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Loans and Leases (Tables)
3 Months Ended
Mar. 31, 2025
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:
(Dollars in thousands)March 31,
2025
December 31, 2024
Construction$319,104 $328,388 
Commercial real estate, other2,230,538 2,156,013 
Commercial and industrial1,343,827 1,347,645 
Premium finance264,080 269,435 
Leases395,454 406,598 
Residential real estate848,168 835,101 
Home equity lines of credit235,409 232,661 
Consumer, indirect680,260 669,857 
Consumer, direct110,639 111,052 
Deposit account overdrafts1,047 1,253 
Total loans, at amortized cost$6,428,526 $6,358,003 
Summary of Nonaccrual and Past Due Loans
The amortized cost of loans on nonaccrual status and of loans delinquent for 90 days or more and accruing was as follows:
March 31, 2025December 31, 2024
(Dollars in thousands)
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Commercial real estate, other5,378 284 7,136 227 
Commercial and industrial5,747 106 6,809 78 
Premium finance— 2,502 — 4,947 
Leases12,079 218 8,850 803 
Residential real estate8,163 853 7,329 2,166 
Home equity lines of credit1,537 47 1,498 213 
Consumer, indirect2,521 77 2,374 159 
Consumer, direct203 120 133 44 
Total loans, at amortized cost$35,628 $4,207 $34,129 $8,637 
(a) There were $2.6 million of nonaccrual loans for which there was no allowance for credit losses at March 31, 2025 and $5.7 million of nonaccrual loans for which there was no allowance for credit losses at December 31, 2024.
Summary of Aging of The Recorded Investment In Past Due Loans and Leases
The following table presents the aging of the amortized cost of past due loans:
Loans Past Due
Current
Loans
Total
Loans
(Dollars in thousands)30 - 59 days60 - 89 days90 + DaysTotal
March 31, 2025
Construction$— $— $— $— $319,104 $319,104 
Commercial real estate, other1,967 2,605 2,544 7,116 2,223,422 2,230,538 
Commercial and industrial1,119 1,587 3,740 6,446 1,337,381 1,343,827 
Premium finance2,005 1,816 2,502 6,323 257,757 264,080 
Leases31,007 3,260 11,565 45,832 349,622 395,454 
Residential real estate10,129 2,306 4,005 16,440 831,728 848,168 
Home equity lines of credit1,430 357 865 2,652 232,757 235,409 
Consumer, indirect6,486 803 1,287 8,576 671,684 680,260 
Consumer, direct514 149 208 871 109,768 110,639 
Deposit account overdrafts— — — — 1,047 1,047 
Total loans, at amortized cost$54,657 $12,883 $26,716 $94,256 $6,334,270 $6,428,526 
December 31, 2024
Construction$— $— $— $— $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 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)March 31, 2025December 31, 2024
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$547,471 $505,963 
     Held-to-maturity627,605 563,014 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale3,116 3,119 
     Held-to-maturity1,208 1,215 
Loans pledged are summarized as follows:
(Dollars in thousands)March 31, 2025December 31, 2024
Loans pledged to FHLB$1,205,884 $1,218,496 
Loans pledged to FRB604,590 527,989 
Summary of Loans by Risk Category
The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the most recent analysis performed at March 31, 2025:
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20252024202320222021PriorRevolving Loans
Total
Loans
Construction

  Pass$7,760 $90,100 $170,833 $34,732 $6,762 $6,133 $— $234 $316,320 
  Special mention— — — — — 113 — — 113 
  Substandard— — 1,149 1,522 — — — — 2,671 
     Total7,760 90,100 171,982 36,254 6,762 6,246 — 234 319,104 
Current period gross charge-offs— — — — — — — 
Commercial real estate, other

  Pass93,323 148,818 276,560 389,546 398,581 765,684 44,974 2,275 2,117,486 
  Special mention— 416 2,150 7,361 10,834 25,438 285 54 46,484 
