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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2024
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
June 30, 2024    
Obligations of:    
U.S. Treasury and government agencies$29,417 $65 $(1,139)$28,343 
U.S. government sponsored agencies241,060 548 (10,692)230,916 
States and political subdivisions232,514 9 (29,719)202,804 
Residential mortgage-backed securities696,929 1,257 (97,184)601,002 
Commercial mortgage-backed securities59,640 1 (9,606)50,035 
Bank-issued trust preferred securities6,500 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 agencies128,500 639 (10,532)118,607 
States and political subdivisions239,906 485 (27,095)213,296 
Residential mortgage-backed securities717,772 1,819 (90,667)628,924 
Commercial mortgage-backed securities60,611 5 (9,382)51,234 
Bank-issued trust preferred securities6,500 — (535)5,965 
Total available-for-sale securities$1,184,288 $3,240 $(139,206)$1,048,322 
Summary of Gross Gains and Losses from Sales of Available-for-sale Securities The gross gains and losses realized by Peoples from sales or prepayments of available-for-sale securities for the periods ended June 30 were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(Dollars in thousands)2024202320242023
Gross gains realized$— $12 $— $90 
Gross losses realized353 178 354 2,191 
Net (loss) gain realized$(353)$(166)$(354)$(2,101)
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
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 subdivisions20,633 675 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 subdivisions18,268 136 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 
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 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 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
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—67,07686,20887,776241,060
States and political subdivisions9,75644,33564,855113,568232,514
Residential mortgage-backed securities13,71555,991637,222696,929
Commercial mortgage-backed securities—12,09526,90820,63759,640
Bank-issued trust preferred securities2,0001,0003,500—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—62,27282,42486,220230,916
States and political subdivisions9,71841,38754,36997,330202,804
Residential mortgage-backed securities13,56051,066546,375601,002
Commercial mortgage-backed securities—10,97822,67216,38550,035
Bank-issued trust preferred securities1,9899483,102—6,039
Total available-for-sale securities$12,836$133,378$220,847$752,078$1,119,139
Total weighted-average yield3.77 %2.39 %3.06 %2.76 %2.79 %
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 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. government sponsored agencies$8,000$10,634$70,081$123,308$212,023
States and political subdivisions—6,42416,631121,079144,134
Residential mortgage-backed securities—3604,134241,789246,283
Commercial mortgage-backed securities1,06311,23636,85150,63299,782
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—6,29013,87491,918112,082
Residential mortgage-backed securities—3533,595220,212224,160
Commercial mortgage-backed securities1,05710,35331,31940,48583,214
Total held-to-maturity investment securities$9,007$27,167$118,247$468,172$622,593
Total weighted-average yield3.85%2.46%4.00%3.66%3.67%
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
June 30, 2024    
Obligations of:   
 U.S. government sponsored agencies$212,023 $— $311 $(9,197)$203,137 
States and political subdivisions144,134 (238)112 (31,926)112,082 
Residential mortgage-backed securities246,283 — 404 (22,527)224,160 
Commercial mortgage-backed securities99,782 — — (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 subdivisions144,496 (238)134 (30,104)114,288 
Residential mortgage-backed securities248,559 — 1,643 (18,582)231,620 
Commercial mortgage-backed securities102,365 — — (17,076)85,289 
Total held-to-maturity investment securities$683,895 $(238)$2,266 $(73,901)$612,022 
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
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 
Summary of Other Investment Securities
The following table summarizes the carrying value of Peoples' other investment securities:
(Dollars in thousands)June 30, 2024December 31, 2023
FHLB stock$27,848 $29,949 
FRB stock27,114 26,896 
Nonqualified deferred compensation4,190 3,162 
Equity investment securities2,721 2,545 
Other investment securities869 869 
Total other investment securities$62,742 $63,421 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)June 30, 2024December 31, 2023
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$670,969 $713,033 
     Held-to-maturity517,799 559,142 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale96,078 85,899 
     Held-to-maturity52,659 39,607 
Loans pledged are summarized as follows:
(Dollars in thousands)June 30, 2024December 31, 2023
Loans pledged to FHLB$1,206,145 $1,206,134 
Loans pledged to FRB470,048 419,245