Business overview
BUSINESS” of this Form 10-K. • Peoples’ business could be adversely affected through events impacting third parties who perform significant operational services on behalf of Peoples. The third parties performing operational services for Peoples are subject to risks similar to those faced by Peoples relating to cybersecurity, breakdowns or failures of their own systems, or misconduct of their employees. Like many other community bank organizations, Peoples relies, in significant part, on a single vendor for the systems which allow Peoples to provide banking services to Peoples’ customers, with the systems being maintained on Peoples’ behalf by this single vendor. One or more of the third parties utilized by Peoples may experience a cybersecurity event or operational disruption and, if any such event or disruption does occur, it may not be adequately addressed, either operationally or financially, by such third party.
Certain of these third parties may have limited indemnification obligations to Peoples in the event of a cybersecurity event or operational disruption, or may not have the financial capacity to satisfy their indemnification obligations. Financial or operational difficulties of a third-party provider could also impair Peoples’ operations if those difficulties interfere with such third party’s ability to serve Peoples. If a critical third-party provider is unable to meet the needs of Peoples in a timely manner, or if the services or products provided by such third party are terminated or otherwise delayed, and if Peoples is not able to develop alternative sources for these services and products quickly and in a cost-effective manner, Peoples’ business could be materially adversely affected.
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Additionally, regulatory guidance adopted by federal and state bank regulators addressing how banks select, engage and manage their third-party relationships, could affect the circumstances and conditions under which Peoples works with third parties and the cost of managing such relationships. 24 • Peoples’ failure to be in compliance with any material provision or covenant of its debt instruments could have a material adverse effect on Peoples’ liquidity and operations. Peoples has a Loan Agreement with U.S. Bank National Association (the “U.S. Bank Loan Agreement”) that provides Peoples with a revolving line of credit. A Seventh Amendment to the U.S.
Bank Loan Agreement, entered into on March 28, 2025, extended the maturity from March 31, 2025 to March 30, 2026. The U.S. Bank Loan Agreement imposes operating and financial covenants on Peoples. These restrictions may affect Peoples’ operations and may limit the ability to take advantage of potential business opportunities as they arise. Peoples’ ability to comply with the covenants contained in the U.S. Bank Loan Agreement may be affected by events beyond Peoples’ control, including deteriorating economic conditions, and these events could require Peoples to seek waivers or amendments of such covenants, or alternative sources of financing.
Peoples’ ability to obtain such waivers, amendments or alternative financing, may be on terms unfavorable to Peoples. A breach of any of the covenants or restrictions contained in any of the existing or future financing agreements, including financial covenants, could result in an event of default under the agreements. Such a default could allow the lenders under the financing agreements, if the agreements so provide, to discontinue lending, to accelerate the related debt, and/or to declare all borrowings outstanding thereunder to be due and payable. In addition, the lenders could terminate any commitments they have to provide Peoples with further funds. If any of these events occur, Peoples may not have sufficient funds available to pay in full the total amount of obligations that become due as a result of any such acceleration, or Peoples may not be able to find additional or alternative financing to refinance any such accelerated obligations.
Even if additional or alternative financing is obtained, it may be on terms that are unfavorable to Peoples. • Peoples’ exposure to credit risk could adversely affect Peoples’ earnings and financial condition. There are certain risks inherent in making loans. These risks include interest rate changes over the time period in which loans are to be repaid, risks resulting from changes in the economy, risks that Peoples will have inaccurate or incomplete information about borrowers, risks that borrowers will become unable to repay loans, and, in the case of loans secured by collateral, risks resulting from uncertainties about the future value of the collateral. Commercial loans comprise a significant portion of Peoples’ loan portfolio.
[…]
Source: 10-K · Period ended December 31, 2025 · View report
Latest developments
Recent company filings, newest first. Excerpts retain the original wording.
