Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Attributable to Parent [Abstract]

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, 2016	18,939,091	795,758
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(68,707)
Release of restricted common shares	—	10,452
Cancellation of restricted common shares	(3,554)	5,050
Exercise of stock options for common shares	—	(266)

Grant of common shares	—	(300)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	5,413
Disbursed out of treasury stock	—	(24,634)

Common shares issued under dividend reinvestment plan	16,848	—
Common shares issued under compensation plan for Boards of Directors	—	(9,092)
Common shares issued under employee stock purchase plan	—	(11,225)

Shares at December 31, 2017	18,952,385	702,449
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(106,805)
Release of restricted common shares	—	32,082
Cancellation of restricted common shares	—	2,011
Exercise of stock options for common shares	—	(102)
Grant of common shares	—	(16,544)


Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	6,526
Sale of treasury stock	—	(10)
Disbursed out of treasury stock	—	(2,089)
Common shares issued under dividend reinvestment plan	19,282	—
Common shares issued under compensation plan for Board of Directors	—	(4,699)
Common shares issued under employee stock purchase plan	—	(11,530)
Issuance of common shares related to acquisition of ASB	1,152,711	—
Shares at December 31, 2018	20,124,378	601,289
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(133,926)

Release of restricted common shares	—	19,174
Cancellation of restricted common shares	—	11,113

Grant of common shares	—	(5,130)

Changes related to deferred compensation plan for Board of Directors:
Purchase of treasury stock	—	7,227

Disbursed out of treasury stock	—	(2,187)
Common shares repurchased under repurchase program	—	26,427
Common shares issued under dividend reinvestment plan	26,287	—
Common shares issued under compensation plan for Board of Directors	—	(6,755)
Common shares issued under employee stock purchase plan	—	(13,050)
Issuance of common shares related to acquisition of First Prestonsburg	1,005,478	—
Shares at December 31, 2019	21,156,143	504,182

On February 28, 2020, Peoples announced that on February 27, 2020, Peoples' Board of Directors authorized a share repurchase program authorizing Peoples to purchase up to an aggregate of $40.0 million of its outstanding common shares, replacing the previous share repurchase program which had authorized Peoples to purchase up to an aggregate of $20 million of its outstanding common shares and was terminated on February 27, 2020 with an aggregate of $6.3 million of Peoples' common shares having been purchased through the termination date. During 2019, Peoples repurchased 26,427 of its common shares through the share repurchase program. No common shares were repurchased in 2017 and 2018.

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 Peoples' Board of Directors. At December 31, 2019, Peoples had no preferred shares issued or outstanding.

The following table details the cash dividends declared per common share for the year ended December 31:


	2019		2018
First Quarter	$	0.30	$	0.26
Second Quarter	0.34		0.28
Third Quarter	0.34		0.28
Fourth Quarter	0.34		0.30
Total dividends declared	$	1.32	$	1.12

Accumulated Other Comprehensive (Loss) Income

The following details the change in the components of Peoples’ accumulated other comprehensive (loss) income for the years ended December 31:


(Dollars in thousands)	Unrealized Gain (Loss) on Securities		Unrecognized Net Pension and Postretirement Costs		Unrealized Gain (Loss) on Cash Flow Hedge		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2016	$	581	$	(3,321)	$	1,186	$	(1,554)
Reclassification adjustments to net income:
Realized gain on sale of securities, net of tax	(1,939)		—		—		(1,939)
Realized loss due to settlement and curtailment, net of tax	—		157		—		157
Amounts reclassified out of accumulated other comprehensive (loss) income per ASU 2018-02	(370)		(754)		200		(924)
Other comprehensive loss, net of reclassifications and tax	(360)		(338)		(257)		(955)
Balance, December 31, 2017	$	(2,088)	$	(4,256)	$	1,129	$	(5,215)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	115		—		—		115
Realized loss due to settlement and curtailment, net of tax	—		211		—		211
Amounts reclassified out of accumulated other comprehensive loss per ASU 2016-01	(5,020)		—		—		(5,020)
Other comprehensive (loss) income, net of reclassifications and tax	(3,089)		334		(269)		(3,024)
Balance, December 31, 2018	$	(10,082)	$	(3,711)	$	860	$	(12,933)
Reclassification adjustments to net income:
Realized gain on sale of securities, net of tax	(130)		—		—		(130)


Other comprehensive income (loss), net of reclassifications and tax	15,512		(247)		(3,627)		11,638
Balance, December 31, 2019	$	5,300	$	(3,958)	$	(2,767)	$	(1,425)

As of December 31, 2017, Peoples elected to early adopt and retrospectively apply the reclassification of stranded income tax effects from accumulated other comprehensive loss to retained earnings, as permitted under ASU 2018-02.

As of January 1, 2018, Peoples adopted ASU 2016-01, which resulted in the reclassification of $5.0 million in net unrealized gains on equity investment securities from accumulated other comprehensive loss to retained earnings.