What changed in this filing

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Item 1. Financial Statements

2026-04-30 compared with 2025-10-30 · 199 added, 322 removed, 1090 unchanged (32% of the section changed)

3 unchanged sentences

CONSOLIDATED BALANCE SHEETS

September 30,

2026 December 31,

4 unchanged sentences

Total cash and cash equivalents 190,391 188,951

Available-for-sale investment securities, at fair value (amortized cost of $ 1,078,703 at September 30, 2025 and $ 1,229,382 at December 31, 2024) (a)

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 $ 872,725 at September 30, 2025 and $ 692,499 at December 31, 2024) (a)

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

19 unchanged sentences

Stockholders’ equity

Preferred shares, no par value, 50,000 shares authorized, no shares issued at September 30, 2025 or at December 31, 2024

Common shares, no par value, 50,000,000 shares authorized, 36,822,901 shares issued at September 30, 2025 and 36,782,601 shares issued at December 31, 2024, including at each date shares held in treasury

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

1 unchanged sentence

Accumulated other comprehensive loss, net of deferred income taxes ( 76,042 ) ( 70,628 )

Treasury stock, at cost, 1,205,765 shares at September 30, 2025 and 1,311,175 shares at December 31, 2024

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 )

1 unchanged sentence

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 $ 237 , respectively, at both September 30, 2025 and December 31, 2024.

(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."

4 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(Dollars in thousands, except per share data) 2026 2025

17 unchanged sentences

Insurance income 5,580 6,054

Deposit account service charges 4,274 4,520 12,348 13,082

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 asset disposals and other transactions ( 478 ) ( 795 ) ( 1,119 ) ( 1,564 )

Net loss on investment securities — ( 2 )

Net loss on asset disposals and other transactions ( 410 ) ( 361 )

Other non-interest income 1,166 1,450

5 unchanged sentences

Professional fees 2,753 3,087

Amortization of other intangible assets 2,211 2,786 6,635 8,361

Electronic banking expense 2,081 2,025

Other loan expenses 1,385 1,178 3,717 3,290

Federal Deposit Insurance Corporation ("FDIC") insurance expense

1,284 1,241 3,786 3,678

Operating lease expense 1,804 985

Marketing expense 1,001 971 2,622 2,708

Amortization of other intangible assets 1,697 2,213

Federal Deposit Insurance Corporation ("FDIC") insurance expense

Other loan expenses 1,123 1,119

Franchise tax expense 1,004 929

Travel and entertainment expense 796 795 2,009 1,933

Marketing expense 886 903

Communication expense 589 734

Travel and entertainment expense 583 500

Other non-interest expense 4,110 4,603

13 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(Dollars in thousands) 2026 2025

2 unchanged sentences

Available-for-sale investment securities:

Gross unrealized holding gain arising during the period 14,218 37,723 41,445 26,414

Related tax expense ( 3,315 ) ( 8,779 ) ( 9,662 ) ( 6,203 )

Reclassification adjustment for net gain included in net income 2,580 74 2,582 428

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 — —

3 unchanged sentences

Related tax (expense) benefit ( 39 ) 55

Reclassification adjustment for net loss included in net income ( 248 ) ( 700 ) ( 962 ) ( 2,413 )

Reclassification adjustment for net gain included in net income ( 162 ) ( 425 )

Related tax benefit 38 99

9 unchanged sentences

(Dollars in thousands)

Balance, June 30, 2025 $ 868,493 $ 406,252 $ ( 90,272 ) $ ( 31,123 ) $ 1,153,350

Net income — 29,476 — — 29,476

Other comprehensive income, net of tax — — 12,733 — 12,733

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

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

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

Common shares issued under dividend reinvestment plan 554 — — — 554

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

Common shares issued under employee stock purchase plan 36 — — 197 233

Stock-based compensation 1,163 — — — 1,163

Other — ( 1 ) — — ( 1 )

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

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

5 unchanged sentences

Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors — — — ( 2,138 ) ( 2,138 )

Common shares repurchased under share repurchase program — — — ( 455 ) ( 455 )

Common shares issued under dividend reinvestment plan 375 — — — 375

2 unchanged sentences

Stock-based compensation 1,870 — — — 1,870

Other — 1,437 — — 1,437

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

Accumulated Other Comprehensive Loss Total Stockholders' Equity

Common Shares Retained Earnings Treasury Stock

(Dollars in thousands)

Balance, June 30, 2024 $ 863,975 $ 357,886 $ ( 110,193 ) $ ( 33,835 ) $ 1,077,833

Net income — 31,684 — — 31,684

Other comprehensive income, net of tax — — 27,697 — 27,697

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

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

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

Common shares issued under dividend reinvestment plan 291 — — — 291

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

Common shares issued under employee stock purchase plan 82 — — 420 502

Stock-based compensation 1,194 — — — 1,194

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

Balance, March 31, 2026 $ 867,464 $ 451,107 $ ( 76,042 ) $ ( 26,489 ) $ 1,216,040

