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Loans and Leases, and Allowance for Credit Losses (Tables) | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
Summary of Loans by Classification | The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows at December 31:
(Dollars in thousands) | 2024 | 2023
Construction | $ | 328,388 |  | $ | 364,019 |
Commercial real estate, other | 2,156,013 |  | 2,196,957 |
Commercial and industrial | 1,347,645 |  | 1,184,986 |
Premium finance | 269,435 |  | 203,177 |
Leases | 406,598 |  | 414,060 |
Residential real estate | 835,101 |  | 791,095 |
Home equity lines of credit | 232,661 |  | 208,675 |
Consumer, indirect | 669,857 |  | 666,472 |
Consumer, direct | 111,052 |  | 128,769 |
Deposit account overdrafts | 1,253 |  | 986 |
Total loans, at amortized cost | $ | 6,358,003 |  | $ | 6,159,196 |
Net deferred loan origination costs were $20.2 million and $21.7 million at December 31, 2024 and 2023, respectively. The remaining unamortized net discount included in the amortized cost of loans and leases was $19.5 million and $43.0 million at December 31, 2024 and 2023, respectively.
Summary of Nonaccrual and Past Due Loans | The amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows at December 31:
| 2024 |  | 2023
(Dollars in thousands) | Nonaccrual (a) | Accruing Loans 90+ Days Past Due |  | Nonaccrual (a) | Accruing Loans 90+ Days Past Due
Commercial real estate, other | $ | 7,136 |  | $ | 227 |  |  | $ | 2,816 |  | $ | 78 |
Commercial and industrial | 6,809 |  | 78 |  |  | 2,758 |  | 316 |
Premium finance | — |  | 4,947 |  |  | — |  | 1,355 |
Leases | 8,850 |  | 803 |  |  | 8,436 |  | 3,826 |
Residential real estate | 7,329 |  | 2,166 |  |  | 7,921 |  | 877 |
Home equity lines of credit | 1,498 |  | 213 |  |  | 1,022 |  | 171 |
Consumer, indirect | 2,374 |  | 159 |  |  | 2,412 |  | 68 |
Consumer, direct | 133 |  | 44 |  |  | 112 |  | 25 |
Total loans, at amortized cost | $ | 34,129 |  | $ | 8,637 |  |  | $ | 25,477 |  | $ | 6,716 |
(a)There were $5.7 million of nonaccrual loans for which there was no allowance for credit losses at December 31, 2024 and $1.2 million of such loans at December 31, 2023.
Summary of Aging of The Recorded Investment In Past Due Loans and Leases | The following tables present the aging of the recorded investment in past due loans at December 31:
| Loans Past Due | Current | Total
(Dollars in thousands) | 30 – 59 days | 60 – 89 days | 90 + Days | Total
2024 |  |  |  |  |  |
Construction | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 328,388 |  | $ | 328,388 |
Commercial real estate, other | 1,300 |  | 1,585 |  | 6,008 |  | 8,893 |  | 2,147,120 |  | 2,156,013 |
Commercial and industrial | 1,651 |  | 583 |  | 4,551 |  | 6,785 |  | 1,340,860 |  | 1,347,645 |
Premium finance | 3,863 |  | 456 |  | 4,947 |  | 9,266 |  | 260,169 |  | 269,435 |
Leases | 10,941 |  | 5,241 |  | 9,575 |  | 25,757 |  | 380,841 |  | 406,598 |
Residential real estate | 11,481 |  | 3,038 |  | 5,271 |  | 19,790 |  | 815,311 |  | 835,101 |
Home equity lines of credit | 1,473 |  | 317 |  | 1,093 |  | 2,883 |  | 229,778 |  | 232,661 |
Consumer, indirect | 7,568 |  | 1,522 |  | 1,326 |  | 10,416 |  | 659,441 |  | 669,857 |
Consumer, direct | 884 |  | 113 |  | 138 |  | 1,135 |  | 109,917 |  | 111,052 |
Deposit account overdrafts | — |  | — |  | — |  | — |  | 1,253 |  | 1,253 |
Total loans, at amortized cost | $ | 39,161 |  | $ | 12,855 |  | $ | 32,909 |  | $ | 84,925 |  | $ | 6,273,078 |  | $ | 6,358,003 |
2023 |  |  |  |  |  |
Construction | $ | 13 |  | $ | 52 |  | $ | — |  | $ | 65 |  | $ | 363,954 |  | $ | 364,019 |
Commercial real estate, other | 2,728 |  | 4,556 |  | 1,572 |  | 8,856 |  | 2,188,101 |  | 2,196,957 |
Commercial and industrial | 1,717 |  | 1,491 |  | 3,052 |  | 6,260 |  | 1,178,726 |  | 1,184,986 |
Premium finance | 1,288 |  | 867 |  | 1,355 |  | 3,510 |  | 199,667 |  | 203,177 |
Leases | 12,743 |  | 4,932 |  | 12,014 |  | 29,689 |  | 384,371 |  | 414,060 |
Residential real estate | 14,021 |  | 2,733 |  | 4,481 |  | 21,235 |  | 769,860 |  | 791,095 |
Home equity lines of credit | 1,561 |  | 691 |  | 683 |  | 2,935 |  | 205,740 |  | 208,675 |
Consumer, indirect | 7,488 |  | 1,550 |  | 1,230 |  | 10,268 |  | 656,204 |  | 666,472 |
Consumer, direct | 536 |  | 282 |  | 43 |  | 861 |  | 127,908 |  | 128,769 |
Deposit account overdrafts | — |  | — |  | — |  | — |  | 986 |  | 986 |
Total loans, at amortized cost | $ | 42,095 |  | $ | 17,154 |  | $ | 24,430 |  | $ | 83,679 |  | $ | 6,075,517 |  | $ | 6,159,196 |
Summary of Pledged Securities | The following table summarizes the carrying value of Peoples’ pledged investment securities as of December 31:
| Carrying Amount
(Dollars in thousands) | 2024 | 2023
Securing public and trust department deposits, and Repurchase Agreements: |  |
Available-for-sale | $ | 505,963 |  | $ | 713,033 |
Held-to-maturity | 563,014 |  | 559,142 |
Securing additional borrowing capacity at the FHLB and the FRB: |  |
Available-for-sale | 3,119 |  | 85,899 |
Held-to-maturity | 1,215 |  | 39,607 |
Loans pledged at December 31 are summarized in the following table:
(Dollars in thousands) | 2024 | 2023
Loans pledged to FHLB | $ | 1,218,496 |  | $ | 1,206,134 |
Loans pledged to FRB | 527,989 |  | 419,245 |
Summary of Related Party Loans | Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status, and the addition and exit of directors during the year, as applicable.
(Dollars in thousands) |
Balance, December 31, 2023 | $ | 20,166 |
New loans and disbursements | 3,527 |
Repayments | (21,159) |
Balance, December 31, 2024 | $ | 2,534 |
Summary of Loans by Risk Category | The following tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2024:
|  | Term Loans at Amortized Cost by Origination Year |  |  |  |
(Dollars in thousands) |  | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans |
Construction |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 69,862 |  | $ | 162,605 |  | $ | 47,133 |  | $ | 30,592 |  | 1,845 |  | $ | 13,540 |  | $ | — |  | $ | — |  | $ | 325,577 |  |
Special mention |  | — |  | — |  | — |  | — |  | — |  | 115 |  | — |  | — |  | 115 |  |
Substandard |  | — |  | 1,161 |  | 1,535 |  | — |  | — |  | — |  | — |  | — |  | 2,696 |  |
Total |  | 69,862 |  | 163,766 |  | 48,668 |  | 30,592 |  | 1,845 |  | 13,655 |  | — |  | — |  | 328,388 |  |
Current period gross charge-offs |  | — |  | — |  | — |  | — |  | — |  | — |  |  |  | — |  |
Commercial real estate, other |  |  |  |  |  |  |  |  |
Pass |  | 130,971 |  | 219,105 |  | 366,256 |  | 337,905 |  | 201,367 |  | 751,415 |  | 41,122 |  | — |  | 2,048,141 |  |
