PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The unaudited condensed consolidated financial statements for Peoples Bancorp Inc. as of September 30, 2023, show a significant increase in total assets to $8.9 billion from $7.2 billion at year-end 2022, primarily driven by the Limestone Bancorp acquisition, with net income for the nine months ended September 30, 2023, at $79.5 million, up from $74.4 million in the prior-year period [Consolidated Balance Sheets](index=3&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of September 30, 2023, total assets grew to $8.94 billion, a 24% increase from $7.21 billion at December 31, 2022, primarily driven by a $1.37 billion increase in net loans and leases due to the Limestone acquisition, while total deposits rose to $7.04 billion and stockholders' equity increased to $993.2 million Consolidated Balance Sheet Highlights (Unaudited) | (Dollars in thousands) | September 30, 2023 | December 31, 2022 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | **$8,942,534** | **$7,207,300** | **$1,735,234** | **24.1%** | | Total cash and cash equivalents | $299,109 | $154,020 | $145,089 | 94.2% | | Net loans and leases | $6,021,466 | $4,653,980 | $1,367,486 | 29.4% | | Goodwill | $355,106 | $292,390 | $62,716 | 21.4% | | **Total Liabilities** | **$7,949,315** | **$6,421,970** | **$1,527,345** | **23.8%** | | Total deposits | $7,037,518 | $5,716,940 | $1,320,578 | 23.1% | | **Total Stockholders' Equity** | **$993,219** | **$785,320** | **$207,899** | **26.5%** | [Consolidated Statements of Operations](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For the nine months ended September 30, 2023, net income increased to $79.5 million from $74.4 million year-over-year, driven by a 37% rise in net interest income to $251.0 million, despite a $13.9 million provision for credit losses and a 29% increase in non-interest expense due to acquisition costs Key Operating Results (Unaudited, Nine Months Ended September 30) | (Dollars in thousands, except per share data) | 2023 | 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Net interest income | $251,005 | $182,829 | 37.3% | | Provision for (recovery of) credit losses | $13,889 | $(5,811) | N/A | | Total non-interest income | $63,279 | $59,802 | 5.8% | | Total non-interest expense | $198,798 | $153,781 | 29.3% | | **Net income** | **$79,538** | **$74,443** | **6.8%** | | **Earnings per common share - diluted** | **$2.47** | **$2.65** | **(6.8%)** | Key Operating Results (Unaudited, Three Months Ended September 30) | (Dollars in thousands, except per share data) | 2023 | 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Net interest income | $93,274 | $67,051 | 39.1% | | Provision for credit losses | $4,053 | $1,776 | 128.2% | | **Net income** | **$31,882** | **$25,978** | **22.7%** | | **Earnings per common share - diluted** | **$0.90** | **$0.92** | **(2.2%)** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=NOTES%20TO%20THE%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes detail accounting policies, fair value measurements, investment and loan composition, credit quality, and acquisitions, highlighting the adoption of ASU 2022-02, significant goodwill from the Limestone Merger, increased uninsured deposits, and the termination of the defined benefit pension plan - Effective January 1, 2023, the company adopted ASU 2022-02, which eliminated the accounting guidance for Troubled Debt Restructurings (TDRs) and enhanced disclosure requirements for loan modifications to borrowers experiencing financial difficulty[25](index=25&type=chunk)[26](index=26&type=chunk) - The company completed its merger with Limestone Bancorp, Inc. on April 30, 2023, resulting in preliminary goodwill of **$62.1 million** and core deposit intangibles of **$27.7 million**[127](index=127&type=chunk)[131](index=131&type=chunk) - During the third quarter of 2023, the company terminated its defined benefit pension plan, settling the remaining obligation of **$7.7 million** and recording a settlement charge of **$2.4 million**[144](index=144&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=48&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes strong Q3 2023 performance to the Limestone Merger's full impact, boosting net interest income and margin, while provision for credit losses rose due to loan growth and macroeconomic outlook, and non-interest expenses increased from acquisition costs and a pension settlement charge, with the company maintaining a strong capital position [Executive Summary](index=51&type=section&id=EXECUTIVE%20SUMMARY) Peoples reported Q3 2023 net income of $31.9 million ($0.90 per diluted share), an increase from $21.1 million in Q2 2023, significantly influenced by the Limestone Merger, which contributed to a 10% sequential increase in net interest income to $93.3 million and a net interest margin expansion to 4.70%, with total assets reaching $8.94 billion Q3 2023 Key Performance Metrics | Metric | Q3 2023 | Q2 2023 | Q3 2022 | | :--- | :--- | :--- | :--- | | Net Income | $31.9M | $21.1M | $26.0M | | Diluted EPS | $0.90 | $0.64 | $0.92 | | Net Interest Income | $93.3M | $84.9M | $67.1M | | Net Interest Margin | 4.70% | 4.54% | 4.17% | | Provision for Credit Losses | $4.1M | $8.0M | $1.8M | | Total Assets | $8.94B | $8.79B | $7.01B | - Non-core items, including acquisition expenses and a **$2.4 million** pension