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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-sale Investment Securities
The following table summarizes Peoples' available-for-sale investment securities:

(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2025    
Obligations of:    
U.S. Treasury and government agencies$17,582 $158 $(44)$17,696 
U.S. government sponsored agencies171,182 317 (7,367)164,132 
States and political subdivisions208,505 139 (21,822)186,822 
Residential mortgage-backed securities627,961 1,692 (68,136)561,517 
Commercial mortgage-backed securities48,973 — (6,463)42,510 
Bank-issued trust preferred securities4,500 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 agencies224,167 53 (15,137)209,083 
States and political subdivisions225,074 16 (28,789)196,301 
Residential mortgage-backed securities693,886 1,391 (93,475)601,802 
Commercial mortgage-backed securities64,438 36 (9,409)55,065 
Bank-issued trust preferred securities6,500 — (392)6,108 
Total available-for-sale securities$1,229,382 $1,583 $(147,410)$1,083,555 
Summary of Gross Gains and Losses from Sales of Available-for-sale Securities 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 EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2025202420252024
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)
Summary of Available-for-sale Securities with Unrealized Loss
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 Months12 Months or MoreTotal
(Dollars in thousands)
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized LossNo. 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 subdivisions6,993 159 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 subdivisions28,400 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 
Summary of Investment Securities by Contractual Maturity
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 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. Treasury and government agencies$262$845$11,227$5,248$17,582
U.S. government sponsored agencies1,49632,51377,02060,153171,182
States and political subdivisions5,64542,73271,59888,530208,505
Residential mortgage-backed securities—1,58843,604582,769627,961
Commercial mortgage-backed securities6356,42723,93917,97248,973
Bank-issued trust preferred securities—1,5003,000—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 agencies1,48029,99674,27858,378164,132
States and political subdivisions5,61140,37163,30077,540186,822
Residential mortgage-backed securities—1,53641,534518,447561,517
Commercial mortgage-backed securities6356,04920,92414,90242,510
Bank-issued trust preferred securities—1,4712,758—4,229
Total available-for-sale securities$7,987$80,271$214,124$674,524$976,906
Total weighted-average yield2.48 %2.02 %2.94 %2.76 %2.74 %
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 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. government sponsored agencies$2,916$5,693$119,659$127,620$255,888
States and political subdivisions2,7996,58127,522105,204142,106
Residential mortgage-backed securities48—3,594434,459438,101
Commercial mortgage-backed securities2,0008,83639,57745,55395,966
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 subdivisions2,7996,37523,18283,092115,448
Residential mortgage-backed securities48—3,247422,613425,908
Commercial mortgage-backed securities2,0008,25734,81537,82182,893
Total held-to-maturity investment securities$7,728$20,044$180,012$664,941$872,725
Total weighted-average yield1.90%1.93%3.93%4.21%4.08%
Summary of Held-to-maturity Investment Securities
The following table summarizes Peoples’ held-to-maturity investment securities:
(Dollars in thousands)Amortized CostAllowance for Credit Losses Gross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2025    
Obligations of:   
 U.S. government sponsored agencies$255,888 $— $625 $(8,037)$248,476 
States and political subdivisions142,106 (237)95 (26,516)115,448 
Residential mortgage-backed securities438,101 — 4,168 (16,361)425,908 
Commercial mortgage-backed securities95,966 — — (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 subdivisions142,691 (237)110 (31,716)110,848 
Residential mortgage-backed securities300,290 — 281 (24,293)276,278 
Commercial mortgage-backed securities98,754 — — (16,675)82,079 
Total held-to-maturity investment securities$775,037 $(237)$610 $(82,911)$692,499 
Summary of Held-to-maturity Securities with Unrealized Loss
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 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized LossNo. of SecuritiesFair
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 subdivisions924 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 subdivisions957 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 
Summary of Other Investment Securities
The following table summarizes the carrying value of Peoples' other investments:
(Dollars in thousands)September 30, 2025December 31, 2024
FHLB stock$26,013 $24,606 
FRB stock27,114 27,114 
Nonqualified deferred compensation6,250 4,898 
Equity investment securities3,745 2,645 
Other investments869 869 
Total other investments$63,991 $60,132 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)September 30, 2025December 31, 2024
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$406,307 $505,963 
     Held-to-maturity718,780 563,014 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale4,099 3,119 
     Held-to-maturity90,298 1,215 
Loans pledged are summarized as follows:
(Dollars in thousands)September 30, 2025December 31, 2024
Loans pledged to FHLB$1,262,210 $1,218,496 
Loans pledged to FRB479,267 527,989