# EDGAR Filing Document

**Accession Number:** 0000318300
**File Stem:** 0000318300-26-000026
**Filing Date:** 2026-1
**Character Count:** 121361
**Document Hash:** 2ff99d53ee3cda965bcc96f0b1c6d06c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000318300-26-000026.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0000318300-26-000026

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20260120

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PEOPLES BANCORP INC
- **CENTRAL INDEX KEY:** 0000318300
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 310987416
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-16772
- **FILM NUMBER:** 26540976

**BUSINESS ADDRESS:**
- **STREET 1:** 138 PUTNAM ST
- **STREET 2:** P O BOX 738
- **CITY:** MARIETTA
- **STATE:** OH
- **ZIP:** 45750-0738
- **BUSINESS PHONE:** 7403733155

**MAIL ADDRESS:**
- **STREET 1:** 138 PUTNAM ST
- **STREET 2:** P O BOX 738
- **CITY:** MARIETTA
- **STATE:** OH
- **ZIP:** 45750-0738

?xml version='1.0' encoding='ASCII'? pebo-20260120

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 20, 2026

![pebonewlogoa22.jpg](pebo-20260120_g1.jpg)

---

| |
|:---|
| **PEOPLES BANCORP INC.** |
| (Exact name of Registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| Ohio | 000-16772 | 31-0987416 |
| (State or other jurisdiction | (Commission File | (I.R.S. Employer |
| of incorporation) | Number) | Identification Number) |

---

---

| | | |
|:---|:---|:---|
| 138 Putnam Street, PO Box 738 | 138 Putnam Street, PO Box 738 | |
| Marietta, | Ohio | 45750-0738 |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

 Registrant's telephone number, including area code: <u>(740)</u> <u>373-3155</u>

 Not applicable <br> (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> <u>Common shares, without par value</u> <u>PEBO</u> <u>The Nasdaq Stock Market</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02** &nbsp;&nbsp;&nbsp;&nbsp;**Results of Operation and Financial Condition.**

On January 20, 2026, Peoples Bancorp Inc. ("Peoples") issued a news release regarding its financial results for the fourth quarter of 2025. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Peoples also provided electronic presentation slides that will be used in connection with its conference call to discuss earnings. A copy of the electronic slides is attached as Exhibit 99.2 to this Current Report on Form 8-K.

<u>Conference Call to Discuss Earnings:</u>

Peoples will conduct a facilitated conference call to discuss fourth quarter of 2025 results of operations today at 11:00 a.m., Eastern Daylight Time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (866) 890-9285. A simultaneous webcast of the conference call audio and earnings call presentation will be available online via the "Investor Relations" section of Peoples' website, www.peoplesbancorp.com. Participants are encouraged to call or sign in at least 15 minutes prior to the scheduled conference call time to ensure participation and, if required, to download and install the necessary software. A replay of the call will be available on Peoples' website in the "Investor Relations" section for one year.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**.

On January 15, 2026, Peoples Bancorp Inc. ("Peoples") received notice that Douglas V. Wyatt intends to retire from his position as Executive Vice President, Chief Commercial Banking Officer, of Peoples effective April 3, 2026. Mr. Wyatt will also be retiring from his position as Executive Vice President, Chief Commercial Banking Officer, of Peoples' banking subsidiary, Peoples Bank.

**Item 8.01** &nbsp;&nbsp;&nbsp;&nbsp;**Other Events** 

<u>Declaration of Dividend:</u>

On January 20, 2026, Peoples issued a news release announcing that the Board of Directors declared a quarterly dividend of $0.41 per common share on January 19, 2026. A copy of the news release is included as Exhibit 99.3 to this Current Report on Form 8-K.

<u>Officer Election:</u>

On January 16, 2026, Peoples Bancorp Inc. ("Peoples") issued a news release announcing that the Boards of Directors of Peoples and its banking subsidiary, Peoples Bank, elected Ron J. Majka to the position of Executive Vice President, Chief Commercial Banking Officer, of Peoples and Peoples Bank. Mr. Majka will assume these offices effective April 4, 2026. A copy of the news release issued by Peoples is filed with this Current Report on Form 8-K as Exhibit 99.4 and incorporated herein by reference.

Mr. Majka will succeed Douglas V. Wyatt, who has served as Executive Vice President, Chief Commercial Banking Officer, of Peoples and Peoples Bank since 2017. On January 15, 2026, Peoples received notice that Mr. Wyatt intends to retire effective April 3, 2026.

**Item 9.01** &nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Financial statements of businesses acquired**

No response required.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Pro forma financial information**

No response required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Exhibits**

See Index to Exhibits on Page 3.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | **PEOPLES BANCORP INC.** |
| Date: | January 20, 2026 | **By:/s/** | KATIE BAILEY |
|  |  |  | Katie Bailey |
|  |  |  | Executive Vice President,<br>Chief Financial Officer and Treasurer |

---

------

**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](exhibit991q42025er.htm)</u> | News Release issued by Peoples Bancorp Inc. on January 20, 2026 |
| <u>[99.2](q42025earningspresentati.htm)</u> | Presentation slides furnished by Peoples Bancorp Inc. on January 20, 2026 |
| <u>[99.3](exhibit993q42025divdeclared.htm)</u> | News Release issued by Peoples Bancorp Inc. on January 20, 2026 |
| <u>[99.4](exhibit994officerdeparture.htm)</u> | News Release issued by Peoples Bancorp Inc. on January 16, 2026 |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

## Exhibit 99.1

![peo-logoxbancorpxhorizxrgba.jpg](peo-logoxbancorpxhorizxrgba.jpg)

---

| | | |
|:---|:---|:---|
| P.O. BOX 738 - MARIETTA, OHIO - 45750 | **NEWS RELEASE** | **NEWS RELEASE** |
| www.peoplesbancorp.com | **NEWS RELEASE** | **NEWS RELEASE** |
| **<u>FOR IMMEDIATE RELEASE</u>** | **Contact:** | Katie Bailey |
| January 20, 2026 |  | Chief Financial Officer and Treasurer |
|  |  | (740) 376-7138 |

---

**PEOPLES BANCORP INC. ANNOUNCES FOURTH QUARTER AND ANNUAL RESULTS FOR 2025** 

**_____________________________________________________________________**

**MARIETTA, Ohio** - Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced results for the quarter ended December 31, 2025. Net income totaled $31.8 million for the fourth quarter of 2025, representing earnings per diluted common share of $0.89. In comparison, Peoples reported net income of $29.5 million, representing earnings per diluted common share of $0.83, for the third quarter of 2025 and net income of $26.9 million, representing earnings per diluted common share of $0.76, for the fourth quarter of 2024.

"We are pleased with the results achieved in 2025, highlighted by positive operating leverage, excluding the impact of accretion income, and solid loan growth" said Tyler Wilcox, President and Chief Executive Officer. "We remain focused on this momentum and commitment to delivering strong returns for our shareholders and community in 2026."

**<u>Statement of Operations Summary:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;***• Net interest income for the fourth quarter of 2025 decreased $0.3 million when compared to the linked quarter driven by lower loan yields.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Net interest margin decreased to 4.12% for the fourth quarter of 2025, compared to 4.16% for the linked quarter, driven by lower loan and investment yields, partially offset by lower funding costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Accretion income, net of amortization expense, contributed 8 basis points to margin for the fourth quarter, consistent with the 8 basis points recognized in the linked quarter.

&nbsp;&nbsp;&nbsp;&nbsp;***• Peoples recorded a provision for credit losses of $8.1 million for the fourth quarter of 2025, compared to a provision for credit losses of $7.3 million for the third quarter of 2025.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** The provision for credit losses for the fourth quarter of 2025 was primarily driven by (i) net charge-offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the current expected credit loss ("CECL") model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses negatively impacted earnings per diluted common share by $0.18 for the fourth quarter of 2025 and $0.16 for the third quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;***• Total non-interest income, excluding net gains and losses, increased $1.4 million, or 5%, for the fourth quarter of 2025 compared to the linked quarter.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***◦*** The increase was driven by increases in lease income, deposit account service charges, mortgage banking income, and trust and investment income.

&nbsp;&nbsp;&nbsp;&nbsp;***• Net losses from the sale of assets and the redemption of subordinated debt were $1.9 million for the fourth quarter of 2025, which negatively impacted diluted EPS by $0.04.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***◦*** The losses were primarily due to the sale of an other real estate owned ("OREO") property, which resulted in a loss of $0.9 million coupled with a loss of $0.8 million on the redemption of subordinated debt.

&nbsp;&nbsp;&nbsp;&nbsp;***• Total non-interest expense for the fourth quarter of 2025 increased $1.4 million compared to the linked quarter.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The increase was the result of higher operating lease expense and increased salaries and employee benefit costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The efficiency ratio for the fourth quarter of 2025 was 57.8%, compared to 57.1% for the linked quarter.

**<u>Balance Sheet Summary:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;***• Period-end total loan and lease balances at December 31, 2025, increased $28.2 million, or 2% annualized, compared to at September 30, 2025.***

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The increase in loans was driven primarily by growth in commercial and industrial loans and construction loans, partially offset by decreases in premium finance loans, leases, and residential real estate loans.

&nbsp;&nbsp;&nbsp;&nbsp;***• Key asset quality metrics largely improved during the fourth quarter of 2025.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ At December 31, 2025, criticized and classified loans decreased $31.9 million and $11.4 million, respectively, when compared to the linked quarter, driven by paydowns and loan upgrades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Nonperforming assets decreased due to the sale of an OREO property in the fourth quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net charge-offs increased to $7.4 million for the fourth quarter of 2025, which represents 0.44% of average total loans on an annualized basis. Of the total, approximately $5.3 million, or 0.31% of average total loans on an annualized basis, was attributable to the North Star Leasing division.

&nbsp;&nbsp;&nbsp;&nbsp;***• Period-end total deposit balances at December 31, 2025, decreased $22.0 million compared to at September 30, 2025.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The decrease in total deposits was driven by decreases in governmental deposit accounts and retail certificates of deposit, which were partially offset by increases in interest-bearing demand accounts and non-interest bearing deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total loan balances were 89% and 88% of total deposit balances at December 31, 2025, and at September 30, 2025, respectively.

**<u>Net Interest Income</u>**

Net interest income was $91.0 million for the fourth quarter of 2025 and decreased $0.3 million compared to the linked quarter. Net interest margin was 4.12% for the fourth quarter of 2025, compared to 4.16% for the linked quarter. The decreases in net interest income and margin were primarily driven by lower loan and investment yields, partially offset by a decline in funding costs.

Net interest income for the fourth quarter of 2025 increased $4.5 million, or 5%, compared to the fourth quarter of 2024. Net interest margin decreased 3 basis points when compared to the fourth quarter of 2024. The increase in net interest income was primarily driven by lower deposit and borrowing costs. The decrease in net interest margin was driven by reductions in loan yields, attributable to lower accretion income.

Accretion income, net of amortization expense, from acquisitions was $1.8 million for the fourth quarter of 2025, $1.7 million for the linked quarter and $4.9 million for the fourth quarter of 2024, which added 8 basis points, 8 basis points and 23 basis points, respectively, to net interest margin. The decrease in accretion income for the fourth quarter of 2025 when compared to the fourth quarter of 2024 was driven by fewer loan payoffs and more accretion recognized in 2024 from the merger with Limestone Bancorp, Inc. ("Limestone Merger").

For the full year of 2025, net interest income increased $6.5 million compared to the full year of 2024, while net interest margin decreased 7 basis points to 4.14%. The decrease in net interest margin for the full year of 2025 compared to full year of 2024 was primarily driven by lower accretion income.

Accretion income, net of amortization expense, from acquisitions was $9.6 million for the twelve months ended December 31, 2025, compared to $25.2 million for the twelve months ended December 31, 2024, which added 11 and 30 basis points, respectively, to net interest margin. The decrease in accretion income for the full year of 2025 compared to the same period in 2024 was due to more accretion recognized in 2024 from the Limestone Merger.

**<u>Provision for Credit Losses:</u>**

The provision for credit losses was $8.1 million for the fourth quarter of 2025, compared to $7.3 million for the linked quarter and $6.3 million for the fourth quarter of 2024. The provisions for credit losses for both the fourth quarter of 2025 and the linked quarter were primarily driven by (i) net charge-offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses for the fourth quarter of 2024 was primarily driven by net charge-offs.

The provision for credit losses during the full year of 2025 was $42.2 million, compared to a provision for

credit losses of $24.8 million for the full year of 2024. The provision for credit losses during the full year of 2025 was mainly a result of (i) net charge-offs, (ii) loan growth, (iii) deterioration in the economic forecasts used within the CECL model, (iv) a periodic refresh in loss drivers utilized within the CECL model, and (v) an increase in reserves for leases originated by the North Star Leasing division. The provision for credit losses during the full year of 2024 was mainly a result of (i) net charge-offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) economic forecast deterioration and (iv) loan growth.

