株探米国株
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 June 30, 2026
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: 35,942,315 common shares, without par value, at July 29, 2026.

Table of Contents
Table of Contents


2
Table of Contents
PART I - FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
  June 30,
2026		 December 31,
2025
(Dollars in thousands) (Unaudited)
Assets    
Cash and cash equivalents:
Cash and balances due from banks $ 106,562  $ 107,864 
Interest-bearing deposits in other banks 73,163  81,087 
Total cash and cash equivalents 179,725  188,951 
Available-for-sale investment securities, at fair value (amortized cost of $966,592 at June 30, 2026 and $1,076,980 at December 31, 2025) (a)
 874,050  984,367 
Held-to-maturity investment securities, at amortized cost (fair value of $802,716 at June 30, 2026 and $867,714 at December 31, 2025) (a)
 867,332  922,837 
Other investments 76,099  68,656 
Total investment securities (a) 1,817,481  1,975,860 
Loans and leases, net of deferred fees and costs (b) 6,821,580  6,756,907 
Allowance for credit losses (78,103) (75,676)
Net loans and leases (c) 6,743,477  6,681,231 
Loans held for sale 2,568  2,667 
Bank premises and equipment, net of accumulated depreciation 97,578  100,508 
Bank owned life insurance 150,615  148,264 
Goodwill 363,199  363,199 
Other intangible assets 26,764  30,120 
Other assets 158,754  158,830 
Total assets $ 9,540,161  $ 9,649,630 
Liabilities    
Deposits:
Non-interest-bearing $ 1,593,799  $ 1,545,428 
Interest-bearing 5,862,566  6,064,796 
Total deposits 7,456,365  7,610,224 
Short-term borrowings 588,653  530,285 
Long-term borrowings 156,253  204,138 
Accrued expenses and other liabilities 102,339  98,381 
Total liabilities $ 8,303,610  $ 8,443,028 
Stockholders’ equity    
Preferred shares, no par value, 50,000 shares authorized, no shares issued at June 30, 2026 or at December 31, 2025
 —  — 
Common shares, no par value, 50,000,000 shares authorized, 36,860,845 shares issued at June 30, 2026 and 36,836,943 shares issued at December 31, 2025, including at each date shares held in treasury
 869,739  871,571 
Retained earnings 463,953  436,748 
Accumulated other comprehensive loss, net of deferred income taxes (70,861) (70,628)
Treasury stock, at cost, 1,008,699 shares at June 30, 2026 and 1,215,120 shares at December 31, 2025
 (26,280) (31,089)
Total stockholders’ equity $ 1,236,551  $ 1,206,602 
Total liabilities and stockholders’ equity $ 9,540,161  $ 9,649,630 
(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 June 30, 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."

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 Six Months Ended
June 30, June 30,
(Dollars in thousands, except per share data) 2026 2025 2026 2025
Interest income:
Interest and fees on loans and leases $ 109,557  $ 108,816  $ 218,247  $ 216,118 
Interest and dividends on taxable investment securities 16,208  15,593  32,734  30,965 
Interest on tax-exempt investment securities 731  960  1,546  1,928 
Other interest income 1,084  1,038  1,874  1,938 
Total interest income 127,580  126,407  254,401  250,949 
Interest expense:
Interest on deposits 27,651  33,876  56,281  69,040 
Interest on short-term borrowings 4,623  1,388  9,582  1,896 
Interest on long-term borrowings 2,578  3,566  5,390  7,181 
Total interest expense 34,852  38,830  71,253  78,117 
Net interest income 92,728  87,577  183,148  172,832 
Provision for credit losses 4,709  16,642  14,403  26,832 
Net interest income after provision for credit losses 88,019  70,935  168,745  146,000 
Non-interest income:
Electronic banking income 6,543  6,272  12,470  12,157 
Trust and investment income 5,986  5,281  11,591  10,342 
Lease income 4,977  4,211  9,558  7,679 
Deposit account service charges 4,488  4,059  8,755  8,074 
Insurance income 4,331  4,549  9,911  10,603 
Bank owned life insurance income 1,189  1,112  2,351  2,245 
Mortgage banking income 598  220  974  616 
Net loss on asset disposals and other transactions (446) (280) (856) (641)
Net loss on investment securities (8,181) —  (8,181) (2)
Other non-interest income 893  1,456  2,059  2,906 
Total non-interest income 20,378  26,880  48,632  53,979 
Non-interest expense:
Salaries and employee benefit costs 40,012  38,893  79,847  78,714 
Data processing and software expense 7,850  7,356  15,386  14,361 
Net occupancy and equipment expense 5,765  5,690  11,989  11,302 
Professional fees 4,018  3,610  6,771  6,697 
Electronic banking expense 2,225  2,018  4,306  4,043 
Operating lease expense 1,797  1,053  3,601  2,038 
Amortization of other intangible assets 1,697  2,211  3,394  4,424 
Federal Deposit Insurance Corporation ("FDIC") insurance expense
 1,370  1,251  2,780  2,502 
Other loan expenses 1,278  1,213  2,401  2,332 
Franchise tax expense 972  678  1,976  1,607 
Travel and entertainment expense 726  713  1,309  1,213 
Communication expense 605  712  1,194  1,446 
Marketing expense 604  718  1,490  1,621 
Other non-interest expense 3,840  4,246  7,950  8,849 
Total non-interest expense 72,759  70,362  144,394  141,149 
Income before income taxes 35,638  27,453  72,983  58,830 
Income tax expense 7,685  6,241  16,024  13,282 
Net income $ 27,953  $ 21,212  $ 56,959  $ 45,548 
Earnings per common share - basic $ 0.79  $ 0.60  $ 1.61  $ 1.29 
Earnings per common share - diluted $ 0.78  $ 0.59  $ 1.59  $ 1.28 
Weighted-average number of common shares outstanding - basic 35,173,525  34,972,065  35,141,267  34,934,105 
Weighted-average number of common shares outstanding - diluted 35,566,566  35,331,707  35,529,515  35,299,418 
Cash dividends declared $ 15,107  $ 14,616  $ 29,754  $ 28,843 
Cash dividends declared per common share $ 0.42  $ 0.41  $ 0.83  $ 0.81 

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 Six Months Ended
June 30, June 30,
(Dollars in thousands) 2026 2025 2026 2025
Net income $ 27,953  $ 21,212  $ 56,959  $ 45,548 
Other comprehensive income (loss):
Available-for-sale investment securities:
Gross unrealized holding (loss) gain arising during the period (1,419) 7,408  (8,110) 27,227 
Related tax benefit (expense) 326  (1,727) 1,598  (6,347)
Reclassification adjustment for net loss included in net income 8,181  —  8,181  2 
Related tax expense (1,884) —  (1,884) — 
Net effect on other comprehensive income (loss) 5,204  5,681  (215) 20,882 
Cash flow hedges:
Net gain (loss) arising during the period 125  (52) 293  (288)
  Related tax (expense) benefit (29) 12  (68) 67 
Reclassification adjustment for net gain included in net income (155) (289) (317) (714)
Related tax benefit 36  67  74  166 
Net effect on other comprehensive income (loss) (23) (262) (18) (769)
Total other comprehensive income (loss), net of tax 5,181  5,419  (233) 20,113 
Total comprehensive income $ 33,134  $ 26,631  $ 56,726  $ 65,661 

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, March 31, 2026 $ 867,464  $ 451,107  $ (76,042) $ (26,489) $ 1,216,040 
Net income —  27,953  —  —  27,953 
Other comprehensive income, net of tax —  —  5,181  —  5,181 
Cash dividends declared —  (15,107) —  —  (15,107)
Reissuance of treasury stock for common share awards 196  —  —  (196) — 
Reissuance of treasury stock for deferred compensation plan for Boards of Directors —  —  —  263  263 
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors —  —  —  (106) (106)
Common shares issued under dividend reinvestment plan 463  —  —  —  463 
Common shares issued under compensation plan for Boards of Directors 43  —  —  88  131 
Common shares issued under employee stock purchase plan 78  —  —  160  238 
Stock-based compensation 1,495  —  —  —  1,495 
Balance, June 30, 2026 $ 869,739  $ 463,953  $ (70,861) $ (26,280) $ 1,236,551 


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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (continued)
Accumulated Other Comprehensive Loss Total Stockholders' Equity
Common Shares Retained Earnings Treasury Stock
(Dollars in thousands)
Balance, December 31, 2025 $ 871,571  $ 436,748  $ (70,628) $ (31,089) $ 1,206,602 
Net income —  56,959  —  —  56,959 
Other comprehensive loss, net of tax —  —  (233) —  (233)
Cash dividends declared —  (29,754) —  —  (29,754)
Reissuance of treasury stock for common share awards (6,232) —  —  6,232  — 
Reissuance of treasury stock for deferred compensation plan for Boards of Directors —  —  —  292  292 
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors —  —  —  (2,244) (2,244)
Common shares issued under dividend reinvestment plan 838  —  —  —  838 
Common shares issued under compensation plan for Boards of Directors 71  —  —  191  262 
Common shares issued under employee stock purchase plan 126  —  —  338  464 
Stock-based compensation 3,365  —  —  —  3,365 
Balance, June 30, 2026 $ 869,739  $ 463,953  $ (70,861) $ (26,280) $ 1,236,551 

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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (continued)
Accumulated Other Comprehensive Loss Total Stockholders' Equity
Common Shares Retained Earnings Treasury Stock
(Dollars in thousands)
Balance, March 31, 2025 $ 866,416  $ 398,218  $ (95,691) $ (31,122) $ 1,137,821 
Net income —  21,212  —  —  21,212 
Other comprehensive income, net of tax —  —  5,419  —  5,419 
Cash dividends declared —  (14,616) —  —  (14,616)
Reissuance of treasury stock for common share awards (145) —  —  145  — 
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 —  —  —  (369) (369)
Common shares repurchased under share repurchase program —  —  —  (455) (455)
Common shares issued under dividend reinvestment plan 702  —  —  —  702 
Common shares issued under compensation plan for Boards of Directors 22  —  —  109  131 
Common shares issued under employee stock purchase plan 40  —  —  200  240 
Stock-based compensation 1,458  —  —  —  1,458 
Other —  1,438  —  —  1,438 
Balance, June 30, 2025 $ 868,493  $ 406,252  $ (90,272) $ (31,123) $ 1,153,350 


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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (continued)
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 —  45,548  —  —  45,548 
Other comprehensive income, net of tax —  —  20,113  —  20,113 
Cash dividends declared —  (28,843) —  —  (28,843)
Reissuance of treasury stock for common share awards (3,399) —  —  3,399  — 
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 —  —  —  (2,123) (2,123)
Common shares repurchased under share repurchase program —  —  —  (455) (455)
Common shares issued under dividend reinvestment plan 1,037  —  —  —  1,037 
Common shares issued under compensation plan for Boards of Directors 39  —  —  208  247 
Common shares issued under employee stock purchase plan 84  —  —  457  541 
Stock-based compensation 3,888  —  —  —  3,888 
Other —  1,438  —  —  1,438 
Balance, June 30, 2025 $ 868,493  $ 406,252  $ (90,272) $ (31,123) $ 1,153,350 

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)
Six Months Ended
June 30,
(Dollars in thousands) 2026 2025
Net cash provided by operating activities $ 90,571  $ 84,984 
Investing activities:
Available-for-sale investment securities:
Purchases (74,887) — 
Proceeds from sales 129,807  967 
Proceeds from principal payments, calls and prepayments 47,688  57,813 
Held-to-maturity investment securities:
Purchases (48,918) (180,880)
Proceeds from principal payments 105,809  56,165 
Other investments:
Purchases (27,818) (23,211)
Proceeds from sales 20,771  16,060 
Net increase in loans held for investment (74,638) (252,796)
Net expenditures for premises and equipment (2,082) (4,216)
Proceeds from sales of other real estate owned —  187 
Other (18) (1,053)
Net cash provided by (used in) investing activities 75,714  (330,964)
Financing activities:    
Net increase in non-interest-bearing deposits 48,371  23,163 
Net (decrease) increase in interest-bearing deposits (202,366) 23,453 
Net increase (decrease) in short-term borrowings 28,368  203,386 
Proceeds from long-term borrowings 11,571  5,989 
Payments on long-term borrowings (29,994) (12,177)
Cash dividends paid (29,754) (28,843)
Purchase of treasury stock under share repurchase program —  (455)
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock
 (2,244) (2,123)
Proceeds from issuance of common shares 796  991 
Other (259) 1,007 
Net cash (used in) provided by financing activities (175,511) 214,391 
Net decrease in cash and cash equivalents (9,226) (31,589)
Cash and cash equivalents at beginning of period 188,951  217,664 
Cash and cash equivalents at end of period $ 179,725  $ 186,075 
Supplemental cash flow information:
     Interest paid $ 73,844  $ 75,709 
     Federal income taxes paid 1,500  8,500 
     State income taxes paid 1,686  650 
Supplemental noncash disclosures:
     Transfers from total loans to other real estate owned 18  72 
Noncash recognition of new leases 153  481 
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, 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 June 30, 2026 (this "Form 10-Q"). Management has evaluated all significant events and transactions that occurred after June 30, 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 the impact of 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 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 ASU 2025-12 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.
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

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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.
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
June 30, 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
 $ 14,629  $ —  $ —  $ 17,580 
 U.S. government sponsored agencies —  215,080  —  206,330 
States and political subdivisions
 —  108,141  —  170,832 
Residential mortgage-backed securities —  480,730  —  544,038 
Commercial mortgage-backed securities —  52,626  —  41,804 
Bank-issued trust preferred securities —  2,844  —  3,783 
Total available-for-sale securities $ 14,629  $ 859,421  $ —  $ 984,367 
Equity investment securities (a) 199  258  176  239 
Nonqualified deferred compensation (a) (b) 6,466  —  6,074  — 
Derivative assets (c) —  10,312  —  9,708 
Liabilities:
Derivative liabilities (d) $ —  $ 9,876  $ —  $ 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).

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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).
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 June 30, 2026 and December 31, 2025.
  Non-Recurring Fair Value Measurements at Reporting Date
June 30, 2026 December 31, 2025
(Dollars in thousands) Level 2 Level 3 Level 2 Level 3
Assets:
Collateral dependent loans $ —  $ 30,739  $ —  $ 7,738 
Loans held for sale (a) 946  —  1,678  — 
(a) Loans held for sale are presented gross of a valuation allowance of $58 and $57 at June 30, 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).




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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 June 30, 2026 December 31, 2025
Carrying Amount Fair Value Carrying Amount Fair Value
Assets:
Cash and cash equivalents 1 $ 179,725  179,725  $ 188,951  $ 188,951 
Held-to-maturity investment securities:
   Obligations of:
U.S. government sponsored agencies 2 247,324  237,266  261,826  254,435 
States and political subdivisions (a) 2 138,622  113,423  140,843  115,657 
Residential mortgage-backed securities 2 383,691  367,532  423,628  413,123 
Commercial mortgage-backed securities 2 97,928  84,495  96,776  84,499 
        Total held-to-maturity securities 867,565  802,716  923,073  867,714 
Other investments:
Other investments at cost:
Federal Home Loan Bank ("FHLB") stock 3 37,445  37,445  30,843  30,843 
Federal Reserve Bank ("FRB") stock 3 27,114  27,114  27,114  27,114 
Other investments (b) 3 4,617  4,617  4,210  4,210 
Total other investments at cost 69,176  69,176  62,167  62,167 
Loans and leases, net of deferred fees and costs (c) 3 6,821,580  6,577,344  6,756,907  6,697,321 
Bank owned life insurance 2 150,615  150,615  148,264  148,264 
Liabilities:
Deposits 2 $ 7,456,365  $ 6,276,730  $ 7,610,224  $ 6,579,413 
Short-term borrowings 2 588,653  588,731  530,285  530,282 
Long-term borrowings 2 156,253  171,497  204,138  222,323 
(a) Obligations of states and political subdivisions are presented gross of an allowance for credit losses of $233 and $236 at June 30, 2026 and at December 31, 2025, respectively.
(b)     "Other investments", as reported on the Unaudited Consolidated Balance Sheets, also included equity investment securities at June 30, 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 $78.1 million and $75.7 million at June 30, 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).

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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). 
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
June 30, 2026        
Obligations of:        
U.S. Treasury and government agencies $ 14,724  $ —  $ (95) $ 14,629 
U.S. government sponsored agencies 223,008  297  (8,225) 215,080 
States and political subdivisions 122,317  37  (14,213) 108,141 
Residential mortgage-backed securities 544,634  1,194  (65,098) 480,730 
Commercial mortgage-backed securities 58,909  —  (6,283) 52,626 
Bank-issued trust preferred securities 3,000  —  (156) 2,844 
Total available-for-sale securities $ 966,592  $ 1,528  $ (94,070) $ 874,050 
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 


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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 June 30 were as follows:
Three Months Ended Six Months Ended
June 30, June 30,
(Dollars in thousands) 2026 2025 2026 2025
Gross gains realized $ 83  $ —  $ 204  $ 25 
Gross losses realized (8,264) —  (8,385) (27)
Net loss realized $ (8,181) $ —  $ (8,181) $ (2)
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
June 30, 2026                
Obligations of:
U.S. Treasury and government agencies
 $ 14,629  $ 95  2  $ —  $ —  —  $ 14,629  $ 95 
U.S. government sponsored agencies
 130,342  2,179  25  70,893  6,046  18  201,235  8,225 
States and political subdivisions 21,129  769  40  82,802  13,444  61  103,931  14,213 
Residential mortgage-backed securities
 36,618  482  51  402,272  64,616  198  438,890  65,098 
Commercial mortgage-backed securities
 20,970  481  6  31,656  5,802  17  52,626  6,283 
Bank-issued trust preferred securities
 —  —  —  2,844  156  1  2,844  156 
Total $ 223,688  $ 4,006  124  $ 590,467  $ 90,064  295  $ 814,155  $ 94,070 
December 31, 2025                
Obligations of:
U.S. Treasury and government agencies
 $ 5,319  $ 16  3  $ 741  $ 3  4  $ 6,060  $ 19 
U.S. government sponsored agencies
 47,059  341  10  127,311  6,115  27  174,370  6,456 
States and political subdivisions 3,129  460  5  158,898  17,942  134  162,027  18,402 
Residential mortgage-backed securities
 13,310  62  10  461,661  63,941  235  474,971  64,003 
Commercial mortgage-backed securities
 2,292  9  2  39,000  6,077  21  41,292  6,086 
Bank-issued trust preferred securities
 —  —  —  3,783  217  2  3,783  217 
Total $ 71,109  $ 888  30  $ 791,394  $ 94,295  423  $ 862,503  $ 95,183 
Management evaluates available-for-sale investment securities for an allowance for credit losses on a quarterly basis. At June 30, 2026, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At June 30, 2026, 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 June 30, 2026 and December 31, 2025 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 one bank-issued trust preferred security that had been in an unrealized loss position for 12 months or more at June 30, 2026 was attributable to the subordinated nature of the trust preferred security.

