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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2024
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, 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 |  | — |  | 29,921 |
Cancellation of restricted common shares |  | — |  | 25,223 |
Grant of restricted common shares |  | — |  | (296,970) |
Grant of unrestricted common shares |  | — |  | (1,200) |
Purchase of treasury stock |  | — |  | 12,004 |
Disbursed out of treasury stock |  | — |  | (12,833) |
Common shares repurchased under share repurchase program |  | — |  | 100,905 |
Common shares issued under dividend reinvestment plan |  | 36,418 |  | — |
Common shares issued under compensation plan for Boards of Directors |  | — |  | (12,580) |
Common shares issued under employee stock purchase plan |  | — |  | (32,743) |
Shares at September 30, 2024 |  | 36,772,459 |  | 1,323,075 |
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 September 30, 2024, Peoples had repurchased an aggregate of 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 nine months of 2024, none of which were purchases in the third quarter 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 September 30, 2024, Peoples had no preferred shares issued or outstanding. On October 21, 2024, Peoples' Board of Directors declared a quarterly cash dividend of $0.40 per common share, payable on November 18, 2024, to shareholders of record on November 4, 2024. The following table details the cash dividends declared per common share during the four quarters of 2024 and the comparable periods of 2023:
| 2024 | 2023
First quarter | $ | 0.39 |  | $ | 0.38 |
Second quarter | 0.40 |  | 0.39 |
Third quarter | 0.40 |  | 0.39 |
Fourth quarter | 0.40 |  | 0.39 |
Total dividends declared | $ | 1.59 |  | $ | 1.55 |
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, 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 securities, net of tax | 328 |  |  | — |  | 328 |
Other comprehensive (loss) income, net of reclassifications and tax | 20,211 |  |  | (1,445) |  | 18,766 |
Balance, September 30, 2024 | $ | (83,683) |  |  | $ | 1,187 |  | $ | (82,496) |

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