# EDGAR Filing Document

**Accession Number:** 0000318300
**File Stem:** 0000318300-25-000222
**Filing Date:** 2025-7
**Character Count:** 115116
**Document Hash:** c383f62bc001d0493d6d60719d9f4154
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000318300-25-000222.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0000318300-25-000222

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250722

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**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:** 251138672

**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-20250722

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): July 22, 2025

![pebonewlogoa22.jpg](pebo-20250722_g1.jpg)

---

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

---

---

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

---

---

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

---

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

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

------

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

On July 22, 2025 Peoples Bancorp Inc. ("Peoples") issued a news release regarding its financial results for the second 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 second 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 July 22, 2025, Peoples issued a news release announcing that the Board of Directors declared a quarterly dividend of $0.41 per common share on July 21, 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.

------

---

| | | | |
|:---|:---|:---|:---|
| | | | **PEOPLES BANCORP INC.** |
| Date: | July 22, 2025 | **By:/s/** | KATIE BAILEY |
|  |  |  | Katie Bailey |
|  |  |  | Executive Vice President,<br>Chief Financial Officer and Treasurer |

---

------

**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](exhibit991q22025er.htm)</u> | News Release issued by Peoples Bancorp Inc. on July 22, 2025 |
| <u>[99.2](a2q2025earningspresentat.htm)</u> | News Release issued by Peoples Bancorp Inc. on July 22, 2025 |
| <u>[99.3](exhibit993q22025divdeclared.htm)</u> | News Release issued by Peoples Bancorp Inc. on July 22, 2025 |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

## Exhibit 99.1

![peo-logoxbancorpxhorizxrgbc.jpg](peo-logoxbancorpxhorizxrgbc.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 |
| July 22, 2025 |  | Chief Financial Officer and Treasurer |
|  |  | (740) 376-7138 |

---

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

**_____________________________________________________________________**

**MARIETTA, Ohio** - Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced results for the quarter ended June 30, 2025. Net income totaled $21.2 million for the second quarter of 2025, representing earnings per diluted common share of $0.59. In comparison, Peoples reported net income of $24.3 million, representing earnings per diluted common share of $0.68, for the first quarter of 2025 and net income of $29.0 million, representing earnings per diluted common share of $0.82, for the second quarter of 2024.

"We are pleased with strong annualized loan growth and net interest margin expansion in the second quarter" said Tyler Wilcox, President and Chief Executive Officer. "For our shareholders, we remain focused on driving sustainable growth and delivering strong returns."

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

&nbsp;&nbsp;&nbsp;&nbsp;***• Net interest income for the second quarter of 2025 increased $2.3 million, or 3%, when compared to the linked quarter driven by lower funding costs.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Net interest margin increased to 4.15% for the second quarter of 2025, compared to 4.12% for the linked quarter, driven by lower deposit and borrowing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Accretion income, net of amortization expense, contributed 12 basis points to margin for the second quarter, down 5 basis points from the 17 basis points of accretion income, net of amortization expense, recognized in the linked quarter.

&nbsp;&nbsp;&nbsp;&nbsp;***• Peoples recorded a provision for credit losses of $16.6 million for the second quarter of 2025, compared to a provision for credit losses of $10.2 million for the first quarter of 2025.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** The provision for credit losses was primarily driven by (i) net charge offs, (ii) an increase in reserves on individually-analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) a periodic refresh in loss drivers utilized within the current expected credit loss ("CECL") model, (v) deterioration in the economic forecasts used within the CECL model, and (vi) loan growth. The provision for credit losses negatively impacted earnings per diluted common share by $0.36 for the second quarter of 2025 and $0.22 for the first quarter of 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***◦*** The decrease was driven by the decrease in insurance income due to annual seasonal-performance-based commissions received in the first quarter of each year, partially offset by increases in lease income and electronic banking income.

&nbsp;&nbsp;&nbsp;&nbsp;***• Total non-interest expense for the second quarter of 2025 decreased $0.4 million compared to the linked quarter.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The decrease was the result of lower salaries and employee benefit costs due to certain anticipated annual employee salaries and benefits costs that occur in the first quarter of each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The efficiency ratio for the second quarter of 2025 was 59.3%, compared to 60.7% for the linked quarter.

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

&nbsp;&nbsp;&nbsp;&nbsp;***• Period-end total loan and lease balances at June 30, 2025, increased $173.1 million, or 11% annualized, compared to at March 31, 2025.***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The increase in loans was driven primarily by growth in commercial and industrial loans and residential real estate loans.

&nbsp;&nbsp;&nbsp;&nbsp;***• Key asset quality metrics remained relatively stable during the second quarter of 2025.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Delinquency trends improved compared to the linked quarter as loans considered current comprised 99.1% of the loan portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Criticized loans increased $17.9 million, or 18 basis points as a percent of total loans, compared to at March 31, 2025, primarily driven by the downgrade of one commercial relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Classified loans increased $1.2 million compared to at March 31, 2025, driven by loan downgrades.

&nbsp;&nbsp;&nbsp;&nbsp;***• Period-end total deposit balances at June 30, 2025, decreased $97.5 million, or 1%, compared to at March 31, 2025.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***◦*** The decrease in deposits was driven by decreases in governmental deposit accounts, which were driven by seasonality, and decreases in money market deposit accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total loan balances were 86% and 83% of total deposit balances at June 30, 2025, and at March 31, 2025, respectively.

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

Net interest income was $87.6 million for the second quarter of 2025 and increased $2.3 million when compared to the linked quarter. Net interest margin was 4.15% for the second quarter of 2025, compared to 4.12% for the linked quarter. The increase in net interest income and margin was primarily driven by lower deposit and borrowing costs.

Net interest income for the second quarter of 2025 increased $1.0 million, or 1%, compared to the second quarter of 2024. Net interest margin decreased 3 basis points when compared to the second quarter of 2024. The increase in net interest income was primarily driven by higher loan balances. The decrease of net interest margin was driven by reductions in loan yields, driven by lower accretion income, partially offset by lower funding costs.

Accretion income, net of amortization expense, from acquisitions was $2.6 million for the second quarter of 2025, $3.5 million for the linked quarter and $5.8 million for the second quarter of 2024, which added 12 basis points, 17 basis points and 28 basis points, respectively, to net interest margin. The decrease in accretion income for the second quarter of 2025 when compared to the linked quarter and the second 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 six months of 2025, net interest income decreased $0.4 million compared to the first six months

of 2024, while net interest margin decreased 8 basis points to 4.14%. The decrease in net interest income and net interest margin for the first six months of 2025 compared to the first six months of 2024 was primarily driven by lower accretion income.

Accretion income, net of amortization expense, from acquisitions was $6.1 million for the six months ended June 30, 2025, compared to $12.3 million for the six months ended June 30, 2024, which added 15 and 30 basis points, respectively, to net interest margin. The decrease in accretion income for the first six 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 $16.6 million for the second quarter of 2025, compared to $10.2 million for the linked quarter and $5.7 million for the second quarter of 2024. 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 our 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, (vi) and loan growth. The provision for the first quarter of 2025 was primarily driven by net charge-offs. The provision for credit losses for the second quarter of 2024 was driven by (i) higher net charge-offs, (ii) an increase of reserves on individually analyzed loans, and (iii) loan growth.

The provision for credit losses during the first six months of 2025 was $26.8 million, compared to a provision for

credit losses of $11.8 million for the first six months of 2024. The provision for credit losses during the first six 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 our 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, (vi) and loan growth. The provision for credit losses during the first six months of 2024 was mainly a result of (i) higher net charge-offs, (ii) an increase in reserves on individually analyzed loans and leases and (iii) loan growth.

The provision for credit losses recorded represents the amount needed to maintain the appropriate level of the allowance for credit losses based on management's quarterly estimates. The provision for credit losses negatively impacted earnings per diluted common share by $0.36 for the second quarter of 2025, $0.22 for the first quarter of 2025, and $0.13 for the second quarter of 2024.

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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 second quarter of 2025 was $0.3 million, compared to a net loss of $0.4 million for the linked quarter, and a net loss of $0.8 million for the second quarter of 2024. The net losses for both the second quarter of 2025 and the first quarter of 2025 were driven by a $0.3 million loss on repossessed assets in each quarter. The net loss for the second quarter of 2024 was due to $0.4 million of net losses on repossessed assets.

