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Loans and Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Schedule of Loan Classification by Type
The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows at December 31:
(Dollars in thousands)20222021
Construction$246,941 $210,232 
Commercial real estate, other1,423,518 1,550,081 
Commercial and industrial892,634 891,392 
Premium finance159,197 136,136 
Leases345,131 122,508 
Residential real estate723,360 771,718 
Home equity lines of credit177,858 163,593 
Consumer, indirect629,426 530,532 
Consumer, direct108,363 104,652 
Deposit account overdrafts722 756 
Total loans, at amortized cost$4,707,150 $4,481,600 
Net deferred loan origination costs were $20.5 million and $13.5 million at December 31, 2022 and 2021, respectively.
Schedule of Nonaccrual and Past Due Loans
The amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows at December 31:
20222021
(Dollars in thousands)
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Construction$12 $— $6 $90 
Commercial real estate, other12,121 167 17,067 689 
Commercial and industrial3,462 130 3,572 1,139 
Premium finance— 504 — 865 
Leases3,178 3,041 1,581 — 
Residential real estate9,496 917 9,647 805 
Home equity lines of credit820 58 1,039 50 
Consumer, indirect2,176 — 1,574 — 
Consumer, direct208 25 279 85 
Total loans, at amortized cost$31,473 $4,842 $34,765 $3,723 
(a)There were $1.4 million of nonaccrual loans for which there was no allowance for credit losses at December 31, 2022 and $2.6 million of such loans at December 31, 2021.
Schedule of Aging of the Recorded Investment in Past Due Loans and Leases
The following tables present the aging of the recorded investment in past due loans at December 31:
Loans Past DueCurrentTotal
(Dollars in thousands)
30 – 59 days
60 – 89 days
90 + DaysTotal
2022
Construction$196 $161 $9 $366 $246,575 $246,941 
Commercial real estate, other2,279 1,051 10,370 13,700 1,409,818 1,423,518 
Commercial and industrial2,522 289 3,449 6,260 886,374 892,634 
Premium finance646 816 504 1,966 157,231 159,197 
Leases6,074 1,921 6,218 14,213 330,918 345,131 
Residential real estate10,113 2,128 5,519 17,760 705,600 723,360 
Home equity lines of credit987 149 552 1,688 176,170 177,858 
Consumer, indirect5,866 1,048 921 7,835 621,591 629,426 
Consumer, direct703 70 108 881 107,482 108,363 
Deposit account overdrafts— — — — 722 722 
Total loans, at amortized cost$29,386 $7,633 $27,650 $64,669 $4,642,481 $4,707,150 
2021
Construction$658 $— $90 $748 $209,484 $210,232 
Commercial real estate, other2,891 1,600 12,561 17,052 1,533,029 1,550,081 
Commercial and industrial1,132 1,278 3,595 6,005 885,387 891,392 
Premium finance751 266 865 1,882 134,254 136,136 
Leases426 247 1,581 2,254 120,254 122,508 
Residential real estate8,276 2,241 5,188 15,705 756,013 771,718 
Home equity lines of credit1,137 619 625 2,381 161,212 163,593 
Consumer, indirect4,220 895 615 5,730 524,802 530,532 
Consumer, direct457 135 200 792 103,860 104,652 
Deposit account overdrafts— — — — 756 756 
Total loans, at amortized cost$19,948 $7,281 $25,320 $52,549 $4,429,051 $4,481,600 
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 
Schedule of Related Party Loans Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status, and the addition and exit of directors during the year, as applicable.
(Dollars in thousands) 
Balance, December 31, 2021$28,079 
New loans and disbursements19,938 
Repayments(20,579)
Other changes(66)
Balance, December 31, 2022$27,372 
Schedule of Loans By Risk Category
The following tables summarize the risk category of Peoples' loan portfolio based upon the then most recent analysis performed at December 31, 2022:
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
Construction

  Pass$82,143 $110,719 $27,893 $20,223 $656 $4,061 $44 $81 $245,739 
  Special mention— — — — — 818 — — 818 
  Substandard— 2 — — — 382 — — 384 
     Total82,143 110,721 27,893 20,223 656 5,261 44 81 246,941 
Commercial real estate, other

