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Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The following table details the progression in Peoples’ common shares and treasury stock during the three months ended March 31, 2025:
 Common SharesTreasury
Stock
Shares at December 31, 202436,782,601 1,311,175 
Changes related to stock-based compensation awards:  
Release of restricted common shares— 50,671 
Cancellation of restricted common shares— 30,633 
Grant of restricted common shares— (160,269)
Grant of unrestricted common shares— — 
Purchase of treasury stock— 3,045 
Disbursed out of treasury stock— (954)
Common shares repurchased under share repurchase program— — 
Common shares issued under dividend reinvestment plan12,506 — 
Common shares issued under compensation plan for Boards of Directors
— (3,890)
Common shares issued under employee stock purchase plan
— (10,149)
Shares at March 31, 202536,795,107 1,220,262 
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 March 31, 2025, Peoples had repurchased an aggregate of 471,307 common shares totaling $13.4 million under the share repurchase program. No common shares were repurchased during the first three months of 2025 and 100,905 common shares totaling $3.0 million were purchased in the first 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 March 31, 2025, Peoples had no preferred shares issued or outstanding.
On January 20, 2025, Peoples' Board of Directors declared a quarterly cash dividend of $0.40 per common share, payable on February 17, 2025, to shareholders of record on February 3, 2025. On April 21, 2025, Peoples' Board of Directors declared a quarterly cash dividend of $0.41 per common share, payable on May 19, 2025, to shareholders of record on May 5, 2025. The following table details the cash dividends declared per common share during the first two quarters of 2025 and the comparable periods of 2024:
20252024
First quarter$0.40 $0.39 
Second quarter0.41 0.40 
Total dividends declared$0.81 $0.79 

Accumulated Other Comprehensive (Loss) Income
The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income during the three months ended March 31, 2025:
(Dollars in thousands)Unrealized (Loss) Gain on SecuritiesUnrealized Gain on Cash Flow HedgesAccumulated Other Comprehensive (Loss) Income
Balance, December 31, 2024$(111,829)$1,444 $(110,385)
Reclassification adjustments to net income:
  Realized loss on securities, net of tax2 — 2 
  Realized loss on cash flow hedges, net of tax(326)(326)
  Other comprehensive income (loss), net of reclassifications and tax
15,199 (181)15,018 
Balance, March 31, 2025$(96,628)$937 $(95,691)