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The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale investment securities by contractual maturity at June 30, 2026. 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 June 30, 2026. 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 $ — $ 4,955 $ 9,769 $ — $ 14,724
U.S. government sponsored agencies — 42,411 119,479 61,118 223,008
States and political subdivisions 2,412 10,721 55,026 54,158 122,317
Residential mortgage-backed securities — 1,449 47,535 495,650 544,634
Commercial mortgage-backed securities — 10,893 15,286 32,730 58,909
Bank-issued trust preferred securities — — 3,000 — 3,000
Total available-for-sale securities $ 2,412 $ 70,429 $ 250,095 $ 643,656 $ 966,592
Fair value          
Obligations of:          
U.S. Treasury and government agencies $ — $ 4,929 $ 9,700 $ — $ 14,629
U.S. government sponsored agencies — 39,029 115,710 60,341 215,080
States and political subdivisions 2,403 10,428 47,808 47,502 108,141
Residential mortgage-backed securities — 1,394 43,987 435,349 480,730
Commercial mortgage-backed securities — 9,737 13,376 29,513 52,626
Bank-issued trust preferred securities — — 2,844 — 2,844
Total available-for-sale securities $ 2,403 $ 65,517 $ 233,425 $ 572,705 $ 874,050
Total weighted-average yield 3.33  % 1.96  % 3.31  % 2.84  % 2.90  %
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
June 30, 2026        
Obligations of:      
 U.S. government sponsored agencies $ 247,324  $ —  $ 618  $ (10,676) $ 237,266 
States and political subdivisions 138,622  (233) 47  (25,013) 113,423 
Residential mortgage-backed securities 383,691  —  2,167  (18,326) 367,532 
Commercial mortgage-backed securities 97,928  —  —  (13,433) 84,495 
Total held-to-maturity investment securities $ 867,565  $ (233) $ 2,832  $ (67,448) $ 802,716 
December 31, 2025        
Obligations of:        
U.S. government sponsored agencies $ 261,826  $ —  $ 740  $ (8,131) $ 254,435 
States and political subdivisions 140,843  (236) 77  (25,027) 115,657 
Residential mortgage-backed securities 423,628  —  4,916  (15,421) 413,123 
Commercial mortgage-backed securities 96,776  —  —  (12,277) 84,499 
Total held-to-maturity investment securities $ 923,073  $ (236) $ 5,733  $ (60,856) $ 867,714 
There were no sales of held-to-maturity investment securities during the periods ended June 30, 2026 or December 31, 2025.
Management evaluates held-to-maturity investment securities for an allowance for credit losses on a quarterly basis. The majority of Peoples' 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 June 30, 2026, and December 31, 2025.
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
June 30, 2026                
Obligations of:
U.S. government sponsored agencies $ 89,414  $ 1,981  20  $ 112,566  $ 8,695  21  $ 201,980  $ 10,676 
States and political subdivisions 2,280  548  4  109,083  24,465  64  111,363  25,013 
Residential mortgage-backed securities
 124,335  1,932  26  128,141  16,394  41  252,476  18,326 
Commercial mortgage-backed securities
 16,031  1,389  7  68,464  12,044  29  84,495  13,433 
Total $ 232,060  $ 5,850  57  $ 418,254  $ 61,598  155  $ 650,314  $ 67,448 
December 31, 2025                
Obligations of:
U.S. government sponsored agencies $ 131,933  $ 1,447  16  $ 66,509  $ 6,684  20  $ 198,442  $ 8,131 
States and political subdivisions 1,238  301  2  110,531  24,726  65  111,769  25,027 
Residential mortgage-backed securities
 34,814  261  6  143,068  15,160  45  177,882  15,421 
Commercial mortgage-backed securities
 7,776  111  3  73,975  12,166  30  81,751  12,277 
Total $ 175,761  $ 2,120  27  $ 394,083  $ 58,736  160  $ 569,844  $ 60,856 
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at June 30, 2026. 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 June 30, 2026. 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 $ 3,500 $ 2,199 $ 140,987 $ 100,638 $ 247,324
States and political subdivisions 2,443 4,585 33,446 98,148 138,622
Residential mortgage-backed securities — — 6,717 376,974 383,691
Commercial mortgage-backed securities 969 7,687 41,910 47,362 97,928
Total held-to-maturity investment securities $ 6,912 $ 14,471 $ 223,060 $ 623,122 $ 867,565
Fair value          
Obligations of:          
U.S. government sponsored agencies $ 3,455 $ 2,022 $ 133,638 $ 98,151 $ 237,266
States and political subdivisions 2,485 4,267 28,674 77,997 113,423
Residential mortgage-backed securities — — 6,323 361,209 367,532
Commercial mortgage-backed securities 962 7,188 36,714 39,631 84,495
Total held-to-maturity investment securities $ 6,902 $ 13,477 $ 205,349 $ 576,988 $ 802,716
Total weighted-average yield 1.86% 1.97% 3.41% 4.15% 3.90%


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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) June 30, 2026 December 31, 2025
FHLB stock $ 37,445  $ 30,843 
FRB stock 27,114  27,114 
Nonqualified deferred compensation 6,466  6,074 
Equity investment securities 4,205  3,756 
Other investments 869  869 
Total other investments $ 76,099  $ 68,656 
During the six months ended June 30, 2026, Peoples redeemed $20.2 million of FHLB stock in order to be in compliance with the requirements of the FHLB. Peoples purchased $26.8 million of additional FHLB stock during the six months ended June 30, 2026, as a result of the FHLB's capital requirements on FHLB advances.
For the three months ended June 30, 2026 and 2025, Peoples recorded the change in the fair value of equity investment securities held during the period in "Other non-interest income", resulting in unrealized gains of $53,000 and $7,000, respectively. For the six months ended June 30, 2026 and 2025, Peoples recognized an unrealized gain of $33,000 and an unrealized loss of $2,000, respectively, for the change in fair value of equity investment securities in "Other non-interest income."
At June 30, 2026, 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 June 30, 2026.
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) June 30, 2026 December 31, 2025
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale $ 347,080  $ 328,516 
     Held-to-maturity 766,540  704,470 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale 88,892  4,018 
     Held-to-maturity 41,268  68,425 
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 $8.7 million at June 30, 2026 and $9.0 million at December 31, 2025.
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) June 30,
2026		 December 31, 2025
Construction $ 294,350  $ 300,941 
Commercial real estate, other 2,283,163  2,363,967 
Commercial and industrial 1,689,817  1,535,755 
Premium finance 266,015  253,075 
Leases 353,952  365,649 
Residential real estate 846,475  861,722 
Home equity lines of credit 273,965  253,864 
Consumer, indirect 693,529  700,582 
Consumer, direct 119,273  120,338 
Deposit account overdrafts 1,041  1,014 
Total loans, at amortized cost $ 6,821,580  $ 6,756,907 
The table above includes net deferred loan origination costs of $18.9 million and $20.0 million at June 30, 2026 and at December 31, 2025, respectively. The remaining unamortized net discount included in the amortized cost of loans and leases was $7.2 million and $9.7 million at June 30, 2026 and at December 31, 2025, 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 $22.2 million at June 30, 2026 and $25.0 million at December 31, 2025.
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:
June 30, 2026 December 31, 2025
(Dollars in thousands)
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Construction $ 293  $ —  $ —  $ — 
Commercial real estate, other 6,802  3,874  4,056  579 
Commercial and industrial 4,546  85  8,045  126 
Premium finance —  1,793  573  2,477 
Leases 8,145  —  11,063  542 
Residential real estate 8,978  1,655  8,556  1,937 
Home equity lines of credit 1,550  193  1,507  69 
Consumer, indirect 2,594  93  2,718  286 
Consumer, direct 193  145  368  140 
Total loans, at amortized cost $ 33,101  $ 7,838  $ 36,886  $ 6,156 
(a) There were $2.4 million and $1.8 million of nonaccrual loans for which there was no allowance for credit losses at June 30, 2026 and at December 31, 2025, respectively.

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During the first six months of 2026, nonaccrual loans decreased compared to at December 31, 2025, which was primarily due to decreases in nonaccrual commercial and industrial loans and leases, partially offset by an uptick in nonaccrual other commercial real estate loans. The increase in accruing loans 90+ days past due at June 30, 2026, when compared to at December 31, 2025, was primarily due to other commercial real estate loans, driven by two loans totaling $3.8 million.
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
June 30, 2026
Construction $ 293  $ —  $ —  $ 293  $ 294,057  $ 294,350 
Commercial real estate, other 1,141  1,816  9,806  12,763  2,270,400  2,283,163 
Commercial and industrial 1,787  430  4,523  6,740  1,683,077  1,689,817 
Premium finance 1,165  544  1,793  3,502  262,513  266,015 
Leases 1,627  4,138  7,380  13,145  340,807  353,952 
Residential real estate 2,834  4,151  4,788  11,773  834,702  846,475 
Home equity lines of credit 1,235  527  1,125  2,887  271,078  273,965 
Consumer, indirect 6,261  1,626  1,379  9,266  684,263  693,529 
Consumer, direct 750  121  200  1,071  118,202  119,273 
Deposit account overdrafts —  —  —  —  1,041  1,041 
Total loans, at amortized cost $ 17,093  $ 13,353  $ 30,994  $ 61,440  $ 6,760,140  $ 6,821,580 
December 31, 2025
Construction $ —  $ —  $ —  $ —  $ 300,941  $ 300,941 
Commercial real estate, other 1,760  4,066  3,664  9,490  2,354,477  2,363,967 
Commercial and industrial 1,600  1,329  7,780  10,709  1,525,046  1,535,755 
Premium finance 2,767  2,956  3,050  8,773  244,302  253,075 
Leases 9,966  3,560  11,187  24,713  340,936  365,649 
Residential real estate 13,821  3,035  5,767  22,623  839,099  861,722 
Home equity lines of credit 2,160  402  981  3,543  250,321  253,864 
Consumer, indirect 8,752  1,726  1,550  12,028  688,554  700,582 
Consumer, direct 752  165  431  1,348  118,990  120,338 
Deposit account overdrafts —  —  —  —  1,014  1,014 
Total loans, at amortized cost $ 41,578  $ 17,239  $ 34,410  $ 93,227  $ 6,663,680  $ 6,756,907 
Delinquency trends improved slightly, as 99.1% of Peoples' loan portfolio was considered “current” at June 30, 2026, compared to 98.6% at December 31, 2025.
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) June 30, 2026 December 31, 2025
Loans pledged to FHLB $ 1,271,534  $ 1,347,242 
Loans pledged to FRB 691,432  624,503 
Credit Quality Indicators
As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2025 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. Adversely classified loans are reviewed on a quarterly basis. A description of the general characteristics of the risk grades used by Peoples, follows:

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“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 June 30, 2026:
Term Loans at Amortized Cost by Origination Year Revolving Loans Converted to Term
(Dollars in thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans
Total
Loans
Construction

  Pass $ 24,141  $ 98,544  $ 94,125  $ 47,697  $ 940  $ 14,808  $ —  $ —  $ 280,255 
  Substandard —  —  11,260  1,088  1,454  293  —  —  14,095 
     Total 24,141  98,544  105,385  48,785  2,394  15,101  —  —  294,350 
Current period gross charge-offs (a) —  —  —  —  —  —  — 
Commercial real estate, other

  Pass 106,340  347,491  168,667  284,484  323,049  865,560  40,884  —  2,136,475 
  Special mention —  1,018  32,296  33,515  1,584  8,480  —  —  76,893 
  Substandard 6,181  —  7,705  1,477  4,453  49,859  120  —  69,795 
     Total 112,521  348,509  208,668  319,476  329,086  923,899  41,004  —  2,283,163 
Current period gross charge-offs (a) —  —  —  —  —  167  167 
Commercial and industrial
  Pass 280,400  327,484  194,878  102,217  64,396  359,988  271,313  2,461  1,600,676 
  Special mention 238  4,619  16,728  23  610  588  31,374  —  54,180 
  Substandard 688  1,135  3,199  218  7,633  13,930  8,134  740  34,937 
  Doubtful —  —  —  —  —  24  —  —  24 

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Term Loans at Amortized Cost by Origination Year Revolving Loans Converted to Term
(Dollars in thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans
Total
Loans
     Total 281,326  333,238  214,805  102,458  72,639  374,530  310,821  3,201  1,689,817 
Current period gross charge-offs (a) 171  —  64  104  22  126  487 
Premium Finance
Pass 215,165  50,332  517  1  —  —  —  —  266,015 
Total 215,165  50,332  517  1  —  —  —  —  266,015 
Current period gross charge-offs (a) —  44  71  2  —  —  117 
Leases
Pass 83,473  111,837  75,718  53,292  15,793  4,550  —  —  344,663 
Special mention 79  391  657  333  205  183  —  —  1,848 
Substandard 55  364  1,118  1,075  401  82  —  —  3,095 
Doubtful —  133  578  2,515  915  205  —  —  4,346 
Total 83,607  112,725  78,071  57,215  17,314  5,020  —  —  353,952 
Current period gross charge-offs (a) —  685  2,171  4,679  895  602  9,032 
Residential real estate
Pass 38,655  100,419  62,165  52,149  74,059  509,033  —  —  836,480 
Substandard —  455  458  1,079  574  7,255  —  —  9,821 
Loss —  12  8  —  60  94  —  —  174 
     Total 38,655  100,886  62,631  53,228  74,693  516,382  —  —  846,475 
Current period gross charge-offs (a) —  4  39  —  76  115  234 
Home equity lines of credit
Pass 3,928  57,885  48,051  29,313  31,465  70,293  31,706  955  272,641 
Substandard —  17  —  275  460  562  —  —  1,314 
Loss —  —  —  —  —  10  —  —  10 
     Total 3,928  57,902  48,051  29,588  31,925  70,865  31,706  955  273,965 
Current period gross charge-offs (a) —  —  —  —  —  64  64 
Consumer, indirect
Pass 141,152  247,347  130,420  82,802  60,739  28,098  —  —  690,558 
Substandard —  857  666  448  494  465  —  —  2,930 
Loss —  3  5  6  3  24  —  —  41 
     Total 141,152  248,207  131,091  83,256  61,236  28,587  —  —  693,529 
Current period gross charge-offs (a) 63  1,604  835  509  250  105  3,366 
Consumer, direct
Pass 36,721  38,884  18,101  10,921  8,341  6,059  —  —  119,027 

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Term Loans at Amortized Cost by Origination Year Revolving Loans Converted to Term
(Dollars in thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans
Total
Loans
Substandard —  35  25  76  60  —  —  —  196 
Loss —  —  —  —  10  40  —  —  50 
     Total 36,721  38,919  18,126  10,997  8,411  6,099  —  —  119,273 
Current period gross charge-offs (a) 182  131  33  33  21  9  409 
Deposit account overdrafts 1,041  —  —  —  —  —  —  —  1,041 
Current period gross charge-offs (a) 649  —  —  —  —  —  649 
Total loans, at amortized cost 938,257  1,389,262  867,345  705,004  597,698  1,940,483  383,531  4,156  6,821,580 
Total current period gross charge-offs (a) $ 1,065  $ 2,468  $ 3,213  $ 5,327  $ 1,264  $ 1,188  $ 14,525 
(a) Current period gross charge-offs are for the six months ended as of June 30, 2026.
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, 2025:
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans
Construction

Pass $ 81,441  $ 98,488  $ 99,069  $ 918  $ 6,618  $ 8,720  $ —  $ 512  $ 295,254 
Substandard —  3,092  1,113  1,482  —  —  —  —  5,687 
Total 81,441  101,580  100,182  2,400  6,618  8,720  —  512  300,941 
Current period gross charge-offs (a) —  —  —  —  —  —  — 
Commercial real estate, other

Pass 330,087  164,537  345,618  378,500  310,160  670,053  44,947  1,794  2,243,902 
Special mention 83  22,415  2,580  1,696  4,460  13,067  133  —  44,434 
Substandard —  8,042  1,188  15,727  17,170  32,945  549  87  75,621 
Doubtful —  —  —  —  —  10  —  —  10 
Total 330,170  194,994  349,386  395,923  331,790  716,075  45,629  1,881  2,363,967 
Current period gross charge-offs (a) —  —  —  174  —  121  295 
Commercial and industrial
Pass 381,903  230,861  115,712  95,158  92,556  290,243  248,204  7,621  1,454,637 
Special mention 45  3,117  2,653  847  981  4,885  30,001  2,292  42,529 
Substandard 130  251  263  8,745  12,196  6,407  10,562  5,423  38,554 
Doubtful —  —  —  —  —  35  —  —  35 
Total 382,078  234,229  118,628  104,750  105,733  301,570  288,767  15,336  1,535,755 
Current period gross charge-offs (a) —  19  161  202  202  1,167  1,751 
Premium finance
Pass 248,710  3,649  143  —  —  —  —  —  252,502 
Substandard —  520  53  —  —  —  —  —  573 
Total 248,710  4,169  196  —  —  —  —  —  253,075 

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Term Loans at Amortized Cost by Origination Year
(Dollars in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans
Current period gross charge-offs (a) 31  192  229  30  —  —  482 
Leases
Pass 145,052  94,499  72,336  27,742  9,768  3,161  —  —  352,558 
Special mention 480  739  774  402  21  —  —  —  2,416 
Substandard 228  1,001  3,386  785  334  —  —  —  5,734 
Doubtful 48  1,406  2,249  864  374  —  —  —  4,941 
Total 145,808  97,645  78,745  29,793  10,497  3,161  —  —  365,649 
Current period gross charge-offs (a) 204  4,240  8,297  6,717  1,450  496  21,404 
Residential real estate
Pass 104,910  66,847  56,842  77,533  117,758  426,547  —  —  850,437 
Substandard 183  501  1,540  663  924  7,378  —  —  11,189 
Loss —  —  —  —  —  96  —  —  96 
Total 105,093  67,348  58,382  78,196  118,682  434,021  —  —  861,722 
Current period gross charge-offs (a) —  —  27  8  39  199  273 
Home equity lines of credit
Pass 54,398  51,042  32,052  34,382  24,293  56,416  21  3,560  252,604 
Substandard —  —  312  285  89  559  —  —  1,245 
Loss —  —  —  5  —  10  —  —  15 
Total 54,398  51,042  32,364  34,672  24,382  56,985  21  3,560  253,864 
Current period gross charge-offs (a) —  —  36  —  —  5  41 
Consumer, indirect
Pass 292,512  164,565  108,928  84,987  27,026  19,049  —  —  697,067 
Substandard 655  648  708  667  412  305  —  —  3,395 
Loss 37  15  19  6  7  36  —  —  120 
Total 293,204  165,228  109,655  85,660  27,445  19,390  —  —  700,582 
Current period gross charge-offs (a) 1,128  2,030  1,948  1,121  350  147  6,724 
Consumer, direct
Pass 60,248  24,070  15,182  11,889  4,516  4,000  —  —  119,905 
Substandard 43  57  171  71  1  41  —  —  384 
Loss —  1  10  6  1  31  —  —  49 
Total 60,291  24,128  15,363  11,966  4,518  4,072  —  —  120,338 
Current period gross charge-offs (a) 344  143  98  75  19  23  702 
Deposit account overdrafts 1,014  —  —  —  —  —  —  —  1,014 
Current period gross charge-offs (a) 1,149  —  —  —  —  —  1,149 
Total loans, at amortized cost 1,702,207  940,363  862,901  743,360  629,665  1,543,994  334,417  21,289  6,756,907 
Current period gross charge-offs (a) $ 2,856  $ 6,624  $ 10,796  $ 8,327  $ 2,060  $ 2,158  $ 32,821 
(a) Current period gross charge-offs are for the year ended as of December 31, 2025.