The provision for credit losses recorded represents the amount needed to maintain the appropriate level of the allowance for credit losses based on management's quarterly estimates. The provision for credit losses negatively impacted earnings per diluted common share by $0.18 for the fourth quarter of 2025, $0.16 for the third quarter of 2025, and $0.13 for the fourth quarter of 2024. The provision negatively impacted earnings per diluted common share by $0.94 for the full year of 2025, compared to $0.51 for the full year of 2024.

------

For additional information on net charge-offs, credit trends and the allowance for credit losses, see the "Asset Quality" section below.

**<u>Net Gains and Losses:</u>**

Net gains and losses include gains and losses on investment securities, asset disposals and other transactions, which are included in total non-interest income on the Consolidated Statements of Income. The net loss for the fourth quarter of 2025 was $2.0 million, compared to a net loss of $3.1 million for the linked quarter, and a net loss of $1.7 million for the fourth quarter of 2024. The net loss for the fourth quarter of 2025 was driven by a $0.9 million net loss on the sale of an OREO property and a $0.8 million loss on the redemption of subordinated debt. The net loss for the third quarter of 2025 was driven by a $2.7 million net loss on the sale of lower-yielding available-for-sale securities. The net loss for the fourth quarter of 2024 was driven by a $1.2 million write-down of an OREO property.

The net loss realized during the full year of 2025 was $5.7 million, compared to a net loss realized of $3.7 million for the full year of 2024. The net loss in 2025 was primarily driven by the $2.7 million net loss on the sale of lower yielding available-for-sale securities, $1.4 million net loss on repossessed assets, $0.9 million net loss on the sale of an OREO property, and an $0.8 million net loss on the redemption of subordinated debt. The net loss recognized in 2024 was primarily driven by $1.8 million of net losses on repossessed assets and a $1.2 million write-down of an OREO property.

**<u>Total Non-interest Income, Excluding Net Gains and Losses:</u>**

Total non-interest income, excluding net gains and losses, for the fourth quarter of 2025 increased $1.4 million compared to the linked quarter. The increase in non-interest income, excluding net gains and losses, was primarily impacted by an increase of $0.6 million in lease income, driven by operating lease income, and increases of $0.3 million in each of deposit account service charges, mortgage banking income, and trust and investment income. Total non-interest income, excluding net gains and losses, for the fourth quarter of 2025 was 24% of total revenue (defined as net interest income plus total non-interest income excluding net gains and losses) compared to 23% of total revenue for the linked quarter.

Compared to the fourth quarter of 2024, total non-interest income, excluding net gains and losses, increased $1.4 million due to an increase of $1.1 million in lease income, driven by an increase in month-to-month lease income, an increase of $0.7 million in trust and investment income, which was driven by an increase in assets under administration and management, and an increase of $0.4 million in mortgage banking income, partially offset by a decrease of $0.8 million in other non-interest income, driven by swap fee income.

For the full year of 2025, total non-interest income, excluding gains and losses, increased $6.7 million, or 6%,

compared to the full year of 2024. The increase was driven by (i) a $5.1 million increase in lease income, driven by increases in month-to-month lease income and operating lease income, (ii) a $1.9 increase in trust and investment income, driven by an increase in assets under administration and management, and (iii) a $0.3 million increase in bank owned life insurance income. These increases were partially offset by a $0.6 million decrease in deposit account service charges due to customer activity.

**<u>Total Non-interest Expense:</u>**

Total non-interest expense increased $1.4 million for the fourth quarter of 2025, compared to the linked quarter. The increase in total non-interest expense was primarily due to increases of $0.5 million in other non-interest expense, driven by higher corporate expenses, $0.5 million in operating lease expense, and $0.4 million in salaries and employee benefit costs.

Compared to the fourth quarter of 2024, total non-interest expense increased $0.8 million. The increase in total non-interest expense was primarily driven by increases of $1.6 million in salaries and employee benefit costs, which were driven by higher sales-based and incentive compensation, base salaries and wages, and medical costs, and $0.8 million in data processing and software expense, due to costs associated with recent technology projects, partially offset by a decrease of $1.7 million in other non-interest expense, driven by acquisition-related expenses recorded in 2024.

For the full year of 2025, total non-interest expense increased $8.5 million, or 3%, compared to the full year of 2024. The higher expense was driven by increases of (i) $6.5 million in salaries and employee benefits costs, which were driven by higher sales-based and incentive compensation and medical costs, (ii) $3.9 million in data processing and software expenses, due to costs associated with recent technology projects, and (iii) $1.1 million in operating lease expense, partially offset by a decrease of $2.3 million in amortization of other intangible assets.

The efficiency ratio for the fourth quarter of 2025 was 57.8%, compared to 57.1% for the linked quarter and 59.6% for the fourth quarter of 2024. The efficiency ratio increased compared to the linked quarter mainly as the result of higher non-interest expense, driven by increased other non-interest expense, as a result of higher corporate expenses, operating lease expense and salaries and employee benefits costs. The efficiency ratio for the full year of 2025 was 58.7%, compared to 58.0% for the full year of 2024. The efficiency ratio increased compared to the prior year due to the increase in non-interest

------

expense. Peoples continues to focus on controlling expenses, while recognizing necessary costs in order to continue growing the business.

**<u>Income Tax Expense:</u>** 

Peoples recorded income tax expense of $6.2 million with an effective tax rate of 16.4% for the fourth quarter of 2025, compared to income tax expense of $8.5 million with an effective tax rate of 22.4% for the linked quarter and income tax expense of $7.9 million with an effective tax rate of 22.7% for the fourth quarter of 2024. The decrease in income tax expense and the effective tax rate when compared to the linked and prior year quarters was impacted by updates to state tax rates driven by apportionment, reducing expense by $0.9 million, and a $0.7 million benefit relating to tax credits purchased in the fourth quarter of 2025. Peoples recorded income tax expense of $28.0 million with an effective tax rate of 20.8% for the full year of 2025 and $32.3 million with an effective tax rate of 21.6% in the full year of 2024. The decrease in income tax expense was primarily driven by lower pre-tax income. The effective tax rate was lower in the current period due to the benefit of the aforementioned tax credit.

**<u>Investment Securities and Liquidity:</u>**

Peoples' investment portfolio primarily consists of available-for-sale investment securities reported at fair value and held-to-maturity investment securities reported at amortized cost. The available-for-sale investment securities balance at December 31, 2025, increased $7.5 million when compared to at September 30, 2025, and decreased $99.2 million when compared to at December 31, 2024. The balances of unrealized losses, net of tax, on available-for-sale investment securities recognized within accumulated other comprehensive loss were $71.0 million, $78.1 million, and $111.8 million at December 31, 2025, at September 30, 2025, and at December 31, 2024, respectively. The decrease in accumulated other comprehensive loss was the result of the changes in the market value of available-for-sale investment securities during the period, which were driven by changes in market interest rates. At December 31, 2025, Peoples' investment securities represented approximately 20.5% of total assets, compared to 20.5% at September 30, 2025, and 20.7% at December 31, 2024.

The held-to-maturity investment securities balance at December 31, 2025, decreased $9.0 million when compared to at September 30, 2025, and increased $148.0 million when compared to at December 31, 2024. The increase when compared to December 31, 2024, was primarily driven by purchases of higher yielding, longer duration securities.

The effective durations of the available-for-sale investment securities and the held-to-maturity investment securities as of December 31, 2025, were approximately 5.75 and 7.75 years, respectively. The duration of Peoples' investments is managed as part of Peoples' Asset Liability Management program, and has the potential to impact both liquidity and capital, as mismatches in duration may require a liquidation of investment securities at market prices to meet funding needs. These assets are one component of Peoples' liquidity profile.

Peoples maintains a number of liquid and liquefiable assets, borrowing capacity, and other sources of liquidity to ensure the availability of funds. At December 31, 2025, Peoples had liquid and liquefiable assets totaling $858.8 million, which included (i) cash and cash equivalents, (ii) unpledged government and agency investment securities and (iii) unpledged non-agency investment securities that could be liquidated. At December 31, 2025, Peoples had a total borrowing capacity of $827.9 million available through the Federal Home Loan Bank ("FHLB"), the Federal Reserve Bank ("FRB"), and federal funds. Additionally, at December 31, 2025, Peoples had contingent sources of liquidity totaling $4.0 billion. Contingent sources of liquidity are generally comprised of borrowing capacity at the FHLB and FRB, unpledged securities, liquifiable securities, and available capacity from wholesale funding sources. Cash and cash equivalents decreased $28.7 million when compared to December 31, 2024, as the level of cash may fluctuate given Peoples' total liquidity position.

**<u>Loans and Leases:</u>**

The period-end total loan and lease balances at December 31, 2025, increased $28.2 million, or 2% annualized, compared to at September 30, 2025. The increase in loans was driven by increases of $46.3 million in commercial and industrial loans and $39.9 million in construction loans, partially offset by decreases of $20.2 million in premium finance loans, $17.1 million in leases, $14.1 million in residential real estate loans, and $9.8 million in indirect consumer loans.

The period-end total loan and lease balances at December 31, 2025, increased $398.9 million, or 6%, compared to at December 31, 2024, driven by increases of $208.0 million in other commercial real estate loans, $188.1 million in commercial and industrial loans, and $30.7 million in indirect consumer loans, partially offset by a decrease of $40.9 million in leases.

Quarterly average total loan balances increased $87.5 million, or 1%, compared to the linked quarter. The increase in average total loan balances when compared to the linked quarter was primarily the result of increases of $113.3 million in other commercial real estate loans and $71.7 million in commercial and industrial loans, partially offset by decreases of $60.8 million in constructions loans and $22.0 million in leases.

------

Compared to full year of 2024, quarterly average loan balances increased $301.7 million, or 5%. The increase was driven by growth of (i) $161.3 million in commercial and industrial loans, (ii) $87.8 million in other commercial real estate loans, (iii) $53.1 million in residential real estate loans, and (iv) $25.9 million in indirect consumer loans, partially offset by a decrease of $32.2 million in leases.

**<u>Asset Quality:</u>**

Key asset quality metrics largely improved during the fourth quarter of 2025. Delinquency trends remained stable as loans considered current comprised 98.6%, 99.0%, and 98.7% of the loan portfolio at December 31, 2025, at September 30, 2025, and at December 31, 2024, respectively. Total nonperforming assets at December 31, 2025 decreased $2.2 million, or 5%, compared to at September 30, 2025, and decreased $6.3 million, or 13%, compared to at December 31, 2024. Nonperforming assets decreased compared to at September 30, 2025, and December 31, 2024, because of the sale of an OREO property in the fourth quarter of 2025. Nonperforming assets as a percent of total loans and OREO was 0.63% at December 31, 2025, compared to 0.66% at September 30, 2025, and 0.77% at December 31, 2024.

Criticized loans, which are those categorized as special mention, substandard or doubtful, decreased $31.9 million, or 12%, compared to at September 30, 2025, and decreased $4.8 million, or 2%, compared to at December 31, 2024. As a percent of total loans, criticized loans were 3.50% at December 31, 2025, compared to 3.99% at September 30, 2025, and 3.80% at December 31, 2024. The decrease in the amount of criticized loans compared to at September 30, 2025, and at December 31, 2024, was driven by paydowns and loan upgrades.

Classified loans, which are those categorized as substandard or doubtful, decreased $11.4 million, or 7%, compared to at September 30, 2025, and increased $18.4 million, or 14%, compared to at December 31, 2024. As a percent of total loans, classified loans were 2.18% at December 31, 2025, compared to 2.36% at September 30, 2025, and 2.03% at December 31, 2024. The decrease in classified loans compared to at September 30, 2025, was primarily driven by paydowns and loan upgrades. Compared to at December 31, 2024, classified loans increased due to loan downgrades.

Annualized net charge-offs were 0.44% of average total loans for the fourth quarter of 2025, compared to 0.41% for the linked quarter, and 0.61% for the fourth quarter of 2024. Compared to the linked quarter, net charge-offs increased slightly, primarily driven by net charge-offs in leases originated by the North Star Leasing division. The decrease in net charge-offs during the fourth quarter of 2025 versus the prior year fourth quarter was primarily attributable to a decrease in charge-offs in leases originated by the North Star Leasing division.

At December 31, 2025, the allowance for credit losses increased $0.8 million when compared to at September 30, 2025, and increased $12.3 million when compared to at December 31, 2024. The ratio of the allowance for credit losses as a percent of total loans was 1.12% at December 31, 2025, compared to 1.11% at September 30, 2025, and 1.00% at December 31, 2024. The ratio of allowance for credit losses as a percentage of non-performing loans was 178.00% at December 31, 2025, compared to 193.01% at September 30, 2025, and 148.13% at December 31, 2024.

