Results of Operations

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): April 29, 2024 (April 23, 2024) 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: ☐ 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 Operations and Financial Condition On April 23, 2024, 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 twelve months ended March 31, 2024. 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. The 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. During 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. Three Months Ended March 31, December 31, March 31, (Dollars in thousands) 2024 2023 2023 Core non-interest expense: Total non-interest expense $ 68,465  $ 67,689  $ 56,479  Less: acquisition-related expenses (84) 1,276  551  Core non-interest expense $ 68,549   $ 66,413   $ 55,928   Three Months Ended March 31, December 31, March 31, (Dollars in thousands) 2024 2023 2023 Efficiency ratio: Total non-interest expense $ 68,465  $ 67,689  $ 56,479  Less: amortization of other intangible assets 2,788  3,271  1,871  Adjusted total non-interest expense 65,677  64,418  54,608  Total non-interest income 25,779  24,134  19,060  Less: net loss on investment securities (1) (1,592) (1,935) Less: net loss on asset disposals and other transactions (341) (619) (246) Total non-interest income, excluding net gains and losses 26,121  26,345  21,241  Net interest income 86,640  88,369  72,878  Add: fully tax-equivalent adjustment (a) 400  414  399  Net interest income on a fully tax-equivalent basis 87,040  88,783  73,277  Adjusted revenue $ 113,161  $ 115,128  $ 94,518  Efficiency ratio 58.04  % 55.95  % 57.78  % Efficiency ratio adjusted for non-core items: Core non-interest expense $ 68,549  $ 66,413  $ 55,928  Less: amortization of other intangible assets 2,788  3,271  1,871  Adjusted core non-interest expense 65,761  63,142  54,057  Adjusted revenue $ 113,161  $ 115,128  $ 94,518  Efficiency ratio adjusted for non-core items 58.11  % 54.85  % 57.19  % (a) Tax effect is calculated using a 23.3% blended corporate income tax rate for all periods presented. At or For the Three Months Ended March 31, December 31, September 30, June 30, March 31, (Dollars in thousands, except per share data) 2024 2023 2023 2023 2023 Tangible equity: Total stockholders' equity $ 1,062,002  $ 1,053,534  $ 993,219  $ 998,907  $ 819,543  Less: goodwill and other intangible assets 409,285  412,172  408,494  413,172  324,562  Tangible equity $ 652,717  $ 641,362  $ 584,725  $ 585,735  $ 494,981  Tangible assets: Total assets $ 9,270,774  $ 9,157,382  $ 8,942,534  $ 8,786,635  $ 7,311,520  Less: goodwill and other intangible assets 409,285  412,172  408,494  413,172  324,562  Tangible assets $ 8,861,489  $ 8,745,210  $ 8,534,040  $ 8,373,463  $ 6,986,958  Tangible book value per common share: Tangible equity $ 652,717  $ 641,362  $ 584,725  $ 585,735  $ 494,981  Common shares outstanding 35,486,234  35,314,745  35,395,990  35,374,916  28,488,158  Tangible book value per common share $ 18.39  $ 18.16  $ 16.52  $ 16.56  $ 17.37  Tangible equity to tangible assets ratio: Tangible equity $ 652,717  $ 641,362  $ 584,725  $ 585,735  $ 494,981  Tangible assets $ 8,861,489  $ 8,745,210  $ 8,534,040  $ 8,373,463  $ 6,986,958  Tangible equity to tangible assets 7.37  % 7.33  % 6.85  % 7.00  % 7.08  % Three Months Ended March 31, December 31, March 31, (Dollars in thousands) 2024 2023 2023 Pre-provision net revenue: Income before income taxes $ 37,852  $ 43,529  $ 33,606  Add: provision for credit losses 6,102  1,285  1,853  Add: loss on OREO —  —  10  Add: loss on investment securities 1  1,592  1,935  Add: loss on other assets 309  586  229  Add: loss on other transactions 32  33  7  Pre-provision net revenue $ 44,296  $ 47,025  $ 