PEOPLES BANCORP INC 10-K

ITEM 9A CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures Peoples’ management, with the supervision and 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 Exchange Act) as of December 31, 2025. Based upon that evaluation, Peoples’ President and Chief Executive Officer, and Peoples’ Executive Vice President, Chief Financial Officer and Treasurer, have concluded that: (a) information required to be disclosed by Peoples in this Form 10-K 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; (b) information required to be disclosed by Peoples in this Form 10-K 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 period covered by this Form 10-K. Management’s Annual Report on Internal Control Over Financial Reporting The “Report of Management’s Assessment of Internal Control Over Financial Reporting” required by Item 308(a) of SEC Regulation S-K is included on page 75 of this Form 10-K. Attestation Report of Independent Registered Public Accounting Firm The “Report of Independent Registered Public Accounting Firm” required by Item 308(b) of SEC Regulation S-K is included on page 76 of this Form 10-K. Ernst & Young LLP (U.S. PCAOB Auditor Firm I.D.: 42 ), the independent registered public accounting firm that audited Peoples’ consolidated financial statements included in this Form 10-K, has issued an attestation report on the effectiveness of Peoples’ internal control over financial reporting as of December 31, 2025. The report, which expresses the opinion that Peoples’ management has maintained effective internal control over financial reporting as of December 31, 2025, is included in the “Report of Independent Registered Public Accounting Firm.” 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 the fiscal quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, Peoples’ internal control over financial reporting. 73 ITEM 9B OTHER INFORMATION (a) None. (b) The following details the activity in respect of the adoption , modification or termination of 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) by any director or any officer (as defined in Rule 16a-1(f) under the Exchange Act) of Peoples during the three months ended December 31, 2025: Trading Agreement Action Date Rule 10-b5-1* Craig Beam Director Terminate November 20, 2025 X *Intended to satisfy the affirmative defense of Rules 10b5-1(c) ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not Applicable. 74 Report of Management’s Assessment of Internal Control Over Financial Reporting Peoples’ management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended. Peoples’ internal control over financial reporting has been designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation, integrity, and fair presentation of Peoples’ Consolidated Financial Statements for external purposes in accordance with United States generally accepted accounting principles. With the supervision and participation of Peoples’ President and Chief Executive Officer and Peoples’ Executive Vice President, Chief Financial Officer and Treasurer, Peoples’ management evaluated the effectiveness of Peoples’ internal control over financial reporting as of December 31, 2025, using the Internal Control-Integrated Framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework). Based on the results of its evaluation, Peoples’ management has concluded that Peoples’ internal control over financial reporting was effective at a reasonable assurance level as of December 31, 2025. No matter how well designed, internal control over financial reporting may not prevent or detect all misstatements. Projection of the evaluation of effectiveness to future periods is subject to risks, including but not limited to (a) controls may become inadequate due to changes in conditions; (b) a deterioration may occur in the degree of compliance with policies or procedures; and (c) the possibility of control circumvention or override occurring, any of which may lead to misstatements due to undetected error or fraud. Effective internal control over financial reporting can provide only a reasonable assurance with respect to financial statement preparation and financial reporting. Peoples’ management assessed the effectiveness of Peoples’ internal control over financial reporting as of December 31, 2025, and, based on this assessment, has concluded Peoples’ internal control over financial reporting was effective at a reasonable assurance level as of that date. Peoples’ independent registered public accounting firm, Ernst & Young LLP has audited the Consolidated Financial Statements included in this Annual Report on Form 10-K and has issued an audit report on Peoples’ internal control over financial reporting. By: /s/ TYLER WILCOX By: /s/ KATIE BAILEY Tyler Wilcox Katie Bailey President and Chief Executive Officer Executive Vice President, Chief Financial Officer and Treasurer February 26, 2026 75 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Peoples Bancorp Inc. Opinion on Internal Control Over Financial Reporting We have audited Peoples Bancorp Inc. and subsidiaries’ internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Peoples Bancorp Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income (loss), stockholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and our report dated February 26, 2026 expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report of Management’s Assessment of Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP Chicago, Illinois February 26, 2026 76 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Peoples Bancorp Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Peoples Bancorp Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income (loss), stockholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 26, 2026 expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Accounting for the Allowance for Credit Losses Description of the Matter As discussed in Note 1 and Note 4 of the financial statements, management estimates the allowance for credit losses (ACL) based on relevant available information, from both internal and external sources, relating to past events, including historical experience, current conditions, and reasonable and supportable forecasts. The ACL is made up of a quantitative modeled component as well as a qualitative component. The methodology for determining the quantitative component includes (1) a pooled component for loans that exhibit similar risk characteristics and (2) a specific component for those loans that do not exhibit similar risk characteristics. For loans exhibiting similar risk characteristics, the Company uses a discounted cash flow methodology in determining an ACL for each loan segment. For loans that do not exhibit similar risk characteristics, the Company measures the ACL based on the present value of expected future cash flows, estimated collateral values, or the loan’s estimated market price. Management applies judgment in evaluating several qualitative factors to determine if the quantitative ACL results need to be adjusted. The Company’s loan and lease portfolio totaled $6.76 billion as of December 31, 2025, and the associated ACL was $75.7 million. Auditing management’s estimate of the ACL involves a high degree of subjectivity in evaluating whether the qualitative component of the reserve is reasonable and supportable. 77 How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company’s controls over the ACL process, which included, among others, management’s review and approval controls designed to assess and challenge whether the qualitative component of the reserve is reasonable and supportable. To test whether the qualitative component of the reserve was reasonable and supportable, our audit procedures included, among others, the following: 1) We assessed management’s methodology and considered whether relevant risks were reflected in the quantitative model and whether qualitative adjustments to the model outputs were reasonable and supportable; 2) We evaluated whether qualitative factors were reasonable based on changes in economic conditions, loss and delinquency trends, and the composition of the loan portfolio; 3) We tested the completeness, accuracy and relevance of the underlying data used to estimate the qualitative factors; 4) We searched for and evaluated information that corroborates or contradicts management’s identification and measurement of qualitative factors; and 5) We evaluated whether the overall ACL amount, inclusive of the qualitative adjustments, appropriately reflected lifetime losses expected in the loan portfolios as of the balance sheet. /s/ Ernst & Young LLP We have served as the Company’s auditor since 1995. Chicago, Illinois February 26, 2026 78 PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, (Dollars in thousands) 2025 2024 Assets Cash and cash equivalents: Cash and due from banks $ 107,864 $ 108,721 Interest-bearing deposits in other banks 81,087 108,943 Total cash and cash equivalents 188,951 217,664 Available-for-sale investment securities, at fair value (amortized cost of $ 1,076,980 at December 31, 2025 and $ 1,229,382 at December 31, 2024) (a) 984,367 1,083,555 Held-to-maturity investment securities, at amortized cost (fair value of $ 867,714 at December 31, 2025 and $ 692,499 at December 31, 2024) (a) 922,837 774,800 Other investment securities 68,656 60,132 Total investment securities (a) 1,975,860 1,918,487 Loans and leases, net of deferred fees and costs (b) 6,756,907 6,358,003 Allowance for credit losses ( 75,676 ) ( 63,348 ) Net loans and leases 6,681,231 6,294,655 Loans held for sale 2,667 2,348 Bank premises and equipment, net of accumulated depreciation 100,508 103,669 Bank owned life insurance 148,264 143,710 Goodwill 363,199 363,199 Other intangible assets 30,120 39,223 Other assets 158,830 171,292 Total assets $ 9,649,630 $ 9,254,247 Liabilities Deposits: Non-interest-bearing $ 1,545,428 $ 1,507,661 Interest-bearing 6,064,796 6,082,544 Total deposits 7,610,224 7,590,205 Short-term borrowings 530,285 193,474 Long-term borrowings 204,138 238,073 Accrued expenses and other liabilities 98,381 120,905 Total liabilities 8,443,028 8,142,657 Stockholders’ Equity Preferred shares, no par value, 50,000 shares authorized and no shares issued at December 31, 2025 and December 31, 2024 — — Common shares, no par value, 50,000,000 shares authorized, 36,836,943 shares issued at December 31, 2025 and 36,782,601 shares issued at December 31, 2024, including shares held in treasury 871,571 866,844 Retained earnings 436,748 388,109 Accumulated other comprehensive loss, net of deferred income taxes ( 70,628 ) ( 110,385 ) Treasury stock, at cost, 1,215,120 common shares at December 31, 2025 and 1,311,175 common shares at December 31, 2024 ( 31,089 ) ( 32,978 ) Total stockholders’ equity 1,206,602 1,111,590 Total liabilities and stockholders’ equity $ 9,649,630 $ 9,254,247 (a) Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $ 0 and $ 236 , respectively, at December 31, 2025 and $ 0 and $ 237 , respectively, at December 31, 2024. (b) Also referred to throughout this Form 10-K as “total loans” and “loans held for investment.” See Notes to the Consolidated Financial Statements 79 PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME Year Ended December 31, (Dollars in thousands, except per share data) 2025 2024 2023 Interest income: Interest and fees on loans $ 441,058 $ 450,996 $ 383,032 Interest and dividends on taxable investment securities 66,005 59,008 49,282 Interest on tax-exempt investment securities 3,751 3,963 4,326 Other interest income 3,492 6,809 2,763 Total interest income 514,306 520,776 439,403 Interest expense: Interest on deposits 135,165 142,114 71,934 Interest on short-term borrowings 10,142 15,545 19,935 Interest on long-term borrowings 13,769 14,416 8,160 Total interest expense 159,076 172,075 100,029 Net interest income 355,230 348,701 339,374 Provision for (recovery of) credit losses (a) 42,162 24,787 15,174 Net interest income after provision for (recovery of) credit losses 313,068 323,914 324,200 Non-interest income: Electronic banking income 25,024 25,142 25,210 Trust and investment income 21,448 19,513 17,160 Insurance income 19,592 19,401 18,016 Deposit account service charges 16,965 17,584 16,682 Lease income 15,612 10,480 7,860 Bank owned life insurance income 4,561 4,216 4,151 Mortgage banking income 1,398 1,788 1,078 Net loss on asset disposals and other transactions ( 3,027 ) ( 3,310 ) ( 2,837 ) Net loss on investment securities ( 2,659 ) ( 416 ) ( 3,700 ) Other non-interest income (b) 5,164 4,968 3,793 Total non-interest income 104,078 99,366 87,413 Non-interest expense: Salaries and employee benefit costs 156,530 150,041 144,031 Net occupancy and equipment expense 23,178 24,151 21,368 Data processing and software expense 29,118 25,221 21,607 Professional fees 12,663 12,109 17,041 Amortization of other intangible assets 8,845 11,161 11,222 Electronic banking expense 8,324 7,548 7,150 Marketing expense 3,681 3,914 5,017 FDIC insurance expense 5,136 4,929 4,785 Franchise tax expense 3,368 3,222 3,540 Other loan expenses 4,936 4,147 2,859 Communication expense 2,699 3,145 2,834 Operating lease expense 4,590 3,539 1,687 Travel and entertainment expense 2,565 2,656 2,401 Other non-interest expense 16,704 18,033 20,945 Total non-interest expense 282,337 273,816 266,487 Income before income taxes 134,809 149,464 145,126 Income tax expense 28,031 32,259 31,763 Net income $ 106,778 $ 117,205 $ 113,363 Earnings per common share – basic $ 3.03 $ 3.34 $ 3.46 Earnings per common share – diluted $ 2.99 $ 3.31 $ 3.44 Weighted-average number of common shares outstanding – basic 34,974,619 34,779,548 32,533,086 Weighted-average number of common shares outstanding – diluted 35,358,109 35,147,354 32,760,808 (a) The provision for credit losses includes changes related to the allowance for credit losses on loans, held-to-maturity investment securities, and the unfunded commitment liability. (b) Includes realized and unrealized losses on equity investment securities recorded in other non-interest income of $ 17 for the year ended December 31, 2025, and $ 141 for the year ended December 31, 2023, and unrealized gain of $ 50 for the year ended December 31, 2024 See Notes to the Consolidated Financial Statements 80 PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Net income $ 106,778 $ 117,205 $ 113,363 Other comprehensive income (loss): Available-for-sale investment securities: Gross unrealized holding gains (losses) arising in the period 50,559 ( 10,276 ) 29,655 Related tax (expense) benefit ( 11,788 ) 2,350 ( 6,817 ) Reclassification adjustment for net loss included in net income 2,659 416 3,700 Related tax benefit ( 620 ) ( 97 ) ( 864 ) Net effect on other comprehensive income (loss) 40,810 ( 7,607 ) 25,674 Defined benefit plans: Net loss arising during the period — — ( 303 ) Related tax benefit — — 71 Amortization of unrecognized loss on service benefit plans — — 9 Related tax benefit — — ( 2 ) Realized loss due to settlement and curtailment — — 2,424 Related tax benefit — — ( 566 ) Net effect on other comprehensive income — — 1,633 Cash flow hedges: Net (losses) gains arising during the period ( 206 ) 1,429 936 Related tax benefit (expense) 48 ( 334 ) ( 217 ) Reclassification adjustment for net gain included in net income ( 1,167 ) ( 2,979 ) ( 3,229 ) Related tax benefit 272 696 749 Net effect on other comprehensive income (loss) ( 1,053 ) ( 1,188 ) ( 1,761 ) Total other comprehensive income (loss), net of tax 39,757 ( 8,795 ) 25,546 Total comprehensive income (loss) $ 146,535 $ 108,410 $ 138,909 See Notes to the Consolidated Financial Statements 81 PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Common Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Total Stockholders’ Equity (Dollars in thousands) Balance, December 31, 2022 $ 686,450 $ 265,936 $ ( 127,136 ) $ ( 39,922 ) $ 785,328 Net income — 113,363 — — 113,363 Other comprehensive income, net of tax — — 25,546 — 25,546 Cash dividends declared — ( 52,062 ) — — ( 52,062 ) Reissuance of treasury stock for common share awards ( 5,944 ) — — 5,944 — Reissuance of treasury stock for deferred compensation plan for Boards of Directors — — — 115 115 Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors — — — ( 1,769 ) ( 1,769 ) Common shares repurchased under share repurchase program — — — ( 3,030 ) ( 3,030 ) Common shares issued under dividend reinvestment plan 1,324 — — — 1,324 Common shares issued under compensation plan for Boards of Directors 62 — — 486 548 Stock-based compensation 5,337 — — — 5,337 Common shares issued under employee stock purchase plan 69 — — 836 905 Issuance of common shares related to the Limestone Merger 177,929 — — — 177,929 Balance, December 31, 2023 $ 865,227 $ 327,237 $ ( 101,590 ) $ ( 37,340 ) $ 1,053,534 Net income — 117,205 — — 117,205 Other comprehensive loss, net of tax — — ( 8,795 ) — ( 8,795 ) Cash dividends declared — ( 56,333 ) — — ( 56,333 ) Reissuance of treasury stock for common share awards ( 6,880 ) — — 6,880 — Reissuance of treasury stock for deferred compensation plan for Boards of Directors — — — 342 342 Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors — — — ( 1,309 ) ( 1,309 ) Common shares repurchased under share repurchase program — — — ( 3,000 ) ( 3,000 ) Common shares issued under dividend reinvestment plan 1,501 — — — 1,501 Common shares issued under compensation plan for Boards of Directors 86 — — 406 492 Stock-based compensation 6,674 — — — 6,674 Common shares issued under employee stock purchase plan 236 — — 1,043 1,279 Balance, December 31, 2024 $ 866,844 $ 388,109 $ ( 110,385 ) $ ( 32,978 ) $ 1,111,590 82 PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED) Common Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Total Stockholders’ Equity (Dollars in thousands) Balance, December 31, 2024 $ 866,844 $ 388,109 $ ( 110,385 ) $ ( 32,978 ) $ 1,111,590 Net income — 106,778 — — 106,778 Other comprehensive income, net of tax — — 39,757 — 39,757 Cash dividends declared — ( 58,136 ) — — ( 58,136 ) Reissuance of treasury stock for common share awards ( 3,568 ) — — 3,568 — 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 — — — ( 2,481 ) ( 2,481 ) Common shares repurchased under share repurchase program — — — ( 838 ) ( 838 ) Common shares issued under dividend reinvestment plan 1,801 — — — 1,801 Common shares issued under compensation plan for Boards of Directors 79 — — 430 509 Stock-based compensation 6,261 — — — 6,261 Common shares issued under employee stock purchase plan 154 — — 841 995 Other — ( 3 ) — — ( 3 ) Balance, December 31, 2025 $ 871,571 $ 436,748 $ ( 70,628 ) $ ( 31,089 ) $ 1,206,602 See Notes to the Consolidated Financial Statements 83 PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Operating activities: Net income $ 106,778 $ 117,205 $ 113,363 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and accretion, net 14,477 3,514 3,668 Provision for credit losses 42,162 24,787 15,174 Bank owned life insurance income ( 4,561 ) ( 4,216 ) ( 4,151 ) Net loss on investment securities 2,659 416 3,700 Fair value adjustment on equity investment securities 17 ( 50 ) 141 Loans originated for sale ( 41,298 ) ( 65,356 ) ( 33,196 ) Proceeds from sales of loans 41,811 65,984 34,041 Net gains on sales of loans ( 861 ) ( 1,376 ) ( 659 ) Deferred income (benefit) tax expense ( 1,207 ) 6,973 ( 238 ) Increase (decrease) in accrued expenses 1,495 ( 4,216 ) 13,194 Decrease (increase) in interest receivable ( 870 ) 1,293 ( 6,443 ) (Decrease) increase in other assets ( 1,773 ) 5,626 962 (Decrease) increase in interest payable ( 2,241 ) ( 1,674 ) 6,621 Increase in operating lease assets ( 11,568 ) ( 16,217 ) ( 13,817 ) Change in lease right-of-use assets and lease liabilities 23 158 ( 335 ) Stock-based compensation 6,909 7,324 6,025 (Decrease) increase in net derivatives ( 13,136 ) 995 ( 5,739 ) Other, net ( 4,090 ) 2,017 11,332 Net cash provided by operating activities 134,726 143,187 143,643 Investing activities: Available-for-sale investment securities: Purchases ( 68,573 ) ( 331,274 ) ( 75,351 ) Proceeds from sales 89,155 28,369 198,893 Proceeds from principal payments, calls and prepayments 128,319 255,744 151,047 Held-to-maturity investment securities: Purchases ( 356,735 ) ( 253,546 ) ( 207,428 ) Proceeds from principal payments 210,440 162,497 84,116 Other investment securities: Purchases ( 60,344 ) ( 28,431 ) ( 27,206 ) Proceeds from sales 52,273 32,049 21,281 Net (increase) decrease in loans held for investment ( 418,239 ) ( 199,243 ) ( 356,075 ) Net expenditures for premises and equipment ( 6,026 ) ( 6,822 ) ( 13,458 ) Proceeds from sales of other real estate owned 5,298 9 129 Proceeds from bank owned life insurance — 1,060 227 Business acquisitions, net of cash received — ( 1,579 ) 92,594 Investment in limited partnership and tax credit funds — ( 3,142 ) ( 1,699 ) Other ( 17 ) — — Net cash used in investing activities ( 424,449 ) ( 344,309 ) ( 132,930 ) Financing activities: Net increase (decrease) in non-interest-bearing deposits 37,767 ( 59,988 ) ( 284,480 ) Net (decrease) increase in interest-bearing deposits ( 18,357 ) 547,098 436,545 Net increase (decrease) in short-term borrowings 336,811 ( 457,023 ) 90,359 Proceeds from long-term borrowings 13,481 55,277 115,108 Payments on long-term borrowings ( 49,187 ) ( 34,641 ) ( 40,165 ) Cash dividends paid ( 58,136 ) ( 56,333 ) ( 52,062 ) Repurchase of treasury stock under share repurchase program ( 838 ) ( 3,000 ) ( 3,030 ) Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock ( 2,481 ) ( 1,309 ) ( 1,769 ) Proceeds from issuance of common shares 1,670 1,478 1,264 Other 280 505 217 Net cash provided by (used in) financing activities 261,010 ( 7,936 ) 261,987 84 PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Net (decrease) increase in cash and cash equivalents ( 28,713 ) ( 209,058 ) 272,700 Cash and cash equivalents at beginning of period 217,664 426,722 154,022 Cash and cash equivalents at end of period $ 188,951 $ 217,664 $ 426,722 Supplemental cash flow information: Interest paid $ 159,881 $ 172,712 $ 90,367 Federal income taxes paid 19,839 22,599 24,750 State income taxes paid 3,094 2,835 4,956 Supplemental noncash disclosures: Transfers from loans to other real estate owned $ 72 $ 235 $ 31 Noncash recognition of new leases 1,333 1,660 4,428 See Notes to the Consolidated Financial Statements 85 PEOPLES BANCORP INC. AND SUBSIDIARIES TABLE OF CONTENTS TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 1. Summary of Significant Accounting Policies 87 Note 2. Fair Value of Financial Instruments 94 Note 3. Investment Securities 97 Note 4. Loans and Leases, and Allowance for Credit Losses 101 Note 5. Bank Premises and Equipment 102 Note 6. Leases 102 Note 7. Goodwill and Other Intangible Assets 104 Note 8. Deposits 106 Note 9. Short-Term Borrowings 107 Note 10. Long-Term Borrowings 108 Note 11. Stockholders’ Equity 110 Note 12. Employee Benefit Plans 111 Note 13. Income Taxes 111 Note 14. Earnings Per Common Share 113 Note 15. Derivative Financial Instruments 113 Note 16. Off-Balance Sheet Risk 115 Note 17. Regulatory Matters 115 Note 18. Stock-Based Compensation 117 Note 19. Revenue 119 Note 20. Parent Company Only Financial Information 120 86 PEOPLES BANCORP INC. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Peoples Bancorp Inc. is a financial holding company that offers a full range of financial services and products primarily offered through its 144 financial service offices and ATMs, including 126 full-service branches in Ohio, Kentucky, West Virginia, Washington, D.C., Virginia, and Maryland as of December 31, 2025, as well as through online resources that are web-based and mobile-based. Peoples’ insurance, premium financing and equipment leasing 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. Note 1 Summary of Significant Accounting Policies The accounting and reporting policies of Peoples Bancorp Inc. and 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.) conform to U.S. generally accepted accounting principles (“US GAAP”) and to general practices within the banking industry. 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 differ from those estimates. In the opinion of management, these 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. The following is a summary of significant accounting policies followed in the preparation of the financial statements: Business Combinations: Business combinations are accounted for using the acquisition method of accounting. Under this accounting method, the acquired company’s net assets are recorded at fair value on the date of acquisition, and the results of operations of the acquired company are combined with those of Peoples from the acquisition date forward. Costs related to the acquisition are expensed as incurred. The purchase price paid over the fair value of the net assets acquired, including intangible assets with finite lives, is recorded as goodwill. Consolidation: Peoples’ Consolidated Financial Statements include subsidiaries in which Peoples has a controlling financial interest, principally defined as owning a voting interest of greater than 50%. The Consolidated Financial Statements include the accounts of Peoples and its consolidated subsidiaries, Peoples Bank (along with its wholly-owned subsidiaries, Peoples Insurance Agency, LLC (“Peoples Insurance”) and Vantage Financial, LLC (“Vantage”)), Peoples Investment Company, and NB&T Statutory Trust III, FNB Capital Trust One, Ascencia Statutory Trust I, and Porter Statutory Trusts II-IV, for which Peoples holds all of the common securities. All intercompany accounts and transactions have been eliminated. Fair Value Measurements: The measurement of fair value under US GAAP uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: Level 1: Quoted prices in active exchange markets for identical assets or liabilities; also includes certain U.S. Treasury and other U.S. government and agency securities actively traded in over-the-counter markets. Level 2: Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data; also includes derivative financial instruments whose value is determined using a pricing model with observable market inputs or can be derived principally from, or corroborated by, observable market data. This category generally includes certain U.S. government and agency securities, corporate debt securities, derivative instruments, and residential mortgage loans held for sale. Level 3: Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as financial instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data. This category generally includes certain private equity investments, retained interests from securitization, and certain collateralized debt obligations. 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 87 all components of consolidated interest income, interest expense, non-interest income, and non-interest expense as presented in Peoples’ Consolidated Statements of Income 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 Income. 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. At December 31, 2025 and at December 31, 2024, Peoples had no restricted funds held in interest-bearing deposits in other banks which were being used as collateral and not available for withdrawal. Investment Securities: Investment securities are recorded initially at cost, which includes premiums and discounts if purchased at other than par or face value. Peoples amortizes premiums and accretes discounts as an adjustment to interest income on a level yield basis. The cost of investment securities sold, excluding equity investment securities, and any resulting gain or loss, is based on the specific identification method and recognized as of the trade date. The cost of equity investment securities is based on the weighted-average method. Peoples determines the appropriate classification of investment securities at the time of purchase. Held-to-maturity securities are those securities that Peoples has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to Peoples’ liquidity needs, changes in market interest rates, and asset-liability management strategies, among other considerations. Available-for-sale securities are reported at fair value, with unrealized gains and losses reported in total stockholders’ equity as a separate component of accumulated other comprehensive loss (“AOCL”), net of applicable deferred income taxes. Certain restricted equity investment securities that do not have readily determinable fair values and for which Peoples does not exercise significant influence, are carried at cost. These cost method securities are reported in “Other investment securities” on the Consolidated Balance Sheets and consist primarily of shares of the Federal Home Loan Bank of Cincinnati (the “FHLB”) and the Federal Reserve Bank of Cleveland (the “FRB”). Peoples evaluates available-for-sale investment securities on a quarterly basis to determine how much, if any, allowance for credit losses is required. Peoples reviews available-for-sale investment securities at an unrealized loss position, with potential exposure to a credit event (which excludes U.S. government and U.S. government sponsored agency securities) to determine if the unrealized loss was credit-related. For those debt securities that Peoples does not intend to sell or is not more likely than not required to sell, prior to the expected recovery of the amortized cost basis, the credit portion of the impairment is recognized through an allowance in provision for credit losses. Peoples evaluates held-to-maturity investment securities on a quarterly basis in determining an allowance for credit losses. Peoples has determined that the loss given default for U.S. government sponsored enterprise investment securities is zero , due to the fact that it is unlikely the ultimate guarantor (the U.S. government) would not perform on its implicit guarantee in the event of default. The remaining securities are included in the calculation of the allowance for credit losses for held-to-maturity investment securities. Loans and Leases: Loans 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 principal balance outstanding, net of deferred loan fees and costs, purchase premiums and discounts, charge-offs and an allowance for credit losses. Non-operating leases originated by Peoples are reported at the net investment of the lease, net of initial direct costs, charge-offs and an allowance for credit losses. Throughout this Form 10-K, loans and leases are referred to as “total loans” and “loans held for investment.” Peoples considers loans and leases 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 or lease agreement. Loans and 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. Loans and leases acquired in a business combination that have evidence of more than insignificant credit deterioration, which includes loans and leases that Peoples believes it is probable that Peoples will be unable to collect all contractually required payments, are considered purchase credit deteriorated (“PCD”) loans or leases. These loans are recorded at the purchase price, and an allowance for credit losses is determined using the same methodology as for other loans or leases. The initial allowance for credit losses determined on a collective basis is allocated to individual loans or leases. The total of the purchase price and allowance for credit losses is the net amount expected to be collected for PCD loans or leases. The variance between the initial amortized cost basis and the par value of the loan is considered an interest premium or discount, which is amortized or accreted into interest income on a level yield method over the life of the loan. The variance between the initial amortized cost basis and the fair value of a lease is considered an interest premium or discount, which is amortized or accreted into interest income on a level yield method over the life of the lease. Loans and leases acquired in a business combination that are not considered PCD are recorded at fair value and the difference between the acquisition date fair value and the contractual amounts due at the acquisition date represents the discount or premium 88 to each loan’s or lease’s cost basis and is accreted or amortized to interest income over the loan’s or lease’s remaining life using the level yield method. At the acquisition date, Peoples records provision for credit losses to establish the allowance for credit losses for these acquired loans and leases. Loans Held for Sale: Loans originated by Peoples and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried at the lower of cost or estimated fair value determined on an aggregate basis. Gains and losses on sales of loans held for sale are included in mortgage banking income. Loans originated by Peoples with the intent to be held in the portfolio are subsequently transferred to held for sale when a decision is made to sell these loans. At the time of a loan’s transfer to the held for sale classification, the loan is recorded at the lower of cost or its fair value. If the fair value of a loan is lower than the amortized cost basis at the time of transfer, the reduction is reflected as a write-down of the recorded investment, resulting in a new cost basis, with a corresponding charge against the allowance for credit losses. If the fair value of a loan classified as held for sale in subsequent periods is less than its cost basis, the carrying value of the loan is adjusted accordingly, with the corresponding loss recognized in income. Allowance for Credit Losses: The allowance for credit losses includes both the allowance for credit losses for loans and leases and the allowance for credit losses on lending-related commitments. The allowance for credit losses is a valuation reserve established through the provision for credit losses charged against income. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is measured on a pool basis, with loans collectively evaluated when similar risk characteristics exist. Peoples evaluated risk characteristics, including but not limited to: internal or third-party credit scores or credit ratings, risk ratings or classifications, financial asset type, collateral type, size, effective interest rate, term, geographical location, industry of the borrower, vintage, historical or credit loss patterns and reasonable and supportable forecast periods. Peoples identified 20 segments for which it believes there are similar risk characteristics and utilized a discounted cash flow methodology in determining an allowance for credit losses for each segment. In management’s estimation of expected credit losses, Peoples’ uses a one year reasonable and supportable period across all segments. Following the reasonable and supportable period, Peoples reverts the macroeconomic variables to their long run average over a four-quarter reversion period. In estimating credit losses, Peoples uses a loss driver method, which analyzes one or more economic variables to the change in default rate using a regression analysis. Variables that had a strong correlation were selected as economic factors, or variables, for the model. If a single variable was not found to be strongly correlated, additional variables were included. Peoples utilizes the U.S. unemployment and Ohio unemployment rates as economic factors in modeling. Probabilities of default are used in the loss driver model and are analyzed on a quarterly basis to assess reasonableness. Peoples measured loss given default at the segment level due to statistical considerations using historical information. Peoples also utilized peer data due to somewhat volatile loss history in certain segments to normalize default curves, which provided more meaningful results. Peoples modeled amortizing loans with a prepayment rate annualized to one year. The prepayment rates were calculated using Peoples’ historical data, at the segment level. In general, Peoples completes a quarterly evaluation based on several qualitative factors to determine if there should be adjustments made to the allowance for credit losses. These factors could include economic conditions, collateral, concentrations, troubled assets, Peoples’ loss trends, peer loss trends, delinquency trends, portfolio composition and loan growth, underwriting, and certain other risks. The allowance for credit losses related to specific loans is based on management’s estimate of potential losses on impaired loans as determined by (1) the present value of expected future cash flows, (2) the fair value of collateral if the loan is determined to be collateral dependent, or (3) the loan’s observable market price. Peoples categorizes loans involving commercial borrowers into risk categories based upon an established grading matrix. This system is used to manage the risk within Peoples’ commercial lending activities, evaluate changes in the overall credit quality of the loan portfolio and evaluate the appropriateness of the allowance for credit losses. 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 at least on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower’s business, receipt of financial statements indicating deteriorating credit quality or other similar events. Adversely classified loans are reviewed on a quarterly basis. The primary factors considered when assigning a risk grade to a loan include (1) reliability and sustainability of the primary source of repayment, (2) past, present and projected financial condition of the borrower, and (3) current economic and industry conditions. Other factors that could influence the risk grade assigned include the type and quality of collateral and the strength of 89 any guarantors. The primary source of repayment for commercial real estate loans and commercial and industrial loans is normally the operating cash flow of the business available to repay debt. Management’s analysis of operating cash flow for commercial real estate loans secured by non-owner occupied properties takes into account factors such as rent rolls and vacancy statistics. Management’s analysis of operating cash flow for commercial real estate loans secured by owner occupied properties and all commercial and industrial loans considers the profitability, liquidity and leverage of the business. The evaluation of construction loans includes consideration of the borrower’s ability to complete construction within the established budget. The primary factors considered when classifying residential real estate loans, home equity lines of credit and consumer loans include the loan’s past due status and any declaration of bankruptcy by the borrower(s). The classification of residential real estate loans and home equity lines of credit also takes into consideration the current value of the underlying collateral. Peoples has elected the practical expedient not to measure allowance for credit losses for accrued interest receivables and reverses accrued interest on nonperforming loans against interest income in a timely manner. Unfunded Commitments: Peoples also completes a quarterly evaluation for unfunded commitments for loans that are not unconditionally cancellable, which includes construction loans, floor plan lines of credit, home equity lines of credit, other credit lines and letters of credit. Peoples performed a study to determine the historical funding rates of unadvanced portions of loans, and applied these funding rates to the unfunded commitments at period end. The loss rates, including qualitative factors, in determining the allowance for credit losses were applied at the segment level to the unfunded commitment amount to determine the allowance for credit loss liability for unfunded commitments. Nonaccrual Loans: Peoples discontinues the accrual of interest on a loan when conditions cause management to believe collection of all or any portion of the loan’s contractual interest is doubtful. Such conditions may include the borrower being 90 days or more past due on any contractual payments, or current information regarding the borrower’s financial condition and repayment ability. All unpaid accrued interest deemed uncollectable is reversed, which reduces Peoples’ net interest income. Interest received on nonaccrual loans is included in income only if principal recovery is reasonably assured. Bank Premises and Equipment: Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets owned. Major improvements to leased facilities are capitalized and included in bank premises at cost less accumulated depreciation, which is calculated on the straight-line method over the lesser of the remaining term for the leased facility or the estimated economic life of the improvement. Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition or business combination over the fair value of the net assets acquired in the acquisition or business combination. Goodwill is not amortized but is tested for impairment when indicators of impairment exist, or at least annually on October 1. Peoples’ other intangible assets include customer relationship intangible assets, core deposit intangible assets, and indefinite-lived trade name and servicing rights representing the net present value of future economic benefits to be earned from acquired customer relationships with definite useful lives. These intangible assets are amortized on an accelerated basis over their estimated lives ranging from 7 to 10 years. Servicing Rights: Servicing rights represent the right to service loans sold to third-party investors. Loans that are sold are primarily mortgage loans. Servicing rights are recognized separately as a servicing asset whenever Peoples undertakes an obligation to service financial assets. Servicing rights are reported in other intangible assets on the Consolidated Balance Sheets. Serviced loans that have been completely sold are not included on the Consolidated Balance Sheets. Loan servicing income included in mortgage banking income includes servicing fees received from the third-party investors and certain charges collected from the borrowers. Peoples initially records servicing rights at fair value at the time of the sale of the loans to the third-party investor. Peoples follows the amortization method for the subsequent measurement of each class of separately recognized servicing assets and liabilities. Under the amortization method, Peoples amortizes the value of servicing assets or liabilities utilizing a straight-line basis approach over the period of estimated net servicing income or net servicing loss, and assesses servicing assets or liabilities for impairment or increased obligation based on the fair value at each reporting date. The fair value of the servicing rights is determined by using a discounted cash flow model, which estimates the present value of the future net cash flows of the servicing portfolio based on various factors, such as servicing costs, expected prepayment speeds and discount rates. Derivatives: 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 value of which is 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. Amounts reported in AOCL related to derivatives are reclassified to interest income or expense as interest payments are made or received on Peoples’ variable-rate assets or liabilities. Peoples assesses the effectiveness of each hedging relationship by comparing the 90 changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transaction. If the derivative financial instruments designated as cash flow hedges are deemed effective, changes in the fair value of each derivative financial instrument are reported in AOCL (outside of earnings), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings. If the derivative financial instruments designated as cash flow hedges are deemed ineffective, changes in the fair value of the derivative financial instrument are recognized directly in earnings. Interest Rate Lock Commitments: Peoples enters into interest rate lock commitments with borrowers and best efforts commitments with investors on mortgage loans originated for sale into the secondary markets to manage the inherent interest rate and pricing risk associated with selling loans. An interest rate lock commitment generally terminates once the loan is funded, the lock period expires or the borrower decides not to contract for the loan. A best efforts commitment generally terminates once the loan is sold, the commitment period expires or the borrower decides not to contract for the loan. The valuation of such commitments considers the servicing release premium but does not consider other expected cash flows related to the servicing of the future loan. Management determined that any interest rate lock commitments qualifying as derivatives did not have a material effect on Peoples’ financial position, results of operations or cash flows at December 31, 2025. Investments in Affordable Housing Limited Partnerships: Investments in affordable housing consist of investments in limited partnerships that operate qualified affordable housing projects or that invest in other limited partnerships formed to operate affordable housing projects. These investments are considered variable interest entities for which Peoples is not the primary beneficiary. Peoples generally utilizes the proportional amortization method to account for these investments with the tax credits, net of the amortization of the investment, reflected in the Consolidated Statements of Income as a reduction in income tax expense. The unamortized amount of the investments is recorded in “Other assets” and totaled $ 9.1 million and $ 11.1 million at December 31, 2025 and 2024, respectively. Other Real Estate Owned (“OREO”): OREO, included in “Other assets” on the 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. Peoples had OREO totaling $ 0.1 million