# EDGAR Filing Document

**Accession Number:** 0000318300
**File Stem:** 0000318300-26-000142
**Filing Date:** 2026-4
**Character Count:** 121987
**Document Hash:** a8f9ea7299ac9bffe34f91759bccb9aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000318300-26-000142.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0000318300-26-000142

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20260421

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**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:** 26876662

**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-20260421

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): April 21, 2026

![pebonewlogoa22.jpg](pebo-20260421_g1.jpg)

---

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

---

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

---

---

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

---

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

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

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

On April 21, 2026, Peoples Bancorp Inc. ("Peoples") issued a news release regarding its financial results for the first quarter of 2026. 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 first quarter of 2026 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** 

<u>Declaration of Dividend:</u>

On April 21, 2026, Peoples issued a news release announcing that the Board of Directors declared a quarterly dividend of $0.42 per common share on April 20, 2026. A copy of the news release is included as Exhibit 99.3 to this Current Report on Form 8-K.

<u>Merger Agreement</u>

On April 21, 2026, Peoples Bancorp Inc. ("Peoples") announced that it has entered into an Agreement and Plan of Merger dated April 20, 2026 ("Merger Agreement") with Citizens National Corporation ("Citizens"). The Merger Agreement calls for Citizens to merge into Peoples and for Citizens's wholly owned subsidiary, Citizens Bank of Kentucky, which operates 12 branches in the Commonwealth of Kentucky, to merge into Peoples' wholly owned subsidiary, Peoples Bank.

A copy of the press release is attached hereto as Exhibit 99.4 and is incorporated herein by reference.

**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**

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

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| | | | |
|:---|:---|:---|:---|
| | | | **PEOPLES BANCORP INC.** |
| Date: | April 21, 2026 | **By:/s/** | KATIE BAILEY |
|  |  |  | Katie Bailey |
|  |  |  | Executive Vice President,<br>Chief Financial Officer and Treasurer |

---

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**INDEX TO EXHIBITS**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](exhibit991q12026.htm)</u> | Earnings News Release issued by Peoples Bancorp Inc. on April 21, 2026 |
| <u>[99.2](q12026earningspresentati.htm)</u> | Presentation slides furnished by Peoples Bancorp Inc. on April 21, 2026 |
| <u>[99.3](exhibit993q12026divdeclared.htm)</u> | Dividend News Release issued by Peoples Bancorp Inc. on April 21, 2026 |
| <u>[99.4](projectwildcatpressrelease.htm)</u> | Merger News Release issued by Peoples Bancorp Inc. on April 21, 2026 |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

## Exhibit 99.1

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

---

| | | |
|:---|:---|:---|
| P.O. BOX 738 - MARIETTA, OHIO - 45750 | **NEWS RELEASE** | **NEWS RELEASE** |
| www.peoplesbancorp.com | **NEWS RELEASE** | **NEWS RELEASE** |
| **<u>FOR IMMEDIATE RELEASE</u>** | **Contact:** | Katie Bailey |
| April 21, 2026 |  | Chief Financial Officer and Treasurer |
|  |  | (740) 376-7138 |

---

**PEOPLES BANCORP INC. ANNOUNCES RESULTS FOR THE FIRST QUARTER 2026** 

**_____________________________________________________________________**

**MARIETTA, Ohio** - Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced results for the quarter ended March 31, 2026. Net income totaled $29.0 million for the first quarter of 2026, representing earnings per diluted common share of $0.81. In comparison, Peoples reported net income of $31.8 million, representing earnings per diluted common share of $0.89, for the fourth quarter of 2025 and net income of $24.3 million, representing earnings per diluted common share of $0.68, for the first quarter of 2025.

"We are pleased with the results for the first quarter of 2026, with improvements in net interest margin and our tangible equity to tangible assets ratio increasing to 8.91% versus 8.79% for the prior quarter," said Tyler Wilcox, President and Chief Executive Officer. "We continue to remain focused on our commitment to delivering strong returns and value for our shareholders."

**<u>Quarterly Highlights:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;***• Net interest margin for the first quarter of 2026 increased to 4.16% when compared to 4.12% fo***r ***the linked quarter driven by a reduction in deposit costs.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net interest margin, excluding the impact of accretion income, was up 6 basis points compared to the linked quarter.

&nbsp;&nbsp;&nbsp;&nbsp;***• Total non-interest income, excluding net gains and losses, increased $0.4 million, or 1%, for the first quarter of 2026 compared to the linked quarter.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***◦*** The growth was driven by an increase in insurance income due to the seasonal performance-based commissions paid in the first quarter of each year.

&nbsp;&nbsp;&nbsp;&nbsp;***• Core deposits increased $191.8 million as a strategic reduction in brokered CDs offset much of the total deposit increase.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Period-end total deposit balances at March 31, 2026, increased $38.2 million compared to at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The deposit growth was due to increases in governmental deposits, which are seasonal in nature, non-interest bearing deposits and savings accounts, partially offset by a decrease in brokered deposits due to a strategic shift to other short-term funding sources at lower rates.

&nbsp;&nbsp;&nbsp;&nbsp;***• Key asset quality metrics largely improved in the first quarter of 2026.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net charge-offs as a percentage of average total loans on an annualized basis improved by 4 basis points, decreasing from 0.44% in the linked quarter to 0.40% in the current period. This was driven by net charge-offs associated with the North Star Leasing division, which decreased $1.5 million compared to the linked quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The balance of criticized loans decreased $12.3 million compared to at December 31, 2025.

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

Net interest income was $90.4 million for the first quarter of 2026, which was a decrease of $0.6 million compared to the linked quarter. Net interest margin was 4.16% for the first quarter of 2026, compared to 4.12% for the linked quarter. The decrease in net interest income was primarily driven by a decrease in accretion income coupled with fewer days in the quarter compared to the linked quarter. The increase in net interest margin was driven by a reduction in deposit costs.

Net interest income for the first quarter of 2026 increased $5.2 million, or 6%, compared to the first quarter of 2025. Net interest margin increased 4 basis points when compared to the first quarter of 2025. The increase in net interest income and net interest margin was primarily driven by lower deposit and borrowing costs.

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Accretion income, net of amortization expense, from acquisitions was $1.3 million for the first quarter of 2026, $1.8 million for the linked quarter and $3.5 million for the first quarter of 2025, which added 6 basis points, 8 basis points and 17 basis points, respectively, to net interest margin. The decrease in accretion income for the first quarter of 2026 when compared to the first quarter of 2025 was driven by less accretion income recognized in the current period from the 2023 merger with Limestone Bancorp, Inc. ("Limestone Merger").

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

The provision for credit losses was $9.7 million for the first quarter of 2026, compared to $8.1 million for the linked quarter and $10.2 million for the first quarter of 2025. The provision for credit losses for the first quarter of 2026 was driven by net charge-offs and a deterioration in macro-economic conditions used within the current expected credit losses ("CECL") model. The provision for credit losses for the linked quarter was primarily driven by (i) net charge-offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses for the first quarter of 2025 was primarily driven by net charge-offs.

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 $0.21 for the first quarter of 2026, $0.18 for the fourth quarter of 2026, and $0.22 for the first quarter of 2025.

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 first quarter of 2026 was $0.4 million, compared to a net loss of $2.0 million for the linked quarter, and a net loss of $0.4 million for the first quarter of 2025. The net losses for the first quarter of 2026 and for the first quarter of 2025 were driven by losses on repossessed assets. The net loss for the linked quarter was driven by a $0.9 million net loss on the sale of an other real estate owned ("OREO") property and a $0.8 million loss on the redemption of subordinated debt.

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

Total non-interest income, excluding net gains and losses, for the first quarter of 2026 increased $0.4 million compared to the linked quarter. The increase in non-interest income, excluding net gains and losses, was primarily impacted by an increase of $1.1 million in insurance income, driven by annual performance-based commissions typically received in the first quarter of each year, partially offset by decreases of $0.4 million in electronic banking income and $0.4 million in deposit account service charges, which are seasonally higher in the fourth quarter of each year. Total non-interest income, excluding net gains and losses, for the first quarter of 2026 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 first quarter of 2025, total non-interest income, excluding net gains and losses, increased $1.2 million due to an increase of $1.1 million in lease income, driven by an increase in operating lease income and an increase of $0.5 million in trust and investment income, the latter driven by an increase in assets under administration and management, partially offset by a decrease of $0.5 million in insurance income, driven by lower annual performance-based commissions.

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

Total non-interest expense increased $0.3 million for the first quarter of 2026, compared to the linked quarter. The increase in total non-interest expense was primarily due to increases of $0.7 million in salaries and employee benefit costs, driven by up-front expenses on stock grants to retirement-eligible employees and employer health savings account contributions, $0.3 million in operating lease expense, which is driven by the increase in operating lease volume, and $0.2 million in net occupancy and equipment expense, driven by increased utilities. These increases were partially offset by decreases of $0.5 million in amortization of other intangible assets, which is driven by decreases in amortization on core deposits and customer relationship intangibles, and $0.4 million in professional fees, driven by lower legal expenses.

Compared to the first quarter of 2025, total non-interest expense increased $0.8 million. The increase in total non-interest expense was primarily driven by increases of $0.8 million in operating lease expense, which is driven by the increase in operating lease volume, $0.6 million in net occupancy and equipment expense, driven by higher property taxes, and $0.5 million in data processing and software expense due to costs associated with recent technology projects, partially offset by decreases of $0.5 million in amortization of other intangible assets and $0.5 million in other non-interest expense, driven by lower corporate expenses.

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The efficiency ratio for the first quarter of 2026 was 58.6%, compared to 57.8% for the linked quarter and 60.7% for the first quarter of 2025. The efficiency ratio increased slightly compared to the linked quarter mainly as the result of higher non-interest expense, driven by increased salaries and employee benefits costs. Peoples continues to focus on controlling expenses, while recognizing necessary costs in order to continue growing the business.

