v3.26.1
Loans and Leases (Tables)
 3 Months Ended
Mar. 31, 2026
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,
2026		December 31, 2025
Construction$269,571 $300,941 
Commercial real estate, other2,340,833 2,363,967 
Commercial and industrial1,646,797 1,535,755 
Premium finance228,883 253,075 
Leases350,226 365,649 
Residential real estate852,011 861,722 
Home equity lines of credit260,909 253,864 
Consumer, indirect699,854 700,582 
Consumer, direct119,859 120,338 
Deposit account overdrafts1,265 1,014 
Total loans, at amortized cost$6,770,208 $6,756,907 
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, 2026December 31, 2025
(Dollars in thousands)
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Commercial real estate, other$7,363 $— $4,056 $579 
Commercial and industrial4,558 105 8,045 126 
Premium finance455 1,820 573 2,477 
Leases9,909 77 11,063 542 
Residential real estate9,601 426 8,556 1,937 
Home equity lines of credit1,555 196 1,507 69 
Consumer, indirect2,994 107 2,718 286 
Consumer, direct279 115 368 140 
Total loans, at amortized cost$36,714 $2,846 $36,886 $6,156 
(a) There were $2.5 million and $1.8 million of nonaccrual loans for which there was no allowance for credit losses at March 31, 2026 and at December 31, 2025, respectively.
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, 2026
Construction$3,229 $— $— $3,229 $266,342 $269,571 
Commercial real estate, other3,437 3,702 3,062 10,201 2,330,632 2,340,833 
Commercial and industrial1,820 3,416 3,253 8,489 1,638,308 1,646,797 
Premium finance1,147 600 2,275 4,022 224,861 228,883 
Leases3,726 2,260 9,120 15,106 335,120 350,226 
Residential real estate11,182 2,455 3,725 17,362 834,649 852,011 
Home equity lines of credit962 311 1,132 2,405 258,504 260,909 
Consumer, indirect6,808 1,144 1,456 9,408 690,446 699,854 
Consumer, direct582 240 262 1,084 118,775 119,859 
Deposit account overdrafts— — — — 1,265 1,265 
Total loans, at amortized cost$32,893 $14,128 $24,285 $71,306 $6,698,902 $6,770,208 
December 31, 2025
Construction$— $— $— $— $300,941 $300,941 
Commercial real estate, other1,760 4,066 3,664 9,490 2,354,477 2,363,967 
Commercial and industrial1,600 1,329 7,780 10,709 1,525,046 1,535,755 
Premium finance2,767 2,956 3,050 8,773 244,302 253,075 
Leases9,966 3,560 11,187 24,713 340,936 365,649 
Residential real estate13,821 3,035 5,767 22,623 839,099 861,722 
Home equity lines of credit2,160 402 981 3,543 250,321 253,864 
Consumer, indirect8,752 1,726 1,550 12,028 688,554 700,582 
Consumer, direct752 165 431 1,348 118,990 120,338 
Deposit account overdrafts— — — — 1,014 1,014 
Total loans, at amortized cost$41,578 $17,239 $34,410 $93,227 $6,663,680 $6,756,907 
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 
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, 2026:
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20262025202420232022PriorRevolving Loans
Total
Loans
Construction

  Pass$4,759 $80,096 $89,883 $76,939 $916 $11,317 $— $— $263,910 
  Substandard— — 3,092 1,101 1,468 — — — 5,661 
     Total4,759 80,096 92,975 78,040 2,384 11,317 — — 269,571 