at December 31, 2025 and $ 6.2 million at December 31, 2024. The year over year reduction was due to an individual OREO sale completed in the fourth quarter of 2025. Securities Sold Under Agreements to Repurchase (“Repurchase Agreements”): Peoples enters into Repurchase Agreements with customers and other financial services companies, which are considered secured borrowing. As such, these obligations are recorded as a liability on the Consolidated Balance Sheets and disclosed in “Note 9 Short-Term Borrowings” and “Note 10 Long-Term Borrowings,” as appropriate. Securities pledged as collateral under Repurchase Agreements are included in investment securities on the Consolidated Balance Sheets and are disclosed in “Note 3 Investment Securities.” The fair value of the collateral pledged to a third party is continually monitored and additional collateral is pledged or returned, as deemed appropriate. Interest Income Recognition: Interest income on loans and investment securities is recognized by methods that result in level rates of return on principal amounts outstanding. This includes yield adjustments resulting from the amortization of premiums on investment securities, loan costs and premiums, and accretion of discounts on investment securities, loan fees and discounts. Loans that have been placed on nonaccrual, and are subsequently returned to accruing status, recognize interest income similar to other accruing loans once they return to accruing status. Prior accrued interest that was reversed when the loan was placed on nonaccrual is recognized when received, after all of the principal of the loan outstanding has been paid. Since mortgage-backed securities comprise a sizable portion of Peoples’ investment portfolio, a significant increase in principal payments on those securities can impact interest income due to the corresponding acceleration of premium amortization or discount accretion. Lease income: Lease income presented in “Non-interest income” includes (i) operating lease income, (ii) month-to-month lease payments in excess of net investment on the lease, (iii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets, and (vi) syndication income. Income on operating leases is recognized on a straight-line basis. Depreciation expense related to operating leases is recognized on a straight-line basis in “other non-interest expense.” Gains on syndicated leases and other fees are recognized at a point in time. Revenue Recognition: Peoples recognizes revenues as they are earned based on contractual terms, or as services are provided and collectability is reasonably assured. Peoples’ principal source of revenue is interest income, which is recognized on an accrual basis primarily according to the terms in written contracts, such as loan agreements or securities contracts. Estimates of variable consideration are included in revenue to the extent that it is probable that a significant reversal of cumulative revenue will not occur, once the uncertainty is resolved. Peoples’ contracts with customers are short-term in nature, and were recognized under the following revenue streams: Electronic Banking Income: Electronic banking income consists of two revenue streams related to interchange income, and promotional and usage income. Peoples recognizes interchange income over time, on a monthly basis, which is based on the transactional volume of debit card and credit card activity completed by its customers during the month in which income is recognized. Peoples is obligated, 91 based on its contracts with third parties, to meet certain volumes of debit card and credit card activities, which are performed by Peoples’ customers, over a certain period of time. Interchange income is variable as it is based on the transaction volume of debit card activity completed by Peoples’ customers. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due for all PIN transactions from the vendor within one month of the completed customer debit card and credit card activity, while all other interchange transaction fees are earned and recorded on a daily basis. Peoples has elected to apply a practical expedient of right to invoice when recognizing interchange income, as Peoples has fulfilled the required performance obligations, the vendor has consumed the service, and Peoples has a right to the related income. Peoples also recognizes promotional and usage income over time, on a monthly basis, which is related to branding of debit cards and promotion or use of certain services provided by third-party vendors. Peoples is obligated to brand its debit cards in a certain manner, and promote and use services provided by third-party vendors. Promotional and usage income is variable as it is based on certain metrics achieved for promotion and usage of services provided by the third-party vendors. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the third-party vendors within 45 days of the monthly fulfillment of Peoples’ performance obligation. Peoples has elected to apply a practical expedient of right to invoice when recognizing promotional and usage income, as Peoples has fulfilled the required performance obligations, the vendor has consumed the service, and Peoples has a right to the related income. Trust and Investment Income: Trust and investment income consists of revenue from fiduciary and brokerage activities, which includes fees for services such as asset management, record keeping, retirement services and estate management, and investment commissions and fees related to the sale of investments. Trust and investment income is recognized over time, which reflects the duration of the contract period for which services have been provided. Trust and investment income is variable as it is based on the value of assets under administration and management, and specific transactions. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. Payment is due from the customer when billed, which is typically a monthly or quarterly billing for services rendered in the most recent period, for which the performance obligation has been satisfied. Peoples has elected to apply a practical expedient of right to invoice when recognizing trust and investment income, as Peoples has fulfilled the performance obligation, the customer has consumed the service, and Peoples has a right to the related income. Peoples has also elected to apply a practical expedient related to capitalizable costs, which are the commissions paid to financial advisors, and will expense these commissions paid to financial advisors as incurred, as these costs are related to the trust and investment income and would have been amortized within one year or less if they had been capitalized, the same period over which the income was earned. Insurance Income: Insurance income generally consists of commissions and fees from the sale of insurance policies, fees related to third-party administration services and performance-based commissions from insurance companies. Peoples recognizes commission income from the sale of insurance policies when it acts as an agent between the insurance carrier and policyholder, arranging for the insurance carrier to provide policies to policyholders, and acts on behalf of the insurance carrier by providing customer service to the policyholders during the respective policy periods. Commission income is recognized over time, using the output method of time elapsed, which corresponds with the underlying insurance policy period, during which Peoples is obligated to perform under contract with the insurance carrier. Commission income is based on a percentage of the underlying policy premium. Payment is due from the insurance carrier for commission income once the insurance policy has been sold. Peoples has elected to apply a practical expedient related to capitalizable costs, which are the commissions paid to insurance producers, and will expense these commissions paid to insurance producers as incurred, as these costs are related to the commission income and would have been amortized within one year or less if they had been capitalized, the same period over which the commission income was earned. Fees related to third-party administration services performed are recognized over time, during the period in which services have been provided, and are recognized monthly in the month the services were performed. Performance-based commissions from insurance companies are recognized at a point in time, when received, and no contingencies remain. Deposit Account Service Charges: Deposit account service charges consist of two revenue streams related to ongoing maintenance fees for deposit accounts and transactional-based fees. Ongoing maintenance fees are recognized on a monthly basis, generally with the monthly period beginning on the day of the month on which the account was opened. Ongoing maintenance fee income is variable as these fees can be reduced if a customer meets certain qualifying metrics. Peoples estimates the variable consideration based upon the “most likely amount” method, and does not expect or anticipate a significant reversal of revenue in future periods. For accounts that are assessed maintenance fees through the account analysis process, payment is due from the customer within one month after the monthly period in which the account activity occurred. For all other accounts, monthly maintenance fees are assessed to the account on the last day of the monthly period. Peoples has elected to apply a practical expedient of right to invoice when recognizing ongoing maintenance fees 92 for deposit accounts, as Peoples has fulfilled the required performance obligations, the customer has consumed the service, and Peoples has a right to the related income. Transactional-based fees are recognized at a point in time, which is at the completion of the relevant transaction. Peoples is obligated to perform certain transactions as requested by its consumer and business deposit account customers, which are outside of the normal maintenance requirements. Transactional-based fees are based on a standard fee schedule and are not contingent upon future events. Payment is due from the customer at the time of completion of the requested transaction. Overdraft fees are considered transactions-based fees and accounted for as described herein. Other Non-Interest Income: Other non-interest income includes certain revenues that are transactional-based, such as wire transfer fees, money order fees and other ancillary fees or services. These transactional-based fees are recognized as income at a point in time, at the completion of the relevant transaction. Transactional-based fees are based on a standard fee schedules and are not contingent upon future events. Payment is due from the customer at the time of completion of the requested transaction. Also included in other non-interest income are commercial loan swap fees, which consist of income related to transactions in which 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 swap by entering into an offsetting interest rate swap with an unaffiliated financial institution. Commercial loan swap fees are recognized at a point in time, when the transaction has been completed, and there is no recourse or further performance obligation required of Peoples Bank. Commercial loan swap fees are based on yield spreads at swap inception and the underlying notional, or loan amount. Payment is due from the customer at the time of completion of the requested transaction. Stock-Based Compensation: Stock-based compensation for restricted common share awards is measured at the fair value of these awards on their grant date. Stock-based compensation is recognized over the restriction period for restricted common share awards. Only the expense for the portion of the awards expected to vest is recognized. For service-based awards, stock-based compensation for awards granted to employees who are eligible for retirement is recognized on the date the employee is first eligible to retire. Advertising Costs: Advertising costs are expensed as incurred. Income Taxes: Peoples and its subsidiaries file a consolidated federal income tax return. Deferred income tax assets and liabilities reflect the temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements at the blended federal and state corporate income tax rate. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. A tax position is initially recognized in the financial statements when it is more-likely-than-not the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. Penalties and interest incurred under the applicable tax law are classified as income tax expense. Further, the amount of net interest and penalties related to unrecognized tax benefits was immaterial for all periods presented. The amounts of Peoples’ uncertain income tax positions and unrecognized benefits are disclosed in “Note 13 Income Taxes.” Earnings per Share (“EPS”): Basic EPS and diluted EPS are calculated using the two-class method since Peoples has issued share-based payment awards that are considered participating securities because they entitle holders the rights to dividends during the vesting term. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Basic EPS is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS is computed by dividing net earnings allocated to common shareholders by the weighted-average number of common shares outstanding adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include non-vested restricted common shares using the treasury stock method. Recent Adoptions of New Accounting Guidance: From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by Peoples as of the required effective dates. Unless otherwise discussed, management believes the impact of any recently adopted standards will not have a material impact on Peoples’ Consolidated Financial Statements taken as a whole. ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures: The FASB issued ASU 2023-09 on December 14, 2023. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09 applies to all entities subject to income taxes. For public business entities, the new requirements were effective for annual periods 93 beginning after December 15, 2024. Peoples adopted the expanded disclosure requirements on a retrospective basis beginning with the fiscal year ending December 31, 2025. The guidance did not have a material impact on the financial statements. Note 2 Fair Value of Financial Instruments 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 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 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.” 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 in the Consolidated Financial Statements. Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis The following table provides the fair value for assets and liabilities required to be measured and reported at fair value on a recurring basis on the Consolidated Balance Sheets by level in the fair value hierarchy. At December 31, 2025 and at December 31, 2024, there were no assets or liabilities measured on a recurring basis that were considered Level 3 measurements. Recurring Fair Value Measurements at Reporting Date December 31, 2025 December 31, 2024 (Dollars in thousands) Level 1 Level 2 Level 1 Level 2 Assets: Available-for-sale investment securities: Obligations of: U.S. Treasury and government agencies $ — $ 17,580 $ 893 $ 14,303 U.S. government sponsored agencies — 206,330 — 209,083 States and political subdivisions — 170,832 — 196,301 Residential mortgage-backed securities — 544,038 — 601,802 Commercial mortgage-backed securities — 41,804 — 55,065 Bank-issued trust preferred securities — 3,783 — 6,108 Total available-for-sale securities — 984,367 893 1,082,662 Equity investment securities (a) 176 239 197 244 Nonqualified deferred compensation (a) (b) 6,074 — 4,898 — Derivative assets (c) — 9,708 — 18,743 Liabilities: Derivative liabilities (d) — 9,275 $ — $ 17,046 (a) Included in “Other investment securities” on the Consolidated Balance Sheets. For additional information, see “Note 3 Investment Securities.” (b) Investments in the nonqualified deferred compensation plan consist of cash and mutual funds. (c) Included in “ Other assets” on the Consolidated Balance Sheets. For additional information, see “Note 15 Derivative Financial Instruments.” (d) Included in “ Accrued expenses and other liabilities” on the Consolidated Balance Sheets. For additional information, see “Note 15 Derivative Financial Instruments.” 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, 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 in management’s overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists. Equity Investment Securities: The fair values of Peoples’ equity investment securities are obtained from quoted prices in active exchange markets for identical assets or liabilities (Level 1) or quoted prices in less active markets (Level 2). 94 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 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 value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Consolidated Balance Sheets by level in the fair value hierarchy. Non-Recurring Fair Value Measurements at Reporting Date December 31, 2025 December 31, 2024 (Dollars in thousands) Level 2 Level 3 Level 2 Level 3 Collateral dependent loans $ — $ 7,738 $ — $ 4,375 Loans held for sale (a) 1,678 — 1,499 — OREO — — — 5,891 (a) Loans held for sale are presented gross of a valuation allowance of $ 57 and $ 166 at December 31, 2025 and at December 31, 2024, respectively. Collateral Dependent Loans: Loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty, are considered collateral dependent. Peoples utilizes outside third-party appraisal services to value the underlying collateral, which Peoples 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, included in “Other assets” on the 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 which are 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). 95 Financial Instruments Not Required to be Measured and 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 Consolidated Balance Sheets. Fair Value Measurements of Other Financial Instruments (Dollars in thousands) Fair Value Hierarchy Level December 31, 2025 December 31, 2024 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 188,951 $ 188,951 $ 217,664 $ 217,664 Held-to-maturity investment securities: Obligations of: U.S. government sponsored agencies 2 261,826 254,435 233,302 223,294 States and political subdivisions (a) 2 140,843 115,657 142,691 110,848 Residential mortgage-backed securities 2 423,628 413,123 300,290 276,278 Commercial mortgage-backed securities 2 96,776 84,499 98,754 82,079 Total held-to-maturity securities 923,073 867,714 775,037 692,499 Other investments: Other investments at cost: FHLB stock 3 30,843 30,843 24,606 24,606 FRB stock 3 27,114 27,114 27,114 27,114 Other investments (b) 3 4,210 4,210 3,073 3,073 Total other investments at cost 62,167 62,167 54,793 54,793 Loans and leases, net of deferred fees and costs (c) 3 6,756,907 6,697,321 6,358,003 6,240,751 Bank owned life insurance 2 148,264 148,264 143,710 143,710 Financial liabilities: Deposits 2 $ 7,610,224 $ 6,579,413 $ 7,590,205 $ 6,713,360 Short-term borrowings 2 530,285 530,282 193,474 204,577 Long-term borrowings 2 204,138 222,323 238,073 251,736 (a) Obligations of state and political subdivisions are presented gross of an allowance for credit losses of $ 236 and $ 237 , at December 31, 2025 and at December 31, 2024, respectively. (b) “Other investments,” as reported on the Consolidated Balance Sheets, also included equity investment securities at December 31, 2025 and at December 31, 2024, which are reported in the “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis” table above and not included in this table. (c) Loans and leases, net of deferred fees and costs are presented gross of an allowance for credit losses of $ 75.7 million and $ 63.3 million, at December 31, 2025 and at December 31, 2024, respectively. 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). 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. 96 Bank Owned Life Insurance: Peoples’ bank owned life insurance policies are recorded at their cash surrender 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 CDs is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities (Level 2). Demand and other non-fixed-maturity deposits are estimated using a discounted cash flow calculation based on maturity, attrition and re-pricing assumptions. 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 at December 31: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2025 Obligations of: U.S. Treasury and government agencies $ 17,386 $ 213 $ ( 19 ) $ 17,580 U.S. government sponsored agencies 212,282 504 ( 6,456 ) 206,330 States and political subdivisions 189,131 103 ( 18,402 ) 170,832 Residential mortgage-backed securities 606,292 1,749 ( 64,003 ) 544,038 Commercial mortgage-backed securities 47,889 1 ( 6,086 ) 41,804 Bank-issued trust preferred securities 4,000 — ( 217 ) 3,783 Total available-for-sale securities $ 1,076,980 $ 2,570 $ ( 95,183 ) $ 984,367 2024 Obligations of: U.S. Treasury and government agencies $ 15,317 $ 87 $ ( 208 ) $ 15,196 U.S. government sponsored agencies 224,167 53 ( 15,137 ) 209,083 States and political subdivisions 225,074 16 ( 28,789 ) 196,301 Residential mortgage-backed securities 693,886 1,391 ( 93,475 ) 601,802 Commercial mortgage-backed securities 64,438 36 ( 9,409 ) 55,065 Bank-issued trust preferred securities 6,500 — ( 392 ) 6,108 Total available-for-sale securities $ 1,229,382 $ 1,583 $ ( 147,410 ) $ 1,083,555 The unrealized losses related to residential mortgage-backed securities at December 31, 2025 and 2024 were attributable to changes in market interest rates and spreads since the securities were purchased. The gross gains and gross losses realized by Peoples from sales of available-for-sale securities for the years ended December 31 were as follows: (Dollars in thousands) 2025 2024 2023 Gross gains realized $ 433 $ 1,140 $ 1,550 Gross losses realized 3,092 1,556 5,250 Net loss realized $ ( 2,659 ) $ ( 416 ) $ ( 3,700 ) 97 The following table presents a summary of available-for-sale investment securities that had unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss 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 subdivisions 3,129 460 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 2024 Obligations of: U.S. Treasury and government agencies $ 10,003 $ 174 11 $ 2,299 $ 34 10 $ 12,302 $ 208 U.S. government sponsored agencies 130,518 5,816 27 70,982 9,321 13 201,500 15,137 States and political subdivisions 28,400 1,188 55 160,210 27,601 138 188,610 28,789 Residential mortgage-backed securities 85,043 2,300 69 482,609 91,175 256 567,652 93,475 Commercial mortgage-backed securities 2,868 93 5 46,619 9,316 24 49,487 9,409 Bank-issued trust preferred securities 493 7 1 5,614 385 3 6,107 392 Total $ 257,325 $ 9,578 168 $ 768,333 $ 137,832 444 $ 1,025,658 $ 147,410 Management evaluates available-for-sale investment securities for an allowance of credit losses on a quarterly basis. At December 31, 2025, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At December 31, 2025, Peoples did not have the intent to sell, nor was it more-likely-than-not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both December 31, 2025, and 2024 were largely attributable to changes in market interest rates and spreads since the securities were purchased. Accrued interest receivable is not included in the investment securities balances, and is presented in the “Other assets” line of the Consolidated Balance Sheets, with no recorded allowance for credit losses. The unrealized losses with respect to the two bank-issued trust preferred securities that had been in an unrealized loss position for twelve months or more at December 31, 2025, were primarily attributable to the subordinated nature of the debt. The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at December 31, 2025. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a federal statutory income tax rate of 21%. 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. 98 (Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total Amortized cost Obligations of: U.S. Treasury and government agencies $ 263 $ 847 $ 11,557 $ 4,719 $ 17,386 U.S. government sponsored agencies 1,498 42,357 93,359 75,068 212,282 States and political subdivisions 4,443 35,547 73,662 75,479 189,131 Residential mortgage-backed securities — 1,627 46,173 558,492 606,292 Commercial mortgage-backed securities 389 15,288 14,346 17,866 47,889 Bank-issued trust preferred securities — 1,000 3,000 — 4,000 Total available-for-sale securities $ 6,593 $ 96,666 $ 242,097 $ 731,624 $ 1,076,980 Fair value Obligations of: U.S. Treasury and government agencies $ 263 $ 850 $ 11,710 $ 4,757 $ 17,580 U.S. government sponsored agencies 1,493 39,183 91,811 73,843 206,330 States and political subdivisions 4,422 33,568 65,102 67,740 170,832 Residential mortgage-backed securities — 1,586 44,040 498,412 544,038 Commercial mortgage-backed securities 390 13,880 12,615 14,919 41,804 Bank-issued trust preferred securities — 971 2,812 — 3,783 Total available-for-sale securities $ 6,568 $ 90,038 $ 228,090 $ 659,671 $ 984,367 Total weighted-average yield 2.36 % 1.79 % 3.19 % 2.76 % 2.77 % Held-to-Maturity The following table summarizes Peoples’ held-to-maturity investment securities at December 31: (Dollars in thousands) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value 2025 Obligations of: U.S. government sponsored agencies $ 261,826 $ — $ 740 $ ( 8,131 ) $ 254,435 States and political subdivisions 140,843 ( 236 ) 77 ( 25,027 ) 115,657 Residential mortgage-backed securities 423,628 — 4,916 ( 15,421 ) 413,123 Commercial mortgage-backed securities 96,776 — — ( 12,277 ) 84,499 Total held-to-maturity securities $ 923,073 $ ( 236 ) $ 5,733 $ ( 60,856 ) $ 867,714 2024 Obligations of: U.S. government sponsored agencies $ 233,302 $ — $ 219 $ ( 10,227 ) $ 223,294 States and political subdivisions 142,691 ( 237 ) 110 ( 31,716 ) 110,848 Residential mortgage-backed securities 300,290 — 281 ( 24,293 ) 276,278 Commercial mortgage-backed securities 98,754 — — ( 16,675 ) 82,079 Total held-to-maturity securities $ 775,037 $ ( 237 ) $ 610 $ ( 82,911 ) $ 692,499 There were no sales of held-to-maturity securities during the years ended December 31, 2025, and December 31, 2024. 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 residential mortgage-backed securities, for which an allowance for credit losses was not recorded. These securities are implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Accordingly, there is a zero credit loss expectation on these securities. Peoples calculated the allowance for credit losses for states and political subdivisions using cumulative default rate averages for municipal securities. 99 The following table presents a summary of held-to-maturity investment securities that had unrealized losses at both December 31, 2025, and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss 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 subdivisions 1,238 301 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 2024 Obligations of: U.S. government sponsored agencies $ 150,390 $ 2,464 29 $ 38,901 $ 7,763 11 $ 189,291 $ 10,227 States and political subdivisions 957 44 1 106,716 31,672 66 107,673 31,716 Residential mortgage-backed securities 116,576 2,808 27 130,556 21,485 43 247,132 24,293 Commercial mortgage-backed securities 9,603 1,381 5 70,476 15,294 29 80,079 16,675 Total $ 277,526 $ 6,697 62 $ 346,649 $ 76,214 149 $ 624,175 $ 82,911 The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity securities by contractual maturity at December 31, 2025. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a federal statutory income tax rate of 21%. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. (Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total Amortized cost Obligations of: U.S. government sponsored agencies $ 6,406 $ 2,196 $ 126,243 $ 126,981 $ 261,826 States and political subdivisions 2,239 6,581 30,511 101,512 140,843 Residential mortgage-backed securities 16 — 5,429 418,183 423,628 Commercial mortgage-backed securities 2,000 8,777 39,517 46,482 96,776 Total held-to-maturity securities $ 10,661 $ 17,554 $ 201,700 $ 693,158 $ 923,073 Fair value Obligations of: U.S. government sponsored agencies $ 6,319 $ 2,037 $ 125,066 $ 121,013 $ 254,435 States and political subdivisions 2,231 6,347 26,249 80,830 115,657 Residential mortgage-backed securities 16 — 5,097 408,010 413,123 Commercial mortgage-backed securities 2,000 8,269 34,946 39,284 84,499 Total held-to-maturity securities $ 10,566 $ 16,653 $ 191,358 $ 649,137 $ 867,714 Total weighted-average yield 1.78 % 2.04 % 3.72 % 4.16 % 4.00 % Other Investment Securities Peoples’ “Other investment securities” on the Consolidated Balance Sheets consist largely of shares of FHLB and FRB stock, and other equity investment securities. 100 The following table summarizes the carrying value of Peoples’ Other investment securities at December 31: (Dollars in thousands) 2025 2024 FHLB stock $ 30,843 $ 24,606 FRB stock 27,114 27,114 Nonqualified deferred compensation 6,074 4,898 Equity investment securities 3,756 2,645 Other investment securities 869 869 Total Other investment securities $ 68,656 $ 60,132 Peoples redeemed $ 51.1 million and $ 31.7 million of FHLB stock in 2025 and 2024, respectively, in order to be in compliance with the requirements of the FHLB. Peoples purchased $ 57.3 million and $ 26.4 million of additional FHLB stock during 2025 and 2024, respectively, as a result of the FHLB’s capital requirements on FHLB advances during the year. During the year ended December 31, 2025, and December 31, 2024, Peoples made no purchases and purchased $ 0.2 million, respectively, of FRB stock as a result of capital requirements. During 2025, Peoples recorded the change in the fair value of equity investment securities held at December 31, 2025, in “Other non-interest income,” resulting in an unrealized loss of $ 17,000 . During 2024, Peoples recorded the change in the fair value of equity investment securities held at December 31, 2024, in “Other non-interest income,” resulting in unrealized gain of $ 50,000 . At December 31, 2025, Peoples’ investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies. There were no equity investment securities of a single issuer that exceeded 10% of Peoples’ stockholders’ equity at December 31, 2025. Pledged Securities At December 31, 2025, and 2024, Peoples had pledged available-for-sale investment securities and held-to-maturity investment securities to secure public and trust department deposits, and Repurchase Agreements. Peoples also pledged available-for-sale investment securities and held-to-maturity investment securities to secure additional borrowing capacity at the FHLB and the FRB. The following table summarizes the carrying value of Peoples’ pledged investment securities as of December 31: Carrying Amount (Dollars in thousands) 2025 2024 Securing public and trust department deposits, and Repurchase Agreements: Available-for-sale $ 328,516 $ 505,963 Held-to-maturity 704,470 563,014 Securing additional borrowing capacity at the FHLB and the FRB: Available-for-sale 4,018 3,119 Held-to-maturity 68,425 1,215 Accrued Interest Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on investment securities was $ 9.0 million and $ 9.9 million at December 31, 2025, and 2024, respectively. Note 4 Loans and Leases, and Allowance for Credit Losses 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 division and its Vantage subsidiary. Throughout this Form 10-K, loans and leases are referred to as “total loans” and “loans held for investment.” The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows at December 31: (Dollars in thousands) 2025 2024 Construction $ 300,941 $ 328,388 Commercial real estate, other 2,363,967 2,156,013 Commercial and industrial 1,535,755 1,347,645 Premium finance 253,075 269,435 Leases 365,649 406,598 Residential real estate 861,722 835,101 Home equity lines of credit 253,864 232,661 Consumer, indirect 700,582 669,857 Consumer, direct 120,338 111,052 Deposit account overdrafts 1,014 1,253 Total loans, at amortized cost $ 6,756,907 $ 6,358,003 The table above includes net deferred loan origination costs of $ 20.0 million and $ 20.2 million at December 31, 2025, and 2024, respectively. The remaining unamortized net discount included in the amortized cost of loans and leases was $ 9.7 million and $ 19.5 million at December 31, 2025, and 2024, respectively. Accrued interest receivable is not included within the loan balances, but is presented in the “Other assets” line of the Consolidated Balance Sheets, with no recorded allowance for credit losses. Total interest receivable on loans was $ 25.0 million at December 31, 2025, and $ 23.1 million at December 31, 2024. Nonaccrual and Past Due Loans A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due. The amortized cost of loans on nonaccrual status and loans delinquent for 90 days or more and accruing were as follows at December 31: 2025 2024 (Dollars in thousands) Nonaccrual (a) Accruing Loans 90+ Days Past Due Nonaccrual (a) Accruing Loans 90+ Days Past Due Commercial real estate, other $ 4,056 $ 579 $ 7,136 $ 227 Commercial and industrial 8,045 126 6,809 78 Premium finance 573 2,477 — 4,947 Leases 11,063 542 8,850 803 Residential real estate 8,556 1,937 7,329 2,166 Home equity lines of credit 1,507 69 1,498 213 Consumer, indirect 2,718 286 2,374 159 Consumer, direct 368 140 133 44 Total loans, at amortized cost $ 36,886 $ 6,156 $ 34,129 $ 8,637 (a) There were $ 1.8 million of nonaccrual loans for which there was no allowance for credit losses at December 31, 2025 and $ 5.7 million of such loans at December 31, 2024. The following tables present the aging of the recorded investment in past due loans at December 31: Loans Past Due Current Total (Dollars in thousands) 30 – 59 days 60 – 89 days 90 + Days Total 2025 Construction $ — $ — $ — $ — $ 300,941 $ 300,941 Commercial real estate, other 1,760 4,066 3,664 9,490 2,354,477 2,363,967 Commercial and industrial 1,600 1,329 7,780 10,709 1,525,046 1,535,755 Premium finance 2,767 2,956 3,050 8,773 244,302 253,075 Leases 9,966 3,560 11,187 24,713 340,936 365,649 Residential real estate 13,821 3,035 5,767 22,623 839,099 861,722 Home equity lines of credit 2,160 402 981 3,543 250,321 253,864 Consumer, indirect 8,752 1,726 1,550 12,028 688,554 700,582 Consumer, direct 752 165 431 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 2024 Construction $ — $ — $ — $ — $ 328,388 $ 328,388 Commercial real estate, other 1,300 1,585 6,008 8,893 2,147,120 2,156,013 Commercial and industrial 1,651 583 4,551 6,785 1,340,860 1,347,645 Premium finance 3,863 456 4,947 9,266 260,169 269,435 Leases 10,941 5,241 9,575 25,757 380,841 406,598 Residential real estate 11,481 3,038 5,271 19,790 815,311 835,101 Home equity lines of credit 1,473 317 1,093 2,883 229,778 232,661 Consumer, indirect 7,568 1,522 1,326 10,416 659,441 669,857 Consumer, direct 884 113 138 1,135 109,917 111,052 Deposit account overdrafts — — — — 1,253 1,253 Total loans, at amortized cost $ 39,161 $ 12,855 $ 32,909 $ 84,925 $ 6,273,078 $ 6,358,003 Delinquency trends remained stable, with 98.6 % and 98.7 % of Peoples’ portfolio considered “current” at December 31, 2025, and at December 31, 2024, respectively. Pledged Loans Peoples has pledged certain loans secured by one-to-four family and multifamily residential mortgages, commercial real estate and home equity lines of credit under a blanket collateral agreement to secure borrowings from the FHLB. Peoples also has pledged commercial loans to secure borrowings with the FRB. Loans pledged at December 31 are summarized in the following table: (Dollars in thousands) 2025 2024 Loans pledged to FHLB $ 1,347,242 $ 1,218,496 Loans pledged to FRB 624,503 527,989 Related Party Loans In the normal course of its business, Peoples Bank has granted loans to certain directors and officers of Peoples, including their affiliates, families and entities in which they are principal owners. At December 31, 2025, no related party loan was past due 90 or more days or on nonaccrual status. Activity in related party loans is presented in the table below. Other changes primarily consist of changes in related party status, and the addition and exit of directors during the year, as applicable. (Dollars in thousands) Balance, December 31, 2024 $ 2,534 New loans and disbursements 2,679 Repayments ( 1,739 ) Other changes ( 132 ) Balance, December 31, 2025 $ 3,342 Quality Indicators As discussed in “Note 1 Summary of Significant Accounting Policies,” 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 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 are to 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 loans if required, for any weakness that may exist. “Special Mention” (grade 5): Loans in this risk category are the equivalent of the regulatory “Other Assets Especially Mentioned” classification. 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 the secondary source of repayment. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the loans or in Peoples’ credit position. “Substandard” (grade 6): Loans in this risk category are inadequately protected by the borrower’s current financial condition and payment capability, or by 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 deficiencies are not corrected. “Doubtful” (grade 7): Loans in this risk category 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 current 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 these loans as an estimated loss is deferred until their more exact status may be determined. “Loss” (grade 8): Loans in this risk category are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean each such 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 in the period in which the loan becomes uncollectable. Consequently, Peoples typically does not maintain a recorded investment in loans within this risk 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. 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 tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2025: Term Loans at Amortized Cost by Origination Year (Dollars in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total 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 Total 81,441 101,580 100,182 2,400 6,618 8,720 — 512 300,941 Current period gross charge-offs — — — — — — — Commercial real estate, other Pass 330,087 164,537 345,618 378,500 310,160 670,053 44,947 1,794 2,243,902 Special mention 83 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 Total 330,170 194,994 349,386 395,923 331,790 716,075 45,629 1,881 2,363,967 Current period gross charge-offs — — — 174 — 121 295 Commercial and industrial Pass 381,903 230,861 115,712 95,158 92,556 290,243 248,204 7,621 1,454,637 Special mention 45 3,117 2,653 847 981 4,885 30,001 2,292 42,529 Substandard 130 251 263 8,745 12,196 6,407 10,562 5,423 38,554 Doubtful — — — — — 35 — — 35 Total 382,078 234,229 118,628 104,750 105,733 301,570 288,767 15,336 1,535,755 Current period gross charge-offs — 19 161 202 202 1,167 1,751 Premium finance Pass 248,710 3,649 143 — — — — — 252,502 Substandard — 520 53 — — — — — 573 Total 248,710 4,169 196 — — — — — 253,075 Current period gross charge-offs 31 192 229 30 — — 482 Leases Pass 145,052 94,499 72,336 27,742 9,768 3,161 — — 352,558 Special mention 480 739 774 402 21 — — — 2,416 Substandard 228 1,001 3,386 785 334 — — — 5,734 Doubtful 48 1,406 2,249 864 374 — — — 4,941 Total 145,808 97,645 78,745 29,793 10,497 3,161 — — 365,649 Current period gross charge-offs 204 4,240 8,297 6,717 1,450 496 21,404 Residential real estate Pass 104,910 66,847 56,842 77,533 117,758 426,547 — — 850,437 Substandard 183 501 1,540 663 924 7,378 — — 11,189 Loss — — — — — 96 — — 96 Total 105,093 67,348 58,382 78,196 118,682 434,021 — — 861,722 Current period gross charge-offs — — 27 8 39 199 273 Home equity lines of credit Pass 54,398 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 Total 54,398 51,042 32,364 34,672 24,382 56,985 21 3,560 253,864 Current period gross charge-offs — — 36 — — 5 41 Consumer, indirect Pass 292,512 164,565 108,928 84,987 27,026 19,049 — — 697,067 Substandard 655 648 708 667 412 305 — — 3,395 Loss 37 15 19 6 7 36 — — 120 Total 293,204 165,228 109,655 85,660 27,445 19,390 — — 700,582 Current period gross charge-offs 1,128 2,030 1,948 1,121 350 147 6,724 Consumer, direct Pass 60,248 24,070 15,182 11,889 4,516 4,000 — — 119,905 Substandard 43 57 171 71 1 41 — — 384 Loss — 1 10 6 1 31 — — 49 Total 60,291 24,128 15,363 11,966 4,518 4,072 — — 120,338 Current period gross charge-offs 344 143 98 75 19 23 702 Deposit account overdrafts 1,014 — — — — — — — 1,014 Current period gross charge-offs 1,149 — — — — — 1,149 Total loans, at amortized cost $ 1,702,207 $ 940,363 $ 862,901 $ 743,360 $ 629,665 $ 1,543,994 $ 334,417 $ 21,289 $ 6,756,907 Total current period gross charge-offs $ 2,856 $ 6,624 $ 10,796 $ 8,327 $ 2,060 $ 2,158 $ 32,821 The following tables summarize the risk category of Peoples’ loan portfolio based upon the then most recent analysis performed at December 31, 2024: Term Loans at Amortized Cost by Origination Year (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Construction Pass $ 69,862 $ 162,605 $ 47,133 $ 30,592 $ 1,845 $ 13,540 $ — $ — $ 325,577 Special mention — — — — — 115 — — 115 Substandard — 1,161 1,535 — — — — — 2,696 Total 69,862 163,766 48,668 30,592 1,845 13,655 — — 328,388 Current period gross charge-offs — — — — — — — Commercial real estate, other Pass 130,971 219,105 366,256 337,905 201,367 751,415 41,122 — 2,048,141 Special mention 271 2,923 11,876 7,197 5,107 10,689 288 — 38,351 Substandard 145 1,073 2,460 18,851 9,234 37,136 612 — 69,511 Doubtful — — — — — 10 — — 10 Total 131,387 223,101 380,592 363,953 215,708 799,250 42,022 — 2,156,013 Current period gross charge-offs — — 376 — — 55 431 Commercial and industrial Pass 311,631 202,929 134,558 148,288 66,102 152,143 229,821 4,779 1,245,472 Special mention 779 9,019 10,886 4,449 12,049 13,537 19,465 — 70,184 Substandard 200 99 4,791 11,429 3,850 4,430 5,045 49 29,844 Doubtful — — 1,987 — — 158 — — 2,145 Total 312,610 212,047 152,222 164,166 82,001 170,268 254,331 4,828 1,347,645 Current period gross charge-offs — 14 — 17 105 532 668 Premium finance Pass 265,504 3,837 94 — — — — — 269,435 Total 265,504 3,837 94 — — — — — 269,435 Current period gross charge-offs 67 109 33 — — — 209 Leases Pass 175,449 125,664 61,064 24,181 4,661 2,153 — — 393,172 Special mention 791 1,529 1,140 365 5 — — — 3,830 Substandard 351 2,108 1,777 193 8 — — — 4,437 Doubtful 170 2,127 1,859 624 110 269 — — 5,159 Total 176,761 131,428 65,840 25,363 4,784 2,422 — — 406,598 Current period gross charge-offs 1,315 5,623 5,421 2,308 301 138 15,106 Residential real estate Pass 77,130 66,712 85,045 128,359 52,090 414,574 — — 823,910 Substandard 321 1,088 161 980 306 8,087 — — 10,943 Loss — 4 — — — 244 — — 248 Total 77,451 67,804 85,206 129,339 52,396 422,905 — — 835,101 Current period gross charge-offs — — 46 5 — 237 288 Home equity lines of credit Pass 54,724 37,417 37,752 27,430 16,583 57,303 24 731 231,233 Substandard — 138 163 16 34 1,069 — — 1,420 Loss — — — — — 8 — — 8 Total 54,724 37,555 37,915 27,446 16,617 58,380 24 731 232,661 Current period gross charge-offs — — — — — 11 11 Consumer, indirect Pass 239,584 176,115 148,210 56,846 30,231 16,129 — — 667,115 Substandard 269 557 681 618 312 251 — — 2,688 Loss 14 — 16 14 — 10 — — 54 Total 239,867 176,672 148,907 57,478 30,543 16,390 — — 669,857 Current period gross charge-offs 497 2,207 1,880 691 141 763 6,179 Consumer, direct Pass 45,978 25,605 21,544 9,614 4,180 3,884 — — 110,805 Substandard 18 65 46 29 4 73 — — 235 Loss — 4 — — — 8 — — 12 Total 45,996 25,674 21,590 9,643 4,184 3,965 — — 111,052 Current period gross charge-offs 2 154 212 51 12 247 678 Deposit account overdrafts 1,253 — — — — — — — 1,253 Current period gross charge-offs 1,542 — — — — — 1,542 Total loans, at amortized cost $ 1,375,415 $ 1,041,884 $ 941,034 $ 807,980 $ 408,078 $ 1,487,235 $ 296,377 $ 5,559 $ 6,358,003 Total current period gross charge-offs $ 3,423 $ 8,107 $ 7,968 $ 3,072 $ 559 $ 1,983 $ 25,112 Collateral Dependent Loans Peoples has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: • Construction loans are typically secured by owner occupied commercial real estate or non-owner occupied investment real estate. Typically, owner occupied construction loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties that are in process of construction. Non-owner occupied commercial construction loans are generally secured by office buildings and complexes, multi-family complexes, land under development, and other commercial and industrial real estate in process of construction. • Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial 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 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 as of December 31: (Dollars in thousands) 2025 2024 Commercial real estate, other $ 687 $ 2,764 Commercial and industrial 4,666 959 Leases 2,385 652 Total collateral dependent loans $ 7,738 $ 4,375 The increase in collateral dependent loans at December 31, 2025, compared to at December 31, 2024, was primarily due to one large commercial and industrial loan totaling $ 4.3 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 following table displays the amortized cost of loans that were restructured during the twelve months ended as of December 31, 2025 and December 31, 2024, presented by loan classification. During the Twelve Months Ended December 31, 2025 (a) (Dollars in thousands) Payment