October 5, 2026Company update8-K
Other events
Original filing excerpt · Item 8.01
Other Events On September 30, 2026, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 10:00 a.m., Eastern Standard Time, to discuss the announcement of the proposed merger with Capital Bancorp, Inc. A replay of the conference call audio will be available on Peoples’ website, www.peoplesbancorp.com, in the “Investor Relations” section for one year. A copy of the transcript of the conference call is included as Exhibit 99.1 to this Current Report on Form 8-K. INDEX TO EXHIBITS Exhibit Number Description 99.1 Transcript of conference call conducted by management of Peoples Bancorp Inc. on September 30, 2026 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)
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September 30, 2026Contracts8-K
Entry into a material agreement
Original filing excerpt · Item 1.01, 7.01
Entry Into Material Definitive Agreement On September 29, 2026, Peoples Bancorp, Inc. (“Peoples”), the parent company of Peoples Bank (“Peoples Bank”), and Capital Bancorp, Inc. (“Capital”), the parent company of Capital Bank, N.A. (“Capital Bank”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Capital will merge with and into Peoples (the “Merger”), with Peoples continuing as the surviving corporation in the Merger. Immediately following the Merger, or at such later time as Peoples may determine, Peoples will cause Capital Bank to merge with and into Peoples Bank (the “Bank Merger”), with Peoples Bank continuing as the surviving bank in the Bank Merger.
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The Merger Agreement has been unanimously approved by the boards of directors of Peoples and Capital. The parties intend the merger to qualify as a reorganization under Section 368(a) of the Internal Revenue Code, as amended. Merger Consideration Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.01, of Capital (“Capital Common Stock”) issued and outstanding immediately prior to the Effective Time, other than treasury shares, will be converted into the right to receive 1.11 shares (the “Exchange Ratio”) of common stock, no par value per share, of Peoples (“Peoples Common Stock”).
Holders of Capital Common Stock will receive cash in lieu of fractional shares. […]
Regulation FD Disclosure On September 30, 2026, Peoples and Capital issue a joint press release that included an announcement of the Merger Agreement. A copy of the press release is attached as Exhibit 99.1. Additionally, the investor presentation attached as Exhibit 99.2 incudes information regarding the Merger. The executive officers of Peoples intend to use the investor presentation in one or more meetings with investors and analysts. Peoples does not intend for
, Exhibit 99.1 or Exhibit 99.2 to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, or incorporated by reference into its filings under the Securities Act of 1933, as amended, except as shall be expressly set forth in such filing. I tem 9.01 Financial Statements and Exhibits d) Exhibits.
Exhibit Number Exhibit 2.1 Agreement and Plan of Merger between Peoples Bancorp Inc. and Capital Bancorp, Inc. dated as of September 29, 2026* 10.1 Form of Support Agreement, dated September 29, 2026, by and between Peoples Bancorp, Inc. and each of the directors and executive officers of Capital Bancorp, Inc. listed on the signature pages therein 99.1 Joint Press Release, dated September 30, 2026 99.2 Investor Presentation, dated September 30, 2026 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) Forward-Looking Statements This communication includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve inherent risks and uncertainties.
Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of Peoples and Capital, respectively, with respect to the proposed transaction, the strategic and financial benefits of the proposed transaction, including the expected impact of the proposed transactions on the combined company’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period, and other operating and return metrics), the timing of the closing of the proposed transaction, and the […]
September 28, 2026Company update8-K
Other events
Original filing excerpt · Item 8.01
Other Events On September 28, 2026, Peoples Bancorp Inc. (“Peoples”), parent company of Peoples Bank, issued a press release announcing that it has received all necessary regulatory approvals for the merger between Peoples and Citizens National Corporation (“Citizens”), with Peoples as the surviving corporation (the “Merger”), and for the merger between Peoples Bank and Citizens’ wholly owned subsidiary, Citizens Bank of Kentucky, Inc., with Peoples Bank as the surviving bank. The Agreement and Plan of Merger dated as of April 20, 2026, by and between Peoples and Citizens, was approved by Citizens’ shareholders on August 6, 2026. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by reference.
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July 27, 2026Disclosure8-K
Regulation FD disclosure
Original filing excerpt · Item 7.01
Regulation FD Disclosure From time-to-time between July 27, 2026 and September 30, 2026, the management team of Peoples Bancorp Inc. ("Peoples"), including the President and Chief Executive Officer, and the Executive Vice President, Chief Financial Officer and Treasurer, intends to conduct one or more meetings with investors and analysts. These individuals intend to use an investor presentation containing financial data and other information regarding Peoples to assist the investors and analysts with their understanding of the business and financial performance of Peoples. A copy of the investor presentation is included as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Current Report on Form 8-K is being furnished under
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and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
July 27, 2026Results8-K
Results of operations and financial condition
Original filing excerpt · Item 2.02
Results of Operations and Financial Condition On July 21, 2026, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 11:00 a.m., Eastern Standard Time, to discuss results of operations for the quarter and fiscal year ended June 30, 2026. A replay of the conference call audio will be available on Peoples’ website, www.peoplesbancorp.com, in the “Investor Relations” section for one year. A copy of the transcript of the conference call is included as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in this
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and Exhibit 99.1 included with this Current Report on Form 8-K, is being furnished pursuant to
and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing. During the conference call, management referred to non-Generally Accepted Accounting Principles ("US GAAP") financial measures that are used by management to provide information useful to investors in understanding Peoples' operating performance and trends, and to facilitate comparisons with the performance of Peoples' peers.
