Peoples Bancorp (NASDAQ: PEBO) details 2025 profit, ROA and capital

Rhea-AI Filing Summary

Peoples Bancorp Inc. furnished an earnings conference call transcript and detailed non-GAAP reconciliations for the quarter and year ended December 31, 2025. Adjusted revenue reached $466,102 thousand for 2025, up from $453,101 thousand in 2024, while pre-provision net revenue increased to $182,657 thousand from $177,977 thousand. Full-year net income was $106,778 thousand, and net income adjusted for non-core items was $111,270 thousand.

Return on average assets for 2025 was 1.13%, with return on average stockholders’ equity of 9.22% and return on average tangible equity of 14.97%. At December 31, 2025, tangible equity was $813,283 thousand and tangible assets were $9,256,311 thousand, for a tangible equity to tangible assets ratio of 8.79%. Tangible book value per common share rose to $22.77. The efficiency ratio for 2025 was 58.68%, reflecting operating cost levels relative to revenue.

Insights

Banking earnings analyst

Peoples shows higher revenue and capital metrics, but lower 2025 net income versus 2024.

Peoples Bancorp reports rising core revenue and solid pre-provision profitability. Adjusted revenue grew to $466,102 thousand in 2025 from $453,101 thousand, and pre-provision net revenue increased to $182,657 thousand from $177,977 thousand, indicating the underlying franchise generated more income before credit costs and market-related losses.

However, full-year net income declined to $106,778 thousand from $117,205 thousand as the provision for credit losses rose to $42,162 thousand from $24,787 thousand and there were net losses on investment securities and other assets. This combination produced a return on average assets of 1.13% and return on average stockholders’ equity of 9.22%, both below the prior-year levels disclosed.

Balance sheet quality and capital remain important. At December 31, 2025, tangible equity was $813,283 thousand and tangible assets were $9,256,311 thousand, yielding a tangible equity to tangible assets ratio of 8.79%, up from 8.01% a year earlier. Tangible book value per share increased to $22.77 from $19.94, showing accretion to common equity even in a year with higher credit provisioning.

8-K Event Classification

3 items: 1.37, 2.02, 9.01

3 items

Item 1.37 Item 1.37

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

0000318300FALSE00003183002025-10-272025-10-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 26, 2026 (January 20, 2026)

PEOPLES BANCORP INC.

(Exact name of Registrant as specified in its charter)

Ohio

000-16772

31-0987416

(State or other jurisdiction

(Commission File

(I.R.S. Employer

of incorporation)

Number)

Identification Number)

138 Putnam Street, PO Box 738

Marietta,

Ohio

45750-0738

(Address of principal executive offices)

(Zip Code)

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

Not applicable

(Former name or former address, if changed since last report)

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

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

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

Emerging growth company ☐

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

Item 2.02     Results of Operations and Financial Condition

On January 20, 2026, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 11:00 a.m., Eastern Standard Time, to discuss results of operations for the quarter and fiscal year ended December 31, 2025. A replay of the conference call audio will be available on Peoples’ website, www.peoplesbancorp.com, in the “Investor Relations” section for one year. A copy of the transcript of the conference call is included as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 2.02 and Exhibit 99.1 included with this Current Report on Form 8-K, is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.

During the conference call, management referred to non-Generally Accepted Accounting Principles ("US GAAP") financial measures that are used by management to provide information useful to investors in understanding Peoples' operating performance and trends, and to facilitate comparisons with the performance of Peoples' peers. The following tables show the differences between the non-US GAAP financial measures referred to during the conference call and the most directly comparable US GAAP-based financial measures.

			Three Months Ended																								For the Year Ended
			December 31,						September 30,						December 31,												December 31,
(Dollars in thousands)			2025						2025						2024																		2025						2024
Efficiency ratio:
Total non-interest expense			$	71,294					$	69,894					$	70,503																	$	282,337					$	273,816
Less: amortization of other intangible assets			2,210						2,211						2,800																		8,845						11,161
Adjusted total non-interest expense			69,084						67,683						67,703																		273,492						262,655
Total non-interest income			26,272						23,827						25,089																		104,078						99,366
Less: net (loss) gain on investment securities			(77)						(2,580)						12																		(2,659)						(416)
Less: net loss on asset disposals and other transactions			(1,908)						(478)						(1,746)																		(3,027)						(3,310)
Total non-interest income, excluding net gains and losses			28,257						26,885						26,823																		109,764						103,092
Net interest income			91,049						91,349						86,536																		355,230						348,701
Add: fully tax-equivalent adjustment (a)			266						279						286																		1,108						1,308
Net interest income on a fully tax-equivalent basis			91,315						91,628						86,822																		356,338						350,009
Adjusted revenue			$	119,572					$	118,513					$	113,645																	$	466,102					$	453,101
Efficiency ratio			57.78		%				57.11		%				59.57		%																58.68		%				57.97		%

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

			At or For the Three Months Ended
			December 31,						September 30,						June 30,						March 31,						December 31,
(Dollars in thousands, except per share data)			2025						2025						2025						2025						2024
Tangible equity:
Total stockholders' equity			$	1,206,602					$	1,182,776					$	1,153,350					$	1,137,821					$	1,111,590
Less: goodwill and other intangible assets			393,319						395,535						397,785						400,099						402,422
Tangible equity			$	813,283					$	787,241					$	755,565					$	737,722					$	709,168
Tangible assets:
Total assets			$	9,649,630					$	9,623,944					$	9,540,608					$	9,246,000					$	9,254,247
Less: goodwill and other intangible assets			393,319						395,535						397,785						400,099						402,422
Tangible assets			$	9,256,311					$	9,228,409					$	9,142,823					$	8,845,901					$	8,851,825
Tangible book value per common share:
Tangible equity			$	813,283					$	787,241					$	755,565					$	737,722					$	709,168
Common shares outstanding			35,714,484						35,705,369						35,673,721						35,669,100						35,563,590
Tangible book value per common share			$	22.77					$	22.05					$	21.18					$	20.68					$	19.94
Tangible equity to tangible assets ratio:
Tangible equity			$	813,283					$	787,241					$	755,565					$	737,722					$	709,168
Tangible assets			$	9,256,311					$	9,228,409					$	9,142,823					$	8,845,901					$	8,851,825
Tangible equity to tangible assets			8.79		%				8.53		%				8.26		%				8.34		%				8.01		%

			Three Months Ended																								For the Year Ended
			December 31,						September 30,						December 31,												December 31,
(Dollars in thousands)			2025						2025						2024																		2025						2024
Pre-provision net revenue:
Income before income taxes			$	37,977					$	38,002					$	34,855																	$	134,809					$	149,464
Add: provision for credit losses			8,050						7,280						6,267																		42,162						24,787
Add: net loss on OREO			851						—						1,228																		821						1,230
Add: net loss on investment securities			77						2,580						—																		2,659						428
Add: net loss on other assets			210						424						446																		1,231						1,916
Add: net loss on other transactions			847						54						60																		975						152
Pre-provision net revenue			$	48,012					$	48,340					$	42,856																	$	182,657					$	177,977

			Three Months Ended																								For the Year Ended
			December 31,						September 30,						December 31,												December 31,
(Dollars in thousands)			2025						2025						2024																		2025						2024
Annualized net income adjusted for non-core items:
Net income			$	31,754					$	29,476					$	26,930																	$	106,778					$	117,205
Add: net loss on investment securities			77						2,580						—																		2,659						428
Less: tax effect of net loss on investment securities (a)			16						542						—																		558						90
Less: net gain on investment securities			—						—						12																		—						12
Add: tax effect of net gain on investment securities (a)			—						—						3																		—						3
Add: net loss on asset disposals and other transactions			1,908						478						1,746																		3,027						3,310
Less: tax effect of net loss on asset disposals and other transactions (a)			401						100						367																		636						695
Add: acquisition-related expenses			—						—						1,144																		—						169
Less: tax effect of acquisition-related expenses (a)			—						—						240																		—						35
Net income adjusted for non-core items			$	33,322					$	31,892					$	29,204																	$	111,270					$	120,283
Days in the period			92						92						92																		365						366
Days in the year			365						365						366																		365						366
Annualized net income			$	125,981					$	116,943					$	107,135																	$	106,778					$	117,205
Annualized net income adjusted for non-core items			$	132,201					$	126,528					$	116,181																	$	111,270					$	120,283
Return on average assets:
Annualized net income			$	125,981					$	116,943					$	107,135																	$	106,778					$	117,205
Total average assets			$	9,630,774					$	9,574,270					$	9,146,057																	$	9,424,980					$	9,122,843
Return on average assets			1.31		%				1.22		%				1.17		%																1.13		%				1.28		%
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items			$	132,201					$	126,528					$	116,181																	$	111,270					$	120,283
Total average assets			$	9,630,774					$	9,574,270					$	9,146,057																	$	9,424,980					$	9,122,843
Return on average assets adjusted for non-core items			1.37		%				1.32		%				1.27		%																1.18		%				1.32		%

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

			For the Three Months Ended																					For the Year Ended
			December 31,						September 30,			December 31,												December 31,
(Dollars in thousands)			2025						2025			2024																		2025						2024
Annualized net income excluding amortization of other intangible assets:
Net income			$	31,754					$	29,476		$	26,930																	$	106,778					$	117,205
Add: amortization of other intangible assets			2,210						2,211			2,800																		8,845						11,161
Less: tax effect of amortization of other intangible assets (a)			464						464			588																		1,857						2,344
Net income excluding amortization of other intangible assets			$	33,500					$	31,223		$	29,142																	$	113,766					$	126,022
Days in the period			92						92			92																		365						366
Days in the year			365						365			366																		365						366
Annualized net income			$	125,981					$	116,943		$	107,135																	$	106,778					$	117,205
Annualized net income excluding amortization of other intangible assets			$	132,908					$	123,874		$	115,934																	$	113,766					$	126,022
Average tangible equity:
Total average stockholders' equity			$	1,196,505					$	1,162,768		$	1,120,597																	$	1,157,563					$	1,083,792
Less: average goodwill and other intangible assets			394,409						396,636			402,930																		397,810						406,619
Average tangible equity			$	802,096					$	766,132		$	717,667																	$	759,753					$	677,173
Return on average stockholders' equity ratio:
Annualized net income			$	125,981					$	116,943		$	107,135																	$	106,778					$	117,205
Average stockholders' equity			$	1,196,505					$	1,162,768		$	1,120,597																	$	1,157,563					$	1,083,792
Return on average stockholders' equity			10.53		%				10.06		%	9.56		%																9.22		%				10.81		%
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets			$	132,908					$	123,874		$	115,934																	$	113,766					$	126,022
Average tangible equity			$	802,096					$	766,132		$	717,667																	$	759,753					$	677,173
Return on average tangible equity			16.57		%				16.17		%	16.15		%																14.97		%				18.61		%

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

Item 9.01     Financial Statements and Exhibits

a) - c)

Not applicable

d) Exhibits

See Index to Exhibits below.

INDEX TO EXHIBITS

Exhibit Number						Description
99.1						Transcript of conference call conducted by management of Peoples Bancorp Inc. on January 20, 2026 to discuss results of operations for the quarter ended December 31, 2025
104						Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

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 hereunto duly authorized.

PEOPLES BANCORP INC.

Date:

January 26, 2026

By:/s/

KATHRYN BAILEY

Kathryn Bailey

Executive Vice President, Chief Financial Officer and Treasurer

FAQ

What 2025 revenue did Peoples Bancorp Inc. (PEBO) report in this 8-K?

Peoples Bancorp reported 2025 adjusted revenue of $466,102 thousand, compared with $453,101 thousand in 2024, reflecting higher combined net interest income and fee-based revenue on the non-GAAP basis presented.

What was Peoples Bancorp Inc. (PEBO) net income for the year ended December 31, 2025?

For 2025, Peoples Bancorp recorded net income of $106,778 thousand. Net income adjusted for non-core items, such as securities results, asset disposal losses and acquisition-related expenses, was $111,270 thousand.

How did Peoples Bancorp Inc. (PEBO) returns on assets and equity trend in 2025?

In 2025, return on average assets was 1.13%. Return on average stockholders’ equity was 9.22%, while return on average tangible equity, which excludes goodwill and other intangibles, was 14.97%.

What capital and tangible book value metrics did Peoples Bancorp Inc. (PEBO) report at year-end 2025?

At December 31, 2025, tangible equity was $813,283 thousand and tangible assets were $9,256,311 thousand, resulting in a tangible equity to tangible assets ratio of 8.79%. Tangible book value per common share was $22.77.

What efficiency ratio did Peoples Bancorp Inc. (PEBO) report for 2025?

Using the non-GAAP definition presented, the efficiency ratio for 2025 was 58.68%, based on adjusted total non-interest expense of $273,492 thousand and adjusted revenue of $466,102 thousand.

What was Peoples Bancorp Inc. (PEBO) pre-provision net revenue for 2025?

Pre-provision net revenue for 2025 was $182,657 thousand. This figure starts with income before income taxes of $134,809 thousand and adds the provision for credit losses and net losses on other real estate owned, investment securities, other assets and other transactions.

What did Peoples Bancorp Inc. (PEBO) furnish as exhibits in this 8-K?

The filing includes Exhibit 99.1, a transcript of the January 20, 2026 conference call discussing results for the quarter ended December 31, 2025, and Exhibit 104, the cover page interactive data file.