Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following table details Peoples’ revenue from contracts with customers for the year ended December 31:

(Dollars in thousands)	2023		2022
Insurance income:
Commission and fees from sale of insurance policies (a)	$	16,081	$	13,960
Fees related to third-party administration services (a)	301		343
Performance-based commissions (b)	1,634		1,424
Trust and investment income:
Fiduciary income (a)	10,295		10,048
Brokerage income (a)	6,865		6,343
Electronic banking income:
Interchange income (a)	19,380		16,674
Promotional and usage income (a)	5,830		4,420
Deposit account service charges:
Ongoing maintenance fees for deposit accounts (a)	6,425		5,323
Transactional-based fees (b)	10,257		9,260
Commercial loan swap fees (b)	782		662
Other non-interest income transactional-based fees (b)	1,650		1,499
Total	$	79,500	$	69,956
Timing of revenue recognition:
Services transferred over time	$	65,177	$	57,111
Services transferred at a point in time	14,323		12,845
Total	$	79,500	$	69,956

(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 the fulfillment of performance obligations, but has not yet been received, related to electronic banking 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 income is recognized during the period in which the performance obligations are fulfilled. The following table details the changes in Peoples’ contract assets and contract liabilities for the year ended December 31, 2023:

(Dollars in thousands)	Contract Assets		Contract Liabilities
Balance, January 1, 2023	$	1,294	$	5,634
Additional income receivable	209		—
Additional deferred income	—		411
Receipt of income previously receivable	(750)		—
Recognition of income previously deferred	—		(269)
Balance, December 31, 2023	$	753	$	5,776

For more information on Peoples’ revenue recognition policies, see “Note 1 Summary of Significant Accounting Policies.”