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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Investment Securities
The following table summarizes Peoples’ available-for-sale investment securities at December 31:
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
2023    
Obligations of:    
U.S. Treasury and government agencies$30,999 $292 $(995)$30,296 
U.S. government sponsored agencies128,500 639 (10,532)118,607 
States and political subdivisions239,906 485 (27,095)213,296 
Residential mortgage-backed securities717,772 1,819 (90,667)628,924 
Commercial mortgage-backed securities60,611 5 (9,382)51,234 
Bank-issued trust preferred securities6,500 — (535)5,965 
Total available-for-sale securities$1,184,288 $3,240 $(139,206)$1,048,322 
2022    
Obligations of:    
U.S. Treasury and government agencies$158,473 $— $(6,051)$152,422 
U.S. government sponsored agencies101,753 18 (13,656)88,115 
States and political subdivisions261,612 12 (35,742)225,882 
Residential mortgage-backed securities707,025 1,017 (103,389)604,653 
Commercial mortgage-backed securities61,091 — (11,042)50,049 
Bank-issued trust preferred securities10,765 57 (544)10,278 
Total available-for-sale securities$1,300,719 $1,104 $(170,424)$1,131,399 
Schedule of Gross Gains and Losses from Sales of Available-for-sale Securities
The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the years ended December 31 were as follows:
(Dollars in thousands)202320222021
Gross gains realized$1,550 $314 $1,184 
Gross losses realized5,250 375 2,046 
Net loss realized$(3,700)$(61)$(862)
Schedule of Available-for-sale Securities with Unrealized Loss
The following table presents a summary of available-for-sale investment securities that had an unrealized loss at December 31:
 Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized Loss
2023        
Obligations of:
U.S. Treasury and government agencies
$8,568 $83 22 $11,631 $912 5 $20,199 $995 
U.S. government sponsored agencies
14,439 35 4 74,211 10,497 15 88,650 10,532 
States and political subdivisions18,268 136 32 167,346 26,959 138 185,614 27,095 
Residential mortgage-backed securities
58,671 1,150 66 529,895 89,517 238 588,566 90,667 
Commercial mortgage-backed securities
6,000 112 7 44,656 9,270 21 50,656 9,382 
Bank-issued trust preferred securities
1,984 16 1 3,981 519 3 5,965 535 
Total$107,930 $1,532 132 $831,720 $137,674 420 $939,650 $139,206 
2022        
Obligations of:
U.S. Treasury and government agencies
$112,730 $2,772 13 $39,692 $3,279 11 $152,422 $6,051 
U.S. government sponsored agencies
15,166 249 17 66,706 13,407 18 81,872 13,656 
States and political subdivisions60,324 714 114 156,900 35,028 117 217,224 35,742 
Residential mortgage-backed securities
104,959 8,087 105 488,452 95,302 139 593,411 103,389 
Commercial mortgage-backed securities
1,874 129 2 48,175 10,913 21 50,049 11,042 
Bank-issued trust preferred securities
4,400 100 3 3,556 444 2 7,956 544 
Total$299,453 $12,051 254 $803,481 $158,373 308 $1,102,934 $170,424 
Schedule of Investment Securities by Contractual Maturity
The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at December 31, 2023.  The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a blended federal and state corporate income tax rate of 23.3%.  In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.
  
(Dollars in thousands)Within 1 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. Treasury and government agencies$1,283 $15,302 $8,403 $6,011 $30,999 
U.S. government sponsored agencies2,499 59,086 34,849 32,066 128,500 
States and political subdivisions11,042 46,054 59,932 122,878 239,906 
Residential mortgage-backed securities3 3,690 61,069 653,010 717,772 
Commercial mortgage-backed securities— 12,502 27,191 20,918 60,611 
Bank-issued trust preferred securities— 3,000 3,500 — 6,500 
Total available-for-sale securities$14,827 $139,634 $194,944 $834,883 $1,184,288 
Fair value     
Obligations of:     
U.S. Treasury and government agencies$1,275 $14,354 $8,493 $6,174 $30,296 
U.S. government sponsored agencies2,486 54,898 30,426 30,797 118,607 
States and political subdivisions10,990 43,535 51,294 107,477 213,296 
Residential mortgage-backed securities3 3,570 56,084 569,267 628,924 
Commercial mortgage-backed securities— 11,370 23,061 16,803 51,234 
Bank-issued trust preferred securities— 2,920 3,045 — 5,965 
Total available-for-sale securities$14,754 $130,647 $172,403 $730,518 $1,048,322 
Total weighted-average yield2.30 %2.58 %2.42 %2.59 %2.56 %
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at December 31, 2023. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a blended federal and state corporate income tax rate of 23.3%. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.
