# EDGAR Filing Document

**Accession Number:** 0000318300
**File Stem:** 0000318300-25-000285
**Filing Date:** 2025-10
**Character Count:** 116461
**Document Hash:** b6d7bf4ed51c4e20d7ee596ac71d0730
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000318300-25-000285.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0000318300-25-000285

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251021

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**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:** 251405307

**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-20251021

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): October 21, 2025

![pebonewlogoa22.jpg](pebo-20251021_g1.jpg)

---

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

---

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| | | |
|:---|:---|:---|
| 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 October 21, 2025 Peoples Bancorp Inc. ("Peoples") issued a news release regarding its financial results for the third 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 third 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 8.01** &nbsp;&nbsp;&nbsp;&nbsp;**Other Events** 

On October 21, 2025, Peoples issued a news release announcing that the Board of Directors declared a quarterly dividend of $0.41 per common share on October 20, 2025. A copy of the news release is included as Exhibit 99.3 to this Current Report on Form 8-K.

**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.

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---

| | | | |
|:---|:---|:---|:---|
| | | | **PEOPLES BANCORP INC.** |
| Date: | October 21, 2025 | **By:/s/** | KATIE BAILEY |
|  |  |  | Katie Bailey |
|  |  |  | Executive Vice President,<br>Chief Financial Officer and Treasurer |

---

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**INDEX TO EXHIBITS**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](exhibit991q32025er.htm)</u> | News Release issued by Peoples Bancorp Inc. on October 21, 2025 |
| <u>[99.2](a3qinvestorpresentation.htm)</u> | News Release issued by Peoples Bancorp Inc. on October 21, 2025 |
| <u>[99.3](exhibit993q32025divdeclared.htm)</u> | News Release issued by Peoples Bancorp Inc. on October 21, 2025 |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

## Exhibit 99.1

![peo-logoxbancorpxhorizxrgb.jpg](peo-logoxbancorpxhorizxrgb.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 |
| October 21, 2025 |  | Chief Financial Officer and Treasurer |
|  |  | (740) 376-7138 |

---

**PEOPLES BANCORP INC. ANNOUNCES THIRD QUARTER 2025 RESULTS**

**_____________________________________________________________________**

**MARIETTA, Ohio** - Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced results for the quarter ended September 30, 2025. Net income totaled $29.5 million for the third quarter of 2025, representing earnings per diluted common share of $0.83. In comparison, Peoples reported net income of $21.2 million, representing earnings per diluted common share of $0.59, for the second quarter of 2025 and net income of $31.7 million, representing earnings per diluted common share of $0.89, for the third quarter of 2024.

"We continued to experience high loan growth and had improvements in several key financial metrics during the third quarter" said Tyler Wilcox, President and Chief Executive Officer. "We look to maintain our momentum going into the fourth quarter and to drive shareholder value in future periods."

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

&nbsp;&nbsp;&nbsp;&nbsp;***• Net interest income for the third quarter of 2025 increased $3.8 million, or 4%, when compared to the linked quarter driven by higher investment securities yields and loan balances.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Net interest margin increased to 4.16% for the third quarter of 2025, compared to 4.15% for the linked quarter, driven by higher investment securities yields.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Accretion income, net of amortization expense, contributed 8 basis points to margin for the third quarter, down from the 12 basis points recognized in the linked quarter.

&nbsp;&nbsp;&nbsp;&nbsp;***• Peoples recorded a provision for credit losses of $7.3 million for the third quarter of 2025, compared to a provision for credit losses of $16.6 million for the second quarter of 2025.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** The provision for credit losses for the third 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 $0.16 for the third quarter of 2025 and $0.36 for the second quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;***• Total non-interest income, excluding net gains and losses, decreased $0.3 million, or 1%, for the third quarter of 2025 compared to the linked quarter.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***◦*** The decrease was driven by a decrease in lease income due to gains on two terminated leases recognized in the second quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;***• Net losses from the sale of assets were $2.8 million for the third quarter of 2025, which negatively impacted diluted EPS by $0.06.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***◦*** The losses were primarily due to the sale of $75 million of investment securities, which resulted in a realized loss of $2.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;***• Total non-interest expense for the third quarter of 2025 decreased $0.5 million compared to the linked quarter.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The decrease was the result of lower professional service costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The efficiency ratio for the third quarter of 2025 was 57.1%, compared to 59.3% for the linked quarter.

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

&nbsp;&nbsp;&nbsp;&nbsp;***• Period-end total loan and lease balances at September 30, 2025 increased $127.1 million, or 8% annualized, compared to at June 30, 2025.***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The increase in loans was driven primarily by growth in other commercial real estate loans and commercial and industrial loans, partially offset by a decrease in construction loans.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Delinquency trends remained stable over the quarter, with 99.0% of the loan portfolio considered current as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Nonperforming assets decreased due to improvements in the specialty finance portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net charge-offs decreased to $6.8 million for the third quarter of 2025, which represents 0.41% of average total loans on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;***• Period-end total deposit balances at September 30, 2025, decreased $5.0 million compared to at June 30, 2025.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Customer deposits, which excludes brokered deposits, were up $19.5 million, driven by higher money market deposit accounts and interest-bearing demand accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The decrease in total deposits was driven by decreases in brokered deposits and governmental deposit accounts, which were partially offset by the aforementioned increases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total loan balances were 88% and 86% of total deposit balances at September 30, 2025, and at June 30, 2025, respectively.

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

Net interest income was $91.3 million for the third quarter of 2025 and increased $3.8 million, or 4%, compared to the linked quarter. Net interest margin was 4.16% for the third quarter of 2025, compared to 4.15% for the linked quarter. The increases in net interest income and margin were primarily driven by higher loan balances and higher yields on investment securities, respectively.

Net interest income for the third quarter of 2025 increased $2.4 million, or 3%, compared to the third quarter of 2024. Net interest margin decreased 11 basis points when compared to the third quarter of 2024. The increase in net interest income was primarily driven by growth in the loan portfolios. 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 $1.7 million for the third quarter of 2025, $2.6 million for the linked quarter and $8.1 million for the third quarter of 2024, which added 8 basis points, 12 basis points and 39 basis points, respectively, to net interest margin. The decrease in accretion income for the third quarter of 2025 when compared to the linked quarter and the third 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 first nine months of 2025, net interest income increased $2.0 million compared to the first nine months

of 2024, while net interest margin decreased 9 basis points to 4.15%. The decrease in net interest margin for the first nine months of 2025 compared to the first nine months of 2024 was primarily driven by lower accretion income.

Accretion income, net of amortization expense, from acquisitions was $7.8 million for the nine months ended September 30, 2025, compared to $20.3 million for the nine months ended September 30, 2024, which added 12 and 33 basis points, respectively, to net interest margin. The decrease in accretion income for the first nine months 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 $7.3 million for the third quarter of 2025, compared to $16.6 million for the linked quarter and $6.7 million for the third quarter of 2024. The provision for credit losses for the third 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 CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses for the second quarter of 2025 was primarily driven by (i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by the North Star Leasing division, (iv) a periodic refresh in loss drivers utilized within the CECL model, (v) deterioration in the economic forecasts used within the CECL model, and (vi) loan growth. The provision for credit losses for the third quarter of 2024 was primarily driven by net charge-offs.

The provision for credit losses during the first nine months of 2025 was $34.1 million, compared to a provision for

credit losses of $18.5 million for the first nine months of 2024. The provision for credit losses during the first nine months of 2025 was mainly a result of (i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by the North Star Leasing division, (iv) deterioration in the economic forecasts used within the CECL model, and (v) loan growth. The provision for credit losses during the first nine months of 2024 was mainly a result of (i) higher net charge-offs, (ii) an increase in reserves on 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

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earnings per diluted common share by $0.16 for the third quarter of 2025, $0.36 for the second quarter of 2025, and $0.15 for the third quarter of 2024. The provision negatively impacted earnings per diluted common share by $0.75 for the first nine months of 2025, compared to $0.42 for the first nine months 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 third quarter of 2025 was $3.1 million, compared to a net loss of $0.3 million for the linked quarter, and a net loss of $0.9 million for the third quarter of 2024. 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 losses for the second quarter of 2025 and for the third quarter of 2024 were due to $0.3 million and $0.5 million of net losses on repossessed assets, respectively.

The net loss realized during the first nine months of 2025 was $3.7 million, compared to a net loss realized of

$2.0 million for the first nine months of 2024. The net loss for the first nine months of 2025 was primarily driven by the $2.7 million net loss on the sale of lower yielding available-for-sale securities. The net loss recognized in the first nine months of 2024 was primarily driven by $1.3 million of net losses on repossessed assets.

