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Loans and Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Loans by Classification
The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows at December 31:
(Dollars in thousands)20232022
Construction$364,019 $246,941 
Commercial real estate, other2,196,957 1,423,518 
Commercial and industrial1,184,986 892,634 
Premium finance203,177 159,197 
Leases414,060 345,131 
Residential real estate791,095 723,360 
Home equity lines of credit208,675 177,858 
Consumer, indirect666,472 629,426 
Consumer, direct128,769 108,363 
Deposit account overdrafts986 722 
Total loans, at amortized cost$6,159,196 $4,707,150 
Net deferred loan origination costs were $21.7 million and $20.5 million at December 31, 2023 and 2022, respectively.
Schedule of Nonaccrual and Past Due Loans
The amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows at December 31:
20232022
(Dollars in thousands)
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Construction$— $— $12 $— 
Commercial real estate, other2,816 78 12,121 167 
Commercial and industrial2,758 316 3,462 130 
Premium finance— 1,355 — 504 
Leases8,436 3,826 3,178 3,041 
Residential real estate7,921 877 9,496 917 
Home equity lines of credit1,022 171 820 58 
Consumer, indirect2,412 68 2,176 — 
Consumer, direct112 25 208 25 
Total loans, at amortized cost$25,477 $6,716 $31,473 $4,842 
(a)There were $1.2 million of nonaccrual loans for which there was no allowance for credit losses at December 31, 2023 and $1.4 million of such loans at December 31, 2022.
Schedule of Aging of the Recorded Investment in Past Due Loans and Leases
The following tables present the aging of the recorded investment in past due loans at December 31:
Loans Past DueCurrentTotal
(Dollars in thousands)
30 – 59 days
60 – 89 days
90 + DaysTotal
2023
Construction$13 $52 $— $65 $363,954 $364,019 
Commercial real estate, other2,728 4,556 1,572 8,856 2,188,101 2,196,957 
Commercial and industrial1,717 1,491 3,052 6,260 1,178,726 1,184,986 
Premium finance1,288 867 1,355 3,510 199,667 203,177 
Leases12,743 4,932 12,014 29,689 384,371 414,060 
Residential real estate14,021 2,733 4,481 21,235 769,860 791,095 
Home equity lines of credit1,561 691 683 2,935 205,740 208,675 
Consumer, indirect7,488 1,550 1,230 10,268 656,204 666,472 
Consumer, direct536 282 43 861 127,908 128,769 
Deposit account overdrafts— — — — 986 986 
Total loans, at amortized cost$42,095 $17,154 $24,430 $83,679 $6,075,517 $6,159,196 
2022
Construction$196 $161 $9 $366 $246,575 $246,941 
Commercial real estate, other2,279 1,051 10,370 13,700 1,409,818 1,423,518 
Commercial and industrial2,522 289 3,449 6,260 886,374 892,634 
Premium finance646 816 504 1,966 157,231 159,197 
Leases6,074 1,921 6,218 14,213 330,918 345,131 
Residential real estate10,113 2,128 5,519 17,760 705,600 723,360 
Home equity lines of credit987 149 552 1,688 176,170 177,858 
Consumer, indirect5,866 1,048 921 7,835 621,591 629,426 
Consumer, direct703 70 108 881 107,482 108,363 
Deposit account overdrafts— — — — 722 722 
Total loans, at amortized cost$29,386 $7,633 $27,650 $64,669 $4,642,481 $4,707,150 
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 
Schedule of Related Party Loans Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status, and the addition and exit of directors during the year, as applicable.
(Dollars in thousands) 
Balance, December 31, 2022$27,372 
Acquired loans18,892 
New loans and disbursements466 
Repayments(215)
No longer related party (a)(26,696)
Other changes347 
Balance, December 31, 2023$20,166 
(a) Two directors exited the company and therefore were no longer considered related parties.
Schedule of Loans By Risk Category
The following tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2023:
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20232022202120202019PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
Construction

  Pass$80,273 $141,245 $85,913 $27,169 9,995 $12,723 $— $— $357,318 
  Special mention— 3,757 — — — 123 — — 3,880 
  Substandard1,200 1,590 — — — 31 — — 2,821 
     Total81,473 146,592 85,913 27,169 9,995 12,877 — — 364,019 
Current period gross charge-offs— — 9 — — — 9 
Commercial real estate, other

