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Loans and Leases (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Summary 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:
(Dollars in thousands)March 31,
2024		December 31, 2023
Construction$314,687 $364,019 
Commercial real estate, other2,243,780 2,196,957 
Commercial and industrial1,214,615 1,184,986 
Premium finance238,962 203,177 
Leases422,694 414,060 
Residential real estate781,888 791,095 
Home equity lines of credit221,079 208,675 
Consumer, indirect650,228 666,472 
Consumer, direct113,588 128,769 
Deposit account overdrafts1,306 986 
Total loans, at amortized cost$6,202,827 $6,159,196 
Summary of Nonaccrual and Past Due Loans
The amortized cost of loans on nonaccrual status and of loans delinquent for 90 days or more and accruing was as follows:
March 31, 2024December 31, 2023
(Dollars in thousands)
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Construction$— $— $— $— 
Commercial real estate, other3,773 231 2,816 78 
Commercial and industrial6,205 10 2,758 316 
Premium finance— 2,208 — 1,355 
Leases10,136 4,070 8,436 3,826 
Residential real estate7,450 780 7,921 877 
Home equity lines of credit1,134 181 1,022 171 
Consumer, indirect2,506 134 2,412 68 
Consumer, direct157 48 112 25 
Total loans, at amortized cost$31,361 $7,662 $25,477 $6,716 
(a) There were $3.8 million of nonaccrual loans for which there was no allowance for credit losses at March 31, 2024 and $1.2 million of nonaccrual loans for which there was no allowance for credit losses at December 31, 2023.
Summary of Aging of The Recorded Investment In Past Due Loans and Leases
The following table presents the aging of the amortized cost of past due loans:
Loans Past Due
Current
Loans
Total
Loans
(Dollars in thousands)30 - 59 days60 - 89 days90 + DaysTotal
March 31, 2024
Construction$— $15 $— $15 $314,672 $314,687 
Commercial real estate, other2,369 1,332 2,315 6,016 2,237,764 2,243,780 
Commercial and industrial2,482 850 3,772 7,104 1,207,511 1,214,615 
Premium finance1,436 889 2,208 4,533 234,429 238,962 
Leases15,567 2,496 13,902 31,965 390,729 422,694 
Residential real estate11,726 1,179 4,177 17,082 764,806 781,888 
Home equity lines of credit1,386 731 870 2,987 218,092 221,079 
Consumer, indirect5,448 569 1,421 7,438 642,790 650,228 
Consumer, direct553 129 105 787 112,801 113,588 
Deposit account overdrafts— — — — 1,306 1,306 
Total loans, at amortized cost$40,967 $8,190 $28,770 $77,927 $6,124,900 $6,202,827 
December 31, 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 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)March 31, 2024December 31, 2023
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$809,988 $713,033 
     Held-to-maturity568,473 559,142 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale98,146 85,899 
     Held-to-maturity50,046 39,607 
Loans pledged are summarized as follows:
(Dollars in thousands)March 31, 2024December 31, 2023
Loans pledged to FHLB$1,173,512 $1,206,134 
Loans pledged to FRB445,922 419,245 
Summary of Loans by Risk Category
The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the most recent analysis performed at March 31, 2024:
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20242023202220212020PriorRevolving Loans
Total
Loans
Construction

  Pass$13,704 $94,507 $124,789 $56,375 $3,724 $17,756 $— $— $310,855 
  Special mention— — 918 — — 121 — — 1,039 
  Substandard— 1,192 1,573 — — 28 — — 2,793 
     Total13,704 95,699 127,280 56,375 3,724 17,905 — — 314,687 
Current period gross charge-offs— — — — — — — 
Commercial real estate, other

  Pass36,998 206,459 356,061 380,773 224,446 873,082 44,060 186 2,121,879 
  Special mention— 751 16,484 3,660 7,038 21,538 394 38 49,865 
  Substandard— 441 2,197 14,316 8,509 46,271 292 — 72,026 
  Doubtful— — — — — 10 — — 10 
     Total36,998 207,651 374,742 398,749 239,993 940,901 44,746 224 2,243,780 
Current period gross charge-offs— — 212 — — — 212 
Commercial and industrial
  Pass60,989 224,493 168,480 164,175 78,926 186,985 228,165 1,137 1,112,213 
