
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2025
Obligations of:
U.S. Treasury and government agencies	$	14,250	$	154	$	(61)	$	14,343
U.S. government sponsored agencies	223,585		239		(10,761)		213,063
States and political subdivisions	223,325		39		(27,859)		195,505
Residential mortgage-backed securities	673,730		1,799		(81,550)		593,979
Commercial mortgage-backed securities	60,287		1		(7,652)		52,636
Bank-issued trust preferred securities	4,500		—		(352)		4,148

Total available-for-sale securities	$	1,199,677	$	2,232	$	(128,235)	$	1,073,674
December 31, 2024
Obligations of:
U.S. Treasury and government agencies	$	15,317	$	87	$	(208)	$	15,196
U.S. government sponsored agencies	224,167		53		(15,137)		209,083
States and political subdivisions	225,074		16		(28,789)		196,301
Residential mortgage-backed securities	693,886		1,391		(93,475)		601,802
Commercial mortgage-backed securities	64,438		36		(9,409)		55,065
Bank-issued trust preferred securities	6,500		—		(392)		6,108

Total available-for-sale securities	$	1,229,382	$	1,583	$	(147,410)	$	1,083,555


	Less than 12 Months					12 Months or More					Total
(Dollars in thousands)	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss
March 31, 2025
Obligations of:
U.S. Treasury and government agencies	$	12,281	$	46	8	$	2,062	$	15	9	$	14,343	$	61
U.S. government sponsored agencies	141,400		3,090		23	71,663		7,671		13	213,063		10,761
States and political subdivisions	30,058		910		35	165,447		26,949		154	195,505		27,859
Residential mortgage-backed securities	116,813		1,313		54	477,184		80,237		255	593,997		81,550
Commercial mortgage-backed securities	8,369		73		6	44,267		7,579		23	52,636		7,652
Bank-issued trust preferred securities	—		—		—	3,648		352		2	3,648		352

Total	$	308,921	$	5,432	126	$	764,271	$	122,803	456	$	1,073,192	$	128,235
December 31, 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 subdivisions	28,400		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

Management evaluates available-for-sale investment securities for an allowance for credit losses on a quarterly basis. At March 31, 2025, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At March 31, 2025, Peoples did not have the intent to sell, nor was it more likely than not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both March 31, 2025 and December 31, 2024 were attributable to changes in market interest rates and spreads since the securities were purchased, and were not credit-related losses.

The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at March 31, 2025. The weighted-average yields are based on the amortized cost. 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 Year			1 to 5 Years			5 to 10 Years			Over 10 Years			Total
Amortized cost
Obligations of:
U.S. Treasury and government agencies	$	1,036		$	1,270		$	6,498		$	5,446		$	14,250
U.S. government sponsored agencies	1,490			67,658			72,103			82,334			223,585
States and political subdivisions	7,982			39,143			79,366			96,834			223,325
Residential mortgage-backed securities	6			4,110			52,483			617,131			673,730
Commercial mortgage-backed securities	452			10,607			26,047			23,181			60,287
Bank-issued trust preferred securities	—			1,500			3,000			—			4,500

Total available-for-sale securities	$	10,966		$	124,288		$	239,497		$	824,926		$	1,199,677
Fair value
Obligations of:
U.S. Treasury and government agencies	$	1,034		$	1,266		$	6,609		$	5,434		$	14,343
U.S. government sponsored agencies	1,453			62,924			70,186			78,500			213,063
States and political subdivisions	7,936			37,015			67,795			82,759			195,505
Residential mortgage-backed securities	6			4,025			49,051			540,897			593,979
Commercial mortgage-backed securities	452			9,884			22,508			19,792			52,636
Bank-issued trust preferred securities	—			1,463			2,685			—			4,148

Total available-for-sale securities	$	10,881		$	116,577		$	218,834		$	727,382		$	1,073,674
Total weighted-average yield	2.93		%	2.30		%	2.97		%	2.76		%	2.76		%


(Dollars in thousands)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2025
Obligations of:
U.S. government sponsored agencies	$	222,698	$	—	$	532	$	(7,853)	$	215,377
States and political subdivisions	142,513		(237)		125		(29,930)		112,471
Residential mortgage-backed securities	290,023		—		1,085		(19,312)		271,796
Commercial mortgage-backed securities	98,469		—		—		(14,798)		83,671
Total held-to-maturity investment securities	$	753,703	$	(237)	$	1,742	$	(71,893)	$	683,315
December 31, 2024
Obligations of:
U.S. government sponsored agencies	$	233,302	$	—	$	219	$	(10,227)	$	223,294
States and political subdivisions	142,691		(237)		110		(31,716)		110,848
Residential mortgage-backed securities	300,290		—		281		(24,293)		276,278
Commercial mortgage-backed securities	98,754		—		—		(16,675)		82,079
Total held-to-maturity investment securities	$	775,037	$	(237)	$	610	$	(82,911)	$	692,499

