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Investment Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Available-for-sale The following table summarizes Peoples’ available-for-sale investment securities at December 31:
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
2024 |  |  |  |
Obligations of: |  |  |  |
U.S. Treasury and government agencies | $ | 15,317 |  | $ | 87 |  | $ | (208) |  | $ | 15,196 |
U.S. government sponsored agencies | 224,167 |  | 53 |  | (15,137) |  | 209,083 |
States and political subdivisions | 225,074 |  | 16 |  | (28,789) |  | 196,301 |
Residential mortgage-backed securities | 693,886 |  | 1,391 |  | (93,475) |  | 601,802 |
Commercial mortgage-backed securities | 64,438 |  | 36 |  | (9,409) |  | 55,065 |
Bank-issued trust preferred securities | 6,500 |  | — |  | (392) |  | 6,108 |
Total available-for-sale securities | $ | 1,229,382 |  | $ | 1,583 |  | $ | (147,410) |  | $ | 1,083,555 |
2023 |  |  |  |
Obligations of: |  |  |  |
U.S. Treasury and government agencies | $ | 30,999 |  | $ | 292 |  | $ | (995) |  | $ | 30,296 |
U.S. government sponsored agencies | 128,500 |  | 639 |  | (10,532) |  | 118,607 |
States and political subdivisions | 239,906 |  | 485 |  | (27,095) |  | 213,296 |
Residential mortgage-backed securities | 717,772 |  | 1,819 |  | (90,667) |  | 628,924 |
Commercial mortgage-backed securities | 60,611 |  | 5 |  | (9,382) |  | 51,234 |
Bank-issued trust preferred securities | 6,500 |  | — |  | (535) |  | 5,965 |
Total available-for-sale securities | $ | 1,184,288 |  | $ | 3,240 |  | $ | (139,206) |  | $ | 1,048,322 |
The unrealized losses related to residential mortgage-backed securities at December 31, 2024 and 2023 were attributable to changes in market interest rates and spreads since the securities were purchased. The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the years ended December 31 were as follows:
(Dollars in thousands) | 2024 | 2023 | 2022
Gross gains realized | $ | 1,140 |  | $ | 1,550 |  | $ | 314 |
Gross losses realized | 1,556 |  | 5,250 |  | 375 |
Net loss realized | $ | (416) |  | $ | (3,700) |  | $ | (61) |
The cost of investment securities sold, and any resulting gain or loss, were based on the specific identification method and recognized as of the trade date. The following table presents a summary of available-for-sale investment securities that had unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position:
| Less than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) | Fair Value | Unrealized Loss | No. of Securities |  | Fair Value | Unrealized Loss | No. of Securities |  | Fair Value | Unrealized Loss
2024 |  |  |  |  |  |  |  |  |  |
Obligations of: |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies | $ | 10,003 |  | $ | 174 |  | 11 |  |  | $ | 2,299 |  | $ | 34 |  | 10 |  |  | $ | 12,302 |  | $ | 208 |
U.S. government sponsored agencies | 130,518 |  | 5,816 |  | 27 |  |  | 70,982 |  | 9,321 |  | 13 |  |  | 201,500 |  | 15,137 |
States and political subdivisions | 28,400 |  | 1,188 |  | 55 |  |  | 160,210 |  | 27,601 |  | 138 |  |  | 188,610 |  | 28,789 |
Residential mortgage-backed securities | 85,043 |  | 2,300 |  | 69 |  |  | 482,609 |  | 91,175 |  | 256 |  |  | 567,652 |  | 93,475 |
Commercial mortgage-backed securities | 2,868 |  | 93 |  | 5 |  |  | 46,619 |  | 9,316 |  | 24 |  |  | 49,487 |  | 9,409 |
Bank-issued trust preferred securities | 493 |  | 7 |  | 1 |  |  | 5,614 |  | 385 |  | 3 |  |  | 6,107 |  | 392 |
Total | $ | 257,325 |  | $ | 9,578 |  | 168 |  |  | $ | 768,333 |  | $ | 137,832 |  | 444 |  |  | $ | 1,025,658 |  | $ | 147,410 |
2023 |  |  |  |  |  |  |  |  |  |