  Special mention— 3,474 11,329 1,562 9,340 5,517 23,638 5,500 54,860 
  Substandard— 93 2,868 30,387 4,595 5,685 1,829 778 45,457 
  Doubtful— — 1,911 — — 174 — — 2,085 
     Total60,989 228,060 184,588 196,124 92,861 198,361 253,632 7,415 1,214,615 
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20242023202220212020PriorRevolving Loans
Total
Loans
Current period gross charge-offs— — — 15 57 163 235 
Premium Finance
Pass134,052 104,528 382 — — — — — 238,962 
Total134,052 104,528 382 — — — — — 238,962 
Current period gross charge-offs— 31 23 — — — 54 
Leases
Pass74,212 177,358 100,634 44,614 10,630 2,054 — — 409,502 
Special mention— 1,575 1,179 295 105 — — — 3,154 
Substandard— 2,378 4,555 2,364 328 413 — — 10,038 
Total74,212 181,311 106,368 47,273 11,063 2,467 — — 422,694 
Current period gross charge-offs— 596 454 169 28 23 1,270 
Residential real estate
Pass13,458 73,850 89,518 137,348 57,315 400,297 — — 771,786 
Substandard— 119 188 453 178 9,082 — — 10,020 
Loss— — — — — 82 — — 82 
     Total13,458 73,969 89,706 137,801 57,493 409,461 — — 781,888 
Current period gross charge-offs— — — 5 — 75 80 
Home equity lines of credit
  Pass18,738 40,864 41,076 31,757 18,917 68,214 26 1,066 219,592 
  Substandard— 40 58 95 34 1,252 — — 1,479 
Loss— — — — — 8 — — 8 
     Total18,738 40,904 41,134 31,852 18,951 69,474 26 1,066 221,079 
Current period gross charge-offs— — — — — — — 
Consumer, indirect
  Pass42,573 232,913 204,737 85,796 50,864 29,835 — — 646,718 
  Substandard— 760 934 756 568 412 — — 3,430 
   Loss— 30 45 3 — 2 — — 80 
     Total42,573 233,703 205,716 86,555 51,432 30,249 — — 650,228 
Current period gross charge-offs— 564 550 219 75 53 1,461 
Consumer, direct
  Pass16,228 35,984 32,493 15,127 7,061 6,405 — — 113,298 
  Substandard— 52 93 48 16 75 — — 284 
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20242023202220212020PriorRevolving Loans
Total
Loans
   Loss— — — — — 6 — — 6 
     Total16,228 36,036 32,586 15,175 7,077 6,486 — — 113,588 
Current period gross charge-offs— 48 82 11 7 78 226 
Deposit account overdrafts1,306 — — — — — — — 1,306 
Current period gross charge-offs336 — — — — — 336 
Total loans, at amortized cost412,258 1,201,861 1,162,502 969,904 482,594 1,675,304 298,404 8,705 6,202,827 
Total current period gross charge-offs$336 $1,239 $1,321 $419 $167 $392 $3,874 
The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, 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
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20232022202120202019PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
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 
Current period gross charge-offs$2,794 $3,706 $2,326 $652 $415 $1,587 $11,480 
Summary of Amortized Cost of Collateral Dependent Loans
The following table details Peoples' amortized cost of collateral dependent loans:
(Dollars in thousands)March 31, 2024December 31, 2023
Commercial real estate, other$689 $— 
Leases738 — 
Residential real estate501 501 
Total collateral dependent loans$1,928 $501 
Summary of Financing Receivables Modified
The following tables display the amortized cost of loans that were restructured during the three months ended March 31, 2024 and March 31, 2023, presented by loan classification.
Payment Delay (Only)
(Dollars in thousands)Forbearance PlanPayment DeferralTerm ExtensionForbearance Plan and Term ExtensionTotal
Percentage of Total by Loan Category(a)(b)
During the Three Months Ended March 31, 2024
Commercial real estate— — $565 $— $565 0.03 %
Commercial and industrial— — 10,203 — 10,203 0.84 %
Leasing— 25 — — 25 0.01 %
Residential real estate— — 76 — 76 0.01 %
Total$— $25 $10,844 $— $10,869 0.18 %
During the Three Months Ended March 31, 2023
Construction$— $1,600 $— $— $1,600 0.69 %
Commercial real estate200 — — — 200 0.01 %
Commercial and industrial— — 9 335 344 0.04 %
Residential real estate— — 221 — 221 0.03 %
Consumer, indirect— — 28 — 28 — %
Total$200 $1,600 $258 $335 $2,393 0.05 %
(a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.
