14:25 [this incident happened after the feeding of the 5000 (cf. 14:15-21)] During the fourth watch of the night [between 3:00 AM and 6:00 AM] Jesus went out to them, walking on the lake.
14:26 When the disciples saw him [Jesus] walking on the lake,  they were terrified.  “It’s a ghost,” they said, and  cried out in fear.
14:27 But Jesus immediately said to them [note how Jesus addressed the three fears in 14:26…]: “ Take courage [addressed: “they were terrified”]!  It is I [addressed: “It’s a ghost”; literally “I am” (cf. Jn. 8:58; 13:19; 18:5)].  Don’t be afraid [addressed” “cried out in fear”].”
14:28 “Lord, if [or “since” it is you (not an expression of doubt)] it’s you,” Peter replied, “tell me to come to you on the water [not an unreasonable request since Jesus was showing that He was master over the ordinary laws of nature].”
14:29 “Come [Jesus honored Peter’s bold request],” he said.
14:30 Then Peter got down out of the boat, walked on the water and came toward Jesus [the Bible does not tell us how far Jesus was from the boat]. But when he [Peter] saw the wind [indicates he had taken his eyes off Jesus], he was afraid [fear replaced faith when Peter took his eyes off Jesus] and, beginning to sink, cried out [it is never wrong to cry out to Jesus], “Lord, save me [indicates Peter believed Jesus had the power to save]!”
14:31 Immediately Jesus reached out his hand and caught him [Jesus did not let Peter sink]. “You of little [Jesus rebuked Peter for having “little” faith but not for having “no” faith] faith [a single Gr. word: “little-faith-one” (cf. Matt. 6:30; 8:26; 14:31; 16:8)],” he said, “why did you doubt [intent of question was to cause Peter to reflect on the lesson Jesus was teaching him]?”
14:32 And when they [Peter either walked back with Jesus or was carried by Him] climbed into the boat, the wind died down.
14:33 Then those who were in the boat worshiped [literally “bowed down”] him, saying, “Truly you are the Son of God [first time disciples made this affirmation in Matthew’s gospel].”