**<u>Deposits:</u>**

As of December 31, 2025, period-end total deposits decreased $22.0 million compared to at September 30, 2025. The decrease in total deposits was attributable to decreases in governmental deposit accounts and retail certificates of deposits of $29.8 million and $24.8 million, respectively. These decreases were partially offset by increases in interest-bearing demand accounts and non-interest-bearing deposits of $23.8 million and $9.3 million, respectively.

Compared to at December 31, 2024, period-end deposit balances increased $20.0 million. The increase in total deposits was primarily driven by increases of $67.1 million in money market deposits, $62.4 million in retail certificates of deposit, $37.8 million in non-interest bearing deposits, and $20.4 million in savings accounts. These deposit increases were partially offset by decreases of $138.9 million in brokered deposits and $35.8 million in governmental deposit accounts. The increase in retail certificates of deposits was driven by special promotional rate offerings over the past year.

The percentages of retail deposit balances and commercial deposit balances of the total deposit balance were 78% and 22%, respectively, at December 31, 2025, 77% and 23%, respectively, at September 30, 2025, and 79% and 21%, respectively, at December 31, 2024.

Uninsured deposits were 26%, 27%, and 26% of total deposits at December 31, 2025, at September 30, 2025, and at December 31, 2024, respectively. Uninsured amounts were based on the portion of customer account balances that exceeded the FDIC limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which collateralized $615.6 million, or 31%, $660.0 million, or 32%, and $656.9 million, or 33%, of the uninsured deposit balances at December 31, 2025, at September 30, 2025, and at December 31, 2024, respectively.

Average deposit balances during the fourth quarter of 2025 decreased $8.2 million when compared to the linked quarter, and increased $113.5 million, or 1%, when compared to the fourth quarter of 2024. The decrease over the linked quarter was driven by decreases of $18.6 million in brokered deposits, $12.8 million in governmental deposits, and $8.0 million in retail certificates of deposits, partially offset by an increase of $35.2 million in non-interest bearing deposits. The increase when compared to the fourth quarter of 2024 was driven by increases of $95.5 million in retail certificates of

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deposit, $88.4 million in non-interest bearing deposits, and $67.3 million in money market deposits, partially offset by decreases of $96.1 million and $37.4 million in brokered deposits and governmental deposits, respectively. Total demand deposit accounts comprised 35% of total deposits at December 31, 2025 and 34% at both September 30, 2025, and December 31, 2024.

**<u>Stockholders' Equity:</u>**

Total stockholders' equity at December 31, 2025, increased $23.8 million, or 2%, compared to at September 30, 2025. This change was primarily driven by net income of $31.8 million and a decrease of $6.9 million in accumulated other comprehensive loss during the quarter, partially offset by dividends paid of $14.6 million. The decrease in accumulated other comprehensive loss was the result of the changes in the market value of available-for-sale investment securities during the period.

Total stockholders' equity at December 31, 2025, increased $95.0 million, or 9%, compared to at December 31, 2024, which was due to net income of $106.8 million for the last twelve months and a decrease in other comprehensive loss of $39.8 million, partially offset by dividends paid of $58.1 million.

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Peoples Bancorp Inc. ("Peoples", Nasdaq: PEBO) is a diversified financial services holding company and makes available a complete line of banking, trust and investment, insurance and specialty financing solutions through its subsidiaries. Headquartered in Marietta, Ohio, since 1902, Peoples has established a heritage of financial stability, growth and community impact. Peoples had $9.6 billion in total assets as of December 31, 2025, and 144 locations, including 126 full-service bank branches in Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland. Peoples' vision is to be the Best Community Bank in America.

Peoples is a member of the Russell 3000 index of United States ("U.S.") publicly-traded companies. Peoples offers services through Peoples Bank (which includes the divisions of Peoples Investment Services, Peoples Premium Finance and North Star Leasing), Peoples Insurance Agency, LLC, and Vantage Financial, LLC.

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<u>Conference Call to Discuss Earnings:</u>

Peoples will conduct a facilitated conference call to discuss fourth quarter 2025 results of operations on January 20, 2026, at 11:00 a.m., Eastern Time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (866) 890-9285. A simultaneous webcast of the conference call audio and earnings conference call presentation will be available online via the "Investor Relations" section of Peoples' website, www.peoplesbancorp.com. Participants are encouraged to call or sign in at least 15 minutes prior to the scheduled conference call time to ensure participation and, if required, to download and install the necessary software. A replay of the call will be available on Peoples' website in the "Investor Relations" section for one year.

<u>Use of Non-US GAAP Financial Measures:</u>

This news release contains financial information and performance measures determined by methods other than those in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). Management uses these "non-US GAAP" financial measures in its analysis of Peoples' performance and the efficiency of its operations. Management believes that these non-US GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and peers. These disclosures should not be viewed as substitutes for financial measures determined in accordance with US GAAP, nor are they necessarily comparable to non-US GAAP performance measures that may be presented by other companies. Below is a listing of the non-US GAAP financial measures used in this news release:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The efficiency ratio is calculated as total non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income, excluding net gains and losses. This ratio is a non-US GAAP financial measure since it excludes amortization of other intangible assets and all gains and losses included in earnings, and uses fully tax-equivalent net interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Tangible assets, tangible equity, the tangible equity to tangible assets ratio, and tangible book value per common share are non-US GAAP financial measures since they exclude the impact of goodwill and other intangible assets acquired through acquisitions on both total stockholders' equity and total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total non-interest income, excluding net gains and losses, is a non-US GAAP financial measure since it excludes all gains and losses included in earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Pre-provision net revenue is defined as net interest income plus total non-interest income, excluding net gains and losses, minus total non-interest expense. This measure is a non-US GAAP financial measure since it excludes the provision for (recovery of) credit losses and all gains and losses included in net income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Return on average tangible equity is calculated as annualized net income (less the after-tax impact of amortization of other intangible assets) divided by average tangible equity. This measure is a non-US GAAP financial measure since it excludes the after-tax impact of amortization of other intangible assets from net income and the impact of average goodwill and other average intangible assets acquired through acquisitions on average stockholders' equity.

A reconciliation of these non-US GAAP financial measures to the most directly comparable US GAAP financial measures is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

<u>Safe Harbor Statement:</u>

Certain statements made in this news release regarding Peoples' financial condition, results of operations, plans, objectives, future performance and business, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as "anticipate," "estimate," "may," "feel," "expect," "believe," "plan," "will," "will likely," "would," "should," "could," "project," "goal," "target," "potential," "seek," "intend," "continue," "remain," and similar expressions.

These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of Peoples' business and operations. Additionally, Peoples' financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;(1)the effects of interest rate policies, including any changes to such policies that may result from potential changes in the composition of the Federal Reserve Board, changes in the interest rate environment due to economic conditions and/or the fiscal and monetary policy measures undertaken by the U.S. government and the Federal

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Reserve Board, including changes in the Federal Funds Target Rate, in response to such economic conditions, which may adversely impact interest rates, the interest rate yield curve, interest margins, loan demand and interest rate sensitivity;

&nbsp;&nbsp;&nbsp;&nbsp;(2)the effects of inflationary pressures on borrowers' liquidity and ability to repay;

&nbsp;&nbsp;&nbsp;&nbsp;(3)the success, impact, and timing of the implementation of Peoples' business strategies and Peoples' ability to manage strategic initiatives, including the interest rate policies of the Federal Reserve Board, the completion and successful integration of acquisitions, and the expansion of commercial and consumer lending activities;

&nbsp;&nbsp;&nbsp;&nbsp;(4)competitive pressures among financial institutions, or from non-financial institutions, which may increase significantly, including product and pricing pressures, which can in turn impact Peoples' credit spreads, changes to third-party relationships and revenues, changes in the manner of providing services, customer acquisition and retention pressures, and Peoples' ability to attract, develop and retain qualified professionals;

&nbsp;&nbsp;&nbsp;&nbsp;(5)uncertainty regarding the nature, timing, cost, and effect of legislative or regulatory changes or actions, or deposit insurance premium levels, promulgated and to be promulgated by governmental and regulatory agencies, including the Ohio Division of Financial Institutions, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Consumer Financial Protection Bureau, which may subject Peoples, its subsidiaries, or acquired companies to a variety of new and more stringent legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;(6)the effects of easing restrictions on participants in the financial services industry;

&nbsp;&nbsp;&nbsp;&nbsp;(7)current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the U.S. economy generally, a future U.S. government shutdown, an increasing federal government budget deficit, the failure of the federal government to raise the federal debt ceiling, potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations, and changes in the relationship of the U.S. and U.S. global trading partners), and changes in the federal, state, and local governmental policy and the impact these conditions may have on Peoples, Peoples' customers and Peoples' counterparties, and Peoples' assessment of the impact, which may be different than anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;(8)Peoples may issue equity securities in connection with future acquisitions, which could cause ownership and economic dilution to Peoples' current shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;(9)changes in prepayment speeds, loan originations, levels of nonperforming assets, delinquent loans, charge-offs, and customer and other counterparties' performance and creditworthiness generally, which may be less favorable than expected in light of recent inflationary pressures and continued elevated interest rates, and may adversely impact the amount of interest income generated;

&nbsp;&nbsp;&nbsp;&nbsp;(10)Peoples may have more credit risk and higher credit losses to the extent there are loan concentrations by location or industry of borrowers or collateral;

&nbsp;&nbsp;&nbsp;&nbsp;(11)future credit quality and performance, including expectations regarding future credit losses and the allowance for credit losses;

&nbsp;&nbsp;&nbsp;&nbsp;(12)changes in accounting standards, policies, estimates or procedures may adversely affect Peoples' reported financial condition or results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;(13)the impact of assumptions, estimates and inputs used within models, which may vary materially from actual outcomes, including under the CECL model;

&nbsp;&nbsp;&nbsp;&nbsp;(14)adverse changes in the conditions and trends in the financial markets, including recent inflationary pressures and the impacts of potential or imposed tariffs on markets, which may adversely affect the fair value of securities within Peoples' investment portfolio, the interest rate sensitivity of Peoples' consolidated balance sheet, and the income generated by Peoples' trust and investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;(15)the volatility from quarter to quarter of mortgage banking income, whether due to interest rates, demand, the fair value of mortgage loans, or other factors;

&nbsp;&nbsp;&nbsp;&nbsp;(16)Peoples' ability to receive dividends from Peoples' subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;(17)Peoples' ability to maintain required capital levels and adequate sources of funding and liquidity;

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&nbsp;&nbsp;&nbsp;&nbsp;(18)the impact of larger or similar-sized financial institutions encountering problems, such as the failure in 2024 of Republic First Bank, and closures in 2023 of Silicon Valley Bank in California, Signature Bank in New York and First Republic Bank in California, which may adversely affect the banking industry and/or Peoples' business generation and retention, funding and liquidity, including Peoples' continued ability to grow deposits or maintain adequate deposit levels, and may further result in potential increased regulatory requirements, increased reputational risk and potential impacts to macroeconomic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;(19)Peoples' ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks, including those of Peoples' third-party vendors and other service providers, which may prove inadequate, and could adversely affect customer confidence in Peoples and/or result in Peoples incurring a financial loss;

&nbsp;&nbsp;&nbsp;&nbsp;(20)any misappropriation of the confidential information which Peoples possesses could have an adverse impact on Peoples' business and could result in regulatory actions, litigation and other adverse effects;

&nbsp;&nbsp;&nbsp;&nbsp;(21)Peoples' ability to anticipate and respond to technological changes, and Peoples' reliance on, and the potential failure of, a number of third-party vendors to perform as expected, including Peoples' primary core banking system provider, which can impact Peoples' ability to respond to customer needs and meet competitive demands;

&nbsp;&nbsp;&nbsp;&nbsp;(22)operational issues stemming from and/or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which Peoples and Peoples' subsidiaries are highly dependent;

&nbsp;&nbsp;&nbsp;&nbsp;(23)changes in consumer spending, borrowing and saving habits, whether due to changes in retail distribution strategies, consumer preferences and behavior, changes in business and economic conditions, legislative or regulatory initiatives, or other factors, which may be different than anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;(24)the adequacy of Peoples' internal controls and risk management program in the event of changes in strategic, reputational, market, economic, operational, cybersecurity, compliance, legal, asset/liability repricing, liquidity, credit and interest rate risks associated with Peoples' business;

&nbsp;&nbsp;&nbsp;&nbsp;(25)the impact on Peoples' businesses, personnel, facilities or systems of losses related to acts of fraud, theft, misappropriation or violence;