  Pass199,565 327,762 366,752 227,604 262,099 650,265 37,177 189 2,071,224 
  Special mention999 12,975 4,850 10,324 7,074 22,186 408 41 58,816 
  Substandard287 2,421 5,878 8,679 1,972 47,213 457 — 66,907 
  Doubtful— — — — — 10 — — 10 
     Total200,851 343,158 377,480 246,607 271,145 719,674 38,042 230 2,196,957 
Current period gross charge-offs— — — 39 — 575 614 
Commercial and industrial
  Pass225,894 180,068 212,938 86,934 55,434 132,675 213,714 38 1,107,657 
  Special mention540 12,051 533 9,723 4,722 6,336 16,236 8,614 50,141 
  Substandard78 6,441 5,104 5,617 1,602 6,278 1,889 779 27,009 
  Doubtful— — — — — 179 — — 179 
     Total226,512 198,560 218,575 102,274 61,758 145,468 231,839 9,431 1,184,986 
Current period gross charge-offs— 36 202 25 173 415 851 
Premium finance
  Pass201,659 1,517 1 — — — — — 203,177 
Total201,659 1,517 1 — — — — — 203,177 
Current period gross charge-offs25 97 — — — — 122 
Leases
Pass216,559 114,327 51,307 14,061 4,883 1,501 — 402,638 
Special mention363 1,529 476 81 1 5 2,455 
Substandard1,937 3,006 2,944 448 321 311 8,967 
Total218,859 118,862 54,727 14,590 5,205 1,817 — — 414,060 
Current period gross charge-offs963 1,328 1,173 233 165 135 3,997 
Residential real estate
  Pass75,957 91,506 140,157 58,144 45,507 369,552 — — 780,823 
  Substandard43 243 585 182 529 8,604 — — 10,186 
   Loss— — — — — 86 — — 86 
     Total76,000 91,749 140,742 58,326 46,036 378,242 — — 791,095 
Current period gross charge-offs— — — — — 170 170 
Home equity lines of credit
  Pass39,706 42,565 33,406 19,838 14,297 57,482 27 1,346 207,321 
  Substandard19 — 61 34 123 1,109 — — 1,346 
   Loss— — — — — 8 — — 8 
     Total39,725 42,565 33,467 19,872 14,420 58,599 27 1,346 208,675 
Current period gross charge-offs— — — — — 110 110 
Consumer, indirect
  Pass247,829 225,225 96,698 59,044 18,644 15,977 — — 663,417 
  Substandard333 934 789 558 190 206 — — 3,010 
   Loss7 34 2 — 2 — — — 45 
     Total248,169 226,193 97,489 59,602 18,836 16,183 — — 666,472 
Current period gross charge-offs609 2,091 865 255 63 147 4,030 
Consumer, direct
  Pass58,445 37,050 17,434 8,282 3,185 4,081 — — 128,477 
  Substandard55 79 47 28 30 27 — — 266 
   Loss— — — — — 26 — — 26 
     Total58,500 37,129 17,481 8,310 3,215 4,134 — — 128,769 
Current period gross charge-offs36 154 77 100 14 35 416 
Deposit account overdrafts986 — — — — — — — 986 
Current period gross charge-offs1,161 1,161 
Total loans, at amortized cost$1,352,734 $1,206,325 $1,025,875 $536,750 $430,610 $1,336,994 $269,908 $11,007 $6,159,196 
The following tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2022:
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
Construction

  Pass$82,143 $110,719 $27,893 $20,223 $656 $4,061 $44 $81 $245,739 
  Special mention— — — — — 818 — — 818 
  Substandard— 2 — — — 382 — — 384 
     Total82,143 110,721 27,893 20,223 656 5,261 44 81 246,941 
Commercial real estate, other