(b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio of period end.
The following table summarizes the financial impacts of loan modifications and payment deferrals made to loans during both the three months ended March 31, 2024 and March 31, 2023, presented by loan classification.
Weighted-Average Term Extension
(in months)
Average Amount Capitalized as a Result of a Payment Delay(a)
During the Three Months Ended March 31, 2024
Commercial real estate6$— 
Commercial and industrial6— 
Leasing9— 
Residential real estate2— 
During the Three Months Ended March 31, 2023
Commercial and industrial12— 
Residential real estate2108,969 
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 during the twelve months prior to March 31, 2024, presented by classification and class of financing receivable.
As of March 31, 2024
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Construction$— $— $— $— $70 $70 
Commercial real estate193 — — 193 2,443 2,636 
Commercial and industrial— 667 648 1,315 12,752 14,067 
Leasing— — — — 25 25 
Residential real estate76 — — 76 24 100 
Home equity lines of credit— — — — 207 207 
Total loans modified(a)
$269 $667 $648 $1,584 $15,521 $17,105 
(a) Represents the amortized cost basis as of period end.
The following table displays an aging analysis of loans that were modified on or after January 1, 2023, the date Peoples adopted ASU 2022-02, through March 31, 2023, presented by classification and class of financing receivable.
As of March 31, 2023
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Construction$— $— $— $— $1,600 $1,600 
Commercial real estate0000200200
Commercial and industrial0000344344
Residential real estate0000221221
Consumer, indirect280028028
Total loans modified(a)
$28 $— $— $28 $2,365 $2,393 
(a) Represents the amortized cost basis as of period end.
Summary of Defaulted Financing Receivables Modified
The following table displays the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that had a payment default 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.
For the Three Months Ended March 31, 2024
Payment Delay as a Result of a Payment Deferral (Only)(a)
Total
Commercial and industrial$648 $648 
(a) 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.
Summary of Activity in Allowance for Loan and Lease Losses
Changes in the allowance for credit losses for the three months ended March 31, 2024 and March 31, 2023 are summarized below:
(Dollars in thousands)
Beginning Balance, December 31, 2023
Initial Allowance for Acquired PCD AssetsProvision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, March 31, 2024
Construction$699 $— $2 $— $— $701 
Commercial real estate, other20,915 — 1,002 (212)83 21,788 
Commercial and industrial10,490 — 319 (235)7 10,581 
Premium finance484 — 169 (54)8 607 
Leases10,850 — 3,097 (1,270)212 12,889 
Residential real estate5,937 — (74)(80)83 5,866 
Home equity lines of credit1,588 — 94 — 7 1,689 
Consumer, indirect8,590 — 1,101 (1,461)71 8,301 
Consumer, direct2,343 — 153 (226)9 2,279 
Deposit account overdrafts115 — 268 (336)74 121 
Total$62,011 $— $6,131 $(3,874)$554 $64,822 
(a) Amount does not include the provision for the allowance for credit losses on unfunded commitments.


(Dollars in thousands)Beginning Balance,
December 31, 2022		Initial Allowance for Acquired PCD Assets (a)Provision for (Recovery of) Credit Losses (b)Charge-offsRecoveries
Ending Balance, March 31, 2023
Construction$1,250 $— $32 $(9)$— $1,273 
Commercial real estate, other17,710 — (1,230)(33)27 16,474 
Commercial and industrial8,229 — 79 (1)— 8,307 
Premium finance344 — 103 (23)9 433 
Leases8,495 — 1,003 (469)80 9,109 
Residential real estate6,357 — 159 (41)29 6,504 
Home equity lines of credit1,693 — 43 (19)— 1,717 
Consumer, indirect7,448 — 1,183 (929)79 7,781 
Consumer, direct1,575 — 133 (104)15 1,619 
Deposit account overdrafts61 — 180 (227)72 86 
Total$53,162 $— $1,685 $(1,855)$311 $53,303 
(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 the allowance for credit losses on unfunded commitments.