株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q
(Mark One)
  ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
  ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission File Number: 000-16772
PEO-LOGO-BANCORP-HORIZ-RGB_SOLID.jpg
PEOPLES BANCORP INC.
(Exact name of Registrant as specified in its charter)
Ohio   31-0987416
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
138 Putnam Street,  P.O. Box 738,
Marietta, Ohio   45750
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code:   (740) 373-3155
  Not Applicable  
  (Former name, former address and former fiscal year, if changed since last report)  
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Shares, without par value PEBO The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x   No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
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.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No  ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 35,702,963 common shares, without par value, at October 29, 2025.

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PART I - FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
  September 30,
2025		 December 31,
2024
(Dollars in thousands) (Unaudited)
Assets    
Cash and cash equivalents:
Cash and balances due from banks $ 120,986  $ 108,721 
Interest-bearing deposits in other banks 69,231  108,943 
Total cash and cash equivalents 190,217  217,664 
Available-for-sale investment securities, at fair value (amortized cost of $1,078,703 at September 30, 2025 and $1,229,382 at December 31, 2024) (a)
 976,906  1,083,555 
Held-to-maturity investment securities, at amortized cost (fair value of $872,725 at September 30, 2025 and $692,499 at December 31, 2024) (a)
 931,824  774,800 
Other investments 63,991  60,132 
Total investment securities (a) 1,972,721  1,918,487 
Loans and leases, net of deferred fees and costs (b) 6,728,728  6,358,003 
Allowance for credit losses (74,864) (63,348)
Net loans and leases (c) 6,653,864  6,294,655 
Loans held for sale 3,287  2,348 
Bank premises and equipment, net of accumulated depreciation 103,581  103,669 
Bank owned life insurance 147,097  143,710 
Goodwill 363,199  363,199 
Other intangible assets 32,336  39,223 
Other assets 157,642  171,292 
Total assets $ 9,623,944  $ 9,254,247 
Liabilities    
Deposits:
Non-interest-bearing $ 1,536,094  $ 1,507,661 
Interest-bearing 6,096,102  6,082,544 
Total deposits 7,632,196  7,590,205 
Short-term borrowings 483,590  193,474 
Long-term borrowings 227,282  238,073 
Accrued expenses and other liabilities 98,100  120,905 
Total liabilities $ 8,441,168  $ 8,142,657 
Stockholders’ equity    
Preferred shares, no par value, 50,000 shares authorized, no shares issued at September 30, 2025 or at December 31, 2024
 —  — 
Common shares, no par value, 50,000,000 shares authorized, 36,822,901 shares issued at September 30, 2025 and 36,782,601 shares issued at December 31, 2024, including at each date shares held in treasury
 870,044  866,844 
Retained earnings 421,072  388,109 
Accumulated other comprehensive loss, net of deferred income taxes (77,539) (110,385)
Treasury stock, at cost, 1,205,765 shares at September 30, 2025 and 1,311,175 shares at December 31, 2024
 (30,801) (32,978)
Total stockholders’ equity $ 1,182,776  $ 1,111,590 
Total liabilities and stockholders’ equity $ 9,623,944  $ 9,254,247 
(a)    Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $237, respectively, at both September 30, 2025 and December 31, 2024.
(b)    Also referred to throughout this Quarterly Report on Form 10-Q as "total loans" or "loans held for investment."
(c)    Also referred to throughout this Quarterly Report on Form 10-Q as "net loans."


See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in thousands, except per share data) 2025 2024 2025 2024
Interest income:
Interest and fees on loans and leases $ 113,157  $ 116,547  $ 329,275  $ 339,729 
Interest and dividends on taxable investment securities 17,932  15,132  48,897  43,892 
Interest on tax-exempt investment securities 937  988  2,865  2,985 
Other interest income 782  953  2,720  5,377 
Total interest income 132,808  133,620  383,757  391,983 
Interest expense:
Interest on deposits 33,890  37,249  102,930  104,968 
Interest on short-term borrowings 4,044  4,051  5,940  14,457 
Interest on long-term borrowings 3,525  3,408  10,706  10,393 
Total interest expense 41,459  44,708  119,576  129,818 
Net interest income 91,349  88,912  264,181  262,165 
Provision for credit losses 7,280  6,735  34,112  18,520 
Net interest income after provision for credit losses 84,069  82,177  230,069  243,645 
Non-interest income:
Electronic banking income 6,538  6,359  18,695  18,875 
Trust and investment income 5,414  4,882  15,756  14,480 
Insurance income 4,469  4,271  15,072  14,878 
Deposit account service charges 4,274  4,520  12,348  13,082 
Lease income 3,622  3,045  11,257  7,208 
Bank owned life insurance income 1,143  460  3,388  2,997 
Mortgage banking income 245  1,051  861  1,615 
Net loss on asset disposals and other transactions (478) (795) (1,119) (1,564)
Net loss on investment securities (2,580) (74) (2,582) (428)
Other non-interest income 1,180  1,075  4,130  3,134 
Total non-interest income 23,827  24,794  77,806  74,277 
Non-interest expense:
Salaries and employee benefit costs 38,698  37,085  117,412  112,542 
Data processing and software expense 7,356  6,111  21,717  18,623 
Net occupancy and equipment expense 5,896  5,905  17,198  18,330 
Professional fees 2,798  2,896  9,495  8,798 
Amortization of other intangible assets 2,211  2,786  6,635  8,361 
Electronic banking expense 2,161  1,844  6,204  5,566 
Other loan expenses 1,385  1,178  3,717  3,290 
Federal Deposit Insurance Corporation ("FDIC") insurance expense
 1,284  1,241  3,786  3,678 
Operating lease expense 1,039  1,010  3,077  2,437 
Marketing expense 1,001  971  2,622  2,708 
Franchise tax expense 916  917  2,523  2,558 
Travel and entertainment expense 796  795  2,009  1,933 
Communication expense 664  814  2,110  2,349 
Other non-interest expense 3,689  2,537  12,538  12,140 
Total non-interest expense 69,894  66,090  211,043  203,313 
Income before income taxes 38,002  40,881  96,832  114,609 
Income tax expense 8,526  9,197  21,808  24,334 
Net income $ 29,476  $ 31,684  $ 75,024  $ 90,275 
Earnings per common share - basic $ 0.83  $ 0.90  $ 2.13  $ 2.57 
Earnings per common share - diluted $ 0.83  $ 0.89  $ 2.10  $ 2.55 
Weighted-average number of common shares outstanding - basic 35,003,054  34,793,704  34,957,341  34,766,281 
Weighted-average number of common shares outstanding - diluted 35,398,809  35,199,383  35,327,816  35,106,712 
Cash dividends declared $ 14,655  $ 14,174  $ 43,498  $ 42,116 
Cash dividends declared per common share $ 0.41  $ 0.40  $ 1.22  $ 1.19 

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in thousands) 2025 2024 2025 2024
Net income $ 29,476  $ 31,684  $ 75,024  $ 90,275 
Other comprehensive income:
Available-for-sale investment securities:
Gross unrealized holding gain arising during the period 14,218  37,723  41,445  26,414 
Related tax expense (3,315) (8,779) (9,662) (6,203)
Reclassification adjustment for net gain included in net income 2,580  74  2,582  428 
Related tax expense (602) (18) (602) (100)
Net effect on other comprehensive income 12,881  29,000  33,763  20,539 
Cash flow hedges:
Net gain (loss) arising during the period 54  (998) (234) 528 
  Related tax (expense) benefit (12) 232  55  (123)
Reclassification adjustment for net loss included in net income (248) (700) (962) (2,413)
Related tax benefit 58  163  224  563 
Net effect on other comprehensive income (148) (1,303) (917) (1,445)
Total other comprehensive income, net of tax 12,733  27,697  32,846  19,094 
Total comprehensive income $ 42,209  $ 59,381  $ 107,870  $ 109,369 

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
Accumulated Other Comprehensive Loss Total Stockholders' Equity
Common Shares Retained Earnings Treasury Stock
(Dollars in thousands)
Balance, June 30, 2025 $ 868,493  $ 406,252  $ (90,272) $ (31,123) $ 1,153,350 
Net income —  29,476  —  —  29,476 
Other comprehensive income, net of tax —  —  12,733  —  12,733 
Cash dividends declared —  (14,655) —  —  (14,655)
Reissuance of treasury stock for common share awards (222) —  —  222  — 
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors —  —  —  (208) (208)
Common shares issued under dividend reinvestment plan 554  —  —  —  554 
Common shares issued under compensation plan for Boards of Directors 20  —  —  111  131 
Common shares issued under employee stock purchase plan 36  —  —  197  233 
Stock-based compensation 1,163  —  —  —  1,163 
Other —  (1) —  —  (1)
Balance, September 30, 2025 $ 870,044  $ 421,072  $ (77,539) $ (30,801) $ 1,182,776 

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Accumulated Other Comprehensive Loss Total Stockholders' Equity
Common Shares Retained Earnings Treasury Stock
(Dollars in thousands)
Balance, December 31, 2024 $ 866,844  $ 388,109  $ (110,385) $ (32,978) $ 1,111,590 
Net income —  75,024  —  —  75,024 
Other comprehensive income, net of tax —  —  32,846  —  32,846 
Cash dividends declared —  (43,498) —  —  (43,498)
Reissuance of treasury stock for common share awards (3,621) —  —  3,621  — 
Reissuance of treasury stock for deferred compensation plan for Boards of Directors —  —  —  369  369 
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors —  —  —  (2,331) (2,331)
Common shares repurchased under share repurchase program —  —  —  (455) (455)
Common shares issued under dividend reinvestment plan 1,591  —  —  —  1,591 
Common shares issued under compensation plan for Boards of Directors 59  —  —  319  378 
Common shares issued under employee stock purchase plan 120  —  —  654  774 
Stock-based compensation 5,051  —  —  —  5,051 
Other —  1,437  —  —  1,437 
Balance, September 30, 2025 $ 870,044  $ 421,072  $ (77,539) $ (30,801) $ 1,182,776 

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Accumulated Other Comprehensive Loss Total Stockholders' Equity
Common Shares Retained Earnings Treasury Stock
(Dollars in thousands)
Balance, June 30, 2024 $ 863,975  $ 357,886  $ (110,193) $ (33,835) $ 1,077,833 
Net income —  31,684  —  —  31,684 
Other comprehensive income, net of tax —  —  27,697  —  27,697 
Cash dividends declared —  (14,174) —  —  (14,174)
Reissuance of treasury stock for common share awards (235) —  —  235  — 
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors —  —  —  (170) (170)
Common shares issued under dividend reinvestment plan 291  —  —  —  291 
Common shares issued under compensation plan for Boards of Directors 19  —  —  96  115 
Common shares issued under employee stock purchase plan 82  —  —  420  502 
Stock-based compensation 1,194  —  —  —  1,194 
Balance, September 30, 2024 $ 865,326  $ 375,396  $ (82,496) $ (33,254) $ 1,124,972 


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Accumulated Other Comprehensive Loss Total Stockholders' Equity
Common Shares Retained Earnings Treasury Stock
(Dollars in thousands)
Balance, December 31, 2023 $ 865,227  $ 327,237  $ (101,590) $ (37,340) $ 1,053,534 
Net income —  90,275  —  —  90,275 
Other comprehensive income, net of tax —  —  19,094  —  19,094 
Cash dividends declared —  (42,116) —  —  (42,116)
Reissuance of treasury stock for common share awards (6,833) —  —  6,833  — 
Reissuance of treasury stock for deferred compensation plan for Boards of Directors —  —  —  342  342 
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors —  —  —  (1,221) (1,221)
Common shares repurchased under share repurchase program —  —  —  (3,000) (3,000)
Common shares issued under dividend reinvestment plan 1,165  —  —  —  1,165 
Common shares issued under compensation plan for Boards of Directors 61  —  —  315  376 
Common shares issued under employee stock purchase plan 176  —  —  817  993 
Stock-based compensation 5,530  —  —  —  5,530 
Balance, September 30, 2024 $ 865,326  $ 375,396  $ (82,496) $ (33,254) $ 1,124,972 

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended
September 30,
(Dollars in thousands) 2025 2024
Net cash provided by operating activities $ 99,402  $ 103,230 
Investing activities:
Available-for-sale investment securities:
Purchases (27,934) (203,702)
Proceeds from sales 72,831  — 
Proceeds from principal payments, calls and prepayments 102,487  196,067 
Held-to-maturity investment securities:
Purchases (290,236) (110,406)
Proceeds from principal payments 134,114  100,528 
Other investments:
Purchases (35,076) (18,824)
Proceeds from sales 31,756  27,071 
Net increase in loans held for investment (384,463) (108,058)
Net expenditures for premises and equipment (5,912) (6,625)
Proceeds from sales of other real estate owned 187  10 
Business acquisitions, net of cash received —  (245)
Proceeds from bank owned life insurance contracts —  486 
Investment in limited partnership and tax credit funds —  (2,919)
Other (1,150) — 
Net cash used in investing activities (403,396) (126,617)
Financing activities:    
Net increase (decrease) in non-interest-bearing deposits 28,433  (114,208)
Net increase in interest-bearing deposits 13,056  445,012 
Net increase (decrease) in short-term borrowings 290,116  (425,176)
Proceeds from long-term borrowings 8,328  45,872 
Payments on long-term borrowings (19,879) (26,217)
Cash dividends paid (43,498) (42,116)
Purchase of treasury stock under share repurchase program (455) (3,000)
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock
 (2,331) (1,221)
Proceeds from issuance of common shares 1,481  1,130 
Other 1,296  296 
Net cash provided by (used in) financing activities 276,547  (119,628)
Net decrease in cash and cash equivalents (27,447) (143,015)
Cash and cash equivalents at beginning of period 217,664  426,722 
Cash and cash equivalents at end of period $ 190,217  $ 283,707 
Supplemental cash flow information:
     Interest paid $ 117,759  $ 125,979 
     Income taxes paid 17,743  20,383 
Supplemental noncash disclosures:
     Transfers from total loans to other real estate owned —  235 
Noncash recognition of new leases 1,333  1,130 
See Notes to the Unaudited Condensed Consolidated Financial Statements


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PEOPLES BANCORP INC. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Summary of Significant Accounting Policies
Basis of Presentation: The accompanying Unaudited Condensed Consolidated Financial Statements of Peoples Bancorp Inc. and its subsidiaries ("Peoples" refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) have been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP") for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by US GAAP for annual financial statements and should be read in conjunction with Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2024 ("Peoples' 2024 Form 10-K").
The accounting and reporting policies followed in the presentation of the accompanying Unaudited Condensed Consolidated Financial Statements are consistent with those described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2024 Form 10-K, as updated by the information contained in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 (this "Form 10-Q"). Management has evaluated all significant events and transactions that occurred after September 30, 2025 for potential recognition or disclosure in these Unaudited Condensed Consolidated Financial Statements. In the opinion of management, these Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary to present fairly such information for the periods and at the dates indicated. Such adjustments are normal and recurring in nature. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, total comprehensive income, net cash provided by operating, financing, or investing activities or total stockholders’ equity. The impact of such changes are not considered material to Peoples' financial statements. Intercompany accounts and transactions have been eliminated. The Consolidated Balance Sheet at December 31, 2024, contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2024 Form 10-K. 
The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, due in part to seasonal variations and unusual or infrequently occurring items.
Operating Segments: As a community banking entity, Peoples offers its customers a full range of products including a complete line of banking, leasing, insurance, investment and trust solutions. Peoples’ business activities are currently confined to a single reportable operating segment, which is community banking. Peoples’ single operating segment was determined based on the similar economic characteristics shared by the components of community banking. Peoples’ chief operating decision maker (“CODM”) is composed of its President and Chief Executive Officer, and its Chief Financial Officer. Peoples’ CODM considers all components of consolidated interest income, interest expense, non-interest income, and non-interest expense as presented in Peoples’ Consolidated Statements of Operations for the purposes of assessing performance of Peoples’ single reportable segment and allocating resources within its reportable segment. The CODM does not review segment revenue or expense information at a lower level than what is included in Peoples’ Consolidated Statements of Operations.
New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by Peoples as of the required effective dates. Refer to "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2024 Form 10-K for the impact of recently adopted standards impacting Peoples. Unless otherwise discussed, management believes the impact of any recently adopted standards will not have a material impact on Peoples' financial statements taken as a whole.
Note 2 Fair Value of Assets and Liabilities
Fair value represents the amount expected to be received to sell an asset or paid to transfer a liability in its principal or most advantageous market in an orderly transaction between market participants at the measurement date. In accordance with fair value accounting guidance, Peoples measures, records and reports various types of assets and liabilities at fair value on either a recurring or a non-recurring basis in the Unaudited Condensed Consolidated Financial Statements. Those assets and liabilities are presented below in the sections entitled “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis” and “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis.”
Depending on the nature of the asset or the liability, Peoples uses various valuation methodologies and assumptions to estimate fair value. The measurement of fair value under US GAAP uses a hierarchy, which is described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2024 Form 10-K.
Assets and liabilities are assigned to a level within the fair value hierarchy based on the lowest level of significant input used to measure fair value. Assets and liabilities may change levels within the fair value hierarchy due to market conditions or other circumstances. Those transfers are recognized on the date of the event that prompted the transfer. There were no transfers of assets or liabilities required to be measured at fair value on a recurring basis between levels of the fair value hierarchy during the periods presented.

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Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis
The following table provides the fair value for assets and liabilities required to be measured and reported at fair value on a recurring basis on the Unaudited Consolidated Balance Sheets by level in the fair value hierarchy.
  Recurring Fair Value Measurements at Reporting Date
September 30, 2025 December 31, 2024
(Dollars in thousands) Level 1 Level 2 Level 1 Level 2
Assets:    
Available-for-sale investment securities:
Obligations of:    
U.S. Treasury and government agencies
 $ —  $ 17,696  $ 893  $ 14,303 
 U.S. government sponsored agencies —  164,132  —  209,083 
States and political subdivisions
 —  186,822  —  196,301 
Residential mortgage-backed securities —  561,517  —  601,802 
Commercial mortgage-backed securities —  42,510  —  55,065 
Bank-issued trust preferred securities —  4,229  —  6,108 
Total available-for-sale securities $ —  $ 976,906  $ 893  $ 1,082,662 
Equity investment securities (a) 168  246  197  244 
Nonqualified deferred compensation (a) (b) 6,250  —  4,898  — 
Derivative assets (c) —  10,621  —  18,743 
Liabilities:
Derivative liabilities (d) $ —  $ 10,007  $ —  $ 17,046 
(a)    Included in "Other investments" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 3 Investment Securities" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
(b) Investments in the nonqualified deferred compensation plan consist of mutual funds.
(c)    Included in "Other assets" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
(d)    Included in "Accrued expenses and other liabilities" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
Available-for-Sale Investment Securities: The fair values used by Peoples are obtained from an independent pricing service and represent either quoted market prices for the identical securities (Level 1) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, secured overnight funding rate ("SOFR") (or other relevant) yield curves, credit spreads, and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services or broker in management's overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists.
Equity Investment Securities: The fair values of Peoples' equity investment securities are obtained from quoted prices in active exchange markets for identical assets or liabilities (Level 1) or quoted prices in less active markets (Level 2).
Nonqualified deferred compensation: The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of cash and exchange traded mutual funds, which values are based on market prices (Level 1).
Derivative Assets and Derivative Liabilities: The fair values for derivative financial instruments are determined based on third-party models, which leverage current market interest rates, broker-dealer quotations on similar products, or other related input parameters (Level 2).


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Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis
The following table provides the fair value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Unaudited Consolidated Balance Sheets by level in the fair value hierarchy at September 30, 2025 and December 31, 2024.
  Non-Recurring Fair Value Measurements at Reporting Date
September 30, 2025 December 31, 2024
(Dollars in thousands) Level 2 Level 3 Level 2 Level 3
Assets:
Collateral dependent loans $ —  $ 5,232  $ —  $ 4,375 
Loans held for sale (a) 982  —  1,499  — 
Other real estate owned —  —  —  5,891 
(a) Loans held for sale are presented gross of a valuation allowance of $56 and $166 at September 30, 2025 and at December 31, 2024, respectively.

Collateral Dependent Loans: Loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty, are considered collateral dependent. Peoples utilizes outside third-party appraisal services to value the underlying collateral, which Peoples then uses to report the loans at their fair value (Level 3).
Loans Held for Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried, in aggregate, at the lower of cost or estimated fair value. Peoples uses a valuation model using quoted market prices of similar instruments in arriving at the fair value (Level 2).
Other Real Estate Owned ("OREO"): OREO, included in "Other assets" on the Unaudited Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples in satisfaction of a loan. OREO is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches, including the comparable sales and income approaches. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available (Level 3).



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Financial Instruments Not Required to be Measured or Reported at Fair Value
The following table provides the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Unaudited Consolidated Balance Sheets.
  Fair Value Measurements of Other Financial Instruments
(Dollars in thousands) Fair Value Hierarchy Level September 30, 2025 December 31, 2024
Carrying Amount Fair Value Carrying Amount Fair Value
Assets:
Cash and cash equivalents 1 $ 190,217  190,217  $ 217,664  $ 217,664 
Held-to-maturity investment securities:
   Obligations of:
U.S. government sponsored agencies 2 255,888  248,476  233,302  223,294 
States and political subdivisions (a) 2 142,106  115,448  142,691  110,848 
Residential mortgage-backed securities 2 438,101  425,908  300,290  276,278 
Commercial mortgage-backed securities 2 95,966  82,893  98,754  82,079 
        Total held-to-maturity securities 932,061  872,725  775,037  692,499 
Other investments:
Other investments at cost:
Federal Home Loan Bank ("FHLB") stock 3 26,013  26,013  24,606  24,606 
Federal Reserve Bank ("FRB") stock 3 27,114  27,114  27,114  27,114 
Other investments (b) 3 4,200  4,200  3,073  3,073 
Total other investments at cost 57,327  57,327  54,793  54,793 
Loans and leases, net of deferred fees and costs (c) 3 6,728,728  6,693,002  6,358,003  6,240,751 
Bank owned life insurance 2 147,097  147,097  143,710  143,710 
Liabilities:
Deposits 2 $ 7,632,196  $ 6,999,350  $ 7,590,205  $ 6,713,360 
Short-term borrowings 2 483,590  483,586  193,474  192,964 
Long-term borrowings 2 227,282  247,326  238,073  258,195 
(a) Obligations of states and political subdivisions are presented gross of an allowance for credit losses of $237 at both September 30, 2025 and December 31, 2024.
(b)     "Other investments", as reported on the Unaudited Consolidated Balance Sheets, also included equity investment securities at September 30, 2025
and at December 31, 2024, which are reported in the "Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis"
table above and not included in this table.
(c) Loans and leases, net of deferred fees and costs, are presented gross of an allowance for credit losses of $74.9 million and $63.3 million at September 30, 2025 and at December 31, 2024, respectively.

For certain financial assets and liabilities, carrying value approximates fair value due to the nature of the financial instrument. These financial instruments include cash and cash equivalents and overnight borrowings. Peoples used the following methods and assumptions in estimating the fair value of the following financial instruments:
Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, federal funds sold and other short-term investments with original maturities of 90 days or less. The carrying amount for cash and cash equivalents balances are a reasonable estimate of fair value (Level 1).
Held-to-Maturity Investment Securities: The fair values used by Peoples are obtained from an independent pricing service and represent fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, relevant yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists.
Other Investments: FHLB and FRB stock are both recorded at historical cost. Other investments are otherwise primarily comprised of investments accounted for under the cost method due to the level of control Peoples exercises over the investee. These investments are not actively traded in an open market as sales for these types of investments are rare (Level 3).

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Loans and Leases, Net of Deferred Fees and Costs: The fair value of portfolio loans and leases assumes sale of the underlying notes to a third-party financial investor. Accordingly, this value is not necessarily the value to Peoples if the notes were held to maturity. Peoples considers interest rate, credit and market factors in estimating the fair value of loans and leases (Level 3). Fair values for loans and leases are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans and leases with similar terms, the credit risk associated with the loans and leases and other market factors, including liquidity.
Bank Owned Life Insurance: Peoples' bank owned life insurance ("BOLI") policies are recorded at their cash surrender value, which approximates fair value (Level 2). Peoples recognizes tax-exempt income from the periodic increases in the cash surrender value of these policies and from death benefits.
Deposits: The fair value of fixed-maturity certificates of deposit ("CDs") is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities. Demand and other non-fixed-maturity deposits are estimated using a discounted cash flow calculation based on maturity, attrition and re-pricing assumptions (Level 2).
Short-term Borrowings: The fair value of short-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2). 
Long-term Borrowings: The fair value of long-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2). 
Certain financial assets and financial liabilities that are not required to be measured or reported at fair value can be subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and financial liabilities include the following: customer relationships, the deposit base, and other information required to compute Peoples’ aggregate fair value, which are not included in the above information. Accordingly, the fair values described above are not intended to represent the aggregate fair value of Peoples.
Note 3 Investment Securities
Available-for-sale
The following table summarizes Peoples' available-for-sale investment securities:

(Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
September 30, 2025        
Obligations of:        
U.S. Treasury and government agencies $ 17,582  $ 158  $ (44) $ 17,696 
U.S. government sponsored agencies 171,182  317  (7,367) 164,132 
States and political subdivisions 208,505  139  (21,822) 186,822 
Residential mortgage-backed securities 627,961  1,692  (68,136) 561,517 
Commercial mortgage-backed securities 48,973  —  (6,463) 42,510 
Bank-issued trust preferred securities 4,500  1  (272) 4,229 
Total available-for-sale securities $ 1,078,703  $ 2,307  $ (104,104) $ 976,906 
December 31, 2024        
Obligations of:        
U.S. Treasury and government agencies $ 15,317  $ 87  $ (208) $ 15,196 
U.S. government sponsored agencies 224,167  53  (15,137) 209,083 
States and political subdivisions 225,074  16  (28,789) 196,301 
Residential mortgage-backed securities 693,886  1,391  (93,475) 601,802 
Commercial mortgage-backed securities 64,438  36  (9,409) 55,065 
Bank-issued trust preferred securities 6,500  —  (392) 6,108 
Total available-for-sale securities $ 1,229,382  $ 1,583  $ (147,410) $ 1,083,555 


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The gross gains and losses realized by Peoples from sales or prepayments of available-for-sale investment securities for the periods ended September 30 were as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in thousands) 2025 2024 2025 2024
Gross gains realized $ 120  $ 347  $ 145  $ 347 
Gross losses realized (2,700) (421) (2,727) (775)
Net loss realized $ (2,580) $ (74) $ (2,582) $ (428)
The cost of investment securities sold, and any resulting gain or loss, were based on the specific identification method and recognized as of the trade date.
The following table presents a summary of available-for-sale investment securities that have been in a continuous unrealized loss position for the periods identified:
  Less than 12 Months 12 Months or More Total
(Dollars in thousands)
Fair
Value
 Unrealized Loss No. of Securities
Fair
Value
 Unrealized Loss No. of Securities
Fair
Value
 Unrealized Loss
September 30, 2025                
Obligations of:
U.S. Treasury and government agencies
 $ 10,694  $ 37  6  $ 1,349  $ 7  6  $ 12,043  $ 44 
U.S. government sponsored agencies
 30,639  371  4  115,692  6,996  27  146,331  7,367 
States and political subdivisions 6,993  159  10  165,192  21,663  148  172,185  21,822 
Residential mortgage-backed securities
 23,837  10  4  489,167  68,126  256  513,004  68,136 
Commercial mortgage-backed securities
 728  5  2  41,210  6,458  23  41,938  6,463 
Bank-issued trust preferred securities
 —  —  —  3,728  272  2  3,728  272 
Total $ 72,891  $ 582  26  $ 816,338  $ 103,522  462  $ 889,229  $ 104,104 
December 31, 2024                
Obligations of:
U.S. Treasury and government agencies
 $ 10,003  $ 174  11  $ 2,299  $ 34  10  $ 12,302  $ 208 
U.S. government sponsored agencies
 130,518  5,816  27  70,982  9,321  13  201,500  15,137 
States and political subdivisions 28,400  1,188  55  160,210  27,601  138  188,610  28,789 
Residential mortgage-backed securities
 85,043  2,300  69  482,609  91,175  256  567,652  93,475 
Commercial mortgage-backed securities
 2,868  93  5  46,619  9,316  24  49,487  9,409 
Bank-issued trust preferred securities
 493  7  1  5,614  385  3  6,107  392 
Total $ 257,325  $ 9,578  168  $ 768,333  $ 137,832  444  $ 1,025,658  $ 147,410 
Management evaluates available-for-sale investment securities for an allowance for credit losses on a quarterly basis. At September 30, 2025, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At September 30, 2025, Peoples did not have the intent to sell, nor was it more likely than not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both September 30, 2025 and December 31, 2024 were attributable to changes in market interest rates and spreads since the securities were purchased, and were not credit-related losses.
The unrealized loss with respect to the two bank-issued trust preferred securities that had been in an unrealized loss position for 12 months or more at September 30, 2025 was attributable to the subordinated nature of the trust preferred securities.