The net loss realized during the first six months of 2025 was $0.6 million, compared to a net loss realized of

$1.1 million for the first six months of 2024. The net loss for the first six months of 2025 was primarily driven by the $0.6

million of net losses on repossessed assets. The net loss recognized in the first six months of 2024 was primarily driven by a $0.7 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 second 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 $1.5 million in insurance income due to seasonal performance-based commissions being received in the first quarter of each year, partially offset by an increase of $0.7 million in lease income, driven by gains on terminated Vantage Financial, LLC ("Vantage") leases, and an increase of $0.4 million in electronic banking income, driven by debit card interchange fees. Total non-interest income, excluding net gains and losses, for the second quarter of 2025 was 24% of total revenue (defined as net interest income plus total non-interest income excluding net gains and losses) consistent with the linked quarter.

Compared to the second quarter of 2024, total non-interest income, excluding net gains and losses, increased $2.7 million, due to an increase of $2.0 million in lease income, which was driven by operating lease income, an increase of $0.4 million in insurance income, and an increase of $0.3 million in other non-interest income, which was driven by swap fee income, partially offset by a decrease of $0.3 million in deposit account service charges.

For the first six months of 2025, total non-interest income, excluding gains and losses, increased $4.0 million, or 8%,

compared to the first six months of 2024. The increase was driven by (i) a $3.5 million increase in lease income, driven by gains on early Vantage lease terminations and operating lease income, (ii) a $0.9 million increase in other non-interest income, driven by an increase swap fee income due to customer demand, and (iii) a $0.7 million increase in trust and investment income, driven by an increase in assets under administration and management. These increases were partially offset by a $0.5 million decrease in deposit account service charges and $0.4 million decrease in electronic banking income due to customer activity.

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

Total non-interest expense decreased $0.4 million for the second quarter of 2025, compared to the linked quarter. The decrease in total non-interest expense was primarily due to a decreases of $0.9 million in salaries and employee benefit costs and $0.4 million in other non-interest expense, driven by lower corporate expenses, partially offset with increases of $0.5 million in professional fees and $0.4 million in data processing and software expenses. The decrease in salaries and employee benefit costs was due to annual expenses that occur in the first quarter of each year including stock-based compensation expenses attributable to forfeiture rate true-up on stock vested along with up-front expense on stock grants to certain retirement-eligible employees, and health savings account ("HSA") contributions.

Compared to the second quarter of 2024, total non-interest expense increased $1.6 million, or 2%. The increase in total non-interest expense was primarily driven by increases of $2.3 million in salaries and employee benefit costs, which were driven by higher sales-based incentive, medical costs, and payroll taxes, $0.7 million in professional fees, and $0.6 million in data processing and software expense, offset by decreases of $1.6 million in other non-interest expense, driven by a one-time $1.3 million true-up of corporate expenses recorded in the second quarter of 2024, and $0.6 million in amortization of other intangible assets.

For the first six months of 2025, total non-interest expense increased $3.9 million, or 3%, compared to the first six months of 2024. The increase was driven by increases of (i) $3.3 million in salaries and employee benefits costs, which were driven by higher sales-based incentive and medical costs, (ii) $1.8 million in data processing and software expenses, (iii) $0.8 million in professional fees, and (iv) $0.6 million in operating lease expense, partially offset with decreases of $1.2 million in amortization of other intangible assets and $1.1 million in net occupancy and equipment expense.

The efficiency ratio for the second quarter of 2025 was 59.3%, compared to 60.7% for the linked quarter and 59.2% for the second quarter of 2024. The efficiency ratio improved compared to the linked quarter mainly as the result of higher

------

net interest income and lower non-interest expenses. The efficiency ratio for the first six months of 2025 was 60.0%, compared to 58.6% for the first six months of 2024. The efficiency ratio increased compared to the prior year first six months due to the increase in non-interest expense and lower net interest income. Peoples continues to focus on controlling expenses, while recognizing necessary costs in order to continue growing the business.

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

Peoples recorded income tax expense of $6.2 million with an effective tax rate of 22.7% for the second quarter of 2025, compared to income tax expense of $7.0 million with an effective tax rate of 22.4% for the linked quarter and income tax expense of $6.9 million with an effective tax rate of 19.1% for the second quarter of 2024. The decrease in income tax expense when compared to the prior quarter is primarily due to lower net income. The effective tax rate in the prior year quarter was lower due to a $1.1 million one-time benefit related to a prior year amended return. Peoples recorded income tax expense of $13.3 million with an effective tax rate of 22.6% for the first six months of 2025 and $15.1 million with an effective tax rate of 20.5% in the first six months of 2024. The decrease was driven by lower pre-tax income.

**<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 June 30, 2025, decreased $22.2 million when compared to at March 31, 2025, decreased $32.1 million when compared to at December 31, 2024, and decreased $67.6 million when compared to at June 30, 2024. The balances of unrealized losses, net of tax, on available-for-sale investment securities recognized within accumulated other comprehensive loss were $90.9 million, $96.6 million, and $112.7 million at June 30, 2025, at March 31, 2025, and at June 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 June 30, 2025, Peoples' investment securities represented approximately 21.2% of total assets, compared to 20.7% at December 31, 2024, and 20.4% at June 30, 2024.

The held-to-maturity investment securities balance at June 30, 2025 increased $146.6 million when compared to at March 31, 2025, increased $125.2 million when compared to at December 31, 2024, and increased $198.0 million when compared to at June 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 June 30, 2025, were approximately 5.57 and 7.66, respectively. The duration of Peoples' investments is managed as part of its 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 June 30, 2025, Peoples had liquid and liquefiable assets totaling $878.5 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 June 30, 2025, Peoples had a total borrowing capacity of $607.5 million available through the Federal Home Loan Bank ("FHLB"), the Federal Reserve Bank ("FRB"), and federal funds. Additionally, at June 30, 2025, Peoples had contingent sources of liquidity totaling $3.7 billion. Cash and cash equivalents decreased $31.6 million when compared to December 31, 2024 due to timing of deposit inflows and loan outflows as of December 31, 2024.

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

The period-end total loan and lease balances at June 30, 2025, increased $173.1 million, or 11% annualized, compared to at March 31, 2025. The increase in loans was driven by an increase in all segments, excluding overdrafts. Growth in the portfolio was primarily driven by increases of $63.6 million in commercial and industrial loans, $29.8 million in residential real estate loans, $22.2 million in construction loans, $17.7 million in other commercial real estate loans, $13.5 million in premium finance loans, and $18.5 million in Vantage leases, offset by a decrease of $13.9 million in North Star leases.<br> The period-end total loan and lease balances at June 30, 2025, increased $243.6 million, or 4%, compared to at December 31, 2024, driven by increases of $92.2 million other commercial real estate loans, $59.7 million in commercial and industrial loans, $42.9 million in residential real estate loans, and $22.8 million in consumer indirect loans.

The period-end total loan and lease balances at June 30, 2025, increased $276.2 million, or 4%, compared to at June 30, 2024, driven by increases of $149.3 million in commercial and industrial loans, $88.6 million in residential real estate loans, and $52.2 million in commercial real estate loans, partially offset by decreases of $30.6 million and $15.7 million in leases and premium finance loans, respectively.

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Quarterly average total loan balances increased $89.0 million, or 1%, compared to the linked quarter. The increase in average total loan balances when compared to the linked quarter was primarily the result of increases of (i) $41.8 million in other commercial real estate loans, (ii) $22.3 million in construction loans, (iii) $18.2 million in residential real estate loans, and (iv) $12.3 million in consumer indirect loans, partially offset with a decrease of $11.0 million in leases.

Compared to the second quarter of 2024, quarterly average loan balances increased $202.8 million, or 3%. The increase was driven by growth of (i) $95.7 million in commercial and industrial loans, (ii)$48.6 million in residential real estate loans, (iii) $36.2 million in other commercial real estate loans, and (iv) $30.1 million in indirect consumer loans, partially offset by a decrease of $35.6 million in leases.

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

Key asset quality metrics remained stable through the second quarter of 2025. Delinquency trends improved as loans considered current comprised 99.1%, 98.5%, and 98.8% of the loan portfolio at June 30, 2025, at March 31, 2025, and at June 30, 2024, respectively. Total nonperforming assets at June 30, 2025, increased $0.8 million, or 2%, compared to at March 31, 2025, and decreased $2.0 million, or 4%, compared to at June 30, 2024. The increase in nonperforming assets compared to the linked quarter was primarily driven by an increase in premium finance loans greater than 90 days past due, but for which we expect to collect as the unearned premium on the underlying policy can be recovered. The decrease in nonperforming assets compared to at June 30, 2024, was impacted by a decrease in the amount of leases greater than 90 days administratively delinquent. Nonperforming assets as a percent of total loans and OREO was 0.71% at June 30, 2025, compared to 0.71% at March 31, 2025, and 0.77% at June 30, 2024.

