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Deposits

12 Months Ended

Dec. 31, 2024

Banking and Thrift, Other Disclosure [Abstract]

Deposits

Deposits

Peoples’ deposit balances were comprised of the following at December 31:

(Dollars in thousands)			2024			2023
Retail CDs:
$100 or more			$	1,092,261		$	815,300
Less than $100			829,154			628,117
Total retail CDs			1,921,415			1,443,417
Interest-bearing deposit accounts			1,085,152			1,144,357
Savings accounts			866,959			919,244
Money market deposit accounts			878,254			775,488
Governmental deposit accounts			775,782			726,713
Brokered deposit accounts			554,982			526,053
Total interest-bearing deposits			6,082,544			5,535,272
Non-interest-bearing deposits			1,507,661			1,567,649
Total deposits			$	7,590,205		$	7,102,921

Uninsured deposits were $2.0 billion at December 31, 2024 and 2023. Uninsured amounts are estimated based on the portion of the respective customer account balances that exceeded the FDIC insurance limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which covered over $656.9 million of the uninsured deposit balances at December 31, 2024.

Uninsured time deposits are broken out below by time remaining until maturity.

(Dollars in thousands)			2024			2023
3 months or less			$	180,405		$	58,708
Over 3 to 6 months			127,329			99,928
Over 6 to 12 months			91,197			131,263
Over 12 months			18,044			37,180
Total			$	416,975		$	327,079

The contractual maturities of CDs for each of the next five years and thereafter are as follows:

(Dollars in thousands)			Retail			Brokered			Total
2025			$	1,855,093		$	417,790		$	2,272,883
2026			29,858			16,368			46,226
2027			23,288			59,991			83,279
2028			6,354			15,000			21,354
2029			6,802			45,833			52,635
Thereafter			20			—			20
Total CDs			$	1,921,415		$	554,982		$	2,476,397

Deposits from related parties were $19.3 million and $14.2 million at December 31, 2024 and 2023, respectively.

At December 31, 2024, Peoples had eight effective interest rate swaps, with an aggregate notional value of $75.0 million, of which $75.0 million were funded by brokered deposits. Brokered deposits used to fund interest rate swaps are expected to be extended every 90 days through the maturity dates of the swaps. Additional information regarding Peoples’ interest rate swaps can be found in “Note 15 Derivative Financial Instruments.”

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- References

No definition available.

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- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 405
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478353/942-405-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph e
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Publisher SEC

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