Accumulated Other Comprehensive Loss Total Stockholders' Equity

6 unchanged sentences

Reissuance of treasury stock for common share awards ( 3,254 ) — — 3,254 —

Reissuance of treasury stock for deferred compensation plan for Boards of Directors — — — 342 342

Repurchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors — — — ( 1,754 ) ( 1,754 )

Common shares repurchased under share repurchase program — — — ( 3,000 ) ( 3,000 )

Common shares issued under dividend reinvestment plan 335 — — — 335

2 unchanged sentences

Stock-based compensation 2,430 — — — 2,430

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

See Notes to the Unaudited Condensed Consolidated Financial Statements

Balance, March 31, 2025 $ 866,416 $ 398,218 $ ( 95,691 ) $ ( 31,122 ) $ 1,137,821

PEOPLES BANCORP INC.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Nine Months Ended

September 30,

Three Months Ended

(Dollars in thousands) 2026 2025

14 unchanged sentences

Proceeds from sales of other real estate owned — 210

Business acquisitions, net of cash received — ( 245 )

Proceeds from bank owned life insurance contracts — 486

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

Other ( 21 ) —

1 unchanged sentence

Financing activities:

Net increase (decrease) in non-interest-bearing deposits 28,433 ( 114,208 )

Net increase in interest-bearing deposits 13,056 445,012

Net increase (decrease) in short-term borrowings 290,116 ( 425,176 )

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

6 unchanged sentences

Other ( 456 ) ( 334 )

Net cash provided by (used in) financing activities 276,547 ( 119,628 )

Net decrease in cash and cash equivalents ( 27,447 ) ( 143,015 )

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

2 unchanged sentences

Interest paid $ 38,628 $ 37,531

Income taxes paid 17,743 20,383

Federal income taxes paid — 6,000

State income taxes paid 127 70

Supplemental noncash disclosures:

Transfers from total loans to other real estate owned — 235

Noncash recognition of new leases — 852

9 unchanged sentences

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’ 2024 Form 10-K, as updated by the information contained in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 (this "Form 10-Q").

Management has evaluated all significant events and transactions that occurred after September 30, 2025 for potential recognition or disclosure in these Unaudited Condensed Consolidated Financial Statements.

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.

16 unchanged sentences

Refer to "Note 1 Summary of Significant Accounting Policies" of the Notes to the Consolidated Financial Statements included in Peoples’ 2025 Form 10-K for the impact of recently adopted standards impacting Peoples.

Unless otherwise discussed, management believes the impact of any recently adopted standards will not have a material impact on Peoples' financial statements taken as a whole.

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 a non-recurring basis in the Unaudited Condensed Consolidated Financial Statements.

In accordance with fair value accounting guidance, Peoples measures, records and reports various types of assets and liabilities at fair value on either a recurring or

a non-recurring basis in the Unaudited Condensed Consolidated Financial Statements.

Those assets and liabilities are presented below in the sections entitled “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis” and “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis.”

4 unchanged sentences

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.

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

1 unchanged sentence

Recurring Fair Value Measurements at Reporting Date

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Dollars in thousands) Level 1 Level 2 Level 1 Level 2

31 unchanged sentences

Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis

The following table provides the fair value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Unaudited Consolidated Balance Sheets by level in the fair value hierarchy at September 30, 2025 and December 31, 2024.

Non-Recurring Fair Value Measurements at Reporting Date

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Dollars in thousands) Level 2 Level 3 Level 2 Level 3

1 unchanged sentence

Loans held for sale (a) 1,250 — 1,678 —

Other real estate owned — — — 5,891

(a) Loans held for sale are presented gross of a valuation allowance of $ 56 and $ 166 at September 30, 2025 and at December 31, 2024, respectively.

(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:

4 unchanged sentences

Peoples uses a valuation model using quoted market prices of similar instruments in arriving at the fair value (Level 2).

Other Real Estate Owned ("OREO"):

OREO, included in "Other assets" on the Unaudited Consolidated Balance Sheets, is comprised primarily of commercial and residential real estate properties acquired by Peoples in satisfaction of a loan.

OREO is recorded at the lower of cost or estimated fair value, less estimated costs to sell the property.

The carrying value of OREO is not re-measured to fair value on a recurring basis, but is based on recent real estate appraisals and is updated at least annually.

These appraisals may utilize a single valuation approach or a combination of approaches, including the comparable sales and income approaches.

Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available (Level 3).

Financial Instruments Not Required to be Measured or Reported at Fair Value

1 unchanged sentence

Fair Value Measurements of Other Financial Instruments

(Dollars in thousands) Fair Value Hierarchy Level September 30, 2025 December 31, 2024

(Dollars in thousands) Fair Value Hierarchy Level March 31, 2026 December 31, 2025

Carrying Amount Fair Value Carrying Amount Fair Value

18 unchanged sentences

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 $ 237 at both September 30, 2025 and December 31, 2024.

(b) "Other investments", as reported on the Unaudited Consolidated Balance Sheets, also included equity investment securities at September 30, 2025

(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 $ 74.9 million and $ 63.3 million at September 30, 2025 and at December 31, 2024, respectively.

