Deposits

9 Months Ended

Sep. 30, 2023

Banking and Thrift, Other Disclosure [Abstract]

Deposits

Deposits

Peoples’ deposit balances were comprised of the following:

(Dollars in thousands)	September 30, 2023		December 31, 2022
Retail certificates of deposits ("CDs"):
$100 or more	$	673,848	$	263,341
Less than $100	524,885		266,895
Total Retail CDs	1,198,733		530,236
Interest-bearing deposit accounts	1,181,079		1,160,182
Savings accounts	987,170		1,068,547
Money market deposit accounts	730,902		617,029
Governmental deposit accounts	761,625		625,965
Brokered CDs	608,914		125,580
Total interest-bearing deposits	5,468,423		4,127,539
Non-interest-bearing deposits	$	1,569,095	1,589,402
Total deposits	$	7,037,518	$	5,716,941

Uninsured deposits were $1.9 billion and $1.6 billion at September 30, 2023 and at December 31, 2022, respectively. Uninsured amounts are estimated based on the portion of the respective customer account balances that exceeded the FDIC limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which covered over $812.7 million of the uninsured deposit balances at September 30, 2023.

Uninsured time deposits are broken out below by time remaining until maturity.

(Dollars in thousands)	September 30, 2023		December 31, 2022
3 months or less	$	34,976	$	19,282
Over 3 to 6 months	58,092		14,871
Over 6 to 12 months	135,603		14,383
Over 12 months	33,184		52,216
Total	$	261,855	$	100,752

The contractual maturities of CDs for each of the next five years, including the remainder of 2023, and thereafter are as follows:

(Dollars in thousands)	Retail		Brokered		Total
Remaining three months ending December 31, 2023	$	200,562	$	608,914	$	809,476
Year ending December 31, 2024	899,116		—		899,116
Year ending December 31, 2025	45,630		—		45,630
Year ending December 31, 2026	19,560		—		19,560
Year ending December 31, 2027	26,296		—		26,296
Thereafter	7,569		—		7,569
Total CDs	$	1,198,733	$	608,914	$	1,807,647

At September 30, 2023, Peoples had eleven effective interest rate swaps, with an aggregate notional value of $105.0 million, of which $105.0 million were funded by brokered CDs. Brokered CDs used to fund interest rate swaps are expected to be extended every 90 days through the maturity dates of the swaps. Additional information regarding Peoples' interest rate swaps can be found in "Note 10 Derivative Financial Instruments."