Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following table details Peoples' revenue from contracts with customers:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars in thousands)	2022		2021		2022		2021
Insurance income:
Commission and fees from sale of insurance policies (a)	$	3,544	$	3,195	$	6,587	$	6,371
Fees related to third-party administration services (a)	92		106		163		200
Performance-based commissions (b)	10		34		1,356		1,985
Trust and investment income (a)	4,246		4,220		8,522		8,065
Electronic banking income:
Interchange income (a)	4,302		3,603		8,415		6,650
Promotional and usage income (a)	1,117		815		2,257		1,679
Deposit account service charges:
Ongoing maintenance fees for deposit accounts (a)	1,307		853		2,618		1,664
Transaction-based fees (b)	2,251		1,191		4,366		2,366
Commercial loan swap fees (b)	270		61		438		121
Other non-interest income transaction-based fees (b)	315		249		572		393
Total revenue from contracts with customers	$	17,454	$	14,327	$	35,294	$	29,494
Timing of revenue recognition:
Services transferred over time	$	14,608	$	12,792	$	28,562	$	24,629
Services transferred at a point in time	2,846		1,535		6,732		4,865
Total revenue from contracts with customers	$	17,454	$	14,327	$	35,294	$	29,494

(a) Services transferred over time.

(b) Services transferred at a point in time.

Peoples records contract assets for income that has been recognized over a period of time for fulfillment of performance obligations, but has not yet been received related to electronic banking income and certain insurance income. This income typically relates to bonuses for which Peoples is eligible, but will not receive until a certain time in the future. Peoples records contract liabilities for payments received for commission income related to the sale of insurance policies, for which the performance obligations have not yet been fulfilled. The contract liabilities are recognized as income over time, during the period in which the performance obligations are fulfilled, which is over the insurance policy period. Peoples also records contract liabilities for bonuses received related to electronic banking income, for which the performance obligations have not yet been fulfilled. The contract liabilities are recognized as income over time, during the period in which the performance obligations are fulfilled related to electronic banking income.

The following table details the changes in Peoples' contract assets and contract liabilities for the six-month period ended June 30, 2022:

	Contract Assets		Contract Liabilities
(Dollars in thousands)
Balance, January 1, 2022	$	743	$	4,811
Additional income receivable	149		—
Additional deferred income	—		305
Recognition of income previously deferred	—		(63)
Balance, June 30, 2022	$	892	$	5,053