Criticized loans, which are those categorized as special mention, substandard or doubtful, increased $17.9 million, or 8%, compared to at March 31, 2025, and increased $4.5 million, or 2%, compared to at June 30, 2024. As a percent of total loans, criticized loans were 3.70% at June 30, 2025, compared to 3.52% at March 31, 2025, and 3.79% at June 30, 2024. The increase in the amount of criticized loans compared to at March 31, 2025 and at June 30, 2024 was driven by the downgrade of one commercial relationship.

Classified loans, which are those categorized as substandard or doubtful, increased $1.2 million, or 1%, compared to at March 31, 2025, and increased $4.8 million, or 4%, compared to at June 30, 2024. As a percent of total loans, classified loans were 1.89% at June 30, 2025, compared to 1.93% at March 31, 2025, and 1.90% at June 30, 2024. The increase in classified loans compared to at March 31, 2025, and at June 30, 2024, was primarily driven by loan downgrades.

Annualized net charge-offs were 0.43% of average total loans for the second quarter of 2025, compared to 0.52% for the linked quarter, and 0.27% for the second quarter of 2024. The decrease relative to the linked quarter was driven by a decrease in charge-offs in leases originated by our North Star Leasing business, which comprised 30 basis points of the second quarter net charge-off rate and 35 basis points of the linked quarter net charge-off rate. The increase in net charge-offs during the second quarter of 2025 versus the prior year second quarter was primarily attributable to an increase in charge-offs in leases originated by our North Star Leasing business.

At June 30, 2025, the allowance for credit losses increased $9.4 million when compared to at March 31, 2025, and increased $8.4 million when compared to at June 30, 2024. The ratio of the allowance for credit losses as a percent of total loans was 1.13% at June 30, 2025, compared to 1.01% at March 31, 2025, and 1.05% at June 30, 2024. The ratio of allowance for credit losses as a percentage of non-performing loans increased to 183.82% at June 30, 2025, compared to 163.76% at March 31, 2025, and 160.56% at June 30, 2024.

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

As of June 30, 2025, period-end total deposits decreased $97.5 million compared to at March 31, 2025, which was primarily driven by decreases of $52.5 million in governmental deposits, $39.8 million in money market deposits, $28.3 million in interest-bearing demand accounts, and $16.2 million in brokered deposits, partially offset by an increase of $39.3 million in retail certificates of deposit. The decrease in governmental deposit accounts was due to the seasonality of those balances while the decrease in brokered deposit accounts was due to a strategic shift to other funding sources at lower rates. The increase in retail certificates of deposits was due to current specials being offered.

As of June 30, 2025, period-end total deposits increased $47.0 million compared to at December 31, 2024, which was primarily driven by increases of $83.9 million and $49.3 million in retail certificates of deposits and money market deposits, respectively, partially offset by a decrease of $112.2 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.

Compared to June 30, 2024, period-end deposit balances increased $339.4 million, or 5%. The increase in total deposits was primarily driven by increases of $192.4 million in retail certificates of deposit, $58.4 million in money market deposits, and $58.1 million in non-interest bearing deposits. These were partially offset by a decrease of $24.6 million in interest-bearing demand accounts. The increase in retail certificates of deposits was driven by special promotional rate offerings over the past year.

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The percentages of retail deposit balances and commercial deposit balances of the total deposit balance were 78% and 22%, respectively, at June 30, 2025, 76% and 24%, respectively, at March 31, 2025, and 78% and 22%, respectively, at June 30, 2024.

Uninsured deposits were 26%, 27%, and 30% of total deposits at June 30, 2025, at March 31, 2025, and at June 30, 2024, respectively. Uninsured amounts are 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 $641.1 million, or 32%, $725.5 million, or 35%, and $748.3 million, or 38%, of the uninsured deposit balances at June 30, 2025, at March 31, 2025, and at June 30, 2024, respectively.

Average deposit balances during the second quarter of 2025 increased $16.8 million when compared to the linked quarter, and increased $342.3 million, or 5%, when compared to the second quarter of 2024. The increase over the linked quarter was driven by increases of $58.6 million in retail certificates of deposit, $47.5 million in non-interest bearing deposits, $30.0 million in governmental deposits, and $24.2 million in money market deposits, partially offset by a decrease of $145.4 million in brokered deposits. The increase when compared to the second quarter of 2024 was driven by increases of $254.8 million in retail certificates of deposit, $87.9 million in money market deposits, and $69.6 million in non-interest bearing deposits, partially offset by a decrease of $63.0 million in brokered deposits. Total demand deposit accounts comprised 34%, 34%, and 35% of total deposits at June 30, 2025, at March 31, 2025 and at June 30, 2024, respectively.

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

Total stockholders' equity at June 30, 2025, increased $15.5 million, or 1%, compared to at March 31, 2025. This change was primarily driven by net income of $21.2 million and a decrease of $5.4 million in accumulated other comprehensive loss during the quarter, partially offset by dividends paid of $14.6 million. The decrease in accumulated other comprehensive loss was the result of the changes in the market value of available-for-sale investment securities during the period.

Total stockholders' equity at June 30, 2025, increased $41.8 million, or 4%, compared to at December 31, 2024, which was due to net income of $45.5 million in the first six months of 2025 and a decrease of $20.1 million in accumulated other comprehensive loss, partially offset by dividends paid of $28.8 million.

Total stockholders' equity at June 30, 2025, increased $75.5 million, or 7%, compared to at June 30, 2024, which was due to net income of $104.2 million for the last twelve months and a decrease in other comprehensive loss of $19.9 million, partially offset by dividends paid of $57.2 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 premium 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 $9.5 billion in total assets as of June 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 second quarter 2025 results of operations on July 22, 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, 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, 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;

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

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&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 the 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 June 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 Six Months Ended** | **At or For the Six Months Ended** |
| | | | | **June 30,** | **June 30,** |
| | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **June 30,**<br>**2024** | **2025** | **2024** |
| **PER COMMON SHARE:** |  |  |  |  |  |
| Earnings per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.60 | $0.69 | $0.83 | $1.29 | $1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.59 | 0.68 | 0.82 | 1.28 | 1.66 |
| Cash dividends declared per common share | 0.41 | 0.40 | 0.40 | 0.81 | 0.79 |
| Book value per common share (a) | 32.33 | 31.90 | 30.36 | 32.33 | 30.36 |
| Tangible book value per common share (a)(b) | 21.18 | 20.68 | 18.91 | 21.18 | 18.91 |
| Closing price of common shares at end of period | $30.54 | $29.66 | $30.00 | $30.54 | $30.00 |
| **SELECTED RATIOS:** |  |  |  |  |  |
| Return on average stockholders' equity (c) | 7.42% | 8.79% | 10.99% | 8.09% | 11.15% |
| Return on average tangible equity (c)(d) | 12.31% | 14.66% | 19.21% | 13.46% | 19.55% |
| Return on average assets (c) | 0.92% | 1.07% | 1.27% | 0.99% | 1.29% |
| Efficiency ratio (e)(f) | 59.25% | 60.68% | 59.19% | 59.96% | 58.62% |
| Net interest margin (c)(f) | 4.15% | 4.12% | 4.18% | 4.14% | 4.22% |
| Dividend payout ratio (g) | 68.90% | 58.46% | 48.94% | 63.32% | 47.69% |

