0000318300FALSE00003183002025-01-272025-01-27

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): January 27, 2025 (January 21, 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 January 21, 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 and the full year ended December 31, 2024. 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 EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20242024202320242023
Core non-interest expense:
Total non-interest expense$70,503 $66,090 $67,689 $273,816 $266,487 
Less: acquisition-related expenses1,144 (892)1,276 169 16,970 
Less: pension settlement charges— — — — 2,424 
Add: COVID -19 Employee Retention Credit— — — — 548 
Core non-interest expense$69,359 $66,982 $66,413 $273,647 $247,641 



Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20242024202320242023
Efficiency ratio:
Total non-interest expense$70,503 $66,090 $67,689 $273,816 $266,487 
Less: amortization of other intangible assets2,800 2,786 3,271 11,161 11,222 
Adjusted total non-interest expense67,703 63,304 64,418 262,655 255,265 
Total non-interest income25,089 24,794 24,134 99,366 87,413 
Less: net loss on investment securities12 (74)(1,592)(416)(3,700)
Less: net loss on asset disposals and other transactions(1,746)(795)(619)(3,310)(2,837)
Total non-interest income, excluding net gains and losses26,823 25,663 26,345 103,092 93,950 
Net interest income86,536 88,912 88,369 348,701 339,374 
Add: fully tax-equivalent adjustment (a)286 318 365 1,308 1,503 
Net interest income on a fully tax-equivalent basis86,822 89,230 88,734 350,009 340,877 
Adjusted revenue$113,645 $114,893 $115,079 $453,101 $434,827 
Efficiency ratio59.57 %55.10 %55.98 %57.97 %58.70 %
Efficiency ratio adjusted for non-core items:
Core non-interest expense$69,359 $66,982 $66,413 $273,647 $247,641 
Less: amortization of other intangible assets2,800 2,786 3,271 11,161 11,222 
Adjusted core non-interest expense66,559 64,196 63,142 262,486 236,419 
Adjusted revenue$113,645 $114,893 $115,079 $453,101 $434,827 
Efficiency ratio adjusted for non-core items58.57 %55.87 %54.87 %57.93 %54.37 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.




At or For the Three Months Ended
December 31,September 30,June 30,March 31,December 31,
(Dollars in thousands, except per share data)20242024202420232023
Tangible equity:
Total stockholders' equity$1,111,590 $1,124,972 $1,077,833 $1,062,002 $1,053,534 
Less: goodwill and other intangible assets402,422 403,922 406,417 409,285 412,172 
Tangible equity$709,168 $721,050 $671,416 $652,717 $641,362 
Tangible assets:
Total assets$9,254,247 $9,140,471 $9,226,461 $9,270,774 $9,157,382 
Less: goodwill and other intangible assets402,422 403,922 406,417 409,285 412,172 
Tangible assets$8,851,825 $8,736,549 $8,820,044 $8,861,489 $8,745,210 
Tangible book value per common share:
Tangible equity$709,168 $721,050 $671,416 $652,717 $641,362 
Common shares outstanding35,563,590 35,538,607 35,498,977 35,486,234 35,314,745 
Tangible book value per common share$19.94 $20.29 $18.91 $18.39 $18.16 
Tangible equity to tangible assets ratio:
Tangible equity$709,168 $721,050 $671,416 $652,717 $641,362 
Tangible assets$8,851,825 $8,736,549 $8,820,044 $8,861,489 $8,745,210 
Tangible equity to tangible assets8.01 %8.25 %7.61 %7.37 %7.33 %

Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20242024202320242023
Pre-provision net revenue:
Income before income taxes$34,855 $40,881 $43,529 $149,464 $145,126 
Add: provision for credit losses6,267 6,735 1,285 24,787 15,174 
Add: net loss on OREO1,228 2 — 1,230 1,623 
Add: net loss on investment securities— 74 1,592 416 3,700 
Add: net loss on other assets458 764 586 1,928 1,143 
Add: net loss on other transactions60 28 33 152 71 
Less: net gain on investment securities12 — — — — 
Pre-provision net revenue$42,856 $48,484 $47,025 $177,977 $166,837 




Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20242024202320242023
Annualized net income adjusted for non-core items:
Net income$26,930 $31,684 $33,825 $117,205 $113,363 
Add: net loss on investment securities— 74 1,592 416 3,700 
Less: tax effect of net loss on investment securities (a)— 16 334 87 777 
Less: net gain on investment securities12 — — — — 
Add: tax effect of net gain on investment securities (a)3 — — — — 
Add: net loss on asset disposals and other transactions1,746 795 619 3,310 2,837 
Less: tax effect of net loss on asset disposals and other transactions (a)367 167 130 695 596 
Add: acquisition-related expenses1,144 (892)1,276 169 16,970 
Less: tax effect of acquisition-related expenses (a)240 (187)268 35 3,564 
Less: COVID -19 Employee Retention Credit— — — — 548 
Add: tax effect of COVID -19 Employee Retention Credit— — — — 115 
Net income adjusted for non-core items$29,204 $31,665 $36,580 $120,283 $133,415 
Days in the period92 92 92 366 365 
Days in the year366 366 365 366 365 
Annualized net income$107,135 $126,047 $134,197 $117,205 $113,363 
Annualized net income adjusted for non-core items$116,181 $125,972 $145,127 $120,283 $133,415 
Return on average assets:
Annualized net income$107,135 $126,047 $134,197 $117,205 $113,363 
Total average assets$9,146,057 $9,142,737 $8,826,655 $9,122,843 $8,298,777 
Return on average assets1.17 %1.38 %1.52 %1.28 %1.37 %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items$116,181 $125,972 $145,127 $120,283 $133,415 
Total average assets$9,146,057 $9,142,737 $8,826,655 $9,122,843 $8,298,777 
Return on average assets adjusted for non-core items1.27 %1.38 %1.64 %1.32 %1.61 %

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




For the Three Months EndedYear Ended
December 31,September 30,December 31,December 31,
(Dollars in thousands)20242024202320242023
Annualized net income excluding amortization of other intangible assets:
Net income $26,930 $31,684 $33,825 $117,205 $113,363 
Add: amortization of other intangible assets2,800 2,786 3,271 11,161 11,222 
Less: tax effect of amortization of other intangible assets (a)588 585 687 2,344 2,357 
Net income excluding amortization of other intangible assets$29,142 $33,885 $36,409 $126,022 $122,228 
Days in the period92 92 92 366 365 
Days in the year366 366 365 366 365 
Annualized net income$107,135 $126,047 $134,197 $117,205 $113,363 
Annualized net income excluding amortization of other intangible assets$115,934 $134,803 $144,449 $126,022 $122,228 
Average tangible equity:
Total average stockholders' equity$1,120,597 $1,099,756 $1,002,515 $1,083,792 $940,797 
Less: average goodwill and other intangible assets402,930 405,022 411,616 406,619 384,172 
Average tangible equity$717,667 $694,734 $590,899 $677,173 $556,625 
Return on average stockholders' equity ratio:
Annualized net income$107,135 $126,047 $134,197 $117,205 $113,363 
Average stockholders' equity$1,120,597 $1,099,756 $1,002,515 $1,083,792 $940,797 
Return on average stockholders' equity9.56 %11.46 %13.39 %10.81 %12.05 %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets$115,934 $134,803 $144,449 $126,022 $122,228 
Average tangible equity$717,667 $694,734 $590,899 $677,173 $556,625 
Return on average tangible equity16.15 %19.40 %24.45 %18.61 %21.96 %
(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 January 21, 2025 to discuss results of operations for the quarter and full year ended December 31, 2024
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:January 27, 2025By:/s/KATHRYN BAILEY
Kathryn Bailey
Executive Vice President,
Chief Financial Officer and Treasurer