PEOPLES BANCORP INC 10-Q

pebo-20260331 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 000-16772 PEOPLES BANCORP INC. (Exact name of Registrant as specified in its charter) Ohio 31-0987416 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 138 Putnam Street, P.O. Box 738, Marietta, Ohio 45750 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (740) 373-3155 Not Applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares, without par value PEBO The Nasdaq Stock Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 35,923,471 common shares, without par value, at April 29, 2026. Table of Contents Table of Contents PART I – FINANCIAL INFORMATION 3 ITEM 1. FINANCIAL STATEMENTS 3 CONSOLIDATED BALANCE SHEETS (Unaudited) 3 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 4 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) 5 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) 6 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 8 NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 9 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 38 EXECUTIVE SUMMARY 41 RESULTS OF OPERATIONS 43 FINANCIAL CONDITION 55 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 67 ITEM 4. CONTROLS AND PROCEDURES 67 PART II – OTHER INFORMATION 68 ITEM 1. LEGAL PROCEEDINGS 68 ITEM 1A. RISK FACTORS 68 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 69 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 69 ITEM 4. MINE SAFETY DISCLOSURES 69 ITEM 5. OTHER INFORMATION 69 ITEM 6. EXHIBITS 70 SIGNATURES 72 2 Table of Contents PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2026 December 31, 2025 (Dollars in thousands) (Unaudited) Assets Cash and cash equivalents: Cash and balances due from banks $ 112,276 $ 107,864 Interest-bearing deposits in other banks 78,115 81,087 Total cash and cash equivalents 190,391 188,951 Available-for-sale investment securities, at fair value (amortized cost of $ 1,107,248 at March 31, 2026 and $ 1,076,980 at December 31, 2025) (a) 1,007,944 984,367 Held-to-maturity investment securities, at amortized cost (fair value of $ 820,850 at March 31, 2026 and $ 867,714 at December 31, 2025) (a) 883,675 922,837 Other investments 69,903 68,656 Total investment securities (a) 1,961,522 1,975,860 Loans and leases, net of deferred fees and costs (b) 6,770,208 6,756,907 Allowance for credit losses ( 78,392 ) ( 75,676 ) Net loans and leases (c) 6,691,816 6,681,231 Loans held for sale 4,043 2,667 Bank premises and equipment, net of accumulated depreciation 99,313 100,508 Bank owned life insurance 149,426 148,264 Goodwill 363,199 363,199 Other intangible assets 28,402 30,120 Other assets 159,975 158,830 Total assets $ 9,648,087 $ 9,649,630 Liabilities Deposits: Non-interest-bearing $ 1,586,514 $ 1,545,428 Interest-bearing 6,061,923 6,064,796 Total deposits 7,648,437 7,610,224 Short-term borrowings 505,862 530,285 Long-term borrowings 185,430 204,138 Accrued expenses and other liabilities 92,318 98,381 Total liabilities $ 8,432,047 $ 8,443,028 Stockholders’ equity Preferred shares, no par value, 50,000 shares authorized, no shares issued at March 31, 2026 or at December 31, 2025 — — Common shares, no par value, 50,000,000 shares authorized, 36,848,602 shares issued at March 31, 2026 and 36,836,943 shares issued at December 31, 2025, including at each date shares held in treasury 867,464 871,571 Retained earnings 451,107 436,748 Accumulated other comprehensive loss, net of deferred income taxes ( 76,042 ) ( 70,628 ) Treasury stock, at cost, 1,017,603 shares at March 31, 2026 and 1,215,120 shares at December 31, 2025 ( 26,489 ) ( 31,089 ) Total stockholders’ equity $ 1,216,040 $ 1,206,602 Total liabilities and stockholders’ equity $ 9,648,087 $ 9,649,630 (a) Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $ 0 and $ 233 , respectively, at March 31, 2026, and $ 0 and $ 236 , respectively, at December 31, 2025. (b) Also referred to throughout this Quarterly Report on Form 10-Q as "total loans" or "loans held for investment." (c) Also referred to throughout this Quarterly Report on Form 10-Q as "net loans." See Notes to the Unaudited Condensed Consolidated Financial Statements 3 Table of Contents PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, (Dollars in thousands, except per share data) 2026 2025 Interest income: Interest and fees on loans and leases $ 108,690 $ 107,302 Interest and dividends on taxable investment securities 16,526 15,372 Interest on tax-exempt investment securities 815 968 Other interest income 790 900 Total interest income 126,821 124,542 Interest expense: Interest on deposits 28,630 35,164 Interest on short-term borrowings 4,959 508 Interest on long-term borrowings 2,812 3,615 Total interest expense 36,401 39,287 Net interest income 90,420 85,255 Provision for credit losses 9,694 10,190 Net interest income after provision for credit losses 80,726 75,065 Non-interest income: Electronic banking income 5,927 5,885 Trust and investment income 5,605 5,061 Insurance income 5,580 6,054 Lease income 4,581 3,468 Deposit account service charges 4,267 4,015 Bank owned life insurance income 1,162 1,133 Mortgage banking income 376 396 Net loss on investment securities — ( 2 ) Net loss on asset disposals and other transactions ( 410 ) ( 361 ) Other non-interest income 1,166 1,450 Total non-interest income 28,254 27,099 Non-interest expense: Salaries and employee benefit costs 39,835 39,821 Data processing and software expense 7,536 7,005 Net occupancy and equipment expense 6,224 5,612 Professional fees 2,753 3,087 Electronic banking expense 2,081 2,025 Operating lease expense 1,804 985 Amortization of other intangible assets 1,697 2,213 Federal Deposit Insurance Corporation ("FDIC") insurance expense 1,410 1,251 Other loan expenses 1,123 1,119 Franchise tax expense 1,004 929 Marketing expense 886 903 Communication expense 589 734 Travel and entertainment expense 583 500 Other non-interest expense 4,110 4,603 Total non-interest expense 71,635 70,787 Income before income taxes 37,345 31,377 Income tax expense 8,339 7,041 Net income $ 29,006 $ 24,336 Earnings per common share - basic $ 0.82 $ 0.69 Earnings per common share - diluted $ 0.81 $ 0.68 Weighted-average number of common shares outstanding - basic 35,108,649 34,895,723 Weighted-average number of common shares outstanding - diluted 35,485,424 35,297,135 Cash dividends declared $ 14,647 $ 14,227 Cash dividends declared per common share $ 0.41 $ 0.40 See Notes to the Unaudited Condensed Consolidated Financial Statements 4 Table of Contents PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, (Dollars in thousands) 2026 2025 Net income $ 29,006 $ 24,336 Other comprehensive income: Available-for-sale investment securities: Gross unrealized holding (loss) gain arising during the period ( 6,691 ) 19,819 Related tax benefit (expense) 1,272 ( 4,620 ) Reclassification adjustment for net loss included in net income — 2 Related tax expense — — Net effect on other comprehensive income ( 5,419 ) 15,201 Cash flow hedges: Net gain (loss) arising during the period 168 ( 236 ) Related tax (expense) benefit ( 39 ) 55 Reclassification adjustment for net gain included in net income ( 162 ) ( 425 ) Related tax benefit 38 99 Net effect on other comprehensive income 5 ( 507 ) Total other comprehensive income, net of tax ( 5,414 ) 14,694 Total comprehensive income $ 23,592 $ 39,030 See Notes to the Unaudited Condensed Consolidated Financial Statements 5 Table of Contents PEOPLES BANCORP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) Accumulated Other Comprehensive Loss Total Stockholders' Equity Common Shares Retained Earnings Treasury Stock (Dollars in thousands) Balance, December 31, 2025 $ 871,571 $ 436,748 $ ( 70,628 ) $ ( 31,089 ) $ 1,206,602 Net income — 29,006 — — 29,006 Other comprehensive income, net of tax — — ( 5,414 ) — ( 5,414 ) Cash dividends declared — ( 14,647 ) — — ( 14,647 ) Reissuance of treasury stock for common share awards ( 6,428 ) — — 6,428 — Reissuance of treasury stock for deferred compensation plan for Boards of Directors — — — 29 29 Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors — — — ( 2,138 ) ( 2,138 ) Common shares issued under dividend reinvestment plan 375 — — — 375 Common shares issued under compensation plan for Boards of Directors 28 — — 103 131 Common shares issued under employee stock purchase plan 48 — — 178 226 Stock-based compensation 1,870 — — — 1,870 Balance, March 31, 2026 $ 867,464 $ 451,107 $ ( 76,042 ) $ ( 26,489 ) $ 1,216,040 6 Table of Contents Accumulated Other Comprehensive Loss Total Stockholders' Equity Common Shares Retained Earnings Treasury Stock (Dollars in thousands) Balance, December 31, 2024 $ 866,844 $ 388,109 $ ( 110,385 ) $ ( 32,978 ) $ 1,111,590 Net income — 24,336 — — 24,336 Other comprehensive income, net of tax — — 14,694 — 14,694 Cash dividends declared — ( 14,227 ) — — ( 14,227 ) Reissuance of treasury stock for common share awards ( 3,254 ) — — 3,254 — Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors — — — ( 1,754 ) ( 1,754 ) Common shares issued under dividend reinvestment plan 335 — — — 335 Common shares issued under compensation plan for Boards of Directors 17 — — 99 116 Common shares issued under employee stock purchase plan 44 — — 257 301 Stock-based compensation 2,430 — — — 2,430 Balance, March 31, 2025 $ 866,416 $ 398,218 $ ( 95,691 ) $ ( 31,122 ) $ 1,137,821 7 Table of Contents PEOPLES BANCORP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, (Dollars in thousands) 2026 2025 Net cash provided by operating activities $ 34,516 $ 34,276 Investing activities: Available-for-sale investment securities: Purchases ( 56,746 ) — Proceeds from sales 2,817 967 Proceeds from principal payments, calls and prepayments 23,767 28,401 Held-to-maturity investment securities: Purchases ( 48,918 ) ( 14,909 ) Proceeds from principal payments 88,874 36,515 Other investments: Purchases ( 11,880 ) ( 2,646 ) Proceeds from sales 10,431 11,367 Net increase in loans held for investment ( 17,962 ) ( 74,804 ) Net expenditures for premises and equipment ( 1,210 ) ( 2,748 ) Proceeds from sales of other real estate owned — 210 Other ( 21 ) — Net cash used in investing activities ( 10,848 ) ( 17,647 ) Financing activities: Net increase in non-interest-bearing deposits 41,086 18,624 Net (decrease) increase in interest-bearing deposits ( 2,942 ) 125,655 Net decrease in short-term borrowings ( 24,423 ) ( 174,246 ) Proceeds from long-term borrowings 6,108 3,295 Payments on long-term borrowings ( 25,169 ) ( 4,621 ) Cash dividends paid ( 14,647 ) ( 14,227 ) Purchase of treasury stock under share repurchase program — — Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock ( 2,138 ) ( 1,754 ) Proceeds from issuance of common shares 353 293 Other ( 456 ) ( 334 ) Net cash used in financing activities ( 22,228 ) ( 47,315 ) Net increase (decrease) in cash and cash equivalents 1,440 ( 30,686 ) Cash and cash equivalents at beginning of period 188,951 217,664 Cash and cash equivalents at end of period $ 190,391 $ 186,978 Supplemental cash flow information: Interest paid $ 38,628 $ 37,531 Federal income taxes paid — 6,000 State income taxes paid 127 70 Supplemental noncash disclosures: Noncash recognition of new leases — 852 See Notes to the Unaudited Condensed Consolidated Financial Statements 8 Table of Contents PEOPLES BANCORP INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1 Summary of Significant Accounting Policies Basis of Presentation: The accompanying Unaudited Condensed Consolidated Financial Statements of Peoples Bancorp Inc. and its subsidiaries ("Peoples" refers to Peoples Bancorp Inc. and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to Peoples Bancorp Inc.) have been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP") for interim financial information and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not contain all of the information and footnotes required by US GAAP for annual financial statements and should be read in conjunction with Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025 ("Peoples' 2025 Form 10-K"). The accounting and reporting policies followed in the presentation of the accompanying Unaudited Condensed Consolidated Financial Statements are consistent with those described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2025 Form 10-K, as updated by the information contained in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (this "Form 10-Q"). Management has evaluated all significant events and transactions that occurred after March 31, 2026 for potential recognition or disclosure in these Unaudited Condensed Consolidated Financial Statements. In the opinion of management, these Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary to present fairly such information for the periods and at the dates indicated. Such adjustments are normal and recurring in nature. Certain items in prior financial statements have been reclassified to conform to the current presentation, which had no impact on net income, total comprehensive income, net cash provided by operating, financing, or investing activities or total stockholders’ equity. The impact of such changes are not considered material to Peoples' financial statements. Intercompany accounts and transactions have been eliminated. The Consolidated Balance Sheet at December 31, 2025, contained herein, has been derived from the audited Consolidated Balance Sheet included in Peoples’ 2025 Form 10-K. The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, due in part to seasonal variations and unusual or infrequently occurring items. Operating Segments: As a community banking entity, Peoples offers its customers a full range of products including a complete line of banking, leasing, insurance, investment and trust solutions. Peoples’ business activities are currently confined to a single reportable operating segment, which is community banking. Peoples’ single operating segment was determined based on the similar economic characteristics shared by the components of community banking. Peoples’ chief operating decision maker (“CODM”) is composed of its President and Chief Executive Officer, and its Chief Financial Officer. Peoples’ CODM considers all components of consolidated interest income, interest expense, non-interest income, and non-interest expense as presented in Peoples’ Consolidated Statements of Operations for the purposes of assessing performance of Peoples’ single reportable segment and allocating resources within its reportable segment. The CODM does not review segment revenue or expense information at a lower level than what is included in Peoples’ Consolidated Statements of Operations. New Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by Peoples as of the required effective dates. Refer to "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2025 Form 10-K for the impact of recently adopted standards impacting Peoples. Unless otherwise discussed, management believes any recently adopted standards will not have a material impact on Peoples' financial statements taken as a whole. ASU 2025-12 - Codification Improvements: The FASB issued an Accounting Standards Update (“ASU”) 2025-12 in December 2025. The amendments in ASU 2025-12 are effective for all entities for fiscal years beginning after December 15, 2026 and interim periods within those annual reporting periods, with early adoption permitted. Peoples early adopted the amendments within the guidance as of January 1, 2026. Overall, the guidance did not have a material impact on Peoples' financial statements. However, ASU 2025-12 Issue #5 clarified that lease receivables from sales-type or direct financing leases are excluded from the enhanced disclosures required by ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. As such, lease receivables from sales-type or direct financing leases are excluded from the current and prior period disclosures related to modifications for borrowers experiencing financial difficulty. Note 2 Fair Value of Assets and Liabilities Fair value represents the amount expected to be received to sell an asset or paid to transfer a liability in its principal or most advantageous market in an orderly transaction between market participants at the measurement date. In accordance with fair value accounting guidance, Peoples measures, records and reports various types of assets and liabilities at fair value on either a recurring or 9 Table of Contents a non-recurring basis in the Unaudited Condensed Consolidated Financial Statements. Those assets and liabilities are presented below in the sections entitled “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis” and “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis.” Depending on the nature of the asset or the liability, Peoples uses various valuation methodologies and assumptions to estimate fair value. The measurement of fair value under US GAAP uses a hierarchy, which is described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2025 Form 10-K. Assets and liabilities are assigned to a level within the fair value hierarchy based on the lowest level of significant input used to measure fair value. Assets and liabilities may change levels within the fair value hierarchy due to market conditions or other circumstances. Those transfers are recognized on the date of the event that prompted the transfer. There were no transfers of assets or liabilities required to be measured at fair value on a recurring basis between levels of the fair value hierarchy during the periods presented. Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis The following table provides the fair value for assets and liabilities required to be measured and reported at fair value on a recurring basis on the Unaudited Consolidated Balance Sheets by level in the fair value hierarchy. Recurring Fair Value Measurements at Reporting Date March 31, 2026 December 31, 2025 (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 $ 9,878 $ 16,274 $ — $ 17,580 U.S. government sponsored agencies — 231,332 — 206,330 States and political subdivisions — 165,105 — 170,832 Residential mortgage-backed securities — 522,638 — 544,038 Commercial mortgage-backed securities — 59,905 — 41,804 Bank-issued trust preferred securities — 2,812 — 3,783 Total available-for-sale securities $ 9,878 $ 998,066 $ — $ 984,367 Equity investment securities (a) 148 256 176 239 Nonqualified deferred compensation (a) (b) 5,671 — 6,074 — Derivative assets (c) — 9,345 — 9,708 Liabilities: Derivative liabilities (d) $ — $ 8,890 $ — $ 9,275 (a) Included in "Other investments" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 3 Investment Securities" of the Notes to the Unaudited Condensed Consolidated Financial Statements. (b) Investments in the nonqualified deferred compensation plan consist of mutual funds. (c) Included in " Other assets " on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements. (d) Included in " Accrued expenses and other liabilities " on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements. Available-for-Sale Investment Securities: The fair values used by Peoples are obtained from an independent pricing service and represent either quoted market prices for the identical securities (Level 1) or fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, secured overnight funding rate ("SOFR") or other relevant yield curves, credit spreads, and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services or broker in management's overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists. Equity Investment Securities: The fair values of Peoples' equity investment securities are obtained from q uoted prices in active exchange markets for identical assets or liabilities (Level 1) or quoted prices in less active markets (Level 2). Nonqualified deferred compensation: The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of cash and exchange traded mutual funds, which values are based on market prices (Level 1). 10 Table of Contents Derivative Assets and Derivative Liabilities : The fair values for derivative financial instruments are determined based on third-party models, which leverage current market interest rates, broker-dealer quotations on similar products, or other related input parameters (Level 2). Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis The following table provides the fair value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Unaudited Consolidated Balance Sheets by level in the fair value hierarchy at March 31, 2026 and December 31, 2025. Non-Recurring Fair Value Measurements at Reporting Date March 31, 2026 December 31, 2025 (Dollars in thousands) Level 2 Level 3 Level 2 Level 3 Assets: Collateral dependent loans $ — $ 16,526 $ — $ 7,738 Loans held for sale (a) 1,250 — 1,678 — (a) Loans held for sale are presented gross of a valuation allowance of $ 58 and $ 57 at March 31, 2026 and at December 31, 2025, respectively. Collateral Dependent Loans: Loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty, are considered collateral dependent. Peoples utilizes outside third-party appraisal services to value the underlying collateral, which Peoples then uses to report the loans at their fair value (Level 3). Loans Held for Sale: Loans originated and intended to be sold in the secondary market, generally one-to-four family residential loans, are carried, in aggregate, at the lower of cost or estimated fair value. Peoples uses a valuation model using quoted market prices of similar instruments in arriving at the fair value (Level 2). 11 Table of Contents Financial Instruments Not Required to be Measured or Reported at Fair Value The following table provides the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Unaudited Consolidated Balance Sheets. Fair Value Measurements of Other Financial Instruments (Dollars in thousands) Fair Value Hierarchy Level March 31, 2026 December 31, 2025 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 190,391 190,391 $ 188,951 $ 188,951 Held-to-maturity investment securities: Obligations of: U.S. government sponsored agencies 2 247,148 237,736 261,826 254,435 States and political subdivisions (a) 2 138,831 112,705 140,843 115,657 Residential mortgage-backed securities 2 399,724 385,642 423,628 413,123 Commercial mortgage-backed securities 2 98,205 84,767 96,776 84,499 Total held-to-maturity securities 883,908 820,850 923,073 867,714 Other investments: Other investments at cost: Federal Home Loan Bank ("FHLB") stock 3 32,390 32,390 30,843 30,843 Federal Reserve Bank ("FRB") stock 3 27,114 27,114 27,114 27,114 Other investments (b) 3 4,324 4,324 4,210 4,210 Total other investments at cost 63,828 63,828 62,167 62,167 Loans and leases, net of deferred fees and costs (c) 3 6,770,208 6,685,327 6,756,907 6,697,321 Bank owned life insurance 2 149,426 149,426 148,264 148,264 Liabilities: Deposits 2 $ 7,648,437 $ 6,507,890 $ 7,610,224 $ 6,579,413 Short-term borrowings 2 505,862 505,862 530,285 530,282 Long-term borrowings 2 185,430 202,092 204,138 222,323 (a) Obligations of states and political subdivisions are presented gross of an allowance for credit losses of $ 233 and $ 236 at March 31, 2026 and at December 31, 2025, respectively. (b) "Other investments", as reported on the Unaudited Consolidated Balance Sheets, also included equity investment securities at March 31, 2026 and at December 31, 2025, which are reported in the "Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis" table above and not included in this table. (c) Loans and leases, net of deferred fees and costs, are presented gross of an allowance for credit losses of $ 78.4 million and $ 75.7 million at March 31, 2026 and at December 31, 2025, respectively. For certain financial assets and liabilities, carrying value approximates fair value due to the nature of the financial instrument. These financial instruments include cash and cash equivalents and overnight borrowings. Peoples used the following methods and assumptions in estimating the fair value of the following financial instruments: Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, balances due from other banks, interest-bearing deposits in other banks, federal funds sold and other short-term investments with original maturities of 90 days or less. The carrying amount for cash and cash equivalents balances are a reasonable estimate of fair value (Level 1). Held-to-Maturity Investment Securities: The fair values used by Peoples are obtained from an independent pricing service and represent fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatility, relevant yield curves, credit spreads and prices from market makers and live trading systems (Level 2). Management reviews the valuation methodology and quality controls utilized by the pricing services in management's overall assessment of the reasonableness of the fair values provided, and challenges prices when management believes a material discrepancy in pricing exists. Other Investments: FHLB and FRB stock are both recorded at historical cost. Other investments are otherwise primarily comprised of investments accounted for under the cost method due to the level of control Peoples exercises over the investee. These investments are not actively traded in an open market as sales for these types of investments are rare (Level 3). 12 Table of Contents Loans and Leases, Net of Deferred Fees and Costs: The fair value of portfolio loans and leases assumes sale of the underlying notes to a third-party financial investor. Accordingly, this value is not necessarily the value to Peoples if the notes were held to maturity. Peoples considers interest rate, credit and market factors in estimating the fair value of loans and leases (Level 3). Fair values for loans and leases are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans and leases with similar terms, the credit risk associated with the loans and leases and other market factors, including liquidity. Bank Owned Life Insurance: Peoples' bank owned life insurance ("BOLI") policies are recorded at their cash surrender value, which approximates fair value (Level 2). Peoples recognizes tax-exempt income from the periodic increases in the cash surrender value of these policies and from death benefits. Deposits: The fair value of fixed-maturity certificates of deposit ("CDs") is estimated using a discounted cash flow calculation based on current rates offered for deposits of similar remaining maturities. Demand and other non-fixed-maturity deposits are estimated using a discounted cash flow calculation based on maturity, attrition and re-pricing assumptions (Level 2). Short-term Borrowings: The fair value of short-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2). Long-term Borrowings: The fair value of long-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2). Note 3 Investment Securities Available-for-sale The following table summarizes Peoples' available-for-sale investment securities: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2026 Obligations of: U.S. Treasury and government agencies $ 25,958 $ 224 $ ( 30 ) $ 26,152 U.S. government sponsored agencies 239,214 459 ( 8,341 ) 231,332 States and political subdivisions 185,854 3 ( 20,752 ) 165,105 Residential mortgage-backed securities 586,875 1,443 ( 65,680 ) 522,638 Commercial mortgage-backed securities 66,347 — ( 6,442 ) 59,905 Bank-issued trust preferred securities 3,000 — ( 188 ) 2,812 Total available-for-sale securities $ 1,107,248 $ 2,129 $ ( 101,433 ) $ 1,007,944 December 31, 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 13 Table of Contents The gross gains and losses realized by Peoples from sales or prepayments of available-for-sale investment securities for the periods ended March 31 were as follows: Three Months Ended March 31, (Dollars in thousands) 2026 2025 Gross gains realized $ 121 $ 25 Gross losses realized ( 121 ) ( 27 ) Net loss realized $ — $ ( 2 ) The cost of investment securities sold, and any resulting gain or loss, were based on the specific identification method and recognized as of the trade date. The following table presents a summary of available-for-sale investment securities that have been in a continuous unrealized loss position for the periods identified: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss No. of Securities Fair Value Unrealized Loss March 31, 2026 Obligations of: U.S. Treasury and government agencies $ 7,560 $ 30 11 $ 89 $ 1 1 $ 7,649 $ 31 U.S. government sponsored agencies 90,263 1,570 20 100,032 6,771 21 190,295 8,341 States and political subdivisions 23,181 1,034 45 139,190 19,717 99 162,371 20,751 Residential mortgage-backed securities 33,499 216 41 438,322 65,464 224 471,821 65,680 Commercial mortgage-backed securities 21,143 334 7 38,692 6,108 21 59,835 6,442 Bank-issued trust preferred securities — — — 2,812 188 1 2,812 188 Total $ 175,646 $ 3,184 124 $ 719,137 $ 98,249 367 $ 894,783 $ 101,433 December 31, 2025 Obligations of: U.S. Treasury and government agencies $ 5,319 $ 16 3 $ 741 $ 3 4 $ 6,060 $ 19 U.S. government sponsored agencies 47,059 341 10 127,311 6,115 27 174,370 6,456 States and political 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 Management evaluates available-for-sale investment securities for an allowance for credit losses on a quarterly basis. At March 31, 2026, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses. At March 31, 2026, Peoples did not have the intent to sell, nor was it more likely than not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery. Further, the unrealized losses at both March 31, 2026, and December 31, 2025, were attributable to changes in market interest rates and spreads since the securities were purchased, and were not credit-related losses. The unrealized loss with respect to the one bank-issued trust preferred security that had been in an unrealized loss position for 12 months or more at March 31, 2026 was attributable to the subordinated nature of the trust preferred security. 14 Table of Contents The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at March 31, 2026. The weighted-average yields are based on the amortized cost. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. (Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total Amortized cost Obligations of: U.S. Treasury and government agencies $ 90 $ 7,052 $ 14,372 $ 4,444 $ 25,958 U.S. government sponsored agencies — 42,384 134,999 61,831 239,214 States and political subdivisions 3,445 36,744 70,888 74,777 185,854 Residential mortgage-backed securities — 1,488 48,222 537,165 586,875 Commercial mortgage-backed securities 104 16,948 16,158 33,137 66,347 Bank-issued trust preferred securities — — 3,000 — 3,000 Total available-for-sale securities $ 3,639 $ 104,616 $ 287,639 $ 711,354 $ 1,107,248 Fair value Obligations of: U.S. Treasury and government agencies $ 89 $ 7,114 $ 14,438 $ 4,511 $ 26,152 U.S. government sponsored agencies — 39,106 130,641 61,585 231,332 States and political subdivisions 3,437 34,557 61,880 65,231 165,105 Residential mortgage-backed securities — 1,444 45,536 475,658 522,638 Commercial mortgage-backed securities 104 15,527 14,242 30,032 59,905 Bank-issued trust preferred securities — — 2,812 — 2,812 Total available-for-sale securities $ 3,630 $ 97,748 $ 269,549 $ 637,017 $ 1,007,944 Total weighted-average yield 2.98 % 1.92 % 3.15 % 2.77 % 2.79 % Held-to-maturity The following table summarizes Peoples’ held-to-maturity investment securities: (Dollars in thousands) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2026 Obligations of: U.S. government sponsored agencies $ 247,148 $ — $ 643 $ ( 10,055 ) $ 237,736 States and political subdivisions 138,831 ( 233 ) 72 ( 25,965 ) 112,705 Residential mortgage-backed securities 399,724 — 3,147 ( 17,229 ) 385,642 Commercial mortgage-backed securities 98,205 — — ( 13,438 ) 84,767 Total held-to-maturity investment securities $ 883,908 $ ( 233 ) $ 3,862 $ ( 66,687 ) $ 820,850 December 31, 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 investment securities $ 923,073 $ ( 236 ) $ 5,733 $ ( 60,856 ) $ 867,714 There were no sales of held-to-maturity investment securities during the three-month periods ended March 31, 2026 or December 31, 2025. Management evaluates held-to-maturity investment securities for an allowance for credit losses on a quarterly basis. The majority of Peoples' held-to maturity investment securities are agency-backed securities, for which an allowance for credit losses was not recorded. Peoples calculated the allowance for credit losses for obligations of state and political subdivisions using cumulative default rate averages for municipal securities. Peoples reported $ 0.2 million of allowance for credit losses for held-to-maturity investment securities at both March 31, 2026, and December 31, 2025. The following table presents a summary of held-to-maturity investment securities that had been in a continuous unrealized loss position for the periods identified: 15 Table of Contents 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 March 31, 2026 Obligations of: U.S. government sponsored agencies $ 142,819 $ 2,650 23 $ 58,954 $ 7,405 17 $ 201,773 $ 10,055 States and political subdivisions 1,234 303 2 109,386 25,662 65 110,620 25,965 Residential mortgage-backed securities 87,374 1,224 19 131,063 16,005 42 218,437 17,229 Commercial mortgage-backed securities 16,146 1,273 7 68,622 12,165 29 84,768 13,438 Total $ 247,573 $ 5,450 51 $ 368,025 $ 61,237 153 $ 615,598 $ 66,687 December 31, 2025 Obligations of: U.S. government sponsored agencies $ 131,933 $ 1,447 16 $ 66,509 $ 6,684 20 $ 198,442 $ 8,131 States and political 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 The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at March 31, 2026. The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a federal statutory corporate income tax rate of 21 % at March 31, 2026. In some cases, the issuers may have the right to call or prepay obligations without call or prepayment penalties prior to the contractual maturity date. (Dollars in thousands) Within 1 Year 1 to 5 Years 5 to 10 Years Over 10 Years Total Amortized cost Obligations of: U.S. government sponsored agencies $ 3,499 $ 2,198 $ 121,114 $ 120,337 $ 247,148 States and political subdivisions 2,441 4,583 31,623 100,184 138,831 Residential mortgage-backed securities 2 — 7,019 392,703 399,724 Commercial mortgage-backed securities 980 7,736 39,455 50,034 98,205 Total held-to-maturity investment securities $ 6,922 $ 14,517 $ 199,211 $ 663,258 $ 883,908 Fair value Obligations of: U.S. government sponsored agencies $ 3,439 $ 2,032 $ 117,621 $ 114,644 $ 237,736 States and political subdivisions 2,506 4,270 26,928 79,001 112,705 Residential mortgage-backed securities 2 — 6,633 379,007 385,642 Commercial mortgage-backed securities 972 7,245 34,918 41,632 84,767 Total held-to-maturity investment securities $ 6,919 $ 13,547 $ 186,100 $ 614,284 $ 820,850 Total weighted-average yield 1.87 % 1.97 % 3.72 % 4.11 % 3.97 % 16 Table of Contents Other Investments Peoples' other investments on the Unaudited Consolidated Balance Sheets consist largely of shares of FHLB stock and of FRB stock. The following table summarizes the carrying value of Peoples' other investments: (Dollars in thousands) March 31, 2026 December 31, 2025 FHLB stock $ 32,390 $ 30,843 FRB stock 27,114 27,114 Nonqualified deferred compensation 5,671 6,074 Equity investment securities 3,859 3,756 Other investments 869 869 Total other investments $ 69,903 $ 68,656 During the three months ended March 31, 2026, Peoples redeemed $ 9.8 million of FHLB stock in order to be in compliance with the requirements of the FHLB. Peoples purchased $ 11.4 million of additional FHLB stock during the three months ended March 31, 2026, as a result of the FHLB's capital requirements on FHLB advances. For the three months ended March 31, 2026 and 2025, Peoples recorded the change in the fair value of equity investment securities held during the period in "Other non-interest income", resulting in unrealized losses of $ 20,000 and $ 9,000 , respectively. At March 31, 2026, Peoples' investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies. There were no equity investment securities of a single issuer that exceeded 10% of Peoples' stockholders' equity at March 31, 2026. Pledged Securities Peoples has pledged available-for-sale investment securities and held-to-maturity investment securities to secure public and trust department deposits, and repurchase agreements in accordance with federal and state requirements. Peoples has also pledged available-for-sale investment securities to secure additional borrowing capacity at the FHLB and the FRB. The following table summarizes the carrying amount of Peoples' pledged securities: Carrying Amount (Dollars in thousands) March 31, 2026 December 31, 2025 Securing public and trust department deposits, and repurchase agreements: Available-for-sale $ 306,147 $ 328,516 Held-to-maturity 750,422 704,470 Securing additional borrowing capacity at the FHLB and the FRB: Available-for-sale 129,691 4,018 Held-to-maturity 43,854 68,425 Accrued Interest Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Interest receivable on investment securities was $ 9.9 million at March 31, 2026 and $ 9.0 million at December 31, 2025. Note 4 Loans and Leases Peoples' loan portfolio consists of various types of loans and leases originated primarily as a result of lending opportunities within Peoples' footprint. Peoples also originates insurance premium finance loans nationwide through its Peoples Premium Finance division, and originates leases nationwide through its North Star Leasing ("NSL") division and its Vantage Financial, LLC ("Vantage") subsidiary. 17 Table of Contents The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows: (Dollars in thousands) March 31, 2026 December 31, 2025 Construction $ 269,571 $ 300,941 Commercial real estate, other 2,340,833 2,363,967 Commercial and industrial 1,646,797 1,535,755 Premium finance 228,883 253,075 Leases 350,226 365,649 Residential real estate 852,011 861,722 Home equity lines of credit 260,909 253,864 Consumer, indirect 699,854 700,582 Consumer, direct 119,859 120,338 Deposit account overdrafts 1,265 1,014 Total loans, at amortized cost $ 6,770,208 $ 6,756,907 The table above includes net deferred loan origination costs of $ 20.2 million and $ 20.0 million at March 31, 2026 and at December 31, 2025, respectively. The remaining unamortized net discount included in the amortized cost of loans and leases was $ 8.4 million and $ 9.7 million at March 31, 2026 and at December 31, 2025, respectively. Accrued interest receivable is not included within the loan balances, but is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses. Total interest receivable on loans was $ 23.9 million at March 31, 2026 and $ 25.0 million at December 31, 2025. Nonaccrual and Past Due Loans A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. A loan may be placed on nonaccrual status regardless of whether or not such loan is considered past due. The amortized cost of loans on nonaccrual status and of loans delinquent for 90 days or more and accruing was as follows: March 31, 2026 December 31, 2025 (Dollars in thousands) Nonaccrual (a) Accruing Loans 90+ Days Past Due Nonaccrual (a) Accruing Loans 90+ Days Past Due Commercial real estate, other $ 7,363 $ — $ 4,056 $ 579 Commercial and industrial 4,558 105 8,045 126 Premium finance 455 1,820 573 2,477 Leases 9,909 77 11,063 542 Residential real estate 9,601 426 8,556 1,937 Home equity lines of credit 1,555 196 1,507 69 Consumer, indirect 2,994 107 2,718 286 Consumer, direct 279 115 368 140 Total loans, at amortized cost $ 36,714 $ 2,846 $ 36,886 $ 6,156 (a) There were $ 2.5 million and $ 1.8 million of nonaccrual loans for which there was no allowance for credit losses at March 31, 2026 and at December 31, 2025, respectively. 18 Table of Contents During the first three months of 2026, nonaccrual loans were flat when compared to at December 31, 2025, with decreases in nonaccrual leases and in commercial and industrial loans being offset by an increase in other commercial real estate loans. The decrease in accruing loans 90+ days past due at March 31, 2026, when compared to at December 31, 2025, was primarily due to reductions in residential real estate loans. The following table presents the aging of the amortized cost of past due loans: Loans Past Due Current Loans Total Loans (Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total March 31, 2026 Construction $ 3,229 $ — $ — $ 3,229 $ 266,342 $ 269,571 Commercial real estate, other 3,437 3,702 3,062 10,201 2,330,632 2,340,833 Commercial and industrial 1,820 3,416 3,253 8,489 1,638,308 1,646,797 Premium finance 1,147 600 2,275 4,022 224,861 228,883 Leases 3,726 2,260 9,120 15,106 335,120 350,226 Residential real estate 11,182 2,455 3,725 17,362 834,649 852,011 Home equity lines of credit 962 311 1,132 2,405 258,504 260,909 Consumer, indirect 6,808 1,144 1,456 9,408 690,446 699,854 Consumer, direct 582 240 262 1,084 118,775 119,859 Deposit account overdrafts — — — — 1,265 1,265 Total loans, at amortized cost $ 32,893 $ 14,128 $ 24,285 $ 71,306 $ 6,698,902 $ 6,770,208 December 31, 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 Delinquency trends improved as 98.9 % of Peoples' loan portfolio was considered “current” at March 31, 2026, compared to 98.6 % at December 31, 2025. Pledged Loans Peoples has pledged certain loans secured by one-to-four family and multifamily residential mortgages, home equity lines of credit and commercial real estate loans under a blanket collateral agreement to secure borrowings from the FHLB. Peoples also has pledged eligible commercial and industrial loans to secure borrowings with the FRB. Loans pledged are summarized as follows: (Dollars in thousands) March 31, 2026 December 31, 2025 Loans pledged to FHLB $ 1,342,775 $ 1,347,242 Loans pledged to FRB 628,390 624,503 Credit Quality Indicators As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2025 Form 10-K, Peoples categorizes the majority of its loans into risk categories based upon an established risk grading matrix using a scale of 1 to 8. Loan grades are assigned at the time a new loan or lending commitment is extended by Peoples and may be changed at any time when circumstances warrant. Commercial loans to borrowers with an aggregate unpaid principal balance in excess of $ 1.0 million are reviewed at least on an annual basis for possible credit deterioration. Commercial leases, as well as loan relationships whose aggregate credit exposure to Peoples is equal to or less than $ 1.0 million, are reviewed on an event driven basis. Triggers for review include knowledge of adverse events affecting the borrower's business, receipt of financial statements 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: 19 Table of Contents “Pass” (grades 1 through 4): Loans in this risk category involve borrowers of acceptable-to-strong credit quality and risk who have the apparent ability to satisfy their loan obligations. Loans in this risk category would possess sufficient mitigating factors, such as adequate collateral or strong guarantors possessing the capacity to repay the loan if required, for any weakness that may exist. “Special Mention” (grade 5): Loans in this risk grade are the equivalent of the regulatory definition of “Other Assets Especially Mentioned.” Loans in this risk category possess some credit deficiency or potential weakness, which requires a high level of management attention. Potential weaknesses include declining trends in operating earnings and cash flows and/or reliance on a secondary source of repayment. If left uncorrected, these potential weaknesses may result in noticeable deterioration of the repayment prospects for the loan or in Peoples' credit position. “Substandard” (grade 6): Loans in this risk grade are inadequately protected by the borrower's current financial condition and payment capability or the collateral pledged, if any. Loans so classified have one or more well-defined weaknesses that jeopardize the orderly repayment of the loans. They are characterized by the distinct possibility that Peoples will sustain some loss if the weaknesses are not corrected. “Doubtful” (grade 7): Loans in this risk grade have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or orderly repayment in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Possibility of loss is extremely high, but because of certain important and reasonably specific factors that may work to the advantage and strengthening of the exposure, classification of each of these loans as an estimated loss is deferred until its more exact status may be determined. “Loss” (grade 8): Loans in this risk grade are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean a loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Charge-offs against the allowance for credit losses are taken during the period in which the loan becomes uncollectible. Consequently, Peoples typically does not maintain a recorded investment in loans within this category. Consumer loans and other smaller-balance loans are evaluated and categorized as "substandard," "doubtful" or "loss" based upon the regulatory definition of these classes and consistent with regulatory requirements. Leases are categorized as "special mention", "substandard", "doubtful", or "loss" based upon delinquency status and the prospect of collecting the remaining net investment balance owed under the lease. All other loans not evaluated individually, nor meeting the regulatory conditions to be categorized as described above, would be considered as being "not rated." The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the most recent analysis performed at March 31, 2026: Term Loans at Amortized Cost by Origination Year Revolving Loans Converted to Term (Dollars in thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans Total Loans Construction Pass $ 4,759 $ 80,096 $ 89,883 $ 76,939 $ 916 $ 11,317 $ — $ — $ 263,910 Substandard — — 3,092 1,101 1,468 — — — 5,661 Total 4,759 80,096 92,975 78,040 2,384 11,317 — — 269,571 Current period gross charge-offs (a) — — — — — — — Commercial real estate, other Pass 36,577 347,903 171,905 332,057 344,684 942,868 41,881 — 2,217,875 Special mention — 1,107 32,375 173 1,594 12,341 — — 47,590 Substandard 4,818 — 15,084 1,618 7,185 46,583 70 — 75,358 Doubtful — — — — — 10 — — 10 Total 41,395 349,010 219,364 333,848 353,463 1,001,802 41,951 — 2,340,833 Current period gross charge-offs (a) — — — — — — — Commercial and industrial Pass 144,670 367,014 220,204 110,583 87,636 382,940 265,908 3,311 1,578,955 Special mention 208 43 5,983 70 588 970 24,695 — 32,557 Substandard 479 1,122 181 226 8,172 13,789 11,287 — 35,256 20 Table of Contents Term Loans at Amortized Cost by Origination Year Revolving Loans Converted to Term (Dollars in thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans Total Loans Doubtful — — — — — 29 — — 29 Total 145,357 368,179 226,368 110,879 96,396 397,728 301,890 3,311 1,646,797 Current period gross charge-offs (a) 90 — 64 104 — 7 265 Premium Finance Pass 100,719 126,254 1,443 12 — — — — 228,428 Substandard — — 455 — — — — — 455 Total 100,719 126,254 1,898 12 — — — — 228,883 Current period gross charge-offs (a) — 18 34 — — — 52 Leases Pass 43,186 117,606 84,026 62,238 22,971 9,072 — — 339,099 Special mention 12 255 632 915 159 39 — — 2,012 Substandard — 508 744 1,926 579 137 — — 3,894 Doubtful — 108 841 2,824 912 536 — — 5,221 Total 43,198 118,477 86,243 67,903 24,621 9,784 — — 350,226 Current period gross charge-offs (a) — 201 1,467 2,598 352 193 4,811 Residential real estate Pass 18,762 102,952 64,705 54,248 75,916 524,036 — — 840,619 Substandard — 455 619 1,549 703 7,889 — — 11,215 Loss — 20 — — 62 95 — — 177 Total 18,762 103,427 65,324 55,797 76,681 532,020 — — 852,011 Current period gross charge-offs (a) — 4 39 — — 76 119 Home equity lines of credit Pass 2,740 57,214 50,570 30,929 32,541 76,986 8,520 663 259,500 Substandard — 10 15 277 299 798 — — 1,399 Loss — — — — — 10 — — 10 Total 2,740 57,224 50,585 31,206 32,840 77,794 8,520 663 260,909 Current period gross charge-offs (a) — — — — — 32 32 Consumer, indirect Pass 71,743 273,365 146,975 95,439 72,648 36,299 — — 696,469 Substandard — 901 607 647 603 587 — — 3,345 Loss — 1 7 5 1 26 — — 40 Total 71,743 274,267 147,589 96,091 73,252 36,912 — — 699,854 Current period gross charge-offs (a) 34 812 530 338 160 55 1,929 Consumer, direct Pass 23,685 44,783 20,935 12,841 10,103 7,164 — — 119,511 21 Table of Contents Term Loans at Amortized Cost by Origination Year Revolving Loans Converted to Term (Dollars in thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans Total Loans Substandard — 38 53 89 64 85 — — 329 Loss — — — — 6 13 — — 19 Total 23,685 44,821 20,988 12,930 10,173 7,262 — — 119,859 Current period gross charge-offs (a) 111 40 24 22 2 5 204 Deposit account overdrafts 1,265 — — — — — — — 1,265 Current period gross charge-offs (a) 347 — — — — — 347 Total loans, at amortized cost 453,623 1,521,755 911,334 786,706 669,810 2,074,619 352,361 3,974 6,770,208 Total current period gross charge-offs (a) $ 582 $ 1,075 $ 2,158 $ 3,062 $ 514 $ 368 $ 7,759 (a) Current period gross charge-offs are for the three months ended as of March 31, 2026. The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the then most recent analysis performed at December 31, 2025: Term Loans at Amortized Cost by Origination Year (Dollars in thousands) 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 (a) — — — — — — — 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 (a) — — — 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 (a) — 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 22 Table of Contents 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 Current period gross charge-offs (a) 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 (a) 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 (a) — — 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 (a) — — 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 (a) 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 (a) 344 143 98 75 19 23 702 Deposit account overdrafts 1,014 — — — — — — — 1,014 Current period gross charge-offs (a) 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 Current period gross charge-offs (a) $ 2,856 $ 6,624 $ 10,796 $ 8,327 $ 2,060 $ 2,158 $ 32,821 (a) Current period gross charge-offs are for the year ended as of December 31, 2025. 