Special mention |  | 271 |  | 2,923 |  | 11,876 |  | 7,197 |  | 5,107 |  | 10,689 |  | 288 |  | — |  | 38,351 |  |
Substandard |  | 145 |  | 1,073 |  | 2,460 |  | 18,851 |  | 9,234 |  | 37,136 |  | 612 |  | — |  | 69,511 |  |
Doubtful |  | — |  | — |  | — |  | — |  | — |  | 10 |  | — |  | — |  | 10 |  |
Total |  | 131,387 |  | 223,101 |  | 380,592 |  | 363,953 |  | 215,708 |  | 799,250 |  | 42,022 |  | — |  | 2,156,013 |  |
Current period gross charge-offs |  | — |  | — |  | 376 |  | — |  | — |  | 55 |  |  |  | 431 |  |
Commercial and industrial |  |  |  |  |  |  |  |  |
Pass |  | 311,631 |  | 202,929 |  | 134,558 |  | 148,288 |  | 66,102 |  | 152,143 |  | 229,821 |  | 4,779 |  | 1,245,472 |  |
Special mention |  | 779 |  | 9,019 |  | 10,886 |  | 4,449 |  | 12,049 |  | 13,537 |  | 19,465 |  | — |  | 70,184 |  |
Substandard |  | 200 |  | 99 |  | 4,791 |  | 11,429 |  | 3,850 |  | 4,430 |  | 5,045 |  | 49 |  | 29,844 |  |
Doubtful |  | — |  | — |  | 1,987 |  | — |  | — |  | 158 |  | — |  | — |  | 2,145 |  |
Total |  | 312,610 |  | 212,047 |  | 152,222 |  | 164,166 |  | 82,001 |  | 170,268 |  | 254,331 |  | 4,828 |  | 1,347,645 |  |
Current period gross charge-offs |  | — |  | 14 |  | — |  | 17 |  | 105 |  | 532 |  |  |  | 668 |  |
Premium finance |  |  |  |  |  |  |  |  |  |  |
Pass |  | 265,504 |  | 3,837 |  | 94 |  | — |  | — |  | — |  | — |  | — |  | 269,435 |  |
Total |  | 265,504 |  | 3,837 |  | 94 |  | — |  | — |  | — |  | — |  | — |  | 269,435 |  |
Current period gross charge-offs |  | 67 |  | 109 |  | 33 |  | — |  | — |  | — |  |  |  | 209 |  |
Leases |  |  |  |  |  |  |  |  |  |  |
Pass |  | 175,449 |  | 125,664 |  | 61,064 |  | 24,181 |  | 4,661 |  | 2,153 |  | — |  | — |  | 393,172 |  |
Special mention |  | 791 |  | 1,529 |  | 1,140 |  | 365 |  | 5 |  | — |  | — |  | — |  | 3,830 |  |
Substandard |  | 351 |  | 2,108 |  | 1,777 |  | 193 |  | 8 |  | — |  | — |  | — |  | 4,437 |  |
Doubtful |  | 170 |  | 2,127 |  | 1,859 |  | 624 |  | 110 |  | 269 |  | — |  | — |  | 5,159 |  |
Total |  | 176,761 |  | 131,428 |  | 65,840 |  | 25,363 |  | 4,784 |  | 2,422 |  | — |  | — |  | 406,598 |  |
Current period gross charge-offs |  | 1,315 |  | 5,623 |  | 5,421 |  | 2,308 |  | 301 |  | 138 |  |  |  | 15,106 |  |
Residential real estate |  |  |  |  |  |  |  |  |
Pass |  | 77,130 |  | 66,712 |  | 85,045 |  | 128,359 |  | 52,090 |  | 414,574 |  | — |  | — |  | 823,910 |  |
Substandard |  | 321 |  | 1,088 |  | 161 |  | 980 |  | 306 |  | 8,087 |  | — |  | — |  | 10,943 |  |
Loss |  | — |  | 4 |  | — |  | — |  | — |  | 244 |  | — |  | — |  | 248 |  |
Total |  | 77,451 |  | 67,804 |  | 85,206 |  | 129,339 |  | 52,396 |  | 422,905 |  | — |  | — |  | 835,101 |  |
Current period gross charge-offs |  | — |  | — |  | 46 |  | 5 |  | — |  | 237 |  |  |  | 288 |  |
Home equity lines of credit |  |  |  |  |  |  |  |  |
Pass |  | 54,724 |  | 37,417 |  | 37,752 |  | 27,430 |  | 16,583 |  | 57,303 |  | 24 |  | 731 |  | 231,233 |  |
Substandard |  | — |  | 138 |  | 163 |  | 16 |  | 34 |  | 1,069 |  | — |  | — |  | 1,420 |  |
Loss |  | — |  | — |  | — |  | — |  | — |  | 8 |  | — |  | — |  | 8 |  |
Total |  | 54,724 |  | 37,555 |  | 37,915 |  | 27,446 |  | 16,617 |  | 58,380 |  | 24 |  | 731 |  | 232,661 |  |
