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): July 28, 2025 (July 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 July 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 June 30, 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 Six Months Ended June 30, March 31, June 30, June 30, (Dollars in thousands) 2025 2025 2024 2025 2024 Efficiency ratio: Total non-interest expense $ 70,362  $ 70,787  $ 68,758  $ 141,149  $ 137,223  Less: amortization of other intangible assets 2,211  2,213  2,787  4,424  5,575  Adjusted total non-interest expense 68,151  68,574  65,971  136,725  131,648  Total non-interest income 26,880  27,099  23,704  53,979  49,483  Less: net loss on investment securities —  (2) (353) (2) (354) Less: net loss on asset disposals and other transactions (280) (361) (428) (641) (769) Total non-interest income, excluding net gains and losses 27,160  27,462  24,485  54,622  50,606  Net interest income 87,577  85,255  86,613  172,832  173,253  Add: fully tax-equivalent adjustment (a) 280  283  352  563  705  Net interest income on a fully tax-equivalent basis 87,857  85,538  86,965  173,395  173,958  Adjusted revenue $ 115,017  $ 113,000  $ 111,450  $ 228,017  $ 224,564  Efficiency ratio 59.25  % 60.68  % 59.19  % 59.96  % 58.62  % (a) Tax effect is calculated using a 21% statutory federal corporate income tax rate. At or For the Three Months Ended June 30, March 31, December 31, September 30, June 30, (Dollars in thousands, except per share data) 2025 2025 2024 2024 2024 Tangible equity: Total stockholders' equity $ 1,153,350  $ 1,137,821  $ 1,111,590  $ 1,124,972  $ 1,077,833  Less: goodwill and other intangible assets 397,785  400,099  402,422  403,922  406,417  Tangible equity $ 755,565  $ 737,722  $ 709,168  $ 721,050  $ 671,416  Tangible assets: Total assets $ 9,540,608  $ 9,246,000  $ 9,254,247  $ 9,140,471  $ 9,226,461  Less: goodwill and other intangible assets 397,785  400,099  402,422  403,922  406,417  Tangible assets $ 9,142,823  $ 8,845,901  $ 8,851,825  $ 8,736,549  $ 8,820,044  Tangible book value per common share: Tangible equity $ 755,565  $ 737,722  $ 709,168  $ 721,050  $ 671,416  Common shares outstanding 35,673,721  35,669,100  35,563,590  35,538,607  35,498,977  Tangible book value per common share $ 21.18  $ 20.68  $ 19.94  $ 20.29  $ 18.91  Tangible equity to tangible assets ratio: Tangible equity $ 755,565  $ 737,722  $ 709,168  $ 721,050  $ 671,416  Tangible assets $ 9,142,823  $ 8,845,901  $ 8,851,825  $ 8,736,549  $ 8,820,044  Tangible equity to tangible assets 8.26  % 8.34  % 8.01  % 8.25  % 7.61  % Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, (Dollars in thousands) 2025 2025 2024 2025 2024 Pre-provision net revenue: Income before income taxes $ 27,453  $ 31,377  $ 35,876  $ 58,830  $ 73,728  Add: provision for credit losses 16,642  10,190  5,683  26,832  15,174  Add: net loss on investment securities —  2  353  2  354  Add: net loss on other assets 268  330  397  598  706  Add: net loss on other transactions 23  51  31  74  63  Less: gain on OREO 11  20  —  31  —  Pre-provision net revenue $ 44,375  $ 41,930  $ 42,340  $ 86,305  $ 86,636  Three Months Ended Twelve Months Ended June 30, March 31, June 30, June 30, (Dollars in thousands) 2025 2025 2024 2025 2024 Annualized net income adjusted for non-core items: Net income $ 21,212  $ 24,336  $ 29,007  $ 45,548  $ 58,591  Add: net loss on investment securities —  2  353  2  354  Less: tax effect of net loss on investment securities (a) —  —  74  —  74  Add: net loss on asset disposals and other transactions 280  361  428  641  769  Less: tax effect of net loss on asset disposals and other transactions (a) 59  76  90  135  161  Add: acquisition-related expenses —  —  —  —  (84) Less: tax effect of acquisition-related expenses (a) —  —  —  —  (18) Net income adjusted for non-core items $ 21,433  $ 24,623  $ 29,624  $ 46,056  $ 59,413  Days in the period 91  90  91  181  182  Days in the year 365  365  366  365  366  Annualized net income $ 85,081  $ 98,696  $ 116,666  $ 91,851  $ 117,826  Annualized net income adjusted for non-core items $ 85,968  $ 99,860  $ 119,147  $ 92,875  $ 119,479  Return on average assets: Annualized net income $ 85,081  $ 98,696  $ 116,666  $ 91,851  $ 117,826  Total average assets $ 9,293,287  $ 9,195,467  $ 9,180,454  $ 9,244,495  $ 9,101,052  Return on average assets 0.92  % 1.07  % 1.27  % 0.99  % 1.29  % Return on average assets adjusted for non-core items: Annualized net income adjusted for non-core items $ 85,968  $ 99,860  $ 119,147  $ 92,875  $ 119,479  Total average assets $ 9,293,287  $ 9,195,467  $ 9,180,454  $ 9,244,495  $ 9,101,052  Return on average assets adjusted for non-core items 0.93  % 1.09  % 1.30  % 1.00  % 1.31  % (a) Tax effect is calculated using a 21% statutory federal corporate income tax rate. For the Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, (Dollars in thousands) 2025 2025 2024 2025 2024 Annualized net income excluding amortization of other intangible assets: Net income $ 21,212  $ 24,336  $ 29,007  $ 45,548  $ 58,591  Add: amortization of other intangible assets 2,211  2,213  2,787  4,424  5,575  Less: tax effect of amortization of other intangible assets (a) 464  465  585  929  1,171  Net income excluding amortization of other intangible assets $ 22,959  $ 26,084  $ 31,209  $ 49,043  $ 62,995  Days in the period 91  90  91  181  182  Days in the year 365  365  366  365  366  Annualized net income $ 85,081  $ 98,696  $ 116,666  $ 91,851  $ 117,826  Annualized net income excluding amortization of other intangible assets $ 92,088  $ 105,785  $ 125,522  $ 98,899  $ 126,682  Average tangible equity: Total average stockholders' equity $ 1,147,253  $ 1,122,860  $ 1,061,454  $ 1,135,124  $ 1,057,117  Less: average goodwill and other intangible assets 398,940  401,344  407,864  400,135  384,172  Average tangible equity $ 748,313  $ 721,516  $ 653,590  $ 734,989  $ 647,825  Return on average stockholders' equity ratio: Annualized net income $ 85,081  $ 98,696  $ 116,666  $ 91,851  $ 117,826  Average stockholders' equity $ 1,147,253  $ 1,122,860  $ 1,061,454  $ 1,135,124  $ 1,057,117  Return on average stockholders' equity 7.42  % 8.79  % 10.99  % 8.09  % 11.15  % Return on average tangible equity ratio: Annualized net income excluding amortization of other intangible assets $ 92,088  $ 105,785  $ 125,522  $ 98,899  $ 126,682  Average tangible equity $ 748,313  $ 721,516  $ 653,590  $ 734,989  $ 647,825  Return on average tangible equity 12.31  % 14.66  % 19.21  % 13.46  % 19.55  % (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 July 22, 2025 to discuss results of operations for the quarter ended June 30, 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: July 28, 2025 By:/s/ KATHRYN BAILEY Kathryn Bailey Executive Vice President, Chief Financial Officer and Treasurer