Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table details the progression in Peoples’ common shares and treasury stock during the six months ended June 30, 2021:

	Common Shares	Treasury Stock
Shares at December 31, 2020	21,193,402	1,686,046
Changes related to stock-based compensation awards:
Release of restricted common shares	—	27,772
Cancellation of restricted common shares	—	4,607
Grant of restricted common shares	—	(97,941)
Grant of unrestricted common shares	—	(4,897)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	4,040
Disbursed out of treasury stock	—	(2,983)
Common shares issued under dividend reinvestment plan	15,287	—
Common shares issued under compensation plan for Boards of Directors	—	(3,643)
Common shares issued under employee stock purchase plan	—	(7,509)
Shares at June 30, 2021	21,208,689	1,605,492

On January 28, 2021, Peoples' Board of Directors approved a share repurchase program authorizing Peoples to purchase up to an aggregate of $30.0 million of its outstanding common shares, replacing the February 27, 2020 share repurchase program which had authorized Peoples to purchase up to an aggregate of $40.0 million of its outstanding common shares. At June 30, 2021, Peoples had not repurchased any common shares under the share repurchase program authorized on January 28, 2021.

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 June 30, 2021, Peoples had no preferred shares issued or outstanding.

On July 19, 2021, Peoples' Board of Directors declared a quarterly cash dividend of $0.36 per common share, payable on August 16, 2021, to shareholders of record on August 2, 2021. The following table details the cash dividends declared per common share during the first three quarters of 2021 and the comparable periods of 2020:

	2021		2020
First quarter	$	0.35	0.34
Second quarter	0.36		0.34
Third quarter	0.36		0.34
Total dividends declared	$	1.07	$	1.02

Accumulated Other Comprehensive (Loss) Income

The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income for the six months ended June 30, 2021:

(Dollars in thousands)	Unrealized Gain on Securities		Unrecognized Net Pension and Postretirement Costs		Unrealized Loss on Cash Flow Hedge		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2020	$	14,592	$	(3,872)	$	(9,384)	$	1,336
Reclassification adjustments to net income:
Realized gain on sale of securities, net of tax	425		—		—		425
Other comprehensive (loss) income, net of reclassifications and tax	(7,152)		55		3,114		(3,983)
Balance, June 30, 2021	$	7,865	$	(3,817)	$	(6,270)	$	(2,222)