23 Table of Contents Collateral Dependent Loans Peoples has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: • Construction loans are typically secured by owner occupied commercial real estate or non-owner occupied investment real estate. Typically, owner occupied construction loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties that are in process of construction. Non-owner occupied commercial construction loans are generally secured by multi-family complexes, warehouse buildings, industrial buildings, land under development, and other commercial real estate in process of construction. • Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by multifamily complexes, retail facilities, office buildings and complexes, warehouses, industrial buildings, land under development, as well as other commercial real estate. • Commercial and industrial loans are generally secured by equipment, inventory, accounts receivable, and other commercial property. • Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage, on residential real estate property. • Home equity lines of credit are generally secured by second mortgages on residential real estate property. • Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no underlying collateral. • Leases are most often secured by commercial equipment and other essential business assets. • Premium finance loans are secured by the unearned portion of the insurance premium being financed. The following table details Peoples' amortized cost of collateral dependent loans: (Dollars in thousands) March 31, 2026 December 31, 2025 Construction $ 3,092 $ — Commercial real estate, other 11,364 687 Commercial and industrial 1,332 4,666 Leases 738 2,385 Total collateral dependent loans $ 16,526 $ 7,738 Collateral dependent loans increased at March 31, 2026, compared to at December 31, 2025, and were primarily impacted by one large relationship consisting of one other commercial real estate loan and one construction loan, totaling $ 7.4 million and $ 3.1 million, respectively. Modifications for Borrowers Experiencing Financial Difficulty As part of Peoples' loss mitigation activities, Peoples may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. The most common modifications to the contractual terms of a loan to a borrower experiencing financial difficulty include an extension of the maturity date and a temporary period of interest-only payments. In addition to loan modifications, Peoples also provides other loss mitigation options, such as forbearance and repayment plans, to assist borrowers who experience financial difficulties. In assessing whether or not a borrower is experiencing financial difficulty, Peoples considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (1) the borrower is currently in payment default on any of the borrower's debt; (2) a payment default is probable in the foreseeable future without the modification; (3) the borrower has declared or is in the process of declaring bankruptcy; and (4) the borrower's projected cash flow is insufficient to satisfy contractual payments due under the original terms of the loan without a modification. The allowance for credit losses for loans modified for borrowers experiencing financial difficulty is determined based on the allowance for credit losses policy as described in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2025 Form 10-K. The following tables display the amortized cost of loans that were restructured during the three months ended March 31, 2026 and March 31, 2025, presented by loan classification. 24 Table of Contents (Dollars in thousands) Payment Deferral Term Extension Total Percentage of Total by Loan Category (a)(b)(c) During the Three Months Ended March 31, 2026 Commercial real estate, other $ — $ 952 $ 952 0.04 % Commercial and industrial 702 1,476 2,178 0.13 % Residential real estate — 130 130 0.02 % Total $ 702 $ 2,558 $ 3,260 0.05 % During the Three Months Ended March 31, 2025 Commercial real estate, other $ — $ 2,445 $ 2,445 0.11 % Commercial and industrial — 5,646 5,646 0.42 % Total $ — $ 8,091 $ 8,091 0.13 % (a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable. (b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end. (c) Each with --% is considered not meaningful. The following tables summarize the impacts of loan modifications and payment deferrals made to loans during the three months ended March 31, 2026 and March 31, 2025, presented by loan classification. Weighted-Average Term Extension (in months) During the Three Months Ended March 31, 2026 Commercial real estate, other 11 Commercial and industrial 8 Residential real estate 37 During the Three Months Ended March 31, 2025 Commercial real estate 3 Commercial and industrial 8 The following tables display the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that had a payment default in the periods presented. For purposes of this disclosure, Peoples defines loans that had a payment default as loans that were 90 days or more past due following a modification. Term Extension (a) For the Three Months Ended March 31, 2026 Commercial real estate, other $ 281 Total loans that subsequently defaulted $ 281 For the Three Months Ended March 31, 2025 Commercial and industrial 117 Total loans that subsequently defaulted $ 117 (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 March 31, 2026 and March 31, 2025, respectively, presented by classification and class of financing receivable. 25 Table of Contents As of March 31, 2026 (Dollars in thousands) 30-59 Days Delinquent 60-89 Days Delinquent 90+ Days Delinquent Total Delinquent Current Total Commercial real estate, other $ — $ — $ 281 $ 281 $ 952 $ 1,233 Commercial and industrial 42 — — 42 4,326 4,368 Residential real estate 181 — — 181 133 314 Home equity lines of credit — — — — 95 95 Total loans modified (a) $ 223 $ — $ 281 $ 504 $ 5,506 $ 6,010 (a) Represents the amortized cost basis as of period end. As of March 31, 2025 (Dollars in thousands) 30-59 Days Delinquent 60-89 Days Delinquent 90+ Days Delinquent Total Delinquent Current Total Commercial real estate, other $ 1,058 $ 69 $ — $ 1,127 $ 1,887 $ 3,014 Commercial and industrial — — 117 117 7,789 7,906 Residential real estate — — — — 15 15 Home equity lines of credit — — — — 158 158 Consumer, indirect — — 12 12 — 12 Total loans modified (a) $ 1,058 $ 69 $ 129 $ 1,256 $ 9,849 $ 11,105 (a) Represents the amortized cost basis as of period end. Allowance for Credit Losses As discussed in "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples' 2025 Form 10-K, Peoples estimates the allowance for credit losses using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. In management's estimation of expected credit losses, Peoples uses a one-year reasonable and supportable forecast period across all segments. Following the reasonable and supportable forecast period, Peoples reverts the macroeconomic variables to their long run average over a four-quarter reversion period. 26 Table of Contents Changes in the allowance for credit losses for the three months ended March 31, 2026 and March 31, 2025 are summarized below: (Dollars in thousands) Beginning Balance, December 31, 2025 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, March 31, 2026 Construction $ 1,391 $ 121 $ — $ — $ 1,512 Commercial real estate, other 19,726 1,077 — — 20,803 Commercial and industrial 18,804 3,209 ( 265 ) 11 21,759 Premium finance 749 ( 17 ) ( 52 ) 6 686 Leases 16,475 3,083 ( 4,811 ) 557 15,304 Residential real estate 6,295 385 ( 119 ) 82 6,643 Home equity lines of credit 1,934 ( 271 ) ( 32 ) 12 1,643 Consumer, indirect 7,706 1,646 ( 1,929 ) 337 7,760 Consumer, direct 2,485 ( 151 ) ( 204 ) 26 2,156 Deposit account overdrafts 111 279 ( 347 ) 83 126 Total $ 75,676 $ 9,361 $ ( 7,759 ) $ 1,114 $ 78,392 (a) Amount does not include the provision for the allowance for credit losses on unfunded commitments. (Dollars in thousands) Beginning Balance, December 31, 2024 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, March 31, 2025 Construction $ 878 $ 278 $ — $ — $ 1,156 Commercial real estate, other 16,256 1,110 ( 215 ) 4 17,155 Commercial and industrial 13,283 ( 126 ) ( 380 ) 6 12,783 Premium finance 662 49 ( 71 ) 6 646 Leases 12,893 6,091 ( 5,654 ) 245 13,575 Residential real estate 6,491 388 ( 142 ) 49 6,786 Home equity lines of credit 1,792 71 — — 1,863 Consumer, indirect 8,576 1,776 ( 1,866 ) 210 8,696 Consumer, direct 2,396 213 ( 155 ) 20 2,474 Deposit account overdrafts 121 155 ( 277 ) 99 98 Total $ 63,348 $ 10,005 $ ( 8,760 ) $ 639 $ 65,232 (a) Amount does not include the provision for the allowance for credit losses on unfunded commitments. During the first quarter of 2026, Peoples recorded a total provision for credit losses on loans of $ 9.4 million, which was primarily driven by net charge-offs and a deterioration in the macroeconomic forecasts used within the current expected credit loss ("CECL") model. Net charge-offs for the first quarter of 2026 were $ 6.6 million, primarily driven by the North Star Leasing division. The increase in the allowance for credit losses at March 31, 2026 when compared to at December 31, 2025, was driven by a deterioration of economic forecasts. During the first quarter of 2025, Peoples recorded a provision for credit losses of $ 10.0 million, which was driven by net charge-offs. Net charge-offs for the first quarter of 2025 were $ 8.1 million, primarily driven by an increase in charge-offs on leases originated by the North Star Leasing division. The increase in the allowance for credit losses at March 31, 2025, when compared to at December 27 Table of Contents 31, 2024, was attributable to a deterioration of macroeconomic conditions used within the CECL model, an increase in reserves on individually analyzed loans, and loan growth. Peoples had recorded allowances for unfunded commitments of $ 2.8 million and $ 2.5 million as of March 31, 2026 and as of December 31, 2025, respectively. The allowance for unfunded commitments (also referred to as "unfunded commitment liability") is presented in the “Accrued expenses and other liabilities” line of the Unaudited Consolidated Balance Sheets. The change in the allowance for unfunded commitments is also reflected in the "Provision for (recovery of) credit losses" line of the Unaudited Consolidated Statements of Operations. Note 5 Goodwill and Other Intangible Assets Goodwill The following table details changes in the recorded amount of goodwill: For the Three Months Ended For the Year Ended (Dollars in thousands) March 31, 2026 December 31, 2025 Goodwill, beginning of period $ 363,199 $ 363,199 Goodwill recorded from acquisitions — — Goodwill, end of period $ 363,199 $ 363,199 Other Intangible Assets Other intangible assets were comprised of the following at March 31, 2026 , and at December 31, 2025 : (Dollars in thousands) Core Deposits Customer Relationships Indefinite-Lived Trade Names Total March 31, 2026 Gross intangibles $ 54,186 $ 38,470 $ 2,491 $ 95,147 Accumulated amortization ( 37,087 ) ( 30,605 ) — ( 67,692 ) Total acquisition-related intangibles $ 17,099 $ 7,865 $ 2,491 $ 27,455 Servicing rights 935 Non-compete agreements 12 Total other intangibles $ 28,402 December 31, 2025 Gross intangibles $ 54,186 $ 38,470 $ 2,491 $ 95,147 Accumulated amortization ( 36,154 ) ( 29,846 ) — ( 66,000 ) Total acquisition-related intangibles $ 18,032 $ 8,624 $ 2,491 $ 29,147 Servicing rights 957 Non-compete agreements 16 Total other intangibles $ 30,120 Th e following table details estimated aggregate future amortization of other intangible assets at March 31, 2026: (Dollars in thousands) Core Deposits Customer Relationships Non-Compete Agreements Total Remaining nine months of 2026 $ 2,802 $ 2,277 $ 12 $ 5,091 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 4,098 453 — 4,551 Total $ 17,099 $ 7,865 $ 12 $ 24,976 The weighted average amortization period of other intangible assets is 6.6 years. 28 Table of Contents Note 6 Deposits Peoples’ deposit balances were comprised of the following: (Dollars in thousands) March 31, 2026 December 31, 2025 Retail certificates of deposits ("CDs"): $100 or more $ 1,134,842 $ 1,143,787 Less than $100 833,599 840,004 Total Retail CDs 1,968,441 1,983,791 Interest-bearing deposit accounts 1,111,875 1,092,252 Savings accounts 918,557 887,402 Money market deposit accounts 958,413 945,313 Governmental deposit accounts 842,087 739,939 Brokered CDs 262,550 416,099 Total interest-bearing deposits 6,061,923 6,064,796 Non-interest-bearing deposits 1,586,514 1,545,428 Total deposits $ 7,648,437 $ 7,610,224 Uninsured deposits were $ 2.1 billion a t March 31, 2026 and $ 2.0 billion at December 31, 2025 . Uninsured deposit amounts are estimated based on the portion of the respective customer account balances that exceeded the FDIC limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which covered $ 678.1 million and $ 615.6 million of the uninsured deposit balances at March 31, 2026 and at December 31, 2025, respectively . Uninsured time deposits are broken out below by time remaining until maturity. (Dollars in thousands) March 31, 2026 December 31, 2025 3 months or less $ 204,079 $ 152,991 Over 3 to 6 months 111,087 170,299 Over 6 to 12 months 99,707 83,387 Over 12 months 23,980 35,897 Total $ 438,853 $ 442,574 The contractual maturities of CDs for each of the next five years, including the remainder of 2026, and thereafter are as follows: (Dollars in thousands) Retail Brokered Total Remaining nine months ending December 31, 2026 $ 1,597,701 $ 105,498 $ 1,703,199 Year ending December 31, 2027 353,572 87,275 440,847 Year ending December 31, 2028 8,363 23,944 32,307 Year ending December 31, 2029 4,897 45,833 50,730 Year ending December 31, 2030 3,409 — 3,409 Thereafter 499 — 499 Total CDs $ 1,968,441 $ 262,550 $ 2,230,991 At March 31, 2026, Peoples had five effective interest rate swaps, with an aggregate notional value of $ 45.0 million, a ll 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 1 0 Derivative Financial Instruments." Note 7 Stockholders’ Equity The following table details the progression in Peoples’ common shares and treasury stock during the three months ended March 31, 2026: Common Shares Treasury Stock Shares at December 31, 2025 36,836,943 1,215,120 Changes related to stock-based compensation awards: Release of restricted common shares — 59,580 Cancellation of restricted common shares — 7,683 Grant of restricted common shares — ( 256,199 ) Grant of unrestricted common shares — — Purchase of treasury stock — 3,321 Disbursed out of treasury stock — ( 1,036 ) Common shares repurchased under share repurchase program — — Common shares issued under dividend reinvestment plan 11,659 — Common shares issued under compensation plan for Boards of Directors — ( 3,990 ) Common shares issued under employee stock purchase plan — ( 6,876 ) Shares at March 31, 2026 36,848,602 1,017,603 On January 28, 2021, Peoples' Board of Directors approved a share repurchase program authorizing Peoples to purchase up to an aggregate of $ 30.0 million of Peoples' outstanding common shares. As of March 31, 2026, Peoples had repurchased an aggregate of 501,999 common shares totaling $ 14.2 million under the share repurchase program. During the first quarters of 2026 and 2025, there were no purchases under the share repurchase program. Under Peoples' Amended Articles of Incorporation, Peoples is authorized to issue up to 50,000 preferred shares, in one or more series, having such voting powers, designations, preferences, rights, qualifications, limitations and restrictions as designated by Peoples' Board of Directors. At March 31, 2026, Peoples had no preferred shares issued or outstanding. On January 19, 2026, Peoples' Board of Directors declared a quarterly cash dividend of $ 0.41 per common share, payable on February 17, 2026, to shareholders of record on February 2, 2026. On April 20, 2026, People's Board of Directors declared a quarterly cash dividend of $ 0.42 per common share, payable on May 18, 2026 to shareholders of record on May 4, 2026. The following table details the cash dividends declared per common share during the first two quarters of 2026 as of April 2026 and the comparable periods of 2025: 2026 2025 First quarter $ 0.41 $ 0.40 Second quarter 0.42 0.41 Total dividends declared $ 0.83 $ 0.81 Accumulated Other Comprehensive (Loss) Income The following table details the change in the components of Peoples’ accumulated other comprehensive (loss) income during the three months ended March 31, 2026, as related items impact the income statement: (Dollars in thousands) Unrealized (Loss) Gain on Securities Unrealized Gain (Loss) on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Balance, December 31, 2025 $ ( 71,019 ) $ 391 $ ( 70,628 ) Other comprehensive income (loss), net of reclassifications and tax ( 5,419 ) 5 ( 5,414 ) Balance, March 31, 2026 $ ( 76,438 ) $ 396 $ ( 76,042 ) Note 8 Employee Benefit Plans 29 Table of Contents Peoples maintains a retirement savings plan, or 401(k) plan, which covers substantially all employees. The plan provides participants with the opportunity to save for retirement on a tax-deferred basis or through Roth contributions. Since January 1, 2021, Peoples matches 100 % of participants’ contributions up to 6 % of the participants’ compensation. Matching contributions made by Peoples totaled $ 1.5 million during the three months ended March 31, 2026 and the three months ended March 31, 2025. Note 9 Earnings Per Common Share The calculations of basic and diluted earnings per common share were as follows: Three Months Ended March 31, (Dollars in thousands, except per common share data) 2026 2025 Net income available to common shareholders $ 29,006 $ 24,336 Less: Dividends paid on unvested common shares 200 210 Less: Undistributed income allocated to unvested common shares 54 37 Net earnings allocated to common shareholders $ 28,752 $ 24,089 Weighted-average common shares outstanding 35,108,649 34,895,723 Effect of potentially dilutive common shares 376,775 401,412 Total weighted-average diluted common shares outstanding 35,485,424 35,297,135 Earnings per common share: Basic $ 0.82 $ 0.69 Diluted $ 0.81 $ 0.68 Anti-dilutive common shares excluded from calculation: Restricted common shares 270,656 149,082 Note 10 Derivative Financial Instruments Peoples utilizes interest rate swap agreements as part of its asset/liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. Derivative Financial Instruments and Hedging Activities - Risk Management Objective of Using Derivative Financial Instruments Peoples is exposed to certain risks arising from both its business operations and economic conditions. Peoples principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Peoples manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its assets and liabilities. Peoples also manages interest rate risk through the use of derivative financial instruments. Specifically, Peoples enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known or expected cash amounts, the values of which are determined by interest rates. Peoples’ derivative financial instruments are used to manage differences in the amount, timing and duration of Peoples' known or expected cash receipts and its known or expected cash payments principally related to certain variable rate borrowings. Peoples also has interest rate derivative financial instruments that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Peoples' assets or liabilities. Peoples manages a matched book with respect to customer-related derivative financial instruments in order to minimize its net risk exposure resulting from such transactions. Cash Flow Hedges of Interest Rate Risk Peoples' objectives in using interest rate derivative financial instruments are to add stability to interest income and expense, and to manage its exposure to interest rate movements. To accomplish these objectives, Peoples has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. At March 31, 2026, Peoples had entered into five interest rate swap contracts with an aggregate notional value of $ 45.0 million. Peoples will pay a fixed rate of interest for up to three years while receiving a floating rate component of interest equal to the term SOFR. The interest received on the floating rate component is intended to offset the interest paid on rolling three-month brokered CDs or FHLB advances, which will continue to be rolled through the life of the interest rate swaps. At both March 31, 2026 and December 31, 2025, the interest rate swaps were 30 Table of Contents designated as cash flow hedges of $ 45.0 and $ 45.0 million, respectively, in brokered CDs, which are expected to be extended every 90 days through the maturity dates of the interest rate swaps. For derivative financial instruments designated as cash flow hedges and deemed highly effective, all changes in the fair value of each derivative financial instrument is reported in accumulated other comprehensive (loss) income ("AOCI") (outside of earnings), net of tax, and are reclassified to interest expense as interest payments are made or received on Peoples' variable-rate liabilities. Peoples assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the hedging derivative financial instrument with the changes in cash flows of the designated hedged transaction. The reset dates and the payment dates on the brokered CDs or FHLB advances are matched to the reset dates and payment dates on the receipt of the term SOFR of the swaps to ensure effectiveness of the cash flow hedge. For the three months ended March 31, 2026, and 2025, Peoples recorded reclassifications of gains to earnings of $ 0.2 million and $ 0.4 million, respectively. During the next 12 months, Peoples estimates that $ 0.4 million of AOCI will be reclassified as an addition to interest expense. The following table summarizes information about the interest rate swaps designated as cash flow hedges: (Dollars in thousands) March 31, 2026 December 31, 2025 Notional amount $ 45,000 $ 45,000 Weighted average pay rates 2.52 % 2.52 % Weighted average receive rates 3.90 % 3.73 % Weighted average maturity 1.1 years 1.3 years Pre-tax changes in fair value included in AOCI $ 518 $ 512 The following table presents changes in fair value and amounts reclassified from AOCI related to cash flow hedges and recorded in AOCI and in the Consolidated Statements of Comprehensive Income: Three Months Ended March 31, (Dollars in thousands) 2026 2025 Amount of gains (losses) recorded in AOCI, pre-tax $ 6 $ ( 661 ) The following table reflects the cash flow hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value: March 31, 2026 December 31, 2025 (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in "Other assets": Interest rate swaps related to debt $ 45,000 $ 510 $ 45,000 $ 501 Non-Designated Hedges Peoples Bank maintains an interest rate protection program for commercial loan customers, which was established in 2010. Under this program, Peoples Bank originates variable rate loans with interest rate swaps, where the customer enters into an interest rate swap with Peoples Bank on terms that match the terms of the loan. By entering into the interest rate swap with the customer, Peoples Bank effectively provides the customer with a fixed rate loan while creating a variable rate asset for Peoples Bank. Peoples Bank offsets its exposure in the interest rate swap by entering into an offsetting interest rate swap with an unaffiliated institution. These interest rate swaps do not qualify as designated hedges; therefore, each interest rate swap is accounted for as a standalone derivative financial instrument. These interest rate swaps did not have a material impact on Peoples' results of operations or financial condition at or for the three months ended March 31, 2026, or at or for the year ended December 31, 2025. The following table reflects the non-designated hedges, which are included in the Unaudited Consolidated Balance Sheets at fair value: 31 Table of Contents March 31, 2026 December 31, 2025 (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in "Other assets": Interest rate swaps related to commercial loans $ 556,558 $ 14,357 $ 548,785 $ 13,907 Netting Adjustments (a) ( 5,522 ) ( 4,700 ) Net Derivative Assets on the Balance Sheet $ 556,558 $ 8,835 $ 548,785 $ 9,207 Included in "Accrued expenses and other liabilities": Interest rate swaps related to commercial loans $ 556,558 $ 9,111 $ 548,785 $ 11,548 Netting Adjustments (a) ( 221 ) ( 2,273 ) Net Derivatives Liabilities on the Balance Sheet $ 556,558 $ 8,890 $ 548,785 $ 9,275 (a) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of master netting agreements that allow us to settle derivative contracts with a single counterparty on a net basis. Total derivative assets and liabilities include these netting adjustments. Pledged Collateral Peoples Bank pledges or receives collateral for all interest rate swaps. When the fair value of Peoples Bank interest rate swaps is in a net liability position, Peoples Bank must pledge collateral, and, when the fair value of Peoples Bank interest rate swaps is in a net asset position, the respective counterparties must pledge collateral. At March 31, 2026, Peoples Bank had $ 4.2 million of cash pledged, while counterparties had $ 3.9 million of cash pledged. Peoples Bank had $ 4.2 million cash pledged and counterparties had $ 2.1 million of cash pledged at December 31, 2025. Peoples Bank and the counterparties had no pledged investment securities at March 31, 2026 or at December 31, 2025. Note 11 Stock-Based Compensation Under the Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan (the "2006 Equity Plan"), Peoples may grant, among other awards, nonqualified stock options, incentive stock options, restricted common share awards, stock appreciation rights, performance units and unrestricted common share awards to employees and non-employee directors. The total number of common shares available under the 2006 Equity Plan is 1,493,297 . Since February 2009, Peoples has granted restricted common shares to employees, and periodically to non-employee directors, subject to the terms and conditions prescribed by the 2006 Equity Plan. In general, common shares issued in connection with stock-based awards are issued from treasury shares to the extent available. If no treasury shares are available, common shares are issued from authorized but unissued common shares. Restricted Common Shares Under the 2006 Equity Plan, Peoples may award restricted common shares to officers, key employees and non-employee directors. In general, the restrictions on the restricted common shares awarded to officers and key employees expire after periods ranging from one to five years . Since 2018, common shares awarded to non-employee directors have vested immediately upon grant with no restrictions. In the first three months of 2026, Peoples granted an aggregate of 274,781 restricted common shares subject to performance-based vesting to officers and key employees with restrictions that will lapse three years after the grant date; provided that in order for the restricted common shares to vest in full, Peoples must have reported positive net income and maintained a well-capitalized status by regulatory standards for each of the three fiscal years preceding the vesting date. Awards issued in the first quarter of 2026 feature both time-based and performance-based award components, with the performance-based awards tied to Peoples' return on tangible common equity and total shareholder return performance over a three-year period relative to the results of other banks. The following table summarizes the changes to Peoples’ outstanding restricted common shares for the three months ended March 31, 2026: 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, 2026 127,672 $ 28.49 547,911 $ 30.08 Awarded 26,259 31.98 274,781 33.56 Released ( 5,047 ) 28.62 ( 159,631 ) 30.30 Forfeited ( 4,136 ) 33.61 ( 3,547 ) 31.25 Outstanding at March 31, 2026 144,748 $ 28.97 659,514 $ 31.47 32 Table of Contents The intrinsic value for restricted common shares released was $ 5.6 million for the three months ended March 31, 2026, compared to $ 4.8 million for the three months ended March 31, 2025. Stock-Based Compensation Peoples recognizes stock-based compensation, which is included as a component of Peoples’ salaries and employee benefit costs, for restricted and unrestricted common shares, as well as purchases made by participants in the employee stock purchase plan. For restricted common shares, Peoples recognizes stock-based compensation based on the estimated fair value of the awards expected to vest on the grant date. The estimated fair value is then expensed over the vesting period, which is normally three years . Peoples also has an employee stock purchase plan whereby employees can purchase Peoples' common shares at a discount of 15 %. The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized for each period: Three Months Ended March 31, (Dollars in thousands) 2026 2025 Employee stock-based compensation expense: Stock grant expense $ 1,870 $ 2,430 Employee stock purchase plan expense 34 45 Total employee stock-based compensation expense 1,904 2,475 Non-employee director stock-based compensation expense 131 116 Total stock-based compensation expense 2,035 2,591 Recognized tax benefit ( 469 ) ( 604 ) Net stock-based compensation expense $ 1,566 $ 1,987 The fair value of restricted common share awards on the grant date is the market price of Peoples' common shares on that date. Total unrecognized stock-based compensation expense related to unvested restricted common share awards was $ 11.4 million at March 31, 2026, which will be recognized over a weighted-average period of 2.3 years. 