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Related party transactions
 12 Months Ended
Dec. 31, 2024
Related party transactions  
Related party transactions

5. Related party transactions

In conducting its business, Peoples has engaged in, and intends to continue to engage in, banking and financial transactions with directors, executive officers and their related parties. Balances at December 31, 2024 include those acquired due to the FNCB merger.

The Bank has granted loans, letters of credit and lines of credit to directors, executive officers and their related parties. All such loans were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not related to the Company or the Bank and did not involve more than the normal risk of collectability or present other unfavorable features.

The following table summarizes the changes in the total amounts of such outstanding loans, advances under lines of credit, net of any participations sold, as well as repayments during the twelve months ended December 30, 2024 and 2023. Additions during the year ended December 31, 2024 include loans and advances acquired in the FNCB merger.

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Year Ended December 31,

(Dollars in thousands)

    

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2024

    

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2023

Balance, beginning of period

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$

3,105

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$

3,175

Additions, new loans and advances

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128,916

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1,317

Repayments and other reductions

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(1,458)

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(1,387)

Balance, end of period

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$

130,563

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$

3,105

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At December 31, 2024 and December 31, 2023, there were no loans to directors, executive officers and their related parties that were not performing in accordance with the original terms of the loan agreements.

Deposits from directors, executive officers and their related parties held by the Bank at December 31, 2024 and December 31, 2023 were $132.0 million and $7.8 million, respectively.

The aggregate principal amount of the Company’s Subordinated Notes due 2030 held by directors, executive officers and their related parties was $3.0 million at December 31, 2024, and $0 at December 31, 2023.

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In the course of its operations, the Bank acquires goods and services from, and transacts business with, various companies of related parties, which include, but are not limited to legal services, rent, vehicle repair services and dealer reserve payments. The Bank recorded payments to related parties for goods and services of $117 thousand $8 thousand and $9 thousand for the years ending December 31, 2024, 2023 and 2022, respectively.