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Leases (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Summary of Sales Type Lease Income
The table below details Peoples' lease income:
 Three Months EndedNine Months Ended
(Dollars in thousands)September 30, 2024September 30, 2023September 30, 2024September 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, 2024December 31, 2023
Lease payments receivable, at amortized cost$484,926 $463,742 
Estimated residual values33,758 33,448 
Initial direct costs7,719 7,114 
Deferred revenue(93,394)(90,244)
Net investment in leases433,009 414,060 
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, 2025117,662 
Year ending December 31, 2026100,690 
Year ending December 31, 202794,030 
Year ending December 31, 202868,937 
Thereafter53,735 
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 EndedNine Months Ended
(Dollars in thousands)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Operating lease expense$723 $474 $2,191 $2,262 
Short-term lease expense290 84 923 174 
Variable lease expense42 — 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, 2024December 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 term9.1 years9.5 years
     Weighted-average discount rate4.10 %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, 20252,315 
Year ending December 31, 20262,027 
Year ending December 31, 20271,816 
Year ending December 31, 20281,338 
Thereafter5,402 
Total undiscounted lease payments$13,624 
Imputed interest$(2,439)
Total lease liabilities$11,185