&nbsp;&nbsp;&nbsp;&nbsp;(26)the impact on Peoples' businesses, as well as on the risks described above, of various domestic or international widespread natural or other disasters including severe weather events, pandemics, cybersecurity attacks, system failures, civil unrest, military or terrorist activities or international conflicts (including Russia's war in Ukraine, ongoing conflicts in the Middle East, and mounting tensions with Venezuela);

&nbsp;&nbsp;&nbsp;&nbsp;(27)the potential deterioration of the U.S. economy due to financial, political or other shocks;

&nbsp;&nbsp;&nbsp;&nbsp;(28)the potential influence on the U.S. financial markets and economy from the effects of climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs;

&nbsp;&nbsp;&nbsp;&nbsp;(29)the impact on Peoples' businesses and operating results of any costs associated with obtaining rights in intellectual property claimed by others and adequately protecting Peoples' intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;(30)risks and uncertainties associated with Peoples' entry into new geographic markets and risks resulting from Peoples' inexperience in these new geographic markets;

&nbsp;&nbsp;&nbsp;&nbsp;(31)changes in laws or regulations imposed by Peoples' regulators impacting Peoples' capital actions, including dividend payments and share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;(32)the vulnerability of Peoples' network and online banking portals, and the systems of parties with whom Peoples contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;

&nbsp;&nbsp;&nbsp;&nbsp;(33)regulatory and legal matters, including the failure to resolve any outstanding matters on a timely basis and the potential of new regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;

&nbsp;&nbsp;&nbsp;&nbsp;(34)Peoples' business may be adversely affected by increased political and regulatory scrutiny of corporate environmental, social and governance ("ESG") practices;

&nbsp;&nbsp;&nbsp;&nbsp;(35)the effect of a fall in stock market prices on Peoples' asset and wealth management business;

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&nbsp;&nbsp;&nbsp;&nbsp;(36)the risk that energy tax credits purchased and used by Peoples to reduce tax liabilities will be disallowed by the IRS; and

&nbsp;&nbsp;&nbsp;&nbsp;(37)other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples' reports filed with the Securities and Exchange Commission (the "SEC"), including those risk factors included in the disclosures under the heading "ITEM 1A. RISK FACTORS" of Peoples' Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as supplemented by the disclosures under the heading "ITEM 1A. RISK FACTORS" of Peoples' Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. Peoples encourages readers of this news release to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. Peoples undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as required by applicable legal requirements. Copies of documents filed with the SEC are available free of charge at the SEC's website at http://www.sec.gov and/or from Peoples' website - www.peoplesbancorp.com under the "Investor Relations" section.

As required by U.S. GAAP, Peoples is required to evaluate the impact of subsequent events through the issuance date of its December 31, 2025 consolidated financial statements as part of its Annual Report on Form 10-K to be filed with the SEC. Accordingly, subsequent events could occur that may cause Peoples to update its critical accounting estimates and/or to revise its financial information from the estimates and information contained in this news release.

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**PER COMMON SHARE DATA AND SELECTED RATIOS (Unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | | | | **December 31,** | **December 31,** |
| | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2024** | **2025** | **2024** |
| **PER COMMON SHARE:** |  |  |  |  |  |
| Earnings per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 0.90 | 0.83 | 0.77 | 3.03 | 3.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.89 | 0.83 | 0.76 | 2.99 | 3.31 |
| Cash dividends declared per common share | 0.41 | 0.41 | 0.40 | 1.63 | 1.59 |
| Book value per common share (a) | 33.78 | 33.13 | 31.26 | 33.78 | 31.26 |
| Tangible book value per common share (a)(b) | 22.77 | 22.05 | 19.94 | 22.77 | 19.94 |
| Closing price of common shares at end of period | 30.03 | 29.99 | 31.69 | 30.03 | 31.69 |
| **SELECTED RATIOS:** |  |  |  |  |  |
| Return on average stockholders' equity (c) | 10.53% | 10.06% | 9.56% | 9.22% | 10.81% |
| Return on average tangible equity (c)(d) | 16.57% | 16.17% | 16.15% | 14.97% | 18.61% |
| Return on average assets (c) | 1.31% | 1.22% | 1.17% | 1.13% | 1.28% |
| Efficiency ratio (e)(f) | 57.78% | 57.11% | 59.57% | 58.68% | 57.97% |
| Net interest margin (c)(f) | 4.12% | 4.16% | 4.15% | 4.14% | 4.21% |
| Dividend payout ratio (g) | 46.10% | 49.72% | 52.79% | 54.45% | 48.06% |

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(a) Data presented as of the end of the period indicated.

(b) Tangible book value per common share represents a non-US GAAP financial measure since it excludes the balance sheet impact of goodwill and other intangible assets acquired through acquisitions on stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

(c) Ratios are presented on an annualized basis.

(d) Return on average tangible equity represents a non-US GAAP financial measure since it excludes the after-tax impact of amortization of other intangible assets from net income and it excludes the balance sheet impact of average goodwill and other intangible assets acquired through acquisitions on average stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

(e) The efficiency ratio is defined as total non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income (excluding all gains and losses). This ratio represents a non-US GAAP financial measure since it excludes amortization of other intangible assets, and all gains and losses included in earnings, and uses fully tax-equivalent net interest income. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

(f) Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.

(g) This ratio is calculated based on dividends declared during the period divided by net income for the period.

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**CONSOLIDATED STATEMENTS OF INCOME** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2025** | **2024** |
| *(Dollars in thousands, except per share data)* | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |  |
| Total interest income | $130549 | $132808 | $128793 | $514306 | $520776 |
| Total interest expense | 39500 | 41459 | 42257 | 159076 | 172075 |
| &nbsp;&nbsp;Net interest income | 91049 | 91349 | 86536 | 355230 | 348701 |
| Provision for credit losses | 8050 | 7280 | 6267 | 42162 | 24787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 82999 | 84069 | 80269 | 313068 | 323914 |
| **Non-interest income:** |  |  |  |  |  |
| Electronic banking income | 6329 | 6538 | 6267 | 25024 | 25142 |
| Trust and investment income | 5692 | 5414 | 5033 | 21448 | 19513 |
| Deposit account service charges | 4617 | 4274 | 4502 | 16965 | 17584 |
| Insurance income | 4520 | 4469 | 4523 | 19592 | 19401 |
| Lease income | 4290 | 3643 | 3222 | 15612 | 10480 |
| Bank owned life insurance income | 1173 | 1143 | 1219 | 4561 | 4216 |
| Mortgage banking income | 537 | 245 | 173 | 1398 | 1788 |
| Net (loss) gain on investment securities | (77) | (2580) | 12 | (2659) | (416) |
| Net loss on asset disposals and other transactions | (1908) | (478) | (1746) | (3027) | (3310) |
| Other non-interest income | 1099 | 1159 | 1884 | 5164 | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | **26272** | **23827** | **25089** | **104078** | **99366** |
| **Non-interest expense:** |  |  |  |  |  |
| Salaries and employee benefit costs | 39118 | 38698 | 37499 | 156530 | 150041 |
| Data processing and software expense | 7401 | 7356 | 6598 | 29118 | 25221 |
| Net occupancy and equipment expense | 5980 | 5896 | 5821 | 23178 | 24151 |
| Professional fees | 3168 | 2798 | 3311 | 12663 | 12109 |
| Amortization of other intangible assets | 2210 | 2211 | 2800 | 8845 | 11161 |
| Electronic banking expense | 2120 | 2161 | 1982 | 8324 | 7548 |
| Operating lease expense | 1513 | 1039 | 1102 | 4590 | 3539 |
| FDIC insurance expense | 1350 | 1284 | 1251 | 5136 | 4929 |
| Other loan expenses | 1219 | 1385 | 857 | 4936 | 4147 |
| Marketing expense | 1059 | 1001 | 1206 | 3681 | 3914 |
| Franchise tax expense | 845 | 916 | 664 | 3368 | 3222 |
| Communication expense | 589 | 664 | 796 | 2699 | 3145 |
| Travel and entertainment expense | 556 | 796 | 723 | 2565 | 2656 |
| Other non-interest expense | 4166 | 3689 | 5893 | 16704 | 18033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 71294 | 69894 | 70503 | 282337 | 273816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 37977 | 38002 | 34855 | 134809 | 149464 |
| Income tax expense | 6223 | 8526 | 7925 | 28031 | 32259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $31754 | $29476 | $26930 | $106778 | $117205 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF INCOME (Cont.)** | **CONSOLIDATED STATEMENTS OF INCOME (Cont.)** | **CONSOLIDATED STATEMENTS OF INCOME (Cont.)** | **CONSOLIDATED STATEMENTS OF INCOME (Cont.)** | **CONSOLIDATED STATEMENTS OF INCOME (Cont.)** | **CONSOLIDATED STATEMENTS OF INCOME (Cont.)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| *(Dollars in thousands, except per share data)* | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |  |
| **<u>PER COMMON SHARE DATA:</u>** |  |  |  |  |  |
| Net income available to common shareholders | $31754 | $29476 | $26930 | $106778 | $117205 |
| Less: Dividends paid on unvested common shares | 190 | 208 | 210 | 818 | 786 |
| Less: Undistributed income allocated to unvested common shares | 60 | 46 | 44 | 160 | 227 |
| Net earnings allocated to common shareholders | $31504 | $29222 | $26676 | $105800 | $116192 |
| Weighted-average common shares outstanding | 35025892 | 35003054 | 34819062 | 34974619 | 34779548 |
| Effect of potentially dilutive common shares | 418506 | 395755 | 453003 | 383490 | 367806 |
| Total weighted-average diluted common shares outstanding | 35444398 | 35398809 | 35272065 | 35358109 | 35147354 |
| Earnings per common share – basic | $0.90 | $0.83 | $0.77 | $3.03 | $3.34 |
| Earnings per common share – diluted | $0.89 | $0.83 | $0.76 | $2.99 | $3.31 |
| Cash dividends declared per common share | $0.41 | $0.41 | $0.40 | $1.63 | $1.59 |
| Weighted-average common shares outstanding – basic | 35025892 | 35003054 | 34819062 | 34974619 | 34779548 |
| Weighted-average common shares outstanding – diluted | 35444398 | 35398809 | 35272065 | 35358109 | 35147354 |
| Common shares outstanding at the end of period | 35714484 | 35705369 | 35563590 | 35714484 | 35563590 |

---

------

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| *(Dollars in thousands)* | (Unaudited) |  |
| **Assets** |  |  |
| Cash and cash equivalents: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $107864 | $108721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits in other banks | 81087 | 108943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 188951 | 217664 |
| Available-for-sale investment securities, at fair value (amortized cost of |  |  |
| $1,076,980 at December 31, 2025 and $1,229,382 at December 31, 2024) (a) | 984367 | 1083555 |
| Held-to-maturity investment securities, at amortized cost (fair value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$867,714 at December 31, 2025 and $692,499 at December 31, 2024) (a) | 922837 | 774800 |
| Other investment securities, at cost | 68656 | 60132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment securities (a) | 1975860 | 1918487 |
| Loans and leases, net of deferred fees and costs (b) | 6756907 | 6358003 |
| Allowance for credit losses | (75676) | (63348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loans and leases | 6681231 | 6294655 |
| Loans held for sale | 2667 | 2348 |
| Bank premises and equipment, net of accumulated depreciation | 100508 | 103669 |
| Bank owned life insurance | 148264 | 143710 |
| Goodwill | 363199 | 363199 |
| Other intangible assets | 30120 | 39223 |
| Other assets | 158830 | 171292 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total assets** | $9649630 | $9254247 |
| **Liabilities** |  |  |
| Deposits: |  |  |
| Non-interest-bearing | $1545428 | $1507661 |
| Interest-bearing | 6064796 | 6082544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 7610224 | 7590205 |
| Short-term borrowings | 530285 | 193474 |
| Long-term borrowings | 204138 | 238073 |
| Accrued expenses and other liabilities | 98381 | 120905 |
| &nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities** | $8443028 | $8142657 |
| **Stockholders' Equity** |  |  |
| Preferred shares, no par value, 50,000 shares authorized, no shares issued at December 31, 2025 or at December 31, 2024 |  |  |
| Common shares, no par value, 50,000,000 shares authorized, 36,836,943 shares issued at December 31, 2025 and 36,782,601 shares issued at December 31, 2024, including shares in treasury | 871571 | 866844 |
| Retained earnings | 436748 | 388109 |
| Accumulated other comprehensive loss, net of deferred income taxes | (70628) | (110385) |
| Treasury stock, at cost, 1,215,120 common shares at December 31, 2025 and 1,311,175 common shares at December 31, 2024 | (31089) | (32978) |
| &nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity** | 1206602 | 1111590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity** | $9649630 | $9254247 |

---

(a)Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of of $0 and $236 and $0 and $237 for December 31, 2025 and December 31, 2024, respectively.