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

Total non-interest income, excluding net gains and losses, for the third quarter of 2025 decreased $0.3 million compared to the linked quarter. The decrease in non-interest income, excluding net gains and losses, was primarily impacted by a decrease of $0.6 million in lease income, driven by gains on terminated leases recognized in the linked quarter, partially offset by an increase of $0.3 million in electronic banking income, driven by debit card interchange fees. Total non-interest income, excluding net gains and losses, for the third quarter of 2025 was 23% of total revenue (defined as net interest income plus total non-interest income excluding net gains and losses) compared to 24% of total revenue for the linked quarter.

Compared to the third quarter of 2024, total non-interest income, excluding net gains and losses, increased $1.2 million due to an increase of $0.7 million in bank owned life insurance income ("BOLI"), an increase of $0.6 million in lease income, and an increase of $0.5 million in trust and investment income, which was driven by an increase in assets under administration and management, partially offset by a decrease of $0.8 million in mortgage banking income.

For the first nine months of 2025, total non-interest income, excluding gains and losses, increased $5.2 million, or 7%,

compared to the first nine months of 2024. The increase was driven by (i) a $4.0 million increase in lease income, driven by gains on early Vantage lease terminations and operating lease income, (ii) a $1.3 increase in trust and investment income, driven by an increase in assets under administration and management, and (iii) a $1.0 million increase in other non-interest income, primarily driven by an increase in swap fee income due to customer demand. These increases were partially offset by a $0.8 million decrease in mortgage banking income and a $0.7 million decrease in deposit account service charges due to customer activity.

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

Total non-interest expense decreased $0.5 million for the third quarter of 2025, compared to the linked quarter. The decrease in total non-interest expense was primarily due to a decreases of $0.8 million in professional fees and $0.6 million in other non-interest expense, driven by lower corporate expenses, partially offset by increases of $0.3 million in marketing expenses and $0.2 million in franchise tax expenses.

Compared to the third quarter of 2024, total non-interest expense increased $3.8 million, or 6%. 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, $1.2 million in data processing and software expense, due to costs associated with recent technology projects, and $1.2 million in other non-interest expense due to a true-up of corporate expenses recorded in the prior year, partially offset by a decrease of $0.6 million in amortization of other intangible assets.

For the first nine months of 2025, total non-interest expense increased $7.7 million, or 4%, compared to the first nine months of 2024. The increase was driven by increases of (i) $4.9 million in salaries and employee benefits costs, which were driven by higher sales-based and incentive compensation and medical costs, (ii) $3.1 million in data processing and software expenses, (iii) $0.7 million in professional fees, and (iv) $0.6 million in operating lease expense, partially offset by decreases of $1.7 million in amortization of other intangible assets and $1.1 million in net occupancy and equipment expense.

The efficiency ratio for the third quarter of 2025 was 57.1%, compared to 59.3% for the linked quarter and 55.1% for the third quarter of 2024. The efficiency ratio improved compared to the linked quarter mainly as the result of higher net

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interest income and lower non-interest expense. The efficiency ratio for the first nine months of 2025 was 59.0%, compared to 57.4% for the first nine months of 2024. The efficiency ratio increased compared to the prior year first nine months 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 $8.5 million with an effective tax rate of 22.4% for the third quarter of 2025, compared to income tax expense of $6.2 million with an effective tax rate of 22.7% for the linked quarter and income tax expense of $9.2 million with an effective tax rate of 22.5% for the third quarter of 2024. The increase in income tax expense when compared to the prior quarter was primarily due to higher pre-tax income. The effective tax rate compared to the prior year quarter was relatively flat. Peoples recorded income tax expense of $21.8 million with an effective tax rate of 22.5% for the first nine months of 2025 and $24.3 million with an effective tax rate of 21.2% in the first nine months of 2024. The decrease in income tax expense was driven by lower pre-tax income. The effective tax rate was higher in the current period due to a one-time tax benefit of $1.1 million recognized in the second quarter of 2024.

**<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 September 30, 2025, decreased $74.6 million when compared to at June 30, 2025, $106.6 million when compared to at December 31, 2024, and $103.8 million when compared to at September 30, 2024. The balances of unrealized losses, net of tax, on available-for-sale investment securities recognized within accumulated other comprehensive loss were $78.1 million, $90.9 million, $111.8 million, and $83.7 million at September 30, 2025, June 30, 2025, December 31, 2024, and September 30, 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 and were driven by changes in market interest rates. At September 30, 2025, Peoples' investment securities represented approximately 20.5% of total assets, compared to 20.7% at December 31, 2024, and 20.0% at September 30, 2024.

The held-to-maturity investment securities balance at September 30, 2025, increased $31.8 million when compared to at June 30, 2025, increased $157.0 million when compared to at December 31, 2024, and increased $238.2 million when compared to at September 30, 2024. The increase when compared to all prior periods 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 September 30, 2025, were approximately 5.75 and 8.45 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 September 30, 2025, Peoples had liquid and liquefiable assets totaling $735.2 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 September 30, 2025, Peoples had a total borrowing capacity of $985.2 million available through the Federal Home Loan Bank ("FHLB"), the Federal Reserve Bank ("FRB"), and federal funds. Additionally, at September 30, 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 $27.4 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 September 30, 2025, increased $127.1 million, or 8% annualized, compared to at June 30, 2025. The increase in loans was driven by increases of $121.2 million in other commercial real estate loans and $82.1 million in commercial and industrial loans, partially offset by a decrease of $80.3 million in construction loans. Upon completion of construction projects, the related construction loan balances are reclassified as other commercial real estate loans. <br> The period-end total loan and lease balances at September 30, 2025, increased $370.7 million, or 6%, compared to at December 31, 2024, driven by increases of $213.4 million other commercial real estate loans, $141.9 million in commercial and industrial loans, $40.7 million in residential real estate loans, and $40.5 million in consumer indirect loans, partially offset by decreases of $67.3 million and $23.8 million in construction loans and leases, respectively.

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The period-end total loan and lease balances at September 30, 2025, increased $456.9 million, or 7%, compared to at September 30, 2024, driven by increases of $239.4 million in commercial and industrial loans, $188.9 million in other commercial real estate loans, and $98.2 million in residential real estate loans, partially offset by decreases of $59.0 million and $50.3 million in constructions loans and leases, respectively.

Quarterly average total loan balances increased $190.9 million, or 3%, 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 (i) $102.9 million in commercial and industrial loans, (ii) $33.9 million in other commercial real estate loans, (iii) $17.1 million in consumer indirect loans, and (iv) $15.8 million in residential real estate loans.

Compared to the third quarter of 2024, quarterly average loan balances increased $331.9 million, or 5%. The increase was driven by growth of (i) $174.1 million in commercial and industrial loans, (ii) $95.7 million in other commercial real estate loans, (iii) $69.3 million in residential real estate loans, and (iv) $22.6 million in indirect consumer loans, partially offset by a decrease of $34.1 million in leases.

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

Key asset quality metrics largely improved during the third quarter of 2025. Delinquency trends remained stable as loans considered current comprised 99.0%, 99.1%, and 98.5% of the loan portfolio at September 30, 2025, at June 30, 2025, and at September 30, 2024, respectively. Total nonperforming assets at September 30, 2025 decreased $1.8 million, or 4%, compared to at June 30, 2025, and decreased $25.0 million, or 36%, compared to at September 30, 2024. Nonperforming assets decreased compared to the linked quarter because of fewer premium finance loans that were considered greater than 90 days past due and accruing. The decrease in nonperforming assets compared to at September 30, 2024, was impacted by a decrease in the amount of leases greater than 90 days past due and accruing. Nonperforming assets as a percent of total loans and other real estate owned ("OREO") was 0.66% at September 30, 2025, compared to 0.71% at June 30, 2025, and 1.11% at September 30, 2024.

Criticized loans, which are those categorized as special mention, substandard or doubtful, increased $23.9 million, or 10%, compared to at June 30, 2025, and increased $30.7 million, or 13%, compared to at September 30, 2024. As a percent of total loans, criticized loans were 3.99% at September 30, 2025, compared to 3.70% at June 30, 2025, and 3.79% at September 30, 2024. The increase in the amount of criticized loans compared to at June 30, 2025 and at September 30, 2024 was driven by loan downgrades.

