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 28, 2025 (April 22, 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 April 22, 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 ended March 31, 2025. 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) 2025 2024 2024 Efficiency ratio: Total non-interest expense $ 70,787  $ 70,503  $ 68,465  Less: amortization of other intangible assets 2,213  2,800  2,788  Adjusted total non-interest expense 68,574  67,703  65,677  Total non-interest income 27,099  25,089  25,779  Less: net loss on investment securities (2) 12  (1) Less: net loss on asset disposals and other transactions (361) (1,746) (341) Total non-interest income, excluding net gains and losses 27,462  26,823  26,121  Net interest income 85,255  86,536  86,640  Add: fully tax-equivalent adjustment (a) 283  286  354  Net interest income on a fully tax-equivalent basis 85,538  86,822  86,994  Adjusted revenue $ 113,000  $ 113,645  $ 113,115  Efficiency ratio 60.68  % 59.57  % 58.06  % (a) Tax effect is calculated using a 21% statutory federal corporate income tax rate. At or For the Three Months Ended March 31, December 31, September 30, June 30, March 31, (Dollars in thousands, except per share data) 2025 2024 2024 2024 2024 Tangible equity: Total stockholders' equity $ 1,137,821  $ 1,111,590  $ 1,124,972  $ 1,077,833  $ 1,062,002  Less: goodwill and other intangible assets 400,099  402,422  403,922  406,417  409,285  Tangible equity $ 737,722  $ 709,168  $ 721,050  $ 671,416  $ 652,717  Tangible assets: Total assets $ 9,246,000  $ 9,254,247  $ 9,140,471  $ 9,226,461  $ 9,270,774  Less: goodwill and other intangible assets 400,099  402,422  403,922  406,417  409,285  Tangible assets $ 8,845,901  $ 8,851,825  $ 8,736,549  $ 8,820,044  $ 8,861,489  Tangible book value per common share: Tangible equity $ 737,722  $ 709,168  $ 721,050  $ 671,416  $ 652,717  Common shares outstanding 35,669,100  35,563,590  35,538,607  35,498,977  35,486,234  Tangible book value per common share $ 20.68  $ 19.94  $ 20.29  $ 18.91  $ 18.39  Tangible equity to tangible assets ratio: Tangible equity $ 737,722  $ 709,168  $ 721,050  $ 671,416  $ 652,717  Tangible assets $ 8,845,901  $ 8,851,825  $ 8,736,549  $ 8,820,044  $ 8,861,489  Tangible equity to tangible assets 8.34  % 8.01  % 8.25  % 7.61  % 7.37  % Three Months Ended March 31, December 31, March 31, (Dollars in thousands) 2025 2024 2024 Pre-provision net revenue: Income before income taxes $ 31,377  $ 34,855  $ 37,852  Add: provision for credit losses 10,190  6,267  6,102  Add: net loss on OREO —  1,228  —  Add: net loss on investment securities 2  —  1  Add: net loss on other assets 330  458  309  Add: net loss on other transactions 51  60  32  Less: gain on OREO 20  —  —  Less: net gain on investment securities —  12  —  Pre-provision net revenue $ 41,930  $ 42,856  $ 44,296  Three Months Ended March 31, December 31, March 31, (Dollars in thousands) 2025 2025 2024 Annualized net income adjusted for non-core items: Net income $ 24,336  $ 26,930  $ 29,584  Add: net loss on investment securities 2  —  1  Less: tax effect of net loss on investment securities (a) —  —  —  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 361  1,746  341  Less: tax effect of net loss on asset disposals and other transactions (a) 76  367  72  Add: acquisition-related expenses —  1,144  (84) Less: tax effect of acquisition-related expenses (a) —  240  (18) Net income adjusted for non-core items $ 24,623  $ 29,204  $ 29,788  Days in the period 90  92  91  Days in the year 365  366  366  Annualized net income $ 98,696  $ 107,135  $ 118,986  Annualized net income adjusted for non-core items $ 99,860  $ 116,181  $ 119,807  Return on average assets: Annualized net income $ 98,696  $ 107,135  $ 118,986  Total average assets $ 9,195,467  $ 9,146,057  $ 9,021,651  Return on average assets 1.07  % 1.17  % 1.32  % Return on average assets adjusted for non-core items: Annualized net income adjusted for non-core items $ 99,860  $ 116,181  $ 119,807  Total average assets $ 9,195,467  $ 9,146,057  $ 9,021,651  Return on average assets adjusted for non-core items 1.09  % 1.27  % 1.33  % (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) 2025 2025 2024 Annualized net income excluding amortization of other intangible assets: Net income $ 24,336  $ 26,930  $ 29,584  Add: amortization of other intangible assets 2,213  2,800  2,788  Less: tax effect of amortization of other intangible assets (a) 465  588  585  Net income excluding amortization of other intangible assets $ 26,084  $ 29,142  $ 31,787  Days in the period 90  92  91  Days in the year 365  366  366  Annualized net income $ 98,696  $ 107,135  $ 118,986  Annualized net income excluding amortization of other intangible assets $ 105,785  $ 115,934  $ 127,847  Average tangible equity: Total average stockholders' equity $ 1,122,860  $ 1,120,597  $ 1,052,781  Less: average goodwill and other intangible assets 401,344  402,930  410,719  Average tangible equity $ 721,516  $ 717,667  $ 642,062  Return on average stockholders' equity ratio: Annualized net income $ 98,696  $ 107,135  $ 118,986  Average stockholders' equity $ 1,122,860  $ 1,120,597  $ 1,052,781  Return on average stockholders' equity 8.79  % 9.56  % 11.30  % Return on average tangible equity ratio: Annualized net income excluding amortization of other intangible assets $ 105,785  $ 115,934  $ 127,847  Average tangible equity $ 721,516  $ 717,667  $ 642,062  Return on average tangible equity 14.66  % 16.15  % 19.91  % (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 April 22, 2025 to discuss results of operations for the quarter ended March 31, 2025 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 28, 2025 By:/s/ KATHRYN BAILEY Kathryn Bailey Executive Vice President, Chief Financial Officer and Treasurer