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The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at September 30, 2025. The weighted-average yields are based on the amortized cost. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.
 
(Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total
Amortized cost          
Obligations of:          
U.S. Treasury and government agencies $ 262 $ 845 $ 11,227 $ 5,248 $ 17,582
U.S. government sponsored agencies 1,496 32,513 77,020 60,153 171,182
States and political subdivisions 5,645 42,732 71,598 88,530 208,505
Residential mortgage-backed securities — 1,588 43,604 582,769 627,961
Commercial mortgage-backed securities 635 6,427 23,939 17,972 48,973
Bank-issued trust preferred securities — 1,500 3,000 — 4,500
Total available-for-sale securities $ 8,038 $ 85,605 $ 230,388 $ 754,672 $ 1,078,703
Fair value          
Obligations of:          
U.S. Treasury and government agencies $ 261 $ 848 $ 11,330 $ 5,257 $ 17,696
U.S. government sponsored agencies 1,480 29,996 74,278 58,378 164,132
States and political subdivisions 5,611 40,371 63,300 77,540 186,822
Residential mortgage-backed securities — 1,536 41,534 518,447 561,517
Commercial mortgage-backed securities 635 6,049 20,924 14,902 42,510
Bank-issued trust preferred securities — 1,471 2,758 — 4,229
Total available-for-sale securities $ 7,987 $ 80,271 $ 214,124 $ 674,524 $ 976,906
Total weighted-average yield 2.48  % 2.02  % 2.94  % 2.76  % 2.74  %
Held-to-maturity
The following table summarizes Peoples’ held-to-maturity investment securities:
(Dollars in thousands) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value
September 30, 2025        
Obligations of:      
 U.S. government sponsored agencies $ 255,888  $ —  $ 625  $ (8,037) $ 248,476 
States and political subdivisions 142,106  (237) 95  (26,516) 115,448 
Residential mortgage-backed securities 438,101  —  4,168  (16,361) 425,908 
Commercial mortgage-backed securities 95,966  —  —  (13,073) 82,893 
Total held-to-maturity investment securities $ 932,061  $ (237) $ 4,888  $ (63,987) $ 872,725 
December 31, 2024        
Obligations of:        
U.S. government sponsored agencies $ 233,302  $ —  $ 219  $ (10,227) $ 223,294 
States and political subdivisions 142,691  (237) 110  (31,716) 110,848 
Residential mortgage-backed securities 300,290  —  281  (24,293) 276,278 
Commercial mortgage-backed securities 98,754  —  —  (16,675) 82,079 
Total held-to-maturity investment securities $ 775,037  $ (237) $ 610  $ (82,911) $ 692,499 
There were no sales of held-to-maturity investment securities during the periods ended September 30, 2025 or December 31, 2024.
Management evaluates held-to-maturity investment securities for an allowance for credit losses on a quarterly basis. The majority of People's held-to maturity investment securities are agency-backed securities, for which an allowance for credit losses was not recorded. Peoples calculated the allowance for credit losses for state and political subdivisions using cumulative default rate averages for municipal securities. Peoples reported $0.2 million of allowance for credit losses for held-to-maturity investment securities at both September 30, 2025, and December 31, 2024.
The following table presents a summary of held-to-maturity investment securities that had been in a continuous unrealized loss position for the periods identified:

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  Less than 12 Months 12 Months or More Total
(Dollars in thousands) Fair
Value		 Unrealized Loss No. of Securities Fair
Value		 Unrealized Loss No. of Securities Fair
Value		 Unrealized Loss
September 30, 2025                
Obligations of:
U.S. government sponsored agencies $ 102,454  $ 1,154  12  $ 78,314  $ 6,883  19  $ 180,768  $ 8,037 
States and political subdivisions 924  79  1  111,365  26,437  66  112,289  26,516 
Residential mortgage-backed securities
 37,817  322  7  152,215  16,039  47  190,032  16,361 
Commercial mortgage-backed securities
 1,560  12  1  79,332  13,061  32  80,892  13,073 
Total $ 142,755  $ 1,567  21  $ 421,226  $ 62,420  164  $ 563,981  $ 63,987 
December 31, 2024                
Obligations of:
U.S. government sponsored agencies $ 150,390  $ 2,464  29  $ 38,901  $ 7,763  11  $ 189,291  $ 10,227 
States and political subdivisions 957  44  1  106,716  31,672  66  107,673  31,716 
Residential mortgage-backed securities
 116,576  2,808  27  130,556  21,485  43  247,132  24,293 
Commercial mortgage-backed securities
 9,603  1,381  5  70,476  15,294  29  80,079  16,675 
Total $ 277,526  $ 6,697  62  $ 346,649  $ 76,214  149  $ 624,175  $ 82,911 
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at September 30, 2025. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a federal statutory corporate income tax rate of 21% at September 30, 2025. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.
(Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total
Amortized cost          
Obligations of:          
U.S. government sponsored agencies $ 2,916 $ 5,693 $ 119,659 $ 127,620 $ 255,888
States and political subdivisions 2,799 6,581 27,522 105,204 142,106
Residential mortgage-backed securities 48 — 3,594 434,459 438,101
Commercial mortgage-backed securities 2,000 8,836 39,577 45,553 95,966
Total held-to-maturity investment securities $ 7,763 $ 21,110 $ 190,352 $ 712,836 $ 932,061
Fair value          
Obligations of:          
U.S. government sponsored agencies $ 2,881 $ 5,412 $ 118,768 $ 121,415 $ 248,476
States and political subdivisions 2,799 6,375 23,182 83,092 115,448
Residential mortgage-backed securities 48 — 3,247 422,613 425,908
Commercial mortgage-backed securities 2,000 8,257 34,815 37,821 82,893
Total held-to-maturity investment securities $ 7,728 $ 20,044 $ 180,012 $ 664,941 $ 872,725
Total weighted-average yield 1.90% 1.93% 3.93% 4.21% 4.08%


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Other Investments
Peoples' other investments on the Unaudited Consolidated Balance Sheets consist largely of shares of FHLB stock and of FRB stock.
The following table summarizes the carrying value of Peoples' other investments:
(Dollars in thousands) September 30, 2025 December 31, 2024
FHLB stock $ 26,013  $ 24,606 
FRB stock 27,114  27,114 
Nonqualified deferred compensation 6,250  4,898 
Equity investment securities 3,745  2,645 
Other investments 869  869 
Total other investments $ 63,991  $ 60,132 
During the nine months ended September 30, 2025, Peoples redeemed $31.7 million of FHLB stock in order to be in compliance with the requirements of the FHLB. Peoples purchased $33.1 million of additional FHLB stock during the nine months ended September 30, 2025, as a result of the FHLB's capital requirements on FHLB advances.
For the three months ended September 30, 2025 and 2024, Peoples recorded the change in the fair value of equity investment securities held during the period in "Other non-interest income", resulting in an unrealized loss of $26,000 and an unrealized gain of $12,000, respectively. For the nine months ended September 30, 2025 and 2024, Peoples recognized an unrealized loss of $28,000 and an unrealized gain of $81,000, respectively, for the change in fair value of equity investment securities in "Other non-interest income."
At September 30, 2025, Peoples' investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies. There were no equity investment securities of a single issuer that exceeded 10% of Peoples' stockholders' equity at September 30, 2025.
Pledged Securities
Peoples has pledged available-for-sale investment securities and held-to-maturity investment securities to secure public and trust department deposits, and repurchase agreements in accordance with federal and state requirements. Peoples has also pledged available-for-sale investment securities to secure additional borrowing capacity at the FHLB and the FRB.
The following table summarizes the carrying amount of Peoples' pledged securities:
  Carrying Amount
(Dollars in thousands) September 30, 2025 December 31, 2024
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale $ 406,307  $ 505,963 
     Held-to-maturity 718,780  563,014 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale 4,099  3,119 
     Held-to-maturity 90,298  1,215 
Accrued Interest
Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on investment securities was $10.9 million at September 30, 2025 and $9.9 million at December 31, 2024.
Note 4 Loans and Leases
Peoples' loan portfolio consists of various types of loans and leases originated primarily as a result of lending opportunities within Peoples' footprint. Peoples also originates insurance premium finance loans nationwide through its Peoples Premium Finance division, and originates leases nationwide through its North Star Leasing ("NSL") division and its Vantage Financial, LLC ("Vantage") subsidiary.

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The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows:
(Dollars in thousands) September 30,
2025		 December 31, 2024
Construction $ 261,048  $ 328,388 
Commercial real estate, other 2,369,396  2,156,013 
Commercial and industrial 1,489,505  1,347,645 
Premium finance 273,297  269,435 
Leases 382,753  406,598 
Residential real estate 875,773  835,101 
Home equity lines of credit 247,383  232,661 
Consumer, indirect 710,385  669,857 
Consumer, direct 118,206  111,052 
Deposit account overdrafts 982  1,253 
Total loans, at amortized cost $ 6,728,728  $ 6,358,003 
The table above includes net deferred loan origination costs of $20.1 million and $20.2 million at September 30, 2025 and at December 31, 2024, respectively. The remaining unamortized net discount included in the amortized cost of loans and leases was $11.4 million and $19.5 million at September 30, 2025 and at December 31, 2024, respectively.
Accrued interest receivable is not included within the loan balances, but is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Total interest receivable on loans was $23.9 million at September 30, 2025 and $23.1 million at December 31, 2024.
Nonaccrual and Past Due Loans
A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due.
The amortized cost of loans on nonaccrual status and of loans delinquent for 90 days or more and accruing was as follows:
September 30, 2025 December 31, 2024
(Dollars in thousands)
Nonaccrual (a)
 Accruing Loans 90+ Days Past Due
Nonaccrual (a)
 Accruing Loans 90+ Days Past Due
Commercial real estate, other $ 3,861  $ —  $ 7,136  $ 227 
Commercial and industrial 6,258  163  6,809  78 
Premium finance —  2,492  —  4,947 
Leases 11,338  496  8,850  803 
Residential real estate 8,249  1,432  7,329  2,166 
Home equity lines of credit 1,336  28  1,498  213 
Consumer, indirect 2,563  160  2,374  159 
Consumer, direct 284  127  133  44 
Total loans, at amortized cost $ 33,889  $ 4,898  $ 34,129  $ 8,637 
(a) There were $1.9 million and $5.7 million of nonaccrual loans for which there was no allowance for credit losses at September 30, 2025 and at December 31, 2024, respectively.

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During the first nine months of 2025, nonaccrual loans decreased slightly compared to at December 31, 2024, which was primarily due to decreases in other commercial real estate and commercial and industrial loans, partially offset by an uptick in nonaccrual leases and residential real estate loans. The decrease in accruing loans 90+ days past due at September 30, 2025, when compared to at December 31, 2024, was primarily due to reductions in accruing 90+ days past due premium finance loans and residential real estate loans of $2.5 million and $0.7 million, respectively. The delinquent premium finance loans carry low credit risk, due to the ability to cancel premiums and recover the most, if not all of the receivable from the insurer.
The following table presents the aging of the amortized cost of past due loans:
Loans Past Due
Current
Loans
Total
Loans
(Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total
September 30, 2025
Construction $ —  $ —  $ —  $ —  $ 261,048  $ 261,048 
Commercial real estate, other 5,423  2,457  2,904  10,784  2,358,612  2,369,396 
Commercial and industrial 1,909  495  5,086  7,490  1,482,015  1,489,505 
Premium finance 1,880  996  2,492  5,368  267,929  273,297 
Leases 2,907  6,733  11,549  21,189  361,564  382,753 
Residential real estate 2,616  3,782  4,806  11,204  864,569  875,773 
Home equity lines of credit 1,924  473  604  3,001  244,382  247,383 
Consumer, indirect 6,429  1,162  1,331  8,922  701,463  710,385 
Consumer, direct 534  211  305  1,050  117,156  118,206 
Deposit account overdrafts —  —  —  —  982  982 
Total loans, at amortized cost $ 23,622  $ 16,309  $ 29,077  $ 69,008  $ 6,659,720  $ 6,728,728 
December 31, 2024
Construction $ —  $ —  $ —  $ —  $ 328,388  $ 328,388 
Commercial real estate, other 1,300  1,585  6,008  8,893  2,147,120  2,156,013 
Commercial and industrial 1,651  583  4,551  6,785  1,340,860  1,347,645 
Premium finance 3,863  456  4,947  9,266  260,169  269,435 
Leases 10,941  5,241  9,575  25,757  380,841  406,598 
Residential real estate 11,481  3,038  5,271  19,790  815,311  835,101 
Home equity lines of credit 1,473  317  1,093  2,883  229,778  232,661 
Consumer, indirect 7,568  1,522  1,326  10,416  659,441  669,857 
Consumer, direct 884  113  138  1,135  109,917  111,052 
Deposit account overdrafts —  —  —  —  1,253  1,253 
Total loans, at amortized cost $ 39,161  $ 12,855  $ 32,909  $ 84,925  $ 6,273,078  $ 6,358,003 
Delinquency trends improved slightly, as 99.0% of Peoples' loan portfolio was considered “current” at September 30, 2025, compared to 98.7% at December 31, 2024.
Pledged Loans
Peoples has pledged certain loans secured by one-to-four family and multifamily residential mortgages, home equity lines of credit and commercial real estate loans under a blanket collateral agreement to secure borrowings from the FHLB. Peoples also has pledged eligible commercial and industrial loans to secure borrowings with the FRB. Loans pledged are summarized as follows:
(Dollars in thousands) September 30, 2025 December 31, 2024
Loans pledged to FHLB $ 1,262,210  $ 1,218,496 
Loans pledged to FRB 479,267  527,989 
Credit Quality Indicators
As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2024 Form 10-K, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Commercial loans to borrowers with an aggregate unpaid principal balance in excess of $1.0 million are reviewed at least on an annual basis for possible credit deterioration. Commercial leases, as well as loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1.0 million, are reviewed on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower's business, receipt of financial statements indicating deteriorating credit quality or other similar events.

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Adversely classified loans are reviewed on a quarterly basis. A description of the general characteristics of the risk grades used by Peoples, follows:
“Pass” (grades 1 through 4): Loans in this risk category involve borrowers of acceptable-to-strong credit quality and risk who have the apparent ability to satisfy their loan obligations. Loans in this risk category would possess sufficient mitigating factors, such as adequate collateral or strong guarantors possessing the capacity to repay the loan if required, for any weakness that may exist.
“Special Mention” (grade 5): Loans in this risk grade are the equivalent of the regulatory definition of “Other Assets Especially Mentioned.” Loans in this risk category possess some credit deficiency or potential weakness, which requires a high level of management attention. Potential weaknesses include declining trends in operating earnings and cash flows and/or reliance on a secondary source of repayment. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the loan or in Peoples' credit position.
“Substandard” (grade 6): Loans in this risk grade are inadequately protected by the borrower's current financial condition and payment capability or the collateral pledged, if any. Loans so classified have one or more well-defined weaknesses that jeopardize the orderly repayment of the loans. They are characterized by the distinct possibility that Peoples will sustain some loss if the weaknesses are not corrected.
“Doubtful” (grade 7): Loans in this risk grade have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or orderly repayment in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Possibility of loss is extremely high, but because of certain important and reasonably specific factors that may work to the advantage and strengthening of the exposure, classification of each of these loans as an estimated loss is deferred until its more exact status may be determined.
“Loss” (grade 8): Loans in this risk grade are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean a loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Charge-offs against the allowance for credit losses are taken during the period in which the loan becomes uncollectible. Consequently, Peoples typically does not maintain a recorded investment in loans within this category.
Consumer loans and other smaller-balance loans are evaluated and categorized as "substandard," "doubtful" or "loss" based upon the regulatory definition of these classes and consistent with regulatory requirements. Leases are categorized as "special mention", "substandard", "doubtful", or "loss" based upon delinquency status and the prospect of collecting the remaining net investment balance owed under the lease. All other loans not evaluated individually, nor meeting the regulatory conditions to be categorized as described above, would be considered as being "not rated."
The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the most recent analysis performed at September 30, 2025:
Term Loans at Amortized Cost by Origination Year Revolving Loans Converted to Term
(Dollars in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans
Total
Loans
Construction

  Pass $ 49,861  $ 79,937  $ 116,066  $ 991  $ 6,533  $ 5,040  $ —  $ 512  $ 258,428 
  Substandard —  —  1,125  1,495  —  —  —  —  2,620 
     Total 49,861  79,937  117,191  2,486  6,533  5,040  —  512  261,048 
Current period gross charge-offs (a) —  —  —  —  —  —  — 
Commercial real estate, other

  Pass 250,913  186,063  350,878  385,044  341,179  692,324  38,645  1,844  2,245,046 
  Special mention 85  8,596  2,606  611  4,852  27,224  133  —  44,107 
  Substandard —  680  1,362  15,809  27,614  34,214  554  2,423  80,233 
  Doubtful —  —  —  —  —  10  —  —  10 
     Total 250,998  195,339  354,846  401,464  373,645  753,772  39,332  4,267  2,369,396 
Current period gross charge-offs (a) —  —  —  156  —  121  277 
Commercial and industrial
  Pass 266,963  253,929  181,349  103,836  110,948  225,164  236,280  5,636  1,378,469 

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Term Loans at Amortized Cost by Origination Year Revolving Loans Converted to Term
(Dollars in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans
Total
Loans
  Special mention 901  90  2,986  1,301  3,014  11,794  41,832  15  61,918 
  Substandard 137  4,419  3,452  11,372  13,226  4,292  11,329  5,268  48,227 
  Doubtful —  —  —  850  —  41  —  —  891 
     Total 268,001  258,438  187,787  117,359  127,188  241,291  289,441  10,919  1,489,505 
Current period gross charge-offs (a) 50  19  161  540  159  479  1,408 
Premium Finance
Pass 258,474  14,348  475  —  —  —  —  —  273,297 
Total 258,474  14,348  475  —  —  —  —  —  273,297 
Current period gross charge-offs (a) 7  126  106  30  —  —  269 
Leases
Pass 128,431  105,310  83,397  34,169  12,608  3,803  —  —  367,718 
Special mention 26  754  2,272  658  37  1  —  —  3,748 
Substandard 293  2,048  2,453  888  373  30  —  —  6,085 
Doubtful —  1,363  1,959  1,588  292  —  —  —  5,202 
Total 128,750  109,475  90,081  37,303  13,310  3,834  —  —  382,753 
Current period gross charge-offs (a) 73  2,234  6,319  5,364  1,220  473  15,683 
Residential real estate
Pass 86,319  69,638  58,908  79,796  120,795  449,404  —  —  864,860 
Substandard —  550  1,312  211  1,054  7,728  —  —  10,855 
Loss —  —  —  4  10  44  —  —  58 
     Total 86,319  70,188  60,220  80,011  121,859  457,176  —  —  875,773 
Current period gross charge-offs (a) —  —  27  8  39  139  213 
Home equity lines of credit
Pass 39,014  53,024  34,066  35,733  24,843  59,804  22  3,362  246,506 
Substandard —  —  50  257  16  554  —  —  877 
     Total 39,014  53,024  34,116  35,990  24,859  60,358  22  3,362  247,383 
Current period gross charge-offs (a) —  —  36  —  —  3  39 
Consumer, indirect
Pass 244,216  183,330  124,490  98,441  32,788  24,003  —  —  707,268 
Substandard 371  529  702  674  390  350  —  —  3,016 
Loss 15  34  16  22  11  3  —  —  101 
     Total 244,602  183,893  125,208  99,137  33,189  24,356  —  —  710,385 
Current period gross charge-offs (a) 582  1,658  1,600  915  278  133  5,166 
Consumer, direct
Pass 49,443  26,983  17,273  13,754  5,756  4,617  —  —  117,826 

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Term Loans at Amortized Cost by Origination Year Revolving Loans Converted to Term
(Dollars in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans
Total
Loans
Substandard —  38  196  65  30  36  —  —  365 
Loss —  —  14  —  1  —  —  —  15 
     Total 49,443  27,021  17,483  13,819  5,787  4,653  —  —  118,206 
Current period gross charge-offs (a) 239  119  83  72  18  10  541 
Deposit account overdrafts 982  —  —  —  —  —  —  —  982 
Current period gross charge-offs (a) 834  —  —  —  —  —  834 
Total loans, at amortized cost 1,376,444  991,663  987,407  787,569  706,370  1,550,480  328,795  19,060  6,728,728 
Total current period gross charge-offs (a) $ 1,785  $ 4,156  $ 8,332  $ 7,085  $ 1,714  $ 1,358  $ 24,430 
(a) Current period gross charge-offs are for the nine months ended as of September 30, 2025.
The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the then most recent analysis performed at December 31, 2024:
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term
Total
Loans
Construction

  Pass $ 69,862  $ 162,605  $ 47,133  $ 30,592  $ 1,845  $ 13,540  $ —  $ —  $ 325,577 
  Special mention —  —  —  —  —  115  —  —  115 
  Substandard —  1,161  1,535  —  —  —  —  —  2,696 
     Total 69,862  163,766  48,668  30,592  1,845  13,655  —  —  328,388 
Current period gross charge-offs (a) —  —  —  —  —  —  — 
Commercial real estate, other

  Pass 130,971  219,105  366,256  337,905  201,367  751,415  41,122  —  2,048,141 
  Special mention 271  2,923  11,876  7,197  5,107  10,689  288  —  38,351 
  Substandard 145  1,073  2,460  18,851  9,234  37,136  612  —  69,511 
  Doubtful —  —  —  —  —  10  —  —  10 
     Total 131,387  223,101  380,592  363,953  215,708  799,250  42,022  —  2,156,013 
Current period gross charge-offs (a) —  —  376  —  —  55  431 
Commercial and industrial
  Pass 311,631  202,929  134,558  148,288  66,102  152,143  229,821  4,779  1,245,472 
  Special mention 779  9,019  10,886  4,449  12,049  13,537  19,465  —  70,184 
  Substandard 200  99  4,791  11,429  3,850  4,430  5,045  49  29,844 
  Doubtful —  —  1,987  —  —  158  —  —  2,145 
     Total 312,610  212,047  152,222  164,166  82,001  170,268  254,331  4,828  1,347,645 
Current period gross charge-offs (a) —  14  —  17  105  532  668 
Premium finance
  Pass 265,504  3,837  94  —  —  —  —  —  269,435 
Total 265,504  3,837  94  —  —  —  —  —  269,435 

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Term Loans at Amortized Cost by Origination Year
(Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term
Total
Loans
Current period gross charge-offs (a) 67  109  33  —  —  —  209 
Leases
Pass 175,449  125,664  61,064  24,181  4,661  2,153  —  —  393,172 
Special mention 791  1,529  1,140  365  5  —  —  —  3,830 
Substandard 351  2,108  1,777  193  8  —  —  —  4,437 
Doubtful 170  2,127  1,859  624  110  269  —  —  5,159 
Total 176,761  131,428  65,840  25,363  4,784  2,422  —  —  406,598 
Current period gross charge-offs (a) 1,315  5,623  5,421  2,308  301  138  15,106 
Residential real estate
  Pass 77,130  66,712  85,045  128,359  52,090  414,574  —  —  823,910 
  Substandard 321  1,088  161  980  306  8,087  —  —  10,943 
   Loss —  4  —  —  —  244  —  —  248 
     Total 77,451  67,804  85,206  129,339  52,396  422,905  —  —  835,101 
Current period gross charge-offs (a) —  —  46  5  —  237  288 
Home equity lines of credit
  Pass 54,724  37,417  37,752  27,430  16,583  57,303  24  731  231,233 
  Substandard —  138  163  16  34  1,069  —  —  1,420 
   Loss —  —  —  —  —  8  —  —  8 
     Total 54,724  37,555  37,915  27,446  16,617  58,380  24  731  232,661 
Current period gross charge-offs (a) —  —  —  —  —  11  11 
Consumer, indirect
  Pass 239,584  176,115  148,210  56,846  30,231  16,129  —  —  667,115 
  Substandard 269  557  681  618  312  251  —  —  2,688 
   Loss 14  —  16  14  —  10  —  —  54 
     Total 239,867  176,672  148,907  57,478  30,543  16,390  —  —  669,857 
Current period gross charge-offs (a) 497  2,207  1,880  691  141  763  6,179 
Consumer, direct
  Pass 45,978  25,605  21,544  9,614  4,180  3,884  —  —  110,805 
  Substandard 18  65  46  29  4  73  —  —  235 
   Loss —  4  —  —  —  8  —  —  12 
     Total 45,996  25,674  21,590  9,643  4,184  3,965  —  —  111,052 
Current period gross charge-offs (a) 2  154  212  51  12  247  678 
Deposit account overdrafts 1,253  —  —  —  —  —  —  —  1,253 
Current period gross charge-offs (a) 1,542  —  —  —  —  —  1,542 
Total loans, at amortized cost 1,375,415  1,041,884  941,034  807,980  408,078  1,487,235  296,377  5,559  6,358,003 
Current period gross charge-offs (a) $ 3,423  $ 8,107  $ 7,968  $ 3,072  $ 559  $ 1,983  $ 25,112 
(a) Current period gross charge-offs are for the year ended as of December 31, 2024.

