$PEBO

PEOPLES BANCORP INC

CIK:0000318300|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Interest and fees on loans and leases	$ 109,557	$ 108,816	$ 218,247	$ 216,118
Interest and dividends on taxable investment securities	16,208	15,593	32,734	30,965
Interest on tax-exempt investment securities	731	960	1,546	1,928
Other interest income	1,084	1,038	1,874	1,938
Total interest income	127,580	126,407	254,401	250,949
Interest expense:
Interest on deposits	27,651	33,876	56,281	69,040
Interest on short-term borrowings	4,623	1,388	9,582	1,896
Interest on long-term borrowings	2,578	3,566	5,390	7,181
Total interest expense	34,852	38,830	71,253	78,117
Net interest income	92,728	87,577	183,148	172,832
Provision for credit losses	4,709	16,642	14,403	26,832
Net interest income after provision for credit losses	88,019	70,935	168,745	146,000
Non-interest income:
Lease income	4,977	4,211	9,558	7,679
Insurance income	4,331	4,549	9,911	10,603
Bank owned life insurance income	1,189	1,112	2,351	2,245
Mortgage banking income	598	220	974	616
Net loss on asset disposals and other transactions	(446)	(280)	(856)	(641)
Net loss on investment securities	(8,181)	0	(8,181)	(2)
Other non-interest income	893	1,456	2,059	2,906
Total non-interest income	20,378	26,880	48,632	53,979
Non-interest expense:
Salaries and employee benefit costs	40,012	38,893	79,847	78,714
Data processing and software expense	7,850	7,356	15,386	14,361
Net occupancy and equipment expense	5,765	5,690	11,989	11,302
Professional fees	4,018	3,610	6,771	6,697
Electronic banking expense	2,225	2,018	4,306	4,043
Operating lease expense	1,797	1,053	3,601	2,038
Amortization of other intangible assets	1,697	2,211	3,394	4,424
Federal Deposit Insurance Corporation ("FDIC") insurance expense	1,370	1,251	2,780	2,502
Other loan expenses	1,278	1,213	2,401	2,332
Franchise tax expense	972	678	1,976	1,607
Travel and entertainment expense	726	713	1,309	1,213
Communication expense	605	712	1,194	1,446
Marketing expense	604	718	1,490	1,621
Other non-interest expense	3,840	4,246	7,950	8,849
Total non-interest expense	72,759	70,362	144,394	141,149
Income before income taxes	35,638	27,453	72,983	58,830
Income tax expense	7,685	6,241	16,024	13,282
Net income	$ 27,953	$ 21,212	$ 56,959	$ 45,548
Earnings per common share - basic (in usd per share)	$ 0.79	$ 0.60	$ 1.61	$ 1.29
Earnings per common share - diluted (in usd per share)	$ 0.78	$ 0.59	$ 1.59	$ 1.28
Weighted-average number of common shares outstanding - basic (in shares)	35,173,525	34,972,065	35,141,267	34,934,105
Weighted-average number of common shares outstanding - diluted (in shares)	35,566,566	35,331,707	35,529,515	35,299,418
Cash dividends declared	$ 15,107	$ 14,616	$ 29,754	$ 28,843
Cash dividends declared per common share (in usd per share)	$ 0.42	$ 0.41	$ 0.83	$ 0.81
Electronic banking income
Non-interest income:
Revenue from contract with customer	$ 6,543	$ 6,272	$ 12,470	$ 12,157
Trust and investment income
Non-interest income:
Revenue from contract with customer	5,986	5,281	11,591	10,342
Deposit account service charges
Non-interest income:
Revenue from contract with customer	$ 4,488	$ 4,059	$ 8,755	$ 8,074