Deferral Term Extension Principal Forgiveness Payment Delay and Term Extension Total Percentage of Total by Loan Category (b) (c) Commercial real estate — 3,076 — — 3,076 0.13 % Commercial and industrial — 8,845 — — 8,845 0.58 % Leases 262 82 25 — 369 0.10 % Residential real estate — 188 — — 188 0.02 % Home equity lines of credit — 98 — — 98 0.04 % Total $ 262 $ 12,289 $ 25 $ — $ 12,576 0.19 % During the Twelve Months Ended December 31, 2024 (a) (Dollars in thousands) Payment Deferral Term Extension Principal Forgiveness Payment Delay and Term Extension Total Percentage of Total by Loan Category (b) (c) Commercial real estate $ — $ 1,021 $ — $ — $ 1,021 0.05 % Commercial and industrial — 8,089 — — 8,089 0.60 % Leases 189 652 — 1,247 2,088 0.51 % Residential real estate — 88 — — 88 0.01 % Home equity lines of credit — 162 — — 162 0.07 % Consumer, indirect 13 — — — 13 — % Total $ 202 $ 10,012 $ — $ 1,247 $ 11,461 0.18 % (a) Amounts in the table exclude loans that were paid off or otherwise no longer included in the loan portfolio as of period end. (b) 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. (c) Each percentage displayed as --% is considered not meaningful. The following table summarizes the financial impacts of loan modifications and payment deferrals made to loans during the twelve months ended as of December 31, 2025, and December 31, 2024, presented by loan classification. During the Twelve Months Ended December 31, 2025 (Dollars in thousands) Weighted-Average Term Extension (in months) Commercial real estate 4 Commercial and industrial 7 Leases 21 Residential real estate 172 Home equity lines of credit 176 During the Twelve Months Ended December 31, 2024 (Dollars in thousands) Weighted-Average Term Extension (in months) Commercial real estate 6 Commercial and industrial 7 Leases 26 Residential real estate 1 Home equity lines of credit 89 Consumer, indirect 13 The following table displays the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that defaulted 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 through December 31, 2025, and December 31, 2024, respectively. For the Twelve Months Ended December 31, 2025 (Dollars in thousands) Term Extension Payment Deferral Payment Delay and Term Extension Total Commercial and industrial $ 4,313 $ — $ — $ 4,313 Leases 106 — — 106 Total loans that subsequently defaulted (a) $ 4,419 $ — $ — $ 4,419 During the Twelve Months Ended December 31, 2024 (Dollars in thousands) Term Extension Payment Deferral Payment Delay and Term Extension Total Leases — — 26 26 Residential real estate 72 — — 72 Consumer, indirect — 13 — 13 Total loans that subsequently defaulted (a) $ 72 $ 13 $ 26 $ 111 (a) Represents the sum of amortized cost and gross charge-off as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. The following table displays an aging analysis of loans that were modified during the 12 months prior to the period displayed, presented by classification and class of financing receivable. As of December 31, 2025 (a) (Dollars in thousands) 30-59 Days Delinquent 60-89 Days Delinquent 90+ Days Delinquent Total Delinquent Current Total Commercial real estate 479 2,047 — 2,526 550 3,076 Commercial and industrial 839 774 4,313 5,926 2,919 8,845 Leases 58 45 106 209 160 369 Residential real estate — — — — 188 188 Home equity lines of credit — — — — 98 98 Total loans modified (b) $ 1,376 $ 2,866 $ 4,419 $ 8,661 $ 3,915 $ 12,576 As of December 31, 2024 (a) (Dollars in thousands) 30-59 Days Delinquent 60-89 Days Delinquent 90+ Days Delinquent Total Delinquent Current Total Commercial real estate — — — — 1,021 1,021 Commercial and industrial 125 18 — 143 7,946 8,089 Leases 143 652 26 821 1,267 2,088 Residential real estate 39 — 33 72 16 88 Home equity lines of credit — — — — 162 162 Consumer, indirect — — 13 13 — 13 Total loans modified (b) $ 307 $ 670 $ 72 $ 1,049 $ 10,412 $ 11,461 (a) Amounts in table exclude loans that were paid off or otherwise no longer included in the loan portfolio as of period end. (b) 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 this 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. The allowance for credit losses represents management’s estimate of lifetime expected credit losses. Changes in the allowance for credit losses for 2025 are summarized below: (Dollars in thousands) Beginning Balance, January 1, 2025 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, December 31, 2025 Construction $ 878 $ 488 $ — $ 25 $ 1,391 Commercial real estate, other 16,256 3,701 ( 295 ) 64 19,726 Commercial and industrial 13,283 7,220 ( 1,751 ) 52 18,804 Premium finance 662 556 ( 482 ) 13 749 Leases 12,893 23,672 ( 21,404 ) 1,314 16,475 Residential real estate 6,491 ( 98 ) ( 273 ) 175 6,295 Home equity lines of credit 1,792 183 ( 41 ) — 1,934 Consumer, indirect 8,576 4,392 ( 6,724 ) 1,462 7,706 Consumer, direct 2,396 720 ( 702 ) 71 2,485 Deposit account overdrafts 121 847 ( 1,149 ) 292 111 Total $ 63,348 $ 41,681 $ ( 32,821 ) $ 3,468 $ 75,676 (a) Amount does not include the provision for unfunded commitment liability. Changes in the allowance for credit losses for 2024 are summarized below: (Dollars in thousands) Beginning Balance, January 1, 2024 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, December 31, 2024 Construction $ 699 $ 179 $ — $ — 878 Commercial real estate, other 20,915 ( 4,355 ) ( 431 ) 127 16,256 Commercial and industrial 10,490 3,403 ( 668 ) 58 13,283 Premium finance 484 359 ( 209 ) 28 662 Leases 10,850 16,621 ( 15,106 ) 528 12,893 Residential real estate 5,937 588 ( 288 ) 254 6,491 Home equity lines of credit 1,588 208 ( 11 ) 7 1,792 Consumer, indirect 8,590 5,613 ( 6,179 ) 552 8,576 Consumer, direct 2,343 681 ( 678 ) 50 2,396 Deposit account overdrafts 115 1,263 ( 1,542 ) 285 121 Total $ 62,011 $ 24,560 $ ( 25,112 ) $ 1,889 $ 63,348 (a) Amount does not include the provision for unfunded commitment liability. During 2025, Peoples recorded a total provision for credit losses of $ 41.7 million, which was a result of higher net charge-offs as well as the changes in the allowance for credit losses described below. The increase in net charge-offs was primarily driven by leases originated by North Star Leasing which totaled $ 20.0 million for the full year. The increase in the allowance for credit losses at December 31, 2025, when compared to at December 31, 2024, was primarily due to (i) loan growth, (ii) deterioration in the economic forecasts used within the CECL model, (iii) a periodic refresh in loss drivers utilized within the CECL model, (iv) an increase in reserves for leases originated by the North Star Leasing division, and (v) an increase in individually analyzed loans and leases. At December 31, 2025, Peoples had recorded an unfunded commitment liability of $ 2.5 million, an increase compared to the $ 2.0 million that was recorded at December 31, 2024. The allowance for unfunded commitments (also referred to as “unfunded commitment liability”) is presented in the “Accrued expenses and other liabilities” line of the Consolidated Balance Sheets. For 2025, Peoples recorded a provision for credit losses on unfunded commitments of $ 0.5 million, compared to $ 0.2 million for 2024. The change in the allowance for unfunded commitments is reflected in the “Provision for credit losses” line of the Consolidated Statements of Income. 101 Note 5 Bank Premises and Equipment The major categories of bank premises and equipment, net of accumulated depreciation, at December 31 were as follows: (Dollars in thousands) 2025 2024 Land $ 22,834 $ 23,066 Building and premises 129,292 125,792 Furniture, fixtures and equipment 47,519 45,884 Total bank premises and equipment 199,645 194,742 Accumulated depreciation ( 99,137 ) ( 91,073 ) Net book value $ 100,508 $ 103,669 Peoples depreciates its building and premises, and its furniture, fixtures and equipment over estimated useful lives generally ranging from five to 40 years and two to ten years , respectively. Depreciation expense was $ 8.6 million in 2025 and $ 8.6 million in 2024. Note 6 Leases Lessor Arrangements Peoples began originating leases with the acquisition of leases from 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. Certain leases contain renewal options, which are not included in the lease term or lease receivable, as they are not considered by Peoples to be reasonable certain as they are at the discretion of the lessee. 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) month-to-month lease payments in excess of net investment in the lease, (iii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets, and (vi) syndication income. Income on operating leases is recognized on a straight-line basis over the lease term. Additional information regarding Peoples’ sales-type leases can be found in “Note 4 Loans and Leases, and Allowance for Credit Losses.” The table below details Peoples’ lease income for the years ended December 31, 2025, and 2024: (Dollars in thousands) 2025 2024 Interest and fees on leases (a) $ 39,668 $ 47,498 Lease income 15,612 10,480 Total lease income $ 55,280 $ 57,978 (a) Included in “Interest and fees on loans” on the Consolidated Statements of Income. For additional information, see “Note 4 Loans and Leases, and Allowance for Credit Losses.” 102 The following table summarizes the net investments in sales-type leases, which are included in “Loans and leases, net of deferred costs” on the Consolidated Balance Sheets at December 31: (Dollars in thousands) 2025 2024 Lease payments receivable, at amortized cost $ 393,089 $ 448,027 Estimated residual values 33,125 33,129 Initial direct costs 5,535 7,148 Deferred revenue ( 66,100 ) ( 81,706 ) Total leases, at amortized cost 365,649 406,598 Allowance for credit losses - leases ( 16,475 ) ( 12,893 ) Net investment in sales-type leases $ 349,174 $ 393,705 The following table summarizes the contractual maturities of leases: (Dollars in thousands) Balance 2026 $ 100,104 2027 75,704 2028 91,153 2029 58,651 2030 51,060 Thereafter 16,417 Lease payments receivable, at amortized cost $ 393,089 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 December 31, 2025, Peoples did not have any finance leases or any significant sublessor agreements. 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 liabilities are recognized at the commencement or 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 exclude nonlease components. 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. Peoples does not record ROU assets or lease liabilities for such leases. The table below details Peoples’ lease expense, which is included in “Net occupancy and equipment expense” in the Consolidated Statements of Income for the years ended December 31: (Dollars in thousands) 2025 2024 Operating lease expense $ 2,595 $ 2,945 Short-term lease expense 1,479 1,173 Variable lease expense 39 89 Total lease expense $ 4,113 $ 4,207 Lease payments are discounted using Peoples’ incremental borrowing rate, consistent with what Peoples would pay to borrow on a collateralized basis over a term similar to each lease. 103 The following table details the ROU asset, the lease liability and other information related to Peoples’ operating leases on the Consolidated Balance Sheets at December 31: (Dollars in thousands) 2025 2024 ROU asset: Other assets $ 9,340 $ 10,419 Lease liability: Accrued expenses and other liabilities $ 9,912 $ 10,968 Other information: Weighted-average remaining lease term 8.7 years 9.0 years Weighted-average discount rate 4.16 % 4.11 % Cash paid during the year for operating leases $ 2,552 $ 2,876 Additions for ROU assets obtained during the year $ 1,333 $ 1,660 The following table summarizes the future lease payments of operating leases: (Dollars in thousands) Payments 2026 $ 2,413 2027 2,146 2028 1,625 2029 1,173 2030 671 Thereafter 3,937 Total undiscounted lease payments $ 11,965 Imputed interest ( 2,053 ) Total lease liability $ 9,912 Note 7 Goodwill and Other Intangible Assets Goodwill The following table details changes in the recorded amount of goodwill for the years ended December 31: (Dollars in thousands) 2025 2024 Goodwill, beginning of year $ 363,199 $ 362,169 Goodwill recorded from acquisitions — 1,030 Goodwill, end of year $ 363,199 $ 363,199 Peoples performed a qualitative assessment of goodwill as of October 1, 2025, and management concluded that it was not more-likely-than-not that the fair value of Peoples’ single reporting unity is below its respective carrying value as of December 31, 2025. On September 30, 2024, Peoples acquired an insurance business, for which Peoples recorded $ 0.2 million in goodwill in 2024. On October 31, 2024, Peoples acquired an insurance business, for which $ 0.8 million in goodwill was recorded in 2024. 104 Other intangible assets Other intangible assets were comprised of the following at December 31: (Dollars in thousands) Core Deposits Customer Relationships Indefinite-Lived Trade Names Total 2025 Gross intangibles $ 54,186 $ 38,470 $ 2,491 $ 95,147 Intangibles recorded from acquisitions — — — — Accumulated amortization ( 36,154 ) ( 29,846 ) — ( 66,000 ) Total acquisition-related intangibles $ 18,032 $ 8,624 $ 2,491 $ 29,147 Servicing rights 957 Non-compete agreements (a) 16 Total other intangibles $ 30,120 2024 Gross intangibles $ 54,186 $ 37,920 $ 2,491 $ 94,597 Intangibles recorded from acquisitions — 550 — 550 Accumulated amortization ( 31,545 ) ( 25,723 ) — ( 57,268 ) Total acquisition-related intangibles $ 22,641 $ 12,747 $ 2,491 $ 37,879 Servicing rights 1,216 Non-compete agreements (a) 128 Total other intangibles $ 39,223 (a) Non-compete agreements were recognized due to acquisitions. Peoples performed a qualitative impairment assessment of other intangible assets and concluded there was no indication of impairment in the recorded value of other intangible assets as of October 1, 2025. Other intangible assets recorded from the above-mentioned acquisitions in 2024 consisted of $ 0.6 million of customer relationship intangibles related to the insurance acquisition in October 2024. The following table details estimated aggregate future amortization of other intangible assets at December 31, 2025: (Dollars in thousands) Core Deposits Customer Relationships Non-Compete Agreements Total 2026 $ 3,736 $ 3,036 $ 16 $ 6,788 2027 3,043 2,188 — 5,231 2028 2,608 1,462 — 4,070 2029 2,359 971 — 3,330 2030 2,189 514 — 2,703 Thereafter 4,097 453 — 4,550 Total $ 18,032 $ 8,624 $ 16 $ 26,672 105 The weighted average amortization period of other intangibles is 6.8 years. The following is an analysis of activity of servicing rights for the years ended December 31: (Dollars in thousands) 2025 2024 2023 Balance, beginning of year $ 1,216 $ 1,385 $ 1,816 Amortization ( 324 ) ( 349 ) ( 457 ) Servicing rights originated 65 180 27 Change in valuation allowance — — ( 1 ) Balance, end of year $ 957 $ 1,216 $ 1,385 The following is the breakdown of the discount rates and prepayment speeds of servicing rights for the years ended December 31: 2025 2024 Minimum Maximum Minimum Maximum Discount rates 11.8 % 14.3 % 12.5 % 15.0 % Prepayment speeds 7.5 % 18.4 % 9.4 % 16.0 % The fair value of servicing rights was $ 2.8 million at December 31, 2025, and $ 3.0 million at December 31, 2024. Note 8 Deposits Peoples’ deposit balances were comprised of the following at December 31: (Dollars in thousands) 2025 2024 Retail CDs: $100 or more $ 1,143,787 $ 1,092,261 Less than $100 840,004 829,154 Total retail CDs 1,983,791 1,921,415 Interest-bearing deposit accounts 1,092,252 1,085,152 Savings accounts 887,402 866,959 Money market deposit accounts 945,313 878,254 Governmental deposit accounts 739,939 775,782 Brokered deposit accounts 416,099 554,982 Total interest-bearing deposits 6,064,796 6,082,544 Non-interest-bearing deposits 1,545,428 1,507,661 Total deposits $ 7,610,224 $ 7,590,205 Uninsured deposits were $ 2.0 billion at December 31, 2025, and 2024. Uninsured amounts are estimated based on the portion of the respective customer account balances that exceeded the FDIC insurance limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which covered over $ 615.6 million of the uninsured deposit balances at December 31, 2025. Uninsured time deposits are broken out below by time remaining until maturity at December 31: (Dollars in thousands) 2025 2024 3 months or less $ 152,991 $ 180,405 Over 3 to 6 months 170,299 127,329 Over 6 to 12 months 83,387 91,197 Over 12 months 35,897 18,044 Total $ 442,574 $ 416,975 106 As of December 31, 2025, the contractual maturities of CDs for each of the next five years and thereafter are as follows: (Dollars in thousands) Retail Brokered Total 2026 $ 1,841,398 $ 259,084 $ 2,100,482 2027 126,418 87,244 213,662 2028 7,578 23,938 31,516 2029 4,904 45,833 50,737 2030 3,490 — 3,490 Thereafter 3 — 3 Total CDs $ 1,983,791 $ 416,099 $ 2,399,890 Deposits from related parties were $ 24.9 million and $ 19.3 million at December 31, 2025, and 2024, respectively. At December 31, 2025, Peoples had five effective interest rate swaps, with an aggregate notional value of $ 45.0 million , all of which hedge interest payments on brokered CDs. The brokered CDs are expected to be extended every 90 days through the maturity dates of the swaps. Additional information regarding Peoples’ interest rate swaps can be found in “Note 15 Derivative Financial Instruments.” Note 9 Short-Term Borrowings Peoples utilizes various short-term borrowings as sources of funds, which are summarized as follows at December 31: (Dollars in thousands) Retail Repurchase Agreements FHLB Advances Other Total 2025 Ending balance $ 20,277 $ 365,000 $ 145,008 $ 530,285 Average balance 20,551 128,156 98,116 246,823 Highest month-end balance 27,293 445,000 336,351 530,285 Interest expense $ 451 $ 5,580 $ 4,111 $ 10,142 Interest rate at end of year 1.92 % 3.80 % 3.65 % 3.67 % Weighted average interest rate during the year 2.19 % 4.35 % 4.19 % 4.11 % 2024 Ending balance $ 18,367 $ 175,000 $ 107 $ 193,474 Average balance 44,036 121,739 135,531 301,306 Highest month-end balance 101,073 348,000 213,045 612,073 Interest expense $ 1,065 $ 6,675 $ 7,805 $ 15,545 Interest rate at end of year 2.76 % 4.45 % 1.40 % 4.29 % Weighted average interest rate during the year 2.42 % 5.48 % 5.76 % 5.16 % 2023 Ending balance $ 99,121 $ 369,000 $ 182,376 $ 650,497 Average balance 102,530 353,532 41,970 498,032 Highest month-end balance 125,937 484,000 133,000 585,439 Interest expense $ 1,349 $ 18,058 $ 528 $ 19,935 Interest rate at end of year 1.54 % 5.41 % 4.85 % 4.66 % Weighted average interest rate during the year 1.32 % 5.11 % 4.93 % 4.00 % Peoples’ retail Repurchase Agreements consist of overnight agreements with Peoples’ commercial customers and serve as a cash management tool. 107 The FHLB advances consist of overnight borrowings, 90-day advances used to fund interest rate swaps, other advances with an original maturity of one year or less, and the current portion of long-term advances due in less than one year. These advances, along with the long-term advances disclosed in “Note 10 Long-Term Borrowings,” are collateralized by one-to-four family and multifamily residential mortgages, commercial real estate, home equity lines of credit, and investment securities. Peoples’ borrowing capacity with the FHLB is based on the amount of collateral pledged and the amount of FHLB common stock owned. None of Peoples’ FHLB short-term advances, with the exception of overnight borrowings, matured in 2025 and 2024. Other short-term borrowings consisted primarily of federal funds purchased and advances from the Federal Reserve Discount Window, a Bank Term Funding Program (“BTFP”) loan, as well as ICS one-way buy borrowings. Federal funds purchased are short-term borrowings from correspondent banks that typically mature within one to 90 days. Interest on federal funds purchased is set daily by the correspondent bank based on prevailing market rates. The Federal Reserve Discount Window provides credit facilities to financial institutions, which are designed to ensure adequate liquidity by providing a source of short-term funds. Federal Reserve Discount Window advances are typically overnight and must be secured by collateral acceptable to the FRB. At December 31, 2025, Peoples had available Federal Reserve Discount Window credit of $ 488.0 million . As of the date of Peoples’ borrowing, the interest rate for term advances was the one-year overnight index swap rate plus 10 basis points. Peoples paid off its BTFP loan in the fourth quarter of 2024. As of April 3, 2019, Peoples entered into a loan agreement (the “U.S. Bank Loan Agreement”) with U.S. Bank National Association. The U.S. Bank Loan Agreement initially had a one-year term, which has subsequently been renewed, most recently as of March 28, 2025 fo r an additional year, and currently provides Peoples with a revolving line of credit in the maximum aggregate principal amount o f $ 30.0 million that may be used: (i) for working capital purposes; (ii) to finance dividends or other distributions (other than stock dividends and stock splits) on or in respect of Peoples’ capital stock and redemptions, repurchases or other acquisitions of any of Peoples’ capital stock permitted under the U.S. Bank Loan Agreement and (iii) to finance acquisitions permitted under the U.S. Bank Loan Agreement. The U.S. Bank Loan Agreement is unsecured, and contains certain restrictive financial covenants. The financial covenants are applicable to Peoples and its subsidiaries, and are usual and customary for comparable transactions. As of December 31, 2025, Peoples was in compliance with the applicable covenants imposed by the U.S. Bank Loan Agreement, as amended by the Seventh Amendment to the U.S. Bank Loan Agreement. The U.S. Bank Loan Agreement matures on March 30, 2026. Peoples is in the process of renewing this facility and expects that it will be renewed prior to its expiration. Note 10 Long-Term Borrowings Long-term borrowings consisted of the following at December 31: 2025 2024 (Dollars in thousands) Balance Weighted- Average Interest Rate Balance Weighted-Average Interest Rate FHLB putable, non-amortizing, fixed rate advances $ 130,000 4.04 % $ 130,000 4.04 % FHLB amortizing, fixed rate advances 1,106 1.91 % 1,868 1.85 % Vantage non-recourse borrowings 41,386 7.27 % 51,330 6.96 % Other long-term borrowings 31,646 6.24 % 54,875 7.76 % Long-term borrowings (a) $ 204,138 $ 238,073 (a) The weighted-average interest rate on total long-term borrowings at December 31, 2025 and at December 31, 2024 was 5.02 % and 5.51 %, respectively. Peoples continually evaluates its overall balance sheet position given the interest rate environment. During 2025, Peoples did no t borrow any additional non-callable FHLB advances. During 2024 , Peoples borrowed one additional non-callable FHLB advance f or $ 20.0 million, with a fixed interest rate of 4.36 % . At December 31, 2025, outstanding long-term FHLB non-amortizing advances, which have interest rates ranging from 2.17 % to 4.59 %, mature between 2026 and 2028. Outstanding long-term FHLB amortizing, fixed rate advances, which have interest rates ranging from 1.25 % to 3.83 %, mature between 2026 and 2031. The FHLB putable, non-amortizing, fixed rate advances have remaining maturities ranging from 1 to 2 years th at may be repaid prior to maturity, subject to the payment of termination fees. The FHLB has the option, at its sole discretion, to terminate each advance after the initial fixed rate period of three months , requiring full repayment of the advance by Peoples, prior to the stated maturity. If an advance is terminated prior to maturity, the FHLB will offer Peoples replacement funding at the then-prevailing rate on an advance product then offered by the FHLB, subject to normal FHLB credit and collateral requirements. These advances require monthly interest payments, with no repayment of principal until the earlier of either an option to terminate being exercised by the FHLB or the stated maturity. 