Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following table details Peoples' revenue from contracts with customers:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2023		2022		2023		2022
Insurance income:
Commission and fees from sale of insurance policies (a)	$	4,133	$	3,465	$	11,844	$	10,323
Fees related to third-party administration services (a)	77		88		233		252
Performance-based commissions (b)	40		65		1,602		1,420
Trust and investment income:
Fiduciary income (a)	2,506		2,376		7,710		7,618
Brokerage income (a)	1,782		1,578		5,076		4,858
Electronic banking income:
Interchange income (a)	5,124		4,150		14,341		12,564
Promotional and usage income (a)	1,342		1,111		4,034		3,369
Deposit account service charges:
Ongoing maintenance fees for deposit accounts (a)	1,577		1,353		4,661		3,971
Transaction-based fees (b)	2,939		2,480		7,531		6,846
Commercial loan swap fees (b)	475		224		593		662
Other non-interest income transaction-based fees (b)	391		255		1,199		826
Total revenue from contracts with customers	$	20,386	$	17,145	$	58,824	$	52,709
Timing of revenue recognition:
Services transferred over time	$	16,541	$	14,121	$	47,899	$	42,955
Services transferred at a point in time	3,845		3,024		10,925		9,754
Total revenue from contracts with customers	$	20,386	$	17,145	$	58,824	$	52,709

(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 nine-month period ended September 30, 2023:

	Contract Assets		Contract Liabilities
(Dollars in thousands)
Balance, January 1, 2023	$	1,294	$	5,634
Additional income receivable	210		—
Additional deferred income	—		106
Recognition of income previously deferred	—		(163)
Balance, September 30, 2023	$	1,504	$	5,577