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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) June 30, 2026 December 31, 2025
Construction $ 11,283  $ — 
Commercial real estate, other 16,773  687 
Commercial and industrial 1,298  4,666 
Leases 738  2,385 
Residential real estate 647  — 
Total collateral dependent loans $ 30,739  $ 7,738 
Collateral dependent loans increased at June 30, 2026, compared to at December 31, 2025, and were driven by the inclusion of two large construction loans, associated with one customer relationship, which totaled approximately $11.3 million. The increase in other commercial real estate loans was driven primarily by a single loan totaling approximately $12.8 million.
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 and a temporary period of interest-only payments.
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' 2025 Form 10-K.

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The following tables display the amortized cost of loans that were restructured during the three and six months ended June 30, 2026 and June 30, 2025, presented by loan classification.

(Dollars in thousands) Term Extension
Percentage of Total by Loan Category(a)(b)
During the Three Months Ended June 30, 2026
Commercial real estate, other $ 1,000  0.04  %
Commercial and industrial 474  0.03  %
Home equity lines of credit 73  0.03  %
Total $ 1,547  0.02  %
During the Three Months Ended June 30, 2025
Commercial real estate, other $ 2,602  0.12  %
Commercial and industrial 2,477  0.18  %
Residential real estate 192  0.02  %
Total $ 5,271  0.08  %
(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.
(Dollars in thousands) Payment Deferral Term Extension Total
Percentage of Total by Loan Category(a)(b)
During the Six Months Ended June 30, 2026
Commercial real estate, other $ —  $ 1,874  $ 1,874  0.08  %
Commercial and industrial 492  1,565  2,057  0.12  %
Residential real estate —  126  126  0.01  %
Home equity lines of credit —  73  73  0.03  %
Total $ 492  $ 3,638  $ 4,130  0.06  %
During the Six Months Ended June 30, 2025
Commercial real estate, other —  4,441  4,441  0.20  %
Commercial and industrial —  8,638  8,638  0.61  %
Residential real estate —  192  192  0.02  %
Total $ —  $ 13,271  $ 13,271  0.20  %
(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.

The following tables summarize the impacts of loan modifications made to loans during the three and six months ended June 30, 2026 and June 30, 2025, presented by loan classification.

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Weighted-Average Term Extension
(in months)
During the Three Months Ended June 30, 2026
Commercial real estate, other 8
Commercial and industrial 8
Home equity lines of credit 119
During the Three Months Ended June 30, 2025
Commercial real estate, other 4
Commercial and industrial 5
Residential real estate 174
Weighted-Average Term Extension
(in months)
During the Six Months Ended June 30, 2026
Commercial real estate, other 10
Commercial and industrial 8
Residential real estate 37
Home equity lines of credit 119
During the Six Months Ended June 30, 2025
Commercial real estate, other 4
Commercial and industrial 7
Residential real estate 174
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. No such loans defaulted in the three or six months ended June 30, 2026.
Term Extension(a)
For the Three Months Ended June 30, 2025
Commercial real estate, other $ 494 
Total loans that subsequently defaulted $ 494 
For the Six Months Ended June 30, 2025
Commercial real estate, other $ 494 
Commercial and industrial 18 
Total loans that subsequently defaulted $ 512 
(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 June 30, 2026 and June 30, 2025, respectively, presented by classification and class of financing receivable.

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As of June 30, 2026
(Dollars in thousands) 30-59 Days Delinquent 60-89 Days Delinquent 90+ Days Delinquent Total Delinquent Current Total
Commercial real estate, other $ —  $ —  $ —  $ —  $ 1,874  $ 1,874 
Commercial and industrial —  —  —  —  3,665  3,665 
Residential real estate —  —  —  —  130  130 
Home equity lines of credit —  —  —  —  165  165 
Total loans modified(a)
$ —  $ —  $ —  $ —  $ 5,834  $ 5,834 
(a) Represents the amortized cost basis as of period end.
As of June 30, 2025
(Dollars in thousands) 30-59 Days Delinquent 60-89 Days Delinquent 90+ Days Delinquent Total Delinquent Current Total
Commercial real estate, other $ —  $ —  $ 494  $ 494  $ 4,441  $ 4,935 
Commercial and industrial —  —  18  18  8,823  8,841 
Residential real estate —  —  —  —  207  207 
Home equity lines of credit 44  —  —  44  51  95 
Consumer, indirect —  —  10  10  —  10 
Total loans modified(a)
$ 44  $ —  $ 522  $ 566  $ 13,522  $ 14,088 
(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' 2025 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 forecast period across all segments. Following the reasonable and supportable forecast 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 six months ended June 30, 2026 and June 30, 2025 are summarized below:
(Dollars in thousands)
Beginning Balance, March 31, 2026
 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries
Ending Balance, June 30, 2026
Construction $ 1,512  $ 182  $ —  $ —  $ 1,694 
Commercial real estate, other 20,803  175  (167) —  20,811 
Commercial and industrial 21,759  (739) (222) 26  20,824 
Premium finance 686  933  (65) 15  1,569 
Leases 15,304  2,465  (4,221) 818  14,366 
Residential real estate 6,643  (22) (115) 53  6,559 
Home equity lines of credit 1,643  117  (32) —  1,728 
Consumer, indirect 7,760  1,387  (1,437) 596  8,306 
Consumer, direct 2,156  166  (205) 22  2,139 
Deposit account overdrafts 126  232  (302) 51  107 
Total $ 78,392  $ 4,896  $ (6,766) $ 1,581  $ 78,103 
(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, March 31, 2025 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries
Ending Balance, June 30, 2025
Construction $ 1,156  $ 191  $ —  $ —  $ 1,347 
Commercial real estate, other 17,155  24  (35) —  17,144 
Commercial and industrial 12,783  5,610  (556) 17  17,854 
Premium finance 646  238  (93) 3  794 
Leases 13,575  10,896  (5,099) 261  19,633 
Residential real estate 6,786  (723) —  50  6,113 
Home equity lines of credit 1,863  (37) (12) —  1,814 
Consumer, indirect 8,696  191  (1,693) 449  7,643 
Consumer, direct 2,474  (144) (96) 14  2,248 
Deposit account overdrafts 98  167  (245) 71  91 
Total $ 65,232  $ 16,413  $ (7,829) $ 865  $ 74,681 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
(Dollars in thousands)
Beginning Balance, December 31, 2025
 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries
Ending Balance, June 30, 2026
Construction $ 1,391  $ 303  $ —  $ —  $ 1,694 
Commercial real estate, other 19,726  1,252  (167) —  20,811 
Commercial and industrial 18,804  2,470  (487) 37  20,824 
Premium finance 749  916  (117) 21  1,569 
Leases 16,475  5,548  (9,032) 1,375  14,366 
Residential real estate 6,295  363  (234) 135  6,559 
Home equity lines of credit 1,934  (154) (64) 12  1,728 
Consumer, indirect 7,706  3,033  (3,366) 933  8,306 
Consumer, direct 2,485  15  (409) 48  2,139 
Deposit account overdrafts 111  511  (649) 134  107 
Total $ 75,676  $ 14,257  $ (14,525) $ 2,695  $ 78,103 
(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, 2024		 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries
Ending Balance, June 30, 2025
Construction $ 878  $ 469  $ —  $ —  $ 1,347 
Commercial real estate, other 16,256  1,134  (250) 4  17,144 
Commercial and industrial 13,283  5,484  (936) 23  17,854 
Premium finance 662  287  (164) 9  794 
Leases 12,893  16,987  (10,753) 506  19,633 
Residential real estate 6,491  (335) (142) 99  6,113 
Home equity lines of credit 1,792  34  (12) —  1,814 
Consumer, indirect 8,576  1,967  (3,559) 659  7,643 
Consumer, direct 2,396  69  (251) 34  2,248 
Deposit account overdrafts 121  322  (522) 170  91 
Total $ 63,348  $ 26,418  $ (16,589) $ 1,504  $ 74,681 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.
During the second quarter of 2026, Peoples recorded a total provision for credit losses on loans of $4.9 million, which was primarily driven by net charge-offs and an increase in individually-analyzed loans, partially offset by a reduction of balances within loan segments with higher loss rates. Net charge-offs for the second quarter of 2026 were $5.2 million, primarily driven by our NSL division. The decrease in the allowance for credit losses at June 30, 2026 when compared to at March 31, 2026, was driven by a reduction of balances within higher loss rate segments, partially offset by an increase in individually-analyzed loans.
During the second quarter of 2025, Peoples recorded a provision for credit losses of $16.4 million, which was 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 second quarter of 2025 were $7.0 million, primarily driven by our NSL division.
Peoples had recorded allowances for unfunded commitments of $2.6 million and $2.5 million as of June 30, 2026 and as of December 31, 2025, 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 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 Six Months Ended For the Year Ended
(Dollars in thousands) June 30, 2026 December 31, 2025
Goodwill, beginning of period $ 363,199  $ 363,199 
Goodwill recorded from acquisitions —  — 
Goodwill, end of period $ 363,199  $ 363,199 
Other Intangible Assets
Other intangible assets were comprised of the following at June 30, 2026, and at December 31, 2025:

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(Dollars in thousands) Core Deposits Customer Relationships Indefinite-Lived Trade Names Total
June 30, 2026
Gross intangibles $ 54,186  $ 38,470  $ 2,491  $ 95,147 
Accumulated amortization (38,021) (31,365) —  (69,386)
Total acquisition-related intangibles $ 16,165  $ 7,105  $ 2,491  $ 25,761 
Servicing rights 995 
Non-compete agreements 8 
Total other intangibles $ 26,764 
December 31, 2025
Gross intangibles $ 54,186  $ 38,470  $ 2,491  $ 95,147 
Accumulated amortization (36,154) (29,846) —  (66,000)
Total acquisition-related intangibles $ 18,032  $ 8,624  $ 2,491  $ 29,147 
Servicing rights 957 
Non-compete agreements 16 
Total other intangibles $ 30,120 
The following table details estimated aggregate future amortization of other intangible assets at June 30, 2026:
(Dollars in thousands) Core Deposits Customer Relationships Non-Compete Agreements Total
Remaining six months of 2026 $ 1,868  $ 1,518  $ 8  $ 3,394 
2027 3,043  2,188  —  5,231 
2028 2,608  1,462  —  4,070 
2029 2,359  971  —  3,330 
2030 2,189  514  —  2,703 
Thereafter 4,098  452  —  4,550 
Total $ 16,165  $ 7,105  $ 8  $ 23,278 
The weighted average amortization period of other intangible assets is 6.4 years.
Note 6 Deposits
Peoples’ deposit balances were comprised of the following:
(Dollars in thousands) June 30, 2026 December 31, 2025
Retail certificates of deposits ("CDs"):    
$100 or more $ 1,077,362  $ 1,143,787 
Less than $100 798,694  840,004 
Total Retail CDs 1,876,056  1,983,791 
Interest-bearing deposit accounts 1,094,873  1,092,252 
Money market deposit accounts 995,487  945,313 
Savings accounts 915,505  887,402 
Governmental deposit accounts 755,024  739,939 
Brokered CDs 225,621  416,099 
Total interest-bearing deposits 5,862,566  6,064,796 
Non-interest-bearing deposits 1,593,799  1,545,428 
Total deposits $ 7,456,365  $ 7,610,224 
Uninsured deposits were $2.0 billion at June 30, 2026 and $2.0 billion at December 31, 2025. 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

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investment securities against certain governmental deposit accounts, which covered $595.7 million and $615.6 million of the uninsured deposit balances at June 30, 2026 and at December 31, 2025, respectively.
Uninsured time deposits are broken out below by time remaining until maturity. The amounts presented do not consider the insured portion of the deposits.
(Dollars in thousands) June 30, 2026 December 31, 2025
3 months or less $ 138,864  $ 152,991 
Over 3 to 6 months 127,259  170,299 
Over 6 to 12 months 134,165  83,387 
Over 12 months 16,650  35,897 
Total $ 416,938  $ 442,574 
    
The contractual maturities of CDs for each of the next five years, including the remainder of 2026, and thereafter are as follows:
(Dollars in thousands) Retail Brokered Total
Remaining six months ending December 31, 2026 $ 1,164,930  $ 68,743  $ 1,233,673 
Year ending December 31, 2027 692,446  87,095  779,541 
Year ending December 31, 2028 9,050  23,950  33,000 
Year ending December 31, 2029 5,036  45,833  50,869 
Year ending December 31, 2030 3,370  —  3,370 
Thereafter 1,224  —  1,224 
Total CDs $ 1,876,056  $ 225,621  $ 2,101,677 
At June 30, 2026, Peoples had four effective interest rate swaps, with an aggregate notional value of $35.0 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 issued and treasury stock during the six months ended June 30, 2026:
  Common Shares Treasury
Stock
Shares at December 31, 2025 36,836,943  1,215,120 
Changes related to stock-based compensation awards:    
Restricted shares —  (180,962)
Grant of unrestricted shares —  (900)
Purchase of treasury stock —  6,464 
Disbursed out of treasury stock —  (10,545)
Shares issued under dividend reinvestment plan 23,901  — 
Shares issued under compensation plan for Boards of Directors
 —  (7,400)
Shares issued under employee stock purchase plan
 —  (13,078)
Shares at June 30, 2026 36,860,844  1,008,699 
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 June 30, 2026, Peoples had repurchased an aggregate of 501,999 common shares totaling $14.2 million under the share repurchase program. During the first six months of 2026, there were no purchases under the share repurchase program.
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 June 30, 2026, Peoples had no preferred shares issued or outstanding.
The following table details the cash dividends declared per common share during the first two quarters of 2026 and the comparable periods of 2025:
2026 2025
First quarter $ 0.41  $ 0.40 
Second quarter 0.42  0.41 
Total dividends declared $ 0.83  $ 0.81 
On July 20, 2026, Peoples' Board of Directors declared a quarterly cash dividend of $0.42 per common share, payable on August 17, 2026, to shareholders of record on August 3, 2026.

Accumulated Other Comprehensive (Loss) Income
The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income during the six months ended June 30, 2026, 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, 2025 $ (71,019) $ 391  $ (70,628)
Amounts reclassified from AOCI, net of income taxes 6,297  (243) 6,054 
Other comprehensive income (loss), net of reclassifications and tax
 (6,512) 225  (6,287)
Balance, June 30, 2026 $ (71,234) $ 373  $ (70,861)
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 $3.0 million during both the six months ended June 30, 2026 and June 30, 2025.
Note 9 Earnings Per Common Share
The calculations of basic and diluted earnings per common share were as follows:
Three Months Ended Six Months Ended
June 30, June 30,
(Dollars in thousands, except per common share data) 2026 2025 2026 2025
Net income available to common shareholders $ 27,953  $ 21,212  $ 56,959  $ 45,548 
Less: Dividends paid on unvested common shares 212  212  412  422 
Less: Undistributed income allocated to unvested common shares 81  17  135  54 
Net earnings allocated to common shareholders $ 27,660  $ 20,983  $ 56,412  $ 45,072 
Weighted-average common shares outstanding 35,173,525  34,972,065  35,141,267  34,934,105 
Effect of potentially dilutive common shares 393,041  359,642  388,248  365,313 
Total weighted-average diluted common shares outstanding 35,566,566  35,331,707  35,529,515  35,299,418 
Earnings per common share:
Basic $ 0.79  $ 0.60  $ 1.61  $ 1.29 
Diluted $ 0.78  $ 0.59  $ 1.59  $ 1.28 
Anti-dilutive common shares excluded from calculation:
Restricted common shares —  144,274  243  142,032 

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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 June 30, 2026, Peoples had entered into four interest rate swap contracts with an aggregate notional value of $35.0 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 SOFR. 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 June 30, 2026 and December 31, 2025, the interest rate swaps were designated as cash flow hedges of $35.0 and $45.0 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 six months ended June 30, 2026, and 2025, Peoples recorded reclassifications of gains to earnings of $0.3 million and $0.7 million, respectively. During the next 12 months, Peoples estimates that $0.3 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) June 30,
2026		 December 31,
2025
Notional amount $ 35,000  $ 45,000 
Weighted average pay rates 2.70  % 2.52  %
Weighted average receive rates 4.10  % 3.73  %
Weighted average maturity 1.1 years 1.3 years
Pre-tax changes in fair value included in AOCI $ 488  $ 512 

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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 Six Months Ended
June 30, June 30,
(Dollars in thousands) 2026 2025 2026 2025
Amount of losses recorded in AOCI, pre-tax $ 30  $ 341  $ 24  $ 1,002 
The following table reflects the cash flow hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value:
June 30,
2026		 December 31,
2025
(Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value
Included in "Other assets":
Interest rate swaps related to debt $ 35,000  $ 481  $ 45,000  $ 501 
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 six months ended June 30, 2026, or at or for the year ended December 31, 2025.
The following table reflects the non-designated hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value:
June 30,
2026		 December 31,
2025
(Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value
Included in "Other assets":
Interest rate swaps related to commercial loans $ 553,937  $ 12,980  $ 548,785  $ 13,907 
Netting Adjustments (a) (3,149) (4,700)
Net Derivative Assets on the Balance Sheet $ 553,937  $ 9,831  $ 548,785  $ 9,207 
Included in "Accrued expenses and other liabilities":
Interest rate swaps related to commercial loans $ 553,937  $ 10,005  $ 548,785  $ 11,548 
Netting Adjustments (a) (129) (2,273)
Net Derivatives Liabilities on the Balance Sheet $ 553,937  $ 9,876  $ 548,785  $ 9,275 
(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 June 30, 2026, Peoples Bank had $4.2 million of cash pledged, while counterparties had $5.2 million of cash pledged. Peoples Bank had $4.2 million cash pledged and counterparties had $2.1 million of cash pledged at December 31, 2025. Peoples Bank and the counterparties had no pledged investment securities at June 30, 2026 or at December 31, 2025.
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,

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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 was 1,493,297 at June 30, 2026. 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 six months of 2026, Peoples granted an aggregate of 230,712 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. Awards issued in the first quarter of 2026 feature both time-based and performance-based award components, with the performance-based awards tied to Peoples' return on tangible common equity and total shareholder return performance over a three-year period relative to the results of other banks. There were no similar awards issued in the second quarter of 2026.
The following table summarizes the changes to Peoples’ restricted unvested common shares for the six months ended June 30, 2026:
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
January 1, 2026 127,672  $ 28.49  555,561  $ 30.08 
Awarded 71,821  32.99  230,712  33.56 
Released (5,047) 28.62  (161,975) 30.30 
Forfeited (8,274) 32.10  (8,876) 30.89 
June 30, 2026
 186,172  $ 30.06  615,422  $ 31.31 
The intrinsic value for restricted common shares released was $5.7 million for the six months ended June 30, 2026, and for the six months ended June 30, 2025.
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 Six Months Ended
June 30, June 30,
(Dollars in thousands) 2026 2025 2026 2025
Employee stock-based compensation expense:
Stock grant expense $ 1,496  $ 1,416  $ 3,365  $ 3,846 
Employee stock purchase plan expense 36  26  70  71 
Total employee stock-based compensation expense 1,532  1,442  $ 3,435  $ 3,917 
Non-employee director stock-based compensation expense 131  131  $ 262  $ 247 
Total stock-based compensation expense 1,663  1,573  $ 3,697  $ 4,164 
Recognized tax benefit (383) (367) (851) (971)
Net stock-based compensation expense $ 1,280  $ 1,206  $ 2,846  $ 3,193 
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 $10.1 million at June 30, 2026, which will be recognized over a weighted-average period of 2.2 years.


