Form 8-K

8-K — PEOPLES BANCORP INC

Accession: 0000318300-26-000183

Filed: 2026-07-21

Period: 2026-07-21

CIK: 0000318300

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — pebo-20260721.htm (Primary)

EX-99.1 (exhibit991q22026.htm)

EX-99.2 (a2q2026earningspresentat.htm)

EX-99.3 (exhibit993q22026divdeclared.htm)

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8-K

8-K (Primary)

Filename: pebo-20260721.htm · Sequence: 1

pebo-20260721

0000318300FALSE00003183002026-07-212026-07-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2026

PEOPLES BANCORP INC.

(Exact name of Registrant as specified in its charter)

Ohio 000-16772 31-0987416

(State or other jurisdiction (Commission File (I.R.S. Employer

of incorporation) Number) Identification Number)

138 Putnam Street, PO Box 738

Marietta, Ohio 45750-0738

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (740) 373-3155

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

T Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operation and Financial Condition.

On July 21, 2026, Peoples Bancorp Inc. ("Peoples") issued a news release regarding its financial results for the second quarter of 2026. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Peoples also provided electronic presentation slides that will be used in connection with its conference call to discuss earnings. A copy of the electronic slides is attached as Exhibit 99.2 to this Current Report on Form 8-K.

Conference Call to Discuss Earnings:

Peoples will conduct a facilitated conference call to discuss second quarter of 2026 results of operations today at 11:00 a.m., Eastern Daylight Time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (866) 890-9285. A simultaneous webcast of the conference call audio and earnings call presentation will be available online via the “Investor Relations” section of Peoples' website, www.peoplesbancorp.com. Participants are encouraged to call or sign in at least 15 minutes prior to the scheduled conference call time to ensure participation and, if required, to download and install the necessary software. A replay of the call will be available on Peoples' website in the “Investor Relations” section for one year.

Item 8.01 Other Events

Declaration of Dividend:

On July 21, 2026, Peoples issued a news release announcing that the Board of Directors declared a quarterly dividend of $0.42 per common share on July 20, 2026. A copy of the news release is included as Exhibit 99.3 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits

a) Financial statements of businesses acquired

No response required.

b) Pro forma financial information

No response required.

c) Exhibits

See Index to Exhibits on Page 3.

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 hereunto duly authorized.

PEOPLES BANCORP INC.

Date: July 21, 2026 By:/s/ KATIE BAILEY

Katie Bailey

Executive Vice President,

Chief Financial Officer and Treasurer

INDEX TO EXHIBITS

Exhibit Number Description

99.1

Earnings News Release issued by Peoples Bancorp Inc. on July 21, 2026

99.2

Presentation slides furnished by Peoples Bancorp Inc. on July 21, 2026

99.3

Dividend News Release issued by Peoples Bancorp Inc. on July 21, 2026

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

EX-99.1

Filename: exhibit991q22026.htm · Sequence: 2

Document

P.O. BOX 738 - MARIETTA, OHIO - 45750 NEWS RELEASE

www.peoplesbancorp.com

FOR IMMEDIATE RELEASE Contact: Katie Bailey

July 21, 2026 Chief Financial Officer and Treasurer

(740) 376-7138

PEOPLES BANCORP INC. ANNOUNCES RESULTS FOR THE SECOND QUARTER 2026

_____________________________________________________________________

MARIETTA, Ohio - Peoples Bancorp Inc. ("Peoples") (NASDAQ: PEBO) today announced results for the quarter ended June 30, 2026. Net income totaled $28.0 million for the second quarter of 2026, representing earnings per diluted common share of $0.78. In comparison, Peoples reported net income of $29.0 million, representing earnings per diluted common share of $0.81, for the first quarter of 2026 and net income of $21.2 million, representing earnings per diluted common share of $0.59, for the second quarter of 2025. Non-core items, which includes one-time losses and expenses, negatively impacted earnings per diluted common share by $0.18 for the second quarter of 2026, $0.01 for the first quarter of 2026, and $0.01 for the second quarter of 2025.

"We are pleased with the results for the second quarter of 2026, with improvements in many performance metrics including our net interest margin expanding seven basis points for the quarter," said Tyler Wilcox, President and Chief Executive Officer. "We are committed to maintaining our focus on delivering strong returns and driving shareholder value."

Citizens Acquisition:

On April 21, 2026, Peoples announced the signing of a definitive agreement and plan of merger pursuant to which Peoples will acquire 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 June 30, 2026 Peoples had recognized $0.4 million in acquisition-related expenses associated with this pending transaction.

Quarterly Highlights:

•Net interest margin for the second quarter of 2026 increased to 4.23% when compared to 4.16% for the linked quarter driven by a reduction in deposit costs.

◦Net interest income increased $2.3 million compared to the linked quarter and was driven by lower funding costs.

•Provision for credit losses decreased $5.0 million when compared to the linked quarter.

◦Net charge-offs decreased from $6.6 million for the linked quarter to $5.2 million for the second quarter of 2026. As a percentage of average total loans on an annualized basis, this represents a 9 basis point improvement. The improvement was driven by reductions in charge-offs in leases and indirect consumer loans.

◦The provision for credit losses was also positively impacted by the stabilization of macro-economic conditions used within the current expected credit losses ("CECL") model.

◦Period-end total loan and lease balances at June 30, 2026, increased $51.4 million, or 3% annualized, when compared to the linked quarter.

◦The loan growth was largely due to increases in commercial and industrial loans, driven by life premium finance loans, commercial premium finance loans, and construction loans, which were partially offset by a decrease in other commercial real estate loans.

•Total non-interest income, excluding net gains and losses, increased $0.3 million, or 1%, for the second quarter of 2026 compared to the linked quarter.

◦The growth was driven by increases in electronic banking income, lease income, trust and investment income, and mortgage banking income. These increases were partially offset by lower insurance income, which was driven by the annual performance-based commissions recognized in the first quarter of each year.

•Tangible book value per common share for the second quarter of 2026 increased to $23.56 when compared to $22.95 for the linked quarter.

Net Interest Income

Net interest income was $92.7 million for the second quarter of 2026, which was an increase of $2.3 million compared to the linked quarter. Net interest margin was 4.23% for the second quarter of 2026, compared to 4.16% for the linked quarter. The increase in net interest income and net interest margin was primarily driven by a reduction in deposit costs compared to the linked quarter.

Net interest income for the second quarter of 2026 increased $5.2 million, or 6%, compared to the second quarter of 2025. Net interest margin increased 8 basis points when compared to the second quarter of 2025. The increases in net interest income and net interest margin were primarily driven by lower deposit and borrowing costs compared to the second quarter of 2025.

Accretion income, net of amortization expense, from acquisitions was $1.1 million for the second quarter of 2026, $1.3 million for the linked quarter and $2.6 million for the second quarter of 2025, which added 5 basis points, 6 basis points and 12 basis points, respectively, to net interest margin. The decrease in accretion income for the second quarter of 2026 when compared to the linked quarter and second quarter of 2025 was driven by less accretion income recognized in the current period from the 2023 merger with Limestone Bancorp, Inc. (the "Limestone Merger").

For the first six months of 2026, net interest income increased $10.3 million compared to the same period of 2025, while net interest margin increased 6 basis points to 4.20%. The increases in net interest income and net interest margin were driven by lower deposit costs and increased interest income compared to the first half of 2025.

Accretion income, net of amortization expense, was $2.4 million for the first six months of 2026, compared to $6.1 million of accretion income recognized in the first half of 2025. Accretion income contributed 6 basis points and 15 basis points to net interest margin in the first six months of 2026 and 2025, respectively.

Provision for Credit Losses:

The provision for credit losses was $4.7 million for the second quarter of 2026, compared to $9.7 million for the linked quarter, and $16.6 million for the second quarter of 2025. The provision for credit losses for the second quarter of 2026 was driven by the reduction of balances within higher loss rate segments offset by an increase in individually-analyzed loans. The provision for credit losses for the linked quarter was primarily driven by net charge-offs and a deterioration in macro-economic conditions used within the CECL model. The provision for credit losses for the second quarter of 2025 was primarily driven by (i) net charge-offs, (ii) an increase in reserves for individually analyzed loans and leases, (iii) an increase in reserves for leases originated by the North Star Leasing division, (iv) a periodic refresh in loss drivers utilized within the CECL model, (v) deterioration in the economic forecasts used within the CECL model, and (vi) loan growth.

The provision for credit losses during the first six months of 2026 was $14.4 million and was primarily driven by net charge-offs, a deterioration in macro-economic conditions used within the CECL model, and an increase in individually- analyzed loans. The provision for credit losses for the same period of 2025 was $26.8 million and was driven by (i) net charge-offs, (ii) an increase in reserves for individually-analyzed loans and leases, (iii) an increase in reserves for leases originated by the North Star Leasing division, (iv) a periodic refresh in the loss drivers utilized within the CECL model, (v) deterioration in the economic forecasts used within the CECL model, and (vi) loan growth.

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 negatively impacted earnings per diluted common share by $0.10 for the second quarter of 2026, $0.21 for the first quarter of 2026, and $0.36 for the second quarter of 2025. The provision for credit losses negatively impacted earnings per diluted common share by $0.31 and $0.59 for the first half of 2026 and 2025, respectively.

For additional information on net charge-offs, credit trends and the allowance for credit losses, see the "Asset Quality" section below.

Net Gains and Losses:

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 Income. The net loss for the second quarter of 2026 was $8.6 million, compared to a net loss of $0.4 million for the linked quarter, and a net loss of $0.3 million for the second quarter of 2025. The net loss for the second quarter of 2026 was driven by the sale of $135.2 million of available-for-sale securities at a net loss of $8.2 million due to a portfolio restructure as Peoples manages its balance sheet under $10

billion in assets ahead of the pending Citizens merger. The net losses for the linked quarter and the second quarter of 2025 were driven by net losses on repossessed assets.

The net losses realized during the first half of 2026 and 2025 were $9.0 million and $0.6 million, respectively. The net loss for the first half of 2026 was driven by the aforementioned investment portfolio restructure in the second quarter. The net loss for the first half of 2025 was driven by losses on repossessed assets.

Total Non-interest Income, Excluding Net Gains and Losses:

Total non-interest income, excluding net gains and losses, for the second quarter of 2026 increased $0.3 million compared to the linked quarter. The increase in non-interest income, excluding net gains and losses, was primarily impacted by increases of $0.6 million in electronic banking income, driven by debit card interchange, $0.4 million in lease income, driven by an increase in month-to-month income, $0.4 million in trust and investment income, and $0.2 million in mortgage banking income. Partially offsetting those increases was a decrease of $1.2 million in insurance income due to the seasonal performance-based commissions recognized in the first quarter of each year. Total non-interest income, excluding net gains and losses, for the second quarter of 2026 was 24% of total revenue (defined as net interest income plus total non-interest income excluding net gains and losses), consistent with the linked quarter.

