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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2024
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 Stock | Treasury Stock
Shares at December 31, 2021 | 29,814,401 | 1,577,359
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 purchased under repurchase program | — | 263,183
Common shares issued under dividend reinvestment plan | 43,519 | —
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, 2022 | 29,857,920 | 1,643,461
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 plan | 50,453 | —
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 Merger | 6,827,668 | —
Shares at December 31, 2023 | 36,736,041 | 1,511,348
Changes related to stock-based compensation awards: |  |
Grant of restricted common shares | — | (313,403)
Release of restricted common shares | — | 30,486
Cancellation of restricted common shares | — | 39,408
Grant of unrestricted common shares |  | (1,700)
Changes related to deferred compensation plan for Boards of Directors: |  |
Purchase of treasury stock | — | 14,945
Disbursed out of treasury stock | — | (12,833)
Common shares repurchased under repurchase program | — | 100,905
Common shares issued under dividend reinvestment plan | 46,560 | —
Common shares issued under compensation plan for Boards of Directors | — | (16,220)
Common shares issued under employee stock purchase plan | — | (41,761)
Shares at December 31, 2024 | 36,782,601 | 1,311,175
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 100,905, 107,219, and 263,183 of Peoples’ outstanding common shares totaling $3.0 million, $3.0 million, and $7.4 million during 2024, 2023, and 2022 respectively. 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, 2024 and 2023, 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:
| 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 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 Securities | Unrecognized Net Pension and Postretirement Costs | Unrealized (Loss) Gain on Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss)
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 tax | 47 |  | — |  | — |  | 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 tax | 2,836 |  | — |  | — |  | 2,836 |
Realized loss due to settlement and curtailment, net of tax | — |  | 1,858 |  | — |  | 1,858 |
Other comprehensive (loss) income, net of reclassifications and tax | 22,838 |  | (225) |  | (1,761) |  | 20,852 |
Balance, December 31, 2023 | $ | (104,222) |  | $ | — |  | $ | 2,632 |  | $ | (101,590) |
Reclassification adjustments to net income: |  |  |  |
Realized loss on sale of securities, net of tax | 319 |  | — |  | — |  | 319 |
Realized loss due to settlement and curtailment, net of tax | — |  | — |  | — |  | — |
Other comprehensive income (loss), net of reclassifications and tax | (7,926) |  | — |  | (1,188) |  | (9,114) |
Balance, December 31, 2024 | $ | (111,829) |  | $ | — |  | $ | 1,444 |  | $ | (110,385) |

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