment Deferral |  | Term Extension |  |  |  |  | Total | Percentage of Total by Loan Category(a)(b)(c)
During the Three Months Ended June 30, 2024
Commercial and industrial |  | — |  |  | 687 |  |  |  |  |  | 687 |  | 0.05 | %
Leasing |  | 174 |  |  | — |  |  |  |  |  | 174 |  | 0.04 | %
Home equity lines of credit |  | — |  |  | 64 |  |  |  |  |  | 64 |  | 0.03 | %
Consumer, indirect |  | — |  |  | 8 |  |  |  |  |  | 8 |  | — | %
Total |  | $ | 174 |  |  | $ | 759 |  |  |  |  |  | $ | 933 |  | 0.01 | %
During the Three Months Ended June 30, 2023
Commercial real estate |  | — |  |  | 48 |  |  |  |  |  | 48 |  | — | %
Commercial and industrial |  | — |  |  | 3,319 |  |  |  |  |  | 3,319 |  | 0.29 | %
Total |  | $ | — |  |  | $ | 3,367 |  |  |  |  |  | $ | 3,367 |  | 0.06 | %
(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. (b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio of period end.
(c) Each with --% not meaningful
| Payment Delay (Only) |  |  |  |  |  |  |
(Dollars in thousands) | Forbearance Plan | Payment Deferral |  | Term Extension | Forbearance Plan and Term Extension |  |  |  | Total | Percentage of Total by Loan Category(a)(b)(c)
During the Six Months Ended June 30, 2024
Commercial real estate | — |  | — |  |  | $ | 561 |  | $ | — |  |  |  |  | $ | 561 |  | 0.03 | %
Commercial and industrial | — |  | — |  |  | 11,171 |  | — |  |  |  |  | 11,171 |  | 0.89 | %
Leasing | — |  | 199 |  |  | — |  | — |  |  |  |  | 199 |  | 0.05 | %
Residential real estate | — |  | — |  |  | 76 |  | — |  |  |  |  | 76 |  | 0.01 | %
Home equity lines of credit | — |  | — |  |  | 64 |  | — |  |  |  |  | 64 |  | 0.03 | %
Consumer, indirect | — |  | — |  |  | 8 |  | — |  |  |  |  | 8 |  | — | %
Total | $ | — |  | $ | 199 |  |  | $ | 11,880 |  | $ | — |  |  |  |  | $ | 12,079 |  | 0.19 | %
During the Six Months Ended June 30, 2023
Construction | $ | — |  | $ | 1,600 |  |  | $ | — |  | $ | — |  |  |  |  | $ | 1,600 |  | 0.38 | %
Commercial real estate | 194 |  | — |  |  | 48 |  | — |  |  |  |  | 242 |  | 0.01 | %
Commercial and industrial | — |  | — |  |  | 3,325 |  | 306 |  |  |  |  | 3,631 |  | 0.31 | %
Residential real estate | — |  | — |  |  | 220 |  | — |  |  |  |  | 220 |  | 0.03 | %
Total | $ | 194 |  | $ | 1,600 |  |  | $ | 3,593 |  | $ | 306 |  |  |  |  | $ | 5,693 |  | 0.10 | %
(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. (b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(c) Each with --% not meaningful
The following tables summarizes the financial impacts of loan modifications and payment deferrals made to loans during both the three and six months ended June 30, 2024 and June 30, 2023, presented by loan classification.
|  | Weighted-Average Term Extension (in months) | Average Amount Capitalized as a Result of a Payment Delay(a)
During the Three Months Ended June 30, 2024
Commercial and industrial |  | 28 | — |
Home equity lines of credit |  | 120 | — |
Consumer, indirect |  | 2 | — |
During the Three Months Ended June 30, 2023
Commercial real estate |  | 12 | — |
Commercial and industrial |  | 5 | — |
(a) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars.
