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Investment Securities (Tables)
 9 Months Ended
Sep. 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
September 30, 2024    
Obligations of:    
U.S. Treasury and government agencies$28,202 $361 $(602)$27,961 
U.S. government sponsored agencies181,198 1,632 (8,122)174,708 
States and political subdivisions229,119 353 (22,693)206,779 
Residential mortgage-backed securities679,575 2,319 (74,168)607,726 
Commercial mortgage-backed securities65,198 16 (7,777)57,437 
Bank-issued trust preferred securities6,500 3 (447)6,056 
Total available-for-sale securities$1,189,792 $4,684 $(113,809)$1,080,667 
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 September 30 were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2024202320242023
Gross gains realized$347 $1,101 $347 $1,191 
Gross losses realized421 1,108 775 3,299 
Net (loss) gain realized$(74)$(7)$(428)$(2,108)
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
September 30, 2024        
Obligations of:
U.S. Treasury and government agencies
$1,456 $7 6 $13,408 $595 11 $14,864 $602 
U.S. government sponsored agencies
32,550 376 12 72,534 7,746 13 105,084 8,122 
States and political subdivisions9,831 125 30 167,599 22,568 134 177,430 22,693 
Residential mortgage-backed securities
4,941 108 3 517,339 74,060 256 522,280 74,168 
Commercial mortgage-backed securities
— — — 49,447 7,777 25 49,447 7,777 
Bank-issued trust preferred securities
1,991 9 1 3,562 438 2 5,553 447 
Total$50,769 $625 52 $823,889 $113,184 441 $874,658 $113,809 
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 September 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$1,291$14,282$6,931$5,698$28,202
U.S. government sponsored agencies—67,07426,70987,415181,198
States and political subdivisions5,46344,85468,790110,012229,119
Residential mortgage-backed securities265,45851,746622,345679,575
Commercial mortgage-backed securities—12,01626,66726,51565,198
Bank-issued trust preferred securities2,0001,5003,000—6,500
Total available-for-sale securities$8,780$145,184$183,843$851,985$1,189,792
Fair value     
Obligations of:     
U.S. Treasury and government agencies$1,284$13,699$7,154$5,824$27,961
U.S. government sponsored agencies—63,29624,60986,803174,708
States and political subdivisions5,44742,80360,40198,128206,779
Residential mortgage-backed securities265,33848,393553,969607,726
Commercial mortgage-backed securities—11,23123,37922,82757,437
Bank-issued trust preferred securities1,9911,4552,610—6,056
Total available-for-sale securities$8,748$137,822$166,546$767,551$1,080,667
Total weighted-average yield3.13 %2.66 %2.45 %3.05 %2.91 %
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at September 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 September 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$10,625$44,182$133,835$196,642
States and political subdivisions—8,32315,960117,635141,918
Residential mortgage-backed securities—2734,027252,029256,329
Commercial mortgage-backed securities—12,97534,18951,82098,984
Total held-to-maturity investment securities$8,000$32,196$98,358$555,319$693,873
Fair value     
Obligations of:     
U.S. government sponsored agencies$7,989$10,347$44,226$129,048$191,610
States and political subdivisions—8,14413,78293,748115,674
Residential mortgage-backed securities—2703,627239,602243,499
Commercial mortgage-backed securities—12,10130,38543,26085,746
Total held-to-maturity investment securities$7,989$30,862$92,020$505,658$636,529
Total weighted-average yield3.98%2.94%3.74%3.72%3.69%
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
September 30, 2024    
Obligations of:   
 U.S. government sponsored agencies$196,642 $— $1,234 $(6,266)$191,610 
States and political subdivisions141,918 (236)158 (26,166)115,674 
Residential mortgage-backed securities256,329 — 2,558 (15,388)243,499 
Commercial mortgage-backed securities98,984 — 148 (13,386)85,746 
Total held-to-maturity investment securities$693,873 $(236)$4,098 $(61,206)$636,529 
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)$612,022 
Summary of Held-to-maturity Securities with Unrealized Loss
The following table presents a summary of held-to-maturity investment securities that had been in a continuous unrealized loss position for the periods identified:
 Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized Loss
September 30, 2024        
Obligations of:
U.S. government sponsored agencies$— $— — 46,022 6,266 13 $46,022 $6,266 
States and political subdivisions— — — 112,398 26,166 66 112,398 26,166 
Residential mortgage-backed securities
11,264 96 1 139,351 15,292 43 150,615 15,388 
Commercial mortgage-backed securities
3,171 946 3 73,565 12,440 29 76,736 13,386 
Total$14,435 $1,042 4 $371,336 $60,164 151 $385,771 $61,206 
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)September 30, 2024December 31, 2023
FHLB stock$20,245 $29,949 
FRB stock27,114 26,896 
Nonqualified deferred compensation4,729 3,162 
Equity investment securities2,734 2,545 
Other investment securities869 869 
Total other investment securities$55,691 $63,421 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)September 30, 2024December 31, 2023
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$542,071 $713,033 
     Held-to-maturity553,726 559,142 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale119,453 85,899 
     Held-to-maturity63,768 39,607 
Loans pledged are summarized as follows:
(Dollars in thousands)September 30, 2024December 31, 2023
Loans pledged to FHLB$1,223,345 $1,206,134 
Loans pledged to FRB458,896 419,245