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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** | **Six Months Ended** | **Six Months Ended** |
| | | | | **June 30,** | **June 30,** |
|<br><br>*(Dollars in thousands, except per share data)* | **June 30,**<br>**2025**<br>**(Unaudited)** | **March 31,**<br>**2025**<br>**(Unaudited)** | **June 30,**<br>**2024**<br>**(Unaudited)** | **2025**<br>**(Unaudited)** | **2024**<br>**(Unaudited)** |
| Total interest income | $**126407** | $124542 | $130770 | $**250949** | $258363 |
| Total interest expense | **38830** | 39287 | 44157 | **78117** | 85110 |
| &nbsp;&nbsp;Net interest income | **87577** | 85255 | 86613 | **172832** | 173253 |
| Provision for credit losses | **16642** | 10190 | 5683 | **26832** | 11785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | **70935** | 75065 | 80930 | **146000** | 161468 |
| **Non-interest income:** |  |  |  |  |  |
| Electronic banking income | **6272** | 5885 | 6470 | **12157** | 12516 |
| Trust and investment income | **5281** | 5061 | 4999 | **10342** | 9598 |
| Insurance income | **4549** | 6054 | 4109 | **10603** | 10607 |
| Lease income | **4189** | 3446 | 2147 | **7635** | 4163 |
| Deposit account service charges | **4059** | 4015 | 4339 | **8074** | 8562 |
| Bank owned life insurance income | **1112** | 1133 | 1037 | **2245** | 2537 |
| Mortgage banking income | **220** | 396 | 243 | **616** | 564 |
| Net loss on investment securities | **—** | (2) | (353) | **(2)** | (354) |
| Net loss on asset disposals and other transactions | **(280)** | (361) | (428) | **(641)** | (769) |
| Other non-interest income | **1478** | 1472 | 1141 | **2950** | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | **26880** | **27099** | **23704** | **53979** | **49483** |
| **Non-interest expense:** |  |  |  |  |  |
| Salaries and employee benefit costs | **38893** | 39821 | 36564 | **78714** | 75457 |
| Data processing and software expense | **7356** | 7005 | 6743 | **14361** | 12512 |
| Net occupancy and equipment expense | **5690** | 5612 | 6142 | **11302** | 12425 |
| Professional fees | **3610** | 3087 | 2935 | **6697** | 5902 |
| Amortization of other intangible assets | **2211** | 2213 | 2787 | **4424** | 5575 |
| Electronic banking expense | **2018** | 2025 | 1941 | **4043** | 3722 |
| FDIC insurance expense | **1251** | 1251 | 1251 | **2502** | 2437 |
| Other loan expenses | **1213** | 1119 | 1036 | **2332** | 2112 |
| Operating lease expense | **1053** | 985 | 788 | **2038** | 1427 |
| Marketing expense | ***718*** | 903 | 681 | **1621** | 1737 |
| Travel and entertainment expense | **713** | 500 | 530 | **1213** | 1138 |
| Communication expense | **712** | 734 | 736 | **1446** | 1535 |
| Franchise tax expense | **678** | 929 | 760 | **1607** | 1641 |
| Other non-interest expense | **4246** | 4603 | 5864 | **8849** | 9603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | **70362** | 70787 | 68758 | **141149** | 137223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **27453** | 31377 | 35876 | **58830** | 73728 |
| Income tax expense | **6241** | 7041 | 6869 | **13282** | 15137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**21212** | $24336 | $29007 | $**45548** | $58591 |

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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** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **March 31,** | **June 30,** | **June 30,** | **June 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 | $**21212** | $24336 | $29007 | $**45548** | $58591 |
| Less: Dividends paid on unvested common shares | 212 | 210 | 218 | 422 | 361 |
| Less: Undistributed income allocated to unvested common shares | 17 | 37 | 55 | 54 | 119 |
| Net earnings allocated to common shareholders | $**20983** | $24089 | $28734 | $**45072** | $58111 |
| Weighted-average common shares outstanding | **34972065** | 34895723 | 34764489 | **34934105** | 34752419 |
| Effect of potentially dilutive common shares | **359642** | 401412 | 353159 | **365313** | 319131 |
| Total weighted-average diluted common shares outstanding | **35331707** | 35297135 | 35117648 | **35299418** | 35071550 |
| Earnings per common share – basic | $**0.60** | $0.69 | $0.83 | $**1.29** | $1.67 |
| Earnings per common share – diluted | $**0.59** | $0.68 | $0.82 | $**1.28** | $1.66 |
| Cash dividends declared per common share | $**0.41** | $0.40 | $0.40 | $**0.81** | $0.79 |
| Weighted-average common shares outstanding – basic | **34972065** | 34895723 | 34764489 | **34934105** | 34752419 |
| Weighted-average common shares outstanding – diluted | **35331707** | 35297135 | 35117648 | **35299418** | 35071550 |
| Common shares outstanding at the end of period | **35673721** | 35669100 | 35498977 | **35673721** | 35498977 |

---

------

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| | **June 30,** | **December 31,** |
| | **2025** | **2024** |
| *(Dollars in thousands)* | **(Unaudited)** |  |
| **Assets** |  |  |
| Cash and cash equivalents: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $**122105** | $108721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits in other banks | **63970** | 108943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | **186075** | 217664 |
| Available-for-sale investment securities, at fair value (amortized cost of |  |  |
| $1,170,092 at June 30, 2025 and $1,229,382 at December 31, 2024) (a) | **1051497** | 1083555 |
| Held-to-maturity investment securities, at amortized cost (fair value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$831,611 at June 30, 2025 and $692,499 at December 31, 2024) (a) | **900019** | 774800 |
| Other investment securities, at cost | **67538** | 60132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment securities (a) | **2019054** | 1918487 |
| Loans and leases, net of deferred fees and costs (b) | **6601589** | 6358003 |
| Allowance for credit losses | **(74681)** | (63348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loans and leases | **6526908** | 6294655 |
| Loans held for sale | **3047** | 2348 |
| Bank premises and equipment, net of accumulated depreciation | **103875** | 103669 |
| Bank owned life insurance | **145954** | 143710 |
| Goodwill | **363199** | 363199 |
| Other intangible assets | **34586** | 39223 |
| Other assets | **157910** | 171292 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total assets** | $**9540608** | $9254247 |
| **Liabilities** |  |  |
| Deposits: |  |  |
| Non-interest-bearing | $**1530824** | $1507661 |
| Interest-bearing | **6106384** | 6082544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **7637208** | 7590205 |
| Short-term borrowings | **396860** | 193474 |
| Long-term borrowings | **232391** | 238073 |
| Accrued expenses and other liabilities | **120799** | 120905 |
| &nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities** | $**8387258** | $8142657 |
| **Stockholders' Equity** |  |  |
| Preferred shares, no par value, 50,000 shares authorized, no shares issued at June 30, 2025 or at December 31, 2024 | **—** |  |
| Common shares, no par value, 50,000,000 shares authorized, 36,808,227 shares issued at June 30, 2025 and 36,782,601 shares issued at December 31, 2024, including shares in treasury | **868493** | 866844 |
| Retained earnings | **406252** | 388109 |
| Accumulated other comprehensive loss, net of deferred income taxes | **(90272)** | (110385) |
| Treasury stock, at cost, 1,219,408 common shares at June 30, 2025 and 1,311,175 common shares at December 31, 2024 | **(31123)** | (32978) |
| &nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity** | **1153350** | 1111590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity** | $**9540608** | $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 June 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)** |
| | **June 30,** | **March 31,** | **December 31,** | **September 30,** | **June 30,** |
| *(Dollars in thousands)* | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Loan Portfolio** |  |  |  |  |  |
| Construction | $**341313** | $**319104** | $328388 | $320094 | $340601 |
| Commercial real estate, other | **2248214** | **2230538** | 2156013 | 2180491 | 2195979 |
| Commercial and industrial | **1407382** | **1343827** | 1347645 | 1250152 | 1258063 |
| Premium finance | **277622** | **264080** | 269435 | 286983 | 293349 |
| Leases | **400052** | **395454** | 406598 | 433009 | 430651 |
| Residential real estate | **877968** | **848168** | 835101 | 777542 | 789344 |
| Home equity lines of credit | **241785** | **235409** | 232661 | 233109 | 227608 |
| Consumer, indirect | **692674** | **680260** | 669857 | 677056 | 675054 |
| Consumer, direct | **113615** | **110639** | 111052 | 112198 | 113655 |
| Deposit account overdrafts | **964** | **1047** | 1253 | 1205 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**6601589** | $**6428526** | $6358003 | $6271839 | $6325371 |
| Total acquired loans and leases (a) | $**1469649** | $**1511704** | $1557728 | $1585552 | $1686784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total originated loans and leases | $**5131940** | $**4916822** | $4800275 | $4686287 | $4638587 |
| **Total Investment Securities** | $**2019054** | $**1878462** | $1918487 | $1829995 | $1883865 |
| **Deposit Balances** |  |  |  |  |  |
| Non-interest-bearing deposits (b) | $**1530824** | $**1526285** | $1507661 | $1453441 | $1472697 |
| Interest-bearing deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand accounts (b) | **1058910** | **1087197** | 1085152 | 1065912 | 1083512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail certificates of deposit | **2005322** | **1965978** | 1921415 | 1884139 | 1812874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market deposit accounts | **927543** | **967331** | 878254 | 894690 | 869159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Governmental deposit accounts | **781949** | **834409** | 775782 | 824136 | 766337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | **889872** | **894592** | 866959 | 864935 | 880542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposits | **442788** | **458957** | 554982 | 495904 | 412653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | $**6106384** | $**6208464** | $6082544 | $6029716 | $5825077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $**7637208** | $**7734749** | $7590205 | $7483157 | $7297774 |
| Total demand deposits (b) | $**2589734** | $**2613482** | $2592813 | $2519353 | $2556209 |
| **Asset Quality** |  |  |  |  |  |
| Nonperforming assets (NPAs): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans 90+ days past due and accruing | $**6126** | $**4207** | $8637 | $27578 | $7592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans | **34502** | **35628** | 34129 | 34807 | 33669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans (NPLs) (f) | **40628** | **39835** | 42766 | 62385 | 41261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned (OREO) | **6013** | **5980** | 6170 | 7397 | 7409 |
| Total NPAs (f) | $**46641** | $**45815** | $48936 | $69782 | $48670 |
| Criticized loans (c) | $**244442** | $**226542** | $241302 | $237627 | $239943 |
| Classified loans (d) | **125014** | **123842** | 128815 | 133241 | 120180 |
| Allowance for credit losses as a percent of NPLs (f) | **183.82%** | **163.76%** | 148.13% | 106.82% | 160.56% |
| NPLs as a percent of total loans (f) | **0.62%** | **0.62%** | 0.67% | 0.99% | 0.65% |
| NPAs as a percent of total assets (f) | **0.49%** | **0.50%** | 0.53% | 0.76% | 0.53% |
| NPAs as a percent of total loans and OREO (f) | **0.71%** | **0.71%** | 0.77% | 1.11% | 0.77% |
| Criticized loans as a percent of total loans (c) | **3.70%** | **3.52%** | 3.80% | 3.79% | 3.79% |
| Classified loans as a percent of total loans (d) | **1.89%** | **1.93%** | 2.03% | 2.12% | 1.90% |
| Allowance for credit losses as a percent of total loans | **1.13%** | **1.01%** | 1.00% | 1.06% | 1.05% |
| Total demand deposits as a percent of total deposits (b) | **33.91%** | **33.79%** | 34.16% | 33.67% | 35.03% |
| **Capital Information (e)(g)(i)** |  |  |  |  |  |
| Common equity tier 1 capital ratio (h) | **11.95%** | **12.10%** | 11.95% | 11.80% | 11.74% |
| Tier 1 risk-based capital ratio | **12.39%** | **12.54%** | 12.39% | 12.24% | 12.18% |
| Total risk-based capital ratio (tier 1 and tier 2) | **13.71%** | **13.75%** | 13.58% | 13.42% | 13.44% |
| Leverage ratio | **9.83%** | **9.80%** | 9.73% | 9.59% | 9.29% |
| Common equity tier 1 capital | $**857036** | $**845200** | $833128 | $821192 | $799710 |
| Tier 1 capital | **888282** | **876246** | 863974 | 851823 | 830126 |
| Total capital (tier 1 and tier 2) | **982928** | **960820** | 946724 | 933679 | 916073 |
| Total risk-weighted assets | $**7170842** | $**6986418** | $6971490 | $6958225 | $6814149 |
| Total stockholders' equity to total assets | **12.09%** | **12.31%** | 12.01% | 12.31% | 11.68% |
| Tangible equity to tangible assets (j) | **8.26%** | **8.34%** | 8.01% | 8.25% | 7.61% |