Current period gross charge-offs |  | — |  | — |  | — |  | — |  | — |  | 11 |  |  |  | 11 |  |
Consumer, indirect |  |  |  |  |  |  |  |  |  |  |
Pass |  | 239,584 |  | 176,115 |  | 148,210 |  | 56,846 |  | 30,231 |  | 16,129 |  | — |  | — |  | 667,115 |  |
Substandard |  | 269 |  | 557 |  | 681 |  | 618 |  | 312 |  | 251 |  | — |  | — |  | 2,688 |  |
Loss |  | 14 |  | — |  | 16 |  | 14 |  | — |  | 10 |  | — |  | — |  | 54 |  |
Total |  | 239,867 |  | 176,672 |  | 148,907 |  | 57,478 |  | 30,543 |  | 16,390 |  | — |  | — |  | 669,857 |  |
Current period gross charge-offs |  | 497 |  | 2,207 |  | 1,880 |  | 691 |  | 141 |  | 763 |  |  |  | 6,179 |  |
Consumer, direct |  |  |  |  |  |  |  |  |  |  |
Pass |  | 45,978 |  | 25,605 |  | 21,544 |  | 9,614 |  | 4,180 |  | 3,884 |  | — |  | — |  | 110,805 |  |
Substandard |  | 18 |  | 65 |  | 46 |  | 29 |  | 4 |  | 73 |  | — |  | — |  | 235 |  |
Loss |  | — |  | 4 |  | — |  | — |  | — |  | 8 |  | — |  | — |  | 12 |  |
Total |  | 45,996 |  | 25,674 |  | 21,590 |  | 9,643 |  | 4,184 |  | 3,965 |  | — |  | — |  | 111,052 |  |
Current period gross charge-offs |  | 2 |  | 154 |  | 212 |  | 51 |  | 12 |  | 247 |  |  |  | 678 |  |
Deposit account overdrafts |  | 1,253 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,253 |  |
Current period gross charge-offs |  | 1,542 |  | — |  | — |  | — |  | — |  | — |  |  |  | 1,542 |  |
Total loans, at amortized cost |  | $ | 1,375,415 |  | $ | 1,041,884 |  | $ | 941,034 |  | $ | 807,980 |  | $ | 408,078 |  | $ | 1,487,235 |  | $ | 296,377 |  | $ | 5,559 |  | $ | 6,358,003 |  |
Total current period gross charge-offs |  | $ | 3,423 |  | $ | 8,107 |  | $ | 7,968 |  | $ | 3,072 |  | $ | 559 |  | $ | 1,983 |  |  |  | $ | 25,112 |  |
The following tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2023:
| Term Loans at Amortized Cost by Origination Year |  |  |
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Construction |  |  |  |  |  |  |  |  |
Pass | $ | 80,273 |  | $ | 141,245 |  | $ | 85,913 |  | $ | 27,169 |  | 9,995 |  | $ | 12,723 |  | $ | — |  | $ | — |  | $ | 357,318 |
Special mention | — |  | 3,757 |  | — |  | — |  | — |  | 123 |  | — |  | — |  | 3,880 |
Substandard | 1,200 |  | 1,590 |  | — |  | — |  | — |  | 31 |  | — |  | — |  | 2,821 |
Total | 81,473 |  | 146,592 |  | 85,913 |  | 27,169 |  | 9,995 |  | 12,877 |  | — |  | — |  | 364,019 |
Current period gross charge-offs | — |  | — |  | 9 |  | — |  | — |  | — |  |  |  | 9 |
Commercial real estate, other |  |  |  |  |  |  |  |
Pass | 199,565 |  | 327,762 |  | 366,752 |  | 227,604 |  | 262,099 |  | 650,265 |  | 37,177 |  | 189 |  | 2,071,224 |
Special mention | 999 |  | 12,975 |  | 4,850 |  | 10,324 |  | 7,074 |  | 22,186 |  | 408 |  | 41 |  | 58,816 |
Substandard | 287 |  | 2,421 |  | 5,878 |  | 8,679 |  | 1,972 |  | 47,213 |  | 457 |  | — |  | 66,907 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 10 |  | — |  | — |  | 10 |
Total | 200,851 |  | 343,158 |  | 377,480 |  | 246,607 |  | 271,145 |  | 719,674 |  | 38,042 |  | 230 |  | 2,196,957 |
Current period gross charge-offs | — |  | — |  | — |  | 39 |  | — |  | 575 |  |  |  | 614 |
Commercial and industrial |  |  |  |  |  |  |  |
Pass | 225,894 |  | 180,068 |  | 212,938 |  | 86,934 |  | 55,434 |  | 132,675 |  | 213,714 |  | 38 |  | 1,107,657 |
