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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Summary of Sales Type Lease Income | The table below details Peoples’ lease income for the years ended December 31, 2024 and 2023:
(Dollars in thousands) | 2024 | 2023
Interest and fees on leases (a) | $ | 47,498 |  | $ | 42,931 |
Lease income | 10,408 |  | 7,844 |
Total lease income | $ | 57,906 |  | $ | 50,775 |
(a)Included in “Interest and fees on loans” on the Consolidated Statements of Income. For additional information, see “Note 4 Loans and Leases, and Allowance for Credit Losses.”
Summary of Sales Type Leases | The following table summarizes the net investments in sales-type leases, which are included in “Loans and leases, net of deferred costs” on the Consolidated Balance Sheets at December 31:
(Dollars in thousands) | 2024 | 2023
Lease payments receivable, at amortized cost | $ | 448,027 |  | $ | 461,760 |
Estimated residual values | 33,129 |  | 33,448 |
Initial direct costs | 7,148 |  | 7,114 |
Deferred revenue | (81,706) |  | (88,262) |
Total leases, at amortized cost | 406,598 |  | 414,060 |
Allowance for credit losses - leases | (12,893) |  | (10,850) |
Net investment in sales-type leases | $ | 393,705 |  | $ | 403,210 |
Summary of Sales Type Lease Maturity | The following table summarizes the contractual maturities of leases:
(Dollars in thousands) | Balance
2025 | $ | 130,776 |
2026 | 93,937 |
2027 | 94,573 |
2028 | 67,639 |
2029 | 47,755 |
Thereafter | 13,347 |
Lease payments receivable, at amortized cost | $ | 448,027 |
Summary of Lease Cost | The table below details Peoples’ lease expense, which is included in “Net occupancy and equipment expense” in the Consolidated Statements of Income for the years ended December 31:
(Dollars in thousands) | 2024 | 2023
Operating lease expense | $ | 2,945 |  | $ | 3,030 |
Short-term lease expense | 1,173 |  | 268 |
Variable lease expense | 89 |  | — |
Total lease expense | $ | 4,207 |  | $ | 3,298 |
The following table details the ROU asset, the lease liability and other information related to Peoples’ operating leases on the Consolidated Balance Sheet at December 31:
(Dollars in thousands) | 2024 | 2023
ROU asset: |  |
Other assets | $ | 10,419 |  | $ | 11,689 |
Lease liability: |  |
Accrued expenses and other liabilities | $ | 10,968 |  | $ | 12,080 |
Other information: |  |
Weighted-average remaining lease term | 9.0 years | 9.5 years
Weighted-average discount rate | 4.11 | % | 3.34 | %
Cash paid during the year for operating leases | $ | 2,876 |  | $ | 2,990 |
Additions for ROU assets obtained during the year | $ | 1,660 |  | $ | 4,428 |
Summary of Operating Lease Maturities | The following table summarizes the future lease payments of operating leases:
(Dollars in thousands) | Payments
2025 | $ | 2,420 |
2026 | 2,130 |
2027 | 1,896 |
2028 | 1,420 |
2029 | 962 |
Thereafter | 4,504 |
Total undiscounted lease payments | $ | 13,332 |
Imputed interest | (2,364) |
Total lease liability | $ | 10,968 |

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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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