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Collateral Dependent Loans
Peoples has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans:
•Construction loans are typically secured by owner occupied commercial real estate or non-owner occupied investment real estate. Typically, owner occupied construction loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties that are in process of construction. Non-owner occupied commercial construction loans are generally secured by multi-family complexes, warehouse buildings, industrial buildings, land under development, and other commercial real estate in process of construction.
•Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by multifamily complexes, retail facilities, office buildings and complexes, warehouses, industrial buildings, land under development, as well as other commercial real estate.
•Commercial and industrial loans are generally secured by equipment, inventory, accounts receivable, and other commercial property.
•Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage, on residential real estate property.
•Home equity lines of credit are generally secured by second mortgages on residential real estate property.
•Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no underlying collateral.
•Leases are most often secured by commercial equipment and other essential business assets.
•Premium finance loans are secured by the unearned portion of the insurance premium being financed.
The following table details Peoples' amortized cost of collateral dependent loans:
(Dollars in thousands) September 30, 2025 December 31, 2024
Commercial real estate, other $ 687  $ 2,764 
Leases 2,333  652 
Commercial and industrial 2,212  959 
Total collateral dependent loans $ 5,232  $ 4,375 
Collateral dependent loans increased at September 30, 2025, compared to December 31, 2024, and were driven by the inclusion of three large NSL relationships and two large commercial and industrial relationships, both totaling approximately $1.9 million each.
Modifications for Borrowers Experiencing Financial Difficulty
As part of Peoples' loss mitigation activities, Peoples may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. The most common modifications to the contractual terms of a loan to a borrower experiencing financial difficulty include an extension of the maturity date, a reduction in the interest rate for the remaining life of the loan, a temporary period of interest-only payments, and a reduction in the contractual payment amount for either a short period or the remaining term of the loan.
In addition to loan modifications, Peoples also provides other loss mitigation options, such as forbearance and repayment plans, to assist borrowers who experience financial difficulties. In assessing whether or not a borrower is experiencing financial difficulty, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (1) the borrower is currently in payment default on any of the borrower's debt; (2) a payment default is probable in the foreseeable future without the modification; (3) the borrower has declared or is in the process of declaring bankruptcy; and (4) the borrower's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification.
The allowance for credit losses for loans modified for borrowers experiencing financial difficulty is determined based on the allowance for credit losses policy as described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2024 Form 10-K.
The following tables display the amortized cost of loans that were restructured during the three and nine months ended September 30, 2025 and September 30, 2024, presented by loan classification.

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(Dollars in thousands) Payment Deferral Term Extension Total
Percentage of Total by Loan Category(a)(b)(c)
During the Three Months Ended September 30, 2025
Commercial real estate $ —  $ 1,037  $ 1,037  0.04  %
Commercial and industrial —  2,704  2,704  0.18  %
Leases —  29  29  0.01  %
Home equity lines of credit —  47  47  0.02  %
Total $ —  $ 3,817  $ 3,817  0.06  %
During the Three Months Ended September 30, 2024
Commercial real estate $ —  $ 561  $ 561  0.03  %
Commercial and industrial —  9,057  9,057  0.72  %
Leases 14  637  651  0.15  %
Residential real estate —  17  17  —  %
Consumer, indirect 14  1  15  —  %
Total $ 28  $ 10,273  $ 10,301  0.16  %
(a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.
(b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(c) Each with --% is considered not meaningful.
(Dollars in thousands) Payment Deferral Term Extension Principal Forgiveness Total
Percentage of Total by Loan Category(a)(b)(c)
During the Nine Months Ended September 30, 2025
Commercial real estate $ —  $ 3,084  $ —  $ 3,084  0.13  %
Commercial and industrial —  10,880  —  10,880  0.73  %
Leases 6  29  39  74  0.02  %
Residential real estate —  188  —  188  0.02  %
Home equity lines of credit —  47  —  47  0.02  %
Total $ 6  $ 14,228  $ 39  $ 14,273  0.21  %
During the Nine Months Ended September 30, 2024
Commercial real estate —  1,122  —  1,122  0.05  %
Commercial and industrial —  19,148  —  19,148  1.53  %
Leases 214  637  —  851  0.20  %
Residential real estate —  90  —  90  0.01  %
Home equity lines of credit —  64  —  64  0.03  %
Consumer, indirect 14  8  —  22  —  %
Total $ 228  $ 21,069  $ —  $ 21,297  0.34  %
(a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.
(b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(c) Each with --% is considered not meaningful.
The following tables summarize the impacts of loan modifications and payment deferrals made to loans during the three and nine months ended September 30, 2025 and September 30, 2024, presented by loan classification.

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Weighted-Average Term Extension
(in months)
During the Three Months Ended September 30, 2025
Commercial real estate 6
Commercial and industrial 3
Leases 12
Home equity lines of credit 240
During the Three Months Ended September 30, 2024
Commercial real estate 6
Commercial and industrial 7
Leases 12
Residential real estate 1
Consumer, indirect 13

Weighted-Average Term Extension
(in months)
During the Nine Months Ended September 30, 2025
Commercial real estate 4
Commercial and industrial 6
Leases 8
Residential real estate 174
Home equity lines of credit 240
During the Nine Months Ended September 30, 2024
Commercial real estate 6
Commercial and industrial 7
Leases 12
Residential real estate 1
Home equity lines of credit 120
Consumer, indirect 3
The following tables display the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that had a payment default in the periods presented. For purposes of this disclosure, Peoples defines loans that had a payment default as loans that were 90 days or more past due following a modification.


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Term Extension(a)
For the Three Months Ended September 30, 2025
Commercial and industrial 405 
Total loans that subsequently defaulted $ 405 
For the Three Months Ended September 30, 2024
Leases $ 26 
Total loans that subsequently defaulted $ 26 
For the Nine Months Ended September 30, 2025
Commercial and industrial 423 
Total loans that subsequently defaulted $ 423 
For the Nine Months Ended September 30, 2024
Commercial real estate $ 193 
Commercial and industrial 28 
Leases 26 
Residential real estate 73 
Total loans that subsequently defaulted $ 320 
(a) Represents the sum of amortized cost and gross charge-off as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.
The following table displays an aging analysis of loans that were modified during the 12 months prior to September 30, 2025 and September 30, 2024, respectively, presented by classification and class of financing receivable.
As of September 30, 2025
(Dollars in thousands) 30-59 Days Delinquent 60-89 Days Delinquent 90+ Days Delinquent Total Delinquent Current Total
Commercial real estate $ —  $ —  $ —  $ —  $ 3,084  $ 3,084 
Commercial and industrial —  —  423  423  10,625  11,048 
Leases 25  —  —  25  49  74 
Residential real estate —  —  —  —  188  188 
Home equity lines of credit 47  —  —  47  92  139 
Total loans modified(a)
 $ 72  $ —  $ 423  $ 495  $ 14,038  $ 14,533 
(a) Represents the amortized cost basis as of period end.

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As of September 30, 2024
(Dollars in thousands) 30-59 Days Delinquent 60-89 Days Delinquent 90+ Days Delinquent Total Delinquent Current Total
Commercial real estate $ —  $ —  $ 193  $ 193  $ 2,311  $ 2,504 
Commercial and industrial 50  —  28  78  11,363  11,441 
Leases —  —  26  26  174  200 
Residential real estate —  —  34  34  63  97 
Home equity lines of credit —  —  —  —  120  120 
Consumer, indirect —  —  —  —  7  7 
Total loans modified(a)
 $ 50  $ —  $ 281  $ 331  $ 14,038  $ 14,369 
(a) Represents the amortized cost basis as of period end.

Allowance for Credit Losses
As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2024 Form 10-K, Peoples estimates the allowance for credit losses using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. In management's estimation of expected credit losses, Peoples uses a one-year reasonable and supportable period across all segments. Following the reasonable and supportable period, Peoples reverts the macroeconomic variables to their long run average over a four-quarter reversion period.
Changes in the allowance for credit losses for the three and nine months ended September 30, 2025 and September 30, 2024 are summarized below:
(Dollars in thousands)
Beginning Balance, June 30, 2025
 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries
Ending Balance, September 30, 2025
Construction $ 1,347  $ (95) $ —  $ —  $ 1,252 
Commercial real estate, other 17,144  1,198  (27) 1  18,316 
Commercial and industrial 17,854  488  (472) 26  17,896 
Premium finance 794  84  (105) 3  776 
Leases 19,633  2,894  (4,930) 443  18,040 
Residential real estate 6,113  266  (71) 40  6,348 
Home equity lines of credit 1,814  93  (27) —  1,880 
Consumer, indirect 7,643  1,408  (1,607) 418  7,862 
Consumer, direct 2,248  400  (290) 27  2,385 
Deposit account overdrafts 91  276  (312) 54  109 
Total $ 74,681  $ 7,012  $ (7,841) $ 1,012  $ 74,864 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.

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(Dollars in thousands) Beginning Balance, June 30, 2024 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries
Ending Balance, September 30, 2024
Construction $ 673  $ 181  $ —  $ —  $ 854 
Commercial real estate, other 19,852  (2,713) —  100  17,239 
Commercial and industrial 10,943  907  (259) 1  11,592 
Premium finance 763  (19) (37) 4  711 
Leases 15,218  5,449  (3,753) 56  16,970 
Residential real estate 5,939  61  —  58  6,058 
Home equity lines of credit 1,737  69  (2) —  1,804 
Consumer, indirect 8,654  1,904  (1,820) 186  8,924 
Consumer, direct 2,332  181  (162) 19  2,370 
Deposit account overdrafts 136  456  (558) 83  117 
Total $ 66,247  $ 6,476  $ (6,591) $ 507  $ 66,639 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands)
Beginning Balance, December 31, 2024
 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries
Ending Balance, September 30, 2025
Construction $ 878  $ 374  $ —  $ —  $ 1,252 
Commercial real estate, other 16,256  2,332  (277) 5  18,316 
Commercial and industrial 13,283  5,972  (1,408) 49  17,896 
Premium finance 662  371  (269) 12  776 
Leases 12,893  19,881  (15,683) 949  18,040 
Residential real estate 6,491  (69) (213) 139  6,348 
Home equity lines of credit 1,792  127  (39) —  1,880 
Consumer, indirect 8,576  3,375  (5,166) 1,077  7,862 
Consumer, direct 2,396  469  (541) 61  2,385 
Deposit account overdrafts 121  598  (834) 224  109 
Total $ 63,348  $ 33,430  $ (24,430) $ 2,516  $ 74,864 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.


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(Dollars in thousands) Beginning Balance,
December 31, 2023		 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries
Ending Balance, September 30, 2024
Construction $ 699  $ 155  $ —  $ —  $ 854 
Commercial real estate, other 20,915  (3,567) (212) 103  17,239 
Commercial and industrial 10,490  1,634  (550) 18  11,592 
Premium finance 484  357  (146) 16  711 
Leases 10,850  13,079  (7,400) 441  16,970 
Residential real estate 5,937  56  (144) 209  6,058 
Home equity lines of credit 1,588  220  (11) 7  1,804 
Consumer, indirect 8,590  4,808  (4,848) 374  8,924 
Consumer, direct 2,343  513  (529) 43  2,370 
Deposit account overdrafts 115  1,010  (1,232) 224  117 
Total $ 62,011  $ 18,265  $ (15,072) $ 1,435  $ 66,639 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
During the third quarter of 2025, Peoples recorded a total provision for credit losses on loans of $7.0 million, which was primarily driven by (i) net charge offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the current expected credit loss ("CECL") model, partially offset by reductions in reserves for individually analyzed loans and leases. Net charge-offs for the third quarter of 2025 were $6.8 million, primarily driven by our NSL division. The increase in the allowance for credit losses at September 30, 2025 when compared to at June 30, 2025, was driven by the loan growth and the deterioration of economic forecasts, partially offset by a decrease in individually analyzed loans and leases.
During the third quarter of 2024, Peoples recorded a provision for credit losses of $6.5 million, which was driven by net charge-offs. Net charge-offs for the third quarter of 2024 were $6.1 million, primarily driven by an increase in charge-offs on leases originated by our North Star Leasing division, partially offset by recoveries of other commercial real estate loans.
Peoples had recorded allowances for unfunded commitments of $2.7 million and $2.0 million as of September 30, 2025 and as of December 31, 2024, respectively. The allowance for unfunded commitments (also referred to as "unfunded commitment liability") is presented in the “Accrued expenses and other liabilities” line of the Unaudited Consolidated Balance Sheets. The change in the allowance for unfunded commitments is also reflected in the "Provision for (recovery of) credit losses" line of the Unaudited Consolidated Statements of Operations.
Note 5 Goodwill and Other Intangible Assets
Goodwill
The following table details changes in the recorded amount of goodwill:
For the Nine Months Ended For the Year Ended
(Dollars in thousands) September 30, 2025 December 31, 2024
Goodwill, beginning of period $ 363,199  $ 362,169 
Goodwill recorded from acquisitions —  1,030 
Goodwill, end of period $ 363,199  $ 363,199 









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Other Intangible Assets
Other intangible assets were comprised of the following at September 30, 2025, and at December 31, 2024:
(Dollars in thousands) Core Deposits Customer Relationships Indefinite-Lived Trade Names Total
September 30, 2025
Gross intangibles $ 54,186  $ 38,470  $ 2,491  $ 95,147 
Accumulated amortization (35,001) (28,816) —  (63,817)
Total acquisition-related intangibles $ 19,185  $ 9,654  $ 2,491  $ 31,330 
Servicing rights 963 
Non-compete agreements 43 
Total other intangibles $ 32,336 
December 31, 2024
Gross intangibles $ 54,186  $ 37,920  $ 2,491  $ 94,597 
Intangibles recorded from acquisitions —  550  —  550 
Accumulated amortization (31,545) (25,723) —  (57,268)
Total acquisition-related intangibles $ 22,641  $ 12,747  $ 2,491  $ 37,879 
Servicing rights 1,216 
Non-compete agreements 128 
Total other intangibles $ 39,223 
The following table details estimated aggregate future amortization of other intangible assets at September 30, 2025:
(Dollars in thousands) Core Deposits Customer Relationships Non-Compete Agreements Total
Remaining three months of 2025 $ 1,152  $ 1,030  $ 27  $ 2,209 
2026 3,736  3,036  16  6,788 
2027 3,043  2,188  —  5,231 
2028 2,608  1,462  —  4,070 
2029 2,359  971  —  3,330 
Thereafter 6,287  967  —  7,254 
Total $ 19,185  $ 9,654  $ 43  $ 28,882 
The weighted average amortization period of other intangible assets is 7.8 years.


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Note 6 Deposits
Peoples’ deposit balances were comprised of the following:
(Dollars in thousands) September 30, 2025 December 31, 2024
Retail certificates of deposits ("CDs"):    
$100 or more $ 1,153,707  $ 1,092,261 
Less than $100 854,912  829,154 
Total Retail CDs 2,008,619  1,921,415 
Interest-bearing deposit accounts 1,068,443  1,085,152 
Savings accounts 884,230  866,959 
Money market deposit accounts 948,177  878,254 
Governmental deposit accounts 769,782  775,782 
Brokered CDs 416,851  554,982 
Total interest-bearing deposits 6,096,102  6,082,544 
Non-interest-bearing deposits 1,536,094  1,507,661 
Total deposits $ 7,632,196  $ 7,590,205 
Uninsured deposits were $2.1 billion at September 30, 2025 and $2.0 billion at December 31, 2024. Uninsured deposit amounts are estimated based on the portion of the respective customer account balances that exceeded the FDIC limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which covered $660.0 million and $656.9 million of the uninsured deposit balances at September 30, 2025 and at December 31, 2024, respectively.
Uninsured time deposits are broken out below by time remaining until maturity.
(Dollars in thousands) September 30, 2025 December 31, 2024
3 months or less $ 190,092  $ 180,405 
Over 3 to 6 months 119,529  127,329 
Over 6 to 12 months 118,784  91,197 
Over 12 months 23,869  18,044 
Total $ 452,274  $ 416,975 
    
The contractual maturities of CDs for each of the next five years, including the remainder of 2025, and thereafter are as follows:
(Dollars in thousands) Retail Brokered Total
Remaining three months ending December 31, 2025 $ 799,757  $ 217,307  $ 1,017,064 
Year ending December 31, 2026 1,169,599  42,806  1,212,405 
Year ending December 31, 2027 23,598  87,121  110,719 
Year ending December 31, 2028 7,367  23,784  31,151 
Year ending December 31, 2029 5,168  45,833  51,001 
Thereafter 3,130  —  3,130 
Total CDs $ 2,008,619  $ 416,851  $ 2,425,470 
At September 30, 2025, Peoples had five effective interest rate swaps, with an aggregate notional value of $45.0 million, all of which hedge interest payments on brokered CDs. The brokered CDs are expected to be extended every 90 days through the maturity dates of the swaps. Additional information regarding Peoples' interest rate swaps can be found in "Note 10 Derivative Financial Instruments."

Note 7 Stockholders’ Equity
The following table details the progression in Peoples’ common shares and treasury stock during the nine months ended September 30, 2025:
  Common Shares Treasury
Stock
Shares at December 31, 2024 36,782,601  1,311,175 
Changes related to stock-based compensation awards:    
Release of restricted common shares —  63,246 
Cancellation of restricted common shares —  50,774 
Grant of restricted common shares —  (191,635)
Grant of unrestricted common shares —  (2,700)
Purchase of treasury stock —  9,633 
Disbursed out of treasury stock —  (13,564)
Common shares repurchased under share repurchase program —  17,166 
Common shares issued under dividend reinvestment plan 40,300  — 
Common shares issued under compensation plan for Boards of Directors
 —  (12,550)
Common shares issued under employee stock purchase plan
 —  (25,780)
Shares at September 30, 2025 36,822,901  1,205,765 
On January 28, 2021, Peoples' Board of Directors approved a share repurchase program authorizing Peoples to purchase up to an aggregate of $30.0 million of Peoples' outstanding common shares. As of September 30, 2025, Peoples had repurchased an aggregate of 488,473 common shares totaling $13.9 million under the share repurchase program. During the third quarter of 2025, there were no purchases under the share repurchase program. Peoples repurchased 17,166 common shares totaling $0.5 million during the first nine months of 2025, which occurred during the second quarter of 2025. Peoples repurchased 100,905 common shares totaling $3.0 million during the first nine months of 2024, which occurred during the first quarter of 2024.
Under Peoples' Amended Articles of Incorporation, Peoples is authorized to issue up to 50,000 preferred shares, in one or more series, having such voting powers, designations, preferences, rights, qualifications, limitations and restrictions as designated by Peoples' Board of Directors. At September 30, 2025, Peoples had no preferred shares issued or outstanding.
On October 20, 2025, Peoples' Board of Directors declared a quarterly cash dividend of $0.41 per common share, payable on November 18, 2025, to shareholders of record on November 4, 2025. The following table details the cash dividends declared per common share during the four quarters of 2025 and the comparable periods of 2024:
2025 2024
First quarter $ 0.40  $ 0.39 
Second quarter 0.41  0.40 
Third quarter 0.41  0.40 
Fourth quarter 0.41  0.40 
Total dividends declared $ 1.63  $ 1.59 

Accumulated Other Comprehensive (Loss) Income
The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income during the nine months ended September 30, 2025, as related items impact the income statement:
(Dollars in thousands) Unrealized (Loss) Gain on Securities Unrealized Gain (Loss) on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2024 $ (111,829) $ 1,444  $ (110,385)
Reclassification adjustments to net income:
  Realized gain on securities, net of tax 1,980  —  1,980 
  Other comprehensive income (loss), net of reclassifications and tax
 31,783  (917) 30,866 
Balance, September 30, 2025 $ (78,066) $ 527  $ (77,539)

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Note 8 Employee Benefit Plans
Peoples maintains a retirement savings plan, or 401(k) plan, which covers substantially all employees. The plan provides participants with the opportunity to save for retirement on a tax-deferred basis or through Roth contributions. Since January 1, 2021, Peoples matches 100% of participants’ contributions up to 6% of the participants’ compensation. Matching contributions made by Peoples totaled $4.7 million during the nine months ended September 30, 2025 and $4.5 million during the nine months ended September 30, 2024.
Note 9 Earnings Per Common Share
The calculations of basic and diluted earnings per common share were as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in thousands, except per common share data) 2025 2024 2025 2024
Net income available to common shareholders $ 29,476  $ 31,684  $ 75,024  $ 90,275 
Less: Dividends paid on unvested common shares 208  216  628  576 
Less: Undistributed income allocated to unvested common shares 46  63  100  183 
Net earnings allocated to common shareholders $ 29,222  $ 31,405  $ 74,296  $ 89,516 
Weighted-average common shares outstanding 35,003,054  34,793,704  34,957,341  34,766,281 
Effect of potentially dilutive common shares 395,755  405,679  370,475  340,431 
Total weighted-average diluted common shares outstanding 35,398,809  35,199,383  35,327,816  35,106,712 
Earnings per common share:
Basic $ 0.83  $ 0.90  $ 2.13  $ 2.57 
Diluted $ 0.83  $ 0.89  $ 2.10  $ 2.55 
Anti-dilutive common shares excluded from calculation:
Restricted common shares 17,634  5,393  17,634  5,393 
Note 10 Derivative Financial Instruments
Peoples utilizes interest rate swap agreements as part of its asset/liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements.
Derivative Financial Instruments and Hedging Activities - Risk Management Objective of Using Derivative Financial Instruments
Peoples is exposed to certain risks arising from both its business operations and economic conditions. Peoples principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Peoples manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its assets and liabilities. Peoples also manages interest rate risk through the use of derivative financial instruments. Specifically, Peoples enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known or expected cash amounts, the values of which are determined by interest rates. Peoples’ derivative financial instruments are used to manage differences in the amount, timing and duration of Peoples' known or expected cash receipts and its known or expected cash payments principally related to certain variable rate borrowings. Peoples also has interest rate derivative financial instruments that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Peoples' assets or liabilities. Peoples manages a matched book with respect to customer-related derivative financial instruments in order to minimize its net risk exposure resulting from such transactions.
Cash Flow Hedges of Interest Rate Risk
Peoples' objectives in using interest rate derivative financial instruments are to add stability to interest income and expense, and to manage its exposure to interest rate movements. To accomplish these objectives, Peoples has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. At September 30, 2025, Peoples had entered into five interest rate swap contracts with an aggregate notional value of $45.0 million. Peoples will pay a fixed rate of interest for up to three years while receiving a floating rate component of interest equal to the term secured overnight financing rate ("SOFR").

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The interest received on the floating rate component is intended to offset the interest paid on rolling three-month brokered CDs or FHLB advances, which will continue to be rolled through the life of the interest rate swaps. At both September 30, 2025 and December 31, 2024, the interest rate swaps were designated as cash flow hedges of $45.0 and $75.0 million, respectively, in brokered CDs, which are expected to be extended every 90 days through the maturity dates of the interest rate swaps.
For derivative financial instruments designated as cash flow hedges and deemed highly effective, all changes in the fair value of each derivative financial instrument is reported in accumulated other comprehensive (loss) income ("AOCI") (outside of earnings), net of tax, and are reclassified to interest expense as interest payments are made or received on Peoples' variable-rate liabilities. Peoples assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the hedging derivative financial instrument with the changes in cash flows of the designated hedged transaction. The reset dates and the payment dates on the brokered CDs or FHLB advances are matched to the reset dates and payment dates on the receipt of the term SOFR of the swaps to ensure effectiveness of the cash flow hedge. For the nine months ended September 30, 2025, and 2024, Peoples recorded reclassifications of losses to earnings of $1.0 million and $2.4 million, respectively. During the next 12 months, Peoples estimates that $0.9 million of AOCI will be reclassified as an addition to interest expense.
The following table summarizes information about the interest rate swaps designated as cash flow hedges:
(Dollars in thousands) September 30,
2025		 December 31,
2024
Notional amount $ 45,000  $ 75,000 
Weighted average pay rates 2.52  % 2.45  %
Weighted average receive rates 3.83  % 4.49  %
Weighted average maturity 1.6 years 1.5 years
Pre-tax changes in fair value included in AOCI $ 735  $ 1,885 
The following table presents changes in fair value and amounts reclassified from AOCI related to cash flow hedges and recorded in AOCI and in the Consolidated Statements of Comprehensive Income:
Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in thousands) 2025 2024 2025 2024
Amount of losses recorded in AOCI, pre-tax $ 194  $ 1,698  $ 1,196  $ 1,885 
The following table reflects the cash flow hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value:
September 30,
2025		 December 31,
2024
(Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value
Included in "Other assets":
Interest rate swaps related to debt $ 45,000  $ 675  $ 75,000  $ 1,784 
Non-Designated Hedges
Peoples Bank maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples Bank originates variable rate loans with interest rate swaps, where the customer enters into an interest rate swap with Peoples Bank on terms that match the terms of the loan. By entering into the interest rate swap with the customer, Peoples Bank effectively provides the customer with a fixed rate loan while creating a variable rate asset for Peoples Bank. Peoples Bank offsets its exposure in the interest rate swap by entering into an offsetting interest rate swap with an unaffiliated institution. These interest rate swaps do not qualify as designated hedges; therefore, each interest rate swap is accounted for as a standalone derivative financial instrument. These interest rate swaps did not have a material impact on Peoples' results of operations or financial condition at or for the three and nine months ended September 30, 2025, or at or for the year ended December 31, 2024.
The following table reflects the non-designated hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value:

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September 30,
2025		 December 31,
2024
(Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value
Included in "Other assets":
Interest rate swaps related to commercial loans $ 532,777  $ 15,258  $ 453,367  $ 18,742 
Netting Adjustments (a) (5,312) (1,783)
Net Derivative Assets on the Balance Sheet $ 9,946  $ 16,959 
Included in "Accrued expenses and other liabilities":
Interest rate swaps related to commercial loans $ 532,777  $ 12,519  $ 453,367  $ 17,100 
Netting Adjustments (a) (2,512) (54)
Net Derivatives Liabilities on the Balance Sheet $ 10,007  $ 17,046 
(a) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of master netting agreements that allow us to settle derivative contracts with a single counterparty on a net basis. Total derivative assets and liabilities include these netting adjustments.