(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.

26 unchanged sentences

The fair value of long-term borrowings is estimated using a discounted cash flow analysis based on rates currently available to Peoples for borrowings with similar terms (Level 2).

Certain financial assets and financial liabilities that are not required to be measured or reported at fair value can be subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

These financial assets and financial liabilities include the following:

customer relationships, the deposit base, and other information required to compute Peoples’ aggregate fair value, which are not included in the above information.

Accordingly, the fair values described above are not intended to represent the aggregate fair value of Peoples.

Note 3 Investment Securities

2 unchanged sentences

(Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value

September 30, 2025

March 31, 2026

Obligations of:

15 unchanged sentences

Total available-for-sale securities $ 1,076,980 $ 2,570 $ ( 95,183 ) $ 984,367

The gross gains and losses realized by Peoples from sales or prepayments of available-for-sale investment securities for the periods ended September 30 were as follows:

Three Months Ended Nine Months Ended

September 30, September 30,

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

(Dollars in thousands) 2026 2025

11 unchanged sentences

Unrealized Loss

September 30, 2025

March 31, 2026

Obligations of:

26 unchanged sentences

Management evaluates available-for-sale investment securities for an allowance for credit losses on a quarterly basis.

At September 30, 2025, management concluded that no individual securities at an unrealized loss position required an allowance for credit losses.

At September 30, 2025, Peoples did not have the intent to sell, nor was it more likely than not that Peoples would be required to sell, any of the securities with an unrealized loss prior to recovery.

Further, the unrealized losses at both September 30, 2025 and December 31, 2024 were attributable to changes in market interest rates and spreads since the securities were purchased, and were not credit-related losses.

The unrealized loss with respect to the two bank-issued trust preferred securities that had been in an unrealized loss position for 12 months or more at September 30, 2025 was attributable to the subordinated nature of the trust preferred securities.

The table below presents the amortized cost, fair value and total weighted-average yield of available-for-sale securities by contractual maturity at September 30, 2025.

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.

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.

22 unchanged sentences

(Dollars in thousands) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value

September 30, 2025

March 31, 2026

Obligations of:

11 unchanged sentences

Total held-to-maturity investment securities $ 923,073 $ ( 236 ) $ 5,733 $ ( 60,856 ) $ 867,714

There were no sales of held-to-maturity investment securities during the periods ended September 30, 2025 or December 31, 2024.

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 People's held-to maturity investment securities are agency-backed securities, for which an allowance for credit losses was not recorded.

Peoples calculated the allowance for credit losses for state and political subdivisions using cumulative default rate averages for municipal securities.

Peoples reported $ 0.2 million of allowance for credit losses for held-to-maturity investment securities at both September 30, 2025, and December 31, 2024.

The 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:

6 unchanged sentences

Value Unrealized Loss

September 30, 2025

March 31, 2026

Obligations of:

15 unchanged sentences

Total $ 175,761 $ 2,120 27 $ 394,083 $ 58,736 160 $ 569,844 $ 60,856

The table below presents the amortized cost, fair value and total weighted-average yield of held-to-maturity investment securities by contractual maturity at September 30, 2025.

The weighted-average yields are based on the amortized cost and are computed on a fully taxable-equivalent basis using a federal statutory corporate income tax rate of 21 % at September 30, 2025.

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.

17 unchanged sentences

The following table summarizes the carrying value of Peoples' other investments:

(Dollars in thousands) September 30, 2025 December 31, 2024

(Dollars in thousands) March 31, 2026 December 31, 2025

FHLB stock $ 32,390 $ 30,843

4 unchanged sentences

Total other investments $ 69,903 $ 68,656

During the nine months ended September 30, 2025, Peoples redeemed $ 31.7 million of FHLB stock in order to be in compliance with the requirements of the FHLB.

Peoples purchased $ 33.1 million of additional FHLB stock during the nine months ended September 30, 2025, as a result of the FHLB's capital requirements on FHLB advances.

For the three months ended September 30, 2025 and 2024, Peoples recorded the change in the fair value of equity investment securities held during the period in "Other non-interest income", resulting in an unrealized loss of $ 26,000 and an unrealized gain of $ 12,000 , respectively.

For the nine months ended September 30, 2025 and 2024, Peoples recognized an unrealized loss of $ 28,000 and an unrealized gain of $ 81,000 , respectively, for the change in fair value of equity investment securities in "Other non-interest income."

At September 30, 2025, Peoples' investment in equity investment securities was comprised largely of common stocks issued by various unrelated bank holding companies.

There were no equity investment securities of a single issuer that exceeded 10% of Peoples' stockholders' equity at September 30, 2025.

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

3 unchanged sentences

Carrying Amount

(Dollars in thousands) September 30, 2025 December 31, 2024

(Dollars in thousands) March 31, 2026 December 31, 2025

Securing public and trust department deposits, and repurchase agreements:

6 unchanged sentences

Accrued interest receivable is not included in investment securities balances, and is presented in the “Other assets” line of the Unaudited Consolidated Balance Sheets, with no recorded allowance for credit losses.

