Here are 1-3 brief analogies to describe Peoples Bancorp (PEBO):

• Peoples Bancorp is like a smaller, community-focused version of PNC Bank, primarily serving Ohio and nearby states.
• Think of it as Huntington Bancshares, but for smaller communities in its regional footprint.

• Deposit Accounts: Provides various accounts like checking, savings, money market, and certificates of deposit for individuals and businesses to manage their funds.
• Lending Services: Offers a range of loans including commercial, real estate (mortgage), and consumer loans to individuals and businesses for diverse financial needs.
• Wealth Management & Trust: Delivers comprehensive financial planning, investment management, and trust services to help clients grow and protect their assets.
• Treasury Management: Supplies solutions for businesses to efficiently manage cash flow, payments, and collections.
• Insurance Services: Offers a variety of insurance products, including property, casualty, life, and health coverage, for individuals and businesses.

Peoples Bancorp (PEBO) is a regional bank holding company. As such, it sells financial products and services primarily to individuals and businesses within its geographic operating footprint, rather than selling to other major public companies. Therefore, we will describe the categories of customers it serves.

The major customer categories for Peoples Bancorp are:

1. Retail Banking Customers (Individuals and Households): This segment includes individuals seeking personal financial services such as checking and savings accounts, certificates of deposit, mortgages, home equity loans, auto loans, and personal loans. It also covers wealth management and trust services for individuals and families.
2. Small and Medium-sized Business (SMB) Customers: This category encompasses local businesses, ranging from sole proprietorships to mid-sized corporations. These customers utilize commercial loans, lines of credit, business checking and savings accounts, treasury management services, merchant services, and other financial solutions tailored to their operational needs.
3. Commercial Real Estate (CRE) Investors and Developers: This segment comprises individuals and entities involved in the acquisition, development, and management of commercial properties (e.g., office buildings, retail centers, multi-family housing). These customers typically require specialized financing for property purchases, construction, or refinancing, along with related banking services.

Tyler J. Wilcox, President and Chief Executive Officer

Mr. Wilcox assumed the roles of President and Chief Executive Officer of Peoples Bancorp and Peoples Bank in April 2024. He began his tenure with Peoples Bank in August 2008 as Associate Counsel. Over the years, he has held various executive positions including Senior Executive Vice President, Chief Operating Officer (July 2023 to March 2024), Executive Vice President, Community Banking (October 2020 to June 2023), Executive Vice President, Regional President of the South Region (January 2019 to September 2020), and President of Peoples Insurance Agency (October 2015 to December 2018). Prior to joining Peoples, Mr. Wilcox practiced law as an Assistant City Attorney for the City of Columbus, Ohio, from January 2005 to August 2008.

Kathryn M. Bailey, Executive Vice President, Chief Financial Officer and Treasurer

Ms. Bailey has served as Executive Vice President, Chief Financial Officer, and Treasurer of Peoples Bancorp and Peoples Bank since 2020. Her previous roles include Director and Vice President of Peoples Bank Foundation, Inc., and Director of Peoples Investment Company. Before joining Peoples, she worked for PricewaterhouseCoopers LLP.

Matthew M. Edgell, Executive Vice President, Chief of Staff

Mr. Edgell has served as Executive Vice President, Chief of Staff for Peoples Bancorp and Peoples Bank since January 2023. He has also been a Director and President and Treasurer of Peoples Investment Company since 2016. From October 2020 to December 2022, he was Senior Vice President, Director of Finance, managing the treasury team, and from August 2018 to September 2020, he served as Senior Vice President, Credit Administration Officer for Peoples Bank.

Matthew J. Macia, Executive Vice President, Chief Risk Officer

Mr. Macia has been the Executive Vice President and Chief Risk Officer of Peoples Bancorp and Peoples Bank since 2023. Before this role, he was the Senior Vice President, Senior Commercial Underwriter. He also previously worked at Eramet Marietta, Inc.

Douglas Vincent Wyatt, Executive Vice President and Chief Commercial Banking Officer

Mr. Wyatt serves as Executive Vice President and Chief Commercial Banking Officer of Peoples Bancorp and Peoples Bank.

• Big Tech's Expansion into Financial Services: Companies like Apple, Google, and Amazon possess vast customer bases, extensive data, and advanced technological capabilities. Their increasing foray into financial products such as payment systems, credit cards (e.g., Apple Card), and potentially deposit-like services presents a significant emerging threat. These tech giants can leverage their existing ecosystems and user trust to offer seamless financial solutions, disintermediating traditional banks by providing services directly within their popular platforms, thereby bypassing the need for a separate banking relationship for certain transactions and financial needs.
• Rise of Neobanks and Digital-Only Competitors: The growing presence and increasing adoption of neobanks and other digital-first financial technology (fintech) companies pose a clear threat. These agile competitors operate with significantly lower overheads compared to traditional banks, enabling them to offer more competitive fees, superior digital user experiences, and specialized financial products. They are actively attracting customers, particularly younger and digitally native demographics, by providing a modern, convenient, and often hyper-personalized banking experience, which can erode the deposit bases and loan origination opportunities of regional banks like Peoples Bancorp.

