
(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


	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 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		%


(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

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.


	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%

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.

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)	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 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.