Classified loans, which are those categorized as substandard or doubtful, increased $33.6 million, or 27%, compared to at June 30, 2025, and increased $25.3 million, or 19%, compared to at September 30, 2024. As a percent of total loans, classified loans were 2.36% at September 30, 2025, compared to 1.89% at June 30, 2025, and 2.12% at September 30, 2024. The increase in classified loans compared to at June 30, 2025, and at September 30, 2024, was primarily driven by downgrades of one commercial and industrial relationship and two other commercial real estate relationships.

Annualized net charge-offs were 0.41% of average total loans for the third quarter of 2025, compared to 0.43% for the linked quarter, and 0.38% for the third quarter of 2024. Compared to the linked quarter, net charge-offs decreased slightly, primarily driven by a decrease in net charge-offs in leases originated by the North Star Leasing business. The increase in net charge-offs during the third quarter of 2025 versus the prior year third quarter was primarily attributable to an increase in charge-offs in leases originated by the North Star Leasing business.

At September 30, 2025, the allowance for credit losses increased $0.2 million when compared to at June 30, 2025, and increased $8.2 million when compared to at September 30, 2024. The ratio of the allowance for credit losses as a percent of total loans was 1.11% at September 30, 2025, compared to 1.13% at June 30, 2025, and 1.06% at September 30, 2024. The ratio of allowance for credit losses as a percentage of non-performing loans increased to 193.01% at September 30, 2025, compared to 183.89% at June 30, 2025, and 106.82% at September 30, 2024.

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

As of September 30, 2025, period-end total deposits decreased $5.0 million compared to at June 30, 2025. Customer deposits increased compared to the linked quarter and was driven by increases of $20.6 million in money market deposits, $9.5 million in interest-bearing demand accounts, and $5.3 million in non-interest bearing deposits. The decrease in total deposits was primarily driven by decreases of $25.9 million in brokered deposits and $12.2 million in governmental deposits, partially offset by the aforementioned increases. The decrease in brokered deposit accounts was due to a strategic shift to other funding sources at lower rates.

As of September 30, 2025, period-end total deposits increased $42.0 million compared to at December 31, 2024, which was primarily driven by increases of $87.2 million, $70.0 million, and $28.4 million in retail certificates of deposits, money market deposits, and non-interest bearing deposits, respectively, partially offset by a decrease of $138.1 million in brokered deposits. The increase in retail certificates of deposits was due to current specials being offered, while the decrease in brokered deposit accounts was due to a strategic shift to other funding sources at lower rates.

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Compared to September 30, 2024, period-end deposit balances increased $149.0 million, or 2%. The increase in total deposits was primarily driven by increases of $124.5 million in retail certificates of deposit, $82.7 million in non-interest bearing deposits, and $53.5 million in money market deposits. These deposit increases were partially offset by a decrease of $79.1 million in brokered deposits and a $54.4 million decrease 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 77% and 23%, respectively, at September 30, 2025, 78% and 22%, respectively, at June 30, 2025, 79% and 21%, respectively, at December 31, 2024, and 79% and 21%, respectively, at September 30, 2024.

Uninsured deposits were 27%, 26%, 26%, and 27% of total deposits at September 30, 2025, at June 30, 2025, at December 31, 2024, and at September 30, 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 $660.0 million, or 32%, $641.1 million, or 32%, $656.9 million, or 33%, and $714.1 million, or 36%, of the uninsured deposit balances at September 30, 2025, at June 30, 2025, at December 31, 2024, and at September 30, 2024, respectively.

Average deposit balances during the third quarter of 2025 increased $20.7 million when compared to the linked quarter, and increased $333.1 million, or 5%, when compared to the third quarter of 2024. The increase over the linked quarter was driven by increases of $16.5 million in money market deposits, $12.2 million in brokered deposits, and $9.8 million in retail certificates of deposits, partially offset by a decrease of $24.7 million in governmental deposits. The increase when compared to the third quarter of 2024 was driven by increases of $142.5 million in retail certificates of deposit, $100.7 million in money market deposits, and $75.7 million in non-interest bearing deposits, partially offset by a decrease of $37.8 million in governmental deposits. Total demand deposit accounts comprised 34% of total deposits at September 30, 2025, at June 30, 2025, and at September 30, 2024.

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

Total stockholders' equity at September 30, 2025, increased $29.4 million, or 3%, compared to at June 30, 2025. This change was primarily driven by net income of $29.5 million and a decrease of $12.7 million in accumulated other comprehensive loss during the quarter, partially offset by dividends paid of $14.7 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 September 30, 2025, increased $71.2 million, or 6%, compared to at December 31, 2024, which was due to net income of $75.0 million in the first nine months of 2025 and a decrease of $32.8 million in accumulated other comprehensive loss, partially offset by dividends paid of $43.5 million.

Total stockholders' equity at September 30, 2025, increased $57.8 million, or 5%, compared to at September 30, 2024, which was due to net income of $102.0 million for the last twelve months and a decrease in other comprehensive loss of $5.0 million, partially offset by dividends paid of $57.7 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 September 30, 2025, and 145 locations, including 127 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 third quarter 2025 results of operations on October 21, 2025, 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;◦ Core non-interest expense is a non-US GAAP financial measure since it excludes the impact of acquisition-related expense.

&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:

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&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 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, the current or 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, 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;

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&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;

&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 and the ongoing conflicts in the Middle East);

&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 impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events;

&nbsp;&nbsp;&nbsp;&nbsp;(29)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;(30)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;(31)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;(32)changes in laws or regulations imposed by Peoples' regulators impacting Peoples' capital actions, including dividend payments and share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;(33)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;(34)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;

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&nbsp;&nbsp;&nbsp;&nbsp;(35)Peoples' business may be adversely affected by increased political and regulatory scrutiny of corporate environmental, social and governance ("ESG") practices;

&nbsp;&nbsp;&nbsp;&nbsp;(36)the effect of a fall in stock market prices on Peoples' asset and wealth management business; 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. 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 September 30, 2025 consolidated financial statements as part of its Quarterly Report on Form 10-Q 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** | **At or For the Nine Months Ended** | **At or For the Nine Months Ended** |
| | | | | **September 30,** | **September 30,** |
| | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<br>**2024** | **2025** | **2024** |
| **PER COMMON SHARE:** |  |  |  |  |  |
| Earnings per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.83 | $0.60 | $0.90 | $2.13 | $2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.83 | 0.59 | 0.89 | 2.10 | 2.55 |
| Cash dividends declared per common share | 0.41 | 0.41 | 0.40 | 1.22 | 1.19 |
| Book value per common share (a) | 33.13 | 32.33 | 31.65 | 33.13 | 31.65 |
| Tangible book value per common share (a)(b) | 22.05 | 21.18 | 20.29 | 22.05 | 20.29 |
| Closing price of common shares at end of period | $29.99 | $30.54 | $30.09 | $29.99 | $30.09 |
| **SELECTED RATIOS:** |  |  |  |  |  |
| Return on average stockholders' equity (c) | 10.06% | 7.42% | 11.46% | 8.76% | 11.25% |
| Return on average tangible equity (c)(d) | 16.17% | 12.31% | 19.40% | 14.40% | 19.50% |
| Return on average assets (c) | 1.22% | 0.92% | 1.38% | 1.07% | 1.32% |
| Efficiency ratio (e)(f) | 57.11% | 59.25% | 55.10% | 58.99% | 57.43% |
| Net interest margin (c)(f) | 4.16% | 4.15% | 4.27% | 4.15% | 4.24% |
| Dividend payout ratio (g) | 49.72% | 68.90% | 44.74% | 57.98% | 46.65% |

