
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2024
Obligations of:
U.S. Treasury and government agencies	$	29,417	$	65	$	(1,139)	$	28,343
U.S. government sponsored agencies	241,060		548		(10,692)		230,916
States and political subdivisions	232,514		9		(29,719)		202,804
Residential mortgage-backed securities	696,929		1,257		(97,184)		601,002
Commercial mortgage-backed securities	59,640		1		(9,606)		50,035
Bank-issued trust preferred securities	6,500		3		(464)		6,039

Total available-for-sale securities	$	1,266,060	$	1,883	$	(148,804)	$	1,119,139
December 31, 2023
Obligations of:
U.S. Treasury and government agencies	$	30,999	$	292	$	(995)	$	30,296
U.S. government sponsored agencies	128,500		639		(10,532)		118,607
States and political subdivisions	239,906		485		(27,095)		213,296
Residential mortgage-backed securities	717,772		1,819		(90,667)		628,924
Commercial mortgage-backed securities	60,611		5		(9,382)		51,234
Bank-issued trust preferred securities	6,500		—		(535)		5,965

Total available-for-sale securities	$	1,184,288	$	3,240	$	(139,206)	$	1,048,322


	Less than 12 Months					12 Months or More					Total
(Dollars in thousands)	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss
June 30, 2024
Obligations of:
U.S. Treasury and government agencies	$	6,912	$	71	9	$	17,240	$	1,068	19	$	24,152	$	1,139
U.S. government sponsored agencies	86,183		117		10	80,062		10,575		16	166,245		10,692
States and political subdivisions	20,633		675		54	171,173		29,044		149	191,806		29,719
Residential mortgage-backed securities	28,049		271		20	542,532		96,913		295	570,581		97,184
Commercial mortgage-backed securities	451		2		1	49,464		9,604		28	49,915		9,606
Bank-issued trust preferred securities	1,989		11		1	3,546		453		2	5,535		464

Total	$	144,217	$	1,147	95	$	864,017	$	147,657	509	$	1,008,234	$	148,804
December 31, 2023
Obligations of:
U.S. Treasury and government agencies	$	8,568	$	83	22	$	11,631	$	912	5	$	20,199	$	995
U.S. government sponsored agencies	14,439		35		4	74,211		10,497		15	88,650		10,532
States and political subdivisions	18,268		136		32	167,346		26,959		138	185,614		27,095
Residential mortgage-backed securities	58,671		1,150		66	529,895		89,517		238	588,566		90,667
Commercial mortgage-backed securities	6,000		112		7	44,656		9,270		21	50,656		9,382
Bank-issued trust preferred securities	1,984		16		1	3,981		519		3	5,965		535

Total	$	107,930	$	1,532	132	$	831,720	$	137,674	420	$	939,650	$	139,206

Management evaluates available-for-sale investment securities for an allowance for credit losses on a quarterly basis. At June 30, 2024, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At June 30, 2024, Peoples did not have the intent to sell, nor was it more likely than not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both June 30, 2024 and December 31, 2023 were attributable to changes in market interest rates and spreads since the securities were purchased, and were not credit-related losses.

The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at June 30, 2024. 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 Year			1 to 5 Years			5 to 10 Years			Over 10 Years			Total
Amortized cost
Obligations of:
U.S. Treasury and government agencies	$	1,138		$	15,218		$	7,228		$	5,833		$	29,417
U.S. government sponsored agencies	—			67,076			86,208			87,776			241,060
States and political subdivisions	9,756			44,335			64,855			113,568			232,514
Residential mortgage-backed securities	1			3,715			55,991			637,222			696,929
Commercial mortgage-backed securities	—			12,095			26,908			20,637			59,640
Bank-issued trust preferred securities	2,000			1,000			3,500			—			6,500

Total available-for-sale securities	$	12,895		$	143,439		$	244,690		$	865,036		$	1,266,060
Fair value
Obligations of:
U.S. Treasury and government agencies	$	1,128		$	14,233		$	7,214		$	5,768		$	28,343
U.S. government sponsored agencies	—			62,272			82,424			86,220			230,916
States and political subdivisions	9,718			41,387			54,369			97,330			202,804
Residential mortgage-backed securities	1			3,560			51,066			546,375			601,002
Commercial mortgage-backed securities	—			10,978			22,672			16,385			50,035
Bank-issued trust preferred securities	1,989			948			3,102			—			6,039

Total available-for-sale securities	$	12,836		$	133,378		$	220,847		$	752,078		$	1,119,139
Total weighted-average yield	3.77		%	2.39		%	3.06		%	2.76		%	2.79		%


(Dollars in thousands)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2024
Obligations of:
U.S. government sponsored agencies	$	212,023	$	—	$	311	$	(9,197)	$	203,137
States and political subdivisions	144,134		(238)		112		(31,926)		112,082
Residential mortgage-backed securities	246,283		—		404		(22,527)		224,160
Commercial mortgage-backed securities	99,782		—		—		(16,568)		83,214
Total held-to-maturity investment securities	$	702,222	$	(238)	$	827	$	(80,218)	$	622,593
December 31, 2023
Obligations of:
U.S. government sponsored agencies	$	188,475	$	—	$	489	$	(8,139)	$	180,825
States and political subdivisions	144,496		(238)		134		(30,104)		114,288
Residential mortgage-backed securities	248,559		—		1,643		(18,582)		231,620
Commercial mortgage-backed securities	102,365		—		—		(17,076)		85,289
Total held-to-maturity investment securities	$	683,895	$	(238)	$	2,266	$	(73,901)	$	612,022

