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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)

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PEOPLES BANCORP INC.
(Exact name of Registrant as specified in its charter)
Ohio000-1677231-0987416
(State or other jurisdiction(Commission File(I.R.S. Employer
of incorporation)Number)Identification Number)
138 Putnam Street, PO Box 738
Marietta,Ohio45750-0738
(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 classTrading Symbol(s)Name of each exchange on which registered
Common shares, without par valuePEBOThe 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 EndedSix Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20252025202420252024
Efficiency ratio:
Total non-interest expense$70,362 $70,787 $68,758 $141,149 $137,223 
Less: amortization of other intangible assets2,211 2,213 2,787 4,424 5,575 
Adjusted total non-interest expense68,151 68,574 65,971 136,725 131,648 
Total non-interest income26,880 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 losses27,160 27,462 24,485 54,622 50,606 
Net interest income87,577 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 basis87,857 85,538 86,965 173,395 173,958 
Adjusted revenue$115,017 $113,000 $111,450 $228,017 $224,564 
Efficiency ratio59.25 %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)20252025202420242024
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 assets397,785 400,099 402,422 403,922 406,417 
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 assets397,785 400,099 402,422 403,922 406,417 
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 outstanding35,673,721 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 assets8.26 %8.34 %8.01 %8.25 %7.61 %

Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20252025202420252024
Pre-provision net revenue:
Income before income taxes$27,453 $31,377 $35,876 $58,830 $73,728 
Add: provision for credit losses16,642 10,190 5,683 26,832 15,174 
Add: net loss on investment securities— 2 353 2 354 
Add: net loss on other assets268 330 397 598 706 
Add: net loss on other transactions23 51 31 74 63 
Less: gain on OREO11 20 — 31 — 
Pre-provision net revenue$44,375 $41,930 $42,340 $86,305 $86,636 




Three Months EndedTwelve Months Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)20252025202420252024
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 transactions280 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 period91 90 91 181 182 
Days in the year365 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 assets0.92 %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 items0.93 %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 EndedSix Months Ended
June 30,March 31, June 30,June 30,
(Dollars in thousands)20252025202420252024
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 assets2,211 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 period91 90 91 181 182 
Days in the year365 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 assets398,940 401,344 407,864 400,135 384,172 
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' equity7.42 %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 equity12.31 %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 NumberDescription
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
104Cover 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, 2025By:/s/KATHRYN BAILEY
Kathryn Bailey
Executive Vice President,
Chief Financial Officer and Treasurer