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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q
(Mark One)
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission File Number: 000-16772
PEO-LOGO-BANCORP-HORIZ-RGB_SOLID.jpg
PEOPLES BANCORP INC.
(Exact name of Registrant as specified in its charter)
Ohio 31-0987416
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
138 Putnam Street, P.O. Box 738,
Marietta,Ohio 45750
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (740)373-3155
 Not Applicable 
 (Former name, former address and former fiscal year, if changed since last report) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, without par valuePEBOThe Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x   No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  

APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 35,493,844 common shares, without par value, at April 30, 2024.


Table of Contents
Table of Contents


2

Table of Contents
PART I - FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 March 31,
2024
December 31,
2023
(Dollars in thousands)(Unaudited)
Assets  
Cash and cash equivalents:
Cash and balances due from banks$103,784 $111,680 
Interest-bearing deposits in other banks325,936 315,042 
Total cash and cash equivalents429,720 426,722 
Available-for-sale investment securities, at fair value (amortized cost of $1,262,319 at March 31, 2024 and $1,184,288 at December 31, 2023) (a)
1,116,466 1,048,322 
Held-to-maturity investment securities, at amortized cost (fair value of $602,112 at March 31, 2024 and $612,022 at December 31, 2023) (a)
679,506 683,657 
Other investment securities62,939 63,421 
Total investment securities (a)1,858,911 1,795,400 
Loans and leases, net of deferred fees and costs (b)6,202,827 6,159,196 
Allowance for credit losses (64,822)(62,011)
Net loans and leases (c)6,138,005 6,097,185 
Loans held for sale3,030 1,866 
Bank premises and equipment, net of accumulated depreciation107,258 103,856 
Bank owned life insurance141,568 140,554 
Goodwill362,169 362,169 
Other intangible assets47,116 50,003 
Other assets182,997 179,627 
Total assets$9,270,774 $9,157,382 
Liabilities  
Deposits:
Non-interest-bearing$1,468,363 $1,567,649 
Interest-bearing5,858,193 5,584,648 
Total deposits7,326,556 7,152,297 
Short-term borrowings513,496 601,121 
Long-term borrowings236,283 216,241 
Accrued expenses and other liabilities 132,437 134,189 
Total liabilities8,208,772 8,103,848 
Stockholders’ equity  
Preferred shares, no par value, 50,000 shares authorized, no shares issued at March 31, 2024 or at December 31, 2023
  
Common shares, no par value, 50,000,000 shares authorized, 36,747,787 shares issued at March 31, 2024 and 36,736,041 shares issued at December 31, 2023, including at each date shares held in treasury
861,925 865,227 
Retained earnings 343,076 327,237 
Accumulated other comprehensive loss, net of deferred income taxes(108,940)(101,590)
Treasury stock, at cost, 1,355,337 shares at March 31, 2024 and 1,511,348 shares at December 31, 2023
(34,059)(37,340)
Total stockholders’ equity1,062,002 1,053,534 
Total liabilities and stockholders’ equity$9,270,774 $9,157,382 
(a)    Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $238, respectively, at March 31, 2024, and $0 and $238, respectively, at December 31, 2023.
(b)    Also referred to throughout this Quarterly Report on Form 10-Q as "total loans" and "loans held for investment."
(c)    Also referred to throughout this Quarterly Report on Form 10-Q as "net loans."