settlement charge, negatively impacted Q3 2023 diluted EPS by **$0.16**[201](index=201&type=chunk) - The increase in net interest margin was driven by a full quarter of accretion from the Limestone portfolio, including a **$3.6 million** true-up adjustment, and improved investment yields[202](index=202&type=chunk)[203](index=203&type=chunk) [Results of Operations](index=56&type=section&id=RESULTS%20OF%20OPERATIONS) Net interest income grew 39% year-over-year to $93.3 million in Q3 2023, with net interest margin expanding 53 basis points to 4.70%, driven by higher market rates and the Limestone Merger, while non-interest expense increased 37% to $71.7 million, including $4.4 million in acquisition costs and a $2.4 million pension settlement charge, resulting in an adjusted efficiency ratio of 52.5% - Accretion income from acquisitions added **49 basis points** to net interest margin in Q3 2023, compared to **24 basis points** in Q2 2023 and **16 basis points** in Q3 2022[238](index=238&type=chunk) - Salaries and employee benefit costs were **$36.6 million** in Q3 2023, down from **$38.0 million** in Q2 2023 due to lower acquisition-related expenses, but up from **$28.6 million** in Q3 2022 due to the Limestone Merger and organic growth[257](index=257&type=chunk) Non-US GAAP Pre-Provision Net Revenue (PPNR) | (Dollars in thousands) | Q3 2023 | Q2 2023 | Q3 2022 | | :--- | :--- | :--- | :--- | | Income before income taxes | $40,729 | $27,262 | $33,388 | | Add: provision for credit losses | $4,053 | $7,983 | $1,776 | | Add/Less: Net (gains)/losses | $316 | $1,834 | $(14) | | **Pre-provision net revenue** | **$45,096** | **$37,076** | **$35,178** | [Financial Condition](index=72&type=section&id=FINANCIAL%20CONDITION) As of September 30, 2023, total assets were $8.9 billion, with total loans and leases at $6.1 billion, up 7% annualized, and deposits at $7.0 billion, while nonperforming assets remained stable at 0.48% of total assets, and capital levels remained strong, with a Common Equity Tier 1 ratio of 11.57% Loan Portfolio Composition (September 30, 2023) | Loan Category | Balance ($ in thousands) | % of Total | | :--- | :--- | :--- | | Commercial real estate | $2,563,997 | 42.1% | | Commercial and industrial | $1,128,809 | 18.6% | | Consumer | $782,531 | 13.2% | | Leases | $402,635 | 6.6% | | Construction | $374,016 | 6.1% | | Premium finance | $189,251 | 3.1% | | **Total Loans & Leases** | **$6,084,390** | **100.0%** | Asset Quality Ratios | Ratio | Sep 30, 2023 | Jun 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | :--- | | Nonperforming assets to total assets | 0.48% | 0.48% | 0.63% | | Allowance for credit losses to total loans | 1.03% | 1.02% | 1.13% | | Net charge-offs to average loans (annualized) | 0.15% | 0.09% | 0.18% | - The company's balance sheet is positioned to benefit from rising interest rates, with a **+100 basis point** parallel rate shock estimated to increase net interest income by **0.7%** over 12 months, while a **-100 basis point** shock would decrease it by **1.3%**[328](index=328&type=chunk)[334](index=334&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=86&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section incorporates by reference the information provided under the 'Interest Rate Sensitivity and Liquidity' section within Item 2, Management's Discussion and Analysis, with the key market risk being interest rate risk, managed by the Asset-Liability Committee (ALCO) through various strategies, including interest rate swaps - Information regarding market risk is incorporated by reference from the 'Interest Rate Sensitivity and Liquidity' section of the MD&A[342](index=342&type=chunk) [Controls and Procedures](index=86&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting during the third quarter - Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[343](index=343&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[344](index=344&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=79&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in various litigation matters in the ordinary course of business, with management believing the outcomes will not have a material adverse effect on its consolidated financial position, results of operations, or liquidity - Peoples is engaged in various litigation matters from time to time, but management does not expect any material adverse effect on the company's financial condition or results[346](index=346&type=chunk) [Risk Factors](index=79&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company identified new risk factors, including potential inability to obtain needed liquidity exacerbated by bank failures, contagion risk from other financial institutions reducing customer confidence, and increasing sophistication of information security risks from external parties - A new risk factor highlights that an unexpected inability to obtain needed liquidity could adversely affect business, profitability, and viability, referencing the 2023 bank failures as an example of how quickly deposit outflows can accelerate[348](index=348&type=chunk) - The company notes the risk that failures of other large or similar-sized banks could reduce customer confidence, affect funding, and increase regulatory costs for the entire industry, including Peoples[349](index=349&type=chunk) - Increased information security risks from organized crime, hackers, and