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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** | **Nine Months Ended** | **Nine Months Ended** |
| | | | | **September 30,** | **September 30,** |
|<br><br>*(Dollars in thousands, except per share data)* | **September 30,**<br>**2025**<br>**(Unaudited)** | **June 30,**<br>**2025**<br>**(Unaudited)** | **September 30,**<br>**2024**<br>**(Unaudited)** | **2025**<br>**(Unaudited)** | **2024**<br>**(Unaudited)** |
| Total interest income | $132808 | $126407 | $133620 | $383757 | $391983 |
| Total interest expense | 41459 | 38830 | 44708 | 119576 | 129818 |
| &nbsp;&nbsp;Net interest income | 91349 | 87577 | 88912 | 264181 | 262165 |
| Provision for credit losses | 7280 | 16642 | 6735 | 34112 | 18520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 84069 | 70935 | 82177 | 230069 | 243645 |
| **Non-interest income:** |  |  |  |  |  |
| Electronic banking income | 6538 | 6272 | 6359 | 18695 | 18875 |
| Trust and investment income | 5414 | 5281 | 4882 | 15756 | 14480 |
| Insurance income | 4469 | 4549 | 4271 | 15072 | 14878 |
| Deposit account service charges | 4274 | 4059 | 4520 | 12348 | 13082 |
| Lease income | 3622 | 4189 | 3045 | 11257 | 7208 |
| Bank owned life insurance income | 1143 | 1112 | 460 | 3388 | 2997 |
| Mortgage banking income | 245 | 220 | 1051 | 861 | 1615 |
| Net loss on asset disposals and other transactions | (478) | (280) | (795) | (1119) | (1564) |
| Net loss on investment securities | (2580) |  | (74) | (2582) | (428) |
| Other non-interest income | 1180 | 1478 | 1075 | 4130 | 3134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | **23827** | **26880** | **24794** | **77806** | **74277** |
| **Non-interest expense:** |  |  |  |  |  |
| Salaries and employee benefit costs | 38698 | 38893 | 37085 | 117412 | 112542 |
| Data processing and software expense | 7356 | 7356 | 6111 | 21717 | 18623 |
| Net occupancy and equipment expense | 5896 | 5690 | 5905 | 17198 | 18330 |
| Professional fees | 2798 | 3610 | 2896 | 9495 | 8798 |
| Amortization of other intangible assets | 2211 | 2211 | 2786 | 6635 | 8361 |
| Electronic banking expense | 2161 | 2018 | 1844 | 6204 | 5566 |
| Other loan expenses | 1385 | 1213 | 1178 | 3717 | 3290 |
| FDIC insurance expense | 1284 | 1251 | 1241 | 3786 | 3678 |
| Operating lease expense | 1039 | 1053 | 1010 | 3077 | 2437 |
| Marketing expense | 1001 | 718 | 971 | 2622 | 2708 |
| Franchise tax expense | 916 | 678 | 917 | 2523 | 2558 |
| Travel and entertainment expense | 796 | 713 | 795 | 2009 | 1933 |
| Communication expense | 664 | 712 | 814 | 2110 | 2349 |
| Other non-interest expense | 3689 | 4246 | 2537 | 12538 | 12140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 69894 | 70362 | 66090 | 211043 | 203313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 38002 | 27453 | 40881 | 96832 | 114609 |
| Income tax expense | 8526 | 6241 | 9197 | 21808 | 24334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $29476 | $21212 | $31684 | $75024 | $90275 |

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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** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **June 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** |
| *(Dollars in thousands, except per share data)* | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **<u>PER COMMON SHARE DATA:</u>** |  |  |  |  |  |
| Net income available to common shareholders | $29476 | $21212 | $31684 | $75024 | $90275 |
| Less: Dividends paid on unvested common shares | 208 | 212 | 216 | 628 | 576 |
| Less: Undistributed income allocated to unvested common shares | 46 | 17 | 63 | 100 | 183 |
| Net earnings allocated to common shareholders | $29222 | $20983 | $31405 | $74296 | $89516 |
| Weighted-average common shares outstanding | 35003054 | 34972065 | 34793704 | 34957341 | 34766281 |
| Effect of potentially dilutive common shares | 395755 | 359642 | 405679 | 370475 | 340431 |
| Total weighted-average diluted common shares outstanding | 35398809 | 35331707 | 35199383 | 35327816 | 35106712 |
| Earnings per common share – basic | $0.83 | $0.60 | $0.90 | $2.13 | $2.57 |
| Earnings per common share – diluted | $0.83 | $0.59 | $0.89 | $2.10 | $2.55 |
| Cash dividends declared per common share | $0.41 | $0.41 | $0.40 | $1.22 | $1.19 |
| Weighted-average common shares outstanding – basic | 35003054 | 34972065 | 34793704 | 34957341 | 34766281 |
| Weighted-average common shares outstanding – diluted | 35398809 | 35331707 | 35199383 | 35327816 | 35106712 |
| Common shares outstanding at the end of period | 35705369 | 35673721 | 35538607 | 35705369 | 35538607 |

---

------

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| | **September 30,** | **December 31,** |
| | **2025** | **2024** |
| *(Dollars in thousands)* | (Unaudited) |  |
| **Assets** |  |  |
| Cash and cash equivalents: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $120986 | $108721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits in other banks | 69231 | 108943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 190217 | 217664 |
| Available-for-sale investment securities, at fair value (amortized cost of |  |  |
| $1,078,703 at September 30, 2025 and $1,229,382 at December 31, 2024) (a) | 976906 | 1083555 |
| Held-to-maturity investment securities, at amortized cost (fair value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$872,725 at September 30, 2025 and $692,499 at December 31, 2024) (a) | 931824 | 774800 |
| Other investment securities, at cost | 63991 | 60132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment securities (a) | 1972721 | 1918487 |
| Loans and leases, net of deferred fees and costs (b) | 6728728 | 6358003 |
| Allowance for credit losses | (74864) | (63348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loans and leases | 6653864 | 6294655 |
| Loans held for sale | 3287 | 2348 |
| Bank premises and equipment, net of accumulated depreciation | 103581 | 103669 |
| Bank owned life insurance | 147097 | 143710 |
| Goodwill | 363199 | 363199 |
| Other intangible assets | 32336 | 39223 |
| Other assets | 157642 | 171292 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total assets** | $9623944 | $9254247 |
| **Liabilities** |  |  |
| Deposits: |  |  |
| Non-interest-bearing | $1536094 | $1507661 |
| Interest-bearing | 6096102 | 6082544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 7632196 | 7590205 |
| Short-term borrowings | 483590 | 193474 |
| Long-term borrowings | 227282 | 238073 |
| Accrued expenses and other liabilities | 98100 | 120905 |
| &nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities** | $8441168 | $8142657 |
| **Stockholders' Equity** |  |  |
| Preferred shares, no par value, 50,000 shares authorized, no shares issued at September 30, 2025 or at December 31, 2024 |  |  |
| Common shares, no par value, 50,000,000 shares authorized, 36,822,901 shares issued at September 30, 2025 and 36,782,601 shares issued at December 31, 2024, including shares in treasury | 870044 | 866844 |
| Retained earnings | 421072 | 388109 |
| Accumulated other comprehensive loss, net of deferred income taxes | (77539) | (110385) |
| Treasury stock, at cost, 1,205,765 common shares at September 30, 2025 and 1,311,175 common shares at December 31, 2024 | (30801) | (32978) |
| &nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity** | 1182776 | 1111590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity** | $9623944 | $9254247 |

---

(a)Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $237, respectively, for both September 30, 2025 and December 31, 2024.

