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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, 2022

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
pebo-20220331_g1.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 fileroAccelerated filer☒
Non-accelerated fileroSmaller 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.  o

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: 28,345,281 common shares, without par value, at May 5, 2022.

Table of Contents


2
PART I - FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 March 31,
2022		December 31,
2021
(Dollars in thousands)(Unaudited)
Assets  
Cash and cash equivalents:
Cash and balances due from banks$114,073 $74,354 
Interest-bearing deposits in other banks291,606 341,373 
Total cash and cash equivalents405,679 415,727 
Available-for-sale investment securities, at fair value (amortized cost of $1,381,259 at March 31, 2022 and $1,283,146 at December 31, 2021) (a)
1,301,839 1,275,493 
Held-to-maturity investment securities, at amortized cost (fair value of $347,978 at March 31, 2022 and $369,955 at December 31, 2021) (a)
384,656 374,129 
Other investment securities41,840 33,987 
Total investment securities (a)1,728,335 1,683,609 
Loans and leases, net of deferred fees and costs (b)4,547,153 4,481,600 
Allowance for credit losses (54,768)(63,967)
Net loans and leases (c)4,492,385 4,417,633 
Loans held for sale1,460 3,791 
Bank premises and equipment, net of accumulated depreciation89,886 89,260 
Bank owned life insurance73,789 73,358 
Goodwill303,651 264,193 
Other intangible assets38,214 26,816 
Other assets105,862 89,134 
Total assets$7,239,261 $7,063,521 
Liabilities  
Deposits:
Non-interest-bearing$1,666,668 $1,641,422 
Interest-bearing4,336,258 4,221,130 
Total deposits6,002,926 5,862,552 
Short-term borrowings144,275 166,482 
Long-term borrowings201,610 99,475 
Accrued expenses and other liabilities 82,110 89,987 
Total liabilities6,430,921 6,218,496 
Stockholders’ equity  
Preferred shares, no par value, 50,000 shares authorized, no shares issued at March 31, 2022 and at December 31, 2021
— — 
Common stock, no par value, 50,000,000 shares authorized, 29,824,684 shares issued at March 31, 2022 and 29,814,401 shares issued at December 31, 2021, including at each date shares held in treasury
684,243 686,282 
Retained earnings 220,477 207,076 
Accumulated other comprehensive loss, net of deferred income taxes(62,667)(11,619)
Treasury stock, at cost, 1,434,441 shares at March 31, 2022 and 1,577,359 shares at December 31, 2021
(33,713)(36,714)
Total stockholders’ equity808,340 845,025 
Total liabilities and stockholders’ equity$7,239,261 $7,063,521 
(a)    Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $286, respectively, at March 31, 2022 and $0 and $286, respectively, at December 31, 2021.
(b)    Also referred to throughout this document as "total loans" and "loans held for investment."
(c)    Also referred to throughout this documents as "net loans"



See Notes to the Unaudited Condensed Consolidated Financial Statements

3
PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended
March 31,
(Dollars in thousands, except per share data)20222021
Interest income:
Interest and fees on loans and leases$50,200 $35,737 
Interest and dividends on taxable investment securities6,050 2,574 
Interest on tax-exempt investment securities1,015 611 
Other interest income 160 40 
Total interest income57,425 38,962 
Interest expense:
Interest on deposits2,053 2,817 
Interest on short-term borrowings338 100 
Interest on long-term borrowings724 467 
Total interest expense3,115 3,384 
Net interest income54,310 35,578 
Recovery of credit losses(6,807)(4,749)
Net interest income after recovery of credit losses61,117 40,327 
Non-interest income:
Electronic banking income5,253 3,911 
Insurance income4,731 5,221 
Trust and investment income4,276 3,845 
Deposit account service charges3,426 1,985 
Mortgage banking income436 1,140 
Bank owned life insurance income431 446 
Commercial loan swap fees168 60 
Net loss on asset disposals and other transactions(127)(27)
Net gain (loss) on investment securities130 (336)
Other non-interest income1,326 658 
Total non-interest income20,050 16,903 
Non-interest expense:
Salaries and employee benefit costs27,729 20,759 
Net occupancy and equipment expense5,088 3,327 
Professional fees3,672 3,468 
Data processing and software expense2,916 2,454 
Electronic banking expense2,759 1,894 
Amortization of other intangible assets1,708 620 
FDIC insurance premiums1,194 463 
Marketing expense995 911 
Other loan expenses832 462 
Franchise tax expense764 855 
Communication expense625 282 
Other non-interest expense3,347 2,492 
Total non-interest expense51,629 37,987 
Income before income taxes29,538 19,243 
Income tax expense5,961 3,780 
Net income$23,577 $15,463 
Earnings per common share - basic$0.84 $0.80 
Earnings per common share - diluted$0.84 $0.79 
Weighted-average number of common shares outstanding - basic28,006,165 19,282,665 
Weighted-average number of common shares outstanding - diluted28,129,131 19,436,311 
Cash dividends declared$10,176 $6,833 
Cash dividends declared per common share$0.36 $0.35 

See Notes to the Unaudited Condensed Consolidated Financial Statements

4
PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited)
Three Months Ended
March 31,
(Dollars in thousands)20222021
Net income $23,577 $15,463 
Other comprehensive (loss) income:
Available-for-sale investment securities:
Gross unrealized holding loss arising during the period(71,637)(12,578)
Related tax benefit 16,448 2,642 
Reclassification adjustment for net (loss) gain included in net income(130)336 
Related tax benefit (expense)30 (71)
Net effect on other comprehensive loss (55,289)(9,671)
Defined benefit plan:
Net (loss) gain arising during the period(14)5 
  Related tax benefit (expense)3 (1)
Amortization of unrecognized gain and service cost on benefit plans21 30 
Related tax expense(5)(7)
Net effect on other comprehensive income 5 27 
Cash flow hedges:
Net gain arising during the period5,456 4,236 
  Related tax expense (1,220)(890)
Net effect on other comprehensive income 4,236 3,346 
Total other comprehensive loss, net of tax(51,048)(6,298)
Total comprehensive (loss) income$(27,471)$9,165 

See Notes to the Unaudited Condensed Consolidated Financial Statements


5
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, 2021$686,282 $207,076 $(11,619)$(36,714)$845,025 
Net income— 23,577 — — 23,577 
Other comprehensive loss, net of tax— — (51,048)— (51,048)
Cash dividends declared— (10,176)— — (10,176)
Reissuance of treasury stock for common share awards(3,998)— — 3,998 — 
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors— — — (1,230)(1,230)
Common shares issued under dividend reinvestment plan305 — — — 305 
Common shares issued under compensation plan for Boards of Directors31 — — 93 124 
Common shares issued under employee stock purchase plan46 — — 140 186 
Stock-based compensation1,577 — — — 1,577 
Balance, March 31, 2022$684,243 $220,477 $(62,667)$(33,713)$808,340 
Accumulated Other Comprehensive (Loss) Income Total Stockholders' Equity
Common SharesRetained EarningsTreasury Stock
(Dollars in thousands)
Balance, December 31, 2020$422,536 $190,691 $1,336 $(38,890)$575,673 
Net income— 15,463 — — 15,463 
Other comprehensive loss, net of tax— — (6,298)— (6,298)
Cash dividends declared— (6,833)— — (6,833)
Reissuance of treasury stock for common share awards(1,740)— — 1,740 — 
Reissuance of treasury stock for deferred compensation plan for Boards of Directors— — — 2 2 
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors— — — (911)(911)
Common shares issued under dividend reinvestment plan288 — — — 288 
Common shares issued under compensation plan for Boards of Directors53 — — 141 194 
Common shares issued under employee stock purchase plan35 — — 82 117 
Stock-based compensation1,198 — — — 1,198 
Balance, March 31, 2021$422,370 $199,321 $(4,962)$(37,836)$578,893 

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)20222021
Net cash provided by operating activities$15,710 $18,322 
Investing activities:
Available-for-sale investment securities:
Purchases(165,305)(228,162)
Proceeds from sales4,218 25,015 
Proceeds from principal payments, calls and prepayments60,520 74,377 
Held-to-maturity investment securities:
Purchases(15,463)(101,177)
Proceeds from principal payments4,512 1,115 
Other investment securities:
Purchases(8,208)(282)
Proceeds from sales237 3,878 
Net decrease (increase) in loans held for investment75,740 (7,749)
Net expenditures for premises and equipment(2,053)(311)
Proceeds from sales of other real estate owned124 — 
Business acquisitions, net of cash received(80,532)(117,000)
(Investment in) proceeds from limited partnership and tax credit funds(1,151)4 
Net cash used in investing activities(127,361)(350,292)
Financing activities:  
Net increase in non-interest-bearing deposits25,246 208,711 
Net increase in interest-bearing deposits115,255 185,059 
Net decrease in short-term borrowings(27,252)(5,393)
Payments on long-term borrowings(260)(311)
Cash dividends paid(10,438)(7,080)
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock
(1,230)(911)
Proceeds from issuance of common shares282 286 
Contingent consideration payments made after a business acquisition— (116)
Net cash provided by financing activities101,603 380,245 
Net (decrease) increase in cash and cash equivalents(10,048)48,275 
Cash and cash equivalents at beginning of period415,727 152,100 
Cash and cash equivalents at end of period$405,679 $200,375 
Supplemental cash flow information:
     Interest paid$2,656 $4,199 
Supplemental noncash disclosures:
     Transfers from loans to other real estate owned36 — 
Lease right-of-use assets obtained in exchange for lessee operating lease liabilities726 53 
 