  Pass165,282 224,727 227,799 202,877 110,564 369,578 27,300 5,217 1,328,127 
  Special mention— 189 1,099 5,519 3,111 29,334 105 — 39,357 
  Substandard— 8,327 2,591 1,366 1,296 42,172 216 190 55,968 
  Doubtful— — — — — 66 — — 66 
     Total165,282 233,243 231,489 209,762 114,971 441,150 27,621 5,407 1,423,518 
Commercial and industrial
  Pass167,937 142,615 72,573 71,497 40,229 91,853 215,116 3,722 801,820 
  Special mention10,248 14,981 11,923 2,711 236 4,877 16,235 — 61,211 
  Substandard84 9,801 3,417 2,410 1,459 3,620 8,603 611 29,394 
  Doubtful— — — — — 209 — — 209 
     Total178,269 167,397 87,913 76,618 41,924 100,559 239,954 4,333 892,634 
Premium finance
  Pass158,778 419 — — — — — — 159,197 
Total158,778 419 — — — — — — 159,197 
Leases
Pass191,148 90,738 34,627 15,951 3,269 1,119 — — 336,852 
Special mention1,741 2,477 140 22 24 — — — 4,404 
Substandard546 1,840 571 464 454 — — — 3,875 
Total193,435 95,055 35,338 16,437 3,747 1,119 — — 345,131 
Residential real estate
  Pass78,313 138,860 58,869 42,840 28,174 364,635 — — 711,691 
  Substandard— — 137 569 563 10,302 — — 11,571 
   Loss— — — — — 98 — — 98 
     Total78,313 138,860 59,006 43,409 28,737 375,035 — — 723,360 
Home equity lines of credit
  Pass41,781 35,768 19,863 14,820 13,800 50,291 334 2,096 176,657 
  Substandard— 60 — 53 126 958 — — 1,197 
   Loss— — — — — 4 — — 4 
     Total41,781 35,828 19,863 14,873 13,926 51,253 334 2,096 177,858 
Consumer, indirect
  Pass305,814 149,445 100,027 35,988 22,789 12,741 — — 626,804 
  Substandard384 811 659 266 304 193 — — 2,617 
   Loss— 5 — — — — — — 5 
     Total306,198 150,261 100,686 36,254 23,093 12,934 — — 629,426 
Consumer, direct
  Pass50,889 28,351 14,558 6,333 3,725 3,975 — — 107,831 
  Substandard97 63 138 46 21 150 — — 515 
   Loss— — — — — 17 — — 17 
     Total50,986 28,414 14,696 6,379 3,746 4,142 — — 108,363 
Deposit account overdrafts722 — — — — — — — 722 
Total loans, at amortized cost$1,255,907 $960,198 $576,884 $423,955 $230,800 $991,453 $267,953 $11,917 $4,707,150 
Schedule of Amortized Cost of Collateral Dependent Loans
The following table details Peoples’ amortized cost of collateral dependent loans as of December 31:

(Dollars in thousands)20232022
Commercial real estate, other$— $8,362 
Commercial and industrial— 1,456 
Residential real estate501 536 
Total collateral dependent loans$501 $10,354 
Schedule of Financing Receivables Modified
The following table displays the amortized cost of loans that were restructured during the twelve months ended December 31, 2023, presented by loan classification.
During the Twelve Months Ended December 31, 2023(a)
Payment Delay (Only)
(Dollars in thousands)Forbearance PlanPayment DeferralTrial Modification and Repayment PlansTerm ExtensionForbearance Plan and Term ExtensionTotal
Percentage of Total by Loan Category(b)
Construction$— $1,590 $— $52 $— $1,642 0.45 %
Commercial real estate184 — — 2,160 — 2,344 0.11 %
Commercial and industrial— — — 4,110 981 5,091 0.43 %
Residential real estate— — — 91 — 91 0.01 %
Home equity lines of credit— — — 209 — 209 0.10 %
Total$184 $1,590 $— $6,622 $981 $9,377 0.15 %
(a) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(b) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.
The following table summarizes the financial impacts of loan modifications and payment deferrals made to loans during the twelve months ended December 31, 2023, presented by loan classification.
During the Twelve Months Ended December 31, 2023
(Dollars in thousands)Weighted-Average Term Extension
(in months)
Average Amount Capitalized as a Result of a Payment Delay(a)
Construction5$— 
Commercial real estate7— 
Commercial and industrial5— 
Residential real estate2138,076 
Home equity lines of credit187— 
Consumer, indirect2$— 
(a) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars.
The following table displays an aging analysis of loans that were modified on or after January 1, 2023, the date Peoples adopted ASU 2022-02, through December 31, 2023, presented by classification and class of financing receivable.
As of December 31, 2023(a)
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Construction$— $52 $— $52 $1,590 $1,642 
Commercial real estate— — — — 2,344 2,344 
Commercial and industrial— 750 148 898 4,193 5,091 
Residential real estate— — — — 91 91 
Home equity lines of credit— — — — 209 209 
Total loans modified(b)
$— $802 $148 $950 $8,427 $9,377 
(a) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(b) Represents the amortized cost basis as of period end.
The following table summarizes the loans that were modified as TDRs during the year ended December 31, 2022.

