Stockholders' Equity

6 Months Ended

Jun. 30, 2023

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, 2023:

	Common Shares	Treasury Stock
Shares at December 31, 2022	29,857,920	1,643,461
Changes related to stock-based compensation awards:
Release of restricted common shares	—	28,863
Cancellation of restricted common shares	—	10,525
Grant of restricted common shares	—	(236,097)
Grant of unrestricted common shares	—	(1,300)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	10,470
Disbursed out of treasury stock	—	(4,368)
Common shares issued under dividend reinvestment plan	25,487	—
Common shares issued under compensation plan for Boards of Directors	—	(10,367)
Common shares issued under employee stock purchase plan	—	(25,548)
Issuance of common shares related to the Limestone Merger	6,827,668	—
Shares at June 30, 2023	36,711,075	1,415,639

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, 2023, Peoples had repurchased 263,183 common shares totaling $7.4 million under the share repurchase program. There were no common shares repurchased during the first six months of 2023.

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, 2023, Peoples had no preferred shares issued or outstanding.

On July 24, 2023, Peoples' Board of Directors declared a quarterly cash dividend of $0.39 per common share, payable on August 21, 2023, to shareholders of record on August 7, 2023. The following table details the cash dividends declared per common share during the first three quarters of 2023 and the comparable periods of 2022:

	2023		2022
First quarter	$	0.38	$	0.36
Second quarter	0.39		0.38
Third quarter	0.39		0.38
Total dividends declared	$	1.16	$	1.12

Accumulated Other Comprehensive (Loss) Income

The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income during the six months ended June 30, 2023:

(Dollars in thousands)	Unrealized (Loss) Gain on Securities		Unrecognized Net Pension and Postretirement Costs		Unrealized Gain (Loss) on Cash Flow Hedges		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2022	$	(129,896)	$	(1,633)	$	4,393	$	(127,136)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	1,606		—		—		1,606
Other comprehensive income (loss), net of reclassifications and tax	6,835		7		(232)		6,610
Balance, June 30, 2023	$	(121,455)	$	(1,626)	$	4,161	$	(118,920)