Loans and leases, net of deferred fees and costs

^[1]

1,918,487

1,795,400

^[2]

6,358,003

6,159,196

Allowance for credit losses

(63,348)

(62,011)

Net loans and leases

6,294,655

6,097,185

Loans held for sale

2,348

1,866

Bank premises and equipment, net of accumulated depreciation

103,669

103,856

143,710

140,554

Goodwill

363,199

362,169

Other intangible assets

39,223

50,003

Other assets

171,292

179,627

Total assets

9,254,247

9,157,382

Deposits:

Non-interest-bearing

1,507,661

1,567,649

Interest-bearing

6,082,544

5,535,272

Total deposits

7,590,205

7,102,921

193,474

650,497

Accrued expenses and other liabilities

238,073

216,241

120,905

134,189

Total liabilities

8,142,657

8,103,848

Stockholders’ Equity

Preferred shares, no par value, 50,000 shares authorized and no shares issued at December 31, 2024 and December 31, 2023

0

Common shares, no par value, 50,000,000 shares authorized, 36,782,601 shares issued at December 31, 2024 and 36,736,041 shares issued at December 31, 2023, including shares held in treasury

866,844

865,227

Retained earnings

388,109

327,237

Accumulated other comprehensive loss, net of deferred income taxes

(110,385)

(101,590)

Treasury stock, at cost, 1,311,175 common shares at December 31, 2024 and 1,511,348 common shares at December 31, 2023

(32,978)

(37,340)

Total stockholders’ equity

1,111,590

1,053,534

Total liabilities and stockholders’ equity

$ 9,254,247

$ 9,157,382

[1]	Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $237, respectively, at December 31, 2024 and $0 and $238, respectively, at December 31, 2023.
[2]	Also referred to throughout this Form 10-K as “total loans” and “loans held for investment.”

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Debt securities, available-for-sale, amortized cost	$ 1,229,382,000	$ 1,184,288,000
Debt securities, held-to-maturity, fair value	$ 692,499,000	$ 612,022,000
Preferred stock, no par value (in usd per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	0	0
Common stock, no par value (in usd per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	36,782,601	36,736,041
Treasury stock, shares (in shares)	1,311,175	1,511,348
Debt securities available for sale, allowance for credit loss	$ 0	$ 0
Debt securities held to maturity, allowance for credit loss	$ 237,000	$ 238,000

CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Interest income:

Interest and fees on loans

$ 450,996

$ 383,032

$ 234,765

Interest and dividends on taxable investment securities

59,008

49,282

28,903

Interest on tax-exempt investment securities

3,963

4,326

4,176

Other interest income

6,809

2,763

1,710

Total interest income

520,776

439,403

269,554

Interest expense:

Interest on deposits

142,114

71,934

9,171

Interest on short-term borrowings

15,545

19,935

2,661

Interest on long-term borrowings

14,416

8,160

4,280

Total interest expense

172,075

100,029

16,112

Net interest income

348,701

339,374

253,442

Provision for (recovery of) credit losses

^[1]

24,787

15,174

(3,510)

Net interest income after provision for (recovery of) credit losses

323,914

324,200

256,952

Bank owned life insurance income

Insurance income

19,401

18,016

15,727

Lease income

10,408

7,844

4,267

4,216

4,151

2,624

Mortgage banking income

1,788

1,078

1,397

Net loss on asset disposals and other transactions

(3,310)

(2,837)

(616)

Net loss on investment securities

(416)

(3,700)

(61)

Other non-interest income

^[2]

5,040

3,809

3,430

Total non-interest income

99,366

87,413

78,836

Non-interest expense:

Salaries and employee benefit costs

150,041

144,031

112,690

Net occupancy and equipment expense

24,151

21,368

19,516

Data processing and software expense

25,221

21,607

14,241

Professional fees

12,109

17,041

12,094

Amortization of other intangible assets

11,161

11,222

7,763

Electronic banking expense

7,548

7,150

9,231

Marketing expense

3,914

5,017

3,728

FDIC insurance expense

4,929

4,785

3,702

Franchise tax expense

3,222

3,540

3,487

Other loan expenses

4,147

2,859

2,735

Communication expense

3,145

2,834

2,484

Operating lease expense

3,539

1,687

0

Travel and entertainment expense

2,656

2,401

1,400

Other non-interest expense

18,033

20,945

14,076

Total non-interest expense

273,816

266,487

207,147

Income before income taxes

149,464

145,126

128,641

Income tax expense

32,259

31,763

27,349

Net income

$ 117,205

$ 113,363

$ 101,292

Earnings per common share – basic (in usd per share)

$ 3.34

$ 3.46

$ 3.61

Earnings per common share – diluted (in usd per share)

$ 3.31

$ 3.44

$ 3.60

Weighted-average number of common shares outstanding – basic (in shares)

34,779,548

32,533,086

27,908,022

Weighted-average number of common shares outstanding – diluted (in shares)

35,147,354

32,760,808

27,999,602

Electronic banking income

Revenue from contract with customer

$ 25,142

$ 25,210

$ 21,094

Trust and investment income

Revenue from contract with customer

19,513

17,160

16,391

Deposit account service charges

Revenue from contract with customer

$ 17,584

$ 16,682

$ 14,583

[1]	The provision for credit losses includes changes related to the allowance for credit losses on loans, held-to-maturity investment securities, and the unfunded commitment liability.
[2]	Includes realized and unrealized gains on equity investment securities recorded in other non-interest income of $50 for the year ended December 31, 2024, and realized and unrealized losses on equity investment securities of $141 for the year ended December 31, 2023, and realized and unrealized gains on equity investment securities of $2 for the year ended December 31, 2022.

CONSOLIDATED STATEMENTS OF INCOME (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Realized and unrealized gain (loss)	$ 50	$ (141)	$ 2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 117,205	$ 113,363	$ 101,292
Available-for-sale investment securities:
Gross unrealized holding (losses) gains arising in the period	(10,276)	29,655	(161,730)
Related tax benefit (expense)	2,350	(6,817)	37,733
Reclassification adjustment for net loss included in net income	416	3,700	61
Related tax expense	(97)	(864)	(14)
Net effect on other comprehensive income (loss)	(7,607)	25,674	(123,950)
Defined benefit plans:
Net (loss) gain arising during the period	0	(303)	76
Related tax benefit (expense)	0	71	(18)
Amortization of unrecognized loss on service benefit plans	0	9	63
Related tax benefit	0	(2)	(15)
Realized loss due to settlement and curtailment	0	2,424	185
Related tax benefit	0	(566)	(43)
Net effect on other comprehensive income	0	1,633	248
Cash flow hedges:
Net (losses) gains arising during the period	(1,550)	(2,293)	10,606
Related tax benefit (expense)	362	532	(2,421)
Net effect on other comprehensive income (loss)	(1,188)	(1,761)	8,185
Total other comprehensive income (loss), net of tax	(8,795)	25,546	(115,517)
Total comprehensive income (loss)	$ 108,410	$ 138,909	$ (14,225)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance at Dec. 31, 2021	$ 845,025	$ 686,282	$ 207,076	$ (11,619)	$ (36,714)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	101,292		101,292
Other comprehensive income (loss), net of tax	(115,517)			(115,517)
Cash dividends declared	(42,432)		(42,432)
Reissuance of treasury stock for common share awards	0	(4,989)			4,989
Reissuance of treasury stock for deferred compensation plan for Boards of Directors	78				78
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors	(1,745)				(1,745)
Common shares repurchased under share repurchase program	(7,407)				(7,407)
Common shares issued under dividend reinvestment plan	1,272	1,272
Common shares issued under compensation plan for Boards of Directors	506	83			423
Stock-based compensation	3,707	3,707
Common shares issued under employee stock purchase plan	549	95			454
Ending balance at Dec. 31, 2022	785,328	686,450	265,936	(127,136)	(39,922)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	113,363		113,363
Other comprehensive income (loss), net of tax	25,546			25,546
Cash dividends declared	(52,062)		(52,062)
Reissuance of treasury stock for common share awards	0	(5,944)			5,944
Reissuance of treasury stock for deferred compensation plan for Boards of Directors	115				115
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors	(1,769)				(1,769)
Common shares repurchased under share repurchase program	(3,030)				(3,030)
Common shares issued under dividend reinvestment plan	1,324	1,324
Common shares issued under compensation plan for Boards of Directors	548	62			486
Stock-based compensation	5,337	5,337
Common shares issued under employee stock purchase plan	905	69			836
Issuance of common shares related to merger with Limestone Bancorp, Inc.	177,929	177,929
Ending balance at Dec. 31, 2023	1,053,534	865,227	327,237	(101,590)	(37,340)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	117,205		117,205
Other comprehensive income (loss), net of tax	(8,795)			(8,795)
Cash dividends declared	(56,333)		(56,333)
Reissuance of treasury stock for common share awards	0	(6,880)			6,880
Reissuance of treasury stock for deferred compensation plan for Boards of Directors	342				342
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors	(1,309)				(1,309)
Common shares repurchased under share repurchase program	(3,000)				(3,000)
Common shares issued under dividend reinvestment plan	1,501	1,501
Common shares issued under compensation plan for Boards of Directors	492	86			406
Stock-based compensation	6,674	6,674
Common shares issued under employee stock purchase plan	1,279	236			1,043
Ending balance at Dec. 31, 2024	$ 1,111,590	$ 866,844	$ 388,109	$ (110,385)	$ (32,978)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net income	$ 117,205	$ 113,363	$ 101,292
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion, net	3,514	3,668	17,319
Provision for (recovery of) credit losses	24,787	15,174	(3,510)
Bank owned life insurance income	(4,216)	(4,151)	(2,624)
Net loss on investment securities	416	3,700	61
Fair value adjustment on equity investment securities	(50)	141	(2)
Loans originated for sale	(65,356)	(33,196)	(48,081)
Proceeds from sales of loans	65,984	34,041	50,442
Net gains on sales of loans	(1,376)	(659)	(994)
Deferred income tax (benefit) expense	6,973	(238)	18,566
(Decrease) increase in accrued expenses	(4,216)	13,194	(4,692)
Decrease (increase) in interest receivable	1,293	(6,443)	(5,836)
Increase in other assets	5,626	962	1,629
Increase (decrease) in interest payable	(1,674)	6,621	(420)
Increase in operating lease assets	(16,217)	(13,817)	0
Change in lease right-of-use assets and lease liabilities	158	(335)	(38)
Stock-based compensation	7,324	6,025	4,325
Other, net	3,012	5,593	(7,598)
Net cash provided by operating activities	143,187	143,643	119,839
Available-for-sale investment securities:
Purchases	(331,274)	(75,351)	(246,155)
Proceeds from sales	28,369	198,893	28,663
Proceeds from principal payments, calls and prepayments	255,744	151,047	190,143
Held-to-maturity investment securities:
Purchases	(253,546)	(207,428)	(206,768)
Proceeds from principal payments	162,497	84,116	19,033
Other investment securities:
Purchases	(28,431)	(27,206)	(23,632)
Proceeds from sales	32,049	21,281	5,784
Net (increase) decrease in loans held for investment	(199,243)	(356,075)	(58,142)
Net expenditures for premises and equipment	(6,822)	(13,458)	(6,753)
Proceeds from sales of other real estate owned	9	129	572
Investment in bank owned life insurance	0	0	(30,000)
Proceeds from bank owned life insurance	1,060	227	689
Business acquisitions, net of cash received	(1,579)	92,594	(85,791)
Investment in limited partnership and tax credit funds	(3,142)	(1,699)	(1,857)
Net cash used in investing activities	(344,309)	(132,930)	(414,214)
Financing activities:
Net (decrease) increase in non-interest-bearing deposits	(59,988)	(284,480)	(52,020)
Net increase (decrease) in interest-bearing deposits	547,098	436,545	(93,082)
Net (decrease) increase in short-term borrowings	(457,023)	90,359	328,611
Proceeds from long-term borrowings	55,277	115,108	24,804
Payments on long-term borrowings	(34,641)	(40,165)	(125,345)
Cash dividends paid	(55,828)	(51,845)	(42,372)
Repurchase of treasury stock under share repurchase program	(3,000)	(3,030)	(7,407)
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock	(1,309)	(1,769)	(1,745)
Proceeds from issuance of common shares	1,478	1,264	1,226
Net cash (used in) provided by financing activities	(7,936)	261,987	32,670
Net (decrease) increase in cash and cash equivalents	(209,058)	272,700	(261,705)
Cash and cash equivalents at beginning of period	426,722	154,022	415,727
Cash and cash equivalents at end of period	217,664	426,722	154,022
Supplemental cash flow information:
Interest paid	172,712	90,367	16,270
Income taxes paid	28,489	30,073	4,131
Supplemental noncash disclosures:
Transfers from loans to other real estate owned	235	31	110
Noncash recognition of new leases	$ 1,660	$ 4,428	$ 880

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accounting and reporting policies of Peoples Bancorp Inc. and subsidiaries (“Peoples” refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) conform to U.S. generally accepted accounting principles (“US GAAP”) and to general practices within the banking industry. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, total comprehensive income, net cash provided by operating activities or total stockholders’ equity. The following is a summary of significant accounting policies followed in the preparation of the financial statements: Business Combinations: Business combinations are accounted for using the acquisition method of accounting. Under this accounting method, the acquired company’s net assets are recorded at fair value on the date of acquisition, and the results of operations of the acquired company are combined with those of Peoples from the acquisition date forward. Costs related to the acquisition are expensed as incurred. The purchase price paid over the fair value of the net assets acquired, including intangible assets with finite lives, is recorded as goodwill. Consolidation: Peoples’ Consolidated Financial Statements include subsidiaries in which Peoples has a controlling financial interest, principally defined as owning a voting interest of greater than 50%. The Consolidated Financial Statements include the accounts of Peoples and its consolidated subsidiaries, Peoples Bank (along with its wholly-owned subsidiaries, Peoples Insurance Agency, LLC (“Peoples Insurance”) and Vantage Financial, LLC (“Vantage”)), Peoples Investment Company, and NB&T Statutory Trust III, FNB Capital Trust One, Ascencia Statutory Trust I, and Porter Statutory Trusts II-IV, for which Peoples holds all of the common securities. All intercompany accounts and transactions have been eliminated. Fair Value Measurements: The measurement of fair value under US GAAP uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: Level 1: Quoted prices in active exchange markets for identical assets or liabilities; also includes certain U.S. Treasury and other U.S. government and agency securities actively traded in over-the-counter markets. Level 2: Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data; also includes derivative financial instruments whose value is determined using a pricing model with observable market inputs or can be derived principally from, or corroborated by, observable market data. This category generally includes certain U.S. government and agency securities, corporate debt securities, derivative instruments, and residential mortgage loans held for sale. Level 3: Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as financial instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data. This category generally includes certain private equity investments, retained interests from securitization, and certain collateralized debt obligations. Operating Segments: As a community banking entity, Peoples offers its customers a full range of products including a complete line of banking, leasing, insurance, investment and trust solutions. Peoples’ business activities are currently confined to a single reportable operating segment, which is community banking. Peoples’ single operating segment was determined based on the similar economic characteristics shared by the components of community banking. Peoples’ chief operating decision maker (“CODM”) is composed of its President and Chief Executive Officer, and its Chief Financial Officer. Peoples’ CODM considers all components of consolidated interest income, interest expense, non-interest income, and non-interest expense as presented in Peoples’ Consolidated Statements of Income for the purposes of assessing performance of Peoples’ single reportable segment and allocating resources within its reportable segment. The CODM does not review segment revenue or expense information at a lower level than what is included in Peoples’ Consolidated Statements of Income. Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, federal funds sold and other short-term investments with original maturities of 90 days or less. At December 31, 2024 and at December 31, 2023, Peoples had no restricted funds held in interest-bearing deposits in other banks which were being used as collateral and not available for withdrawal. Investment Securities: Investment securities are recorded initially at cost, which includes premiums and discounts if purchased at other than par or face value. Peoples amortizes premiums and accretes discounts as an adjustment to interest income on a level yield basis. The cost of investment securities sold, excluding equity investment securities, and any resulting gain or loss, is based on the specific identification method and recognized as of the trade date. The cost of equity investment securities is based on the weighted-average method. Peoples determines the appropriate classification of investment securities at the time of purchase. Held-to-maturity securities are those securities that Peoples has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to Peoples’ liquidity needs, changes in market interest rates, and asset-liability management strategies, among other considerations. Available-for-sale securities are reported at fair value, with unrealized gains and losses reported in total stockholders’ equity as a separate component of accumulated other comprehensive loss (“AOCL”), net of applicable deferred income taxes. Certain restricted equity investment securities that do not have readily determinable fair values and for which Peoples does not exercise significant influence, are carried at cost. These cost method securities are reported in “Other investment securities” on the Consolidated Balance Sheets and consist primarily of shares of the Federal Home Loan Bank of Cincinnati (the “FHLB”) and the Federal Reserve Bank of Cleveland (the “FRB”). Peoples evaluates available-for-sale investment securities on a quarterly basis to determine how much, if any, allowance for credit losses is required. Peoples reviews available-for-sale investment securities at an unrealized loss position, with potential exposure to a credit event (which excludes U.S. government and U.S. government sponsored agency securities) to determine if the unrealized loss was credit-related. An allowance for credit losses is recorded to the extent that the unrealized loss was credit-related and likely to be permanent. Peoples evaluates held-to-maturity investment securities on a quarterly basis in determining an allowance for credit losses. Peoples has determined that the loss given default for U.S. government sponsored enterprise investment securities is zero, due to the fact that it is unlikely the ultimate guarantor (the U.S. government) would not perform on its implicit guarantee in the event of default. The remaining securities are included in the calculation of the allowance for credit losses for held-to-maturity investment securities. Loans and Leases: Loans originated by Peoples that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, purchase premiums and discounts, charge-offs and an allowance for credit losses. Leases originated by Peoples are reported at the net investment of the lease, net of initial direct costs, charge-offs and an allowance for credit losses. Throughout this Form 10-K, loans and leases are referred to as “total loans” and “loans held for investment.” The foreseeable future is based upon current market conditions and business strategies, as well as balance sheet management and liquidity. As the conditions change, so may management’s view of the foreseeable future. Peoples considers loans and leases past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan or lease agreement. Upon detection of the reduced ability of a borrower or lessee to meet cash flow obligations, consumer and residential real estate loans and leases are typically charged down to the net realizable value, with the residual balance placed on nonaccrual status. Loans and leases deemed to be uncollectable are charged against the allowance for credit losses, while recoveries of previously charged off amounts are credited to the allowance for credit losses. Loans and leases acquired in a business combination that have evidence of more than insignificant credit deterioration, which includes loans and leases that Peoples believes it is probable that Peoples will be unable to collect all contractually required payments, are considered purchase credit deteriorated (“PCD”) loans or leases. These loans are recorded at the purchase price, and an allowance for credit losses is determined using the same methodology as for other loans or leases. The initial allowance for credit losses determined on a collective basis is allocated to individual loans or leases. The total of the purchase price and allowance for credit losses is the net amount expected to be collected for PCD loans or leases. The variance between the initial amortized cost basis and the par value of the loan is considered an interest premium or discount, which is amortized or accreted into interest income on a level yield method over the life of the loan. The variance between the initial amortized cost basis and the fair value of a lease is considered an interest premium or discount, which is amortized or accreted into interest income on a level yield method over the life of the lease. Loans and leases acquired in a business combination that are not considered PCD are recorded at fair value and the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the discount or premium to each loan’s or lease’s cost basis and is accreted or amortized to interest income over the loan’s or lease’s remaining life using the level yield method. At the acquisition date, Peoples records provision for credit losses to establish the allowance for credit losses for these acquired loans and leases. Loans Held for Sale: Loans originated by Peoples and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried at the lower of cost or estimated fair value determined on an aggregate basis. Gains and losses on sales of loans held for sale are included in mortgage banking income. Loans originated by Peoples with the intent to be held in the portfolio are subsequently transferred to held for sale when a decision is made to sell these loans. At the time of a loan’s transfer to the held for sale classification, the loan is recorded at the lower of cost or its fair value. Any reduction in the loan’s fair value is reflected as a write-down of the recorded investment resulting in a new cost basis, with a corresponding charge against the allowance for credit losses. If the fair value of a loan classified as held for sale in subsequent periods is less than its cost basis, the carrying value of the loan is adjusted accordingly, with the corresponding loss recognized in income. Allowance for Credit Losses: The allowance for credit losses includes both the allowance for credit losses for loans and leases and the allowance for credit losses on lending-related commitments. The allowance for credit losses is a valuation reserve established through the provision for credit losses charged against income. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is measured on a pool basis, with loans collectively evaluated when similar risk characteristics exist. Peoples evaluated risk characteristics, including but not limited to: internal or third-party credit scores or credit ratings, risk ratings or classifications, financial asset type, collateral type, size, effective interest rate, term, geographical location, industry of the borrower, vintage, historical or credit loss patterns and reasonable and supportable forecast periods. Peoples identified 20 segments for which it believes there are similar risk characteristics and utilized a discounted cash flow methodology in determining an allowance for credit losses for each segment. In management’s estimation of expected credit losses, Peoples’ uses a one year reasonable and supportable period across all segments. Following the reasonable and supportable period, Peoples reverts the macroeconomic variables to their long run average over a four-quarter reversion period. In estimating credit losses, Peoples uses a loss driver method, which analyzes one or more economic variables to the change in default rate using a regression analysis. Variables that had a strong correlation were selected as economic factors, or variables, for the model. If a single variable was not found to be strongly correlated, additional variables were included. Peoples utilizes the U.S. unemployment and Ohio unemployment rates as economic factors in modeling. Probabilities of default are used in the loss driver model and are analyzed on a quarterly basis to assess reasonableness. Peoples measured loss given default at the segment level due to statistical considerations using historical information. Peoples also utilized peer data due to somewhat volatile loss history in certain segments to normalize default curves, which provided more meaningful results. Peoples modeled amortizing loans with a prepayment rate annualized to one year. The prepayment rates were calculated using Peoples’ historical data, at the segment level. Peoples models extensions of contractual terms in the following situations: when a loan is 60 days or more past due; when a partial charge-off has occurred, if the loan is in nonaccrual status; or if the loan is grade 5 or higher. When any of these criteria are met and the loan matures within the next 12 months, the loan will be modeled to extend for an additional 12 months. In general, Peoples completes a quarterly evaluation based on several qualitative factors to determine if there should be adjustments made to the allowance for credit losses. These factors include economic conditions, collateral, concentrations, troubled assets, Peoples’ loss trends, peer loss trends, delinquency trends, portfolio composition and loan growth, underwriting, and certain other risks. The allowance for credit losses related to specific loans was based on management’s estimate of potential losses on impaired loans as determined by (1) the present value of expected future cash flows, (2) the fair value of collateral if the loan is determined to be collateral dependent, or (3) the loan’s observable market price. Peoples categorizes loans involving commercial borrowers into risk categories based upon an established grading matrix. This system is used to manage the risk within Peoples’ commercial lending activities, evaluate changes in the overall credit quality of the loan portfolio and evaluate the appropriateness of the allowance for credit losses. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Commercial loans to borrowers with an aggregate unpaid principal balance in excess of $1.0 million are reviewed at least on an annual basis for possible credit deterioration. Commercial leases, as well as loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1.0 million, are reviewed at least on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower’s business, receipt of financial statements indicating deteriorating credit quality or other similar events. Adversely classified loans are reviewed on a quarterly basis. The primary factors considered when assigning a risk grade to a loan include (1) reliability and sustainability of the primary source of repayment, (2) past, present and projected financial condition of the borrower, and (3) current economic and industry conditions. Other factors that could influence the risk grade assigned include the type and quality of collateral and the strength of any guarantors. The primary source of repayment for commercial real estate loans and commercial and industrial loans is normally the operating cash flow of the business available to repay debt. Management’s analysis of operating cash flow for commercial real estate loans secured by non-owner occupied properties takes into account factors such as rent rolls and vacancy statistics. Management’s analysis of operating cash flow for commercial real estate loans secured by owner occupied properties and all commercial and industrial loans considers the profitability, liquidity and leverage of the business. The evaluation of construction loans includes consideration of the borrower’s ability to complete construction within the established budget. The primary factors considered when classifying residential real estate loans, home equity lines of credit and consumer loans include the loan’s past due status and any declaration of bankruptcy by the borrower(s). The classification of residential real estate loans and home equity lines of credit also takes into consideration the current value of the underlying collateral. Peoples has elected the practical expedient not to measure allowance for credit losses for accrued interest receivables and reverses accrued interest on nonperforming loans against interest income in a timely manner. Unfunded Commitments: Peoples also completes a quarterly evaluation for unfunded commitments for loans that are not unconditionally cancellable, which includes construction loans, floor plan lines of credit, home equity lines of credit, other credit lines and letters of credit. Peoples performed a study to determine the historical funding rates of unadvanced portions of loans, and applied these funding rates to the unfunded commitments at period end. The loss rates, including qualitative factors, in determining the allowance for credit losses were applied at the segment level to the unfunded commitment amount to determine the allowance for credit loss liability for unfunded commitments. Nonaccrual Loans: Peoples discontinues the accrual of interest on a loan when conditions cause management to believe collection of all or any portion of the loan’s contractual interest is doubtful. Such conditions may include the borrower being 90 days or more past due on any contractual payments, or current information regarding the borrower’s financial condition and repayment ability. All unpaid accrued interest deemed uncollectable is reversed, which reduces Peoples’ net interest income. Interest received on nonaccrual loans is included in income only if principal recovery is reasonably assured. Bank Premises and Equipment: Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets owned. Major improvements to leased facilities are capitalized and included in bank premises at cost less accumulated depreciation, which is calculated on the straight-line method over the lesser of the remaining term for the leased facility or the estimated economic life of the improvement. Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition or business combination over the fair value of the net assets acquired in the acquisition or business combination. Goodwill is not amortized but is tested for impairment when indicators of impairment exist, or at least annually on October 1. Peoples’ other intangible assets include customer relationship intangible assets, core deposit intangible assets, indefinite-lived trade name and servicing rights representing the net present value of future economic benefits to be earned from acquired customer relationships with definite useful lives. These intangible assets are amortized on an accelerated basis over their estimated lives ranging from 7 to 10 years. Servicing Rights: Servicing rights represent the right to service loans sold to third-party investors. Loans that are sold are primarily mortgage loans, but also include small business and agricultural loans. Servicing rights are recognized separately as a servicing asset whenever Peoples undertakes an obligation to service financial assets. Servicing rights are reported in other intangible assets on the Consolidated Balance Sheets. Serviced loans that have been completely sold are not included on the Consolidated Balance Sheets. Loan servicing income included in mortgage banking income includes servicing fees received from the third-party investors and certain charges collected from the borrowers. Peoples initially records servicing rights at fair value at the time of the sale of the loans to the third-party investor. Peoples follows the amortization method for the subsequent measurement of each class of separately recognized servicing assets and liabilities. Under the amortization method, Peoples amortizes the value of servicing assets or liabilities utilizing a straight-line basis approach over the period of estimated net servicing income or net servicing loss, and assesses servicing assets or liabilities for impairment or increased obligation based on the fair value at each reporting date. The fair value of the servicing rights is determined by using a discounted cash flow model, which estimates the present value of the future net cash flows of the servicing portfolio based on various factors, such as servicing costs, expected prepayment speeds and discount rates. Derivatives: Peoples enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known or expected cash amounts, the value of which is determined by interest rates. Peoples’ derivative financial instruments are used to manage differences in the amount, timing and duration of Peoples’ known or expected cash receipts and its known or expected cash payments principally related to certain variable rate borrowings. Peoples also has interest rate derivative financial instruments that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Peoples’ assets or liabilities. Peoples manages a matched book with respect to customer- related derivative financial instruments in order to minimize its net risk exposure resulting from such transactions. Amounts reported in AOCL related to derivatives are reclassified to interest income or expense as interest payments are made or received on Peoples’ variable-rate assets or liabilities. Peoples assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transaction. If the derivative financial instruments designated as cash flow hedges are deemed effective, changes in the fair value of each derivative financial instrument are reported in AOCL (outside of earnings), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings. If the derivative financial instruments designated as cash flow hedges are deemed ineffective, changes in the fair value of the derivative financial instrument are recognized directly in earnings. Interest Rate Lock Commitments: Peoples enters into interest rate lock commitments with borrowers and best efforts commitments with investors on mortgage loans originated for sale into the secondary markets to manage the inherent interest rate and pricing risk associated with selling loans. An interest rate lock commitment generally terminates once the loan is funded, the lock period expires or the borrower decides not to contract for the loan. A best efforts commitment generally terminates once the loan is sold, the commitment period expires or the borrower decides not to contract for the loan. These commitments are considered derivatives. The valuation of such commitments considers the servicing release premium, but does not consider other expected cash flows related to the servicing of the future loan. Management determined these derivatives did not have a material effect on Peoples’ financial position, results of operations or cash flows at December 31, 2024. Investments in Affordable Housing Limited Partnerships: Investments in affordable housing consist of investments in limited partnerships that operate qualified affordable housing projects or that invest in other limited partnerships formed to operate affordable housing projects. These investments are considered variable interest entities for which Peoples is not the primary beneficiary. Peoples generally utilizes the proportional amortization method to account for these investments with the tax credits, net of the amortization of the investment, reflected in the Consolidated Statements of Income as a reduction in income tax expense. The unamortized amount of the investments is recorded in “Other assets” and totaled $11.1 million and $13.1 million at December 31, 2024 and 2023, respectively. Other Real Estate Owned (“OREO”): OREO, included in “Other assets” on the Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples in satisfaction of a loan. OREO obtained in satisfaction of a loan is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. Peoples had OREO totaling $6.2 million at December 31, 2024 and $7.2 million at December 31, 2023. Securities Sold Under Agreements to Repurchase (“Repurchase Agreements”): Peoples enters into Repurchase Agreements with customers and other financial services companies, which are considered financings. As such, these obligations are recorded as a liability on the Consolidated Balance Sheets and disclosed in “Note 9 Short-Term Borrowings” and “Note 10 Long-Term Borrowings,” as appropriate. Securities pledged as collateral under Repurchase Agreements are included in investment securities on the Consolidated Balance Sheets and are disclosed in “Note 3 Investment Securities.” The fair value of the collateral pledged to a third party is continually monitored and additional collateral is pledged or returned, as deemed appropriate. Interest Income Recognition: Interest income on loans and investment securities is recognized by methods that result in level rates of return on principal amounts outstanding. This includes yield adjustments resulting from the amortization of premiums on investment securities, loan costs and premiums, and accretion of discounts on investment securities, loan fees and discounts. Loans that have been placed on nonaccrual, and are subsequently returned to accruing status, recognize interest income similar to other accruing loans once they return to accruing status. Prior accrued interest that was reversed when the loan was placed on nonaccrual is recognized when received, after all of the principal of the loan outstanding has been paid. Since mortgage-backed securities comprise a sizable portion of Peoples’ investment portfolio, a significant increase in principal payments on those securities can impact interest income due to the corresponding acceleration of premium amortization or discount accretion. Lease income: Lease income presented in “Non-interest income” includes (i) operating lease income, (ii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iii) month-to-month lease payments in excess of net investment on the lease, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets, and (vi) syndication income. Income on operating leases is recognized on a straight-line basis. Depreciation expense related to operating leases is recognized on a straight-line basis in “other non-interest expense.” Peoples began originating operating leases in 2023. Gains on syndicated leases and other fees are recognized over time on a monthly basis. Revenue Recognition: Peoples recognizes revenues as they are earned based on contractual terms, or as services are provided and collectability is reasonably assured. Peoples’ principal source of revenue is interest income, which is recognized on an accrual basis primarily according to the terms in written contracts, such as loan agreements or securities contracts. Estimates of variable consideration are included in revenue to the extent that it is probable that a significant reversal of cumulative revenue will not occur, once the uncertainty is resolved. Peoples’ contracts with customers are short-term in nature, and were recognized under the following revenue streams: Electronic Banking Income: Electronic banking income consists of two revenue streams related to interchange income, and promotional and usage income. Peoples recognizes interchange income over time, on a monthly basis, which is based on the transactional volume of debit card and credit card activity completed by its customers during the month in which income is recognized. Peoples is obligated, based on its contracts with third parties, to meet certain volumes of debit card and credit card activities, which are performed by Peoples’ customers, over a certain period of time. Interchange income is variable as it is based on the transaction volume of debit card activity completed by Peoples’ customers. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due for all PIN transactions from the vendor within one month of the completed customer debit card and credit card activity, while all other interchange transaction fees are earned and recorded on a daily basis. Peoples has elected to apply a practical expedient of right to invoice when recognizing interchange income, as Peoples has fulfilled the required performance obligations, the vendor has consumed the service, and Peoples has a right to the related income. Peoples also recognizes promotional and usage income over time, on a monthly basis, which is related to branding of debit cards and promotion or use of certain services provided by third-party vendors. Peoples is obligated to brand its debit cards in a certain manner, and promote and use services provided by third-party vendors. Promotional and usage income is variable as it is based on certain metrics achieved for promotion and usage of services provided by the third-party vendors. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the third-party vendors within 45 days of the monthly fulfillment of Peoples’ performance obligation. Peoples has elected to apply a practical expedient of right to invoice when recognizing promotional and usage income, as Peoples has fulfilled the required performance obligations, the vendor has consumed the service, and Peoples has a right to the related income. Trust and Investment Income: Trust and investment income consists of revenue from fiduciary and brokerage activities, which includes fees for services such as asset management, record keeping, retirement services and estate management, and investment commissions and fees related to the sale of investments. Trust and investment income is recognized over time, which reflects the duration of the contract period for which services have been provided. Trust and investment income is variable as it is based on the value of assets under administration and management, and specific transactions. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer when billed, which is typically a monthly or quarterly billing for services rendered in the most recent period, for which the performance obligation has been satisfied. Peoples has elected to apply a practical expedient of right to invoice when recognizing trust and investment income, as Peoples has fulfilled the performance obligation, the customer has consumed the service, and Peoples has a right to the related income. Peoples has also elected to apply a practical expedient related to capitalizable costs, which are the commissions paid to financial advisors, and will expense these commissions paid to financial advisors as incurred, as these costs are related to the trust and investment income and would have been amortized within one year or less if they had been capitalized, the same period over which the income was earned. Insurance Income: Insurance income generally consists of commissions and fees from the sale of insurance policies, fees related to third-party administration services and performance-based commissions from insurance companies. Peoples recognizes commission income from the sale of insurance policies when it acts as an agent between the insurance carrier and policyholder, arranging for the insurance carrier to provide policies to policyholders, and acts on behalf of the insurance carrier by providing customer service to the policyholders during the respective policy periods. Commission income is recognized over time, using the output method of time elapsed, which corresponds with the underlying insurance policy period, during which Peoples is obligated to perform under contract with the insurance carrier. Commission income is variable, as it is comprised of a certain percentage of the underlying policy premium. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods, based upon historical experience. Payment is due from the insurance carrier for commission income once the insurance policy has been sold. Peoples has elected to apply a practical expedient related to capitalizable costs, which are the commissions paid to insurance producers, and will expense these commissions paid to insurance producers as incurred, as these costs are related to the commission income and would have been amortized within one year or less if they had been capitalized, the same period over which the commission income was earned. Fees related to third-party administration services performed are recognized over time, during the period in which services have been provided, and are recognized monthly in the month the services were performed. Performance-based commissions from insurance companies are recognized at a point in time, when received, and no contingencies remain. Deposit Account Service Charges: Deposit account service charges consist of two revenue streams related to ongoing maintenance fees for deposit accounts and transactional-based fees. Ongoing maintenance fees are recognized on a monthly basis, generally with the monthly period beginning on the day of the month on which the account was opened. Ongoing maintenance fee income is variable as these fees can be reduced if a customer meets certain qualifying metrics. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. For accounts that are assessed maintenance fees through the account analysis process, payment is due from the customer within one month after the monthly period in which the account activity occurred. For all other accounts, monthly maintenance fees are assessed to the account on the last day of the monthly period. Peoples has elected to apply a practical expedient of right to invoice when recognizing ongoing maintenance fees for deposit accounts, as Peoples has fulfilled the required performance obligations, the customer has consumed the service, and Peoples has a right to the related income. Transactional-based fees are recognized at a point in time, which is at the completion of the relevant transaction. Peoples is obligated to perform certain transactions as requested by its consumer and business deposit account customers, which are outside of the normal maintenance requirements. Transactional-based fee income is variable as these fees are directly related to a service request from the customer. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer at the time of completion of the requested transaction. Overdraft fees are considered transactional-based fees and accounted for as described herein. Other Non-Interest Income: Other non-interest income includes certain revenues that are transactional-based, such as wire transfer fees, money order fees and other ancillary fees or services. These transactional-based fees are recognized as income at a point in time, at the completion of the relevant transaction. Transactional-based fee income is variable as these fees are directly related to a service request from the customer. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer at the time of completion of the requested transaction. Also included in other non-interest income are commercial loan swap fees, which consist of income related to transactions in which Peoples Bank originates variable rate loans with interest rate swaps, where the customer enters into an interest rate swap with Peoples Bank on terms that match the terms of the loan. By entering into the interest rate swap with the customer, Peoples Bank effectively provides the customer with a fixed rate loan while creating a variable rate asset for Peoples Bank. Peoples Bank offsets its exposure in the swap by entering into an offsetting interest rate swap with an unaffiliated financial institution. Commercial loan swap fees are recognized at a point in time, when the transaction has been completed, and there is no recourse or further performance obligation required of Peoples Bank. Commercial loan swap fees are variable as these fees are a certain percentage of the total swap fee collected on a completed transaction. Peoples Bank estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer at the time of completion of the requested transaction. Stock-Based Compensation: Stock-based compensation for restricted common share awards is measured at the fair value of these awards on their grant date. Stock-based compensation is recognized over the restriction period for restricted common share awards. Only the expense for the portion of the awards expected to vest is recognized. For service-based awards, stock-based compensation for awards granted to employees who are eligible for retirement is recognized on the date the employee is first eligible to retire. Advertising Costs: Advertising costs are expensed as incurred. Income Taxes: Peoples and its subsidiaries file a consolidated federal income tax return. Deferred income tax assets and liabilities reflect the temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements at the blended federal and state corporate income tax rate. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. A tax position is initially recognized in the financial statements when it is more-likely-than-not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. Penalties and interest incurred under the applicable tax law are classified as income tax expense. Further, the amount of net interest and penalties related to unrecognized tax benefits was immaterial for all periods presented. The amounts of Peoples’ uncertain income tax positions and unrecognized benefits are disclosed in “Note 13 Income Taxes.” Earnings per Share (“EPS”): Basic EPS and diluted EPS are calculated using the two-class method since Peoples has issued share-based payment awards that are considered participating securities because they entitle holders the rights to dividends during the vesting term. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Basic EPS is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include non-vested restricted common shares using the treasury stock method. Recent Adoptions of New Accounting Guidance: From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by Peoples as of the required effective dates. Unless otherwise discussed, management believes the impact of any recently issued standards, including those issued but not yet effective, will not have a material impact on Peoples’ Consolidated Financial Statements taken as a whole. ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: The FASB issued ASU 2023-07 on November 27, 2023. The amendments “improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.” In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable “investors to better understand an entity’s overall performance” and assess “potential future cash flows.” The ASU applies to all public entities that are required to report segment information in accordance with ASC 280. The enhanced segment disclosure requirements apply “retrospectively to all prior periods presented in the financial statements.” The significant segment expense and other segment item amounts “disclosed in prior periods shall be based on the significant segment expense categories identified and disclosed in the period of adoption.” The amendments in ASU 2023-07 were effective for all public entities for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Peoples adopted the expanded disclosure requirements beginning with the fiscal year ending December 31, 2024. The guidance did not have a material impact on Peoples’ consolidated financial statements.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair value represents the amount expected to be received to sell an asset or paid to transfer a liability in its principal or most advantageous market in an orderly transaction between market participants at the measurement date. In accordance with fair value accounting guidance, Peoples measures, records and reports various types of assets and liabilities at fair value on either a recurring or a non-recurring basis in the Consolidated Financial Statements. Those assets and liabilities are presented below in the sections entitled “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis” and “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis.”

Depending on the nature of the asset or liability, Peoples uses various valuation methodologies and assumptions to estimate fair value. The measurement of fair value under US GAAP uses a hierarchy, which is described in “Note 1 Summary of Significant Accounting Policies.”

Assets and liabilities are assigned to a level within the fair value hierarchy based on the lowest level of significant input used to measure fair value. Assets and liabilities may change levels within the fair value hierarchy due to market conditions or other circumstances. Those transfers are recognized on the date of the event that prompted the transfer. There were no transfers of assets or liabilities required to be measured at fair value on a recurring basis between levels of the fair value hierarchy during the periods presented in the Consolidated Financial Statements.

Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis

The following table provides the fair value for assets and liabilities required to be measured and reported at fair value on a recurring basis on the Consolidated Balance Sheets by level in the fair value hierarchy. At December 31, 2024 and at December 31, 2023, there were no assets or liabilities measured on a recurring basis that were considered Level 3 measurements.


	Recurring Fair Value Measurements at Reporting Date
	December 31, 2024				December 31, 2023
(Dollars in thousands)	Level 1		Level 2			Level 1		Level 2
Assets:
Available-for-sale investment securities:
Obligations of:
U.S. Treasury and government agencies	$	15,196	$	—		$	30,296	$	—
U.S. government sponsored agencies	—		209,083			—		118,607
States and political subdivisions	—		196,301			—		213,296
Residential mortgage-backed securities	—		601,802			—		628,924
Commercial mortgage-backed securities	—		55,065			—		51,234
Bank-issued trust preferred securities	—		6,108			—		5,965

Total available-for-sale securities	15,196		1,068,359			30,296		1,018,026






Equity investment securities (a)	197		244			191		237

Derivative assets (b)	—		18,743			—		22,304
Liabilities:
Derivative liabilities (c)	—		17,046			$	—	$	19,122

(a) Included in “Other investment securities” on the Consolidated Balance Sheets. For additional information, see “Note 3 Investment Securities.”

(b) Included in “Other assets” on the Consolidated Balance Sheets. For additional information, see “Note 15 Derivative Financial Instruments.”