33 Table of Contents Note 12 Revenue The following table details Peoples' revenue from contracts with customers: Three Months Ended March 31, (Dollars in thousands) 2026 2025 Insurance income: Commission and fees from sale of insurance policies (a) $ 4,376 $ 4,512 Performance-based commissions (b) 1,204 1,542 Trust and investment income: Fiduciary income (a) 3,076 2,915 Brokerage income (a) 2,529 2,146 Electronic banking income: Interchange income (b) 4,903 4,845 Promotional and usage income (a) 1,024 1,040 Deposit account service charges: Ongoing maintenance fees for deposit accounts (a) 1,881 1,643 Transaction-based fees (b) 2,386 2,372 Commercial loan swap fees (b) 310 537 Other non-interest income transaction-based fees (b) 674 415 Total revenue from contracts with customers $ 22,363 $ 21,967 Timing of revenue recognition: Services transferred over time $ 12,886 $ 12,256 Services transferred at a point in time 9,477 9,711 Total revenue from contracts with customers $ 22,363 $ 21,967 (a) Services transferred over time. (b) Services transferred at a point in time. Peoples records contract assets for income that has been recognized over a period of time for fulfillment of performance obligations to e-banking income and certain insurance income, but payment has not yet been received. This income typically relates to bonuses for which Peoples is eligible, but will not receive until a certain time in the future. Peoples records contract liabilities for payments received for commission income related to the sale of insurance policies, for which the performance obligations have not yet been fulfilled. The contract liabilities are recognized as income over time, during the period in which the performance obligations are fulfilled, which is over the insurance policy period. Peoples also records contract liabilities for bonuses received related to e-banking income, for which the performance obligations have not yet been fulfilled. These contract liabilities are recognized as income over time, 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 three-month period ended March 31, 2026: Contract Assets Contract Liabilities (Dollars in thousands) Balance, January 1, 2026 $ 972 $ 5,848 Additional income receivable 1 — Additional deferred income — 3,062 Recognition of income previously deferred — ( 3,728 ) Balance, March 31, 2026 $ 973 $ 5,182 34 Table of Contents Note 13 Leases Peoples has elected certain practical expedients, in accordance with ASC 842 - Leases ("ASC 842"). As a lessor, Peoples has made an accounting policy election to exclude from the consideration in the contract, and from variable payments not included in the consideration in the contract, all sales and other similar taxes assessed. Peoples has also made an accounting policy election to account for each separate lease component of a contract and its associated non-lease components as a single lease component for all leases subject to ASC 842. Lessor Arrangements Peoples began originating leases with the acquisition of NSL in 2021 and grew its portfolio with the acquisition of Vantage in 2022. 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) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iii) month-to-month lease payments in excess of net investment in the lease, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets and (vi) syndication income. Additional information regarding Peoples' leases can be found in "Note 4 Loans and Leases." The table below details Peoples' lease income: Three Months Ended (Dollars in thousands) March 31, 2026 March 31, 2025 Interest and fees on leases (a) $ 8,578 $ 10,198 Lease income 4,581 3,468 Total lease income $ 13,159 $ 13,666 (a) Included in "Interest and fees on loans and leases" in the Unaudited Consolidated Statements of Operations. For additional information, see "Note 4 Loans and Leases" of the Notes to the Unaudited Condensed Consolidated Financial Statements. 35 Table of Contents The following table summarizes the net investment in leases, which is included in "Loans and leases, net of deferred fees and costs" on the Unaudited Consolidated Balance Sheets: (Dollars in thousands) March 31, 2026 December 31, 2025 Lease payments receivable, at amortized cost $ 374,558 $ 393,089 Estimated residual values 31,088 33,125 Initial direct costs 5,028 5,535 Deferred revenue ( 60,448 ) ( 66,100 ) Net investment in leases 350,226 365,649 Allowance for credit losses - leases ( 15,304 ) ( 16,475 ) Net investment in leases, after allowance for credit losses $ 334,922 $ 349,174 The following table summarizes the contractual maturities of leases: (Dollars in thousands) Balance Remaining nine months ending December 31, 2026 $ 77,584 Year ending December 31, 2027 75,556 Year ending December 31, 2028 86,635 Year ending December 31, 2029 59,616 Year ending December 31, 2030 55,349 Thereafter 19,818 Lease payments receivable, at amortized cost $ 374,558 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 March 31, 2026, Peoples did not have any leases that met the criteria for finance leases. Right of Use ("ROU") assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement or the remeasurement date of a lease based on the present value of lease payments over the remaining lease term. Operating lease ROU assets include lease payments made at or before the commencement date and initial indirect costs. Operating lease ROU assets are presented net of any lease incentives. Short-term leases of certain facilities and equipment, with lease terms of 12 months or less, are recognized on a straight-line basis over the lease term and do not have an ROU asset or lease liability. The table below details Peoples' lease expense which is included in "Net occupancy and equipment expense" in the Unaudited Consolidated Statements of Operations: Three Months Ended (Dollars in thousands) March 31, 2026 March 31, 2025 Operating lease expense $ 623 $ 713 Short-term lease expense 385 363 Variable lease expense 10 9 Total lease expense $ 1,018 $ 1,085 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. 36 Table of Contents The following table details the ROU assets, the lease liabilities and other information related to Peoples' operating leases at the dates shown: (Dollars in thousands) March 31, 2026 December 31, 2025 ROU assets: Other assets $ 8,815 $ 9,340 Lease liabilities: Accrued expenses and other liabilities $ 9,387 $ 9,912 Other information: Weighted-average remaining lease term 8.7 years 8.7 years Weighted-average discount rate 4.17 % 4.16 % Additions for ROU assets obtained during the year $ — $ 1,333 During both the three months ended March 31, 2026 and 2025, Peoples paid cash of $ 0.6 million and $ 0.7 million for operating leases, respectively. The following table summarizes the maturity of remaining lease liabilities: (Dollars in thousands) Balance Remaining nine months ending December 31, 2026 $ 1,789 Year ending December 31, 2027 2,146 Year ending December 31, 2028 1,625 Year ending December 31, 2029 1,173 Year ending December 31, 2030 671 Thereafter 3,937 Total undiscounted lease payments $ 11,341 Imputed interest $ ( 1,954 ) Total lease liabilities $ 9,387 Note 14 Subsequent Events The Company has evaluated all events occurring after March 31, 2026 through April 30, 2026, the date the interim unaudited financial statements for the period ending March 31, 2026 were available to be issued, to determine whether any event required either recognition or disclosure in the financial statements. Merger Agreement On April 21, 2026 Peoples announced the signing of a definitive agreement and plan of merger (the "Merger Agreement") pursuant to which Peoples will acquire Citizens National Corporation (“Citizens"), a bank holding company headquartered in Paintsville, Kentucky, and the parent company of Citizens Bank of Kentucky, Inc. (“Citizens Bank”), in a cash and stock transaction. Under the terms of the Merger Agreement, Citizens will merge with and into Peoples (the “Merger”), and Citizens Bank will subsequently merge with and into Peoples’ wholly owned subsidiary, Peoples Bank, in a transaction valued at approximately $ 76.6 million. As of March 31, 2026, Citizens had, on a consolidated basis, $ 686 million in total assets, which included $ 342 million in gross loans, and $ 586 million in total deposits. According to the terms of the Merger Agreement, which has been unanimously approved by the Boards of Directors of both companies, shareholders of Citizens will receive 2.10 shares of Peoples common stock plus $ 8.00 in cash for each share of Citizens’ common stock. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Citizens stockholders for the stock consideration received. The acquisition is expected to close during the second half of 2026, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of Citizens. 37 Table of Contents ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management’s Discussion and Analysis (“MD&A”) represents an overview of the results of operations and financial condition of Peoples at and for the three months ended March 31, 2026 and March 31, 2025. This MD&A should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements and the Notes thereto. Certain statements in this Form 10-Q, which are not historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as "anticipate," "estimate," "may," "feel," "expect," "believe," "plan," "will," "will likely," "would," "should," "could," "project," "goal," "target," "potential," "seek," "intend," "continue," "remain," and similar expressions. These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of Peoples' business and operations. Additionally, Peoples' financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: (1) the effects of interest rate policies, including any changes to such policies that may result from potential changes in the composition of the Federal Reserve Board, changes in the interest rate environment due to economic conditions and/or the fiscal and monetary policy measures undertaken by the U.S. government and the Federal Reserve Board, including changes in the Federal Funds Target Rate, in response to such economic conditions, which may adversely impact interest rates, the interest rate yield curve, interest margins, loan demand and interest rate sensitivity; (2) the effects of inflationary pressures on borrowers’ liquidity and ability to repay; (3) the success, impact, and timing of the implementation of Peoples' business strategies and Peoples' ability to manage strategic initiatives, including the interest rate policies of the Federal Reserve Board, the completion and successful integration of acquisitions, including the pending merger with Citizens National Corporation (the "Citizens Merger"), and the expansion of commercial and consumer lending activities; (4) competitive pressures among financial institutions, or from non-financial institutions, which may increase significantly, including product and pricing pressures, which can in turn impact Peoples' credit spreads, changes to third-party relationships and revenues, changes in the manner of providing services, customer acquisition and retention pressures, and Peoples' ability to attract, develop and retain qualified professionals; (5) uncertainty regarding the nature, timing, cost, and effect of legislative or regulatory changes or actions, or deposit insurance premium levels, promulgated and to be promulgated by governmental and regulatory agencies in the State of Ohio, the FDIC, the Federal Reserve Board and the Consumer Financial Protection Bureau, which may subject Peoples, its subsidiaries, or one or more acquired companies to a variety of new and more stringent legal and regulatory requirements; (6) the effects of easing restrictions on participants in the financial services industry; (7) current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the U.S. economy generally, the current or future U.S. government shutdown, an increasing federal government budget deficit, the failure of the federal government to raise the federal debt ceiling, potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations, changes in the relationship of the U.S. and U.S. global trading partners), and changes in the federal, state, and local governmental policy and the impact these conditions may have on Peoples, Peoples' customers and Peoples' counterparties, and Peoples' assessment of the impact, which may be different than anticipated; (8) Peoples may issue equity securities in connection with future acquisitions, which could cause ownership and economic dilution to Peoples' current shareholders; (9) changes in prepayment speeds, loan originations, levels of nonperforming assets, delinquent loans, charge-offs, and customer and other counterparties' performance and creditworthiness generally, which may be less favorable than expected in light of recent inflationary pressures and continued elevated interest rates, and may adversely impact the amount of interest income generated; (10) Peoples may have more credit risk and higher credit losses to the extent there are loan concentrations by location or industry of borrowers or collateral; (11) future credit quality and performance, including expectations regarding future credit losses and the allowance for credit losses; 38 Table of Contents (12) changes in accounting standards, policies, estimates or procedures may adversely affect Peoples' reported financial condition or results of operations; (13) the impact of assumptions, estimates and inputs used within models, which may vary materially from actual outcomes, including under the CECL model; (14) adverse changes in the conditions and trends in the financial markets, including recent inflationary pressures, and the impacts of potential or imposed tariffs on markets, which may adversely affect the fair value of securities within Peoples' investment portfolio, the interest rate sensitivity of Peoples' consolidated balance sheet, and the income generated by Peoples' trust and investment activities; (15) the volatility from quarter to quarter of mortgage banking income, whether due to interest rates, demand, the fair value of mortgage loans, or other factors; (16) Peoples' ability to receive dividends from Peoples' subsidiaries; (17) Peoples' ability to maintain required capital levels and adequate sources of funding and liquidity; (18) the impact of larger or similar-sized financial institutions encountering problems, such as the failure in 2024 of Republic First Bank, and closures in 2023 of Silicon Valley Bank in California, Signature Bank in New York, and First Republic Bank in California, which may adversely affect the banking industry and/or Peoples' business generation and retention, funding and liquidity, including Peoples' continued ability to grow deposits or maintain adequate deposit levels, and may further result in potential increased regulatory requirements, increased reputational risk and potential impacts to macroeconomic conditions; (19) Peoples' ability to secure confidential information and avoid misappropriation of confidential information in connection with the delivery of products and services through the use of computer systems and telecommunications networks, including those of Peoples' third-party vendors and other service providers, which may prove inadequate, and could adversely affect customer confidence in Peoples and/or result in Peoples incurring a financial loss; (20) Peoples' ability to anticipate and respond to technological changes, and Peoples' reliance on, and the potential failure of, a number of third-party vendors to perform as expected, including Peoples' primary core banking system provider, which can impact Peoples' ability to respond to customer needs and meet competitive demands; (21) operational issues stemming from and/or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which Peoples and Peoples' subsidiaries are highly dependent; (22) changes in consumer spending, borrowing and saving habits, whether due to changes in retail distribution strategies, consumer preferences and behavior, changes in business and economic conditions, legislative or regulatory initiatives, or other factors, which may be different than anticipated; (23) the adequacy of Peoples' internal controls and risk management program in the event of changes in strategic, reputational, market, economic, operational, cybersecurity, compliance, legal, asset/liability repricing, liquidity, credit and interest rate risks associated with Peoples' business; (24) the impact on Peoples' businesses, personnel, facilities, or systems of losses related to acts of fraud, theft, misappropriation or violence; (25) the impact on Peoples' businesses, as well as on the risks described above, of various domestic or international widespread natural or other disasters including severe weather events, pandemics, cybersecurity attacks, system failures, civil unrest, military or terrorist activities or international conflicts including Russia's ongoing war on Ukraine, the continued U.S. political and military presence in Venezuela, and the conflict in Iran (and the resulting disruptions in oil, energy and other commodity markets and supply chains); (26) the potential deterioration of the U.S. economy due to financial, political or other shocks; (27) the potential influence on the U.S. financial markets and economy from the effects of climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; (28) the impact on Peoples' businesses and operating results of any costs associated with obtaining rights in intellectual property claimed by others and adequately protecting Peoples' intellectual property; (29) risks and uncertainties associated with Peoples' entry into new geographic markets and risks resulting from Peoples' inexperience in these new geographic markets; (30) changes in laws or regulations imposed by Peoples' regulators impacting Peoples' capital actions, including dividend payments and share repurchases; 39 Table of Contents (31) the vulnerability of Peoples' network and online banking portals, and the systems of parties with whom Peoples contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (32) regulatory and legal matters, including the failure to resolve any outstanding matters on a timely basis and the potential of new regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences; (33) the impact on Peoples of increased political and regulatory scrutiny of corporate environmental, social and governance ("ESG") practices; (34) the effect of a fall in stock market prices on Peoples' asset and wealth management business (35) the risk that the proposed Citizens Merger is not completed as a result of a failure to satisfy the conditions to the Citizens Merger, including receipt of required regulatory, shareholder and other approvals; (36) the possibility that the anticipated benefits of the proposed Citizens Merger, including expected revenue synergies and cost savings, will not be realized or will not be realized within expected time periods; (37) Peoples' ability to integrate the Citizens Merger, which may be unsuccessful, or may be more difficult, time-consuming or costly than expected; (38) the risk that energy tax credits purchased and used by People to reduce tax liabilities will be disallowed by the IRS; and (39) other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples' reports filed with the Securities and Exchange Commission (the "SEC"), including those risk factors included in the disclosures under the heading "ITEM 1A. RISK FACTORS" of Peoples' 2025 Form 10-K and under the heading "Part II" of this Form 10-Q. Peoples encourages readers of this Form 10-Q to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. Peoples undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the filing of this Form 10-Q or to reflect the occurrence of unanticipated events, except as required by applicable legal requirements. Copies of documents filed with the SEC are available free of charge at the SEC's website at http://www.sec.gov and/or from Peoples' website – www.peoplesbancorp.com under the “Investor Relations” section. All forward-looking statements speak only as of the filing date of this Form 10-Q and are expressly qualified in their entirety by the cautionary statements. Although management believes the expectations in these forward-looking statements are based on reasonable assumptions within the bounds of management’s knowledge of Peoples’ business and operations, it is possible that actual results may differ materially from these projections. This discussion and analysis should be read in conjunction with the Audited Consolidated Financial Statements, and Notes to the Audited Consolidated Financial Statements, contained in Peoples’ 2025 Form 10-K, as well as the Unaudited Condensed Consolidated Financial Statements, Notes to the Unaudited Condensed Consolidated Financial Statements, ratios, statistics and discussions contained elsewhere in this Form 10-Q. Business Overview The following discussion and analysis of Peoples’ Unaudited Condensed Consolidated Financial Statements is presented to provide insight into management’s assessment of the financial condition and results of operations. Peoples is a diversified financial services holding company that makes available a complete line of banking, trust and investment, insurance, premium financing and equipment leasing solutions through its subsidiaries. Peoples' business activities are currently limited to one reporting unit and reportable operating segment, which is community banking. Peoples provides services through traditional offices, automated teller machines ("ATMs"), interactive teller machines ("ITMs"), mobile banking, telephone and internet-based banking. Peoples offers a complete array of insurance products through Peoples Insurance, a subsidiary of Peoples Bank. Brokerage services are offered by Peoples exclusively through an unaffiliated registered broker-dealer located at Peoples Bank's offices. Peoples Bank offers insurance premium finance lending nationwide through its Peoples Premium Finance and Peoples Life Premium Finance divisions. Peoples also offers lease financing through its North Star Leasing division and through Vantage, a subsidiary of Peoples Bank. As of March 31, 2026, Peoples had 144 locations, including 127 full-service bank branches in Ohio, Kentucky, West Virginia, Virginia, Washington D.C. and Maryland. Peoples Bank is subject to regulation and examination primarily by the Ohio Division of Financial Institutions (the "ODFI"), the FRB of Cleveland and the FDIC. Peoples Bank must also follow the regulations promulgated by the Consumer Financial Protection Bureau (the "CFPB"), which regulates consumer financial products and services and certain financial services providers. Peoples Insurance is subject to regulation by the Ohio Department of Insurance and the state insurance regulatory agencies of those states in which Peoples Insurance may do business. 