Current period gross charge-offs (a)— — — — — — — 
Commercial real estate, other

  Pass36,577 347,903 171,905 332,057 344,684 942,868 41,881 — 2,217,875 
  Special mention— 1,107 32,375 173 1,594 12,341 — — 47,590 
  Substandard4,818 — 15,084 1,618 7,185 46,583 70 — 75,358 
  Doubtful— — — — — 10 — — 10 
     Total41,395 349,010 219,364 333,848 353,463 1,001,802 41,951 — 2,340,833 
Current period gross charge-offs (a)— — — — — — — 
Commercial and industrial
  Pass144,670 367,014 220,204 110,583 87,636 382,940 265,908 3,311 1,578,955 
  Special mention208 43 5,983 70 588 970 24,695 — 32,557 
  Substandard479 1,122 181 226 8,172 13,789 11,287 — 35,256 
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20262025202420232022PriorRevolving Loans
Total
Loans
  Doubtful— — — — — 29 — — 29 
     Total145,357 368,179 226,368 110,879 96,396 397,728 301,890 3,311 1,646,797 
Current period gross charge-offs (a)90 — 64 104 — 7 265 
Premium Finance
Pass100,719 126,254 1,443 12 — — — — 228,428 
Substandard— — 455 — — — — — 455 
Total100,719 126,254 1,898 12 — — — — 228,883 
Current period gross charge-offs (a)— 18 34 — — — 52 
Leases
Pass43,186 117,606 84,026 62,238 22,971 9,072 — — 339,099 
Special mention12 255 632 915 159 39 — — 2,012 
Substandard— 508 744 1,926 579 137 — — 3,894 
Doubtful— 108 841 2,824 912 536 — — 5,221 
Total43,198 118,477 86,243 67,903 24,621 9,784 — — 350,226 
Current period gross charge-offs (a)— 201 1,467 2,598 352 193 4,811 
Residential real estate
Pass18,762 102,952 64,705 54,248 75,916 524,036 — — 840,619 
Substandard— 455 619 1,549 703 7,889 — — 11,215 
Loss— 20 — — 62 95 — — 177 
     Total18,762 103,427 65,324 55,797 76,681 532,020 — — 852,011 
Current period gross charge-offs (a)— 4 39 — — 76 119 
Home equity lines of credit
Pass2,740 57,214 50,570 30,929 32,541 76,986 8,520 663 259,500 
Substandard— 10 15 277 299 798 — — 1,399 
Loss— — — — — 10 — — 10 
     Total2,740 57,224 50,585 31,206 32,840 77,794 8,520 663 260,909 
Current period gross charge-offs (a)— — — — — 32 32 
Consumer, indirect
Pass71,743 273,365 146,975 95,439 72,648 36,299 — — 696,469 
Substandard— 901 607 647 603 587 — — 3,345 
Loss— 1 7 5 1 26 — — 40 
     Total71,743 274,267 147,589 96,091 73,252 36,912 — — 699,854 
Current period gross charge-offs (a)34 812 530 338 160 55 1,929 
Consumer, direct
Pass23,685 44,783 20,935 12,841 10,103 7,164 — — 119,511 
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20262025202420232022PriorRevolving Loans
Total
Loans
Substandard— 38 53 89 64 85 — — 329 
Loss— — — — 6 13 — — 19 
     Total23,685 44,821 20,988 12,930 10,173 7,262 — — 119,859 
Current period gross charge-offs (a)111 40 24 22 2 5 204 
Deposit account overdrafts1,265 — — — — — — — 1,265 
Current period gross charge-offs (a)347 — — — — — 347 
Total loans, at amortized cost453,623 1,521,755 911,334 786,706 669,810 2,074,619 352,361 3,974 6,770,208 
Total current period gross charge-offs (a)$582 $1,075 $2,158 $3,062 $514 $368 $7,759 
(a) Current period gross charge-offs are for the three months ended as of March 31, 2026.
