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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Sales Type Lease Income
The table below details Peoples’ lease income for the years ended December 31, 2024 and 2023:
(Dollars in thousands)20242023
Interest and fees on leases (a)$47,498 $42,931 
Lease income10,408 7,844 
Total lease income$57,906 $50,775 
(a)Included in “Interest and fees on loans” on the Consolidated Statements of Income. For additional information, see “Note 4 Loans and Leases, and Allowance for Credit Losses.”
Summary of Sales Type Leases
The following table summarizes the net investments in sales-type leases, which are included in “Loans and leases, net of deferred costs” on the Consolidated Balance Sheets at December 31:
(Dollars in thousands)20242023
Lease payments receivable, at amortized cost$448,027 $461,760 
Estimated residual values33,129 33,448 
Initial direct costs7,148 7,114 
Deferred revenue(81,706)(88,262)
Total leases, at amortized cost406,598 414,060 
Allowance for credit losses - leases(12,893)(10,850)
Net investment in sales-type leases$393,705 $403,210 
Summary of Sales Type Lease Maturity
The following table summarizes the contractual maturities of leases:
(Dollars in thousands)Balance
2025$130,776 
202693,937 
202794,573 
202867,639 
202947,755 
Thereafter13,347 
Lease payments receivable, at amortized cost$448,027 
Summary of Lease Cost
The table below details Peoples’ lease expense, which is included in “Net occupancy and equipment expense” in the Consolidated Statements of Income for the years ended December 31:
(Dollars in thousands)20242023
Operating lease expense$2,945 $3,030 
Short-term lease expense1,173 268 
Variable lease expense89 — 
Total lease expense$4,207 $3,298 
The following table details the ROU asset, the lease liability and other information related to Peoples’ operating leases on the Consolidated Balance Sheet at December 31:
(Dollars in thousands)20242023
ROU asset:
Other assets$10,419 $11,689 
Lease liability:
Accrued expenses and other liabilities$10,968 $12,080 
Other information:
Weighted-average remaining lease term9.0 years9.5 years
Weighted-average discount rate4.11 %3.34 %
Cash paid during the year for operating leases$2,876 $2,990 
Additions for ROU assets obtained during the year$1,660 $4,428 
Summary of Operating Lease Maturities
The following table summarizes the future lease payments of operating leases:
(Dollars in thousands)Payments
2025
$2,420 
2026
2,130 
2027
1,896 
2028
1,420 
2029
962 
Thereafter4,504 
Total undiscounted lease payments$13,332 
Imputed interest(2,364)
Total lease liability$10,968