11-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number 0-16772

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Peoples Bancorp Inc. Retirement Savings Plan

138 Putnam Street, P.O. Box 738

Marietta, Ohio 45750

Attn: Peoples Bancorp Inc. Retirement Plan Committee

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Peoples Bancorp Inc.

138 Putnam Street, P.O. Box 738

Marietta, Ohio 45750

Peoples Bancorp Inc. Retirement Savings Plan

December 31, 2021 and 2020

Table of Contents
Report of Independent Registered Public Accounting Firm	1
Financial Statements
Statements of Net Assets Available for Benefits	2
Statements of Changes in Net Assets Available for Benefits	3
Notes to Financial Statements	4
Supplemental Schedule
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)	13
Exhibit Index	14
Signatures	15

Report of Independent Registered Public Accounting Firm

Plan Administrator

Peoples Bancorp Inc. Retirement Savings Plan

Marietta, Ohio

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Peoples Bancorp Inc. Retirement Savings Plan (the Plan) as of December 31, 2021 and 2020, the related statements of changes in net assets available for benefits for the years then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Peoples Bancorp Inc. Retirement Savings Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Basis of Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Information

The supplemental information in the accompanying Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2021, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the Schedule H, Line 4i - Schedule of Assets (Held at End of Year) is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

/s/ FORVIS, LLP (Formerly, BKD, LLP)

We have served as the Plan’s auditor since 2004.

Cincinnati, Ohio

June 28, 2022

1

Peoples Bancorp Inc. Retirement Savings Plan

Statements of Net Assets Available for Benefits

December 31, 2021 and 2020

	2021		2020
Assets:
Investments, at fair value	$	92,453,351	$	79,903,301
Employer’s contributions receivable	106,456		100,145
Notes receivable from participants	987,142		910,522
Net assets available for benefits	$	93,546,949	$		80,913,968

See Notes to Financial Statements

2

Peoples Bancorp Inc. Retirement Savings Plan

Statements of Changes in Net Assets Available for Benefits

Years Ended December 31, 2021 and 2020

	2021		2020
Investment income:
Net appreciation in fair value of investments	$	7,716,257	$	7,464,109
Interest and dividends	5,700,764		3,080,847
Net investment income	13,417,021		10,544,956
Interest income on notes receivable from participants	49,743		56,059
Other income	27		1,717
Contributions:
Employer	3,657,336		2,651,550
Participants	4,934,990		4,176,663
Rollovers	2,255,336		1,411,727
Total contributions	10,847,662		8,239,940
Total increase	24,314,453		18,842,672
Deductions:
Benefits paid to participants	11,504,431		7,570,271
Administrative expenses	177,041		140,491
Total deductions	11,681,472		7,710,762
Net increase	12,632,981		11,131,910
Net assets available for benefits, beginning of year	80,913,968		69,782,058
Net assets available for benefits, end of year	$	93,546,949	$	80,913,968

See Notes to Financial Statements

3

Peoples Bancorp Inc. Retirement Savings Plan

Notes to Financial Statements

December 31, 2021 and 2020

Note 1. Description of the Plan

The following is a description of the Peoples Bancorp Inc. Retirement Savings Plan (the “Plan”) and provides only general information. Participants should refer to the Plan document and the Summary Plan Description for a more complete description of the Plan's provisions, which are available from the Peoples Bancorp Inc. Retirement Plan Committee (“Plan Administrator”).

General

The Plan is a defined contribution plan sponsored by Peoples Bancorp Inc. (“Peoples”) for the benefit of eligible employees age 18 or older of Peoples and its subsidiaries, including Peoples Bank. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). Reliance National Trust Company is the Plan's trustee and serves as the custodian of the Plan's assets.

The Plan consists of both an Employee Stock Ownership Plan (“ESOP”) component and a non-ESOP component. Peoples intends both components together to constitute a single plan under U.S. Treasury Regulation Section 1.414(1) -1(b)(1). Accordingly, the provisions set forth in the other sections of the Plan apply to the ESOP component in the same manner as those provisions apply to the non-ESOP component, except to the extent that those provisions by their terms are inapplicable to the ESOP component.

In response to the novel COVID-19 pandemic (“COVID-19”), the Coronavirus Aid, Relief, and Economic Security Act of 2020, as amended (the “CARES Act”), was signed into law on March 27, 2020, to provide national emergency economic relief measures. Many of the CARES Act’s programs are dependent upon the direct involvement of U.S. financial institutions, such as Peoples and Peoples Bank, and have been implemented through rules and guidance adopted by federal departments and agencies, including the U.S. Department of Treasury, the Board of Governors of the Federal Reserve System and other federal banking agencies, including those with direct supervisory jurisdiction over Peoples and Peoples Bank. Furthermore, as the ongoing COVID-19 pandemic has evolved, federal regulatory authorities have continued to issue additional guidance with respect to the implementation, lifecycle, and eligibility requirements for the various CARES Act programs as well as industry-specific recovery procedures for COVID-19.