(c) Included in “Accrued expenses and other liabilities” on the Consolidated Balance Sheets. For additional information, see “Note 15 Derivative Financial Instruments.”

Available-for-Sale Investment Securities: The fair values used by Peoples are obtained from an independent pricing service and represent either quoted market prices for the identical securities (Level 1) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, SOFR (or other relevant) yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in management’s overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists.

Equity Investment Securities: The fair values of Peoples’ equity investment securities are obtained from quoted prices in active exchange markets for identical assets or liabilities (Level 1) or quoted prices in less active markets (Level 2).

Derivative Assets and Liabilities: Derivative assets and liabilities are recognized on the Consolidated Balance Sheets at their fair value within “Other assets” and “Accrued expenses and other liabilities,” respectively. The fair value for derivative financial instruments is determined based on market prices, broker-dealer quotations on similar products, or other related input parameters (Level 2).

Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis

The following table provides the fair value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Consolidated Balance Sheets by level in the fair value hierarchy. At December 31, 2024 and at December 31, 2023, there were no assets or liabilities measured on a non-recurring basis that were considered Level 1 measurements.


	Non-Recurring Fair Value Measurements at Reporting Date
	December 31, 2024				December 31, 2023
(Dollars in thousands)	Level 2		Level 3		Level 2		Level 3
Collateral dependent loans	$	—	$	4,375	$	—	$	501
Loans held for sale (a)	1,499		—		1,663		—
Other real estate owned (“OREO”)	—		5,891		—		7,118

(a) Loans held for sale are presented gross of a valuation allowance of $166 and $163 at December 31, 2024 and at December 31, 2023, respectively.

Collateral Dependent Loans: Loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty, are considered collateral dependent. Peoples utilizes outside third-party appraisal services to value the underlying collateral, for which Peoples uses to report the loans at their fair value (Level 3).

Loans Held for Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried, in aggregate, at the lower of cost or estimated fair value. Peoples uses a valuation model using quoted market prices of similar instruments in arriving at the fair value (Level 2).

Other Real Estate Owned: OREO, included in “Other assets” on the Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples in satisfaction of a loan. OREO obtained in satisfaction of a loan is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is based on recent real estate appraisals which are updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available (Level 3).

Financial Instruments Not Required to be Measured and Reported at Fair Value

The following table provides the carrying amount for each class of assets and liabilities, and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Balance Sheets.


	Fair Value Measurements of Other Financial Instruments
(Dollars in thousands)	Fair Value Hierarchy Level	December 31, 2024				December 31, 2023
		Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash and cash equivalents	1	$	217,664	$	217,664	$	426,722	$	426,722
Held-to-maturity investment securities:
Obligations of:
U.S. government sponsored agencies	2	233,302		223,294		188,475		180,825
States and political subdivisions (a)	2	142,691		110,848		144,496		114,288
Residential mortgage-backed securities	2	300,290		276,278		248,559		231,620
Commercial mortgage-backed securities	2	98,754		82,079		102,365		85,289

Total held-to-maturity securities		775,037		692,499		683,895		612,022
Other investment securities:
Other investment securities at cost:
Federal Home Loan Bank (“FHLB”) stock	N/A	24,606		24,606		29,949		29,949
Federal Reserve Bank (“FRB”) stock	N/A	27,114		27,114		26,896		26,896
Total other investment securities at cost		51,720		51,720		56,845		56,845
Other investment securities at fair value:
Nonqualified deferred compensation (b)	1	4,898		4,898		3,162		3,162
Other investment securities (c)	2	3,073		3,073		2,985		2,985
Total other investment securities at fair value		59,691		59,691		62,992		62,992
Loans and leases, net of deferred fees and costs (d)	3	6,358,003		6,240,751		6,159,196		6,064,999
Bank owned life insurance	2	143,710		143,710		140,554		140,554

Financial liabilities:
Deposits	2	$	7,590,205	$	6,713,360	$	7,102,921	$	6,270,496
Short-term borrowings	2	193,474		204,577		650,497		668,956
Long-term borrowings	2	238,073		251,736		216,241		222,376

(a) Held-to-maturity investment securities are presented gross of an allowance for credit losses of $237 and $238, at December 31, 2024 and at December 31, 2023, respectively.

(b) Nonqualified deferred compensation includes underlying investments in mutual funds.

(c) “Other investment securities,” as reported on the Consolidated Balance Sheets, also included equity investment securities at December 31, 2024

and at December 31, 2023, which are reported in the Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis

table above and not included in this table.

(d) Loans and leases, net of deferred fees and costs are presented gross of an allowance for credit losses of $63.3 million and $62.0 million, as of December 31, 2024 and December 31, 2023, respectively.

Peoples used the following methods and assumptions in estimating the fair value of the following financial instruments:

Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, federal funds sold and other short-term investments with original maturities of 90 days or less. The carrying amount for cash on hand and balances due from banks is a reasonable estimate of fair value (Level 1).

Held-to-Maturity Investment Securities: The fair values used by Peoples are obtained from an independent pricing service and represent fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, relevant yield curves, credit spreads and prices from market makers and live trading systems (Level 2). When observable market data is absent, the independent pricing service estimates prices based on underlying cash flow characteristics and discount rates as derived from comparable securities (Level 3). Management reviews the valuation methodology and quality controls utilized by the pricing services in management’s overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists.

Other Investment Securities: Other investment securities at cost are not recorded at fair value as they are not marketable securities. FHLB and FRB stock are both recorded at cost. Other investment securities at fair value are valued using quoted prices in an active market (Level 1) or quoted prices in less active markets (Level 2).

Loans and Leases, Net of Deferred Fees and Costs: The fair value of portfolio loans and leases assumes sale of the underlying notes to a third-party financial investor. Accordingly, this value is not necessarily the value to Peoples if the notes were held to maturity. Peoples considers interest rate, credit and market factors in estimating the fair value of loans and leases (Level 3). Fair values for loans and leases are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans and leases with similar terms, the credit risk associated with the loans and leases and other market factors, including liquidity.

Bank Owned Life Insurance: Peoples’ bank owned life insurance policies are recorded at their cash surrender value (Level 2). Peoples recognizes tax-exempt income from the periodic increases in the cash surrender value of these policies and from death benefits.

Deposits: The fair value of fixed-maturity CDs is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities (Level 2). Demand and other non-fixed-maturity deposits are estimated using a discounted cash flow calculation based on maturity, attrition and re-pricing assumptions.

Short-term Borrowings: The fair value of short-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2).

Long-term Borrowings: The fair value of long-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2).

Certain financial assets and financial liabilities that are not required to be measured or reported at fair value can be subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and liabilities include the following: customer relationships, the deposit base, and other information required to compute Peoples’ aggregate fair value, which are not included in the above information. Accordingly, the above fair values are not intended to represent the aggregate fair value of Peoples.

Investment Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Available-for-sale

The following table summarizes Peoples’ available-for-sale investment securities at December 31:


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
2024
Obligations of:
U.S. Treasury and government agencies	$	15,317	$	87	$	(208)	$	15,196
U.S. government sponsored agencies	224,167		53		(15,137)		209,083
States and political subdivisions	225,074		16		(28,789)		196,301
Residential mortgage-backed securities	693,886		1,391		(93,475)		601,802
Commercial mortgage-backed securities	64,438		36		(9,409)		55,065
Bank-issued trust preferred securities	6,500		—		(392)		6,108
Total available-for-sale securities	$	1,229,382	$	1,583	$	(147,410)	$	1,083,555
2023
Obligations of:
U.S. Treasury and government agencies	$	30,999	$	292	$	(995)	$	30,296
U.S. government sponsored agencies	128,500		639		(10,532)		118,607
States and political subdivisions	239,906		485		(27,095)		213,296
Residential mortgage-backed securities	717,772		1,819		(90,667)		628,924
Commercial mortgage-backed securities	60,611		5		(9,382)		51,234
Bank-issued trust preferred securities	6,500		—		(535)		5,965

Total available-for-sale securities	$	1,184,288	$	3,240	$	(139,206)	$	1,048,322

The unrealized losses related to residential mortgage-backed securities at December 31, 2024 and 2023 were attributable to changes in market interest rates and spreads since the securities were purchased.

The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the years ended December 31 were as follows:


(Dollars in thousands)	2024		2023		2022
Gross gains realized	$	1,140	$	1,550	$	314
Gross losses realized	1,556		5,250		375
Net loss realized	$	(416)	$	(3,700)	$	(61)

The cost of investment securities sold, and any resulting gain or loss, were based on the specific identification method and recognized as of the trade date.

The following table presents a summary of available-for-sale investment securities that had unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position:


	Less than 12 Months					12 Months or More					Total
(Dollars in thousands)	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss
2024
Obligations of:
U.S. Treasury and government agencies	$	10,003	$	174	11	$	2,299	$	34	10	$	12,302	$	208
U.S. government sponsored agencies	130,518		5,816		27	70,982		9,321		13	201,500		15,137
States and political subdivisions	28,400		1,188		55	160,210		27,601		138	188,610		28,789
Residential mortgage-backed securities	85,043		2,300		69	482,609		91,175		256	567,652		93,475
Commercial mortgage-backed securities	2,868		93		5	46,619		9,316		24	49,487		9,409
Bank-issued trust preferred securities	493		7		1	5,614		385		3	6,107		392
Total	$	257,325	$	9,578	168	$	768,333	$	137,832	444	$	1,025,658	$	147,410
2023
Obligations of:
U.S. Treasury and government agencies	$	8,568	$	83	22	$	11,631	$	912	5	$	20,199	$	995
U.S. government sponsored agencies	14,439		35		4	74,211		10,497		15	88,650		10,532
States and political subdivisions	18,268		136		32	167,346		26,959		138	185,614		27,095
Residential mortgage-backed securities	58,671		1,150		66	529,895		89,517		238	588,566		90,667
Commercial mortgage-backed securities	6,000		112		7	44,656		9,270		21	50,656		9,382
Bank-issued trust preferred securities	1,984		16		1	3,981		519		3	5,965		535

Total	$	107,930	$	1,532	132	$	831,720	$	137,674	420	$	939,650	$	139,206

Management evaluates available-for-sale investment securities for an allowance of credit losses on a quarterly basis. At December 31, 2024, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At December 31, 2024, Peoples did not have the intent to sell, nor was it more-likely-than-not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both December 31, 2024 and 2023 were largely attributable to changes in market interest rates and spreads since the securities were purchased. Accrued interest receivable is not included in the investment securities balances, and is presented in the “Other assets” line of the Consolidated Balance Sheets, with no recorded allowance for credit losses.

The unrealized losses with respect to the three bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at December 31, 2024 were primarily attributable to the subordinated nature of the debt.

The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at December 31, 2024. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a blended federal and state corporate income tax rate of 23.3%. 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 Year			1 to 5 Years		5 to 10 Years			Over 10 Years			Total
Amortized cost
Obligations of:
U.S. Treasury and government agencies	$	1,044		$	1,755	$	6,880		$	5,638		$	15,317
U.S. government sponsored agencies	—			60,304		81,845			82,018			224,167
States and political subdivisions	7,437			41,113		73,235			103,289			225,074
Residential mortgage-backed securities	15			4,680		48,876			640,315			693,886
Commercial mortgage-backed securities	—			11,106		30,031			23,301			64,438
Bank-issued trust preferred securities	2,000			1,500		3,000			—			6,500
Total available-for-sale securities	$	10,496		$	120,458	$	243,867		$	854,561		$	1,229,382
Fair value
Obligations of:
U.S. Treasury and government agencies	$	1,040		$	1,740	$	6,904		$	5,512		$	15,196
U.S. government sponsored agencies	—			55,725		77,448			75,910			209,083
States and political subdivisions	7,392			38,477		61,518			88,914			196,301
Residential mortgage-backed securities	15			4,567		44,939			552,281			601,802
Commercial mortgage-backed securities	—			10,213		25,236			19,616			55,065
Bank-issued trust preferred securities	1,998			1,470		2,640			—			6,108
Total available-for-sale securities	$	10,445		$	112,192	$	218,685		$	742,233		$	1,083,555
Total weighted-average yield	3.64		%	2.10%		2.82		%	2.76		%	2.71		%

Held-to-Maturity

The following table summarizes Peoples’ held-to-maturity investment securities at December 31:


(Dollars in thousands)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
2024
Obligations of:
U.S. government sponsored agencies	$	233,302	$	—	$	219	$	(10,227)	$	223,294
States and political subdivisions	142,691		(237)		110		(31,716)		110,848
Residential mortgage-backed securities	300,290		—		281		(24,293)		276,278
Commercial mortgage-backed securities	98,754		—		—		(16,675)		82,079
Total held-to-maturity securities	$	775,037	$	(237)	$	610	$	(82,911)	$	692,499
2023
Obligations of:
U.S. government sponsored agencies	$	188,475	$	—	$	489	$	(8,139)	$	180,825
States and political subdivisions	144,496		(238)		134		(30,104)		114,288
Residential mortgage-backed securities	248,559		—		1,643		(18,582)		231,620
Commercial mortgage-backed securities	102,365		—		—		(17,076)		85,289
Total held-to-maturity securities	$	683,895	$	(238)	$	2,266	$	(73,901)	$	612,022

There were no sales of held-to-maturity securities during the years ended December 31, 2024 and December 31, 2023.

Management evaluates held-to-maturity investment securities for an allowance for credit losses on a quarterly basis. The majority of Peoples’ held-to-maturity investment securities are residential mortgage-backed securities, for which an allowance for credit losses was not recorded. Peoples calculated the allowance for credit losses for states and political subdivisions using cumulative default rate averages for municipal securities.

The following table presents a summary of held-to-maturity investment securities that had unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position:


	Less than 12 Months					12 Months or More					Total
(Dollars in thousands)	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss
2024
Obligations of:
U.S. government sponsored agencies	$	150,390	$	2,464	29	$	38,901	$	7,763	11	$	189,291	$	10,227
States and political subdivisions	957		44		1	106,716		31,672		66	107,673		31,716
Residential mortgage-backed securities	116,576		2,808		27	130,556		21,485		43	247,132		24,293
Commercial mortgage-backed securities	9,603		1,381		5	70,476		15,294		29	80,079		16,675
Total	$	277,526	$	6,697	62	$	346,649	$	76,214	149	$	624,175	$	82,911
2023
Obligations of:
U.S. government sponsored agencies	$	64,487	$	356	14	$	86,071	$	7,783	18	$	150,558	$	8,139
States and political subdivisions	—		—		—	111,040		30,104		67	111,040		30,104
Residential mortgage-backed securities	44,379		1,105		14	117,654		17,477		34	162,033		18,582
Commercial mortgage-backed securities	13,919		1,845		6	71,370		15,231		31	85,289		17,076
Total	$	122,785	$	3,306	34	$	386,135	$	70,595	150	$	508,920	$	73,901

The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at December 31, 2024. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a blended federal and state corporate income tax rate of 23.3%. 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 Year			1 to 5 Years			5 to 10 Years			Over 10 Years			Total
Amortized cost
Obligations of:
U.S. government sponsored agencies	$	2,500		$	6,442		$	69,186		$	155,174		$	233,302
States and political subdivisions	998			7,629			20,724			113,340			142,691
Residential mortgage-backed securities	—			207			3,919			296,164			300,290
Commercial mortgage-backed securities	—			12,907			34,149			51,698			98,754
Total held-to-maturity securities	$	3,498		$	27,185		$	127,978		$	616,376		$	775,037
Fair value
Obligations of:
U.S. government sponsored agencies	$	2,500		$	6,143		$	68,638		$	146,013		$	223,294
States and political subdivisions	1,014			7,305			16,742			85,787			110,848
Residential mortgage-backed securities	—			205			3,443			272,630			276,278
Commercial mortgage-backed securities	—			11,880			29,086			41,113			82,079
Total held-to-maturity securities	$	3,514		$	25,533		$	117,909		$	545,543		$	692,499
Total weighted-average yield	3.24		%	1.92		%	3.79		%	3.91		%	3.82		%

Other Investment Securities

Peoples’ “Other investment securities” on the Consolidated Balance Sheets consist largely of shares of FHLB and FRB stock, and other equity investment securities.

The following table summarizes the carrying value of Peoples’ Other investment securities at December 31:


(Dollars in thousands)	2024		2023
FHLB stock	$	24,606	$	29,949
FRB stock	27,114		26,896
Nonqualified deferred compensation	4,898		3,162
Equity investment securities	2,645		2,545
Other investment securities	869		869
Total other investment securities	$	60,132	$	63,421

Peoples redeemed $31.7 million and $21.2 million of FHLB stock in 2024 and 2023, respectively, in order to be in compliance with the requirements of the FHLB. Peoples purchased $26.4 million and $18.9 million of additional FHLB stock during 2024 and 2023, respectively, as a result of the FHLB’s capital requirements on FHLB advances during the year. During the year ended December 31, 2024 and December 31, 2023, Peoples purchased $0.2 million and $5.7 million, respectively, of FRB stock as a result of capital requirements.

During 2024, Peoples recorded the change in the fair value of equity investment securities held at December 31, 2024 in “Other non-interest income,” resulting in an unrealized gain of $50,000. During 2023, Peoples recorded the change in the fair value of equity investment securities held at December 31, 2023 in “Other non-interest income,” resulting in unrealized loss of $141,000.

At December 31, 2024, Peoples’ investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies. There were no equity investment securities of a single issuer that exceeded 10% of Peoples’ stockholders’ equity at December 31, 2024.

Pledged Securities

At December 31, 2024 and 2023, Peoples had pledged available-for-sale investment securities and held-to-maturity investment securities to secure public and trust department deposits, and Repurchase Agreements in accordance with federal and state requirements. Peoples also pledged available-for-sale investment securities and held-to-maturity investment securities to secure additional borrowing capacity at the FHLB and the FRB.

The following table summarizes the carrying value of Peoples’ pledged investment securities as of December 31:


	Carrying Amount
(Dollars in thousands)	2024		2023
Securing public and trust department deposits, and Repurchase Agreements:
Available-for-sale	$	505,963	$	713,033
Held-to-maturity	563,014		559,142



Securing additional borrowing capacity at the FHLB and the FRB:
Available-for-sale	3,119		85,899
Held-to-maturity	1,215		39,607

Accrued Interest

Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Consolidated Balance Sheet, with no recorded allowance for credit loss. Interest receivable on investment securities was $9.9 million and $9.5 million at December 31, 2024 and 2023, respectively.

Loans and Leases, and Allowance for Credit Losses

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Loans and Leases, and Allowance for Credit Losses

Peoples’ loan portfolio consists of various types of loans and leases originated primarily as a result of lending opportunities within Peoples’ footprint. Peoples also originates insurance premium finance loans nationwide through its Peoples Premium Finance division, and originates leases nationwide through its NSL division and its Vantage subsidiary. Throughout this Form 10-K, loans and leases are referred to as “total loans” and “loans held for investment.”

The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows at December 31:


(Dollars in thousands)	2024		2023
Construction	$	328,388	$	364,019
Commercial real estate, other	2,156,013		2,196,957
Commercial and industrial	1,347,645		1,184,986
Premium finance	269,435		203,177
Leases	406,598		414,060
Residential real estate	835,101		791,095
Home equity lines of credit	232,661		208,675
Consumer, indirect	669,857		666,472
Consumer, direct	111,052		128,769
Deposit account overdrafts	1,253		986
Total loans, at amortized cost	$	6,358,003	$	6,159,196

Net deferred loan origination costs were $20.2 million and $21.7 million at December 31, 2024 and 2023, respectively. The remaining unamortized net discount included in the amortized cost of loans and leases was $19.5 million and $43.0 million at December 31, 2024 and 2023, respectively.

Accrued interest receivable is not included within the loan balances, but is presented in the “Other assets” line of the Consolidated Balance Sheets, with no recorded allowance for credit losses. Total interest receivable on loans was $23.1 million at December 31, 2024 and $24.5 million at December 31, 2023.

Nonaccrual and Past Due Loans

A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due.

The amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows at December 31:


	2024				2023
(Dollars in thousands)	Nonaccrual (a)		Accruing Loans 90+ Days Past Due		Nonaccrual (a)		Accruing Loans 90+ Days Past Due

Commercial real estate, other	$	7,136	$	227	$	2,816	$	78
Commercial and industrial	6,809		78		2,758		316
Premium finance	—		4,947		—		1,355
Leases	8,850		803		8,436		3,826
Residential real estate	7,329		2,166		7,921		877
Home equity lines of credit	1,498		213		1,022		171
Consumer, indirect	2,374		159		2,412		68
Consumer, direct	133		44		112		25
Total loans, at amortized cost	$	34,129	$	8,637	$	25,477	$	6,716

(a)There were $5.7 million of nonaccrual loans for which there was no allowance for credit losses at December 31, 2024 and $1.2 million of such loans at December 31, 2023.

The following tables present the aging of the recorded investment in past due loans at December 31:


	Loans Past Due								Current		Total
(Dollars in thousands)	30 – 59 days		60 – 89 days		90 + Days		Total
2024
Construction	$	—	$	—	$	—	$	—	$	328,388	$	328,388
Commercial real estate, other	1,300		1,585		6,008		8,893		2,147,120		2,156,013
Commercial and industrial	1,651		583		4,551		6,785		1,340,860		1,347,645
Premium finance	3,863		456		4,947		9,266		260,169		269,435
Leases	10,941		5,241		9,575		25,757		380,841		406,598
Residential real estate	11,481		3,038		5,271		19,790		815,311		835,101
Home equity lines of credit	1,473		317		1,093		2,883		229,778		232,661
Consumer, indirect	7,568		1,522		1,326		10,416		659,441		669,857
Consumer, direct	884		113		138		1,135		109,917		111,052
Deposit account overdrafts	—		—		—		—		1,253		1,253
Total loans, at amortized cost	$	39,161	$	12,855	$	32,909	$	84,925	$	6,273,078	$	6,358,003
2023
Construction	$	13	$	52	$	—	$	65	$	363,954	$	364,019
Commercial real estate, other	2,728		4,556		1,572		8,856		2,188,101		2,196,957
Commercial and industrial	1,717		1,491		3,052		6,260		1,178,726		1,184,986
Premium finance	1,288		867		1,355		3,510		199,667		203,177
Leases	12,743		4,932		12,014		29,689		384,371		414,060
Residential real estate	14,021		2,733		4,481		21,235		769,860		791,095
Home equity lines of credit	1,561		691		683		2,935		205,740		208,675
Consumer, indirect	7,488		1,550		1,230		10,268		656,204		666,472
Consumer, direct	536		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

Delinquency trends remained stable, with 98.7% and 98.6% of Peoples’ portfolio considered “current” at December 31, 2024 and at December 31, 2023, respectively.

Pledged Loans

Peoples has pledged certain loans secured by one-to-four family and multifamily residential mortgages, commercial real estate and home equity lines of credit under a blanket collateral agreement to secure borrowings from the FHLB. Peoples also has pledged commercial loans to secure borrowings with the FRB. Loans pledged at December 31 are summarized in the following table:


(Dollars in thousands)	2024		2023
Loans pledged to FHLB	$	1,218,496	$	1,206,134
Loans pledged to FRB	527,989		419,245

Related Party Loans

In the normal course of its business, Peoples Bank has granted loans to certain directors and officers of Peoples, including their affiliates, families and entities in which they are principal owners. At December 31, 2024, no related party loan was past due 90 or more days or on nonaccrual status. Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status, and the addition and exit of directors during the year, as applicable.


(Dollars in thousands)
Balance, December 31, 2023	$	20,166

New loans and disbursements	3,527
Repayments	(21,159)


Balance, December 31, 2024	$	2,534

Quality Indicators

As discussed in “Note 1 Summary of Significant Accounting Policies,” Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Commercial loans to borrowers with an aggregate unpaid principal balance in excess of $1.0 million are reviewed at least on an annual basis for possible credit deterioration. Commercial leases, as well as loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1.0 million are reviewed on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower’s business, receipt of financial statements indicating deteriorating credit quality, or other similar events. Adversely classified loans are reviewed on a quarterly basis. A description of the general characteristics of the risk grades used by Peoples follows:

“Pass” (grades 1 through 4): Loans in this risk category are to borrowers of acceptable-to-strong credit quality and risk who have the apparent ability to satisfy their loan obligations. Loans in this risk category would possess sufficient mitigating factors, such as adequate collateral or strong guarantors possessing the capacity to repay the loans if required, for any weakness that may exist.

“Special Mention” (grade 5): Loans in this risk category are the equivalent of the regulatory “Other Assets Especially Mentioned” classification. Loans in this risk category possess some credit deficiency or potential weakness, which requires a high level of management attention. Potential weaknesses include declining trends in operating earnings and cash flows and/or reliance on the secondary source of repayment. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the loans or in Peoples’ credit position.

“Substandard” (grade 6): Loans in this risk category are inadequately protected by the borrower’s current financial condition and payment capability, or by the collateral pledged, if any. Loans so classified have one or more well-defined weaknesses that jeopardize the orderly repayment of the loans. They are characterized by the distinct possibility that Peoples will sustain some loss if the deficiencies are not corrected.

“Doubtful” (grade 7): Loans in this risk category have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or orderly repayment in full, on the basis of current existing facts, conditions and values, highly questionable and improbable. Possibility of loss is extremely high, but because of certain important and reasonably specific factors that may work to the advantage and strengthening of the exposure, classification of these loans as an estimated loss is deferred until their more exact status may be determined.

“Loss” (grade 8): Loans in this risk category are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean each such loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Charge-offs against the allowance for credit losses are taken in the period in which the loan becomes uncollectable. Consequently, Peoples typically does not maintain a recorded investment in loans within this risk category.

Consumer loans and other smaller-balance loans are evaluated and categorized as “substandard,” “doubtful” or “loss” based upon the regulatory definition of these classes and consistent with regulatory requirements. All other loans not evaluated individually, nor meeting the regulatory conditions to be categorized as described above, would be considered as being “not rated.”

The following tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2024:



	Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Construction
Pass	$	69,862	$	162,605	$	47,133	$	30,592	1,845		$	13,540	$	—	$	—	$	325,577
Special mention	—		—		—		—		—		115		—		—		115
Substandard	—		1,161		1,535		—		—		—		—		—		2,696


Total	69,862		163,766		48,668		30,592		1,845		13,655		—		—		328,388
Current period gross charge-offs	—		—		—		—		—		—						—
Commercial real estate, other
Pass	130,971		219,105		366,256		337,905		201,367		751,415		41,122		—		2,048,141
Special mention	271		2,923		11,876		7,197		5,107		10,689		288		—		38,351
Substandard	145		1,073		2,460		18,851		9,234		37,136		612		—		69,511
Doubtful	—		—		—		—		—		10		—		—		10

Total	131,387		223,101		380,592		363,953		215,708		799,250		42,022		—		2,156,013
Current period gross charge-offs	—		—		376		—		—		55						431
Commercial and industrial
Pass	311,631		202,929		134,558		148,288		66,102		152,143		229,821		4,779		1,245,472
Special mention	779		9,019		10,886		4,449		12,049		13,537		19,465		—		70,184
Substandard	200		99		4,791		11,429		3,850		4,430		5,045		49		29,844
Doubtful	—		—		1,987		—		—		158		—		—		2,145

Total	312,610		212,047		152,222		164,166		82,001		170,268		254,331		4,828		1,347,645
Current period gross charge-offs	—		14		—		17		105		532						668
Premium finance
Pass	265,504		3,837		94		—		—		—		—		—		269,435
Total	265,504		3,837		94		—		—		—		—		—		269,435
Current period gross charge-offs	67		109		33		—		—		—						209
Leases
Pass	175,449		125,664		61,064		24,181		4,661		2,153		—		—		393,172
Special mention	791		1,529		1,140		365		5		—		—		—		3,830
Substandard	351		2,108		1,777		193		8		—		—		—		4,437
Doubtful	170		2,127		1,859		624		110		269		—		—		5,159

Total	176,761		131,428		65,840		25,363		4,784		2,422		—		—		406,598
Current period gross charge-offs	1,315		5,623		5,421		2,308		301		138						15,106
Residential real estate
Pass	77,130		66,712		85,045		128,359		52,090		414,574		—		—		823,910

Substandard	321		1,088		161		980		306		8,087		—		—		10,943

Loss	—		4		—		—		—		244		—		—		248
Total	77,451		67,804		85,206		129,339		52,396		422,905		—		—		835,101
Current period gross charge-offs	—		—		46		5		—		237						288
Home equity lines of credit
Pass	54,724		37,417		37,752		27,430		16,583		57,303		24		731		231,233

Substandard	—		138		163		16		34		1,069		—		—		1,420

Loss	—		—		—		—		—		8		—		—		8
Total	54,724		37,555		37,915		27,446		16,617		58,380		24		731		232,661
Current period gross charge-offs	—		—		—		—		—		11						11
Consumer, indirect
Pass	239,584		176,115		148,210		56,846		30,231		16,129		—		—		667,115

Substandard	269		557		681		618		312		251		—		—		2,688

Loss	14		—		16		14		—		10		—		—		54
Total	239,867		176,672		148,907		57,478		30,543		16,390		—		—		669,857
Current period gross charge-offs	497		2,207		1,880		691		141		763						6,179
Consumer, direct
Pass	45,978		25,605		21,544		9,614		4,180		3,884		—		—		110,805

Substandard	18		65		46		29		4		73		—		—		235

Loss	—		4		—		—		—		8		—		—		12
Total	45,996		25,674		21,590		9,643		4,184		3,965		—		—		111,052
Current period gross charge-offs	2		154		212		51		12		247						678
Deposit account overdrafts	1,253		—		—		—		—		—		—		—		1,253
Current period gross charge-offs	1,542		—		—		—		—		—						1,542
Total loans, at amortized cost	$	1,375,415	$	1,041,884	$	941,034	$	807,980	$	408,078	$	1,487,235	$	296,377	$	5,559	$	6,358,003
Total current period gross charge-offs	$	3,423	$	8,107	$	7,968	$	3,072	$	559	$	1,983					$	25,112

The following tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2023:



	Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving 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
Substandard	1,200		1,590		—		—		—		31		—		—		2,821


Total	81,473		146,592		85,913		27,169		9,995		12,877		—		—		364,019
Current period gross charge-offs	—		—		9		—		—		—						9
Commercial real estate, other
Pass	199,565		327,762		366,752		227,604		262,099		650,265		37,177		189		2,071,224
Special mention	999		12,975		4,850		10,324		7,074		22,186		408		41		58,816
Substandard	287		2,421		5,878		8,679		1,972		47,213		457		—		66,907
Doubtful	—		—		—		—		—		10		—		—		10

Total	200,851		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
Pass	225,894		180,068		212,938		86,934		55,434		132,675		213,714		38		1,107,657
Special mention	540		12,051		533		9,723		4,722		6,336		16,236		8,614		50,141
Substandard	78		6,441		5,104		5,617		1,602		6,278		1,889		779		27,009
Doubtful	—		—		—		—		—		179		—		—		179

Total	226,512		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
Pass	201,659		1,517		1		—		—		—		—		—		203,177
Total	201,659		1,517		1		—		—		—		—		—		203,177
Current period gross charge-offs	25		97		—		—		—		—						122
Leases
Pass	216,559		114,327		51,307		14,061		4,883		1,501		—		—		402,638
Special mention	363		1,529		476		81		1		5		—		—		2,455
Substandard	1,937		3,006		2,944		448		321		311		—		—		8,967
Total	218,859		118,862		54,727		14,590		5,205		1,817		—		—		414,060
Current period gross charge-offs	963		1,328		1,173		233		165		135						3,997
Residential real estate
Pass	75,957		91,506		140,157		58,144		45,507		369,552		—		—		780,823

Substandard	43		243		585		182		529		8,604		—		—		10,186

Loss	—		—		—		—		—		86		—		—		86
Total	76,000		91,749		140,742		58,326		46,036		378,242		—		—		791,095
Current period gross charge-offs	—		—		—		—		—		170						170
Home equity lines of credit
Pass	39,706		42,565		33,406		19,838		14,297		57,482		27		1,346		207,321

Substandard	19		—		61		34		123		1,109		—		—		1,346

Loss	—		—		—		—		—		8		—		—		8
Total	39,725		42,565		33,467		19,872		14,420		58,599		27		1,346		208,675
Current period gross charge-offs	—		—		—		—		—		110						110
Consumer, indirect
Pass	247,829		225,225		96,698		59,044		18,644		15,977		—		—		663,417

Substandard	333		934		789		558		190		206		—		—		3,010

Loss	7		34		2		—		2		—		—		—		45
Total	248,169		226,193		97,489		59,602		18,836		16,183		—		—		666,472
Current period gross charge-offs	609		2,091		865		255		63		147						4,030
Consumer, direct
Pass	58,445		37,050		17,434		8,282		3,185		4,081		—		—		128,477

Substandard	55		79		47		28		30		27		—		—		266

Loss	—		—		—		—		—		26		—		—		26
Total	58,500		37,129		17,481		8,310		3,215		4,134		—		—		128,769
Current period gross charge-offs	36		154		77		100		14		35						416
Deposit account overdrafts	986		—		—		—		—		—		—		—		986
Current period gross charge-offs	1,161																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
Total current period gross charge-offs	$	2,794	$	3,706	$	2,326	$	652	$	415	$	1,587					$	11,480

Collateral Dependent Loans

Peoples has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans:

•Construction loans are typically secured by owner occupied commercial real estate or non-owner occupied investment real estate. Typically, owner occupied construction loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties that are in process of construction. Non-owner occupied commercial construction loans are generally secured by office buildings and complexes, multi-family complexes, land under development, and other commercial and industrial real estate in process of construction.

•Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate.

•Commercial and industrial loans are generally secured by equipment, inventory, accounts receivable, and other commercial property.

•Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage, on residential real estate property.

•Home equity lines of credit are generally secured by second mortgages on residential real estate property.

•Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no underlying collateral.

•Leases are secured by commercial equipment and other essential business assets.

•Premium finance loans are secured by the unearned portion of the insurance premium being financed.

The following table details Peoples’ amortized cost of collateral dependent loans as of December 31:


(Dollars in thousands)	2024		2023


Commercial real estate, other	$	2,764		$	—
Commercial and industrial	959			—
Residential real estate	—			501

Leases	652			—


Total collateral dependent loans	$	4,375		$	501

The increase in collateral dependent loans at December 31, 2024 compared to at December 31, 2023, was primarily due to four relationships that became collateral dependent in 2024.

Modifications for Borrowers Experiencing Financial Difficulty

As part of Peoples’ loss mitigation activities, Peoples may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. The most common modifications to the contractual terms of a loan to a borrower experiencing financial difficulty include an extension of the maturity date, a reduction in the interest rate for the remaining life of the loan, a temporary period of interest-only payments, and a reduction in the contractual payment amount for either a short period or the remaining term of the loan.

In addition to loan modifications, Peoples also provides other loss mitigation options, such as forbearance and repayment plans, to assist borrowers who experience financial difficulties. In assessing whether or not a borrower is experiencing financial difficulty, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (1) the borrower is currently in payment default on any of the borrower’s debt; (2) a payment default is probable in the foreseeable future without the modification; (3) the borrower has declared or is in the process of declaring bankruptcy; and (4) the borrower’s projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification.

The following table displays the amortized cost of loans that were restructured during the twelve months ended as of December 31, 2024 and December 31, 2023, presented by loan classification.


During the Twelve Months Ended December 31, 2024(a)
	Payment Delay (Only)
(Dollars in thousands)	Forbearance Plan		Payment Deferral		Term Extension		Forbearance Plan and Term Extension		Payment Delay and Term Extension		Total		Percentage of Total by Loan Category(b) (c)

Commercial real estate	—		—		1,021		—		—		1,021		0.05	%
Commercial and industrial	—		—		8,089		—		—		8,089		0.60	%
Leasing	—		189		652		—		1,247		2,088		0.51	%
Residential real estate	—		—		88		—		—		88		0.01	%
Home equity lines of credit	—		—		162		—		—		162		0.07	%
Consumer, indirect	—		13		—		—		—		13		—	%


Total	$	—	$	202	$	10,012	$	—	$	1,247	$	11,461	0.18	%

During the Twelve Months Ended December 31, 2023(a)
	Payment Delay (Only)
(Dollars in thousands)	Forbearance Plan		Payment Deferral		Term Extension		Forbearance Plan and Term Extension		Payment Delay and Term Extension		Total		Percentage of Total by Loan Category(b) (c)
Construction	$	—	$	1,590	$	52	$	—	$	—	$	1,642	0.45	%
Commercial real estate	184		—		2,160		—		—		2,344		0.11	%
Commercial and industrial	—		—		4,110		981		—		5,091		0.43	%

Residential real estate	—		—		91		—		—		91		0.01	%
Home equity lines of credit	—		—		209		—		—		209		0.10	%



Total	$	184	$	1,590	$	6,622	$	981	$	—	$	9,377	0.15	%

(a) The table presented excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.

(b) 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.

(c) Each percentage displayed as --% is considered not meaningful.

The following table summarizes the financial impacts of loan modifications and payment deferrals made to loans during the twelve months ended as of December 31, 2024 and December 31, 2023, presented by loan classification.


During the Twelve Months Ended December 31, 2024
(Dollars in thousands)	Weighted-Average Term Extension (in months)	Average Amount Capitalized as a Result of a Payment Delay(a)

Commercial real estate	6	—
Commercial and industrial	7	—
Leasing	26	—
Residential real estate	1	—
Home equity lines of credit	89	—
Consumer, indirect	13	—


During the Twelve Months Ended December 31, 2023
(Dollars in thousands)	Weighted-Average Term Extension (in months)	Average Amount Capitalized as a Result of a Payment Delay(a)
Construction	5	$	—
Commercial real estate	7	—
Commercial and industrial	5	—

Residential real estate	213	8,076
Home equity lines of credit	187	—
Consumer, indirect	2	—


(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 the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that defaulted 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 through December 31, 2024 and December 31, 2023, respectively.


For the Twelve Months Ended December 31, 2024
(Dollars in thousands)	Term Extension		Payment Deferral		Payment Delay and Term Extension		Total



Leasing	—		—		26		26
Residential real estate	72		—		—		72

Consumer, indirect	—		13		—		13


Total loans that subsequently defaulted(a)	$	72	$	13	$	26	$	111


During the Twelve Months Ended December 31, 2023
(Dollars in thousands)	Term Extension		Payment Deferral		Payment Delay and Term Extension		Total


Commercial and industrial	$	148	$	—	$	—	$	148



Consumer, indirect	11		—		—		11


Total loans that subsequently defaulted(a)	$	159	$	—	$	—	$	159

(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.

The following table displays an aging analysis of loans that were modified during the 12 months prior to the period displayed, presented by classification and class of financing receivable.


As of December 31, 2024(a)
(Dollars in thousands)	30-59 Days Delinquent		60-89 Days Delinquent		90+ Days Delinquent		Total Delinquent		Current		Total

Commercial real estate	—		—		—		—		1,021		1,021
Commercial and industrial	125		18		—		143		7,946		8,089
Leasing	143		652		26		821		1,267		2,088
Residential real estate	39		—		33		72		16		88
Home equity lines of credit	—		—		—		—		162		162
Consumer, indirect	—		—		13		13		—		13


Total loans modified(b)	$	307	$	670	$	72	$	1,049	$	10,412	$	11,461

As of December 31, 2023(a)
(Dollars in thousands)	30-59 Days Delinquent		60-89 Days Delinquent		90+ Days Delinquent		Total Delinquent		Current		Total
Construction	$	—	$	52	$	—	$	52	$	1,590	$	1,642
Commercial real estate	—		—		—		—		2,344		2,344
Commercial and industrial	—		750		148		898		4,193		5,091

Residential real estate	—		—		—		—		91		91
Home equity lines of credit	—		—		—		—		209		209



Total loans modified(b)	$	—	$	802	$	148	$	950	$	8,427	$	9,377
(a) Amounts in table excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end. (b) Represents the amortized cost basis as of period end.

Allowance for Credit Losses

As discussed in “Note 1 Summary of Significant Accounting Policies” of the Notes to the Consolidated Financial Statements included in this Form 10-K, Peoples estimates the allowance for credit losses using relevant available information, from both internal

and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses represents management’s estimate of lifetime expected credit losses.

Changes in the allowance for credit losses for 2024 are summarized below:



(Dollars in thousands)	Beginning Balance, January 1, 2024		Initial Allowance for Acquired PCD Assets (a)		Provision for (Recovery of) Credit Losses (b)		Charge-offs		Recoveries		Ending Balance, December 31, 2024
Construction	$	699	$	—	$	179	$	—	$	—	$	878
Commercial real estate, other	20,915		—		(4,355)		(431)		127		16,256
Commercial and industrial	10,490		—		3,403		(668)		58		13,283
Premium finance	484		—		359		(209)		28		662
Leases	10,850		—		16,621		(15,106)		528		12,893
Residential real estate	5,937		—		588		(288)		254		6,491
Home equity lines of credit	1,588		—		208		(11)		7		1,792
Consumer, indirect	8,590		—		5,613		(6,179)		552		8,576
Consumer, direct	2,343		—		681		(678)		50		2,396
Deposit account overdrafts	115		—		1,263		(1,542)		285		121
Total	$	62,011	$	—	$	24,560	$	(25,112)	$	1,889	$	63,348

(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 unfunded commitment liability.

Changes in the allowance for credit losses for 2023 are summarized below:



(Dollars in thousands)	Beginning Balance, January 1, 2023		Initial Allowance for Acquired PCD Assets (a)		Provision for (Recovery of) Credit Losses (b)		Charge-offs		Recoveries		Ending Balance, December 31, 2023
Construction	$	1,250	$	—	$	(542)	$	(9)	$	—	699
Commercial real estate, other	17,710		1,340		1,514		(614)		965		20,915
Commercial and industrial	8,229		379		2,181		(851)		552		10,490
Premium finance	344		—		238		(122)		24		484
Leases	8,495		—		5,990		(3,997)		362		10,850
Residential real estate	6,357		228		(670)		(170)		192		5,937
Home equity lines of credit	1,693		18		(14)		(110)		1		1,588
Consumer, indirect	7,448		—		4,685		(4,030)		487		8,590
Consumer, direct	1,575		86		1,025		(416)		73		2,343
Deposit account overdrafts	61		—		938		(1,161)		277		115
Total	$	53,162	$	2,051	$	15,345	$	(11,480)	$	2,933	$	62,011

(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 unfunded commitment liability.