(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)** |
| | **September 30,** | **June 30,** | **March 31,** | **December 31,** | **September 30,** |
| *(Dollars in thousands)* | **2025** | **2025** | **2025** | **2024** | **2024** |
| **Loan Portfolio** |  |  |  |  |  |
| Construction | $**261048** | $341313 | $319104 | $328388 | $320094 |
| Commercial real estate, other | **2369396** | 2248214 | 2230538 | 2156013 | 2180491 |
| Commercial and industrial | **1489505** | 1407382 | 1343827 | 1347645 | 1250152 |
| Premium finance | **273297** | 277622 | 264080 | 269435 | 286983 |
| Leases | **382753** | 400052 | 395454 | 406598 | 433009 |
| Residential real estate | **875773** | 877968 | 848168 | 835101 | 777542 |
| Home equity lines of credit | **247383** | 241785 | 235409 | 232661 | 233109 |
| Consumer, indirect | **710385** | 692674 | 680260 | 669857 | 677056 |
| Consumer, direct | **118206** | 113615 | 110639 | 111052 | 112198 |
| Deposit account overdrafts | **982** | 964 | 1047 | 1253 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**6728728** | $6601589 | $6428526 | $6358003 | $6271839 |
| Total acquired loans and leases (a) | $**1380354** | $1452475 | $1511704 | $1557728 | $1585552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total originated loans and leases | $**5348374** | $5149114 | $4916822 | $4800275 | $4686287 |
| **Total Investment Securities** | $1972721 | $2019054 | $1878462 | $1918487 | $1829995 |
| **Deposit Balances** |  |  |  |  |  |
| Non-interest-bearing deposits (b) | $**1536094** | $1530824 | $1526285 | $1507661 | $1453441 |
| Interest-bearing deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand accounts (b) | **1068443** | 1058910 | 1087197 | 1085152 | 1065912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail certificates of deposit | **2008619** | 2005322 | 1965978 | 1921415 | 1884139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market deposit accounts | **948177** | 927543 | 967331 | 878254 | 894690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Governmental deposit accounts | **769782** | 781949 | 834409 | 775782 | 824136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | **884230** | 889872 | 894592 | 866959 | 864935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposits | **416851** | 442788 | 458957 | 554982 | 495904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | $**6096102** | $6106384 | $6208464 | $6082544 | $6029716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $**7632196** | $7637208 | $7734749 | $7590205 | $7483157 |
| Total demand deposits (b) | $**2604537** | $2589734 | $2613482 | $2592813 | $2519353 |
| **Asset Quality** |  |  |  |  |  |
| Nonperforming assets (NPAs): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans 90+ days past due and accruing | $**4898** | $6126 | $4207 | $8637 | $27578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans | **33889** | 34485 | 35628 | 34129 | 34807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans (NPLs) (f) | **38787** | 40611 | 39835 | 42766 | 62385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned (OREO) | **6013** | 6013 | 5980 | 6170 | 7397 |
| Total NPAs (f) | $**44800** | $46624 | $45815 | $48936 | $69782 |
| Criticized loans (c) | $**268326** | $244442 | $226542 | $241302 | $237627 |
| Classified loans (d) | **158577** | 125014 | 123842 | 128815 | 133241 |
| Allowance for credit losses as a percent of NPLs (f) | **193.01%** | 183.89% | 163.76% | 148.13% | 106.82% |
| NPLs as a percent of total loans (f) | **0.58%** | 0.61% | 0.62% | 0.67% | 0.99% |
| NPAs as a percent of total assets (f) | **0.47%** | 0.49% | 0.50% | 0.53% | 0.76% |
| NPAs as a percent of total loans and OREO (f) | **0.66%** | 0.71% | 0.71% | 0.77% | 1.11% |
| Criticized loans as a percent of total loans (c) | **3.99%** | 3.70% | 3.52% | 3.80% | 3.79% |
| Classified loans as a percent of total loans (d) | **2.36%** | 1.89% | 1.93% | 2.03% | 2.12% |
| Allowance for credit losses as a percent of total loans | **1.11%** | 1.13% | 1.01% | 1.00% | 1.06% |
| Total demand deposits as a percent of total deposits (b) | **34.13%** | 33.91% | 33.79% | 34.16% | 33.67% |
| **Capital Information (e)(g)(i)** |  |  |  |  |  |
| Common equity tier 1 capital ratio (h) | **12.11%** | 11.95% | 12.10% | 11.95% | 11.80% |
| Tier 1 risk-based capital ratio | **12.54%** | 12.39% | 12.54% | 12.39% | 12.24% |
| Total risk-based capital ratio (tier 1 and tier 2) | **13.79%** | 13.71% | 13.75% | 13.58% | 13.42% |
| Leverage ratio | **9.74%** | 9.83% | 9.80% | 9.73% | 9.59% |
| Common equity tier 1 capital | $**875454** | $857036 | $845200 | $833128 | $821192 |
| Tier 1 capital | **906901** | 888282 | 876246 | 863974 | 851823 |
| Total capital (tier 1 and tier 2) | **997310** | 982929 | 960820 | 946724 | 933679 |
| Total risk-weighted assets | $**7231479** | $7170841 | $6986418 | $6971490 | $6958225 |
| Total stockholders' equity to total assets | **12.29%** | 12.09% | 12.31% | 12.01% | 12.31% |
| Tangible equity to tangible assets (j) | **8.53%** | 8.26% | 8.34% | 8.01% | 8.25% |

---

------

(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)September 30, 2025 data based on preliminary analysis and subject to revision.

(h)Peoples' capital conservation buffer was 5.79% at September 30, 2025, 5.71% at June 30, 2025, 5.75% at March 31, 2025, 5.58% at December 31, 2024, and 5.42% at September 30, 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** | **Nine Months Ended** | **Nine Months Ended** |
| | | | | **September 30,** | **September 30,** |
|<br><br>*(Dollars in thousands)* | **September 30,**<br>**2025**<br>**(Unaudited)** | **June 30,**<br>**2025**<br>**(Unaudited)** | **September 30,**<br>**2024**<br>**(Unaudited)** | **2025**<br>**(Unaudited)** | **2024**<br>**(Unaudited)** |
| **Provision for credit losses** |  |  |  |  |  |
| Provision for credit losses | $7004 | $16475 | $6279 | $33514 | $17510 |
| Provision for checking account overdrafts | 276 | 167 | 456 | 598 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for credit losses | $7280 | $16642 | $6735 | $34112 | $18520 |
| **Net Charge-Offs** |  |  |  |  |  |
| Gross charge-offs | $7841 | $7829 | $6591 | $24430 | $15072 |
| Recoveries | 1012 | 865 | 507 | 2516 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | $6829 | $6964 | $6084 | $21914 | $13637 |
| **Net Charge-Offs (Recoveries) by Type** |  |  |  |  |  |
| Construction | $— | $— | $— | $— | $— |
| Commercial real estate, other | 26 | 35 | (100) | 272 | 109 |
| Commercial and industrial | 446 | 539 | 258 | 1359 | 532 |
| Premium finance | 102 | 90 | 33 | 257 | 130 |
| Leases | 4487 | 4838 | 3697 | 14734 | 6959 |
| Residential real estate | 31 | (50) | (58) | 74 | (65) |
| Home equity lines of credit | 27 | 12 | 2 | 39 | 4 |
| Consumer, indirect | 1189 | 1244 | 1634 | 4089 | 4474 |
| Consumer, direct | 263 | 82 | 143 | 480 | 486 |
| Deposit account overdrafts | 258 | 174 | 475 | 610 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net charge-offs | $6829 | $6964 | $6084 | $21914 | $13637 |
| As a percent of average total loans (annualized) | 0.41% | 0.43% | 0.38% | 0.45% | 0.29% |

---

**SUPPLEMENTAL INFORMATION (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>*(Dollars in thousands)* | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** |
| Trust assets under administration and management | $2271536 | $2138439 | $2037992 | $2061267 | $2124320 |
| Brokerage assets under administration and management | 1800781 | 1724311 | 1626768 | 1614189 | 1608368 |
| Mortgage loans serviced for others | 323347 | 326710 | 337279 | 346189 | 347719 |
| Employees (full-time equivalent) | 1454 | 1477 | 1460 | 1479 | 1496 |

