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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Effective Income Tax Rate Reconciliation

The reported income tax expense and effective tax rate in the Consolidated Statements of Income differ from the amounts computed by applying the statutory federal corporate income tax rate as follows for the years ended December 31:

						2024									2023									2022
(Dollars in thousands)						Amount			Rate						Amount			Rate						Amount			Rate
Income tax computed at statutory federal corporate income tax rate						$	31,387		21.0		%				$	30,476		21.0		%				$	27,015		21.0		%
Differences in rate resulting from:
State taxes, net of federal benefit						3,286			2.2		%				3,053			2.1		%				2,277			1.8		%
Investment securities impairment						—			—		%				—			—		%				431			0.3		%
Nondeductible acquisition costs						—			—		%				168			0.1		%				42			—		%
Common share awards						(22)			—		%				(99)			(0.1)		%				12			—		%
Bank owned life insurance						(885)			(0.6)		%				(872)			(0.6)		%				(551)			(0.4)		%
Investments in tax credit funds						(601)			(0.4)		%				(352)			(0.2)		%				(629)			(0.5)		%
Captive insurance benefit						—			—		%				(330)			(0.2)		%				(421)			(0.3)		%
Tax-exempt interest income						(258)			(0.2)		%				(555)			(0.4)		%				(921)			(0.7)		%
Other, net						(648)			(0.4)		%				274			0.2		%				94			0.1		%
Income tax expense						$	32,259		21.6		%				$	31,763		21.9		%				$	27,349		21.3		%

Summary of Components of Income Tax Expense (Benefit)

Peoples’ reported income tax expense consisted of the following for the years ended December 31:

(Dollars in thousands)						2024						2023						2022
Current income tax expense						$	25,286					$	32,001					$	8,783
Deferred income tax (benefit) expense						6,973						(238)						18,566
Income tax expense						$	32,259					$	31,763					$	27,349

Summary of Deferred Tax Assets and Liabilities

The significant components of Peoples’ deferred tax assets and deferred tax liabilities consisted of the following at December 31:

(Dollars in thousands)						2024						2023
Deferred tax assets:
Available-for-sale securities						$	33,996					$	31,774
Allowance for credit losses						15,035						14,902
Nonaccrual loan interest income						1,312						2,753
Accrued employee benefits						7,472						7,344
Lease obligation						2,523						2,822
Net operating loss carryforward						8,393						11,367
Purchase accounting adjustments						—						1,920
Other						1,837						1,622
Gross deferred tax assets						$	70,568					$	74,504
Valuation allowance						$	158					$	158
Total deferred tax assets						$	70,410					$	74,346
Deferred tax liabilities:
Equipment leases						$	11,790					$	11,286
Deferred loan income						2,015						3,117
Purchase accounting adjustments						3,219						—
Bank premises and equipment						5,283						5,116
Lease right-of-use assets						2,397						2,731
Derivative instruments						416						774
Other						2,312						3,951
Total deferred tax liabilities						$	27,432					$	26,975
Net deferred tax asset						$	42,978					$	47,371

Summary of Income Tax Contingencies

The following table provides a reconciliation of uncertain tax positions at December 31:

(Dollars in thousands)						2024			2023
Uncertain tax positions, beginning of year						$	527		$	89
Gross increase based on tax positions related to current year						45			527
Gross decrease due to the statute of limitations						—			(89)
Uncertain tax positions, end of year						$	572		$	527

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax position taken on unrecognized tax benefit.

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