See Notes to the Unaudited Condensed Consolidated Financial Statements

3

Table of Contents
PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended
March 31,
(Dollars in thousands, except per share data)20242023
Interest income:
Interest and fees on loans and leases$110,749 $71,762 
Interest and dividends on taxable investment securities13,919 11,003 
Interest on tax-exempt investment securities1,003 996 
Other interest income 1,922 388 
Total interest income127,593 84,149 
Interest expense:
Interest on deposits33,304 5,661 
Interest on short-term borrowings4,184 4,457 
Interest on long-term borrowings3,465 1,153 
Total interest expense40,953 11,271 
Net interest income86,640 72,878 
Provision for credit losses6,102 1,853 
Net interest income after provision for credit losses80,538 71,025 
Non-interest income:
Insurance income6,498 5,425 
Electronic banking income6,046 5,443 
Trust and investment income4,599 4,084 
Deposit account service charges4,223 3,523 
Bank owned life insurance income1,500 707 
Lease income1,236 1,077 
Mortgage banking income321 314 
Net loss on investment securities(1)(1,935)
Net loss on asset disposals and other transactions(341)(246)
Other non-interest income1,698 668 
Total non-interest income25,779 19,060 
Non-interest expense:
Salaries and employee benefit costs38,893 32,028 
Net occupancy and equipment expense6,283 4,955 
Data processing and software expense5,769 4,562 
Professional fees2,967 2,881 
Amortization of other intangible assets2,788 1,871 
Electronic banking expense1,781 1,491 
Federal Deposit Insurance Corporation ("FDIC") insurance expense
1,186 801 
Other loan expenses1,076 739 
Marketing expense1,056 930 
Franchise tax expense881 1,034 
Communication expense799 613 
Other non-interest expense4,986 4,574 
Total non-interest expense68,465 56,479 
Income before income taxes37,852 33,606 
Income tax expense8,268 7,046 
Net income$29,584 $26,560 
Earnings per common share - basic$0.85 $0.95 
Earnings per common share - diluted$0.84 $0.94 
Weighted-average number of common shares outstanding - basic34,740,349 27,891,760 
Weighted-average number of common shares outstanding - diluted35,051,810 28,021,879 
Cash dividends declared$13,745 $10,725 
Cash dividends declared per common share$0.39 $0.38 

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended
March 31,
(Dollars in thousands)20242023
Net income$29,584 $26,560 
Other comprehensive (loss) income:
Available-for-sale investment securities:
Gross unrealized holding (loss) gain arising during the period(9,887)20,362 
Related tax benefit (expense)2,340 (4,647)
Reclassification adjustment for net loss included in net income1 1,935 
Related tax expense (452)
Net effect on other comprehensive (loss) income(7,546)17,198 
Defined benefit plan:
Amortization of unrecognized loss and service cost on benefit plans 2 
Net effect on other comprehensive (loss) income 2 
Cash flow hedges:
Net gain (loss) arising during the period256 (1,356)
  Related tax (expense) benefit(60)313 
Net effect on other comprehensive (loss) income196 (1,043)
Total other comprehensive (loss) income, net of tax(7,350)16,157 
Total comprehensive income$22,234 $42,717 

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
Accumulated Other Comprehensive LossTotal Stockholders' Equity
Common SharesRetained EarningsTreasury Stock
(Dollars in thousands)
Balance, December 31, 2023$865,227 $327,237 $(101,590)$(37,340)$1,053,534 
Net income— 29,584 — — 29,584 
Other comprehensive loss, net of tax— — (7,350)— (7,350)
Cash dividends declared— (13,745)— — (13,745)
Reissuance of treasury stock for common share awards(6,862)— — 6,862  
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors— — — (869)(869)
Common shares repurchased under share repurchase program— — — (3,000)(3,000)
Common shares issued under dividend reinvestment plan455 — — — 455 
Common shares issued under compensation plan for Boards of Directors21 — — 117 138 
Common shares issued under employee stock purchase plan60 — — 171 231 
Stock-based compensation3,024 — — — 3,024 
Balance, March 31, 2024$861,925 $343,076 $(108,940)$(34,059)$1,062,002 
Accumulated Other Comprehensive LossTotal Stockholders' Equity
Common SharesRetained EarningsTreasury Stock
(Dollars in thousands)
Balance, December 31, 2022$686,450 $265,936 $(127,136)$(39,922)$785,328 
Net income— 26,560 — — 26,560 
Other comprehensive income, net of tax— — 16,157 — 16,157 
Cash dividends declared— (10,725)— — (10,725)
Reissuance of treasury stock for common share awards(4,685)— — 4,685  
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors— — — (920)(920)
Common shares issued under dividend reinvestment plan402 — — — 402 
Common shares issued under compensation plan for Boards of Directors8 — — 128 136 
Common shares issued under employee stock purchase plan42 — — 413 455 
Stock-based compensation2,150 — — — 2,150 
Balance, March 31, 2023$684,367 $281,771 $(110,979)$(35,616)$819,543 