Special mention | 540 |  | 12,051 |  | 533 |  | 9,723 |  | 4,722 |  | 6,336 |  | 16,236 |  | 8,614 |  | 50,141 |
Substandard | 78 |  | 6,441 |  | 5,104 |  | 5,617 |  | 1,602 |  | 6,278 |  | 1,889 |  | 779 |  | 27,009 |
Doubtful | — |  | — |  | — |  | — |  | — |  | 179 |  | — |  | — |  | 179 |
Total | 226,512 |  | 198,560 |  | 218,575 |  | 102,274 |  | 61,758 |  | 145,468 |  | 231,839 |  | 9,431 |  | 1,184,986 |
Current period gross charge-offs | — |  | 36 |  | 202 |  | 25 |  | 173 |  | 415 |  |  |  | 851 |
Premium finance |  |  |  |  |  |  |  |  |
Pass | 201,659 |  | 1,517 |  | 1 |  | — |  | — |  | — |  | — |  | — |  | 203,177 |
Total | 201,659 |  | 1,517 |  | 1 |  | — |  | — |  | — |  | — |  | — |  | 203,177 |
Current period gross charge-offs | 25 |  | 97 |  | — |  | — |  | — |  | — |  |  |  | 122 |
Leases |  |  |  |  |  |  |  |  |
Pass | 216,559 |  | 114,327 |  | 51,307 |  | 14,061 |  | 4,883 |  | 1,501 |  | — |  | — |  | 402,638 |
Special mention | 363 |  | 1,529 |  | 476 |  | 81 |  | 1 |  | 5 |  | — |  | — |  | 2,455 |
Substandard | 1,937 |  | 3,006 |  | 2,944 |  | 448 |  | 321 |  | 311 |  | — |  | — |  | 8,967 |
Total | 218,859 |  | 118,862 |  | 54,727 |  | 14,590 |  | 5,205 |  | 1,817 |  | — |  | — |  | 414,060 |
Current period gross charge-offs | 963 |  | 1,328 |  | 1,173 |  | 233 |  | 165 |  | 135 |  |  |  | 3,997 |
Residential real estate |  |  |  |  |  |  |  |
Pass | 75,957 |  | 91,506 |  | 140,157 |  | 58,144 |  | 45,507 |  | 369,552 |  | — |  | — |  | 780,823 |
Substandard | 43 |  | 243 |  | 585 |  | 182 |  | 529 |  | 8,604 |  | — |  | — |  | 10,186 |
Loss | — |  | — |  | — |  | — |  | — |  | 86 |  | — |  | — |  | 86 |
Total | 76,000 |  | 91,749 |  | 140,742 |  | 58,326 |  | 46,036 |  | 378,242 |  | — |  | — |  | 791,095 |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | 170 |  |  |  | 170 |
Home equity lines of credit |  |  |  |  |  |  |  |
Pass | 39,706 |  | 42,565 |  | 33,406 |  | 19,838 |  | 14,297 |  | 57,482 |  | 27 |  | 1,346 |  | 207,321 |
Substandard | 19 |  | — |  | 61 |  | 34 |  | 123 |  | 1,109 |  | — |  | — |  | 1,346 |
Loss | — |  | — |  | — |  | — |  | — |  | 8 |  | — |  | — |  | 8 |
Total | 39,725 |  | 42,565 |  | 33,467 |  | 19,872 |  | 14,420 |  | 58,599 |  | 27 |  | 1,346 |  | 208,675 |
Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | 110 |  |  |  | 110 |
Consumer, indirect |  |  |  |  |  |  |  |  |
Pass | 247,829 |  | 225,225 |  | 96,698 |  | 59,044 |  | 18,644 |  | 15,977 |  | — |  | — |  | 663,417 |
Substandard | 333 |  | 934 |  | 789 |  | 558 |  | 190 |  | 206 |  | — |  | — |  | 3,010 |
Loss | 7 |  | 34 |  | 2 |  | — |  | 2 |  | — |  | — |  | — |  | 45 |
Total | 248,169 |  | 226,193 |  | 97,489 |  | 59,602 |  | 18,836 |  | 16,183 |  | — |  | — |  | 666,472 |
Current period gross charge-offs | 609 |  | 2,091 |  | 865 |  | 255 |  | 63 |  | 147 |  |  |  | 4,030 |
Consumer, direct |  |  |  |  |  |  |  |  |
Pass | 58,445 |  | 37,050 |  | 17,434 |  | 8,282 |  | 3,185 |  | 4,081 |  | — |  | — |  | 128,477 |
Substandard | 55 |  | 79 |  | 47 |  | 28 |  | 30 |  | 27 |  | — |  | — |  | 266 |
Loss | — |  | — |  | — |  | — |  | — |  | 26 |  | — |  | — |  | 26 |
Total | 58,500 |  | 37,129 |  | 17,481 |  | 8,310 |  | 3,215 |  | 4,134 |  | — |  | — |  | 128,769 |