During 2024, Peoples recorded a total provision for credit losses of $24.6 million, which was a result of higher net charge-offs. The increase in net charge-offs was primarily driven by leases originated by NSL and totaled $14.6 million for the full year, of which $11.4 million occurred in the second half of 2024. The increase in the allowance for credit losses at December 31, 2024 when compared to at December 31, 2023 was primarily due to an increase in reserves for individually analyzed loans and leases.

At December 31, 2024, Peoples had recorded an unfunded commitment liability of $2.0 million, an increase compared to the $1.8 million that was recorded at December 31, 2023. The allowance for unfunded commitments (also referred to as “unfunded commitment liability”) is presented in the “Accrued expenses and other liabilities” line of the Consolidated Balance Sheets. For 2024, Peoples recorded a provision for credit losses on unfunded commitments of $0.2 million, compared to a recovery for credit losses on unfunded commitments of $0.2 million for 2023. The change in the allowance for unfunded commitments is reflected in the “Provision for credit losses” line of the Consolidated Statements of Income.

Bank Premises and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Bank Premises and Equipment

The major categories of bank premises and equipment, net of accumulated depreciation, at December 31 were as follows:


(Dollars in thousands)	2024		2023
Land	$	23,066	$	23,680
Building and premises	125,792		120,587
Furniture, fixtures and equipment	45,884		42,360
Total bank premises and equipment	194,742		186,627
Accumulated depreciation	(91,073)		(82,771)
Net book value	$	103,669	$	103,856

Peoples depreciates its building and premises, and its furniture, fixtures and equipment over estimated useful lives generally ranging from five to forty years and two to ten years, respectively. Depreciation expense was $8.6 million in 2024 and $7.7 million in 2023.

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lessor Arrangements

Peoples began originating leases with the acquisition of leases from NSL and increased its portfolio with the acquisition of Vantage. The leases for NSL were determined to be sales-type leases, as the premise for the leases is dollar buy-out, whereby the lessee pays one dollar at maturity of the lease to purchase the equipment. The leases for Vantage were determined to be primarily sales-type leases, as the payment structure and term triggered that accounting treatment, whereby either (i) the lease is structured as a fair market value buyout, whereby the lessee has the option to purchase the leased equipment at its fair market value at maturity of the lease, or (ii) the lessee purchases the leased equipment for one dollar at maturity of the lease. Originated leases are primarily classified as sales-type leases, and to a lesser extent, operating leases. These leases do not typically contain residual value guarantees; however, Peoples reduces its residual asset risk by obtaining a security deposit from the lessee. As a lessor, Peoples originates commercial equipment leases either directly to the customer or indirectly through vendor programs. Equipment leases relate to automotive, construction, healthcare, manufacturing, office, restaurant, information technology and other equipment. These leases include an estimated residual value, which is assessed for impairment as part of the allowance for credit losses. Operating leases are leases that do not meet the criteria of a sales-type lease or a finance lease. When Peoples originates an operating lease, it records an operating lease asset recognized in “Other assets” which is depreciated over its useful life. Operating leases assets are assessed for impairment consistent with Peoples’ fixed assets.

Sales-type leases originated by Peoples, that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff, are reported at the net investment of the lease, net of initial direct costs, charge-offs and an allowance for credit losses. Peoples considers leases past due if any required payments have not been received as of the date such payments were required to be made under the terms of the lease agreement. Upon detection of the reduced ability of a lessee to meet cash flow obligations, leases are typically charged down to the net realizable value, with the residual balance placed on nonaccrual status. Leases deemed to be uncollectable are charged against the allowance for credit losses, while recoveries of previously charged-off amounts are credited to the allowance for credit losses.

Lease income noted in the table below includes (i) operating lease income, (ii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iii) month-to-month lease payments in excess of net investment in the lease, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets, and (vi) syndication income. Income on operating leases is recognized on a straight-line basis over the lease term. Additional information regarding Peoples’ sales-type leases can be found in “Note 4 Loans and Leases, and Allowance for Credit Losses.”

The table below details Peoples’ lease income for the years ended December 31, 2024 and 2023:


(Dollars in thousands)	2024		2023
Interest and fees on leases (a)	$	47,498	$	42,931
Lease income	10,408		7,844
Total lease income	$	57,906	$	50,775

(a)Included in “Interest and fees on loans” on the Consolidated Statements of Income. For additional information, see “Note 4 Loans and Leases, and Allowance for Credit Losses.”

The following table summarizes the net investments in sales-type leases, which are included in “Loans and leases, net of deferred costs” on the Consolidated Balance Sheets at December 31:


(Dollars in thousands)	2024		2023
Lease payments receivable, at amortized cost	$	448,027	$	461,760
Estimated residual values	33,129		33,448
Initial direct costs	7,148		7,114
Deferred revenue	(81,706)		(88,262)
Total leases, at amortized cost	406,598		414,060
Allowance for credit losses - leases	(12,893)		(10,850)
Net investment in sales-type leases	$	393,705	$	403,210

The following table summarizes the contractual maturities of leases:


(Dollars in thousands)	Balance
2025	$	130,776
2026	93,937
2027	94,573
2028	67,639
2029	47,755
Thereafter	13,347
Lease payments receivable, at amortized cost	$	448,027

Lessee Arrangements

Peoples leases certain banking facilities and equipment under various agreements with original terms providing for fixed monthly payments over periods generally ranging from two to 25 years. Certain leases may include options to extend or terminate the lease. Only those renewal and termination options which Peoples is reasonably certain of exercising are included in the calculation of the lease liability. Certain leases contain rent escalation clauses calling for rent increases over the term of the lease, which are included in the calculation of the lease liability. At December 31, 2024, Peoples did not have any finance leases or any significant lessor agreements. Right of Use (“ROU”) assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement or remeasurement date of a lease based on the present value of lease payments over the remaining lease term. Operating lease ROU assets include lease payments made at or before the commencement date and initial indirect costs. Operating lease ROU assets exclude lease incentives and nonlease components. Short-term leases of certain facilities and equipment, with lease terms of 12 months or less, are recognized on a straight-line basis over the lease term. Peoples does not record ROU assets or lease liabilities for such leases.

The table below details Peoples’ lease expense, which is included in “Net occupancy and equipment expense” in the Consolidated Statements of Income for the years ended December 31:



(Dollars in thousands)	2024		2023
Operating lease expense	$	2,945	$	3,030
Short-term lease expense	1,173		268
Variable lease expense	89		—
Total lease expense	$	4,207	$	3,298

Peoples utilizes an incremental borrowing rate to determine the present value of lease payments for each lease, as the lease agreements do not provide an implicit rate. The estimated incremental borrowing rate reflects a secured rate and is based on the term of the lease and the interest rate environment at the lease commencement or remeasurement date.

The following table details the ROU asset, the lease liability and other information related to Peoples’ operating leases on the Consolidated Balance Sheet at December 31:


(Dollars in thousands)	2024			2023
ROU asset:
Other assets	$	10,419		$	11,689
Lease liability:
Accrued expenses and other liabilities	$	10,968		$	12,080
Other information:
Weighted-average remaining lease term	9.0 years			9.5 years
Weighted-average discount rate	4.11		%	3.34		%
Cash paid during the year for operating leases	$	2,876		$	2,990
Additions for ROU assets obtained during the year	$	1,660		$	4,428

The following table summarizes the future lease payments of operating leases:


(Dollars in thousands)	Payments
2025	$	2,420
2026	2,130
2027	1,896
2028	1,420
2029	962
Thereafter	4,504
Total undiscounted lease payments	$	13,332
Imputed interest	(2,364)
Total lease liability	$	10,968

Goodwill and Intangible Assets Disclosure [Abstract]

Lessor Arrangements

Peoples began originating leases with the acquisition of leases from NSL and increased its portfolio with the acquisition of Vantage. The leases for NSL were determined to be sales-type leases, as the premise for the leases is dollar buy-out, whereby the lessee pays one dollar at maturity of the lease to purchase the equipment. The leases for Vantage were determined to be primarily sales-type leases, as the payment structure and term triggered that accounting treatment, whereby either (i) the lease is structured as a fair market value buyout, whereby the lessee has the option to purchase the leased equipment at its fair market value at maturity of the lease, or (ii) the lessee purchases the leased equipment for one dollar at maturity of the lease. Originated leases are primarily classified as sales-type leases, and to a lesser extent, operating leases. These leases do not typically contain residual value guarantees; however, Peoples reduces its residual asset risk by obtaining a security deposit from the lessee. As a lessor, Peoples originates commercial equipment leases either directly to the customer or indirectly through vendor programs. Equipment leases relate to automotive, construction, healthcare, manufacturing, office, restaurant, information technology and other equipment. These leases include an estimated residual value, which is assessed for impairment as part of the allowance for credit losses. Operating leases are leases that do not meet the criteria of a sales-type lease or a finance lease. When Peoples originates an operating lease, it records an operating lease asset recognized in “Other assets” which is depreciated over its useful life. Operating leases assets are assessed for impairment consistent with Peoples’ fixed assets.

Sales-type leases originated by Peoples, that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff, are reported at the net investment of the lease, net of initial direct costs, charge-offs and an allowance for credit losses. Peoples considers leases past due if any required payments have not been received as of the date such payments were required to be made under the terms of the lease agreement. Upon detection of the reduced ability of a lessee to meet cash flow obligations, leases are typically charged down to the net realizable value, with the residual balance placed on nonaccrual status. Leases deemed to be uncollectable are charged against the allowance for credit losses, while recoveries of previously charged-off amounts are credited to the allowance for credit losses.

Lease income noted in the table below includes (i) operating lease income, (ii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iii) month-to-month lease payments in excess of net investment in the lease, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets, and (vi) syndication income. Income on operating leases is recognized on a straight-line basis over the lease term. Additional information regarding Peoples’ sales-type leases can be found in “Note 4 Loans and Leases, and Allowance for Credit Losses.”

The table below details Peoples’ lease income for the years ended December 31, 2024 and 2023:


(Dollars in thousands)	2024		2023
Interest and fees on leases (a)	$	47,498	$	42,931
Lease income	10,408		7,844
Total lease income	$	57,906	$	50,775

(a)Included in “Interest and fees on loans” on the Consolidated Statements of Income. For additional information, see “Note 4 Loans and Leases, and Allowance for Credit Losses.”

The following table summarizes the net investments in sales-type leases, which are included in “Loans and leases, net of deferred costs” on the Consolidated Balance Sheets at December 31:


(Dollars in thousands)	2024		2023
Lease payments receivable, at amortized cost	$	448,027	$	461,760
Estimated residual values	33,129		33,448
Initial direct costs	7,148		7,114
Deferred revenue	(81,706)		(88,262)
Total leases, at amortized cost	406,598		414,060
Allowance for credit losses - leases	(12,893)		(10,850)
Net investment in sales-type leases	$	393,705	$	403,210

The following table summarizes the contractual maturities of leases:


(Dollars in thousands)	Balance
2025	$	130,776
2026	93,937
2027	94,573
2028	67,639
2029	47,755
Thereafter	13,347
Lease payments receivable, at amortized cost	$	448,027

Lessee Arrangements

Peoples leases certain banking facilities and equipment under various agreements with original terms providing for fixed monthly payments over periods generally ranging from two to 25 years. Certain leases may include options to extend or terminate the lease. Only those renewal and termination options which Peoples is reasonably certain of exercising are included in the calculation of the lease liability. Certain leases contain rent escalation clauses calling for rent increases over the term of the lease, which are included in the calculation of the lease liability. At December 31, 2024, Peoples did not have any finance leases or any significant lessor agreements. Right of Use (“ROU”) assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement or remeasurement date of a lease based on the present value of lease payments over the remaining lease term. Operating lease ROU assets include lease payments made at or before the commencement date and initial indirect costs. Operating lease ROU assets exclude lease incentives and nonlease components. Short-term leases of certain facilities and equipment, with lease terms of 12 months or less, are recognized on a straight-line basis over the lease term. Peoples does not record ROU assets or lease liabilities for such leases.

The table below details Peoples’ lease expense, which is included in “Net occupancy and equipment expense” in the Consolidated Statements of Income for the years ended December 31:



(Dollars in thousands)	2024		2023
Operating lease expense	$	2,945	$	3,030
Short-term lease expense	1,173		268
Variable lease expense	89		—
Total lease expense	$	4,207	$	3,298

Peoples utilizes an incremental borrowing rate to determine the present value of lease payments for each lease, as the lease agreements do not provide an implicit rate. The estimated incremental borrowing rate reflects a secured rate and is based on the term of the lease and the interest rate environment at the lease commencement or remeasurement date.

The following table details the ROU asset, the lease liability and other information related to Peoples’ operating leases on the Consolidated Balance Sheet at December 31:


(Dollars in thousands)	2024			2023
ROU asset:
Other assets	$	10,419		$	11,689
Lease liability:
Accrued expenses and other liabilities	$	10,968		$	12,080
Other information:
Weighted-average remaining lease term	9.0 years			9.5 years
Weighted-average discount rate	4.11		%	3.34		%
Cash paid during the year for operating leases	$	2,876		$	2,990
Additions for ROU assets obtained during the year	$	1,660		$	4,428

The following table summarizes the future lease payments of operating leases:


(Dollars in thousands)	Payments
2025	$	2,420
2026	2,130
2027	1,896
2028	1,420
2029	962
Thereafter	4,504
Total undiscounted lease payments	$	13,332
Imputed interest	(2,364)
Total lease liability	$	10,968

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Other Intangible Assets

Goodwill

The following table details changes in the recorded amount of goodwill for the years ended December 31:


(Dollars in thousands)	2024		2023
Goodwill, beginning of year	$	362,169	$	292,397
Goodwill recorded from acquisitions	1,030		69,772
Goodwill, end of year	$	363,199	$	362,169

Peoples performed a quantitative assessment of goodwill as of October 1, 2024, and management concluded that the fair value of Peoples’ single reporting unit was greater than its carrying amount.

On September 30, 2024, Peoples purchased the assets of an insurance business, for which Peoples has recorded $0.2 million in goodwill as of December 31, 2024. On October 31, 2024, Peoples purchased the assets of an insurance business, for which $0.8 million in goodwill has been recorded as of December 31, 2024.

As of the close of business on April 30, 2023, Peoples completed its merger with Limestone Bancorp, Inc. (“Limestone”) pursuant to an Agreement and Plan of Merger dated October 24, 2022, at which point Limestone merged with and into Peoples, and immediately thereafter, Limestone Bank, Inc., the subsidiary bank of Limestone, merged with and into Peoples Bank (collectively, the “Limestone Merger”). Peoples recorded goodwill from the Limestone Merger totaling $68.8 million.

On January 3, 2023, Peoples acquired a trust and investment business, for which Peoples recorded $0.6 million in goodwill. On October 10, 2023, Peoples purchased the assets of an additional insurance business, for which $0.4 million in goodwill was recorded.

Other intangible assets

Other intangible assets were comprised of the following at December 31:


(Dollars in thousands)	Core Deposits		Customer Relationships		Indefinite-Lived Trade Names		Total
2024
Gross intangibles	$	54,186	$	37,920	$	2,491	$	94,597
Intangibles recorded from acquisitions	—		550		—		550
Accumulated amortization	(31,545)		(25,723)		—		(57,268)
Total acquisition-related intangibles	$	22,641	$	12,747	$	2,491	$	37,879
Servicing rights							1,216
Non-compete agreements (a)							128
Total other intangibles							$	39,223
2023
Gross intangibles	$	26,464	$	37,920	$	2,491	$	66,875
Intangibles recorded from acquisitions	27,722		—		—		27,722
Accumulated amortization	(25,670)		(20,680)		—		(46,350)
Total acquisition-related intangibles	$	28,516	$	17,240	$	2,491	$	48,247
Servicing rights							1,385
Non-compete agreements (a)							371
Total other intangibles							$	50,003

(a) Non-compete agreements were recognized due to acquisitions.

Peoples performed other intangible assets impairment testing as of October 1, 2024 and concluded there was no impairment in the recorded value of other intangible assets as of October 1, 2024. During the annual impairment test, Peoples assessed quantitative factors, including relevant events and circumstances, to determine that it was more-likely-than-not that the fair value of other intangible assets exceeded the carrying value.

Other intangible assets recorded from the above-mentioned acquisitions in 2024 consisted of $0.6 million of customer relationship intangibles related to the insurance acquisition in October 2024. Other intangible assets recorded from the above-mentioned acquisitions in 2023 consisted of $27.7 million of core deposit intangibles related to the Limestone Merger.

The following table details estimated aggregate future amortization of other intangible assets at December 31, 2024:


(Dollars in thousands)	Core Deposits		Customer Relationships		Non-Compete Agreements		Total
2025	$	4,609	$	4,124	$	112	$	8,845
2026	3,736		3,036		16		6,788
2027	3,043		2,188		—		5,231
2028	2,608		1,462		—		4,070
2029	2,359		971		—		3,330
Thereafter	6,286		966		—		7,252
Total	$	22,641	$	12,747	$	128	$	35,516

The weighted average amortization period of other intangibles is 7.6 years.

The following is an analysis of activity of servicing rights for the years ended December 31:


(Dollars in thousands)	2024		2023		2022
Balance, beginning of year	$	1,385	$	1,816	$	2,218
Amortization	(349)		(457)		(594)
Servicing rights originated	180		27		180

Change in valuation allowance	—		(1)		12
Balance, end of year	$	1,216	$	1,385	$	1,816

The following is the breakdown of the discount rates and prepayment speeds of servicing rights for the years ended December 31:


	2024				2023
	Minimum		Maximum		Minimum		Maximum
Discount rates	12.5	%	15.0	%	13.5	%	16.0	%
Prepayment speeds	9.4	%	16.0	%	7.7	%	16.1	%

The fair value of servicing rights was $3.0 million at December 31, 2024 and $3.2 million at December 31, 2023.

Deposits

12 Months Ended

Dec. 31, 2024

Banking and Thrift, Other Disclosure [Abstract]

Peoples’ deposit balances were comprised of the following at December 31:


(Dollars in thousands)	2024		2023
Retail CDs:
$100 or more	$	1,092,261	$	815,300
Less than $100	829,154		628,117
Total retail CDs	1,921,415		1,443,417
Interest-bearing deposit accounts	1,085,152		1,144,357
Savings accounts	866,959		919,244
Money market deposit accounts	878,254		775,488
Governmental deposit accounts	775,782		726,713

Brokered deposit accounts	554,982		526,053
Total interest-bearing deposits	6,082,544		5,535,272
Non-interest-bearing deposits	1,507,661		1,567,649
Total deposits	$	7,590,205	$	7,102,921

Uninsured deposits were $2.0 billion at December 31, 2024 and 2023. Uninsured amounts are estimated based on the portion of the respective customer account balances that exceeded the FDIC insurance limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which covered over $656.9 million of the uninsured deposit balances at December 31, 2024.

Uninsured time deposits are broken out below by time remaining until maturity.


(Dollars in thousands)	2024		2023
3 months or less	$	180,405	$	58,708
Over 3 to 6 months	127,329		99,928
Over 6 to 12 months	91,197		131,263
Over 12 months	18,044		37,180
Total	$	416,975	$	327,079

The contractual maturities of CDs for each of the next five years and thereafter are as follows:


(Dollars in thousands)	Retail		Brokered		Total
2025	$	1,855,093	$	417,790	$	2,272,883
2026	29,858		16,368		46,226
2027	23,288		59,991		83,279
2028	6,354		15,000		21,354
2029	6,802		45,833		52,635
Thereafter	20		—		20
Total CDs	$	1,921,415	$	554,982	$	2,476,397

Deposits from related parties were $19.3 million and $14.2 million at December 31, 2024 and 2023, respectively.

At December 31, 2024, Peoples had eight effective interest rate swaps, with an aggregate notional value of $75.0 million, of which $75.0 million were funded by brokered deposits. Brokered deposits used to fund interest rate swaps are expected to be extended every 90 days through the maturity dates of the swaps. Additional information regarding Peoples’ interest rate swaps can be found in “Note 15 Derivative Financial Instruments.”

Short-Term Borrowings

12 Months Ended

Dec. 31, 2024

Short-Term Debt [Abstract]

Short-Term Borrowings

Peoples utilizes various short-term borrowings as sources of funds, which are summarized as follows at December 31:


(Dollars in thousands)	Retail Repurchase Agreements			FHLB Advances			Other			Total
2024
Ending balance	$	18,367		$	175,000		$	107		$	193,474
Average balance	44,036			121,739			135,531			301,306
Highest month-end balance	101,073			348,000			213,045			612,073
Interest expense	$	1,065		$	6,675		$	7,805		$	15,545
Weighted-average interest rate:
End of year	2.76		%	4.45		%	1.40		%	4.29		%
During the year	2.42		%	5.48		%	5.76		%	5.16		%
2023
Ending balance	$	99,121		$	369,000		$	182,376		$	650,497
Average balance	102,530			353,532			41,970			498,032
Highest month-end balance	125,937			484,000			133,000			585,439
Interest expense	$	1,349		$	18,058		$	528		$	19,935
Weighted-average interest rate:
End of year	1.54		%	5.41		%	4.85		%	4.66		%
During the year	1.32		%	5.11		%	4.93		%	4.00		%
2022
Ending balance	$	100,138		$	400,000		$	—		$	500,138
Average balance	113,434			83,356			—			196,790
Highest month-end balance	286,442			400,000			—			500,138
Interest expense	$	274		$	2,387		$	—		$	2,661
Weighted-average interest rate:
End of year	0.40		%	4.36		%	—		%	3.57		%
During the year	0.24		%	2.86		%	—		%	1.35		%

Peoples’ retail Repurchase Agreements consist of overnight agreements with Peoples’ commercial customers and serve as a cash management tool.

The FHLB advances consist of overnight borrowings, 90-day advances used to fund interest rate swaps, other advances with an original maturity of one year or less, and the current portion of long-term advances due in less than one year. These advances, along with the long-term advances disclosed in “Note 10 Long-Term Borrowings,” are collateralized by one-to-four family and multifamily residential mortgages, commercial real estate, home equity lines of credit, and investment securities. Peoples’ borrowing capacity with the FHLB is based on the amount of collateral pledged and the amount of FHLB common stock owned. Peoples’ FHLB advances of zero and $60.0 million matured in 2024 and 2023, respectively.

Other short-term borrowings consisted primarily of federal funds purchased and advances from the Federal Reserve Discount Window, as well as a Bank Term Funding Program (“BTFP”) loan. Federal funds purchased are short-term borrowings from correspondent banks that typically mature within one to 90 days. Interest on federal funds purchased is set daily by the correspondent bank based on prevailing market rates. The Federal Reserve Discount Window provides credit facilities to financial institutions, which are designed to ensure adequate liquidity by providing a source of short-term funds. Federal Reserve Discount Window advances are typically overnight and must be secured by collateral acceptable to the FRB. At December 31, 2024, Peoples had available Federal Reserve Discount Window credit of $416.9 million. As of the date of Peoples’ borrowing, the interest rate for term advances was the one-year overnight index swap rate plus 10 basis points. Peoples paid off the BTFP loan in the fourth quarter of 2024.

As of April 3, 2019, Peoples entered into a loan agreement (the “U.S. Bank Loan Agreement”) with U.S. Bank National Association. The U.S. Bank Loan Agreement initially had a one-year term, which has subsequently been renewed, most recently as of March 31, 2024 for an additional year, and currently provides Peoples with a revolving line of credit in the maximum aggregate principal amount of $30.0 million that may be used: (i) for working capital purposes; (ii) to finance dividends or other distributions (other than stock dividends and stock splits) on or in respect of Peoples’ capital stock and redemptions, repurchases or other acquisitions of any of Peoples’ capital stock permitted under the U.S. Bank Loan Agreement and (iii) to finance acquisitions permitted under the U.S. Bank Loan Agreement.

The U.S. Bank Loan Agreement is unsecured, and contains certain negative and financial covenants. The financial covenants are applicable to Peoples and its subsidiaries, and are usual and customary for comparable transactions.

As of December 31, 2024, Peoples was in compliance with the applicable covenants imposed by the U.S. Bank Loan Agreement, as amended by the Sixth Amendment to the U.S. Bank Loan Agreement. The U.S. Bank Loan Agreement matures on March 31, 2025. Peoples is in the process of renewing this facility and expects that it will be renewed prior to its expiration.

Long-Term Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-Term Borrowings

Long-term borrowings consisted of the following at December 31:


	2024				2023
(Dollars in thousands)	Balance		Weighted- Average Interest Rate		Balance		Weighted-Average Interest Rate
FHLB putable, non-amortizing, fixed rate advances	$	130,000	4.04	%	$	110,000	3.98	%
FHLB amortizing, fixed rate advances	1,868		1.85	%	2,865		1.81	%

Vantage non-recourse borrowings	51,330		6.96	%	49,572		6.26	%
Other long-term borrowings	54,875		7.76	%	53,804		9.67	%

Long-term borrowings (a)	$	238,073			$	216,241

(a) The weighted-average interest rate on total long-term borrowings at December 31, 2024 and at December 31, 2023 was 5.51% and 5.89%, respectively.

Peoples continually evaluates its overall balance sheet position given the interest rate environment. During 2024, Peoples borrowed one additional non-callable FHLB advance for $20.0 million, with a fixed interest rate of 4.36%. During 2023, Peoples entered into four additional FHLB long-term borrowing agreements, three non-callable advances for $60.0 million, $10.0 million, and $10.0 million with fixed interest rates of 4.40%, 4.30%, and 4.11%, respectively, and one callable $10.0 million advance with a fixed interest rate of 4.59%. At December 31, 2024, outstanding long-term FHLB non-amortizing advances, which have interest rates ranging from 2.17% to 4.59%, mature between 2026 and 2028. Outstanding long-term FHLB amortizing, fixed rate advances, which have interest rates ranging from 1.25% to 3.83%, mature between 2026 and 2031.

The FHLB putable, non-amortizing, fixed rate advances have remaining maturities ranging from two to four years that may be repaid prior to maturity, subject to the payment of termination fees. The FHLB has the option, at its sole discretion, to terminate each advance after the initial fixed rate period of three months, requiring full repayment of the advance by Peoples, prior to the stated maturity. If an advance is terminated prior to maturity, the FHLB will offer Peoples replacement funding at the then-prevailing rate on an advance product then offered by the FHLB, subject to normal FHLB credit and collateral requirements. These advances require monthly interest payments, with no repayment of principal until the earlier of either an option to terminate being exercised by the FHLB or the stated maturity.

The FHLB amortizing, fixed rate advances have a fixed rate for the term of each advance, with remaining maturities ranging from three to seven years. These advances require monthly principal and interest payments, with some having a constant prepayment rate requiring an additional principal payment annually. These advances are not eligible for optional prepayment prior to maturity. Long-term FHLB advances are collateralized by assets owned by Peoples.

Non-recourse borrowings are used by Vantage to fund leases. The Vantage non-recourse borrowings have fixed interest rates ranging from 2.82% to 11.25% with various maturities, the latest being in 2030. Payments received from customers on non-recourse leases are used to fund repayment of these borrowings. In the event of default, the non-recourse borrowing is forgiven.

Other long-term borrowings include trust preferred securities held for investments and floating rate subordinated deferrable interest debentures assumed from three prior acquisitions. On March 6, 2015, Peoples completed its acquisition of NB&T Financial Group, Inc., which included a trust preferred security due in 2037 with a $9.0 million par value and a $6.6 million fair value at acquisition. As of December 31, 2024, this trust preferred security had a carrying value of $8.2 million with an interest rate of 6.21%, inclusive of the impact of fair value adjustments. On September 17, 2021, Peoples completed the Premier Merger, which included a trust preferred security due in 2034 with a $6.2 million par value and a $6.1 million fair value at acquisition. As of December 31, 2024, this trust preferred security had a carrying value of $5.9 million and an interest rate of 7.84%, inclusive of the impact of fair value adjustments. On April 30, 2023, Peoples completed the Limestone Merger, which included four trust preferred securities and subordinated debentures. The details of the securities at the time of the Limestone Merger, their current carry values, and current interest rates are included in the table below, inclusive of the impact of fair value adjustments. These trust preferred securities and subordinated debentures are considered tier 1 and tier 2 capital, respectively, (with certain limitations applicable) under current regulatory guidelines.


(Dollars in thousands)		April 30, 2023		December 31, 2024
Description	Maturity Year	Par Value	Fair Value	Carrying Value	Interest Rate
Ascencia Statutory Trust I	2034	3,000	2,430	2,539	7.46	%
Porter Statutory Trust II	2034	5,000	4,050	4,231	7.46	%
Porter Statutory Trust III	2034	3,000	2,410	2,523	7.40	%
Porter Statutory Trust IV	2037	10,000	6,886	7,480	6.43	%
Floating rate subordinated deferrable interest debentures	2029	25,000	23,677	24,030	8.80	%
Total		46,000	39,453	40,803

At December 31, 2024, the aggregate principal amounts due upon maturity of long-term borrowings in future periods were as follows:


(Dollars in thousands)	Balance
2025	$	6,169
2026	60,516
2027	8,997
2028	88,747
2029	41,095
Thereafter	38,674
Total long-term borrowings	$	244,198

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table details the activity in Peoples’ common stock and treasury stock during the years ended December 31:


	Common Stock	Treasury Stock
Shares at December 31, 2021	29,814,401	1,577,359
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(216,669)
Release of restricted common shares	—	39,445
Cancellation of restricted common shares	—	5,452


Grant of unrestricted common shares	—	(1,500)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	15,688

Disbursed out of treasury stock	—	(3,039)
Common shares purchased under repurchase program	—	263,183
Common shares issued under dividend reinvestment plan	43,519	—
Common shares issued under compensation plan for Boards of Directors	—	(17,626)

Common shares issued under employee stock purchase plan	—	(18,832)

Shares at December 31, 2022	29,857,920	1,643,461
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(259,648)
Release of restricted common shares	—	43,087
Cancellation of restricted common shares	—	16,778

Grant of unrestricted common shares	—	(1,900)


Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	21,042

Disbursed out of treasury stock	—	(4,368)
Common shares repurchased under repurchase program	—	107,219
Common shares issued under dividend reinvestment plan	50,453	—
Common shares issued under compensation plan for Boards of Directors	—	(19,931)

Common shares issued under employee stock purchase plan	—	(34,392)
Issuance of common shares related to the Limestone Merger	6,827,668	—
Shares at December 31, 2023	36,736,041	1,511,348
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(313,403)

Release of restricted common shares	—	30,486
Cancellation of restricted common shares	—	39,408

Grant of unrestricted common shares		(1,700)

Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	14,945

Disbursed out of treasury stock	—	(12,833)
Common shares repurchased under repurchase program	—	100,905
Common shares issued under dividend reinvestment plan	46,560	—
Common shares issued under compensation plan for Boards of Directors	—	(16,220)

Common shares issued under employee stock purchase plan	—	(41,761)

Shares at December 31, 2024	36,782,601	1,311,175

On January 28, 2021, Peoples’ Board of Directors approved a share repurchase program authorizing Peoples to purchase up to an aggregate of $30.0 million of Peoples’ outstanding common shares. Peoples purchased an aggregate of 100,905, 107,219, and 263,183 of Peoples’ outstanding common shares totaling $3.0 million, $3.0 million, and $7.4 million during 2024, 2023, and 2022 respectively.

Under its Amended Articles of Incorporation, Peoples is authorized to issue up to 50,000 preferred shares, in one or more series, having such voting powers, designations, preferences, rights, qualifications, limitations and restrictions as determined by Peoples’ Board of Directors. At December 31, 2024 and 2023, Peoples had no preferred shares issued or outstanding.

The following table details the cash dividends declared per common share for the year ended December 31:


	2024		2023
First Quarter	$	0.39	$	0.38
Second Quarter	0.40		0.39
Third Quarter	0.40		0.39
Fourth Quarter	0.40		0.39
Total dividends declared	$	1.59	$	1.55

Accumulated Other Comprehensive Income (Loss)

The following details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the years ended December 31:


(Dollars in thousands)	Unrealized Gain (Loss) on Securities		Unrecognized Net Pension and Postretirement Costs		Unrealized (Loss) Gain on Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2021	$	(5,946)	$	(1,881)	$	(3,792)	$	(11,619)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	47		—		—		47
Realized loss due to settlement and curtailment, net of tax	—		142		—		142

Other comprehensive (loss) income, net of reclassifications and tax	(123,997)		106		8,185		(115,706)
Balance, December 31, 2022	$	(129,896)	$	(1,633)	$	4,393	$	(127,136)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	2,836		—		—		2,836
Realized loss due to settlement and curtailment, net of tax	—		1,858		—		1,858

Other comprehensive (loss) income, net of reclassifications and tax	22,838		(225)		(1,761)		20,852
Balance, December 31, 2023	$	(104,222)	$	—	$	2,632	$	(101,590)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	319		—		—		319
Realized loss due to settlement and curtailment, net of tax	—		—		—		—

Other comprehensive income (loss), net of reclassifications and tax	(7,926)		—		(1,188)		(9,114)
Balance, December 31, 2024	$	(111,829)	$	—	$	1,444	$	(110,385)

The entire disclosure for equity.

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Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Peoples sponsored a noncontributory defined benefit pension plan that covered substantially all employees hired before January 1, 2010. The plan provided retirement benefits based on an employee’s years of service and compensation. During the third quarter of 2023, Peoples terminated its pension plan by settling the remaining benefit obligation of $7.7 million. The pension plan had been closed to new entrants since January 1, 2010. Peoples recorded a settlement charge of $2.4 million in the third quarter of 2023 in relation to the termination of the pension plan. Peoples does not anticipate further expenses related to the termination. Retirement Savings Plan Peoples maintains a retirement savings plan, or 401(k) plan, which covers substantially all employees. The plan provides participants with the opportunity to save for retirement on a tax-deferred basis. Since January 1, 2021, Peoples has matched 100% of participants’ contributions up to 6% of the participants’ compensation. Matching contributions made by Peoples totaled $5.8 million in 2024, $5.4 million in 2023 and $4.4 million in 2022.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The reported income tax expense and effective tax rate in the Consolidated Statements of Income differ from the amounts computed by applying the statutory federal corporate income tax rate as follows for the years ended December 31:


	2024				2023				2022
(Dollars in thousands)	Amount		Rate		Amount		Rate		Amount		Rate
Income tax computed at statutory federal corporate income tax rate	$	31,387	21.0	%	$	30,476	21.0	%	$	27,015	21.0	%
Differences in rate resulting from:
State taxes, net of federal benefit	3,286		2.2	%	3,053		2.1	%	2,277		1.8	%
Investment securities impairment	—		—	%	—		—	%	431		0.3	%
Nondeductible acquisition costs	—		—	%	168		0.1	%	42		—	%
Common share awards	(22)		—	%	(99)		(0.1)	%	12		—	%
Bank owned life insurance	(885)		(0.6)	%	(872)		(0.6)	%	(551)		(0.4)	%
Investments in tax credit funds	(601)		(0.4)	%	(352)		(0.2)	%	(629)		(0.5)	%
Captive insurance benefit	—		—	%	(330)		(0.2)	%	(421)		(0.3)	%
Tax-exempt interest income	(258)		(0.2)	%	(555)		(0.4)	%	(921)		(0.7)	%


Other, net	(648)		(0.4)	%	274		0.2	%	94		0.1	%
Income tax expense	$	32,259	21.6	%	$	31,763	21.9	%	$	27,349	21.3	%

Peoples’ reported income tax expense consisted of the following for the years ended December 31:


(Dollars in thousands)	2024		2023		2022
Current income tax expense	$	25,286	$	32,001	$	8,783
Deferred income tax (benefit) expense	6,973		(238)		18,566
Income tax expense	$	32,259	$	31,763	$	27,349

The significant components of Peoples’ deferred tax assets and deferred tax liabilities consisted of the following at December 31:


(Dollars in thousands)	2024		2023
Deferred tax assets:
Available-for-sale securities	$	33,996	$	31,774
Allowance for credit losses	15,035		14,902
Nonaccrual loan interest income	1,312		2,753
Accrued employee benefits	7,472		7,344
Lease obligation	2,523		2,822
Net operating loss carryforward	8,393		11,367
Purchase accounting adjustments	—		1,920


Other	1,837		1,622
Gross deferred tax assets	$	70,568	$	74,504
Valuation allowance	$	158	$	158
Total deferred tax assets	$	70,410	$	74,346
Deferred tax liabilities:
Equipment leases	$	11,790	$	11,286
Deferred loan income	2,015		3,117
Purchase accounting adjustments	3,219		—
Bank premises and equipment	5,283		5,116
Lease right-of-use assets	2,397		2,731

Derivative instruments	416		774

Other	2,312		3,951
Total deferred tax liabilities	$	27,432	$	26,975
Net deferred tax asset	$	42,978	$	47,371

At December 31, 2024, Peoples had approximately $39 million of federal net operating loss carryforwards and $208,000 of federal tax credit carryforwards, the annual utilization of which are subject to limitation under IRC sections 382 and 383, respectively. Peoples has recorded a deferred tax asset only for the portion of these net operating loss and tax credit carryforwards it is able to, and expects to, utilize under these limitations. At December 31, 2024, Peoples had approximately $2.2 million of state net operating loss carryforwards, the annual utilization of which are subject to limitation under applicable state tax law. However, all $2.2 million of state net operating loss carryforwards are unlikely to be utilized, resulting in a valuation allowance against the net tax benefit of approximately $158,000.

The federal income tax benefit from sales of investment securities was $87,000 in 2024, $777,000 in 2023, and $13,000 in 2022.

Income tax benefits are recognized in the Consolidated Financial Statements for a tax position only if it is considered “more-likely-than-not” of being sustained in an audit, based solely on the technical merits of the income tax position. If the recognition criteria are met, the amount of income tax benefits to be recognized are measured based on the largest income tax benefit that is more than 50 percent likely to be realized on ultimate resolution of the tax position. The following table provides a reconciliation of uncertain tax positions at December 31:


(Dollars in thousands)	2024		2023
Uncertain tax positions, beginning of year	$	527	$	89
Gross increase based on tax positions related to current year	45		527


Gross decrease due to the statute of limitations	—		(89)
Uncertain tax positions, end of year	$	572	$	527

All of the gross unrecognized tax benefits would impact People’s effective tax rate if recognized.

Peoples is subject to U.S. federal income tax, as well as to tax in various state income tax jurisdictions. Peoples’ income tax returns are subject to review and examination by federal and state taxing authorities. Peoples is currently open to audit under the applicable statutes of limitations by the Internal Revenue Service for the years ended December 31, 2021 through 2023. The years open to examination by state taxing authorities vary by jurisdiction.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 12
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Earnings Per Common Share

Earnings Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

The calculations of basic and diluted earnings per common share for the years ended December 31 were as follows:


(Dollars in thousands, except per common share data)	2024		2023		2022
Net income available to common shareholders	$	117,205	$	113,363	$	101,292
Less: Dividends paid on unvested common shares	786		531		354
Less: Undistributed loss allocated to unvested common shares	225		269		96
Net earnings allocated to common shareholders	$	116,194	$	112,563	$	100,842

Weighted-average common shares outstanding	34,779,548		32,533,086		27,908,022
Effect of potentially dilutive common shares	367,806		227,722		91,580
Total weighted-average diluted common shares outstanding	35,147,354		32,760,808		27,999,602

Earnings per common share:
Basic	$	3.34	$	3.46	$	3.61
Diluted	$	3.31	$	3.44	$	3.60

Anti-dilutive common shares excluded from calculation:
Restricted common shares	7,836		9,123		—

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Peoples utilizes interest rate swap agreements as part of its asset/liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. The fair value of derivative financial instruments is included in “Other assets” and “Accrued expenses and other liabilities” in the Consolidated Balance Sheets and in the net other adjustments to reconcile net income to “Net cash provided by operating activities” in the Consolidated Statements of Cash Flows.

Derivative Financial Instruments and Hedging Activities – Risk Management Objective of Using Derivative Financial Instruments

Peoples is exposed to certain risks arising from both its business operations and economic conditions. Peoples principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Peoples manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its assets and liabilities. Peoples also manages interest rate risk through the use of derivative financial instruments. Specifically, Peoples enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known or expected cash amounts, the values of which are determined by interest rates. Peoples’ derivative financial instruments are used to manage differences in the amount, timing and duration of Peoples’ known or expected cash receipts and its known or expected cash payments principally related to certain variable rate borrowings. Peoples also has interest rate derivative financial instruments that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Peoples’ assets or liabilities. Peoples manages a matched book with respect to customer-related derivative financial instruments in order to minimize its net risk exposure resulting from such transactions.

Cash Flow Hedges of Interest Rate Risk

Peoples’ objectives in using interest rate derivative financial instruments are to add stability to interest income and expense, and to manage its exposure to interest rate movements. To accomplish these objectives, Peoples has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps were designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. At December 31, 2024, Peoples had entered into eight interest rate swaps with an aggregate notional value of $75.0 million. Peoples will pay a fixed rate of interest for up to four years while receiving a floating rate component of interest equal to the three-month SOFR rate. The interest received on the floating rate component is intended to offset the interest paid on rolling three-month brokered deposits which will continue to be rolled through the life of the swaps. At December 31, 2024, the interest rate swaps were designated as cash flow hedges of $75.0 million in brokered deposits, which are expected to be extended every 90 days through the maturity dates of the swaps.

For derivative financial instruments designated as cash flow hedges and assessed as effective, the changes in the fair value of each derivative financial instrument is reported in AOCL (outside of earnings), net of tax, and are reclassified to interest expense as interest payments are made on Peoples’ variable-rate liabilities. Peoples assesses the effectiveness of each hedging relationship by comparing

the changes in cash flows of the hedging derivative financial instrument with the changes in cash flows of the designated hedged transaction. The reset dates and the payment dates on the 90-day advances or brokered deposits are matched to the reset dates and payment dates on the receipt of the three-month SOFR floating portion of the swaps to ensure effectiveness of the cash flow hedge. During the years ended December 31, 2024 and December 31, 2023, Peoples had reclassifications of changes in fair value to interest expense of $3.0 million and $0.3 million, respectively.