---

------

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

(h)Peoples' capital conservation buffer was 5.71% at June 30, 2025, 5.75% at March 31, 2025, 5.58% at December 31, 2024, 5.42% at September 30, 2024, and 5.44% at June 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** | **Six Months Ended** | **Six Months Ended** |
| | | | | **June 30,** | **June 30,** |
|<br><br>*(Dollars in thousands)* | **June 30,**<br>**2025**<br>**(Unaudited)** | **March 31,**<br>**2025**<br>**(Unaudited)** | **June 30,**<br>**2024**<br>**(Unaudited)** | **2025**<br>**(Unaudited)** | **2024**<br>**(Unaudited)** |
| **Provision for credit losses** |  |  |  |  |  |
| Provision for credit losses | $**16475** | $10035 | $5397 | $**26510** | $11231 |
| Provision for checking account overdrafts | **167** | 155 | 286 | **322** | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for credit losses | $**16642** | $10190 | $5683 | $**26832** | $11785 |
| **Net Charge-Offs** |  |  |  |  |  |
| Gross charge-offs | $**7829** | $8760 | $4607 | $**16589** | $8481 |
| Recoveries | **865** | 639 | 374 | **1504** | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | $**6964** | $8121 | $4233 | $**15085** | $7553 |
| **Net Charge-Offs (Recoveries) by Type** |  |  |  |  |  |
| Construction | $**—** | $— | $— | $**—** | $— |
| Commercial real estate, other | **35** | 211 | 80 | **246** | 209 |
| Commercial and industrial | **539** | 374 | 46 | **913** | 274 |
| Premium finance | **90** | 65 | 51 | **155** | 97 |
| Leases | **4838** | 5409 | 2204 | **10247** | 3262 |
| Residential real estate | **(50)** | 93 | (4) | **43** | (7) |
| Home equity lines of credit | **12** |  | 9 | **12** | 2 |
| Consumer, indirect | **1244** | 1656 | 1450 | **2900** | 2840 |
| Consumer, direct | **82** | 135 | 126 | **217** | 343 |
| Deposit account overdrafts | **174** | 178 | 271 | **352** | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net charge-offs | $**6964** | $8121 | $4233 | $**15085** | $7553 |
| As a percent of average total loans (annualized) | **0.43%** | 0.52% | 0.27% | **0.48%** | 0.23% |

---

**SUPPLEMENTAL INFORMATION (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>*(Dollars in thousands)* | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** |
| Trust assets under administration and management | $2138439 | $2037992 | $2061267 | $2124320 | $2071832 |
| Brokerage assets under administration and management | 1724311 | 1626768 | 1614189 | 1608368 | 1567775 |
| Mortgage loans serviced for others | 326710 | 337279 | 346189 | 347719 | 341298 |
| Employees (full-time equivalent) | 1477 | 1460 | 1479 | 1496 | 1489 |

---

------

**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** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** | **June 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 | $**86655** | $**1039** | **4.81%** | $88919 | $900 | 4.10% | $178094 | $2502 | 5.65% |
| Investment securities (a)(b) | **1910884** | **16808** | **3.52%** | 1897035 | 16598 | 3.50% | 1870372 | 16144 | 3.45% |
| Loans (b)(c): |  |  |  |  |  |  |  |  |  |
| Construction | **335396** | **5935** | **7.00%** | 313130 | 5572 | 7.12% | 328943 | 6595 | 7.93% |
| Commercial real estate, other | **2110961** | **33430** | **6.27%** | 2069134 | 33260 | 6.43% | 2074718 | 36420 | 6.94% |
| Commercial and industrial | **1325976** | **23304** | **6.95%** | 1336133 | 23332 | 6.98% | 1230290 | 23897 | 7.68% |
| Premium finance | **267294** | **5743** | **8.50%** | 259241 | 5585 | 8.62% | 260513 | 5746 | 8.73% |
| Leases | **384191** | **10287** | **10.59%** | 395161 | 10198 | 10.32% | 419764 | 11982 | 11.29% |
| Residential real estate (d) | **974203** | **12226** | **5.02%** | 956049 | 12215 | 5.11% | 925629 | 11460 | 4.95% |
| Home equity lines of credit | **239531** | **4540** | **7.60%** | 233522 | 4382 | 7.61% | 225362 | 4612 | 8.23% |
| Consumer, indirect | **686550** | **11038** | **6.45%** | 674211 | 10548 | 6.34% | 656405 | 9669 | 5.92% |
| Consumer, direct | **119358** | **2337** | **7.85%** | 117881 | 2234 | 7.69% | 119048 | 2095 | 7.08% |
| Total loans | **6443460** | **108840** | **6.71%** | 6354462 | 107326 | 6.77% | 6240672 | 112476 | 7.16% |
| Allowance for credit losses | **(65186)** |  |  | (63060) |  |  | (64745) |  |  |
| Net loans | **6378274** |  |  | 6291402 |  |  | 6175927 |  |  |
| Total earning assets | **8375813** | **126687** | **6.01%** | 8277356 | 124824 | 6.04% | 8224393 | 131122 | 6.34% |
| Goodwill and other intangible assets | **398940** |  |  | 401344 |  |  | 407864 |  |  |
| Other assets | **518534** |  |  | 516767 |  |  | 548197 |  |  |
| Total assets | $**9293287** |  |  | $9195467 |  |  | $9180454 |  |  |
| **Liabilities and Equity** |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |
| Savings accounts | $**889877** | $**220** | **0.10%** | $879301 | $250 | 0.12% | $892465 | $222 | 0.10% |
| Governmental deposit accounts | **811822** | **4874** | **2.41%** | 781782 | 4652 | 2.41% | 795913 | 5594 | 2.83% |
| Interest-bearing demand accounts | **1075220** | **563** | **0.21%** | 1083999 | 490 | 0.18% | 1095553 | 495 | 0.18% |
| Money market deposit accounts | **938318** | **5592** | **2.39%** | 914076 | 5291 | 2.35% | 850375 | 5419 | 2.56% |
| Retail certificates of deposit | **1997992** | **18235** | **3.66%** | 1939364 | 18434 | 3.85% | 1743238 | 18423 | 4.25% |
| Brokered deposits (e) | **419277** | **4393** | **4.20%** | 564660 | 6046 | 4.34% | 482310 | 5116 | 4.27% |
| Total interest-bearing deposits | **6132506** | **33877** | **2.22%** | 6163182 | 35163 | 2.31% | 5859854 | 35269 | 2.42% |
| Short-term borrowings (e) | **127716** | **1389** | **4.36%** | 56564 | 508 | 3.63% | 407273 | 5368 | 5.29% |
| Long-term borrowings | **233998** | **3564** | **6.07%** | 237100 | 3615 | 6.13% | 234961 | 3520 | 5.98% |
| Total borrowed funds | **361714** | **4953** | **5.47%** | 293664 | 4123 | 5.65% | 642234 | 8888 | 5.30% |
| Total interest-bearing liabilities | **6494220** | **38830** | **2.40%** | 6456846 | 39286 | 2.47% | 6502088 | 44157 | 2.73% |
| Non-interest-bearing deposits | **1546475** |  |  | 1498964 |  |  | 1476870 |  |  |
| Other liabilities | **105339** |  |  | 116797 |  |  | 140042 |  |  |
| Total liabilities | **8146034** |  |  | 8072607 |  |  | 8119000 |  |  |
| Stockholders' equity | **1147253** |  |  | 1122860 |  |  | 1061454 |  |  |
| Total liabilities and stockholders' equity | $**9293287** |  |  | $9195467 |  |  | $9180454 |  |  |
| Net interest income/spread (b) |  | $**87857** | **3.61%** |  | $85538 | 3.57% |  | $86965 | 3.61% |
| Net interest margin (b) |  |  | **4.15%** |  |  | 4.12% |  |  | 4.18% |