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

Peoples recorded income tax expense of $8.3 million with an effective tax rate of 22.3% for the first quarter of 2026, compared to income tax expense of $6.2 million with an effective tax rate of 16.4% for the linked quarter and income tax expense of $7.0 million with an effective tax rate of 22.4% for the first quarter of 2025. The increases in income tax expense and the effective tax rate when compared to the linked quarter were impacted by updates to state apportionment in the fourth quarter of 2025, reducing expense by $0.9 million, and a $0.7 million benefit relating to tax credits purchased in the linked quarter. The increase in income tax expense when compared to March 31, 2025, was driven by higher pretax 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 March 31, 2026, increased $23.6 million when compared to at December 31, 2025, and decreased $65.7 million when compared to at March 31, 2025. The balances of unrealized losses, net of tax, on available-for-sale investment securities recognized within accumulated other comprehensive loss were $76.4 million, $71.0 million, and $96.6 million at March 31, 2026, at December 31, 2025, and at March 31, 2025, respectively. The increase in accumulated other comprehensive loss compared to the linked quarter was the result of the changes in the market value of available-for-sale investment securities during the period, which were driven by changes in market interest rates. At March 31, 2026, Peoples' investment securities represented approximately 20.3% of total assets, compared to 20.5% at December 31, 2025, and 20.3% at March 31, 2025.

The held-to-maturity investment securities balance at March 31, 2026, decreased $39.2 million when compared to at December 31, 2025, and increased $130.2 million when compared to at March 31, 2025. The decrease when compared to at December 31, 2025, was due to prepayments and maturities of collateralized mortgage obligations.The increase when compared to at March 31, 2025, 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 March 31, 2026, were approximately 5.86 and 7.71 years, respectively. The duration of Peoples' investments is managed as part of Peoples' Asset Liability Management program, and has the potential to impact both liquidity and capital, as mismatches in duration may require a liquidation of investment securities at market prices to meet funding needs. These assets are a 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 March 31, 2026, Peoples had liquid and liquefiable assets totaling $713.2 million, which included (i) cash and cash equivalents, (ii) unpledged government and agency investment securities and (iii) unpledged non-agency investment securities that could be liquidated. At March 31, 2026, Peoples had a total borrowing capacity of $945.3 million available through the Federal Home Loan Bank ("FHLB"), the Federal Reserve Bank ("FRB"), and federal funds. Additionally, at March 31, 2026, Peoples had contingent sources of liquidity totaling $4.2 billion. Contingent sources of liquidity are generally comprised of borrowing capacity at the FHLB and FRB, unpledged securities, liquifiable securities, and available capacity from wholesale funding sources. Cash and cash equivalents increased $1.4 million when compared to December 31, 2025, as the level of cash may fluctuate given Peoples' total liquidity position.

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

The period-end total loan and lease balances at March 31, 2026, increased $13.3 million, or 1% annualized, compared to at December 31, 2025. The increase in loans was driven by increases of $111.0 million in commercial and industrial loans, partially offset by decreases of $31.4 million in construction loans, $24.2 million in premium finance loans, $23.1 million in other commercial real estate loans, and $15.4 million in leases.

The period-end total loan and lease balances at March 31, 2026, increased $341.7 million, or 5%, compared to at March 31, 2025, driven by increases of $303.0 million in commercial and industrial loans, $110.3 million in other commercial real estate loans, $25.5 million in home equity lines of credit, and $19.6 million in indirect consumer loans. These were partially offset by decreases of $49.5 million in construction loans, $45.2 million in leases, and $35.2 million in premium finance loans.

Quarterly average total loan balances increased $13.3 million 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 $54.3 million in

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commercial and industrial loans, partially offset by decreases of $21.9 million in premium finance loans, and $20.2 million in residential real estate loans.

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

Key asset quality metrics largely improved during the first quarter of 2026. Delinquency trends improved as loans considered current comprised 98.9%, 98.6%, and 98.5% of the loan portfolio at March 31, 2026, at December 31, 2025, and at March 31, 2025, respectively. Total nonperforming assets at March 31, 2026, decreased $3.5 million, or 8%, compared to at December 31, 2025, and decreased $6.2 million, or 13%, compared to at March 31, 2025. Nonperforming assets improved compared to at December 31, 2025, as nonaccrual commercial and industrial loans decreased approximately $3.5 million. Compared to at March 31, 2025, nonperforming assets decreased because of the sale of an OREO property in the fourth quarter of 2025. Nonperforming assets as a percent of total loans and OREO was 0.59% at March 31, 2026, compared to 0.64% at December 31, 2025, and 0.71% at March 31, 2025.

Criticized loans, which are those categorized as special mention, substandard or doubtful, decreased $12.3 million, or 5%, compared to at December 31, 2025, and decreased $2.4 million, or 1%, compared to at March 31, 2025. As a percent of total loans, criticized loans were 3.31% at March 31, 2026, compared to 3.50% at December 31, 2025, and 3.52% at March 31, 2025. The decrease in the amount of criticized loans compared to at December 31, 2025, and at March 31, 2025, was driven by paydowns and loan upgrades.

Classified loans, which are those categorized as substandard or doubtful, decreased $5.2 million, or 4%, compared to at December 31, 2025, and increased $18.1 million, or 15%, compared to at March 31, 2025. As a percent of total loans, classified loans were 2.10% at March 31, 2026, compared to 2.18% at December 31, 2025, and 1.93% at March 31, 2025. The decrease in classified loans compared to at December 31, 2025, was primarily driven by paydowns and loan upgrades. Compared to at March 31, 2025, classified loans increased due to loan downgrades.

Annualized net charge-offs were 0.40% of average total loans for the first quarter of 2026, compared to 0.44% for the linked quarter, and 0.52% for the first quarter of 2025. Compared to the linked quarter and prior year first quarter, net charge-offs decreased, driven by a reduction in net charge-offs in leases originated by the North Star Leasing division.

At March 31, 2026, the allowance for credit losses increased $2.7 million when compared to at December 31, 2025, and increased $13.2 million when compared to at March 31, 2025. The ratio of the allowance for credit losses as a percent of total loans was 1.16% at March 31, 2026, compared to 1.12% at December 31, 2025, and 1.01% at March 31, 2025. The ratio of allowance for credit losses as a percentage of non-performing loans was 198.16% at March 31, 2026, compared to 175.82% at December 31, 2025, and 163.76% at March 31, 2025.

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

As of March 31, 2026, period-end core deposits increased $191.8 million compared to at December 31, 2025. The increase in core deposits was attributable to increases of $102.1 million governmental deposit accounts, $41.1 million in non-interest bearing deposits, $31.2 million in savings accounts, and $19.6 million in interest-bearing demand accounts. These increases in core deposits were partially offset by a decrease of $153.5 million in brokered deposits, which was the result of a strategic shift to other short-term funding sources available at lower rates.

Compared to at March 31, 2025, period-end deposit balances decreased $86.3 million. The decrease in total deposits was primarily driven by a decrease of $196.4 million in brokered deposits, partially offset by increases of $60.2 million in non-interest bearing deposits, $24.7 million in interest-bearing demand accounts, and $24.0 million in savings accounts.

The total deposit balances attributable to retail deposits and commercial deposits were 77% and 23%, respectively, at March 31, 2026, 78% and 22%, respectively, at December 31, 2025, and 76% and 24%, respectively, at March 31, 2025.

Uninsured deposits were 28%, 26%, and 27% of total deposits at March 31, 2026, at December 31, 2025, and at March 31, 2025, respectively. Uninsured amounts were based on the portion of customer account balances that exceeded the FDIC limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which collateralized $678.1 million, or 32%, $615.6 million, or 31%, and $725.5 million, or 35%, of the uninsured deposit balances at March 31, 2026, at December 31, 2025, and at March 31, 2025, respectively.

Average deposit balances during the first quarter of 2026 decreased $145.3 million when compared to the linked quarter, and decreased $116.0 million when compared to the first quarter of 2025. The decrease over the linked quarter was driven by decreases of $111.4 million in brokered deposits, $34.0 million in money market deposit accounts, and $26.7 million in retail certificates of deposits, partially offset by an increase of $16.8 million in savings accounts. The decrease when compared to the first quarter of 2025 was driven by a decrease of $263.2 million in brokered deposits, partially offset by increases of $105.7 million, $33.7 million, and $23.7 million in non-interest bearing deposits, retail certificates of deposits, and savings accounts, respectively. Total demand deposit accounts comprised 35% of total deposits at March 31, 2026, 35% at December 31, 2025, and 34% at March 31, 2025.

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

Total stockholders' equity at March 31, 2026, increased $9.4 million, or 1%, compared to at December 31, 2025. This change was primarily driven by net income of $29.0 million, partially offset by dividends paid of $14.6 million and an increase of $5.4 million in accumulated other comprehensive loss during the quarter. The increase 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 March 31, 2026, increased $78.2 million, or 7%, compared to at March 31, 2025, which was due to net income of $111.4 million for the last twelve months and a decrease in other comprehensive loss of $19.6 million, partially offset by dividends paid of $58.6 million.

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Peoples Bancorp Inc. ("Peoples", Nasdaq: PEBO) is a diversified financial services holding company and makes available a complete line of banking, trust and investment, insurance and specialty financing solutions through its subsidiaries. Headquartered in Marietta, Ohio, since 1902, Peoples has established a heritage of financial stability, growth and community impact. Peoples had $9.6 billion in total assets as of March 31, 2026, and 144 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, Peoples Life 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 first quarter 2026 results of operations on April 21, 2026, at 11:00 a.m., Eastern Time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (866) 890-9285. A simultaneous webcast of the conference call audio and earnings conference call presentation will be available online via the "Investor Relations" section of Peoples' website, www.peoplesbancorp.com. Participants are encouraged to call or sign in at least 15 minutes prior to the scheduled conference call time to ensure participation and, if required, to download and install the necessary software. A replay of the call will be available on Peoples' website in the "Investor Relations" section for one year.