The following table summarizes information about the interest rate swaps designated as cash flow hedges at December 31:


(Dollars in thousands)	2024			2023
Notional amount	$	75,000		$	105,000
Weighted average pay rates	2.45		%	2.22		%
Weighted average receive rates	4.49		%	4.63		%
Weighted average maturity	1.5 years			2.0 years
Pre-tax changes in fair value included in AOCL	$	1,885		$	3,434

The following table presents changes in fair value recorded in AOCL and in the Consolidated Statements of Income related to the cash flow hedges for the years ended December 31:


(Dollars in thousands)	2024		2023
Amount of income recognized in AOCL, pre-tax	$	(1,550)	$	(2,293)

The following table reflects the cash flow hedges, which were included in the Consolidated Balance Sheets at fair value, at December 31:


	2024				2023
(Dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Included in “Other assets”:
Interest rate swaps related to debt	$	75,000	$	1,784	$	105,000	$	3,314
Total included in “Other assets”	$	75,000	$	1,784	$	105,000	$	3,314

Non-Designated Hedges

Peoples maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples originates variable rate loans with interest rate swaps, where the customer enters into an interest rate swap with Peoples on terms that match the terms of the loan. By entering into the interest rate swap with the customer, Peoples effectively provides the customer with a fixed rate loan while creating a variable rate asset for Peoples. Peoples offsets its exposure in the swap by entering into an offsetting interest rate swap with an unaffiliated institution. These interest rate swaps do not qualify as designated hedges; therefore, each swap is accounted for as a standalone derivative financial instrument. These interest rate swaps did not have a material impact on Peoples’ results of operation or financial condition for the years ended December 31, 2024 and 2023.

The following table reflects the non-designated hedges, which were included in the Consolidated Balance Sheets at fair value, at December 31:


	2024				2023
(Dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Included in “Other assets”:
Interest rate swaps related to commercial loans	$	453,367	$	16,959	$	416,106	$	18,990
Total included in “Other assets”	453,367		16,959		416,106		18,990

Included in “Accrued expenses and other liabilities”:
Interest rate swaps related to commercial loans	$	453,367	17,046		$	416,106	$	19,122
Total included in “Accrued expenses and other liabilities”	453,367		17,046		416,106		19,122

Pledged Collateral

Peoples pledges or receives collateral for all interest rate swaps. When the fair value of Peoples’ interest rate swaps are in a net liability position, Peoples must pledge collateral, and, when the fair value of Peoples’ interest rate swaps are in a net asset position, the respective counterparties must pledge collateral. At each of December 31, 2024 and December 31, 2023, Peoples had no cash pledged while the counterparties had pledged $12.3 million at December 31, 2024 and $12.8 million at December 31, 2023. At December 31,

2024 and December 31, 2023, Peoples had no investment securities pledged, while counterparties had $1.9 million of investment securities pledged at December 31, 2024 and $2.2 million pledged at December 31, 2023.

Off-Balance Sheet Risk

12 Months Ended

Dec. 31, 2024

Off-Balance-Sheet, Credit Loss, Liability [Abstract]

Off-Balance Sheet Risk

Loan Commitments and Standby Letters of Credit

Loan commitments are made to accommodate the financial needs of Peoples’ customers. Standby letters of credit are instruments issued by Peoples Bank guaranteeing the beneficiary payment by Peoples Bank in the event of default by Peoples Bank’s customer in the nonperformance of an obligation or service. Historically, most loan commitments and standby letters of credit expire unused. Peoples’ exposure to credit loss in the event of nonperformance by the counter-party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. Peoples uses the same underwriting standards in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained is based on management’s credit evaluation of the customer. Collateral held varies, but may include accounts receivable; inventory; property, plant, and equipment; and income-producing commercial properties.

The total amounts of loan commitments and standby letters of credit at December 31 were:


(Dollars in thousands)	2024		2023
Home equity lines of credit	$	254,168	$	244,367
Unadvanced construction loans	370,086		349,850
Other loan commitments	759,790		769,759
Loan commitments	1,384,044		1,363,976
Standby letters of credit	$	8,398	$	14,318

Regulatory Matters

12 Months Ended

Dec. 31, 2024

Regulatory Matters [Abstract]

Regulatory Matters

The following is a summary of certain regulatory matters affecting Peoples and its subsidiaries:

Federal Reserve Board Requirements

Peoples Bank is required to maintain a minimum level of reserves, consisting of cash on hand and non-interest-bearing balances with the FRB, based on the amount of total deposits. Average required reserve balances were $0 and $0 in 2024 and 2023, respectively. In response to the COVID-19 pandemic, the Federal Reserve reduced reserve requirement ratios to 0% effective on March 26, 2020, to support lending to households and businesses. The reserve requirement ratio remained at 0% as of December 31, 2024.

Limits on Dividends

The primary source of funds for the dividends paid by Peoples is dividends received from Peoples Bank. The payment of dividends by Peoples Bank is subject to various banking regulations. The most restrictive provision requires regulatory approval if dividends declared in any calendar year exceed the total net profits of that year plus the retained net profits of the preceding two years. At December 31, 2024, Peoples Bank had approximately $187.7 million of net profits available for distribution to Peoples as dividends without regulatory approval.

Capital Requirements

Peoples and Peoples Bank are subject to various regulatory capital guidelines administered by the banking regulatory agencies. Under capital adequacy requirements and the regulatory framework for prompt corrective action, Peoples and Peoples Bank must meet specific capital guidelines that involve quantitative measures of each entity’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Peoples’ and Peoples Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Failure to meet future minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a material effect on Peoples’ financial results.

Quantitative measures established by regulation to ensure capital adequacy, and in effect at December 31, 2024, required Peoples and Peoples Bank to maintain minimum amounts and ratios of common equity tier 1 capital, tier 1 capital and total capital (each as defined in the applicable regulations) to risk-weighted assets (as defined), and of tier I capital (as defined) to average assets (as defined). Peoples and Peoples Bank met all capital adequacy requirements at December 31, 2024.

At December 31, 2024, the most recent notification from the banking regulatory agencies categorized Peoples Bank as well capitalized under the regulatory framework for prompt corrective action applicable to Peoples Bank. Peoples maintained the capital required by the Federal Reserve Board to be deemed well capitalized and remain a financial holding company. To be categorized as well capitalized, Peoples and Peoples Bank must maintain minimum common equity tier 1, tier 1 risk-based, total risk-based and tier I

leverage ratios as set forth in the table below. There are no conditions or events since this notification that management believes have changed Peoples’ or Peoples Bank’s category.

Peoples’ and Peoples Bank’s actual capital amounts and ratios at December 31 are also presented in the following table:


	2024				2023
(Dollars in thousands)	Amount		Ratio		Amount		Ratio
PEOPLES BANCORP, INC.
Common Equity Tier 1 (a)
Actual	$	833,128	11.95	%	$	766,692	11.56	%
For capital adequacy	313,717		4.50	%	298,393		4.50	%
To be well capitalized	$	453,147	6.50	%	$	431,011	6.50	%
Tier 1 (b)
Actual	$	863,974	12.39	%	$	820,496	12.37	%
For capital adequacy	418,289		6.00	%	397,857		6.00	%
To be well capitalized	$	557,719	8.00	%	$	530,476	8.00	%
Total Capital (c)
Actual	$	946,724	13.58	%	$	873,226	13.17	%
For capital adequacy	557,719		8.00	%	530,476		8.00	%
To be well capitalized	$	697,149	10.00	%	$	663,095	10.00	%
Tier 1 Leverage (d)
Actual	$	863,974	9.73	%	$	820,496	9.48	%
For capital adequacy	355,219		4.00	%	346,112		4.00	%
To be well capitalized	444,024		5.00	%	432,640		5.00	%
Capital Conservation Buffer	389,005		5.60	%	342,750		5.17	%
Fully phased in	174,287		2.50	%	165,774		2.50	%
Net Risk-Weighted Assets	6,971,489				6,630,945

PEOPLES BANK
Common Equity Tier 1 (a)
Actual	840,443		12.07	%	783,790		11.85	%
For capital adequacy	313,212		4.50	%	297,638		4.50	%
To be well capitalized	452,418		6.50	%	429,921		6.50	%
Tier 1 (b)
Actual	840,443		12.07	%	783,790		11.85	%
For capital adequacy	417,617		6.00	%	396,850		6.00	%
To be well capitalized	556,822		8.00	%	529,134		8.00	%
Total Capital (c)
Actual	903,969		12.99	%	836,520		12.65	%
For capital adequacy	556,822		8.00	%	529,134		8.00	%
To be well capitalized	696,028		10.00	%	661,417		10.00	%
Tier 1 Leverage (d)
Actual	840,443		9.48	%	783,790		9.12	%
For capital adequacy	354,499		4.00	%	343,613		4.00	%
To be well capitalized	443,123		5.00	%	429,517		5.00	%
Capital Conservation Buffer	$	347,147	5.00	%	$	307,386	4.65	%
Fully phased in	174,007		2.50	%	165,354		2.50	%
Net Risk-Weighted Assets	$	6,960,276			$	6,614,172
(a) Ratio represents common equity tier 1 capital to net risk-weighted assets
(b) Ratio represents tier 1 capital to net risk-weighted assets
(c) Ratio represents total capital to net risk-weighted assets
(d) Ratio represents tier 1 capital to average assets

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Under the Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan (the “2006 Equity Plan”), Peoples may grant, among other awards, nonqualified stock options, incentive stock options, restricted common share awards, stock appreciation rights, performance units and unrestricted common share awards to employees and non-employee directors. The total number of common shares available under the 2006 Equity Plan is 1,493,297. The maximum number of common shares that can be issued for incentive stock options is 750,000 common shares. Since February 2009, Peoples has granted restricted common shares to employees, and periodically to non-employee directors, subject to the terms and conditions prescribed by the 2006 Equity Plan. In general, common shares issued in connection with stock-based awards are issued from treasury shares to the extent available. If no treasury shares are available, common shares are issued from authorized but unissued common shares.

Restricted Common Shares

Under the 2006 Equity Plan, Peoples may award restricted common shares to officers, key employees and non-employee directors. In general, the restrictions on the restricted common shares awarded to employees expire after periods ranging from one to five years. Since 2018, common shares awarded to non-employee directors have vested immediately upon grant with no restrictions. In 2024, Peoples granted an aggregate of 283,712 restricted common shares subject to performance-based vesting to officers and key employees with restrictions that will lapse three years after the grant date; provided that in order for the restricted common shares to vest in full, Peoples must have reported positive net income and maintained a well-capitalized status by regulatory standards for each of the three fiscal years preceding the vesting date. During 2024, Peoples granted to certain key employees an aggregate of 29,692 restricted common shares subject to time-based vesting, the majority of which will vest three years after the grant date.

The following summarizes the changes to Peoples’ outstanding restricted common shares for the year ended December 31, 2024:


	Time-Based Vesting			Performance-Based Vesting
	Number of Common Shares	Weighted-Average Grant Date Fair Value		Number of Common Shares	Weighted-Average Grant Date Fair Value
Outstanding at January 1	142,419	$	28.78	403,970	$	31.21
Awarded	29,692	30.73		283,712	27.92
Released	(21,101)	31.65		(72,825)	31.49
Forfeited	(10,779)	29.37		(28,630)	29.43
Outstanding at December 31	140,231	$	28.72	586,227	$	29.67

The total intrinsic value of restricted common shares released was $2.7 million, $3.7 million and $3.7 million in 2024, 2023 and 2022, respectively.

Stock-Based Compensation

Peoples recognizes stock-based compensation expense, which is included as a component of Peoples’ salaries and employee benefit costs, for restricted common shares, as well as purchases made by participants in the employee stock purchase plan. For restricted common shares, Peoples recognizes stock-based compensation based on the estimated fair value of the awards expected to vest on the grant date. The estimated fair value is then expensed over the vesting period, which is normally three years. Peoples also has an employee stock purchase plan whereby employees can purchase Peoples’ common shares at a discount of up to 15%. The following summarizes the amount of stock-based compensation and related tax benefit recognized for the years ended December 31:


(Dollars in thousands)	2024		2023		2022
Employee stock-based compensation expense:
Restricted common share grant expense	$	6,815	$	5,336	$	3,707
Employee stock purchase plan expense	158		140		112

Total employee stock-based compensation expense	6,973		5,476		3,819
Non-employee director stock-based compensation expense	492		548		506
Total stock-based compensation expense	7,465		6,024		4,325
Recognized tax benefit	(1,740)		(1,402)		(1,007)
Net expense recognized	$	5,725	$	4,622	$	3,318

Restricted common shares were the primary form of stock-based compensation awards granted by Peoples in 2024, 2023 and 2022. The fair value of restricted common share awards on the grant date is the market price of Peoples’ common shares. Total unrecognized stock-based compensation related to unvested restricted common share awards was $6.2 million at December 31, 2024, which will be recognized over a weighted-average period of 1.9 years.

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

The following table details Peoples’ revenue from contracts with customers for the year ended December 31:


(Dollars in thousands)	2024		2023		2022
Insurance income:
Commission and fees from sale of insurance policies (a)	$	17,183	$	16,382	$	14,303

Performance-based commissions (b)	2,218		1,634		1,424
Trust and investment income:
Fiduciary income (a)	11,496		10,295		10,048
Brokerage income (a)	8,017		6,865		6,343
Electronic banking income:
Interchange income (a)	19,731		19,380		16,674
Promotional and usage income (a)	5,411		5,830		4,420
Deposit account service charges:
Ongoing maintenance fees for deposit accounts (a)	6,937		6,425		5,323
Transactional-based fees (b)	10,647		10,257		9,260
Commercial loan swap fees (b)	1,433		782		662
Other non-interest income transactional-based fees (b)	1,703		1,650		1,499
Total	$	84,776	$	79,500	$	69,956

Timing of revenue recognition:
Services transferred over time	$	68,775	$	65,177	$	57,111
Services transferred at a point in time	16,001		14,323		12,845
Total	$	84,776	$	79,500	$	69,956

(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 the fulfillment of performance obligations, but has not yet been received, related to electronic banking 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 income is recognized during the period in which the performance obligations are fulfilled. The following table details the changes in Peoples’ contract assets and contract liabilities for the year ended December 31, 2024:


(Dollars in thousands)	Contract Assets		Contract Liabilities
Balance, January 1, 2024	$	753	$	5,776
Additional income receivable	181		—
Additional deferred income	—		269
Receipt of income previously receivable	(35)		—
Recognition of income previously deferred	—		(274)
Balance, December 31, 2024	$	899	$	5,771

For more information on Peoples’ revenue recognition policies, see “Note 1 Summary of Significant Accounting Policies.”

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

12 Months Ended

Dec. 31, 2024

Acquisitions

Limestone Bancorp, Inc.

As of the close of business on April 30, 2023, Peoples completed the Limestone Merger. In connection with the Limestone Merger, Limestone Bank, Inc., which operated 20 branches in Kentucky, merged into Peoples Bank. As consideration in the Limestone Merger, Limestone shareholders were paid 0.90 common shares of Peoples for each full share of Limestone that was owned at the merger date, resulting in the issuance of 6,827,668 common shares by Peoples, or aggregate consideration of $177.9 million. Peoples accounted for this transaction as a business combination under the acquisition method.

Peoples recorded acquisition-related expenses related to the Limestone Merger, which included $0.2 million and $16.9 million in non-interest expense for the years ended December 31, 2024 and December 31, 2023. For 2024, acquisition-related expenses included $0.4 million of other non-interest expense, which was partially offset by the reversal of an accrual for data processing and software expense. During 2023, acquisition-related non-interest expenses consisted of $6.0 million in professional fees, $5.9 million in salaries and employee benefit costs, $2.9 million in other non-interest expense, $1.8 million in data processing and software expense, and $0.3 million in various other non-interest expense line items. The other non-interest expenses were primarily due to $1.8 million of early contract termination fees on Limestone contracts driven by the system conversions, which took place in the third quarter of 2023.

The following table provides the purchase price calculation as of the date of the Limestone Merger, and the assets acquired and liabilities assumed at their estimated fair values.


(Dollars in thousands)	Fair Value
Total purchase price	$	177,931










Assets
Cash and balances due from banks	6,422
Interest-bearing deposits in other banks	87,115
Total cash and cash equivalents	93,537
Available-for-sale investment securities, at fair value	166,944

Other investment securities	5,716

Total investment securities	172,660
Loans and leases	1,077,929

Allowance for credit losses (on PCD loans)	(2,051)
Net loans	1,075,878












Bank premises and equipment, net of accumulated depreciation	17,690
Bank owned life insurance	31,343



Other intangible assets	27,722
Other assets	36,874
Total assets	1,455,704
Liabilities
Deposits:

Non-interest-bearing	262,727
Interest-bearing	971,457
Total deposits	1,234,184
Short-term borrowings	60,000
Long-term borrowings	39,453
Accrued expenses and other liabilities	12,967
Total liabilities	1,346,604


Net assets	109,100
Goodwill	$	68,831

The goodwill recorded in connection with the Limestone Merger is related to expected synergies to be gained from the combination of Limestone with Peoples’ operations. The employees retained from the Limestone Merger and the geographic locations of Limestone should allow Peoples to continue to grow its loan and deposit portfolios while also increasing Peoples’ ability to penetrate the new markets, which should benefit Peoples in future periods. During Peoples’ evaluation of intangible assets, it was determined that an assembled workforce intangible asset was not separately recognizable and was included in goodwill. Peoples recorded a core deposit intangible asset in other intangible assets related to the Limestone Merger.

Loans acquired by Peoples in a business combination that have evidence of more than insignificant credit deterioration, which includes loans as to which Peoples believes it is probable that Peoples will be unable to collect all contractually required payments, are considered PCD loans. Acquired PCD loans are reported net of the unamortized fair value adjustment. These loans are recorded at the purchase price, and an allowance for credit losses is determined based upon discrete credit marks, along with discounted cash flow models based upon similar pools of loans, using a similar methodology as for other loans. The following table details the fair value adjustment for acquired PCD loans as of the acquisition date:



(Dollars in thousands)	Par Value		Allowance for Credit Losses		Non-Credit (Discount) Premium		Fair Value
PCD loans

Commercial real estate, other	$	30,907	$	(1,340)	$	(2,160)	$	27,407
Commercial and industrial	16,466		(379)		(610)		15,477

Residential real estate	6,328		(228)		(770)		5,330
Home equity lines of credit	774		(18)		11		767

Consumer	1,029		(86)		78		1,021
Fair value	$	55,504	$	(2,051)	$	(3,451)	$	50,002

Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2024

Parent Company Only Financial Information [Abstract]

Parent Company Only Financial Information


Condensed Balance Sheets	December 31,
(Dollars in thousands)	2024		2023
Assets:
Cash and due from other banks	$	50	$	50
Interest-bearing deposits in subsidiary bank	29,937		17,099
Due from subsidiary bank	4,874		771

Other investment securities	244		237
Investments in subsidiaries:
Bank	1,120,554		1,072,238
Non-bank	14,717		17,606
Other assets	7,010		12,084
Total assets	$	1,177,386	$	1,120,085
Liabilities:
Accrued expenses and other liabilities	$	3,075	$	3,342
Dividends payable	1,420		938

Subordinated notes and debentures	24,030		25,000
Mandatorily redeemable capital securities of subsidiary trusts and subordinated debentures	37,271		37,271
Total liabilities	65,796		66,551

Total stockholders’ equity	1,111,590		1,053,534
Total liabilities and stockholders’ equity	$	1,177,386	$	1,120,085


Condensed Statements of Income	Year Ended December 31,
(Dollars in thousands)	2024		2023		2022
Income:
Dividends from subsidiary bank	$	73,500	$	48,000	$	52,000
Dividends from non-bank subsidiary	193		200		1,860


Interest and other income	(416)		11		39
Total income	73,277		48,211		53,899
Expense:
Trust preferred securities expense	2,021		1,147		744
Intercompany management fees	2,273		1,873		1,379
Other expense	9,143		11,011		6,539
Total expense	13,437		14,031		8,662
Income before federal income taxes and equity in undistributed earnings of subsidiaries	59,840		34,180		45,237
Applicable income tax expense	(3,143)		(3,296)		(1,979)
Equity in undistributed earnings of subsidiaries	54,222		75,887		54,076
Net income	$	117,205	$	113,363	$	101,292


Statements of Cash Flows	Year Ended December 31,
(Dollars in thousands)	2024		2023		2022
Operating activities
Net income	$	117,205	$	113,363	$	101,292
Adjustments to reconcile net income to cash provided by operations:
Depreciation, amortization and accretion, net	—		—		138
Equity in undistributed earnings of subsidiaries	(54,222)		(75,887)		(54,076)


Other, net	12,624		(6,757)		5,008
Net cash provided by operating activities	75,607		30,719		52,362
Investing activities


Investment in subsidiaries	(43,203)		(39,414)		(13,084)
Repayments from subsidiaries	39,100		40,086		12,279
Business combinations, net of cash received	—		27,763		(1,239)
Other, net	(7)		(1,636)		(262)
Net cash used in investing activities	(4,110)		26,799		(2,306)
Financing activities





Purchase of treasury stock	(4,309)		(4,799)		(9,152)


Proceeds from issuance of common shares	1,478		1,264		1,226
Cash dividends paid	(55,828)		(51,845)		(42,371)

Net cash used in financing activities	(58,659)		(55,380)		(50,297)
Net increase (decrease) in cash and cash equivalents	12,838		2,138		(241)
Cash and cash equivalents at the beginning of year	17,149		15,011		15,252
Cash and cash equivalents at the end of year	$	29,987	$	17,149	$	15,011
Supplemental cash flow information:
Interest paid	$	2,253	$	676	$	663

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 117,205	$ 113,363	$ 101,292

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Non-Rule 10b5-1 Arrangement Adopted

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2024

shares

Dec. 31, 2024

shares

Trading Arrangements, by Individual

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Craig Beam [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following details the activity in respect of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408(a) of Regulation S-K) by any director or any officer (as defined in Rule 16a-1(f) under the Exchange Act) of Peoples during the three months ended December 31, 2024:

Trading Agreement

Action

Date

Rule 10-b5-1*

Total Common Shares to be Sold

Expiration Date

Craig Beam

Director

Adopt

November 25, 2024

X

4,000

April 01, 2026

*Intended to satisfy the affirmative defense of Rules 10b5-1(c)

Name

Craig Beam

Title

Director

Rule 10b5-1 Arrangement Adopted

true

November 25, 2024

April 01, 2026

492 days

4,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Peoples has a comprehensive Enterprise Risk Management program (“ERM Program”), which includes policies and processes for assessing, identifying and managing material risks from cybersecurity threats to Peoples and its customers. Peoples’ information security policy and procedures are reviewed and assessed on an annual basis and as needed throughout the year by the Risk Committee of the Board. Peoples assesses itself against the Federal Financial Institutions Examination Council’s (“FFIEC”) Cybersecurity Assessment Tool (“CAT”) on a quarterly basis. Beginning in 2025, Peoples will assess itself using the Cyber Risk Institute Tool (“CRIT”) on at least an annual basis. Additional assessment of Peoples’ cybersecurity capabilities is performed by consultants and regulators annually. Identified risks resulting from these assessments are documented, rated and mitigated by Peoples Bank’s Chief Information Security Officer (“CISO”), with oversight by the Risk Committee. Peoples also has a third-party risk management program pursuant to which Peoples performs annual reviews of third-party vendors as to their cybersecurity and business continuity capabilities to ensure they meet the stated requirements and the risk appetite of Peoples as documented in Peoples’ information security policy. Vendors not meeting Peoples’ risk requirements are notified of necessary improvements and, if the vendors cannot mitigate the identified risks, Peoples looks to identify alternative vendors. Documentation of performance of the third-party risk assessments is retained and acknowledged by appropriate Risk and Information Security employees of Peoples.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Peoples has a comprehensive Enterprise Risk Management program (“ERM Program”), which includes policies and processes for assessing, identifying and managing material risks from cybersecurity threats to Peoples and its customers. Peoples’ information security policy and procedures are reviewed and assessed on an annual basis and as needed throughout the year by the Risk Committee of the Board. Peoples assesses itself against the Federal Financial Institutions Examination Council’s (“FFIEC”) Cybersecurity Assessment Tool (“CAT”) on a quarterly basis. Beginning in 2025, Peoples will assess itself using the Cyber Risk Institute Tool (“CRIT”) on at least an annual basis. Additional assessment of Peoples’ cybersecurity capabilities is performed by consultants and regulators annually. Identified risks resulting from these assessments are documented, rated and mitigated by Peoples Bank’s Chief Information Security Officer (“CISO”), with oversight by the Risk Committee.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Peoples’ Board of Directors provides oversight of risks from cybersecurity threats primarily through the Risk Committee of the Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Peoples’ Board of Directors provides oversight of risks from cybersecurity threats primarily through the Risk Committee of the Board. The Risk Committee is comprised of all of the independent directors of the Board, along with Peoples’ Chief Executive Officer (“CEO”), and is responsible for oversight of Peoples’ risk management policies, programs and processes.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Risk Committee is organized and conducts its business pursuant to a written charter adopted by the Board. At least annually, the Risk Committee reviews and reassesses the adequacy of its charter and recommends any proposed changes to the full Board as necessary to reflect changes in regulatory requirements, authoritative guidance and evolving practices. On at least a quarterly basis, Peoples’ Chief Risk Officer provides a report to the Risk Committee regarding the overall risk condition of Peoples and whether it is within Peoples’ stated risk appetite.
Cybersecurity Risk Role of Management [Text Block]	Peoples’ Chief Risk Officer (“CRO”) reports to the Risk Committee and the CEO and has primary responsibility for the design and implementation of the ERM Program. The ERM Program establishes Peoples’ risk appetite, monitors key risk and performance indicators, identifies key risks within the firm, designs and executes specific risk initiatives and monitors risk mitigation efforts and control processes. The CRO updates the Risk Committee quarterly on the overall risk condition of Peoples inclusive of any cybersecurity issues or threats. Peoples Bank also has an executive governance structure which includes the Capital and Risk Management Committee (“CRMC”). The CRMC, which is comprised of individuals representing each of the functional areas of Peoples and its subsidiaries, meets monthly and is responsible for the review of risk issues faced by Peoples, including material risks from cybersecurity threats. Summaries of the topics and discussions at CRMC meetings are provided to the Risk Committee along with an overview and recommendations regarding key risks and mitigating actions. The CISO has primary responsibility for assessing and responding to material risks from cybersecurity threats. The current CISO is an experienced Information Security and Information Technology professional with over 25 years of experience specializing in cyber defense, vulnerability management, security operations, recovery management and as a Windows system engineer. On a quarterly basis, the CISO updates the Risk Committee on the state of cybersecurity and potential risks to Peoples’ to be considered by the Risk Committee.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The CISO has primary responsibility for assessing and responding to material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The current CISO is an experienced Information Security and Information Technology professional with over 25 years of experience specializing in cyber defense, vulnerability management, security operations, recovery management and as a Windows system engineer.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	On a quarterly basis, the CISO updates the Risk Committee on the state of cybersecurity and potential risks to Peoples’ to be considered by the Risk Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accounting and reporting policies of Peoples Bancorp Inc. and subsidiaries (“Peoples” refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) conform to U.S. generally accepted accounting principles (“US GAAP”) and to general practices within the banking industry. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, total comprehensive income, net cash provided by operating activities or total stockholders’ equity.
Business Combinations	Business Combinations: Business combinations are accounted for using the acquisition method of accounting. Under this accounting method, the acquired company’s net assets are recorded at fair value on the date of acquisition, and the results of operations of the acquired company are combined with those of Peoples from the acquisition date forward. Costs related to the acquisition are expensed as incurred. The purchase price paid over the fair value of the net assets acquired, including intangible assets with finite lives, is recorded as goodwill.
Consolidation	Consolidation: Peoples’ Consolidated Financial Statements include subsidiaries in which Peoples has a controlling financial interest, principally defined as owning a voting interest of greater than 50%. The Consolidated Financial Statements include the accounts of Peoples and its consolidated subsidiaries, Peoples Bank (along with its wholly-owned subsidiaries, Peoples Insurance Agency, LLC (“Peoples Insurance”) and Vantage Financial, LLC (“Vantage”)), Peoples Investment Company, and NB&T Statutory Trust III, FNB Capital Trust One, Ascencia Statutory Trust I, and Porter Statutory Trusts II-IV, for which Peoples holds all of the common securities. All intercompany accounts and transactions have been eliminated.
Fair Value Measurements	Fair Value Measurements: The measurement of fair value under US GAAP uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: Level 1: Quoted prices in active exchange markets for identical assets or liabilities; also includes certain U.S. Treasury and other U.S. government and agency securities actively traded in over-the-counter markets. Level 2: Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data; also includes derivative financial instruments whose value is determined using a pricing model with observable market inputs or can be derived principally from, or corroborated by, observable market data. This category generally includes certain U.S. government and agency securities, corporate debt securities, derivative instruments, and residential mortgage loans held for sale. Level 3: Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as financial instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data. This category generally includes certain private equity investments, retained interests from securitization, and certain collateralized debt obligations.
Operating Segments	Operating Segments: As a community banking entity, Peoples offers its customers a full range of products including a complete line of banking, leasing, insurance, investment and trust solutions. Peoples’ business activities are currently confined to a single reportable operating segment, which is community banking. Peoples’ single operating segment was determined based on the similar economic characteristics shared by the components of community banking. Peoples’ chief operating decision maker (“CODM”) is composed of its President and Chief Executive Officer, and its Chief Financial Officer. Peoples’ CODM considers all components of consolidated interest income, interest expense, non-interest income, and non-interest expense as presented in Peoples’ Consolidated Statements of Income for the purposes of assessing performance of Peoples’ single reportable segment and allocating resources within its reportable segment. The CODM does not review segment revenue or expense information at a lower level than what is included in Peoples’ Consolidated Statements of Income.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, federal funds sold and other short-term investments with original maturities of 90 days or less. At December 31, 2024 and at December 31, 2023, Peoples had no restricted funds held in interest-bearing deposits in other banks which were being used as collateral and not available for withdrawal.
Investment Securities	Investment Securities: Investment securities are recorded initially at cost, which includes premiums and discounts if purchased at other than par or face value. Peoples amortizes premiums and accretes discounts as an adjustment to interest income on a level yield basis. The cost of investment securities sold, excluding equity investment securities, and any resulting gain or loss, is based on the specific identification method and recognized as of the trade date. The cost of equity investment securities is based on the weighted-average method. Peoples determines the appropriate classification of investment securities at the time of purchase. Held-to-maturity securities are those securities that Peoples has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to Peoples’ liquidity needs, changes in market interest rates, and asset-liability management strategies, among other considerations. Available-for-sale securities are reported at fair value, with unrealized gains and losses reported in total stockholders’ equity as a separate component of accumulated other comprehensive loss (“AOCL”), net of applicable deferred income taxes. Certain restricted equity investment securities that do not have readily determinable fair values and for which Peoples does not exercise significant influence, are carried at cost. These cost method securities are reported in “Other investment securities” on the Consolidated Balance Sheets and consist primarily of shares of the Federal Home Loan Bank of Cincinnati (the “FHLB”) and the Federal Reserve Bank of Cleveland (the “FRB”). Peoples evaluates available-for-sale investment securities on a quarterly basis to determine how much, if any, allowance for credit losses is required. Peoples reviews available-for-sale investment securities at an unrealized loss position, with potential exposure to a credit event (which excludes U.S. government and U.S. government sponsored agency securities) to determine if the unrealized loss was credit-related. An allowance for credit losses is recorded to the extent that the unrealized loss was credit-related and likely to be permanent. Peoples evaluates held-to-maturity investment securities on a quarterly basis in determining an allowance for credit losses. Peoples has determined that the loss given default for U.S. government sponsored enterprise investment securities is zero, due to the fact that it is unlikely the ultimate guarantor (the U.S. government) would not perform on its implicit guarantee in the event of default. The remaining securities are included in the calculation of the allowance for credit losses for held-to-maturity investment securities.
Loans and Leases and Loans Held for Sale	Loans and Leases: Loans originated by Peoples that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, purchase premiums and discounts, charge-offs and an allowance for credit losses. Leases originated by Peoples are reported at the net investment of the lease, net of initial direct costs, charge-offs and an allowance for credit losses. Throughout this Form 10-K, loans and leases are referred to as “total loans” and “loans held for investment.” The foreseeable future is based upon current market conditions and business strategies, as well as balance sheet management and liquidity. As the conditions change, so may management’s view of the foreseeable future. Peoples considers loans and leases past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan or lease agreement. Upon detection of the reduced ability of a borrower or lessee to meet cash flow obligations, consumer and residential real estate loans and leases are typically charged down to the net realizable value, with the residual balance placed on nonaccrual status. Loans and leases deemed to be uncollectable are charged against the allowance for credit losses, while recoveries of previously charged off amounts are credited to the allowance for credit losses. Loans and leases acquired in a business combination that have evidence of more than insignificant credit deterioration, which includes loans and leases that Peoples believes it is probable that Peoples will be unable to collect all contractually required payments, are considered purchase credit deteriorated (“PCD”) loans or leases. These loans are recorded at the purchase price, and an allowance for credit losses is determined using the same methodology as for other loans or leases. The initial allowance for credit losses determined on a collective basis is allocated to individual loans or leases. The total of the purchase price and allowance for credit losses is the net amount expected to be collected for PCD loans or leases. The variance between the initial amortized cost basis and the par value of the loan is considered an interest premium or discount, which is amortized or accreted into interest income on a level yield method over the life of the loan. The variance between the initial amortized cost basis and the fair value of a lease is considered an interest premium or discount, which is amortized or accreted into interest income on a level yield method over the life of the lease. Loans and leases acquired in a business combination that are not considered PCD are recorded at fair value and the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the discount or premium to each loan’s or lease’s cost basis and is accreted or amortized to interest income over the loan’s or lease’s remaining life using the level yield method. At the acquisition date, Peoples records provision for credit losses to establish the allowance for credit losses for these acquired loans and leases. Loans Held for Sale: Loans originated by Peoples and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried at the lower of cost or estimated fair value determined on an aggregate basis. Gains and losses on sales of loans held for sale are included in mortgage banking income. Loans originated by Peoples with the intent to be held in the portfolio are subsequently transferred to held for sale when a decision is made to sell these loans. At the time of a loan’s transfer to the held for sale classification, the loan is recorded at the lower of cost or its fair value. Any reduction in the loan’s fair value is reflected as a write-down of the recorded investment resulting in a new cost basis, with a corresponding charge against the allowance for credit losses. If the fair value of a loan classified as held for sale in subsequent periods is less than its cost basis, the carrying value of the loan is adjusted accordingly, with the corresponding loss recognized in income.
Allowance for Credit Losses	Allowance for Credit Losses: The allowance for credit losses includes both the allowance for credit losses for loans and leases and the allowance for credit losses on lending-related commitments. The allowance for credit losses is a valuation reserve established through the provision for credit losses charged against income. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is measured on a pool basis, with loans collectively evaluated when similar risk characteristics exist. Peoples evaluated risk characteristics, including but not limited to: internal or third-party credit scores or credit ratings, risk ratings or classifications, financial asset type, collateral type, size, effective interest rate, term, geographical location, industry of the borrower, vintage, historical or credit loss patterns and reasonable and supportable forecast periods. Peoples identified 20 segments for which it believes there are similar risk characteristics and utilized a discounted cash flow methodology in determining an allowance for credit losses for each segment. In management’s estimation of expected credit losses, Peoples’ uses a one year reasonable and supportable period across all segments. Following the reasonable and supportable period, Peoples reverts the macroeconomic variables to their long run average over a four-quarter reversion period. In estimating credit losses, Peoples uses a loss driver method, which analyzes one or more economic variables to the change in default rate using a regression analysis. Variables that had a strong correlation were selected as economic factors, or variables, for the model. If a single variable was not found to be strongly correlated, additional variables were included. Peoples utilizes the U.S. unemployment and Ohio unemployment rates as economic factors in modeling. Probabilities of default are used in the loss driver model and are analyzed on a quarterly basis to assess reasonableness. Peoples measured loss given default at the segment level due to statistical considerations using historical information. Peoples also utilized peer data due to somewhat volatile loss history in certain segments to normalize default curves, which provided more meaningful results. Peoples modeled amortizing loans with a prepayment rate annualized to one year. The prepayment rates were calculated using Peoples’ historical data, at the segment level. Peoples models extensions of contractual terms in the following situations: when a loan is 60 days or more past due; when a partial charge-off has occurred, if the loan is in nonaccrual status; or if the loan is grade 5 or higher. When any of these criteria are met and the loan matures within the next 12 months, the loan will be modeled to extend for an additional 12 months. In general, Peoples completes a quarterly evaluation based on several qualitative factors to determine if there should be adjustments made to the allowance for credit losses. These factors include economic conditions, collateral, concentrations, troubled assets, Peoples’ loss trends, peer loss trends, delinquency trends, portfolio composition and loan growth, underwriting, and certain other risks. The allowance for credit losses related to specific loans was based on management’s estimate of potential losses on impaired loans as determined by (1) the present value of expected future cash flows, (2) the fair value of collateral if the loan is determined to be collateral dependent, or (3) the loan’s observable market price. Peoples categorizes loans involving commercial borrowers into risk categories based upon an established grading matrix. This system is used to manage the risk within Peoples’ commercial lending activities, evaluate changes in the overall credit quality of the loan portfolio and evaluate the appropriateness of the allowance for credit losses. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Commercial loans to borrowers with an aggregate unpaid principal balance in excess of $1.0 million are reviewed at least on an annual basis for possible credit deterioration. Commercial leases, as well as loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1.0 million, are reviewed at least on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower’s business, receipt of financial statements indicating deteriorating credit quality or other similar events. Adversely classified loans are reviewed on a quarterly basis. The primary factors considered when assigning a risk grade to a loan include (1) reliability and sustainability of the primary source of repayment, (2) past, present and projected financial condition of the borrower, and (3) current economic and industry conditions. Other factors that could influence the risk grade assigned include the type and quality of collateral and the strength of any guarantors. The primary source of repayment for commercial real estate loans and commercial and industrial loans is normally the operating cash flow of the business available to repay debt. Management’s analysis of operating cash flow for commercial real estate loans secured by non-owner occupied properties takes into account factors such as rent rolls and vacancy statistics. Management’s analysis of operating cash flow for commercial real estate loans secured by owner occupied properties and all commercial and industrial loans considers the profitability, liquidity and leverage of the business. The evaluation of construction loans includes consideration of the borrower’s ability to complete construction within the established budget. The primary factors considered when classifying residential real estate loans, home equity lines of credit and consumer loans include the loan’s past due status and any declaration of bankruptcy by the borrower(s). The classification of residential real estate loans and home equity lines of credit also takes into consideration the current value of the underlying collateral. Peoples has elected the practical expedient not to measure allowance for credit losses for accrued interest receivables and reverses accrued interest on nonperforming loans against interest income in a timely manner. Unfunded Commitments: Peoples also completes a quarterly evaluation for unfunded commitments for loans that are not unconditionally cancellable, which includes construction loans, floor plan lines of credit, home equity lines of credit, other credit lines and letters of credit. Peoples performed a study to determine the historical funding rates of unadvanced portions of loans, and applied these funding rates to the unfunded commitments at period end. The loss rates, including qualitative factors, in determining the allowance for credit losses were applied at the segment level to the unfunded commitment amount to determine the allowance for credit loss liability for unfunded commitments. Nonaccrual Loans: Peoples discontinues the accrual of interest on a loan when conditions cause management to believe collection of all or any portion of the loan’s contractual interest is doubtful. Such conditions may include the borrower being 90 days or more past due on any contractual payments, or current information regarding the borrower’s financial condition and repayment ability. All unpaid accrued interest deemed uncollectable is reversed, which reduces Peoples’ net interest income. Interest received on nonaccrual loans is included in income only if principal recovery is reasonably assured.
Bank Premises and Equipment	Bank Premises and Equipment: Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets owned. Major improvements to leased facilities are capitalized and included in bank premises at cost less accumulated depreciation, which is calculated on the straight-line method over the lesser of the remaining term for the leased facility or the estimated economic life of the improvement.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition or business combination over the fair value of the net assets acquired in the acquisition or business combination. Goodwill is not amortized but is tested for impairment when indicators of impairment exist, or at least annually on October 1. Peoples’ other intangible assets include customer relationship intangible assets, core deposit intangible assets, indefinite-lived trade name and servicing rights representing the net present value of future economic benefits to be earned from acquired customer relationships with definite useful lives. These intangible assets are amortized on an accelerated basis over their estimated lives ranging from 7 to 10 years.
Servicing Rights	Servicing Rights: Servicing rights represent the right to service loans sold to third-party investors. Loans that are sold are primarily mortgage loans, but also include small business and agricultural loans. Servicing rights are recognized separately as a servicing asset whenever Peoples undertakes an obligation to service financial assets. Servicing rights are reported in other intangible assets on the Consolidated Balance Sheets. Serviced loans that have been completely sold are not included on the Consolidated Balance Sheets. Loan servicing income included in mortgage banking income includes servicing fees received from the third-party investors and certain charges collected from the borrowers. Peoples initially records servicing rights at fair value at the time of the sale of the loans to the third-party investor. Peoples follows the amortization method for the subsequent measurement of each class of separately recognized servicing assets and liabilities. Under the amortization method, Peoples amortizes the value of servicing assets or liabilities utilizing a straight-line basis approach over the period of estimated net servicing income or net servicing loss, and assesses servicing assets or liabilities for impairment or increased obligation based on the fair value at each reporting date. The fair value of the servicing rights is determined by using a discounted cash flow model, which estimates the present value of the future net cash flows of the servicing portfolio based on various factors, such as servicing costs, expected prepayment speeds and discount rates.
Derivatives and Interest Rate Lock Commitments	Derivatives: Peoples enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known or expected cash amounts, the value of which is determined by interest rates. Peoples’ derivative financial instruments are used to manage differences in the amount, timing and duration of Peoples’ known or expected cash receipts and its known or expected cash payments principally related to certain variable rate borrowings. Peoples also has interest rate derivative financial instruments that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Peoples’ assets or liabilities. Peoples manages a matched book with respect to customer- related derivative financial instruments in order to minimize its net risk exposure resulting from such transactions. Amounts reported in AOCL related to derivatives are reclassified to interest income or expense as interest payments are made or received on Peoples’ variable-rate assets or liabilities. Peoples assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transaction. If the derivative financial instruments designated as cash flow hedges are deemed effective, changes in the fair value of each derivative financial instrument are reported in AOCL (outside of earnings), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings. If the derivative financial instruments designated as cash flow hedges are deemed ineffective, changes in the fair value of the derivative financial instrument are recognized directly in earnings. Interest Rate Lock Commitments: Peoples enters into interest rate lock commitments with borrowers and best efforts commitments with investors on mortgage loans originated for sale into the secondary markets to manage the inherent interest rate and pricing risk associated with selling loans. An interest rate lock commitment generally terminates once the loan is funded, the lock period expires or the borrower decides not to contract for the loan. A best efforts commitment generally terminates once the loan is sold, the commitment period expires or the borrower decides not to contract for the loan. These commitments are considered derivatives. The valuation of such commitments considers the servicing release premium, but does not consider other expected cash flows related to the servicing of the future loan. Management determined these derivatives did not have a material effect on Peoples’ financial position, results of operations or cash flows at December 31, 2024.
Investments in Affordable Housing Limited Partnerships	Investments in Affordable Housing Limited Partnerships: Investments in affordable housing consist of investments in limited partnerships that operate qualified affordable housing projects or that invest in other limited partnerships formed to operate affordable housing projects. These investments are considered variable interest entities for which Peoples is not the primary beneficiary. Peoples generally utilizes the proportional amortization method to account for these investments with the tax credits, net of the amortization of the investment, reflected in the Consolidated Statements of Income as a reduction in income tax expense. The unamortized amount of the investments is recorded in “Other assets” and totaled $11.1 million and $13.1 million at December 31, 2024 and 2023, respectively.
Other Real Estate Owned ("OREO")	Other Real Estate Owned (“OREO”): OREO, included in “Other assets” on the Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples in satisfaction of a loan. OREO obtained in satisfaction of a loan is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. Peoples had OREO totaling $6.2 million at December 31, 2024 and $7.2 million at December 31, 2023.
Securities Sold Under Agreements to Repurchase ("Repurchase Agreements")	Securities Sold Under Agreements to Repurchase (“Repurchase Agreements”): Peoples enters into Repurchase Agreements with customers and other financial services companies, which are considered financings. As such, these obligations are recorded as a liability on the Consolidated Balance Sheets and disclosed in “Note 9 Short-Term Borrowings” and “Note 10 Long-Term Borrowings,” as appropriate. Securities pledged as collateral under Repurchase Agreements are included in investment securities on the Consolidated Balance Sheets and are disclosed in “Note 3 Investment Securities.” The fair value of the collateral pledged to a third party is continually monitored and additional collateral is pledged or returned, as deemed appropriate.
Interest Income Recognition	Interest Income Recognition: Interest income on loans and investment securities is recognized by methods that result in level rates of return on principal amounts outstanding. This includes yield adjustments resulting from the amortization of premiums on investment securities, loan costs and premiums, and accretion of discounts on investment securities, loan fees and discounts. Loans that have been placed on nonaccrual, and are subsequently returned to accruing status, recognize interest income similar to other accruing loans once they return to accruing status. Prior accrued interest that was reversed when the loan was placed on nonaccrual is recognized when received, after all of the principal of the loan outstanding has been paid. Since mortgage-backed securities comprise a sizable portion of Peoples’ investment portfolio, a significant increase in principal payments on those securities can impact interest income due to the corresponding acceleration of premium amortization or discount accretion.
Lease income	Lease income: Lease income presented in “Non-interest income” includes (i) operating lease income, (ii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iii) month-to-month lease payments in excess of net investment on the lease, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets, and (vi) syndication income. Income on operating leases is recognized on a straight-line basis. Depreciation expense related to operating leases is recognized on a straight-line basis in “other non-interest expense.” Peoples began originating operating leases in 2023. Gains on syndicated leases and other fees are recognized over time on a monthly basis.
Revenue Recognition	Revenue Recognition: Peoples recognizes revenues as they are earned based on contractual terms, or as services are provided and collectability is reasonably assured. Peoples’ principal source of revenue is interest income, which is recognized on an accrual basis primarily according to the terms in written contracts, such as loan agreements or securities contracts. Estimates of variable consideration are included in revenue to the extent that it is probable that a significant reversal of cumulative revenue will not occur, once the uncertainty is resolved. Peoples’ contracts with customers are short-term in nature, and were recognized under the following revenue streams: Electronic Banking Income: Electronic banking income consists of two revenue streams related to interchange income, and promotional and usage income. Peoples recognizes interchange income over time, on a monthly basis, which is based on the transactional volume of debit card and credit card activity completed by its customers during the month in which income is recognized. Peoples is obligated, based on its contracts with third parties, to meet certain volumes of debit card and credit card activities, which are performed by Peoples’ customers, over a certain period of time. Interchange income is variable as it is based on the transaction volume of debit card activity completed by Peoples’ customers. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due for all PIN transactions from the vendor within one month of the completed customer debit card and credit card activity, while all other interchange transaction fees are earned and recorded on a daily basis. Peoples has elected to apply a practical expedient of right to invoice when recognizing interchange income, as Peoples has fulfilled the required performance obligations, the vendor has consumed the service, and Peoples has a right to the related income. Peoples also recognizes promotional and usage income over time, on a monthly basis, which is related to branding of debit cards and promotion or use of certain services provided by third-party vendors. Peoples is obligated to brand its debit cards in a certain manner, and promote and use services provided by third-party vendors. Promotional and usage income is variable as it is based on certain metrics achieved for promotion and usage of services provided by the third-party vendors. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the third-party vendors within 45 days of the monthly fulfillment of Peoples’ performance obligation. Peoples has elected to apply a practical expedient of right to invoice when recognizing promotional and usage income, as Peoples has fulfilled the required performance obligations, the vendor has consumed the service, and Peoples has a right to the related income. Trust and Investment Income: Trust and investment income consists of revenue from fiduciary and brokerage activities, which includes fees for services such as asset management, record keeping, retirement services and estate management, and investment commissions and fees related to the sale of investments. Trust and investment income is recognized over time, which reflects the duration of the contract period for which services have been provided. Trust and investment income is variable as it is based on the value of assets under administration and management, and specific transactions. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer when billed, which is typically a monthly or quarterly billing for services rendered in the most recent period, for which the performance obligation has been satisfied. Peoples has elected to apply a practical expedient of right to invoice when recognizing trust and investment income, as Peoples has fulfilled the performance obligation, the customer has consumed the service, and Peoples has a right to the related income. Peoples has also elected to apply a practical expedient related to capitalizable costs, which are the commissions paid to financial advisors, and will expense these commissions paid to financial advisors as incurred, as these costs are related to the trust and investment income and would have been amortized within one year or less if they had been capitalized, the same period over which the income was earned. Insurance Income: Insurance income generally consists of commissions and fees from the sale of insurance policies, fees related to third-party administration services and performance-based commissions from insurance companies. Peoples recognizes commission income from the sale of insurance policies when it acts as an agent between the insurance carrier and policyholder, arranging for the insurance carrier to provide policies to policyholders, and acts on behalf of the insurance carrier by providing customer service to the policyholders during the respective policy periods. Commission income is recognized over time, using the output method of time elapsed, which corresponds with the underlying insurance policy period, during which Peoples is obligated to perform under contract with the insurance carrier. Commission income is variable, as it is comprised of a certain percentage of the underlying policy premium. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods, based upon historical experience. Payment is due from the insurance carrier for commission income once the insurance policy has been sold. Peoples has elected to apply a practical expedient related to capitalizable costs, which are the commissions paid to insurance producers, and will expense these commissions paid to insurance producers as incurred, as these costs are related to the commission income and would have been amortized within one year or less if they had been capitalized, the same period over which the commission income was earned. Fees related to third-party administration services performed are recognized over time, during the period in which services have been provided, and are recognized monthly in the month the services were performed. Performance-based commissions from insurance companies are recognized at a point in time, when received, and no contingencies remain. Deposit Account Service Charges: Deposit account service charges consist of two revenue streams related to ongoing maintenance fees for deposit accounts and transactional-based fees. Ongoing maintenance fees are recognized on a monthly basis, generally with the monthly period beginning on the day of the month on which the account was opened. Ongoing maintenance fee income is variable as these fees can be reduced if a customer meets certain qualifying metrics. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. For accounts that are assessed maintenance fees through the account analysis process, payment is due from the customer within one month after the monthly period in which the account activity occurred. For all other accounts, monthly maintenance fees are assessed to the account on the last day of the monthly period. Peoples has elected to apply a practical expedient of right to invoice when recognizing ongoing maintenance fees for deposit accounts, as Peoples has fulfilled the required performance obligations, the customer has consumed the service, and Peoples has a right to the related income. Transactional-based fees are recognized at a point in time, which is at the completion of the relevant transaction. Peoples is obligated to perform certain transactions as requested by its consumer and business deposit account customers, which are outside of the normal maintenance requirements. Transactional-based fee income is variable as these fees are directly related to a service request from the customer. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer at the time of completion of the requested transaction. Overdraft fees are considered transactional-based fees and accounted for as described herein. Other Non-Interest Income: Other non-interest income includes certain revenues that are transactional-based, such as wire transfer fees, money order fees and other ancillary fees or services. These transactional-based fees are recognized as income at a point in time, at the completion of the relevant transaction. Transactional-based fee income is variable as these fees are directly related to a service request from the customer. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer at the time of completion of the requested transaction. Also included in other non-interest income are commercial loan swap fees, which consist of income related to transactions in which Peoples Bank originates variable rate loans with interest rate swaps, where the customer enters into an interest rate swap with Peoples Bank on terms that match the terms of the loan. By entering into the interest rate swap with the customer, Peoples Bank effectively provides the customer with a fixed rate loan while creating a variable rate asset for Peoples Bank. Peoples Bank offsets its exposure in the swap by entering into an offsetting interest rate swap with an unaffiliated financial institution. Commercial loan swap fees are recognized at a point in time, when the transaction has been completed, and there is no recourse or further performance obligation required of Peoples Bank. Commercial loan swap fees are variable as these fees are a certain percentage of the total swap fee collected on a completed transaction. Peoples Bank estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer at the time of completion of the requested transaction.
Stock-Based Compensation	Stock-Based Compensation: Stock-based compensation for restricted common share awards is measured at the fair value of these awards on their grant date. Stock-based compensation is recognized over the restriction period for restricted common share awards. Only the expense for the portion of the awards expected to vest is recognized. For service-based awards, stock-based compensation for awards granted to employees who are eligible for retirement is recognized on the date the employee is first eligible to retire.
Advertising Costs	Advertising Costs: Advertising costs are expensed as incurred.
Income Taxes	Income Taxes: Peoples and its subsidiaries file a consolidated federal income tax return. Deferred income tax assets and liabilities reflect the temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements at the blended federal and state corporate income tax rate. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. A tax position is initially recognized in the financial statements when it is more-likely-than-not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. Penalties and interest incurred under the applicable tax law are classified as income tax expense. Further, the amount of net interest and penalties related to unrecognized tax benefits was immaterial for all periods presented. The amounts of Peoples’ uncertain income tax positions and unrecognized benefits are disclosed in “Note 13 Income Taxes.”
Earnings per Share ("EPS")	Earnings per Share (“EPS”): Basic EPS and diluted EPS are calculated using the two-class method since Peoples has issued share-based payment awards that are considered participating securities because they entitle holders the rights to dividends during the vesting term. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Basic EPS is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include non-vested restricted common shares using the treasury stock method.
Recent Adoptions of New Accounting Guidance	Recent Adoptions of New Accounting Guidance: From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by Peoples as of the required effective dates. Unless otherwise discussed, management believes the impact of any recently issued standards, including those issued but not yet effective, will not have a material impact on Peoples’ Consolidated Financial Statements taken as a whole. ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: The FASB issued ASU 2023-07 on November 27, 2023. The amendments “improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.” In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable “investors to better understand an entity’s overall performance” and assess “potential future cash flows.” The ASU applies to all public entities that are required to report segment information in accordance with ASC 280. The enhanced segment disclosure requirements apply “retrospectively to all prior periods presented in the financial statements.” The significant segment expense and other segment item amounts “disclosed in prior periods shall be based on the significant segment expense categories identified and disclosed in the period of adoption.” The amendments in ASU 2023-07 were effective for all public entities for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Peoples adopted the expanded disclosure requirements beginning with the fiscal year ending December 31, 2024. The guidance did not have a material impact on Peoples’ consolidated financial statements.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Assets Measured on a Recurring Basis