Employee Stock Ownership Plan

The ESOP component of the Plan is not leveraged and is designed to invest primarily in Peoples common shares. The ESOP component consists of the portion of the assets of the Plan that are invested in the Peoples Bancorp Inc. Common Stock Fund. The ESOP feature is intended to qualify as a stock bonus plan under Internal Revenue Code Section 401(a) and as an employee stock ownership plan under Internal Revenue Code Section 4975(e)(7). Starting at the close of business on December 31, 2014, the Peoples Bancorp Inc. Common Stock Fund was frozen for new investments. However, participant account balances previously invested into the Peoples Bancorp Inc. Common Stock Fund prior to January 1, 2015 were permitted to remain invested in the Peoples Bancorp Inc. Common Stock Fund. Once an investment in the Peoples Bancorp Inc. Common Stock Fund has been transferred into another investment under the Plan, it cannot be reinvested in the Peoples Bancorp Inc. Common Stock Fund.

Contributions

The Plan permits eligible employees through a salary deferral election to make annual pre-tax contributions of up to 100% of eligible compensation.  The Plan also allows for after-tax, or Roth, contributions. Employee

4

Peoples Bancorp Inc. Retirement Savings Plan

Notes to Financial Statements

December 31, 2021 and 2020

rollover contributions, both traditional and Roth, are also permitted to be made to the Plan. On September 17, 2021, Peoples completed its acquisition of Premier Financial Bancorp, Inc. ("Premier"). As of the acquisition date, certain Premier employees that became Peoples employees became eligible for participation in the Plan. On March 31, 2021, Peoples completed its acquisition of NS Leasing, LLC ("NSL"). As of the acquisition date, certain NSL employees that became Peoples employees became eligible for participation in the Plan. Effective January 1, 2021, Peoples made matching contributions equal to 100% of the participating employees' salary deferral up to 6% of the participating employees' compensation. In 2020, Peoples made matching contributions equal to 100% of the participating employees' salary deferral up to 4% of the participating employees' compensation and 50% of the participating employees' salary deferral amounts on the next 2% of the participating employees' compensation. Contributions are subject to certain limitations under Internal Revenue Code Section 402(g), as increased by Internal Revenue Code section 414(r) for participants who are age 50 by the end of the plan year.

Participant Investment Account Options

Investment account options available include various funds. Participants direct the investment of their contributions and Peoples' matching contributions into any of the separate investment accounts and may change their allocations daily.

The Plan also includes an automatic deferral feature whereby a participant is treated as electing to defer a certain percentage of eligible compensation unless the participant made an affirmative election otherwise. In 2021, the automatic deferral was 6% of compensation. In 2020, the automatic deferral was 6% of compensation for any participants hired on or after July 1, 2020 and 5% of compensation for any participants hired prior to July 1, 2020.

Participant Accounts

Each participant's account is credited or debited with the participant's contribution, Peoples' contributions, and Plan earnings or losses, and is charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

Vesting

Participants are immediately vested in their voluntary contributions as well as Peoples' matching and profit sharing contributions plus or minus earnings and losses thereon.

Payment of Benefits

Upon termination of service, an employee may elect to receive either a lump-sum amount equal to the value of his or her account, or monthly, quarterly, or annual installments over a period of not more than the participant's assumed life expectancy. At December 31, 2021 and 2020, Plan assets did not include any accounts of terminated or retired participants who have elected payment from the Plan but have not yet been paid. During 2020, the CARES Act provided distribution options to allow for coronavirus-related distributions ("CRD") in which qualified participants are permitted to take a CRD of up to $100,000 from the Plan. The Plan also waived minimum distribution requirements for any distribution required to be made in 2020. The Plan will execute a formal Plan amendment within the timeframe required under the CARES Act.

