Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [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, 2019	21,156,143	504,182
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(128,402)
Release of restricted common shares	—	27,391
Cancellation of restricted common shares	—	33,689
Grant of unrestricted common shares	—	(23,482)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	12,005
Disbursed out of treasury stock	—	(2,362)
Common shares purchased under repurchase program	—	1,299,577
Common shares issued under dividend reinvestment plan	37,259	—
Common shares issued under compensation plan for Boards of Directors	—	(11,553)
Common shares issued under performance unit awards	—	(6,127)
Common shares issued under employee stock purchase plan	—	(18,872)
Shares at December 31, 2020	21,193,402	1,686,046
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(109,385)
Release of restricted common shares	—	34,732
Cancellation of restricted common shares	—	8,129
Grant of unrestricted common shares	—	(21,587)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	7,089
Disbursed out of treasury stock	—	(2,983)
Common shares issued under dividend reinvestment plan	31,314	—
Common shares issued under compensation plan for Boards of Directors	—	(7,589)
Common shares issued under employee stock purchase plan	—	(17,093)
Issuance of common shares related to the Premier Merger	8,589,685	—
Shares at December 31, 2021	29,814,401	1,577,359
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(216,669)
Release of restricted common shares	—	39,445
Cancellation of restricted common shares	—	5,452
Grant of unrestricted common shares		(1,500)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	15,688
Disbursed out of treasury stock	—	(3,039)
Common shares repurchased under repurchase program	—	263,183
Common shares issued under dividend reinvestment plan	43,519	—
Common shares issued under compensation plan for Boards of Directors	—	(17,626)
Common shares issued under employee stock purchase plan	—	(18,832)
Shares at December 31, 2022	29,857,920	1,643,461

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, replacing the February 27, 2020 share repurchase program which had authorized Peoples to purchase up to an aggregate of $40.0 million of Peoples' outstanding common shares. Peoples purchased an aggregate of 263,183 of Peoples' outstanding common shares totaling $7.4 million during 2022 and did not repurchase any common shares during 2021 under the share repurchase program authorized on January 28, 2021.

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 Peoples' outstanding common shares, replacing the then previous share repurchase program which had authorized Peoples to purchase up to an aggregate of $20 million of Peoples' outstanding common shares. An aggregate of $6.3 million of Peoples' outstanding common shares were purchased under the then previous share repurchase program from inception through its termination date, which was February 27, 2020. During 2020, Peoples purchased an aggregate of $29.3 million of Peoples' outstanding common shares, $843,000 of which were purchased under the then previous share repurchase program and $28.5 million of which were purchased under the share repurchase program authorized on February 27, 2020 and later terminated 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 December 31, 2022 and 2021, 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:

	2022		2021
First Quarter	$	0.36	$	0.35
Second Quarter	0.38		0.36
Third Quarter	0.38		0.36
Fourth Quarter	0.38		0.36
Total dividends declared	$	1.50	$	1.43

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 (Loss) Gain on Cash Flow Hedge		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2019	$	5,300	$	(3,958)	$	(2,767)	$	(1,425)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	291		—		—		291
Realized loss due to settlement and curtailment, net of tax	—		833		—		833
Other comprehensive income (loss), net of reclassifications and tax	9,001		(747)		(6,617)		1,637
Balance, December 31, 2020	$	14,592	$	(3,872)	$	(9,384)	$	1,336
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	670		—		—		670
Realized loss due to settlement and curtailment, net of tax	—		111		—		111
Other comprehensive (loss) income, net of reclassifications and tax	(21,208)		1,880		5,592		(13,736)
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	47		—		—		47
Realized loss due to settlement and curtailment, net of tax	—		142		—		142
Other comprehensive (loss) income, net of reclassifications and tax	(123,997)		106		8,185		(115,706)
Balance, December 31, 2022	$	(129,896)	$	(1,633)	$	4,393	$	(127,136)