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended
March 31,
(Dollars in thousands)20242023
Net cash provided by operating activities$37,009 $47,997 
Investing activities:
Available-for-sale investment securities:
Purchases(105,652)(22,873)
Proceeds from sales 95,362 
Proceeds from principal payments, calls and prepayments26,976 27,922 
Held-to-maturity investment securities:
Purchases(5,114)(167,169)
Proceeds from principal payments9,268 33,324 
Other investment securities:
Purchases(7,302)(4,792)
Proceeds from sales8,028 3,746 
Net increase in loans held for investment(43,339)(52,386)
Net expenditures for premises and equipment(3,870)(2,757)
Proceeds from sales of other real estate owned 107 
Business acquisitions, net of cash received (200)
Proceeds from bank owned life insurance contracts486  
Investment in limited partnership and tax credit funds(2,566)(267)
Net cash used in investing activities(123,085)(89,983)
Financing activities:  
Net decrease in non-interest-bearing deposits(99,286)(34,338)
Net increase in interest-bearing deposits273,573 105,991 
Net decrease in short-term borrowings(87,625)(9,468)
Proceeds from long-term borrowings26,770 2,899 
Payments on long-term borrowings(7,047)(8,450)
Cash dividends paid(13,893)(10,993)
Purchase of treasury stock under share repurchase program(3,000) 
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock
(869)(920)
Proceeds from issuance of common shares451 397 
Net cash provided by financing activities89,074 45,118 
Net increase in cash and cash equivalents2,998 3,132 
Cash and cash equivalents at beginning of period426,722 154,022 
Cash and cash equivalents at end of period$429,720 $157,154 
Supplemental cash flow information:
     Interest paid$37,614 $9,675 
     Income taxes paid70 105 
Supplemental noncash disclosures:
     Transfers from total loans to other real estate owned64  
Noncash recognition of new leases509 336 
See Notes to the Unaudited Condensed Consolidated Financial Statements


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PEOPLES BANCORP INC. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Summary of Significant Accounting Policies
Basis of Presentation: The accompanying Unaudited Condensed Consolidated Financial Statements of Peoples Bancorp Inc. and its 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.) have been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP") for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by US GAAP for annual financial statements and should be read in conjunction with Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("Peoples' 2023 Form 10-K").
The accounting and reporting policies followed in the presentation of the accompanying Unaudited Condensed Consolidated Financial Statements are consistent with those described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2023 Form 10-K, as updated by the information contained in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 (this "Form 10-Q"). Management has evaluated all significant events and transactions that occurred after March 31, 2024 for potential recognition or disclosure in these Unaudited Condensed Consolidated Financial Statements. In the opinion of management, these Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary to present fairly such information for the periods and at the dates indicated. Such adjustments are normal and recurring in nature. Intercompany accounts and transactions have been eliminated. The Consolidated Balance Sheet at December 31, 2023, contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2023 Form 10-K. 
The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes.  Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, due in part to seasonal variations and unusual or infrequently occurring items.
New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by Peoples as of the required effective dates. Refer to "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2023 Form 10-K. 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' financial statements taken as a whole.
Note 2 Fair Value of Assets and Liabilities
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 Unaudited Condensed 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 the 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" of the Notes to the Consolidated Financial Statements included in Peoples' 2023 Form 10-K.
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.


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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 Unaudited Consolidated Balance Sheets by level in the fair value hierarchy.
 Recurring Fair Value Measurements at Reporting Date
March 31, 2024December 31, 2023
(Dollars in thousands)Level 1Level 2Level 1Level 2
Assets:  
Available-for-sale investment securities:
Obligations of:  
U.S. Treasury and government agencies
$28,773 $ $30,296 $ 
 U.S. government sponsored agencies 200,460  118,607 
States and political subdivisions
 208,750  213,296 
Residential mortgage-backed securities 621,691  628,924 
Commercial mortgage-backed securities 50,791  51,234 
Bank-issued trust preferred securities 6,001  5,965 
Total available-for-sale securities$28,773 $1,087,693 $30,296 $1,018,026 
Equity investment securities (a)197 236 191 237 
Derivative assets (b) 25,149  22,304 
Liabilities:
Derivative liabilities (c)$ $21,684 $ $19,122 
(a)    Included in "Other investment securities" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 3 Investment Securities" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
(b)    Included in "Other assets" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
(c)    Included in "Accrued expenses and other liabilities" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
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, secured overnight funding rate ("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 or broker 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 Derivative Liabilities: Derivative assets and derivative liabilities are recognized on the Unaudited 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).