Interest receivable on investment securities was $ 10.9 million at September 30, 2025 and $ 9.9 million at December 31, 2024.

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

2 unchanged sentences

The major classifications of loan balances (in each case, net of deferred fees and costs) excluding loans held for sale, were as follows:

(Dollars in thousands) September 30,

(Dollars in thousands) March 31,

2026 December 31, 2025

10 unchanged sentences

Total loans, at amortized cost $ 6,770,208 $ 6,756,907

The table above includes net deferred loan origination costs of $ 20.1 million and $ 20.2 million at September 30, 2025 and at December 31, 2024, respectively.

The remaining unamortized net discount included in the amortized cost of loans and leases was $ 11.4 million and $ 19.5 million at September 30, 2025 and at December 31, 2024, respectively.

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 September 30, 2025 and $ 23.1 million at December 31, 2024.

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

2 unchanged sentences

The amortized cost of loans on nonaccrual status and of loans delinquent for 90 days or more and accruing was as follows:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Dollars in thousands) Nonaccrual (a)

10 unchanged sentences

Total loans, at amortized cost $ 36,714 $ 2,846 $ 36,886 $ 6,156

(a) There were $ 1.9 million and $ 5.7 million of nonaccrual loans for which there was no allowance for credit losses at September 30, 2025 and at December 31, 2024, respectively.

During the first nine months of 2025, nonaccrual loans decreased slightly compared to at December 31, 2024, which was primarily due to decreases in other commercial real estate and commercial and industrial loans, partially offset by an uptick in nonaccrual leases and residential real estate loans.

The decrease in accruing loans 90+ days past due at September 30, 2025, when compared to at December 31, 2024, was primarily due to reductions in accruing 90+ days past due premium finance loans and residential real estate loans of $ 2.5 million and $ 0.7 million, respectively.

The delinquent premium finance loans carry low credit risk, due to the ability to cancel premiums and recover the most, if not all of the receivable from the insurer.

(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.

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:

1 unchanged sentence

(Dollars in thousands) 30 - 59 days 60 - 89 days 90 + Days Total

September 30, 2025

March 31, 2026

Construction $ 3,229 $ — $ — $ 3,229 $ 266,342 $ 269,571

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Total loans, at amortized cost $ 41,578 $ 17,239 $ 34,410 $ 93,227 $ 6,663,680 $ 6,756,907

Delinquency trends improved slightly, as 99.0 % of Peoples' loan portfolio was considered “current” at September 30, 2025, compared to 98.7 % at December 31, 2024.

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

2 unchanged sentences

Loans pledged are summarized as follows:

(Dollars in thousands) September 30, 2025 December 31, 2024

(Dollars in thousands) March 31, 2026 December 31, 2025

Loans pledged to FHLB $ 1,342,775 $ 1,347,242

5 unchanged sentences

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.

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.

22 unchanged sentences

All other loans not evaluated individually, nor meeting the regulatory conditions to be categorized as described above, would be considered as being "not rated."

The following table summarizes the risk category of loans within Peoples' loan portfolio, including acquired loans, based upon the most recent analysis performed at September 30, 2025:

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

13 unchanged sentences

Pass 144,670 367,014 220,204 110,583 87,636 382,940 265,908 3,311 1,578,955

Term Loans at Amortized Cost by Origination Year Revolving Loans Converted to Term

(Dollars in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Total

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

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

Doubtful — — — — — 29 — — 29

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Pass 100,719 126,254 1,443 12 — — — — 228,428

Substandard — — 455 — — — — — 455

Total 100,719 126,254 1,898 12 — — — — 228,883

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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

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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 nine months ended as of September 30, 2025.

(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:

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Pass $ 81,441 $ 98,488 $ 99,069 $ 918 $ 6,618 $ 8,720 $ — $ 512 $ 295,254

Special mention — — — — — 115 — — 115

Substandard — 3,092 1,113 1,482 — — — — 5,687

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Pass 248,710 3,649 143 — — — — — 252,502

Substandard — 520 53 — — — — — 573

Total 248,710 4,169 196 — — — — — 253,075

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The following table details Peoples' amortized cost of collateral dependent loans:

(Dollars in thousands) September 30, 2025 December 31, 2024

(Dollars in thousands) March 31, 2026 December 31, 2025

Construction $ 3,092 $ —

Commercial real estate, other 11,364 687

Leases 2,333 652

Commercial and industrial 1,332 4,666

Leases 738 2,385

Total collateral dependent loans $ 16,526 $ 7,738

Collateral dependent loans increased at September 30, 2025, compared to December 31, 2024, and were driven by the inclusion of three large NSL relationships and two large commercial and industrial relationships, both totaling approximately $ 1.9 million each.

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, a reduction in the interest rate for the remaining life of the loan, a temporary period of interest-only payments, and a reduction in the contractual payment amount for either a short period or the remaining term of the loan.

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.

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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 and nine months ended September 30, 2025 and September 30, 2024, presented by loan classification.

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.