---

(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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|<br>*(Dollars in thousands)* | **Balance** | **Income/<br>Expense** | **Yield/ Cost** | **Balance** | **Income/<br>Expense** | **Yield/ Cost** |
| **Assets** |  |  |  |  |  |  |
| Short-term investments | $**87780** | $**1938** | **4.45%** | $160238 | $4424 | 5.55% |
| Investment securities (a)(b) | **1903997** | **33406** | **3.51%** | 1851485 | 31378 | 3.39% |
| Loans (b)(c): |  |  |  |  |  |  |
| Construction | **324325** | **11507** | **7.06%** | 334196 | 12998 | 7.69% |
| Commercial real estate, other | **2090163** | **66693** | **6.35%** | 2075468 | 73662 | 7.02% |
| Commercial and industrial | **1331026** | **46635** | **6.97%** | 1216743 | 47412 | 7.71% |
| Premium finance | **263290** | **11328** | **8.56%** | 235459 | 10310 | 8.66% |
| Leases | **389646** | **20485** | **10.46%** | 414817 | 24049 | 11.47% |
| Residential real estate (d) | **965176** | **24440** | **5.06%** | 928309 | 22782 | 4.91% |
| Home equity lines of credit | **236543** | **8922** | **7.61%** | 221053 | 8909 | 8.10% |
| Consumer, indirect | **680415** | **21586** | **6.40%** | 656324 | 18950 | 5.81% |
| Consumer, direct | **118623** | **4572** | **7.77%** | 121569 | 4194 | 6.94% |
| Total loans | **6399207** | **216168** | **6.74%** | 6203938 | 223266 | 7.14% |
| Allowance for credit losses | **(64129)** |  |  | (62990) |  |  |
| Net loans | **6335078** |  |  | 6140948 |  |  |
| Total earning assets | **8326855** | **251512** | **6.03%** | 8152671 | 259068 | 6.32% |
| Goodwill and other intangible assets | **400135** |  |  | 409292 |  |  |
| Other assets | **517505** |  |  | 539089 |  |  |
| Total assets | $**9244495** |  |  | $9101052 |  |  |
| **Liabilities and Equity** |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |
| Savings accounts | $**884282** | $**437** | **0.10%** | $899089 | $448 | 0.10% |
| Governmental deposit accounts | **796885** | **9526** | **2.41%** | 779906 | 10679 | 2.75% |
| Interest-bearing demand accounts | **1079921** | **1086** | **0.20%** | 1102293 | 947 | 0.17% |
| Money market deposit accounts | **926264** | **10884** | **2.37%** | 817567 | 10307 | 2.54% |
| Retail certificates of deposit | **1968840** | **36669** | **3.76%** | 1662832 | 34323 | 4.15% |
| Brokered deposit (e) | **491567** | **10440** | **4.28%** | 525653 | 11015 | 4.21% |
| Total interest-bearing deposits | **6147759** | **69042** | **2.26%** | 5787340 | 67719 | 2.35% |
| Short-term borrowings (e) | **92336** | **1896** | **4.13%** | 398052 | 10406 | 5.24% |
| Long-term borrowings | **235542** | **7179** | **6.10%** | 232617 | 6985 | 5.99% |
| Total borrowed funds | **327878** | **9075** | **5.55%** | 630669 | 17391 | 5.12% |
| Total interest-bearing liabilities | **6475637** | **78117** | **2.43%** | 6418009 | 85110 | 2.66% |
| Non-interest-bearing deposits | **1522851** |  |  | 1489304 |  |  |
| Other liabilities | **110883** |  |  | 136622 |  |  |
| Total liabilities | **8109371** |  |  | 8043935 |  |  |
| Stockholders' equity | **1135124** |  |  | 1057117 |  |  |
| Total liabilities and stockholders' equity | $**9244495** |  |  | $9101052 |  |  |
| Net interest income/spread (b) |  | $**173395** | **3.60%** |  | $173958 | 3.66% |
| Net interest margin (b) |  |  | **4.14%** |  |  | 4.22% |

---

(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** | **Six Months Ended** | **Six Months Ended** |
| | | | | **June 30,** | **June 30,** |
|<br>*(Dollars in thousands)* | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **June 30,**<br>**2024** | **2025** | **2024** |
| **Efficiency ratio:** |  |  |  |  |  |
| Total non-interest expense | $70362 | $70787 | $68758 | $141149 | $137223 |
| Less: amortization of other intangible assets | 2211 | 2213 | 2787 | 4424 | 5575 |
| Adjusted total non-interest expense | 68151 | 68574 | 65971 | 136725 | 131648 |
| Total non-interest income | 26880 | 27099 | 23704 | 53979 | 49483 |
| Less: net loss on investment securities |  | (2) | (353) | (2) | (354) |
| Less: net loss on asset disposals and other transactions | (280) | (361) | (428) | (641) | (769) |
| Total non-interest income, excluding net gains and losses | 27160 | 27462 | 24485 | 54622 | 50606 |
| Net interest income | 87577 | 85255 | 86613 | 172832 | 173253 |
| Add: fully tax-equivalent adjustment (a) | 280 | 283 | 352 | 563 | 705 |
| Net interest income on a fully tax-equivalent basis | 87857 | 85538 | 86965 | 173395 | 173958 |
| Adjusted revenue | $115017 | $113000 | $111450 | $228017 | $224564 |
| Efficiency ratio | 59.25% | 60.68% | 59.19% | 59.96% | 58.62% |