37,640  Total average assets 9,021,651  8,826,655  7,222,464  Pre-provision net revenue to total average assets (annualized) 1.97  % 2.11  % 2.11  % Weighted-average common shares outstanding – diluted 35,051,810 35,089,825 28,021,879 Pre-provision net revenue per common share – diluted $ 1.24  $ 1.34  $ 1.34  Three Months Ended March 31, December 31, March 31, (Dollars in thousands) 2024 2024 2023 Annualized net income adjusted for non-core items: Net income $ 29,584  $ 33,825  $ 26,560  Add: net loss on investment securities 1  1,592  1,935  Less: tax effect of net loss on investment securities (a) —  334  406  Add: net loss on asset disposals and other transactions 341  619  246  Less: tax effect of net loss on asset disposals and other transactions (a) 72  130  52  Add: acquisition-related expenses (84) 1,276  551  Less: tax effect of acquisition-related expenses (a) (18) 268  116  Net income adjusted for non-core items $ 29,788  $ 36,580  $ 28,718  Days in the period 91  92  90  Days in the year 366  365  365  Annualized net income $ 118,986  $ 134,197  $ 107,716  Annualized net income adjusted for non-core items $ 119,807  $ 145,127  $ 116,467  Return on average assets: Annualized net income $ 118,986  $ 134,197  $ 107,716  Total average assets $ 9,021,651  $ 8,826,655  $ 7,222,464  Return on average assets 1.32  % 1.52  % 1.49  % Return on average assets adjusted for non-core items: Annualized net income adjusted for non-core items $ 119,807  $ 145,127  $ 116,467  Total average assets $ 9,021,651  $ 8,826,655  $ 7,222,464  Return on average assets adjusted for non-core items 1.33  % 1.64  % 1.61  % (a) Tax effect is calculated using a 21% statutory federal corporate income tax rate. For the Three Months Ended March 31, December 31, March 31, (Dollars in thousands) 2024 2023 2023 Annualized net income excluding amortization of other intangible assets: Net income $ 29,584  $ 33,825  $ 26,560  Add: amortization of other intangible assets 2,788  3,271  1,871  Less: tax effect of amortization of other intangible assets (a) 585  687  393  Net income excluding amortization of other intangible assets $ 31,787  $ 36,409  $ 28,038  Days in the period 91  92  90  Days in the year 366  365  365  Annualized net income $ 118,986  $ 134,197  $ 107,716  Annualized net income excluding amortization of other intangible assets $ 127,847  $ 144,449  $ 113,710  Average tangible equity: Total average stockholders' equity $ 1,052,781  $ 1,002,515  $ 801,465  Less: average goodwill and other intangible assets 410,719  411,616  325,545  Average tangible equity $ 642,062  $ 590,899  $ 475,920  Return on average stockholders' equity ratio: Annualized net income $ 118,986  $ 134,197  $ 107,716  Average stockholders' equity $ 1,052,781  $ 1,002,515  $ 801,465  Return on average stockholders' equity 11.30  % 13.39  % 13.44  % Return on average tangible equity ratio: Annualized net income excluding amortization of other intangible assets $ 127,847  $ 144,449  $ 113,710  Average tangible equity $ 642,062  $ 590,899  $ 475,920  Return on average tangible equity 19.91  % 24.45  % 23.89  % (a) Tax effect is calculated using a 21% statutory federal corporate income tax rate. Item 9.01      Financial Statements and Exhibits a) - c) Not applicable d) Exhibits See Index to Exhibits below. INDEX TO EXHIBITS Exhibit Number Description 99.1 Transcript of conference call conducted by management of Peoples Bancorp Inc. on January 23, 2024 to discuss results of operations for the quarter and twelve months ended December 31, 2023 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) 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: April 29, 2024 By:/s/ KATHRYN BAILEY Kathryn Bailey Executive Vice President, Chief Financial Officer and Treasurer