XML 40 R20.htm IDEA: XBRL DOCUMENT v3.24.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity 
The following table details the activity in Peoples’ common stock and treasury stock during the years ended December 31: 
 Common StockTreasury
Stock
Shares at December 31, 202021,193,4021,686,046
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 plan31,314—
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 Merger8,589,685—
Shares at December 31, 202129,814,4011,577,359
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 plan43,519—
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, 202229,857,9201,643,461
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 plan50,453—
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 Merger6,827,668—
Shares at December 31, 202336,736,0411,511,348
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. Peoples purchased an aggregate of 107,219 and 263,183 of Peoples’ outstanding common shares totaling $3.0 million and $7.4 million during 2023 and 2022, respectively. Peoples did not repurchase any common shares during 2021 under the share repurchase program authorized on January 28, 2021.
Under its 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 determined by Peoples’ Board of Directors. At December 31, 2023 and 2022, Peoples had no preferred shares issued or outstanding.
The following table details the cash dividends declared per common share for the year ended December 31:
20232022
First Quarter$0.38 $0.36 
Second Quarter0.39 0.38 
Third Quarter0.39 0.38 
Fourth Quarter0.39 0.38 
Total dividends declared$1.55 $1.50 
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 SecuritiesUnrecognized Net Pension and Postretirement CostsUnrealized (Loss) Gain on Cash Flow HedgeAccumulated Other Comprehensive Income (Loss)
Balance, December 31, 2020$14,592 $(3,872)$(9,384)$1,336 
Reclassification adjustments to net income:
  Realized loss on sale of securities, net of tax670 — — 670 
  Realized loss due to settlement and curtailment, net of tax— 111 — 111 
Other comprehensive (loss) income, net of reclassifications and tax(21,208)1,880 5,592 (13,736)
Balance, December 31, 2021$(5,946)$(1,881)$(3,792)$(11,619)
Reclassification adjustments to net income:
  Realized loss on sale of securities, net of tax47 — — 47 
  Realized loss due to settlement and curtailment, net of tax— 142 — 142 
Other comprehensive (loss) income, net of reclassifications and tax(123,997)106 8,185 (115,706)
Balance, December 31, 2022$(129,896)$(1,633)$4,393 $(127,136)
Reclassification adjustments to net income:
  Realized loss on sale of securities, net of tax2,836 — — 2,836 
  Realized loss due to settlement and curtailment, net of tax— 1,858 — 1,858 
Other comprehensive income (loss), net of reclassifications and tax22,838 (225)(1,761)20,852 
Balance, December 31, 2023$(104,222)$— $2,632 $(101,590)