other external parties pose a threat, where a security breach could impair reputation, disrupt operations, and result in costly remediation[350](index=350&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=80&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%2C%20USE%20OF%20PROCEEDS%2C%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) During Q3 2023, no common shares were repurchased under the publicly announced program, though 9,374 shares were acquired for other purposes, including a Rabbi Trust and to satisfy tax obligations on vested restricted stock awards - No common shares were repurchased under the company's **$30 million** share repurchase program during the three months ended September 30, 2023, with approximately **$22.6 million** remaining available under the program[354](index=354&type=chunk) - A total of **9,374 shares** were acquired by the company during the quarter, primarily consisting of shares withheld to satisfy income taxes on vested restricted stock (**5,847 shares**) and shares purchased for a Rabbi Trust (**3,527 shares**)[354](index=354&type=chunk)[355](index=355&type=chunk)[356](index=356&type=chunk) [Exhibits](index=82&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including merger agreements, articles of incorporation, new change in control agreements, CEO/CFO certifications, and XBRL data files

Financial Data and Key Metrics Changes - The company reported earnings of $31.9 million for Q3 2023, a 51% increase compared to the linked quarter and a 23% increase from the prior year quarter [4] - Net interest income grew by 10% compared to the linked quarter, while fee-based revenue increased by 3% [3] - Return on average stockholder equity improved to 12.6%, and return on average tangible stockholder equity was 23% [3] - Return on average assets increased to 1.44% for the third quarter [3] - Diluted earnings per share were $0.90, negatively impacted by one-time costs totaling $0.15 [4] Business Line Data and Key Metrics Changes - The construction loan portfolio saw a decline in outstanding balances, with $374 million in outstanding balances compared to $689 million in commitments [31] - Multifamily loans accounted for 38% of the funded multifamily portfolio, with six projects in the construction phase [7] - Hospitality loan balances grew to $192 million, comprising 3% of the total loan portfolio, with occupancy trends remaining above market competitors [32] - The dealer floor plan portfolio had $340 million of exposure, with strong liquidity positions among larger clients [9] Market Data and Key Metrics Changes - The company experienced a 7% annualized growth in total loan balances, with commercial real estate loans being the largest contributor [9] - Deposit balances increased by $78 million compared to the linked quarter, driven by retail CDs and seasonal increases in governmental deposits [12] - The average customer deposit relationship was $29,000, with a median of $2,400 [37] Company Strategy and Development Direction - The company is focused on achieving a successful transition to cross $10 billion in assets, making investments in systems, associates, and processes [19] - The efficiency ratio is expected to be between 55% and 57% for the full year, excluding one-time expenses [20] - The company anticipates organic loan growth of 6% to 8% for 2023, with fee-based income growth in the low to mid double digits compared to 2022 [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the current core consensus estimate for diluted EPS for 2023, which is $3.87 [20] - The company expects some compression in net interest income and margin in Q4 2023 but remains optimistic about overall performance [44] - Management noted that the current economic environment has not significantly impacted vehicle sales, with larger clients having the liquidity to withstand short-term delays [9] Other Important Information - The company recorded a pension settlement charge of $2.4 million, which will not incur future ongoing costs [4] - The investment securities portfolio declined to 19.7% of total assets, with cash flows utilized to fund loan growth [17] - The company was recognized as one of the top workplaces in the financial services industry for 2023 [13] Q&A Session Summary Question: What are the expectations for loan yields and margin? - Management indicated that loan yields were at 8.5% and suggested there might be room for improvement, depending on future rate increases [23] Question: How are deposit costs expected to trend? - The company expects deposit costs to be around 18% to 20% in the current environment, with a focus on managing short-term borrowings [88] Question: What are the expectations for leasing income and credit quality? - Leasing income saw a significant drop due to purchase accounting related to the Vantage transaction, but management expects stability moving forward [97] - Charge-off rates in the leasing business are anticipated to increase but remain manageable [99] Question: How is the company managing its balance sheet? - The company is actively managing its balance sheet in response to loan growth and deposit flows, with ongoing evaluations of the investment securities portfolio [68]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 000-16772 PEOPLES BANCORP INC. | (Exact name of Registrant as specified in its charter) | | | --- | --- | | Ohio | 31-0987 ...

