Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following table details Peoples' revenue from contracts with customers:

	Three Months Ended
	March 31,
(Dollars in thousands)	2024		2023
Insurance income:
Commission and fees from sale of insurance policies (a)	$	4,199	$	3,816
Fees related to third-party administration services (a)	86		82
Performance-based commissions (b)	2,213		1,527
Trust and investment income:
Fiduciary income (a)	2,757		2,457
Brokerage income (a)	1,842		1,627
Electronic banking income:
Interchange income (a)	4,797		4,181
Promotional and usage income (a)	1,249		1,262
Deposit account service charges:
Ongoing maintenance fees for deposit accounts (a)	1,718		1,461
Transaction-based fees (b)	2,505		2,062
Commercial loan swap fees (b)	52		—
Other non-interest income transaction-based fees (b)	504		430
Total revenue from contracts with customers	$	21,922	$	18,905
Timing of revenue recognition:
Services transferred over time	$	16,648	$	14,886
Services transferred at a point in time	5,274		4,019
Total revenue from contracts with customers	$	21,922	$	18,905

(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 fulfillment of performance obligations, but has not yet been received related to electronic banking income and certain insurance 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 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 related to electronic banking income.

The following table details the changes in Peoples' contract assets and contract liabilities for the three-month period ended March 31, 2024:

	Contract Assets		Contract Liabilities
(Dollars in thousands)
Balance, January 1, 2024	$	753	$	5,776
Additional income receivable	37		—
Additional deferred income	—		26
Receipt of income previously receivable	(50)		—
Recognition of income previously deferred	—		(529)
Balance, March 31, 2024	$	740	$	5,273