Pledged Collateral
Peoples Bank pledges or receives collateral for all interest rate swaps. When the fair value of Peoples Bank interest rate swaps is in a net liability position, Peoples Bank must pledge collateral, and, when the fair value of Peoples Bank interest rate swaps is in a net asset position, the respective counterparties must pledge collateral. At September 30, 2025, Peoples Bank had $4.2 million of cash pledged, while counterparties had $2.7 million of cash pledged. Peoples Bank had no cash pledged and counterparties had $12.3 million of cash pledged at December 31, 2024. Peoples Bank had no pledged investment securities at September 30, 2025 or at December 31, 2024, while the counterparties had pledged no investment securities at September 30, 2025 and had pledged $1.9 million of investment securities at December 31, 2024.
Note 11 Stock-Based Compensation
Under the Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan (the "2006 Equity Plan"), Peoples may grant, among other awards, nonqualified stock options, incentive stock options, restricted common share awards, stock appreciation rights, performance units and unrestricted common share awards to employees and non-employee directors. The total number of common shares available under the 2006 Equity Plan is 1,493,297. The maximum number of common shares that can be issued for incentive stock options is 750,000. Since February 2009, Peoples has granted restricted common shares to employees, and periodically to non-employee directors, subject to the terms and conditions prescribed by the 2006 Equity Plan. In general, common shares issued in connection with stock-based awards are issued from treasury shares to the extent available. If no treasury shares are available, common shares are issued from authorized but unissued common shares.
Restricted Common Shares
 Under the 2006 Equity Plan, Peoples may award restricted common shares to officers, key employees and non-employee directors. In general, the restrictions on the restricted common shares awarded to officers and key employees expire after periods ranging from one to five years. Since 2018, common shares awarded to non-employee directors have vested immediately upon grant with no restrictions. In the first nine months of 2025, Peoples granted an aggregate of 159,097 restricted common shares subject to performance-based vesting to officers and key employees with restrictions that will lapse three years after the grant date; provided that in order for the restricted common shares to vest in full, Peoples must have reported positive net income and maintained a well-capitalized status by regulatory standards for each of the three fiscal years preceding the vesting date.
The following table summarizes the changes to Peoples’ outstanding restricted common shares for the nine months ended September 30, 2025:
Time-Based Vesting Performance-Based Vesting
  Number of Common Shares Weighted-Average Grant Date Fair Value Number of Common Shares Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2025 140,231  $ 28.72  586,227  $ 29.67 
Awarded 33,435  30.15  159,097  33.41 
Released (44,535) 30.74  (141,821) 32.21 
Forfeited (12,908) 27.74  (38,763) 29.80 
Outstanding at September 30, 2025
 116,223  $ 28.46  564,740  $ 30.08 

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The intrinsic value for restricted common shares released was $6.0 million for the nine months ended September 30, 2025, compared to $2.6 million for the nine months ended September 30, 2024.
Stock-Based Compensation
Peoples recognizes stock-based compensation, which is included as a component of Peoples’ salaries and employee benefit costs, for restricted and unrestricted common shares, as well as purchases made by participants in the employee stock purchase plan. For restricted common shares, Peoples recognizes stock-based compensation based on the estimated fair value of the awards expected to vest on the grant date. The estimated fair value is then expensed over the vesting period, which is normally three years. Peoples also has an employee stock purchase plan whereby employees can purchase Peoples' common shares at a discount of 15%. The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized for each period:
Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in thousands) 2025 2024 2025 2024
Employee stock-based compensation expense:
Stock grant expense $ 1,163  $ 1,335  $ 5,051  $ 5,638 
Employee stock purchase plan expense 35  (24) 106  115 
Total employee stock-based compensation expense 1,198  1,311  $ 5,157  $ 5,753 
Non-employee director stock-based compensation expense 131  115  $ 378  $ 376 
Total stock-based compensation expense 1,329  1,426  $ 5,535  $ 6,129 
Recognized tax benefit (310) (332) (1,291) (1,428)
Net stock-based compensation expense $ 1,019  $ 1,094  $ 4,244  $ 4,701 
The fair value of restricted common share awards on the grant date is the market price of Peoples' common shares on that date. Total unrecognized stock-based compensation expense related to unvested restricted common share awards was $6.8 million at September 30, 2025, which will be recognized over a weighted-average period of 1.9 years.


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Note 12 Revenue
The following table details Peoples' revenue from contracts with customers:
  Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in thousands) 2025 2024 2025 2024
Insurance income:
Commission and fees from sale of insurance policies (a) $ 4,384  $ 4,271  $ 13,346  $ 12,660 
Performance-based commissions (b) 85  —  1,726  2,218 
Trust and investment income:
Fiduciary income (a) 2,974  2,838  8,931  8,605 
Brokerage income (a) 2,440  2,044  6,825  5,875 
Electronic banking income:
Interchange income (b) 5,392  4,635  15,348  14,864 
Promotional and usage income (a) 1,146  1,724  3,347  4,011 
Deposit account service charges:
Ongoing maintenance fees for deposit accounts (a) 1,747  1,741  5,061  5,175 
Transaction-based fees (b) 2,527  2,779  7,287  7,907 
Commercial loan swap fees (b) 381  163  1,652  274 
Other non-interest income transaction-based fees (b) 452  243  1,241  1,336 
Total revenue from contracts with customers $ 21,528  $ 20,438  $ 64,764  $ 62,925 
Timing of revenue recognition:
Services transferred over time $ 12,691  $ 12,618  $ 37,510  $ 36,326 
Services transferred at a point in time 8,837  7,820  27,254  26,599 
Total revenue from contracts with customers $ 21,528  $ 20,438  $ 64,764  $ 62,925 
(a) Services transferred over time.
(b) Services transferred at a point in time.
Peoples records contract assets for income that has been recognized over a period of time for fulfillment of performance obligations to e-banking income and certain insurance income, but payment has not yet been received. This income typically relates to bonuses for which Peoples is eligible, but will not receive until a certain time in the future. Peoples records contract liabilities for payments received for commission income related to the sale of insurance policies, for which the performance obligations have not yet been fulfilled. The contract liabilities are recognized as income over time, during the period in which the performance obligations are fulfilled, which is over the insurance policy period. Peoples also records contract liabilities for bonuses received related to e-banking income, for which the performance obligations have not yet been fulfilled. The contract liabilities are recognized as income over time, during the period in which the performance obligations are fulfilled related to e-banking income.
The following table details the changes in Peoples' contract assets and contract liabilities for the nine-month period ended September 30, 2025:
  Contract Assets Contract Liabilities
(Dollars in thousands)
Balance, January 1, 2025 $ 899  $ 5,771 
     Additional income receivable 90  — 
     Additional deferred income —  11,244 
     Receipt of income previously receivable (15) — 
     Recognition of income previously deferred —  (11,282)
Balance, September 30, 2025 $ 974  $ 5,733 



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Note 13 Leases
Peoples has elected certain practical expedients, in accordance with ASC 842 - Leases ("ASC 842"). As a lessor, Peoples has made an accounting policy election to exclude from the consideration in the contract, and from variable payments not included in the consideration in the contract, all sales and other similar taxes assessed. Peoples has also made an accounting policy election to account for each separate lease component of a contract and its associated non-lease components as a single lease component for all leases subject to ASC 842.
Lessor Arrangements
Peoples began originating leases with the acquisition of NSL and increased its portfolio with the acquisition of Vantage. The leases for NSL are generally classified as sales-type leases, as the leases are structured with a dollar buyout, whereby the lessee pays one dollar at maturity of the lease to purchase the equipment. The leases for Vantage are generally classified as sales-type leases, as the payment structure and term triggered that accounting treatment, whereby either (i) the lease is structured as a fair market value buyout, whereby the lessee has the option to purchase the leased equipment at its fair market value at maturity of the lease, or (ii) the lessee purchases the leased equipment for one dollar at maturity of the lease. Vantage also originates operating leases, which are generally structured over a shorter term and do not meet the criteria of a sales-type lease. These leases do not typically contain residual value guarantees; however, Peoples reduces its residual asset risk by obtaining a security deposit from the lessee. As a lessor, Peoples originates commercial equipment leases either directly to the customer or indirectly through vendor programs. Equipment leases relate to healthcare, manufacturing, office, restaurant, information technology, general warehousing, storage equipment, vocational trucks and trailers, and other equipment. Leases structured with a fair market value buyout include an estimated residual value, which is assessed for impairment as part of the allowance for credit losses. When Peoples originates an operating lease, it records an operating lease asset recognized in “Other assets” which is depreciated over its useful life. Operating leases assets are assessed for impairment consistent with Peoples’ fixed assets.
Sales-type leases originated by Peoples, that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff, are reported at the net investment of the lease, net of initial direct costs, charge-offs and an allowance for credit losses. Peoples considers leases past due if any required payments have not been received as of the date such payments were required to be made under the terms of the lease agreement. Upon detection of the reduced ability of a lessee to meet cash flow obligations, leases are typically charged down to the net realizable value, with the residual balance placed on nonaccrual status. Leases deemed to be uncollectable are charged against the allowance for credit losses, while recoveries of previously charged-off amounts are credited to the allowance for credit losses.
Lease income noted in the table below includes (i) operating lease income, (ii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iii) month-to-month lease payments in excess of net investment in the lease, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets and (vi) syndication income. Additional information regarding Peoples' leases can be found in "Note 4 Loans and Leases."

The table below details Peoples' lease income:
  Three Months Ended Nine Months Ended
(Dollars in thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Interest and fees on leases (a) $ 9,520  $ 11,922  $ 30,005  $ 35,970 
Lease income 3,643  3,069  11,322  7,258 
Total lease income $ 13,163  $ 14,991  $ 41,327  $ 43,228 
(a)Included in "Interest and fees on loans and leases" in the Unaudited Consolidated Statements of Operations. For additional information, see "Note 4 Loans and Leases" of the Notes to the Unaudited Condensed Consolidated Financial Statements.

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The following table summarizes the net investment in leases, which is included in "Loans and leases, net of deferred fees and costs" on the Unaudited Consolidated Balance Sheets:
(Dollars in thousands) September 30, 2025 December 31, 2024
Lease payments receivable, at amortized cost $ 412,462  $ 448,027 
Estimated residual values 33,848  33,129 
Initial direct costs 5,693  7,148 
Deferred revenue (69,250) (81,706)
Net investment in leases 382,753  406,598 
Allowance for credit losses - leases (18,040) (12,893)
Net investment in leases, after allowance for credit losses $ 364,713  $ 393,705 
The following table summarizes the contractual maturities of leases:
(Dollars in thousands) Balance
Remaining three months ending December 31, 2025 $ 55,164 
Year ending December 31, 2026 83,746 
Year ending December 31, 2027 80,221 
Year ending December 31, 2028 84,320 
Year ending December 31, 2029 58,044 
Thereafter 50,967 
Lease payments receivable, at amortized cost $ 412,462 
Lessee Arrangements
Peoples leases certain banking facilities and equipment under various agreements with original terms providing for fixed monthly payments over periods generally ranging from two to 30 years. Certain leases may include options to extend or terminate the lease. Only those renewal and termination options which Peoples is reasonably certain of exercising are included in the calculation of the lease liability. Certain leases contain rent escalation clauses calling for rent increases over the term of the lease, which are included in the calculation of the lease liability. At September 30, 2025, Peoples did not have any leases that met the criteria for finance leases. Right of Use ("ROU") assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement or the remeasurement date of a lease based on the present value of lease payments over the remaining lease term. Operating lease ROU assets include lease payments made at or before the commencement date and initial indirect costs. Operating lease ROU assets are presented net of any lease incentives. Short-term leases of certain facilities and equipment, with lease terms of 12 months or less, are recognized on a straight-line basis over the lease term and do not have an ROU asset or lease liability.
The table below details Peoples' lease expense, which is included in "Net occupancy and equipment expense" in the Unaudited Consolidated Statements of Operations:
  Three Months Ended Nine Months Ended
(Dollars in thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Operating lease expense $ 650  $ 723  $ 1,968  $ 2,191 
Short-term lease expense 335  290  1,114  923 
Variable lease expense 11  42  29  47 
Total lease expense $ 996  $ 1,055  $ 3,111  $ 3,161 
Peoples utilizes an incremental borrowing rate to determine the present value of lease payments for each lease, as the lease agreements do not provide an implicit rate. The estimated incremental borrowing rate reflects a secured rate and is based on the term of the lease.

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The following table details the ROU assets, the lease liabilities and other information related to Peoples' operating leases at the dates shown:
(Dollars in thousands) September 30, 2025 December 31, 2024
ROU assets:
Other assets $ 9,863  $ 10,419 
Lease liabilities:
     Accrued expenses and other liabilities $ 10,433  $ 10,968 
Other information:
     Weighted-average remaining lease term 8.6 years 9.0 years
     Weighted-average discount rate 4.16  % 4.11  %
     Additions for ROU assets obtained during the year $ 1,333  $ 1,660 
During both the three months ended September 30, 2025 and 2024, Peoples paid cash of $0.6 million for operating leases. During the nine months ended September 30, 2025 and 2024, Peoples paid cash of $1.9 million and $2.2 million, respectively, for operating leases.
The following table summarizes the maturity of remaining lease liabilities:
(Dollars in thousands) Balance
Remaining three months ending December 31, 2025 $ 625 
Year ending December 31, 2026 2,413 
Year ending December 31, 2027 2,146 
Year ending December 31, 2028 1,625 
Year ending December 31, 2029 1,173 
Thereafter 4,608 
Total undiscounted lease payments $ 12,590 
Imputed interest $ (2,157)
Total lease liabilities $ 10,433 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s Discussion and Analysis (“MD&A”) represents an overview of the results of operations and financial condition of Peoples at and for the three and nine months ended September 30, 2025 and September 30, 2024. This MD&A should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements and the Notes thereto.
Certain statements in this Form 10-Q, which are not historical fact, 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 risks and uncertainties include, but are not limited to:
(1)the effects of interest rate policies, including any changes to such policies that may result from potential changes in the composition of the Federal Reserve Board, changes in the interest rate environment due to economic conditions and/or the fiscal and monetary policy measures undertaken by the U.S. government and the Federal Reserve Board, including changes in the Federal Funds Target Rate, in response to such economic conditions, which may adversely impact interest rates, the interest rate yield curve, interest margins, loan demand and interest rate sensitivity;
(2)the effects of inflationary pressures on borrowers’ liquidity and ability to repay;
(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;
(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;
(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 in the State of Ohio, the FDIC, the Federal Reserve Board and the Consumer Financial Protection Bureau, which may subject Peoples, its subsidiaries, or one or more acquired companies to a variety of new and more stringent legal and regulatory requirements;
(6)the effects of easing restrictions on participants in the financial services industry;
(7)current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the U.S. economy generally, the current or future U.S. government shutdown, an increasing federal government budget deficit, the failure of the federal government to raise the federal debt ceiling, potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations, changes in the relationship of the U.S. and U.S. global trading partners), and changes in the federal, state, and local governmental policy and the impact these conditions may have on Peoples, Peoples' customers and Peoples' counterparties, and Peoples' assessment of the impact, which may be different than anticipated;
(8)Peoples may issue equity securities in connection with future acquisitions, which could cause ownership and economic dilution to Peoples' current shareholders;
(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;
(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;
(11)future credit quality and performance, including expectations regarding future credit losses and the allowance for credit losses;

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(12)changes in accounting standards, policies, estimates or procedures may adversely affect Peoples' reported financial condition or results of operations;
(13)the impact of assumptions, estimates and inputs used within models, which may vary materially from actual outcomes, including under the CECL model;
(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;
(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;
(16)Peoples' ability to receive dividends from Peoples' subsidiaries;
(17)Peoples' ability to maintain required capital levels and adequate sources of funding and liquidity;
(18)the impact of larger or similar-sized financial institutions encountering problems, such as the failure in 2024 of Republic First Bank, and closures in 2023 of Silicon Valley Bank in California, Signature Bank in New York, and First Republic Bank in California, which may adversely affect the banking industry and/or Peoples' business generation and retention, funding and liquidity, including Peoples' continued ability to grow deposits or maintain adequate deposit levels, and may further result in potential increased regulatory requirements, increased reputational risk and potential impacts to macroeconomic conditions;
(19)Peoples' ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks, including those of Peoples' third-party vendors and other service providers, which may prove inadequate, and could adversely affect customer confidence in Peoples and/or result in Peoples incurring a financial loss;
(20)any misappropriation of the confidential information which Peoples possesses could have an adverse impact on Peoples' business and could result in regulatory actions, litigation and other adverse effects;
(21)Peoples' ability to anticipate and respond to technological changes, and Peoples' reliance on, and the potential failure of, a number of third-party vendors to perform as expected, including Peoples' primary core banking system provider, which can impact Peoples' ability to respond to customer needs and meet competitive demands;
(22)operational issues stemming from and/or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which Peoples and Peoples' subsidiaries are highly dependent;
(23)changes in consumer spending, borrowing and saving habits, whether due to changes in retail distribution strategies, consumer preferences and behavior, changes in business and economic conditions, legislative or regulatory initiatives, or other factors, which may be different than anticipated;
(24)the adequacy of Peoples' internal controls and risk management program in the event of changes in strategic, reputational, market, economic, operational, cybersecurity, compliance, legal, asset/liability repricing, liquidity, credit and interest rate risks associated with Peoples' business;
(25)the impact on Peoples' businesses, personnel, facilities, or systems of losses related to acts of fraud, theft, misappropriation or violence;
(26)the impact on Peoples' businesses, as well as on the risks described above, of various domestic or international widespread natural or other disasters (including severe weather events), pandemics, cybersecurity attacks, system failures, civil unrest, military or terrorist activities or international conflicts (including Russia’s war in Ukraine and the ongoing conflicts in the Middle East);
(27)the potential deterioration of the U.S. economy due to financial, political or other shocks;
(28)the potential influence on the U.S. financial markets and economy from the effects of climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs;
(29)the impact on Peoples' businesses and operating results of any costs associated with obtaining rights in intellectual property claimed by others and adequately protecting Peoples' intellectual property;
(30)risks and uncertainties associated with Peoples' entry into new geographic markets and risks resulting from Peoples' inexperience in these new geographic markets;
(31)changes in laws or regulations imposed by Peoples' regulators impacting Peoples' capital actions, including dividend payments and share repurchases;

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(32)the vulnerability of Peoples' network and online banking portals, and the systems of parties with whom Peoples contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;
(33)regulatory and legal matters, including the failure to resolve any outstanding matters on a timely basis and the potential of new regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;
(34)Peoples' business may be adversely affected by increased political and regulatory scrutiny of corporate environmental, social and governance ("ESG") practices;
(35)the effect of a fall in stock market prices on Peoples' asset and wealth management business; and
(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' 2024 Form 10-K and under the heading "Part II of this Form 10-Q. . Peoples encourages readers of this Form 10-Q to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. Peoples undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the filing of this Form 10-Q 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.
All forward-looking statements speak only as of the filing date of this Form 10-Q and are expressly qualified in their entirety by the cautionary statements. Although management believes the expectations in these forward-looking statements are based on reasonable assumptions within the bounds of management’s knowledge of Peoples’ business and operations, it is possible that actual results may differ materially from these projections.
This discussion and analysis should be read in conjunction with the Audited Consolidated Financial Statements, and Notes to the Audited Consolidated Financial Statements, contained in Peoples’ 2024 Form 10-K, as well as the Unaudited Condensed Consolidated Financial Statements, Notes to the Unaudited Condensed Consolidated Financial Statements, ratios, statistics and discussions contained elsewhere in this Form 10-Q.
Business Overview
The following discussion and analysis of Peoples’ Unaudited Condensed Consolidated Financial Statements is presented to provide insight into management’s assessment of the financial condition and results of operations.
Peoples is a diversified financial services holding company that makes available a complete line of banking, trust and investment, insurance, premium financing and equipment leasing solutions through its subsidiaries. Peoples' business activities are currently limited to one reporting unit and reportable operating segment, which is community banking. Peoples provides services through traditional offices, automated teller machines ("ATMs"), interactive teller machines ("ITMs"), mobile banking, telephone and internet-based banking. Peoples offers a complete array of insurance products through Peoples Insurance, a subsidiary of Peoples Bank. Brokerage services are offered by Peoples exclusively through an unaffiliated registered broker-dealer located at Peoples Bank's offices. Peoples Bank offers insurance premium finance lending nationwide through its Peoples Premium Finance division. Peoples also offers lease financing through its North Star Leasing division and through Vantage, a subsidiary of Peoples Bank. As of September 30, 2025, Peoples had 145 locations, including 127 full-service bank branches in Ohio, Kentucky, West Virginia, Virginia, Washington D.C. and Maryland. Peoples Bank is subject to regulation and examination primarily by the Ohio Division of Financial Institutions (the "ODFI"), the FRB of Cleveland and the FDIC. Peoples Bank must also follow the regulations promulgated by the Consumer Financial Protection Bureau (the "CFPB"), which regulates consumer financial products and services and certain financial services providers. Peoples Insurance is subject to regulation by the Ohio Department of Insurance and the state insurance regulatory agencies of those states in which Peoples Insurance may do business.
Critical Accounting Policies
The accounting and reporting policies of Peoples conform to US GAAP. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Note 1 of the Notes to the Unaudited Condensed Consolidated Financial Statements describes Peoples' significant accounting policies. Management has identified the accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to understanding Peoples’ Unaudited Condensed Consolidated Financial Statements, and this MD&A at September 30, 2025, which have been disclosed in Peoples' 2024 Form 10-K and updated as necessary in "Note 1 Summary of Significant Accounting Policies" in the Notes to the Unaudited Condensed Consolidated Financial Statements included in this Form 10-Q. This MD&A should be read in conjunction with the policies disclosed in Peoples’ 2024 Form 10-K.


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New Accounting Guidance Pending Adoption
ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures: The FASB issued ASU 2023-09 on December 14, 2023. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09 applies to all entities subject to income taxes. For public business entities, the new requirements were effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively with early adoption permitted. Peoples does not expect the update will have a material impact on its consolidated financial statements.
ASU 2025-01 - Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date: The FASB issued ASU 2025-01 on January 6, 2025. It clarifies the effective date of ASU 2024-03, which pertains to disaggregation of income statement expenses. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2026. Peoples is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.
Summary of Recent Transactions and Events
The following is a summary of recent transactions and events that have impacted or are expected to impact Peoples’ results of operations or financial condition:
◦For the third quarter of 2025, Peoples recorded a provision for credit losses of $7.3 million, compared to a provision for credit losses of $16.6 million for the linked quarter and a provision for credit losses of $6.7 million for the third quarter of 2024. The provision for credit losses for the third quarter of 2025 was primarily driven by (i) net charge offs, (ii) loan growth, (iii) a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses for the second quarter of 2025 was primarily driven by (i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) a periodic refresh in loss drivers utilized within the CECL model, (v) deterioration in the economic forecasts used within the CECL model, and (vi) loan growth. The provision for the third quarter of 2024 was primarily driven by net charge-offs. For more information, please refer to the section titled "RESULTS OF OPERATIONS - Provision for Credit Losses" found later in this MD&A.
◦To combat the effects of ongoing inflationary pressures, the Federal Reserve Board increased the Federal Funds Target Rate range to 0.25% to 0.50% beginning on March 16, 2022, and continued to raise rates up to 5.25% to 5.50% on July 27, 2023. This rate remained unchanged until the latter half of 2024, where multiple rate cuts reduced the rate down to 4.25% to 4.50%. The Federal Reserve Board announced a subsequent 25 basis point rate cut in September 2025, further reducing the rate to 4.00% to 4.25%. The Federal Reserve Board has signaled that future rate reductions continue to be a possibility.
The impact of these transactions and events, where material, is discussed in the applicable sections of this MD&A.
EXECUTIVE SUMMARY
Peoples reported net income of $29.5 million for the third quarter of 2025, representing earnings per diluted common share of $0.83. In comparison, Peoples reported net income of $21.2 million, representing earnings per diluted common share of $0.59, for the second quarter of 2025, and net income of $31.7 million, representing earnings per diluted common share of $0.89, for the third quarter of 2024. Non-core items negatively impacted earnings per diluted common share by $0.07 for the third quarter of 2025, $0.01 for the second quarter of 2025, and $0.01 for the third quarter of 2024. For the nine months ended September 30, 2025, Peoples recorded net income of $75.0 million, or $2.10 per diluted common share, compared to $90.3 million, or $2.55 per diluted common share, for the nine months ended September 30, 2024.
Net interest income was $91.3 million for the third quarter of 2025, and increased $3.8 million, or 4%, when compared to the linked quarter. Net interest margin was 4.16% for the third quarter of 2025, compared to 4.15% for the linked quarter. The increase in net interest income and net interest margin was primarily driven by higher loan balances and higher yields on investment securities, respectively. Net interest income for the third quarter of 2025 increased $2.4 million, or 3%, compared to the third quarter of 2024. The increase in net interest income compared to the third quarter of 2024 was driven by growth in loan and investment portfolios. Net interest margin for the third quarter of 2025 was 4.16% and decreased 11 basis points compared to 4.27% for the third quarter of 2024, impacted primarily by reductions in loan yields, driven by lower accretion income. Net interest income for the first nine months of 2025 was $264.2 million, compared to $262.2 million for the same period of 2024. Net interest margin for the first nine months of 2025 was 4.15%, compared to 4.24% for the same period of 2024 and was driven by lower accretion income.
Accretion income, net of amortization expense, from acquisitions was $1.7 million for the third quarter of 2025, $2.6 million for the second quarter of 2025 and $8.1 million for the third quarter of 2024, which added 8 basis points, 12 basis points and 39 basis points, respectively, to net interest margin.

