
(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


	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 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		%


(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

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.


	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		%

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.

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.


	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 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.