Compared to the second quarter of 2025, total non-interest income, excluding net gains and losses, increased $1.8 million due to increases of $0.8 million in lease income, driven by higher operating lease income, $0.7 million in trust and investment income, driven by an increase in assets under administration and management, $0.4 million in deposit account services charges, and $0.4 million in mortgage banking income, partially offset by a decrease of $0.6 million in other non-interest income, driven by lower swap fee income.

During the first six months of 2026, total non-interest income, excluding gains and losses, increased $3.0 million, or 6%, when compared to the same period of 2025. The increase was primarily due to increases of $1.9 million in lease income, driven by operating lease income, $1.2 million in trust and investment income, driven by an increase in assets under administration and management, and $0.7 million in deposit account service charges, partially offset by a decrease of $0.8 million in other non-interest income, driven by lower swap fee income.

Total Non-interest Expense:

Total non-interest expense increased $1.1 million for the second quarter of 2026, compared to the linked quarter. The increase in total non-interest expense was primarily due to increases of $1.3 million in professional fees, driven by higher legal expenses and professional services, and $0.3 million in data processing and software expense, which were partially offset with a decrease of $0.5 million in net occupancy and equipment expense, driven by lower repair and maintenance costs.

Compared to the second quarter of 2025, total non-interest expense increased $2.4 million. The increase in total non-interest expense was primarily driven by increases of $1.1 million in salaries and benefit costs due to higher sales levels and overall company performance measures used in calculating incentive awards, $0.7 million in operating lease expense, $0.5 million in data processing and software expense due to costs associated with recent technology projects, and $0.4 million in professional fees, partially offset by a decrease of $0.5 million in amortization of other intangible assets, driven by decreases in amortization on core deposits and customer relationship intangibles.

For the first six months of 2026, total non-interest expense increased $3.2 million, when compared to the same period of 2025. This increase was primarily driven by increases of $1.6 million in operating lease expense, $1.1 million in salaries and employee benefit costs due to annual merit increases and an increase in sales incentives, $1.0 million in data processing and software expenses driven by recent technology projects, and $0.7 million in net occupancy and equipment expense, partially offset by a decrease of $1.0 million in amortization of other intangible assets, due to decreases in amortization on core deposits and customer relationship intangibles.

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30,

2026 2026 2025 2026 2025

(Dollars in thousands) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Non-interest expense:

Salaries and employee benefit costs 40,012 39,835 38,893 $ 79,847 $ 78,714

Data processing and software expense 7,850 7,536 7,356 15,386 14,361

Net occupancy and equipment expense 5,765 6,224 5,690 11,989 11,302

Professional fees 4,018 2,753 3,610 6,771 6,697

Electronic banking expense 2,225 2,081 2,018 4,306 4,043

Operating lease expense 1,797 1,804 1,053 3,601 2,038

Amortization of other intangible assets 1,697 1,697 2,211 3,394 4,424

FDIC insurance premiums 1,370 1,410 1,251 2,780 2,502

Other loan expenses 1,278 1,123 1,213 2,401 2,332

Franchise tax expense 972 1,004 678 1,976 1,607

Travel and entertainment expense 726 583 713 1,309 1,213

Communication expense 605 589 712 1,194 1,446

Marketing expense 604 886 718 1,490 1,621

Other non-interest expense 3,840 4,110 4,246 7,950 8,849

Total non-interest expense 72,759 71,635 70,362 144,394 141,149

Acquisition-related non-interest expense:

Net occupancy and equipment expense — 1 — 1 —

Professional fees 338 15 — 353 —

Marketing expense 52 — — 52 —

Travel and entertainment expense 10 — — 10 —

Other non-interest expense 10 — — 10 —

Total acquisition-related non-interest expense 410 16 — 426 —

Non-interest expense excluding acquisition-related expense:

Salaries and employee benefit costs 40,012 39,835 38,893 79,847 78,714

Data processing and software expense 7,850 7,536 7,356 15,386 14,361

Net occupancy and equipment expense 5,765 6,223 5,690 11,988 11,302

Professional fees 3,680 2,738 3,610 6,418 6,697

Electronic banking expense 2,225 2,081 2,018 4,306 4,043

Operating lease expense 1,797 1,804 1,053 3,601 2,038

Amortization of other intangible assets 1,697 1,697 2,211 3,394 4,424

FDIC insurance premiums 1,370 1,410 1,251 2,780 2,502

Other loan expenses 1,278 1,123 1,213 2,401 2,332

Franchise tax expense 972 1,004 678 1,976 1,607

Travel and entertainment expense 716 583 713 1,299 1,213

Communication expense 605 589 712 1,194 1,446

Marketing expense 552 886 718 1,438 1,621

Other non-interest expense 3,830 4,110 4,246 7,940 8,849

Total non-interest expense excluding acquisition-related expense 72,349 71,619 70,362 $ 143,968 $ 141,149

The efficiency ratio for the second quarter of 2026 was 58.3%, compared to 58.6% for the linked quarter and 59.3% for the second quarter of 2025. The efficiency ratio improved slightly compared to the linked quarter mainly as the result of higher revenue. The efficiency ratio for the first six months of 2026 was 58.4%, compared to 60.0% for the same period of

2025. The efficiency ratio improved compared to the same period of 2025 due to higher revenue. The efficiency ratio adjusted for non-core items was 57.9% for the second quarter of 2026. Peoples continues to focus on controlling expenses, while recognizing necessary costs in order to continue growing the business.

Income Tax Expense:

Peoples recorded income tax expense of $7.7 million with an effective tax rate of 21.6% for the second quarter of 2026, compared to income tax expense of $8.3 million with an effective tax rate of 22.3% for the linked quarter and income tax expense of $6.2 million with an effective tax rate of 22.7% for the second quarter of 2025. Income tax expense for the first six months of 2026 and 2025 was $16.0 million and $13.3 million, with an associated effective tax rate of 22.0% and 22.6%, respectively. The decreases in income tax expense and the effective tax rate when compared to the linked quarter were impacted by a $0.5 million benefit relating to tax credits purchased in the second quarter of 2026. The increase in income tax expense when compared to the three and six month periods ended June 30, 2025, was driven by higher pretax income.

Investment Securities and Liquidity:

Peoples' investment portfolio primarily consists of available-for-sale investment securities reported at fair value and held-to-maturity investment securities reported at amortized cost. The available-for-sale investment securities balance at June 30, 2026, decreased $133.9 million when compared to at March 31, 2026, decreased $110.3 million when compared to December 31, 2025, and decreased $177.4 million when compared to at June 30, 2025. The decrease in available-for-sale investment securities compared to all prior periods was driven by the aforementioned portfolio restructure. The unrealized losses, net of tax, on available-for-sale investment securities recognized within accumulated other comprehensive loss were $71.2 million at June 30, 2026, $76.4 million at March 31, 2026, $71.0 million at December 31, 2025, and $90.9 million at June 30, 2025. The decrease in accumulated other comprehensive loss compared to the linked quarter was the result of sales of available-for-sale investment securities during the period. At June 30, 2026, Peoples’ investment securities represented approximately 19.1% of total assets, compared to 20.3% at March 31, 2026, 20.5% at December 31, 2025, and 21.2% at June 30, 2025. The decrease in the percentage of investment securities to total assets was impacted in the second quarter of 2026 by sales of available-for-sale investment securities.

The held-to-maturity investment securities balance at June 30, 2026, decreased $16.3 million when compared to at March 31, 2026, decreased $55.5 million when compared to at December 31, 2025, and decreased $32.7 million when compared to at June 30, 2025. The decrease when compared to all prior periods was due to prepayments and maturities of collateralized mortgage obligations.

The effective durations of the available-for-sale investment securities and the held-to-maturity investment securities as of June 30, 2026, were approximately 6.03 and 7.55 years, respectively. The duration of Peoples’ investments is managed as part of Peoples' Asset Liability Management program, and has the potential to impact both liquidity and capital, as mismatches in duration may require a liquidation of investment securities at market prices to meet funding needs. These assets are a component of Peoples' liquidity profile.

Peoples maintains a number of liquid and liquefiable assets, borrowing capacity, and other sources of liquidity to ensure the availability of funds. At June 30, 2026, Peoples had liquid and liquefiable assets totaling $549.5 million, which included (i) cash and cash equivalents, (ii) unpledged government and agency investment securities and (iii) unpledged non-agency investment securities that could be liquidated. At June 30, 2026, Peoples had a total borrowing capacity of $848.7 million available through the Federal Home Loan Bank (“FHLB”), the Federal Reserve Bank ("FRB"), and federal funds. Additionally, at June 30, 2026, Peoples had contingent sources of liquidity totaling $3.9 billion. Contingent sources of liquidity are generally comprised of borrowing capacity at the FHLB and FRB, unpledged securities, liquifiable securities, and available capacity from wholesale funding sources. Cash and cash equivalents decreased $9.2 million when compared to December 31, 2025, as the level of cash fluctuates given Peoples' total liquidity position.

Loans and Leases:

The period-end total loan and lease balances at June 30, 2026, increased $51.4 million, or 3% annualized, compared to at March 31, 2026. The increase in loans was driven by increases of $43.0 million in commercial and industrial loans, driven largely by life premium finance loans, $37.1 million in commercial premium finance loans, and $24.8 million in construction loans, partially offset by decreases of $57.7 million in other commercial real estate loans and $10.6 million in leases originated by the North Star Leasing division.

Total loans and leases increased by $64.7 million, or 2% annualized, when compared to at December 31, 2025. The increase was driven by increases of $154.1 million in commercial and industrial loans and $20.1 million in home equity lines of credit, partially offset by decreases of $80.8 million in other commercial real estate loans, $15.2 million in residential real estate loans, and $11.7 million in leases.

The period-end total loan and lease balances at June 30, 2026, increased $220.0 million, or 3%, compared to at June 30, 2025, driven by increases of $282.4 million in commercial and industrial loans, $34.9 million in other commercial real estate loans, and $32.2 million home equity lines of credit. These increases were partially offset by decreases of $47.0 million in construction loans, $46.1 million in leases, and $31.5 million in residential real estate loans.

Quarterly average total loan balances increased $39.4 million compared to the linked quarter and $331.1 million when compared to the prior year quarter. The increase in average total loan balances when compared to the linked quarter was primarily the result of increases of $98.0 million in commercial and industrial loans and $11.3 million in home equity lines of credit, partially offset by decreases of $46.9 million in other commercial real estate loans, and $15.1 million in residential real estate loans. The increase in average total loans when compared to the prior year quarter was driven by increases in $326.8 million commercial and industrial loans, $94.1 million in other commercial real estate loans, and $28.4 million in home equity lines of credit, partially offset by decreases of $52.5 million, $31.5 million, and $30.9 million in construction loans, leases, and residential real estate loans, respectively.

For the first six months of 2026, the average total loans balances increased $355.8 million compared to the first six months of 2025. The increase in average total loan balances was primarily the result of increases of $273.1 million in commercial and industrial loans, $138.2 million in other commercial real estate loans, and $25.7 million in home equity lines of credit, partially offset by decreases of $37.9 million and $35.4 million in construction loans and leases, respectively.