(b)Also referred to throughout this document as "total loans" and "loans held for investment."

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SELECTED FINANCIAL INFORMATION (Unaudited)** | **SELECTED FINANCIAL INFORMATION (Unaudited)** | **SELECTED FINANCIAL INFORMATION (Unaudited)** | **SELECTED FINANCIAL INFORMATION (Unaudited)** | **SELECTED FINANCIAL INFORMATION (Unaudited)** | **SELECTED FINANCIAL INFORMATION (Unaudited)** |
| | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| *(Dollars in thousands)* | **2025** | **2025** | **2025** | **2025** | **2024** |
| **Loan Portfolio** |  |  |  |  |  |
| Construction | $**300941** | $261048 | $341313 | $319104 | $328388 |
| Commercial real estate, other | **2363967** | 2369396 | 2248214 | 2230538 | 2156013 |
| Commercial and industrial | **1535755** | 1489505 | 1407382 | 1343827 | 1347645 |
| Premium finance | **253075** | 273297 | 277622 | 264080 | 269435 |
| Leases | **365649** | 382753 | 400052 | 395454 | 406598 |
| Residential real estate | **861722** | 875773 | 877968 | 848168 | 835101 |
| Home equity lines of credit | **253864** | 247383 | 241785 | 235409 | 232661 |
| Consumer, indirect | **700582** | 710385 | 692674 | 680260 | 669857 |
| Consumer, direct | **120338** | 118206 | 113615 | 110639 | 111052 |
| Deposit account overdrafts | **1014** | 982 | 964 | 1047 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**6756907** | $6728728 | $6601589 | $6428526 | $6358003 |
| Total acquired loans and leases (a) | $**1299543** | $1380354 | $1452475 | $1511704 | $1557728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total originated loans and leases | $**5457364** | $5348374 | $5149114 | $4916822 | $4800275 |
| **Total Investment Securities** | $1975860 | $1972721 | $2019054 | $1878462 | $1918487 |
| **Deposit Balances** |  |  |  |  |  |
| Non-interest-bearing deposits (b) | $**1545428** | $1536094 | $1530824 | $1526285 | $1507661 |
| Interest-bearing deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand accounts (b) | **1092252** | 1068443 | 1058910 | 1087197 | 1085152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail certificates of deposit | **1983791** | 2008619 | 2005322 | 1965978 | 1921415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market deposit accounts | **945313** | 948177 | 927543 | 967331 | 878254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Governmental deposit accounts | **739939** | 769782 | 781949 | 834409 | 775782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | **887402** | 884230 | 889872 | 894592 | 866959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposits | **416099** | 416851 | 442788 | 458957 | 554982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | $**6064796** | $6096102 | $6106384 | $6208464 | $6082544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $**7610224** | $7632196 | $7637208 | $7734749 | $7590205 |
| Total demand deposits (b) | $**2637680** | $2604537 | $2589734 | $2613482 | $2592813 |
| **Asset Quality** |  |  |  |  |  |
| Nonperforming assets (NPAs): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans 90+ days past due and accruing | $**5628** | $4898 | $6126 | $4207 | $8637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans | **36886** | 33889 | 34485 | 35628 | 34129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans (NPLs) (f) | **42514** | 38787 | 40611 | 39835 | 42766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned (OREO) | **123** | 6013 | 6013 | 5980 | 6170 |
| Total NPAs (f) | $**42637** | $44800 | $46624 | $45815 | $48936 |
| Criticized loans (c) | $**236468** | $268326 | $244442 | $226542 | $241302 |
| Classified loans (d) | **147175** | 158577 | 125014 | 123842 | 128815 |
| Allowance for credit losses as a percent of NPLs (f) | **178.00 %%** | 193.01% | 183.89% | 163.76% | 148.13% |
| NPLs as a percent of total loans (f) | **0.63 %%** | 0.58% | 0.61% | 0.62% | 0.67% |
| NPAs as a percent of total assets (f) | **0.44 %%** | 0.47% | 0.49% | 0.50% | 0.53% |
| NPAs as a percent of total loans and OREO (f) | **0.63 %%** | 0.66% | 0.71% | 0.71% | 0.77% |
| Criticized loans as a percent of total loans (c) | **3.50 %%** | 3.99% | 3.70% | 3.52% | 3.80% |
| Classified loans as a percent of total loans (d) | **2.18 %%** | 2.36% | 1.89% | 1.93% | 2.03% |
| Allowance for credit losses as a percent of total loans | **1.12 %%** | 1.11% | 1.13% | 1.01% | 1.00% |
| Total demand deposits as a percent of total deposits (b) | **34.66 %%** | 34.13 %% | 33.91 %% | 33.79 %% | 34.16 %% |
| **Capital Information (e)(g)(i)** |  |  |  |  |  |
| Common equity tier 1 capital ratio (h) | **12.29 %%** | 12.11% | 11.95% | 12.10% | 11.95% |
| Tier 1 risk-based capital ratio | **12.72 %%** | 12.54% | 12.39% | 12.54% | 12.39% |
| Total risk-based capital ratio (tier 1 and tier 2) | **13.78 %%** | 13.79% | 13.71% | 13.75% | 13.58% |
| Leverage ratio | **9.91 %%** | 9.74% | 9.83% | 9.80% | 9.73% |
| Common equity tier 1 capital | $**893970** | $875454 | $857036 | $845200 | $833128 |
| Tier 1 capital | **925616** | 906900 | 888282 | 876246 | 863974 |
| Total capital (tier 1 and tier 2) | **1002226** | 997309 | 982929 | 960820 | 946724 |
| Total risk-weighted assets | $**7275089** | $7231476 | $7170841 | $6986418 | $6971490 |
| Total stockholders' equity to total assets | **12.50 %%** | 12.29% | 12.09% | 12.31% | 12.01% |
| Tangible equity to tangible assets (j) | **8.79 %%** | 8.53% | 8.26% | 8.34% | 8.01% |

---

------

(a)Includes all loans and leases acquired and purchased in 2012 and thereafter.

(b)The sum of non-interest-bearing deposits and interest-bearing demand accounts is considered total demand deposits.

(c)Includes loans categorized as special mention, substandard, or doubtful.

(d)Includes loans categorized as substandard or doubtful.

(e)Data presented as of the end of the period indicated.

(f)Nonperforming loans include loans 90+ days past due and accruing, renegotiated loans and nonaccrual loans. Nonperforming assets include nonperforming loans and OREO.

(g)December 31, 2025 data based on preliminary analysis and subject to revision.

(h)Peoples' capital conservation buffer was 5.78% at December 31, 2025, 5.79% at September 30, 2025, 5.71% at June 30, 2025, 5.75% at March 31, 2025, and 5.58% at December 31, 2024 compared to required capital conservation buffer of 2.50%

(i)Peoples has adopted the five-year transition to phase in the impact of the adoption of CECL on regulatory capital ratios.

(j)This ratio represents a non-US GAAP financial measure since it excludes the balance sheet impact of intangible assets acquired through acquisitions on both total stockholders' equity and total assets. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

------

**PROVISION FOR (RECOVERY OF) CREDIT LOSSES INFORMATION** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **September 30,** | **September 30,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2025** | **2024** | **2024** |
| *(Dollars in thousands)* | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |  |  |
| **Provision for credit losses** |  |  |  |  |  |  |  |  |
| Provision for credit losses | 7801 | $| 7004 | $| 6014 | 41315 | $| 23524 |
| Provision for checking account overdrafts | 249 | 276 | 276 | 253 | 253 | 847 | 1263 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for credit losses | 8050 | $| 7280 | $| 6267 | 42162 | $| 24787 |
| **Net Charge-Offs** |  |  |  |  |  |  |  |  |
| Gross charge-offs | 8391 | $| 7841 | $| 10040 | 32821 | $| 25112 |
| Recoveries | 952 | 1012 | 1012 | 454 | 454 | 3468 | 1889 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | 7439 | $| 6829 | $| 9586 | 29353 | $| 23223 |
| **Net Charge-Offs (Recoveries) by Type** |  |  |  |  |  |  |  |  |
| Construction | (25) | $|  | $|  | (25) | $|  |
| Commercial real estate, other | (41) | 26 | 26 | 195 | 195 | 231 | 304 | 304 |
| Commercial and industrial | 340 | 446 | 446 | 78 | 78 | 1699 | 610 | 610 |
| Premium finance | 212 | 102 | 102 | 51 | 51 | 469 | 181 | 181 |
| Leases | 5356 | 4487 | 4487 | 7619 | 7619 | 20090 | 14578 | 14578 |
| Residential real estate | 24 | 31 | 31 | 99 | 99 | 98 | 34 | 34 |
| Home equity lines of credit | 2 | 27 | 27 |  |  | 41 | 4 | 4 |
| Consumer, indirect | 1173 | 1189 | 1189 | 1153 | 1153 | 5262 | 5627 | 5627 |
| Consumer, direct | 151 | 263 | 263 | 142 | 142 | 631 | 628 | 628 |
| Deposit account overdrafts | 247 | 258 | 258 | 249 | 249 | 857 | 1257 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net charge-offs | 7439 | $| 6829 | $| 9586 | 29353 | $| 23223 |
| As a percent of average total loans (annualized) | 0.44% | 0.41% | 0.41% | 0.61% | 0.61% | 0.45% | 0.37% | 0.37% |

---

**SUPPLEMENTAL INFORMATION (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>*(Dollars in thousands)* | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| Trust assets under administration and management | $2219650 | $2271536 | $2138439 | $2037992 | $2061267 |
| Brokerage assets under administration and management | 1846084 | 1800781 | 1724311 | 1626768 | 1614189 |
| Mortgage loans serviced for others | 322139 | 323347 | 326710 | 337279 | 346189 |
| Employees (full-time equivalent) | 1454 | 1454 | 1477 | 1460 | 1479 |