The following table provides the fair value for assets and liabilities required to be measured and reported at fair value on a recurring basis on the Consolidated Balance Sheets by level in the fair value hierarchy. At December 31, 2024 and at December 31, 2023, there were no assets or liabilities measured on a recurring basis that were considered Level 3 measurements.


	Recurring Fair Value Measurements at Reporting Date
	December 31, 2024				December 31, 2023
(Dollars in thousands)	Level 1		Level 2			Level 1		Level 2
Assets:
Available-for-sale investment securities:
Obligations of:
U.S. Treasury and government agencies	$	15,196	$	—		$	30,296	$	—
U.S. government sponsored agencies	—		209,083			—		118,607
States and political subdivisions	—		196,301			—		213,296
Residential mortgage-backed securities	—		601,802			—		628,924
Commercial mortgage-backed securities	—		55,065			—		51,234
Bank-issued trust preferred securities	—		6,108			—		5,965

Total available-for-sale securities	15,196		1,068,359			30,296		1,018,026






Equity investment securities (a)	197		244			191		237

Derivative assets (b)	—		18,743			—		22,304
Liabilities:
Derivative liabilities (c)	—		17,046			$	—	$	19,122

(a) Included in “Other investment securities” on the Consolidated Balance Sheets. For additional information, see “Note 3 Investment Securities.”

(b) Included in “Other assets” on the Consolidated Balance Sheets. For additional information, see “Note 15 Derivative Financial Instruments.”

(c) Included in “Accrued expenses and other liabilities” on the Consolidated Balance Sheets. For additional information, see “Note 15 Derivative Financial Instruments.”

Summary of Assets and Liabilities Measured on a Non-Recurring Basis

The following table provides the fair value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Consolidated Balance Sheets by level in the fair value hierarchy. At December 31, 2024 and at December 31, 2023, there were no assets or liabilities measured on a non-recurring basis that were considered Level 1 measurements.


	Non-Recurring Fair Value Measurements at Reporting Date
	December 31, 2024				December 31, 2023
(Dollars in thousands)	Level 2		Level 3		Level 2		Level 3
Collateral dependent loans	$	—	$	4,375	$	—	$	501
Loans held for sale (a)	1,499		—		1,663		—
Other real estate owned (“OREO”)	—		5,891		—		7,118

(a) Loans held for sale are presented gross of a valuation allowance of $166 and $163 at December 31, 2024 and at December 31, 2023, respectively.

Summary of Financial Instruments Not Required to be Measured at Fair Value

The following table provides the carrying amount for each class of assets and liabilities, and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Balance Sheets.


	Fair Value Measurements of Other Financial Instruments
(Dollars in thousands)	Fair Value Hierarchy Level	December 31, 2024				December 31, 2023
		Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash and cash equivalents	1	$	217,664	$	217,664	$	426,722	$	426,722
Held-to-maturity investment securities:
Obligations of:
U.S. government sponsored agencies	2	233,302		223,294		188,475		180,825
States and political subdivisions (a)	2	142,691		110,848		144,496		114,288
Residential mortgage-backed securities	2	300,290		276,278		248,559		231,620
Commercial mortgage-backed securities	2	98,754		82,079		102,365		85,289

Total held-to-maturity securities		775,037		692,499		683,895		612,022
Other investment securities:
Other investment securities at cost:
Federal Home Loan Bank (“FHLB”) stock	N/A	24,606		24,606		29,949		29,949
Federal Reserve Bank (“FRB”) stock	N/A	27,114		27,114		26,896		26,896
Total other investment securities at cost		51,720		51,720		56,845		56,845
Other investment securities at fair value:
Nonqualified deferred compensation (b)	1	4,898		4,898		3,162		3,162
Other investment securities (c)	2	3,073		3,073		2,985		2,985
Total other investment securities at fair value		59,691		59,691		62,992		62,992
Loans and leases, net of deferred fees and costs (d)	3	6,358,003		6,240,751		6,159,196		6,064,999
Bank owned life insurance	2	143,710		143,710		140,554		140,554

Financial liabilities:
Deposits	2	$	7,590,205	$	6,713,360	$	7,102,921	$	6,270,496
Short-term borrowings	2	193,474		204,577		650,497		668,956
Long-term borrowings	2	238,073		251,736		216,241		222,376

(a) Held-to-maturity investment securities are presented gross of an allowance for credit losses of $237 and $238, at December 31, 2024 and at December 31, 2023, respectively.

(b) Nonqualified deferred compensation includes underlying investments in mutual funds.

(c) “Other investment securities,” as reported on the Consolidated Balance Sheets, also included equity investment securities at December 31, 2024

and at December 31, 2023, which are reported in the Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis

table above and not included in this table.

(d) Loans and leases, net of deferred fees and costs are presented gross of an allowance for credit losses of $63.3 million and $62.0 million, as of December 31, 2024 and December 31, 2023, respectively.

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-sale Investment Securities

The following table summarizes Peoples’ available-for-sale investment securities at December 31:


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
2024
Obligations of:
U.S. Treasury and government agencies	$	15,317	$	87	$	(208)	$	15,196
U.S. government sponsored agencies	224,167		53		(15,137)		209,083
States and political subdivisions	225,074		16		(28,789)		196,301
Residential mortgage-backed securities	693,886		1,391		(93,475)		601,802
Commercial mortgage-backed securities	64,438		36		(9,409)		55,065
Bank-issued trust preferred securities	6,500		—		(392)		6,108
Total available-for-sale securities	$	1,229,382	$	1,583	$	(147,410)	$	1,083,555
2023
Obligations of:
U.S. Treasury and government agencies	$	30,999	$	292	$	(995)	$	30,296
U.S. government sponsored agencies	128,500		639		(10,532)		118,607
States and political subdivisions	239,906		485		(27,095)		213,296
Residential mortgage-backed securities	717,772		1,819		(90,667)		628,924
Commercial mortgage-backed securities	60,611		5		(9,382)		51,234
Bank-issued trust preferred securities	6,500		—		(535)		5,965

Total available-for-sale securities	$	1,184,288	$	3,240	$	(139,206)	$	1,048,322

Summary of Gross Gains and Losses from Sales of Available-for-sale Securities

The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the years ended December 31 were as follows:


(Dollars in thousands)	2024		2023		2022
Gross gains realized	$	1,140	$	1,550	$	314
Gross losses realized	1,556		5,250		375
Net loss realized	$	(416)	$	(3,700)	$	(61)

Summary of Available-for-sale Securities with Unrealized Loss

The following table presents a summary of available-for-sale investment securities that had unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position:


	Less than 12 Months					12 Months or More					Total
(Dollars in thousands)	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss
2024
Obligations of:
U.S. Treasury and government agencies	$	10,003	$	174	11	$	2,299	$	34	10	$	12,302	$	208
U.S. government sponsored agencies	130,518		5,816		27	70,982		9,321		13	201,500		15,137
States and political subdivisions	28,400		1,188		55	160,210		27,601		138	188,610		28,789
Residential mortgage-backed securities	85,043		2,300		69	482,609		91,175		256	567,652		93,475
Commercial mortgage-backed securities	2,868		93		5	46,619		9,316		24	49,487		9,409
Bank-issued trust preferred securities	493		7		1	5,614		385		3	6,107		392
Total	$	257,325	$	9,578	168	$	768,333	$	137,832	444	$	1,025,658	$	147,410
2023
Obligations of:
U.S. Treasury and government agencies	$	8,568	$	83	22	$	11,631	$	912	5	$	20,199	$	995
U.S. government sponsored agencies	14,439		35		4	74,211		10,497		15	88,650		10,532
States and political subdivisions	18,268		136		32	167,346		26,959		138	185,614		27,095
Residential mortgage-backed securities	58,671		1,150		66	529,895		89,517		238	588,566		90,667
Commercial mortgage-backed securities	6,000		112		7	44,656		9,270		21	50,656		9,382
Bank-issued trust preferred securities	1,984		16		1	3,981		519		3	5,965		535

Total	$	107,930	$	1,532	132	$	831,720	$	137,674	420	$	939,650	$	139,206

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 December 31, 2024. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a blended federal and state corporate income tax rate of 23.3%. 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 Year			1 to 5 Years		5 to 10 Years			Over 10 Years			Total
Amortized cost
Obligations of:
U.S. Treasury and government agencies	$	1,044		$	1,755	$	6,880		$	5,638		$	15,317
U.S. government sponsored agencies	—			60,304		81,845			82,018			224,167
States and political subdivisions	7,437			41,113		73,235			103,289			225,074
Residential mortgage-backed securities	15			4,680		48,876			640,315			693,886
Commercial mortgage-backed securities	—			11,106		30,031			23,301			64,438
Bank-issued trust preferred securities	2,000			1,500		3,000			—			6,500
Total available-for-sale securities	$	10,496		$	120,458	$	243,867		$	854,561		$	1,229,382
Fair value
Obligations of:
U.S. Treasury and government agencies	$	1,040		$	1,740	$	6,904		$	5,512		$	15,196
U.S. government sponsored agencies	—			55,725		77,448			75,910			209,083
States and political subdivisions	7,392			38,477		61,518			88,914			196,301
Residential mortgage-backed securities	15			4,567		44,939			552,281			601,802
Commercial mortgage-backed securities	—			10,213		25,236			19,616			55,065
Bank-issued trust preferred securities	1,998			1,470		2,640			—			6,108
Total available-for-sale securities	$	10,445		$	112,192	$	218,685		$	742,233		$	1,083,555
Total weighted-average yield	3.64		%	2.10%		2.82		%	2.76		%	2.71		%

The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at December 31, 2024. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a blended federal and state corporate income tax rate of 23.3%. 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 Year			1 to 5 Years			5 to 10 Years			Over 10 Years			Total
Amortized cost
Obligations of:
U.S. government sponsored agencies	$	2,500		$	6,442		$	69,186		$	155,174		$	233,302
States and political subdivisions	998			7,629			20,724			113,340			142,691
Residential mortgage-backed securities	—			207			3,919			296,164			300,290
Commercial mortgage-backed securities	—			12,907			34,149			51,698			98,754
Total held-to-maturity securities	$	3,498		$	27,185		$	127,978		$	616,376		$	775,037
Fair value
Obligations of:
U.S. government sponsored agencies	$	2,500		$	6,143		$	68,638		$	146,013		$	223,294
States and political subdivisions	1,014			7,305			16,742			85,787			110,848
Residential mortgage-backed securities	—			205			3,443			272,630			276,278
Commercial mortgage-backed securities	—			11,880			29,086			41,113			82,079
Total held-to-maturity securities	$	3,514		$	25,533		$	117,909		$	545,543		$	692,499
Total weighted-average yield	3.24		%	1.92		%	3.79		%	3.91		%	3.82		%

Summary of Held-to-maturity Investment Securities

The following table summarizes Peoples’ held-to-maturity investment securities at December 31:


(Dollars in thousands)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
2024
Obligations of:
U.S. government sponsored agencies	$	233,302	$	—	$	219	$	(10,227)	$	223,294
States and political subdivisions	142,691		(237)		110		(31,716)		110,848
Residential mortgage-backed securities	300,290		—		281		(24,293)		276,278
Commercial mortgage-backed securities	98,754		—		—		(16,675)		82,079
Total held-to-maturity securities	$	775,037	$	(237)	$	610	$	(82,911)	$	692,499
2023
Obligations of:
U.S. government sponsored agencies	$	188,475	$	—	$	489	$	(8,139)	$	180,825
States and political subdivisions	144,496		(238)		134		(30,104)		114,288
Residential mortgage-backed securities	248,559		—		1,643		(18,582)		231,620
Commercial mortgage-backed securities	102,365		—		—		(17,076)		85,289
Total held-to-maturity securities	$	683,895	$	(238)	$	2,266	$	(73,901)	$	612,022

Summary of Held-to-maturity Securities with Unrealized Loss

The following table presents a summary of held-to-maturity investment securities that had unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position:


	Less than 12 Months					12 Months or More					Total
(Dollars in thousands)	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss		No. of Securities	Fair Value		Unrealized Loss
2024
Obligations of:
U.S. government sponsored agencies	$	150,390	$	2,464	29	$	38,901	$	7,763	11	$	189,291	$	10,227
States and political subdivisions	957		44		1	106,716		31,672		66	107,673		31,716
Residential mortgage-backed securities	116,576		2,808		27	130,556		21,485		43	247,132		24,293
Commercial mortgage-backed securities	9,603		1,381		5	70,476		15,294		29	80,079		16,675
Total	$	277,526	$	6,697	62	$	346,649	$	76,214	149	$	624,175	$	82,911
2023
Obligations of:
U.S. government sponsored agencies	$	64,487	$	356	14	$	86,071	$	7,783	18	$	150,558	$	8,139
States and political subdivisions	—		—		—	111,040		30,104		67	111,040		30,104
Residential mortgage-backed securities	44,379		1,105		14	117,654		17,477		34	162,033		18,582
Commercial mortgage-backed securities	13,919		1,845		6	71,370		15,231		31	85,289		17,076
Total	$	122,785	$	3,306	34	$	386,135	$	70,595	150	$	508,920	$	73,901

Summary of Other Investment Securities

The following table summarizes the carrying value of Peoples’ Other investment securities at December 31:


(Dollars in thousands)	2024		2023
FHLB stock	$	24,606	$	29,949
FRB stock	27,114		26,896
Nonqualified deferred compensation	4,898		3,162
Equity investment securities	2,645		2,545
Other investment securities	869		869
Total other investment securities	$	60,132	$	63,421

Summary of Pledged Securities

The following table summarizes the carrying value of Peoples’ pledged investment securities as of December 31:


	Carrying Amount
(Dollars in thousands)	2024		2023
Securing public and trust department deposits, and Repurchase Agreements:
Available-for-sale	$	505,963	$	713,033
Held-to-maturity	563,014		559,142



Securing additional borrowing capacity at the FHLB and the FRB:
Available-for-sale	3,119		85,899
Held-to-maturity	1,215		39,607

Loans pledged at December 31 are summarized in the following table:


(Dollars in thousands)	2024		2023
Loans pledged to FHLB	$	1,218,496	$	1,206,134
Loans pledged to FRB	527,989		419,245

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
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Summary of Loans by Classification

Loans and Leases, and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows at December 31:


(Dollars in thousands)	2024		2023
Construction	$	328,388	$	364,019
Commercial real estate, other	2,156,013		2,196,957
Commercial and industrial	1,347,645		1,184,986
Premium finance	269,435		203,177
Leases	406,598		414,060
Residential real estate	835,101		791,095
Home equity lines of credit	232,661		208,675
Consumer, indirect	669,857		666,472
Consumer, direct	111,052		128,769
Deposit account overdrafts	1,253		986
Total loans, at amortized cost	$	6,358,003	$	6,159,196

Net deferred loan origination costs were $20.2 million and $21.7 million at December 31, 2024 and 2023, respectively. The remaining unamortized net discount included in the amortized cost of loans and leases was $19.5 million and $43.0 million at December 31, 2024 and 2023, respectively.

Summary of Nonaccrual and Past Due Loans

The amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows at December 31:


	2024				2023
(Dollars in thousands)	Nonaccrual (a)		Accruing Loans 90+ Days Past Due		Nonaccrual (a)		Accruing Loans 90+ Days Past Due

Commercial real estate, other	$	7,136	$	227	$	2,816	$	78
Commercial and industrial	6,809		78		2,758		316
Premium finance	—		4,947		—		1,355
Leases	8,850		803		8,436		3,826
Residential real estate	7,329		2,166		7,921		877
Home equity lines of credit	1,498		213		1,022		171
Consumer, indirect	2,374		159		2,412		68
Consumer, direct	133		44		112		25
Total loans, at amortized cost	$	34,129	$	8,637	$	25,477	$	6,716

(a)There were $5.7 million of nonaccrual loans for which there was no allowance for credit losses at December 31, 2024 and $1.2 million of such loans at December 31, 2023.

Summary of Aging of The Recorded Investment In Past Due Loans and Leases

The following tables present the aging of the recorded investment in past due loans at December 31:


	Loans Past Due								Current		Total
(Dollars in thousands)	30 – 59 days		60 – 89 days		90 + Days		Total
2024
Construction	$	—	$	—	$	—	$	—	$	328,388	$	328,388
Commercial real estate, other	1,300		1,585		6,008		8,893		2,147,120		2,156,013
Commercial and industrial	1,651		583		4,551		6,785		1,340,860		1,347,645
Premium finance	3,863		456		4,947		9,266		260,169		269,435
Leases	10,941		5,241		9,575		25,757		380,841		406,598
Residential real estate	11,481		3,038		5,271		19,790		815,311		835,101
Home equity lines of credit	1,473		317		1,093		2,883		229,778		232,661
Consumer, indirect	7,568		1,522		1,326		10,416		659,441		669,857
Consumer, direct	884		113		138		1,135		109,917		111,052
Deposit account overdrafts	—		—		—		—		1,253		1,253
Total loans, at amortized cost	$	39,161	$	12,855	$	32,909	$	84,925	$	6,273,078	$	6,358,003
2023
Construction	$	13	$	52	$	—	$	65	$	363,954	$	364,019
Commercial real estate, other	2,728		4,556		1,572		8,856		2,188,101		2,196,957
Commercial and industrial	1,717		1,491		3,052		6,260		1,178,726		1,184,986
Premium finance	1,288		867		1,355		3,510		199,667		203,177
Leases	12,743		4,932		12,014		29,689		384,371		414,060
Residential real estate	14,021		2,733		4,481		21,235		769,860		791,095
Home equity lines of credit	1,561		691		683		2,935		205,740		208,675
Consumer, indirect	7,488		1,550		1,230		10,268		656,204		666,472
Consumer, direct	536		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 value of Peoples’ pledged investment securities as of December 31:


	Carrying Amount
(Dollars in thousands)	2024		2023
Securing public and trust department deposits, and Repurchase Agreements:
Available-for-sale	$	505,963	$	713,033
Held-to-maturity	563,014		559,142



Securing additional borrowing capacity at the FHLB and the FRB:
Available-for-sale	3,119		85,899
Held-to-maturity	1,215		39,607

Loans pledged at December 31 are summarized in the following table:


(Dollars in thousands)	2024		2023
Loans pledged to FHLB	$	1,218,496	$	1,206,134
Loans pledged to FRB	527,989		419,245

Summary of Related Party Loans

Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status, and the addition and exit of directors during the year, as applicable.


(Dollars in thousands)
Balance, December 31, 2023	$	20,166

New loans and disbursements	3,527
Repayments	(21,159)


Balance, December 31, 2024	$	2,534

Summary of Loans by Risk Category

The following tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2024:



	Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Construction
Pass	$	69,862	$	162,605	$	47,133	$	30,592	1,845		$	13,540	$	—	$	—	$	325,577
Special mention	—		—		—		—		—		115		—		—		115
Substandard	—		1,161		1,535		—		—		—		—		—		2,696


Total	69,862		163,766		48,668		30,592		1,845		13,655		—		—		328,388
Current period gross charge-offs	—		—		—		—		—		—						—
Commercial real estate, other
Pass	130,971		219,105		366,256		337,905		201,367		751,415		41,122		—		2,048,141
Special mention	271		2,923		11,876		7,197		5,107		10,689		288		—		38,351
Substandard	145		1,073		2,460		18,851		9,234		37,136		612		—		69,511
Doubtful	—		—		—		—		—		10		—		—		10

Total	131,387		223,101		380,592		363,953		215,708		799,250		42,022		—		2,156,013
Current period gross charge-offs	—		—		376		—		—		55						431
Commercial and industrial
Pass	311,631		202,929		134,558		148,288		66,102		152,143		229,821		4,779		1,245,472
Special mention	779		9,019		10,886		4,449		12,049		13,537		19,465		—		70,184
Substandard	200		99		4,791		11,429		3,850		4,430		5,045		49		29,844
Doubtful	—		—		1,987		—		—		158		—		—		2,145

Total	312,610		212,047		152,222		164,166		82,001		170,268		254,331		4,828		1,347,645
Current period gross charge-offs	—		14		—		17		105		532						668
Premium finance
Pass	265,504		3,837		94		—		—		—		—		—		269,435
Total	265,504		3,837		94		—		—		—		—		—		269,435
Current period gross charge-offs	67		109		33		—		—		—						209
Leases
Pass	175,449		125,664		61,064		24,181		4,661		2,153		—		—		393,172
Special mention	791		1,529		1,140		365		5		—		—		—		3,830
Substandard	351		2,108		1,777		193		8		—		—		—		4,437
Doubtful	170		2,127		1,859		624		110		269		—		—		5,159

Total	176,761		131,428		65,840		25,363		4,784		2,422		—		—		406,598
Current period gross charge-offs	1,315		5,623		5,421		2,308		301		138						15,106
Residential real estate
Pass	77,130		66,712		85,045		128,359		52,090		414,574		—		—		823,910

Substandard	321		1,088		161		980		306		8,087		—		—		10,943

Loss	—		4		—		—		—		244		—		—		248
Total	77,451		67,804		85,206		129,339		52,396		422,905		—		—		835,101
Current period gross charge-offs	—		—		46		5		—		237						288
Home equity lines of credit
Pass	54,724		37,417		37,752		27,430		16,583		57,303		24		731		231,233

Substandard	—		138		163		16		34		1,069		—		—		1,420

Loss	—		—		—		—		—		8		—		—		8
Total	54,724		37,555		37,915		27,446		16,617		58,380		24		731		232,661
Current period gross charge-offs	—		—		—		—		—		11						11
Consumer, indirect
Pass	239,584		176,115		148,210		56,846		30,231		16,129		—		—		667,115

Substandard	269		557		681		618		312		251		—		—		2,688

Loss	14		—		16		14		—		10		—		—		54
Total	239,867		176,672		148,907		57,478		30,543		16,390		—		—		669,857
Current period gross charge-offs	497		2,207		1,880		691		141		763						6,179
Consumer, direct
Pass	45,978		25,605		21,544		9,614		4,180		3,884		—		—		110,805

Substandard	18		65		46		29		4		73		—		—		235

Loss	—		4		—		—		—		8		—		—		12
Total	45,996		25,674		21,590		9,643		4,184		3,965		—		—		111,052
Current period gross charge-offs	2		154		212		51		12		247						678
Deposit account overdrafts	1,253		—		—		—		—		—		—		—		1,253
Current period gross charge-offs	1,542		—		—		—		—		—						1,542
Total loans, at amortized cost	$	1,375,415	$	1,041,884	$	941,034	$	807,980	$	408,078	$	1,487,235	$	296,377	$	5,559	$	6,358,003
Total current period gross charge-offs	$	3,423	$	8,107	$	7,968	$	3,072	$	559	$	1,983					$	25,112

The following tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2023:



	Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving 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
Substandard	1,200		1,590		—		—		—		31		—		—		2,821


Total	81,473		146,592		85,913		27,169		9,995		12,877		—		—		364,019
Current period gross charge-offs	—		—		9		—		—		—						9
Commercial real estate, other
Pass	199,565		327,762		366,752		227,604		262,099		650,265		37,177		189		2,071,224
Special mention	999		12,975		4,850		10,324		7,074		22,186		408		41		58,816
Substandard	287		2,421		5,878		8,679		1,972		47,213		457		—		66,907
Doubtful	—		—		—		—		—		10		—		—		10

Total	200,851		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
Pass	225,894		180,068		212,938		86,934		55,434		132,675		213,714		38		1,107,657
Special mention	540		12,051		533		9,723		4,722		6,336		16,236		8,614		50,141
Substandard	78		6,441		5,104		5,617		1,602		6,278		1,889		779		27,009
Doubtful	—		—		—		—		—		179		—		—		179

Total	226,512		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
Pass	201,659		1,517		1		—		—		—		—		—		203,177
Total	201,659		1,517		1		—		—		—		—		—		203,177
Current period gross charge-offs	25		97		—		—		—		—						122
Leases
Pass	216,559		114,327		51,307		14,061		4,883		1,501		—		—		402,638
Special mention	363		1,529		476		81		1		5		—		—		2,455
Substandard	1,937		3,006		2,944		448		321		311		—		—		8,967
Total	218,859		118,862		54,727		14,590		5,205		1,817		—		—		414,060
Current period gross charge-offs	963		1,328		1,173		233		165		135						3,997
Residential real estate
Pass	75,957		91,506		140,157		58,144		45,507		369,552		—		—		780,823

Substandard	43		243		585		182		529		8,604		—		—		10,186

Loss	—		—		—		—		—		86		—		—		86
Total	76,000		91,749		140,742		58,326		46,036		378,242		—		—		791,095
Current period gross charge-offs	—		—		—		—		—		170						170
Home equity lines of credit
Pass	39,706		42,565		33,406		19,838		14,297		57,482		27		1,346		207,321

Substandard	19		—		61		34		123		1,109		—		—		1,346

Loss	—		—		—		—		—		8		—		—		8
Total	39,725		42,565		33,467		19,872		14,420		58,599		27		1,346		208,675
Current period gross charge-offs	—		—		—		—		—		110						110
Consumer, indirect
Pass	247,829		225,225		96,698		59,044		18,644		15,977		—		—		663,417

Substandard	333		934		789		558		190		206		—		—		3,010

Loss	7		34		2		—		2		—		—		—		45
Total	248,169		226,193		97,489		59,602		18,836		16,183		—		—		666,472
Current period gross charge-offs	609		2,091		865		255		63		147						4,030
Consumer, direct
Pass	58,445		37,050		17,434		8,282		3,185		4,081		—		—		128,477

Substandard	55		79		47		28		30		27		—		—		266

Loss	—		—		—		—		—		26		—		—		26
Total	58,500		37,129		17,481		8,310		3,215		4,134		—		—		128,769
Current period gross charge-offs	36		154		77		100		14		35						416
Deposit account overdrafts	986		—		—		—		—		—		—		—		986
Current period gross charge-offs	1,161																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
Total 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 as of December 31:


(Dollars in thousands)	2024		2023


Commercial real estate, other	$	2,764		$	—
Commercial and industrial	959			—
Residential real estate	—			501

Leases	652			—


Total collateral dependent loans	$	4,375		$	501

Summary of Financing Receivables Modified

The following table displays the amortized cost of loans that were restructured during the twelve months ended as of December 31, 2024 and December 31, 2023, presented by loan classification.


During the Twelve Months Ended December 31, 2024(a)
	Payment Delay (Only)
(Dollars in thousands)	Forbearance Plan		Payment Deferral		Term Extension		Forbearance Plan and Term Extension		Payment Delay and Term Extension		Total		Percentage of Total by Loan Category(b) (c)

Commercial real estate	—		—		1,021		—		—		1,021		0.05	%
Commercial and industrial	—		—		8,089		—		—		8,089		0.60	%
Leasing	—		189		652		—		1,247		2,088		0.51	%
Residential real estate	—		—		88		—		—		88		0.01	%
Home equity lines of credit	—		—		162		—		—		162		0.07	%
Consumer, indirect	—		13		—		—		—		13		—	%


Total	$	—	$	202	$	10,012	$	—	$	1,247	$	11,461	0.18	%

During the Twelve Months Ended December 31, 2023(a)
	Payment Delay (Only)
(Dollars in thousands)	Forbearance Plan		Payment Deferral		Term Extension		Forbearance Plan and Term Extension		Payment Delay and Term Extension		Total		Percentage of Total by Loan Category(b) (c)
Construction	$	—	$	1,590	$	52	$	—	$	—	$	1,642	0.45	%
Commercial real estate	184		—		2,160		—		—		2,344		0.11	%
Commercial and industrial	—		—		4,110		981		—		5,091		0.43	%

Residential real estate	—		—		91		—		—		91		0.01	%
Home equity lines of credit	—		—		209		—		—		209		0.10	%



Total	$	184	$	1,590	$	6,622	$	981	$	—	$	9,377	0.15	%

(a) The table presented excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.

(b) 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.

(c) Each percentage displayed as --% is considered not meaningful.

The following table summarizes the financial impacts of loan modifications and payment deferrals made to loans during the twelve months ended as of December 31, 2024 and December 31, 2023, presented by loan classification.


During the Twelve Months Ended December 31, 2024
(Dollars in thousands)	Weighted-Average Term Extension (in months)	Average Amount Capitalized as a Result of a Payment Delay(a)

Commercial real estate	6	—
Commercial and industrial	7	—
Leasing	26	—
Residential real estate	1	—
Home equity lines of credit	89	—
Consumer, indirect	13	—


During the Twelve Months Ended December 31, 2023
(Dollars in thousands)	Weighted-Average Term Extension (in months)	Average Amount Capitalized as a Result of a Payment Delay(a)
Construction	5	$	—
Commercial real estate	7	—
Commercial and industrial	5	—

Residential real estate	213	8,076
Home equity lines of credit	187	—
Consumer, indirect	2	—


(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 12 months prior to the period displayed, presented by classification and class of financing receivable.


As of December 31, 2024(a)
(Dollars in thousands)	30-59 Days Delinquent		60-89 Days Delinquent		90+ Days Delinquent		Total Delinquent		Current		Total

Commercial real estate	—		—		—		—		1,021		1,021
Commercial and industrial	125		18		—		143		7,946		8,089
Leasing	143		652		26		821		1,267		2,088
Residential real estate	39		—		33		72		16		88
Home equity lines of credit	—		—		—		—		162		162
Consumer, indirect	—		—		13		13		—		13


Total loans modified(b)	$	307	$	670	$	72	$	1,049	$	10,412	$	11,461

As of December 31, 2023(a)
(Dollars in thousands)	30-59 Days Delinquent		60-89 Days Delinquent		90+ Days Delinquent		Total Delinquent		Current		Total
Construction	$	—	$	52	$	—	$	52	$	1,590	$	1,642
Commercial real estate	—		—		—		—		2,344		2,344
Commercial and industrial	—		750		148		898		4,193		5,091

Residential real estate	—		—		—		—		91		91
Home equity lines of credit	—		—		—		—		209		209



Total loans modified(b)	$	—	$	802	$	148	$	950	$	8,427	$	9,377
(a) Amounts in table excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end. (b) 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 defaulted 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 through December 31, 2024 and December 31, 2023, respectively.