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

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

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

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

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

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

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

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

<u>Safe Harbor Statement:</u>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;(18)the impact of larger or similar-sized financial institutions encountering problems, such as the failure in 2024 of Republic First Bank, and the 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 avoid misappropriation of confidential information in connection with the delivery of 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)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;(21)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;(22)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;(23)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;(24)the impact on Peoples' businesses, personnel, facilities or systems of losses related to acts of fraud, theft, misappropriation or violence;

&nbsp;&nbsp;&nbsp;&nbsp;(25)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 ongoing war on Ukraine, the continued U.S. political and military presence in Venezuela, and the conflict in Iran (and the resulting disruptions in oil, energy and other commodity markets and supply chains);

&nbsp;&nbsp;&nbsp;&nbsp;(26)the potential deterioration of the U.S. economy due to financial, political or other shocks;

&nbsp;&nbsp;&nbsp;&nbsp;(27)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;(28)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;(29)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;(30)changes in laws or regulations imposed by Peoples' regulators impacting Peoples' capital actions, including dividend payments and share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;(31)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;(32)regulatory and legal matters, including the failure to resolve any outstanding matters on a timely basis and the potential of new regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;

&nbsp;&nbsp;&nbsp;&nbsp;(33)the impact on Peoples of increased political and regulatory scrutiny of corporate environmental, social and governance ("ESG") practices;

&nbsp;&nbsp;&nbsp;&nbsp;(34)the effect of a fall in stock market prices on Peoples' asset and wealth management business;

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&nbsp;&nbsp;&nbsp;&nbsp;(35)the risk that energy tax credits purchased and used by Peoples to reduce tax liabilities will be disallowed by the IRS; and

&nbsp;&nbsp;&nbsp;&nbsp;(36)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, 2025.

Peoples encourages readers of this news release to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. Peoples undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as required by applicable legal requirements. Copies of documents filed with the SEC are available free of charge at the SEC's website at http://www.sec.gov and/or from Peoples' website - www.peoplesbancorp.com under the "Investor Relations" section.

As required by U.S. GAAP, Peoples is required to evaluate the impact of subsequent events through the issuance date of its March 31, 2026 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** |
| | **March 31,**<br>**2026** | **December 31,**<br>**2025** | **March 31,**<br>**2025** |
| **PER COMMON SHARE:** |  |  |  |
| Earnings per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.82 | $0.90 | $0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.81 | 0.89 | 0.68 |
| Cash dividends declared per common share | 0.41 | 0.41 | 0.40 |
| Book value per common share (a) | 33.85 | 33.78 | 31.90 |
| Tangible book value per common share (a)(b) | 22.95 | 22.77 | 20.68 |
| Closing price of common shares at end of period | $32.87 | $30.03 | $29.66 |
| **SELECTED RATIOS:** |  |  |  |
| Return on average stockholders' equity (c) | 9.66% | 10.53% | 8.79% |
| Return on average tangible equity (c)(d) | 14.90% | 16.57% | 14.66% |
| Return on average assets (c) | 1.23% | 1.31% | 1.07% |
| Efficiency ratio (e)(f) | 58.61% | 57.78% | 60.68% |
| Net interest margin (c)(f) | 4.16% | 4.12% | 4.12% |
| Dividend payout ratio (g) | 50.50% | 46.10% | 58.46% |

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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** |
|<br><br>*(Dollars in thousands, except per share data)* | **March 31,**<br>**2026**<br>**(Unaudited)** | **December 31,**<br>**2025**<br>**(Unaudited)** | **March 31,**<br>**2025**<br>**(Unaudited)** |
| Total interest income | $126821 | $130549 | $124542 |
| Total interest expense | 36401 | 39500 | 39287 |
| &nbsp;&nbsp;Net interest income | 90420 | 91049 | 85255 |
| Provision for credit losses | 9694 | 8050 | 10190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 80726 | 82999 | 75065 |
| **Non-interest income:** |  |  |  |
| Electronic banking income | 5927 | 6329 | 5885 |
| Trust and investment income | 5605 | 5692 | 5061 |
| Insurance income | 5580 | 4520 | 6054 |
| Lease income | 4581 | 4290 | 3468 |
| Deposit account service charges | 4267 | 4617 | 4015 |
| Bank owned life insurance income | 1162 | 1173 | 1133 |
| Mortgage banking income | 376 | 537 | 396 |
| Net loss on investment securities |  | (77) | (2) |
| Net loss on asset disposals and other transactions | (410) | (1908) | (361) |
| Other non-interest income | 1166 | 1099 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | **28254** | **26272** | **27099** |
| **Non-interest expense:** |  |  |  |
| Salaries and employee benefit costs | 39835 | 39118 | 39821 |
| Data processing and software expense | 7536 | 7401 | 7005 |
| Net occupancy and equipment expense | 6224 | 5980 | 5612 |
| Professional fees | 2753 | 3168 | 3087 |
| Electronic banking expense | 2081 | 2120 | 2025 |
| Operating lease expense | 1804 | 1513 | 985 |
| Amortization of other intangible assets | 1697 | 2210 | 2213 |
| FDIC insurance expense | 1410 | 1350 | 1251 |
| Other loan expenses | 1123 | 1219 | 1119 |
| Franchise tax expense | 1004 | 845 | 929 |
| Marketing expense | 886 | 1059 | 903 |
| Communication expense | 589 | 589 | 734 |
| Travel and entertainment expense | 583 | 556 | 500 |
| Other non-interest expense | 4110 | 4166 | 4603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 71635 | 71294 | 70787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 37345 | 37977 | 31377 |
| Income tax expense | 8339 | 6223 | 7041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $29006 | $31754 | $24336 |

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| | | | |
|:---|:---|:---|:---|
| **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** |
| | **March 31,** | **December 31,** | **March 31,** |
|  | **2026** | **2025** | **2025** |
| *(Dollars in thousands, except per share data)* | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **<u>PER COMMON SHARE DATA:</u>** |  |  |  |
| Net income available to common shareholders | $29006 | $31754 | $24336 |
| Less: Dividends paid on unvested common shares | 200 | 190 | 210 |
| Less: Undistributed income allocated to unvested common shares | 54 | 60 | 37 |
| Net earnings allocated to common shareholders | $28752 | $31504 | $24089 |
| Weighted-average common shares outstanding | 35108649 | 35025892 | 34895723 |
| Effect of potentially dilutive common shares | 376775 | 418506 | 401412 |
| Total weighted-average diluted common shares outstanding | 35485424 | 35444398 | 35297135 |
| Earnings per common share – basic | $0.82 | $0.90 | $0.69 |
| Earnings per common share – diluted | $0.81 | $0.89 | $0.68 |
| Cash dividends declared per common share | $0.41 | $0.41 | $0.40 |
| Weighted-average common shares outstanding – basic | 35108649 | 35025892 | 34895723 |
| Weighted-average common shares outstanding – diluted | 35485424 | 35444398 | 35297135 |
| Common shares outstanding at the end of period | 35925945 | 35714484 | 35669100 |

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**CONSOLIDATED BALANCE SHEETS**

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| | | |
|:---|:---|:---|
| | **March 31,** | **December 31,** |
| | **2026** | **2025** |
| *(Dollars in thousands)* | (Unaudited) |  |
| **Assets** |  |  |
| Cash and cash equivalents: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $112276 | $107864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits in other banks | 78115 | 81087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 190391 | 188951 |
| Available-for-sale investment securities, at fair value (amortized cost of |  |  |
| $1,107,248 at March 31, 2026 and $1,076,980 at December 31, 2025) (a) | 1007944 | 984367 |
| Held-to-maturity investment securities, at amortized cost (fair value of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$820,850 at March 31, 2026 and $867,714 at December 31, 2025) (a) | 883675 | 922837 |
| Other investment securities, at cost | 69903 | 68656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment securities (a) | 1961522 | 1975860 |
| Loans and leases, net of deferred fees and costs (b) | 6770208 | 6756907 |
| Allowance for credit losses | (78392) | (75676) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loans and leases | 6691816 | 6681231 |
| Loans held for sale | 4043 | 2667 |
| Bank premises and equipment, net of accumulated depreciation | 99313 | 100508 |
| Bank owned life insurance | 149426 | 148264 |
| Goodwill | 363199 | 363199 |
| Other intangible assets | 28402 | 30120 |
| Other assets | 159975 | 158830 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total assets** | $9648087 | $9649630 |
| **Liabilities** |  |  |
| Deposits: |  |  |
| Non-interest-bearing | $1586514 | $1545428 |
| Interest-bearing | 6061923 | 6064796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 7648437 | 7610224 |
| Short-term borrowings | 505862 | 530285 |
| Long-term borrowings | 185430 | 204138 |
| Accrued expenses and other liabilities | 92318 | 98381 |
| &nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities** | $8432047 | $8443028 |
| **Stockholders' Equity** |  |  |
| Preferred shares, no par value, 50,000 shares authorized, no shares issued at March 31, 2026 or at December 31, 2025 |  |  |
| Common shares, no par value, 50,000,000 shares authorized, 36,848,602 shares issued at March 31, 2026 and 36,836,943 shares issued at December 31, 2025, including shares in treasury | 867464 | 871571 |
| Retained earnings | 451107 | 436748 |
| Accumulated other comprehensive loss, net of deferred income taxes | (76042) | (70628) |
| Treasury stock, at cost, 1,017,603 common shares at March 31, 2026 and 1,215,120 common shares at December 31, 2025 | (26489) | (31089) |
| &nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity** | 1216040 | 1206602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity** | $9648087 | $9649630 |

