v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The following table details the progression in Peoples’ common shares and treasury stock during the six months ended June 30, 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— 60,533 
Cancellation of restricted common shares— 35,403 
Grant of restricted common shares— (171,393)
Purchase of treasury stock— 6,302 
Disbursed out of treasury stock— (13,564)
Common shares repurchased under share repurchase program— 17,166 
Common shares issued under dividend reinvestment plan25,626 — 
Common shares issued under compensation plan for Boards of Directors
— (8,180)
Common shares issued under employee stock purchase plan
— (18,034)
Shares at June 30, 202536,808,227 1,219,408 
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 June 30, 2025, Peoples had repurchased an aggregate of 488,473 common shares totaling $13.9 million under the share repurchase program. During the second quarter of 2025, Peoples repurchased 17,166 common shares totaling $0.5 million under the share repurchase program. No shares were repurchased during the first quarter of 2025. Peoples repurchased 100,905 common shares totaling $3.0 million during the first six months of 2024, which occurred exclusively during the first quarter of the year.
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 June 30, 2025, Peoples had no preferred shares issued or outstanding.
On July 21, 2025, Peoples' Board of Directors declared a quarterly cash dividend of $0.41 per common share, payable on August 18, 2025, to shareholders of record on August 4, 2025. The following table details the cash dividends declared per common share during the first three quarters of 2025 and the comparable periods of 2024:
20252024
First quarter$0.40 $0.39 
Second quarter0.41 0.40 
Third quarter0.41 0.40 
Total dividends declared$1.22 $1.19 

Accumulated Other Comprehensive (Loss) Income
The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income during the six months ended June 30, 2025, as related items impact the income statement:
(Dollars in thousands)Unrealized (Loss) Gain on SecuritiesUnrealized Gain (Loss) on Cash Flow HedgesAccumulated Other Comprehensive (Loss) Income
Balance, December 31, 2024$(111,829)$1,444 $(110,385)
Reclassification adjustments to net income:
  Realized gain on securities, net of tax2 — 2 
  Other comprehensive income (loss), net of reclassifications and tax
20,880 (769)20,111 
Balance, June 30, 2025$(90,947)$675 $(90,272)