[10-Q] PEOPLES BANCORP INC Quarterly Earnings Report

Rhea-AI Filing Summary

Peoples Bancorp (PEBO) reported Q3 2025 results. Net income was $29.5M and diluted EPS was $0.83, compared to $31.7M and $0.89 a year ago. Net interest income rose to $91.3M as deposit costs eased, while provision for credit losses increased to $7.3M. Non‑interest income was $23.8M, including a net loss on securities of $2.6M.

Total assets reached $9.62B. Net loans were $6.65B, up from $6.29B at year‑end, reflecting loan growth. Deposits were $7.63B. Short‑term borrowings increased to $483.6M, supporting balance sheet funding. Accumulated other comprehensive loss improved to $(77.5)M from $(110.4)M, driven by higher unrealized gains.

Year‑to‑date, operating cash flow was $99.4M. Investing used $403.4M (loan growth and securities purchases), while financing provided $276.5M (deposit growth and borrowings). The company declared a quarterly dividend of $0.41 per share; year‑to‑date dividends were $1.22 per share.

Insights

Banking sector analyst

Solid core spread income with higher provisioning and funding mix shifts.

PEBO posted Q3 net income of $29.5M with net interest income at $91.3M. Interest expense declined versus last year, helping core spread revenue, while the provision for credit losses increased to $7.3M, moderating bottom‑line growth.

Balance sheet data show loan growth (net loans $6.65B) and deposits at $7.63B. Short‑term borrowings rose to $483.6M, indicating a greater reliance on wholesale funding alongside deposits. Accumulated other comprehensive loss improved to $(77.5)M, reflecting market value recovery in securities.

Cash flows highlight investment in earning assets (investing cash outflow $403.4M) funded by deposits and borrowings (financing inflow $276.5M). Actual performance will depend on credit costs and funding mix disclosed in subsequent periods.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

(Mark One)

  ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

  ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number: 000-16772

PEOPLES BANCORP INC.

(Exact name of Registrant as specified in its charter)

Ohio

31-0987416

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

138 Putnam Street,

P.O. Box 738,

Marietta,

Ohio

45750

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(740)

373-3155

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, without par value

PEBO

The Nasdaq Stock Market

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

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

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

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

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

APPLICABLE ONLY TO CORPORATE ISSUERS:

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

Table of Contents

Table of Contents
PART I – FINANCIAL INFORMATION			3
ITEM 1.  FINANCIAL STATEMENTS			3
CONSOLIDATED BALANCE SHEETS (Unaudited)			3
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)			4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)			5
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)			6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)			10
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS			11
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			43
EXECUTIVE SUMMARY			46
RESULTS OF OPERATIONS			48
FINANCIAL CONDITION			62
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			73
ITEM 4.  CONTROLS AND PROCEDURES			73
PART II – OTHER INFORMATION			74
ITEM 1.  LEGAL PROCEEDINGS			74
ITEM 1A.  RISK FACTORS			74
ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			75
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES			75
ITEM 4. MINE SAFETY DISCLOSURES			75
ITEM 5.  OTHER INFORMATION			75
ITEM 6.  EXHIBITS			76
SIGNATURES			78

2

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

PEOPLES BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

(a)    Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $237, respectively, at both September 30, 2025 and December 31, 2024.

(b)    Also referred to throughout this Quarterly Report on Form 10-Q as "total loans" or "loans held for investment."

(c)    Also referred to throughout this Quarterly Report on Form 10-Q as "net loans."

See Notes to the Unaudited Condensed Consolidated Financial Statements

3

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PEOPLES BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

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

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

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

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

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

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

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

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

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 Summary of Significant Accounting Policies

Basis of Presentation: The accompanying Unaudited Condensed Consolidated Financial Statements of Peoples Bancorp Inc. and its subsidiaries ("Peoples" refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) have been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP") for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by US GAAP for annual financial statements and should be read in conjunction with Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2024 ("Peoples' 2024 Form 10-K").

The accounting and reporting policies followed in the presentation of the accompanying Unaudited Condensed Consolidated Financial Statements are consistent with those described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2024 Form 10-K, as updated by the information contained in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 (this "Form 10-Q"). Management has evaluated all significant events and transactions that occurred after September 30, 2025 for potential recognition or disclosure in these Unaudited Condensed Consolidated Financial Statements. In the opinion of management, these Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary to present fairly such information for the periods and at the dates indicated. Such adjustments are normal and recurring in nature. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, total comprehensive income, net cash provided by operating, financing, or investing activities or total stockholders’ equity. The impact of such changes are not considered material to Peoples' financial statements. Intercompany accounts and transactions have been eliminated. The Consolidated Balance Sheet at December 31, 2024, contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2024 Form 10-K. 

The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, due in part to seasonal variations and unusual or infrequently occurring items.

Operating Segments: As a community banking entity, Peoples offers its customers a full range of products including a complete line of banking, leasing, insurance, investment and trust solutions. Peoples’ business activities are currently confined to a single reportable operating segment, which is community banking. Peoples’ single operating segment was determined based on the similar economic characteristics shared by the components of community banking. Peoples’ chief operating decision maker (“CODM”) is composed of its President and Chief Executive Officer, and its Chief Financial Officer. Peoples’ CODM considers all components of consolidated interest income, interest expense, non-interest income, and non-interest expense as presented in Peoples’ Consolidated Statements of Operations for the purposes of assessing performance of Peoples’ single reportable segment and allocating resources within its reportable segment. The CODM does not review segment revenue or expense information at a lower level than what is included in Peoples’ Consolidated Statements of Operations.

New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by Peoples as of the required effective dates. Refer to "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2024 Form 10-K for the impact of recently adopted standards impacting Peoples. Unless otherwise discussed, management believes the impact of any recently adopted standards will not have a material impact on Peoples' financial statements taken as a whole.

Note 2 Fair Value of Assets and Liabilities

Fair value represents the amount expected to be received to sell an asset or paid to transfer a liability in its principal or most advantageous market in an orderly transaction between market participants at the measurement date. In accordance with fair value accounting guidance, Peoples measures, records and reports various types of assets and liabilities at fair value on either a recurring or a non-recurring basis in the Unaudited Condensed Consolidated Financial Statements. Those assets and liabilities are presented below in the sections entitled “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis” and “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis.”

Depending on the nature of the asset or the liability, Peoples uses various valuation methodologies and assumptions to estimate fair value. The measurement of fair value under US GAAP uses a hierarchy, which is described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2024 Form 10-K.

Assets and liabilities are assigned to a level within the fair value hierarchy based on the lowest level of significant input used to measure fair value. Assets and liabilities may change levels within the fair value hierarchy due to market conditions or other circumstances. Those transfers are recognized on the date of the event that prompted the transfer. There were no transfers of assets or

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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
						September 30, 2025									December 31, 2024
(Dollars in thousands)						Level 1			Level 2									Level 1			Level 2
			Assets:
Available-for-sale investment securities:
Obligations of:
U.S. Treasury and government agencies						$	—		$	17,696								$	893		$	14,303
U.S. government sponsored agencies						—			164,132									—			209,083
States and political subdivisions						—			186,822									—			196,301
Residential mortgage-backed securities						—			561,517									—			601,802
Commercial mortgage-backed securities						—			42,510									—			55,065
Bank-issued trust preferred securities						—			4,229									—			6,108
Total available-for-sale securities						$	—		$	976,906								$	893		$	1,082,662
Equity investment securities (a)						168			246									197			244
Nonqualified deferred compensation (a) (b)						6,250			—									4,898			—
Derivative assets (c)						—			10,621									—			18,743
Liabilities:
Derivative liabilities (d)						$	—		$	10,007								$	—		$	17,046

(a)    Included in "Other investments" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 3 Investment Securities" of the Notes to the Unaudited Condensed Consolidated Financial Statements.

(b) Investments in the nonqualified deferred compensation plan consist of mutual funds.

(c)    Included in "Other assets" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.

(d)    Included in "Accrued expenses and other liabilities" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.

Available-for-Sale Investment Securities: The fair values used by Peoples are obtained from an independent pricing service and represent either quoted market prices for the identical securities (Level 1) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, secured overnight funding rate ("SOFR") (or other relevant) yield curves, credit spreads, and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services or broker in management's overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists.

Equity Investment Securities: The fair values of Peoples' equity investment securities are obtained from quoted prices in active exchange markets for identical assets or liabilities (Level 1) or quoted prices in less active markets (Level 2).

Nonqualified deferred compensation: The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of cash and exchange traded mutual funds, which values are based on market prices (Level 1).

Derivative Assets and Derivative Liabilities: The fair values for derivative financial instruments are determined based on third-party models, which leverage current market interest rates, broker-dealer quotations on similar products, or other related input parameters (Level 2).

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Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis

The following table provides the fair value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Unaudited Consolidated Balance Sheets by level in the fair value hierarchy at September 30, 2025 and December 31, 2024.

									Non-Recurring Fair Value Measurements at Reporting Date
									September 30, 2025												December 31, 2024
(Dollars in thousands)									Level 2			Level 3									Level 2			Level 3
			Assets:
Collateral dependent loans									$	—		$	5,232								$	—		$	4,375
Loans held for sale (a)									982			—									1,499			—
Other real estate owned									—			—									—			5,891

(a) Loans held for sale are presented gross of a valuation allowance of $56 and $166 at September 30, 2025 and at December 31, 2024, respectively.

Collateral Dependent Loans: Loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty, are considered collateral dependent. Peoples utilizes outside third-party appraisal services to value the underlying collateral, which Peoples then uses to report the loans at their fair value (Level 3).

Loans Held for Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried, in aggregate, at the lower of cost or estimated fair value. Peoples uses a valuation model using quoted market prices of similar instruments in arriving at the fair value (Level 2).

Other Real Estate Owned ("OREO"): OREO, included in "Other assets" on the Unaudited Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples in satisfaction of a loan. OREO is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches, including the comparable sales and income approaches. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available (Level 3).

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Financial Instruments Not Required to be Measured or Reported at Fair Value

The following table provides the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Unaudited Consolidated Balance Sheets.

						Fair Value Measurements of Other Financial Instruments
(Dollars in thousands)						Fair Value Hierarchy Level			September 30, 2025									December 31, 2024
									Carrying Amount			Fair Value						Carrying Amount			Fair Value
			Assets:
Cash and cash equivalents						1			$	190,217		190,217						$	217,664		$	217,664
Held-to-maturity investment securities:
Obligations of:
U.S. government sponsored agencies						2			255,888			248,476						233,302			223,294
States and political subdivisions (a)						2			142,106			115,448						142,691			110,848
Residential mortgage-backed securities						2			438,101			425,908						300,290			276,278
Commercial mortgage-backed securities						2			95,966			82,893						98,754			82,079
Total held-to-maturity securities									932,061			872,725						775,037			692,499
Other investments:
Other investments at cost:
Federal Home Loan Bank ("FHLB") stock						3			26,013			26,013						24,606			24,606
Federal Reserve Bank ("FRB") stock						3			27,114			27,114						27,114			27,114
Other investments (b)						3			4,200			4,200						3,073			3,073
Total other investments at cost									57,327			57,327						54,793			54,793
Loans and leases, net of deferred fees and costs (c)						3			6,728,728			6,693,002						6,358,003			6,240,751
Bank owned life insurance						2			147,097			147,097						143,710			143,710
Liabilities:
Deposits						2			$	7,632,196		$	6,999,350					$	7,590,205		$	6,713,360
Short-term borrowings						2			483,590			483,586						193,474			192,964
Long-term borrowings						2			227,282			247,326						238,073			258,195

(a) Obligations of states and political subdivisions are presented gross of an allowance for credit losses of $237 at both September 30, 2025 and December 31, 2024.

(b)     "Other investments", as reported on the Unaudited Consolidated Balance Sheets, also included equity investment securities at September 30, 2025

and at December 31, 2024, which are reported in the "Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis"

table above and not included in this table.

(c) Loans and leases, net of deferred fees and costs, are presented gross of an allowance for credit losses of $74.9 million and $63.3 million at September 30, 2025 and at December 31, 2024, respectively.

For certain financial assets and liabilities, carrying value approximates fair value due to the nature of the financial instrument. These financial instruments include cash and cash equivalents and overnight borrowings. Peoples used the following methods and assumptions in estimating the fair value of the following financial instruments:

Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, federal funds sold and other short-term investments with original maturities of 90 days or less. The carrying amount for cash and cash equivalents balances are a reasonable estimate of fair value (Level 1).

Held-to-Maturity Investment Securities: The fair values used by Peoples are obtained from an independent pricing service and represent fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, relevant yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists.

Other Investments: FHLB and FRB stock are both recorded at historical cost. Other investments are otherwise primarily comprised of investments accounted for under the cost method due to the level of control Peoples exercises over the investee. These investments are not actively traded in an open market as sales for these types of investments are rare (Level 3).

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Loans and Leases, Net of Deferred Fees and Costs: The fair value of portfolio loans and leases assumes sale of the underlying notes to a third-party financial investor. Accordingly, this value is not necessarily the value to Peoples if the notes were held to maturity. Peoples considers interest rate, credit and market factors in estimating the fair value of loans and leases (Level 3). Fair values for loans and leases are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans and leases with similar terms, the credit risk associated with the loans and leases and other market factors, including liquidity.

Bank Owned Life Insurance: Peoples' bank owned life insurance ("BOLI") policies are recorded at their cash surrender value, which approximates fair value (Level 2). Peoples recognizes tax-exempt income from the periodic increases in the cash surrender value of these policies and from death benefits.

Deposits: The fair value of fixed-maturity certificates of deposit ("CDs") is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities. Demand and other non-fixed-maturity deposits are estimated using a discounted cash flow calculation based on maturity, attrition and re-pricing assumptions (Level 2).

Short-term Borrowings: The fair value of short-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2). 

Long-term Borrowings: The fair value of long-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2). 

Certain financial assets and financial liabilities that are not required to be measured or reported at fair value can be subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These financial assets and financial liabilities include the following: customer relationships, the deposit base, and other information required to compute Peoples’ aggregate fair value, which are not included in the above information. Accordingly, the fair values described above are not intended to represent the aggregate fair value of Peoples.

Note 3 Investment Securities

Available-for-sale

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

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

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The gross gains and losses realized by Peoples from sales or prepayments of available-for-sale investment securities for the periods ended September 30 were as follows:

			Three Months Ended									Nine Months Ended
			September 30,									September 30,
(Dollars in thousands)			2025			2024						2025			2024
Gross gains realized			$	120		$	347					$	145		$	347
Gross losses realized			(2,700)			(421)						(2,727)			(775)
Net loss realized			$	(2,580)		$	(74)					$	(2,582)		$	(428)

The cost of investment securities sold, and any resulting gain or loss, were based on the specific identification method and recognized as of the trade date.

The following table presents a summary of available-for-sale investment securities that have been in a continuous unrealized loss position for the periods identified:

			Less than 12 Months												12 Months or More												Total
(Dollars in thousands)			Fair Value			Unrealized Loss			No. of Securities						Fair Value			Unrealized Loss			No. of Securities						Fair Value			Unrealized Loss
September 30, 2025
Obligations of:
U.S. Treasury and government agencies			$	10,694		$	37		6						$	1,349		$	7		6						$	12,043		$	44
U.S. government sponsored agencies			30,639			371			4						115,692			6,996			27						146,331			7,367
States and political subdivisions			6,993			159			10						165,192			21,663			148						172,185			21,822
Residential mortgage-backed securities			23,837			10			4						489,167			68,126			256						513,004			68,136
Commercial mortgage-backed securities			728			5			2						41,210			6,458			23						41,938			6,463
Bank-issued trust preferred securities			—			—			—						3,728			272			2						3,728			272
Total			$	72,891		$	582		26						$	816,338		$	103,522		462						$	889,229		$	104,104
December 31, 2024
Obligations of:
U.S. Treasury and government agencies			$	10,003		$	174		11						$	2,299		$	34		10						$	12,302		$	208
U.S. government sponsored agencies			130,518			5,816			27						70,982			9,321			13						201,500			15,137
States and political subdivisions			28,400			1,188			55						160,210			27,601			138						188,610			28,789
Residential mortgage-backed securities			85,043			2,300			69						482,609			91,175			256						567,652			93,475
Commercial mortgage-backed securities			2,868			93			5						46,619			9,316			24						49,487			9,409
Bank-issued trust preferred securities			493			7			1						5,614			385			3						6,107			392
Total			$	257,325		$	9,578		168						$	768,333		$	137,832		444						$	1,025,658		$	147,410

Management evaluates available-for-sale investment securities for an allowance for credit losses on a quarterly basis. At September 30, 2025, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At September 30, 2025, Peoples did not have the intent to sell, nor was it more likely than not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both September 30, 2025 and December 31, 2024 were attributable to changes in market interest rates and spreads since the securities were purchased, and were not credit-related losses.

The unrealized loss with respect to the two bank-issued trust preferred securities that had been in an unrealized loss position for 12 months or more at September 30, 2025 was attributable to the subordinated nature of the trust preferred securities.

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The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at September 30, 2025. The weighted-average yields are based on the amortized cost. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.

 

(Dollars in thousands)			Within 1 Year			1 to 5 Years			5 to 10 Years			Over 10 Years			Total
Amortized cost
Obligations of:
U.S. Treasury and government agencies			$	262		$	845		$	11,227		$	5,248		$	17,582
U.S. government sponsored agencies			1,496			32,513			77,020			60,153			171,182
States and political subdivisions			5,645			42,732			71,598			88,530			208,505
Residential mortgage-backed securities			—			1,588			43,604			582,769			627,961
Commercial mortgage-backed securities			635			6,427			23,939			17,972			48,973
Bank-issued trust preferred securities			—			1,500			3,000			—			4,500
Total available-for-sale securities			$	8,038		$	85,605		$	230,388		$	754,672		$	1,078,703
Fair value
Obligations of:
U.S. Treasury and government agencies			$	261		$	848		$	11,330		$	5,257		$	17,696
U.S. government sponsored agencies			1,480			29,996			74,278			58,378			164,132
States and political subdivisions			5,611			40,371			63,300			77,540			186,822
Residential mortgage-backed securities			—			1,536			41,534			518,447			561,517
Commercial mortgage-backed securities			635			6,049			20,924			14,902			42,510
Bank-issued trust preferred securities			—			1,471			2,758			—			4,229
Total available-for-sale securities			$	7,987		$	80,271		$	214,124		$	674,524		$	976,906
Total weighted-average yield			2.48		%	2.02		%	2.94		%	2.76		%	2.74		%

Held-to-maturity

The following table summarizes Peoples’ held-to-maturity investment securities:

(Dollars in thousands)			Amortized Cost			Allowance for Credit Losses			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
September 30, 2025
Obligations of:
U.S. government sponsored agencies			$	255,888		$	—		$	625		$	(8,037)		$	248,476
States and political subdivisions			142,106			(237)			95			(26,516)			115,448
Residential mortgage-backed securities			438,101			—			4,168			(16,361)			425,908
Commercial mortgage-backed securities			95,966			—			—			(13,073)			82,893
Total held-to-maturity investment securities			$	932,061		$	(237)		$	4,888		$	(63,987)		$	872,725
December 31, 2024
Obligations of:
U.S. government sponsored agencies			$	233,302		$	—		$	219		$	(10,227)		$	223,294
States and political subdivisions			142,691			(237)			110			(31,716)			110,848
Residential mortgage-backed securities			300,290			—			281			(24,293)			276,278
Commercial mortgage-backed securities			98,754			—			—			(16,675)			82,079
Total held-to-maturity investment securities			$	775,037		$	(237)		$	610		$	(82,911)		$	692,499

There were no sales of held-to-maturity investment securities during the periods ended September 30, 2025 or December 31, 2024.

Management evaluates held-to-maturity investment securities for an allowance for credit losses on a quarterly basis. The majority of People's held-to maturity investment securities are agency-backed securities, for which an allowance for credit losses was not recorded. Peoples calculated the allowance for credit losses for state and political subdivisions using cumulative default rate averages for municipal securities. Peoples reported $0.2 million of allowance for credit losses for held-to-maturity investment securities at both September 30, 2025, and December 31, 2024.