|  | Weighted-Average Term Extension (in months) | Average Amount Capitalized as a Result of a Payment Delay(a)
During the Six Months Ended June 30, 2024
Commercial real estate |  | 6 | $ | — |
Commercial and industrial |  | 7 | — |
Leasing |  | 9 | — |
Residential real estate |  | 2 | — |
Home equity lines of credit |  | 120 | — |
Consumer, indirect |  | 2 | — |
During the Six Months Ended June 30, 2023
Commercial real estate |  | 12 | — |
Commercial and industrial |  | 5 | — |
Residential real estate |  | 210 | 8,969 |
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 tables display the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that had a payment default in the periods 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.
| Payment Delay as a Result of a Payment Deferral (Only)(a) |  |  |
For the Three Months Ended June 30, 2024
Commercial real estate | $ | 193 |  |  |  |
Commercial and industrial | $ | 28 |  |  |  |
Residential real estate | $ | 76 |  |  |  |
Total loans that subsequently defaulted | $ | 297 |  |  |  |
For the Six Months Ended June 30, 2024
Commercial real estate | $ | 193 |  |  |  |
Commercial and industrial | $ | 31 |  |  |  |
Residential real estate | $ | 76 |  |  |  |
Total loans that subsequently defaulted | $ | 300 |  |  |  |
For the Three and Six Month Ended June 30, 2023(b)
Consumer, indirect | $ | 11 |  |  |  |
Total loans that subsequently defaulted | $ | 11 |  |  |  |
(a) 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. (b) Accounting standard was implemented as of January 1, 2023, thus information above reflects loan modifications made on or after that date.
The following table displays an aging analysis of loans that were modified during the 12 months prior to June 30, 2024, presented by classification and class of financing receivable.
As of June 30, 2024
(Dollars in thousands) | 30-59 Days Delinquent | 60-89 Days Delinquent | 90+ Days Delinquent | Total Delinquent | Current | Total
Construction | $ | — |  | $ | 70 |  | $ | — |  | $ | 70 |  | $ | — |  | $ | 70 |
Commercial real estate | — |  | — |  | 193 |  | 193 |  | 2,321 |  | 2,514 |
Commercial and industrial | — |  | — |  | 31 |  | 31 |  | 12,583 |  | 12,614 |
Leasing | — |  | — |  | — |  | — |  | 199 |  | 199 |
Residential real estate | — |  | — |  | 76 |  | 76 |  | 25 |  | 101 |
Home equity lines of credit | — |  | — |  | — |  | — |  | 122 |  | 122 |
Consumer, indirect | — |  | — |  | — |  | — |  | 8 |  | 8 |
Total loans modified(a) | $ | — |  | $ | 70 |  | $ | 300 |  | $ | 370 |  | $ | 15,258 |  | $ | 15,628 |
(a) Represents the amortized cost basis as of period end.
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 June 30, 2023, presented by classification and class of financing receivable.
As of June 30, 2023
(Dollars in thousands) | 30-59 Days Delinquent | 60-89 Days Delinquent | 90+ Days Delinquent | Total Delinquent | Current | Total
Construction | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,600 |  | $ | 1,600 |
Commercial real estate | — |  | — |  | — |  | — |  | 242 |  | 242
Commercial and industrial | — |  | — |  | — |  | — |  | 3,631 |  | 3,631 |
Residential real estate | — |  | — |  | — |  | — |  | 220 |  | 220 |
Total loans modified(a) | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 5,693 |  | $ | 5,693 |
(a) Represents the amortized cost basis as of period end.