Financial Data and Key Metrics Changes - Net income for the quarter totaled $21.1 million with diluted earnings per share at $0.64, impacted by one-time acquisition-related expenses of $10.7 million which reduced diluted EPS by $0.25 [16] - The provision for credit losses increased by $10 million, negatively impacting diluted EPS by $0.23 [18] - Net interest income improved by 16% compared to the linked quarter, totaling $12 million [18] - Fee-based income grew by 8% compared to the linked quarter, totaling $1.6 million [18] - The adjusted efficiency ratio improved to 53.3%, down from 57.2% for the linked quarter [19] Business Line Data and Key Metrics Changes - Fee-based income increased by 17% compared to the prior year quarter, driven by higher electronic banking income and increased trust and investment income [4] - The total deposit balances grew by $1.2 billion, primarily due to deposits acquired in the Limestone merger [5] - Excluding acquired deposits, total deposits declined by $141 million or 3% compared to the linked quarter [5] - Non-performing assets improved to 0.48% of total assets, down from 0.58% at March 31 [20] Market Data and Key Metrics Changes - Demand deposits comprised 42% of total deposits at June 30, down from 46% at March 31 [6] - The average customer deposit relationship was $29,000 at June 30 [6] - The weighted average loan to value of the hospitality portfolio was 62% [26] Company Strategy and Development Direction - The company is focused on fully absorbing the Limestone merger and is not in a hurry to grow through another bank acquisition [1] - The company aims to cross the $10 billion asset mark and is preparing for the regulatory and compliance changes that will follow [9] - The company is optimistic about expanding its business in areas where larger banks have limited presence, particularly in Ohio and surrounding regions [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, highlighting the positive impact of the Limestone merger and organic growth [38] - The company expects net interest income to continue to grow due to the Limestone merger and higher market interest rates [39] - Management anticipates a slowdown in net interest margin expansion due to increased funding costs [40] Other Important Information - The Limestone merger was valued at $178 million, with preliminary goodwill of $64 million [33] - The company recorded a total non-interest expense increase of 25% compared to the linked quarter, primarily due to acquisition-related expenses [32] Q&A Session Summary Question: Outlook for expenses and merger costs - Management indicated that the increase in expenses is due to investments in people and technology as they prepare for the remainder of the year [50] Question: Margin compression and loan growth funding - Management clarified that the 6% to 8% loan growth guidance does not include Limestone loans and that they plan to use cash flows from the investment portfolio to fund loan growth [66] Question: Credit quality and watch list trends - Management expressed minimal concerns regarding credit quality, noting improvements during the quarter [120] Question: Tax rate for the back half of the year - The expected tax rate is around 22.5% to 23%, influenced by the Limestone acquisition [122] Question: Runoff of deposits acquired with Limestone - Management stated that it is too early to assess runoff as the conversion is scheduled for the first weekend in August [123]

PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements and accompanying notes for Peoples Bancorp Inc [Consolidated Balance Sheets](index=3&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS%20(Unaudited)) This section details the company's assets, liabilities, and equity at the end of the reporting period Consolidated Balance Sheet Summary (Unaudited) | (Dollars in thousands) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$7,311,520** | **$7,207,304** | | Total Investment Securities | $1,796,332 | $1,743,220 | | Net Loans and Leases | $4,706,415 | $4,653,988 | | Goodwill | $292,597 | $292,397 | | **Total Liabilities** | **$6,491,977** | **$6,421,976** | | Total Deposits | $5,788,527 | $5,716,941 | | Short-term Borrowings | $490,670 | $500,138 | | **Total Stockholders' Equity** | **$819,543** | **$785,328** | [Consolidated Statements of Operations](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20(Unaudited)) This section outlines the company's revenues, expenses, and resulting net income over the reporting period Consolidated Statements of Operations Summary (Unaudited) | (Dollars in thousands, except per share data) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net Interest Income | $72,878 | $54,310 | | Provision for (recovery of) credit losses | $1,853 | $(6,807) | | Total Non-interest Income | $19,060 | $20,050 | | Total Non-interest Expense | $56,479 | $51,629 | | **Net Income** | **$26,560** | **$23,577** | | **Earnings per common share - diluted** | **$0.94** | **$0.84** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=NOTES%20TO%20THE%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed explanations of accounting policies and specific financial data from the statements - Effective January 1, 2023, the company adopted ASU 2022-02, eliminating Troubled Debt Restructuring (TDR) accounting guidance, with **no material impact** on financial statements[23](index=23&type=chunk)[24](index=24&type=chunk) - The company utilizes an interest rate protection program for commercial loans involving offsetting interest rate swaps with a notional amount of **$381.2 million** as of March 31, 2023[144](index=144&type=chunk)[145](index=145&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=42&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q1 2023 financial performance, highlighting key drivers like net interest income and asset growth [Executive Summary](index=45&type=section&id=EXECUTIVE%20SUMMARY) This section summarizes key financial results and balance sheet changes for the first quarter of 2023 Q1 2023 Key Financial Highlights | Metric | Q1 2023 | Q4 2022 | Q1 2022 | | :--- | :--- | :--- | :--- | | Net Income | $26.6M | - | $23.6M | | Diluted EPS | $0.94 | $0.95 | $0.84 | | Net Interest Income | $72.9M | $70.6M | $54.3M | | Net Interest Margin | 4.53% | 4.44% | 3.41% | | Provision for Credit Losses | $1.9M | $2.3M | $(6.8)M (Recovery) | - **Total assets grew to $7.31 billion**, a $104.2 million increase from year-end 2022, driven by growth in held-to-maturity securities and net loans[196](index=196&type=chunk) - **Total stockholders' equity increased by $34.2 million** to $819.5 million, reflecting net income and a decrease in accumulated other comprehensive loss[199](index=199&type=chunk) [Results of Operations](index=47&type=section&id=RESULTS%20OF%20OPERATIONS) This section analyzes the components of the company's operating results, including interest and non-interest income/expense - **Net interest income increased by 34% year-over-year**, with net interest margin expanding by 112 bps due to rising interest rates and a shift into higher-yielding leases[209](index=209&type=chunk)[210](index=210&type=chunk) - A **provision for credit losses of $1.9 million** was recorded in Q1 2023, contrasting with a $6.8 million recovery in Q1 2022, due to deteriorating macroeconomic conditions[214](index=214&type=chunk)[215](index=215&type=chunk) - Total non-interest income, excluding net gains/losses, increased by $1.2 million year-over-year, primarily driven by a **15% YoY growth in insurance income**[192](index=192&type=chunk)[223](index=223&type=chunk) - **Total non-interest expense rose 9% year-over-year** to $56.5 million, mainly due to higher costs related to organic growth and acquisitions[193](index=193&type=chunk) [Financial Condition](index=61&type=section&id=FINANCIAL%20CONDITION) This section reviews the company's balance sheet, including loans, deposits, capital, and interest rate sensitivity - **Total loans increased by $52.6 million** (4% annualized) from year-end 2022, reaching $4.76 billion[269](index=269&type=chunk) - The allowance for credit losses stood at **$53.3 million**, or **1.12% of total loans**, at March 31, 2023[278](index=278&type=chunk) - **Total deposits increased by $71.6 million** to $5.79 billion, driven by a $147.6 million increase in brokered CDs, while core deposits decreased[286](index=286&type=chunk) - The company's balance sheet is positioned to benefit from rising interest rates, with a **+100 bps rate shock estimated to increase net interest income by 1.4%** ($4.2 million)[299](index=299&type=chunk)[306](index=306&type=chunk) Regulatory Capital Ratios | Capital Ratios | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Common Equity Tier 1 | 12.22% | 11.92% | | Tier 1 | 12.49% | 12.19% | | Total (Tier 1 and Tier 2) | 13.35% | 13.06% | | Tier 1 leverage ratio | 9.02% | 8.92% | [Quantitative and Qualitative Disclosures About Market Risk](index=74&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate risk, with the balance sheet positioned as asset-sensitive - The company's primary market risk is **interest rate risk (IRR)**, managed by the Asset-Liability Committee (ALCO)[297](index=297&type=chunk)[298](index=298&type=chunk) Estimated Impact of Interest Rate Shocks (as of March 31, 2023) | Change in Interest Rate (Basis Points) | Estimated Change in Net Interest Income (12-months) | Estimated Change in Economic Value of Equity | | :--- | :--- | :--- | | +300 | +3.7% | -7.5% | | +200 | +2.6% | -4.9% | | +100 | +1.4% | -2.4% | | -100 | -2.9% | +0.4% | [Controls and Procedures](index=75&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management confirms the effectiveness of disclosure controls and procedures with no material changes in internal controls - Management concluded that as of March 31, 2023, the company's **disclosure controls and procedures were effective**[316](index=316&type=chunk) - **No material changes** occurred during the quarter that affected the company's internal control over financial reporting[317](index=317&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=75&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company faces no material litigation outside the ordinary course of business - The company is engaged in various litigation in the ordinary course of business, but management **does not expect a material adverse effect** on its financial condition[319](index=319&type=chunk) [Risk Factors](index=75&type=section&id=ITEM%201A.%20RISK%20FACTORS) A new risk factor was added concerning the potential industry-wide impact of recent failures at other banks - A **new risk factor was added in Q1 2023** regarding the potential negative impact from problems at other financial institutions, citing recent bank failures[320](index=320&type=chunk)[321](index=321&type=chunk) - Potential impacts from peer bank failures include **reduced customer confidence**, adverse effects on funding and liquidity, and increased regulatory costs[321](index=321&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No shares were repurchased under the public program, though some were withheld for tax purposes on vested awards - **No common shares were repurchased** under the company's publicly announced $30 million share repurchase program during the first quarter of 2023[322](index=322&type=chunk) - A total of **29,006 shares were purchased or withheld** during Q1 2023, primarily to satisfy income tax obligations on vested restricted stock awards[322](index=322&type=chunk)[323](index=323&type=chunk)[324](index=324&type=chunk) [Other Information](index=76&type=section&id=ITEM%205.%20OTHER%20INFORMATION) There is no other information to report for this item - None[327](index=327&type=chunk) [Exhibits](index=77&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the report, including corporate documents and required certifications - Lists various corporate documents filed as exhibits, including **merger agreements** with Premier Financial Bancorp, Inc and Limestone Bancorp, Inc[329](index=329&type=chunk) - Includes required **CEO and CFO certifications** under Rule 13a-14(a)/15d-14(a) and Section 1350[331](index=331&type=chunk)

Peoples Bancorp Inc. (NASDAQ:PEBO) Q1 2023 Earnings Conference Call April 25, 2023 11:00 AM ET Company Participants Chuck Sulerzyski - President, Chief Executive Officer Katie Bailey - Chief Financial Officer, Treasurer Conference Call Participants Brendan Nosal - Piper Sandler Daniel Tamayo - Raymond James Brandon Rud - Stephens Manuel Navas - D.A. Davidson Operator Good morning, and welcome to the Peoples Bancorp Inc. Conference Call. My name is Kate, and I will be your conference facilitator. Today's cal ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 000-16772 PEOPLES BANCORP INC. | (Exact name of registrant as specified in its charter) | | | | --- | --- | --- | | Ohio | | 3 ...

Peoples Bancorp Inc. (NASDAQ:PEBO) Q4 2022 Earnings Conference Call January 24, 2023 11:00 AM ET Company Participants Chuck Sulerzyski - President and CEO Katie Bailey - CFO and Treasurer Conference Call Participants Brendan Nosal - Piper Sandler Ben Gerlinger - Hovde Group Michael Perito - KBW Terry McEvoy - Stephens Manuel Navas - D. A. Davidson Operator Good morning, and welcome to Peoples Bancorp Inc. Conference Call. My name is Betsy, and I will be your conference facilitator. Today's call will cover a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 000-16772 PEOPLES BANCORP INC. | (Exact name of Registrant as specified in its charter) | | | | --- | --- | --- | | O ...

Peoples Bancorp Inc. (NASDAQ:PEBO) Q3 2022 Earnings Conference Call October 25, 2022 11:00 AM ET Company Participants Chuck Sulerzyski - President and CEO Katie Bailey - CFO and Treasurer Conference Call Participants Brendan Nosal - Piper Sandler Tim Switzer - KBW David Long - Raymond James Terry McEvoy - Stephens Operator Good morning, and welcome to the Peoples Bancorp Inc's Conference Call. My name is Matt, and I will be your conference facilitator. Today's call will cover a discussion of results of oper ...