---

------

**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** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 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 | $**71028** | $**782** | **4.37%** | $86655 | $1039 | 4.81% | $57436 | $954 | 6.60% |
| Investment securities (a)(b) | **2018463** | **19119** | **3.79%** | 1910884 | 16808 | 3.52% | 1897701 | 16397 | 3.46% |
| Loans (b)(c): |  |  |  |  |  |  |  |  |  |
| Construction | **333782** | **5759** | **6.75%** | 335396 | 5935 | 7.00% | 330779 | 6654 | 7.87% |
| Commercial real estate, other | **2144859** | **34751** | **6.34%** | 2110961 | 33430 | 6.27% | 2049150 | 37640 | 7.19% |
| Commercial and industrial | **1428843** | **25090** | **6.87%** | 1325976 | 23304 | 6.95% | 1254709 | 24730 | 7.71% |
| Premium finance | **273730** | **5820** | **8.32%** | 267294 | 5743 | 8.50% | 288841 | 6052 | 8.20% |
| Leases | **390499** | **9520** | **9.54%** | 384191 | 10287 | 10.59% | 424549 | 11922 | 10.99% |
| Residential real estate (d) | **990040** | **13466** | **5.44%** | 974203 | 12226 | 5.02% | 920703 | 12110 | 5.26% |
| Home equity lines of credit | **245024** | **4765** | **7.72%** | 239531 | 4540 | 7.60% | 231760 | 4836 | 8.30% |
| Consumer, indirect | **703619** | **11545** | **6.51%** | 686550 | 11038 | 6.45% | 681002 | 10372 | 6.06% |
| Consumer, direct | **123927** | **2470** | **7.91%** | 119358 | 2337 | 7.85% | 120941 | 2271 | 7.47% |
| Total loans | **6634323** | **113186** | **6.71%** | 6443460 | 108840 | 6.71% | 6302434 | 116587 | 7.27% |
| Allowance for credit losses | **(74485)** |  |  | (65186) |  |  | (66154) |  |  |
| Net loans | **6559838** |  |  | 6378274 |  |  | 6236280 |  |  |
| Total earning assets | **8649329** | **133087** | **6.07%** | 8375813 | 126687 | 6.01% | 8191417 | 133938 | 6.44% |
| Goodwill and other intangible assets | **396636** |  |  | 398940 |  |  | 405022 |  |  |
| Other assets | **528305** |  |  | 518534 |  |  | 546298 |  |  |
| Total assets | $**9574270** |  |  | $9293287 |  |  | $9142737 |  |  |
| **Liabilities and Equity** |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |
| Savings accounts | $**890316** | $**196** | **0.09%** | $889877 | $220 | 0.10% | $870914 | $227 | 0.10% |
| Governmental deposit accounts | **787079** | **4745** | **2.39%** | 811822 | 4874 | 2.41% | 824918 | 5960 | 2.87% |
| Interest-bearing demand accounts | **1084051** | **617** | **0.23%** | 1075220 | 563 | 0.21% | 1072850 | 591 | 0.22% |
| Money market deposit accounts | **954778** | **5671** | **2.36%** | 938318 | 5592 | 2.39% | 854075 | 5609 | 2.61% |
| Retail certificates of deposit | **2007768** | **18094** | **3.58%** | 1997992 | 18235 | 3.66% | 1865312 | 20151 | 4.30% |
| Brokered deposits (e) | **431501** | **4567** | **4.20%** | 419277 | 4393 | 4.20% | 410035 | 4712 | 4.57% |
| Total interest-bearing deposits | **6155493** | **33890** | **2.18%** | 6132506 | 33877 | 2.22% | 5898104 | 37250 | 2.51% |
| Short-term borrowings (e) | **368456** | **4044** | **4.36%** | 127716 | 1389 | 4.36% | 318752 | 4051 | 5.07% |
| Long-term borrowings | **229388** | **3525** | **6.07%** | 233998 | 3564 | 6.07% | 234779 | 3407 | 5.75% |
| Total borrowed funds | **597844** | **7569** | **5.02%** | 361714 | 4953 | 5.47% | 553531 | 7458 | 5.36% |
| Total interest-bearing liabilities | **6753337** | **41459** | **2.44%** | 6494220 | 38830 | 2.40% | 6451635 | 44708 | 2.76% |
| Non-interest-bearing deposits | **1544184** |  |  | 1546475 |  |  | 1468498 |  |  |
| Other liabilities | **113981** |  |  | 105339 |  |  | 122848 |  |  |
| Total liabilities | **8411502** |  |  | 8146034 |  |  | 8042981 |  |  |
| Stockholders' equity | **1162768** |  |  | 1147253 |  |  | 1099756 |  |  |
| Total liabilities and stockholders' equity | $**9574270** |  |  | $9293287 |  |  | $9142737 |  |  |
| Net interest income/spread (b) |  | $**91628** | **3.63%** |  | $87857 | 3.61% |  | $89230 | 3.68% |
| Net interest margin (b) |  |  | **4.16%** |  |  | 4.15% |  |  | 4.27% |

---

(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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|<br>*(Dollars in thousands)* | **Balance** | **Income/<br>Expense** | **Yield/ Cost** | **Balance** | **Income/<br>Expense** | **Yield/ Cost** |
| **Assets** |  |  |  |  |  |  |
| Short-term investments | $**82135** | $**2720** | **4.43%** | $125720 | $5377 | 5.71% |
| Investment securities (a)(b) | **1942572** | **52524** | **3.61%** | 1867003 | 47775 | 3.41% |
| Loans (b)(c): |  |  |  |  |  |  |
| Construction | **327512** | **17266** | **6.95%** | 333048 | 19652 | 7.75% |
| Commercial real estate, other | **2108596** | **101444** | **6.34%** | 2066631 | 111302 | 7.08% |
| Commercial and industrial | **1363990** | **71727** | **6.93%** | 1229491 | 72142 | 7.71% |
| Premium finance | **266808** | **17148** | **8.48%** | 253383 | 16362 | 8.48% |
| Leases | **389933** | **30004** | **10.15%** | 418084 | 35970 | 11.30% |
| Residential real estate (d) | **973555** | **37906** | **5.19%** | 925756 | 34892 | 5.03% |
| Home equity lines of credit | **239401** | **13687** | **7.64%** | 224648 | 13745 | 8.17% |
| Consumer, indirect | **688234** | **33130** | **6.44%** | 664610 | 29322 | 5.89% |
| Consumer, direct | **120411** | **7042** | **7.82%** | 121359 | 6465 | 7.12% |
| Total loans | **6478440** | **329354** | **6.73%** | 6237010 | 339852 | 7.19% |
| Allowance for credit losses | **(67619)** |  |  | (64052) |  |  |
| Net loans | **6410821** |  |  | 6172958 |  |  |
| Total earning assets | **8435528** | **384598** | **6.04%** | 8165681 | 393004 | 6.36% |
| Goodwill and other intangible assets | **398956** |  |  | 407858 |  |  |
| Other assets | **521144** |  |  | 541510 |  |  |
| Total assets | $**9355628** |  |  | $9115049 |  |  |
| **Liabilities and Equity** |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |
| Savings accounts | $**886316** | $**633** | **0.10%** | $889629 | $675 | 0.10% |
| Governmental deposit accounts | **793581** | **14271** | **2.40%** | 795019 | 16639 | 2.80% |
| Interest-bearing demand accounts | **1081313** | **1703** | **0.21%** | 1092407 | 1538 | 0.19% |
| Money market deposit accounts | **935873** | **16554** | **2.36%** | 829825 | 15917 | 2.56% |
| Retail certificates of deposit | **1981959** | **54762** | **3.69%** | 1730818 | 54472 | 4.20% |
| Brokered deposit (e) | **471325** | **15007** | **4.26%** | 486832 | 15727 | 4.32% |
| Total interest-bearing deposits | **6150367** | **102930** | **2.24%** | 5824530 | 104968 | 2.41% |
| Short-term borrowings (e) | **185387** | **5940** | **4.28%** | 371426 | 14457 | 5.19% |
| Long-term borrowings | **233468** | **10705** | **6.09%** | 233343 | 10392 | 5.91% |
| Total borrowed funds | **418855** | **16645** | **5.29%** | 604769 | 24849 | 5.47% |
| Total interest-bearing liabilities | **6569222** | **119575** | **2.43%** | 6429299 | 129817 | 2.70% |
| Non-interest-bearing deposits | **1530040** |  |  | 1482318 |  |  |
| Other liabilities | **111926** |  |  | 131998 |  |  |
| Total liabilities | **8211188** |  |  | 8043615 |  |  |
| Stockholders' equity | **1144440** |  |  | 1071434 |  |  |
| Total liabilities and stockholders' equity | $**9355628** |  |  | $9115049 |  |  |
| Net interest income/spread (b) |  | $**265023** | **3.61%** |  | $263187 | 3.66% |
| Net interest margin (b) |  |  | **4.15%** |  |  | 4.24% |

---

(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** | **Nine Months Ended** | **Nine Months Ended** |
| | | | | **September 30,** | **September 30,** |
|<br>*(Dollars in thousands)* | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<br>**2024** | **2025** | **2024** |
| **Efficiency ratio:** |  |  |  |  |  |
| Total non-interest expense | $69894 | $70362 | $66090 | $211043 | $203313 |
| Less: amortization of other intangible assets | 2211 | 2211 | 2786 | 6635 | 8361 |
| Adjusted total non-interest expense | 67683 | 68151 | 63304 | 204408 | 194952 |
| Total non-interest income | 23827 | 26880 | 24794 | 77806 | 74277 |
| Less: net loss on investment securities | (2580) |  | (74) | (2582) | (428) |
| Less: net loss on asset disposals and other transactions | (478) | (280) | (795) | (1119) | (1564) |
| Total non-interest income, excluding net gains and losses | 26885 | 27160 | 25663 | 81507 | 76269 |
| Net interest income | 91349 | 87577 | 88912 | 264181 | 262165 |
| Add: fully tax-equivalent adjustment (a) | 279 | 280 | 318 | 842 | 1022 |
| Net interest income on a fully tax-equivalent basis | 91628 | 87857 | 89230 | 265023 | 263187 |
| Adjusted revenue | $118513 | $115017 | $114893 | $346530 | $339456 |
| Efficiency ratio | 57.11% | 59.25% | 55.10% | 58.99% | 57.43% |