The following tables show the differences between the non-US GAAP financial measures referred to during the conference call and the most directly comparable US GAAP-based financial measures. Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, (Dollars in thousands) 2026 2026 2025 2026 2025 Efficiency ratio: Total non-interest expense $ 72,759 $ 71,635 $ 70,362 $ 144,394 $ 141,149 Less: amortization of other intangible assets 1,697 1,697 2,211 3,394 4,424 Adjusted total non-interest expense 71,062 69,938 68,151 141,000 136,725 Total non-interest income 20,378 28,254 26,880 48,632 53,979 Less: net (loss) gain on investment securities (8,181) — — (8,181) (2) Less: net loss on asset disposals and other transactions (446) (410) (280) (856) (641) Total non-interest income, excluding net gains and losses 29,005 28,664 27,160 57,669 54,622 Net interest income 92,728 […]
July 21, 2026Results8-K
Results of operations and financial condition
Original filing excerpt · Item 2.02, 8.01
Results of Operation and Financial Condition. On July 21, 2026, Peoples Bancorp Inc. ("Peoples") issued a news release regarding its financial results for the second quarter of 2026. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8-K. Peoples also provided electronic presentation slides that will be used in connection with its conference call to discuss earnings. A copy of the electronic slides is attached as Exhibit 99.2 to this Current Report on Form 8-K.
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Conference Call to Discuss Earnings: Peoples will conduct a facilitated conference call to discuss second quarter of 2026 results of operations today at 11:00 a.m., Eastern Daylight Time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (866) 890-9285. A simultaneous webcast of the conference call audio and earnings call presentation will be available online via the “Investor Relations” section of Peoples' website, www.peoplesbancorp.com. Participants are encouraged to call or sign in at least 15 minutes prior to the scheduled conference call time to ensure participation and, if required, to download and install the necessary software. A replay of the call will be available on Peoples' website in the “Investor Relations” section for one year.
Other Events Declaration of Dividend: On July 21, 2026, Peoples issued a news release announcing that the Board of Directors declared a quarterly dividend of $0.42 per common share on July 20, 2026. A copy of the news release is included as Exhibit 99.3 to this Current Report on Form 8-K.
May 4, 2026Disclosure8-K
Regulation FD disclosure
Original filing excerpt · Item 7.01
Regulation FD Disclosure From time-to-time between May 4, 2026 and June 30, 2026, the management team of Peoples Bancorp Inc. ("Peoples"), including the President and Chief Executive Officer, and the Executive Vice President, Chief Financial Officer and Treasurer, intends to conduct one or more meetings with investors and analysts. These individuals intend to use an investor presentation containing financial data and other information regarding Peoples to assist the investors and analysts with their understanding of the business and financial performance of Peoples. A copy of the investor presentation is included as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Current Report on Form 8-K is being furnished under
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and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Latest results
Original excerpts. Reporting periods, units and comparisons are retained in the text.
