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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2023    
Obligations of:    
U.S. Treasury and government agencies$78,769 $232 $(3,746)$75,255 
U.S. government sponsored agencies111,070 — (12,746)98,324 
States and political subdivisions280,498 77 (32,304)248,271 
Residential mortgage-backed securities737,345 852 (102,710)635,487 
Commercial mortgage-backed securities62,961 1 (10,132)52,830 
Bank-issued trust preferred securities21,688 2,182 (598)23,272 
Total available-for-sale securities$1,292,331 $3,344 $(162,236)$1,133,439 
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 June 30 were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(Dollars in thousands)2023202220232022
Gross gains realized$12 $14 $90 $160 
Gross losses realized(178)(58)(2,191)(74)
Net (loss) gain realized$(166)$(44)$(2,101)$86 
Summary of Available-for-sale Securities with Unrealized Loss
The following table presents a summary of available-for-sale investment securities that have 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
June 30, 2023        
Obligations of:
U.S. Treasury and government agencies
$7,020 $164 16 $57,976 $3,582 18 $64,996 $3,746 
U.S. government sponsored agencies
27,135 275 15 71,195 12,471 16 98,330 12,746 
States and political subdivisions69,362 1,031 141 162,552 31,273 123 231,914 32,304 
Residential mortgage-backed securities
77,730 1,787 102 544,749 100,923 214 622,479 102,710 
Commercial mortgage-backed securities
8,090 155 9 44,518 9,977 21 52,608 10,132 
Bank-issued trust preferred securities
— — — 3,902 598 3 3,902 598 
Total$189,337 $3,412 283 $884,892 $158,824 395 $1,074,229 $162,236 
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 June 30, 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$12,496 $51,227 $8,855 $6,191 $78,769 
U.S. government sponsored agencies10,082 60,436 32,311 8,241 111,070 
States and political subdivisions24,456 58,633 69,644 127,765 280,498 
Residential mortgage-backed securities1 3,157 58,005 676,182 737,345 
Commercial mortgage-backed securities1,634 8,428 31,690 21,209 62,961 
Bank-issued trust preferred securities— 7,175 12,671 1,842 21,688 
Total available-for-sale securities$48,669 $189,056 $213,176 $841,430 $1,292,331 
Fair value     
Obligations of:     
U.S. Treasury and government agencies$12,200 $47,897 $8,855 $6,303 $75,255 
U.S. government sponsored agencies9,950 54,971 27,167 6,236 98,324 
States and political subdivisions24,362 55,420 59,159 109,330 248,271 
Residential mortgage-backed securities1 2,971 52,558 579,957 635,487 
Commercial mortgage-backed securities1,622 7,695 26,547 16,966 52,830 
Bank-issued trust preferred securities— 7,517 13,913 1,842 23,272 
Total available-for-sale securities$48,135 $176,471 $188,199 $720,634 $1,133,439 
Total weighted-average yield2.71 %2.42 %2.16 %2.16 %2.22 %
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, 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 23.6% and 23.3% at June 30, 2023 and at 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 agencies4,627 $21,669 $67,019 $82,712 $176,027 
States and political subdivisions— 5,216 9,397 130,296 144,909 
Residential mortgage-backed securities— 772 4,558 238,477 243,807 
Commercial mortgage-backed securities5,002 9,494 31,176 63,751 109,423 
Total held-to-maturity securities$9,629 $37,151 $112,150 $515,236 $674,166 
Fair value     
Obligations of:     
U.S. government sponsored agencies4,559 $20,797 $66,047 $74,831 $166,234 
States and political subdivisions— 5,217 8,033 99,551 112,801 
Residential mortgage-backed securities— 747 3,896 219,312 223,955 
Commercial mortgage-backed securities4,908 8,492 27,202 50,676 91,278 
Total held-to-maturity securities$9,467 $35,253 $105,178 $444,370 $594,268 
Total weighted-average yield2.06 %1.83 %4.16 %3.36 %3.39 %
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, 2023    
Obligations of:   
 U.S. government sponsored agencies$176,027 $— $74 $(9,867)$166,234 
States and political subdivisions144,909 (241)124 (31,991)112,801 
Residential mortgage-backed securities243,807 — 474 (20,326)223,955 
Commercial mortgage-backed securities109,423 — — (18,145)91,278 
Total held-to-maturity securities$674,166 $(241)$672 $(80,329)$594,268 
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
June 30, 2023        
Obligations of:
U.S. government sponsored agencies$124,952 $1,612 26 31,766 8,255 10 $156,718 $9,867 
States and political subdivisions— — — 109,514 31,991 67 109,514 31,991 
Residential mortgage-backed securities
117,092 3,598 29 83,902 16,728 26 200,994 20,326 
Commercial mortgage-backed securities
19,355 860 5 71,922 17,285 33 91,277 18,145 
Total$261,399 $6,070 60 $297,104 $74,259 136 $558,503 $80,329 
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)June 30, 2023December 31, 2022
FHLB stock$31,564 $26,605 
FRB stock26,511 21,231 
Nonqualified deferred compensation2,660 2,048 
Equity investment securities375 346 
Other investment securities2,469 1,379 
Total other investment securities$63,579 $51,609 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)June 30, 2023December 31, 2022
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$795,106 $779,244 
     Held-to-maturity386,494 312,921 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale3,735 3,972 
     Held-to-maturity143,137 128,870 
Loans pledged are summarized as follows:
(Dollars in thousands)June 30, 2023December 31, 2022
Loans pledged to FHLB$1,268,215 $783,843 
Loans pledged to FRB331,168 339,005