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Washington, D.C.  20549

For the quarterly period ended March 31, 2026

For the transition period from ____ to ____

Commission File Number: 000-16772

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.

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  ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 35,923,471 common shares, without par value, at April 29, 2026.

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

(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."

			Three Months Ended
			March 31,
(Dollars in thousands, except per share data)			2026			2025
Interest income:
Interest and fees on loans and leases			$	108,690		$	107,302
Interest and dividends on taxable investment securities			16,526			15,372
Interest on tax-exempt investment securities			815			968
Other interest income			790			900
Total interest income			126,821			124,542
Interest expense:
Interest on deposits			28,630			35,164
Interest on short-term borrowings			4,959			508
Interest on long-term borrowings			2,812			3,615
Total interest expense			36,401			39,287
Net interest income			90,420			85,255
Provision for credit losses			9,694			10,190
Net interest income after provision for credit losses			80,726			75,065
Non-interest income:
Electronic banking income			5,927			5,885
Trust and investment income			5,605			5,061
Insurance income			5,580			6,054
Lease income			4,581			3,468
Deposit account service charges			4,267			4,015
Bank owned life insurance income			1,162			1,133
Mortgage banking income			376			396
Net loss on investment securities			—			(2)
Net loss on asset disposals and other transactions			(410)			(361)
Other non-interest income			1,166			1,450
Total non-interest income			28,254			27,099
Non-interest expense:
Salaries and employee benefit costs			39,835			39,821
Data processing and software expense			7,536			7,005
Net occupancy and equipment expense			6,224			5,612
Professional fees			2,753			3,087
Electronic banking expense			2,081			2,025
Operating lease expense			1,804			985
Amortization of other intangible assets			1,697			2,213
Federal Deposit Insurance Corporation ("FDIC") insurance expense			1,410			1,251
Other loan expenses			1,123			1,119
Franchise tax expense			1,004			929
Marketing expense			886			903
Communication expense			589			734
Travel and entertainment expense			583			500
Other non-interest expense			4,110			4,603
Total non-interest expense			71,635			70,787
Income before income taxes			37,345			31,377
Income tax expense			8,339			7,041
Net income			$	29,006		$	24,336
Earnings per common share - basic			$	0.82		$	0.69
Earnings per common share - diluted			$	0.81		$	0.68
Weighted-average number of common shares outstanding - basic			35,108,649			34,895,723
Weighted-average number of common shares outstanding - diluted			35,485,424			35,297,135
Cash dividends declared			$	14,647		$	14,227
Cash dividends declared per common share			$	0.41		$	0.40

    

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, 2025 ("Peoples' 2025 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’ 2025 Form 10-K, as updated by the information contained in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (this "Form 10-Q"). Management has evaluated all significant events and transactions that occurred after March 31, 2026 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, 2025, contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2025 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’ 2025 Form 10-K for the impact of recently adopted standards impacting Peoples. Unless otherwise discussed, management believes any recently adopted standards will not have a material impact on Peoples' financial statements taken as a whole.

ASU 2025-12 - Codification Improvements: The FASB issued an Accounting Standards Update (“ASU”) 2025-12 in December 2025. The amendments in ASU 2025-12 are effective for all entities for fiscal years beginning after December 15, 2026 and interim periods within those annual reporting periods, with early adoption permitted.

Peoples early adopted the amendments within the guidance as of January 1, 2026. Overall, the guidance did not have a material impact on Peoples' financial statements. However, ASU 2025-12 Issue #5 clarified that lease receivables from sales-type or direct financing leases are excluded from the enhanced disclosures required by ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. As such, lease receivables from sales-type or direct financing leases are excluded from the current and prior period disclosures related to modifications for borrowers experiencing financial difficulty.

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' 2025 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.

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
						March 31, 2026									December 31, 2025
(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						$	9,878		$	16,274								$	—		$	17,580
U.S. government sponsored agencies						—			231,332									—			206,330
States and political subdivisions						—			165,105									—			170,832
Residential mortgage-backed securities						—			522,638									—			544,038
Commercial mortgage-backed securities						—			59,905									—			41,804
Bank-issued trust preferred securities						—			2,812									—			3,783
Total available-for-sale securities						$	9,878		$	998,066								$	—		$	984,367
Equity investment securities (a)						148			256									176			239
Nonqualified deferred compensation (a) (b)						5,671			—									6,074			—
Derivative assets (c)						—			9,345									—			9,708
Liabilities:
Derivative liabilities (d)						$	—		$	8,890								$	—		$	9,275

(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).

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 March 31, 2026 and December 31, 2025.

(a) Loans held for sale are presented gross of a valuation allowance of $58 and $57 at March 31, 2026 and at December 31, 2025, 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).

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.

(a) Obligations of states and political subdivisions are presented gross of an allowance for credit losses of $233 and $236 at March 31, 2026 and at December 31, 2025, respectively.

(b)     "Other investments", as reported on the Unaudited Consolidated Balance Sheets, also included equity investment securities at March 31, 2026

and at December 31, 2025, 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 $78.4 million and $75.7 million at March 31, 2026 and at December 31, 2025, 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).

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). 

The following table summarizes Peoples' available-for-sale investment securities:

(Dollars in thousands)			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
March 31, 2026
Obligations of:
U.S. Treasury and government agencies			$	25,958		$	224		$	(30)		$	26,152
U.S. government sponsored agencies			239,214			459			(8,341)			231,332
States and political subdivisions			185,854			3			(20,752)			165,105
Residential mortgage-backed securities			586,875			1,443			(65,680)			522,638
Commercial mortgage-backed securities			66,347			—			(6,442)			59,905
Bank-issued trust preferred securities			3,000			—			(188)			2,812
Total available-for-sale securities			$	1,107,248		$	2,129		$	(101,433)		$	1,007,944
December 31, 2025
Obligations of:
U.S. Treasury and government agencies			$	17,386		$	213		$	(19)		$	17,580
U.S. government sponsored agencies			212,282			504			(6,456)			206,330
States and political subdivisions			189,131			103			(18,402)			170,832
Residential mortgage-backed securities			606,292			1,749			(64,003)			544,038
Commercial mortgage-backed securities			47,889			1			(6,086)			41,804
Bank-issued trust preferred securities			4,000			—			(217)			3,783
Total available-for-sale securities			$	1,076,980		$	2,570		$	(95,183)		$	984,367

The gross gains and losses realized by Peoples from sales or prepayments of available-for-sale investment securities for the periods ended March 31 were as follows:

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: