v3.26.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-sale Investment Securities
The following table summarizes Peoples' available-for-sale investment securities:

(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2026    
Obligations of:    
U.S. Treasury and government agencies$25,958 $224 $(30)$26,152 
U.S. government sponsored agencies239,214 459 (8,341)231,332 
States and political subdivisions185,854 3 (20,752)165,105 
Residential mortgage-backed securities586,875 1,443 (65,680)522,638 
Commercial mortgage-backed securities66,347 — (6,442)59,905 
Bank-issued trust preferred securities3,000 — (188)2,812 
Total available-for-sale securities$1,107,248 $2,129 $(101,433)$1,007,944 
December 31, 2025    
Obligations of:    
U.S. Treasury and government agencies$17,386 $213 $(19)$17,580 
U.S. government sponsored agencies212,282 504 (6,456)206,330 
States and political subdivisions189,131 103 (18,402)170,832 
Residential mortgage-backed securities606,292 1,749 (64,003)544,038 
Commercial mortgage-backed securities47,889 1 (6,086)41,804 
Bank-issued trust preferred securities4,000 — (217)3,783 
Total available-for-sale securities$1,076,980 $2,570 $(95,183)$984,367 
Summary of Gross Gains and Losses from Sales of Available-for-sale Securities The gross gains and losses realized by Peoples from sales or prepayments of available-for-sale investment securities for the periods ended March 31 were as follows:
Three Months Ended
March 31,
(Dollars in thousands)20262025
Gross gains realized$121 $25 
Gross losses realized(121)(27)
Net loss realized$— $(2)
Summary of Available-for-sale Securities with Unrealized Loss
The following table presents a summary of available-for-sale investment securities that have been in a continuous unrealized loss position for the periods identified:
 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
March 31, 2026        
Obligations of:
U.S. Treasury and government agencies
$7,560 $30 11 $89 $1 1 $7,649 $31 
U.S. government sponsored agencies
90,263 1,570 20 100,032 6,771 21 190,295 8,341 
States and political subdivisions23,181 1,034 45 139,190 19,717 99 162,371 20,751 
Residential mortgage-backed securities
33,499 216 41 438,322 65,464 224 471,821 65,680 
Commercial mortgage-backed securities
21,143 334 7 38,692 6,108 21 59,835 6,442 
Bank-issued trust preferred securities
— — — 2,812 188 1 2,812 188 
Total$175,646 $3,184 124 $719,137 $98,249 367 $894,783 $101,433 
December 31, 2025        
Obligations of:
U.S. Treasury and government agencies
$5,319 $16 3 $741 $3 4 $6,060 $19 
U.S. government sponsored agencies
47,059 341 10 127,311 6,115 27 174,370 6,456 
States and political subdivisions3,129 460 5 158,898 17,942 134 162,027 18,402 
Residential mortgage-backed securities
13,310 62 10 461,661 63,941 235 474,971 64,003 
Commercial mortgage-backed securities
2,292 9 2 39,000 6,077 21 41,292 6,086 
Bank-issued trust preferred securities
— — — 3,783 217 2 3,783 217 
Total$71,109 $888 30 $791,394 $94,295 423 $862,503 $95,183 
Summary 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 March 31, 2026. The weighted-average yields are based on the amortized cost. 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$90$7,052$14,372$4,444$25,958
U.S. government sponsored agencies—42,384134,99961,831239,214
States and political subdivisions3,44536,74470,88874,777185,854
Residential mortgage-backed securities—1,48848,222537,165586,875
Commercial mortgage-backed securities10416,94816,15833,13766,347
Bank-issued trust preferred securities——3,000—3,000
Total available-for-sale securities$3,639$104,616$287,639$711,354$1,107,248
Fair value     
Obligations of:     
U.S. Treasury and government agencies$89$7,114$14,438$4,511$26,152
U.S. government sponsored agencies—39,106130,64161,585231,332
States and political subdivisions3,43734,55761,88065,231165,105
Residential mortgage-backed securities—1,44445,536475,658522,638
Commercial mortgage-backed securities10415,52714,24230,03259,905
Bank-issued trust preferred securities——2,812—2,812
Total available-for-sale securities$3,630$97,748$269,549$637,017$1,007,944
Total weighted-average yield2.98 %1.92 %3.15 %2.77 %2.79 %