Obligations of: |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies | $ | 8,568 |  | $ | 83 |  | 22 |  |  | $ | 11,631 |  | $ | 912 |  | 5 |  |  | $ | 20,199 |  | $ | 995 |
U.S. government sponsored agencies | 14,439 |  | 35 |  | 4 |  |  | 74,211 |  | 10,497 |  | 15 |  |  | 88,650 |  | 10,532 |
States and political subdivisions | 18,268 |  | 136 |  | 32 |  |  | 167,346 |  | 26,959 |  | 138 |  |  | 185,614 |  | 27,095 |
Residential mortgage-backed securities | 58,671 |  | 1,150 |  | 66 |  |  | 529,895 |  | 89,517 |  | 238 |  |  | 588,566 |  | 90,667 |
Commercial mortgage-backed securities | 6,000 |  | 112 |  | 7 |  |  | 44,656 |  | 9,270 |  | 21 |  |  | 50,656 |  | 9,382 |
Bank-issued trust preferred securities | 1,984 |  | 16 |  | 1 |  |  | 3,981 |  | 519 |  | 3 |  |  | 5,965 |  | 535 |
Total | $ | 107,930 |  | $ | 1,532 |  | 132 |  |  | $ | 831,720 |  | $ | 137,674 |  | 420 |  |  | $ | 939,650 |  | $ | 139,206 |
Management evaluates available-for-sale investment securities for an allowance of credit losses on a quarterly basis. At December 31, 2024, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At December 31, 2024, Peoples did not have the intent to sell, nor was it more-likely-than-not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both December 31, 2024 and 2023 were largely attributable to changes in market interest rates and spreads since the securities were purchased. Accrued interest receivable is not included in the investment securities balances, and is presented in the “Other assets” line of the Consolidated Balance Sheets, with no recorded allowance for credit losses. The unrealized losses with respect to the three bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at December 31, 2024 were primarily attributable to the subordinated nature of the debt. The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at December 31, 2024. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a blended federal and state corporate income tax rate of 23.3%. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.
(Dollars in thousands) | Within 1 Year | 1 to 5 Years | 5 to 10 Years | Over 10 Years | Total
Amortized cost |  |  |  |  |
Obligations of: |  |  |  |  |
U.S. Treasury and government agencies | $ | 1,044 | $ | 1,755 | $ | 6,880 | $ | 5,638 | $ | 15,317
U.S. government sponsored agencies | — | 60,304 | 81,845 | 82,018 | 224,167
States and political subdivisions | 7,437 | 41,113 | 73,235 | 103,289 | 225,074
Residential mortgage-backed securities | 15 | 4,680 | 48,876 | 640,315 | 693,886
Commercial mortgage-backed securities | — | 11,106 | 30,031 | 23,301 | 64,438
Bank-issued trust preferred securities | 2,000 | 1,500 | 3,000 | — | 6,500
Total available-for-sale securities | $ | 10,496 | $ | 120,458 | $ | 243,867 | $ | 854,561 | $ | 1,229,382
Fair value |  |  |  |  |
Obligations of: |  |  |  |  |
U.S. Treasury and government agencies | $ | 1,040 | $ | 1,740 | $ | 6,904 | $ | 5,512 | $ | 15,196
U.S. government sponsored agencies | — | 55,725 | 77,448 | 75,910 | 209,083
States and political subdivisions | 7,392 | 38,477 | 61,518 | 88,914 | 196,301
Residential mortgage-backed securities | 15 | 4,567 | 44,939 | 552,281 | 601,802
Commercial mortgage-backed securities | — | 10,213 | 25,236 | 19,616 | 55,065
Bank-issued trust preferred securities | 1,998 | 1,470 | 2,640 | — | 6,108
Total available-for-sale securities | $ | 10,445 | $ | 112,192 | $ | 218,685 | $ | 742,233 | $ | 1,083,555
Total weighted-average yield | 3.64 | % | 2.10% | 2.82 | % | 2.76 | % | 2.71 | %
Held-to-Maturity The following table summarizes Peoples’ held-to-maturity investment securities at December 31:
(Dollars in thousands) | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
2024 |  |  |  |  |