(Dollars in thousands) Payment Deferral Term Extension Total Percentage of Total by Loan Category (a)(b)(c)

During the Three Months Ended September 30, 2025

Commercial real estate $ — $ 1,037 $ 1,037 0.04 %

Commercial and industrial — 2,704 2,704 0.18 %

Leases — 29 29 0.01 %

Home equity lines of credit — 47 47 0.02 %

Total $ — $ 3,817 $ 3,817 0.06 %

During the Three Months Ended September 30, 2024

Commercial real estate $ — $ 561 $ 561 0.03 %

Commercial and industrial — 9,057 9,057 0.72 %

Leases 14 637 651 0.15 %

Residential real estate — 17 17 — %

Consumer, indirect 14 1 15 — %

Total $ 28 $ 10,273 $ 10,301 0.16 %

(a) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.

(b) The table presented above excludes loans that were paid off or otherwise no longer included in the loan portfolio as of period end.

(Dollars in thousands) Payment Deferral Term Extension Principal Forgiveness Total Percentage of Total by Loan Category (a)(b)(c)

During the Nine Months Ended September 30, 2025

Commercial real estate $ — $ 3,084 $ — $ 3,084 0.13 %

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 %

Leases 6 29 39 74 0.02 %

Residential real estate — 130 130 0.02 %

Home equity lines of credit — 47 — 47 0.02 %

Total $ 702 $ 2,558 $ 3,260 0.05 %

During the Nine Months Ended September 30, 2024

Commercial real estate — 1,122 — 1,122 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 %

Leases 214 637 — 851 0.20 %

Residential real estate — 90 — 90 0.01 %

Home equity lines of credit — 64 — 64 0.03 %

Consumer, indirect 14 8 — 22 — %

Total $ — $ 8,091 $ 8,091 0.13 %

2 unchanged sentences

The following tables summarize the impacts of loan modifications and payment deferrals made to loans during the three and nine months ended September 30, 2025 and September 30, 2024, presented by loan classification.

Weighted-Average Term Extension

During the Three Months Ended September 30, 2025

Commercial real estate 6

Commercial and industrial 3

Home equity lines of credit 240

During the Three Months Ended September 30, 2024

Commercial real estate 6

Commercial and industrial 7

Residential real estate 1

Consumer, indirect 13

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

During the Nine Months Ended September 30, 2025

Commercial real estate 4

During the Three Months Ended March 31, 2026

Commercial real estate, other 11

Commercial and industrial 8

Residential real estate 37

Home equity lines of credit 240

During the Nine Months Ended September 30, 2024

During the Three Months Ended March 31, 2025

Commercial real estate 3

Commercial and industrial 8

Residential real estate 1

Home equity lines of credit 120

Consumer, indirect 3

The following tables display the amortized cost of loans that received a completed modification or payment deferral within the previous 12 months and that had a payment default in the periods presented.

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Term Extension (a)

For the Three Months Ended September 30, 2025

Commercial and industrial 405

Total loans that subsequently defaulted $ 405

For the Three Months Ended September 30, 2024

Total loans that subsequently defaulted $ 26

For the Nine Months Ended September 30, 2025

Commercial and industrial 423

For the Three Months Ended March 31, 2026

Commercial real estate, other $ 281

Total loans that subsequently defaulted $ 281

For the Nine Months Ended September 30, 2024

Commercial real estate $ 193

For the Three Months Ended March 31, 2025

Commercial and industrial 117

Residential real estate 73

Total loans that subsequently defaulted $ 117

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Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.

The following table displays an aging analysis of loans that were modified during the 12 months prior to September 30, 2025 and September 30, 2024, respectively, presented by classification and class of financing receivable.

As of September 30, 2025

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.

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 $ — $ — $ — $ — $ 3,084 $ 3,084

Commercial real estate, other $ — $ — $ 281 $ 281 $ 952 $ 1,233

Commercial and industrial 42 — — 42 4,326 4,368

Leases 25 — — 25 49 74

Residential real estate 181 — — 181 133 314

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(a) Represents the amortized cost basis as of period end.

As of September 30, 2024

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 $ — $ — $ 193 $ 193 $ 2,311 $ 2,504

Commercial real estate, other $ 1,058 $ 69 $ — $ 1,127 $ 1,887 $ 3,014

Commercial and industrial — — 117 117 7,789 7,906

Leases — — 26 26 174 200

Residential real estate — — — — 15 15

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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 period across all segments.

Following the reasonable and supportable period, Peoples reverts the macroeconomic variables to their long run average over a four-quarter reversion period.