Recorded Investment (a)
(Dollars in thousands)Number of ContractsPre-ModificationPost-ModificationRemaining Recorded Investment
2022
Construction— $— $— $— 
Commercial real estate, other8 1,191 1,191 1,179 
Commercial and industrial9 1,513 1,517 971 
Residential real estate34 1,741 1,825 1,789 
Home equity lines of credit8 321 321 313 
Consumer, indirect23 286 285 285 
Consumer, direct9 102 103 103 
   Consumer32 388 388 388 
Total91 $5,154 $5,242 $4,640 
(a) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported.

The following table presents those loans modified into a TDR during the year that subsequently defaulted (i.e., 90 days or more past due following a modification during the year).
2022
(Dollars in thousands)Number of ContractsRecorded Investment (a)Impact on the Allowance for Credit Losses
Commercial real estate, other1 $65 $— 
Commercial and Industrial1 43 — 
Residential real estate2 64 — 
Consumer, indirect1 7 — 
Consumer, direct1 2 — 
Home equity lines of credit— — — 
Total6 $181 $— 
(a) The amounts shown are inclusive of all partial paydowns and charge-offs. Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported.
Schedule of Defaulted Financing Receivables Modified
The following table displays the amortized cost of loans that received a completed modification or payment deferral on or after January 1, 2023, the date Peoples adopted ASU 2022-02, through December 31, 2023, and that defaulted in the period presented. For purposes of this disclosure, Peoples defines loans that had a payment default as loans that were 90 days or more past due following a modification through December 31, 2023.

For the Twelve Months Ended December 31, 2023
(Dollars in thousands)Term ExtensionTotal
Commercial and industrial$148 $148 
Consumer, indirect1111
Total loans that subsequently defaulted$159 $159 
(1) Represents the sum of amortized cost and gross charge-off as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.
Schedule of Activity in Allowance for Loan and Lease Losses
Changes in the allowance for credit losses for 2023 are summarized below:
(Dollars in thousands)Beginning Balance,
January 1, 2023		Initial Allowance for Acquired PCD Assets (a)(Recovery of) Provision for Credit Losses (b)Charge-offsRecoveries
Ending Balance, December 31, 2023
Construction$1,250 $— $(542)$(9)$— $699 
Commercial real estate, other17,710 1,340 1,514 (614)965 20,915 
Commercial and industrial8,229 379 2,181 (851)552 10,490 
Premium finance344 — 238 (122)24 484 
Leases8,495 — 5,990 (3,997)362 10,850 
Residential real estate6,357 228 (670)(170)192 5,937 
Home equity lines of credit1,693 18 (14)(110)1 1,588 
Consumer, indirect7,448 — 4,685 (4,030)487 8,590 
Consumer, direct1,575 86 1,025 (416)73 2,343 
Deposit account overdrafts61 — 938 (1,161)277 115 
Total$53,162 $2,051 $15,345 $(11,480)$2,933 $62,011 
(a) Includes purchase price adjustments related to acquisitions previously completed but were within the 12-month measurement period.
(b) Amount does not include the provision for unfunded commitment liability.


Changes in the allowance for credit losses for 2022 are summarized below:
(Dollars in thousands)Beginning Balance,
January 1, 2022		Initial Allowance for Acquired PCD Assets(Recovery of) Provision for Credit Losses (a)Charge-offsRecoveries
Ending Balance, December 31, 2022
Construction$2,999 $— $(1,733)$(16)$— $1,250 
Commercial real estate, other29,147 (451)(10,794)(489)297 17,710 
Commercial and industrial11,063 (418)(1,522)(943)49 8,229 
Premium finance379 — 76 (124)13 344 
Leases4,797 8015,062 (2,585)420 8,495 
Residential real estate7,233 (509)217 (668)84 6,357 
Home equity lines of credit2,005 (11)(258)(88)45 1,693 
Consumer, indirect5,326 (41)4,068 (2,233)328 7,448 
Consumer, direct961 — 930 (363)47 1,575 
Deposit account overdrafts57 — 1,050 (1,246)200 61 
Total$63,967 $(629)$(2,904)$(8,755)$1,483 $53,162 
(a)Amount does not include the provision for unfunded commitment liability.