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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, 2026
OR
  ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission File Number: 000-16772
PEO-LOGO-BANCORP-HORIZ-RGB_SOLID.jpg
PEOPLES BANCORP INC.
(Exact name of Registrant as specified in its charter)
Ohio31-0987416
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
138 Putnam Street, P.O. Box 738,
Marietta,Ohio45750
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Shares, without par valuePEBOThe 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: 35,959,609 common shares, without par value, at October 28, 2026.

Table of Contents
Table of Contents


2
Table of Contents
PART I - FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30,
2026		December 31,
2025
(Dollars in thousands)(Unaudited)
Assets
Cash and cash equivalents:
Cash and balances due from banks$92,955 $107,864 
Interest-bearing deposits in other banks207,820 81,087 
Total cash and cash equivalents300,775 188,951 
Available-for-sale investment securities, at fair value (amortized cost of $934,740 at September 30, 2026 and $1,076,980 at December 31, 2025) (a)
805,119 984,367 
Held-to-maturity investment securities, at amortized cost (fair value of $766,426 at September 30, 2026 and $867,714 at December 31, 2025) (a)
878,076 922,837 
Other investments81,529 68,656 
Total investment securities (a)1,764,724 1,975,860 
Loans and leases, net of deferred fees and costs (b)6,840,809 6,756,907 
Allowance for credit losses (75,727)(75,676)
Net loans and leases (c)6,765,082 6,681,231 
Loans held for sale3,251 2,667 
Bank premises and equipment, net of accumulated depreciation96,721 100,508 
Bank owned life insurance151,820 148,264 
Goodwill363,199 363,199 
Other intangible assets25,106 30,120 
Other assets181,417 158,830 
Total assets$9,652,095 $9,649,630 
Liabilities
Deposits:
Non-interest-bearing$1,560,184 $1,545,428 
Interest-bearing5,881,910 6,159,155 
Total deposits7,442,094 7,704,583 
Short-term borrowings704,120 435,926 
Long-term borrowings155,054 204,138 
Accrued expenses and other liabilities 122,924 98,381 
Total liabilities$8,424,192 $8,443,028 
Stockholders’ equity
Preferred shares, no par value, 50,000 shares authorized, no shares issued at September 30, 2026 or at December 31, 2025
— — 
Common shares, no par value, 50,000,000 shares authorized, 36,868,595 shares issued at September 30, 2026 and 36,836,943 shares issued at December 31, 2025, including at each date shares held in treasury
871,896 871,571 
Retained earnings 481,443 436,748 
Accumulated other comprehensive loss, net of deferred income taxes(99,385)(70,628)
Treasury stock, at cost, 996,472 shares at September 30, 2026 and 1,215,120 shares at December 31, 2025
(26,051)(31,089)
Total stockholders’ equity$1,227,903 $1,206,602 
Total liabilities and stockholders’ equity$9,652,095 $9,649,630 
(a)    Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $233, respectively, at September 30, 2026, and $0 and $236, respectively, at December 31, 2025.
(b)    Also referred to throughout this Quarterly Report on Form 10-Q as "total loans" or "loans held for investment."
(c)    Also referred to throughout this Quarterly Report on Form 10-Q as "net loans."

See Notes to the Unaudited Condensed Consolidated Financial Statements

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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands, except per share data)2026202520262025
Interest income:
Interest and fees on loans and leases$111,439 $113,157 $329,686 $329,275 
Interest and dividends on taxable investment securities15,618 17,932 48,352 48,897 
Interest on tax-exempt investment securities679 937 2,225 2,865 
Other interest income 756 782 2,630 2,720 
Total interest income128,492 132,808 382,893 383,757 
Interest expense:
Interest on deposits27,807 34,534 85,224 103,812 
Interest on short-term borrowings4,347 3,400 12,793 5,058 
Interest on long-term borrowings2,496 3,525 7,886 10,706 
Total interest expense34,650 41,459 105,903 119,576 
Net interest income93,842 91,349 276,990 264,181 
Provision for credit losses3,569 7,280 17,972 34,112 
Net interest income after provision for credit losses90,273 84,069 259,018 230,069 
Non-interest income:
Electronic banking income6,649 6,538 19,119 18,695 
Trust and investment income6,176 5,414 17,767 15,756 
Lease income5,696 3,643 15,254 11,322 
Deposit account service charges4,679 4,274 13,434 12,348 
Insurance income4,222 4,469 14,133 15,072 
Bank owned life insurance income1,364 1,143 3,715 3,388 
Mortgage banking income582 245 1,556 861 
Net loss on asset disposals and other transactions(311)(478)(1,167)(1,119)
Net loss on investment securities(4,512)(2,580)(12,693)(2,582)
Other non-interest income1,100 1,159 3,159 4,065 
Total non-interest income25,645 23,827 74,277 77,806 
Non-interest expense:
Salaries and employee benefit costs40,560 38,698 120,407 117,412 
Data processing and software expense7,890 7,356 23,276 21,717 
Net occupancy and equipment expense5,806 5,896 17,795 17,198 
Professional fees4,743 2,798 11,514 9,495 
Electronic banking expense2,337 2,161 6,643 6,204 
Operating lease expense2,010 1,039 5,611 3,077 
Amortization of other intangible assets1,697 2,211 5,091 6,635 
Federal Deposit Insurance Corporation ("FDIC") insurance expense
1,260 1,284 4,040 3,786 
Other loan expenses1,309 1,385 3,710 3,717 
Franchise tax expense956 916 2,932 2,523 
Travel and entertainment expense595 796 1,904 2,009 
Communication expense598 664 1,792 2,110 
Marketing expense1,004 1,001 2,494 2,622 
Other non-interest expense3,775 3,689 11,725 12,538 
Total non-interest expense74,540 69,894 218,934 211,043 
Income before income taxes41,378 38,002 114,361 96,832 
Income tax expense8,772 8,526 24,796 21,808 
Net income$32,606 $29,476 $89,565 $75,024 
Earnings per common share - basic$0.92 $0.83 $2.52 $2.13 
Earnings per common share - diluted$0.91 $0.83 $2.49 $2.10 
Weighted-average number of common shares outstanding - basic35,197,746 35,003,054 35,160,300 34,957,341 
Weighted-average number of common shares outstanding - diluted35,662,434 35,398,809 35,574,059 35,327,816 
Cash dividends declared$15,116 $14,655 $44,870 $43,498 
Cash dividends declared per common share$0.42 $0.41 $1.25 $1.22 

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 EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2026202520262025
Net income$32,606 $29,476 $89,565 $75,024 
Other comprehensive income (loss):
Available-for-sale investment securities:
Gross unrealized holding (loss) gain arising during the period(41,593)14,218 (49,703)41,445 
Related tax benefit (expense)9,574 (3,315)11,172 (9,662)
Reclassification adjustment for net loss included in net income4,512 2,580 12,693 2,582 
Related tax expense(1,038)(602)(2,922)(602)
Net effect on other comprehensive income (loss)(28,545)12,881 (28,760)33,763 
Cash flow hedges:
Net gain (loss) arising during the period141 54 434 (234)
  Related tax (expense) benefit(33)(12)(101)55 
Reclassification adjustment for net gain included in net income(113)(248)(430)(962)
Related tax benefit 26 58 100 224 
Net effect on other comprehensive income (loss)21 (148)3 (917)
Total other comprehensive income (loss), net of tax(28,524)12,733 (28,757)32,846 
Total comprehensive income$4,082 $42,209 $60,808 $107,870 

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 LossTotal Stockholders' Equity
Common SharesRetained EarningsTreasury Stock
(Dollars in thousands)
Balance, June 30, 2026$869,739 $463,953 $(70,861)$(26,280)$1,236,551 
Net income— 32,606 — — 32,606 
Other comprehensive loss, net of tax— — (28,524)— (28,524)
Cash dividends declared— (15,116)— — (15,116)
Reissuance of treasury stock for common share awards(172)— — 172 — 
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors— — — (209)(209)
Common shares issued under dividend reinvestment plan302 — — — 302 
Common shares issued under compensation plan for Boards of Directors38 — — 93 131 
Common shares issued under employee stock purchase plan71 — — 173 244 
Stock-based compensation1,918 — — — 1,918 
Balance, September 30, 2026$871,896 $481,443 $(99,385)$(26,051)$1,227,903 


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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (continued)
Accumulated Other Comprehensive LossTotal Stockholders' Equity
Common SharesRetained EarningsTreasury Stock
(Dollars in thousands)
Balance, December 31, 2025$871,571 $436,748 $(70,628)$(31,089)$1,206,602 
Net income— 89,565 — — 89,565 
Other comprehensive loss, net of tax— — (28,757)— (28,757)
Cash dividends declared— (44,870)— — (44,870)
Reissuance of treasury stock for common share awards(6,404)— — 6,404 — 
Reissuance of treasury stock for deferred compensation plan for Boards of Directors— — — 292 292 
Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors— — — (2,453)(2,453)
Common shares issued under dividend reinvestment plan1,140 — — — 1,140 
Common shares issued under compensation plan for Boards of Directors109 — — 284 393 
Common shares issued under employee stock purchase plan197 — — 511 708 
Stock-based compensation5,283 — — — 5,283 
Balance, September 30, 2026$871,896 $481,443 $(99,385)$(26,051)$1,227,903 

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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (continued)
Accumulated Other Comprehensive LossTotal Stockholders' Equity
Common SharesRetained EarningsTreasury 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 plan554 — — — 554 
Common shares issued under compensation plan for Boards of Directors20 — — 111 131 
Common shares issued under employee stock purchase plan36 — — 197 233 
Stock-based compensation1,163 — — — 1,163 
Other— (1)— — (1)
Balance, September 30, 2025$870,044 $421,072 $(77,539)$(30,801)$1,182,776 


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PEOPLES BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (continued)
Accumulated Other Comprehensive LossTotal Stockholders' Equity
Common SharesRetained EarningsTreasury 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 plan1,591 — — — 1,591 
Common shares issued under compensation plan for Boards of Directors59 — — 319 378 
Common shares issued under employee stock purchase plan120 — — 654 774 
Stock-based compensation5,051 — — — 5,051 
Other— 1,437 — — 1,437 
Balance, September 30, 2025$870,044 $421,072 $(77,539)$(30,801)$1,182,776 

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)20262025
Net cash provided by operating activities$139,300 $99,402 
Investing activities:
Available-for-sale investment securities:
Purchases(120,141)(27,934)
Proceeds from sales183,729 72,831 
Proceeds from principal payments, calls and prepayments66,784 102,487 
Held-to-maturity investment securities:
Purchases(68,013)(290,236)
Proceeds from principal payments114,672 134,114 
Other investments:
Purchases(48,092)(35,076)
Proceeds from sales35,598 31,756 
Net increase in loans held for investment(98,224)(384,463)
Net expenditures for premises and equipment(3,704)(5,912)
Proceeds from sales of other real estate owned468 187 
Other(18)(1,150)
Net cash provided by (used in) investing activities63,059 (403,396)
Financing activities:
Net increase in non-interest-bearing deposits14,756 28,433 
Net (decrease) increase in interest-bearing deposits(277,443)213,277 
Net increase in short-term borrowings258,194 89,895 
Proceeds from long-term borrowings14,204 8,328 
Payments on long-term borrowings(54,010)(19,879)
Cash dividends paid(44,870)(43,498)
Purchase of treasury stock under share repurchase program— (455)
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock
(2,453)(2,331)
Proceeds from issuance of common shares1,089 1,481 
Other(2)1,296 
Net cash (used in) provided by financing activities(90,535)276,547 
Net increase (decrease) in cash and cash equivalents111,824 (27,447)
Cash and cash equivalents at beginning of period188,951 217,664 
Cash and cash equivalents at end of period$300,775 $190,217 
Supplemental cash flow information:
     Interest paid$108,642 $117,759 
     Federal income taxes paid6,945 16,000 
     State income taxes paid2,201 1,743 
Supplemental noncash disclosures:
     Transfers from total loans to other real estate owned309 — 
Noncash recognition of new leases153 1,333 
See Notes to the Unaudited Condensed Consolidated Financial Statements


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PEOPLES BANCORP INC. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Summary of Significant Accounting Policies
Basis of Presentation: The accompanying Unaudited Condensed Consolidated Financial Statements of Peoples Bancorp Inc. and its subsidiaries ("Peoples" refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) have been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP") for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by US GAAP for annual financial statements and should be read in conjunction with Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025 ("Peoples' 2025 Form 10-K").
The accounting and reporting policies followed in the presentation of the accompanying Unaudited Condensed Consolidated Financial Statements are consistent with those described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2025 Form 10-K, as updated by the information contained in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026 (this "Form 10-Q"). Management has evaluated all significant events and transactions that occurred after September 30, 2026 for potential recognition or disclosure in these Unaudited Condensed Consolidated Financial Statements. In the opinion of management, these Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary to present fairly such information for the periods and at the dates indicated. Such adjustments are normal and recurring in nature. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, total comprehensive income, net cash provided by operating, financing, or investing activities or total stockholders’ equity. The impact of such changes are not considered material to Peoples' financial statements. Intercompany accounts and transactions have been eliminated. The Consolidated Balance Sheet at December 31, 2025, contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2025 Form 10-K. 
The preparation of the Unaudited Condensed Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the Unaudited Condensed Consolidated Financial Statements and accompanying Notes. Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, due in part to seasonal variations and unusual or infrequently occurring items.
Operating Segments: As a community banking entity, Peoples offers its customers a full range of products including a complete line of banking, leasing, insurance, investment and trust solutions. Peoples’ business activities are currently confined to a single reportable operating segment, which is community banking. Peoples’ single operating segment was determined based on the similar economic characteristics shared by the components of community banking. Peoples’ chief operating decision maker (“CODM”) is composed of its President and Chief Executive Officer, and its Chief Financial Officer. Peoples’ CODM considers all components of consolidated interest income, interest expense, non-interest income, and non-interest expense as presented in Peoples’ Consolidated Statements of Operations for the purposes of assessing performance of Peoples’ single reportable segment and allocating resources within its reportable segment. The CODM does not review segment revenue or expense information at a lower level than what is included in Peoples’ Consolidated Statements of Operations.
New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by Peoples as of the required effective dates. Refer to "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2025 Form 10-K for the impact of recently adopted standards impacting Peoples. Unless otherwise discussed, management believes the impact of any recently adopted standards will not have a material impact on Peoples' financial statements taken as a whole.

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

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





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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' 2025 Form 10-K.
Assets and liabilities are assigned to a level within the fair value hierarchy based on the lowest level of significant input used to measure fair value. Assets and liabilities may change levels within the fair value hierarchy due to market conditions or other circumstances. Those transfers are recognized on the date of the event that prompted the transfer. There were no transfers of assets or liabilities required to be measured at fair value on a recurring basis between levels of the fair value hierarchy during the periods presented.
Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis
The following table provides the fair values 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 at September 30, 2026 and at December 31, 2025.
Recurring Fair Value Measurements at Reporting Date
September 30, 2026December 31, 2025
(Dollars in thousands)Level 1Level 2Level 1Level 2
Assets:
Available-for-sale investment securities:
Obligations of:
U.S. Treasury and government agencies
$16,985 $— $— $17,580 
 U.S. government sponsored agencies— 185,022 — 206,330 
States and political subdivisions
— 98,025 — 170,832 
Residential mortgage-backed securities— 453,661 — 544,038 
Commercial mortgage-backed securities— 48,572 — 41,804 
Bank-issued trust preferred securities— 2,854 — 3,783 
Total available-for-sale securities$16,985 $788,134 $— $984,367 
Equity investment securities (a)207 262 176 239 
Nonqualified deferred compensation (a) (b)6,713 — 6,074 — 
Derivative assets (c)— 21,695 — 9,708 
Liabilities:
Derivative liabilities (d)$— $21,120 $— $9,275 
(a)    Included in "Other investments" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 3 Investment Securities" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
(b) Investments in the nonqualified deferred compensation plan consist of mutual funds.
(c)    Included in "Other assets" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
(d)    Included in "Accrued expenses and other liabilities" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
Available-for-Sale Investment Securities: The fair values used by Peoples are obtained from an independent pricing service and represent either quoted market prices for the identical securities (Level 1) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, secured overnight funding rate ("SOFR") or other relevant yield curves, credit spreads, and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services or broker in management's overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists.

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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).
Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis
The following table provides the fair values 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, 2026 and at December 31, 2025.
Non-Recurring Fair Value Measurements at Reporting Date
September 30, 2026December 31, 2025
(Dollars in thousands)Level 2Level 3Level 2Level 3
Assets:
Collateral dependent loans$— $34,273 $— $7,738 
Loans held for sale (a)2,197 — 1,678 — 
Other real estate owned— 316 — — 
(a) Loans held for sale are presented gross of a valuation allowance of $109 and $57 at September 30, 2026 and at December 31, 2025, respectively.

Collateral Dependent Loans: Loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty, are considered collateral dependent. Peoples utilizes outside third-party appraisal services to value the underlying collateral, which Peoples then uses to report the loans at their fair value (Level 3).
Loans Held for Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried in aggregate at the lower of cost or estimated fair value. Peoples uses a valuation model using quoted market prices of similar instruments in arriving at the fair value (Level 2).
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 obtained in satisfaction of a loan 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 approach and the income approach. 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 LevelSeptember 30, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash and cash equivalents1$300,775 300,775 $188,951 $188,951 
Held-to-maturity investment securities:
   Obligations of:
U.S. government sponsored agencies2261,616 236,778 261,826 254,435 
States and political subdivisions (a)2138,405 104,169 140,843 115,657 
Residential mortgage-backed securities2381,224 345,888 423,628 413,123 
Commercial mortgage-backed securities297,064 79,591 96,776 84,499 
        Total held-to-maturity securities878,309 766,426 923,073 867,714 
Other investments:
Other investments at cost:
Federal Home Loan Bank ("FHLB") stock 342,617 42,617 30,843 30,843 
Federal Reserve Bank ("FRB") stock327,114 27,114 27,114 27,114 
Other investments (b)34,616 4,616 4,210 4,210 
Total other investments at cost74,347 74,347 62,167 62,167 
Loans and leases, net of deferred fees and costs (c)36,840,809 6,504,654 6,756,907 6,697,321 
Bank owned life insurance 2151,820 151,820 148,264 148,264 
Liabilities:
Deposits2$7,442,094 $6,016,507 $7,704,583 $6,660,991 
Short-term borrowings2704,120 704,063 435,926 435,923 
Long-term borrowings2155,054 164,834 204,138 222,323 
(a) Obligations of states and political subdivisions are presented gross of an allowance for credit losses of $233 and $236 at September 30, 2026 and at December 31, 2025, respectively.
(b)     "Other investments", as reported on the Unaudited Consolidated Balance Sheets, also included equity investment securities at September 30, 2026
and at December 31, 2025, which are reported in the "Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis"
table above and not included in this table.
(c) Loans and leases, net of deferred fees and costs, are presented gross of an allowance for credit losses of $75.7 million at both September 30, 2026 and December 31, 2025.

For certain financial assets and liabilities, carrying value approximates fair value due to the nature of the financial instrument. These financial instruments include cash and cash equivalents and overnight borrowings. Peoples used the following methods and assumptions in estimating the fair value of the following financial instruments:
Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, federal funds sold and other short-term investments with original maturities of 90 days or less. The carrying amount for cash and cash equivalents balances are a reasonable estimate of fair value (Level 1).
Held-to-Maturity Investment Securities: The fair values used by Peoples are obtained from an independent pricing service and represent fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, relevant yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists.
Other Investments: FHLB and FRB stock are both recorded at historical cost. Other investments are otherwise primarily comprised of investments accounted for under the cost method due to the level of control Peoples exercises over the investee. These investments are not actively traded in an open market as sales for these types of investments are rare (Level 3).

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Loans and Leases, Net of Deferred Fees and Costs: The fair value of portfolio loans and leases assumes sale of the underlying notes to a third-party financial investor. Accordingly, this value is not necessarily the value to Peoples if the notes were held to maturity. Peoples considers interest rate, credit and market factors in estimating the fair value of loans and leases (Level 3). Fair values for loans and leases are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans and leases with similar terms, the credit risk associated with the loans and leases and other market factors, including liquidity.
Bank Owned Life Insurance: Peoples' bank owned life insurance ("BOLI") policies are recorded at their cash surrender value, which approximates fair value (Level 2). Peoples recognizes tax-exempt income from the periodic increases in the cash surrender value of these policies and from death benefits.
Deposits: The fair value of fixed-maturity certificates of deposit ("CDs") is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities. Demand and other non-fixed-maturity deposits are estimated using a discounted cash flow calculation based on maturity, attrition and re-pricing assumptions (Level 2).
Short-term Borrowings: The fair value of short-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2). 
Long-term Borrowings: The fair value of long-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2). 
Note 3 Investment Securities
Available-for-sale
The following table summarizes Peoples' available-for-sale investment securities:

(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2026
Obligations of:
U.S. Treasury and government agencies$17,712 $— $(727)$16,985 
U.S. government sponsored agencies203,535 — (18,513)185,022 
States and political subdivisions120,480 — (22,455)98,025 
Residential mortgage-backed securities532,648 727 (79,714)453,661 
Commercial mortgage-backed securities57,365 — (8,793)48,572 
Bank-issued trust preferred securities3,000 — (146)2,854 
Total available-for-sale securities$934,740 $727 $(130,348)$805,119 
December 31, 2025
Obligations of:
U.S. Treasury and government agencies$17,386 $213 $(19)$17,580 
U.S. government sponsored agencies212,282 504 (6,456)206,330 
States and political subdivisions189,131 103 (18,402)170,832 
Residential mortgage-backed securities606,292 1,749 (64,003)544,038 
Commercial mortgage-backed securities47,889 1 (6,086)41,804 
Bank-issued trust preferred securities4,000 — (217)3,783 
Total available-for-sale securities$1,076,980 $2,570 $(95,183)$984,367 


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The gross gains and losses realized by Peoples from sales or prepayments of available-for-sale investment securities for the periods ended September 30 were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2026202520262025
Gross gains realized$1 $120 $205 $145 
Gross losses realized(4,513)(2,700)(12,898)(2,727)
Net loss realized$(4,512)$(2,580)$(12,693)$(2,582)
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 Months12 Months or MoreTotal
(Dollars in thousands)
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized LossNo. of Securities
Fair
Value
Unrealized Loss
September 30, 2026
Obligations of:
U.S. Treasury and government agencies
$16,984 $727 3 $— $— — $16,984 $727 
U.S. government sponsored agencies
146,573 12,481 27 38,449 6,032 13 185,022 18,513 
States and political subdivisions22,218 2,793 46 74,941 19,662 60 97,159 22,455 
Residential mortgage-backed securities
84,246 2,760 69 352,204 76,954 181 436,450 79,714 
Commercial mortgage-backed securities
19,687 1,843 6 28,885 6,950 16 48,572 8,793 
Bank-issued trust preferred securities
— — — 2,854 146 1 2,854 146 
Total$289,708 $20,604 151 $497,333 $109,744 271 $787,041 $130,348 
December 31, 2025
Obligations of:
U.S. Treasury and government agencies
$5,319 $16 3 $741 $3 4 $6,060 $19 
U.S. government sponsored agencies
47,059 341 10 127,311 6,115 27 174,370 6,456 
States and political subdivisions3,129 460 5 158,898 17,942 134 162,027 18,402 
Residential mortgage-backed securities
13,310 62 10 461,661 63,941 235 474,971 64,003 
Commercial mortgage-backed securities
2,292 9 2 39,000 6,077 21 41,292 6,086 
Bank-issued trust preferred securities
— — — 3,783 217 2 3,783 217 
Total$71,109 $888 30 $791,394 $94,295 423 $862,503 $95,183 
Management evaluates available-for-sale investment securities for an allowance for credit losses on a quarterly basis. At September 30, 2026, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At September 30, 2026, Peoples did not have the intent to sell, nor was it more likely than not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both September 30, 2026 and December 31, 2025 were attributable to changes in market interest rates and spreads since the securities were purchased, and were not credit-related losses.


