Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of Common Stock and Treasury Stock

The following table details the progression in Peoples’ common shares and treasury stock during the nine months ended September 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	—	34,710
Cancellation of restricted common shares	—	15,726
Grant of restricted common shares	—	(249,645)
Grant of unrestricted common shares	—	(1,900)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	15,737
Disbursed out of treasury stock	—	(4,368)
Common shares issued under dividend reinvestment plan	38,305	—
Common shares issued under compensation plan for Boards of Directors	—	(15,827)
Common shares issued under employee stock purchase plan	—	(25,244)
Issuance of common shares related to the Limestone Merger	6,827,668	—
Shares at September 30, 2023	36,723,893	1,412,650

Summary of Dividends Declared

The following table details the cash dividends declared per common share during the four 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
Fourth quarter	0.39		0.38
Total dividends declared	$	1.55	$	1.50

Summary of Accumulated Other Comprehensive (Loss) Income

The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income during the nine months ended September 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	1,616		—		—		1,616
Realized loss due to settlement and curtailment, net of tax	—		1,858		—		1,858
Other comprehensive (loss) income, net of reclassifications and tax	(19,824)		(180)		(130)		(20,134)
Balance, September 30, 2023	$	(148,104)	$	45	$	4,263	$	(143,796)