The following table presents a summary of held-to-maturity investment securities that had been in a continuous unrealized loss position for the periods identified:

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			Less than 12 Months												12 Months or More												Total
(Dollars in thousands)			Fair Value			Unrealized Loss			No. of Securities						Fair Value			Unrealized Loss			No. of Securities						Fair Value			Unrealized Loss
September 30, 2025
Obligations of:
U.S. government sponsored agencies			$	102,454		$	1,154		12						$	78,314		$	6,883		19						$	180,768		$	8,037
States and political subdivisions			924			79			1						111,365			26,437			66						112,289			26,516
Residential mortgage-backed securities			37,817			322			7						152,215			16,039			47						190,032			16,361
Commercial mortgage-backed securities			1,560			12			1						79,332			13,061			32						80,892			13,073
Total			$	142,755		$	1,567		21						$	421,226		$	62,420		164						$	563,981		$	63,987
December 31, 2024
Obligations of:
U.S. government sponsored agencies			$	150,390		$	2,464		29						$	38,901		$	7,763		11						$	189,291		$	10,227
States and political subdivisions			957			44			1						106,716			31,672			66						107,673			31,716
Residential mortgage-backed securities			116,576			2,808			27						130,556			21,485			43						247,132			24,293
Commercial mortgage-backed securities			9,603			1,381			5						70,476			15,294			29						80,079			16,675
Total			$	277,526		$	6,697		62						$	346,649		$	76,214		149						$	624,175		$	82,911

The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at September 30, 2025. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a federal statutory corporate income tax rate of 21% at September 30, 2025. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.

(Dollars in thousands)			Within 1 Year			1 to 5 Years			5 to 10 Years			Over 10 Years			Total
Amortized cost
Obligations of:
U.S. government sponsored agencies			$	2,916		$	5,693		$	119,659		$	127,620		$	255,888
States and political subdivisions			2,799			6,581			27,522			105,204			142,106
Residential mortgage-backed securities			48			—			3,594			434,459			438,101
Commercial mortgage-backed securities			2,000			8,836			39,577			45,553			95,966
Total held-to-maturity investment securities			$	7,763		$	21,110		$	190,352		$	712,836		$	932,061
Fair value
Obligations of:
U.S. government sponsored agencies			$	2,881		$	5,412		$	118,768		$	121,415		$	248,476
States and political subdivisions			2,799			6,375			23,182			83,092			115,448
Residential mortgage-backed securities			48			—			3,247			422,613			425,908
Commercial mortgage-backed securities			2,000			8,257			34,815			37,821			82,893
Total held-to-maturity investment securities			$	7,728		$	20,044		$	180,012		$	664,941		$	872,725
Total weighted-average yield			1.90%			1.93%			3.93%			4.21%			4.08%

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Other Investments

Peoples' other investments on the Unaudited Consolidated Balance Sheets consist largely of shares of FHLB stock and of FRB stock.

The following table summarizes the carrying value of Peoples' other investments:

(Dollars in thousands)			September 30, 2025			December 31, 2024
FHLB stock			$	26,013		$	24,606
FRB stock			27,114			27,114
Nonqualified deferred compensation			6,250			4,898
Equity investment securities			3,745			2,645
Other investments			869			869
Total other investments			$	63,991		$	60,132

During the nine months ended September 30, 2025, Peoples redeemed $31.7 million of FHLB stock in order to be in compliance with the requirements of the FHLB. Peoples purchased $33.1 million of additional FHLB stock during the nine months ended September 30, 2025, as a result of the FHLB's capital requirements on FHLB advances.

For the three months ended September 30, 2025 and 2024, Peoples recorded the change in the fair value of equity investment securities held during the period in "Other non-interest income", resulting in an unrealized loss of $26,000 and an unrealized gain of $12,000, respectively. For the nine months ended September 30, 2025 and 2024, Peoples recognized an unrealized loss of $28,000 and an unrealized gain of $81,000, respectively, for the change in fair value of equity investment securities in "Other non-interest income."

At September 30, 2025, Peoples' investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies. There were no equity investment securities of a single issuer that exceeded 10% of Peoples' stockholders' equity at September 30, 2025.

Pledged Securities

Peoples has pledged available-for-sale investment securities and held-to-maturity investment securities to secure public and trust department deposits, and repurchase agreements in accordance with federal and state requirements. Peoples has also pledged available-for-sale investment securities to secure additional borrowing capacity at the FHLB and the FRB.

The following table summarizes the carrying amount of Peoples' pledged securities:

						Carrying Amount
(Dollars in thousands)						September 30, 2025						December 31, 2024
			Securing public and trust department deposits, and repurchase agreements:
Available-for-sale						$	406,307					$	505,963
Held-to-maturity						718,780						563,014
Securing additional borrowing capacity at the FHLB and the FRB:
Available-for-sale						4,099						3,119
Held-to-maturity						90,298						1,215

Accrued Interest

Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on investment securities was $10.9 million at September 30, 2025 and $9.9 million at December 31, 2024.

Note 4 Loans and Leases

Peoples' loan portfolio consists of various types of loans and leases originated primarily as a result of lending opportunities within Peoples' footprint. Peoples also originates insurance premium finance loans nationwide through its Peoples Premium Finance division, and originates leases nationwide through its North Star Leasing ("NSL") division and its Vantage Financial, LLC ("Vantage") subsidiary.

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The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows:

(Dollars in thousands)			September 30, 2025			December 31, 2024
Construction			$	261,048		$	328,388
Commercial real estate, other			2,369,396			2,156,013
Commercial and industrial			1,489,505			1,347,645
Premium finance			273,297			269,435
Leases			382,753			406,598
Residential real estate			875,773			835,101
Home equity lines of credit			247,383			232,661
Consumer, indirect			710,385			669,857
Consumer, direct			118,206			111,052
Deposit account overdrafts			982			1,253
Total loans, at amortized cost			$	6,728,728		$	6,358,003

The table above includes net deferred loan origination costs of $20.1 million and $20.2 million at September 30, 2025 and at December 31, 2024, respectively. The remaining unamortized net discount included in the amortized cost of loans and leases was $11.4 million and $19.5 million at September 30, 2025 and at December 31, 2024, respectively.

Accrued interest receivable is not included within the loan balances, but is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Total interest receivable on loans was $23.9 million at September 30, 2025 and $23.1 million at December 31, 2024.

Nonaccrual and Past Due Loans

A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due.

The amortized cost of loans on nonaccrual status and of loans delinquent for 90 days or more and accruing was as follows:

			September 30, 2025									December 31, 2024
(Dollars in thousands)			Nonaccrual (a)			Accruing Loans 90+ Days Past Due						Nonaccrual (a)			Accruing Loans 90+ Days Past Due
Commercial real estate, other			$	3,861		$	—					$	7,136		$	227
Commercial and industrial			6,258			163						6,809			78
Premium finance			—			2,492						—			4,947
Leases			11,338			496						8,850			803
Residential real estate			8,249			1,432						7,329			2,166
Home equity lines of credit			1,336			28						1,498			213
Consumer, indirect			2,563			160						2,374			159
Consumer, direct			284			127						133			44
Total loans, at amortized cost			$	33,889		$	4,898					$	34,129		$	8,637

(a) There were $1.9 million and $5.7 million of nonaccrual loans for which there was no allowance for credit losses at September 30, 2025 and at December 31, 2024, respectively.

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During the first nine months of 2025, nonaccrual loans decreased slightly compared to at December 31, 2024, which was primarily due to decreases in other commercial real estate and commercial and industrial loans, partially offset by an uptick in nonaccrual leases and residential real estate loans. The decrease in accruing loans 90+ days past due at September 30, 2025, when compared to at December 31, 2024, was primarily due to reductions in accruing 90+ days past due premium finance loans and residential real estate loans of $2.5 million and $0.7 million, respectively. The delinquent premium finance loans carry low credit risk, due to the ability to cancel premiums and recover the most, if not all of the receivable from the insurer.

The following table presents the aging of the amortized cost of past due loans:

			Loans Past Due												Current Loans			Total Loans
(Dollars in thousands)			30 - 59 days			60 - 89 days			90 + Days			Total
September 30, 2025
Construction			$	—		$	—		$	—		$	—		$	261,048		$	261,048
Commercial real estate, other			5,423			2,457			2,904			10,784			2,358,612			2,369,396
Commercial and industrial			1,909			495			5,086			7,490			1,482,015			1,489,505
Premium finance			1,880			996			2,492			5,368			267,929			273,297
Leases			2,907			6,733			11,549			21,189			361,564			382,753
Residential real estate			2,616			3,782			4,806			11,204			864,569			875,773
Home equity lines of credit			1,924			473			604			3,001			244,382			247,383
Consumer, indirect			6,429			1,162			1,331			8,922			701,463			710,385
Consumer, direct			534			211			305			1,050			117,156			118,206
Deposit account overdrafts			—			—			—			—			982			982
Total loans, at amortized cost			$	23,622		$	16,309		$	29,077		$	69,008		$	6,659,720		$	6,728,728
December 31, 2024
Construction			$	—		$	—		$	—		$	—		$	328,388		$	328,388
Commercial real estate, other			1,300			1,585			6,008			8,893			2,147,120			2,156,013
Commercial and industrial			1,651			583			4,551			6,785			1,340,860			1,347,645
Premium finance			3,863			456			4,947			9,266			260,169			269,435
Leases			10,941			5,241			9,575			25,757			380,841			406,598
Residential real estate			11,481			3,038			5,271			19,790			815,311			835,101
Home equity lines of credit			1,473			317			1,093			2,883			229,778			232,661
Consumer, indirect			7,568			1,522			1,326			10,416			659,441			669,857
Consumer, direct			884			113			138			1,135			109,917			111,052
Deposit account overdrafts			—			—			—			—			1,253			1,253
Total loans, at amortized cost			$	39,161		$	12,855		$	32,909		$	84,925		$	6,273,078		$	6,358,003

Delinquency trends improved slightly, as 99.0% of Peoples' loan portfolio was considered “current” at September 30, 2025, compared to 98.7% at December 31, 2024.

Pledged Loans

Peoples has pledged certain loans secured by one-to-four family and multifamily residential mortgages, home equity lines of credit and commercial real estate loans under a blanket collateral agreement to secure borrowings from the FHLB. Peoples also has pledged eligible commercial and industrial loans to secure borrowings with the FRB. Loans pledged are summarized as follows:

(Dollars in thousands)			September 30, 2025			December 31, 2024
Loans pledged to FHLB			$	1,262,210		$	1,218,496
Loans pledged to FRB			479,267			527,989

Credit Quality Indicators

As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2024 Form 10-K, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Commercial loans to borrowers with an aggregate unpaid principal balance in excess of $1.0 million are reviewed at least on an annual basis for possible credit deterioration. Commercial leases, as well as loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1.0 million, are reviewed on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower's business, receipt of financial statements

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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:

“Pass” (grades 1 through 4): Loans in this risk category involve borrowers of acceptable-to-strong credit quality and risk who have the apparent ability to satisfy their loan obligations. Loans in this risk category would possess sufficient mitigating factors, such as adequate collateral or strong guarantors possessing the capacity to repay the loan if required, for any weakness that may exist.

“Special Mention” (grade 5): Loans in this risk grade are the equivalent of the regulatory definition of “Other Assets Especially Mentioned.” Loans in this risk category possess some credit deficiency or potential weakness, which requires a high level of management attention. Potential weaknesses include declining trends in operating earnings and cash flows and/or reliance on a secondary source of repayment. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the loan or in Peoples' credit position.

“Substandard” (grade 6): Loans in this risk grade are inadequately protected by the borrower's current financial condition and payment capability or the collateral pledged, if any. Loans so classified have one or more well-defined weaknesses that jeopardize the orderly repayment of the loans. They are characterized by the distinct possibility that Peoples will sustain some loss if the weaknesses are not corrected.

“Doubtful” (grade 7): Loans in this risk grade have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or orderly repayment in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Possibility of loss is extremely high, but because of certain important and reasonably specific factors that may work to the advantage and strengthening of the exposure, classification of each of these loans as an estimated loss is deferred until its more exact status may be determined.

“Loss” (grade 8): Loans in this risk grade are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean a loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Charge-offs against the allowance for credit losses are taken during the period in which the loan becomes uncollectible. Consequently, Peoples typically does not maintain a recorded investment in loans within this category.

Consumer loans and other smaller-balance loans are evaluated and categorized as "substandard," "doubtful" or "loss" based upon the regulatory definition of these classes and consistent with regulatory requirements. Leases are categorized as "special mention", "substandard", "doubtful", or "loss" based upon delinquency status and the prospect of collecting the remaining net investment balance owed under the lease. All other loans not evaluated individually, nor meeting the regulatory conditions to be categorized as described above, would be considered as being "not rated."

The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the most recent analysis performed at September 30, 2025:

			Term Loans at Amortized Cost by Origination Year																					Revolving Loans Converted to Term
(Dollars in thousands)			2025			2024			2023			2022			2021			Prior			Revolving Loans						Total Loans
Construction
Pass			$	49,861		$	79,937		$	116,066		$	991		$	6,533		$	5,040		$	—		$	512		$	258,428
Substandard			—			—			1,125			1,495			—			—			—			—			2,620
Total			49,861			79,937			117,191			2,486			6,533			5,040			—			512			261,048
Current period gross charge-offs (a)			—			—			—			—			—			—									—
Commercial real estate, other
Pass			250,913			186,063			350,878			385,044			341,179			692,324			38,645			1,844			2,245,046
Special mention			85			8,596			2,606			611			4,852			27,224			133			—			44,107
Substandard			—			680			1,362			15,809			27,614			34,214			554			2,423			80,233
Doubtful			—			—			—			—			—			10			—			—			10
Total			250,998			195,339			354,846			401,464			373,645			753,772			39,332			4,267			2,369,396
Current period gross charge-offs (a)			—			—			—			156			—			121									277
Commercial and industrial
Pass			266,963			253,929			181,349			103,836			110,948			225,164			236,280			5,636			1,378,469

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

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

The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the then most recent analysis performed at December 31, 2024:

			Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)			2024			2023			2022			2021			2020			Prior			Revolving Loans			Revolving Loans Converted to Term			Total Loans
Construction
Pass			$	69,862		$	162,605		$	47,133		$	30,592		$	1,845		$	13,540		$	—		$	—		$	325,577
Special mention			—			—			—			—			—			115			—			—			115
Substandard			—			1,161			1,535			—			—			—			—			—			2,696
Total			69,862			163,766			48,668			30,592			1,845			13,655			—			—			328,388
Current period gross charge-offs (a)			—			—			—			—			—			—									—
Commercial real estate, other
Pass			130,971			219,105			366,256			337,905			201,367			751,415			41,122			—			2,048,141
Special mention			271			2,923			11,876			7,197			5,107			10,689			288			—			38,351
Substandard			145			1,073			2,460			18,851			9,234			37,136			612			—			69,511
Doubtful			—			—			—			—			—			10			—			—			10
Total			131,387			223,101			380,592			363,953			215,708			799,250			42,022			—			2,156,013
Current period gross charge-offs (a)			—			—			376			—			—			55									431
Commercial and industrial
Pass			311,631			202,929			134,558			148,288			66,102			152,143			229,821			4,779			1,245,472
Special mention			779			9,019			10,886			4,449			12,049			13,537			19,465			—			70,184
Substandard			200			99			4,791			11,429			3,850			4,430			5,045			49			29,844
Doubtful			—			—			1,987			—			—			158			—			—			2,145
Total			312,610			212,047			152,222			164,166			82,001			170,268			254,331			4,828			1,347,645
Current period gross charge-offs (a)			—			14			—			17			105			532									668
Premium finance
Pass			265,504			3,837			94			—			—			—			—			—			269,435
Total			265,504			3,837			94			—			—			—			—			—			269,435

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

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Collateral Dependent Loans

Peoples has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans:

•Construction loans are typically secured by owner occupied commercial real estate or non-owner occupied investment real estate. Typically, owner occupied construction loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties that are in process of construction. Non-owner occupied commercial construction loans are generally secured by multi-family complexes, warehouse buildings, industrial buildings, land under development, and other commercial real estate in process of construction.

•Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by multifamily complexes, retail facilities, office buildings and complexes, warehouses, industrial buildings, land under development, as well as other commercial real estate.

•Commercial and industrial loans are generally secured by equipment, inventory, accounts receivable, and other commercial property.

•Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage, on residential real estate property.

•Home equity lines of credit are generally secured by second mortgages on residential real estate property.

•Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no underlying collateral.

•Leases are most often secured by commercial equipment and other essential business assets.

•Premium finance loans are secured by the unearned portion of the insurance premium being financed.

The following table details Peoples' amortized cost of collateral dependent loans:

(Dollars in thousands)			September 30, 2025						December 31, 2024
Commercial real estate, other			$	687								$	2,764
Leases			2,333									652
Commercial and industrial			2,212									959
Total collateral dependent loans			$	5,232								$	4,375

Collateral dependent loans increased at September 30, 2025, compared to December 31, 2024, and were driven by the inclusion of three large NSL relationships and two large commercial and industrial relationships, both totaling approximately $1.9 million each.

Modifications for Borrowers Experiencing Financial Difficulty

As part of Peoples' loss mitigation activities, Peoples may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. The most common modifications to the contractual terms of a loan to a borrower experiencing financial difficulty include an extension of the maturity date, a reduction in the interest rate for the remaining life of the loan, a temporary period of interest-only payments, and a reduction in the contractual payment amount for either a short period or the remaining term of the loan.

In addition to loan modifications, Peoples also provides other loss mitigation options, such as forbearance and repayment plans, to assist borrowers who experience financial difficulties. In assessing whether or not a borrower is experiencing financial difficulty, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (1) the borrower is currently in payment default on any of the borrower's debt; (2) a payment default is probable in the foreseeable future without the modification; (3) the borrower has declared or is in the process of declaring bankruptcy; and (4) the borrower's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification.

The allowance for credit losses for loans modified for borrowers experiencing financial difficulty is determined based on the allowance for credit losses policy as described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2024 Form 10-K.

The following tables display the amortized cost of loans that were restructured during the three and nine months ended September 30, 2025 and September 30, 2024, presented by loan classification.

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(Dollars in thousands)						Payment Deferral						Term Extension															Total			Percentage of Total by Loan Category(a)(b)(c)
During the Three Months Ended September 30, 2025
Commercial real estate						$	—					$	1,037														$	1,037		0.04		%
Commercial and industrial						—						2,704															2,704			0.18		%
Leases						—						29															29			0.01		%
Home equity lines of credit						—						47															47			0.02		%
Total						$	—					$	3,817														$	3,817		0.06		%
During the Three Months Ended September 30, 2024
Commercial real estate						$	—					$	561														$	561		0.03		%
Commercial and industrial						—						9,057															9,057			0.72		%
Leases						14						637															651			0.15		%
Residential real estate						—						17															17			—		%
Consumer, indirect						14						1															15			—		%
Total						$	28					$	10,273														$	10,301		0.16		%
(a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable. (b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end. (c) Each with --% is considered not meaningful.

(Dollars in thousands)						Payment Deferral						Term Extension												Principal Forgiveness			Total			Percentage of Total by Loan Category(a)(b)(c)
During the Nine Months Ended September 30, 2025
Commercial real estate						$	—					$	3,084											$	—		$	3,084		0.13		%
Commercial and industrial						—						10,880												—			10,880			0.73		%
Leases						6						29												39			74			0.02		%
Residential real estate						—						188												—			188			0.02		%
Home equity lines of credit						—						47												—			47			0.02		%
Total						$	6					$	14,228											$	39		$	14,273		0.21		%
During the Nine Months Ended September 30, 2024
Commercial real estate						—						1,122												—			1,122			0.05		%
Commercial and industrial						—						19,148												—			19,148			1.53		%
Leases						214						637												—			851			0.20		%
Residential real estate						—						90												—			90			0.01		%
Home equity lines of credit						—						64												—			64			0.03		%
Consumer, indirect						14						8												—			22			—		%
Total						$	228					$	21,069											$	—		$	21,297		0.34		%
(a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable. (b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end. (c) Each with --% is considered not meaningful.

The following tables summarize the impacts of loan modifications and payment deferrals made to loans during the three and nine months ended September 30, 2025 and September 30, 2024, presented by loan classification.

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

						Weighted-Average Term Extension (in months)
During the Nine Months Ended September 30, 2025
Commercial real estate						4
Commercial and industrial						6
Leases						8
Residential real estate						174
Home equity lines of credit						240
During the Nine Months Ended September 30, 2024
Commercial real estate						6
Commercial and industrial						7
Leases						12
Residential real estate						1
Home equity lines of credit						120
Consumer, indirect						3

The following tables display the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that had a payment default in the periods presented. For purposes of this disclosure, Peoples defines loans that had a payment default as loans that were 90 days or more past due following a modification.

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			Term Extension(a)
For the Three Months Ended September 30, 2025
Commercial and industrial			405
Total loans that subsequently defaulted			$	405
For the Three Months Ended September 30, 2024
Leases			$	26
Total loans that subsequently defaulted			$	26
For the Nine Months Ended September 30, 2025
Commercial and industrial			423
Total loans that subsequently defaulted			$	423
For the Nine Months Ended September 30, 2024
Commercial real estate			$	193
Commercial and industrial			28
Leases			26
Residential real estate			73
Total loans that subsequently defaulted			$	320
(a) Represents the sum of amortized cost and gross charge-off as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.