Obligations of: |  |  |  |  |
U.S. government sponsored agencies | $ | 233,302 |  | $ | — |  | $ | 219 |  | $ | (10,227) |  | $ | 223,294 |
States and political subdivisions | 142,691 |  | (237) |  | 110 |  | (31,716) |  | 110,848 |
Residential mortgage-backed securities | 300,290 |  | — |  | 281 |  | (24,293) |  | 276,278 |
Commercial mortgage-backed securities | 98,754 |  | — |  | — |  | (16,675) |  | 82,079 |
Total held-to-maturity securities | $ | 775,037 |  | $ | (237) |  | $ | 610 |  | $ | (82,911) |  | $ | 692,499 |
2023 |  |  |  |  |
Obligations of: |  |  |  |  |
U.S. government sponsored agencies | $ | 188,475 |  | $ | — |  | $ | 489 |  | $ | (8,139) |  | $ | 180,825 |
States and political subdivisions | 144,496 |  | (238) |  | 134 |  | (30,104) |  | 114,288 |
Residential mortgage-backed securities | 248,559 |  | — |  | 1,643 |  | (18,582) |  | 231,620 |
Commercial mortgage-backed securities | 102,365 |  | — |  | — |  | (17,076) |  | 85,289 |
Total held-to-maturity securities | $ | 683,895 |  | $ | (238) |  | $ | 2,266 |  | $ | (73,901) |  | $ | 612,022 |
There were no sales of held-to-maturity securities during the years ended December 31, 2024 and December 31, 2023. Management evaluates held-to-maturity investment securities for an allowance for credit losses on a quarterly basis. The majority of Peoples’ held-to-maturity investment securities are residential mortgage-backed securities, for which an allowance for credit losses was not recorded. Peoples calculated the allowance for credit losses for states and political subdivisions using cumulative default rate averages for municipal securities. The following table presents a summary of held-to-maturity investment securities that had unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position:
| Less than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) | Fair Value | Unrealized Loss | No. of Securities |  | Fair Value | Unrealized Loss | No. of Securities |  | Fair Value | Unrealized Loss
2024 |  |  |  |  |  |  |  |  |  |
Obligations of: |  |  |  |  |  |  |  |  |  |
U.S. government sponsored agencies | $ | 150,390 |  | $ | 2,464 |  | 29 |  |  | $ | 38,901 |  | $ | 7,763 |  | 11 |  |  | $ | 189,291 |  | $ | 10,227 |
States and political subdivisions | 957 |  | 44 |  | 1 |  |  | 106,716 |  | 31,672 |  | 66 |  |  | 107,673 |  | 31,716 |
Residential mortgage-backed securities | 116,576 |  | 2,808 |  | 27 |  |  | 130,556 |  | 21,485 |  | 43 |  |  | 247,132 |  | 24,293 |
Commercial mortgage-backed securities | 9,603 |  | 1,381 |  | 5 |  |  | 70,476 |  | 15,294 |  | 29 |  |  | 80,079 |  | 16,675 |
Total | $ | 277,526 |  | $ | 6,697 |  | 62 |  |  | $ | 346,649 |  | $ | 76,214 |  | 149 |  |  | $ | 624,175 |  | $ | 82,911 |
2023 |  |  |  |  |  |  |  |  |  |
Obligations of: |  |  |  |  |  |  |  |  |  |
U.S. government sponsored agencies | $ | 64,487 |  | $ | 356 |  | 14 |  |  | $ | 86,071 |  | $ | 7,783 |  | 18 |  |  | $ | 150,558 |  | $ | 8,139 |
States and political subdivisions | — |  | — |  | — |  |  | 111,040 |  | 30,104 |  | 67 |  |  | 111,040 |  | 30,104 |
Residential mortgage-backed securities | 44,379 |  | 1,105 |  | 14 |  |  | 117,654 |  | 17,477 |  | 34 |  |  | 162,033 |  | 18,582 |
Commercial mortgage-backed securities | 13,919 |  | 1,845 |  | 6 |  |  | 71,370 |  | 15,231 |  | 31 |  |  | 85,289 |  | 17,076 |
Total | $ | 122,785 |  | $ | 3,306 |  | 34 |  |  | $ | 386,135 |  | $ | 70,595 |  | 150 |  |  | $ | 508,920 |  | $ | 73,901 |
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at December 31, 2024. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a blended federal and state corporate income tax rate of 23.3%. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.
