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Leases (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Summary of Sales Type Lease Income
The table below details Peoples' lease income:
 Three Months EndedSix Months Ended
(Dollars in thousands)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Interest and fees on leases (a)$11,982 $10,275 $24,049 $19,918 
Lease income1,116 1,719 2,352 2,796 
Other non-interest income (b)1,052 — 1,837 — 
Total lease income$14,150 $11,994 $28,238 $22,714 
(a)Included in "Interest and fees on loans and leases" in the Unaudited Consolidated Statements of Operations. For additional information, see "Note 4 Loans and Leases" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
(b)Included in "Other non-interest income" is operating lease income.
Summary of Sales Type Leases
The following table summarizes the net investment in leases, which is included in "Loans and leases, net of deferred fees and costs" on the Unaudited Consolidated Balance Sheets:
(Dollars in thousands)June 30, 2024December 31, 2023
Lease payments receivable, at amortized cost$483,473 $463,742 
Estimated residual values34,829 33,448 
Initial direct costs7,723 7,114 
Deferred revenue(95,374)(90,244)
Net investment in leases430,651 414,060 
Allowance for credit losses - leases(15,218)(10,850)
Net investment in leases, after allowance for credit losses$415,433 $403,210 
Summary of Sales Type Lease Maturity
The following table summarizes the contractual maturities of leases:
(Dollars in thousands)Balance
Remaining six months ending December 31, 2024$75,253 
Year ending December 31, 2025111,531 
Year ending December 31, 2026101,126 
Year ending December 31, 202790,747 
Year ending December 31, 202860,600 
Thereafter44,216 
Lease payments receivable, at amortized cost$483,473 
Summary of Lease Cost
The table below details Peoples' lease expense, which is included in "Net occupancy and equipment expense" in the Unaudited Consolidated Statements of Operations:
 Three Months EndedSix Months Ended
(Dollars in thousands)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Operating lease expense$733 $766 $1,468 $1,461 
Short-term lease expense327 322 633 417 
Variable lease expense5 — 5 — 
Total lease expense$1,065 $1,088 $2,106 $1,878 
The following table details the ROU assets, the lease liabilities and other information related to Peoples' operating leases at the dates shown:
(Dollars in thousands)June 30, 2024December 31, 2023
ROU assets:
Other assets$11,237 $11,689 
Lease liabilities:
     Accrued expenses and other liabilities$11,792 $12,080 
Other information:
     Weighted-average remaining lease term9.1 years9.5 years
     Weighted-average discount rate4.08 %3.34 %
     Additions for ROU assets obtained during the year$621 $4,428 
Summary of Operating Lease Maturities
The following table summarizes the maturity of remaining lease liabilities:
(Dollars in thousands)Balance
Remaining six months ending December 31, 2024$1,449 
Year ending December 31, 20252,315 
Year ending December 31, 20262,027 
Year ending December 31, 20271,816 
Year ending December 31, 20281,338 
Thereafter5,401 
Total undiscounted lease payments$14,346 
Imputed interest$(2,554)
Total lease liabilities$11,792