Changes in the allowance for credit losses for the three and nine months ended September 30, 2025 and September 30, 2024 are summarized below:

(Dollars in thousands) Beginning Balance, June 30, 2025

Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, September 30, 2025

Construction $ 1,347 $ ( 95 ) $ — $ — $ 1,252

Commercial real estate, other 17,144 1,198 ( 27 ) 1 18,316

Commercial and industrial 17,854 488 ( 472 ) 26 17,896

Premium finance 794 84 ( 105 ) 3 776

Leases 19,633 2,894 ( 4,930 ) 443 18,040

Residential real estate 6,113 266 ( 71 ) 40 6,348

Home equity lines of credit 1,814 93 ( 27 ) — 1,880

Consumer, indirect 7,643 1,408 ( 1,607 ) 418 7,862

Consumer, direct 2,248 400 ( 290 ) 27 2,385

Deposit account overdrafts 91 276 ( 312 ) 54 109

Total $ 74,681 $ 7,012 $ ( 7,841 ) $ 1,012 $ 74,864

(a) Amount does not include the provision for the allowance for credit losses on unfunded commitments.

(Dollars in thousands) Beginning Balance, June 30, 2024 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, September 30, 2024

Construction $ 673 $ 181 $ — $ — $ 854

Commercial real estate, other 19,852 ( 2,713 ) — 100 17,239

Commercial and industrial 10,943 907 ( 259 ) 1 11,592

Premium finance 763 ( 19 ) ( 37 ) 4 711

Leases 15,218 5,449 ( 3,753 ) 56 16,970

Residential real estate 5,939 61 — 58 6,058

Home equity lines of credit 1,737 69 ( 2 ) — 1,804

Consumer, indirect 8,654 1,904 ( 1,820 ) 186 8,924

Consumer, direct 2,332 181 ( 162 ) 19 2,370

Deposit account overdrafts 136 456 ( 558 ) 83 117

Total $ 66,247 $ 6,476 $ ( 6,591 ) $ 507 $ 66,639

(a) Amount does not include the provision for the allowance for credit losses on unfunded commitments.

In management's estimation of expected credit losses, Peoples uses a one-year reasonable and supportable forecast period across all segments.

Following the reasonable and supportable forecast period, Peoples reverts the macroeconomic variables to their long run average over a four-quarter reversion period.

Changes in the allowance for credit losses for the three 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, September 30, 2025

Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, March 31, 2026

Construction $ 1,391 $ 121 $ — $ — $ 1,512

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(a) Amount does not include the provision for the allowance for credit losses on unfunded commitments.

(Dollars in thousands) Beginning Balance,

December 31, 2023 Provision for (Recovery of) Credit Losses (a) Charge-offs Recoveries Ending Balance, September 30, 2024

(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

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(a) Amount does not include the provision for the allowance for credit losses on unfunded commitments.

During the third quarter of 2025, Peoples recorded a total provision for credit losses on loans of $ 7.0 million, which was primarily driven by (i) net charge offs, (ii) loan growth, and (iii) a slight deterioration in the economic forecasts used within the current expected credit loss ("CECL") model, partially offset by reductions in reserves for individually analyzed loans and leases.

Net charge-offs for the third quarter of 2025 were $ 6.8 million, primarily driven by our NSL division.

The increase in the allowance for credit losses at September 30, 2025 when compared to at June 30, 2025, was driven by the loan growth and the deterioration of economic forecasts, partially offset by a decrease in individually analyzed loans and leases.

During the third quarter of 2024, Peoples recorded a provision for credit losses of $ 6.5 million, which was driven by net charge-offs.

Net charge-offs for the third quarter of 2024 were $ 6.1 million, primarily driven by an increase in charge-offs on leases originated by our North Star Leasing division, partially offset by recoveries of other commercial real estate loans.

Peoples had recorded allowances for unfunded commitments of $ 2.7 million and $ 2.0 million as of September 30, 2025 and as of December 31, 2024, respectively.

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

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.

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The following table details changes in the recorded amount of goodwill:

For the Nine Months Ended For the Year Ended

(Dollars in thousands) September 30, 2025 December 31, 2024

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

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Other Intangible Assets

Other intangible assets were comprised of the following at September 30, 2025 , and at December 31, 2024 :

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

September 30, 2025

March 31, 2026

Gross intangibles $ 54,186 $ 38,470 $ 2,491 $ 95,147

6 unchanged sentences

Gross intangibles $ 54,186 $ 38,470 $ 2,491 $ 95,147

Intangibles recorded from acquisitions — 550 — 550

Accumulated amortization ( 36,154 ) ( 29,846 ) — ( 66,000 )

3 unchanged sentences

Total other intangibles $ 30,120

Th e following table details estimated aggregate future amortization of other intangible assets at September 30, 2025:

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 three months of 2025 $ 1,152 $ 1,030 $ 27 $ 2,209

Remaining nine months of 2026 $ 2,802 $ 2,277 $ 12 $ 5,091

2027 3,043 2,188 — 5,231

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Peoples’ deposit balances were comprised of the following:

(Dollars in thousands) September 30, 2025 December 31, 2024

(Dollars in thousands) March 31, 2026 December 31, 2025

Retail certificates of deposits ("CDs"):

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Total deposits $ 7,648,437 $ 7,610,224

Uninsured deposits were $ 2.1 billion a t September 30, 2025 and $ 2.0 billion at December 31, 2024 .

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 $ 660.0 million and $ 656.9 million of the uninsured deposit balances at September 30, 2025 and at December 31, 2024, respectively .