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The decrease in accretion income for the third quarter of 2025 when compared to the linked quarter and the third quarter of 2024 was driven by fewer loan payoffs and more accretion income recognized in 2024 from the merger with Limestone Bancorp Inc. (the "Limestone Merger"). Accretion income, net of amortization expense, from acquisitions was $7.8 million and $20.3 million for the first nine months of 2025 and 2024, respectively. Accretion income added 12 basis points and 33 basis points to net interest margin for the first nine months of 2025 and 2024, respectively. The decrease in accretion income for the first nine months of 2025 compared to the same period in 2024 was due to more accretion recognized in 2024 from the Limestone Merger.
The provision for credit losses was $7.3 million for the third quarter of 2025, compared to a provision for credit losses of $16.6 million for the linked quarter and a provision for credit losses of $6.7 million for the third quarter of 2024. The provision for credit losses for the third quarter of 2025 was primarily driven by (i) net charge offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses for the linked quarter was primarily driven by(i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) a periodic refresh in loss drivers utilized within the CECL model, (v) deterioration in the economic forecasts used within the CECL model, and (vi) loan growth. Net charge-offs for the third quarter of 2025 were $6.8 million, or 0.41% of average total loans annualized, compared to net charge-offs of $7.0 million, or 0.43% of average total loans annualized, for the linked quarter and net charge-offs of $6.1 million, or 0.38% of average total loans annualized, for the third quarter of 2024. For additional information on credit trends and the allowance for credit losses, see the "FINANCIAL CONDITION - Allowance for Credit Losses" section below.
The provision for credit losses for the first nine months of 2025 was $34.1 million, compared to a provision for credit losses of $18.5 million for the first nine months of 2024. The provision for credit losses during the first nine months of 2025 was mainly a result of (i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) deterioration in the economic forecasts used within the CECL model, (v) and loan growth. The provision for credit losses for the first nine months of 2024 was mainly a result of (i) higher net charge-offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) economic forecast deterioration, and (iv) loan growth. Net charge-offs for the first nine months of 2025 were $21.9 million, or 0.45% of average total loans and leases annualized, compared to net charge-offs of $13.6 million, or 0.29% annualized, for the first nine months of 2024. For additional information on credit trends and the allowance for credit losses, see the "Asset Quality" section below.
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 Operations. The net loss realized during the third quarter of 2025 was $3.1 million, compared to a net loss of $0.3 million for the linked quarter and a net loss of $0.9 million for the third quarter of 2024. The net loss for the third quarter of 2025 was driven by a $2.7 million loss on the sale of lower-yielding available-for-sale securities. The net loss for the second quarter of 2025 and for the third quarter of 2024 was due to $0.3 million and $0.5 million of net losses on repossessed assets, respectively. For the nine months ended September 30, 2025, the total net loss was $3.7 million, compared to $2.0 million for the same period in 2024. The net loss for the first nine months of 2025 was primarily driven by the $2.7 million loss on the sale of lower yielding available-for-sale securities. The net loss recognized in the first nine months of 2024 was primarily driven by $1.3 million of net losses on repossessed assets.
Total non-interest income, excluding net gains and losses, for the third quarter of 2025 decreased $0.3 million compared to the linked quarter. The decrease was primarily impacted by a decrease of $0.6 million in lease income, driven by gains on terminated Vantage leases recorded in the linked quarter, partially offset by an increase of $0.3 million in electronic banking ("e-banking") income, driven by debit card interchange fees. Compared to the third quarter of 2024, total non-interest income, excluding net gains and losses, increased $1.2 million, due to an increase of $0.7 million in BOLI, an increase of $0.6 million in lease income, and an increase of $0.5 million in trust and investment income, which was driven by an increase in assets under administration and management, partially offset by a decrease of $0.8 million in mortgage banking income.
For the first nine months of 2025, total non-interest income, excluding gains and losses, increased $5.2 million, or 7%, compared to the first nine months of 2024. The increase was driven by (i) a $4.0 million increase in lease income, driven by gains on early Vantage lease terminations and increased operating lease income, (ii) a $1.3 increase in trust and investment income, driven by an increase in assets under administration and management, and (iii) a $1.0 million increase in other non-interest income, primarily driven by an increase in swap fee income due to customer demand. These increases were partially offset by a $0.8 million decrease in mortgage banking income and a $0.7 million decrease in deposit account service charges due to customer activity.
Total non-interest expense decreased $0.5 million for the three months ended September 30, 2025, compared to the linked quarter. The decrease was primarily due to a decrease of $0.8 million in professional fees and $0.6 million in other non-interest expense, driven by lower corporate expenses, partially offset by increases of $0.3 million in marketing expenses and $0.2 million in franchise tax expenses.
Compared to the third quarter of 2024, total non-interest expense increased $3.8 million, or 6%. The increase was primarily driven by increases of $1.6 million in salaries and employee benefit costs, which were driven by higher sales-based incentive, medical costs, and payroll taxes, $1.2 million in data processing and software expense, and $1.2 million in other non-interest expense, partially offset by a decrease of $0.6 million in amortization of other intangible assets.

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For the nine months ended September 30, 2025, total non-interest expense increased $7.7 million, or 4%, compared to the first nine months of 2024. The increase was driven by increases of (i) $4.9 million in salaries and employee benefits costs, which were driven by higher sales-based incentive and medical costs, (ii) $3.1 million in data processing and software expenses, (iii) $0.7 million in professional fees, and (iv) $0.6 million in operating lease expense, partially offset with decreases of $1.7 million in amortization of other intangible assets and $1.1 million in net occupancy and equipment expense.
The efficiency ratio for the third quarter of 2025 was 57.1%, compared to 59.3% for the linked quarter and 55.1% for the third quarter of 2024. The efficiency ratio improved compared to the linked quarter mainly as the result of higher net interest income and lower non-interest expenses. The efficiency ratio for the first nine months of 2025 was 59.0%, compared to 57.4% for the first nine months of 2024. The efficiency ratio increased compared to the prior year first nine months due to the increase in non-interest expense and lower net interest income.
Peoples recorded income tax expense of $8.5 million with an effective tax rate of 22.4% for the third quarter of 2025, compared to income tax expense of $6.2 million with an effective tax rate of 22.7% for the linked quarter, and income tax expense of $9.2 million with an effective tax rate of 22.5% for the third quarter of 2024. The increase in income tax expense when compared to the prior quarter was primarily due to higher pre-tax income. Peoples' income tax expense for the first nine months of 2025 was $21.8 million with an effective tax rate of 22.5%, compared to $24.3 million with an effective tax rate of 21.2% for the same period of 2024.
Total assets were $9.62 billion as of September 30, 2025, $9.54 billion at June 30, 2025, $9.25 billion at December 31, 2024, and $9.14 billion at September 30, 2024. Total assets at September 30, 2025 increased when compared to at June 30, 2025 primarily due to increases in period-end loan and lease balances. Period-end total loan and lease balances at September 30, 2025 increased $127.1 million, or 8% annualized, compared to at June 30, 2025. The increase in loans was driven by increases of $121.2 million in other commercial real estate loans and $82.1 million in commercial and industrial loans, partially offset by a decrease of $80.3 million in construction loans. Total assets at September 30, 2025 increased compared to at December 31, 2024 due to increases of $370.7 million in total loans and leases and $157.0 million in held-to-maturity investment securities, partially offset by decreases in available-for sale investment securities of $106.6 million. Total assets at September 30, 2025 increased compared to at September 30, 2024 due to increases of $456.9 million in total loans and leases and $142.7 million in total investment securities, partially offset by a decrease of $93.5 million in total cash and cash equivalents.
Total liabilities were $8.44 billion at September 30, 2025, up from $8.39 billion at June 30, 2025, $8.14 billion at December 31, 2024, and $8.02 billion at September 30, 2024. The increase in total liabilities when compared to at June 30, 2025 was primarily due to an increase of $86.7 million in short-term borrowings, partially offset by a decrease of $5.0 million in period-end total deposits. Total liabilities increased compared to at December 31, 2024 due to increases in short-term borrowings and non-interest bearing deposits of $290.1 million and $28.4 million, respectively, and were partially offset by a decrease in accrued expenses and other liabilities of $22.8 million. The increase in total liabilities when compared to at September 30, 2024 was primarily due increases of $307.6 million and $149.0 million in short-term borrowings and period-end deposits, respectively. The increase in deposits was primarily driven by an increase of $124.5 million in retail certificates of deposit, driven by current promotional offerings, $82.7 million in non-interest bearing deposits, and $53.5 million in money market deposits. These were partially offset by a decrease of $79.1 million in brokered deposits and a $54.4 million decrease in governmental deposit accounts.
Total stockholders' equity at September 30, 2025 increased $29.4 million compared to at June 30, 2025, which was primarily due to net income for the quarter of $29.5 million and a decrease of $12.7 million in accumulated other comprehensive loss, partially offset by dividends paid of $14.7 million. Accumulated unrealized losses related to the available-for-sale investment securities portfolio were $78.1 million and $90.9 million at September 30, 2025 and at June 30, 2025, respectively. Total stockholders' equity at September 30, 2025 increased $71.2 million, or 6%, compared to at December 31, 2024, which was due to net income of $75.0 million in the first nine months of 2025 and a decrease of $32.8 million in accumulated other comprehensive loss, partially offset by dividends paid of $43.5 million. Total stockholders' equity at September 30, 2025 increased by $57.8 million compared to at September 30, 2024 and was impacted by net income of $102.0 million in the last twelve months and a decrease in accumulated other comprehensive loss of $5.0 million, partially offset by dividends paid of $57.7 million.
RESULTS OF OPERATIONS
Net Interest Income
Net interest income, the amount by which interest income exceeds interest expense, remains Peoples' largest source of revenue. The amount of net interest income earned by Peoples each quarter is affected by various factors, including changes in market interest rates due to the Federal Reserve’s monetary policy, the level and degree of pricing competition for loans and deposits in Peoples’ markets, and the amount and composition of Peoples' earning assets and interest-bearing liabilities. 
Net interest margin, which is calculated by dividing fully tax-equivalent ("FTE") net interest income by average interest-earning assets, serves as an important measurement of the net revenue stream generated by the volume, mix and pricing of interest-earning assets and interest-bearing liabilities. FTE net interest income is calculated by increasing interest income to convert tax-exempt income earned on obligations of states and political subdivisions and tax-exempt loans to the pre-tax equivalent of taxable income using a federal statutory corporate income tax rate of 21% for all periods presented.

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The following table details the calculation of FTE net interest income:
  Three Months Ended Nine Months Ended
  September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Net interest income $ 91,349  $ 87,577  $ 88,912  $ 264,181  $ 262,165 
Taxable equivalent adjustment 279  280  318  842  1,022 
FTE net interest income $ 91,628  $ 87,857  $ 89,230  $ 265,023  $ 263,187 

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The following tables detail Peoples’ average balance sheets for the periods presented:
  For the Three Months Ended
  September 30, 2025 June 30, 2025 September 30, 2024
(Dollars in thousands)
 Average Balance Income/ Expense Yield/Cost Average Balance Income/ Expense Yield/Cost Average Balance Income/ Expense Yield/Cost
Short-term investments $ 71,028  $ 782  4.37  % $ 86,655  $ 1,039  4.81  % $ 57,436  $ 954  6.60  %
Investment securities (a)(b):      
Taxable 1,846,654  17,932  3.88  % 1,734,193  15,593  3.60  % 1,714,614  15,147  3.53  %
Nontaxable 171,809  1,187  2.76  % 176,691  1,215  2.75  % 183,087  1,250  2.73  %
Total investment securities 2,018,463  19,119  3.79  % 1,910,884  16,808  3.52  % 1,897,701  16,397  3.46  %
Loans (b)(c):      
Construction 333,782  5,759  6.75  % 335,396  5,935  7.00  % 330,779  6,654  7.87  %
Commercial real estate, other 2,144,859  34,751  6.34  % 2,110,961  33,430  6.27  % 2,049,150  37,640  7.19  %
Commercial and industrial 1,428,843  25,090  6.87  % 1,325,976  23,304  6.95  % 1,254,709  24,730  7.71  %
Premium finance 273,730  5,820  8.32  % 267,294  5,743  8.50  % 288,841  6,052  8.20  %
Leases 390,499  9,520  9.54  % 384,191  10,287  10.59  % 424,549  11,922  10.99  %
Residential real estate (d) 990,040  13,466  5.44  % 974,203  12,226  5.02  % 920,703  12,110  5.26  %
Home equity lines of credit 245,024  4,765  7.72  % 239,531  4,540  7.60  % 231,760  4,836  8.30  %
Consumer, indirect 703,619  11,545  6.51  % 686,550  11,038  6.45  % 681,002  10,372  6.06  %
Consumer, direct 123,927  2,470  7.91  % 119,358  2,337  7.85  % 120,941  2,271  7.47  %
Total loans 6,634,323  113,186  6.71  % 6,443,460  108,840  6.71  % 6,302,434  116,587  7.27  %
Allowance for credit losses (74,485) (65,186) (66,154)
Net loans 6,559,838  113,186  6.79  % 6,378,274  108,840  6.77  % 6,236,280  116,587  7.35  %
Total earning assets 8,649,329  133,087  6.07  % 8,375,813  126,687  6.01  % 8,191,417  133,938  6.44  %
Goodwill and other intangible assets 396,636    398,940  405,022 
Other assets 528,305    518,534  546,298 
    Total assets
 $ 9,574,270    $ 9,293,287  $ 9,142,737 
Interest-bearing deposits:      
Savings accounts $ 890,316  $ 196  0.09  % $ 889,877  $ 220  0.10  % $ 870,914  $ 227  0.10  %
Governmental deposit accounts
 787,079  4,745  2.39  % 811,822  4,874  2.41  % 824,918  5,960  2.87  %
Interest-bearing demand accounts
 1,084,051  617  0.23  % 1,075,220  563  0.21  % 1,072,850  591  0.22  %
Money market accounts 954,778  5,671  2.36  % 938,318  5,592  2.39  % 854,075  5,609  2.61  %
Retail CDs 2,007,768  18,094  3.58  % 1,997,992  18,235  3.66  % 1,865,312  20,151  4.30  %
Brokered CDs (e) 431,501  4,567  4.20  % 419,277  4,393  4.20  % 410,035  4,712  4.57  %
Total interest-bearing deposits
 6,155,493  33,890  2.18  % 6,132,506  33,877  2.22  % 5,898,104  37,250  2.51  %
Borrowed funds:      
Short-term FHLB advances (e) 260,848  2,928  4.45  % 87,659  1,015  4.64  % 135,185  1,870  5.50  %
Repurchase agreements and other 107,608  1,116  4.15  % 40,057  374  3.73  % 183,567  2,181  4.75  %
Total short-term borrowings 368,456  4,044  4.36  % 127,716  1,389  4.36  % 318,752  4,051  5.07  %
Long-term FHLB advances 131,364  1,329  4.01  % 131,625  1,315  4.01  % 132,206  1,329  4.00  %
Long-term notes payable 42,513  780  7.34  % 47,116  856  7.27  % 48,097  843  7.01  %
Other long-term borrowings (f) 55,511  1,416  9.98  % 55,257  1,393  9.97  % 54,476  1,235  8.87  %
Total long-term borrowings 229,388  3,525  6.07  % 233,998  3,564  6.07  % 234,779  3,407  5.75  %
  Total borrowed funds 597,844  7,569  5.02  % 361,714  4,953  5.47  % 553,531  7,458  5.36  %
      Total interest-bearing liabilities
 6,753,337  41,459  2.44  % 6,494,220  38,830  2.40  % 6,451,635  44,708  2.76  %
Non-interest-bearing deposits 1,544,184      1,546,475  1,468,498 
Other liabilities 113,981      105,339  122,848 
Total liabilities 8,411,502      8,146,034  8,042,981 
Total stockholders’ equity 1,162,768      1,147,253  1,099,756 
Total liabilities and stockholders’ equity $ 9,574,270      $ 9,293,287  $ 9,142,737 
Interest rate spread (b)   $ 91,628  3.63  % $ 87,857  3.61  % $ 89,230  3.68  %
Net interest margin (b) 4.16  % 4.15  % 4.27  %


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  For the Nine Months Ended
  September 30, 2025 September 30, 2024
(Dollars in thousands)
 Average Balance Income/ Expense Yield/Cost Average Balance Income/ Expense Yield/Cost
Short-term investments $ 82,135  $ 2,720  4.43  % $ 125,720  $ 5,377  5.71  %
Investment securities (a)(b):      
Taxable 1,766,903  48,897  3.69  % 1,685,945  43,997  3.48  %
Nontaxable 175,669  3,627  2.75  % 181,058  3,778  2.78  %
Total investment securities 1,942,572  52,524  3.61  % 1,867,003  47,775  3.41  %
Loans (b)(c):      
Construction 327,512  17,266  6.95  % 333,048  19,652  7.75  %
Commercial real estate, other 2,108,596  101,444  6.34  % 2,066,631  111,302  7.08  %
Commercial and industrial 1,363,990  71,727  6.93  % 1,229,491  72,142  7.71  %
Premium finance 266,808  17,148  8.48  % 253,383  16,362  8.48  %
Leases 389,933  30,004  10.15  % 418,084  35,970  11.30  %
Residential real estate (d) 973,555  37,906  5.19  % 925,756  34,892  5.03  %
Home equity lines of credit 239,401  13,687  7.64  % 224,648  13,745  8.17  %
Consumer, indirect 688,234  33,130  6.44  % 664,610  29,322  5.89  %
Consumer, direct 120,411  7,042  7.82  % 121,359  6,465  7.12  %
Total loans 6,478,440  329,354  6.73  % 6,237,010  339,852  7.19  %
Allowance for credit losses
 (67,619) (64,052)
Net loans 6,410,821  329,354  6.80  % 6,172,958  339,852  7.26  %
Total earning assets 8,435,528  384,598  6.04  % 8,165,681  393,004  6.36  %
Goodwill and other intangible assets 398,956    407,858 
Other assets 521,144    541,510 
    Total assets
 $ 9,355,628    $ 9,115,049 
Interest-bearing deposits:      
Savings accounts $ 886,316  $ 633  0.10  % $ 889,629  $ 675  0.10  %
Governmental deposit accounts
 793,581  14,271  2.40  % 795,019  16,639  2.80  %
Interest-bearing demand accounts
 1,081,313  1,703  0.21  % 1,092,407  1,538  0.19  %
Money market accounts 935,873  16,554  2.36  % 829,825  15,917  2.56  %
Retail CDs 1,981,959  54,762  3.69  % 1,730,818  54,472  4.20  %
Brokered CDs (e) 471,325  15,007  4.26  % 486,832  15,727  4.32  %
Total interest-bearing deposits
 6,150,367  102,930  2.24  % 5,824,530  104,968  2.41  %
Borrowed funds:      
Short-term FHLB advances (e) 127,945  4,285  4.48  % 156,666  6,452  5.50  %
Repurchase agreements and other 57,442  1,655  3.84  % 214,760  8,005  4.97  %
Total short-term borrowings 185,387  5,940  4.28  % 371,426  14,457  5.19  %
Long-term FHLB advances 131,585  3,946  4.01  % 130,246  3,886  3.99  %
Long-term notes payable 46,628  2,530  7.23  % 48,890  2,547  6.95  %
Other long-term borrowings (f) 55,255  4,229  10.09  % 54,207  3,959  9.60  %
Total long-term borrowings 233,468  10,705  6.09  % 233,343  10,392  5.91  %
  Total borrowed funds 418,855  16,645  5.29  % 604,769  24,849  5.47  %
      Total interest-bearing liabilities
 6,569,222  119,575  2.43  % 6,429,299  129,817  2.70  %
Non-interest-bearing deposits 1,530,040      1,482,318 
Other liabilities 111,926      131,998 
Total liabilities 8,211,188      8,043,615 
Total stockholders’ equity 1,144,440      1,071,434 
Total liabilities and stockholders’ equity $ 9,355,628      $ 9,115,049 
Interest rate spread (b)   $ 265,023  3.61  % $ 263,187  3.66  %
Net interest margin (b) 4.15  % 4.24  %
(a)Average balances are based on carrying value.
(b)Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.
(c)Average balances include nonaccrual and impaired loans. Interest income includes interest earned and received on nonaccrual loans prior to the loans being placed on nonaccrual status. Loan fees included in interest income were immaterial for all periods presented.

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(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 CDs for the periods presented in which interest payments on FHLB advances or brokered CDs were being hedged.
(f)Included in other long-term borrowings are trust preferred securities and floating rate junior subordinated deferrable interest debentures.

Peoples' deposit balances have increased primarily due to an increase in retail certificates of deposits driven by special promotional rate offerings over the past year.
The following table provides an analysis of the changes in FTE net interest income:
Three Months Ended September 30, 2025 Compared to
Nine Months Ended September 30, 2025 Compared to
(Dollars in thousands) June 30, 2025 September 30, 2024 September 30, 2024
Increase (decrease) in: Rate Volume
Total (a)
 Rate Volume
Total (a)
 Rate Volume
Total (a)
INTEREST INCOME:
Short-term investments $ (75) $ (182) $ (257) $ (426) $ 254  $ (172) $ (786) $ (1,871) $ (2,657)
Investment Securities (b):
Taxable 783  1,556  2,339  1,230  1,555  2,785  3,322  1,578  4,900 
Nontaxable 8  (36) (28) 18  (81) (63) (31) (120) (151)
Total investment income 791  1,520  2,311  1,248  1,474  2,722  3,291  1,458  4,749 
Loans (b):
      
Construction (212) 36  (176) (955) 60  (895) (1,989) (397) (2,386)
Commercial real estate, other 409  912  1,321  (4,647) 1,758  (2,889) (11,704) 1,846  (9,858)
Commercial and industrial (297) 2,083  1,786  (3,071) 3,431  360  (8,015) 7,600  (415)
Premium finance (126) 203  77  85  (317) (232) (18) 804  786 
Leases (795) 28  (767) (780) (1,622) (2,402) (1,940) (4,026) (5,966)
Residential real estate 1,052  188  1,240  470  886  1,356  1,296  1,718  3,014 
Home equity lines of credit 70  155  225  (362) 291  (71) (947) 889  (58)
Consumer, indirect 108  399  507  799  374  1,173  2,794  1,014  3,808 
Consumer, direct 17  116  133  137  62  199  633  (56) 577 
Total loan income 226  4,120  4,346  (8,324) 4,923  (3,401) (19,890) 9,392  (10,498)
Total interest income $ 942  $ 5,458  $ 6,400  $ (7,502) $ 6,651  $ (851) $ (17,385) $ 8,979  $ (8,406)
INTEREST EXPENSE:      
Deposits:      
Savings accounts 27  (3) 24  37  (6) 31  39  3  42 
Interest-bearing demand accounts (43) (11) (54) (18) (8) (26) (182) 17  (165)
Money market accounts 82  (161) (79) 617  (679) (62) 1,381  (2,018) (637)
Governmental deposit accounts 32  97  129  957  258  1,215  2,323  45  2,368 
Retail CDs 431  (290) 141  3,653  (1,596) 2,057  7,556  (7,846) (290)
Brokered CDs 4  (178) (174) 405  (260) 145  206  514  720 
Total deposit cost 533  (546) (13) 5,651  (2,291) 3,360  11,323  (9,285) 2,038 
Borrowed funds:      
Short-term borrowings 289  (2,944) (2,655) 818  (811) 7  1,299  7,218  8,517 
Long-term borrowings (11) 50  39  (197) 79  (118) (333) 20  (313)
Total borrowed funds cost 278  (2,894) (2,616) 621  (732) (111) 966  7,238  8,204 
Total interest expense 811  (3,440) (2,629) 6,272  (3,023) 3,249  12,289  (2,047) 10,242 
FTE net interest income $ 1,753  $ 2,018  $ 3,771  $ (1,230) $ 3,628  $ 2,398  $ (5,096) $ 6,932  $ 1,836 
(a)The change in interest due to both rate and volume has been allocated to rate and volume changes in proportion to the relationship of the dollar amounts of the change in each.
(b)Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.
Net interest income was $91.3 million for the third quarter of 2025 and increased $3.8 million when compared to the linked quarter. Net interest margin was 4.16% for the third quarter of 2025, compared to 4.15% for the linked quarter. The increase in net interest income and margin was primarily driven by higher loan balances and higher yields on investment securities, respectively.

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Net interest income for the third quarter of 2025 increased $2.4 million, or 3%, compared to the third quarter of 2024. Net interest margin decreased 11 basis points when compared to the third quarter of 2024. The increase in net interest income was primarily driven by growth in loan portfolios and reduced deposit costs. The decrease in net interest margin was driven by reductions in loan yields, attributable to lower accretion income.
For the first nine months of 2025, net interest income increased $2.0 million compared to the first nine months of 2024, while net interest margin decreased 9 basis points to 4.15%. The decrease in net interest margin for the first nine months of 2025 compared to the first nine months of 2024 was primarily driven by lower accretion income.
Accretion income, net of amortization expense, from acquisitions was $1.7 million for the third quarter of 2025, $2.6 million for the linked quarter and $8.1 million for the third quarter of 2024, which added 8 basis points, 12 basis points and 39 basis points, respectively, to net interest margin. The decrease in accretion income for the third quarter of 2025 when compared to the linked quarter and the third quarter of 2024 was driven by fewer loan payoffs and more accretion income recognized in 2024 from the Limestone Merger. Accretion income, net of amortization expense, was $7.8 million and $20.3 million for the first nine months of 2025 and 2024, respectively. Accretion income added 12 basis points and 33 basis points to net interest margin for the first nine months of 2025 and 2024, respectively. The decrease in accretion income for the first nine months of 2025 compared to the same period in 2024 was due to less accretion recognized from the Limestone Merger.
Additional information regarding changes in the Unaudited Consolidated Balance Sheets can be found under appropriate captions of the “FINANCIAL CONDITION” section of this MD&A. Additional information regarding Peoples' interest rate risk and the potential impact of interest rate changes on Peoples' results of operations and financial condition can be found later in this MD&A under the caption "FINANCIAL CONDITION - Interest Rate Sensitivity and Liquidity."
Provision for Credit Losses
The following table details Peoples’ provision for credit losses:
  Three Months Ended Nine Months Ended
  September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Provision for other credit losses $ 7,004  $ 16,475  $ 6,279  $ 33,514  $ 17,510 
Provision for checking account overdraft credit losses 276  167  456  598  1,010 
Provision for credit losses $ 7,280  $ 16,642  $ 6,735  $ 34,112  $ 18,520 
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 for the third quarter of 2025 was primarily driven by (i) net charge offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses for the linked quarter of 2025 was primarily driven by (i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) a periodic refresh in loss drivers utilized within the CECL model, (v) deterioration in the economic forecasts used within the CECL model, and (vi) loan growth.
For the first nine months of 2025, the provision for credit losses was mainly a result of (i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) deterioration in the economic forecasts used within the CECL model, and (v) loan growth. For the same period of 2024, the provision for credit losses was driven by (i) net charge-offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) economic forecast deterioration, and (iv) loan growth.
Additional information regarding changes in the allowance for credit losses and loan credit quality can be found later in this MD&A under the caption “FINANCIAL CONDITION - Allowance for Credit Losses.”