  Pass165,282 224,727 227,799 202,877 110,564 369,578 27,300 5,217 1,328,127 
  Special mention— 189 1,099 5,519 3,111 29,334 105 — 39,357 
  Substandard— 8,327 2,591 1,366 1,296 42,172 216 190 55,968 
  Doubtful— — — — — 66 — — 66 
     Total165,282 233,243 231,489 209,762 114,971 441,150 27,621 5,407 1,423,518 
Commercial and industrial
  Pass167,937 142,615 72,573 71,497 40,229 91,853 215,116 3,722 801,820 
  Special mention10,248 14,981 11,923 2,711 236 4,877 16,235 — 61,211 
  Substandard84 9,801 3,417 2,410 1,459 3,620 8,603 611 29,394 
  Doubtful— — — — — 209 — — 209 
     Total178,269 167,397 87,913 76,618 41,924 100,559 239,954 4,333 892,634 
Premium finance
  Pass158,778 419 — — — — — — 159,197 
Total158,778 419 — — — — — — 159,197 
Leases
Pass191,148 90,738 34,627 15,951 3,269 1,119 — — 336,852 
Special mention1,741 2,477 140 22 24 — — — 4,404 
Substandard546 1,840 571 464 454 — — — 3,875 
Total193,435 95,055 35,338 16,437 3,747 1,119 — — 345,131 
Residential real estate
  Pass78,313 138,860 58,869 42,840 28,174 364,635 — — 711,691 
  Substandard— — 137 569 563 10,302 — — 11,571 
   Loss— — — — — 98 — — 98 
     Total78,313 138,860 59,006 43,409 28,737 375,035 — — 723,360 
Home equity lines of credit
  Pass41,781 35,768 19,863 14,820 13,800 50,291 334 2,096 176,657 
  Substandard— 60 — 53 126 958 — — 1,197 
   Loss— — — — — 4 — — 4 
     Total41,781 35,828 19,863 14,873 13,926 51,253 334 2,096 177,858 
Consumer, indirect
  Pass305,814 149,445 100,027 35,988 22,789 12,741 — — 626,804 
  Substandard384 811 659 266 304 193 — — 2,617 
   Loss— 5 — — — — — — 5 
     Total306,198 150,261 100,686 36,254 23,093 12,934 — — 629,426 
Consumer, direct
  Pass50,889 28,351 14,558 6,333 3,725 3,975 — — 107,831 
  Substandard97 63 138 46 21 150 — — 515 
   Loss— — — — — 17 — — 17 
     Total50,986 28,414 14,696 6,379 3,746 4,142 — — 108,363 
Deposit account overdrafts722 — — — — — — — 722 
Total loans, at amortized cost$1,255,907 $960,198 $576,884 $423,955 $230,800 $991,453 $267,953 $11,917 $4,707,150 
The following tables summarize the risk category of Peoples' loan portfolio based upon the then most recent analysis performed at December 31, 2021:
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20212020201920182017PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
Construction

  Pass$85,276 $78,026 $29,514 $3,498 $1,233 $2,982 $2,411 $6,948 $202,940 
  Special mention290 — — 735 3,850 137 — — 5,012 
  Substandard— — 947 77 153 1,103 — — 2,280 
     Total85,566 78,026 30,461 4,310 5,236 4,222 2,411 6,948 210,232 
Commercial real estate, other

  Pass253,259 259,113 217,938 143,094 143,975 392,212 21,320 11,940 1,430,911 
  Special mention157 2,716 7,875 3,839 6,292 31,626 — 49 52,505 
  Substandard— 1,675 824 691 3,124 59,415 371 37 66,100 
  Doubtful— — — — — 542 — — 542 
  Loss— — — — — 23 — — 23 
     Total253,416 263,504 226,637 147,624 153,391 483,818 21,691 12,026 1,550,081 
Commercial and industrial
  Pass299,117 105,646 84,144 56,361 22,182 100,030 174,848 15,888 842,328 
  Special mention82 11,745 2,559 2,179 132 5,445 7,563 9 29,705 
  Substandard465 2,059 2,691 812 4,995 3,342 3,085 367 17,449 
  Doubtful— — — — — 1,648 262 100 1,910 
     Total299,664 119,450 89,394 59,352 27,309 110,465 185,758 16,364 891,392 
Premium finance
  Pass135,896 240 — — — — — — 136,136 
Total135,896 240 — — — — — — 136,136 
Leases
Pass78,048 25,954 13,368 2,972 337 — — — 120,679 
Special mention34 29 22 159 4 — — — 248 
Substandard196 438 462 479 6 — — — 1,581 
Total78,278 26,421 13,852 3,610 347 — — — 122,508 
Residential real estate
  Pass141,845 74,169 53,434 33,690 44,377 407,541 — — 755,056 
  Substandard— — — — — 16,302 — — 16,302 
   Loss— — — — — 360 — — 360 
     Total141,845 74,169 53,434 33,690 44,377 424,203 — — 771,718 
Home equity lines of credit
  Pass35,898 23,276 18,035 16,124 14,991 53,302 1,967 3,287 163,593 
     Total35,898 23,276 18,035 16,124 14,991 53,302 1,967 3,287 163,593 
Consumer, indirect
  Pass226,287 163,830 63,353 45,672 21,754 9,636 — — 530,532 
     Total226,287 163,830 63,353 45,672 21,754 9,636 — — 530,532 
Consumer, direct
  Pass47,308 26,792 13,293 8,411 3,218 5,630 — — 104,652 
     Total47,308 26,792 13,293 8,411 3,218 5,630 — — 104,652 
Deposit account overdrafts756 — — — — — — — 756 
Total loans, at amortized cost$1,304,914 $775,708 $508,459 $318,793 $270,623 $1,091,276 $211,827 $38,625 $4,481,600 
Schedule of Financing Receivables, Collateral Dependent
The following table details Peoples' amortized cost of collateral dependent loans at December 31:
(Dollars in thousands)20222021
Construction$— $1,291 
Commercial real estate, other8,362 37,220 
Commercial and industrial1,456 8,340 
Residential real estate536 2,877 
Home equity lines of credit— 391 
Total collateral dependent loans$10,354 $50,119 
Schedule of Troubled Debt Restructurings on Financing Receivables
The following table summarizes the loans that were modified as TDRs during the years ended December 31, 2022 and 2021.

