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Leases (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Summary of Sales Type Lease Income | The table below details Peoples' lease income:
| Three Months Ended |  | Nine Months Ended
(Dollars in thousands) | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Interest and fees on leases (a) | $ | 11,922 |  |  | $ | 11,508 |  |  | $ | 35,970 |  |  | $ | 31,426 |
Lease income (loss) | 1,827 |  |  | (66) |  |  | 4,179 |  |  | 2,730 |
Other non-interest income (b) | 1,242 |  |  | — |  |  | 3,079 |  |  | — |
Total lease income | $ | 14,991 |  |  | $ | 11,442 |  |  | $ | 43,228 |  |  | $ | 34,156 |
(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) | September 30, 2024 | December 31, 2023
Lease payments receivable, at amortized cost | $ | 484,926 |  | $ | 463,742 |
Estimated residual values | 33,758 |  | 33,448 |
Initial direct costs | 7,719 |  | 7,114 |
Deferred revenue | (93,394) |  | (90,244) |
Net investment in leases | 433,009 |  | 414,060 |
Allowance for credit losses - leases | (16,970) |  | (10,850) |
Net investment in leases, after allowance for credit losses | $ | 416,039 |  | $ | 403,210 |
Summary of Sales Type Lease Maturity | The following table summarizes the contractual maturities of leases:
(Dollars in thousands) | Balance
Remaining three months ending December 31, 2024 | $ | 49,872 |
Year ending December 31, 2025 | 117,662 |
Year ending December 31, 2026 | 100,690 |
Year ending December 31, 2027 | 94,030 |
Year ending December 31, 2028 | 68,937 |
Thereafter | 53,735 |
Lease payments receivable, at amortized cost | $ | 484,926 |
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 Ended |  | Nine Months Ended
(Dollars in thousands) | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Operating lease expense | $ | 723 |  |  | $ | 474 |  |  | $ | 2,191 |  |  | $ | 2,262 |
Short-term lease expense | 290 |  |  | 84 |  |  | 923 |  |  | 174 |
Variable lease expense | 42 |  |  | — |  |  | 47 |  |  | — |
Total lease expense | $ | 1,055 |  |  | $ | 558 |  |  | $ | 3,161 |  |  | $ | 2,436 |
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) | September 30, 2024 | December 31, 2023
ROU assets: |  |
Other assets | $ | 10,629 |  | $ | 11,689 |
Lease liabilities: |  |
Accrued expenses and other liabilities | $ | 11,185 |  | $ | 12,080 |
Other information: |  |
Weighted-average remaining lease term | 9.1 years | 9.5 years
Weighted-average discount rate | 4.10 | % | 3.34 | %
Additions for ROU assets obtained during the year | $ | 1,130 |  | $ | 4,428 |
Summary of Operating Lease Maturities | The following table summarizes the maturity of remaining lease liabilities:
(Dollars in thousands) | Balance
Remaining three months ending December 31, 2024 | $ | 726 |
Year ending December 31, 2025 | 2,315 |
Year ending December 31, 2026 | 2,027 |
Year ending December 31, 2027 | 1,816 |
Year ending December 31, 2028 | 1,338 |
Thereafter | 5,402 |
Total undiscounted lease payments | $ | 13,624 |
Imputed interest | $ | (2,439) |
Total lease liabilities | $ | 11,185 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-10 + Details
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