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(a)Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $233 and $0 and $236 at March 31, 2026 and at December 31, 2025, respectively.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SELECTED FINANCIAL INFORMATION (Unaudited)** | **SELECTED FINANCIAL INFORMATION (Unaudited)** | **SELECTED FINANCIAL INFORMATION (Unaudited)** | **SELECTED FINANCIAL INFORMATION (Unaudited)** | **SELECTED FINANCIAL INFORMATION (Unaudited)** | **SELECTED FINANCIAL INFORMATION (Unaudited)** |
| | **March 31,** | **December 31,** | **September 30,** | **June 30,** | **March 31,** |
| *(Dollars in thousands)* | **2026** | **2025** | **2025** | **2025** | **2025** |
| **Loan Portfolio** |  |  |  |  |  |
| Construction | $**269571** | $300941 | $261048 | $341313 | $319104 |
| Commercial real estate, other | **2340833** | 2363967 | 2369396 | 2248214 | 2230538 |
| Commercial and industrial | **1646797** | 1535755 | 1489505 | 1407382 | 1343827 |
| Premium finance | **228883** | 253075 | 273297 | 277622 | 264080 |
| Leases | **350226** | 365649 | 382753 | 400052 | 395454 |
| Residential real estate | **852011** | 861722 | 875773 | 877968 | 848168 |
| Home equity lines of credit | **260909** | 253864 | 247383 | 241785 | 235409 |
| Consumer, indirect | **699854** | 700582 | 710385 | 692674 | 680260 |
| Consumer, direct | **119859** | 120338 | 118206 | 113615 | 110639 |
| Deposit account overdrafts | **1265** | 1014 | 982 | 964 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**6770208** | $6756907 | $6728728 | $6601589 | $6428526 |
| Total acquired loans and leases (a) | $**1225112** | $1299543 | $1380354 | $1452475 | $1511704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total originated loans and leases | $**5545096** | $5457364 | $5348374 | $5149114 | $4916822 |
| **Total Investment Securities** | $**1961522** | $1975860 | $1972721 | $2019054 | $1878462 |
| **Deposit Balances** |  |  |  |  |  |
| Non-interest-bearing deposits (b) | $**1586514** | $1545428 | $1536094 | $1530824 | $1526285 |
| Interest-bearing deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand accounts (b) | **1111875** | 1092252 | 1068443 | 1058910 | 1087197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail certificates of deposit | **1968441** | 1983791 | 2008619 | 2005322 | 1965978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market deposit accounts | **958413** | 945313 | 948177 | 927543 | 967331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Governmental deposit accounts | **842087** | 739939 | 769782 | 781949 | 834409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | **918557** | 887402 | 884230 | 889872 | 894592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposits | **262550** | 416099 | 416851 | 442788 | 458957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | $**6061923** | $6064796 | $6096102 | $6106384 | $6208464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $**7648437** | $7610224 | $7632196 | $7637208 | $7734749 |
| Total demand deposits (b) | $**2698389** | $2637680 | $2604537 | $2589734 | $2613482 |
| **Asset Quality** |  |  |  |  |  |
| Nonperforming assets (NPAs): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans 90+ days past due and accruing | $**2846** | $6156 | $4898 | $6126 | $4207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans | **36714** | 36886 | 33889 | 34485 | 35628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans (NPLs) (f) | **39560** | 43042 | 38787 | 40611 | 39835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned (OREO) | **97** | 123 | 6013 | 6013 | 5980 |
| Total NPAs (f) | $**39657** | $43165 | $44800 | $46624 | $45815 |
| Criticized loans (c) | $**224124** | $236468 | $268326 | $244442 | $226542 |
| Classified loans (d) | **141940** | 147175 | 158577 | 125014 | 123842 |
| Allowance for credit losses as a percent of NPLs (f) | **198.16%** | 175.82% | 193.01% | 183.89% | 163.76% |
| NPLs as a percent of total loans (f) | **0.58%** | 0.64% | 0.58% | 0.61% | 0.62% |
| NPAs as a percent of total assets (f) | **0.41%** | 0.45% | 0.47% | 0.49% | 0.50% |
| NPAs as a percent of total loans and OREO (f) | **0.59%** | 0.64% | 0.66% | 0.71% | 0.71% |
| Criticized loans as a percent of total loans (c) | **3.31%** | 3.50% | 3.99% | 3.70% | 3.52% |
| Classified loans as a percent of total loans (d) | **2.10%** | 2.18% | 2.36% | 1.89% | 1.93% |
| Allowance for credit losses as a percent of total loans | **1.16%** | 1.12% | 1.11% | 1.13% | 1.01% |
| Total demand deposits as a percent of total deposits (b) | **35.28%** | 34.66% | 34.13% | 33.91% | 33.79% |
| **Capital Information (e)(g)** |  |  |  |  |  |
| Common equity tier 1 capital ratio (h) | **12.45%** | 12.29% | 12.11% | 11.95% | 12.10% |
| Tier 1 risk-based capital ratio | **12.89%** | 12.73% | 12.54% | 12.39% | 12.54% |
| Total risk-based capital ratio (tier 1 and tier 2) | **13.98%** | 13.78% | 13.79% | 13.71% | 13.75% |
| Leverage ratio | **10.14%** | 9.91% | 9.74% | 9.83% | 9.80% |
| Common equity tier 1 capital | $**911986** | $893970 | $875454 | $857036 | $845200 |
| Tier 1 capital | **943986** | 925616 | 906900 | 888282 | 876246 |
| Total capital (tier 1 and tier 2) | **1023777** | 1002226 | 997309 | 982929 | 960820 |
| Total risk-weighted assets | $**7323347** | $7273985 | $7231476 | $7170841 | $6986418 |
| Total stockholders' equity to total assets | **12.60%** | 12.50% | 12.29% | 12.09% | 12.31% |
| Tangible equity to tangible assets (i) | **8.91%** | 8.79% | 8.53% | 8.26% | 8.34% |

---

------

(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)March 31, 2026 data based on preliminary analysis and subject to revision.

(h)Peoples' capital conservation buffer was 5.98% at March 31, 2026, 5.78% at December 31, 2025, 5.79% at September 30, 2025, 5.71% at June 30, 2025, and 5.75% at March 31, 2025, compared to required capital conservation buffer of 2.50%

(i)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** |
|<br><br>*(Dollars in thousands)* | **March 31,**<br>**2026**<br>**(Unaudited)** | **December 31,**<br>**2025**<br>**(Unaudited)** | **March 31,**<br>**2025**<br>**(Unaudited)** |
| **Provision for credit losses** |  |  |  |
| Provision for credit losses | $9415 | $7801 | $10035 |
| Provision for checking account overdrafts | 279 | 249 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for credit losses | $9694 | $8050 | $10190 |
| **Net Charge-Offs** |  |  |  |
| Gross charge-offs | $7759 | $8391 | $8760 |
| Recoveries | 1114 | 952 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | $6645 | $7439 | $8121 |
| **Net Charge-Offs (Recoveries) by Type** |  |  |  |
| Construction | $— | $(25) | $— |
| Commercial real estate, other |  | (41) | 211 |
| Commercial and industrial | 254 | 340 | 374 |
| Premium finance | 46 | 212 | 65 |
| Leases | 4254 | 5356 | 5409 |
| Residential real estate | 37 | 24 | 93 |
| Home equity lines of credit | 20 | 2 |  |
| Consumer, indirect | 1592 | 1173 | 1656 |
| Consumer, direct | 178 | 151 | 135 |
| Deposit account overdrafts | 264 | 247 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net charge-offs | $6645 | $7439 | $8121 |
| As a percent of average total loans (annualized) | 0.40% | 0.44% | 0.52% |

---

**SUPPLEMENTAL INFORMATION (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>*(Dollars in thousands)* | **March 31,**<br>**2026** | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** |
| Trust assets under administration and management | $2178467 | $2219650 | $2271536 | $2138439 | $2037992 |
| Brokerage assets under administration and management | 1844940 | 1846084 | 1800781 | 1724311 | 1626768 |
| Mortgage loans serviced for others | 319664 | 322139 | 323347 | 326710 | 337279 |
| Employees (full-time equivalent) | 1458 | 1454 | 1454 | 1477 | 1460 |

---

------

**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** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|<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 | $**82872** | $**790** | **3.87%** | $77906 | $773 | 3.94% | $88919 | $900 | 4.10% |
| Investment securities (a)(b) | **1961950** | **17558** | **3.58%** | 1986490 | 18229 | 3.67% | 1897035 | 16598 | 3.50% |
| Loans (b)(c): |  |  |  |  |  |  |  |  |  |
| Construction | **289892** | **4586** | **6.33%** | 272994 | 5108 | 7.32% | 313130 | 5572 | 7.12% |
| Commercial real estate, other | **2251931** | **34658** | **6.16%** | 2258134 | 35222 | 6.10% | 2069134 | 33260 | 6.43% |
| Commercial and industrial | **1554825** | **25110** | **6.46%** | 1500548 | 24910 | 6.50% | 1336133 | 23332 | 6.98% |
| Premium finance | **238918** | **4553** | **7.62%** | 260833 | 4868 | 7.30% | 259241 | 5585 | 8.62% |
| Leases | **355857** | **8578** | **9.64%** | 368453 | 9663 | 10.26% | 395161 | 10198 | 10.32% |
| Residential real estate (d) | **958354** | **13049** | **5.45%** | 978507 | 13143 | 5.37% | 956049 | 12215 | 5.11% |
| Home equity lines of credit | **256543** | **4404** | **6.96%** | 251730 | 4771 | 7.52% | 233522 | 4382 | 7.61% |
| Consumer, indirect | **700411** | **11293** | **6.54%** | 703178 | 11590 | 6.54% | 674211 | 10548 | 6.34% |
| Consumer, direct | **128423** | **2487** | **7.85%** | 127434 | 2538 | 7.90% | 117881 | 2234 | 7.69% |
| Total loans | **6735154** | **108718** | **6.47%** | 6721811 | 111813 | 6.54% | 6354462 | 107326 | 6.77% |
| Allowance for credit losses | **(75284)** |  |  | (74351) |  |  | (63060) |  |  |
| Net loans | **6659870** |  |  | 6647460 |  |  | 6291402 |  |  |
| Total earning assets | **8704692** | **127066** | **5.85%** | 8711856 | 130815 | 5.92% | 8277356 | 124824 | 6.04% |
| Goodwill and other intangible assets | **392490** |  |  | 394409 |  |  | 401344 |  |  |
| Other assets | **503926** |  |  | 524509 |  |  | 516767 |  |  |
| Total assets | $**9601108** |  |  | $9630774 |  |  | $9195467 |  |  |
| **Liabilities and Equity** |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |
| Savings accounts | $**903050** | $**183** | **0.08%** | $886250 | $185 | 0.08% | $879301 | $250 | 0.12% |
| Governmental deposit accounts | **782543** | **3923** | **2.03%** | 774267 | 4278 | 2.19% | 781782 | 4652 | 2.41% |
| Interest-bearing demand accounts | **1055685** | **572** | **0.22%** | 1053419 | 611 | 0.23% | 1083999 | 490 | 0.18% |
| Money market deposit accounts | **925668** | **4541** | **1.99%** | 959627 | 5220 | 2.16% | 914076 | 5291 | 2.35% |
| Retail certificates of deposit | **1973029** | **16458** | **3.38%** | 1999726 | 17745 | 3.52% | 1939364 | 18434 | 3.85% |
| Brokered deposits (e) | **301470** | **2954** | **3.97%** | 412883 | 4196 | 4.03% | 564660 | 6046 | 4.34% |
| Total interest-bearing deposits | **5941445** | **28631** | **1.95%** | 6086172 | 32235 | 2.10% | 6163182 | 35163 | 2.31% |
| Short-term borrowings (e) | **550370** | **4959** | **3.64%** | 429129 | 4201 | 3.91% | 56564 | 508 | 3.63% |
| Long-term borrowings | **190934** | **2811** | **5.92%** | 211244 | 3064 | 5.74% | 237100 | 3615 | 6.13% |
| Total borrowed funds | **741304** | **7770** | **4.23%** | 640373 | 7265 | 4.51% | 293664 | 4123 | 5.65% |
| Total interest-bearing liabilities | **6682749** | **36401** | **2.21%** | 6726545 | 39500 | 2.33% | 6456846 | 39286 | 2.47% |
| Non-interest-bearing deposits | **1604708** |  |  | 1605305 |  |  | 1498964 |  |  |
| Other liabilities | **95283** |  |  | 102419 |  |  | 116797 |  |  |
| Total liabilities | **8382740** |  |  | 8434269 |  |  | 8072607 |  |  |
| Stockholders' equity | **1218368** |  |  | 1196505 |  |  | 1122860 |  |  |
| Total liabilities and stockholders' equity | $**9601108** |  |  | $9630774 |  |  | $9195467 |  |  |
| Net interest income/spread (b) |  | $**90665** | **3.64%** |  | $91315 | 3.59% |  | $85538 | 3.57% |
| Net interest margin (b) |  |  | **4.16%** |  |  | 4.12% |  |  | 4.12% |

