Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Attributable to Parent [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, 2011	11,122,247	615,123
Changes related to stock-based compensation awards:
Release of restricted common shares	14,552	4,270
Changes related to deferred compensation plan for Board of Directors:
Purchase of treasury stock		3,918
Reissuance of treasury stock		(8,897	)
Common shares issued under dividend reinvestment plan	18,849
Common shares issued under compensation plan for Board of Directors		(6,726	)
Shares at December 31, 2012	11,155,648	607,688
Changes related to stock-based compensation awards:
Release of restricted common shares	31,246	6,862
Changes related to deferred compensation plan for Board of Directors:
Purchase of treasury stock		3,652
Reissuance of treasury stock		(9,147	)
Common shares issued under dividend reinvestment plan	19,682
Common shares issued under compensation plan for Board of Directors		(8,261	)
Shares at December 31, 2013	11,206,576	600,794
Changes related to stock-based compensation awards:
Release of restricted common shares	68,754	18,031
Exercise of stock options for common shares		(2,792	)
Reissuance of treasury stock for common stock awards		(12,030	)
Changes related to deferred compensation plan for Board of Directors:
Purchase of treasury stock		4,236
Reissuance of treasury stock		(9,390	)
Common shares issued under dividend reinvestment plan	17,230
Common shares issued under compensation plan for Board of Directors		(8,603	)
Issuance of common shares related to acquisitions:
Midwest Bancshares, Inc.	256,282
Ohio Heritage Bancorp, Inc.	1,364,735
North Akron Savings Bank	665,570
Common shares issued to institutional investors in private placement	1,847,826
Shares at December 31, 2014	15,426,973	590,246

On August 7, 2014, Peoples announced the completion of the sale of 1,847,826 common shares at $23.00 per share to institutional investors through a private placement (the "Private Equity Issuance"). Peoples received net proceeds of $40.2 million from the sale, and intends to use the proceeds, in part, to fund the cash consideration for the NB&T Financial Group, Inc. (“NB&T”) acquisition.

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 the Board of Directors.  In 2009, Peoples’ Board of Directors created a series of preferred shares designated as Peoples’ Fixed Rate Cumulative Perpetual Preferred Shares, Series A, each without par value and having a liquidation preference of $1,000 per share, and fixed 39,000 shares as the authorized number of such shares (the “Series A Preferred Shares”).  These Series A Preferred Shares subsequently were sold to the United States Department of the Treasury (the “U.S. Treasury”), along with a ten-year warrant (the “Warrant”) to purchase 313,505 Peoples common shares at an exercise price of $18.66 per share (subject to certain anti-dilution and other adjustments), for an aggregate purchase price of $39 million in cash in connection with Peoples’ participation in the U.S. Treasury’s TARP Capital Purchase Program. The entire 39,000 Series A Preferred Shares were repurchased during 2011 at an aggregate price of $39 million. Peoples repurchased the Warrant for a purchase price of $1.2 million in 2012.

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			Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2011	$	7,439		$	(6,027	)	$	1,412
Other comprehensive loss, net of reclassifications and tax	(547		)	(211		)	(758		)
Balance, December 31, 2012	$	6,892		$	(6,238	)	$	654
Reclassification adjustments to net income:
Realized gain on sale of securities, net of tax	(318		)	—			(318		)
Realized loss due to settlement and curtailment, net of tax	—			175			175
Other comprehensive (loss) income, net of reclassifications and tax	(16,335		)	2,580			(13,755		)
Balance, December 31, 2013	$	(9,761	)	$	(3,483	)	$	(13,244	)
Reclassification adjustments to net income:
Realized gain on sale of securities, net of tax	(259		)	—			(259		)
Realized loss due to settlement and curtailment, net of tax	—			910			910
Other comprehensive income (loss), net of reclassifications and tax	12,562			(1,270		)	11,292
Balance, December 31, 2014	$	2,542		$	(3,843	)	$	(1,301	)