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): October 28, 2024 (October 22, 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 October 22, 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 nine months ended September 30, 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 Nine Months Ended September 30, June 30, September 30, September 30, (Dollars in thousands) 2024 2024 2023 2024 2023 Core non-interest expense: Total non-interest expense $ 66,090  $ 68,758  $ 71,696  $ 203,313  $ 198,798  Less: acquisition-related expenses (662) —  4,434  (746) 15,694  Less: pension settlement charges —  —  2,424  —  2,424  Add: COVID -19 Employee Retention Credit —  —  —  —  548  Core non-interest expense $ 66,752   $ 68,758   $ 64,838   $ 204,059   $ 181,228   Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, (Dollars in thousands) 2024 2024 2023 2024 2023 Efficiency ratio: Total non-interest expense $ 66,090  $ 68,758  $ 71,696  $ 203,313  $ 198,798  Less: amortization of other intangible assets 2,786  2,787  3,280  8,361  7,951  Adjusted total non-interest expense 63,304  65,971  68,416  194,952  190,847  Total non-interest income 24,794  23,704  23,204  74,277  63,279  Less: net loss on investment securities (74) (353) (7) (428) (2,108) Less: net loss on asset disposals and other transactions (795) (428) (307) (1,564) (2,218) Total non-interest income, excluding net gains and losses 25,663  24,485  23,518  76,269  67,605  Net interest income 88,912  86,613  93,274  262,165  251,005  Add: fully tax-equivalent adjustment (a) 318  352  391  1,022  1,140  Net interest income on a fully tax-equivalent basis 89,230  86,965  93,665  263,187  252,145  Adjusted revenue $ 114,893  $ 111,450  $ 117,183  $ 339,456  $ 319,750  Efficiency ratio 55.10  % 59.19  % 58.38  % 57.43  % 59.69  % Efficiency ratio adjusted for non-core items: Core non-interest expense $ 66,752  $ 68,758  $ 64,838  $ 204,059  $ 181,228  Less: amortization of other intangible assets 2,786  2,787  3,280  8,361  7,951  Adjusted core non-interest expense 63,966  65,971  61,558  195,698  173,277  Adjusted revenue $ 114,893  $ 111,450  $ 117,183  $ 339,456  $ 319,750  Efficiency ratio adjusted for non-core items 55.67  % 59.19  % 52.53  % 57.65  % 54.19  % (a) Tax effect is calculated using a 21% statutory federal corporate income tax rate. At or For the Three Months Ended September 30, June 30, March 31, December 31, September 30, (Dollars in thousands, except per share data) 2024 2024 2024 2023 2023 Tangible equity: Total stockholders' equity $ 1,124,972  $ 1,077,833  $ 1,062,002  $ 1,053,534  $ 993,219  Less: goodwill and other intangible assets 403,922  406,417  409,285  412,172  408,494  Tangible equity $ 721,050  $ 671,416  $ 652,717  $ 641,362  $ 584,725  Tangible assets: Total assets $ 9,140,471  $ 9,226,461  $ 9,270,774  $ 9,157,382  $ 8,942,534  Less: goodwill and other intangible assets 403,922  406,417  409,285  412,172  408,494  Tangible assets $ 8,736,549  $ 8,820,044  $ 8,861,489  $ 8,745,210  $ 8,534,040  Tangible book value per common share: Tangible equity $ 721,050  $ 671,416  $ 652,717  $ 641,362  $ 584,725  Common shares outstanding 35,538,607  35,498,977  35,486,234  35,314,745  35,395,990  Tangible book value per common share $ 20.29  $ 18.91  $ 18.39  $ 18.16  $ 16.52  Tangible equity to tangible assets ratio: Tangible equity $ 721,050  $ 671,416  $ 652,717  $ 641,362  $ 584,725  Tangible assets $ 8,736,549  $ 8,820,044  $ 8,861,489  $ 8,745,210  $ 8,534,040  Tangible equity to tangible assets 8.25  % 7.61  % 7.37  % 7.33  % 6.85  % Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, (Dollars in thousands) 2024 2024 2023 2024 2023 Pre-provision net revenue: Income before income taxes $ 40,881  $ 35,876  $ 40,729  $ 114,609  $ 101,597  Add: provision for credit losses 6,735  5,683  4,053  18,520  13,889  Add: loss on OREO 2  —  1  2  1,623  Add: loss on investment securities 74  353  7  428  2,108  Add: loss on other assets 764  397  283  1,470  557  Add: loss on