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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): October 27, 2023 (October 24, 2023)

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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 October 24, 2023, management of Peoples Bancorp Inc. (“Peoples”) conducted a facilitated conference call at approximately 11:00 a.m., Eastern Daylight Time, to discuss results of operations for the quarter ended September 30, 2023. 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.

NON-US GAAP FINANCIAL MEASURES (Unaudited)
The following non-US GAAP financial measures used by Peoples provide information useful to investors in understanding Peoples' operating performance and trends, and facilitate comparisons with the performance of Peoples' peers. Peoples also uses the non-US GAAP financial measures for calculating incentive compensation. The following tables summarize the non-US GAAP financial measures derived from amounts reported in Peoples' consolidated financial statements:
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
(Dollars in thousands)20232023202220232022
Core non-interest expense:
Total non-interest expense$71,696 $70,623 $52,253 $198,798 $153,781 
Less: acquisition-related expenses4,434 10,709 339 15,694 2,314 
Less: pension settlement charges2,424 — 139 2,424 139 
Less: COVID-19-related expenses— — 9 — 132 
Add: COVID -19 Employee Retention Credit— 548 — 548 — 
Core non-interest expense$64,838 $60,462 $51,766 $181,228 $151,196 

NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
(Dollars in thousands)20232023202220232022
Efficiency ratio:
Total non-interest expense71,696 $70,623 52,253 198,798 153,781 
Less: amortization of other intangible assets3,280 2,800 2,023 7,951 5,765 
Adjusted non-interest expense$68,416 $67,823 $50,230 $190,847 $148,016 
Total non-interest income$23,204 $21,015 $20,366 $63,279 $59,802 
Less: net gain (loss) on investment securities(7)(166)21 (2,108)107 
Add: net loss on asset disposals and other transactions(307)(1,665)(35)(2,218)(314)
Total non-interest income, excluding net gains and losses$23,518 $22,846 $20,380 $67,605 $60,009 
Net interest income$93,274 $84,853 $67,051 $251,005 $182,829 
Add: fully tax-equivalent adjustment (a)444 446 387 1,289 1,116 
Net interest income on a fully tax-equivalent basis$93,718 $85,299 $67,438 $252,294 $183,945 
Adjusted revenue$117,236 $108,145 $87,818 $319,899 $243,954 
Efficiency ratio58.36 %62.71 %57.20 %59.66 %60.67 %
Efficiency ratio adjusted for non-core items:
Core non-interest expense$64,838 $60,462 $51,766 $181,228 $151,196 
Less: amortization of other intangible assets3,280 2,800 2,023 7,951 5,765 
Adjusted core non-interest expense$61,558 $57,662 $49,743 $173,277 $145,431 
Adjusted revenue$117,236 $108,145 $87,818 $319,899 $243,954 
Efficiency ratio adjusted for non-core items52.51 %53.32 %56.64 %54.17 %59.61 %
`

(a) Tax effect is calculated using a 23.3% blended corporate income tax rate at September 30, 2023, a 23.6% blended corporate income tax rate at June 30, 2023 and a 23.3% blended corporate income tax rate for September 30, 2022.

NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)

(Dollars in thousands, except per share data)September 30,June 30,March 31,December 31,September 30,
20232023202320222023
Tangible equity:
Total stockholders' equity$993,219 $998,907 $819,543 $785,328 $760,511 
Less: goodwill and other intangible assets408,494 413,172 324,562 326,329 328,428 
Tangible equity$584,725 $585,735 $494,981 $458,999 $432,083 
Tangible assets:
Total assets$8,942,534 $8,786,635 $7,311,520 $7,207,304 $7,005,854 
Less: goodwill and other intangible assets408,494 413,172 324,562 326,329 328,428 
Tangible assets$8,534,040 $8,373,463 $6,986,958 $6,880,975 $6,677,426 
Tangible book value per common share:
Tangible equity$584,725 $585,735 $494,981 $458,999 $432,083 
Common shares outstanding35,395,990 35,374,916 28,488,158 28,287,837 28,278,078 
Tangible book value per common share$16.52 $16.56 $17.37 $16.23 $15.28 
Tangible equity to tangible assets ratio:
Tangible equity$584,725 $585,735 $494,981 $458,999 $432,083 
Tangible assets$8,534,040 $8,373,463 $6,986,958 $6,880,975 $6,677,426 
Tangible equity to tangible assets6.85 %7.00 %7.08 %6.67 %6.47 %

NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
(Dollars in thousands, except per share data)20232023202220232022
Pre-provision net revenue:
Income (loss) before income taxes$40,729 $27,262 $33,388 $101,597 $94,661 
Add: provision for credit losses4,053 7,983 1,776 13,889 1,776 
Add: loss on OREO1 1,612 105 1,623 138 
Add: loss on investment securities7 166 — 2,108 44 
Add: loss on other assets283 45 — 557 142 
Add: net loss on other transactions23 8 24 38 128 
Less: recovery of credit losses— — — — 7,587 
Less: gain on investment securities— — 21 — 151 
Less: gain on other assets— — 94 — 94 
Pre-provision net revenue$45,096 $37,076 $35,178 $119,812 $89,057 
Total average assets$8,806,409 $8,342,883 $7,124,108 $8,120,885 $7,103,979 
Pre-provision net revenue to total average assets (annualized)2.03 %1.78 %1.96 %1.97 %1.68 %
Weighted-average common shares outstanding – diluted35,061,89732,649,97627,973,25531,977,48628,009,263
Pre-provision net revenue per common share – diluted$1.28$1.13$1.25$3.72$3.17


NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)

Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
(Dollars in thousands)20232023202220232022
Annualized net income (loss) adjusted for non-core items:
Net income (loss)$31,882 $21,096 $25,978 $79,538 $74,443 
Add: loss on investment securities7 166 — 2,108 — 
Less: tax effect of loss on investment securities (a)2 35 — 443 — 
Less: gain on investment securities— — 21 — 107 
Add: tax effect of net gain on investment securities (a)— — 4 — 22 
Add: net loss on asset disposals and other transactions307 1,665 35 2,218 314 
Less: tax effect of net loss on asset disposals and other transactions (a)65 349 7 466 66 
Add: acquisition-related expenses4,434 10,709 339 15,694.055 2,314 
Less: tax effect of acquisition-related expenses (a)931 2,249 71 3,296 486 
Add: pension settlement charges2,424 — 139 2,424 139 
Less: tax effect of pension settlement charges (a)509 — 29 509 29 
Add: COVID-19-related expenses— — 9 — 132 
Less: tax effect of COVID-19-related expenses (a)— — 2 — 28 
Less: COVID -19 Employee Retention Credit— 548 — 548 — 
Add: tax effect of COVID -19 Employee Retention Credit— 115 — 115 — 
Net income adjusted for non-core items (after tax)$37,547 $30,570 $26,374 $96,835 $76,648 
Days in the period92 91 92 273 273 
Days in the year365 365 365 365 365 
Annualized net income (loss)$126,488 $84,616 $103,065 $106,342 $99,530 
Annualized net income adjusted for non-core items (after tax)$148,964 $122,616 $104,636 $129,468 $102,478 
Return on average assets:
Annualized net income (loss)$126,488 $84,616 $103,065 $106,342 $99,530 
Total average assets$8,806,409 $8,342,883 $7,124,108 $8,120,885 $7,103,979 
Return on average assets1.44 %1.01 %1.45 %1.31 %1.40 %
Return on average assets adjusted for non-core items:
Annualized net income adjusted for non-core items (after tax)$148,964 $122,616 $104,636 $129,468 $102,478 
Total average assets$8,806,409 $8,342,883 $7,124,108 $8,120,885 $7,103,979 
Return on average assets adjusted for non-core items1.69 %1.47 %1.47 %1.59 %1.44 %
(a) Tax effect is calculated using a 21% statutory federal corporate income tax rate.



NON-US GAAP FINANCIAL MEASURES (Unaudited) -- (Continued)
Three Months EndedAt or For the Nine Months Ended
September 30,June 30,September 30,September 30,
(Dollars in thousands)20232023202220232022
Annualized net income (loss) excluding amortization of other intangible assets:
Net income (loss)$31,882 $21,096 $25,978 $79,538 $74,443 
Add: amortization of other intangible assets3,280 2,800 2,023 7,951 5,765 
Less: tax effect of amortization of other intangible assets (a)689 588 425 1,670 1,211 
Net income excluding amortization of other intangible assets (after tax)$34,473 $23,308 $27,576 $85,819 $78,997 
Days in the period92 91 92 273 273 
Days in the year365 365 365 365 365 
Annualized net income (loss)$126,488 $84,616 $103,065 $106,342 $99,530 
Annualized net income (loss) excluding amortization of other intangible assets (after tax)$136,768 $93,488 $109,405 $114,740 $105,619 
Average tangible equity:
Total average stockholders' equity$1,004,858 $951,438 $797,859 $919,998 $807,869 
Less: average goodwill and other intangible assets411,229 387,055 329,482 374,924 321,043 
Average tangible equity$593,629 $564,383 $468,377 $545,074 $486,826 
Return on average stockholders' equity ratio:
Annualized net income $126,488 $84,616 $103,065 $106,342 $99,530 
Average stockholders' equity$1,004,858 $951,438 $797,859 $919,998 $807,869 
Return on average stockholders' equity12.59 %8.89 %12.92 %11.56 %12.32 %
Return on average tangible equity ratio:
Annualized net income excluding amortization of other intangible assets (after tax)$136,768 $93,488 $109,405 $114,740 $105,619 
Average tangible equity$593,629 $564,383 $468,377 $545,074 $486,826 
Return on average tangible equity23.04 %16.56 %23.36 %21.05 %21.70 %
(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 which follows:

INDEX TO EXHIBITS

Exhibit NumberDescription
Transcript of conference call conducted by management of Peoples Bancorp Inc. on October 24, 2023 to discuss results of operations for the quarter ended September 30, 2023
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:October 27, 2023By:/s/ 
Katie Bailey
Executive Vice President,
Chief Financial Officer and Treasurer