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Loans and Leases, and Allowance for Credit Losses (Tables)
12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Summary of Loans by Classification
The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows at December 31:
(Dollars in thousands)20242023
Construction$328,388 $364,019 
Commercial real estate, other2,156,013 2,196,957 
Commercial and industrial1,347,645 1,184,986 
Premium finance269,435 203,177 
Leases406,598 414,060 
Residential real estate835,101 791,095 
Home equity lines of credit232,661 208,675 
Consumer, indirect669,857 666,472 
Consumer, direct111,052 128,769 
Deposit account overdrafts1,253 986 
Total loans, at amortized cost$6,358,003 $6,159,196 
Net deferred loan origination costs were $20.2 million and $21.7 million at December 31, 2024 and 2023, respectively. The remaining unamortized net discount included in the amortized cost of loans and leases was $19.5 million and $43.0 million at December 31, 2024 and 2023, respectively.
Summary of Nonaccrual and Past Due Loans
The amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows at December 31:
20242023
(Dollars in thousands)
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Commercial real estate, other$7,136 $227 $2,816 $78 
Commercial and industrial6,809 78 2,758 316 
Premium finance— 4,947 — 1,355 
Leases8,850 803 8,436 3,826 
Residential real estate7,329 2,166 7,921 877 
Home equity lines of credit1,498 213 1,022 171 
Consumer, indirect2,374 159 2,412 68 
Consumer, direct133 44 112 25 
Total loans, at amortized cost$34,129 $8,637 $25,477 $6,716 
(a)There were $5.7 million of nonaccrual loans for which there was no allowance for credit losses at December 31, 2024 and $1.2 million of such loans at December 31, 2023.
Summary of Aging of The Recorded Investment In Past Due Loans and Leases
The following tables present the aging of the recorded investment in past due loans at December 31:
Loans Past DueCurrentTotal
(Dollars in thousands)
30 59 days
60 89 days
90 + DaysTotal
2024
Construction$— $— $— $— $328,388 $328,388 
Commercial real estate, other1,300 1,585 6,008 8,893 2,147,120 2,156,013 
Commercial and industrial1,651 583 4,551 6,785 1,340,860 1,347,645 
Premium finance3,863 456 4,947 9,266 260,169 269,435 
Leases10,941 5,241 9,575 25,757 380,841 406,598 
Residential real estate11,481 3,038 5,271 19,790 815,311 835,101 
Home equity lines of credit1,473 317 1,093 2,883 229,778 232,661 
Consumer, indirect7,568 1,522 1,326 10,416 659,441 669,857 
Consumer, direct884 113 138 1,135 109,917 111,052 
Deposit account overdrafts— — — — 1,253 1,253 
Total loans, at amortized cost$39,161 $12,855 $32,909 $84,925 $6,273,078 $6,358,003 
2023
Construction$13 $52 $— $65 $363,954 $364,019 
Commercial real estate, other2,728 4,556 1,572 8,856 2,188,101 2,196,957 
Commercial and industrial1,717 1,491 3,052 6,260 1,178,726 1,184,986 
Premium finance1,288 867 1,355 3,510 199,667 203,177 
Leases12,743 4,932 12,014 29,689 384,371 414,060 
Residential real estate14,021 2,733 4,481 21,235 769,860 791,095 
Home equity lines of credit1,561 691 683 2,935 205,740 208,675 
Consumer, indirect7,488 1,550 1,230 10,268 656,204 666,472 
Consumer, direct536 282 43 861 127,908 128,769 
Deposit account overdrafts— — — — 986 986 
Total loans, at amortized cost$42,095 $17,154 $24,430 $83,679 $6,075,517 $6,159,196 
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 
Summary of Related Party Loans Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status, and the addition and exit of directors during the year, as applicable.
(Dollars in thousands) 
Balance, December 31, 2023$20,166 
New loans and disbursements3,527 
Repayments(21,159)
Balance, December 31, 2024$2,534 
Summary of Loans by Risk Category
The following tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2024:
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20242023202220212020PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
Construction

  Pass$69,862 $162,605 $47,133 $30,592 1,845 $13,540 $— $— $325,577 
  Special mention— — — — — 115 — — 115 
  Substandard— 1,161 1,535 — — — — — 2,696 
     Total69,862 163,766 48,668 30,592 1,845 13,655 — — 328,388 
Current period gross charge-offs— — — — — — — 
Commercial real estate, other

