Peoples Bancorp Inc.

May 4, 2026 at 2:45 PM UTC

Peoples Bancorp: 1st Quarter 2026 Investor Presentation

INVESTOR PRESENTATION

1st QUARTER

PEOPLES BANK

GEOGRAPHIC PROFILE

NASDAQ: PEBO

PEOPLES BANK OFFICE PEOPLES HEADQUARTERS

WV DC

KY VA

PEBO SNAPSHOT AS OF MARCH 31, 2026

ASSETS

$9.6 BILLION

ASSETS UNDER ADMIN & MGMT

$4.0 BILLION

DEPOSITS

$7.6 BILLION

LOANS

$6.8 BILLION

MARKET CAP

$1.2 BILLION

FULL-SERVICE BRANCH LOCATIONS

127

CULTURE

NASDAQ: PEBO

CORPORATE

Our actions are guided by our core values represented by the PEBO Promise Circle, which embodies how we do business and our never ending pursuit of creating value for our associates, our communities, our clients, and our shareholders. Being true to these core values in the decisions we make and in our business practices is essential to driving sustainable long-term growth.

OUR CORE VALUES

Our vision is to be the

BEST COMMUNITY BANK IN AMERICA

for our employees, clients, shareholders, and local communities.

OUR VISION

CLIENTS FIRST INTEGRITY ALWAYS RESPECT FOR ALL

COMMITMENT TO COMMUNITY

LEAD THE WAY

EXCELLENCE IN EVERYTHING

ROAD MAP

NASDAQ: PEBO

STRATEGIC

Commitment to Superior Shareholder Returns
Clients' First Choice for Financial Services

Great Place to Work
Meaningful Impact on Our Communities

BEST COMMUNITY BANK IN AMERICA

RESPONSIBLE

RISK MANAGEMENT

EXTRAORDINARY

CLIENT EXPERIENCE

PROFITABLE

REVENUE GROWTH

FIRST CLASS

WORKPLACE

Everyone is a Risk Manager
Know the Risks: Strategic, Reputation, Credit, Market, Liquidity, Operational, Compliance
Disciplined Credit Culture
Do Things Right the First Time
Raise Your Hand
Discover the Root Cause
Manage Change Effectively
Keep Information Secure
Treat The Client Like Family
Delight The Client
Ensure A Consistent Client Experience Across All Channels
Learn Client's Goals and Fears
Deliver Expert Advice and Solutions
Evolve the Digital Experience
DWYSYWD
(Do What You Say You Will Do)
- Acquire, Grow and Retain Clients
- Earn Client Referrals
- Go Wide
- Price for the Value We Provide
- Operate Efficiently
- Have Appetite For Winning
- Execute Thoughtful Mergers and Acquisitions
- Hire for Values
- Competition Is Across the Street
- Promote a Culture of Learning
- Coach In Every Direction
- Put Right People In Right Job
- Be Accountable, No Excuses
- Recognize and Reward Performance
- Balance Work And Life
- Cultivate Diversity
- Spread Goodness / No Jerks

RATIONALE

NASDAQ: PEBO

Strong capital, earnings growth and operating performance to support M&A strategy
Proven acquisition and integration capabilities and scalable infrastructure

CAPACITY TO GROW OUR FRANCHISE

Top 10 bank-owned insurance agency with expertise in commercial, personal, life & health
Wealth management - $4.0 billion in assets under administration and management, including brokerage, trust and retirement planning as of March 31, 2026

STRONG, DIVERSE SOURCES OF FEE INCOME

Strongest deposit market share positions in rural markets. Top 3 market share in 36 counties across three states
Presence near larger cities puts us in a position to capture lending opportunities in urban markets (e.g. Cincinnati, Cleveland, Columbus, Lexington, Louisville, Richmond, Washington D.C.)
Greater revenue diversity than average $1 -$10 billion bank, with a fee income ratio of 24% in Q1 2026
Strong reputation with very active community involvement and award-winning brand name
Nationwide insurance agency lending, commercial insurance premium financing, life insurance premium financing and equipment leasing businesses (North Star Leasing and Vantage Financial, LLC)

UNIQUE COMMUNITY BANKING MODEL

INVESTMENT

RATIONALE

NASDAQ: PEBO

INVESTMENT

Targeting 40% to 50% payout ratio under normal operating environment
Dividend paid increased every year since 2015
Based on the closing stock price of Peoples' common shares of $34.36 on April 17, 2026, the $0.42 quarterly cash dividend per common share produces an annualized yield of 4.89%

ATTRACTIVE

DIVIDEND OPPORTUNITY

Generate positive operating leverage
Integrated enterprise risk management process
Focused on business line performance and contribution, operating efficiency and credit quality
Disciplined credit practice as indicated by portfolio construction
Relatively neutral interest rate risk position (slightly asset sensitive)

COMMITTED TO DISCIPLINED EXECUTION

$0.84

$1.12

$1.32

$1.43

$1.50

$1.55

$1.59

$1.63

11 STRAIGHT YEARS OF INCREASING DIVIDENDS

2015

$0.60

2016 $0.64

2017

2018

2019

2020 $1.37

2021

2022

2023

2024

2025

TYD 2026 $0.83

CASH DIVIDENDS

(Paid on Common Shares)

WORKING TOGETHER. BUILDING SUCCESS. 7

RATIONALE

NASDAQ: PEBO

INVESTMENT

STRENGTH IN THE CURRENT ENVIRONMENT (AS OF MARCH 31, 2026)

77% of our deposits were retail deposits (consumer and small businesses)
Average retail customer deposit relationship: $26,500
Median retail customer deposit relationship: $2,900

DEPOSITS

Non-performing assets (NPAs) of 0.41% as a percentage of total assets
98.9% of loan portfolio "current"
Total outstanding balance of commercial office space was $175 million or 2.6% of total loans
0.40% annualized net charge-offs to average loans
Commercial Real Estate (CRE) was 186% of risk based capital

CREDIT

Loan-to-deposit ratio of 88%
$713.2 million in liquefiable assets
$4.2 billion of contingent liquidity sources (nearly

$945.3 million of the available funding is from lines available from the FHLB2, FRB3 and federal funds)

LIQUIDITY

Continue to exceed the capital required by FRB to be deemed well capitalized
Tier 1 capital ratio was 12.89%
Tangible book value per share was $22.95
Over $43.5 million in share buybacks since 2020

CAPITAL

1 Federal Deposit Insurance Corporation 2 Federal Home Loan Bank 3 Federal Reserve Bank

PERFORMANCE

NASDAQ: PEBO

STOCK

PEBO'S TOTAL ANNUAL RETURN HAS BEEN GREATER THAN ITS PROXY PEERS FOR YTD, 1-YEAR AND 3-YEAR TOTAL ANNUAL RETURN

TOTAL ANNUAL RETURN AS OF MARCH 31, 2026

17%

18%

15%

12%

11%

YTD*

1-Year

3-Year

-4%

PEBO

Proxy Peers

S&P 500

20%

15%

10%

-5%

-10%

Total Return includes impact of dividends.

Peers include: AUB (Atlantic Union Bank), CBU (Community Bank), CCNE (CNB Bank), CHCO (City National Bank), CTBI (Community Trust Bank), EGBN (Eagle Bank), FCF (First Commonwealth Bank), FFBC (First Financial Bancorp), FISI (Five Star Bank), FMNB (Farmers National Bank), FRME (First Merchants Bank), GABC (German American Bank), HBNC (Horizon Bank), LKFN (Lake City Bank), NBTB (NBT Bancorp), NWBI (Northwest Bank), PRK (Park National Bank), SRCE (1st Source Bank), STBA (S&T Bank), SYBT (Stock Yards Bank), THFF (First Financial Bank), TMP (Tompkins Bank), TOWN (Towne Bank), WSBC (Wesbanco).

COMMUNITY INVOLVEMENT

NASDAQ: PEBO

EXTERNAL RECOGNITION &

$8.5 MILLION+

AWARDED IN GRANTS AND SCHOLARSHIPS BY THE PEOPLES BANK FOUNDATION SINCE ITS INCEPTION IN 2003

$900,000+

RAISED IN ASSOCIATE DONATIONS TO LOCAL FOOD BANKS & PANTRIES SINCE APRIL 2020

FIVE YEARS IN A ROW

4,000+

HOURS IN COMMUNITY REINVESTMENT ACT VOLUNTEER ACTIVITIES COMPLETED IN 2025

FIVE YEARS IN A ROW

TWO YEARS IN A ROW

COMMUNITY INVOLVEMENT

NASDAQ: PEBO

EXTERNAL RECOGNITION &

CROSS $10 BILLION

NASDAQ: PEBO

PREPARING TO

2016-2022

Core system conversion

2016

Revamped online &

mobile banking experience

2022

Internal Readiness Assessment for crossing

$10 billion completed

2022

Deployed Robotic Process Automation in some business processes

2022-2023

2023

Implemented new dealer floor plan system (Data Scan)

Implemented more robust fraud detection & monitoring

Implemented system access provisioning tools

Implemented Small Business Administration (SBA) specific loan origination system

Interactive Teller Machine deployment

External Readiness Assessment for crossing $10 billion completed by third party expert

2024

Implemented best-in-class customer relationship management solution (Salesforce)

Implemented best-in-class insurance agency management software (Applied Epic)

2025

Cloud native business and commercial loan origination system (nCino)

Implemented Governance, Risk & Compliance system (AuditBoard)

BANKS

2026

Cloud native data lakehouse (Snowflake)

PREMIUM

FINANCE

EQUIPMENT

LEASING

ACQUISITIONS COMPLETED SINCE 2011

INSURANCE

INVESTMENT

TECHNOLOGY AND CAPABILITIES

NASDAQ: PEBO

COMPETITIVE PRODUCTS,

CREDIT CARD SOLUTIONS

Purchasing card, virtual card, credit cards for consumers and small business

COMMERCIAL CAPABILITIES

Remote deposit capture, sweep accounts, escrow management and more

FRAUD PREVENTION TOOLS

Positive pay, reverse positive pay, debit card on/off switch,

24/7 fraud monitoring and more

SPECIALTY FINANCE

Online applications and servicing for leasing and premium finance

BANKING MOBILE APP

Mobile check deposit, Zelle,

Apple Pay, ACH approval and more Apple App Store Rating: 4.6 Stars Google Play Store Rating: 4.5 Stars

INVESTMENT and

INSURANCE APPS

App Store Ratings as of April 11, 2026

WORKING TOGETHER. BUILDING SUCCESS. 13

MARGIN

NASDAQ: PEBO

NET INTEREST

PEBO IS IN THE TOP QUARTILE OF THE PEER GROUP IN TERMS OF NET INTEREST MARGIN

DATA AS OF DECEMBER 31, 2025 PEER GROUP - NET INTEREST MARGIN

6.00%

5.00%

4.00%

4.12%

4.16%

UNIV. $1-$10 B AVERAGE: 3.68%

3.00%

2.00%

1.00%

PRK THFF HBNC SRCE PEBO GABC STBA FFBC FCF AUB CHCO CCNE NWBI CTBI NBTB WSBC FISI TOWN SYBT LKFN TMP CBU FRME FMNB

EGBN

0.00%

Source: S&P Global Market Intelligence, as of 12.31.25. Peer financial institutions are used in this presentation for comparative purposes and are referred to as the "Peer Group." Peers include: AUB (Atlantic Union Bank), CBU (Community Bank), CCNE (CNB Bank), CHCO (City National Bank), CTBI (Community Trust Bank), EGBN (Eagle Bank), FCF (First Commonwealth Bank), FFBC (First Financial Bancorp), FISI (Five Star Bank), FMNB (Farmers National Bank), FRME (First Merchants Bank), GABC (German American Bank), HBNC (Horizon Bank), LKFN (Lake City Bank), NBTB (NBT Bancorp), NWBI (Northwest Bank), PRK (Park National Bank), SRCE (1st Source Bank), STBA (S&T Bank), SYBT (Stock Yards Bank), THFF (First Financial Bank), TMP (Tompkins Bank), TOWN (Towne Bank), WSBC (Wesbanco).

AVERAGE ASSETS

NASDAQ: PEBO

RETURN ON

PEOPLES BANK CONTINUES TO GROW TANGIBLE BOOK VALUE

TANGIBLE BOOK VALUE PER SHARE

$22.77

$22.95

$19.94

$18.16

$16.23

Q4-22

Q4-23

Q4-24

Q4-25

YTD-26

$25.00

$20.00

$15.00

$10.00

$5.00

Q1-26

$0.00

DEPOSITS

NASDAQ: PEBO

COST OF

PEBO IS BELOW THE AVERAGE $1 - $10 BILLION BANK UNIVERSE IN TERMS OF COST OF DEPOSITS

DATA AS OF DECEMBER 31, 2025 PEER GROUP - TOTAL DEPOSIT COST (%)

UNIV. $1-$10 B AVERAGE: 2.00%

1.68%

3.50%

3.00%

2.50%

2.00%

1.50%

1.00%

0.50%

EGBN LKFN FRME FISI CCNE CTBI AUB SRCE FFBC SYBT STBA WSBC FCF FMNB PEBO TOWN TMP GABC HBNC NWBI THFF NBTB CHCO CBU

PRK

0.00%

RATIO

NASDAQ: PEBO

LOAN-TO-DEPOSIT

PEBO IS JUST ABOVE THE AVERAGE OF THE $1-$10 BILLION BANK UNIVERSE IN TERMS OF LOAN-TO-DEPOSIT RATIO

DATA AS OF DECEMBER 31, 2025 PEER GROUP - LOAN-TO-DEPOSIT RATIO

88.79%

UNIV. $1-$10 B AVERAGE: 88.41%

120%

100%

80%

60%

40%

20%

STBA PRK SRCE NWBI TMP FCF HBNC CCNE AUB CTBI SYBT FRME LKFN FISI THFF PEBO WSBC NBTB CHCO GABC FFBC TOWN EGBN CBU

FMNB

YIELD

NASDAQ: PEBO

LOAN

PEBO IS ABOVE THE AVERAGE OF THE PEER GROUP IN TERMS OF LOAN YIELD

DATA AS OF DECEMBER 31, 2025 PEER GROUP - LOAN YIELD

6.73%

6.75%

6.06%

6.17%

5.64%

6.09%

6.16%

5.13%

5.69%

4.73%

4.58%

4.48%

4.20%

7.50%

7.23%

6.50%

5.65%

5.50%

4.50%

3.50%

FY2021 FY2022 FY2023 FY2024 FY2025

Avg. $1-$10 Billion Universe PEBO Peer Average

**$1-10 Billion Universe reflects such banks as of the most recent period presented.

18 THFF (First Financial Bank), TMP (Tompkins Bank), TOWN (Towne Bank), WSBC (Wesbanco).

MANAGEMENT PROCESS

NASDAQ: PEBO

CREDIT RISK

Robust concentration management process focused on portfolio risk diversification
Relationship based lending
CRE and Commercial & Industrial (C&I) are balanced with Consumer
CRE financing generally for "A" tier developers only
CRE was 186% of risk based capital as of 3/31/2026
Very limited out-of-market lending
Growing consumer portfolios organically and through acquisitions

LOANS & LEASES* PORTFOLIO COMPOSITION

Clear segregation of duties between sales & credit functions
- Signature approval process with Credit Administration representation
- Centralized risk rating, borrowing base monitoring, covenant tracking and testing
- Consistent documentation and loan funding process centrally managed by Credit Administration with second review
Experienced workout team dedicated to proactive rehabilitation or exit
Construction loan monitoring and funding process independently managed by Credit Administration staff

MANAGEMENT & MONITORING

Experienced, independent commercial and consumer underwriters
- Comprehensive commercial underwriting package includes standardized loan covenant language, sensitivity analysis and industry research
Risk appropriate CRE policy standards that vary by asset class
Established limits on policy exceptions; volume and trends monitored monthly
Use of government guarantee programs when appropriate
Use of automated underwriting systems to evaluate all residential loan requests (e.g. Fannie Mae Desktop Underwriter)

Board approval required for CRE and C&I loans >$40 million
External loan review by global consulting firm
Quarterly Criticized Asset Review (CAR) meetings for loans > $0.5 million
Quarterly review of Systemically Important Relationships (SIRs)
Monthly Loan Quality Committee meetings
Internal loan reviews are performed annually on all commercial loans > $1 million
Quarterly, the Current Expected Credit Loss (CECL) Assumptions Group provides recommendations on the allowance for credit losses (ACL) based on their review of economic forecasts and loan portfolio metrics

POLICY / UNDERWRITING STANDARDS

OVERSIGHT

*Also referred to throughout this document as "Total Loans" and "Loans Held for Investment."

WORKING TOGETHER. BUILDING SUCCESS. 19

QUALITY

NASDAQ: PEBO

ASSET

ASSET QUALITY METRICS HAVE BEEN WELL MANAGED

NPAs AS A PERCENT OF TOTAL ASSETS CRITICIZED AND CLASSIFIED LOANS

$100

1.00%

35.00%

$80

0.80%

30.00%

NPA'S IN $ MILLIONS

$60

0.60%

25.00%

$40

0.40%

20.00%

$20

0.20%

15.00%

FY-21 FY-22 FY-23 FY-24 FY-25 YTD-26

0.00%

10.00%

29.11%

28.50%

28.24%

26.66%

26.02%

21.92%

16.40%

16.69%

13.89%

13.88%

13.34%

13.60%

FY-21 FY-22 FY-23 FY-24 FY-25 YTD-26

CRE Residential C&I HELOC Consumer NPA as a percent of Total Assets

CRITICIZED LOANS / TIER 1 CAPITAL + ALLL CLASSIFIED LOANS / TIER 1 CAPITAL + ALLL *

*In accordance with SEC reporting methodologies. Criticized loans includes loans categorized as special mention, substandard, doubtful or loss. Classified loans includes loans categorized as substandard, doubtful or loss.

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