108 The FHLB amortizing, fixed rate advances require monthly principal and interest payments, with some having a constant prepayment rate requiring an additional principal payment annually. These advances are not eligible for optional prepayment prior to maturity. Long-term FHLB advances are collateralized by assets owned by Peoples. Non-recourse borrowings are used by Vantage to fund leases. The Vantage non-recourse borrowings have fixed interest rates ranging from 3.47 % to 10.18 % with various maturities, the latest being in 2031. Payments received from customers on non-recourse leases are used to fund repayment of these borrowings. In the event of default, the non-recourse borrowing is forgiven. Other long-term borrowings include trust preferred securities held for investments and floating rate subordinated deferrable interest debentures assumed from three prior acquisitions. On March 6, 2015, Peoples completed its acquisition of NB&T Financial Group, Inc., which included a trust preferred security du e in 2037 with a $ 9.0 million par value and a $ 6.6 million fa ir value at acquisition. As of December 31, 2025 , this trust preferred security had a carrying value of $ 8.3 million with an interest rate of 5.50 %, inclusive of the impact of fair value adjustments. On September 17, 2021, Peoples completed the Premier Merger, which included a trust preferred security due in 2034 with a $ 6.2 million par value and a $ 6.1 million fair value at acquisition. As of December 31, 2025 , this trust preferred security had a carrying value of $ 5.9 million and an interest rate of 7.07 %, inclusive of the impact of fair value adjustments. On April 30, 2023, Peoples completed the Limestone Merger, which included four trust preferred securities and subordinated debentures. The details of the securities at the time of the Limestone Merger, their current carry values, and current interest rates are included in the table below, inclusive of the impact of fair value adjustments. These trust preferred securities are considered tier 1 (with certain limitations applicable) under current regulatory guidelines. During the fourth quarter of 2025, Peoples redeemed early a $ 25.0 million tranche of subordinated debt acquired in the Limestone Merger, which resulted in a loss of $ 0.8 million. (Dollars in thousands) April 30, 2023 December 31, 2025 Description Maturity Year Par Value Fair Value Carrying Value Interest Rate Ascencia Statutory Trust I 2034 3,000 2,430 2,611 6.82 % Porter Statutory Trust II 2034 5,000 4,050 4,352 6.82 % Porter Statutory Trust III 2034 3,000 2,410 2,598 6.76 % Porter Statutory Trust IV 2037 10,000 6,886 7,877 5.72 % Total 21,000 15,776 17,438 At December 31, 2025, the aggregate principal amounts due upon maturity of long-term borrowings in future periods were as follows: (Dollars in thousands) Balance 2026 $ 54,595 2027 4,936 2028 88,876 2029 14,754 2030 9,223 Thereafter 36,108 Total long-term borrowings $ 208,492 109 Note 11 Stockholders’ Equity The following table details the activity in Peoples’ common stock and treasury stock during the years ended December 31: Common Stock Treasury Stock Shares at December 31, 2022 29,857,920 1,643,461 Changes related to stock-based compensation awards: Grant of restricted common shares — ( 259,648 ) Release of restricted common shares — 43,087 Cancellation of restricted common shares — 16,778 Grant of unrestricted common shares — ( 1,900 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 21,042 Disbursed out of treasury stock — ( 4,368 ) Common shares purchased under repurchase program — 107,219 Common shares issued under dividend reinvestment plan 50,453 — Common shares issued under compensation plan for Boards of Directors — ( 19,931 ) Common shares issued under employee stock purchase plan — ( 34,392 ) Issuance of common shares related to the Limestone Merger 6,827,668 — Shares at December 31, 2023 36,736,041 1,511,348 Changes related to stock-based compensation awards: Grant of restricted common shares — ( 313,403 ) Release of restricted common shares — 30,486 Cancellation of restricted common shares — 39,408 Grant of unrestricted common shares — ( 1,700 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 14,945 Disbursed out of treasury stock — ( 12,833 ) Common shares repurchased under repurchase program — 100,905 Common shares issued under dividend reinvestment plan 46,560 — Common shares issued under compensation plan for Boards of Directors — ( 16,220 ) Common shares issued under employee stock purchase plan — ( 41,761 ) Shares at December 31, 2024 36,782,601 1,311,175 Changes related to stock-based compensation awards: Grant of restricted common shares — ( 214,123 ) Release of restricted common shares — 63,840 Cancellation of restricted common shares — 75,779 Grant of unrestricted common shares ( 2,700 ) Changes related to deferred compensation plan for Boards of Directors: Purchase of treasury stock — 14,061 Disbursed out of treasury stock — ( 13,564 ) Common shares repurchased under repurchase program — 30,692 Common shares issued under dividend reinvestment plan 54,342 — Common shares issued under compensation plan for Boards of Directors — ( 16,920 ) Common shares issued under employee stock purchase plan — ( 33,120 ) Shares at December 31, 2025 36,836,943 1,215,120 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. Peoples purchased an aggregate of 30,692 , 100,905 , and 107,219 of Peoples’ outstanding common shares totaling $ 0.8 million, $ 3.0 million, and $ 3.0 million during 2025, 2024, and 2023, respectively. Under its 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 determined by Peoples’ Board of Directors. At December 31, 2025, and 2024, Peoples had no preferred shares issued or outstanding. The following table details the cash dividends declared per common share for the year ended December 31: 2025 2024 First Quarter $ 0.40 $ 0.39 Second Quarter 0.41 0.40 Third Quarter 0.41 0.40 Fourth Quarter 0.41 0.40 Total dividends declared $ 1.63 $ 1.59 Accumulated Other Comprehensive Income (Loss) The following details the change in the components of Peoples’ accumulated other comprehensive income (loss) for the years ended December 31: (Dollars in thousands) Unrealized Gain (Loss) on Securities Unrecognized Net Pension and Postretirement Costs Unrealized (Loss) Gain on Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2022 $ ( 129,896 ) $ ( 1,633 ) $ 4,393 $ ( 127,136 ) Reclassification adjustments to net income: Realized loss on sale of securities, net of tax 2,836 — — 2,836 Realized loss due to settlement and curtailment, net of tax — 1,858 — 1,858 Other comprehensive income (loss), net of reclassifications and tax 22,838 ( 225 ) ( 1,761 ) 20,852 Balance, December 31, 2023 $ ( 104,222 ) $ — $ 2,632 $ ( 101,590 ) Reclassification adjustments to net income: Realized loss on sale of securities, net of tax 319 — — 319 Realized loss due to settlement and curtailment, net of tax — — — — Other comprehensive (loss) income, net of reclassifications and tax ( 7,926 ) — ( 1,188 ) ( 9,114 ) Balance, December 31, 2024 $ ( 111,829 ) $ — $ 1,444 $ ( 110,385 ) Reclassification adjustments to net income: Realized loss on sale of securities, net of tax 2,039 — — 2,039 Realized loss due to settlement and curtailment, net of tax — — — — Other comprehensive income (loss), net of reclassifications and tax 38,771 — ( 1,053 ) 37,718 Balance, December 31, 2025 $ ( 71,019 ) $ — $ 391 $ ( 70,628 ) 110 Note 12 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 or Roth basis. Since January 1, 2021, Peoples has matched 100 % of participants’ contributions up to 6 % of the participants’ compensation. Matching contributions made by Peoples totaled $ 5.9 million in 2025, $ 5.8 million in 2024 and $ 5.4 million in 2023. Note 13 Income Taxes The reported income tax expense and effective tax rate in the Consolidated Statements of Income differ from the amounts computed by applying the statutory federal corporate income tax rate as follows for the years ended December 31: 2025 2024 2023 (Dollars in thousands) Amount Rate Amount Rate Amount Rate Income tax computed at statutory federal corporate income tax rate $ 28,310 21.0 % $ 31,387 21.0 % $ 30,476 21.0 % Differences in rate resulting from: State taxes, net of federal benefit (a) 1,694 1.3 % 3,286 2.2 % 3,053 2.1 % Amortization and recognition of tax credits ( 1,279 ) ( 0.9 ) % ( 601 ) ( 0.4 ) % ( 352 ) ( 0.2 ) % Nontaxable or nondeductible items: Nondeductible acquisition costs — — % — — % 168 0.1 % Common share awards ( 149 ) ( 0.1 ) % ( 22 ) — % ( 99 ) ( 0.1 ) % Bank owned life insurance ( 958 ) ( 0.7 ) % ( 885 ) ( 0.6 ) % ( 872 ) ( 0.6 ) % Captive insurance benefit — — % — — % ( 330 ) ( 0.2 ) % Tax-exempt interest income ( 281 ) ( 0.2 ) % ( 258 ) ( 0.2 ) % ( 555 ) ( 0.4 ) % Changes in unrecognized tax benefits ( 88 ) ( 0.1 ) % 45 — % 438 0.3 % Other, net 782 0.5 % ( 693 ) ( 0.4 ) % ( 164 ) ( 0.1 ) % Income tax expense $ 28,031 20.8 % $ 32,259 21.6 % $ 31,763 21.9 % (a) State taxes in West Virginia and Kentucky make up the majority (greater than 50 percent) of the tax effect in this category. Peoples’ reported income tax expense consisted of the following for the years ended December 31: (Dollars in thousands) 2025 2024 2023 Current income tax expense $ 29,238 $ 25,286 $ 32,001 Deferred income tax (benefit) expense ( 1,207 ) 6,973 ( 238 ) Income tax expense $ 28,031 $ 32,259 $ 31,763 111 The significant components of Peoples’ deferred tax assets and deferred tax liabilities consisted of the following at December 31: (Dollars in thousands) 2025 2024 Deferred tax assets: Available-for-sale securities $ 21,594 $ 33,996 Allowance for credit losses 18,077 15,035 Nonaccrual loan interest income 1,221 1,312 Accrued employee benefits 8,769 7,472 Lease obligation 2,292 2,523 Net operating loss carryforward 5,709 8,393 Other 788 1,837 Gross deferred tax assets $ 58,450 $ 70,568 Valuation allowance $ 158 $ 158 Total deferred tax assets $ 58,292 $ 70,410 Deferred tax liabilities: Equipment leases $ 10,235 $ 11,790 Deferred loan income 1,493 2,015 Purchase accounting adjustments 5,895 3,219 Bank premises and equipment 6,013 5,283 Lease right-of-use assets 2,160 2,397 Derivative instruments 121 416 Other 297 2,312 Total deferred tax liabilities $ 26,214 $ 27,432 Net deferred tax asset $ 32,078 $ 42,978 At December 31, 2025, Peoples had approximately $ 26 million of federal net operating loss carryforwards and $ 208,000 of federal tax credit carryforwards, the annual utilization of which are subject to limitation under Internal Revenue Code sections 382 and 383, respectively. Peoples has recorded a deferred tax asset only for the portion of these net operating loss and tax credit carryforwards it is able to, and expects to, utilize under these limitations. At December 31, 2025, Peoples had approximately $ 2.2 million of state net operating loss carryforwards, the annual utilization of which are subject to limitation under applicable state tax law. However, all $ 2.2 million of state net operating loss carryforwards are unlikely to be utilized, resulting in a valuation allowance against the net tax benefit of approximately $ 158,000 . The federal income tax benefit from sales of investment securities was $ 558,000 in 2025, $ 87,000 in 2024, and $ 777,000 in 2023. Income tax benefits are recognized in the Consolidated Financial Statements for a tax position only if it is considered “more-likely-than-not” of being sustained in an audit, based solely on the technical merits of the income tax position. If the recognition criteria are met, the amount of income tax benefits to be recognized are measured based on the largest income tax benefit that is more than 50 percent likely to be realized on ultimate resolution of the tax position. The following table provides a reconciliation of uncertain tax positions at December 31: (Dollars in thousands) 2025 2024 Uncertain tax positions, beginning of year $ 572 $ 527 Gross increase based on tax positions related to current year — 45 Gross decrease due to the statute of limitations ( 88 ) — Uncertain tax positions, end of year $ 484 $ 572 All of the gross unrecognized tax benefits would impact People’s effective tax rate if recognized. Peoples is subject to U.S. federal income tax, as well as to tax in various state income tax jurisdictions. Peoples’ income tax returns are subject to review and examination by federal and state taxing authorities. Peoples is currently open to audit under the applicable statutes of limitations by the Internal Revenue Service for the years ended December 31, 2022 through 2025. The years open to examination by state taxing authorities vary by jurisdiction. 112 Note 14 Earnings Per Common Share The calculations of basic and diluted earnings per common share for the years ended December 31 were as follows: (Dollars in thousands, except per common share data) 2025 2024 2023 Net income available to common shareholders $ 106,778 $ 117,205 $ 113,363 Less: Dividends paid on unvested common shares 819 786 531 Less: Undistributed loss allocated to unvested common shares 159 225 269 Net earnings allocated to common shareholders $ 105,800 $ 116,194 $ 112,563 Weighted-average common shares outstanding 34,974,619 34,779,548 32,533,086 Effect of potentially dilutive common shares 383,490 367,806 227,722 Total weighted-average diluted common shares outstanding 35,358,109 35,147,354 32,760,808 Earnings per common share: Basic $ 3.03 $ 3.34 $ 3.46 Diluted $ 2.99 $ 3.31 $ 3.44 Anti-dilutive common shares excluded from calculation: Restricted common shares — 7,836 9,123 Note 15 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. The fair value of derivative financial instruments is included in “Other assets” and “Accrued expenses and other liabilities” in the Consolidated Balance Sheets and in the net other adjustments to reconcile net income to “Net cash provided by operating activities” in the Consolidated Statements of Cash Flows. 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 were designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. At December 31, 2025, Peoples had entered into five interest rate swaps with an aggregate notional value of $ 45.0 million. Peoples will pay a fixed rate of interest for up to three years while receiving a floating rate component of interest equal to the three-month SOFR. The interest received on the floating rate component is intended to offset the interest paid on rolling three-month brokered deposits or FHLB advances which will continue to be rolled through the life of the swaps. At December 31, 2025, the interest rate swaps were designated as cash flow hedges of $ 45.0 million in brokered deposits, which are expected to be extended every 90 days through the maturity dates of the swaps. For derivative financial instruments designated as cash flow hedges and assessed as effective, the changes in the fair value of each derivative financial instrument is reported in AOCL (outside of earnings), net of tax, and are reclassified to interest expense as interest payments are made on Peoples’ variable-rate liabilities. Peoples assesses the effectiveness of each hedging relationship by comparing 113 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 90-day FHLB advances or brokered deposits are matched to the reset dates and payment dates on the receipt of the three-month SOFR floating portion of the swaps to ensure effectiveness of the cash flow hedge. During the years ended December 31, 2025, and December 31, 2024, Peoples had reclassifications of changes in fair value to interest expense of $ 1.2 million and $ 3.0 million, respectively. During the next 12 months, Peoples estimates that $ 0.6 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 at December 31: (Dollars in thousands) 2025 2024 Notional amount $ 45,000 $ 75,000 Weighted average pay rates 2.52 % 2.45 % Weighted average receive rates 3.73 % 4.49 % Weighted average maturity 1.3 years 1.5 years Pre-tax changes in fair value included in AOCL $ 512 $ 1,885 The following table presents changes in fair value and amounts reclassified from AOCL related to cash flow hedges and recorded in AOCL and in the Consolidated Statements of Comprehensive Income for the years ended December 31: (Dollars in thousands) 2025 2024 Amount of (loss) income recognized in AOCL, pre-tax $ ( 1,373 ) $ ( 1,550 ) The following table reflects the cash flow hedges, which were included in the Consolidated Balance Sheets at fair value, at December 31: 2025 2024 (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in “Other assets”: Interest rate swaps related to debt $ 45,000 $ 501 $ 75,000 $ 1,784 Total included in “Other assets” $ 45,000 $ 501 $ 75,000 $ 1,784 Non-Designated Hedges Peoples maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples originates variable rate loans with interest rate swaps, where the customer enters into an interest rate swap with Peoples on terms that match the terms of the loan. By entering into the interest rate swap with the customer, Peoples effectively provides the customer with a fixed rate loan while creating a variable rate asset for Peoples. Peoples offsets its exposure in the 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 swap is accounted for as a standalone derivative financial instrument. These interest rate swaps did not have a material impact on Peoples’ results of operation or financial condition for the years ended December 31, 2025, and 2024. 114 The following table reflects the non-designated hedges, which were included in the Consolidated Balance Sheets at fair value, at December 31: 2025 2024 (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in “Other assets”: Interest rate swaps related to commercial loans $ 548,785 $ 13,907 $ 453,367 $ 18,742 Netting adjustment (a) ( 4,700 ) ( 1,783 ) Total included in “Other assets” 548,785 9,207 453,367 16,959 Included in “Accrued expenses and other liabilities”: Interest rate swaps related to commercial loans $ 548,785 $ 11,548 $ 453,367 $ 17,100 Netting adjustment (a) ( 2,273 ) ( 54 ) Total included in “Accrued expenses and other liabilities” 548,785 9,275 453,367 17,046 (a) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of master netting agreements that allow us to settle derivative contracts with a single counterparty on a net basis. Total derivative assets and liabilities include these netting adjustments. Pledged Collateral Peoples pledges or receives collateral for all interest rate swaps. When the fair value of Peoples’ interest rate swaps are in a net liability position, Peoples must pledge collateral, and, when the fair value of Peoples’ interest rate swaps are in a net asset position, the respective counterparties must pledge collateral. At December 31, 2025, Peoples had $ 4.2 million of cash pledged, while counterparties had $ 2.1 million of cash pledged. Peoples had no cash pledged and counterparties had $ 12.3 million of cash pledged at December 31, 2024. Peoples had no investment securities pledged at December 31, 2025, or December 31, 2024, while counterparties had pledged no investment securities at December 31, 2025, and had pledged $ 1.9 million of investment securities at December 31, 2024. Note 16 Off-Balance Sheet Risk 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 nonperformance of an obligation or service. Historically, most loan commitments and standby letters of credit expire unused. Peoples’ exposure to credit loss in the event of nonperformance by the counter-party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. Peoples 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. The total amounts of loan commitments and standby letters of credit at December 31 were: (Dollars in thousands) 2025 2024 Home equity lines of credit $ 272,977 $ 254,168 Unadvanced construction loans 367,127 370,086 Other loan commitments 779,076 759,790 Loan commitments 1,419,180 1,384,044 Standby letters of credit $ 7,041 $ 8,398 Note 17 Regulatory Matters The following is a summary of certain regulatory matters affecting Peoples and its subsidiaries: Federal Reserve Board Requirements Peoples Bank is required to maintain a minimum level of reserves, consisting of cash on hand and non-interest-bearing balances with the FRB, based on the amount of total deposits. In response to the COVID-19 pandemic, the Federal Reserve reduced reserve 115 requirement ratios to 0% effective on March 26, 2020, to support lending to households and businesses. The reserve requirement ratio remained at 0% as of December 31, 2025. Limits on Dividends The primary source of funds for the dividends paid by Peoples is dividends received from Peoples Bank. The payment of dividends by Peoples Bank is subject to various banking regulations. The most restrictive provision requires regulatory approval if dividends declared in any calendar year exceed the total net profits of that year plus the retained net profits of the preceding two years. At December 31, 2025, Peoples Bank had approximately $ 157.4 million of net profits available for distribution to Peoples as dividends without regulatory approval. Capital Requirements Peoples and Peoples Bank are subject to various regulatory capital guidelines administered by the banking regulatory agencies. Under capital adequacy requirements and the regulatory framework for prompt corrective action, Peoples and Peoples Bank must meet specific capital guidelines that involve quantitative measures of each entity’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Peoples’ and Peoples Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Failure to meet future minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a material effect on Peoples’ financial results. Quantitative measures established by regulation to ensure capital adequacy, and in effect at December 31, 2025, required Peoples and Peoples Bank to maintain minimum amounts and ratios of