Peoples Bancorp (PEBO) provides a diverse range of financial products and services, primarily operating in Ohio, West Virginia, Kentucky, Virginia, Washington D.C., and Maryland. Their main offerings include commercial and consumer banking, wealth management, and insurance products, as well as premium financing and equipment leasing.

Addressable Market Sizes:

• Commercial Banking:
  • The Commercial Banking industry in Ohio is projected to grow to an unspecified amount by 2025. As of 2025, the market size of the Commercial Banking industry in West Virginia is valued at $4.5 billion. The US commercial banking market is estimated at $732.5 billion in 2025 and is forecasted to reach $915.45 billion by 2030, growing at a CAGR of 4.56%.
• Retail Banking:
  • The global retail banking market was valued at $2.30 trillion in 2023 and is projected to reach $5.12 trillion by 2032, growing at a CAGR of 9.30% from 2024 to 2032. Another report states the global retail banking market was valued at $1.9 trillion in 2022 and is projected to reach $4 trillion by 2032, with a CAGR of 8.1% from 2023 to 2032. The US retail banking market size is expected to increase by $92.1 billion at a CAGR of 4.2% between 2024 and 2029.
• Wealth Management:
  • The global wealth management market was valued at $1.25 trillion in 2020 and is estimated to reach $3.43 trillion by 2030, with a CAGR of 10.7% from 2021 to 2030. North America held the largest share of the wealth management market in 2020. Another source indicates the global wealth management market was valued at $1.68 trillion in 2023 and is poised to grow to $3.62 trillion by 2032, at a CAGR of 14.0% during the forecast period (2025-2032).

Peoples Bancorp (NASDAQ: PEBO) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Continued Loan Growth: Peoples Bancorp anticipates sustained loan growth, with projections of 4-6% compared to 2024 and between 3-5% compared to 2025. This growth in loan portfolios is a primary contributor to the company's net interest income.
2. Net Interest Margin Expansion and Higher Investment Securities Yields: The company has been strategically selling lower-yielding investment securities to improve overall portfolio yields. This initiative, combined with rising loan balances, led to an increase in net interest income and an expanded net interest margin in the third quarter of 2025, a trend expected to continue.
3. Growth in Fee-Based Income: Peoples Bancorp projects mid-single-digit percentage growth in fee-based income compared to 2024, with an expected quarterly range of $27 million to $29 million for 2026. This growth is supported by increases in electronic banking income and deposit account service charges.
4. Leveraging Existing Market Presence and Geographic Expansion: With 145 locations, including 127 full-service bank branches across Ohio, Kentucky, West Virginia, Virginia, Washington D.C., and Maryland, Peoples Bancorp is well-positioned to capitalize on population and business migration within these markets to drive renewed local loan demand and customer acquisition.
5. Digital Innovation and Operational Efficiency: While primarily impacting costs, proactive investments in digital banking and automation are expected to enhance operational efficiency, stabilize noninterest expenses, and potentially lower deposit and borrowing costs. These improvements can indirectly boost revenue by enabling more competitive offerings and enhancing customer attraction and retention through diversified service channels.

Share Repurchases

• On February 27, 2020, Peoples Bancorp authorized a new share repurchase program of up to $40 million. This program replaced a prior authorization under which $6.3 million in common shares had been repurchased.
• A subsequent program was authorized on January 28, 2021, allowing for the repurchase of up to $30 million of outstanding common shares. By this date, $28.4 million had been repurchased under the preceding $40 million program.
• In 2022, Peoples Bancorp repurchased common shares totaling $7.4 million, and in 2023, repurchases amounted to $3.0 million under the ongoing programs.

Share Issuance

• In 2021, Peoples Bancorp issued $261.9 million in common shares as part of the acquisition of Premier Financial Bancorp, Inc.
• The company issued 6.8 million common shares, valued at $177.9 million, in connection with the Limestone Merger in 2023.

Outbound Investments

• In April 2021, Peoples Bancorp acquired North Star Leasing, an equipment leasing business.
• Peoples Bancorp completed the acquisition of Premier Financial Bancorp, Inc., which had $2.0 billion in total assets, in September 2021.
• The acquisition of Limestone Bancorp, Inc. was completed on April 30, 2023, in an all-stock merger valued at approximately $208.2 million.

Capital Expenditures

• Capital expenditures were -$6.82 million in 2020.
• In 2021, capital expenditures totaled -$13.46 million.
• For 2022, capital expenditures were -$6.75 million, and in 2023, they amounted to -$6.69 million. In 2024, capital expenditures were -$4.30 million.