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Note 12 Revenue
The following table details Peoples' revenue from contracts with customers:
  Three Months Ended Six Months Ended
June 30, June 30,
(Dollars in thousands) 2026 2025 2026 2025
Insurance income:
Commission and fees from sale of insurance policies (a) $ 4,313  $ 4,450  $ 8,689  $ 8,962 
Performance-based commissions (b) 18  99  1,222  1,641 
Trust and investment income:
Fiduciary income (a) 3,383  3,042  6,459  5,957 
Brokerage income (a) 2,603  2,239  5,132  4,385 
Electronic banking income:
Interchange income (b) 5,468  5,111  10,371  9,956 
Promotional and usage income (a) 1,075  1,161  2,099  2,201 
Deposit account service charges:
Ongoing maintenance fees for deposit accounts (a) 1,928  1,670  3,809  3,313 
Transaction-based fees (b) 2,560  2,388  4,946  4,760 
Commercial loan swap fees (b) 197  734  507  1,271 
Other non-interest income transaction-based fees (b) 499  374  1,173  789 
Total revenue from contracts with customers $ 22,044  $ 21,268  $ 44,407  $ 43,235 
Timing of revenue recognition:
Services transferred over time $ 13,302  $ 12,562  $ 26,188  $ 24,818 
Services transferred at a point in time 8,742  8,706  18,219  18,417 
Total revenue from contracts with customers $ 22,044  $ 21,268  $ 44,407  $ 43,235 
(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 six-month period ended June 30, 2026:
  Contract Assets Contract Liabilities
(Dollars in thousands)
Balance, January 1, 2026 $ 972  $ 5,848 
     Additional income receivable 119  — 
     Additional deferred income —  7,101 
     Receipt of income previously receivable (79) — 
     Recognition of income previously deferred —  (7,451)
Balance, June 30, 2026 $ 1,012  $ 5,498 



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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 Six Months Ended
(Dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Interest and fees on leases (a) $ 8,180  $ 10,287  $ 16,758  $ 20,485 
Lease income 4,977  4,211  9,558  7,679 
Total lease income $ 13,157  $ 14,498  $ 26,316  $ 28,164 
(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) June 30, 2026 December 31, 2025
Lease payments receivable, at amortized cost $ 373,972  $ 393,089 
Estimated residual values 30,835  33,125 
Initial direct costs 4,431  5,535 
Deferred revenue (55,286) (66,100)
Net investment in leases 353,952  365,649 
Allowance for credit losses - leases (14,366) (16,475)
Net investment in leases, after allowance for credit losses $ 339,586  $ 349,174 
The following table summarizes the contractual maturities of leases:
(Dollars in thousands) Balance
Remaining six months ending December 31, 2026 $ 84,350 
Year ending December 31, 2027 72,016 
Year ending December 31, 2028 82,302 
Year ending December 31, 2029 64,129 
Year ending December 31, 2030 57,746 
Thereafter 13,429 
Lease payments receivable, at amortized cost $ 373,972 
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 June 30, 2026, 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 Six Months Ended
(Dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Operating lease expense $ 629  $ 637  $ 1,253  $ 1,318 
Short-term lease expense 371  683  755  1,078 
Variable lease expense 25  9  35  18 
Total lease expense $ 1,025  $ 1,329  $ 2,043  $ 2,414 
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) June 30, 2026 December 31, 2025
ROU assets:
Other assets $ 8,433  $ 9,340 
Lease liabilities:
     Accrued expenses and other liabilities $ 9,004  $ 9,912 
Other information:
     Weighted-average remaining lease term 8.6 years 8.7 years
     Weighted-average discount rate 4.17  % 4.16  %
     Additions for ROU assets obtained during the year $ 153  $ 1,333 
During the three months ended June 30, 2026 and 2025, Peoples paid cash of $0.6 million and $0.7 million for operating leases, respectively. During both the six months ended June 30, 2026 and 2025, Peoples paid cash of $1.3 million, for operating leases.
The following table summarizes the maturity of remaining lease liabilities:
(Dollars in thousands) Balance
Remaining six months ending December 31, 2026 $ 1,252 
Year ending December 31, 2027 $ 2,208 
Year ending December 31, 2028 $ 1,625 
Year ending December 31, 2029 $ 1,173 
Year ending December 31, 2030 $ 671 
Thereafter $ 3,938 
Total undiscounted lease payments $ 10,867 
Imputed interest $ (1,863)
Total lease liabilities $ 9,004 

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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 six months ended June 30, 2026 and June 30, 2025. 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, including the pending merger with Citizens (the "Citizens merger"), 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)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;
(21)operational issues stemming from and/or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which Peoples and Peoples' subsidiaries are highly dependent;
(22)changes in consumer spending, borrowing and saving habits, whether due to changes in retail distribution strategies, consumer preferences and behavior, changes in business and economic conditions, legislative or regulatory initiatives, or other factors, which may be different than anticipated;
(23)the adequacy of Peoples' internal controls and risk management program in the event of changes in strategic, reputational, market, economic, operational, cybersecurity, compliance, legal, asset/liability repricing, liquidity, credit and interest rate risks associated with Peoples' business;
(24)the impact on Peoples' businesses, personnel, facilities, or systems of losses related to acts of fraud, theft, misappropriation or violence;
(25)the impact on Peoples' businesses, as well as on the risks described above, of various domestic or international widespread natural or other disasters (including severe weather events), pandemics, cybersecurity attacks, system failures, civil unrest, military or terrorist activities or international conflicts (including Russia’s war in Ukraine and the ongoing conflicts in the Middle East);
(26)the potential deterioration of the U.S. economy due to financial, political or other shocks;
(27)the potential influence on the U.S. financial markets and economy from the effects of climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs;
(28)the impact on Peoples' businesses and operating results of any costs associated with obtaining rights in intellectual property claimed by others and adequately protecting Peoples' intellectual property;
(29)Peoples' ability to integrate the pending Citizens merger, which may be unsuccessful, or may be more difficult, time-consuming or costly than expected;
(30)the risk that the proposed Citizens merger is not completed as a result of a failure to satisfy the conditions of the Citizens merger, including receipt of required regulatory, shareholder, and other approvals;
(31)the possibility that the anticipated benefits of the proposed Citizens merger, including expected revenue synergies and cost savings, will not be realized or will not be realized within expected time periods;

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(32)risks and uncertainties associated with Peoples' entry into new geographic markets and risks resulting from Peoples' inexperience in these new geographic markets;
(33)changes in laws or regulations imposed by Peoples' regulators impacting Peoples' capital actions, including dividend payments and share repurchases;
(34)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;
(35)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;
(36)Peoples' business may be adversely affected by increased political and regulatory scrutiny of corporate environmental, social and governance ("ESG") practices;
(37)the effect of a fall in stock market prices on Peoples' asset and wealth management business; and
(38)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' 2025 Form 10-K as supplemented by the disclosures under the heading "ITEM 1A. RISK FACTORS" of Peoples' Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2026. 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’ 2025 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 June 30, 2026, Peoples had 144 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

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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 June 30, 2026, which have been disclosed in Peoples' 2025 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 those accounting policies.
New Accounting Guidance Pending Adoption
ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326): Purchased Loans: The FASB issued Accounting
Standards Update (“ASU”) 2025-08 on November 12, 2025. The amendments “expand the population of acquired financial assets
subject to the gross-up approach in Topic 326.” Specifically, the ASU expands the scope to include purchased “seasoned” loans,
which are evaluated after purchase credit deteriorated (“PCD”) loans have been identified. These seasoned loans are defined as     non-PCD loans that are obtained in a business combination accounted for using the acquisition method or non-PCD loans that are (i)
obtained through a transfer that is not a business combination accounted for using the acquisition method or (ii) initially recognized
through the consolidation of a variable interest entity.

ASU 2025-08 applies to all public entities subject to the guidance in Topic 326, including public business entities, private companies, and not-for-profit entities. The amendments in this update apply “prospectively to loans that are acquired on or after the initial application date.” The amendments in ASU 2025-08 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 is currently evaluating the impact of this guidance.
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:
◦On April 21, 2026, Peoples announced the signing of a definitive agreement and plan of merger pursuant to which Peoples will acquire Citizens National Corporation ("Citizens"), a bank holding company headquartered in Paintsville, Kentucky, and the parent company of Citizens Bank of Kentucky, Inc. ("Citizens Bank"), in a cash and stock transaction. Under the terms of the agreement and plan of merger, Citizens will merge with and into Peoples, and Citizens Bank will subsequently merge with and into Peoples Bank, in a transaction valued at approximately $76.6 million.
◦For the second quarter of 2026, Peoples recorded a provision for credit losses of $4.7 million, compared to a provision for credit losses of $9.7 million for the linked quarter and a provision for credit losses of $16.6 million for the second quarter of 2025. The provision for credit losses for the second quarter of 2026 was driven by net charge-offs and an increase in individually-analyzed loans, offset by a reduction of balances within loan segments with higher loss rates. The provision for credit losses for the linked quarter was primarily driven by net charge-offs and a deterioration in the macroeconomic forecasts used within the CECL model. The provision 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. 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 cut interest rates three times during 2025, further reducing the rate to 3.50% to 3.75%. The Federal Reserve Board will remain data dependent on future rate changes.
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 $28.0 million for the second quarter of 2026, representing earnings per diluted common share of $0.78. In comparison, Peoples reported net income of $29.0 million, representing earnings per diluted common share of $0.81, for the first quarter of 2026, and net income of $21.2 million, representing earnings per diluted common share of $0.59, for the second quarter of 2025. Non-core items, which includes one-time losses and expenses, negatively impacted earnings per diluted common share by $0.18 for the second quarter of 2026, $0.01 for the first quarter of 2026, and $0.01 for the second quarter of 2025. For the six months ended June 30, 2026, Peoples recorded net income of $57.0 million, or $1.59 per diluted common share, compared to $45.5 million, or $1.28 per diluted common share, for the six months ended June 30, 2025.
Net interest income was $92.7 million for the second quarter of 2026, and increased $2.3 million, or 3%, when compared to the linked quarter. Net interest margin was 4.23% for the second quarter of 2026, compared to 4.16% for the linked quarter. The increase

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in net interest income and net interest margin was primarily driven by a reduction in deposit costs compared to the linked quarter. Net interest income for the second quarter of 2026 increased $5.2 million, or 6%, compared to the second quarter of 2025. Net interest margin for the second quarter of 2026 increased 8 basis points compared to 4.15% for the second quarter of 2025. The increases in net interest income and net interest margin were primarily driven by lower deposit and borrowing costs compared to the second quarter of 2025. For the first six months of 2026, net interest income increased $10.3 million compared to the same period of 2025, while net interest margin increased 6 basis points to 4.20%. The increases in net interest income and net interest margin were driven by lower deposit costs and increased interest income compared to the first half of 2025.
Accretion income, net of amortization expense, was $1.1 million for the second quarter of 2026, $1.3 million for the first quarter of 2026 and $2.6 million for the second quarter of 2025, which added 5 basis points, 6 basis points and 12 basis points, respectively, to net interest margin. The decrease in accretion income for the second quarter of 2026 when compared to the linked quarter and the second quarter of 2025 was driven by lower unamortized loan purchase discount balance in 2026 associated with the Limestone Bancorp Inc. merger (the "Limestone Merger"), coupled with fewer related loan payoffs during the second quarter of 2026. Accretion income, net of amortization expense, was $2.4 million and $6.1 million for the first six months of 2026 and 2025, respectively. Accretion income added 6 basis points and 15 basis points to net interest margin for the first six months of 2026 and 2025, respectively. The decrease in accretion income for the first six months of 2026 compared to the same period in 2025 was due to lower unamortized loan purchase discount balance in 2026 from the Limestone Merger.
The provision for credit losses was $4.7 million for the second quarter of 2026, compared to a provision for credit losses of $9.7 million for the linked quarter and a provision for credit losses of $16.6 million for the second quarter of 2025. The provision for credit losses for the second quarter of 2026 was primarily driven by net charge-offs and an increase in individually-analyzed loans, partially offset by a reduction in balances of loan segments with higher loss rates. The provision for credit losses for the linked quarter was primarily driven by net charge-offs and a deterioration in the economic forecasts used within the CECL model. Net charge-offs for the second quarter of 2026 were $5.2 million, or 0.31% of average total loans annualized, compared to net charge-offs of $6.6 million, or 0.40% of average total loans annualized, for the linked quarter and net charge-offs of $7.0 million, or 0.43% of average total loans annualized, for the second quarter of 2025. 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 six months of 2026 was $14.4 million, compared to a provision for credit losses of $26.8 million for the first six months of 2025. The provision for credit losses during the first six months of 2026 was mainly a result of net charge-offs, a deterioration in the macro-economic conditions used within the CECL model, and an increase in individually-analyzed loans. The provision for credit losses for the first six months of 2025 was mainly a result of (i) net charge-offs, (ii) an increase in reserves for individually-analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) a periodic refresh in loss drivers utilized within the CECL model, (v) deterioration in the economic forecasts used within the CECL model, and (vi) loan growth. Net charge-offs for the first six months of 2026 were $11.8 million, or 0.35% of average total loans and leases annualized, compared to net charge-offs of $15.1 million, or 0.48% annualized, for the first six months of 2025. For additional information on credit trends and the allowance for credit losses, see the "FINANCIAL CONDITION - Allowance for Credit Losses" 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 second quarter of 2026 was $8.6 million, compared to a net loss of $0.4 million for the linked quarter and a net loss of $0.3 million for the second quarter of 2025. The net loss for the second quarter of 2026 was driven by the sale of $135.2 million of available-for-sale securities at a net loss of $8.2 million as Peoples manages its balance sheet under $10 billion in assets ahead of the pending Citizens merger. The net losses for the first quarter of 2026 and for the second quarter of 2025 were due to losses on repossessed assets. For the six months ended June 30, 2026, the total net loss was $9.0 million, compared to $0.6 million for the same period in 2025. The net loss for the first six months of 2026 was primarily driven by the aforementioned investment portfolio restructure in the second quarter. The net loss recognized in the first six months of 2025 was primarily driven by $0.6 million of net losses on repossessed assets.
Total non-interest income, excluding net gains and losses, for the second quarter of 2026 increased $0.3 million compared to the linked quarter. The increase in non-interest income, excluding net gains and losses, was primarily impacted by increases of $0.6 million in electronic banking income, driven by debit card interchange, $0.4 million in lease income, driven by an increase in month-to-month income, $0.4 million in trust and investment income, and $0.2 million in mortgage banking income. Partially offsetting those increases was a decrease of $1.2 million in insurance income due to performance-based commissions recognized in the first quarter of each year. Compared to the second quarter of 2025, total non-interest income, excluding net gains and losses, increased $1.8 million, due to increases of $0.8 million in lease income, driven by higher operating lease income, $0.7 million in trust and investment income, driven by an increase in assets under administration and management, $0.4 million in deposit account services charges, and $0.4 million in mortgage banking income, partially offset by a decrease of $0.6 million in other non-interest income, driven by lower swap fee income.
For the first six months of 2026, total non-interest income, excluding gains and losses, increased $3.0 million, or 6%, compared to the first six months of 2025. The increase was primarily due to increases of $1.9 million in lease income, driven by operating lease income, $1.2 million in trust and investment income, driven by an increase in assets under administration and management, and $0.7

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million in deposit account service charges, partially offset by a decrease of $0.8 million in other non-interest income, driven by lower swap fee income.
Total non-interest expense increased $1.1 million for the three months ended June 30, 2026, compared to the linked quarter. The increase was primarily due to increases of $1.3 million in professional fees, driven by higher legal expenses and professional services and $0.3 million in data processing and software expense, which were partially offset with a decrease of $0.5 million in net occupancy and equipment expense, driven by lower utility costs.
Compared to the second quarter of 2025, total non-interest expense increased $2.4 million, or 3%. The increase in total non-interest expense was primarily driven by increases of $1.1 million in salaries and benefit costs due to higher sales levels and overall company performance measures used in calculating incentive awards, $0.7 million in operating lease expense, $0.5 million in data processing and software expense due to costs associated with recent technology projects, and $0.4 million in professional fees, partially offset by a decrease of $0.5 million in amortization of other intangible assets, driven by decreases in amortization on core deposits and customer relationship intangibles.
For the six months ended June 30, 2026, total non-interest expense increased $3.2 million, or 2%, compared to the first six months of 2025. This increase was primarily driven by increases of $1.6 million in operating lease expense, $1.1 million in salaries and employee benefit costs due to annual merit increases and an increase in sales incentives, $1.0 million in data processing and software expenses, driven by recent technology projects, and $0.7 million in net occupancy and equipment expense, partially offset by a decrease of $1.0 million in amortization of other intangible assets, due to decreases in amortization on core deposits and customer relationship intangibles.

