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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023    
Obligations of:    
U.S. Treasury and government agencies$61,584 $— $(3,146)$58,438 
U.S. government sponsored agencies109,927 22 (11,638)98,311 
States and political subdivisions254,523 32 (29,559)224,996 
Residential mortgage-backed securities697,452 1,070 (93,252)605,270 
Commercial mortgage-backed securities62,256 — (10,103)52,153 
Bank-issued trust preferred securities10,779 40 (490)10,329 
Total available-for-sale securities$1,196,521 $1,164 $(148,188)$1,049,497 
December 31, 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 
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)20232022
Gross gains realized$78 $146 
Gross losses realized(2,013)(16)
Net (loss) gain realized$(1,935)$130 
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 for the periods identified:
 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, 2023        
Obligations of:
U.S. Treasury and government agencies
$— $— — $58,438 $3,146 18 $58,438 $3,146 
U.S. government sponsored agencies
24,093 222 18 71,220 11,416 14 95,313 11,638 
States and political subdivisions52,634 355 96 161,939 29,204 117 214,573 29,559 
Residential mortgage-backed securities
22,648 486 32 572,090 92,766 212 594,738 93,252 
Commercial mortgage-backed securities
1,627 8 1 50,526 10,095 23 52,153 10,103 
Bank-issued trust preferred securities
478 22 1 7,533 468 4 8,011 490 
Total$101,480 $1,093 148 $921,746 $147,095 388 $1,023,226 $148,188 
December 31, 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 
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, 2023. 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$12,495 $49,089 $— $— $61,584 
U.S. government sponsored agencies9,309 47,321 45,042 8,255 109,927 
States and political subdivisions25,699 47,241 67,302 114,281 254,523 
Residential mortgage-backed securities1 1,415 56,175 639,861 697,452 
Commercial mortgage-backed securities1,635 7,463 29,862 23,296 62,256 
Bank-issued trust preferred securities— 6,279 4,500 — 10,779 
Total available-for-sale securities$49,139 $158,808 $202,881 $785,693 $1,196,521 
Fair value     
Obligations of:     
U.S. Treasury and government agencies$12,195 $46,243 $— $— $58,438 
U.S. government sponsored agencies9,154 44,088 38,785 6,284 98,311 
States and political subdivisions25,637 45,497 57,761 96,101 224,996 
Residential mortgage-backed securities1 1,358 51,295 552,616 605,270 
Commercial mortgage-backed securities1,627 6,771 24,990 18,765 52,153 
Bank-issued trust preferred securities— 6,284 4,045 — 10,329 
Total available-for-sale securities$48,614 $150,241 $176,876 $673,766 $1,049,497 
Total weighted-average yield2.58 %2.27 %1.69 %1.89 %1.93 %
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, 2023. 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 23.3% for the three months ended March 31, 2023 and December 31, 2022, 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 agencies2,126 $24,178 $71,008 $96,872 $194,184 
States and political subdivisions— 5,214 9,402 130,469 145,085 
Residential mortgage-backed securities— 890 — 244,404 245,294 
Commercial mortgage-backed securities5,004 6,129 34,744 63,873 109,750 
Total held-to-maturity securities$7,130 $36,411 $115,154 $535,618 $694,313 
Fair value     
Obligations of:     
U.S. government sponsored agencies2,102 $23,398 $70,844 $90,102 $186,446 
States and political subdivisions— 4,944 8,165 101,083 114,192 
Residential mortgage-backed securities— 866 — 229,511 230,377 
Commercial mortgage-backed securities4,899 5,471 30,996 52,055 93,421 
Total held-to-maturity securities$7,001 $34,679 $110,005 $472,751 $624,436 
Total weighted-average yield2.01 %2.01 %4.29 %3.45 %3.50 %
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, 2023    
Obligations of:   
 U.S. government sponsored agencies$194,184 $— $385 $(8,123)$186,446 
States and political subdivisions145,085 (241)199 (30,851)114,192 
Residential mortgage-backed securities245,294 — 1,321 (16,345)230,377 
Commercial mortgage-backed securities109,750 — 49 (16,378)93,421 
Total held-to-maturity securities$694,313 $(241)$1,954 $(71,697)$624,436 
December 31, 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 
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 for the periods identified:
 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, 2023        
Obligations of:
U.S. government sponsored agencies$81,988 $413 14 30,303 7,710 9 $112,291 $8,123 
States and political subdivisions— — — 110,831 30,851 67 110,831 30,851 
Residential mortgage-backed securities
67,554 884 20 87,045 15,461 23 154,599 16,345 
Commercial mortgage-backed securities
22,008 462 5 65,621 15,916 31 87,629 16,378 
Total$171,550 $1,759 39 $293,800 $69,938 130 $465,350 $71,697 
December 31, 2022        
Obligations of:
U.S. government sponsored agencies$59,905 $651 17 29,306 8,825 9 $89,211 $9,476 
States and political subdivisions3,590 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 
Summary of Other Investment Securities
The following table summarizes the carrying value of Peoples' other investment securities:
(Dollars in thousands)March 31, 2023December 31, 2022
FHLB stock$27,381 $26,605 
FRB stock21,231 21,231 
Nonqualified deferred compensation2,405 2,048 
Equity investment securities367 346 
Other investment securities1,379 1,379 
Total other investment securities$52,763 $51,609 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)March 31, 2023December 31, 2022
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$704,074 $779,244 
     Held-to-maturity372,372 312,921 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale3,949 3,972 
     Held-to-maturity145,867 128,870 
Loans pledged are summarized as follows:
(Dollars in thousands)March 31, 2023December 31, 2022
Loans pledged to FHLB$918,075 $783,843 
Loans pledged to FRB332,521 339,005