Allowance for Credit Losses As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2023 Form 10-K, Peoples estimates the allowance for credit losses using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. In management's estimation of expected credit losses, Peoples uses a one-year reasonable and supportable period across all segments. Following the reasonable and supportable period, Peoples reverts the macroeconomic variables to their long run average over a four-quarter reversion period. Changes in the allowance for credit losses for the three and six months ended June 30, 2024 and June 30, 2023 are summarized below:
(Dollars in thousands) | Beginning Balance, March 31, 2024 | Initial Allowance for Acquired PCD Assets |  | (Recovery of) Provision for Credit Losses (a) | Charge-offs | Recoveries | Ending Balance, June 30, 2024
Construction | $ | 701 |  | $ | — |  |  | $ | (28) |  | $ | — |  | $ | — |  | $ | 673 |
Commercial real estate, other | 21,788 |  | — |  |  | (1,856) |  | — |  | (80) |  | 19,852 |
Commercial and industrial | 10,581 |  | — |  |  | 408 |  | (56) |  | 10 |  | 10,943 |
Premium finance | 607 |  | — |  |  | 207 |  | (55) |  | 4 |  | 763 |
Leases | 12,889 |  | — |  |  | 4,533 |  | (2,377) |  | 173 |  | 15,218 |
Residential real estate | 5,866 |  | — |  |  | 69 |  | (64) |  | 68 |  | 5,939 |
Home equity lines of credit | 1,689 |  | — |  |  | 57 |  | (9) |  | — |  | 1,737 |
Consumer, indirect | 8,301 |  | — |  |  | 1,803 |  | (1,567) |  | 117 |  | 8,654 |
Consumer, direct | 2,279 |  | — |  |  | 179 |  | (141) |  | 15 |  | 2,332 |
Deposit account overdrafts | 121 |  | — |  |  | 286 |  | (338) |  | 67 |  | 136 |
Total | $ | 64,822 |  | $ | — |  |  | $ | 5,658 |  | $ | (4,607) |  | $ | 374 |  | $ | 66,247 |
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands) | Beginning Balance, March 31, 2023 | Initial Allowance for Acquired PCD Assets |  | Provision for (Recovery of) Credit Losses (a) | Charge-offs | Recoveries | Ending Balance, June 30, 2023
Construction | $ | 1,273 |  | $ | — |  |  | $ | 223 |  | $ | — |  | $ | — |  | $ | 1,496 |
Commercial real estate, other | 16,474 |  | 280 |  |  | 2,968 |  | (7) |  | 16 |  | 19,731 |
Commercial and industrial | 8,307 |  | 376 |  |  | 1,905 |  | (11) |  | 451 |  | 11,028 |
Premium finance | 433 |  | — |  |  | 18 |  | (23) |  | 3 |  | 431 |
Leases | 9,109 |  | — |  |  | 1,783 |  | (604) |  | 89 |  | 10,377 |
Residential real estate | 6,504 |  | 254 |  |  | (656) |  | (59) |  | 69 |  | 6,112 |
Home equity lines of credit | 1,717 |  | 13 |  |  | 1 |  | (55) |  | — |  | 1,676 |
Consumer, indirect | 7,781 |  | — |  |  | 641 |  | (941) |  | 129 |  | 7,610 |
Consumer, direct | 1,619 |  | 85 |  |  | 981 |  | (78) |  | 35 |  | 2,642 |
Deposit account overdrafts | 86 |  | — |  |  | 232 |  | (263) |  | 53 |  | 108 |
Total | $ | 53,303 |  | $ | 1,008 |  |  | $ | 8,096 |  | $ | (2,041) |  | $ | 845 |  | $ | 61,211 |
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands) | Beginning Balance, December 31, 2023 | Initial Allowance for Acquired PCD Assets |  | Provision for (Recovery of) Credit Losses (a) | Charge-offs | Recoveries | Ending Balance, June 30, 2024 |  |  |
Construction | $ | 699 |  | $ | — |  |  | $ | (26) |  | $ | — |  | $ | — |  | $ | 673 |  |  |  |
Commercial real estate, other | 20,915 |  | — |  |  | (854) |  | (212) |  | 3 |  | 19,852 |  |  |  |
Commercial and industrial | 10,490 |  | — |  |  | 727 |  | (291) |  | 17 |  | 10,943 |  |  |  |
Premium finance | 484 |  | — |  |  | 376 |  | (109) |  | 12 |  | 763 |  |  |  |
Leases | 10,850 |  | — |  |  | 7,630 |  | (3,647) |  | 385 |  | 15,218 |  |  |  |
