Leases (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Leases [Abstract] |
|
| Summary of Sales Type Lease Income |
The table below details Peoples' lease income: | | | | | | | | | | | | | | | | | | Three Months Ended | | | | (Dollars in thousands) | March 31, 2026 | | March 31, 2025 | | | | | | Interest and fees on leases (a) | $ | 8,578 | | | $ | 10,198 | | | | | | | Lease income | 4,581 | | | 3,468 | | | | | | | | | | | | | | | Total lease income | $ | 13,159 | | | $ | 13,666 | | | | | |
(a)Included in "Interest and fees on loans and leases" in the Unaudited Consolidated Statements of Operations. For additional information, see "Note 4 Loans and Leases" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
|
| Summary of Sales Type Leases |
The following table summarizes the net investment in leases, which is included in "Loans and leases, net of deferred fees and costs" on the Unaudited Consolidated Balance Sheets: | | | | | | | | | | (Dollars in thousands) | March 31, 2026 | December 31, 2025 | | Lease payments receivable, at amortized cost | $ | 374,558 | | $ | 393,089 | | | Estimated residual values | 31,088 | | 33,125 | | | Initial direct costs | 5,028 | | 5,535 | | | Deferred revenue | (60,448) | | (66,100) | | | Net investment in leases | 350,226 | | 365,649 | | | Allowance for credit losses - leases | (15,304) | | (16,475) | | | Net investment in leases, after allowance for credit losses | $ | 334,922 | | $ | 349,174 | |
|
| Summary of Sales Type Lease Maturity |
The following table summarizes the contractual maturities of leases: | | | | | | | (Dollars in thousands) | Balance | | Remaining nine months ending December 31, 2026 | $ | 77,584 | | | Year ending December 31, 2027 | 75,556 | | | Year ending December 31, 2028 | 86,635 | | | Year ending December 31, 2029 | 59,616 | | | Year ending December 31, 2030 | 55,349 | | | Thereafter | 19,818 | | | Lease payments receivable, at amortized cost | $ | 374,558 | |
|
| Summary of Lease Cost |
The table below details Peoples' lease expense which is included in "Net occupancy and equipment expense" in the Unaudited Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | Three Months Ended | | | | (Dollars in thousands) | March 31, 2026 | | March 31, 2025 | | | | | | Operating lease expense | $ | 623 | | | $ | 713 | | | | | | | Short-term lease expense | 385 | | | 363 | | | | | | | Variable lease expense | 10 | | | 9 | | | | | | | Total lease expense | $ | 1,018 | | | $ | 1,085 | | | | | |
The following table details the ROU assets, the lease liabilities and other information related to Peoples' operating leases at the dates shown: | | | | | | | | | | (Dollars in thousands) | March 31, 2026 | December 31, 2025 | | ROU assets: | | | | Other assets | $ | 8,815 | | $ | 9,340 | | | Lease liabilities: | | | | Accrued expenses and other liabilities | $ | 9,387 | | $ | 9,912 | | | Other information: | | | | Weighted-average remaining lease term | 8.7 years | 8.7 years | | Weighted-average discount rate | 4.17 | % | 4.16 | % | | Additions for ROU assets obtained during the year | $ | — | | $ | 1,333 | | | | | | | | | | |
|
| Summary of Operating Lease Maturities |
The following table summarizes the maturity of remaining lease liabilities: | | | | | | | (Dollars in thousands) | Balance | | Remaining nine months ending December 31, 2026 | $ | 1,789 | | | Year ending December 31, 2027 | 2,146 | | | Year ending December 31, 2028 | 1,625 | | | Year ending December 31, 2029 | 1,173 | | | Year ending December 31, 2030 | 671 | | | Thereafter | 3,937 | | | Total undiscounted lease payments | $ | 11,341 | | | Imputed interest | $ | (1,954) | | | Total lease liabilities | $ | 9,387 | |
|