---

(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** |
|<br>*(Dollars in thousands)* | **March 31,**<br>**2026** | **December 31,**<br>**2025** | **March 31,**<br>**2025** |
| **Efficiency ratio:** |  |  |  |
| Total non-interest expense | $71635 | $71294 | $70787 |
| Less: amortization of other intangible assets | 1697 | 2210 | 2213 |
| Adjusted total non-interest expense | 69938 | 69084 | 68574 |
| Total non-interest income | 28254 | 26272 | 27099 |
| Less: net loss on investment securities |  | (77) | (2) |
| Less: net loss on asset disposals and other transactions | (410) | (1908) | (361) |
| Total non-interest income, excluding net gains and losses | 28664 | 28257 | 27462 |
| Net interest income | 90420 | 91049 | 85255 |
| Add: fully tax-equivalent adjustment (a) | 245 | 266 | 283 |
| Net interest income on a fully tax-equivalent basis | 90665 | 91315 | 85538 |
| Adjusted revenue | $119329 | $119572 | $113000 |
| Efficiency ratio | 58.61% | 57.78% | 60.68% |

---

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

------

**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)* | **March 31,**<br>**2026** | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** |
| **Tangible equity:** |  |  |  |  |  |
| Total stockholders' equity | $1216040 | $1206602 | $1182776 | $1153350 | $1137821 |
| Less: goodwill and other intangible assets | 391601 | 393319 | 395535 | 397785 | 400099 |
| Tangible equity | $824439 | $813283 | $787241 | $755565 | $737722 |
| **Tangible assets:** |  |  |  |  |  |
| Total assets | $9648087 | $9649630 | $9623944 | $9540608 | $9246000 |
| Less: goodwill and other intangible assets | 391601 | 393319 | 395535 | 397785 | 400099 |
| Tangible assets | $9256486 | $9256311 | $9228409 | $9142823 | $8845901 |
| **Tangible book value per common share:** |  |  |  |  |  |
| Tangible equity | $824439 | $813283 | $787241 | $755565 | $737722 |
| Common shares outstanding | 35925945 | 35714484 | 35705369 | 35673721 | 35669100 |
| Tangible book value per common share | $22.95 | $22.77 | $22.05 | $21.18 | $20.68 |
| **Tangible equity to tangible assets ratio:** |  |  |  |  |  |
| Tangible equity | $824439 | $813283 | $787241 | $755565 | $737722 |
| Tangible assets | $9256486 | $9256311 | $9228409 | $9142823 | $8845901 |
| Tangible equity to tangible assets | 8.91% | 8.79% | 8.53% | 8.26% | 8.34% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|<br>*(Dollars in thousands)* | **March 31,**<br>**2026** | **December 31,**<br>**2025** | **March 31,**<br>**2025** |
| **Pre-provision net revenue:** |  |  |  |
| Income before income taxes | $37345 | $37977 | $31377 |
| Add: provision for credit losses | 9694 | 8050 | 10190 |
| Add: net loss on OREO | 26 | 851 |  |
| Add: net loss on investment securities |  | 77 | 2 |
| Add: net loss on other assets | 384 | 210 | 330 |
| Add: net loss on other transactions |  | 847 | 51 |
| Less: net gain on OREO |  |  | 20 |
| Pre-provision net revenue | $47449 | $48012 | $41930 |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|<br>***(Dollars in thousands)*** | **March 31,**<br>**2026** | **December 31,**<br>**2025** | **March 31,**<br>**2025** |
| **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 | $29006 | $31754 | $24336 |
| Add: net loss on investment securities |  | 77 | 2 |
| Less: tax effect of net loss on investment securities (a) |  | 16 |  |
| Add: net loss on asset disposals and other transactions | 410 | 1908 | 361 |
| Less: tax effect of net loss on asset disposals and other transactions (a) | 86 | 401 | 76 |
| Net income adjusted for non-core items | $29330 | $33322 | $24623 |
| Days in the period | 90 | 92 | 90 |
| Days in the year | 365 | 365 | 365 |
| Annualized net income | $117635 | $125981 | $98696 |
| Annualized net income adjusted for non-core items | $118949 | $132201 | $99860 |
| **Return on average assets:** |  |  |  |
| Annualized net income | $117635 | $125981 | $98696 |
| Total average assets | $9601108 | $9630774 | $9195467 |
| Return on average assets | 1.23% | 1.31% | 1.07% |
| **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 | $118949 | $132201 | $99860 |
| Total average assets | $9601108 | $9630774 | $9195467 |
| Return on average assets adjusted for non-core items | 1.24% | 1.37% | 1.09% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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** |
|<br>*(Dollars in thousands)* | **March 31,**<br>**2026** | **December 31,**<br>**2025** | **March 31,**<br>**2025** |
| **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 | $29006 | $31754 | $24336 |
| Add: amortization of other intangible assets | 1697 | 2210 | 2213 |
| Less: tax effect of amortization of other intangible assets (a) | 356 | 464 | 465 |
| Net income excluding amortization of other intangible assets | $30347 | $33500 | $26084 |
| Days in the period | 90 | 92 | 90 |
| Days in the year | 365 | 365 | 365 |
| Annualized net income | $117635 | $125981 | $98696 |
| Annualized net income excluding amortization of other intangible assets | $123074 | $132908 | $105785 |
| **Average tangible equity:** | **Average tangible equity:** | **Average tangible equity:** | **Average tangible equity:** |
| Total average stockholders' equity | $1218368 | $1196505 | $1122860 |
| Less: average goodwill and other intangible assets | 392490 | 394409 | 401344 |
| Average tangible equity | $825878 | $802096 | $721516 |
| **Return on average stockholders' equity ratio:** | **Return on average stockholders' equity ratio:** | **Return on average stockholders' equity ratio:** |  |
| Annualized net income | $117635 | $125981 | $98696 |
| Average stockholders' equity | $1218368 | $1196505 | $1122860 |
| Return on average stockholders' equity | 9.66% | 10.53% | 8.79% |
| **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 | $123074 | $132908 | $105785 |
| Average tangible equity | $825878 | $802096 | $721516 |
| Return on average tangible equity | 14.90% | 16.57% | 14.66% |

---

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

**END OF RELEASE**

## Exhibit 99.2

![](q12026earningspresentati001.jpg)

1 First Quarter 2026 Earnings Conference Call April 21, 2026

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![](q12026earningspresentati002.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, 2025 (the "2025 Form 10-K"), and Peoples' earnings release for the quarter ended March 31, 2026 (the "First Quarter Earnings Release"), included in Peoples' Current Report on Form 8-K furnished to the Securities and Exchange Commission ("SEC") on April 21, 2026, 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 March 31, 2026 (the "First Quarter Form 10-Q") with the SEC on or about April 30, 2026. As required by U.S. generally accepted accounting principles, Peoples is required to evaluate the impact of subsequent events through the issuance date of its March 31, 2026, consolidated financial statements as part of its First 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 2025 Form 10-K under the section "Risk Factors" in Part I, Item 1A and in the First Quarter Earnings Release. As such, actual results could differ materially from those contemplated by forward-looking statements made in this presentation. Management believes that the expectations in these forward-looking statements are based upon reasonable assumptions within the bounds of management's knowledge of Peoples' business and operations. Peoples disclaims any responsibility to update these forward-looking statements to reflect events or circumstances after the date of this presentation. Safe Harbor Statement

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![](q12026earningspresentati003.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 First Quarter Earnings Release. Use of Non-US GAAP Financial Measures

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![](q12026earningspresentati004.jpg)