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Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30,
(Dollars in thousands) 2026 2026 2025 2026 2025
Non-interest expense:
Salaries and employee benefit costs $ 40,012  $ 39,835  $ 38,893  $ 79,847  $ 78,714 
Data processing and software expense 7,850  7,536  7,356  15,386  14,361 
Net occupancy and equipment expense 5,765  6,224  5,690  11,989  11,302 
Professional fees 4,018  2,753  3,610  6,771  6,697 
Electronic banking expense 2,225  2,081  2,018  4,306  4,043 
Operating lease expense 1,797  1,804  1,053  3,601  2,038 
Amortization of other intangible assets 1,697  1,697  2,211  3,394  4,424 
FDIC insurance premiums 1,370  1,410  1,251  2,780  2,502 
Other loan expenses 1,278  1,123  1,213  2,401  2,332 
Franchise tax expense 972  1,004  678  1,976  1,607 
Travel and entertainment expense 726  583  713  1,309  1,213 
Communication expense 605  589  712  1,194  1,446 
Marketing expense 604  886  718  1,490  1,621 
Other non-interest expense 3,840  4,110  4,246  7,950  8,849 
  Total non-interest expense 72,759  71,635  70,362  144,394  141,149 
Acquisition-related non-interest expense:
Net occupancy and equipment expense —  1  —  1  — 
Professional fees 338  15  —  353  — 
Marketing expense 52  —  —  52  — 
Travel and entertainment expense 10  —  —  10  — 
Other non-interest expense 10  —  —  10  — 
  Total acquisition-related non-interest expense 410  16  —  426  — 
Non-interest expense excluding acquisition-related expense:
Salaries and employee benefit costs 40,012  39,835  38,893  79,847  78,714 
Data processing and software expense 7,850  7,536  7,356  15,386  14,361 
Net occupancy and equipment expense 5,765  6,223  5,690  11,988  11,302 
Professional fees 3,680  2,738  3,610  6,418  6,697 
Electronic banking expense 2,225  2,081  2,018  4,306  4,043 
Operating lease expense 1,797  1,804  1,053  3,601  2,038 
Amortization of other intangible assets 1,697  1,697  2,211  3,394  4,424 
FDIC insurance premiums 1,370  1,410  1,251  2,780  2,502 
Other loan expenses 1,278  1,123  1,213  2,401  2,332 
Franchise tax expense 972  1,004  678  1,976  1,607 
Travel and entertainment expense 716  583  713  1,299  1,213 
Communication expense 605  589  712  1,194  1,446 
Marketing expense 552  886  718  1,438  1,621 
Other non-interest expense 3,830  4,110  4,246  7,940  8,849 
Total non-interest expense excluding acquisition-related expense $ 72,349  $ 71,619  $ 70,362  $ 143,968  $ 141,149 
The efficiency ratio for the second quarter of 2026 was 58.3%, compared to 58.6% for the linked quarter and 59.3% for the second quarter of 2025. The efficiency ratio improved slightly compared to the linked quarter mainly as the result of higher net interest income, driven by a reduction in deposit costs. The efficiency ratio for the first six months of 2026 was 58.4%, compared to 60.0% for the first six months of 2025. The efficiency ratio improved compared to the prior year first six months due to higher revenue. The efficiency ratio adjusted for non-core items was 57.9% for the second quarter of 2026, compared to 58.6% for the linked quarter.

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Peoples recorded income tax expense of $7.7 million with an effective tax rate of 21.6% for the second quarter of 2026, compared to income tax expense of $8.3 million with an effective tax rate of 22.3% for the linked quarter, and income tax expense of $6.2 million with an effective tax rate of 22.7% for the second quarter of 2025. The decreases in income tax expense and the effective tax rate when compared to the linked quarter were impacted by a $0.5 million benefit relating to tax credit purchased in the second quarter of 2026. Peoples' income tax expense for the first six months of 2026 was $16.0 million with an effective tax rate of 22.0%, compared to $13.3 million with an effective tax rate of 22.6% for the same period of 2025. The increase in income tax expense when compared to June 30, 2025, was driven by higher pretax income. The decrease in the effective tax rate when compared to June 30, 2025, was driven by the $0.5 million benefit relating to tax credits purchased in the second quarter of 2026.
Total assets were $9.54 billion as of June 30, 2026, $9.65 billion at March 31, 2026, $9.65 billion at December 31, 2025, and $9.54 billion at June 30, 2025. Total assets at June 30, 2026 decreased when compared to at March 31, 2026 primarily due to a decrease of $144.0 million in total investment securities, partially offset by an increase of $51.4 million in period end total loans and leases, compared to at March 31, 2026. Total assets at June 30, 2026 decreased compared to at December 31, 2025 due to a decrease of $158.4 million in total investment securities, partially offset by an increase of $62.2 million in total loans and leases. Total assets at June 30, 2026 decreased slightly compared to at June 30, 2025 due to decreases of $201.6 million in total investment securities and $6.4 million in total cash and cash equivalents, partially offset by an increase of $216.6 million in total loans and leases. The decrease in investment securities to all prior periods was driven by the sale of $135.2 million in available-for-sale securities as part of a portfolio restructure in advance of the pending Citizens Merger.
Total liabilities were $8.30 billion at June 30, 2026, down from $8.43 billion at March 31, 2026, $8.44 billion at December 31, 2025, and $8.39 billion at June 30, 2025. The decrease in total liabilities when compared to at March 31, 2026 was primarily due to a decrease of $192.1 million in period-end total deposits, partially offset by an increase of $82.8 million in short-term borrowings. Total liabilities decreased compared to at December 31, 2025 due to a decrease of $153.9 million in period end deposits. The decrease was driven by decreases in brokered deposits and retail certificate of deposits, partially offset by increases in money market deposit accounts and non-interest bearing deposits. The decrease in total liabilities when compared to at June 30, 2025 was primarily due to decreases of $180.8 million and $76.1 million in period-end deposits and long-term borrowings, respectively, partially offset by an increase of $191.8 million in short-term borrowings. The decrease in total deposits was primarily driven by a decrease of $217.2 million in brokered deposits and $129.3 million in retail certificates of deposit, partially offset by increases of $67.9 million in money market deposit accounts, $63.0 million in non-interest bearing deposits, $36.0 million in interest-bearing demand accounts, and $25.6 million in savings accounts.
Total stockholders' equity at June 30, 2026 increased $20.5 million compared to at March 31, 2026, which was primarily due to net income for the quarter of $28.0 million and a decrease of $5.2 million in accumulated other comprehensive loss, partially offset by dividends paid of $15.1 million. Accumulated unrealized losses related to the available-for-sale investment securities portfolio were $71.2 million and $76.4 million at June 30, 2026 and at March 31, 2026, respectively. Total stockholders' equity at June 30, 2026 increased $29.9 million, or 2%, compared to at December 31, 2025, which was due to net income of $57.0 million in the first six months of 2026, partially offset by dividends paid of $29.8 million. Total stockholders' equity at June 30, 2026 increased by $83.2 million compared to at June 30, 2025 and was impacted by net income of $118.2 million in the last twelve months and a decrease in accumulated other comprehensive loss of $19.4 million, partially offset by dividends paid of $59.0 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 Six Months Ended
  June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Net interest income $ 92,728  $ 90,420  $ 87,577  $ 183,148  $ 172,832 
Taxable equivalent adjustment 221  245  280  466  563 
FTE net interest income $ 92,949  $ 90,665  $ 87,857  $ 183,614  $ 173,395 

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The following tables detail Peoples’ average balance sheets for the periods presented:
  For the Three Months Ended
  June 30, 2026 March 31, 2026 June 30, 2025
(Dollars in thousands)
Average Balance Income/ Expense Yield/Cost Average Balance Income/ Expense Yield/Cost Average Balance Income/ Expense Yield/Cost
Short-term investments $ 112,726  $ 1,084  3.86  % $ 82,872  $ 790  3.87  % $ 86,655  $ 1,039  4.81  %
Investment securities (a)(b):      
Taxable 1,752,776  16,208  3.70  % 1,807,384  16,526  3.66  % 1,734,193  15,593  3.60  %
Nontaxable 135,132  925  2.74  % 154,566  1,032  2.67  % 176,691  1,215  2.75  %
Total investment securities 1,887,908  17,133  3.63  % 1,961,950  17,558  3.58  % 1,910,884  16,808  3.52  %
Loans (b)(c):      
Construction 282,906  4,989  6.98  % 289,892  4,586  6.33  % 335,396  5,935  7.00  %
Commercial real estate, other 2,205,065  33,969  6.09  % 2,251,931  34,658  6.16  % 2,110,961  33,430  6.27  %
Commercial and industrial 1,652,813  25,826  6.18  % 1,554,825  25,110  6.46  % 1,325,976  23,304  6.95  %
Premium finance 243,558  5,154  8.37  % 238,918  4,553  7.62  % 267,294  5,743  8.50  %
Leases 352,662  8,180  9.18  % 355,857  8,578  9.64  % 384,191  10,287  10.59  %
Residential real estate (d) 943,268  12,927  5.48  % 958,354  13,049  5.45  % 974,203  12,226  5.02  %
Home equity lines of credit 267,892  4,684  7.01  % 256,543  4,404  6.96  % 239,531  4,540  7.60  %
Consumer, indirect 698,460  11,322  6.50  % 700,411  11,293  6.54  % 686,550  11,038  6.45  %
Consumer, direct 127,928  2,533  7.94  % 128,423  2,487  7.85  % 119,358  2,337  7.85  %
Total loans 6,774,552  109,584  6.42  % 6,735,154  108,718  6.47  % 6,443,460  108,840  6.71  %
Allowance for credit losses (78,113) (75,284) (65,186)
Net loans 6,696,439  109,584  6.50  % 6,659,870  108,718  6.54  % 6,378,274  108,840  6.77  %
Total earning assets 8,697,073  127,801  5.84  % 8,704,692  127,066  5.85  % 8,375,813  126,687  6.01  %
Goodwill and other intangible assets 390,753    392,490  398,940 
Other assets 498,500    503,926  518,534 
    Total assets
$ 9,586,326    $ 9,601,108  $ 9,293,287 
Interest-bearing deposits:      
Savings accounts $ 917,693  $ 181  0.08  % $ 903,050  $ 183  0.08  % $ 889,877  $ 220  0.10  %
Governmental deposit accounts
 818,274  4,151  2.03  % 782,543  3,923  2.03  % 811,822  4,874  2.41  %
Interest-bearing demand accounts
 1,091,757  602  0.22  % 1,055,685  572  0.22  % 1,075,220  563  0.21  %
Money market accounts 970,487  4,977  2.06  % 925,668  4,541  1.99  % 938,318  5,592  2.39  %
Retail CDs 1,917,698  15,357  3.21  % 1,973,029  16,458  3.38  % 1,997,992  18,235  3.66  %
Brokered CDs (e) 237,556  2,382  4.02  % 301,470  2,954  3.97  % 419,277  4,393  4.20  %
Total interest-bearing deposits
 5,953,465  27,650  1.86  % 5,941,445  28,631  1.95  % 6,132,506  33,877  2.22  %
Borrowed funds:      
Short-term FHLB advances (e) 430,758  4,050  3.77  % 368,289  3,382  3.72  % 87,659  1,015  4.64  %
Repurchase agreements and other 64,173  573  3.57  % 182,081  1,577  3.46  % 40,057  374  3.73  %
Total short-term borrowings 494,931  4,623  3.74  % 550,370  4,959  3.64  % 127,716  1,389  4.36  %
Long-term FHLB advances 107,495  1,079  4.02  % 117,467  1,155  3.99  % 131,625  1,315  4.01  %
Long-term notes payable 42,443  758  7.14  % 41,628  747  7.18  % 47,116  856  7.27  %
Other long-term borrowings (f) 32,094  742  9.15  % 31,839  909  11.42  % 55,257  1,393  9.97  %
Total long-term borrowings 182,032  2,579  5.66  % 190,934  2,811  5.92  % 233,998  3,564  6.07  %
  Total borrowed funds 676,963  7,202  4.26  % 741,304  7,770  4.23  % 361,714  4,953  5.47  %
      Total interest-bearing liabilities
 6,630,428  34,852  2.11  % 6,682,749  36,401  2.21  % 6,494,220  38,830  2.40  %
Non-interest-bearing deposits 1,631,305      1,604,708  1,546,475 
Other liabilities 96,401      95,283  105,339 
Total liabilities 8,358,134      8,382,740  8,146,034 
Total stockholders’ equity 1,228,192      1,218,368  1,147,253 
Total liabilities and stockholders’ equity $ 9,586,326      $ 9,601,108  $ 9,293,287 
Interest rate spread (b)   $ 92,949  3.73  % $ 90,665  3.64  % $ 87,857  3.61  %
Net interest margin (b) 4.23  % 4.16  % 4.15  %


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  For the Six Months Ended
  June 30, 2026 June 30, 2025
(Dollars in thousands)
Average Balance Income/ Expense Yield/Cost Average Balance Income/ Expense Yield/Cost
Short-term investments $ 97,882  $ 1,874  3.86  % $ 87,780  $ 1,938  4.45  %
Investment securities (a)(b):      
Taxable 1,779,929  32,734  3.68  % 1,726,366  30,965  3.59  %
Nontaxable 144,795  1,957  2.70  % 177,631  2,441  2.75  %
Total investment securities 1,924,724  34,691  3.61  % 1,903,997  33,406  3.51  %
Loans (b)(c):      
Construction 286,380  9,574  6.65  % 324,325  11,507  7.06  %
Commercial real estate, other 2,228,369  68,630  6.13  % 2,090,163  66,693  6.35  %
Commercial and industrial 1,604,089  50,936  6.32  % 1,331,026  46,635  6.97  %
Premium finance 241,251  9,706  8.00  % 263,290  11,328  8.56  %
Leases 354,251  16,758  9.41  % 389,646  20,485  10.46  %
Residential real estate (d) 950,769  25,975  5.46  % 965,176  24,440  5.06  %
Home equity lines of credit 262,249  9,088  6.99  % 236,543  8,922  7.61  %
Consumer, indirect 699,430  22,615  6.52  % 680,415  21,586  6.40  %
Consumer, direct 128,174  5,020  7.90  % 118,623  4,572  7.77  %
Total loans 6,754,962  218,302  6.45  % 6,399,207  216,168  6.74  %
Allowance for credit losses
 (76,706) (64,129)
Net loans 6,678,256  218,302  6.52  % 6,335,078  216,168  6.81  %
Total earning assets 8,700,862  254,867  5.85  % 8,326,855  251,512  6.03  %
Goodwill and other intangible assets 391,617    400,135 
Other assets 501,197    517,505 
    Total assets
$ 9,593,676    $ 9,244,495 
Interest-bearing deposits:      
Savings accounts $ 910,412  $ 365  0.08  % $ 884,282  $ 437  0.10  %
Governmental deposit accounts
 800,507  8,074  2.03  % 796,885  9,526  2.41  %
Interest-bearing demand accounts
 1,073,821  1,175  0.22  % 1,079,921  1,086  0.20  %
Money market accounts 948,201  9,518  2.02  % 926,264  10,884  2.37  %
Retail CDs 1,945,210  31,814  3.30  % 1,968,840  36,669  3.76  %
Brokered CDs (e) 269,336  5,335  3.99  % 491,567  10,440  4.28  %
Total interest-bearing deposits
 5,947,487  56,281  1.91  % 6,147,759  69,042  2.26  %
Borrowed funds:      
Short-term FHLB advances (e) 399,696  7,432  3.75  % 60,392  1,357  4.53  %
Repurchase agreements and other 122,801  2,150  3.50  % 31,944  539  3.37  %
Total short-term borrowings 522,497  9,582  3.69  % 92,336  1,896  4.13  %
Long-term FHLB advances 112,454  2,234  4.00  % 131,697  2,617  4.01  %
Long-term notes payable 42,038  1,505  7.16  % 48,720  1,750  7.18  %
Other long-term borrowings (f) 31,967  1,651  10.27  % 55,125  2,812  10.15  %
Total long-term borrowings 186,459  5,390  5.79  % 235,542  7,179  6.10  %
  Total borrowed funds 708,956  14,972  4.24  % 327,878  9,075  5.55  %
      Total interest-bearing liabilities
 6,656,443  71,253  2.16  % 6,475,637  78,117  2.43  %
Non-interest-bearing deposits 1,618,080      1,522,851 
Other liabilities 95,846      110,883 
Total liabilities 8,370,369      8,109,371 
Total stockholders’ equity 1,223,307      1,135,124 
Total liabilities and stockholders’ equity $ 9,593,676      $ 9,244,495 
Interest rate spread (b)   $ 183,614  3.69  % $ 173,395  3.60  %
Net interest margin (b) 4.20  % 4.14  %
(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.
The following table provides an analysis of the changes in FTE net interest income:
Three Months Ended June 30, 2026 Compared to
Six Months Ended June 30, 2026 Compared to
(Dollars in thousands) March 31, 2026 June 30, 2025 June 30, 2025
Increase (decrease) in: Rate Volume
Total (a)
Rate Volume
Total (a)
Rate Volume
Total (a)
INTEREST INCOME:
Short-term investments $ (7) $ 301  $ 294  $ (273) $ 318  $ 45  $ (290) $ 226  $ (64)
Investment Securities (b):
Taxable 298  (616) (318) 28  587  615  (306) 2,075  1,769 
Nontaxable 28  (135) (107) 8  (298) (290) (16) (468) (484)
Total investment income 326  (751) (425) 36  289  325  (322) 1,607  1,285 
Loans (b):
     
Construction 464  (61) 403  (17) (929) (946) (587) (1,346) (1,933)
Commercial real estate, other (345) (344) (689) (952) 1,491  539  (2,474) 4,411  1,937 
Commercial and industrial (1,163) 1,879  716  (3,222) 5,744  2,522  (5,267) 9,568  4,301 
Premium finance 461  140  601  (79) (510) (589) (674) (948) (1,622)
Leases (285) (113) (398) (736) (1,371) (2,107) (811) (2,916) (3,727)
Residential real estate 88  (210) (122) 1,120  (419) 701  1,953  (418) 1,535 
Home equity lines of credit 34  246  280  (394) 538  144  (804) 970  166 
Consumer, indirect (65) 94  29  93  191  284  426  603  1,029 
Consumer, direct 28  18  46  28  168  196  80  368  448 
Total loan income (783) 1,649  866  (4,159) 4,903  744  (8,158) 10,292  2,134 
Total interest income $ (464) $ 1,199  $ 735  $ (4,396) $ 5,510  $ 1,114  $ (8,770) $ 12,125  $ 3,355 
INTEREST EXPENSE:      
Deposits:      
Savings accounts 7  (5) 2  46  (7) 39  85  (13) 72 
Interest-bearing demand accounts (4) (26) (30) (30) (9) (39) (95) 6  (89)
Money market accounts (163) (273) (436) 807  (192) 615  1,624  (258) 1,366 
Governmental deposit accounts (3) (225) (228) 762  (39) 723  1,495  (43) 1,452 
Retail CDs 816  285  1,101  2,144  734  2,878  4,414  441  4,855 
Brokered CDs (28) 600  572  107  1,904  2,011  385  4,720  5,105 
Total deposit cost 625  356  981  3,836  2,391  6,227  7,908  4,853  12,761 
Borrowed funds:      
Short-term borrowings (121) 457  336  1,066  (4,300) (3,234) 2,260  (9,946) (7,686)
Long-term borrowings 179  53  232  76  909  985  (14) 1,803  1,789 
Total borrowed funds cost 58  510  568  1,142  (3,391) (2,249) 2,246  (8,143) (5,897)
Total interest expense 683  866  1,549  4,978  (1,000) 3,978  10,154  (3,290) 6,864 
FTE net interest income $ 219  $ 2,065  $ 2,284  $ 582  $ 4,510  $ 5,092  $ 1,384  $ 8,835  $ 10,219 
(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 $92.7 million for the second quarter of 2026 and increased $2.3 million when compared to the linked quarter. Net interest margin was 4.23% for the second quarter of 2026, compared to 4.16% for the linked quarter. The increase in net interest income and margin was primarily driven by a reduction in deposit costs.
Net interest income for the second quarter of 2026 increased $5.2 million, or 6%, compared to the second quarter of 2025. Net interest margin increased 8 basis points when compared to the second quarter of 2025. The increase in net interest income was primarily driven by lower deposit and borrowing costs.

