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Investment Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Available-for-sale The following table summarizes Peoples' available-for-sale investment securities:
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
September 30, 2025 |  |  |  |
Obligations of: |  |  |  |
U.S. Treasury and government agencies | $ | 17,582 |  | $ | 158 |  | $ | (44) |  | $ | 17,696 |
U.S. government sponsored agencies | 171,182 |  | 317 |  | (7,367) |  | 164,132 |
States and political subdivisions | 208,505 |  | 139 |  | (21,822) |  | 186,822 |
Residential mortgage-backed securities | 627,961 |  | 1,692 |  | (68,136) |  | 561,517 |
Commercial mortgage-backed securities | 48,973 |  | — |  | (6,463) |  | 42,510 |
Bank-issued trust preferred securities | 4,500 |  | 1 |  | (272) |  | 4,229 |
Total available-for-sale securities | $ | 1,078,703 |  | $ | 2,307 |  | $ | (104,104) |  | $ | 976,906 |
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 |
The gross gains and losses realized by Peoples from sales or prepayments of available-for-sale investment securities for the periods ended September 30 were as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(Dollars in thousands) | 2025 | 2024 |  | 2025 | 2024
Gross gains realized | $ | 120 |  | $ | 347 |  |  | $ | 145 |  | $ | 347 |
Gross losses realized | (2,700) |  | (421) |  |  | (2,727) |  | (775) |
Net loss realized | $ | (2,580) |  | $ | (74) |  |  | $ | (2,582) |  | $ | (428) |
The cost of investment securities sold, and any resulting gain or loss, were based on the specific identification method and recognized as of the trade date. The following table presents a summary of available-for-sale investment securities that have been in a continuous unrealized loss position for the periods identified:
| 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
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Obligations of: |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies | $ | 10,694 |  | $ | 37 |  | 6 |  |  | $ | 1,349 |  | $ | 7 |  | 6 |  |  | $ | 12,043 |  | $ | 44 |
U.S. government sponsored agencies | 30,639 |  | 371 |  | 4 |  |  | 115,692 |  | 6,996 |  | 27 |  |  | 146,331 |  | 7,367 |
States and political subdivisions | 6,993 |  | 159 |  | 10 |  |  | 165,192 |  | 21,663 |  | 148 |  |  | 172,185 |  | 21,822 |
Residential mortgage-backed securities | 23,837 |  | 10 |  | 4 |  |  | 489,167 |  | 68,126 |  | 256 |  |  | 513,004 |  | 68,136 |
Commercial mortgage-backed securities | 728 |  | 5 |  | 2 |  |  | 41,210 |  | 6,458 |  | 23 |  |  | 41,938 |  | 6,463 |
Bank-issued trust preferred securities | — |  | — |  | — |  |  | 3,728 |  | 272 |  | 2 |  |  | 3,728 |  | 272 |
Total | $ | 72,891 |  | $ | 582 |  | 26 |  |  | $ | 816,338 |  | $ | 103,522 |  | 462 |  |  | $ | 889,229 |  | $ | 104,104 |
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 September 30, 2025, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At September 30, 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 September 30, 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 unrealized loss with respect to the two bank-issued trust preferred securities that had been in an unrealized loss position for 12 months or more at September 30, 2025 was attributable to the subordinated nature of the trust preferred securities. The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at September 30, 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 | $ | 262 | $ | 845 | $ | 11,227 | $ | 5,248 | $ | 17,582
U.S. government sponsored agencies | 1,496 | 32,513 | 77,020 | 60,153 | 171,182
States and political subdivisions | 5,645 | 42,732 | 71,598 | 88,530 | 208,505
Residential mortgage-backed securities | — | 1,588 | 43,604 | 582,769 | 627,961
Commercial mortgage-backed securities | 635 | 6,427 | 23,939 | 17,972 | 48,973
Bank-issued trust preferred securities | — | 1,500 | 3,000 | — | 4,500
Total available-for-sale securities | $ | 8,038 | $ | 85,605 | $ | 230,388 | $ | 754,672 | $ | 1,078,703
Fair value |  |  |  |  |
Obligations of: |  |  |  |  |
U.S. Treasury and government agencies | $ | 261 | $ | 848 | $ | 11,330 | $ | 5,257 | $ | 17,696
U.S. government sponsored agencies | 1,480 | 29,996 | 74,278 | 58,378 | 164,132
States and political subdivisions | 5,611 | 40,371 | 63,300 | 77,540 | 186,822
Residential mortgage-backed securities | — | 1,536 | 41,534 | 518,447 | 561,517
Commercial mortgage-backed securities | 635 | 6,049 | 20,924 | 14,902 | 42,510
Bank-issued trust preferred securities | — | 1,471 | 2,758 | — | 4,229
Total available-for-sale securities | $ | 7,987 | $ | 80,271 | $ | 214,124 | $ | 674,524 | $ | 976,906
Total weighted-average yield | 2.48 | % | 2.02 | % | 2.94 | % | 2.76 | % | 2.74 | %
Held-to-maturity The following table summarizes Peoples’ held-to-maturity investment securities:
(Dollars in thousands) | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
September 30, 2025 |  |  |  |  |
Obligations of: |  |  |  |  |
U.S. government sponsored agencies | $ | 255,888 |  | $ | — |  | $ | 625 |  | $ | (8,037) |  | $ | 248,476 |