Revenue
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; […]
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The efficiency ratio improved slightly compared to the linked quarter mainly as the result of higher net interest income, driven by a reduction in deposit costs. The efficiency ratio for the first six months of 2026 was 58.4%, compared to 60.0% for the first six months of 2025. The efficiency ratio improved compared to the prior year first six months due to higher revenue. The efficiency ratio adjusted for non-core items was 57.9% for the second quarter of 2026, compared to 58.6% for the linked quarter. 47 Peoples recorded income tax expense of $7.7 million with an effective tax rate of 21.6% for the second quarter of 2026, compared to income tax expense of $8.3 million with an effective tax rate of 22.3% for the linked quarter, and income tax expense of $6.2 million with an effective tax rate of […]
Cash flow & liquidity
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; […]
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Accretion income, net of amortization expense, was $2.4 million and $6.1 million for the first six months of 2026 and 2025, respectively. Accretion income added 6 basis points and 15 basis points to net interest margin for the first six months of 2026 and 2025, respectively. The decrease in accretion income for the first six months of 2026 compared to the same period in 2025 was due to less accretion income recognized from the Limestone Merger. Additional information regarding changes in the Unaudited Consolidated Balance Sheets can be found under appropriate captions of the “FINANCIAL CONDITION” section of this MD&A. Additional information regarding Peoples' interest rate risk and the potential impact of interest rate changes on Peoples' results of operations and financial condition can be found later in this MD&A under the caption "FINANCIAL CONDITION - Interest Rate Sensitivity and […]
Management commentary
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management’s Discussion and Analysis (“MD&A”) represents an overview of the results of operations and financial condition of Peoples at and for the three and six months ended June 30, 2026 and June 30, 2025. This MD&A should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements and the Notes thereto. Certain statements in this Form 10-Q, which are not historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.
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These forward-looking statements are identified by the fact they are not historical facts and include words such as "anticipate," "estimate," "may," "feel," "expect," "believe," "plan," "will," "will likely," "would," "should," "could," "project," "goal," "target," "potential," "seek," "intend," "continue," "remain," and similar expressions. These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of Peoples' business and operations. Additionally, Peoples' financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially.
These risks and uncertainties include, but are not limited to: (1) the effects of interest rate policies, including any changes to such policies that may result from potential changes in the composition of the Federal Reserve Board, changes in the interest rate environment due to economic conditions and/or the fiscal and monetary policy measures undertaken by the U.S. government and the Federal Reserve Board, including changes in the Federal Funds Target Rate, in response to such economic conditions, which may adversely impact interest rates, the interest rate yield curve, interest margins, loan demand and interest rate sensitivity; (2) the effects of inflationary pressures on borrowers’ liquidity and ability to repay; (3) the success, impact, and timing of the implementation of Peoples' business strategies and Peoples' ability to manage strategic initiatives, including the interest rate policies of the Federal Reserve Board, the completion and successful integration of acquisitions, including the pending merger with Citizens (the "Citizens merger"), and the expansion of commercial and consumer lending activities; (4) competitive pressures among financial institutions, or from non-financial institutions, which may increase significantly, including product and pricing pressures, which can in turn impact Peoples' credit spreads, changes to third-party relationships and revenues, changes in the manner of providing services, customer acquisition and retention pressures, and Peoples' ability to attract, develop and retain qualified professionals; (5) uncertainty regarding the nature, timing, cost, and effect of legislative or regulatory changes or actions, or deposit insurance premium levels, promulgated and to be promulgated by governmental and regulatory agencies in the State of Ohio, the FDIC, the Federal Reserve Board and the Consumer Financial Protection Bureau, which may subject Peoples, its subsidiaries, or one or more acquired companies to a variety of new and more stringent legal and regulatory requirements; (6) the effects of easing restrictions on participants in the financial services industry; (7) current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the U.S. economy generally, the current or future U.S. government shutdown, an increasing federal government budget deficit, the failure of the federal government to raise the federal debt ceiling, potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations, changes in the relationship of the U.S. and U.S. global trading partners), and changes in the federal, state, and local governmental policy and the impact these conditions may have on Peoples, Peoples' customers and Peoples' counterparties, and Peoples' assessment of the impact, which may be different than anticipated; (8) Peoples may issue equity securities in connection with future acquisitions, which could cause ownership and economic dilution to Peoples' current shareholders; (9) changes in prepayment speeds, loan originations, levels of nonperforming assets, delinquent loans, charge-offs, and customer and other counterparties' performance and creditworthiness generally, which may be less favorable than expected in light of recent inflationary pressures and continued elevated interest rates, and may adversely impact the amount of interest income generated; (10) Peoples may have more credit risk and higher credit losses to the extent there are loan concentrations by location or industry of borrowers or collateral; […]
Key risks
Annual risk disclosures
RISK FACTORS” and the section captioned “Forward-Looking Statements” in “ITEM 7 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS” of this Form 10-K and other cautionary statements set forth elsewhere in this Form 10-K. Corporate Overview Peoples Bancorp Inc. is a financial holding company, which was organized in 1980. Peoples operates principally through its wholly-owned subsidiary, Peoples Bank, an Ohio state-chartered bank that was first chartered in 1902. Peoples’ other wholly-owned operating subsidiary is Peoples Investment Company (“PIC”). Peoples also holds all of the common securities of NB&T Statutory Trust III, FNB Capital Trust One, Ascencia Statutory Trust I, and Porter Statutory Trusts II-IV. Peoples Bank’s operating subsidiaries include Peoples Insurance Agency, LLC (“Peoples Insurance”) and Vantage Financial, LLC (“Vantage”), a nationwide provider of equipment financing.