The following table displays an aging analysis of loans that were modified during the 12 months prior to September 30, 2025 and September 30, 2024, respectively, presented by classification and class of financing receivable.

As of September 30, 2025
(Dollars in thousands)			30-59 Days Delinquent			60-89 Days Delinquent			90+ Days Delinquent			Total Delinquent			Current			Total
Commercial real estate			$	—		$	—		$	—		$	—		$	3,084		$	3,084
Commercial and industrial			—			—			423			423			10,625			11,048
Leases			25			—			—			25			49			74
Residential real estate			—			—			—			—			188			188
Home equity lines of credit			47			—			—			47			92			139
Total loans modified(a)			$	72		$	—		$	423		$	495		$	14,038		$	14,533
(a) Represents the amortized cost basis as of period end.

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

Allowance for Credit Losses

As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2024 Form 10-K, Peoples estimates the allowance for credit losses using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. In management's estimation of expected credit losses, Peoples uses a one-year reasonable and supportable period across all segments. Following the reasonable and supportable period, Peoples reverts the macroeconomic variables to their long run average over a four-quarter reversion period.

Changes in the allowance for credit losses for the three and nine months ended September 30, 2025 and September 30, 2024 are summarized below:

(Dollars in thousands)			Beginning Balance, June 30, 2025									Provision for (Recovery of) Credit Losses (a)			Charge-offs			Recoveries			Ending Balance, September 30, 2025
Construction			$	1,347								$	(95)		$	—		$	—		$	1,252
Commercial real estate, other			17,144									1,198			(27)			1			18,316
Commercial and industrial			17,854									488			(472)			26			17,896
Premium finance			794									84			(105)			3			776
Leases			19,633									2,894			(4,930)			443			18,040
Residential real estate			6,113									266			(71)			40			6,348
Home equity lines of credit			1,814									93			(27)			—			1,880
Consumer, indirect			7,643									1,408			(1,607)			418			7,862
Consumer, direct			2,248									400			(290)			27			2,385
Deposit account overdrafts			91									276			(312)			54			109
Total			$	74,681								$	7,012		$	(7,841)		$	1,012		$	74,864

(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.

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(Dollars in thousands)			Beginning Balance, June 30, 2024									Provision for (Recovery of) Credit Losses (a)			Charge-offs			Recoveries			Ending Balance, September 30, 2024
Construction			$	673								$	181		$	—		$	—		$	854
Commercial real estate, other			19,852									(2,713)			—			100			17,239
Commercial and industrial			10,943									907			(259)			1			11,592
Premium finance			763									(19)			(37)			4			711
Leases			15,218									5,449			(3,753)			56			16,970
Residential real estate			5,939									61			—			58			6,058
Home equity lines of credit			1,737									69			(2)			—			1,804
Consumer, indirect			8,654									1,904			(1,820)			186			8,924
Consumer, direct			2,332									181			(162)			19			2,370
Deposit account overdrafts			136									456			(558)			83			117
Total			$	66,247								$	6,476		$	(6,591)		$	507		$	66,639

(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.

(Dollars in thousands)			Beginning Balance, December 31, 2024									Provision for (Recovery of) Credit Losses (a)			Charge-offs			Recoveries			Ending Balance, September 30, 2025
Construction			$	878								$	374		$	—		$	—		$	1,252
Commercial real estate, other			16,256									2,332			(277)			5			18,316
Commercial and industrial			13,283									5,972			(1,408)			49			17,896
Premium finance			662									371			(269)			12			776
Leases			12,893									19,881			(15,683)			949			18,040
Residential real estate			6,491									(69)			(213)			139			6,348
Home equity lines of credit			1,792									127			(39)			—			1,880
Consumer, indirect			8,576									3,375			(5,166)			1,077			7,862
Consumer, direct			2,396									469			(541)			61			2,385
Deposit account overdrafts			121									598			(834)			224			109
Total			$	63,348								$	33,430		$	(24,430)		$	2,516		$	74,864

(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.

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(Dollars in thousands)			Beginning Balance, December 31, 2023									Provision for (Recovery of) Credit Losses (a)			Charge-offs			Recoveries			Ending Balance, September 30, 2024
Construction			$	699								$	155		$	—		$	—		$	854
Commercial real estate, other			20,915									(3,567)			(212)			103			17,239
Commercial and industrial			10,490									1,634			(550)			18			11,592
Premium finance			484									357			(146)			16			711
Leases			10,850									13,079			(7,400)			441			16,970
Residential real estate			5,937									56			(144)			209			6,058
Home equity lines of credit			1,588									220			(11)			7			1,804
Consumer, indirect			8,590									4,808			(4,848)			374			8,924
Consumer, direct			2,343									513			(529)			43			2,370
Deposit account overdrafts			115									1,010			(1,232)			224			117
Total			$	62,011								$	18,265		$	(15,072)		$	1,435		$	66,639

(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.

During the third quarter of 2025, Peoples recorded a total provision for credit losses on loans of $7.0 million, which was primarily driven by (i) net charge offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the current expected credit loss ("CECL") model, partially offset by reductions in reserves for individually analyzed loans and leases. Net charge-offs for the third quarter of 2025 were $6.8 million, primarily driven by our NSL division. The increase in the allowance for credit losses at September 30, 2025 when compared to at June 30, 2025, was driven by the loan growth and the deterioration of economic forecasts, partially offset by a decrease in individually analyzed loans and leases.

During the third quarter of 2024, Peoples recorded a provision for credit losses of $6.5 million, which was driven by net charge-offs. Net charge-offs for the third quarter of 2024 were $6.1 million, primarily driven by an increase in charge-offs on leases originated by our North Star Leasing division, partially offset by recoveries of other commercial real estate loans.

Peoples had recorded allowances for unfunded commitments of $2.7 million and $2.0 million as of September 30, 2025 and as of December 31, 2024, respectively. The allowance for unfunded commitments (also referred to as "unfunded commitment liability") is presented in the “Accrued expenses and other liabilities” line of the Unaudited Consolidated Balance Sheets. The change in the allowance for unfunded commitments is also reflected in the "Provision for (recovery of) credit losses" line of the Unaudited Consolidated Statements of Operations.

Note 5 Goodwill and Other Intangible Assets

Goodwill

The following table details changes in the recorded amount of goodwill:

			For the Nine Months Ended			For the Year Ended
(Dollars in thousands)			September 30, 2025			December 31, 2024
Goodwill, beginning of period			$	363,199		$	362,169
Goodwill recorded from acquisitions			—			1,030
Goodwill, end of period			$	363,199		$	363,199

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Other Intangible Assets

Other intangible assets were comprised of the following at September 30, 2025, and at December 31, 2024:

(Dollars in thousands)			Core Deposits						Customer Relationships						Indefinite-Lived Trade Names						Total
September 30, 2025
Gross intangibles			$	54,186					$	38,470					$	2,491					$	95,147
Accumulated amortization			(35,001)						(28,816)						—						(63,817)
Total acquisition-related intangibles			$	19,185					$	9,654					$	2,491					$	31,330
Servicing rights																					963
Non-compete agreements																					43
Total other intangibles																					$	32,336
December 31, 2024
Gross intangibles			$	54,186					$	37,920					$	2,491					$	94,597
Intangibles recorded from acquisitions			—						550						—						550
Accumulated amortization			(31,545)						(25,723)						—						(57,268)
Total acquisition-related intangibles			$	22,641					$	12,747					$	2,491					$	37,879
Servicing rights																					1,216
Non-compete agreements																					128
Total other intangibles																					$	39,223

The following table details estimated aggregate future amortization of other intangible assets at September 30, 2025:

(Dollars in thousands)						Core Deposits						Customer Relationships						Non-Compete Agreements						Total
Remaining three months of 2025						$	1,152					$	1,030					$	27					$	2,209
2026						3,736						3,036						16						6,788
2027						3,043						2,188						—						5,231
2028						2,608						1,462						—						4,070
2029						2,359						971						—						3,330
Thereafter						6,287						967						—						7,254
Total						$	19,185					$	9,654					$	43					$	28,882

The weighted average amortization period of other intangible assets is 7.8 years.

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Note 6 Deposits Peoples’ deposit balances were comprised of the following:

(Dollars in thousands)			September 30, 2025			December 31, 2024
Retail certificates of deposits ("CDs"):
$100 or more			$	1,153,707		$	1,092,261
Less than $100			854,912			829,154
Total Retail CDs			2,008,619			1,921,415
Interest-bearing deposit accounts			1,068,443			1,085,152
Savings accounts			884,230			866,959
Money market deposit accounts			948,177			878,254
Governmental deposit accounts			769,782			775,782
Brokered CDs			416,851			554,982
Total interest-bearing deposits			6,096,102			6,082,544
Non-interest-bearing deposits			1,536,094			1,507,661
Total deposits			$	7,632,196		$	7,590,205

Uninsured deposits were $2.1 billion at September 30, 2025 and $2.0 billion at December 31, 2024. Uninsured deposit amounts are estimated based on the portion of the respective customer account balances that exceeded the FDIC limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which covered $660.0 million and $656.9 million of the uninsured deposit balances at September 30, 2025 and at December 31, 2024, respectively.

Uninsured time deposits are broken out below by time remaining until maturity.

(Dollars in thousands)			September 30, 2025			December 31, 2024
3 months or less			$	190,092		$	180,405
Over 3 to 6 months			119,529			127,329
Over 6 to 12 months			118,784			91,197
Over 12 months			23,869			18,044
Total			$	452,274		$	416,975

    

The contractual maturities of CDs for each of the next five years, including the remainder of 2025, and thereafter are as follows:

(Dollars in thousands)			Retail			Brokered			Total
Remaining three months ending December 31, 2025			$	799,757		$	217,307		$	1,017,064
Year ending December 31, 2026			1,169,599			42,806			1,212,405
Year ending December 31, 2027			23,598			87,121			110,719
Year ending December 31, 2028			7,367			23,784			31,151
Year ending December 31, 2029			5,168			45,833			51,001
Thereafter			3,130			—			3,130
Total CDs			$	2,008,619		$	416,851		$	2,425,470

At September 30, 2025, Peoples had five effective interest rate swaps, with an aggregate notional value of $45.0 million, all of which hedge interest payments on brokered CDs. The brokered CDs are expected to be extended every 90 days through the maturity dates of the swaps. Additional information regarding Peoples' interest rate swaps can be found in "Note 10 Derivative Financial Instruments."

Note 7 Stockholders’ Equity

The following table details the progression in Peoples’ common shares and treasury stock during the nine months ended September 30, 2025:

						Common Shares			Treasury Stock
Shares at December 31, 2024						36,782,601			1,311,175
Changes related to stock-based compensation awards:
Release of restricted common shares						—			63,246
Cancellation of restricted common shares						—			50,774
Grant of restricted common shares						—			(191,635)
Grant of unrestricted common shares						—			(2,700)
Purchase of treasury stock						—			9,633
Disbursed out of treasury stock						—			(13,564)
Common shares repurchased under share repurchase program						—			17,166
Common shares issued under dividend reinvestment plan						40,300			—
Common shares issued under compensation plan for Boards of Directors						—			(12,550)
Common shares issued under employee stock purchase plan						—			(25,780)
Shares at September 30, 2025						36,822,901			1,205,765

On January 28, 2021, Peoples' Board of Directors approved a share repurchase program authorizing Peoples to purchase up to an aggregate of $30.0 million of Peoples' outstanding common shares. As of September 30, 2025, Peoples had repurchased an aggregate of 488,473 common shares totaling $13.9 million under the share repurchase program. During the third quarter of 2025, there were no purchases under the share repurchase program. Peoples repurchased 17,166 common shares totaling $0.5 million during the first nine months of 2025, which occurred during the second quarter of 2025. Peoples repurchased 100,905 common shares totaling $3.0 million during the first nine months of 2024, which occurred during the first quarter of 2024.

Under Peoples' Amended Articles of Incorporation, Peoples is authorized to issue up to 50,000 preferred shares, in one or more series, having such voting powers, designations, preferences, rights, qualifications, limitations and restrictions as designated by Peoples' Board of Directors. At September 30, 2025, Peoples had no preferred shares issued or outstanding.

On October 20, 2025, Peoples' Board of Directors declared a quarterly cash dividend of $0.41 per common share, payable on November 18, 2025, to shareholders of record on November 4, 2025. The following table details the cash dividends declared per common share during the four quarters of 2025 and the comparable periods of 2024:

			2025			2024
First quarter			$	0.40		$	0.39
Second quarter			0.41			0.40
Third quarter			0.41			0.40
Fourth quarter			0.41			0.40
Total dividends declared			$	1.63		$	1.59

Accumulated Other Comprehensive (Loss) Income

The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income during the nine months ended September 30, 2025, as related items impact the income statement:

(Dollars in thousands)			Unrealized (Loss) Gain on Securities						Unrealized Gain (Loss) on Cash Flow Hedges			Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2024			$	(111,829)					$	1,444		$	(110,385)
Reclassification adjustments to net income:
Realized gain on securities, net of tax			1,980						—			1,980
Other comprehensive income (loss), net of reclassifications and tax			31,783						(917)			30,866
Balance, September 30, 2025			$	(78,066)					$	527		$	(77,539)

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Note 8 Employee Benefit Plans

Peoples maintains a retirement savings plan, or 401(k) plan, which covers substantially all employees. The plan provides participants with the opportunity to save for retirement on a tax-deferred basis or through Roth contributions. Since January 1, 2021, Peoples matches 100% of participants’ contributions up to 6% of the participants’ compensation. Matching contributions made by Peoples totaled $4.7 million during the nine months ended September 30, 2025 and $4.5 million during the nine months ended September 30, 2024.

Note 9 Earnings Per Common Share

The calculations of basic and diluted earnings per common share were as follows:

			Three Months Ended									Nine Months Ended
			September 30,									September 30,
(Dollars in thousands, except per common share data)			2025			2024						2025			2024
Net income available to common shareholders			$	29,476		$	31,684					$	75,024		$	90,275
Less: Dividends paid on unvested common shares			208			216						628			576
Less: Undistributed income allocated to unvested common shares			46			63						100			183
Net earnings allocated to common shareholders			$	29,222		$	31,405					$	74,296		$	89,516
Weighted-average common shares outstanding			35,003,054			34,793,704						34,957,341			34,766,281
Effect of potentially dilutive common shares			395,755			405,679						370,475			340,431
Total weighted-average diluted common shares outstanding			35,398,809			35,199,383						35,327,816			35,106,712
Earnings per common share:
Basic			$	0.83		$	0.90					$	2.13		$	2.57
Diluted			$	0.83		$	0.89					$	2.10		$	2.55
Anti-dilutive common shares excluded from calculation:
Restricted common shares			17,634			5,393						17,634			5,393

Note 10 Derivative Financial Instruments

Peoples utilizes interest rate swap agreements as part of its asset/liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements.

Derivative Financial Instruments and Hedging Activities - Risk Management Objective of Using Derivative Financial Instruments

Peoples is exposed to certain risks arising from both its business operations and economic conditions. Peoples principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Peoples manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its assets and liabilities. Peoples also manages interest rate risk through the use of derivative financial instruments. Specifically, Peoples enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known or expected cash amounts, the values of which are determined by interest rates. Peoples’ derivative financial instruments are used to manage differences in the amount, timing and duration of Peoples' known or expected cash receipts and its known or expected cash payments principally related to certain variable rate borrowings. Peoples also has interest rate derivative financial instruments that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Peoples' assets or liabilities. Peoples manages a matched book with respect to customer-related derivative financial instruments in order to minimize its net risk exposure resulting from such transactions.

Cash Flow Hedges of Interest Rate Risk

Peoples' objectives in using interest rate derivative financial instruments are to add stability to interest income and expense, and to manage its exposure to interest rate movements. To accomplish these objectives, Peoples has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. At September 30, 2025, Peoples had entered into five interest rate swap contracts with an aggregate notional value of $45.0 million. Peoples will pay a fixed rate of interest

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for up to three years while receiving a floating rate component of interest equal to the term secured overnight financing rate ("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 both September 30, 2025 and December 31, 2024, the interest rate swaps were designated as cash flow hedges of $45.0 and $75.0 million, respectively, in brokered CDs, which are expected to be extended every 90 days through the maturity dates of the interest rate swaps.

For derivative financial instruments designated as cash flow hedges and deemed highly effective, all changes in the fair value of each derivative financial instrument is reported in accumulated other comprehensive (loss) income ("AOCI") (outside of earnings), net of tax, and are reclassified to interest expense as interest payments are made or received on Peoples' variable-rate liabilities. Peoples assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the hedging derivative financial instrument with the changes in cash flows of the designated hedged transaction. The reset dates and the payment dates on the brokered CDs or FHLB advances are matched to the reset dates and payment dates on the receipt of the term SOFR of the swaps to ensure effectiveness of the cash flow hedge. For the nine months ended September 30, 2025, and 2024, Peoples recorded reclassifications of losses to earnings of $1.0 million and $2.4 million, respectively. During the next 12 months, Peoples estimates that $0.9 million of AOCI will be reclassified as an addition to interest expense.

The following table summarizes information about the interest rate swaps designated as cash flow hedges:

(Dollars in thousands)			September 30, 2025			December 31, 2024
Notional amount			$	45,000		$	75,000
Weighted average pay rates			2.52		%	2.45		%
Weighted average receive rates			3.83		%	4.49		%
Weighted average maturity			1.6 years			1.5 years
Pre-tax changes in fair value included in AOCI			$	735		$	1,885

The following table presents changes in fair value and amounts reclassified from AOCI related to cash flow hedges and recorded in AOCI and in the Consolidated Statements of Comprehensive Income:

			Three Months Ended									Nine Months Ended
			September 30,									September 30,
(Dollars in thousands)			2025			2024						2025			2024
Amount of losses recorded in AOCI, pre-tax			$	194		$	1,698					$	1,196		$	1,885

The following table reflects the cash flow hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value:

			September 30, 2025									December 31, 2024
(Dollars in thousands)			Notional Amount			Fair Value						Notional Amount			Fair Value
Included in "Other assets":
Interest rate swaps related to debt			$	45,000		$	675					$	75,000		$	1,784

Non-Designated Hedges

Peoples Bank maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples Bank originates variable rate loans with interest rate swaps, where the customer enters into an interest rate swap with Peoples Bank on terms that match the terms of the loan. By entering into the interest rate swap with the customer, Peoples Bank effectively provides the customer with a fixed rate loan while creating a variable rate asset for Peoples Bank. Peoples Bank offsets its exposure in the interest rate swap by entering into an offsetting interest rate swap with an unaffiliated institution. These interest rate swaps do not qualify as designated hedges; therefore, each interest rate swap is accounted for as a standalone derivative financial instrument. These interest rate swaps did not have a material impact on Peoples' results of operations or financial condition at or for the three and nine months ended September 30, 2025, or at or for the year ended December 31, 2024.

The following table reflects the non-designated hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value:

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

Pledged Collateral

Peoples Bank pledges or receives collateral for all interest rate swaps. When the fair value of Peoples Bank interest rate swaps is in a net liability position, Peoples Bank must pledge collateral, and, when the fair value of Peoples Bank interest rate swaps is in a net asset position, the respective counterparties must pledge collateral. At September 30, 2025, Peoples Bank had $4.2 million of cash pledged, while counterparties had $2.7 million of cash pledged. Peoples Bank had no cash pledged and counterparties had $12.3 million of cash pledged at December 31, 2024. Peoples Bank had no pledged investment securities at September 30, 2025 or at December 31, 2024, while the counterparties had pledged no investment securities at September 30, 2025 and had pledged $1.9 million of investment securities at December 31, 2024.

Note 11 Stock-Based Compensation

Under the Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan (the "2006 Equity Plan"), Peoples may grant, among other awards, nonqualified stock options, incentive stock options, restricted common share awards, stock appreciation rights, performance units and unrestricted common share awards to employees and non-employee directors. The total number of common shares available under the 2006 Equity Plan is 1,493,297. The maximum number of common shares that can be issued for incentive stock options is 750,000. Since February 2009, Peoples has granted restricted common shares to employees, and periodically to non-employee directors, subject to the terms and conditions prescribed by the 2006 Equity Plan. In general, common shares issued in connection with stock-based awards are issued from treasury shares to the extent available. If no treasury shares are available, common shares are issued from authorized but unissued common shares.