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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 Unaudited Consolidated Balance Sheets by level in the fair value hierarchy at March 31, 2024 and December 31, 2023.
 Non-Recurring Fair Value Measurements at Reporting Date
March 31, 2024December 31, 2023
(Dollars in thousands)Level 2Level 3Level 2Level 3
Assets:
Collateral dependent loans$ $1,928 $ $501 
Loans held for sale (a)2,123  1,663  
Other real estate owned 63  7,118 
(a) Loans held for sale are presented gross of a valuation allowance of $138 and $163 at March 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, which Peoples then 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"): OREO, included in "Other assets" on the Unaudited 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 and is 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).



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Financial Instruments Not Required to be Measured or 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 Unaudited Consolidated Balance Sheets.
 Fair Value Measurements of Other Financial Instruments
(Dollars in thousands)Fair Value Hierarchy LevelMarch 31, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash and cash equivalents1$429,720 $429,720 $426,722 $426,722 
Held-to-maturity investment securities:
   Obligations of:
U.S. government sponsored agencies2188,423 179,645 188,475 180,825 
States and political subdivisions (a)2144,315 113,075 144,496 114,288 
Residential mortgage-backed securities2246,579 225,621 248,559 231,620 
Commercial mortgage-backed securities2100,427 83,771 102,365 85,289 
        Total held-to-maturity securities679,744 602,112 683,895 612,022 
Other investment securities:
Other investment securities at cost:
Federal Home Loan Bank ("FHLB") stock N/A28,426 28,426 29,949 29,949 
Federal Reserve Bank ("FRB") stockN/A27,114 27,114 26,896 26,896 
Total other investment securities at cost55,540 55,540 56,845 56,845 
Other investment securities at fair value:
Nonqualified deferred compensation (b)13,890 3,890 3,162 3,162 
Other investment securities (c)23,076 3,076 2,985 2,985 
Total other investment securities 62,506 62,506 62,992 62,992 
Loans and leases, net of deferred fees and costs (d)36,202,827 6,059,878 6,159,196 6,064,999 
Bank owned life insurance 2141,568 141,568 140,554 140,554 
Liabilities:
Deposits2$7,326,556 $6,410,812 $7,152,297 $6,319,885 
Short-term borrowings2513,496 527,408 601,121 619,999 
Long-term borrowings2236,283 242,685 216,241 222,743 
(a) Held-to-maturity investment securities are presented gross of an allowance for credit losses of $238 at both March 31, 2024 and December 31, 2023.
(b) Nonqualified deferred compensation includes mutual funds as part of the investment.
(c)     "Other investment securities", as reported on the Unaudited Consolidated Balance Sheets, also included equity investment securities at March 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 $64.8 million and $62.0 million at March 31, 2024 and at December 31, 2023, respectively.

For certain financial assets and liabilities, carrying value approximates fair value due to the nature of the financial instrument. These financial instruments include cash and cash equivalents and overnight borrowings. 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 ninety days or less. The carrying amount for cash and cash equivalents balances are 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 and compares them to similar securities (Level 3). Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment

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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. 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 certificates of deposit ("CDs") is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities. Demand and other non-fixed-maturity deposits are estimated using a discounted cash flow calculation based on maturity, attrition and re-pricing assumptions (Level 2).
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 financial 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 fair values described above are not intended to represent the aggregate fair value of Peoples.

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Note 3 Investment Securities
Available-for-sale
The following table summarizes Peoples' available-for-sale investment securities:

