Stockholders' Equity

6 Months Ended

Jun. 30, 2022

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, 2022:

	Common Shares	Treasury Stock
Shares at December 31, 2021	29,814,401	1,577,359
Changes related to stock-based compensation awards:
Release of restricted common shares	—	38,010
Cancellation of restricted common shares	—	1,880
Grant of restricted common shares	—	(203,081)
Grant of unrestricted common shares	—	(700)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	6,459
Disbursed out of treasury stock	—	(3,039)
Common shares repurchased under share repurchase program	—	214,220
Common shares issued under dividend reinvestment plan	22,090	—
Common shares issued under compensation plan for Boards of Directors	—	(8,738)
Common shares issued under employee stock purchase plan	—	(11,845)
Shares at June 30, 2022	29,836,491	1,610,525

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 Peoples' outstanding common shares. At June 30, 2022, Peoples had repurchased 214,220 common shares totaling $6.0 million under the share repurchase program authorized on January 28, 2021.

Under Peoples' 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, 2022, Peoples had no preferred shares issued or outstanding.

On July 25, 2022, Peoples' Board of Directors declared a quarterly cash dividend of $0.38 per common share, payable on August 22, 2022, to shareholders of record on August 8, 2022. The following table details the cash dividends declared per common share during the three quarters of 2022 and the comparable periods of 2021:

	2022		2021
First quarter	$	0.36	$	0.35
Second quarter	0.38		0.36
Third quarter	0.38		0.36
Total dividends declared	$	1.12	$	1.07

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, 2022:

(Dollars in thousands)	Unrealized Loss on Securities		Unrecognized Net Pension and Postretirement Costs (Benefit)		Unrealized (Loss) Gain on Cash Flow Hedge		Accumulated Other Comprehensive (Loss)
Balance, December 31, 2021	$	(5,946)	$	(1,881)	$	(3,792)	$	(11,619)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	(66)		—		—		(66)
Other comprehensive (loss) income, net of reclassifications and tax	(87,598)		76		5,848		(81,674)
Balance, June 30, 2022	$	(93,610)	$	(1,805)	$	2,056	$	(93,359)