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) September 30, 2025 December 31, 2024

(Dollars in thousands) March 31, 2026 December 31, 2025

3 months or less $ 204,079 $ 152,991

5 unchanged sentences

(Dollars in thousands) Retail Brokered Total

Remaining three months ending December 31, 2025 $ 799,757 $ 217,307 $ 1,017,064

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

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Total CDs $ 1,968,441 $ 262,550 $ 2,230,991

At September 30, 2025, Peoples had five effective interest rate swaps, with an aggregate notional value of $ 45.0 million, all of which hedge interest payments on brokered CDs.

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.

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Note 7 Stockholders’ Equity

The following table details the progression in Peoples’ common shares and treasury stock during the nine months ended September 30, 2025:

The following table details the progression in Peoples’ common shares and treasury stock during the three months ended March 31, 2026:

Common Shares Treasury

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Common shares issued under employee stock purchase plan

Shares at September 30, 2025 36,822,901 1,205,765

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 September 30, 2025, Peoples had repurchased an aggregate of 488,473 common shares totaling $ 13.9 million under the share repurchase program.

During the third quarter of 2025, there were no purchases under the share repurchase program.

Peoples repurchased 17,166 common shares totaling $ 0.5 million during the first nine months of 2025, which occurred during the second quarter of 2025.

Peoples repurchased 100,905 common shares totaling $ 3.0 million during the first nine months of 2024, which occurred during the first quarter of 2024.

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 September 30, 2025, Peoples had no preferred shares issued or outstanding.

On October 20, 2025, Peoples' Board of Directors declared a quarterly cash dividend of $ 0.41 per common share, payable on November 18, 2025, to shareholders of record on November 4, 2025.

The following table details the cash dividends declared per common share during the four quarters of 2025 and the comparable periods of 2024:

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:

First quarter $ 0.41 $ 0.40

Second quarter 0.42 0.41

Third quarter 0.41 0.40

Fourth quarter 0.41 0.40

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 nine months ended September 30, 2025, as related items impact the income statement:

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 )

Reclassification adjustments to net income:

Realized gain on securities, net of tax 1,980 — 1,980

Other comprehensive income (loss), net of reclassifications and tax

( 5,419 ) 5 ( 5,414 )

Balance, September 30, 2025 $ ( 78,066 ) $ 527 $ ( 77,539 )

Balance, March 31, 2026 $ ( 76,438 ) $ 396 $ ( 76,042 )

Note 8 Employee Benefit Plans

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Since January 1, 2021, Peoples matches 100 % of participants’ contributions up to 6 % of the participants’ compensation.

Matching contributions made by Peoples totaled $ 4.7 million during the nine months ended September 30, 2025 and $ 4.5 million during the nine months ended September 30, 2024.

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 Nine Months Ended

September 30, September 30,

Three Months Ended

(Dollars in thousands, except per common share data) 2026 2025

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These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments.

At September 30, 2025, Peoples had entered into five interest rate swap contracts with an aggregate notional value of $ 45.0 million.

Peoples will pay a fixed rate of interest

for up to three years while receiving a floating rate component of interest equal to the term secured overnight financing rate ("SOFR").

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 September 30, 2025 and December 31, 2024, the interest rate swaps were designated as cash flow hedges of $ 45.0 and $ 75.0 million, respectively, in brokered CDs, which are expected to be extended every 90 days through the maturity dates of the interest rate swaps.

At both March 31, 2026 and December 31, 2025, the interest rate swaps were

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.

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The reset dates and the payment dates on the brokered CDs or FHLB advances are matched to the reset dates and payment dates on the receipt of the term SOFR of the swaps to ensure effectiveness of the cash flow hedge.

For the nine months ended September 30, 2025, and 2024, Peoples recorded reclassifications of losses to earnings of $ 1.0 million and $ 2.4 million, respectively.

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) September 30,

(Dollars in thousands) March 31,

2026 December 31,

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The following table presents changes in fair value and amounts reclassified from AOCI related to cash flow hedges and recorded in AOCI and in the Consolidated Statements of Comprehensive Income:

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(Dollars in thousands) 2026 2025

Amount of losses recorded in AOCI, pre-tax $ 194 $ 1,698 $ 1,196 $ 1,885

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:

September 30,

2026 December 31,

9 unchanged sentences

therefore, each interest rate swap is accounted for as a standalone derivative financial instrument.

These interest rate swaps did not have a material impact on Peoples' results of operations or financial condition at or for the three and nine months ended September 30, 2025, or at or for the year ended December 31, 2024.

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:

September 30,

2026 December 31,

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When the fair value of Peoples Bank interest rate swaps is in a net liability position, Peoples Bank must pledge collateral, and, when the fair value of Peoples Bank interest rate swaps is in a net asset position, the respective counterparties must pledge collateral.

At September 30, 2025, Peoples Bank had $ 4.2 million of cash pledged, while counterparties had $ 2.7 million of cash pledged.

Peoples Bank had no cash pledged and counterparties had $ 12.3 million of cash pledged at December 31, 2024.