States and political subdivisions | 142,106 |  | (237) |  | 95 |  | (26,516) |  | 115,448 |
Residential mortgage-backed securities | 438,101 |  | — |  | 4,168 |  | (16,361) |  | 425,908 |
Commercial mortgage-backed securities | 95,966 |  | — |  | — |  | (13,073) |  | 82,893 |
Total held-to-maturity investment securities | $ | 932,061 |  | $ | (237) |  | $ | 4,888 |  | $ | (63,987) |  | $ | 872,725 |
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 |
There were no sales of held-to-maturity investment securities during the periods ended September 30, 2025 or December 31, 2024. 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 agency-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 investment securities at both September 30, 2025, and December 31, 2024. The following table presents a summary of held-to-maturity investment securities that had been in a continuous unrealized loss position for the periods identified:
| 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
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Obligations of: |  |  |  |  |  |  |  |  |  |
U.S. government sponsored agencies | $ | 102,454 |  | $ | 1,154 |  | 12 |  |  | $ | 78,314 |  | $ | 6,883 |  | 19 |  |  | $ | 180,768 |  | $ | 8,037 |
States and political subdivisions | 924 |  | 79 |  | 1 |  |  | 111,365 |  | 26,437 |  | 66 |  |  | 112,289 |  | 26,516 |
Residential mortgage-backed securities | 37,817 |  | 322 |  | 7 |  |  | 152,215 |  | 16,039 |  | 47 |  |  | 190,032 |  | 16,361 |
Commercial mortgage-backed securities | 1,560 |  | 12 |  | 1 |  |  | 79,332 |  | 13,061 |  | 32 |  |  | 80,892 |  | 13,073 |
Total | $ | 142,755 |  | $ | 1,567 |  | 21 |  |  | $ | 421,226 |  | $ | 62,420 |  | 164 |  |  | $ | 563,981 |  | $ | 63,987 |
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 September 30, 2025. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a federal statutory corporate income tax rate of 21% at September 30, 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 | $ | 2,916 | $ | 5,693 | $ | 119,659 | $ | 127,620 | $ | 255,888
States and political subdivisions | 2,799 | 6,581 | 27,522 | 105,204 | 142,106
Residential mortgage-backed securities | 48 | — | 3,594 | 434,459 | 438,101
Commercial mortgage-backed securities | 2,000 | 8,836 | 39,577 | 45,553 | 95,966
Total held-to-maturity investment securities | $ | 7,763 | $ | 21,110 | $ | 190,352 | $ | 712,836 | $ | 932,061
Fair value |  |  |  |  |
Obligations of: |  |  |  |  |
U.S. government sponsored agencies | $ | 2,881 | $ | 5,412 | $ | 118,768 | $ | 121,415 | $ | 248,476
States and political subdivisions | 2,799 | 6,375 | 23,182 | 83,092 | 115,448
Residential mortgage-backed securities | 48 | — | 3,247 | 422,613 | 425,908
Commercial mortgage-backed securities | 2,000 | 8,257 | 34,815 | 37,821 | 82,893
Total held-to-maturity investment securities | $ | 7,728 | $ | 20,044 | $ | 180,012 | $ | 664,941 | $ | 872,725
Total weighted-average yield | 1.90% | 1.93% | 3.93% | 4.21% | 4.08%
Other Investments Peoples' other investments on the Unaudited Consolidated Balance Sheets consist largely of shares of FHLB stock and of FRB stock. The following table summarizes the carrying value of Peoples' other investments:
(Dollars in thousands) | September 30, 2025 | December 31, 2024
FHLB stock | $ | 26,013 |  | $ | 24,606 |
FRB stock | 27,114 |  | 27,114 |
Nonqualified deferred compensation | 6,250 |  | 4,898 |
Equity investment securities | 3,745 |  | 2,645 |
Other investments | 869 |  | 869 |
Total other investments | $ | 63,991 |  | $ | 60,132 |
During the nine months ended September 30, 2025, Peoples redeemed $31.7 million of FHLB stock in order to be in compliance with the requirements of the FHLB. Peoples purchased $33.1 million of additional FHLB stock during the nine months ended September 30, 2025, as a result of the FHLB's capital requirements on FHLB advances. For the three months ended September 30, 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 $26,000 and an unrealized gain of $12,000, respectively. For the nine months ended September 30, 2025 and 2024, Peoples recognized an unrealized loss of $28,000 and an unrealized gain of $81,000, respectively, for the change in fair value of equity investment securities in "Other non-interest income." At September 30, 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 September 30, 2025. Pledged Securities 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. The following table summarizes the carrying amount of Peoples' pledged securities:
|  | Carrying Amount
(Dollars in thousands) |  | September 30, 2025 |  | December 31, 2024
Securing public and trust department deposits, and repurchase agreements: |  |  |  |
Available-for-sale |  | $ | 406,307 |  |  | $ | 505,963 |
Held-to-maturity |  | 718,780 |  |  | 563,014 |
Securing additional borrowing capacity at the FHLB and the FRB: |  |  |  |
Available-for-sale |  | 4,099 |  |  | 3,119 |
Held-to-maturity |  | 90,298 |  |  | 1,215 |
Accrued Interest 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 September 30, 2025 and $9.9 million at December 31, 2024.

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