Long-Term Borrowings

12 Months Ended

Dec. 31, 2024

Long-term borrowings consisted of the following at December 31:


	2024				2023
(Dollars in thousands)	Balance		Weighted- Average Interest Rate		Balance		Weighted-Average Interest Rate
FHLB putable, non-amortizing, fixed rate advances	$	130,000	4.04	%	$	110,000	3.98	%
FHLB amortizing, fixed rate advances	1,868		1.85	%	2,865		1.81	%

Vantage non-recourse borrowings	51,330		6.96	%	49,572		6.26	%
Other long-term borrowings	54,875		7.76	%	53,804		9.67	%

Long-term borrowings (a)	$	238,073			$	216,241

(a) The weighted-average interest rate on total long-term borrowings at December 31, 2024 and at December 31, 2023 was 5.51% and 5.89%, respectively.

Peoples continually evaluates its overall balance sheet position given the interest rate environment. During 2024, Peoples borrowed one additional non-callable FHLB advance for $20.0 million, with a fixed interest rate of 4.36%. During 2023, Peoples entered into four additional FHLB long-term borrowing agreements, three non-callable advances for $60.0 million, $10.0 million, and $10.0 million with fixed interest rates of 4.40%, 4.30%, and 4.11%, respectively, and one callable $10.0 million advance with a fixed interest rate of 4.59%. At December 31, 2024, outstanding long-term FHLB non-amortizing advances, which have interest rates ranging from 2.17% to 4.59%, mature between 2026 and 2028. Outstanding long-term FHLB amortizing, fixed rate advances, which have interest rates ranging from 1.25% to 3.83%, mature between 2026 and 2031.

The FHLB putable, non-amortizing, fixed rate advances have remaining maturities ranging from two to four years that may be repaid prior to maturity, subject to the payment of termination fees. The FHLB has the option, at its sole discretion, to terminate each advance after the initial fixed rate period of three months, requiring full repayment of the advance by Peoples, prior to the stated maturity. If an advance is terminated prior to maturity, the FHLB will offer Peoples replacement funding at the then-prevailing rate on an advance product then offered by the FHLB, subject to normal FHLB credit and collateral requirements. These advances require monthly interest payments, with no repayment of principal until the earlier of either an option to terminate being exercised by the FHLB or the stated maturity.

The FHLB amortizing, fixed rate advances have a fixed rate for the term of each advance, with remaining maturities ranging from three to seven years. These advances require monthly principal and interest payments, with some having a constant prepayment rate requiring an additional principal payment annually. These advances are not eligible for optional prepayment prior to maturity. Long-term FHLB advances are collateralized by assets owned by Peoples.

Non-recourse borrowings are used by Vantage to fund leases. The Vantage non-recourse borrowings have fixed interest rates ranging from 2.82% to 11.25% with various maturities, the latest being in 2030. Payments received from customers on non-recourse leases are used to fund repayment of these borrowings. In the event of default, the non-recourse borrowing is forgiven.

Other long-term borrowings include trust preferred securities held for investments and floating rate subordinated deferrable interest debentures assumed from three prior acquisitions. On March 6, 2015, Peoples completed its acquisition of NB&T Financial Group, Inc., which included a trust preferred security due in 2037 with a $9.0 million par value and a $6.6 million fair value at acquisition. As of December 31, 2024, this trust preferred security had a carrying value of $8.2 million with an interest rate of 6.21%, inclusive of the impact of fair value adjustments. On September 17, 2021, Peoples completed the Premier Merger, which included a trust preferred security due in 2034 with a $6.2 million par value and a $6.1 million fair value at acquisition. As of December 31, 2024, this trust preferred security had a carrying value of $5.9 million and an interest rate of 7.84%, inclusive of the impact of fair value adjustments. On April 30, 2023, Peoples completed the Limestone Merger, which included four trust preferred securities and subordinated debentures. The details of the securities at the time of the Limestone Merger, their current carry values, and current interest rates are included in the table below, inclusive of the impact of fair value adjustments. These trust preferred securities and subordinated debentures are considered tier 1 and tier 2 capital, respectively, (with certain limitations applicable) under current regulatory guidelines.


(Dollars in thousands)		April 30, 2023		December 31, 2024
Description	Maturity Year	Par Value	Fair Value	Carrying Value	Interest Rate
Ascencia Statutory Trust I	2034	3,000	2,430	2,539	7.46	%
Porter Statutory Trust II	2034	5,000	4,050	4,231	7.46	%
Porter Statutory Trust III	2034	3,000	2,410	2,523	7.40	%
Porter Statutory Trust IV	2037	10,000	6,886	7,480	6.43	%
Floating rate subordinated deferrable interest debentures	2029	25,000	23,677	24,030	8.80	%
Total		46,000	39,453	40,803

At December 31, 2024, the aggregate principal amounts due upon maturity of long-term borrowings in future periods were as follows:


(Dollars in thousands)	Balance
2025	$	6,169
2026	60,516
2027	8,997
2028	88,747
2029	41,095
Thereafter	38,674
Total long-term borrowings	$	244,198