Asset Quality:

Key asset quality metrics improved in some regards during the second quarter of 2026. Delinquency trends improved as loans considered current comprised 99.1%, 98.9%, and 99.1% of the loan portfolio at June 30, 2026, at March 31, 2026, and at June 30, 2025, respectively. Total nonperforming assets at June 30, 2026, increased $1.4 million, or 4%, compared to at March 31, 2026, and decreased $5.6 million, or 12%, compared to at June 30, 2025. The increase in nonperforming assets compared to at March 31, 2026, was driven by two other commercial real estate loans totaling $3.8 million that were 90+ days past due and accruing at the end of the current quarter. Compared to at June 30, 2025, nonperforming assets decreased because of the sale of an OREO property in the fourth quarter of 2025. Nonperforming assets as a percent of total loans and OREO was 0.60% at June 30, 2026, compared to 0.59% at March 31, 2026, and 0.71% at June 30, 2025.

Criticized loans, which are those categorized as special mention, substandard or doubtful, increased $49.7 million, or 22%, compared to at March 31, 2026, and increased $29.3 million, or 12%, compared to at June 30, 2025. As a percent of total loans, criticized loans were 4.01% at June 30, 2026, compared to 3.31% at March 31, 2026, and 3.70% at June 30, 2025. The increase in the amount of criticized loans compared to at March 31, 2026, and at June 30, 2025, was driven by fewer paydowns on loans previously considered criticized, coupled with an increase in loan downgrades, driven by two larger commercial downgrades during the quarter.

Classified loans, which are those categorized as substandard or doubtful, decreased $1.1 million, or 1%, compared to at March 31, 2026, and increased $15.8 million, or 13%, compared to at June 30, 2025. As a percent of total loans, classified loans were 2.06% at June 30, 2026, compared to 2.10% at March 31, 2026, and 1.89% at June 30, 2025. The decrease in classified loans compared to at March 31, 2026, was primarily driven by paydowns. Compared to at June 30, 2025, classified loans increased due to loan downgrades.

Annualized net charge-offs were 0.31% of average total loans for the second quarter of 2026, compared to 0.40% for the linked quarter, and 0.43% for the second quarter of 2025. Compared to the linked quarter and prior year second quarter, net charge-offs decreased, driven by a reduction in net charge-offs in leases originated by the North Star Leasing division and indirect consumer loans.

At June 30, 2026, the allowance for credit losses decreased $0.3 million when compared to at March 31, 2026, and increased $3.4 million when compared to at June 30, 2025. The ratio of the allowance for credit losses as a percent of total loans was 1.14% at June 30, 2026, compared to 1.16% at March 31, 2026, and 1.13% at June 30, 2025. The ratio of allowance for credit losses as a percentage of non-performing loans was 190.78% at June 30, 2026, compared to 198.16% at March 31, 2026, and 183.89% at June 30, 2025.

Deposits:

As of June 30, 2026, period-end core deposits decreased $155.1 million compared to at March 31, 2026. The decrease in core deposits was attributable to decreases of $92.4 million retail certificates of deposit and $87.1 million in governmental deposits, driven by seasonality, partially offset by an increase of $37.1 million in money market deposit accounts.

Compared to at December 31, 2025, period-end core deposit balances increased $36.6 million. The increase was primarily driven by increases in money market deposit accounts and non-interest bearing deposits, partially offset by a decrease in retail certificate of deposits.

Compared to at June 30, 2025, period-end core deposit balances increased $36.3 million. The decrease in total deposits was primarily driven by increases of $67.9 million in money market deposit accounts, $63.0 million in non-interest bearing deposits, $36.0 million in interest-bearing demand accounts, and $25.6 million in savings accounts, partially offset by a decrease of $129.3 million in retail certificates of deposit.

The total deposit balances attributable to retail deposits and commercial deposits were 78% and 22%, respectively, at June 30, 2026, 77% and 23%, respectively, at March 31, 2026, and 78% and 22%, respectively, at June 30, 2025.

Uninsured deposits were 27%, 28%, and 26% of total deposits at June 30, 2026, at March 31, 2026, and at June 30, 2025, respectively. Uninsured amounts were based on the portion of customer account balances that exceeded the FDIC limit of $250,000. Peoples pledges investment securities against certain governmental deposit accounts, which collateralized $595.7 million, or 30%, $678.1 million, or 32%, and $641.1 million, or 32%, of the uninsured deposit balances at June 30, 2026, at March 31, 2026, and at June 30, 2025, respectively.

Average deposit balances during the second quarter of 2026, increased $38.6 million when compared to the linked quarter, and decreased $94.2 million when compared to the second quarter of 2025. The increase over the linked quarter was driven by increases of $44.8 million in money market deposit accounts, $36.1 million in interest-bearing checking accounts, $35.7 million in governmental deposits, and $26.6 million in non-interest bearing deposit accounts, partially offset by decreases of $63.9 million and $55.3 million in brokered deposits and retail certificates of deposits, respectively. The decrease when compared to the second quarter of 2025 was driven by decreases of $181.7 million in brokered deposits and $80.3 million in retail certificates of deposit, partially offset by increases of $84.8 million, $32.2 million, and $27.8 million in non-interest bearing deposits, money market deposit accounts, and savings accounts, respectively. Total demand deposit accounts comprised 36% of total deposits at June 30, 2026, 35% at March 31, 2026, and 34% at June 30, 2025.

For the first six months of 2026 average deposit balances decreased $105.0 million when compared to the first six months of 2025. The decrease was primarily a result of decreases of $222.2 million in brokered deposits and $23.6 million in retail certificates of deposits, partially offset with increases of $95.2 million, $26.1 million, and $21.9 million in non-interest bearing deposits, savings accounts, and money market deposit accounts, respectively.

Stockholders' Equity:

Total stockholders' equity at June 30, 2026, increased $20.5 million, or 2%, compared to at March 31, 2026. This change was primarily driven by net income of $28.0 million and a decrease of $5.2 million in accumulated other comprehensive loss during the quarter, partially offset by dividends paid of $15.1 million. The decrease in accumulated other comprehensive loss was the result of the sales of available-for-sale investment securities during the period.

Total stockholders' equity at June 30, 2026 increased $29.9 million when compared to at December 31, 2025. This change was driven by net income of $57.0 million, partially offset by dividends paid of $29.8 million.

Total stockholders' equity at June 30, 2026, increased $83.2 million, or 7%, compared to at June 30, 2025, which was due to net income of $118.2 million for the last twelve months and a decrease in other comprehensive loss of $19.4 million, partially offset by dividends paid of $59.0 million.

Peoples Bancorp Inc. ("Peoples", Nasdaq: PEBO) is a diversified financial services holding company and makes available a complete line of banking, trust and investment, insurance and specialty financing solutions through its subsidiaries. Headquartered in Marietta, Ohio, since 1902, Peoples has established a heritage of financial stability, growth and community impact. Peoples had $9.5 billion in total assets as of June 30, 2026, and 144 locations, including 127 full-service bank branches in Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland. Peoples' vision is to be the Best Community Bank in America.

Peoples is a member of the Russell 3000 index of United States ("U.S.") publicly-traded companies. Peoples offers services through Peoples Bank (which includes the divisions of Peoples Investment Services, Peoples Premium Finance, Peoples Life Premium Finance, and North Star Leasing), Peoples Insurance Agency, LLC, and Vantage Financial, LLC.

Conference Call to Discuss Earnings:

Peoples will conduct a facilitated conference call to discuss second quarter 2026 results of operations on July 21, 2026, at 11:00 a.m., Eastern Time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (866) 890-9285. A simultaneous webcast of the conference call audio and earnings conference call presentation will be available online via the "Investor Relations" section of Peoples' website, www.peoplesbancorp.com. Participants are encouraged to call or sign in at least 15 minutes prior to the scheduled conference call time to ensure participation and, if required, to download and install the necessary software. A replay of the call will be available on Peoples' website in the "Investor Relations" section for one year.

Use of Non-US GAAP Financial Measures:

This news release contains financial information and performance measures determined by methods other than those in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). Management uses these "non-US GAAP" financial measures in its analysis of Peoples' performance and the efficiency of its operations. Management believes that these non-US GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and peers. These disclosures should not be viewed as substitutes for financial measures determined in accordance with US GAAP, nor are they necessarily comparable to non-US GAAP performance measures that may be presented by other companies. Below is a listing of the non-US GAAP financial measures used in this news release:

◦Core non-interest expense is a non-US GAAP financial measure since it excludes the impact of acquisition-related expenses.

◦The efficiency ratio is calculated as total non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income, excluding net gains and losses. This ratio is a non-US GAAP financial measure since it excludes amortization of other intangible assets and all gains and losses included in earnings, and uses fully tax-equivalent net interest income.

◦The efficiency ratio adjusted for non-core items is calculated as core non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income, excluding net gains and losses. This ratio is a non-US GAAP financial measure since it excludes the impact of acquisition-related expenses and the amortization of other intangible assets and all gains and losses included in earnings, and uses fully tax-equivalent net interest income.

◦Tangible assets, tangible equity, the tangible equity to tangible assets ratio, and tangible book value per common share are non-US GAAP financial measures since they exclude the impact of goodwill and other intangible assets acquired through acquisitions on both total stockholders' equity and total assets.

◦Total non-interest income, excluding net gains and losses, is a non-US GAAP financial measure since it excludes all gains and losses included in earnings.

◦Pre-provision net revenue is defined as net interest income plus total non-interest income, excluding net gains and losses, minus total non-interest expense. This measure is a non-US GAAP financial measure since it excludes the provision for (recovery of) credit losses and all gains and losses included in net income.

◦Return on average assets adjusted for non-core items is calculated as annualized net income (less the after-tax impact of all gains and losses, and acquisition-related expenses) divided by average assets. This measure is a non-US GAAP financial measure since it excludes the after-tax impact of all gains and losses, and acquisition-related expenses.

◦Return on average tangible equity is calculated as annualized net income (less the after-tax impact of amortization of other intangible assets) divided by average tangible equity. This measure is a non-US GAAP financial measure since it excludes the after-tax impact of amortization of other intangible assets from net income and the impact of average goodwill and other average intangible assets acquired through acquisitions on average stockholders' equity.

A reconciliation of these non-US GAAP financial measures to the most directly comparable US GAAP financial measures is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

Safe Harbor Statement:

Certain statements made in this news release regarding Peoples' financial condition, results of operations, plans, objectives, future performance and business 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 factors 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, including the Ohio Division of Financial Institutions, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Consumer Financial Protection Bureau, which may subject Peoples, its subsidiaries, or acquired companies to a variety of new and more stringent legal and regulatory requirements;

(6)the effects of easing restrictions on participants in the financial services industry;

(7)current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the U.S. economy generally, a future U.S. government shutdown, an increasing federal government budget deficit, the failure of the federal government to raise the federal debt ceiling, potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations, and 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;

(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 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 the 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)Peoples' ability to integrate the pending Citizens merger, which may be unsuccessful, or may be more difficult, time-consuming or costly than expected;

(31)the risk that the proposed Citizens merger is not completed as a result of a failure to satisfy the conditions of the Citizens merger, including receipt of required regulatory, shareholder, and other approvals;

(32)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;

(33)changes in laws or regulations imposed by Peoples' regulators impacting Peoples' capital actions, including dividend payments and share repurchases;

(34)the vulnerability of Peoples' network and online banking portals, and the systems of parties with whom Peoples contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;

(35)regulatory and legal matters, including the failure to resolve any outstanding matters on a timely basis and the potential of new regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;

(36)the impact on Peoples of increased political and regulatory scrutiny of corporate environmental, social and governance ("ESG") practices;

(37)the effect of a fall in stock market prices on Peoples' asset and wealth management business;

(38)the risk that energy tax credits purchased and used by Peoples to reduce tax liabilities will be disallowed by the 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' Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as supplemental by the disclosures under the heading "ITEM 1A. RISK FACTORS" of Peoples' Quarterly Report on the Form 10-Q for the quarterly period ending March, 31, 2026.