3 • Diluted earnings per share of $0.81 exceeded consensus analyst estimates of $0.80 • Net interest margin expanded 4 basis points, driven by lower deposit costs • Higher fee-based income • Loan growth of $13 million • Improvement in nonperforming loans and delinquency levels, coupled with reductions in criticized and classified loan balances • Increase of 3% in non-interest bearing deposits • Loan-to-deposit ratio improved to 88.5% • Tangible equity to tangible assets improved 12 basis points to 8.91% • Book value per share grew 1% on an annualized basis, while tangible book value per share improved 3% on an annualized basis Net income was $29.0 million, or $0.81 of diluted earnings per share ("EPS") • Negatively impacted by one-time annual employee-related expenses of: ◦ $764,000, or $0.02 of diluted EPS, related to the forfeiture rate true-up on stock vested during the first quarter and up-front expense on stock grants for retirement-eligible employees ◦ $689,000, or $0.02 of diluted EPS, from employer contributions to employee health savings accounts First Quarter 2026 Financial Highlights

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4 Loan Balances by Segment (As of Most Recent Quarter-End) 13% 4% 11% 24% 12% 8% 24% 4% Residential real estate Home equity lines of credit Owner occupied commercial real estate Non-owner occupied commercial real estate Other consumer loans Specialty finance Commercial and industrial Construction Loan Balances and Yields (Dollars in billions) $1.51 $1.45 $1.38 $1.30 $1.23 $4.92 $5.15 $5.35 $5.46 $5.55 6.77% 6.71% 6.71% 6.54% 6.47% Acquired loans and leases Originated loans and leases Quarterly loan yield 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 – Total loan balances grew $13 million compared to year-end – At March 31, 2026, 42% of loans were fixed rate, with the remaining 58% at a variable rate Loan Balances by Segment

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5 North Star Leasing by Segment (As of Most Recent Quarter-End) 22% 11% 8% 8%8% 6% 37% Restaurant Titled - Vocational Titled - Trucking/Trailer/Fleet Brewery/Distillery Heavy Equipment Manufacturing - Production Other – While our North Star Leasing business has experienced higher net charge-off levels in recent periods, it also positively impacts net interest margin and provides a diversified revenue stream – The historical average net charge-off rate for North Star Leasing in 2019 and prior years was between 4% - 5%, and we believe stimulus funds contributed to a lower net charge-off rate in 2022 and 2023 – The North Star portfolio origination yield (before accounting adjustments) is around 20% North Star Leasing North Star Leasing $162.7 $212.4 $220.9 $221.5 $212.0 $190.9 $176.7 $162.8 $149.1 $137.1 $126.5 $1,383 $3,027 $690 $2,205 $3,733 $7,483 $5,403 $4,836 $4,484 $5,325 $3,819 14.43% 14.49% 14.69% 14.35% 13.99% 14.24% 13.80% 14.14% 13.74% 14.25% 14.13% Ending Balance ($ in millions) Net Charge-Offs ($ in thousands) Yield (Net of Deferred Fees and Costs) Full Year 2022 Full Year 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

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6 High Balance Accounts (Dollars in millions) $11.1 $8.5 $7.6 $8.2 $1.3 $0.3 $— $— $— $— $— $— High balance account outstanding balances High balance account new production 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 $— $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 – High balance accounts consist of leasing relationships in excess of $300,000 in aggregated balances North Star Leasing (High Balance Accounts) We have significantly reduced our exposure to high balance leases within the North Star Leasing portfolio – The high balance portfolio declined nearly 85% compared to December 31, 2023 – At March 31, 2026, these high balance leases totaled $9.4 million – We stopped originating new high balance leases through North Star in mid-2024 At March 31, 2026, our small-ticket lease balances comprised less than 2% of our total loan balances

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7 Asset Quality Metrics 3.79% 3.79% 3.80% 3.52% 3.70% 3.99% 3.50% 3.31% 1.90% 2.12% 2.03% 1.93% 1.89% 2.36% 2.18% 2.10% 1.05% 1.06% 1.00% 1.01% 1.13% 1.11% 1.12% 1.16% 0.53% 0.76% 0.53% 0.50% 0.49% 0.47% 0.45% 0.41% 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 9/30/2025 12/31/2025 3/31/2026 The allowance for credit losses was 1.16% of total loans at March 31, 2026 – Nonperforming loans declined over $3 million compared to the linked quarter, driven by reductions in loans 90+ days past due and accruing – Delinquency levels improved as 98.9% of our loan portfolio was considered "current" compared to 98.6% at year-end – Criticized loans declined $12 million, while classified loans decreased $5 million compared to year-end Asset Quality

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8 Net Charge-Offs (Dollars in thousands) 5,403 4,838 4,484 5,325 3,819 2,718 2,126 2,345 2,114 2,826 Small-ticket leasing net charge-offs All other net charge-offs 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 — 2,000 4,000 6,000 8,000 10,000 Provision for Credit Losses and Net Charge-Offs Provision for credit losses increased while the annualized net charge-off rate declined compared to the linked quarter – Deterioration in macro-economic conditions used within our models drove the growth in provision for credit losses, and is not indicative of issues we are seeing in our portfolio – Small-ticket leasing net charge-offs declined compared to the linked quarter Net charge-offs have been heavily impacted by small-ticket leasing in recent quarters – Excluding small-ticket leasing, net charge-offs have been stable Quarterly Net Charge-Off Rate (Annualized) 0.52% 0.43% 0.41% 0.44% 0.40% 0.18% 0.14% 0.15% 0.13% 0.17% Total net charge-off rate Net charge-off rate, excluding North Star Leasing 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026

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9 Net interest income declined $0.6 million compared to the linked quarter, while net interest margin expanded by 4 basis points – The lower net interest income was driven by reductions in accretion income and two fewer days in the first quarter compared to the fourth quarter – Net interest margin expansion was due to reductions in core deposit costs, excluding brokered CDs, which were down 12 basis points Net Interest Income (Dollars in thousands) $85,255 $91,049 $90,420 1Q 2025 4Q 2025 1Q 2026 Quarterly Net Interest Margin ("NIM") 4.26% 4.18% 4.27% 4.15% 4.12% 4.15% 4.16% 4.12% 4.16% 0.32% 0.28% 0.39% 0.23% 0.17% 0.12% 0.08% 0.08% 0.06% Net interest margin Accretion impact 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Accretion Income (Dollars in thousands) $3,481 $1,794 $1,259 1Q 2025 4Q 2025 1Q 2026 Net Interest Income

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10 Non-interest income, excluding gains and losses, grew $0.4 million compared to the linked quarter – We recorded annual performance-based insurance commissions of $1.2 million, which we typically receive in the first quarter of each year – This income was partially offset by lower electronic banking income and deposit account service charges, which are seasonally higher in the fourth quarter of each year Net losses on asset disposals and other transactions were elevated for the linked quarter, driven by a $0.9 million loss on the sale of an OREO property, along with a $0.8 million loss on the redemption of subordinated debt. Non-Interest Income (Dollars in thousands) $27,099 $26,272 $28,254 1Q 2025 4Q 2025 1Q 2026 Non-Interest Income

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11 Non-interest expense grew $0.3 million compared to the linked quarter – Annual one-time employee-related expenses totaling $1.5 million contributed to the increase – This increase was partially offset by declines in amortization of other intangible assets of $0.5 million and professional fees of $0.4 million The efficiency ratio increased compared to the linked quarter – The increase was driven by higher expenses and lower accretion income Non-Interest Expense (Dollars in thousands) $70,787 $71,294 $71,635 1Q 2025 4Q 2025 1Q 2026 Efficiency Ratio 60.7% 57.8% 58.6% 1Q 2025 4Q 2025 1Q 2026 Non-Interest Expense

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12 Deposit Balances by Segment (As of Most Recent Quarter-End) 21% 15% 26% 12% 11% 12% 3% 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) $1.53 $1.53 $1.54 $1.55 $1.59 $6.21 $6.11 $6.10 $6.06 $6.06 1.84% 1.76% 1.76% 1.68% 1.52% Non-interest-bearing deposits Interest-bearing deposits Quarterly deposit cost 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 First quarter 2026 deposits grew $192 million, excluding brokered CDs – Governmental deposits were seasonally higher, increasing $102 million, coupled with a $41 million increase in non-interest bearing deposits – Brokered CDs declined $154 million as we opted for a lower-cost funding source – At March 31, 2026, 77% of our deposits were to retail customers (comprised of consumers and small businesses), while the remaining 23% were to commercial customers – Our average retail customer deposit relationship was $27,000 at quarter-end, while our median was around $2,900 Deposits

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13 Capital Metrics 13.75% 13.71% 13.79% 13.78% 13.98% 12.54% 12.39% 12.54% 12.73% 12.89% 12.10% 11.95% 12.11% 12.29% 12.45% 9.80% 9.83% 9.74% 9.91% 10.14% 8.34% 8.26% 8.53% 8.79% 8.91% Total risk-based capital ratio Tier 1 risk-based capital ratio Common equity tier 1 capital ratio Leverage ratio Tangible equity to tangible assets 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 – All of our regulatory capital ratios improved during the first quarter, as earnings (net of dividends) outpaced increases in risk- weighted assets – Our tangible equity to tangible assets ratio improved 12 basis points compared to year-end Capital

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14 Our current expectations for 2026, excluding non-core expenses and the proposed merger: Operating Leverage – Expect to generate positive operating leverage for 2026, compared to 2025 Net Interest Income – We anticipate our net interest margin will be between 4.00% and 4.20% for the full year of 2026, which includes one 25 basis point rate cut – Each incremental 25 basis point reduction in rates from the Federal Reserve is expected to result in a 3 to 4 basis point decline in our net interest margin for the full year, while similar increases would have a 3 to 4 basis point improvement in our net interest margin Non-Interest Income Excluding Gains and Losses – Believe non-interest income, excluding gains and losses, will be between $28 and $30 million for each quarter for 2026 Non-Interest Expense – Anticipate quarterly non-interest expense of between $73 to $75 million for the second, third and fourth quarters of 2026 Loans/Asset Quality – We believe our loan growth will come in towards the low end of our guided range of 3% to 5% due to the movement of paydowns from late 2025 to 2026, coupled with the macro environment changes that occurred in the first quarter – Anticipate a reduction in our net charge-offs for 2026, compared to 2025, which could positively impact provision for credit losses, excluding any changes in the economic forecasts 2026 Outlook