(Dollars in thousands) | Within 1 Year | 1 to 5 Years | 5 to 10 Years | Over 10 Years | Total
Amortized cost |  |  |  |  |
Obligations of: |  |  |  |  |
U.S. government sponsored agencies | $ | 2,500 | $ | 6,442 | $ | 69,186 | $ | 155,174 | $ | 233,302
States and political subdivisions | 998 | 7,629 | 20,724 | 113,340 | 142,691
Residential mortgage-backed securities | — | 207 | 3,919 | 296,164 | 300,290
Commercial mortgage-backed securities | — | 12,907 | 34,149 | 51,698 | 98,754
Total held-to-maturity securities | $ | 3,498 | $ | 27,185 | $ | 127,978 | $ | 616,376 | $ | 775,037
Fair value |  |  |  |  |
Obligations of: |  |  |  |  |
U.S. government sponsored agencies | $ | 2,500 | $ | 6,143 | $ | 68,638 | $ | 146,013 | $ | 223,294
States and political subdivisions | 1,014 | 7,305 | 16,742 | 85,787 | 110,848
Residential mortgage-backed securities | — | 205 | 3,443 | 272,630 | 276,278
Commercial mortgage-backed securities | — | 11,880 | 29,086 | 41,113 | 82,079
Total held-to-maturity securities | $ | 3,514 | $ | 25,533 | $ | 117,909 | $ | 545,543 | $ | 692,499
Total weighted-average yield | 3.24 | % | 1.92 | % | 3.79 | % | 3.91 | % | 3.82 | %
Other Investment Securities Peoples’ “Other investment securities” on the Consolidated Balance Sheets consist largely of shares of FHLB and FRB stock, and other equity investment securities. The following table summarizes the carrying value of Peoples’ Other investment securities at December 31:
(Dollars in thousands) | 2024 | 2023
FHLB stock | $ | 24,606 |  | $ | 29,949 |
FRB stock | 27,114 |  | 26,896 |
Nonqualified deferred compensation | 4,898 |  | 3,162 |
Equity investment securities | 2,645 |  | 2,545 |
Other investment securities | 869 |  | 869 |
Total other investment securities | $ | 60,132 |  | $ | 63,421 |
Peoples redeemed $31.7 million and $21.2 million of FHLB stock in 2024 and 2023, respectively, in order to be in compliance with the requirements of the FHLB. Peoples purchased $26.4 million and $18.9 million of additional FHLB stock during 2024 and 2023, respectively, as a result of the FHLB’s capital requirements on FHLB advances during the year. During the year ended December 31, 2024 and December 31, 2023, Peoples purchased $0.2 million and $5.7 million, respectively, of FRB stock as a result of capital requirements. During 2024, Peoples recorded the change in the fair value of equity investment securities held at December 31, 2024 in “Other non-interest income,” resulting in an unrealized gain of $50,000. During 2023, Peoples recorded the change in the fair value of equity investment securities held at December 31, 2023 in “Other non-interest income,” resulting in unrealized loss of $141,000. At December 31, 2024, Peoples’ investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies. There were no equity investment securities of a single issuer that exceeded 10% of Peoples’ stockholders’ equity at December 31, 2024. Pledged Securities At December 31, 2024 and 2023, Peoples had pledged available-for-sale investment securities and held-to-maturity investment securities to secure public and trust department deposits, and Repurchase Agreements in accordance with federal and state requirements. Peoples also pledged available-for-sale investment securities and held-to-maturity investment securities to secure additional borrowing capacity at the FHLB and the FRB. 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 |
Accrued Interest Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Consolidated Balance Sheet, with no recorded allowance for credit loss. Interest receivable on investment securities was $9.9 million and $9.5 million at December 31, 2024 and 2023, respectively.

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