Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Shares Activity

The following table summarizes the changes to Peoples’ restricted common shares for the three months ended March 31, 2024:

	Time-Based Vesting			Performance-Based Vesting
	Number of Common Shares	Weighted-Average Grant Date Fair Value		Number of Common Shares	Weighted-Average Grant Date Fair Value
Oustanding at January 1, 2024	142,419	$	28.78	403,970	$	31.21
Awarded	7,768	28.95		283,712	27.92
Released	(5,316)	31.35		(72,550)	31.48
Forfeited	(5,938)	31.99		(11,034)	29.48
Outstanding at March 31, 2024	138,933	$	28.56	604,098	$	29.66

Summary of Stock-Based Compensation and Related Tax Benefit

The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized for each period:

	Three Months Ended
	March 31,
(Dollars in thousands)	2024		2023
Employee stock-based compensation expense:
Stock grant expense	$	3,024	$	2,150
Employee stock purchase plan expense	66		39
Total employee stock-based compensation expense	$	3,090	$	2,189
Non-employee director stock-based compensation expense	$	138	$	136
Total stock-based compensation expense	$	3,228	$	2,325
Recognized tax benefit	(752)		(543)
Net stock-based compensation expense	$	2,476	$	1,782