Peoples encourages readers of this news release to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. Peoples undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this news release 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.

As required by US GAAP, Peoples is required to evaluate the impact of subsequent events through the issuance date of its June 30, 2026 consolidated financial statements as part of its Quarterly Report on Form 10-Q to be filed with the SEC. Accordingly, subsequent events could occur that may cause Peoples to update its critical accounting estimates and/or to revise its financial information from the estimates and information contained in this news release.

Important Information for Investors and Shareholders:

This presentation does not constitute an offer to sell or the solicitation of an offer to buy securities of Peoples. Peoples filed a registration statement on Form S-4 (Registration No. 333-296361) and other documents regarding the proposed merger with Citizens with the SEC. The registration statement includes a proxy statement of Citizens that also constitutes a prospectus of Peoples, which, was sent to the shareholders of Citizens seeking their approval of the merger-related proposals. Investors and security holders are urged to read the proxy statement/prospectus and any other relevant documents filed with the SEC in connection with the proposed transaction because they contain or will contain important information about Peoples, Citizens and the proposed transaction. Investors and security holders may obtain a free copy of these documents through the website maintained by the SEC (sec.gov) or at Peoples (peoplesbancorp.com). These documents may also be obtained, without charge, by directing a request to Peoples Bancorp Inc., 138 Putnam Street, P.O. Box 738, Marietta, Ohio 45750, Attn.: Investor Relations.

Peoples and Citizens and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Citizens in connection with the proposed merger. Information about the directors and executive officers of Peoples is set forth in the proxy statement for Peoples’ 2026 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 6, 2026. Information about the directors and executive officers of Citizens and their ownership of Citizens common stock, as well as additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by securities holdings or otherwise, can be found in the proxy statement/prospectus and other relevant documents regarding the proposed transaction filed with the SEC. Free copies may be obtained as described in the preceding paragraph.

PER COMMON SHARE DATA AND SELECTED RATIOS (Unaudited)

At or For the Three Months Ended At or For the Six Months Ended

June 30, March 31, June 30, June 30,

2026 2026 2025 2026 2025

PER COMMON SHARE:

Earnings per common share:

Basic $ 0.79 $ 0.82 $ 0.60 $ 1.61 $ 1.29

Diluted 0.78 0.81 0.59 1.59 1.28

Cash dividends declared per common share 0.42 0.41 0.41 0.83 0.81

Book value per common share (a) 34.41 33.85 32.33 34.41 32.33

Tangible book value per common share (a)(b) 23.56 22.95 21.18 23.56 21.18

Closing price of common shares at end of period $ 38.41 $ 32.87 $ 30.54 $ 38.41 $ 30.54

SELECTED RATIOS:

Return on average stockholders' equity (c) 9.13 % 9.66 % 7.42 % 9.39 % 8.09 %

Return on average tangible equity (c)(d) 14.03 % 14.90 % 12.31 % 14.46 % 13.46 %

Return on average assets (c) 1.17 % 1.23 % 0.92 % 1.20 % 0.99 %

Return on average assets adjusted for non-core items (c)(h) 1.47 % 1.24 % 0.93 % 1.35 % 1.00 %

Efficiency ratio (e) 58.27 % 58.61 % 59.25 % 58.44 % 59.96 %

Efficiency ratio adjusted for non-core items (f)(i) 57.93 % 58.60 % 59.25 % 58.26 % 59.96 %

Net interest margin (c)(f) 4.23 % 4.16 % 4.15 % 4.20 % 4.14 %

Dividend payout ratio (g) 54.04 % 50.50 % 68.90 % 52.24 % 63.32 %

(a) Data presented as of the end of the period indicated.

(b) Tangible book value per common share represents a non-US GAAP financial measure since it excludes the balance sheet impact of goodwill and other intangible assets acquired through acquisitions on stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

(d) Return on average tangible equity represents a non-US GAAP financial measure since it excludes the after-tax impact of amortization of other intangible assets from net income and it excludes the balance sheet impact of average goodwill and other intangible assets acquired through acquisitions on average stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

(e) The efficiency ratio is defined as total non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income (excluding all gains and losses). This ratio 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 fully tax-equivalent net interest income. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

(f) Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.

(g) This ratio is calculated based on dividends declared during the period divided by net income for the period.

(h) Return on average assets adjusted for non-core items represents a non-US GAAP financial measure since it excludes the after-tax impact of all gains and losses and acquisition-related expenses. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

(i) The efficiency ratio adjusted for non-core items is defined as core non-interest expense (less amortization of other intangible assets) as a percentage of fully tax-equivalent net interest income plus total non-interest income (excluding all gains and losses). This ratio represents a non-US GAAP financial measure since it excludes the impact of all gains and losses and acquisition-related expenses included in earnings, and uses fully tax-equivalent net interest income. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30,

2026 2026 2025 2026 2025

(Dollars in thousands, except per share data) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Total interest income $ 127,580 $ 126,821 $ 126,407 $ 254,401 $ 250,949

Total interest expense 34,852 36,401 38,830 71,253 78,117

Net interest income 92,728 90,420 87,577 183,148 172,832

Provision for credit losses 4,709 9,694 16,642 14,403 26,832

Net interest income after provision for credit losses 88,019 80,726 70,935 168,745 146,000

Non-interest income:

Electronic banking income 6,543 5,927 6,272 12,470 12,157

Trust and investment income 5,986 5,605 5,281 11,591 10,342

Lease income 4,977 4,581 4,211 9,558 7,679

Deposit account service charges 4,488 4,267 4,059 8,755 8,074

Insurance income 4,331 5,580 4,549 9,911 10,603

Bank owned life insurance income 1,189 1,162 1,112 2,351 2,245

Mortgage banking income 598 376 220 974 616

Net loss on asset disposals and other transactions (446) (410) (280) (856) (641)

Net loss on investment securities (8,181) — — (8,181) (2)

Other non-interest income 893 1,166 1,456 2,059 2,906

Total non-interest income 20,378 28,254 26,880 48,632 53,979

Non-interest expense:

Salaries and employee benefit costs 40,012 39,835 38,893 79,847 78,714

Data processing and software expense 7,850 7,536 7,356 15,386 14,361

Net occupancy and equipment expense 5,765 6,224 5,690 11,989 11,302

Professional fees 4,018 2,753 3,610 6,771 6,697

Electronic banking expense 2,225 2,081 2,018 4,306 4,043

Operating lease expense 1,797 1,804 1,053 3,601 2,038

Amortization of other intangible assets 1,697 1,697 2,211 3,394 4,424

FDIC insurance expense 1,370 1,410 1,251 2,780 2,502

Other loan expenses 1,278 1,123 1,213 2,401 2,332

Franchise tax expense 972 1,004 678 1,976 1,607

Travel and entertainment expense 726 583 713 1,309 1,213

Communication expense 605 589 712 1,194 1,446

Marketing expense 604 886 718 1,490 1,621

Other non-interest expense 3,840 4,110 4,246 7,950 8,849

Total non-interest expense 72,759 71,635 70,362 144,394 141,149

Income before income taxes 35,638 37,345 27,453 72,983 58,830

Income tax expense 7,685 8,339 6,241 16,024 13,282

Net income $ 27,953 $ 29,006 $ 21,212 $ 56,959 $ 45,548

CONSOLIDATED STATEMENTS OF INCOME (Cont.)

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30,

2026 2026 2025 2026 2025

(Dollars in thousands, except per share data) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

PER COMMON SHARE DATA:

Net income available to common shareholders $ 27,953 $ 29,006 $ 21,212 $ 56,959 $ 45,548

Less: Dividends paid on unvested common shares 212 200 212 412 422

Less: Undistributed income allocated to unvested common shares 81 54 17 135 54

Net earnings allocated to common shareholders $ 27,660 $ 28,752 $ 20,983 $ 56,412 $ 45,072

Weighted-average common shares outstanding 35,173,525 35,108,649 34,972,065 35,141,267 34,934,105

Effect of potentially dilutive common shares 393,041 376,775 359,642 388,248 365,313

Total weighted-average diluted common shares outstanding 35,566,566 35,485,424 35,331,707 35,529,515 35,299,418

Earnings per common share – basic $ 0.79 $ 0.82 $ 0.60 $ 1.61 $ 1.29

Earnings per common share – diluted $ 0.78 $ 0.81 $ 0.59 $ 1.59 $ 1.28

Cash dividends declared per common share $ 0.42 $ 0.41 $ 0.41 $ 0.83 $ 0.81

Weighted-average common shares outstanding – basic 35,173,525 35,108,649 34,972,065 35,141,267 34,934,105

Weighted-average common shares outstanding – diluted 35,566,566 35,485,424 35,331,707 35,529,515 35,299,418

Common shares outstanding at the end of period 35,939,954 35,925,945 35,673,721 35,939,954 35,673,721

CONSOLIDATED BALANCE SHEETS

June 30, December 31,

2026 2025

(Dollars in thousands) (Unaudited)

Assets

Cash and cash equivalents:

Cash and due from banks $ 106,562 $ 107,864

Interest-bearing deposits in other banks 73,163 81,087

Total cash and cash equivalents 179,725 188,951

Available-for-sale investment securities, at fair value (amortized cost of

$966,592 at June 30, 2026 and $1,076,980 at December 31, 2025) (a)

874,050 984,367

Held-to-maturity investment securities, at amortized cost (fair value of

$802,716 at June 30, 2026 and $867,714 at December 31, 2025) (a)

867,332 922,837

Other investment securities, at cost 76,099 68,656

Total investment securities (a) 1,817,481 1,975,860

Loans and leases, net of deferred fees and costs (b) 6,821,580 6,756,907

Allowance for credit losses (78,103) (75,676)

Net loans and leases 6,743,477 6,681,231

Loans held for sale 2,568 2,667

Bank premises and equipment, net of accumulated depreciation 97,578 100,508

Bank owned life insurance 150,615 148,264

Goodwill 363,199 363,199

Other intangible assets 26,764 30,120

Other assets 158,754 158,830

Total assets $ 9,540,161 $ 9,649,630

Liabilities

Deposits:

Non-interest-bearing $ 1,593,799 $ 1,545,428

Interest-bearing 5,862,566 6,064,796

Total deposits 7,456,365 7,610,224

Short-term borrowings 588,653 530,285

Long-term borrowings 156,253 204,138

Accrued expenses and other liabilities 102,339 98,381

Total liabilities $ 8,303,610 $ 8,443,028

Stockholders' Equity

Preferred shares, no par value, 50,000 shares authorized, no shares issued at June 30, 2026 or at December 31, 2025

— —

Common shares, no par value, 50,000,000 shares authorized, 36,860,845 shares issued at June 30, 2026 and 36,836,943 shares issued at December 31, 2025, including shares in treasury

869,739 871,571

Retained earnings 463,953 436,748

Accumulated other comprehensive loss, net of deferred income taxes (70,861) (70,628)

Treasury stock, at cost, 1,008,699 common shares at June 30, 2026 and 1,215,120 common shares at December 31, 2025

(26,280) (31,089)

Total stockholders' equity 1,236,551 1,206,602

Total liabilities and stockholders' equity $ 9,540,161 $ 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 and $0 and $236 at June 30, 2026, and at December 31, 2025, respectively.