40 Table of Contents Critical Accounting Policies The accounting and reporting policies of Peoples conform to US GAAP. The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Note 1 of the Notes to the Unaudited Condensed Consolidated Financial Statements describes Peoples' significant accounting policies. Management has identified the accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to understanding Peoples’ Unaudited Condensed Consolidated Financial Statements, and this MD&A at March 31, 2026, which have been disclosed in Peoples' 2025 Form 10-K and updated as necessary in "Note 1 Summary of Significant Accounting Policies" in the Notes to the Unaudited Condensed Consolidated Financial Statements included in this Form 10-Q. This MD&A should be read in conjunction with the policies disclosed in Peoples’ 2025 Form 10-K. New Accounting Guidance Pending Adoption ASU 2025-08 - Financial Instruments - Credit Losses (Topic 326): Purchased Loans: The FASB issued an Accounting Standards Update (“ASU”) 2025-08 on November 12, 2025. The amendments “expand the population of acquired financial assets subject to the gross-up approach in Topic 326.” Specifically, the ASU expands the scope to include purchased “seasoned” loans, which are evaluated after purchase credit deteriorated (“PCD”) loans have been identified. These seasoned loans are defined as non-PCD loans that are obtained in a business combination accounted for using the acquisition method or non-PCD loans that are (i) obtained through a transfer that is not a business combination accounted for using the acquisition method or (ii) initially recognized through the consolidation of a variable interest entity. The ASU applies to all public entities subject to the guidance in Topic 326, including public business entities, privates companies, and not-for-profit entities. The amendments in this update apply “prospectively to loans that are acquired on or after the initial application date.” The amendments in ASU 2025-08 are effective for all entities for fiscal years beginning after December 15, 2026 and interim periods within those annual reporting periods, with early adoption permitted. Peoples is currently evaluating the impact of this guidance. Summary of Recent Transactions and Events The following is a summary of recent transactions and events that have impacted or are expected to impact Peoples’ results of operations or financial condition: ◦ On April 21, 2026, Peoples announced the signing of a definitive agreement and plan of merger pursuant to which Peoples will acquire Citizens National Corporation ("Citizens"), a bank holding company headquartered in Paintsville, Kentucky, and the parent company of Citizens Bank of Kentucky, Inc. ("Citizens Bank"), in a cash and stock transaction. Under the terms of the agreement and plan of merger, Citizens will merge with and into Peoples, and Citizens Bank will subsequently merge with and into Peoples Bank, in a transaction valued at approximately $76.6 million. ◦ For the first quarter of 2026, Peoples recorded a provision for credit losses of $9.7 million, compared to a provision for credit losses of $8.1 million for the linked quarter and a provision for credit losses of $10.2 million for the first quarter of 2025. The provision for credit losses for the first quarter of 2026 was primarily driven by net charge-offs and a deterioration in the macroeconomic forecasts used within the CECL model. The provision for credits losses for the linked quarter was primarily driven by (i) net charge-offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses for the first quarter of 2025 was primarily driven by net charge-offs. For more information, please refer to the section titled "RESULTS OF OPERATIONS - Provision for Credit Losses" found later in this MD&A. ◦ To combat the effects of ongoing inflationary pressures, the Federal Reserve Board increased the Federal Funds Target Rate range to 0.25% to 0.50% beginning on March 16, 2022, and continued to raise rates up to 5.25% to 5.50% on July 27, 2023. This rate remained unchanged until the latter half of 2024, where multiple rate cuts reduced the rate down to 4.25% to 4.50%. The Federal Reserve Board cut interest rates three times during 2025, further reducing the rate to 3.50% to 3.75%. The Federal Reserve Board has signaled that future rate reductions continue to be a possibility. The impact of these transactions and events, where material, is discussed in the applicable sections of this MD&A. EXECUTIVE SUMMARY Peoples reported net income of $29.0 million for the first quarter of 2026, representing earnings per diluted common share of $0.81. In comparison, Peoples reported net income of $31.8 million, representing earnings per diluted common share of $0.89, for the fourth quarter of 2025, and net income of $24.3 million, representing earnings per diluted common share of $0.68, for the first quarter of 2025. Non-core items negatively impacted earnings per diluted common share by $0.01 for the first quarter of 2026, $0.04 for the fourth quarter of 2025, and $0.01 for the first quarter of 2025. Net interest income was $90.4 million for the first quarter of 2026, a decrease of $0.6 million when compared to the linked quarter. Net interest margin was 4.16% for the first quarter of 2026, compared to 4.12% for the linked quarter. The decrease in net 41 Table of Contents interest income was primarily driven by a decrease in accretion income coupled with fewer days in the quarter compared to the linked quarter. The increase in net interest margin was driven by a reduction in deposit costs. Net interest income for the first quarter of 2026 increased $5.2 million, or 6%, compared to the first quarter of 2025. Net interest margin increased 4 basis points when compared to the first quarter of 2025. The increase in net interest income compared to the first quarter of 2025 was driven by lower deposit and borrowing costs. Accretion income, net of amortization expense, was $1.3 million for the first quarter of 2026, $1.8 million for the fourth quarter of 2025 and $3.5 million for the first quarter of 2025, which added 6 basis points, 8 basis points and 17 basis points, respectively, to net interest margin. The decrease in accretion income for the first quarter of 2026 when compared to the first quarter of 2025 was driven by less accretion recognized in the current period from the 2023 merger with Limestone Bancorp, Inc. ("Limestone Merger"). The provision for credit losses was $9.7 million for the first quarter of 2026, compared to a provision for credit losses of $8.1 million for the linked quarter and a provision for credit losses of $10.2 million for the first quarter of 2025. The provision for credit losses for the first quarter of 2026 was primarily driven by net charge-offs and a deterioration in the economic forecasts used within the CECL model. The provision for credits losses for the linked quarter was primarily driven by (i) net charge-offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. The provision for credit losses for the first quarter of 2025 was primarily driven by net charge-offs. Net charge-offs for the first quarter of 2026 were $6.6 million, or 0.40% of average total loans annualized, compared to net charge-offs of $7.4 million, or 0.44% of average total loans annualized, for the linked quarter and net charge-offs of $8.1 million, or 0.52% of average total loans annualized, for the first quarter of 2025. For additional information on credit trends and the allowance for credit losses, see the "FINANCIAL CONDITION - Allowance for Credit Losses" section below. Net gains and losses include gains and losses on investment securities, asset disposals and other transactions, which are included in total non-interest income on the Consolidated Statements of Operations. The net loss realized during the first quarter of 2026 was $0.4 million, compared to a net loss of $2.0 million for the linked quarter and a net loss of $0.4 million for the first quarter of 2025. The net losses for the first quarter of 2026 and for the first quarter of 2025 were driven by losses on repossessed assets. The net loss for the linked quarter was driven by a $0.9 million net loss on the sale of an OREO property and a $0.8 million loss on the redemption of subordinated debt. Total non-interest income, excluding net gains and losses, for the first quarter of 2026 increased $0.4 million compared to the linked quarter. The increase in non-interest income, excluding net gains and losses, was primarily impacted by an increase of $1.1 million in insurance income, driven by annual performance-based commissions typically received in the first quarter of each year, partially offset by a decrease of $0.4 million in electronic banking income and $0.4 million in deposit account service charges, which are seasonally higher in the fourth quarter of each year. Compared to the first quarter of 2025, total non-interest income, excluding net gains and losses, increased $1.2 million, due to an increase of $1.1 million in lease income, driven by an increase in operating lease income, and an increase of $0.5 million in trust and investment income, which was driven by an increase in assets under administration and management, partially offset by a decrease of $0.5 million in insurance income, driven by lower annual performance-based commissions. Total non-interest expense increased $0.3 million for the three months ended March 31, 2026, compared to the linked quarter. The increase in total non-interest expense was primarily due to increases of $0.7 million in salaries and employee benefit costs, driven by up-front expense on stock grants to retirement-eligible employees and employer health savings account contributions, $0.3 million in operating lease expense, and $0.2 million in net occupancy and equipment expense. These increases were partially offset by decreases of $0.5 million in amortization of other intangible assets and $0.4 million in professional fees, driven by lower legal expenses. Compared to the first quarter of 2025, total non-interest expense increased $0.8 million, or 1%. The increase in total non-interest expense was primarily driven by increases of $0.8 million in operating lease expense, $0.6 million in net occupancy and equipment expense, driven by higher property taxes, and $0.5 million in data processing and software expense, due to costs associated with recent technology projects, partially offset by a decreases of $0.5 million in amortization of other intangible assets and $0.5 million in other non-interest expense, driven by lower corporate expenses. The efficiency ratio for the first quarter of 2026 was 58.6%, compared to 57.8% for the linked quarter and 60.7% for the first quarter of 2025. The efficiency ratio increased slightly compared to the linked quarter mainly as the result of higher non-interest expense, driven by increased salaries and employee benefits costs. Peoples recorded income tax expense of $8.3 million with an effective tax rate of 22.3% for the first quarter of 2026, compared to income tax expense of $6.2 million with an effective tax rate of 16.4% for the linked quarter, and income tax expense of $7.0 million with an effective tax rate of 22.4% for the first quarter of 2025. T he increase in income tax expense and the effective tax rate when compared to the linked quarter was impacted by updates to state apportionment in the fourth quarter of 2025, reducing expense by $0.9 million, and a $0.7 million benefit relating to tax credits purchased in the linked quarter. The increase in income tax expense when compared to the quarter ended March 31, 2025 was driven by higher pretax income. Total assets were $9.65 billion as of March 31, 2026, $9.65 billion at December 31, 2025, and $9.25 billion at March 31, 2025. Total assets at March 31, 2026 remained flat when compared to at December 31, 2025 due to an increase in total loan and leases 42 Table of Contents largely offset by a decrease in total investment securities. Total assets at March 31, 2026 increased compared to at March 31, 2025 due to increases of $341.7 million in total loans and leases and $83.1 million in total investment securities. Total liabilities were $8.43 billion at March 31, 2026, down slightly from $8.44 billion at December 31, 2025, and up from $8.11 billion at March 31, 2025. The decrease in total liabilities when compared to at December 31, 2025 was primarily due to a decrease of $24.4 million in short-term borrowings and a decrease of $18.7 million in long-term borrowings, partially offset by an increase of $38.2 million in period-end total deposits. The increase in total liabilities when compared to at March 31, 2025 was primarily due increases of $486.6 million in short-term borrowings, partially offset by a decrease of $86.3 million in period-end deposits. The decrease in total deposits was primarily driven by a decrease of $196.4 million in brokered deposits, partially offset by increases of $60.2 million in non-interest bearing deposits, $24.7 million in interest-bearing demand accounts, and $24.0 million in savings accounts. Total stockholders' equity at March 31, 2026 increased $9.4 million compared to at December 31, 2025, which was primarily due to net income for the quarter of $29.0 million, partially offset by dividends paid of $14.7 million and an increase of $5.4 million in accumulated other comprehensive loss. Accumulated unrealized losses related to the available-for-sale investment securities portfolio were $76.4 million and $71.0 million at March 31, 2026 and at December 31, 2025, respectively. Total stockholders' equity at March 31, 2026 increased by $78.2 million compared to at March 31, 2025 and was impacted by net income of $111.4 million in the last twelve months and a decrease in accumulated other comprehensive loss of $19.6 million, partially offset by dividends paid of $58.6 million. RESULTS OF OPERATIONS Net Interest Income Net interest income, the amount by which interest income exceeds interest expense, remains Peoples' largest source of revenue. The amount of net interest income earned by Peoples each quarter is affected by various factors, including changes in market interest rates due to the Federal Reserve’s monetary policy, the level and degree of pricing competition for loans and deposits in Peoples’ markets, and the amount and composition of Peoples' earning assets and interest-bearing liabilities. Net interest margin, which is calculated by dividing fully tax-equivalent ("FTE") net interest income by average interest-earning assets, serves as an important measurement of the net revenue stream generated by the volume, mix and pricing of interest-earning assets and interest-bearing liabilities. FTE net interest income is calculated by increasing interest income to convert tax-exempt income earned on obligations of states and political subdivisions and tax-exempt loans to the pre-tax equivalent of taxable income using a federal statutory corporate income tax rate of 21% for all periods presented. The following table details the calculation of FTE net interest income: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Net interest income $ 90,420 $ 91,049 $ 85,255 Taxable equivalent adjustment 245 266 283 FTE net interest income $ 90,665 $ 91,315 $ 85,538 43 Table of Contents The following tables detail Peoples’ average balance sheets for the periods presented: For the Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 ( Dollars in thousands) Average Balance Income/ Expense Yield/Cost Average Balance Income/ Expense Yield/Cost Average Balance Income/ Expense Yield/Cost Short-term investments $ 82,872 $ 790 3.87 % $ 77,906 $ 773 3.94 % $ 88,919 $ 900 4.10 % Investment securities (a)(b): Taxable 1,807,384 16,526 3.66 % 1,824,162 17,108 3.75 % 1,718,453 15,372 3.58 % Nontaxable 154,566 1,032 2.67 % 162,328 1,121 2.76 % 178,582 1,226 2.75 % Total investment securities 1,961,950 17,558 3.58 % 1,986,490 18,229 3.67 % 1,897,035 16,598 3.50 % Loans (b)(c): Construction 289,892 4,586 6.33 % 272,994 5,108 7.32 % 313,130 5,572 7.12 % Commercial real estate, other 2,251,931 34,658 6.16 % 2,258,134 35,222 6.10 % 2,069,134 33,260 6.43 % Commercial and industrial 1,554,825 25,110 6.46 % 1,500,548 24,910 6.50 % 1,336,133 23,332 6.98 % Premium finance 238,918 4,553 7.62 % 260,833 4,868 7.30 % 259,241 5,585 8.62 % Leases 355,857 8,578 9.64 % 368,453 9,663 10.26 % 395,161 10,198 10.32 % Residential real estate (d) 958,354 13,049 5.45 % 978,507 13,143 5.37 % 956,049 12,215 5.11 % Home equity lines of credit 256,543 4,404 6.96 % 251,730 4,771 7.52 % 233,522 4,382 7.61 % Consumer, indirect 700,411 11,293 6.54 % 703,178 11,590 6.54 % 674,211 10,548 6.34 % Consumer, direct 128,423 2,487 7.85 % 127,434 2,538 7.90 % 117,881 2,234 7.69 % Total loans 6,735,154 108,718 6.47 % 6,721,811 111,813 6.54 % 6,354,462 107,326 6.77 % Allowance for credit losses (75,284) (74,351) (63,060) Net loans 6,659,870 108,718 6.54 % 6,647,460 111,813 6.61 % 6,291,402 107,326 6.84 % Total earning assets 8,704,692 127,066 5.85 % 8,711,856 130,815 5.92 % 8,277,356 124,824 6.04 % Goodwill and other intangible assets 392,490 394,409 401,344 Other assets 503,926 524,509 516,767 Total assets $ 9,601,108 $ 9,630,774 $ 9,195,467 Interest-bearing deposits: Savings accounts $ 903,050 $ 183 0.08 % $ 886,250 $ 185 0.08 % $ 879,301 $ 250 0.12 % Governmental deposit accounts 782,543 3,923 2.03 % 774,267 4,278 2.19 % 781,782 4,652 2.41 % Interest-bearing demand accounts 1,055,685 572 0.22 % 1,053,419 611 0.23 % 1,083,999 490 0.18 % Money market accounts 925,668 4,541 1.99 % 959,627 5,220 2.16 % 914,076 5,291 2.35 % Retail CDs 1,973,029 16,458 3.38 % 1,999,726 17,745 3.52 % 1,939,364 18,434 3.85 % Brokered CDs (e) 301,470 2,954 3.97 % 412,883 4,196 4.03 % 564,660 6,046 4.34 % Total interest-bearing deposits 5,941,445 28,631 1.95 % 6,086,172 32,235 2.10 % 6,163,182 35,163 2.31 % Borrowed funds: Short-term FHLB advances (e) 368,289 3,382 3.72 % 128,782 1,294 3.99 % 32,822 343 4.24 % Repurchase agreements and other 182,081 1,577 3.46 % 300,347 2,907 3.87 % 23,742 165 2.83 % Total short-term borrowings 550,370 4,959 3.64 % 429,129 4,201 3.91 % 56,564 508 3.63 % Long-term FHLB advances 117,467 1,155 3.99 % 131,169 1,328 4.02 % 131,769 1,302 4.01 % Long-term notes payable 41,628 747 7.18 % 40,908 734 7.18 % 50,341 895 7.10 % Other long-term borrowings (f) 31,839 909 11.42 % 39,167 1,002 10.01 % 54,990 1,418 10.32 % Total long-term borrowings 190,934 2,811 5.92 % 211,244 3,064 5.74 % 237,100 3,615 6.13 % Total borrowed funds 741,304 7,770 4.23 % 640,373 7,265 4.51 % 293,664 4,123 5.65 % Total interest-bearing liabilities 6,682,749 36,401 2.21 % 6,726,545 39,500 2.33 % 6,456,846 39,286 2.47 % Non-interest-bearing deposits 1,604,708 1,605,305 1,498,964 Other liabilities 95,283 102,419 116,797 Total liabilities 8,382,740 8,434,269 8,072,607 Total stockholders’ equity 1,218,368 1,196,505 1,122,860 Total liabilities and stockholders’ equity $ 9,601,108 $ 9,630,774 $ 9,195,467 Interest rate spread (b) $ 90,665 3.64 % $ 91,315 3.59 % $ 85,538 3.57 % Net interest margin (b) 4.16 % 4.12 % 4.12 % 44 Table of Contents (a) Average balances are based on carrying value. (b) Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate. (c) Average balances include nonaccrual and impaired loans. Interest income includes interest earned and received on nonaccrual loans prior to the loans being placed on nonaccrual status. Loan fees included in interest income were immaterial for all periods presented. (d) Loans held for sale are included in the average loan balance listed. Related interest income on loans originated for sale prior to the loan being sold is included in loan interest income. (e) Interest related to interest rate swap transactions is included, as appropriate to the transaction, in interest expense on short-term FHLB advances and interest expense on brokered CDs for the periods presented in which interest payments on FHLB advances or brokered CDs were being hedged. (f) Included in other long-term borrowings are trust preferred securities and floating rate junior deferrable interest debentures. The following table provides an analysis of the changes in FTE net interest income: Three Months Ended March 31, 2026 Compared to (Dollars in thousands) December 31, 2025 March 31, 2025 Increase (decrease) in: Rate Volume Total (a) Rate Volume Total (a) INTEREST INCOME: Short-term investments $ (19) $ 36 $ 17 $ (49) $ (61) $ (110) Investment Securities (b): Taxable (324) (258) (582) (353) 1,507 1,154 Nontaxable (36) (53) (89) (24) (170) (194) Total investment income (360) (311) (671) (377) 1,337 960 Loans (b) : Construction (720) 198 (522) (572) (414) (986) Commercial real estate, other 296 (859) (563) (1,539) 2,937 1,398 Commercial and industrial (140) 340 200 (2,041) 3,819 1,778 Premium finance 191 (506) (315) (594) (438) (1,032) Leases (443) (642) (1,085) (77) (1,543) (1,620) Residential real estate 185 (279) (94) 825 9 834 Home equity lines of credit (353) (14) (367) (410) 432 22 Consumer, indirect — (297) (297) 335 410 745 Consumer, direct (15) (36) (51) 53 200 253 Total loan income (999) (2,095) (3,094) (4,020) 5,412 1,392 Total interest income $ (1,378) $ (2,370) $ (3,748) $ (4,446) $ 6,688 $ 2,242 INTEREST EXPENSE: Deposits: Savings accounts 1 1 2 74 (7) 67 Interest-bearing demand accounts 27 12 39 (95) 13 (82) Money market accounts 385 294 679 817 (67) 750 Governmental deposit accounts 307 48 355 734 (5) 729 Retail CDs 670 617 1,287 2,297 (320) 1,977 Brokered CDs 43 1,199 1,242 274 2,818 3,092 Total deposit cost 1,433 2,171 3,604 4,101 2,432 6,533 Borrowed funds: Short-term borrowings 387 (1,145) (758) 785 (5,236) (4,451) Long-term borrowings (104) 356 252 (89) 892 803 Total borrowed funds cost 283 (789) (506) 696 (4,344) (3,648) Total interest expense 1,716 1,382 3,098 4,797 (1,912) 2,885 FTE net interest income $ 338 $ (988) $ (650) $ 351 $ 4,776 $ 5,127 (a) The change in interest due to both rate and volume has been allocated to rate and volume changes in proportion to the relationship of the dollar amounts of the change in each. (b) Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate. Net interest income was $90.4 million for the first quarter of 2026 a decrease of $0.6 million when compared to the linked quarter. Net interest margin was 4.16% for the first quarter of 2026, compared to 4.12% for the linked quarter. The decrease in net interest 45 Table of Contents income was primarily driven by a decrease in accretion income coupled with fewer days in the quarter compared to the linked quarter. The increase in net interest margin was driven by a reduction in deposit costs. Net interest income for the first quarter of 2026 increased $5.2 million, or 6%, compared to the first quarter of 2025. Net interest margin increased 4 basis points when compared to the first quarter of 2025. The increase in net interest income and net interest margin was primarily driven by lower deposit and borrowing costs. Accretion income, net of amortization expense, was $1.3 million for the first quarter of 2026, $1.8 million for the linked quarter and $3.5 million for the first quarter of 2025, which added 6 basis points, 8 basis points and 17 basis points, respectively, to net interest margin. The decrease in accretion income for the first quarter of 2026 when compared to the first quarter of 2025 was driven by less accretion recognized in the current period from the 2023 Limestone Merger. Additional information regarding changes in the Unaudited Consolidated Balance Sheets can be found under appropriate captions of the “FINANCIAL CONDITION” section of this MD&A. Additional information regarding Peoples' interest rate risk and the potential impact of interest rate changes on Peoples' results of operations and financial condition can be found later in this MD&A under the caption "FINANCIAL CONDITION - Interest Rate Sensitivity and Liquidity." Provision for Credit Losses The following table details Peoples’ provision for credit losses: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Provision for other credit losses $ 9,415 $ 7,801 $ 10,035 Provision for checking account overdraft credit losses 279 249 155 Provision for credit losses $ 9,694 $ 8,050 $ 10,190 The provision for credit losses recorded represents the amount needed to maintain the appropriate level of the allowance for credit losses based on management’s quarterly estimates. The provision for credit losses for the first quarter of 2026 was primarily driven by net charge-offs and a deterioration in the economic forecasts used within the CECL model. The provision for credit losses for the linked quarter of 2025 was primarily driven by (i) net charge-offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the CECL model, partially offset by reductions in reserves for individually analyzed loans and leases. Additional information regarding changes in the allowance for credit losses and loan credit quality can be found later in this MD&A under the caption “FINANCIAL CONDITION - Allowance for Credit Losses.” 