Stockholders' Equity

9 Months Ended

Sep. 30, 2021

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, 2021:

	Common Shares	Treasury Stock
Shares at December 31, 2020	21,193,402	1,686,046
Changes related to stock-based compensation awards:
Release of restricted common shares	—	29,135
Cancellation of restricted common shares	—	7,168
Grant of restricted common shares	—	(101,926)
Grant of unrestricted common shares	—	(5,747)
Changes related to deferred compensation plan for Boards of Directors:
Purchase of treasury stock	—	5,309
Disbursed out of treasury stock	—	(2,983)
Common shares issued under dividend reinvestment plan	23,348	—
Common shares issued under compensation plan for Boards of Directors	—	(5,535)
Common shares issued under employee stock purchase plan	—	(11,874)
Issuance of common shares related to the merger with Premier Financial Bancorp, Inc.	8,589,685	—
Shares at September 30, 2021	29,806,435	1,599,593

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, replacing the February 27, 2020 share repurchase program which had authorized Peoples to purchase up to an aggregate of $40.0 million of Peoples' outstanding common shares. At September 30, 2021, Peoples had not repurchased any common shares under the share repurchase program authorized on January 28, 2021.

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 determined by Peoples' Board of Directors. At September 30, 2021, Peoples had no preferred shares issued or outstanding.

On October 25, 2021, Peoples' Board of Directors declared a quarterly cash dividend of $0.36 per common share, payable on November 22, 2021, to shareholders of record on November 8, 2021. The following table details the cash dividends declared per common share during the four quarters of 2021 and the comparable periods of 2020:

	2021		2020
First quarter	$	0.35	0.34
Second quarter	0.36		0.34
Third quarter	0.36		0.34
Fourth quarter	$	0.36	$	0.35
Total dividends declared	$	1.43	$	1.37

Accumulated Other Comprehensive (Loss) Income

The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income for the nine months ended September 30, 2021:

(Dollars in thousands)	Unrealized Gain on Securities		Unrecognized Net Pension and Postretirement Costs		Unrealized Loss on Cash Flow Hedge		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2020	$	14,592	$	(3,872)	$	(9,384)	$	1,336
Reclassification adjustments to net income:
Realized gain on sale of securities, net of tax	547		—		—		547
Realized loss due to settlement and curtailment, net of tax	—		111		—		111
Other comprehensive (loss) income, net of reclassifications and tax	(13,245)		1,481		3,882		(7,882)
Balance, September 30, 2021	$	1,894	$	(2,280)	$	(5,502)	$	(5,888)