Restricted Common Shares

 Under the 2006 Equity Plan, Peoples may award restricted common shares to officers, key employees and non-employee directors. In general, the restrictions on the restricted common shares awarded to officers and key employees expire after periods ranging from one to five years. Since 2018, common shares awarded to non-employee directors have vested immediately upon grant with no restrictions. In the first nine months of 2025, Peoples granted an aggregate of 159,097 restricted common shares subject to performance-based vesting to officers and key employees with restrictions that will lapse three years after the grant date; provided that in order for the restricted common shares to vest in full, Peoples must have reported positive net income and maintained a well-capitalized status by regulatory standards for each of the three fiscal years preceding the vesting date.

The following table summarizes the changes to Peoples’ outstanding restricted common shares for the nine months ended September 30, 2025:

			Time-Based Vesting									Performance-Based Vesting
			Number of Common Shares			Weighted-Average Grant Date Fair Value						Number of Common Shares			Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2025			140,231			$	28.72					586,227			$	29.67
Awarded			33,435			30.15						159,097			33.41
Released			(44,535)			30.74						(141,821)			32.21
Forfeited			(12,908)			27.74						(38,763)			29.80
Outstanding at September 30, 2025			116,223			$	28.46					564,740			$	30.08

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The intrinsic value for restricted common shares released was $6.0 million for the nine months ended September 30, 2025, compared to $2.6 million for the nine months ended September 30, 2024.

Stock-Based Compensation

Peoples recognizes stock-based compensation, which is included as a component of Peoples’ salaries and employee benefit costs, for restricted and unrestricted common shares, as well as purchases made by participants in the employee stock purchase plan. For restricted common shares, Peoples recognizes stock-based compensation based on the estimated fair value of the awards expected to vest on the grant date. The estimated fair value is then expensed over the vesting period, which is normally three years. Peoples also has an employee stock purchase plan whereby employees can purchase Peoples' common shares at a discount of 15%. The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized for each period:

			Three Months Ended									Nine Months Ended
			September 30,									September 30,
(Dollars in thousands)			2025			2024						2025			2024
Employee stock-based compensation expense:
Stock grant expense			$	1,163		$	1,335					$	5,051		$	5,638
Employee stock purchase plan expense			35			(24)						106			115
Total employee stock-based compensation expense			1,198			1,311						$	5,157		$	5,753
Non-employee director stock-based compensation expense			131			115						$	378		$	376
Total stock-based compensation expense			1,329			1,426						$	5,535		$	6,129
Recognized tax benefit			(310)			(332)						(1,291)			(1,428)
Net stock-based compensation expense			$	1,019		$	1,094					$	4,244		$	4,701

The fair value of restricted common share awards on the grant date is the market price of Peoples' common shares on that date. Total unrecognized stock-based compensation expense related to unvested restricted common share awards was $6.8 million at September 30, 2025, which will be recognized over a weighted-average period of 1.9 years.

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Note 12 Revenue

The following table details Peoples' revenue from contracts with customers:

			Three Months Ended									Nine Months Ended
			September 30,									September 30,
(Dollars in thousands)			2025			2024						2025			2024
Insurance income:
Commission and fees from sale of insurance policies (a)			$	4,384		$	4,271					$	13,346		$	12,660
Performance-based commissions (b)			85			—						1,726			2,218
Trust and investment income:
Fiduciary income (a)			2,974			2,838						8,931			8,605
Brokerage income (a)			2,440			2,044						6,825			5,875
Electronic banking income:
Interchange income (b)			5,392			4,635						15,348			14,864
Promotional and usage income (a)			1,146			1,724						3,347			4,011
Deposit account service charges:
Ongoing maintenance fees for deposit accounts (a)			1,747			1,741						5,061			5,175
Transaction-based fees (b)			2,527			2,779						7,287			7,907
Commercial loan swap fees (b)			381			163						1,652			274
Other non-interest income transaction-based fees (b)			452			243						1,241			1,336
Total revenue from contracts with customers			$	21,528		$	20,438					$	64,764		$	62,925
Timing of revenue recognition:
Services transferred over time			$	12,691		$	12,618					$	37,510		$	36,326
Services transferred at a point in time			8,837			7,820						27,254			26,599
Total revenue from contracts with customers			$	21,528		$	20,438					$	64,764		$	62,925
(a) Services transferred over time. (b) Services transferred at a point in time.

Peoples records contract assets for income that has been recognized over a period of time for fulfillment of performance obligations to e-banking income and certain insurance income, but payment has not yet been received. This income typically relates to bonuses for which Peoples is eligible, but will not receive until a certain time in the future. Peoples records contract liabilities for payments received for commission income related to the sale of insurance policies, for which the performance obligations have not yet been fulfilled. The contract liabilities are recognized as income over time, during the period in which the performance obligations are fulfilled, which is over the insurance policy period. Peoples also records contract liabilities for bonuses received related to e-banking income, for which the performance obligations have not yet been fulfilled. The contract liabilities are recognized as income over time, during the period in which the performance obligations are fulfilled related to e-banking income.

The following table details the changes in Peoples' contract assets and contract liabilities for the nine-month period ended September 30, 2025:

			Contract Assets			Contract Liabilities
(Dollars in thousands)
Balance, January 1, 2025			$	899		$	5,771
Additional income receivable			90			—
Additional deferred income			—			11,244
Receipt of income previously receivable			(15)			—
Recognition of income previously deferred			—			(11,282)
Balance, September 30, 2025			$	974		$	5,733

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Note 13 Leases

Peoples has elected certain practical expedients, in accordance with ASC 842 - Leases ("ASC 842"). As a lessor, Peoples has made an accounting policy election to exclude from the consideration in the contract, and from variable payments not included in the consideration in the contract, all sales and other similar taxes assessed. Peoples has also made an accounting policy election to account for each separate lease component of a contract and its associated non-lease components as a single lease component for all leases subject to ASC 842.

Lessor Arrangements

Peoples began originating leases with the acquisition of NSL and increased its portfolio with the acquisition of Vantage. The leases for NSL are generally classified as sales-type leases, as the leases are structured with a dollar buyout, whereby the lessee pays one dollar at maturity of the lease to purchase the equipment. The leases for Vantage are generally classified as sales-type leases, as the payment structure and term triggered that accounting treatment, whereby either (i) the lease is structured as a fair market value buyout, whereby the lessee has the option to purchase the leased equipment at its fair market value at maturity of the lease, or (ii) the lessee purchases the leased equipment for one dollar at maturity of the lease. Vantage also originates operating leases, which are generally structured over a shorter term and do not meet the criteria of a sales-type lease. These leases do not typically contain residual value guarantees; however, Peoples reduces its residual asset risk by obtaining a security deposit from the lessee. As a lessor, Peoples originates commercial equipment leases either directly to the customer or indirectly through vendor programs. Equipment leases relate to healthcare, manufacturing, office, restaurant, information technology, general warehousing, storage equipment, vocational trucks and trailers, and other equipment. Leases structured with a fair market value buyout include an estimated residual value, which is assessed for impairment as part of the allowance for credit losses. When Peoples originates an operating lease, it records an operating lease asset recognized in “Other assets” which is depreciated over its useful life. Operating leases assets are assessed for impairment consistent with Peoples’ fixed assets.

Sales-type leases originated by Peoples, that Peoples has the positive intent and ability to hold for the foreseeable future or to maturity or payoff, are reported at the net investment of the lease, net of initial direct costs, charge-offs and an allowance for credit losses. Peoples considers leases past due if any required payments have not been received as of the date such payments were required to be made under the terms of the lease agreement. Upon detection of the reduced ability of a lessee to meet cash flow obligations, leases are typically charged down to the net realizable value, with the residual balance placed on nonaccrual status. Leases deemed to be uncollectable are charged against the allowance for credit losses, while recoveries of previously charged-off amounts are credited to the allowance for credit losses.

Lease income noted in the table below includes (i) operating lease income, (ii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iii) month-to-month lease payments in excess of net investment in the lease, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets and (vi) syndication income. Additional information regarding Peoples' leases can be found in "Note 4 Loans and Leases."

The table below details Peoples' lease income:

			Three Months Ended												Nine Months Ended
(Dollars in thousands)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Interest and fees on leases (a)			$	9,520					$	11,922					$	30,005					$	35,970
Lease income			3,643						3,069						11,322						7,258
Total lease income			$	13,163					$	14,991					$	41,327					$	43,228

(a)Included in "Interest and fees on loans and leases" in the Unaudited Consolidated Statements of Operations. For additional information, see "Note 4 Loans and Leases" of the Notes to the Unaudited Condensed Consolidated Financial Statements.

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The following table summarizes the net investment in leases, which is included in "Loans and leases, net of deferred fees and costs" on the Unaudited Consolidated Balance Sheets:

(Dollars in thousands)			September 30, 2025			December 31, 2024
Lease payments receivable, at amortized cost			$	412,462		$	448,027
Estimated residual values			33,848			33,129
Initial direct costs			5,693			7,148
Deferred revenue			(69,250)			(81,706)
Net investment in leases			382,753			406,598
Allowance for credit losses - leases			(18,040)			(12,893)
Net investment in leases, after allowance for credit losses			$	364,713		$	393,705

The following table summarizes the contractual maturities of leases:

(Dollars in thousands)			Balance
Remaining three months ending December 31, 2025			$	55,164
Year ending December 31, 2026			83,746
Year ending December 31, 2027			80,221
Year ending December 31, 2028			84,320
Year ending December 31, 2029			58,044
Thereafter			50,967
Lease payments receivable, at amortized cost			$	412,462

Lessee Arrangements

Peoples leases certain banking facilities and equipment under various agreements with original terms providing for fixed monthly payments over periods generally ranging from two to 30 years. Certain leases may include options to extend or terminate the lease. Only those renewal and termination options which Peoples is reasonably certain of exercising are included in the calculation of the lease liability. Certain leases contain rent escalation clauses calling for rent increases over the term of the lease, which are included in the calculation of the lease liability. At September 30, 2025, Peoples did not have any leases that met the criteria for finance leases. Right of Use ("ROU") assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement or the remeasurement date of a lease based on the present value of lease payments over the remaining lease term. Operating lease ROU assets include lease payments made at or before the commencement date and initial indirect costs. Operating lease ROU assets are presented net of any lease incentives. Short-term leases of certain facilities and equipment, with lease terms of 12 months or less, are recognized on a straight-line basis over the lease term and do not have an ROU asset or lease liability.

The table below details Peoples' lease expense, which is included in "Net occupancy and equipment expense" in the Unaudited Consolidated Statements of Operations:

			Three Months Ended												Nine Months Ended
(Dollars in thousands)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Operating lease expense			$	650					$	723					$	1,968					$	2,191
Short-term lease expense			335						290						1,114						923
Variable lease expense			11						42						29						47
Total lease expense			$	996					$	1,055					$	3,111					$	3,161

Peoples utilizes an incremental borrowing rate to determine the present value of lease payments for each lease, as the lease agreements do not provide an implicit rate. The estimated incremental borrowing rate reflects a secured rate and is based on the term of the lease.

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The following table details the ROU assets, the lease liabilities and other information related to Peoples' operating leases at the dates shown:

(Dollars in thousands)			September 30, 2025			December 31, 2024
ROU assets:
Other assets			$	9,863		$	10,419
Lease liabilities:
Accrued expenses and other liabilities			$	10,433		$	10,968
Other information:
Weighted-average remaining lease term			8.6 years			9.0 years
Weighted-average discount rate			4.16		%	4.11		%
Additions for ROU assets obtained during the year			$	1,333		$	1,660

During both the three months ended September 30, 2025 and 2024, Peoples paid cash of $0.6 million for operating leases. During the nine months ended September 30, 2025 and 2024, Peoples paid cash of $1.9 million and $2.2 million, respectively, for operating leases.

The following table summarizes the maturity of remaining lease liabilities:

(Dollars in thousands)			Balance
Remaining three months ending December 31, 2025			$	625
Year ending December 31, 2026			2,413
Year ending December 31, 2027			2,146
Year ending December 31, 2028			1,625
Year ending December 31, 2029			1,173
Thereafter			4,608
Total undiscounted lease payments			$	12,590
Imputed interest			$	(2,157)
Total lease liabilities			$	10,433

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis (“MD&A”) represents an overview of the results of operations and financial condition of Peoples at and for the three and nine months ended September 30, 2025 and September 30, 2024. This MD&A should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements and the Notes thereto.

Certain statements in this Form 10-Q, which are not historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as "anticipate," "estimate," "may," "feel," "expect," "believe," "plan," "will," "will likely," "would," "should," "could," "project," "goal," "target," "potential," "seek," "intend," "continue," "remain," and similar expressions.

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

(1)the effects of interest rate policies, including any changes to such policies that may result from potential changes in the composition of the Federal Reserve Board, changes in the interest rate environment due to economic conditions and/or the fiscal and monetary policy measures undertaken by the U.S. government and the Federal Reserve Board, including changes in the Federal Funds Target Rate, in response to such economic conditions, which may adversely impact interest rates, the interest rate yield curve, interest margins, loan demand and interest rate sensitivity;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(18)the impact of larger or similar-sized financial institutions encountering problems, such as the failure in 2024 of Republic First Bank, and closures in 2023 of Silicon Valley Bank in California, Signature Bank in New York, and First Republic Bank in California, which may adversely affect the banking industry and/or Peoples' business generation and retention, funding and liquidity, including Peoples' continued ability to grow deposits or maintain adequate deposit levels, and may further result in potential increased regulatory requirements, increased reputational risk and potential impacts to macroeconomic conditions;

(19)Peoples' ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks, including those of Peoples' third-party vendors and other service providers, which may prove inadequate, and could adversely affect customer confidence in Peoples and/or result in Peoples incurring a financial loss;

(20)any misappropriation of the confidential information which Peoples possesses could have an adverse impact on Peoples' business and could result in regulatory actions, litigation and other adverse effects;

(21)Peoples' ability to anticipate and respond to technological changes, and Peoples' reliance on, and the potential failure of, a number of third-party vendors to perform as expected, including Peoples' primary core banking system provider, which can impact Peoples' ability to respond to customer needs and meet competitive demands;

(22)operational issues stemming from and/or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which Peoples and Peoples' subsidiaries are highly dependent;

(23)changes in consumer spending, borrowing and saving habits, whether due to changes in retail distribution strategies, consumer preferences and behavior, changes in business and economic conditions, legislative or regulatory initiatives, or other factors, which may be different than anticipated;

(24)the adequacy of Peoples' internal controls and risk management program in the event of changes in strategic, reputational, market, economic, operational, cybersecurity, compliance, legal, asset/liability repricing, liquidity, credit and interest rate risks associated with Peoples' business;

(25)the impact on Peoples' businesses, personnel, facilities, or systems of losses related to acts of fraud, theft, misappropriation or violence;

(26)the impact on Peoples' businesses, as well as on the risks described above, of various domestic or international widespread natural or other disasters (including severe weather events), pandemics, cybersecurity attacks, system failures, civil unrest, military or terrorist activities or international conflicts (including Russia’s war in Ukraine and the ongoing conflicts in the Middle East);

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

(28)the potential influence on the U.S. financial markets and economy from the effects of climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs;

(29)the impact on Peoples' businesses and operating results of any costs associated with obtaining rights in intellectual property claimed by others and adequately protecting Peoples' intellectual property;

(30)risks and uncertainties associated with Peoples' entry into new geographic markets and risks resulting from Peoples' inexperience in these new geographic markets;

(31)changes in laws or regulations imposed by Peoples' regulators impacting Peoples' capital actions, including dividend payments and share repurchases;

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(32)the vulnerability of Peoples' network and online banking portals, and the systems of parties with whom Peoples contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;

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

(34)Peoples' business may be adversely affected by increased political and regulatory scrutiny of corporate environmental, social and governance ("ESG") practices;

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

(36)other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples' reports filed with the Securities and Exchange Commission (the "SEC"), including those risk factors included in the disclosures under the heading "ITEM 1A. RISK FACTORS" of Peoples' 2024 Form 10-K and under the heading "Part II of this Form 10-Q. . Peoples encourages readers of this Form 10-Q to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. Peoples undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the filing of this Form 10-Q or to reflect the occurrence of unanticipated events, except as required by applicable legal requirements. Copies of documents filed with the SEC are available free of charge at the SEC's website at http://www.sec.gov and/or from Peoples' website – www.peoplesbancorp.com under the “Investor Relations” section.

All forward-looking statements speak only as of the filing date of this Form 10-Q and are expressly qualified in their entirety by the cautionary statements. Although management believes the expectations in these forward-looking statements are based on reasonable assumptions within the bounds of management’s knowledge of Peoples’ business and operations, it is possible that actual results may differ materially from these projections.

This discussion and analysis should be read in conjunction with the Audited Consolidated Financial Statements, and Notes to the Audited Consolidated Financial Statements, contained in Peoples’ 2024 Form 10-K, as well as the Unaudited Condensed Consolidated Financial Statements, Notes to the Unaudited Condensed Consolidated Financial Statements, ratios, statistics and discussions contained elsewhere in this Form 10-Q.

Business Overview

The following discussion and analysis of Peoples’ Unaudited Condensed Consolidated Financial Statements is presented to provide insight into management’s assessment of the financial condition and results of operations.

Peoples is a diversified financial services holding company that makes available a complete line of banking, trust and investment, insurance, premium financing and equipment leasing solutions through its subsidiaries. Peoples' business activities are currently limited to one reporting unit and reportable operating segment, which is community banking. Peoples provides services through traditional offices, automated teller machines ("ATMs"), interactive teller machines ("ITMs"), mobile banking, telephone and internet-based banking. Peoples offers a complete array of insurance products through Peoples Insurance, a subsidiary of Peoples Bank. Brokerage services are offered by Peoples exclusively through an unaffiliated registered broker-dealer located at Peoples Bank's offices. Peoples Bank offers insurance premium finance lending nationwide through its Peoples Premium Finance division. Peoples also offers lease financing through its North Star Leasing division and through Vantage, a subsidiary of Peoples Bank. As of September 30, 2025, Peoples had 145 locations, including 127 full-service bank branches in Ohio, Kentucky, West Virginia, Virginia, Washington D.C. and Maryland. Peoples Bank is subject to regulation and examination primarily by the Ohio Division of Financial Institutions (the "ODFI"), the FRB of Cleveland and the FDIC. Peoples Bank must also follow the regulations promulgated by the Consumer Financial Protection Bureau (the "CFPB"), which regulates consumer financial products and services and certain financial services providers. Peoples Insurance is subject to regulation by the Ohio Department of Insurance and the state insurance regulatory agencies of those states in which Peoples Insurance may do business.

Critical Accounting Policies

The accounting and reporting policies of Peoples conform to US GAAP. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Note 1 of the Notes to the Unaudited Condensed Consolidated Financial Statements describes Peoples' significant accounting policies. Management has identified the accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to understanding Peoples’ Unaudited Condensed Consolidated Financial Statements, and this MD&A at September 30, 2025, which have been disclosed in Peoples' 2024 Form 10-K and updated as necessary in "Note 1 Summary of Significant Accounting Policies" in the Notes to the Unaudited Condensed Consolidated Financial Statements included in this Form 10-Q. This MD&A should be read in conjunction with the policies disclosed in Peoples’ 2024 Form 10-K.

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New Accounting Guidance Pending Adoption

ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures: The FASB issued ASU 2023-09 on December 14, 2023. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09 applies to all entities subject to income taxes. For public business entities, the new requirements were effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively with early adoption permitted. Peoples does not expect the update will have a material impact on its consolidated financial statements.

ASU 2025-01 - Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date: The FASB issued ASU 2025-01 on January 6, 2025. It clarifies the effective date of ASU 2024-03, which pertains to disaggregation of income statement expenses. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2026. Peoples is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

Summary of Recent Transactions and Events

The following is a summary of recent transactions and events that have impacted or are expected to impact Peoples’ results of operations or financial condition:

◦For the third quarter of 2025, Peoples recorded a provision for credit losses of $7.3 million, compared to a provision for credit losses of $16.6 million for the linked quarter and a provision for credit losses of $6.7 million for the third quarter of 2024. The provision for credit losses for the third quarter of 2025 was primarily driven by (i) net charge offs, (ii) loan growth, (iii) a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses for the second quarter of 2025 was primarily driven by (i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) a periodic refresh in loss drivers utilized within the CECL model, (v) deterioration in the economic forecasts used within the CECL model, and (vi) loan growth. The provision for the third quarter of 2024 was primarily driven by net charge-offs. For more information, please refer to the section titled "RESULTS OF OPERATIONS - Provision for Credit Losses" found later in this MD&A.