  Pass130,971 219,105 366,256 337,905 201,367 751,415 41,122 — 2,048,141 
  Special mention271 2,923 11,876 7,197 5,107 10,689 288 — 38,351 
  Substandard145 1,073 2,460 18,851 9,234 37,136 612 — 69,511 
  Doubtful— — — — — 10 — — 10 
     Total131,387 223,101 380,592 363,953 215,708 799,250 42,022 — 2,156,013 
Current period gross charge-offs— — 376 — — 55 431 
Commercial and industrial
  Pass311,631 202,929 134,558 148,288 66,102 152,143 229,821 4,779 1,245,472 
  Special mention779 9,019 10,886 4,449 12,049 13,537 19,465 — 70,184 
  Substandard200 99 4,791 11,429 3,850 4,430 5,045 49 29,844 
  Doubtful— — 1,987 — — 158 — — 2,145 
     Total312,610 212,047 152,222 164,166 82,001 170,268 254,331 4,828 1,347,645 
Current period gross charge-offs— 14 — 17 105 532 668 
Premium finance
  Pass265,504 3,837 94 — — — — — 269,435 
Total265,504 3,837 94 — — — — — 269,435 
Current period gross charge-offs67 109 33 — — — 209 
Leases
Pass175,449 125,664 61,064 24,181 4,661 2,153 — — 393,172 
Special mention791 1,529 1,140 365 — — — 3,830 
Substandard351 2,108 1,777 193 — — — 4,437 
Doubtful170 2,127 1,859 624 110 269 — — 5,159 
Total176,761 131,428 65,840 25,363 4,784 2,422 — — 406,598 
Current period gross charge-offs1,315 5,623 5,421 2,308 301 138 15,106 
Residential real estate
  Pass77,130 66,712 85,045 128,359 52,090 414,574 — — 823,910 
  Substandard321 1,088 161 980 306 8,087 — — 10,943 
   Loss— — — — 244 — — 248 
     Total77,451 67,804 85,206 129,339 52,396 422,905 — — 835,101 
Current period gross charge-offs— — 46 — 237 288 
Home equity lines of credit
  Pass54,724 37,417 37,752 27,430 16,583 57,303 24 731 231,233 
  Substandard— 138 163 16 34 1,069 — — 1,420 
   Loss— — — — — — — 
     Total54,724 37,555 37,915 27,446 16,617 58,380 24 731 232,661 
Current period gross charge-offs— — — — — 11 11 
Consumer, indirect
  Pass239,584 176,115 148,210 56,846 30,231 16,129 — — 667,115 
  Substandard269 557 681 618 312 251 — — 2,688 
   Loss14 — 16 14 — 10 — — 54 
     Total239,867 176,672 148,907 57,478 30,543 16,390 — — 669,857 
Current period gross charge-offs497 2,207 1,880 691 141 763 6,179 
Consumer, direct
  Pass45,978 25,605 21,544 9,614 4,180 3,884 — — 110,805 
  Substandard18 65 46 29 73 — — 235 
   Loss— — — — — — 12 
     Total45,996 25,674 21,590 9,643 4,184 3,965 — — 111,052 
Current period gross charge-offs154 212 51 12 247 678 
Deposit account overdrafts1,253 — — — — — — — 1,253 
Current period gross charge-offs1,542 — — — — — 1,542 
Total loans, at amortized cost$1,375,415 $1,041,884 $941,034 $807,980 $408,078 $1,487,235 $296,377 $5,559 $6,358,003 
Total current period gross charge-offs$3,423 $8,107 $7,968 $3,072 $559 $1,983 $25,112 
The following tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2023:

Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20232022202120202019PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
Construction

Pass$80,273 $141,245 $85,913 $27,169 9,995 $12,723 $— $— $357,318 
Special mention— 3,757 — — — 123 — — 3,880 
Substandard1,200 1,590 — — — 31 — — 2,821 
Total81,473 146,592 85,913 27,169 9,995 12,877 — — 364,019 
Current period gross charge-offs— — — — — 
Commercial real estate, other

