PEBO Peoples Bancorp Inc - 8-K

Item 2.02     Results of Operations and Financial Condition

On April 21, 2026, 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 fiscal year ended March 31, 2026. 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)

2026

2025

2025

Efficiency ratio:

Total non-interest expense

$

71,635

$

71,294

$

70,787

Less: amortization of other intangible assets

1,697

2,210

2,213

Adjusted total non-interest expense

69,938

69,084

68,574

Total non-interest income

28,254

26,272

27,099

Less: net (loss) gain on investment securities

—

(77)

(2)

Less: net loss on asset disposals and other transactions

(410)

(1,908)

(361)

Total non-interest income, excluding net gains and losses

28,664

28,257

27,462

Net interest income

90,420

91,049

85,255

Add: fully tax-equivalent adjustment (a)

245

266

283

Net interest income on a fully tax-equivalent basis

90,665

91,315

85,538

Adjusted revenue

$

119,329

$

119,572

$

113,000

Efficiency ratio

58.61

%

57.78

%

60.68

%

(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)

2026

2025

2025

2025

2025

Tangible equity:

Total stockholders' equity

$

1,216,040

$

1,206,602

$

1,182,776

$

1,153,350

$

1,137,821

Less: goodwill and other intangible assets

391,601

393,319

395,535

397,785

400,099

Tangible equity

$

824,439

$

813,283

$

787,241

$

755,565

$

737,722

Tangible assets:

Total assets

$

9,648,087

$

9,649,630

$

9,623,944

$

9,540,608

$

9,246,000

Less: goodwill and other intangible assets

391,601

393,319

395,535

397,785

400,099

Tangible assets

$

9,256,486

$

9,256,311

$

9,228,409

$

9,142,823

$

8,845,901

Tangible book value per common share:

Tangible equity

$

824,439

$

813,283

$

787,241

$

755,565

$

737,722

Common shares outstanding

35,925,945

35,714,484

35,705,369

35,673,721

35,669,100

Tangible book value per common share

$

22.95

$

22.77

$

22.05

$

21.18

$

20.68

Tangible equity to tangible assets ratio:

Tangible equity

$

824,439

$

813,283

$

787,241

$

755,565

$

737,722

Tangible assets

$

9,256,486

$

9,256,311

$

9,228,409

$

9,142,823

$

8,845,901

Tangible equity to tangible assets

8.91

%

8.79

%

8.53

%

8.26

%

8.34

%

Three Months Ended

March 31,

December 31,

March 31,

(Dollars in thousands)

2026

2025

2025

Pre-provision net revenue:

Income before income taxes

$

37,345

$

37,977

$

31,377

Add: provision for credit losses

9,694

8,050

10,190

Add: net loss on OREO

26

851

—

Add: net loss on investment securities

—

77

2

Add: net loss on other assets

384

210

330

Add: net loss on other transactions

—

847

51

Pre-provision net revenue

$

47,449

$

48,012

$

41,930

Three Months Ended

March 31,

September 30,

March 31,

(Dollars in thousands)

2026

2026

2025

Annualized net income adjusted for non-core items:

Net income

$

29,006

$

31,754

$

24,336

Add: net loss on investment securities

—

77

2

Less: tax effect of net loss on investment securities (a)

—

16

—

Add: net loss on asset disposals and other transactions

410

1,908

361

Less: tax effect of net loss on asset disposals and other transactions (a)

86

401

76

Net income adjusted for non-core items

$

29,330

$

33,322

$

24,623

Days in the period

90

92

90

Days in the year

365

365

365

Annualized net income

$

117,635

$

125,981

$

98,696

Annualized net income adjusted for non-core items

$

118,949

$

132,201

$

99,860

Return on average assets:

Annualized net income

$

117,635

$

125,981

$

98,696

Total average assets

$

9,601,108

$

9,630,774

$

9,195,467

Return on average assets

1.23

%

1.31

%

1.07

%

Return on average assets adjusted for non-core items:

Annualized net income adjusted for non-core items

$

118,949

$

132,201

$

99,860

Total average assets

$

9,601,108

$

9,630,774

$

9,195,467

Return on average assets adjusted for non-core items

1.24

%

1.37

%

1.09

%

(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.

For the Three Months Ended

March 31,

September 30,

March 31,

(Dollars in thousands)

2026

2026

2025

Annualized net income excluding amortization of other intangible assets:

Net income

$

29,006

$

31,754

$

24,336

Add: amortization of other intangible assets

1,697

2,210

2,213

Less: tax effect of amortization of other intangible assets (a)

356

464

465

Net income excluding amortization of other intangible assets

$

30,347

$

33,500

$

26,084

Days in the period

90

92

90

Days in the year

365

365

365

Annualized net income

$

117,635

$

125,981

$

98,696

Annualized net income excluding amortization of other intangible assets

$

123,074

$

132,908

$

105,785

Average tangible equity:

Total average stockholders' equity

$

1,218,368

$

1,196,505

$

1,122,860

Less: average goodwill and other intangible assets

392,490

394,409

401,344

Average tangible equity

$

825,878

$

802,096

$

721,516

Return on average stockholders' equity ratio:

Annualized net income

$

117,635

$

125,981

$

98,696

Average stockholders' equity

$

1,218,368

$

1,196,505

$

1,122,860

Return on average stockholders' equity

9.66

%

10.53

%

8.79

%

Return on average tangible equity ratio:

Annualized net income excluding amortization of other intangible assets

$

123,074

$

132,908

$

105,785

Average tangible equity

$

825,878

$

802,096

$

721,516

Return on average tangible equity

14.90

%

16.57

%

14.66

%

(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.