Revenue

6 Months Ended

Jun. 30, 2023

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)	2023		2022		2023		2022
Insurance income:
Commission and fees from sale of insurance policies (a)	$	3,895	$	3,544	$	7,711	$	6,587
Fees related to third-party administration services (a)	74		92		156		163

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars in thousands)	2023		2022		2023		2022
Performance-based commissions (b)	35		10		1,562		1,356
Trust and investment income:
Fiduciary income (a)	2,747		1,999		5,204		3,964
Brokerage income (a)	1,667		2,247		3,294		4,558
Electronic banking income:
Interchange income (a)	5,036		4,302		9,217		8,415
Promotional and usage income (a)	1,430		1,117		2,692		2,257
Deposit account service charges:
Ongoing maintenance fees for deposit accounts (a)	1,623		1,307		3,084		2,618
Transaction-based fees (b)	2,530		2,251		4,592		4,366
Commercial loan swap fees (b)	118		270		118		438
Other non-interest income transaction-based fees (b)	378		315		808		572
Total revenue from contracts with customers	$	19,533	$	17,454	$	38,438	$	35,294
Timing of revenue recognition:
Services transferred over time	$	16,472	$	14,608	$	31,358	$	28,562
Services transferred at a point in time	3,061		2,846		7,080		6,732
Total revenue from contracts with customers	$	19,533	$	17,454	$	38,438	$	35,294

(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, 2023:

	Contract Assets		Contract Liabilities
(Dollars in thousands)
Balance, January 1, 2023	$	1,294	$	5,634
Additional income receivable	82		—
Additional deferred income	—		490
Recognition of income previously deferred	—		(72)
Balance, June 30, 2023	$	1,376	$	6,052