5

Peoples Bancorp Inc. Retirement Savings Plan

Notes to Financial Statements

December 31, 2021 and 2020

Notes Receivable from Participants

The Plan includes provisions authorizing loans from the Plan to active eligible participants. Loans may be made to any eligible participant demonstrating a qualifying need. The minimum amount of a loan is $1,000. Participants may only have one loan outstanding at any given time. The maximum amount of a participant's loan is determined by the available loan balance restricted to the lesser of $50,000 or 50% of the participant's vested account balance. All loans are evidenced by demand notes and are repayable over a period not to exceed five years (except for loans for the purchase of a principal residence, which may exceed the five-year term with approval from the Plan Administrator) through payroll withholdings unless the participant is paying the loan in full. Interest on the loans is based on local prevailing rates as determined by the Plan Administrator.

Notes receivable from participants are reported at amortized principal balance plus accrued but unpaid interest. The accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on the contractual terms of the loan. Delinquent loans are recorded as distributions once deemed uncollectible, and are a reduction to the applicable participant's account balance.

All interest accrued but not collected for loans placed on nonaccrual or charged off status is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

The CARES Act permitted plans to be amended to allow participants who were affected by COVID-19 to elect to defer loan payments that would have been due between March 27, 2020 and December 31, 2020. No participant in the Plan took advantage of this distribution alternative. The Plan will execute a formal Plan amendment within the timeframe required under the CARES Act.

Plan Termination

Although it has not expressed an intention to do so, Peoples has the right under the Plan to discontinue its matching contributions at any time and to terminate the Plan, subject to the provisions of ERISA.

Note 2.    Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed in the preparation of the financial statements:

Method of Accounting

The accompanying financial statements are prepared on the accrual method of accounting.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("US GAAP") requires management to make estimates and assumptions that affect the reported amounts of net assets, changes in net assets, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

6

Peoples Bancorp Inc. Retirement Savings Plan

Notes to Financial Statements

December 31, 2021 and 2020

Valuation of Investments and Income Recognition

Investments are stated at fair value based on quoted market prices on the valuation date. Investments traded on a national securities exchange are valued at the last reported sales price on the last business day of the Plan year; investments traded on the over-the-counter market and listed securities for which no sale was reported on that date are valued at the average of the last reported bid and ask prices.

The investment in Peoples Bancorp Inc. Common Stock Fund Units ("Units") has been unitized and is comprised of cash and common shares of Peoples. The Plan holds between 3% and 5% of these Units in cash in order to provide liquidity for timely distributions. At December 31, 2021 and 2020, these Units were comprised of 87,429 and 112,352 Peoples common shares, respectively, and cash of $136,002 and $175,765, respectively.

Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on the accrual basis while dividends are recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses on investments purchased and sold, as well as held during the year.

Plan Tax Status

The Plan obtained its latest determination letter in November 2017, in which the Internal Revenue Service stated that the Plan and the related trust, as then designed, were in compliance with the applicable requirements of the Internal Revenue Code and therefore, not subject to tax. The Plan has been amended since receiving the determination letter. However, the Plan Administrator believes the Plan, and the related trust, are currently designed and being operated in compliance with applicable requirements of the Internal Revenue Code.

US GAAP requires plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the plan has taken uncertain positions that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2021 and 2020, there were no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes the Plan is no longer subject to income tax examinations for years prior to 2018.

Payment of Benefits

Benefit payments to participants are recorded upon distribution.

Note 3.    Investments

The net appreciation in the fair value of the Plan's investments during the years ended December 31, 2021 and 2020, including realized and unrealized gains and losses on those investments purchased, sold and held during the year, was $7,716,257 and $7,464,109, respectively. Most of the Plan's investments increased in value during the year ended December 31, 2021, and the most significant contributors to the net appreciation were Vanguard Mid-Cap Index shares, which increased from $256.40 per share at December 31, 2020 to $315.46 per share at December 31, 2021, and Vanguard Total Stock Market Index shares, which increased from $94.74 at December 31, 2020 to $117.56 per share at December 31, 2021. Most of the Plan’s investments increased in value during the year ended December 31, 2020, and the most significant contributors to the net appreciation were Carillon Eagle Mid Cap Growth shares, which increased from $70.13 per share at December 31, 2019, to $96.32 per share at December 31,

7

Peoples Bancorp Inc. Retirement Savings Plan

Notes to Financial Statements

December 31, 2021 and 2020

2020, and Vanguard Mid-Cap Growth Index shares, which increased from $68.34 per share at December 31, 2019 to $91.26 per share at December 31, 2020.

Interest and dividends realized on the Plan's investments for the years ended December 31, 2021 and 2020 were $5,700,764 and $3,080,847, respectively.

Note 4.    Fair Value Measurements

The measurement of fair value under US GAAP uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are described below. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Level 1: Quoted prices in active exchange markets for identical assets or liabilities.

Level 2: Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data.

Level 3: Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data.