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The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale investment securities by contractual maturity at September 30, 2026. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a federal statutory corporate income tax rate of 21% at September 30, 2026. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.
 
(Dollars in thousands)Within 1 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost
Obligations of:
U.S. Treasury and government agencies$—$7,935$9,777$—$17,712
U.S. government sponsored agencies—9,852139,08054,603203,535
States and political subdivisions5,0676,36456,36152,688120,480
Residential mortgage-backed securities—90260,611471,135532,648
Commercial mortgage-backed securities—15,89120,14221,33257,365
Bank-issued trust preferred securities——3,000—3,000
Total available-for-sale securities$5,067$40,944$288,971$599,758$934,740
Fair value
Obligations of:
U.S. Treasury and government agencies$—$7,713$9,272$—$16,985
U.S. government sponsored agencies—8,531126,70149,790185,022
States and political subdivisions5,0026,13445,82341,06698,025
Residential mortgage-backed securities—87154,827397,963453,661
Commercial mortgage-backed securities—13,66017,57217,34048,572
Bank-issued trust preferred securities——2,854—2,854
Total available-for-sale securities$5,002$36,909$257,049$506,159$805,119
Total weighted-average yield3.33 %2.44 %3.55 %2.95 %3.12 %
Held-to-maturity
The following table summarizes Peoples’ held-to-maturity investment securities:
(Dollars in thousands)Amortized CostAllowance for Credit Losses Gross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2026
Obligations of:
 U.S. government sponsored agencies$261,616 $— $22 $(24,860)$236,778 
States and political subdivisions138,405 (233)26 (34,029)104,169 
Residential mortgage-backed securities381,224 — 25 (35,361)345,888 
Commercial mortgage-backed securities97,064 — — (17,473)79,591 
Total held-to-maturity investment securities$878,309 $(233)$73 $(111,723)$766,426 
December 31, 2025
Obligations of:
U.S. government sponsored agencies$261,826 $— $740 $(8,131)$254,435 
States and political subdivisions140,843 (236)77 (25,027)115,657 
Residential mortgage-backed securities423,628 — 4,916 (15,421)413,123 
Commercial mortgage-backed securities96,776 — — (12,277)84,499 
Total held-to-maturity investment securities$923,073 $(236)$5,733 $(60,856)$867,714 
There were no sales of held-to-maturity investment securities during the periods ended September 30, 2026 or December 31, 2025.
Management evaluates held-to-maturity investment securities for an allowance for credit losses on a quarterly basis. The majority of Peoples' held-to maturity investment securities are agency-backed securities, for which an allowance for credit losses was not recorded. Peoples calculated the allowance for credit losses for state and political subdivisions using cumulative default rate averages for municipal securities. Peoples reported $0.2 million of allowance for credit losses for held-to-maturity investment securities at both September 30, 2026, and December 31, 2025.

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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:
Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized LossNo. of SecuritiesFair
Value		Unrealized Loss
September 30, 2026
Obligations of:
U.S. government sponsored agencies$128,400 $9,811 31 $106,121 $15,049 21 $234,521 $24,860 
States and political subdivisions974 317 2 101,155 33,712 66 102,129 34,029 
Residential mortgage-backed securities
219,697 12,811 57 121,450 22,550 42 341,147 35,361 
Commercial mortgage-backed securities
15,213 2,192 7 64,378 15,281 29 79,591 17,473 
Total$364,284 $25,131 97 $393,104 $86,592 158 $757,388 $111,723 
December 31, 2025
Obligations of:
U.S. government sponsored agencies$131,933 $1,447 16 $66,509 $6,684 20 $198,442 $8,131 
States and political subdivisions1,238 301 2 110,531 24,726 65 111,769 25,027 
Residential mortgage-backed securities
34,814 261 6 143,068 15,160 45 177,882 15,421 
Commercial mortgage-backed securities
7,776 111 3 73,975 12,166 30 81,751 12,277 
Total$175,761 $2,120 27 $394,083 $58,736 160 $569,844 $60,856 
The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at September 30, 2026. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a federal statutory corporate income tax rate of 21% at September 30, 2026. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date.
(Dollars in thousands)Within 1 Year1 to 5 Years5 to 10 YearsOver 10 YearsTotal
Amortized cost
Obligations of:
U.S. government sponsored agencies$3,500$2,201$155,110$100,805$261,616
States and political subdivisions2,4444,58737,68493,690138,405
Residential mortgage-backed securities——6,392374,832381,224
Commercial mortgage-backed securities9599,84839,62846,62997,064
Total held-to-maturity investment securities$6,903$16,636$238,814$615,956$878,309
Fair value
Obligations of:
U.S. government sponsored agencies$3,478$1,981$140,326$90,993$236,778
States and political subdivisions2,4694,17630,04167,483104,169
Residential mortgage-backed securities——5,839340,049345,888
Commercial mortgage-backed securities9538,95633,26036,42279,591
Total held-to-maturity investment securities$6,900$15,113$209,466$534,947$766,426
Total weighted-average yield1.83%1.93%3.55%4.17%3.94%


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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, 2026December 31, 2025
FHLB stock$42,617 $30,843 
FRB stock27,114 27,114 
Nonqualified deferred compensation6,713 6,074 
Equity investment securities4,216 3,756 
Other investments869 869 
Total other investments$81,529 $68,656 
During the nine months ended September 30, 2026, Peoples redeemed $34.9 million of FHLB stock in order to be in compliance with the requirements of the FHLB. Peoples purchased $46.7 million of additional FHLB stock during the nine months ended September 30, 2026, as a result of the FHLB's capital requirements on FHLB advances.
For the three months ended September 30, 2026 and 2025, Peoples recorded the change in the fair value of equity investment securities held during the period in "Other non-interest income", resulting in an unrealized gain of $12,000 and an unrealized loss of $26,000, respectively. For the nine months ended September 30, 2026 and 2025, Peoples recognized an unrealized gain of $45,000 and an unrealized loss of $28,000, respectively, for the change in fair value of equity investment securities in "Other non-interest income."
At September 30, 2026, Peoples' investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies. There were no equity investment securities of a single issuer that exceeded 10% of Peoples' stockholders' equity at September 30, 2026.
Pledged Securities
Peoples has pledged available-for-sale investment securities and held-to-maturity investment securities to secure public and trust department deposits, and repurchase agreements in accordance with federal and state requirements. Peoples has also pledged available-for-sale investment securities to secure additional borrowing capacity at the FHLB and the FRB.
The following table summarizes the carrying amount of Peoples' pledged securities:
Carrying Amount
(Dollars in thousands)September 30, 2026December 31, 2025
Securing public and trust department deposits, and repurchase agreements:
     Available-for-sale$316,646 $328,516 
     Held-to-maturity761,771 704,470 
Securing additional borrowing capacity at the FHLB and the FRB:
     Available-for-sale83,188 4,018 
     Held-to-maturity39,864 68,425 
Accrued Interest
Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on investment securities was $9.1 million at September 30, 2026 and $9.0 million at December 31, 2025.








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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.
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,
2026		December 31, 2025
Construction$334,701 $300,941 
Commercial real estate, other2,244,721 2,363,967 
Commercial and industrial1,724,108 1,535,755 
Premium finance270,634 253,075 
Leases342,343 365,649 
Residential real estate832,656 861,722 
Home equity lines of credit284,173 253,864 
Consumer, indirect685,329 700,582 
Consumer, direct120,536 120,338 
Deposit account overdrafts1,608 1,014 
Total loans, at amortized cost$6,840,809 $6,756,907 
The table above includes net deferred loan origination costs of $19.9 million and $20.0 million at September 30, 2026 and at December 31, 2025, respectively. The remaining unamortized net discount included in the amortized cost of loans and leases was $6.6 million and $9.7 million at September 30, 2026 and at December 31, 2025, respectively.
Accrued interest receivable is not included within the loan balances, but is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Total interest receivable on loans was $23.2 million and $25.0 million at September 30, 2026 and at December 31, 2025, respectively.
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, 2026December 31, 2025
(Dollars in thousands)
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Nonaccrual (a)
Accruing Loans 90+ Days Past Due
Construction$293 $— $— $— 
Commercial real estate, other4,992 3,100 4,056 579 
Commercial and industrial3,293 44 8,045 126 
Premium finance— 1,549 573 2,477 
Leases6,191 — 11,063 542 
Residential real estate9,016 2,879 8,556 1,937 
Home equity lines of credit1,602 178 1,507 69 
Consumer, indirect2,809 166 2,718 286 
Consumer, direct304 198 368 140 
Total loans, at amortized cost$28,500 $8,114 $36,886 $6,156 
(a) There were $2.4 million and $1.8 million of nonaccrual loans for which there was no allowance for credit losses at September 30, 2026 and at December 31, 2025, respectively.

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During the first nine months of 2026, nonaccrual loans decreased compared to at December 31, 2025, which was primarily due to decreases in nonaccrual leases of $4.9 million and nonaccrual commercial and industrial loans of $4.8 million, partially offset by an increase in nonaccrual other commercial real estate loans of $0.9 million. The increase in accruing loans 90+ days past due at September 30, 2026, when compared to at December 31, 2025, was primarily due to one large other commercial real estate loan, totaling $3.1 million.
The following table presents the aging of the amortized cost of past due loans:
Loans Past Due
Current
Loans
Total
Loans
(Dollars in thousands)30 - 59 days60 - 89 days90 + DaysTotal
September 30, 2026
Construction$— $39 $293 $332 $334,369 $334,701 
Commercial real estate, other2,339 2,423 7,612 12,374 2,232,347 2,244,721 
Commercial and industrial788 304 3,226 4,318 1,719,790 1,724,108 
Premium finance2,070 211 1,549 3,830 266,804 270,634 
Leases2,015 2,808 5,198 10,021 332,322 342,343 
Residential real estate2,973 2,831 7,074 12,878 819,778 832,656 
Home equity lines of credit1,109 323 1,144 2,576 281,597 284,173 
Consumer, indirect7,091 1,734 1,493 10,318 675,011 685,329 
Consumer, direct736 149 400 1,285 119,251 120,536 
Deposit account overdrafts— — — — 1,608 1,608 
Total loans, at amortized cost$19,121 $10,822 $27,989 $57,932 $6,782,877 $6,840,809 
December 31, 2025
Construction$— $— $— $— $300,941 $300,941 
Commercial real estate, other1,760 4,066 3,664 9,490 2,354,477 2,363,967 
Commercial and industrial1,600 1,329 7,780 10,709 1,525,046 1,535,755 
Premium finance2,767 2,956 3,050 8,773 244,302 253,075 
Leases9,966 3,560 11,187 24,713 340,936 365,649 
Residential real estate13,821 3,035 5,767 22,623 839,099 861,722 
Home equity lines of credit2,160 402 981 3,543 250,321 253,864 
Consumer, indirect8,752 1,726 1,550 12,028 688,554 700,582 
Consumer, direct752 165 431 1,348 118,990 120,338 
Deposit account overdrafts— — — — 1,014 1,014 
Total loans, at amortized cost$41,578 $17,239 $34,410 $93,227 $6,663,680 $6,756,907 
Delinquency trends improved slightly, as 99.2% of Peoples' loan portfolio was considered “current” at September 30, 2026, compared to 98.6% at December 31, 2025.
Pledged Loans
Peoples has pledged certain loans secured by one-to-four family and multifamily residential mortgages, home equity lines of credit and commercial real estate loans under a blanket collateral agreement to secure borrowings from the FHLB. Peoples also has pledged eligible commercial and industrial loans to secure borrowings with the FRB. Loans pledged are summarized as follows:
(Dollars in thousands)September 30, 2026December 31, 2025
Loans pledged to FHLB$1,219,389 $1,347,242 
Loans pledged to FRB654,487 624,503 
Credit Quality Indicators
As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2025 Form 10-K, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Commercial loans to borrowers with an aggregate unpaid principal balance in excess of $1.0 million are reviewed at least on an annual basis for possible credit deterioration. Commercial leases, as well as loan relationships whose aggregate credit exposure to Peoples is equal to or less than $1.0 million, are reviewed on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower's business, receipt of financial statements

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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, 2026:
Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20262025202420232022PriorRevolving Loans
Total
Loans
Construction

  Pass$51,372 $114,463 $101,668 $47,044 $522 $5,414 $— $— $320,483 
  Substandard— — 11,409 1,076 1,440 293 — — 14,218 
     Total51,372 114,463 113,077 48,120 1,962 5,707 — — 334,701 
Current period gross charge-offs (a)— — — — — — — 
Commercial real estate, other

  Pass202,548 345,864 165,898 249,174 294,829 801,182 40,780 525 2,100,275 
  Special mention— — 6,229 33,558 4,550 3,558 — — 47,895 
  Substandard5,808 1,012 33,563 1,471 5,105 49,472 120 — 96,551 
     Total208,356 346,876 205,690 284,203 304,484 854,212 40,900 525 2,244,721 
Current period gross charge-offs (a)— — — — — 855 855 
Commercial and industrial
  Pass466,549 294,274 173,663 82,911 52,015 345,883 235,334 2,467 1,650,629 
  Special mention1,202 6,156 18,763 22 4,394 53 5,534 — 36,124 

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Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20262025202420232022PriorRevolving Loans
Total
Loans
  Substandard637 159 3,182 130 4,917 17,019 11,303 5,123 37,347 
  Doubtful— — — — — 8 — — 8 
     Total468,388 300,589 195,608 83,063 61,326 362,963 252,171 7,590 1,724,108 
Current period gross charge-offs (a)193 1,000 64 104 22 126 1,509 
Premium Finance
Pass256,182 14,221 231 — — — — — 270,634 
Total256,182 14,221 231 — — — — — 270,634 
Current period gross charge-offs (a)2 95 102 2 — — 201 
Leases
Pass121,249 95,504 63,098 41,491 12,496 2,142 — — 335,980 
Special mention194 233 333 240 91 — — — 1,091 
Substandard234 536 926 889 353 167 — — 3,105 
Doubtful— 32 640 893 602 — — — 2,167 
Total121,677 96,305 64,997 43,513 13,542 2,309 — — 342,343 
Current period gross charge-offs (a)55 1,148 2,964 5,912 1,484 827 12,390 
Residential real estate
Pass61,233 97,072 59,183 49,104 71,524 482,157 — — 820,273 
Substandard— 748 684 1,582 1,173 7,980 — — 12,167 
Loss— 21 24 — 78 93 — — 216 
     Total61,233 97,841 59,891 50,686 72,775 490,230 — — 832,656 
Current period gross charge-offs (a)— 4 60 — 76 120 260 
Home equity lines of credit
Pass4,261 57,324 47,262 27,760 30,611 65,860 49,694 1,102 282,772 
Substandard— — — 294 373 722 — — 1,389 
Loss— — — — — 12 — — 12 
     Total4,261 57,324 47,262 28,054 30,984 66,594 49,694 1,102 284,173 
Current period gross charge-offs (a)— — — — — 64 64 
Consumer, indirect
Pass201,716 222,986 114,772 70,853 50,188 21,435 — — 681,950 
Substandard117 1,213 703 505 400 353 — — 3,291 
Loss6 35 13 9 5 20 — — 88 
     Total201,839 224,234 115,488 71,367 50,593 21,808 — — 685,329 
Current period gross charge-offs (a)218 2,452 1,201 753 364 138 5,126 
Consumer, direct
Pass48,814 34,373 15,616 9,039 7,070 5,260 — — 120,172 

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Term Loans at Amortized Cost by Origination YearRevolving Loans Converted to Term
(Dollars in thousands)20262025202420232022PriorRevolving Loans
Total
Loans
Substandard25 76 29 96 38 — — — 264 
Loss— — — — 3 97 — — 100 
     Total48,839 34,449 15,645 9,135 7,111 5,357 — — 120,536 
Current period gross charge-offs (a)321 197 87 57 60 12 734 
Deposit account overdrafts1,608 — — — — — — — 1,608 
Current period gross charge-offs (a)966 — — — — — 966 
Total loans, at amortized cost1,423,755 1,286,302 817,889 618,141 542,777 1,809,180 342,765 9,217 6,840,809 
Total current period gross charge-offs (a)$1,755 $4,896 $4,478 $6,828 $2,006 $2,142 $22,105 
(a) Current period gross charge-offs are for the nine months ended September 30, 2026.
The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the then most recent analysis performed at December 31, 2025:
Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20252024202320222021PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Construction

Pass$81,441 $98,488 $99,069 $918 $6,618 $8,720 $— $512 $295,254 
Substandard— 3,092 1,113 1,482 — — — — 5,687 
Total81,441 101,580 100,182 2,400 6,618 8,720 — 512 300,941 
Current period gross charge-offs (a)— — — — — — — 
Commercial real estate, other

Pass330,087 164,537 345,618 378,500 310,160 670,053 44,947 1,794 2,243,902 
Special mention83 22,415 2,580 1,696 4,460 13,067 133 — 44,434 
Substandard— 8,042 1,188 15,727 17,170 32,945 549 87 75,621 
Doubtful— — — — — 10 — — 10 
Total330,170 194,994 349,386 395,923 331,790 716,075 45,629 1,881 2,363,967 
Current period gross charge-offs (a)— — — 174 — 121 295 
Commercial and industrial
Pass381,903 230,861 115,712 95,158 92,556 290,243 248,204 7,621 1,454,637 
Special mention45 3,117 2,653 847 981 4,885 30,001 2,292 42,529 
Substandard130 251 263 8,745 12,196 6,407 10,562 5,423 38,554 
Doubtful— — — — — 35 — — 35 
Total382,078 234,229 118,628 104,750 105,733 301,570 288,767 15,336 1,535,755 
Current period gross charge-offs (a)— 19 161 202 202 1,167 1,751 
Premium finance
Pass248,710 3,649 143 — — — — — 252,502 
Substandard— 520 53 — — — — — 573 
Total248,710 4,169 196 — — — — — 253,075 

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Term Loans at Amortized Cost by Origination Year
(Dollars in thousands)20252024202320222021PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Current period gross charge-offs (a)31 192 229 30 — — 482 
Leases
Pass145,052 94,499 72,336 27,742 9,768 3,161 — — 352,558 
Special mention480 739 774 402 21 — — — 2,416 
Substandard228 1,001 3,386 785 334 — — — 5,734 
Doubtful48 1,406 2,249 864 374 — — — 4,941 
Total145,808 97,645 78,745 29,793 10,497 3,161 — — 365,649 
Current period gross charge-offs (a)204 4,240 8,297 6,717 1,450 496 21,404 
Residential real estate
Pass104,910 66,847 56,842 77,533 117,758 426,547 — — 850,437 
Substandard183 501 1,540 663 924 7,378 — — 11,189 
Loss— — — — — 96 — — 96 
Total105,093 67,348 58,382 78,196 118,682 434,021 — — 861,722 
Current period gross charge-offs (a)— — 27 8 39 199 273 
Home equity lines of credit
Pass54,398 51,042 32,052 34,382 24,293 56,416 21 3,560 252,604 
Substandard— — 312 285 89 559 — — 1,245 
Loss— — — 5 — 10 — — 15 
Total54,398 51,042 32,364 34,672 24,382 56,985 21 3,560 253,864 
Current period gross charge-offs (a)— — 36 — — 5 41 
Consumer, indirect
Pass292,512 164,565 108,928 84,987 27,026 19,049 — — 697,067 
Substandard655 648 708 667 412 305 — — 3,395 
Loss37 15 19 6 7 36 — — 120 
Total293,204 165,228 109,655 85,660 27,445 19,390 — — 700,582 
Current period gross charge-offs (a)1,128 2,030 1,948 1,121 350 147 6,724 
Consumer, direct
Pass60,248 24,070 15,182 11,889 4,516 4,000 — — 119,905 
Substandard43 57 171 71 1 41 — — 384 
Loss— 1 10 6 1 31 — — 49 
Total60,291 24,128 15,363 11,966 4,518 4,072 — — 120,338 
Current period gross charge-offs (a)344 143 98 75 19 23 702 
Deposit account overdrafts1,014 — — — — — — — 1,014 
Current period gross charge-offs (a)1,149 — — — — — 1,149 
Total loans, at amortized cost1,702,207 940,363 862,901 743,360 629,665 1,543,994 334,417 21,289 6,756,907 
Current period gross charge-offs (a)$2,856 $6,624 $10,796 $8,327 $2,060 $2,158 $32,821 
(a) Current period gross charge-offs are for the year ended December 31, 2025.

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Collateral Dependent Loans
Peoples has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans:
•Construction loans are typically secured by owner occupied commercial real estate or non-owner occupied 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 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, 2026December 31, 2025
Construction$11,432 $— 
Commercial real estate, other21,903 687 
Commercial and industrial298 4,666 
Leases— 2,385 
Residential real estate640 — 
Total collateral dependent loans$34,273 $7,738 
Collateral dependent loans increased at September 30, 2026, compared to at December 31, 2025, due to an increase in collateral dependent other commercial real estate loans, driven primarily by a single loan totaling approximately $12.7 million, and an increase in collateral dependent construction loans, driven by the inclusion of two large construction loans, associated with one customer relationship, totaling approximately $11.4 million.
Modifications for Borrowers Experiencing Financial Difficulty
As part of Peoples' loss mitigation activities, Peoples may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. The most common modifications to the contractual terms of a loan to a borrower experiencing financial difficulty include an extension of the maturity date and a temporary period of interest-only payments.
In addition to loan modifications, Peoples also provides other loss mitigation options, such as forbearance and repayment plans, to assist borrowers who experience financial difficulties. In assessing whether or not a borrower is experiencing financial difficulty, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (1) the borrower is currently in payment default on any of the borrower's debt; (2) a payment default is probable in the foreseeable future without the modification; (3) the borrower has declared or is in the process of declaring bankruptcy; and (4) the borrower's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification.
The allowance for credit losses for loans modified for borrowers experiencing financial difficulty is determined based on the allowance for credit losses policy as described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2025 Form 10-K.

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

(Dollars in thousands)Term ExtensionPrincipal ForgivenessTotal
Percentage of Total by Loan Category(a)(b)
During the Three Months Ended September 30, 2026
Commercial real estate, other$480 1,700 $2,180 0.10 %
Commercial and industrial7,785 — 7,785 0.45 %
Consumer, indirect10 — 10 — %
Total$8,275 $1,700 $9,975 0.15 %
During the Three Months Ended September 30, 2025
Commercial real estate, other$1,037 $— $1,037 0.04 %
Commercial and industrial2,704 — 2,704 0.18 %
Home equity lines of credit47 — 47 0.02 %
Total$3,788 $— $3,788 0.06 %
(a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.
(b) The tables presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.
(Dollars in thousands)
During the Nine Months Ended September 30, 2026
Payment DeferralTerm ExtensionPrincipal ForgivenessTotal
Percentage of Total by Loan Category(a)(b)
Commercial real estate, other$— $1,949 $1,700 $3,649 0.16 %
Commercial and industrial482 8,437 — 8,919 0.52 %
Residential real estate— 124 — 124 0.01 %
Home equity lines of credit— 68 — 68 0.02 %
Consumer, indirect— 10 — 10 — %
Total$482 $10,588 $1,700 $12,770 0.19 %
During the Nine Months Ended September 30, 2025
Commercial real estate, other— 3,084 — 3,084 0.13 %
Commercial and industrial— 10,880 — 10,880 0.73 %
Residential real estate— 188 — 188 0.02 %
Home equity lines of credit— 47 — 47 0.02 %
Total$— $14,199 $— $14,199 0.21 %
(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 tables presented above exclude loans that were paid off or otherwise no longer included in the loan portfolio as of period end.

