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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity 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 |
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. At September 30, 2023, Peoples had repurchased 263,183 common shares totaling $7.4 million under the share repurchase program. There were no common shares repurchased during the first nine months of 2023. 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 September 30, 2023, Peoples had no preferred shares issued or outstanding. On October 23, 2023, Peoples' Board of Directors declared a quarterly cash dividend of $0.39 per common share, payable on November 20, 2023, to shareholders of record on November 6, 2023. 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 |
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) |

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