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For the first six months of 2026, net interest income increased $10.3 million compared to the first six months of 2025, while net interest margin increased 6 basis points to 4.20%. The increases in net interest income and net interest margin was driven by lower deposit costs and increased interest income, respectively.
Accretion income, net of amortization expense, was $1.1 million for the second quarter of 2026, $1.3 million for the linked quarter and $2.6 million for the second quarter of 2025, which added 5 basis points, 6 basis points and 12 basis points, respectively, to net interest margin. The decrease in accretion income for the second quarter of 2026 when compared to the linked quarter and the second quarter of 2025 was driven by less accretion income recognized from the Limestone Merger. Accretion income, net of amortization expense, was $2.4 million and $6.1 million for the first six months of 2026 and 2025, respectively. Accretion income added 6 basis points and 15 basis points to net interest margin for the first six months of 2026 and 2025, respectively. The decrease in accretion income for the first six months of 2026 compared to the same period in 2025 was due to less accretion income 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 Six Months Ended
  June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Provision for other credit losses $ 4,477  $ 9,415  $ 16,475  $ 13,892  $ 26,510 
Provision for checking account overdraft credit losses 232  279  167  511  322 
Provision for credit losses $ 4,709  $ 9,694  $ 16,642  $ 14,403  $ 26,832 
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 second quarter of 2026 was primarily driven by net charge-offs and an increase in individually-analyzed loans, partially offset by a reduction of balances within loan segments with higher loss rates. The provision for credit losses for the linked quarter was primarily driven by net charge-offs and a deterioration in the economic forecasts used within the CECL model. 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.
For the first half of 2026, the provision for credit losses was mainly a result of net charge-offs, a deterioration in the economic forecasts used within the CECL model, and an increase in individually-analyzed loans. For the same period 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) 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.
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 Six Months Ended
  June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Net loss on investment securities $ (8,181) $ —  $ —  $ (8,181) $ (2)
Net loss on asset disposals and other transactions:
Net loss on other assets (453) (384) (267) (837) (597)
Net gain (loss) on OREO —  (26) 10  (26) 30 
Net gain (loss) on other transactions 7  —  (23) 7  (74)
Net loss on asset disposals and other transactions $ (446) $ (410) $ (280) $ (856) $ (641)
The net loss on investment securities for the second quarter of 2026 was driven by the sale of $135.2 million available-for-sale investment securities. 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 24% of Peoples' total revenues (defined as net interest income plus total non-interest income excluding net gains and losses) for the second quarter of 2026, 24% for the linked quarter, and 24% for the second quarter of 2025. For the first six months of 2026, total non-interest income, excluding net gains and losses, totaled 24% of total revenue, consistent with the same period in 2025.
For the second quarter of 2026, 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 Six Months Ended
  June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
E-banking income $ 6,543  $ 5,927  $ 6,272  $ 12,470  $ 12,157 
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 Six Months Ended
  June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Property and casualty insurance commissions
 $ 3,670  $ 3,679  $ 3,791  $ 7,349  $ 7,614 
Performance-based commissions
 18  1,204  99  1,222  1,641 
Life and health insurance commissions
 643  697  659  1,340  1,348 
Insurance income $ 4,331  $ 5,580  $ 4,549  $ 9,911  $ 10,603 
Peoples' insurance income for the second quarter of 2026 decreased when compared to the linked quarter which was driven by the annual performance-based commissions recognized in the first quarter of each year. Insurance income for the second quarter and first six months of 2026 decreased when compared to the same periods of 2025 due to lower performance-based 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 Six Months Ended
  June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Fiduciary income $ 2,568  $ 2,282  $ 2,274  $ 4,850  $ 4,366 
Brokerage income 2,603  2,529  2,240  5,132  4,386 
Employee benefit fees 815  794  767  1,609  1,590 
Trust and investment income $ 5,986  $ 5,605  $ 5,281  $ 11,591  $ 10,342 
Fiduciary income in the second quarter of 2026 increased when compared to the linked quarter and to the second quarter of 2025 and was driven by an increase in assets under administration and management. Trust and investment income increased $1.2 million for the first six months of 2026 when compared to 2025, due to higher brokerage income, primarily reflecting the increase in assets under management.
The following table details Peoples' assets under administration and management:
June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
(Dollars in thousands)
Trust $ 2,521,031  $ 2,178,467  $ 2,219,650  $ 2,271,536  $ 2,138,439 
Brokerage
 $ 1,984,252  $ 1,844,940  $ 1,846,084  $ 1,800,781  $ 1,724,311 
Total
 $ 4,505,283  $ 4,023,407  $ 4,065,734  $ 4,072,317  $ 3,862,750 
Quarterly average $ 4,315,129  $ 4,091,841  $ 4,065,195  $ 3,955,007  $ 3,736,778 
The increase in assets under administration and management at June 30, 2026 compared to at March 31, 2026 was driven by market value fluctuations. The increase in assets under administration and management at June 30, 2026 when compared to at June 30, 2025 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 Six Months Ended
  June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Overdraft and non-sufficient funds fees $ 2,275  $ 2,210  $ 2,122  $ 4,485  $ 4,225 
Account maintenance fees 1,928  1,881  1,669  3,809  3,313 
Other fees and charges 285  176  268  461  536 
Deposit account service charges $ 4,488  $ 4,267  $ 4,059  $ 8,755  $ 8,074 
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 for the second quarter of 2026 compared to both the linked quarter and second quarter of 2025. For the first six months of 2026, total deposit account service charges increased by $0.7 million from the same period of 2025, driven by timing of customer activity.
The following table details the other items included within Peoples' total non-interest income:
  Three Months Ended Six Months Ended
  June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Lease income 4,977  4,581  4,211  9,558  7,679 
Bank owned life insurance income 1,189  1,162  1,112  2,351  2,245 
Other non-interest income 893  1,166  1,456  2,059  2,906 
Mortgage banking income 598  376  220  974  616 
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. Lease income for the second quarter of 2026

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increased compared to the linked quarter due to an increase in month-to-month lease income. The increase when compared to the second quarter of 2025 was driven by an increase in operating lease income, partially offset by a reduction in gains on terminated leases. Lease income increased $1.9 million for the first six months of 2026 when compared to the same period of 2025 due to an increase in operating lease income.
BOLI income for the second quarter of 2026 remained flat when compared to the linked quarter and to the prior year quarter. BOLI income increased slightly for the first six months of 2026 when compared to the same period of 2025 primarily due to changes in the cash surrender value of the underlying policies.
Other non-interest income decreased for the three months ended June 30, 2026 when compared to the linked quarter and when compared to the second quarter of 2025. For the first six months of 2026, other non-interest income decreased by $0.8 million from the same period of 2025, primarily due to a decrease in swap fee income which is driven by customer demand.
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 second quarter of 2026 increased when compared to the linked quarter and the second quarter of 2025 and was primarily driven by the increased volume in loans sold. Mortgage banking income increased for the first six months of 2026 when compared to the same period of 2025 due to higher production.
In the second quarter of 2026, Peoples sold $15.1 million in loans into the secondary market with servicing retained and $6.6 million in loans with servicing released, compared to $6.0 million and $3.6 million, respectively, in the first quarter of 2026, and $0.3 million and $10.3 million, respectively, in the second quarter of 2025. For the first six months of 2026, Peoples sold $20.9 million in loans into the secondary market with servicing retained, and $10.2 million with servicing released, compared to $0.5 million and $10.3 million, respectively, for the same period of 2025.
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 Six Months Ended
  June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Base salaries and wages $ 25,311  $ 25,447  $ 24,942  $ 50,758  $ 49,560 
Sales-based and incentive compensation 7,544  5,415  6,181  12,959  12,672 
Employee benefits 4,958  5,606  5,692  10,564  10,214 
Payroll taxes and other employment costs 2,146  2,659  2,078  4,805  4,857 
Stock-based compensation 1,531  1,904  1,484  3,435  3,959 
Deferred personnel costs (1,478) (1,196) (1,484) (2,674) (2,548)
Salaries and employee benefit costs $ 40,012  $ 39,835  $ 38,893  $ 79,847  $ 78,714 
Full-time equivalent employees:  
Actual at end of period 1,443  1,458  1,477  1,443  1,477 
Average during the period 1,447  1,457  1,462  1,454  1,478 
Base salaries and wages for the second quarter of 2026 and the first six months of 2026 increased compared to the same periods in 2025, primarily driven by annual merit increases.
Sales-based and incentive compensation increased for the second quarter of 2026 compared to both the linked quarter and the second quarter of 2025 and was driven by an increase in corporate incentives. Sales-based and incentive compensation increased for the first six months of 2026 when compared to same period in 2025, due to an increase in corporate incentives.
The decrease in employee benefits for the second quarter of 2026 compared to the linked quarter and second quarter of 2025 was primarily related to lower medical costs. Employee benefits increased for the first six months of 2026 when compared to the same period for 2025 due to an adjustment related to prior period nonqualified deferred compensation expense.
Payroll taxes and other employment costs for the second quarter of 2026 decreased when compared to the linked quarter due to seasonal expenses recognized in the first quarter of each year. Payroll taxes and other employment costs increased when compared to the second quarter of 2025, primarily driven by higher base salaries due to annual merit increases. For the first six months of 2026, payroll taxes and other employment costs decreased slightly compared to the same period of 2025.

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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. Peoples estimates forfeitures at the grant date and revises those estimates in the subsequent periods if actual forfeitures differ from previous estimates. 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. Stock-based compensation for the second quarter of 2026 decreased when compared to the linked quarter due to the expense attributable to the forfeiture rate true-up on stock vested coupled with up-front expense on stock grants to certain retirement-eligible employees recognized in the linked quarter. Stock-based compensation for the first six months of 2026 decreased when compared to the first six months of 2025 due to less up-front expense on grants to certain retirement-eligible employees.
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 second quarter of 2026 increased when compared to the first quarter of 2026 and was consistent with the second quarter of 2025. Similarly, deferred personnel costs increased for the first six months of 2026 when compared to the first six months of 2025.
Peoples' net occupancy and equipment expense was comprised of the following:
  Three Months Ended Six Months Ended
  June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Depreciation $ 2,116  $ 2,142  $ 2,135  $ 4,258  $ 4,259 
Repairs and maintenance costs 1,538  1,794  1,641  3,332  3,565 
Property taxes, utilities and other costs 1,155  1,365  1,115  2,520  1,661 
Net rent expense 956  923  799  1,879  1,817 
Net occupancy and equipment expense $ 5,765  $ 6,224  $ 5,690  $ 11,989  $ 11,302 
Net occupancy and equipment expense decreased for the second quarter of 2026 compared to the linked quarter due to lower repair and maintenance costs. Net occupancy and equipment expense for the first six months of 2026 increased 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 Six Months Ended
  June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Data processing and software expense $ 7,850  $ 7,536  $ 7,356  $ 15,386  $ 14,361 
Professional fees 4,018  2,753  3,610  6,771  6,697 
E-banking expense 2,225  2,081  2,018  4,306  4,043 
Operating lease expense 1,797  1,804  1,053  3,601  2,038 
Amortization of other intangible assets 1,697  1,697  2,211  3,394  4,424 
FDIC insurance premiums 1,370  1,410  1,251  2,780  2,502 
Other loan expenses 1,278  1,123  1,213  2,401  2,332 
Franchise tax expense 972  1,004  678  1,976  1,607 
Travel and entertainment expense 726  583  713  1,309  1,213 
Communication expense 605  589  712  1,194  1,446 
Marketing expense 604  886  718  1,490  1,621 
Other non-interest expense $ 3,840  $ 4,110  $ 4,246  $ 7,950  $ 8,849 
Data processing and software expenses for the second quarter and the first six months of 2026 increased compared to the linked quarter and the same periods in 2025 due to costs associated with recent ongoing technology projects.
Professional fees for the second quarter of 2026 increased when compared to the linked quarter due to higher legal expenses and professional services. Professional fees increased for the first six months of 2026 when compared to the same period in 2025 due to increased legal expenses.

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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 for the second quarter and the first six months of 2026 increased when compared to the linked quarter and the same periods in 2025 due to customer activity.
Operating lease expense remained flat when compared to the linked quarter. Operating lease expense increased for the second quarter and the first six months of 2026 when compared to the same periods in 2025 due to an increased volume of leases.
Amortization of other intangible assets for the second quarter of 2026 remained flat compared to the linked quarter and decreased $0.5 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 six months of 2026 when compared to 2025 due to decreases in amortization on core deposits and customer relationship intangibles.
Peoples' FDIC insurance premiums for the second quarter of 2026 remained relatively flat when compared to the linked quarter and increased when compared to the second quarter of 2025. FDIC premiums increased for the first six months of 2026 when compared to 2025 driven by an increase in average assets.
Other loan expenses during the second quarter of 2026 increased slightly when compared to the linked quarter and to the second quarter of 2025. Other loan expenses increased for the first six months of 2026 when compared to 2025 due to increased real estate loan expenses.
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 second quarter of 2026 compared to the prior year quarter related to a one-time refund from the State of Ohio received in 2025. Franchise tax expense increased slightly for the first six months of 2026 when compared to 2025.
Travel and entertainment expenses increased compared to the linked quarter and to the second quarter of 2025. Travel and entertainment increased slightly for the first six months of 2026 when compared to 2025 due to timing of travel.
Communication expense remained flat for the second quarter of 2026 when compared to the linked quarter and decreased when compared to the same period of the prior year. Communication expense decreased slightly for the first six months of 2026 when compared to 2025.
Marketing expense for the second quarter of 2026 decreased when compared to the linked quarter and the second quarter of 2025 primarily driven by a vendor incentive received in the second quarter of 2026. Marketing expense decreased for the first six months of 2026 when compared to 2025 due to lower advertising expenses.
Other non-interest expense for the second quarter of 2026 decreased when compared to the linked quarter primarily due to lower check and ACH fraud. Other non-interest expense decreased for the second quarter and the first six months of 2026 when compared to same periods in 2025 due to lower ACH fraud.
Income Tax Expense
Peoples recorded income tax expense of $7.7 million with an effective tax rate of 21.6% for the second quarter of 2026, compared to income tax expense of $8.3 million with an effective tax rate of 22.3% for the linked quarter and income tax expense of $6.2 million with an effective tax rate of 22.7% for the second quarter of 2025. The decreases in income tax expense and the effective tax rate when compared to the linked quarter were impacted by a $0.5 million benefit relating to a tax credit. The increase in income tax expense when compared to the second quarter of 2025 was driven by higher pre-tax income. Peoples recorded income tax expense of $16.0 million and $13.3 million, through the first six months of 2026 and 2025, respectively. The increase for the first six months of 2026 compared to 2025 was driven by higher 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' 2025 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 Six Months Ended
June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Pre-provision net revenue:
Income before income taxes $ 35,638  $ 37,345  $ 27,453  $ 72,983  $ 58,830 
Add: provision for credit losses 4,709  9,694  16,642  14,403  26,832 
Add: loss on OREO —  26  —  26  — 
Add: loss on investment securities 8,181  —  —  8,181  2 
Add: loss on other assets 453  384  267  837  597 
Add: loss on other transactions (7) —  23  (7) 74 
Less: gain on OREO —  —  10  —  30 
Pre-provision net revenue $ 48,974  $ 47,449  $ 44,375  $ 96,423  $ 86,305 
The increase in the PPNR for the second quarter and the first six months of 2026 compared to all prior periods was driven by an increase in net interest income due to a reduction in deposit costs.
Core Non-Interest Expense (Non-US GAAP)
Core non-interest expense is a financial measure used to evaluate Peoples' recurring expense stream. This measure is Non-US GAAP since it excludes the impact of all acquisition-related expenses. The following table provides a reconciliation of this Non-US GAAP measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented:
Three Months Ended Six Months Ended
June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Core non-interest expense:
Total non-interest expense $ 72,759  $ 71,635  $ 70,362  $ 144,394  $ 141,149 
Less: acquisition-related expenses 410  16  —  426  — 
Core non-interest expense $ 72,349  $ 71,619  $ 70,362  $ 143,968  $ 141,149 
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.

