Weeping cherry tree didn’t bloom
One of the most common pests of peach and other stone fruits are borers. The peach tree borer tends to hit the lower part of the trunk and the lesser peach tree borer will do the same damage but higher up on the trunk or lower limbs.
Read the UK Extension publication on these borers and see if that may be what you have: https://entomology.ca.uky.edu/files/efpdf1/ef200.pdf
As always, a call to your local Cooperative Extension Service may provide solid identification of the problem. Proper diagnosis is always the first step in managing a problem.
Hope this helps.