other transactions 28  31  23  92  38  Pre-provision net revenue $ 48,484  $ 42,340  $ 45,096  $ 135,121  $ 119,812  Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, (Dollars in thousands) 2024 2024 2023 2024 2023 Annualized net income adjusted for non-core items: Net income $ 31,684  $ 29,007  $ 31,882  $ 90,275  $ 79,538  Add: net loss on investment securities 74  353  7  428  2,108  Less: tax effect of net loss on investment securities (a) 16  74  2  90  443  Add: net loss on asset disposals and other transactions 795  428  307  1,564  2,218  Less: tax effect of net loss on asset disposals and other transactions (a) 167  90  65  328  466  Add: acquisition-related expenses (662) —  4,434  (746) 15,694  Less: tax effect of acquisition-related expenses (a) (139) —  931  (157) 3,296  Less: COVID -19 Employee Retention Credit —  —  —  —  548  Add: tax effect of COVID -19 Employee Retention Credit —  —  —  —  115  Net income adjusted for non-core items $ 31,847  $ 29,624  $ 37,547  $ 91,260  $ 96,835  Days in the period 92  91  92  274  273  Days in the year 366  366  365  366  365  Annualized net income $ 126,047  $ 116,666  $ 126,488  $ 120,586  $ 106,342  Annualized net income adjusted for non-core items $ 126,696  $ 119,147  $ 148,964  $ 121,902  $ 129,468  Return on average assets: Annualized net income $ 126,047  $ 116,666  $ 126,488  $ 120,586  $ 106,342  Total average assets $ 9,142,752  $ 9,180,454  $ 8,806,409  $ 9,115,054  $ 8,120,885  Return on average assets 1.38  % 1.27  % 1.44  % 1.32  % 1.31  % Return on average assets adjusted for non-core items: Annualized net income adjusted for non-core items $ 126,696  $ 119,147  $ 148,964  $ 121,902  $ 129,468  Total average assets $ 9,142,752  $ 9,180,454  $ 8,806,409  $ 9,115,054  $ 8,120,885  Return on average assets adjusted for non-core items 1.39  % 1.30  % 1.69  % 1.34  % 1.59  % (a) Tax effect is calculated using a 21% statutory federal corporate income tax rate. For the Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, (Dollars in thousands) 2024 2024 2023 2024 2023 Annualized net income excluding amortization of other intangible assets: Net income $ 31,684  $ 29,007  $ 31,882  $ 90,275  $ 79,538  Add: amortization of other intangible assets 2,786  2,787  3,280  8,361  7,951  Less: tax effect of amortization of other intangible assets (a) 585  585  689  1,756  1,670  Net income excluding amortization of other intangible assets $ 33,885  $ 31,209  $ 34,473  $ 96,880  $ 85,819  Days in the period 92  91  92  274  273  Days in the year 366  366  365  366  365  Annualized net income $ 126,047  $ 116,666  $ 126,488  $ 120,586  $ 106,342  Annualized net income excluding amortization of other intangible assets $ 134,803  $ 125,522  $ 136,768  $ 129,409  $ 114,740  Average tangible equity: Total average stockholders' equity $ 1,099,758  $ 1,061,454  $ 1,004,858  $ 1,071,434  $ 919,998  Less: average goodwill and other intangible assets 405,022  407,864  411,229  407,858  374,924  Average tangible equity $ 694,736  $ 653,590  $ 593,629  $ 663,576  $ 545,074  Return on average stockholders' equity ratio: Annualized net income $ 126,047  $ 116,666  $ 126,488  $ 120,586  $ 106,342  Average stockholders' equity $ 1,099,758  $ 1,061,454  $ 1,004,858  $ 1,071,434  $ 919,998  Return on average stockholders' equity 11.46  % 10.99  % 12.59  % 11.25  % 11.56  % Return on average tangible equity ratio: Annualized net income excluding amortization of other intangible assets $ 134,803  $ 125,522  $ 136,768  $ 129,409  $ 114,740  Average tangible equity $ 694,736  $ 653,590  $ 593,629  $ 663,576  $ 545,074  Return on average tangible equity 19.40  % 19.21  % 23.04  % 19.50  % 21.05  % (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 October 22, 2024 to discuss results of operations for the quarter and nine months ended September 30, 2024 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: October 28, 2024 By:/s/ KATHRYN BAILEY Kathryn Bailey Executive Vice President, Chief Financial Officer and Treasurer