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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 Six Months Ended
June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Efficiency ratio:
Total non-interest expense $ 72,759  $ 71,635  $ 70,362  $ 144,394  $ 141,149 
Less: amortization of other intangible assets 1,697  1,697  2,211  3,394  4,424 
Adjusted total non-interest expense 71,062  69,938  68,151  141,000  136,725 
Total non-interest income 20,378  28,254  26,880  48,632  53,979 
Less: net loss on investment securities (8,181) —  —  (8,181) (2)
Less: net loss on asset disposals and other transactions (446) (410) (280) (856) (641)
Total non-interest income excluding net losses 29,005  28,664  27,160  57,669  54,622 
Net interest income 92,728  90,420  87,577  183,148  172,832 
Add: FTE adjustment (a) 221  245  280  466  563 
Net interest income on an FTE basis 92,949  90,665  87,857  183,614  173,395 
Adjusted revenue $ 121,954  $ 119,329  $ 115,017  $ 241,283  $ 228,017 
Efficiency ratio 58.27  % 58.61  % 59.25  % 58.44  % 59.96  %
Efficiency ratio adjusted for non-core items:
Core non-interest expense $ 72,349  $ 71,619  $ 70,362  $ 143,968  $ 141,149 
Less: amortization of other intangible assets 1,697  1,697  2,211  3,394  4,424 
Adjusted core non-interest expense 70,652  69,922  68,151  140,574  136,725 
Non-interest income excluding net losses 29,005  28,664  27,160  57,669  54,622 
Net interest income on an FTE basis 92,949  90,665  87,857  183,614  173,395 
Adjusted revenue $ 121,954  $ 119,329  $ 115,017  $ 241,283  $ 228,017 
Efficiency ratio adjusted for non-core items 57.93  % 58.60  % 59.25  % 58.26  % 59.96  %
(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 second quarter of 2026 was 58.3%, compared to 58.6% for the linked quarter and 59.3% for the second quarter of 2025. The efficiency ratio improved compared to the linked quarter mainly as the result of higher net interest income, driven by a reduction in deposit costs. The efficiency ratio improved compared to the prior year first six months due to lower borrowing costs. Peoples continues to focus on controlling expenses, while recognizing necessary costs in order to continue growing the business.
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.

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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 Six Months Ended
June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Annualized net income adjusted for non-core items:
Net income
 $ 27,953  $ 29,006  $ 21,212  $ 56,959  $ 45,548 
Add: net loss on investment securities
 8,181  —  —  8,181  2 
Less: tax effect of net loss on investment securities (a)
 1,718  —  —  1,718  — 
Add: net loss on asset disposals and other transactions
 446  410  280  856  641 
Less: tax effect of net loss on asset disposals and other transactions (a)
 94  86  59  180  135 
Add: acquisition-related expenses
 410  16  —  426  — 
Less: tax effect of acquisition-related expenses (a)
 86  3  —  89  — 
Net income adjusted for non-core items (after tax)
 $ 35,092  $ 29,343  $ 21,433  $ 64,435  $ 46,056 
Days in the period 91  90  91  181  181 
Days in the year 365  365  365  365  365 
Annualized net income
 $ 112,119  $ 117,635  $ 85,081  $ 114,862  $ 91,851 
Annualized net income adjusted for non-core items (after tax)
 $ 140,754  $ 119,002  $ 85,968  $ 129,938  $ 92,875 
Return on average assets:
Annualized net income
 $ 112,119  $ 117,635  $ 85,081  $ 114,862  $ 91,851 
Total average assets 9,586,326  9,601,108  9,293,287  9,593,676  9,244,495 
Return on average assets
 1.17  % 1.23  % 0.92  % 1.20  % 0.99  %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items (after tax)
 $ 140,754  $ 119,002  $ 85,968  $ 129,938  $ 92,875 
Total average assets
 9,586,326  9,601,108  9,293,287  9,593,676  9,244,495 
Return on average assets adjusted for non-core items (after tax)
 1.47  % 1.24  % 0.93  % 1.35  % 1.00  %
(a) Based on a 21% statutory federal corporate income tax rate.
The return on average assets for the second quarter of 2026 decreased when compared to the linked quarter due to lower annualized net income. The increase in the return on average assets and return on average assets adjusted for non-core items for the second quarter of 2026, compared to the second quarter of 2025, was attributable to an increase in annualized net income driven by a decrease in provision for credit losses and an increase in average assets. The increase in return on average assets and return on average assets adjusted for non-core items for the first six months of 2026 when compared to the same period of 2025 was primarily driven by an increase in annualized net income from a decrease 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. This

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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 Six Months Ended
June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
(Dollars in thousands) 2026 2025
Annualized net income excluding amortization of other intangible assets:
Net income
 $ 27,953  $ 29,006  $ 21,212  $ 56,959  $ 45,548 
Add: amortization of other intangible assets
 1,697  1,697  2,211  3,394  4,424 
Less: tax effect of amortization of other intangible assets (a)
 356  356  464  713  929 
Net income excluding amortization of other intangible assets
 $ 29,294  $ 30,347  $ 22,959  $ 59,640  $ 49,043 
Days in the period
 91  90  91  181  181 
Days in the year
 365  365  365  365  365 
Annualized net income
 $ 112,119  $ 117,635  $ 85,081  $ 114,862  $ 91,851 
Annualized net income excluding amortization of other intangible assets
 $ 117,498  $ 123,074  $ 92,088  $ 120,269  $ 98,899 
Average tangible equity:
Total average stockholders' equity
 $ 1,228,192  $ 1,218,368  $ 1,147,253  $ 1,223,307  $ 1,135,124 
Less: average goodwill and other intangible assets
 390,753  392,490  398,940  391,617  400,135 
Average tangible equity
 $ 837,439  $ 825,878  $ 748,313  $ 831,690  $ 734,989 
Return on total average stockholders' equity ratio:
Annualized net income
$ 112,119  $ 117,635  $ 85,081  $ 114,862  $ 91,851 
Total average stockholders' equity
 $ 1,228,192  $ 1,218,368  $ 1,147,253  $ 1,223,307  $ 1,135,124 
Return on total average stockholders' equity
 9.13  % 9.66  % 7.42  % 9.39  % 8.09  %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets
 $ 117,498  $ 123,074  $ 92,088  $ 120,269  $ 98,899 
Average tangible equity
 $ 837,439  $ 825,878  $ 748,313  $ 831,690  $ 734,989 
Return on average tangible equity
 14.03  % 14.90  % 12.31  % 14.46  % 13.46  %
(a) Based on a 21% statutory federal corporate income tax rate.
The return on total average stockholders' equity and return on average tangible equity ratios decreased when compared to the linked quarter due to a decrease in annualized net income. The increases in the return on total average stockholders' equity and return on average tangible equity ratios for the second quarter and the first six months of 2026 compared to the same periods of 2025 were driven by higher annualized net income.

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FINANCIAL CONDITION
Cash and Cash Equivalents
At June 30, 2026, Peoples' interest-bearing deposits in other banks had decreased $7.9 million from December 31, 2025. The total cash and cash equivalents balance included $65.3 million of excess cash reserves being maintained at the FRB of Cleveland at June 30, 2026, compared to $73.2 million at December 31, 2025. 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 six months of 2026, Peoples' total cash and cash equivalents decreased $9.2 million, which reflected cash inflows of $75.7 million for investing activities and $90.6 million from operating activities, partially offset by cash outflows of $175.5 million for financing activities. Peoples' cash provided by investing activities was primarily driven by sales of available-for-sale investment securities and proceeds from principal payments on held-to-maturity investment securities, which totaled $129.8 million and $105.8 million, respectively. These increases were partially offset by purchases of available-for-sale investment securities of $74.9 million and a net increase in loans held for investment of $74.6 million. The cash used by financing activities was driven by a net decrease in interest-bearing deposits of $202.4 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 June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Available-for-sale securities, at fair value:        
Obligations of:          
U.S. Treasury and government agencies
 4.14  % $ 14,629  $ 26,152  $ 17,580  $ 17,696  $ 13,880 
U.S. government sponsored agencies 3.93  % 215,080  231,332  206,330  164,132  210,856 
States and political subdivisions 2.72  % 108,141  165,105  170,832  186,822  193,363 
Residential mortgage-backed securities 2.50  % 480,730  522,638  544,038  561,517  576,541 
Commercial mortgage-backed securities 2.66  % 52,626  59,905  41,804  42,510  52,699 
Bank-issued trust preferred securities 3.25  % 2,844  2,812  3,783  4,229  4,158 
Total fair value $ 874,050  $ 1,007,944  $ 984,367  $ 976,906  $ 1,051,497 
Total amortized cost $ 966,592  $ 1,107,248  $ 1,076,980  $ 1,078,703  $ 1,170,092 
Net unrealized loss $ (92,542) $ (99,304) $ (92,613) $ (101,797) $ (118,595)
Held-to-maturity securities, at amortized cost:
Obligations of:
U.S. government sponsored agencies 4.38  % $ 247,324  $ 247,148  $ 261,826  $ 255,888  $ 299,183 
States and political subdivisions (a) 2.25  % 138,389  138,598  140,607  141,869  142,082 
Residential mortgage-backed securities 4.55  % 383,691  399,724  423,628  438,101  360,559 
Commercial mortgage-backed securities 2.50  % 97,928  98,205  96,776  95,966  98,195 
Total amortized cost $ 867,332  $ 883,675  $ 922,837  $ 931,824  $ 900,019 
Other investments $ 76,099  $ 69,903  $ 68,656  $ 63,991  $ 67,538 
Total investment securities:
Amortized cost $ 1,910,023  $ 2,060,826  $ 2,068,473  $ 2,074,518  $ 2,137,649 
Carrying value $ 1,817,481  $ 1,961,522  $ 1,975,860  $ 1,972,721  $ 2,019,054 
(a)Amortized cost is presented net of the allowance for credit losses of $233 at June 30, 2026, $233 at March 31, 2026 and $237 at June 30, 2025.
For the second quarter of 2026, available-for-sale investment securities decreased compared to all prior periods due to the sale of $135.2 million of securities as Peoples manages its balance sheet under $10 billion in assets ahead of the pending Citizens merger. For the second quarter of 2026, held-to-maturity securities decreased compared to all prior periods due to prepayments and maturities of collateralized mortgage obligations.
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) June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Originated loans and leases:
          
Construction
 $ 286,323  $ 248,396  $ 275,888  $ 207,528  $ 288,824 
Commercial real estate, other
 1,633,383  1,653,982  1,635,055  1,633,725  1,468,120 
     Commercial real estate
 1,919,706  1,902,378  1,910,943  1,841,253  1,756,944 
Commercial and industrial
 1,583,587  1,525,459  1,405,379  1,338,185  1,249,948 
Premium finance 266,015  228,883  253,075  273,297  277,622 
Leases 348,782  342,120  354,852  369,756  383,923 
Residential real estate
 514,898  507,499  502,475  497,415  483,486 
Home equity lines of credit
 239,473  223,581  214,967  206,084  197,875 
Consumer, indirect
 693,529  699,854  700,582  710,385  692,674 
Consumer, direct
 113,963  114,057  114,077  111,017  105,678 
    Consumer
 807,492  813,911  814,659  821,402  798,352 
Deposit account overdrafts
 1,041  1,265  1,014  982  964 
Total originated loans and leases
 $ 5,680,994  $ 5,545,096  $ 5,457,364  $ 5,348,374  $ 5,149,114 
Acquired loans and leases (a):
Construction
 $ 8,027  $ 21,175  $ 25,053  $ 53,520  $ 52,489 
Commercial real estate, other
 649,780  686,851  728,912  735,671  780,094 
     Commercial real estate
 657,807  708,026  753,965  789,191  832,583 
Commercial and industrial
 106,230  121,338  130,376  151,320  157,434 
Leases 5,170  8,106  10,797  12,997  16,129 
Residential real estate
 331,577  344,512  359,247  378,358  394,482 
Home equity lines of credit
 34,492  37,328  38,897  41,299  43,910 
Consumer, direct
 5,310  5,802  6,261  7,189  7,937 
Total acquired loans and leases
 $ 1,140,586  $ 1,225,112  $ 1,299,543  $ 1,380,354  $ 1,452,475 
Total loans and leases
 $ 6,821,580  $ 6,770,208  $ 6,756,907  $ 6,728,728  $ 6,601,589 
Percent of loans and leases to total loans and leases:
  
Construction
 4.3  % 4.0  % 4.5  % 3.9  % 5.2  %
Commercial real estate, other
 33.5  % 34.5  % 34.9  % 35.1  % 34.0  %
     Commercial real estate
 37.8  % 38.5  % 39.4  % 39.0  % 39.2  %
Commercial and industrial
 24.8  % 24.3  % 22.7  % 22.1  % 21.3  %
Premium finance 3.9  % 3.4  % 3.7  % 4.1  % 4.2  %
Leases 5.2  % 5.2  % 5.4  % 5.7  % 6.1  %
Residential real estate
 12.4  % 12.6  % 12.8  % 13.0  % 13.3  %
Home equity lines of credit
 4.0  % 3.9  % 3.8  % 3.7  % 3.7  %
Consumer, indirect
 10.2  % 10.3  % 10.4  % 10.6  % 10.5  %
Consumer, direct
 1.7  % 1.8  % 1.8  % 1.8  % 1.7  %
    Consumer
 11.9  % 12.1  % 12.2  % 12.4  % 12.2  %
Total percentage
 100.0  % 100.0  % 100.0  % 100.0  % 100.0  %
Residential real estate loans being serviced for others
 $ 326,021  $ 319,664  $ 322,139  $ 323,347  $ 326,710 
(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 June 30, 2026 increased $51.4 million, or 3% annualized, compared to at March 31, 2026. The increase in the period-end loan and lease balances at June 30, 2026 compared to at March 31, 2026 was driven by increases of $43.0 million in commercial and industrial loans, driven largely by life premium finance loans, $37.1 million in commercial premium finance loans, and $24.8 million in construction loans, partially offset by a decrease of $57.7 million in other commercial real estate loans. The period-end loan and lease balances at June 30, 2026 increased $220.0 million, or 3%, compared to at June 30, 2025, driven by increases of $282.4 million in commercial and industrial loans, $34.9 million in other commercial real estate loans, and $32.2 million home equity lines of credit. These increases were partially offset by decreases of $47.0 million in construction loans, $46.1 million in leases, and $31.5 million in residential real estate loans.


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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 10% 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 June 30, 2026. The following tables provide information regarding the largest concentrations of commercial construction loans and other commercial real estate loans within the loan portfolio at June 30, 2026:
(Dollars in thousands) Outstanding Balance Loan Commitments Total Exposure % of Total
Construction:        
Apartment complexes $ 135,800  $ 166,846  $ 302,646  50.7  %
Land development 29,706  13,260  42,966  7.2  %
Land only 27,618  33,330  60,948  10.2  %
Industrial 33,902  18,687  52,589  8.8  %
Residential property 4,614  14,588  19,202  3.2  %
Storage facility 6,788  13,328  20,116  3.4  %
Healthcare facilities 660  19,719  20,379  3.4  %
Warehouse facilities 12,701  2,930  15,631  2.6  %
Other (a) 42,561  19,429  61,990  10.5  %
Total construction $ 294,350  $ 302,117  $ 596,467  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 $ 450,701  $ 13,286  $ 463,987  19.9  %
Industrial facilities:  
Owner occupied $ 125,433  $ 1,731  $ 127,164  5.4  %
Non-owner occupied 112,613  2,837  115,450  4.9  %
Total industrial facilities $ 238,046  $ 4,568  $ 242,614  10.3  %
Retail facilities:
Owner occupied $ 42,963  $ 2,114  $ 45,077  1.9  %
Non-owner occupied 225,063  216  225,279  9.6  %
Total retail facilities $ 268,026  $ 2,330  $ 270,356  11.5  %
Lodging and lodging related:
Owner occupied $ 26,553  $ —  $ 26,553  1.1  %
Non-owner occupied 181,202  3,926  185,128  7.9  %
Total lodging and lodging related $ 207,755  $ 3,926  $ 211,681  9.0  %
Office buildings and complexes:    
Owner occupied $ 74,697  $ 1,517  $ 76,214  3.3  %
Non-owner occupied 93,631  1,249  94,880  4.1  %
Total office buildings and complexes $ 168,328  $ 2,766  $ 171,094  7.4  %
Assisted living facilities and nursing homes $ 129,936  $ 629  $ 130,565  5.6  %
Warehouse facilities:
Owner occupied $ 71,019  $ 218  $ 71,237  3.0  %
Non-owner occupied 25,368  152  25,520  1.1  %
Total warehouse facilities $ 96,387  $ 370  $ 96,757  4.1  %
Restaurant/bar facilities:
Owner occupied $ 50,296  $ —  $ 50,296  2.2  %
Non-owner occupied 21,058  —  21,058  0.9  %
Total restaurant/bar facilities $ 71,354  $ —  $ 71,354  3.1  %
Mixed-use facilities:
Owner occupied $ 37,782  $ 123  $ 37,905  1.6  %
Non-owner occupied 28,171  356  28,527  1.2  %
Total mixed-use facilities $ 65,953  $ 479  $ 66,432  2.8  %
Storage Facility / Mini Storage
Owner occupied $ 47,727  $ 196  $ 47,923  2.1  %
Non-owner occupied 4,358  66  4,424  0.2  %
Total storage facility/ mini storage $ 52,085  $ 262  $ 52,347  2.3  %
Other (a) 534,592  25,775  560,367  24.0  %
Total commercial real estate, other $ 2,283,163  $ 54,391  $ 2,337,554  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 June 30, 2026 and at December 31, 2025. 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 table details management's allocation of the allowance for credit losses:
(Dollars in thousands) June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Construction $ 1,694  $ 1,512  $ 1,391  $ 1,252  $ 1,347 
Commercial real estate, other 20,811  20,803  19,726  18,316  17,144 
Commercial and industrial 20,824  21,759  18,804  17,896  17,854 
Premium finance 1,569  686  749  776  794 
Leases 14,366  15,304  16,475  18,040  19,633 
Residential real estate 6,559  6,643  6,295  6,348  6,113 
Home equity lines of credit 1,728  1,643  1,934  1,880  1,814 
Consumer, indirect 8,306  7,760  7,706  7,862  7,643 
Consumer, direct 2,139  2,156  2,485  2,385  2,248 
Deposit account overdrafts 107  126  111  109  91 
Allowance for credit losses $ 78,103  $ 78,392  $ 75,676  $ 74,864  $ 74,681 
As a percent of total loans 1.14  % 1.16  % 1.12  % 1.11  % 1.13  %
The decrease in the allowance for credit losses at June 30, 2026 compared to at March 31, 2026 was driven by a reduction of balances in loan segments with higher loss rates, partially offset by an increase in individually-analyzed loans. Compared to at June 30, 2025, the allowance for credit losses increased due to loan growth and a deterioration in macro-economic conditions, partially offset by a decrease in individually-analyzed loans.
Additional information regarding Peoples' allowance for credit losses can be found in "Note 1 Summary of Significant Accounting Policies" in Peoples' 2025 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) June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Gross charge-offs:
Commercial real estate, other $ 167  $ —  $ 18  $ 27  $ 35 
Commercial and industrial 222  265  343  472  556 
Premium finance 65  52  213  105  93 
Leases 4,221  4,811  5,721  4,930  5,099 
Residential real estate 115  119  60  71  — 
Home equity lines of credit 32  32  2  27  12 
Consumer, indirect 1,437  1,929  1,558  1,607  1,693 
Consumer, direct 205  204  161  290  96 
    Consumer 1,642  2,133  1,719  1,897  1,789 
Deposit account overdrafts 302  347  315  312  245 
Total gross charge-offs $ 6,766  $ 7,759  $ 8,391  $ 7,841  $ 7,829 
Recoveries:  
Construction $ —  $ —  $ 25  $ —  $ — 
Commercial real estate, other —  —  59  1  — 
Commercial and industrial 26  11  3  26  17 
Premium finance 15  6  1  3  3 
Leases 818  557  365  443  261 
Residential real estate 53  82  36  40  50 
Home equity lines of credit —  12  —  —  — 
Consumer, indirect 596  337  385  418  449 
Consumer, direct 22  26  10  27  14 
    Consumer 618  363  395  445  463 
Deposit account overdrafts 51  83  68  54  71 
Total recoveries $ 1,581  $ 1,114  $ 952  $ 1,012  $ 865 
Net charge-offs (recoveries):  
Construction $ —  $ —  $ (25) $ —  $ — 
Commercial real estate, other 167  —  (41) 26  35 
Commercial and industrial 196  254  340  446  539 
Premium finance 50  46  212  102  90 
Leases 3,403  4,254  5,356  4,487  4,838 
Residential real estate 62  37  24  31  (50)
Home equity lines of credit 32  20  2  27  12 
Consumer, indirect 841  1,592  1,173  1,189  1,244 
Consumer, direct 183  178  151  263  82 
    Consumer 1,024  1,770  1,324  1,452  1,326 
Deposit account overdrafts 251  264  247  258  174 
Total net charge-offs $ 5,185  $ 6,645  $ 7,439  $ 6,829  $ 6,964 
Ratio of net charge-offs (recoveries) to average total loans (annualized):
Construction —  % —  % —  % —  % —  %
Commercial real estate, other 0.01  % —  % —  % —  % —  %

