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): January 27, 2025 (January 21, 2025) 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 January 21, 2025, 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 the full year ended December 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 Year Ended December 31, September 30, December 31, December 31, (Dollars in thousands) 2024 2024 2023 2024 2023 Core non-interest expense: Total non-interest expense $ 70,503  $ 66,090  $ 67,689  $ 273,816  $ 266,487  Less: acquisition-related expenses 1,144  (892) 1,276  169  16,970  Less: pension settlement charges —  —  —  —  2,424  Add: COVID -19 Employee Retention Credit —  —  —  —  548  Core non-interest expense $ 69,359   $ 66,982   $ 66,413   $ 273,647   $ 247,641   Three Months Ended Year Ended December 31, September 30, December 31, December 31, (Dollars in thousands) 2024 2024 2023 2024 2023 Efficiency ratio: Total non-interest expense $ 70,503  $ 66,090  $ 67,689  $ 273,816  $ 266,487  Less: amortization of other intangible assets 2,800  2,786  3,271  11,161  11,222  Adjusted total non-interest expense 67,703  63,304  64,418  262,655  255,265  Total non-interest income 25,089  24,794  24,134  99,366  87,413  Less: net loss on investment securities 12  (74) (1,592) (416) (3,700) Less: net loss on asset disposals and other transactions (1,746) (795) (619) (3,310) (2,837) Total non-interest income, excluding net gains and losses 26,823  25,663  26,345  103,092  93,950  Net interest income 86,536  88,912  88,369  348,701  339,374  Add: fully tax-equivalent adjustment (a) 286  318  365  1,308  1,503  Net interest income on a fully tax-equivalent basis 86,822  89,230  88,734  350,009  340,877  Adjusted revenue $ 113,645  $ 114,893  $ 115,079  $ 453,101  $ 434,827  Efficiency ratio 59.57  % 55.10  % 55.98  % 57.97  % 58.70  % Efficiency ratio adjusted for non-core items: Core non-interest expense $ 69,359  $ 66,982  $ 66,413  $ 273,647  $ 247,641  Less: amortization of other intangible assets 2,800  2,786  3,271  11,161  11,222  Adjusted core non-interest expense 66,559  64,196  63,142  262,486  236,419  Adjusted revenue $ 113,645  $ 114,893  $ 115,079  $ 453,101  $ 434,827  Efficiency ratio adjusted for non-core items 58.57  % 55.87  % 54.87  % 57.93  % 54.37  % (a) Tax effect is calculated using a 21% statutory federal corporate income tax rate. At or For the Three Months Ended December 31, September 30, June 30, March 31, December 31, (Dollars in thousands, except per share data) 2024 2024 2024 2023 2023 Tangible equity: Total stockholders' equity $ 1,111,590  $ 1,124,972  $ 1,077,833  $ 1,062,002  $ 1,053,534  Less: goodwill and other intangible assets 402,422  403,922  406,417  409,285  412,172  Tangible equity $ 709,168  $ 721,050  $ 671,416  $ 652,717  $ 641,362  Tangible assets: Total assets $ 9,254,247  $ 9,140,471  $ 9,226,461  $ 9,270,774  $ 9,157,382  Less: goodwill and other intangible assets 402,422  403,922  406,417  409,285  412,172  Tangible assets $ 8,851,825  $ 8,736,549  $ 8,820,044  $ 8,861,489  $ 8,745,210  Tangible book value per common share: Tangible equity $ 709,168  $ 721,050  $ 671,416  $ 652,717  $ 641,362  Common shares outstanding 35,563,590  35,538,607  35,498,977  35,486,234  35,314,745  Tangible book value per common share $ 19.94  $ 20.29  $ 18.91  $ 18.39  $ 18.16  Tangible equity to tangible assets ratio: Tangible equity $ 709,168  $ 721,050  $ 671,416  $ 652,717  $ 641,362  Tangible assets $ 8,851,825  $ 8,736,549  $ 8,820,044  $ 8,861,489  $ 8,745,210  Tangible equity to tangible assets 8.01  % 8.25  % 7.61  % 7.37  % 7.33  % Three Months Ended Year Ended December 31, September 30, December 31, December 31, (Dollars in thousands) 2024 2024 2023 2024 2023 Pre-provision net revenue: Income before income taxes $ 34,855  $ 40,881  $ 43,529  $ 149,464  $ 145,126  Add: provision for credit losses 6,267  6,735  1,285  24,787  15,174  Add: net loss on OREO 1,228  2  —  1,230  1,623  Add: net loss on investment securities —  74  1,592  416  3,700  Add: net loss on other assets 458  764  586  1,928  1,143  Add: net loss on other transactions 60  28  33  152  71  Less: net gain on investment securities 