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Net Gain (Loss) Included in Total Non-Interest Income
Net gain (loss) includes net gains and losses on investment securities, asset disposals and other transactions, which are recognized in total non-interest income. The following table details Peoples’ net losses for the periods presented:
  Three Months Ended Nine Months Ended
  September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Net (loss) gain on investment securities $ (2,580) $ —  $ (74) $ (2,582) $ (428)
Net loss on asset disposals and other transactions:
Net loss on other assets (424) (267) (764) (1,021) (1,470)
Net gain (loss) on OREO —  10  (2) 30  (2)
Net loss on other transactions (54) (23) (29) (128) (92)
Net loss on asset disposals and other transactions $ (478) $ (280) $ (795) $ (1,119) $ (1,564)
The net loss on investment securities for the third quarter of 2025 was driven by the sale of lower-yielding available for sale securities. The net loss on investment securities reported for the third quarter of 2024 was attributable to a loss recorded on a contingent call of a security. The net loss on other assets for all periods presented was driven by losses recorded on repossessed assets.
Total Non-Interest Income, Excluding Net Gains and Losses
Total non-interest income, excluding net gains and losses, comprised 23% of Peoples' total revenues (defined as net interest income plus total non-interest income excluding net gains and losses) for the third quarter of 2025, 24% for the linked quarter, and 22% for the third quarter of 2024. For the first nine months of 2025, total non-interest income, excluding net gains and losses, totaled 24% of total revenue compared to 23% for the same period in 2024.
For the third quarter of 2025, e-banking income comprised the largest portion of Peoples' total non-interest income, excluding net gains and losses. Peoples' e-banking services include ATM and debit cards, direct deposit services, internet and mobile banking, and remote deposit capture, and serve as alternative delivery channels to traditional sales offices for providing services to customers. The following table details Peoples' e-banking income:
  Three Months Ended Nine Months Ended
  September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
E-banking income $ 6,538  $ 6,272  $ 6,359  $ 18,695  $ 18,875 
Peoples' e-banking income is derived largely from ATM and debit cards, as other services are mainly provided at no charge to customers. The amount of e-banking income is largely dependent on the timing and volume of customer activity.
The following table details Peoples' insurance income:
  Three Months Ended Nine Months Ended
  September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Property and casualty insurance commissions
 $ 3,732  $ 3,791  $ 3,584  $ 11,346  $ 10,601 
Performance-based commissions
 85  99  —  1,726  2,218 
Life and health insurance commissions
 652  659  687  2,000  2,059 
Insurance income $ 4,469  $ 4,549  $ 4,271  $ 15,072  $ 14,878 
Peoples' insurance income for the third quarter of 2025 decreased slightly when compared to the linked quarter. Insurance income for the third quarter of 2025 increased when compared to the third quarter of 2024 due to higher commissions. Insurance income in the first nine months of 2025 increased compared to the same period of 2024 due to higher commissions.
Peoples' trust and investment income, which includes fiduciary income, brokerage income, and employee benefit fees, continued to be based primarily upon the value of assets under administration and management, with additional income generated from transaction commissions, cross-selling of products and additional retirement plan services business. The following table details Peoples’ trust and investment income:

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  Three Months Ended Nine Months Ended
  September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Fiduciary income $ 2,209  $ 2,274  $ 2,047  $ 6,575  $ 6,260 
Brokerage income 2,439  2,240  2,044  6,825  5,875 
Employee benefit fees 766  767  791  2,356  2,345 
Trust and investment income $ 5,414  $ 5,281  $ 4,882  $ 15,756  $ 14,480 
Brokerage income in the third quarter of 2025 increased when compared to the linked quarter and to the third quarter of 2024 and was driven by an increase in assets under administration and management. Trust and investment income increased $1.3 million for the first nine months of 2025 when compared to 2024, due to higher brokerage income, primarily reflecting the increase in assets under management.
The following table details Peoples' assets under administration and management:
September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
(Dollars in thousands)
Trust $ 2,271,536  $ 2,138,439  $ 2,037,992  $ 2,061,267  $ 2,124,320 
Brokerage
 $ 1,800,781  $ 1,724,311  $ 1,626,768  $ 1,614,189  $ 1,608,368 
Total
 $ 4,072,317  $ 3,862,750  $ 3,664,760  $ 3,675,456  $ 3,732,688 
Quarterly average $ 3,955,007  $ 3,736,778  $ 3,711,527  $ 3,706,804  $ 3,683,334 
The increase in assets under administration and management at September 30, 2025 compared to at June 30, 2025 was driven by market value fluctuations. The increase in assets under administration and management at September 30, 2025 when compared to at September 30, 2024 was primarily due to growth, as Peoples added new accounts and the underlying market values of assets under management grew.
Deposit account service charges are based on the recovery of costs associated with services provided. The following table details Peoples' deposit account service charges:
  Three Months Ended Nine Months Ended
  September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Overdraft and non-sufficient funds fees $ 2,344  $ 2,122  $ 2,455  $ 6,569  $ 6,998 
Account maintenance fees 1,746  1,669  1,741  5,059  5,175 
Other fees and charges 184  268  324  720  909 
Deposit account service charges $ 4,274  $ 4,059  $ 4,520  $ 12,348  $ 13,082 
The amount of deposit account service charges, particularly fees for overdrafts and non-sufficient funds, is largely dependent on the timing and volume of customer activity. Management periodically evaluates its cost recovery fees to ensure they are reasonable based on operational costs and similar to fees charged in Peoples' markets by competitors. Deposit account service charges increased slightly for the third quarter of 2025 compared to the linked quarter. Deposit account service charges decreased when comparing the third quarter of 2025 to the third quarter of 2024. For the first nine months of 2025, total deposit account service charges decreased by $0.7 million from the same period of 2024, driven by timing of customer activity.
The following table details the other items included within Peoples' total non-interest income:
  Three Months Ended Nine Months Ended
  September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Lease income 3,622  4,189  3,045  11,257  7,208 
Other non-interest income 1,180  1,478  1,075  4,130  3,134 
Bank owned life insurance income 1,143  1,112  460  3,388  2,997 
Mortgage banking income 245  220  1,051  861  1,615 
Lease income is primarily comprised of (i) operating lease income, (ii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iii) month-to-month lease payments beyond maturity of the net investment in the lease, net of any associated purchase accounting adjustment, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets, net of any purchase accounting impact, and (vi) syndication income.

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Lease income for the third quarter of 2025 decreased compared to the linked quarter due to gains on early terminated Vantage leases recognized in the linked quarter. The increase when compared to the third quarter of 2024 was driven by increases in operating lease income and month-to-month lease income. Lease income increased $4.0 million for the first nine months of 2025 when compared to the same period of 2024 due to increases in month-to-month lease income and operating lease income.
Other non-interest income decreased for the three months ended September 30, 2025 when compared to the linked quarter and remained relatively flat compared to the third quarter of 2024. For the first nine months of 2025, other non-interest income increased by $1.0 million from the same period of 2024, primarily due to the increase in swap fee income which is driven by customer demand.
BOLI income for the third quarter of 2025 remained flat when compared to the linked quarter and increased $0.7 million when compared to the prior year quarter. BOLI income increased for the first nine months of 2025 when compared to the same period of 2024 primarily due to changes in the cash surrender value of the underlying policies.
Mortgage banking income is comprised mostly of net gains from the origination and sale of real estate loans in the secondary market, and, to a lesser extent, servicing income for loans sold with servicing retained. As a result, the amount of income recognized by Peoples is largely dependent on customer demand and long-term interest rates for residential real estate loans offered in the secondary market. Mortgage banking income for the third quarter of 2025 decreased when compared to the third quarter of 2024 and was primarily driven by the decreased volume in loans sold as more production has been kept on the balance sheet relative to prior periods. Mortgage banking income decreased for the first nine months of 2025 when compared to the same period of 2024 due to lower production.
In the third quarter of 2025, Peoples sold $4.5 million in loans into the secondary market with servicing retained and $3.8 million in loans with servicing released, compared to $0.3 million and $10.2 million, respectively, in the second quarter of 2025, and $14.9 million and $12.0 million, respectively, in the third quarter of 2024. For the first nine months of 2025, Peoples sold $5.0 million in loans into the secondary market with servicing retained, and $18.8 million with servicing released, compared to $17.6 million and $30.8 million, respectively, for the same period of 2024.
Non-Interest Expense
Salaries and employee benefit costs remain Peoples' largest non-interest expense, accounting for over one-half of total non-interest expense. The following table details Peoples' salaries and employee benefit costs:
  Three Months Ended Nine Months Ended
  September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Base salaries and wages $ 24,900  $ 24,942  $ 24,376  $ 74,460  $ 73,610 
Sales-based and incentive compensation 7,173  6,181  6,145  19,845  16,804 
Employee benefits 4,866  5,692  4,472  15,080  13,273 
Payroll taxes and other employment costs 2,231  2,078  2,162  7,088  6,821 
Stock-based compensation 1,198  1,484  1,311  5,157  5,786 
Deferred personnel costs (1,670) (1,484) (1,381) (4,218) (3,752)
Salaries and employee benefit costs $ 38,698  $ 38,893  $ 37,085  $ 117,412  $ 112,542 
Full-time equivalent employees:    
Actual at end of period 1,454  1,477  1,496  1,454  1,496 
Average during the period 1,460  1,462  1,495  1,468  1,493 
Base salaries and wages for the third quarter of 2025 and the first nine months of 2025 increased compared to the same periods in 2024, primarily driven by annual merit increases.
Sales-based and incentive compensation increased for the third quarter of 2025 compared to the linked quarter and the third quarter of 2024 and was driven by an increase in corporate incentives. Sales-based and incentive compensation increased for the first nine months of 2025 when compared to 2024, due to an increase in corporate incentives and insurance commissions.
The decrease in employee benefits for the third quarter of 2025 compared to the linked quarter was primarily related to lower medical costs and an adjustment related to prior period nonqualified deferred compensation expense. Employee benefits increased for the third quarter of 2025 and the first nine months of 2025 when compared to the same periods for 2024 due to higher medical costs.
Payroll taxes and other employment costs for the third quarter of 2025 and for the first nine months of 2025 increased slightly when compared to all prior periods.

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Stock-based compensation is generally recognized over the vesting period, which generally ranges from immediate vesting to vesting at the end of three years. An adjustment is made at the vesting date to reverse expense relating to forfeitures for performance awards, and at the date of forfeiture to reverse expense for non-vested restricted common share awards. Stock grants to retirement eligible grantees are expensed either immediately or over a shorter period than three years. The majority of Peoples' stock-based compensation is attributable to annual equity-based incentive awards to employees, which are awarded in the first quarter of each year based upon Peoples achieving certain performance goals during the prior year, and are generally contingent on employment through the vesting period.
Deferred personnel costs represent the portion of current period salaries and employee benefit costs considered to be direct loan origination costs. These costs are capitalized and recognized over the life of the loan as a yield adjustment in interest income. As a result, the amount of deferred personnel costs for each period corresponds directly with the volume of loan originations, coupled with the average deferred costs per loan that are updated annually at the beginning of each year. Deferred personnel costs for the third quarter of 2025 increased when compared to the second quarter of 2025 and to the third quarter of 2024. Similarly, deferred personnel costs increased for the first nine months of 2025 when compared to 2024.
Peoples' net occupancy and equipment expense was comprised of the following:
  Three Months Ended Nine Months Ended
  September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Depreciation $ 2,158  $ 2,135  $ 2,101  $ 6,417  $ 6,442 
Repairs and maintenance costs 1,650  1,641  1,609  5,216  5,038 
Property taxes, utilities and other costs 1,271  1,115  1,181  2,931  3,625 
Net rent expense 817  799  1,014  2,634  3,225 
Net occupancy and equipment expense $ 5,896  $ 5,690  $ 5,905  $ 17,198  $ 18,330 
Net occupancy and equipment expense remained roughly flat for the third quarter compared to the linked quarter and compared to the third quarter of 2024. Net occupancy and equipment expense for the first nine months of 2025 decreased when compared to the same period of the previous year due to an adjustment of property tax accruals resulting from a review of recent assessments.
The following table details the other items included in total non-interest expense:
  Three Months Ended Nine Months Ended
  September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Data processing and software expense $ 7,356  $ 7,356  $ 6,111  $ 21,717  $ 18,623 
Professional fees 2,798  3,610  2,896  9,495  8,798 
Amortization of other intangible assets 2,211  2,211  2,786  6,635  8,361 
E-banking expense 2,161  2,018  1,844  6,204  5,566 
FDIC insurance premiums 1,284  1,251  1,241  3,786  3,678 
Other loan expenses 1,385  1,213  1,178  3,717  3,290 
Operating lease expense 1,039  1,053  1,010  3,077  2,437 
Marketing expense 1,001  718  971  2,622  2,708 
Travel and entertainment expense 796  713  795  2,009  1,933 
Communication expense 664  712  814  2,110  2,349 
Franchise tax expense 916  678  917  2,523  2,558 
Other non-interest expense 3,689  4,246  2,537  12,538  12,140 
Data processing and software expenses for the third quarter and the first nine months of 2025 increased compared to the same periods in 2024 due to costs associated with recent technology projects.
Professional fees for the third quarter of 2025 decreased when compared to the linked quarter due to decreased professional services. Professional fees increased for the first nine months of 2025 when compared to 2024 due to increased legal expenses and higher exam and audit fees.
Amortization of other intangible assets for the third quarter of 2025 remained flat compared to the linked quarter and decreased $0.6 million compared to the prior year quarter due to decreases in amortization on core deposits and customer relationship intangibles. Amortization of other intangible assets decreased for the first nine months of 2025 when compared to 2024 due to decreases in amortization on core deposits and customer relationship intangibles.

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Peoples' e-banking expense is comprised of costs associated with debit and ATM cards and is driven by the timing and volume of customer activity. E-banking expense increased slightly compared to the linked quarter and the third quarter of 2024. E-banking expense increased for the first nine months of 2025 when compared to 2024 due to customer activity.
Peoples' FDIC insurance premiums for the third quarter of 2025 were flat when compared to the linked quarter and the third quarter of 2024. FDIC premiums increased slightly for the first nine months of 2025 when compared to 2024.
Other loan expenses during the third quarter of 2025 remained relatively flat when compared to the linked quarter and increased slightly compared to the third quarter of 2024. Other loan expenses increased for the first nine months of 2025 when compared to 2024 due to increased down payment assistance expenses.
Operating lease expense remained flat when compared to the linked quarter and the third quarter of 2024. Operating lease expense increased for the first nine months of 2025 when compared to 2024 due to an increased volume of leases.
Marketing expense for the third quarter of 2025 increased when compared to the linked quarter primarily driven by a vendor credit received in the second quarter. Marketing expense decreased for the first nine months of 2025 when compared to 2024 due to lower advertising expenses.
Travel and entertainment expenses remained flat compared to the linked quarter and to the third quarter of 2024. Travel and entertainment increased slightly for the first nine months of 2025 when compared to 2024 due to timing of travel.
Communication expense decreased for the third quarter of 2025 when compared to both the linked quarter and the same period of the prior year. Communication expense decreased slightly for the first nine months of 2025 when compared to 2024.
Peoples is subject to state franchise taxes, which are based largely on Peoples' equity, in the states where Peoples has a physical presence. Franchise tax expense also includes the Ohio Financial Institution Tax ("FIT"), which is a business privilege tax that is imposed on financial institutions organized for profit and doing business in Ohio. The Ohio FIT is based on the total equity capital in proportion to the taxpayer's gross receipts in Ohio as of the most recent year-end. The increase in franchise tax expense for the third quarter of 2025 compared to the linked quarter related to a one-time refund from the State of Ohio. Franchise tax expense remained flat for the first nine months of 2025 when compared to 2024.
Other non-interest expense for the third quarter of 2025 decreased when compared to the linked quarter primarily due to lower corporate expenses. Other non-interest expense increased for the third quarter and the first nine months of 2025 when compared to same periods in 2024 due to increased expense on operating leases.
Income Tax Expense
Peoples recorded income tax expense of $8.5 million with an effective tax rate of 22.4% for the third quarter of 2025, compared to income tax expense of $6.2 million with an effective tax rate of 22.7% for the linked quarter and income tax expense of $9.2 million with an effective tax rate of 22.5% for the third quarter of 2024. The increase in income tax expense when compared to the prior quarter was primarily due to higher pre-tax income. The effective tax rate compared to the prior year quarter was relatively flat. Peoples recorded income tax expense of $21.8 million and $24.3 million, through the first nine months of 2025 and 2024, respectively. The decrease for the first nine months of 2025 compared to 2024 was driven by lower pre-tax income.
Additional information regarding income taxes can be found in "Note 13. Income Taxes" of the Notes to the Consolidated Financial Statements included in Peoples' 2024 Form 10-K.
Pre-Provision Net Revenue (Non-US GAAP)
Pre-provision net revenue ("PPNR") has become a key financial measure used by state and federal bank regulatory agencies when assessing the capital adequacy of financial institutions. PPNR is defined as net interest income plus total non-interest income, excluding all gains and losses, minus total non-interest expense. As a result, PPNR represents the earnings capacity that can be either retained in order to build capital or used to absorb unexpected losses and preserve existing capital. This measure represents a Non-US GAAP financial measure since it excludes the provision for (recovery of) credit losses and all gains and losses included in earnings.

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The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented:    
Three Months Ended Nine Months Ended
September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Pre-provision net revenue:
Income before income taxes $ 38,002  $ 27,453  $ 40,881  $ 96,832  $ 114,609 
Add: provision for credit losses 7,280  16,642  6,735  34,112  18,520 
Add: loss on OREO —  —  2  —  2 
Add: loss on investment securities 2,580  —  74  2,582  428 
Add: loss on other assets 424  267  764  1,021  1,470 
Add: loss on other transactions 54  23  28  128  92 
Less: gain on OREO —  10  —  30  — 
Pre-provision net revenue $ 48,340  $ 44,375  $ 48,484  $ 134,645  $ 135,121 
The increase in the PPNR for the third quarter of 2025 compared to the linked quarter was driven by an increase in net interest income due to higher income on loans and investment securities. PPNR for the first nine months of 2025 decreased slightly compared to 2024, primarily driven by lower accretion income, partially offset by lower funding costs.
Efficiency Ratio (Non-US GAAP)
The efficiency ratio is a key financial measure used to monitor performance. The efficiency ratio is calculated as total non-interest expense (less amortization of other intangible assets) as a percentage of FTE net interest income plus total non-interest income excluding net gains and losses. This measure is Non-US GAAP since it excludes amortization of other intangible assets and all gains and losses included in earnings, and uses FTE net interest income.
The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented:
Three Months Ended Nine Months Ended
September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Efficiency ratio:
Total non-interest expense $ 69,894  $ 70,362  $ 66,090  $ 211,043  $ 203,313 
Less: amortization of other intangible assets 2,211  2,211  2,786  6,635  8,361 
Adjusted total non-interest expense 67,683  68,151  63,304  204,408  194,952 
Total non-interest income 23,827  26,880  24,794  77,806  74,277 
Less: net loss on investment securities (2,580) —  (74) (2,582) (428)
Less: net loss on asset disposals and other transactions (478) (280) (795) (1,119) (1,564)
Total non-interest income excluding net losses 26,885  27,160  25,663  81,507  76,269 
Net interest income 91,349  87,577  88,912  264,181  262,165 
Add: FTE adjustment (a) 279  280  318  842  1,022 
Net interest income on an FTE basis 91,628  87,857  89,230  265,023  263,187 
Adjusted revenue $ 118,513  $ 115,017  $ 114,893  $ 346,530  $ 339,456 
Efficiency ratio 57.11  % 59.25  % 55.10  % 58.99  % 57.43  %
(a) Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.
The efficiency ratio for the third quarter of 2025 was 57.1%, compared to 59.3% for the linked quarter and 55.1% for the third quarter of 2024. The efficiency ratio improved compared to the linked quarter mainly as the result of higher net interest income and lower non-interest expenses. The efficiency ratio increased compared to the prior year first nine months due to the increase in non-interest expense. Peoples continues to focus on controlling expenses, while recognizing necessary costs in order to continue growing the business.


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Return on Average Assets Adjusted for Non-Core Items Ratio (Non-US GAAP)
In addition to return on average assets, management uses return on average assets adjusted for non-core items to monitor performance. The return on average assets adjusted for non-core items ratio represents a Non-US GAAP financial measure since it excludes the after-tax impact of all gains and losses and acquisition-related expenses.
The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented:
Three Months Ended Nine Months Ended
September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Annualized net income adjusted for non-core items:
Net income
 $ 29,476  $ 21,212  $ 31,684  $ 75,024  $ 90,275 
Add: net loss on investment securities
 2,580  —  74  2,582  428 
Less: tax effect of net loss on investment securities (a)
 542  —  16  542  90 
Add: net loss on asset disposals and other transactions
 478  280  795  1,119  1,564 
Less: tax effect of net loss on asset disposals and other transactions (a)
 100  59  167  235  328 
Add: acquisition-related expenses
 —  —  (662) —  (746)
Less: tax effect of acquisition-related expenses (a)
 —  —  (139) —  (157)
Net income adjusted for non-core items (after tax)
 $ 31,892  $ 21,433  $ 31,847  $ 77,948  $ 91,260 
Days in the period 92  91  92  273  274 
Days in the year 365  365  366  365  366 
Annualized net income
 $ 116,943  $ 85,081  $ 126,047  $ 100,307  $ 120,586 
Annualized net income adjusted for non-core items (after tax)
 $ 126,528  $ 85,968  $ 126,696  $ 104,216  $ 121,902 
Return on average assets:
Annualized net income
 $ 116,943  $ 85,081  $ 126,047  $ 100,307  $ 120,586 
Total average assets 9,574,270  9,293,287  9,142,737  9,355,628  9,115,049 
Return on average assets
 1.22  % 0.92  % 1.38  % 1.07  % 1.32  %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items (after tax)
 $ 126,528  $ 85,968  $ 126,696  $ 104,216  $ 121,902 
Total average assets
 9,574,270  9,293,287  9,142,737  9,355,628  9,115,049 
Return on average assets adjusted for non-core items (after tax)
 1.32  % 0.93  % 1.39  % 1.11  % 1.34  %
(a) Based on a 21% statutory federal corporate income tax rate.
The return on average assets and the return on average assets adjusted for non-core items for the third quarter of 2025 increased when compared to the linked quarter due to higher annualized net income. The decrease in the return on average assets and return on average assets adjusted for non-core items for the third quarter of 2025, compared to the third quarter of 2024, was attributable to a decrease in annualized net income driven by an increase in provision for credit losses and an increase in average assets. The decrease in return on average assets and return on average assets adjusted for non-core items for the first nine months of 2025 when compared to the same period of 2024 was primarily driven by a decrease in annualized net income from an increase in provision for credit losses and an increase in average assets.
Return on Average Tangible Equity Ratio (Non-US GAAP)
The return on average tangible equity ratio is a key financial measure used to monitor performance. This ratio is calculated as annualized net income (less the after-tax impact of amortization of other intangible assets) divided by average tangible equity.

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This measure is Non-US GAAP since it excludes amortization of other intangible assets from earnings and the impact of goodwill and other intangible assets acquired through acquisitions on total stockholders' equity.
Three Months Ended Nine Months Ended
September 30,
2025		 June 30,
2025		 September 30,
2024		 September 30,
(Dollars in thousands) 2025 2024
Annualized net income excluding amortization of other intangible assets:
Net income
 $ 29,476  $ 21,212  $ 31,684  $ 75,024  $ 90,275 
Add: amortization of other intangible assets
 2,211  2,211  2,786  6,635  8,361 
Less: tax effect of amortization of other intangible assets (a)
 464  464  585  1,393  1,756 
Net income excluding amortization of other intangible assets
 $ 31,223  $ 22,959  $ 33,885  $ 80,266  $ 96,880 
Days in the period
 92  91  92  273  274 
Days in the year
 365  365  366  365  366 
Annualized net income
 $ 116,943  $ 85,081  $ 126,047  $ 100,307  $ 120,586 
Annualized net income excluding amortization of other intangible assets
 $ 123,874  $ 92,088  $ 134,803  $ 107,315  $ 129,409 
Average tangible equity:
Total average stockholders' equity
 $ 1,162,768  $ 1,147,253  $ 1,099,756  $ 1,144,440  $ 1,071,434 
Less: average goodwill and other intangible assets
 396,636  398,940  405,022  398,956  407,858 
Average tangible equity
 $ 766,132  $ 748,313  $ 694,734  $ 745,484  $ 663,576 
Return on total average stockholders' equity ratio:
Annualized net income
$ 116,943  $ 85,081  $ 126,047  $ 100,307  $ 120,586 
Total average stockholders' equity
 $ 1,162,768  $ 1,147,253  $ 1,099,756  $ 1,144,440  $ 1,071,434 
Return on total average stockholders' equity
 10.06  % 7.42  % 11.46  % 8.76  % 11.25  %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets
 $ 123,874  $ 92,088  $ 134,803  $ 107,315  $ 129,409 
Average tangible equity
 $ 766,132  $ 748,313  $ 694,734  $ 745,484  $ 663,576 
Return on average tangible equity
 16.17  % 12.31  % 19.40  % 14.40  % 19.50  %
(a) Based on a 21% statutory federal corporate income tax rate.
The return on total average stockholders' equity and average tangible equity ratios increased when compared to the linked quarter due to an increase in annualized net income. The decreases in the return on total average stockholders' equity and average tangible equity ratios for the third quarter and the first nine months of 2025 compared to the same periods of 2024 were driven by lower net income.

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FINANCIAL CONDITION
Cash and Cash Equivalents
At September 30, 2025, Peoples' interest-bearing deposits in other banks had decreased $39.7 million from December 31, 2024. The total cash and cash equivalents balance included $62.9 million of excess cash reserves being maintained at the FRB of Cleveland at September 30, 2025, compared to $104.7 million at December 31, 2024. The amount of excess cash reserves maintained is dependent upon Peoples' daily liquidity position, which is driven primarily by changes in deposit and loan balances.
Through the first nine months of 2025, Peoples' total cash and cash equivalents decreased $27.4 million, which reflected cash outflows of $403.4 million for investing activities, partially offset by cash inflows of $276.5 million for financing activities and $99.4 million from operating activities. Peoples' use of cash in investing activities reflected a $384.5 million net increase in loans held for investment and net cash outflows of $156.1 million related to the purchases of held-to-maturity investment securities. These were offset by net cash inflows from the sale of available-for-sale investment securities of $147.4 million. The cash provided by financing activities was driven by a net increase in short-term borrowings of $290.1 million.
Further information regarding the management of Peoples' liquidity position can be found later in this discussion under “Interest Rate Sensitivity and Liquidity.”
Investment Securities
The following table provides information regarding Peoples’ investment portfolio:
(Dollars in thousands) Weighted Average Yield September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Available-for-sale securities, at fair value:        
Obligations of:          
U.S. Treasury and government agencies
 5.68  % $ 17,696  $ 13,880  $ 14,343  $ 15,196  $ 27,961 
U.S. government sponsored agencies 3.54  % 164,132  210,856  213,063  209,083  174,708 
States and political subdivisions 2.59  % 186,822  193,363  195,505  196,301  206,779 
Residential mortgage-backed securities 2.56  % 561,517  576,541  593,979  601,802  607,726 
Commercial mortgage-backed securities 1.77  % 42,510  52,699  52,636  55,065  57,437 
Bank-issued trust preferred securities 4.26  % 4,229  4,158  4,148  6,108  6,056 
Total fair value $ 976,906  $ 1,051,497  $ 1,073,674  $ 1,083,555  $ 1,080,667 
Total amortized cost $ 1,078,703  $ 1,170,092  $ 1,199,677  $ 1,229,382  $ 1,189,792 
Net unrealized loss $ (101,797) $ (118,595) $ (126,003) $ (145,827) $ (109,125)
Held-to-maturity securities, at amortized cost:
Obligations of:
U.S. government sponsored agencies 4.65  % $ 255,888  $ 299,183  $ 222,698  $ 233,302  $ 196,642 
States and political subdivisions (a) 2.25  % 141,869  142,082  142,276  142,454  141,682 
Residential mortgage-backed securities 4.69  % 438,101  360,559  290,023  300,290  256,329 
Commercial mortgage-backed securities 2.50  % 95,966  98,195  98,469  98,754  98,984 
Total amortized cost $ 931,824  $ 900,019  $ 753,466  $ 774,800  $ 693,637 
Other investments $ 63,991  $ 67,538  $ 51,322  $ 60,132  $ 55,691 
Total investment securities:
Amortized cost $ 2,074,518  $ 2,137,649  $ 2,004,465  $ 2,064,314  $ 1,939,120 
Carrying value $ 1,972,721  $ 2,019,054  $ 1,878,462  $ 1,918,487  $ 1,829,995 
(a)Amortized cost is presented net of the allowance for credit losses of $237 at September 30, 2025 and at June 30, 2025 and $236 at September 30, 2024.
For the third quarter of 2025, available-for-sale investment securities decreased compared to all prior periods due to the sale of lower-yielding securities. For the third quarter of 2025, held-to-maturity securities increased compared to all prior periods due to the purchases of higher-yielding, longer duration securities booked to held-to-maturity.
Additional information regarding Peoples' investment portfolio can be found in "Note 3 Investment Securities" of the Notes to the Unaudited Condensed Consolidated Financial Statements.

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Loans and Leases
The following table provides information regarding outstanding loan balances:
(Dollars in thousands) September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Originated loans and leases:
          
Construction
 $ 207,528  $ 288,824  $ 266,644  $ 271,975  $ 265,073 
Commercial real estate, other
 1,633,725  1,468,120  1,413,759  1,310,127  1,283,903 
     Commercial real estate
 1,841,253  1,756,944  1,680,403  1,582,102  1,548,976 
Commercial and industrial
 1,338,185  1,249,948  1,167,382  1,162,777  1,047,001 
Premium finance 273,297  277,622  264,080  269,435  286,983 
Leases 369,756  383,923  375,224  382,074  401,573 
Residential real estate
 497,415  483,486  458,663  448,884  441,730 
Home equity lines of credit
 206,084  197,875  187,887  182,831  180,737 
Consumer, indirect
 710,385  692,674  680,260  669,857  677,056 
Consumer, direct
 111,017  105,678  101,876  101,062  101,026 
    Consumer
 821,402  798,352  782,136  770,919  778,082 
Deposit account overdrafts
 982  964  1,047  1,253  1,205 
Total originated loans and leases
 $ 5,348,374  $ 5,149,114  $ 4,916,822  $ 4,800,275  $ 4,686,287 
Acquired loans and leases (a):
Construction
 $ 53,520  $ 52,489  $ 52,460  $ 56,413  $ 55,021 
Commercial real estate, other
 735,671  780,094  816,779  845,886  896,588 
     Commercial real estate
 789,191  832,583  869,239  902,299  951,609 
Commercial and industrial
 151,320  157,434  176,445  184,868  203,151 
Leases 12,997  16,129  20,230  24,524  31,436 
Residential real estate
 378,358  394,482  389,505  386,217  335,812 
Home equity lines of credit
 41,299  43,910  47,522  49,830  52,372 
Consumer, direct
 7,189  7,937  8,763  9,990  11,172 
Total acquired loans and leases
 $ 1,380,354  $ 1,452,475  $ 1,511,704  $ 1,557,728  $ 1,585,552 
Total loans and leases
 $ 6,728,728  $ 6,601,589  $ 6,428,526  $ 6,358,003  $ 6,271,839 
Percent of loans and leases to total loans and leases:
  
Construction
 3.9  % 5.2  % 5.0  % 5.2  % 5.1  %
Commercial real estate, other
 35.1  % 34.0  % 34.7  % 33.9  % 34.8  %
     Commercial real estate
 39.0  % 39.2  % 39.7  % 39.1  % 39.9  %
Commercial and industrial
 22.1  % 21.3  % 20.8  % 21.2  % 19.9  %
Premium finance 4.1  % 4.2  % 4.1  % 4.2  % 4.6  %
Leases 5.7  % 6.1  % 6.2  % 6.4  % 6.9  %
Residential real estate
 13.0  % 13.3  % 13.2  % 13.2  % 12.4  %
Home equity lines of credit
 3.7  % 3.7  % 3.7  % 3.7  % 3.7  %
Consumer, indirect
 10.6  % 10.5  % 10.6  % 10.5  % 10.8  %
Consumer, direct
 1.8  % 1.7  % 1.7  % 1.7  % 1.8  %
    Consumer
 12.4  % 12.2  % 12.3  % 12.2  % 12.6  %
Total percentage
 100.0  % 100.0  % 100.0  % 100.0  % 100.0  %
Residential real estate loans being serviced for others
 $ 323,347  $ 326,710  $ 337,279  $ 346,189  $ 347,719 
(a)    Includes all loans acquired, and related loan discount recorded as part of acquisition accounting, in 2012 or thereafter. Loans that were acquired and subsequently re-underwritten are reported as originated upon execution of such credit actions (for example, renewals and increases in lines of credit).
The period-end total loan and lease balances at September 30, 2025 increased $127.1 million, or 8% annualized, compared to at June 30, 2025. The increase in the period-end loan and lease balances at September 30, 2025 compared to at June 30, 2025 was driven by increases of $121.2 million in other commercial real estate loans and $82.1 million in commercial and industrial loans, partially offset by a decrease of $80.3 million in construction loans. The period-end loan and lease balances at September 30, 2025 compared to at September 30, 2024 increased $456.9 million, or 7%, compared to at September 30, 2024, driven by increases of $239.4 million in commercial and industrial loans, $188.9 million in other commercial real estate loans, and $98.2 million in residential real estate loans, partially offset by decreases of $59.0 million and $50.3 million in constructions loans and leases, respectively.


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Loan Concentration
Peoples categorizes its commercial loans according to standard industry classifications and monitors for concentrations in a single industry or multiple industries that could be impacted by changes in economic conditions in a similar manner. Peoples' commercial lending activities continue to be spread over a diverse range of businesses from many sectors of the economy, with no single industry comprising over 14% of Peoples' total loan portfolio.
Loans secured by commercial real estate, including commercial construction loans, continued to comprise the largest portion of Peoples' loan portfolio at September 30, 2025. The following tables provide information regarding the largest concentrations of commercial construction loans and other commercial real estate loans within the loan portfolio at September 30, 2025:
(Dollars in thousands) Outstanding Balance Loan Commitments Total Exposure % of Total
Construction:        
Apartment complexes $ 136,750  $ 177,862  $ 314,612  52.1  %
Land development 36,517  36,668  73,185  12.1  %
Land only 16,144  25,987  42,131  7.0  %
Industrial 10,781  29,358  40,139  6.6  %
Residential property 4,699  20,401  25,100  4.2  %
Warehouse facilities 1,278  14,361  15,639  2.6  %
Student housing 15,000  —  15,000  2.5  %
Retail facilities 4,217  9,894  14,111  2.3  %
Other (a) 35,662  28,675  64,337  10.6  %
Total construction $ 261,048  $ 343,206  $ 604,254  100.0  %
(a) All other total exposures by industry are less than 2% of the Total Exposure.

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(Dollars in thousands) Outstanding Balance Loan Commitments Total Exposure % of Total
Commercial real estate, other:        
Apartment complexes $ 524,353  $ 11,407  $ 535,760  22.0  %
Light industrial facilities:  
Owner occupied $ 122,625  $ 8,368  $ 130,993  5.4  %
Non-owner occupied 125,996  2,165  128,161  5.3  %
Total light industrial facilities $ 248,621  $ 10,533  $ 259,154  10.7  %
Retail facilities:
Owner occupied $ 208,964  $ 100  $ 209,064  8.6  %
Non-owner occupied 44,527  1,278  45,805  1.9  %
Total retail facilities $ 253,491  $ 1,378  $ 254,869  10.5  %
Lodging and lodging related:
Owner occupied $ 163,899  $ 7,506  $ 171,405  7.0  %
Non-owner occupied 29,449  —  29,449  1.2  %
Total lodging and lodging related $ 193,348  $ 7,506  $ 200,854  8.2  %
Office buildings and complexes:    
Owner occupied $ 116,263  $ 1,677  $ 117,940  4.8  %
Non-owner occupied 68,218  2,888  71,106  2.9  %
Total office buildings and complexes $ 184,481  $ 4,565  $ 189,046  7.7  %
Assisted living facilities and nursing homes $ 153,990  $ 1,901  $ 155,891  6.4  %
Warehouse facilities:
Owner occupied $ 28,645  $ 250  $ 28,895  1.2  %
Non-owner occupied 52,976  245  53,221  2.2  %
Total warehouse facilities $ 81,621  $ 495  $ 82,116  3.4  %
Restaurant/bar facilities:
Owner occupied $ 27,780  $ 117  $ 27,897  1.1  %
Non-owner occupied 54,426  —  54,426  2.2  %
Total restaurant/bar facilities $ 82,206  $ 117  $ 82,323  3.3  %
Mixed-use facilities:
Owner occupied $ 35,381  $ 1,735  $ 37,116  1.5  %
Non-owner occupied 37,235  2,169  39,404  1.6  %
Total mixed-use facilities $ 72,616  $ 3,904  $ 76,520  3.1  %
Healthcare facilities:
Owner occupied $ 16,739  $ 1,237  $ 17,976  0.7  %
Non-owner occupied 39,253  223  39,476  1.6  %
Total healthcare facilities $ 55,992  $ 1,460  $ 57,452  2.3  %
Other (a) 518,677  27,433  546,110  22.4  %
Total commercial real estate, other $ 2,369,396  $ 70,699  $ 2,440,095  100.0  %
(a) All other total exposures by industry are less than 2% of the Total Exposure.
Peoples' commercial lending activities continue to focus on lending opportunities within Ohio, Kentucky, West Virginia, Virginia, Washington, D.C. and Maryland. For all other states, the aggregate outstanding balances of commercial loans in each state were less than 6% of total loans at September 30, 2025 and at December 31, 2024. The repayment of premium finance loans is secured by the underlying insurance policy prepaid premium, and therefore, geography is not a factor from a repayment perspective. The repayment of leases is secured by the underlying equipment collateral and not real estate, which mitigates geographic risk.








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Allowance for Credit Losses
The amount of the allowance for credit losses at the end of each period represents management's estimate of expected losses from existing loans based upon its quarterly analysis of the loan portfolio. While this process involves allocations being made to specific loans and pools of loans, the entire allowance is available for all losses expected within the loan portfolio.
The following details management's allocation of the allowance for credit losses:
(Dollars in thousands) September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Construction $ 1,252  $ 1,347  $ 1,156  $ 878  $ 854 
Commercial real estate, other 18,316  17,144  17,155  16,256  17,239 
Commercial and industrial 17,896  17,854  12,783  13,283  11,592 
Premium finance 776  794  646  662  711 
Leases 18,040  19,633  13,575  12,893  16,970 
Residential real estate 6,348  6,113  6,786  6,491  6,058 
Home equity lines of credit 1,880  1,814  1,863  1,792  1,804 
Consumer, indirect 7,862  7,643  8,696  8,576  8,924 
Consumer, direct 2,385  2,248  2,474  2,396  2,370 
Deposit account overdrafts 109  91  98  121  117 
Allowance for credit losses $ 74,864  $ 74,681  $ 65,232  $ 63,348  $ 66,639 
As a percent of total loans 1.11  % 1.13  % 1.01  % 1.00  % 1.06  %
The increase in the allowance for credit losses at September 30, 2025 compared to at June 30, 2025 was driven by loan growth and a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. Compared to at September 30, 2024, the allowance for credit losses increased due to an increase in reserves for leases originated by our North Star Leasing division, a slight deterioration in the economic forecasts used within the CECL model, and loan growth.
Additional information regarding Peoples' allowance for credit losses can be found in "Note 1 Summary of Significant Accounting Policies" in Peoples' 2024 Form 10-K and "Note 4 Loans and Leases" of the Notes to the Unaudited Condensed Consolidated Financial Statements in this Form 10-Q.


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The following table summarizes Peoples’ net charge-offs and recoveries:
Three Months Ended
(Dollars in thousands) September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Gross charge-offs:    
Commercial real estate, other $ 27  $ 35  $ 215  $ 219  $ — 
Commercial and industrial 472  556  380  118  259 
Premium finance 105  93  71  63  37 
Leases 4,930  5,099  5,654  7,706  3,753 
Residential real estate 71  —  142  144  — 
Home equity lines of credit 27  12  —  —  2 
Consumer, indirect 1,607  1,693  1,866  1,331  1,820 
Consumer, direct 290  96  155  149  162 
    Consumer 1,897  1,789  2,021  1,480  1,982 
Deposit account overdrafts 312  245  277  310  558 
Total gross charge-offs $ 7,841  $ 7,829  $ 8,760  $ 10,040  $ 6,591 
Recoveries:  
Commercial real estate, other $ 1  $ —  $ 4  $ 24  $ 100 
Commercial and industrial 26  17  6  40  1 
Premium finance 3  3  6  12  4 
Leases 443  261  245  87  56 
Residential real estate 40  50  49  45  58 
Home equity lines of credit —  —  —  —  — 
Consumer, indirect 418  449  210  178  186 
Consumer, direct 27  14  20  7  19 
    Consumer 445  463  230  185  205 
Deposit account overdrafts 54  71  99  61  83 
Total recoveries $ 1,012  $ 865  $ 639  $ 454  $ 507 
Net charge-offs (recoveries):  
Commercial real estate, other 26  35  211  195  (100)
Commercial and industrial 446  539  374  78  258 
Premium finance 102  90  65  51  33 
Leases 4,487  4,838  5,409  7,619  3,697 
Residential real estate 31  (50) 93  99  (58)
Home equity lines of credit 27  12  —  —  2 
Consumer, indirect 1,189  1,244  1,656  1,153  1,634 
Consumer, direct 263  82  135  142  143 
    Consumer 1,452  1,326  1,791  1,295  1,777 
Deposit account overdrafts 258  174  178  249  475 
Total net charge-offs $ 6,829  $ 6,964  $ 8,121  $ 9,586  $ 6,084 
Ratio of net charge-offs (recoveries) to average total loans (annualized):
Commercial real estate, other —  % —  % 0.01  % 0.01  % (0.01) %
Commercial and industrial 0.03  % 0.03  % 0.02  % —  % 0.02  %
Premium finance 0.01  % 0.01  % —  % —  % —  %
Leases 0.27  % 0.30  % 0.35  % 0.50  % 0.23  %
Residential real estate —  % —  % 0.01  % 0.01  % —  %
Home equity lines of credit —  % —  % —  % —  % —  %
Consumer, indirect 0.06  % 0.07  % 0.11  % 0.06  % 0.10  %
Consumer, direct 0.02  % 0.01  % 0.01  % 0.01  % 0.01  %
    Consumer 0.08  % 0.08  % 0.12  % 0.07  % 0.11  %
Deposit account overdrafts 0.02  % 0.01  % 0.01  % 0.02  % 0.03  %
Total 0.41  % 0.43  % 0.52  % 0.61  % 0.38  %
Each with "--%" not meaningful.

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Total net charge-offs during the third quarter of 2025 were $6.8 million, or 0.41% of average total loans on an annualized basis, compared to $7.0 million, or 0.43% of average total loans on an annualized basis, during the linked quarter and $6.1 million, or 0.38% of average total loans on an annualized basis, during the third quarter of 2024. Compared to the linked quarter, net charge-offs decreased slightly, primarily driven by a decrease in net charge-offs in leases originated by the North Star Leasing business. The increase in net charge-offs during the third quarter of 2025 versus the prior year third quarter was primarily attributable to an increase in charge-offs in leases originated by the North Star Leasing business.
The following table details Peoples’ nonperforming assets: 
(Dollars in thousands) September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Loans 90+ days past due and accruing:          
Commercial real estate, other $ —  $ 494  $ 284  $ 227  $ 3,838 
Commercial and industrial 163  36  106  78  413 
Premium finance 2,492  3,533  2,502  4,947  7,771 
Leases 496  547  218  803  12,675 
Residential real estate 1,432  1,192  853  2,166  2,442 
Home equity lines of credit 28  108  47  213  292 
Consumer, indirect 160  98  77  159  46 
Consumer, direct 127  118  120  44  101 
   Consumer 287  216  197  203  147 
Total loans 90+ days past due and accruing $ 4,898  $ 6,126  $ 4,207  $ 8,637  $ 27,578 
Nonaccrual loans:  
Commercial real estate, other 3,861  4,824  5,378  7,136  4,416 
Commercial and industrial 6,258  5,514  5,747  6,809  7,008 
Leases 11,338  11,907  12,079  8,850  12,428 
Residential real estate 8,249  8,028  8,163  7,329  6,658 
Home equity lines of credit 1,336  1,339  1,537  1,498  1,461 
Consumer, indirect 2,563  2,697  2,521  2,374  2,726 
Consumer, direct 284  176  203  133  110 
   Consumer 2,847  2,873  2,724  2,507  2,836 
Total nonaccrual loans $ 33,889  $ 34,485  $ 35,628  $ 34,129  $ 34,807 
Total nonperforming loans ("NPLs") $ 38,787  $ 40,611  $ 39,835  $ 42,766  $ 62,385 
OREO:  
Commercial $ 5,891  $ 5,891  $ 5,891  $ 5,891  $ 7,118 
Residential 122  122  89  279  279 
Total OREO $ 6,013  $ 6,013  $ 5,980  $ 6,170  $ 7,397 
Total nonperforming assets ("NPAs") $ 44,800  $ 46,624  $ 45,815  $ 48,936  $ 69,782 
Criticized loans (a) $ 268,326  $ 244,442  $ 226,542  $ 241,302  $ 237,627 
Classified loans (b) $ 158,577  $ 125,014  $ 123,842  $ 128,815  $ 133,241 
Asset Quality Ratios (c):
Nonaccrual loans as a percent of total loans 0.50  % 0.52  % 0.55  % 0.54  % 0.55  %
NPLs as a percent of total loans (d) 0.58  % 0.61  % 0.62  % 0.67  % 0.99  %
NPAs as a percent of total assets (d) 0.47  % 0.49  % 0.50  % 0.53  % 0.76  %
NPAs as a percent of total loans and OREO (d) 0.66  % 0.71  % 0.71  % 0.77  % 1.11  %
Allowance for credit losses as a percent of nonaccrual loans 220.91  % 216.56  % 183.09  % 185.61  % 191.45  %
Allowance for credit losses as a percent of NPLs (d) 193.01  % 183.89  % 163.76  % 148.13  % 106.82  %
Criticized loans as a percent of total loans (a) 3.99  % 3.70  % 3.52  % 3.80  % 3.79  %
Classified loans as a percent of total loans (b) 2.36  % 1.89  % 1.93  % 2.03  % 2.12  %

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(a)    Includes loans categorized as special mention, substandard or doubtful.
(b)    Includes loans categorized as substandard or doubtful.
(c)    Data presented as of the end of the period indicated.
(d)    NPLs include loans 90+ days past due and accruing and nonaccrual loans. NPAs include nonperforming loans and OREO.

Peoples' NPAs decreased from 0.49% of total assets at June 30, 2025 to 0.47% of total assets at September 30, 2025. Total loans 90+ days past due and accruing decreased at September 30, 2025 compared to September 30, 2024 driven down by leases and premium finance loans. During the third quarter of 2025, criticized loans increased $23.9 million, while classified loans increased $33.6 million when compared to at June 30, 2025. The increase in classified loans compared to at June 30, 2025 and at September 30, 2024 was driven by loan downgrades. The decrease in NPAs compared to at June 30, 2025, was primarily driven by a decrease in premium finance loans that were 90+ days past due and accruing. The decrease in NPAs compared to at September 30, 2024, was driven primarily by a reductions in leases that were 90+ days past due and accruing.
Deposits
The following table details Peoples’ deposit balances:
(Dollars in thousands) September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Non-interest-bearing deposits (a) $ 1,536,094  $ 1,530,824  $ 1,526,285  $ 1,507,661  $ 1,453,441 
Interest-bearing deposits:  
Interest-bearing demand accounts (a) 1,068,443  1,058,910  1,087,197  1,085,152  1,065,912 
Savings accounts 884,230  889,872  894,592  866,959  864,935 
Retail CDs 2,008,619  2,005,322  1,965,978  1,921,415  1,884,139 
Money market deposit accounts 948,177  927,543  967,331  878,254  894,690 
Governmental deposit accounts 769,782  781,949  834,409  775,782  824,136 
Brokered CDs 416,851  442,788  458,957  554,982  495,904 
Total interest-bearing deposits 6,096,102  6,106,384  6,208,464  6,082,544  6,029,716 
  Total deposits $ 7,632,196  $ 7,637,208  $ 7,734,749  $ 7,590,205  $ 7,483,157 
Demand deposits as a percent of total deposits 34  % 34  % 34  % 34  % 34  %
(a)The sum of amounts presented is considered total demand deposits.
At September 30, 2025, period-end total deposits decreased $5.0 million compared to at June 30, 2025, driven by decreases of $25.9 million in brokered CDs and $12.2 million in governmental deposits, partially offset by increases of $20.6 million in money market deposits, $9.5 million in interest bearing demand accounts, and $5.3 million in non-interest bearing deposits. The decrease in brokered deposit accounts was due to a strategic shift to other funding sources at lower rates.
Compared to September 30, 2024, period-end deposit balances increased $149.0 million, or 2%. The increase in total deposits was primarily driven by increases of $124.5 million in retail CDs, $82.7 million in non-interest bearing deposits, and $53.5 million in money market deposits. These were partially offset by decreases of $79.1 million in brokered CDs and $54.4 million in governmental deposits. The increase in retail certificates of deposits was driven by special promotional rate offerings over the past year.
As part of its funding strategy, Peoples hedges 90-day brokered CDs or FHLB advances with interest rate swaps. The interest rate swaps pay a fixed rate of interest while receiving a floating rate component of interest tied to term SOFR, which offsets the rate on the brokered CDs or FHLB advances. As of September 30, 2025, Peoples had five effective interest rate swaps, with an aggregate notional value of $45.0 million, which were designated as cash flow hedges. Peoples continually evaluates the overall balance sheet position given the interest rate environment.

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Borrowed Funds
The following table details Peoples’ short-term borrowings and long-term borrowings:
(Dollars in thousands) September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Short-term borrowings:
          
FHLB Overnight borrowings
 $ 194,000  $ 356,000  $ —  $ 175,000  $ — 
Retail repurchase agreements
 14,250  23,569  19,228  18,367  12,945 
Bank Term Funding Program ("BTFP") —  —  —  —  163,000 
Other short-term borrowings 275,340  17,291  —  107  — 
Total short-term borrowings
 $ 483,590  $ 396,860  $ 19,228  $ 193,474  $ 175,945 
Long-term borrowings:
  
FHLB advances
 $ 131,323  $ 131,580  $ 131,716  $ 131,868  $ 132,157 
Vantage non-recourse debt
 40,324  45,429  50,156  51,330  50,059 
Other long-term borrowings
 55,635  55,382  55,128  54,875  54,608 
Total long-term borrowings
 $ 227,282  $ 232,391  $ 237,000  $ 238,073  $ 236,824 
Total borrowed funds
 $ 710,872  $ 629,251  $ 256,228  $ 431,547  $ 412,769 
Total borrowed funds, which include overnight borrowings, are mainly a function of loan growth and changes in total deposit balances. Other long-term borrowings include trust preferred securities and floating rate junior subordinated deferrable interest debentures. Total borrowed funds at September 30, 2025 increased compared to at June 30, 2025 due to higher overnight borrowings. Total borrowed funds increased compared to at September 30, 2024 due to higher overnight borrowings, partially offset by the payoff of the Bank Term Funding Program.
Capital/Stockholders’ Equity
At September 30, 2025, capital levels for both Peoples and Peoples Bank remained substantially higher than the minimum amounts needed to be considered "well capitalized" institutions under applicable banking regulations. These higher capital levels reflect Peoples' desire to maintain a strong capital position. In order to avoid limitations on dividends, equity repurchases and compensation, Peoples must exceed the three minimum required ratios by at least the capital conservation buffer of 2.50%, which applies to the common equity tier 1 ("CET1") ratio, the tier 1 capital ratio and the total risk-based capital ratio. At September 30, 2025, Peoples had a capital conservation buffer of 5.79%.
The following table details Peoples' risk-based capital levels and corresponding ratios:
(Dollars in thousands) September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Capital Amounts:          
Common Equity Tier 1 $ 875,454  $ 857,036  $ 845,200  $ 833,128  $ 821,192 
Tier 1 906,901  888,282  876,246  863,974  851,823 
Total (Tier 1 and Tier 2) 997,310  982,929  960,820  946,724  933,679 
Net risk-weighted assets $ 7,231,479  $ 7,170,841  $ 6,986,418  $ 6,971,490  $ 6,958,225 
Capital Ratios:
Common Equity Tier 1 12.11  % 11.95  % 12.10  % 11.95  % 11.80  %
Tier 1 12.54  % 12.39  % 12.54  % 12.39  % 12.24  %
Total (Tier 1 and Tier 2) 13.79  % 13.71  % 13.75  % 13.58  % 13.42  %
Tier 1 leverage ratio 9.74  % 9.83  % 9.80  % 9.73  % 9.59  %
Peoples' risk-based capital ratios at September 30, 2025 increased when compared to at June 30, 2025 due to the increase in assets, driven by loan growth in the quarter.
In addition to traditional capital measurements, management uses tangible capital measures to evaluate the adequacy of Peoples' stockholders' equity. Such ratios represent Non-US GAAP financial measures since their calculation removes the impact of goodwill and other intangible assets acquired through acquisitions on amounts reported in the Unaudited Consolidated Balance Sheets. Management believes this information is useful to investors since it facilitates the comparison of Peoples' operating performance, financial condition and trends to peers, especially those without a similar level of intangible assets to that of Peoples. Further, intangible assets generally are difficult to convert into cash, especially during a financial crisis, and could decrease substantially in value should there be deterioration in the overall franchise value.