◦To combat the effects of ongoing inflationary pressures, the Federal Reserve Board increased the Federal Funds Target Rate range to 0.25% to 0.50% beginning on March 16, 2022, and continued to raise rates up to 5.25% to 5.50% on July 27, 2023. This rate remained unchanged until the latter half of 2024, where multiple rate cuts reduced the rate down to 4.25% to 4.50%. The Federal Reserve Board announced a subsequent 25 basis point rate cut in September 2025, further reducing the rate to 4.00% to 4.25%. The Federal Reserve Board has signaled that future rate reductions continue to be a possibility.

The impact of these transactions and events, where material, is discussed in the applicable sections of this MD&A.

EXECUTIVE SUMMARY

Peoples reported net income of $29.5 million for the third quarter of 2025, representing earnings per diluted common share of $0.83. In comparison, Peoples reported net income of $21.2 million, representing earnings per diluted common share of $0.59, for the second quarter of 2025, and net income of $31.7 million, representing earnings per diluted common share of $0.89, for the third quarter of 2024. Non-core items negatively impacted earnings per diluted common share by $0.07 for the third quarter of 2025, $0.01 for the second quarter of 2025, and $0.01 for the third quarter of 2024. For the nine months ended September 30, 2025, Peoples recorded net income of $75.0 million, or $2.10 per diluted common share, compared to $90.3 million, or $2.55 per diluted common share, for the nine months ended September 30, 2024.

Net interest income was $91.3 million for the third quarter of 2025, and increased $3.8 million, or 4%, when compared to the linked quarter. Net interest margin was 4.16% for the third quarter of 2025, compared to 4.15% for the linked quarter. The increase in net interest income and net interest margin was primarily driven by higher loan balances and higher yields on investment securities, respectively. Net interest income for the third quarter of 2025 increased $2.4 million, or 3%, compared to the third quarter of 2024. The increase in net interest income compared to the third quarter of 2024 was driven by growth in loan and investment portfolios. Net interest margin for the third quarter of 2025 was 4.16% and decreased 11 basis points compared to 4.27% for the third quarter of 2024, impacted primarily by reductions in loan yields, driven by lower accretion income. Net interest income for the first nine months of 2025 was $264.2 million, compared to $262.2 million for the same period of 2024. Net interest margin for the first nine months of 2025 was 4.15%, compared to 4.24% for the same period of 2024 and was driven by lower accretion income.

Accretion income, net of amortization expense, from acquisitions was $1.7 million for the third quarter of 2025, $2.6 million for the second quarter of 2025 and $8.1 million for the third quarter of 2024, which added 8 basis points, 12 basis points and 39 basis points, respectively, to net interest margin. The decrease in accretion income for the third quarter of 2025 when compared to the linked quarter and the third quarter of 2024 was driven by fewer loan payoffs and more accretion income recognized in 2024 from the merger

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with Limestone Bancorp Inc. (the "Limestone Merger"). Accretion income, net of amortization expense, from acquisitions was $7.8 million and $20.3 million for the first nine months of 2025 and 2024, respectively. Accretion income added 12 basis points and 33 basis points to net interest margin for the first nine months of 2025 and 2024, respectively. The decrease in accretion income for the first nine months of 2025 compared to the same period in 2024 was due to more accretion recognized in 2024 from the Limestone Merger.

The provision for credit losses was $7.3 million for the third quarter of 2025, compared to a provision for credit losses of $16.6 million for the linked quarter and a provision for credit losses of $6.7 million for the third quarter of 2024. The provision for credit losses for the third quarter of 2025 was primarily driven by (i) net charge offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses for the linked quarter was primarily driven by(i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) a periodic refresh in loss drivers utilized within the CECL model, (v) deterioration in the economic forecasts used within the CECL model, and (vi) loan growth. Net charge-offs for the third quarter of 2025 were $6.8 million, or 0.41% of average total loans annualized, compared to net charge-offs of $7.0 million, or 0.43% of average total loans annualized, for the linked quarter and net charge-offs of $6.1 million, or 0.38% of average total loans annualized, for the third quarter of 2024. For additional information on credit trends and the allowance for credit losses, see the "FINANCIAL CONDITION - Allowance for Credit Losses" section below.

The provision for credit losses for the first nine months of 2025 was $34.1 million, compared to a provision for credit losses of $18.5 million for the first nine months of 2024. The provision for credit losses during the first nine months of 2025 was mainly a result of (i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) deterioration in the economic forecasts used within the CECL model, (v) and loan growth. The provision for credit losses for the first nine months of 2024 was mainly a result of (i) higher net charge-offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) economic forecast deterioration, and (iv) loan growth. Net charge-offs for the first nine months of 2025 were $21.9 million, or 0.45% of average total loans and leases annualized, compared to net charge-offs of $13.6 million, or 0.29% annualized, for the first nine months of 2024. For additional information on credit trends and the allowance for credit losses, see the "Asset Quality" section below.

Net gains and losses include gains and losses on investment securities, asset disposals and other transactions, which are included in total non-interest income on the Consolidated Statements of Operations. The net loss realized during the third quarter of 2025 was $3.1 million, compared to a net loss of $0.3 million for the linked quarter and a net loss of $0.9 million for the third quarter of 2024. The net loss for the third quarter of 2025 was driven by a $2.7 million loss on the sale of lower-yielding available-for-sale securities. The net loss for the second quarter of 2025 and for the third quarter of 2024 was due to $0.3 million and $0.5 million of net losses on repossessed assets, respectively. For the nine months ended September 30, 2025, the total net loss was $3.7 million, compared to $2.0 million for the same period in 2024. The net loss for the first nine months of 2025 was primarily driven by the $2.7 million loss on the sale of lower yielding available-for-sale securities. The net loss recognized in the first nine months of 2024 was primarily driven by $1.3 million of net losses on repossessed assets.

Total non-interest income, excluding net gains and losses, for the third quarter of 2025 decreased $0.3 million compared to the linked quarter. The decrease was primarily impacted by a decrease of $0.6 million in lease income, driven by gains on terminated Vantage leases recorded in the linked quarter, partially offset by an increase of $0.3 million in electronic banking ("e-banking") income, driven by debit card interchange fees. Compared to the third quarter of 2024, total non-interest income, excluding net gains and losses, increased $1.2 million, due to an increase of $0.7 million in BOLI, an increase of $0.6 million in lease income, and an increase of $0.5 million in trust and investment income, which was driven by an increase in assets under administration and management, partially offset by a decrease of $0.8 million in mortgage banking income.

For the first nine months of 2025, total non-interest income, excluding gains and losses, increased $5.2 million, or 7%, compared to the first nine months of 2024. The increase was driven by (i) a $4.0 million increase in lease income, driven by gains on early Vantage lease terminations and increased operating lease income, (ii) a $1.3 increase in trust and investment income, driven by an increase in assets under administration and management, and (iii) a $1.0 million increase in other non-interest income, primarily driven by an increase in swap fee income due to customer demand. These increases were partially offset by a $0.8 million decrease in mortgage banking income and a $0.7 million decrease in deposit account service charges due to customer activity.

Total non-interest expense decreased $0.5 million for the three months ended September 30, 2025, compared to the linked quarter. The decrease was primarily due to a decrease of $0.8 million in professional fees and $0.6 million in other non-interest expense, driven by lower corporate expenses, partially offset by increases of $0.3 million in marketing expenses and $0.2 million in franchise tax expenses.

Compared to the third quarter of 2024, total non-interest expense increased $3.8 million, or 6%. The increase was primarily driven by increases of $1.6 million in salaries and employee benefit costs, which were driven by higher sales-based incentive, medical costs, and payroll taxes, $1.2 million in data processing and software expense, and $1.2 million in other non-interest expense, partially offset by a decrease of $0.6 million in amortization of other intangible assets.

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For the nine months ended September 30, 2025, total non-interest expense increased $7.7 million, or 4%, compared to the first nine months of 2024. The increase was driven by increases of (i) $4.9 million in salaries and employee benefits costs, which were driven by higher sales-based incentive and medical costs, (ii) $3.1 million in data processing and software expenses, (iii) $0.7 million in professional fees, and (iv) $0.6 million in operating lease expense, partially offset with decreases of $1.7 million in amortization of other intangible assets and $1.1 million in net occupancy and equipment expense.

The efficiency ratio for the third quarter of 2025 was 57.1%, compared to 59.3% for the linked quarter and 55.1% for the third quarter of 2024. The efficiency ratio improved compared to the linked quarter mainly as the result of higher net interest income and lower non-interest expenses. The efficiency ratio for the first nine months of 2025 was 59.0%, compared to 57.4% for the first nine months of 2024. The efficiency ratio increased compared to the prior year first nine months due to the increase in non-interest expense and lower net interest income.

Peoples recorded income tax expense of $8.5 million with an effective tax rate of 22.4% for the third quarter of 2025, compared to income tax expense of $6.2 million with an effective tax rate of 22.7% for the linked quarter, and income tax expense of $9.2 million with an effective tax rate of 22.5% for the third quarter of 2024. The increase in income tax expense when compared to the prior quarter was primarily due to higher pre-tax income. Peoples' income tax expense for the first nine months of 2025 was $21.8 million with an effective tax rate of 22.5%, compared to $24.3 million with an effective tax rate of 21.2% for the same period of 2024.

Total assets were $9.62 billion as of September 30, 2025, $9.54 billion at June 30, 2025, $9.25 billion at December 31, 2024, and $9.14 billion at September 30, 2024. Total assets at September 30, 2025 increased when compared to at June 30, 2025 primarily due to increases in period-end loan and lease balances. Period-end total loan and lease balances at September 30, 2025 increased $127.1 million, or 8% annualized, compared to at June 30, 2025. The increase in loans was driven by increases of $121.2 million in other commercial real estate loans and $82.1 million in commercial and industrial loans, partially offset by a decrease of $80.3 million in construction loans. Total assets at September 30, 2025 increased compared to at December 31, 2024 due to increases of $370.7 million in total loans and leases and $157.0 million in held-to-maturity investment securities, partially offset by decreases in available-for sale investment securities of $106.6 million. Total assets at September 30, 2025 increased compared to at September 30, 2024 due to increases of $456.9 million in total loans and leases and $142.7 million in total investment securities, partially offset by a decrease of $93.5 million in total cash and cash equivalents.

Total liabilities were $8.44 billion at September 30, 2025, up from $8.39 billion at June 30, 2025, $8.14 billion at December 31, 2024, and $8.02 billion at September 30, 2024. The increase in total liabilities when compared to at June 30, 2025 was primarily due to an increase of $86.7 million in short-term borrowings, partially offset by a decrease of $5.0 million in period-end total deposits. Total liabilities increased compared to at December 31, 2024 due to increases in short-term borrowings and non-interest bearing deposits of $290.1 million and $28.4 million, respectively, and were partially offset by a decrease in accrued expenses and other liabilities of $22.8 million. The increase in total liabilities when compared to at September 30, 2024 was primarily due increases of $307.6 million and $149.0 million in short-term borrowings and period-end deposits, respectively. The increase in deposits was primarily driven by an increase of $124.5 million in retail certificates of deposit, driven by current promotional offerings, $82.7 million in non-interest bearing deposits, and $53.5 million in money market deposits. These were partially offset by a decrease of $79.1 million in brokered deposits and a $54.4 million decrease in governmental deposit accounts.

Total stockholders' equity at September 30, 2025 increased $29.4 million compared to at June 30, 2025, which was primarily due to net income for the quarter of $29.5 million and a decrease of $12.7 million in accumulated other comprehensive loss, partially offset by dividends paid of $14.7 million. Accumulated unrealized losses related to the available-for-sale investment securities portfolio were $78.1 million and $90.9 million at September 30, 2025 and at June 30, 2025, respectively. Total stockholders' equity at September 30, 2025 increased $71.2 million, or 6%, compared to at December 31, 2024, which was due to net income of $75.0 million in the first nine months of 2025 and a decrease of $32.8 million in accumulated other comprehensive loss, partially offset by dividends paid of $43.5 million. Total stockholders' equity at September 30, 2025 increased by $57.8 million compared to at September 30, 2024 and was impacted by net income of $102.0 million in the last twelve months and a decrease in accumulated other comprehensive loss of $5.0 million, partially offset by dividends paid of $57.7 million.

RESULTS OF OPERATIONS

Net Interest Income

Net interest income, the amount by which interest income exceeds interest expense, remains Peoples' largest source of revenue. The amount of net interest income earned by Peoples each quarter is affected by various factors, including changes in market interest rates due to the Federal Reserve’s monetary policy, the level and degree of pricing competition for loans and deposits in Peoples’ markets, and the amount and composition of Peoples' earning assets and interest-bearing liabilities. 

Net interest margin, which is calculated by dividing fully tax-equivalent ("FTE") net interest income by average interest-earning assets, serves as an important measurement of the net revenue stream generated by the volume, mix and pricing of interest-earning assets and interest-bearing liabilities. FTE net interest income is calculated by increasing interest income to convert tax-exempt income earned on obligations of states and political subdivisions and tax-exempt loans to the pre-tax equivalent of taxable income using a federal statutory corporate income tax rate of 21% for all periods presented.

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The following table details the calculation of FTE net interest income:

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

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The following tables detail Peoples’ average balance sheets for the periods presented:

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

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

(a)Average balances are based on carrying value.

(b)Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.

(c)Average balances include nonaccrual and impaired loans. Interest income includes interest earned and received on nonaccrual loans prior to the loans being placed on nonaccrual status. Loan fees included in interest income were immaterial for all periods presented.

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(d)Loans held for sale are included in the average loan balance listed. Related interest income on loans originated for sale prior to the loan being sold is included in loan interest income.

(e)Interest related to interest rate swap transactions is included, as appropriate to the transaction, in interest expense on short-term FHLB advances and interest expense on brokered CDs for the periods presented in which interest payments on FHLB advances or brokered CDs were being hedged.

(f)Included in other long-term borrowings are trust preferred securities and floating rate junior subordinated deferrable interest debentures.

Peoples' deposit balances have increased primarily due to an increase in retail certificates of deposits driven by special promotional rate offerings over the past year.

The following table provides an analysis of the changes in FTE net interest income:

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

(a)The change in interest due to both rate and volume has been allocated to rate and volume changes in proportion to the relationship of the dollar amounts of the change in each.

(b)Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.

Net interest income was $91.3 million for the third quarter of 2025 and increased $3.8 million when compared to the linked quarter. Net interest margin was 4.16% for the third quarter of 2025, compared to 4.15% for the linked quarter. The increase in net interest income and margin was primarily driven by higher loan balances and higher yields on investment securities, respectively.

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Net interest income for the third quarter of 2025 increased $2.4 million, or 3%, compared to the third quarter of 2024. Net interest margin decreased 11 basis points when compared to the third quarter of 2024. The increase in net interest income was primarily driven by growth in loan portfolios and reduced deposit costs. The decrease in net interest margin was driven by reductions in loan yields, attributable to lower accretion income.

For the first nine months of 2025, net interest income increased $2.0 million compared to the first nine months of 2024, while net interest margin decreased 9 basis points to 4.15%. The decrease in net interest margin for the first nine months of 2025 compared to the first nine months of 2024 was primarily driven by lower accretion income.

Accretion income, net of amortization expense, from acquisitions was $1.7 million for the third quarter of 2025, $2.6 million for the linked quarter and $8.1 million for the third quarter of 2024, which added 8 basis points, 12 basis points and 39 basis points, respectively, to net interest margin. The decrease in accretion income for the third quarter of 2025 when compared to the linked quarter and the third quarter of 2024 was driven by fewer loan payoffs and more accretion income recognized in 2024 from the Limestone Merger. Accretion income, net of amortization expense, was $7.8 million and $20.3 million for the first nine months of 2025 and 2024, respectively. Accretion income added 12 basis points and 33 basis points to net interest margin for the first nine months of 2025 and 2024, respectively. The decrease in accretion income for the first nine months of 2025 compared to the same period in 2024 was due to less accretion recognized from the Limestone Merger.

Additional information regarding changes in the Unaudited Consolidated Balance Sheets can be found under appropriate captions of the “FINANCIAL CONDITION” section of this MD&A. Additional information regarding Peoples' interest rate risk and the potential impact of interest rate changes on Peoples' results of operations and financial condition can be found later in this MD&A under the caption "FINANCIAL CONDITION - Interest Rate Sensitivity and Liquidity."

Provision for Credit Losses

The following table details Peoples’ provision for credit losses:

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Provision for other credit losses			$	7,004		$	16,475		$	6,279					$	33,514		$	17,510
Provision for checking account overdraft credit losses			276			167			456						598			1,010
Provision for credit losses			$	7,280		$	16,642		$	6,735					$	34,112		$	18,520

The provision for credit losses recorded represents the amount needed to maintain the appropriate level of the allowance for credit losses based on management’s quarterly estimates. The provision for credit losses for the third quarter of 2025 was primarily driven by (i) net charge offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses for the linked quarter of 2025 was primarily driven by (i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) a periodic refresh in loss drivers utilized within the CECL model, (v) deterioration in the economic forecasts used within the CECL model, and (vi) loan growth.

For the first nine months of 2025, the provision for credit losses was mainly a result of (i) net charge offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) deterioration in the economic forecasts used within the CECL model, and (v) loan growth. For the same period of 2024, the provision for credit losses was driven by (i) net charge-offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) economic forecast deterioration, and (iv) loan growth.

Additional information regarding changes in the allowance for credit losses and loan credit quality can be found later in this MD&A under the caption “FINANCIAL CONDITION - Allowance for Credit Losses.”

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Net Gain (Loss) Included in Total Non-Interest Income

Net gain (loss) includes net gains and losses on investment securities, asset disposals and other transactions, which are recognized in total non-interest income. The following table details Peoples’ net losses for the periods presented:

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Net (loss) gain on investment securities			$	(2,580)		$	—		$	(74)					$	(2,582)		$	(428)
Net loss on asset disposals and other transactions:
Net loss on other assets			(424)			(267)			(764)						(1,021)			(1,470)
Net gain (loss) on OREO			—			10			(2)						30			(2)
Net loss on other transactions			(54)			(23)			(29)						(128)			(92)
Net loss on asset disposals and other transactions			$	(478)		$	(280)		$	(795)					$	(1,119)		$	(1,564)

The net loss on investment securities for the third quarter of 2025 was driven by the sale of lower-yielding available for sale securities. The net loss on investment securities reported for the third quarter of 2024 was attributable to a loss recorded on a contingent call of a security. The net loss on other assets for all periods presented was driven by losses recorded on repossessed assets.

Total Non-Interest Income, Excluding Net Gains and Losses

Total non-interest income, excluding net gains and losses, comprised 23% of Peoples' total revenues (defined as net interest income plus total non-interest income excluding net gains and losses) for the third quarter of 2025, 24% for the linked quarter, and 22% for the third quarter of 2024. For the first nine months of 2025, total non-interest income, excluding net gains and losses, totaled 24% of total revenue compared to 23% for the same period in 2024.

For the third quarter of 2025, e-banking income comprised the largest portion of Peoples' total non-interest income, excluding net gains and losses. Peoples' e-banking services include ATM and debit cards, direct deposit services, internet and mobile banking, and remote deposit capture, and serve as alternative delivery channels to traditional sales offices for providing services to customers. The following table details Peoples' e-banking income:

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
E-banking income			$	6,538		$	6,272		$	6,359					$	18,695		$	18,875

Peoples' e-banking income is derived largely from ATM and debit cards, as other services are mainly provided at no charge to customers. The amount of e-banking income is largely dependent on the timing and volume of customer activity.

The following table details Peoples' insurance income:

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Property and casualty insurance commissions			$	3,732		$	3,791		$	3,584					$	11,346		$	10,601
Performance-based commissions			85			99			—						1,726			2,218
Life and health insurance commissions			652			659			687						2,000			2,059
Insurance income			$	4,469		$	4,549		$	4,271					$	15,072		$	14,878

Peoples' insurance income for the third quarter of 2025 decreased slightly when compared to the linked quarter. Insurance income for the third quarter of 2025 increased when compared to the third quarter of 2024 due to higher commissions. Insurance income in the first nine months of 2025 increased compared to the same period of 2024 due to higher commissions.

Peoples' trust and investment income, which includes fiduciary income, brokerage income, and employee benefit fees, continued to be based primarily upon the value of assets under administration and management, with additional income generated from transaction commissions, cross-selling of products and additional retirement plan services business. The following table details Peoples’ trust and investment income:

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			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Fiduciary income			$	2,209		$	2,274		$	2,047					$	6,575		$	6,260
Brokerage income			2,439			2,240			2,044						6,825			5,875
Employee benefit fees			766			767			791						2,356			2,345
Trust and investment income			$	5,414		$	5,281		$	4,882					$	15,756		$	14,480

Brokerage income in the third quarter of 2025 increased when compared to the linked quarter and to the third quarter of 2024 and was driven by an increase in assets under administration and management. Trust and investment income increased $1.3 million for the first nine months of 2025 when compared to 2024, due to higher brokerage income, primarily reflecting the increase in assets under management.