(b)Also referred to throughout this document as "total loans" and "loans held for investment."

SELECTED FINANCIAL INFORMATION (Unaudited)

June 30, March 31, December 31, September 30, June 30,

(Dollars in thousands) 2026 2026 2025 2025 2025

Loan Portfolio

Construction $ 294,350 $ 269,571 $ 300,941 $ 261,048 $ 341,313

Commercial real estate, other 2,283,163 2,340,833 2,363,967 2,369,396 2,248,214

Commercial and industrial 1,689,817 1,646,797 1,535,755 1,489,505 1,407,382

Premium finance 266,015 228,883 253,075 273,297 277,622

Leases 353,952 350,226 365,649 382,753 400,052

Residential real estate 846,475 852,011 861,722 875,773 877,968

Home equity lines of credit 273,965 260,909 253,864 247,383 241,785

Consumer, indirect 693,529 699,854 700,582 710,385 692,674

Consumer, direct 119,273 119,859 120,338 118,206 113,615

Deposit account overdrafts 1,041 1,265 1,014 982 964

Total loans and leases $ 6,821,580 $ 6,770,208 $ 6,756,907 $ 6,728,728 $ 6,601,589

Total acquired loans and leases (a) $ 1,140,586 $ 1,225,112 $ 1,299,543 $ 1,380,354 $ 1,452,475

Total originated loans and leases $ 5,680,994 $ 5,545,096 $ 5,457,364 $ 5,348,374 $ 5,149,114

Total Investment Securities $ 1,817,481 $ 1,961,522 $ 1,975,860 $ 1,972,721 $ 2,019,054

Deposit Balances

Non-interest-bearing deposits (b) $ 1,593,799 $ 1,586,514 $ 1,545,428 $ 1,536,094 $ 1,530,824

Interest-bearing deposits:

Retail certificates of deposit 1,876,056 1,968,441 1,983,791 2,008,619 2,005,322

Interest-bearing demand accounts (b) 1,094,873 1,111,875 1,092,252 1,068,443 1,058,910

Money market deposit accounts 995,487 958,413 945,313 948,177 927,543

Savings accounts 915,505 918,557 887,402 884,230 889,872

Governmental deposit accounts 755,024 842,087 739,939 769,782 781,949

Brokered deposits 225,621 262,550 416,099 416,851 442,788

Total interest-bearing deposits $ 5,862,566 $ 6,061,923 $ 6,064,796 $ 6,096,102 $ 6,106,384

Total deposits $ 7,456,365 $ 7,648,437 $ 7,610,224 $ 7,632,196 $ 7,637,208

Total demand deposits (b) $ 2,688,672 $ 2,698,389 $ 2,637,680 $ 2,604,537 $ 2,589,734

Asset Quality

Nonperforming assets (NPAs):

Loans 90+ days past due and accruing $ 7,838 $ 2,846 $ 6,156 $ 4,898 $ 6,126

Nonaccrual loans 33,101 36,714 36,886 33,889 34,485

Total nonperforming loans (NPLs) (f) 40,939 39,560 43,042 38,787 40,611

Other real estate owned (OREO) 115 97 123 6,013 6,013

Total NPAs (f) $ 41,054 $ 39,657 $ 43,165 $ 44,800 $ 46,624

Criticized loans (c) $ 273,791 $ 224,124 $ 236,468 $ 268,326 $ 244,442

Classified loans (d) 140,811 141,940 147,175 158,577 125,014

Allowance for credit losses as a percent of NPLs (f) 190.78 % 198.16 % 175.82 % 193.01 % 183.89 %

NPLs as a percent of total loans (f) 0.60 % 0.58 % 0.64 % 0.58 % 0.61 %

NPAs as a percent of total assets (f) 0.43 % 0.41 % 0.45 % 0.47 % 0.49 %

NPAs as a percent of total loans and OREO (f) 0.60 % 0.59 % 0.64 % 0.66 % 0.71 %

Criticized loans as a percent of total loans (c) 4.01 % 3.31 % 3.50 % 3.99 % 3.70 %

Classified loans as a percent of total loans (d) 2.06 % 2.10 % 2.18 % 2.36 % 1.89 %

Allowance for credit losses as a percent of total loans 1.14 % 1.16 % 1.12 % 1.11 % 1.13 %

Total demand deposits as a percent of total deposits (b) 36.06 % 35.28 % 34.66 % 34.13 % 33.91 %

Capital Information (e)(g)

Common equity tier 1 capital ratio (h) 12.66 % 12.45 % 12.29 % 12.11 % 11.95 %

Tier 1 risk-based capital ratio 13.10 % 12.89 % 12.73 % 12.54 % 12.39 %

Total risk-based capital ratio (tier 1 and tier 2) 14.19 % 13.98 % 13.78 % 13.79 % 13.71 %

Leverage ratio 10.33 % 10.14 % 9.91 % 9.74 % 9.83 %

Common equity tier 1 capital $ 928,523 $ 911,986 $ 893,970 $ 875,454 $ 857,036

Tier 1 capital 960,707 943,986 925,616 906,900 888,282

Total capital (tier 1 and tier 2) 1,040,914 1,023,777 1,002,226 997,309 982,929

Total risk-weighted assets $ 7,334,712 $ 7,323,344 $ 7,273,985 $ 7,231,476 $ 7,170,841

Total stockholders' equity to total assets 12.96 % 12.60 % 12.50 % 12.29 % 12.09 %

Tangible equity to tangible assets (i) 9.25 % 8.91 % 8.79 % 8.53 % 8.26 %

(a)Includes all loans and leases acquired and purchased in 2012 and thereafter.

(b)The sum of non-interest-bearing deposits and interest-bearing demand accounts is considered total demand deposits.

(c)Includes loans categorized as special mention, substandard, or doubtful.

(d)Includes loans categorized as substandard or doubtful.

(e)Data presented as of the end of the period indicated.

(f)Nonperforming loans include loans 90+ days past due and accruing, renegotiated loans and nonaccrual loans. Nonperforming assets include nonperforming loans and OREO.

(g)June 30, 2026 data based on preliminary analysis and subject to revision.

(h)Peoples' capital conservation buffer was 6.19% at June 30, 2026, 5.98% at March 31, 2026, 5.78% at December 31, 2025, 5.79% at September 30, 2025, and 5.71% at June 30, 2025, compared to required capital conservation buffer of 2.50%

(i)This ratio represents a non-US GAAP financial measure since it excludes the balance sheet impact of intangible assets acquired through acquisitions on both total stockholders' equity and total assets. Additional information regarding the calculation of this ratio is included at the end of this news release under the caption of "Non-US GAAP Financial Measures (Unaudited)."

PROVISION FOR (RECOVERY OF) CREDIT LOSSES INFORMATION

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30,

2026 2026 2025 2026 2025

(Dollars in thousands) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Provision for credit losses

Provision for credit losses $ 4,477 $ 9,415 $ 16,475 $ 13,892 $ 26,510

Provision for checking account overdrafts 232 279 167 511 322

Total provision for credit losses $ 4,709 $ 9,694 $ 16,642 $ 14,403 $ 26,832

Net Charge-Offs

Gross charge-offs $ 6,766 $ 7,759 $ 7,829 $ 14,525 $ 16,589

Recoveries 1,581 1,114 865 2,695 1,504

Net charge-offs $ 5,185 $ 6,645 $ 6,964 $ 11,830 $ 15,085

Net Charge-Offs (Recoveries) by Type

Construction $ — $ — $ — $ — $ —

Commercial real estate, other 167 — 35 167 246

Commercial and industrial 196 254 539 450 913

Premium finance 50 46 90 96 155

Leases 3,403 4,254 4,838 7,657 10,247

Residential real estate 62 37 (50) 99 43

Home equity lines of credit 32 20 12 52 12

Consumer, indirect 841 1,592 1,244 2,433 2,900

Consumer, direct 183 178 82 361 217

Deposit account overdrafts 251 264 174 515 352

Total net charge-offs $ 5,185 $ 6,645 $ 6,964 $ 11,830 $ 15,085

As a percent of average total loans (annualized) 0.31 % 0.40 % 0.43 % 0.35 % 0.48 %

SUPPLEMENTAL INFORMATION (Unaudited)

June 30, March 31, December 31, September 30, June 30,

(Dollars in thousands) 2026 2026 2025 2025 2025

Trust assets under administration and management $ 2,521,031 $ 2,178,467 $ 2,219,650 $ 2,271,536 $ 2,138,439

Brokerage assets under administration and management 1,984,252 1,844,940 1,846,084 1,800,781 1,724,311

Mortgage loans serviced for others 326,021 319,664 322,139 323,347 326,710

Employees (full-time equivalent) 1,443 1,458 1,454 1,454 1,477

CONSOLIDATED AVERAGE BALANCE SHEETS AND NET INTEREST INCOME (Unaudited)

Three Months Ended

June 30, 2026 March 31, 2026 June 30, 2025

(Dollars in thousands) Balance Income/

Expense Yield/ Cost Balance Income/

Expense Yield/ Cost

Assets

Short-term investments $ 112,726 $ 1,084 3.86 % $ 82,872 $ 790 3.87 % $ 86,655 $ 1,039 4.81 %

Investment securities (a)(b) 1,887,908 17,133 3.63 % 1,961,950 17,558 3.58 % 1,910,884 16,808 3.52 %

Loans (b)(c):

Construction 282,906 4,989 6.98 % 289,892 4,586 6.33 % 335,396 5,935 7.00 %

Commercial real estate, other 2,205,065 33,969 6.09 % 2,251,931 34,658 6.16 % 2,110,961 33,430 6.27 %

Commercial and industrial 1,652,813 25,826 6.18 % 1,554,825 25,110 6.46 % 1,325,976 23,304 6.95 %

Premium finance 243,558 5,154 8.37 % 238,918 4,553 7.62 % 267,294 5,743 8.50 %

Leases 352,662 8,180 9.18 % 355,857 8,578 9.64 % 384,191 10,287 10.59 %

Residential real estate (d) 943,268 12,927 5.48 % 958,354 13,049 5.45 % 974,203 12,226 5.02 %

Home equity lines of credit 267,892 4,684 7.01 % 256,543 4,404 6.96 % 239,531 4,540 7.60 %