Recorded Investment (a)
(Dollars in thousands)Number of ContractsPre-ModificationPost-ModificationRemaining Recorded Investment
2022
Commercial real estate, other8 $1,191 $1,191 $1,179 
Commercial and industrial9 1,513 1,517 971 
Residential real estate34 1,741 1,825 1,789 
Home equity lines of credit8 321 321 313 
Consumer, indirect23 286 285 285 
Consumer, direct9 102 103 103 
Consumer32 388 388 388 
Total91 $5,154 $5,242 $4,640 
2021
Construction1 $344 $344 $344 
Commercial real estate, other7 218 218 217 
Commercial and industrial1 187 188 100 
Residential real estate55 2,513 2,574 2,464 
Home equity lines of credit14 500 500 489 
Consumer, indirect16 207 207 184 
Consumer, direct11 59 60 53 
   Consumer27 266 267 237 
Total105 $4,028 $4,091 $3,851 
(a) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported.

The following table presents those loans modified into a TDR during the year that subsequently defaulted (i.e., 90 days or more past due following a modification during the year).
20222021
(Dollars in thousands)Number of Contracts
Recorded Investment (a)
Impact on the Allowance for Credit LossesNumber of ContractsRecorded Investment (a)Impact on the Allowance for Credit Losses
Commercial real estate, other1 $65 $— — $— $— 
Commercial and Industrial1 43 — — — — 
Residential real estate2 64 — 3 156 — 
Consumer, indirect1 7 — 1 26 — 
Consumer, direct1 2 — — — — 
Total6 $181 $— 4 $182 $— 
(a) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported.
Schedule of Activity in Allowance for Loan and Lease Losses
Changes in the allowance for credit losses for 2022 are summarized below:
(Dollars in thousands)Beginning Balance,
January 1, 2022		Initial Allowance for Acquired PCD Assets (a)(Recovery of) Provision for Credit Losses (b)Charge-offsRecoveries
Ending Balance, December 31, 2022
Construction$2,999 $— $(1,733)$(16)$— $1,250 
Commercial real estate, other29,147 (451)(10,794)(489)297 17,710 
Commercial and industrial11,063 (418)(1,522)(943)49 8,229 
Premium finance379 — 76 (124)13 344 
Leases4,797 8015,062 (2,585)420 8,495 
Residential real estate7,233 (509)217 (668)84 6,357 
Home equity lines of credit2,005 (11)(258)(88)45 1,693 
Consumer, indirect5,326 (41)4,068 (2,233)328 7,448 
Consumer, direct961 — 930 (363)47 1,575 
Deposit account overdrafts57 — 1,050 (1,246)200 61 
Total$63,967 $(629)$(2,904)$(8,755)$1,483 $53,162 
(a) Includes purchase price adjustments related to acquisitions previously completed but were within the 12-month measurement period.
(b) Amount does not include the provision for unfunded commitment liability.
Changes in the allowance for credit losses for 2021 are summarized below:
(Dollars in thousands)Beginning Balance,
January 1, 2021		Initial Allowance for Acquired PCD Assets(Recovery of) Provision for Credit Losses (a)Charge-offsRecoveries
Ending Balance, December 31, 2021
Construction$1,887 $2,006 $(894)$— $— $2,999 
Commercial real estate, other17,536 9,636 2,158 (387)204 29,147 
Commercial and industrial12,763 4,048 (4,717)(1,057)26 11,063 
Premium finance1,095 — (671)(45)— 379 
Leases— 4935,399 (1,434)339 4,797 
Residential real estate6,044 1,206 225 (385)143 7,233 
Home equity lines of credit1,860 66 235 (197)41 2,005 
Consumer, indirect8,030 — (1,201)(1,756)253 5,326 
Consumer, direct1,081 115 (195)(152)112 961 
Deposit account overdrafts63 — 392 (575)177 57 
Total$50,359 $17,570 $731 $(5,988)$1,295 $63,967 
(a)Amount does not include the provision for unfunded commitment liability.