Business Overview Peoples makes available a complete line of commercial and consumer banking, trust and investment, insurance, premium financing solutions, equipment leases and equipment financing agreements through its financial subsidiaries – Peoples Bank, Peoples Insurance and Vantage.
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These products and services include the following: ◦ various demand deposit accounts, savings accounts, money market accounts, certificates of deposit and governmental deposits; ◦ commercial loans, residential real estate loans, home equity lines of credit, consumer loans and overdraft services; ◦ insurance premium financing; ◦ commercial equipment financing; ◦ technology equipment financing; ◦ debit and automated teller machine (“ATM”) cards; ◦ credit cards for individuals and businesses; ◦ merchant credit card transaction processing services; ◦ person-to-person and business-to-business payment processing via Zelle®, FedNow®, and Real-Time Payments®; ◦ mobile banking features including check deposit, alert notifications, Apple Pay® and Samsung Pay®; ◦ interactive teller machines (“ITMs”); ◦ safe deposit rental facilities; ◦ money orders and cashier’s checks; ◦ a full range of life, health, and property and casualty insurance products; ◦ third-party insurance administration services; ◦ brokerage services; ◦ custom-tailored fiduciary and trust services; ◦ asset management and administration services; and ◦ employee benefit, retirement, and healthcare plan administration services.
Peoples’ financial products and services are primarily offered through its financial service offices, ATMs, and ITMs in Ohio, Kentucky, West Virginia, Virginia, Washington, D.C. and Maryland, as well as through online resources that are web-based and mobile-based. Peoples’ premium financing and commercial and technology equipment financing services are offered nationwide. Brokerage services are offered exclusively through an unaffiliated registered broker-dealer located at Peoples Bank’s offices. Indirect consumer lending activities are provided through approved dealerships. Peoples Bank’s credit card and merchant processing services are provided through joint marketing arrangements with third parties. Peoples’ business activities are currently limited to one reporting unit and reportable operating segment, which is community banking.
For a discussion of Peoples’ financial performance for the fiscal year ended December 31, 2025, see Peoples’ Consolidated Financial Statements and Notes to the Consolidated Financial Statements. Peoples has a history of expanding its business, including its customer base and primary market area, through a combination of organic growth and targeted acquisitions. The organic growth may include opening de novo banking and loan production offices (“LPOs”) located in or near Peoples’ existing market area. Acquisitions have consisted of traditional banking offices and LPOs, both individually and as part of entire financial institutions, insurance agencies, financial advisory books of business, insurance premium 4 financing and equipment leasing services.
The primary objectives of Peoples’ expansion efforts include: (1) providing opportunities to integrate non-traditional products and services, such as insurance, investment administration and management, insurance premium financing and equipment financing options, along with the traditional banking products offered to Peoples’ clients; (2) increasing market share in existing markets; (3) expanding Peoples’ core financial service businesses of banking, insurance, investment and investment management, insurance premium financing and equipment financing services; and (4) improving operating efficiency by directing resources toward branches, offices, and markets with the greatest earnings opportunities. Recent Corporate Developments 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.
Under this share repurchase program, Peoples repurchased an aggregate of 30,692 of its common shares totaling $0.8 million during 2025, an aggregate of 100,905 of its common shares totaling $3.0 million during 2024, and an aggregate of 107,219 of its common shares totaling $3.0 million during 2023. Primary Market Area and Customers Peoples considers its primary market area to be those counties with a physical branch presence and their contiguous counties. This includes Ohio, West Virginia, Kentucky, Virginia, Washington, D.C. and Maryland. […]
Quarterly risk disclosures
The quarterly report's own risk disclosure is shown below. No changes have been inferred by comparing reports.