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

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During the Three Months Ended September 30, 2026
Weighted-Average Term Extension
(in months)
Commercial real estate, other9
Commercial and industrial23
Consumer, indirect12
During the Three Months Ended September 30, 2025
Commercial real estate, other6
Commercial and industrial3
Home equity lines of credit240
Weighted-Average Term Extension
(in months)
During the Nine Months Ended September 30, 2026
Commercial real estate, other9
Commercial and industrial22
Residential real estate37
Home equity lines of credit119
Consumer, indirect12
During the Nine Months Ended September 30, 2025
Commercial real estate, other4
Commercial and industrial6
Residential real estate174
Home equity lines of credit240
The following tables display the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that had a payment default in the periods presented. For purposes of this disclosure, Peoples defines loans that had a payment default as loans that were 90 days or more past due following a modification. No such loans defaulted in the three or nine months ended September 30, 2026.
Term Extension(a)
For the Three Months Ended September 30, 2025
Commercial and industrial$405 
Total loans that subsequently defaulted$405 
For the Nine Months Ended September 30, 2025
Commercial and industrial423 
Total loans that subsequently defaulted$423 
(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 tables display an aging analysis of loans that were modified during the 12 months prior to September 30, 2026 and September 30, 2025, respectively, presented by classification and class of financing receivable.

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As of September 30, 2026
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Commercial real estate, other$— $— $— $— $3,649 $3,649 
Commercial and industrial82 — — 82 8,942 9,024 
Residential real estate— 24 — 24 102 126 
Home equity lines of credit— — — — 117 117 
Consumer, indirect— — — — 10 10 
Total loans modified(a)
$82 $24 $— $106 $12,820 $12,926 
(a) Represents the amortized cost basis as of period end.
As of September 30, 2025
(Dollars in thousands)30-59 Days Delinquent60-89 Days Delinquent90+ Days DelinquentTotal DelinquentCurrentTotal
Commercial real estate, other$— $— $— $— $3,084 $3,084 
Commercial and industrial— — 423 423 10,625 11,048 
Residential real estate— — — — 188 188 
Home equity lines of credit47 — — 47 92 139 
Total loans modified(a)
$47 $— $423 $470 $13,989 $14,459 
(a) Represents the amortized cost basis as of period end.
Allowance for Credit Losses
As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2025 Form 10-K, Peoples estimates the allowance for credit losses using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. In management's estimation of expected credit losses, Peoples uses a one-year reasonable and supportable forecast period across all segments. Following the reasonable and supportable forecast period, Peoples reverts the macroeconomic variables to their long run average over a four-quarter reversion period.
Changes in the allowance for credit losses for the three and nine months ended September 30, 2026 and September 30, 2025 are summarized below:
(Dollars in thousands)
Beginning Balance, June 30, 2026
Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, September 30, 2026
Construction$1,694 $186 $— $— $1,880 
Commercial real estate, other20,811 (549)(688)— 19,574 
Commercial and industrial20,824 1,426 (1,022)143 21,371 
Premium finance1,569 (755)(84)7 737 
Leases14,366 1,483 (3,358)809 13,300 
Residential real estate6,559 32 (26)26 6,591 
Home equity lines of credit1,728 81 — — 1,809 
Consumer, indirect8,306 1,146 (1,760)470 8,162 
Consumer, direct2,139 324 (325)24 2,162 
Deposit account overdrafts107 262 (317)89 141 
Total$78,103 $3,636 $(7,580)$1,568 $75,727 
(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, 2025Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, September 30, 2025
Construction$1,347 $(95)$— $— $1,252 
Commercial real estate, other17,144 1,198 (27)1 18,316 
Commercial and industrial17,854 488 (472)26 17,896 
Premium finance794 84 (105)3 776 
Leases19,633 2,894 (4,930)443 18,040 
Residential real estate6,113 266 (71)40 6,348 
Home equity lines of credit1,814 93 (27)— 1,880 
Consumer, indirect7,643 1,408 (1,607)418 7,862 
Consumer, direct2,248 400 (290)27 2,385 
Deposit account overdrafts91 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.
(Dollars in thousands)
Beginning Balance, December 31, 2025
Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, September 30, 2026
Construction$1,391 $489 $— $— $1,880 
Commercial real estate, other19,726 703 (855)— 19,574 
Commercial and industrial18,804 3,896 (1,509)180 21,371 
Premium finance749 161 (201)28 737 
Leases16,475 7,031 (12,390)2,184 13,300 
Residential real estate6,295 395 (260)161 6,591 
Home equity lines of credit1,934 (73)(64)12 1,809 
Consumer, indirect7,706 4,179 (5,126)1,403 8,162 
Consumer, direct2,485 339 (734)72 2,162 
Deposit account overdrafts111 773 (966)223 141 
Total$75,676 $17,893 $(22,105)$4,263 $75,727 
(a)Amount does not include the provision for the allowance for credit losses on unfunded commitments.


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(Dollars in thousands)Beginning Balance,
December 31, 2024		Provision for (Recovery of) Credit Losses (a)Charge-offsRecoveries
Ending Balance, September 30, 2025
Construction$878 $374 $— $— $1,252 
Commercial real estate, other16,256 2,332 (277)5 18,316 
Commercial and industrial13,283 5,972 (1,408)49 17,896 
Premium finance662 371 (269)12 776 
Leases12,893 19,881 (15,683)949 18,040 
Residential real estate6,491 (69)(213)139 6,348 
Home equity lines of credit1,792 127 (39)— 1,880 
Consumer, indirect8,576 3,375 (5,166)1,077 7,862 
Consumer, direct2,396 469 (541)61 2,385 
Deposit account overdrafts121 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.
During the third quarter of 2026, Peoples recorded a total provision for credit losses on loans of $3.6 million, which was primarily driven by net charge-offs and was partially offset by a decrease in individually analyzed loans and updates to the prepayment, curtailment, and funding rates used within the current expected credit loss ("CECL") model. Net charge-offs for the third quarter of 2026 were $6.0 million, driven primarily by leases and indirect consumer loans. The decrease in the allowance for credit losses at September 30, 2026 when compared to at June 30, 2026, was driven by a decrease in individually analyzed loans and updates to the prepayment, curtailment, and funding rates.
During the third quarter of 2025, Peoples recorded a provision for credit losses of $7.0 million, which was 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. Net charge-offs for the third quarter of 2025 were $6.8 million, primarily driven by net charge-offs of leases in our NSL division.
Peoples had recorded allowances for unfunded commitments of $2.6 million and $2.5 million as of September 30, 2026 and as of December 31, 2025, respectively. The allowance for unfunded commitments (also referred to as "unfunded commitment liability") is presented in the “Accrued expenses and other liabilities” line of the Unaudited Consolidated Balance Sheets. The change in the allowance for unfunded commitments is also reflected in the "Provision for credit losses" line of the Unaudited Consolidated Statements of Operations.
Note 5 Goodwill and Other Intangible Assets
Goodwill
The following table details changes in the recorded amount of goodwill:
For the Nine Months EndedFor the Year Ended
(Dollars in thousands)September 30, 2026December 31, 2025
Goodwill, beginning of period$363,199 $363,199 
Goodwill recorded from acquisitions— — 
Goodwill, end of period$363,199 $363,199 
Other Intangible Assets
Other intangible assets were comprised of the following at September 30, 2026, and at December 31, 2025:

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(Dollars in thousands)Core DepositsCustomer RelationshipsIndefinite-Lived Trade NamesTotal
September 30, 2026
Gross intangibles$54,186 $38,470 $2,491 $95,147 
Accumulated amortization(38,955)(32,124)— (71,079)
Total acquisition-related intangibles$15,231 $6,346 $2,491 $24,068 
Servicing rights1,034 
Non-compete agreements4 
Total other intangibles$25,106 
December 31, 2025
Gross intangibles$54,186 $38,470 $2,491 $95,147 
Accumulated amortization(36,154)(29,846)— (66,000)
Total acquisition-related intangibles$18,032 $8,624 $2,491 $29,147 
Servicing rights957 
Non-compete agreements16 
Total other intangibles$30,120 
The following table details estimated aggregate future amortization of other intangible assets at September 30, 2026:
(Dollars in thousands)Core DepositsCustomer RelationshipsNon-Compete AgreementsTotal
Remaining three months of 2026$934 $759 $4 $1,697 
20273,043 2,188 — 5,231 
20282,608 1,462 — 4,070 
20292,359 971 — 3,330 
20302,189 514 — 2,703 
Thereafter4,098 452 — 4,550 
Total$15,231 $6,346 $4 $21,581 
The weighted average amortization period of other intangible assets is 6.2 years.
Note 6 Deposits
Peoples’ deposit balances were comprised of the following:
(Dollars in thousands)September 30, 2026December 31, 2025
Retail certificates of deposit ("CDs"):
$100 or more$1,046,668 $1,143,787 
Less than $100784,997 840,004 
Total Retail CDs1,831,665 1,983,791 
Interest-bearing deposit accounts1,146,769 1,092,252 
Money market deposit accounts1,041,921 945,313 
Savings accounts913,816 887,402 
Governmental deposit accounts755,584 739,939 
Brokered deposits192,155 510,458 
Total interest-bearing deposits5,881,910 6,159,155 
Non-interest-bearing deposits1,560,184 1,545,428 
Total deposits$7,442,094 $7,704,583 
Uninsured deposits were $2.0 billion at both September 30, 2026 and at December 31, 2025. Uninsured deposit amounts are estimated based on the portion of the respective customer account balances that exceeded the FDIC limit of $250,000. Peoples pledges

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investment securities against certain governmental deposit accounts, which covered $574.8 million and $615.6 million of the uninsured deposit balances at September 30, 2026 and at December 31, 2025, respectively.
Uninsured time deposits are broken out below by time remaining until maturity. The amounts presented do not consider the insured portion of the deposits.
(Dollars in thousands)September 30, 2026December 31, 2025
3 months or less$144,786 $152,991 
Over 3 to 6 months111,151 170,299 
Over 6 to 12 months127,170 83,387 
Over 12 months12,747 35,897 
Total$395,854 $442,574 
    
The contractual maturities of CDs for each of the next five years, including the remainder of 2026, and thereafter are as follows:
(Dollars in thousands)RetailBrokeredTotal
Remaining three months ending December 31, 2026$616,977 $35,168 $652,145 
Year ending December 31, 20271,179,618 87,128 1,266,746 
Year ending December 31, 202825,227 23,956 49,183 
Year ending December 31, 20295,023 45,833 50,856 
Year ending December 31, 20303,054 — 3,054 
Thereafter1,766 — 1,766 
Total CDs$1,831,665 $192,085 $2,023,750 
At September 30, 2026, Peoples had four effective interest rate swaps, with an aggregate notional value of $35.0 million, all of which hedge interest payments on brokered CDs. The brokered CDs are expected to be extended every 90 days through the maturity dates of the swaps. Additional information regarding Peoples' interest rate swaps can be found in "Note 10 Derivative Financial Instruments."
Note 7 Stockholders’ Equity
The following table details the progression in Peoples’ common shares issued and treasury stock during the nine months ended September 30, 2026:
Common SharesTreasury
Stock
Shares at December 31, 202536,836,943 1,215,120 
Changes related to stock-based compensation awards:
Restricted shares — (184,126)
Grant of unrestricted shares— (1,700)
Purchase of treasury stock— 8,442 
Disbursed out of treasury stock— (10,545)
Shares issued under dividend reinvestment plan31,652 — 
Shares issued under compensation plan for Boards of Directors
— (10,980)
Shares issued under employee stock purchase plan
— (19,739)
Shares at September 30, 202636,868,595 996,472 
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, 2026, Peoples had repurchased an aggregate of 501,999 common shares totaling $14.2 million under the share repurchase program. During the first nine months of 2026, there were no purchases under the share repurchase program.
Under Peoples' Amended Articles of Incorporation, Peoples is authorized to issue up to 50,000 preferred shares, in one or more series, having such voting powers, designations, preferences, rights, qualifications, limitations and restrictions as designated by Peoples' Board of Directors. At September 30, 2026, Peoples had no preferred shares issued or outstanding.
The following table details the cash dividends declared per common share during 2026 and the comparable periods of 2025:
20262025
First quarter$0.41 $0.40 
Second quarter0.42 0.41 
Third quarter0.42 0.41 
Total dividends declared$1.25 $1.22 
On October 19, 2026, Peoples' Board of Directors declared a quarterly cash dividend of $0.42 per common share, payable on November 16, 2026, to shareholders of record on November 2, 2026.

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, 2026, as related items impact the income statement:
(Dollars in thousands)Unrealized (Loss) Gain on SecuritiesUnrealized Gain (Loss) on Cash Flow HedgesAccumulated Other Comprehensive (Loss) Income
Balance, December 31, 2025$(71,019)$391 $(70,628)
Amounts reclassified from AOCI, net of income taxes9,771 — 9,771 
Other comprehensive income (loss), net of reclassifications and tax
(38,531)3 (38,528)
Balance, September 30, 2026$(99,779)$394 $(99,385)
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 both the nine months ended September 30, 2026 and September 30, 2025.
Note 9 Earnings Per Common Share
The calculations of basic and diluted earnings per common share were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands, except per common share data)2026202520262025
Net income available to common shareholders$32,606 $29,476 $89,565 $75,024 
Less: Dividends paid on unvested common shares211 208 623 628 
Less: Undistributed income allocated to unvested common shares88 46 223 100 
Net earnings allocated to common shareholders$32,307 $29,222 $88,719 $74,296 
Weighted-average common shares outstanding35,197,746 35,003,054 35,160,300 34,957,341 
Effect of potentially dilutive common shares464,688 395,755 413,759 370,475 
Total weighted-average diluted common shares outstanding35,662,434 35,398,809 35,574,059 35,327,816 
Earnings per common share:
Basic$0.92 $0.83 $2.52 $2.13 
Diluted$0.91 $0.83 $2.49 $2.10 
Anti-dilutive common shares excluded from calculation:
Restricted common shares — 17,634 953 17,634 

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Note 10 Derivative Financial Instruments
Peoples utilizes interest rate swap agreements as part of its asset/liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements.
Derivative Financial Instruments and Hedging Activities - Risk Management Objective of Using Derivative Financial Instruments
Peoples is exposed to certain risks arising from both its business operations and economic conditions. Peoples principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Peoples manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its assets and liabilities. Peoples also manages interest rate risk through the use of derivative financial instruments. Specifically, Peoples enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known or expected cash amounts, the values of which are determined by interest rates. Peoples’ derivative financial instruments are used to manage differences in the amount, timing and duration of Peoples' known or expected cash receipts and its known or expected cash payments principally related to certain variable rate borrowings. Peoples also has interest rate derivative financial instruments that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Peoples' assets or liabilities. Peoples manages a matched book with respect to customer-related derivative financial instruments in order to minimize its net risk exposure resulting from such transactions.
Cash Flow Hedges of Interest Rate Risk
Peoples' objectives in using interest rate derivative financial instruments are to add stability to interest income and expense, and to manage its exposure to interest rate movements. To accomplish these objectives, Peoples has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. At September 30, 2026, Peoples had entered into four interest rate swap contracts with an aggregate notional value of $35.0 million. Peoples will pay a fixed rate of interest for up to two years while receiving a floating rate component of interest equal to the term SOFR. The interest received on the floating rate component is intended to offset the interest paid on rolling three-month brokered CDs or FHLB advances, which will continue to be rolled through the life of the interest rate swaps. At September 30, 2026 and December 31, 2025, the interest rate swaps were designated as cash flow hedges of $35.0 and $45.0 million, respectively, of 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, 2026, and 2025, Peoples recorded reclassifications of gains to earnings of $0.4 million and $1.0 million, respectively. During the next 12 months, Peoples estimates that $0.2 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,
2026		December 31,
2025
Notional amount$35,000 $45,000 
Weighted average pay rates2.70 %2.52 %
Weighted average receive rates4.40 %3.73 %
Weighted average maturity0.8 years1.3 years
Pre-tax changes in fair value included in AOCI$515 $512 

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The following table presents changes in fair value and amounts reclassified from AOCI related to cash flow hedges and recorded in AOCI and in the Consolidated Statements of Comprehensive Income:
Three Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2026202520262025
Amount of gains (losses) recorded in AOCI, pre-tax$28 $(194)$4 $(1,196)
The following table reflects the cash flow hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value:
September 30,
2026		December 31,
2025
(Dollars in thousands)Notional AmountFair ValueNotional AmountFair Value
Included in "Other assets":
Interest rate swaps related to debt$35,000 $510 $45,000 $501 
Non-Designated Hedges
Peoples Bank maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples Bank originates variable rate loans with interest rate swaps, where the customer enters into an interest rate swap with Peoples Bank on terms that match the terms of the loan. By entering into the interest rate swap with the customer, Peoples Bank effectively provides the customer with a fixed rate loan while creating a variable rate asset for Peoples Bank. Peoples Bank offsets its exposure in the interest rate swap by entering into an offsetting interest rate swap with an unaffiliated institution. These interest rate swaps do not qualify as designated hedges; therefore, each interest rate swap is accounted for as a standalone derivative financial instrument. These interest rate swaps did not have a material impact on Peoples' results of operations or financial condition at or for the three and nine months ended September 30, 2026, or at or for the year ended December 31, 2025.
The following table reflects the non-designated hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value:
September 30,
2026		December 31,
2025
(Dollars in thousands)Notional AmountFair ValueNotional AmountFair Value
Included in "Other assets":
Interest rate swaps related to commercial loans$556,861 $21,172 $548,785 $13,907 
Netting Adjustments (a)(77)(4,700)
Net Derivative Assets on the Balance Sheet$556,861 $21,095 $548,785 $9,207 
Included in "Accrued expenses and other liabilities":
Interest rate swaps related to commercial loans$556,861 $21,121 $548,785 $11,548 
Netting Adjustments (a)(1)(2,273)
Net Derivatives Liabilities on the Balance Sheet$556,861 $21,120 $548,785 $9,275 
(a) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of master netting agreements that allow us to settle derivative contracts with a single counterparty on a net basis. Total derivative assets and liabilities include these netting adjustments.

Pledged Collateral
Peoples Bank pledges or receives collateral for all interest rate swaps. When the fair value of Peoples Bank's interest rate swaps is in a net liability position, Peoples Bank must pledge collateral, and, when the fair value of Peoples Bank's interest rate swaps is in a net asset position, the respective counterparties must pledge collateral. At September 30, 2026, Peoples Bank had $4.2 million of cash pledged, while counterparties had $13.0 million of cash pledged. Peoples Bank had $4.2 million of cash pledged and counterparties had $2.1 million of cash pledged at December 31, 2025. Peoples Bank and the counterparties had no pledged investment securities at September 30, 2026 or at December 31, 2025.



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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 was 1,493,297 at September 30, 2026. Since February 2009, Peoples has granted restricted common shares to employees, and periodically to non-employee directors, subject to the terms and conditions prescribed by the 2006 Equity Plan. In general, common shares issued in connection with stock-based awards are issued from treasury shares to the extent available. If no treasury shares are available, common shares are issued from authorized but unissued common shares.
Restricted Common Shares
 Under the 2006 Equity Plan, Peoples may award restricted common shares to officers, key employees and non-employee directors. In general, the restrictions on the restricted common shares awarded to officers and key employees expire after periods ranging from one to five years. Since 2018, common shares awarded to non-employee directors have vested immediately upon grant with no restrictions. In the first nine months of 2026, Peoples granted an aggregate of 231,346 restricted common shares subject to performance-based vesting to officers and key employees with restrictions that will lapse three years after the grant date; provided that in order for the restricted common shares to vest in full, Peoples must have reported positive net income and maintained a well-capitalized status by regulatory standards for each of the three fiscal years preceding the vesting date. Awards issued in the first quarter of 2026 feature both time-based and performance-based award components, with the performance-based awards tied to Peoples' return on tangible common equity and total shareholder return performance over a three-year period relative to the results of other banks. There were no similar awards issued in the third quarter of 2026.
The following table summarizes the changes to Peoples’ unvested restricted common shares for the nine months ended September 30, 2026:
Time-Based VestingPerformance-Based Vesting
Number of Common SharesWeighted-Average Grant Date Fair ValueNumber of Common SharesWeighted-Average Grant Date Fair Value
January 1, 2026127,672 $28.49 555,561 $30.08 
Awarded78,939 33.57 231,346 33.70 
Released(16,395)27.79 (161,975)30.30 
Forfeited(8,274)32.10 (9,352)31.02 
September 30, 2026
181,942 $30.59 615,580 $31.36 
The intrinsic value for restricted common shares released was $6.1 million and $6.0 million for the nine months ended September 30, 2026, and September 30, 2025, respectively.
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 EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2026202520262025
Employee stock-based compensation expense:
Stock grant expense$1,917 $1,163 $5,283 $5,051 
Employee stock purchase plan expense37 35 106 106 
Total employee stock-based compensation expense1,954 1,198 $5,389 $5,157 
Non-employee director stock-based compensation expense131 131 $393 $378 
Total stock-based compensation expense2,085 1,329 $5,782 $5,535 
Recognized tax benefit(480)(310)(1,331)(1,291)
Net stock-based compensation expense$1,605 $1,019 $4,451 $4,244 
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 $8.9 million at September 30, 2026, which will be recognized over a weighted-average period of 2.1 years.

