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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Investment Securities
Available-for-sale
The following table summarizes Peoples’ available-for-sale investment securities at December 31:
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
2022    
Obligations of:    
U.S. Treasury and government agencies$158,473 $— $(6,051)$152,422 
U.S. government sponsored agencies101,753 18 (13,656)88,115 
States and political subdivisions261,612 12 (35,742)225,882 
Residential mortgage-backed securities707,025 1,017 (103,389)604,653 
Commercial mortgage-backed securities61,091 — (11,042)50,049 
Bank-issued trust preferred securities10,765 57 (544)10,278 
Total available-for-sale securities$1,300,719 $1,104 $(170,424)$1,131,399 
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 gross losses realized by Peoples from sales of available-for-sale securities for the years ended December 31 were as follows:
(Dollars in thousands)202220212020
Gross gains realized$314 $1,184 $655 
Gross losses realized375 2,046 1,023 
Net (loss) gain realized$(61)$(862)$(368)
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following table presents a summary of available-for-sale investment securities that had an unrealized loss at December 31:
 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
2022        
Obligations of:
U.S. Treasury and government agencies
$112,730 $2,772 13 $39,692 $3,279 11 $152,422 $6,051 
U.S. government sponsored agencies
15,166 249 17 66,706 13,407 18 81,872 13,656 
States and political subdivisions60,324 714 114 156,900 35,028 117 217,224 35,742 
Residential mortgage-backed securities
104,959 8,087 105 488,452 95,302 139 593,411 103,389 
Commercial mortgage-backed securities
1,874 129 2 48,175 10,913 21 50,049 11,042 
Bank-issued trust preferred securities
4,400 100 3 3,556 444 2 7,956 544 
Total$299,453 $12,051 254 $803,481 $158,373 308 $1,102,934 $170,424 
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 
Schedule 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 December 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 23.3%.  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$53,010 $105,463 $— $— $158,473 
U.S. government sponsored agencies7,028 41,440 45,016 8,269 101,753 
States and political subdivisions27,434 48,406 69,824 115,948 261,612 
Residential mortgage-backed securities18 1,595 57,748 647,664 707,025 
Commercial mortgage-backed securities1,090 4,089 30,901 25,011 61,091 
Bank-issued trust preferred securities— 4,265 6,500 — 10,765 
Total available-for-sale securities$88,580 $205,258 $209,989 $796,892 $1,300,719 
Fair value     
Obligations of:     
U.S. Treasury and government agencies$51,957 $100,465 $— $— $152,422 
U.S. government sponsored agencies6,933 37,643 37,513 6,026 88,115 
States and political subdivisions27,312 46,152 58,275 94,143 225,882 
Residential mortgage-backed securities18 1,524 52,232 550,879 604,653 
Commercial mortgage-backed securities1,080 3,751 25,520 19,698 50,049 
Bank-issued trust preferred securities— 4,313 5,965 — 10,278 
Total available-for-sale securities$87,300 $193,848 $179,505 $670,746 $1,131,399 
Total weighted-average yield2.32 %2.07 %1.71 %1.82 %1.88 %
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at December 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 23.3%. 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$2,125 $20,012 $48,883 $61,346 $132,366 
States and political subdivisions— 5,211 9,407 130,645 145,263 
Residential mortgage-backed securities— 1,036 — 175,179 176,215 
Commercial mortgage-backed securities— 12,026 31,438 63,145 106,609 
Total held-to-maturity securities$2,125 $38,285 $89,728 $430,315 $560,453 
Fair value     
Obligations of:     
U.S. government sponsored agencies$2,093 $19,194 $48,320 $53,413 $123,020 
States and political subdivisions— 4,857 7,809 96,110 108,776 
Residential mortgage-backed securities— 1,006 — 156,992 157,998 
Commercial mortgage-backed securities— 11,126 27,832 49,757 88,715 
Total held-to-maturity securities$2,093 $36,183 $83,961 $356,272 $478,509 
Total weighted-average yield0.98 %1.97 %4.17 %3.02 %3.12 %
Schedule of Held-to-maturity Investment Securities
The following table summarizes Peoples’ held-to-maturity investment securities at December 31:
(Dollars in thousands)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
2022    
Obligations of:    
U.S. government sponsored agencies$132,366 $— $130 $(9,476)$123,020 
States and political subdivisions145,263 (241)162 (36,408)108,776 
Residential mortgage-backed securities176,215 — 244 (18,461)157,998 
Commercial mortgage-backed securities106,609 — — (17,894)88,715 
Total held-to-maturity securities$560,453 $(241)$536 $(82,239)$478,509 
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 
Schedule of Held-to-maturity Securities with Unrealized Loss
The following table presents a summary of held-to-maturity investment securities that had an unrealized loss at December 31:
 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
2022        
Obligations of:
U.S. government sponsored agencies$59,905 $651 17 $29,306 $8,825 9 $89,211 $9,476 
States and political subdivisions
3,590 1,072 3 101,863 35,336 64 105,453 36,408 
Residential mortgage-backed securities
71,582 2,904 21 72,862 15,557 18 144,444 18,461 
Commercial mortgage-backed securities
26,869 650 8 61,846 17,244 29 88,715 17,894 
Total$161,946 $5,277 49 $265,877 $76,962 120 $427,823 $82,239 
2021        
Obligations of:
U.S. government sponsored agencies$17,328 $504 6 $14,635 $500 2 $31,963 $1,004 
States and political subdivisions
61,954 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 
Schedule of Other Investment Securities
The following table summarizes the carrying value of Peoples' other investment securities at December 31:
(Dollars in thousands)20222021
FHLB stock$26,605 $17,308 
FRB stock21,231 13,311 
Nonqualified deferred compensation2,048 2,240 
Equity investment securities346 344 
Other investment securities1,379 784 
Total other investment securities$51,609 $33,987 
Schedule of Pledged Securities The following table summarizes the carrying value of Peoples' pledged investment securities as of December 31:
Carrying Amount
(Dollars in thousands)20222021
Securing public and trust department deposits, and repurchase agreements:
Available-for-sale$779,244 $795,496 
Held-to-maturity312,921 160,643 
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-sale3,972 6,504 
Held-to-maturity128,870 549 
Loans pledged at December 31 are summarized in the following table:
(Dollars in thousands)20222021
Loans pledged to FHLB$783,843 $769,863 
Loans pledged to FRB339,005 294,728