Management evaluates held-to-maturity investment securities for an allowance for credit losses on a quarterly basis. Peoples has determined that the loss given default for U.S. government sponsored agencies investment securities is zero, due to the fact that it is unlikely the ultimate guarantor (the U.S. government) would not perform on its implicit guarantee in the event of default. The remaining securities are included in the calculation of the allowance for credit losses for held-to-maturity investment securities. Peoples reported $0.2 million of allowance for credit losses for held-to-maturity securities at both June 30, 2024, and December 31, 2023.


	Less than 12 Months					12 Months or More					Total
(Dollars in thousands)	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss
June 30, 2024
Obligations of:
U.S. government sponsored agencies	$	20,014	$	149	4	126,829		9,048		27	$	146,843	$	9,197
States and political subdivisions	—		—		—	108,854		31,926		67	108,854		31,926
Residential mortgage-backed securities	42,985		511		10	153,531		22,016		48	196,516		22,527
Commercial mortgage-backed securities	3,014		1,103		3	78,201		15,465		32	81,215		16,568
Total	$	66,013	$	1,763	17	$	467,415	$	78,455	174	$	533,428	$	80,218
December 31, 2023
Obligations of:
U.S. government sponsored agencies	$	64,487	$	356	14	$	86,071	$	7,783	18	$	150,558	$	8,139
States and political subdivisions	—		—		—	111,040		30,104		67	111,040		30,104
Residential mortgage-backed securities	44,379		1,105		14	117,654		17,477		34	162,033		18,582
Commercial mortgage-backed securities	13,919		1,845		6	71,370		15,231		31	85,289		17,076
Total	$	122,785	$	3,306	34	$	386,135	$	70,595	150	$	508,920	$	73,901

The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at June 30, 2024. 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 June 30, 2024. 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 Year		1 to 5 Years		5 to 10 Years		Over 10 Years		Total
Amortized cost
Obligations of:
U.S. government sponsored agencies	$	8,000	$	10,634	$	70,081	$	123,308	$	212,023
States and political subdivisions	—		6,424		16,631		121,079		144,134
Residential mortgage-backed securities	—		360		4,134		241,789		246,283
Commercial mortgage-backed securities	1,063		11,236		36,851		50,632		99,782
Total held-to-maturity investment securities	$	9,063	$	28,654	$	127,697	$	536,808	$	702,222
Fair value
Obligations of:
U.S. government sponsored agencies	$	7,950	$	10,171	$	69,459	$	115,557	$	203,137
States and political subdivisions	—		6,290		13,874		91,918		112,082
Residential mortgage-backed securities	—		353		3,595		220,212		224,160
Commercial mortgage-backed securities	1,057		10,353		31,319		40,485		83,214
Total held-to-maturity investment securities	$	9,007	$	27,167	$	118,247	$	468,172	$	622,593
Total weighted-average yield	3.85%		2.46%		4.00%		3.66%		3.67%


(Dollars in thousands)	June 30, 2024		December 31, 2023
FHLB stock	$	27,848	$	29,949
FRB stock	27,114		26,896
Nonqualified deferred compensation	4,190		3,162
Equity investment securities	2,721		2,545
Other investment securities	869		869
Total other investment securities	$	62,742	$	63,421

During the six months ended June 30, 2024, Peoples redeemed $19.3 million of FHLB stock in order to be in compliance with the requirements of the FHLB. Peoples purchased $17.2 million of additional FHLB stock during the six months ended June 30, 2024, as a result of the FHLB's capital requirements on FHLB advances.

For the three months ended June 30, 2024 and 2023, Peoples recorded the change in the fair value of equity investment securities held during the period in "Other non-interest income", resulting in an unrealized gain of $21,000 and an unrealized loss of $138,000, respectively. For the six months ended June 30, 2024 and 2023, Peoples recognized an unrealized gain of $68,000 and an unrealized loss of $117,000, respectively, for the change in fair value of equity investment securities in "Other non-interest income".

At June 30, 2024, Peoples' investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies. There were no equity investment securities of a single issuer that exceeded 10% of Peoples' stockholders' equity at June 30, 2024.

Peoples has pledged available-for-sale investment securities and held-to-maturity investment securities to secure public and trust department deposits, and repurchase agreements in accordance with federal and state requirements. Peoples has also pledged available-for-sale investment securities to secure additional borrowing capacity at the FHLB and the FRB.


	Carrying Amount
(Dollars in thousands)	June 30, 2024		December 31, 2023

Securing public and trust department deposits, and repurchase agreements:
Available-for-sale	$	670,969	$	713,033
Held-to-maturity	517,799		559,142



Securing additional borrowing capacity at the FHLB and the FRB:
Available-for-sale	96,078		85,899
Held-to-maturity	52,659		39,607

Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on investment securities was $11.2 million at June 30, 2024 and $8.8 million at December 31, 2023.