 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, 2021 ("Peoples' 2021 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’ 2021 Form 10-K, as updated by the information contained in this quarterly report on Form 10-Q for the quarterly period ended March 31, 2022 (this "Form 10-Q").  Management has evaluated all significant events and transactions that occurred after March 31, 2022 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, 2021, contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2021 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. The following paragraphs related to new pronouncements should be read in conjunction with "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2021 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.
ASU 2022-01 - Fair Value Hedging - Portfolio Layer Method - Derivatives and Hedging (Topic 815). This ASU clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. The update expands and clarifies the current guidance on accounting for fair value hedge basis adjustments under the portfolio layer method for both single-layer and multiple-layer hedges. For entities that have already adopted ASU 2017-12, as Peoples has, the amendments in ASU 2022-01 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in the ASU may also be early adopted, including adoption in any interim period. Peoples is currently evaluating the impact of the amendments in the ASU on Peoples' consolidated financial statements.
ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings ("TDRs") and Vintage Disclosures. This ASU eliminates the accounting guidance on troubled debt restructurings (TDRs) for creditors and amends the guidance on disclosures to include current-period gross write-offs by year of origination. The ASU also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. For entities that have already adopted ASU 2016-13, as Peoples has, the amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in the ASU may also be early adopted, including adoption in any interim period. Peoples is currently evaluating the impact of the amendments in the ASU on Peoples' consolidated financial statements.
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.”

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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' 2021 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.
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, 2022December 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:   
Available-for-sale investment securities:
Obligations of:   
U.S. Treasury and government agencies
$167,406 $— $— $35,604 $— $— 
 U.S. government sponsored agencies— 80,654 — — 81,739 — 
States and political subdivisions
— 231,644 — — 259,319 — 
Residential mortgage-backed securities— 753,353 — — 828,517 — 
Commercial mortgage-backed securities— 58,112 — — 63,519 — 
Bank-issued trust preferred securities— 10,670 — — 6,795 — 
Total available-for-sale securities$167,406 $1,134,433 $— $35,604 $1,239,889 $— 
Equity investment securities (a)145 192 — 160 184 — 
Derivative assets (b)— 11,588 — — 12,163 — 
Liabilities:
Derivative liabilities (c)$— $11,150 $— $— $17,183 $— 
(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, LIBOR (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 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, 2022 and December 31, 2021.
 Non-Recurring Fair Value Measurements at Reporting Date
March 31, 2022December 31, 2021
(Dollars in thousands)Level 2Level 3Level 2Level 3
Assets:
Collateral Dependent Loans$— $9,395 $— $430 
Loans held for sale (a)$1,291 $— $418 $— 
Other real estate owned ("OREO")$— $35 $— $87 
Servicing rights (b)(c)$— $20 $— $22 
(a) Loans held for sale are presented gross of allowance for credit losses of $24 and $0 as of March 31,2022 and December 31,2021, respectively.
(b) Included in "Other intangible assets" on the Unaudited Consolidated Balance Sheets. Servicing rights are carried at the lower of cost or market value.
(c) As of March 31, 2022, Peoples recorded a minimal addition to the valuation allowance related to changes in the fair value of servicing rights. Peoples established a valuation allowance on servicing rights of $12 at March 31, 2022 and December 31, 2021. The fair value of the servicing rights was less than the carrying value on 10 year fixed rate loans.

Loans Held for Sale: Loans originated and intended to be sold in the secondary market, generally 1-4 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 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).
Servicing Rights: Servicing rights are included in "Other intangible assets" on the Unaudited Consolidated Balance Sheets. The fair value of 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 (Level 3). The carrying value of servicing rights is not re-measured to fair value on a recurring basis. Peoples assesses the carrying value of servicing rights quarterly for impairment.


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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, 2022December 31, 2021
Carrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash and cash equivalents1$405,679 $405,679 $415,727 $415,727 
Held-to-maturity investment securities:
   Obligations of:
U.S. government sponsored agencies238,486 34,281 36,431 35,513 
States and political subdivisions (a)2151,503 133,694 151,688 150,138 
Residential mortgage-backed securities2115,613 108,199 110,708 110,159 
Commercial mortgage-backed securities279,340 71,804 75,588 74,145 
        Total held-to-maturity securities384,942 347,978 374,415 369,955 
Other investment securities:
Other investment securities at cost:
Federal Home Loan Bank ("FHLB") stock N/A17,308 17,308 17,308 17,308 
Federal Reserve Bank ("FRB") stockN/A21,189 21,189 13,311 13,311 
Total other investment securities at cost38,497 38,497 30,619 30,619 
Other investment securities at fair value:
Nonqualified deferred compensation (b)12,222 2,222 2,240 2,240 
Other investment securities (c)2784 784 784 784 
Total other investment securities 41,503 41,503 33,643 33,643 
Loans and leases, net of deferred fees and costs (d)34,547,153 4,361,994 4,481,600 4,510,605 
Bank owned life insurance 273,789 73,789 73,358 73,358 
Liabilities:
Deposits2$6,002,926 $5,297,652 $5,862,552 $5,546,552 
Short-term borrowings2144,275 145,091 166,482 164,990 
Long-term borrowings2201,610 206,652 99,475 101,664 
(a) Held-to-maturity investment securities are presented gross of allowance for credit losses of $286 as of March 31, 2022 and December 31, 2021.
(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, 2022
and at December 31, 2021, 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 cost are presented gross of allowance for credit losses of $54.8 million and $64.0 million, as of March 31, 2022 and December 31, 2021, 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 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). 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.

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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 considered 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 (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.
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, 2022    
Obligations of:    
U.S. Treasury and government agencies$169,331 $1 $(1,926)$