  Substandard— 144 1,654 5,633 11,770 44,743 724 2,476 64,668 
  Doubtful— — — — — 1,898 — — 1,898 
  Loss— — — — — — — 
     Total93,323 149,378 280,364 402,540 421,185 837,765 45,983 4,805 2,230,538 
Current period gross charge-offs— — — 156 — 59 215 
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20252024202320222021PriorRevolving Loans
Total
Loans
Commercial and industrial
  Pass38,053 287,732 201,501 125,281 137,844 237,175 235,900 2,130 1,263,486 
  Special mention— 760 9,005 9,440 4,132 1,795 27,397 5,500 52,529 
  Substandard— 272 248 5,504 8,192 6,491 4,938 148 25,645 
  Doubtful— — — 2,015 — 152 — 100 2,167 
     Total38,053 288,764 210,754 142,240 150,168 245,613 268,235 7,878 1,343,827 
Current period gross charge-offs— — — — 49 331 380 
Premium Finance
Pass120,789 140,876 2,361 54 — — — — 264,080 
Total120,789 140,876 2,361 54 — — — — 264,080 
Current period gross charge-offs— 33 14 24 — — 71 
Leases
Pass42,962 140,613 116,131 53,851 21,147 5,716 — — 380,420 
Special mention— 742 2,118 572 137 — — 3,572 
Substandard— 2,201 2,765 2,183 583 113 — — 7,845 
Doubtful— 336 1,980 1,136 52 113 — — 3,617 
Total42,962 143,892 122,994 57,742 21,919 5,945 — — 395,454 
Current period gross charge-offs— 191 1,938 2,690 574 261 5,654 
Residential real estate
Pass20,021 76,315 64,708 83,506 125,460 466,807 — — 836,817 
Substandard— 167 835 260 985 9,069 — — 11,316 
Loss— — 14 — — 35 
     Total20,021 76,487 65,550 83,775 126,445 475,890 — — 848,168 
Current period gross charge-offs— — 27 — 54 61 142 
Home equity lines of credit
Pass8,555 55,513 35,860 37,688 26,717 69,940 23 3,407 234,296 
Substandard— — 106 296 16 688 — — 1,106 
Loss— — — — — — — 
     Total8,555 55,513 35,966 37,984 26,733 70,635 23 3,407 235,409 
Current period gross charge-offs— — — — — — — 
Consumer, indirect
Pass77,083 225,426 158,529 130,515 47,959 37,984 — — 677,496 
Substandard— 433 581 727 516 472 — — 2,729 
Loss— 15 — — 35 
     Total77,083 225,860 159,112 131,250 48,490 38,465 — — 680,260 
Current period gross charge-offs14 635 637 388 134 58 1,866 
Consumer, direct
Pass19,982 33,921 22,842 18,622 8,124 6,840 — — 110,331 
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20252024202320222021PriorRevolving Loans
Total
Loans
Substandard— 38 76 87 29 68 — — 298 
Loss— — — — 10 
     Total19,982 33,961 22,919 18,715 8,153 6,909 — — 110,639 
Current period gross charge-offs11 48 23 57 155 
Deposit account overdrafts1,047 — — — — — — — 1,047 
Current period gross charge-offs277 — — — — — 277 
Total loans, at amortized cost429,575 1,204,831 1,072,002 910,554 809,855 1,687,468 314,241 16,324 6,428,526 
Total current period gross charge-offs$302 $907 $2,639 $3,315 $820 $777 $8,760 
The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, 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 
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20242023202220212020PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
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 cost1,375,415 1,041,884 941,034 807,980 408,078 1,487,235 296,377 5,559 6,358,003 
Current period gross charge-offs$3,423 $8,107 $7,968 $3,072 $559 $1,983 $25,112 
Summary of Amortized Cost of Collateral Dependent Loans
The following table details Peoples' amortized cost of collateral dependent loans:
(Dollars in thousands)March 31, 2025December 31, 2024
Commercial real estate, other$1,887 $2,764 
Leases1,789 652 
Commercial and industrial— 959 
Total collateral dependent loans$3,676 $4,375 
Summary of Financing Receivables Modified
The following tables display the amortized cost of loans that were restructured during the three months ended March 31, 2025 and March 31, 2024, presented by loan classification.
