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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2022    
Obligations of:    
U.S. Treasury and government agencies$179,095 $— $(3,840)$175,255 
U.S. government sponsored agencies92,245 4 (9,784)82,465 
States and political subdivisions278,567 250 (29,415)249,402 
Residential mortgage-backed securities762,511 1,678 (72,454)691,735 
Commercial mortgage-backed securities66,465 5 (8,169)58,301 
Bank-issued trust preferred securities10,738 63 (361)10,440 
Total available-for-sale securities$1,389,621 $2,000 $(124,023)$1,267,598 
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 June 30 were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(Dollars in thousands)2022202120222021
Gross gains realized$14 $297 $160 $636 
Gross losses realized(58)(499)(74)(1,174)
Net (loss) gain realized$(44)$(202)$86 $(538)
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
June 30, 2022        
Obligations of:
U.S. Treasury and government agencies
$175,255 $3,840 31 $— $— — $175,255 $3,840 
U.S. government sponsored agencies
69,803 8,146 19 6,658 1,638 2 76,461 9,784 
States and political subdivisions143,145 18,282 141 47,152 11,133 21 190,297 29,415 
Residential mortgage-backed securities
575,723 57,557 207 91,863 14,897 24 667,586 72,454 
Commercial mortgage-backed securities
40,586 5,112 18 16,608 3,057 6 57,194 8,169 
Bank-issued trust preferred securities
7,221 280 4 919 81 1 8,140 361 
Total$1,011,733 $93,217 420 $163,200 $30,806 54 $1,174,933 $124,023 
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 June 30, 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$10,071 $169,024 $— $— $179,095 
U.S. government sponsored agencies2,807 29,294 51,848 8,296 92,245 
States and political subdivisions19,729 55,670 69,708 133,460 278,567 
Residential mortgage-backed securities30 2,033 62,316 698,132 762,511 
Commercial mortgage-backed securities5,531 909 34,741 25,284 66,465 
Bank-issued trust preferred securities— 4,238 6,500 — 10,738 
Total available-for-sale securities$38,168 $261,168 $225,113 $865,172 $1,389,621 
Fair value     
Obligations of:     
U.S. Treasury and government agencies$9,972 $165,283 $— $— $175,255 
U.S. government sponsored agencies2,802 27,614 45,391 6,658 82,465 
States and political subdivisions19,757 54,919 63,328 111,398 249,402 
Residential mortgage-backed securities30 1,999 58,905 630,801 691,735 
Commercial mortgage-backed securities5,529 876 30,501 21,395 58,301 
Bank-issued trust preferred securities— 4,294 6,146 — 10,440 
Total available-for-sale securities$38,090 $254,985 $204,271 $770,252 $1,267,598 
Total weighted-average yield3.70 %2.18 %1.60 %1.96 %1.99 %
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at June 30, 2022.  The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a blended federal and state corporate income tax rate of 23.3% and 22.3% for the periods ending June 30, 2022 and December 31, 2021, respectively.  In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.
(Dollars in thousands)Within 1 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. government sponsored agencies$— $19,151 $2,174 $29,665 $50,990 
States and political subdivisions— 5,207 9,241 136,872 151,320 
Residential mortgage-backed securities— 1,308 — 110,787 112,095 
Commercial mortgage-backed securities336 12,966 21,399 51,900 86,601 
Total held-to-maturity securities$336 $38,632 $32,814 $329,224 $401,006 
Fair value     
Obligations of:     
U.S. government sponsored agencies$— $18,707 $1,918 $23,813 $44,438 
States and political subdivisions— 4,943 8,067 109,068 122,078 
Residential mortgage-backed securities— 1,302 — 98,668 99,970 
Commercial mortgage-backed securities335 12,893 19,065 42,309 74,602 
Total held-to-maturity securities$335 $37,845 $29,050 $273,858 $341,088 
Total weighted-average yield1.46 %2.11 %1.65 %1.85 %1.85 %
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
June 30, 2022    
Obligations of:   
 U.S. government sponsored agencies$50,990 $— $12 $(6,564)$44,438 
States and political subdivisions151,320 (286)153 (29,109)122,078 
Residential mortgage-backed securities112,095 — — (12,125)99,970 
Commercial mortgage-backed securities86,601 — — (11,999)74,602 
Total held-to-maturity securities$401,006 $(286)$165 $(59,797)$341,088 
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
June 30, 2022        
Obligations of:
U.S. government sponsored agencies$10,845 $1,300 4 20,958 5,264 5 $31,803 $6,564 
States and political subdivisions87,008 20,941 58 26,097 8,168 9 113,105 29,109 
Residential mortgage-backed securities
99,944 12,125 26 — — — 99,944 12,125 
Commercial mortgage-backed securities
69,102 10,015 30 6,407 1,984 1 75,509 11,999 
Total$266,899 $44,381 118 $53,462 $15,416 15 $320,361 $59,797 
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)June 30, 2022December 31, 2021
FHLB stock$17,308 $17,308 
FRB stock21,226 13,311 
Nonqualified deferred compensation2,016 2,240 
Equity investment securities326 344 
Other investment securities779 784 
Total other investment securities$41,655 $33,987 
Summary of Pledged Securities
The following table summarizes the carrying value of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)June 30, 2022December 31, 2021
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$1,002,333 $795,496 
     Held-to-maturity297,880 160,643 
Securing collateral for cash flow hedge swaps:
     Available-for-sale— 18,208 
     Held-to-maturity— 9,936 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale4,818 6,504 
     Held-to-maturity1,828 549 
Loans pledged are summarized as follows:
(Dollars in thousands)June 30, 2022December 31, 2021
Loans pledged to FHLB$797,689 $769,863 
Loans pledged to FRB354,119 294,728