---

(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** |
|<br>*(Dollars in thousands, except per share data)* | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** |
| **Tangible equity:** |  |  |  |  |  |
| Total stockholders' equity | $1182776 | $1153350 | $1137821 | $1111590 | $1124972 |
| Less: goodwill and other intangible assets | 395535 | 397785 | 400099 | 402422 | 403922 |
| Tangible equity | $787241 | $755565 | $737722 | $709168 | $721050 |
| **Tangible assets:** |  |  |  |  |  |
| Total assets | $9623944 | $9540608 | $9246000 | $9254247 | $9140471 |
| Less: goodwill and other intangible assets | 395535 | 397785 | 400099 | 402422 | 403922 |
| Tangible assets | $9228409 | $9142823 | $8845901 | $8851825 | $8736549 |
| **Tangible book value per common share:** |  |  |  |  |  |
| Tangible equity | $787241 | $755565 | $737722 | $709168 | $721050 |
| Common shares outstanding | 35705369 | 35673721 | 35669100 | 35563590 | 35538607 |
| Tangible book value per common share | $22.05 | $21.18 | $20.68 | $19.94 | $20.29 |
| **Tangible equity to tangible assets ratio:** | **Tangible equity to tangible assets ratio:** | **Tangible equity to tangible assets ratio:** | **Tangible equity to tangible assets ratio:** |  |  |
| Tangible equity | $787241 | $755565 | $737722 | $709168 | $721050 |
| Tangible assets | $9228409 | $9142823 | $8845901 | $8851825 | $8736549 |
| Tangible equity to tangible assets | 8.53% | 8.26% | 8.34% | 8.01% | 8.25% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | | | | **September 30,** | **September 30,** |
|<br>*(Dollars in thousands)* | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<br>**2024** | **2025** | **2024** |
| **Pre-provision net revenue:** |  |  |  |  |  |
| Income before income taxes | $38002 | $27453 | $40881 | $96832 | $114609 |
| Add: provision for credit losses | 7280 | 16642 | 6735 | 34112 | 18520 |
| Add: net loss on OREO |  |  | 2 |  | 2 |
| Add: net loss on investment securities | 2580 |  | 74 | 2582 | 428 |
| Add: net loss on other assets | 424 | 267 | 764 | 1021 | 1470 |
| Add: net loss on other transactions | 54 | 23 | 28 | 128 | 92 |
| Less: net gain on OREO |  | 10 |  | 30 |  |
| Pre-provision net revenue | $48340 | $44375 | $48484 | $134645 | $135121 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | | | | **September 30,** | **September 30,** |
|<br>***(Dollars in thousands)*** | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<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 | $29476 | $21212 | $31684 | $75024 | $90275 |
| Add: net loss on investment securities | 2580 |  | 74 | 2582 | 428 |
| Less: tax effect of net loss on investment securities (a) | 542 |  | 16 | 542 | 90 |
| Add: net loss on asset disposals and other transactions | 478 | 280 | 795 | 1119 | 1564 |
| Less: tax effect of net loss on asset disposals and other transactions (a) | 100 | 59 | 167 | 235 | 328 |
| Add: acquisition-related expenses (benefit) |  |  | (662) |  | (746) |
| Less: tax effect of acquisition-related expenses (benefit) (a) |  |  | (139) |  | (157) |
| Net income adjusted for non-core items | $31892 | $21433 | $31847 | $77948 | $91260 |
| Days in the period | 92 | 91 | 92 | 273 | 274 |
| Days in the year | 365 | 365 | 366 | 365 | 366 |
| Annualized net income | $116943 | $85081 | $126047 | $100307 | $120586 |
| Annualized net income adjusted for non-core items | $126528 | $85968 | $126696 | $104216 | $121902 |
| **Return on average assets:** |  |  |  |  |  |
| Annualized net income | $116943 | $85081 | $126047 | $100307 | $120586 |
| Total average assets | $9574270 | $9293287 | $9142737 | $9355628 | $9115049 |
| Return on average assets | 1.22% | 0.92% | 1.38% | 1.07% | 1.32% |
| **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 | $126528 | $85968 | $126696 | $104216 | $121902 |
| Total average assets | $9574270 | $9293287 | $9142737 | $9355628 | $9115049 |
| Return on average assets adjusted for non-core items | 1.32% | 0.93% | 1.39% | 1.11% | 1.34% |

---

(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** | **Nine Months Ended** | **Nine Months Ended** |
| | | | | **September 30,** | **September 30,** |
|<br>*(Dollars in thousands)* | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<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 | $29476 | $21212 | $31684 | $75024 | $90275 |
| Add: amortization of other intangible assets | 2211 | 2211 | 2786 | 6635 | 8361 |
| Less: tax effect of amortization of other intangible assets (a) | 464 | 464 | 585 | 1393 | 1756 |
| Net income excluding amortization of other intangible assets | $31223 | $22959 | $33885 | $80266 | $96880 |
| Days in the period | 92 | 91 | 92 | 273 | 274 |
| Days in the year | 365 | 365 | 366 | 365 | 366 |
| Annualized net income | $116943 | $85081 | $126047 | $100307 | $120586 |
| Annualized net income excluding amortization of other intangible assets | $123874 | $92088 | $134803 | $107315 | $129409 |
| **Average tangible equity:** | **Average tangible equity:** | **Average tangible equity:** | **Average tangible equity:** |  |  |
| Total average stockholders' equity | $1162768 | $1147253 | $1099756 | $1144440 | $1071434 |
| Less: average goodwill and other intangible assets | 396636 | 398940 | 405022 | 398956 | 407858 |
| Average tangible equity | $766132 | $748313 | $694734 | $745484 | $663576 |
| **Return on average stockholders' equity ratio:** | **Return on average stockholders' equity ratio:** | **Return on average stockholders' equity ratio:** |  |  |  |
| Annualized net income | $116943 | $85081 | $126047 | $100307 | $120586 |
| Average stockholders' equity | $1162768 | $1147253 | $1099756 | $1144440 | $1071434 |
| Return on average stockholders' equity | 10.06% | 7.42% | 11.46% | 8.76% | 11.25% |
| **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 | $123874 | $92088 | $134803 | $107315 | $129409 |
| Average tangible equity | $766132 | $748313 | $694734 | $745484 | $663576 |
| Return on average tangible equity | 16.17% | 12.31% | 19.40% | 14.40% | 19.50% |

---

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

**END OF RELEASE**

## Exhibit 99.2

![](a3qinvestorpresentation001.jpg)

1 Third Quarter 2025 Earnings Conference Call October 21, 2025

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![](a3qinvestorpresentation002.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 June 30, 2025 and March 31, 2025, and Peoples' earnings release for the quarter ended September 30, 2025 (the "Third Quarter Earnings Release"), included in Peoples' current report on Form 8-K furnished to the Securities and Exchange Commission ("SEC") on October 21, 2025, each of which is available on the SEC's website (sec.gov) or at Peoples' website (peoplesbancorp.com). Peoples expects to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Third Quarter Form 10-Q") with the SEC on or about October 30, 2025. As required by U.S. generally excepted accounting principles, Peoples is required to evaluate the impact of subsequent events through the issuance date of its September 30, 2025, consolidated financial statements as part of its Third Quarter Form 10-Q. 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 and in the Third Quarter Earning 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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![](a3qinvestorpresentation003.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 Third Quarter Earnings Release. Use of Non-US GAAP Financial Measures

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![](a3qinvestorpresentation004.jpg)

3 • Annualized loan growth of 8% • Stable fee-based income • 1% decline in non-interest expense • Improvement in efficiency ratio to 57.1%, compared to 59.3% • Book value per share growth of 2%, while tangible book value per share increased 4%, to $33.13 and $22.05, respectively • Tangible equity to tangible assets improved 27 basis points to 8.53% Net income was $29.5 million, or $0.83 of diluted earnings per share ("EPS") • Negatively impacted by $2.7 million, or $0.06 of diluted EPS due to losses recognized on lower-yielding investment securities sold • Excluding the losses on investment securities, diluted EPS exceeded consensus analyst estimates • Net interest income improved 4%, while net interest margin expanded 1 basis point ◦ Excluding accretion income, net interest margin expanded 5 basis points Third Quarter 2025 Financial Highlights

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![](a3qinvestorpresentation005.jpg)