---

------

**CONSOLIDATED AVERAGE BALANCE SHEETS AND NET INTEREST INCOME (Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>*(Dollars in thousands)* | **Balance** | **Income/<br>Expense** | **Yield/ Cost** | **Balance** | **Income/<br>Expense** | **Yield/ Cost** | **Balance** | **Income/<br>Expense** | **Yield/ Cost** |
| **Assets** |  |  |  |  |  |  |  |  |  |
| Short-term investments | $**77906** | $**773** | **3.94 %%** | $71028 | $782 | 4.37% | $123303 | $1432 | 4.62% |
| Investment securities (a)(b) | **1986490** | **18229** | **3.67 %%** | 2018463 | 19119 | 3.79% | 1910266 | 16353 | 3.42% |
| Loans (b)(c): |  |  |  |  |  |  |  |  |  |
| Construction | **272994** | **5108** | **7.32 %%** | 333782 | 5759 | 6.75% | 324856 | 6139 | 7.39% |
| Commercial real estate, other | **2258134** | **35222** | **6.10 %%** | 2144859 | 34751 | 6.34% | 2034083 | 34776 | 6.69% |
| Commercial and industrial | **1500548** | **24910** | **6.50 %%** | 1428843 | 25090 | 6.87% | 1259636 | 23467 | 7.29% |
| Premium finance | **260833** | **4868** | **7.30 %%** | 273730 | 5820 | 8.32% | 277219 | 5772 | 8.15% |
| Leases | **368453** | **9663** | **10.26 %%** | 390499 | 9520 | 9.54% | 412686 | 11528 | 10.93% |
| Residential real estate (d) | **978507** | **13143** | **5.37 %%** | 990040 | 13466 | 5.44% | 909719 | 12125 | 5.33% |
| Home equity lines of credit | **251730** | **4771** | **7.52 %%** | 245024 | 4765 | 7.72% | 234189 | 4669 | 7.93% |
| Consumer, indirect | **703178** | **11590** | **6.54 %%** | 703619 | 11545 | 6.51% | 670470 | 10590 | 6.28% |
| Consumer, direct | **127434** | **2538** | **7.90 %%** | 123927 | 2470 | 7.91 %% | 118370 | 2229 | 7.49 %% |
| Total loans | **6721811** | **111813** | **6.54 %%** | 6634323 | 113186 | 6.71% | 6241228 | 111295 | 7.01% |
| Allowance for credit losses | **(74351)** |  |  | (74485) |  |  | (65798) |  |  |
| Net loans | **6647460** |  |  | 6559838 |  |  | 6175430 |  |  |
| Total earning assets | **8711856** | **130815** | **5.92 %%** | 8649329 | 133087 | 6.07% | 8208999 | 129080 | 6.20% |
| Goodwill and other intangible assets | **394409** |  |  | 396636 |  |  | 402930 |  |  |
| Other assets | **524509** |  |  | 528305 |  |  | 534128 |  |  |
| Total assets | $**9630774** |  |  | $9574270 |  |  | $9146057 |  |  |
| **Liabilities and Equity** |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |
| Savings accounts | $**886250** | $**185** | **0.08 %%** | $890316 | $196 | 0.09% | $862257 | $209 | 0.10% |
| Governmental deposit accounts | **774267** | **4278** | **2.19 %%** | 787079 | 4745 | 2.39% | 811633 | 5233 | 2.56% |
| Interest-bearing demand accounts | **1053419** | **611** | **0.23 %%** | 1084051 | 617 | 0.23% | 1081591 | 580 | 0.21% |
| Money market deposit accounts | **959627** | **5220** | **2.16 %%** | 954778 | 5671 | 2.36% | 892370 | 5518 | 2.46% |
| Retail certificates of deposit | **1999726** | **17745** | **3.52 %%** | 2007768 | 18094 | 3.58% | 1904274 | 20037 | 4.19% |
| Brokered deposits (e) | **412883** | **4196** | **4.03 %%** | 431501 | 4567 | 4.20 %% | 508944 | 5568 | 4.35 %% |
| Total interest-bearing deposits | **6086172** | **32235** | **2.10 %%** | 6155493 | 33890 | 2.18% | 6061069 | 37145 | 2.44% |
| Short-term borrowings (e) | **429129** | **4201** | **3.91 %%** | 368456 | 4044 | 4.36% | 92472 | 1088 | 4.70% |
| Long-term borrowings | **211244** | **3064** | **5.74 %%** | 229388 | 3525 | 6.07 %% | 237835 | 4025 | 6.69 %% |
| Total borrowed funds | **640373** | **7265** | **4.51 %%** | 597844 | 7569 | 5.02 %% | 330307 | 5113 | 6.13 %% |
| Total interest-bearing liabilities | **6726545** | **39500** | **2.33 %%** | 6753337 | 41459 | 2.44% | 6391376 | 42258 | 2.63% |
| Non-interest-bearing deposits | **1605305** |  |  | 1544184 |  |  | 1516933 |  |  |
| Other liabilities | **102419** |  |  | 113981 |  |  | 117151 |  |  |
| Total liabilities | **8434269** |  |  | 8411502 |  |  | 8025460 |  |  |
| Stockholders' equity | **1196505** |  |  | 1162768 |  |  | 1120597 |  |  |
| Total liabilities and stockholders' equity | $**9630774** |  |  | $9574270 |  |  | $9146057 |  |  |
| Net interest income/spread (b) |  | $**91315** | **3.59 %%** |  | $91628 | 3.63% |  | $86822 | 3.57% |
| Net interest margin (b) |  |  | **4.12 %%** |  |  | 4.16% |  |  | 4.15% |

---

(a)Average balances are based on carrying value.

(b)Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.

(c)Average balances include nonaccrual and impaired loans. Interest income includes interest earned and received on nonaccrual loans prior to the loans being placed on nonaccrual status. Loan fees included in interest income were immaterial for all periods presented.

(d)Loans held for sale are included in the average loan balance listed. Related interest income on loans originated for sale prior to the loan being sold is included in loan interest income.

(e)Interest related to interest rate swap transactions is included, as appropriate to the transaction, in interest expense on short-term FHLB advances and interest expense on brokered deposits for the periods presented in which FHLB advances and brokered deposits were being utilized.

------

**CONSOLIDATED AVERAGE BALANCE SHEETS AND NET INTEREST INCOME (Unaudited) -- (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>*(Dollars in thousands)* | **Balance** | **Income/<br>Expense** | **Yield/ Cost** | **Balance** | **Income/<br>Expense** | **Yield/ Cost** |
| **Assets** |  |  |  |  |  |  |
| Short-term investments | $**81069** | $**3493** | **4.31 %%** | $125112 | $6810 | 5.44% |
| Investment securities (a)(b) | **1953642** | **70753** | **3.62 %%** | 1877878 | 64129 | 3.42% |
| Loans (b)(c): |  |  |  |  |  |  |
| Construction | **313770** | **22374** | **7.03 %%** | 330989 | 25791 | 7.66% |
| Commercial real estate, other | **2146287** | **136666** | **6.28 %%** | 2058450 | 146077 | 6.98% |
| Commercial and industrial | **1398410** | **96637** | **6.82 %%** | 1237068 | 95609 | 7.60% |
| Premium finance | **265302** | **22016** | **8.18 %%** | 259374 | 22134 | 8.39% |
| Leases | **384519** | **39668** | **10.17 %%** | 416728 | 47498 | 11.21% |
| Residential real estate (d) | **974804** | **51050** | **5.24 %%** | 921725 | 47017 | 5.10% |
| Home equity lines of credit | **242509** | **18458** | **7.61 %%** | 227046 | 18414 | 8.11% |
| Consumer, indirect | **692001** | **44720** | **6.46 %%** | 666083 | 39912 | 5.99% |
| Consumer, direct | **122181** | **9579** | **7.84 %%** | 120607 | 8694 | 7.21 %% |
| Total loans | **6539783** | **441168** | **6.68 %%** | 6238070 | 451146 | 7.14% |
| Allowance for credit losses | **(69316)** |  |  | (64491) |  |  |
| Net loans | **6470467** |  |  | 6173579 |  |  |
| Total earning assets | **8505178** | **515414** | **6.01 %%** | 8176569 | 522085 | 6.32% |
| Goodwill and other intangible assets | **397810** |  |  | 406619 |  |  |
| Other assets | **521992** |  |  | 539655 |  |  |
| Total assets | $**9424980** |  |  | $9122843 |  |  |
| **Liabilities and Equity** |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |
| Savings accounts | $**886299** | $**818** | **0.09 %%** | $882748 | $885 | 0.10% |
| Governmental deposit accounts | **788713** | **18549** | **2.35 %%** | 799195 | 21872 | 2.74% |
| Interest-bearing demand accounts | **1067748** | **2315** | **0.22 %%** | 1089688 | 2118 | 0.19% |
| Money market deposit accounts | **941861** | **21775** | **2.31 %%** | 845547 | 21434 | 2.53% |
| Retail certificates of deposit | **1986437** | **72506** | **3.65 %%** | 1774419 | 74509 | 4.20% |
| Brokered deposit (e) | **456594** | **19202** | **4.21 %%** | 492390 | 21295 | 4.32 %% |
| Total interest-bearing deposits | **6127652** | **135165** | **2.21 %%** | 5883987 | 142113 | 2.42% |
| Short-term borrowings (e) | **246823** | **10142** | **4.11 %%** | 301306 | 15545 | 5.16% |
| Long-term borrowings | **227866** | **13769** | **6.01 %%** | 234472 | 14418 | 6.11 %% |
| Total borrowed funds | **474689** | **23911** | **5.02 %%** | 535778 | 29963 | 5.57 %% |
| Total interest-bearing liabilities | **6602341** | **159076** | **2.41 %%** | 6419765 | 172076 | 2.68% |
| Non-interest-bearing deposits | **1555545** |  |  | 1491019 |  |  |
| Other liabilities | **109531** |  |  | 128267 |  |  |
| Total liabilities | **8267417** |  |  | 8039051 |  |  |
| Stockholders' equity | **1157563** |  |  | 1083792 |  |  |
| Total liabilities and stockholders' equity | $**9424980** |  |  | $9122843 |  |  |
| Net interest income/spread (b) |  | $**356338** | **3.60 %%** |  | $350009 | 3.64% |
| Net interest margin (b) |  |  | **4.14 %%** |  |  | 4.21% |

---

(a)Average balances are based on carrying value.

(b)Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.

(c)Average balances include nonaccrual and impaired loans. Interest income includes interest earned and received on nonaccrual loans prior to the loans being placed on nonaccrual status. Loan fees included in interest income were immaterial for all periods presented.

(d)Loans held for sale are included in the average loan balance listed. Related interest income on loans originated for sale prior to the loan being sold is included in loan interest income.

(e)Interest related to interest rate swap transactions is included, as appropriate to the transaction, in interest expense on short-term FHLB advances and interest expense on brokered deposits for the periods presented in which FHLB advances and brokered deposits were being utilized.

------

**NON-US GAAP FINANCIAL MEASURES (Unaudited)**

The following non-US GAAP financial measures used by Peoples provide information useful to investors in understanding Peoples' operating performance and trends, and facilitate comparisons with the performance of Peoples' peers. The following tables summarize the non-US GAAP financial measures derived from amounts reported in Peoples' consolidated financial statements:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | | | | **December 31,** | **December 31,** |
|<br>*(Dollars in thousands)* | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2024** | **2025** | **2024** |
| **Efficiency ratio:** |  |  |  |  |  |
| Total non-interest expense | 71294 | 69894 | 70503 | 282337 | 273816 |
| Less: amortization of other intangible assets | 2210 | 2211 | 2800 | 8845 | 11161 |
| Adjusted total non-interest expense | 69084 | 67683 | 67703 | 273492 | 262655 |
| Total non-interest income | 26272 | 23827 | 25089 | 104078 | 99366 |
| Less: net (loss) gain on investment securities | (77) | (2580) | 12 | (2659) | (416) |
| Less: net loss on asset disposals and other transactions | (1908) | (478) | (1746) | (3027) | (3310) |
| Total non-interest income, excluding net gains and losses | 28257 | 26885 | 26823 | 109764 | 103092 |
| Net interest income | 91049 | 91349 | 86536 | 355230 | 348701 |
| Add: fully tax-equivalent adjustment (a) | 266 | 279 | 286 | 1108 | 1308 |
| Net interest income on a fully tax-equivalent basis | 91315 | 91628 | 86822 | 356338 | 350009 |
| Adjusted revenue | 119572 | 118513 | 113645 | 466102 | 453101 |
| Efficiency ratio | 57.78% | 57.11% | 59.57% | 58.68% | 57.97% |

---

(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.

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**NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** |
| | **December 31,** | **December 31,** | **September 30,** | **September 30,** | **June 30,** | **June 30,** | **March 31,** | **March 31,** | **December 31,** | **December 31,** |
|<br>*(Dollars in thousands, except per share data)* | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** |
| **Tangible equity:** |  |  |  |  |  |  |  |  |  |  |
| Total stockholders' equity | $| 1206602 | $| 1182776 | $| 1153350 | $| 1137821 | $| 1111590 |
| Less: goodwill and other intangible assets | 393319 | 393319 | 395535 | 395535 | 397785 | 397785 | 400099 | 400099 | 402422 | 402422 |
| Tangible equity | $| 813283 | $| 787241 | $| 755565 | $| 737722 | $| 709168 |
| **Tangible assets:** |  |  |  |  |  |  |  |  |  |  |
| Total assets | $| 9649630 | $| 9623944 | $| 9540608 | $| 9246000 | $| 9254247 |
| Less: goodwill and other intangible assets | 393319 | 393319 | 395535 | 395535 | 397785 | 397785 | 400099 | 400099 | 402422 | 402422 |
| Tangible assets | $| 9256311 | $| 9228409 | $| 9142823 | $| 8845901 | $| 8851825 |
| **Tangible book value per common share:** |  |  |  |  |  |  |  |  |  |  |
| Tangible equity | $| 813283 | $| 787241 | $| 755565 | $| 737722 | $| 709168 |
| Common shares outstanding | 35714484 | 35714484 | 35705369 | 35705369 | 35673721 | 35673721 | 35669100 | 35669100 | 35563590 | 35563590 |
| Tangible book value per common share | $| 22.77 | $| 22.05 | $| 21.18 | $| 20.68 | $| 19.94 |
| **Tangible equity to tangible assets ratio:** |  |  |  |  |  |  |  |  |  |  |
| Tangible equity | $| 813283 | $| 787241 | $| 755565 | $| 737722 | $| 709168 |
| Tangible assets | $| 9256311 | $| 9228409 | $| 9142823 | $| 8845901 | $| 8851825 |
| Tangible equity to tangible assets | 8.79% | 8.79% | 8.53% | 8.53% | 8.26% | 8.26% | 8.34% | 8.34% | 8.01% | 8.01% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | | | | **December 31,** | **December 31,** |
|<br>*(Dollars in thousands)* | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2024** | **2025** | **2024** |
| **Pre-provision net revenue:** |  |  |  |  |  |
| Income before income taxes | $37977 | $38002 | $34855 | $134809 | $149464 |
| Add: provision for credit losses | 8050 | 7280 | 6267 | 42162 | 24787 |
| Add: net loss on OREO | 851 |  | 1228 | 821 | 1230 |
| Add: net loss on investment securities | 77 | 2580 |  | 2659 | 428 |
| Add: net loss on other assets | 210 | 424 | 446 | 1231 | 1916 |
| Add: net loss on other transactions | 847 | 54 | 60 | 975 | 152 |
| Pre-provision net revenue | $48012 | $48340 | $42856 | $182657 | $177977 |