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As a result, tangible equity represents a conservative measure of the capacity for Peoples to incur losses but remain solvent.
The following table reconciles the calculation of these Non-US GAAP financial measures to amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements:
(Dollars in thousands) September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Tangible equity:          
Total stockholders' equity
 $ 1,182,776  $ 1,153,350  $ 1,137,821  $ 1,111,590  $ 1,124,972 
Less: goodwill and other intangible assets
 395,535  397,785  400,099  402,422  403,922 
Tangible equity
 $ 787,241  $ 755,565  $ 737,722  $ 709,168  $ 721,050 
Tangible assets:
  
Total assets
 $ 9,623,944  $ 9,540,608  $ 9,246,000  $ 9,254,247  $ 9,140,471 
Less: goodwill and other intangible assets
 395,535  397,785  400,099  402,422  403,922 
Tangible assets
 $ 9,228,409  $ 9,142,823  $ 8,845,901  $ 8,851,825  $ 8,736,549 
Tangible book value per common share:
Tangible equity
 $ 787,241  $ 755,565  $ 737,722  $ 709,168  $ 721,050 
Common shares outstanding
 35,705,369  35,673,721  35,669,100  35,563,590  35,538,607 
Tangible book value per common share
 $ 22.05  $ 21.18  $ 20.68  $ 19.94  $ 20.29 
Tangible equity to tangible assets ratio:
Tangible equity
 $ 787,241  $ 755,565  $ 737,722  $ 709,168  $ 721,050 
Tangible assets
 $ 9,228,409  $ 9,142,823  $ 8,845,901  $ 8,851,825  $ 8,736,549 
Tangible equity to tangible assets
 8.53  % 8.26  % 8.34  % 8.01  % 8.25  %
Tangible book value per common share increased to $22.05 at September 30, 2025 compared to $21.18 at June 30, 2025. The change in tangible book value per common share was due to tangible equity increasing during the third quarter of 2025 primarily due to a decrease in accumulated other comprehensive loss over the last three months. Tangible book value per common share at September 30, 2025 increased compared to at September 30, 2024 primarily due to net income over the last twelve months.
Interest Rate Sensitivity and Liquidity
While Peoples is exposed to various business risks, the risks relating to interest rate sensitivity and liquidity are major risks that can materially impact future results of operations and financial condition due to their complexity and dynamic nature. The objective of Peoples' asset-liability management function is to measure and manage these risks in order to optimize net interest income within the constraints of prudent capital adequacy, liquidity and safety. This objective requires Peoples to focus on interest rate risk exposure and adequate liquidity through its management of the mix of assets and liabilities, their related cash flows and the rates earned and paid on those assets and liabilities. Ultimately, the asset-liability management function is intended to guide management in the acquisition and disposition of earning assets and selection of appropriate funding sources.
Interest Rate Risk
Interest rate risk ("IRR") is one of the most significant risks arising in the normal course of business of financial services companies like Peoples. IRR is the potential for economic loss due to future interest rate changes that can impact the earnings stream, as well as market values, of financial assets and financial liabilities. Peoples' exposure to IRR is due primarily to differences in the maturity or repricing of earning assets and interest-bearing liabilities. In addition, other factors, such as prepayments of loans and investment securities, or early withdrawal of deposits, can affect Peoples' exposure to IRR and impact interest costs or revenue streams.
Peoples has assigned overall management of IRR to its Asset-Liability Committee (the “ALCO”), which has established an IRR management policy that sets minimum requirements and guidelines for monitoring and managing the level of IRR, including the review of assumptions used in modeling IRR.

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The following table shows the estimated changes in net interest income and the economic value of equity based upon a standard, parallel shock analysis with balances held constant (dollars in thousands):
 
Increase (Decrease) in Interest Rate Estimated Increase (Decrease) in
Net Interest Income		 Estimated (Decrease) Increase in Economic Value of Equity
(in Basis Points) September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024
300 $ 36,689  9.7  % $ 10,471  3.0  % $ (176,726) (8.7) % $ (127,697) (7.2) %
200 26,462  7.0  % 7,090  2.0  % (83,806) (4.1) % (88,238) (5.0) %
100 15,828  4.2  % 3,678  1.0  % (13,593) (0.7) % (45,430) (2.6) %
(100) (12,304) (3.3) % (9,700) (2.7) % (40,520) (2.0) % 12,016  0.7  %
(200) (25,917) (6.8) % (19,818) (5.6) % (146,515) (7.2) % (3,009) (0.2) %
(300) (15,633) (4.1) % (19,964) (5.6) % (322,964) (16.0) % (25,823) (1.5) %
This table uses a standard, parallel shock analysis on a static balance sheet for assessing the IRR to net interest income and the economic value of equity. A parallel shock assumes all points on the yield curve (one year, two year, three year, etc.) are directionally changed by the same degree. Management regularly assesses the impact of both increasing and decreasing interest rates. The table above shows the impact of upward and downward parallel shocks of 100, 200 and 300 basis points.
Estimated changes in net interest income and the economic value of equity are partially driven by assumptions regarding the rate at which non-maturity deposits will reprice given a move in short-term interest rates, as well as assumptions regarding prepayment speeds on mortgage-backed securities. These and other modeling assumptions are monitored closely by Peoples on an ongoing basis.
While parallel interest rate shock scenarios are useful in assessing the level of IRR inherent in the balance sheet, interest rates typically move in a nonparallel manner with differences in the timing, direction and magnitude of changes in short-term and long-term interest rates. Thus, any impact that might occur as a result of the Federal Reserve Board increasing short-term interest rates in the future could be offset by an inverse movement in long-term interest rates, and vice versa. For this reason, Peoples considers other interest rate scenarios in addition to analyzing the impact of parallel yield curve shifts. These include various flattening and steepening scenarios in which short-term and long-term interest rates move in different directions with varying magnitude. Peoples believes these scenarios to be more reflective of how interest rates change versus the severe parallel rate shocks described above. Given the shape of market yield curves at September 30, 2025, consideration of the bear steepener and bull steepener scenarios provide insights which were not captured by parallel shifts.
The bear steepener scenario highlights the risk to net interest income and economic value of equity when short-term interest rates remain constant while long-term interest rates rise. In such a scenario, Peoples' deposit and borrowing costs, which are generally correlated with short-term interest rates, remain constant, while asset yields, which are correlated with long-term interest rates, rise. At September 30, 2025, the bear steepener scenario produced an increase in net interest income of 0.8% and an increase in the economic value of equity of 5.6%.
The bull steepener scenario highlights the risk to net interest income and the economic value of equity when short-term rates fall faster than long-term rates. In such a scenario, Peoples' deposit and short-term borrowing costs, which are correlated with short-term rates, decrease, while long-term asset yields and long-term borrowing costs, which are more correlated with long-term rates, remain constant. Deposit costs decrease less quickly than variable rate asset yields over a short-term horizon but are mitigated to some extent over a longer horizon, resulting in a decreased amount of net interest income (margin) in a 12 month period and a relatively neutral impact to net interest income (margin) in a 24 month period. At September 30, 2025, the bull steepener scenario produced a decline of 0.7% to net interest income, as the impact of revised assumptions around deposit betas mitigate the impact of lower short-term rates over a 12-month horizon, and an increase in the economic value of equity of 1.9%.
Peoples has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. As of September 30, 2025, Peoples had entered into five interest rate swap contracts with an aggregate notional value of $45.0 million. Additional information regarding Peoples’ interest rate swaps can be found in “Note 10 Derivative Financial Instruments” of the Notes to the Unaudited Condensed Consolidated Financial Statements.
At September 30, 2025, Peoples' Unaudited Consolidated Balance Sheet was positioned to benefit from rising interest rates, while also mitigating the impact to net interest income decreasing rate scenarios. The table above illustrates this point as changes to net interest income increase in the rising interest rate scenarios.
Liquidity
In addition to IRR management, another major objective of the ALCO is to maintain a sufficient level of liquidity. Peoples revisits the model assumptions on an ongoing basis, and determined the methods used by the ALCO to monitor and evaluate the adequacy of Peoples Bank's liquidity position remain appropriate and are largely unchanged from those disclosed in Peoples' 2024 Form 10-K.

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At September 30, 2025, Peoples Bank had liquid assets of $597.9 million, which represented 5.5% of total assets and unfunded loan commitments. Peoples also had an additional $137.3 million of unpledged investment securities not included in the measurement of liquid assets.
Management believes the current mix of short-term liquidity sources, loan and security portfolio cash flows, and availability of other funding sources will allow Peoples to meet anticipated cash obligations, as well as special needs and off-balance sheet commitments.
Off-Balance Sheet Activities and Contractual Obligations
In the normal course of business, Peoples is a party to financial instruments with off-balance sheet risk necessary to meet the financing needs of Peoples' customers. These financial instruments include commitments to extend credit and standby letters of credit. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Unaudited Consolidated Balance Sheets. The contractual amounts of these instruments express the extent of involvement Peoples has in these financial instruments.
Loan Commitments and Standby Letters of Credit
Loan commitments are made to accommodate the financial needs of Peoples' customers. Standby letters of credit are instruments issued by Peoples Bank guaranteeing the beneficiary payment by Peoples Bank in the event of default by Peoples Bank's customer in the performance of an obligation or service. Historically, most loan commitments and standby letters of credit expire unused. Peoples Bank's exposure to credit loss in the event of nonperformance by the counter-party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. Peoples Bank uses the same underwriting standards in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained is based on management's credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, property, plant, and equipment, and income-producing commercial properties.
Peoples Bank routinely engages in activities that involve, to varying degrees, elements of risk that are not reflected in whole or in part in the Unaudited Condensed Consolidated Financial Statements. These activities are part of Peoples Bank's normal course of business and include traditional off-balance sheet credit-related financial instruments, interest rate contracts and commitments to make additional capital contributions in low-income housing tax credit investments. Traditional off-balance sheet credit-related financial instruments continue to represent the most significant off-balance sheet exposure.
The following table details the total contractual amount of loan commitments and standby letters of credit:
 (Dollars in thousands)
 September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
Home equity lines of credit $ 267,598  $ 268,217  $ 257,349  $ 254,168  $ 248,400 
Unadvanced construction loans 367,917  362,405  350,382  370,086  376,595 
Other loan commitments 763,058  791,389  729,254  759,790  815,199 
Loan commitments $ 1,398,573  $ 1,422,011  $ 1,336,985  $ 1,384,044  $ 1,440,194 
Standby letters of credit $ 6,402  $ 6,774  $ 6,970  $ 8,398  $ 9,917 
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The information called for by this Item 3 is provided under the caption “FINANCIAL CONDITION - Interest Rate Sensitivity and Liquidity” under “ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS” in this Form 10-Q, and is incorporated herein by reference.

ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Peoples' management, with the participation of Peoples' President and Chief Executive Officer and Peoples’ Executive Vice President, Chief Financial Officer and Treasurer, has evaluated the effectiveness of Peoples’ disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of September 30, 2025. Based upon that evaluation, Peoples’ President and Chief Executive Officer and Peoples’ Executive Vice President, Chief Financial Officer and Treasurer have concluded that:
(a)information required to be disclosed by Peoples in this Quarterly Report on Form 10-Q and other reports Peoples files or submits under the Exchange Act would be accumulated and communicated to Peoples’ management, including its President and Chief Executive Officer and its Executive Vice President, Chief Financial Officer and Treasurer, as appropriate to allow timely decisions regarding required disclosure;

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(b)information required to be disclosed by Peoples in this Quarterly Report on Form 10-Q and other reports Peoples files or submits under the Exchange Act would be recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and
(c)Peoples’ disclosure controls and procedures were effective as of the end of the fiscal quarter covered by this Quarterly Report on Form 10-Q.
 Changes in Internal Control Over Financial Reporting
There were no changes in Peoples' internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during Peoples' fiscal quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, Peoples’ internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Peoples or one of its subsidiaries from time to time is engaged in various litigation matters including the defense of claims of improper loan or deposit practices or lending violations. In addition, in the ordinary course of their respective businesses or operations, Peoples or one of its subsidiaries may be named as a plaintiff, a defendant, or a party to a legal proceeding or any of their respective properties may be subject to various pending and threatened legal proceedings and various actual and potential claims. In view of the inherent difficulty of predicting the outcome of such matters, Peoples cannot state what the eventual outcome of any such matters will be; however, based on management's current knowledge and after consultation with legal counsel, Peoples' management believes that damages, if any, and other amounts related to pending legal proceedings will not have a material adverse effect on the consolidated financial position, results of operations or liquidity of Peoples.
ITEM 1A. RISK FACTORS
The disclosure below supplements the risk factors previously disclosed under “ITEM 1A. RISK FACTORS” of Part I of Peoples’ 2024 Form 10-K. These risk factors are not the only risks Peoples faces. Additional risks and uncertainties not currently known to management or that management currently deems to be immaterial also may materially adversely affect Peoples’ business, financial condition and/or operating results.
Economic, Political, Environmental and Market Risks
•Changes in economic and political conditions could adversely affect Peoples’ earnings and capital through declines in deposits, quality of investment securities, loan demand, the ability of Peoples’ borrowers to repay loans and the value of the collateral securing Peoples’ loans.

Peoples’ success depends, in part, on local and national economic and political conditions, as well as governmental fiscal and monetary policies. Current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the U.S. economy generally, the current or future U.S. government shutdown, an increasing federal government budget deficit, the failure of the federal government to raise the federal debt ceiling, potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations, and/or changes in the relationship of the U.S. and U.S. global trading partners), changes in the federal, state and local governmental policy and other factors beyond Peoples’ control may adversely affect Peoples Bank’s deposit levels and composition, the quality of investment securities available for purchase, the demand for loans, the ability of Peoples Bank’s borrowers to repay their loans, and the value of the collateral securing the loans Peoples Bank makes. Disruptions in U.S. and global financial markets and changes in oil production in the Middle East also affect the economy and stock prices in the U.S., which can affect Peoples’ earnings and capital, as well as the ability of Peoples Bank’s customers to repay loans.
The local economies of the majority of Peoples’ market areas historically have been less robust than the economy of the nation as a whole and typically are not subject to the same extent of fluctuations as the national economy. In general, a favorable business environment and economic conditions are characterized by, among other factors, economic growth, efficient capital markets, low inflation, low unemployment, high business and investor confidence, and strong business earnings. Unfavorable or uncertain economic and market conditions can be caused by declines in economic growth, business activity, or investor or business confidence; limitations on the availability or increases in the cost of credit and capital; increases in inflation or interest rates; high unemployment; volatility in pricing and availability of natural resources; natural disasters; or a combination of these or other factors.
The continued impact on economic conditions caused by inflation and changes in market interest rates could have an adverse effect on Peoples’ asset quality, deposit levels and loan demand, and, therefore, Peoples’ financial condition and results of operations. Because a significant amount of Peoples Bank’s loans are secured by either commercial or residential real estate, decreases in real estate values could adversely affect the value of property used as collateral and Peoples Bank’s ability to sell the collateral upon foreclosure.


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ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(a)Not applicable.
(b)Not applicable.
(c)The following table details repurchases by Peoples and purchases by “affiliated purchasers” as defined in Rule 10b-18(a)(3) under the Exchange Act of Peoples’ common shares during the three months ended September 30, 2025:
Period
Total Number of Common Shares Purchased		  
Average Price Paid per Common Share		  
 
Total Number of Common Shares Purchased as Part of Publicly Announced Plans or Programs (1)

Maximum
Number (or Approximate Dollar Value) of Common Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1 – 31, 2025 3,067  (2)(3) $ 31.26  (2)(3) —  $ 16,162,672 
August 1 – 31, 2025 —  $ —  —  $ 16,162,672 
September 1 – 30, 2025 1,690  (2)(3) $ 31.14  (2)(3) —  $ 16,162,672 
Total 4,757    $ 31.22    —  $ 16,162,672 
(1)On January 29, 2021, Peoples announced that on January 28, 2021, Peoples' Board of Directors authorized a share repurchase program authorizing Peoples to purchase up to an aggregate of $30 million of Peoples' outstanding common shares. There were no common shares repurchased under the share repurchase program during the third quarter of 2025.
(2)Information reported includes 910 common shares and 1,134 common shares purchased in open market transactions during July 2025 and September 2025, respectively, by Peoples Bank under the Rabbi Trust Agreement. The Rabbi Trust Agreement establishes a rabbi trust that holds assets to provide funds for the payment of the benefits under the Peoples Bancorp Inc. Third Amended and Restated Deferred Compensation Plan for Directors of Peoples Bancorp Inc. and Subsidiaries.
(3)Information reported includes 2,157 and 556 common shares withheld to satisfy income taxes associated with restricted common shares which were granted under the Peoples Bancorp Inc. Third Amended and Restated 2006 Equity Plan (now known as the Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan) and vested during July 2025 and September 2025, respectively.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
(a)None.
(b)Not applicable.
(c)During the three months ended September 30, 2025, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of Peoples adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.



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ITEM 6. EXHIBITS
Exhibit
Number		  
 
Description
  
 
Exhibit Location
Agreement and Plan of Merger, dated as of October 24, 2022, by and between Peoples Bancorp Inc. and Limestone Bancorp, Inc.+
 Included as Annex A to the preliminary joint proxy statement/prospectus which forms a part of the Registration Statement of Peoples on Form S-4/A filed on January 6, 2023 (Registration No. 333-268728)
3.1(a)  
Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on May 3, 1993) P
   Incorporated herein by reference to Exhibit 3(a) to Peoples' Registration Statement on Form 8-B filed on July 20, 1993 (File No. 0-16772)
         
  Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 22, 1994)   Incorporated herein by reference to Exhibit 3.1(b) to Peoples' Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 (File No. 0-16772) ("Peoples' September 30, 2017 Form 10-Q")
         
  Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 9, 1996)   Incorporated herein by reference to Exhibit 3.1(c) to Peoples' September 30, 2017 Form 10-Q
         
  Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 23, 2003)   Incorporated herein by reference to Exhibit 3(a) to Peoples’ Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2003 (File No. 0-16772) (“Peoples’ March 31, 2003 Form 10-Q”)
         
  Certificate of Amendment by Shareholders to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on January 22, 2009)   Incorporated herein by reference to Exhibit 3.1 to Peoples’ Current Report on Form 8-K dated and filed on January 23, 2009 (File No. 0-16772)
         
  Certificate of Amendment by Directors to Articles filed with the Ohio Secretary of State on January 28, 2009, evidencing adoption of amendments by the Board of Directors of Peoples Bancorp Inc. to Article FOURTH of the Amended Articles of Incorporation to establish express terms of Fixed Rate Cumulative Perpetual Preferred Shares, Series A, each without par value, of Peoples Bancorp Inc.   Incorporated herein by reference to Exhibit 3.1 to Peoples’ Current Report on Form 8-K dated and filed on February 2, 2009 (File No. 0-16772)
         
  Certificate of Amendment by the Shareholders to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on July 28, 2021)   Incorporated herein by reference to Exhibit 3.1(g) to Peoples' Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 (File No. 0-16772) ("Peoples' June 30, 2021 Form 10-Q")
Amended Articles of Incorporation of Peoples Bancorp Inc. (representing the Amended Articles of Incorporation in compiled form incorporating all amendments through the date of this Quarterly Report on Form 10-Q) [For purposes of SEC reporting compliance only--not filed with Ohio Secretary of State]

 
 Incorporated herein by reference to Exhibit 3.1(h) to Peoples' June 30, 2021 Form 10-Q
3.2(a)  
Code of Regulations of Peoples Bancorp Inc. P
   Incorporated herein by reference to Exhibit 3(b) to Peoples’ Registration Statement on Form 8-B filed on July 20, 1993 (File No. 0-16772)
         
  Certified Resolutions Regarding Adoption of Amendments to Sections 1.03, 1.04, 1.05, 1.06, 1.08, 1.10, 2.03(C), 2.07, 2.08, 2.10 and 6.02 of the Code of Regulations of Peoples Bancorp Inc. by shareholders on April 10, 2003   Incorporated herein by reference to Exhibit 3(c) to Peoples’ March 31, 2003 Form 10-Q
 +Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of SEC Regulation S-K. A copy of any omitted schedules or exhibits will be furnished supplementally by Peoples Bancorp Inc. to the SEC, or the staff of the SEC, on a confidential basis upon request.
PPeoples Bancorp Inc. filed this exhibit with the SEC in paper form originally and this exhibit has not been filed with the SEC in electronic format.


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Exhibit
Number
 
Description
 
Exhibit Location
  Certificate regarding adoption of amendments to Sections 3.01, 3.03, 3.04, 3.05, 3.06, 3.07, 3.08 and 3.11 of the Code of Regulations of Peoples Bancorp Inc. by shareholders on April 8, 2004   Incorporated herein by reference to Exhibit 3(a) to Peoples’ Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2004 (File No. 0-16772)
  Certificate regarding adoption of amendments to Sections 2.06, 2.07, 3.01 and 3.04 of Peoples Bancorp Inc.’s Code of Regulations by the shareholders on April 13, 2006   Incorporated herein by reference to Exhibit 3.1 to Peoples’ Current Report on Form 8-K dated and filed on April 14, 2006 (File No. 0-16772)
  Certificate regarding adoption of an amendment to Section 2.01 of Peoples Bancorp Inc.’s Code of Regulations by the shareholders on April 22, 2010   Incorporated herein by reference to Exhibit 3.2(e) to Peoples’ Quarterly Report on Form 10-Q/A (Amendment No. 1) for the quarterly period ended June 30, 2010 (File No. 0-16772)
Certificate regarding Adoption of Amendment to Division (D) of Section 2.02 of the Code of Regulations of Peoples Bancorp Inc. by the Shareholders at the Annual Meeting of Shareholders on April 26, 2018 Incorporated herein by reference to Exhibit 3.1 to Peoples' Current Report on Form 8-K dated and filed on June 28, 2018 (File No. 0-16772) ("Peoples' June 28, 2018 Form 8-K")
  Code of Regulations of Peoples Bancorp Inc. (This document represents the Code of Regulations of Peoples Bancorp Inc. in compiled form incorporating all amendments.)   Incorporated herein by reference to Exhibit 3.2 to Peoples' June 28, 2018 Form 8-K
  Rule 13a-14(a)/15d-14(a) Certifications [President and Chief Executive Officer]   Filed herewith
         
  Rule 13a-14(a)/15d-14(a) Certifications [Executive Vice President, Chief Financial Officer and Treasurer]   Filed herewith
         
  Section 1350 Certifications   Furnished herewith
101.INS Inline XBRL Instance Document ## Submitted electronically herewith #
101.SCH Inline XBRL Taxonomy Extension Schema Document Submitted electronically herewith #
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document Submitted electronically herewith #
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document Submitted electronically herewith #
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document Submitted electronically herewith #
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document Submitted electronically herewith #
104 Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101) Submitted electronically herewith
++Management Compensation Plan or Agreement
# Attached as Exhibit 101 to the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 of Peoples Bancorp Inc. are the following documents formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at September 30, 2025 (Unaudited) and at December 31, 2024; (ii) Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024; (iii) Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2025 and 2024; (iv) Consolidated Statements of Stockholders' Equity (Unaudited) for the three and nine months ended September 30, 2025 and 2024; (v) Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024; and (vi) Notes to the Unaudited Condensed Consolidated Financial Statements.
## The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.

77
Table of Contents
SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
    PEOPLES BANCORP INC.
     
Date: October 30, 2025 By: /s/ TYLER WILCOX
    Tyler Wilcox
    President and Chief Executive Officer
Date: October 30, 2025 By: /s/ KATIE BAILEY
    Katie Bailey
    Executive Vice President,
    Chief Financial Officer and Treasurer


78
EX-31.1 2 exhibit311202510-qq3.htm EX-31.1 Document

EXHIBIT 31.1

CERTIFICATIONS

I, Tyler Wilcox, certify that:
 
1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, of Peoples Bancorp Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 
Date: October 30, 2025         By:/s/ TYLER WILCOX
      Tyler Wilcox
      President and Chief Executive Officer


EX-31.2 3 exhibit312202510-qq3.htm EX-31.2 Document

EXHIBIT 31.2

CERTIFICATIONS

 
I, Katie Bailey, certify that:
 
1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, of Peoples Bancorp Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: October 30, 2025   By:/s/  KATIE BAILEY
      Katie Bailey
      Executive Vice President,
      Chief Financial Officer and Treasurer


EX-32 4 exhibit32202510-qq3.htm EX-32 Document

EXHIBIT 32

CERTIFICATION PURSUANT TO SECTION 1350
OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE*


In connection with the Annual Report of Peoples Bancorp Inc. (“Peoples Bancorp”) on Form 10-Q for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Tyler Wilcox, President and Chief Executive Officer of Peoples Bancorp, and I, Katie Bailey, Executive Vice President, Chief Financial Officer and Treasurer of Peoples Bancorp, certify, pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the consolidated financial condition and results of operations of Peoples Bancorp and its subsidiaries.

 
Date: October 30, 2025         By:/s/  TYLER WILCOX
      Tyler Wilcox
      President and Chief Executive Officer

Date: October 30, 2025         By:/s/ KATIE BAILEY
      Katie Bailey
      Executive Vice President,
      Chief Financial Officer and Treasurer

 

* This certification is being furnished as required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 1350 of Chapter 63 of Title 18 of the United States Code, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section.  This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.