For the Twelve Months Ended December 31, 2024
(Dollars in thousands)	Term Extension		Payment Deferral		Payment Delay and Term Extension		Total



Leasing	—		—		26		26
Residential real estate	72		—		—		72

Consumer, indirect	—		13		—		13


Total loans that subsequently defaulted(a)	$	72	$	13	$	26	$	111


During the Twelve Months Ended December 31, 2023
(Dollars in thousands)	Term Extension		Payment Deferral		Payment Delay and Term Extension		Total


Commercial and industrial	$	148	$	—	$	—	$	148



Consumer, indirect	11		—		—		11


Total loans that subsequently defaulted(a)	$	159	$	—	$	—	$	159

(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 2024 are summarized below:



(Dollars in thousands)	Beginning Balance, January 1, 2024		Initial Allowance for Acquired PCD Assets (a)		Provision for (Recovery of) Credit Losses (b)		Charge-offs		Recoveries		Ending Balance, December 31, 2024
Construction	$	699	$	—	$	179	$	—	$	—	$	878
Commercial real estate, other	20,915		—		(4,355)		(431)		127		16,256
Commercial and industrial	10,490		—		3,403		(668)		58		13,283
Premium finance	484		—		359		(209)		28		662
Leases	10,850		—		16,621		(15,106)		528		12,893
Residential real estate	5,937		—		588		(288)		254		6,491
Home equity lines of credit	1,588		—		208		(11)		7		1,792
Consumer, indirect	8,590		—		5,613		(6,179)		552		8,576
Consumer, direct	2,343		—		681		(678)		50		2,396
Deposit account overdrafts	115		—		1,263		(1,542)		285		121
Total	$	62,011	$	—	$	24,560	$	(25,112)	$	1,889	$	63,348

(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 unfunded commitment liability.

Changes in the allowance for credit losses for 2023 are summarized below:



(Dollars in thousands)	Beginning Balance, January 1, 2023		Initial Allowance for Acquired PCD Assets (a)		Provision for (Recovery of) Credit Losses (b)		Charge-offs		Recoveries		Ending Balance, December 31, 2023
Construction	$	1,250	$	—	$	(542)	$	(9)	$	—	699
Commercial real estate, other	17,710		1,340		1,514		(614)		965		20,915
Commercial and industrial	8,229		379		2,181		(851)		552		10,490
Premium finance	344		—		238		(122)		24		484
Leases	8,495		—		5,990		(3,997)		362		10,850
Residential real estate	6,357		228		(670)		(170)		192		5,937
Home equity lines of credit	1,693		18		(14)		(110)		1		1,588
Consumer, indirect	7,448		—		4,685		(4,030)		487		8,590
Consumer, direct	1,575		86		1,025		(416)		73		2,343
Deposit account overdrafts	61		—		938		(1,161)		277		115
Total	$	53,162	$	2,051	$	15,345	$	(11,480)	$	2,933	$	62,011

(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 unfunded commitment liability.

Bank Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

The major categories of bank premises and equipment, net of accumulated depreciation, at December 31 were as follows:


(Dollars in thousands)	2024		2023
Land	$	23,066	$	23,680
Building and premises	125,792		120,587
Furniture, fixtures and equipment	45,884		42,360
Total bank premises and equipment	194,742		186,627
Accumulated depreciation	(91,073)		(82,771)
Net book value	$	103,669	$	103,856

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of Sales Type Lease Income

The table below details Peoples’ lease income for the years ended December 31, 2024 and 2023:


(Dollars in thousands)	2024		2023
Interest and fees on leases (a)	$	47,498	$	42,931
Lease income	10,408		7,844
Total lease income	$	57,906	$	50,775

(a)Included in “Interest and fees on loans” on the Consolidated Statements of Income. For additional information, see “Note 4 Loans and Leases, and Allowance for Credit Losses.”

Summary of Sales Type Leases

The following table summarizes the net investments in sales-type leases, which are included in “Loans and leases, net of deferred costs” on the Consolidated Balance Sheets at December 31:


(Dollars in thousands)	2024		2023
Lease payments receivable, at amortized cost	$	448,027	$	461,760
Estimated residual values	33,129		33,448
Initial direct costs	7,148		7,114
Deferred revenue	(81,706)		(88,262)
Total leases, at amortized cost	406,598		414,060
Allowance for credit losses - leases	(12,893)		(10,850)
Net investment in sales-type leases	$	393,705	$	403,210

Summary of Sales Type Lease Maturity

The following table summarizes the contractual maturities of leases:


(Dollars in thousands)	Balance
2025	$	130,776
2026	93,937
2027	94,573
2028	67,639
2029	47,755
Thereafter	13,347
Lease payments receivable, at amortized cost	$	448,027

Summary of Lease Cost

The table below details Peoples’ lease expense, which is included in “Net occupancy and equipment expense” in the Consolidated Statements of Income for the years ended December 31:



(Dollars in thousands)	2024		2023
Operating lease expense	$	2,945	$	3,030
Short-term lease expense	1,173		268
Variable lease expense	89		—
Total lease expense	$	4,207	$	3,298

The following table details the ROU asset, the lease liability and other information related to Peoples’ operating leases on the Consolidated Balance Sheet at December 31:


(Dollars in thousands)	2024			2023
ROU asset:
Other assets	$	10,419		$	11,689
Lease liability:
Accrued expenses and other liabilities	$	10,968		$	12,080
Other information:
Weighted-average remaining lease term	9.0 years			9.5 years
Weighted-average discount rate	4.11		%	3.34		%
Cash paid during the year for operating leases	$	2,876		$	2,990
Additions for ROU assets obtained during the year	$	1,660		$	4,428

Summary of Operating Lease Maturities

The following table summarizes the future lease payments of operating leases:


(Dollars in thousands)	Payments
2025	$	2,420
2026	2,130
2027	1,896
2028	1,420
2029	962
Thereafter	4,504
Total undiscounted lease payments	$	13,332
Imputed interest	(2,364)
Total lease liability	$	10,968

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill

The following table details changes in the recorded amount of goodwill for the years ended December 31:


(Dollars in thousands)	2024		2023
Goodwill, beginning of year	$	362,169	$	292,397
Goodwill recorded from acquisitions	1,030		69,772
Goodwill, end of year	$	363,199	$	362,169

Summary of Other Intangible Assets

Other intangible assets were comprised of the following at December 31:


(Dollars in thousands)	Core Deposits		Customer Relationships		Indefinite-Lived Trade Names		Total
2024
Gross intangibles	$	54,186	$	37,920	$	2,491	$	94,597
Intangibles recorded from acquisitions	—		550		—		550
Accumulated amortization	(31,545)		(25,723)		—		(57,268)
Total acquisition-related intangibles	$	22,641	$	12,747	$	2,491	$	37,879
Servicing rights							1,216
Non-compete agreements (a)							128
Total other intangibles							$	39,223
2023
Gross intangibles	$	26,464	$	37,920	$	2,491	$	66,875
Intangibles recorded from acquisitions	27,722		—		—		27,722
Accumulated amortization	(25,670)		(20,680)		—		(46,350)
Total acquisition-related intangibles	$	28,516	$	17,240	$	2,491	$	48,247
Servicing rights							1,385
Non-compete agreements (a)							371
Total other intangibles							$	50,003

(a) Non-compete agreements were recognized due to acquisitions.

Summary of Future Amortization of Intangible Assets

The following table details estimated aggregate future amortization of other intangible assets at December 31, 2024:


(Dollars in thousands)	Core Deposits		Customer Relationships		Non-Compete Agreements		Total
2025	$	4,609	$	4,124	$	112	$	8,845
2026	3,736		3,036		16		6,788
2027	3,043		2,188		—		5,231
2028	2,608		1,462		—		4,070
2029	2,359		971		—		3,330
Thereafter	6,286		966		—		7,252
Total	$	22,641	$	12,747	$	128	$	35,516

Summary of Servicing Rights Activity

The following is an analysis of activity of servicing rights for the years ended December 31:


(Dollars in thousands)	2024		2023		2022
Balance, beginning of year	$	1,385	$	1,816	$	2,218
Amortization	(349)		(457)		(594)
Servicing rights originated	180		27		180

Change in valuation allowance	—		(1)		12
Balance, end of year	$	1,216	$	1,385	$	1,816

Summary of Discount Rates and Prepayment Speeds Servicing Rights

The following is the breakdown of the discount rates and prepayment speeds of servicing rights for the years ended December 31:


	2024				2023
	Minimum		Maximum		Minimum		Maximum
Discount rates	12.5	%	15.0	%	13.5	%	16.0	%
Prepayment speeds	9.4	%	16.0	%	7.7	%	16.1	%

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Banking and Thrift, Other Disclosure [Abstract]

Deposits (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Deposit Balances

Peoples’ deposit balances were comprised of the following at December 31:


(Dollars in thousands)	2024		2023
Retail CDs:
$100 or more	$	1,092,261	$	815,300
Less than $100	829,154		628,117
Total retail CDs	1,921,415		1,443,417
Interest-bearing deposit accounts	1,085,152		1,144,357
Savings accounts	866,959		919,244
Money market deposit accounts	878,254		775,488
Governmental deposit accounts	775,782		726,713

Brokered deposit accounts	554,982		526,053
Total interest-bearing deposits	6,082,544		5,535,272
Non-interest-bearing deposits	1,507,661		1,567,649
Total deposits	$	7,590,205	$	7,102,921

Summary of Time Deposit Maturities

Uninsured time deposits are broken out below by time remaining until maturity.


(Dollars in thousands)	2024		2023
3 months or less	$	180,405	$	58,708
Over 3 to 6 months	127,329		99,928
Over 6 to 12 months	91,197		131,263
Over 12 months	18,044		37,180
Total	$	416,975	$	327,079

The contractual maturities of CDs for each of the next five years and thereafter are as follows:


(Dollars in thousands)	Retail		Brokered		Total
2025	$	1,855,093	$	417,790	$	2,272,883
2026	29,858		16,368		46,226
2027	23,288		59,991		83,279
2028	6,354		15,000		21,354
2029	6,802		45,833		52,635
Thereafter	20		—		20
Total CDs	$	1,921,415	$	554,982	$	2,476,397

Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Short-Term Debt [Abstract]

Summary of Short-term Borrowings

Peoples utilizes various short-term borrowings as sources of funds, which are summarized as follows at December 31:


(Dollars in thousands)	Retail Repurchase Agreements			FHLB Advances			Other			Total
2024
Ending balance	$	18,367		$	175,000		$	107		$	193,474
Average balance	44,036			121,739			135,531			301,306
Highest month-end balance	101,073			348,000			213,045			612,073
Interest expense	$	1,065		$	6,675		$	7,805		$	15,545
Weighted-average interest rate:
End of year	2.76		%	4.45		%	1.40		%	4.29		%
During the year	2.42		%	5.48		%	5.76		%	5.16		%
2023
Ending balance	$	99,121		$	369,000		$	182,376		$	650,497
Average balance	102,530			353,532			41,970			498,032
Highest month-end balance	125,937			484,000			133,000			585,439
Interest expense	$	1,349		$	18,058		$	528		$	19,935
Weighted-average interest rate:
End of year	1.54		%	5.41		%	4.85		%	4.66		%
During the year	1.32		%	5.11		%	4.93		%	4.00		%
2022
Ending balance	$	100,138		$	400,000		$	—		$	500,138
Average balance	113,434			83,356			—			196,790
Highest month-end balance	286,442			400,000			—			500,138
Interest expense	$	274		$	2,387		$	—		$	2,661
Weighted-average interest rate:
End of year	0.40		%	4.36		%	—		%	3.57		%
During the year	0.24		%	2.86		%	—		%	1.35		%

Long-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Summary of Long-Term Borrowings

Long-term borrowings consisted of the following at December 31:


	2024				2023
(Dollars in thousands)	Balance		Weighted- Average Interest Rate		Balance		Weighted-Average Interest Rate
FHLB putable, non-amortizing, fixed rate advances	$	130,000	4.04	%	$	110,000	3.98	%
FHLB amortizing, fixed rate advances	1,868		1.85	%	2,865		1.81	%

Vantage non-recourse borrowings	51,330		6.96	%	49,572		6.26	%
Other long-term borrowings	54,875		7.76	%	53,804		9.67	%

Long-term borrowings (a)	$	238,073			$	216,241

(a) The weighted-average interest rate on total long-term borrowings at December 31, 2024 and at December 31, 2023 was 5.51% and 5.89%, respectively.

Summary of Subordinated Borrowing


(Dollars in thousands)		April 30, 2023		December 31, 2024
Description	Maturity Year	Par Value	Fair Value	Carrying Value	Interest Rate
Ascencia Statutory Trust I	2034	3,000	2,430	2,539	7.46	%
Porter Statutory Trust II	2034	5,000	4,050	4,231	7.46	%
Porter Statutory Trust III	2034	3,000	2,410	2,523	7.40	%
Porter Statutory Trust IV	2037	10,000	6,886	7,480	6.43	%
Floating rate subordinated deferrable interest debentures	2029	25,000	23,677	24,030	8.80	%
Total		46,000	39,453	40,803

Summary of Aggregate Minimum Annual Retirements of Long-Term Borrowings

At December 31, 2024, the aggregate principal amounts due upon maturity of long-term borrowings in future periods were as follows:


(Dollars in thousands)	Balance
2025	$	6,169
2026	60,516
2027	8,997
2028	88,747
2029	41,095
Thereafter	38,674
Total long-term borrowings	$	244,198

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Summary of Common Stock and Treasury Stock

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

The following table details the activity in Peoples’ common stock and treasury stock during the years ended December 31:


	Common Stock	Treasury Stock
Shares at December 31, 2021	29,814,401	1,577,359
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(216,669)
Release of restricted common shares	—	39,445
Cancellation of restricted common shares	—	5,452


Grant of unrestricted common shares	—	(1,500)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	15,688

Disbursed out of treasury stock	—	(3,039)
Common shares purchased under repurchase program	—	263,183
Common shares issued under dividend reinvestment plan	43,519	—
Common shares issued under compensation plan for Boards of Directors	—	(17,626)

Common shares issued under employee stock purchase plan	—	(18,832)

Shares at December 31, 2022	29,857,920	1,643,461
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(259,648)
Release of restricted common shares	—	43,087
Cancellation of restricted common shares	—	16,778

Grant of unrestricted common shares	—	(1,900)


Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	21,042

Disbursed out of treasury stock	—	(4,368)
Common shares repurchased under repurchase program	—	107,219
Common shares issued under dividend reinvestment plan	50,453	—
Common shares issued under compensation plan for Boards of Directors	—	(19,931)

Common shares issued under employee stock purchase plan	—	(34,392)
Issuance of common shares related to the Limestone Merger	6,827,668	—
Shares at December 31, 2023	36,736,041	1,511,348
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(313,403)

Release of restricted common shares	—	30,486
Cancellation of restricted common shares	—	39,408

Grant of unrestricted common shares		(1,700)

Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	14,945

Disbursed out of treasury stock	—	(12,833)
Common shares repurchased under repurchase program	—	100,905
Common shares issued under dividend reinvestment plan	46,560	—
Common shares issued under compensation plan for Boards of Directors	—	(16,220)

Common shares issued under employee stock purchase plan	—	(41,761)

Shares at December 31, 2024	36,782,601	1,311,175

Summary of Dividends Declared

The following table details the cash dividends declared per common share for the year ended December 31:


	2024		2023
First Quarter	$	0.39	$	0.38
Second Quarter	0.40		0.39
Third Quarter	0.40		0.39
Fourth Quarter	0.40		0.39
Total dividends declared	$	1.59	$	1.55

Summary of Accumulated Other Comprehensive (Loss) Income

The following details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the years ended December 31:


(Dollars in thousands)	Unrealized Gain (Loss) on Securities		Unrecognized Net Pension and Postretirement Costs		Unrealized (Loss) Gain on Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2021	$	(5,946)	$	(1,881)	$	(3,792)	$	(11,619)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	47		—		—		47
Realized loss due to settlement and curtailment, net of tax	—		142		—		142

Other comprehensive (loss) income, net of reclassifications and tax	(123,997)		106		8,185		(115,706)
Balance, December 31, 2022	$	(129,896)	$	(1,633)	$	4,393	$	(127,136)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	2,836		—		—		2,836
Realized loss due to settlement and curtailment, net of tax	—		1,858		—		1,858

Other comprehensive (loss) income, net of reclassifications and tax	22,838		(225)		(1,761)		20,852
Balance, December 31, 2023	$	(104,222)	$	—	$	2,632	$	(101,590)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	319		—		—		319
Realized loss due to settlement and curtailment, net of tax	—		—		—		—

Other comprehensive income (loss), net of reclassifications and tax	(7,926)		—		(1,188)		(9,114)
Balance, December 31, 2024	$	(111,829)	$	—	$	1,444	$	(110,385)

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Summary of Effective Income Tax Rate Reconciliation

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

The reported income tax expense and effective tax rate in the Consolidated Statements of Income differ from the amounts computed by applying the statutory federal corporate income tax rate as follows for the years ended December 31:


	2024				2023				2022
(Dollars in thousands)	Amount		Rate		Amount		Rate		Amount		Rate
Income tax computed at statutory federal corporate income tax rate	$	31,387	21.0	%	$	30,476	21.0	%	$	27,015	21.0	%
Differences in rate resulting from:
State taxes, net of federal benefit	3,286		2.2	%	3,053		2.1	%	2,277		1.8	%
Investment securities impairment	—		—	%	—		—	%	431		0.3	%
Nondeductible acquisition costs	—		—	%	168		0.1	%	42		—	%
Common share awards	(22)		—	%	(99)		(0.1)	%	12		—	%
Bank owned life insurance	(885)		(0.6)	%	(872)		(0.6)	%	(551)		(0.4)	%
Investments in tax credit funds	(601)		(0.4)	%	(352)		(0.2)	%	(629)		(0.5)	%
Captive insurance benefit	—		—	%	(330)		(0.2)	%	(421)		(0.3)	%
Tax-exempt interest income	(258)		(0.2)	%	(555)		(0.4)	%	(921)		(0.7)	%


Other, net	(648)		(0.4)	%	274		0.2	%	94		0.1	%
Income tax expense	$	32,259	21.6	%	$	31,763	21.9	%	$	27,349	21.3	%

Summary of Components of Income Tax Expense (Benefit)

Peoples’ reported income tax expense consisted of the following for the years ended December 31:


(Dollars in thousands)	2024		2023		2022
Current income tax expense	$	25,286	$	32,001	$	8,783
Deferred income tax (benefit) expense	6,973		(238)		18,566
Income tax expense	$	32,259	$	31,763	$	27,349

Summary of Deferred Tax Assets and Liabilities

The significant components of Peoples’ deferred tax assets and deferred tax liabilities consisted of the following at December 31:


(Dollars in thousands)	2024		2023
Deferred tax assets:
Available-for-sale securities	$	33,996	$	31,774
Allowance for credit losses	15,035		14,902
Nonaccrual loan interest income	1,312		2,753
Accrued employee benefits	7,472		7,344
Lease obligation	2,523		2,822
Net operating loss carryforward	8,393		11,367
Purchase accounting adjustments	—		1,920


Other	1,837		1,622
Gross deferred tax assets	$	70,568	$	74,504
Valuation allowance	$	158	$	158
Total deferred tax assets	$	70,410	$	74,346
Deferred tax liabilities:
Equipment leases	$	11,790	$	11,286
Deferred loan income	2,015		3,117
Purchase accounting adjustments	3,219		—
Bank premises and equipment	5,283		5,116
Lease right-of-use assets	2,397		2,731

Derivative instruments	416		774

Other	2,312		3,951
Total deferred tax liabilities	$	27,432	$	26,975
Net deferred tax asset	$	42,978	$	47,371

Summary of Income Tax Contingencies

The following table provides a reconciliation of uncertain tax positions at December 31:


(Dollars in thousands)	2024		2023
Uncertain tax positions, beginning of year	$	527	$	89
Gross increase based on tax positions related to current year	45		527


Gross decrease due to the statute of limitations	—		(89)
Uncertain tax positions, end of year	$	572	$	527

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Summary of Calculations of Basic and Diluted Earnings per Common Share

The calculations of basic and diluted earnings per common share for the years ended December 31 were as follows:


(Dollars in thousands, except per common share data)	2024		2023		2022
Net income available to common shareholders	$	117,205	$	113,363	$	101,292
Less: Dividends paid on unvested common shares	786		531		354
Less: Undistributed loss allocated to unvested common shares	225		269		96
Net earnings allocated to common shareholders	$	116,194	$	112,563	$	100,842

Weighted-average common shares outstanding	34,779,548		32,533,086		27,908,022
Effect of potentially dilutive common shares	367,806		227,722		91,580
Total weighted-average diluted common shares outstanding	35,147,354		32,760,808		27,999,602

Earnings per common share:
Basic	$	3.34	$	3.46	$	3.61
Diluted	$	3.31	$	3.44	$	3.60

Anti-dilutive common shares excluded from calculation:
Restricted common shares	7,836		9,123		—

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swaps Designated as Cash Flow Hedges

The following table summarizes information about the interest rate swaps designated as cash flow hedges at December 31:


(Dollars in thousands)	2024			2023
Notional amount	$	75,000		$	105,000
Weighted average pay rates	2.45		%	2.22		%
Weighted average receive rates	4.49		%	4.63		%
Weighted average maturity	1.5 years			2.0 years
Pre-tax changes in fair value included in AOCL	$	1,885		$	3,434

Summary of Gains or Losses Recorded in AOCI

The following table presents changes in fair value recorded in AOCL and in the Consolidated Statements of Income related to the cash flow hedges for the years ended December 31:


(Dollars in thousands)	2024		2023
Amount of income recognized in AOCL, pre-tax	$	(1,550)	$	(2,293)

Summary of Cash Flow Hedges

The following table reflects the cash flow hedges, which were included in the Consolidated Balance Sheets at fair value, at December 31:


	2024				2023
(Dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Included in “Other assets”:
Interest rate swaps related to debt	$	75,000	$	1,784	$	105,000	$	3,314
Total included in “Other assets”	$	75,000	$	1,784	$	105,000	$	3,314

Summary of Derivatives Not Designated as Hedging

The following table reflects the non-designated hedges, which were included in the Consolidated Balance Sheets at fair value, at December 31:


	2024				2023
(Dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Included in “Other assets”:
Interest rate swaps related to commercial loans	$	453,367	$	16,959	$	416,106	$	18,990
Total included in “Other assets”	453,367		16,959		416,106		18,990

Included in “Accrued expenses and other liabilities”:
Interest rate swaps related to commercial loans	$	453,367	17,046		$	416,106	$	19,122
Total included in “Accrued expenses and other liabilities”	453,367		17,046		416,106		19,122

Off-Balance Sheet Risk (Tables)

12 Months Ended

Dec. 31, 2024

Off-Balance-Sheet, Credit Loss, Liability [Abstract]

Summary of Loan Commitments and Standby Letters of Credit

The total amounts of loan commitments and standby letters of credit at December 31 were:


(Dollars in thousands)	2024		2023
Home equity lines of credit	$	254,168	$	244,367
Unadvanced construction loans	370,086		349,850
Other loan commitments	759,790		769,759
Loan commitments	1,384,044		1,363,976
Standby letters of credit	$	8,398	$	14,318

Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2024

Regulatory Matters [Abstract]

Summary of Compliance with Regulatory Capital Requirements under Banking Regulations

Peoples’ and Peoples Bank’s actual capital amounts and ratios at December 31 are also presented in the following table:


	2024				2023
(Dollars in thousands)	Amount		Ratio		Amount		Ratio
PEOPLES BANCORP, INC.
Common Equity Tier 1 (a)
Actual	$	833,128	11.95	%	$	766,692	11.56	%
For capital adequacy	313,717		4.50	%	298,393		4.50	%
To be well capitalized	$	453,147	6.50	%	$	431,011	6.50	%
Tier 1 (b)
Actual	$	863,974	12.39	%	$	820,496	12.37	%
For capital adequacy	418,289		6.00	%	397,857		6.00	%
To be well capitalized	$	557,719	8.00	%	$	530,476	8.00	%
Total Capital (c)
Actual	$	946,724	13.58	%	$	873,226	13.17	%
For capital adequacy	557,719		8.00	%	530,476		8.00	%
To be well capitalized	$	697,149	10.00	%	$	663,095	10.00	%
Tier 1 Leverage (d)
Actual	$	863,974	9.73	%	$	820,496	9.48	%
For capital adequacy	355,219		4.00	%	346,112		4.00	%
To be well capitalized	444,024		5.00	%	432,640		5.00	%
Capital Conservation Buffer	389,005		5.60	%	342,750		5.17	%
Fully phased in	174,287		2.50	%	165,774		2.50	%
Net Risk-Weighted Assets	6,971,489				6,630,945

PEOPLES BANK
Common Equity Tier 1 (a)
Actual	840,443		12.07	%	783,790		11.85	%
For capital adequacy	313,212		4.50	%	297,638		4.50	%
To be well capitalized	452,418		6.50	%	429,921		6.50	%
Tier 1 (b)
Actual	840,443		12.07	%	783,790		11.85	%
For capital adequacy	417,617		6.00	%	396,850		6.00	%
To be well capitalized	556,822		8.00	%	529,134		8.00	%
Total Capital (c)
Actual	903,969		12.99	%	836,520		12.65	%
For capital adequacy	556,822		8.00	%	529,134		8.00	%
To be well capitalized	696,028		10.00	%	661,417		10.00	%
Tier 1 Leverage (d)
Actual	840,443		9.48	%	783,790		9.12	%
For capital adequacy	354,499		4.00	%	343,613		4.00	%
To be well capitalized	443,123		5.00	%	429,517		5.00	%
Capital Conservation Buffer	$	347,147	5.00	%	$	307,386	4.65	%
Fully phased in	174,007		2.50	%	165,354		2.50	%
Net Risk-Weighted Assets	$	6,960,276			$	6,614,172
(a) Ratio represents common equity tier 1 capital to net risk-weighted assets
(b) Ratio represents tier 1 capital to net risk-weighted assets
(c) Ratio represents total capital to net risk-weighted assets
(d) Ratio represents tier 1 capital to average assets

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Shares Activity

The following summarizes the changes to Peoples’ outstanding restricted common shares for the year ended December 31, 2024:


	Time-Based Vesting			Performance-Based Vesting
	Number of Common Shares	Weighted-Average Grant Date Fair Value		Number of Common Shares	Weighted-Average Grant Date Fair Value
Outstanding at January 1	142,419	$	28.78	403,970	$	31.21
Awarded	29,692	30.73		283,712	27.92
Released	(21,101)	31.65		(72,825)	31.49
Forfeited	(10,779)	29.37		(28,630)	29.43
Outstanding at December 31	140,231	$	28.72	586,227	$	29.67

Summary of Stock-Based Compensation and Related Tax Benefit

The following summarizes the amount of stock-based compensation and related tax benefit recognized for the years ended December 31:


(Dollars in thousands)	2024		2023		2022
Employee stock-based compensation expense:
Restricted common share grant expense	$	6,815	$	5,336	$	3,707
Employee stock purchase plan expense	158		140		112

Total employee stock-based compensation expense	6,973		5,476		3,819
Non-employee director stock-based compensation expense	492		548		506
Total stock-based compensation expense	7,465		6,024		4,325
Recognized tax benefit	(1,740)		(1,402)		(1,007)
Net expense recognized	$	5,725	$	4,622	$	3,318

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenue

The following table details Peoples’ revenue from contracts with customers for the year ended December 31:


(Dollars in thousands)	2024		2023		2022
Insurance income:
Commission and fees from sale of insurance policies (a)	$	17,183	$	16,382	$	14,303

Performance-based commissions (b)	2,218		1,634		1,424
Trust and investment income:
Fiduciary income (a)	11,496		10,295		10,048
Brokerage income (a)	8,017		6,865		6,343
Electronic banking income:
Interchange income (a)	19,731		19,380		16,674
Promotional and usage income (a)	5,411		5,830		4,420
Deposit account service charges:
Ongoing maintenance fees for deposit accounts (a)	6,937		6,425		5,323
Transactional-based fees (b)	10,647		10,257		9,260
Commercial loan swap fees (b)	1,433		782		662
Other non-interest income transactional-based fees (b)	1,703		1,650		1,499
Total	$	84,776	$	79,500	$	69,956

Timing of revenue recognition:
Services transferred over time	$	68,775	$	65,177	$	57,111
Services transferred at a point in time	16,001		14,323		12,845
Total	$	84,776	$	79,500	$	69,956

(a) Services transferred over time.

(b) Services transferred at a point in time.

Summary of Contract Assets and Liabilities

The following table details the changes in Peoples’ contract assets and contract liabilities for the year ended December 31, 2024:


(Dollars in thousands)	Contract Assets		Contract Liabilities
Balance, January 1, 2024	$	753	$	5,776
Additional income receivable	181		—
Additional deferred income	—		269
Receipt of income previously receivable	(35)		—
Recognition of income previously deferred	—		(274)
Balance, December 31, 2024	$	899	$	5,771

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Summary of Assets Acquired and Liabilities Assumed

The following table provides the purchase price calculation as of the date of the Limestone Merger, and the assets acquired and liabilities assumed at their estimated fair values.


(Dollars in thousands)	Fair Value
Total purchase price	$	177,931










Assets
Cash and balances due from banks	6,422
Interest-bearing deposits in other banks	87,115
Total cash and cash equivalents	93,537
Available-for-sale investment securities, at fair value	166,944

Other investment securities	5,716

Total investment securities	172,660
Loans and leases	1,077,929

Allowance for credit losses (on PCD loans)	(2,051)
Net loans	1,075,878












Bank premises and equipment, net of accumulated depreciation	17,690
Bank owned life insurance	31,343



Other intangible assets	27,722
Other assets	36,874
Total assets	1,455,704
Liabilities
Deposits:

Non-interest-bearing	262,727
Interest-bearing	971,457
Total deposits	1,234,184
Short-term borrowings	60,000
Long-term borrowings	39,453
Accrued expenses and other liabilities	12,967
Total liabilities	1,346,604


Net assets	109,100
Goodwill	$	68,831

Summary of Acquired Purchased Credit Deteriorated Loans

The following table details the fair value adjustment for acquired PCD loans as of the acquisition date:



(Dollars in thousands)	Par Value		Allowance for Credit Losses		Non-Credit (Discount) Premium		Fair Value
PCD loans

Commercial real estate, other	$	30,907	$	(1,340)	$	(2,160)	$	27,407
Commercial and industrial	16,466		(379)		(610)		15,477

Residential real estate	6,328		(228)		(770)		5,330
Home equity lines of credit	774		(18)		11		767

Consumer	1,029		(86)		78		1,021
Fair value	$	55,504	$	(2,051)	$	(3,451)	$	50,002

Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2024

Parent Company Only Financial Information [Abstract]

Schedule of Condensed Balance Sheet


Condensed Balance Sheets	December 31,
(Dollars in thousands)	2024		2023
Assets:
Cash and due from other banks	$	50	$	50
Interest-bearing deposits in subsidiary bank	29,937		17,099
Due from subsidiary bank	4,874		771

Other investment securities	244		237
Investments in subsidiaries:
Bank	1,120,554		1,072,238
Non-bank	14,717		17,606
Other assets	7,010		12,084
Total assets	$	1,177,386	$	1,120,085
Liabilities:
Accrued expenses and other liabilities	$	3,075	$	3,342
Dividends payable	1,420		938

Subordinated notes and debentures	24,030		25,000
Mandatorily redeemable capital securities of subsidiary trusts and subordinated debentures	37,271		37,271
Total liabilities	65,796		66,551

Total stockholders’ equity	1,111,590		1,053,534
Total liabilities and stockholders’ equity	$	1,177,386	$	1,120,085

Schedule of Condensed Income Statement


Condensed Statements of Income	Year Ended December 31,
(Dollars in thousands)	2024		2023		2022
Income:
Dividends from subsidiary bank	$	73,500	$	48,000	$	52,000
Dividends from non-bank subsidiary	193		200		1,860


Interest and other income	(416)		11		39
Total income	73,277		48,211		53,899
Expense:
Trust preferred securities expense	2,021		1,147		744
Intercompany management fees	2,273		1,873		1,379
Other expense	9,143		11,011		6,539
Total expense	13,437		14,031		8,662
Income before federal income taxes and equity in undistributed earnings of subsidiaries	59,840		34,180		45,237
Applicable income tax expense	(3,143)		(3,296)		(1,979)
Equity in undistributed earnings of subsidiaries	54,222		75,887		54,076
Net income	$	117,205	$	113,363	$	101,292

Schedule of Condensed Cash Flow Statement


Statements of Cash Flows	Year Ended December 31,
(Dollars in thousands)	2024		2023		2022
Operating activities
Net income	$	117,205	$	113,363	$	101,292
Adjustments to reconcile net income to cash provided by operations:
Depreciation, amortization and accretion, net	—		—		138
Equity in undistributed earnings of subsidiaries	(54,222)		(75,887)		(54,076)


Other, net	12,624		(6,757)		5,008
Net cash provided by operating activities	75,607		30,719		52,362
Investing activities


Investment in subsidiaries	(43,203)		(39,414)		(13,084)
Repayments from subsidiaries	39,100		40,086		12,279
Business combinations, net of cash received	—		27,763		(1,239)
Other, net	(7)		(1,636)		(262)
Net cash used in investing activities	(4,110)		26,799		(2,306)
Financing activities





Purchase of treasury stock	(4,309)		(4,799)		(9,152)


Proceeds from issuance of common shares	1,478		1,264		1,226
Cash dividends paid	(55,828)		(51,845)		(42,371)

Net cash used in financing activities	(58,659)		(55,380)		(50,297)
Net increase (decrease) in cash and cash equivalents	12,838		2,138		(241)
Cash and cash equivalents at the beginning of year	17,149		15,011		15,252
Cash and cash equivalents at the end of year	$	29,987	$	17,149	$	15,011
Supplemental cash flow information:
Interest paid	$	2,253	$	676	$	663

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2024 USD ($) segment revenue_stream	Dec. 31, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Restricted cash	$ 0	$ 0
Number of similar segments in determining allowance for credit losses \| segment	20
Individual review of impairment of unpaid principal balances in excess of	$ 1,000,000
Aggregate credit exposure threshold	1,000,000
Unamortized amount of investments	11,100,000	13,100,000
Other real estate owned (“OREO”)	$ 6,200,000	$ 7,200,000
Number of revenue streams \| revenue_stream	2
Payment terms with vendor	45 days
U.S. government sponsored agencies
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loss given default	0.00%
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated lives	7 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated lives	10 years

Fair Value of Assets and Liabilities - Summary of Assets Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Assets:

U.S. Treasury and government agencies

^[1]

$ 1,083,555

$ 1,048,322

Assets:

15,196

30,296

Assets:

209,083

118,607

Assets:

196,301

213,296

Assets:

601,802

628,924

Assets:

Bank-issued trust preferred securities

55,065

51,234

Assets:

6,108

5,965

Recurring | Level 1

Assets:

Equity investment securities

15,196

30,296

197

191

Derivative asset

0

Liabilities:

Derivative liabilities

0

Recurring | Level 2

Assets:

Equity investment securities

1,068,359

1,018,026

244

237

Derivative asset

18,743

22,304

Liabilities:

Derivative liabilities

$ 17,046

$ 19,122

Derivative Asset, Statement of Financial Position [Extensible Enumeration]

Other assets

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

Accrued expenses and other liabilities

Recurring | U.S. Treasury and government agencies | Level 1

Assets:

Recurring | U.S. Treasury and government agencies | Level 2

$ 15,196

$ 30,296

Assets:

Recurring | U.S. government sponsored agencies | Level 1

0

Assets:

Recurring | U.S. government sponsored agencies | Level 2

0

Assets:

Recurring | States and political subdivisions | Level 1

209,083

118,607

Assets:

Recurring | States and political subdivisions | Level 2

0

Assets:

Recurring | Residential mortgage-backed securities | Level 1

196,301

213,296

Assets:

Recurring | Residential mortgage-backed securities | Level 2

0

Assets:

Recurring | Commercial mortgage-backed securities | Level 1

601,802

628,924

Assets:

Recurring | Commercial mortgage-backed securities | Level 2

0

Assets:

Recurring | Bank-issued trust preferred securities | Level 1

55,065

51,234

Assets:

Recurring | Bank-issued trust preferred securities | Level 2

0

Assets:

$ 6,108

$ 5,965

[1]	Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $237, respectively, at December 31, 2024 and $0 and $238, respectively, at December 31, 2023.

Fair Value of Assets and Liabilities - Summary of Assets and Liabilities Measured on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Nonrecurring Basis
Other real estate owned (“OREO”)	$ 6,200	$ 7,200
Allowance for credit loss	63,348	62,011	$ 53,162
Nonrecurring Basis \| Level 2
Nonrecurring Basis
Loans held for sale	1,499	1,663
Other real estate owned (“OREO”)	0	0
Allowance for credit loss	166	163
Nonrecurring Basis \| Level 2 \| Collateral dependent loans
Nonrecurring Basis
Collateral dependent loans	0	0
Nonrecurring Basis \| Level 3
Nonrecurring Basis
Loans held for sale	0	0
Other real estate owned (“OREO”)	5,891	7,118
Nonrecurring Basis \| Level 3 \| Collateral dependent loans
Nonrecurring Basis
Collateral dependent loans	$ 4,375	$ 501

Fair Value of Assets and Liabilities - Summary of Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Assets:

$ 775,037

$ 683,895

Loans and leases, net of deferred fees and costs

692,499

612,022

^[1]

6,358,003

6,159,196

Debt securities held to maturity, allowance for credit loss

237

238

Allowance for credit loss

63,348

62,011

$ 53,162

Assets:

Federal Home Loan Bank (“FHLB”) stock

775,037

683,895

24,606

29,949

Federal Reserve Bank (“FRB”) stock

27,114

26,896

Total other investment securities at cost

51,720

56,845

Carrying Amount | Level 1

59,691

62,992

Assets:

Cash and cash equivalents

217,664

426,722

Carrying Amount | Level 2

Assets:

143,710

140,554

7,590,205

7,102,921

193,474

650,497

Carrying Amount | Level 3

238,073

216,241

Assets:

Loans and leases, net of deferred fees and costs

6,358,003

6,159,196

Assets:

Federal Home Loan Bank (“FHLB”) stock

692,499

612,022

24,606

29,949

Federal Reserve Bank (“FRB”) stock

27,114

26,896

Total other investment securities at cost

51,720

56,845

Cash and cash equivalents

59,691

62,992

Fair Value | Level 1

Assets:

217,664

426,722

Fair Value | Level 2

Assets:

143,710

140,554

6,713,360

6,270,496

204,577

668,956

Loans and leases, net of deferred fees and costs, fair value

251,736

222,376

Fair Value | Level 3

Assets:

6,240,751

6,064,999

Assets:

233,302

188,475

223,294

180,825

Debt securities held to maturity, allowance for credit loss

0

U.S. government sponsored agencies | Carrying Amount | Level 2

Assets:

U.S. government sponsored agencies | Fair Value | Level 2

233,302

188,475

Assets:

223,294

180,825

Assets:

142,691

144,496

110,848

114,288

Debt securities held to maturity, allowance for credit loss

237

238

States and political subdivisions | Carrying Amount | Level 2

Assets:

States and political subdivisions | Fair Value | Level 2

142,691

144,496

Assets:

110,848

114,288

Assets:

300,290

248,559

276,278

231,620

Debt securities held to maturity, allowance for credit loss

0

Residential mortgage-backed securities | Carrying Amount | Level 2

Assets:

Residential mortgage-backed securities | Fair Value | Level 2

300,290

248,559

Assets:

276,278

231,620

Assets:

98,754

102,365

82,079

85,289

Debt securities held to maturity, allowance for credit loss

0

Commercial mortgage-backed securities | Carrying Amount | Level 2

Assets:

Commercial mortgage-backed securities | Fair Value | Level 2

98,754

102,365

Assets:

Nonqualified Plan | Carrying Amount | Level 1

82,079

85,289

Assets:

Nonqualified Plan | Fair Value | Level 1

4,898

3,162

Assets:

Other investment securities | Carrying Amount | Level 2

4,898

3,162

Assets:

Other investment securities | Fair Value | Level 2

3,073

2,985

Assets:

$ 3,073

$ 2,985

[1]	Also referred to throughout this Form 10-K as “total loans” and “loans held for investment.”

Investment Securities - Summary of Available-for-sale Investment Securities (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

$ 1,229,382

$ 1,184,288

1,583

3,240

(147,410)

(139,206)

U.S. Treasury and government agencies

^[1]

1,083,555

1,048,322

15,317

30,999

87

292

(208)

(995)

15,196

30,296

224,167

128,500

53

639

(15,137)

(10,532)

209,083

118,607

225,074

239,906

16

485

(28,789)

(27,095)

196,301

213,296

693,886

717,772

1,391

1,819

(93,475)

(90,667)

601,802

628,924

64,438

60,611

36

5

(9,409)

(9,382)

Bank-issued trust preferred securities

55,065

51,234

6,500

0

(392)

(535)

$ 6,108

$ 5,965

[1]	Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $237, respectively, at December 31, 2024 and $0 and $238, respectively, at December 31, 2023.