Consumer, indirect 698,460 11,322 6.50 % 700,411 11,293 6.54 % 686,550 11,038 6.45 %

Consumer, direct 127,928 2,533 7.94 % 128,423 2,487 7.85 % 119,358 2,337 7.85 %

Total loans 6,774,552 109,584 6.42 % 6,735,154 108,718 6.47 % 6,443,460 108,840 6.71 %

Allowance for credit losses (78,113) (75,284) (65,186)

Net loans 6,696,439 6,659,870 6,378,274

Total earning assets 8,697,073 127,801 5.84 % 8,704,692 127,066 5.85 % 8,375,813 126,687 6.01 %

Goodwill and other intangible assets 390,753 392,490 398,940

Other assets 498,500 503,926 518,534

Total assets $ 9,586,326 $ 9,601,108 $ 9,293,287

Liabilities and Equity

Interest-bearing deposits:

Savings accounts $ 917,693 $ 181 0.08 % $ 903,050 $ 183 0.08 % $ 889,877 $ 220 0.10 %

Governmental deposit accounts 818,274 4,151 2.03 % 782,543 3,923 2.03 % 811,822 4,874 2.41 %

Interest-bearing demand accounts 1,091,757 602 0.22 % 1,055,685 572 0.22 % 1,075,220 563 0.21 %

Money market deposit accounts 970,487 4,977 2.06 % 925,668 4,541 1.99 % 938,318 5,592 2.39 %

Retail certificates of deposit 1,917,698 15,357 3.21 % 1,973,029 16,458 3.38 % 1,997,992 18,235 3.66 %

Brokered deposits (e) 237,556 2,382 4.02 % 301,470 2,954 3.97 % 419,277 4,393 4.20 %

Total interest-bearing deposits 5,953,465 27,650 1.86 % 5,941,445 28,631 1.95 % 6,132,506 33,877 2.22 %

Short-term borrowings (e) 494,931 4,623 3.74 % 550,370 4,959 3.64 % 127,716 1,389 4.36 %

Long-term borrowings 182,032 2,579 5.66 % 190,934 2,811 5.92 % 233,998 3,564 6.07 %

Total borrowed funds 676,963 7,202 4.26 % 741,304 7,770 4.23 % 361,714 4,953 5.47 %

Total interest-bearing liabilities 6,630,428 34,852 2.11 % 6,682,749 36,401 2.21 % 6,494,220 38,830 2.40 %

Non-interest-bearing deposits 1,631,305 1,604,708 1,546,475

Other liabilities 96,401 95,283 105,339

Total liabilities 8,358,134 8,382,740 8,146,034

Stockholders’ equity 1,228,192 1,218,368 1,147,253

Total liabilities and stockholders' equity $ 9,586,326 $ 9,601,108 $ 9,293,287

Net interest income/spread (b) $ 92,949 3.73 % $ 90,665 3.64 % $ 87,857 3.61 %

Net interest margin (b) 4.23 % 4.16 % 4.15 %

(a)Average balances are based on carrying value.

(b)Interest income and yields are presented on a fully tax-equivalent basis, using a 21% statutory federal corporate income tax rate.

(c)Average balances include nonaccrual and impaired loans. Interest income includes interest earned and received on nonaccrual loans prior to the loans being placed on nonaccrual status. Loan fees included in interest income were immaterial for all periods presented.

(d)Loans held for sale are included in the average loan balance listed. Related interest income on loans originated for sale prior to the loan being sold is included in loan interest income.

(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 deposits for the periods presented in which FHLB advances and brokered deposits were being utilized.

CONSOLIDATED AVERAGE BALANCE SHEETS AND NET INTEREST INCOME (Unaudited) -- (Continued)

Six Months Ended

June 30, 2026 June 30, 2025

(Dollars in thousands) Balance Income/

Expense Yield/ Cost Balance Income/

Expense Yield/ Cost

Assets

Short-term investments $ 97,882 $ 1,874 3.86 % $ 87,780 $ 1,938 4.45 %

Investment securities (a)(b) 1,924,724 34,691 3.61 % 1,903,997 33,406 3.51 %

Loans (b)(c):

Construction 286,380 9,574 6.65 % 324,325 11,507 7.06 %

Commercial real estate, other 2,228,369 68,630 6.13 % 2,090,163 66,693 6.35 %

Commercial and industrial 1,604,089 50,936 6.32 % 1,331,026 46,635 6.97 %

Premium finance 241,251 9,706 8.00 % 263,290 11,328 8.56 %

Leases 354,251 16,758 9.41 % 389,646 20,485 10.46 %

Residential real estate (d) 950,769 25,975 5.46 % 965,176 24,440 5.06 %

Home equity lines of credit 262,249 9,088 6.99 % 236,543 8,922 7.61 %

Consumer, indirect 699,430 22,615 6.52 % 680,415 21,586 6.40 %

Consumer, direct 128,174 5,020 7.90 % 118,623 4,572 7.77 %

Total loans 6,754,962 218,302 6.45 % 6,399,207 216,168 6.74 %

Allowance for credit losses (76,706) (64,129)

Net loans 6,678,256 6,335,078

Total earning assets 8,700,862 254,867 5.85 % 8,326,855 251,512 6.03 %

Goodwill and other intangible assets 391,617 400,135

Other assets 501,197 517,505

Total assets $ 9,593,676 $ 9,244,495

Liabilities and Equity

Interest-bearing deposits:

Savings accounts $ 910,412 $ 365 0.08 % $ 884,282 $ 437 0.10 %

Governmental deposit accounts 800,507 8,074 2.03 % 796,885 9,526 2.41 %

Interest-bearing demand accounts 1,073,821 1,175 0.22 % 1,079,921 1,086 0.20 %

Money market deposit accounts 948,201 9,518 2.02 % 926,264 10,884 2.37 %

Retail certificates of deposit 1,945,210 31,814 3.30 % 1,968,840 36,669 3.76 %

Brokered deposit (e) 269,336 5,335 3.99 % 491,567 10,440 4.28 %

Total interest-bearing deposits 5,947,487 56,281 1.91 % 6,147,759 69,042 2.26 %

Short-term borrowings (e) 522,497 9,582 3.69 % 92,336 1,896 4.13 %

Long-term borrowings 186,459 5,390 5.79 % 235,542 7,179 6.10 %

Total borrowed funds 708,956 14,972 4.24 % 327,878 9,075 5.55 %

Total interest-bearing liabilities 6,656,443 71,253 2.16 % 6,475,637 78,117 2.43 %

Non-interest-bearing deposits 1,618,080 1,522,851

Other liabilities 95,846 110,883

Total liabilities 8,370,369 8,109,371

Stockholders’ equity 1,223,307 1,135,124

Total liabilities and stockholders' equity $ 9,593,676 $ 9,244,495

Net interest income/spread (b) $ 183,614 3.69 % $ 173,395 3.60 %

Net interest margin (b) 4.20 % 4.14 %

(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.

(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.

NON-US GAAP FINANCIAL MEASURES (Unaudited)

The following non-US GAAP financial measures used by Peoples provide information useful to investors in understanding Peoples' operating performance and trends, and facilitate comparisons with the performance of Peoples' peers. The following tables summarize the non-US GAAP financial measures derived from amounts reported in Peoples' consolidated financial statements:

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30,

(Dollars in thousands) 2026 2026 2025 2026 2025

Core non-interest expense:

Total non-interest expense $ 72,759 $ 71,635 $ 70,362 $ 144,394 $ 141,149

Less: acquisition-related expenses 410 16 — 426 —

Core non-interest expense $ 72,349 $ 71,619 $ 70,362 $ 143,968 $ 141,149

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30,

(Dollars in thousands) 2026 2026 2025 2026 2025

Efficiency ratio:

Total non-interest expense $ 72,759 $ 71,635 $ 70,362 $ 144,394 $ 141,149

Less: amortization of other intangible assets 1,697 1,697 2,211 3,394 4,424

Adjusted total non-interest expense 71,062 69,938 68,151 141,000 136,725

Total non-interest income 20,378 28,254 26,880 48,632 53,979

Less: net loss on investment securities (8,181) — — (8,181) (2)

Less: net loss on asset disposals and other transactions (446) (410) (280) (856) (641)

Total non-interest income, excluding net gains and losses 29,005 28,664 27,160 57,669 54,622

Net interest income 92,728 90,420 87,577 183,148 172,832

Add: fully tax-equivalent adjustment (a) 221 245 280 466 563

Net interest income on a fully tax-equivalent basis 92,949 90,665 87,857 183,614 173,395

Adjusted revenue $ 121,954 $ 119,329 $ 115,017 $ 241,283 $ 228,017

Efficiency ratio 58.27 % 58.61 % 59.25 % 58.44 % 59.96 %

Efficiency ratio adjusted for non-core items:

Core non-interest expense $ 72,349 $ 71,619 $ 70,362 $ 143,968 $ 141,149

Less: amortization of other intangible assets 1,697 1,697 2,211 3,394 4,424

Adjusted core non-interest expense 70,652 69,922 68,151 140,574 136,725

Adjusted revenue $ 121,954 $ 119,329 $ 115,017 $ 241,283 $ 228,017

Efficiency ratio adjusted for non-core items 57.93 % 58.60 % 59.25 % 58.26 % 59.96 %

(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.

NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)

At or For the Three Months Ended

June 30, March 31, December 31, September 30, June 30,

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

Tangible equity:

Total stockholders' equity $ 1,236,551 $ 1,216,040 $ 1,206,602 $ 1,182,776 $ 1,153,350

Less: goodwill and other intangible assets 389,963 391,601 393,319 395,535 397,785

Tangible equity $ 846,588 $ 824,439 $ 813,283 $ 787,241 $ 755,565

Tangible assets:

Total assets $ 9,540,161 $ 9,648,087 $ 9,649,630 $ 9,623,944 $ 9,540,608

Less: goodwill and other intangible assets 389,963 391,601 393,319 395,535 397,785

Tangible assets $ 9,150,198 $ 9,256,486 $ 9,256,311 $ 9,228,409 $ 9,142,823

Tangible book value per common share:

Tangible equity $ 846,588 $ 824,439 $ 813,283 $ 787,241 $ 755,565

Common shares outstanding 35,939,954 35,925,945 35,714,484 35,705,369 35,673,721

Tangible book value per common share $ 23.56 $ 22.95 $ 22.77 $ 22.05 $ 21.18

Tangible equity to tangible assets ratio:

Tangible equity $ 846,588 $ 824,439 $ 813,283 $ 787,241 $ 755,565

Tangible assets $ 9,150,198 $ 9,256,486 $ 9,256,311 $ 9,228,409 $ 9,142,823

Tangible equity to tangible assets 9.25 % 8.91 % 8.79 % 8.53 % 8.26 %

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30,

(Dollars in thousands) 2026 2026 2025 2026 2025

Pre-provision net revenue:

Income before income taxes $ 35,638 $ 37,345 $ 27,453 $ 72,983 $ 58,830

Add: provision for credit losses 4,709 9,694 16,642 14,403 26,832

Add: net loss on OREO — 26 — 26 —

Add: net loss on investment securities 8,181 — — 8,181 2

Add: net loss on other assets 453 384 267 837 597

Add: net (gain) loss on other transactions (7) — 23 (7) 74

Less: net gain on OREO — — 10 — 30

Pre-provision net revenue $ 48,974 $ 47,449 $ 44,375 $ 96,423 $ 86,305

NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30,

(Dollars in thousands) 2026 2026 2025 2026 2025

Annualized net income adjusted for non-core items:

Net income $ 27,953 $ 29,006 $ 21,212 $ 56,959 $ 45,548

Add: net loss on investment securities 8,181 — — 8,181 2

Less: tax effect of net loss on investment securities (a) 1,718 — — 1,718 —

Add: net loss on asset disposals and other transactions 446 410 280 856 641

Less: tax effect of net loss on asset disposals and other transactions (a) 94 86 59 180 135

Add: acquisition-related expenses 410 16 — 426 —

Less: tax effect of acquisition-related expenses (a) 86 3 — 89 —

Net income adjusted for non-core items $ 35,092 $ 29,343 $ 21,433 $ 64,435 $ 46,056

Days in the period 91 90 91 181 181

Days in the year 365 365 365 365 365

Annualized net income $ 112,119 $ 117,635 $ 85,081 $ 114,862 $ 91,851

Annualized net income adjusted for non-core items $ 140,754 $ 119,002 $ 85,968 $ 129,938 $ 92,875

Return on average assets:

Annualized net income $ 112,119 $ 117,635 $ 85,081 $ 114,862 $ 91,851

Total average assets $ 9,586,326 $ 9,601,108 $ 9,293,287 $ 9,593,676 $ 9,244,495

Return on average assets 1.17 % 1.23 % 0.92 % 1.20 % 0.99 %

Return on average assets adjusted for non-core items:

Annualized net income adjusted for non-core items $ 140,754 $ 119,002 $ 85,968 $ 129,938 $ 92,875

Total average assets $ 9,586,326 $ 9,601,108 $ 9,293,287 $ 9,593,676 $ 9,244,495

Return on average assets adjusted for non-core items 1.47 % 1.24 % 0.93 % 1.35 % 1.00 %

(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.

NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)

For the Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30,

(Dollars in thousands) 2026 2026 2025 2026 2025

Annualized net income excluding amortization of other intangible assets:

Net income $ 27,953 $ 29,006 $ 21,212 $ 56,959 $ 45,548

Add: amortization of other intangible assets 1,697 1,697 2,211 3,394 4,424

Less: tax effect of amortization of other intangible assets (a) 357 356 464 713 929

Net income excluding amortization of other intangible assets $ 29,293 $ 30,347 $ 22,959 $ 59,640 $ 49,043

Days in the period 91 90 91 181 181

Days in the year 365 365 365 365 365

Annualized net income $ 112,119 $ 117,635 $ 85,081 $ 114,862 $ 91,851

Annualized net income excluding amortization of other intangible assets $ 117,494 $ 123,074 $ 92,088 $ 120,269 $ 98,899

Average tangible equity:

Total average stockholders' equity $ 1,228,192 $ 1,218,368 $ 1,147,253 $ 1,223,307 $ 1,135,124

Less: average goodwill and other intangible assets 390,753 392,490 398,940 391,617 400,135

Average tangible equity $ 837,439 $ 825,878 $ 748,313 $ 831,690 $ 734,989

Return on average stockholders' equity ratio:

Annualized net income $ 112,119 $ 117,635 $ 85,081 $ 114,862 $ 91,851

Average stockholders' equity $ 1,228,192 $ 1,218,368 $ 1,147,253 $ 1,223,307 $ 1,135,124

Return on average stockholders' equity 9.13 % 9.66 % 7.42 % 9.39 % 8.09 %

Return on average tangible equity ratio:

Annualized net income excluding amortization of other intangible assets $ 117,494 $ 123,074 $ 92,088 $ 120,269 $ 98,899

Average tangible equity $ 837,439 $ 825,878 $ 748,313 $ 831,690 $ 734,989

Return on average tangible equity 14.03 % 14.90 % 12.31 % 14.46 % 13.46 %

(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.

END OF RELEASE

EX-99.2

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a2q2026earningspresentat

1 Second Quarter 2026 Earnings Conference Call July 21, 2026

1 Statements in this presentation which are not historical facts 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 may include discussions of the financial condition, results of operations, future performance and/or business of Peoples Bancorp Inc. (“Peoples”). The information contained in this presentation should be read in conjunction with Peoples’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Form 10-K”), Peoples’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (the “March 31, 2026 Form 10-Q”), and Peoples’ earnings release for the quarter ended June 30, 2026 (the “Second Quarter Earnings Release”), included in Peoples’ Current Report on Form 8-K furnished to the Securities and Exchange Commission (“SEC”) on July 21, 2026, each of which is available on the SEC’s website (sec.gov) or at Peoples’ website (peoplesbancorp.com). Peoples expects to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (the “Second Quarter Form 10-Q”) with the SEC on or about July 30, 2026. As required by U.S. generally accepted accounting principles, Peoples is required to evaluate the impact of subsequent events through the issuance date of its June 30, 2026, consolidated financial statements as part of its Second Quarter Form 10-Q. Accordingly, subsequent events could occur that may cause Peoples to update its critical accounting estimates and/or to revise its financial information from that which is contained in this presentation. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in the 2025 Form 10-K under the section “Risk Factors” in Part I, Item 1A, and in the March 31, 2026 Form 10-Q under the section “Risk Factors”, in Part II, Item 1A, as well as in the Second Quarter Earnings Release. As such, actual results could differ materially from those contemplated by forward-looking statements made in this presentation. Management believes that the expectations in these forward-looking statements are based upon reasonable assumptions within the bounds of management’s knowledge of Peoples’ business and operations. Peoples disclaims any responsibility to update these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by applicable legal requirements. Safe Harbor Statement

2 This presentation does not constitute an offer to sell or the solicitation of an offer to buy securities of Peoples. Peoples filed a registration statement on Form S-4 (Registration No. 333-296361) and other documents regarding the proposed merger with Citizens National Corporation (“Citizens”) with the Securities and Exchange Commission (the “SEC”). The registration statement includes a proxy statement of Citizens that also constitutes a prospectus of Peoples, which has been sent to the shareholders of Citizens seeking their approval of the merger-related proposals. Investors and security holders are urged to read the proxy statement/prospectus and any other relevant documents filed with the SEC in connection with the proposed transaction because they contain or will contain important information about Peoples, Citizens and the proposed transaction. Investors and security holders may obtain a free copy of these documents through the website maintained by the SEC (sec.gov) or at Peoples’ website (peoplesbancorp.com). These documents may also be obtained, without charge, by directing a request to Peoples Bancorp Inc., 138 Putnam Street, P.O. Box 738, Marietta, Ohio 45750, Attn.: Investor Relations. Peoples and Citizens and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Citizens in connection with the proposed merger. Information about the directors and executive officers of Peoples is set forth in the proxy statement for Peoples’ 2026 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 6, 2026. Information about the directors and executive officers of Citizens and their ownership of Citizens common stock, as well as additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by securities holdings or otherwise, can be found in the proxy statement/prospectus and other relevant documents regarding the proposed transaction filed with the SEC. Free copies may be obtained as described in the preceding paragraph. Important Information for Investors and Shareholders

3 This presentation contains financial information and performance measures determined by methods other than those in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Management uses these “non-US GAAP” financial measures in its analysis of Peoples’ performance and the efficiency of its operations. Management believes that these non-US GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and peers. These disclosures should not be viewed as substitutes for financial measures determined in accordance with US GAAP, nor are they necessarily comparable to non-US GAAP performance measures that may be presented by other companies. A reconciliation of these non-US GAAP financial measures to the most directly comparable US GAAP financial measures is included under the caption “Non-US GAAP Financial Measures (Unaudited)” at the end of the Second Quarter Earnings Release. Use of Non-US GAAP Financial Measures

4 • Adjusted for one-time losses and expenses of $0.18, diluted earnings per share (“EPS”) of $0.96 exceeded consensus analyst estimates of $0.85 for the quarter • Net interest income increased 3%, while net interest margin expanded 7 basis points, driven by lower deposit costs • Higher fee-based income • Provision for credit losses declined 51% • Improved efficiency ratio of 58.3% compared to 58.6% • Loan growth of $51 million, or 3% annualized • Increase of $7 million, or 2% annualized, in non-interest bearing deposits • Tangible equity to tangible assets improved 34 basis points to 9.25% • Book value per share increased to $34.41, from $33.85, a 7% annualized growth rate • Tangible book value per share improved at an 11% annualized rate to $23.56, from $22.95 • Improvement in all regulatory capital ratios Net income was $28.0 million, or $0.78 of diluted EPS • Negatively impacted diluted EPS by $0.18 with losses of $8.2 million on sales of investment securities in connection with the pending Citizens merger and our strategic plan to stay below $10 billion in assets • Recorded $410,000 of acquisition-related expenses, reducing diluted EPS by $0.01 • Recently purchased an energy tax credit which benefited income tax expense by $480,000, positively impacting diluted EPS by $0.01 Second Quarter 2026 Financial Highlights

5 Loan Balances by Segment (As of Most Recent Quarter-End) 13% 4% 11% 22% 12% 9% 25% 4% Residential real estate Home equity lines of credit Owner occupied commercial real estate Non-owner occupied commercial real estate Other consumer loans Specialty finance Commercial and industrial Construction Loan Balances and Yields (Dollars in billions) $1.45 $1.38 $1.30 $1.23 $1.14 $5.15 $5.35 $5.46 $5.55 $5.68 6.71% 6.71% 6.54% 6.47% 6.42% Acquired loans and leases Originated loans and leases Quarterly loan yield 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 – Total loan balances grew $51 million compared to March 31, 2026 – At June 30, 2026, 42% of loans were fixed rate, with the remaining 58% at a variable rate Loan Balances by Segment

6 North Star Leasing by Segment (As of Most Recent Quarter-End) 24% 11% 8% 7%7% 7% 36% Restaurant Titled - Trade/Service Equipment Heavy Equipment Titled - Trucking/Trailer/Fleet Brewery/Distillery Manufacturing - Production Other – While our North Star Leasing business has experienced higher net charge-off levels in recent periods, it also positively impacts net interest margin and provides a diversified revenue stream – The historical average net charge-off rate for North Star Leasing in 2019 and prior years was between 4% - 5%, and we believe stimulus funds contributed to a lower net charge-off rate in 2022 and 2023 – The North Star portfolio origination yield (before accounting adjustments) is around 20% North Star Leasing North Star Leasing $162.7 $212.4 $220.9 $221.5 $212.0 $190.9 $176.7 $162.8 $149.1 $137.1 $126.5 $114.5 $1,383 $3,027 $690 $2,205 $3,733 $7,483 $5,403 $4,836 $4,484 $5,325 $3,819 $3,401 14.43% 14.49% 14.69% 14.35% 13.99% 14.24% 13.80% 14.14% 13.74% 14.25% 14.13% 14.22% Ending Balance ($ in millions) Net Charge-Offs ($ in thousands) Yield (Net of Deferred Fees and Costs) Full Year 2022 Full Year 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

