XML 49 R36.htm IDEA: XBRL DOCUMENT v3.23.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Summary of Sales Type Lease Income
The table below details Peoples' lease income:
 Three Months EndedNine Months Ended
(Dollars in thousands)September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Interest and fees on leases (a)$11,508 $9,628 $31,426 $26,271 
Lease (loss) income(66)1,725 2,730 2,931 
Total lease income$11,442 $11,353 $34,156 $29,202 
(a)Included in "Interest and fees on loans and leases" in the Unaudited Consolidated Statements of Operations. For additional information, see "Note 4 Loans and Leases" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
Summary of Sales Type Leases
The following table summarizes the net investment in leases, which is included in "Loans and leases, net of deferred fees and costs" on the Unaudited Consolidated Balance Sheets:
(Dollars in thousands)September 30, 2023December 31, 2022
Lease payments receivable, at amortized cost$444,270 $367,681 
Estimated residual values36,425 35,045 
Initial direct costs6,173 4,233 
Deferred revenue(84,233)(61,828)
Net investment in leases402,635 345,131 
Allowance for credit losses - leases(11,692)(8,495)
Net investment in leases, after allowance for credit losses$390,943 $336,636 
Summary of Sales Type Lease Maturity
The following table summarizes the contractual maturities of leases:
(Dollars in thousands)Balance
Remaining three months ending December 31, 2023$28,442 
Year ending December 31, 2024106,588 
Year ending December 31, 2025105,727 
Year ending December 31, 202682,368 
Year ending December 31, 202766,925 
Thereafter54,220 
Lease payments receivable, at amortized cost$444,270 
Summary of Lease
The table below details Peoples' lease expense, which is included in "Net occupancy and equipment expense" in the Unaudited Consolidated Statements of Operations:
 Three Months EndedNine Months Ended
(Dollars in thousands)September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Operating lease expense$474 $630 2,262 1,893 
Short-term lease expense84 208 174 555 
Total lease expense$558 $838 $2,436 $2,448 
The following table details the ROU assets, the lease liabilities and other information related to Peoples' operating leases at the dates shown:
(Dollars in thousands)September 30, 2023December 31, 2022
ROU assets:
Other assets$12,102 $6,825 
Lease liabilities:
     Accrued expenses and other liabilities$12,490 $7,551 
Other information:
     Weighted-average remaining lease term9.3 years8.8 years
     Weighted-average discount rate3.32 %2.70 %
Summary of Operating Lease Maturities
The following table summarizes the maturity of remaining lease liabilities:
(Dollars in thousands)Balance
Remaining three months ending December 31, 2023$909 
Year ending December 31, 20242,551 
Year ending December 31, 20251,983 
Year ending December 31, 20261,710 
Year ending December 31, 20271,555 
Thereafter6,601 
Total undiscounted lease payments$15,309 
Imputed interest$(2,819)
Total lease liabilities$12,490