XML 60 R37.htm IDEA: XBRL DOCUMENT v3.25.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-sale Investment Securities
The following table summarizes Peoples’ available-for-sale investment securities at December 31:
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
2024    
Obligations of:    
U.S. Treasury and government agencies$15,317 $87 $(208)$15,196 
U.S. government sponsored agencies224,167 53 (15,137)209,083 
States and political subdivisions225,074 16 (28,789)196,301 
Residential mortgage-backed securities693,886 1,391 (93,475)601,802 
Commercial mortgage-backed securities64,438 36 (9,409)55,065 
Bank-issued trust preferred securities6,500 — (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 agencies128,500 639 (10,532)118,607 
States and political subdivisions239,906 485 (27,095)213,296 
Residential mortgage-backed securities717,772 1,819 (90,667)628,924 
Commercial mortgage-backed securities60,611 5 (9,382)51,234 
Bank-issued trust preferred securities6,500 — (535)5,965 
Total available-for-sale securities$1,184,288 $3,240 $(139,206)$1,048,322 
Summary of Gross Gains and Losses from Sales of Available-for-sale Securities
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)202420232022
Gross gains realized$1,140 $1,550 $314 
Gross losses realized1,556 5,250 375 
Net loss realized$(416)$(3,700)$(61)
Summary of Available-for-sale Securities with Unrealized Loss
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 Months12 Months or MoreTotal
(Dollars in thousands)
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized LossNo. 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 subdivisions28,400 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 subdivisions18,268 136 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 
Summary of Investment Securities by Contractual Maturity
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 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
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—60,30481,84582,018224,167
States and political subdivisions7,43741,11373,235103,289225,074
Residential mortgage-backed securities154,68048,876640,315693,886
Commercial mortgage-backed securities—11,10630,03123,30164,438
Bank-issued trust preferred securities2,0001,5003,000—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—55,72577,44875,910209,083
States and political subdivisions7,39238,47761,51888,914196,301
Residential mortgage-backed securities154,56744,939552,281601,802
Commercial mortgage-backed securities—10,21325,23619,61655,065
Bank-issued trust preferred securities1,9981,4702,640—6,108
Total available-for-sale securities$10,445$112,192$218,685$742,233$1,083,555
Total weighted-average yield3.64 %2.10%2.82 %2.76 %2.71 %
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 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. government sponsored agencies$2,500$6,442$69,186$155,174$233,302
States and political subdivisions9987,62920,724113,340142,691
Residential mortgage-backed securities—2073,919296,164300,290
Commercial mortgage-backed securities—12,90734,14951,69898,754
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 subdivisions1,0147,30516,74285,787110,848
Residential mortgage-backed securities—2053,443272,630276,278
Commercial mortgage-backed securities—11,88029,08641,11382,079
Total held-to-maturity securities$3,514$25,533$117,909$545,543$692,499
Total weighted-average yield3.24 %1.92 %3.79 %3.91 %3.82 %
Summary of Held-to-maturity Investment Securities
The following table summarizes Peoples’ held-to-maturity investment securities at December 31:
(Dollars in thousands)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
2024    
Obligations of:    
U.S. government sponsored agencies$233,302 $— $219 $(10,227)$223,294 
States and political subdivisions142,691 (237)110 (31,716)110,848 
Residential mortgage-backed securities300,290 — 281 (24,293)276,278 
Commercial mortgage-backed securities98,754 — — (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 subdivisions144,496 (238)134 (30,104)114,288 
Residential mortgage-backed securities248,559 — 1,643 (18,582)231,620 
Commercial mortgage-backed securities102,365 — — (17,076)85,289 
Total held-to-maturity securities$683,895 $(238)$2,266 $(73,901)$612,022 
Summary of Held-to-maturity Securities with Unrealized Loss
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 Months12 Months or MoreTotal
(Dollars in thousands)
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized LossNo. 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 
Summary of Other Investment Securities
The following table summarizes the carrying value of Peoples’ Other investment securities at December 31:
(Dollars in thousands)20242023
FHLB stock$24,606 $29,949 
FRB stock27,114 26,896 
Nonqualified deferred compensation4,898 3,162 
Equity investment securities2,645 2,545 
Other investment securities869 869 
Total other investment securities$60,132 $63,421 
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)20242023
Securing public and trust department deposits, and Repurchase Agreements:
Available-for-sale$505,963 $713,033 
Held-to-maturity563,014 559,142 
Securing additional borrowing capacity at the FHLB and the FRB:
Available-for-sale3,119 85,899 
Held-to-maturity1,215 39,607 
Loans pledged at December 31 are summarized in the following table:
(Dollars in thousands)20242023
Loans pledged to FHLB$1,218,496 $1,206,134 
Loans pledged to FRB527,989 419,245