Pass199,565 327,762 366,752 227,604 262,099 650,265 37,177 189 2,071,224 
Special mention999 12,975 4,850 10,324 7,074 22,186 408 41 58,816 
Substandard287 2,421 5,878 8,679 1,972 47,213 457 — 66,907 
Doubtful— — — — — 10 — — 10 
Total200,851 343,158 377,480 246,607 271,145 719,674 38,042 230 2,196,957 
Current period gross charge-offs— — — 39 — 575 614 
Commercial and industrial
Pass225,894 180,068 212,938 86,934 55,434 132,675 213,714 38 1,107,657 
Special mention540 12,051 533 9,723 4,722 6,336 16,236 8,614 50,141 
Substandard78 6,441 5,104 5,617 1,602 6,278 1,889 779 27,009 
Doubtful— — — — — 179 — — 179 
Total226,512 198,560 218,575 102,274 61,758 145,468 231,839 9,431 1,184,986 
Current period gross charge-offs— 36 202 25 173 415 851 
Premium finance
Pass201,659 1,517 — — — — — 203,177 
Total201,659 1,517 — — — — — 203,177 
Current period gross charge-offs25 97 — — — — 122 
Leases
Pass216,559 114,327 51,307 14,061 4,883 1,501 — — 402,638 
Special mention363 1,529 476 81 — — 2,455 
Substandard1,937 3,006 2,944 448 321 311 — — 8,967 
Total218,859 118,862 54,727 14,590 5,205 1,817 — — 414,060 
Current period gross charge-offs963 1,328 1,173 233 165 135 3,997 
Residential real estate
Pass75,957 91,506 140,157 58,144 45,507 369,552 — — 780,823 
Substandard43 243 585 182 529 8,604 — — 10,186 
Loss— — — — — 86 — — 86 
Total76,000 91,749 140,742 58,326 46,036 378,242 — — 791,095 
Current period gross charge-offs— — — — — 170 170 
Home equity lines of credit
Pass39,706 42,565 33,406 19,838 14,297 57,482 27 1,346 207,321 
Substandard19 — 61 34 123 1,109 — — 1,346 
Loss— — — — — — — 
Total39,725 42,565 33,467 19,872 14,420 58,599 27 1,346 208,675 
Current period gross charge-offs— — — — — 110 110 
Consumer, indirect
Pass247,829 225,225 96,698 59,044 18,644 15,977 — — 663,417 
Substandard333 934 789 558 190 206 — — 3,010 
Loss34 — — — — 45 
Total248,169 226,193 97,489 59,602 18,836 16,183 — — 666,472 
Current period gross charge-offs609 2,091 865 255 63 147 4,030 
Consumer, direct
Pass58,445 37,050 17,434 8,282 3,185 4,081 — — 128,477 
Substandard55 79 47 28 30 27 — — 266 
Loss— — — — — 26 — — 26 
Total58,500 37,129 17,481 8,310 3,215 4,134 — — 128,769 
Current period gross charge-offs36 154 77 100 14 35 416 
Deposit account overdrafts986 — — — — — — — 986 
Current period gross charge-offs1,161 1,161 
Total loans, at amortized cost$1,352,734 $1,206,325 $1,025,875 $536,750 $430,610 $1,336,994 $269,908 $11,007 $6,159,196 
Total current period gross charge-offs$2,794 $3,706 $2,326 $652 $415 $1,587 $11,480 
Summary of Amortized Cost of Collateral Dependent Loans
The following table details Peoples’ amortized cost of collateral dependent loans as of December 31:

(Dollars in thousands)20242023
Commercial real estate, other$2,764 $— 
Commercial and industrial959 — 
Residential real estate— 501 
Leases652 — 
Total collateral dependent loans$4,375 $501 
Summary of Financing Receivables Modified
The following table displays the amortized cost of loans that were restructured during the twelve months ended as of December 31, 2024 and December 31, 2023, presented by loan classification.
During the Twelve Months Ended December 31, 2024(a)
Payment Delay (Only)
(Dollars in thousands)Forbearance PlanPayment DeferralTerm ExtensionForbearance Plan and Term ExtensionPayment Delay and Term ExtensionTotal
Percentage of Total by Loan Category(b) (c)
Commercial real estate— — 1,021 — — 1,021 0.05 %
Commercial and industrial— — 8,089 — — 8,089 0.60 %
Leasing— 189 652 — 1,247 2,088 0.51 %
Residential real estate— — 88 — — 88 0.01 %
Home equity lines of credit— — 162 — — 162 0.07 %
Consumer, indirect— 13 — — — 13 — %
Total$ $202 $10,012 $ $1,247 $11,461 0.18 %
During the Twelve Months Ended December 31, 2023(a)
Payment Delay (Only)
(Dollars in thousands)Forbearance PlanPayment DeferralTerm ExtensionForbearance Plan and Term ExtensionPayment Delay and Term ExtensionTotal
Percentage of Total by Loan Category(b) (c)
Construction$— $1,590 $52 $— $— $1,642 0.45 %
Commercial real estate184 — 2,160 — — 2,344 0.11 %
Commercial and industrial— — 4,110 981 — 5,091 0.43 %
Residential real estate— — 91 — — 91 0.01 %
Home equity lines of credit— — 209 — — 209 0.10 %
Total$184 $1,590 $6,622 $981 $ $9,377 0.15 %
(a) The table presented excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(b) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.
(c) Each percentage displayed as --% is considered not meaningful.