7 High Balance Accounts (Dollars in millions) $11.1 $8.5 $7.6 $8.2 $1.3 $0.3 $— $— $— $— $— $— $— High balance account outstanding balances High balance account new production 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 $— $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 – High balance accounts consist of leasing relationships in excess of $300,000 in aggregated balances North Star Leasing (High Balance Accounts) We have significantly reduced our exposure to high balance leases within the North Star Leasing portfolio – The high balance portfolio declined 87% compared to December 31, 2023 – At June 30, 2026, these high balance leases totaled $7.2 million – We stopped originating new high balance leases through North Star in mid-2024 At June 30, 2026, our North Star Leasing (small-ticket) balances comprised less than 2% of our total loan balances

8 Asset Quality Metrics 3.79% 3.80% 3.52% 3.70% 3.99% 3.50% 3.31% 4.01% 2.12% 2.03% 1.93% 1.89% 2.36% 2.18% 2.10% 2.06% 1.06% 1.00% 1.01% 1.13% 1.11% 1.12% 1.16% 1.14% 0.76% 0.53% 0.50% 0.49% 0.47% 0.45% 0.41% 0.43% Criticized loans as a % of total loans Classified loans as a % of total loans Allowance for credit losses as a % of total loans Nonperforming assets as a % of total assets 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 The allowance for credit losses was 1.14% of total loans at June 30, 2026 – Nonperforming loans increased slightly compared to the linked quarter-end – Delinquency levels improved as 99.1% of our loan portfolio was considered “current” compared to 98.9% at March 31st – Criticized loans grew $50 million, while classified loans declined $1 million compared to March 31st – The increase in criticized loans was driven by the downgrade of two commercial credits – We currently expect no charge-offs to arise from these relationships Asset Quality

9 Net Charge-Offs (Dollars in thousands) 4,838 4,484 5,325 3,819 3,401 2,126 2,345 2,114 2,826 1,784 Small-ticket leasing net charge-offs All other net charge-offs 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 — 2,000 4,000 6,000 8,000 10,000 Provision for Credit Losses and Net Charge-Offs Provision for credit losses and the annualized net charge-off rate declined compared to the linked quarter – Lower provision for credit losses was driven by reduced net charge-offs and the stabilization of macro-economic conditions used within our model – Small-ticket leasing net charge-offs declined compared to the linked quarter Net charge-offs have been heavily impacted by small-ticket leasing in recent quarters – Excluding small-ticket leasing, net charge-offs have been stable Quarterly Net Charge-Off Rate (Annualized) 0.43% 0.41% 0.44% 0.40% 0.31% 0.14% 0.15% 0.13% 0.17% 0.11% Total net charge-off rate Net charge-off rate, excluding North Star Leasing 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026

10 Net interest income improved $2.3 million compared to the linked quarter, while net interest margin expanded by 7 basis points – The higher net interest income was primarily driven by lower deposit costs – Net interest margin expansion was largely due to lower deposit costs, which were down 6 basis points For the first six months of 2026, net interest income grew $10.3 million, and net interest margin expanded 6 basis points – Controlled deposit costs and higher interest income contributed to the increase Net Interest Income (Dollars in thousands) $87,577 $90,420 $92,728 $172,832 $183,148 2Q 2025 1Q 2026 2Q 2026 YTD 2025 YTD 2026 Quarterly Net Interest Margin ("NIM") 4.18% 4.27% 4.15% 4.12% 4.15% 4.16% 4.12% 4.16% 4.23% 0.28% 0.39% 0.23% 0.17% 0.12% 0.08% 0.08% 0.06% 0.05% Net interest margin Accretion impact 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Accretion Income (Dollars in thousands) $2,592 $1,259 $1,169 $6,073 $2,428 2Q 2025 1Q 2026 2Q 2026 YTD 2025 YTD 2026 Net Interest Income

11 Non-interest income declined compared to the linked quarter and first half of 2025 – We recorded losses of $8.2 million related to a sale of $135 million of investment securities as part of our current strategic plan to stay below $10 billion in total assets, and restructure our investment portfolio ahead of the pending Citizens merger Non-interest income, excluding gains and losses, grew $0.3 million compared to the linked quarter – We had improvements in the majority of our fee-based income lines, which more than offset the decline in insurance income driven by the annual performance-based insurance commissions received in the first quarter For the first half of 2026, non-interest income, excluding gains and losses, increased 6% – The improvement was mostly due to higher lease income and trust and investment income Non-Interest Income (Dollars in thousands) $26,880 $28,254 $20,378 $53,979 $48,632 2Q 2025 1Q 2026 2Q 2026 YTD 2025 YTD 2026 Non-Interest Income Non-Interest Income, Excluding Gains and (Losses) (Dollars in thousands) $27,160 $28,664 $29,005 $54,622 $57,669 2Q 2025 1Q 2026 2Q 2026 YTD 2025 YTD 2026

12 Non-interest expense grew 2% compared to the linked quarter – Includes $410,000 of acquisition-related expenses – Increase was mostly due to higher professional fees, which included the majority of the acquisition-related expenses For the first six months of 2026, non-interest expense increased 2% – The growth was driven by higher operating lease expense, which corresponds to our fee- based lease income, as well as salaries and employee benefit costs, and data processing and software expense – Includes $426,000 of acquisition-related expenses The efficiency ratio improved compared to the linked quarter and for the first half of 2026 – Driven by higher revenue Non-Interest Expense (Dollars in thousands) $70,362 $71,635 $72,759 $141,149 $144,394 2Q 2025 1Q 2026 2Q 2026 YTD 2025 YTD 2026 Efficiency Ratio 59.3% 58.6% 58.3% 60.0% 58.4% 2Q 2025 1Q 2026 2Q 2026 YTD 2025 YTD 2026 Non-Interest Expense

13 Deposit Balances by Segment (As of Most Recent Quarter-End) 22% 15% 25% 13% 10% 12% 3% Non-interest-bearing deposits Interest-bearing demand accounts Retail certificates of deposit Money market deposit accounts Governmental deposit accounts Savings accounts Brokered deposits Deposit Balances and Costs (Dollars in billions) $1.53 $1.54 $1.55 $1.59 $1.59 $6.11 $6.10 $6.06 $6.06 $5.86 1.76% 1.76% 1.68% 1.52% 1.46% Non-interest-bearing deposits Interest-bearing deposits Quarterly deposit cost 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Second quarter 2026 deposits decreased by $155 million, excluding brokered CDs – Governmental deposits experienced a seasonal decline, and were down $87 million, coupled with a $17 million decrease in interest bearing demand accounts, which were partially offset by a $37 million increase in money markets and a $7 million in non-interest bearing deposits – Retail CDs declined $92 million, however, deposit costs improved 6 basis points compared to the linked quarter – At June 30, 2026, 78% of our deposits were to retail customers (comprised of consumers and small businesses), while the remaining 22% were to commercial customers – Our average retail customer deposit relationship was $26,000 at quarter-end, while our median was around $2,700 Deposits

14 Capital Metrics 13.71% 13.79% 13.78% 13.98% 14.19% 12.39% 12.54% 12.73% 12.89% 13.10% 11.95% 12.11% 12.29% 12.45% 12.66% 9.83% 9.74% 9.91% 10.14% 10.33% 8.26% 8.53% 8.79% 8.91% 9.25% Total risk-based capital ratio Tier 1 risk-based capital ratio Common equity tier 1 capital ratio Leverage ratio Tangible equity to tangible assets 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 – All of our regulatory capital ratios improved during the second quarter, as earnings outpaced dividends – Our tangible equity to tangible assets ratio improved 34 basis points compared to March 31st, partially due to the sale of investment securities during the second quarter Capital

15 Our current expectations for 2026, excluding non-core expenses and the proposed Citizens merger: Operating Leverage – Expect to generate positive operating leverage for 2026, compared to 2025 Net Interest Income – Anticipate our net interest margin will be between 4.10% and 4.30% for the full year of 2026 – A 25 basis point increase in rates from the Federal Reserve is expected to result in a 6 to 8 basis point improvement in our net interest margin for the full year Non-Interest Income Excluding Gains and Losses – Expect that non-interest income, excluding gains and losses, will be between $28 and $30 million for each quarter for 2026 Non-Interest Expense – Anticipate quarterly non-interest expense of between $73 to $75 million for the two remaining quarters of 2026 Loans/Asset Quality – Expect our loan growth will come in towards the low end of our guided range of 3% to 5% due to the movement of paydowns from late 2025 to 2026 – Anticipate a slight reduction in our net charge-offs for 2026, compared to 2025, which we expect to positively impact provision for credit losses, excluding any changes in the economic forecasts 2026 Outlook

16 Proposed Merger: Citizens National Corporation Transaction Structure & Consideration Franchise Background Combined Branch Footprint PEBO* (127) Citizens (12) • Founded in 1909 as Paintsville Bank & Trust Co. • Headquartered in Paintsville, KY • Operates 12 branches in 8 Kentucky counties, which include Johnson, Floyd, Magoffin, Boyd, Carter, Pike, Lawrence and Clark * Map does not display all PEBO branches • We are awaiting regulatory and Citizens’ shareholder approvals for the merger, but are targeting a close date of early in the fourth quarter of 2026 • We have spent a considerable amount of time within the footprint, interacting with associates and hosting meetings to discuss our future • We are coordinating processes between teams, both on the front-lines and operationally, to ensure a seamless transition • We will have a separate conversion date scheduled for early in the second quarter 2027 for our core processer, similar to the Limestone merger Merger Update

EX-99.3

Filename: exhibit993q22026divdeclared.htm · Sequence: 4

Document

P.O. BOX 738 - MARIETTA, OHIO - 45750 NEWS RELEASE

www.peoplesbancorp.com

FOR IMMEDIATE RELEASE Contact: Katie Bailey

July 21, 2026

Chief Financial Officer and Treasurer

(740) 376-7138

PEOPLES BANCORP INC. DECLARES

QUARTERLY DIVIDEND

_____________________________________________________________________

MARIETTA, Ohio - The Board of Directors of Peoples Bancorp Inc. (“Peoples”) (Nasdaq: PEBO) declared a quarterly cash dividend of $0.42 per common share on July 20, 2026, payable on August 17, 2026, to shareholders of record on August 3, 2026.

This dividend represents a payout of approximately $15.1 million, or 54.0% of Peoples’ reported second quarter 2026 earnings. Based on the closing stock price of Peoples’ common shares of $39.39 on July 17, 2026, the quarterly dividend produces an annualized yield of 4.27%.

Peoples is a member of the Russell 3000 index of United States ("U.S.") publicly-traded companies. Peoples offers services through Peoples Bank (which includes the divisions of Peoples Investment Services, Peoples Premium Finance, Peoples Life Insurance Premium Finance, and North Star Leasing), Peoples Insurance Agency, LLC, and Vantage Financial, LLC.

END OF RELEASE

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration