Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary of Common Stock and Treasury Stock

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

Summary of Dividends Declared

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

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 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)