RISK FACTORS" of Peoples' 2025 Form 10-K as supplemented by the disclosures under the heading "ITEM 1A. RISK FACTORS" of Peoples' Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2026. Peoples encourages readers of this Form 10-Q to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. Peoples undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the filing of this Form 10-Q or to reflect the occurrence of unanticipated events, except as required by applicable legal requirements. Copies of documents filed with the SEC are available free of charge at the SEC's website at http://www.sec.gov and/or from Peoples' website – www.peoplesbancorp.com under the “Investor Relations” section.
All forward-looking statements speak only as of the filing date of this Form 10-Q and are expressly qualified in their entirety by the cautionary statements. Although management believes the expectations in these forward-looking statements are based on reasonable assumptions within the bounds of management’s knowledge of Peoples’ business and operations, it is possible that actual results may differ materially from these projections. This discussion and analysis should be read in conjunction with the Audited Consolidated Financial Statements, and Notes to the Audited Consolidated Financial Statements, contained in Peoples’ 2025 Form 10-K, as well as the Unaudited Condensed Consolidated Financial Statements, Notes to the Unaudited Condensed Consolidated Financial Statements, ratios, statistics and discussions contained elsewhere in this Form 10-Q.
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Business Overview The following discussion and analysis of Peoples’ Unaudited Condensed Consolidated Financial Statements is presented to provide insight into management’s assessment of the financial condition and results of operations. Peoples is a diversified financial services holding company that makes available a complete line of banking, trust and investment, insurance, premium financing and equipment leasing solutions through its subsidiaries. Peoples' business activities are currently limited to one reporting unit and reportable operating segment, which is community banking. Peoples provides services through traditional offices, automated teller machines ("ATMs"), interactive teller machines ("ITMs"), mobile banking, telephone and internet-based banking. Peoples offers a complete array of insurance products through Peoples Insurance, a subsidiary of Peoples Bank.
Brokerage services are offered by Peoples exclusively through an unaffiliated registered broker-dealer located at Peoples Bank's offices. Peoples Bank offers insurance premium finance lending nationwide through its Peoples Premium Finance division. Peoples also offers lease financing through its North Star Leasing division and through Vantage, a subsidiary of Peoples Bank. As of June 30, 2026, Peoples had 144 locations, including 127 full-service bank branches in Ohio, Kentucky, West Virginia, Virginia, Washington D.C. and Maryland. Peoples Bank is subject to regulation and examination primarily by the Ohio Division of Financial Institutions (the "ODFI"), the FRB of Cleveland and the FDIC. Peoples Bank must also follow the regulations promulgated by the Consumer Financial Protection Bureau (the "CFPB"), which regulates consumer financial products and services and certain financial services providers.
Peoples Insurance is subject to regulation by the Ohio Department of Insurance and the state insurance regulatory agencies of those states in which Peoples Insurance may do business. Critical Accounting Policies The accounting and reporting policies of Peoples conform to US GAAP. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Note 1 of the Notes to the Unaudited Condensed Consolidated Financial Statements describes Peoples' significant accounting policies.
Management has identified the accounting 43 policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to understanding Peoples’ Unaudited Condensed Consolidated Financial Statements, and this MD&A at June 30, 2026, which have been disclosed in Peoples' 2025 Form 10-K and updated as necessary in "Note 1 Summary of Significant Accounting Policies" in the Notes to the Unaudited Condensed Consolidated Financial Statements included in this Form 10-Q. This MD&A should be read in conjunction with those accounting policies. New Accounting Guidance Pending Adoption ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326): Purchased Loans: The FASB issued Accounting Standards Update (“ASU”) 2025-08 on November 12, 2025.