common equity tier 1 capital, tier 1 capital and total capital (each as defined in the applicable regulations) to risk-weighted assets (as defined), and of tier 1 capital (as defined) to average assets (as defined). Peoples and Peoples Bank met all capital adequacy requirements at December 31, 2025. At December 31, 2025, the most recent notification from the banking regulatory agencies categorized Peoples Bank as well capitalized under the regulatory framework for prompt corrective action applicable to Peoples Bank. Peoples maintained the capital required by the Federal Reserve Board to be deemed well capitalized and remain a financial holding company. To be categorized as well capitalized, Peoples and Peoples Bank must maintain minimum common equity tier 1, tier 1 risk-based, total risk-based and tier 1 leverage ratios as set forth in the table below. There are no conditions or events since this notification that management believes have changed Peoples’ or Peoples Bank’s category. Peoples’ and Peoples Bank’s actual capital amounts and ratios at December 31 are presented in the following table: 2025 2024 (Dollars in thousands) Amount Ratio Amount Ratio PEOPLES BANCORP, INC. Common Equity Tier 1 (a) Actual $ 893,970 12.29 % $ 833,128 11.95 % For capital adequacy 327,329 4.50 % 313,717 4.50 % To be well capitalized $ 472,809 6.50 % $ 453,147 6.50 % Tier 1 (b) Actual $ 925,616 12.73 % $ 863,974 12.39 % For capital adequacy 436,439 6.00 % 418,289 6.00 % To be well capitalized $ 581,919 8.00 % $ 557,719 8.00 % Total Capital (c) Actual $ 1,002,226 13.78 % $ 946,724 13.58 % For capital adequacy 581,919 8.00 % 557,719 8.00 % To be well capitalized $ 727,399 10.00 % $ 697,149 10.00 % Tier 1 Leverage (d) Actual $ 925,616 9.91 % $ 863,974 9.73 % For capital adequacy 373,727 4.00 % 355,219 4.00 % To be well capitalized 467,158 5.00 % 444,024 5.00 % Capital Conservation Buffer 420,307 5.78 % 389,005 5.60 % Fully phased in 181,850 2.50 % 174,287 2.50 % Net Risk-Weighted Assets 7,273,985 6,971,489 116 2025 2024 (Dollars in thousands) Amount Ratio Amount Ratio PEOPLES BANK Common Equity Tier 1 (a) Actual 870,013 11.98 % 840,443 12.07 % For capital adequacy 326,873 4.50 % 313,212 4.50 % To be well capitalized 472,150 6.50 % 452,418 6.50 % Tier 1 (b) Actual 870,013 11.98 % 840,443 12.07 % For capital adequacy 435,831 6.00 % 417,617 6.00 % To be well capitalized 581,108 8.00 % 556,822 8.00 % Total Capital (c) Actual 946,623 13.03 % 903,969 12.99 % For capital adequacy 581,108 8.00 % 556,822 8.00 % To be well capitalized 726,385 10.00 % 696,028 10.00 % Tier 1 Leverage (d) Actual 870,013 9.33 % 840,443 9.48 % For capital adequacy 373,143 4.00 % 354,499 4.00 % To be well capitalized 466,428 5.00 % 443,123 5.00 % Capital Conservation Buffer $ 365,515 5.03 % $ 347,147 5.00 % Fully phased in 181,596 2.50 % 174,007 2.50 % Net Risk-Weighted Assets $ 7,263,853 $ 6,960,276 (a) Ratio represents common equity tier 1 capital to net risk-weighted assets (b) Ratio represents tier 1 capital to net risk-weighted assets (c) Ratio represents total capital to net risk-weighted assets (d) Ratio represents tier 1 capital to average assets The decrease in Peoples Bank’s regulatory capital ratios compared to the prior year primarily reflects a $ 25.0 million dividend paid by the Peoples Bank to Peoples in connection with the redemption of subordinated debt. Note 18 Stock-Based Compensation Under the Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan (the “2006 Equity Plan”), Peoples may grant, among other awards, nonqualified stock options, incentive stock options, restricted common share awards, stock appreciation rights, performance units and unrestricted common share awards to employees and non-employee directors. The total number of common shares available under the 2006 Equity Plan is 1,493,297 . The maximum number of common shares that can be issued for incentive stock options is 750,000 common shares. 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 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 2025, Peoples granted an aggregate of 158,200 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. During 2025, Peoples granted to certain key employees an aggregate of 55,923 restricted common shares subject to time-based vesting, the majority of which will vest three years after the grant date. The following summarizes the changes to Peoples’ outstanding restricted common shares for the year ended December 31, 2025: 117 Time-Based Vesting Performance-Based Vesting Number of Common Shares Weighted-Average Grant Date Fair Value Number of Common Shares Weighted-Average Grant Date Fair Value Outstanding at January 1 140,231 $ 28.72 586,227 $ 29.67 Awarded 55,923 29.92 158,200 33.41 Released ( 47,398 ) 30.68 ( 141,821 ) 32.21 Forfeited ( 21,084 ) 28.83 ( 54,695 ) 29.37 Outstanding at December 31 127,672 $ 28.49 547,911 $ 30.08 The total intrinsic value of restricted common shares released was $ 6.1 million, $ 2.7 million and $ 3.7 million in 2025, 2024 and 2023, respectively. Stock-Based Compensation Peoples recognizes stock-based compensation expense, which is included as a component of Peoples’ salaries and employee benefit costs, for restricted 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 summarizes the amount of stock-based compensation and related tax benefit recognized for the years ended December 31: (Dollars in thousands) 2025 2024 2023 Employee stock-based compensation expense: Restricted common share grant expense $ 6,261 $ 6,815 $ 5,336 Employee stock purchase plan expense 139 158 140 Total employee stock-based compensation expense 6,400 6,973 5,476 Non-employee director stock-based compensation expense 509 492 548 Total stock-based compensation expense 6,909 7,465 6,024 Recognized tax benefit ( 1,591 ) ( 1,740 ) ( 1,402 ) Net expense recognized $ 5,318 $ 5,725 $ 4,622 Restricted common shares were the primary form of stock-based compensation awards granted by Peoples in 2025, 2024 and 2023. The fair value of restricted common share awards on the grant date is based on the market price of Peoples’ common shares as of the grant date. Total unrecognized stock-based compensation related to unvested restricted common share awards was $ 5.9 million at December 31, 2025, which will be recognized over a weighted-average period of 1.8 years. 118 Note 19 Revenue The following table details Peoples’ revenue from contracts with customers for the year ended December 31: (Dollars in thousands) 2025 2024 2023 Insurance income: Commission and fees from sale of insurance policies (a) $ 17,861 $ 17,183 $ 16,382 Performance-based commissions (b) 1,731 2,218 1,634 Trust and investment income: Fiduciary income (a) 12,047 11,496 10,295 Brokerage income (a) 9,401 8,017 6,865 Electronic banking income: Interchange income (b) 20,590 19,731 19,380 Promotional and usage income (a) 4,434 5,411 5,830 Deposit account service charges: Ongoing maintenance fees for deposit accounts (a) 7,025 6,937 6,425 Transactional-based fees (b) 9,940 10,647 10,257 Commercial loan swap fees (b) 1,893 1,433 782 Other non-interest income transactional-based fees (b) 1,800 1,703 1,650 Total $ 86,722 $ 84,776 $ 79,500 Timing of revenue recognition: Services transferred over time $ 50,768 $ 49,044 $ 45,797 Services transferred at a point in time 35,954 35,732 33,703 Total $ 86,722 $ 84,776 $ 79,500 (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 the fulfillment of performance obligations, but has not yet been received, related to electronic banking income. 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 electronic banking income, for which income is recognized during the period in which the performance obligations are fulfilled. The following table details the changes in Peoples’ contract assets and contract liabilities for the year ended December 31, 2025: (Dollars in thousands) Contract Assets Contract Liabilities Balance, January 1, 2025 $ 899 $ 5,771 Additional income receivable 88 — Additional deferred income — 15,188 Receipt of income previously receivable ( 15 ) — Recognition of income previously deferred — ( 15,111 ) Balance, December 31, 2025 $ 972 $ 5,848 For more information on Peoples’ revenue recognition policies, see “Note 1 Summary of Significant Accounting Policies.” 119 Note 20 Parent Company Only Financial Information Condensed Balance Sheets December 31, (Dollars in thousands) 2025 2024 Assets: Cash and due from other banks $ — $ 50 Interest-bearing deposits in subsidiary bank 42,569 29,937 Due from subsidiary bank 3,734 4,874 Other investment securities 249 244 Investments in subsidiaries: Bank 1,184,257 1,120,554 Non-bank 11,906 14,717 Other assets 5,508 7,010 Total assets $ 1,248,223 $ 1,177,386 Liabilities: Accrued expenses and other liabilities $ 2,778 $ 3,075 Dividends payable 1,572 1,420 Subordinated notes and debentures — 24,030 Mandatorily redeemable capital securities of subsidiary trusts and subordinated debentures 37,271 37,271 Total liabilities 41,621 65,796 Total stockholders’ equity 1,206,602 1,111,590 Total liabilities and stockholders’ equity $ 1,248,223 $ 1,177,386 Condensed Statements of Income Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Income: Dividends from subsidiary bank $ 96,500 $ 73,500 $ 48,000 Interest income 207 193 200 Other income 11 ( 416 ) 11 Total income 96,718 73,277 48,211 Expense: Trust preferred securities expense 1,984 2,021 1,147 Intercompany management fees 2,217 2,273 1,873 Other expense 9,471 9,143 11,011 Total expense 13,672 13,437 14,031 Income before federal income taxes and equity in undistributed earnings of subsidiaries 83,046 59,840 34,180 Applicable income tax expense ( 2,597 ) ( 3,143 ) ( 3,296 ) Equity in undistributed earnings of subsidiaries 21,135 54,222 75,887 Net income $ 106,778 $ 117,205 $ 113,363 120 Statements of Cash Flows Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Operating activities Net income $ 106,778 $ 117,205 $ 113,363 Adjustments to reconcile net income to cash provided by operations: Equity in undistributed earnings of subsidiaries ( 21,135 ) ( 54,222 ) ( 75,887 ) Other, net 10,309 12,624 ( 6,757 ) Net cash provided by operating activities 95,952 75,607 30,719 Investing activities Investment in subsidiaries ( 30,246 ) ( 43,203 ) ( 39,414 ) Repayments from subsidiaries 31,385 39,100 40,086 Business combinations, net of cash received — — 27,763 Other, net ( 4 ) ( 7 ) ( 1,636 ) Net cash (used in) provided by investing activities 1,135 ( 4,110 ) 26,799 Financing activities Payments on long-term borrowings ( 25,000 ) — — Purchase of treasury stock ( 3,319 ) ( 4,309 ) ( 4,799 ) Proceeds from issuance of common shares 1,670 1,478 1,264 Cash dividends paid ( 57,984 ) ( 55,828 ) ( 51,845 ) Other, net 128 — — Net cash used in financing activities ( 84,505 ) ( 58,659 ) ( 55,380 ) Net increase (decrease) in cash and cash equivalents 12,582 12,838 2,138 Cash and cash equivalents at the beginning of year 29,987 17,149 15,011 Cash and cash equivalents at the end of year $ 42,569 $ 29,987 $ 17,149 Supplemental cash flow information: Interest paid $ 2,351 $ 2,253 $ 676 121 PART III ITEM 10 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE The information concerning (a) directors of Peoples Bancorp Inc. (“Peoples”), (b) the procedures by which shareholders of Peoples may recommend nominees to Peoples’ Board of Directors, (c) the Audit Committee of Peoples' Board of Directors and (d) the Board of Directors’ determination that Peoples has an “audit committee financial expert” serving on its Audit Committee required by Items 401, 407(c)(3), 407(d)(4) and 407(d)(5) of SEC Regulation S-K will be included in the sections captioned “PROPOSAL NUMBER 1: ELECTION OF DIRECTORS,” “THE BOARD AND COMMITTEES OF THE BOARD” and “CORPORATE GOVERNANCE AND BOARD MATTERS - Nominating Procedures” of the definitive Proxy Statement of Peoples Bancorp Inc. relating to the Annual Meeting of Shareholders to be held on April 23, 2026 (“Peoples’ Definitive Proxy Statement”), which sections are incorporated herein by reference. The procedures by which shareholders of Peoples may recommend nominees to Peoples’ Board of Directors have not changed materially from those described in Peoples’ definitive Proxy Statement for the 2025 Annual Meeting of Shareholders held on April 24, 2025. The information regarding Peoples’ executive officers required by Item 401 of SEC Regulation S-K will be included in the section captioned “EXECUTIVE OFFICERS” of Peoples’ Definitive Proxy Statement, which section is incorporated herein by reference. The information required by Item 405 of SEC Regulation S-K regarding beneficial ownership reporting compliance under Section 16(a) of the Securities Exchange Act of 1934, as amended, is incorporated by reference from the text to be included under the caption “DELINQUENT SECTION 16(a) REPORTS” of Peoples’ Definitive Proxy Statement, to the extent that disclosure of information is required. The Board of Directors of Peoples has adopted charters for each of the Audit Committee, the Compensation Committee, the Executive Committee, the Governance and Nominating Committee, and the Risk Committee. In accordance with the requirements of Rule 5610 of the Nasdaq Stock Market Corporate Governance Requirements, the Board of Directors of Peoples has adopted a Code of Ethics covering the directors, officers and employees of Peoples and Peoples’ subsidiaries, including, without limitation, the principal executive officer, the principal financial officer, the principal accounting officer and the controller of Peoples. Peoples intends to disclose the following events, if they occur, in a Current Report on Form 8-K and on the “Investor Relations” page of Peoples’ Internet website at www.peoplesbancorp.com within four business days following their occurrence: (A) the date and nature of any amendment to a provision of Peoples’ Code of Ethics that (a) applies to the principal executive officer, principal financial officer, principal accounting officer or controller of Peoples, or persons performing similar functions, (b) relates to any element of the code of ethics definition set forth in Item 406(b) of SEC Regulation S-K, and (c) is not a technical, administrative or other non-substantive amendment; and (B) a description (including the nature of the waiver, the name of the person to whom the waiver was granted and the date of the waiver) of any waiver, including an implicit waiver, from a provision of the Code of Ethics granted to the principal executive officer, principal financial officer, principal accounting officer or controller of Peoples, or persons performing similar functions, that relates to one or more of the elements of the code of ethics definition set forth in Item 406(b) of SEC Regulation S-K. In addition, in accordance with the rules of the Nasdaq Stock Market, Peoples will disclose any waivers from the provisions of the Code of Ethics granted to a director or an executive officer of Peoples in a Current Report on Form 8-K within four business days following their occurrence. Peoples has adopted an Insider Trading Policy that governs the purchase, sale, and/or dispositions of Peoples securities by directors, officers and employees that is designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to Peoples. A copy of the Insider Trading Policy is filed as Exhibit 19 to this Form 10-K. Each of the Code of Ethics, the Audit Committee Charter, the Compensation Committee Charter, the Executive Committee Charter, the Governance and Nominating Committee Charter and the Risk Committee Charter is posted under the “Governance – Governance Documents” tab of the “Investor Relations” page of Peoples’ Internet website. Interested persons may also obtain copies of the Code of Ethics without charge by writing to Peoples Bancorp Inc., Attention: Corporate Secretary, 138 Putnam Street, P.O. Box 738, Marietta, Ohio 45750-0738. 122 ITEM 11 EXECUTIVE COMPENSATION The information required by this Item 11 will be included in the sections captioned “COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION,” “EXECUTIVE COMPENSATION: COMPENSATION DISCUSSION AND ANALYSIS,” “SUMMARY COMPENSATION TABLE FOR 2025,” “GRANTS OF PLAN-BASED AWARDS FOR 2025,” “OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2025,” “OPTION EXERCISES AND STOCK VESTED FOR 2025,” “NON-QUALIFIED DEFERRED COMPENSATION FOR 2025,” “OTHER POTENTIAL POST-EMPLOYMENT PAYMENTS,” “DIRECTOR COMPENSATION” and “COMPENSATION COMMITTEE REPORT” of Peoples’ Definitive Proxy Statement, which sections are incorporated herein by reference. ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The information required by this Item 12 regarding the security ownership of certain beneficial owners and management will be included in the section captioned “SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT” of Peoples’ Definitive Proxy Statement, which section is incorporated herein by reference. Equity Compensation Plan Information The table below provides information as of December 31, 2025, with respect to compensation plans under which common shares of Peoples are authorized for issuance to directors, officers or employees in exchange for consideration in the form of goods or services. These compensation plans include: (i) the Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan, as successor to the Peoples Bancorp Inc. Third Amended and Restated 2006 Equity Plan (the “2006 Equity Plan”); (ii) the Peoples Bancorp Inc. Third Amended and Restated Deferred Compensation Plan for Directors of Peoples Bancorp Inc. and Subsidiaries (the “Directors’ Deferred Compensation Plan”); and (iii) the Peoples Bancorp Inc. Employee Stock Purchase Plan (the “ESPP”). All of these compensation plans were approved by the shareholders of Peoples. Plan Category (a) Number of common shares to be issued upon exercise of outstanding options, warrants and rights (b) Weighted-average exercise price of outstanding options, warrants and rights (c) Number of common shares remaining available for future issuance under equity compensation plans (excluding common shares reflected in column (a)) Equity compensation plans approved by shareholders 720,749 (1) $ — 406,613 (2) Total 720,749 $ — 406,613 (1) Includes an aggregate of 675,583 restricted common shares subject to time-based or performance-based vesting restrictions granted under the 2006 Equity Plan, and 45,166 common shares allocated to participants’ bookkeeping accounts under the Directors’ Deferred Compensation Plan. (2) Includes 337,010 common shares remaining available for future grants under the 2006 Equity Plan at December 31, 2025, as well as 69,603 common shares remaining available for issuance and delivery under the ESPP. No amount is included for potential future allocations to participants’ bookkeeping accounts under the Directors’ Deferred Compensation Plan since the terms of the Directors’ Deferred Compensation Plan do not provide for a specified limit on the number of common shares which may be allocated to participants’ bookkeeping accounts. Additional information regarding Peoples’ stock-based compensation plans can be found in “Note 18 Stock-Based Compensation.” ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE The information required by this Item 13 will be included in the sections captioned “TRANSACTIONS WITH RELATED PERSONS,” “PROPOSAL NUMBER 1: ELECTION OF DIRECTORS,” “THE BOARD AND COMMITTEES OF THE BOARD,” “CORPORATE GOVERNANCE AND BOARD MATTERS - Independence of Directors,” and “COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION” of Peoples’ Definitive Proxy Statement, which sections are incorporated herein by reference. 123 ITEM 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES The information required by this Item 14 will be included in the section captioned “INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM” of Peoples’ Definitive Proxy Statement, which section is incorporated herein by reference. 124 PART IV ITEM 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a)(1) Financial Statements: The following reports of the independent registered public accounting firm and consolidated financial statements of Peoples Bancorp Inc. and subsidiaries are filed as required by “ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA” and set forth immediately following “ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS” of this Form 10-K: Page Report of Independent Registered Public Accounting Firm (Ernst & Young LLP) on Effectiveness of Internal Control Over Financial Reporting 75 Report of Independent Registered Public Accounting Firm (Ernst & Young LLP) on Consolidated Financial Statements 77 Consolidated Balance Sheets at December 31, 2025 and 2024 79 Consolidated Statements of Income for each of the fiscal years in the three-year period ended December 31, 2025 80 Consolidated Statements of Comprehensive Income (Loss) for each of the fiscal years in the three-year period ended December 31, 2025 81 Consolidated Statements of Stockholders’ Equity for each of the fiscal years in the three-year period ended December 31, 2025 82 Consolidated Statements of Cash Flows for each of the fiscal years in the three-year period ended December 31, 2025 84 Notes to the Consolidated Financial Statements 87 Peoples Bancorp Inc. Parent Company Only Financial Information is included in Note 20 of the Notes to the Consolidated Financial Statements 120 (a)(2) Financial Statement Schedules All schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable and, therefore, have been omitted. (a)(3) Exhibits The documents listed in the Index to Exhibits that immediately precedes the signature page of this Form 10-K, are filed/furnished with this Form 10-K as exhibits or incorporated into this Form 10-K by reference as noted. Each management contract or compensatory plan or arrangement required to be filed as an exhibit to this Form 10-K is identified as such in the list below. (b) Exhibits The documents listed in the Index to Exhibits that immediately precedes the signature page of this Form 10-K are filed/furnished with this Form 10-K as exhibits or incorporated into this Form 10-K by reference as noted. (c) Financial Statement Schedules None. ITEM 16 FORM 10-K SUMMARY Not applicable. 