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Related party transactions
 3 Months Ended
Mar. 31, 2025
Related party transactions  
Related party transactions

15. Related party transactions

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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.

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Peoples Bank has granted loans, letters of credit and lines of credit to directors, executive officers and their related parties. 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 period ended March 31, 2025.

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March 31

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(Dollars in thousands)

    

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2025

    

Balance, beginning of period

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$

130,563

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Additions, new loans and advances

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12,699

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Repayments and other reductions

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(3,960)

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Balance, end of period

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$

139,302

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At March 31, 2025 and December 31, 2024, 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.

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Deposits from directors, executive officers and their related parties held by Peoples Bank at March 31, 2025 and December 31, 2024, were $136.7 million and $132.0 million, respectively.

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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 March 31, 2025 and December 31, 2024.

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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 and dealer reserve payments. The Bank recorded payments to related parties for goods and services of $86 thousand and $6 thousand for the period ending March 31, 2025 and 2024, respectively.