There were no significant changes in the valuation techniques during the years ended December 31, 2021 and 2020. The Plan had no liabilities measured at fair value on a recurring basis. In addition, the Plan had no assets or liabilities measured at fair value on a non-recurring basis. The following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, including the general classification of such instruments pursuant to the fair value hierarchy:

Mutual Funds: These investments are valued using quoted prices in an active market and classified within Level 1 of the valuation hierarchy.

Peoples Bancorp Inc. Common Stock Fund Units: Peoples Bancorp Inc. Common Stock Fund Units are held in a unitized fund and are comprised of cash and common shares of Peoples. The underlying common shares are valued at the closing price of a common share reported on the Nasdaq Global Select Market® under the symbol “PEBO” and are classified within Level 1 of the valuation hierarchy.

8

Peoples Bancorp Inc. Retirement Savings Plan

Notes to Financial Statements

December 31, 2021 and 2020

Investments measured at fair value on a recurring basis comprised the following at December 31:

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Fair Value
2021
Mutual funds	$	89,536,250	$	—	$	—	$	89,536,250
Peoples Bancorp Inc. Common Stock Fund Units	2,917,101		—		—		2,917,101
Total	$	92,453,351	$	—	$	—	$	92,453,351
2020
Mutual funds	$	76,683,944	$	—	$	—	$	76,683,944
Peoples Bancorp Inc. Common Stock Fund Units	3,219,357		—		—		3,219,357
Total	$	79,903,301	$	—	—		$	79,903,301

9

Peoples Bancorp Inc. Retirement Savings Plan

Notes to Financial Statements

December 31, 2021 and 2020

Note 5.    Party-in-Interest Transactions

Party-in-interest transactions include those with fiduciaries or employees of the Plan, any person who provides services to the Plan, an employer whose employees are covered by the Plan, and an employee organization whose members are covered by the Plan, as well as a person who owns 50 percent or more of such employer or employee organization or relatives of such persons.

The Plan holds Peoples Bancorp Inc. Common Stock Fund Units. Peoples is the plan sponsor. The Plan receives dividends quarterly from Peoples on the common shares held in the Plan. The Plan received $158,320 and $156,476 of dividends in 2021 and 2020, respectively. Certain administrative services are provided at no cost to the Plan by Peoples. The Plan paid $177,041 and $140,491 of record-keeping fees to Empower Retirement, LLC during 2021 and to Mass Mutual Retirement Services, LLC in 2020, respectively.

Note 6.     Risks and Uncertainties

The Plan provides for various investments in common stock and mutual funds. Such investments, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk. Due to the level of risk associated with certain investments, it is reasonably possible that changes in the values of these investments will occur in the near term and such changes could materially affect the amounts reported in the statements of net assets available for benefits and participant account balances. Peoples common shares represented 3% and 4% of the total value of assets held in the Plan at December 31, 2021 and 2020, respectively.

The economic impact of COVID-19 or any other pandemic could adversely affect Peoples' business, financial condition, liquidity, and results of operations. Given the ongoing and dynamic nature of COVID-19, it is difficult to predict the full impact of the outbreak on Peoples' business. The extent of such impact will depend on future developments, which are highly uncertain, including when COVID-19 can be controlled and abated, and when and how the economy may be fully reopened.

Note 7.    Subsequent Events

Peoples Bank entered into an Asset Purchase Agreement, dated March 7, 2022 with Vantage Financial ("Vantage"), at which point Vantage became a legal subsidiary of Peoples Bank. As of the acquisition date, certain Vantage employees that became Peoples employees became eligible for participation in the Plan.

As of June 21, 2022, the Plan had losses of $15.4 million for the first six months of 2022 due to changes in economic conditions since December 31, 2021.

10

Peoples Bancorp Inc. Retirement Savings Plan

Notes to Financial Statements

December 31, 2021 and 2020

Note 8.     Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2021 and 2020, to Form 5500:

	2021		2020
Net assets available for benefits per the financial statements	$	93,546,949	$	80,913,968
Deemed participant loans	(44,044)		(103,687)
Employer's contribution receivable	(106,456)		(100,145)
Net assets available for benefits per Form 5500	$	93,396,449	$	80,710,136

The following is a reconciliation of employers’ contributions per the financial statements for the years ended December 31, 2021 and 2020, to Form 5500:

	2021		2020
Employer's contributions per the financial statements	$	3,657,336	$	2,651,550
Add: Employer's contribution receivable at December 31, 2020	100,145		90,553
Less: Employer's contribution receivable at December 31, 2021	(106,456)		(100,145)
Employer's contributions per Form 5500	$	3,651,025	$	2,641,958

The following is a reconciliation of benefits paid to participants per the financial statements for the years ended December 31, 2021, and 2020, to Form 5500:

	2021		2020
Benefits paid to participants per the financial statements	$	11,504,431	$	7,570,271
Distributed participant loans	(66,547)		(21,590)
Balances paid to participants per Form 5500	$	11,437,884	$	7,548,680

11

Supplemental Schedule

12

Peoples Bancorp Inc. Retirement Savings Plan

EIN 31-0987416 PN 002

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

December 31, 2021

(a)(b) Identity of Issuer	(c) Description of Investment (units)	(e) Current Value
American Century Mid Cap Value Institutional	51,001		$	917,511
American Funds Cap Inc Bldr R5	10,044		704,921
Carillon Eagle Mid Cap Growth-I	6,103		594,239
Dodge and Cox Income	141,419		1,988,355
Fidelity International Index Fund	20,267		998,950
JPMorgan US Gov Money Market-Ins	2,730,398		2,730,398
MFS International Growth Fund Class R4	53,468		2,334,395
Mainstay Large Cap Growth - I Fund	501,667		6,737,384
* Peoples Bancorp Common Stock Fund Units	143,903		2,917,101
PIMCO Low Duration Institutional Class	117,697		1,153,430
T Rowe Price Balanced Fund	115,766		3,264,603
T Rowe Price New Horizons	44,728		3,435,580
T Rowe Price Retirement 2005	6,697		91,749
T Rowe Price Retirement 2010	17,043		298,941
T Rowe Price Retirement 2015	31,968		469,927
T Rowe Price Retirement 2020	67,269		1,494,044
T Rowe Price Retirement 2025	205,608		4,013,459
T Rowe Price Retirement 2030	146,886		4,330,210
T Rowe Price Retirement 2035	218,417		4,988,643
T Rowe Price Retirement 2040	95,378		3,124,596
T Rowe Price Retirement 2045	141,921		3,265,599
T Rowe Price Retirement 2050	194,292		3,786,750
T Rowe Price Retirement 2055	102,986		2,077,227
T Rowe Price Retirement 2060	112,334		1,857,999
Vanguard Equity Income Fund Investor	44,814		1,972,283
Vanguard Life Strategy Cons Growth	64,463		1,487,170
Vanguard Life Strategy Growth	28,609		1,271,077
Vanguard Life Strategy Income	752		12,756
Vanguard Life Strategy Moderate Growth	12,586		422,124
Vanguard Mid-Cap GR Index-ADM	33,242		3,641,633
Vanguard Mid-Cap Index Admiral	11,451		3,612,217
Vanguard Primecap Core Investment	191,038		6,424,601
Vanguard Short-Term Investment Grade Admiral	64,309		692,603
Vanguard Small Cap Index Admiral	33,272		3,605,722
Vanguard Small Cap Value Index Fd Admiral	13,025		1,000,471
Vanguard Total Bond Market Index Admiral	55,757		623,916
Vanguard Total Stock Market Index Admiral	86,005		10,110,767
* Participant loans (Interest rates - 5.25% - 7.50%, maturing between February 28, 2022 and October 31, 2026)			987,142
Assets held at end of year			$	93,440,493
* Parties-in-interest

Cost information is not required for participant-directed investments and, therefore, is not included.

13

Exhibit Index
Exhibit Number	Description
23.1	Consent of Independent Registered Public Accounting Firm

14

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

			PEOPLES BANCORP INC.
			RETIREMENT SAVINGS PLAN
Date:	June 28, 2022	By:	/s/ TONYA STEELE
			Tonya Steele
			Senior Vice President, Chief Human Resources Officer
			Peoples Bank
			Chairperson, Retirement Plan Committee

15

EX-23.1

Consent of Independent Registered Public Accounting Firm

We consent to incorporation by reference in the Registration Statement on Form S-8 (Registration No. 33-1803, No. 333-108383 and No. 333-189744) of the Peoples Bancorp Inc. Retirement Savings Plan of our report dated June 28, 2022, on our audits of the statements of net assets available for benefits of Peoples Bancorp Inc. Retirement Savings Plan as of December 31, 2021 and 2020, and the related statements of changes in net assets available for benefits for the years ended December 31, 2021 and 2020, which report appears in the December 31, 2021 annual report on Form 11-K of Peoples Bancorp Inc. Retirement Savings Plan.

/s/ FORIVS, LLP (Formerly, BKD, LLP)

Cincinnati, Ohio

June 28, 2022