Deposits

12 Months Ended

Dec. 31, 2023

Banking and Thrift, Other Disclosure [Abstract]

Peoples’ deposit balances were comprised of the following at December 31:


(Dollars in thousands)	2023		2022
Retail CDs:
$100 or more	$	815,300	$	263,341
Less than $100	628,117		266,895
Total retail CDs	1,443,417		530,236
Interest-bearing deposit accounts	1,144,357		1,160,182
Savings accounts	919,244		1,068,547
Money market deposit accounts	775,488		617,029
Governmental deposit accounts	726,713		625,965

Brokered deposit accounts	575,429		125,580
Total interest-bearing deposits	5,584,648		4,127,539
Non-interest-bearing deposits	1,567,649		1,589,402
Total deposits	$	7,152,297	$	5,716,941

Uninsured deposits were $2.0 billion and $1.6 billion at December 31, 2023 and 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 $788.7 million of the uninsured deposit balances at December 31, 2023.

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


(Dollars in thousands)	2023		2022
3 months or less	$	58,708	$	19,282
Over 3 to 6 months	99,928		14,871
Over 6 to 12 months	131,263		14,383
Over 12 months	37,180		52,216
Total	$	327,079	$	100,752

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


(Dollars in thousands)	Retail		Brokered		Total
2024	$	1,278,306	$	575,429	$	1,853,735
2025	113,820		—		113,820
2026	18,033		—		18,033
2027	25,033		—		25,033
2028	8,176		—		8,176
Thereafter	49		—		49
Total CDs	$	1,443,417	$	575,429	$	2,018,846

Deposits from related parties were $14.2 million and $8.5 million at December 31, 2023 and 2022, respectively.

At December 31, 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 deposits. Brokered deposits 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 15 Derivative Financial Instruments.”