XML 35 R24.htm IDEA: XBRL DOCUMENT v3.22.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2022
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
March 31, 2022    
Obligations of:    
U.S. Treasury and government agencies$169,331 $1 $(1,926)$167,406 
U.S. government sponsored agencies87,219 12 (6,577)80,654 
States and political subdivisions249,884 508 (18,748)231,644 
Residential mortgage-backed securities800,014 2,192 (48,853)753,353 
Commercial mortgage-backed securities64,086 1 (5,975)58,112 
Bank-issued trust preferred securities10,725 170 (225)10,670 
Total available-for-sale securities$1,381,259 $2,884 $(82,304)$1,301,839 
December 31, 2021    
Obligations of:    
U.S. Treasury and government agencies$35,609 $12 $(17)$35,604 
U.S. government sponsored agencies83,019 58 (1,338)81,739 
States and political subdivisions259,508 3,187 (3,376)259,319 
Residential mortgage-backed securities833,328 6,565 (11,376)828,517 
Commercial mortgage-backed securities64,971 42 (1,494)63,519 
Bank-issued trust preferred securities6,711 215 (131)6,795 
Total available-for-sale securities$1,283,146 $10,079 $(17,732)$1,275,493 
Schedule of Gross Gains and Losses from Sales of Available-for-sale Securities The gross gains and losses realized by Peoples from sales of available-for-sale securities for the periods ended March 31 were as follows:
Three Months Ended
March 31,
(Dollars in thousands)20222021
Gross gains realized$146 $339 
Gross losses realized(16)(675)
Net gain (loss) realized$130 $(336)
Summary of Available-for-sale Securities with Unrealized Loss
The following table presents a summary of available-for-sale investment securities that had been in a continuous unrealized loss position:
 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
March 31, 2022        
Obligations of:
U.S. Treasury and government agencies
$107,070 $1,926 24 $— $— — $107,070 $1,926 
U.S. government sponsored agencies
71,303 5,610 18 7,343 967 2 78,646 6,577 
States and political subdivisions129,520 11,628 102 48,104 7,120 19 177,624 18,748 
Residential mortgage-backed securities
632,616 40,240 198 79,024 8,613 20 711,640 48,853 
Commercial mortgage-backed securities
39,447 3,665 18 17,882 2,310 6 57,329 5,975 
Bank-issued trust preferred securities
4,852 147 2 922 78 1 5,774 225 
Total$984,808 $63,216 362 $153,275 $19,088 48 $1,138,083 $82,304 
December 31, 2021        
Obligations of:
U.S. Treasury and government agencies
$16,914 $17 6 $— $— — $16,914 $17 
U.S. government sponsored agencies
72,406 1,192 13 4,854 146 1 77,260 1,338 
States and political subdivisions101,397 2,075 71 30,853 1,301 11 132,250 3,376 
Residential mortgage-backed securities
573,139 9,051 113 51,103 2,325 14 624,242 11,376 
Commercial mortgage-backed securities
60,134 1,494 21 — — — 60,134 1,494 
Bank-issued trust preferred securities
2,991 9 1 878 122 1 3,869 131 
Total$826,981 $13,838 225 $87,688 $3,894 27 $914,669 $17,732 
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 March 31, 2022.  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$— $169,331 $— $— $169,331 
U.S. government sponsored agencies2,404 9,704 66,801 8,310 87,219 
States and political subdivisions4,827 33,985 69,174 141,898 249,884 
Residential mortgage-backed securities45 3,113 63,424 733,432 800,014 
Commercial mortgage-backed securities1,043 916 36,333 25,794 64,086 
Bank-issued trust preferred securities— 4,225 6,500 — 10,725 
Total available-for-sale securities$8,319 $221,274 $242,232 $909,434 $1,381,259 
Fair value     
Obligations of:     
U.S. Treasury and government agencies$— $167,406 $— $— $167,406 
U.S. government sponsored agencies2,407 9,386 61,518 7,343 80,654 
States and political subdivisions4,841 33,447 65,666 127,690 231,644 
Residential mortgage-backed securities45 3,084 60,633 689,591 753,353 
Commercial mortgage-backed securities1,043 893 33,214 22,962 58,112 
Bank-issued trust preferred securities— 4,388 6,282 — 10,670 
Total available-for-sale securities$8,336 $218,604 $227,313 $847,586 $1,301,839 
Total weighted-average yield2.07 %1.91 %1.52 %1.75 %1.74 %
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at March 31, 2022.  The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a blended federal and state corporate income tax rate of 22.9% and 22.3% for the periods ending March 31, 2022 and December 31, 2021, respectively.  In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.