46 Table of Contents Net Gain (Loss) Included in Total Non-Interest Income Net gain (loss) includes net gains and losses on investment securities, asset disposals and other transactions, which are recognized in total non-interest income. The following table details Peoples’ net losses for the periods presented: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Net (loss) gain on investment securities $ — $ (77) $ (2) Net loss on asset disposals and other transactions: Net loss on other assets (384) (210) (330) Net (loss) gain on OREO (26) (851) 20 Net loss on other transactions — (847) (51) Net loss on asset disposals and other transactions $ (410) $ (1,908) $ (361) The net loss on other assets for the first quarter of 2026 was driven by losses on repossessed assets. The net losses for the linked quarter were primarily driven by a $0.9 million net loss on the sale of an OREO property and a $0.8 million loss on the redemption of subordinated debt. The net loss on other assets reported for the first quarter of 2025 was driven by the losses recorded on repossessed assets. Total Non-Interest Income, Excluding Net Gains and Losses Total non-interest income, excluding net gains and losses, comprised 24% of Peoples' total revenues (defined as net interest income plus total non-interest income excluding net gains and losses) for the first quarter of 2026, consistent with the linked quarter and the first quarter of 2025. For the first quarter of 2026, e-banking income comprised the largest portion of Peoples' total non-interest income, excluding net gains and losses. Peoples' e-banking services include ATM and debit cards, direct deposit services, internet and mobile banking, and remote deposit capture, and serve as alternative delivery channels to traditional sales offices for providing services to customers. The following table details Peoples' e-banking income: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) E-banking income $ 5,927 $ 6,329 $ 5,885 Peoples' e-banking income is derived largely from ATM and debit cards, as other services are mainly provided at no charge to customers. The amount of e-banking income is largely dependent on the timing and volume of customer activity. The following table details Peoples' insurance income: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Property and casualty insurance commissions $ 3,679 $ 3,844 $ 3,823 Performance-based commissions 1,204 5 1,542 Life and health insurance commissions 697 671 689 Insurance income $ 5,580 $ 4,520 $ 6,054 Peoples' insurance income for the first quarter of 2026 increased $1.1 million when compared to the linked quarter due to seasonal performance-based commissions paid in the first quarter of each year. Insurance income for the first quarter of 2026 decreased $0.5 million when compared to the first quarter of 2025 due to lower commissions based on the performance of the policies written during 2025. Peoples' trust and investment income, which includes fiduciary income, brokerage income, and employee benefit fees, continued to be based primarily upon the value of assets under administration and management, with additional income generated from transaction commissions, cross-selling of products and additional retirement plan services business. The following table details Peoples’ trust and investment income: 47 Table of Contents Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Fiduciary income $ 2,282 $ 2,294 $ 2,092 Brokerage income 2,529 2,576 2,146 Employee benefit fees 794 822 823 Trust and investment income $ 5,605 $ 5,692 $ 5,061 Brokerage income in the first quarter of 2026 remained flat when compared to the linked quarter and increased compared to the first quarter of 2025 which was driven by an increase in assets under administration and management. The following table details Peoples' assets under administration and management: March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 (Dollars in thousands) Trust $ 2,178,467 $ 2,219,650 $ 2,271,536 $ 2,138,439 $ 2,037,992 Brokerage $ 1,844,940 $ 1,846,084 $ 1,800,781 $ 1,724,311 $ 1,626,768 Total $ 4,023,407 $ 4,065,734 $ 4,072,317 $ 3,862,750 $ 3,664,760 Quarterly average $ 4,091,841 $ 4,065,195 $ 3,955,007 $ 3,736,778 $ 3,711,527 The decrease in assets under administration and management at March 31, 2026 compared to at December 31, 2025 was driven by market value fluctuations. The increase in assets under administration and management at March 31, 2026 when compared to at March 31, 2025 was primarily due to growth, as Peoples added new accounts and the underlying market values of assets under management grew. Deposit account service charges are based on the recovery of costs associated with services provided. The following table details Peoples' deposit account service charges: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Overdraft and non-sufficient funds fees $ 2,210 $ 2,401 $ 2,103 Account maintenance fees 1,881 1,966 1,644 Other fees and charges 176 250 268 Deposit account service charges $ 4,267 $ 4,617 $ 4,015 The amount of deposit account service charges, particularly fees for overdrafts and non-sufficient funds, is largely dependent on the timing and volume of customer activity. Management periodically evaluates its cost recovery fees to ensure they are reasonable based on operational costs and similar to fees charged in Peoples' markets by competitors. Deposit account service charges decreased for the first quarter of 2026 compared to the linked quarter due to the seasonality of customer activity. Deposit account service charges increased when comparing the first quarter of 2026 to the first quarter of 2025 due to higher maintenance fees driven by the volume of accounts. The following table details the other items included within Peoples' total non-interest income: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Lease income 4,581 4,290 3,468 Other non-interest income 1,166 1,099 1,450 Bank owned life insurance income 1,162 1,173 1,133 Mortgage banking income 376 537 396 Lease income is primarily comprised of (i) operating lease income, (ii) gains on the early termination of leases, net of any associated purchase accounting adjustments, (iii) month-to-month lease payments beyond maturity of the net investment in the lease, net of any associated purchase accounting adjustment, (iv) fees received for referrals, (v) gains and losses recognized on the sales of residual assets, net of any purchase accounting impact, and (vi) syndication income. Lease income for the first quarter of 2026 48 Table of Contents increased compared to the linked quarter due to operating lease income. The increase when compared to the first quarter of 2025 was driven by increases in operating lease income and gains on early terminated Vantage leases. Other non-interest income remained relatively flat for the first quarter of 2026 when compared to the linked quarter and decreased when compared to the first quarter of 2025 due to lower swap fee income which is driven by customer demand. BOLI income for the first quarter of 2026 remained flat when compared to the linked quarter and to the prior year quarter. Mortgage banking income is comprised mostly of net gains from the origination and sale of real estate loans in the secondary market, and, to a lesser extent, servicing income for loans sold with servicing retained. As a result, the amount of income recognized by Peoples is largely dependent on customer demand and long-term interest rates for residential real estate loans offered in the secondary market. Mortgage banking income for the first quarter of 2026 decreased when compared to the linked quarter and was primarily driven by the decreased volume in loans sold as more production was kept on the balance sheet relative to prior periods. In the first quarter of 2026, Peoples sold $6.0 million in loans into the secondary market with servicing retained and $3.6 million in loans with servicing released, compared to $8.6 million and $8.7 million, respectively, in the fourth quarter of 2025, and $0.2 million and $4.7 million, respectively, in the first quarter of 2025. Non-Interest Expense Salaries and employee benefit costs remain Peoples' largest non-interest expense, accounting for over one-half of total non-interest expense. The following table details Peoples' salaries and employee benefit costs: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Base salaries and wages $ 25,447 $ 24,991 $ 24,618 Sales-based and incentive compensation 5,415 7,751 6,491 Employee benefits 5,606 4,896 4,522 Payroll taxes and other employment costs 2,659 2,023 2,779 Stock-based compensation 1,904 1,243 2,475 Deferred personnel costs (1,196) (1,786) (1,064) Salaries and employee benefit costs $ 39,835 $ 39,118 $ 39,821 Full-time equivalent employees: Actual at end of period 1,458 1,454 1,460 Average during the period 1,457 1,452 1,467 Base salaries and wages for the first quarter of 2026 increased compared to the linked quarter and to the first quarter of 2025, primarily driven by annual merit increases. Sales-based and incentive compensation decreased for the first quarter of 2026 compared to the linked quarter and the same period of 2025 and was driven by a decrease in corporate incentives. The increase in employee benefits for the first quarter of 2026 compared to the linked quarter and to the first quarter of 2025 was primarily related to higher medical costs. Payroll taxes and other employment costs for the first quarter of 2026 increased compared to the linked quarter due to the seasonal expenses recognized in the first quarter of each year. Stock-based compensation is generally recognized over the vesting period, which generally ranges from immediate vesting to vesting at the end of three years. An adjustment is made at the vesting date to reverse expense relating to forfeitures for performance awards, and at the date of forfeiture to reverse expense for non-vested restricted common share awards. Stock grants to retirement eligible grantees are expensed either immediately or over a shorter period than three years. The majority of Peoples' stock-based compensation is attributable to annual equity-based incentive awards to employees, which are awarded in the first quarter of each year based upon Peoples achieving certain performance goals during the prior year, and are generally contingent on employment through the vesting period. Deferred personnel costs represent the portion of current period salaries and employee benefit costs considered to be direct loan origination costs. These costs are capitalized and recognized over the life of the loan as a yield adjustment in interest income. As a result, the amount of deferred personnel costs for each period corresponds directly with the volume of loan originations, coupled with the average deferred costs per loan that are updated annually at the beginning of each year. Deferred personnel costs for the first quarter of 2026 decreased when compared to the fourth quarter of 2025 and increased compared to the first quarter of 2025, which is driven by loan volume. 49 Table of Contents Peoples' net occupancy and equipment expense was comprised of the following: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Depreciation $ 2,142 $ 2,162 $ 2,125 Repairs and maintenance costs 1,794 1,691 1,923 Property taxes, utilities and other costs 1,365 1,190 546 Net rent expense 923 937 1,018 Net occupancy and equipment expense $ 6,224 $ 5,980 $ 5,612 Net occupancy and equipment expense increased for the first quarter of 2026 compared to the linked quarter and the first quarter of 2025 due to increased property taxes. The following table details the other items included in total non-interest expense: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Data processing and software expense $ 7,536 $ 7,401 $ 7,005 Professional fees 2,753 3,168 3,087 Amortization of other intangible assets 1,697 2,210 2,213 E-banking expense 2,081 2,120 2,025 FDIC insurance premiums 1,410 1,350 1,251 Other loan expenses 1,123 1,219 1,119 Operating lease expense 1,804 1,513 985 Marketing expense 886 1,059 903 Travel and entertainment expense 583 556 500 Communication expense 589 589 734 Franchise tax expense 1,004 845 929 Other non-interest expense 4,110 4,166 4,603 Data processing and software expenses for the first quarter of 2026 increased compared to the linked quarter and same period in 2025 due to costs associated with recent technology projects. Professional fees for the first quarter of 2026 decreased when compared to the linked quarter and same period of 2025 due to decreased legal expenses. Amortization of other intangible assets for the first quarter of 2026 decreased $0.5 million compared to the linked quarter and to the prior year quarter due to decreases in amortization on core deposits and customer relationship intangibles. Peoples' e-banking expense is comprised of costs associated with debit and ATM cards and is driven by the timing and volume of customer activity. E-banking expense remained flat compared to both the linked quarter and the first quarter of 2025. Peoples' FDIC insurance premiums for the first quarter of 2026 increased slightly due to an increase in average assets when compared to the linked quarter and the first quarter of 2025. Other loan expenses during the first quarter of 2026 decreased slightly when compared to the linked quarter and remained flat when compared to the first quarter of 2025. The decrease compared to the linked quarter was driven by decreased business loan filing fees. Operating lease expense, which is the depreciation of operating lease assets, increased when compared to the linked quarter and the first quarter of 2025, driven by the increased volume of leases. Marketing expense for the first quarter of 2026 decreased when compared to the linked quarter primarily driven by lower advertising expense. Travel and entertainment expenses remained flat compared to the linked quarter and to the first quarter of 2025. Communication expense remained flat for the first quarter of 2026 when compared to the linked quarter and decreased compared to the first quarter of 2025 due to branch-related costs. 50 Table of Contents Peoples is subject to state franchise taxes, which are based largely on Peoples' equity, in the states where Peoples has a physical presence. Franchise tax expense also includes the Ohio Financial Institution Tax ("FIT"), which is a business privilege tax that is imposed on financial institutions organized for profit and doing business in Ohio. The Ohio FIT is based on the total equity capital in proportion to the taxpayer's gross receipts in Ohio as of the most recent year-end. The increase in franchise tax expense for the first quarter of 2026 compared to the linked quarter driven by increased rates. Other non-interest expense for the first quarter of 2026 remained flat when compared to the linked quarter and decreased compared to the first quarter of 2025 primarily due to lower corporate expenses. Income Tax Expense Peoples recorded income tax expense of $8.3 million with an effective tax rate of 22.3% for the first quarter of 2026, compared to income tax expense of $6.2 million with an effective tax rate of 16.4% for the linked quarter and income tax expense of $7.0 million with an effective tax rate of 22.4% for the first quarter of 2025. The increase in income tax expense and the effective tax rate when compared to the linked quarter was impacted by updates to state apportionment in the fourth quarter of 2025, reducing expense by $0.9 million, and a $0.7 million benefit relating to tax credits purchased in the linked quarter. The increase in income tax expense when compared to March 31, 2025 was driven by higher pretax income. Additional information regarding income taxes can be found in "Note 13 Income Taxes" of the Notes to the Consolidated Financial Statements included in Peoples' 2025 Form 10-K. Pre-Provision Net Revenue (Non-US GAAP) Pre-provision net revenue ("PPNR") has become a key financial measure used by state and federal bank regulatory agencies when assessing the capital adequacy of financial institutions. PPNR is defined as net interest income plus total non-interest income, excluding all gains and losses, minus total non-interest expense. As a result, PPNR represents the earnings capacity that can be either retained in order to build capital or used to absorb unexpected losses and preserve existing capital. This measure represents a Non-US GAAP financial measure since it excludes the provision for (recovery of) credit losses and all gains and losses included in earnings. The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Pre-provision net revenue: Income before income taxes $ 37,345 $ 37,977 $ 31,377 Add: provision for credit losses 9,694 8,050 10,190 Add: loss on OREO 26 851 — Add: loss on investment securities — 77 2 Add: loss on other assets 384 210 330 Add: loss on other transactions — 847 51 Less: gain on OREO — — 20 Pre-provision net revenue $ 47,449 $ 48,012 $ 41,930 The decrease in the PPNR for the first quarter of 2026 compared to the linked quarter was driven by a decrease in net interest income due to less days in the quarter compared to the linked quarter coupled with lower accretion income. PPNR for the first quarter of 2026 increased compared to the first quarter of 2025, primarily due to higher net interest income, driven by lower borrowing and deposit costs. Efficiency Ratio (Non-US GAAP) The efficiency ratio is a key financial measure used to monitor performance. The efficiency ratio is calculated as total non-interest expense (less amortization of other intangible assets) as a percentage of FTE net interest income plus total non-interest income excluding net gains and losses. This measure represents a Non-US GAAP financial measure since it excludes amortization of other intangible assets and all gains and losses included in earnings, and uses FTE net interest income. 51 Table of Contents The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Efficiency ratio: Total non-interest expense $ 71,635 $ 71,294 $ 70,787 Less: amortization of other intangible assets 1,697 2,210 2,213 Adjusted total non-interest expense 69,938 69,084 68,574 Total non-interest income 28,254 26,272 27,099 Less: net loss on investment securities — (77) (2) Less: net loss on asset disposals and other transactions (410) (1,908) (361) Total non-interest income excluding net losses 28,664 28,257 27,462 Net interest income 90,420 91,049 85,255 Add: FTE adjustment (a) 245 266 283 Net interest income on an FTE basis 90,665 91,315 85,538 Adjusted revenue $ 119,329 $ 119,572 $ 113,000 Efficiency ratio 58.61 % 57.78 % 60.68 % (a) Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate. The efficiency ratio for the first quarter of 2026 was 58.6%, compared to 57.8% for the linked quarter and 60.7% for the first quarter of 2025. The efficiency ratio increased compared to the linked quarter mainly due to an increase in non-interest expenses resulting from certain expenses that are usually recognized in the first quarter of each year, coupled with lower accretion income. Return on Average Assets Adjusted for Non-Core Items Ratio (Non-US GAAP) In addition to return on average assets, management uses return on average assets adjusted for non-core items to monitor performance. The return on average assets adjusted for non-core items ratio represents a Non-US GAAP financial measure since it excludes the after-tax impact of all gains and losses and acquisition-related expenses. 52 Table of Contents The following table provides a reconciliation of this Non-US GAAP financial measure to the amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements for the periods presented: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Annualized net income adjusted for non-core items: Net income $ 29,006 $ 31,754 $ 24,336 Add: net loss on investment securities — 77 2 Less: tax effect of net loss on investment securities (a) — 16 — Add: net loss on asset disposals and other transactions 410 1,908 361 Less: tax effect of net loss on asset disposals and other transactions (a) 86 401 76 Add: acquisition-related expenses — — — Less: tax effect of acquisition-related expenses (a) — — — Net income adjusted for non-core items (after tax) $ 29,330 $ 33,322 $ 24,623 Days in the period 90 92 90 Days in the year 365 365 365 Annualized net income $ 117,635 $ 125,981 $ 98,696 Annualized net income adjusted for non-core items (after tax) $ 118,949 $ 132,201 $ 99,860 Return on average assets: Annualized net income $ 117,635 $ 125,981 $ 98,696 Total average assets 9,601,108 9,630,774 9,195,467 Return on average assets 1.23 % 1.31 % 1.07 % Return on average assets adjusted for non-core items: Annualized net income adjusted for non-core items (after tax) $ 118,949 $ 132,201 $ 99,860 Total average assets 9,601,108 9,630,774 9,195,467 Return on average assets adjusted for non-core items (after tax) 1.24 % 1.37 % 1.09 % (a) Based on a 21% statutory federal corporate income tax rate. The return on average assets and the return on average assets adjusted for non-core items for the first quarter of 2026 decreased when compared to the linked quarter due to lower annualized net income which was driven by lower interest income, attributable to fewer days in the period and less accretion income. The increase in the return on average assets and return on average assets adjusted for non-core items for the first quarter of 2026, compared to the first quarter of 2025, was attributable to an increase in annualized net income driven by an increase in net interest income. Return on Average Tangible Equity Ratio (Non-US GAAP) The return on average tangible equity ratio is a key financial measure used to monitor performance. This ratio is calculated as annualized net income (less the after-tax impact of amortization of other intangible assets) divided by average tangible equity. This 53 Table of Contents measure is Non-US GAAP since it excludes amortization of other intangible assets from earnings and the impact of goodwill and other intangible assets acquired through acquisitions on total stockholders' equity. Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Annualized net income excluding amortization of other intangible assets: Net income $ 29,006 $ 31,754 $ 24,336 Add: amortization of other intangible assets 1,697 2,210 2,213 Less: tax effect of amortization of other intangible assets (a) 356 464 465 Net income excluding amortization of other intangible assets $ 30,347 $ 33,500 $ 26,084 Days in the period 90 92 90 Days in the year 365 365 365 Annualized net income $ 117,635 $ 125,981 $ 98,696 Annualized net income excluding amortization of other intangible assets $ 123,074 $ 132,908 $ 105,785 Average tangible equity: Total average stockholders' equity $ 1,218,368 $ 1,196,505 $ 1,122,860 Less: average goodwill and other intangible assets 392,490 394,409 401,344 Average tangible equity $ 825,878 $ 802,096 $ 721,516 Return on total average stockholders' equity ratio: Annualized net income $ 117,635 $ 125,981 $ 98,696 Total average stockholders' equity $ 1,218,368 $ 1,196,505 $ 1,122,860 Return on total average stockholders' equity 9.66 % 10.53 % 8.79 % Return on average tangible equity ratio: Annualized net income excluding amortization of other intangible assets $ 123,074 $ 132,908 $ 105,785 Average tangible equity $ 825,878 $ 802,096 $ 721,516 Return on average tangible equity 14.90 % 16.57 % 14.66 % (a) Based on a 21% statutory federal corporate income tax rate. The return on total average stockholders' equity and average tangible equity ratios decreased when compared to the linked quarter due to a decrease in annualized net income, which was driven by lower interest income, attributable to fewer days in the period and less accretion income. The increases in the return on total average stockholders' equity and average tangible equity ratios for the first quarter of 2026 compared to the same period of 2025 were driven by higher net income due to increased net interest income. 