The amendments “expand the population of acquired financial assets subject to the gross-up approach in Topic 326.” Specifically, the ASU expands the scope to include purchased “seasoned” loans, which are evaluated after purchase credit deteriorated (“PCD”) loans have been identified. […]
Annual report details
Read annual management analysis & tone analysis
Annual MD&A Tone Analysis
+100.0
4 · 100.0%Positive terms
0 · 0.0%Negative terms
732Analyzed annual MD&A words
Only the extracted annual management discussion is evaluated using dictionary version 1.1. Score = (positive − negative) ÷ matched terms × 100. Quarterly reports and current filings are excluded. This lexical measure does not assess financial health and may not fully capture context or negation.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS” of this Form 10-K and other cautionary statements set forth elsewhere in this Form 10-K. Corporate Overview Peoples Bancorp Inc. is a financial holding company, which was organized in 1980. Peoples operates principally through its wholly-owned subsidiary, Peoples Bank, an Ohio state-chartered bank that was first chartered in 1902. Peoples’ other wholly-owned operating subsidiary is Peoples Investment Company (“PIC”). Peoples also holds all of the common securities of NB&T Statutory Trust III, FNB Capital Trust One, Ascencia Statutory Trust I, and Porter Statutory Trusts II-IV. Peoples Bank’s operating subsidiaries include Peoples Insurance Agency, LLC (“Peoples Insurance”) and Vantage Financial, LLC (“Vantage”), a nationwide provider of equipment financing.
Business Overview Peoples makes available a complete line of commercial and consumer banking, trust and investment, insurance, premium financing solutions, equipment leases and equipment financing agreements through its financial subsidiaries – Peoples Bank, Peoples Insurance and Vantage.
These products and services include the following: ◦ various demand deposit accounts, savings accounts, money market accounts, certificates of deposit and governmental deposits; ◦ commercial loans, residential real estate loans, home equity lines of credit, consumer loans and overdraft services; ◦ insurance premium financing; ◦ commercial equipment financing; ◦ technology equipment financing; ◦ debit and automated teller machine (“ATM”) cards; ◦ credit cards for individuals and businesses; ◦ merchant credit card transaction processing services; ◦ person-to-person and business-to-business payment processing via Zelle®, FedNow®, and Real-Time Payments®; ◦ mobile banking features including check deposit, alert notifications, Apple Pay® and Samsung Pay®; ◦ interactive teller machines (“ITMs”); ◦ safe deposit rental facilities; ◦ money orders and cashier’s checks; ◦ a full range of life, health, and property and casualty insurance products; ◦ third-party insurance administration services; ◦ brokerage services; ◦ custom-tailored fiduciary and trust services; ◦ asset management and administration services; and ◦ employee benefit, retirement, and healthcare plan administration services.
Peoples’ financial products and services are primarily offered through its financial service offices, ATMs, and ITMs in Ohio, Kentucky, West Virginia, Virginia, Washington, D.C. and Maryland, as well as through online resources that are web-based and mobile-based. Peoples’ premium financing and commercial and technology equipment financing services are offered nationwide. Brokerage services are offered exclusively through an unaffiliated registered broker-dealer located at Peoples Bank’s offices. Indirect consumer lending activities are provided through approved dealerships. Peoples Bank’s credit card and merchant processing services are provided through joint marketing arrangements with third parties. Peoples’ business activities are currently limited to one reporting unit and reportable operating segment, which is community banking.
For a discussion of Peoples’ financial performance for the fiscal year ended December 31, 2025, see Peoples’ Consolidated Financial Statements and Notes to the Consolidated Financial Statements. Peoples has a history of expanding its business, including its customer base and primary market area, through a combination of organic growth and targeted acquisitions. The organic growth may include opening de novo banking and loan production offices (“LPOs”) located in or near Peoples’ existing market area. Acquisitions have consisted of traditional banking offices and LPOs, both individually and as part of entire financial institutions, insurance agencies, financial advisory books of business, insurance premium 4 financing and equipment leasing services.
The primary objectives of Peoples’ expansion efforts include: (1) providing opportunities to integrate non-traditional products and services, such as insurance, investment administration and management, insurance premium financing and equipment financing options, along with the traditional banking products offered to Peoples’ clients; (2) increasing market share in existing markets; (3) expanding Peoples’ core financial service businesses of banking, insurance, investment and investment management, insurance premium financing and equipment financing services; and (4) improving operating efficiency by directing resources toward branches, offices, and markets with the greatest earnings opportunities. Recent Corporate Developments 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.
Under this share repurchase program, Peoples repurchased an aggregate of 30,692 of its common shares totaling $0.8 million during 2025, an aggregate of 100,905 of its common shares totaling $3.0 million during 2024, and an aggregate of 107,219 of its common shares totaling $3.0 million during 2023. Primary Market Area and Customers Peoples considers its primary market area to be those counties with a physical branch presence and their contiguous counties. This includes Ohio, West Virginia, Kentucky, Virginia, Washington, D.C. and Maryland. […]