(Dollars in thousands)Within 1 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. government sponsored agencies$— $6,537 $2,173 $29,776 $38,486 
States and political subdivisions— 5,204 6,104 140,195 151,503 
Residential mortgage-backed securities— 1,550 — 114,063 115,613 
Commercial mortgage-backed securities342 3,138 20,504 55,356 79,340 
Total held-to-maturity securities$342 $16,429 $28,781 $339,390 $384,942 
Fair value     
Obligations of:     
U.S. government sponsored agencies$— $6,194 $2,026 $26,061 $34,281 
States and political subdivisions— 5,158 5,589 122,947 133,694 
Residential mortgage-backed securities— 1,561 — 106,638 108,199 
Commercial mortgage-backed securities342 3,147 19,035 49,280 71,804 
Total held-to-maturity securities$342 $16,060 $26,650 $304,926 $347,978 
Total weighted-average yield2.16 %1.80 %1.87 %2.02 %2.00 %
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
March 31, 2022    
Obligations of:   
 U.S. government sponsored agencies$38,486 $— $— $(4,205)$34,281 
States and political subdivisions151,503 (286)228 (17,751)133,694 
Residential mortgage-backed securities115,613 — 13 (7,427)108,199 
Commercial mortgage-backed securities79,340 — 10 (7,546)71,804 
Total held-to-maturity securities$384,942 $(286)$251 $(36,929)$347,978 
December 31, 2021    
Obligations of:    
U.S. government sponsored agencies$36,431 $— $86 $(1,004)$35,513 
States and political subdivisions151,688 (286)1,006 (2,270)150,138 
Residential mortgage-backed securities110,708 — 370 (919)110,159 
Commercial mortgage-backed securities75,588 — 182 (1,625)74,145 
Total held-to-maturity securities$374,415 $(286)$1,644 $(5,818)$369,955 
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:
 Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized Loss
March 31, 2022        
Obligations of:
U.S. government sponsored agencies$11,406 $757 4 22,875 3,448 5 $34,281 $4,205 
States and political subdivisions100,780 12,979 62 29,521 4,772 9 130,301 17,751 
Residential mortgage-backed securities
104,302 7,427 22 — — — 104,302 7,427 
Commercial mortgage-backed securities
58,933 6,128 25 6,976 1,418 1 65,909 7,546 
Total$275,421 $27,291 113 $59,372 $9,638 15 $334,793 $36,929 
December 31, 2021        
Obligations of:
U.S. government sponsored agencies$17,328 $504 6 14,635 500 2 $31,963 $1,004 
States and political subdivisions61,954 1,041 34 27,328 1,229 6 89,282 2,270 
Residential mortgage-backed securities
88,937 919 17 — — — 88,937 919 
Commercial mortgage-backed securities
67,338 1,625 21 — — — 67,338 1,625 
Total$235,557 $4,089 78 $41,963 $1,729 8 $277,520 $5,818 
Summary of Other Investment Securities The following table summarizes the carrying value of Peoples' other investment securities:
(Dollars in thousands)March 31, 2022December 31, 2021
FHLB stock$17,308 $17,308 
FRB stock21,189 13,311 
Nonqualified deferred compensation2,222 2,240 
Equity investment securities337 344 
Other investment securities784 784 
Total other investment securities$41,840 $33,987 
Summary of Pledged Securities
The following table summarizes the carrying value of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)March 31, 2022December 31, 2021
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$835,391 $795,496 
     Held-to-maturity275,525 160,643 
Securing collateral for cash flow hedge swaps:
     Available-for-sale5,711 18,208 
     Held-to-maturity— 9,936 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale5,686 6,504 
     Held-to-maturity543 549 
Loans pledged are summarized as follows:
(Dollars in thousands)March 31, 2022December 31, 2021
Loans pledged to FHLB$778,724 $769,863 
Loans pledged to FRB354,788 294,728