---

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**NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | | | | **December 31,** | **December 31,** |
|<br>***(Dollars in thousands)*** | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2024** | **2025** | **2024** |
| **Annualized net income adjusted for non-core items:** | **Annualized net income adjusted for non-core items:** | **Annualized net income adjusted for non-core items:** | **Annualized net income adjusted for non-core items:** |  |  |
| Net income | $31754 | $29476 | $26930 | $106778 | $117205 |
| Add: net loss on investment securities | 77 | 2580 |  | 2659 | 428 |
| Less: tax effect of net loss on investment securities (a) | 16 | 542 |  | 558 | 90 |
| Less: net gain on investment securities |  |  | 12 |  | 12 |
| Add: tax effect of net gain on investment securities (a) |  |  | 3 |  | 3 |
| Add: net loss on asset disposals and other transactions | 1908 | 478 | 1746 | 3027 | 3310 |
| Less: tax effect of net loss on asset disposals and other transactions (a) | 401 | 100 | 367 | 636 | 695 |
| Add: acquisition-related expenses (benefit) |  |  | 1144 |  | 169 |
| Less: tax effect of acquisition-related expenses (benefit) (a) |  |  | 240 |  | 35 |
| Net income adjusted for non-core items | $33322 | $31892 | $29204 | $111270 | $120283 |
| Days in the period | 92 | 92 | 92 | 365 | 366 |
| Days in the year | 365 | 365 | 366 | 365 | 366 |
| Annualized net income | $125981 | $116943 | $107135 | $106778 | $117205 |
| Annualized net income adjusted for non-core items | $132201 | $126528 | $116181 | $111270 | $120283 |
| **Return on average assets:** |  |  |  |  |  |
| Annualized net income | $125981 | $116943 | $107135 | $106778 | $117205 |
| Total average assets | $9630774 | $9574270 | $9146057 | $9424980 | $9122843 |
| Return on average assets | 1.31% | 1.22% | 1.17% | 1.13% | 1.28% |
| **Return on average assets adjusted for non-core items:** | **Return on average assets adjusted for non-core items:** | **Return on average assets adjusted for non-core items:** | **Return on average assets adjusted for non-core items:** |  |  |
| Annualized net income adjusted for non-core items | $132201 | $126528 | $116181 | $111270 | $120283 |
| Total average assets | $9630774 | $9574270 | $9146057 | $9424980 | $9122843 |
| Return on average assets adjusted for non-core items | 1.37% | 1.32% | 1.27% | 1.18% | 1.32% |

---

(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.

------

**NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | | | | **December 31,** | **December 31,** |
|<br>*(Dollars in thousands)* | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **December 31,**<br>**2024** | **2025** | **2024** |
| **Annualized net income excluding amortization of other intangible assets:** | **Annualized net income excluding amortization of other intangible assets:** | **Annualized net income excluding amortization of other intangible assets:** | **Annualized net income excluding amortization of other intangible assets:** |  |  |
| Net income | $31754 | $29476 | $26930 | $106778 | $117205 |
| Add: amortization of other intangible assets | 2210 | 2211 | 2800 | 8845 | 11161 |
| Less: tax effect of amortization of other intangible assets (a) | 464 | 464 | 588 | 1857 | 2344 |
| Net income excluding amortization of other intangible assets | $33500 | $31223 | $29142 | $113766 | $126022 |
| Days in the period | 92 | 92 | 92 | 365 | 366 |
| Days in the year | 365 | 365 | 366 | 365 | 366 |
| Annualized net income | $125981 | $116943 | $107135 | $106778 | $117205 |
| Annualized net income excluding amortization of other intangible assets | $132908 | $123874 | $115934 | $113766 | $126022 |
| **Average tangible equity:** | **Average tangible equity:** | **Average tangible equity:** | **Average tangible equity:** |  |  |
| Total average stockholders' equity | $1196505 | $1162768 | $1120597 | $1157563 | $1083792 |
| Less: average goodwill and other intangible assets | 394409 | 396636 | 402930 | 397810 | 406619 |
| Average tangible equity | $802096 | $766132 | $717667 | $759753 | $677173 |
| **Return on average stockholders' equity ratio:** | **Return on average stockholders' equity ratio:** | **Return on average stockholders' equity ratio:** |  |  |  |
| Annualized net income | $125981 | $116943 | $107135 | $106778 | $117205 |
| Average stockholders' equity | $1196505 | $1162768 | $1120597 | $1157563 | $1083792 |
| Return on average stockholders' equity | 10.53% | 10.06% | 9.56% | 9.22% | 10.81% |
| **Return on average tangible equity ratio:** | **Return on average tangible equity ratio:** | **Return on average tangible equity ratio:** |  |  |  |
| Annualized net income excluding amortization of other intangible assets | $132908 | $123874 | $115934 | $113766 | $126022 |
| Average tangible equity | $802096 | $766132 | $717667 | $759753 | $677173 |
| Return on average tangible equity | 16.57% | 16.17% | 16.15% | 14.97% | 18.61% |

---

(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.

**END OF RELEASE**

## Exhibit 99.2

![](q42025earningspresentati001.jpg)

1 Fourth Quarter 2025 Earnings Conference Call January 20, 2026

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![](q42025earningspresentati002.jpg)

1 Statements in this presentation which are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include discussions of the strategic plans and objectives or anticipated future performance and events of Peoples Bancorp Inc. ("Peoples"). The information contained in this presentation should be read in conjunction with Peoples' Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "2024 Form 10-K"), Peoples' Quarterly Reports on Form 10-Q for the quarters ended September 30, 2025, June 30, 2025, and March 31, 2025, and Peoples' earnings release for the quarter ended December 31, 2025 (the "Fourth Quarter Earnings Release"), included in Peoples' Current Report on Form 8-K furnished to the Securities and Exchange Commission ("SEC") on January 20, 2026, each of which is available on the SEC's website (sec.gov) or at Peoples' website (peoplesbancorp.com). Peoples expects to file its Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K") with the SEC on or about February 26, 2026. As required by U.S. generally accepted accounting principles, Peoples is required to evaluate the impact of subsequent events through the issuance date of its December 31, 2025, consolidated financial statements as part of its 2025 Form 10-K. Accordingly, subsequent events could occur that may cause Peoples to update its critical accounting estimates and/or to revise its financial information from that which is contained in this presentation. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in the 2024 Form 10-K under the section "Risk Factors" in Part I, Item 1A, as supplemented by the section "Risk Factors" in Part II, Item 1A of Peoples' Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and in the Fourth Quarter Earnings Release. As such, actual results could differ materially from those contemplated by forward-looking statements made in this presentation. Management believes that the expectations in these forward-looking statements are based upon reasonable assumptions within the bounds of management's knowledge of Peoples' business and operations. Peoples disclaims any responsibility to update these forward-looking statements to reflect events or circumstances after the date of this presentation. Safe Harbor Statement

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![](q42025earningspresentati003.jpg)

2 This presentation contains financial information and performance measures determined by methods other than those in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). Management uses these "non-US GAAP" financial measures in its analysis of Peoples' performance and the efficiency of its operations. Management believes that these non-US GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and peers. These disclosures should not be viewed as substitutes for financial measures determined in accordance with US GAAP, nor are they necessarily comparable to non-US GAAP performance measures that may be presented by other companies. A reconciliation of these non-US GAAP financial measures to the most directly comparable US GAAP financial measures is included under the caption "Non-US GAAP Financial Measures (Unaudited)" at the end of the Fourth Quarter Earnings Release. Use of Non-US GAAP Financial Measures

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![](q42025earningspresentati004.jpg)

3 • Diluted earnings per share of $0.89 exceeded consensus analyst estimates of $0.88 • Fee-based income grew 5% • Stable net interest income • The vast majority of our regulatory capital ratios improved • Book value per share growth of 2% and tangible book value per share increased 3% • Tangible equity to tangible assets improved 26 basis points to 8.79% Net income was $31.8 million, or $0.89 of diluted earnings per share ("EPS") • Negatively impacted by $850,000, or $0.02 of diluted EPS, related to a loss on the sale of an other real estate owned property • Paid off subordinated debt assumed from a previous acquisition, resulting in a loss of $800,000, or $0.02 of diluted EPS ◦ This will result in annual savings of around $1 million, and has an expected tangible book value earnback period of less than one year Fourth Quarter 2025 Financial Highlights

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![](q42025earningspresentati005.jpg)

4 Loan Balances by Segment (As of Most Recent Quarter-End) 13% 4% 11% 24% 12% 9% 23% 4% Residential real estate Home equity lines of credit Owner occupied commercial real estate Non-owner occupied commercial real estate Other consumer loans Specialty finance Commercial and industrial Construction Loan Balances and Yields (Dollars in billions) $1.56 $1.51 $1.45 $1.38 $1.30 $4.80 $4.92 $5.15 $5.35 $5.46 7.01% 6.77% 6.71% 6.71% 6.54% Acquired loans and leases Originated loans and leases Quarterly loan yield 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 – Total loan balances grew 2% annualized compared to September 30, 2025, and were up 6% for 2025 compared to 2024 – At December 31, 2025, 44% of loans were fixed rate, with the remaining 56% at a variable rate Loan Balances by Segment

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![](q42025earningspresentati006.jpg)

5 North Star Leasing by Segment (As of Most Recent Quarter-End) 23% 12% 8% 8%8% 7% 34% Restaurant Titled - Vocational Titled - Trucking/Trailer/Fleet Brewery/Distillery Heavy Equipment Manufacturing - Production Other – While our North Star Leasing business has experienced higher net charge-off levels in recent periods, it also provides positive long-term risk-adjusted returns and a diversified revenue stream – The historical average net charge-off rate for North Star Leasing in 2019 and prior years was between 4% - 5%, and we believe stimulus funds contributed to a lower net charge-off rate in 2022 and 2023 – The North Star portfolio origination yield (before accounting adjustments) is around 20% North Star Leasing North Star Leasing $162.7 $212.4 $220.9 $221.5 $212.0 $190.9 $176.7 $162.8 $149.1 $137.1 $1,383 $3,027 $690 $2,205 $3,733 $7,483 $5,403 $4,836 $4,484 $5,325 14.43% 14.49% 14.69% 14.35% 13.99% 14.24% 13.80% 14.14% 13.74% 14.25% Ending Balance ($ in millions) Net Charge-Offs ($ in thousands) Yield (Net of Deferred Fees and Costs) Full Year 2022 Full Year 2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025

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![](q42025earningspresentati007.jpg)

6 High Balance Accounts (Dollars in thousands) $11,076 $8,505 $7,586 $8,185 $1,328 $318 $— $— $— $— $— High balance account outstanding balances High balance account new production 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 $— $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 – High balance accounts consist of leasing relationships in excess of $300,000 in aggregated balances North Star Leasing (High Balance Accounts) We have significantly reduced our exposure to high balance leases within the North Star Leasing portfolio – The high balance portfolio declined nearly 65% compared to December 31, 2024, and is down 78% from December 31, 2023 – At December 31, 2025, these high balance leases totaled $12.8 million – We stopped originating new high balance leases through North Star in mid-2024 At December 31, 2025, our small-ticket lease balances comprised 2% of our total loan balances

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![](q42025earningspresentati008.jpg)

7 Asset Quality Metrics 4.14% 3.79% 3.79% 3.80% 3.52% 3.70% 3.99% 3.50% 2.38% 1.90% 2.12% 2.03% 1.93% 1.89% 2.36% 2.18% 1.05% 1.05% 1.06% 1.00% 1.01% 1.13% 1.11% 1.12% 0.50% 0.53% 0.76% 0.53% 0.50% 0.49% 0.47% 0.44% Criticized loans as a % of total loans Classified loans as a % of total loans Allowance for credit losses as a % of total loans Nonperforming assets as a % of total assets 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 The allowance for credit losses was 1.12% of total loans at December 31, 2025 – Nonperforming loans grew compared to the linked quarter, with increases in both loans 90+ days past due and accruing, and nonaccrual loans – Nonperforming assets declined due to the sale of an OREO property – Criticized loans declined $32 million, while classified loans decreased $11 million, both of which were driven by upgrades and payoffs Asset Quality

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![](q42025earningspresentati009.jpg)