54 Table of Contents FINANCIAL CONDITION Cash and Cash Equivalents At March 31, 2026, Peoples' cash and balances due from banks increased by $4.4 million, while interest-bearing deposits in other banks decreased $3.0 million from December 31, 2025. The total cash and cash equivalents balance included $67.9 million of excess cash reserves being maintained at the FRB of Cleveland at March 31, 2026, compared to $73.2 million at December 31, 2025. The amount of excess cash reserves maintained is dependent upon Peoples' daily liquidity position, which is driven primarily by changes in deposit and loan balances. Through the first three months of 2026, Peoples' total cash and cash equivalents increased $1.4 million, driven by inflows of $34.5 million from operating activities, partially offset by cash outflows of $10.8 million for investing activities and $22.2 million for financing activities. Peoples' use of cash in investing activities was driven by an $18.0 million net increase in loans held for investment, partially offset by net cash inflows primarily related to proceeds from investment securities principal payments. The cash used in financing activities was driven by $43.5 million in the net change of short-term and long-term borrowings and outflows of $14.6 million for dividends paid, partially offset by an increase in non-interest bearing deposits of $41.1 million. Further information regarding the management of Peoples' liquidity position can be found later in this discussion under “Interest Rate Sensitivity and Liquidity.” Investment Securities The following table provides information regarding Peoples’ investment portfolio: (Dollars in thousands) Weighted Average Yield March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Available-for-sale securities, at fair value: Obligations of: U.S. Treasury and government agencies 3.67 % $ 26,152 $ 17,580 $ 17,696 $ 13,880 $ 14,343 U.S. government sponsored agencies 3.92 % 231,332 206,330 164,132 210,856 213,063 States and political subdivisions 2.25 % 165,105 170,832 186,822 193,363 195,505 Residential mortgage-backed securities 2.49 % 522,638 544,038 561,517 576,541 593,979 Commercial mortgage-backed securities 2.52 % 59,905 41,804 42,510 52,699 52,636 Bank-issued trust preferred securities 3.25 % 2,812 3,783 4,229 4,158 4,148 Total fair value $ 1,007,944 $ 984,367 $ 976,906 $ 1,051,497 $ 1,073,674 Total amortized cost $ 1,107,248 $ 1,076,980 $ 1,078,703 $ 1,170,092 $ 1,199,677 Net unrealized loss $ (99,304) $ (92,613) $ (101,797) $ (118,595) $ (126,003) Held-to-maturity securities, at amortized cost: Obligations of: U.S. government sponsored agencies 4.42 % $ 247,148 $ 261,826 $ 255,888 $ 299,183 $ 222,698 States and political subdivisions (a) 2.48 % 138,598 140,607 141,869 142,082 142,276 Residential mortgage-backed securities 4.56 % 399,724 423,628 438,101 360,559 290,023 Commercial mortgage-backed securities 2.51 % 98,205 96,776 95,966 98,195 98,469 Total amortized cost $ 883,675 $ 922,837 $ 931,824 $ 900,019 $ 753,466 Other investments $ 69,903 $ 68,656 $ 63,991 $ 67,538 $ 51,322 Total investment securities: Amortized cost $ 2,060,826 $ 2,068,473 $ 2,074,518 $ 2,137,649 $ 2,004,465 Carrying value $ 1,961,522 $ 1,975,860 $ 1,972,721 $ 2,019,054 $ 1,878,462 (a) Amortized cost is presented net of the allowance for credit losses of $233 at March 31, 2026, $236 at December 31, 2025, and $237 at March 31, 2025. For the first quarter of 2026, available-for-sale investment securities increased when compared to the linked quarter due to purchases of additional U.S. government sponsored securities. Compared to at March 31, 2025, available-for-sale investment 55 Table of Contents securities decreased driven primarily by regular principal payments on residential mortgage-backed securities. Held-to-maturity securities decreased compared to the linked quarter due to prepayments and maturities of residential mortgage-backed securities. Compared to the prior year quarter, held-to-maturity investment securities increased because of purchases of higher-yielding, longer duration securities booked to held-to-maturity in the third quarter of 2025. Additional information regarding Peoples' investment portfolio can be found in "Note 3 Investment Securities" of the Notes to the Unaudited Condensed Consolidated Financial Statements. Loans and Leases The following table provides information regarding outstanding loan balances: (Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Originated loans and leases: Construction $ 248,396 $ 275,888 $ 207,528 $ 288,824 $ 266,644 Commercial real estate, other 1,653,982 1,635,055 1,633,725 1,468,120 1,413,759 Commercial real estate 1,902,378 1,910,943 1,841,253 1,756,944 1,680,403 Commercial and industrial 1,525,459 1,405,379 1,338,185 1,249,948 1,167,382 Premium finance 228,883 253,075 273,297 277,622 264,080 Leases 342,120 354,852 369,756 383,923 375,224 Residential real estate 507,499 502,475 497,415 483,486 458,663 Home equity lines of credit 223,581 214,967 206,084 197,875 187,887 Consumer, indirect 699,854 700,582 710,385 692,674 680,260 Consumer, direct 114,057 114,077 111,017 105,678 101,876 Consumer 813,911 814,659 821,402 798,352 782,136 Deposit account overdrafts 1,265 1,014 982 964 1,047 Total originated loans and leases $ 5,545,096 $ 5,457,364 $ 5,348,374 $ 5,149,114 $ 4,916,822 Acquired loans and leases (a): Construction $ 21,175 $ 25,053 $ 53,520 $ 52,489 $ 52,460 Commercial real estate, other 686,851 728,912 735,671 780,094 816,779 Commercial real estate 708,026 753,965 789,191 832,583 869,239 Commercial and industrial 121,338 130,376 151,320 157,434 176,445 Leases 8,106 10,797 12,997 16,129 20,230 Residential real estate 344,512 359,247 378,358 394,482 389,505 Home equity lines of credit 37,328 38,897 41,299 43,910 47,522 Consumer, direct 5,802 6,261 7,189 7,937 8,763 Total acquired loans and leases $ 1,225,112 $ 1,299,543 $ 1,380,354 $ 1,452,475 $ 1,511,704 Total loans and leases $ 6,770,208 $ 6,756,907 $ 6,728,728 $ 6,601,589 $ 6,428,526 Percent of loans and leases to total loans and leases: Construction 4.0 % 4.5 % 3.9 % 5.2 % 5.0 % Commercial real estate, other 34.5 % 34.9 % 35.1 % 34.0 % 34.7 % Commercial real estate 38.5 % 39.4 % 39.0 % 39.2 % 39.7 % Commercial and industrial 24.3 % 22.7 % 22.1 % 21.3 % 20.8 % Premium finance 3.4 % 3.7 % 4.1 % 4.2 % 4.1 % Leases 5.2 % 5.4 % 5.7 % 6.1 % 6.2 % Residential real estate 12.6 % 12.8 % 13.0 % 13.3 % 13.2 % Home equity lines of credit 3.9 % 3.8 % 3.7 % 3.7 % 3.7 % Consumer, indirect 10.3 % 10.4 % 10.6 % 10.5 % 10.6 % Consumer, direct 1.8 % 1.8 % 1.8 % 1.7 % 1.7 % Consumer 12.1 % 12.2 % 12.4 % 12.2 % 12.3 % Total percentage 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Residential real estate loans being serviced for others $ 319,664 $ 322,139 $ 323,347 $ 326,710 $ 337,279 (a) Includes all loans acquired, and related loan discount recorded as part of acquisition accounting, in 2012 or thereafter. Loans that were acquired and subsequently re-underwritten are reported as originated upon execution of such credit actions (for example, renewals and increases in lines of credit). The period-end total loan and lease balances at March 31, 2026 increased $13.3 million, or 1% annualized, compared to at December 31, 2025. The increase in the period-end loan and lease balances at March 31, 2026 compared to at December 31, 2025 was 56 Table of Contents driven by increases of $111.0 million in commercial and industrial loans, partially offset by decreases of $31.4 million in construction loans, $24.2 million in premium finance loans, and $23.1 million in other commercial real estate loans. The period-end loan and lease balances at March 31, 2026 compared to at March 31, 2025 increased $341.7 million, or 5%, driven by increases of $303.0 million in commercial and industrial loans, $110.3 million in other commercial real estate loans, and $25.5 million in home equity lines of credit, partially offset by decreases of $49.5 million in construction loans, $45.2 million in leases, and $35.2 million in premium finance loans. Loan Concentration Peoples categorizes its commercial loans according to standard industry classifications and monitors for concentrations in a single industry or multiple industries that could be impacted by changes in economic conditions in a similar manner. Peoples' commercial lending activities continue to be spread over a diverse range of businesses from many sectors of the economy, with no single industry comprising over 10% of Peoples' total loan portfolio. Loans secured by commercial real estate, including commercial construction loans, continued to comprise the largest portion of Peoples' loan portfolio at March 31, 2026. The following tables provide information regarding the largest concentrations of commercial construction loans and other commercial real estate loans within the loan portfolio at March 31, 2026: (Dollars in thousands) Outstanding Balance Loan Commitments Total Exposure % of Total Construction: Apartment complexes $ 135,554 $ 132,804 $ 268,358 43.3 % Land development 32,304 87,292 119,596 19.3 % Industrial 25,906 22,419 48,325 7.8 % Land only 12,737 28,044 40,781 6.6 % Healthcare — 20,400 20,400 3.3 % Residential property 2,947 16,784 19,731 3.2 % Warehouse facilities 10,094 5,540 15,634 2.5 % Student housing 15,000 — 15,000 2.4 % Retail facilities 5,442 7,215 12,657 2.0 % Other (a) 29,587 29,337 58,924 9.6 % Total construction $ 269,571 $ 349,835 $ 619,406 100.0 % (a) All other total exposures by industry are less than 2% of the Total Exposure. 57 Table of Contents (Dollars in thousands) Outstanding Balance Loan Commitments Total Exposure % of Total Commercial real estate, other: Apartment complexes $ 493,086 $ 12,076 $ 505,162 21.1 % Industrial facilities: Owner occupied $ 122,881 $ 1,703 $ 124,584 5.2 % Non-owner occupied 126,690 2,138 128,828 5.4 % Total industrial facilities $ 249,571 $ 3,841 $ 253,412 10.6 % Retail facilities: Owner occupied $ 43,209 $ 2,023 $ 45,232 1.9 % Non-owner occupied 214,696 100 214,796 9.0 % Total retail facilities $ 257,905 $ 2,123 $ 260,028 10.9 % Lodging and lodging related: Owner occupied $ 26,775 $ — $ 26,775 1.1 % Non-owner occupied 162,404 5,680 168,084 7.0 % Total lodging and lodging related $ 189,179 $ 5,680 $ 194,859 8.1 % Office buildings and complexes: Owner occupied $ 72,183 $ 1,658 $ 73,841 3.1 % Non-owner occupied 102,620 1,232 103,852 4.3 % Total office buildings and complexes $ 174,803 $ 2,890 $ 177,693 7.4 % Assisted living facilities and nursing homes $ 146,244 $ 881 $ 147,125 6.1 % Warehouse facilities: Owner occupied $ 71,874 $ 598 $ 72,472 3.0 % Non-owner occupied 25,723 143 25,866 1.1 % Total warehouse facilities $ 97,597 $ 741 $ 98,338 4.1 % Restaurant/bar facilities: Owner occupied $ 52,435 $ — $ 52,435 2.2 % Non-owner occupied 22,587 — 22,587 0.9 % Total restaurant/bar facilities $ 75,022 $ — $ 75,022 3.1 % Mixed-use facilities: Owner occupied $ 36,853 $ 2,027 $ 38,880 1.6 % Non-owner occupied 32,965 796 33,761 1.4 % Total mixed-use facilities $ 69,818 $ 2,823 $ 72,641 3.0 % Storage Facility Owner occupied $ 48,427 $ 196 $ 48,623 2.0 % Non-owner occupied 4,024 447 4,471 0.2 % Total storage facilities $ 52,451 $ 643 $ 53,094 2.2 % Other (a) 535,157 26,520 561,677 23.4 % Total commercial real estate, other $ 2,340,833 $ 58,218 $ 2,399,051 100.0 % (a) All other total exposures by industry are less than 2% of the Total Exposure. Peoples' commercial lending activities continue to focus on lending opportunities within Ohio, Kentucky, West Virginia, Virginia, Washington, D.C. and Maryland. For all other states, the aggregate outstanding balances of commercial loans in each state were less than 6% of total loans at March 31, 2026 and less than 4% of total loans at December 31, 2025. The repayment of premium finance loans is secured by the underlying insurance policy prepaid premium, and therefore, geography is not a factor from a repayment perspective. The repayment of leases is secured by the underlying equipment collateral and not real estate, which mitigates geographic risk. 58 Table of Contents Allowance for Credit Losses The amount of the allowance for credit losses at the end of each period represents management's estimate of expected losses from existing loans based upon its quarterly analysis of the loan portfolio. While this process involves allocations being made to specific loans and pools of loans, the entire allowance is available for all losses expected within the loan portfolio. The following details management's allocation of the allowance for credit losses: (Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Construction $ 1,512 $ 1,391 $ 1,252 $ 1,347 $ 1,156 Commercial real estate, other 20,803 19,726 18,316 17,144 17,155 Commercial and industrial 21,759 18,804 17,896 17,854 12,783 Premium finance 686 749 776 794 646 Leases 15,304 16,475 18,040 19,633 13,575 Residential real estate 6,643 6,295 6,348 6,113 6,786 Home equity lines of credit 1,643 1,934 1,880 1,814 1,863 Consumer, indirect 7,760 7,706 7,862 7,643 8,696 Consumer, direct 2,156 2,485 2,385 2,248 2,474 Deposit account overdrafts 126 111 109 91 98 Allowance for credit losses $ 78,392 $ 75,676 $ 74,864 $ 74,681 $ 65,232 As a percent of total loans 1.16 % 1.12 % 1.11 % 1.13 % 1.01 % The increase in the allowance for credit losses at March 31, 2026 compared to at December 31, 2025 was driven by a deterioration in the economic forecasts used within the CECL model. Compared to at March 31, 2025, the allowance for credit losses increased due to (i) loan growth, (ii) deterioration in the economic forecasts used within the CECL model, (iii) a periodic refresh in the 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. Additional information regarding Peoples' allowance for credit losses can be found in "Note 1 Summary of Significant Accounting Policies" in Peoples' 2025 Form 10-K and "Note 4 Loans and Leases" of the Notes to the Unaudited Condensed Consolidated Financial Statements in this Form 10-Q. 59 Table of Contents The following table summarizes Peoples’ net charge-offs and recoveries: Three Months Ended (Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Gross charge-offs: Commercial real estate, other $ — $ 18 $ 27 $ 35 $ 215 Commercial and industrial 265 343 472 556 380 Premium finance 52 213 105 93 71 Leases 4,811 5,721 4,930 5,099 5,654 Residential real estate 119 60 71 — 142 Home equity lines of credit 32 2 27 12 — Consumer, indirect 1,929 1,558 1,607 1,693 1,866 Consumer, direct 204 161 290 96 155 Consumer 2,133 1,719 1,897 1,789 2,021 Deposit account overdrafts 347 315 312 245 277 Total gross charge-offs $ 7,759 $ 8,391 $ 7,841 $ 7,829 $ 8,760 Recoveries: Construction $ — $ 25 $ — $ — $ — Commercial real estate, other — 59 1 — 4 Commercial and industrial 11 3 26 17 6 Premium finance 6 1 3 3 6 Leases 557 365 443 261 245 Residential real estate 82 36 40 50 49 Home equity lines of credit 12 — — — — Consumer, indirect 337 385 418 449 210 Consumer, direct 26 10 27 14 20 Consumer 363 395 445 463 230 Deposit account overdrafts 83 68 54 71 99 Total recoveries $ 1,114 $ 952 $ 1,012 $ 865 $ 639 Net charge-offs (recoveries): Construction $ — $ (25) $ — $ — $ — Commercial real estate, other — (41) 26 35 211 Commercial and industrial 254 340 446 539 374 Premium finance 46 212 102 90 65 Leases 4,254 5,356 4,487 4,838 5,409 Residential real estate 37 24 31 (50) 93 Home equity lines of credit 20 2 27 12 — Consumer, indirect 1,592 1,173 1,189 1,244 1,656 Consumer, direct 178 151 263 82 135 Consumer 1,770 1,324 1,452 1,326 1,791 Deposit account overdrafts 264 247 258 174 178 Total net charge-offs $ 6,645 $ 7,439 $ 6,829 $ 6,964 $ 8,121 Ratio of net charge-offs (recoveries) to average total loans (annualized): Construction — % — % — % — % — % Commercial real estate, other — % — % — % — % 0.01 % 60 Table of Contents Three Months Ended (Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Commercial and industrial 0.02 % 0.02 % 0.03 % 0.03 % 0.02 % Premium finance — % 0.01 % 0.01 % 0.01 % — % Leases 0.26 % 0.32 % 0.27 % 0.30 % 0.35 % Residential real estate — % — % — % — % 0.01 % Home equity lines of credit — % — % — % — % — % Consumer, indirect 0.10 % 0.07 % 0.06 % 0.07 % 0.11 % Consumer, direct — % 0.01 % 0.02 % 0.01 % 0.01 % Consumer 0.10 % 0.08 % 0.08 % 0.08 % 0.12 % Deposit account overdrafts 0.02 % 0.01 % 0.02 % 0.01 % 0.01 % Total 0.40 % 0.44 % 0.41 % 0.43 % 0.52 % Each with "--%" not meaningful. Total net charge-offs during the first quarter of 2026 were $6.6 million, or 0.40% of average total loans on an annualized basis, compared to $7.4 million, or 0.44% of average total loans on an annualized basis during the linked quarter, and $8.1 million, or 0.52% of average total loans on an annualized basis, during the first quarter of 2025. Compared to the linked quarter and first quarter of 2025, net charge-offs decreased, primarily driven by a decrease in net charge-offs in leases originated by the North Star Leasing division. 61 Table of Contents The following table details Peoples’ nonperforming assets: (Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Loans 90+ days past due and accruing: Commercial real estate, other $ — $ 579 $ — $ 494 $ 284 Commercial and industrial 105 126 163 36 106 Premium finance 1,820 2,477 2,492 3,533 2,502 Leases 77 542 496 547 218 Residential real estate 426 1,937 1,432 1,192 853 Home equity lines of credit 196 69 28 108 47 Consumer, indirect 107 286 160 98 77 Consumer, direct 115 140 127 118 120 Consumer 222 426 287 216 197 Total loans 90+ days past due and accruing $ 2,846 $ 6,156 $ 4,898 $ 6,126 $ 4,207 Nonaccrual loans: Commercial real estate, other 7,363 4,056 3,861 4,824 5,378 Commercial and industrial 4,558 8,045 6,258 5,514 5,747 Premium finance 455 573 — — — Leases 9,909 11,063 11,338 11,907 12,079 Residential real estate 9,601 8,556 8,249 8,028 8,163 Home equity lines of credit 1,555 1,507 1,336 1,339 1,537 Consumer, indirect 2,994 2,718 2,563 2,697 2,521 Consumer, direct 279 368 284 176 203 Consumer 3,273 3,086 2,847 2,873 2,724 Total nonaccrual loans $ 36,714 $ 36,886 $ 33,889 $ 34,485 $ 35,628 Total nonperforming loans ("NPLs") $ 39,560 $ 43,042 $ 38,787 $ 40,611 $ 39,835 OREO: Commercial $ — $ — $ 5,891 $ 5,891 $ 5,891 Residential 97 123 122 122 89 Total OREO $ 97 $ 123 $ 6,013 $ 6,013 $ 5,980 Total nonperforming assets ("NPAs") $ 39,657 $ 43,165 $ 44,800 $ 46,624 $ 45,815 Criticized loans (a) $ 224,124 $ 236,468 $ 268,326 $ 244,442 $ 226,542 Classified loans (b) $ 141,940 $ 147,175 $ 158,577 $ 125,014 $ 123,842 Asset Quality Ratios (c): Nonaccrual loans as a percent of total loans 0.54 % 0.55 % 0.50 % 0.52 % 0.55 % NPLs as a percent of total loans (d) 0.58 % 0.64 % 0.58 % 0.61 % 0.62 % NPAs as a percent of total assets (d) 0.41 % 0.45 % 0.47 % 0.49 % 0.50 % NPAs as a percent of total loans and OREO (d) 0.59 % 0.64 % 0.66 % 0.71 % 0.71 % Allowance for credit losses as a percent of nonaccrual loans 213.52 % 205.16 % 220.91 % 216.56 % 183.09 % Allowance for credit losses as a percent of NPLs (d) 198.16 % 175.82 % 193.01 % 183.89 % 163.76 % Criticized loans as a percent of total loans (a) 3.31 % 3.50 % 3.99 % 3.70 % 3.52 % Classified loans as a percent of total loans (b) 2.10 % 2.18 % 2.36 % 1.89 % 1.93 % (a) Includes loans categorized as special mention, substandard, doubtful, or loss. (b) Includes loans categorized as substandard, doubtful, or loss. (c) Data presented as of the end of the period indicated. (d) NPLs include loans 90+ days past due and accruing and nonaccrual loans. NPAs include nonperforming loans and OREO. 62 Table of Contents Peoples' NPAs decreased from 0.45% of total assets at December 31, 2025 to 0.41% of total assets at March 31, 2026. Total loans 90+ days past due and accruing decreased at March 31, 2026 compared to December 31, 2025, driven by a decrease in residential real estate loans which were transferred to nonaccrual status. During the first quarter of 2026, criticized loans decreased $12.3 million, while classified loans decreased $5.2 million when compared to at December 31, 2025. The decrease in both criticized and classified loans compared to at December 31, 2025 was driven by paydowns and loan upgrades. The decrease in criticized loans compared to at March 31, 2025 was driven by paydowns and loan upgrades. The increase in classified loans for the same period was driven by loan downgrades. The decrease in NPAs compared to at December 31, 2025, was primarily driven by a decrease in nonaccrual commercial and industrial loans and leases, partially offset by an increase in nonaccrual other commercial real estate loans . The decrease in NPAs compared to at March 31, 2025, was driven primarily by the sale of an OREO property in the fourth quarter of 2025. Deposits The following table details Peoples’ deposit balances: (Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Non-interest-bearing deposits (a) $ 1,586,514 $ 1,545,428 $ 1,536,094 $ 1,530,824 $ 1,526,285 Interest-bearing deposits: Interest-bearing demand accounts (a) 1,111,875 1,092,252 1,068,443 1,058,910 1,087,197 Savings accounts 918,557 887,402 884,230 889,872 894,592 Retail CDs 1,968,441 1,983,791 2,008,619 2,005,322 1,965,978 Money market deposit accounts 958,413 945,313 948,177 927,543 967,331 Governmental deposit accounts 842,087 739,939 769,782 781,949 834,409 Brokered CDs 262,550 416,099 416,851 442,788 458,957 Total interest-bearing deposits 6,061,923 6,064,796 6,096,102 6,106,384 6,208,464 Total deposits $ 7,648,437 $ 7,610,224 $ 7,632,196 $ 7,637,208 $ 7,734,749 Demand deposits as a percent of total deposits 35 % 35 % 34 % 34 % 34 % (a) The sum of amounts presented is considered total demand deposits. At March 31, 2026, period-end total deposits increased $38.2 million compared to at December 31, 2025, driven by increases of $102.1 million in governmental deposits, which was due to seasonality, $41.1 million in non-interest bearing deposits, $31.2 million in savings accounts, and $19.6 million in interest-bearing demand accounts, partially offset by a decrease of $153.5 million in brokered deposits. The decrease in brokered deposit accounts was due to a strategic shift to other funding sources at lower rates. Compared to at March 31, 2025, period-end deposit balances decreased $86.3 million, or 1%. The decrease in total deposits was primarily driven by a decrease of $196.4 million in brokered deposits, partially offset by increases of $60.2 million in non-interest bearing deposits, $24.7 million in interest-bearing demand accounts, and $24.0 million in savings accounts. As part of its funding strategy, Peoples hedges 90-day brokered CDs or FHLB advances with interest rate swaps. The interest rate swaps pay a fixed rate of interest while receiving a floating rate component of interest tied to term SOFR, which offsets the rate on the brokered CDs or FHLB advances. As of March 31, 2026, Peoples had five effective interest rate swaps, with an aggregate notional value of $45.0 million, which were designated as cash flow hedges. Peoples continually evaluates the overall balance sheet position given the interest rate environment. 63 Table of Contents Borrowed Funds The following table details Peoples’ short-term borrowings and long-term borrowings: (Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Short-term borrowings: FHLB Overnight borrowings $ 420,000 $ 365,000 $ 194,000 $ 356,000 $ — Retail repurchase agreements 22,941 20,277 14,250 23,569 19,228 Other short-term borrowings 62,921 145,008 275,340 17,291 — Total short-term borrowings $ 505,862 $ 530,285 $ 483,590 $ 396,860 $ 19,228 Long-term borrowings: FHLB advances $ 110,979 $ 131,106 $ 131,323 $ 131,580 $ 131,716 Vantage non-recourse debt 42,451 41,386 40,324 45,429 50,156 Other long-term borrowings 32,000 31,646 55,635 55,382 55,128 Total long-term borrowings $ 185,430 $ 204,138 $ 227,282 $ 232,391 $ 237,000 Total borrowed funds $ 691,292 $ 734,423 $ 710,872 $ 629,251 $ 256,228 Total borrowed funds, which include overnight borrowings, are mainly a function of loan growth and changes in total deposit balances. Other long-term borrowings include trust preferred securities and floating rate deferrable interest debentures. Total borrowed funds at March 31, 2026 decreased compared to at December 31, 2025 due to the increase in period-end deposits. Total borrowed funds increased compared to at March 31, 2025 due to higher overnight borrowings. Capital/Stockholders’ Equity At March 31, 2026, capital levels for both Peoples and Peoples Bank remained substantially higher than the minimum amounts needed to be considered "well capitalized" institutions under applicable banking regulations. These higher capital levels reflect Peoples' desire to maintain a strong capital position. In order to avoid limitations on dividends, equity repurchases and compensation, Peoples must exceed the three minimum required ratios by at least the capital conservation buffer of 2.50%, which applies to the common equity tier 1 ("CET1") ratio, the tier 1 capital ratio and the total risk-based capital ratio. At March 31, 2026, Peoples had a capital conservation buffer of 5.98%. The following table details Peoples' risk-based capital levels and corresponding ratios: (Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Capital Amounts: Common Equity Tier 1 $ 911,986 $ 893,970 $ 875,454 $ 857,036 $ 845,200 Tier 1 943,986 925,616 906,900 888,282 876,246 Total (Tier 1 and Tier 2) 1,023,777 1,002,226 997,309 982,929 960,820 Net risk-weighted assets $ 7,323,347 $ 7,273,985 $ 7,231,476 $ 7,170,841 $ 6,986,418 Capital Ratios: Common Equity Tier 1 12.45 % 12.29 % 12.11 % 11.95 % 12.10 % Tier 1 12.89 % 12.73 % 12.54 % 12.39 % 12.54 % Total (Tier 1 and Tier 2) 13.98 % 13.78 % 13.79 % 13.71 % 13.75 % Tier 1 leverage ratio 10.14 % 9.91 % 9.74 % 9.83 % 9.80 % Peoples' risk-based capital ratios at March 31, 2026 increased when compared to at December 31, 2025 due to net income during the quarter, partially offset by dividends paid. In addition to traditional capital measurements, management uses tangible capital measures to evaluate the adequacy of Peoples' stockholders' equity. Such ratios represent Non-US GAAP financial measures since their calculation removes the impact of goodwill and other intangible assets acquired through acquisitions on amounts reported in the Unaudited Consolidated Balance Sheets. Management believes this information is useful to investors since it facilitates the comparison of Peoples' operating performance, financial condition and trends to peers, especially those without a similar level of intangible assets to that of Peoples. Further, intangible assets generally are difficult to convert into cash, especially during a financial crisis, and could decrease substantially in value should there be deterioration in the overall franchise value. As a result, tangible equity represents a conservative measure of the capacity for Peoples to incur losses but remain solvent. 