12  —  —  —  —  Pre-provision net revenue $ 42,856  $ 48,484  $ 47,025  $ 177,977  $ 166,837  Three Months Ended Year Ended December 31, September 30, December 31, December 31, (Dollars in thousands) 2024 2024 2023 2024 2023 Annualized net income adjusted for non-core items: Net income $ 26,930  $ 31,684  $ 33,825  $ 117,205  $ 113,363  Add: net loss on investment securities —  74  1,592  416  3,700  Less: tax effect of net loss on investment securities (a) —  16  334  87  777  Less: net gain on investment securities 12  —  —  —  —  Add: tax effect of net gain on investment securities (a) 3  —  —  —  —  Add: net loss on asset disposals and other transactions 1,746  795  619  3,310  2,837  Less: tax effect of net loss on asset disposals and other transactions (a) 367  167  130  695  596  Add: acquisition-related expenses 1,144  (892) 1,276  169  16,970  Less: tax effect of acquisition-related expenses (a) 240  (187) 268  35  3,564  Less: COVID -19 Employee Retention Credit —  —  —  —  548  Add: tax effect of COVID -19 Employee Retention Credit —  —  —  —  115  Net income adjusted for non-core items $ 29,204  $ 31,665  $ 36,580  $ 120,283  $ 133,415  Days in the period 92  92  92  366  365  Days in the year 366  366  365  366  365  Annualized net income $ 107,135  $ 126,047  $ 134,197  $ 117,205  $ 113,363  Annualized net income adjusted for non-core items $ 116,181  $ 125,972  $ 145,127  $ 120,283  $ 133,415  Return on average assets: Annualized net income $ 107,135  $ 126,047  $ 134,197  $ 117,205  $ 113,363  Total average assets $ 9,146,057  $ 9,142,737  $ 8,826,655  $ 9,122,843  $ 8,298,777  Return on average assets 1.17  % 1.38  % 1.52  % 1.28  % 1.37  % Return on average assets adjusted for non-core items: Annualized net income adjusted for non-core items $ 116,181  $ 125,972  $ 145,127  $ 120,283  $ 133,415  Total average assets $ 9,146,057  $ 9,142,737  $ 8,826,655  $ 9,122,843  $ 8,298,777  Return on average assets adjusted for non-core items 1.27  % 1.38  % 1.64  % 1.32  % 1.61  % (a) Tax effect is calculated using a 21% statutory federal corporate income tax rate. For the Three Months Ended Year Ended December 31, September 30, December 31, December 31, (Dollars in thousands) 2024 2024 2023 2024 2023 Annualized net income excluding amortization of other intangible assets: Net income $ 26,930  $ 31,684  $ 33,825  $ 117,205  $ 113,363  Add: amortization of other intangible assets 2,800  2,786  3,271  11,161  11,222  Less: tax effect of amortization of other intangible assets (a) 588  585  687  2,344  2,357  Net income excluding amortization of other intangible assets $ 29,142  $ 33,885  $ 36,409  $ 126,022  $ 122,228  Days in the period 92  92  92  366  365  Days in the year 366  366  365  366  365  Annualized net income $ 107,135  $ 126,047  $ 134,197  $ 117,205  $ 113,363  Annualized net income excluding amortization of other intangible assets $ 115,934  $ 134,803  $ 144,449  $ 126,022  $ 122,228  Average tangible equity: Total average stockholders' equity $ 1,120,597  $ 1,099,756  $ 1,002,515  $ 1,083,792  $ 940,797  Less: average goodwill and other intangible assets 402,930  405,022  411,616  406,619  384,172  Average tangible equity $ 717,667  $ 694,734  $ 590,899  $ 677,173  $ 556,625  Return on average stockholders' equity ratio: Annualized net income $ 107,135  $ 126,047  $ 134,197  $ 117,205  $ 113,363  Average stockholders' equity $ 1,120,597  $ 1,099,756  $ 1,002,515  $ 1,083,792  $ 940,797  Return on average stockholders' equity 9.56  % 11.46  % 13.39  % 10.81  % 12.05  % Return on average tangible equity ratio: Annualized net income excluding amortization of other intangible assets $ 115,934  $ 134,803  $ 144,449  $ 126,022  $ 122,228  Average tangible equity $ 717,667  $ 694,734  $ 590,899  $ 677,173  $ 556,625  Return on average tangible equity 16.15  % 19.40  % 24.45  % 18.61  % 21.96  % (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 21, 2025 to discuss results of operations for the quarter and full year ended December 31, 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: January 27, 2025 By:/s/ KATHRYN BAILEY Kathryn Bailey Executive Vice President, Chief Financial Officer and Treasurer