The following table summarizes the financial impacts of loan modifications and payment deferrals made to loans during the twelve months ended as of December 31, 2024 and December 31, 2023, presented by loan classification.
During the Twelve Months Ended December 31, 2024
(Dollars in thousands)Weighted-Average Term Extension
(in months)
Average Amount Capitalized as a Result of a Payment Delay(a)
Commercial real estate6— 
Commercial and industrial7— 
Leasing26— 
Residential real estate1— 
Home equity lines of credit89— 
Consumer, indirect13— 
During the Twelve Months Ended December 31, 2023
(Dollars in thousands)Weighted-Average Term Extension
(in months)
Average Amount Capitalized as a Result of a Payment Delay(a)
Construction5$— 
Commercial real estate7— 
Commercial and industrial5— 
Residential real estate2138,076 
Home equity lines of credit187— 
Consumer, indirect2— 
(a) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars.
The following table displays an aging analysis of loans that were modified during the 12 months prior to the period displayed, presented by classification and class of financing receivable.
As of December 31, 2024(a)
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Commercial real estate— — — — 1,021 1,021 
Commercial and industrial125 18 — 143 7,946 8,089 
Leasing143 652 26 821 1,267 2,088 
Residential real estate39 — 33 72 16 88 
Home equity lines of credit— — — — 162 162 
Consumer, indirect— — 13 13 — 13 
Total loans modified(b)
$307 $670 $72 $1,049 $10,412 $11,461 
As of December 31, 2023(a)
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Construction$— $52 $— $52 $1,590 $1,642 
Commercial real estate— — — — 2,344 2,344 
Commercial and industrial— 750 148 898 4,193 5,091 
Residential real estate— — — — 91 91 
Home equity lines of credit— — — — 209 209 
Total loans modified(b)
$ $802 $148 $950 $8,427 $9,377 
(a) Amounts in table excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(b) Represents the amortized cost basis as of period end.
Summary of Defaulted Financing Receivables Modified
The following table displays the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that defaulted in the periods presented. For purposes of this disclosure, Peoples defines loans that had a payment default as loans that were 90 days or more past due following a modification through December 31, 2024 and December 31, 2023, respectively.

For the Twelve Months Ended December 31, 2024
(Dollars in thousands)Term ExtensionPayment DeferralPayment Delay and Term ExtensionTotal
Leasing— — 26 26 
Residential real estate72 — — 72 
Consumer, indirect— 13 — 13 
Total loans that subsequently defaulted(a)
$72 $13 $26 $111 
During the Twelve Months Ended December 31, 2023
(Dollars in thousands)Term ExtensionPayment DeferralPayment Delay and Term ExtensionTotal
Commercial and industrial$148 $— $— $148 
Consumer, indirect11— — 11 
Total loans that subsequently defaulted(a)
$159 $ $ $159 
(a) Represents the sum of amortized cost and gross charge-off as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.
Summary of Activity in Allowance for Loan and Lease Losses
Changes in the allowance for credit losses for 2024 are summarized below:
(Dollars in thousands)Beginning Balance,
January 1, 2024
Initial Allowance for Acquired PCD Assets (a)Provision for (Recovery of) Credit Losses (b)Charge-offsRecoveries
Ending Balance, December 31, 2024
Construction$699 $— $179 $— $— $878 
Commercial real estate, other20,915 — (4,355)(431)127 16,256 
Commercial and industrial10,490 — 3,403 (668)58 13,283 
Premium finance484 — 359 (209)28 662 
Leases10,850 — 16,621 (15,106)528 12,893 
Residential real estate5,937 — 588 (288)254 6,491 
Home equity lines of credit1,588 — 208 (11)1,792 
Consumer, indirect8,590 — 5,613 (6,179)552 8,576 
Consumer, direct2,343 — 681 (678)50 2,396 
Deposit account overdrafts115 — 1,263 (1,542)285 121 
Total$62,011 $ $24,560 $(25,112)$1,889 $63,348 
(a) Includes purchase price adjustments related to acquisitions previously completed but were within the 12-month measurement period.
(b) Amount does not include the provision for unfunded commitment liability.


Changes in the allowance for credit losses for 2023 are summarized below:
(Dollars in thousands)Beginning Balance,
January 1, 2023
Initial Allowance for Acquired PCD Assets (a) Provision for (Recovery of) Credit Losses (b)Charge-offsRecoveries
Ending Balance, December 31, 2023
Construction$1,250 $— $(542)$(9)$— 699 
Commercial real estate, other17,710 1,340 1,514 (614)965 20,915 
Commercial and industrial8,229 379 2,181 (851)552 10,490 
Premium finance344 — 238 (122)24 484 
Leases8,495 — 5,990 (3,997)362 10,850 
Residential real estate6,357 228 (670)(170)192 5,937 
Home equity lines of credit1,693 18 (14)(110)1,588 
Consumer, indirect7,448 — 4,685 (4,030)487 8,590 
Consumer, direct1,575 86 1,025 (416)73 2,343 
Deposit account overdrafts61 — 938 (1,161)277 115 
Total$53,162 $2,051 $15,345 $(11,480)$2,933 $62,011 
(a) Includes purchase price adjustments related to acquisitions previously completed but were within the 12-month measurement period.
(b) Amount does not include the provision for unfunded commitment liability.