Management evaluates held-to-maturity investment securities for an allowance for credit losses on a quarterly basis. The majority of People's held-to maturity investment securities are mortgage-backed securities, for which an allowance for credit losses was not recorded. Peoples calculated the allowance for credit losses for state and political subdivisions using cumulative default rate averages for municipal securities. Peoples reported $0.2 million of allowance for credit losses for held-to-maturity securities at both March 31, 2025, and December 31, 2024.


	Less than 12 Months					12 Months or More					Total
(Dollars in thousands)	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss
March 31, 2025
Obligations of:
U.S. government sponsored agencies	$	178,241	$	947	20	$	37,136	$	6,906	10	$	215,377	$	7,853
States and political subdivisions	1,228		76		1	108,357		29,854		66	109,585		29,930
Residential mortgage-backed securities	140,441		1,030		16	131,355		18,282		43	271,796		19,312
Commercial mortgage-backed securities	8,764		109		2	74,908		14,689		32	83,672		14,798
Total	$	328,674	$	2,162	39	$	351,756	$	69,731	151	$	680,430	$	71,893
December 31, 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

The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at March 31, 2025. 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% at March 31, 2025. 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 Year		1 to 5 Years		5 to 10 Years		Over 10 Years		Total
Amortized cost
Obligations of:
U.S. government sponsored agencies	$	2,935	$	3,498	$	76,118	$	140,147	$	222,698
States and political subdivisions	2,798		5,830		22,131		111,754		142,513
Residential mortgage-backed securities	—		147		3,811		286,065		290,023
Commercial mortgage-backed securities	2,000		10,838		34,108		51,523		98,469
Total held-to-maturity investment securities	$	7,733	$	20,313	$	136,168	$	589,489	$	753,703
Fair value
Obligations of:
U.S. government sponsored agencies	$	2,853	$	3,347	$	75,883	$	133,294	$	215,377
States and political subdivisions	2,790		5,614		18,188		85,879		112,471
Residential mortgage-backed securities	—		146		3,411		268,239		271,796
Commercial mortgage-backed securities	2,000		9,964		29,780		41,927		83,671
Total held-to-maturity investment securities	$	7,643	$	19,071	$	127,262	$	529,339	$	683,315
Total weighted-average yield	1.79%		1.90%		3.79%		3.94%		3.83%


(Dollars in thousands)	March 31, 2025		December 31, 2024
FHLB stock	$	14,797	$	24,606
FRB stock	27,114		27,114
Nonqualified deferred compensation	5,164		4,898
Equity investment securities	3,378		2,645
Other investment securities	869		869
Total other investment securities	$	51,322	$	60,132

During the three months ended March 31, 2025, Peoples redeemed $11.4 million of FHLB stock in order to be in compliance with the requirements of the FHLB. Peoples purchased $1.6 million of additional FHLB stock during the three months ended March 31, 2025, as a result of the FHLB's capital requirements on FHLB advances.

For the three months ended March 31, 2025 and 2024, Peoples recorded the change in the fair value of equity investment securities held during the period in "Other non-interest income", resulting in an unrealized loss of $9,000 and an unrealized gain of $47,000, respectively.

At March 31, 2025, Peoples' investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies. There were no equity investment securities of a single issuer that exceeded 10% of Peoples' stockholders' equity at March 31, 2025.

Peoples has pledged available-for-sale investment securities and held-to-maturity investment securities to secure public and trust department deposits, and repurchase agreements in accordance with federal and state requirements. Peoples has also pledged available-for-sale investment securities to secure additional borrowing capacity at the FHLB and the FRB.


	Carrying Amount
(Dollars in thousands)	March 31, 2025		December 31, 2024

Securing public and trust department deposits, and repurchase agreements:
Available-for-sale	$	547,471	$	505,963
Held-to-maturity	627,605		563,014



Securing additional borrowing capacity at the FHLB and the FRB:
Available-for-sale	3,116		3,119
Held-to-maturity	1,208		1,215

Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on investment securities was $10.9 million at March 31, 2025 and $9.9 million at December 31, 2024.