Current period gross charge-offs | 36 |  | 154 |  | 77 |  | 100 |  | 14 |  | 35 |  |  |  | 416 |
Deposit account overdrafts | 986 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 986 |
Current period gross charge-offs | 1,161 |  |  |  |  |  |  |  |  | 1,161 |
Total loans, at amortized cost | $ | 1,352,734 |  | $ | 1,206,325 |  | $ | 1,025,875 |  | $ | 536,750 |  | $ | 430,610 |  | $ | 1,336,994 |  | $ | 269,908 |  | $ | 11,007 |  | $ | 6,159,196 |
Total current period gross charge-offs | $ | 2,794 |  | $ | 3,706 |  | $ | 2,326 |  | $ | 652 |  | $ | 415 |  | $ | 1,587 |  |  |  | $ | 11,480 |
Summary of Amortized Cost of Collateral Dependent Loans | The following table details Peoples’ amortized cost of collateral dependent loans as of December 31:
(Dollars in thousands) | 2024 |  | 2023
Commercial real estate, other | $ | 2,764 |  |  |  | $ | — |  |
Commercial and industrial | 959 |  |  |  | — |  |
Residential real estate | — |  |  |  | 501 |  |
Leases | 652 |  |  |  | — |  |
Total collateral dependent loans | $ | 4,375 |  |  |  | $ | 501 |  |
Summary of Financing Receivables Modified | The following table displays the amortized cost of loans that were restructured during the twelve months ended as of December 31, 2024 and December 31, 2023, presented by loan classification.
During the Twelve Months Ended December 31, 2024(a)
| Payment Delay (Only) |  |  |  |  |  |
(Dollars in thousands) | Forbearance Plan | Payment Deferral |  | Term Extension | Forbearance Plan and Term Extension | Payment Delay and Term Extension |  | Total | Percentage of Total by Loan Category(b) (c)
Commercial real estate | — |  | — |  |  | 1,021 |  | — |  | — |  |  | 1,021 |  | 0.05 | %
Commercial and industrial | — |  | — |  |  | 8,089 |  | — |  | — |  |  | 8,089 |  | 0.60 | %
Leasing | — |  | 189 |  |  | 652 |  | — |  | 1,247 |  |  | 2,088 |  | 0.51 | %
Residential real estate | — |  | — |  |  | 88 |  | — |  | — |  |  | 88 |  | 0.01 | %
Home equity lines of credit | — |  | — |  |  | 162 |  | — |  | — |  |  | 162 |  | 0.07 | %
Consumer, indirect | — |  | 13 |  |  | — |  | — |  | — |  |  | 13 |  | — | %
Total | $ | — |  | $ | 202 |  |  | $ | 10,012 |  | $ | — |  | $ | 1,247 |  |  | $ | 11,461 |  | 0.18 | %
During the Twelve Months Ended December 31, 2023(a)
| Payment Delay (Only) |  |  |  |  |  |
(Dollars in thousands) | Forbearance Plan | Payment Deferral |  | Term Extension | Forbearance Plan and Term Extension | Payment Delay and Term Extension |  | Total | Percentage of Total by Loan Category(b) (c)
Construction | $ | — |  | $ | 1,590 |  |  | $ | 52 |  | $ | — |  | $ | — |  |  | $ | 1,642 |  | 0.45 | %
Commercial real estate | 184 |  | — |  |  | 2,160 |  | — |  | — |  |  | 2,344 |  | 0.11 | %
Commercial and industrial | — |  | — |  |  | 4,110 |  | 981 |  | — |  |  | 5,091 |  | 0.43 | %
Residential real estate | — |  | — |  |  | 91 |  | — |  | — |  |  | 91 |  | 0.01 | %
Home equity lines of credit | — |  | — |  |  | 209 |  | — |  | — |  |  | 209 |  | 0.10 | %
Total | $ | 184 |  | $ | 1,590 |  |  | $ | 6,622 |  | $ | 981 |  | $ | — |  |  | $ | 9,377 |  | 0.15 | %
(a) The table presented excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end. (b) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable. (c) Each percentage displayed as --% is considered not meaningful.
The following table summarizes the financial impacts of loan modifications and payment deferrals made to loans during the twelve months ended as of December 31, 2024 and December 31, 2023, presented by loan classification.
During the Twelve Months Ended December 31, 2024
(Dollars in thousands) |  | Weighted-Average Term Extension (in months) | Average Amount Capitalized as a Result of a Payment Delay(a)
Commercial real estate |  | 6 | — |
Commercial and industrial |  | 7 | — |
Leasing |  | 26 | — |
Residential real estate |  | 1 | — |
Home equity lines of credit |  | 89 | — |
Consumer, indirect |  | 13 | — |
During the Twelve Months Ended December 31, 2023
(Dollars in thousands) |  | Weighted-Average Term Extension (in months) | Average Amount Capitalized as a Result of a Payment Delay(a)
Construction |  | 5 | $ | — |
Commercial real estate |  | 7 | — |
Commercial and industrial |  | 5 | — |
Residential real estate |  | 213 | 8,076 |
Home equity lines of credit |  | 187 | — |
Consumer, indirect |  | 2 | — |
(a) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars.
The following table displays an aging analysis of loans that were modified during the 12 months prior to the period displayed, presented by classification and class of financing receivable.
As of December 31, 2024(a)
(Dollars in thousands) | 30-59 Days Delinquent | 60-89 Days Delinquent | 90+ Days Delinquent | Total Delinquent | Current | Total
Commercial real estate | — |  | — |  | — |  | — |  | 1,021 |  | 1,021 |
Commercial and industrial | 125 |  | 18 |  | — |  | 143 |  | 7,946 |  | 8,089 |
Leasing | 143 |  | 652 |  | 26 |  | 821 |  | 1,267 |  | 2,088 |
Residential real estate | 39 |  | — |  | 33 |  | 72 |  | 16 |  | 88 |
Home equity lines of credit | — |  | — |  | — |  | — |  | 162 |  | 162 |
Consumer, indirect | — |  | — |  | 13 |  | 13 |  | — |  | 13 |
Total loans modified(b) | $ | 307 |  | $ | 670 |  | $ | 72 |  | $ | 1,049 |  | $ | 10,412 |  | $ | 11,461 |
As of December 31, 2023(a)
(Dollars in thousands) | 30-59 Days Delinquent | 60-89 Days Delinquent | 90+ Days Delinquent | Total Delinquent | Current | Total
Construction | $ | — |  | $ | 52 |  | $ | — |  | $ | 52 |  | $ | 1,590 |  | $ | 1,642 |
Commercial real estate | — |  | — |  | — |  | — |  | 2,344 |  | 2,344 |
Commercial and industrial | — |  | 750 |  | 148 |  | 898 |  | 4,193 |  | 5,091 |
Residential real estate | — |  | — |  | — |  | — |  | 91 |  | 91 |
Home equity lines of credit | — |  | — |  | — |  | — |  | 209 |  | 209 |
Total loans modified(b) | $ | — |  | $ | 802 |  | $ | 148 |  | $ | 950 |  | $ | 8,427 |  | $ | 9,377 |
(a) Amounts in table excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end. (b) Represents the amortized cost basis as of period end.
Summary of Defaulted Financing Receivables Modified | The following table displays the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that defaulted in the periods presented. For purposes of this disclosure, Peoples defines loans that had a payment default as loans that were 90 days or more past due following a modification through December 31, 2024 and December 31, 2023, respectively.