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Three Months Ended
(Dollars in thousands) June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Commercial and industrial 0.01  % 0.02  % 0.02  % 0.03  % 0.03  %
Premium finance —  % —  % 0.01  % 0.01  % 0.01  %
Leases 0.20  % 0.26  % 0.32  % 0.27  % 0.30  %
Residential real estate —  % —  % —  % —  % —  %
Home equity lines of credit —  % —  % —  % —  % —  %
Consumer, indirect 0.05  % 0.10  % 0.07  % 0.06  % 0.07  %
Consumer, direct 0.02  % —  % 0.01  % 0.02  % 0.01  %
    Consumer 0.07  % 0.10  % 0.08  % 0.08  % 0.08  %
Deposit account overdrafts 0.02  % 0.02  % 0.01  % 0.02  % 0.01  %
Total 0.31  % 0.40  % 0.44  % 0.41  % 0.43  %
Each with "--%" not meaningful.
Total net charge-offs during the second quarter of 2026 were $5.2 million, or 0.31% of average total loans on an annualized basis, compared to $6.6 million, or 0.40% of average total loans on an annualized basis, during the linked quarter and $7.0 million, or 0.43% of average total loans on an annualized basis, during the second quarter of 2025. Compared to the linked quarter and same period of 2025, net charge-offs decreased, primarily driven by a decrease in net charge-offs in leases and indirect consumer loans.

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The following table details Peoples’ nonperforming assets: 
(Dollars in thousands) June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Loans 90+ days past due and accruing:          
Commercial real estate, other $ 3,874  $ —  $ 579  $ —  $ 494 
Commercial and industrial 85  105  126  163  36 
Premium finance 1,793  1,820  2,477  2,492  3,533 
Leases —  77  542  496  547 
Residential real estate 1,655  426  1,937  1,432  1,192 
Home equity lines of credit 193  196  69  28  108 
Consumer, indirect 93  107  286  160  98 
Consumer, direct 145  115  140  127  118 
   Consumer 238  222  426  287  216 
Total loans 90+ days past due and accruing $ 7,838  $ 2,846  $ 6,156  $ 4,898  $ 6,126 
Nonaccrual loans:  
Construction 293  —  —  —  — 
Commercial real estate, other 6,802  7,363  4,056  3,861  4,824 
Commercial and industrial 4,546  4,558  8,045  6,258  5,514 
Premium Finance —  455  573  —  — 
Leases 8,145  9,909  11,063  11,338  11,907 
Residential real estate 8,978  9,601  8,556  8,249  8,028 
Home equity lines of credit 1,550  1,555  1,507  1,336  1,339 
Consumer, indirect 2,594  2,994  2,718  2,563  2,697 
Consumer, direct 193  279  368  284  176 
   Consumer 2,787  3,273  3,086  2,847  2,873 
Total nonaccrual loans $ 33,101  $ 36,714  $ 36,886  $ 33,889  $ 34,485 
Total nonperforming loans ("NPLs") $ 40,939  $ 39,560  $ 43,042  $ 38,787  $ 40,611 
OREO:  
Commercial $ —  $ —  $ —  $ 5,891  $ 5,891 
Residential 115  97  123  122  122 
Total OREO $ 115  $ 97  $ 123  $ 6,013  $ 6,013 
Total nonperforming assets ("NPAs") $ 41,054  $ 39,657  $ 43,165  $ 44,800  $ 46,624 
Criticized loans (a) $ 273,791  $ 224,124  $ 236,468  $ 268,326  $ 244,442 
Classified loans (b) $ 140,811  $ 141,940  $ 147,175  $ 158,577  $ 125,014 
Asset Quality Ratios (c):
Nonaccrual loans as a percent of total loans 0.49  % 0.54  % 0.55  % 0.50  % 0.52  %
NPLs as a percent of total loans (d) 0.60  % 0.58  % 0.64  % 0.58  % 0.61  %
NPAs as a percent of total assets (d) 0.43  % 0.41  % 0.45  % 0.47  % 0.49  %
NPAs as a percent of total loans and OREO (d) 0.60  % 0.59  % 0.64  % 0.66  % 0.71  %
Allowance for credit losses as a percent of nonaccrual loans 235.95  % 213.52  % 205.16  % 220.91  % 216.56  %
Allowance for credit losses as a percent of NPLs (d) 190.78  % 198.16  % 175.82  % 193.01  % 183.89  %
Criticized loans as a percent of total loans (a) 4.01  % 3.31  % 3.50  % 3.99  % 3.70  %
Classified loans as a percent of total loans (b) 2.06  % 2.10  % 2.18  % 2.36  % 1.89  %
(a)    Includes loans categorized as special mention, substandard, doubtful, or loss.
(b)    Includes loans categorized as substandard, doubtful, or loss.
(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.


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Peoples' NPAs increased from 0.41% of total assets at March 31, 2026 to 0.43% of total assets at June 30, 2026. Total loans 90+ days past due and accruing increased at June 30, 2026 compared to March 31, 2026 driven by two large other commercial real estate loans totaling $3.8 million. During the second quarter of 2026, criticized loans increased $49.7 million, while classified loans decreased $1.1 million when compared to at March 31, 2026. The increase in criticized loans compared to at March 31, 2026 was driven by fewer paydowns on loans previously considered criticized, coupled with an increase in loan downgrades. The increase in classified loans when compared to at June 30, 2025 was driven by loan downgrades. The increase in NPAs compared to at March 31, 2026, was primarily driven by the aforementioned other commercial real estate loans 90+ days past due and accruing. The decrease in NPAs compared to at June 30, 2025, was driven by the sale of a commercial OREO property at the end of 2025.
Deposits
The following table details Peoples’ deposit balances:
(Dollars in thousands) June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Non-interest-bearing deposits (a) $ 1,593,799  $ 1,586,514  $ 1,545,428  $ 1,536,094  $ 1,530,824 
Interest-bearing deposits:  
Retail CDs 1,876,056  1,968,441  1,983,791  2,008,619  2,005,322 
Interest-bearing demand accounts (a) 1,094,873  1,111,875  1,092,252  1,068,443  1,058,910 
Money market deposit accounts 995,487  958,413  945,313  948,177  927,543 
Savings accounts 915,505  918,557  887,402  884,230  889,872 
Governmental deposit accounts 755,024  842,087  739,939  769,782  781,949 
Brokered CDs 225,621  262,550  416,099  416,851  442,788 
Total interest-bearing deposits 5,862,566  6,061,923  6,064,796  6,096,102  6,106,384 
  Total deposits $ 7,456,365  $ 7,648,437  $ 7,610,224  $ 7,632,196  $ 7,637,208 
Demand deposits as a percent of total deposits 36  % 35  % 35  % 34  % 34  %
(a)The sum of amounts presented is considered total demand deposits.
At June 30, 2026, period-end total deposits decreased $192.1 million compared to at March 31, 2026, driven by decreases of $92.4 million in retail certificates of deposits, $87.1 million in governmental deposits, driven by seasonality, and $36.9 million in brokered CDs, partially offset by increases of $37.1 million in money market deposit accounts.
Compared to June 30, 2025, period-end deposit balances decreased $180.8 million, or 2%. The decrease in total deposits was primarily driven by a decrease of $217.2 million in brokered deposits and $129.3 million in retail certificates of deposits, partially offset by increases of $67.9 million in money market deposit accounts, $63.0 million in non-interest bearing deposits, $36.0 million in interest-bearing demand accounts, and $25.6 million in savings accounts.
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 June 30, 2026, Peoples had four effective interest rate swaps, with an aggregate notional value of $35.0 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) June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Short-term borrowings:
          
FHLB Overnight borrowings
 $ 544,000  $ 420,000  $ 365,000  $ 194,000  $ 356,000 
Current portion of long-term FHLB advances
 10,021  —  —  —  — 
Retail repurchase agreements
 14,410  22,941  20,277  14,250  23,569 
Other short-term borrowings 20,222  62,921  145,008  275,340  17,291 
Total short-term borrowings
 $ 588,653  $ 505,862  $ 530,285  $ 483,590  $ 396,860 
Long-term borrowings:
  
FHLB advances
 $ 80,842  $ 110,979  $ 131,106  $ 131,323  $ 131,580 
Vantage non-recourse debt
 43,227  42,451  41,386  40,324  45,429 
Other long-term borrowings
 32,184  32,000  31,646  55,635  55,382 
Total long-term borrowings
 $ 156,253  $ 185,430  $ 204,138  $ 227,282  $ 232,391 
Total borrowed funds
 $ 744,906  $ 691,292  $ 734,423  $ 710,872  $ 629,251 
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 deferrable interest debentures. Total borrowed funds at June 30, 2026 increased compared to at March 31, 2026 due to higher overnight borrowings. Total borrowed funds increased compared to at June 30, 2025 due to higher overnight borrowings, partially offset by the payoff of long-term FHLB advances.
Capital/Stockholders’ Equity
At June 30, 2026, 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 June 30, 2026, Peoples had a capital conservation buffer of 6.19%.
The following table details Peoples' risk-based capital levels and corresponding ratios:
(Dollars in thousands) June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Capital Amounts:          
Common Equity Tier 1 $ 928,639  $ 911,986  $ 893,970  $ 875,454  $ 857,036 
Tier 1 960,823  943,986  925,616  906,900  888,282 
Total (Tier 1 and Tier 2) 1,041,030  1,023,777  1,002,226  997,309  982,929 
Net risk-weighted assets $ 7,334,712  $ 7,323,344  $ 7,273,985  $ 7,231,476  $ 7,170,841 
Capital Ratios:
Common Equity Tier 1 12.66  % 12.45  % 12.29  % 12.11  % 11.95  %
Tier 1 13.10  % 12.89  % 12.73  % 12.54  % 12.39  %
Total (Tier 1 and Tier 2) 14.19  % 13.98  % 13.78  % 13.79  % 13.71  %
Tier 1 leverage ratio 10.33  % 10.14  % 9.91  % 9.74  % 9.83  %
Peoples' risk-based capital ratios at June 30, 2026 increased when compared to at March 31, 2026 due to the increase in retained earnings, driven by net income in the quarter coupled with a decrease in accumulated other comprehensive income.
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

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value should there be deterioration in the overall franchise value. 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) June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Tangible equity:          
Total stockholders' equity
 $ 1,236,551  $ 1,216,040  $ 1,206,602  $ 1,182,776  $ 1,153,350 
Less: goodwill and other intangible assets
 389,963  391,601  393,319  395,535  397,785 
Tangible equity
 $ 846,588  $ 824,439  $ 813,283  $ 787,241  $ 755,565 
Tangible assets:
  
Total assets
 $ 9,540,161  $ 9,648,087  $ 9,649,630  $ 9,623,944  $ 9,540,608 
Less: goodwill and other intangible assets
 389,963  391,601  393,319  395,535  397,785 
Tangible assets
 $ 9,150,198  $ 9,256,486  $ 9,256,311  $ 9,228,409  $ 9,142,823 
Tangible book value per common share:
Tangible equity
 $ 846,588  $ 824,439  $ 813,283  $ 787,241  $ 755,565 
Common shares outstanding
 35,939,954  35,925,945  35,714,484  35,705,369  35,673,721 
Tangible book value per common share
 $ 23.56  $ 22.95  $ 22.77  $ 22.05  $ 21.18 
Tangible equity to tangible assets ratio:
Tangible equity
 $ 846,588  $ 824,439  $ 813,283  $ 787,241  $ 755,565 
Tangible assets
 $ 9,150,198  $ 9,256,486  $ 9,256,311  $ 9,228,409  $ 9,142,823 
Tangible equity to tangible assets
 9.25  % 8.91  % 8.79  % 8.53  % 8.26  %
Tangible book value per common share increased to $23.56 at June 30, 2026 compared to $22.95 at March 31, 2026. Tangible book value per common share at June 30, 2026 increased compared to at June 30, 2025 primarily due to net income over the last twelve months. The change in tangible equity to tangible assets was due to the decrease in tangible assets during the second quarter of 2026 primarily driven by the sale of $135.2 million of available-for-sale securities.
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) June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025
300 $ 41,207  10.7  % $ 33,685  9.0  % $ (126,798) (5.7) % $ (180,169) (8.5) %
200 28,329  7.4  % 24,680  6.6  % (52,008) (2.3) % (81,855) (3.9) %
100 14,920  3.9  % 15,234  4.1  % (6,088) (0.3) % (11,295) (0.5) %
(100) (14,123) (3.7) % (9,381) (2.5) % (61,215) (2.7) % (29,918) (1.4) %
(200) (28,870) (7.5) % (19,378) (5.2) % (180,791) (8.1) % (128,374) (6.1) %
(300) $ (17,758) (4.6) % $ 3,271  0.9  % $ (363,943) (16.3) % $ (307,784) (14.5) %
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 June 30, 2026, 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 June 30, 2026, the bear steepener scenario produced an increase in net interest income of 1.0% and an increase in the economic value of equity of 4.0%.
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 June 30, 2026, the bull steepener scenario produced a decline of 1.0% 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 1.0%.
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 June 30, 2026, Peoples had entered into four interest rate swap contracts with an aggregate notional value of $35.0 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 June 30, 2026, 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

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adequacy of Peoples Bank's liquidity position remains appropriate and is largely unchanged from those disclosed in Peoples' 2025 Form 10-K.
At June 30, 2026, Peoples Bank had liquid assets of $493.2 million, which represented 4.5% of total assets and unfunded loan commitments. Peoples also had an additional $56.3 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 counterparty 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)
June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Home equity lines of credit $ 297,084  $ 278,771  $ 272,977  $ 267,598  $ 268,217 
Unadvanced construction loans 316,420  365,618  367,127  367,917  362,405 
Other loan commitments 787,533  794,100  779,076  763,058  791,389 
Loan commitments $ 1,401,037  $ 1,438,489  $ 1,419,180  $ 1,398,573  $ 1,422,011 
Standby letters of credit $ 6,253  $ 7,071  $ 7,041  $ 6,402  $ 6,774 
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 June 30, 2026. 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 June 30, 2026, 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
There have been no material changes from those risk factors previously discussed under "ITEM 1A. RISK FACTORS" of Part I of Peoples' 2025 Form 10-K, as supplemented by the disclosures under "ITEM 1A. RISK FACTORS" of Part II of Peoples' Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026. These risk factors are not only 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.
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 June 30, 2026:
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)
April 1 – 30, 2026 —  $ —  —  $ 15,780,726 
May 1 – 31, 2026 —  $ —  —  $ 15,780,726 
June 1 – 30, 2026 1,946  (2) $ 35.12  (2) —  $ 15,780,726 
Total 1,946    $ 35.12    —  $ 15,780,726 
(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 second quarter of 2026.
(2)Reflects 1,946 common shares purchased in open market transactions during June 2026, 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.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.

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ITEM 5. OTHER INFORMATION
(a)None.
(b)Not applicable.
(c)During the three months ended June 30, 2026, 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 April 20, 2026, by and between Peoples Bancorp Inc. and Citizens National Corporation Incorporation by reference to Exhibit 2.1 to Peoples' Current Report on Form 8-K dated and filed on April 24, 2026 (File No. 0-16772)
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
Form of Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan Time-Based Restricted Stock Award Agreement used and to be used to evidence grants of time-based restricted common shares to executive officers of Peoples Bancorp Inc. after January 21, 2026* Incorporated herein by reference to Exhibit 10.1 to Peoples' Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (File No. 0-16772)
Form of Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan Performance Unit Award Agreement used and to be used to evidence grants of performance unit awards to executive officers of Peoples Bancorp Inc. after January 21, 2026* Incorporated herein by reference to Exhibit 10.2 to Peoples' Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (File No. 0-16772)
  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 June 30, 2026 of Peoples Bancorp Inc. are the following documents formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at June 30, 2026 (Unaudited) and at December 31, 2025; (ii) Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025; (iii) Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2026 and 2025; (iv) Consolidated Statements of Stockholders' Equity (Unaudited) for the three and six months ended June 30, 2026 and 2025; (v) Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025; 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.

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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: July 30, 2026 By: /s/ TYLER WILCOX
    Tyler Wilcox
    President and Chief Executive Officer
Date: July 30, 2026 By: /s/ KATIE BAILEY
    Katie Bailey
    Executive Vice President,
    Chief Financial Officer and Treasurer


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EX-31.1 2 exhibit3112026q210-q.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 June 30, 2026, 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: July 30, 2026         By:/s/ TYLER WILCOX
      Tyler Wilcox
      President and Chief Executive Officer


EX-31.2 3 exhibit3122026q210-q.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 June 30, 2026, 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: July 30, 2026   By:/s/  KATIE BAILEY
      Katie Bailey
      Executive Vice President,
      Chief Financial Officer and Treasurer


EX-32 4 exhibit322026q210-q.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 Quarterly Report of Peoples Bancorp Inc. (“Peoples Bancorp”) on Form 10-Q for the quarterly period ended June 30, 2026, 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: July 30, 2026         By:/s/  TYLER WILCOX
      Tyler Wilcox
      President and Chief Executive Officer

Date: July 30, 2026         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.