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15 Proposed Merger Details

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16 This presentation does not constitute an offer to sell or the solicitation of an offer to buy securities of Peoples. Peoples will file a registration statement on Form S-4 and other documents regarding the proposed transaction referenced in this presentation with the SEC to register the shares of Peoples common stock to be issued to the shareholders of Citizens National Corporation ("Citizens"). The registration statement will include a proxy statement of Citizens that also constitutes a prospectus of Peoples, which, when finalized, will be sent to the shareholders of Citizens seeking their approval of the merger-related proposals. Investors and security holders are urged to read the proxy statement/prospectus and any other relevant documents to be filed with the SEC in connection with the proposed transaction because they will contain important information about Peoples, Citizens and the proposed transaction. Investors and security holders may obtain a free copy of these documents (when available) through the website maintained by the SEC (sec.gov) or at Peoples (peoplesbancorp.com). These documents may also be obtained, without charge, by directing a request to Peoples Bancorp Inc., 138 Putnam Street, P.O. Box 738, Marietta, Ohio 45750, Attn.: Investor Relations. Peoples and Citizens and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Citizens in connection with the proposed merger. Information about the directors and executive officers of Peoples is set forth in the proxy statement for Peoples' 2026 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 6, 2026. Information about the directors and executive officers of Citizens and their ownership of Citizens common stock, as well as additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by securities holdings or otherwise, will be included in the proxy statement/prospectus and other relevant documents regarding the proposed transaction to be filed with the SEC when they become available. Free copies of this document may be obtained as described in the preceding paragraph. Important Information for Investors and Shareholders

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17 Compelling Strategic Rationale C O M P E L L I N G S T R A T E G I C F I T F I N A N C I A L L Y A T T R A C T I V E C U L T U R A L A L I G N M E N T M A I N T A I N S F L E X I B I L I T Y • Exceptional deposit franchise that addresses key strategic priorities of Peoples • Low-cost of funding (1.27% MRQ(1) cost of deposits) and high balance sheet liquidity (58% loan-to-deposit ratio) • In-market acquisition; familiarity with markets and client base • Attractive pricing with modest expected TBV dilution (0.9%) and earnback period (<1 year) • Expected EPS accretion of 5.6% in 2027 • Achievable and meaningful cost savings have been identified • Opportunity to strengthen and optimize pro forma balance sheet • 20%+ IRR expected • Ability to manage balance sheet to delay crossing $10 billion asset threshold • Allows for opportunity to evaluate other strategic opportunities • Minimal integration risk • Pro forma capital ratios remain strong • Consistent approach to care for all stakeholders, including associates, customers, communities, and shareholders • Aligned culture focused on serving the needs of clients and communities • Matched principles and core values (1) MRQ refers to the most recent fiscal quarter Note: MRQ cost of deposits and loan/deposit ratio shown at or for the quarter ended March 31, 2026

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18 Overview of Citizens National Corporation (OTCPK: CZNL) Transaction Structure & Consideration Franchise Highlights as of March 31, 2026 Combined Branch Footprint PEBO\* (127) CZNL (12) • Founded in 1909 as Paintsville Bank & Trust Co. • Headquartered in Paintsville, KY • Operates 12 branches in eight Kentucky counties, which include Johnson, Floyd, Magoffin, Boyd, Carter, Pike, Lawrence and Clark $686.0M Total Assets $342.2M Gross Loans $586.0M Total Deposits 58% Loans / Deposits $64.9M TCE 9.7% TCE Ratio 0.87% LTM ROAA $6.0M LTM Net Income MRQ(1) Loan Composition MRQ(1) Deposit Composition Deposit Breakdown by County 5.91% MRQ(1) Yield on Loans 1.27% MRQ(1) Cost of Deposits 119% CRE / Total Capital Source: S&P Capital IQ Pro; Company documents // Note 1: Consolidated financial data as of March 31, 2026; loan and deposit compositions shown at the bank-level as of March 31, 2026 (1) MRQ refers to the most recent fiscal quarter Note 2: Deposit market share data as of June 30, 2025 per the FDIC's Summary of Deposits \* Map does not display all PEBO branches

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19 Top Deposit Franchise in Kentucky Citizens has a low loan-to-deposit ratio (58%), a high percentage of non-interest bearing deposits (30%) and a low cost of deposits (1.27% MRQ(1)) NIB Deposits / Deposits vs. Kentucky Peers(2) Deposit Highlights Cost of Deposits vs. Kentucky Peers(2) • Sticky relationships: 13+ year average tenure amongst the top 25 depositors • Granular deposit base: ~32,000 accounts with average account size of ~$15,000 and median account size of ~$1,000 • Core funded: 92% core deposits, zero brokered deposits • Highly liquid balance sheet: 58% loan-to-deposit ratio provides opportunity for redeployment through PEBO's core lending lines • Low Uninsured Deposits: Only ~18% uninsured deposits / total deposits • #1 deposit market share in Johnson and Lawrence Counties CZNL (12) #4 of 36 in MRQ(1) Cost of Deposits Paired with a highly liquid balance sheet (58% Loans/Deposits) #6 of 36 in NIB Deposits / Deposits (%) 92% core deposit funded; no brokered deposits Source: S&P Capital IQ Pro; Company documents // Note 1: Excludes purchase accounting and other merger related adjustments // Note 2: Deposit market share data as of June 30, 2025 per the FDIC's Summary of Deposits // Note 3: Financial data as of March 31, 2026 (1) MRQ refers to the most recent fiscal quarter (2) Peers include KY headquartered banks with total assets greater than $500M; excludes merger targets and mutuals; financial data as of most recently reported quarter Kentucky Peers Kentucky Peers

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20 • Deal Value / TBV: 118% • Deal Value / LTM Earnings: 12.7x • TBV Dilution at Close: 0.9% \| TBV Earnback Period: <1 year • 2027 EPS Accretion: 5.6% • Anticipated transaction close in the second half of 2026 • Subject to customary regulatory approvals and CZNL shareholder approval • One-time merger costs of $15.4 million (pre-tax) • Aggregate transaction value of $76.6 million(2) • Deal value per CZNL share of $78.39(3) • Fixed exchange ratio of 2.10x PEBO shares plus $8.00 in cash for each CZNL share outstanding • 40% cost savings of CZNL's non-interest expense • Revenue synergies identified but not modeled • Pro forma TCE Ratio: 9.5% • Pro forma CET1 Ratio: 12.6% • All other regulatory capital ratios remain well capitalized • Loan credit mark of 4.00% of loans at closing, or $13.7 million (assumes early adoption of FASB's amendments to ASU 2016-13; no non-PCD mark and no CECL "double-count") • Loan interest rate mark down of 1.00% of loans at closing, or $3.4 million, amortized straight line over 2.6 years • Core deposit intangible of 3.00% of non-time deposits, amortized SYD over 10 years • Other adjustments: ~$5.1 million(4) Transaction Summary Valuation & Metrics(3) Timing & Approvals Selected Purchase Accounting Marks (Pre-Tax) Merger Charges Transaction Structure & Consideration Transaction Overview & Expected Financial Impact(1) Source: Company documents Note: Financial metrics reference data as of March 31, 2026 (1) Pro forma implications include impacts of any potential deposit divestitures required as well as balance sheet management to remain under $10B in total assets at year-end 2026 (see page 22) (2) Based on 976,924 CZNL shares outstanding (3) Based on PEBO's 20-day volume weighted average price per share of $33.52 on April 20, 2026 (4) Includes gain on Visa B shares and mark downs of time deposits and trust preferred securities Cost Savings & Synergies Pro Forma Capital Ratios (at Close)

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21 Comprehensive Due Diligence Key Diligence Focus Areas Highlights Rigorous Credit Review Business Overview & Strategy Credit & Asset Quality Human Resources & Third-Party Vendors Finance, Accounting & Tax Risk Management, Compliance & Audit Legal & Regulatory Treasury & Investments Information Technology & Security Commercial Banking, Retail Banking & Consumer Lending Deposits & Funding ~90% of Loan Balances Reviewed 100% Review of 'Watch' Loans 20+ PEBO Internal Participants 2,242 Individual Loans Reviewed • Thorough review of all functional areas of Citizens, completed by Peoples' seasoned due diligence team • In-depth document review • Management meetings covering each diligence focus area • Comprehensive loan review with internal Peoples credit team members accompanied by third-party analysis • Exhaustive diligence reviews sets up Peoples for successful integration

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22 Crossing the $10 Billion Threshold • Peoples remains ready to cross the $10 billion asset threshold following years of steady, continuous preparation • We have proactively invested in the systems, infrastructure, talent and governance needed to seamlessly transition to a $10 billion bank • Though currently prepared, we will use the acquisition of Citizens as an opportunity to strategically manage the balance sheet to focus on core funding, taking full advantage of Citizen's exceptional deposit base • Our contemplated actions will keep Peoples under $10 billion in assets through the remainder of 2026 Contemplated Balance Sheet Actions(1) • To ensure we remain below $10 billion in assets at year-end 2026, we anticipate selling Citizens' entire securities portfolio, as well as ~$300 million of Peoples' securities, at transaction closing ◦ The securities expected to be sold have a weighted average yield of 2.48% • Proceeds from the securities sale will be used to pay down a meaningful portion of Peoples' overnight and wholesale borrowings (approximately $560 million) ◦ The borrowings expected to be repaid have a weighted average cost of 3.85% • The magnitude of the restructuring ensures that Peoples' organic growth prospects for the remainder of 2026 are not impeded, and expected timing of organic crossing of $10 billion in assets remains unchanged (1) Securities sale metrics subject to change Strategic Considerations How We Have Prepared 2026 Implemented cloud native data warehouse (Snowflake) 2025 Implemented cloud native commercial loan origination (nCino) and Governance, Risk & Compliance (AuditBoard) systems 2024 Implemented best-in-class customer relationship (Salesforce) and insurance agency management (Applied Epic) solutions 2023 Deployed new dealer floor plan system (Data Scan), enhanced fraud monitoring, and completed external readiness assessment 2016 – 2022 Completed core conversion and internal readiness assessment, enhanced online & mobile banking experience, and implemented robotic process automation in some business processes

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23 Transaction Highlights ATTRACTIVE DEPOSIT BASE Acquisition of a best-in- class, in-market deposit franchise, while strategically enhancing and optimizing the existing Kentucky footprint LOW RISK INTEGRATION Low-risk transaction given shared vision, credit culture, overlapping markets, and operating model – supporting seamless integration and preserving flexibility for continued growth or additional acquisitions FINANCIALLY COMPELLING Attractively priced transaction that balances EPS accretion with minimal tangible book value dilution COMMUNITY IMPACT Combines two cultures with strong commitment to community engagement and local economic impact

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## Exhibit 99.3

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

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| | | |
|:---|:---|:---|
| P.O. BOX 738 - MARIETTA, OHIO - 45750 | **NEWS RELEASE** | **NEWS RELEASE** |
| www.peoplesbancorp.com | **NEWS RELEASE** | **NEWS RELEASE** |
| **<u>FOR IMMEDIATE RELEASE</u>** | **Contact:** | Katie Bailey |
| April 21, 2026 |  | Chief Financial Officer and Treasurer |
|  |  | (740) 376-7138 |

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**PEOPLES BANCORP INC. DECLARES**

**QUARTERLY DIVIDEND** 

**_____________________________________________________________________**

**MARIETTA, Ohio** - The Board of Directors of Peoples Bancorp Inc. ("Peoples") (Nasdaq: PEBO) declared a quarterly cash dividend of $0.42 per common share, an increase of $0.01, or 2%, on April 20, 2026, payable on May 18, 2026, to shareholders of record on May 4, 2026.

This dividend represents a payout of approximately $15.0 million, or 51.7% of Peoples' reported first quarter 2026 earnings. Based on the closing stock price of Peoples' common shares of $34.36 on April 17, 2026, the quarterly dividend produces an annualized yield of 4.89%.

Peoples Bancorp Inc. ("Peoples", Nasdaq: PEBO) is a diversified financial services holding company and makes available a complete line of banking, trust and investment, insurance and specialty financing solutions through its subsidiaries. Headquartered in Marietta, Ohio, since 1902, Peoples has established a heritage of financial stability, growth and community impact. Peoples had $9.6 billion in total assets as of March 31, 2026, and 144 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, Peoples Life Insurance Premium Finance, and North Star Leasing), Peoples Insurance Agency, LLC, and Vantage Financial, LLC.

**END OF RELEASE**

## Exhibit 99.4

Filed by Peoples Bancorp Inc.

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: Citizens National Corporation

![image_0a.jpg](image_0a.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![image_1a.jpg](image_1a.jpg)&nbsp;&nbsp;&nbsp;&nbsp;

P.O. BOX 738 – MARIETTA, OHIO – 45750 620 Broadway – PAINTSVILLE, KENTUCKY – 41240 <br> <u>www.peoplesbancorp.com</u> <u>www.wercitizens.bank</u>

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| | | |
|:---|:---|:---|
| | | **NEWS RELEASE** |
| | | **NEWS RELEASE** |
| **<u>FOR IMMEDIATE RELEASE</u>** | **<u>FOR IMMEDIATE RELEASE</u>** | |
| April 21, 2026 |  |  |
| Contacts: | Tyler J. Wilcox | Leisha Maynard |
|  | President and Chief Executive Officer | President and Chief Executive Officer |
|  | Peoples Bancorp Inc. | Citizens National Corporation |
|  | (740) 373-7737 | (606) 264-3054 |

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**PEOPLES BANCORP INC. AND CITIZENS NATIONAL CORPORATION ANNOUNCE DEFINITIVE MERGER AGREEMENT**

**_____________________________________________________________________**

**MARIETTA, Ohio, and PAINTSVILLE, Kentucky** - Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) and Citizens National Corporation ("Citizens") (OTCPK: CZNL), jointly announced today the signing of a definitive agreement and plan of merger (the "Merger Agreement") pursuant to which Peoples will acquire Citizens, a bank holding company headquartered in Paintsville, Kentucky, and the parent company of Citizens Bank of Kentucky, Inc. ("Citizens Bank"), in a cash and stock transaction. Under the terms of the Merger Agreement, Citizens will merge with and into Peoples (the "Merger"), and Citizens Bank will subsequently merge with and into Peoples' wholly owned subsidiary, Peoples Bank, in a transaction valued at approximately $76.6 million.

Citizens, through its community bank subsidiary and 132 employees, operates 12 branches located primarily in Eastern Kentucky. As of March 31, 2026, Citizens had, on a consolidated basis, $686 million in total assets, which included $342 million in gross loans, and $586 million in total deposits.

"We are pleased to expand our footprint in Kentucky through the acquisition of an exceptional franchise in Citizens Bank of Kentucky. Their locations are within areas that mean a lot to us," said Tyler Wilcox, President and Chief Executive Officer of Peoples. "Citizens' low-cost deposits and high level of balance sheet liquidity allow us to not only strengthen the Peoples' deposit base but to also maintain the flexibility to remain under $10 billion in assets. We look forward to growing in

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Eastern Kentucky, working alongside Citizens' employees, customers, and communities. Soon we will be able to offer more locations, products, and services to both Citizens and Peoples customers, making a greater impact in our Eastern Kentucky communities."

Leisha Maynard, President and Chief Executive Officer of Citizens, added "We are looking forward to joining an outstanding organization that will continue our strong culture and believe this partnership will deliver meaningful value to our shareholders as well as to our customers and the communities we serve. Peoples has built a strong reputation in community banking and their experience in successful acquisition integrations will help deliver their relationship and community-driven culture to all of the Citizens stakeholders."

According to the terms of the Merger Agreement, which has been unanimously approved by the Boards of Directors of both companies, shareholders of Citizens will receive 2.10 shares of Peoples common stock plus $8.00 in cash for each share of Citizens' common stock. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Citizens stockholders for the stock consideration received. Based on Peoples' 20-day volume-weighted average price per share of $33.52 on April 20, 2026, the aggregate deal value is approximately $76.6 million, or $78.39 per share. The transaction is expected to be immediately accretive to Peoples' estimated earnings, with a tangible book value earnback of less than one year and an internal rate of return in excess of 20%.

The acquisition is expected to close during the second half of 2026, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of Citizens.

Peoples was advised by Raymond James & Associates, Inc. and the law firm of Vorys, Sater, Seymour and Pease LLP. Citizens was advised by Forvis Mazars Capital Advisors, LLC and the law firm of FBT Gibbons LLP. Hovde Group, LLC issued a fairness opinion to Citizens.

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**<u>Important Information for Investors and Shareholders</u>**<u>:</u>

&nbsp;&nbsp;&nbsp;&nbsp;This news release does not constitute an offer to sell or the solicitation of an offer to buy securities of Peoples. Peoples will file a registration statement on Form S-4 and other documents regarding the proposed transaction referenced in this news release with the Securities and Exchange Commission ("SEC") to register the shares of Peoples common stock to be issued to the shareholders of Citizens. The registration statement will include a proxy statement of Citizens that also constitutes a prospectus of Peoples, which, when finalized, will be sent to the shareholders of Citizens seeking their approval of the merger-related proposals. Investors and security holders are urged to read the proxy statement/prospectus and any other relevant documents to be filed with the SEC in connection with the proposed transaction because they will contain important information about Peoples, Citizens and the proposed transaction. Investors and security holders may obtain a free copy of these documents (when available) through the website maintained by the SEC at www.sec.gov. These documents may also be obtained, without charge, by directing a request to Peoples Bancorp Inc., 138 Putnam Street, P.O. Box 738, Marietta, Ohio 45750, Attn.: Investor Relations.

&nbsp;&nbsp;&nbsp;&nbsp;Peoples and Citizens and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Citizens in connection with the proposed merger. Information about the directors and executive officers of Peoples is set forth in the proxy statement for Peoples' 2026 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 6, 2026. Information about the directors and executive officers of Citizens and their ownership of Citizens common stock, as well as additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by securities holdings or otherwise, will be included in the proxy statement/prospectus and other relevant documents regarding the proposed transaction to be filed with the SEC when they become available. Free copies of this document may be obtained as described in the preceding paragraph.

<u>About Peoples Bancorp Inc.:</u>

Peoples Bancorp Inc. is a diversified financial services holding company and makes available a complete line of banking, trust and investment, insurance and specialty financing solutions through its subsidiaries. Headquartered in Marietta,

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Ohio, since 1902, Peoples has established a heritage of financial stability, growth and community impact. Peoples had $9.6 billion in total assets as of March 31, 2026, and 144 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 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.

<u>About Citizens National Corporation:</u>

Citizens National Corporation, headquartered in Paintsville, Kentucky, is the bank holding company for Citizens Bank of Kentucky, Inc, serving consumers and businesses in Eastern Kentucky. As of March 31, 2026, Citizens had $686 million in total assets. Citizens operates 12 Kentucky branches in Johnson County, Floyd County, Boyd County, Carter County, Clark County, Lawrence County, Pike County, and Magoffin County. Citizens Bank offers consumer and commercial banking products and services, including deposit accounts, residential and commercial lending, treasury management, digital banking, and wealth management services.

<u>Safe Harbor Statement:</u>

Statements made in this news release that 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 statements are subject to certain risks and uncertainties including, but not limited to, the successful completion and integration of the transaction contemplated in this release, which includes the retention of the acquired customer relationships, adverse changes in economic conditions, the impact of competitive products and pricing and the other risks set forth in Peoples' filings with the SEC. As a result, actual results may differ materially from the forward-looking statements in this news release. These factors are not necessarily all of the factors that could cause Peoples or the combined company's actual results, performance, or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other unknown or unpredictable factors also could harm Peoples or the combined company's results.

Peoples and Citizens encourage readers of this news release to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. The companies undertake 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. If Peoples or Citizens updates one or more forward-looking statements, no inference should be drawn that Peoples or Citizens will make additional updates with respect to those or other forward-looking statements. 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 (with respect to Peoples' SEC filings).

**END OF RELEASE**

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