64 Table of Contents The following table reconciles the calculation of these Non-US GAAP financial measures to amounts reported in Peoples' Unaudited Condensed Consolidated Financial Statements: (Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Tangible equity: Total stockholders' equity $ 1,216,040 $ 1,206,602 $ 1,182,776 $ 1,153,350 $ 1,137,821 Less: goodwill and other intangible assets 391,601 393,319 395,535 397,785 400,099 Tangible equity $ 824,439 $ 813,283 $ 787,241 $ 755,565 $ 737,722 Tangible assets: Total assets $ 9,648,087 $ 9,649,630 $ 9,623,944 $ 9,540,608 $ 9,246,000 Less: goodwill and other intangible assets 391,601 393,319 395,535 397,785 400,099 Tangible assets $ 9,256,486 $ 9,256,311 $ 9,228,409 $ 9,142,823 $ 8,845,901 Tangible book value per common share: Tangible equity $ 824,439 $ 813,283 $ 787,241 $ 755,565 $ 737,722 Common shares outstanding 35,925,945 35,714,484 35,705,369 35,673,721 35,669,100 Tangible book value per common share $ 22.95 $ 22.77 $ 22.05 $ 21.18 $ 20.68 Tangible equity to tangible assets ratio: Tangible equity $ 824,439 $ 813,283 $ 787,241 $ 755,565 $ 737,722 Tangible assets $ 9,256,486 $ 9,256,311 $ 9,228,409 $ 9,142,823 $ 8,845,901 Tangible equity to tangible assets 8.91 % 8.79 % 8.53 % 8.26 % 8.34 % Tangible book value per common share increased to $22.95 at March 31, 2026 compared to $22.77 at December 31, 2025. The change in tangible book value per common share was due to net income over the last three months. Tangible book value per common share at March 31, 2026 increased compared to at March 31, 2025 primarily due to net income over the last twelve months. Interest Rate Sensitivity and Liquidity While Peoples is exposed to various business risks, the risks relating to interest rate sensitivity and liquidity are major risks that can materially impact future results of operations and financial condition due to their complexity and dynamic nature. The objective of Peoples' asset-liability management function is to measure and manage these risks in order to optimize net interest income within the constraints of prudent capital adequacy, liquidity and safety. This objective requires Peoples to focus on interest rate risk exposure and adequate liquidity through its management of the mix of assets and liabilities, their related cash flows and the rates earned and paid on those assets and liabilities. Ultimately, the asset-liability management function is intended to guide management in the acquisition and disposition of earning assets and selection of appropriate funding sources. Interest Rate Risk Interest rate risk ("IRR") is one of the most significant risks arising in the normal course of business of financial services companies like Peoples. IRR is the potential for economic loss due to future interest rate changes that can impact the earnings stream, as well as market values, of financial assets and financial liabilities. Peoples' exposure to IRR is due primarily to differences in the maturity or repricing of earning assets and interest-bearing liabilities. In addition, other factors, such as prepayments of loans and investment securities, or early withdrawal of deposits, can affect Peoples' exposure to IRR and impact interest costs or revenue streams. Peoples has assigned overall management of IRR to its Asset-Liability Committee (the “ALCO”), which has established an IRR management policy that sets minimum requirements and guidelines for monitoring and managing the level of IRR, including the review of assumptions used in modeling IRR. 65 Table of Contents The following table shows the estimated changes in net interest income and the economic value of equity based upon a standard, parallel shock analysis with balances held constant (dollars in thousands): Increase (Decrease) in Interest Rate Estimated Increase (Decrease) in Net Interest Income Estimated (Decrease) Increase in Economic Value of Equity (in Basis Points) March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 300 $ 40,204 10.5 % $ 33,685 9.0 % $ (139,866) (6.4) % $ (180,169) (8.5) % 200 28,544 7.5 % 24,680 6.6 % (58,063) (2.6) % (81,855) (3.9) % 100 16,312 4.3 % 15,234 4.1 % (4,872) (0.2) % (11,295) (0.5) % (100) (12,652) (3.3) % (9,381) (2.5) % (51,742) (2.4) % (29,918) (1.4) % (200) (26,087) (6.8) % (19,378) (5.2) % (162,307) (7.4) % (128,374) (6.1) % (300) (1,282) (0.3) % 3,271 0.9 % (346,987) (15.8) % (307,784) (14.5) % This table uses a standard, parallel shock analysis on a static balance sheet for assessing the IRR to net interest income and the economic value of equity. A parallel shock assumes all points on the yield curve (one year, two year, three year, etc.) are directionally changed by the same degree. Management regularly assesses the impact of both increasing and decreasing interest rates. The table above shows the impact of upward and downward parallel shocks of 100, 200 and 300 basis points. Estimated changes in net interest income and the economic value of equity are partially driven by assumptions regarding the rate at which non-maturity deposits will reprice given a move in short-term interest rates, as well as assumptions regarding prepayment speeds on mortgage-backed securities. These and other modeling assumptions are monitored closely by Peoples on an ongoing basis. While parallel interest rate shock scenarios are useful in assessing the level of IRR inherent in the balance sheet, interest rates typically move in a nonparallel manner with differences in the timing, direction and magnitude of changes in short-term and long-term interest rates. Thus, any impact that might occur as a result of the Federal Reserve Board increasing short-term interest rates in the future could be offset by an inverse movement in long-term interest rates, and vice versa. For this reason, Peoples considers other interest rate scenarios in addition to analyzing the impact of parallel yield curve shifts. These include various flattening and steepening scenarios in which short-term and long-term interest rates move in different directions with varying magnitude. Peoples believes these scenarios to be more reflective of how interest rates change versus the severe parallel rate shocks described above. Given the shape of market yield curves at March 31, 2026, consideration of the bear steepener and bull steepener scenarios provide insights which were not captured by parallel shifts. The bear steepener scenario highlights the risk to net interest income and economic value of equity when short-term interest rates remain constant while long-term interest rates rise. In such a scenario, Peoples' deposit and borrowing costs, which are generally correlated with short-term interest rates, remain constant, while asset yields, which are correlated with long-term interest rates, rise. At March 31, 2026, the bear steepener scenario produced an increase in net interest income of 1.0% and an increase in the economic value of equity of 3.7%. The bull steepener scenario highlights the risk to net interest income and the economic value of equity when short-term rates fall faster than long-term rates. In such a scenario, Peoples' deposit and short-term borrowing costs, which are correlated with short-term rates, decrease, while long-term asset yields and long-term borrowing costs, which are more correlated with long-term rates, remain constant. Deposit costs decrease less quickly than variable rate asset yields over a short-term horizon but are mitigated to some extent over a longer horizon, resulting in a decreased amount of net interest income (margin) in a 12 month period and a relatively neutral impact to net interest income (margin) in a 24 month period. At March 31, 2026, the bull steepener scenario produced a decline of 0.6% to net interest income, as the impact of revised assumptions around deposit betas mitigate the impact of lower short-term rates over a 12-month horizon, and an increase in the economic value of equity of 1.0%. Peoples has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. As of March 31, 2026, Peoples had entered into five interest rate swap contracts with an aggregate notional value of $45.0 million. Additional information regarding Peoples’ interest rate swaps can be found in “Note 10 Derivative Financial Instruments” of the Notes to the Unaudited Condensed Consolidated Financial Statements. At March 31, 2026, Peoples' Unaudited Consolidated Balance Sheet was positioned to benefit from rising interest rates, while also mitigating the impact to net interest income decreasing rate scenarios. The table above illustrates this point as changes to net interest income increase in the rising interest rate scenarios. Liquidity In addition to IRR management, another major objective of the ALCO is to maintain a sufficient level of liquidity. Peoples revisits the model assumptions on an ongoing basis, and determined the methods used by the ALCO to monitor and evaluate the 66 Table of Contents adequacy of Peoples Bank's liquidity position remain appropriate and are largely unchanged from those disclosed in Peoples' 2025 Form 10-K. At March 31, 2026, Peoples Bank had liquid assets of $580.2 million, which represented 5.2% of total assets and unfunded loan commitments. Peoples also had an additional $132.9 million of unpledged investment securities not included in the measurement of liquid assets. Management believes the current mix of short-term liquidity sources, loan and security portfolio cash flows, and availability of other funding sources will allow Peoples to meet anticipated cash obligations, as well as special needs and off-balance sheet commitments. Off-Balance Sheet Activities and Contractual Obligations In the normal course of business, Peoples is a party to financial instruments with off-balance sheet risk necessary to meet the financing needs of Peoples' customers. These financial instruments include commitments to extend credit and standby letters of credit. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Unaudited Consolidated Balance Sheets. The contractual amounts of these instruments express the extent of involvement Peoples has in these financial instruments. Loan Commitments and Standby Letters of Credit Loan commitments are made to accommodate the financial needs of Peoples' customers. Standby letters of credit are instruments issued by Peoples Bank guaranteeing the beneficiary payment by Peoples Bank in the event of default by Peoples Bank's customer in the performance of an obligation or service. Historically, most loan commitments and standby letters of credit expire unused. Peoples Bank's exposure to credit loss in the event of nonperformance by the counter-party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. Peoples Bank uses the same underwriting standards in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained is based on management's credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, property, plant, and equipment, and income-producing commercial properties. Peoples Bank routinely engages in activities that involve, to varying degrees, elements of risk that are not reflected in whole or in part in the Unaudited Condensed Consolidated Financial Statements. These activities are part of Peoples Bank's normal course of business and include traditional off-balance sheet credit-related financial instruments, interest rate contracts and commitments to make additional capital contributions in low-income housing tax credit investments. Traditional off-balance sheet credit-related financial instruments continue to represent the most significant off-balance sheet exposure. The following table details the total contractual amount of loan commitments and standby letters of credit: (Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Home equity lines of credit $ 278,771 $ 272,977 $ 267,598 $ 268,217 $ 257,349 Unadvanced construction loans 365,618 367,127 367,917 362,405 350,382 Other loan commitments 794,100 779,076 763,058 791,389 729,254 Loan commitments $ 1,438,489 $ 1,419,180 $ 1,398,573 $ 1,422,011 $ 1,336,985 Standby letters of credit $ 7,071 $ 7,041 $ 6,402 $ 6,774 $ 6,970 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The information called for by this Item 3 is provided under the caption “FINANCIAL CONDITION - Interest Rate Sensitivity and Liquidity” under “ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS” in this Form 10-Q, and is incorporated herein by reference. ITEM 4. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures Peoples' management, with the participation of Peoples' President and Chief Executive Officer and Peoples’ Executive Vice President, Chief Financial Officer and Treasurer, has evaluated the effectiveness of Peoples’ disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of March 31, 2026. Based upon that evaluation, Peoples’ President and Chief Executive Officer and Peoples’ Executive Vice President, Chief Financial Officer and Treasurer have concluded that: (a) information required to be disclosed by Peoples in this Quarterly Report on Form 10-Q and other reports Peoples files or submits under the Exchange Act would be accumulated and communicated to Peoples’ management, including its President and Chief Executive Officer and its Executive Vice President, Chief Financial Officer and Treasurer, as appropriate to allow timely decisions regarding required disclosure; 67 Table of Contents (b) information required to be disclosed by Peoples in this Quarterly Report on Form 10-Q and other reports Peoples files or submits under the Exchange Act would be recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and (c) Peoples’ disclosure controls and procedures were effective as of the end of the fiscal quarter covered by this Quarterly Report on Form 10-Q. Changes in Internal Control Over Financial Reporting There were no changes in Peoples' internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during Peoples' fiscal quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, Peoples’ internal control over financial reporting. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Peoples or one of its subsidiaries from time to time is engaged in various litigation matters including the defense of claims of improper loan or deposit practices or lending violations. In addition, in the ordinary course of their respective businesses or operations, Peoples or one of its subsidiaries may be named as a plaintiff, a defendant, or a party to a legal proceeding or any of their respective properties may be subject to various pending and threatened legal proceedings and various actual and potential claims. In view of the inherent difficulty of predicting the outcome of such matters, Peoples cannot state what the eventual outcome of any such matters will be; however, based on management's current knowledge and after consultation with legal counsel, Peoples' management believes that damages, if any, and other amounts related to pending legal proceedings will not have a material adverse effect on the consolidated financial position, results of operations or liquidity of Peoples. ITEM 1A. RISK FACTORS The disclosure below supplements the risk factors previously disclosed under “ITEM 1A. RISK FACTORS” of Part I of Peoples’ 2025 Form 10-K. These risk factors are not the only risks Peoples faces. Additional risks and uncertainties not currently known to management or that management currently deems to be immaterial also may materially adversely affect Peoples’ business, financial condition and/or operating results. Economic, Political, Environmental and Market Risks • Changes in economic and political conditions could adversely affect Peoples’ earnings and capital through declines in deposits, quality of investment securities, loan demand, the ability of Peoples’ borrowers to repay loans and the value of the collateral securing Peoples’ loans. Peoples’ success depends, in part, on local and national economic and political conditions, as well as governmental fiscal and monetary policies. Current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the U.S. economy generally, the current or future U.S. government shutdown, an increasing federal government budget deficit, the failure of the federal government to raise the federal debt ceiling, potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations, and/or changes in the relationship of the U.S. and U.S. global trading partners), changes in the federal, state and local governmental policy and other factors beyond Peoples’ control may adversely affect Peoples Bank’s deposit levels and composition, the quality of investment securities available for purchase, the demand for loans, the ability of Peoples Bank’s borrowers to repay their loans, and the value of the collateral securing the loans Peoples Bank makes. As evidenced by the ongoing conflict between the U.S. and Iran, disruptions in U.S. and global financial markets and changes in oil production in the Middle East also affect the economy and stock prices in the U.S., which can affect Peoples’ earnings and capital, as well as the ability of Peoples Bank’s customers to repay loans. The local economies of the majority of Peoples’ market areas historically have been less robust than the economy of the nation as a whole and typically are not subject to the same extent of fluctuations as the national economy. In general, a favorable business environment and economic conditions are characterized by, among other factors, economic growth, efficient capital markets, low inflation, low unemployment, high business and investor confidence, and strong business earnings. Unfavorable or uncertain economic and market conditions can be caused by declines in economic growth, business activity, or investor or business confidence; limitations on the availability or increases in the cost of credit and capital; increases in inflation or interest rates; high unemployment; volatility in pricing and availability of natural resources; natural disasters; or a combination of these or other factors. The continued impact on economic conditions caused by inflation and changes in market interest rates could have an adverse effect on Peoples’ asset quality, deposit levels and loan demand, and, therefore, Peoples’ financial condition and results of operations. Because a significant amount of Peoples Bank’s loans are secured by either commercial or residential real estate, decreases in real estate values could adversely affect the value of property used as collateral and Peoples Bank’s ability to sell the collateral upon foreclosure. 68 Table of Contents ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS (a) Not applicable. (b) Not applicable. (c) The following table details repurchases by Peoples and purchases by “affiliated purchasers” as defined in Rule 10b-18(a)(3) under the Exchange Act of Peoples’ common shares during the three months ended March 31, 2026: Period Total Number of Common Shares Purchased Average Price Paid per Common Share Total Number of Common Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number (or Approximate Dollar Value) of Common Shares that May Yet Be Purchased Under the Plans or Programs (1) January 1 – 31, 2026 1,265 (3) $ 30.69 (3) — $ 15,780,726 February 1 – 28, 2026 59,445 (2)(3) $ 34.15 (2)(3) — $ 15,780,726 March 1 – 31, 2026 880 (2) $ 32.26 (2) — $ 15,780,726 Total 61,590 $ 34.06 — $ 15,780,726 (1) On January 29, 2021, Peoples announced that on January 28, 2021, Peoples' Board of Directors authorized a share repurchase program authorizing Peoples to purchase up to an aggregate of $30 million of Peoples' outstanding common shares. There were no common shares repurchased under the share repurchase program during the first quarter of 2026. (2) Information reported includes 1,130 common shares and 880 common shares purchased in open market transactions during February 2026 and March 2026, respectively, by Peoples Bank under the Rabbi Trust Agreement. The Rabbi Trust Agreement establishes a rabbi trust that holds assets to provide funds for the payment of the benefits under the Peoples Bancorp Inc. Third Amended and Restated Deferred Compensation Plan for Directors of Peoples Bancorp Inc. and Subsidiaries. (3) Information reported includes 1,265 and 58,315 common shares withheld to satisfy income taxes associated with restricted common shares which were granted under the Peoples Bancorp Inc. Third Amended and Restated 2006 Equity Plan (now known as the Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan) and vested during January 2026 and February 2026, respectively. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. ITEM 5. OTHER INFORMATION (a) None. (b) Not applicable. (c) The following details the activity in respect of the adoption , modification, or termination of a "Rule 10b5-1 trading arrangement" or a "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 March 31, 2026. Trading Arrangement Action Date Rule 10b5-1* Carol A. Schneeberger ( Director ) Terminate 3/10/2026 X *Intended to satisfy the affirmative defense of Rule 105b-1(c) 69 Table of Contents ITEM 6. EXHIBITS Exhibit Number Description Exhibit Location 2.1 Agreement and Plan of Merger, dated as of April 20, 2026, by and between Peoples Bancorp Inc. and Citizens National Corporation Incorporation by reference to Exhibit 2.1 to Peoples' Current Report on Form 8-K dated and filed on April 24, 2026 (File No. 0-16772) 2.2 Agreement and Plan of Merger, dated as of October 24, 2022, by and between Peoples Bancorp Inc. and Limestone Bancorp, Inc. + Included as Annex A to the preliminary joint proxy statement/prospectus which forms a part of the Registration Statement of Peoples on Form S-4/A filed on January 6, 2023 (Registration No. 333-268728) 3.1(a) Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on May 3, 1993) P Incorporated herein by reference to Exhibit 3(a) to Peoples' Registration Statement on Form 8-B filed on July 20, 1993 (File No. 0-16772) 3.1(b) Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 22, 1994) Incorporated herein by reference to Exhibit 3.1(b) to Peoples' Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 (File No. 0-16772) ("Peoples' September 30, 2017 Form 10-Q") 3.1(c) Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 9, 1996) Incorporated herein by reference to Exhibit 3.1(c) to Peoples' September 30, 2017 Form 10-Q 3.1(d) Certificate of Amendment to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on April 23, 2003) Incorporated herein by reference to Exhibit 3(a) to Peoples’ Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2003 (File No. 0-16772) (“Peoples’ March 31, 2003 Form 10-Q”) 3.1(e) Certificate of Amendment by Shareholders to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on January 22, 2009) Incorporated herein by reference to Exhibit 3.1 to Peoples’ Current Report on Form 8-K dated and filed on January 23, 2009 (File No. 0-16772) 3.1(f) Certificate of Amendment by Directors to Articles filed with the Ohio Secretary of State on January 28, 2009, evidencing adoption of amendments by the Board of Directors of Peoples Bancorp Inc. to Article FOURTH of the Amended Articles of Incorporation to establish express terms of Fixed Rate Cumulative Perpetual Preferred Shares, Series A, each without par value, of Peoples Bancorp Inc. Incorporated herein by reference to Exhibit 3.1 to Peoples’ Current Report on Form 8-K dated and filed on February 2, 2009 (File No. 0-16772) 3.1(g) Certificate of Amendment by the Shareholders to the Amended Articles of Incorporation of Peoples Bancorp Inc. (as filed with the Ohio Secretary of State on July 28, 2021) Incorporated herein by reference to Exhibit 3.1(g) to Peoples' Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 (File No. 0-16772) ("Peoples' June 30, 2021 Form 10-Q") 3.1(h) Amended Articles of Incorporation of Peoples Bancorp Inc. (representing the Amended Articles of Incorporation in compiled form incorporating all amendments through the date of this Quarterly Report on Form 10-Q) [For purposes of SEC reporting compliance only--not filed with Ohio Secretary of State] Incorporated herein by reference to Exhibit 3.1(h) to Peoples' June 30, 2021 Form 10-Q 3.2(a) Code of Regulations of Peoples Bancorp Inc. P Incorporated herein by reference to Exhibit 3(b) to Peoples’ Registration Statement on Form 8-B filed on July 20, 1993 (File No. 0-16772) 3.2(b) Certified Resolutions Regarding Adoption of Amendments to Sections 1.03, 1.04, 1.05, 1.06, 1.08, 1.10, 2.03(C), 2.07, 2.08, 2.10 and 6.02 of the Code of Regulations of Peoples Bancorp Inc. by shareholders on April 10, 2003 Incorporated herein by reference to Exhibit 3(c) to Peoples’ March 31, 2003 Form 10-Q + Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of SEC Regulation S-K. A copy of any omitted schedules or exhibits will be furnished supplementally by Peoples Bancorp Inc. to the SEC, or the staff of the SEC, on a confidential basis upon request. 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. 70 Table of Contents Exhibit Number Description Exhibit Location 3.2(c) Certificate regarding adoption of amendments to Sections 3.01, 3.03, 3.04, 3.05, 3.06, 3.07, 3.08 and 3.11 of the Code of Regulations of Peoples Bancorp Inc. by shareholders on April 8, 2004 Incorporated herein by reference to Exhibit 3(a) to Peoples’ Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2004 (File No. 0-16772) 3.2(d) Certificate regarding adoption of amendments to Sections 2.06, 2.07, 3.01 and 3.04 of Peoples Bancorp Inc.’s Code of Regulations by the shareholders on April 13, 2006 Incorporated herein by reference to Exhibit 3.1 to Peoples’ Current Report on Form 8-K dated and filed on April 14, 2006 (File No. 0-16772) 3.2(e) Certificate regarding adoption of an amendment to Section 2.01 of Peoples Bancorp Inc.’s Code of Regulations by the shareholders on April 22, 2010 Incorporated herein by reference to Exhibit 3.2(e) to Peoples’ Quarterly Report on Form 10-Q/A (Amendment No. 1) for the quarterly period ended June 30, 2010 (File No. 0-16772) 3.2(f) Certificate regarding Adoption of Amendment to Division (D) of Section 2.02 of the Code of Regulations of Peoples Bancorp Inc. by the Shareholders at the Annual Meeting of Shareholders on April 26, 2018 Incorporated herein by reference to Exhibit 3.1 to Peoples' Current Report on Form 8-K dated and filed on June 28, 2018 (File No. 0-16772) ("Peoples' June 28, 2018 Form 8-K") 3.2(g) Code of Regulations of Peoples Bancorp Inc. (This document represents the Code of Regulations of Peoples Bancorp Inc. in compiled form incorporating all amendments.) Incorporated herein by reference to Exhibit 3.2 to Peoples' June 28, 2018 Form 8-K 10.1 Form of Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan Time-Based Restricted Stock Award Agreement used and to be used to evidence grants of time-based restricted common shares to executive officers of Peoples Bancorp Inc. after January 21, 2026* Filed herewith 10.2 Form of Peoples Bancorp Inc. Fourth Amended and Restated 2006 Equity Plan Performance Unit Award Agreement used and to be used to evidence grants of performance unit awards to executive officers of Peoples Bancorp Inc. after January 21, 2026* 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 Section 1350 Certifications Furnished herewith 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 ++Management Compensation Plan or Agreement # Attached as Exhibit 101 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 of Peoples Bancorp Inc. are the following documents formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at March 31, 2026 (Unaudited) and at December 31, 2025; (ii) Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025; (iii) Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2026 and 2025; (iv) Consolidated Statements of Stockholders' Equity (Unaudited) for the three months ended March 31, 2026 and 2025; (v) Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025; and (vi) Notes to the Unaudited Condensed Consolidated Financial Statements. ## The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. 71 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PEOPLES BANCORP INC. Date: April 30, 2026 By: /s/ TYLER WILCOX Tyler Wilcox President and Chief Executive Officer Date: April 30, 2026 By: /s/ KATIE BAILEY Katie Bailey Executive Vice President, Chief Financial Officer and Treasurer 72