---

(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)* | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** |
| **Tangible equity:** |  |  |  |  |  |
| Total stockholders' equity | $1153350 | $1137821 | $1111590 | $1124972 | $1077833 |
| Less: goodwill and other intangible assets | 397785 | 400099 | 402422 | 403922 | 406417 |
| Tangible equity | $755565 | $737722 | $709168 | $721050 | $671416 |
| **Tangible assets:** |  |  |  |  |  |
| Total assets | $9540608 | $9246000 | $9254247 | $9140471 | $9226461 |
| Less: goodwill and other intangible assets | 397785 | 400099 | 402422 | 403922 | 406417 |
| Tangible assets | $9142823 | $8845901 | $8851825 | $8736549 | $8820044 |
| **Tangible book value per common share:** |  |  |  |  |  |
| Tangible equity | $755565 | $737722 | $709168 | $721050 | $671416 |
| Common shares outstanding | 35673721 | 35669100 | 35563590 | 35538607 | 35498977 |
| Tangible book value per common share | $21.18 | $20.68 | $19.94 | $20.29 | $18.91 |
| **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 | $755565 | $737722 | $709168 | $721050 | $671416 |
| Tangible assets | $9142823 | $8845901 | $8851825 | $8736549 | $8820044 |
| Tangible equity to tangible assets | 8.26% | 8.34% | 8.01% | 8.25% | 7.61% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | | | | **June 30,** | **June 30,** |
|<br>*(Dollars in thousands)* | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **June 30,**<br>**2024** | **2025** | **2024** |
| **Pre-provision net revenue:** |  |  |  |  |  |
| Income before income taxes | $27453 | $31377 | $35876 | $58830 | $73728 |
| Add: provision for credit losses | 16642 | 10190 | 5683 | 26832 | 11785 |
| Add: net loss on investment securities |  | 2 | 353 | 2 | 354 |
| Add: net loss on other assets | 268 | 330 | 397 | 598 | 706 |
| Add: net loss on other transactions | 23 | 51 | 31 | 74 | 63 |
| Less: net gain on OREO | 11 | 20 |  | 31 |  |
| Pre-provision net revenue | $44375 | $41930 | $42340 | $86305 | $86636 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | | | | **June 30,** | **June 30,** |
|<br>***(Dollars in thousands)*** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **June 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 | $21212 | $24336 | $29007 | $45548 | $58591 |
| Add: net loss on investment securities |  | 2 | 353 | 2 | 354 |
| Less: tax effect of net loss on investment securities (a) |  |  | 74 |  | 74 |
| Add: net loss on asset disposals and other transactions | 280 | 361 | 428 | 641 | 769 |
| Less: tax effect of net loss on asset disposals and other transactions (a) | 59 | 76 | 90 | 135 | 161 |
| Add: acquisition-related expenses (benefit) |  |  |  |  | (84) |
| Less: tax effect of acquisition-related expenses (benefit) (a) |  |  |  |  | (18) |
| Net income adjusted for non-core items | $21433 | $24623 | $29624 | $46056 | $59413 |
| Days in the period | 91 | 90 | 91 | 181 | 182 |
| Days in the year | 365 | 365 | 366 | 365 | 366 |
| Annualized net income | $85081 | $98696 | $116666 | $91851 | $117826 |
| Annualized net income adjusted for non-core items | $85968 | $99860 | $119147 | $92875 | $119479 |
| **Return on average assets:** |  |  |  |  |  |
| Annualized net income | $85081 | $98696 | $116666 | $91851 | $117826 |
| Total average assets | $9293287 | $9195467 | $9180454 | $9244495 | $9101052 |
| Return on average assets | 0.92% | 1.07% | 1.27% | 0.99% | 1.29% |
| **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 | $85968 | $99860 | $119147 | $92875 | $119479 |
| Total average assets | $9293287 | $9195467 | $9180454 | $9244495 | $9101052 |
| Return on average assets adjusted for non-core items | 0.93% | 1.09% | 1.30% | 1.00% | 1.31% |

---

(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** | **Six Months Ended** | **Six Months Ended** |
| | | | | **June 30,** | **June 30,** |
|<br>*(Dollars in thousands)* | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **June 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 | $21212 | $24336 | $29007 | $45548 | $58591 |
| Add: amortization of other intangible assets | 2211 | 2213 | 2787 | 4424 | 5575 |
| Less: tax effect of amortization of other intangible assets (a) | 464 | 465 | 585 | 929 | 1171 |
| Net income excluding amortization of other intangible assets | $22959 | $26084 | $31209 | $49043 | $62995 |
| Days in the period | 91 | 90 | 91 | 181 | 182 |
| Days in the year | 365 | 365 | 366 | 365 | 366 |
| Annualized net income | $85081 | $98696 | $116666 | $91851 | $117826 |
| Annualized net income excluding amortization of other intangible assets | $92088 | $105785 | $125522 | $98899 | $126682 |
| **Average tangible equity:** | **Average tangible equity:** | **Average tangible equity:** | **Average tangible equity:** |  |  |
| Total average stockholders' equity | $1147253 | $1122860 | $1061454 | $1135124 | $1057117 |
| Less: average goodwill and other intangible assets | 398940 | 401344 | 407864 | 400135 | 409292 |
| Average tangible equity | $748313 | $721516 | $653590 | $734989 | $647825 |
| **Return on average stockholders' equity ratio:** | **Return on average stockholders' equity ratio:** | **Return on average stockholders' equity ratio:** |  |  |  |
| Annualized net income | $85081 | $98696 | $116666 | $91851 | $117826 |
| Average stockholders' equity | $1147253 | $1122860 | $1061454 | $1135124 | $1057117 |
| Return on average stockholders' equity | 7.42% | 8.79% | 10.99% | 8.09% | 11.15% |
| **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 | $92088 | $105785 | $125522 | $98899 | $126682 |
| Average tangible equity | $748313 | $721516 | $653590 | $734989 | $647825 |
| Return on average tangible equity | 12.31% | 14.66% | 19.21% | 13.46% | 19.55% |

---

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

**END OF RELEASE**

## Exhibit 99.2

![](a2q2025earningspresentat001.jpg)

1 Second Quarter 2025 Earnings Conference Call July 22, 2025

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![](a2q2025earningspresentat002.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 Report on Form 10-Q for the quarter ended March 31, 2025, and Peoples' earnings release for the quarter ended June 30, 2025 (the "Second Quarter Earnings Release"), included in Peoples' current report on Form 8-K furnished to the Securities and Exchange Commission ("SEC") on July 22, 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 June 30, 2025 (the "Second Quarter Form 10-Q") with the SEC on or about July 31, 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 June 30, 2025, consolidated financial statements as part of its Second 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 Second 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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![](a2q2025earningspresentat003.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 Second Quarter Earnings Release. Use of Non-US GAAP Financial Measures

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![](a2q2025earningspresentat004.jpg)

3 • Annualized loan growth of 11% • Annualized net charge-off rate declined to 43 basis points, with lower leasing charge-offs • The allowance for credit losses grew to 1.13% of total loans • Book value per share grew 1%, while tangible book value per share increased 2%, to $32.33 and $21.18, respectively • Tangible equity to tangible assets was stable at 8.26% Net income was $21.2 million, or $0.59 of diluted earnings per share ("EPS") – Impacted by higher provision for credit losses (see slide 8) – Net interest income increased over $2 million, and net interest margin expanded 3 basis points – Excluding accretion income, net interest margin expanded 8 basis points – Stable fee-based income, impacted by annual recognition of performance-based insurance commissions during the first quarter – Non-interest expenses declined and were within guided range – Pre-provision net revenue exceeded consensus estimates Second Quarter 2025 Financial Highlights

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![](a2q2025earningspresentat005.jpg)

4 Loans Balances by Segment (As of Most Recent Quarter-End) 29% 11% 23% 10% 22% 5% 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) $1.69 $1.59 $1.56 $1.51 $1.47 $4.64 $4.69 $4.80 $4.92 $5.13 7.16% 7.27% 7.01% 6.77% 6.71% Acquired loans and leases Originated loans and leases Quarterly loan yield 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 – Total loan balances grew 11% annualized compared to March 31, 2025 – At June 30, 2025, 46% of loans were fixed rate, with the remaining 54% at a variable rate Loan Balances by Segment

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![](a2q2025earningspresentat006.jpg)

5 North Star Leasing 1.54% 1.65% 1.32% 4.08% 6.95% 13.35% 11.97% 11.51% 14.43% 14.49% 14.69% 14.35% 13.99% 14.24% 13.80% 14.14% Net Charge-Off Rate Net Yield 2022 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 – While our North Star Leasing business has experienced higher net charge-off levels, the risk-adjusted return is still within our appetite, and also provides 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% and 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% – The return on assets for North Star Leasing for each of the full years of 2024 and 2023 was over 6% – North Star Leasing balances comprised only 2% of Peoples' total loan portfolio at June 30, 2025 North Star Leasing North Star Leasing by Segment (As of Most Recent Quarter-End) 21% 13% 10% 9%8% 6% 33% Restaurant Titled - Vocational TItled - Trucking/Trailer/Fleet Brewery/Distillery Heavy Equipment Manufacturing - Production Other

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![](a2q2025earningspresentat007.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 $— $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 – We booked an additional $2.5 million of provision related to our small-ticket leasing business during the second quarter of 2025, as we believe we will have charge-offs during the second half of 2025 that will be higher than initially expected At June 30, 2025, our small-ticket lease balances comprised 2% of our total loan balances

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![](a2q2025earningspresentat008.jpg)