Payment Delay (Only)
(Dollars in thousands)Payment DeferralTerm ExtensionPrincipal ForgivenessTotal
Percentage of Total by Loan Category(a)(b)(c)
During the Three Months Ended March 31, 2025
Commercial real estate$— $2,445 — $2,445 0.11 %
Commercial and industrial— 5,646 — 5,646 0.42 %
Leasing12 — 68 80 0.02 %
Total$12 $8,091 $68 $8,171 0.13 %
During the Three Months Ended March 31, 2024
Commercial real estate— 565 — 565 0.03 %
Commercial and industrial— 10,203 — 10,203 0.84 %
Leasing25 — — 25 0.01 %
Residential real estate— 76 — 76 0.01 %
Total$25 $10,844 $ $10,869 0.18 %
(a) 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.
(b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(c) Each with --% not meaningful
The following tables summarize the financial impacts of loan modifications and payment deferrals made to loans during the three months ended March 31, 2025 and March 31, 2024, presented by loan classification.
Weighted-Average Term Extension
(in months)
During the Three Months Ended March 31, 2025
Commercial real estate3
Commercial and industrial8
During the Three Months Ended March 31, 2024
Commercial real estate6
Commercial and industrial6
Leasing9
Residential real estate2
The following table displays an aging analysis of loans that were modified during the 12 months prior to March 31, 2025 and March 31, 2024, respectively, presented by classification and class of financing receivable.
As of March 31, 2025
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Commercial real estate1,058 69 — 1,127 1,887 3,014 
Commercial and industrial— — 117 117 7,789 7,906 
Leasing300 — 638 938 250 1,188 
Residential real estate— — — — 15 15 
Home equity lines of credit— — — — 158 158 
Consumer, indirect— — 12 12 — 12 
Total loans modified(a)
$1,358 $69 $767 $2,194 $10,099 $12,293 
(a) Represents the amortized cost basis as of period end.
As of March 31, 2024
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Construction$— $— $— $— $70 $70 
Commercial real estate193 — — 193 2,443 2,636 
Commercial and industrial— 667 648 1,315 12,752 14,067 
Leasing— — — — 25 25 
Residential real estate76 — — 76 24 100 
Home equity lines of credit— — — — 207 207 
Total loans modified(a)
$269 $667 $648 $1,584 $15,521 $17,105 
(a) Represents the amortized cost basis as of period end.
Summary of Defaulted Financing Receivables Modified
The following tables display the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that had a payment default 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.
Term Extension(a)
For the Three Months Ended March 31, 2025
Commercial and industrial117 
Leasing638 
Total loans that subsequently defaulted$755 
For the Three Months Ended March 31, 2024
Commercial and industrial648 
Total loans that subsequently defaulted$648 
(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 the three months ended March 31, 2025 and March 31, 2024 are summarized below:
(Dollars in thousands)
Beginning Balance, December 31, 2024
Initial Allowance for Acquired PCD Assets(Recovery of) Provision for Credit Losses (a)Charge-offsRecoveries
Ending Balance, March 31, 2025
Construction$878 $— $278 $— $— $1,156 
Commercial real estate, other16,256 — 1,110 (215)17,155 
Commercial and industrial13,283 — (126)(380)12,783 
Premium finance662 — 49 (71)646 
Leases12,893 — 6,091 (5,654)245 13,575 
Residential real estate6,491 — 388 (142)49 6,786 
Home equity lines of credit1,792 — 71 — — 1,863 
Consumer, indirect8,576 — 1,776 (1,866)210 8,696 
Consumer, direct2,396 — 213 (155)20 2,474 
Deposit account overdrafts121 — 155 (277)99 98 
Total$63,348 $ $10,005 $(8,760)$639 $65,232 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands)Beginning Balance, December 31, 2023Initial Allowance for Acquired PCD AssetsProvision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, March 31, 2024
Construction$699 $— $$— $— $701 
Commercial real estate, other20,915 — 1,002 (212)83 21,788 
Commercial and industrial10,490 — 319 (235)10,581 
Premium finance484 — 169 (54)607 
Leases10,850 — 3,097 (1,270)212 12,889 
Residential real estate5,937 — (74)(80)83 5,866 
Home equity lines of credit1,588 — 94 — 1,689 
Consumer, indirect8,590 — 1,101 (1,461)71 8,301 
Consumer, direct2,343 — 153 (226)2,279 
Deposit account overdrafts115 — 268 (336)74 121 
Total$62,011 $— $6,131 $(3,874)$554 $64,822 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.