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$ 90,571	$ 84,984
Available-for-sale investment securities:
Purchases	(74,887)	0
Proceeds from sales	129,807	967
Proceeds from principal payments, calls and prepayments	47,688	57,813
Held-to-maturity investment securities:
Purchases	(48,918)	(180,880)
Proceeds from principal payments	105,809	56,165
Other investments:
Purchases	(27,818)	(23,211)
Proceeds from sales	20,771	16,060
Net increase in loans held for investment	(74,638)	(252,796)
Net expenditures for premises and equipment	(2,082)	(4,216)
Proceeds from sales of other real estate owned	0	187
Other	(18)	(1,053)
Net cash provided by (used in) investing activities	75,714	(330,964)
Financing activities:
Net increase in non-interest-bearing deposits	48,371	23,163
Net (decrease) increase in interest-bearing deposits	(202,366)	23,453
Net increase (decrease) in short-term borrowings	28,368	203,386
Proceeds from long-term borrowings	11,571	5,989
Payments on long-term borrowings	(29,994)	(12,177)
Cash dividends paid	(29,754)	(28,843)
Purchase of treasury stock under share repurchase program	0	(455)
Purchase of treasury stock in connection with employee incentive program and compensation plan for Boards of Directors to be held as treasury stock	(2,244)	(2,123)
Proceeds from issuance of common shares	796	991
Other	(259)	1,007
Net cash (used in) provided by financing activities	(175,511)	214,391
Net decrease in cash and cash equivalents	(9,226)	(31,589)
Cash and cash equivalents at beginning of period	188,951	217,664	$ 217,664
Cash and cash equivalents at end of period	179,725	186,075	188,951
Supplemental cash flow information:
Interest paid	73,844	75,709
Federal income taxes paid	1,500	8,500
State income taxes paid	1,686	650
Supplemental noncash disclosures:
Transfers from total loans to other real estate owned	18	72
Noncash recognition of new leases	$ 153	$ 481	$ 1,333

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Cash and cash equivalents:

Cash and balances due from banks

$ 106,562

$ 107,864

Interest-bearing deposits in other banks

73,163

81,087

Total cash and cash equivalents

179,725

188,951

Available-for-sale investment securities, at fair value (amortized cost of $966,592 at June 30, 2026 and $1,076,980 at December 31, 2025)

^[1]

874,050

984,367

Held-to-maturity investment securities, at amortized cost (fair value of $802,716 at June 30, 2026 and $867,714 at December 31, 2025)

^[1]

867,332

922,837

Other investments

76,099

68,656

Total investment securities

^[1]

1,817,481

1,975,860

Loans and leases, net of deferred fees and costs

^[2]

6,821,580

6,756,907

Allowance for credit losses

(78,103)

(75,676)

Net loans and leases

^[3]

6,743,477

6,681,231

Loans held for sale

2,568

2,667

Bank premises and equipment, net of accumulated depreciation

97,578

100,508

Bank owned life insurance

150,615

148,264

Goodwill

363,199

Other intangible assets

26,764

30,120

Other assets

158,754

158,830

Total assets

9,540,161

9,649,630

Deposits:

Non-interest-bearing

1,593,799

1,545,428

Interest-bearing

5,862,566

6,064,796

Total deposits

7,456,365

7,610,224

Short-term borrowings

588,653

530,285

Long-term borrowings

156,253

204,138

Accrued expenses and other liabilities

102,339

98,381

Total liabilities

8,303,610

8,443,028

Stockholders’ equity

Preferred shares, no par value, $50,000 shares authorized, no shares issued at June 30, 2026 or at December 31, 2025

Common shares, no par value, $50,000,000 shares authorized, $36,860,845 shares issued at June 30, 2026 and $36,836,943 shares issued at December 31, 2025, including at each date shares held in treasury

869,739

871,571

Retained earnings

463,953

436,748

Accumulated other comprehensive loss, net of deferred income taxes

(70,861)

(70,628)

Treasury stock, at cost, $1,008,699 shares at June 30, 2026 and $1,215,120 shares at December 31, 2025

(26,280)

(31,089)

Total stockholders’ equity

1,236,551

1,206,602

Total liabilities and stockholders’ equity

$ 9,540,161

$ 9,649,630

[1]	Available-for-sale investment securities and held-to-maturity investment securities are presented net of allowance for credit losses of $0 and $233, respectively, at June 30, 2026, and $0 and $236, respectively, at December 31, 2025.
[2]	Also referred to throughout this Quarterly Report on Form 10-Q as "total loans" or "loans held for investment."
[3]	Also referred to throughout this Quarterly Report on Form 10-Q as "net loans."