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Related party transactions
 9 Months Ended
Sep. 30, 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 September 30, 2025.

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(Dollars in thousands)

    

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September 30, 2025

Balance, beginning of period

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$

130,563

Additions, new loans and advances

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30,809

Repayments and other reductions

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(18,106)

Balance, end of period

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$

143,266

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At September 30, 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 September 30, 2025, and December 31, 2024, were $139.7 million and $132.0 million, respectively.

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On June 30, 2025, the Company redeemed $33.0 million of its 2020 Notes, $3.0 million of which were held by directors, executive officers and their related parties.

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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 $18 thousand and $154 thousand for the three and nine months ended September 30, 2025, respectively, and $28 thousand for both three and nine months ended September 30, 2024.

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During the third quarter of 2025, the Company commenced consolidating its corporate headquarters and its executive, administrative and operations departments into a new facility located in Moosic, Pennsylvania. Also, during the third quarter of 2025, the Company entered into a sales agreement with a related party to sell nine parcels of land and improvements and two buildings and improvements of its former corporate center campus located in Dunmore, Pennsylvania for a contracted selling price of $3.7 million. The aggregate carrying value of the properties to be sold is

$4.3 million. The Company recognized an impairment charge of $0.6 million on the pending sale, which is included in noninterest income in the consolidated statements of income for the three and nine months ended September 30, 2025. The sale of these properties is expected to be completed in the fourth quarter of 2025.

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