Residential real estate | 5,937 |  | — |  |  | (5) |  | (144) |  | 151 |  | 5,939 |  |  |  |
Home equity lines of credit | 1,588 |  | — |  |  | 151 |  | (9) |  | 7 |  | 1,737 |  |  |  |
Consumer, indirect | 8,590 |  | — |  |  | 2,904 |  | (3,028) |  | 188 |  | 8,654 |  |  |  |
Consumer, direct | 2,343 |  | — |  |  | 332 |  | (367) |  | 24 |  | 2,332 |  |  |  |
Deposit account overdrafts | 115 |  | — |  |  | 554 |  | (674) |  | 141 |  | 136 |  |  |  |
Total | $ | 62,011 |  | $ | — |  |  | $ | 11,789 |  | $ | (8,481) |  | $ | 928 |  | $ | 66,247 |  |  |  |
(a)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 |  | Provision for (Recovery of) Credit Losses (a) | Charge-offs | Recoveries | Ending Balance, June 30, 2023
Construction | $ | 1,250 |  | $ | — |  |  | $ | 255 |  | $ | (9) |  | $ | — |  | $ | 1,496 |
Commercial real estate, other | 17,710 |  | 280 |  |  | 1,738 |  | (40) |  | 43 |  | 19,731 |
Commercial and industrial | 8,229 |  | 376 |  |  | 1,984 |  | (12) |  | 451 |  | 11,028 |
Premium finance | 344 |  | — |  |  | 121 |  | (46) |  | 12 |  | 431 |
Leases | 8,495 |  | — |  |  | 2,786 |  | (1,073) |  | 169 |  | 10,377 |
Residential real estate | 6,357 |  | 254 |  |  | (497) |  | (100) |  | 98 |  | 6,112 |
Home equity lines of credit | 1,693 |  | 13 |  |  | 44 |  | (74) |  | — |  | 1,676 |
Consumer, indirect | 7,448 |  | — |  |  | 1,824 |  | (1,870) |  | 208 |  | 7,610 |
Consumer, direct | 1,575 |  | 85 |  |  | 1,114 |  | (182) |  | 50 |  | 2,642 |
Deposit account overdrafts | 61 |  | — |  |  | 412 |  | (490) |  | 125 |  | 108 |
Total | $ | 53,162 |  | $ | 1,008 |  |  | $ | 9,781 |  | $ | (3,896) |  | $ | 1,156 |  | $ | 61,211 |
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments. During the second quarter of 2024, Peoples recorded a total provision for credit losses of $5.7 million, which was a result of (i) higher net-charge offs, (ii) an increase of reserves on individually analyzed loans and leases, and (iii) loan growth. Net charge-offs for the second quarter of 2024 were $4.2 million, primarily driven by an increase in charge-offs on leases originated by our North Star Leasing business, partially offset by decreases in net charge-offs on commercial and industrial loans and other commercial real estate loans.The increase in the allowance for credit losses at June 30, 2024 when compared to at March 31, 2024 and at December 31, 2023 was primarily due to an increase on reserves for individually analyzed loans and leases. During the second quarter of 2023, Peoples recorded a provision for credit losses of $8.1 million, largely attributable to a provision of $9.4 million for the non-purchased credit deteriorated loans acquired in the Limestone Merger, partially offset by the release of reserves of $1.7 million on individually analyzed loans and leases and a recovery of $1.0 million due to improvements in macro-economic conditions. Net charge-offs for the second quarter of 2023 were $1.2 million, primarily due to net charge-offs of indirect consumer loans of $0.8 million. Peoples had recorded an allowance for unfunded commitments of $1.8 million and $1.8 million as of June 30, 2024 and December 31, 2023, respectively. The allowance for unfunded commitments (also referred to as "unfunded commitment liability") is presented in the “Accrued expenses and other liabilities” line of the Unaudited Consolidated Balance Sheets. The change in the allowance for unfunded commitments is also reflected in the "Provision for (recovery of) credit losses" line of the Unaudited Consolidated Statements of Operations.

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