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, 2025:
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20252024202320222021PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
Construction

  Pass$81,441 $98,488 $99,069 $918 $6,618 $8,720 $— $512 $295,254 
  Substandard— 3,092 1,113 1,482 — — — — 5,687 
     Total81,441 101,580 100,182 2,400 6,618 8,720 — 512 300,941 
Current period gross charge-offs (a)— — — — — — — 
Commercial real estate, other

  Pass330,087 164,537 345,618 378,500 310,160 670,053 44,947 1,794 2,243,902 
  Special mention83 22,415 2,580 1,696 4,460 13,067 133 — 44,434 
  Substandard— 8,042 1,188 15,727 17,170 32,945 549 87 75,621 
  Doubtful— — — — — 10 — — 10 
     Total330,170 194,994 349,386 395,923 331,790 716,075 45,629 1,881 2,363,967 
Current period gross charge-offs (a)— — — 174 — 121 295 
Commercial and industrial
  Pass381,903 230,861 115,712 95,158 92,556 290,243 248,204 7,621 1,454,637 
  Special mention45 3,117 2,653 847 981 4,885 30,001 2,292 42,529 
  Substandard130 251 263 8,745 12,196 6,407 10,562 5,423 38,554 
  Doubtful— — — — — 35 — — 35 
     Total382,078 234,229 118,628 104,750 105,733 301,570 288,767 15,336 1,535,755 
Current period gross charge-offs (a)— 19 161 202 202 1,167 1,751 
Premium finance
  Pass248,710 3,649 143 — — — — — 252,502 
Substandard— 520 53 — — — — — 573 
Total248,710 4,169 196 — — — — — 253,075 
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20252024202320222021PriorRevolving LoansRevolving Loans Converted to Term
Total
Loans
Current period gross charge-offs (a)31 192 229 30 — — 482 
Leases
Pass145,052 94,499 72,336 27,742 9,768 3,161 — — 352,558 
Special mention480 739 774 402 21 — — — 2,416 
Substandard228 1,001 3,386 785 334 — — — 5,734 
Doubtful48 1,406 2,249 864 374 — — — 4,941 
Total145,808 97,645 78,745 29,793 10,497 3,161 — — 365,649 
Current period gross charge-offs (a)204 4,240 8,297 6,717 1,450 496 21,404 
Residential real estate
  Pass104,910 66,847 56,842 77,533 117,758 426,547 — — 850,437 
  Substandard183 501 1,540 663 924 7,378 — — 11,189 
   Loss— — — — — 96 — — 96 
     Total105,093 67,348 58,382 78,196 118,682 434,021 — — 861,722 
Current period gross charge-offs (a)— — 27 8 39 199 273 
Home equity lines of credit
  Pass54,398 51,042 32,052 34,382 24,293 56,416 21 3,560 252,604 
  Substandard— — 312 285 89 559 — — 1,245 
   Loss— — — 5 — 10 — — 15 
     Total54,398 51,042 32,364 34,672 24,382 56,985 21 3,560 253,864 
Current period gross charge-offs (a)— — 36 — — 5 41 
Consumer, indirect
  Pass292,512 164,565 108,928 84,987 27,026 19,049 — — 697,067 
  Substandard655 648 708 667 412 305 — — 3,395 
   Loss37 15 19 6 7 36 — — 120 
     Total293,204 165,228 109,655 85,660 27,445 19,390 — — 700,582 
Current period gross charge-offs (a)1,128 2,030 1,948 1,121 350 147 6,724 
Consumer, direct
  Pass60,248 24,070 15,182 11,889 4,516 4,000 — — 119,905 
  Substandard43 57 171 71 1 41 — — 384 
   Loss— 1 10 6 1 31 — — 49 
     Total60,291 24,128 15,363 11,966 4,518 4,072 — — 120,338 
Current period gross charge-offs (a)344 143 98 75 19 23 702 
Deposit account overdrafts1,014 — — — — — — — 1,014 
Current period gross charge-offs (a)1,149 — — — — — 1,149 
Total loans, at amortized cost$1,702,207 $940,363 $862,901 $743,360 $629,665 $1,543,994 $334,417 $21,289 $6,756,907 
Current period gross charge-offs (a)$2,856 $6,624 $10,796 $8,327 $2,060 $2,158 $32,821 
(a) Current period gross charge-offs are for the year ended as of December 31, 2025.
Summary of Amortized Cost of Collateral Dependent Loans
The following table details Peoples' amortized cost of collateral dependent loans:
(Dollars in thousands)March 31, 2026December 31, 2025
Construction$3,092 $— 
Commercial real estate, other11,364 687 
Commercial and industrial1,332 4,666 
Leases738 2,385 
Total collateral dependent loans$16,526 $7,738 
Summary of Financing Receivables Modified
The following tables display the amortized cost of loans that were restructured during the three months ended March 31, 2026 and March 31, 2025, presented by loan classification.