(Dollars in thousands)Within 1 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. government sponsored agencies$8,000 $13,152 $67,043 $100,280 $188,475 
States and political subdivisions— 6,421 11,434 126,641 144,496 
Residential mortgage-backed securities— 540 4,347 243,672 248,559 
Commercial mortgage-backed securities1,546 9,419 40,495 50,905 102,365 
Total held-to-maturity securities$9,546 $29,532 $123,319 $521,498 $683,895 
Fair value     
Obligations of:     
U.S. government sponsored agencies$7,931 $12,640 $66,717 $93,537 $180,825 
States and political subdivisions— 6,343 9,875 98,070 114,288 
Residential mortgage-backed securities— 528 3,818 227,274 231,620 
Commercial mortgage-backed securities1,528 8,058 34,752 40,951 85,289 
Total held-to-maturity securities$9,459 $27,569 $115,162 $459,832 $612,022 
Total weighted-average yield3.81 %2.87 %3.98 %3.55 %3.60 %
Schedule of Held-to-maturity Investment Securities
The following table summarizes Peoples’ held-to-maturity investment securities at December 31:
(Dollars in thousands)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
2023    
Obligations of:    
U.S. government sponsored agencies$188,475 $— $489 $(8,139)$180,825 
States and political subdivisions144,496 (238)134 (30,104)114,288 
Residential mortgage-backed securities248,559 — 1,643 (18,582)231,620 
Commercial mortgage-backed securities102,365 — — (17,076)85,289 
Total held-to-maturity securities$683,895 $(238)$2,266 $(73,901)$612,022 
2022    
Obligations of:    
U.S. government sponsored agencies$132,366 $— $130 $(9,476)$123,020 
States and political subdivisions145,263 (241)162 (36,408)108,776 
Residential mortgage-backed securities176,215 — 244 (18,461)157,998 
Commercial mortgage-backed securities106,609 — — (17,894)88,715 
Total held-to-maturity securities$560,453 $(241)$536 $(82,239)$478,509 
Schedule of Held-to-maturity Securities with Unrealized Loss
The following table presents a summary of held-to-maturity investment securities that had an unrealized loss at December 31:
 Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized Loss
2023        
Obligations of:
U.S. government sponsored agencies$64,487 $356 14 $86,071 $7,783 18 $150,558 $8,139 
States and political subdivisions
— — — 111,040 30,104 67 111,040 30,104 
Residential mortgage-backed securities
44,379 1,105 14 117,654 17,477 34 162,033 18,582 
Commercial mortgage-backed securities
13,919 1,845 6 71,370 15,231 31 85,289 17,076 
Total$122,785 $3,306 34 $386,135 $70,595 150 $508,920 $73,901 
2022        
Obligations of:
U.S. government sponsored agencies$59,905 $651 17 $29,306 $8,825 9 $89,211 $9,476 
States and political subdivisions
3,590 1,072 3 101,863 35,336 64 105,453 36,408 
Residential mortgage-backed securities
71,582 2,904 21 72,862 15,557 18 144,444 18,461 
Commercial mortgage-backed securities
26,869 650 8 61,846 17,244 29 88,715 17,894 
Total$161,946 $5,277 49 $265,877 $76,962 120 $427,823 $82,239 
Schedule of Other Investment Securities
The following table summarizes the carrying value of Peoples’ Other investment securities at December 31:
(Dollars in thousands)20232022
FHLB stock$29,949 $26,605 
FRB stock26,896 21,231 
Nonqualified deferred compensation3,162 2,048 
Equity investment securities429 346 
Other investment securities2,985 1,379 
Total other investment securities$63,421 $51,609 
Schedule of Pledged Securities
The following table summarizes the carrying value of Peoples’ pledged investment securities as of December 31:
Carrying Amount
(Dollars in thousands)20232022
Securing public and trust department deposits, and Repurchase Agreements:
Available-for-sale$713,033 $779,244 
Held-to-maturity559,142 312,921 
Securing additional borrowing capacity at the FHLB and the FRB:
Available-for-sale85,899 3,972 
Held-to-maturity39,607 128,870 
Loans pledged at December 31 are summarized in the following table:
(Dollars in thousands)20232022
Loans pledged to FHLB$1,206,134 $783,843 
Loans pledged to FRB419,245 339,005