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Off-Balance Sheet Risk | 12 Months Ended
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Dec. 31, 2024
Off-Balance-Sheet, Credit Loss, Liability [Abstract] |
Off-Balance Sheet Risk | Off-Balance Sheet Risk
Loan Commitments and Standby Letters of Credit Loan commitments are made to accommodate the financial needs of Peoples’ customers. Standby letters of credit are instruments issued by Peoples Bank guaranteeing the beneficiary payment by Peoples Bank in the event of default by Peoples Bank’s customer in the nonperformance of an obligation or service. Historically, most loan commitments and standby letters of credit expire unused. Peoples’ exposure to credit loss in the event of nonperformance by the counter-party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. Peoples uses the same underwriting standards in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained is based on management’s credit evaluation of the customer. Collateral held varies, but may include accounts receivable; inventory; property, plant, and equipment; and income-producing commercial properties. The total amounts of loan commitments and standby letters of credit at December 31 were:
(Dollars in thousands) | 2024 | 2023
Home equity lines of credit | $ | 254,168 |  | $ | 244,367 |
Unadvanced construction loans | 370,086 |  | 349,850 |
Other loan commitments | 759,790 |  | 769,759 |
Loan commitments | 1,384,044 |  | 1,363,976 |
Standby letters of credit | $ | 8,398 |  | $ | 14,318 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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