The following table details Peoples' assets under administration and management:

			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
(Dollars in thousands)
Trust			$	2,271,536		$	2,138,439		$	2,037,992		$	2,061,267		$	2,124,320
Brokerage			$	1,800,781		$	1,724,311		$	1,626,768		$	1,614,189		$	1,608,368
Total			$	4,072,317		$	3,862,750		$	3,664,760		$	3,675,456		$	3,732,688
Quarterly average			$	3,955,007		$	3,736,778		$	3,711,527		$	3,706,804		$	3,683,334

The increase in assets under administration and management at September 30, 2025 compared to at June 30, 2025 was driven by market value fluctuations. The increase in assets under administration and management at September 30, 2025 when compared to at September 30, 2024 was primarily due to growth, as Peoples added new accounts and the underlying market values of assets under management grew.

Deposit account service charges are based on the recovery of costs associated with services provided. The following table details Peoples' deposit account service charges:

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Overdraft and non-sufficient funds fees			$	2,344		$	2,122		$	2,455					$	6,569		$	6,998
Account maintenance fees			1,746			1,669			1,741						5,059			5,175
Other fees and charges			184			268			324						720			909
Deposit account service charges			$	4,274		$	4,059		$	4,520					$	12,348		$	13,082

The amount of deposit account service charges, particularly fees for overdrafts and non-sufficient funds, is largely dependent on the timing and volume of customer activity. Management periodically evaluates its cost recovery fees to ensure they are reasonable based on operational costs and similar to fees charged in Peoples' markets by competitors. Deposit account service charges increased slightly for the third quarter of 2025 compared to the linked quarter. Deposit account service charges decreased when comparing the third quarter of 2025 to the third quarter of 2024. For the first nine months of 2025, total deposit account service charges decreased by $0.7 million from the same period of 2024, driven by timing of customer activity.

The following table details the other items included within Peoples' total non-interest income:

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Lease income			3,622			4,189			3,045						11,257			7,208
Other non-interest income			1,180			1,478			1,075						4,130			3,134
Bank owned life insurance income			1,143			1,112			460						3,388			2,997
Mortgage banking income			245			220			1,051						861			1,615

Lease income is primarily comprised of (i) operating lease income, (ii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iii) month-to-month lease payments beyond maturity of the net investment in the lease, net of any associated purchase accounting adjustment, (iv) fees received for referrals, (v) gains and losses recognized on the sales of

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residual assets, net of any purchase accounting impact, and (vi) syndication income. Lease income for the third quarter of 2025 decreased compared to the linked quarter due to gains on early terminated Vantage leases recognized in the linked quarter. The increase when compared to the third quarter of 2024 was driven by increases in operating lease income and month-to-month lease income. Lease income increased $4.0 million for the first nine months of 2025 when compared to the same period of 2024 due to increases in month-to-month lease income and operating lease income.

Other non-interest income decreased for the three months ended September 30, 2025 when compared to the linked quarter and remained relatively flat compared to the third quarter of 2024. For the first nine months of 2025, other non-interest income increased by $1.0 million from the same period of 2024, primarily due to the increase in swap fee income which is driven by customer demand.

BOLI income for the third quarter of 2025 remained flat when compared to the linked quarter and increased $0.7 million when compared to the prior year quarter. BOLI income increased for the first nine months of 2025 when compared to the same period of 2024 primarily due to changes in the cash surrender value of the underlying policies.

Mortgage banking income is comprised mostly of net gains from the origination and sale of real estate loans in the secondary market, and, to a lesser extent, servicing income for loans sold with servicing retained. As a result, the amount of income recognized by Peoples is largely dependent on customer demand and long-term interest rates for residential real estate loans offered in the secondary market. Mortgage banking income for the third quarter of 2025 decreased when compared to the third quarter of 2024 and was primarily driven by the decreased volume in loans sold as more production has been kept on the balance sheet relative to prior periods. Mortgage banking income decreased for the first nine months of 2025 when compared to the same period of 2024 due to lower production.

In the third quarter of 2025, Peoples sold $4.5 million in loans into the secondary market with servicing retained and $3.8 million in loans with servicing released, compared to $0.3 million and $10.2 million, respectively, in the second quarter of 2025, and $14.9 million and $12.0 million, respectively, in the third quarter of 2024. For the first nine months of 2025, Peoples sold $5.0 million in loans into the secondary market with servicing retained, and $18.8 million with servicing released, compared to $17.6 million and $30.8 million, respectively, for the same period of 2024.

Non-Interest Expense

Salaries and employee benefit costs remain Peoples' largest non-interest expense, accounting for over one-half of total non-interest expense. The following table details Peoples' salaries and employee benefit costs:

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Base salaries and wages			$	24,900		$	24,942		$	24,376					$	74,460		$	73,610
Sales-based and incentive compensation			7,173			6,181			6,145						19,845			16,804
Employee benefits			4,866			5,692			4,472						15,080			13,273
Payroll taxes and other employment costs			2,231			2,078			2,162						7,088			6,821
Stock-based compensation			1,198			1,484			1,311						5,157			5,786
Deferred personnel costs			(1,670)			(1,484)			(1,381)						(4,218)			(3,752)
Salaries and employee benefit costs			$	38,698		$	38,893		$	37,085					$	117,412		$	112,542
Full-time equivalent employees:
Actual at end of period			1,454			1,477			1,496						1,454			1,496
Average during the period			1,460			1,462			1,495						1,468			1,493

Base salaries and wages for the third quarter of 2025 and the first nine months of 2025 increased compared to the same periods in 2024, primarily driven by annual merit increases.

Sales-based and incentive compensation increased for the third quarter of 2025 compared to the linked quarter and the third quarter of 2024 and was driven by an increase in corporate incentives. Sales-based and incentive compensation increased for the first nine months of 2025 when compared to 2024, due to an increase in corporate incentives and insurance commissions.

The decrease in employee benefits for the third quarter of 2025 compared to the linked quarter was primarily related to lower medical costs and an adjustment related to prior period nonqualified deferred compensation expense. Employee benefits increased for the third quarter of 2025 and the first nine months of 2025 when compared to the same periods for 2024 due to higher medical costs.

Payroll taxes and other employment costs for the third quarter of 2025 and for the first nine months of 2025 increased slightly when compared to all prior periods.

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Stock-based compensation is generally recognized over the vesting period, which generally ranges from immediate vesting to vesting at the end of three years. An adjustment is made at the vesting date to reverse expense relating to forfeitures for performance awards, and at the date of forfeiture to reverse expense for non-vested restricted common share awards. Stock grants to retirement eligible grantees are expensed either immediately or over a shorter period than three years. The majority of Peoples' stock-based compensation is attributable to annual equity-based incentive awards to employees, which are awarded in the first quarter of each year based upon Peoples achieving certain performance goals during the prior year, and are generally contingent on employment through the vesting period.

Deferred personnel costs represent the portion of current period salaries and employee benefit costs considered to be direct loan origination costs. These costs are capitalized and recognized over the life of the loan as a yield adjustment in interest income. As a result, the amount of deferred personnel costs for each period corresponds directly with the volume of loan originations, coupled with the average deferred costs per loan that are updated annually at the beginning of each year. Deferred personnel costs for the third quarter of 2025 increased when compared to the second quarter of 2025 and to the third quarter of 2024. Similarly, deferred personnel costs increased for the first nine months of 2025 when compared to 2024.

Peoples' net occupancy and equipment expense was comprised of the following:

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Depreciation			$	2,158		$	2,135		$	2,101					$	6,417		$	6,442
Repairs and maintenance costs			1,650			1,641			1,609						5,216			5,038
Property taxes, utilities and other costs			1,271			1,115			1,181						2,931			3,625
Net rent expense			817			799			1,014						2,634			3,225
Net occupancy and equipment expense			$	5,896		$	5,690		$	5,905					$	17,198		$	18,330

Net occupancy and equipment expense remained roughly flat for the third quarter compared to the linked quarter and compared to the third quarter of 2024. Net occupancy and equipment expense for the first nine months of 2025 decreased when compared to the same period of the previous year due to an adjustment of property tax accruals resulting from a review of recent assessments.

The following table details the other items included in total non-interest expense:

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Data processing and software expense			$	7,356		$	7,356		$	6,111					$	21,717		$	18,623
Professional fees			2,798			3,610			2,896						9,495			8,798
Amortization of other intangible assets			2,211			2,211			2,786						6,635			8,361
E-banking expense			2,161			2,018			1,844						6,204			5,566
FDIC insurance premiums			1,284			1,251			1,241						3,786			3,678
Other loan expenses			1,385			1,213			1,178						3,717			3,290
Operating lease expense			1,039			1,053			1,010						3,077			2,437
Marketing expense			1,001			718			971						2,622			2,708
Travel and entertainment expense			796			713			795						2,009			1,933
Communication expense			664			712			814						2,110			2,349
Franchise tax expense			916			678			917						2,523			2,558
Other non-interest expense			3,689			4,246			2,537						12,538			12,140

Data processing and software expenses for the third quarter and the first nine months of 2025 increased compared to the same periods in 2024 due to costs associated with recent technology projects.

Professional fees for the third quarter of 2025 decreased when compared to the linked quarter due to decreased professional services. Professional fees increased for the first nine months of 2025 when compared to 2024 due to increased legal expenses and higher exam and audit fees.

Amortization of other intangible assets for the third quarter of 2025 remained flat compared to the linked quarter and decreased $0.6 million compared to the prior year quarter due to decreases in amortization on core deposits and customer relationship intangibles. Amortization of other intangible assets decreased for the first nine months of 2025 when compared to 2024 due to decreases in amortization on core deposits and customer relationship intangibles.

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Peoples' e-banking expense is comprised of costs associated with debit and ATM cards and is driven by the timing and volume of customer activity. E-banking expense increased slightly compared to the linked quarter and the third quarter of 2024. E-banking expense increased for the first nine months of 2025 when compared to 2024 due to customer activity.

Peoples' FDIC insurance premiums for the third quarter of 2025 were flat when compared to the linked quarter and the third quarter of 2024. FDIC premiums increased slightly for the first nine months of 2025 when compared to 2024.

Other loan expenses during the third quarter of 2025 remained relatively flat when compared to the linked quarter and increased slightly compared to the third quarter of 2024. Other loan expenses increased for the first nine months of 2025 when compared to 2024 due to increased down payment assistance expenses.

Operating lease expense remained flat when compared to the linked quarter and the third quarter of 2024. Operating lease expense increased for the first nine months of 2025 when compared to 2024 due to an increased volume of leases.

Marketing expense for the third quarter of 2025 increased when compared to the linked quarter primarily driven by a vendor credit received in the second quarter. Marketing expense decreased for the first nine months of 2025 when compared to 2024 due to lower advertising expenses.

Travel and entertainment expenses remained flat compared to the linked quarter and to the third quarter of 2024. Travel and entertainment increased slightly for the first nine months of 2025 when compared to 2024 due to timing of travel.

Communication expense decreased for the third quarter of 2025 when compared to both the linked quarter and the same period of the prior year. Communication expense decreased slightly for the first nine months of 2025 when compared to 2024.

Peoples is subject to state franchise taxes, which are based largely on Peoples' equity, in the states where Peoples has a physical presence. Franchise tax expense also includes the Ohio Financial Institution Tax ("FIT"), which is a business privilege tax that is imposed on financial institutions organized for profit and doing business in Ohio. The Ohio FIT is based on the total equity capital in proportion to the taxpayer's gross receipts in Ohio as of the most recent year-end. The increase in franchise tax expense for the third quarter of 2025 compared to the linked quarter related to a one-time refund from the State of Ohio. Franchise tax expense remained flat for the first nine months of 2025 when compared to 2024.

Other non-interest expense for the third quarter of 2025 decreased when compared to the linked quarter primarily due to lower corporate expenses. Other non-interest expense increased for the third quarter and the first nine months of 2025 when compared to same periods in 2024 due to increased expense on operating leases.

Income Tax Expense

Peoples recorded income tax expense of $8.5 million with an effective tax rate of 22.4% for the third quarter of 2025, compared to income tax expense of $6.2 million with an effective tax rate of 22.7% for the linked quarter and income tax expense of $9.2 million with an effective tax rate of 22.5% for the third quarter of 2024. The increase in income tax expense when compared to the prior quarter was primarily due to higher pre-tax income. The effective tax rate compared to the prior year quarter was relatively flat. Peoples recorded income tax expense of $21.8 million and $24.3 million, through the first nine months of 2025 and 2024, respectively. The decrease for the first nine months of 2025 compared to 2024 was driven by lower pre-tax income.

Additional information regarding income taxes can be found in "Note 13. Income Taxes" of the Notes to the Consolidated Financial Statements included in Peoples' 2024 Form 10-K.

Pre-Provision Net Revenue (Non-US GAAP)

Pre-provision net revenue ("PPNR") has become a key financial measure used by state and federal bank regulatory agencies when assessing the capital adequacy of financial institutions. PPNR is defined as net interest income plus total non-interest income, excluding all gains and losses, minus total non-interest expense. As a result, PPNR represents the earnings capacity that can be either retained in order to build capital or used to absorb unexpected losses and preserve existing capital. This measure represents a Non-US GAAP financial measure since it excludes the provision for (recovery of) credit losses and all gains and losses included in earnings.

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The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented:    

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Pre-provision net revenue:
Income before income taxes			$	38,002		$	27,453		$	40,881					$	96,832		$	114,609
Add: provision for credit losses			7,280			16,642			6,735						34,112			18,520
Add: loss on OREO			—			—			2						—			2
Add: loss on investment securities			2,580			—			74						2,582			428
Add: loss on other assets			424			267			764						1,021			1,470
Add: loss on other transactions			54			23			28						128			92
Less: gain on OREO			—			10			—						30			—
Pre-provision net revenue			$	48,340		$	44,375		$	48,484					$	134,645		$	135,121

The increase in the PPNR for the third quarter of 2025 compared to the linked quarter was driven by an increase in net interest income due to higher income on loans and investment securities. PPNR for the first nine months of 2025 decreased slightly compared to 2024, primarily driven by lower accretion income, partially offset by lower funding costs.

Efficiency Ratio (Non-US GAAP)

The efficiency ratio is a key financial measure used to monitor performance. The efficiency ratio is calculated as total non-interest expense (less amortization of other intangible assets) as a percentage of FTE net interest income plus total non-interest income excluding net gains and losses. This measure is Non-US GAAP since it excludes amortization of other intangible assets and all gains and losses included in earnings, and uses FTE net interest income.

The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented:

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Efficiency ratio:
Total non-interest expense			$	69,894		$	70,362		$	66,090					$	211,043		$	203,313
Less: amortization of other intangible assets			2,211			2,211			2,786						6,635			8,361
Adjusted total non-interest expense			67,683			68,151			63,304						204,408			194,952
Total non-interest income			23,827			26,880			24,794						77,806			74,277
Less: net loss on investment securities			(2,580)			—			(74)						(2,582)			(428)
Less: net loss on asset disposals and other transactions			(478)			(280)			(795)						(1,119)			(1,564)
Total non-interest income excluding net losses			26,885			27,160			25,663						81,507			76,269
Net interest income			91,349			87,577			88,912						264,181			262,165
Add: FTE adjustment (a)			279			280			318						842			1,022
Net interest income on an FTE basis			91,628			87,857			89,230						265,023			263,187
Adjusted revenue			$	118,513		$	115,017		$	114,893					$	346,530		$	339,456
Efficiency ratio			57.11		%	59.25		%	55.10		%				58.99		%	57.43		%

(a) Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.

The efficiency ratio for the third quarter of 2025 was 57.1%, compared to 59.3% for the linked quarter and 55.1% for the third quarter of 2024. The efficiency ratio improved compared to the linked quarter mainly as the result of higher net interest income and lower non-interest expenses. The efficiency ratio increased compared to the prior year first nine months due to the increase in non-interest expense. Peoples continues to focus on controlling expenses, while recognizing necessary costs in order to continue growing the business.

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Return on Average Assets Adjusted for Non-Core Items Ratio (Non-US GAAP)

In addition to return on average assets, management uses return on average assets adjusted for non-core items to monitor performance. The return on average assets adjusted for non-core items ratio represents a Non-US GAAP financial measure since it excludes the after-tax impact of all gains and losses and acquisition-related expenses.

The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented:

			Three Months Ended												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Annualized net income adjusted for non-core items:
Net income			$	29,476		$	21,212		$	31,684					$	75,024		$	90,275
Add: net loss on investment securities			2,580			—			74						2,582			428
Less: tax effect of net loss on investment securities (a)			542			—			16						542			90
Add: net loss on asset disposals and other transactions			478			280			795						1,119			1,564
Less: tax effect of net loss on asset disposals and other transactions (a)			100			59			167						235			328
Add: acquisition-related expenses			—			—			(662)						—			(746)
Less: tax effect of acquisition-related expenses (a)			—			—			(139)						—			(157)
Net income adjusted for non-core items (after tax)			$	31,892		$	21,433		$	31,847					$	77,948		$	91,260
Days in the period			92			91			92						273			274
Days in the year			365			365			366						365			366
Annualized net income			$	116,943		$	85,081		$	126,047					$	100,307		$	120,586
Annualized net income adjusted for non-core items (after tax)			$	126,528		$	85,968		$	126,696					$	104,216		$	121,902
Return on average assets:
Annualized net income			$	116,943		$	85,081		$	126,047					$	100,307		$	120,586
Total average assets			9,574,270			9,293,287			9,142,737						9,355,628			9,115,049
Return on average assets			1.22		%	0.92		%	1.38		%				1.07		%	1.32		%
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items (after tax)			$	126,528		$	85,968		$	126,696					$	104,216		$	121,902
Total average assets			9,574,270			9,293,287			9,142,737						9,355,628			9,115,049
Return on average assets adjusted for non-core items (after tax)			1.32		%	0.93		%	1.39		%				1.11		%	1.34		%

(a) Based on a 21% statutory federal corporate income tax rate.

The return on average assets and the return on average assets adjusted for non-core items for the third quarter of 2025 increased when compared to the linked quarter due to higher annualized net income. The decrease in the return on average assets and return on average assets adjusted for non-core items for the third quarter of 2025, compared to the third quarter of 2024, was attributable to a decrease in annualized net income driven by an increase in provision for credit losses and an increase in average assets. The decrease in return on average assets and return on average assets adjusted for non-core items for the first nine months of 2025 when compared to the same period of 2024 was primarily driven by a decrease in annualized net income from an increase in provision for credit losses and an increase in average assets.

Return on Average Tangible Equity Ratio (Non-US GAAP)

The return on average tangible equity ratio is a key financial measure used to monitor performance. This ratio is calculated as annualized net income (less the after-tax impact of amortization of other intangible assets) divided by average tangible equity. 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												Nine Months Ended
			September 30, 2025			June 30, 2025			September 30, 2024						September 30,
(Dollars in thousands)															2025			2024
Annualized net income excluding amortization of other intangible assets:
Net income			$	29,476		$	21,212		$	31,684					$	75,024		$	90,275
Add: amortization of other intangible assets			2,211			2,211			2,786						6,635			8,361
Less: tax effect of amortization of other intangible assets (a)			464			464			585						1,393			1,756
Net income excluding amortization of other intangible assets			$	31,223		$	22,959		$	33,885					$	80,266		$	96,880
Days in the period			92			91			92						273			274
Days in the year			365			365			366						365			366
Annualized net income			$	116,943		$	85,081		$	126,047					$	100,307		$	120,586
Annualized net income excluding amortization of other intangible assets			$	123,874		$	92,088		$	134,803					$	107,315		$	129,409
Average tangible equity:
Total average stockholders' equity			$	1,162,768		$	1,147,253		$	1,099,756					$	1,144,440		$	1,071,434
Less: average goodwill and other intangible assets			396,636			398,940			405,022						398,956			407,858
Average tangible equity			$	766,132		$	748,313		$	694,734					$	745,484		$	663,576
Return on total average stockholders' equity ratio:
Annualized net income			$	116,943		$	85,081		$	126,047					$	100,307		$	120,586
Total average stockholders' equity			$	1,162,768		$	1,147,253		$	1,099,756					$	1,144,440		$	1,071,434
Return on total average stockholders' equity			10.06		%	7.42		%	11.46		%				8.76		%	11.25		%
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets			$	123,874		$	92,088		$	134,803					$	107,315		$	129,409
Average tangible equity			$	766,132		$	748,313		$	694,734					$	745,484		$	663,576
Return on average tangible equity			16.17		%	12.31		%	19.40		%				14.40		%	19.50		%

(a) Based on a 21% statutory federal corporate income tax rate.