8 Net Charge-Offs (Dollars in thousands) 7,483 5,403 4,838 4,484 5,325 2,103 2,718 2,126 2,345 2,114 Small-ticket leasing net charge-offs All other net charge-offs 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 — 2,000 4,000 6,000 8,000 10,000 Provision for Credit Losses and Net Charge-Offs Provision for credit losses and the annualized net charge-off rate increased compared to the linked quarter – Higher net charge-offs led to increases in provision for credit losses for the fourth quarter Net charge-offs have been heavily impacted by small-ticket leasing in recent quarters – Excluding small-ticket leasing, net charge-offs have been stable Quarterly Net Charge-Off Rate (Annualized) 0.61% 0.52% 0.43% 0.41% 0.44% 0.13% 0.18% 0.14% 0.15% 0.13% Total net charge-off rate Net charge-off rate, excluding North Star Leasing 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025

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![](q42025earningspresentati010.jpg)

9 Net interest income was relatively flat compared to the linked quarter, and net interest margin declined by 4 basis points – The reduction in net interest margin was largely driven by decreased loan yields For the full year of 2025, net interest income grew 2%, while net interest margin declined 7 basis points – The lower net interest margin was the result of reduced accretion income, which added 11 basis points for 2025, compared to 30 basis points for 2024 Net Interest Income (Dollars in thousands) $86,536 $91,349 $91,049 $348,701 $355,230 4Q 2024 3Q 2025 4Q 2025 YTD 2024 YTD 2025 Quarterly Net Interest Margin ("NIM") 4.26% 4.18% 4.27% 4.15% 4.12% 4.15% 4.16% 4.12% 0.32% 0.28% 0.39% 0.23% 0.17% 0.12% 0.08% 0.08% Net interest margin Accretion impact 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Accretion Income (Dollars in thousands) $4,856 $1,686 $1,794 $25,171 $9,553 4Q 2024 3Q 2025 4Q 2025 YTD 2024 YTD 2025 Net Interest Income

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![](q42025earningspresentati011.jpg)

10 Non-interest income, excluding gains and losses, grew 5% compared to the linked quarter – The improvement was driven by higher lease income, deposit account service charges, mortgage banking income and trust and investment income For the full year, non-interest income, excluding gains and losses, grew 6% compared to 2024 – The improvement was largely due to higher lease income and trust and investment income Non-Interest Income (Dollars in thousands) $25,089 $23,827 $26,272 $99,366 $104,078 4Q 2024 3Q 2025 4Q 2025 YTD 2024 YTD 2025 Non-Interest Income

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![](q42025earningspresentati012.jpg)

11 Non-interest expense grew 2% compared to the linked quarter – This was the result of higher lease expense, which was more than offset by the higher lease income, coupled with higher sales-based and incentive compensation related to our production and performance For the full year, non-interest expense grew 3%, compared to 2024 – The increase was due to higher salaries and employee benefit costs, as well as data processing and software expenses The efficiency ratio grew compared to the linked quarter, and was higher compared to the full year of 2024 – Compared to the linked quarter, increased expenses drove the increase – For the full year, the efficiency ratio increased as a result of lower accretion income and higher non-interest expenses compared to 2024 Non-Interest Expense (Dollars in thousands) $70,503 $69,894 $71,294 $273,816 $282,337 4Q 2024 3Q 2025 4Q 2025 YTD 2024 YTD 2025 Efficiency Ratio 59.6% 57.1% 57.8% 58.0% 58.7% 4Q 2024 3Q 2025 4Q 2025 YTD 2024 YTD 2025 Non-Interest Expense

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![](q42025earningspresentati013.jpg)

12 Deposit Balances by Segment (As of Most Recent Quarter-End) 20% 14% 26% 12% 10% 12% 6% Non-interest-bearing deposits Interest-bearing demand accounts Retail certificates of deposit Money market deposit accounts Governmental deposit accounts Savings accounts Brokered deposits Deposit Balances and Costs (Dollars in billions) $1.51 $1.53 $1.53 $1.54 $1.55 $6.08 $6.21 $6.11 $6.10 $6.06 1.96% 1.84% 1.76% 1.76% 1.68% Non-interest-bearing deposits Interest-bearing deposits Quarterly deposit cost 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Fourth quarter 2025 deposits declined $21 million, excluding brokered CDs – While interest-bearing demand accounts and non-interest bearing deposits grew $24 million and $9 million, respectively, this improvement was more than offset by reductions in governmental deposits of $30 million, and retail CDs of $25 million Compared to year-end 2024, total deposits grew nearly $160 million, excluding brokered CDs – Non-interest bearing deposits contributed $38 million to the increase compared to December 31, 2024 – At December 31, 2025, 78% of our deposits were to retail customers (comprised of consumers and small businesses), while the remaining 22% were to commercial customers – Our average retail customer deposit relationship was $26,000 at quarter-end, while our median was around $2,600 Deposits

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![](q42025earningspresentati014.jpg)

13 Capital Metrics 13.58% 13.75% 13.71% 13.79% 13.78% 12.39% 12.54% 12.39% 12.54% 12.72% 11.95% 12.10% 11.95% 12.11% 12.29% 9.73% 9.80% 9.83% 9.74% 9.91% 8.01% 8.34% 8.26% 8.53% 8.79% Total risk-based capital ratio Tier 1 risk-based capital ratio Common equity tier 1 capital ratio Leverage ratio Tangible equity to tangible assets 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 – Most of our regulatory capital ratios improved during the fourth quarter, as earnings (net of dividends) outpaced increases in risk- weighted assets – The total risk-based capital ratio was relatively flat compared to the linked quarter, and was directly related to the redemption of our subordinated debt, which qualified as tier 2 capital – Our tangible equity to tangible assets ratio improved 26 basis points compared to September 30, 2025 Capital

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![](q42025earningspresentati015.jpg)

14 Our current expectations for 2026, excluding non-core expenses: Operating Leverage – Expect to generate positive operating leverage for 2026, compared to 2025 Net Interest Income – We anticipate our net interest margin will be between 4.00% and 4.20% for the full year of 2026, which does not include any expected rate cuts – Each 25 basis point reduction in rates from the Federal Reserve is expected to result in a 3 to 4 basis point decline in our net interest margin for the full year Non-Interest Income Excluding Gains and Losses – Believe non-interest income, excluding gains and losses, will be between $28 and $30 million for each quarter for 2026 – First quarter of each year is typically elevated as it includes annual performance-based insurance commissions Non-Interest Expense – Anticipate quarterly non-interest expense of between $72 to $74 million for the second, third and fourth quarters of 2026 – The first quarter of 2026 will be higher due to the annual expenses we typically recognize during the first quarter of each year Loans/Asset Quality – Expect loan growth will be between 3% and 5% for the full year of 2026, compared to 2025 – This is dependent on the timing of paydowns on our portfolio, which could fluctuate given changes in interest rates – Anticipate a reduction in our net charge-offs for 2026, compared to 2025, which could positively impact provision for credit losses, excluding any changes in the economic forecasts 2026 Outlook

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## Exhibit 99.3

![peo-logoxbancorpxhorizxrgb.jpg](peo-logoxbancorpxhorizxrgb.jpg)

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| | | |
|:---|:---|:---|
| P.O. BOX 738 - MARIETTA, OHIO - 45750 | **NEWS RELEASE** | **NEWS RELEASE** |
| www.peoplesbancorp.com | **NEWS RELEASE** | **NEWS RELEASE** |
| **<u>FOR IMMEDIATE RELEASE</u>** | **Contact:** | Katie Bailey |
| January 20, 2026 |  | Chief Financial Officer and Treasurer |
|  |  | (740) 376-7138 |

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**PEOPLES BANCORP INC. DECLARES**

**QUARTERLY DIVIDEND** 

**_____________________________________________________________________**

**MARIETTA, Ohio** - The Board of Directors of Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO) declared a quarterly cash dividend of $0.41 per common share on January 19, 2026, payable on February 17, 2026, to shareholders of record on February 2, 2026.

This dividend represents a payout of approximately $14.6 million, or 46.1% of Peoples' reported fourth quarter 2025 earnings. Based on the closing stock price of Peoples' common shares of $31.21 on January 16, 2025, the quarterly dividend produces an annualized yield of 5.25%.

Peoples Bancorp Inc. ("Peoples", Nasdaq: PEBO) is a diversified financial services holding company and makes available a complete line of banking, trust and investment, insurance and specialty financing solutions through its subsidiaries. Headquartered in Marietta, Ohio, since 1902, Peoples has established a heritage of financial stability, growth and community impact. Peoples had $9.6 billion in total assets as of December 31, 2025, and 144 locations, including 126 full-service bank branches in Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland. Peoples' vision is to be the Best Community Bank in America.

Peoples is a member of the Russell 3000 index of United States ("U.S.") publicly-traded companies. Peoples offers services through Peoples Bank (which includes the divisions of Peoples Investment Services, Peoples Premium Finance and North Star Leasing), Peoples Insurance Agency, LLC, and Vantage Financial, LLC.

**END OF RELEASE**

## Exhibit 99.4

![peo-logoxbancorpxhorizxrgbb.jpg](peo-logoxbancorpxhorizxrgbb.jpg)

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| | | |
|:---|:---|:---|
| P.O. BOX 738 - MARIETTA, OHIO - 45750 | **NEWS RELEASE** | **NEWS RELEASE** |
| www.peoplesbancorp.com | **NEWS RELEASE** | **NEWS RELEASE** |
| **<u>FOR IMMEDIATE RELEASE</u>** | **Contact:** | Tyler Wilcox |
| January 16, 2026 |  | President and CEO |
|  |  | (740) 373-7723 |

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**PEOPLES BANCORP INC. ANNOUNCES RETIREMENT OF DOUGLAS V. WYATT; RON J. MAJKA APPOINTED CHIEF COMMERCIAL BANKING OFFICER**

**_____________________________________________________________________**

**MARIETTA, Ohio** - Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced that Douglas V. Wyatt will retire from his positions with Peoples and its banking subsidiary, Peoples Bank, effective April 3, 2026. Mr. Wyatt has served as Executive Vice President, Chief Commercial Banking Officer, of Peoples and Peoples Bank since 2017. With the notification of Mr. Wyatt's retirement, each of the Peoples Board of Directors and the Peoples Bank Board of Directors has appointed Ron J. Majka to serve in the position of Executive Vice President, Chief Commercial Banking Officer, of Peoples and Peoples Bank, respectively, in each case effective April 4, 2026.

"On behalf of all the associates of Peoples, I want to thank Doug for his hard work and outstanding leadership over these past eight years," said Tyler Wilcox, Peoples' President and Chief Executive Officer. "He led our commercial banking business through significant changes and has been instrumental in Peoples' growth over his tenure. We wish him all the best in his retirement."

Commenting on the succession of Mr. Majka to the Chief Commercial Banking Officer position, Mr. Wilcox said, "I am delighted that Ron will be joining our executive management team. He will bring a tremendous amount of knowledge and experience to the position, and he has proven himself to be an excellent leader and manager in his prior commercial banking roles."

Mr. Majka has nearly 30 years of experience in the financial services industry and an extensive background in commercial banking. He joined Peoples Bank in September of 2025 as Executive Vice President – Commercial Banking, as part of Peoples' succession planning process. In this transitional role, he has assisted with Peoples' commercial line of business efforts, working closely with Mr. Wyatt.

Prior to joining Peoples Bank, Mr. Majka served as Head of Upper Middle Market Banking, for Huntington National Bank ("Huntington") in Cleveland, Ohio, since January 2022. In that role, he led commercial business development and market expansion efforts in the upper middle market sector across eight Midwest states. Prior to that, Mr. Majka served as Head of Loan Syndications for Huntington from 2017 to 2021, and as Head of Loan Syndications for FirstMerit Bank (prior to its merger with Huntington) from 2011 to 2017. From 2008 to 2011, Mr. Majka served as Senior Vice President, Head of Commercial Banking, for Liberty Bank, in Beachwood, Ohio, and from 1996 to 2008, he worked in various commercial banking and capital markets roles for National City Bank in Cleveland, Ohio. Mr. Majka earned his Master of Business Administration degree from Case Western Reserve University and his Bachelor of Science in Business Administration degree from The Ohio State University.

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Peoples is a diversified financial services holding company that makes available a complete line of banking, trust and investment, insurance, premium financing and equipment leasing solutions through its subsidiaries. Peoples has been headquartered in Marietta, Ohio, since 1902 and has an established heritage of financial stability, growth and community impact. As of September 30, 2025, Peoples had $9.6 billion in total assets, 145 locations, including 127 full-service bank branches in Ohio, Kentucky, West Virginia, Virginia, Washington D.C., and Maryland.

Peoples is a member of the Russell 3000 index of U.S. publicly-traded companies. Peoples offers services through Peoples Bank (which includes the divisions of Peoples Investment Services, Peoples Premium Finance and North Star Leasing), Peoples Insurance Agency, LLC, and Vantage Financial, LLC.

**END OF RELEASE**

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