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at March 31, 2026. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a federal statutory corporate income tax rate of 21% at March 31, 2026. 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$3,499$2,198$121,114$120,337$247,148
States and political subdivisions2,4414,58331,623100,184138,831
Residential mortgage-backed securities2—7,019392,703399,724
Commercial mortgage-backed securities9807,73639,45550,03498,205
Total held-to-maturity investment securities$6,922$14,517$199,211$663,258$883,908
Fair value     
Obligations of:     
U.S. government sponsored agencies$3,439$2,032$117,621$114,644$237,736
States and political subdivisions2,5064,27026,92879,001112,705
Residential mortgage-backed securities2—6,633379,007385,642
Commercial mortgage-backed securities9727,24534,91841,63284,767
Total held-to-maturity investment securities$6,919$13,547$186,100$614,284$820,850
Total weighted-average yield1.87%1.97%3.72%4.11%3.97%
Summary of Held-to-maturity Investment Securities
The following table summarizes Peoples’ held-to-maturity investment securities:
(Dollars in thousands)Amortized CostAllowance for Credit Losses Gross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2026    
Obligations of:   
 U.S. government sponsored agencies$247,148 $— $643 $(10,055)$237,736 
States and political subdivisions138,831 (233)72 (25,965)112,705 
Residential mortgage-backed securities399,724 — 3,147 (17,229)385,642 
Commercial mortgage-backed securities98,205 — — (13,438)84,767 
Total held-to-maturity investment securities$883,908 $(233)$3,862 $(66,687)$820,850 
December 31, 2025    
Obligations of:    
U.S. government sponsored agencies$261,826 $— $740 $(8,131)$254,435 
States and political subdivisions140,843 (236)77 (25,027)115,657 
Residential mortgage-backed securities423,628 — 4,916 (15,421)413,123 
Commercial mortgage-backed securities96,776 — — (12,277)84,499 
Total held-to-maturity investment securities$923,073 $(236)$5,733 $(60,856)$867,714 
Summary of Held-to-maturity Securities with Unrealized Loss
The following table presents a summary of held-to-maturity investment securities that had been in a continuous unrealized loss position for the periods identified:
 Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized Loss
March 31, 2026        
Obligations of:
U.S. government sponsored agencies$142,819 $2,650 23 $58,954 $7,405 17 $201,773 $10,055 
States and political subdivisions1,234 303 2 109,386 25,662 65 110,620 25,965 
Residential mortgage-backed securities
87,374 1,224 19 131,063 16,005 42 218,437 17,229 
Commercial mortgage-backed securities
16,146 1,273 7 68,622 12,165 29 84,768 13,438 
Total$247,573 $5,450 51 $368,025 $61,237 153 $615,598 $66,687 
December 31, 2025        
Obligations of:
U.S. government sponsored agencies$131,933 $1,447 16 $66,509 $6,684 20 $198,442 $8,131 
States and political subdivisions1,238 301 2 110,531 24,726 65 111,769 25,027 
Residential mortgage-backed securities
34,814 261 6 143,068 15,160 45 177,882 15,421 
Commercial mortgage-backed securities
7,776 111 3 73,975 12,166 30 81,751 12,277 
Total$175,761 $2,120 27 $394,083 $58,736 160 $569,844 $60,856 
Summary of Other Investment Securities
The following table summarizes the carrying value of Peoples' other investments:
(Dollars in thousands)March 31, 2026December 31, 2025
FHLB stock$32,390 $30,843 
FRB stock27,114 27,114 
Nonqualified deferred compensation5,671 6,074 
Equity investment securities3,859 3,756 
Other investments869 869 
Total other investments$69,903 $68,656 
Summary of Pledged Securities
The following table summarizes the carrying amount of Peoples' pledged securities:
 Carrying Amount
(Dollars in thousands)March 31, 2026December 31, 2025
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$306,147 $328,516 
     Held-to-maturity750,422 704,470 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale129,691 4,018 
     Held-to-maturity43,854 68,425 
Loans pledged are summarized as follows:
(Dollars in thousands)March 31, 2026December 31, 2025
Loans pledged to FHLB$1,342,775 $1,347,242 
Loans pledged to FRB628,390 624,503