(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2024    
Obligations of:    
U.S. Treasury and government agencies$29,807 $113 $(1,147)$28,773 
U.S. government sponsored agencies210,871 597 (11,008)200,460 
States and political subdivisions237,207 92 (28,549)208,750 
Residential mortgage-backed securities717,657 1,366 (97,332)621,691 
Commercial mortgage-backed securities60,277 1 (9,487)50,791 
Bank-issued trust preferred securities6,500  (499)6,001 
Total available-for-sale securities$1,262,319 $2,169 $(148,022)$1,116,466 
December 31, 2023    
Obligations of:    
U.S. Treasury and government agencies$30,999 $292 $(995)$30,296 
U.S. government sponsored agencies128,500 639 (10,532)118,607 
States and political subdivisions239,906 485 (27,095)213,296 
Residential mortgage-backed securities717,772 1,819 (90,667)628,924 
Commercial mortgage-backed securities60,611 5 (9,382)51,234 
Bank-issued trust preferred securities6,500  (535)5,965 
Total available-for-sale securities$1,184,288 $3,240 $(139,206)$1,048,322 

The gross gains and losses realized by Peoples from sales of available-for-sale securities for the periods ended March 31 were as follows:
Three Months Ended
March 31,
(Dollars in thousands)20242023
Gross gains realized$ $78 
Gross losses realized1 2,013 
Net (loss) gain realized$(1)$(1,935)
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.

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The following table presents a summary of available-for-sale investment securities that have been in a continuous unrealized loss position for the periods identified:
 Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized Loss
March 31, 2024        
Obligations of:
U.S. Treasury and government agencies
$12,003 $173 23 $11,565 $974 5 $23,568 $1,147 
U.S. government sponsored agencies
63,921 114 10 77,014 10,894 15 140,935 11,008 
States and political subdivisions26,352 439 66 171,591 28,110 144 197,943 28,549 
Residential mortgage-backed securities
70,006 1,833 75 517,070 95,499 239 587,076 97,332 
Commercial mortgage-backed securities
6,380 152 8 44,290 9,335 21 50,670 9,487 
Bank-issued trust preferred securities
1,988 12 1 4,013 487 3 6,001 499 
Total$180,650 $2,723 183 $825,543 $145,299 427 $1,006,193 $148,022 
December 31, 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 subdivisions18,268 136 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 for credit losses on a quarterly basis. At March 31, 2024, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At March 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 March 31, 2024 and December 31, 2023 were largely attributable to changes in market interest rates and spreads since the securities were purchased, and were not credit-related losses. Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on investment securities was $9.8 million at March 31, 2024 and $8.8 million at December 31, 2023.
The unrealized loss with respect to the three bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at March 31, 2024 was attributable to the subordinated nature of the trust preferred securities.

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The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at March 31, 2024. The weighted-average yields are based on the amortized cost. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.
 
(Dollars in thousands)Within 1 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost     
Obligations of:     
U.S. Treasury and government agencies$985 $15,661 $7,272 $5,889 $29,807 
U.S. government sponsored agencies 62,046 64,074 84,751 210,871 
States and political subdivisions10,319 45,388 59,362 122,138 237,207 
Residential mortgage-backed securities1 3,330 59,060 655,266 717,657 
Commercial mortgage-backed securities 12,392 27,108 20,777 60,277 
Bank-issued trust preferred securities2,000 1,000 3,500  6,500 
Total available-for-sale securities$13,305 $139,817 $220,376 $888,821 $1,262,319 
Fair value     
Obligations of:     
U.S. Treasury and government agencies$978 $14,619 $7,303 $5,873 $28,773 
U.S. government sponsored agencies 57,082 60,078 83,300 200,460 
States and political subdivisions10,264 42,516 50,785 105,185 208,750 
Residential mortgage-backed securities1 3,208 53,811 564,671 621,691 
Commercial mortgage-backed securities 11,223 22,783 16,785 50,791 
Bank-issued trust preferred securities1,988 942 3,071  6,001 
Total available-for-sale securities$13,231 $129,590 $197,831 $775,814 $1,116,466 
Total weighted-average yield3.59 %2.31 %2.77 %2.73 %2.70 %
Held-to-maturity
The following table summarizes Peoples’ held-to-maturity investment securities:
(Dollars in thousands)Amortized CostAllowance for Credit Losses Gross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2024    
Obligations of:   
 U.S. government sponsored agencies$188,423 $ $309 $(9,087)$179,645 
States and political subdivisions144,315 (238)73 (31,075)113,075 
Residential mortgage-backed securities246,579  672 (21,630)225,621 
Commercial mortgage-backed securities100,427   (16,656)83,771 
Total held-to-maturity investment securities$679,744 $(238)$1,054 $(78,448)$602,112 
December 31, 2023