4 Loans Balances by Segment (As of Most Recent Quarter-End) 29% 11% 24% 10% 22% 4% Consumer loans Owner occupied commercial real estate Non-owner occupied commercial real estate Specialty finance Commercial and industrial Construction Loan Balances and Yields (Dollars in billions) $1.59 $1.56 $1.51 $1.45 $1.38 $4.69 $4.80 $4.92 $5.15 $5.35 7.27% 7.01% 6.77% 6.71% 6.71% Acquired loans and leases Originated loans and leases Quarterly loan yield 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 – Total loan balances grew 8% annualized compared to June 30, 2025, and were up 6% year-to-date – At September 30, 2025, 43% of loans were fixed rate, with the remaining 57% at a variable rate Loan Balances by Segment

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![](a3qinvestorpresentation006.jpg)

5 North Star Leasing 1.54% 1.65% 1.32% 4.08% 6.91% 14.93% 11.97% 11.55% 11.49% 14.43% 14.49% 14.69% 14.35% 13.99% 14.24% 13.80% 14.14% 13.74% Net Charge-Off Rate Yield (Net of Deferred Fees and Costs) 2022 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 – 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 – Net charge-off rates have been declining since the peak in the fourth quarter of 2024 – 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 by Segment (As of Most Recent Quarter-End) 22% 12% 9% 9%8% 7% 33% Restaurant Titled - Vocational Titled - Trucking/Trailer/Fleet Brewery/Distillery Heavy Equipment Manufacturing - Production Other

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![](a3qinvestorpresentation007.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 $— $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 small-ticket leasing accounts – The portfolio declined more than 50% in the last year – We stopped originating new high balance small-ticket leases in mid-2024 At September 30, 2025, our small-ticket lease balances comprised 2% of our total loan balances

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![](a3qinvestorpresentation008.jpg)

7 Asset Quality Metrics 3.82% 4.14% 3.79% 3.79% 3.80% 3.52% 3.70% 3.99% 1.95% 2.38% 1.90% 2.12% 2.03% 1.93% 1.89% 2.36% 1.01% 1.05% 1.05% 1.06% 1.00% 1.01% 1.13% 1.11% 0.43% 0.50% 0.53% 0.76% 0.53% 0.50% 0.49% 0.47% 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 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 The allowance for credit losses was 1.11% of loans – Nonperforming loans declined nearly $2 million compared to June 30th, with improvement in both loans 90+ days past due and accruing, as well as nonaccrual loans – Criticized loans increased $24 million, however, we anticipate that some of these credits will be paid off or upgraded during the fourth quarter Asset Quality

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![](a3qinvestorpresentation009.jpg)

8 Net Charge-Offs (dollars in thousands) 3,733 7,483 5,403 4,838 4,484 2,351 2,103 2,718 2,126 2,345 Small-ticket leasing net charge-offs All other net charge-offs 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 — 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 declined compared to the linked quarter – Reductions in provision for credit losses were driven by lower net charge-offs and reductions in reserves for individually analyzed loans 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) 0.38% 0.61% 0.52% 0.43% 0.41% 0.16% 0.13% 0.18% 0.14% 0.15% Total net charge-off rate Net charge-off rate, excluding North Star Leasing 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025

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![](a3qinvestorpresentation010.jpg)

9 Net interest income grew nearly $4 million compared to the linked quarter, and net interest margin expanded 1 basis point – Accretion income declined $0.9 million – Accretion income added 8 basis points to net interest margin, compared to 12 basis points for the linked quarter – Excluding accretion income, net interest margin expanded 5 basis points Net Interest Income (Dollars in Thousands) $88,912 $87,577 $91,349 $262,165 $264,181 3Q 2024 2Q 2025 3Q 2025 YTD 2024 YTD 2025 Quarterly Net Interest Margin ("NIM") 4.43% 4.26% 4.18% 4.27% 4.15% 4.12% 4.15% 4.16% 0.47% 0.32% 0.28% 0.39% 0.23% 0.17% 0.12% 0.08% Net interest margin Accretion impact 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Accretion Income (Dollars in Thousands) $8,061 $2,592 $1,686 $20,314 $7,759 3Q 2024 2Q 2025 3Q 2025 YTD 2024 YTD 2025 Net Interest Income

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![](a3qinvestorpresentation011.jpg)

10 Non-interest income, excluding gains and losses, declined 1% compared to the linked quarter – The decrease was driven by lower lease income, which was partially offset by higher electronic banking income and deposit account service charges For the first nine months of 2025, non-interest income, excluding gains and losses, grew 7% compared to 2024 – The improvement was mostly due to higher lease income, commercial loan swap fee income, and trust and investment income Non-Interest Income (Dollars in Thousands) $24,794 $26,880 $23,827 $74,277 $77,806 3Q 2024 2Q 2025 3Q 2025 YTD 2024 YTD 2025 Non-Interest Income

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![](a3qinvestorpresentation012.jpg)

11 Non-interest expense declined 1% compared to the linked quarter – A reduction in professional fees contributed to the decline, and was partially offset by higher marketing and franchise tax expense For the first nine months of 2025, non-interest expense grew 4%, compared to 2024 – The increase was due to higher salaries and employee benefit costs, data processing and software expenses The efficiency ratio improved compared to the linked quarter, and was higher than the first nine months of 2024 – Compared to the linked quarter, higher net interest income contributed to the improvement – For the first nine months of 2025, 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) $66,090 $70,362 $69,894 $203,313 $211,043 3Q 2024 2Q 2025 3Q 2025 YTD 2024 YTD 2025 Efficiency Ratio 55.1% 59.3% 57.1% 57.4% 59.0% 3Q 2024 2Q 2025 3Q 2025 YTD 2024 YTD 2025 Non-Interest Expense

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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) $1.45 $1.51 $1.53 $1.53 $1.54 $6.03 $6.08 $6.21 $6.11 $6.10 2.02% 1.96% 1.84% 1.76% 1.76% Non-interest-bearing deposits Interest-bearing deposits Quarterly deposit cost 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Third quarter 2025 deposits were relatively flat compared to the linked quarter, excluding brokered CDs – Increased money market, interest-bearing demand and non-interest bearing deposit balances did not offset declines in our brokered CDs, governmental deposits and savings accounts – Our brokered CDs declined $26 million due to a strategic shift to other funding sources at lower costs At September 30, 2025, 77% of our deposits were to retail customers (comprised of consumers and small businesses), while the remaining 23% 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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13 Capital Metrics 13.42% 13.58% 13.75% 13.71% 13.79% 12.24% 12.39% 12.54% 12.39% 12.54% 11.80% 11.95% 12.10% 11.95% 12.11% 9.59% 9.73% 9.80% 9.83% 9.74% 8.25% 8.01% 8.34% 8.26% 8.53% Total risk-based capital ratio Tier 1 risk-based capital ratio Common equity tier 1 capital ratio Leverage ratio Tangible equity to tangible assets 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Most of our regulatory capital ratios improved during the third quarter, as earnings (net of dividends) outpaced increases in risk- weighted assets due to loan growth Our tangible equity to tangible assets ratio improved 27 basis points compared to June 30, 2025 Capital

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14 A high level look at our expectations for the remainder of 2025, excluding non-core expenses: Operating Leverage – Expect to achieve positive operating leverage for 2025, compared to 2024, excluding the impact of the reduction in our accretion income, which declined faster than we had anticipated compared to the prior year Net Interest Income – Assuming two 25 basis point reduction in rates from the Federal Reserve in the fourth quarter, we expect our full year net interest margin to be in our guided range of between 4.00% and 4.20% – We continue to be in a relatively neutral position, and expect declines in interest rates will have a minor impact to our net interest margin Non-Interest Income Excluding Gains and Losses – Expect growth in the mid single-digit percentages compared to 2024 results Non-Interest Expense – Anticipate quarterly non-interest expense of between $69 to $71 million for the fourth quarter of 2025 Loans/Asset Quality – Expect loan growth will be between 4% and 6% for the full year of 2025, compared to 2024 – We expect a provision for credit losses similar to the third quarter, excluding any negative impacts to the economic forecasts 2025 Outlook

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15 A preliminary high level look at our 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 $27 and $29 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 $71 to $73 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-logoxbancorpxhorizxrgbc.jpg](peo-logoxbancorpxhorizxrgbc.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 |
| October 21, 2025 |  | 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 October 20, 2025, payable on November 18, 2025, to shareholders of record on November 4, 2025.

This dividend represents a payout of approximately $14.6 million, or 49.7% of Peoples' reported third quarter 2025 earnings. Based on the closing stock price of Peoples' common shares of $28.15 on October 17, 2025, the quarterly dividend produces an annualized yield of 5.83%.

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 September 30, 2025, and 145 locations, including 127 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**

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