Investment Securities - Summary of Gross Gains and Losses from Sales of Available-for-sale Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Gross gains realized	$ 1,140	$ 1,550	$ 314
Gross losses realized	1,556	5,250	375
Net loss realized	$ (416)	$ (3,700)	$ (61)

Investment Securities - Summary of Available-for-sale Securities with Unrealized Loss (Details) $ in Thousands	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Available-for-sale securities that had an unrealized loss:
Less than 12 months, fair value	$ 257,325	$ 107,930
Less than 12 months, unrealized loss	$ 9,578	$ 1,532
Less than 12 months, Number of securities \| security	168	132
12 months or more, fair value	$ 768,333	$ 831,720
12 months or more, unrealized loss	$ 137,832	$ 137,674
12 months or more, Number of securities \| security	444	420
Total fair value	$ 1,025,658	$ 939,650
Total unrealized loss	147,410	139,206
U.S. Treasury and government agencies
Available-for-sale securities that had an unrealized loss:
Less than 12 months, fair value	10,003	8,568
Less than 12 months, unrealized loss	$ 174	$ 83
Less than 12 months, Number of securities \| security	11	22
12 months or more, fair value	$ 2,299	$ 11,631
12 months or more, unrealized loss	$ 34	$ 912
12 months or more, Number of securities \| security	10	5
Total fair value	$ 12,302	$ 20,199
Total unrealized loss	208	995
U.S. government sponsored agencies
Available-for-sale securities that had an unrealized loss:
Less than 12 months, fair value	130,518	14,439
Less than 12 months, unrealized loss	$ 5,816	$ 35
Less than 12 months, Number of securities \| security	27	4
12 months or more, fair value	$ 70,982	$ 74,211
12 months or more, unrealized loss	$ 9,321	$ 10,497
12 months or more, Number of securities \| security	13	15
Total fair value	$ 201,500	$ 88,650
Total unrealized loss	15,137	10,532
States and political subdivisions
Available-for-sale securities that had an unrealized loss:
Less than 12 months, fair value	28,400	18,268
Less than 12 months, unrealized loss	$ 1,188	$ 136
Less than 12 months, Number of securities \| security	55	32
12 months or more, fair value	$ 160,210	$ 167,346
12 months or more, unrealized loss	$ 27,601	$ 26,959
12 months or more, Number of securities \| security	138	138
Total fair value	$ 188,610	$ 185,614
Total unrealized loss	28,789	27,095
Residential mortgage-backed securities
Available-for-sale securities that had an unrealized loss:
Less than 12 months, fair value	85,043	58,671
Less than 12 months, unrealized loss	$ 2,300	$ 1,150
Less than 12 months, Number of securities \| security	69	66
12 months or more, fair value	$ 482,609	$ 529,895
12 months or more, unrealized loss	$ 91,175	$ 89,517
12 months or more, Number of securities \| security	256	238
Total fair value	$ 567,652	$ 588,566
Total unrealized loss	93,475	90,667
Commercial mortgage-backed securities
Available-for-sale securities that had an unrealized loss:
Less than 12 months, fair value	2,868	6,000
Less than 12 months, unrealized loss	$ 93	$ 112
Less than 12 months, Number of securities \| security	5	7
12 months or more, fair value	$ 46,619	$ 44,656
12 months or more, unrealized loss	$ 9,316	$ 9,270
12 months or more, Number of securities \| security	24	21
Total fair value	$ 49,487	$ 50,656
Total unrealized loss	9,409	9,382
Bank-issued trust preferred securities
Available-for-sale securities that had an unrealized loss:
Less than 12 months, fair value	493	1,984
Less than 12 months, unrealized loss	$ 7	$ 16
Less than 12 months, Number of securities \| security	1	1
12 months or more, fair value	$ 5,614	$ 3,981
12 months or more, unrealized loss	$ 385	$ 519
12 months or more, Number of securities \| security	3	3
Total fair value	$ 6,107	$ 5,965
Total unrealized loss	$ 392	$ 535

Investment Securities - Narrative (Details)	12 Months Ended
Investment Securities - Narrative (Details)	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Schedule of Available-for-sale Securities
Debt securities available for sale, allowance for credit loss	$ 0	$ 0
12 months or more, Number of securities \| security	444	420
Blended federal and state corporate tax rate	23.30%
Gross gains (losses) from sales of held to maturity	$ 0	$ 0
Proceeds from sale of FHLB stock	31,700,000	21,200,000
Purchase of FHLB stock	26,400,000	18,900,000
Purchase of FRB stock	200,000	5,700,000
Unrealized gain	$ 50,000
Unrealized loss		$ 141,000
Bank-issued trust preferred securities
Schedule of Available-for-sale Securities
12 months or more, Number of securities \| security	3	3
Investment Securities
Schedule of Available-for-sale Securities
Interest receivable	$ 9,900,000	$ 9,500,000

Investment Securities -Summary of Investment Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Debt securities, maturing within 1 year, amortized cost

$ 10,496

Debt securities, maturing 1 to 5 years, amortized cost

120,458

Debt securities, maturing 5 to 10 years, amortized cost

243,867

Debt securities, maturing over 10 years, amortized cost

854,561

Debt securities, maturing within 1 year, fair value

1,229,382

$ 1,184,288

10,445

Debt securities, maturing 5 to 10 years, fair value

112,192

218,685

Debt securities, maturing over 10 years, fair value

742,233

Available-for-sale securities, maturing within 1 year, weighted average yield

^[1]

$ 1,083,555

1,048,322

3.64%

Available-for-sale securities, maturing 1 to 5 years, weighted average yield

2.10%

Available-for-sale securities, maturing 5 to 10 years, weighted average yield

2.82%

Available-for-sale securities, total weighted average yield

2.76%

Available-for-sale securities, total weighted average yield

2.71%

U.S. Treasury and government agencies

Debt securities, maturing within 1 year, amortized cost

$ 1,044

Debt securities, maturing 1 to 5 years, amortized cost

1,755

Debt securities, maturing 5 to 10 years, amortized cost

6,880

Debt securities, maturing over 10 years, amortized cost

5,638

Debt securities, maturing within 1 year, fair value

15,317

30,999

1,040

Debt securities, maturing 5 to 10 years, fair value

1,740

6,904

Debt securities, maturing over 10 years, fair value

5,512

15,196

30,296

Debt securities, maturing within 1 year, amortized cost

0

Debt securities, maturing 1 to 5 years, amortized cost

60,304

Debt securities, maturing 5 to 10 years, amortized cost

81,845

Debt securities, maturing over 10 years, amortized cost

82,018

Debt securities, maturing within 1 year, fair value

224,167

128,500

0

Debt securities, maturing 5 to 10 years, fair value

55,725

77,448

Debt securities, maturing over 10 years, fair value

75,910

209,083

118,607

Debt securities, maturing within 1 year, amortized cost

7,437

Debt securities, maturing 1 to 5 years, amortized cost

41,113

Debt securities, maturing 5 to 10 years, amortized cost

73,235

Debt securities, maturing over 10 years, amortized cost

103,289

Debt securities, maturing within 1 year, fair value

225,074

239,906

7,392

Debt securities, maturing 5 to 10 years, fair value

38,477

61,518

Debt securities, maturing over 10 years, fair value

88,914

196,301

213,296

Debt securities, maturing within 1 year, amortized cost

15

Debt securities, maturing 1 to 5 years, amortized cost

4,680

Debt securities, maturing 5 to 10 years, amortized cost

48,876

Debt securities, maturing over 10 years, amortized cost

640,315

Debt securities, maturing within 1 year, fair value

693,886

717,772

15

Debt securities, maturing 5 to 10 years, fair value

4,567

44,939

Debt securities, maturing over 10 years, fair value

552,281

601,802

628,924

Debt securities, maturing within 1 year, amortized cost

0

Debt securities, maturing 1 to 5 years, amortized cost

11,106

Debt securities, maturing 5 to 10 years, amortized cost

30,031

Debt securities, maturing over 10 years, amortized cost

23,301

Debt securities, maturing within 1 year, fair value

64,438

60,611

0

Debt securities, maturing 5 to 10 years, fair value

10,213

25,236

Debt securities, maturing over 10 years, fair value

19,616

Bank-issued trust preferred securities

55,065

51,234

Debt securities, maturing within 1 year, amortized cost

2,000

Debt securities, maturing 1 to 5 years, amortized cost

1,500

Debt securities, maturing 5 to 10 years, amortized cost

3,000

Debt securities, maturing over 10 years, amortized cost

0

Debt securities, maturing within 1 year, fair value

6,500

1,998

Debt securities, maturing 5 to 10 years, fair value

1,470

2,640

Debt securities, maturing over 10 years, fair value

0

$ 6,108

$ 5,965

[1]	Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $237, respectively, at December 31, 2024 and $0 and $238, respectively, at December 31, 2023.

Investment Securities - Summary of Held-to-maturity Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 775,037	$ 683,895
Allowance for Credit Losses	(237)	(238)
Gross Unrealized Gains	610	2,266
Gross Unrealized Losses	(82,911)	(73,901)
Fair Value	692,499	612,022
U.S. government sponsored agencies
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	233,302	188,475
Allowance for Credit Losses	0	0
Gross Unrealized Gains	219	489
Gross Unrealized Losses	(10,227)	(8,139)
Fair Value	223,294	180,825
States and political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	142,691	144,496
Allowance for Credit Losses	(237)	(238)
Gross Unrealized Gains	110	134
Gross Unrealized Losses	(31,716)	(30,104)
Fair Value	110,848	114,288
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	300,290	248,559
Allowance for Credit Losses	0	0
Gross Unrealized Gains	281	1,643
Gross Unrealized Losses	(24,293)	(18,582)
Fair Value	276,278	231,620
Commercial mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	98,754	102,365
Allowance for Credit Losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(16,675)	(17,076)
Fair Value	$ 82,079	$ 85,289

Investment Securities - Summary of Held-to-maturity Securities with Unrealized Loss (Details) $ in Thousands	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value	$ 277,526	$ 122,785
Less than 12 months, unrealized loss	$ 6,697	$ 3,306
Less than 12 months, no. of securities \| security	62	34
12 months or more, fair value	$ 346,649	$ 386,135
12 months or more, unrealized loss	$ 76,214	$ 70,595
12 months or more, no. of securities \| security	149	150
Total fair value	$ 624,175	$ 508,920
Total unrealized loss	82,911	73,901
U.S. government sponsored agencies
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value	150,390	64,487
Less than 12 months, unrealized loss	$ 2,464	$ 356
Less than 12 months, no. of securities \| security	29	14
12 months or more, fair value	$ 38,901	$ 86,071
12 months or more, unrealized loss	$ 7,763	$ 7,783
12 months or more, no. of securities \| security	11	18
Total fair value	$ 189,291	$ 150,558
Total unrealized loss	10,227	8,139
States and political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value	957	0
Less than 12 months, unrealized loss	$ 44	$ 0
Less than 12 months, no. of securities \| security	1	0
12 months or more, fair value	$ 106,716	$ 111,040
12 months or more, unrealized loss	$ 31,672	$ 30,104
12 months or more, no. of securities \| security	66	67
Total fair value	$ 107,673	$ 111,040
Total unrealized loss	31,716	30,104
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value	116,576	44,379
Less than 12 months, unrealized loss	$ 2,808	$ 1,105
Less than 12 months, no. of securities \| security	27	14
12 months or more, fair value	$ 130,556	$ 117,654
12 months or more, unrealized loss	$ 21,485	$ 17,477
12 months or more, no. of securities \| security	43	34
Total fair value	$ 247,132	$ 162,033
Total unrealized loss	24,293	18,582
Commercial mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value	9,603	13,919
Less than 12 months, unrealized loss	$ 1,381	$ 1,845
Less than 12 months, no. of securities \| security	5	6
12 months or more, fair value	$ 70,476	$ 71,370
12 months or more, unrealized loss	$ 15,294	$ 15,231
12 months or more, no. of securities \| security	29	31
Total fair value	$ 80,079	$ 85,289
Total unrealized loss	$ 16,675	$ 17,076

Investment Securities - Summary of Held-to-maturity Securities by Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Debt securities, maturing within 1 year, amortized cost	$ 3,498
Debt securities, maturing 1 to 5 years, amortized cost	27,185
Debt securities, maturing 5 to 10 years, amortized cost	127,978
Debt securities, maturing over 10 years, amortized cost	616,376
Amortized cost	775,037	$ 683,895
Debt securities, maturing within 1 year, fair value	3,514
Debt securities, maturing 1 to 5 years, fair value	25,533
Debt securities, maturing 5 to 10 years, fair value	117,909
Debt securities, maturing over 10 years, fair value	545,543
Fair Value	$ 692,499	612,022
Held-to-maturity securities, maturing within 1 year, weighted average yield	3.24%
Held-to-maturity securities, maturing 1 to 5 years, weighted average yield	1.92%
Held-to-maturity securities, maturing 6 to 10 years, weighted average yield	3.79%
Held-to-maturity securities, maturing over 10 years, weighted average yield	3.91%
Held-to-maturity securities, total weighted average yield	3.82%
U.S. government sponsored agencies
Schedule of Held-to-maturity Securities [Line Items]
Debt securities, maturing within 1 year, amortized cost	$ 2,500
Debt securities, maturing 1 to 5 years, amortized cost	6,442
Debt securities, maturing 5 to 10 years, amortized cost	69,186
Debt securities, maturing over 10 years, amortized cost	155,174
Amortized cost	233,302	188,475
Debt securities, maturing within 1 year, fair value	2,500
Debt securities, maturing 1 to 5 years, fair value	6,143
Debt securities, maturing 5 to 10 years, fair value	68,638
Debt securities, maturing over 10 years, fair value	146,013
Fair Value	223,294	180,825
States and political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Debt securities, maturing within 1 year, amortized cost	998
Debt securities, maturing 1 to 5 years, amortized cost	7,629
Debt securities, maturing 5 to 10 years, amortized cost	20,724
Debt securities, maturing over 10 years, amortized cost	113,340
Amortized cost	142,691	144,496
Debt securities, maturing within 1 year, fair value	1,014
Debt securities, maturing 1 to 5 years, fair value	7,305
Debt securities, maturing 5 to 10 years, fair value	16,742
Debt securities, maturing over 10 years, fair value	85,787
Fair Value	110,848	114,288
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Debt securities, maturing within 1 year, amortized cost	0
Debt securities, maturing 1 to 5 years, amortized cost	207
Debt securities, maturing 5 to 10 years, amortized cost	3,919
Debt securities, maturing over 10 years, amortized cost	296,164
Amortized cost	300,290	248,559
Debt securities, maturing within 1 year, fair value	0
Debt securities, maturing 1 to 5 years, fair value	205
Debt securities, maturing 5 to 10 years, fair value	3,443
Debt securities, maturing over 10 years, fair value	272,630
Fair Value	276,278	231,620
Commercial mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Debt securities, maturing within 1 year, amortized cost	0
Debt securities, maturing 1 to 5 years, amortized cost	12,907
Debt securities, maturing 5 to 10 years, amortized cost	34,149
Debt securities, maturing over 10 years, amortized cost	51,698
Amortized cost	98,754	102,365
Debt securities, maturing within 1 year, fair value	0
Debt securities, maturing 1 to 5 years, fair value	11,880
Debt securities, maturing 5 to 10 years, fair value	29,086
Debt securities, maturing over 10 years, fair value	41,113
Fair Value	$ 82,079	$ 85,289

Investment Securities - Summary of Other Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Investments Carrying Value [Line Items]
Total other investment securities	$ 60,132	$ 63,421
Carrying Amount
Other Investments Carrying Value [Line Items]
FHLB stock	24,606	29,949
FRB stock	27,114	26,896
Nonqualified deferred compensation	4,898	3,162
Equity investment securities	2,645	2,545
Other investment securities	$ 869	$ 869

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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Debt Securities, Available-for-sale [Line Items]

Investment Securities - Summary of Pledged Securities (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Held-to-maturity

^[1]

$ 774,800

$ 683,657

Asset Pledged as Collateral | Securing public and trust department deposits, and Repurchase Agreements:

Debt Securities, Available-for-sale [Line Items]

Available-for-sale

505,963

713,033

Held-to-maturity

563,014

559,142

Asset Pledged as Collateral | Securing additional borrowing capacity at the FHLB and the FRB:

Debt Securities, Available-for-sale [Line Items]

Available-for-sale

3,119

85,899

Held-to-maturity

$ 1,215

$ 39,607

[1]	Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $237, respectively, at December 31, 2024 and $0 and $238, respectively, at December 31, 2023.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans and Leases, and Allowance for Credit Losses - Summary of Loans by Classification (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[1]

$ 6,358,003

$ 6,159,196

Deferred loan costs

20,200

21,700

Loans Receivable

Accounts, Notes, Loans and Financing Receivable [Line Items]

6,358,003

6,159,196

Unamortized discount

19,500

43,000

Construction

Commercial real estate, other

328,388

364,019

Accounts, Notes, Loans and Financing Receivable [Line Items]

Commercial and industrial

2,156,013

2,196,957

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

1,347,645

1,184,986

Premium finance

269,435

203,177

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

406,598

414,060

Residential real estate

Home equity lines of credit

835,101

791,095

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

232,661

208,675

Consumer, indirect

Accounts, Notes, Loans and Financing Receivable [Line Items]

669,857

666,472

Consumer, direct

Deposit account overdrafts

111,052

128,769

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing Receivable, Allowance for Credit Loss [Line Items]

$ 1,253

$ 986

[1]	Also referred to throughout this Form 10-K as “total loans” and “loans held for investment.”

Loans and Leases, and Allowance for Credit Losses - Narrative (Details)
$ in Thousands

6 Months Ended

12 Months Ended

Dec. 31, 2024

USD ($)

Dec. 31, 2024

USD ($)

relationship

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Percent of loans considered current

98.70%

98.60%

Individual review of impairment of unpaid principal balances in excess of

$ 1,000

Aggregate credit exposure threshold

1,000

Provision for (Recovery of) Credit Losses

24,560

$ 15,345

Net charge-off

11,400

14,600

Credit loss, liability

2,000

1,800

Net charge-off

^[1]

24,787

15,174

$ (3,510)

Collateral Pledged

Financing Receivable, Allowance for Credit Loss [Line Items]

Individual review of impairment of unpaid principal balances in excess of

4,375

$ 4,375

501

Number of large relationships paid in full during year | relationship

4

Loans Receivable

Financing Receivable, Allowance for Credit Loss [Line Items]

Interest receivable

$ 23,100

24,500

Unfunded Loan Commitment

Financing Receivable, Allowance for Credit Loss [Line Items]

Net charge-off

$ 200

[1]	The provision for credit losses includes changes related to the allowance for credit losses on loans, held-to-maturity investment securities, and the unfunded commitment liability.

Loans and Leases, and Allowance for Credit Losses - Summary of Nonaccrual and Past Due Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	$ 34,129	$ 25,477
Accruing Loans 90+ Days Past Due	8,637	6,716
Financing receivable, nonaccrual, no allowance	5,700	1,200
Commercial real estate, other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	7,136	2,816
Accruing Loans 90+ Days Past Due	227	78
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	6,809	2,758
Accruing Loans 90+ Days Past Due	78	316
Premium finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	0	0
Accruing Loans 90+ Days Past Due	4,947	1,355
Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	8,850	8,436
Accruing Loans 90+ Days Past Due	803	3,826
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	7,329	7,921
Accruing Loans 90+ Days Past Due	2,166	877
Home equity lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	1,498	1,022
Accruing Loans 90+ Days Past Due	213	171
Consumer, indirect
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	2,374	2,412
Accruing Loans 90+ Days Past Due	159	68
Consumer, direct
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual	133	112
Accruing Loans 90+ Days Past Due	$ 44	$ 25

Loans and Leases, and Allowance for Credit Losses - Summary of Aging of The Recorded Investment In Past Due Loans and Leases (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[1]

$ 6,358,003

$ 6,159,196

Construction

Commercial real estate, other

328,388

364,019

Accounts, Notes, Loans and Financing Receivable [Line Items]

Commercial and industrial

2,156,013

2,196,957

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

1,347,645

1,184,986

Premium finance

269,435

203,177

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

406,598

414,060

Residential real estate

Home equity lines of credit

835,101

791,095

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

232,661

208,675

Consumer, indirect

Accounts, Notes, Loans and Financing Receivable [Line Items]

669,857

666,472

Consumer, direct

Deposit account overdrafts

111,052

128,769

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

1,253

986

Total

Accounts, Notes, Loans and Financing Receivable [Line Items]

84,925

83,679

Total | Construction

Total | Commercial real estate, other

0

65

Accounts, Notes, Loans and Financing Receivable [Line Items]

Total | Commercial and industrial

8,893

8,856

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

6,785

6,260

Total | Premium finance

Accounts, Notes, Loans and Financing Receivable [Line Items]

9,266

3,510

Total | Leases

Total | Residential real estate

25,757

29,689

Accounts, Notes, Loans and Financing Receivable [Line Items]

Total | Home equity lines of credit

19,790

21,235

Accounts, Notes, Loans and Financing Receivable [Line Items]

Total | Consumer, indirect

2,883

2,935

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

10,416

10,268

Total | Consumer, direct

Total | Deposit account overdrafts

1,135

861

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

0

30 – 59 days

30 – 59 days | Construction

39,161

42,095

Accounts, Notes, Loans and Financing Receivable [Line Items]

30 – 59 days | Commercial real estate, other

0

13

Accounts, Notes, Loans and Financing Receivable [Line Items]

30 – 59 days | Commercial and industrial

1,300

2,728

Accounts, Notes, Loans and Financing Receivable [Line Items]

30 – 59 days | Premium finance

1,651

1,717

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

3,863

1,288

30 – 59 days | Leases

30 – 59 days | Residential real estate

10,941

12,743

Accounts, Notes, Loans and Financing Receivable [Line Items]

30 – 59 days | Home equity lines of credit

11,481

14,021

Accounts, Notes, Loans and Financing Receivable [Line Items]

30 – 59 days | Consumer, indirect

1,473

1,561

Accounts, Notes, Loans and Financing Receivable [Line Items]

30 – 59 days | Consumer, direct

7,568

7,488

Accounts, Notes, Loans and Financing Receivable [Line Items]

30 – 59 days | Deposit account overdrafts

884

536

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

0

60 – 89 days

60 – 89 days | Construction

12,855

17,154

Accounts, Notes, Loans and Financing Receivable [Line Items]

60 – 89 days | Commercial real estate, other

0

52

Accounts, Notes, Loans and Financing Receivable [Line Items]

60 – 89 days | Commercial and industrial

1,585

4,556

Accounts, Notes, Loans and Financing Receivable [Line Items]

60 – 89 days | Premium finance

583

1,491

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

456

867

60 – 89 days | Leases

60 – 89 days | Residential real estate

5,241

4,932

Accounts, Notes, Loans and Financing Receivable [Line Items]

60 – 89 days | Home equity lines of credit

3,038

2,733

Accounts, Notes, Loans and Financing Receivable [Line Items]

60 – 89 days | Consumer, indirect

317

691

Accounts, Notes, Loans and Financing Receivable [Line Items]

60 – 89 days | Consumer, direct

1,522

1,550

Accounts, Notes, Loans and Financing Receivable [Line Items]

60 – 89 days | Deposit account overdrafts

113

282

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

0

90 + Days

Accounts, Notes, Loans and Financing Receivable [Line Items]

32,909

24,430

90 + Days | Construction

90 + Days | Commercial real estate, other

0

Accounts, Notes, Loans and Financing Receivable [Line Items]

90 + Days | Commercial and industrial

6,008

1,572

Accounts, Notes, Loans and Financing Receivable [Line Items]

90 + Days | Premium finance

4,551

3,052

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

4,947

1,355

90 + Days | Leases

90 + Days | Residential real estate

9,575

12,014

Accounts, Notes, Loans and Financing Receivable [Line Items]

90 + Days | Home equity lines of credit

5,271

4,481

Accounts, Notes, Loans and Financing Receivable [Line Items]

90 + Days | Consumer, indirect

1,093

683

Accounts, Notes, Loans and Financing Receivable [Line Items]

90 + Days | Consumer, direct

1,326

1,230

Accounts, Notes, Loans and Financing Receivable [Line Items]

90 + Days | Deposit account overdrafts

138

43

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

0

Current

Accounts, Notes, Loans and Financing Receivable [Line Items]

6,273,078

6,075,517

Current | Construction

Current | Commercial real estate, other

328,388

363,954

Accounts, Notes, Loans and Financing Receivable [Line Items]

Current | Commercial and industrial

2,147,120

2,188,101

Accounts, Notes, Loans and Financing Receivable [Line Items]

Current | Premium finance

1,340,860

1,178,726

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

260,169

199,667

Current | Leases

Current | Residential real estate

380,841

384,371

Accounts, Notes, Loans and Financing Receivable [Line Items]

Current | Home equity lines of credit

815,311

769,860

Accounts, Notes, Loans and Financing Receivable [Line Items]

Current | Consumer, indirect

229,778

205,740

Accounts, Notes, Loans and Financing Receivable [Line Items]

Current | Consumer, direct

659,441

656,204

Accounts, Notes, Loans and Financing Receivable [Line Items]

Current | Deposit account overdrafts

109,917

127,908

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 1,253

$ 986

[1]	Also referred to throughout this Form 10-K as “total loans” and “loans held for investment.”

Loans and Leases, and Allowance for Credit Losses - Summary of Pledged Securities (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[1]

$ 6,358,003

$ 6,159,196

Loans pledged to FHLB

Loans pledged to FHLB | Asset Pledged as Collateral

835,101

791,095

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

1,218,496

1,206,134

Loans pledged to FRB

Loans pledged to FRB | Asset Pledged as Collateral

1,347,645

1,184,986

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 527,989

$ 419,245

[1]	Also referred to throughout this Form 10-K as “total loans” and “loans held for investment.”

Loans and Leases, and Allowance for Credit Losses - Summary of Related Party Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Loans and Leases Receivable, Related Parties [Roll Forward]
Balance, December 31, 2023	$ 20,166
New loans and disbursements	3,527
Repayments	(21,159)
Balance, December 31, 2024	$ 2,534

Loans and Leases, and Allowance for Credit Losses - Summary of Loans by Risk Category (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

$ 1,375,415

$ 1,352,734

1,041,884

1,206,325

941,034

1,025,875

807,980

536,750

408,078

430,610

1,487,235

1,336,994

296,377

269,908

5,559

11,007

^[1]

6,358,003

6,159,196

Originated one year before fiscal year, charge-offs

3,423

2,794

8,107

3,706

Originated two years before fiscal year, charge-offs

7,968

2,326

Originated three years before fiscal year, charge-offs

3,072

652

Originated four years before fiscal year, charge-offs

559

415

1,983

1,587

Accounts, Notes, Loans and Financing Receivable [Line Items]

25,112

11,480

Construction

69,862

81,473

163,766

146,592

48,668

85,913

30,592

27,169

1,845

9,995

13,655

12,877

0

0

328,388

364,019

Originated one year before fiscal year, charge-offs

0

0

Originated two years before fiscal year, charge-offs

0

9

Originated three years before fiscal year, charge-offs

0

Originated four years before fiscal year, charge-offs

0

0

Commercial real estate, other

0

9

Accounts, Notes, Loans and Financing Receivable [Line Items]

131,387

200,851

223,101

343,158

380,592

377,480

363,953

246,607

215,708

271,145

799,250

719,674

42,022

38,042

0

230

2,156,013

2,196,957

Originated one year before fiscal year, charge-offs

0

0

Originated two years before fiscal year, charge-offs

376

0

Originated three years before fiscal year, charge-offs

0

39

Originated four years before fiscal year, charge-offs

0

55

575

Commercial and industrial

431

614

Accounts, Notes, Loans and Financing Receivable [Line Items]

312,610

226,512

212,047

198,560

152,222

218,575

164,166

102,274

82,001

61,758

170,268

145,468

254,331

231,839

4,828

9,431

1,347,645

1,184,986

Originated one year before fiscal year, charge-offs

0

14

36

Originated two years before fiscal year, charge-offs

0

202

Originated three years before fiscal year, charge-offs

17

25

Originated four years before fiscal year, charge-offs

105

173

532

415

Accounts, Notes, Loans and Financing Receivable [Line Items]

668

851

Premium finance

265,504

201,659

3,837

1,517

94

1

0

0

0

0

0

269,435

203,177

Originated one year before fiscal year, charge-offs

67

25

109

97

Originated two years before fiscal year, charge-offs

33

0

Originated three years before fiscal year, charge-offs

0

Originated four years before fiscal year, charge-offs

0

0

209

122

Accounts, Notes, Loans and Financing Receivable [Line Items]

176,761

218,859

131,428

118,862

65,840

54,727

25,363

14,590

4,784

5,205

2,422

1,817

0

0

406,598

414,060

Originated one year before fiscal year, charge-offs

1,315

963

5,623

1,328

Originated two years before fiscal year, charge-offs

5,421

1,173

Originated three years before fiscal year, charge-offs

2,308

233

Originated four years before fiscal year, charge-offs

301

165

138

135

Accounts, Notes, Loans and Financing Receivable [Line Items]

15,106

3,997

Residential real estate

77,451

76,000

67,804

91,749

85,206

140,742

129,339

58,326

52,396

46,036

422,905

378,242

0

0

835,101

791,095

Originated one year before fiscal year, charge-offs

0

0

Originated two years before fiscal year, charge-offs

46

0

Originated three years before fiscal year, charge-offs

5

0

Originated four years before fiscal year, charge-offs

0

237

170

Home equity lines of credit

288

170

Accounts, Notes, Loans and Financing Receivable [Line Items]

54,724

39,725

37,555

42,565

37,915

33,467

27,446

19,872

16,617

14,420

58,380

58,599

24

27

731

1,346

232,661

208,675

Originated one year before fiscal year, charge-offs

0

0

Originated two years before fiscal year, charge-offs

0

Originated three years before fiscal year, charge-offs

0

Originated four years before fiscal year, charge-offs

0

11

110

Accounts, Notes, Loans and Financing Receivable [Line Items]

11

110

Consumer, indirect

239,867

248,169

176,672

226,193

148,907

97,489

57,478

59,602

30,543

18,836

16,390

16,183

0

0

669,857

666,472

Originated one year before fiscal year, charge-offs

497

609

2,207

2,091

Originated two years before fiscal year, charge-offs

1,880

865

Originated three years before fiscal year, charge-offs

691

255

Originated four years before fiscal year, charge-offs

141

63

763

147

Accounts, Notes, Loans and Financing Receivable [Line Items]

6,179

4,030

Consumer, direct

45,996

58,500

25,674

37,129

21,590

17,481

9,643

8,310

4,184

3,215

3,965

4,134

0

0

111,052

128,769

Originated one year before fiscal year, charge-offs

2

36

154

Originated two years before fiscal year, charge-offs

212

77

Originated three years before fiscal year, charge-offs

51

100

Originated four years before fiscal year, charge-offs

12

14

247

35

Deposit account overdrafts

678

416

Accounts, Notes, Loans and Financing Receivable [Line Items]

1,253

986

0

0

0

0

0

0

0

1,253

986

Originated one year before fiscal year, charge-offs

1,542

1,161

0

Originated two years before fiscal year, charge-offs

0

Originated three years before fiscal year, charge-offs

0

Originated four years before fiscal year, charge-offs

0

0

Accounts, Notes, Loans and Financing Receivable [Line Items]

1,542

1,161

Pass | Construction

69,862

80,273

162,605

141,245

47,133

85,913

30,592

27,169

1,845

9,995

13,540

12,723

0

0

Pass | Commercial real estate, other

325,577

357,318

Accounts, Notes, Loans and Financing Receivable [Line Items]

130,971

199,565

219,105

327,762

366,256

366,752

337,905

227,604

201,367

262,099

751,415

650,265

41,122

37,177

0

189

Pass | Commercial and industrial

2,048,141

2,071,224

Accounts, Notes, Loans and Financing Receivable [Line Items]

311,631

225,894

202,929

180,068

134,558

212,938

148,288

86,934

66,102

55,434

152,143

132,675

229,821

213,714

4,779

38

Accounts, Notes, Loans and Financing Receivable [Line Items]

1,245,472

1,107,657

Pass | Premium finance

265,504

201,659

3,837

1,517

94

1

0

0

0

0

0

Accounts, Notes, Loans and Financing Receivable [Line Items]

269,435

203,177

Pass | Leases

175,449

216,559

125,664

114,327

61,064

51,307

24,181

14,061

4,661

4,883

2,153

1,501

0

0

Pass | Residential real estate

393,172

402,638

Accounts, Notes, Loans and Financing Receivable [Line Items]

77,130

75,957

66,712

91,506

85,045

140,157

128,359

58,144

52,090

45,507

414,574

369,552

0

0

Pass | Home equity lines of credit

823,910

780,823

Accounts, Notes, Loans and Financing Receivable [Line Items]

54,724

39,706

37,417

42,565

37,752

33,406

27,430

19,838

16,583

14,297

57,303

57,482

24

27

731

1,346

Pass | Consumer, indirect

231,233

207,321

Accounts, Notes, Loans and Financing Receivable [Line Items]

239,584

247,829

176,115

225,225

148,210

96,698

56,846

59,044

30,231

18,644

16,129

15,977

0

0

Accounts, Notes, Loans and Financing Receivable [Line Items]

667,115

663,417

Pass | Consumer, direct

45,978

58,445

25,605

37,050

21,544

17,434

9,614

8,282

4,180

3,185

3,884

4,081

0

0

Special mention | Construction

110,805

128,477

Accounts, Notes, Loans and Financing Receivable [Line Items]

0

0

3,757

0

0

0

115

123

0

0

Special mention | Commercial real estate, other

115

3,880

Accounts, Notes, Loans and Financing Receivable [Line Items]

271

999

2,923

12,975

11,876

4,850

7,197

10,324

5,107

7,074

10,689

22,186

288

408

0

41

Special mention | Commercial and industrial

38,351

58,816

Accounts, Notes, Loans and Financing Receivable [Line Items]

779

540

9,019

12,051

10,886

533

4,449

9,723

12,049

4,722

13,537

6,336

19,465

16,236

0

8,614

Accounts, Notes, Loans and Financing Receivable [Line Items]

70,184

50,141

Special mention | Leases

791

363

1,529

1,140

476

365

81

5

1

0

5

0

0

Substandard | Construction

3,830

2,455

Accounts, Notes, Loans and Financing Receivable [Line Items]

0

1,200

1,161

1,590

1,535

0

0

0

0

31

0

0

Substandard | Commercial real estate, other

2,696

2,821

Accounts, Notes, Loans and Financing Receivable [Line Items]

145

287

1,073

2,421

2,460

5,878

18,851

8,679

9,234

1,972

37,136

47,213

612

457

0

Substandard | Commercial and industrial

69,511

66,907

Accounts, Notes, Loans and Financing Receivable [Line Items]

200

78

99

6,441

4,791

5,104

11,429

5,617

3,850

1,602

4,430

6,278

5,045

1,889

49

779

Accounts, Notes, Loans and Financing Receivable [Line Items]

29,844

27,009

Substandard | Leases

351

1,937

2,108

3,006

1,777

2,944

193

448

8

321

0

311

0

0

Substandard | Residential real estate

4,437

8,967

Accounts, Notes, Loans and Financing Receivable [Line Items]

321

43

1,088

243

161

585

980

182

306

529

8,087

8,604

0

0

Substandard | Home equity lines of credit

10,943

10,186

Accounts, Notes, Loans and Financing Receivable [Line Items]

0

19

138

0

163

61

16

34

34

123

1,069

1,109

0

0

Substandard | Consumer, indirect

1,420

1,346

Accounts, Notes, Loans and Financing Receivable [Line Items]

269

333

557

934

681

789

618

558

312

190

251

206

0

0

Substandard | Consumer, direct

2,688

3,010

Accounts, Notes, Loans and Financing Receivable [Line Items]

18

55

65

79

46

47

29

28

4

30

73

27

0

0

Doubtful | Commercial real estate, other

235

266

Accounts, Notes, Loans and Financing Receivable [Line Items]

0

0

0

0

0

10

0

0

Doubtful | Commercial and industrial

10

Accounts, Notes, Loans and Financing Receivable [Line Items]

0

0

1,987

0

0

0

158

179

0

0

Accounts, Notes, Loans and Financing Receivable [Line Items]

2,145

179

Doubtful | Leases

170

2,127

1,859

624

110

269

0

0

Loss | Residential real estate

5,159

Accounts, Notes, Loans and Financing Receivable [Line Items]

0

4

0

0

0

0

244

86

0

0

Loss | Home equity lines of credit

248

86

Accounts, Notes, Loans and Financing Receivable [Line Items]

0

0

0

0

0

8

0

0

Loss | Consumer, indirect

8

Accounts, Notes, Loans and Financing Receivable [Line Items]

14

7

0

34

16

2

14

0

0

2

10

0

0

0

Accounts, Notes, Loans and Financing Receivable [Line Items]

54

45

Loss | Consumer, direct

0

4

0

0

0

0

8

26

0

0

$ 12

$ 26

[1]	Also referred to throughout this Form 10-K as “total loans” and “loans held for investment.”

