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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Effective Income Tax Rate Reconciliation | The reported income tax expense and effective tax rate in the Consolidated Statements of Income differ from the amounts computed by applying the statutory federal corporate income tax rate as follows for the years ended December 31:
|  | 2024 |  | 2023 |  | 2022
(Dollars in thousands) |  | Amount | Rate |  | Amount | Rate |  | Amount | Rate
Income tax computed at statutory federal corporate income tax rate |  | $ | 31,387 |  | 21.0 | % |  | $ | 30,476 |  | 21.0 | % |  | $ | 27,015 |  | 21.0 | %
Differences in rate resulting from: |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  | 3,286 |  | 2.2 | % |  | 3,053 |  | 2.1 | % |  | 2,277 |  | 1.8 | %
Investment securities impairment |  | — |  | — | % |  | — |  | — | % |  | 431 |  | 0.3 | %
Nondeductible acquisition costs |  | — |  | — | % |  | 168 |  | 0.1 | % |  | 42 |  | — | %
Common share awards |  | (22) |  | — | % |  | (99) |  | (0.1) | % |  | 12 |  | — | %
Bank owned life insurance |  | (885) |  | (0.6) | % |  | (872) |  | (0.6) | % |  | (551) |  | (0.4) | %
Investments in tax credit funds |  | (601) |  | (0.4) | % |  | (352) |  | (0.2) | % |  | (629) |  | (0.5) | %
Captive insurance benefit |  | — |  | — | % |  | (330) |  | (0.2) | % |  | (421) |  | (0.3) | %
Tax-exempt interest income |  | (258) |  | (0.2) | % |  | (555) |  | (0.4) | % |  | (921) |  | (0.7) | %
Other, net |  | (648) |  | (0.4) | % |  | 274 |  | 0.2 | % |  | 94 |  | 0.1 | %
Income tax expense |  | $ | 32,259 |  | 21.6 | % |  | $ | 31,763 |  | 21.9 | % |  | $ | 27,349 |  | 21.3 | %
Summary of Components of Income Tax Expense (Benefit) | Peoples’ reported income tax expense consisted of the following for the years ended December 31:
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Current income tax expense |  | $ | 25,286 |  |  | $ | 32,001 |  |  | $ | 8,783 |
Deferred income tax (benefit) expense |  | 6,973 |  |  | (238) |  |  | 18,566 |
Income tax expense |  | $ | 32,259 |  |  | $ | 31,763 |  |  | $ | 27,349 |
Summary of Deferred Tax Assets and Liabilities | The significant components of Peoples’ deferred tax assets and deferred tax liabilities consisted of the following at December 31:
(Dollars in thousands) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Available-for-sale securities |  | $ | 33,996 |  |  | $ | 31,774 |
Allowance for credit losses |  | 15,035 |  |  | 14,902 |
Nonaccrual loan interest income |  | 1,312 |  |  | 2,753 |
Accrued employee benefits |  | 7,472 |  |  | 7,344 |
Lease obligation |  | 2,523 |  |  | 2,822 |
Net operating loss carryforward |  | 8,393 |  |  | 11,367 |
Purchase accounting adjustments |  | — |  |  | 1,920 |
Other |  | 1,837 |  |  | 1,622 |
Gross deferred tax assets |  | $ | 70,568 |  |  | $ | 74,504 |
Valuation allowance |  | $ | 158 |  |  | $ | 158 |
Total deferred tax assets |  | $ | 70,410 |  |  | $ | 74,346 |
Deferred tax liabilities: |  |  |  |
Equipment leases |  | $ | 11,790 |  |  | $ | 11,286 |
Deferred loan income |  | 2,015 |  |  | 3,117 |
Purchase accounting adjustments |  | 3,219 |  |  | — |
Bank premises and equipment |  | 5,283 |  |  | 5,116 |
Lease right-of-use assets |  | 2,397 |  |  | 2,731 |
Derivative instruments |  | 416 |  |  | 774 |
Other |  | 2,312 |  |  | 3,951 |
Total deferred tax liabilities |  | $ | 27,432 |  |  | $ | 26,975 |
Net deferred tax asset |  | $ | 42,978 |  |  | $ | 47,371 |
Summary of Income Tax Contingencies | The following table provides a reconciliation of uncertain tax positions at December 31:
(Dollars in thousands) |  | 2024 | 2023
Uncertain tax positions, beginning of year |  | $ | 527 |  | $ | 89 |
Gross increase based on tax positions related to current year |  | 45 |  | 527 |
Gross decrease due to the statute of limitations |  | — |  | (89) |
Uncertain tax positions, end of year |  | $ | 572 |  | $ | 527 |

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