Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Stockholders’ Equity

The following table details the progression in Peoples’ common shares and treasury stock during the three months ended March 31, 2020:


	Common Stock	Treasury Stock
Shares at December 31, 2019	21,156,143	504,182
Changes related to stock-based compensation awards:

Release of restricted common shares	—	21,448
Cancellation of restricted common shares	—	3,602

Grant of restricted common shares	—	(80,338)
Grant of unrestricted common shares	—	(4,030)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	3,159

Common shares repurchased under share repurchase program	—	436,137
Common shares issued under dividend reinvestment plan	6,559	—
Common shares issued under compensation plan for Boards of Directors	—	(4,396)
Gross common shares issued under performance unit awards	—	(9,395)
Common shares issued under employee stock purchase plan	—	(4,371)


Shares at March 31, 2020	21,162,702	865,998

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. An aggregate of $6.3 million of Peoples' common shares were purchased under the previous share repurchase program from inception through its termination date, which was February 27, 2020. During the first three months of 2020, Peoples purchased an aggregate of $10.2 million of its outstanding common shares, $0.5 million of which were purchased under the previous share repurchase program pursuant to the previously authorized Rule 10b5-1 plan and $9.7 million of which were purchased under the share repurchase program authorized on February 27, 2020 pursuant to the previously authorized Rule 10b5-1 plan.

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 March 31, 2020, Peoples had no preferred shares issued or outstanding.

On April 20, 2020, Peoples' Board of Directors declared a quarterly cash dividend of $0.34 per common share, payable on May 18, 2020, to shareholders of record on May 4, 2020. The following table details the cash dividends declared per common share during 2020 and the comparable period of 2019:


	2020		2019
First quarter	$	0.34	0.30
Second quarter	0.34		0.34


Total dividends declared	$	0.68	$	0.64

Accumulated Other Comprehensive Income (Loss)

The following table details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the three months ended March 31, 2020:


(Dollars in thousands)	Unrealized Gain on Securities		Unrecognized Net Pension and Postretirement Costs		Unrealized Loss on Cash Flow Hedge		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2019	$	5,300	$	(3,958)	$	(2,767)	$	(1,425)
Reclassification adjustments to net income:
Realized gain on sale of securities, net of tax	(252)		—		—		(252)
Realized loss due to settlement and curtailment, net of tax	—		291		—		291
Other comprehensive income (loss), net of reclassifications and tax	17,592		(267)		(7,687)		9,638
Balance, March 31, 2020	$	22,640	$	(3,934)	$	(10,454)	$	8,252