Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table details the progression in Peoples’ common shares and treasury stock during the three months ended March 31, 2024:

	Common Shares	Treasury Stock
Shares at December 31, 2023	36,736,041	1,511,348
Changes related to stock-based compensation awards:
Release of restricted common shares	—	25,458
Cancellation of restricted common shares	—	16,972
Grant of restricted common shares	—	(291,480)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	4,643
Disbursed out of treasury stock	—	(911)
Common shares repurchased under share repurchase program	—	100,905
Common shares issued under dividend reinvestment plan	11,746	—
Common shares issued under compensation plan for Boards of Directors	—	(4,680)
Common shares issued under employee stock purchase plan	—	(6,918)
Shares at March 31, 2024	36,747,787	1,355,337

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. As of March 31, 2024, Peoples had repurchased 471,307 common shares totaling $13.4 million under the share repurchase program. There were 100,905 common shares totaling $3.0 million repurchased during the first three months of 2024.

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 designated by Peoples' Board of Directors. At March 31, 2024, Peoples had no preferred shares issued or outstanding.

On January 22, 2024, Peoples' Board of Directors declared a quarterly cash dividend of $0.39 per common share, payable on February 20, 2024, to shareholders of record on February 5, 2024. On April 22, 2024, Peoples' Board of Directors declared a quarterly cash dividend of $0.40 per common share, payable on May 20, 2024, to shareholders of record on May 6, 2024. The following table details the cash dividends declared per common share during the first two quarters of 2024 and the comparable periods of 2023:

	2024		2023
First quarter	$	0.39	$	0.38
Second quarter	0.40		0.39
Total dividends declared	$	0.79	$	0.77

Accumulated Other Comprehensive (Loss) Income

The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income during the three months ended March 31, 2024:

(Dollars in thousands)	Unrealized (Loss) Gain on Securities		Unrealized Gain on Cash Flow Hedges		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2023	$	(104,222)	$	2,632	$	(101,590)
Reclassification adjustments to net income:
Realized loss on sale of securities, net of tax	1		—		1
Other comprehensive (loss) income, net of reclassifications and tax	(7,547)		196		(7,351)
Balance, March 31, 2024	$	(111,768)	$	2,828	$	(108,940)