7 Asset Quality Metrics 3.79% 3.79% 3.80% 3.52% 3.70% 1.90% 2.12% 2.03% 1.93% 1.89% 1.05% 1.06% 1.00% 1.01% 1.13% 0.53% 0.76% 0.53% 0.50% 0.49% 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 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 The allowance for credit losses grew to 1.13% of loans – Our annualized net charge-off rate declined to 43 basis points compared to 52 basis points for the linked quarter – Nonperforming assets declined compared to March 31st – Criticized loans increased $18 million due to one commercial relationship, and we are optimistic that we will exit this credit with little loss exposure Asset Quality Quarterly Net Charge-Off Rate (Annualized) 0.27% 0.38% 0.61% 0.52% 0.43% 0.14% 0.16% 0.13% 0.18% 0.14% Total net charge-off rate Net charge-off rate, excluding North Star Leasing 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025

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![](a2q2025earningspresentat009.jpg)

8 Net Charge-Offs (dollars in thousands) 2,205 3,733 6,656 5,403 4, 8382,028 2,351 2,930 2,718 2,126 Small-ticket leasing net charge-offs All other net charge-offs 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 — 5,000 10,000 Provision for credit losses grew compared to the linked quarter – Net charge-offs have been heavily impacted in recent quarters by small-ticket leasing – Excluding small-ticket leasing, net charge-offs have been stable – North Star Leasing contributed nearly $11 million of the second quarter provision for credit losses Provision for Credit Losses and Net Charge-Offs 2Q 2025 Provision for Credit Losses (dollars in millions) $7.0 $3.8 $2.5 $2.3 $1.0 Net charge-offs Individually-analyzed loan reserves Reserves for small-ticket leasing Periodic refresh of loss drivers Deterioration in macro-economic conditions and loan growth

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![](a2q2025earningspresentat010.jpg)

9 Net interest income grew over $2 million compared to the linked quarter, and net interest margin expanded 3 basis points – Accretion income declined $0.9 million – Accretion income added 12 basis points to net interest margin, compared to 17 basis points for the linked quarter – Excluding accretion income, net interest margin expanded 8 basis points – Deposit costs declined 10 basis points, while borrowings costs decreased 23 basis points from the linked quarter Net Interest Income (Dollars in Thousands) $86,613 $85,255 $87,577 $173,253 $172,832 2Q 2024 1Q 2025 2Q 2025 YTD 2024 YTD 2025 Quarterly Net Interest Margin ("NIM") 4.70% 4.44% 4.26% 4.18% 4.27% 4.15% 4.12% 4.15% 0.52% 0.47% 0.32% 0.28% 0.39% 0.23% 0.17% 0.12% Net interest margin Accretion impact 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Accretion Income (Dollars in Thousands) $5,754 $3,481 $2,592 $12,253 $6,073 2Q 2024 1Q 2025 2Q 2025 YTD 2024 YTD 2025 Net Interest Income

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![](a2q2025earningspresentat011.jpg)

10 Non-interest income, excluding gains and losses, declined 1% compared to the linked quarter – Reduction compared to the linked quarter was driven by performance-based insurance commissions that are recognized annually in the first quarter of each year that totaled $1.5 million – This was partially offset by higher lease income, electronic banking income, trust and investment, and commercial loan swap fee income For the first half of 2025, non-interest income, excluding gains and losses, grew $4 million, or 8%, compared to 2024 – The improvement was mostly due to higher lease income and commercial loan swap fee income Non-Interest Income (Dollars in Thousands) $23,704 $27,099 $26,880 $49,483 $53,979 2Q 2024 1Q 2025 2Q 2025 YTD 2024 YTD 2025 Non-Interest Income

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![](a2q2025earningspresentat012.jpg)

11 Non-interest expense declined compared to the linked quarter, and was within the guided range – The majority of the reduction was in salaries and employee benefit costs, which were higher in the linked quarter due to additional costs related to stock-based compensation expense and employer health savings account contributions recorded during the first quarter of each year – The decrease was partially offset by higher professional fees, and data processing and software expense For the first half of 2025, non-interest expense grew 3%, compared to 2024 – The increase was due to higher salaries and employee benefit costs, data processing and software expenses, and professional fees – These were partially offset by lower amortization of other intangible assets, other expense, and net occupancy and equipment expense Non-Interest Expense (Dollars in Thousands) $68,758 $70,787 $70,362 $137,223 $141,149 2Q 2024 1Q 2025 2Q 2025 YTD 2024 YTD 2025 Efficiency Ratio 59.2% 60.7% 59.3% 58.6% 60.0% 2Q 2024 1Q 2025 2Q 2025 YTD 2024 YTD 2025 Non-Interest Expense

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![](a2q2025earningspresentat013.jpg)

12 Deposit Balances by Segment (As of Most Recent Quarter-End) 20% 14% 26% 12% 10% 12% 6% Non-interest-bearing deposits Interest-bearing demand accounts Retail certificates of deposit Money market deposit accounts Governmental deposit accounts Savings accounts Brokered deposits Deposit Balances and Costs (Dollars in billions) $1.47 $1.45 $1.51 $1.53 $1.53 $5.83 $6.03 $6.08 $6.21 $6.11 1.94% 2.02% 1.96% 1.84% 1.76% Non-interest-bearing deposits Interest-bearing deposits Quarterly deposit cost 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Second quarter 2025 deposits declined $81 million, or 1%, compared to the linked quarter, excluding brokered CDs – Seasonal declines in governmental deposits, coupled with money market and interest-bearing checking decreases drove the decline – Our brokered CDs declined $16 million, and are used as a lower-cost funding source as compared to Federal Home Loan Bank advances At June 30, 2025, 78% of our deposits were to retail customers (comprised of consumers and small businesses), while the remaining 22% were to commercial customers – Our average retail customer deposit relationship was $23,000 at quarter-end, while our median was around $2,300 Deposits

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![](a2q2025earningspresentat014.jpg)

13 Capital Metrics 11.74% 11.80% 11.95% 12.10% 11.95% 12.18% 12.24% 12.39% 12.54% 12.39% 13.44% 13.42% 13.58% 13.75% 13.71% 9.29% 9.59% 9.73% 9.80% 9.83% 7.61% 8.25% 8.01% 8.34% 8.26% Common equity tier 1 capital ratio Tier 1 risk-based capital ratio Total risk-based capital ratio Leverage ratio Tangible equity to tangible assets 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Most of our regulatory capital ratios declined compared to the linked quarter-end, as earnings (net of dividends) did not outpace increases in risk-weighted assets due to loan growth Our tangible equity to tangible assets was stable compared to March 31, 2025 Capital

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![](a2q2025earningspresentat015.jpg)

14 A high level look at our expectations for 2025, excluding non-core expenses: Operating Leverage – Expect to generate positive operating leverage for 2025, compared to 2024 Net Interest Income – Assuming three 25 basis point rate reductions by the Federal Reserve in the second half of 2025, we anticipate our full year net interest margin to be 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 third and fourth quarters of 2025 Loans/Asset Quality – Expect loan growth will be between 4% and 6% for the full year of 2025, compared to 2024 – Believe small-ticket leasing net charge-offs will plateau over the last two quarters of 2025 – We will continue to evaluate delinquency trends and remaining exposure of high balance accounts for expectations as we get closer to 2026 – Anticipate a decline in our provision for credit losses over the next two quarters, compared to the second quarter, excluding any negative impacts to the economic forecasts 2025 Outlook

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## Exhibit 99.3

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

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| | | |
|:---|:---|:---|
| P.O. BOX 738 - MARIETTA, OHIO - 45750 | **NEWS RELEASE** | **NEWS RELEASE** |
| www.peoplesbancorp.com | **NEWS RELEASE** | **NEWS RELEASE** |
| **<u>FOR IMMEDIATE RELEASE</u>** | **Contact:** | Katie Bailey |
| July 22, 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 July 21, 2025, payable on August 18, 2025, to shareholders of record on August 4, 2025.

This dividend represents a payout of approximately $14.6 million, or 69.0% of Peoples' reported second quarter 2025 earnings. Based on the closing stock price of Peoples' common shares of $31.62 on July 18, 2025, the quarterly dividend produces an annualized yield of 5.19%.

Peoples Bancorp Inc. is a diversified financial services holding company and makes available a complete line of banking, trust and investment, insurance and premium financing solutions through its subsidiaries. Peoples Bank has been headquartered in Marietta, Ohio since 1902. Peoples has established a heritage of financial stability, growth and community impact. Peoples had $9.5 billion in total assets as of June 30, 2025, and 145 locations, including 127 full-service bank branches in Ohio, Kentucky, West Virginia, Virginia, Washington D.C., and Maryland. Peoples is a member of the Russell 3000 index of U.S. publicly-traded companies. Learn more about Peoples at www.peoplesbancorp.com.

**END OF RELEASE**

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