125 INDEX TO EXHIBITS Exhibit Number Description Exhibit Location 2.1 Agreement and Plan of Merger, dated as of October 24, 2022, 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 Bancorp Inc. on Form S-4/A filed on January 6, 2023 (Registration No. 333-268728) 3.1(a) Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on May 3, 1993) P Incorporated herein by reference to Exhibit 3(a) to the Registration Statement of Peoples Bancorp Inc. on Form 8-B filed on July 20, 1993 (File No. 0-16772) 3.1(b) Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 22, 1994) Incorporated herein by reference to Exhibit 3.1(b) to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended September 30, 2017 (File No. 0-16772) (“Peoples’ September 30, 2017 Form 10-Q”) 3.1(c) Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 9, 1996) Incorporated herein by reference to Exhibit 3.1(c) to Peoples’ September 30, 2017 Form 10-Q 3.1(d) Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 23, 2003) Incorporated herein by reference to Exhibit 3(a) to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended March 31, 2003 (File No. 0-16772) (“Peoples’ March 31, 2003 Form 10-Q”) 3.1(e) Certificate of Amendment by Shareholders to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on January 22, 2009) Incorporated herein by reference to Exhibit 3.1 to the Current Report of Peoples Bancorp Inc. on Form 8-K dated and filed on January 23, 2009 (File No. 0-16772) 3.1(f) Certificate of Amendment by Directors to Articles filed with the Ohio Secretary of State on January 28, 2009, evidencing adoption of amendments by the Board of Directors of Peoples Bancorp Inc. to Article FOURTH of the Amended Articles of Incorporation to establish express terms of Fixed Rate Cumulative Perpetual Preferred Shares, Series A, each without par value, of Peoples Bancorp Inc. Incorporated herein by reference to Exhibit 3.1 to the Current Report of Peoples Bancorp Inc. on Form 8-K dated and filed on February 2, 2009 (File No. 0-16772) 3.1(g) Certificate of Amendment by the Shareholders to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on July 28, 2021) Incorporated herein by reference to Exhibit 3.1(g) to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended June 30, 2021 (File No. 0-16772) (“Peoples’ June 30, 2021 Form 10-Q”) 3.1(h) Amended Articles of Incorporation of Peoples Bancorp Inc. (representing the Amended Articles of Incorporation in compiled form incorporating all amendments) [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 the Registration Statement of Peoples Bancorp Inc. on Form 8-B filed July 20, 1993 (File No. 0-16772) 3.2(b) Certified Resolutions Regarding Adoption of Amendments to Sections 1.03, 1.04, 1.05, 1.06, 1.08, 1.10, 2.03(C), 2.07, 2.08, 2.10 and 6.02 of the Code of Regulations of Peoples Bancorp Inc. by shareholders on April 10, 2003 Incorporated herein by reference to Exhibit 3(c) to Peoples’ March 31, 2003 Form 10-Q 3.2(c) Certificate regarding adoption of amendments to Sections 3.01, 3.03, 3.04, 3.05, 3.06, 3.07, 3.08 and 3.11 of the Code of Regulations of Peoples Bancorp Inc. by shareholders on April 8, 2004 Incorporated herein by reference to Exhibit 3(a) to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended March 31, 2004 (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 on a confidential basis upon request. P Peoples 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. 126 Exhibit Number Description Exhibit Location 3.2(d) Certificate regarding adoption of amendments to Sections 2.06, 2.07, 3.01 and 3.04 of Peoples Bancorp Inc.’s Code of Regulations by the shareholders on April 13, 2006 Incorporated herein by reference to Exhibit 3.1 to the Current Report of Peoples Bancorp Inc. on Form 8-K dated and filed on April 14, 2006 (File No. 0-16772) 3.2(e) Certificate regarding adoption of an amendment to Section 2.01 of Peoples Bancorp Inc.'s Code of Regulations by the shareholders on April 22, 2010 Incorporated herein by reference to Exhibit 3.2(e) to the Quarterly Report on Form 10-Q/A (Amendment No. 1) of Peoples Bancorp Inc. for the quarterly period ended June 30, 2010 (File No. 0-16772) 3.2(f) Certificate regarding Adoption of Amendment to Division (D) of Section 2.02 of Code of Regulations of Peoples Bancorp Inc. by the Shareholders at the Annual Meeting of Shareholders on April 26, 2018 Incorporated herein by reference to Exhibit 3.1 to the Current Report of Peoples Bancorp Inc. on Form 8-K dated and filed on June 28, 2018 (File No. 0-16772) (“Peoples’ June 28, 2018 Form 8-K”) 3.2(g) Code of Regulations of Peoples Bancorp Inc. (This document represents the Code of Regulations of Peoples Bancorp Inc. in compiled form incorporating all amendments.) Incorporated herein by reference to Exhibit 3.2 to Peoples’ June 28, 2018 Form 8-K 4.1 Agreement to furnish instruments and agreements defining rights of holders of long-term debt Filed herewith 4.2(a) Indenture, dated as of June 25, 2007, between NB&T Financial Group, Inc., as issuer, and Wilmington Trust Company, as trustee, relating to Fixed/Floating Rate Subordinated Debt Securities due 2037 Incorporated herein by reference to Exhibit 4.1(a) to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended June 30, 2015 (File No. 0-16772) (“Peoples’ June 30, 2015 Form 10-Q”) 4.2(b) First Supplemental Indenture, dated June 5, 2015, and made to be effective as of 6:00 p.m., Eastern Standard Time, on March 6, 2015, between Wilmington Trust Company, as trustee, and Peoples Bancorp Inc., as successor to NB&T Financial Group, Inc. Incorporated herein by reference to Exhibit 4.1(b) to Peoples’ June 30, 2015 Form 10-Q 4.3(a) Amended and Restated Declaration of Trust of NB&T Statutory Trust III, dated and effective as of June 25, 2007 NOTE: Pursuant to the First Supplemental Indenture, dated June 5, 2015, and made to be effective as of 6:00 p.m., Eastern Standard Time, on March 6, 2015, between Wilmington Trust Company, as trustee, and Peoples Bancorp Inc., Peoples Bancorp Inc. succeeded to and was substituted for NB&T Financial Group, Inc. as “Sponsor” Incorporated herein by reference to Exhibit 4.2(a) to Peoples’ June 30, 2015 Form 10-Q 4.3(b) Notice of Removal of Administrators and Appointment of Replacements, dated June 5, 2015, delivered to Wilmington Trust Company by the Successor Administrators named therein and Peoples Bancorp Inc. Incorporated herein by reference to Exhibit 4.2(b) to Peoples’ June 30, 2015 Form 10-Q 4.3(c) Notice of Removal of Administrator and Appointment of Replacement, dated February 11, 2021, delivered to Wilmington Trust Company by the Continuing Administrators and the Successor Administrator named therein and Peoples Bancorp Inc. Incorporated herein by reference to Exhibit 4.3(c) to the Annual Report on Form 10-K of Peoples Bancorp Inc. for the fiscal year ended December 31, 2020 (File No. 0-16772) 4.4 Guarantee Agreement, dated as of June 25, 2007, between NB&T Financial Group, Inc. and Wilmington Trust Company, as guarantee trustee, relating to the Capital Securities (as defined therein) NOTE: Pursuant to the First Supplemental Indenture, dated June 5, 2015, and made to be effective as of 6:00 p.m., Eastern Standard Time, on March 6, 2015, between Wilmington Trust Company, as trustee, and Peoples Bancorp Inc., Peoples Bancorp Inc. succeeded to and was substituted for NB&T Financial Group, Inc. as “Guarantor” Incorporated herein by reference to Exhibit 4.3 to Peoples’ June 30, 2015 Form 10-Q 4.5(a) Indenture, dated as of February 26, 2004, between First National Bankshares Corporation, as Issuer, and Wilmington Trust Company, as Trustee, relating to Floating Rate Subordinated Debt Securities Due 2034 Incorporated herein by reference to Exhibit 4.1(a) to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended September 30, 2021 (File No. 0-16772) (“Peoples’ September 30, 2021 Form 10-Q”) 127 Exhibit Number Description Exhibit Location 4.5(b) First Supplemental Indenture, dated as of January 15, 2016, between Wilmington Trust Company, as Trustee, and Premier Financial Bancorp, Inc., as successor to First National Bankshares Corporation Incorporated herein by reference to Exhibit 4.1(b) to Peoples’ September 30, 2021 Form 10-Q 4.5(c) Second Supplemental Indenture, dated as of September 17, 2021, between Wilmington Trust Company, as Trustee, and Peoples Bancorp Inc., as successor to Premier Financial Bancorp, Inc. Incorporated herein by reference to Exhibit 4.1 (c) to Peoples’ September 30, 2021 Form 10-Q 4.6 Amended and Restated Declaration of Trust of FNB Capital Trust One, dated as of February 26, 2004 NOTE: Pursuant to the First Supplemental Indenture, dated as of January 15, 2016, between Wilmington Trust Company, as Trustee, and Premier Bancorp, Inc., Premier Bancorp, Inc., succeeded to and was substituted for First National Bankshares Corporation as “Sponsor” and pursuant to the Second Supplemental Indenture, dated as of September 17, 2021, between Wilmington Trust Company, as Trustee, and Peoples Bancorp Inc., Peoples Bancorp Inc., succeeded and was substituted for Premier Financial Bancorp, Inc. as “Sponsor” Incorporated herein by reference to Exhibit 4.2 to Peoples’ September 30, 2021 Form 10-Q 4.7 Notice of Removal of Administrators and Appointment of Replacements, dated September 17, 2021, delivered to Wilmington Trust Company by the Successor Administrators named therein and Peoples Bancorp Inc. Incorporated herein by reference to Exhibit 4.3 to Peoples’ September 30, 2021 Form 10-Q 4.8 Guarantee Agreement, dated as of February 26, 2004, between First National Bankshares Corporation, as Guarantor, and Wilmington Trust Company, as Guarantee Trustee, related to the Capital Securities (as defined therein) NOTE: Pursuant to the First Supplemental Indenture, dated as of January 15, 2016, between Wilmington Trust Company, as Trustee, and Premier Financial Bancorp, Inc., Premier Financial Bancorp, Inc. succeeded to and was substituted for First National Bankshares Corporation as “Guarantor” and pursuant to the Second Supplemental Indenture, dated as of September 17, 2021, between Wilmington Trust Company, as Trustee, and Peoples Bancorp Inc., Peoples Bancorp Inc. succeeded and was substituted for Premier Financial Bancorp, Inc. as “Guarantor” Incorporated herein by reference to Exhibit 4.4 to Peoples’ September 30, 2021 Form 10-Q 4.9 Description of Common Shares of Peoples Bancorp Inc. Incorporated herein by reference to Exhibit 4.2 to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended June 30, 2023 (File No. 0-16772) (“Peoples’ June 30, 2023 Form 10-Q”) 10.1(a) Peoples Bancorp Inc. Third Amended and Restated Deferred Compensation Plan for Directors of Peoples Bancorp Inc. and Subsidiaries (Amended and Restated Effective June 26, 2014)* Incorporated herein by reference to Exhibit 10.1(a) to the Annual Report on Form 10-K of Peoples Bancorp Inc. for the fiscal year ended December 31, 2015 (File No. 0-16772) 10.1(b) Rabbi Trust Agreement, made January 6, 1998, between Peoples Bancorp Inc. and The Peoples Banking and Trust Company (predecessor to Peoples Bank, National Association and now known as Peoples Bank following conversion to state-chartered bank) as Trustee* Incorporated herein by reference to Exhibit 10.1(c) to the Annual Report on Form 10-K of Peoples Bancorp Inc. for the fiscal year ended December 31, 2007 (File No. 0-16772) 10.1(c) Rabbi Trust Agreement, entered into effective on September 1, 2022, between Peoples Bancorp Inc. and Reliance Trust Company, a state chartered trust company, as Trustee* Incorporated herein by reference to Exhibit 10.1(c) to the Annual Report on Form 10-K of Peoples Bancorp Inc. for the fiscal year ended December 31, 2022 (File No. 0-16772) (“Peoples’ 2022 Form 10-K”) 10.2 Summary of Peoples Bancorp Inc. Annual Incentive Program for Executive Officers and other employees of Peoples Bancorp Inc. [Effective beginning with the fiscal year beginning January 1, 2023]* Incorporated herein by reference to Exhibit 10.4 to Peoples’ 2022 Form 10-K *Management Compensation Plan or Agreement 128 Exhibit Number Description Exhibit Location 10.3 Summary of Peoples Bancorp Inc. Annual Incentive Program for Executive Officers and other employees of Peoples Bancorp Inc. [Effective beginning with the fiscal year beginning January 1, 2024]* Incorporated herein by reference to Exhibit 10.4 to Peoples’ 2023 Form 10-K 10.4 Summary of Peoples Bancorp Inc. Annual Incentive Program for Executive Officers and other employees of Peoples Bancorp Inc. [Effective beginning with the fiscal year beginning January 1, 2025]* Incorporated herein by reference to Exhibit 10.4 to the Annual Report on Form 10-K of Peoples Bancorp Inc. for the fiscal year ending December 31, 2024 (File No. 0-16772) 10.5 Summary of Peoples Bancorp Inc. Annual Incentive Program for Executive Officers and other employees of Peoples Bancorp Inc [Effective beginning with the fiscal year beginning January 1, 2026]* Filed herewith 10.6 Summary of Perquisites for Executive Officers of Peoples Bancorp Inc.* Filed herewith 10.7 Summary of Base Salaries for Executive Officers of Peoples Bancorp Inc.* Filed herewith 10.8 Summary of Compensation for Directors of Peoples Bancorp Inc.* Filed herewith 10.9 Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan (approved by the shareholders of Peoples Bancorp Inc. on April 27, 2023; successor to the Peoples Bancorp Inc. Third Amended and Restated 2006 Equity Plan, the Peoples Bancorp Inc. Second Amended and Restated 2006 Equity Plan, the Peoples Bancorp Inc. Amended and Restated 2006 Equity Plan and the Peoples Bancorp Inc. 2006 Equity Plan)* Incorporated herein by reference to Exhibit 99.1 to Peoples’ Current Report on Form 8-K dated and filed on May 2, 2023 (File No. 0-16772) 10.10 Peoples Bancorp Inc. Third Amended and Restated 2006 Equity Plan Time-Based Restricted Stock Award Agreement (for Executives) used and to be used to evidence awards of time-based restricted stock granted to executives of Peoples Bancorp Inc. on and after July 31, 2018 and prior to April 27, 2023* Incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended September 30, 2018 (File No. 0-16772) (“Peoples’ September 30, 2018 Form 10-Q”) 10.11 Peoples Bancorp Inc. Third Amended and Restated 2006 Equity Plan Performance-Based Restricted Stock Award Agreement (for Executives) used and to be used to evidence awards of performance-based restricted stock granted to executives of Peoples Bancorp Inc. on and after July 31, 2018 and prior to April 27, 2023* Incorporated herein by reference to Exhibit 10.2 to Peoples’ September 30, 2018 Form 10-Q 10.12(a) Peoples Bancorp Inc. Amended and Restated Nonqualified Deferred Compensation Plan (adopted effective July 11, 2019)* Incorporated herein by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended June 30, 2019 (File No. 0-16772) 10.12(b) First Amendment to Peoples Bancorp Inc. Amended and Restated Nonqualified Deferred Compensation Plan (effective as of May 17, 2021)* Incorporated herein by reference to Exhibit 10.11(b) to Peoples’ 2022 Form 10-K 10.12(c) Second Amendment to Peoples Bancorp Inc. Amended and Restated Nonqualified Deferred Compensation Plan (effective as of September 1, 2022)* Incorporated herein by reference to Exhibit 10.11(c) to Peoples’ 2022 Form 10-K 10.13 Consulting Agreement dated March 20, 2024 among Charles Sulerzyski, Peoples Bancorp Inc. and Peoples Bank Incorporated by reference to Exhibit 10.1 to the Current Report of Peoples Bancorp Inc. on Form 8-K dated and filed on March 21, 2024 (File No. 0-16772) 10.14 Peoples Bancorp Inc. Employee Stock Purchase Plan* Incorporated herein by reference to Exhibit 10.1 to the Current Report of Peoples Bancorp Inc. on Form 8-K dated and filed on April 28, 2014 (File No. 0-16772) *Management Compensation Plan or Agreement 129 Exhibit Number Description Exhibit Location 10.15 Form of Peoples Bancorp Inc. Change in Control Agreement to be adopted by Peoples Bancorp Inc. and individuals who are first elected as executive officers of Peoples Bancorp Inc. after March 24, 2016* Incorporated herein by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended March 31, 2016 (File No. 0-16772) 10.16 Peoples Bancorp Inc. Change in Control Agreement between Peoples Bancorp Inc. and Douglas Wyatt (adopted May 2, 2016)* Incorporated herein by reference to Exhibit 10.1 to Peoples’ March 31, 2017 Form 10-Q 10.17 Peoples Bancorp Inc. Change in Control Agreement between Peoples Bancorp Inc. and Ryan Kirkham (adopted January 1, 2019)* Incorporated herein by reference to Exhibit 10.24 to the Annual Report on Form 10-K of Peoples Bancorp Inc. for the fiscal year ended December 31, 2019 (File No. 0-16772) 10.18 Peoples Bancorp Inc. Change in Control Agreement between Peoples Bancorp Inc. and Jason M. Eakle (adopted April 1, 2020)* Incorporated herein by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of Peoples Bancorp Inc. for the quarterly period ended June 30, 2020 (File No. 0-16772) 10.19 Peoples Bancorp Inc. Change in Control Agreement between Peoples Bancorp Inc. and Kathryn M. Bailey (adopted October 1, 2020)* Incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form-10-Q of Peoples Bancorp Inc. for the quarterly period ended September 30, 2020 (File No. 0-16772) (“Peoples September 30, 2020 Form 10-Q”) 10.20 Peoples Bancorp Inc. Change in Control Agreement between Peoples Bancorp Inc. and Mark J. Augenstein (adopted October 1, 2020)* Incorporated herein by reference to Exhibit 10.2 to Peoples’ September 30, 2020 Form 10-Q 10.21 Peoples Bancorp Inc. Change in Control Agreement between Peoples Bancorp Inc. and Tyler Wilcox (adopted August 1, 2024)* Incorporated herein by reference to Exhibit 10.1 to the Current Report of Peoples Bancorp Inc. on Form 8-K dated and filed on August 2, 2024 (File No. 0-16772) 10.22 Peoples Bancorp Inc. Change in Control Agreement between Peoples Bancorp Inc. and Matthew Macia (adopted August 21, 2023)* Incorporated herein by reference to Exhibit 10.1 to Peoples’ September 30, 2023 Form 10-Q 10.23 Peoples Bancorp Inc. Change in Control Agreement between Peoples Bancorp Inc. and Hugh Donlon (adopted September 9, 2023)* Incorporated herein by reference to Exhibit 10.2 to Peoples’ September 30, 2023 Form 10-Q 10.24 Form of Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan Performance-Based Restricted Stock Award Agreement used to evidence grants of performance-based restricted common shares to executive officers of Peoples Bancorp Inc. after November 20, 2024* Incorporated herein by reference to Exhibit 10.24 to Peoples’ 2024 Form 10-K 10.25 Form of Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan Performance-Based Restricted Stock Award Agreement used to evidence grants of performance-based restricted common shares to executive officers of Peoples Bancorp Inc. after April 27, 2023 and prior to November 20, 2024* Incorporated herein by reference to Exhibit 10.2 to Peoples’ June 30, 2023 Form 10-Q 10.26 Form of Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan Time-Based Restricted Stock Award Agreement used to evidence grants of time-based restricted common shares to executive officers of Peoples Bancorp Inc. after April 27, 2023 and prior to July 26, 2023* Incorporated herein by reference to Exhibit 10.3 to Peoples’ June 30, 2023 Form 10-Q 10.27 Form of Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan Time-Based Restricted Stock Award Agreement used to evidence grants of time-based restricted common shares to executive officers of Peoples Bancorp Inc. after July 26, 2023 and prior to October 23, 2023* Incorporated herein by reference to Exhibit 10.4 to Peoples’ June 30, 2023 Form 10-Q 10.28 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 October 23, 2023* Incorporated herein by reference to Exhibit 10.3 to Peoples’ September 30, 2023 Form 10-Q *Management Compensation Plan or Agreement 130 Exhibit Number Description Exhibit Location 19 Insider Trading Policy Incorporated herein by reference to Exhibit 19 to Peoples’ 2024 Form 10-K 21 Subsidiaries of Peoples Bancorp Inc. Filed herewith 23 Consent of Independent Registered Public Accounting Firm – Ernst & Young LLP Filed herewith 24 Powers of Attorney of Directors and Executive Officers of Peoples Bancorp Inc. Filed herewith 31.1 Rule 13a-14(a)/15d-14(a) Certifications [President and Chief Executive Officer] Filed herewith 31.2 Rule 13a-14(a)/15d-14(a) Certifications [Executive Vice President, Chief Financial Officer and Treasurer] Filed herewith 32 Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code [President and Chief Executive Officer; and Executive Vice President, Chief Financial Officer and Treasurer] Furnished herewith 97 Clawback Policy Incorporated herein by reference to Exhibit 97 to Peoples’ 2024 Form 10-K 101.INS Inline XBRL Instance Document ## Submitted electronically herewith # 101.SCH Inline XBRL Taxonomy Extension Schema Document Submitted electronically herewith # 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document Submitted electronically herewith # 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document Submitted electronically herewith # 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document Submitted electronically herewith # 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document Submitted electronically herewith # 104 Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101) Submitted electronically herewith # Attached as Exhibit 101 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 of Peoples Bancorp Inc. are the following documents formatted in Inline XBRL (eXtensive Business Reporting Language): (i) Consolidated Balance Sheets at December 31, 2025 and December 31, 2024; (ii) Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023; (iii) Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023; (iv) Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2025, 2024 and 2023; (v) Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023; and (vi) Notes to the 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. *Management Compensation Plan or Agreement *Management Compensation Plan or Agreement 131 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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: February 26, 2026 By: /s/ TYLER WILCOX Tyler Wilcox President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. Signatures Title Date /s/ TYLER WILCOX President, Chief Executive Officer and Director (Principal Executive Officer) 2/26/2026 Tyler Wilcox /s/ KATIE BAILEY Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) 2/26/2026 Katie Bailey /s/ S. CRAIG BEAM* Director 2/26/2026 S. Craig Beam /s/ DAVID F. DIERKER* Director 2/26/2026 David F. Dierker /s/ GLENN HOGAN* Director 2/26/2026 Glenn Hogan /s/ BROOKE W. JAMES* Director 2/26/2026 Brooke W. James /s/ SUSAN D. RECTOR* Chairman of the Board and Director 2/26/2026 Susan D. Rector /s/ KEVIN R. REEVES* Director 2/26/2026 Kevin R. Reeves /s/ CAROL A. SCHNEEBERGER* Director 2/26/2026 Carol A. Schneeberger /s/ FRANCES A. SKINNER* Director 2/26/2026 Frances A. Skinner /s/ DWIGHT SMITH* Director 2/26/2026 Dwight Smith /s/ MICHAEL N. VITTORIO* Director 2/26/2026 Michael N. Vittorio * The undersigned, by signing his name hereto, does hereby sign this Annual Report on Form 10-K on behalf of each of the directors of the Registrant identified above pursuant to Powers of Attorney executed by the directors of the Registrant identified above, which Powers of Attorney are filed with this Annual Report on Form 10-K in Exhibit 24. By: /s/ TYLER WILCOX Tyler Wilcox President and Chief Executive Officer Attorney-in-Fact 132