The return on total average stockholders' equity and average tangible equity ratios increased when compared to the linked quarter due to an increase in annualized net income. The decreases in the return on total average stockholders' equity and average tangible equity ratios for the third quarter and the first nine months of 2025 compared to the same periods of 2024 were driven by lower net income.

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FINANCIAL CONDITION

Cash and Cash Equivalents

At September 30, 2025, Peoples' interest-bearing deposits in other banks had decreased $39.7 million from December 31, 2024. The total cash and cash equivalents balance included $62.9 million of excess cash reserves being maintained at the FRB of Cleveland at September 30, 2025, compared to $104.7 million at December 31, 2024. The amount of excess cash reserves maintained is dependent upon Peoples' daily liquidity position, which is driven primarily by changes in deposit and loan balances.

Through the first nine months of 2025, Peoples' total cash and cash equivalents decreased $27.4 million, which reflected cash outflows of $403.4 million for investing activities, partially offset by cash inflows of $276.5 million for financing activities and $99.4 million from operating activities. Peoples' use of cash in investing activities reflected a $384.5 million net increase in loans held for investment and net cash outflows of $156.1 million related to the purchases of held-to-maturity investment securities. These were offset by net cash inflows from the sale of available-for-sale investment securities of $147.4 million. The cash provided by financing activities was driven by a net increase in short-term borrowings of $290.1 million.

Further information regarding the management of Peoples' liquidity position can be found later in this discussion under “Interest Rate Sensitivity and Liquidity.”

Investment Securities

The following table provides information regarding Peoples’ investment portfolio:

(Dollars in thousands)			Weighted Average Yield			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Available-for-sale securities, at fair value:
Obligations of:
U.S. Treasury and government agencies			5.68		%	$	17,696		$	13,880		$	14,343		$	15,196		$	27,961
U.S. government sponsored agencies			3.54		%	164,132			210,856			213,063			209,083			174,708
States and political subdivisions			2.59		%	186,822			193,363			195,505			196,301			206,779
Residential mortgage-backed securities			2.56		%	561,517			576,541			593,979			601,802			607,726
Commercial mortgage-backed securities			1.77		%	42,510			52,699			52,636			55,065			57,437
Bank-issued trust preferred securities			4.26		%	4,229			4,158			4,148			6,108			6,056
Total fair value						$	976,906		$	1,051,497		$	1,073,674		$	1,083,555		$	1,080,667
Total amortized cost						$	1,078,703		$	1,170,092		$	1,199,677		$	1,229,382		$	1,189,792
Net unrealized loss						$	(101,797)		$	(118,595)		$	(126,003)		$	(145,827)		$	(109,125)
Held-to-maturity securities, at amortized cost:
Obligations of:
U.S. government sponsored agencies			4.65		%	$	255,888		$	299,183		$	222,698		$	233,302		$	196,642
States and political subdivisions (a)			2.25		%	141,869			142,082			142,276			142,454			141,682
Residential mortgage-backed securities			4.69		%	438,101			360,559			290,023			300,290			256,329
Commercial mortgage-backed securities			2.50		%	95,966			98,195			98,469			98,754			98,984
Total amortized cost						$	931,824		$	900,019		$	753,466		$	774,800		$	693,637
Other investments						$	63,991		$	67,538		$	51,322		$	60,132		$	55,691
Total investment securities:
Amortized cost						$	2,074,518		$	2,137,649		$	2,004,465		$	2,064,314		$	1,939,120
Carrying value						$	1,972,721		$	2,019,054		$	1,878,462		$	1,918,487		$	1,829,995

(a)Amortized cost is presented net of the allowance for credit losses of $237 at September 30, 2025 and at June 30, 2025 and $236 at September 30, 2024.

For the third quarter of 2025, available-for-sale investment securities decreased compared to all prior periods due to the sale of lower-yielding securities. For the third quarter of 2025, held-to-maturity securities increased compared to all prior periods due to the purchases of higher-yielding, longer duration securities booked to held-to-maturity.

Additional information regarding Peoples' investment portfolio can be found in "Note 3 Investment Securities" of the Notes to the Unaudited Condensed Consolidated Financial Statements.

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Loans and Leases

The following table provides information regarding outstanding loan balances:

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

(a)    Includes all loans acquired, and related loan discount recorded as part of acquisition accounting, in 2012 or thereafter. Loans that were acquired and subsequently re-underwritten are reported as originated upon execution of such credit actions (for example, renewals and increases in lines of credit).

The period-end total loan and lease balances at September 30, 2025 increased $127.1 million, or 8% annualized, compared to at June 30, 2025. The increase in the period-end loan and lease balances at September 30, 2025 compared to at June 30, 2025 was driven by increases of $121.2 million in other commercial real estate loans and $82.1 million in commercial and industrial loans, partially offset by a decrease of $80.3 million in construction loans. The period-end loan and lease balances at September 30, 2025 compared to at September 30, 2024 increased $456.9 million, or 7%, compared to at September 30, 2024, driven by increases of $239.4 million in commercial and industrial loans, $188.9 million in other commercial real estate loans, and $98.2 million in residential real estate loans, partially offset by decreases of $59.0 million and $50.3 million in constructions loans and leases, respectively.

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Loan Concentration

Peoples categorizes its commercial loans according to standard industry classifications and monitors for concentrations in a single industry or multiple industries that could be impacted by changes in economic conditions in a similar manner. Peoples' commercial lending activities continue to be spread over a diverse range of businesses from many sectors of the economy, with no single industry comprising over 14% of Peoples' total loan portfolio.

Loans secured by commercial real estate, including commercial construction loans, continued to comprise the largest portion of Peoples' loan portfolio at September 30, 2025. The following tables provide information regarding the largest concentrations of commercial construction loans and other commercial real estate loans within the loan portfolio at September 30, 2025:

(Dollars in thousands)			Outstanding Balance			Loan Commitments			Total Exposure			% of Total
Construction:
Apartment complexes			$	136,750		$	177,862		$	314,612		52.1		%
Land development			36,517			36,668			73,185			12.1		%
Land only			16,144			25,987			42,131			7.0		%
Industrial			10,781			29,358			40,139			6.6		%
Residential property			4,699			20,401			25,100			4.2		%
Warehouse facilities			1,278			14,361			15,639			2.6		%
Student housing			15,000			—			15,000			2.5		%
Retail facilities			4,217			9,894			14,111			2.3		%
Other (a)			35,662			28,675			64,337			10.6		%
Total construction			$	261,048		$	343,206		$	604,254		100.0		%

(a) All other total exposures by industry are less than 2% of the Total Exposure.

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(Dollars in thousands)			Outstanding Balance			Loan Commitments			Total Exposure			% of Total
Commercial real estate, other:
Apartment complexes			$	524,353		$	11,407		$	535,760		22.0		%
Light industrial facilities:
Owner occupied			$	122,625		$	8,368		$	130,993		5.4		%
Non-owner occupied			125,996			2,165			128,161			5.3		%
Total light industrial facilities			$	248,621		$	10,533		$	259,154		10.7		%
Retail facilities:
Owner occupied			$	208,964		$	100		$	209,064		8.6		%
Non-owner occupied			44,527			1,278			45,805			1.9		%
Total retail facilities			$	253,491		$	1,378		$	254,869		10.5		%
Lodging and lodging related:
Owner occupied			$	163,899		$	7,506		$	171,405		7.0		%
Non-owner occupied			29,449			—			29,449			1.2		%
Total lodging and lodging related			$	193,348		$	7,506		$	200,854		8.2		%
Office buildings and complexes:
Owner occupied			$	116,263		$	1,677		$	117,940		4.8		%
Non-owner occupied			68,218			2,888			71,106			2.9		%
Total office buildings and complexes			$	184,481		$	4,565		$	189,046		7.7		%
Assisted living facilities and nursing homes			$	153,990		$	1,901		$	155,891		6.4		%
Warehouse facilities:
Owner occupied			$	28,645		$	250		$	28,895		1.2		%
Non-owner occupied			52,976			245			53,221			2.2		%
Total warehouse facilities			$	81,621		$	495		$	82,116		3.4		%
Restaurant/bar facilities:
Owner occupied			$	27,780		$	117		$	27,897		1.1		%
Non-owner occupied			54,426			—			54,426			2.2		%
Total restaurant/bar facilities			$	82,206		$	117		$	82,323		3.3		%
Mixed-use facilities:
Owner occupied			$	35,381		$	1,735		$	37,116		1.5		%
Non-owner occupied			37,235			2,169			39,404			1.6		%
Total mixed-use facilities			$	72,616		$	3,904		$	76,520		3.1		%
Healthcare facilities:
Owner occupied			$	16,739		$	1,237		$	17,976		0.7		%
Non-owner occupied			39,253			223			39,476			1.6		%
Total healthcare facilities			$	55,992		$	1,460		$	57,452		2.3		%
Other (a)			518,677			27,433			546,110			22.4		%
Total commercial real estate, other			$	2,369,396		$	70,699		$	2,440,095		100.0		%

(a) All other total exposures by industry are less than 2% of the Total Exposure.

Peoples' commercial lending activities continue to focus on lending opportunities within Ohio, Kentucky, West Virginia, Virginia, Washington, D.C. and Maryland. For all other states, the aggregate outstanding balances of commercial loans in each state were less than 6% of total loans at September 30, 2025 and at December 31, 2024. The repayment of premium finance loans is secured by the underlying insurance policy prepaid premium, and therefore, geography is not a factor from a repayment perspective. The repayment of leases is secured by the underlying equipment collateral and not real estate, which mitigates geographic risk.

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Allowance for Credit Losses

The amount of the allowance for credit losses at the end of each period represents management's estimate of expected losses from existing loans based upon its quarterly analysis of the loan portfolio. While this process involves allocations being made to specific loans and pools of loans, the entire allowance is available for all losses expected within the loan portfolio.

The following details management's allocation of the allowance for credit losses:

(Dollars in thousands)			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Construction			$	1,252		$	1,347		$	1,156		$	878		$	854
Commercial real estate, other			18,316			17,144			17,155			16,256			17,239
Commercial and industrial			17,896			17,854			12,783			13,283			11,592
Premium finance			776			794			646			662			711
Leases			18,040			19,633			13,575			12,893			16,970
Residential real estate			6,348			6,113			6,786			6,491			6,058
Home equity lines of credit			1,880			1,814			1,863			1,792			1,804
Consumer, indirect			7,862			7,643			8,696			8,576			8,924
Consumer, direct			2,385			2,248			2,474			2,396			2,370
Deposit account overdrafts			109			91			98			121			117
Allowance for credit losses			$	74,864		$	74,681		$	65,232		$	63,348		$	66,639
As a percent of total loans			1.11		%	1.13		%	1.01		%	1.00		%	1.06		%

The increase in the allowance for credit losses at September 30, 2025 compared to at June 30, 2025 was driven by loan growth and a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. Compared to at September 30, 2024, the allowance for credit losses increased due to an increase in reserves for leases originated by our North Star Leasing division, a slight deterioration in the economic forecasts used within the CECL model, and loan growth.

Additional information regarding Peoples' allowance for credit losses can be found in "Note 1 Summary of Significant Accounting Policies" in Peoples' 2024 Form 10-K and "Note 4 Loans and Leases" of the Notes to the Unaudited Condensed Consolidated Financial Statements in this Form 10-Q.

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The following table summarizes Peoples’ net charge-offs and recoveries:

			Three Months Ended
(Dollars in thousands)			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Gross charge-offs:
Commercial real estate, other			$	27		$	35		$	215		$	219		$	—
Commercial and industrial			472			556			380			118			259
Premium finance			105			93			71			63			37
Leases			4,930			5,099			5,654			7,706			3,753
Residential real estate			71			—			142			144			—
Home equity lines of credit			27			12			—			—			2
Consumer, indirect			1,607			1,693			1,866			1,331			1,820
Consumer, direct			290			96			155			149			162
Consumer			1,897			1,789			2,021			1,480			1,982
Deposit account overdrafts			312			245			277			310			558
Total gross charge-offs			$	7,841		$	7,829		$	8,760		$	10,040		$	6,591
Recoveries:
Commercial real estate, other			$	1		$	—		$	4		$	24		$	100
Commercial and industrial			26			17			6			40			1
Premium finance			3			3			6			12			4
Leases			443			261			245			87			56
Residential real estate			40			50			49			45			58
Home equity lines of credit			—			—			—			—			—
Consumer, indirect			418			449			210			178			186
Consumer, direct			27			14			20			7			19
Consumer			445			463			230			185			205
Deposit account overdrafts			54			71			99			61			83
Total recoveries			$	1,012		$	865		$	639		$	454		$	507
Net charge-offs (recoveries):
Commercial real estate, other			26			35			211			195			(100)
Commercial and industrial			446			539			374			78			258
Premium finance			102			90			65			51			33
Leases			4,487			4,838			5,409			7,619			3,697
Residential real estate			31			(50)			93			99			(58)
Home equity lines of credit			27			12			—			—			2
Consumer, indirect			1,189			1,244			1,656			1,153			1,634
Consumer, direct			263			82			135			142			143
Consumer			1,452			1,326			1,791			1,295			1,777
Deposit account overdrafts			258			174			178			249			475
Total net charge-offs			$	6,829		$	6,964		$	8,121		$	9,586		$	6,084
Ratio of net charge-offs (recoveries) to average total loans (annualized):
Commercial real estate, other			—		%	—		%	0.01		%	0.01		%	(0.01)		%
Commercial and industrial			0.03		%	0.03		%	0.02		%	—		%	0.02		%
Premium finance			0.01		%	0.01		%	—		%	—		%	—		%
Leases			0.27		%	0.30		%	0.35		%	0.50		%	0.23		%
Residential real estate			—		%	—		%	0.01		%	0.01		%	—		%
Home equity lines of credit			—		%	—		%	—		%	—		%	—		%
Consumer, indirect			0.06		%	0.07		%	0.11		%	0.06		%	0.10		%
Consumer, direct			0.02		%	0.01		%	0.01		%	0.01		%	0.01		%
Consumer			0.08		%	0.08		%	0.12		%	0.07		%	0.11		%
Deposit account overdrafts			0.02		%	0.01		%	0.01		%	0.02		%	0.03		%
Total			0.41		%	0.43		%	0.52		%	0.61		%	0.38		%

Each with "--%" not meaningful.

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Total net charge-offs during the third quarter of 2025 were $6.8 million, or 0.41% of average total loans on an annualized basis, compared to $7.0 million, or 0.43% of average total loans on an annualized basis, during the linked quarter and $6.1 million, or 0.38% of average total loans on an annualized basis, during the third quarter of 2024. Compared to the linked quarter, net charge-offs decreased slightly, primarily driven by a decrease in net charge-offs in leases originated by the North Star Leasing business. The increase in net charge-offs during the third quarter of 2025 versus the prior year third quarter was primarily attributable to an increase in charge-offs in leases originated by the North Star Leasing business.

The following table details Peoples’ nonperforming assets: 

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

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(a)    Includes loans categorized as special mention, substandard or doubtful.

(b)    Includes loans categorized as substandard or doubtful.

(c)    Data presented as of the end of the period indicated.

(d)    NPLs include loans 90+ days past due and accruing and nonaccrual loans. NPAs include nonperforming loans and OREO.

Peoples' NPAs decreased from 0.49% of total assets at June 30, 2025 to 0.47% of total assets at September 30, 2025. Total loans 90+ days past due and accruing decreased at September 30, 2025 compared to September 30, 2024 driven down by leases and premium finance loans. During the third quarter of 2025, criticized loans increased $23.9 million, while classified loans increased $33.6 million when compared to at June 30, 2025. The increase in classified loans compared to at June 30, 2025 and at September 30, 2024 was driven by loan downgrades. The decrease in NPAs compared to at June 30, 2025, was primarily driven by a decrease in premium finance loans that were 90+ days past due and accruing. The decrease in NPAs compared to at September 30, 2024, was driven primarily by a reductions in leases that were 90+ days past due and accruing.

Deposits

The following table details Peoples’ deposit balances:

(Dollars in thousands)			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Non-interest-bearing deposits (a)			$	1,536,094		$	1,530,824		$	1,526,285		$	1,507,661		$	1,453,441
Interest-bearing deposits:
Interest-bearing demand accounts (a)			1,068,443			1,058,910			1,087,197			1,085,152			1,065,912
Savings accounts			884,230			889,872			894,592			866,959			864,935
Retail CDs			2,008,619			2,005,322			1,965,978			1,921,415			1,884,139
Money market deposit accounts			948,177			927,543			967,331			878,254			894,690
Governmental deposit accounts			769,782			781,949			834,409			775,782			824,136
Brokered CDs			416,851			442,788			458,957			554,982			495,904
Total interest-bearing deposits			6,096,102			6,106,384			6,208,464			6,082,544			6,029,716
Total deposits			$	7,632,196		$	7,637,208		$	7,734,749		$	7,590,205		$	7,483,157
Demand deposits as a percent of total deposits			34		%	34		%	34		%	34		%	34		%

(a)The sum of amounts presented is considered total demand deposits.

At September 30, 2025, period-end total deposits decreased $5.0 million compared to at June 30, 2025, driven by decreases of $25.9 million in brokered CDs and $12.2 million in governmental deposits, partially offset by increases of $20.6 million in money market deposits, $9.5 million in interest bearing demand accounts, and $5.3 million in non-interest bearing deposits. The decrease in brokered deposit accounts was due to a strategic shift to other funding sources at lower rates.

Compared to September 30, 2024, period-end deposit balances increased $149.0 million, or 2%. The increase in total deposits was primarily driven by increases of $124.5 million in retail CDs, $82.7 million in non-interest bearing deposits, and $53.5 million in money market deposits. These were partially offset by decreases of $79.1 million in brokered CDs and $54.4 million in governmental deposits. The increase in retail certificates of deposits was driven by special promotional rate offerings over the past year.

As part of its funding strategy, Peoples hedges 90-day brokered CDs or FHLB advances with interest rate swaps. The interest rate swaps pay a fixed rate of interest while receiving a floating rate component of interest tied to term SOFR, which offsets the rate on the brokered CDs or FHLB advances. As of September 30, 2025, Peoples had five effective interest rate swaps, with an aggregate notional value of $45.0 million, which were designated as cash flow hedges. Peoples continually evaluates the overall balance sheet position given the interest rate environment.

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Borrowed Funds

The following table details Peoples’ short-term borrowings and long-term borrowings:

(Dollars in thousands)			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Short-term borrowings:
FHLB Overnight borrowings			$	194,000		$	356,000		$	—		$	175,000		$	—
Retail repurchase agreements			14,250			23,569			19,228			18,367			12,945
Bank Term Funding Program ("BTFP")			—			—			—			—			163,000
Other short-term borrowings			275,340			17,291			—			107			—
Total short-term borrowings			$	483,590		$	396,860		$	19,228		$	193,474		$	175,945
Long-term borrowings:
FHLB advances			$	131,323		$	131,580		$	131,716		$	131,868		$	132,157
Vantage non-recourse debt			40,324			45,429			50,156			51,330			50,059
Other long-term borrowings			55,635			55,382			55,128			54,875			54,608
Total long-term borrowings			$	227,282		$	232,391		$	237,000		$	238,073		$	236,824
Total borrowed funds			$	710,872		$	629,251		$	256,228		$	431,547		$	412,769

Total borrowed funds, which include overnight borrowings, are mainly a function of loan growth and changes in total deposit balances. Other long-term borrowings include trust preferred securities and floating rate junior subordinated deferrable interest debentures. Total borrowed funds at September 30, 2025 increased compared to at June 30, 2025 due to higher overnight borrowings. Total borrowed funds increased compared to at September 30, 2024 due to higher overnight borrowings, partially offset by the payoff of the Bank Term Funding Program.

Capital/Stockholders’ Equity

At September 30, 2025, capital levels for both Peoples and Peoples Bank remained substantially higher than the minimum amounts needed to be considered "well capitalized" institutions under applicable banking regulations. These higher capital levels reflect Peoples' desire to maintain a strong capital position. In order to avoid limitations on dividends, equity repurchases and compensation, Peoples must exceed the three minimum required ratios by at least the capital conservation buffer of 2.50%, which applies to the common equity tier 1 ("CET1") ratio, the tier 1 capital ratio and the total risk-based capital ratio. At September 30, 2025, Peoples had a capital conservation buffer of 5.79%.

The following table details Peoples' risk-based capital levels and corresponding ratios:

(Dollars in thousands)			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Capital Amounts:
Common Equity Tier 1			$	875,454		$	857,036		$	845,200		$	833,128		$	821,192
Tier 1			906,901			888,282			876,246			863,974			851,823
Total (Tier 1 and Tier 2)			997,310			982,929			960,820			946,724			933,679
Net risk-weighted assets			$	7,231,479		$	7,170,841		$	6,986,418		$	6,971,490		$	6,958,225
Capital Ratios:
Common Equity Tier 1			12.11		%	11.95		%	12.10		%	11.95		%	11.80		%
Tier 1			12.54		%	12.39		%	12.54		%	12.39		%	12.24		%
Total (Tier 1 and Tier 2)			13.79		%	13.71		%	13.75		%	13.58		%	13.42		%
Tier 1 leverage ratio			9.74		%	9.83		%	9.80		%	9.73		%	9.59		%

Peoples' risk-based capital ratios at September 30, 2025 increased when compared to at June 30, 2025 due to the increase in assets, driven by loan growth in the quarter.

In addition to traditional capital measurements, management uses tangible capital measures to evaluate the adequacy of Peoples' stockholders' equity. Such ratios represent Non-US GAAP financial measures since their calculation removes the impact of goodwill and other intangible assets acquired through acquisitions on amounts reported in the Unaudited Consolidated Balance Sheets. Management believes this information is useful to investors since it facilitates the comparison of Peoples' operating performance, financial condition and trends to peers, especially those without a similar level of intangible assets to that of Peoples. Further, intangible assets generally are difficult to convert into cash, especially during a financial crisis, and could decrease substantially in

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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)			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Tangible equity:
Total stockholders' equity			$	1,182,776		$	1,153,350		$	1,137,821		$	1,111,590		$	1,124,972
Less: goodwill and other intangible assets			395,535			397,785			400,099			402,422			403,922
Tangible equity			$	787,241		$	755,565		$	737,722		$	709,168		$	721,050
Tangible assets:
Total assets			$	9,623,944		$	9,540,608		$	9,246,000		$	9,254,247		$	9,140,471
Less: goodwill and other intangible assets			395,535			397,785			400,099			402,422			403,922
Tangible assets			$	9,228,409		$	9,142,823		$	8,845,901		$	8,851,825		$	8,736,549
Tangible book value per common share:
Tangible equity			$	787,241		$	755,565		$	737,722		$	709,168		$	721,050
Common shares outstanding			35,705,369			35,673,721			35,669,100			35,563,590			35,538,607
Tangible book value per common share			$	22.05		$	21.18		$	20.68		$	19.94		$	20.29
Tangible equity to tangible assets ratio:
Tangible equity			$	787,241		$	755,565		$	737,722		$	709,168		$	721,050
Tangible assets			$	9,228,409		$	9,142,823		$	8,845,901		$	8,851,825		$	8,736,549
Tangible equity to tangible assets			8.53		%	8.26		%	8.34		%	8.01		%	8.25		%

Tangible book value per common share increased to $22.05 at September 30, 2025 compared to $21.18 at June 30, 2025. The change in tangible book value per common share was due to tangible equity increasing during the third quarter of 2025 primarily due to a decrease in accumulated other comprehensive loss over the last three months. Tangible book value per common share at September 30, 2025 increased compared to at September 30, 2024 primarily due to net income over the last twelve months.

Interest Rate Sensitivity and Liquidity

While Peoples is exposed to various business risks, the risks relating to interest rate sensitivity and liquidity are major risks that can materially impact future results of operations and financial condition due to their complexity and dynamic nature. The objective of Peoples' asset-liability management function is to measure and manage these risks in order to optimize net interest income within the constraints of prudent capital adequacy, liquidity and safety. This objective requires Peoples to focus on interest rate risk exposure and adequate liquidity through its management of the mix of assets and liabilities, their related cash flows and the rates earned and paid on those assets and liabilities. Ultimately, the asset-liability management function is intended to guide management in the acquisition and disposition of earning assets and selection of appropriate funding sources.

Interest Rate Risk

Interest rate risk ("IRR") is one of the most significant risks arising in the normal course of business of financial services companies like Peoples. IRR is the potential for economic loss due to future interest rate changes that can impact the earnings stream, as well as market values, of financial assets and financial liabilities. Peoples' exposure to IRR is due primarily to differences in the maturity or repricing of earning assets and interest-bearing liabilities. In addition, other factors, such as prepayments of loans and investment securities, or early withdrawal of deposits, can affect Peoples' exposure to IRR and impact interest costs or revenue streams.

Peoples has assigned overall management of IRR to its Asset-Liability Committee (the “ALCO”), which has established an IRR management policy that sets minimum requirements and guidelines for monitoring and managing the level of IRR, including the review of assumptions used in modeling IRR.

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The following table shows the estimated changes in net interest income and the economic value of equity based upon a standard, parallel shock analysis with balances held constant (dollars in thousands):

 

Increase (Decrease) in Interest Rate			Estimated Increase (Decrease) in Net Interest Income																					Estimated (Decrease) Increase in Economic Value of Equity
(in Basis Points)			September 30, 2025												December 31, 2024									September 30, 2025												December 31, 2024
300			$	36,689					9.7		%				$	10,471		3.0		%				$	(176,726)					(8.7)		%				$	(127,697)		(7.2)		%
200			26,462						7.0		%				7,090			2.0		%				(83,806)						(4.1)		%				(88,238)			(5.0)		%
100			15,828						4.2		%				3,678			1.0		%				(13,593)						(0.7)		%				(45,430)			(2.6)		%
(100)			(12,304)						(3.3)		%				(9,700)			(2.7)		%				(40,520)						(2.0)		%				12,016			0.7		%
(200)			(25,917)						(6.8)		%				(19,818)			(5.6)		%				(146,515)						(7.2)		%				(3,009)			(0.2)		%
(300)			(15,633)						(4.1)		%				(19,964)			(5.6)		%				(322,964)						(16.0)		%				(25,823)			(1.5)		%

This table uses a standard, parallel shock analysis on a static balance sheet for assessing the IRR to net interest income and the economic value of equity. A parallel shock assumes all points on the yield curve (one year, two year, three year, etc.) are directionally changed by the same degree. Management regularly assesses the impact of both increasing and decreasing interest rates. The table above shows the impact of upward and downward parallel shocks of 100, 200 and 300 basis points.

Estimated changes in net interest income and the economic value of equity are partially driven by assumptions regarding the rate at which non-maturity deposits will reprice given a move in short-term interest rates, as well as assumptions regarding prepayment speeds on mortgage-backed securities. These and other modeling assumptions are monitored closely by Peoples on an ongoing basis.

While parallel interest rate shock scenarios are useful in assessing the level of IRR inherent in the balance sheet, interest rates typically move in a nonparallel manner with differences in the timing, direction and magnitude of changes in short-term and long-term interest rates. Thus, any impact that might occur as a result of the Federal Reserve Board increasing short-term interest rates in the future could be offset by an inverse movement in long-term interest rates, and vice versa. For this reason, Peoples considers other interest rate scenarios in addition to analyzing the impact of parallel yield curve shifts. These include various flattening and steepening scenarios in which short-term and long-term interest rates move in different directions with varying magnitude. Peoples believes these scenarios to be more reflective of how interest rates change versus the severe parallel rate shocks described above. Given the shape of market yield curves at September 30, 2025, consideration of the bear steepener and bull steepener scenarios provide insights which were not captured by parallel shifts.

The bear steepener scenario highlights the risk to net interest income and economic value of equity when short-term interest rates remain constant while long-term interest rates rise. In such a scenario, Peoples' deposit and borrowing costs, which are generally correlated with short-term interest rates, remain constant, while asset yields, which are correlated with long-term interest rates, rise. At September 30, 2025, the bear steepener scenario produced an increase in net interest income of 0.8% and an increase in the economic value of equity of 5.6%.

The bull steepener scenario highlights the risk to net interest income and the economic value of equity when short-term rates fall faster than long-term rates. In such a scenario, Peoples' deposit and short-term borrowing costs, which are correlated with short-term rates, decrease, while long-term asset yields and long-term borrowing costs, which are more correlated with long-term rates, remain constant. Deposit costs decrease less quickly than variable rate asset yields over a short-term horizon but are mitigated to some extent over a longer horizon, resulting in a decreased amount of net interest income (margin) in a 12 month period and a relatively neutral impact to net interest income (margin) in a 24 month period. At September 30, 2025, the bull steepener scenario produced a decline of 0.7% to net interest income, as the impact of revised assumptions around deposit betas mitigate the impact of lower short-term rates over a 12-month horizon, and an increase in the economic value of equity of 1.9%.

Peoples has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. As of September 30, 2025, Peoples had entered into five interest rate swap contracts with an aggregate notional value of $45.0 million. Additional information regarding Peoples’ interest rate swaps can be found in “Note 10 Derivative Financial Instruments” of the Notes to the Unaudited Condensed Consolidated Financial Statements.

At September 30, 2025, Peoples' Unaudited Consolidated Balance Sheet was positioned to benefit from rising interest rates, while also mitigating the impact to net interest income decreasing rate scenarios. The table above illustrates this point as changes to net interest income increase in the rising interest rate scenarios.

Liquidity

In addition to IRR management, another major objective of the ALCO is to maintain a sufficient level of liquidity. Peoples revisits the model assumptions on an ongoing basis, and determined the methods used by the ALCO to monitor and evaluate the

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adequacy of Peoples Bank's liquidity position remain appropriate and are largely unchanged from those disclosed in Peoples' 2024 Form 10-K.

At September 30, 2025, Peoples Bank had liquid assets of $597.9 million, which represented 5.5% of total assets and unfunded loan commitments. Peoples also had an additional $137.3 million of unpledged investment securities not included in the measurement of liquid assets.

Management believes the current mix of short-term liquidity sources, loan and security portfolio cash flows, and availability of other funding sources will allow Peoples to meet anticipated cash obligations, as well as special needs and off-balance sheet commitments.

Off-Balance Sheet Activities and Contractual Obligations

In the normal course of business, Peoples is a party to financial instruments with off-balance sheet risk necessary to meet the financing needs of Peoples' customers. These financial instruments include commitments to extend credit and standby letters of credit. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Unaudited Consolidated Balance Sheets. The contractual amounts of these instruments express the extent of involvement Peoples has in these financial instruments.

Loan Commitments and Standby Letters of Credit

Loan commitments are made to accommodate the financial needs of Peoples' customers. Standby letters of credit are instruments issued by Peoples Bank guaranteeing the beneficiary payment by Peoples Bank in the event of default by Peoples Bank's customer in the performance of an obligation or service. Historically, most loan commitments and standby letters of credit expire unused. Peoples Bank's exposure to credit loss in the event of nonperformance by the counter-party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. Peoples Bank uses the same underwriting standards in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained is based on management's credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, property, plant, and equipment, and income-producing commercial properties.

Peoples Bank routinely engages in activities that involve, to varying degrees, elements of risk that are not reflected in whole or in part in the Unaudited Condensed Consolidated Financial Statements. These activities are part of Peoples Bank's normal course of business and include traditional off-balance sheet credit-related financial instruments, interest rate contracts and commitments to make additional capital contributions in low-income housing tax credit investments. Traditional off-balance sheet credit-related financial instruments continue to represent the most significant off-balance sheet exposure.

The following table details the total contractual amount of loan commitments and standby letters of credit:

(Dollars in thousands)			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Home equity lines of credit			$	267,598		$	268,217		$	257,349		$	254,168		$	248,400
Unadvanced construction loans			367,917			362,405			350,382			370,086			376,595
Other loan commitments			763,058			791,389			729,254			759,790			815,199
Loan commitments			$	1,398,573		$	1,422,011		$	1,336,985		$	1,384,044		$	1,440,194
Standby letters of credit			$	6,402		$	6,774		$	6,970		$	8,398		$	9,917

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The information called for by this Item 3 is provided under the caption “FINANCIAL CONDITION - Interest Rate Sensitivity and Liquidity” under “ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS” in this Form 10-Q, and is incorporated herein by reference.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Peoples' management, with the participation of Peoples' President and Chief Executive Officer and Peoples’ Executive Vice President, Chief Financial Officer and Treasurer, has evaluated the effectiveness of Peoples’ disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of September 30, 2025. Based upon that evaluation, Peoples’ President and Chief Executive Officer and Peoples’ Executive Vice President, Chief Financial Officer and Treasurer have concluded that:

(a)information required to be disclosed by Peoples in this Quarterly Report on Form 10-Q and other reports Peoples files or submits under the Exchange Act would be accumulated and communicated to Peoples’ management, including its President and Chief Executive Officer and its Executive Vice President, Chief Financial Officer and Treasurer, as appropriate to allow timely decisions regarding required disclosure;

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(b)information required to be disclosed by Peoples in this Quarterly Report on Form 10-Q and other reports Peoples files or submits under the Exchange Act would be recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and

(c)Peoples’ disclosure controls and procedures were effective as of the end of the fiscal quarter covered by this Quarterly Report on Form 10-Q.

 Changes in Internal Control Over Financial Reporting

There were no changes in Peoples' internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during Peoples' fiscal quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, Peoples’ internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Peoples or one of its subsidiaries from time to time is engaged in various litigation matters including the defense of claims of improper loan or deposit practices or lending violations. In addition, in the ordinary course of their respective businesses or operations, Peoples or one of its subsidiaries may be named as a plaintiff, a defendant, or a party to a legal proceeding or any of their respective properties may be subject to various pending and threatened legal proceedings and various actual and potential claims. In view of the inherent difficulty of predicting the outcome of such matters, Peoples cannot state what the eventual outcome of any such matters will be; however, based on management's current knowledge and after consultation with legal counsel, Peoples' management believes that damages, if any, and other amounts related to pending legal proceedings will not have a material adverse effect on the consolidated financial position, results of operations or liquidity of Peoples.

ITEM 1A. RISK FACTORS

The disclosure below supplements the risk factors previously disclosed under “ITEM 1A. RISK FACTORS” of Part I of Peoples’ 2024 Form 10-K. These risk factors are not the only risks Peoples faces. Additional risks and uncertainties not currently known to management or that management currently deems to be immaterial also may materially adversely affect Peoples’ business, financial condition and/or operating results.

Economic, Political, Environmental and Market Risks

•Changes in economic and political conditions could adversely affect Peoples’ earnings and capital through declines in deposits, quality of investment securities, loan demand, the ability of Peoples’ borrowers to repay loans and the value of the collateral securing Peoples’ loans.

Peoples’ success depends, in part, on local and national economic and political conditions, as well as governmental fiscal and monetary policies. Current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the U.S. economy generally, the current or future U.S. government shutdown, an increasing federal government budget deficit, the failure of the federal government to raise the federal debt ceiling, potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations, and/or changes in the relationship of the U.S. and U.S. global trading partners), changes in the federal, state and local governmental policy and other factors beyond Peoples’ control may adversely affect Peoples Bank’s deposit levels and composition, the quality of investment securities available for purchase, the demand for loans, the ability of Peoples Bank’s borrowers to repay their loans, and the value of the collateral securing the loans Peoples Bank makes. Disruptions in U.S. and global financial markets and changes in oil production in the Middle East also affect the economy and stock prices in the U.S., which can affect Peoples’ earnings and capital, as well as the ability of Peoples Bank’s customers to repay loans.

The local economies of the majority of Peoples’ market areas historically have been less robust than the economy of the nation as a whole and typically are not subject to the same extent of fluctuations as the national economy. In general, a favorable business environment and economic conditions are characterized by, among other factors, economic growth, efficient capital markets, low inflation, low unemployment, high business and investor confidence, and strong business earnings. Unfavorable or uncertain economic and market conditions can be caused by declines in economic growth, business activity, or investor or business confidence; limitations on the availability or increases in the cost of credit and capital; increases in inflation or interest rates; high unemployment; volatility in pricing and availability of natural resources; natural disasters; or a combination of these or other factors.

The continued impact on economic conditions caused by inflation and changes in market interest rates could have an adverse effect on Peoples’ asset quality, deposit levels and loan demand, and, therefore, Peoples’ financial condition and results of operations. Because a significant amount of Peoples Bank’s loans are secured by either commercial or residential real estate, decreases in real estate values could adversely affect the value of property used as collateral and Peoples Bank’s ability to sell the collateral upon foreclosure.

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ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a)Not applicable.

(b)Not applicable.

(c)The following table details repurchases by Peoples and purchases by “affiliated purchasers” as defined in Rule 10b-18(a)(3) under the Exchange Act of Peoples’ common shares during the three months ended September 30, 2025:

Period			Total Number of Common Shares Purchased						Average Price Paid per Common Share						Total Number of Common Shares Purchased as Part of Publicly Announced Plans or Programs (1)			Maximum Number (or Approximate Dollar Value) of Common Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1 – 31, 2025			3,067			(2)(3)			$	31.26		(2)(3)			—			$	16,162,672
August 1 – 31, 2025			—						$	—					—			$	16,162,672
September 1 – 30, 2025			1,690			(2)(3)			$	31.14		(2)(3)			—			$	16,162,672
Total			4,757						$	31.22					—			$	16,162,672

(1)On January 29, 2021, Peoples announced that on January 28, 2021, Peoples' Board of Directors authorized a share repurchase program authorizing Peoples to purchase up to an aggregate of $30 million of Peoples' outstanding common shares. There were no common shares repurchased under the share repurchase program during the third quarter of 2025.

(2)Information reported includes 910 common shares and 1,134 common shares purchased in open market transactions during July 2025 and September 2025, respectively, by Peoples Bank under the Rabbi Trust Agreement. The Rabbi Trust Agreement establishes a rabbi trust that holds assets to provide funds for the payment of the benefits under the Peoples Bancorp Inc. Third Amended and Restated Deferred Compensation Plan for Directors of Peoples Bancorp Inc. and Subsidiaries.

(3)Information reported includes 2,157 and 556 common shares withheld to satisfy income taxes associated with restricted common shares which were granted under the Peoples Bancorp Inc. Third Amended and Restated 2006 Equity Plan (now known as the Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan) and vested during July 2025 and September 2025, respectively.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

(a)None.

(b)Not applicable.

(c)During the three months ended September 30, 2025, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of Peoples adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS

Exhibit Number

Description

Exhibit Location

2.2

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)

3.1(b)

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")

3.1(c)

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

3.1(d)

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”)

3.1(e)

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)

3.1(f)

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)

3.1(g)

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")

3.1(h)

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)

3.2(b)

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

3.2(c)

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)

3.2(d)

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)

3.2(e)

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)

3.2(f)

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")

3.2(g)

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

31.1

Rule 13a-14(a)/15d-14(a) Certifications [President and Chief Executive Officer]

Filed herewith

31.2

Rule 13a-14(a)/15d-14(a) Certifications [Executive Vice President, Chief Financial Officer and Treasurer]

Filed herewith

32

Section 1350 Certifications

Furnished herewith

101.INS

Inline XBRL Instance Document ##

Submitted electronically herewith #

101.SCH

Inline XBRL Taxonomy Extension Schema Document

Submitted electronically herewith #

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

Submitted electronically herewith #

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

Submitted electronically herewith #

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

Submitted electronically herewith #

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

Submitted electronically herewith #

104

Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

Submitted electronically herewith

++Management Compensation Plan or Agreement

# Attached as Exhibit 101 to the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 of Peoples Bancorp Inc. are the following documents formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at September 30, 2025 (Unaudited) and at December 31, 2024; (ii) Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024; (iii) Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2025 and 2024; (iv) Consolidated Statements of Stockholders' Equity (Unaudited) for the three and nine months ended September 30, 2025 and 2024; (v) Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024; and (vi) Notes to the Unaudited Condensed Consolidated Financial Statements.

## The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.

77

Table of Contents

SIGNATURES

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

									PEOPLES BANCORP INC.
Date:			October 30, 2025			By: /s/			TYLER WILCOX
									Tyler Wilcox
									President and Chief Executive Officer
Date:			October 30, 2025			By: /s/			KATIE BAILEY
									Katie Bailey
									Executive Vice President,
									Chief Financial Officer and Treasurer

78

FAQ

What were Peoples Bancorp (PEBO) Q3 2025 earnings and EPS?

Q3 2025 net income was $29.5 million and diluted EPS was $0.83.

How did net interest income and provision trend in Q3 2025 for PEBO?

Net interest income was $91.3 million; provision for credit losses was $7.3 million.

What were PEBO’s loans and deposits at September 30, 2025?

Net loans were $6.65 billion; total deposits were $7.63 billion.

How did accumulated other comprehensive loss change in Q3 2025?

AOCI improved to $(77.5) million from $(110.4) million at year‑end.

What were key Q3 2025 non‑interest income components for PEBO?

Non‑interest income totaled $23.8 million, including a $(2.6) million net loss on securities.

What dividend did Peoples Bancorp declare in Q3 2025?

The quarterly cash dividend was $0.41 per common share.

How did PEBO’s cash flows look year‑to‑date 2025?

Operating cash flow was $99.4 million; investing used $403.4 million; financing provided $276.5 million.