Loans and Leases, and Allowance for Credit Losses - Summary of Collateral Dependent (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total collateral dependent loans	$ 1,000
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total collateral dependent loans	4,375	$ 501
Commercial real estate, other \| Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total collateral dependent loans	2,764	0
Commercial and industrial \| Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total collateral dependent loans	959	0
Residential real estate \| Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total collateral dependent loans	0	501
Leases \| Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total collateral dependent loans	$ 652	$ 0

Loans and Leases, and Allowance for Credit Losses - Summary of Amortized Cost of Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 11,461	$ 9,377
Percentage of total by loan category	0.18%	0.15%
Forbearance Plan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 0	$ 184
Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	202	1,590
Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,012	6,622
Forbearance Plan and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	981
Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,247	0
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		$ 1,642
Percentage of total by loan category		0.45%
Construction \| Forbearance Plan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		$ 0
Construction \| Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		1,590
Construction \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		52
Construction \| Forbearance Plan and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		0
Construction \| Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		0
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 1,021	$ 2,344
Percentage of total by loan category	0.05%	0.11%
Commercial real estate \| Forbearance Plan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 0	$ 184
Commercial real estate \| Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Commercial real estate \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,021	2,160
Commercial real estate \| Forbearance Plan and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Commercial real estate \| Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 8,089	$ 5,091
Percentage of total by loan category	0.60%	0.43%
Commercial and industrial \| Forbearance Plan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 0	$ 0
Commercial and industrial \| Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Commercial and industrial \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	8,089	4,110
Commercial and industrial \| Forbearance Plan and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	981
Commercial and industrial \| Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 2,088
Percentage of total by loan category	0.51%
Leases \| Forbearance Plan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 0
Leases \| Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	189
Leases \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	652
Leases \| Forbearance Plan and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0
Leases \| Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,247
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 88	$ 91
Percentage of total by loan category	0.01%	0.01%
Residential real estate \| Forbearance Plan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 0	$ 0
Residential real estate \| Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Residential real estate \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	88	91
Residential real estate \| Forbearance Plan and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Residential real estate \| Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Home equity lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 162	$ 209
Percentage of total by loan category	0.07%	0.10%
Home equity lines of credit \| Forbearance Plan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 0	$ 0
Home equity lines of credit \| Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Home equity lines of credit \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	162	209
Home equity lines of credit \| Forbearance Plan and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	0
Home equity lines of credit \| Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0	$ 0
Consumer, indirect
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 13
Percentage of total by loan category	0.00%
Consumer, indirect \| Forbearance Plan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 0
Consumer, indirect \| Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	13
Consumer, indirect \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0
Consumer, indirect \| Forbearance Plan and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	0
Consumer, indirect \| Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 0

Loans and Leases, and Allowance for Credit Losses - Summary of Loan Modifications and Payment Deferrals (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-Average Term Extension (in months)		5 months
Average Amount Capitalized as a Result of a Payment Delay		$ 0
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-Average Term Extension (in months)	6 months	7 months
Average Amount Capitalized as a Result of a Payment Delay	$ 0	$ 0
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-Average Term Extension (in months)	7 months	5 months
Average Amount Capitalized as a Result of a Payment Delay	$ 0	$ 0
Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-Average Term Extension (in months)	26 months
Average Amount Capitalized as a Result of a Payment Delay	$ 0
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-Average Term Extension (in months)	1 month	213 months
Average Amount Capitalized as a Result of a Payment Delay	$ 0	$ 8,076
Home equity lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-Average Term Extension (in months)	89 months	187 months
Average Amount Capitalized as a Result of a Payment Delay	$ 0	$ 0
Consumer, indirect
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-Average Term Extension (in months)	13 months	2 months
Average Amount Capitalized as a Result of a Payment Delay	$ 0	$ 0

Loans and Leases, and Allowance for Credit Losses - Summary of Payment Deferral (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	$ 111	$ 159
Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	72	159
Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	13	0
Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	26	0
Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	26
Leases \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	0
Leases \| Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	0
Leases \| Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	26
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	72
Residential real estate \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	72
Residential real estate \| Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	0
Residential real estate \| Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	0
Consumer, indirect
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	13	11
Consumer, indirect \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	0	11
Consumer, indirect \| Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	13	0
Consumer, indirect \| Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted	$ 0	0
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted		148
Commercial and industrial \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted		148
Commercial and industrial \| Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted		0
Commercial and industrial \| Payment Delay and Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans that subsequently defaulted		$ 0

Loans and Leases, and Allowance for Credit Losses - Summary of Analysis of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	$ 11,461	$ 9,377
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	1,021	2,344
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified		1,642
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	8,089	5,091
Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	2,088
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	88	91
Home equity lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	162	209
Consumer, indirect
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	13
30 – 59 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	307	0
30 – 59 days \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0	0
30 – 59 days \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified		0
30 – 59 days \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	125	0
30 – 59 days \| Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	143
30 – 59 days \| Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	39	0
30 – 59 days \| Home equity lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0	0
30 – 59 days \| Consumer, indirect
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0
60 – 89 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	670	802
60 – 89 days \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0	0
60 – 89 days \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified		52
60 – 89 days \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	18	750
60 – 89 days \| Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	652
60 – 89 days \| Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0	0
60 – 89 days \| Home equity lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0	0
60 – 89 days \| Consumer, indirect
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0
90 + Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	72	148
90 + Days \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0	0
90 + Days \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified		0
90 + Days \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0	148
90 + Days \| Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	26
90 + Days \| Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	33	0
90 + Days \| Home equity lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0	0
90 + Days \| Consumer, indirect
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	13
Total Delinquent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	1,049	950
Total Delinquent \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0	0
Total Delinquent \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified		52
Total Delinquent \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	143	898
Total Delinquent \| Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	821
Total Delinquent \| Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	72	0
Total Delinquent \| Home equity lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	0	0
Total Delinquent \| Consumer, indirect
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	13
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	10,412	8,427
Current \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	1,021	2,344
Current \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified		1,590
Current \| Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	7,946	4,193
Current \| Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	1,267
Current \| Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	16	91
Current \| Home equity lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	162	$ 209
Current \| Consumer, indirect
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans modified	$ 0

Loans and Leases, and Allowance for Credit Losses - Summary of Activity in Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 62,011	$ 53,162
Initial Allowance for Acquired PCD Assets	0	2,051
Provision for (Recovery of) Credit Losses	24,560	15,345
Charge-offs	(25,112)	(11,480)
Recoveries	1,889	2,933
Ending balance	63,348	62,011
Construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	699	1,250
Initial Allowance for Acquired PCD Assets	0	0
Provision for (Recovery of) Credit Losses	179	(542)
Charge-offs	0	(9)
Recoveries	0	0
Ending balance	878	699
Commercial real estate, other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	20,915	17,710
Initial Allowance for Acquired PCD Assets	0	1,340
Provision for (Recovery of) Credit Losses	(4,355)	1,514
Charge-offs	(431)	(614)
Recoveries	127	965
Ending balance	16,256	20,915
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	10,490	8,229
Initial Allowance for Acquired PCD Assets	0	379
Provision for (Recovery of) Credit Losses	3,403	2,181
Charge-offs	(668)	(851)
Recoveries	58	552
Ending balance	13,283	10,490
Premium finance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	484	344
Initial Allowance for Acquired PCD Assets	0	0
Provision for (Recovery of) Credit Losses	359	238
Charge-offs	(209)	(122)
Recoveries	28	24
Ending balance	662	484
Leases
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	10,850	8,495
Initial Allowance for Acquired PCD Assets	0	0
Provision for (Recovery of) Credit Losses	16,621	5,990
Charge-offs	(15,106)	(3,997)
Recoveries	528	362
Ending balance	12,893	10,850
Residential real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,937	6,357
Initial Allowance for Acquired PCD Assets	0	228
Provision for (Recovery of) Credit Losses	588	(670)
Charge-offs	(288)	(170)
Recoveries	254	192
Ending balance	6,491	5,937
Home equity lines of credit
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,588	1,693
Initial Allowance for Acquired PCD Assets	0	18
Provision for (Recovery of) Credit Losses	208	(14)
Charge-offs	(11)	(110)
Recoveries	7	1
Ending balance	1,792	1,588
Consumer, indirect
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	8,590	7,448
Initial Allowance for Acquired PCD Assets	0	0
Provision for (Recovery of) Credit Losses	5,613	4,685
Charge-offs	(6,179)	(4,030)
Recoveries	552	487
Ending balance	8,576	8,590
Consumer, direct
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,343	1,575
Initial Allowance for Acquired PCD Assets	0	86
Provision for (Recovery of) Credit Losses	681	1,025
Charge-offs	(678)	(416)
Recoveries	50	73
Ending balance	2,396	2,343
Deposit account overdrafts
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	115	61
Initial Allowance for Acquired PCD Assets	0	0
Provision for (Recovery of) Credit Losses	1,263	938
Charge-offs	(1,542)	(1,161)
Recoveries	285	277
Ending balance	$ 121	$ 115

Bank Premises and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total bank premises and equipment	$ 194,742	$ 186,627
Accumulated depreciation	(91,073)	(82,771)
Net book value	103,669	103,856
Land
Property, Plant and Equipment [Line Items]
Total bank premises and equipment	23,066	23,680
Building and premises
Property, Plant and Equipment [Line Items]
Total bank premises and equipment	125,792	120,587
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total bank premises and equipment	$ 45,884	$ 42,360

Bank Premises and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 8.6	$ 7.7
Building and premises \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Building and premises \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years

Leases - Summary of Sales Type Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Interest and fees on leases	$ 47,498	$ 42,931
Lease income	$ 10,408	$ 7,844
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and fees on loans, Other non-interest income	Interest and fees on loans, Other non-interest income
Total lease income	$ 57,906	$ 50,775

Leases - Summary of Sales Type Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Lease payments receivable, at amortized cost	$ 448,027	$ 461,760
Estimated residual values	33,129	33,448
Initial direct costs	7,148	7,114
Deferred revenue	(81,706)	(88,262)
Allowance for credit losses - leases	(63,348)	(62,011)	$ (53,162)
Leases
Lessee, Lease, Description [Line Items]
Total leases, at amortized cost	406,598	414,060
Allowance for credit losses - leases	(12,893)	(10,850)	$ (8,495)
Net investment in sales-type leases	$ 393,705	$ 403,210

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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Leases - Summary of Sales Type Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 130,776
2026	93,937
2027	94,573
2028	67,639
2029	47,755
Thereafter	13,347
Lease payments receivable, at amortized cost	$ 448,027	$ 461,760

Leases - Narrative (Details)	Dec. 31, 2024
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	2 years
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	25 years

Leases - Summary of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 2,945	$ 3,030
Short-term lease expense	1,173	268
Variable lease expense	89	0
Total lease expense	$ 4,207	$ 3,298
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
ROU asset:	$ 10,419	$ 11,689
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities	Accrued expenses and other liabilities
Lease liability:	$ 10,968	$ 12,080
Weighted-average remaining lease term	9 years	9 years 6 months
Weighted-average discount rate	4.11%	3.34%
Cash paid during the year for operating leases	$ 2,876	$ 2,990
Additions for ROU assets obtained during the year	$ 1,660	$ 4,428	$ 880

Leases - Summary of Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 2,420
2026	2,130
2027	1,896
2028	1,420
2029	962
Thereafter	4,504
Total undiscounted lease payments	13,332
Imputed interest	(2,364)
Total lease liability	$ 10,968	$ 12,080

Goodwill and Other Intangible Assets - Summary of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill
Goodwill, beginning of year	$ 362,169	$ 292,397
Goodwill recorded from acquisitions	1,030	69,772
Goodwill, end of year	$ 363,199	$ 362,169

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section S99
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Goodwill and Other Intangible Assets - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) reporting_unit	Dec. 31, 2023 USD ($)	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Oct. 10, 2023 USD ($)	Apr. 30, 2023 USD ($)	Jan. 03, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Goodwill [Line Items]
Number of reporting units \| reporting_unit	1
Goodwill	$ 363,199	$ 362,169						$ 292,397
Weighted average amortization period	7 years 7 months 6 days
Servicing rights	$ 1,216	1,385						$ 1,816	$ 2,218
Fair Value
Goodwill [Line Items]
Servicing rights	3,000	3,200
Insurance Business
Goodwill [Line Items]
Goodwill			$ 800	$ 200	$ 400
Insurance Business \| Customer Relationships
Goodwill [Line Items]
Intangibles recorded from acquisitions	$ 600
Limestone Bancorp, Inc.
Goodwill [Line Items]
Goodwill						$ 68,831
Limestone Bancorp, Inc. \| Core Deposits
Goodwill [Line Items]
Intangibles recorded from acquisitions		$ 27,700
Trust And Investment Business
Goodwill [Line Items]
Goodwill							$ 600

Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangibles recorded from acquisitions	$ 550	$ 27,722
Accumulated amortization	(57,268)	(46,350)
Total acquisition-related intangibles	35,516
Total gross intangibles	94,597	66,875
Total acquisition-related intangibles	37,879	48,247
Servicing rights	1,216	1,385	$ 1,816	$ 2,218
Non-compete agreements	128	371
Total other intangibles	39,223	50,003
Indefinite-Lived Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangibles recorded from acquisitions	0	0
Gross intangibles	2,491	2,491
Total acquisition-related intangibles	2,491	2,491
Core Deposits
Finite-Lived Intangible Assets [Line Items]
Gross intangibles	54,186	26,464
Intangibles recorded from acquisitions	0	27,722
Accumulated amortization	(31,545)	(25,670)
Total acquisition-related intangibles	22,641	28,516
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross intangibles	37,920	37,920
Intangibles recorded from acquisitions	550	0
Accumulated amortization	(25,723)	(20,680)
Total acquisition-related intangibles	$ 12,747	$ 17,240

Goodwill and Other Intangible Assets - Summary of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Intangible Assets
2025	$ 8,845
2026	6,788
2027	5,231
2028	4,070
2029	3,330
Thereafter	7,252
Total acquisition-related intangibles	35,516
Core Deposits
Other Intangible Assets
2025	4,609
2026	3,736
2027	3,043
2028	2,608
2029	2,359
Thereafter	6,286
Total acquisition-related intangibles	22,641	$ 28,516
Customer Relationships
Other Intangible Assets
2025	4,124
2026	3,036
2027	2,188
2028	1,462
2029	971
Thereafter	966
Total acquisition-related intangibles	12,747
Non-Compete Agreements
Other Intangible Assets
2025	112
2026	16
2027	0
2028	0
2029	0
Thereafter	0
Total acquisition-related intangibles	$ 128

Goodwill and Other Intangible Assets - Summary of Servicing Rights Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance, beginning of year	$ 1,385	$ 1,816	$ 2,218
Amortization	(349)	(457)	(594)
Servicing rights originated	1,216	1,385	1,816
Change in valuation allowance	0	(1)	12
Balance, end of period	1,216	1,385	1,816
Servicing rights
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance, beginning of year	27	180
Servicing rights originated	180	27	180
Balance, end of period	$ 180	$ 27	$ 180

Goodwill and Other Intangible Assets - Summary of Discount Rates and Prepayment Speeds Servicing Rights (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Minimum
Finite-Lived Intangible Assets [Line Items]
Discount rates	12.50%	13.50%
Prepayment speeds	9.40%	7.70%
Maximum
Finite-Lived Intangible Assets [Line Items]
Discount rates	15.00%	16.00%
Prepayment speeds	16.00%	16.10%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Deposits - Summary of Deposit Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deposit Liability [Line Items]
Time deposits	$ 2,476,397
Interest-bearing deposit accounts	1,085,152	$ 1,144,357
Savings accounts	866,959	919,244
Money market deposit accounts	878,254	775,488
Governmental deposit accounts	775,782	726,713
Total interest-bearing deposits	6,082,544	5,535,272
Non-interest-bearing deposits	1,507,661	1,567,649
Total deposits	7,590,205	7,102,921
Brokered deposit accounts
Deposit Liability [Line Items]
Time deposits	554,982	526,053
Retail CDs:
Deposit Liability [Line Items]
$100 or more	1,092,261	815,300
Less than $100	829,154	628,117
Time deposits	$ 1,921,415	$ 1,443,417

Deposits - Narrative (Details)	Dec. 31, 2024 USD ($) contract	Dec. 31, 2023 USD ($)
Deposit Liability [Line Items]
Time deposits exceeding FDIC limit	$ 2,000,000,000.0	$ 2,000,000,000.0
Related party deposits	19,300,000	14,200,000
Asset Pledged as Collateral
Deposit Liability [Line Items]
Investment securities	0	$ 0
Asset Pledged as Collateral \| Deposits
Deposit Liability [Line Items]
Investment securities	656,900,000
Brokered CD's
Deposit Liability [Line Items]
Notional amount	$ 75,000,000
Interest Rate Swap
Deposit Liability [Line Items]
Number of derivative instruments \| contract	8
Notional amount	$ 75,000,000.0

Deposits - Broken Out by Time Remaining Until Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Banking and Thrift, Other Disclosure [Abstract]
3 months or less	$ 180,405	$ 58,708
Over 3 to 6 months	127,329	99,928
Over 6 to 12 months	91,197	131,263
Over 12 months	18,044	37,180
Total	$ 416,975	$ 327,079

Deposits - Summary of Time Deposit Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deposit Liability [Line Items]
2025	$ 2,272,883
2026	46,226
2027	83,279
2028	21,354
2029	52,635
Thereafter	20
Total CDs	2,476,397
Brokered
Deposit Liability [Line Items]
2025	417,790
2026	16,368
2027	59,991
2028	15,000
2029	45,833
Thereafter	0
Total CDs	554,982	$ 526,053
Retail
Deposit Liability [Line Items]
2025	1,855,093
2026	29,858
2027	23,288
2028	6,354
2029	6,802
Thereafter	20
Total CDs	$ 1,921,415	$ 1,443,417

Short-Term Borrowings - Summary of Short-term Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Short-term Borrowings
Short-term borrowings	$ 193,474	$ 650,497	$ 500,138
Average balance	301,306	498,032	196,790
Highest month-end balance	612,073	585,439	500,138
Interest expense	$ 15,545	$ 19,935	$ 2,661
Weighted-average interest rate, end of year	4.29%	4.66%	3.57%
Weighted-average interest rate, during the year	5.16%	4.00%	1.35%
Retail Repurchase Agreements
Short-term Borrowings
Short-term borrowings	$ 18,367	$ 99,121	$ 100,138
Average balance	44,036	102,530	113,434
Highest month-end balance	101,073	125,937	286,442
Interest expense	$ 1,065	$ 1,349	$ 274
Weighted-average interest rate, end of year	2.76%	1.54%	0.40%
Weighted-average interest rate, during the year	2.42%	1.32%	0.24%
FHLB Advances
Short-term Borrowings
Short-term borrowings	$ 175,000	$ 369,000	$ 400,000
Average balance	121,739	353,532	83,356
Highest month-end balance	348,000	484,000	400,000
Interest expense	$ 6,675	$ 18,058	$ 2,387
Weighted-average interest rate, end of year	4.45%	5.41%	4.36%
Weighted-average interest rate, during the year	5.48%	5.11%	2.86%
Other
Short-term Borrowings
Short-term borrowings	$ 107	$ 182,376	$ 0
Average balance	135,531	41,970	0
Highest month-end balance	213,045	133,000	0
Interest expense	$ 7,805	$ 528	$ 0
Weighted-average interest rate, end of year	1.40%	4.85%	0.00%
Weighted-average interest rate, during the year	5.76%	4.93%	0.00%

Short-Term Borrowings - Narrative (Details) - USD ($)		12 Months Ended
Short-Term Borrowings - Narrative (Details) - USD ($)	Apr. 03, 2019	Dec. 31, 2024	Dec. 31, 2023
Short-term Borrowings
Federal funds available from correspondent banks		$ 416,900,000
Minimum
Short-term Borrowings
Federal funds maturity term		1 day
Maximum
Short-term Borrowings
Federal funds maturity term		90 days
Bank Term Funding Program
Short-term Borrowings
Basis spread on variable rate		0.10%
US Bank Loan Agreement
Short-term Borrowings
Debt term	1 year
Line of credit facility, maximum borrowing capacity		$ 30,000,000
FHLB Advances \| Matured Debt
Short-term Borrowings
Long-term borrowings reclassified to short-term based on maturity date		$ 0	$ 60,000,000.0

Long-Term Borrowings - Summary of Long-Term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Long-term borrowings:
Total long-term borrowings	$ 238,073	$ 216,241
Total long-term borrowings, weighted-average rate	5.51%	5.89%
FHLB putable, non-amortizing, fixed rate advances
Long-term borrowings:
Long-term FHLB advances	$ 130,000	$ 110,000
Federal Home Loan Bank, advances, weighted average interest rate	4.04%	3.98%
FHLB amortizing, fixed rate advances
Long-term borrowings:
Long-term FHLB advances	$ 1,868	$ 2,865
Federal Home Loan Bank, advances, weighted average interest rate	1.85%	1.81%
Vantage non-recourse borrowings
Long-term borrowings:
Vantage non-recourse borrowings	$ 51,330	$ 49,572
Weighted average interest rate	6.96%	6.26%
Other long-term borrowings
Long-term borrowings:
Weighted average interest rate	7.76%	9.67%
Other long-term borrowings	$ 54,875	$ 53,804

Long-Term Borrowings - Narrative (Details) $ in Millions	12 Months Ended
Long-Term Borrowings - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) advance	Dec. 31, 2023 USD ($) advance	Apr. 30, 2023 trust	Sep. 17, 2021 USD ($)	Mar. 06, 2015 USD ($)
FHLB Advances
Long-term borrowings
Number of non-callable FHLB advances \| advance	1	3
Number of FHLB advances \| advance		4
Number of callable FHLB advances \| advance		1
Limestone Bancorp, Inc.
Long-term borrowings
Number of trust preferred securities acquired \| trust			4
Fixed 4.36% Non-Callable Federal Home Loan Bank Advance \| FHLB Advances
Long-term borrowings
Long-term FHLB advances	$ 20.0
FHBL advances, bank interest rate	4.36%
Fixed 4.40% Non-Callable Federal Home Loan Bank Advance \| FHLB Advances
Long-term borrowings
Long-term FHLB advances		$ 60.0
FHBL advances, bank interest rate		4.40%
Fixed 4.30% Non-Callable Federal Home Loan Bank Advance \| FHLB Advances
Long-term borrowings
Long-term FHLB advances		$ 10.0
FHBL advances, bank interest rate		4.30%
Fixed 4.11% Non-Callable Federal Home Loan Bank Advance \| FHLB Advances
Long-term borrowings
Long-term FHLB advances		$ 10.0
FHBL advances, bank interest rate		4.11%
Fixed 4.59% Callable Federal Home Loan Bank Advance \| FHLB Advances
Long-term borrowings
Long-term FHLB advances		$ 10.0
FHBL advances, bank interest rate		4.59%
FHLB putable, non-amortizing, fixed rate advances \| FHLB Advances
Long-term borrowings
FHBL advances, initial fixed rate period	3 months
FHLB putable, non-amortizing, fixed rate advances \| Minimum \| FHLB Advances
Long-term borrowings
FHBL advances, bank interest rate	2.17%
FHLB advances, maturities period	2 years
FHLB putable, non-amortizing, fixed rate advances \| Maximum \| FHLB Advances
Long-term borrowings
FHBL advances, bank interest rate	4.59%
FHLB advances, maturities period	4 years
FHLB amortizing, fixed rate advances \| Minimum \| FHLB Advances
Long-term borrowings
FHBL advances, bank interest rate	1.25%
FHLB advances, maturities period	3 years
FHLB amortizing, fixed rate advances \| Maximum \| FHLB Advances
Long-term borrowings
FHBL advances, bank interest rate	3.83%
FHLB advances, maturities period	7 years
Vantage non-recourse borrowings \| Minimum \| FHLB Advances
Long-term borrowings
Junior subordinated debt securities, Weighted average interest rate	2.82%
Vantage non-recourse borrowings \| Maximum \| FHLB Advances
Long-term borrowings
Junior subordinated debt securities, Weighted average interest rate	11.25%
Other long-term borrowings \| NB&T Financial Group, Inc. \| FHLB Advances
Long-term borrowings
Junior subordinated debt securities, Weighted average interest rate	6.21%
Par Value					$ 9.0
Other long-term borrowings	$ 8.2				$ 6.6
Other long-term borrowings \| Premier Financial Bancorp, Inc. \| FHLB Advances
Long-term borrowings
Junior subordinated debt securities, Weighted average interest rate	7.84%
Par Value				$ 6.2
Other long-term borrowings	$ 5.9			$ 6.1

Long-Term Borrowings - Summary of Subordinated Borrowing (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2023
Long-term borrowings
Long-term borrowings	$ 238,073	$ 216,241
Various Subordinated Borrowings
Long-term borrowings
Par Value			$ 46,000
Fair Value			39,453
Long-term borrowings	40,803
Ascencia Statutory Trust I
Long-term borrowings
Par Value			3,000
Fair Value			2,430
Long-term borrowings	$ 2,539
Interest Rate	7.46%
Porter Statutory Trust II
Long-term borrowings
Par Value			5,000
Fair Value			4,050
Long-term borrowings	$ 4,231
Interest Rate	7.46%
Porter Statutory Trust III
Long-term borrowings
Par Value			3,000
Fair Value			2,410
Long-term borrowings	$ 2,523
Interest Rate	7.40%
Porter Statutory Trust IV
Long-term borrowings
Par Value			10,000
Fair Value			6,886
Long-term borrowings	$ 7,480
Interest Rate	6.43%
Floating rate subordinated deferrable interest debentures
Long-term borrowings
Par Value			25,000
Fair Value			$ 23,677
Long-term borrowings	$ 24,030
Interest Rate	8.80%

Long-Term Borrowings - Summary of Aggregate Minimum Annual Retirements of Long-Term Borrowings (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Balance
2025	$ 6,169
2026	60,516
2027	8,997
2028	88,747
2029	41,095
Thereafter	38,674
Total long-term borrowings	$ 244,198

Stockholders' Equity - Summary of Common Stock and Treasury Stock (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stock by Class
Common stock, beginning of period (in shares)	36,736,041
Treasury stock, beginning of period (in shares)	1,511,348
Changes related to deferred compensation plan for Boards of Directors:
Common stock, end of period (in shares)	36,782,601	36,736,041
Treasury stock, end of period (in shares)	1,311,175	1,511,348
Common Stock
Increase (Decrease) in Stock by Class
Common stock, beginning of period (in shares)	36,736,041	29,857,920	29,814,401
Changes related to stock-based compensation awards:
Grant of common shares (in shares)		0	0
Release of restricted common shares (in shares)	0	0	0
Cancellation of restricted common shares (in shares)	0	0	0
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock (in shares)	0	0	0
Disbursed out of treasury stock (in shares)	0	0	0
Common shares purchased under repurchase program (in shares)	0	0	0
Common shares issued under dividend reinvestment plan (in shares)	46,560	50,453	43,519
Common shares issued under compensation plan for boards of directors (in shares)	0	0	0
Common shares issued under employee stock purchase plan (in shares)	0	0	0
Issuance of common shares related to the merger (in shares)		6,827,668
Common stock, end of period (in shares)	36,782,601	36,736,041	29,857,920
Common Stock \| Restricted Shares
Changes related to stock-based compensation awards:
Grant of common shares (in shares)	0	0	0
Treasury Stock
Increase (Decrease) in Stock by Class
Treasury stock, beginning of period (in shares)	1,511,348	1,643,461	1,577,359
Changes related to stock-based compensation awards:
Grant of common shares (in shares)	(1,700)	(1,900)	(1,500)
Release of restricted common shares (in shares)	30,486	43,087	39,445
Cancellation of restricted common shares (in shares)	39,408	16,778	5,452
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock (in shares)	14,945	21,042	15,688
Disbursed out of treasury stock (in shares)	(12,833)	(4,368)	(3,039)
Common shares purchased under repurchase program (in shares)	100,905	107,219	263,183
Common shares issued under dividend reinvestment plan (in shares)	0	0	0
Common shares issued under compensation plan for boards of directors (in shares)	(16,220)	(19,931)	(17,626)
Common shares issued under employee stock purchase plan (in shares)	(41,761)	(34,392)	(18,832)
Issuance of common shares related to the merger (in shares)		0
Treasury stock, end of period (in shares)	1,311,175	1,511,348	1,643,461
Treasury Stock \| Restricted Shares
Changes related to stock-based compensation awards:
Grant of common shares (in shares)	(313,403)	(259,648)	(216,669)

Stockholders' Equity - Narrative (Details) - USD ($)	12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 28, 2021
Class of Stock
Authorized amount				$ 30,000,000
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Share Repurchase Program Authorized On January 28, 2021
Class of Stock
Common shares purchased under repurchase program (in shares)	100,905	107,219	263,183
Common shares purchased under repurchase program	$ 3,000,000	$ 3,000,000	$ 7,400,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Stockholders' Equity - Summary of Dividends Declared (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Common stock, dividends, per common share (in usd per share)	$ 0.40	$ 0.40	$ 0.40	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.38	$ 1.59	$ 1.55

Stockholders' Equity - Summary of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,053,534	$ 785,328	$ 845,025
Realized loss on sale of securities, net of tax	319	2,836	47
Realized loss due to settlement and curtailment, net of tax	0	1,858	142
Other comprehensive income (loss), net of reclassifications and tax	(9,114)	20,852	(115,706)
Ending balance	1,111,590	1,053,534	785,328
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(101,590)	(127,136)	(11,619)
Ending balance	(110,385)	(101,590)	(127,136)
Unrealized Gain (Loss) on Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(104,222)	(129,896)	(5,946)
Realized loss on sale of securities, net of tax	319	2,836	47
Realized loss due to settlement and curtailment, net of tax	0	0	0
Other comprehensive income (loss), net of reclassifications and tax	(7,926)	22,838	(123,997)
Ending balance	(111,829)	(104,222)	(129,896)
Unrecognized Net Pension and Postretirement Costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	(1,633)	(1,881)
Realized loss on sale of securities, net of tax	0	0	0
Realized loss due to settlement and curtailment, net of tax	0	1,858	142
Other comprehensive income (loss), net of reclassifications and tax	0	(225)	106
Ending balance	0	0	(1,633)
Unrealized (Loss) Gain on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2,632	4,393	(3,792)
Realized loss on sale of securities, net of tax	0	0	0
Realized loss due to settlement and curtailment, net of tax	0	0	0
Other comprehensive income (loss), net of reclassifications and tax	(1,188)	(1,761)	8,185
Ending balance	$ 1,444	$ 2,632	$ 4,393

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended			36 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023
Defined Benefit Plan Disclosure
Employer matching percentage					100.00%
Contribution matched by employer					6.00%
Matching contributions		$ 5.8	$ 5.4	$ 4.4
Pension Plan
Defined Benefit Plan Disclosure
Remaining benefit obligation	$ 7.7
Settlement charge	$ 2.4

Income Taxes - Summary of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amount
Income tax computed at statutory federal corporate income tax rate	$ 31,387	$ 30,476	$ 27,015
State taxes, net of federal benefit	3,286	3,053	2,277
Investment securities impairment	0	0	431
Nondeductible acquisition costs	0	168	42
Common share awards	(22)	(99)	12
Bank owned life insurance	(885)	(872)	(551)
Investments in tax credit funds	(601)	(352)	(629)
Captive insurance benefit	0	(330)	(421)
Tax-exempt interest income	(258)	(555)	(921)
Other, net	(648)	274	94
Income tax expense	$ 32,259	$ 31,763	$ 27,349
Rate
Income tax computed at statutory federal corporate income tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	2.20%	2.10%	1.80%
Investment securities impairment	0.00%	0.00%	0.30%
Nondeductible acquisition costs	0.00%	0.10%	0.00%
Common share awards	0.00%	(0.10%)	0.00%
Bank owned life insurance	(0.60%)	(0.60%)	(0.40%)
Investments in tax credit funds	(0.40%)	(0.20%)	(0.50%)
Captive insurance benefit	0.00%	(0.20%)	(0.30%)
Tax-exempt interest income	(0.20%)	(0.40%)	(0.70%)
Other, net	(0.40%)	0.20%	0.10%
Income tax expense	21.60%	21.90%	21.30%

Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Current income tax expense	$ 25,286	$ 32,001	$ 8,783
Deferred income tax (benefit) expense	6,973	(238)	18,566
Income tax expense	$ 32,259	$ 31,763	$ 27,349

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08(h))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Available-for-sale securities	$ 33,996	$ 31,774
Allowance for credit losses	15,035	14,902
Nonaccrual loan interest income	1,312	2,753
Accrued employee benefits	7,472	7,344
Lease obligation	2,523	2,822
Net operating loss carryforward	8,393	11,367
Purchase accounting adjustments	0	1,920
Other	1,837	1,622
Gross deferred tax assets	70,568	74,504
Valuation allowance	158	158
Total deferred tax assets	70,410	74,346
Equipment leases	11,790	11,286
Deferred loan income	2,015	3,117
Purchase accounting adjustments	3,219	0
Bank premises and equipment	5,283	5,116
Lease right-of-use assets	2,397	2,731
Derivative instruments	416	774
Other	2,312	3,951
Total deferred tax liabilities	27,432	26,975
Net deferred tax asset	$ 42,978	$ 47,371

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Federal tax carry forwards	$ 208
Operating loss carryforwards, valuation allowance	158
Federal income tax benefit from investment securities	87	$ 777	$ 13
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	39,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	2,200
Operating loss carryforwards, amount unlikely to be utilized	$ 2,200

Income Taxes - Summary of Income Tax Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Uncertain tax positions, beginning of year	$ 527	$ 89
Gross increase based on tax positions related to current year	45	527
Gross decrease due to the statute of limitations	0	(89)
Uncertain tax positions, end of year	$ 572	$ 527

Earnings Per Common Share - Calculations of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income available to common shareholders	$ 117,205	$ 113,363	$ 101,292
Less: Dividends paid on unvested common shares	786	531	354
Less: Undistributed loss allocated to unvested common shares	225	269	96
Net earnings allocated to common shareholders	$ 116,194	$ 112,563	$ 100,842
Weighted-average common shares outstanding (in shares)	34,779,548	32,533,086	27,908,022
Effect of potentially dilutive common shares (in shares)	367,806	227,722	91,580
Total weighted-average diluted common shares outstanding (in shares)	35,147,354	32,760,808	27,999,602
Earnings per common share:
Basic (in usd per share)	$ 3.34	$ 3.46	$ 3.61
Diluted (in usd per share)	$ 3.31	$ 3.44	$ 3.60
Anti-dilutive common shares excluded from calculation:
Restricted common shares (in shares)	7,836	9,123	0

Derivative Financial Instrument - Narrative (Details)	12 Months Ended
Derivative Financial Instrument - Narrative (Details)	Dec. 31, 2024 USD ($) contract	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Maximum length of time hedged	4 years
Reclassifications into Interest expense on cash flow hedge	$ 3,000,000	$ 300,000
Cash pledged to Peoples from counterparties	12,300,000	12,800,000
Investment securities, counterparties pledged	1,900,000	2,200,000
Asset Pledged as Collateral
Derivative [Line Items]
Investment securities	0	0
Brokered CD's
Derivative [Line Items]
Notional amount	$ 75,000,000
Interest Rate Swap
Derivative [Line Items]
Number of instruments held \| contract	8
Notional amount	$ 75,000,000.0
Restricted cash	$ 0	$ 0

Derivative Financial Instruments - Summary of Interest Rate Swaps Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Pre-tax changes in fair value included in AOCL	$ (1,550)	$ (2,293)	$ 10,606
Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	75,000	105,000
Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 75,000	$ 105,000
Weighted average pay rates	2.45%	2.22%
Weighted average receive rates	4.49%	4.63%
Weighted average maturity	1 year 6 months	2 years
Pre-tax changes in fair value included in AOCL	$ 1,885	$ 3,434

Nominal or face amount used to calculate payments on the derivative asset.

Derivative Financial Instruments - Summary of Gains or Losses Recorded in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of income recognized in AOCL, pre-tax	$ (1,550)	$ (2,293)	$ 10,606

Derivative Financial Instruments - Summary of Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative asset, notional amount	$ 75,000	$ 105,000
Derivative asset, fair value	1,784	3,314
Interest rate swaps related to debt
Derivative [Line Items]
Derivative asset, notional amount	75,000	105,000
Derivative asset, fair value	$ 1,784	$ 3,314

Nominal or face amount used to calculate payments on the derivative asset.

Derivative Financial Instruments - Summary of Derivatives Not Designated as Hedging (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative asset, notional amount	$ 453,367	$ 416,106
Derivative asset, fair value	16,959	18,990
Derivative liability, notional amount	453,367	416,106
Derivative liability, fair value	17,046	19,122
Interest Rate Swap
Derivative [Line Items]
Derivative asset, notional amount	453,367	416,106
Derivative asset, fair value	16,959	18,990
Derivative liability, notional amount	453,367	416,106
Derivative liability, fair value	$ 17,046	$ 19,122

Nominal or face amount used to calculate payments on the derivative asset.

Nominal or face amount used to calculate payments on the derivative liability.

Off-Balance Sheet Risk - Summary of Loan Commitments and Standby Letters of Credit (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Loan commitments	$ 1,384,044	$ 1,363,976
Standby letters of credit	8,398	14,318
Home equity lines of credit
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Loan commitments	254,168	244,367
Unadvanced construction loans
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Loan commitments	370,086	349,850
Other loan commitments
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Loan commitments	$ 759,790	$ 769,759

Regulatory Matters - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Regulatory Matters [Abstract]
Required reserve balances	$ 0.0	$ 0.0
Net profits available	$ 187.7

Regulatory Matters - Summary of Compliance with Regulatory Capital Requirements under Banking Regulations (Details)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
PEOPLES BANCORP, INC.
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common equity tier one capital	$ 833,128,000	$ 766,692,000
Common equity tier one capital ratio	0.1195	0.1156
Common equity tier one capital required for capital adequacy	$ 313,717,000	$ 298,393,000
Common equity tier 1 risk based capital required for capital adequacy to risk weighted assets	4.50%	4.50%
Common equity tier one capital required to be well-capitalized	$ 453,147,000	$ 431,011,000
Common equity tier 1 risk based capital required to be well capitalized to risk weighted assets	6.50%	6.50%
Tier one risk based capital	$ 863,974,000	$ 820,496,000
Tier one risk based capital to risk weighted assets	0.1239	0.1237
Tier one risk based capital required for capital adequacy	$ 418,289,000	$ 397,857,000
Tier one risk based capital required for capital adequacy to risk weighted assets	0.0600	0.0600
Tier one risk based capital required to be well capitalized	$ 557,719,000	$ 530,476,000
Tier one risk based capital required to be well capitalized to risk weighted assets	0.0800	0.0800
Capital	$ 946,724,000	$ 873,226,000
Capital to risk ratio	0.1358	0.1317
Capital required for capital adequacy	$ 557,719,000	$ 530,476,000
Capital required for capital adequacy to risk ratio	0.0800	0.0800
Capital required to be well capitalized	$ 697,149,000	$ 663,095,000
Capital required to be well capitalized to risk ratio	0.1000	0.1000
Tier one leverage capital	$ 863,974,000	$ 820,496,000
Tier one leverage capital to ratio	0.0973	0.0948
Tier one leverage capital required for capital adequacy	$ 355,219,000	$ 346,112,000
Tier one leverage capital required for capital adequacy to average assets ratio	0.0400	0.0400
Tier one leverage capital required to be well capitalized	$ 444,024,000	$ 432,640,000
Tier one leverage capital required to be well capitalized to average assets ratio	0.0500	0.0500
Regulatory capital conservation buffer	$ 389,005,000	$ 342,750,000
Regulatory capital conservation buffer ratio	0.0560	0.0517
Risk weighted assets	6,971,489,000	6,630,945,000
PEOPLES BANK
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common equity tier one capital	$ 840,443,000	$ 783,790,000
Common equity tier one capital ratio	0.1207	0.1185
Common equity tier one capital required for capital adequacy	$ 313,212,000	$ 297,638,000
Common equity tier 1 risk based capital required for capital adequacy to risk weighted assets	4.50%	4.50%
Common equity tier one capital required to be well-capitalized	$ 452,418,000	$ 429,921,000
Common equity tier 1 risk based capital required to be well capitalized to risk weighted assets	6.50%	6.50%
Tier one risk based capital	$ 840,443,000	$ 783,790,000
Tier one risk based capital to risk weighted assets	0.1207	0.1185
Tier one risk based capital required for capital adequacy	$ 417,617,000	$ 396,850,000
Tier one risk based capital required for capital adequacy to risk weighted assets	0.0600	0.0600
Tier one risk based capital required to be well capitalized	$ 556,822,000	$ 529,134,000
Tier one risk based capital required to be well capitalized to risk weighted assets	0.0800	0.0800
Capital	$ 903,969,000	$ 836,520,000
Capital to risk ratio	0.1299	0.1265
Capital required for capital adequacy	$ 556,822,000	$ 529,134,000
Capital required for capital adequacy to risk ratio	0.0800	0.0800
Capital required to be well capitalized	$ 696,028,000	$ 661,417,000
Capital required to be well capitalized to risk ratio	0.1000	0.1000
Tier one leverage capital	$ 840,443,000	$ 783,790,000
Tier one leverage capital to ratio	0.0948	0.0912
Tier one leverage capital required for capital adequacy	$ 354,499,000	$ 343,613,000
Tier one leverage capital required for capital adequacy to average assets ratio	0.0400	0.0400
Tier one leverage capital required to be well capitalized	$ 443,123,000	$ 429,517,000
Tier one leverage capital required to be well capitalized to average assets ratio	0.0500	0.0500
Regulatory capital conservation buffer	$ 347,147,000	$ 307,386,000
Regulatory capital conservation buffer ratio	0.0500	0.0465
Risk weighted assets	6,960,276,000	6,614,172,000
Minimum \| PEOPLES BANCORP, INC.
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory capital conservation buffer	174,287,000	165,774,000
Regulatory capital conservation buffer ratio	0.0250	0.0250
Minimum \| PEOPLES BANK
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory capital conservation buffer	174,007,000	165,354,000
Regulatory capital conservation buffer ratio	$ 0.0250	$ 0.0250

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan discount	15.00%
Unvested restricted common shares	$ 6.2
Weighted-average period of recognition	1 year 10 months 24 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares authorized under the 2006 equity plan (in shares)	750,000
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Intrinsic value of awards vested	$ 2.7	$ 3.7	$ 3.7
Restricted Shares \| Performance-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded (in shares)	283,712
Restricted Shares \| Time-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded (in shares)	29,692
Vesting period	3 years
Restricted Shares \| Minimum \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expiration period	1 year
Restricted Shares \| Maximum \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expiration period	5 years
2006 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized under 2006 Equity Plan (in shares)	1,493,297

Stock-Based Compensation - Summary of Restricted Shares Activity (Details) - Restricted Shares	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Time-Based Vesting
Number of Common Shares
Outstanding at January 1 (in shares) \| shares	142,419
Awarded (in shares) \| shares	29,692
Released (in shares) \| shares	(21,101)
Forfeited (in shares) \| shares	(10,779)
Outstanding at December 31 (in shares) \| shares	140,231
Weighted-Average Grant Date Fair Value
Outstanding at January 1 (in usd per share) \| $ / shares	$ 28.78
Awarded (in usd per share) \| $ / shares	30.73
Released (in usd per share) \| $ / shares	31.65
Forfeited (in usd per share) \| $ / shares	29.37
Outstanding at December 31 (in usd per share) \| $ / shares	$ 28.72
Performance-Based Vesting
Number of Common Shares
Outstanding at January 1 (in shares) \| shares	403,970
Awarded (in shares) \| shares	283,712
Released (in shares) \| shares	(72,825)
Forfeited (in shares) \| shares	(28,630)
Outstanding at December 31 (in shares) \| shares	586,227
Weighted-Average Grant Date Fair Value
Outstanding at January 1 (in usd per share) \| $ / shares	$ 31.21
Awarded (in usd per share) \| $ / shares	27.92
Released (in usd per share) \| $ / shares	31.49
Forfeited (in usd per share) \| $ / shares	29.43
Outstanding at December 31 (in usd per share) \| $ / shares	$ 29.67

Stock-Based Compensation - Summary of Stock-Based Compensation and Related Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 7,465	$ 6,024	$ 4,325
Recognized tax benefit	(1,740)	(1,402)	(1,007)
Net expense recognized	5,725	4,622	3,318
Total employee stock-based compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	6,973	5,476	3,819
Restricted common share grant expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	6,815	5,336	3,707
Employee stock purchase plan expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	158	140	112
Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 492	$ 548	$ 506

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Revenue - Summary of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Commission and fees from sale of insurance policies	$ 17,183	$ 16,382	$ 14,303
Performance-based commissions	2,218	1,634	1,424
Interchange income	19,731	19,380	16,674
Promotional and usage income	5,411	5,830	4,420
Ongoing maintenance fees for deposit accounts	6,937	6,425	5,323
Transaction-based fees	10,647	10,257	9,260
Other non-interest income transaction-based fees	1,703	1,650	1,499
Revenue	84,776	79,500	69,956
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue	68,775	65,177	57,111
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue	16,001	14,323	12,845
Commercial loan swap fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,433	782	662
Trust and investment income: \| Fiduciary Income
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	11,496	10,295	10,048
Trust and investment income: \| Brokerage Income
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 8,017	$ 6,865	$ 6,343

Revenue - Summary of Contract Assets and Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Contract Assets
Balance, January 1, 2024	$ 753
Additional income receivable	181
Receipt of income previously receivable	(35)
Balance, December 31, 2024	899
Contract Liabilities
Balance, January 1, 2024	5,776
Additional deferred income	269
Recognition of income previously deferred	(274)
Balance, December 31, 2024	$ 5,771

Acquisitions - Limestone Bancorp, Inc. Narrative (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Apr. 30, 2023 USD ($) branch shares	Sep. 30, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Other non-interest expense			$ 18,033	$ 20,945	$ 14,076
Professional fees			12,109	17,041	12,094
Salaries and employee benefit costs			150,041	144,031	112,690
Data processing and software expense			25,221	$ 21,607	$ 14,241
Common Stock
Business Acquisition [Line Items]
Issuance of common shares related to the merger (in shares) \| shares				6,827,668
Limestone Bancorp, Inc.
Business Acquisition [Line Items]
Number of branches operated \| branch	20
Common shares paid (in shares) \| shares	0.90
Equity interest issued	$ 177,900
Acquisition related costs			200	$ 16,900
Other non-interest expense			$ 400	2,900
Professional fees				6,000
Salaries and employee benefit costs				5,900
Data processing and software expense				1,800
Various other non-interest expense				$ 300
Contract termination fees		$ 1,800
Limestone Bancorp, Inc. \| Common Stock
Business Acquisition [Line Items]
Issuance of common shares related to the merger (in shares) \| shares	6,827,668

Acquisitions - Limestone Bancorp, Inc. (Details) - USD ($)
$ in Thousands

Apr. 30, 2023

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Assets

Allowance for credit losses (on PCD loans)

^[1]

$ 6,358,003

$ 6,159,196

(63,348)

(62,011)

$ (53,162)

Net loans

6,294,655

6,097,185

Intangibles recorded from acquisitions

550

27,722

Cash and balances due from banks

Goodwill

$ 363,199

$ 362,169

$ 292,397

Limestone Bancorp, Inc.

Business Acquisition [Line Items]

Total purchase price

$ 177,931

Assets

6,422

Interest-bearing deposits in other banks

87,115

Total cash and cash equivalents

93,537

Allowance for credit losses (on PCD loans)

1,077,929

(2,051)

Net loans

1,075,878

Bank premises and equipment, net of accumulated depreciation

17,690

Intangibles recorded from acquisitions

31,343

27,722

Other assets

36,874

Total assets

1,455,704

1,234,184

60,000

Accrued expenses and other liabilities

39,453

12,967

Total liabilities

1,346,604

Net assets

109,100

Goodwill

68,831

Limestone Bancorp, Inc. | Non-interest-bearing

Limestone Bancorp, Inc. | Interest-bearing

262,727

Limestone Bancorp, Inc. | Available-for-sale investment securities, at fair value

971,457

Assets

Limestone Bancorp, Inc. | Other investment securities

166,944

Assets

Limestone Bancorp, Inc. | Total investment securities

5,716

Assets