For the Twelve Months Ended December 31, 2024
(Dollars in thousands) | Term Extension | Payment Deferral | Payment Delay and Term Extension |  | Total
Leasing | — |  | — |  | 26 |  |  | 26 |
Residential real estate | 72 |  | — |  | — |  |  | 72 |
Consumer, indirect | — |  | 13 |  | — |  |  | 13 |
Total loans that subsequently defaulted(a) | $ | 72 |  | $ | 13 |  | $ | 26 |  |  | $ | 111 |
During the Twelve Months Ended December 31, 2023
(Dollars in thousands) | Term Extension | Payment Deferral | Payment Delay and Term Extension |  | Total
Commercial and industrial | $ | 148 |  | $ | — |  | $ | — |  |  | $ | 148 |
Consumer, indirect | 11 | — |  | — |  |  | 11 |
Total loans that subsequently defaulted(a) | $ | 159 |  | $ | — |  | $ | — |  |  | $ | 159 |
(a) Represents the sum of amortized cost and gross charge-off as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.
Summary of Activity in Allowance for Loan and Lease Losses | Changes in the allowance for credit losses for 2024 are summarized below:
(Dollars in thousands) | Beginning Balance, January 1, 2024 | Initial Allowance for Acquired PCD Assets (a) |  | Provision for (Recovery of) Credit Losses (b) | Charge-offs | Recoveries | Ending Balance, December 31, 2024
Construction | $ | 699 |  | $ | — |  |  | $ | 179 |  | $ | — |  | $ | — |  | $ | 878 |
Commercial real estate, other | 20,915 |  | — |  |  | (4,355) |  | (431) |  | 127 |  | 16,256 |
Commercial and industrial | 10,490 |  | — |  |  | 3,403 |  | (668) |  | 58 |  | 13,283 |
Premium finance | 484 |  | — |  |  | 359 |  | (209) |  | 28 |  | 662 |
Leases | 10,850 |  | — |  |  | 16,621 |  | (15,106) |  | 528 |  | 12,893 |
Residential real estate | 5,937 |  | — |  |  | 588 |  | (288) |  | 254 |  | 6,491 |
Home equity lines of credit | 1,588 |  | — |  |  | 208 |  | (11) |  | 7 |  | 1,792 |
Consumer, indirect | 8,590 |  | — |  |  | 5,613 |  | (6,179) |  | 552 |  | 8,576 |
Consumer, direct | 2,343 |  | — |  |  | 681 |  | (678) |  | 50 |  | 2,396 |
Deposit account overdrafts | 115 |  | — |  |  | 1,263 |  | (1,542) |  | 285 |  | 121 |
Total | $ | 62,011 |  | $ | — |  |  | $ | 24,560 |  | $ | (25,112) |  | $ | 1,889 |  | $ | 63,348 |
(a) Includes purchase price adjustments related to acquisitions previously completed but were within the 12-month measurement period. (b) Amount does not include the provision for unfunded commitment liability. Changes in the allowance for credit losses for 2023 are summarized below:
(Dollars in thousands) | Beginning Balance, January 1, 2023 | Initial Allowance for Acquired PCD Assets (a) | Provision for (Recovery of) Credit Losses (b) | Charge-offs | Recoveries | Ending Balance, December 31, 2023 |
Construction | $ | 1,250 |  | $ | — |  | $ | (542) |  | $ | (9) |  | $ | — |  | 699 |  |
Commercial real estate, other | 17,710 |  | 1,340 |  | 1,514 |  | (614) |  | 965 |  | 20,915 |  |
Commercial and industrial | 8,229 |  | 379 |  | 2,181 |  | (851) |  | 552 |  | 10,490 |  |
Premium finance | 344 |  | — |  | 238 |  | (122) |  | 24 |  | 484 |  |
Leases | 8,495 |  | — |  | 5,990 |  | (3,997) |  | 362 |  | 10,850 |  |
Residential real estate | 6,357 |  | 228 |  | (670) |  | (170) |  | 192 |  | 5,937 |  |
Home equity lines of credit | 1,693 |  | 18 |  | (14) |  | (110) |  | 1 |  | 1,588 |  |
Consumer, indirect | 7,448 |  | — |  | 4,685 |  | (4,030) |  | 487 |  | 8,590 |  |
Consumer, direct | 1,575 |  | 86 |  | 1,025 |  | (416) |  | 73 |  | 2,343 |  |
Deposit account overdrafts | 61 |  | — |  | 938 |  | (1,161) |  | 277 |  | 115 |  |
Total | $ | 53,162 |  | $ | 2,051 |  | $ | 15,345 |  | $ | (11,480) |  | $ | 2,933 |  | $ | 62,011 |  |
(a) Includes purchase price adjustments related to acquisitions previously completed but were within the 12-month measurement period. (b) Amount does not include the provision for unfunded commitment liability.

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