(Dollars in thousands)Payment DeferralTerm ExtensionTotal
Percentage of Total by Loan Category(a)(b)(c)
During the Three Months Ended March 31, 2026
Commercial real estate, other$— $952 $952 0.04 %
Commercial and industrial702 1,476 2,178 0.13 %
Residential real estate— 130 130 0.02 %
Total$702 $2,558 $3,260 0.05 %
During the Three Months Ended March 31, 2025
Commercial real estate, other$— $2,445 $2,445 0.11 %
Commercial and industrial— 5,646 5,646 0.42 %
Total$— $8,091 $8,091 0.13 %
(a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.
(b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(c) Each with --% is considered not meaningful.
The following tables summarize the impacts of loan modifications and payment deferrals made to loans during the three months ended March 31, 2026 and March 31, 2025, presented by loan classification.
Weighted-Average Term Extension
(in months)
During the Three Months Ended March 31, 2026
Commercial real estate, other11
Commercial and industrial8
Residential real estate37
During the Three Months Ended March 31, 2025
Commercial real estate3
Commercial and industrial8
The following table displays an aging analysis of loans that were modified during the 12 months prior to March 31, 2026 and March 31, 2025, respectively, presented by classification and class of financing receivable.
As of March 31, 2026
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Commercial real estate, other$— $— $281 $281 $952 $1,233 
Commercial and industrial42 — — 42 4,326 4,368 
Residential real estate181 — — 181 133 314 
Home equity lines of credit— — — — 95 95 
Total loans modified(a)
$223 $— $281 $504 $5,506 $6,010 
(a) Represents the amortized cost basis as of period end.
As of March 31, 2025
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Commercial real estate, other$1,058 $69 $— $1,127 $1,887 $3,014 
Commercial and industrial— — 117 117 7,789 7,906 
Residential real estate— — — — 15 15 
Home equity lines of credit— — — — 158 158 
Consumer, indirect— — 12 12 — 12 
Total loans modified(a)
$1,058 $69 $129 $1,256 $9,849 $11,105 
(a) Represents the amortized cost basis as of period end.
Summary of Defaulted Financing Receivables Modified
The following tables display 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 periods 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.
Term Extension(a)
For the Three Months Ended March 31, 2026
Commercial real estate, other$281 
Total loans that subsequently defaulted$281 
For the Three Months Ended March 31, 2025
Commercial and industrial117 
Total loans that subsequently defaulted$117 
(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, 2026 and March 31, 2025 are summarized below:
(Dollars in thousands)
Beginning Balance, December 31, 2025
Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, March 31, 2026
Construction$1,391 $121 $— $— $1,512 
Commercial real estate, other19,726 1,077 — — 20,803 
Commercial and industrial18,804 3,209 (265)11 21,759 
Premium finance749 (17)(52)6 686 
Leases16,475 3,083 (4,811)557 15,304 
Residential real estate6,295 385 (119)82 6,643 
Home equity lines of credit1,934 (271)(32)12 1,643 
Consumer, indirect7,706 1,646 (1,929)337 7,760 
Consumer, direct2,485 (151)(204)26 2,156 
Deposit account overdrafts111 279 (347)83 126 
Total$75,676 $9,361 $(7,759)$1,114 $78,392 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands)Beginning Balance, December 31, 2024Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, March 31, 2025
Construction$878 $278 $— $— $1,156 
Commercial real estate, other16,256 1,110 (215)4 17,155 
Commercial and industrial13,283 (126)(380)6 12,783 
Premium finance662 49 (71)6 646 
Leases12,893 6,091 (5,654)245 13,575 
Residential real estate6,491 388 (142)49 6,786 
Home equity lines of credit1,792 71 — — 1,863 
Consumer, indirect8,576 1,776 (1,866)210 8,696 
Consumer, direct2,396 213 (155)20 2,474 
Deposit account overdrafts121 155 (277)99 98 
Total$63,348 $10,005 $(8,760)$639 $65,232 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.