Peoples Bank had no pledged investment securities at September 30, 2025 or at December 31, 2024, while the counterparties had pledged no investment securities at September 30, 2025 and had pledged $ 1.9 million of investment securities at December 31, 2024.

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

2 unchanged sentences

The total number of common shares available under the 2006 Equity Plan is 1,493,297 .

The maximum number of common shares that can be issued for incentive stock options is 750,000 .

Since February 2009, Peoples has granted restricted common shares to employees, and periodically to non-employee directors, subject to the terms and conditions prescribed by the 2006 Equity Plan.

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Since 2018, common shares awarded to non-employee directors have vested immediately upon grant with no restrictions.

In the first nine months of 2025, Peoples granted an aggregate of 159,097 restricted common shares subject to performance-based vesting to officers and key employees with restrictions that will lapse three years after the grant date;

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.

The following table summarizes the changes to Peoples’ outstanding restricted common shares for the nine months ended September 30, 2025:

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

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Forfeited ( 4,136 ) 33.61 ( 3,547 ) 31.25

Outstanding at September 30, 2025

Outstanding at March 31, 2026

144,748 $ 28.97 659,514 $ 31.47

The intrinsic value for restricted common shares released was $ 6.0 million for the nine months ended September 30, 2025, compared to $ 2.6 million for the nine months ended September 30, 2024.

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

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The following table summarizes the amount of stock-based compensation expense and related tax benefit recognized for each period:

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(Dollars in thousands) 2026 2025

8 unchanged sentences

The fair value of restricted common share awards on the grant date is the market price of Peoples' common shares on that date.

Total unrecognized stock-based compensation expense related to unvested restricted common share awards was $ 6.8 million at September 30, 2025, which will be recognized over a weighted-average period of 1.9 years.

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.

Note 12 Revenue

The following table details Peoples' revenue from contracts with customers:

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(Dollars in thousands) 2026 2025

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Peoples also records contract liabilities for bonuses received related to e-banking income, for which the performance obligations have not yet been fulfilled.

The contract liabilities are recognized as income over time, during the period in which the performance obligations are fulfilled related to e-banking income.

The following table details the changes in Peoples' contract assets and contract liabilities for the nine-month period ended September 30, 2025:

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

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Additional deferred income — 3,062

Receipt of income previously receivable ( 15 ) —

Recognition of income previously deferred — ( 3,728 )

Balance, September 30, 2025 $ 974 $ 5,733

Balance, March 31, 2026 $ 973 $ 5,182

Note 13 Leases

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Lessor Arrangements

Peoples began originating leases with the acquisition of NSL and increased its portfolio with the acquisition of Vantage.

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.

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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.

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The table below details Peoples' lease income:

Three Months Ended Nine Months Ended

(Dollars in thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

Three Months Ended

(Dollars in thousands) March 31, 2026 March 31, 2025

Interest and fees on leases (a) $ 8,578 $ 10,198

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The following table summarizes the net investment in leases, which is included in "Loans and leases, net of deferred fees and costs" on the Unaudited Consolidated Balance Sheets:

(Dollars in thousands) September 30, 2025 December 31, 2024

(Dollars in thousands) March 31, 2026 December 31, 2025

Lease payments receivable, at amortized cost $ 374,558 $ 393,089

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(Dollars in thousands) Balance

Remaining three months ending December 31, 2025 $ 55,164

Remaining nine months ending December 31, 2026 $ 77,584

Year ending December 31, 2027 75,556

9 unchanged sentences

Certain leases contain rent escalation clauses calling for rent increases over the term of the lease, which are included in the calculation of the lease liability.

At September 30, 2025, Peoples did not have any leases that met the criteria for finance leases.

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.

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The table below details Peoples' lease expense which is included in "Net occupancy and equipment expense" in the Unaudited Consolidated Statements of Operations:

Three Months Ended Nine Months Ended

(Dollars in thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

Three Months Ended

(Dollars in thousands) March 31, 2026 March 31, 2025

Operating lease expense $ 623 $ 713

2 unchanged sentences

Total lease expense $ 1,018 $ 1,085

Peoples utilizes an incremental borrowing rate to determine the present value of lease payments for each lease, as the lease agreements do not provide an implicit rate.

The estimated incremental borrowing rate reflects a secured rate and is based on the term of the lease.

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.

The following table details the ROU assets, the lease liabilities and other information related to Peoples' operating leases at the dates shown:

(Dollars in thousands) September 30, 2025 December 31, 2024

(Dollars in thousands) March 31, 2026 December 31, 2025

Other assets $ 8,815 $ 9,340

5 unchanged sentences

Additions for ROU assets obtained during the year $ — $ 1,333

During both the three months ended September 30, 2025 and 2024, Peoples paid cash of $ 0.6 million for operating leases.

During the nine months ended September 30, 2025 and 2024, Peoples paid cash of $ 1.9 million and $ 2.2 million, respectively, for operating leases.

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 three months ending December 31, 2025 $ 625

Remaining nine months ending December 31, 2026 $ 1,789

Year ending December 31, 2027 2,146

6 unchanged sentences

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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements