Peoples Bancorp - 10-Q quarterly report FY2025 Q3

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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


☐			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.

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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

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PEOPLES BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	September 30, 2025		December 31, 2024

(Dollars in thousands)	(Unaudited)
Assets
Cash and cash equivalents:
Cash and balances due from banks	$	120,986	$	108,721
Interest-bearing deposits in other banks	69,231		108,943
Total cash and cash equivalents	190,217		217,664
Available-for-sale investment securities, at fair value (amortized cost of $1,078,703 at September 30, 2025 and $1,229,382 at December 31, 2024) (a)	976,906		1,083,555
Held-to-maturity investment securities, at amortized cost (fair value of $872,725 at September 30, 2025 and $692,499 at December 31, 2024) (a)	931,824		774,800
Other investments	63,991		60,132
Total investment securities (a)	1,972,721		1,918,487
Loans and leases, net of deferred fees and costs (b)	6,728,728		6,358,003
Allowance for credit losses	(74,864)		(63,348)
Net loans and leases (c)	6,653,864		6,294,655
Loans held for sale	3,287		2,348
Bank premises and equipment, net of accumulated depreciation	103,581		103,669
Bank owned life insurance	147,097		143,710
Goodwill	363,199		363,199
Other intangible assets	32,336		39,223
Other assets	157,642		171,292
Total assets	$	9,623,944	$	9,254,247
Liabilities
Deposits:
Non-interest-bearing	$	1,536,094	$	1,507,661
Interest-bearing	6,096,102		6,082,544
Total deposits	7,632,196		7,590,205
Short-term borrowings	483,590		193,474
Long-term borrowings	227,282		238,073

Accrued expenses and other liabilities	98,100		120,905
Total liabilities	$	8,441,168	$	8,142,657
Stockholders’ equity
Preferred shares, no par value, 50,000 shares authorized, no shares issued at September 30, 2025 or at December 31, 2024	—		—
Common shares, no par value, 50,000,000 shares authorized, 36,822,901 shares issued at September 30, 2025 and 36,782,601 shares issued at December 31, 2024, including at each date shares held in treasury	870,044		866,844
Retained earnings	421,072		388,109
Accumulated other comprehensive loss, net of deferred income taxes	(77,539)		(110,385)
Treasury stock, at cost, 1,205,765 shares at September 30, 2025 and 1,311,175 shares at December 31, 2024	(30,801)		(32,978)
Total stockholders’ equity	$	1,182,776	$	1,111,590
Total liabilities and stockholders’ equity	$	9,623,944	$	9,254,247

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

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

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands, except per share data)	2025		2024		2025		2024
Interest income:
Interest and fees on loans and leases	$	113,157	$	116,547	$	329,275	$	339,729
Interest and dividends on taxable investment securities	17,932		15,132		48,897		43,892
Interest on tax-exempt investment securities	937		988		2,865		2,985
Other interest income	782		953		2,720		5,377
Total interest income	132,808		133,620		383,757		391,983
Interest expense:
Interest on deposits	33,890		37,249		102,930		104,968
Interest on short-term borrowings	4,044		4,051		5,940		14,457
Interest on long-term borrowings	3,525		3,408		10,706		10,393

Total interest expense	41,459		44,708		119,576		129,818
Net interest income	91,349		88,912		264,181		262,165
Provision for credit losses	7,280		6,735		34,112		18,520
Net interest income after provision for credit losses	84,069		82,177		230,069		243,645



Non-interest income:
Electronic banking income	6,538		6,359		18,695		18,875
Trust and investment income	5,414		4,882		15,756		14,480
Insurance income	4,469		4,271		15,072		14,878
Deposit account service charges	4,274		4,520		12,348		13,082
Lease income	3,622		3,045		11,257		7,208
Bank owned life insurance income	1,143		460		3,388		2,997
Mortgage banking income	245		1,051		861		1,615
Net loss on asset disposals and other transactions	(478)		(795)		(1,119)		(1,564)
Net loss on investment securities	(2,580)		(74)		(2,582)		(428)
Other non-interest income	1,180		1,075		4,130		3,134
Total non-interest income	23,827		24,794		77,806		74,277
Non-interest expense:
Salaries and employee benefit costs	38,698		37,085		117,412		112,542
Data processing and software expense	7,356		6,111		21,717		18,623
Net occupancy and equipment expense	5,896		5,905		17,198		18,330
Professional fees	2,798		2,896		9,495		8,798
Amortization of other intangible assets	2,211		2,786		6,635		8,361
Electronic banking expense	2,161		1,844		6,204		5,566
Other loan expenses	1,385		1,178		3,717		3,290
Federal Deposit Insurance Corporation ("FDIC") insurance expense	1,284		1,241		3,786		3,678
Operating lease expense	1,039		1,010		3,077		2,437
Marketing expense	1,001		971		2,622		2,708
Franchise tax expense	916		917		2,523		2,558
Travel and entertainment expense	796		795		2,009		1,933
Communication expense	664		814		2,110		2,349
Other non-interest expense	3,689		2,537		12,538		12,140
Total non-interest expense	69,894		66,090		211,043		203,313
Income before income taxes	38,002		40,881		96,832		114,609
Income tax expense	8,526		9,197		21,808		24,334
Net income	$	29,476	$	31,684	$	75,024	$	90,275


Earnings per common share - basic	$	0.83	$	0.90	$	2.13	$	2.57
Earnings per common share - diluted	$	0.83	$	0.89	$	2.10	$	2.55
Weighted-average number of common shares outstanding - basic	35,003,054		34,793,704		34,957,341		34,766,281
Weighted-average number of common shares outstanding - diluted	35,398,809		35,199,383		35,327,816		35,106,712
Cash dividends declared	$	14,655	$	14,174	$	43,498	$	42,116
Cash dividends declared per common share	$	0.41	$	0.40	$	1.22	$	1.19

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2025		2024		2025		2024
Net income	$	29,476	$	31,684	$	75,024	$	90,275
Other comprehensive income:
Available-for-sale investment securities:
Gross unrealized holding gain arising during the period	14,218		37,723		41,445		26,414
Related tax expense	(3,315)		(8,779)		(9,662)		(6,203)
Reclassification adjustment for net gain included in net income	2,580		74		2,582		428
Related tax expense	(602)		(18)		(602)		(100)


Net effect on other comprehensive income	12,881		29,000		33,763		20,539








Cash flow hedges:
Net gain (loss) arising during the period	54		(998)		(234)		528
Related tax (expense) benefit	(12)		232		55		(123)
Reclassification adjustment for net loss included in net income	(248)		(700)		(962)		(2,413)
Related tax benefit	58		163		224		563
Net effect on other comprehensive income	(148)		(1,303)		(917)		(1,445)
Total other comprehensive income, net of tax	12,733		27,697		32,846		19,094
Total comprehensive income	$	42,209	$	59,381	$	107,870	$	109,369

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)


					Accumulated Other Comprehensive Loss				Total Stockholders' Equity
	Common Shares		Retained Earnings				Treasury Stock
(Dollars in thousands)
Balance, June 30, 2025	$	868,493	$	406,252	$	(90,272)	$	(31,123)	$	1,153,350

Net income	—		29,476		—		—		29,476
Other comprehensive income, net of tax	—		—		12,733		—		12,733



Cash dividends declared	—		(14,655)		—		—		(14,655)

Reissuance of treasury stock for common share awards	(222)		—		—		222		—


Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors	—		—		—		(208)		(208)

Common shares issued under dividend reinvestment plan	554		—		—		—		554
Common shares issued under compensation plan for Boards of Directors	20		—		—		111		131

Common shares issued under employee stock purchase plan	36		—		—		197		233
Stock-based compensation	1,163		—		—		—		1,163
Other	—		(1)		—		—		(1)



Balance, September 30, 2025	$	870,044	$	421,072	$	(77,539)	$	(30,801)	$	1,182,776

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					Accumulated Other Comprehensive Loss				Total Stockholders' Equity
	Common Shares		Retained Earnings				Treasury Stock
(Dollars in thousands)
Balance, December 31, 2024	$	866,844	$	388,109	$	(110,385)	$	(32,978)	$	1,111,590

Net income	—		75,024		—		—		75,024
Other comprehensive income, net of tax	—		—		32,846		—		32,846



Cash dividends declared	—		(43,498)		—		—		(43,498)

Reissuance of treasury stock for common share awards	(3,621)		—		—		3,621		—

Reissuance of treasury stock for deferred compensation plan for Boards of Directors	—		—		—		369		369
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors	—		—		—		(2,331)		(2,331)
Common shares repurchased under share repurchase program	—		—		—		(455)		(455)
Common shares issued under dividend reinvestment plan	1,591		—		—		—		1,591
Common shares issued under compensation plan for Boards of Directors	59		—		—		319		378

Common shares issued under employee stock purchase plan	120		—		—		654		774
Stock-based compensation	5,051		—		—		—		5,051
Other	—		1,437		—		—		1,437



Balance, September 30, 2025	$	870,044	$	421,072	$	(77,539)	$	(30,801)	$	1,182,776

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					Accumulated Other Comprehensive Loss				Total Stockholders' Equity
	Common Shares		Retained Earnings				Treasury Stock
(Dollars in thousands)
Balance, June 30, 2024	$	863,975	$	357,886	$	(110,193)	$	(33,835)	$	1,077,833

Net income	—		31,684		—		—		31,684
Other comprehensive income, net of tax	—		—		27,697		—		27,697



Cash dividends declared	—		(14,174)		—		—		(14,174)

Reissuance of treasury stock for common share awards	(235)		—		—		235		—


Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors	—		—		—		(170)		(170)


Common shares issued under dividend reinvestment plan	291		—		—		—		291
Common shares issued under compensation plan for Boards of Directors	19		—		—		96		115

Common shares issued under employee stock purchase plan	82		—		—		420		502
Stock-based compensation	1,194		—		—		—		1,194



Balance, September 30, 2024	$	865,326	$	375,396	$	(82,496)	$	(33,254)	$	1,124,972

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					Accumulated Other Comprehensive Loss				Total Stockholders' Equity
	Common Shares		Retained Earnings				Treasury Stock
(Dollars in thousands)
Balance, December 31, 2023	$	865,227	$	327,237	$	(101,590)	$	(37,340)	$	1,053,534

Net income	—		90,275		—		—		90,275
Other comprehensive income, net of tax	—		—		19,094		—		19,094



Cash dividends declared	—		(42,116)		—		—		(42,116)

Reissuance of treasury stock for common share awards	(6,833)		—		—		6,833		—

Reissuance of treasury stock for deferred compensation plan for Boards of Directors	—		—		—		342		342
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors	—		—		—		(1,221)		(1,221)

Common shares repurchased under share repurchase program	—		—		—		(3,000)		(3,000)
Common shares issued under dividend reinvestment plan	1,165		—		—		—		1,165
Common shares issued under compensation plan for Boards of Directors	61		—		—		315		376

Common shares issued under employee stock purchase plan	176		—		—		817		993
Stock-based compensation	5,530		—		—		—		5,530



Balance, September 30, 2024	$	865,326	$	375,396	$	(82,496)	$	(33,254)	$	1,124,972

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	Nine Months Ended
	September 30,
(Dollars in thousands)	2025		2024
Net cash provided by operating activities	$	99,402	$	103,230
Investing activities:
Available-for-sale investment securities:
Purchases	(27,934)		(203,702)
Proceeds from sales	72,831		—
Proceeds from principal payments, calls and prepayments	102,487		196,067
Held-to-maturity investment securities:
Purchases	(290,236)		(110,406)
Proceeds from principal payments	134,114		100,528
Other investments:
Purchases	(35,076)		(18,824)
Proceeds from sales	31,756		27,071

Net increase in loans held for investment	(384,463)		(108,058)
Net expenditures for premises and equipment	(5,912)		(6,625)
Proceeds from sales of other real estate owned	187		10
Business acquisitions, net of cash received	—		(245)
Proceeds from bank owned life insurance contracts	—		486


Investment in limited partnership and tax credit funds	—		(2,919)
Other	(1,150)		—


Net cash used in investing activities	(403,396)		(126,617)
Financing activities:
Net increase (decrease) in non-interest-bearing deposits	28,433		(114,208)
Net increase in interest-bearing deposits	13,056		445,012
Net increase (decrease) in short-term borrowings	290,116		(425,176)
Proceeds from long-term borrowings	8,328		45,872
Payments on long-term borrowings	(19,879)		(26,217)


Cash dividends paid	(43,498)		(42,116)
Purchase of treasury stock under share repurchase program	(455)		(3,000)
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock	(2,331)		(1,221)
Proceeds from issuance of common shares	1,481		1,130
Other	1,296		296


Net cash provided by (used in) financing activities	276,547		(119,628)
Net decrease in cash and cash equivalents	(27,447)		(143,015)
Cash and cash equivalents at beginning of period	217,664		426,722
Cash and cash equivalents at end of period	$	190,217	$	283,707

Supplemental cash flow information:
Interest paid	$	117,759	$	125,979
Income taxes paid	17,743		20,383
Supplemental noncash disclosures:
Transfers from total loans to other real estate owned	—		235
Noncash recognition of new leases	1,333		1,130

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 Summary of Significant Accounting Policies

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

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

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

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

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

Note 2 Fair Value of Assets and Liabilities

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

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

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

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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)	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024

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.


	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.


	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.

(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

Section 1350 Certifications

Furnished herewith

101.INS

Inline XBRL Instance Document ##