Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Preferred, Common and Treasury Stock

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, 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
Changes related to stock-based compensation awards:
Grant of restricted common shares	—	(259,648)
Release of restricted common shares	—	43,087
Cancellation of restricted common shares	—	16,778
Grant of unrestricted common shares		(1,900)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	21,042
Disbursed out of treasury stock	—	(4,368)
Common shares repurchased under repurchase program	—	107,219
Common shares issued under dividend reinvestment plan	50,453	—
Common shares issued under compensation plan for Boards of Directors	—	(19,931)
Common shares issued under employee stock purchase plan	—	(34,392)
Issuance of common shares related to the Limestone Merger	6,827,668	—
Shares at December 31, 2023	36,736,041	1,511,348

Schedule of Dividends Declared

The following table details the cash dividends declared per common share for the year ended December 31:

	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

Schedule of Accumulated Other Comprehensive Income (Loss)

The following details the change in the components of Peoples’ accumulated other comprehensive income (loss) 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 Income (Loss)
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)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	2,836		—		—		2,836
Realized loss due to settlement and curtailment, net of tax	—		1,858		—		1,858
Other comprehensive income (loss), net of reclassifications and tax	22,838		(225)		(1,761)		20,852
Balance, December 31, 2023	$	(104,222)	$	—	$	2,632	$	(101,590)