{"url_path":"/sec/pebo/8-k/2026-04-27/item-2-02","section_key":"item-2-02","section_title":"Item 2.02 Results of Operations and Financial Condition","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/318300/0000318300-26-000148-index.html","accession_number":"0000318300-26-000148","cik":"0000318300","ticker":"PEBO","issuer_name":"PEOPLES BANCORP INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/318300/0000318300-26-000148-index.html","primary_entity_key":"0000318300","primary_entity_name":"PEOPLES BANCORP INC"},"word_count":896,"has_tables":true,"body_markdown":"Item 2.02     Results of Operations and Financial Condition\n\nOn April 21, 2026, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 11:00 a.m., Eastern Standard Time, to discuss results of operations for the quarter and fiscal year ended March 31, 2026. A replay of the conference call audio will be available on Peoples’ website, www.peoplesbancorp.com, in the “Investor Relations” section for one year. A copy of the transcript of the conference call is included as Exhibit 99.1 to this Current Report on Form 8-K.\n\nThe information contained in this Item 2.02 and Exhibit 99.1 included with this Current Report on Form 8-K, is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.\n\nDuring the conference call, management referred to non-Generally Accepted Accounting Principles (\"US GAAP\") financial measures that are used by management to provide information useful to investors in understanding Peoples' operating performance and trends, and to facilitate comparisons with the performance of Peoples' peers. The following tables show the differences between the non-US GAAP financial measures referred to during the conference call and the most directly comparable US GAAP-based financial measures.\n\nThree Months Ended\n\nMarch 31,December 31,March 31,\n\n(Dollars in thousands)202620252025\n\nEfficiency ratio:\n\nTotal non-interest expense$71,635 $71,294 $70,787 \n\nLess: amortization of other intangible assets1,697 2,210 2,213 \n\nAdjusted total non-interest expense69,938 69,084 68,574 \n\nTotal non-interest income28,254 26,272 27,099 \n\nLess: net (loss) gain on investment securities— (77)(2)\n\nLess: net loss on asset disposals and other transactions(410)(1,908)(361)\n\nTotal non-interest income, excluding net gains and losses28,664 28,257 27,462 \n\nNet interest income90,420 91,049 85,255 \n\nAdd: fully tax-equivalent adjustment (a)245 266 283 \n\nNet interest income on a fully tax-equivalent basis90,665 91,315 85,538 \n\nAdjusted revenue$119,329 $119,572 $113,000 \n\nEfficiency ratio58.61 %57.78 %60.68 %\n\n(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.\n\nAt or For the Three Months Ended\n\nMarch 31,December 31,September 30,June 30,March 31,\n\n(Dollars in thousands, except per share data)20262025202520252025\n\nTangible equity:\n\nTotal stockholders' equity$1,216,040 $1,206,602 $1,182,776 $1,153,350 $1,137,821 \n\nLess: goodwill and other intangible assets391,601 393,319 395,535 397,785 400,099 \n\nTangible equity$824,439 $813,283 $787,241 $755,565 $737,722 \n\nTangible assets:\n\nTotal assets$9,648,087 $9,649,630 $9,623,944 $9,540,608 $9,246,000 \n\nLess: goodwill and other intangible assets391,601 393,319 395,535 397,785 400,099 \n\nTangible assets$9,256,486 $9,256,311 $9,228,409 $9,142,823 $8,845,901 \n\nTangible book value per common share:\n\nTangible equity$824,439 $813,283 $787,241 $755,565 $737,722 \n\nCommon shares outstanding35,925,945 35,714,484 35,705,369 35,673,721 35,669,100 \n\nTangible book value per common share$22.95 $22.77 $22.05 $21.18 $20.68 \n\nTangible equity to tangible assets ratio:\n\nTangible equity$824,439 $813,283 $787,241 $755,565 $737,722 \n\nTangible assets$9,256,486 $9,256,311 $9,228,409 $9,142,823 $8,845,901 \n\nTangible equity to tangible assets8.91 %8.79 %8.53 %8.26 %8.34 %\n\nThree Months Ended\n\nMarch 31,December 31,March 31,\n\n(Dollars in thousands)202620252025\n\nPre-provision net revenue:\n\nIncome before income taxes$37,345 $37,977 $31,377 \n\nAdd: provision for credit losses9,694 8,050 10,190 \n\nAdd: net loss on OREO26 851 — \n\nAdd: net loss on investment securities— 77 2 \n\nAdd: net loss on other assets384 210 330 \n\nAdd: net loss on other transactions— 847 51 \n\nPre-provision net revenue$47,449 $48,012 $41,930 \n\nThree Months Ended\n\nMarch 31,September 30, March 31,\n\n(Dollars in thousands)202620262025\n\nAnnualized net income adjusted for non-core items:\n\nNet income$29,006 $31,754 $24,336 \n\nAdd: net loss on investment securities— 77 2 \n\nLess: tax effect of net loss on investment securities (a)— 16 — \n\nAdd: net loss on asset disposals and other transactions410 1,908 361 \n\nLess: tax effect of net loss on asset disposals and other transactions (a)86 401 76 \n\nNet income adjusted for non-core items$29,330 $33,322 $24,623 \n\nDays in the period90 92 90 \n\nDays in the year365 365 365 \n\nAnnualized net income$117,635 $125,981 $98,696 \n\nAnnualized net income adjusted for non-core items$118,949 $132,201 $99,860 \n\nReturn on average assets:\n\nAnnualized net income$117,635 $125,981 $98,696 \n\nTotal average assets$9,601,108 $9,630,774 $9,195,467 \n\nReturn on average assets1.23 %1.31 %1.07 %\n\nReturn on average assets adjusted for non-core items:\n\nAnnualized net income adjusted for non-core items$118,949 $132,201 $99,860 \n\nTotal average assets$9,601,108 $9,630,774 $9,195,467 \n\nReturn on average assets adjusted for non-core items1.24 %1.37 %1.09 %\n\n(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.\n\nFor the Three Months Ended\n\nMarch 31,September 30,March 31,\n\n(Dollars in thousands)202620262025\n\nAnnualized net income excluding amortization of other intangible assets:\n\nNet income $29,006 $31,754 $24,336 \n\nAdd: amortization of other intangible assets1,697 2,210 2,213 \n\nLess: tax effect of amortization of other intangible assets (a)356 464 465 \n\nNet income excluding amortization of other intangible assets$30,347 $33,500 $26,084 \n\nDays in the period90 92 90 \n\nDays in the year365 365 365 \n\nAnnualized net income$117,635 $125,981 $98,696 \n\nAnnualized net income excluding amortization of other intangible assets$123,074 $132,908 $105,785 \n\nAverage tangible equity:\n\nTotal average stockholders' equity$1,218,368 $1,196,505 $1,122,860 \n\nLess: average goodwill and other intangible assets392,490 394,409 401,344 \n\nAverage tangible equity$825,878 $802,096 $721,516 \n\nReturn on average stockholders' equity ratio:\n\nAnnualized net income$117,635 $125,981 $98,696 \n\nAverage stockholders' equity$1,218,368 $1,196,505 $1,122,860 \n\nReturn on average stockholders' equity9.66 %10.53 %8.79 %\n\nReturn on average tangible equity ratio:\n\nAnnualized net income excluding amortization of other intangible assets$123,074 $132,908 $105,785 \n\nAverage tangible equity$825,878 $802,096 $721,516 \n\nReturn on average tangible equity14.90 %16.57 %14.66 %\n\n(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate."}