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Note 12 Revenue
The following table details Peoples' revenue from contracts with customers:
Three Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2026202520262025
Insurance income:
Commission and fees from sale of insurance policies (a)$4,222 $4,384 $12,911 $13,346 
Performance-based commissions (b)— 85 1,222 1,726 
Trust and investment income:
Fiduciary income (a)3,397 2,974 9,856 8,931 
Brokerage income (a)2,779 2,440 7,911 6,825 
Electronic banking income:
Interchange income (b)5,520 5,392 15,891 15,348 
Promotional and usage income (a)1,129 1,146 3,228 3,347 
Deposit account service charges:
Ongoing maintenance fees for deposit accounts (a)1,890 1,747 5,699 5,061 
Transaction-based fees (b)2,789 2,527 7,735 7,287 
Commercial loan swap fees (b)405 381 912 1,652 
Other non-interest income transaction-based fees (b)531 452 1,704 1,241 
Total revenue from contracts with customers$22,662 $21,528 $67,069 $64,764 
Timing of revenue recognition:
Services transferred over time$13,417 $12,691 $39,605 $37,510 
Services transferred at a point in time9,245 8,837 27,464 27,254 
Total revenue from contracts with customers$22,662 $21,528 $67,069 $64,764 
(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, 2026:
Contract AssetsContract Liabilities
(Dollars in thousands)
Balance, January 1, 2026$972 $5,848 
     Additional income receivable157 — 
     Additional deferred income— 10,995 
     Receipt of income previously receivable(119)— 
     Recognition of income previously deferred— (11,065)
Balance, September 30, 2026$1,010 $5,778 



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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 EndedNine Months Ended
(Dollars in thousands)September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Interest and fees on leases (a)$8,004 $9,520 $24,762 $30,005 
Lease income5,696 3,643 15,254 11,322 
Total lease income$13,700 $13,163 $40,016 $41,327 
(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, 2026December 31, 2025
Lease payments receivable, at amortized cost$361,668 $393,089 
Estimated residual values31,286 33,125 
Initial direct costs4,685 5,535 
Deferred revenue(55,296)(66,100)
Net investment in leases342,343 365,649 
Allowance for credit losses - leases(13,300)(16,475)
Net investment in leases, after allowance for credit losses$329,043 $349,174 
The following table summarizes the contractual maturities of leases:
(Dollars in thousands)Balance
Remaining three months ending December 31, 2026$56,836 
Year ending December 31, 202765,126 
Year ending December 31, 202869,860 
Year ending December 31, 202963,147 
Year ending December 31, 203069,824 
Thereafter36,875 
Lease payments receivable, at amortized cost$361,668 
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, 2026, Peoples did not have any leases that met the criteria for finance leases. Right of Use ("ROU") assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement or the remeasurement date of a lease based on the present value of lease payments over the remaining lease term. Operating lease ROU assets include lease payments made at or before the commencement date and initial indirect costs. Operating lease ROU assets are presented net of any lease incentives. Short-term leases of certain facilities and equipment, with lease terms of 12 months or less, are recognized on a straight-line basis over the lease term and do not have an ROU asset or lease liability.
The table below details Peoples' lease expense, which is included in "Net occupancy and equipment expense" in the Unaudited Consolidated Statements of Operations:
Three Months EndedNine Months Ended
(Dollars in thousands)September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Operating lease expense$629 $650 $1,882 $1,968 
Short-term lease expense359 335 1,114 1,114 
Variable lease expense16 11 51 29 
Total lease expense$1,004 $996 $3,047 $3,111 
Peoples utilizes the Company's 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, 2026December 31, 2025
ROU assets:
Other assets$7,894 $9,340 
Lease liabilities:
     Accrued expenses and other liabilities$8,460 $9,912 
Other information:
     Weighted-average remaining lease term8.7 years8.7 years
     Weighted-average discount rate4.17 %4.16 %
     Additions for ROU assets obtained during the year$153 $1,333 
During the three months ended September 30, 2026 and 2025, Peoples paid cash of $0.6 million and $0.6 million for operating leases, respectively. During the nine months ended September 30, 2026 and 2025, Peoples paid cash of $1.9 million and $1.9 million for operating leases, respectively.
The following table summarizes the maturity of remaining lease liabilities:
(Dollars in thousands)Balance
Remaining three months ending December 31, 2026$620 
Year ending December 31, 2027$2,208 
Year ending December 31, 2028$1,625 
Year ending December 31, 2029$1,173 
Year ending December 31, 2030$671 
Thereafter$3,937 
Total undiscounted lease payments$10,234 
Imputed interest$(1,774)
Total lease liabilities$8,460 

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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, 2026 and September 30, 2025. This MD&A should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements and the Notes thereto.
Certain statements in this Form 10-Q, which are not historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as "anticipate," "estimate," "may," "feel," "expect," "believe," "plan," "will," "will likely," "would," "should," "could," "project," "goal," "target," "potential," "seek," "intend," "continue," "remain," and similar expressions.
These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of Peoples' business and operations. Additionally, Peoples' financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to:
(1)the effects of interest rate policies, including any changes to such policies that may result from potential changes in the composition of the Federal Reserve Board, changes in the interest rate environment due to economic conditions and/or the fiscal and monetary policy measures undertaken by the U.S. government and the Federal Reserve Board, including changes in the Federal Funds Target Rate, in response to such economic conditions, which may adversely impact interest rates, the interest rate yield curve, interest margins, loan demand and interest rate sensitivity;
(2)the effects of inflationary pressures on borrowers’ liquidity and ability to repay;
(3)the success, impact, and timing of the implementation of Peoples' business strategies and Peoples' ability to manage strategic initiatives, including the interest rate policies of the Federal Reserve Board, the completion and successful integration of acquisitions, including the pending merger with Citizens (the "Citizens merger") and Capital Bancorp, Inc (the "Capital merger"), and the expansion of commercial and consumer lending activities;
(4)competitive pressures among financial institutions, or from non-financial institutions, which may increase significantly, including product and pricing pressures, which can in turn impact Peoples' credit spreads, changes to third-party relationships and revenues, changes in the manner of providing services, customer acquisition and retention pressures, and Peoples' ability to attract, develop and retain qualified professionals;
(5)uncertainty regarding the nature, timing, cost, and effect of legislative or regulatory changes or actions, or deposit insurance premium levels, promulgated and to be promulgated by governmental and regulatory agencies in the State of Ohio, the FDIC, the Federal Reserve Board and the Consumer Financial Protection Bureau, which may subject Peoples, its subsidiaries, or one or more acquired companies to a variety of new and more stringent legal and regulatory requirements;
(6)the effects of easing restrictions on participants in the financial services industry;
(7)current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the U.S. economy generally, a 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 credit worthiness generally, which may be less favorable than expected in light of recent inflationary pressures and continued elevated interest rates, and may adversely impact the amount of interest income generated;
(10)Peoples may have more credit risk and higher credit losses to the extent there are loan concentrations by location or industry of borrowers or collateral;
(11)future credit quality and performance, including expectations regarding future credit losses and the allowance for credit losses;

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(12)changes in accounting standards, policies, estimates or procedures may adversely affect Peoples' reported financial condition or results of operations;
(13)the impact of assumptions, estimates and inputs used within models, which may vary materially from actual outcomes, including under the CECL model;
(14)adverse changes in the conditions and trends in the financial markets, including recent inflationary pressures, and the impacts of potential or imposed tariffs on markets, which may adversely affect the fair value of securities within Peoples' investment portfolio, the interest rate sensitivity of Peoples' consolidated balance sheet, and the income generated by Peoples' trust and investment activities;
(15)the volatility from quarter to quarter of mortgage banking income, whether due to interest rates, demand, the fair value of mortgage loans, or other factors;
(16)Peoples' ability to receive dividends from Peoples' subsidiaries;
(17)Peoples' ability to maintain required capital levels and adequate sources of funding and liquidity;
(18)the impact of larger or similar-sized financial institutions encountering problems, such as the failure in 2024 of Republic First Bank, and closures in 2023 of Silicon Valley Bank in California, Signature Bank in New York, and First Republic Bank in California, which may adversely affect the banking industry and/or Peoples' business generation and retention, funding and liquidity, including Peoples' continued ability to grow deposits or maintain adequate deposit levels, and may further result in potential increased regulatory requirements, increased reputational risk and potential impacts to macroeconomic conditions;
(19)Peoples' ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks, including those of Peoples' third-party vendors and other service providers, which may prove inadequate, and could adversely affect customer confidence in Peoples and/or result in Peoples incurring a financial loss;
(20)Peoples' ability to anticipate and respond to technological changes, and Peoples' reliance on, and the potential failure of, a number of third-party vendors to perform as expected, including Peoples' primary core banking system provider, which can impact Peoples' ability to respond to customer needs and meet competitive demands;
(21)operational issues stemming from and/or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which Peoples and Peoples' subsidiaries are highly dependent;
(22)changes in consumer spending, borrowing and saving habits, whether due to changes in retail distribution strategies, consumer preferences and behavior, changes in business and economic conditions, legislative or regulatory initiatives, or other factors, which may be different than anticipated;
(23)the adequacy of Peoples' internal controls and risk management program in the event of changes in strategic, reputational, market, economic, operational, cybersecurity, compliance, legal, asset/liability repricing, liquidity, credit and interest rate risks associated with Peoples' business;
(24)the impact on Peoples' businesses, personnel, facilities, or systems of losses related to acts of fraud, theft, misappropriation or violence;
(25)the impact on Peoples' businesses, as well as on the risks described above, of various domestic or international widespread natural or other disasters (including severe weather events), pandemics, cybersecurity attacks, system failures, civil unrest, military or terrorist activities or international conflicts, including Russia’s ongoing war on Ukraine and the conflicts in Iran (and the resulting disruptions in oil, energy, and other commodity markets and supply chains);
(26)the potential deterioration of the U.S. economy due to financial, political or other shocks;
(27)the potential influence on the U.S. financial markets and economy from the effects of climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs;
(28)the impact on Peoples' businesses and operating results of any costs associated with obtaining rights in intellectual property claimed by others and adequately protecting Peoples' intellectual property;
(29)risks and uncertainties associated with Peoples' entry into new geographic markets and risks resulting from Peoples' inexperience in these new geographic markets;
(30)Peoples' ability to integrate the pending Citizens merger and/or the pending Capital merger, which may be unsuccessful, or may be more difficult, time-consuming or costly than expected;

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(31)the failure to obtain necessary regulatory approvals in connection with the Capital merger (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction) and the possibility that the proposed Capital merger does not close when expected or at all because of the failure to obtain required regulatory approvals, shareholder approvals, or other approvals or because the other conditions to closing are not received or satisfied on a timely basis or at all;
(32)the possibility that the anticipated benefits of the proposed Citizens merger and Capital merger, including expected revenue synergies and cost savings, will not be realized or will not be realized within expected time periods;
(33)changes in laws or regulations imposed by Peoples' regulators impacting Peoples' capital actions, including dividend payments and share repurchases;
(34)the vulnerability of Peoples' network and online banking portals, and the systems of parties with whom Peoples contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;
(35)regulatory and legal matters, including the failure to resolve any outstanding matters on a timely basis and the potential of new regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;
(36)the impact on Peoples of increased political and regulatory scrutiny of corporate environmental, social and governance ("ESG") practices;
(37)the effect of a fall in stock market prices on Peoples' asset and wealth management business;
(38)the risk that energy tax credits purchased and used by Peoples to reduce tax liabilities will be disallowed by the Internal Revenue Service; and
(39)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 Part I of Peoples' 2025 Form 10-K, as supplemented by the disclosures under the heading "ITEM 1A. RISK FACTORS" of Part II of Peoples' Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 and under the heading "ITEM 1A. RISK FACTORS" of 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 Consolidated Financial Statements, and Notes to the Consolidated Financial Statements, contained in Peoples’ 2025 Form 10-K, as well as the Unaudited Condensed Consolidated Financial Statements, Notes to the Unaudited Condensed Consolidated Financial Statements, ratios, statistics and discussions contained elsewhere in this Form 10-Q.
Business Overview
The following discussion and analysis of Peoples’ Unaudited Condensed Consolidated Financial Statements is presented to provide insight into management’s assessment of the financial condition and results of operations.
Peoples is a diversified financial services holding company that makes available a complete line of banking, trust and investment, insurance, premium financing and equipment leasing solutions through its subsidiaries. Peoples' business activities are currently limited to one reporting unit and reportable operating segment, which is community banking. Peoples provides services through traditional offices, automated teller machines ("ATMs"), interactive teller machines ("ITMs"), mobile banking, telephone and internet-based banking. Peoples offers a complete array of insurance products through Peoples Insurance, a subsidiary of Peoples Bank. Brokerage services are offered by Peoples exclusively through an unaffiliated registered broker-dealer located at Peoples Bank's offices. Peoples Bank offers insurance premium finance lending nationwide through its Peoples Premium Finance and Peoples Life Premium Finance divisions. Peoples also offers lease financing through its North Star Leasing division and through Vantage, a subsidiary of Peoples Bank. As of September 30, 2026, Peoples had 144 locations, including 127 full-service bank branches in Ohio, Kentucky, West Virginia, Virginia, Washington D.C. and Maryland. Peoples Bank is subject to regulation and examination primarily by the Ohio Division of Financial Institutions (the "ODFI"), the FRB of Cleveland and the FDIC. Peoples Bank must also follow the

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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, 2026, which have been disclosed in Peoples' 2025 Form 10-K and updated as necessary in "Note 1 Summary of Significant Accounting Policies" in the Notes to the Unaudited Condensed Consolidated Financial Statements included in this Form 10-Q. This MD&A should be read in conjunction with those accounting policies.
New Accounting Guidance Pending Adoption
ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326): Purchased Loans: The FASB issued Accounting
Standards Update (“ASU”) 2025-08 on November 12, 2025. The amendments “expand the population of acquired financial assets
subject to the gross-up approach in Topic 326.” Specifically, the ASU expands the scope to include purchased “seasoned” loans,
which are evaluated after purchase credit deteriorated (“PCD”) loans have been identified. These seasoned loans are defined as     non-PCD loans that are obtained in a business combination accounted for using the acquisition method or non-PCD loans that are (i)
obtained through a transfer that is not a business combination accounted for using the acquisition method or (ii) initially recognized
through the consolidation of a variable interest entity.

ASU 2025-08 applies to all public entities subject to the guidance in Topic 326, including public business entities, private companies, and not-for-profit entities. The amendments in this update apply “prospectively to loans that are acquired on or after the initial application date.” The amendments in ASU 2025-08 are effective for all entities for fiscal years beginning after December 15, 2026 and interim periods within those annual reporting periods, with early adoption permitted. Peoples is currently evaluating the impact of this guidance.
Summary of Recent Transactions and Events
The following is a summary of recent transactions and events that have impacted or are expected to impact Peoples’ results of operations or financial condition:
◦On April 21, 2026, Peoples announced the signing of a definitive agreement and plan of merger pursuant to which Peoples will acquire Citizens National Corporation ("Citizens"), a bank holding company headquartered in Paintsville, Kentucky, and the parent company of Citizens Bank of Kentucky, Inc. ("Citizens Bank"), in a cash and stock transaction. Under the terms of the agreement and plan of merger, Citizens will merge with and into Peoples, and Citizens Bank will subsequently merge with and into Peoples Bank, which at announcement the transaction was valued at approximately $76.6 million. Both shareholder and regulatory approvals have been received for the Citizens merger, and the merger is expected to close on or about October 30, 2026.
◦On September 30, 2026, Peoples announced the signing of a definitive agreement and plan of merger pursuant to which Peoples will acquire Capital Bancorp, Inc. ("Capital"), a bank holding company headquartered in Rockville, Maryland, and the parent company of Capital Bank, N.A., in an all stock transaction. Under the terms of the merger agreement, Capital will merge with and into Peoples, and Capital Bank, N.A. will subsequently merge with and into Peoples Bank, which at announcement the transaction was valued at approximately $728.1 million.
◦For the third quarter of 2026, Peoples recorded a provision for credit losses of $3.6 million, compared to a provision for credit losses of $4.7 million for the linked quarter and a provision for credit losses of $7.3 million for the third quarter of 2025. The provision for credit losses for the third quarter of 2026 was driven by net charge-offs, partially offset by a decrease in reserves for individually analyzed loans and leases and updates to prepayment, curtailment, and funding rates. The provision for credit losses for the linked quarter was primarily driven by net charge-offs and an increase in reserves for individually analyzed loans and leases, partially offset by a reduction of balances within loan segments with higher loss rates. The provision 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. 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%.

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The Federal Reserve Board cut interest rates three times during 2025, further reducing the rate to 3.50% to 3.75%. On September 16, 2026 the Federal Reserve Board increased rates to a range of 3.75% to 4.00%. The Federal Reserve Board will remain data dependent on future rate changes.
The impact of these transactions and events, where material, is discussed in the applicable sections of this MD&A.
EXECUTIVE SUMMARY
Peoples reported net income of $32.6 million for the third quarter of 2026, representing earnings per diluted common share of $0.91. In comparison, Peoples reported net income of $28.0 million, representing earnings per diluted common share of $0.78, for the second quarter of 2026, and net income of $29.5 million, representing earnings per diluted common share of $0.83, for the third quarter of 2025. Non-core items, which include one-time losses and acquisition-related expenses, negatively impacted earnings per diluted common share by $0.13 for the third quarter of 2026, $0.18 for the second quarter of 2026, and $0.07 for the third quarter of 2025. For the nine months ended September 30, 2026, Peoples recorded net income of $89.6 million, or $2.49 per diluted common share, compared to $75.0 million, or $2.10 per diluted common share, for the nine months ended September 30, 2025. Non-core items, which include one-time losses and acquisition-related expenses, negatively impacted earnings per diluted common share by $0.35 for the nine months ended September 30, 2026, compared to $0.08 for the nine months ended September 30, 2025.
Net interest income was $93.8 million for the third quarter of 2026, an increase of $1.1 million when compared to the linked quarter. Net interest margin was 4.31% for the third quarter of 2026, compared to 4.23% for the linked quarter. The increase in net interest income was driven by higher loan income, while the increase in net interest margin was driven by higher investment and loan yields. Net interest income for the third quarter of 2026 increased $2.5 million, or 3%, compared to the third quarter of 2025. Net interest margin for the third quarter of 2026 increased 15 basis points compared to 4.16% for the third quarter of 2025. The increases in net interest income and net interest margin were primarily driven by lower deposit and borrowing costs compared to the third quarter of 2025. For the first nine months of 2026, net interest income increased $12.8 million compared to the same period of 2025, while net interest margin increased 8 basis points to 4.23%. The increases in net interest income and net interest margin were driven by lower deposit costs compared to the first nine months of 2025.
Accretion income, net of amortization expense, was $1.0 million for the third quarter of 2026, $1.1 million for the second quarter of 2026 and $1.7 million for the third quarter of 2025, which added 4 basis points, 5 basis points and 8 basis points, respectively, to net interest margin. The decrease in accretion income for the third quarter of 2026 when compared to the linked quarter and the third quarter of 2025 was driven by less accretion income in 2026 associated with the Limestone Bancorp Inc. merger that closed in 2023 (the "Limestone Merger"). Accretion income, net of amortization expense, was $3.4 million and $7.8 million for the first nine months of 2026 and 2025, respectively. Accretion income added 5 basis points and 12 basis points to net interest margin for the first nine months of 2026 and 2025, respectively. The decrease in accretion income for the first nine months of 2026 compared to the same period in 2025 was due to less accretion income in 2026 from the Limestone Merger.
The provision for credit losses was $3.6 million for the third quarter of 2026, compared to a provision for credit losses of $4.7 million for the linked quarter and a provision for credit losses of $7.3 million for the third quarter of 2025. The provision for credit losses for the third quarter of 2026 was driven by net charge-offs, partially offset by a decrease in reserves for individually analyzed loans and leases and updates to prepayment, curtailment, and funding rates. The provision for credit losses for the linked quarter was primarily driven by net charge-offs and an increase in reserves for individually analyzed loans and leases, partially offset by a reduction in balances of loan segments with higher loss rates. 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. Net charge-offs for the third quarter of 2026 were $6.0 million, or 0.35% of average total loans annualized, compared to net charge-offs of $5.2 million, or 0.31% of average total loans annualized, for the linked quarter and net charge-offs of $6.8 million, or 0.41% of average total loans annualized, for the third quarter of 2025. For additional information on credit trends and the allowance for credit losses, see the "FINANCIAL CONDITION - Allowance for Credit Losses" section below.
The provision for credit losses for the first nine months of 2026 was $18.0 million, compared to a provision for credit losses of $34.1 million for the first nine months of 2025. The provision for credit losses during the first nine months of 2026 was mainly a result of net charge-offs and a deterioration of macroeconomic conditions used within the CECL model, partially offset by updates to prepayment, curtailment, and funding rates and a reduction in balances of loans within higher loss rate segments. The provision for credit losses for 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, and (v) loan growth. Net charge-offs for the first nine months of 2026 were $17.8 million, or 0.35% of average total loans and leases annualized, compared to net charge-offs of $21.9 million, or 0.45% annualized, for the first nine months of 2025. For additional information on credit trends and the allowance for credit losses, see the "FINANCIAL CONDITION - Allowance for Credit Losses" section below.
Net gains and losses include gains and losses on investment securities, asset disposals and other transactions, which are included in total non-interest income on the Consolidated Statements of Operations. The net loss realized during the third quarter of 2026 was

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$4.8 million, compared to a net loss of $8.6 million for the linked quarter and a net loss of $3.1 million for the third quarter of 2025. The net loss for the third quarter of 2026 was driven by the sale of $58.5 million of available-for-sale securities at a net loss of $4.5 million. The net losses for the second quarter of 2026 was driven by the sale of $135.2 million of available-for-sale securities at a net loss of $8.2 million. The sales of available-for-sale securities in both the third and second quarters of 2026 were driven by Peoples managing its balance sheet under $10 billion in assets ahead of the pending Citizens merger. The net loss for the third quarter of 2025 was due to a $2.7 million loss on the sale of lower-yielding available-for-sale securities. For the nine months ended September 30, 2026, the total net loss was $13.9 million, compared to a net loss of $3.7 million for the same period in 2025. The net loss for the first nine months of 2026 was primarily driven by the aforementioned sale and investment portfolio restructure in the third and second quarters. The net loss recognized in the first nine months of 2025 was primarily driven by the aforementioned sale of available-for-sale investment securities.
Total non-interest income, excluding net gains and losses, for the third quarter of 2026 increased $1.5 million compared to the linked quarter. The increase in non-interest income, excluding net gains and losses, was primarily impacted by increases of $0.7 million in lease income, driven by an increase in gains on terminated leases, $0.2 million in other non-interest income, driven by swap fee income, $0.2 million in deposit account service charges, and $0.2 million in trust and investment income, driven by higher assets under administration and management. Compared to the third quarter of 2025, total non-interest income, excluding net gains and losses, increased $3.6 million, due to increases of $2.1 million in lease income, driven by higher operating lease income and gains on terminated leases, $0.8 million in trust and investment income, driven by an increase in assets under administration and management, $0.4 million in deposit account service charges, and $0.3 million in mortgage banking income, partially offset by a decrease of $0.2 million in insurance income.
For the first nine months of 2026, total non-interest income, excluding gains and losses, increased $6.6 million, or 8%, compared to the first nine months of 2025. The increase was primarily due to increases of $3.9 million in lease income, driven by operating lease income, $2.0 million in trust and investment income, driven by an increase in assets under administration and management, $1.1 million in deposit account service charges, and $0.7 million in mortgage banking income, partially offset by decreases of $0.9 million in both insurance income and other non-interest income, driven by lower swap fee income.
Total non-interest expense increased $1.8 million for the three months ended September 30, 2026, compared to the linked quarter. The increase in total non-interest expense was primarily due to increases of $0.7 million in professional fees, driven by acquisition-related expenses, $0.5 million in salaries and employee benefits costs, driven by higher sales-based incentives, $0.4 million in marketing expense, due to a vendor credit received in the second quarter of 2026, and $0.2 million in operating lease expense, which were partially offset with a decrease of $0.1 million in travel and entertainment expense, driven by timing of travel.
Compared to the third quarter of 2025, total non-interest expense increased $4.6 million, or 7%. The increase in total non-interest expense was primarily driven by increases of $1.9 million in professional fees, driven by acquisition-related expenses, $1.9 million in salaries and benefit costs due to annual merit increases coupled with higher sales levels and overall company performance measures used in calculating incentive awards, $1.0 million in operating lease expense, and $0.5 million in data processing and software expense due to costs associated with recent technology projects, partially offset by a decrease of $0.5 million in amortization of other intangible assets, driven by decreases in amortization on core deposits and customer relationship intangibles.
For the nine months ended September 30, 2026, total non-interest expense increased $7.9 million, or 4%, compared to the first nine months of 2025. This increase was primarily driven by increases of $3.0 million in salaries and employee benefit costs due to annual merit increases and an increase in sales incentives, $2.5 million in operating lease expense, driven by the increase in operating lease volume, $2.0 million in professional fees, driven by acquisition-related expenses, and $1.6 million in data processing and software expenses, driven by recent technology projects, partially offset by a decrease of $1.5 million in amortization of other intangible assets, due to decreases in amortization on core deposits and customer relationship intangibles.
The table below summarizes the amount of acquisition-related expenses for each line item that is a component of non-interest expense. Acquisition-related expenses are considered a non-core non-interest expense by Peoples. This information is used by Peoples to provide information useful to investors in understanding Peoples' operating performance and trends.

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Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
(Dollars in thousands)20262026202520262025
Non-interest expense:
Salaries and employee benefit costs$40,560 $40,012 $38,698 $120,407 $117,412 
Data processing and software expense7,890 7,850 7,356 23,276 21,717 
Net occupancy and equipment expense5,806 5,765 5,896 17,795 17,198 
Professional fees4,743 4,018 2,798 11,514 9,495 
Electronic banking expense2,337 2,225 2,161 6,643 6,204 
Operating lease expense2,010 1,797 1,039 5,611 3,077 
Amortization of other intangible assets1,697 1,697 2,211 5,091 6,635 
Other loan expenses1,309 1,278 1,385 3,710 3,717 
FDIC insurance premiums1,260 1,370 1,284 4,040 3,786 
Marketing expense1,004 604 1,001 2,494 2,622 
Franchise tax expense956 972 916 2,932 2,523 
Communication expense598 605 664 1,792 2,110 
Travel and entertainment expense595 726 796 1,904 2,009 
Other non-interest expense3,775 3,840 3,689 11,725 12,538 
  Total non-interest expense74,540 72,759 69,894 218,934 211,043 
Acquisition-related non-interest expense:
Professional fees1,442 338 — 1,795 — 
Marketing expense32 52 — 84 — 
Travel and entertainment expense22 10 — 32 — 
Other non-interest expense2 10 — 12 — 
Net occupancy and equipment expense— — — 1 — 
  Total acquisition-related non-interest expense1,498 410 — 1,924 — 
Non-interest expense excluding acquisition-related expense:
Salaries and employee benefit costs40,560 40,012 38,698 120,407 117,412 
Data processing and software expense7,890 7,850 7,356 23,276 21,717 
Net occupancy and equipment expense5,806 5,765 5,896 17,794 17,198 
Professional fees3,301 3,680 2,798 9,719 9,495 
Electronic banking expense2,337 2,225 2,161 6,643 6,204 
Operating lease expense2,010 1,797 1,039 5,611 3,077 
Amortization of other intangible assets1,697 1,697 2,211 5,091 6,635 
Other loan expenses1,309 1,278 1,385 3,710 3,717 
FDIC insurance premiums1,260 1,370 1,284 4,040 3,786 
Marketing expense972 552 1,001 2,410 2,622 
Franchise tax expense956 972 916 2,932 2,523 
Communication expense598 605 664 1,792 2,110 
Travel and entertainment expense573 716 796 1,872 2,009 
Other non-interest expense3,773 3,830 3,689 11,713 12,538 
Total non-interest expense excluding acquisition-related expense$73,042 $72,349 $69,894 $217,010 $211,043 
The efficiency ratio for the third quarter of 2026 was 58.5%, compared to 58.3% for the linked quarter and 57.1% for the third quarter of 2025. The efficiency ratio increased slightly compared to the linked quarter mainly as the result of higher non-interest expense, largely driven by acquisition-related expenses. The efficiency ratio for the first nine months of 2026 was 58.5%, compared to 59.0% for the same period of 2025. The efficiency ratio improved compared to the same period of 2025 due to higher revenue. The efficiency ratio adjusted for non-core items was 57.3% and 57.9% for the third and second quarters of 2026, respectively. Peoples continues to focus on controlling expenses, while recognizing necessary costs in order to continue growing the business.

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Peoples recorded income tax expense of $8.8 million with an effective tax rate of 21.2% for the third quarter of 2026, compared to income tax expense of $7.7 million with an effective tax rate of 21.6% for the linked quarter, and income tax expense of $8.5 million with an effective tax rate of 22.4% for the third quarter of 2025. The increase in income tax expense when compared to the linked quarter was impacted by higher pretax income and a $0.5 million benefit relating to tax credits purchased in the second quarter of 2026. Peoples' income tax expense for the first nine months of 2026 was $24.8 million with an effective tax rate of 21.7%, compared to $21.8 million with an effective tax rate of 22.5% for the same period of 2025. The increase in income tax expense when compared to the nine month period ended September 30, 2025, was driven by higher pretax income.
Total assets were $9.65 billion as of September 30, 2026, $9.54 billion at June 30, 2026, $9.65 billion at December 31, 2025, and $9.62 billion at September 30, 2025. Total assets at September 30, 2026 increased when compared to at June 30, 2026 primarily due to increases of $121.1 million in cash and cash equivalents and $19.2 million in period end total loans and leases, partially offset by a decrease of $52.8 million in total investment securities compared to at June 30, 2026. Total assets at September 30, 2026 increased compared to at December 31, 2025 due to an increase of $111.8 million in cash and cash equivalents and $83.9 million in total loans and leases, partially offset by a decrease of $211.1 million in total investment securities. Total assets at September 30, 2026 increased compared to at September 30, 2025 due to increases of $112.1 million in total loans and leases and $110.6 million in total cash and cash equivalents, partially offset by a decrease of $208.0 million in total investment securities. The decrease in investment securities compared to all prior periods was driven by the sale of $193.7 million in available-for-sale securities as part of portfolio restructures in advance of the pending Citizens Merger.
Total liabilities were $8.42 billion at September 30, 2026, $8.30 billion at June 30, 2026, $8.44 billion at December 31, 2025, and $8.44 billion at September 30, 2025. The increase in total liabilities when compared to at June 30, 2026 was primarily due to an increase of $115.5 million in short-term borrowings, partially offset with a decrease of $14.3 million in period-end deposits. Total liabilities decreased compared to at December 31, 2025 due to decreases of $262.5 million in period end deposits and $49.1 million in long-term borrowings, partially offset by an increase of $268.2 million in short-term borrowings. The decrease in total liabilities when compared to at September 30, 2025 was primarily due to decreases of $390.4 million and $72.2 million in period-end deposits and long-term borrowings, respectively, partially offset by an increase of $420.9 million in short-term borrowings. The decrease in total deposits was primarily driven by a decrease of $425.0 million in brokered deposits and $177.0 million in retail certificates of deposit, partially offset by increases of $93.7 million in money market deposit accounts, $78.3 million in interest-bearing demand accounts, $29.6 million in savings accounts, and $24.1 million in non-interest bearing deposits.
Total stockholders' equity at September 30, 2026 decreased $8.6 million compared to at June 30, 2026, which was primarily due to an increase of $28.5 million in accumulated other comprehensive loss during the quarter and dividends paid of $15.1 million, partially offset by net income for the quarter of $32.6 million. Accumulated unrealized losses related to the available-for-sale investment securities portfolio were $99.8 million and $71.2 million at September 30, 2026 and at June 30, 2026, respectively. Total stockholders' equity at September 30, 2026 increased $21.3 million, or 2%, compared to at December 31, 2025, which was due to net income of $89.6 million in the first nine months of 2026, partially offset by dividends paid of $44.9 million and an increase of $28.8 million in accumulated other comprehensive loss during the quarter. Total stockholders' equity at September 30, 2026 increased $45.1 million compared to at September 30, 2025, which was due to net income of $121.3 million for the last twelve months, partially offset by dividends paid of $59.5 million and an increase in accumulated other comprehensive loss of $21.8 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 EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Net interest income$93,842 $92,728 $91,349 $276,990 $264,181 
Taxable equivalent adjustment211 221 279 677 842 
FTE net interest income$94,053 $92,949 $91,628 $277,667 $265,023 

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The following tables detail Peoples’ average balance sheets for the periods presented:
For the Three Months Ended
September 30, 2026June 30, 2026September 30, 2025
(Dollars in thousands)
Average BalanceIncome/ ExpenseYield/CostAverage BalanceIncome/ ExpenseYield/CostAverage BalanceIncome/ ExpenseYield/Cost
Short-term investments $76,128 $757 3.95 %$112,726 $1,084 3.86 %$71,028 $782 4.37 %
Investment securities (a)(b):
Taxable1,658,695 15,618 3.76 %1,752,776 16,208 3.70 %1,846,654 17,932 3.88 %
Nontaxable122,599 859 2.80 %135,132 925 2.74 %171,809 1,187 2.76 %
Total investment securities1,781,294 16,477 3.70 %1,887,908 17,133 3.63 %2,018,463 19,119 3.79 %
Loans (b)(c):
Construction311,630 5,319 6.68 %282,906 4,989 6.98 %333,782 5,759 6.75 %
Commercial real estate, other2,158,376 33,088 6.00 %2,205,065 33,969 6.09 %2,144,859 34,751 6.34 %
Commercial and industrial1,695,539 27,586 6.37 %1,652,813 25,826 6.18 %1,428,843 25,090 6.87 %
Premium finance267,007 5,648 8.28 %243,558 5,154 8.37 %273,730 5,820 8.32 %
Leases346,190 8,004 9.05 %352,662 8,180 9.18 %390,499 9,520 9.54 %
Residential real estate (d)932,038 12,940 5.55 %943,268 12,927 5.48 %990,040 13,466 5.44 %
Home equity lines of credit279,640 4,962 7.04 %267,892 4,684 7.01 %245,024 4,765 7.72 %
Consumer, indirect689,424 11,275 6.49 %698,460 11,322 6.50 %703,619 11,545 6.51 %
Consumer, direct129,695 2,647 8.10 %127,928 2,533 7.94 %123,927 2,470 7.91 %
Total loans6,809,539 111,469 6.44 %6,774,552 109,584 6.42 %6,634,323 113,186 6.71 %
Allowance for credit losses (78,067)(78,113)(74,485)
Net loans6,731,472 111,469 6.50 %6,696,439 109,584 6.50 %6,559,838 113,186 6.79 %
Total earning assets8,588,894 128,703 5.91 %8,697,073 127,801 5.84 %8,649,329 133,087 6.07 %
Goodwill and other intangible assets389,131 390,753 396,636 
Other assets504,341 498,500 528,305 
    Total assets
$9,482,366 $9,586,326 $9,574,270 
Interest-bearing deposits:
Savings accounts$916,584 $177 0.08 %$917,693 $181 0.08 %$890,316 $196 0.09 %
Governmental deposit accounts
752,278 3,869 2.04 %818,274 4,151 2.03 %787,079 4,745 2.39 %
Interest-bearing demand accounts
1,066,987 698 0.26 %1,091,757 602 0.22 %1,084,051 617 0.23 %
Money market accounts993,573 5,309 2.12 %970,487 4,977 2.06 %954,778 5,671 2.36 %
Retail CDs1,856,852 14,693 3.14 %1,917,698 15,357 3.21 %2,007,768 18,094 3.58 %
Brokered deposits (e)304,331 3,063 3.99 %245,378 2,455 4.01 %491,041 5,211 4.21 %
Total interest-bearing deposits
5,890,605 27,809 1.87 %5,961,287 27,723 1.87 %6,215,033 34,534 2.21 %
Borrowed funds:
Short-term FHLB advances (e)422,728 4,097 3.85 %430,758 4,050 3.77 %260,848 2,928 4.45 %
Repurchase agreements and other30,328 250 3.30 %56,351 500 3.55 %48,068 472 3.93 %
Total short-term borrowings453,056 4,347 3.81 %487,109 4,550 3.75 %308,916 3,400 4.37 %
Long-term FHLB advances80,745 888 4.36 %107,495 1,079 4.02 %131,364 1,329 4.01 %
Long-term notes payable42,055 764 7.27 %42,443 758 7.14 %42,513 780 7.34 %
Other long-term borrowings (f)32,277 842 10.21 %32,094 742 9.15 %55,511 1,416 9.98 %
Total long-term borrowings155,077 2,494 6.37 %182,032 2,579 5.66 %229,388 3,525 6.07 %
  Total borrowed funds608,133 6,841 4.46 %669,141 7,129 4.26 %538,304 6,925 5.10 %
      Total interest-bearing liabilities
6,498,738 34,650 2.12 %6,630,428 34,852 2.11 %6,753,337 41,459 2.44 %
Non-interest-bearing deposits1,636,258 1,631,305 1,544,184 
Other liabilities107,805 96,401 113,981 
Total liabilities8,242,801 8,358,134 8,411,502 
Total stockholders’ equity1,239,565 1,228,192 1,162,768 
Total liabilities and stockholders’ equity$9,482,366 $9,586,326 $9,574,270 
Interest rate spread (b)$94,053 3.79 %$92,949 3.73 %$91,628 3.63 %
Net interest margin (b)4.31 %4.23 %4.16 %


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For the Nine Months Ended
September 30, 2026September 30, 2025
(Dollars in thousands)
Average BalanceIncome/ ExpenseYield/CostAverage BalanceIncome/ ExpenseYield/Cost
Short-term investments$90,550 $2,631 3.88 %$82,135 $2,720 4.43 %
Investment securities (a)(b):
Taxable 1,739,074 48,352 3.71 %1,766,903 48,897 3.69 %
Nontaxable137,315 2,816 2.73 %175,669 3,627 2.75 %
Total investment securities1,876,389 51,168 3.64 %1,942,572 52,524 3.61 %
Loans (b)(c):
Construction294,889 14,893 6.66 %327,512 17,266 6.95 %
Commercial real estate, other2,204,782 101,716 6.08 %2,108,596 101,444 6.34 %
Commercial and industrial1,634,908 78,522 6.33 %1,363,990 71,727 6.93 %
Premium finance249,931 15,354 8.10 %266,808 17,148 8.48 %
Leases 351,534 24,762 9.29 %389,933 30,004 10.15 %
Residential real estate (d)944,457 38,916 5.49 %973,555 37,906 5.19 %
Home equity lines of credit268,109 14,051 7.01 %239,401 13,687 7.64 %
Consumer, indirect696,058 33,890 6.51 %688,234 33,130 6.44 %
Consumer, direct128,687 7,667 7.97 %120,411 7,042 7.82 %
Total loans6,773,355 329,771 6.44 %6,478,440 329,354 6.73 %
Allowance for credit losses
(77,165)(67,619)
Net loans6,696,190 329,771 6.52 %6,410,821 329,354 6.80 %
Total earning assets8,663,129 383,570 5.87 %8,435,528 384,598 6.04 %
Goodwill and other intangible assets390,779 398,956 
Other assets502,257 521,144 
    Total assets
$9,556,165 $9,355,628 
Interest-bearing deposits:
Savings accounts$912,492 $542 0.08 %$886,316 $633 0.10 %
Governmental deposit accounts
784,254 11,943 2.04 %793,581 14,271 2.40 %
Interest-bearing demand accounts
1,071,518 1,873 0.23 %1,081,313 1,703 0.21 %
Money market accounts963,491 14,827 2.06 %935,873 16,554 2.36 %
Retail CDs1,915,433 46,505 3.25 %1,981,959 54,762 3.69 %
Brokered deposits (e)322,534 9,534 3.95 %498,640 15,889 4.26 %
Total interest-bearing deposits
5,969,722 85,224 1.91 %6,177,682 103,812 2.25 %
Borrowed funds:
Short-term FHLB advances (e)407,458 11,529 3.78 %127,945 4,285 4.48 %
Repurchase agreements and other50,234 1,264 3.36 %30,127 773 3.42 %
Total short-term borrowings457,692 12,793 3.74 %158,072 5,058 4.28 %
Long-term FHLB advances101,768 3,122 4.10 %131,585 3,946 4.01 %
Long-term notes payable42,043 2,270 7.20 %46,628 2,530 7.23 %
Other long-term borrowings (f)32,072 2,494 10.25 %55,255 4,229 10.09 %
Total long-term borrowings175,883 7,886 5.96 %233,468 10,705 6.09 %
  Total borrowed funds633,575 20,679 4.35 %391,540 15,763 5.36 %
      Total interest-bearing liabilities
6,603,297 105,903 2.14 %6,569,222 119,575 2.43 %
Non-interest-bearing deposits1,624,206 1,530,040 
Other liabilities99,876 111,926 
Total liabilities8,327,379 8,211,188 
Total stockholders’ equity1,228,786 1,144,440 
Total liabilities and stockholders’ equity$9,556,165 $9,355,628 
Interest rate spread (b)$277,667 3.73 %$265,023 3.61 %
Net interest margin (b)4.23 %4.15 %
(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.
(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.

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(e)Interest related to interest rate swap transactions is included, as appropriate to the transaction, in interest expense on short-term FHLB advances and interest expense on brokered CDs for the periods presented in which interest payments on FHLB advances or brokered CDs were being hedged.
(f)Included in other long-term borrowings are trust preferred securities and floating rate junior subordinated deferrable interest debentures.
The following table provides an analysis of the changes in FTE net interest income:
Three Months Ended September 30, 2026 Compared to
Nine Months Ended September 30, 2026 Compared to
(Dollars in thousands)June 30, 2026September 30, 2025September 30, 2025
Increase (decrease) in:RateVolume
Total (a)
RateVolume
Total (a)
RateVolume
Total (a)
INTEREST INCOME:
Short-term investments $20 $(347)$(327)$(85)$60 $(25)$(376)$287 $(89)
Investment Securities (b):
Taxable338 (928)(590)(314)(2,000)(2,314)(740)195 (545)
Nontaxable26 (92)(66)27 (355)(328)12 (823)(811)
Total investment income364 (1,020)(656)(287)(2,355)(2,642)(728)(628)(1,356)
Loans (b):
Construction(237)567 330 (58)(382)(440)(653)(1,720)(2,373)
Commercial real estate, other(527)(354)(881)(1,882)219 (1,663)(4,353)4,625 272 
Commercial and industrial801 959 1,760 (2,188)4,684 2,496 (7,452)14,247 6,795 
Premium finance(64)558 494 (29)(143)(172)(709)(1,085)(1,794)
Leases69 (245)(176)56 (1,572)(1,516)(736)(4,506)(5,242)
Residential real estate170 (157)13 276 (802)(526)2,208 (1,198)1,010 
Home equity lines of credit19 259 278 (476)673 197 (1,277)1,641 364 
Consumer, indirect(23)(24)(47)(37)(233)(270)383 377 760 
Consumer, direct51 63 114 61 116 177 141 484 625 
Total loan income259 1,626 1,885 (4,277)2,560 (1,717)(12,448)12,865 417 
Total interest income$643 $259 $902 $(4,649)$265 $(4,384)$(13,552)$12,524 $(1,028)
INTEREST EXPENSE:
Deposits:
Savings accounts6 (2)4 25 (6)19 110 (19)91 
Interest-bearing demand accounts(103)7 (96)(76)(5)(81)(172)2 (170)
Money market accounts(158)(174)(332)592 (230)362 2,216 (489)1,727 
Governmental deposit accounts(11)293 282 666 210 876 2,160 168 2,328 
Retail CDs341 323 664 2,040 1,361 3,401 6,419 1,838 8,257 
Brokered deposits15 (623)(608)167 1,981 2,148 743 5,612 6,355 
Total deposit cost90 (176)(86)3,414 3,311 6,725 11,476 7,112 18,588 
Borrowed funds:
Short-term borrowings(62)265 203 712 (1,659)(947)2,591 (10,326)(7,735)
Long-term borrowings(169)254 85 (82)1,113 1,031 (98)2,917 2,819 
Total borrowed funds cost(231)519 288 630 (546)84 2,493 (7,409)(4,916)
Total interest expense(141)343 202 4,044 2,765 6,809 13,969 (297)13,672 
FTE net interest income $502 $602 $1,104 $(605)$3,030 $2,425 $417 $12,227 $12,644 
(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 $93.8 million for the third quarter of 2026 and increased $1.1 million when compared to the linked quarter. Net interest margin was 4.31% for the third quarter of 2026, compared to 4.23% for the linked quarter. The increase in net interest income was driven by higher loan income, while the increase in net interest margin was driven by higher investment and loan yields.
Net interest income for the third quarter of 2026 increased $2.5 million, or 3%, compared to the third quarter of 2025. Net interest margin increased 15 basis points when compared to the third quarter of 2025. The increases in net interest income and net interest margin were primarily driven by lower deposit and borrowing costs compared to the third quarter of 2025.

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For the first nine months of 2026, net interest income increased $12.8 million compared to the first nine months of 2025, while net interest margin increased 8 basis points to 4.23%. The increases in net interest income and net interest margin were driven by lower deposit costs compared to the first nine months of 2025.
Accretion income, net of amortization expense, was $1.0 million for the third quarter of 2026, $1.1 million for the linked quarter and $1.7 million for the third quarter of 2025, which added 4 basis points, 5 basis points and 8 basis points, respectively, to net interest margin. The decrease in accretion income for the third quarter of 2026 when compared to the linked quarter and the third quarter of 2025 was driven by less accretion income recognized from the Limestone Merger. Accretion income, net of amortization expense, was $3.4 million and $7.8 million for the first nine months of 2026 and 2025, respectively. Accretion income added 5 basis points and 12 basis points to net interest margin for the first nine months of 2026 and 2025, respectively. The decrease in accretion income for the first nine months of 2026 compared to the same period in 2025 was due to less accretion income recognized from the Limestone Merger.
Additional information regarding changes in the Unaudited Consolidated Balance Sheets can be found under appropriate captions of the “FINANCIAL CONDITION” section of this MD&A. Additional information regarding Peoples' interest rate risk and the potential impact of interest rate changes on Peoples' results of operations and financial condition can be found later in this MD&A under the caption "FINANCIAL CONDITION - Interest Rate Sensitivity and Liquidity."
Provision for Credit Losses
The following table details Peoples’ provision for credit losses:
Three Months EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Provision for other credit losses$3,307 $4,477 $7,004 $17,199 $33,514 
Provision for checking account overdraft credit losses262 232 276 773 598 
Provision for credit losses$3,569 $4,709 $7,280 $17,972 $34,112 
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 2026 was primarily driven by net charge-offs, partially offset by a decrease in reserves for individually analyzed loans and leases and updates to the prepayment, curtailment, and funding rates. The provision for credit losses for the linked quarter was primarily driven by net charge-offs and an increase in reserves for individually analyzed loans and leases, partially offset by a reduction of balances within loan segments with higher loss rates. 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.
For the first nine months of 2026, the provision for credit losses was primarily driven by net charge-offs and a deterioration of macroeconomic conditions used within the CECL model, partially offset by updates to prepayment, curtailment, and funding rates, and a reduction in balances of loans within higher loss rate segments. For the same period of 2025, the provision for credit losses was mainly a result of (i) net charge-offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by our North Star Leasing division, (iv) deterioration in the economic forecasts used within the CECL model, and (v) 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 EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Net loss on investment securities$(4,512)$(8,181)$(2,580)$(12,693)$(2,582)
Net loss on asset disposals and other transactions:
Net loss on other assets(366)(453)(424)(1,203)(1,021)
Net gain on OREO403 — — 377 30 
Net (loss) gain on other transactions (348)7 (54)(341)(128)
Net loss on asset disposals and other transactions$(311)$(446)$(478)$(1,167)$(1,119)
The net loss on investment securities for the third and second quarters of 2026 was driven by the sale of $58.5 million and $135.2 million available-for-sale investment securities, respectively, as Peoples continues to manage its balance sheet under $10 billion in assets ahead of the Citizens merger. The net loss on investment securities for the third quarter of 2025 was driven by the sale of lower-yielding available-for-sale investment securities. The net loss on other assets for all periods presented was driven by losses recorded on repossessed assets.
Total Non-Interest Income, Excluding Net Gains and Losses
Total non-interest income, excluding net gains and losses, comprised 25% of Peoples' total revenues (defined as net interest income plus total non-interest income excluding net gains and losses) for the third quarter of 2026, 24% for the linked quarter, and 23% for the third quarter of 2025. For both the first nine months of 2026 and 2025, total non-interest income, excluding net gains and losses, totaled 24% of Peoples' total revenues.
For the third quarter of 2026, e-banking income comprised the largest portion of Peoples' total non-interest income, excluding net gains and losses. Peoples' e-banking services include ATM and debit cards, direct deposit services, internet and mobile banking, and remote deposit capture, and serve as alternative delivery channels to traditional sales offices for providing services to customers. The following table details Peoples' e-banking income:
Three Months EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
E-banking income$6,649 $6,543 $6,538 $19,119 $18,695 
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 EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Property and casualty insurance commissions
$3,583 $3,670 $3,732 $10,932 $11,346 
Performance-based commissions
— 18 85 1,222 1,726 
Life and health insurance commissions
639 643 652 1,979 2,000 
Insurance income$4,222 $4,331 $4,469 $14,133 $15,072 
Peoples' insurance income for the third quarter of 2026 decreased slightly when compared to the linked quarter. Insurance income for the third quarter and first nine months of 2026 decreased when compared to the same periods of 2025 due to lower performance-based commissions.
Peoples' trust and investment income, which includes fiduciary income, brokerage income, and employee benefit fees, continued to be based primarily upon the value of assets under administration and management, with additional income generated from transaction commissions, cross-selling of products and additional retirement plan services business. The following table details Peoples’ trust and investment income:

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Three Months EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Fiduciary income$2,511 $2,568 $2,209 $7,361 $6,575 
Brokerage income2,779 2,603 2,439 7,911 6,825 
Employee benefit fees886 815 766 2,495 2,356 
Trust and investment income$6,176 $5,986 $5,414 $17,767 $15,756 
Fiduciary income in the third quarter of 2026 remained relatively flat when compared to the linked quarter and increased when compared to the third quarter of 2025, which was driven by an increase in assets under administration and management. Trust and investment income increased $2.0 million for the first nine months of 2026 when compared to the same period of 2025, due to higher brokerage and fiduciary income, primarily reflecting the increase in assets under management.
The following table details Peoples' assets under administration and management:
September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
(Dollars in thousands)
Trust$2,503,011 $2,521,031 $2,178,467 $2,219,650 $2,271,536 
Brokerage
$1,998,810 $1,984,252 $1,844,940 $1,846,084 $1,800,781 
Total
$4,501,821 $4,505,283 $4,023,407 $4,065,734 $4,072,317 
Quarterly average$4,518,143 $4,315,129 $4,091,841 $4,065,195 $3,955,007 
Assets under administration and management at September 30, 2026 remained relatively flat when compared to at June 30, 2026. The increase in assets under administration and management at September 30, 2026 when compared to at September 30, 2025 was primarily due to growth, as Peoples added new accounts and the underlying market values of assets under management grew, and market fluctuations.
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 EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Overdraft and non-sufficient funds fees$2,547 $2,275 $2,344 $7,032 $6,569 
Account maintenance fees1,890 1,928 1,746 5,699 5,059 
Other fees and charges242 285 184 703 720 
Deposit account service charges$4,679 $4,488 $4,274 $13,434 $12,348 
The amount of deposit account service charges, particularly fees for overdrafts and non-sufficient funds, is largely dependent on the timing and volume of customer activity. Management periodically evaluates its cost recovery fees to ensure they are reasonable based on operational costs and similar to fees charged in Peoples' markets by competitors. Deposit account service charges increased for the third quarter of 2026 compared to both the linked quarter and third quarter of 2025. For the first nine months of 2026, total deposit account service charges increased by $1.1 million from the same period of 2025, driven by timing of customer activity.
The following table details the other items included within Peoples' total non-interest income:
Three Months EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Lease income5,696 4,977 3,643 15,254 11,322 
Bank owned life insurance income1,364 1,189 1,143 3,715 3,388 
Other non-interest income1,100 893 1,159 3,159 4,065 
Mortgage banking income582 598 245 1,556 861 
Lease income is primarily comprised of (i) operating lease income, (ii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iii) month-to-month lease payments beyond maturity of the net investment in the lease, net of any associated purchase accounting adjustment, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets, net of any purchase accounting impact, and (vi) syndication income. Lease income for the third quarter of 2026

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increased compared to the linked quarter due to an increase in gains on terminated leases. The increase when compared to the third quarter of 2025 was driven by increases in operating lease income and gains on terminated leases. Lease income increased $3.9 million for the first nine months of 2026 when compared to the same period of 2025 due to an increase in operating lease income.
BOLI income for the third quarter of 2026 increased when compared to the linked quarter and to the prior year quarter and was driven by a death benefit recorded in the third quarter of 2026. BOLI income increased for the first nine months of 2026 when compared to the same period of 2025 primarily due to changes in the cash surrender value of the underlying policies.
Other non-interest income increased for the three months ended September 30, 2026 when compared to the linked quarter and when compared to the third quarter of 2025. For the first nine months of 2026, other non-interest income decreased by $0.9 million from the same period of 2025, primarily due to a decrease in swap fee income which is driven by customer demand.
Mortgage banking income is comprised mostly of net gains from the origination and sale of real estate loans in the secondary market, and, to a lesser extent, servicing income for loans sold with servicing retained. As a result, the amount of income recognized by Peoples is largely dependent on customer demand and long-term interest rates for residential real estate loans offered in the secondary market. Mortgage banking income for the third quarter of 2026 remained flat when compared to the linked quarter and increased when compared to the third quarter of 2025 and was primarily driven by the increased volume in loans sold. Mortgage banking income increased for the first nine months of 2026 when compared to the same period of 2025 due to higher production.
In the third quarter of 2026, Peoples sold $13.3 million in loans into the secondary market with servicing retained and $2.9 million in loans with servicing released, compared to $15.1 million and $6.6 million, respectively, in the second quarter of 2026, and $4.5 million and $3.8 million, respectively, in the third quarter of 2025. For the first nine months of 2026, Peoples sold $34.2 million in loans into the secondary market with servicing retained, and $13.1 million with servicing released, compared to $5.0 million and $18.8 million, respectively, for the same period of 2025.
Non-Interest Expense
Salaries and employee benefit costs remain Peoples' largest non-interest expense, accounting for over one-half of total non-interest expense. The following table details Peoples' salaries and employee benefit costs:
Three Months EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Base salaries and wages$25,954 $25,311 $24,900 $76,713 $74,460 
Sales-based and incentive compensation7,821 7,544 7,173 20,780 19,845 
Employee benefits4,623 4,958 4,866 15,187 15,080 
Payroll taxes and other employment costs2,180 2,146 2,231 6,984 7,088 
Stock-based compensation1,954 1,531 1,198 5,389 5,157 
Deferred personnel costs(1,972)(1,478)(1,670)(4,646)(4,218)
Salaries and employee benefit costs$40,560 $40,012 $38,698 $120,407 $117,412 
Full-time equivalent employees:
Actual at end of period1,463 1,443 1,454 1,463 1,454 
Average during the period1,454 1,447 1,460 1,453 1,468 
Base salaries and wages for the third quarter of 2026 and the first nine months of 2026 increased compared to the same periods in 2025, primarily driven by annual merit increases.
Sales-based and incentive compensation increased for the third quarter of 2026 compared to both the linked quarter and the third quarter of 2025 and was driven by an increase in corporate incentives. Sales-based and incentive compensation increased for the first nine months of 2026 when compared to same period in 2025, due to an increase in corporate incentives and retail sales incentives.
The decrease in employee benefits for the third quarter of 2026 compared to the linked quarter and third quarter of 2025 was primarily related to lower medical costs. Employee benefits increased slightly for the first nine months of 2026 when compared to the same period for 2025 due to an adjustment related to prior period nonqualified deferred compensation expense, partially offset by decreased medical costs.
Payroll taxes and other employment costs for the third quarter of 2026 remained relatively flat when compared to the linked quarter and to the third quarter of 2025. For the first nine months of 2026, payroll taxes and other employment costs decreased slightly compared to the same period of 2025 due to lower temporary personnel services and decreased employee relocation expense.
Stock-based compensation is generally recognized over the vesting period, which generally ranges from immediate vesting to vesting at the end of three years. Peoples estimates forfeitures at the grant date and revises those estimates in the subsequent periods if

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actual forfeitures differ from previous estimates. Stock grants to retirement eligible grantees are expensed either immediately or over a shorter period than three years. The majority of Peoples' stock-based compensation is attributable to annual equity-based incentive awards to employees, which are awarded in the first quarter of each year based upon Peoples achieving certain performance goals during the prior year, and are generally contingent on employment through the vesting period. Stock-based compensation for the third quarter and first nine months of 2026 increased when compared to all prior periods, due to the expense attributable to the forfeiture rate true-up on stock vested coupled with up-front expense on stock grants to certain retirement-eligible employees recognized in the linked quarter.
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 2026 increased when compared to the second quarter of 2026 and when compared to the third quarter of 2025. Similarly, deferred personnel costs increased for the first nine months of 2026 when compared to the first nine months of 2025.
Peoples' net occupancy and equipment expense was comprised of the following:
Three Months EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Depreciation$2,115 $2,116 $2,158 $6,373 $6,417 
Repairs and maintenance costs1,551 1,538 1,650 4,883 5,216 
Property taxes, utilities and other costs1,224 1,155 1,271 3,744 2,931 
Net rent expense916 956 817 2,795 2,634 
Net occupancy and equipment expense$5,806 $5,765 $5,896 $17,795 $17,198 
Net occupancy and equipment expense remained relatively flat for the third quarter of 2026 compared to the linked quarter and compared to the third quarter of 2025. Net occupancy and equipment expense for the first nine months of 2026 increased when compared to the same period of the previous year due to an adjustment of property tax accruals resulting from a review of recent assessments.
The following table details the other items included in total non-interest expense:
Three Months EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Data processing and software expense$7,890 $7,850 $7,356 $23,276 $21,717 
Professional fees4,743 4,018 2,798 11,514 9,495 
E-banking expense2,337 2,225 2,161 6,643 6,204 
Operating lease expense2,010 1,797 1,039 5,611 3,077 
Amortization of other intangible assets1,697 1,697 2,211 5,091 6,635 
FDIC insurance premiums1,260 1,370 1,284 4,040 3,786 
Other loan expenses1,309 1,278 1,385 3,710 3,717 
Franchise tax expense956 972 916 2,932 2,523 
Travel and entertainment expense595 726 796 1,904 2,009 
Communication expense598 605 664 1,792 2,110 
Marketing expense1,004 604 1,001 2,494 2,622 
Other non-interest expense$3,775 $3,840 $3,689 $11,725 $12,538 
Data processing and software expenses for the third quarter and the first nine months of 2026 increased compared to the same periods in 2025 due to costs associated with recent ongoing technology projects.
Professional fees for the third quarter of 2026 increased when compared to the linked quarter and the third quarter of 2025 due to higher professional services, driven by acquisition-related expenses. Professional fees increased for the first nine months of 2026 when compared to the same period in 2025 due to increased legal expenses and acquisition-related professional services.
Peoples' e-banking expense is comprised of costs associated with debit and ATM cards and is driven by the timing and volume of customer activity. E-banking expense for the third quarter and the first nine months of 2026 increased when compared to the linked quarter and the same periods in 2025 due to customer activity.

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Operating lease expense for the third quarter of 2026 increased when compared to the linked quarter. Operating lease expense increased for the third quarter and the first nine months of 2026 when compared to the same periods in 2025 due to an increased volume of leases.
Amortization of other intangible assets for the third quarter of 2026 remained flat compared to the linked quarter and decreased $0.5 million compared to the prior year quarter due to decreases in amortization on core deposits and customer relationship intangibles. Amortization of other intangible assets decreased for the first nine months of 2026 when compared to 2025 due to decreases in amortization on core deposits and customer relationship intangibles.
Peoples' FDIC insurance premiums for the third quarter of 2026 remained relatively flat when compared to the linked quarter and when compared to the third quarter of 2025. FDIC premiums increased for the first nine months of 2026 when compared to 2025 driven by an increase in average assets.
Other loan expenses during the third quarter of 2026 increased slightly when compared to the linked quarter and decreased compared to the third quarter of 2025. Other loan expenses remained flat for the first nine months of 2026 when compared to 2025.
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. Franchise tax expense for the third quarter of 2026 compared to the prior year quarter remained relatively flat. Franchise tax expense increased for the first nine months of 2026 when compared to 2025 due to a one-time refund from the State of Ohio received in 2025.
Marketing expense for the third quarter of 2026 increased when compared to the linked quarter primarily driven by a vendor incentive received in the second quarter of 2026 and remained flat for the third quarter of 2025. Marketing expense decreased for the first nine months of 2026 when compared to 2025 due to lower advertising expenses.
Other non-interest expense for the third quarter of 2026 decreased when compared to the linked quarter primarily due to lower check and ACH fraud. Other non-interest expense increased slightly for the third quarter of 2026 when compared to the same period in 2025 due to higher postage expense. For the first nine of 2026 other non-interest expense decreased compared to the first nine months of 2025 due to lower check printing expense, due to a new vendor contract, and decreased ACH and check fraud.
Income Tax Expense
Peoples recorded income tax expense of $8.8 million with an effective tax rate of 21.2% for the third quarter of 2026, compared to income tax expense of $7.7 million with an effective tax rate of 21.6% for the linked quarter and income tax expense of $8.5 million with an effective tax rate of 22.4% for the third quarter of 2025. The increase in income tax expense when compared to the linked quarter was driven by higher pretax income and a $0.5 million benefit relating to a tax credit recorded in the second quarter of 2026. The increase in income tax expense when compared to the third quarter of 2025 was driven by higher pre-tax income. Peoples recorded income tax expense of $24.8 million and $21.8 million, through the first nine months of 2026 and 2025, respectively. The increase for the first nine months of 2026 compared to 2025 was driven by higher pre-tax income.
Additional information regarding income taxes can be found in "Note 13 Income Taxes" of the Notes to the Consolidated Financial Statements included in Peoples' 2025 Form 10-K.
Pre-Provision Net Revenue (Non-US GAAP)
Pre-provision net revenue ("PPNR") has become a key financial measure used by state and federal bank regulatory agencies when assessing the capital adequacy of financial institutions. PPNR is defined as net interest income plus total non-interest income, excluding all gains and losses, minus total non-interest expense. As a result, PPNR represents the earnings capacity that can be either retained in order to build capital or used to absorb unexpected losses and preserve existing capital. This measure represents a Non-US GAAP financial measure since it excludes the provision for (recovery of) credit losses and all gains and losses included in earnings.

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The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented:    
Three Months EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Pre-provision net revenue:
Income before income taxes$41,378 $35,638 $38,002 $114,361 $96,832 
Add: provision for credit losses 3,569 4,709 7,280 17,972 34,112 
Add: gain on OREO(403)— — (377)(30)
Add: loss on investment securities 4,512 8,181 2,580 12,693 2,582 
Add: loss on other assets366 453 424 1,203 1,021 
Add: loss (gain) on other transactions348 (7)54 341 128 
Pre-provision net revenue$49,770 $48,974 $48,340 $146,193 $134,645 
The increase in the PPNR for the third quarter and the first nine months of 2026 compared to all prior periods was driven by an increase in net interest income due to a reduction in deposit costs.
Core Non-Interest Expense (Non-US GAAP)
Core non-interest expense is a financial measure used to evaluate Peoples' recurring expense stream. This measure is Non-US GAAP since it excludes the impact of all acquisition-related expenses. The following table provides a reconciliation of this Non-US GAAP measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented:
Three Months EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Core non-interest expense:
Total non-interest expense$74,540 $72,759 $69,894 $218,934 $211,043 
Less: acquisition-related expenses1,498 410 — 1,924 — 
Core non-interest expense$73,042 $72,349 $69,894 $217,010 $211,043 
Efficiency Ratio (Non-US GAAP)
The efficiency ratio is a key financial measure used to monitor performance. The efficiency ratio is calculated as total non-interest expense (less amortization of other intangible assets) as a percentage of FTE net interest income plus total non-interest income excluding net gains and losses. This measure is Non-US GAAP since it excludes amortization of other intangible assets and all gains and losses included in earnings, and uses FTE net interest income.

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The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented:
Three Months EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Efficiency ratio:
Total non-interest expense$74,540 $72,759 $69,894 $218,934 $211,043 
Less: amortization of other intangible assets1,697 1,697 2,211 5,091 6,635 
Adjusted total non-interest expense72,843 71,062 67,683 213,843 204,408 
Total non-interest income25,645 20,378 23,827 74,277 77,806 
Less: net loss on investment securities(4,512)(8,181)(2,580)(12,693)(2,582)
Less: net loss on asset disposals and other transactions(311)(446)(478)(1,167)(1,119)
Total non-interest income excluding net losses30,468 29,005 26,885 88,137 81,507 
Net interest income93,842 92,728 91,349 276,990 264,181 
Add: FTE adjustment (a)211 221 279 677 842 
Net interest income on an FTE basis94,053 92,949 91,628 277,667 265,023 
Adjusted revenue$124,521 $121,954 $118,513 $365,804 $346,530 
Efficiency ratio58.50 %58.27 %57.11 %58.46 %58.99 %
Efficiency ratio adjusted for non-core items:
Core non-interest expense$73,042 $72,349 $69,894 $217,010 $211,043 
Less: amortization of other intangible assets1,697 1,697 2,211 5,091 6,635 
Adjusted core non-interest expense71,345 70,652 67,683 211,919 204,408 
Non-interest income excluding net losses30,468 29,005 26,885 88,137 81,507 
Net interest income on an FTE basis94,053 92,949 91,628 277,667 265,023 
Adjusted revenue$124,521 $121,954 $118,513 $365,804 $346,530 
Efficiency ratio adjusted for non-core items57.30 %57.93 %57.11 %57.93 %58.99 %
(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 2026 was 58.5%, compared to 58.3% for the linked quarter and 57.1% for the third quarter of 2025. The efficiency ratio increased slightly compared to the linked quarter mainly as the result of higher non-interest expense. The efficiency ratio for the first nine months of 2026 was 58.5%, compared to 59.0% for the same period of 2025. The efficiency ratio improved compared to the same period of 2025 due to higher revenue. The efficiency ratio adjusted for non-core items improved for the third quarter of 2026 compared to the linked quarter due to increased net interest income. The efficiency ratio adjusted for non-core items for the first nine months of 2026 improved compared to the first nine months of 2025 due to higher revenue. Peoples continues to focus on controlling expenses, while recognizing necessary costs in order to continue growing the business.
Return on Average Assets Adjusted for Non-Core Items Ratio (Non-US GAAP)
In addition to return on average assets, management uses return on average assets adjusted for non-core items to monitor performance. The return on average assets adjusted for non-core items ratio represents a Non-US GAAP financial measure since it excludes the after-tax impact of all gains and losses and acquisition-related expenses.

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The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented:
Three Months EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Annualized net income adjusted for non-core items:
Net income
$32,606 $27,953 $29,476 $89,565 $75,024 
Add: net loss on investment securities
4,512 8,181 2,580 12,693 2,582 
Less: tax effect of net loss on investment securities (a)
948 1,718 542 2,666 542 
Add: net loss on asset disposals and other transactions
311 446 478 1,167 1,119 
Less: tax effect of net loss on asset disposals and other transactions (a)
65 94 100 245 235 
Add: acquisition-related expenses
1,498 410 — 1,924 — 
Less: tax effect of acquisition-related expenses (a)
315 86 — 404 — 
Net income adjusted for non-core items (after tax)
$37,599 $35,092 $31,892 $102,034 $77,948 
Days in the period92 91 92 273 273 
Days in the year365 365 365 365 365 
Annualized net income
$129,361 $112,119 $116,943 $119,748 $100,307 
Annualized net income adjusted for non-core items (after tax)
$149,170 $140,754 $126,528 $136,419 $104,216 
Return on average assets:
Annualized net income
$129,361 $112,119 $116,943 $119,748 $100,307 
Total average assets9,482,366 9,586,326 9,574,270 9,556,165 9,355,628 
Return on average assets
1.36 %1.17 %1.22 %1.25 %1.07 %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items (after tax)
$149,170 $140,754 $126,528 $136,419 $104,216 
Total average assets
9,482,366 9,586,326 9,574,270 9,556,165 9,355,628 
Return on average assets adjusted for non-core items (after tax)
1.57 %1.47 %1.32 %1.43 %1.11 %
(a) Based on a 21% statutory federal corporate income tax rate.
The return on average assets for the third quarter of 2026 increased when compared to the linked quarter due to higher annualized net income. The increase in the return on average assets and return on average assets adjusted for non-core items for the third quarter of 2026, compared to the third quarter of 2025, was attributable to an increase in annualized net income driven by a decrease in net loss on investment securities and an increase in average assets. The increase in return on average assets and return on average assets adjusted for non-core items for the first nine months of 2026 when compared to the same period of 2025 was due to an increase in annualized net income largely driven by a decrease in the provision for credit losses.
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 EndedNine Months Ended
September 30,
2026		June 30,
2026		September 30,
2025		September 30,
(Dollars in thousands)20262025
Annualized net income excluding amortization of other intangible assets:
Net income
$32,606 $27,953 $29,476 $89,565 $75,024 
Add: amortization of other intangible assets
1,697 1,697 2,211 5,091 6,635 
Less: tax effect of amortization of other intangible assets (a)
356 356 464 1,069 1,393 
Net income excluding amortization of other intangible assets
$33,947 $29,294 $31,223 $93,587 $80,266 
Days in the period
92 91 92 273 273 
Days in the year
365 365 365 365 365 
Annualized net income
$129,361 $112,119 $116,943 $119,748 $100,307 
Annualized net income excluding amortization of other intangible assets
$134,681 $117,498 $123,874 $125,125 $107,315 
Average tangible equity:
Total average stockholders' equity
$1,239,565 $1,228,192 $1,162,768 $1,228,786 $1,144,440 
Less: average goodwill and other intangible assets
389,131 390,753 396,636 390,779 398,956 
Average tangible equity
$850,434 $837,439 $766,132 $838,007 $745,484 
Return on total average stockholders' equity ratio:
Annualized net income
$129,361 $112,119 $116,943 $119,748 $100,307 
Total average stockholders' equity
$1,239,565 $1,228,192 $1,162,768 $1,228,786 $1,144,440 
Return on total average stockholders' equity
10.44 %9.13 %10.06 %9.75 %8.76 %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets
$134,681 $117,498 $123,874 $125,125 $107,315 
Average tangible equity
$850,434 $837,439 $766,132 $838,007 $745,484 
Return on average tangible equity
15.84 %14.03 %16.17 %14.93 %14.40 %
(a) Based on a 21% statutory federal corporate income tax rate.
The return on total average stockholders' equity and return on average tangible equity ratios for the third quarter of 2026 increased when compared to the linked quarter due to an increase in annualized net income. The increases in the return on total average stockholders' equity and return on average tangible equity ratios for the third quarter and the first nine months of 2026 compared to the same periods of 2025 were driven by higher annualized net income driven by a decrease in provision for credit losses.

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FINANCIAL CONDITION
Cash and Cash Equivalents
At September 30, 2026, Peoples' interest-bearing deposits in other banks had increased $111.8 million from December 31, 2025. The total cash and cash equivalents balance included $197.1 million of excess cash reserves being maintained at the FRB of Cleveland at September 30, 2026, compared to $73.2 million at December 31, 2025. The amount of excess cash reserves maintained is dependent upon Peoples' daily liquidity position, which is driven primarily by changes in deposit and loan balances.
Through the first nine months of 2026, Peoples' total cash and cash equivalents increased $111.8 million, which reflected cash inflows of $139.3 million from operating activities and $63.1 million from investing activities, partially offset by cash outflows of $90.5 million from financing activities. Peoples' cash provided by investing activities was primarily driven by sales of available-for-sale investment securities and proceeds from principal payments on held-to-maturity investment securities, which totaled $183.7 million and $114.7 million, respectively, coupled with proceeds received from principal payments, calls, and prepayments on available-for-sale investment securities of $66.8 million. These increases were partially offset by purchases of available-for-sale investment securities of $120.1 million, a net increase in loans held for investment of $98.2 million, and purchases of held-to-maturity investment securities of $68.0 million. The cash used by financing activities was driven by a net decrease in interest-bearing deposits of $277.4 million, payments on long-term borrowings of $54.0 million, and cash dividends paid of $44.9 million, partially offset by a net increase in short-term borrowings of $258.2 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 YieldSeptember 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Available-for-sale securities, at fair value:
Obligations of:
U.S. Treasury and government agencies
4.22 %$16,985 $14,629 $26,152 $17,580 $17,696 
U.S. government sponsored agencies4.41 %185,022 215,080 231,332 206,330 164,132 
States and political subdivisions2.73 %98,025 108,141 165,105 170,832 186,822 
Residential mortgage-backed securities2.72 %453,661 480,730 522,638 544,038 561,517 
Commercial mortgage-backed securities2.67 %48,572 52,626 59,905 41,804 42,510 
Bank-issued trust preferred securities3.25 %2,854 2,844 2,812 3,783 4,229 
Total fair value$805,119 $874,050 $1,007,944 $984,367 $976,906 
Total amortized cost$934,740 $966,592 $1,107,248 $1,076,980 $1,078,703 
Net unrealized loss$(129,621)$(92,542)$(99,304)$(92,613)$(101,797)
Held-to-maturity securities, at amortized cost:
Obligations of:
U.S. government sponsored agencies4.46 %$261,616 $247,324 $247,148 $261,826 $255,888 
States and political subdivisions (a)2.25 %138,172 138,389 138,598 140,607 141,869 
Residential mortgage-backed securities4.55 %381,224 383,691 399,724 423,628 438,101 
Commercial mortgage-backed securities2.53 %97,064 97,928 98,205 96,776 95,966 
Total amortized cost$878,076 $867,332 $883,675 $922,837 $931,824 
Other investments$81,529 $76,099 $69,903 $68,656 $63,991 
Total investment securities:
Amortized cost$1,894,345 $1,910,023 $2,060,826 $2,068,473 $2,074,518 
Carrying value$1,764,724 $1,817,481 $1,961,522 $1,975,860 $1,972,721 
(a)Amortized cost is presented net of the allowance for credit losses of $233 at September 30, 2026, $233 at June 30, 2026 and $237 at September 30, 2025.
For the third quarter of 2026, available-for-sale investment securities decreased compared to all prior periods due to the sale of $58.5 million of securities as Peoples manages its balance sheet under $10 billion in assets ahead of the pending Citizens merger. For the third quarter of 2026, held-to-maturity securities increased compared to the linked quarter due to purchases of higher yielding,

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longer duration securities for pledging purposes as market rates impacted the market value of pledged securities during the quarter. The decrease when compared to December 31, 2025 and September 30, 2025 was driven by prepayments and maturities of collateralized mortgage obligations.
Additional information regarding Peoples' investment portfolio can be found in "Note 3 Investment Securities" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
Loans and Leases
The following table provides information regarding outstanding loan balances:
(Dollars in thousands)September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Originated loans and leases:
Construction
$329,290 $286,323 $248,396 $275,888 $207,528 
Commercial real estate, other
1,622,260 1,633,383 1,653,982 1,635,055 1,633,725 
     Commercial real estate
1,951,550 1,919,706 1,902,378 1,910,943 1,841,253 
Commercial and industrial
1,625,746 1,583,587 1,525,459 1,405,379 1,338,185 
Premium finance270,634 266,015 228,883 253,075 273,297 
Leases338,811 348,782 342,120 354,852 369,756 
Residential real estate
515,789 514,898 507,499 502,475 497,415 
Home equity lines of credit
251,726 239,473 223,581 214,967 206,084 
Consumer, indirect
685,329 693,529 699,854 700,582 710,385 
Consumer, direct
115,464 113,963 114,057 114,077 111,017 
    Consumer
800,793 807,492 813,911 814,659 821,402 
Deposit account overdrafts
1,608 1,041 1,265 1,014 982 
Total originated loans and leases
$5,756,657 $5,680,994 $5,545,096 $5,457,364 $5,348,374 
Acquired loans and leases (a):
Construction
$5,411 $8,027 $21,175 $25,053 $53,520 
Commercial real estate, other
622,461 649,780 686,851 728,912 735,671 
     Commercial real estate
627,872 657,807 708,026 753,965 789,191 
Commercial and industrial
98,362 106,230 121,338 130,376 151,320 
Leases3,532 5,170 8,106 10,797 12,997 
Residential real estate
316,867 331,577 344,512 359,247 378,358 
Home equity lines of credit
32,447 34,492 37,328 38,897 41,299 
Consumer, direct
5,072 5,310 5,802 6,261 7,189 
Total acquired loans and leases
$1,084,152 $1,140,586 $1,225,112 $1,299,543 $1,380,354 
Total loans and leases
$6,840,809 $6,821,580 $6,770,208 $6,756,907 $6,728,728 
Percent of loans and leases to total loans and leases:
Construction
4.9 %4.3 %4.0 %4.5 %3.9 %
Commercial real estate, other
32.8 %33.5 %34.5 %34.9 %35.1 %
     Commercial real estate
37.7 %37.8 %38.5 %39.4 %39.0 %
Commercial and industrial
25.1 %24.8 %24.3 %22.7 %22.1 %
Premium finance4.0 %3.9 %3.4 %3.7 %4.1 %
Leases5.0 %5.2 %5.2 %5.4 %5.7 %
Residential real estate
12.2 %12.4 %12.6 %12.8 %13.0 %
Home equity lines of credit
4.2 %4.0 %3.9 %3.8 %3.7 %
Consumer, indirect
10.0 %10.2 %10.3 %10.4 %10.6 %
Consumer, direct
1.8 %1.7 %1.8 %1.8 %1.8 %
    Consumer
11.8 %11.9 %12.1 %12.2 %12.4 %
Total percentage
100.0 %100.0 %100.0 %100.0 %100.0 %
Residential real estate loans being serviced for others
$328,922 $326,021 $319,664 $322,139 $323,347 
(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, 2026 increased $19.2 million, or 1% annualized, compared to at June 30, 2026. The increase in the period-end loan and lease balances at September 30, 2026 compared to at June 30, 2026 was driven by increases of $40.4 million in construction loans, $34.2 million in commercial and industrial loans, and $10.2 million in home equity

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lines of credit, partially offset by decreases of $38.4 million in other commercial real estate loans, $13.8 million in residential real estate loans, and $11.6 million in leases. The period-end loan and lease balances at September 30, 2026 increased $112.1 million, or 2%, compared to at September 30, 2025, driven by increases of $234.6 million in commercial and industrial loans and $73.7 million in construction loans, partially offset by decreases of $124.7 million in other commercial real estate loans, $43.1 million in residential real estate loans, and $40.4 million in leases.
Loan Concentration
Peoples categorizes its commercial loans according to standard industry classifications and monitors for concentrations in a single industry or multiple industries that could be impacted by changes in economic conditions in a similar manner. Peoples' commercial lending activities continue to be spread over a diverse range of businesses from many sectors of the economy, with no single industry comprising over 10% of Peoples' total loan portfolio.
Loans secured by commercial real estate, including commercial construction loans, continued to comprise the largest portion of Peoples' loan portfolio at September 30, 2026. The following tables provide information regarding the largest concentrations of commercial construction loans and other commercial real estate loans within the loan portfolio at September 30, 2026:
(Dollars in thousands)Outstanding BalanceLoan CommitmentsTotal Exposure% of Total
Construction:
Apartment complexes$165,319 $134,963 $300,282 50.4 %
Land development40,610 18,134 58,744 9.9 %
Land only25,355 28,013 53,368 8.9 %
Industrial39,127 13,425 52,552 8.8 %
Residential property2,630 19,066 21,696 3.6 %
Healthcare facilities2,985 17,397 20,382 3.4 %
Storage facility8,696 11,406 20,102 3.4 %
Warehouse facilities14,490 2,157 16,647 2.8 %
Other (a)35,489 17,111 52,600 8.8 %
Total construction$334,701 $261,672 $596,373 100.0 %
(a) All other total exposures by industry are less than 2% of the Total Exposure.

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(Dollars in thousands)Outstanding BalanceLoan CommitmentsTotal Exposure% of Total
Commercial real estate, other:
Apartment complexes$401,517 $11,089 $412,606 17.9 %
Industrial facilities:
Owner occupied$126,446 $3,294 $129,740 5.6 %
Non-owner occupied112,916 1,880 114,796 5.0 %
Total industrial facilities$239,362 $5,174 $244,536 10.6 %
Retail facilities:
Owner occupied$44,237 $1,888 $46,125 2.0 %
Non-owner occupied247,759 100 247,859 10.8 %
Total retail facilities$291,996 $1,988 $293,984 12.8 %
Lodging and lodging related:
Owner occupied$26,327 $— $26,327 1.1 %
Non-owner occupied172,981 2,894 175,875 7.6 %
Total lodging and lodging related$199,308 $2,894 $202,202 8.7 %
Office buildings and complexes:
Owner occupied$73,766 $1,124 $74,890 3.3 %
Non-owner occupied101,251 923 102,174 4.4 %
Total office buildings and complexes$175,017 $2,047 $177,064 7.7 %
Assisted living facilities and nursing homes$114,462 $373 $114,835 5.0 %
Warehouse facilities:
Owner occupied$67,984 $76 $68,060 3.0 %
Non-owner occupied24,784 159 24,943 1.1 %
Total warehouse facilities$92,768 $235 $93,003 4.1 %
Restaurant/bar facilities:
Owner occupied$48,375 $— $48,375 2.1 %
Non-owner occupied19,108 — 19,108 0.8 %
Total restaurant/bar facilities$67,483 $— $67,483 2.9 %
Mixed-use facilities:
Owner occupied$40,657 $119 $40,776 1.8 %
Non-owner occupied27,466 304 27,770 1.2 %
Total mixed-use facilities$68,123 $423 $68,546 3.0 %
Healthcare facilities:
Owner occupied$29,752 $55 $29,807 1.3 %
Non-owner occupied23,815 1,000 24,815 1.1 %
Total healthcare facilities$53,567 $1,055 $54,622 2.4 %
Storage Facility / Mini Storage
Owner occupied$47,473 $196 $47,669 2.1 %
Non-owner occupied4,163 208 4,371 0.2 %
Total storage facility/ mini storage$51,636 $404 $52,040 2.3 %
Other (a)489,482 30,300 519,782 22.6 %
Total commercial real estate, other$2,244,721 $55,982 $2,300,703 100.0 %
(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, 2026 and at December 31, 2025. The repayment of premium finance loans is secured by the underlying insurance policy prepaid premium, and therefore, geography is not a factor from a repayment perspective. The repayment of leases is secured by the underlying equipment collateral and not real estate, which mitigates geographic risk.





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Allowance for Credit Losses
The amount of the allowance for credit losses at the end of each period represents management's estimate of expected losses from existing loans based upon its quarterly analysis of the loan portfolio. While this process involves allocations being made to specific loans and pools of loans, the entire allowance is available for all losses expected within the loan portfolio.
The following table details management's allocation of the allowance for credit losses:
(Dollars in thousands)September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Construction$1,880 $1,694 $1,512 $1,391 $1,252 
Commercial real estate, other19,574 20,811 20,803 19,726 18,316 
Commercial and industrial21,371 20,824 21,759 18,804 17,896 
Premium finance737 1,569 686 749 776 
Leases13,300 14,366 15,304 16,475 18,040 
Residential real estate6,591 6,559 6,643 6,295 6,348 
Home equity lines of credit1,809 1,728 1,643 1,934 1,880 
Consumer, indirect8,162 8,306 7,760 7,706 7,862 
Consumer, direct2,162 2,139 2,156 2,485 2,385 
Deposit account overdrafts141 107 126 111 109 
Allowance for credit losses$75,727 $78,103 $78,392 $75,676 $74,864 
As a percent of total loans1.11 %1.14 %1.16 %1.12 %1.11 %
The decrease in the allowance for credit losses at September 30, 2026 compared to at June 30, 2026 was driven by a decrease in reserves for individually analyzed loans and leases and updates to the prepayment, curtailment, and funding rates. Compared to at September 30, 2025, the allowance for credit losses increased due to a deterioration in macroeconomic conditions, partially offset by updates to the prepayment, curtailment, and funding rates used within the CECL model and a decrease in reserves within loan segments with higher loss rates.
Additional information regarding Peoples' allowance for credit losses can be found in "Note 1 Summary of Significant Accounting Policies" in Peoples' 2025 Form 10-K and "Note 4 Loans and Leases" of the Notes to the Unaudited Condensed Consolidated Financial Statements in this Form 10-Q.


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The following table summarizes Peoples’ net charge-offs and recoveries:
Three Months Ended
(Dollars in thousands)September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Gross charge-offs:
Commercial real estate, other$688 $167 $— $18 $27 
Commercial and industrial1,022 222 265 343 472 
Premium finance84 65 52 213 105 
Leases3,358 4,221 4,811 5,721 4,930 
Residential real estate26 115 119 60 71 
Home equity lines of credit— 32 32 2 27 
Consumer, indirect1,760 1,437 1,929 1,558 1,607 
Consumer, direct325 205 204 161 290 
    Consumer2,085 1,642 2,133 1,719 1,897 
Deposit account overdrafts317 302 347 315 312 
Total gross charge-offs$7,580 $6,766 $7,759 $8,391 $7,841 
Recoveries:
Construction$— $— $— $25 $— 
Commercial real estate, other— — — 59 1 
Commercial and industrial143 26 11 3 26 
Premium finance7 15 6 1 3 
Leases809 818 557 365 443 
Residential real estate26 53 82 36 40 
Home equity lines of credit— — 12 — — 
Consumer, indirect470 596 337 385 418 
Consumer, direct24 22 26 10 27 
    Consumer494 618 363 395 445 
Deposit account overdrafts89 51 83 68 54 
Total recoveries$1,568 $1,581 $1,114 $952 $1,012 
Net charge-offs (recoveries):
Construction$— $— $— $(25)$— 
Commercial real estate, other688 167 — (41)26 
Commercial and industrial879 196 254 340 446 
Premium finance77 50 46 212 102 
Leases2,549 3,403 4,254 5,356 4,487 
Residential real estate— 62 37 24 31 
Home equity lines of credit— 32 20 2 27 
Consumer, indirect1,290 841 1,592 1,173 1,189 
Consumer, direct301 183 178 151 263 
    Consumer1,591 1,024 1,770 1,324 1,452 
Deposit account overdrafts228 251 264 247 258 
Total net charge-offs $6,012 $5,185 $6,645 $7,439 $6,829 
Ratio of net charge-offs (recoveries) to average total loans (annualized):
Construction— %— %— %— %— %
Commercial real estate, other0.04 %0.01 %— %— %— %

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Three Months Ended
(Dollars in thousands)September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Commercial and industrial0.05 %0.01 %0.02 %0.02 %0.03 %
Premium finance— %— %— %0.01 %0.01 %
Leases0.15 %0.20 %0.26 %0.32 %0.27 %
Residential real estate— %— %— %— %— %
Home equity lines of credit— %— %— %— %— %
Consumer, indirect0.08 %0.05 %0.10 %0.07 %0.06 %
Consumer, direct0.02 %0.02 %— %0.01 %0.02 %
    Consumer0.10 %0.07 %0.10 %0.08 %0.08 %
Deposit account overdrafts0.01 %0.02 %0.02 %0.01 %0.02 %
Total0.35 %0.31 %0.40 %0.44 %0.41 %
Each with "--%" not meaningful.
Total net charge-offs during the third quarter of 2026 were $6.0 million, or 0.35% of average total loans on an annualized basis, compared to $5.2 million, or 0.31% of average total loans on an annualized basis, during the linked quarter and $6.8 million, or 0.41% of average total loans on an annualized basis, during the third quarter of 2025. Compared to the linked quarter, net charge-offs increased because of a charge-off of one commercial and industrial loan, totaling $1.0 million. Compared to the same period of 2025, net charge-offs decreased, primarily driven by a decrease in net charge-offs in leases, partially offset by an increase in other commercial real estate loans and commercial and industrial loans.

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The following table details Peoples’ nonperforming assets: 
(Dollars in thousands)September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Loans 90+ days past due and accruing:
Commercial real estate, other$3,100 $3,874 $— $579 $— 
Commercial and industrial44 85 105 126 163 
Premium finance1,549 1,793 1,820 2,477 2,492 
Leases— — 77 542 496 
Residential real estate2,879 1,655 426 1,937 1,432 
Home equity lines of credit178 193 196 69 28 
Consumer, indirect166 93 107 286 160 
Consumer, direct198 145 115 140 127 
   Consumer364 238 222 426 287 
Total loans 90+ days past due and accruing$8,114 $7,838 $2,846 $6,156 $4,898 
Nonaccrual loans:
Construction293 293 — — — 
Commercial real estate, other4,992 6,802 7,363 4,056 3,861 
Commercial and industrial3,293 4,546 4,558 8,045 6,258 
Premium Finance— — 455 573 — 
Leases6,191 8,145 9,909 11,063 11,338 
Residential real estate9,016 8,978 9,601 8,556 8,249 
Home equity lines of credit1,602 1,550 1,555 1,507 1,336 
Consumer, indirect2,809 2,594 2,994 2,718 2,563 
Consumer, direct304 193 279 368 284 
   Consumer3,113 2,787 3,273 3,086 2,847 
Total nonaccrual loans$28,500 $33,101 $36,714 $36,886 $33,889 
Total nonperforming loans ("NPLs")$36,614 $40,939 $39,560 $43,042 $38,787 
OREO:
Commercial$— $— $— $— $5,891 
Residential341 115 97 123 122 
Total OREO$341 $115 $97 $123 $6,013 
Total nonperforming assets ("NPAs")$36,955 $41,054 $39,657 $43,165 $44,800 
Criticized loans (a)$256,049 $273,791 $224,124 $236,468 $268,326 
Classified loans (b)$170,916 $140,811 $141,940 $147,175 $158,577 
Asset Quality Ratios (c):
Nonaccrual loans as a percent of total loans0.42 %0.49 %0.54 %0.55 %0.50 %
NPLs as a percent of total loans (d)0.53 %0.60 %0.58 %0.64 %0.58 %
NPAs as a percent of total assets (d)0.38 %0.43 %0.41 %0.45 %0.47 %
NPAs as a percent of total loans and OREO (d)0.54 %0.60 %0.59 %0.64 %0.66 %
Allowance for credit losses as a percent of nonaccrual loans265.71 %235.95 %213.52 %205.16 %220.91 %
Allowance for credit losses as a percent of NPLs (d)206.83 %190.78 %198.16 %175.82 %193.01 %
Criticized loans as a percent of total loans (a)3.74 %4.01 %3.31 %3.50 %3.99 %
Classified loans as a percent of total loans (b)2.50 %2.06 %2.10 %2.18 %2.36 %
(a)    Includes loans categorized as special mention, substandard, doubtful, or loss.
(b)    Includes loans categorized as substandard, doubtful, or loss.
(c)    Data presented as of the end of the period indicated.
(d)    NPLs include loans 90+ days past due and accruing and nonaccrual loans. NPAs include nonperforming loans and OREO.


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Peoples' NPAs decreased from 0.43% of total assets at June 30, 2026 to 0.38% of total assets at September 30, 2026. Total loans 90+ days past due and accruing increased marginally at September 30, 2026 compared to June 30, 2026 driven by residential real estate loans. During the third quarter of 2026, criticized loans decreased $17.7 million, while classified loans increased $30.1 million when compared to at June 30, 2026. The decrease in criticized loans compared to at June 30, 2026 was driven by paydowns. The increase in classified loans when compared to at June 30, 2026 was driven by loan downgrades. The decrease in NPAs compared to at June 30, 2026, was primarily driven by decreases in nonaccrual leases, other commercial real estate loans, and commercial and industrial loans. The decrease in NPAs compared to at September 30, 2025, was driven by the sale of a commercial OREO property at the end of 2025, coupled with a decrease in nonaccrual leases.
Deposits
The following table details Peoples’ deposit balances:
(Dollars in thousands)September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Non-interest-bearing deposits (a)$1,560,184 $1,593,799 $1,586,514 $1,545,428 $1,536,094 
Interest-bearing deposits:
Retail CDs 1,831,665 1,876,056 1,968,441 1,983,791 2,008,619 
Interest-bearing demand accounts (a)1,146,769 1,094,873 1,111,875 1,092,252 1,068,443 
Money market deposit accounts1,041,921 995,487 958,413 945,313 948,177 
Savings accounts913,816 915,505 918,557 887,402 884,230 
Governmental deposit accounts755,584 755,024 842,087 739,939 769,782 
Brokered deposits192,155 225,621 262,553 510,458 617,179 
Total interest-bearing deposits5,881,910 5,862,566 6,061,926 6,159,155 6,296,430 
  Total deposits$7,442,094 $7,456,365 $7,648,440 $7,704,583 $7,832,524 
Demand deposits as a percent of total deposits36 %36 %35 %34 %33 %
(a)The sum of amounts presented is considered total demand deposits.
At September 30, 2026, period-end core deposits, which exclude brokered deposits, increased $19.2 million when compared to at June 30, 2026, driven by increases of $51.9 million in interest-bearing demand accounts and $46.4 million in money market deposit accounts, partially offset by decreases of $44.4 million in retail certificates of deposit and $33.6 million in non-interest bearing deposits.
Compared to September 30, 2025, period-end core deposit balances increased $34.6 million. The increase in core deposits was primarily driven by increases of $93.7 million in money market deposit accounts, $78.3 million in interest-bearing demand accounts, $29.6 million in savings accounts, and $24.1 million in non-interest bearing deposits, partially offset by a decrease of $177.0 million in retail certificates of deposit.
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, 2026, Peoples had four effective interest rate swaps, with an aggregate notional value of $35.0 million, which were designated as cash flow hedges. Peoples continually evaluates the overall balance sheet position given the interest rate environment.

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Borrowed Funds
The following table details Peoples’ short-term borrowings and long-term borrowings:
(Dollars in thousands)September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Short-term borrowings:
FHLB Overnight borrowings
$660,000 $544,000 $420,000 $365,000 $194,000 
Current portion of long-term FHLB advances
10,000 10,021 — — — 
Retail repurchase agreements
4,006 14,410 22,941 20,277 14,250 
Other short-term borrowings30,114 20,222 62,918 50,649 75,012 
Total short-term borrowings
$704,120 $588,653 $505,859 $435,926 $283,262 
Long-term borrowings:
FHLB advances
$80,727 $80,842 $110,979 $131,106 $131,323 
Vantage non-recourse debt
41,958 43,227 42,451 41,386 40,324 
Other long-term borrowings
32,369 32,184 32,000 31,646 55,635 
Total long-term borrowings
$155,054 $156,253 $185,430 $204,138 $227,282 
Total borrowed funds
$859,174 $744,906 $691,289 $640,064 $510,544 
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. Total borrowed funds at September 30, 2026 increased compared to at June 30, 2026 due to higher overnight borrowings. Total borrowed funds increased compared to at September 30, 2025 due to higher overnight borrowings, partially offset by the payoff of long-term FHLB advances.
Capital/Stockholders’ Equity
At September 30, 2026, capital levels for both Peoples and Peoples Bank remained substantially higher than the minimum amounts needed to be considered "well capitalized" institutions under applicable banking regulations. These higher capital levels reflect Peoples' desire to maintain a strong capital position. In order to avoid limitations on dividends, equity repurchases and compensation, Peoples must exceed the three minimum required ratios by at least the capital conservation buffer of 2.50%, which applies to the common equity tier 1 ("CET1") ratio, the tier 1 capital ratio and the total risk-based capital ratio. At September 30, 2026, Peoples had a capital conservation buffer of 6.29%.
The following table details Peoples' risk-based capital levels and corresponding ratios:
(Dollars in thousands)September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Capital Amounts:
Common Equity Tier 1$949,924 $928,639 $911,986 $893,970 $875,454 
Tier 1982,293 960,823 943,986 925,616 906,900 
Total (Tier 1 and Tier 2)1,059,990 1,041,030 1,023,777 1,002,226 997,309 
Net risk-weighted assets$7,416,305 $7,334,717 $7,323,344 $7,273,985 $7,231,476 
Capital Ratios:
Common Equity Tier 112.81 %12.66 %12.45 %12.29 %12.11 %
Tier 113.25 %13.10 %12.89 %12.73 %12.54 %
Total (Tier 1 and Tier 2)14.29 %14.19 %13.98 %13.78 %13.79 %
Tier 1 leverage ratio10.67 %10.33 %10.14 %9.91 %9.74 %
Peoples' risk-based capital ratios at September 30, 2026 increased when compared to at June 30, 2026 due to the increase in retained earnings, driven by net income 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,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Tangible equity:
Total stockholders' equity
$1,227,903 $1,236,551 $1,216,040 $1,206,602 $1,182,776 
Less: goodwill and other intangible assets
388,305 389,963 391,601 393,319 395,535 
Tangible equity
$839,598 $846,588 $824,439 $813,283 $787,241 
Tangible assets:
Total assets
$9,652,095 $9,540,161 $9,648,087 $9,649,630 $9,623,944 
Less: goodwill and other intangible assets
388,305 389,963 391,601 393,319 395,535 
Tangible assets
$9,263,790 $9,150,198 $9,256,486 $9,256,311 $9,228,409 
Tangible book value per common share:
Tangible equity
$839,598 $846,588 $824,439 $813,283 $787,241 
Common shares outstanding
35,961,276 35,939,954 35,925,945 35,714,484 35,705,369 
Tangible book value per common share
$23.35 $23.56 $22.95 $22.77 $22.05 
Tangible equity to tangible assets ratio:
Tangible equity
$839,598 $846,588 $824,439 $813,283 $787,241 
Tangible assets
$9,263,790 $9,150,198 $9,256,486 $9,256,311 $9,228,409 
Tangible equity to tangible assets
9.06 %9.25 %8.91 %8.79 %8.53 %
Tangible book value per common share decreased to $23.35 at September 30, 2026 compared to $23.56 at June 30, 2026. Tangible book value per common share at September 30, 2026 increased compared to at September 30, 2025 primarily due to net income over the last twelve months. The change in tangible equity to tangible assets when compared to the linked quarter was due to the increase in tangible assets coupled with a decrease in tangible equity due to an increase in accumulated other comprehensive loss during the third quarter of 2026.
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 RateEstimated Increase (Decrease) in
Net Interest Income		Estimated (Decrease) Increase in Economic Value of Equity
(in Basis Points)September 30, 2026December 31, 2025September 30, 2026December 31, 2025
300$40,113 10.0 %$33,685 9.0 %$(194,496)(8.3)%$(180,169)(8.5)%
20026,515 6.6 %24,680 6.6 %(107,348)(4.6)%(81,855)(3.9)%
10012,403 3.1 %15,234 4.1 %(46,981)(2.0)%(11,295)(0.5)%
(100)(19,507)(4.9)%(9,381)(2.5)%(48,914)(2.1)%(29,918)(1.4)%
(200)(33,731)(8.4)%(19,378)(5.2)%(133,406)(5.7)%(128,374)(6.1)%
(300)$(47,905)(12.0)%$3,271 0.9 %$(267,579)(11.4)%$(307,784)(14.5)%
This table uses a standard, parallel shock analysis on a static balance sheet for assessing the IRR to net interest income and the economic value of equity. A parallel shock assumes all points on the yield curve (one year, two year, three year, etc.) are directionally changed by the same degree. Management regularly assesses the impact of both increasing and decreasing interest rates. The table above shows the impact of upward and downward parallel shocks of 100, 200 and 300 basis points.
Estimated changes in net interest income and the economic value of equity are partially driven by assumptions regarding the rate at which non-maturity deposits will reprice given a move in short-term interest rates, as well as assumptions regarding prepayment speeds on mortgage-backed securities. These and other modeling assumptions are monitored closely by Peoples on an ongoing basis.
While parallel interest rate shock scenarios are useful in assessing the level of IRR inherent in the balance sheet, interest rates typically move in a nonparallel manner with differences in the timing, direction and magnitude of changes in short-term and long-term interest rates. Thus, any impact that might occur as a result of the Federal Reserve Board increasing short-term interest rates in the future could be offset by an inverse movement in long-term interest rates, and vice versa. For this reason, Peoples considers other interest rate scenarios in addition to analyzing the impact of parallel yield curve shifts. These include various flattening and steepening scenarios in which short-term and long-term interest rates move in different directions with varying magnitude. Peoples believes these scenarios to be more reflective of how interest rates change versus the severe parallel rate shocks described above. Given the shape of market yield curves at September 30, 2026, consideration of the bear steepener and bull steepener scenarios provide insights which were not captured by parallel shifts.
The bear steepener scenario highlights the risk to net interest income and economic value of equity when short-term interest rates remain constant while long-term interest rates rise. In such a scenario, Peoples' deposit and borrowing costs, which are generally correlated with short-term interest rates, remain constant, while asset yields, which are correlated with long-term interest rates, rise. At September 30, 2026, the bear steepener scenario produced an increase in net interest income of 0.9% and an increase in the economic value of equity of 3.5%.
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, 2026, the bull steepener scenario produced a decline of 1.9% to net interest income, as deposit betas move borrowing costs down less quickly relative to asset yields.
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, 2026, Peoples had entered into four interest rate swap contracts with an aggregate notional value of $35.0 million. Additional information regarding Peoples’ interest rate swaps can be found in “Note 10 Derivative Financial Instruments” of the Notes to the Unaudited Condensed Consolidated Financial Statements.
At September 30, 2026, Peoples' Unaudited Consolidated Balance Sheet was positioned to benefit from rising interest rates, while also mitigating the impact to net interest income decreasing rate scenarios. The table above illustrates this point as changes to net interest income increase in the rising interest rate scenarios.
Liquidity
In addition to IRR management, another major objective of the ALCO is to maintain a sufficient level of liquidity. Peoples revisits the model assumptions on an ongoing basis, and determined the methods used by the ALCO to monitor and evaluate the

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adequacy of Peoples Bank's liquidity position remains appropriate and is largely unchanged from those disclosed in Peoples' 2025 Form 10-K.
At September 30, 2026, Peoples Bank had liquid assets of $615.9 million, which represented 5.6% of total assets and unfunded loan commitments. Peoples also had an additional $52.0 million of unpledged investment securities not included in the measurement of liquid assets.
Management believes the current mix of short-term liquidity sources, loan and security portfolio cash flows, and availability of other funding sources will allow Peoples to meet anticipated cash obligations, as well as special needs and off-balance sheet commitments.
Off-Balance Sheet Activities and Contractual Obligations
In the normal course of business, Peoples is a party to financial instruments with off-balance sheet risk necessary to meet the financing needs of Peoples' customers. These financial instruments include commitments to extend credit and standby letters of credit. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Unaudited Consolidated Balance Sheets. The contractual amounts of these instruments express the extent of involvement Peoples has in these financial instruments.
Loan Commitments and Standby Letters of Credit
Loan commitments are made to accommodate the financial needs of Peoples' customers. Standby letters of credit are instruments issued by Peoples Bank guaranteeing the beneficiary payment by Peoples Bank in the event of default by Peoples Bank's customer in the performance of an obligation or service. Historically, most loan commitments and standby letters of credit expire unused. Peoples Bank's exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. Peoples Bank uses the same underwriting standards in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained is based on management's credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, property, plant, and equipment, and income-producing commercial properties.
Peoples Bank routinely engages in activities that involve, to varying degrees, elements of risk that are not reflected in whole or in part in the Unaudited Condensed Consolidated Financial Statements. These activities are part of Peoples Bank's normal course of business and include traditional off-balance sheet credit-related financial instruments, interest rate contracts and commitments to make additional capital contributions in low-income housing tax credit investments. Traditional off-balance sheet credit-related financial instruments continue to represent the most significant off-balance sheet exposure.
The following table details the total contractual amount of loan commitments and standby letters of credit:
 (Dollars in thousands)
September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Home equity lines of credit$299,118 $297,084 $278,771 $272,977 $267,598 
Unadvanced construction loans273,347 316,420 365,618 367,127 367,917 
Other loan commitments887,719 787,533 794,100 779,076 763,058 
Loan commitments$1,460,184 $1,401,037 $1,438,489 $1,419,180 $1,398,573 
Standby letters of credit$6,383 $6,253 $7,071 $7,041 $6,402 
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, 2026. Based upon that evaluation, Peoples’ President and Chief Executive Officer and Peoples’ Executive Vice President, Chief Financial Officer and Treasurer have concluded that:
(a)information required to be disclosed by Peoples in this Quarterly Report on Form 10-Q and other reports Peoples files or submits under the Exchange Act would be accumulated and communicated to Peoples’ management, including its President and Chief Executive Officer and its Executive Vice President, Chief Financial Officer and Treasurer, as appropriate to allow timely decisions regarding required disclosure;

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(b)information required to be disclosed by Peoples in this Quarterly Report on Form 10-Q and other reports Peoples files or submits under the Exchange Act would be recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and
(c)Peoples’ disclosure controls and procedures were effective as of the end of the fiscal quarter covered by this Quarterly Report on Form 10-Q.
 Changes in Internal Control Over Financial Reporting
There were no changes in Peoples' internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during Peoples' fiscal quarter ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, Peoples’ internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Peoples or one of its subsidiaries from time to time is engaged in various litigation matters including the defense of claims of improper loan or deposit practices or lending violations. In addition, in the ordinary course of their respective businesses or operations, Peoples or one of its subsidiaries may be named as a plaintiff, a defendant, or a party to a legal proceeding or any of their respective properties may be subject to various pending and threatened legal proceedings and various actual and potential claims. In view of the inherent difficulty of predicting the outcome of such matters, Peoples cannot state what the eventual outcome of any such matters will be; however, based on management's current knowledge and after consultation with legal counsel, Peoples' management believes that damages, if any, and other amounts related to pending legal proceedings will not have a material adverse effect on the consolidated financial position, results of operations or liquidity of Peoples.
ITEM 1A. RISK FACTORS
The disclosures below supplement the risk factors previously discussed under "ITEM 1A. RISK FACTORS" of Part I of Peoples' 2025 Form 10-K, as supplemented by the disclosures under "ITEM 1A. RISK FACTORS" of Part II of Peoples' Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026. These risk factors are not only the only risks Peoples faces. Additional risks and uncertainties not currently known to management or that management currently deems to be immaterial also may materially adversely affect Peoples' business, financial condition and/or operating results.
Risks Related to the Citizens Merger and the Capital Merger

•Peoples could experience difficulties in managing its growth and effectively integrating the operations of Citizens and Capital.

The earnings, financial condition and prospects of Peoples after the pending mergers with Citizens and Capital will depend in part on Peoples’ ability to integrate successfully the operations of Citizens and Capital and to continue to implement its own business plan. Peoples may not be able to fully achieve the strategic objectives and projected operating efficiencies anticipated in the Citizens merger or the Capital merger. The costs or difficulties relating to the integration of Citizens or Capital with the Peoples organization may be greater than expected or the cost savings from any anticipated economies of scale of the combined organization may be lower or take longer to realize than expected. Inherent uncertainties exist in integrating the operations of any acquired entity, and Peoples may encounter difficulties, including matters such as loss of key employees and customers, and the disruption of its ongoing business or possible inconsistencies in standards, controls, procedures and policies, among others. These factors could contribute to Peoples not fully achieving the expected benefits from the pending mergers.

•Peoples has incurred, and will incur, significant acquisition-related expenses in connection with the mergers.

Peoples has incurred, and will incur, significant legal, accounting and financial advisor fees and other expenses in connection with the negotiation and completion of the Citizens merger and the Capital merger, as well as costs and expenses related to the filing, printing and mailing of the proxy statement/prospectus for each merger, and the filings and other fees to be paid to the SEC and other regulatory agencies in connection with the mergers. If either the Citizens merger or the Capital merger is not completed, we will have to recognize these expenses without realizing the expected benefits of the applicable merger.

In addition, we also expect to incur a number of non-recurring transaction-related costs associated with combining the operations of Peoples with Citizens and Capital and achieving desired synergies. Additional unanticipated costs may be incurred in the integration of our business with the businesses of Citizens and Capital. There can be no assurance that the elimination of certain duplicative costs, as well as the realization of other efficiencies related to the integration of the businesses, will offset the incremental transaction-related costs over time. Thus, any net benefit may not be achieved in the near term, the long term or at all.


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•The integration of Peoples and each of Citizens and Capital will present challenges that may result in the combined business not operating as effectively as expected or in the failure to achieve some or all of the anticipated benefits of the transaction.

The cost savings, synergies and other benefits expected to result from each of the Citizens merger and the Capital merger will depend in part on whether the operations of each of Citizens and Capital can be integrated in a timely and efficient manner with those of Peoples and its subsidiaries. Peoples may face challenges in consolidating its functions with those of Citizens and/or Capital, and integrating the organizations, procedures and operations of the businesses. The integration of Peoples and each of Citizens and Capital will be complex and time-consuming, and the management of the companies will have to dedicate substantial time and resources to such integration. These efforts could divert management’s focus and resources from other strategic opportunities and from day-to-day operational matters during the integration process. Failure to successfully integrate the operations of Peoples and each of Citizens and Capital could result in the failure to fully achieve some of the anticipated benefits from the applicable transaction, including cost savings and other operating efficiencies, and Peoples may not be able to capitalize on the existing relationships of Citizens and/or Capital to the extent anticipated, or it may take longer, or be more difficult or expensive than expected to achieve these goals. This could have an adverse effect on the business, results of operations, financial condition or prospects of Peoples.

•Completion of the Capital merger is subject to many conditions and, if these conditions are not satisfied or waived, the Capital merger will not be completed.

The respective obligations of Peoples and Capital to complete the Capital merger are subject to the fulfillment or written waiver of many conditions, including approval by the requisite vote of Peoples and Capital shareholders, respectively, receipt of requisite regulatory approvals, absence of orders prohibiting completion of the merger, effectiveness of a Form S-4 registration statement to be filed with the SEC, approval of the Peoples common shares to be issued to Capital shareholders for listing on the Nasdaq Global Select Market, the continued accuracy of the representations and warranties by both parties, and the performance by both parties of their covenants and agreements set forth in the Capital merger agreement. These conditions to the consummation of the Capital merger may not be fulfilled and, accordingly, the Capital merger may not be completed. In addition, if the Capital merger is not completed by September 29, 2027, either Peoples or Capital may have the opportunity to choose not to proceed with the Capital merger, and the parties can mutually decide to terminate the merger agreement at any time before the merger is completed. In addition, Peoples or Capital may elect to terminate the merger agreement in certain other circumstances as set forth in the merger agreement.

•Issuance of Peoples common shares in connection with the Citizens merger and the Capital merger may adversely affect the market price of Peoples common shares.

Peoples expects to issue up to approximately 2,100,000 common shares to Citizens shareholders in connection with the Citizens merger and up to approximately 18,500,000 common shares to Capital shareholders in connection with the Capital merger. The issuance of these new Peoples common shares may result in fluctuations in the market price of Peoples common shares, including a potential share price decrease.

General Risks

Peoples will become subject to additional regulations if and when its total consolidated assets exceed $10 billion.

As of September 30, 2026, Peoples’ consolidated assets totaling $9.65 billion, and are expected to increase to approximately $9.9 billion upon the consummation of the Citizens merger. If and when the pending Capital merger is consummated, the total consolidated assets of Peoples will exceed $10 billion. Once Peoples’ total consolidated assets exceed $10 billion, Peoples and Peoples Bank will become subject to heightened regulatory requirements stemming largely from the Dodd-Frank Act. These requirements include, but are not limited to, the following: (i) supervision, examination and enforcement by the CFPB with respect to federal consumer financial protection laws; (ii) a modified methodology and scorecard for calculating FDIC insurance assessments and, depending on the result of Peoples Bank’s performance under the scorecard, potentially higher assessment rates; (iii) limitations on interchange transaction fees for debit card transactions; (iv) heightened compliance standards under the Volcker Rule; (v) enhanced supervision by the Federal Reserve Board; and (vi) Peoples Bank no longer being eligible to elect to be subject to the community bank leverage ratio. Compliance by Peoples with these additional regulatory requirements and increased supervision may necessitate additional personnel, the design and implementation of additional internal controls, and the commitment of additional financial resources to regulatory compliance, any or all of which may increase Peoples’ cost of operations. These additional regulatory requirements may also provide greater limitations on the products and services that can be offered by Peoples and its subsidiaries. Any of the foregoing could have a significant adverse effect on Peoples’ business, financial condition, or results of operations.




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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, 2026:
Period
Total Number of Common Shares Purchased
Average Price Paid per Common Share
 
Total Number of Common Shares Purchased as Part of Publicly Announced Plans or Programs (1)

Maximum
Number (or Approximate Dollar Value) of Common Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1-31, 20261,175 (3)$38.71 (3)— $15,780,726 
August 1-31, 20261,045 (3)$41.38 (3)— $15,780,726 
September 1-30, 20262,047 (2)(3)$39.23 (2)(3)— $15,780,726 
Total4,267 $39.61 — $15,780,726 
(1)On January 29, 2021, Peoples announced that on January 28, 2021, Peoples' Board of Directors authorized a share repurchase program authorizing Peoples to purchase up to an aggregate of $30 million of Peoples' outstanding common shares. There were no common shares repurchased under the share repurchase program during the third quarter of 2026.
(2)Reflects 955 common shares purchased in open market transactions during September 2026, by Peoples Bank under the Rabbi Trust Agreement. The Rabbi Trust Agreement establishes a rabbi trust that holds assets to provide funds for the payment of the benefits under the Peoples Bancorp Inc. Third Amended and Restated Deferred Compensation Plan for Directors of Peoples Bancorp Inc. and Subsidiaries.
(3)Information reported includes 1,175, 1,045, and 1,092 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, August, and September 2026, 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, 2026, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of Peoples adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.



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ITEM 6. EXHIBITS
Exhibit
Number
 
Description
 
Exhibit Location
Agreement and Plan of Merger, dated as of April 20, 2026, by and between Peoples Bancorp Inc. and Citizens National CorporationIncorporation by reference to Exhibit 2.1 to Peoples' Current Report on Form 8-K dated and filed on April 24, 2026 (File No. 0-16772)
Agreement and Plan of Merger, dated as of October 24, 2022, by and between Peoples Bancorp Inc. and Limestone Bancorp, Inc.+
Included as Annex A to the preliminary joint proxy statement/prospectus which forms a part of the Registration Statement of Peoples on Form S-4/A filed on January 6, 2023 (Registration No. 333-268728)
Agreement and Plan of Merger, dated as of September 30, 2026, by and between Peoples Bancorp Inc. and Capital Bancorp Inc.Incorporation by reference to Exhibit 2.1 to Peoples' Current Report on Form 8-K dated and filed on September 30, 2026 (File No. 0-16772)
3.1(a)
Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on May 3, 1993) P
Incorporated herein by reference to Exhibit 3(a) to Peoples' Registration Statement on Form 8-B filed on July 20, 1993 (File No. 0-16772)
Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 22, 1994)Incorporated herein by reference to Exhibit 3.1(b) to Peoples' Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 (File No. 0-16772) ("Peoples' September 30, 2017 Form 10-Q")
Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 9, 1996)Incorporated herein by reference to Exhibit 3.1(c) to Peoples' September 30, 2017 Form 10-Q
Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 23, 2003)Incorporated herein by reference to Exhibit 3(a) to Peoples’ Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2003 (File No. 0-16772) (“Peoples’ March 31, 2003 Form 10-Q”)
Certificate of Amendment by Shareholders to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on January 22, 2009)Incorporated herein by reference to Exhibit 3.1 to Peoples’ Current Report on Form 8-K dated and filed on January 23, 2009 (File No. 0-16772)
Certificate of Amendment by Directors to Articles filed with the Ohio Secretary of State on January 28, 2009, evidencing adoption of amendments by the Board of Directors of Peoples Bancorp Inc. to Article FOURTH of the Amended Articles of Incorporation to establish express terms of Fixed Rate Cumulative Perpetual Preferred Shares, Series A, each without par value, of Peoples Bancorp Inc.Incorporated herein by reference to Exhibit 3.1 to Peoples’ Current Report on Form 8-K dated and filed on February 2, 2009 (File No. 0-16772)
Certificate of Amendment by the Shareholders to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on July 28, 2021)Incorporated herein by reference to Exhibit 3.1(g) to Peoples' Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 (File No. 0-16772) ("Peoples' June 30, 2021 Form 10-Q")
Amended Articles of Incorporation of Peoples Bancorp Inc. (representing the Amended Articles of Incorporation in compiled form incorporating all amendments through the date of this Quarterly Report on Form 10-Q) [For purposes of SEC reporting compliance only--not filed with Ohio Secretary of State]


Incorporated herein by reference to Exhibit 3.1(h) to Peoples' June 30, 2021 Form 10-Q
3.2(a)
Code of Regulations of Peoples Bancorp Inc. P
Incorporated herein by reference to Exhibit 3(b) to Peoples’ Registration Statement on Form 8-B filed on July 20, 1993 (File No. 0-16772)
 +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
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, 2003Incorporated herein by reference to Exhibit 3(c) to Peoples’ March 31, 2003 Form 10-Q
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, 2004Incorporated herein by reference to Exhibit 3(a) to Peoples’ Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2004 (File No. 0-16772)
Certificate regarding adoption of amendments to Sections 2.06, 2.07, 3.01 and 3.04 of Peoples Bancorp Inc.’s Code of Regulations by the shareholders on April 13, 2006Incorporated herein by reference to Exhibit 3.1 to Peoples’ Current Report on Form 8-K dated and filed on April 14, 2006 (File No. 0-16772)
Certificate regarding adoption of an amendment to Section 2.01 of Peoples Bancorp Inc.’s Code of Regulations by the shareholders on April 22, 2010Incorporated herein by reference to Exhibit 3.2(e) to Peoples’ Quarterly Report on Form 10-Q/A (Amendment No. 1) for the quarterly period ended June 30, 2010 (File No. 0-16772)
Certificate regarding Adoption of Amendment to Division (D) of Section 2.02 of the Code of Regulations of Peoples Bancorp Inc. by the Shareholders at the Annual Meeting of Shareholders on April 26, 2018Incorporated herein by reference to Exhibit 3.1 to Peoples' Current Report on Form 8-K dated and filed on June 28, 2018 (File No. 0-16772) ("Peoples' June 28, 2018 Form 8-K")
Code of Regulations of Peoples Bancorp Inc. (This document represents the Code of Regulations of Peoples Bancorp Inc. in compiled form incorporating all amendments.) Incorporated herein by reference to Exhibit 3.2 to Peoples' June 28, 2018 Form 8-K
Form of Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan Time-Based Restricted Stock Award Agreement used and to be used to evidence grants of time-based restricted common shares to executive officers of Peoples Bancorp Inc. after January 21, 2026*Incorporated herein by reference to Exhibit 10.1 to Peoples' Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (File No. 0-16772)
Form of Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan Performance Unit Award Agreement used and to be used to evidence grants of performance unit awards to executive officers of Peoples Bancorp Inc. after January 21, 2026*Incorporated herein by reference to Exhibit 10.2 to Peoples' Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (File No. 0-16772)
Rule 13a-14(a)/15d-14(a) Certifications [President and Chief Executive Officer]Filed herewith
Rule 13a-14(a)/15d-14(a) Certifications [Executive Vice President, Chief Financial Officer and Treasurer]Filed herewith
Section 1350 CertificationsFurnished herewith
101.INSInline XBRL Instance Document ##Submitted electronically herewith #
101.SCHInline XBRL Taxonomy Extension Schema DocumentSubmitted electronically herewith #
101.CALInline XBRL Taxonomy Extension Calculation Linkbase DocumentSubmitted electronically herewith #
101.LABInline XBRL Taxonomy Extension Label Linkbase DocumentSubmitted electronically herewith #
101.PREInline XBRL Taxonomy Extension Presentation Linkbase DocumentSubmitted electronically herewith #
101.DEFInline XBRL Taxonomy Extension Definition Linkbase DocumentSubmitted electronically herewith #
104Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)Submitted electronically herewith
++Management Compensation Plan or Agreement
# Attached as Exhibit 101 to the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026 of Peoples Bancorp Inc. are the following documents formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at September 30, 2026 (Unaudited) and at December 31, 2025; (ii) Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2026 and 2025; (iii) Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2026 and 2025; (iv) Consolidated Statements of Stockholders' Equity (Unaudited) for the three and nine months ended September 30, 2026 and 2025; (v) Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2026 and 2025; and (vi) Notes to the Unaudited Condensed Consolidated Financial Statements.
## The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.

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SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
PEOPLES BANCORP INC.
Date:October 29, 2026By: /s/TYLER WILCOX
Tyler Wilcox
President and Chief Executive Officer
Date:October 29, 2026By: /s/KATIE BAILEY
Katie Bailey
Executive Vice President,
Chief Financial Officer and Treasurer


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XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

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